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and FINANCIAL
ESTABLISHED 1839
Volume
Number 6002
192
The tumult and the
chosen
a
as
hope he
New York
AS WE SEE IT
Editorial
salute
Reg. U. S. Pat. Office
new
shouting have died
President
whom
all
we
pius
and
be able to lead
"For
,j
In any
mercy on
us
Thy people, Lord."
event, we suspect that the
The
Substantial and sustained economic expansion
with
providing the
"
*
for
government abstains from
The author foresees: (1)
(2)
rate}
(5)
forced growth
4% per annum growth
a
(3) pension funds going into
housing and construction;
and
in the Sixties
1970 is forecast
a
significant change in interest rate level;
no
recessions
no
worse
than in the Fifties.
Savings
without inflation is termed the heart of our growth process.
clues
Cites
in
the
past "fabulous" decade as to probable
economic
performance
in years
this
to
of
events
economists to take
year
more
a
have
date
forced
sober view of general
economic
prospects. Last December, when the vari¬
ous professional societies of economists held their
meetings in Washington, opti¬
mism about the immediate and
economic
longer-run
outlook
high and most projections
soar.
However, the
ran
did tend to
glance at recent history will point up the facts too
clearly to be missed or misunderstood. Of course, it is
common
knowledge that Franklin Roosevelt was elected
in 1932 on a platform drafted largely by the old sage,
Carter Glass, and on the strength of a campaign which,for the most part seemed in harmony with the party
platform. It is .equally well'known that once in office
jthe new President in a degree probably without prece¬
dent unashamedly tossed away all that he and the party *
had said prior to election day, and proceeded to place
the country on a course from which it has not even yet
been persuaded to turn away—and with the approval of
the great rank and file, it must with deep regret be said.
The long list of policies and meas(Continued on page 23)
RATION
IN
THIS
BOND
decade.
,'
our
to
ahead
move
with
the
us.
the
of
outlook
business
general
not
only for the immediate fu¬
but
ture
the
for
next
several
In any event, the ex¬
pression "soaring sixties" seems
years.
somewhat
a
ican economy during the Fifties.
National Product of the United
In 1949 the Gross
States, that is, the
total value of goods and services produced in the
country that year, amounted to $258 billion. By
1959 the GNP of the U. S. had risen to $482 billion,
or
an
increase in 10 years of 87%.
This rise in
was
comparatively high in relation to past decades.
can manage to do this well in the next dec¬
ade, the term "soaring sixties" will be justified.
If
we
Two
other
of
measures
interest
photos taken at the Annual Dinner of the CORPO¬
ASSOCIATION
OF
NEW
YORK
in
appear
Pictorial
here
worth
are
State,
Insert.
Municipal
U. S. Government,
and Public
Public
Housing,
State and
NATIONAL AND GRINDLAYS
Municipal
Head Office:
,
London
BOND DEPARTMENT
ST. JAMES'S
30 Broad Street
Agency
Bonds and
Exchange
Exchange
Exchange
Notes
Offices
in Claremont, Corona del
Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Government in: ADBN,
in:
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
THE FIRST NATIONAL CITY BANK
INDIA, PAKISTAN, CEYLON, BURMA,
KENYA, TANGANYIKA, ZANZIBAR,
OF NEW YORK
Bond Dept.
RHODESIA
Bond
Department
THE
•
Chase Manhattan
Inquiries Invited
on
Southern
California Securities
ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN
New York 15
Members Pacific Coast
SQUARE, S.W.I.
KENYA, UGANDA, ZANZIBAB
UGANDA,
Street, Los Angeles 17,
Members New York Stock
PARLIAMENT STREET, S.W.I.
Branches
Co.
Associate Member American Stock
13
NEW YORK
Hope
&
California
Branch®#
54
Bankers to the
COMPANY
623 So.
26, BISHOPSGATE, LONDON, Z.O.S.
HAnover 2-3700
CHEMICAL BANK
Housing
Lester, Ryons
BANK LIMITED
.
Securities
TRUST
of economic
growth in the
noting. Again
expressed in real terms, i.e., in terms of 1959 prices,
the total of personal con(Continued on page 23)
Fifies
bit academic to be discussing the economic
ISSUE—Candid
TRADERS
Fifties"
is
less
James J. O'Leary
appropriate to¬
day than it seemed earlier in
the year.
In these precarious days with hostile
dictators
rattling their intercontinental missiles
under American noses on Manhattan Island, it must
seem
Record of the "Fabulous
The Growth of the National Economy. First, let
us take a look at the growth achieved by the Amer¬
at the very high rate of 6.4%
com¬
But, it should be realized that the higher
figure in 1959 reflected in large measure the higher
price level at that time. During 1949 to 1959 the
general price level rose 22%. If we express the
GNP for both 1949 and 1959 in terms of the general
price level prevailing in 1959, we find that the
growth of the American economy in "real terms"
was from $328.4 billion in 1949 to $482 billion in
1959, or 47%. This figures out to be an average
annual real growth rate of 3.8% compounded, which
year,
movement
;
.,
pounded.
ex¬
and the
general
economic indicators, has shaken
confidence in the buoyancy of
pected vigor this
sidewise
-
paper,
GNP
national economy
failure of
■
.
in outline, will cover the following
topics: (1) a review of the growth of our national
economy in the "fabulous fifties," to see what clues
we may have during this period to aid in under¬
standing prospects for the sixties; (2) a discussion
of-the forces likely to be affecting our national
economy and the prospects in the sixties; and (3) a
discussion of some of the dangers which I believe
our national economy will face in this decade ahead
My
of
ahead.
should add
I
The
The
■
PICTURES
country in the next 10 years. Per¬
a footnote to my title saying
that my views are subject to the assumption that
planet earth manages somehow to survive the next
haps
availability of ample capital funds—particularly
mortgages; (4)
course
Facts !
real GNP of close to $750 billion by
a
program.
.
outlook for this
Director of Economic
Research, Life Insurance Association of America
A
telephone:
Copy
Minus Factors in the
By Dr. James J. O'Leary,*
of the Kennedy
Administration will be determined by future events
and by what seems to the politicians to be the trend of *
public opinion as much as, if not more than, by any
party platform or the assurances of candidates during
the hectic months preceding the election—although, of
course, party and personal predilections will play their
part without doubt. It would -be a mistake to suppose
that the influence of popular thought and the suscepti¬
bility of the rank and file to the blandishments of shrewdy
political leaders are felt only at election time. ,'. ■ /
■■
a
This
frantic boast and foolish word,
Thy
.
Cents
Economic Outlook in This Decade
safely along the way,
latter chore, particu¬
larly" in the present circumstances, we are afraid, is •
almost too large and violent for escape to be likely in
a. short span of yearsno matter how wisely and well
we
are led.
As to the campaign .oratory we can only
pray with the poet:.
• •
- v"-,
may
50
must
the Chief Executive of the whole nation, and
if not out of the wilderness.
Price
We have
away.
can
7, N. Y., Thursday, November 10, 1960
Teletype: NY 1-708
Net Active Markets Maintained
'
New
York Correspondent
—
Pershing A Ce.
bank
i
HAnover 2-6000
v
To Dealers, Banks and Brokers
canadian
CANADIAN
securities
BONDS & STOCKS
T. L. Watson & Co.
1
ESTABLISHED 1832
1
*
Members
New York Stock
American
Block
Exchange
Stock Exchange
Inquiries Invited
Commission Orders Executed On All
Canadian Exchanges
-
Teletype
25 BROAD
/
.
STREET
NEW YORK 4, N. Y.
PERTH AMBOY
FOR
NY 1-2270
DIRECT WIRES TO MONTREAL
Dominion Securities
NEW
YORK
STOCK
NEW YORK
-
IMPROVEMENT
Corporation
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
EXCHANGE
40
2 BROADWAY
BONDS
CALIFORNIA'S
CIVIC
AND TORONTO
Goodbody & Co.
MEMBERS
BRIDGEPORT
MUNICIPAL.
DEPARTMENT
CANADIAN
1 NORTH LA SALLE ST.
CHICAGO
«; /
Exchange Place, New York 5, N. T.
Teletype NY .1-702-3
,
WHitehaii 4-8161 I
.
t
N.T. & S.A.
SAN FRANCISCO
•
LOS ANGELES
2
The Commercial and Financial
(1870)
For Banks,
The Security I Like Best...
Brokers, Dealers only
which, each week,
A continuous forum in
In
Hurry?
a
system,
Y. Stock Exchange,
Exchange and other
which
prompt executions.
from the
choice
this
Corporation
not
Associate Member
Stock Exchange
'
.
the
nental
Insur¬
Company
selling at 47
ance
120 Broadway, New York 5
WOrth 4-2300
Teletype NY 1-40
BOSTON
•
PHILADELPHIA
•
Nationwide
has
CHICAGO
Wire
ele¬
ments of being
defensive as
SAN FRANCISOO
Private
the
System
well
ing
offer¬
as
an
oppor-
tunity for
appreciation
S. WEINBERG,
As
INC.
Members
N.
,
7.
Security Dealers
corporations, it is not probable
that anything will be invented to
Ass'n
displace
BONDS
Bids
the
the
to
income
vestment
trust
and
sense
an
in¬
with
most
of
the
liquidating values.
No. NY 1-2762
The
back
this
for
reason
discount is
to
the
in the form of
aged
Commonwealth Natural Gas
COMPANY, Inc.
VA.
TWX LY 77
York
have
been
bear
unprofitable
intervals
followed
Among
writers
one
the
insurance
Continental
of
the
better
issues.
Insurance
known
the
as
or
American
make firm
we
With
information
Continental
Insurance
our
shares
Business
Investment Bankers
Wichita Falls
Artfmore, Oklahoma
to
York
known
detection
In
~
itoring
Stock
Exchange
as
the
of
Machines,
123,300
<
tion
so
70%
as
a
no
circumstances
solicitation of
an
offer
to
to
any
York, Inc.
of
Affiliate
Yamaichi Securities Co., Ltd.
Tokyo, Japan
Brokers
lit
<6
Investment
Bankers
Broadway,N.Y.6 COrtlandt 1-5680
LAMB0RN 4.,C0.Inc.
99
STREET
WALL
5,' N. Y.'
NEW YORK
SUGAR
Raw
—
Refined
—
Liquid
Exports—I mports—Futures
DIgby 4-2727
pow¬
It is inter-
placed
in
orbit,
use
components,
a
24-hour basis and
You
give
with every
food
and
friendship
$1 package
,
team
with
a
new
an
man¬
outstand¬
ing record of accomplishments in
was appointed
company's fortunes.
Under the dydnamic leadership of
its highly regarded president, Mr.
to
;
'
guide
the
David H. Cogan, VICTOREEN im¬
reac-
mediately embarked
upon
an
ag-
.
; gressive
has
Henry J. Low
for
the
nuclear
an
an
or
•
security referred to herein.)
and
product
;
through sale of $700,-
000 convertible bonds and private
placement
in¬
.
acquisition
I considerably
shares.
In
of
65 000
September.
common
1957, Jor¬
dan Electronics.
'
increase of almost
offer to sell,
.
diversification program and it also
strengthened its financial position
Inc., of Alhambra,
Calif., manufacturer of nuclear ra¬
diation instruments and industrial
radiation detection equipment, was
1959.
as
on
-its former activities
of
over
-
company
you send
imperative that constant to
the world's hungry thru- the
watch had to be kept on possible
CARE Food Crusade, New York
leakage of radiation.
agement
pro-
devices
tubes.
the
,V<. In February, 1957,
primarn
1959
became
:
be
be construed,
buy,
of New
con¬
plied by- the company to the city
of Ann Arbor. Mich.,~ when the
University of Michigan opened its
1
(This is under
Yamaichi
considering installation of
similar
equipment.
Some years
ago the original monitor was sup¬
of
representing
on.
write
„
dustry and sales are estimated to
approach $100,000,000, this year,
and
or
Securities Company
other
nuclear research laboratory and it
,
Du-
Kodak
be
dioactivity
-m
been truly rej
markable in the rapidly expand;ing field of monitorihg and detec¬
International
137.900 Eastman
to
Growth
owns
Call
rently
world's
and
tors and power
stations.
•
For current information
several other large cities are cur¬
'*
stray radia¬
nuclear
»
installed
two newly developed monitoring
units to guard the water supply of
Philadelphia against traces of ra¬
radia¬
leakage
:
;
man-made satellite, and
"Explorer IV," the later sat¬
VICTOREEN
of
for
;
specifi¬
at
vessel.
merchant
ellite
varied
teCtio
nu¬
STOCKS
measuring and
equipment
for
the
two
tion
ily
company
JAPANESE
the
promising pros¬
defensively or;of¬
New
fallout
a
name
build
also
line
m o n
«
first
the
equipment for
cur¬
>
esting to note that the "Explorer,"
.
producers
a
branch offices
our
namely Hi Megohm resistors and
popularly
stock
to mention but, to
few, Continental Insurance
to
ered
VICTOREEN INSTRUMENT CO.,
and
to
com¬
Eniwetok.
government
other
for
at
utilization
for
monitoring
less
Victoreen Instrument Company
per
of the elements of
"growth"
numerous
pont.
•
Members
J
Parker, Ford & Company, Inc,
Denton
bought by inT
test
latter test the
"Savannah," the first nuclear
*.
Insur¬
Manager, Institutional Research Dept.,
used
280,000 Aluminium Ltd. and
•
tract
Gude, Winmill & Co., New York City
best known corporations, it
many
a
the company was awarded a
HENRY J. LOW
tion
146,384
Paris
either
of
selling
at a considerable discount. Many
investors in contrast have recently
been paying substantial premiums
for growth.
Its stockholdings cover an ex¬
tremely wide range and are too
a
•
pects
selected list of stocks
pany owns a
of
Direct wires
atomic bomb explosions. Last year
either for cash
replacement
with
book value of $62.10 and
a
so-called
NAMCO
El Paso
be
accounts
a
stocks
rently is selling at a discount of
37%
from its liquidating value.
When one considers that, in addi¬
tion to its bond portfolio, the com¬
holds
on
•
as
seeking
Continental
could well
Mobile, Ala.
company
design, develop¬
furpished other types of
cation
in
now
bomb
electrometer
Fore
liquidating value of $75.72
1931, the
according to
bull
of
in
Fort Worth
is
investor
the
NY 1-1557
clear measuring instruments made
-
and have research
•
a
has
now
of fire and casualty business.
a
trading markets
Dallas
has
first nuclear company, has emerged
as
one
of the » leading designers
share
available
see
premiums. As to the volume of
premiums written, only two other
companies write larger amounts
-
in
manufacture
and
Since the
is
value
and
and
com¬
Group and has the dis¬
tinction of being the leading fire
and casualty group in the United
States from the standpoint of con¬
assets
Fire
fensively.
Loyalty
solidated
car.
which
values
vestment
panies, having started in business
in
1853.
It
comprises
what
is
Ho\»« "tof
one
For
sound
under¬
regarded
all
market
30
subsequently
ment
in the Dow-Jones aver¬
ages and in many other individual
by periods of underwriting profits
ranging in length from 8-13 years.
City
19 Rector St., New York 6, N. Y.
is engaged in the
of
progress
been
last
in
-
the
Exchange
Stock Exchange
Members American
Firemens
plete line of instruments used for
1957, and
measuring and controlling radio
turned around and entered
man¬
then
the
over
its
of
summarize
ance
the
years
have
and
Founded
years
program
a
market—in marked contrast to the
have occurred, cor¬
measures
instituted,
in
of Newark
and from
companies, past experience
however, that whenever
rective
Members New York Stock
New Orleans, La. - Birmingham, Ala
Group as a whole has
already completed a bear market,
has been,
these periods
several
last
including
merger
To
under¬
writing profit. For the best
Life Insurance Co. of Va.
to New
normal
a
Steiner, Rouse & Co
Co., New York City.
(Page 2)
Casualty
initially showed up
severe underwriting
losses instead of
Bassett Furniture Industries
Winmill &
atomic
1956-1957-1958
years
factors which
American Furniture
—5-2527—
looks
one
when these companies were hit by
a
combination
of
unfavorable
Trading Interest In
Private Wire
of
common
a
readily apparent when
LD 39
list
and casualty companies sell¬
ing at wide discounts from their
Phone: WHitehall 3-7830
LYNCHBURG,
invested
fire
Exchange Place, New York 5
STRADER and
that
fact
is
diversified
preferreds
stocks they are in
—
Teletype
Due
widely
a
bonds,
(To Brokers and Dealers)
*-"r
40
it.
premium
in
Odd Lots
on
.
know,
insurance
is
an
indis¬
pensable part of our business and
family life. We dare not be with¬
out
it,
and
unlike
industrial
GROSSMAN
& CO.
McDoweil
all
we
Company—
-Henry J. Low, Manager, Institutional Research Dept., Gude,
running mate
activity and nuclear fission, atomic
Fideliiy-Phenix
in
1959.
While
reactor control equipment, reactor
many
of the"" fire and casualty
and water supply monitoring sys¬
companies have already entered
tems, specialized miniature elec¬
into the life insurance business,
tronic component parts,
voltage
the
Continental Insurance man¬
regulator tubes, special purpose
agement has been slow to enter
vacuum
tubes, infrared detection
this field
because
of the exor¬
devices, X-ray dosage equipment
bitant
price-earnings ratio pre-t
for use in hospitals and clinics,
vailing on practically all of the
and a variety of other highly spe¬
stocks of the life insurance com¬
cialized products.
The company's
panies. It is! fully cognizant, how-,
X-ray ; therapy
instruments
are
ever, of this current trend in the:
used as the only official standards^
direction of a policyholder pur¬
of measurements, calibrated in ro¬
chasing
" his
entire
insurance,
entgens, "by the U. S. Bureau of
requirements from one agent on a
Standards in
Washington, D. C.
package
deal
basis
and
on
aVICTOREEN was the first com¬
convenient monthly budget plan.
It can be expected to follow this pany to enter the field of nuclear
measuring instruments and the
trend.
4
only commercial supplier of radia¬
There are now 11,998,290 shares
tion
instruments
for
radiation
outstanding, currently paying $2
monitoring and personnel protec¬
per share for a yield of 4.2%. It is
tion
to
the
Manhattan
District,
reassuring to note that dividends Atomic Bomb
Project, Oak Ridge,
have been paid continuously since
Tennessee, during World War II.
organization in 1853 and it would In
addition, it was also the only
be hard, in the writer's opinion,
concern which supplied radiation1
to find such a "blue chip" stock as
equipment used at the first atomic
Continental Insurance
selling at bomb
test at Bikini in 1946, and
such a discount from its actual as
the following year it accounted for
well as its potential value from
about 60% of all radiological in¬
both the standpoint of assets and
struments
used
at
the
second
earnings.
it is
feeling
Conti¬
the
engaging
Insurance
is
that
:*
obtainable
times prospective
10
acquisitions,
easy
my
1920
Victoreen Instrument
such
Bought—Sold—Quoted
HAnover 2-0700
over
been
While
ties.
If
income.
Continental Insurance Company
securities
"
.
Irving McDowell, Partner,
McDowell, Diamond & Co., Pro¬
vidence, R. I. (Page 2)
realized the stock at
are
for less than
one
securi¬
valued
New York Hanseatic
over-
J.
in the
present prices will be
today
undervalued
the
that the operating
invested
earnings
in his opinion has
must separate what
are
American
having
are
we
are
1960 will range
of market earnings.
the type
in
Basically,
from coast to coast, assuring
Established
from
Continental Insurance Company
constant touch with markets
you
Louisiana Securities
neighborhood of $5.00 per share
with $1.50 coming from its under¬
writing activities and about $3.50
principal Exchanges
perienced trading staff is in
*
N.
Boston Stock
Members:
large and ex¬
our
income for
McDowell, Diamond & Co.,
Providence, R, I.
extensive wire
our
Alabama &
ail sections of the country
Estimated
j. irving Mcdowell
Partner,
"Call HANSEATIC."
Through
s
Participants and
Continental Insurance Company—
quickly,
markets
Thursday, November 10, 1960
.
.
participate and give their reasons for favoring a particular security.
far-flung Over-the-
Counter
.
Their Selections
that you
When it's important
reach
different group of experts
a
In the investment and advisory field from
Week
This
Forum
Chronicle
purchased:
in May, 1958, Kolux
Corp. of Kokomo, Ind., an estab.
Continued
on
page
20
N. Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
20-Year Performance of
35 Industrial Stocks
FOLDER
ON
REQUEST
►
National Quotation Bureau
Incorporated
46 Front Street
New York 4, N.
Y.
Volume 192
Number 6002
.
.
.
The Commercial and Financial
.
Chronicle
(1871)
Use of
CONTENTS
Leading Indicators
And Diffusion Indexes
to
is
some
a
lead
of
ness
indicators
and
department's, experience
.
and
diffusion
the
indexes
in
economy's
the
Decade—James J. 0'Leary_
Use of Leading Indicators and Diffusion Indexes
—Robert
downturn if all the indicators
are
used.
Tennessee
technique, and the fact that the forecast picture
One of the most challenging prob¬
confronting the business an¬
years,
V
course,
not
new.
and
an
earlier
if
output
a
deal
work has been
differ¬
lines
ent
find
an
swer
to
"
Fashions change,
generation did
Beryllium's
>
\
pro¬
an¬
trifle
a
the
quaintly,
newer
.
.
-.
for
"Merchants
it,
of
By
indexes
one
of
production
in pig-iron alone
."
.
sad
experience
"barometers"
liable.
Robert W. Adams
tech¬
The
indexes is the
the results of
one
recent
years
have
been
ing the
'30s.
observations
brief
should
due
to
organize
marks.
First, what is meant by
leading indicator approach to
forecasting? Second, what are its
shortcomings that have led many
practical forecasters to be highly
skeptical of it? Third, despite its
shortcomings, what is the best
way to use the approach?
Harvard
Great
to
not
Depression
_
16
*
hydrocarbon
Dillon____L—19
7
;
So—Roger W. BabsonJ___-
*
*
*
chemical
39
:
*
,
:
federal
.
resources
"A Lot of Trouble"
8
of
failure
behavior
and
.
the
the
of
the
what
led
or
the failures,
apparent
failures, of the Harvard barom¬
eters, interest in indicators waned,
attention
was
directed
at
techniques, particularly the
analysis of gross national
product.
The current revival of
interest in the field of leading in¬
dicators
has
stemmed, for the
most part, from the results pub¬
lished by Dr. Geoffrey H. Moore
period of time.
As a con¬
sectors
of
the
Dr. Moore's
stemmed
turn
Bureau
economy (and the statistical series
measuring them) have their turn¬
ing points in advance of the gen¬
from
dent's
Chairman
Council
of
is,
specialized in
26
„
17
,
Observations—A.
and
Wilfred
Founded
Economic
on
mackie,
&
22
May—
15
Public
Utility
r
,
Securities.
Direct Wires to
-
21
■
.
y
Securities
Now
Prospective
in
7'
,
'
•
,
■,
Registration...
Security
1868
Security
Chicago
Schenectady
Glens Falls
Worcester..
St. Louis
San Francisco
•
21
—
National Patent
The Market
.
.
.
and
You—By Wallace Streete
l
14
Development*
The Security I Like Best
.
.!___
2
The State of Trade and Industry
4
Tax-Exempt Bond Market—Donald D. Mackey..
6
Washington and You
Hudson Vitamin
Products*
49
AstrothermCorporation*
38
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ary
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15
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WILLIAM B.
^
8
Indications of Current Business Activity
Published
For many years we
-
Mutual
News About Banks
of the Presi¬
Continued
of
Products
40
*
N.S.T.A. Notes
study by the late Wesley
recently
!■
Astrex
17
work in
turning point, some roughly
visors, entitled "Statistical Indi¬
coincide, and some lag. No single
cators of Cyclical Revivals," pub¬
series is consistently in the posi¬
lished in 1938. The general method
tion of the leader, consequently it
which Moore used was to select
is necessary to observe a group of
a
sample of series, the turns of
series in order to recognize the
which tended to lead, coincide, or
first shadows thrown by a forth¬
lag the turns of general business
coming general turning point.
The use of statistical indicators more reliably than do most series,
purposes
12
Bookshelf___________
C. Mitchell and Arthur F. Burns,
eral
forecasting
20
Businessman's
other
Recessions."
r*v
___Cover
From Washington Ahead of the News—Carlisle
were
First of all, the rationale under¬
lying the leading indicator ap¬
proach is simple. It assumes that
our complex and diverse economic
system is subject to broad sweeps
both up and down. It also assumes
in the National Bureau of Eco-•'
that when there is a change in di¬
rection in this broad sweep—as at npmic Research Occasional Paper
No. 31 entitled "Statistical Indi¬
a business cycle peak—the
turn¬
cators
of Cyclical Revivals and,
ing period extends over a consid¬
some
—__1
Bank and Insurance Stocks
misunder¬
or
DIgby 4-4970
r
Struthers-Welis
in¬
their
indicators
the
Broadway, New York 5
Air
-
and
J.F.Reilly&Co.,Inc.
25
Coming Events in the Investment Field
saying.
After
Policy
'
Einzig: "The Way of the Dollar"
which
request
22
39
the
stand
.___
was
in
on
18
Dealer-Broker Investment Recommendations
situation
*Prospectu8
Convention
John Gonella Scores Opposition to National Fuels
were
.
have
"
V
sector
for
*
indicators, but rather to a misjudgment of the other factors in
terpreters to ignore
Rationale
Simple
erable
ionics inc.
1960's—Seymour E. Harris.
v.;
barometers
breakdown
a
construction
re¬
my
the
sequence,
.
an
However,, the
ar e
I
like
'
13
N. Y. World's Fair Corporation to Borrow $67.5 Million..,
speculation,;
of the
discredited in the eyes of
businessmen and economists dur¬
believe, to raise a
number of questions, about which
I
inc.*
Ensley
*
Annual
became
placed considerable reliance
version of this approach.
These
The
casts.
calling business
some
sufficient,
>
fotochrome
Through Federal Chartering
attempt to com¬
bine theory and applied economic
statistics to the problem of con¬
Regular Features
structing indicators which might
provide reasonably reliable forer. ,r"As We
See It (Editorial)
most
cycle turns have been those who
on
4
.i
vending co.*
12
investment Bankers Association of America to Hold 49th
unre¬
money curves
Economic Service
Harvard
specifically directed at forecasting
and diagnosing turns in the busi¬
ness
cycle.
The forecasters
most successful in
highly
were
business, and
have
STREET, NEW YORK
interstate
-
.
earlier
the
ill-fated
niques, the
*
analysis of leading indicators and
diffusion
W.
-—C7 Douglas
7
forecasters learned that individual
the
various forer.
ip
Muts."
Past Failures /••
culty.
all
'
„
;___i 10
Odlum____
■A. What the Investor Should
practical diffi¬
who
Buy
7
Structural Problems in the International Economy
school would substitute
composite
re¬
great
casting
WALL
Continuous Growth Is Clearly Indicated
W.
Tax Problems for the
•4
barometers
writer put
as one
—Bruce
—Grover
.
Of
<
~
mat¬
a
of
ter
"I
Telephone: WHilehall 4-6551
___
Extension of Savings Banks
,
which
on
best and
were
this
still
mains
means
Obsolete Securities Dept.
5
__
___
—G, Keith Funston_i._-_____________i____^__._____:
'
"barometer" of
was a
agreement
to
problem, .but
it
meant
Here
We Need Higher Standards in the Securities
Industry
duction; freight-car loadings, of,
activity in distribution; and inter- •
est rates, of monetary conditions.
Then as now, there was no general
of
done along
many
Corporation—Ira U. Cobleigh
—Henry L. Parker___
*
alyst is to forecast the "turning not have "indicators," it had its
instead.
Pig-iron
points" in the business cycle. Oyer "barometers"
great
it
3
"■.J The Basic Principles in a Trust Investment Policy
change with
can
developments.
new
■
the
it
Adams.
99
Caution is expressed, how-
Night
forecasting.
against the mechanical application of any single forecasting
ever,
lems
W.
performance.
the
indicators, other than those affected by the steel strike,
suggesting a downturn in the year or early 1961, and an earlier
.
Electicn
__Cover
_
good
light of his
actual
COMPANV
,
Applying his knowledge to the economy's future direction, Mr. Adams
sees
AND
Plus and Minus Factors in the Economic Outlook in This
forecasting techniques
moot
question. To settle the question for laymen
and professionals, Mr. Adams explains the
development and useful-,
,
Page
Company, N. J.
Just how accurate forecasters and their latest
are
JCHTCIISTEI!!
US.
Articles and News
By Robert W. Adams,* Manager, General Economics Department,
Standard Oil
3
rate
foreign
must
be
Quotation
year
Record
(Foreign
account
of
— Monthly
Postage extra)
the
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
(1872)
The Commercial and Financial Chronicle
Another Crucial Policy
OBSEKVATIONS...
BY A.
requires
borrowing
is
to
for the trip to
used
and/or
ficult for any one
the
pay
THE
The
73
ELECTION:
Days Ahead
Senator Kennedy stated last week
that he would lose
We
trust
tional
time before
no
"Campaign Oratory" (which,
it has been alleged, is not to be
taken too seriously) comes in par¬
ticularly pointedly here.
that
in
monetary
the
internaour
area
THAT
into
AND
LONG-TERM
Cabinet appoint- President-Elect, * will
not .only
We
firmly- belive that, as in
by Dec. 1 over 100 reiterate the goal of stability, but the consideration of other external
other
key appointees would be also detail, as he so well started
events, the Election result's un¬
engaged
in
on-the-job training to do in his Oct. 30 speech, the pact on the stock market's movewith
their
incumbent
opposite definite measures for achieving
ments, at least over the shortnumbers.
This
is
in
line
with a favorable balance of
payments, term, is neither defineable nor
plans formulated by the Brookings Under the basic satisfactory cir- forecastable.
Confirming this
Institute's "Interregnum Commit- cumstances
of
our
international
tee"
headed
the
by
able
Robert
payments'
Murphy, former Assistant Secretary of State.
It is understood
that the President-Elect's
current
export
our
rent
surplus'
account, with
further cur-
rise;
the required remedial
steps are surely achievable. These
include cutting our military occupation expenditures abroad, of
$3 billion annually, reducing our
foreign aid, on which Germany
appoint-
ing timetable calls for a new
Budget Director as his first high
level
designee, with the Defense
chiefs
to follow
within the next fortnight.
and others of our Western friends
Such provision for training and have already agreed to
cooperate;
briefing during the coming 73-day and maintaining budgetary soltransition
period
is, of course, vency at home. These items were
highy commendable. But it would all included in Senator Kennedy's
and
Treasury
also be constructive for the Presi-
prognosis.
dent-Elect
the way of implementing them as
with the potential injury to the
to
restate, with precicoming
sion and completeness, his
policies
and programs.
The vieCandidate
might
well
torious
resolve the prevalent
cerning
queries con-
inconsist-
some apparent
between
some
encies
Campaign
statements and his Party's platform adopted at the Los Angeles
But the
difficulties
in
entire NATO Alliance involved in
elimination
tributions
of
military
our
abroad;
political obstacles
in
con-
with
and
the
the
way
of
the New Administration's political
bi1it
to
;n
budgetary
abll"y t0 ebgag® m
,
f ^
discipline, make their detailed and
.
Convention.
Also
he
might
clear
the feeling, as expressed in the
up
New
York
torial,
Times'
that,
endorsing edi-
particularly
specific
in, Xhyg.
than
post-
pre-
Election.
Th*
That
ranrfirtat**
.
is
It
of
true, and ever
being taken for granted by
growingly cynical electorate,
course
more
the
.
th
imDorfancp of
Parative
renders
interest
naiL^s^kmrrencv^^of'^nromS^s"
oljr
com_
f °f
c0™
to
the
rate
of,,foreigners'
balances,
necessary a reclarification
will
we
through
complete confidence:
Way
the
next
73
market
to advocate continuation of
seems
tober
clusion
istration spells "bullish" devalua-
inflation,
and
but
emphasize
"bearish"
now
the
tor
ioss
0f
With
earlier
and,
same,
benefit
than
less
feared.
prospects for
convenient
Since
after" comparirecord" leaves a ma-
of "the
son
terial
omission,
the
tween Election and
interval
i*
x*
„
place.
Sound
the
their
did
not
the
The
preceding
period
of
Carloadings
The State of
in
£roy period
a. D. R. s
where-
back-tracking began,
•
Accelerating the Timetable
4V,
rr
•
.
those jin
»
^WerGti
the
dcrv^n
me
Secretary of the Treas-
ury oecause of his
a
renewed
tion,
and
inability to get
pledge
against
William
infla-
5s™*0 w^s t°l(l by the Presi4ifnv
•]eCiLearlyitin
uary'
t at
if
the
fall
be
may
y
foreed°to
forced to
commodity
an
f
inflation of
currency," possibly
creasmg the amount of
recent
and
active
These portents
station
down
the
on
Roosevelt's
road
to
emergence
of a broad
for dollar deposits in Europe has added to the
nadian, ,European
banks
importance of the dollar
ternational
as an
international currency, according
to the November Monthly Review
ride
monetary
taken
have
post
s
re-
into
the
confidence, they would
been
less
upset
over
the
Inaugural
suspension
of
dollar-gold redemption; its
daily
-
pnce-fixmg,
via
playing the
numbers
game,
in
the Presidents bedroom over the
breakfast
thf1t
™
J J™
g our
United
sorbs
well
as
States
as
an
international
lending center.
Alan
R
Holmes
Klopstock
officers
and
of
that
the
H
bank
speciaf study'
authors of the
find
Fred
In-
ab-
large part of the dollars
deposited. Having access to this
relatively inexpensive source of
rates well below
somewhat reduced the importance
abroad.
financing
of
a
funds,
Euro-dollar market has also
Japanese
branches
banks
tal
or
and
as
trade
York. Perhaps paradoxically,
the development of this Continen-
the accepting banks have
been able to offer their customers
mercial bank
the
cost
either the
com-
prime loan rate
or
of
acceptance financing
in the United States. Among other
hiajor uses of these dollar funds
are loans to securities dealers and
brokers
in
New
York.
deposits
posits
on
or
obtainable in New York
money market
4
•
S4 PS- ®abo~
instruments of
similar maturity. Interest is also
paid
at
call deposits and deposits
short notice. The dollar has
on
accordingly become
as
a
short-term
more
useful
investment
me-
dium and foreign banks probably
hold larger dollar balances than
they
ume
otherwise
of
dollar
hl-S ®cut];linS of this market
n?TC C,°nferTe; S1 biUion-
monetary integrity.
the steel
off
would.
The
vol-
deposits placed in
is believed to exceed
Acceptors of those deposits, the
Reserve
Bank
notes, include Ca-
building
of
semi-finished
fin¬
steel.
operating rate could drop
points.
few
a
Cutbcaks
in
automotive steel
for November and December
have
hit any recovery hopes hard.
The volume of
a
orders from
new
wide range of general
This
has
users
deposfts
ments at home in their
credit
own
and money markets.
One consequence of the Conti-
nental
some
dollar
decline
relative
national
market
in
the
importance
has
New
as
been
York's
an
lender—evidenced
decline in recent
tance and
years
other credits
in
inter-
by
a
accep-
extended
by United States banks to British,
German and Italian banks.
Abroad,
the market has
given
an additional spur to the intermeshing
of
money
markets
throughout Europe by permitting
has
placed
strong
pressure
mill
scheduling and is giving
as they try to
fill a rolling schedule and still
promise fast delivery. Most mills
are stocking more
inventory than
they had ever believed possible.
on
the
Construction,
To
rate
of
Have
of
User
Big
Record
Year
Steel,
'61
in
Construction, the second largest
user
of steel, will hit a record
$57.2
billion
next
magazine reported.
been
for
in¬
inventories
business
sales
Private
\
year,
.
Steel
^.,.7-.
construction
....
will
>
\
;•
be
mainly responsible for the 4% in¬
developments
over-extended
re¬
inven¬
Moreover, an up¬
should it develop,
sales,
Support
1961
to
and
more likely to be followed
parallel movement in in¬
'
Up
18.1%
1959 Period
One
clearings
showed
in¬
an
a year ago.
cities of the country, indicate that
the
week
ended
Saturday,
for
the
5, clearings for all cities of
United States
possible
ings
to
18.1%
was
for which
obtain
weekly
above
it
is
clear¬
those
of
the
corresponding week last year.
Our preliminary totals stand at
$30,463,933,807
against
$25,789,749,429 for the same week in 1959.
At
this
center there is
the week
Our
gain for
were
as
Chicago
Philadelphia
million
971,311
"Iron
Age"
Next
March
Before
The steel market is
It
+29.8
+
May
Any
Steel
0.4
+17.5
+
63
Be
Real
Market
marking time
waiting for a major shift in busi¬
ness
to
bring about an upturn,
The Iron Age reports.
Factors now
influencing the
are
cars
be sold domesti¬
can
cally
next
continues
if
year
to
in¬
consumer
and
rise
con¬
confidence is sustained.
sumer
Machine tool builders—also im¬
portant
users
of
for
steel—look
fourth quarter to bring their
of
a
spot,
or
real
upswing in business
early 1957.
Furthermore, two-thirds of the
respondents to a Steel survey of
executives who attended this fall's;
Machine Tool Exposition — 1960,
say they plan to spend more next
year
for machine tools than they
will
this
year.
The
planned increase is 28%.
mar¬
short-term
average
New orders for durable
goods in
gained again after a
strong rise in August. They rep¬
September
resent
future production.
Orders
($14.7 billion) exceeded shipments
($14.3 billion) for the first time
since
last
November.
The
long awaited upturn in
appliance sales appears to have
,
arrived.
Factory
sales
in
ranges
ber
%
913,810
Believes
Change Affects the
ket
the
in
producer
come
above
^
1959
$17,153,949 $13,211,000
1,323,467
1,317,913
1,260,000
1,072,000
Boston
last
follows:
1960
York—
for
/—(000s omitted)
Nov. 5—
for
summary
centers
money
Week Ended
New
a
ending Friday of 29.8%.
comparative
week
major
automotive industry—largest user
steel—still believes that seven
since
;
Preliminary figures compiled by
the Chronicle based upon tele¬
graphic advices from the chief
Nov.
optimism in the
for
steelmaking
first
Clearings
compared with
crease
for
outlook
of
the
Over Same
Foreign leading
from
come
^esT"^"
'
and thp
g
Federal Reserve Bank of
de-
puliation
and inflation. Had the
been then
puDiic
President
J
~
market
Tre
o? Uve°rr *
ng
lngoi
suver.
way
by
had
possibility of later sharp
to
Bank
Business Failure*
Commodity Price Index
branches of New York banks obEuropean and other foreign com- tain time deposits for use by their
gold in
mercial banks among others who head offices while some foreign
g0Vernment buy'
attracted' by
borrowers convert dollar
h.gher than thoge pajd by the into their own currencies and emmarked the halfUnited States banks on time de- Pl°y them for loans and invest-
our
a
Bank
•
in
is
of
These
;
Randolph Qf New York
~T
were
ventory levels.
:
-!i
•
than
business
in
now
by
Food Price Index
TRADE and INDUSTRY
The
been
inventories
This, in itself, has injected an in¬
flationary factor into the oper¬
ating rate. With inventory build¬
ing at the mill coming to an
end,
Auto Production
inside
?0 °f
Rs invitation New
n
is
Retail Trade
time,
(which at that time covered I2l
days), was a
turn
Inter-
that
have
own
and
structural in comes from still other steel con¬
principal visible suming groups, the metalworking
a
closer adjust¬ weekly magazine said.
the
tory positions.
Electric Output
following his March 3, 1933, In¬
regnum
of
pace
reaction
Steel Production
white violation
augural.
op¬
be
may
duce the
—
black-and-
which ushered in
"First 100 Days of the New
Deal,"
their
ished
last
foreseen
demand
weak
but
orders.
—
actually await
widely realized
nature
.
Currency and against De¬
mills
Steel
up
Some of the factors under¬
lying
ings will be thus explained !
Candidate F. D. Roosevelt's preElection solemn promises for a
valuation
in¬
steel
inventory accumulation has fallen crease over this year's figure ($55
sharply and some unintended ad¬ billion) and for carrying 1961 past
stocks may have taken the 1959 record
($56.1 billion).
of
Inauguration.
been
then
«
-
be-
week-to-week
erations:
ditions to
ment
But
and
»j
had
severe
phenomenon
"before
•
of
1960 began, shortages
as
much
confidence."
the
steel strike
inventory restocking com¬
menced in December, considerably
"expianatlons"—after the event—
likely
the
ventories
.
repercus¬
year,
consumer
spending from higher wages, etc.
In the case of a market fall, the
wm
of
the price of long-term credit.
such
pxumibeb,
the
following)
days,
ring in business and consumer
whether up or down, the required
spending had their most conspicu¬
"explanations"
to
fit
will
be
ous
influence
on
inventory ac¬
readily found. (In the case of a
cumulation. Following
the con¬
rjse^ «0£ course>» the new Admin-
post-Inaugural performance.
ui
of the
will
steelmen headaches
sions of the many changes occur¬
(and
a relatively hi§h short-term in- hindsight, either higher or lower
terest rate> Wlth a lowering of capitalization of corporate earn-
LuiiciiLy
Oc¬
some
go.
traditionally get short-changed by
^
have
yet
may
to
Understandably
the
over
September and into
and
distance
whatever
—
goes
^^b^^^fele^-rlT-inves:
The referred-to-speech of Oct. 30
article, "The Business
points out that the
some
that
economy
predict; and with
relevant cheap-money philosophy.
Chief
A second
Situation,"
Our Own Safe Prediction
This
devaluation, profit squeezing from
the
tions.
factors
—
Executive-Elect's
of
Live By
new
interdependent
imposes risks
magazine lists
short-term
fluence
hase been
dominated picked up recently.
This tends
through most of the year by busi¬ to offset the set-back automotive
ness and consumer adjustment
to orders.
negative conclusion is the content the
abatement
of
inflationary
In spite of the weak
0f the bevy of such silly and fruitmarket,
pressures and the
dissipation of The Iron Age reports that steel
]ess literature put out every four
inflationary psychology. These de¬ prices
are
holding
fairly
well.
years.
As in the proclivity for
velopments have been associated There is some playing with
spe¬
seasonal
market
prognostication with all-around
ample capacity, cialty prices. Some
corner-cutting
(«in so-and-so past Septembers
ready availability of all kinds of in the grading of sheets and
'the'
market
strip
has
gone
up
or finished
goods and materials, and appears to be going on.
Producers
down"), these recitals are fruitless
generally stable prices.
are
absorbing more freight to get
as they are silly.
For example, in
The over-all effect of changes orders. There is shading of
prices
attempting Election timing, they
in business practices and in the in the area of fabricated
products.
disregard entirely, or at least pass
But few concessions are
aggressiveness of consumer buy¬
over too
being
lightly, the basis of the
ing, has been to produce a gentle made on most standard products,
market's pre-Election day
price
the magazine comments.
sag throughout much of the econ¬
level
usually point-wise, and
For most products, the mill that
omy.
This rather unspectacular
always value-wise.
period of adaption has continued can deliver first will get the order.
tion,
Ana tne ™portfnCe
behavior
Prnmi^
the
by
president necessary.
fiscal area, he will act more con-
servatively
reiteration
of
claims
of vulnerability, since the liquid¬
ity of each participant in the mar¬
ket
becomes in part dependent
upon the ability of the .ultimate
borrowers to meet their obliga¬
that
ments;
By the same token,
succession
short-term
his
announcing
account.
the
MARKET EFFECT—
SHORT-
new
considerations
international
take
The
AFTER
country to pur¬
monetary policies that fail to
sue
that New Frontier.
into
swap
The
they
that
funds
obtain
to
is
taxation
be
may
policy
clarification
in which
manner
WILFRED MAY
to
Thursday, November 10, 1960
other currencies.
The emergence of the Euro-dollar
market has thus made it more dif¬
Another vital Democratic
that
banks
.
.
.
the
domestic
rose
gas
10%
August level. Septem¬
sales
reached
of
September
electric
of
ranges
the
highest mark since
March. And September sales of
home laundry appliances surged
30% above the August level. But
in most cases, sales still lag be¬
hind the year-ago level.
Steel
look
for
warned,
a
however,
sizable
not to
of
flood
steel
orders before the first of the year
and,
possibly,
through
the
first
quarter of 1961.
Stockpiles of automotive steel
(including steel in process) aver¬
Although the bottom has age out at the three month level,
reached, it may be next mill sources claim. Based on cur¬
March
before
any
real change rent projections (fourth quarter
affects the market, the national car output of 1.4 million to 1.5
nature.
been
metalworking weekly
says.
Continued
on
page
14
Volume
192
Number 6002
.
The Commercial and Financial Chronicle
.
,
to the
Tennessee Corporation
(1873)
prise that
theory that stock prices are
of earning power; and
keep a stock from
the slaves
that
the best way to
of
30%
over
net 12%%
can
show
can
on
of sales,
operating earnings
gross plant invest¬
5
Balog Named By
Paine, Webber
going down is to keep its earnings
ment, and increase its net earn¬
ings 170% in nine years—such a
Something should be said about company has all the earmarks of Paul E. Balog has been appoint¬
A review of an unusual agricultural and industrial chemical
company
the quality of research at Ten¬ a stock that can move forward ed
manager
of
the
municipal
that has increased its dividends in eight out of the
past ten years.
nessee
Corp. As an instance — smartly in a stock market that bond trading department of Paine,
Curtis, 25
"Di-Mon," the highly successful displays any sort of enthusiasm. Webber, Jackson &
There's much economic discussion two years, equals total
plant capi¬ ammonium
City,
phosphate combination With so many tired companies Broad Street, New York
these
days
about
the
"profit- tal expenditures for the past eight
is an effective tribute to Tennessee and tired stocks moping on the members of the New York Stock
squeeze" — sales holding up but years. The company is very well
Corp. research; and the company market these days, it's refreshing Exchange, it was announced by
profits going down. Accordingly fixed financially and can supply is
constantly on the lookout for to see an issue with a sprightly Joseph M. Luby, manager of the
it's refreshing to look at Tennes¬ most, if not all, the money re¬
national
municipal
bond
new markets and new product ap¬
look. Making money in this stock firm's
see
Corporation which has, for quired, from internal sources.
plications.
may not be a Tennessee waltz, but department. Mr. Balog will be re¬
years, displayed way-above-aver¬
About
phosphate supply,
sponsible for secondary , market
the
There is one slightly baffling increased dividends have always
age profit margins, an animated company
owns
substantial
re¬
operations between the firm and
element in Tennessee Corp. com- been sweet music to stockholders.
growth rate, and which shows no serves in Florida, but these are
other members of the trade and
mon, and that is the price/earn¬
signs of compressed profits for being held for the future. At the
between the New York office and
ings ratio. If it's a chemical stock
With Saunders, Stiver
1960. On the contrary, this
the firm's 44 branches.
year moment it is as economical to
why doesn't it sell at 18 to 20
will carry Tennessee Corp. into buy
(Special to The Financial Chronicle)
Mr. Balog was formerly in the
phosphate from others, at times
earnings?
The
answer would
new high
ground in 'net earnings favorable rates now prevailing, as
department
of
CLEVELAND, Ohio—Matthew A. municipal bond
By Dr. Ira U. Cobleigh Enterprise Economist
usher
and
in an expansion pro¬
giving promise of a substan¬
tial further rise in profitability in
gram
future years. Yet withal Tennessee
common
times
be
can
current
bought
earnings,
markably low ratio for
chemical equity.
Tennessee
at
Corp.
14
a
re¬
a seasoned
a
quite diverse list of industrial and
agricultural
chemicals,
together
with
concentrates.
from
and
Of
1959
sales,
from agricultural
came
17%
relative
from
metals.
made
But
the
contribution to
last
the
highest
operating
of the
year.
are
re¬
\
addition
to
company
tilizer
and
main
two
above,
the
and operates fer¬
owns
Indiana,
the
listed
chemical
plants
in
Alabama
and
Ohio,
there's
and
a plant
in
turning out finished
in plate, sheet and rolled
Connecticut
copper
form.
to lie in two directions. First
agricultural
alkalis,
converters
Some
of
raw
are
ma¬
not too
efficient in the process. Tennessee
however,
would
rank
the best in its field in low
Corp.,
among
up-grading
mineral
of
ing plants. The one at Copperhill,
mines, treats, and upgrades
copper bearing sulphide ores. It is
petrochemicals.
and
showed
pre-tax
a
profit
of
23%% and carried
of
sales
into
some
of
teristics
the
of
a
mineral
institutional
to
12.6%
need
visible
no
for
company
fi¬
Together nancing in the immediate future,
is repay¬ as cash flow and retained earnings
able from 27%
royalties on the appear adequate for capital expen¬
production of the two Miami mines. ditures now projected. The capital
Repayment should be completed structure is devoid of debt or
Tennessee
ing
own
that,
After
years.-
will
remain¬
the
Meanwhile
reserves.
the
ar¬
on
and
dicated
significant tax benefits since
royalty payments are not taxable
income, and all costs of mine op¬
be deducted. Present
Miami open pit ore reserves of
about 26.7 million tons may be
may
by leach¬
ing operations later on.
The second major
fertilizers
phosphates,
them
is
and
than
and
annual
has
been
rising at the rate of about 15% a
year. At East Tampa, the company
elements and the attractive
at
the
East
Tampa
profit
plant
have prompted its
substantial ex¬
pansion.
The
"Di-Mon"
plant
facility will be doubled to 200,000
tons annually; there
perhaps
$3.00 for
this
total
outlay,
was
formerly with Reinholdt & Gard¬
is
Woods
45
connected
now
Investment
Eastern
Market
Street.
National Securities Branch
with
Corporation, SEATTLE, Wash.
He
was
for¬
curities
&
—
Research
National Se¬
Corporation
merly with the First Maine Cor¬ has opened a branch office at 411
poration and Walter J. Hood Co., Seneca Street under the direction
extraction
of Ronald K. Adams.
of Portland.
enter¬
in less than
SELL SECURITIES
(In Your Business)
This
60-page booklet
help you
—
available exclusively from us
—
is designed to
investment
increase your business through modern, proven
practical and proven selling
his popular
weekly columns in The Commercial and Financial Chronicle. You'll
selling techniques. Its 25 chapters are full of
and
promotional ideas. John Dutton drew it from the best of
learn about'
* Obtaining
"l
a
client list
-
This year
*
The initial sales
*
The final sale
started out
very
well
*
The various
with sales for the first six months
13%
rising
million and
moving
should
for
up
last
$1.37.
first
(over
year
cross
time
in
1959)
to
accounts.
reach
share net
per
the
to
period
from
$1.64.
Sales
how to
by net earnings of above $10 mil¬
high ground.
have
been
modest
own
stock
dividends
in
defined
are
—
and their
told
you're
and
develop each of them to their maximum
—
the
relative
securities and
their
analyze
attractiveness
vital balance
on
—
your
various,
of
sheet items
well
In 1001 ways
more
this booklet
can
help
immediately
on
you
be
a
better salesman and run a
Your own copy will be rushed to you
profitable selling operation.
receipt of your order.
addi¬
stock divi¬
dends in both 1955 and 1956.) Cash
dividends in the past decade have
been increased eight times, rising
from 51 cents a share in 1951 to
tion.
categories of investors
These
* Techniques you can use to
\
Stockholders Well Treated
Stockholders
.
potential
$80 million for the
1960, accompanied
new
approach
1960.
(There were 3%
will be a new
ammonia
plant
(100,000 tons a $1,375 for 1960. The market price
shares
(adjusted for
stock
year) and a 50% expansion of for
phosphoric acid production ca¬ dividends) has ranged from (1954
pacity. This all adds up to a major to date) a low of 17 to a high of
capital improvement program in¬ 47. In a market characterized by
volving $25 million to be laid out price dips during 1960, in many
in the next 18 months. The man¬ instances of 40% and 50%, Ten¬
Corp.
common
deserves
agement must feel very bullish nessee
on
future profit potentials here considerable credit for its price
as
1664
By JOHN DUTTON
produces
ratios
Co.,
He
with
MANCHESTER, N. H.—Clyde K.
HOW TO
at 42. The in¬
dividend rate is
treated by Tennessee Corp. Divi¬
phosphoric acids dends have been paid for 20 years
and
"Di-Mon,"
an
ammonia- in a row, and the stock was split
phosphate
fertilizer
base
with 2 for 1 in 1954, and again 2 for 1
in
1959. Corporate practice has
high plant-food content.
Both the demand for the fore¬ been to distribute about 50% of
going higher powered fertilizer net in cash, and to pay occasional
also
&
Avenue.
A.
Boyd
Why You Need-
$1.40, comfortably covered by per
share net of $2.60 last year and
just plain lion; also
demand for
the
insistent,
selling
now
$49.7
plant at East
Tampa,
Florida
is
one
of the
country's
leading
producers
of
triple
superphosphates. Ttese
make
more
potent.. and swifter
acting
Christopher
Sunshine
East
—
connected
now
the New York Stock Exchange,
and
substantially expanded
,C.
is
ner.
company.
frills, consisting merely of 3,858,361 shares of common stock listed
rangement provides some earnings
eration
Griswold
(Special to The Financial Chronicle)
,
investors for $15 million.
with interest, this sum
five
Mo.
SPRINGFIELD,
the matter in another way, in the
.
sold
(Special to The Financial Chronicle)
formerly with Paine,
Putting
larger scale supplies that!
Corp. ac¬
Financial position of Tennessee
quired, earlier this year, Miami Corp. leaves little to be desired.
Copper Co. for $3.2 million in Net working capital at the 1959
cash and 151,517 shares of Ten¬
year end (making allowance for
nessee common. At the same time
the
Miami
Copper
financing)
a
royalty interest in the Miami stood at $34.2 million. There is
was
was
With B. C. Christopher
B.
Tennessee
copper,
of Dean Witter & Company.
With Eastern Investment
charac¬
However this may be, an
staff
Webber, Jackson & Curtis.
has
investment
the
joined
ele¬
margin
over
income.
net
To provide
within
Jenkins
Sec¬
sizable
"wasting assets" in its reserves of
copper and phosphate, it takes on
company
has
Saunders, Stiver & Co., Terminal
Tower Building, members of the
Midwest
Stock
Exchange.
Mr.
Moreover,
common.
the
one of the largest and lowest cost
nine
year
period 1951-1959 in¬
sulphuric acid producing plants in clusive, company sales increased
America, and turns out copper, 54% and net profits 170%. That's
iron
sinter,
zinc
and
several quite
a
remarkable tribute to
chemicals asj other end products. timely plant
investment, effective
Proven ore reserves at hand are
selling
and
top-flight over all
sufficient for many years' opera¬
management. Sloppily run com¬
tions at present rates.
panies don't turn in statistics like
mines
Jenkins
as
For example in 1959 the company
two principal operat¬
Tenn.
of
such
ond, much of Tennessee business
depends on the price of copper
and a single cent variation in a
pound of copper can create a 5
cent change in net per share on
since
terials into chemicals
chemicals
phosphates, never seem to be re¬
garded as highly by investors as
industrial/chemicals — chlorine,
Tennessee
Attractive Profit Margins
cost
up.
ments, and the dynamic selling of
end products at rewarding prices.
Two Main Plants
There
In
57%
chemicals
profit, accounting for 29%
total
company-owned
manufactories
chemicals,
industrial
division
metal
the
serves.
iron sinter and zinc
copper,
26%
seem
mine
to
Georgia;
produces
moving
stability. Its action gives support
|
COMMERCIAL & FINANCIAL
j
25 PARK PLACE,
CHRONICLE
NEW YORK 7, N. Y.
Gentlemen:
ORDER YOUR
COPY TODAY
QUANTITY ORDERS
ON REQUEST
PRICES ON
|
0
j
I enclose $2. Kindly rush my copy
of "How To Sell
Securities" to
I
I
Name
1
I
Address
I
City...
...»
*
Zone......
State...........
6
(1874)
The Commercial and Financial Chronicle
.
Thursday, November
.
.
10, 1960
\
This school district is south and
TAX-EXEMPT BOND MARKET
west
of
Up-state school
particularly popular
with investors since they are in
lesser
supply
than
are
Long
MACKEY
Island
state
and
bond
municipal
market has been less active during
the
Its tone has been
past week.
firm
to
degree
verging
on
strength desoite the intense political activity and the distractions
a
attending
period.
Presidential Election
a
Nonetheless,
has
terest
evidence
been
of
business
investor
prevalent
and
considerable
has
been
in-
daily
easily discern-
Prices
with
case
capitals, Trenton
Higher
of
most
bonds
are
which
The
of
level
was"
to market
came
against
the
issue
new
least
at
up
level
was
yearsbidding
Last Thursday, the City of Santa
strong.
10/100ths
week
a
as
two
or
back.
(Nov. 9)
$12,000,000
general
1980)
State
this
was
competitive
to
school
(1961to the
bidding.
scaled
3.40%.
Mississippi
Bank
to
•
opened.
The
bonds
yield from
i.60%
V
1
Nov. 10
.
Ysleta
was
considerable.
Bank
Independent S. D., Texas-.
No.
terest is indicated.
1,839,000
3,200,000
40, Oregon—___
Orange
County, Texas.-——
South Euclid-Lyndhurst City Sch.
•_
1,050,000
District, Ohio
Dollar
Bonds
revenue
i
have
further
shown
im¬
gation
(1961-1985)
index
sold
a
Barney & Co. toll road bond yield
15
Nov.
During the last reporting period
toll road issues and other
Groton,
Connecticut
Hudson
;
-
County, New Jersey——
Jefferson County Sch. Dist., Colo.
1,415,000
1,000,000
5,096,000
1,390,000
as
yield
index
represents
an
be behind the
mar-
somewhat,
they
and consequently
usually of limited value,
are
A week ago
at
and
grade
to
headed
group
The
by
First National City Bank of New
York
%ths
Since this yield index
a
ket
high
market rise of only
average
of
Commercial
the yield index stood
3.29%;
currently
index
the
stands at 3.261%.
T
Inventory
Clara
Static
is
the
Francisco.
San
center
The
of
a
credit
is
highly regarded. At the same day
Santa Clara, California also sold
$1,600,000
a...
.
reported at 3.84%
was
'
,
__________
——
1985)
sewer
bonds.
setts and
issue
a
to
in
ago
year
Northview School
almost
mention
better
but
a
Whereas
the
Blue
as
List
street
float
represented
or
in-
by
the
about
20%
Th
University
net .earnings,
1,350,000
35,085,000
3,200,000
dropped considerably a
there has been little
Ythe ^
without
b
fhat
wppk
a
bonds
for
by
areas
:
8:00 p.m.
1962-1982
ago,
ip^bond
of
an
:
1964-1999
1961-1985
Noon
1961-1981
1961-2009
cea
b
dealers
aga
nst
s
t
ess
m
p o
since
them
held[
own
atively light new issue
However, in view of the
re
attendant
election
uncertainties,
this performance seems favorable.
of the most
One
to
interesting isduring the
to market
come
past week involved the University
Kentucky. On Nov. 3, $8,000,000
of
building
revenue
bonds
awarded
were
(1962-1986)
to the
Bear,
Stearns
&
Co.
group
following
spirited competitive bidding. The
bonds were scaled to yield from
2.25% to 4.00%. Investor reception
was
enthusiastic and the account
was
closed
bonds
be
a
are
out
Friday.
These
payable from funds to
derived
from
student
bonds
on
the collection
registration
further
are
During
the
fee.
secured
statutory mortgage lien
project.
next
few
of
The
by
the
upon
years
it
likely that the importance
college dormitory and related
project financing will be enhanced,
come
of
UX
better
investment
lavesimeni
known
MARKET
ON
nas
has
beoe
investors
.
'
1961-1985
1961-1971
a.m.
Noon
9:00
.
1962-1981
Noon
1968-1990
11:00
1962-1991
a.m.
Noon
8:00 p.m.
1961-1987
1961-1980
•
a.m.
7:30 p.m.
1962-1987
11:00
a.m.
11:00 a.m.
7,950,000
(Thursday)
1,750,000
Alliance, Nebraska
Brandywine Area Joint School
Authority, Pennsylvania
—
Charlotte, Gerry, etc., Central
School
approved $75 million
1961Ta990
1961-1980
Hawaii
7:30
p.m.
8:00 p.m.
10:00
a.m.
,
.
District, No. 1, New York
Georgetown, Kentucky...
and recreation
three to one margin.
1,075,000
A' 1,917,000
A
;
Cedar Rapids, Iowa
1961-1982
1—
'*
i.—
1,040,000
2,500,000
6,500,000
3:00 p.m.
1961-1980
7:30 p.m.
1962-1976
1985
11:00
~
a.m.
2:00 p.m.
—_
over
(State)..
(State)
New Jersey
Highway Auth., Gtd.__
New York
(State)
Pennsylvania (State).—
Vermont (State)
New Housing Auth.
(N. Y., N. Y.)
Los Angeles, Calif
Baltimore, Md.
Cincinnati, Ohio
'
„
X1
_
8:00 p.m.
10:00 a.m.
City, N. Y
November 9, 1960
University of Washington—
approved $25 million school bonds
by
better
than
three
to
eral
hospital.
a
a
gen¬
St.
Louis, Missouri
disapproved a $29,535,000
voters
school
bond
issue
as
1962-1999
10:00 a.m.
(Monday)
one.
Ohio has approved
$17 million bond issue for
2,050,000
Nov. 21
Maricopa County, Scottsdale Sch.
District, Arizona
3,945,000
1961-1974
ll:00_a_jn.
Montana State Board of
4,080,000
1961-1999
10:00
Ed., Mont.
a
,
a.m.
.
bonds
involving
1962-1988
•
\:
11:00
;
*
a.m.
V
1963-1986
7:30 p.m.
1962-1990
11:00 a.m.
000,000 University and welfare in¬
Another New York
*
*
School
?L
„
™
Award
Award
°n Nov 7 another New York
State school district
issue was up
£or comPetitive bidding. Bethle?
New Scotland, Central
.
District No. 6 awarded $3,'ad>000
(1961-1989)
headed
by
bonds
Halsey,
to
a
Stuart
~nd 5?°'V George B. Gibbons &
7'
*~Van Ingen & Co., Ira
5uUu
anc* severa* others,
ihe donds were scaled to yield
£r<?m
1,70.%
to 3 70%' The current
balance
is
to
be
$1,-
715,000.
3%%
3%%
3%
3%
stitution bonds. The state
Assembly
must
now
Kentucky
voters
have
$100,000,000
tunnel
and
A
general
approve.
approved
highway, bridge,
park bonds.- Oregon
Pulaski
of
w
voters have approved $135,000,000
war veteran
loan bonds, A more
complete
next
will
report
Nov. 29
r
'/ - A..''
Florida
Nov. 30 (Wednesday)
.•••
r
14,500,000
________
UA/;
11:00 a.m.
1964-1990
given
be
With Westheimer & Go.'
.
" Oklahoma
*A
Eugene
.■
Dec. 1 (Thursday)
./-.'-A,--,;:"
♦Oklahoma City Improve. Author.,
(Special to The Financial Chronicle)
—
1,500,000
—
Development Comm., Fla.
V
Ohio
1,250,000
County, Arkansas
week.
CLEVELAND,
(Tuesday)
Natchitoches, Louisiana
to
be
B.
J.
_______
negotiated sale of
underwritten
Van
Ingen
&
by
a
Co.,
a
45,000,000
____
_.,
———
minimum of
syndicate
Inc., and
$45,000,000 and a maximum of $65,000,000,
managed by John Nuveen & Co., Allen & Co.,
Leo Oppenheim & Co.
Stringer, Jr. has become associated
SERIAL
Maturity
with
ISSUES
East
Bid
Westheimer
Ohio
3.55%
1980-1982
3.35%
3 20%
1978-1980
3.25%
3 10%
1978-1979
s iw
Ann<v
3.00%
2.90%
3%%
3%%
3%%
1977-1980
3.20%
3^5%
OMAHA,
1978-1980
3.70%
3.55%
sen
1980
3.40%
3.25%
3.25%
3 10%
31/4%
1977
3%
1980
Index=3.2614%
;3.70%
San Diego Unified Sch.
South
Bend, Indiana-
has
Neb.—Richard
become
Cruttenden,
Farnam
3.55%
3 70%
3 kcc/
with
John
3.60%
Inc.,
and
officer
of
Fairfax County,
Nel¬
with
He
Douglas
prior
&
Co.,
1801
was
formerly
&
Company
thereto
was
Virginia..
Dec. 8
West
Street.
3.65%
A.
associated
Podesta
;
10,000,000
1963-1982
1,940,000
1931-1972
8,500,000
Maryland State Road Comm., Md.
(Special to The Financial Chronicle)
3 00%
(Tuesday)
Dist., Calif.
1:00 p.m.
Dec. 7 (Wednesday)
Cruttenden, Podesta
1974-1975
1978-1979
'
for¬
was
Richard A. Nelsen With
3%%
1980
Dec. 6
Company,
He
merly with Fulton, Reid & Co., Inc.
3V8%
3.15%
and
Building.
Asked
1978-1980,3.70%
3%% "1979>
—
•
-
Jacksonville, Florida voters have
%s
;
Nov. 22 (Tuesday)
to a plurality was required for passage.
Cajon Valley Union School Dist.,
The in this instance.
'
California
Northern Trust Co., The First Na1,220,000
California's $1,750,000,000 water
tional Bar»k of Chicago, and City bond issue was
Randolph County, North Carolina
1,750,000
trailing by more
National Bank and Trust Co. .of than
200,000 votes with half the
Kansas City. This issue was well
Nov. 28 (Monday)
state's precincts in as we go to
received by investors with but a
Dearborn Township
press. The State of Illinois voters
School Dist.
v
;
sma11 balance remaining at presappear
to have approved $345,No. 4, Michigan—.
1,400,000
ent-
obligation
general
3%%
rbZ»2n
Chicago, ?nS'L*
111.
margin.
Cincinnati,
3°in^ account
Bate
little
a
0nt
Also on Nov. 3 the City of Min¬
REPRESENTATIVE
Connecticut
New York
cu*
The
nno nnn
reported
to
.
California
to 3 85%
balance in account is
<*,
group
of
type
ype
frQm 2 0Q%
a
seems
This
scaled
were
neapolis, Minnesota awarded $1,500,000
(1960-1980)
sports
area
Recent Financing
sues
9:00
10:00 a.m.
^reported
merely
volume.
5:30 p.m.
Noon
1963-1985
1961-1985*
a.m.
.
joh^ Nuveen * & (Fo^Tra IffauDt
re^u'ced'^business S t ern^cf"since rj^
\Co"bonds
Lee HiggfnsonCor™.
jK
to yield
rev
8.00 p.m.
11:30
Approvals
abouT^O
Nov!°9 the6
1:00 p.m.
-
1961-1980
1961-1985
Spencer, Iowa
2,230,000
Philadelphia voters have appar-:
import-nt New York state school
1962-1991
vo umec.
2,000,000
ange since ast rep rting.
ently
approved three
proposals Spring Branch Ind. Sch. Dist., Tex.
district issue. This week Nov. 3,
totaling $47,250,000 of bonds by a
V
Nov. 18 (Friday)
total was about
°yster Ba^ and North Hempstead more than two to one margin.
lpal
bond
$^9U UFSD No 15 New York awarded Kansas
million, down from about $350 an
City, Missouri voters have University of California, Calif
3,700,000'' 1961-1988
issue of £,01,0,000
(1962-i99o)
approved an issue of $75 million
sewer
revenue
bonds by a wide
figure
at
Nov. 19 (Saturday)
week
2:00 p.m.
few.
park
a
5,000,000
—
Nov. 17
Issue
State voters
rarelv
:i_.A
Illinois
of
!
Bond
was
sold,
•
1
South Carolina
others continue to show
substantially
(1961-
revenue
This
against
As we near press deadline, it
Although the state and munici- awarded to the group headed by
pal bond business has been fairly Halsey, ^Stuart & Co., Inc. and is apparent that many of the $3V2
billion bond issues up for vote on
active during the past week, it j0hn Nuveen &
Co.
The bonds
has been less active than it was
Day
are
being
over¬
were
scaled to yield from 1.75% Election
during the previous few weeks, to 3.80%. Thus far-the issue is whelmingly approved. New York
ventories
-
—
District, Mich.—
instances.
Illinois,
Indiana, ; Philadelphia, Pennsylvania
rapidly growing wealthy agricul- all
VRiverview Community S. D., Mich.
tural
area
located
southeast
of Connecticut, Kentucky, Massachu¬
Santa
1961-1980
1962-1990
2:30 p.m.
(Tuesday)
Clinton Township. Michigan
indexes must
bond
the
Chronicle's
7:30 p.m.
Strong
which
included • Lehman
Brothers, F. S. Smithers & Co.,
point.
and the First of Michigan Corp.
represents actual secondary market The bonds were scaled to yield
offerings it does not give immedi- from 1.75% to 3.60%. At last reate
effect
to
strong new
issue port the balance in account was
bidding.
By their nature, yield less than $2 million.
However,
1961-19801
District
the
34,750,000
yield average was slightly reduced >
Port of Los Angeles, California"—
14,000,000
from
3.85% the previous week;
San Diego, California. ——^
A / 3,600,000
this represents an average market
: Tennessee- Valley Authority, Tenn.
50,000,000
gain of about ■ % of a point.
'
Wichita, Kansas
' 1,717,000
Most of the toll road projects
have reported very favorably for
Nov. 16 (Wednesday)
September and October,, after a
record
Dayton,
Ohio
4,800,000
breaking
summer
peak.
Net revenues-are substantially up Fort Worth, Texas..
A 2,250,000
Financial
1961-1980
7:30 p.m.
Noon
(Monday)
Nov. 14
in¬
portfolio
provement. On Nov. 3, the Smith,
were
V1962-1981
1,150,000
2,000,000
2,836,000
* 2,000,000
—--
Multnomah County School
At
Clara, California sold two issues
of bonds. $3,655,000 general oblibonds
1
Initial investor interest
through 1972.
bonds
of borrower,
which bids
(Thursday)
Odessa, Texas
present the issue is reported sold
1
of issue, maturity scale, and hour at
Eminence, Kentucky
Hampton, Virginia
i
in
group
list the bond issues of
sale dates have been set.
Information, where available, includes name
amount
class
awarded
Manhattan
we
for which specific
or more
issue of
an
,of
obligation
bonds
were
nor-
light
was
New
tabulations
following
will be
Yesterday
Chase
the
allocation
generous
credit.
in this issue
and/maBy ^ den}and a*
which
relatively unimportant as is al- seem relatively high. With but few
ways the case during this partic- exceptions, Trenton offerings have
ular holiday
period.
Generally, met with widespread investor rethe bidding for the few new issues cePDon
over a long period of
New issue volume
of
In
$1,000,000
its school district has
to
gradually strengthened
state
our
district bonds.
State's
of funds
and consequently the market is
becoming generally more receptive.
The $10,824,000 Trenton, New
Jersey (1961-1985)
issue which
came to market as we were going
to press a week ago developed into
a highly successful underwriting,
The Bankers Trust Co. group reported the issue a sellout within
a brief period of reoffering. As is
the
able.
are
school
York
The
Larger Issues Scheduled For Sale
Albany.
districts
DONALD D.
BY
an
Kirkpatrick Pettis Co.
Virginia
State
(Thursday)
Board
of
Education, West Virginia.
Dec, 13
-
1,648,000
(Tuesday)
los Angeles County Hospital Dist.
California
1962-1988
12,500,000
7,000,000
1962-1989
2:C0 p.m.
Volume 192
Number 6002
.
,
The Commercial and Financial Chronicle
.
Principles in
a
A
brief
but
of
the
basic
principles
he
a trust portfolio are enunciated
Besides maintaining asset value and
steady income,
a trustee must also serve two masters—
importance of prudence.
report briefly on
ent
of
the
surviving
like to
The worth of assets held
accounts.
his
other
or
billion in 1959
from
A
of
total
a
of
$49
in
1958.
billion
in
~
.
bounty.
That
spo :se
close
may be
children
or
relative
friend.
or
i t h
.
Henry L. Parker
Association
in
col¬
results
Inc., New York City, This
include
employee ac¬
not
counts, such as pension funds and
profit sharing funds, or funds held
for the account of
stocks.
trust
funds.
The
total
trust
of $100 billion.
excess
discussing; trust
to
seems
in
me
that
well
any
change
.
;
after
,
review
one
of trust in¬
prima¬
rily with bona fide trust accounts.
In the first place,
a
trustee is
charged with the responsibility of
maintaining
the
value; of
the
assets turned
time
over
steady in¬
with the' going
consistent
come
of
to it and at the
provide
return
a
yield on bonds,
or
and stocks—the
a
reviewed
be
to
make
sure
from time
to
that
in
as
it
is
they
vary
years/and
period'of
a
com¬
committees.! The policy
be
standards
a
greater the yield,
the greater the risk. Now another
element that we should not lose
of
of
list"
"working
-
or
with
set
selection
two
or
trust investment
a
or
bonds and stocks
'
This has to do
vestments.
rate
and
capital
trustee," in the administration
bona
fide
trusts,
assumes
one
of the most sacred
responsibilities
any individual, group of individ¬
uals, or corporate entity can as¬
The trust business is grow¬
sume.
in
has
of
at least some
respect to the
investments. VOnce
stocks
a
reten¬
tion and that management
is
con¬
all
the
servative
more
why
con¬
New
York
Stock
and
in
an
connection
maintained.
Each trust
To Admit Partner
time
institution
stock
a
to
get a
which, over
should
be
provided
an
greater than
bonds.
on
paraphrase,
of
long period of time,
a
the
this
the investment of trust funds.
opportunity
reasonable dividend yield
same
has
yield
shall
ment and
At this writ¬
ing, of course, the comparison of
alone is unfavorable with
"In
investments
trustee
the
for
To
exercise
trust, the
the judg¬
under the circum¬
care
Of Briggs, Schaedle
management
any
Briggs, Schaedle & Co., Inc., 44
Wall St., New York City, dealers
stances then prevailing which men
in
of
and
U,
S.
Government
bankers
nounced that Richard E. Schaedle
dustrial Average at about 3.4% as
ment
has
against 4 to 4V2 %
regard
the
stocks
bonds.
in
the
The
Dow-Jones
In¬
trust quality
on
present
and
of
their
to
speculation,
but
in
to the permanent disposi¬
of
their
funds, considering
recent
tion
been
responsible
the probable safety
able
shift
of
out
stocks into higher
Does
Not
Favor
.
low
,
yielding
Glamour
Stocks
,
.
Getting - back to common stocks
again, I repeat that they should
be
carefully
selected
and
re¬
stricted
to
the
in
the
American
proven
management
record
dividends
of
a
suc¬
and
long
over
a
do
not
We
and
earnings
period
that
feel
of
Supervisors of the. examination
trust departments have a rap¬
idly expanding responsibility and
of
it
the
to
seems
concerns
erally
the
glamour stocks are gen¬
of trust fund quality, as
is
of
quite
and
time
that
so
uncer¬
cannot
one
issues
are
us
that
should
one
degree
be
This
the
seems
other
a
credit
to
be
hand, if
he
a
Marache
mond
H.
at
2030
Miller,
President;
I. L.
and Wil¬
Howard, Secretary-Treas¬
Vice-President;
Miller,
On
liam C.
This announcement is neither
be watched.
large number
they should
If possible, a calling
program
management
possible .to follow
of stocks
a
closely
as
on
an
Assistant
Vice-President
elected
directors
Electronics
N.
For
instance, if
of good quality
which
favors
the
we
might
ficiary,
premium.
The
disappears
upon
opt of corpus
buy a bond
5% coupon
bene¬
income
pay
a
as
,
it
interest
words, such
in 7 the
an
in¬
is
ojfer to sell
lumbus Electronics.
Robert Baird Branch
v.
WAUKESHA,' Wis.
Baird
.<
Hornblower & Weeks Br'ch
SPRINGS, Calif.
blower
&
branch
Canon
Weeks
office
Drive
at
a
ment of William M.
nor a
solicitation of
,
r" :
'
•n/
•
,:
■
'
■ '
or
testator is
of
vision
,
(Par Value $0.25
.
Cooper.
FRANCISCO, Calif.
PRICE:
those
securities
mitted
to
that
the
firm
110
name
Sutter
has
Street, and
been
Broy & Loewenstein.
an
offer to buy
•
•
V
any
be
other dealers
as
may
may
stocks
and bonds should
determined
and adhered to
of ♦ consistency.
a
degree
should be of unquestioned
Bonds
income beneficiary as the recipi¬
quality and should be diversified
of these
10, 1960
.
Share)
$2.50 PER SHARE
be obtained from the undersigned and from such
lawfully offer these securities in this State.
agreed upon proportion as
an
with
Copies of the Prospectus
Pacific Coast Securities
Mat¬
partnership in the Broy
Company,
after
have been purchased; and,
fourth, some systematic control ol
the
proportions
of stocks and
bonds. To elaborate on these prin¬
—
thew J. Loewenstein has been ad¬
STOCK
per
Palm
manage¬
(Special to The Financial Chronicle)
SAN
they
primarily interested in the living
the
Now Broy & Lowenstein
Omega Precision, Inc.
::
—
Hornopened a
North
126
under
ond, the careful selection of secu¬
between
stances, the settlor
has
made only by the Offering Circular.
COMMON
trust invest¬
ment policy, there are four basic
principles to be considered: first,
proper balance between types of
securities—stocks and bonds; sec¬
developing
at
of t'e remainder¬
Ordinarily, and in most in¬
Robert W.
management of Horace
D. Ward,
120,000 Shares
Four Basic Principles
In
ciples, let me explain that we feel
the expense
—
&
November
should
presently
for
the
benefit of the income beneficiary
men.
Columbus
Y., it has been announced by
Goetzl, President of Co¬
high rities; third, the constant super¬
maturity, cornel
and thus reduces the
In other
vestment
a
premium,
remaindermen's
trust.
we
with
of
Corporation, Yonkers,
Manlio
NEW ISSUE
.
the
of
Empire Trust Company, have been
as
»
Stock
Exchange, and Joseph Mansfield,
to
The offering is
securities.
we
Gran-
Company,
members of The New York
urer.
trustee's in¬
of
and
the
Franklin Street. Officers are Ray¬
gets
expected.
bery,
office
offices
from
business
doing.
so
Greeff, general partner
investment firm
under
<
job,
for
T.
the
of
PALM
satisfactory or
average
Named Directors
Ernest
determine
to
of
going
out on top in the
does
firm.
Co, has opened a branch
at 217 Wisconsin Avenue,
*An address by Mr. Parker at the 1960
long run
and survive and develop into trust Annual Convention of the National Asso¬
ciation
of
Suoervisors
of
State
Banks,
fund quality.
We do not believe Atlantic City, N. J.,
that a trustee is justified in in¬
vesting trust funds in stocks of
Form Sales Agency
companies whose operations are
(Special to The Financial Chronicle)
exclusivey in foreign countries o?
whose management is foreign con¬ OAKLAND, Calif.—Sales Agency,
in a securities
trolled. It is our experience that Inc. is engaging
come
of the
of the main
prudence that is
displayed in the investment pro¬
grams
of the trust j departments
under their supervision.
they have not stood the
determine which
to
low
Vice-President
an¬
Assistant
an
account."
own
so-called
income
elected
as
estate mortgages,
which men of
prudence, discretion and intelli¬
gence acquire or retain for their
th?
They should
companies having
cessful
well
as
corporate obligations, stocks (pre¬
or
common),
and
real
economy.
be well-known
time.
of
income
ferred
leading companies
industries
basic
probable
of their capi¬
tal,
Within these limitations, the
trustee is authorized to acquire
and retain every kind of property,
real, personal, or mixed, and
every kind of investment, includ¬
ing bonds, debentures and other
yielding bonds.
for Trusts
•
the
consider¬
a
been
regard
relationship between bond yields
and
stock
yields probably has
for
affairs, not in
own
acceptances,
,
through with it.
securities
prudence, discretion, and intel¬
ligence exercise in the manage¬
yields
aggressive manner. In
w i t h
developing a
"working list" of common stocks,
do not feel that too many items
should be included as it is not
E.
White, Weld & Co.
ducting the business satisfactorily
be developed, or some close con¬
sight of is the fact that a. trustee
tact with management should be
serves, two masters.
First, a trus-*
arranged:/ One cannot stress ton
tee is responsible to the income
strongly the importance of man¬
beneficiary to provide a steady
agement: in connection with the
income consistent with the going
selection of stocks for the invest¬
rate. Second, a trustee has to bear
ment of trust funds.
'
?
*
in mind its responsibility to the
remaindermen, the person or per¬
sons who take the trust property
after
the income
beneficiary is
Exchange,
policies should be estab¬
and"
lished
reason
the
on Dec.
1 will admit William
Erdman to partnership.
Schaedle Officer
the
at
been
continued
warrant
of
*
'
'
selected, if a trustee
intensive
analysis and study better than
should be made of the companies
little'or no
involved
to
be
sure
that, these
stocks
Board
Harris, Upham & Co., 120 Broad¬
way, New York City, members of
Let us be reminded of and re¬
element of diversification, an op¬
portunity for growth, a degree or call the so-called Prudent Man
protection against inflation, and Rule which in many states governs
test
list
the administration
same
profits
about
To Admit Partner
a
White, Weld & Co., 20 Broad St.,
New York City, members of the
New York Stock Exchange, will
admit Arthur E. Palmer, Jr. to
partnership on Dec. 1.
through
should
fundamental concepts with respect
to
of
market
approved
ultimately the
tain and
over
Masters
us
policy for
different economic weather. There
Providing Income for Two
Let
aver¬
regards
as
and
lished and approved by the Board
of
Directors
and
administered
tune with conditions
an¬
.
by
department should be estab¬
time
regulated
time passes, we may unconsciously
lose direction as we pass through
economic
obtained
performance
should
every
review of ground rules
worthwhile
because, as
other.
the
/,/■./,
mittee
investment
a
well
policy to
desired
results,
A basic investment
investment, super¬
vision by the trust departments of
this country could well.total con¬
often
investment
aging stock purchases. We think
a
trustee
can
..satisfy
its
obligation to the settlor or testator
by
obtaining results from
the
market
business
department's
that
supervision,''1 or last but not least,
policies, it
trust
will be
agency accounts under investment
siderably in
frame¬
the
policy of averaging •— average
yields over a period on bonds and
executors, guard¬
conservators, or so-calle4
under
accounts
averaging and.that
a trustee will
get satisfactory re¬
sults from a staggered bond ma¬
turity pattern; Also, satisfactory
laboration with Alfred Politz Re¬
assets
sight
We believe in
-
of the Ameri¬
common
various
within
a
accomplish
con¬
or
of
over-all
ducted by the
Trust Division
search
that
accounts
work
ac¬
Bankers
fact
lose
not
investment policy for individ¬
ual
of per¬
counts
the
an
a
sur-
sonal trust
trustee should
different
objectives. ' The
trustee, accordingly, should ana¬
lyze each account and try to tailo:
accord¬
w
one
A
attractive. In selecting
that the administration of
have
,
This
national
is
take
hesitation
times,
obligation to
account for a trust should be in the whole group so that our repu¬
for
the interest of substantial appre¬ tation
integrity and sound
ciation, but rather to provide an judgment shall not be jeopardized.
.
He
ones,
personal trust accounts in the Accordingly, special efforts should
trust
be made to maintain as high a
depart¬
ments
of
the
rate of income as possible without
United' States •
penalty to the remaindermen.
increased to
Prefers Policy of Averaging
more than $57
so
when
should
no
Harris, Upham
it
gains tax.
We do not subscribe to the idea
in
In
stocks
Directors.
comes ahead of substantial appreciation consideration
would
-
of
seem
opportune
7
sur¬
is
national survey of personal trust
ians,
of
of
about
tee
I
does
have
they pro¬
income, a
funds for emergencies,
buying power for the pur¬
continuity
made and reviewed and
income
a
can
trustee
vide
At
hear
the
and stresses the
vey
in any trust account as
to
be subject to
even
ing by leaps and bounds, and that
explains what
ance
charge.
important
are
expect
by the Trust Investment Commit¬
^ of unquestioned quality and well known stocks to glamor
is
Furthermore, bonds
geographically
the banker points out that
sistency in ratio of bonds to stocks, constant supervision, and bonds
^
may
and
stocks and bonds, careful analysis
of the items selected should be
beneficiary and the remainderman.
Mr. Parker favors
averaging, keeping a working list of manageable proportions, con--
;
can
chase
the management of
by Mr. Parker.
tee
and
and
believes
vestment record is boor, the trus¬
of tax¬
case
with respect to tax-exempt items.
levels
thorough review
should govern
items
source
By Henry L. Parker,*
Vice-President, Harris Trust and
Savings Bank, Chicago, III.
~
industry in the
able
Trust Investment Policy
,
to
as
The Basic
(1875)
Company
changed
8
The Commercial and Financial Chronicle
(1876)
DEALER-BROKER
Hupp Corporation
—
mercial Credit.
Robinson
Inc.,
Glass—Review
THAT THE FIRMS MENTIONED WILL BE PLEASED
UNDERSTOOD
TO
Fahnestock
Investment—Industries
Areas
for
which
appear
Williston
&
attractive
Broadway,
Y. Also available
New York 4, N.
is
2
Beane,
J. R.
—
analysis of Empire National
an
Corporation.
S.
—F.
1961—Analysis
for
Outlook
Auto
Moseley
Co., 50
&
Con¬
St., Boston 2, Mass.
gress
Stock
Bank
Notes
Chemical;
Toanenryo Oil
Chemical
on
States
—
Hanseatic Corp.,
ures—-New York
120
Broadway, New York 5, N. Y.
Government
British
Bonds
—
Analysis—Winslow, Cohu & Stet¬
son,
Inc., 26 Broadway, New York
4, N. Y.
.■
Gains
Capital
-,'V
Losses
and
N.
Y.
showing
the
and
Debenture
Bonds
—
list—Eastman Dil¬
Recommended
industrial
Railroad Mergers
&
Domestic
Beet
Sugar
Industry—
Analysis with particular reference
to Great Western Sugar Co., Holly
Corp. and American Crys¬
Sugar
tal
Sugar—Hooker
5,
Radio
Domestic
and
Overseas TV
—Discussion—Electronics
ment
Management
Fifth
Ave.,
Corp.,
1400
Diego 1, Calif.
San
Gold—Review—Blair
20
Broad
Co., Inc.,
Suggestions—Data
companies
which
teresting—Sutro
on
in¬
appear
&
Co., 80
St., New York 5, N. Y.
Pine
Yamaichi
York,
York
Bros.
Market
Japanese
—
Review
Co.
Securities
of
—
New
Inc., Ill Broadway, New
6, N. Y. Also available are
reviews
cal
&
St., New York 5, N. Y.
Investment
18
Invest¬
of
Pharmaceuti¬
Takeda
Ltd.
Industries,
and
Toyo
Santa
Fe
Stocks
Courts
N.
Co.,
N.
Industry
—Nomura
Broadway,
Also
Securities Co., Ltd., 61
New
available
Yawata Iron &
Steel;
York 6, N.
are
analyses
Limited
tronics); Kirin Breweries;
Discussion
New
York
4,
Securities
Treasury
Market
—
Chesapeake
and
&
Chesebrough Pond
231
111.
In
—
Letter"—
Co.,
&
Stone
Hayden,
Data
—
"Investment
November
25
Broad
St., New York 4, N. Y. Also avail¬
able
is
Capital
report
Corp.
Coastal
States
a
Data
—
N.
Electronics
on
Y.
circular
Co.
available
data
are
Corp.,
in
"
the
same
Consolidated
on
Phillips
United
and
Ltd.
Petroleum
Boulevard, Chicago
Carbon
—Hornblower
Co.—Analysis
Weeks, 40 Wall
&
St., New York 5, N. Y. Also avail¬
able are data on Boeing, Gardner
Woolworth
Denver,
Consolidated Foods
N.
4, 111.
Amerada
*
*
Corporation
Analysis — Laird, Bissell &
Meeds, 120 Broadway, New York
5, N. Y.
American Machine & Foundry Co.
—Report—Harris, Upham & Co.,
120 Broadway, New York 5, N. Y.
Also available is a tax guide for
1960 with suggested switches and
memorandum
Arvida
—
Schwabacher
&
St.,
gomery
Sterling Drug.
on
Corp.
Memorandum
Co.,
100
—
Mont¬
Francisco
San
4,
Calif.
BSF Company
November
Investor"
—
American
—
In the
Investor,
Exchange
Bldg.,
N. Y.—15 cents per
per
November
—
"American
of
American
Stock
$1
Review
issue
year.
issue
Also
are
in
reviews
the
of
lic Foil, Aurora Plastics Corp.
Borden
Company
Borg-
and
&
—
Review
—
Broadway, New
available
are
American
Tobacco
tional
Paper
Electronics
York
reviews
brief
Co.,
and
R.
R.
Co.,
of
Interna¬
for
Laboratory
Kaman
Donnelley
Memorandum
Aircraft
Sons
&
Co.
—
Goodbody & Co.,
Broadway, New York 4, N. Y.
—
institutions
Report
—
Flomenhaft, Seidler &
Co., 44 Beaver Street, New York
5, N. Y.
Electronic
Assistance
Study
Bruno
—
Bigelow
-
Square,
Corp.—
Lenchner
Pittsburgh
Inc.,
19,
Pa.
Ex-Cell-O
Corporation—Analysis
Simonson & Co., 25
Broad St., New York 4, N. Y.
—
Cohen,
Fritzi
ACTIVE-i
of
California
Manufactur¬
liam
R. Staats & Co., 640 South
Spring St., Los Angeles 14, Calif.
G~»"*uer
Denver
Memorandum
—
New York 5, N. Y.
Sporting
Gateway
—Data—Purcell &
*Hallicrafters Co.
request
tional
Troster, Singer & Co.
Tririiy Place, New York 6, N. Y.
HAnover 2-2400
Teletype NY 1-376; 377; 378
&
I
if.
N.
Minerals
&
on
Interna¬
Chemicals.
Western
&
Industries
Memorandum—Ira
l
/.yi
I
I
Connecticut Light & Power Co.
Yardney
Electric Corp.—Analysis
Berlind, Potoma
&
Carter,
Weill, 37 Wall St., New York 5.
Y.
N.
Aviation
American
Re¬
—
port—Hill, Darlington & Grimm,
Broadway, New York 4, N. Y.
Hemphill, Noyes Branch
2
63
Gas Co., Haloid Xerox Inc.,
tural
Aviation
American
H.
Lewis
Wall St., New York 5,
FITCHBURG, Mass,
&
Haupt
Co.,
at
office
N. Y.
520
—
Main
Street
under
William M. Rosenbaum & Co., 331
Samuel H.
Albro.
Mr.
Albro was formerly
local manager for du Pont, Hom-
Madison
sey
the
Coal
Peabody
Memorandum
—
—
Ave, New York 17, N. Y;
management
of
& Company. ' 'J • "
.:
:
•
Harbor Insurance Company—Bul¬
letin—De
tion,
Witt Conklin Organiza¬
Inc.,
York 5,
120
Broadway,
Hempstead
Electronics
Bulletin—Nelson
21
Greenwich
N. Y.
I
Holt,
—
of
Corp.
—
Securities,
Inc.,
Hempstead,
St.,
115 Broadway, New York 6,
N. Y.
table of
com¬
Also
available is
a
parative
figures
Leaders.
:
Purex
Corp.
Frank,
—
Meyer
Sutro Bros. Branch
HUNTINGTON,
Bros.
Growth
on
&
office
Analysis
&
—
Fox.,
at
Y.
N.
417
New
Sutro
—
Co. has opened
a
York
branch
Avenue
under the management of Russell
Stern,
R. Seibach.
Union
-
,
:
;
"A Lot of Trouble
"The postwar
years
have
seen
rather general
ac¬
ceptance of the idea that policies of the Federal
Government—both fiscal and
monetary—should be
directed toward
moderating the fluctuations of the
business cycle while promoting high-level employ¬
ment and production, economic growth, and price
stability.
"All
too
often, in considering the role govern¬
play, it is forgotten that most job oppor¬
tunities in our society are provided by private
employers. A constructive fiscal policy should
strengthen incentives which lead enterprising peo¬
ple to offer employment opportunities and foster
price-cost relationships which permit production
and sale at a profit. Otherwise, 'full employment'
would mean everyone working for the government.
ment
can
"People have become increasingly aware that
maintaining high levels of demand for labor and
goods creates both the opportunity and the tempta¬
for labor and business to raise wages and
prices. There has also been recognition that exces¬
sive, poorly timed, or badly chosen anti-recession¬
ary measures can leave a legacy of inflation once
tion
Analysis
—
and
L.
F.
Winston, Inc.
Rothschild
Paramount
&
I^ew York 5,
tY. Also available is
over.
^
.
V
"The
policies pursued in the 1957-58 recession
gave us a lot of trouble. The Federal cash deficit
of $13 billion in the fiscal
—a
red ink
figure beyond
ended June 30, 1959
precedent in peace¬
time—disturbed the faith of
people, at home and
abroad, in the future value of the dollar. As soon
any
credit policy moved toward
restraint, bond prices
collapsed under the weight of undigested Treasury
security offerings. The gold outflow which began
in early 1958 has been
sharply reduced but not yet
entirely stopped. A balance-of-payments problem
is still with us. It is true that
tightened money and
Federal spending policies
quieted inflationary fears,
but the cost of
living has continued to edge higher."
—The First National
City Bank.
For
Rinehart
Co., 120 Broadway,
N.
New
N. Y.
an analysis
Pictures Corp.
•
Pfizer—Review in November "In¬
as
—
&
;
Hemphill,
Noyes & Co. has opened a branch
Inc.—
year
Co.,
Ill Eroadway, New York 6, N. Y.
I
I
—
Doherty Roadhouse &
Bay St., Toronto, Ont.,
—
5, N. Y.
North
Baker
Co., Inc., 150 Broadway, New
6, N. Y. Also in the same
issue are surveys of El Paso Na¬
—
North
Letter"—Amott,
&
Co., 120 Broadway, New York
Co., 50 Broad¬
N. Y. Also
Y.
Gulf
%
vestment
Martin—Memorandum—Pershing
&
Towne Manufacturing Co.
&
York
Ltd.
Breweries
Lager
Lucky
Analysis
Co., 335
—
—Survey in November "ABC In¬
Electronics
Analysis—Carl M. Loeb, Rhoades
& Co., 42 Wall St., New York 5,
Members New York Security Dealers Association
74
—
Great Northern Paper Company—
§f
Sold
Telephone
way,
New York 4,
available
are
data
Harcourt Brace & Co.
•
Co., 44 Wall St., New
5, N. Y. Also available are
on Republic Aviation.
Memorandum
—
Salle St.,
Yale
—
&
the recession is
i
Haloid Xerox Inc.
Beryllium Corp.
Co.
5, Mo.
General
Struthers Wells Corp.
- ;
Goods
Brothers & Co.,
Ave., Kansas City
i
*Glickman Corporation
Data
—
Co.
Forgan & Co., 135 South
Chicago 3, 111.
Glore,
La
-
»
Corporation—Analysis—Wil¬
Analysis—Stern
I
CURRENTLY
*
;
Electromagnetic Industries, Inc.—
1009 Baltimore
Bought
data
u
-
4,
Corp.
St.,
■&.
on
Aircraft
4
,
Analysis —
Libaire, Stout &
King,
—Francis I. du Pont & Co., 1 Wall
♦Prospectus
Lockheed
York
Birmingham,
St.,
C.
N.
Tuboscope
—
& Knowles — Analysis
—Schirmer, Atherton & Co., 50
Congress St., Boston 3, Mass. Also
2
21st
:
—
Y.
ing
Colby Letter, 31 Milk St., Boston
9, Mass. In the same issue are
For financial
North
404
—
Corporation —
Carolina Securities
Securities Bldg., Raleigh,
Corp.,
Alabama.
45
Cable
Superior
Co. — Report —
Savings Corp.,
Oil
Co.,
Chemical
Company
—
Chesley & Co.,
Analysis
Investment
Crompton
Petroleum
—
& Co., Inc.,
Philadelphia 2,
Pa.
Livingston
Memoran¬
&
105
South La Salle St., Chicago 3, 111.
Mines- vestment Letter"—Carreau &
Co.,
Hill
Keno
\vi;
.
50
Stepan
Analysis
Taggart
St.,
—
Witter
Calif.
—
Also
Cigar
A.
Locust
Bulletin—John
Gas Producing Co.
Oppenheimer, Neu &
120 Broadway, New York 5,
Co.,
1516
Corp.
Dean
—
14,
Montgomery St., San Francisco 6,
Memoran¬
—
Company,
Salle St., Chicago 4,
South La
West Jackson
*
dum
Canada.
Ohio
&
Sincere
—
Co.,
of
Sumi¬
Engineering
Chemical.
Stauffer
Eisele
Mount Vernon Mills, Inc., Repub¬
(elec¬
—
Co., 62 Wall St., New
Voltage
Review—C. F. Childs and Co., 141
a
Discussion
—
Warner.
Y.
Steel; Fuji Iron &
Hitachi
data
dum
St.,
5, N. Y. Also available are
on
Radiation
Dynamics,
High
Charles
Oil
Richfield
,
Shields
Columbian
Y.
copy,
Survey
s—
St.,
reference
to
—
Dreyfus &
Tobacco
Japanese
—
'
Trend
—
Broadway,
New York 6,
Market
&
1, Ga.
particular
2
H.
Have
Marietta
11
W., Atlanta
Co.,
—
Pacific.
Apparently
Downward
&
with
Review
—
Union
and
That
Bearing Manufacturing Co., Ltd.
Stock
Street,
Atchison, Topeka
on
&
Fay, Inc.,
221 Montgomery St., San Francisco
4, Calif.
Bureau
Co., 72 Wall St., New
N. Y. Also available is
report
a
Reynolds
Kidder
Quotation
Inc.,
46
Front
New York 4, N. Y.
Distillers—Report—A. M.
Co., Inc., 1 Wall St., New York
5, N. Y.
in
used
stocks
Bureau,
Tobacco
&
over-the-
35
Averages, both as to yield and
market performance over a
20year period—National Quotation
Union Securities & Co., 15
Broad St;, New York 5, N. Y.
lon,
the
National
Dow-Jones
the
in
used
counter
compari¬
industrial
listed
the
—
Inc., 39
Chicago 3,
& Co.,
Salle
La
York
Index—Folder
up-to-date
an
between
Reversed
Convertible
G1
Broadway, New York 6, N. Y.
1960— York
Co., 120 Broadway, New York 5t
Co.,
&
Corporation
Analysis—Leason
&
Hentz
Opportunities,
explanations and
worksheets—Emanuel, Deetjen &
Electronic
Cetron
Stearns
Hutton
"
First
Leasing: Sophisticated financing—
F.
&
Company.
Vought
Survey—E.
Field
Marshall
Chance
Averages
Comparative fig¬
of
South
stocks
Bank and Trust Companies of the
Yoko¬
Oil
York
review
Illinois.
Laird, Bissell & Meeds, 120 Broad¬
United
(plastics);
New
Co.
son
New York 5, N. Y.
Sekisui
Company;
Co.
—
Co., 65 Broadway,
6, N. Y. Also available
is
a
Review
—
&
hama Rubber Co.; and Showa
leading New York City Banks—
way,
Rayon;
Toyo
Over-the-Counter
Circular
—
tomo
Pa.
Co.
Carborundum
LITERATURE:
INTERESTED PARTIES THE FOLLOWING
SEND
Chestnut
Calif.
—
AND RECOMMENDATIONS
IS
Rob¬
Co.,
■' •
Co., 110 East Wis¬
Memorandum —
consin Ave.,
Milwaukee 1, Wis. • Inland Credit
Also
available
are
reviews
of Shearson, Hammill & Co., 80 Pine
Bowman Products and Litton In¬
St., New York 5, N. Y.
dustries and a list of suggested
Life & Casualty Insurance Com¬
purchases.
pany of Tennessee — Report —
ert W. Baird &
INVESTMENT LITERATURE
IT
—
&
Building,, Los" Angeles
'
"
Bank
Analysis —
15th, and
Streets, Philadelphia 2,
reviews of Harsco Corp. and Com¬
Brockway
Thursday, November 10, 1960
...
.
our
part
we
are
being what it is, efforts
to manage
ence
our
them in
certain that, human
on
economic
a
"lot of trouble."
major
frailty
the part of Government
affairs, or even to influ¬
will always give us a
way,
••
w
Volume 192
Number 6002
.
.
.
The Commercial and Financial
Chronicle
(1877)
MORE
IN
MORE
9
ENERGY...
FORMS...
FOR
AMERICA'S
GROWING
NEED
Keeping the home fires burning is
Texas Eastern's
millions of homes
a
big part of
job. And it's getting bigger. As
are
heated with gas, the
of Texas Eastern's natural gas
Today, America's need for
more
importance
pipelines increases.
energy
of all kinds is
zooming. That's why Texas Eastern plans far
ahead
as
it diversifies in the field of
energy
supply and enlarges its
role
as
Pipeliner of Energy
to the Nation.
wmmmm
N
CORPORATION
10
Chronicle
The Commercial and Financial
(1878)
.
.
Thursday, November 10, 1960
.
It also guirements, there is a certain safe¬ preparation, we are helping our
member firms broaden their in¬
requires a greater emphasis on the guard in the various state regis¬
dividual training efforts.
In ad¬
quality and training of our people. tration systems. Although limited
For we must recognize that most and
uneven,
this structure also dition, we are working with lead¬
of tomorrow's shareowners—now helps
establish
and
maintain ing universities in New York, Chi¬
cago,
Los Angeles, Boston and
hesitating on the verge of owner¬ standards.
other major cities in developing
This, in the large, is the picture
ship—have never before talked
new courses for registered repre¬
with a member of the securities of the people in the industry who
larger quantity of people.
Standards
We Need Higher
Industry
In the Securities
New York Stock Exchange,
By G. Keith Funston*, President,
Neiv York
sentatives.
These classes, by the
Many of them still en¬ today are handling the public's
fears and misconcep¬ business. I will touch on some of way, are open to qualified people
about securities as
a
per¬ the weaknesses in a moment. But throughout the industry.
industry.
City
tertain
sales help;
of
national securities examination
a
counts. Mr. Funston is
concerned with some recent events
which he
industry's eye and which may hinder
contact with an immediate potential investing public said to equal
the number of present shareholders. Above all, he warns the indus¬
try that the most productive man is not the one who sells the most
but, rather, the one who puts aside economic gain in order to help
the "right people select the right amount of the right securities for
the right reasons."
unfairly blackens the
believes
one
the
decade.
Ten
years
later,
of
be?
Keith Funston
of
investment
managers
been
Yet
skillful
to
entrusted
investment
millions
of
new
investors
in
with a registered repre¬
sentative, a securities salesman or
other investment advisor.
And it
dealing
foreseen
giant strides ahead?
investment com¬
with
now,
na¬
alone will not be
enough. Equally important will
be the direct personal experiences
der who would
the continuing
our
management
growth, I won¬
And
to
and
already
them.
d i g i ous
have
a
catalyzing agent
it will be the skill
of
which
have
for
capacity
in
handle the billions of savings that
its
onstrated
Part
with
dem¬
already
resolved
will be rewarding
individual
the
should
What will that
had
it
when
must be
which
panies managing a gigantic total
of $17 billion in assets and with
a
record number of 2,500,000 in¬
dividual shareowners, I am still
moved to ask: who can be bold
is these
is
important
to
the
the
basic
qualifications of its own sales
experiences which will be
in
determining whether
people.
investing habits but in terms
own
tion's economy.
single
a
p r o
to
make
would
invest
manner
it
strides
whether they should or
not
predict
giant
dared
in
to
have
would
wrong
All in all, the picture is an
one.
As a national
owners, the first contact with an encouraging
stereotype,
the
old-time
"cus¬
industry. representative
will be
crucial—not only in terms of their tomer's man" deserves to be filed
the securities industry to serve
Twenty years ago when the Na¬
tional Association of Investment responsibly the needs of this huge
audience.
Our
task
is
to
help
Companies took, so to speak, its
first toddling steps as an organiza¬ catalyze the public's general good¬
will into the hard stuff of indi¬
tion, I doubt
vidual decisions. The question as
any
the
for
fying language of investing.
.
To
these
millions of potential
up
that
securities—but
in
of all part-
and the establishment in the industry as a whole :
for everyone handling public ac¬
time
to call at¬
strength in
fact that the
it
tention
first
Some of them believe
Third, we are concentrating ma¬
jor efforts on the continuing per¬
reasons.
sonal growth of those registered
Others,
despite
good this structure—the
levels
of
education,
are
unin¬ great majority of our industry has representatives
already
experi¬
the business.
formed about—and ill at ease with voluntarily accepted the responsi¬ enced in
Through
—what they consider the mysti¬ bility for setting up and testing conference programs and refresher
sonal asset.
member con¬
rigid examinations and standards for
securities salesmen; the eventual termination
cerns'
tions
head outlines a far reaching program
New York securities exchange
encompassing
old
our
for
prospects
own
-
the nation's scrapbook.
is not yet a complete
in
away
future
But
this
Despite this testing, there
a
certain number of
picture.
growth.
A customer who feels
high-pressured, over-sold, underinformed
will not stop
to con¬
sider whether the investment he
exists
still
courses for partners and registered
representatives, through the prep¬
aration
of
new
materials,
and
through a clearing house for shar¬
ing training techniques developed
by individual firms, we are seek¬
ing to reach every corner of our
community.
These steps will, I believe, lead
to a more genuinely professional
level of training for
Stock Ex¬
operate in a vacuum
responsibility. The securities
was persuaded to make might not
they
handle may be excellent. change registered representatives.
techniques by which they That is what we believe is re¬
have been a sound one.
He will The
he has
that
feel
he is
people who
of
handle them sometimes are not.
"had"—and
been
What
likely to take out his resent¬
tices
ment, not just on a particular in¬
dividual or firm but on the securi¬
ties
a
whole.
Thus, the challenge to our in¬
dustry is not to motivate 10 or 20
industry
as
a
the
are
quired in order to serve the new
questionable prac¬ investing
public
in
the
years
Let me mention ahead.
refer to?
few examples:
local1
industrial
plant was put¬
ting- pressure on
assembly line
million one-shot customers out of workers to buy funds from, him.
the vast potential market.
From
It is
Florida:, A woman was
create
to
10
or
20
the
addi¬
million
tional long-term investors.
a
told
Nor is
by
that
salesman
selling of securities the chal¬
was
a
he
stock
handles
of
we
self-advancement.
How Has the
chanic
How well has
in
his
entire
10-year,
load contractual plan.
industry met
our
invest
to
savings
Challenge Been Met?
I
a
a
think I
need
other
Our
segments of
inter¬
common
prompts me, at least,
pointed questions.
to
ask
few
The
NASD's
the
First,
the
from
now
its basic test
are
vital
Association
last
Dealers
passing
examination
NASD is
Program
National
Securities
of
distributing capital gains the raised
face. The challenge is next day and rushed her into buy¬
to emphasize the opportunity
to ing shares for this purpose.
own securities—and to understand
From' New Jersey: A postman
the risks and rewards involved— who also sells a mutual fund tried
as
a
proper and
prudent means to persuade a 63-year-old me¬
lenge
est
novelties
door-to-door
a
what of
But
at the industry?
From Connecticut: A foreman
,
.
I
grade
70
to
its
The
80.
considering making
difficult. These
more
welcome
and
year
on
steps. But
should not the NAIC take advan¬
$5,000 tage of this period of reassessment
front-end
to
be
urge
particularly that the test
broadened
to
include
a
more
not go on. There
comprehensive coverage of mutual
look¬ is the problem.
The number of funds? Should not this test call
the shareowning potential of the
ing at the spectrum of registered such cases may not be large, but on
mutual
fund
salesmen ' .to
1960's becomes a mutually produc¬
representatives
and
securities I need hardly remind you of the demonstrate a searching knowl¬
tive reality—or a bungled oppor¬
salesmen today.
'
:
■
damage which even a few well- edge of their field?
enough to project the future which tunity.
About
32,000 people handling publicized
instances
can
cause.
Second, what about the overall
will be yours by 1970?
client accounts are employed by And now the question is: What
problem of supervision? I do not
The
Challenge to the Securities
member firms of the New York can we do about it?
For what has happened over the
doubt that most firms today offer
Industry
Stock Exchange.
last two decades opens new di¬
They are fullexcellent training and supervision
I do not think that opportunity
What
Is
To
Be
Done?
time
mensions for the years ahead. The
representatives, subject to
of their account personnel and that
will be bungled.
The growth in the
Let me begin by making clear
stringent responsibilities as¬
years gone by have not been years
they intend further improvement.
shareownership over the past dec¬
sumed
of
economic growth only.
They
by these member firms. that this is a problem which goes This applies both to firms which
ade would not have taken place
have been years of psychological
They handle a wide range of se¬ far beyond the specific excesses belond to NASD and those which
if many millions of new investors
curities, from conservative bonds I have mentioned. It is not just do not. But what of the few in¬
growth as well. Somewhere in the
had not formed
satisfying rela¬ to
highly speculative stocks. Their that the .practices of one small different or careless firms? What
early 1950's, Americans turned an
tionships with the sales represen¬ function is not to be a "salesman"
important
emotional corner in
part of our business must be im¬ of the harm that may be caused by
tatives of the securities industry.
in the orthodox sense of the word. proved.
their
attitudes
about
investing.
The challenge, rather, is their untrained, over-zealous sales
Yet I would be remiss if I
did
After a long period of skepticism,
Rather, it is to help their cus¬ how best to elevate further the personnel? Would it not protect
not point
out
that
the
scene is
tomers in selling securities —r as level of responsibility throughout the interests of
the average family no longer asks
every member of
changing. Customer relationships well as in
the hesitant question: "Why should
buying.
Before regis¬ the entire industry. We are, after the NAIC to prevent this sort of
in the future will be more rigor¬
we own stocks?"
tered representatives can handle all, not only united in the public
Today the ques¬
mis-representation?
And
could
ously tested than in the past. And
tion is: "Why shouldn't we?"
any
securities business for the eye, but knit together by the re¬ this not best be accomplished if
as-one
economist
has
written,
firm's
customers,
they must be lationships of our business life. the NAIC itself
I stress this change of attitudes
undertook
the
modern
free
enterpriser screened, not only by their em¬ Member firms of the Stock Ex¬ responsibility for defining a set of
for a very cogent reason.
When "The
we
look
ahead to the prospects must constanntly adapt not only ployers but also by the Exchange change, for example, handle about standards that spell out the quali¬
Before being fully accred¬ 30%
of
all
mutual funds.
The fications and controls for people
for shareownership in 1970, it is his product but also his business itself.
not primarily the barrier of "eco¬ philosophy to a changing reality. ited they must complete a train¬ mutual funds, in turn, constitute handling
mutual fund shares? I
If
this
one
of
our
most
adaptation is to be suc¬ ing
program
ordinarily
taking
important cus¬ daresay that such a step would
nomics"
which
sets
our
limits.
about
six
months.
tomers.
Hence
we
must
They
must
pass
The purely economic possibilities cessful, it must be visible not only
recognize not only greatly enhance the pub¬
are
enormous.
Rather, the factor in the memos of top management, a written examination given by that the quality of the personnel lic esteem of your organization,
but
at
the
the
in
public
Exchange.
as
periphery
any
one
part
of
the
industry but would also attract additional
most likely to determine the ex¬
crucial
this challenge? Let's start by
_
tent
shareownership
of
vation, of
the
In
is
inclination,
confidence.
of
attitude,
ers."
Share-
the Stock Exchange
owners,
that
estimated
individuals
about
owned
12.5
million
stocks in pub¬
licly-held companies. Perhaps less
familiar
the
are
attitudes
ex¬
pressed by non-shareowners in a
still more recent survey. They re¬
veal that for every existing stock¬
holder, there is today another in¬
dividual
of
who
investing.
second
a
lion
is
on
the
threshold
In addition, there is
group
of nearly 23 mil¬
people" whom we must con¬
Although not quite to the
sider.
point of making an investment
decision, this group is definitely
in
interested
such
investment
techniques
as
Employee
Stock
Plans,
Investment
Clubs,
MIP
and
other
stock
purchase pro¬
grams.
Gearing the Industry Toward
Potential
well.
It
is
here
that
the
enter¬
Investors
This is
an
admonition which
affects
Apart from the Stock Exchange
moti¬ prise meets and wins its custom¬ community, 55,000 producing
of
of
Census
1959
of
one
„
sonnel
work
for
organizations
common
Na¬
whether
This
is
a
shareowners
body
which
of
potential
stretches
the
imagination. But note that today
they are only potential investors.
Our problem, therefore, is to gear
all—raising
or
subjecting
criticism.
us
us
all
up
all
to¬
to
a
investment companies who wished
to
This holds true
share
in
that
If the past
in
esteem.
guide, I think
we
can
safely say that the surest
operations, managing in¬ way to avoid onerous
regulation
ed
out, the dimensions of our Dealers. They include, incidental¬ vestment portfolios, or participat¬
is for the industry itself to make
market have changed. Our indus¬
ly, the majority of the selling ing directly in dealing with the every effort to keep out of the
try must adapt to these changes.
personnel of mutual investment public.
business those who may seriously
The number of people in the companies.
Because this problem affects us
These
sales
people
damage its reputation!
securities business handling public must evidence certain minimum all, I think the industry may be
One development we might well
accounts has risen from an esti¬ qualifications by passing a written interested in what the Stock Ex¬
look
towards, I believe, is the
mated 30,000 in 1950 to slightly examination given by the NASD. change has recently begun to do.
establishment of a national securi¬
over 100,000 this year.
Part of that
In other words,
of the indus¬ It is a three-part program:
bears
particular relevance to
industry.
As I have already point¬
increase has occurred among
istered
our
representatives
of
which
are
tional
Association
members
of
of
the
we
are
conducting back-
any
office
Securities
ties examination. This would have
reg¬
New
The first calls for further
try's entire national selling force,
rais¬
15,000 are not subject, ing our minimum qualifications
York
Stock
Exchange
member to a minimum qualification estab¬ for registered representatives. To
firms. Part lies within the grow¬ lished
by the industry itself. But this end, early this year we asked
ing ranks of members of the Na¬ that does not mean that all in this a leading testing organization to
tional
Association
of
Securities
groun are inadequately prepared. analyze our present examination
Dealers. Perhaps the largest per¬ On the
contrary, many work for and to tell us how it could be
centage increase consists of the firms which provide good training strengthened. On the basis of
pilot
sales people who have been added of their own.
But some of this tests which are now well under
only
some
a
core
of questions
covering prin¬
cipal areas of knowledge essential
for everyone in the industry who
handles public accounts.
every
applicant
would
Each and
this
take
portion
of the
examination.
A
separate
section
could
embrace
Stock
Exchange
questions
only
and would be taken only by those
apparently received way, I expect that new, tougher
seeking approval by the Exchange
tributing companies.
little or no training.
These are examinations will be ready by as
registered representatives.
of firms which have Jan. 1, 1961. In addition, they will Another
This increase in total personnel employees
section
could
be
de¬
is in itself both a necessary and chosen not to join hands with an be administered through a nation¬ veloped by the NASD dealing with
wide network of testing centers.
exchange
or
the
NASD
and
which
a
the
healthy development. A rising
over-the-counter market and
are not required by
law to do so
demand for
a
service
The second phase of our pro¬ mutual funds. Any duplication of
naturally
brings in its train a larger service because they do not deal with gram
calls for providing new¬ questions could be eliminated and
organization. But in the case of other brokers or operate entirely comers with the up-to-date tools each applicant1 would take those
our
particular industry, I think within the confines of a single they will need to master the more necessary parts of the examina¬
state.
we will agree that a growing de¬
demanding qualifications we are tion for which he sought registra¬
mand requires more than just a
In addition to the industry re- going
to insist on. By way of tion. And, finally, the examination
to
the
staffs of mutual
fund
dis¬
group
have
'
.
us
gether,
per¬
,
Volume
192
Number 6002
.
.
.
The Commercial and Financial
Chronicle
(1879)
itself
could
be
given
at
common
testing centres.
sponsible
of
could
exam
the
the
serve
re¬
self-regulating sections
industry. And it
securities
could
be
available
to
states
as
with those personnel
firrri
member
training programs ploy, to deal with the public, only
developing greater those whose principal business is
new concerned
with
some
phase
of
as well as experienced
personnel. broad overall financial planning.
Third, the framework exists for
One final word. No program de¬
.
This
.
.
and
by
educational opportunities for
similar
efforts
elsewhere
solutions
I
would
recommend
like
to
themselves.
out-
see
Glore, Forgan to
industry,
propelled
its
own
by
private
initiative and guided by its own
enlightened
conscience,
reach
Admit Partners
and
harder
than
ever
improve the quality of higher
industry — by
and service can confine itself merely before.
upgrading
who are not covered
by the in¬
to
broadening NASD's examination
technical
We have met our responsibilities
training. The most
dustry's own testing mechanism.
by further improving indi¬ productive man in an organization well in the recent
past. Top man¬
The
Stock
Exchange will, in vidual training programs
is
not
by
always the man who sells agement in our industry continues
fact, have available early next
developing a stringent code of the most securities. He is the man to show its eagerness to meet them
year just such a test based on its standards for
NAIC members
who helps the right people select in the future.
But, in the words
studies to date. It will cover the
and ultimately by preparing a na¬ the
right
amount
of
the
right of the economist I cited earlier, it
essential features of what eventu¬
tional securities exam covering the securities for the
right reasons. At is not enough for management to
ally could be included in a na¬ basic
knowledge essential for the the heart of the matter is a moral write memos. The test is to trans¬
well—for
use
.
.
in
the
signed
to
Glore, Forgan & Co., 45 Wall St.,
New York City, members of the
New York Stock Exchange,
on
Dec.
.
tional
secu,rities
examination
given by the industry. Indeed, if
this
forthcoming
assistance
to
will be
exam
those
states
of
which
now are
studying their own
testing procedures, we will be
pleased to make it available.
securities
which
salesman
could
an
—
exam
commitment
be
centers set up
given at testing
the
at key points across
the country.
/
Time
There is
like
to
Sales People
final point I should
one
As
cover.
a
"growth" in¬
dustry, the securities business has
of
which
Finally, in its own self-interest,
industry should aim
towards insisting eventually that
people handling client accounts
are
full-time employees.
In the
interim the industry should em¬
the securities
of
haps
a
these
I
commitment
beyond
economic
have
to
broader
and
a
far
goes
immediate
What
commitment
sound
shareownership,
•
even
Full
idea
a.
—
matters
On
not
times
that
meets
Here
where
and
is
to
eagerness
periphery
wins
where
is
per¬
public
enterprise
when
lesser
♦An
address
Annual
by
its
customers.
challenge
Mr.
Funston
Convention
City, Oct. 13,
the
date
same
Joins
manifestly unable to
are
vide
sound
investment
to
field.
our
their
on
The
LOS
ANGELES, Calif.—Leon G.
has joined the staff of
Dempsey-Tegeler & Co., 210 West
of
before
the
the
Seventh
Street.
Mr.
was
Companies, New
&
1960.
recently with Mitchum, Jones
Templeton.
pro¬
time
At
the
in
are
Stock
that
exercise
it
other, often
tered
possible to
controls unless
adequate
basis.
be¬
we
not
firms
Put
dependable
employ regis¬
representatives
time
fast, convenient and
so
Exchange
is
member
our
been
major demands
unrelated, fields.
lieve
never
on
another
as
full-
a
way,
it is today
we
don't
believe that the public can
adequately
advised
about
selecting
securities
by someone
be
who devotes
his
only a small share of
day to the complex
business
and it's
...
going to be better!
pro'blems of securities investment.
Can
someone
living
as
earning his basic
clerk-typist, diaper
a
salesman
window
or
qualify;s for r'the
providing
job
investment
Even
though of first-rate
ability, has he the necessary time
achieve
keep
T.
not
are
too
to
me
the
There is
of every
more
kind of service for
least
very
are
people. And
more
and
more new
industry must de¬
itself, if it employs parthelp to handle customers'
accounts at all,
is to select its
part-time force from among firstrate people in those occupations
things
Is
Stake?
At
era
Dialing is bringing
of speed and convenience in Long
tance
about
phone numbers in the
automatically
ringing
telephone calling. Indeed, un¬
haphazard
less
doorbell
tomorrow's
investors
are
guided by well-trained intelligent
well
as
we
will
or
attract
range
forceful
realize
not
the
investors
This need
people, I think
our potential,
permanent,
long-
want.
we
riot happen
act
affirmatively. But it will require
that all of us attend to the prob¬
if
we
to
incoming
calls.
It's little! It's lovely! It lights! A new
room
1
across oceans as
An
compact extension telephone for any
United States and
New underseas cables make it easy to
my
will not materialize
from
extensions
THE PRINCESS
dial
can now
Long Distance calls direct to 39,000,000 tele¬
to stress again that those prospects
as
office
Dis¬
Canada.
the middle 1960's. Yet I would like
up
calling.
Nearly 24,000,000 customers
long
opening remarks
shareowning prospects for
from
button you can
a new
I may seem to have come a
way
telephones, set
Many thousands already in service.
some
What
a
connect other office
Two models. 18 and 30 push buttons.
coming along all the time.
Direct Distance
which
are already concerned with
phase of broad, overall fi¬
nancial planning such as account¬
ing or law.
With the touch of
interoffice conference calls, add other
securities
time
fy
CALL DIRECTOR TELEPHONE
words—growth and change—describe
difficult to
mand for
or
■1/1 111
major trends in the Bell telephone business.
•
seems
the
qualification and
date? I think these
wo
more
answer.
It
that
to
up
questions
aJiu
of
ad¬
vice?
to
N
trimmer
exacting
sound
o
entirely
for business is
clearly
new
as a
call
across
g
talk
up
cess
in the house. A tremendous
all
suc-
the country. Available in
over
white, beige, pink, blue and turquoise.
town.
in communications
era
being opened
BELLBOY SERVICE
by the Bell
One of the newest Bell System serv¬
System's Data-Phone service. It enables elec¬
ices. A person away from the telephone
tronic business machines to "talk" to each
hears
other
phone exchange)
over
regular telephone lines. Some day
there may
between
Those
a
tone
signal (sent from the tele¬
on
a
pocket radio
receiver. Alerts him to call his home
be
more
of those calls than calls
people.
are
or
office to get a message. Now
avail¬
able in 14 major cities.
of the
some
new
services. Just
lem. at hand.
If
I
may
summarize
the situa¬
tion:
First, the size of <^ur industry's
potential market is at
least
equal in numbers to the
present shareowning population.
to
turn
actuality
this
will
potential into an
require
not just
selling, but more responsible
selling and servicing. It must aim
at
not
just more
shareowners,
more
but
few of the other
newer
things
shown
are
on
the right.
immediate
But
a
better-informed
shareowners.
and
and
from
more
to
come
.
.
.
from
the
Bell
new
to
give
you
capital,
the best and the most
wall beside each
in
other
sales person
who goes out
public.
Second, the Exchange is step¬
ping up its efforts to meet this
problem
in its own area in a
to meet the
of
seeking to
toughen
its
examinations
for
registered representatives
.
,
by
encouraging more comprehensive
number
ways:
by
.
BELL
to
TELEPHONE
phone.
SYSTEM
talk back
Will be avail¬
able nationally next year.
telephone service in the world.
any
telephone enable
room
without lifting receiver.
key man for achieving such
goals is the registered representa¬
or
phone. Also lets
the door from
Microphone in telephone and speaker
on
System's never-ending
the
phone. Or switch out¬
side calls to another
you answer
The
tive
a
re¬
person
desire
INTERPHONE
house that has
development, from the invest¬
of millions of dollars of
ment
HOME
Lets you call any other room in
There's much
search
Shahanian
National
guidance.
Telephone service has
S.
Dempsey-Tegeler
Furthermore, their ability to reach
the necessary level of competence
is limited by the fact that
they
have only a part-time commitment
Hunter
(Special to The Financial Chronicle)
of
attracted to its fringes some
people
who
to
Shahanian
Association of Investment
York
E.
Nelson
partner.
the future lies.
20th
Charles
S.
the
an
the
admit
Philip
Marston, Jr., a general partner of
the firm, will become a limited
gain.
outlined
far-reaching program. But
are
fer
and
partnership.
.
.
will
1
Brown
...
.
11
12
The Commercial and Financial Chronicle
(1880)
S
i
,
Growth
v
/"Ni
•
1 •
X
"I
1
j
nailed the beginning of a new era
the beryllium mining industry.
and is about l/7th as
abundant
in
tin;
can
Since that time, Dr. Williams' theories, put into practice, have re-
same
Clearly Indicated
is
it
according
Mr.
to
and affiliates
Odium whose firm
obstacles
come
doubled, nevertheless, every other year to date. The author
forward
looks
phase of mining which is said
holding back this
to
aircraft, and nuclear power
metal.
cooled
it would
production.
all of today's beryllium
consume
geiger
a
counter and he may
detect the presense
not
may
*
than
More
uranium.
likely,
or,
Co. of Cleveland and the Berylli- will find some uranium, but; not
generalities first and: then hope urn Corp. of America of Reading, in real: quantity or of very high
that these generalities will bring Pa. The mining end of the indus- grade.
The same is true of berylforth
informative and perhaps
an
techni¬
more
and
cal
more
particular
and
period.
try, the production of beryl, which
is still the principal ore of beryllium, has been carried on, more or
less piecemeal, all over the world,
»
"n
J
with
question
is
The
yet
uranium,
oddly enough,
that
I
to
It
start.
not
so
t
Th-lir
Their
ingredients
than *tope, prayer
rTi
uramum^
and
has
glamour
despite the fact that
table
Ihe
faded
has
uranium
established and respec-
an
member
of
the
mining
in-
dustry, but the stigma of the word
uranium
persists.
Investors
W0?l?. more
tbal]
.
at
bke*y
shudder at the prospect of investing
in
a
new,
stock. To
unproven
uranium
some extent, this "boom
type of operation is in-
bust
or
herent
in
any new,
rapidly deveioping
in
the
first
industry
stages. Nonetheless, it is regrettable and might be avoided for
the most part.
And
it
to
slow
which
factors
was
not
so
many
years
First
0f
Q^er
t^an
ba>'-
founcj |n economic quantity,
everywhere
hear
we
word
"beryllium." Corporate
management, brokers, and the inpublic
becoming inof it. Beryllium
are
creasingly aware
taking on the insidious charac-
is
of
glamour." But beryl-
lium itself is not that
new
that
or
young.
In 1931 it was already
launched, and since that day has
been
developing
steadily,
efficiently,
profitably,
and
unobtrusively. It was not until the
coming of the atomic and space
that the necessary ingredients
ages
cosmetics
or
the
public
were
and
eye
imagination.
project
beryllium,
our
Mercury
the
atomic
fact
depends
that
in
on
some
few isolated oc-
a
such
currences
the Ural Moun-
as
depend upon
karvlliiim
e.11
beryllium-all of these facts have
t
combined
synergistically
beryllium
now
become
same
has
i
so
that
unfortunatelv
potential subject of the
a
"v.™™
dhional
hand
sorting
-
method,
Beryl, because of its chemical and
molecular
structure,
had
traditionally defied
economical, mechanical
flotation,
and
yet the
had
be
to
the exthat the
concentrated
to
contained oxide level of at least
10%.
this
all
For
anH
and
practical
for
many
~
Manappmpnt
an^
dor
baianced
^al
been involved in
We have watched the
patterns
anaivzed
h*
problems, and cautiously forecast
its future. The metal production
end
of
handled
the
industry
mjnefi
the
both
superior
foreign
to
it is difficult to visualize
derstand
the
and
un¬
the risks
and the poten-
involved
iointlv
mineral
to
end
trv
of
deter-
and
imnrove
to
the
industry.
n_
w
n
both
nana, ivir. js
a
van
has been left out
forms
a
expected, it will create
Kingdom
as
demand in the United
what role
Most of us would have a
hard time enumerating over a half
302^ uses for beryllium, chiefly
an(j
for-
P11
Co.,
principal
the
and
which is
2,500 tons of beryl ore,
the
he
been
has
research
tn
the
able
to
?pr
The
t
^r
ier
where
succe^fu
r?,n
a£outl/10th
3bOUt 1 /1 Uth ^f1?
Of 1%
BeO
BeO
<^
Or
r
lv
if
het
bet-
flt recoveries hhrherthan QflT
economTcsTnTOived looea?
the
equivalent
of
nearly
of
20%
to
0tm r Prin.c.ipal.use® f<* beryllium
wlU
be
structural
Its
use-
strength-to-weight ratio is
great. Its stiffness
is
t+„
dozen places in the world,
a
then
the
this
for
exceed
beryllium requirements
alone
purpose
all of the
produced
In conclusion
growth
ous
far
beryllium metal
for all
today
together.
taken
would
purposes
then, the continu¬
of the beryllium
in¬
c^Tof hand-cTbbe^beryl
the
tne cosl
OI
nana
coDDea
oeryi
tt
•
Viicrh
ories
on
the
harbored
non-beryl
of Utah,
application
^
beryllium
of what
*
sneculate
can
.
,
and
dream
sPecl?mte and dream
a
metai empire in beryllium
which miffht seem as real as large
uliversaT
many
(jav
aluminum
as
the
empire
present-'
but
there
f
theoucf'a
Beryllium
principal
were
occurs
*
in
the
crust
of
,
the
earth
,
often and in far less quan-
phe-
tities than
sig-
is
a
not only a good question, it is
real question because it is gen¬
resistance.
It
is
occurs
Lithium
the
as
a
atmospheric
"
the
lium's
aluminum.
about
as
often
In
as
" the
of
beryl¬
winner
of
the
metallurgical
decathlon.
Future
address
Utah
Securities
Lake
City.
by Mr. Odium before the
Dealers
Association.
(William
Sumner); Aid Alterna¬
tives and Discrimination; 17 Argu¬
against Socialized Medicine;
ments
S;
Foreign Aid; etc.—Founda¬
Education, Inc.,
Irvington-on-Hudson, N. Y., 50c.
How Are Farmers Doing?—Arthur
R.
Upgren and Harold I. Lunde—
of
Economic
Studies,
Bureau
Macalester
(paper).
/
V^
Political
of
Economy,
1960—Containing Articles
August
on
College, St. Paul, Minn,
.
Journal
Cost
Protection
of
Scientific
Lessons
the
and
Tariff; Product Differ¬
and Advertising: Some
entiation
Soviet
from
Price-Level
Experience;
Money-Denomi¬
and
nation
Movements;
Featherbedding: A Theoretical Analysis; etc.
—University
of
Chicago
Press,
5750 Ellis Avenue, Chicago 37, 111.,
$1.75 per copy; $6.00 per year.
Labor
Laws
tration:
Their Adminis¬
And
Proceedings
Convention
Officials
42nd
Government Labor
of
U.
—
the
of
International
the
of
Association
S.
Department
of
Labor, 341 inth Avenue, New York
1, N. Y., 600.
Minerals
in
Historical
for
the
chusetts
United
the
Statistics
—
States,
Resources
Future, Inc., 1775 Massa¬
Avenue, N. W., Wash¬
6,
C.
D.
New
York
Fact
Book
1960
110
New York
of
$1.00.-
(paper).
State
Association
York,
♦An
Con¬
—
The Man Who
on
Graham
ington
combination
talents which will make it
—
Savings
Banks
Savings
Banks
the
State
42
East
New
of
42nd
Street,
17, N. Y. (paper). $5.00.
Salt
Republic of the Niger: Hour of In¬
dependence—illustrated
brochure
Reese, Scheftel Co. Formed —French Embassy, Press & In¬
Co.,
Inc.
offices
to
has
at
38
been
formed
&
Officers
Massapequa Avenue
Stanley R. Scheftel,
Ruth Scheftel, Vice-
are
and
Joam G.
formation
New
N.
r
with
engage in a securities business.
Scheftel,
Service,
Y.;(paper).
1
Social
Security
Challenges
York,
1
—
Ray
M. Peterson
(reprinted from Jour¬
nal of American Society of Chart¬
ered Life Underwriters)—Equi¬
table Life Assurance Society
of
the
United
States, 393 Seventh
Ave., New York, N. Y. (paper).
Investment Lectures
Harris,
fact, it
arsenic,
Upham
nounced
course
a
search,
as
is
other
some
some
other alloy replace
beryllium? Do its job better? This
clude
IpfaL
rnd
minerals, In
cynics, there is always
metal,
reason
One
Freeman* November 1960
a
!t we?gh?
,com:
oraketo^ay'
drum E\en
when the
made
of
the-
of
by him for
respect,
the
two
being sought
minerals
concen-
Tf
mon
proiessor oi geoiogy ai Qf
University
the
For
the question—will not
almost unbe- Secretary-Treasurer.
10
Supplement—U. S. Depart¬
Ninth Avenue,
1, N. Y, 300. , ;
New York
tion for Economic
Its President;
very President;
lievablev
Its nnint
weight is negligible.
mpltincr
Its melting point is high' If a
DC-7 were made of beryllium it
17, N. Y.
U.
say
Third Ave.,
Federal Labor Laws and Agencies
the U. S. today. If the British gascooled reactor were duplicated in
public MASSAPEQUA, N. Y.—Scheftel
monerators are among the
mopt familiar. One of the
economics involved appear to Would weigh about half
trated
this
in
are
three
or
rei~ nuclear
devel
and
nnint
uses
two
New York
Asso¬
Insurance
all the beryllium ore consumed in
classified
are
uses
only
eye. Satellites, missiles, heat sinks,
uses
his
most
because
Council—Health
ciation of America, 750
Smelled
to be set,
Play?
Coverage—Health Insurance
ance
taining Articles
beryllium destined to
is
annual fall supplement).'
an
lium
annually,
which
is
equivalent of between 1,000
Relations
Extent of Voluntary Health Insur¬
of between 40 to 100 tons of beryl¬
conditions.
the script. Just
is
ing
ment of Labor, 341
per¬
engineering
science—Industrial
News, Inc., 230 West 41st Street,
New York 36, N. Y., $4.00 (includ¬
—1960
of
at Windscale
reactor
metal is not stable at
seems
events in the fields of
and
cooled
heat
_
The staSe then
because
lrU
-
the actors-are present and the audi?nce, *s
e^Pectant. What
^ornl.ck 01 Dynamic Metals corp.,
Continued
abroad.
and
r
.
oi^nncal engineer of stature,
? Tv,Ameri£an ^rablan
\ ai?
Construction
u? development ?
„l
home
at
(paper), 55(?.
Engineering & Technical Conven¬
tions 1961 — Calendar of major
the
consumption of beryllium. One
standard of measure may help: it
is estimated that if England's gassignificance
although the extractors will un- erally the pattern that has been
doubtedly continue to draw a sub- followed throughout the history
stantial percentage of their ore re- of metallurgy. However, it does
quirements from abroad for sev- not seem possible that beryllium
eral years to come. We know that can be replaced. The only metal
we have developed an effective, lower
in
the
periodic
table
is
economical and mechanical meth- lithium. Lithium does not have
od to concentrate these minerals, beryllium's
great
strength
and
The sta£e Seems To Be Set
carefully
primarily nakite and ber+randh°
by the Brush Beryllium sequent discovery of both
principal
the
at Delta, Utah;
Snlon-J
HiHHpn
of
Federal
rewards
Resources, Inc., have the
years
beryllium.
growth7
R0cmiroo,
decade,
beryl.
purposes,
Inc.
and C. Williams, formerly chief geolCorP-i on behalf ogist for Brush Beryllium Co. and
Splendor Mining Co. presently professor of eeolosv at
FpHprai
Federal
significantlv
almost pure beryl.
means
Resources,
Hidden
the
to
Secondly, a new they exist in sufficient quantity
method of concentrating beryl had to free the U. S. from its absoto be found
other than the tra- lute dependence on foreign ore,
Metals
of
minerals, the surest and
and cheapest way is to de-
any
imposter.
means
Member/JhfMLiement of We othTr hand?Dr. Norman
Beryllium
or
guess
to be elusive.
The word "phe- quantity to allow the industry to
nakite,"
for example,
is
taken expand to a major industry. And
from
the
Greek
phenax
which there is increasing evidence that
of
reactors
next
As the result of our work dustry is clearly indicated: growth
Alaska; elsewhere to date has doubled every other
tains and Pike's Peak, from which in the U. S.; and in foreign coun- year. Today's 40 million
dollar
museum samples are taken.
They tries, we now know that beryl- industry will surely be tomorrow's
were suspected to exist and known
lium minerals occur in sufficient 80 million dollar industry.
all> except f0r
added to catch
The fact that the space
capsule
the
at
or
that for
I think it is safe to' say
the
beryllium oxide had not been recovery and in an economic range
a
teristics
gosh,
later, to locate beryllium
beryl
metallurgy involved in
traction plants was such
vesting
by
by
beryllium minerals our satisfaction the ability to conwhich are rich centrate these minerals with^igh
au?
beryl
now
and
possible,
Delta beryllium
of the beryllium, mining industry, mineral. He has demonstrated to
Titanium, the glamour child of its
And
be
sooner or
the best
of
development
the
that much the same thing
happened to a lesser degree to
ago
the
tended
has
can
located analytically and purposefully, and that although it is also
be holding back the development ticularly
9S
were
+
more
become
the
beryllium
posts by which
S
w?
ma™
Srtt
gutter
they normally ecoOne
are
for
years < that
geological sign-
which there is an uncertain or
Simultaneously, Mr. Van Dor-°n inadequate crude ore supply.
nick turned his scientific skill to
overni'gM^n^fn
Tw0 other obstacles appeared to the non-beryl minerals and par-
formed
nothing
na-
reserves
at any one
thesis
certain
are
n
r
rariJiv
there
industry has been the termine in advance by the inhesitancy of engineers to design herent evidence of the geology,
for ' an
inordinately
expensive where the possibilities of substanmetal or to create a demand for tial beryllium reserves may occur.
Bruce W. Odium
Si,,m»rLafgL
we-e
of
deposit of size and grade
are slim indeed.
It has been Dr.
a
beryllium
would
was
nor
beryl in
large
occur
BOOKSHELF
D. C.
for Growth
HmiiM
n
Williams'
,
nomic to mine in this country.
with
like
of
that
such
normally
not
place,
com¬
parison
-
metal.
the
of
cost
Driving Force
driving forces will be space ve¬
hicles, satellites, missiles, hyper¬
lium.
A team of men linHnnhtaH
armed with
VMar-xrlnmntov
Iv
a berylometer would undoubtedly sonic aircraft, and nuclear power
locate one of the beryllium rain¬ plants.
erals without too much difficulty,
Especially in relation to nuclear
but here again the chances of lo- power plants, a non-military use,
eating
occurrence
is
ture
from
by
the
in
Development
do
it
"less"
on
States.
the
uranium,
kn.iirl
«i!
;
Factors Holding Back
opposite end
of a
periodic
table
1
accent
the
Beryllium is
at
:
;
i.1
United
answer
almost
the
of
he
deal with broad
to
like
in¬
beryllium
the
the
•
I would
of
It will surely be a sound-
—
cost of the
Mr. Odium points out, for example, that If the British gasreactor were to be duplicated in a dozen places in the world
generate production and, as a corollary, lower the
to
growth
Businessman's
,
govern
,
satellites, missiles, hypersonic
plants to provide the near-turn impetus
vehicles,
space
the
will
which
—
specialize in that metal. He discusses what is being done to over¬
to have
both the drives and
see
restraints
as
the
at
minerals is certainly no easier and
Beryllium does not deserve the insidious characteristics of "glamour"
to
time
the
one
non-beryl beryllium non-military industry and it will
surely be a large industry; but I
probably much more difficult than don't believe its products are des¬
locating
uranium,
for
example. tined to appeear in every home
Certain forms of uranium are de¬ in the form of frying pans and Big Corporation: Where Its Money
tected only by the use of a geiger all of the other every-day common Goes
Lloyd J. Bucknell, Jr.—
College,
Bureau
of
counter, and in the same way cer-_ household items now made of iron, Macalester
tain forms of beryllium such as copper and aluminum.
Granting Economic Studies, St. Paul, Minn,
bertrandite and phenakite are de¬ then, that all of the ingredients (paper)..
tected quickly in the field by the for a large-scale beryllium indus¬
Educational & Cultural Exchange,
use
of the berylometer, a device try are at hand, what is the near1959—Department of State Pub¬
which
is essentially the
reverse turn impetus that will cause the lication 7066
Superintendent of
of
a
geiger counter. Any pros¬ demand which stimulates produc¬ Documents,
U.
S.
Government
pector can go into the field with tion, and as a corollary, lowers Printing Office,
Washington 25,
Finding
attached
Therefore,
dustry.
Resources, Inc.,
Odium,* President, Beryllium
Beverly Hills, Calif.
W.
Bruce
By
Thursday, November 10, 1960
.
.
.
the
of
&
Co.
extension
investment
This Is Japan—Lavishly
ed
has
of
their
by
of popular
demand, to in¬
and
another,
on
articles,
black
lectures
Nov. 14 class based
on
re¬
Nov.
21
covering balance sheet interpreta¬
tion.
on
etc.—$6.50
cedarwood
Opens
illustrat¬
containing
photographs and
Japan
white
photographs
on
industry, politics,
per
copy;
in special
box,
$7.25 — Asahi
art,
Shimbun, Tokyo, Japan.
—
(Special to The Financial Chronicle)
color
and
Japanese
U.
H. S. Henschel
annual
an¬
U.
S. Atomic Energy
Annual
S. Atomic
Financial
Commission
Report —
Energy Commission,
Washington 25, D. C.
(paper).
ANGELES, Calif.—Henry S. What You Should Know About
Henschel is conducting a securi¬ Inflation—Henry Hazlitt—D. Van
Nostrand
Company,
I n c.,
120
LOS
ties business from
Wonderland
offices
Avenue.
at
8661
Alexander
Street, Princeton,
(cloth), $3.50.
N.J.
Volume
192
Number 6002
.
.
The Commercial and Financial
.
Chronicle
(1881)
mands for
housing, for schools, for
for highways, for ex¬
panded transportation. They have
Extension of Savings Banks
tremendous resources. But in these
Through Federal Chartering
By Dr. Grover W. Ensley,*
question whether exist¬
institutions are capable and
areas
ing
we
willing to promote thrift
Executive
Vice-President, National
Association of Mutual Savings Banks
.
in
year
and year
_
'
out, in good times and in
times, when money is tight
poor
states to
for
reasons
not
are
in
Dr.
non-mutual
savings bank
Federally chartering mutual savings banks.
Tha spokes-
tha
in non-mutual
thrift
institutions
with
areas
makes
faster
a
than
as
the
mutuals
that
point
institutions
of
To raisa tha
for tomorrow's tremendous demands,
,
Enslay argues the Federal charter bill of last July 1 would be a
significant step forward.
During the past three years much
maintain
has been happening to the savings
which
banking industry in its efforts to
with
thrift
promote
the
i
contribute
and
to
of
nally, all earnings, after provisions
reserves to protect savings and
the payment of operating expenses,
stment
needs
would be distributed to
the
American
Thus,
One
economy.
the
depositors.
standards
same
of
safety, availability, and reasonable
returns to
depositors that-char¬
acterize
state-chartered
savings
effort that has
been
liquidity
traditionally associated
mutual savings banks. Fi¬
are
for
long-term
nve
of
standards
of
particular
significance
words, the new legislation carries
has
forward
been
pro¬
to
grams
present
geographical
reach
savers
new
thrift
Ensley
and
in
areas
new
modern
are
now
may
facilities
provide
that
through
and
for
-
con¬
venient.
,On the national level, the
Savings'banking industry is also
attempting to bring to individuals
and families throughout the United
States the
that
facilities for thrift
same
are
available
now
those living in 17
A
only
to
states.
into
funds
economic
and
and
tradi¬
the
thrift
all other
been
stitutions should not be
kind. It is
have
tion
permitting the establishment
savings banks in Alaska.
legislation doubled at one
stroke the geographic area that
can be served by the mutual sav¬
power,
units
more
been
the
on
rise.
purchasing
number
individuals in Alaska who seek to
$4,000 mark, that is, in the $4,000
a
A second
the
was
extension
ac¬
introduction
on
July 1 in the Congress, under the
bi-partisan
bers
sponsorship of
both
of
committees
This
House
and
mem¬
Senate
banking and
on
cur¬
of a bill calling for Federal
chartering of mutual savings
banks. It is this proposed legisla¬
tion I want to discuss briefly. >
rency,
The
legislation proposes to pro¬
a national level the facili¬
ties for personal
a
are
continue to expand
to
r
sound basis.
Poor
provided by
accumulate its own
would, of course,
banks
being
operated
solely for the
benefit of depositors. The present
creditor
debtor
relationship
of
state-chartered mutual savings
banks would continue with Fed¬
erally-chartered banks. A board of
trustees would manage the bank
for the benefit of depositors. The
no
stockholders,
the
centrating
would
be
functions,
while con¬
on
home
financing,
sufficiently flexible to
and
The
saver.
mutual
equally good for
benefits from
same
on
*
Growing Areas
the out-of-state
,
of savings banks
:
that now exceed
$5 billion. It is because mutual
savings banking has contributed to
the steady
ican
expansion of the Amer¬
and to the capital
economy
growing areas
make its thrift
needs of these faster
that
it
facilities
areas
seeks
to
directly
available to all
of the nation rather than to
only one-third.
ings
banks,
ings
there
are
banking
commercial
in relatively
First,
only
other
two
be mentioned.
that should
factors
recent
has
times
we
credit.
of
New
funds
commercial
counts
offer
all
at
no
from
savings
future
as
market
savings
standpoint of
emphasize
or
the
in
conditions in the money
fluctuate, wish to de-em¬
phasize
savings.
number
of
studies
economists
An
by
conclude
increasing
university
that
pro¬
thrift
is
unprofitable—
today's tight money mar¬
kets. Mutual savings banks, on the
moting
even
in
hand,
are
thrift and have
as
will
public relations programs, and its
13 standing committees to extend
a system of thrift that has weath¬
ered the good
times
of
times and the
nearly
American
150
poor
specialists
in
their first ob¬
ol
years
life.
Conclusion
In
conclusion, let
valuable
as
action
is
pres¬
we cannot expect
The chartering
mutual
savings banks
extremely significant step in
an
the
bill,
night.
over
Federal
of
state that
me
consider the Fed¬
we
eral charter
evolution
the
of
American
and
the'
also
seek
and
support
to
spend;
be balanced by
opportunities u.
must
novel
and
effectively.
Two
points
more
made.
should
be
financing, the other in the broad
area
of building a financial sys¬
tem
capable of supporting the
strains that an expanding econ¬
omy,will place.on.it...,
Higher
Where
Mutual
savings
after
the
past
for
credit usually
decaae
through
tual
onened
South
mortgage
branch
a
Sierra
mons.
Robert
Mr.
Emmons
195
the
Em¬
V.
Chester
Doolittle
H.
with
associated
at
under
office
Street,
of
management
is
also
office.
formerlv local
the
was
new
for Walston & Co. Inc.,
with which Mr. Doolittle was also
manager
connected.
Now Groff Investments
SALT
firm
Federal
charter bill, United States Sen¬
ator John Sparkman referred to
an
article by Dr. Arthur Upgrew,
the
noted
a
savings banks.
Birr & Co. Branch
exceeds the supply.
this
en¬
RENO, Nev.—Birr & Co., Inc. fms
states, we would see mort
gage
rates level out nationally
and
actually decline, with little
difference in the cost of home fi?
which
the
and
home ownership
national system of mu¬
of
*An address by Dr. Ensley bef-re the
Seving-s Bank Women of New York, New
City, Oct. 19, 1960.
bank
in
thrift
of
York
mortgage credit were as avail¬
able in the 33 non savings bank
states as it is in the 17 saving's
introducing
and
persons
our
couragement
If
In
to
stimulation
indicate the
demand
opti¬
the benefits that will
country through the
in
groups
mortgage
the
various
educate
to
come
they have become the prime lend¬
ers in the Federally underwritten
that
unduly
is made available. We will attempt
their
supply
of
mortgage
credit in the non-mutual saving®
In
become
not
legislation, ip the next Congress,
NatiqppJ Association will con¬
tinue tp tell, the mutual savings
banking story wherever a forum
for
states.
do
the
they have taken care of the need:?
of their own communities, have
little difficulty in finding outlets
bank
financial
mistic at the possibility of enact¬
ment of the
Federal
chartering
Mortgage
banks,
related
Although realism demands that
we
Rates Prevail
^
of
institutions.
One is in the area of home
Notes
legislative branch.
We
the advice,, suggestions,
Securities
Verne
fices
CITY, Utah — The
Rocky Mountain
has
been
changed to
LAKE
name
E.
of
Groff
are
Investments.
now
located
Of¬
1735
at
South Main Street.
economist
called attention to the tremendous
demands
our
ahead.
Dr.
Senator
and
be made
that would
on
Halle &
banking system in the decade
agreed,
Sparkman
long-term
trend
in
our
that
ment of William E. Ryan as
na¬
and
that there
Resi¬
Arthur Malanga, a3
Office Manager, and John M. T7-ler as Co-Manager of the Newark
dent Manager,
is one of growth
economy
expansion
Stieglitz Appoint
NEWARK, N. J.—Halle & Stieg¬
litz has announced the appoiht-
Upgren declared, and
is
office, 48 Commerce Street.
great need to sustain these trends
de¬
to
today
may,
1,000
nation.
Association
utilise its research facilities, its
if the forces in our free;
competitive markets are to func¬
In
ac¬
National
those that in
considered it
the
stockholders
their
to
have
years
desirable
so.
another
and
interest
do
savings
no
Further,
positors.
recent
banks
have
throughout the
The
tion
however,
tional
fact, .1,400
dynamic
a
serve,
motivations
and
sures
ings account departments. And not
all
better
can
of
Federal
chartering of mutual
savings banks has great potentials
in the
fostering of higher levels
of
savings, increasing the total
supply of mortgage funds, and im¬
proving the distribution of these
provide
novel
and
that
burdens
economy.
the
of
structure
banking system. We must not ex¬
pect
immediate
action
by
the
Congress. A bill of such impor¬
tance requires careful analysis by
the
Federal
executive
agencies
the
jective, the promotion of thrii.t
are those with rising
incomes, increasing de¬ through good times and bad.
banks
of personal
sections
found it profitable to operate savr
.
Many of the areas without sav¬
personal
considering the possibility of
In
other
>
quote, "its
not unduly injure
institutions."
I
and
generating an increased flow of
savings by establishing new sav¬
lending programs
be certain of the ratio
the
on
the
carry
additional
promote
national
a
nancial
any
that
a
Federal nancing among the different geo¬
bank can be estab¬ graphic regions.
provides
savings
lished only if,
operation will
existing thrift
mutual
Savings Coverage of **
-
investment
17
banking
cally
has come from the
savings of the people. Personal
savings will continue to be essen¬
tial to the formation of capital if
savings and long-
There
reserves.
be
the
this expansion
structure,
the bank could
the
same
which to
Competition can be expected to re¬
—
a productivity made
sult
with
Federal chartering of
possible by the formation of capi¬
mutual banks, particularly so since
tal for economic expansion.
Let
the
proposed legislation specifi¬
me emphasize that the capital for
Of particular significance to the
organization, and/
question of Federal chartering of
objectives of the proposed Fed¬
mutual savings banks is the fact
erally-chartered institutions would
that areas where personal income,
adhere closely to those that for
population, and housing and other
nearly 150 years have served well
needs are increasing at
both individuals and the economy capital
rates
higher than
the national
under the present state-chartered
average are
just those areas in
system of savings banks. The banks
which there are no mutual savings
would be orgamzed by communitybanks.
Even though these areas
minded
individuals
who
would
have no savings banks, their der
contribute
to
a
guaranty
fund
velopment has been aided through
sufficient to protect deposits until
The
in
the
in
economy
banks in 17 states.
mutual savings
with
States
institutions
on
term investments now
open¬
states. But this
competition has been good for the
directly related to the increasing
productivity of the American
we
vide
tradition of
institutions
of
personal income is
in
to
futile
savings to income until
our
for
expansion
restricting markets, of
United
savings
rise
effort
new
make
to
seem
system
money,
credit, and the services that
be imposed by such growth.
founded
that over the
past decades the ratio of personal
savings to disposable income has
remained
relatively stable. This
would
a
banking
supplying the
of
thrift system,
principles of the
present savings banking industry,
would help to build a natonal fi¬
pinpoint. There is suffi¬
market. Does this not
present inadequacy o.-.
credit
in
those
statec
place their savings as now are of¬ housing
where
only commercial banks and
fered families in one-third of the
nation. Of course, these new sav¬ savings and loans operate? I need
ings banks would compete with only point to the higher cost o
home financing in the non-mutua
existing institutions even as there
bank states to indicate
is competition among many types savings
million.
positive result of Na¬
of
part
choice of institutions
the
above
advanced k,our
js
areas
new
the
$10,000 range, has risen from 8
million in 1929 to more than 28
Charter Bill
Association
tional
tivities
families
It
banks
would provide
families in the expanding areas of
to
savings bank.
Federal
are
deterrent
savings
in this bracket. The
two-thirds
a
maximizing freedom of choice, of
constantly
refreshing the
basic;
forces of supply and demand. New
one-fourth of all consumer
had a purchasing power of
than $4,000; today, nearly
ings banking system. The National
organize
ing
rather than
Association is giving assistance to
and
life.
basic economic
or
of
nourished
economic
number of individuals
and families has directly benefited.
Persohal incomes in the United
creasing
States
existing in¬
td'Federal chartering. Competition
from which an in-, has
one
with
compete
•
savings banks
new
This revolution is not
the Castro variety, nor the Congo
recent years.
only
the
was
spring of legisla¬
Deterrent
No
would
of mutual
last
Is
The fact that
a
The
Association efforts
tional
enactment
of the nation.
areas
Competition
in constant prices, the
average family income has risen
from less than $4,000 in 1929, the
peak of the booming 1920's
to
well over $6,000 in 1960. In 1929.
Na¬
benefits that have
vigorous thrift, pro¬
motion and competition for sav¬
ings in the 17 mutual savings bank
productive
has
thrift
new
will
new
the
revolution in the United States in
Stated in terms of real
result of these
positive
Surely
the
there
for
need
Surely
to
personal savings.
proposed
that
reader
of
states should be made available in
reviewing
of
the
institutions is somewhat more dif¬
ficult
all
resulted from
implica¬
national
system, I would remind the
tions
flow
in¬
an
by existing institutions.
expansion.
Before
broken
has
limitations
thus
and
standards
creased
not meet¬
are
to stimulate
sug¬
,
vestment
Dr. Grover W.
New
branch
time-honored
the
need
judging
creating
capable
sion. In the first place, we cannot
non-mutual
gests that the potential for savings
in the areas with rising personal
income has not been fully tapped
public service that have
savings banks recog¬
nized leaders in the promotion of
thrift and the channeling of in¬
beyond its
State
other
In
made mutual
banking
York
prevail.
of
tions
sys¬
savings
limits.
would
time-tested
ex¬
the
tend
tem of
banks
ing the
by
the
country with
equal facilities for savings. Let us
States in which only commercial
first provide equal facilities before
banks and savings and loan asso¬
resigning
ourselves
to
present
ciations exist generally have lower,
levels of savings.
per/ capita
savings. Of the
10
Moreover, if savings are not.
leading states in terms of savings
promoted as vigorously through¬
accounts as a percent of personal
out the country as spending and
income, nine have savings banks
borrowing, how long can we ex¬
as well
as commercial
banks and
pect the present ratio of savings
savings and loans. Further, all of
to income to continue?
Many of
the 17 mutual savings bank states,
the new families being formpd in
with the
exception of one, are
the
non-mutual
savings
bank
among
the
24
states
with
the
states
are
experiencing steadily
highest percentage of savings ac¬
rising levels of personal income.
counts
in
relation
to
personal
Thus, they are particularly sus¬
income. It should also be noted
that the total volume of savings ceptible to pressures to buy ant
to borrow.
We have no quarre
accounts in the savings bank states
with
those
who
develop
new
amounts to nearly three-fifths of
methods for selling and new forms
the United States total. This
that the higher cost of home financing is
income
to
33
the
savings bank states
*
savings bank states; and that many commercial banks
savings
in
Promoted
savings. We question this conclu¬
Statistics indicate that financial
rise in incomes,
average
when interest
high and when they are
are
low.
consistently interested in attracting savings.
are not
ratio
33
of the prima
population and housing;
/
in
one
for mutual
man
;
,
of financial institutions
tap the potential for savings is cited
rates
Savings Must Be
The second point to consider in
cient data to suggest
and when it is easy,
The failure
Why
factories,
13
YOUR OPPORTUNITY...
For
a
sets
limited time there are some rare Chronicle bound
available.
If
you
are
interested—do not delay. Write
needs telling the years you are
quoted.
your
missing. Prices will be gladly
Be prepared with complete sets
to better serve your
clients. It pays!
EDWIN
Care of
L.
BECK
Chronicle, 25 Park Place, New York
Telephone REctor 2-9570
7, N. Y.
14
The Commercial and Financial Chronicle
(1382)
STATE OF TRADE AND INDUSTRY
fiom
Continued
Scheduled for U.
4
page
enough
into 1961's
million units), Detroit has
steel
firct
to
going
keep
nnartpr
paring of metal stocks is
ahead, Steel's quarterly survey of
metal buyers also indicates. Near¬
More
ly a third of the purchasing agents
polled plan to cut inventories of
metal
mills
products
through
Last
steelmakers oper¬
at 51.7% of
capacity, 2.5 points below the pre¬
week,
their
furnaces
vious week's revised rate.
1,473,000 ingot tons,
production in a nonholiday week this year.
Steel's price composite on No. 1
heavy melting grade of scrap de¬
clined $1 a gross ton to $29.17.
the smallest
The market is now at the lowest
level since August,
1954.
This Week's Steel Output Based
On
51.4% of Jan. 1, 1960 Capacity
American
The
and
models
entire
November is
for
200,000
programmed
such completions.
being
Ward's said the U. S.
compacts
continuing to stem the import
are
Iron
the
high of 50,300 in March.
1960
Ward's said that while some of
the U. S. compacts evidence
sales
softening, this is due to increasing
competition from U. S. brands.
With 1,585,573 U. S. compacts
built
in
the
January - October
period, such production for entire
1960 is expected to barely miss
the 2,000,000 mark—a volume that
imports into the U. S. reached
only in June this year and re¬
quired 13 postwar years to attain.
Steel
and
the
that
announced
Institute
tide, forcing such sales back
40,400-unit level in Sep¬
tember from 42,500 in August and
the
to
Output
about
was
Ward's, were 145,607
passenger
cars
compared with
150,019 last week. Fully 33.4% of
this week's volume were compact
said
week,
auto
April 1.
ated
this
S. plants
Car
op¬
5.6% Over Last Year
companies
will average *91.1% of steel ca¬
Loading of revenue freight for
pacity for the week, beginning the week ended Oct. 29, 1960,
Nov.
7,
equivalent to 1,464,000 totaled 620,712 cars, the Associa¬
tons of ingot and steel castings tion of American Railroads an¬
(based on average weekly produc¬ nounced. This was an increase of
tion
of
1947-49).
These figures 32,936 cars or 5.6% above the
week
in
1959,
compared with the actual levels of corresponding
*92% and 1,478,000 tons in the which was affected by the nation¬
erating
of
rate
steel
wide strike in the steel industry,
beginning Oct. 31.
Actual output for last week be¬ but a decrease of 54,279 cars or
ginning Oct. 31, was equal to 8% below the corresponding week
51.9%
of the utilization of the in 1958.
Loadings in the week of Oct. 29,
Jan.
1, 1960 annual capacity of
Estimated
percentage of this week's forecast
based
tons.
net
the
or
cars
2.6%
preceding week.
districts reported
All
that capacity is 51.4%.
on
1(5,559
were
below
increases
the operating rate compared with the corresponding
week in 1959 except the Central1947-49 weekly produc¬
*98.3% and production western and the Southwestern. All
A month ago
(based
tion)
on
was
districts reported decreases com¬
A year ago the ac¬
with
the
corresponding
tual weekly production was placed pared
at 1,291,000 tons, or *80.4%. At that week in 1958.
There were 11,918 cars reported
time the industry was virtually
closed down due to a strike of the loaded with one or more revenue
highway trailers (piggyback) in
steel union.
the
week
ended
Oct.
22,
1960
*Index of production is based on aveP*
(which
were
included
in
that
similar
below
war
weekly production for 1947-49.
Electric
Output
distributed
an
Week
1959
amount
The
week's
7.4% Above
electric
of
electric light
the
by
energy
for the week
ended Saturday, Nov. 5 was es¬
timated
at
13,982,000,000
kwh.,
according to the Edison Electric
Institute. Output was
99,000,000
kwh. above that of the previous
week's total of 13,883,000,000 kwh.
and showed a gain of 963,000,000
kwh., or 7.4% above that of the
comparable 1959 week.
Car
Measuring
Now
Is
Yardstick
compact car is
S. auto output and
U.
dictating
tantly
tion
manufacturers, Ward's
tive Reports said.
isi
output
of
crease
industry
33.5%
volume
over
produc¬
major
Automo¬
32.5%
the
of
two
The statistical service said
Motor
32%
GM
devoting 19%, Ford
35%, Chrysler Corp.
now
Co.
and
American
Studebaker
Motors
"With
and
Packard
Corp.
100% of their production to
pact cars, and added:
-
600,000
over
scheduled
for
the
in
Ward's
plants
entire
said
are
operators
the
in
the
traffic in
in
Liabilities
an
34.1%
increase of
above the
the
class I
1958.
in
U.
rail¬
S.
originating this type
the
current week
50
one
year
com¬
and
ago
corresponding week of
October-
low production
ended
Oct.
week,
new
car
29,
during the week
1960. In the same
orders of these mills
8.3% below production. Un¬
filled orders of reporting mills
were
amounted to 25%
of gross stocks.
reporting softwood mills, un¬
filled orders were equivalent to
14 days' production at the current
rate, and gross stocks were equiv¬
For
alent to 53 days' production.
For the year-to-date,
shipments
of
reporting identical mills
below
were
production;
were
new
or¬
5.5% below production.
Compared
with
the
of
Wholesale
orders
were
13.2%
below.
erratic note to the week's pro¬
an
ceedings.
tions
But whether the
gyra¬
in response to the elec¬
were
tion
Advance in
the
For
Index
results
The
trial
Row
a
far
was
from
clear.
penses,
year
that
so
were
while
4%
up
to
sales
last
better than
three-quarters of a billion dollars,
earnings
about
held
steady
at
$3.04
share against $3 the
a
earlier.
But
such
year
expenses
are
the Wholesale Food Price
Index, complied by Dun & Brad-
week,
Inc.,
street,
week and
a
in
rose
was
to $6.03 from the week ear¬
the
$6.01,
and
$5.94
of
above
corresponding
1.5%
was
the
date last year.
in wholesale cost
wheat, rye, hams,
bellies, butter, cottonseed oil, rice,
and raisins. Lower in price were
flour, corn, oats, barley, lard, eggs,
Moving
up
this week
of
31
There
ample
general use. It is not
cost-of-living index. Its chief
function is to show the general
trend of food
Ago
temperatures
in
slightly
Nov.
from
2
in
women's
offset
declines
in
week
similar
draperies,
ings,
remained
close to last year.
The total dollar volume of retail
trade in
the week
ended
Nov.
2,
unchanged to 4% higher than
according to spot esti¬
mates collected by Dun & Brad¬
street,
Inc.
Regional
estimates
varied from the comparable 1959
was
year ago,
a
levels
ages:
by the following percent¬
South Atlantic +2 to +6;
West
South
Atlantic
Central
to -j-5;
West North
Central
+1
and
+4; New England,
East North Central, and Mountain
—1 to -j-3; East South Central and
ended
crease
was
Oct.
29
pre¬
increase
reported. For the four
weeks
to
Oct. 29, a 1%
in¬
reported. The Jan. 1
period
showed
riod
week
New
ended
last
ended
year.
Federal
Re¬
against
Industries
been
wasted
and
in¬
are
a
Shares of Utilities
&
Industries
year
even
was
more
the
ex¬
dominate
to
the
by
economy,
take-over
when
tion
lag
new
a
the
basic
the
over-all
between
the
Administra¬
policies be¬
still-lagging
clear,
picture, etc.
come
profit
For those who try to look ahead
election
the
had
in advance.
discounted
been
Any
new
attempts to
dend
policy is a frugal one, the
admittedly
conserving
cash to build up its investment
potential. Its success in the past,
despite trials,
gives it a good
company
chance
in
to
the
be
capital gains item
a
future.
Oils Re-Awakening
Shares of prime oil equities, for
the first time in a long while, have
shown
the part
a
that
posting
attention
on
broadly that
something of
hint
to
have
reached
bottom,
One
revived
of the larger investment
companies
they
investor
sustained
some
interest and
at
least
has
been
highs
new
temporarily.
in
prominent
for
the
has been Phillips Petroleum,
year
long
despite its important
participation in the chemical busi¬
laggard
a shot-in-the- ness
and in natural gas.
Both of
generally conceded as which fields have been
popular
taking from three to six months ones with investors in other issues
or
more
to become effective, by
at
the same
time
Phillips was
give
the
economy
are
which time business is
ing
on
an
as
be¬
upturn by its own.
So
choice
the
the
of
seen
electorate
largely academic.
The
is
/
Inflation
Factor
lying neglected.
Most
:
t
companies, if
showing good
year-to-year
earnings increases,; are at least
holding the line at a time when
other industries are clearly in¬
of
oil
the
not
Any extreme actions to bolster
economy could
well spur a dicating that the prevailing cli¬
mate is one of definitely pinched
new
round
where
people
find
stocks "inflation hedge" items, in¬ profits. To some the profit capa¬
bility of Phillips is such that it
finitely preferable to cash.
;
-
the
market's
The
be
moves
up
'and
recently have continued to
so
that
selective
there
are
is
a
candidate for
a
dividend boost.
Paper stocks have also some in¬
herent
value
that
hasn't
drawn
much in the way of investor in¬
items of good value, much
terest in some time. Oxford Paper
promise and little in the way of
has been making progress in get¬
overvaluation on which to contend.
ting new facilities going profit¬
many
department
York
Oct.
In
Oct.
store
City for
29
over
year.
unchanged
last
the
to
System
in
close
down
According
sales
tremely
2%
a
increase.
week
this
tinue
for the week ended Oct. 29, 1960,
show an increase of 3% over the
a
na¬
greatly to their cash
flow, the fact that defense ex¬
penditures necessarily must con¬
the Federal Reserve Board's index
was
hard¬
was
So the
contributes
3% From 1959 Week
ceding week for Oct. 22
mitigating
thing
&
haven't
are
contest, a not-tooclear position of the candidates on
the oil depletion allowance which
Department stores sales on a
country-wide basis as taken frorp
of 4%
elements
everything
obscure
arm
like period last year. In the
One
wider market appreciation of Util¬
vested in such as
balloting has finally settled
merely a confusing in¬
Making
Nationwide Department Store
Up
cautious
down into
Pacific Coast —2 to +2.
Sales
a
fluence in recent years.
to
0
surprise
ly in ardent sympathy.
linens
and
what
tional
ap¬
parel, furniture, and major ap¬
pliances. The call for floor cover¬
That makes for
with which Wall Street
apparel,
men's
ex¬
up¬
to be lagging behind the
seem
company's actual improvement.
they have
little
long- are limited, nearly one-third of
range influence on stock prices.
the 1,861,000 outstanding acquired
If business is good, the mavke+
by its'own subsidiaries in recent
does better, and vice versa. That
years
and some 450,000 held or
even
held during the New Deal controlled
by directors. Its divi¬
food products, and new passenger
cars
elections, the glaring
still
present,
Year-to-year
ago.
year
increases
the
the
to
ities
or
stimulating interest
in winter apparel and other mer¬
chandise,
over-all
retail
trade
a
five-fold
a
community TV
More comprehensive studies of antenna system,
a
containership
the
stock
market
and
elections operation, a cellulose company in
the oil
throughout history mostly point Brazil, participation in
up that whatever party takes over, business and financing operations.
in many areas
advanced
re¬
market
approach to the market.
Retail Trade Slightly Exceeds
Year
emotional
stock
being the 1948 surprise
events.
prices at the whole¬
sale level.
seasonable
been
the
but
after
all
the
is that it has
surveys
had
predicted a runaway for the Re¬ constantly been losing water util¬
publicans. So traders, ' and par¬ ity properties to local authorities
But the millions
ticularly
the veterans,
are
not in the decade.
received from such condemnations
unaware of the possibility of such
a
ended
bv
seven-fold
some
increase in the market price would
set
and meats in
week
have
actions
price
foodstuffs
raw
attention
some
of
score
Where the election fits into this
total of the
sum
pound
With
a
picture is definitely moot.
Food Price Index rep¬
resents the
per
Inc.
Bradstreet,
been
the average New York Water Service
Corp.,
points, reaching currently renamed Utilities & In¬
600 once again for a new recovery dustries
Corp. In a decade the
peak.
book value and earnings of the
Uncertain Election Reactions
company
have both been lifted
back
national
&
Dun
Wholesale
has
paid to items listed elsewhere than
of the month carried
were
and hogs.
The
list
over-sold
an
for seven sessions out of on the New York Stock Exchange
reaching a recovery peak which, at times, is swayed so un¬
of 596 for a 23-point gain, and necessarily
by the action of limit¬
bumping into resistance around ed averages. One item that has
the 600 level.
rolled up an impressive record in
The rally that set in at the end the
unlisted
market
is
the
old
On Nov. 1 it advanced
year ago.
lier
when
rallied
latest
the
On the Unlisted Market
There
eight,
somewhat from
up
far as the indus¬
concerned, was
to that early in
as
was
similar
October
consecutive
second
action,
average
od.ly
showed
the
the
22,
same
the
an
preceding
sales
Former Defensive Issue Now
"On Offensive"
pe¬
were
over
the
same
period
For
the
four
weeks
assembly points and were the
ending Oct. 29 a 4% increase was
major factor in carrying Michigan Business Failures Down
Slightly
auto
reported over the 1959 period, and
output in the 1960 model
I
In Week Ended Nov. 3rd
year to a three-year high of 30.9%
Commercial and industrial fail¬ from Jan. 1 to Oct. 29 there was
of industry. In 1959
Michigan gar¬ ures dipped to 317 in the week a gain of 6% above the level
nered only 28.3%.
ended Nov, 3 from 331 in
the achieved in the 1959 period.
following
wildly
swayed
the national election to contribute
more
Weekly
Second
increase of 5%
new
or
Price
Food
Shows
low; new orders were 3.5% below.
Compared with the corresponding
1959, production of re¬
porting mills was 15.5% below;
shipment were 13.4% below; and
Stocks
$5,000
Both the market and the elec¬ over, seemingly, and on the basis
casualties, those with losses under
tion results were indecisive for a of interim results this year's full
$5,000, were off to 32 from 34.
bit
once
stock
trading resumed results should run around $3.50
Thirty-eight of the failing busi¬
nesses had
liabilities in excess of after a one-day close-down, and and on to $4 next year, to put a
$100,000 as against 39 a week selectively easier prices had been new air of growth into it. This
posted even before the election indicates an improvement in its
earlier.
outcome was officially reported.
indicated $2.20 dividend.
serve
in
STREETE
pre¬
involved in 285 of the week's
were
previous
week ended Oct. 22,
1960, produc¬
tion of
reporting mills was 0.5%
above; shipments were 2.2% be¬
week
steadiest
network of 49
5.1% Below Production
Lumber shipments of 455 mills
reporting to the National Lumber
Barometer were 5.1 % be¬
ders
compacts
Shipments for Week
its
to
failures, dipping from 297 in the
previous week but exceeding the
226 of this size a year ago. Small
Trade
com¬
compact
the
for
period
55
were
road systems
2.9%
1959."
among
There
each
Decerpber quarter, such cars will
in that brief period reach 80% of
the
755,000 economy cars pro¬
duced
or
corresponding
Were
months.
Corp. is
cars
1960
of
weeks
42
corresponding period of 1959, and
232,268 cars or 106.5% above the
is impor¬
being
from
first
totaled 450,356
114,567
week.
piggyback loadings
BY WALLACE
the
Business
1958.
close
came
in
level of 318 in 1939.
Middle
pruned
below Jthe 600,000-unit level from
617,816 in October, production of
the compacts was expected to in¬
car
the
Lumber
Ward's Said that while Novem¬
ber
was
1958.
the
for
for
reshaping
current
trends
1958
Cumulative
40
-
Future Production
The
the
above
pared with
the
for
This
total).
above the corresponding week of
1959
and
5,213
cars
or
77.7%
and power industry
Compact
over-all
increase of 2,909 cars or 32.3%
331
the
of
week
mortality
1,579,000 tons.
age
THE MARKET... AND YOU
Inc. Although casual¬
noticeably heavier
fell
they
week
148,570,970
Thursday, November 10, 1960
.
.
remained
ties
than last year when 265 occurred,
0.3%
for Week Up
Loading
preceding week, reported pun &
Bradstreet,
.
Corn Products,
included in the
Chip issues,
as
a
out
once
ably,
.
boost
was
for
able
to
nine
the
a
good
months
over
show
which is usually last year to make it stand out in
lineup of Blue the dreary run of earnings reports
was noted mostly in other lines and still hgs a large
mill that is not yet contributing
growth to profits, so its potential is by
But the world's largest no means exhausted.
defensive income item with¬
much
potential.
in
refiner
the
way
of
[The views expressed in this article
spreading
important ac¬ do not necessarily at any time coin'
cide
with those of the "Chronicle
quisition being Best Foods in 1958.
That logically led to both ac¬ They are presented as those of the
corn
its
wings,
quisition
has
its
and
been
last
consolidation
ex^
author
only.}
•
,
Volume 192
Number 6002
.
.
Our Reporter on
Twin
T.
"bills
only" or "bills prefer¬
policy of the Federal Re¬
serve
Board
in
market
open
op¬
erations was changed last week
for the first time since the week
ended July 23, 1958. The Federal
Reserve
Banks
bought Govern¬
obligations in large amounts
for the period ended Nov.
2d, but
ment
this
ed
time
these
certificates,
in
addition
to
purchases
includ¬
institutional
there
as
demand
much
bonds,
Treasury bills.
exclusively
for
more
than two years now has been un¬
der criticism for a long time from
market
money
experts.
These
purchases
of
short-term
issues only has pushed down nearsuch
extent that
an
it has aggravated the loss of gold
by this country. In addition, the
purchases of Treasury "bills only"
for
market
open
been
center
money
been
institutions.
longer
term
issues
the
rates
favorable
shift
A
term
of
some
banks
smaller
the
to
purchases
favorable to
more
and
the
the
has
large
It
is
that
short-
off
would
be
and
more
long
operation
with
000,000 in cash coming out of it
in line with expectations.
It
was a very successful undertaking.
Investors Continue to Favor Bonds
income
fixed
to work in bonds.
that purchases of cor¬
money
means
ment
and Govern¬
being stepped up
tax-exempt
porate
bonds
are
that
is
the
excess
out
the
goods
is
It
stocks.
that
as
to
services
and
are
cies
the
Government
it.
This
of
revive
indicate
that
should
investment
psychology has undergone quite a
change in the past several months,
the
continue
bond
to
market
attract
course
to
seem
funds
of interest
of
equities because the latter type
of obligation appears
some
face
at
least
not only
dollar
arei nvited to
dominated the international money
markets for the last two months,
devaluation
is
approaching its climax. It will
be a great relief to all who attach
importance to international finan¬
however,
cial
the benefit of the advice of
film, entitled "The
apolis Story," sponsored
Farmers
substantial since there
beyond
which
the
are
cost
of
obtaining funds cannot go because
of the international position of the
dollar. This assumption is being
premise that the
economy is only in a rolling read¬
justment and does not go into a
the
upon
be
availability
stepped
of
refunding
issues
still
are
attracting
funds,
especially
the
3%% due May 15, 1965, since this
issue appears to meet the inter¬
mediate term requirements of
not
few institutional investors.
It is
have
been
1964
and
maturities
these
by
tive in these issues.
are
also
came
Commitments
being made in
the
31/4s
rounding
since most of the 314s
out process,
obtained
were
operation
The
in
the
refunding
buyers.
these
by
term
longer
World
the
the income
SECURITIES
II 2^s
War
not
because not
a
market specialists be¬
"forward
another
distant
too
future.
is
The
distant
most
are
and
Government
1990
that the 3V2S of 1998
are
the
ones
with
the
appeal
for
these
funds,
even
though the 3s of 1995 continue to
be
aquired
funds
Axjbrby G. Lanston
by
in fairly
STREET
Hatmaker,
of
presentation
to
Dr.
pension
stated
Columbia
N.
A.
M.
has
made
to
a
of
one
profound
prin¬
our
cipal objectives — instructing the
public
about
the
investment
and the oportunities that
process
available to
Ohio —George
Canadians."
E.
Company
will
be
guest
The
of the Cleveland
BOSTON
Society of Secu¬
Stock
Exchange
at the Mid-Day
Club.
16
of
flare-up
towards
tions
for
filled
at
offices
the
which
Annual
to
be
Election
on
are
It
is, of
that
no
very
trend.
always possible
acute crisis might develop
an
really
course,
damaging
seems
Offices
man
the
of
to
Board
are
members
four
and
Chair¬
Governors, who
of
the
of
associate
non-member
lar
of
members
are
are
Board; five members
and
who
filled
be
of the
members
principals
associate
Exchange,
Board,
the
of
of
regu¬
member
firms,
trustees of the gratuity fund.
With
dimensions.
It
practically certain that
on
Copley & Co.
lins
day
the
reserve
will
be
has
affiliated
become
with
(Special to The Financial Chronicle)
Coughlin and Company, (Inc., Se¬
curity Building, members of the
Midwest Stock Exchange.
Joins Mullen Staff
Happen After
what will hap¬
after the election result is an¬
for
whichever
shock
a
If
go.
Vice-President
elected
be
there
would
Now With
MACON,
Kohlmeyer
,Ca.—Marshall F.
Keen
has joined the staff of Kohlmeyer
& Co., Dempsey Hotel. He was
previously with Courts & Co.
With Granbery, Marache
—
David Troder-
connected
with
Granbery, Marache & Co., 45 Milk
Street.
.
to
in favor of
American and
withdrawn in an¬
ticipation of a Democratic victory.
The resulting demand on the do!
funds
foreign
lar
would
of
react
unfavorably on
currencies, amongst
During the last
other
some
sterling.
on
months
up
British
the
hour
It
better late than
to wait
as
before
de¬
is
undoubtedly
But under¬
never.
standably enough, there is much
speculation in London and in other
financial
sons
centers
to
tance
commit
the
rea¬
himself.
The conclusion
or
about
behind his remarkable reluc¬
reached—rightly
wrongly—in many quarters is
advised until the last
was
minute to keep the door open for
devaluation,
a
only in face
favorable
the
on
and
of
dollar
decided to
was
obvious
this
of
that
come
it
that
the
effects
he
un¬
attitude
eventually
off the
fence
the side of resistance to
on
devalua¬
find it extremely diffi¬
mitigate the wave of dis¬
trust provoked by his attitude be¬
fore the
election.
In
any
case,
there
two
will
and his
two
to
the
effects
the
of
foreign
has
position
trade
those of overlending abroad.
and
Only
of the influx has been pre¬
served in the form of
gold
reserve.
and
when
This
flow
the
an
increased
that, if
means
of
funds
is
reversed, the losses of gold are
likely to exceed the gains of re¬
cent
case
months, which were in any
remarkably small compared
with the gold losses of the United
States.
Even
lief
of the
greeted with re¬
the Free World,
the
so,
recovery
be
throughout
if it should take place at the
even
of
expense
ling
and
a
weakening of ster¬
currencies.
The
other
overwhelming importance of be¬
ing able to rely on the dollar im¬
plicitly is generally realized. Ster¬
ling survived so many weak spells
since the end of the War that
attack
looked
more
dollar
or
upon
a
back
one
less would not be
all-important.
as
It
great relief to see the
on
its
pedestal
once
Suspicion Lingers
Should
the
Democrats
the other hand, it seems
the
gap
of
election
assumption of office. Those
what
steps
Administration
free
a
gift
No
speculation.
the
outgoing
would
take
to
No matter how firm
porary.
dertakings
the
President
-
un¬
elect
would
give prior to his assumption
office, his long hesitation dur¬
ing the greater part of the elec¬
of
toral
campaign would be
remem¬
bered.
Economic
Advisors
Pull
Kennedy Down
Many
people
reservations
not
to
would
mental
suspect
behind
devalue.
the
Even
promises
those who
accept his sincerity would
the future of the dollar
look upon
with
pessimism. For they would
themselves, if he really meant
what he said why was it that he
did not say it much earlier?
It
would be widely felt that since
ask
his
advisers
him
about
prolonged
failed
the fatal
silence,
fit to advise him
to'
enlighten
effect
they
of
are
when
in
his
not
office.
prospects of the fate of the
dollar
being in such hands would
likely to inspire confidence
not be
abroad.
the
Whichever side will win
election,
economic
from
the
Senator
advisers
contest
Kennedy's
will
with
emerge
sadly
di¬
minished statures.
Form Plans
Incorporated
WASHINGTON, D. C.—Plans In¬
corporated of Washington is en¬
gaging in a securities business
from
offices
at
5301
Wisconsin
Avenue, N. W. Officers are Martin
Burke,
President;
Theodore
K. Chamberlain, Executive VicePresident; Lewis C. Burwell,
L.
more.
that
his
strengthen the dollar, they would
be looked upon as purely tem¬
concealed
in
fateful
months would be
matter
balance
deterioration
a
the
international
been
which
York
New
has
be
months between
bolstered
by the influx of capital from
payments
i
Mass.
become
is
bound
the dollar. There would be whole¬
(Special to The Financial Chronicle)
has
Nixon
sale repatriations of
would be
BOSTON,
the
way
be
violent reaction
a
dollar would
Mullen Investment Co.,
621 Seventeenth Street.
ill-advised
declaration.
a
The
J. K.
the
should
ciding to commit himself to such
cult to
Election
cial markets will have to prepare
delton has become connected with
the
he
above
nounced. The international finan¬
(Special to The Financial Chronicle)
DENVER, Colo.—William M. Pen-
economists,
eleventh
some
among
American
still
The question is,
pen
part
Coughlin Adds to Staff
was,
months
indeed, most re¬
although he has
brains
so
It
two
bound to
What Will
few
Copley and Company, 1600 Ogden.
He was formerly with Ladet and
Company, Inc.
the
of
was,
step.
gold tion. Not unnaturally many peo¬
$18 ple are therefore inclined to won¬
billion. And it seems probable at der if this conversion is sincere.
As a
result of
the time of writing that the Lon¬
the prolonged
don price will not rise materially hesitation to adopt a definite atti¬
above the figure reached in recent tude towards devaluation Senator
days.
Kennedy, if elected, would be
election
them
(Special to The Financial Chronicle)
best
Senator
dollar
least
is,
that,
have been
till
the
It
the
that he
American electorate's decision will
Monday, Feb. 13.
overdue.
markable
middle
the
October, it displayed
decided
will
hold open meetings Nov. 16, Nov.
30 and Dec. 7 to receive nomina¬
man
rity Analysts to be held Nov.
two
or
they might
as
gold outflow,
though substantial, has not been
spectacular.
At for the London
Nominating Committee of the
American
speaker at the luncheon meeting
☆
The
been.
The
(Special to The Financial Chronicle)
and
have
Make Nominations
good volume.
Vice-President
as
University of British
during the next few days. But
President, Mr. Morse time is now too short before the
"the University of British
election for such a crisis to assume
Secretary of the Franklin Life In¬
surance
NEW YORK
state
Cleveland Analysts to Hear
CLEVELAND,
6c Co.
INCORPORATED
Association
still being accumulated
it is reported
CHICAGO
Dealers'
bad
have not been
lar
ell has been added to the staff of
which
the barometer of the situ¬
In both respects the devel¬
price of gold, after the spectacu¬
DENVER, Colo.—Robert R. Pow¬
ing
of the
looked
is
market
Educa¬
responsible for
is apparently
of the buy¬
being done in the
attitude
the
Columbia
This
some
and
gold
Invest¬
re¬
by pension funds, which have been
the
principal
buyers
of
these
issues for quite a while.
Again,
"
Morse,
kind of thinking also
bonds
☆
S.
an¬
corporate or
Nonetheless, there have
stepped-up takings of the
concern,
London
of
at
American
the United States is causing
continue.
welcome
a
from
MacKenzie,
and
middle-term maturities.
☆
Investment
Eric
.
FEDERAL AGENCY
20 BROAD
Canada
President, at a luncheon
meeting in Vancouver. In making
funding" offer will be coming in
the
of
"outstanding pub¬
tax-exempt DENVER, Colo. —Roger W. Col¬
that
lieve
Investment
Governments
in
been
■
by
Columbia
Canada
being
do better from
the
Association
service
spot-purchased by in¬
stitutions since they are still able
are
few money
:
awarded
was
buyers since the return is attrac¬
gle
and
British
of
over.
course,
of
ation.
American S. E. to
Recent Treasury Favorites
The
stability when it is all
would
Week after week the gold outflow
upon as
up
rapidly.
which has
scare
opments of the last week
University
are
the
,
Dr. MacKenzie
interest
and
,
IDAC Honors
contribution
would I
•
.
tailspin.
In event the business
pattern should get considerably
worse there would most likely be
a
sharp decline in the rates of
credit
Savings
Minneapolis, will also be
shown.
in
too
Minne¬
by the
Mechanics
&
Bank of
lic
bonds.
U. S. GOVERNMENT
bring their employ¬
for
to
Specialists in
"Bosses'
Kennedy's declaration against the
Certificate
to have lost
with
be
the U. S. election
Dealers'
limits
visors will emerge from the campaign with sadly diminished statures.
LONDON, Eng.—At this writing,
direction.
^
dollar's recovery and sterling's weakening had Vice-President Nixon
Dr. Einzig is convinced that Senator Kennedy's economic ad¬
won.
Redevelopment
will
rates appears to be in a downward
of Feb. 15, 1962, by some insti¬
especially since the inflation fears tutional investors, but this appears
have been relegated to the back¬
to have been more of a
ground. This has resulted in the
purchases of bonds at the expense
This
the
on
ministration's efforts to strengthen the dollar
during the interregnum,
no
matter what it did, is contrasted with the likelihood of the
Min¬
should
would
though the
even
1965
evident
long
as
institutional buyers who had
evident also that there
been making most of their com¬
mitments
in the recent
past in purchases of selected
by
the
A
required, and world con¬
as competitive as they
are
now, there will not be any in¬
flation fears unless the fiscal poli¬
a
common
Decline
capacity
are
obligations continues to
expand because those
investors
who have funds are putting more
This
believed
Rate
ditions
bearing
this
Interest
on
The reason why Senator
Kennedy's
fixity of the U. S. A. gold price is viewed sus¬
piciously and, thus, why his victory would tax the outgoing Ad¬
belated views
Night" and members of the Club
ment
policy to
take
would
in
Areas."
be
in
of
ers.
Brake
made
interest
Glenwood
tion"
middle
refunding
and
However, it is not expected that
was
of
re¬
is obtainable in equi¬
Director
international financial exchange, writing on the eve of
election, surmises what will likely occur to the
on
Presidential
dollar if either candidate wins.
neapolis Housing and Redevelop¬
ment Authority will speak on the
"Minneapolis
Gateway
Center
the decrease in interest rates will
$9,096,000,000 of the 3V4s, $1,207,000,000 of the 33/4s and only $541,-
The
has
Executive
expert
our
Wednesday, Nov. 16, at 5:30 p.m.
at the Midway Motor Lodge, St.
Paul,
Minn. Robert T. Jorvig,
it has
than
term issues.
The
stocks
common
attractive than the
more
An
Women's Club will be held
out-of-town
pressure
to
to
ties.,
been
to
for
turn which
turn
rates
need
a
decreased substantially. Moreover,
the income available in bonds is
there
term
also
As long
notes, and
The "bills usually" policy which
Federal Reserve Board has
many
not
but
well.
as
hedge
against the forces of inflation, the
the
using
is
The Way of the Dollar
MINNEAPOLIS, Minn.—The next
meeting of the Twin City Invest¬
investors
with individuals
15
By Paul Einzig
CHIPPENDALE, JR.
ably"
City
Hold Meeting
ment
The
(1883)
Inv. Women to
GOVERNMENTS
BY JOHN
'X
The Commercial and Financial Chronicle
.
adverse
win,
on
probable
pressure
on
the
Chairman
Homer
and
S.
and
Davis,
Secretary.
Treasurer,
and
Vice-President
16
The Commercial and Financial Chronicle
'
(1884)
Tax Problems for the 1960's
fiscal
The economist
fully subscribes to the countercyclical theory of tax cuts and in¬
creased spending during a downturn, and vice versa during recovery,
and prefers direct rather than general measures when treating hard
core unemployment.
State and local governments, he adds, need to
be relieved of some of their responsibilities, and those States that
is
criticized
policy is
(
'<
back when
advances.
resultant
investment.
in
economy
Fiscal
collection.
Above
to
the
fi¬
gains in output,
justify the claim
i
t h
E. Harris
proper
generation the emphasis has been
and more on fiscal policy,
effects of tax, spending and
policy
the
upon
Keynes
else
we
would
cut
Tax
but
expenditures declined by
rise
the
in
first
the
collapse
not
until
receipts
-
continued to
Receipts
of
and
it
was
decline
a
of
milion
$12
reduction
after
years
1837,
that
1840
of
two
exceeded
expenditures at
of
Federal fiscal
contribute to¬
million, and
policies began to
$2.5
ward recovery.
In
general, modern fiscal theory
a rise of outlays and a re¬
seeks
of
duction
in
taxes
recession
riods;* thufr offsetting
of outlays in the
pe¬
the. decline
private, economy;
and vice-versa in periods of boom.
The Great
Depression, of
that
recent
so
said.
In
the
penditures
amounts.
little
1930-1932
years
by
rose
But in
ex¬
substantial
the crucial year
ceipts continued to rise.
Unfortu¬
nately, receipts rose by $144 mil¬
saved
1930, but the country
from
further
was
disaster
by
large declines in receipts of
$996 million in 1931, and a fur¬
very
ther
decline
about
ever,
tually
The
with
of
$1,184
in
one-third,
million,
1932.
or
How¬
unfortunately, receipts ac¬
rose by $74 mililon in 1933.
theory that the
to deal
depression
is to
great
a
way
superimpose government deflation
on private deflation proved to be
unacceptable.
As total expendi¬
declined
tures
increased
as
and
in
r e c e
i p t s
with
pro¬
1933,
duction down 40% and unemploy¬
ment at record levels, the country
was
clearly
on
the
road
to
dis¬
aster.
This
does
brief
reveal
Tax
historical
tax
and
survey
spending
policies that a times would seem
to please supporters
of modern
Federal
that
improve the
Hence
that taxes woiild
of
in
recession,
periods
of
we
be
and
excess.
Reductions,
or
Increase
of
its
tax
its
system;
spending pattern and the effective
use
of the tax dollar; the faith
is
the
on
the part
of the public
that are being
pushed.
A tax burden of 25%
may be consistent in the United
in
programs
10%
but
may
growth,
stifle the economy
of Bolivia.
.(.say)
■
.
.Ft
t)
I
■
,;Ip, lucent, years
to
been
use
the
more
more
Federal expenditures
direct taxes.
become
much
more
impor¬
early Keynesian days it
generally assumed that the
appropriate approach to deal with
a recession was to increase public
pends especially on direct taxes
that respond to changes in eco¬
Then
why
all
the
tant
in
the
last
Federal
In
said
few
With
the
Government
general, there is much to be
Federal Government
the
for
pected that if any industrial state
too far. Where has special problems, like unem¬
the economies grow steadily the ployment, the Federal Government
problems are soluble;
for with would intervene and- attempt to
Government, but in many
rising
income tax,
the
redress
con¬
revenues
are
the
suggest
Large rises of population with¬
balance
Here
tent.
tinue to increase.
to
some
states
few
a
ex¬
that
issues:
Federal Tax Burden and Benefits From
Expenditures,
Several States, 1958
Amount per $1000 personal
income for all of U. S.
state of origin
California
Michigan
$7,671,000
3,580,000
New York
10,101,000
Texas
of
the
State
of
the
Michigan,
for
years
ex¬
ample, has been having, some¬
thing might be said for an im¬
in
compensation
ment,
not
our
the
unemployment
Wny
or
grants,
services,
deficit
ployment?
those
—
transfers
on
amounts of unem¬
especially when
such
make
behalf
of
states in many other
the
E—In
taxes
tax
problems
their
heavy
the
refrain
re¬
Administration
from
putting
and
responsibilities on state
local governments, and in
fact
relieve them of
more
?
re¬
some
sponsibilities.
expenditures and re¬
Another reason is that it is much
F—The
government should use
governments.
ducing
taxes
in
periods
of
de¬
easier to cut taxes
than to in¬
direct attacks rather than at¬
There are many arguments in
cline.
The theory behind this is
crease
expenditures.
A program support of the position that the
tack the problem of depressed
that what government policy does
of public expenditures to treat a
areas
Federal Government should col¬ to
through general meas¬
the national economy is more
decline may often have the effect lect
ures.
The way to treat these
taxes, relying largely on pro¬ important than what it does to
of
accentuating
an
instability ductive and equitable direct taxes,
areas
with
a
hard
core
of
its own fiscal position.
In fact,
rather than reducing it.
In some and distribute part of the pro¬
unemployment is not to hope
however, since the Treasury posi¬
respects it is unfortunate that we ceeds to state and
that the spill-over of Federal
| local
govern¬ tion depends on the state of the
put so much emphasis on tax cuts ments. This would be especially
outlays will solve their prob¬
economy,
correct
fiscal
policy
rather
than
increased
public helpful, because with the fear of
lems.
This is too expensive.
should improve the condition of
spending,
especially
in periods interstate competition on the part
the Treasury.
♦Excerpts
from
an
address
by Mr.
when our public welfare outlays of state
and local governments,
(2) Not only should tax spend¬ Harris before the National Tax Associa¬
have been rather below the re¬ services are
tion 53rd Annual Conference, New York
frequently starved.
ing policies be oriented to the
quired amounts. In general, pub¬
City
State
\
r.
•
governments
have
de¬ needs of the economy, but debt
lic
spending tends to be more
pended especially on sales taxes policy also should be thus used.
favorable to low income groups
Harris, Upham Adds
and various kinds of excise taxes. The test of a sound debt policy
than cuts in taxes, for generally
(Special to The Financial Chronicle)These, of course, are more flexible is not merely the minimum cost.
taxpayers are of higher income
in
their yield than
the general A smart government issues long- BOSTON, Mass.—Stephen L. Wald
levels
than
the beneficiaries
of
property tax, but not highly flexi¬ term securities in periods of boom and John J. Bergin have been
tax receipts.
ble.
These
taxes
have
become and
to
the
staff
of
Harris,
higher interest .rates, even added
especially
important
since' the if inore costly to the Treasury, so Upham & Co., 136 Federal Street.
Taxes and Growth
Great Depression when ordinary
Bergin was formerly with
long as the additional costs to the Mr.
The yield of taxes depends upon
sources
of revenue tended to be
Treasury are more than balanced Goodbody & Co.
the tax structure and upon the
disappointing. In periods of rising by gains to the economy.
size of the
national
income.
If
income and inflation the general
Now With Josephthal
the economy should grow by $200
(3) An adequate fiscal policy
property tax (GPT) is especially and
(Special to The Financial Chronicle)
billion by 1970 with good manage¬
adequate growth would yield
a
casualty.
Local
governments a national debt which need ex¬
BOSTON, Mass.—Saul L. Landey
ment, the yield of additional taxes
depend almost wholly upon the
should be in the order of $40 bil¬
pand relatively little in relation has become affiliated with Josephproperty tax. The yield does not to our
& Co., 120 Broadway, New
growth. The reduction of thai
lion, with the Federal Government
respond to the rise of prices and the national debt from 109
York
to 51%
City.
He
was
previously
getting about two-thirds, and the
income.
of GNP in the last 13 years sug¬ with du Pont, Homsey & Co.
state and local governments onethird.
gests the importance of growth —
Problems of State and Local
Much will depend upon the rise
though half the gains unfortu¬
Governments
Hayden, Miller Adds
in numbers on the labor market,
nately are related to inflation.
State
and
local
(Special to The Financial Chronicle)
governments
the
extent
of
the
reduction
of
(4)
The
government
has
to
are likely to have increasing prob¬
CLEVELAND, Ohio—Frederick T.
hours
of
work
per
week, the lems in the 1960's. Their debt learn:
James has become affiliated with
contribution
of capital,
our
tax and their
expenditures have gone A—The great potentialities of Hayden, Miller & Co., Union Com¬
system, expenditures on educa¬
fiscal policy.
up
about 300% since 1946 — a
merce
Building, members of the
tion, research, and health, and rise
way
beyond
that
experi¬ B—Government expenditures are Midwest Stock Exchange.
the extent of unemployment. We
not
necessarily
sterile
and
enced by the Federal Government.
must not periodically waste $50
less
productive than private
Education is one of their most
billion or so through recessions
Joins Mericka Staff
expenditures.
serious problems, as might be sug¬
in part brought on by restrictive
C—Fiscal
(Special
to,The Financial Chronicle) , (,
policy
is
a
more
potent
gested from the fact that since
weapon than monetary policy,
CLEVELAND, Ohio — James C.
monetary policies. If, indeed, the 1929 public school spending has
which increases interest rates, Redinger has joined the staff of
gone tr.t> from $2 billion to $14 bil¬
recessions come, as they are
likely
"starves
the
lion.
These
are
economy
for Wm. J. Mericka & Co., Inc., Union
responsibilities
to, we need much more effective
money,
is inequitable in its Commerce Building, members of
largely for state and local govern¬
ing
public
,
-
*
,,
-
theory.
The nineteenth century
system did not have the built-in
in
except
and local govern¬
and
taxes,
and
reducing public expenditures with
booms and inflation, and increas¬
raising
s,
sponsibilities, and in view of
the more productive Federal
should
of
the
of
view
ments
other
programs?
Summary
wisdom
financing
of the state
large
(1) Modern fiscal policy stresses
the
the necessary public
without recourse, to
(To be off¬
set by tax surpluses in booms.)
and
states
man-
recession periods.
■
make contributions to those states
that have large
additional
of
of unemployment.
provide
Govern¬
Federal
loans
$118
72
79
82
114
D—Adequate growth will yield
the required level of taxes to
program.
through
$99
97
112
104
97
'
millions
that
difficulties
Average
Expenditure
Tax Rev.
activity
$9,653,000
2,800,000
7,565,000
4,472,000
4,402,000
3,484,000
view
In
or
5,325,000
Pennsylvania
Average
recipient
Tax revenue by
nomic conditions.
on
States
of
Relations
cannot im¬
a
advantage.
competitive
states this has gone
should
tendency
and
the
on
pursuing policies which result in
tax.
In general, the tax systems some states paying in taxes more
of state and local governments put than they get back in expendi¬
a
higher burden on low incomes tures. It would be expected that
than
on
high incomes.
This is a rich state like New York would
justified to some extent by the pay in much more than it gets
progressive - tax
system
of
the back. But it might also b£ ex¬
provement
Ti&erd
Direct
Towards
Trend
'
substantial
with
States
introduced
was
poration net income tax, or sales
can
the nature of
structure; the
in
one
theory that no state would gain
Expenditures
by state
country
a
for
against another, even though
compensation
program
their fiscal systems. There
are still a great many states that
do not have an income tax, a cor¬
Limits
taxes
stand depends upon
have
the
much
How
resulted
unemployment
the
prove
growth of the economy.
on
has
conditions
unfavorable
state
Here
\he intervention of the Fed¬
Government
eral
cation per ye^r is a tough one.
This does not mean that state
and local governments
benefits.
unemployment
again
additional help for
schools, roads, and urban rede¬
velopment, the condition of state
and local
governments is likely*
to be precarious. Indeed, in higher
education, the problem of finding
$13-$14 billion additional for edu¬
provides
econ¬
_
be
1933, despite the 12 or 13 million
unemployed, expenditures actually
declined by $670 million, and Re¬
lion in
bly
taxes
Government
the
on
because of the large payroll
that are required to finance
omy,
$11 billion by 1970.
Federal
additional burden
an
'V
course,
need
get
Unless the
investment, and hence possi¬
tax cuts rather than
Furthermore, the share of state
increased public spending?
One governments
has
risen
greatly
reason
is the greater attraction,
vis-a-vis
that
of
local
govern¬
for the average voter, of tax cuts
ments, and state governments rely
than
increased
public spending. more on direct taxes than local
Following the collapse of 183T,
one-third.
situation.
periods
emphasis
small.
Federal
hope that
increasingly
message
expenditures.
bound to be relatively
was
that
generations
and the Federal Government de¬
was"
effects on the econ¬
nineteenth century,
part
played
by fiscal
the
the
policy
In
some
in
we
Public Expenditures
and tax¬
produce,
or
to take these goods
has
any¬
this recent shift
owe
Government spending
omy
will
hope
in
increased
economy.
than
more
emphasis.
ing had
look ahead
the
economic
the
Lord
we
cies should be used to
more
debt
by
there
spending, and tax and debt poli¬
But in the last
creasing attention.
is
the
them.
reduce
acros3
in¬
received
taxation
of
effects
the
exuberance,
economists
Dr. S.
distributive
of
of
to about $10 or
Federal
the
As
the
century
'
economy
$800 billion of goods
it would be- important
demand should be adequate
$700
1970,
say,
his
approach is to increase taxes, not
to
twentieth
one
and
early
e
To
President
the
once
economists would say that, in pe¬
and
century
recession. More
the midst of a
riods
etee nth
n
out strongly
attempt to cut taxes
of the Treasury have
only time to cut taxes
is when there is a surplus.
Most
part of the
:
•
this
Should
Secretary
In the latter
n
centives.
and
said
government.
so
against any
in
of
been
seriously impair in¬
to
Treasury have come
than
necessary
has
burden
tax
as
off the market.
If taxes are very severe this may
have adverse effects
on
savings
his
and
dent
nancing of the
functions
the Presi¬
Secretaries of the
In the last few years,
all,
adequate
the
that
heavy
"
funds must be
assure
Eisenhower
Under
Policy
savings and
in
Yet,
of the large
view
time
long
a
incentives
view of the
large investments we have had
since the end of the war, and in
flexibility of our modern system.
Nor is it very clear that, even in
since Adam
the 1950's, modern fiscal policies
Smith gave us the four maxims of
generally were accepted except
taxation: equality, certainty, con¬
by economists. '
;
venience for
the taxpayer, and
is
of
reduce the amount of
of Fiscal Policy
The Emergence
:
lack
it is not easy to
It
into education
It has been said that high taxes
and
unemployment. Dr. Harris doubts our
burden has seriously impaired the savings incentive. He states
Treasury should float long-term issues during boom periods and
not place financing costs ahead of the economy's health.
the
as
etc.
nological
1 ♦
coping with such a problem as
tax
times
several
to machines, equip¬
Undoubtedly these
large
investments
in
education
have more than paid their way.
The importance of capital invest¬
ment
is
that
it
makes
possible
the
tremendous
gains of tech¬
potent weapon than monetary policy.
Federal taxes than they receive should get more
pay more
since 1900 has been
that
correspnding job openings put
out
we
compared
ment,
Harris in advancing his contention that
by Dr.
a more
fact
much has been put
of tax and government spending policies
do in the way
we
striking
economy
the
as
Much that
past.
the
of
One
our
By Seymour E. Harris,* Littauer Professor of Political Economy,
Harvard University
<
the
in
Thursday, November 10, 1960
.
.
have problem of higher education. Here
again there is a need to increase
aspects of expenditures from about $4 billion
deflationary forces than
had
.
management
in
neutralizing
the
ments.
In
addition,
there
is
the
incidence,
and
contributes
to
the
Midwest
Stock Exchange.
Volume
192
Number 6002
.
.
MUTUAL
Commercial and
.
The
Financial Chronicle
(1885)
Co., Signal Oil & Gas Co., Wilson
&
Co.,
Inc.,
and
Youngstown
FUNDS
BY
ROBERT E. RICH
Techno
izing
business
a
was
scarcely-
II,
it is highly unusual to
come
upon
that is marking its sil¬
anniversary—a Denver com¬
company
ver
at that.
To celebrate the
event, Financial Industrial Fund
has published a highly readable
pany,
28-page annual report.Although
the
fund's
charter
permits investment in bonds and
preferred stocks, holdings have
been
confined
largely to-
common
stocks.
Th)e longtime objective:
growth of capital and income plus
"reasonable
While
in
many
another
had
extremely
ture,
in
sources
its
FIF,
similar
ven¬
slender
formative
re¬
years.
Thus, total net assets at the close
the
of
1936)
fiscal
first
(Aug. 31,
less than $125,000. At
were
the
end
the
total
the
of
year
latest
well
was
fiscal
above
For
year
has
of
this
department,
at least,
interesting aspects
lengthy report now pub¬
the
the
the
by
Rockies
Financial
the
is
Men
look
into
tucked
that
of
at
the
What
portfolio in
was
portfolio in early 1936.
market
history, which was to be
followed the very next year by
another major disaster?
Well, of gross assets totaling
$53,000, $10,775 was in "cash and
„
other assets"—better than 20%
tious
nature
helm
the
of
of
the
the selection of Ameri¬
was
Telephone & Telegraph. They
had bought 12 shares of AT&T,
can
which had
070
market value of $2,accounted
for 3.9%
of
and
FIF's
a
Those shares
(pre-split) sold at 172V2 and gave
scant cause for joy over the next
20 years.
Now FIF owns 35,000
assets.
gross
shares
of
acquired
Telephone,
fourth rank
has
among in¬
day top the list.
Also prime favorites
in
1936 portfolio, which was
up
to
committed
...Ahead of the News
special¬
and
manage¬
firms,
Keinath
<BY
FIF's
made
round
lot), were Air Reduc¬
Eastman- Kodak,
LibbeyOwens-Ford Glass, U. S. Smelting,
tion,
Well,
1, 1940,
sup¬
that on Sept.
you
had purchased ofie FIF share. For
pose
it you would have paid $1.66. The
value of your share 20 years later
would have been $4.13. Cash divi¬
dends
from
investment
income
-
during
the
two
shares. Now, suppose
taken your capital gains
rather
than
cash.
had
you
in shares
Value
of
your
investment at Aug. 31, 1960, would
have been $6.73 and cash divi¬
dends
from
income
investment
during the 20-year period would
have totaled $2.45.
Doing it this
way, you would have accumulated
1.58
shares
during
the two
dec¬
ades.
Terms
Techno Fund to invest
Keinath.
re¬
why
FIF
enters
its
second
quarter century with some
103,000 shareholder accounts. May
the next 25
Of
years
be
construc¬
as
tive and prosperous!
$100,000 in
$25,000 will be
this
through the purchase of
common
stock and $75,000 in the purchase
of
five-year
debentures.
The
will be used for expanding
money
Keinath's
manufacturing
opera¬
tions.
•1:
:i:
United Funds,
*
Inc. declared
vidend of 7 cents
Science
Fund
A
distribu¬
share
a
United
on
shares.
25 cents
of
di¬
a
share from net
a
income
investment
tion
from
se¬
curities profits was also declared.
The dividend and distribution are
payable
Nov.
30
of record Nov.
At
Sept. 30
George
to
net
Boston
of
share,
a
com¬
$14.59 three months
$14.11 on Sept. 30,
with
pared
value of
asset
Fund
equal to $14.24
was
shareholders
10.
Putnam
and
1959.
*
It goes a long way
one.
explain
agency,
announced.
the transaction call for
of
earlier
That's the record—a highly
to
agement
would
decades
have totaled $1.94, That, of course,
if you had taken your capital
is
in
Co., Columbus, Ohio, Dr.
Williams, President of the
Clyde Williams Investment Man¬
agement Co., Techno Fund's man¬
Clyde
He
Investors
Incorporated
at
assets
769
Sept. 30
total
net
$280,601,shares
outstanding 35,Net asset value a share
and
510,705.
$7.90,
was
H:
were
against
$8.63
the
at
close of the previous quarter.
'He
Funds Report
The
Niagara
659,7$8,
Share
at
assets
Oct.
Corp.
31
puts
net
at
$57,727,070,
equal to $21.36, against $62,195,934
and $23.02 a share a year earlier.
*
*
*
year
total net assets
amounted
*
*
Johnston
*
Mutual
that
ports
at
Fund,
Sept.
leading mutual funds,
reports October, 1960, sales of $2,~
sales
Inc.
net
30
which
of
$1,645,027
last year.
During
This is
the
re¬
assets
$14,663,133, or $12.60
a share, against $10,292,880 a year
earlier. Capital shares during the
year rose to 1,163,752 from 879,680.
A capital-gains distribution
of $40,962,
or
45 cents a share,
was disbursed in December,
1959.
*
*
h«
with
compares
in
October of
61.7 increase.
a
first
months
10
sales amounted
of
to
$25,004,007, which compares with $18,978,897, an increase of 31.5%.
H«
H«
'sis
Investors Planning Corporation of
America's
October
amounted
to
sales
volume
$12,926,000, Walter
President, announced.
Benedick,
Last month's business written bet¬
the
tered
$10,003,000 September
total by 29.2%, but was 22.9% un¬
der the record $16,781,000 figures
of
October, 1959, Mr. Benedick
disclosed.
H«
An
affiliate
H:
H:
the
of
B.
group of companies,
tual
fund retailers,
into
an
the
of
C.
Morton
national mu¬
has entered
agreement to purchase all
stock
of
All
States
Man¬
agement Co., investment manager
and distributor of Lone Star Fund,
Inc. Subject to approval by share¬
holders of the Dallas, Texas-based
Chrysler, Du Pont, Standard
Jersey, Caterpillar Tractor and
Pittsburgh Plate Glass.
Running over the list of more
year,
net assets were $6,266,026,
equal to $16.89 on each of 370,949
shares. This compares with $3,-
mutual fund and compliance with
were
of
than
30
stocks
in
that
lean
folio
is
bound
to
evoke
tion
for
port¬
admira¬
judgment
and
insight of the men who got FIF
off the ground. In a country beset
by
depression,
relatively
few
people had the kind of faith in
American industry that involved
putting
money.
up
And the few
Peoples
Securities
$913,212
shares
and
a
year
had
implicit faith in U. S. indus¬
try. They also had the good sense
to recognize class.
It
stands
in
out
aforementioned issues, in
to
which
there
were
of
most
the
addition
Dow
Chem¬
ical, Union Carbide, General
Motors, General Electric, Kroger,
J. C. Penney, -General Foods and
National Biscuit.
They were cautious men, too.
They put more money into foods
(over 11%) than any other indus¬
try. Chemicals were second favor¬
ite with 10% while building and
~
oil shares,
followed.
railroad:
Rowe
T.
Fund,
-
The
currently offers
net
Stock
assets
classes
of
shares—common
insurance
stock,
stock
anced
income. The
$34,787,037, or
2,585,281 shares.
This compares with $23,898,614 of
assets, $13.03 a share and 1,833,591
shares a year earlier.
series
serves
Sept.
30
a
totaled
share
on
*
Fidelity
*
the
quarter,
new
com¬
stocks added to the portfolio
were:
Cenco
Instruments
Corp.,
Coastal States Gas Producing Co.,
United Biscuit Co. of America, and
Zenith Radio Corp;
Securities
Fidelity
*"'•
eliminated
Fund
-
from
portfolio v
the
were:
stocks of the Baltimore &
vehicle
stock
for
a
contractual
payment
LOUIS,
Shields
have
Mo.
and
ward
D.
Jones
formerly
&
Co.
Bank
P.
J.
Ed¬
Co., 300 North
members of the
Midwest
Stock
Migs Shields
B.
C.
Talluto
was
Christopher
was
with
the
of St. Louis.
SAN
become
Steel
Co., Reynolds Metals
& Co. in Seattle.
to
nounced it.
and
Nixon
give
will
the
be
coalition
a
Democrats, mostly
Southerners,
and
Republicans
fighting him all the day.
The
Southerners
have
been
openly
against the program; several of the
Southern states have repudiated it.
The
campaign
in
the
South
that,
while they might
with Lyndon Johnson as
erner,
they
belief
that
doing
were
would
we
keep Kennedy's feet
As
on
a
be
SACRAMENTO, Calif. — Homer
is continuing his invest¬
Fahrner
ment business from offices
Building
Jay
name
in the
the
under
firm
of Homer Fahrner & Co.
along
go
so
was
Now Homer Fahrner & Co.
south¬
i*
in the
able
to
the ground.
matter of
fact, no Senator
elevated
to
the
Presidency has
ever been
able to get along with
Congress. The intimacy which he
has enjoyed with his fellow Sen¬
ators compel them not to accept
a
new
Truman
G.
stature. This
and
was
true
was
true
of
Warren
of
Harding This close intimacy in
the
club
know
all
makes
the
Senators
each
other,
know
their
weaknesses, their foibles. And they
can't bring themselves to recog¬
nize the greatness of one who has
been in their midst.
An exception may have been the
late
Senator Taft.
He commanded
the resnect of his
other
Senator
colleagues
has
as no
His
done.
col¬
leagues have erected a monument
to him near the capitol which tolls
every 15 minutes.
Now that the campaign is over,
Nixon
Vice-President
can
lay his
defeat to those TV programs. Ken¬
nedy
was
have gotten.
Nixon's first appear¬
terrible. Nixon's
most promising issue against Ken¬
nedy was that he was immature.
The TV showed that he was quite
too,
ance,
as
mature
Nixon
A mutual fund investing in "growth"
Send for free booklet-pros¬
stocks.
pectus by mailing this ad to
CALVIN BULLOCK, LTD.
Established 1894
ONE WALL ST., NEW
YORK 5
scarcely
known
but
these programs gave him an ex¬
posure that he could not otherwise
Name.
Addresa.
was
Nixon.
as
was
late
in
getting
his
campaign
off the
ground.
His
theory that votes are made in the
last few weeks of the campaign
was wrong. Jim Farley, that great
elder statesman, has said repeat¬
edly that all minds are made up
long before this. And it takes a
lot to change them.
One of the sad things which we
going to have to bear prob¬
ably is the return of Chester
Bowles
to
Washington. He * has
modestly retired from Congress in
48th CONSECUTIVE DIVIDEND
AND YEAR-END CAPITAL
GAIN DISTRIBUTION
are
to
available
be
The Directors of
TELEVISION-
Kennedy
services.
his
need
if
Bowles
quite likely be in the cabinet;
some people think as Secretary of
State. He probably won't be that,
but he will probably have some
place in foreign affairs.
ELECTRONICS
We
can
to
expect
see
Walter
Labor, he will name the man who
is.
He
will have a key to the
House
day and night. It is
Nixon
that
this
of
more
FUI4DV INC.
have declared
of 54 per
Reuther, the labor leader, swing
his
weight around Washington,
too.
If
he
is
not
Secretary of
make
did
during
a
dividend
share from net
earned income and
tribution
from
gain of 324
per
net
a
dis¬
capital
share, both
payable November 30,
1960 to shareholders of
not
the
record November 3, 1960.
Dividend
reinvestment
Professor Arthur M. Schlesinger
of
Harvard,
_
Prof.
and
John
K.
date: November
associated -Galbraith, also of Harvard, will be
withV Walston „& Co.,. Inc., 265
Corp.,r' Dresser'
Montgomery Street. Mr. Loncosty
Industries, Inc., E. I. du Pont de
Nemours & Co., Libbey-Owens- was formerly with Zilka, Smither
Glass
fail
Democratic^
of conservative
.
FRANCISCO, Calif .--Lee N.
Loncosty has
no
campaign.
,
the Ken¬
same
White
With Walston & Co. "
Railroad Co., Bendix Corp.,
Bethlehem
would
surprising
-
(Special to The Financial Chronicle)
have
devised
It is going to be hard going ex¬
cept, as I pointed out before, the
cooperation it gave to Eisen¬ boy wonder won't be able to get
hower. The fact is that Kennedy very far because of opposition in
will
have
no
influence
either. Congress.
Which will be a good thing for the
Mineral Inv. Co. Opens
country.
/
This is a prediction. Mr. Ken¬
HOUSTON, Texas—Robert A. J.
nedy won't be able to get Con¬
Dawson is conducting a securities
gressional approval of any part, or
business
from
offices
at
3733
at least a large part of the radical
Robinhood Drive under the firm
program
which
the
Democrats
name
of Mineral
Investment
adopted at the Los Angeles con¬
Company.
vention. There
it
should
Talluto
with
would
overwhelmingly
&
and
with
Mr.
Elizabeth
associated
Street,
York
New
—
Benedict
become
Fourth
he
who
one
nedy
will
(Special to The Financial Chronicle)
ST.
that
is the
farm program which is so
influence bad that even Henry Wallace de¬
with Congress because it would be
order
Exchanges.
past
mon
common
-
common
the
as
bal¬
and
Two With Edw. D. Jones
Fund
of
June 30.
In
monthly
plan.
*
reports total net
$365,278,188 for quarter
ended Sept. 30, compared to $384,297,822 at the end of the previous
quarter.
During
the
quarter,
shares
outstanding reached 25,238,422, compared to 25,167,600 on
assets
Ford
Lone Star Fund
Growth
reports
pur¬
tive by the end of the year.
si:,
Price
Inc.
$13.46
annual report reveals
25th
250,140
requirements, the
chase is expected to become effec¬
on
Ohio
shares).
H«
on
other legal
three
each with around 9%,
bought only one
Union
Pacific
(lfr
They
$15.64
earlier.
*
who had
faith, unfortunately, had
no money. But these men, not un¬
mindful of the times, jnust have
Corp.
Throughout the campaign, an issue
against Vice-President Nixon was
his
a
of
to
$1,504,792,065 and net asset value
per share was $10 on each of the
157,447,890 shares. This compares
with $1,410,653,011 in assets and
$10.18 a share a year earlier when
shares
outstanding totaled 138,564,746.
H:
Pennsylvania Funds Corp.,
retailer
1960,
Investors Mutual, Inc. reports that
at the end of the Sept. 30 fiscal
H«
reports
that at Sept. 30, end of the fiscal
taste,
BARGE RON
Instru¬
Refining & Mining and VUnited
States
Gypsum. Not far behind
the
CARLISLE
of
investment
an
the
in
amounted to
of odd lots (75 shares of Stand¬
Brands was the nearest thing
a
holders of FIF fared?
which
favorites and may one
stitutional
ard
And how have long time share¬
cau¬
at
men
com¬
the
wake of the worst debacle in stock
the bundle. Indicative of the
concentration of
holdings to be in utilities,
followed by oils, chemicals and
electronics, which were not a fac¬
tor in the pioneerng days.
mon
spectable
of the most
lished
the largest
$180,-
000,000.
one
small busi¬
a
financial
$100,000
gains of $1.43 in cash rather than
1930's, viewed his¬
excellent years, for
investment programs,
unfortunate fact that
an
like
income."
were
launching
it is
current
the
torically,
Fund, Inc.,
ment
that
known to the general public until
the years following World War
a
*
aids to science-based
ment
Old Man of the Mountains
*
investment company
ness
In
FROM WASHINGTON
Sheet & Tube Co.
♦
17
close
advisers,
economists
probably-
staff.
I
would
on
not
the
be
surprised to see Prof. Coleman of
the University of Minnesota be¬
come
Secretary of Agriculture. He
.
.
;
■
November 3,
3, 1960.
Chester D. Tripp
I960
President
120 S. LaSalte Street, Chicago 3, Illinois
-
r
(1836)
Association of
49th Annual Convention
Investment Bankers
America
The
'
CHARLES
i
Aviation Agency.
>
V
*
meetings
sessions.
of the Municipal Forum on Sunday afternoon and a
meeting of the incoming Board of Governors on Thursday after¬
:
"■'
,-■
Board
The
of
will
Governors
Lv.
Richmond
Street, mem¬
bers of the
Ar.
Hollywood
11:40 a.m.
Midwest Stock
■
'■
...
Richmond
Ar.
Washington "_____
Ar.
Baltimore
■
submit
convention the
the
to
H. Walker
Co., St. Louis
&
Newark
Ar.
New
"East Coast Champion"
leaving Hollywood at 10:04 a.m., with arrival in
tains
daily service of the
10:50 a.m. the next day.
D. Room
Compt.
Bedroom
Bedroom
Duplex
2 Persons
2 Persons
2 Persons
1 Person
1 Person
___
___
—
___
—
$48.68
$44.99
$37.07
$31.63
66.11
48.68
44.99
37.07
31.63
63.64
46.92
43.34
35.75
30.36
59.07
43.62
40.43
33.28
28.22
53.19
38.12
35.04
30.14
25.41
Walter
H.
47.41
33.99
31.08
26.84
22.44
to date of departure.
.
Pullman reservations for the return trip of the special
Steel
*
Registration Fee
The
registration fee for the convention will be $50 per person.
Checks covering registration fees should be made payable to the
Association and forwarded to its office in Washington with the
form
convention
for
registration and hotel reservations.
Hotel Arrangements
All reservations for
at the convention hotels should be
rooms
made
through the Association's office on the form for convention
registration and hotel reservations. Confirmation of reservations
will be made
will not be able to
train
are
Newark
Philadelphia
connection.
Rates at both hotels will be
$40
on
pancy.
128.38
Washington
116.11
Richmond
the American Plan and will be
train
Two special ears
—
to assign roommates.
'
;
between the two hotels will be fol¬
as
course, be necessary to
assign accommodations in accordance with the space available at
each hotel.
or
Those
staying at
the other hotel
at
one
hotel
may
in their discretion.
limited
A
number of
sitting rooms will be available at both
Hollywood Beach Hotel will be $10, $15, and
$20 per day, depending upon size and location—at The Diplomat,
$20 per day. In addition, a few apartments will be available at
the Hollywood Beach Hotel. They are located in close proximity
to the hotel, and are operated as an annex with full hotel service.
hotels.
Each
Rates at the
apartment contains
sitting
room
contains
a
a
accommodate three persons
be $51
day for two
per
limited
A
double
persons,
number
and
sitting
Each
comfortably
if desired. Rates (American Plan) will
day bed.
room
so an
apartment
Bankers Association.
will be
early arrivals can) be accommodated
beginning November 19, and a limited number of reservations can
be continued to December 4 at the Hollywood Beach
Hotel, and to
December 8 at The Diplomat.
It will not be necessary for those
concerned to make separate reservations for the pre-convention or
post-convention period provided they indicate
departure plans on their reservation forms. It
for them to change
necessary
The American
convention.
those
rooms
Plan
their
may,
arriving early or staying over afterwards.
for cabanas at the Hollywood Beach
be
available
made through
will
be
the- Association's office.
As
and
however, be
rates will
Requests
should
arrival
at the opening or close
convention
St.
the
pool
number
occupants.
The rate
for
a
least
cabana
four
will
persons
be
$12
will also be available at The Dipolmat at the
not
planned
to
accept advance
reservations,
are
per
same
and
specified
as
day. Cabanas
rate, but it is
those desiring
them should make their arrangements after arrival.
will not be able to
SPECIAL
34.21
;
has been named regional
representative for the Pennsyl¬
territory by The Keystone
Company of Boston, distributor
vania
of
:
Yv' ; "'"-'-Y Y:':'Y: '
-
v.'Y Y
tickets should be purchased
Those in charge of going Pullman reservations
supply them. Round-trip railroad fares (includ¬
>
».
HOTEL REGISTRATION —BAGGAGE
between Washington and Richmond, Atlantic Coast Line Railroad
between Richmond and Jacksonville, and Florida East Coast Rail-
Custodian
Fund
of
Ltd. '■ Offices
will
be
at
1700
Pennsylvania
Keystone
10
and
located
Keystone
Building, Philadelphia.
\ :
!
"*
Mr. Gray has been sales man¬
ager
of
the
Syracuse
of
office
Hayden, Stone & Company.
Form Franklin
Corp.
Corporation
has
been formed with offices at 3
West
Franklin
Street, New York City, to
provide funds and technical as¬
enterprises.
57th
Representatives
special train and
of the convention hotels will travel on the
and will furnish passengers with slips indi¬
cars
cating their hotel
room
numbers.
Holders of such slips
should
present them to the floor clerk on the proper floor of the Holly¬
Beach Hotel, or at
sistance to small
the front desk of The Diplomat, where
Chilson, Newbery Office
NEWBURGH,
directly to their rooms. The" hotel representatives
will also furnish passengers with baggage tags filled out with their
names and hotel room numbers, which should be attached to each
Newbery & Co., Inc. has opened a
branch
office
at
361
Broadway
piece of hand baggage. Then, upon arrival all such baggage will
be transported from the station by truck and distributed promptly
Osterhout.
proceed
under the
AIR
TRANSPORTATION
LOS
In view of the number
that
those
wishing to fly
their arrangements most
Accordingly,
no
of flights
to
or
now
available, it is believed
from the convention
can
make
satisfactorily through regular channels.
special flights hhve been arranged this
year.
Opens Branch
ANGELES, Calif.—Glenn
Hinton has opened a
at
—
management of Richard
Hinton
hotel rooms.
N.
Y.
Chilson,
they will be given their room keys without registering and may
TRAIN
train in both directions will be Pennsylvania
Rai'road between New York and Washington, R. F. & P. Railroad
the
Funds
The
■
Keystone Funds
Gray
■'
ing Federal tax) to Hollywood are $119.35 from Chicago, $104.67
The route of the
$36.58
39.55
from St. Louis.
to the proper
YORK
$42.35
43.01
-
from local agents.
Convention Transportation
NEW
Bedroom
1 Person
RAILROAD TICKETS—Railroad
then
at
Bedroom
2 Persons
ticket agents.
will
unless
■
Canada,
their requests to as great an extent as possible. Each cabana will
comfortably accommodate six or eight persons, and no application
considered
For
PHILADELPHIA, Pa.—Donald A.
planned to operate special cars for the return trip and
Pullman reservations for that trip should be made through local
wood
be
■'.H'
2 Persons
$46.26
the
in charge
Gray Regional Rep.
reservations should be
Compartmt.
60.06
in
Bank
officer
It is not
apply for
limited, it is hoped the members will combine
Winters
Na¬
capacity of
of Bookkeeping
and Proof operations. The bank's
rapidly
developing
automation
program comes under his atten¬
serving
currently
tion.
2 Persons
$64.57
associ¬
been
banking 26 years and is
4:50 p.m.
Double Room
Louis—
of'the
Hotel
'
.
..
has
Folkerth
tional
10:17 a.m.
Sat., Nov. 26
1.
.
Chicago
room.
of
was
Matthew J. Hickey III, Hickey & Co., 135 S. La Salle
-
Institute courses.
General Chairman of the
Leaders'
6,
1960, and has served on the Bank
Management Committee of Ohio
reservations through Harry Theis,
Stifel, Nicolaus & Company, 314 N. Broadway, St. Louis 2, Mo.
One-way Pullman fares (including Federal tax) to Hollywood are
follows:
and has served
of president,
instructor of
He
Street, Chicago 3, 111.—St. Louis
can
$60 per day for three,
V"
PULLMAN RESERVATIONS—Chicago
as
(Ohio) Chapter
including
offices,
District Twelve Regional
9:15 a.m.
Fri., Nov. 25
Chicago
made through
a
elective
all
ated with
from St. Louis and one from Chicago
_____
Frequent transportation
charge.
He has
as
LOUIS SPECIAL CARS
Lv. St. Louis —
Ar. Hollywood
:
take their meals there
between the two hotels will be furnished without
of the
Stonier School of Banking.
that
Railroad
Lv.
lowed to the extent possible, but it will, of
Certifi¬
graduate
is
served the Dayton
86.35
Albany, Atlantic Coast Line to Jacksonville, and Florida East
Coast Railway to Hollywood. The schedule will be as follows:
necessary
attained both
Graduate
and
and
cates,
the "City of Miami," the route of which is Illinois
to Birmingham, Central of Georgia Railway to
on
Washing¬
Seattle,
in
Folkerth has
Mr.
Standard
$102.14
95.98
will
be
Convention
(includ¬
operated
Central
the
at
ton.
reservations
will be limited, it is suggested that arrangements be made to share
accommodations.
If single applications should be excessive,
it
Indicated preferences
held
Mr.
CHICAGO-ST.
day for double occupancy and $25 per day for single occu¬
As the rooms which can be assigned for single occupancy
per
The election will
June, 1961- AIB
tute of Banking.
be
on
has been
American Insti¬
by the
disclosed
Conference in Dayton on Aug.
Baltimore
York*—— $129.61
New
promptly as possible, but due to the time required
them, there will necessarily be some delay in this
as
for processing
R.
candidate for membership
for
follows:
as
Richard
of
the Executive Committee
points served by the special
ing Federal tax) to Hollywood from
Acceptance of
—
Vice-Presi¬
dent, Winters National Bank and
Trust Company of Dayton, Ohio,
in
supply them. Round-trip railroad fares
Farrell, Inc.
&
Assistant
Folkerth,
through the rail¬
Hollywood Beach
Those in charge of going Pullman
from local agents.
B.
Grand
For AIB Post
DAYTON, Ohio
the
nomination
TICKETS—Railroad tickets should be purchased
RAILROAD
in
Inc.
Folkerth Named
Kornhoff, Passenger Sales Repre¬
sentative, The Pennsylvania Railroad, Room 401, Pennsylvania
Station, New York 1, N. Yl, at the earliest possible date in order
that satisfactory arrangements may be completed.
If this is not
possible, or if plans change, they may be made
road representatives who will be present at the
Hotel during the convention.
/
H.
York,
New
Co.,
Rapids and Bell
in Madison, Wis.
should be made through D. A.
Co., New York
Convention
___
and
to Barth Thomas &
in
&
Shaine
made prior
Prescott, Shepard & Co., Inc., Cleveland
Drexel &
___
___
Jones &
Angeles
Los
in
Co./ Inc.,
reservations for the
Chairman. One-way Pullman fares
(including Federal tax) to Hollywood are as follows:
/
•
Marquardt
wires to Mitchum,
San Francisco,
going trip should be made through the New York Transportation
Committee, of which Philip D. Baker, White, Weld & Co., 20 Broad
$66.11
Jerome F.
Templeton
will be issued in lieu of
Certificates will be mailed if applica¬
tions are received promptly. Otherwise they may be picked up at
the office of Philip D. Baker prior to 5:00 p.m. on Friday, Novem¬
ber 25. Refunds cannot be made on cancellations which are not
Robert O. Shepard
in
trad¬
counter
Certificates covering Pullman space
Thomas M. Johnson
<
Co.
specializes
•regulation Pullman tickets.
Johnson, Lane, Space Corporation, Savannah
In¬
vestment
ing and main¬
Richmond
Co., Chicago
1942.
in
Cook
schedule shown above. For those
special, attention is called to
Washington
David J. Harris
organiza¬
s
who cannot use the
Baltimore
-
A.
Co.,
over-the-
___
208 South LaSalle
a
R is hoped the majority of those using rail
service northbound will avail themselves of the
1
The
i t
1:35 p.m.
RESERVATIONS—Pullman
become
Cook Invest¬
Chicago, since
tion
•'
Philadelphia
Bingham, Walter & Hurry, Inc., Los Angeles
&
Fuller
1:20 p.m.
train
has
He
William
9:05 a.m.
York__
Jerome F.
—
partner of
10:21 a.m.
12:01 p.m.
Ar.
Newark
VICE-PRESIDENTS
Bache &
6:05 a.m.
Street, New York 5, N. Y., is
Curtis H. Bingham
-
Fri., Dec. 2
Sat., Dec. 3
11:51 a.m.
St.
New York
G.
_______
111.
Marquardt
been
has
12:07 p.m.
Phila.___
30th
North
FOR PRESIDENT
FOR
Schedule
Phila——
Ar.
Ar.
Regular Ticket for 1960-61, as follows:
George A. Newton,
Sun., Nov. 27
Ar.
PULLMAN
Regular Ticket
.
ment Company,
3.20 p.m.
5:50 p.m.
New York at
planned for the afternoons, which will be left free
are any
noon,
2:10 p.m.
Washington
the
the exception
for recreation.
Baltimore
Lv.
special
Association will hold
and will present their annual reports at the convention
No business sessions are planned for Friday, nor, with
the National Committees of the
and many of
associated with the
Lv.
—
the Board of Governors
addition, there will be meetings of
In
Federal V
Administrator,
QUESADA,
R.
12:41 p.m.
30th St. Phila.
<
Company..
ELWOOD
(Jerry)
Lv.
Phila.__
Lv. Hollywood
Bell & Howell
President,
PERCY,
CHICAGO,
12:31 p.m.
North
Exchange.
of the Board,
of New York. A
EISENHOWER, President, Johns Hop¬
H.
Cook Investment
11:15 a.m.
Lv.
York__
They will
University.
kins
11:00 a.m.
New
Newark
Return
Morgan Guaranty Trust Company
MILTON S.
Sat., Nov. 26
"
"
"
"
"
"
Lv.
Lv.
convention
HENRY C. ALEXANDER, Chairman
•
,
on
Marquardt With
Going Schedule
Association will be held in
Sunday, November 27, and end¬
Sunday afternoon. There will then be
sessions each morning from Monday through Thursday.
be addressed by the following guest speakers:
pal Forum
Thursday, November 10, 1960
follows:
as
of the
Convention
Annual
1960
...
The schedules will be
between Jacksonville and Hollywood.
' ' 1
way
Hollywood, Florida, beginning on
ing on Friday, December 2. The Hollywood Beach Hotel and The
Diplomat will be the convention hotels. The former will be tne
headquarters hotel and the business sessions will be held there.
The first business session of the convention will be a Munici*
Financial Chronicle
The Commercial and
18
10145
Hayvenhurst
Granada Hills, under
ment of Matt W.
E.
branch office
Avenue,
the manage¬
McCusker.
Volume
192
Number 6002
.
.
The Commercial and Financial Chronicle
,
This
Structural Problems in
*'
.
International
serious
many
borrowers
warned
are
need for
economic
Dillon
extend
are
made
of
aware
the
increasingly
bilateral
financial
keeping surpluses in mind
the
in
lack
setting up projects and programs.
of
ratification-support shown
D.
He also refers to the
The
Cooperation and
has been
momentum in
past
year
gathering
Development—successor to
of
one
cooper¬
veloping
be
met
from
the
O.E.E.C.
which
countries
Bank's
The
resources.
the peoples of
i n g areas in
tions of the United States
the newly develop-
IDA,
ting battle for
the Bank.
social
and
conditions
o
national
f
and the United
the
in¬
dependence,
er
fore
it
to
The
wise
of
of
the
that
World
and
battle
Bank,
greater
a
before to
ever
is
won.
under
the
imaginative
President
Eugene
leadership
Black, has
create
this
helped
greatly
to
heightened
awareness
and
this
strengthened determination.
We
regret that President Black, be¬
of
cause
illness,
cannot
here
be
wishes for
a
is
especially
in
presented
by Vice-President Iliff who,
as we
Free
is huge
The eyes of the
that
it
their hopes in
this regard
Multilateral
cooperation
development has
economic
of
establishment early this year of a
Development
Assistance.
Group
among several capital - exporting
nations.
Its purpose1 is to discuss
the
best
of mobilizing and
for develop¬
ways
resources
assistance and to
encourage
Development
of
October.
will
which
its doors for lending
open
1st
Bank,
This
on
the
finan¬
new
itself a high point. This
and
encouraging
since the private market
is the largest potential source' of
ous
year,
is
healthy
a
trend,
development capital.
The United States will continue
is
welcome in
made
appropriate both to the long-term
It is not
the
responsibility of
the
vestment
Cuba,
effects
exchange
for
experience
tional
with
views and
interna¬
of
other
with
organizations
concerned
development problems.
As
of
many
plans
are
you
being made for the ab¬
sorption
of
the
Development
community
tion
economic growth in the less
developed areas. These are, first,
the problem of surpluses, which
depress the prices of several basic
per
commodities
of
The Plan will
significant contribution to
the economic potential of India
and Pakistan through better irri¬
a
and
reclamation
soil
hydro
increased
gation,
power,
flood pro¬
-
It
represents the peace¬
of a protracted
international dispute over water
tection.
termination
ful
rights. And it enlists the cooper¬
ative help of a number of capitalexporting nations under the aegis
of the Bank, thus demonstrating
once
again that international co¬
operation can often achieve what
no
one
The
be
nation
can
United
do alone.
States
is
: ;
f
to
happy
participant in this construc¬
tive and far-reaching enterprise.
At the same time we recognize, as
I am sure other contributing gov¬
a
ernments
do, the need for a con¬
tinuing flow of external resources
into the general economic devel¬
opment programs of
Pakistan, apart from
Basin
India
the
and
Indus
ed
to
New
the
entry
into
force,
just announced, of the Articles of
Agreement establishing its new
affiliate
the
International De¬
—
velopment Association.
It is our
hope that the IDA can begin its
operations by the first of the year
and that, in accordance with the
spirit of its Articles, it will oper¬
ate
in
a
vigorous and flexible
manner
to fill needs of the de¬
include
to
well
as
as
been
OECD
authorize
would
it
to
the
American Governments
Latin
their
expressed
social
further
determination
to
hand
in
progress
hand with economic development,
United
the
and
States
recorded
its intention to establish
a special
provide flexible financ¬
ing
for
Latin
American
social
development.
It is proposed that
the Inter-American Development
Bank should become the primary
mechanism for administering this
fund
to
fund.
new
Thus the Inter-Ameri¬
Bank will be able to cooper¬
can
ate with the Latin American
in
tries
their
efforts
coun¬
achieve
to
better
education,
housing
and
public health and to carry out
their
programs
forimproving
of land tenure, rural
systems
settlement and
re¬
taxation.
Aid
Still
multilateral
Needed
institutions
needs of the
for
external
all
meet
the
developing countries
assistance.
Bilateral
of long-term assistance
capital-exporting nations
programs
by
are
the
essential.
also
Greater
bi¬
lateral efforts
essary
on
are especially nec¬
the part of those indus¬
trialized
countries/
Federal
Republic
which
in
recent
generating
balance
of
such
of
years
as
been
and
increasing
payments
surpluses.
large
'
objectives of the OECD
will be best served by establish¬
ing an effective liaison between
the OECD and other international
institutions
having related inter¬
ests, including the World Bank
and the Organization of American
States.
and
that
technical
its
activities
have
the
of
use
one
develop¬
support.
,
Once
again
the
management
and staff of the Bank have earned
our
thanks
We
can
for
be
job
a
confident
well
done.
that
under
to
con¬
in meeting the
grow
ex¬
panding needs of its members.
,
*An
address by Mr. Dillon before the
Meeting of the N.M.F., the I.B.R.D.
I.F.C., Washington, D. C.
Joint
and
short-term
credit
Omega Precision
also
It
larger
a
share
of
main
of payments
de¬
situation of the
lenders
nor
Neither
benefit
can
continued
piling
international
debt, much of it
terms
demands
for
of
ex¬
on
inevitably leads to
these
prevent the dis¬
the
all,
for terms and conditions that will
keep the balance of payments ef¬
fect of debt accumulation within
manageable limits.
In many cases
this will also mean
a
on
mercial
of
the
use
export
the
on
such
sensible
of normal
credit
clearly
credit
and
240
25c
stock
of
per
The
the
bobbins
which
principal
manufacture
miniature
ture
common
company's
is
ness
par
of
,
busi¬
micro
plastic resistor
escapulation
cups,
epoxy
and
used
are
the
in
manufac¬
of resistors.
Omega's customers include
Hughes Aircraft, Kelvin Electric,
Aeronox, Key Resistor, Hoffman
Electronics
Dale
Laboratories, and the
Products
The
of
Hath¬
proceeds
a
is engaged in an
and the net
company
expansion
for
Division
Instruments, Inc.
away
program,
will
be
used
volume
of
business
to
prepare
Omega
estimates will exceed $100,000 per
month in the near future.
Bernier Adds
Staff
to
(Special to The Financi\l Chronicle)
AUBURN,
Morin
Me.—Rene
has
been added to the staff of Bernier
&
Co., 40 Beech Street.
With
Schirmer, Atherton
(Special to The Financial Chronicle)
PORTLAND,
with
Me.
has
Ramon
—
become
Schirmer,
Atherton
634
Congress Street. He
erly with First Maine
M.
connected
&
was
Co.,
form¬
Corpora¬
tion.
Giessing Adds
FARMINGTON,
Mo.
John
—
1
W.
Sucher has become affiliated with
P.
M.
Giessing
&
Jefferson Street.
with
Co.,
He
Metropolitain
108 North
formerly
was
St.
Louis Co.
Forms Income In v. Co.
com¬
espe¬
long-term
V
LONGVIEW, Wash. — Arthur J.
Coney is conducting a securities
business from offices in the Bow¬
Building under the firm name
Investment Company.
ers
of
Diversification
In ad¬
M. P.
("Special to The Financial Chronicle)
re¬
unsuitable
for
development projects.
Income
Mr.
The
at
Omega Precision, Inc. at $2.50
share.
,7.
of default.
therefore, make
effort to assure that in our
development assistance programs
we
arrange in the first instance
use
Co.,j the
is
consequences
should
cially
which
St.,
San Francisco,
Calif., offered and quickly sold to¬
day (Nov. 10) 120,000 shares of
Simmons
debt
adjustment in
terms in order to
turbing
the
suitable terms.
on
accumulation
The
from
Securities
of
"Montgomery
of excessive
up
Coast
office
for
velopment assistance in the form
of flexible loans suited to the bal¬
ance
■
Common All Sold
Pacific
development purposes.
points to the wisdom of
assistance
expanded.
economic
vital task for the future, and
to which the Bretton Woods
a
long-term
straint
'
•
Turning to the operations of the
Bank
during the past year, we
are happy to note that its lending
activities continue at a high' levely
Coney
was
formerly
with
dition, the Bank has performed a
notable
service
in
bringing to¬
gether several countries provid¬
ing bilateral assistance to India.
Group discussions such as these
are useful
and practicable where
the scale of the Bank's lending,
fluctua¬
earnings
arising from sharp movements in
the prices of primary products is
admittedly a difficult one. A part
the
develop¬
countries. Also, difficulties affect¬
B.
and the magnitude
ing particular commodities are be¬
Pacific Coast Securities Company,
case-by-case
lOS^Broxton Street. Mr. Weaver
of the
size
of
the
domestic
external
resources
being
supplied
from
several
capitalexporting nations, are all very
large.
It is our hope that the
similar
arrangements which the
Bank is
tion
now
with
ment
preparing in
the
economic
connec—
develop¬
program
of Pakistan
equally fruitful.
prove
the
Germany,
have
the
ment program,
development
cannot
view
Debt
capital-exporting nations and the
need for prudence on the part of
borrowing countries in avoiding
every
our
Short-Term
especially of short- and
debt, has become
increasingly
serious.
This
fact
merely underscores, once again,
the need for long-term develop¬
ment lending on the part of the
We
In
de¬
debt,
ternational
organizations.
by the
medium-term
enter into relations with other in¬
In the Act of Bogota
espe¬
We agree that the accumulation
of
basic economic and industrial de¬
But
The Bank is also to be congrat¬
on
development
the
-
Development Association
ulated
Bank
of
indebtedness
Excessive
velopment.
Bilateral
International
role
the
Inter-American
project.
The
broaden
number
a
countries,
veloping countries.
social
ment in many ways.
make
achieve¬
which
on
less developed
the
remarkable
the part
on
problems which continue to ham¬
important functions in the field of
a
or
is
It is
Report calls atten¬
important structural
two
onerous
is
reconstitution
successful
their guidance the Bank will
Annual
to
Cooperation—when the OECD has
formally established.
The
present draft of the Charter of
days ago at Karachi.
This
well.
will be necessary.
us
borrowers
a
the
other
of all of
tended
few
as
in
investment
Organization for
operation
and
be
the
Nations, will also soon
participate in the Bank and Fund,
tinue
duration, but reassurance
and encouragement to the private
borrower.
will
have
of
of short
Assistance Group by the proposed
Economic
Co¬
Development—
members
in
discouraging
investment
providing
aware,
are
which
of
many
become
as
the hope of the United States that
these effects will be limited and
remodeling of the present Organ¬
ization
for
European
Economic
month, at Bo¬
gota, the American Republics act¬
recently
have
to
developing countries
which
this
country, such
witnessed
on
system.
Just
one
tend
institutions of the inter-American
agreement on the Indus Basin
Plan, signed only a
Settlement
in
have
we
Development Assistance
Group to engage in operations or
nity
Africa,
Uiiited
the develop¬
ing countries themselves. Unfor¬
tunately, arbitrary and punitive
actions against foreign private in¬
the
organization is an important
to the
long-established
only
that private capital
measure
cial
addition
succeed
can
national
repayment
of
just
institutions should lend their full
in the
it
payments situation of the borrow¬
of
which Will shortly join our com¬
pany.
And may I venture the
hope that all of the new nations
But these efforts
that
nature of the development process
and to the prospective balance of
terms
In
closing, may I add our words
of welcome to
Nepal and Nigeria,
ment of the free nations of Africa
all
do
cially in Latin America, are heav¬
ily dependent for their earnings
of foreign exchange; and, second,
the problem presented by the in¬
creasing accumulation of inter¬
of
use
19
properly can to
encourage
the
flow
of
private
capital to the less developed areas.
to
know, has done jso much to
bring to a successful conclusion
all
Sales to private in¬
other investors of
portions of the Bank's loans were
64% over the level of the previ¬
The
The growing importance of bi¬
lateral assistance efforts led to "the
Inter-American
the
and
met.
are
to
discuss the specific
develop¬
developing countries, since nonment projects or programs of par¬
participation in the IDA by a de¬
ticular countries or areas.
veloping country can only serve
to reduce the potential availabil¬
/Development Assistance Group
ity of external resources for the :
and the OECD
development of the country con¬
The
World Bank
has partici¬
cerned.
pated in the discussions of the
Development
Assistance
The New Inter-American
Group,
which also provide an opportu¬
Development Bank
lishment
should be
address
of the newly
case
fitting that,
President Black's absence, the an¬
nual
especially in the
full and speedy
recovery.
It
necessary steps
for
This is regrettable,
the
us
of the safety and progress
of the Free. World we must see to
er.
the
for
also
been broadened and strengthened
during the year with the estab¬
today, and we extend to him our
warm
membership is
broadly. A num¬
of
terest
the
is
its
more
take
to
winning
There is also
determination than
see
until
ratification.
importance
this battle.
IDA
ber of countries have so far failed
Douglas Dillon
the
of
historic
United
safely
it cannot become fully
extended
be¬
ever
the
coun¬
struggling people in the newly
developing countries are upon us.
They are looking in particular to
leading creditor countries, espe¬
cially in continental Western Eu¬
rope, for an effort more in line
with their capacities.
In the in¬
clude the IDA.
effective
awareness
than
the
of
countries
The task before
Bank's loans.
stitutional
be chan¬
can
developing
terms suited to their spe¬
needs.
It. is to be regretted
ment
launched,
Free
Worlda great¬
Fund
the
on
increasing
While
through¬
the
out
Special
resources
into
Nations, will be broadened to in¬
There is to¬
day,
Nations, and more
between the Bank and
recently
and
*
pre¬
they have in the past with
as
hope, also, that the satis¬
factory
relationship
which
has
long existed between the Bank
individual
freedom
are
We
prog¬
under
ress
institu¬
lending
pared to cooperate fully with the
their unremit¬
economic
cannot
ordinary
ative international efforts to assist
a
not
and it is critical.
Development Bank and looks forward to the absorption
of the Development Assistance Group by the
proposed Organization
Economic
good creditor
only welcome
imports, it must also be prepared
to finance its export surpluses so
must
World.
American
for
Nowadays
a
creditor
by
Inter-
new
be
generally rec¬
ognized in principle, has so far
not been adequately implemented
by certain of the most important
underdeveloped countries for the International Development Associa¬
tion—an affiliate of the I.B.R. &
to
policy.
cial
Mr.
date
to
the
which
that this fact, while
to achieve greater
as
so
to
used
good creditor country
pursue
a
liberal import
tries
lenders and
aid, and
It
should
neled
against unrealistic terms and conditions and
diversification
regrets
said that
shirked.
that these
banking leaders
asked to
are
of the
•
problems of short and medium debt accumulation and sur¬
in developing countries.
Countries such as Western Ger¬
pluses
be
country
By Hon. C. Douglas Dillon*, Under
Secretary of State,
Washington, D. C.
.*>
responsibility
community
a
World
cannot
The International Economy
•
is
Free
(1887)
will
Enlisting Private Loans
"The
Bank's
continuing
ment
tion
in
of
Report
success
enlisting
private
reveals
the
of the manage¬
the
participa¬
investors in the
problem
of
wide
tions in foreign exchange
of the answer lies in the
diversification
ing looked
at,
of
on
the
a
Waddell
Morton
&
Reed,
Inc.
and
B. C.
Co.
With Pacific Coast Sees.
(Special to The Financial Chronicle)
economic
developing
&
LOS
ANGELES, Calif. —Williard
joined the staff of
Weaver has
with
Vanderbilt
basis, in the various groups and was" formerly
organizations
concerned
vwith Investment Company and Evans
these problems. One aspect of this MacCormack & Co.
situation, however, is of special
relevance to development lending.
Now Clark, Melvin & Co.
This
is the potential impact of
ANNAPOLIS,
Md. — The firm
development assistance on sur¬
name of Personal Planning Asso¬
plus production.
All of us who
participate in development assist¬ ciates, 5 Maryland Avenue, has
been changed to Clark, Melvin &
ance, whether as lender or bor¬
Co., Inc. Officers are Garnen Y.
rower, should keep these surplus
problems in mind in considering Clark, President; John B. Melvin,
suitable development projects and Vice-President; and C. Ivi. Feneis,
programs
Secretary.
20
(1888)
The Commercial and Financial Chronicle
Such
years.
BANK AND INSURANCE
LEO
BY
I.
BURRINGTON
Per Share
Insurance Stocks
—
and
New
candidates, Massachusetts Bonding and Insurance Co.
prospective purchasers tendered
Investment
Price Range
Income
56-44
$4.05
1959
54
-
part by
43
Approx. Adj.
Dividend
Book Value
—$2.17
Earnings
$2.00
$86.79
0.63
2.00
79.76
8.47
—
-
38
7.90
—
2.23
1.90
86.38
1, 1962, up to and
-
36
7.18
—
3.46
1.90
83.24
1, 1973.
1956_—____
58 -37
6.42
0.06
1.80
83.83
1955
63 -48
5.92
3.39
1.80
87.61
informed its stockholders that neither the officers
planned to tender their holdings for sale.
♦Six
by
made.
The
stock
purchase
Worcester
1.30
60.72
production
has
intentionally
courtships will
in
It
now appears none
Company
1960.
■
•
the
Worcester group lost interest in its proposed affiliation with Mas¬
sachusetts Bonding.
Later
the
president of Massachusetts Bonding (Boston) and
(New York) announced that a merger
of the two companies was under consideration
following the pur¬
chase of a large block of Massachusetts Bonding stock
by Hanover,
the Hanover Insurance Co.
presumably from the Worcester interests.
which
Last week Hanover In¬
approximately 30% of Massachuetts Bonding's
outstanding stock, announced that negotiations for a merger have
surance,
been
owns
discontinued.
Rec.
Shares
Bid Price
Mean
Indicated
Range 19 GO
Price
Dividend
Mass. Bonding & Ins. Co.
44- 33
39
$2.00
Hanover Insurance Co.
45- 40
45
2.00
4.4
500
Security Ins., New Haven
58- 40
58
1.20
2.1
*414
Fidelity & Deposit (Md.)
51- 44
50
2.00
4.0
900
Home Insurance Co
62- 49
59
2.20
3.7
4,011
New Amsterdam
56- 44
55
2.00
3.6
500
♦Plus
usual
3%
Casualty
stock
dividend
payable
Outstdg.
Yield
(000)
500
5.1%
000 shares of New Amsterdam
January, 15)61.
cal
isotope
of
broad line of
a
felt,
merged
was
officials
tire
bank
utilized to
was
loans
of
re¬
$1,850,000
obtained for purchase of Standard
Felt.
In February,
1960, John E.
Fast
&
Co.
of
Chicago,
leading
a
Fidelity and Deposit Company of Maryland confirmed that
conversations were in progress looking toward the acquisition by
Fidelity and Deposit of New Amsterdam Casualty. Management
producer of
of the
Co. of Mount Vernon, N. Y., a de¬
signer and maker of electronic
of the
latter
advised stockholders to await
offer by Fidelity and Deposit.
exchange of stock
an
A specific offer has not been forth¬
May,
1960,
the Security-New Haven proposal by the Con¬
on
originally
scheduled for Aug.
22.
At the request of New Amsterdam management the hearing
twice has been postponed—to Nov. 21, then to Dec.
5, 1960. On the
other move, the Greater New York Insurance Brokers' Association
its opposition to
expressed
the
was
of
merger
New
Amsterdam
and
Fidelity & Deposit in letters to Superintendents of Insurance of
Maryland and New York, the Federal Trade Commission, and the
Antitrust Division of the U. S. Department of Justice, feeling the
proposed merger would restrain trade, limit competition, and not
be in the
public interest.
be considering
may
offer.
an
Last
the
week
Wall
Street Journal reported the officials of the two firms would neither
confirm
deny the report.
nor
coming
A joint statement might be forth¬
soon.
1959—
1958—
1957—
1956—
1955—
—
_
In
Writtenf
Earnedf
$42.5
$40.7
85.2
_
92.1
___
.
June
^Expenses
Growth
Expense
Assetst
Ratiot
Ratiog
-
pur¬
1960,
its
the
company
Standard
Felt Di¬
vision to Federal Manufacturing &
71.8%
*—
166.7
69.4
—7.5%
36.0
—5.4
166.9
70.9
35.5
—6.4
161.1
.70.7
35.8
—6.5
82.5
157.9
68.3
35.7
—4.0
79.5
151.3
65.4
35.6
—1.0
for
30.
tin
incurred
New
to
millions
of
$.
^Losses
incurred
to
has
stock
was
72%
of
the
total
common
outstanding, which
increased
through
last
loan.
interest
month
conversion
convertible
present
of
to
79%
$500,000
a
Based
on
over-the-counter
the
market
3rd
fices
Quarter Earnings
Comparison
Bulletin
on
Request
Sons
have
at
16
G.
opened
East
Member*
New
Member*
American
York
120 BROADWAY,
W.
Slaughter,
Center
Stock
Exchange
Chester V.
NEW YORK 5,
Specialists in Bank Stocks
N. Y
value
$7.50
per
of
share
common.
VICTOREEN
under lease
are
and
owns
nine
al¬
/
holds
plants, of which
located
Second
Jack
Mr.
and
in
Building,
W;
Serig
Kowalski
Mr.
were
Bache & Co.
the
Kelso
Union
Wichita,
as
Kowalski
O'Brien,
of
with
manager and
as
Serig
associate.
and
formerly
and
profits
Since that
increases
as
sales
in
result of the ag¬
a
gressive acquisition and diversifi¬
cation
enabled the
program
com¬
to report 1959 after tax net
pany
N. Y.
Modern
research
and
development laboratories
maintained
headquarters
at
at
the
company's
Cleveland
and
other plants where an experienced
staff of 110 scientists and
elec¬
tronic
engineers is constantly test¬
ing and improving newly devel¬
Among the company's more im¬
portant customers other than the
government
organizations
ments,
such
are
as
outstanding
Beckman Instru¬
Curtiss-Wright,
du
Mr.
General Electric, Hughes
Financical, Tracerlab. Union Car¬
bide, Westinghouse Electric, etc.
Before the
new
management took
by 209,000 shares and dilute
equity by 12.5%.
mon
the
financial
sound
is
working
and
with current as¬
30,1960,
including cash and government
securities of $1,790,000, compared
with $1,673,000 current liabilities.
Capitalization consists of 1,594,249
position
capital
sets of $6,736,000 on June
common
stock preceded
detection, measuring and control¬
ling of radiation and nuclear fis¬
sion appears extremely promising.
The outstanding research and en¬
has
staff
gineering
in
TOREEN
take advantage
to
VIC¬
placed
excellent position
an
of
new
oppor¬
tunities in the rapidly growing ra¬
diation control,
medical isotope in¬
strumentation, infrared detection,
photocopy and electronics indus¬
tries
in
which
further
acquisi¬
tions
are
ered.
With the equivalent of $7.50
represented
per
gains
of
61%
and
respectively, over 1958 re¬
sults of $243,000 or 15 cents per
43%,
share on sales of $5,449,000. Earn¬
ings for six months ended June 30,
1960, of $261,000
share
sales
on
18
or
of
cents
$6,093,000
per
com¬
pared with net income of $219,000
or
14 cents per share on sales of
only
$3,629,000 reported
period last year.
same
While
sales
for
the
Co.
&
ucts Co.
of these
Electronic
and
was
new
additions, which
are
increase annual sales
by about $10,000,000, are presently
making themselves felt and should
continue
further
over
the
coming
Management estimates an¬
ticipate 1960 sales of $14,000,000
years.
net income
and
45
or
cents
recurring
per
of
about
share
this
of
rate
VICTOREEN alone is available to
investor
the
revenues
common
term
capital gains.
Form United
United
ration
Realty
is
business
43rd
Realty Sees.
engaging in
from
Corpo¬
securities
Securities
offices
a
at
25
West
Street, New York City; Offi¬
are Fred J. Picker, President;
cers
Lewis
F.
ome
Kohn, Treasurer, and Jer¬
Katz, Secretary.
Joins
non¬
appears
only about $4.50
and income,
stock, currently sell¬
ing around 12 on the American
Stock Exchange, has considerable
speculative appeal as an intriguing
low priced situation for good long
Reynolds Staff
(Special to The Financial Chronicle)
develop¬
by 1964-1965
for
share, the difference between
market
price and ownership in
Federal.
In view of the rapidly
per
$700,000
after
engineering,
owned af¬
neering Corp., its 79%
filiate, the expanding business of
Prod¬
Greater earnings benefits
expected to
share of VICTOREEN common
up of its investment in
Manufacturing & Engi¬
stock' made
expanding
about
modernizing of the two recently
acquired concerns, namely John E.
Fast
currently being consid¬
Federal
the
increased
velopment and marketing costs of
new products and
integrating and
SAN
FRANCISCO, Cal.—William
Y.
Foster has joinedtthe staff of
Reynolds & Co., 425 Montgomery
Street.
He
was
formerly
with
Hannaford
reasonable expectation with po¬
tential earning power approaching
&
Talbot.
a
$1.50
to
about
$2
38%
made to the
per
of
Last
share.
total
sales
The company
cash
the
dividend
common
were
to
be
about
has not made
disbursements
any
in
1953, 1954 and 1956, 4%
1958 and
25%
in 1959.
The 6%
convertible
debentures, due 1974,
available at a premium of about
6
points over conversion parity
and
vestors.
yielding 5 6%,
terest
to
M.
more
may
be of in¬
conservative
FRANCISCO, Cal.—Marshall
Sumida has become associated
With
Walston
&
Co., Inc., 265
Montgomery Street. He was for¬
merly with Nikko-Kasai Securi¬
ties Company.
on
1951, but has paid stock dividends
in
SAN
Ardmore
stock since the shares
first offered to the public in
cf 2%
(Special to The Financial Chronicle)
were
government with the
log is understood
$8,000,000.
Joins Walston & Co.
year
remainder accounted for by indus¬
trial consumers. Total order back¬
sive and losses
incurred for
INSTRUMENT
VICTOREEN
in
income of $391,000 or 25 cents per
on sales of
$7,777,000, which
charge in 1957, sales and earn¬
ings record was quite unimpres¬
were
presently
share
at
Pont,
Aircraft,
agement of Anthony L. O'Brien,
IBM, Motorola, Phillips Petroleum,
in the
United
Building, Salina,
Picker X-ray Division of C. I. T.
under the
Exchange
Teletype NY 1-1248-49
of¬
Street,
Hutchinson, Kan., under the man¬
Stock
Telephone: BArclay 7-3500
Edwards
branch
management
Laird, Bissell 8 Meeds
market
a
oped instruments and components.
Opens Branches in Kansas
&
stock, this invest¬
common
has
VICTOREEN
are
LOUIS, Mo.—A.
sizable
70%, improvement in profits
product
premiums
A. G. Edwards & Sons
ST.
tions in previous years.
time
opera¬
Cleveland, ment
and
plant
rearrangement
Ohio; two each at Kokomo, Ind. write-offs of some
$500,000.. * Sales
Chicago, 111. and one each at are now running at an annual rate
Alhambra, Calif, and Mount Ver¬ of about
$20,000,000 and a doubling
Underwriting has been unsatisfactory during the
past decade, with losses particularly heavy during the past four
11 N.Y. CITY
unprofitable
and
lagged behind the average
BANK STOCKS
from
somewhat held down by high de¬
communication
equipment,
tape recorders and photographic
products, for 3,500,000 shares or
three
premiums written.
Amsterdam
sulting
tronic
Margin
35.7%
$303,000 or 19
adjusted to the
share,
per
Engineering Corp. of Garden City,
N.
Y., a manufacturer of elec¬
of
Profit
for the industry.
Bell
was
$800,000 in cash
most $12,000,000 or
89.3
80.8
_
Loss
.88.9
85.5
—_
Underwriting Experience
Admitted
86.2
87.6
___
months,
earned.
July,
transferred
non,
♦Six
research,
about
for
stock.
ment
—
—Net Premiums—
—
and
turing
NEW AMSTERDAM CASUALTY COMPANY
I960*.
Products
of around 3 for Federal Manufac¬
Selected Statistics
Year—
chased
about
The outlook for merger candidate New Amsterdam is clouded
further by an unconfirmed report that The Home Insurance Co.
York)
Electronics
medical
and
hearing
necticut Insurance Commission
(New
was
instruments for atomic submarines
coming to date.
A
electronic capacitors,
acquired for $700,000 and in
are
the common stock,
will ultimately increase the com¬
on
$2,500,000 6% convertible de¬
bentures, due 1974. The company's
highly regarded management owns
of $298,000 on sales of only
$1,614,127,000 shares or about 8% of the
000, and in addition found itself
total common stock outstanding.
burdened with $175,000 bank in¬
The outlook for this pioneer and
debtedness. In 1957 the company
under strengthened leadership re¬ leader in the field of X-ray dos¬
age
meters and instruments for
ported earnings of
signs and advertising displays, was
acquired; in January, 1959, Tullamore Electronics Corp. of
Chicago,
111., a top flight engineering or¬
ganization in the field of medi¬ cents
cember, 1959,
Within hours,
made.
was
2
page
lished producer of outdoor electric
with VICTOREEN. Sale of $2,500,000 convertible debentures in De¬
courtships for New Amsterdam Casualty this year were
led by The Security Insurance Company
of New Haven. In late
July a proposal to offer 1JA of its shares for each of the first 405,-
dividends
no
by
instrumentation, was present number of shares out¬
bought, and in September, 1959, standing, on sales of $3,068,000. In
there
was
no
tax
Standard Felt Co. of Alhambra, 1957
liability
Calif., a 57-year-old manufacturer due to a tax loss carry-over re¬
The
since
shares of
THE SECURITY I LIKE BEST...
Continued from
Conversion of the
stock.
being paid
the
of the
successful for either Massachusetts Bonding
or New Amsterdam Casualty Company
prove
Insurance
and
the
premium volume."
our
con¬
will,
debentures, which appears remote
although premium business to
years,
the
also participate in any
speculatively attractive
course,
rise of the
30.
this time is to obtain additional capital funds to
keep step with
was
stockholder's suit to prevent interests of
companies from acquiring control; subsequently,
a
June
great growth of
Bonding and the State Mutual Life Assur¬
was
8.10
been held back in
capital and surplus
has remained abnormal.
In a letter to stockholders last August,
New Amsterdam management stated, "A very important reason
for our considering a combination with an outside
company at
recent
(all of
Worcester, Mass.) turned out to be the undisclosed buyers. Follow¬
ing purchase of more than 20% of Massachusetts Bonding stock by
the group, announcement of a consummated "working
arrangement
Company of America
months,
Premium
the directors
or
Worcester Mutual Fire,
Guarantee Mutual Fire and the State Mutual Life interests
challenged
3.65
of
purchase
Through
common
Bonding at $45 a share for at least 100,000 of the 500,000
outstanding. The management of Massachusetts Bonding
between Massachusetts
40-29
including April
vertible debentures investors
of
1949_^__—
15,
ing fund equal to 15% of consoli¬
dated net earnings for retirement
of debentures on or before April
50
offer for shares of Massachu¬
an
Dec.
at which time the conver¬
sion price increases $1 per share
every three years thereafter until
maturity.
The call price is 105
through Dec. 15, 1962, and de¬
clines thereafter. There is a sink¬
1962,
52
—
until
shares
80
into
or
1857
shares
ance
in
Amsterdam
Casualty Co., have been wooed this year
without reaching final acquisition goals. Early in 1960 undisclosed
setts
offset
invested heavily in
are
Statistics
Approx Bid
I960*—
1958
THE UNEASY 1960 COURTSHIPS TOWARD MERGER
Two merger
been
Admitted assets
Although a multiple line insurer, diver¬
casualty lines exceed 80% of net premiums written.
Year—
This Week
experience has
U. S. Government bonds.
sified
STOCKS
unfavorable
income from investments.
Thursday, November 10, 1960
.
.
.
in¬
Selling around 102, down
with the
years 1954 through 1956.
In from a high of about 140 in August,
1956 the company showed a deficit the bonds are convertible at $12.50
Development
PHOENIX, Ariz. — Ardmore De¬
velopment Co. of Phoenix, Inc. is
engaging in a securities business
from offices at 500 West Clarendon.
Officers
are
Donald Maling, Presi¬
dent; Leonard B. Schneider, Vice-
President; Robert C. Lesster,
Assistant
Vice-President;
Jerry
Sonenblick, Secretary; and Richard
J.
Dawrall, Treasurer.
-
i
Volume
192
Number 6002
.
.
.
A
Supplement to The Commercial and Financial Chronicle
Thursday, November 10, 1960
Corporation Bond Traders
What
is
*
-IM00M
v
lour
Association of New York
iltfOOM
-00
Trading
om-*
Problem ?
OurlargeandexperienCedTradingDepartmentsmay be help¬
ful
to you.
• i
Why
not
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We make primary markets in an extended list of all
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nation-wide wire system, we provide broad insti¬
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•
Through
•
a
Address: Mr. David D.
Lynch, Manager, Dealer Relations Department.
Kidder, Peabody
Go.
&
FOUNDED 1865
Tom
^Members Hew York and ^American Stock
Feeley, Goodbody & Co.; Thomas J. Davis, A. C. Allyn & Co.; Donald Cronin, Morgan Stanley
& Co.; Leo Richard, Halsey, Stuart & Co. Inc.
\
17 Wall
boston
Exchanges
Street, New York 5, N. Y.
philadelphia
chicago
los angeles
New York Hanseatic
Corporation
Established 1920
INVESTMENT SECURITIES
Joseph Farrell, Gregory & Sons; Andy Beyfuss, Kean, Taylor & Co.; Tom Curry, Stone
Securities
Corporation; Ray Wildey, Baker, Weeks & Co.
<ft
Dealers
Webster
120
'
Distributors
BROADWAY
BOSTON
•
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Underwriters
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NEW YORK
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SAN FRANCISCO
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New
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Philadelphia,
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Pittsburgh,
Poitland,
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Fred
Eisele, Freeman & Company; Herb Fitzpatrick, Dick & Merle-Smith; Stanley Dawson-Smith,
Cruttenden, Podesta & Co.; Les Barbier, G. A. Saxton & Co., Inc.; Bob De Fine, Hirsch & Co.
Wilbur Krisam,
John C. Legg & Company.; Edgar Christian, Suplee, Yeatman, Mosley Co., Inc.
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Cable
Barney Nieman, Carl Marks & Co.; Inc.; Fred
F. S. Smithers A Co.; Willard Rice, Eastman
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NY
1-1691
Gregsons
Eisele, Freeman & Company; John McCormack,
Dillon Union Securities & Co.
(Philadelphia)
mmmmmmmMmmMmmMmmmmmmMWMmmM
Thursday, November 10, 1960
Volume 192
Number 6002
,.
.
A Supplement to The
Commercial and Financial Chronicle
Holds Annual Dinner
Charles
Preller,
Eastman
Securities
£
Co.;
Dillon, Union Securities A Co.; Bill
Ray Pyle, Bacon, Whipple A Co.; Sy
Salisbury.
Fabricant,
Eastman Dillon, Union
Wertheim A Co.
'
Oliver
,,
~
i *
■
Ransom
Berneburg, Wood, Gundy A Co., Inc.; Charles Wei gel, W. E. Hutton £ Co.; Henry Kuipers,
Lord, Abbett A Co.; Hal Murphy, Commercicd A Financial Chronicle
■■■
Kimberly, Oscar Grass A Son; Rollie Gunther, Baker, Weeks A Co.; Clarence Nelson, Baker,
Weeks
A
Co.; Frank Verian, Merrill Lynch, Pierce, Fenner £
Smith Incorporated
John Marshall, Stone A Webster Securities Corporation;
Reardon,
Smith,
Barney A
Hi
Co.;
Jack Crowley, Sutro Bros. A Co.; Warren V.
Arthur D. Bellusci, Hirsch A Co.
-Sllill
'W
-i.
p
\
fi#
##
's:
'
w
V
Paul
Lane, Kidder, Peabody A Co.; John McCormack, F. S. Smithers A Co.; Leo Richards, Hedsey,
Stuart A Co. Inc.; Tom Feeley, Goodbody A Co.
Victor
Garbe,
Morgan
Stanley
A
Co.;
R.
Josh
Gardener,
Weeden
Am*ncan
A
J.
Devine, Freeman
A Co.
A
Company;
John
Printon,
Co.; Ralph Bornstein, American Securities Corporation; Fred
Roughan,
Corporation/ Frank J. Ronan, New York Hanseatic Corporation/
Gavlin, A. C. AUyn A Co.; Allan Kadell, Allan Kadell A Co.
Securities
Robert J.
Donald
W. Pressprich
Fremont W. Robson, McLeod, Young, Weir, Incorporated; Gerry Ryley, Midland Canadian Corporation;
Bill McCutcheon, McLeod, Young, Weir, Incorporated; Vincent Shea, Glore, Forgan A Co.
William
T. Meyers, Gordon Graves A Co.; Robert Plante, Cruttenden, Podesta A Co.; Jack Reilly,
Cruttenden, Podesta A Co.; Charles Miller, Eastman Dillon, Union Securities A Co.
Gayle Williams, Kidder, Peabody A Co.; Sidney A. Siegel, Sidney A. Siegel A Co., Inc.; Harold Noke,
Francis I. du Pont A Co.; George Noke, McDonnell A Co. Incorporated;
Irvin Hood, Lee Higginson Corporation
Volume
192
Number 6002
...
A
Thursday, November 10, 1960
Supplement to The Commercial and Financial Chronicle
October 28, 1960
Ken
Stanford, F. S. Smithers A Co.;
Harry Hair, Morgan Guaranty
Chase
Ed Sinclair,
Manhattan
Trust Company; Gene Gagan,
Weeden A Co.; Art Sachtleben, American Securities Corporation; Jack Barker,
Lee Higginson Corporation
Jack Doherty, A. C. Allyn A Co.; Pete Steven, A. C. Allyn A Co.; Herbert
Securities Corporation; Ralph MacKinnon, Equitcible Securities
Henry Scheinberg,
Van Blarcum, Equitable
Corporation
Oscar Grass A Son; Joseph Blumberg, Goldman, Sachs A
Oscar Grass A Son; Bill Bathon, Adams A Peck
Co.; Bill
McKeever,
Ed Reno, Chemical Bank New York Trust Company; A1 Feldman, Goldman, Sachs A Co.; Joe Cabbie,
Burns Bros. A Denton, Inc.; Earle Van Deursen, U. S. Trust Company
Ronald Jones,
Bank
Arch Apgar,
Vilas A Hichey; Herbert Stern, L. F. Rothschild A Co.; Arthur Crftmes, Gregory
A Sons; Richard Edmonds, L. F. Rothschild A Co.
The Hanover Bank; Joseph Smyth, Salomon Bros. A Hutzler; Arthur A. Fischer,
Salomon Bros. A Hutzler; Leo Bloch, Salomon Bros. A Hutzler
Harry Clark, Salomon Bros. A Hutzler; Irving Goldman, Salomon Bros. A Hutzter; Stan
Salomon Bros. A Hutzler; Richard Schiffman, Stern, Lover A Co.
Bo
Welle, John C. Legg A Company; Jim Brewer, John C, Legg
Charles Hartley, Bankers Trust Company
Arthur Patterson, Dean Witter A Co.; John Peitch, Bankers
Arkin,
A Company;
Trust Company; William Diss, Jr.,
Abbott, Proctor A Paine; Charles Bruggeman, Dean Witter A Co.
BfttwnJMwvVpk »V
iwii w
',%ni,iw iwiiiN.^ .&,
mmmHrnrnMmimmmmmUAMf}tiMi&&i^MMXiilt« ^.iMhtelii^fcfcfcw. •ah&Tittj- I^fr* fi ^niiflft^arrr
P
f
Thursday, November 10, 1960
Volume 192
Number 6002
...
A Supplement to The
Commercial and Financial
Chronicle
At Roosevelt Hotel
Ronald
Shockley, Stone
A
A Webster Securities Corporation; Jerry Scheckman, Salomon
Hutzler; Leonard Kearney, Salomon Bros. A Hutzler; Louis Rand, Cowen A Co.
John Fitzgerald, W. C. Pitfield A Co., Inc.; Harold Burke, Reynolds & Co.;
Carl M. Loeb, Rhoades A Co.; Don Sherwood, Reynolds A Co.
A1
Bros.
Jack Blockley, J.
Ed Kelly,
George J. Brunjes, First
Boston
A. Donnelly, Reynolds A Co.; George Brunjes, First Boston Corporation; Everitt Rubien,
Reynolds A Co.; Brian Newman, Hugh W. Lang A Company, Incorporated .(Elizabeth, N. J.);
A. A. Geller, Allen A Company
Stanley Roggenburg, Roggenbmrg A Co.; Michael J, Heaney, Michael 3. Heaney A Co.
Bill Doherty, Fahnestock A Co.; Elbridge Smith, Stryher A Brown
y -Mago-.*
Larry Wren, Allen A Company; Bernard Clancy, Merrill Lynch, Pierce, Fenner A Smith
Incorporated; Patrick Lynch, Merrill Lynch, Pierce, Fenner A Smith Incorporated
Corporation
J.
Bair, Carolina Securities
Hugh Beattie, Morgan Stanley A Co.; George R. McAleer, Dominick A Dominick;
Vincent Gowen, Goldman, Sachs A Co.
Tugend, Irving Trust Company; James Gavin, Merrill Lynch, Pierce, Fenner A Smith Incorporated;
Barney Nieman, Carl Marks A Co., Inc.;
Barth A Co.; John C. Rellly, G. H. Walker A Co.; John
Corporation; Jim Cleaver, Goodbody A Co.
John Mayer, Merrill Lynch, Pierce, Fenner
A
J.
A Smith Incorporated; Sol Raschkind, Goldman, Sachs
Co.; Stanley Waldron, Merrill Lynch, Pierce, Fenner A Smith Incorporated;
Pete Steven, A. C. Allyn A Co.
Vincent
Hurley Bache & Co.; Ed Nielson, Lazard Freres A Co.; E. A.
Thalmann A Co.; LouU Zwahl, Mabon A Co.; Frank
McGillen, Irving
Jim Gaffney, L. F. Rothschild A Co.
Rosenzweig, Ladenburg,
Trust
Company;
'u
Volume 192
Number 6002
.
.
The Commercial and Financial Chronicle
.
PUBLIC UTILITY
fiscal
for
the
30,
1960,
at
BY OWEN ELY
company's
included
Gas
Co.
has
cluding
various
parts
of
Minne¬
an
interesting growth record sota,
Iowa,
Wisconsin,
Illinois,
although its common stocK sells at North Carolina and
Virginia. Prin¬
modest
very
ratio
to
1960
CORNER
installation
of
served,
plus
expansion
BY JOHN DVTTON
program
dis¬
gas
tribution systems in several small
communities
not
previously
had
a
SECURITY SALESMAN'S
with
compared
in 1957.
Central Electric & Gas Co.
&
Sept.
earlier
$14 million in fiscal 1959,
$16 million in 1958 and $14 million
The
Electric
estimated
million
$18
ending
year
were
in
Some Ideas for These Unsettled Times
other
communities.
aries
Telephone subsidi¬
been expending sub¬
have
stantial
for
amounts
earnings.
further
There
job
is
always
that
constructive
a
security salesman
a
can
do
for
his
cipal cities served include Ashe- conversion
clients, both in up
to
dial
automatic
The company is both an
markets and down markets. This
operating boro, Leaksville, North Wilkesboro
operation of several telephone ex¬
and holding company —
is so even in dull sidewise maroperating and Mount Airy, North Carolina;
changes,
plus
substantial
plant
gas and electric properties directly, Fort
kets.
The salesman who is alert
Dodge, Iowa; Charlottesville, additions.
and
controlling through subsid¬ Front Royal and Lexington, Vir¬
to the situation in which he must
The
iaries a number of telepnone
company's
gas
operations
prop¬ ginia;
operate
can
LaCrosse, Wisconsin, and
develop
profitable
are
not subject to regulation by
erties. The term "electric" is mis¬ Des
trades for his customers and genPlaines, Park Rodge, Pekin,
the FPC or any state regulatory
leading since only 2% of revenues Havana and
erate
well
earned
commissions for
Savannah, Illinois.
is from sales of
authority; gas and electric rates himself
electricity, while Telephone
service
is
provided
are
regulated only by municipal
57% is contributed by telephone through 159
exchanges (90% dial)
authorities. Apparently the com¬
After A Market Drop
subsidiaries and 41% by gas sales.
serving some 292,000 telephones.
pany has had no special difficulty
Central Electric & Gas controls From time to time
There are many investors and
relatively small
in
Central Telephone by about 56%
adjusting retail gas rates from speculators who now look
telephone holdings have been dis¬
upon
time to time, principally to cover their
ownership of stock, and South¬ posed
securities with a little difof
and
others
acquired.
the increasing
eastern Telephone by about 65% About
cost
of
gas
pur¬
ferent attitude
than that
which
two-thirds
of
telephone
The company is paying existed
interests while Central Telephone revenue is from local service and chased.
several months ago.
No
its
in turn controls four other tele¬ miscellaneous
gas
suppliers
at
rates
which
longer do you hear the much resources
and
onephone companies. Combined sys¬ third from toll service. Toll serv¬ have been made effective subject peated statement that was the
to partial refund if and when or¬
tem revenues are about $51 mil¬ ice
toast of so
many
boardrooms a
exchange is provided with the
dered by the FPC; the company few months
lion.
back.
"I can't sell,
Bell System and with other in¬
will give its customers the benefit Uncle
Central Electric & Gas furnishes
will
take
too
much
in
dependents. There was a net gain
of
any such refunds.
natural gas in 56 communities in of
taxes."
After
the
past
several
13,500 stations in 1959 com¬
eastern and southeastern Nebraska
Telephone rates are, of course, months of falling stock prices the
pared with ,10,800 in the previous
subject
to
regulation
(including Lincoln), and in nine year.
to
establish
losses
by
state opportunity
communities
Last January Central Electric & commissions but the company has against profits taken earlier in the
(including
Sioux
Falls) in South Dakota. Gas prop¬ Gas sold $3 million convertible apparently been successful in ob¬ year should not be neglected.
erties include 1,230 miles of dis¬ subordinated debenture 5s of
In September
Go over your accounts.
1975, taining increases.
Some
tribution mains and storage capac¬
which
ity
to Jan.
of
500
Mcf.
Propane
gas
production plants for peak-shaving
maintained, with 34,daily capacity. Most of
is purchased under
purposes are
700
Mcf
the
gas
sold
contract
from
Northern
Natural
convertible
were
at
$24.50
1959
Southeastern
Telephone
was
granted a rate increase of $585,000
in Florida, and Lexington Tele¬
(it also has three other
phone
a month later obtained an
convertible
issues
outstanding).
Adjusted for this financing, the increase of $100,000 in Virginia.
Central Electric & Gas has an
capital structure of the parent
14, 1965, and higher prices
thereafter
of
these
people
either too
busy, or unaware that if they
don't
establish
losses soon they
are
going to pay some income
taxes
year
are
and capital gain taxes next
that will be most unpleasant.
people wish to retain a
Where
obtained
from
about 47% debt, 17%
preferred stock and 36% common
outstanding
is
Nebraska
Natural
Gas.
stock
equity.
share,
company's electric properties
are small, consisting of four diesel
generating stations and one hydro
basis,
including
54%, minority
interest 18%, preferred stock 12%,
Year
1952
$25
plant,
and
16%;
1953
28
minority interest and
common
stock
equity
approxi¬
mated 34%.
System expenditures
1954
29
4
1.15
1955
33
14
1.36
after 31 days have elapsed,
If the
security advances in the ensuing
period, a profit is made on the
second purchase and the decision
1956
36
9
1.59
to
1957
39
9
1.65
made
1958
41
5
1.41
1959
47
15
1.83
Gas,
and
Kansas
-
some
The
with
a
of about 7,585
Telephone
much
wider
combined
kw.
capacity
company was
set-up
On
consolidated
a
subsidiaries,
Debt
was:
common
stock
equity
operations
geographic
cover
area,
a
in¬
to
as
growth
both
record
and
revenues
the
combined
>
earnings
per
follows:
as
Revenues
%
(mill.)
In-
crease
_
Earnings
% In-
Per Share
crease
$0.94
-
_
__
1.05
12%
position in a security buy an additional equivalent amount of the
investment
same
first lot
the
sell
and
that
cost
first
the
then
lot
time, or it
kept depending upon the
tions
which
be
NASD Names New Officers
Aver.
gain- -10%
tablished
30.
in
1958,
now
revenues
Sent. 30,
$51,535,098,
were
i
ef, rttrtcH
tion
ice
$44,902,081
This
in
$1.72
vious fiscal period.
At
the
the
price of about 26 V2, the stock, pay¬
ing $1.20, yields 4.5%;
a
stock
dividend of V2 %
was
paid Oct.
31 in addition to the 30c cash divi¬
Cash
dend.
increased
Robert L. Cody
Wallace H. Fulton
little
a
been
have
past five
The price-earnings ratio of
years.
Claflin, III
dividends
in each of the
13
over
compares
of about
with
an
dis¬
tributing stocks and 18.4 for a list
of
independent
communications
average
companies,
includes
which
some
for
14
very
gas
list, however,
high ratios.
business.
When
Officers
are
C.
William
President; George Umans,
President, and
Jeannette
Ellett, Secretary-Treasurer. 1
Graham Jones
think
has
the National Association of Securities Dealers.
Mr.
Claflin, partner
from
regulating organization next January. He will succeed Glenn E.
Anderson, President of Carolina Securities Corp., Raleigh, N. C.
Boulevard,
of
the
Association
for
1961
are:
Robert
L.
Cody, President, North American Securities Company, San Fran¬
cisco, and Graham Jones, partner, Cooley & Company, Hartford,
Conn. Blancke Noyes, partner, Hemphill, Noyes & Company, New
York, will be Treasurer. Wallace H. Fulton has been nominated
for his 23rd term
The NASD
as
has
Executive Director.
over
4,400 members and nearly 100,000 indi¬
It is the only organization of its kind in
industry, having been establishd through an act of Congress to
provide self-regulation for dealers in over-the-counter securities—
all
on
stock
exchanges.
It
was
founded in 1939.
at
141
under
American
West
the
Mutual
Jackson
firm
name
He
Funds.
formerly with the Municipal
Bond Corp.
was
Forms
The
been
viduals registered with it.
issues not listed
of
offices
formed
Corporation
with
offices
has
at
40
Exchange Place, New York City,
in a securities business.
Officers
are
David
B.
Armstrong,
Armstrong,
;
I
Losses
investors
and
speculators
expect them.
in
cess
The
investing
should
secret
of
is
control
to
sue-
losses. This is true. The point was
™
a
n.
,thc;
York
Yankees win a lot of ball games,
but as g°°d. as th^y are they still
lose a certain number each season,
.
I think we are missing something when we don't stress this
fact properly in our conversations
with clients. This is
"risk."
a business of
cannot be elimi-
"Risk"
nated—it can only be limited by
proper selection, supervision, and
diversification.
It
can
be
controlled by action when a security
acts badly and the best guesswork
lndicates it should be sold at a
loss rather than kept for a
big one. But notice I said guess
because in this inexact science of
lnvestment and speculation,
guessing, forecasting, speculating
°P
^lir.e'. timing, reading
' ai?
obtaining fundamental
^Wrioation a re only part of
story—-you have to expect a
defimte limitation on your skill
ln Predicting and you must also
accePt some losses,
Naturally, the successful investor protects capital, increases it
when he can, but he doesn't expect perfection,
Form First Reserve
_
_c
AAT„Tiro
_
..
^
Corporation has been formed
Nuys Bld8-
securities business.
a
Treasurer;
William
Bailey,
Vice-President;
Watkins, Secretary.
Cultivate
have
been
and
E.
Earl
the only
for
who
one
or
year
a
securities six
some
have
ago,
not
the list and
over
Life Securities Formed
de-
LITTLE
fare
too
well these past six
to
offices at
to engage
has
—everyone
difference
aches
and
is
those
that
he
Customers,
of the other
thinks
he
fel-
has
broker
their
bear
human,
dent; and J. E. Austin, Secretary-
p
when
they have
bumps in a
and
It
to
them
on
reminds
me
community
a
troubles
line.
a
did
qi
a
F. Shaw is conducting a securities
business
from
offices
Bayville
on
Road,
and
The
(Special to The Financial Chronicle)
for
of
eons
and he told everyone to take
worst
p
Iv. r. onaw L/pens
LOCUST VALLEY, N. Y.—Robert
are
around
story of the village fakir
came
securities business,
a
the
look
bruises
market.
old
Life
formed
With A. G. Edwards
being
to
prone
another
ago
your
—
Rosemont Drive
Treasurer,
problems.
often
had
The only
head-
them.
between
in
1
Officers
are
Robert
A.
Duck,
President; F. L. Duck, Vice-Presi-
12
months. You haven't got them all
ROCK, Ark.
Inc. has been
Securities,
with
you will see hundreds of
disap¬
pointing investments that did not
otttc
t\/t„
tvt
ST. LOUIS, Mo.
S.p^ in.g /Jia%
Theodore M.
?
®^aj(.A'-pPvJEdyvards & Sons,
o
409 N°rth Eight Street, members
°f
e„
^ York and Midwest
Stock Exchanges,
.
hang
towns-
this.
Then he lined
them all up and told them, when
he gave the signal, they were
all
coast Exchange
Member
__
Election of Joseph J. Keon, _Jr.,
to represent the new member firm
to run to the line and take off any
of Keon and Company, Inc., to
trouble
they wished.
They all membership in the Pacific Coast
ended
up
with their
own
troubles
right back where they started.
But
seriously, this is
a
good time
well
satisfied
tions when
a
year
or
with
their
connec-
spoke with them
ago. You may lose a
you
so
to engage
President; Helen
Secretary-Treasurer.
of
ujau an in^r^inS letter pubone of the member firms
of the New York Stock, Exchange
recenDy. It pointed out that
everyone has some losses and that
serv" °fficers
are Howard Lewis> Posi¬
dent
and
XoCOmtChave7oeid0y£ouththeyPew0et
Armstrong Corp.
Armstrong
to
materialized. Go
people
CHICAGO, 111.—Ronald W. Mauer
is engaging in a securities business
good
sales-
serv-
clients who may be disThe
glowing promises
some
months,
who
Forms American Mutual
a
many
are
held forth
the
of Tucker, Anthony & R. L. Day, will take over as head of the self-
Vice-Chairmen
you
their
WASHINGTON, D. C.—William H. Claflin, III, Boston investment
banker, has been chosen Chairman of the Board of Governors of
Sneakinc
^peaking
T
to engage in
I his is
This
is
markets
satisfied.
Ellett,
Blancke Noyes
*
+
people are unhappy with their securities, don't
Vice
-
a
Time
dining, and
most
WASHINGTON, D. C.—American
Investors Planning Corp. has been
formed with offices at 1413 K St.,
N. W., to engage in a securities
is
the
New Customers
low
Form American Inv.
It
and
,.
serve
£
clients
clients.
of his
o±
Good
pre¬
over-the-counter
recent
helpful.
customer
man.
be
condi-
they will appreciate.
with
compares
and
be
can
the
sa°esman°to °bringC<tax fith o£fices in the Van
sclentious
which resulted in per share earn¬
ings of $1.95.
„u;„
ends Sept.
For 12 months ended
1960,
for
LOS ANGELES, Calif.—First Re-
T4.
11%
Note: Company's fiscal year, es¬
man
can
situation
the
govern
more
still
can
that
at
sell
much
then
Wm. H.
21
about
SECURITIES
Central
(1889)
who
contact
might
times
now
a
give
new
you a
Stock Exchange through purchase
of
a
geles
membership in the Los An-
Division, effective
Oct.
27,
has been announced by William H.
Jones,
Chairman of
the
Board.
Keon
and
Company,
Inc.,
was
organized in'! 959 to conduct a
try.x Some- general brokerage business in the
approach and
a
new
Los Angeles area.
22
The Commercial and Financial Chronicle
(1893)
Washington Office of Mellon Na¬
NEWS ABOUT
tional
Bank
nounced the
BANKS AND BANKERS
Consolidations
New Branches
•
New Offices, etc.
•
Mr.
of
York
has
Fiero
to
promoted Charles E.
Vice-President in
the
Cham¬
Credit Department, George
Mr. Fiero
Dickerson, John W. Hody,
H.
ren
William
Lohse,
as
announced Nov. 3 by Hoyt
was
.
joined the Chase Na¬
1950 and was ap¬
and Andrew
Assistant Secretaries,
P.
Shaw
F.
it
pion, President announced.
has appointed War¬
of New York
Ammidon, President.
Assistant Treasurer in
1955,
the year
Chase
National
merged with The Bank of the
an
Manhattan
Midland
He
was
N.
Bank.
1958.
past
the
For
two
dent
in
years
he has been in charge of the
lan, John E. Tighe and Alfred R.
Worster to Assistant Vice-Presi¬
dents also
J.
Francis H. Dunne
Culverwell,
Nils
and
Gustafson
B.
Victor
announced.
was
were
ap¬
National
of
Bank
State regulatory
Poughkeepsie.
their approval to
acquisition Sept. 16, 1960.
authorities
gave
statement made
jointly by John R. Evans, Presi¬
According to
dent
Bank, and
Baldwin
Maull, President of Ma¬
Midland Corporation, 49,483
rine
of
out
shares
49,500 common
possible
a
Bank
National
First
of
pointed Assistant Treasurers; Ber¬
tram T. Clayton was named cus¬ stock have been deposited by that
bank's
stockholders
to
be
ex¬
tody officer and Ray L. Walker
was
appointed systems and pro¬ changed for Marine Midland com¬
cedure officer. All are in the trust
at
stock
mon
rine
fice.
Poughkeepsie
*
*
Chemical
New
Co.
New
York
has
it
was
Trust
five
elected
its
to
Chairman H. Helm. They are,
E. Dennis, Randolph
E.
by
five
of
for
shares
each
Russell
pected
within
place
take
to
sistant
the
Trust
in
Office,
and
30
stock approved by
the
New
York
State
Banking
Beard under the revised bankingof
*
•1:
The
*
application of The National Bank
of
Ashtabula,
Ashtabula,
Ohio,
The
and
Trust
visory
Board.
Mr.
Advisory
serve
on
Mr. Siegel, will
the bank's Times Square
Board.
Board.
Advisory
election
The
V.
George
of
Myers to the Advisory Board on
International Business of Chemi¬
cal Bank New York Trust Co. was
Nov.
announced
also
7
Mr.
by
Helm.
fices.
Chemical
*
York,
New
Trust
York
New
Bank
Company,
has
pro¬
Mr.
Joseph
of
*
*
national
Banking
First
the
died
Leslie
elected
Nov.
nounced
9
All
Harold H. Helm.
bank's
The
Chairman
by
with the
are
Division.
Metropolitan
St. and First Ave. has served Sut¬
Place
larger
since
moved
1926,
quarters at 56th St.
on
Monday, Nov.
Ave.
First
to
and
7.
Darwin L.
Gillett, III, Assistant
Secretary, and Francis X.
McGarry, Assistant Manager, are in
charge of the new office.
*
#
*
President
the
of
Bank
in
elected
*
Irving
Three
of
York
New
at
Vice-President.
*
*
and
was
Secretary
The
Bank
Mr.
the bank in 1942
appointed an Assistant
in 1955 and an As¬
sistant Vice-President in
is
with
associated
1958. He
the
Security
Research Department.
"Robert
Fifth
Wadsworth
S.
Avenue
Office
promoted
to
President.
Mr.
appointed
in
an
of
has
Assistant
the
been
Vice-
Wadsworth
was
Assistant Treasurer
1953.
Joseph
named
Elroy
and
a
McElroy
Trust
came
was
Trust
L.
to
appointed
Officer in
*
has
Officer.
the
bank
an
been
Mr.
Mc¬
in
1954
Assistant
1959.|
*
*
^Fhe United States Trust Company
have
N.
been
the
J.,
under
sue
title
First
of
County
Trust
and
effective
The
Woodbury.
consolidate
to
Bank
Co.,
is
date
determined.
be
*
*
*
Bank,
common
It
liquidation
voluntary
of
Aug.
Bank
its
by
a
shareholders
9, i effective
absorbed
was
by
Oct. 14.
Johnstown
and Trust Company, Johns¬
town,
Pa.,
which
liquidating agent.
*
*
Frank
is
the
also
O'Toole, President of The
Trust
Bank
of
Blue
Island,
nounced
of
as
Oct.
the
the
of
Pa.,
a
of
an¬
and
the
ap¬
of
Comp¬
Currency.
three
Nov.
The
be
payable
Kensington bank has
in
excess
of
$21,000,000.
green
has
Park,
Charles W.
pointed
*
-
*
Officer
in
ap¬
the
before
or
Eastman
its
of Ever¬
Park, 111.,
capital
common
Dil¬
to the opening date
$30,800,000. This advance in¬
plus the amount borrowed
expected to cover all expenses.'
come
curities & Co.,
York
is
New
will
buildings
John W. Hanes
construction
of
cost
"The
fi¬
exhibitors
individual
of
carried by the
be
and
in¬
an
Corporation, will formed estimate indicates that this
amount
to
approximately
to solicit the sub¬ will
sentatives of the
form
a
group
scriptions.
In
"
$500,000,000.
the
his
of
course
remarks
period of the Fair
"During the
before the New York Chamber of
itself
Commerce,
Mr. Hanes observed
Fair,
to
be
held
in
Flushing Meadow Park, Flushing,
sufficient to repay
that
rowed
the
in 1964 and 1965, ex¬
approximately
attract
to
$500,000,000 for the buildings
erected will be paid for by
individual
exhibitors.
Other
of¬
ficers of the Fair Corporation are
well
as
estimated to be
are
revenues
all money bor-'
costs
as
and
ex¬
It is expected that a sub¬
stantial surplus will remain and
will be paid to the city of New
York for restoring and improving
penses.
Flushing
Park and for
These reve¬
Meadow
educational purposes.
will be collected from rentals,
nues
concessions, licensing,
and atten¬
dance—40,000,000 people are ex¬
Executive Officer; Thomas Dee- pected in 1964 and 30,000,000 in
gan, Chairman of the Executive 1965."
TV':|
:=
^
Committee; and Bernard Gimbel,
Robert Moses, President and Chief
Chairman
the
of
With R. W. Pressprich
Organization
Committee.
(Special to The Financial Chronicle)
FRANCISCO; •' C
SAN
J.
For each share of Lincoln stock
turned
ceive
in,
stockholders will re¬
First National trustees'
1.18
certificates.
By
Mills,
Ogden
affiliated
with
& Co., 605
formerly
Jackson &
*
*
a
1 it
—
has become
W< Pressprich
Jr.
R.
Market Street. He was*
with
Paine,
Webber,
Curtis.
•
*
stock dividend, the First Na¬
Bank of Arizona, Phoenix,
Arizona, has increased its common
a
Three With Fahrner Co.
tional
from
stock
$10,143,000
to
(Special to The Financial Chronicle)
Calif.
SACRAMENTO,
—
Jay C.
Germain, Lewis F. Jensen and
$10,650,150, effective October 25.
Marvin D. Wadley have joined the
(Number of shares outstanding—
staff
of Homer Fahrner
&
Co.,
1,065,015 shares, par value $10.)
*
*
*
Jay Building.
Mr. Germain and
Mr. Wadley were formerly with
Raymond
E. Rowton
has been
elected
Vice-President
a
California
Bank,
the
of
Angeles,
Los
Reynolds &
Mr. Jensen was
Co.
with Francis I. du Pont & Co.
Calif.
*
The
*
Directors
the
and
the
of
Oregon
have
Oregon,
the
proposed
banks,
but
proval
of
the
and
stock
newT
up
total
Elworthy Adds
Val¬
Rogue
Bank,
given
merger
is
Portland,
to
approval
of
the
to
the
subject
regulatory
stockholders
two
ap¬
authorities
of
the
two
from $450,000
banks.
effective
Oct.
.24.
The
resources
of
the
Oregon
(Number of shares outstanding—
Bank, which are approximately
20,000 shares, par value $25.)
;
$34,600,000 would have an ad¬
#
*
*
ditional
$6,500,000
from
Rogue
By the sale of new stock, the
Valley State Bank,
of
construction, operating and
ing revenues from advance rentals
and ticket sales are estimated to
of
as
the
1964
are
estimated to
amount to $98,300,000. Pre-open-
lon, Union Se¬
City,
as;
1,
May
ley State Bank, Medford, Oregon,
*
stock, by a stock dividend, from
$350,000 to $450,000, and by the
(Special to The Financial Chronicle)
SAN
Calif.—Philip
FRANCISCO,
S.
Carlton, Jr., has been added to
the staff of Elworthy & Co., Ill
Sutter
Street.;
Carlton
Mr.
was
formerly in the investment anal¬
ysis department of the First Cali¬
fornia
Company.
$500,000,
Anderson With
National
First
Niles,
Niles,
increased
has
Mich.,
of
Bank
000
to $620,000, effective Oct. 27,
(Number of shares outstanding—
shares,
*
Erhart D.
in
7,
have
elected
been
Bank,
Omaha,
#
*
the
to
of the
of Directors
Omaha
Neb.
will
on
Cape Town,
open
in
consolidation
tional
of
the
Louisville,
Bank,
Lincoln
Bank
&
Na¬
First
Ky.,
Trust
and
Co.,
First
Nov.
both
The
11.
the
quarter
Niegowski
of
deposits
Bank
already
of
of
the
of
ap¬
both
third
$239,819,939, and the
were
$212,370,813.
as
Cape
will
and
Assistant
Town
con¬
Walter
J.
Manager
office,
Mr.
Barth, Senior Vice-President, said.
In order to conform
African
Chase
banking
Manhattan
Chase
Ltd.
in
Bank
The
(South
domestic
cor¬
that
country.
The
corporation also
in
Johannesburg.
Street.
&
associ¬
Co.,
Mr.
and Hooker & Fay.
operates
a
bank
Hammill
(Special to The Financial Chronicle)
SAN
M.
FRANCISCO,
Blum
with
has
Calif. —Leon
connected
become
Hammill
Shearson,
235
Montgomery
Co.
Inc.
Co.,
&
Street. He was
formerly with Brush, Slocumb &
With Bramman-Schmidt
(Special to The Financial Chronicle)
l
LOUIS, Mo.—Arthur E. Miller
now
with Bramman-Schmidt-
ST.
is
Busch, Inc., Boatmen's Bank
members
poration
Reynolds
Joins Shearson,
with South
a
as
Calif.—Alonzo
become
425
Ander¬
who has been in the invest¬
son,
regulations,
established
Manhatan
Africa)
assets
end
the
Galbraith
J.
Manager
effec¬
stockholders
have
the
was
be
merger.
combined
at
will
Ky.,
banks
proved
Lincoln
National
Louisville,
as
has
African
new
Centre
in
the
Foreshore
of Cape Town.
Henry
tinue
with
Montgomery
bank's temporary offices in Radio
Louisville, Ky., under the title of
the
Anderson
Co.
the
section
Pending
final
approval
of the
Comptroller of the Currency, the
W.
Monday, ment business for many years, was
Union of formerly with Henry F. Swift &
Life Building in Thibault Square,
the new quarters will replace th*
City
H.-
Bank
Africa.
Located
Edquist and Herbert P.
Ltd.,
banking quarters
South
*
Africa)
(South
new
Nov.
value $10.)
par
*
Manhattan
Chase
The
SAN FRANCISCO,
ated
its
capital stock from $465,-
common
*
Reynolds
(Special to The Financial Chronicle)
•
banks
Campbell has been
Trust
as
Evergreen
increased
The
*
on
The First National Bank
tive
resources
meeting
dividend,
on
*
*
National
New
stock
Dec. 31.
of
The
for
banks, subject to stock¬
22.
will
sington, will become the New
Kensington Office of Pittsburgh
Bank.
pro¬
proposed, will apply to stockhold¬
ers
of record as of Oct. 14, and
the
First National Bank, New Ken¬
total
firm
success
including
expenses
financing
the
ittee.
o m m
can assure
financial
.
cost of
Chair¬
Finance
The
of
"Total
Corporation's
C
estimated,
as
Fair
the
well.
W.
of
capital
Dec. 6.
on
stock dividend of 3%
a
each
merger
subject
to
the
the
shareholders
institutions
troller
Albert
Directors
approved
agreement,
proval
of
both
13,
boards of directors have
posed
National
and
Kensington,
that
John
at
Mr. O'Toole also announced that
Bank,
had
Nov.
di¬
payable to stockholders of record
Heath
nounced
of
banks
three
Blue Island. The dividends will be
Board
New
of funds,
stated
3 by
was
on
an¬
share for Pullman,- 40 cents
share for Standard and 37.%
cents per share for State Bank oi
62,000
#
Pa.,
has
Oct. 13, have voted a
cash dividend of $i
on
semi-annual
S.
bank
the
State
and
boards
the
that
of
Bank,
Savings
State
Yoder, President of First National
Pittsburgh,
&
Standard
E.
Agnew, Jr., President
Pittsburgh
National
Bank,
of
infor¬
follows:
as
Pullman
sale
with
Florence, Pa.,
it
cost of
corrected
the
and
mation is
in¬
from
response
dent and conservative
70,000,000 visitors. The anticipated
stock dividend for
Group was in¬
a
early
Fair," said Mr. Hanes. "Pru¬
expenditure
the
pub¬
pects
1951.
"The
to
offering or
underwriting,
New York,
given in the Nov. 3 is¬
of the "Chronicle" page 1795
correct
to
National
Florence
New
general
expects
lic
be¬
*
Co.
&
public
Fair
World's
York
As¬
item
concerning
general
No
borrow dustrial exhibitors and the general
$67,500,000 on promissory notes enthusiasm here and abroad as¬
via
subscription
rather
than a sure the overwhelming success of
to be
The
approval of
given the
the
National
J.,
N.
Company,
consolidate
to
Comptroller
dated
Vice-President.
Hammell joined
Trust
Woodbury
resolution
Jr.; Chairman.
Raymond W. Hammell has been
a
Woodbury,
Woodbury,
Woodbury,
Company
Trust
recently by Albert C. Simmonds,
named
Trust
and
an
He
Vice-President in
came
Cashier,
elected
was
he
1939
Assistant
an
holders' approval at a
into
announced
were
*
capital stock of $75,000, has gone
*
promotions
Bank
In
1931.
he
and in 1945
sistant
all
Vice-
Company, died Nov. 3.
*
tional
to
expected to
4.
*
*
New
Mr. C. Gordon Lynn, 55 and
Nov.
New
Corporation
58,
Dreyer,
Dreyer joined the First Na¬
tional
of
applications of The First Na¬
and
bank, whose office at 57th
title
National Bank has
approved. It is
effective
of
Jersey
the
under
Hudson County
be
Hudson
Commonwealth
Company, Union City, N. J.,
consolidate
to
the
Bank,
and
J.,
The
per
of
National
N.
ot
Chi¬
of
per
*
*
application
County
The
an¬
Director.
a
*
The
been
has
Inter¬
the
Bank
E.
to handle sale of notes
offering or underwriting
Fair to attract 70 million visitors.
Securities
Union
nancial repre¬
of
Nov. 4.
Mr.
meetings
Nichols
Foster
The
Department
National
111.,
cago,
dent of the First National Bank in
that
sistant
was
Presi¬
Ohio.
*
Vice-President
Bank
Finnegan,
P.
National
Ohio
Ashtabula,
of
date of effect is to be determined.
Yonkers, N. Y. announced Nov. 2
been
it
*
*
title
the
under
Northwestern
Bank
rectors
W. Barnes, William
J.
Cardew and H. Ray Norton,
former Assistant Managers, to As¬
Secretaries,
State
'
*
Trust
moted August
ton
' v
City,
*
*
York
New
101
serve
Center
Rockefeller
bank's
the
joins
DuMont
will
communities with 177 banking of¬
and
Company, Geneva, Ohio, to
Donald
Ad¬
Area
Savings
Geneva
consolidate
The
Dillon,
subscriptions.
contemplated.
man
Comptroller has approved the
The
via
Hanes,
ment.
Wilkinson become members of the
Central
following
the
he was appointed Assistant
Secretary, the position he held at
the time of his current appoint¬
the Pullman Bank
Grand
Mr.
1953,
partment of Mellon Bank's Wash¬
DuMont, Joseph P. Monge, Simon legislation passed in March, 1960.
the
B. Siegel and Lawrence Wilkinson, Wnen
acquisition
is
com¬
Mr. Dennis, Mr. Monge and Mr. pleted 11 Marine Midland banKs
bank's
Administra¬
Campbell moved to the Trust De¬
days, is the first nolding company
acquisition
Trust As¬
a
In
Division.
was
share.
bank
acquisition by Marine Mid¬
Corporation, which is ex¬
land
named
Ma¬
This
York
advisory
announced Nov. 3
leaders
business
boards
*
Bank
rate
a
Midland
department at the bank's head of¬
was
a
first National
of
of 1950 he
Buffalo,
application to acquire
First
The
Marine
by
Corporation,
of its
Y.
the
Department.
promotion of Curtis G. Cal-
The
received
been
The
promoted to Assistant Vice-Presi¬
Credit
has
Company to form
Manhattan
Chase
BUFFALO, N. Y., Nov. 4, 1960—
Federal Reserve Board approval
Eastman
Department.
year
tional Bank in
pointed
Trust
bank's
ington
#
*
*
Mellon
to
came
following year, he moved to
Legal Division, and in July
tive
Million
To Borrow $67.5
i
1947, when he was em¬
in the Analysis Division
the
the
New
Chase Manhattan Bank,
N. Y. World's Fair Corp.
in
ployed
The
The
Company,
I960
Thursday, November 10,
.
.
appointment.
Campbell
Bank
Revised Capitalizations
•
Trust
and
Pittsburgh, Pa., Frank R. Denton,
Vice-Cnairman of ihe banx, an¬
,
Exchange.
Jaclyn
of
the
Bldg.,
Stock
Midwest
He was formerly
Oertle
Investment
with
Secu-
Number 6002
192
,,
.
The Commercial and Financial Chronicle
quickly developed drove such men as Senator Glass
apoplexy and could hardly have
been further from the historical
position or philosophy
of the party to which the President
belonged and to which
he owed his election to the
highest office of the land.
and A1 Smith almost to
other
are
ing if not quite
examples
as
ton, and, in at least those
areas
of
in
making any headway at all in reducing Fed¬
eral outlays, and even then was able to
get them back
only to about where they were when General Eisenhower
was first
campaigning for the Presidency.
Since 1955 there has been
increase each and every
an
fiscal year except in 1960 when a
tion was recorded. Of course,
relatively small reduc¬
during all the latter part
of office
the
President had to work with
a
of those
much to commend them in
years
comparison with what occurred
during the decade or two preceding them, it is clear with¬
out
citing further evidence that both Republican members
of Congress and the President himself have been substan¬
tially influenced by what they have heard at their listen¬
ing posts throughout the country.
What's
brings
to
us
a
consideration of
the
situation
President will have to face when he enters
the White House next
January, and to what appears likely
popular pressures then operating. It is to these
primarily that we must look for guidance in formulating
to be the
idea
as
year.
of business
sections
to what we are to expect from
Washington
First, let it be noted that the general course
has not been fully satisfactory in a
good many
and
branches
of
business
with
the
result
that
unemployment is in evidence and the general psychology
of at least a minor recession is
developing if it has not
already developed. Again, let it be taken into full account
that not only the politicians but the country at
large is
fully committed to the general principles of the [full]
Employment Act of 1946.
Naturally, we are not prepared to say what this gen¬
eral situation will be like next January. There are econo¬
mists who think the worst will be
over
before the end of
a
certainly have been doing all that common notions of their
role entails to lessen the severity of any setback and to
shorten its course. It may be taken for granted that there
will
be
no
wish
the
in
New
conditions in the credit and
there
been
has
almost
a
marked
Administration
money
turn in
equally certain is that
a
for tighter
market at least until
conditions.
What
is
continuance of the drift
in business conditions will bring efforts on
Congress and the new Administration to take
to stimulate betterment in the general state
affairs, and quite likely some sort of Federal program
behalf of "depressed areas."
downwards
the part of
fiscal steps
of
on
More
/ Pressure has for
for
Defense
good while past apparently been
building up for substantially larger outlays for defense
and such "prestige" programs as those that have to do
with space explorations and space stunts. The odds are
certainly in favor of at least some yielding in this matter.
Almost any sort of activity in this area costs a great deal
of money. Heaven knows what is ahead in
agricultural
subsidy programs. It would appear that such influence
as
a
President Eisenhower has had in behalf of moderation
will
now
no
longer be potent. If
heavy
additional burdens in the form of payments to farmers
we
shall certainly be entitled to count ourselves for¬
we
escape
development
or
of
surpluses,
support
Also
often
fective
well
has
use
as
unem--
recession.
a
the
more
since
improved
measures.
well
by
Federal
measures
as
fiscal
of
use
is
auto¬
Federal
as
supplied
noted
moves
ef¬
Reserve
1951,
of
Moreover,
expanded
as.
Federal"
it
as
the
seems
"rolling adjustments" in which
we might experience a decline in
business and industrial plant and
tures in real terms increased from
The Driving Forces in the V. S.
Economy During the Fifties. What
^vere in the housing field during occurred in those periods.
the Flfties- For example, rent as
Accordingly, the experience of
1
from
rose
$221 billion in 1949 to
billion in 1959, for an in-
$314
was>
a
capacity for
equipment expenditures, for example, but at about the same time
a rise in housing. The accelera$12.8 billion in 1949 to $22.3 bil- there was a rather persistent at- tion in housing starts in 1954-1955,
lion in 1959, a rise of 74%, contrition in the value of the dollar and again in 1958-1959, played an
siderably higher than the rate of throughout the period. Of particu- extremely important role in the
increase in GNP or personal con- lar interest to the real estate in- comparative mildness of the gensumption expenditures
dustry, the inflation was more eral business fluctuations which
of 42%
crease
in the decade.
idential nonfarm
Res-
housing expendi-
the driving forces behind the
were
the Fifties?
five
Of
that
I
there
course
forces at olav
think
were
but there
of
were
are
soecial
importance.
First the American
the Fifties
tinuing
of
stimulus
demand
and
the
the
goods
built
was
depressed
con-
backlog
consumer
housing which
in
great
a
by
for
in
economy
given
was
up
Thirties
and
during World War II. This huge
pent-up demand, made effective
by the buildup of personal holdings of liquid assets (cash, checking accounts, savings accounts, war
bonds, etc.) during the
as
very
and
terms
easy
housing
since
end
I
the
have
mention
this
A
World
of its
a
II.
War
this force
because
reaching
pent-up
most
been
high rate of
and housing
out
first
be
now
of
singled
consumer
has
the
spending
well
war, as
on
loans,
in
factor
consumer
we
point
a
demand
for
may
where
has
spent
strength.
second
force
in
the
Fifties
component of housing costs in the Fifties lends encouragement
n d e x of consumers to the belief that general business
an<f the Boeckh fluctuations in the foreseeable
f*^cx of residential construction future will be moderate. This
costs increased 34% from 1949 view is fortified by certain instithrough 1959. I mention housing tutional changes which have taken
costs in particular because of the place in the national economy,
Shewing concern in many quarters notably the great growth of the
cos^s may, n°w be amortized home mortgage and
?ne
vital reasons why hous- especially the government-insured
has not moved ahead at a and guaranteed mortgage, the effaster rate this year.
fective use of credit restrictions in
During the past decade we have the stock market, and the Federal
had some important adjustments deposit insurance system. There
tn thinking about the forces be- still remains a very important
hind rising prices/' There is no question for the Sixties, however,
doubt that underlying the infla- Was the freedom of the Fifties
tion was a tendency for general from serious business fluctuations
market demand for goods and the product of forces such as I
services to press against compara- have outlined, or was it more the
tively scarce supplies. At the same fact that business fluctuations
time, however, rising costs, based were bound to be moderate during
on the market power of organized the final 10 years of a post-World
labor; and
industrial
concerns, War II sustained upward surge of
have undoubtedly played an im- the national economy?
If the
portant, role
in
the
inflation
upward swing in economic
process.
activity has come to a close, or
I think that it is highly signifi- ls
feast now topping out, may
a
th(r BLS 1
Prices rose
cant
that
we
as
move
into
the
high rate of Sixties, public concern about
growth was certainly the postwar "creeping
inflation"
has
been
bulge in family formations par- dampened. The inflation psycholticularly tattle early part
°gy of the general public, so apcontributing
the
to
^oAhe
Thirdly,
tance
and
of
impor-
great
has been the hieh and rising
i'
i
parent
'
decade
r
p
i
i
level of Federal
tprmo
terms
prices),
^
T
in
1959,
Fp^Ami
ay
Federal
ex-
rose^ from8$30 6^billio^fn S1949Cto
billion
billion
Behind
this,
1959
1959,
with
then
since
74
"4%,
or
or
course,
the
was
War and the state
Korean
war
4n
in
of
of cold
the
Com-
hinp
t
T fourth
factor
behind
now
largely
the
markable economic growth
re-
of the
^fluctuation/^will
^
tend to be more pronounced? I
merely raise the question
™d.wl11 ** to answer it pres.
euu«y*
the
clear
evidence
authorities
are
that Federal Fifties.
prepared to employ
fiscal
and
monetary
vigorously
to
*
The Capital Marketsin
disappeared, due undoubtedly to
measures
$53 3
$53.3
has
In real dumuaues die pi^dicu lu empiuy
spending.
nHrpA
/1qrq
(1959
to
the
-
the
There is one final aspect
national
h
economy
in
the
hAinfnt
if
Unties which it would be helpful
combat to consider for the light it may
policy
inflation: The decline of public shed on prospects for the Sixties.
inflation psychology is also un- That is the condition which has
result of evidence prevailed in the market for capime rraun ui eviuem.e ^
w inn® tArm finonnintf
foe
doubtediv
auuDieaxy
that industrial management has
wn<dnp«; and industry
housing
exhibited greater willingness to of business and industry housing,
resist wage increases not justified Federal, state, and local govern*
by improved labor productivity
ment requirements
and other
_
Bimn<"Lo^lsZ'to"f
fee tabor the point for the informed
Fifties.
that during
A JA-i' _Anpther^^ aspect^
durin£ the Fifties we experiin
iY.o of^the
Fif+IAC
plant and equipment ex- American economy ^ the Fifties enced
rather chr(mic
chronic condition
penditures by American industrial which needs to be noted, for the
demand fQr
&1
Concerns. Tins .was in part stimu- hghtR may shed on the Sixties,
funds
outstd
d
the
supply
lated by the rising level of con- is the
available from the nation's savsumer
expenditures, as well as tions. In a market economy sucn
Fifties
rate
the
was
,
of
i
high
and
.
.
rising
s
,
expenditures, but it was
increasing industrial competition and the enormcus
growth
of industrial
research
and
the
development of
new production methods and new
products.
housing
also the product of
The fifth and final force which
would
cite
significant role in the economic growth
of the
country during the past
decade is the steady expansion of
as
playing
a
by state and local
units for highways,
bridges, schools, and a host of
other public improvements. State
expenditures
government
and
local
expenditures
rose
steadily from $26.5 billion in 1949
to
(both
prices), an
$44.3 billion in 1959
pressed
crease
in
of
1959
ex-
in-
67%.
Growth
here
or
to have developed
I
:
general busi-,
resultant
regrettably, accompanied by
serious inflation in which the index of consumers' prices rose 22%
from 1949 through 1959. Nearly
half of this rise occurred during
the Korean War, but nonetheless
the
year—and, of course, that nothing of the nature of
real depression is in prospect. The Reserve authorities
the
growth of the U. S. in the Fifties
great
Ahead?
as
recedes
and
economy
manv
results
would have
been radically different had the
party of the President
been in control of Congress—and in
any event the very
election of a Congress controlled
by the opposition was
evidence of the trend of popular
thought which the Presi¬
dent could not fully ignore. While the Eisenhower Ad¬
ministrations, as we have often been at pains to say, have
next
upward,
policy
dence
our
above.
1960's Economic Outlook
high rate of economic growth in
fiscal
either
ness
Plus and Minus Factors in
Congress dominated by the party of Roosevelt and
Truman, but there is no really clear or convincing evi¬
the
as the auto¬
increase in Fed¬
or
ployment benefits in
sumption expenditures in the U. S.
new
clear
are
decline
eral tax-revenues
recession which
a
that be at Washington tried to overcome with
inspired by the New Deal—which in itself is
not without
deep significance—but only during the first
year or two in office did the Eisenhower Administration
This
meaning such things
matic
the
measures
which the
forth
must
we
Washing¬
deficits
the powers
that
set
Often mentioned are
the so-called "built-in
stabilizers,"
matic
Continued from page
of his terms
in
general business
fluctuations.
so
the result in substantial part
succeed
that
us
cited, conditions
enough for the tentative conclusions
definite and convinc¬
astounding. Who would have supposed
that the Federal
expenditures under President Eisenhower
(who had so much to say—and still has so much to say—
about fiscal
responsibility and reason) would reach and
surpass $80 billion and, despite it all, show so relatively
slight tendency to recede from this remarkable height?
Of course, the
budget results of the fiscal year, 1959,
were
It is in considerations such as these
look for indications of what is in store for
i
23
to see the influence of a number
of forces which
promise to reduce
the ampliture of
an
optimist, we are afraid, who ex¬
pected anything other than a substantial increase in Fed¬
eral outlays next
year whether or not better business
promises larger revenues.
1
Continued from page 1
ures
But there
(1891)
tunate. He would be
AS WE SEE IT
f
"
,
Volume
and Inflation Went
ours, there are bound to be
fluctuations in general business
activity, and the hope is that they
will be held to narrow amplitude,
During the Fifties we did, of
course, experience fluctuations in
business, but by past standards
they were comparatively moderate. As measured by the Federal
Reserve Board index of industrial
production, for example, we had
a modest, business adjustment in
1952 and somewhat sharper adjustments in the second half of
1953 running into mid-1954, and
again in late 1957 runnng into
the Spring of 1958. But these adjustments were more in the nature
of pauses in the upward movement of the FRB index from 64
as
in
1949
to
More
105 in
1959.
Moderate
Business
"
Fluctuations
The Inflation of the Fifties. The
impressive rate of economic
that during the Fifties we began
are
many
who
,
family mortgages is the net mcrease in these mortgages ou -
standing during 1959, or the $ .
billion for 1959 in the case oi
corporate bonds is the net increase
in outstanding corporate deb .
Similarly, taking sources of fun s,
the 1959 figure of $5.1 billion fo
life insurance companies represents the net increase in thei
funds available in the capital
markets.
The table shows only the volof uses of capital funds which
ume
Hand in Hand
There
® •
..I have prepared a table showing
the sources and uses of caWja
funds in the U. S. during 19481959. All of these figures are on
a net basis. For example, in
the figure of $13.6 billion for 1-4
the various sources were able to
supply. It does not unfortunately
belieVe Provide any measure
Continued
of the unon
page
24
24
(1892)
Fourthly,
Plus and Minus Factors in
1960's Economic Outlook
Continued from page
23
satisfied demand for funds which
pressed against the available sup¬
plies. Nonetheless, the table does
show the sharp rise in total uses
of funds from $30 billion in 1950
to $56.8 billion in 1959. Especially
noteworthy is the increased use of
funds to finance residential mort¬
spending in certain
education, housing,
the
and
volved in this trend toward rising
Federal
take
me
dim
a
view, but it
likely to occur.
very
Secondly, during the Sixties
billion
1959.
seems
I
to
that
the "hard sell."
at
the rate of
business and industrial plant and
equipment
expenditures
should
continue
to
play,
by
keen
dustrial
upward
move
of
from
the Fifties. Spurred
competition
in
in¬
our
system, and still further
increases in the funds devoted to
industrial
research,
plant
and
equipment expenditures by busi¬
ness
and
industry should trend
upward during the decade.
stepping
we
of a significant
in the rate of house¬
up
formations
which
Ending of the
Consumer Backlog
Fifthly, and in
tic vein
about
pessimis¬
a more
the
economic
out¬
should
demand for
tendency for
level
of
interest
long-term
look
capital
ahead of supply, the
considerably
rose
As
run
in
the
rates
Fifties.
to
general economic
prospects for the Sixties, there¬
fore, one of the questions will be
we
the
availability of long-term fi¬
nancing and the movement of in¬
terest rates.
Sixties
this
With
of
the
the
background
of
national
our
in the Fifties, I turn
economy
to
general
behavior
the
heart
of
now
discussion
our
—
Basic
Forces
Sixties.
There
would
like
think
Operating
review
to
will
five
are
have
the
bearing
on
national
economy
the
in
forces
I
which
I
important
an
behavior
of
the
in the next
10
years.
First, the events of the recent
past in the General Assembly of
the
United
the cold
and
Nations
war
confirm
will remain with us,
probably
intensify,
foreseeable future.
certain
that
for
the
This makes it
rise
further
task of
the
in
the
several
next
We
years.
are just beginning the
trying to win or maintain
friendship of the
nations
petition
African
new
against the ruthless
of
the
Our efforts
to
com¬
bloc.
of
the
country,
to
keep
ahead of the Communist countries
to
about
883,000
rise
will
the
in
last
two years of the Fifties to an
nual rate of about
an¬
1,018,000 in the
the decade.
During the Seventies
the projections
show
rise to
nounced
more
a
pro¬
annual rate of
an
1,338,000 in the second half of that
ing
Accordingly, the expand¬
markets
and
for
housing
higher
tion
rate
should
enhance
the
by
household
of
goods
consumer
occasioned
forma¬
the
general
demonstrate that
economic
system
is
free
our
better
than
the
der
,
Savings and loan associations...
Mutual savings banks
...
Corporate pension funds
Commercial banks.........
Federal Reserve
Banks.
will
impact
of
rising
a
formation
"the
half
se'cond
of
the
Sixties is still considerably below
the annual rate of
1,525,000 in the
three-year period from April 1947
to March 1950.
continued
substantial
rise
in
penditures by state and local
ernment
cated.
there
units
This
is
demand.
to
seems
is
still
an
a
area
large
be
in
ex¬
sale
of automobiles today as the
public no longer is willing to
purchase any car coming on the
market
and
by
of
1959, and it would not be
surprising to me if they showed a
increase
ade,
would
which
neighborhood
by 1970.
liquid
the
free
in
carry
of
$75
Here would be
ful force toward
a
this
a
the
of
on
frills
accepted in the Fifties.
even
in
assets
public
dec¬
them to
billion
power¬
rising level of
billions of
the
and
first
home
loan
consumer
and
ticipate about $31 billion of nonfarm
con¬
good
they
part of these liquid assets, or
drained
rising
appar¬
mortgage terms easier.
I
of
not
am
consumer
continue
am
I
rise
to
confident
spending
in
fortified
of wants
Markets
is
the
the
it
Sixties.
will.
that
I
What
Sixties
will
not
desires which
most
of
should
the
char¬
Fifties.
become
much
competitive
1951
1952
1953
1954
1955
3.4
1.2
3.6
3.7
3.7
4.4
4.7
5.0
1.3
2.1
2.0
3.1
3.7
4.2
0.7
0.7
0.9
—1.7
6.0
6.6
0.8
4
1.9
1.3
tainly
as
consumers
1.7
1.8
1.5
1.7
6.1
9.1
4.1
3.0
0.9
1.2
2.0
1.9
1957
1958
5.3
5.0
4.7
4.9
5.1
5.7
4.9
4.9
6.2
8.3
2.0
1959
1.7
2.4
1.5
2.6
2.7
3.3
1.9
2.2
10.3
5.1
4.5
5.1
15.2
4.3
—1.0
—0.1
0.1
—0.7
2.1
0.3
Let
the
table
pronounced
the
mate,
at
seems
level
a
Other
1.8
2.4
2.5
1.3
2.7
2.1
2.3
1.2
-0.9
—0.7
0.1
0.4
0.4
0.9
0.9
0.1
—0.3
0.5
1.0
1.6
0.8
2.5
Corporations...
Fire and casualty
Foreigners-
3.5
2.9
7.9
3.0
2.5
2.4
0.1
10.5
—1.0
2.1
5.1
8.6
1.0
1.1
0.8
0.7
1.2
1.3
1.2
0.9
0.5
0.8
0.9
1.2
has
—0.1
0.1
1.5
*
1.0
0.6
0.6
1.3
0.5
♦
*
4.5
couple of
4.4
3.1
2.0
1.7
4.8
5.2
1.9
9.3
7.9
7.0
3.2
15.3
3.6
4.9
1.1
1.3
1.5
2.3
2.4
2.2
2.3
3.1
2.4
3.1
—4.1
4.3
—0.4
2.7
8.0
7.8
3.5
0.3
—0.1
0.4
0.2
*
stocks.
Federal agency debt
Mortgages: 1-4 family
Other
Business credit
<
One of the
been
will
years
in
the
to
1.9
1.8
1.9
2.5
2.7
2.1
2.3
is
4.2
3.5
as
follows. If you
3.3
4.9
5.9
5.1
first two
-1.7
8.0
7.9
the
0.6
2.1
has not been any marked upward
trend in the net increase in cor¬
uses
-0.5
2.4
7.6
6.5
6.8
7.6
9.6
12.6
10.8
8.6
10.1
13.6
2.9
2.3
2.3
2.8
3.6
3.8
3.5
5.2
5.6
2.3
—2.5
8.1
5.2
2.9
-1.8
1.4
9.5
7.4
3.1
AA
6.8
not
known that to
122
4.8
3.9
1.1
1.6
1.9
2.0,
18.9
30.0
36.9
31.9
30.1
.
6.4
.3.6
2.8
0.3
6.3
1.3
—0.3
0.6
2.6
2.6
46.5
32.3
.33.6
43.9
56.8
of capital funds
in
table, it is evident that there
2.6
Note: Because of rounding components
may not add to totals shown.
examine the
-4.1
0.7
all
porate bonds and stocks. If I am
correct about the continued trend
toward internal financing by cor¬
porations, it seems to me that the
pension funds will be obliged to
divert some of their rising funds
into residential
mortgages. More¬
likely to move
strongly into the expanding com¬
mercial mortgage field.
they
over,
are
at the table
everybody knows
—that the fastest growing source
of funds is the savings and loan
further
A
glance
what
confirms
The
associations.
increase
net
investments
their
in
phenom¬
rose
enally from $2.1 billion in 1950 to
and
1959,
in
billion
$8.3
would be bold enough
to
who
that
say
an
down! Their
go far to as¬
adequate
supply of
residential
mortgage financing in
they are
slowing
growth alone may
suring
the Sixties.
One
which
of funds
use
Sixties
in the
is
likely
to
absorb
a
sharply rising amount of funds is
state
fi¬
Government
local
and
nancing. It would not surprise
if
the
local
at
a
companies
note,
should
I
the
about
funds
just
say
a
insurance
life
of capital
you will
source
a
as
Sixties. As
the
in
their growth in the Fifties
comparatively slow. I believe
if
that
and
state
by 1970 were running
level approaching $10 billion.
word
was
in
increase
net
me
debt
Perhaps
held
the
fairly
general price level is
stable
during
the
Sixties, there will be a renewed
rise in the funds life companies
have
available
Aside
from
investment.
for
the
security provided
by life insurance, it is an excellent
form
investment
of
the
with
life
insurance companies on the aver¬
earning 4%
age now
their in¬
on
vested funds.
Slum Clearance and Urban Re¬
development. During the Fifties,
especially in the latter part, there
was
much
ance
and urban
clear¬
about slum
talk
redevelopment, but
the accomplishments were modest.
This was probably not surprising
because
to
of
the
the
pronounced trend
tremendous
house
in
well as the
demand
for
capital
funds for all
uses
single-family
suburban
crowd
areas,
out
as
which tended to
urban
into
move
the
shall
we
suburbs
As
renewal.
Sixties,
we
suspect
I
somewhat fewer
see
and
multi-family
more
dwellings in the cities. As
commuter
New York
Railroad,
from
City
I
daily
a
Connecticut
can
to
the New Haven
on
assure
that
you
the urban and suburban sprawl in
the New York metropolitan area
being put to
the
is
a
the
will
broken
severe
a
down
be
and
accomplished
a
return
unhappy
Here
to
in
the
for
job
that
doubt
I
by
test
railroads.
major rehabilitation
Sixties,
prevent
time
it
to
cities by
suburbanites.
My
porate
bonds
and
stocks.
surprising because it
guess, therefore, is that during the
Sixties we shall see a real begin¬
and urban
renewal field.
Business
Fluctuations
this
2.0
2.1
Less than $50 million.
on
1.5
4.3
27.9.
rather
*
1.1
capital funds, with practically
of their money going into cor¬
of
ning made in the slum clearance
that the money will
3.5
,4.1
one
1970. I think
4.3
0.9
it is clear that they are
of the fastest growing sources
table,
many
5.1
J8.1
the
finance
5.9
2.9-
corporate pension funds in the
for
housing
predicted
by
many to rise to two million hous¬
ing starts per annum from 1965-
of
7.1
1.7.
Uses____
past
is whether funds
available
be
2.2
-
also
big questions which
discussed
4.7
2.8.
interesting
most
the
of
One
questions has been whether cor¬
porate pension funds will enter
the
home
mortgage
market in
volume. If we look at the figures
is
4.2
*
billion.
will
3.8
4.8
All other credit..—.
credit
forthcoming,
perhaps
comfortably. My thinking
Consumer credit..
Total
$20
be
State and local gov't, debt.....
U. S. Government debt
*
2.0
56.8
of Funds
Corporate
.
3.3
43.9
around
Will Mortgage Funds Be There?
level
33.6
of
steady rise, up to the
level of about $8 billion by 1970.
1.3
32.3
likely to be running
mortgage
2.9
Corporate bonds..,
1-4
continue its
2.5
4.7
increase in
market.
single-family homes built in the
2.4
Uses
movement
upward
mortgage
home
that
2.2
46.5
As
supplies. By 1970 the
net increase in 1-4 family mort¬
gage debt, on a conservative esti¬
3.6
30.1
to
here.
di¬
be
to
have
the
into
insurance
life
as
will
companies
of available
1.5
31.9
such
vestors
home mortgage credit and because
3.1
36.9
Sixties.
referred
helpful
annual net
1.5
27.9
be
the
we
noted earlier, the table shows
we
in
in
which
will
earlier
—0.1
30.0
developments in the
markets
capital
The
1.0
18.9
ex¬
consider briefly some of
us
possible
2.0
18.1
be
not discouraging to the
are
1.0
•
may
family mortgages. I expect this to
continue into the Sixties, both be¬
cause
of the rising demand for
1956
2.1
construction
residential,
as
real estate business!
a
more
industrial
and
well
pected to rise to about $56 billion
in
1970 as compared with $40.3
billion in 1959. These figures cer¬
consumer
by the great backlog
and
acterized
in
that
saying
am
be
saying that the level
expenditures will not
ex¬
expenditures, including busi¬
as
home
or
dollars)
0.8
tion
in
consumer
construction
residential
penditures in the U. S. that year,
as compared with $22.3 billion in
1959. Total new private construc¬
ness
1950
TO
for
ently gotten to the end of the line
making
$500 billion this
around
Both of these figures are
expressed in terms of the general
price level of 1959, so that this
expansion would be in real terms.
Similarly, by 1970 personal con¬
sumption expenditures might be
year.
loan
by
and
The
level, and
in
billion
significant indicator, particularly
this group, with a $744 GNP
in 1970 it would be logical to an¬
accumulated
by the
we have
$482
billion in 1959. Or to take another
up a
been
and
1959
of
figure
a
fed
fields.
1949
1.0
was
decade
was
during the war,
so
by the easier
more
1948
1.0
it
as
expected to reach about $435 bil¬
lion,
as
compared
with
$314
suming public has used
price
As
comparable
insistent
more
half after the War
a
indi¬
lion in
the
cars
were
evident
was
local
and
is
but
Again,
as
noted
earlier,
the
huge backlog of demand which
have
backlog
about the same
to be of
out
magnitude
with
gov¬
which
the Sixties will
in
$744 billion by 1970, as compared
an end. In a way, we may
witnessing the same thing in the
easier credit in the
Thirdly, with the expansion of
family formation in the Sixties, a
historical
have
to
seems
this
decade should not be exaggerated.
The average annual rate of 1,083,-
000* In
un¬
guaranty
3.0
Sources
the
exceed
economy
State and local funds..
Total
annual
rate of 3%. My guess is
growth of
average
our
above,
rate of
growth during the Six¬
economic
U. S. investment accounts
cos
the strength
outlined
as
average
Federal loan agencies
Individuals and others.
-
forces
on
reaching
compact
(In
Life insurance companies.
likely,
be
which
the
household
of
loan
Sources and Uses of Funds in the Capital
Market, 1948-1959
Funds
a
seems
the
ties
and in some
like to get in¬
"numbers
game,"
in the Fifties,
largely which was 3.8% in real terms.
Indeed, the fail¬
Effect of 4% Growth Rate
ure of home-building as a
whole
to respond this year to somewhat
Let us suppose that the growth
greater availability of mortgage rate in the Sixties turned out to
financing, and the increasing re¬ be 4%. What would this mean in
ports of pockets of unsold homes terms of some of the indicators
and rising vacancy rates in apart¬ familiar to this audience? It would
ment buildings,
may
also signal mean that the total value of all
in part that the lush days of big
goods and services produced in
backlog demand for housing are the U. S., and GNP, would rise to
However,
theirs, will lead to rising Federal general business activity.
Sources of
in
such
of
that
periods
has been con¬
not
do
I
volved
but it
some
higher,
siderably
lower.
In
of growth
rate
period has
long
over a
about 3%.
grow
been
exhausted itself.
economic prospects of the Sixties.
rate
home
VA
program
the lead
spending. Moreover, I suspect that
Federal policies aimed at stimu¬
lating a faster rate of economic
and
from
formations
noted earlier, state
expenditures
(in real
terms) increased persistently from
bound
$26.5 billion in 1949 to $44.3 bil¬
Communist
overcome
of the Russians in space are
to
mean
accelerated
Federal
growth
household
that Federal
expenditures
for
military
preparedness
and
foreign economic aid are likely to
to
has tended
economy
turn
the Bureau of the Census
that the annual rate of
crease,
projects
decade.
prospects for the Sixties.
national
our
part of veterans for housing
favorable
clear-
some
national
our
is likely to take on in
the Sixties, on the basis of reason¬
able
assumptions.
The
average
annual rate in real terms at which
that the annual rate of
first five years of the Sixties, and
to a slightly higher annual rate
of 1,083,000 in the second half of
The Economic Outlook for the
dimensions
the
at
cut evidence of this. For example,
the huge postwar demand on the
for
increase
Under the most
assumptions
for
in¬
Our
economy
running dry. There is
will
of
Economy in the Sixties. It would
perhaps be helpful to take a look
hold
formations
are
rected
Census, the annual rate of house¬
the next 20 years.
Thursday, November 10, 1960
• •
decade of
Dimensions
Possible
•
We
selective.
more
mentioned
Similarly, note
look, I suspect that the reservoir
the steady rise in the use of mort¬ contribute to a rising volume of of demand for consumer goods and
consumer expenditures
and home housing which was dammed up
gage
credit for other than 1-4
building. According to the latest during the Thirties and World
family homes.
the
Bureau
of the War II is finally in the process of
projections
of
As
the
result
of the
chronic
funds to
become
the
hold
in
of which
expenditures,
likely
seems
probably moving into a
as
aid,
Later, I shall say
about the dangers in¬
have the prospect
—
medical
it
with the other three forces I have
the levels
such
areas
like.
something
from $7.6 billion in 1950
to $10.1 billion in 1958 and $13.6
gages
Chronicle
The Commercial and Financial
This
is
is well
in
the
Sixties. One thing we can be cer¬
tain about in the Sixties is that
the growth of our economy will
not be
It
smooth and
is inherent in
uninterrupted.
our
free
market
system for fluctuations in general
business
activity
to
occur.
How-^
larger and larger
degree industrial corporations are
financing themselves by means of
ever, .1
retained
strength of demand for goods and
a
earnings. If this trend
continue, and I think it is
likely to do so, a rising proportion
should
of
the
funds
of
institutional
in¬
do not believe these fluc¬
tuations will be any more serious
than they were in-the Fifties. The
services
and
by
consumers,
industry,
and
business
government
should insure that recessions will
Volume
192
Number
6002
The
Commercial and Financial Chronicle
(1893)
25
Jf
be
short-lived.
effective
Moreover,
of
use
more
monetary
growth process in
and
ket
kind of
our
the willingness
people to save a
fiscal policy by the Federal Gov¬
economy
is
of the American
ernment, and the built-in-stabi¬
lizers,
should
help
to
provide
portion of their income. The table
growth
I
a
on
cannot
forsee
recession
possibility of
any
major depression
NOTES
NSTA
well-sustained basis.
a
serious
or even
throughout
decade.
the
The Movement of Interest Rates
in the Sixties. What about the be¬
SECURITY TRADERS ASSOCIATION OF NEW YORK
havior of interest rates during the
Sixties? Just as was true in the
The
Security
will
fluctuate
in
President—John S.
to
response
Barker, Lee Higginson
Corporation.
of
of
growth
of
American
to
only too
bull
clearly
market
in
mand
and
is
in 1959. Due to the likelihood of
general
balance
between
trend
ward
Fifties
that
provided
no
capital de¬
saving. It
discourages
that
answer
the
rise
in
the
people come to expect
"creeping inflation" as a regular
thing,
"galloping
inflation"
is
up¬
the
John S. Barker
avoil
can
we
the
common
faster
of
bound
S. E. Dawson-Smith
Elbridge H. Smith
to
develop.
rate
of
in
see
Federal
economic
destroy the basic
growth
in
our
of
the
a
growth,
policies
inflationary
pursue
willingess
source
economy—the
people to save
and to make their funds available
for
expanding our industrial ca¬
pacity, our housing,- our public-
improvements—the
whole gamut
capital
goods.
The
primary
requirement for faster economic
growth in the Sixties is a Gov¬
of
ernment
aimed
program
at
en¬
couraging a higher rate of saving
and private investment
spending.
This is the basic way that America
has built her industrial
der
might
un¬
free market economy and a
a
democratic political system.
American
con¬
in
occurred
We
in
price level will be of a
"creeping"
nature.
Once
the
a
demand
supply, I do not expect a
tinuation of the pronounced
save
during 1959. Inflation in¬
evitably produces rising interest
fluctuate around the level reached
and
It
save.
willingness to
urge to
speculate.
the
great
people
rates because it inflates
better
life
as
the
this
saw
to
the
and thus
institutions
such
general
rates
that
will
with
long-term
is
us
through
replaces
any
of
Government, in trying to force
rates. Instead, I would expect the
level of interest
industry,
the saving of the American
people
stocks
^possibility
sub¬
and
commerce,
housing,
and
many
public works has been financed by
foresee
trend
sustained
economic
ahead
The
the
the
for
stantial
well.
changing
demand
for ' loanable
funds, as well as changes in mone¬
tary policy. However, because of
very
high demands for capital
funds during the Sixties, I cannot
downward
propects
previously referred to shows this
companies, savings
banks, savings and loan associa¬
tions, pension funds, and the like.
The distressing fact is that infla¬
tion destroys the willingness
of
Association of New York (STANY) has
following Candidates to hold office during 1961:
conclusion, I believe that the
States has very favorable
United
expansion
the Sixties. The danger that I
insurance
Traders
nominated the
Fifties,-interest rates in the Sixties
In
mar¬
*An
address
by
Discussion Series
Dr.
O'Leary
the
in
Current Real
on
Estate
Problems, Marquette University, in Co¬
operation with the Milwaukee Board of
Realtors, Milwaukee, Wis., Oct. S, 1960.
further inflationary excesses. This
is
a
big proviso. Inflation breeds
rising interest rates because it
brings about inflated demands for
capital funds and at the
discourages saving.
The
•"
.■£
LETTER
Accordingly,
the
prospects
are
favorable for
a period of sustained
growth of the United
States
in
however,
the
Sixties.
cloud
one
There
Chronicle:
In your
which I would like to consider in
closing remarks. This is the
danger that the Federal Govern-
my
Salvatore J.
ffrent;rAift
"J hn
effort to promote
faster economic growth, will turn
to
policy measures which will
brihg about ar
flation. This would be
fortunate
of
in¬
most
un¬
resurgence
a
development
inflation
is the
economic
heal'thy
growth.
What evidence is there that the
resurgence
Sixties is
inflation
of
•
real threat?
a
the
in
rate
U.
of
economic
is
S.
with
essential
in
the
of the
struggle
According to
by
the
U.
S.
Intelligence Agency, the
Central
GNP
made
Soviet
of
will
to
amount
will
at
grow
pounded
Russia
this
Soviet
this
billion
still
would
considerably
$775 billion
economy
below
the
figure
which
the
GNP
of
of
the
S.
U.
which
we
as
Fifties.
>
There
is
is
SECURITY TRADERS
the
basic
meeting
on
that
and
is
rate
spending
by
that
the
volume
consumers,
and various levels
has not been great
enough to stimulate the economy
into all-out production. In other
industry,
of government,
words, the national economy could
grow at a faster rate, it is argued,
if
the
and
national
rate
the
higher. The
purchasing
of
spending
power
were
why national
spending is not higher, the argu¬
ment goes, is because the Federal
Government has been pursuing a
"tight money policy" and has been
too stingy in its own spending
activities. The charge is made that
reason
the Federal Government has been
too
concerned
the
value
of
about
the
preserving
dollar
and
not
concerned
nearly
enough
with
achieving "full employment" and
economic growth. In any
is
argued,
restricted
event,,it
Federal
spending and "tight money"
not
the
bat
inflation
cause
correct
the
in
measures
recent
principal
They
Webber, Jackson &
& Co.
■
economic power on the
ment
part of labor and management and
the ability to foist higher costs
onto the public in the form of
gram
was
for
be
in
•'
■'
'
to
were
There is not time to dissect
be¬
of infla-
t u
this
argument, but I take strong ex¬
ception to it. The proponents of
this general line of argument go
on to prescribe two steps that the
Government
Federal
to
of
should
take
expand national spending. One
these is that the Federal Re¬
Reserve action to restrict the gen¬
eral availability of
credit. Rather,
it would be by more
plication
effective ap¬
antitrust measures,
of
selective credit controls in certain
specific
policy
of easy credit and
interest rates down
should
gages,
to
general price ceilings.
lowest
possible level
curring
eral
a
severe
the
price level. The other step is
the
that
Government
Federal
areas
and
such
has
home mort¬
thinking, which
time, which I believe presents
serious
threat
to the
otherwise
should
sharply increase its ex¬
penditures for certain social pur¬
poses — health, education, slum
good prospects for sustained eco¬
nomic growth in the Sixties. I be¬
lieve that the type of program
clearance and urban renewal, and
which I have just outlined would
similar programs. This would not
most certainly
have
to
Federal
mean
deficits, it
is
contended,
because
a
growing ' economy
would
faster
yield
more
serious
lead to considerably
inflation
than
we
rate
of
growth.
Fifties.
:
proponents
'
of
lowing simple
•
this
argu¬
The
/
heart
Actually
it
reason.
of
the
of
this
action to disturb the
It is as simple as that.
Links
Opposition
Oil
to
Importers
Why, then, this implacable op¬
position to the proposed Congres¬
sional
study as evidenced by many
in the same vein as the
Empire Trust Co.'s "Letter," is¬
sued by every foreign-oil import¬
ing company over the past year?
Unless they are apprehensive that
such a study will uncover facts
tracts,
that
they would rather keep hid¬
den
from
the
what is the
American
reason
people,
for their vigor¬
vociferous
ous,
study
opposition?
them no harm.
do
can
will cost
maximum
a
for two
of
A
It
$200,000
drop in
compared to what the
importing
companies
are
spending to try to sabotage it.
year
the
Are
decide
to
If it is
presum¬
no
status quo.
whole legislative
years—a
ocean
-
they afraid that
sional
study will
a Congres¬
the genesis
be
industry that will rock the indus¬
policy would
try to
assume.
Study Vital
ernment
of
this
should
exactly what
production capacities of lowat
know
cost
all
country
times
—not
these
tion
of
far-sighted
fuels utiliza¬
tion means our very existence as
a
nation.
They believe that a
sound economy and a secure de¬
fense
America
their
power
exactly
the
to
from
con¬
exactly what the man¬
situation is in regard to
—
production
expect
fuels
these
place of origin
sumers
the
transportation
our
haul
what
in the
of
these
fuels—
this
nation
way
of
could
supply of
energy
fuels were our rapidlyincreasing imports of foreign oil
suddenly cut off by hostile action.
a
as
of
a
ask
national fuels
or expect that
con¬
because
intelligent,
the abilities of
to
but!
—
convinced that formula¬
plans for
fuels are — exactly
healthy our energy fuelproducing industries are—exactly
energy
how
study
"end-use
or
markets
are
a
they; believe that
give them any
will
"monopolies"
trolled"
eagerly
of such
results
because
coal
The
industries
results
they
petroleum
foundations?
its
railroad
await the
They believe that the gov¬
our
of revelations about the
and
Calls
our energy
in
the
tant than
energy
lieve
a
fuel
that
the
of
in
more
individual
an
company.
the
of
lack
that
future
much of the energy
jeopardizes
States
impor¬
sensational profit and
statement
loss
for
United
vastly
are
the
beplanning
They
Congressional Committee
proposed will come up with
specific recommendations for leg¬
Committee
will
present
that the
to the
|
characterizes
fuels industry
security
of
the
United States.
Is this
an
the violent
has been
attitude deserving of
opposition to which it
subjected?
Joint
islation. They expect only
economic
ably take
oil
able
people. If it is,
Congress would undoubtedly
frame suitable legislation.
Committee
recommendations
be
safeguard the interests
American
national fuels policy is
needed and if so, what form that
study do not
the
er
be held in
the
a
It
in
experienced
would throttle growth for the fol¬
The
would
whether
to
the
the
a
deliberations
would not give the country a fast¬
Federal
budget could
would
of
bi-partisan
Proponents
higher tax revenues, so that the
balance.
body
media
powerful support at the pres¬
ent
a
as
ultimately, if needed,
It is this line of
without in¬
rise in the gen¬
States
Proponents of the national fuels
study believe such a body is vital
should "creeping inflation" begin
to
the
economic, industrial and
to move at a faster pace, the way
military
future
of
the
United
to stop it would not be by Federal
States.
authorities should pursue a
force
anything.
interests
emerge
which the
paid to assure maximum eco¬
nomic growth and full employ¬
ment.
It is further argued, that
serve
com¬
years
cause
Opposes ^Forced" Growth
United
best
the
From
price that must
a
the
impartial,
,
frankly admit that this pro¬
may lead to a renewal of
that this is
impose
people of this nation.
"creeping inflation," but they ar¬
gue
to
the
be
prices.
higher
and
2)
ask
icy
Tucker, Hill, Richards
V".
„
No.
would study whether a fuels pol¬
Dahl, Sellgren, Miller & Co.; William
v'.
Con¬
(as amended
of the Senate and the House which
Curtis.
Governors—Ralph M.
ig¬
merely that the Con¬
gress authorize a Joint Committee
Elliott, J. Barth & Co.
Treasurer—Kenneth O. Barsamian, Morgan
al¬
policy.
a
Senate
Print
needed
of
findings, the Congress
if
legislation
is
decide
"dan¬
it pointedly
that
From these
would
Com¬
to
controls"
Representatives do not ask for
legislation
Bakerink, Paine,
Secretary—Delbert E.
of
business
Trust
the
of
fuels
like companion bills in the House
of
Vice-President—Wm. H.
economy is not gf owing at a much
faster
fact
Committee
by
follows:
were as
American
the
others,
the
nores
President—Patrick H. Sheedy, Fairman & Co.
3.8% in the
holds
national
a
"end-use
the
from
which
of
Congress their findings on the
complete, vast picture of energy
distribution and
consumption in the United States.
fuels production,
not, the Congress would
criticisms
similar
the Empire
letter refers
of
Like
ASSOCIATION OF LOS ANGELES
need for
a
legedly implicit in such
Nov. 4.
Officers elected
tion
reason
ger"
would
V
today
study,
pany's
Security Traders Association of Los Angeles held its annual
The
is
a
all
obectives
current Resolution 73
is
highly vocal and
influential body of opinion in our
country
in
As
Stanley L.
Congress
National Fuels Policy.
the
Colwell, W. E. Hutton &
Co.; Michael J. Heaney, Michael J. Heaney & Co.;
Roggenburg, Roggenbpurg & Co.
Elections will take place on Friday, Dec. 2, 1960.
you
news¬
Joint Committee to
a
a
growth rate,
was
86th
in; the
establish
considerably
own
saw
made
study whether there is
&..CO.
now
growing
higher than our
forts
Krisam, John C. Legg & Company.
Ginn, Dean Witter & Co.; and Clemens T.
economy
the
Secretary—Salvatore J. Rappa, Mergott, Rappa & Co.
at» which
Soviet
from
Treasurer—Wilbur
likely to reach by 1970, the rate
the
published
to
National Committeemen—Samuel F.
1970.
leave
Dawson-Smith, Cruttenden, Podesta
& Co.
year
in
excerpts
letter
by the Empire
Company- of New -,Yor«k,
which sought to discredit the ef¬
Directors
(Two-Year Terms)—Joseph R. Dorsey, Bache &
Co.; Raymond C. Forbes, Shearson, Hammill & Co.; D. Raymond
Kenney, D. Raymond Kenney & Co.; Lewis H. Serlen, Josephthal
$225 billion and
a
6%
rate com¬
$420
to
Although
the
growth
Communism.
estimates
2nd Vice-President—S. E.
issue of Sept. 15, 1960,
quote
Trust
Elbridge H. Smith, Stryker & Brown.
Co.
&
It is this.
There is widespread acceptance in
the country that an accelerated
Wilbur Krisam
Rappa
1st Vice-President:
because
of
enemy
EDITOR:
Editor, Commercial and Financial
is,
the horizon
on
THE
Scores Opposition to
National Fuels Study
Dangers to Our National
Economy in This Decade
economic
TO
time
same
JOHN
GONELLA,
Assistant to the President,
National Coal Policy Con¬
ference, Washington 6, D. C.
*
J
26
The Commercial and Financial Chronicle
(1894)
Indications of Current
The
following statistical tabulations
latest week
Business Activity
week
Latest
AMERICAN
IRON
Indicated Steel
AND
Previous
Week
Ago
that date,
Steel
ingots
45.6
BUILDING
oil
Crude
and
condensate
output—dally
at
(bbls.)
fuel
at
v UUiO. J
(bbls.)
oil
iun
U1I
ASSOCIATION
OF
(bbls.)
—
at
6,771,010
6,849,000
6,886,775
New
28
17,934,000
7,947,000
7,949,000
7,491,000
Additions
28
27,968,000
28,301,000
29,018,000
27,239,000
28
2,535,000
2,919,000
2,663,000
1,880,000
28
28
12,956,000
12,728,000
12,583,000
11,849,000
5,717,000
5,408,000
6,168,000
6,279,000
28
186,815.000
187,002,000
187,417,000
176,147,000
Oct. 28
36,626,000
36,807,000
35,151,000
33,035,000
Oct.
28
I
178,924,000
177,632,000
168.625,000
181,546,000
Oct. 28
49,917,000
50,929,000
50,325,000
58,050,000
AMERICAN
Revenue freight loaded (number of cars)
Revenue freight received from connections
(no.
.Oct.29
620,712
637,311
631,645
'587,776
517,410
527,670
531,758
522,335
ENGINEERING
CONSTRUCTION
U.
S.
Private
construction
and
Hospital
Farm
$602,800,000
3
165,200,000
182,600,000
427,600,000
104,300,000
3
208,200,000
165,500,000
175,200,000
147,600,000
Nov.
3
167,600,000
143,900,000
150,600,000
120,900,000
Nov.
3
municipal
3
$373,400,000
40,600,000
21,600,000
24,600,000
26,700,000
Bituminous coal and lignite (tons)
Oct. 29
7,990,000
"8,535,000
8,255,000
7,934,000
Pennsylvania anthracite
Oct. 29
385,000
362,000
363,000
390,000
Oct. 29
149
149
145
OUTPUT
DEPARTMENT
(U.
S.
BUREAU
STORE
OF
ELECTRIC
Electric
output
FAILURES
(tons)
SALES
000
INDEX—FEDERAL
COMPOSITE
steel
(per
Pig iron
(per
gross
Electrolytic
.
AND
INDUSTRIAL)
—
DUN
(E.
U.
S.
5
13,982,000
13,883,000
13,779,000
13,019,000
Nov.
3
317
331
343
265
6.196c
6.196c
of
$66.41
$66.41
New
-Nov.
$28.17
$29.50
$29.83
$46.17
&
ton).
M.
J.
QUOTATIONS):
at
87.38
87.75
87.79
82.79
—Nov.
87.05
86.91
87.32
84.17
Group
Government Bonds
corporate
Aa
Baa
Group
Utilities
Group
Group
MOODY'S COMMODITY INDEX-
1949
91.77
87.86
Manufacturing
85.98
Wholesale
84.17
Retail
in
which
80.93
81.17
79.13
Construction
84.17
83.91
84.68
82.52
Commercial
88.13
87.99
88.27
83.79
Nov.
88.95
88.81
88.95
86.38
3.79
3.79
4.25
Wholesale
4.62
4.85
Retail
-Nov.
4.29
4.30
4.28
4.57
Construction
-Nov.
4.47
4.47
4.43
4.71
Commercial
-Nov.
4.69
4.69
4.66
4.85
-Nov.
5.08
5.11
5.11
5.26
-Nov.
4.85
4.87
4.82
4.55
4.56
4.55
4.88
-Nov.
4.49
4.50
4.50
4.68
-Nov.
353.5
354.1
365.1
384.5
299,310
353,910
299,940
300,750
318,032
327,941
324,667
332,303
Oct. 29
91
93
93
96
Oct. 29
418,183
435,919
429,110
483,208
109.77
109.99
109.65
111.77
off
the
sales
on
the
Total
purchases
1,420,850
1,527,530
1,720,790
1,828,280
„,Oct. 14
199,300
275,590
253,090
—Oct. 14
24,300
33,300
50,960
—Oct. 14
168,400
282,200
224,790
317,310
—Oct. 14
192,700
315,540
275,750
370,440
Oct. 14
477,612
606,580
512,985
670,345
Other
79,020
111,720
95,840
144,533
394,455
475,371
499,880
629,165
473,475
587,091
account of members—
- -
—
of
short
Customers'
other
Dollar
-
Number
sales
of
Other
sales
3
by dealers—Number of
STOCK
SALES
EXCHANGE AND ROUND-LOT
FOR
ACCOUNT
OF
MEMBERS
Total round-lot sales—
Short
sales
Other
sales
Total
~
sharesl
ON
THE
STOCK
N.
Y.
•Revised figure.
1,351,988
1,705,039
$64,519,362
$89,400,397
14
1,094,297
1,125,784
1,284,281
1,333,654
14
23,109
20,955
12,884
13,077
—Oct
14
1,071,188
—Oct!
1,104,829
1,271,397
1,320,577
14
554,749,975
$52,048,948
$60,308,477
$67,224,748
Oct. 14
295,800
286,150
403,630
327,980
14
295~800
286~150
403~630
327~980
14
483,990
575,950
438,370
711,220
14
1,315
1,144
$23,011,000
$33,097,000
$15,974,000
7,381,000
8,127,000
6,992,000
23,080,000
22,556,000
16,098,000
14,417,000
27,874,000
12,595,000
12,715,000
5,940,000
3,077,000
$80,604,000
$97,594,000
$54,736,000
$1,965,500
$371,500
$1,917,600
7,005,374
*12,283,000
12,373,000
6,905,000
*6,839,000
6,847,000
5,452,000
*5,444,000
5,526,000
;
98.1
*98.4
98.3
171.3.
*170.2
169.1
16,465,000
*16,396,000
Average=100)—
employees in manufac¬
-
—
a.
——
BENEFIT
POLICYHOLDERS
—
INSURANCE—Month
PAYMENTS
9,371,000
*9,301,000
16,367,000
9,225,000
7,094,000
*7,095,000
7,142,000
$292,200,000
$251,400,000
$245,200,000
TO
INSTITUTE OF LIFE
of
August:
—
endowments
51,400,000
48,400,000
Disability payments
10,700,000
9,700,000
9,300,000
Annuity
59,500,000
59,400,000
52,300,000
142,400,000
132,100,000
112,500,000
-
.
payments
values
dividends
———
INSURANCE
LIFE
PURCHASES
_
123,200,000
104,700,000
104,300,000
$679,400,000
$605,700,000
$567,800,000
$4,314
$4,055
*$4,063
INSTITUTE
—
of
August:
.
—
—
,
—
——
——
MANUFACTURERS' INVENTORIES AND
Month
44,200,000
omitted):
Ordinary
Group
—
INSURANCE—Month
(000,000s
of
September
(millions
of
569
541
543
1,017
1,327
1,027
$5,900
$5,923
$5,633
$31,600
$31,700
$29,600
22,700
*22,800
22,600
*$54,500
$51,600
30,900
*30,800
30,000
,$32,000,000
$32,000,000
$32,000,000
SALES
dollars):
Inventories—
Durables
—
Nondurables
Total
(SHARES):
DEPT.
14
574,790
690,350
607,280
623,450
14
10,823,940
12,147,820
11,752,520
11,398,730
12,838,170
12,359,800
11,292,130
11,915,580
OF
•
-
MONEY
IN
;
CIRCULATION—TREASURY DEPT.
ONDARY
farm and foods
XPrime Western Zinc
119.0
119.0
119.5
119.2
88.2
87.8
88.4
86.4
Nov.
108.1
108.0
108.4
106.0
NOV.
94.8
94.3
96.7
92.7
-Nov.
sold
on
$54,300-
TIN—CONSUMPTION
^Includes 1,001,000 barrels of
foreign crude
pound.
93
1,269
12,357,000
—
.—
Industrial
Oct
Oct!
127.5
TIN
127.6
128.1
128.7
§Based
tNumber
on
of
new
annual
orders
delivered basis at centers where
not
capacity of 148,570,970 tons
since introduction of
reported
freight from East St. Louis exceeds
OF PRIMARY AND
IN
OF
THE
UNITED
MINES)—Month
SEC¬
STATES
of
August
(in long tons):
Stocks
in beginning
of period
31,105
Receipts
Supply
Stocks
Total
runs.
a® ~,ga1959 basis of 147,633,670 tons.
a
191
128
Ave.—300)—
goods
Death benefits
OF
'
$66,212,925
217
113
of
——
(1947-49
of
goods
Total
v
218
1
DEPT.
S.
workers)
-—
INSURANCE
Policy
STOCK
foods
Monthly Investment Plan.
one-half cent
LIFE
2,972,468
562,833,952
563
6,142,935
(production
indexes
Nondurable
2,592,260
1,432,489
105
621
COMMERCE):
SERIES—Month
REVISED
number
Durable
2,871,371
1,263,670
192
121
OF
—
turing industries—
manufacturing
(BUREAU
than
OF
PAYROLLS—U.
AND
All
2,239,425
.
other
(DEPT.
manufacturing
14
products
°*Han;
All
Surrender
14
228
604
TRANSACTIONS
PRICES, NEW SERIES —U. S.
commodities
DEPT.
S.
———-—
manufacturing
i
Payroll
indexes
(1947-49
2,474,035
Iloct!
IHIoct!
Illloct!
Meats
All
-
All
2,145,520
commodities
Processed
.
liabilities-
goods
Employment
2,372,441
Qct
All
—
——;
LABOR
1,836,795
LABOR—(1947-49—100):
Commodity Group—
Farm
•;
a
manufacturing
j4
14
218
: 116
,
-
September:
498,433
0ct
sales
WHOLESALE
$568,826,960
I
liabilities
EMPLOYMENT
LIFE
sales
.
ROUND-LOT
$567,091,153
number
service
18
446,740
Oct
sales
„
TOTAL
Oct.
498,930
,
sales
To
402,630
by dealers—
Durchases
773,748
595,720
purchases)—t
Short sales
Round-lot
$563,974,902
—
GINNING
^
-H—Oct!
shares—Total
COTTON
2,909,215
;
value
Round-lot
—
CORPORATIONS—U.
2,549,265
by dealers (customers' sales)—
orders—Customers* total sales
Customers'
——
BRADSTREET,
omitted)
2,728,930
II—H—Oct!
(customers'
S.
2,283,162
rw.
Odd-lot purchases
Number
&
COMMERCE—Month of September:
Oct. 14
STOCK TRANSACTIONS FOR ODD-LOT
ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE— SECURITIES
EXCHANGE
COMMISSION
Odd-lot sales by dealers
Number of shares
Dollar value
U.
Matured
saleS
sales
53,100
Oct. 14
.
Total
$705,179,999
136,353,039
CASH DIVIDENDS—PUBLICLY REPORTED BY
364,030
'
"■
Oct. 14
.-
Short sales
300,750
1,614,830
1,968,740
,
round-lot transactions for
Total
299,940
1,273,940
1,573,250
;—Oct. 14
Total sales
^
363,910
1,874,840
14
floor-
_L
sales
1,783,190
Oct. 14
_
,
96,370,363
liabilities.
Estimated
purchases
Other
$663,461,516
148,142,480
Nondurable goods
floor-
Short sales
.
$712,117,382
liabilities-
Durable
299,310
38,385,782
148,684,470
—
liabilities
Total
All
1,846,760
42,114,041
34,810,865
141,938,445
4.98
-Nov.
loct.
sales
Total
City
number
number
4.64
Oct. 14
sales
sales
Other
Total
4.63
1,606,250
41,543,093
39,127,412
number
service
3-83
registered—
purchases
Total
York
New
number.
81.29
Oct. 14
38,435,408
132,712,983
—
.
number—.:
Nov.
4
371,763,777
INC.—Month of September:
89.78
91.91
States
FAILURES—DUN
86.78
MEM¬
.
Other transactions initiated
outside
BUSINESS
OF
OF
sales
Short
—
City——:
89.23
ENDEX-
Short sales
Total
—
—
86.24
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Other
—-—■
:
89.23
—Nov.
Other transactions initiated
—
—
United
York
-Nov.
period.
Transactions of specialists in stocks
Total
Total
,
New
Nov.
activity
ACCOUNT
470
&
—
-
—
—
86.24
91.62
DUN
;
Central
Nov.
Oct. 14
FOR
839'
CITIES—Month
INC.—217
—
Nov.
Oct. 29
purchases
102,172,473
(000s
AVERAGE=100
Total
109,569,090
Nov.
(tons)
TRANSACTIONS
104,943,572
—
■—
Central
-Nov.
(tons).
ROUND-LOT
57,535,278
113,217,678
South
ASSOCIATION:
PRICE
846
106,373,545
VALUATION
AVERAGES:
of
1,447
128,576,090
public—.
Central
Total
Group—
end
1,481
13.000c
—Nov.
REPORTER
80S
5,646
$31,306,500
13.500c
AVERAGES:
.
at
734
1,204
49,925,020
13.500c
12.500c
DRUG
1,110
6,059
143,023,809
West
101.500c
(tons)
'
1,132
6,272
$36,277,649
Pacific
102.250c
of
268
51,139,940
Mountain
103.250c
AND
396
187,953,217
12.800c
103.250c
Unfilled orders
—
Atlantic—-
30.825c
Nov.
PAPERBOARD
289
1,904
413
1,129
buildings
systems
Atlantic
13.000c
24.700c
DAILY
water
380
2,930
$28,228,760
Middle
11.800c
13.000c
Percentage
3,195
—a.—
England
12.000c
(New York) at.
OIL, PAINT
4,816
419
2,933
127
28.225c
23.250c
Orders received
4,894
—
212
11.800c
13.000c
Production
517
222
12.000c
Group
NATIONAL
12,170
721
institutional—
PERMIT
26.725c
26.000c
Aaa
Public
16,258
725
,—
;
facilities
other
11.800c
13.000c
Industrials
172
16,539
376
12.000c
Baa
Railroad
3,079
284
640
26.825c
—Nov.
U. S.
1,060"
5,328
301
1,102
Nov.
.
Average
1,403
5,301
,
1,121
Nov.
26.000c
YIELD
587
391
>Nov.
13.500c
32.900c
Nov.
BOND
1,440
380
372
..
608
32.600c
—
MOODY'S
960
697
29.600c
Nov.
DAILY
903
.
at
end
of
—.
period
processed
.
Intercompany
scrap
Consumed
manufacturing
Primary
JSecondary
in
transactions
.
-
671
692
29.600c
at-
PRICES
574
547
658
Nov.
Nov.
Utilities
1,025
586
574
September:
East
A
Public
1,033
823
South
at
Industrials
1,265
w
_
nonresidential
BRADSTREET,
6.196c
$66.32
corporate
Railroad
1,382
1,853
Water
All
6.196c
(primary pig. 99.5%) at.
BOND
2,647
2,069
1,949
Sewer
BUILDING
$66.32
Aaa
Aa
Nov.
.Nov.
Government Bonds
Average
3,922
2,087
Public service enterprises
Conservation and development—
_Nov.
(East St. Louis)
MOODY'S
4,036
—
.—
..
and
Sewer and
PRICES:
Export refinery at—
(New York) at—
(St. Louis) at—
Straits tin
157
copper—
(delivered)
2,037
&
Lead
Zinc
2,934
__—
construction
Other
-
Lead
Aluminum
6,754
3,041
buildings———
private
Hospital
ton)
Domestic refinery
fZinc
9,962
Educational
lb.)
(per gross
PRICES
utilities
other
Industrial
RESERVE
I
kwh.)
(COMMERCIAL
Scrap steel
684
10,173
institutional
and
buildings
Nonresidential buildings
INSTITUTE:
(in
Finished
METAL
955
—.—
nonresidential
Military
BRADSTREET, INC
IRON AGE
3,240
959
'
MINES):
SYSTEM—1947-49 AVERAGE=100
EDISON
4,528
—
construction-.
Public
$251,900,000
$348,109,000
.Nov.
.Nov.
Federal
COAL
11,549
4,540
alterations
and
Religious
Public
Nov.
construction
State
15,473
16,296
Residential
construction
Public
26,538
16,181
Educational
NEWS-RECORD:
Total
38,708
38,756
21,779
Office buildings and warehouses
Stores, restaurants and garages
ENGINEERING
—
55,014
38,895
21,680
——
Commercial
All
CIVIL
Ago
55,434
Nonresidential buildings—
Industrial
Other
of cars)—Oct. 29
Month
Nonhousekeeping
i' «■" 1
RAILROADS:
Year
Month
(in millions):
buildings (nonfarm)
dwelling units——„
6,821,410
of that date:
Previous
construction
28
rto
fuel oil
Residual
September
are as
OF
DEPT.
Residential
(bbls. of
average
of
S.
either for the
are
Latest
construction
new
Private
Oct.
gallons each)
Oct.
Crude runs to stills—daily average (bbls.)—
Oct.
Gasoline output (bbls.)
Oct.
Kerosene output (bbls.)_
Distillate fuel oil output (bbls.)
-Oct.
Residual fuel oil output (bbls.)
Oct,
Stocks at refineries, bulk terminals, in transit, in pipe lines—
—Oct.
Finished and unfinished gasoline (bbls.) at
Distillate
UloLllJLULC
Total
INSTITUTE:
42
Kerosene
1,291,000
1,579,000
1,478,000
§1,464,000
Nov. 12
(net tons)
and castings
of quotations,
cases
CONSTRUCTION—U.
LABOR—Month
PETROLEUM
in
or,
Ago
Equivalent to—
AMERICAN
production and other figures for the
cover
Year
55.4
"51.9
§51.4
.Nov. 12
on
Thursday, November 10, 1960
.
.
Dates shown in first column
month available.
month endeicl
Month
Week
INSTITUTE:
STEEL
operations (per cent capacity)
or
or
.
31,110
33,745
6,345
6,620
4,080
37,450
37,730
37,825
30,245
31,105
32,975
7,205
6,625
4,850
210
105
90
6,995
6,520
4,760
4,635
4,655
2,185
2,360
1,865
2,575
Volume
The Commercial
Number 6002
192
and Financial Chronicle
(1895)
Securities
Now
* INDICATES
in
Registration
of
the
of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high\flegree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates. i
1
Sept.
(Bids
November 11
NYT)
p.m.
(Lloyd
For
salaries
(Paine,
(Robert
&
Co.,
&
Co.
and
&
Co.)
underwriting)
R.
Maher
Electronic
(Woodcock,
&
(Hill,
Frouge
American
Diversified
Securities,
of
one
Aircraft
share
for
each
Indian
&
Lawter
&
Co.)
&
Co.)
Baruch
Patrician
Blauner
&
11:30
(P.
Darlington
Cook
$20,000,000
Common
A.
W.
Lomasney
&
Inc.)
Co.,
&
Units
Kahn,
Foremost
units
Inc.)
Inc.—
Leonard
$900,000
Lynch)
&
Lomasney &
A.
(Blyth
Co.,
&
Inc.
(Kenneth
Co., Philadelphia, Pa. (managing).
Kass;
B.
Allegri-Tech, Inc. (11/21-25)
Sept. 21, 1960 filed 100,000 shares of 50c par common
stock. Price
$6 per share. Business — The company
makes and sells printed circuitry and modules.
Pro¬
ceeds — To pay bank notes and other indebtedness in¬
curred for./equipment, to finance leasehold improve¬
ments, - and for research and development expenses.
Office
141 River Road, Nutley, N. J.
Underwriter—•
Myron A. Lomasney & Co., New York City.
White
Avionics
(Planned
-
'
•
All American
Offering
to
&
Co.)
&
*
11
85,918
Allied
Foods,
Co.)
&
>\
O'Connor,
&
Inc.)
$300,000
Davega Stores Corp
(Amos
filed $750,000
Deere
(Harriman
Corp
Ripley
Debentures
Co.,
&
Common
Inc.)
Co.,
$300,000
Curtis)
&
..Common
Edden
Earl
shares
211,000
Co.)
$200,000
(Milton
.
'
Towbin
Common
Co.)
shares
50,000
..Common
:
&
&
Inc.)
Co.,
$300,000
Common
shares
100,000
Co.)
Manufacturing Co., Inc
D.
Blauner
&
Inc.
Co.,
Common
and
L.
M.
Lee
Co.,
High Point Ski Ways, Inc
Clark
Common
Van
&
Inc.)
Buren,
$300,000
Industrial Hose & Rubber Co., Inc.——
(Schrijver
.
-
<
&
(The
Co.) ,$500,000
Common
,.
.
(M.
L.
Lee
&
Co.,
Inc.
and
$300,000
Milton D.
25,000
Blauner & Co.,
Inc.)
shares
Metropolitan Telecommunications Corp
(M. L. Lee & Co., Inc.
$50,000,000
Inc.)
Common
Co.)
James
Inc.)
shares
100,000
$1,500,000
Co., Inc.)
(John) Credit Co
.
Sterling,
by
$539,021.25
Corp
and
■
&
shares
Metropolitan Telecommunications Corp.—Common
Debentures
Treat
&
Jackson
Unterberg,
Common
Ahalt
100,000
Long Island Plastics Corp
Inc
(Searight,
,
Gremar
Common
Drexel
by
shares
—
Caruso
E.
(Osborne.
Engineering Co
Co.)
Bruce
I
.
Co.)
Security Systems, Inc
(Tuesday)
stockholders—underwritten
&
(Drexel
\
&
Common
$300,000
'
$400,000
stockholders—underwritten
Webber,
$200,000
Fidelity Investors
and
Common
$500,000
Common
to
Foam
Globe
and
Inc.
Co.,
Lee
Common
Sachs
(Martinelli
Common
Corp.
'
November 15
Glas
shares
635,800
Common
Simmons
Service)
■'
Brothers)
Corp
Investing
V
—
S.
Rubin
and
Common
Automation
(C.
—Common
Inc
H.
N.
Inc.
450,000 shares
Geophysics Corp. of America
$1,500,000
Co.)
Lehman
and
Vacudyne Associates,
Un¬
Common
Co.,
Wilk,ens & Co.)
(Bertner Bros,
Debentures
Texas Butadiene & Chemical Corp
—
General
shares
150,000
1
(Myron
&
Corp.)
Co.
(Paine,
(Moore,
..Common
shares
Industries, Inc
Foxboro
Sampson-Miller Associated Companies, Inc.—Com.
Tenax, Inc.
170,000
Corp.
(Offering
100,000
$600,000
Co
(Richard
&
Co.)
Corp.
Coffee
Dalto
Common
(Mandell
&
Inc.)
Co.,
Brooks
(Goldman,
Class A
Kletz
shares
(Monday)
(Jay W. Kaufman & Co.)
Robosonics, Inc.
four
Bowling Centers, inc.
of sinking fund debentures and
800,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
Chemtronic
$200,000
Debentures
Grimm)
&
Common
265,500
Co.)
Carolina Metal Products Corp
Common
EST)
a.m.
1,250,000 shares
Inc.}
Inc
Bzura Chemical Co.,
Common
shares
Inc.)
Common
Smith,
(Friday)
(McDonnell
$300,000
Co.,
&
Amacorp Industrial Leasing Co., Inc
Capital
Paper Co., Inc.—
(Hill,
ufacturing activities related to the aircraft, satellite, and
missile fields.
Proceeds
For general corporate pur¬
29
Fenner
(Arnold,
D.
Bonds
$6,000,000
Common
Union Securities &
(Myron
Tabulating Corp
EST)
Peabody & Co.) 112,760 shares
November 21
.Common
Co.)
&
_Bonds
$30,000,000
Allegri-Tech, Inc.
70,000 shares
100,000
a.m.)
a.m.
Armaments,
shares
_
&
Co.)
(Offering to UIC stockholders—underwritten by Eastman
Common
110,000
Common
Darlington &
Steel Co
Grace
supplied by amendment. Busi¬
engaged primarily, under governmentsponsored contracts, in research, development, and man¬
Dec.
Su
shares
60,000
11:00
Pierce,
Dillon,
_
Co.)
Common
130,000 shares
(Thursday)
November 18
$700,000
ness—The firm is
-
(Merrill Lynch,
Common
Smithers
11:00
17
(Kidder,
Common
Studios, Inc.
(Bids
shares held. Price—To be
derwriter—Drexel &
S.
$7,500,000
Transitron Electronics Corp
$299,988
Park Electrochemical Corp.—___
(Stanley Heller & Co. and Michael G.
Engineering Co. (11/15)
Sept. 27, 1960 filed 85,918 shares of common stock (par
10 cents), to be offered to holders of the outstanding
Office—Du Pont Airport, Wilmington, Del.
F.
Preferred
received)
Co
and Hill,
200,000 shares
Higginson
(Milton
American
each
Co.)
New Jersey Bell Telephone Co
Ave., Brooklyn, N. Y. Underwriter—Golkin,
Co., New York, N. Y.
for
&
160,000 shares
&
Standard Pressed
Aircraft
_
(R.
share
November
$1,500,000
Co.)
Chemicals, Inc
National Film
Bomback &
new
and
Inc.
Manufacture and sale of burglar and fire alarm equip¬
Proceeds—To selling stockholders. Office—1665
one
&
Inc.)
Public Service Co. of New Hampshire
shares
Mills, Inc
Co.
Nationwide
of
Dickson
S.
Deetjen
(Bids
Super Markets, Inc
(Hayden, Stone
Co., New York City (managing).
basis
Co.,
Centers, Inc
(Bids
$300,000
$2,250,000
175,000
shares
Manufacturing Co., Inc
Common
Inc.)
Metcom, Inc.
ment.
the
Co.)
&
(Blunt Ellis & Simmons)
Sept. 19, 1960 filed 130,500 shares of outstanding common
(par 10 cents). Price — $4 per share. Business—
on
Grimm)
Noel
(Schwabacher
stock
common
United Bowling
$20,000,000
Intercoast Companies, Inc._
8
(11/14-18)
Marks
Common
Debentures
Head
(Blair
supplied by amendment.
Business—The issuer, wholly owned by UIC, is engaged
in applied research and development in various technical
fields and works largely for the Department of Defense.
Office—Cockeysville, Md. Underwriter—Eastman Dillon,
Manufacturing Co.,
Noel
Alstyne,
(R.
UIC shares held. Price—To be
Device
Alstyne,
(Van
Armaments, Inc. (11/18)
Sept. 26, 1960 filed 265,500 shares of common stock, to
be offered by United Industrial Corp. to holders of UIC
Union Securities &
&
(Bids to be
Rotron
Common
Harris-Teeter
basis
&
375,000
Wisconsin Electric Power Co
Frouge Corp.
Inc.,
Aircraft
Alarm
Darlington
(Van
Washington, D. C.
the
Corp.)
Common
Weld
Common
(Emanuel,
Corp.
—
on
Common
Higginson
(W. E. Hutton & Co.)
Inc
Co.)
by
Co., Inc
shares
First Connecticut Small Business Investment
Co.
Common
stock
common
Debentures
Merrimack Essex Electric Co
Common
Sachs
$60,000,000
stockholders—underwritten
Burr, Inc.) $10,000,000
Common
Federal Street Fund, Inc
(Goldman,
Co.)
Common.
(Lee
$350,000
French,
&
&
Common
&
Debentures
Sachs
Matheson
$300,000
Industries,
Notes
Co.—
to
(White,
120,000
Associates)
Fricke
Moyer,
Corp.
Debentures
underwriting) $300,000
Mary Carter Paint Co.
$600,000
(H. L. Wright & Co., Inc.)
Dubrow
/
Common
$270,000
Inc.
(John
Boston
shares
underwriting) $300,000
Coffin
$200,000
: v.
—
(Offering
423,750 shares
Inc.)
Co.)
Richter
First
120,000
Co._,
(Goldman,
Common
Curtis)
Does-More Products Corp
Industries, Inc.
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds
For acquisition and development of land and
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
poses.
Baruch
(No
Cryogenics
Aug. 29, 1960
All
&
Inc.;
Burr)
Keyes Fibre Co.—
Cavitron Corp.
Built
Underwriter
Goodrich (B. F.)
Frocks, Inc.—,
(Blair
(par
—
Dolgeville, N. Y. Under¬
writer—Shearson, Hammill & Co., New York City (man¬
St.
Harris
shares
Common
Co.,
&
Discount
200,000
Co
&
Coffin
Common
Co., Inc
&
Securities
w
Common
Co.)
&
Power
Ripley
(No
$522,000
.
M.
(R.
corporate purposes. Office
common
Franklin
$300,000
Co.)
Jackson
Netherlands
$300,000
Franklin Discount Co.—
(R.) & Co
Berkshire
for whom this represents the first public offering, makes
baseball bats and bowling pins. Proceeds—For general
Adler
__Units
$200,000
Manufacturing Co. Inc
Webber,
and
(Wednesday)
Peabody
Maine
(Harriman
_—
Autosomes, Inc.
Baruch
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company and 70,000 shares, repre¬
senting outstanding stock, will be offered for the Estate
of Edward D. McLaughlin, company founder. PriceTo be supplied by amendment. Business—The company,
•
Common
and
Fricke
Inc.
Inc.)
,
Industries, Inc. (11/28-12/2)
13, 1960 filed 120,000 shares of common stock
aging).
Central
(Monday)
Automatic Radio Mfg.
Adirondack
Oct.
14
(Henry
personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriters—Globus, Inc. and Ross, Lyon & Co., Inc.,
both of New York City.
(Kidder,
-
Arizona Valley Development Co., Inc.____Common
additional
of
Co.,
Cannon Electric Co.
$299,700
(Golkin, Bomback & Co.)
units, each unit to consist of two common
shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
—
&
November 16
Securities)
Lynch, Pierce, Fenner &
625,000 shares
Common
Winston
A.
(No
November
Alarm Device
in
Proceeds
(J.
Manufacturing Corp.__Common
Products, Inc
Corp.
150,000
28, 1960 filed
shares of common stock,
series I common stock purchase warrants, and
75,000 series II common stock purchase warrants, to be
ment.
Ctfs.
(Friday)
Co.)
Merrill
Inc.)
Co.,
(C. F.) Laboratories, Inc
Air
Common
and
$2,625,000
(S. Schramm & Co., Inc.) $300,000
Kirk
ISSUE
Sulray, Inc.
Equip. Trust
...
1:00
Heldor Electronics
75,000
offered
REVISED
(Lehman Brothers
(Thursday)
Central RR
(Schrijver &
Electronics
ITEMS
Smith,
November 10
Koeller
ACR
PREVIOUS
large number
Illinois
ADDITIONS
SINCE
Stop & Shop, Inc
NEW ISSUE CALENDAR
NOTE—Because
•
27
Dcbens
Blauner & Co., Inc.)
and Milton D.
$600,000
Continued
Drexel
on
page
28
Dynamics Corp
(Warner,
Electronic
Jennings,
Chicago Tribune is the Chicago
newspaper
Power
voted "most
when you
Tribune.
advertise your securities and services in the Chicago
Why not consult your Tribune representative today?
(Hljinrgu Qfribirag
THI
WORLD'S
Mid America's most
CMATSJT
National
Airlines,
(Offering
to
$15,000,000
Engineering & Manufacturing Corp.—Com.
Brothers)
Finance
(R.
$1,000,000
Preferred
Service, Inc
F.
100,000 shares
Common
Co
$900,000
Dowd; & Co., Inc.)
Preferred Risk Life Assurance Co
(Preferred
Investments,
Inc.)
Simplex Wire & Cabl6 Co
$20,000,000
(White,
Common
*
Weld & Co.
and A.
G.
Edwards
&
Sons)
20,000
shares
Standard
Instrument
(Havener
(White
Weld
&
Conv. Debentures
Co.
and
A.
G.
Edwards
&
$2,750,000
Sons)
1
)
:1
•
R. C. Can Co
(Reinholdt
Sexton
■
'
Common
&
Gardner)
(John) & Co.
(Hornblower
&
230,000
shares
Co.
and
Dewey,
Common
Corp.)
50,000
shares
Common
Johnson
&
Co.)
$252,000
Common
Telephone & Electronics Corp._
Securities
.
>
118,000 shares
Laboratories, Inc
(Carroll
Common
200,000 shares
Capital
—
Corp
Securities
(Equity
>.
Weeks)
Tech
Common
$1,500,000
(Paine, Webber, Jackson & Curtis)
Polymer Corp.
shares
140,000
Debentures
Kimball & Co.)
Mohawk Insurance
Debentures
Inc.)
Co.,
&
Model
by
$10,288,000
Co
Co.)
&
Model Finance Service, Inc
(Paul C. Kimball & Co.)
Debentures
Inc
Hughes
(Raffensperger,
»
stockholders—underwritten
Lehman
(Blyth
EST)
a.m.
Northern Natural Gas
NtWSfAUR
widely circulated market table pages
Model
(Paul C.
Bonds
11:00
Polymer Corp.
1
Common
Inc
Co
(Bids
listed in Dun and Bradstreet's "Million Dollar
Directory".
As evidence of the general public's preference for the Tribune,
Tribune circulation exceeds that of any other newspaper in
the midwest. You reach both the professional and the layman
$600,000
(Hardy & Co.) 260,000 shares
Idaho
important and useful" by corporate officers and executives
Longstreth)
&
Missile Facilities,
&
Wins Mid America's Vote!
The
Common
Mandel
Co.)
$264,900
Continued
on
page
28
28
Chronicle
The Commercial and Financial
(1896)
School Pictures,
Continued from page 27
Inc
1
_____
.
.
Thursday, November 10, 1960
.
Pacific RR.
Chicago, Rock Island &
Common
Tele-Tronics Co.
-
Common
.
$300,000
French, Inc.)
Moyer, Fricke &
(Woodcock,
Mountings & Controls, Inc
Vibration
(Michael
Kletz
G.
Inc.)
Co.,
&
Still-Man Manufacturing Corp
Common
(Francis I.
(Equity Securities Co.) $242,670
.Common
Amos
Treat
&
Inc.
Bruno-Lenchner,
Corp.;
Securities
(Standard
(Tuesday)
Co.,
American Heritage Life Insurance Co
Common
(Offering to stockholders—underwritten by Merrill Lynch,
Pierce, Fenner & Smith, Inc.
and Pierce, Garrison,
November 29
,
Dillon,
(Eastman
—..Common
Co.—__——
Securities
Union
(Bids
430,000
Co.)
&
Consolidated Edison Co. of New York..——Bonds
(Bids to be received)
November 23
$75,000,000
November 28
November 30
$25,000,000
Co
International
Schramm
&
Co.,
Inc.)
International Mosaic Corp.
Harris
G.
(B.
&
(Kidder,
&
Roland
Southern Bell
Co.; Lehman Brothers
& Stone) $5,000,000
(Blaha
&
.Common
(Bids
Co.,
Inc.)
Co.,
Inc.)
December 7
...Common
$299,950
•
Amacorp Industrial Leasing Co., Inc. (11/21-25)
Sept. 9, 1960 filed 170,000 shares of cdmmon stock (no
par), of which 40,000 shares, representing outstanding
stock, will be offered for the account of a selling stock¬
holder, and 130,000 shares will be offered for the account
Price
—
To
be
supplied
by
Proceeds—For general
corporate purposes.
Business—The financing of industrial and office equip¬
ment through the purchase and leasing of such property
McDonnell &
American Consolidated Mfg. Co., Inc.
Sept 27, 1860
(letter of notification) 39,500 shares of
(par 33% cents). Price — $5 per share.
Proceeds — For advertising and promotion and accounts
receivable. Office—835 N. 19th St., Philadelphia, Pa. Un¬
derwriter—Martin, Monaghan & Mulhern, Inc., Ardmore,
stock
common
Pa.
American
Cryogenics, Inc.
Oct. 27, 1960 filed 150,000 shares of common stock
(par
50 cents). Price—To be supplied by amendment. Busi¬
ness—The company and
liquid
and
gaseous
its subsidiaries make and
nitrogen
and
oxygen,
dental
sell
and
medical
equipment, and various other gases and cylin¬
ders. Proceeds—rAbout $1,300,000 for expansion of pro¬
duction facilities including the purchase of
equipment,
with
the
balance
for
working capital. Office — New
Savannah Road, Augusta, Ga.
Underwriter—Courts &
Co., Atlanta, Ga. (managing). Offering — Expected in
early December.
American
Heritage Life Insurance Co.
(11/22)
stock, to be
Oct. 24, 1960 filed 354,240 shares of common
offered to holders of the
outstanding common of record
Nov. 22 on the basis of one new share for each
eight
shares held with rights to expire on Dec. 6 at 3:30
p.m.
(EST). Price — To be supplied by amendment.
Busi¬
ness
—
The
and group
company writes ordinary life, group life,
accident and health insurance in 13 states and
the District of Columbia.
to
Proceeds—To be used to repay
be
Common *
received)
$11,500,000
•
,
January 24 (Tuesday)
be
invited)
100,000
(Bids
shares
to
(Wednesday)
(Bids
June 13
—Bonds
Co....
11:00
a.m.
EST)
$6,000,000
$8,000,000
to
& Electric Corp..——
to
be
received)
$9,000,000
Bonds.
$15,000,000
;
(Tuesday)
Virginia Electric & Power Co
(Bids
•
(Wednesday)
Rochester Gas
$35,000,000
received)
be
March 15
Bonda
(Minn.)—
——Bonds'
Otter Tail Power Co
shares
be
to
received)
$30,000,000
Bonds
—
to
-
"•
$35,000,000
Ampal-American Israel Corp.
Oct.
ing stock of Acme United Life Insurance Co., a new
subsidiary of the issuer, with the remainder for general
corporate purposes. Office—218 West Adams St., Jack¬
sonville, Fla. Underwriters—Merrill Lynch, Pierce, Fen¬
25, 1960 filed $5,000,000 of 7-year series 16% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬
ous business enterprises in Israel.
Office—17 East 71st
Street, New York City. Underwriter—None.
& Smith Inc., New York City, and Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).
Aug. 26, 1960 filed 90,174 shares of common stock, to
be offered to the holders of the outstanding common on
the basis of one new share for each 5% shares held.
Andersen Laboratories, Inc. (11/28-12/2)
Sept. 28, 1960 filed 150,000 shares of common stock, of
which 40,000 shares are to be offered for the account
of the issuing company and 110,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied by
Price—To
amendment. Proceeds—To reduce indebtedness, buy new
American
Waco,
Income
be
Life
supplied
Insurance
Co.
amendment. Proceeds—For
Office—5th and Franklin,
Texas./ Underwriters—Ladenburg, Thalmann &
general
corporate
Co. and
by
purposes.
Lee
Higginson Corp., both of New York City
(managing). Note—This stock is not qualified for sale in
New York.
bonds and 1,566,000 shares of class A non-voting com¬
mon stock.
It is proposed that these securities will be
offered for public sale in units (2,000) known as In¬
vestment
Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and
them until market conditions are favorable for
disposition. Office — 210 Center St., Little Rock, Ark.
carry
Underwriter—Amico, Inc.
American Playlands Corp.
Aug. 22,1960 filed 300,000 shares of common stock. Price
—$4 per share.-Business—The company intends to oper¬
ate
amusement and recreation
park on 196 acres of
Liberty, N. Y. Proceeds—rFor development of
the land. Office—55 South Main St., Liberty, N. Y. Un¬
derwriter—M. W. Janis Co., Inc., New York City.
an
land
tools, and add to working capital. Office — Hartford,
Conn. Underwriter — Putnam & Co., Hartford, Conn,
(managing).
.
,
Apache Corp.
Oct.
American Mortgage Investment Corp.
April 29 filed $1,800,000 nf 4% 20-year collateral trust
to its customers.
Office—Alhambra, Calif. Underwriter—
Co., Inc., New York City (managing).
y,
$10,000,000
(Tuesday)
January 17
.——Common
ner
Offering
.-----Bonds
—_—
received)
be
Gulf States Utilities Co.__
$75,000,000
$1,481,006 of short-term indebtedness incurred in acquir¬
Alloys Unlimited, Inc.
Oct-14, 1960 filed 135,000 shares of common stock (par
100), of which 75,000 shares are to be offered for the
account of the company and 60,000 shares for the ac¬
count of the present holders thereof. Price—To be sup¬
plied by amendment. Business—The company manufac¬
tures certain components for such semiconductor devices
as silicon and germanium transistors, diodes and recti¬
fiers: Proceeds—For general corporate purposes includ¬
ing debt reduction. Office—21-01 43rd Ave., Long Island
City. N.Y. Underwriters—Newburger, Loeb & Co. and
amendment.
to
'
-
C. E. Unterberg, Towbin Co., New York, N.Y.
—Expected in late November.
to
(Bids
$3,250,000
60,000
received)
be
Atlanta Gas Light
""
——-Common
shares
136,000
Co.)
&
Light Co
(Bids
offering has been postponed.
company.
to
CBida
550,000 shares
Corp.——
t
(Wednesday)
January 11
Iowa Power &
Debentures
and
Co.
&
(Tuesday)
Northern States Power Co.
Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
issuing
received)
(Hailgarten & Co.)
Continued from page 27
the
be
——Common
Biddle
$1,920,000
Inc.)
Co.,
(Schwabacher
shares
Co.—-
Inc.)
Iowa Power & Light Co
itock. Price—$108 per unit.
of
Fibre
80,000
&
Bell Electronic Corp.——-
Central Vermont Public Service Corp._—Preferred
and
——Common
&
Co.)
$300,000
(Monday)
January 9
shares
Class A
&
Burr,
&
to
December 6
Debentures
Pik-Quik, Inc.
Allyn
Yarnoll,
ft
Stroud
(Bids
$300,000
Mountain States Telephone & Telegraph Co.—Cap.
(Offering to stockholders—no underwriting) $74,114,275'
C.
Corp.-
Telephone & Telegraph Co.—Debs.
(Bids
(McLaughlin, Kaufman & Co.) $467,500
(A.
Rothschild
H. S. Simmons & Co.)
and
Co.;
*
v
(Wednesday)
Weld
(White,
^.Common
180,000
—Capital
v
.—Common
& Co.
National Aeronautical
Common
shares
.
Co.)
$25,000,000
$300,000
Co.)
Co., Inc
Rubin
January 4
$2,000,000
60,000
Co.)
N.
________—Common
Madigan Electronic Corp
Radar Measurements
&
&
Chemical
Penobscot
$279,999
Corp
Peabody
Model,
F.
(Coffin
(Arnold Malkan & Co., Inc. and Sulco Securities, Inc.)
Electronics
Co.)
&
___
(L.
—.Common
.
Living Aluminum, Inc
Loral
.Debentures
Restaurants, Inc.
Pall Corp.
—Common
$300,000
Inc.)
Co.,
(B.
(Monday)
(Westheimer
shares
300,000
——
&
Frisch's
Common
Inc.)
Co.,
Fuller
D.
.Common
Corp
Fuller
D.
December S
Inc.) $300,000
Dial-A-Disk, Inc.
(McClane
(S.
Common
—
(Sandkuhl & Company,
(S.
$400,Q00
(Thursday)
Speedry Chemical Products, Inc.—
150,000 shares
(Putnam & Co.)
Canaveral
(S.
..Common
Laboratories, Inc.—
Chemical
Stancil-Hoffman Corp.--—
(Pacific Coast Securities
-Common
Speedry Chemical Products, Inc
120,000 shares
.Preferred
(Thursday)
15
December
(Wednesday)
December 1
$7,700,000
received)
be
to
■
Valdale
(Monday)
(Shearson, Hammill & Co.)
Brothers
...
(Peter Morgan & Co. and Robinson & Co., Inc.)
Adirondack Industries, Inc
Andersen
;
...
——.Debentures
Inc.
Ripley & Co., Inc.)
(Harriman
i..
Coral Aggregates Corp._
(Wednesday)
United Air Lines,
(Bids
Public Service Electric & Gas Co._
(Merrill Lynch, Pierce, Fenner & Smith, Inc.)
(White, Weld & Co.) 817,391 shares
•
^
EST); $35,000,000
RR.—JEfcuip. Trust Ctfs.
Louisville & Nashville
Bonds
—
$6,000,000
__^___________,._____eommon
Ginn & Co.——
shares
a.m.
December 13 (Tuesday)
EST)
ajm.
U:30
(Bids
(Tuesday)
11:00
Co.—________________Bonds
Power
Consumers
&
•
Central Maine Power Co.—.4
Wulbern, Inc.) 354,240 shares
Herman Leasing
Inc.)
Moore
T.
Co.
(Monday)
December 1.2
..—Common
and Berwyn
30,000 shares
ft
$450,000)
(Lloyd Haas & Co.)
160,000
Corp,
Podesta
—-Units
(James) & Co. Inc.—
Brooks
—Units
-
(Thursday)
December 8
——Class A
—Bonds
received) $40,000,000
to be
(Bids
150|,000 shares
Co.)
(Lehman Brothers)
Wood-Mosaic
(Cruttenden,
November 22
duPont &
(Del E.) Corp..
and
$1,080,000
Inc.)
Co.,
Webb
EST) $3,450,000
Electric Power Co.——
Potomac
/(Dempsey-Tegeler & Co.
and Straus, Blosser & McDowell)
100,000 shares
$525,000
Williamsburg Greetings Corp,
Common
Shatterproof Glass Corp
Common
Wilier Color Television System, Inc
(Bids 1:00 p.m,
100,000 shares
.
Equip, Trust Ctfs.
(Equitable Securities Corp. and Kroeze, McLarty & Co,)
near
26, 1960 filed $4,000,000 of 6% convertible subor¬
1, 1975. Price — At par.
Business—Management of long-term risk capital invest¬
ments in gas, oil, and real estate ventures, and also in
dinated debentures, due Dec.
mutual
funds.
Proceeds—-For debt reduction, working
to buy a small oil producing company.
Office—523 Marquette Ave,, Minneapolis, Minn. Under¬
capital,
and
writers—To be
supplied by amendment.
Arizona Valley Development Co., Inc.
Oct.
(11/14)
17, 1960
common
(letter of notification), 150,000 shares of
stock (par $1). Price—$2 per share. Proceeds—
For deed of trust due,
engineering, construction, and
working capital/ Office — 1512 W. Indian School Rd.,
Phoenix, Ariz. Underwriter
Henry Fricke Co., New
York, N.Y.
—
•
Atlanta Gas Light Co.
(12/7)';.'
Nov. 1, 1960 filed
$9,000,000 of first mortgage
1985. Price—To be supplied
bonds, due
by amendment. Proceeds—
To reduce
bank
loans incurred for
construction, which
are
American
Recreational
Development Corp.
Sept. 7, 1960 (letter of notification) 100,000 shares of
class A common stock (par 10 cents). Price — $3 per
share. Proceeds—For expenses in constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.
of
Maryland, Baltimore, Md.
.
350,000 shares
are
to be publicly offered.
prove
properties,
Office—60 E. 42nd
A. J. Gabriel
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
& Co. Inc.; Stone & Webster Securities
Corp.; First Bos¬
ton Corp.
,
American & St. Lawrence Seaway Land Co.
Jan. 27 filed 538,000 shares of common stock, of which
share. Proceeds—To pay off
expected to aggregate $10,200,000 at the time of the
Office—Atlanta, Ga. Underwriter—To be de¬
termined by competitive
bidding.
Probable bidders:
White, Weld & Co. and Kidder, Peabody & Co. (jointly);
Shields & Co.; Equitable Securities Corp. and Eastman
offering.
Price—$3 per
mortgages, develop and im¬
and acquire additional real estate.
St., New York City. Underwriter—
Co., Inc., New York City.
<jAr Amercana Properties, Inc.
11:00
a.m.
Bids—Expected to be received on Dec, 7 up to
(EST) at 90 Broad St., New York City, Infor¬
mation Meeting
offered
basis
to
of
record
holders of
one
Oct.
new
28
Dec.
2
at
11:00'
a.m.
the
share
common
outstanding
for
each
10
stock being
common
on
shares
held
the
of
with
rights to expire on'. Nov. 14 at
3:30 p,m. New York Time.
Price
$24.75 per share.
Proceeds—$9,500,000 to pay for the acquisition of Com¬
N. Y.
porate purposes.
early December.
for
>.
mercial Discount
stores and a bowling facility.
Office — 855 Montauk
Highway, Oakdale, L. I., N. Y. Underwriter—Plymouth
Securities Corp., New York City. Offering—Expected in
Scheduled
Sept. 1, 1960 filed 540,266 shares of
Oct. 27, 1960 filed 100,000 shares of common stock.
Price—$6 per share. Business—The operation of shop¬
ping areas and bowling establishments in Long Island,
Proceeds—For debt reduction and construction of
—
(EST) 19th floor, 90 Broad St., New York City,
Automatic Canteen Co. of America
—
Corp., with the balance for general cor¬
Office—Chicago, 111. - Underwriters
Glore, Forgan & Co., New York City (managing).
„
Automatic Radio Mfg. Co;, Inc. (11/14-18)
Sept. 9, 1960 filed 423,750 shares of common stock
(par $1), of which 100,000 shares will be offered for the
Volume
192
Number 6002
.
.
The Commercial and Financial
.
account of the issuing company and 323,750
shares, rep¬
resenting
outstanding
stock,
will be offered
present holders thereof.
Price
of the
account
for
—
To
be
Bridgeport Gas Co.
Sept. 2, 1960 filed 42,561 shares of
and portable radios.
car
Proceeds—For expansion,
capital, and possible acquisitions. Office—122
Brookline Ave., Boston, Mass.
Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).
working
•
Autosomes,
July 29,
1960
common
stock
Inc.
offered
record
ment
Proceeds—For
135,000 shares of
Price—$2 per share.
cents).
production
and
research
closed
end
,
-
:
limit of $800,000 to be invested in any one such enter¬
Office
prise.
D. C.
1000
—
-
16th Street, N. W., Washington,
•
Underwriter—S. D. Fuller & Co., New York City.
Offering—Expected sometime in November.
Bal-Tex Oil
June
17, 1960
class
A
Co., Inc.
(letter of notification)
•
Baruch
(R.)
Sept. 20,
1960
common
stock
& Co.
Business—The
issuer
is
Electronic
Bell
100,000 shares of
$2 per share.
broker-dealer
shares of
with
common
which
86,000 shares are to be offered for
of the issuing company and 50,000 shares,
outstanding stock, are to be offered for
of the present holder thereof. Price—To be
the
equipment manufactured
by
&
stock, of
Nov.
1960
4,
Price—To be
ing
company
small loan
added
the
to
—
Schwa-
finance
general funds
term bank loans. Office—50
business.
Proceeds—To
for the reduction
be
of short-
Church St., New York City.
Underwriter—Eastman
New
York
City
Dillon, Union Securities & Co.,
(managing).
'.Berkshire Frocks, Inc.
(11/14-18)
Sept. 28, 1960 filed 120,000 shares of outstanding common
stock (par $1). Price—To be supplied by amendment.
Proceeds—To selling stockholders. Office—127 Forsyth
St., Boston, Mass. Underwriters—Blair & Co. and Richter
& Co., both of New York City.
Berman Leasing Co. (11/22)
Sept. 27, 1960 filed 430,000 shares of common stock (par
$1), of which 200,000 shares are to be offered for the
account of the issuing company and 230,000 shares, rep¬
resenting outstanding stock, are to be offered for the
account of the present holders thereof.
Price—To be
supplied by amendment.' Business—The leasing, recondi¬
tioning, and sale of trucks, tractors, trailers, and related
equipment. Proceeds—For general corporate purposes,
including working capital.
Office—Pennsburg, Pa. Un¬
derwriter
Eastman
Dillon, Union Securities & Co.,
New York City (managing).
—
"
Bonneville
Manufacturing Co.
Oct.
24, 1960 (letter of notification) 32,000 shares of com¬
stock (par 50 cents). Price—$5 per share. Proceeds
—For lease of a building and operating capital.
Office
mon
—10915
&
N." Burgard,
Portland, Ore.
Underwriter—Auld
Co., Portland, Ore.
Bowl-IVior
Co., Inc.
Oct. 28, 1960 filed $2,000,000 of 6% convertible subordiriated debentures, due 1975.
Price—To be supplied by
amendment.
Proceeds — For working capital. Office —
Newtown
Littleton,
Mass.
Underwriters—Paine,
Webber, Jackson & Curtis and Granbery, Marache & Co.,
both of New York City (managing). Offering—Expected
in
y
Inc.
1960 filed 78,955 shares of common stock, to be
offered to holders of the outstanding common on "the
basis of one new share for each 10 shares held. Price—
amendment. Business—The company
sitting machines for various types
of bowling games. Proceeds—For working capital and for
costs of the company's entry into the "tenpin" bowling
,To be supplied by
manufactures
field.
Office
writers
pin
—
-
Newton Road, Littleton, Mass.
Under¬
Paine, Webber, Jackson & Curtis, and Gran¬
bery, Marache & Co., both of New York City (man¬
aging). Offering—Expected in early December.
•
—
Bradford
Oct.
Pools, Inc.
filed 160,000
shares of class A common
stock, with stock purchase warrants attached, to be of¬
fered in units consisting of .five/shares of stock and one
warrant. Price—$10 per unit. Business—The construction,
24,
1960
sale, and installation of pools in New Jersey and neigh¬
boring states. Proceeds—For general corporate purposes,
Co.
of
Underwriter—Sandkuhl
5,
&
Com-
received
Nov. 29 at 11:00
on
acid.
Business
Proceeds
—
—
Price—To
The
To
company
be
supplied by amendmakes and sells citric
expand the capacity of the parent
Bzura, Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
balance for working capital. Office—Broadway & Clark
company,
City (managing).
Campbell Chibougamau Mines, Ltd.
Oct. 14, 1960 filed 305,392 shares of common stock to be
offered to warrant holders. Price—$4 per share. Business
—The
company
owns
and works mining properties.
Proceeds—For general funds of the company.
Office—
55 Yonge St., Toronto, Canada. Underwriter—None.
•
Canaveral
International Corp.
Underwriters
in Boston.
Harriman Ripley &
Co., Inc., and First
Corp., both New York City, and Coffin & Burr,
Boston, Mass. (managing).
—
Boston
Central
Vermont Public Service Corp.
(12/6)
7, 1960 filed 60,000 shares of second preferred stock
convertible series A (par $50). Price—To be
supplied by
Oct.
amendment. Proceeds
For repayment
—
of outstanding
short-term
borrowings and for general corporate pur¬
poses. Office—77 Grove St., Rutland, Vt. Underwriter—
Hallgarten & Co., New York, N. Y.
Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6V2% junior subordin¬
ated debentures, due
1975, with five-year warrants for
the purchase of 80,000 shares of
regular common shares.
The debentures
are to be offered at
par, and in units of
$500 debenture with warrants for 40 shares. Proceeds
—For working capital and general
corporate purposes.
one
Street, Kansas City, Mo. Underwriter
Sons, St. Louis, Mo. (managing). Of¬
—A. G. Edwards &
fering—Expected in late November.
•
Champion Spark Plug Co.
Sept. 23, 1960 filed 750,000 shares of outstanding com¬
stock (par $1.66). Price—To be
supplied by amend¬
mon
selling stockholders, members of the
Stranahan family. Office —
Toledo, O. Underwriters—
Blyth & Co., Inc. (handling the books), Glore, Forgan &
Co., Hornblower & Weeks, Merrill Lynch, Pierce, Fen¬
&
Smith Inc.
Charter
(managing).
Design &
Manufacturing Corp.
(letter of notification) 90,000 shares of
(par 10 cents). Price — $3.30 per share.
Proceeds—To purchase the assets of Rosander
Co., pay
obligations owed to banks and for working capital.
Sept.
20,
common
1960
stock
Office—2701 14th
Ave., South, Minneapolis, Minn. Under¬
writer—Jamieson & Co., Minneapolis, Minn.
^ Chematomics,
Inc.
Noy. 2, 1960 filed 188,300 shares of
common stock, of
are to be offered for public sale,
remaining 13,300 shares, being outstanding are
to be offered for the
account of selling stockholders,
subsequent to the sale of the new shares. Price—$3 per
share. Business—The company which was
organized in
February 1960, is engaged in the development, produc¬
which
and
tion
(11/28-12/2)
Aug. 12, 1960 filed 300,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
a.m.
(11/16)
Oct. 19, 1960 filed 120,000 shares of common
stock, Price
—To be supplied by amendment. Proceeds—For the re¬
payment of bank loans. Office—9 Green St., Augusta, Me.
ner
thereof.
Information Meeting—
21 at 11:00
Maine Power Co.
the remainder to be offered for the account of the pres¬
holders
a.m.
Tentatively scheduled for Nov.
Office—1334 Oak
Finance Corp.
1960
175,000 shares
the
and
Proceeds
distribution
For
—
of
new
heat-resistant
synthetic
resins.
equipment, promotion, inventory,
Land sales and
working capital and research and development. Office—
122 East
42nd Street, New York City, Underwriter—
counts
East Coast Investors
development. Proceeds—$150,000 for ac¬
payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general working capital. Office—
1766 Bay Road, Miami
Beach, Fla.
Underwriter — S.
Schramm & Co., Inc., New York City.
.
•
Cannon Electric Co. (11/16)
Sept. 26, 1960 filed 200,000 shares of outstanding common
stock (par $1).
Price—To be supplied by amendment.
Business—Designs and makes electrical connectors and
related
ers,
wiring devices. Proceeds—To selling stockholdtwo members of the Cannon family* Office—3208
Street, Los Angeles, Calif.
Underwriter —
Humboldt
Kidder, Peabody
&
Co.,
New York
City
(managing).
common
To be
•
&
Southeastern
Development Corp.
shares of common stock.
Sept./" 28, 1960 filed 140,000
Price—$5.25 per share. Proceeds—For investment in land
in the Caribbean area, development of a site in Atlanta,
Ga.,
and
the
balance
for
general
corporate
purposes.
Office—4358 Northside Drive, N. W., Atlanta, Ga.
derwriter—To be supplied by amendment.
Corp.
Un¬
(11/21)
Sept. 28, 1960 filed 100,000 shares of common stock (par
$1). Price—$5 per share. Proceeds — Repayment of in¬
debtedness, machinery and equipment, and the balance
for working capital. Office — 2222 S. Blvd., Charlotte,
N.
C.
City.
•
Underwriter—Arnold, Wilkens & Co., New York
Caruso
Foods, Inc.
(11/15)
(letter of notification) 150,000 shares of
common stock
(par three cents). Price — $2 per share.
Business—Food processing. Proceeds—For general cor¬
porate purposes. Office—2891-^99 Nostrand Ave., Brook¬
lyn, N. Y. Underwriter — Searight, Ahalt & O'Connor,
Inc., New York, N. Y.
Sept.
2, 1960
Cavitron
Corp.
(11/14-18)
July 17, 1960 filed 40,000 shares of common stock. Price—
At-the-market. Proceeds—To finance the company's an¬
ticipated growth and for other general corporate pur¬
Office—42-15 Crescent St., Long Island City, N. Y.
cent).
Price
—
$3
per
share.
Corp. (11/21-25)
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share. Business-—The company
makes
and
sells
miniature
electrolytic capacitors. Pro¬
ceeds—For general corporate purposes,
including the re¬
payment of bank loans and the addition of technical per¬
Office—309 11th Ave., South, Nashville, Tenn.
Underwriter—Jay W. Kaufmann & Co., New York City.
sonnel.
•
Circle Controls Corp.
28,
Business
(letter of notification) 95,000 shares of
(par 10 cents).
Price — $3 per share.
Manufacture
and
rebuilding of electronic,
1960
stock
—
electro-mechanical and mechanical controls.
For general
Proceeds—
corporate purposes and working capital.
fice—204 S. W.
Boulevard, Vineland, N. J.
Of¬
Underwriters
—Rodetsky, Kleinzahler, Walker & Co., Jersey City,
N. J.; L. C. Wegard & Co., Trenton, N. J. and L. D. Sher¬
man & Co., New York, N. Y. Offering—Expected in late
December.
Circle-The-Sights,
Inc.
shares of common stock and $330,000 of debentures (10-year 8% redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C. Underwriter—None.
March 30 filed 165,000
Citizens Telephone
Co.
of notification) 23,000 shares of
common
stock (no par) of which 12,000 shares are to
be offered for subscription by common stockholders on
the basis of one share for each five shares presently held.
Oct.
.
notification), 100,000 shares of
one
supplied by amendments
common
Caribbean
(par
Chemtronic
Robinson
Bldg., 15th & Chestnut Sts., Philadelphia, Pa.
Underwriter—R. P. & R. A. Miller & Co., Inc., Phila¬
delphia, Pa. '
stock
Proceeds—For general funds and working capital. Office
—1827 N. E. 144th St., North
Miami, Fla. Underwriter—
Oct.
—
Co., New York City.
Chemonics Corp.
Oct. 17, 1960 (letter of
Caribbean American Corp.
Sept. 14, 1960 filed 459,500 shares of capital stock. Price
—$2 per share. Business—Caribbean real estate. Pro¬
ceeds
For
general corporate purposes.
Office — 615
Carolina Metal Products
Oct. 25,
loans, for construction, and the balance for general cor¬
porate purposes. Office—9 Green St., Augusta, Me. Un¬
derwriter
To be determined by
competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Harriman
Ripley & Co.; First Boston Corp. and Coffin & Burr
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.,
and White, Weld & Co.
(jointly). Bids—Expected to be
ment. Proceeds—To
early December.
Bowl-IVior Co.,
(letter
Inc., Newark, N. J. and New York City.
ment.
;
Maine Power Co.
(11/29)
19, 1960 filed $6,000,000 of first and general mort¬
gage bonds, series X, due 1990. Proceeds—To repay bank
• Bzura Chemical
Co., Inc. (11/21-25)
Aug. 25, 1960 filed 450,000 shares of common stock
■
Road,
Chemical
1960
Streets, Keyport, N. J. Underwriters—P. W. Brooks &
Co., Inc., and Lee Higginson Corp., both of New York
filed $50,000,000 of 20-year debentures.
supplied by amendment. Business—A hold¬
with subsidiaries engaged primarily in the
sales
9,
pany,
ent
others. Proceeds—For in¬
Finance Co.
and
Brothers
(par
25 cents), an undetermined number of which will be
offered for the account of the issuing company, with
the account
representing
the account
supplied by
Blvd., Gardena, Calif. Underwriter
Co., San Francisco, Calif.
Beneficial
Bronx, N. Y., stores of furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to factors, with the balance
for working capital. .Office—542 E. 138th Street, New
York City. Underwriter—Lloyd Haas & Co., New York
City.
(letter of notification) 195,000 shares of
common stock (par 20 cents). Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.
ventory and to carry accounts receivable. Office—306 E.
bacher
two
A.ug.
amendment. Business—The company, which was organ¬
ized in May 1959, is a distributor of electronic parts and
Alondra
in
units consisting of $400 of
debentures, 50
common shares, and warrants for the cash
purchase of 50
shares.
Price—$450 per unit. Business—The retail sale
Business
(1/9)
Corp.
1960 filed 136,000
12,
offered in
—
Central
Oct.
Central
Street, Orange, N. J.
„
SEC,
and a member of the NASD. Proceeds—To take positions
and maintain markets in securities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N. W., Washington, D. C. Underwriter—Same.
Oct.
to
(11/28-12/2)
notification) 100,000 shares of
class A common stock (par 10 cents).
Price — $3 per
share.
Business—Manufacturing chemicals. Proceeds—
For
general corporate purposes.
Office — 575 Forest
(11/14-18)
a
incurred
for property
additions
approximate $1,800,000 in 1960.
St., Bridgeport, Conn. Underwriter—
Main
be
Aug.
par
(letter of notification)
(par 75 cents). Price
of
each
(James) & Co., Inc. (12/8)
24, 1960 filed $400,000 of 12% subordinated debentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of 50,000 common
shares, to
•
300,000 shares of
($1 per share).
Proceeds—For expenses for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬
ver, Colo. Underwriter—L. A. Huey & Co., Denver, Colo.
Price—At
stock.
common
common
share for
new
Brooks
in avionics and related fields, with a proposed
concerns
loans
29
—
outstanding
one
Oct.
*
non
diversified management investment
Proceeds—For investments in small business
-
the
basis of
None.
Avionics Investing Corp.
'*
1
July 12, 1960 filed 250,000 shares of capital stock (par
$1). Price — $10 per share.
Business — The issuer is
company.
of
the
expected
are
Office—815
for
1
a
on
bank
of
which
equipment,
inventory, building and working capital. Office—42 S.
15th St., Philadelphia, Pa. Underwriter—Robert M. Har¬
ris & Co., Inc., Transportation Bldg., Philadelphia, Pa.
,
holders
17
stock being
rights to expire on Nov. 15. Price—
$27.50 per share. Proceeds—To be applied to the pay¬
(letter of notification)
five
the
to
Oct.
common
six shares held with
(11/14)
(par
(1897)
including working capital.
Office — 245 Nassau St.,
Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City. Offering—Expected in late November.
the
supplied by amendment. Business—The firm makes and
sells
Chronicle
11,
(letter
1960
Price—$13
per
share. Proceeds—For expenses for oper¬
ating a telephone company. Office—220 W. Monroe St.,
Decatur, Ind. Underwriter — City Securities Corp., In¬
dianapolis, Ind. '*
-."•'"/■>■
.
it Click Chemical Corp.
Nov.
3,
common
1960
stock
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of household chemicals. Proceeds—
poses.
Underwriter—None.
Continued
on
page
30
30
The Commercial and
(1398)
warrant for the
Continued from page 29
I960 (letter of notification) $100,000 of 10-year
7% registered series notes, to be offered in denomina¬
tions of $100 to $1,000 each. Price—At face value. Pro¬
ceeds—For working capital. Office—36 Lowell St., Man¬
3,
chester,
N.
H.
Underwriter — Shontell
Manchester, N. H. Offering—Imminent.
•
Dec. 16, 1957 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 shares
•
and nine shares of stock.
supplied by amendment.
Proceeds — To
be
refinery. Underwriter—Lehman Brothers,
Offering—Indefinite.
construct
York.
Edison
Consolidated
of
Co.
; -
.
N.
>.
20, 1960 filed $75,000,000 of first and refunding
mortgage bonds, series S, due Dec. 1, 1990. Proceeds
For expansion. Underwriter—To be determined by com¬
Pro¬
selling stockholders. Office—Hopkins, Minn.
Underwriters—Lehman Brothers, New York City, and
Piper, Jaffray & Hopwood, Minneapolis, Minn, (man¬
aging. Offering—Indefinitely postponed.
ceeds—To
•
Consolidated Realty Investment Corp.
Aug.
pre-fabricated type residential or
buildings and facilities upon properties to
struction of custom or
sub-division and shopping center devel¬
•
each share
(par $1). Price—$2 per share. Proceeds—
—For
building, repayment of an
outstanding loan and for working capital. Office—Suite
656, 800 Peachtree St., N. E., Atlanta, Ga. Underwriter—
Atlanta Shares, Inc., same address as the company.
For the closing payment on a
Consumers
Oct.
certificates
dinated
5M>%
of
indebtedness,
25-year suborshares
320,000
preferred stock, 40,000 shares of 4%
of
second pre¬
ferred stock, and 1,000 shares of common stock. Prices—
For the certificates of indebtedness, 100% of principal
the
capital.
Grace
431,217
shares
subscription
common
holders
by
of
stock
such
new
to be
stock
of
shares for
held. Price—$1.25 per share. Proceeds
retirement of notes and additional working
Office—Norwood, N. J. Underwriter—Sterling,
St., New York City.
farmers'
cooperative
States.
Proceeds
as
supply
a
associations
in
source
several
For
facility expansion
improvement, with $1,739,600 to be used for the
retirement of maturing certificates of indebtedness and
redemption prior to maturity of such certificates and
the 5%% preferred stock. Office—3315 N. Oak Traffic—
and
City, Mo.
Kansas
way,
Underwriter—None.
Consumers Power Co.
Oct.
(12/12)
of $35,000,000, maturing in 1990 to be sold for the best
price obtainable but not less favorable to the company
than
a
5%% basis.
Proceeds—To be used to finance the
continuing expansion and improvement of the company's
electric and gas service facilities in a 65-county area
outside
of
Greater
Detroit.
Office—212
West
Michigan
Ave., Jackson, Mich. Underwriter
To be determined
by competitive bidding. Probable bidders: For bonds—
Halsey, Stuart & Co. Inc.; White, Weld & Co., and Shields
& Co. (jointly); Morgan
Stanley & Co.; The First Boston
Corp., and Harriman Ripley & Co., Inc. Bids—Expected
debenture.
company
operates
a
new
Deere
Sept.
discount centers.
retail
(John)
Credit Co.
Office
—
215
Fourth
(11/15)
1960 filed $50,000,000 of series A debentures,
due 1985. Price—To be supplied by amendment. Business
—The
purchase of retail instalment paper from the
14 domestic sales branches operated by Deere & Co. sub¬
sidiaries. Proceeds — For general corporate purposes.
Underwriter—Harriman Ripley & Co., Inc., New York
City (managing).
;
16,
_
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
and construction of a factory; purchase of new machinery
and tooling; inventory and working capital. Office—3163
Adams Ave., San Diego, Calif. Underwriter—None.
—
to be
received
on
Dec.
Ave., New York City.
for Dec. 9 at
12
up to 11:30 a.m., at 300 Park
Information Meeting—Scheduled
11:00 a.m., Bankers Trust
Co., 16 Wall St..
New York
City, 12th floor.
Cook
Co.
Coffee
(11/21-25)
.
Dynamics Corp. (11/15)
Aug. 26, 1960 filed 100,000 shares of common stock (no
par). Price—$6 per share. Business—Research, develop¬
ment, and production in the fields of mechanics, elec¬
tronics, optics, and functional systems. Proceeds—The
net proceeds, estimated at $511,740, will be used for
product development ($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
phia, Pa. Underwriter — Warner, Jennings, Mandel &
Longstreth, Philadelphia, Pa. (managing).
Drexel
Equity Fund, Inc.
Drexel
i
25, 1960 filed 500,000 shares of common stock
10 cents). Price—$10.20 per share.
Business—This
new mutual fund, organized as a closed-end fund on
Street, Philadelphia, Pa. Distribu¬
Adviser—Drexel & Co., Philadelphia,
Office—1500 Walnut
tor and Investment
Offering—Expected in mid December.
Pa.
•
(11/14-18)
Industries Inc.
Dubrow Electronic
(letter of notification) 100,000 shares of
common stock (par 10 cents.) Price—$3 per share. Busi¬
ness—Electronic equipment for military use. Proceeds—
For general corporate purposes. Office—235 Penn St.,
Burlington, N. J.
Underwriter — Woodcock, Moyer,
Fricke & French, Inc., Philadelphia, Pa.
Sept.
1960
7,
Inc.
1960 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For promotion, advertising, purchase of equip¬
ment and working capital. Address—Blooming Glen, Pa.
Oct.
24,
Industries, Inc.
Edwards
•
Designatronics, Inc.
Sept. 28,
common
1960
stock
(letter of notification) 100,000 shares of
(par 10 cents). Price — $2.25 per share.
Business—Manufacturers
of
electronic
equipment.
For
general corporate purposes. Office — 199 Sackett St.,
Brooklyn, N. Y.
Underwriters — Cortlandt Investing
Corp.; Rothenberg, Heller & Co., Inc. and Joseph Nadler
& Co., Inc., New York, N. Y. Offering—Expected in late
November to early December.
Electro
July
Industries, Inc.
of notification) 75,000 shares of
and 20,000 shares of addi¬
(letter
1960
19,
class A common stock (no par)
tional class A common stock to be offered to the
class
Electro-Mechanics
Oct.
(letter
1960
4,
A
common,
Co.
of
notification)
100,000
Tex. Underwriter—James C. Tucker &
Co., Inc., Austin,
Tex.
Electro-Nuclear Metals, Inc.
(letter of notification) 250,000 shares of
Proceeds—
equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co., Carmichael, Calif.
Aug. 31, 1960
stock. Price—At par ($1 per share).
common
To
purchase
new
Electronic
&
Missile
Facilities
(11/15)
Inc.
Sept. 23, 1960 filed 260,000 shares of common stock (par
25 cents). Price—To be supplied by amendment. Busi¬
ness—Builds and installs facilities for the armed forces
and
also
work
does
for
civilian
agencies.
including ex¬
pansion. The additional funds will also enable the firm
public works
Proceeds—For general corporate purposes
June
mg).
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.
—To
•
Coral Aggregates
Corp. (11/30)
Aug. 25, 1960_filed 100,000 shares of common stock
(par
10 cents). Price—$4 per share.
Business—The company
intends
to
engage
in
the
extraction
and
sale
of
rock.
Proceeds—For
tirement of
equipment, working capital, and the re¬
indebtedness, with the balance for general
corporate purposes. Office—7200 Coral Way,
Miami, Fla
Underwriters—Peter Morgan & Co., New York
City, and
Robinson fr. Co.. Inc..
Philadelphia, Pa.
Cormany Corp.
Sept. 21, 1960 (letter of notification)
common
stock to be sold at par
($2.50
26
91,000
per
shares
of
shar$). Busi¬
Sf ®?s~To huy such equipment and to develop
tools
Office—2427 Huntington
Drive, San Marino, Calif. Un¬
derwriter
Jacoby, Daigle & Werner, Inc., 541 South
Spring St., Los Angeles, Calif. Offering—Imminent.
new
—
&
Pharmaceutical
Inc.
Sept. 30, I960 filed 108,000 shares of common stock
(par
50 cents), and five-year Warrants for the
purchase of'
an additional
54,000 shares of common stock to be of¬
fered in units, each unit to consist of two
shares and a
Broadway. New York
City.
Diketan
Sept.
30,
common
Electronic
1960
To increase
cents).
*
r
of
stock
common
added
the
to
requirements,
Office—5121
Underwriter
San
general
possibly
Fernando
funds
to
Road,
(par
50
Proceeds
anticipation of
in
include acquisitions.
Los Angeles, Calif.
Bateman, Eichler & Co. of Los Angeles,
Calif. Offering—Indefinitely postponed.
Elion
—
Instruments,
Inc.
filed 60,000 outstanding shares of capital
stock (par 50 cents), together with five-year warrants
for the purchase of 6,000 new capital
shares, to be of¬
Oct.
28,
1960
fered
for
tenth
of
sale
a
in
units
of
No
warrant.
one
sale
share
will
be
of
stock
and
one-
of
less
than
made
such
diately prior to the offering. Business—The firm makes
industrial measurement and analyses. Proceeds—To sell¬
ing stockholders, who are two company officers who will
new
ital. Office
—
9201
—
new
Wilshire Blvd., Beverly Hills, Calif.
Holton, Henderson & Co., Los Angeles,
Calif.
and
sells
Products
(11/14-18)
Oct. 12, 1960
(letter of notification) 75,000 shares of
common stock (par 10 cents). Price—$4 per share. Pro¬
ceeds
To pay notes payable* purchase inventory, for
Corp.
instruments
and
equipment for scientific
and
lend the net proceeds to the
company.
Office—430 Buck¬
ley
Warner,
St., Bristol, Pa.
Mandel
—
shares
equipment, for re¬
oroduct development and working cap¬
search and
Does-More
150,000
Price—To be supplied by amendment.
be
capital
Specialty Co.
filed
(letter of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds—
inventory, purchase
Underwriter
2
units. Price—To be related to the price of the
company's stock in the over-the-counter market imme¬
Laboratories, Inc.
stock
Government
City. Under¬
writer—Hardy & Co., New York City.
10
ness—Makes and leases oil well
testing equipment. Pro-
Cove Vitamin
Dial-A-Disk, Inc. (11/28-12/2)
Nov. 2 (letter of notifioation in Atlanta, Ga. SEC office)
150,000 shares of 50 par common stock. Price — $2 per
share.
Proceeds—For the merchandising and sale of
phonograph records with a new electronic device. Office
—North Miami, Fla. Underwriter—McClane & Co., Inc.,
of
(par 10 cents). Price—$3 per share. Pro¬
working capital. Address—Westlake Hills,
ceeds—For
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share.
Proceeds—To be applied to the
Wholesale and retail grocery business. Pro¬
selling stockholders. Office—16501 Rock-
shares
stock
common
Road, Maple Heights, Cleveland 37, Ohio. Und<^
writer—Goldman, Sachs & Co., New York City (manar
—
ceeds—To three
under¬
$2 per share; of
additional class A common, 2V2 cents per share. Proceeds
—To expand the company's inventory to go into the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C. Underwriter — Carleton Securities
Corp., Washington, D. C.
Prices—Of
writers.
side
Business
Philadel¬
Underwriter—Hess, Grant & Remington, Inc.,
phia, Pa.
to furnish bonds necessary to bid on larger
contracts. Office—2 Lafayette St., New York
outstanding common
supplied by amendment.
Oct.
19, which will become open-end pursuant to the public
sale of these shares. Proceeds—For portfolio investment.
Detroit Tractor, Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
Oct. 19, 1960 filed 100,000 shares of
stock (par $1). Price — To be
(par
is a
Oct
in which it sells various electrical appliances and
....
21, 1960 filed first mortgage bonds in the amount
withdrawn.
Co., Inc., New York City (managing). Offering—Expect¬
ed in late November to early December.
per
chain of 29 retail stores in the metropolitan New York
areas
Ave., New York City. Underwriter—Amos Treat & Co.,
Inc., New York City (managing).
local
Inc.
50,000 shares of common stock. Price I
To be supplied by amendment. Business—The design
and manufacture of various electronic data handling and
control systems. Proceeds—For debt reduction, and for
working capital for the issuer and its subsidiaries. Ad¬
dress—P. O. Box 862, Norman, Okla.
Underwriter—To
be named by amendment. Note — This statement was
Business—The
$100
ciation is
mid-Western
Electronics Laboratories,
Dorset!
homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler
two
for
•
Sept. 15, 1960 filed
convertible subor¬
the preferred
facturing association and functions
Thursday, November 10, 1960
dinated debentures, due 1975, to be offered to holders of
common stock pursuant to preemptive rights.
Price—
its
sporting goods and apparel. Proceeds—For general cor¬
porate purposes, including fixtures and inventory for
a
.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per share. Proceeds — For land, financing of
(11/15)
amount, and for the common stock and both classes of
stock, $25 per share. Business—The asso¬
cooperative wholesale purchasing and manu¬
.
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
derwriter—H. L. Wright & Co., Inc., New York, N. Y.
& Co., 50 Broad
Sept. 7, 1960, filed $1,500,000 of 6%
<
,
+ Durlan,
of
then
Davega Stores Corp.
Cooperative Association
1960 filed $8,000,000 of 5M>%,
25,
for
offered
(11/21-25)
Corp.
filed
29
record Oct. 7 at the rate of one-and-a-half
150,000 shares of
(letter of notification)
S. D.
Da I to
March
Consolidated Southern Companies, Inc.
stock
1960
3,
Brandon,
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little Rock. Ark.
30, 1960
Dakota
Underwriters, Inc.
(letter of notification) 237,035 shares of
common stock.
Price—At par ($1 per share). Proceeds
—To pay outstanding notes and the remainder for gen¬
eral corporate purposes. Office—214 W. Third St., Yank¬
ton, S. C. Underwriter—Paul G. Swessinger, Box 634,
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund for initial and intermediate financing of the con¬
common
Aug. 22, 1960, filed 150,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
The
company
makes
agricultural implements, feed
try, and conveying and seed cleaning equipment.
Place, New York City.
Sept.
Co., 101 W. 57th St.. N. Y. 10.
Offering—Imminent.
Y.
grinding and mixing equipment for the livestock indus¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co.; First Boston Corp. Bids—
Expected Nov. 22. Information Meeting—Scheduled for
Nov. 16 at 10:00 a.m. at the company's office, 4 Irving
commercial
Inc.
Daffin Corp.
j.
Oct.
be acquired for
Cyclomatics
writer—General Securities
New
Inc.
York,
New
(11/22)
(11/14-18)
Inc.
Cryogenics
Aug. 31, 1960 filed 250,000 shares of common stock (par
10 cents). Price—$1 per share. Business—Motorized and
automatic health equipment. Proceeds — For inventory
and working capital. Office—Astoria, L. I., N. Y. Under¬
of stock and $100 of debentures
Price—To
To be
Office—Washington, D. C. Underwriter—John R. Maher
Associates, New York City.
Oil Refining Corp.
Commerce
—
Aug. 16, 1960 filed 175,000 shares of common stock.
Price—$2 per share. Proceeds—To repay a bank loan,
for salaries, operating expenses, purchase of land, con¬
struction
of a
new
laboratory and working capital.
Varick,
&
share. Price
implement the company's merchandising plan and for
working capital. Office—26 The Place, Glen Cove, L. I.,
N. Y. Underwriter — Hill, Thompson & Co., Inc., New
York, N. Y. Offering—Expected in early December,
Acceptance Corp.
Coastal
Oct.
one
supplied by amendment. Business—Mail order marketing
of vitamins through department stores. Proceeds — To
To go to a selling stockholder/Office—601 S. Columbus
Ave., Mt. Vernon, N. Y. Underwriter—John R. Boland &
Co., Inc., New York, N. Y.*
•
purchase of
Financial Chronicle
&
Underwriter
—
Longstreth, Philadelphia, Pa.
pected in,late January-to-earlv Februa.rv.
•
Federal Street
Sept. 26,
Fund, Inc.
Jennings,
Offering—Ex¬
.
(11/14-18)
1960 filed a minimum of $20,000,000 market
value of shares of its $1
par common stock. Price—To be
Volume
supplied by
192
Number 6002
amendment.
.
.
.
The, Commercial and Financial Chronicle
Business- The * company is a
Proceeds—For
(1899)
newly organized open-end mutual fund.
sion, inventory, and distribution. Office—Kensington &
Sedgley Avenues, Philadelphia, Pa. Underwriter—Fraser
investment. Office—140 Federal
&
Co., Inc., Philadelphia, Pa,
•
Garsite
er-Manager
St., Boston, Mass. Deal¬
Goldman, Sachs & Co., New York City
—
(managing).
First
American Investment Corp.
14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.
of
Phoenix, and to organize subsidiaries. Office—2222 N
16th St., Phoenix, Ariz. Underwriter—None.
First Connecticut Small Business Investment Co.
(11/14-18)
Aug. 12, 1960 filed 225,000 shares of common stock (par
$1). Price—$10 per share. Proceeds—To retire $150,000
of
debentures, and for capital for loans for small busi¬
nesses. Office—955 Main St., Bridgeport, Conn. Under¬
writer—Hill, Darlington & Grimm, of New York City.
First
Small
Business
Investment
Company
of Tampa, Inc.
6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share.. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
.
»v
Oct.
Flame Heat Treating, Inc.
Oct. 21, 1960
(letter of notification) 25,000
common stock
to be offered for subscription
share. Business—A hydrant jet fueling com¬
Proceeds—Expansion. Office—Seaford, L. I., N. Y.
Underwriter—Theodore Arrin & Co., Inc., 82 Beaver St.,
New York City. Offering—Expected in late November to
early December.
—$3
•
(Connie B.)
Sept. 9, 1960 filed 130,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company and its subsidiaries own and operate radio
a
television
Office
shares
of
holders. They have the right to purchase one-half share
for each share held. Rights expire in November, 1960.
Price—At
par
($2 per share). Proceeds—To repay an
payable, promissory notes, and to purchase new
equipment. Office—3625 Hampshire Ave., S. St. Louis
account
Park, Minn. Underwriter—None.
1
.
>
•
Florida Suncoast Land & Mining Co.
Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares are to be offered in exchange for
certain lands and assets, and the balance will be for
public sale. Price—To be supplied by amendment. Pro¬
ceeds
For the acquisition and development of land,
mining operations and equipment, and the balance for
working capital.
Office—Tarpon Springs, Fla.
Under¬
Ford Electronics Corp.
Oct. 4, 1960 (letter of
stock (no par).
notification) 150,000 shares of com¬
Price—$2 per share. Proceeds—To
pay a loan, pay a balance under creditors agreement
and for working capital. Office—11747 Vose St., North
Hollywood, Calif. Underwriter—Thomas Jay, Winston &
Co., Inc., Beverly Hills, Calif.
•
mon
•"Foremost
Oct.
1960
14,
common
Industries,
stock
(11/21-25)
Inc.
(letter of notification) 100,000 shares of
(par 50 cents). Price—$3 per share. Busi¬
ness—Manufacturers of stainless steel food service equip¬
ment used by department, drug and variety chain stores,
and institutions; Proceeds—For expansion; to repay a
loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th
St., New York, N. Y. Underwriter—Richard Bruce & Co.,
Inc., New York, N. Y,
•
Oct.
which
125,000 shares
are
(11/21-25)
(letter of notification)
1960
100,000 shares of
stock (par two cents). Price—$2 per share. Busi¬
ness—Manufacture of machinery. Proceeds—For general
Office—40-66 Lawrence St., Flush¬
ing, N. Y. Underwriters—Bertner Bros, and Earl Edden
Co., New York, N. Y.
purposes.
General
Development Investment Plans, Inc.
Price—To
be offered for public sale with sales commissions rang¬
ing from 8% to 10%, depending upon the type of mort¬
gage financing involved.
Proceeds—For investment in
Port St. Lucie Country Club homes, on the east coast of
Florida. Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal
business is the development of large tracts of land into
Oct.
6, 1960 filed 1,285 of Investment Plans.
planned communities. Office—2828 S. W. 22nd Street.
Miami, Fla. Underwriter—None.
General
Sales
Corp.
April 28 filed 120,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
will be used for additional working capital, inventories
and facilities for the Portland Discount Center; $75,000
for the same purposes in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
ance of the proceeds will be used to open two new stores
In Oregon and Idaho. Office — 1105 N. E. Broadway,
Portland, Ore. Underwriter—A. J. Gabriel & Co., Inc.,
New York City. Offering—Expected sometime in No^fi
vember.
•
Geophysics Corp. of America (11/21-25)
Sept. 28, 1960 filed- 50,000 shares of common stock of
which 18,750 shares are to be offered for the account of
the issuing company and the remaining 31,250 for the
account of the present holders thereof. Price—To be sup¬
plied by amendment. Proceeds — For working capital.
Office—New Bedford, Mass. Underwriter—C. E. Unter-
berg, Towbin Co., New York City (managing).
&
Co.
(11/29)
Oct.
10, 1960 filed 817,391 shares of common stock (par
$1), of which 173,300 shares will be offered for the ac¬
of the
issuing company and 86,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price—To be supplied by
issuer, and 644,091 shares will be offered
for the account of selling stockholders. Price — To be
supplied by amendment. Business—Publication and dis¬
amendment.
tribution of text books and related educational materials
Proceeds—For general corporate purposes,
including warehouse and plant facilities.
Office—38
Neponset Ave., Foxboro, Mass. Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).
*
Franklin Discount Co.
(11/16)
Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
ible debentures, due serially 1966-1968, and $300,000 of
87o subordinated capital notes due eight years, eight
months and eight days after date of issue.
Prices—At
par. Business—The company is engaged in the consumer
finance
or small loan business, and, to
a lesser extent,
purchasing of car, boat, and appliance installment
lales contracts from dealers. Proceeds—For general cor¬
porate purposes. Office—105 North Sage Street, Toccoa,
in the
Ga.
Underwriter—None.
Frisch's Restaurants,
Inc.
(12/5-9)
Oct. 18, 1960 filed 180,000 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To
selling stockholders. Office—Cincinnati, O.Under¬
Cincinnati, O. (managing).
writer—Westheimer & Co.,
Frouge Corp. (11/14-18)
July 22, 1960 filed $1,500,000 of 6Vz% convertible sub¬
ordinated debentures, due September 1975, and 175,000
shares of common stock (par $1), of which filing 50,000
of the
common
shares
are
to be offered for the account
of selling stockholders and the balance for the account
of the issuing company. Price — To be supplied by
amendment.
Business—The
company
construction
business, both
as
as
a
builder for its
own
a
account.
is
engaged, in the
general contractor and
Proceeds
—
For
debt
reduction and
working capital. Office—141 North Ave.,
Bridgeport, Conn. Underwriter—Van Alstyne, Noel &
Co., New York City (managing).
Oct.
25,
ceeds
—
of notification)
16,000 shares of
(par 25 cents). Price—$5 per share. Pro¬
For equipment, advertising and sales, working
1960
(letter
stock
capital, research and development. Address — Clifton
Forge, Va. Underwriter—Storer Ware & Co., Roanoke,
Va.
'
Gar Wood
Ameritronics, Inc.
Oct. 26, 1960 filed 80,000 shares of common stock and
160,000 common stock purchase warrants, to be offered
in units consisting of one share of stock and two war¬
rants.: Price
auto
and
and
sells
—
truck
$4
per
unit.
Business
—
The firm makes
bodies, parts, and trailers, and rebuilds
powerbrakes. Proceeds — For expan¬
vacuum
of
the
for schools. Proceeds—To reimburse the company's
balance for working capital.
Boston, Mass. Underwriter
York City.
•
treas¬
for redemption costs of its preferred stock, and the
ury
Glas
Foam
Corp.
Office—Statler Office Bldg.,
White, Weld & Co., New
—
(11/21-25)
(letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Pro¬
ceeds — For boat molds, to pay off a mortgage and for
working capital. Address—Hialeah, Fla. Underwriter—
Martinelli & Co., Inc., New York, N. Y.
Sept. 28,
Globe
1960
Security Systems,
Inc.
lis
Iirsi
pUDUC
Oliering
lor
Co., Inc., 11 Broadway, New York City.
Offering—
Goodrich
(B. F.)
(il/16)
Co.
lays and working capital. Address—230 Park Ave., New
City. Underwriter—Goldman, Sachs & Co., New
York, N. Y. (managing).
• Gremar
Manufacturing Co., Inc. (11/21-25)
Sept. 20, 1960 filed 100,000 shares of common stock (no*
par). Price—To be supplied by amendment. Business—
Manufactures
(11/21-25)
coaxial
cable
connectors
and
associated'
fittings for the electronic and electrical industries. Pro-:
ceeds
For general corporate purposes, including debt:
reduction, inventory and construction. Office—7 North'
Ave., Wakefield Mass. Underwriters—Milton D. Blauner;
—
&
Co., Inc. and M. L. Lee Co., Inc.,- New York, N. Y.
Gro-Rite Shoe
Oct.
Co., Inc.
(letter of notification)
1960
12,
undetermined
an
number of shares of common stock
(par $1). Price—The
offering will not exceed $300,000. Proceeds—For work¬
ing capital. Address—Route 2, Box 129, Mount Gilead,
N.
C.
Underwriter—American
Securities
Co., Charlotte,
N. C.
Guild Musical
Instrument Corp.
filed 110,000 shares of common stock. Price
Oct. 25, 1960
—$3
share. Proceeds — For general corporate pur¬
including debt reduction, machinery and equip¬
per
poses,
ment, inventory, and working capital. Office—Hoboken,
N. J. Underwriter—Michael G. Kletz & Co., Inc., New
York City.
it Harris-Teeter Super Markets, Inc.
(11/14-18)
Oct. 28, 1960
(letter of notification) 23,076 shares of
common stock
(par $5). Price—$13 per share. Proceeds
—To purchase equipment and open a new supermarket
and
for
working
capital.
Office
Charlotte, N. C. Underwriter
Charlotte, N. C.
•
Heldor
Electronics
—
—
2201
R.
S.
Manufacturing
Hawkins
Dickson
&
St.,
Co.,
Corp.
(11/11-18)
June
29, 1960
common
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes.
Office — 238
stock
ceeds— For
Lewis
&
Street, Paterson, N. J.
Underwriter—S. Schramm
Cor,'inc.; New York, N. Y.
Heller, (Walter E.) & Co.
1960 filed 100,000 shares of common stock (par
$1) / Price—To be supplied by amendment. Proceeds—
About $1,000,000 to purchase preferred stock of Nation¬
wide Investment Co., about $1,000,000 to purchase secu¬
rities of an as yet unorganized firm tentatively named
"Credit Acceptance Co.," and the remainder for general
corporate purposes. Office—105 West Adams St., Chi¬
cago, 111. Underwriters — F. Eberstadt & Co. and Dean
Witter & Co., both of New York City (managing). Offer¬
ing—Expected in late December to early January.
Oct. 24,
•
High Point Ski Ways, Inc. (11/21-25)
17, 1960 (letter of notification) 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Busi¬
ness—Operation of a ski area, ice-skating rink, open air
theatre, skeet and other shooting ranges. Proceeds—For
Oct.
general corporate purposes. Address—Port Jervis, N. Y.
Underwriter—Osborne, Clark & Van Buren, Inc., New
York, N. Y.
Hilltop, Inc.
Aug. 17, 1960 filed $1,650,000 of 6% subordinated deben¬
tures, due 1980, and 1,650 shares of class A common stock,
to be offered in units of one $1,000 debenture and one
class A share. Price — To be supplied by amendment.
Business—The principal business of the company, which
was organized under Kansas law in June, 1959, will be
the owning, acquiring, improving, developing, selling,
and leasing of improved and unimproved real property.
13, 1960 filed 100,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
Proceeds—To
Supplying plant security and uniformed guard and in¬
vestigatory services to industrial and commercial cus¬
tomers. Proceeds—For debt reduction, working capital,
Home Builders Acceptance Corp.
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share.
Business—The company is
expansion, and possibly acquisitions. Office—2011 Wal¬
St., Philadelphia, Pa. Underwriter—Drexel & Co.,
Philadelphia, Pa. (managing).
—For
Oct.
nut
Gold Medal Packing Corp.
convertible pre¬
Proceeds—Ap¬
proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on
June 15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
be
used
for
the
construction
of
an
additional
smoke¬
house, and the balance will be used for general corporate
Office—614 Broad Street, Utica, N. Y. Busi¬
is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products. Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
City.
purposes.
^ Gold Shield Mining Co.
Oct. 27, 1960 (letter of notification) 300,000 shares of
common stock. Price—At
par ($1 per share). Proceeds
—For mining expenses. Office—2308
16th St., Sacra¬
mento, Calif.. Underwriter—None.
..
Golden Crest
bian Bldg.,
reduce
funded
debt.
Office—401
Colum¬
Topeka, Kan. Underwriter—None.
engaged in real estate financing and lending.
Proceeds
general
corporate
purposes.
Office — 409
N.
Nevada, Colorado Springs, Colo. Underwriter—None.
Howell Instruments Inc.
June 17, 1960, filed 100,000 shares of 25c
ferred stock (par $4).
Price—At par.
ness—The company
ic Gala Industries, Inc.
common
count
oi
Oct. 19, 1960 filed $60,000,000 of sinking fund debentures
due Nov. 15, 1985. Price—To be supplied
by amendment.
Proceeds—For capital expenditures and investment out¬
common
Ginn
of common stock, of
to be offered for the account
acquisition of
stations in Missouri.
radio
General Automation Corp.
Sept. 30,
Foxboro Co.
(11/21-25)
18, 1960 filed 211,000 shares
two
W., Washington, D. C.
Underwriter—Hill, Darlington & Grimm, New York City
(managing). Offering—Indefinitely postponed.
—
writer—None.
and
4000 Albemarle St., N.
—
corporate
by stock¬
station
piuueeus
York
Gay Broadcasting Corp.
and television stations. Proceeds—For the
ine
Expected in January.
per
pany.
uae
working capital and general corporate purposes. Office
—Huntington, L. I., N. Y. Underwriter—Dean Samitas
&
Corp.
Oct. 12, 1960 filed 100,000 shares of common stock. Price
Oct.
will
31
....
Records, Inc.
Oct. 25, 1960 filed 85,000 shares of 10c par class A com¬
mon
stock.
Price—$3 per share.
Proceeds—The firm
Oct. 4, 1960 filed 140,000 shares of outstanding common
stock. Price—To be
supplied by amendment. Proceeds—
Address — Fort Worth, Texas.
To selling stockholders.
Underwriters—G. H. Walker & Co., New York, N. Y. and
Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬
ing—Expected in early December.
Hydroswift Corp.
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
and 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 St., Salt Lake City,
Utah. Underwriter—Whitney & Co., Salt Lake Citv. Utah.
Oct. 20, 1960
I
C
Inc.
June 29 filed 600,000
shares of common stock (par $1).
share. Proceeds—To further the corpo¬
the preparation of the concentrate
and enfranchising of bottlers, the local and national pro¬
motion and
advertising of its beverages, and where
necessary to make loans to such bottlers, etc. Office—
704 Equitable Bldg., Denver, Colo. Underwriters— PurPrice—$2.50
per
rate purposes and in
Continued
on
page
32
32
Continued
vis
&
Co.
The Commercial and Financial Chronicle
(1900)
from
Irving Fund for Investment in U. S. Government
31
page
C. Sudler
Amos
and
&
Co., both of Denver,
Colo.
•
—
Idaho
Power Co.
(11/15)
Sept. 21, 1960 filed $15,000,000 of first mortgage bonds
due 1990. Proceeds—For capital expenditures, etc. Un-
being
Proceeds—For investment
registered.
Office—50 Broad Street,
Co., Chicago, 111. (managing).
|
Israel Oil Prospectors Corp. Ltd.
f
Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation'
of individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—.
For exploration and development of oil lands.
Office—/
22
Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter-^
"Lapidoth"
Meeting
Aug. 15, 1960 filed 100,000 shares of class A stock. Price
—$5 per share. Business—The manufacture of porcelain
enameled steel plumbing fixtures. Proceeds — For the
ment. Proceeds—To establish sales and information cen¬
construction and
expansion, and the bal¬
ance for working capital. Office—404 No. Frederick Ave.,
Gaithersburg, Md. Underwriter — Hodgdon & Co., Inc.,
Washington, D. C.
'
duction
Scheduled for Nov.
—
10
11:00
at
at
a.m.
the
16 Wall St., New York City.
Illinois
Expected in early 1961.
•
Indian
Head
Mills, Inc.
(11/14-18)
Aug. 10, 1960 filed 60,000 shares of outstanding common
stock (par $1), of which 50,000 shares are to be offered
the
for
account
of
present holders,
and the
remaining
shares being registered pursuant to an option agreement.Price—To be supplied by amendment. Business—Pro¬
duction and distribution of fabrics,
and related services
for fabric converters. Proceeds—To selling stockholders.
Office—111 W. 40th Street, New York City. Underwriters
—Blair
&
Co.
York City
•
and
F.
Smithers
S.
&
Co., both of New
(managing).
Industrial
Control
Products, Inc.
Nov. 1, 1960 filed 125,000 shares of 100 par class A stock.
Price—$4 per share. Business—The design and manu¬
facture
of
control
systems and subcontracted precision
machining.
The firm has recently
begun
to make
double-diffused, broad base silicon diodes, but is not yet
in commercial
of
production of these items.
Proceeds—For
semi-conductor
production, research and
development, advertising and selling, inventory, and gen¬
eral funds.
Office—78 Clinton Road, Caldwell Town¬
ship, N. J.
Underwriter—Edward Hindley & Co., 99
Wall Street, New York 5, N. Y. (managing). Offering—
Expected in mid-January.
expenses
•
Industrial Hose & Rubber Co., Inc.
(11/21-25)
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds — Toward the repayment of
notes, new machinery, additional inventory, and the bal¬
for working capital.
ance
Office — Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing).
•
Intercoast Companies,
Inc. (11/14-18)
Aug. 16, 1960 filed 110,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To
pay the
balance due
on
the purchase of Western Life
shares, and
the balance will be added to the general funds to finance
the development of general life insurance
agency and for
working capital. Office—Sacramento, Calif. Underwriter
—Schwabacher & Co., San Francisco, Calif, and New
York City.
International Diode Corp.
July 29, 1960 filed 42,000 shares of 6%
convertible
preferred
stock
(par $8).
non-cumulative
Price
share.
Business—Makes and sells diodes.
establish a staff of production and sales
$8
—
per
Proceeds—To
engineers, fi¬
buy equipment, and
to working capital. Office—90 Forrest
St., Jersey
City, N. J. Underwriter—Ernst Wells, Inc., New York
City.
nance
new
product
development,
add
•
International Mosaic Corp.
Sept.
30,
common
ness
—
1960
stock
(11/28-12/2)
(letter of notification) 93,333 shares of
(par 10 cents). Price—$3 per share. Busi¬
Manufacture
Proceeds
processes.
of
—
glass mosaics by machines and
For
general
corporate
New York City.
ment.
Street, New York 5, N. Y.
Jonker Business
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and Fidelity Investors Service, East
Meadow, N. Y. Offering—Expected sometime in Janaury.
Kanavau Corp.
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.
(letter of notification) 150,000 shares of
common stock
(no par). Price—$2 per share. Proceeds
—For capital and surplus accounts.
Office—522 Cross St.,
Little Rock, Ark. Underwriter,—
Life Securities, Inc.,
P. O. Box 3662, Little
Rock, Ark.
(12/6)
stock.
Price
1960-1961.
Iowa.
of which
Office
—
823
Underwrtter—To
bidding.
construction, the
is
estimated
Walnut
be
at
$20,500,000 for
Street,
determined
by
Des
Moines,
competitive
Probable bidders: Smith, Barney &
Co.; Stone
Corp. and First Boston Corp. Bids
& Webster Securities
-—To
be received in
Chicago
if Iowa Power & Light Co.
Nov.
due
7,
1960
1991.
ceeds—To
for
on
(1/11)
reduce
past and future bank loans incurred
construction, the aggregate cost of which is estimated
at $20,500,000 for 1960-1961. Office—823
Des
Walnut Street,
determined by
Moines, Iowa. Underwriter—To be
competitive bidding.
Probable bidders: First
Corp.; Equitable Securities Corp.; White, Weld
Boston
&
Co.-
Halsey, Stuart 8c Co. Inc., Lehman Brothers; Eastman
.Dillon, Union Securities & Co.; Blyth & Co. and
Kidder,
Peabody & Co. Bids—Expected to be received on Jan ll[
Industries, Inc.
equipping of a new plant, and the re-',
of outstanding bank loans. Office — Haven &
Aves., Aurora, 111. Underwriter—Paul C. Kimball
Co. of Chicago, 111. Offering—Imminent.
Russell
&
•
Lawter
Chemicals, Inc. (11/14)
filed 70,000 shares of capital stock of;
20,000 shares are first to be offered to certainpersonnel of the company and certain friends of its
management. Price — To be supplied by amendment.)
Business—Manufacture and sale of printing ink
vehicles,:
fluorescent pigments and coatings, and synthetic resins.;
Proceeds—For general corporate purposes. Office—3550
Touhy Ave., Chicago, 111. Underwriter — Blunt Ellis
Sept.
19,
1960
which
Simmons, Chicago, 111.
Keystone Alloys Co.
Oct. 28, 1960 filed 107,755 shares of common stock, of
which 32,755 shares are to be offered for the account of
the
issuing company and 75,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price —To be supplied by
Business—The
amendment.
makes
company
aluminum
siding and accessories, coated materials, aluminum rail¬
ing and columns for interior and exterior use, and a
variety of aluminum combination storm-screen sash and
doors
used
and
related
finance
to
products.
the
Proceeds—$150,000 will be
construction
and
installation
of
an
additional paint line, with the balance for working capi¬
tal. Office—511 Mellon Bank Bldg.,
Latrobe, Pa. Under¬
writer
Singer,
(managing).
—
Deane
&
Scribner,
Pittsburgh,
Pa.
•
Kings Electronics Co., Inc.
May 26 filed 200,000 shares of common stock (par 10
cents) and 100,000 common stock purchase warrants.
The company proposes to offer these securities for public
lale in units, each consisting of one share of common
itock
one-half
and
;
j
Leadville Water Co.
June 28, 1960
(letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—For a mortgage payment, outstanding notes, construction
Office—719 Harrison
water
supply and general corporate purposes/
Ave., Leadville, Colo. Underwriter
—H. M. Payson & Co., Portland, Me.
new
a
Liberian
May
Iron
Ore
Ltd.
joined with The Liberian
Minerals Co., Monrovia, Liberia, in
19
American-Swedish
the filing of $15,000,000 of 6V\% first lien collateral trust bonds, series A,
due 1980, of Lio, $15,000,000 of
subordinated de¬
bentures due 1985 of Lio, an unspecified number of
shares of Lio capital stock, to be offered in units.
The
units will consist of $500
of debentures and
of collateral trust
bonds, $500
15 shares of capital stock. Price—For
units, to be supplied by amendment, and not to be in
of par. Proceeds—To make loans to Lamco. Office
Queen St., Charlottetown, Prince Edward Island,
Canada, N. S
Underwriter—White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
excess
—97
—
postponed.
■
Lifetime
Pools
>
■,
•
Equipment Corp.
July 1, 1960, filed 100,000 shares of
common
stock.
Price
—To be supplied by amendment.
the manufacture and selling of
Business—Engaged in
fiber glass swimming
pools. Proceeds—$125,000 will be used to purchase ma¬
chinery
and
equipment; $200,000
to
purchase
raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital. Office—Renovo, Pa. Underwriter—First Penn¬
ington Corp., Pittsburgh, Pa. Offering—Expected in late
November.
■
.
...
.
•
.
Living Aluminum, Inc. (11/28-12/2)
Oct. 3, 1960
(letter of notification) 100,000
:
■■■■■■>
shares
of
common
stock purchase warrant.
unit. Proceeds—$165,000 will be applied
to the repayment of certain loans, $75,000 for
develop¬
ment and design work by a subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search in the design, development and production of
components for microwave instruments, and the balance
for working capital. Office—40 Marbledale
Road, Tuckahoe, N. Y.
Underwriters — Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
stock (par $1). Price—$3
per share. Business—
Manufacturers of aluminum furniture and other house¬
hold products. Proceeds—For additional
equipment; pur¬
Godfrey, Hamilton, Magnus & Co., all of New York City.
sion of waste
Price—$4
per
Note—This statement has been withdrawn.
Kirk
(C.
28,
F.)
1960
N.
•
Laboratories, Inc. (11/11)
(letter of notification) 99,900 shares
of
stock
Y.
Underwriter—Schriiver
Koeller Air
&
Co., New York, N. Y.
Products, Inc.
(11/11)
Aug. 31, 1960 filed 100,000 shares of common stock
(par 5 cents) and 500,000 warrants to be offered in units,
consist of 2 shares of
common
stock
warrant. Each full warrant is convertible into
of
$2
common
per
within
one
and
1
share
from the date of offering at
Price—$4 per unit. Business—The firm
share.
a
year
distributes
hydrogen, nitrogen, oxygen, and
equipment. Proceeds — For general corporate
chase of
a building; plant
expansion and working capital.
Office—40 Gazza Blvd.,
Farmingdale, N. Y. Underwriters
—Arnold Malkan &
Co., Inc. and Sulco Securities, Inc.,
New York, N. Y.
• Long Island Plastics Corp.
Oct. 26
stock
Ave., Clifton, N. J. Underwriter—
Lloyd Securities, 150 Broadway, New York City.
Savings Stamp Co., Inc.
(letter of notification)
1960
30,000 shares of
common stock Price—At par ($10
per share). Proceeds
—For purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working
cap¬
other
•
Loral
Electronics Corp.
(11/28-12/2)
$5,000,000 of convertible subordinated
debentures, due Dec. 1, 1980. Price—To be supplied by
Oct. 27, 1960 filed
amendment. Proceeds—For
plant additions, acquisitions,
working capital. Office—825 Bronx River
Ave., New
York City.
and
Underwriters—Kidder, Peabody
man
York
Brothers, and Model, Roland
City (managing).
Mac
Sept.
Charge Plan
21,
1960
issuer is
a
local service airline operating
midwest.
Acceptance Corp.
(letter
St., Baltimore, Md. Underwriters—Sade &
Co., Bellamah, Neuhauser & Barrett,
Washington, D. C., McCarley
& Co.,
Asheville, N. C. and Murphy &
Co., Denver, Colo;
Madigan Electronic Corp.
(11/28-12/2)
I
5, 1960 filed 110,000 shares of common stock
(par
cents). Price—$4.25 per share. Business—The
design,
Oct.
10
and
sale
of
electronic
equipment for
use
weapons and data
processing systems. Proindebtedness and working capital.
Office—200 Stonehinge
Lane, Carle Place, N. Y. Under¬
writer—McLaughlin, Kaufman & Co., New York City.
Reduction
s
Marine
primarily
Proceeds—Together with a $3,000,000
loan," the proceeds will be used to acquire more
& Co., Leh¬
Stone, all of New
of notification)
^60,000 shares of
stock class A (par 60
cents).Price—$5 per share.
Proceeds—For company
expansion. Office—5 E. Centre
primarily in
the
& Northern
&
common
Blvd., Baton Rouge, La.
bank
and
—
manufacture
The
scrap
—
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
Sales
& Investment,
Inc., 4501 North
in
or
products,
—International
if Lake Central Airlines, Inc.
Nov. 9, 1960 filed 130,000 shares of $20 par preferred
stock. Price—To be supplied by amendment. Business—
(11/21-25)
(letter of notification) 300,000 shares of common
per share. Business—Conver¬
(10c par). Price—$1
nylon into pellets for use in gears
the treatment
of
reclaimed
nylon so as to permit its mixture and
blending with
various plastics. Proceeds
For additional
equipment,
inventory, and working capital. Office
Farmingdale;
L. I., N. Y.
Underwriter—The James Co., 369 Lexington
Ave., New York City.
welding
purposes.
Office—596 Lexington
LP Gas
common
and
(par 20 cents). Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds — For general
corporate purposes. Office—521 West 23rd St., New York,
Sept. 27,
$10,000,000 of first mortgage bonds,
Price—To be supplied by
amendment. Pro¬
Lawndalc
of
Keyes Fibre Co. (11/16)
filed $10,000,000 of convertible subordinated
debentures, due 1985, with attached warrants for the
purchase of 500,000 shares of common stock, to be of¬
fered to holders of outstanding preferred and common
stock, on the basis of $100 of debentures for each 15
shares of common or preferred held. Price—To be sup¬
plied by amendment. Proceeds—Construction of a new
plant, additional equipment, and the balance for work¬
ing capital. Office—Upper College Avenue, Waterville,
Maine. Underwriter—Coffin & Burr, Inc., Boston, Mass.
Dec. 6.
filed
o
•
each unit to
—To be supplied
by amendment. Proceeds—To reduce
past and future bank loans incurred for
None.
Oct. 4, 1960
common
Insurance Co.
Sept. 26, 1960
aggregate cost
,
if Juggle Juice Corp.
Oct. 28, 1960
(letter of notification) 120,000 shares of
common
stock
(par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
•
common
be offered
.
Sept.
Nov. 7, 19G0 filed
100,000 shares of
to
common,
purposes.
Co., Inc., New York, N. Y.
if Iowa Power & Light Co.
B
class
of
Office—45 East 20th St., New York
3, N. Y. Underwriter
Preferred Life
Machines, Inc.
Sept. 30, 1960 filed 50,000 common stock units, each unit
to consist of one share of class A common and 3 shares
—B. G. Harris &
Investors
Underwriter—To be supplied by amend¬
Attorneys — Brinsmade
&
Shafrann, 20 Pine
ters, establish distributorships,
Beef, L. & W. S., Inc.
April 29 filed 200,000 shares of outstanding common
■tock.
Proceeds—To
selling stockholders.
Price—$10
per share.
Office—200 South Craig Street, Pittsburgh,
Pa.
Underwriters—Amos Treat & Co., Inc., New York.
and Bruno Lenchner, Inc., Pittsburgh, Pa. Offering
■
shares
and for other purposes germane to expansion.
Office—Indianapolis, Ind. Underwriter—William Blair 8$
planes
for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬
•
^
the
in U. S. Government securities.
Thursday, November 10, 1960
.
.
derwriter—(For the bonds) To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc., Lazard Freres & Co. and The
First Boston Corp. (jointly); Merrill Lynch, Pierce, Fenner
& Smith Inc.; Kidder, Peabody & Co. and White,
Weld & Co.
(jointly); Salomon Bros. & Hutzler and
Eastman Dillon, Union Securities & Co. (jointly); Equi-,
table Securities Corp. Bids—Expected to be received on
Nov. 15 at the Bankers Trust Co., 2nd floor, 16 Wall
St., New York City, up to 11 :C0 a.m. (EST). Information
Bankers Trust Co.,
^
Securities, Inc.
July 22, 1960, filed 400,000 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
.
Sept. 22,
common
-
-•
&
of
Electronics
Manufacturing Inc.
(letter of notification) 100,000 shares of
stock class A
(par:. 10 cents). Price—$3 per
■"
1960
Volume
share.
192
Number 6002
.
.
.
The Commercial and Financial Chronicle
Proceeds—-For expenses in the fabrication of sheet
metal parts for
missiles, rockets, radar and marine items.
Address—Hagerstown, Md. Underwriter—Batten
Washington, D. C.
.
.
Marine
Oct.
28,
View
& Co.,
,
Inc.
notification)
(letter of
100,000 shares of
common
stock
(par 10 cents).
Price — $3 per share.
Business—Manufacturers of electronic equipment. Pro¬
ceeds—For
general
corporate
Office—88-06
purposes.
Van Wyck
Expressway, Jamaica 18, N. Y.
Planning, Inc., New York, N. Y.
—Fund
it Marsh Supermarkets,
Inc.
stock and
expenses
incidental
to
Address—Yorktown,
the
opening of
Underwriter—
Ind.
Merrill Lynch, Pierce, Fenner & Smith Inc., New York
City (managing). Offering—Expected in mid-December.
«
Mary Carter Paint Co.
Sept.
the
account
for the
To
be
account
of
supplied
of
the
the
issuing
company,
by
and 300,000
be offered
are to
present holders thereof.
amendment.
Business
—
Price—
The
firm
makes various paint products for retail distribution. Pro¬
ceeds—For debt
reduction, expansion, and working cap¬
Ave., New York City. Underwriter
Higginson Corp., New York City (managing).
ital. Office—666 Fifth
•—Lee
Credit
Corp.
by
of
stock.
The
shareholders
new
share
will be offered for subscription
on
the basis of two shares
record
for each three such shares held and
common
of
stock
of
preferred
for
each
Sept. 20, 1960 filed 75,000 shares of cumulative preferred
(par $100). Proceeds—For reduction of short-term
indebtedness. Business—The issuer is a subsidiary of the
New England Electric System and conducts its business
stock
of
generating,
buying, and selling electricity in north¬
It sells appliances related to its
business. Office—205 Washington St., Salem, Mass. Un¬
derwriter
To be determined by competitive bidding
Probable bidders: Kidder, Peabody & Co. and White.
Weld & Co. (jointly); Merrill Lynch, Pierce, Fenner &
Smith Inc. and Eastman Dillon, Union Securities & Co
(jointly); First Boston Corp. Bids—Expected to be re¬
eastern Massachusetts.
—
ceived
Nov.
on
Nov.
16.
Information Meeting—Scheduled
for
4.
one
—To
Price
be
supplied by amendment. Business—The com¬
pany makes microwave tubes and devices.
Proceeds—
For working capital, machinery and equipment, the re¬
tirement
of
mortgage loan, and research and devel¬
Office — 76 Lafayette Street
Salem, Mass.
opment.
Underwriter
a
—
Stone
Hayden,
&
Co.,
New York City.
case
sold, such as mobile
boats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,
Mich. Underwriter—None.
Model
Sept.
1960
Sept. 27, 1960 filed $600,000 of convertible subordinated
debentures, to be offered for the account of the issuing
company,,
and 25,000 shares of outstanding common
stock, to be offered tor the account of four company
selling stockholders. Prices—For the de¬
par; for the common, to be supplied by
amendment.
Business—The company makes and sells
electronic and communications equipment.
Proceeds—
officers, the
bentures, at
including debt reduction,
working capital, and expansion. Office — Ames Court,
Plainview, N. Y.' Underwriters—M. L. Lee & Co., Inc
and Milton D. Blauner & Co.,/Inc., both of New York
City (managing).
For general corporate purposes
ic Microwave Corp. of America
Nov. 1, 1960
(letter of notification) 100,000 shares of
common stock .(par
10 cents). Price — $2.50 per share.
Proceeds
To purchase equipment, small tools, selling
and promotion purposes, inventory and working capital.
Office—200 Henry St., Stamford, Conn. Underwriter—
—
None.
-•
•
.
.
•
Model
May
Finance
26 filed
(letter of notification) 100,000 shares of
common stock
(par 25 cents). Price — $2.75 per share.
Proceeds—For capital and surplus accounts. Office—318
1960
11,
Northwest 13th
F. R. Burns &
St., Oklahoma City, Okla. Underwriter—
Co., Oklahoma City, Okla.
Service, Inc.
100,000 shares
of
second
pre¬
1960 filed 100,000 shares of common stock. Price
supplied by amendment. Business — The firm
discounts retail instalment sales notes for dealers in shell
homes,
mobile
homes,
and
cars;
finances at
wholesale
inventories of dealers in mobile homes and cars; makes
small loans directly to borrowers; and operates various
insurance
pany.
on
International, Inc.
Oct. 31, 1960 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany, organized in 1958 under the name Arrow Elec¬
tronics International, Inc., imports and sells electronic
and high fidelity parts and equipment.
Proceeds—To
retire bank loans and for working capital.
Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un¬
derwriter—Pacific Coast Securities Co., 240 Montgomery
Street, San Francisco, Calif. Offering—Expected some¬
time in January.
Mortgage Guaranty Insurance Corp.
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. Proceeds—For capital and surplus.
Office—606
subsidiaries, including a life insurance com¬
repay short-term bank loans, which
Proceeds—To
Sept. 30 amounted to $31,529,000. Office—1100 First
Bank Bldg., Cincinnati. O. Underwriter—Kid¬
National
der,- Peabody & Co., New York City (managing). Offer¬
ing—Expected in December.
-
Underwriter
—Bache & Co., New York City (managing). Note—This
stock is not qualified for sale in New York State. Offer¬
Avenue, Milwaukee, Wis.
ing—Expected in late November.
•
Mountain States
Telephone & Telegraph Co.
offered
of
one
to
filed 6,729,142 shares of capital stock to be
stockholders
new
of
record
Price—$12.50
short-term loans made
Office—931
Nov.
28
share for each five shares then
Dec.
20.
14th
per
to
the basis
on
held. Rights
share. Proceeds—To
finance construction.
St., Denver, Colo. Underwriter—None.
Aeronautical
^National
Corp.
(1/4)
Nov.
8, 1960 filed 60,000 shares of $1 par common stock.
Price—$32 per share. Proceeds—For general corporate
purposes.
Office—Ft.: Washington, Pa. Underwriters—
White, Weld & Co., New York City, Yarnall, Biddle &
Co. and Stroud &
ly).
'
"...
Co., Inc., both of Philadelphia (joint'
National
Airlines, Inc. (11/15)
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis of $100 of debentures for each 18 common shares
held. Price—To be supplied by amendment. Business—
Domestic and international transport of persons, prop¬
erty, and mail. Proceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
for general corporate purposes. Office — Miami Inter¬
national Airport, Miami, Fla. Underwriter — Lehman
Brothers, New York City (managing).
National
Film
Studios, Inc. (11/14-18)
of notification) 150,000 shares of
Price—$2 per share. Proceeds—For ex¬
pansion of the business. Office—Washington, D. C. Un¬
derwriter—R. Baruch & Co., 1518 K St., N. W., Wash¬
ington, D. C.
Sept. 20,
1960
common
stock.
(letter
Lawnservice Corp.
(letter of notification) 100,000 shares of com¬
mon
stock (par one cent).
Price—$3 per share. Pro¬
ceeds
For general corporate purposes.
Office — 410
Livingston Avenue. North Babylon, N. Y.
Underwrite!
—Fund Planning Inc., New. York, N. Y. Offering—In¬
Jan.
11
—
definite.
National
a
Western
Underwriting Corp.
Oct. 25, 1960 filed $2,000,000 of 15-year 6% subordinated
convertible debentures. Business — The company which
organized
was
subsidiaries,
life
a
in August,
1959, is developing, through
dealer-recourse finance business and a
insurance business.
—At
Proceeds—For expansion.
result of
Price
Office—Helena, Mont. Underwriter—Wilson,
Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd Ave.,
North Billings, Mont.
par.
it Newton Shopping Center, Inc.
Oct. 21, 1960 (letter of notification) $300,000 of 6% sink¬
ing fund debentures to be offered in denominations of
$1,000 each. Price—At face value. Proceeds—For work¬
ing capital and construction of a shopping center. Office
—200
Hillcrest
Bldg., Ralston, Neb. Underwriter—The
Lincoln, Lincoln, Neb.
First Trust Co. of
Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds — For general corporate purposes.
Office—620
Oil &
Gas
Bldg., Wichita Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15 shares
for each 100 shares sold.
North
May
3
Washington Land Co.
$1,600,000 of first mortgage
filed
certificates.
Price—The certificates will
discount
of
primary
purpose
17.18%
from face value.
participation
be offered
at
a
Proceeds—For tha
of refinancing existing loans. Office—
Pike, Rockville, Md. Underwriter—In¬
vestor Service Securities, Inc.
Rockville
1160
Northern
Natural Gas Co.
(11/15)
Oct. 21, 1960 filed $20,000,000 of sinking fund debentures,
due 1980.
Price—To be supplied by amendment.
Pro¬
construction, the reduction of indebtedness
construction, and the purchase of securities
property additions and acquisi¬
tions.
Office
2223 Dodge St., Omaha, Neb.
Under¬
writer—Blyth & Co., Inc., N. Y. City (managing).
incurred for
of subsidiaries for their
—
Northern
States
Power
Co.
•
-
(Minn.)
(12/6)
Oct.
27, 1960 filed $35,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner
Si Smith Inc., Kidder,
Peabody
Si
Co. and
White, Weld Si Co. (jointly); The
Corp. and Blyth & Co., Inc. (jointly); Leh¬
Riter Si Co. (jointly); Equitable Se¬
curities Corp. and Eastman Dillon, Union Securities &
Co. (jointly). Bids — Expected to be received Dec. 6
up to 10:00 a.m. (CST) at Room 1100, 231 So. La Salle
First Boston
Brothers and
man
St., Chicago 4, 111.
• Nuclear
Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of commoi
stock (par 33.3 cents). Price—$10 per share. Proceed®
—To replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
writer—Pacific Investment Brokers, Inc., Seattle, Vash.
Note—This letter
was
withdrawn
on
Oct. 3.
Nu-Line
Industries, fine.
i
Sept. 28, 1960 filed 200,000 shares of common stock, of
which
175,000 shares are to be offered for the account
the issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of
the issuer's president. Price—To be supplied by amend¬
ment. Proceeds—For capital equipment, research, sales
development, and working capital. Office—Minneapolis,
Minn. Underwriter—Kalman & Co., Inc., St. Paul, Minn,
of
(managing).
•
,
Faddingfon Corp.
Sept. 28, 1960 filed 36,498 shares of outstanding common
Price—To be related to the price of the stock on
stock.
the American Stock Exchange at
Western Life insurance Co.
Sept. 13, 1960 filed 225,000 shares of common stock. Price
—To be supplied by
amendment. Proceeds—Together
with the proceeds from the sale of shares to be issued
as
EST.
ceeds—For
(11/28)
Oct. 28, 1960
reduce indebtedness and to supply funds
capital expenditures, which are expected to reach a
high of $105,000,000 in 1960. Office—Newark, N. J.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co. Inc.;
White, Weld
& Co. and Shields & Co. (jointly); Morgan
Stanley &
Co.; First Boston Corp. Bids—Expected Nov. 14 in room
2315, 195 Broadway, New York City, up to 11:30 a.m.
New
cumulative
Electronics
Wisconsin
November.
Jersey Bell Telephone Co. (11/14)
21, 1960 filed $20,000,000 of 40-year debentures.
record
(11/21-25)
National
Midland-Guardian Co.
Oct. 27,
•—To be
Monarch
in
New
Proceeds—To
ferred stock—65c convertible
•
Mid-America Life Insurance Co.
Oct.
holders
for
filed
140,000 shares of common capital
stock. Price—To be supplied by amendment. Business—
The company makes and sells equipment for the elec¬
trical, automotive, and aviation industries. Proceeds—To
reduce indebtedness and for working capital. Office—50
Frederick St., Huntington, Ind. Underwriter—Raffensperger, Hughes & Co., Indianapolis, Ind.
(managing);
repay
..
.
Co., Inc., New York, N. Y.
Navajo Freight Lines, Inc.
May 9, 1960, filed (with tne ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present
Oct.
Engineering & Manufacturing Corp.
21,
expire
Metropolitan Telecommunications Corp.
(11/21-25)
purposes including working capital. Office—
Clinton St., Hempstead, N. Y. Underwriter—Ivliitcn
sometime
shares
being Sept. 1, 1960.
Prices—For
common, $10 per share; for preferred, $100
per share. Business—The purchase of conditional sales
West
•
Metcom, Inc. (11/14-13)
Sept. 2, 1960 filed 100,000 shares of common stock.
corporate
homes, trailers,
common
Mohawk Insurance Co.
(11/21-25)
Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York City. Underwriter—R. F.
Dowd & Co. Inc., 39 Broadway, New York 6, N. Y.
(11/16)
Nationwide Tabulating Corp.
(11/14-18)
Sept. 19, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$2 per share.
Business—Tabulating of
industry and government records. Proceeds—For general
contracts from dealers in property so
held, the record date in each
38.81
count of the present holders, thereof. Price—To be sup¬
plied by amendment. Business—The company sells chemi¬
cal gases, chemicals, regulators and valves. Proceeds — To
redeem all the outstanding shares of 6% cum. preferred
stock at $21 per share,: with the remainder to be added
Merrimack-Essex Electric Co.
sometime in December.
thereof, and 61,000 shares will be offered for
the account of the issuing
company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo. Underwriters—Hayden. Stone & Co.
and Lowell, Murphy & Co. (jointly).
Offering—Expected
new
Matheson Co., Inc.
(11/16)
Sept. 27, 1960 filed 160,000 shares of common stock ($1
par), of which 40,000 shares are to be offered for the
account of the issuing company and 120,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
Road, East Rutherford, N. J. Underwriter—White, Weld
& Co., Inc., New York City (managing).
Christensen
D. Blauner &
series, $5 par—and $1,000,000 of 6%% junior subordinated debentures, due 1975.
Price—To be supplied by amendment. Proceeds—To bt
added to the company's general working funds. Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
C. Kimball & Co., Chicago, 111.
to the issuer's general funds. Office—932 Paterson Plank
&
33
Office—Denver, Colo. Underwriter—Peters, Writer
Inc., Denver, Colo. Offering — Expected
poses.
384
Mobile
(11/21-25)
1960 filed 375,000 shares of class A common
(par $1), of which 75,000 shares are to be offered
shares, representing outstanding stock,
—
—Imminent.
(11/16-17)
23,
stock
for
—
ferred
markets, a bakery and ice cream plant, and processes
and packages delicatessen items. Proceeds—For general
corporate purposes, including the redemption of pre¬
outlets.
financing in the home building industry. Pro¬
ceeds
To start its lending activities. Address
P. O
Box 886, Rapid City, S. D. Underwriter—None.
Offering
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬
debentures, due Dec. 15, 1980. Price—To be supplied by
amendment. Bu^ness — The corporation, directly and
through two subsidiaries, operates a chain of 67 super¬
new
interim
Underwriter
Nov. 4, 1960 filed $2,000,000 of convertible subordinated
ferred
Midwestern Acceptance Corp.
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in units of one share of stock and 850 of debentures.
Price
$1 per unit. Business — The company will do
—
Electronics,
1960
(1901)
the time of the public
offering. Proceeds—To selling stockholders. Office—630
Fifth
son
Ave., New York City. Underwriters—Lee Higgin¬
Corp. and H. Hentz & Co., both of New York City
managing). Offering—Expected in late November.
-
options, in the amount of $1,106,407.50 for
the discharge of indebtedness and general corporate pur¬
Continued
on
page
34
34
The Commercial and Financial Chronicle
(1902)
Thum."
Continued from page 33
There
Corp.
(12/5-9)
Oct. 27,1960 filed 80,000 shares of class A stock (par $1),
of which 30,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account oi
the
Oct.
Limited
funds,
the
proceeds
Electronics
26,
2235 S. Carmelina
■
Ave., Los Angeles, Calif. Underwriter
—None.
/V/
;
Plastics &
Sept. 8, I860, filed 100,000 shares of common stock
(par 1 shilling). Price —$3 per share. Business —The
company intends to deal in land in the Bahamas.
Pro¬
ceeds—To buy land, and for related corporate purposes.
Office—6
Terrace, Centreville, Nassau, Bahamas. Under¬
writer—David Barnes & Co., Inc., New York City. Of¬
fering—Expected in late November.
Fibers, Inc.
v
^
(letter of notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be delayed.
June 14
Polymer Corp. (11/15)
•\ v
Sept. 16, 1960 filed $2,750,000 of convertible subordinated
sinking fund debentures, due 1975, and 20,000 shares of
class A non-voting common stock. Prices—To be sup¬
plied by amendment. Business — The company makes
nylon rod, plate, strip, and tubing, Teflon, and plastic
powders for coating metals. Proceeds—From the common
stock, to the present holder thereof; from the deben-;
tures, for general corporate purposes, including debt
.
if Palomino Development Corp.
Oct. 28, 1960 (letter of notification) 200,000 shares of
common
stock
(par 50 cents). Price—$1.50 per share.
Proceeds—For accounts payable, purchase of a contract,
advertising and promotion. Office — 5231 Minnehaha
Ave., Minneapolis, Minn. Underwriter—None.
•
Park
Electrochemical
Corp. (11/14-16)
Sept. 22, 1960 filed 175,000 shares of 10 cent par class A
Price—$4 per share. Business—The firm designs
and makes anodyzed aluminum specialty components for
cars, planes, appliances, and other objects needing nam¬
ing devices. Proceeds—For working capital, debt reduc¬
tion, and research and development. Office—Flushing,
L. I., N. Y. Underwriters — Stanley Heller & Co., and
stock.
Michael
G.
Kletz
& Co., Inc., both of New York City,
handling the books.
with the latter
•
Pathe
Equipment Co., Inc.
Oct. 17, 1960 filed 125,000 shares of class A stock (par 75
reduction
and
working capital. Office — Reading, Pa.
Underwriters—White, Weld & Co., New York City, and
& Sons, St. Louis, Mo. (managing).
A. G. Edwards
Portland
Reporter Publishing Co.
Sept. 12, 1960 filed 175,000 shares of common stock, of
which 125,000 shares are to be publicly offered, 39,000
shares sold to employees, and 11,000 shares exchanged
for property or services. Price—$10 per share. Business—
The company intends to publish an afternoon newspaper
in Portland, Oreg. Proceeds—For general corporate
pur¬
cents), of which 42,500 shares
poses.
account of the company and
derwriter—None.
are to be offered for the
72,500 shares, representing
outstanding stock, are to be offered for tne account of
the present holders thereof. The remaining 10,000 shares
have been acquired by the underwriter and Hampstead
Investing Corp., as a finder's fee. Price—$5 per share.
Business—Developing and producing automatic multiple
needle and
specialized sewing equipment. Proceeds—For
general corporate purposes. Office — 16 Leliart's Land,
East Paterson, N. J. Underwriters — Amos Treat & Co.,
Inc. and William Stix Wasserman & Co., Inc., New York,
N. Y.
•
Offering—Expected in early December.
Patrician Paper
Co., Inc.
(11/14-18)
notes due 1964 and 100,000 shares of common stock to be
offered in units of $7.50 of notes and one share of com¬
stock.
ness—The
Price—To be supplied by amendment.
company
Proceeds—For
sues.
manufactures
facial and
Busi¬
toilet
tis¬
acquisition
of property, to acquire
machinery and equipment, and for repayment of certain
loans. Office
485 Lexington Ave., New
York, N. Y.
Underwriter
Hill, Darlington & Grimm, New York,
—
—
N. Y.
<—163 W. Second South
writer—None.
'
'
Oct.
21,
;v-:
;
■
'
,.i:' •' '
pulp, which it sells directly
the users, nearly all of whom are
paper manufactur¬
Proceeds—For
indebtedness
incurred
for
construction.
Office—211
&
Burr,
Philadelphia Aquarium, Inc.
Oct.
14, 1960 filed $1,700,000 of 6% debentures due 1975
and 170,000 shares of
capital stock (par 50 cents) to be
offered in units, each
consisting of one $100 debenture
10 shares of stock.
Price—$150 per unit. Business—
of an aquarium in or about Philadelphia.
Proceeds—To acquire ground and to construct an
aquari¬
Operation
1960
(letter
of
notification)
cents), of which 125,000 shares
and
20,000 shares
Solomon
ceeds
are
to
be
1,400
building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud &
Co., Inc., Philadelphia, Pa. Offering—Expected
in early December.
Philippine Oil Development Co., Inc.
March 30 filed
103,452,615 shares of
capital stock being
offered for subscription
by stockholders of record Aug.
25, at the rate of one new share for each 5Vz shares held
with rights to expire at 3:30
p.m. on Dec. 14. Price—U. S.
price is 1.3 cents per share; Philippine
price is 3 centavos
per share. Proceeds — To be added to the
company's
working capital. Office—Soriano Bldg., Manila,
Philip¬
pines. Underwriter—None. Note—The
subscription offer
has been extended.
Photogrammetry, Inc.
10,
1960
(letter of notification) 13,000 shades of
stock (par $1).
Price—$3.50 per share. Proceeds
-—For retirement of
ital. Office
922
a
short term note and
working cap¬
Burlington Ave., Silver Spring, Md
Underwriter—First Investment Planning
Co., Washing¬
—
ton, D. C.
Pik-Quik,
Inc.
(11/28-12/2)
27'.^50,000 shares of common stock (par
Price—To be supplied by amendment.
Business—
The organization and
operation of self-service markets
in Florida under the names
of "Pik-Quik" and "Tom
$1).
shares
of
Toward
the
repayment
Ther-
/"
stock
common
(par
for public offering,
for the account of
are
offered
Roskin, President. Price
$5
—
share. Pro¬
per
of
indebtedness, new
equipment, and working capital. Office—200 Varick St.,
—
New York City. Underwriter—First Broad St.
York City (managing).
V
Service
Co.
of
Corp., New
'V-
•
New
Hampshire (11/17)
1960 filed $5,000,000 of first mortgage bonds,
L, due 1990. Proceeds — For repayment of loans,
construction, and general corporate purposes. Office—<
1087 Elm Street,
Manchester, N. H. Underwriter—To be
determined by competitive bidding. Probable bidders:;
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc ; Equitable Securities Corp., and Eastman Dil¬
lon, Union Securities & Co. (jointly). Bids—Expected
7,
series
Nov.
17
in
170, Parker House, Tremont & School
Sts., Boston, Mass., up to 11:00 a.m. EST.
Information
Meeting — Scheduled for Nov. 14 at 3:30 p.m. EST in
room
118, Parker House, Boston, Mass.
3,
Corp.
filed 250,000 shares of common stock, of
200,000 shares are to be offered for the account
issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present * holder thereof.
Price—To be supplied by amendment. Business—Makes
1960
and sells electronic air purifiers and range
ceeds — To retire indebtedness, with the
expenditures.
derwriter
—
Bache
&
1
...
fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for mar,
chinery, equipment,, and general corporate purposes.
Office
New
Castle County Air Base, New Castle
—
County, Del. Underwriter—Amos Treat & Co., Inc., New
York City. Offering—Expected in December.
;
Inc.
RevHon,
Oct. 28, 1960 filed 130,000 shares of outstanding common
stock (par $1). Price—To be related to the price of the
firm's shares on the New York Stock Exchange. Proceeds
To two company
officers, the selling stockholders. Office
—666 Fifth
Ave., New York City. Underwriters—Lehman
Brothers and Reynolds & Co. Inc., both of New York
City (managing). Offering—Expected in early December,
Riddle'Airlines,
Aug.
Inc.
1960 filed $2,250,000 of 6%
19,
subordinated conprincipal amount.
vertible debentures. Price—At 100% of
Proceeds
To
—
be
used
operating
as
capital
fulfill
to
M. A. T. S. contract, and to
ternational Airport, Miami,
Price &
•
acquire aircraft. Office—In¬
Fla. Underwriter—James H.
Co., Coral Gables, Fla., and New York Citv.
Robosonics,
(11/14-18)
Inc.-
Sept. 14, 1960 filed 180,000 shares of common stock
(par
share. Business—The company
makes and sells an automatic telephone answering de¬
vice, and an automatic intelligence reproduction ma¬
chine. Proceeds—For general corporate purposes. Office
—22 W. 48th St., New York City. Underwriter—Mandell
& Kahn, Inc., New York City/
25
cents). Price—$5
per
if Roto-Fack Corp.
/
of notification) 40,000 shares' of
common
stock (par 10 cents)." Price—$2.50 per share*
Proceeds—For advertising and promotion of new prod¬
ucts and for working capital. Office—1624 Eye St., N. W.,
Washington, D. C. Underwriter—None.
•
1,
1960
Rotron
(letter
Manufacturing Co.,
(11/16-18)
Inc.
stock
common
(par
cents), of which 65,000 shares are to be offered for the
account of the issuing company and 65,COO shares repre¬
senting outstanding stock, are to be offered for the
account of the present holders thereof. Price-—To be sup¬
plied by amendment. Business—Makes air and gas mov¬
ing devices for military and industrial use. Proceeds—
For
hoods.
Pro¬
balance for
Office—New
Haven,- Conn./ Un¬
Co., New York City (managing).
Offering—Indefinite..
yv
v.-,,:...
inventory,
7-9 Hasbrouch
E. Hutton &
expansion, and debt reduction. Office—
Lane, Woodstock, N. Y. Underwriter—W.
Co., New York City (managing),
■>' Russ
Togs, Inc.
•'
//■/ ;//;/////•/'.•.: /
Oct. 27,„1S60 filed 150,000 shares of $1 par class A stock
of
which
100,000 shares
are
to
be-offered
for
v
the
account
of.tne
issuing
and 50,000 shares-,
representing outstanding stock/ are to be offered for the
account of the present holders thereof. Price—To be
supplied by amendment. Business—The firm produces a
company
diversified line of popular priced
sports wear. Proceeds
'machinery and equipment/ leasehold improve¬
ments, to finance additional accounts receivable and inT
—For
ventories, and for working capital. Office—1372 Broad¬
way, New York City, Underwriter—Shearson, Hammill
6 Co., New York City (managing).
Offering—Expected
in late
December,/'
•;>•/.//,
'■ •'
,/
SampscnfVIllBer Associated
>V-y.
■///
(11/14-18)
//
Sept. 28, 1960 filed 150,000 shares of
"'//•'•y //
....
Companies,
Inc.
stock. Price
common
supplied by amendment. Proceeds—To retire in¬
debtedness, develop acreage, and to finance the increased
the
capital
1
—To be
;
which
of
.■'/■;
...
Resist©
Chemical, Inc.
Aug. 29, 1960 filed 260.000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm;
makes and sells protective coatings for packaging and
room
Puritron
Aug.
•
5
Process' Lithographers, Inc.
Sept. 28, 1960 filed 145,000 shares of
10
share. Business—An open-end real estate
investment trust specializing in investment real estate.
Office —606 Bank of America Bldg., San Diego, Calif.
Distributor—Real Estate Mutual Distributors, Inc., San
per
Sept. 21, 1960 filed 130,000 shares of
Inc.
working capital. Address —• Highway 20,
mopolis, Wyo. Underwriter—None. - ••
um
common
subsidiary
a
com'mbh"stock. Pfrice—At par ($100 per share). Proceeds
construction, and for the reduction
Congress St., Boston, Mass. Underwriter—Coffin
Inc., Boston, Mass. (managing).
Aug.
Investments, Inc.,
,;v/\;y'~
if Prep Products,
Oct.
St., Salt Lake City, Utah. Under¬
^
ment. Business—Makes wood
and
Underwriter—Preferred
of the issuer.
Public
• Penobscot Chemical Fibre
Co. (12/5)
Oct. 24, 1960 filed $3,250,000 of convertible subordinated
debentures, due 1980. Price—To be supplied by amend¬
of
(11/21-25)
Aug. 18, 1960 filed 300,000 shares of common stock. Price
—$5 per share. Proceeds — For general corporate pur¬
poses. Office — 20 East Mountain St., Fayetteville, Ark.
of beneficial interest.
1960 filed 2uU,00u snares
Price—$5
Nov.
;
202 shares of
common stock to be offered for
subscription by stock¬
holders pursuant to stock option rights. Price—At par
($200 per share). Proceeds—For working capital. Office
ers.
:y
Risk Life Assurance Co.
,
if Patrick Dry Goods Co.
Oct.
27, 1960 (letter of notification)
to
Preferred
—For
Oct. 14, 1960 filed $750,000 of 7% unsecured subordinated
mon
•
Office—1130 S. W. 3rd Ave., Portland, Oreg. Un¬
Fund
Mutual
Estate
Real
Oct. .14,
Diego, Calif.
Corp.
1960 filed 217,902 shares of common stock, to
be offered to holders of the outstanding common on the
basis of one new share for each share held. Price—$1
per share. Proceeds — To retire current liabilities, for
capital expenditures, and for working capital. Office—
—
Faim Developers
Proceeds—
markets.
such
31
now
other
City.
Pioneer
thereof. Price—To be supplied by
Business
The firm produces metal and
plastic filters for defense and consumer industries. Pro¬
ceeds—For expansion, working caiptal, and to finance
the company's entry into fibre glass manufacture. Office
—30 Sea Cliff Ave., Glen Cove, L. I., N. Y. Underwriter
—L. F. Rothschild & Co., New York City (managing),
•
York
present holders
amendment.
are
will be used
to purchase substantially all of the assets of Plymouth
Rock Provision Co., Inc. Office—Baker Bldg., Minneap¬
olis, Minn. Underwriter—A. C. Allyn & Co., Inc., New
Together with
Pall
Thursday, November 10, 1960
.
.
.
/ '"•> ./.
use
of
instalment
sales
,
contracts,
with
the
balance
to finance the purchase of additional
property.
Pitcairn, Pa. Underwriter
Pittsburgh, Pa.
—
(managing).
Office—Moore, Leonard & Lynch,
:
?'
if Santa Maria Mining Co.
:
• ./•
2, 1960 (letter of notification), 300,000
Nov.
common
—For
stock.
mining
expenses.
land, Calif. Underwriter—None.
r
Save-Co
>.y■>/;)/
*
shares of
($1 per share). Proceeds
Address—Hardin Flat, Grove-
Price—At par
Veterans
&
;
Services
;
;;
v
■
&
;
Department
'
v
• R. C. Can Co.
(11/15). •
Aug. 25, 1960 filed 230,000 shares of common stock, of
which 50,000 shares will be offered for the account of
Stores, Inc. ''
' •
/
v
/"■
Sept. 26, 1960 filed 163,636 shares of common stock, of
which 127,273 shares are to be offered for the account
the issuing company and 180,000 shares,
representing
outstanding stock, will be offered for the account of the
of
VX/'ife;}
.
present
holders
thereof.
amendment.
Business
fibre-bodied
cans
—
Price
The
—
To
be
supplied
manufacture
and
sale
by
of
:
the issuing company and 36,363
shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price
amendment. Business
—
To be
supplied by
The company operates a
depart¬
Pro¬
ment store and gasoline service station the use of which
general
corporate
purposes.
Office—9430
Page Blvd., St. Louis, Mo. Underwriter — Reinholdt &
Gardner, St. Louis, Mo. (managing).
is restricted primarily to veterans, military personnel,
employees of non-profit organizations, and employees of
and
containers
of
various
sizes,
ceeds—For
R.
E.
D.
M.
Corp.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
$3.50 per share. Proceeds—For working capital ($217,250) and production machinery and equipment ($50,000).
Office—Little Falls, N. J. Underwriter-rrRobert Edelstein
& Co., Inc., New York City. Offering—Expected some¬
time in January.
^
Radar
Measurements Corp.
(11/28-12/2)
notification) 85,700 shares of
common stock (par $1). Price—$3.50 per share. Business
—Manufacturers1 of electronic equipment. Proceeds—For
general corporate purposes. Office — 190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
Sept. 28,
41st
1960
(letter
of
Avenue, Long Island City 1, N. Y.
firms
doing government contract work. Proceeds—For
general corporate-purposes, including debt reduction and
working capital. Office—3176 Frontier St., San Diego,
Calif. Underwriter
Mo.
Dempsey-Tegeler & Co., St. Louis,
(managing). Offering^—Expected in November.
>
—
School Pictures, Inc. (11/28-12/2)
/
"
Sept. 28,1960 filed 100,000 outstanding shares of common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders. Office
1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
—
;of ,New
York
Jackson, Miss.
City,, and
Kroeze,
McLarty
Co.,
stock (par 10 cents).
of
:
^Seaboard Homes, Inc.
Nov. 7, 1960 (letter of
notification)
common
&
<
v
-
shares of
share. Busi-
100,000
Price—$3
per
*
Volume 192
ness
Number 6002
.
.
.
The Commercial and Financial
Manufacture, assembly and sale of homes and
home sectional components. Proceeds—For
general cor¬
porate purposes. Office—200 Saw Mill River Rd., Haw¬
—
thorne, N. Y. Underwriters—Richard Bruce
and Fox & Walters, Inc., New
York, N. Y.
»
Seaboard
& Western
&
Sept. 28, 1960 filed 704,160 shares of common stock being
offered for subscription by holders of its common
stock
of record Oct. 31
on
share
rights to expire
held with
theb asis of two
new
on
shares for each
Nov.
21.
Price—$3
sells record-keeping and other commercial
stationery
supplies. Proceeds—For new plant and general corporate
purposes of a subsidiary, Ace Fastener Corp., of Illinois.
^ Space-Tone Electronics Corp.
Oct. 24, 1960 (letter of notification)
150,000 shares of
common stock (par 25 cents). Price—$2 per share. Pro¬
ceeds—For plant equipment, lumber, repayment of loan
and working capital. Office—1145 19th St., N. W., Wash¬
N. Y. Underwriter
ington, D, C. Underwriter—None.
share. Proceeds—Payments to creditors, purchase of
aircraft and
engines, payment of notes, and the
balance for working
capital. Office—New York Inter¬
Airport, Jamaica, L. I., N. Y.
Underwriter-
Co., New York City.
A
(50c par). Prices—To be supplied by
amendment. Business—The company makes special pur¬
pose inks and devices used in their application. Proceeds
;
.
Security Annuity Life Insurance Co.
Sept. 8, 1960, filed 300,000 shares of common stock.
Price—$7 per share. (The issuer's subsidiary, Annuity
Life
as
Insurance
an
—For
bank
Co., which
will register with the SEC
diversified management investment
end
open
company,
was
partner
a
in
the
registration.)
■—The sale of various forms of life
Underwriter—None.
Office—2826
•
•
vices.
•
Shatterproof Glass Corp. (11/28)
12, 1960 filed 100,000 shares of common stock (par
$1), of which 50,000 shares are to be offered for the
•
account of the
issuing company and 50,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be
sup¬
plied by amendment. Business—The company makes and
sells laminated safety plate and sheet glass, primarily
to the automotive replacement market, and sells its
prod¬
ucts for use as original equipment to bus, truck, tele¬
vision, and farm and road equipment manufacturers.
Starfire
•
(par
10
70,000
shares
of
Price—$4.25 per share.
capital.
Office—809 Kennedy
cents).
working
C. and F. R. Burns & Co., Oklahoma City,
Manufacturing Corp.
Inc.
—
—
in New England. Proceeds—To selling stock¬
holders, the Rabb family. Office—393 D St., Boston, Mass.
Underwriters
Lehman Brothers and Merrill Lynch,
markets
—
Pierce, Fenner & Smith
(managing).
Inc., both of New York City
I no
•
Sulray, Inc.
(11/15)
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of specialized drugs. Proceeds—For
general corporate purposes. Office—273 Columbus Ave.,
Tuckahoe, N. Y. Underwriters—J. A. Winston & Co., Inc.
Sept. 20,
common
and
Offering
1960
Netherlands
Securities
Co., Inc., New York, N. Y.
7, 1960 filed 150,000 shares of common stock. Price
supplied by amendment. Business—The sale and
distribution
of
natural
for
domestic, commercial,
agricultural, and industrial uses in parts of California,
Nevada, and Arizona. Proceeds—To reduce indebtedness,
with the balance for working capital. Office—2011 Las
Vegas Blvd. South, Las Vegas, Nev. Underwriter;—EastXnan
Dillon, Union Securities & Co., New York City
gas
Southwestern
Capital Corp.
Sept. 30, 1960 filed 1,000,000 shares of common stock.
Price—$3 per share. Business—A closed-end investment
company. Proceeds—For investment purposes. Office—
1326 Garnet Ave., San Diego, Calif. Underwriter—None.
Southwestern
Oil
Producers, Inc.
March 23 filed 700,000 shares of common stock.
Electronics,
Inc.
(letter of notification) 112,500 shares of
common stock (par 10c).
Price—$2 per share. Business-"
The firm makes health and
massage equipment, electric
housewares, and medical electronic equipment. Proceeds
—For
expansion, working capital, and research and de¬
velopment expenditures. Office—71 Crawford St., New¬
ark, N. J. Underwriter — United Planning Corp., 1180
Aug.
10,
1960
Raymond Blvd., Newark, N. J. Offering—Imminent
.
Telecolor
July 25,
1960
common
capital stock
(letter of notification) 150,000 shares of
(par 25 cents) of which 100,000
by officers. Price—$2 per share.
Proceeds—To lease equipment and for working capital.
Office
7922 Melrose Ave., Hollywood, Calif. Under¬
writer—Raymond Moore & Co.. Los Angeles, Calif.
shares
to be offered
are
—
•
Telephone
Electronics Corp. (11/21-25)
(letter of notification) 52,980 shares of
(par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Business—Elec¬
tronic communications equipment and
automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,
Aug.
18,
&
1960
stock
N. Y.
•
Tele-Tronics Co.
Aug.
10,
(11/21-25)
1960
(letter of notification) 100,000 shares of
(par 40 cents). Price—$3 per share. Pro¬
ceeds—For plant expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
common
stock
180 S. Main St., Ambler, Pa.
Underwriter—Woodcock,
Moyer, Fricke & French. Inc., Philadelphia, Pa.
•
Telex, Inc.
Sept. 27, 1960 filed 196,000 shares of common stock, of
which 125,000 shares are to be offered to holders of the
outstanding common on the basis of one new share for
each five shares held. Price—To be
supplied by amend¬
ment. Proceeds—For general corporate purposes,
includ¬
ing the retirement of $1,100,000 in outstanding notes. Of¬
fice—Minneapolis, Minn. Underwriter — Lee Higginson
Corp., New York City (managing). Offering—Expected
late
November
to
early December.
•
Tenax, Inc. (11/14-18)
Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible
,'iUbordinated
debentures, due 1970.
Price —100% of
principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
indebtedness and working capital.
Office—575 Lexing¬
ton Avenue, New York City.
Underwriter — Myron A.
Lomasney & Co., New York City.
Texas
Oct.
Butadiene & Chemical Corp.
(11/14-18)
1960 filed 635,800 shares of common stock, of
which 296,000 will be offered publicly, 125,467 shares
will be offered for the account of selling stockholders,
and the balance will be issued in exchange for the is¬
6,
suer's outstanding
preferred stock. Price—To be supplied
by amendment. Proceeds—For working capital and gen¬
Office—529 Fifth Avenue, New
City. Underwriters—Blyth & Co., Inc. and Lehman
Brothers.
Texas Research &
Electronic Corp.
Oct. 3,
1960 filed 600,000 shares of common stock. Price
—$1.15 per share. Business—Engaged in various phases
of electronics. Proceeds—For acquisition of small busi¬
nesses.
Office—Meadows Bldg.,
—Naftalin &
Dallas, Tex. Underwriter
Co., Inc., Minneapolis, Minn.
Therm-Air
Mfg. Co., Inc.
Sept. 13, 1960 filed 125,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
makes and sells temperature and humidity control equip¬
to the holders of its outstanding common on the basis
one Summers share for each
two Atlas shares held,
City.
and
700,337 shares being offered by Mertronics Corp. to
stockholders
of
record
Nov.
9
on
a
share-for-share
Price
—
75 cents
The purpose of the offering is to
Atlas and Mertronics of their
71.1% interest in Summers in order to dispose of matters
pending before the CAB.
Office—2500 Broadway Ave.,
Santa Monica, Calif.
Underwriter—None.
Note—The
Atlas Corp. shares are expected to be offered upon com¬
pletion of the Mertronics Corp. offering.
per
share. Purpose
effect
a
—*
divestiture
by
Oct. 25, 1960 filed 250,000 shares of class A stock (par
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company and 200,000 shares, repre¬
senting outstanding stock, to be offered for the account
of the company president and his wife, the selling stock¬
holders. Price—To be supplied by amendment. Business
—The
Price—
Proceeds—For the drilling of three welli
underwriting.
Techni
Offering—Expected in late November.
of
Swingline, Inc.
(managing).
share.
,
basis with rights to expire on Dec. 5.
—To be
in the
military and commercial use. Proceeds—To pay
loans, for research and development, and for working
capital. Office—1000 North Division St., Peekskill, N. Y.
Underwriter—G. Everett Parks & Co.. Inc., New York
Summers
its
i Southwest Gas Corp.
Blvds., Palisades Park, N. J. Underwriters—
Co., and Fialkov & Co., Inc., both of New York
City. Note—Dewey, Johnson & Co., is no longer involved
Gyroscope Co.
Aug. 29, 1960 filed 6,403,215 shares of common stock, of
which 5,702,878 shares are to be offered by Atlas Corp.
•
—
„
Edsall
Carroll
ment for
organized in June 1960, is in the business of
producing natural gas and oil. Proceeds
For working
capital, with the balance for rental payments, loan re¬
payments, drilling, and related expenditures. Office—
Co., Inc., New York City.
—Expected in late November,
1960
stock
stock
was
Gas Bldg., New Orleans, La. Underwriter—
E.
York
South Central Natural Gas Corp. *
,
/
Oct.*13,'I960 filed 250,000 shares of common stock (par
10 cents). Price—$3 per share. Business—The
company,
Oil &
(11/21-25)
(letter of notification) 84,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
For general corporate
purposes. Office—Bergen &
28,
eral corporate purposes.
Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
York City. Underwriter—None; the offering will be made
through officials and employees of the company.
,
Laboratories, Inc.
(11/15)
Sept. 23, 1960 filed 625,000 shares of outstanding $1 par
common stock. Price
To be supplied by amendment.
Business
The firm operates 118 self-service super¬
4
Tech
Sept.
in
Still-man
Stop & Shop,
Airways, Inc.
time in December.
per
stock
^
nc'Hfication)
of
writer—Francis I. duPont & Co., New York City.
>
$2
(letter
—
Sept. 9, 1960 filed $400,000 of 6% subordinated convert¬
ible debentures, due 1967. Price—At par. Business—The
company makes and sells solid state devices. Proceeds—
For general corporate purposes. Office—67 South Lex¬
ington Ave., White Plains, N. Y. Underwriter—Casper
Rogers & Co., New York City. Offering—Expected some¬
Nov.
Homes
(11/28-12/2)
Aug. 22, 1960 filed 150,000 outstanding shares of class A
stock (par 75 cents). Price—To be supplied by amend¬
ment. Business
The company makes heating elements
for small appliances and components for major appli¬
ances, and related items. Proceeds—To selling stockhold¬
ers. Office—429-33 East 164 St., New York City. Under¬
The company was engaged exclusively as a contract and
charter carrier until July 1, I960 when it diversified by
1300
Shell
Boat Corp.
1960
ington, D.
27, 1960 filed 600,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
acquiring Illinois Shade Cloth Corp. Proceeds—For gen¬
eral corporate purposes. Office—3000 No. Clybourn
Ave.,
Burbank, Calif. Underwriters —I Auchincloss, Parker &
Redpath and Allen & Co., both of New York City (man¬
aging).
"
'•/ :
/ <
'
(11/17)
Okla.
Oct.
Willis E. Burnside &
,
®
common
Bldg., Tulsa,v Okla. Underwriters—Batten & Co., Wash¬
in¬
(11/21-25)
Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Office—
Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York City (managing).
Devices
&
Proceeds—For
Simplex Wire & Cable Co.
Soliiron
1,
common
supplement working capital. Office — 4815
Cabot St., Detroit, Mich. Underwriters—Dempsey-Tegeler & Co.,, St. Louis, Mo., and Straus, Blosser & Mc¬
Dowell, Chicago, 111. (managing).
which
Standard Pressed Steel Co.
Sept.
to
.
Proceeds—For general corporate purposes.
Corp.
Nov. 1, I960 filed 210,000 shares of common stock and
$350,000 of 9% subordinated sinking fund debentures,
due Nov. 1, 1985, with warrants, to be offered in units
consisting of six common shares, a $10 debenture, and
two warrants.
Price—To be supplied by amendment.
Proceeds—For construction, mortgage funds, and work¬
ing capital. Office—Miami Beach, Fla. Underwriters—
Aetna Securities Corp. and D. Gleich-..Qo., both of New
York City, and Roman & Johnson, of Ft. Lauderdale, Fla.
Oct.
Slick
of
(par 20 cents). Price—To be supplied by
Business—Manufacturers of electrical de¬
Standard
Office—Chicago, 111. Underwriter—Hornblower &
Weeks, New York City (managing).
•
(letter of
stock
writer—Kidder, Peabody & Co., New York City (man¬
aging).
poses.
loans
1960
Corp. (11/21-25)
notification) 50,000 shares
Sept. 27,1960 filed 112,760 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders. Office—Jenkintown, Pa. Under¬
plied by amendment. Business—Food distribution, chief¬
ly to institutions. Proceeds—For general corporate pur¬
curred
S. D. Fuller & Co.,
Office
—657 Broadway, New York 21, N. Y.
Underwriter —
Havener Securities Corp., New York, N. Y.
account of the present holders thereof. Price—To be
sup¬
bank
Instrument
amendment.
par), of which 33,000 shares are to be offered for the
account of the
issuing company and 167,000 shares,
representing outstanding stock, are to be sold for the
current short-term
26,
common
Carmel
repay
Standard
Aug.
—
Ave., N. Hills, Glenside,, Pa.
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa. Offering—Expected in early December.'
• Sexton
(John) & Co. (11/15)
Sept. 26, 1960 filed 200,000 shares of common stock (no
Proceeds—To
—
Calif.
$200 per
equip a new warehouse;
indebtedness and for new lines.
bank
Mt.
121st
City, L. I.,
Paine, Webber, Jackson & Curtis,
Offering—Expected in early
—
New York City (managing).
December.
Underwriter—Pacific Coast Securities Co., San Francisco,
(no par) to be offered in units of $100 of deben¬
off certain
pay
91-31
—
the retirement of
St., Richmond Hill,
—
Drug Corp.
Sept. 26, 1960 (letter of notification) $150,000 of 10-year
6% convertible debentures and 75,000 shares of common
tures and 50 shares of common stock. Price
Unit. Proceeds — To move and
Office
loans.
and
.
gen- *
Self Service
stock
acquisitions,
Stancil-Hoffman Corp. (12/15)
Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equipment.
Office
921 North Highland
Ave., Hollywood, Calif.
insurance, annuities,
Taylor
Building, Louisville, Ky.
expansion,
Queens, L. I., N. Y. Underwriter
New York City (managing).
Business
and health and accident insurance. Proceeds—For
eral corporate purposes.
Office—713 Marion E.
stock
common
Office—32-00 Skillman Avenue, Long Island
common
Speedry Chemical Products Inc. (12/1)
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
debentures, due Nov, 30, 1975, and 60,000 shares of class
new
Carl M. Loeb, Rhoades &
35
Office—2720 West
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.
per
national
(1903)
and the balance for working capital.
Co.,-Inc.
Airlines, Inc.
Chronicle
company
makes and sells stapling machines and
various other office supplies, and has a stock interest in
Wilson Jones Co., of Massachusetts, which makes and
•
Tip Top Products Co.
4, 1960 filed 60,000 shares of class A common stock.
amendment. Address—Omaha,
Neb. Underwriters—J. Cliff Rahel & Co., Omaha, Neb.
and First Trust Co. of Lincoln, Lincoln, Neb. Offering—•
Expected in late November,
Oct.
Price—To be supplied by
Transitron
Electronics Corp.
(11/17)
Sept. 9, 1960, filed 1,250,000 shares of
outstanding com¬
Price—To be supplied by amend¬
stockholders. Office — 168
Albion
St., Wakefield, Mass.
Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York City
(managing). ,
mon
stock
ment.
(par $1).
Proceeds —To selling
Unifloat
Marine
Structures
Corp.
(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, maintenance of in¬
ventory, Machinery and equipment, and for working
Oct.
17,
1960
Continued
on
page
36
36
The Commercial and Financial Chronicle
(1904)]
1
Continued from page 35
^
capital. Office—204 E. Washington St., Petaluma, Calif.
Underwriter—To be supplied by amendment.
• United Air Lines, Inc. (11/23)
Nov. 4, 1960 filed $25,000,000 of subordinated debentures,
due 1985. Price—To be supplied by amendment. Pro¬
ceeds
To reduce borrowings under the issuer's bank
—
agreement. Office—5959 South Cicero Ave., Chi¬
credit
Ripley & Co., Inc.,
cago, 111. Underwriter — Harriman
New York City (managing).
(11/16-18)
Sept. 28, 1960 filed 200,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
For construction, equipment and acquisition of bowling
centers. Office
1055 W. Genesee St., Syracuse, N. Y.
Underwriters—Emanuel, Deetjen & Co., and Hill, Dar¬
lington & Co., both of New York City (managing).
•
United
Bowling Centers, Inc.
—
—
^ Vim Laboratories, Co., Inc.
Oct. 26, 1960
(letter of notification) 90,000 shares of
class A common stock (par $1). Price—$2.75 per share.
Proceeds—To provide funds for further expansion of the
company's operations. Office—5455 Randolph Rd., Rockville, Md. Underwriter—First Investment Planning Co.,
•
Webb
Sept.
Inc.
Co.,
$500,000
H
of
6%
Price—At
debentures.
serial
convertible
Business—The
par.
—
International Fund Ltd.
United
Oct. 20, 1960 filed 1,000,000 shares of common stock (par
Bermuda pound). Price—$12.50 per share. Business
one
—This is
a
new
open-end mutual fund.
Proceeds—For
subordi¬
nated debentures, due October 1975, 640,000 shares of
common stock, and warrants for the purchase of 320,000
$8,000,000
shares of such stock. These
•
of
common
the
United States Shell
Homes, Inc.
28, 1960 filed $2,500,000 of 8% capital debentures,
Dec.
chase
15, 1975, with warrants attached for the
of
50,000
shares
shares of such stock.
in
units
warrants
stock,
common
These securities
are
and
to
pur¬
100,000
be offered
consisting of $100 of debentures with attached
for the purchase of two common shares, and
four such shares.
Business—The
homes.
of
Price—To be supplied by amendment.
sale, construction/and financing of "shell"
use by Dixie Acceptance Corp., a
Proceeds—For
wholly-owned subsidiary of the issuer, who proposes to
retire
outstanding indebtedness, purchase secured in¬
stalment obligations, purchase 20,000 outstanding shares
of its stock, and add to working capital. Office — 4415
Beach Boulevard, Jacksonville, Fla. Underwriter—Hayden, Stone & Co., New York City (managing). Offering
—Expected in early December.
•
Universal Electronics Laboratories
Corp.
notification) 75,000 shares of com¬
mon stock
(par 10 cents).
Price — $4 per share. Busi¬
ness—The manufacture, sale and installation of equip¬
ment used by schools and colleges in the instruction of
modern foreign languages. Proceeds—For general cor¬
porate purposes. Address—510 Hudson St., Hackensack,
Oct. 28, 1960 (letter of
N.
J.
Underwriter—Underhill
Securities
Corp., 19 Rec¬
tor Street, New York, N. Y.
"
Urban
Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock
par). Price—$10 per share. Proceeds—For general
(no
eor-
porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter
Co., Memphis, Tenn.
—
Union Securities
Vacudyne Associates, Inc. (11/14-18)
Sept. 30, 1960 (letter of notification) 200,000 shares of
common stock (par 10 cents). Price—$1
per share. Busi¬
ness—Distributors of radio and
tronic
of Transletesonic
Inc.
TV
receiving tubes and
which
manufactures
tubes. Proceeds—For general
elec¬
corporate purposes.
Office—397 Seventh Ave., Brooklyn, N. Y. Underwriters
—Kenneth Kass; H. S. Simmons &
Co., Inc. and B. N.
Rubin & Co.,
•
Inc., New York, N. Y.
Valdale Co., Inc.
July
/
v
(12/15)
27, 1960
common
ceeds
—
(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3
per share. Pro¬
To pay accounts
payable, reduce a bank loan,
advertising and for working capital. Office—Red
Lion,
Pa.
Underwriters—B.
N.
Rubin
&
Co.
and
H.
S.
Sim¬
& Co. both of New York City.
Vector
Industries, Inc.
1960
common
stock
to retire outstanding notes.
Office—2321 Forest Lane
Garland, Tex. Underwriter—.Plymouth Securities Corp
•
City.
Vibration
Mountings
&
Controls,
Inc.
(11/21-25)
Sept. 29, 1960 filed 150,000 shares of common stock
(par
10 cents). Price
$3.50 per share. Proceeds—For research
and^ development; expansion;
purchase
of
inventory;
working capital and general corporate
purposes. Office
^S1 £ve" Corona> L- I-, N.
Michael G. Kletz &
Y.
Underwriter-
Co., Inc., New York, N. Y.
Victor
Paint Co.
130,000
which
95,000 shares
are
to
shares
of
be offered
the issuing company and
35,000
standing stock, for the
additional
300
securities
Montgomery
Westminster
Fund, Inc.
14, 1960 filed 4,000,000 shares of capital stock. Busi¬
ness—This is a new mutual fund, and its intention is to
offer holders of at least $25,000 worth of
acceptable
securities the opportunity of exchanging each $12.50
Oct.
worth of such securities for
will
receive
a
maximum
common
stock
of
for the account ot
the
present
share in the
of
Fund, which
4%.
Our
Corporation
to know about it
register?
would like
prepare an item
News Department
that
so
we
can
similar to those you'll find hereunder.
Would
write
telephone
you
us
us
2-9570
REctor
at
or
at 25 Park Place, New York 7, N. Y.
Prospective Offerings
Acme
Oct.
Co.
Steel
'
reported that the sale of $10,000,000
preferred stock is planned by the company for some¬
of
3, 1960 it
time
later
in
was
the
Proceeds—For
year.
expansion
modernization. Office—135th St. & Perry Ave.,
and
Chicago,
111.
Kidder, Peabody & Co., New York City. Offering—Ex¬
pected in early December.
•
Sept.
6,
Corp. (11/14-18)
(letter of notification) 150,000
1960
shares of
(par 10 cents). Price—$2 per share. Busi¬
ness—Manufacturers of missiles and aircraft instrumen¬
stock
tation. Proceeds—For general corporate purposes. Office
—Terminal
Dr., Plainview, L. I., N. Y. Underwriter—
Investing Corp., New York, N. Y. and Fidelity
East Meadow, L. I.
Note — This is
a refiling of an
issue originally filed last June 6 and
subsequently withdrawn.
Investors Service,
Wilier Color Television
System, Inc. (11/21-25)
(letter of notification) 80,890 shares of common
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 30
Jan. 29
stock
Broadway, New York City.
holders
$6,000,000 of capital notes and
$4,000,000 to $6,000,000 of subordinated notes. Office—
St. Louis, Mo.
Arkansas
V
will
be
applied to the reduction of
factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.
Underwriters
City,
and
—
Securities
Eastman
Inc.,
Corp., New York
Pittsburgh,
Pa.,
and
Co., Inc., New York City.
(H. &
H.), Inc.
(letter of notification) 100,000 shares of
stock (no par). Price—$3 per share.
Proceeds—For working capital. Office—8420 S. Atlantic
Ave., Bell, Calif. Underwriter — Fairman & Co., Los
Angeles 14, Calif.
Oct.
18,
class
A
1960
(jointly); Blyth & Co. and Dean Witter
(jointly); Lehman Brothers, Stone & Webster Se¬
(jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.
& Co.
curities Corp. and White, Weld & Co.
.
•
Securities & Co. and Harriman Ripley & Co., Inc. (joint¬
ly); The First Boston Corp., Lehman Brothers and Salo¬
Brothers &
Hutzler
(jointly); Blyth & Co. Bids—
on
—Scheduled
York
for
Nov.
14
at
11:00
Information Meeting
a.m.
(N. Y. Time)
at
A, 18th floor, Hanover Bank, 70 Broadway, New
City.
Wisconsin
Southern
Gas
Co.,
Oct. 26, 1960 filed 27,996 shares of
offered to the holders of the
Inc.
common
outstanding
one
—To be
supplied by amendment. Proceeds
new
stock, to be
the
common on
basis of
share for each five shares held. Price
—
To reduce
bank
indebtedness. Office—Lake Geneva, Wis.
Under¬
writers—The Milwaukee Co., Milwaukee,
Wis., and Har-
ley Haydon & Co., Inc., and Bell
of Madison, Wis.
Wood-Mosaic Corp.
Sept.
Sept. 12, 1960 the company reported that it is contem¬
plating filing its first public offering, consisting of a
letter of notification covering an undetermined number
of shares of its $1 par common stock.
Business — The
&
Farrell, Inc., both
sells
"water
a
as
-
tight,,-
un¬
the "Marlin 200." Pro¬
ceeds—For the
is
be
to
a
development of the "Marlin 300," which
similarly constructed radio with a ship-to-
band.
Office—63-65 Mt. Pleasant Ave., Newark,
Roth, Comptroller, states that he
actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
sidiary of Auto-Temp Inc.
V/v:is
ft:. TV-
Automation
Development,, Inc.
Sept. 20, 1960 it was reported that
A" filing,
a "Reg.
comprising this firm's first public offering is expected,
Note
This firm was formerly : carried in this column
under
the
heading "Automation for
Industry ■
Inc." Proceeds—For further development of the "Skyjector." Office—342 Madison Ave., New York City. Un—
derwriter—Ross, Riemer, Collins & Co., Inc.,
St., New York City.
•
1
44 Beaver
\
Automation
Labs
Inc.
Sept. 14, 1960 it was reported that a "Reg A" filing is
expected. Business — Electronics.
Office — Westburyj
L. I., N. Y. Underwriter — Sandkuhl and • Company,
Newark, N. J., and New York City.
•
Baltimore Gas & Electric Co.
Oct. 3, 1960 it was reported that the utility expects to sell
about $20,000,000 of additional securities sometime dur¬
ing the first half of 1961, but no decision has been made
as to type. Office—Lexington
Building, Baltimore, Md.
Brooklyn Eagle Inc.
Oct. 5, 1960 it was reported that
70,000 shares of com¬
mon stock will be filed. Underwriter—R. F. Dowd &
Co.,
Inc., New York, N. Y.
Brooklyn
Union
.
Gas Co.
Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer, announced that there will be
in 1960 but that
$25,000,000
no
further financing
to
$30,000,000 of mortgage
preferred stock are expected in late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
bonds
or
California Asbestos Corp.
Sept. 28, 1960 it
way
concerning
stock. It has
be
reported that discussion is under
offering of about $300,000 of common
whether this will
was
an
not yet been determined
full
filing or a "Reg. A." Business—The company,
is not as yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
a
which
is near Fresno,
Co., Beverly Hills,
common
Calif.
stock. Price—To be supplied by amendment. Proceeds—
For working capital of the issuer and its
Oct.
Wood-Mosaic Industries, with the balance for
re¬
to
Office—Louisville, Ky. Underwriters—Cruttenden, Podesta & Co.. Chicago, 111., and Berwyn T. Moore
Co., Inc., Louisville, Ky.
in
&
and
actual operations. Address—The
company
Calif. Underwriter—R. E. Bernhard &
(11/28-12/2)
27,^ 1960 filed 80,000 shares of class A
duction.
makes
company
breakable" marine radio known
Nov. 16 at 11:00 a.m. at room
1306, 48 Wall St., New York City.
room
Atlantic Transistor Corp.
common
Wisconsin Electric Power Co. (11/16)
Sept. 23, 1960 filed $30,000,000 of first mortgage bonds,
series due 1990. Proceeds—For debt reduction and
capital
expenditures. Office—Milwaukee,
Wis. -Underwriter—
To be determined by competitive
bidding. Probable bid¬
ders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce,
Fenner ;& Smith Inc., and
Equitable Securities' Corp.
(jointly); Glore, Forgan & Co., Eastman Dillon, Union
mon
Dillon, Union Securities & Co. and Equitable
Securities Corp.
,
Bruno-Lenchner,
Amos Treat &
Wilson
Standard
Light Co.
N. J. Underwriter—Mr.
stock
(par 25 cents).
Price — $6 per share.
Business—The
company and its subsidiaries are engaged chiefly in the
design, production, and sale of greeting cards. Proceeds
$400,000
&
Power
Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities, Inc. might issue $15,000,000 of
first mortgage bonds sometime in the first quarter of
1961. Underwriter
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
shore
Williamsburg Greetings Corp. (11/21-25)
Aug. 26, 1960 filed 180,000 shares of common
—About
in the form of about
1961
Planned
•
1960, Donald L. Barnes, Jr/, executive vice-presi¬
dent, announced that debt financing is expected in early
—
\
White Avionics
common
it American Investment Co.
Nov. 3,
Office-
subsidiary,
of
shares, representing out¬
account
one
commission
Westminster at Parker, Elizabeth, N. J. Investment Ad¬
visor—Investors Management Co. Dealer - Manager—•
Expected to be received
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such
subscription
to capital stock of International Data
Systems, Inc. and
New York
of
—
mons
Aug. 29,
ATTENTION UNDERWRITERS!
Do you have an issue you're planning to
operating public utilities. Pro¬
in operating
St., San Francisco,
Calif. Underwriter—Dean Witter & Co., San Francisco,
Calif, (managing). Offering—Expected in
early Decem¬
Investment
'
owner
(managing). Offering—Expected in late November.
ber.
Aluminum
Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other funds, the proceeds
will be used to pay for the erection of a primary alu¬
minum reduction facility. Office — Los Angeles, Calif.
Underwriter—Straus, Blosser & McDowell, Chicago, 111.
(managing).
due
equipment, the
new
of loans, and working capital. Office—Erie,
Underwriter—Lee Higginson Corp., New York City
5V4% convertible deben¬
indebtedness, for working capital, and
purchase
Office
Proceeds—For
submarines.
Corp.
stock in three
ceeds—To reduce
utilities.
Oct.
atomic
tures, due Oct. 1, 1975. Price—To be supplied by amend¬
ment. Business—The company owns substantial amounts
for
Pacific
devices, building plumbing drainage products 'and re¬
search and development of a synchro-gear assembly for
securities will be offered in
Oct. 27, 1960 filed $2,750,000 of
investment.
United
Utilities
Western
by amendment. Business — The manufacture of
transmission equipment, fluid control
plied
mechanical power
Ave., Phoenix, Ariz. Underwriter—Leh¬
Brothers, New York City (managing)
man
($1
representing outstanding stock, are to be offered for the
account of the present holders thereof. Price—To be sup¬
South 23rd
Bermuda.
Office—Bank of Bermuda Bldg., Hamilton,
Underwriters—Kidder, Peabody & Co., Bache
& Co., and Francis I. du Pont & Co., all of New York
City (managing). Offering—Expected in December,
*
(11/28-12/2)
of convertible
Corp.
filed
1960
Inc.
Industries,
par), of which 100,000 shares are to be offered for the
account
of
the issuing company and
100,000 shares,
Pa.
(Del E.)
21,
Zurn
repayment
Washington, D. C.
302
Industries
1960 filed
27,
expansion, working capital, and loans to subsid¬
iaries.
Office—1235 Shadowdale, Houston, Texas.
Un¬
derwriter
Dempsey-Tegeler & Co., St. Louis, Mo.
Offering—Expected in November.
•?>
•
Sept. 26, 1960 filed 200,000 shares of common stock
supplied by amendment. Proceeds
purposes, including the opening
of additional stores in tne metropolitan Detroit area
Office
Detroit, Mich. Underwriter — Charles Plohn &
Co., New York City (managing).
—For
United
subordinated
v*
thereof. Price—To be
issuer's major activity is the warehousing of grain under
contract to the U. S. Commodity Credit Corp. Proceeds
•
Thursday, November 10, 1960
.
.
—For general corporate
units, each unit to consist of $50 principal amount of
debentures, four common shares, and warrants for the
purchase of two common shares. Price—To be supplied
by amendment. Business — Real estate, construction,
property and community development, and manufac¬
turing. Proceeds—For property improvements. Office—
Sept.
.
debt
•
California Oregon Power Co.
18, 1960 it
was reported that the
company expects
to market in late 1961 to raise about
$12,000,000
form of
come
the
approximately
$5,000,000
of
bank
$7,000,000 of bonds and
stock. Proceeds—For
loans. Office—216 W. Main
St.,:
common
the
repavment
Medford,
breg.
y
Volume 192
Number 6002
.
.
.
The Commercial and Financial Chronicle
Carbonic Equipment Corp.
Oct.
5, 1960 it
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.
reported that a full filing of about
$300,000 of units, consisting of common stock, oonds and
was
Ford Motor Credit Co.
warrants will be made sometime in November. Proceeds
—For expansion
Oct. 17, 1960 it was reported that this company is devel¬
of the business. Office—97-02 Jamaica
oping plans for borrowing
Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd & Co.
operations, which may in¬
securities, and possibly
in the first quarter of 1961. Office—Detroit, Mich.
clude
Inc.
the
occur
Casavan
Industries
$20,000,000 of common stock. Business — The company
makes polystyrene and polyurethane for insulation and
processes marble for construction. Proceeds—For expan¬
sion to meet $10,000,000 backlog. Office—-250 Vreeland
Ave., Paterson, N. J. Underwriter—To be named.
Chicago, Rock Island & Pacific RR. (12/7)
1, 1960 it was reported that bids will be accepted
in New York City on Dec. 7 up to 1:00 p.m. (EST) for
$3,450,000 of equipment trust certificates. Underwriter—
To be determined by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc., and Salomon Bros. &
Investment
Oct.
24, 1960 it was reported that the company expects
to file $3,000,000
of its common stock. Office—c/o Citi¬
zens
& Southern National Bank,
Marietta at Broad,
Atlanta, Ga. Registration—Expected in November.
Goshen Farms Inc.
Oct. 5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.
Coca-Cola Co.
Sept. 22, 1960 it was announced that under the terms of
proposed acquisition of Minute Maid Corp. this
company would issue about 906,400 shares of its common
the
Gulf States
Nov.
stock, each share of which will be exchanged for 2.2
Office—Atlanta, Ga. Note—Minute
stock
Minute Maid shares.
Maid shareholders will vote
on
Interstate Gas Co.
Hemingway Brothers Interstate Trucking Co.
Sept. 16, 1960 the ICC granted the firm permission to
issue $1,000,000 of 10-year registered 6% subordinated
debentures. Business—The firm is a common carrier by
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¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬
tion and repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &
Houston Lighting &
Light Co.
Sept. 14, 1960 it was stated by the company's president
that there may possibly be some new financing during
amount. Office—
Underwriter—To
competitive bidding. Probable bidders:
no indication as to type and
Commerce Street, Dallas, Texas.
Nov.
registration is
Proceeds — For
for
Dynamic Instrument Corp.
Oct. 5, 1960 it was reported that a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture
of a new product. Office—Westbury, L. I. Underwriter—
R. F. Dowd & Co. Inc.
it Epps Industries, Inc.
Nov. 4, 1960 it was reported that registration is immi¬
nent of 100,000 shares of $1 par common stock. Price—
$3 per share. Business—Epps is engaged in distributing
and processing sheet and strip steel, picking and treat¬
ing steel, and manufacturing round and square electric
welded steel tubing. Proceeds — To repay outstanding
bank loans and notes, with the balance for working
capital and general corporate purposes, including the
installation
of
an
additional
tube mill.
Office—2332 E.
38th
St., Los Angeles 58, Calif. Underwriter—California
Investors, 3932 Wilshire Blvd., Los Angeles 5, Calif.
-Exploit Films Inc.
Oct. 28, 1960 it was reported that the company will file
a
letter of notification consisting of 150,000 shares of
Proceeds—For the pro¬
duction of TV and motion picture films, the reduction
of indebtedness, and for working capital. Office—619 W.
54th St., New York City. Underwriter—McClane & Co.,
Inc., 26 Broadway, New York City. Registration—Ex¬
common
stock at $2 per share.
pected in December.
Florida Power & Light Co.
24,
1960
it
was
$2,625,000 of equipment trust certificates.
Under¬
competitive bidding. Prob¬
& Co. Inc., and Salomon
Bros. & Hutzler.
Industrial
Gauge & Instrument Co.
Oct. 5, 1960 it vwas reported that 100,000 shares of com¬
mon stock will be filed, Proceeds — Expansion of the
business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.
International
it was reported that the company plans to
letter, of notification consisting of 60,000 shares of
class A common stock (par $2). Price — $5 per share.
Proceedsr-To retire outstanding loans, purchase of plant¬
ing seed, lease or purchase land, building and machinery
and for working capital. Office — 350 Equitable Bldg.,
Denver, Colo. Underwriter — Copley & Co., Colorado
Springs Colo.
file
a
Iowa-Illinois Gas & Electric Co.
Oct. 24, 1960 it was reported by the company treasurer,
Mr. Donald Shaw that the utility expects to come to
market, perhaps in mid-1961, to sell permanent securities
in the form of bonds and possibly preferred stock, with
the amount and timing to depend on market conditions.
The 1961 construction program is estimated at $17 mil¬
lion of which $10-$11 million will have to be raised ex¬
ternally. Office—206 E. 2nd St., Davenport, Iowa.
Japan Telephone & Telegraph Corp.
Oct. 27, 1960 it was announced that this governmentowned business plans a $20,000,000 bond issue in the
United States. Proceeds—For expansion. Underwriters
—Dillon, Read & Co., First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1961.
Oct. 17, 1960 it was reported that the Japanese company
is considering a $4,000,000 bond issue for U. S. offering.
Underwriter—First Boston Corp., New York City.
Laclede Gas Co.
May 10 it
000
of
announced that in addition to the $15,000,capital provided by the July bond-equity
was
new
financing, $33,000,000 will
rities other than
common
from later sale of
secu¬
stock and from retained
earn¬
come
-
contemplated in early 1961. Office—
2060 Jericho Turnpike, New Hyde
Park, L. I., N. Y.
Martin Paints &
Aug. 29, 1960 it
Wallpapers
announced that registration is ex¬
pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds
was
—For expansion, including a new warehouse and addi¬
tional stores. Office—153-22 Jamaica
Ave., Jamaica, L. I.,
5'
Y* Underwriter
York Citv N. Y.
Nov.
12
it
—
Hill, Thompson & Co., Inc., New
Stores, Inc.
reported that the company is contem¬
plating the placing in registration of 17,000 shares ot
was
stock.
About 66% of the issue will be sold
for the company's account and the
remaining 34% bal¬
ance will be sold for the account of a
selling stockholder.
common
Underwriter—Van Alstyne, Noel & Co., New York.
Northern Fibre Glass Co.
Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬
der a
letter of notification. Office—St.
Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.
One
Maiden
Lane
Fund,
Inc.
reported that registration Is ex¬
pected sometime in November of 300,000 shares of com.
stock. Business—This is a new mutual fund. Proceeds—
For
was
investment, mainly in listed convertible debentures
and U. S.
Treasury Bonds. Office—1 Maiden Lane, New
38, N. Y.
Underwriter—G. F. Nicholls Inc., 1
Maiden Lane, New York 38, N. Y.
York
Orange & Rockland Utilities, Inc.
Oct. 18, 1960 it was reported that the sale of the
$10 mil¬
tentatively expected in April, 1961. Office
Broadway, Nyack, N. Y.
lion bonds is
—10 North
Otter Tail
Power Co.
Oct. 21, 1960,
of this utility
tween
(1/24)
Albert V. Hartl, executive Vice-President
told this newspaper that
an
is expected. Office—Fergus Falls,
writer—To be determined by competitive
able
issue of be¬
$6,000,000 to $8,000,000 of 30-year first mortgage
bonds
Minn, Under¬
bidding. Prob¬
bidders to be named.
Pacific Gas Transmission Co.
Noy. 2, 1960 it was reported by Mr. K. C. Cristensen,
company Vice-President and Treasurer, that this subsid¬
iary of Pacific Gas & Electric Co. plans a rights offering
to stockholders later this year of
$13,300,000 of convert¬
ible debentures and also plans the sale of $90,000,000 of
first mortgage bonds, the timing of which is as yet un¬
decided. Office—245 Market Street, San Francisco, Calif.
(man¬
Panhandle Eastern Pipe Line Co.
Sept. 28, 1960 it was reported that $65,000,000 of deben*
tures are expected to be offered in the second quarter
of 1961. Office—120
Broadway, New York City. Under¬
Pierce, Fenner & Smith Inc./ and
Kidder, Peabody & Co., both of New York City (man¬
aging.)
writers—Merrill Lynch,
Peerless Mortgage Co.
Sept. 21, 1960 it was reported that this company is pre¬
paring a "Reg. A" filing. Proceeds—To increase buying
power for
purchase of first and second mortgages. Office
Colo. Underwriter
Copley & Co., Colorado
—
Pocket
Books, Inc.
Oct. 24, 1960 it was reported that the compapy expects
to file outstanding common stock in the amount of ap¬
proximately $15,000,000. Proceeds—To selling stockhold¬
ers.
Office—630 5th Ave., New York City. Underwriters
—White, Weld & Co, and Goldman, Sachs & Co.
(jointly). Registration—Expected in November.
.
Potomac Electric Power Co.
Lone Star Gas Co.
Aug. 3, 1960, it was reported that about $37,000,000 will
be raised to cover capital requirements over the next
year. Office—301 So. Harwood Street, Dallas 1, Texas.
^ Louisville & Nashville RR. (12/13)
Nov. 7, 1960 it was reported that $7,700,000 of equip¬
( 12/7)
Oct. 31,
1960 it was reported that the company expects
$40,000,000 of bonds. Office—929 "E" St., N. W.#
Washington, D. C. Bids—Tentatively expected on Dec. 7.
to sell
Power
Chem
Industries
Oct.
18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The j manu¬
facture of additives for fuel oils.
Proceeds—For expan¬
sion and general corporate purposes.
Office—645 Forrest
Ave.,13taten Island, N. Y. Underwriter—Ron win Securi¬
ties Inc., 645 Forrest Ave., Staten Island, N. Y.
Prospectors Airways Co., Ltd.
Oct. 17, 1960 it was announced that the directors have
authorized the issuance of an additional 1,140,000 shares
of unissued
Steel Co., Ltd.
Kawasaki
common
is
Springs, Colo.
Safflower Corp.
Oct. 28, 1960
.
offering
—Denver
ings.
reported that an undetermined
amount of bonds may be offered in the Spring of 1961.
Off ice—25 S. E. 2nd Ave., Miami, Fla.
Underwriter—
To be determined by competitive bidding. Probable bid¬
ders: Merrill Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Oct.
1, 1960 it was reported that bids will be accepted
to 1 p.m. (New York Time) on Nov. 10
writer—To be determined by
able bidders: Halsey, Stuart
Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place in November or December. Office—1999 Mt.
Read Blvd., Rochester, N. Y. Underwriter—The com¬
pany's initial financing was handled by Lee Higginson
Corp., New York City.
stock
Underwriter—Blyth & Co., Inc., New York City
aging).
(11/10V
in Chicago up
expected of $600,000 of common stock.
general corporate purposes.
Office — Covington, Ga.
Underwriter—Plymouth Securities Corp., 92 Liberty St.,
New York 6, N. Y.
Dynamic Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of. its $1 .par common stock for sometime in
November. Proceeds—To proihote the sale of new prod¬
ucts, purchase new equipment,' and for working capital.;
Office—Norcross, Ga. Underwriter—To be named.
_
Hutzler.
Illinois Central RR.
Dodge Wire Manufacturing Corp.
Sept. 12, 1960 it was reported that
equipment. Office—
Bedford, Mass. Underwriter—None. Offering—Ex¬
pected in late November to early December.
New
St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co
1506
operating in nine Eastern states. Proceeds
motor vehicle
—For debt reduction and additional
Columbus & Southern Ohio Electric Co.
1961, with
Bank, New York City.
•
Sept. 22,1960 it was reported the company will sell about
$10,000,000 additional common stock sometime in 1961.
Proceeds—For expansion purposes. Office—215 N. Front
be determined by
To be named.
1, 1960 it was reported that $11,500,000 of common
will be offered.
Information Meeting—Jan. 12,
competitive bidding.
Probable bidders: Stone & Webster Securities Corp.;
Lehman Brothers; Glore, Forgan & Co.; Lee Higginson
Corp. Bids—Expected Jan. 17, 1961.
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. Such approval is expected in December of this
year, and the public financing is expected in the latter
part of 1961. Proceeds—For expansion. Office—P. O, Box
1087, Colorado Springs, Colo.
* Macros© Lumber & Trim Co., Inc.
Nov. 7, 1960, it was reported that a substantial
Aug. 29, 1960 it
(1/17)
Underwriter—To be determined by
Oct.
Dallas Power &
Utilities Co.
1961 at 11:00 a.m. at the Hanover
the proposed merger on
Dec. 21.
Colorado
was
—
Co.
•
1960 it
37
ment trust certificates will be offered on Dec. 13. Under¬
writer—To be determined by
competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Salomon Bros.
& Hutzler.
Nedick's
Inc.
reported that a letter of notification
covering 149,800 shares of 250 par common stock was
imminent. Price
$2 per share. Business — The inter¬
pretation of photo-aerial maps. Proceeds — For equip¬
ment, research and development, and other general cor¬
porate purposes.
Office—White Plains, N. Y. Under¬
writer—S. D. Fuller & Co., New York City.
_
Business
debt,
Geotechnics & Resources,
Nov. 2,
Hutzler.
Small
of
Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that November registration
of 150,000 shares of common stock is expected. OfficesNewark, N. J., and Buena, Vista, Va. Underwriter—
Sandkuhl and Company, Newark, N. J., and N. Y. City.
Nov.
Southern
issuance
General Resistance, Inc.
Sept. 19, 1960 it was reported that the company will file
a letter of notification, comprising its first public offer¬
ing, in late December or early January. Office — 430
Southern Blvd., Bronx, N. Y,
Sept. 21, 1960 it was reported by Mr. Casavena, Presh
dent, that registration is expected of approximately
Citizens &
(1905)
capital stock being offered to stockholders
of record Oct. 28
two
shares
on
the basis of
one new
share for each
then held.
Rights expire Nov. 18. Price—
$1 per share. Business—Prospecting and exploring for
metals. Proceeds—For general corporate purposes. Office
—Suite
1616, 44 King St. West, Toronto 1, Ontario, Can.
Underwriter—None.
Public Service Electric & Gas Co.
(12/13)
Oct. 24, 1960 filed 250,000 shares of cumulative preferred
stock with the New Jersey Public Utility Commission.
SEC filing is expected shortly.
amendment.
Proceeds—For
Price—To be supplied by
construction. Office—New¬
ark, N. J. Underwriter—Merrill Lynch, Pierce, Fenner &
Smith Inc., New York City (managing).
Information
Meeting—Scheduled for Dec. 8 at 11:00 a.m.
Continued
on
page
38
38
The
(1906)
Continued from page
Southern
37
Oct.
•
Inc.
Co.,
City. .\r
Rochester Gas
•
(3/15)
& Electric Corp.
1, 1960 it was reported that $15,uuu,000 of debt
financing is expected in the spring of 1961, perhaps in
March. Underwriter—To be determined by competitive
Texas.
was
and Harriman
& Smith Inc.
York
Ripley & Co. Inc., both of
(12/5)
5, Mo. * Underwriters
then
and
so as
to
to
use
study their behavior
them to forecast turns
in the business cycle.
tested
Moore
series
in
files.
He
with
than
more
Bureau's
National
the
eventually
800
ended
up
preferred and well-known
a
list of 21 series which had an
un¬
usually stable timing relationship
with the business cycle and had a
minimum
of
erratic
movements.
business.
find
though this
includes
those series which have given the
best performance in leading the
business cycle, no one of them in¬
dividually is reliable as a leader.
group
Each
It
Freres
was
disagreement
&
turn
to
common
over
in
at
cannot
hand,
recent
had occurred
or
past.
on
-
Economists
in
are
still
these
matters, when
but one gets the im¬
pression that there is at least a
after
those
signal of
approaching
recession or recovery.
For this
reason, we cannot rely upon any
single indicator, but we must in¬
proper
stead derive
some
an
sort of
a
group
this
group
Moore
consensus.
of
Leading Indicators
Not
than
their
nificant
sectors
and there
sons
did
seem
for their
the
of
our
economy
to be logical rea¬
observed behavior.
eight leading indi¬
cators, three are (1) New Orders,
Durable
Goods
Industries,
(2)
Residential Building Contracts,
and
(3) Commercial and Indus¬
trial Building Contracts. It seems
perfectly obvious that these orders
Thus,
or
of the
contracts
series
should
lead
actual activity in the sectors. An¬
other series
is Average Weekly
Hours
Worked
in
Manufacturing
Industries, and again it seems rea¬
sonable that a manufacturer
would first change the number of
hours worked by his labor force
f
From
an
identification
and their rate of
estimate
of
we
entire
the
of
build-up,
these
one can
distribution
turning points. Wright actually
fit
the tail
of
normal
a
curve
to
ber
the
central
for
him.
Prices, reflecting the composite
judgment of many people special¬
izing in anticipating changes in
various companies. The remaining
series, Business Failure Liabilities,
New Incorporations, and a Spot
Market Price Index, have less ob¬
vious reasons for leading, but it is
not unreasonable that they do.
Wiiippany Paper Board Co.
July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock. Under¬
a
writer—Van
Alstyne, Noel & Co., New York City. Regis¬
tration—Expected in November.
those
that
be
the
technique
to
oversome
its
shortcomings. In 1955, Arthur L.
Broida concluded that a currently
maintained
diffusion
index
was
entirely eliminated by
smoothing devices. In this con¬
nection, moving averages have the
worse
than
rates
of
side effect of
Reserve Board Index of Industrial
neither
much
better
nor
much
index of percentage
an
In the
example,
economists
the
lead
time
of
re¬
same
from
perimented with regressions using
leading series and an auto-regres¬
them.
The
statement
mere
a
our
economy is subject to down¬
turns. We need to know not only
that
turn is coming, but also at
roughly when it is going to
a
least
arrive.
at
best
sion
do
Alexander
of
index.
and
changes
About
Stokler
in
two
the,
ex¬
F.R.B.
ago,
years
summing up the situation, Geof¬
frey Moore said it appeared to
him "that
so
Third, the
who
methods with about the
sults.
business peak is coming is
not much help. We all know that
/.-•
early spring of 1957, for
most economists inter¬
well-known
in
and
"consensus" indicators derived
that
Erratic Forecasting Records
change
far
none
devised
of the contrivances
to
the
summarize
statistical indicators behavior of leading indicators can
give more than a do more than help one to identify
not
gen¬
in
before he would change the num¬
working
Company, Newark, N. J., and New
are
in its early stages
and predicted the turning point as
Another series is Industrial Stock
*
techniques provide
build-up
people
and
City.
regularly use statistical indicators few months advance warning.
business-cycle peaks at about the
as a forecasting tool were almost
Fourth, turns in statistical in¬ time they occur or to indicate
alone
in
published forecasts in dicators, taken alone, do not dis¬ promptly shifts in the economy's
the business cycle and some in¬
pointing to signs of a business de-- tinguish between
real
business rate of expansion."
j
dication when we may be
ap¬
cline, which was in fact at hand, cycle turns on the one hand, and
In short, none of these attempts
proaching a turning point.
But and in
urging caution. In our in¬ "levelling-off" periods or turns has made
their
any significant improve¬
interpretation is not me¬ ternal
forecasts, we gave consid¬ that are too mild to be regarded as ments. We may safely conclude
chanical and requires a great deal
erable weight to the indicators and cyclical turns on the other.
This that there is only so much in¬
of judgment.
In our own office,
anticipated the timing of the peak, is probably* not
too; serious a formation to be gained from the
Ashley Wright has developed a with
considerable accuracy.
weakness,
however, since
such approach,
and
no
amount
of
technique for estimating, not only
In 1958, the record is a little mild turns as that which occurred statistical
manipulation is going to
the imminence of a turning point,
more
in
the
fall
of
complicated. A number of
1933, the late spring make a complete forecasting sys¬
but its timing as well.
His pro¬
business executives thought that and summer of 1947 and in 1951- tem out of it.
/
/
\
cedure depends upon the assump¬
an upturn was imminent and this
52 can usually be recognized for
tion
that in a general business
turned out to be right.
However, what they are on the basis of Only One of the Available Tools
cycle turning point there will al¬
others were predicting an upturn general economic information be¬
We
must
regard
leading in¬
ways be some series that will lead.
These
eral information where
the
of
Sandkuhl
York
unimportant and temporary.
swings in the data often
series
doing a little
colleagues.
run.
behavior
of
these
21 series conform empiri¬
cally to general business condi¬
tions, but they also represent sig¬
only
Office—2300 Linden Blvd., Brook¬
/ ■• /"-V - ■ v:-
in the Federal
reducing forecasting
time.;
Production
h};y.i
and that neither was a
prompt recognition of turns
Second, there is great variabil¬ very reliable forecaster.
Maher
they have occurred and that ity from cycle to cycle in the lead experimented with
combining, of
who have been studying the. time of
turning points in leading indicators
by
linear
regression
better
two
.
lead
suggested sev¬ ested in
series, eight
forecasting and most top
tended to lead, eight tended to co¬ eral, which are still the most pop¬ business executives were
predict¬
ular,
including
simply
the
per¬
incide with, and five tended to
ing a continuing rise in business
centage
of
the
indicators
expand¬
lag at business cycle turns.
throughout the year;
However,
ing, or the average duration of
Of
obtainable.
Erratic
the
turns occur,
more
was
the indicators from
are
was
^
Halsey,
distinguishing significant turns
whether
will, depending upon cir¬
cyclical behavior of statistical in¬
cumstances, fail at times to give
dicators have been
a
and
Co., Lehman
coming in the moder¬
ately distant future, was currently
a
divided
Even
3
Lazard
—
-
a
Waldorf Auto Leasing Inc.
—
/
V
Sept. 14, 1960 it was reported that a "Reg A" filing is
expected. Office—2015 Coney Island Avenue, Brooklyn,
N. Y. Underwriters—J. I. Magaril & Co., New York
City
Dillon, Read & Co., Inc. (managing). Note
in
Use of Leading Indicators
And Diffusion Indexes
Continued from page
tion
of
Co., Philadelphia, Pa.
Co., 25 Broad Street, New York City.
lyn, New York. /
$340,000,000 with $168,000,000 to be loaned to
by banks, insurance companies and other lenders,
Brothers and
covering
Waldbaum, Inc. ■;
Vi
V::
May 11 it was reported that public financing is being
contemplated by this supermarket chain. No confirma¬
jet transport fleet. Office—10 Richards Road, Kansas City
Dec. 5.
notification
of
Stuart & Co. Inc.; Stone & Webster
Corp.; Eastman Dillon, Union Securities &
Co.; Salomon Bros. & Hutzler; Goldman, Sachs & Co.
Bids—Expected on or about June
V
K
Inc.
holders. Proceeds—To give TWA direct ownership
Halsey, Stuart & Co. Inc.; Morgan Stanley
Co., both of New York City. Registration—SEC regis¬
tration is expected in November. Bids—Expected on or
letter
a
Securities
000,000 from the proposed sale of subordinated income
able bidders:
about
bidders:
debentures with stock purchase warrants to TWA stock¬
&
of
market conditions. Office—Richmond 9, Va. Underwriter
be determined by competitive bidding. Probable
$50,000,000 to be drawn from internal sources, and $100,-
26, 1960 the company authorized the issuance of
$75,000,000 of debentures to be dated Dec. 1, 1960. Pro¬
ceeds— For construction. Office — Atlanta, Ga. Under¬
writer—To be determined by competitive bidding. Prob¬
Sept.
i
Supplies, Inc.
—To
of
ures
TWA
& Telegraph Co.
Airlines,
'
Virginia Electric & Power Co. (6/13)
Sept. 8, 1960 it was reported that the company will need
$30,000,000 to $35,000,000 from outside sources in 1961.
The
precise
form
of
financing will depend
upon
Oct. 10, 1960 it was announced that financing needs have
been scaled down to $318,000,000 from the original fig¬
City.
Southern Bell Telephone
World
November
—Droulia &
Mercantile Dallas Building, Dallas 1,
Underwriter—Dillon, Read & Co., Inc.
Trans
reported that a secondary offering might
— Merrill
Lynch, Pierce, Fenner
on
,
letter of notification,
comprising the company's first public offering, is due
later this month.. Office—High Falls, N. Y. Underwriter
.
be made. Underwriters
"
;
Co.
Varifab, Inc.
Nov. 2, 1960 it was reported that
Schlitz & Co.
(Jos.)
March 11 it
'
—
TelAutograph Corp.
1, 1960 it was reported by R. E. Lee, President,
a rights offering is scheduled for
January, 1861, sub¬
ject to FCC and SEC approval. Proceeds—The issuer
hopes to raise over $1,000,000, which will be used to
start early 1961 production of a remote handwriting de¬
vice. Office—Los Angeles, Calif.
Rudd-Melikian, Inc.
Gas
Underwriter—Stroud &
that
Sept. 28, 1960 it was reported by J. C. Barr, a corporate
officer, to this paper that new financing is being
discussed. No details are available. Office—Hatboro, Pa.
New
-
Nov.
March 15.
'
ex¬
soon
100,000 shares of this firm's $1 par common stock. Pro¬
ceeds
For expansion.
Office — Minneapolis, Minn.
is
Hutzler, Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Blyth & Co., Inc.;
The First Boston Corp.
Bids—Tentatively expected on
'
Dusen Aircraft
during
Storer Broadcasting Co.
Sept. 28, 1960 it was reported that a secondary offering
being planned. Office—Miami Beach, Fla. Underwriter
—Reynolds & Co.., New York City. ;
Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co., White, Weld & Co. and Shields
& Co. (jointly); Kuhn, Loeb & Co.; Salomon Bros. &
bidding.
reported that this financing is not
plans.
Van
Office—720
mon.
Aug.
Thursday, November 10, 1960
Nov. 1, 1960 it was reported tnat registration is expected
Aug. 9, 1960, it was reported that in February, 1961, the
company expects to offer about $15,000,000 in bonds and
about $3,000,000 in preferred stock, and that about one
year thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about
6Vz% below the then existing market price of the com¬
Underwriter—Lehman Brothers, New
be expected.
Service Co.
.
Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered in the second quarter of 1961.
Office—120 Broadway, New York City. UnderwritersMerrill Lynch, Pierce, Fenner & Smith Inc., and Kid¬
der, Peabody & Co., both of New York City (managing).
,
,
Public
was
Trunkline
Railway Co.
Southwestern
.
,
—
'
York
Southern
...
future
21, 1960 stockholders will meet to vote on the issu¬
ance of $150,000,000 of new bonds. Proceeds—For gen¬
eral corporate purposes, including the possible acquisi¬
tion of Central of Georgia Ry. Office—Washington, D. C.
Underwriter
Halsey, Stuart & Co. Inc., will head a
group that will bid on $25,000,000 of the bonds.
Inc.
July 6 it was reported that this company plans to con¬
solidate some $2,500,000 of funded debt, possibly through
a
private placement, pursuant to which a bond issue
may
•
.
pected to occur and a statement will be issued
Nov.
10, 1960 it was reported that a "Reg. A" filing of
the company's common stock is expected. Proceeds—For
expansion and working capital. Office—Ft. Lauderdale,
Fla. Underwriter—Blaha & Co., Inc., Long Island City,
Ritter
—Oct. 25 it
Co.
Gas
28
•
Oct.
N. Y.
and Financial Chronicle
,1960 it was reported by Mr. Loren Fitch, com¬
pany comptroller, that the utility is contemplating the
sale of $35,000,000 of bonds sometime in 1961, with the
precise timing depending on market conditions. Proceeds
—To retire bank loans. Office—Watts Building, Birming¬
ham, Ala.
1
;/
' '
it Ram Electronics, Inc.
Nov. 4, 1960 it was reported that a November letter of
notification
is
expected comprising this firm's first
public offering. Office—Paramus, N. J. Underwriter—
Plymouth Securities Corp., New York City.
Richards Aircraft Supply Co.,
Natural
Commercial
point of the
curve
so
fitted.
Although the leading indicator
late in the year after the
had in fact been passed.
the
two
cators
approach
has
its
true
probably taken
forward.
sional
a
pitfalls,
that
we
was
often
profes¬
statistical
the
scope
of
the
statistical
indicator method.
among
are
of the indicators.
What
of
the
proach
as
then,
are the weaknesses
statistical
indicator
ap¬
to
cycle turns?
sharply following:
forecasting
They
seem
business
dicators
merely
and
one
diffusion
of
a
indexes
number
as
of tools
In addition to
these principal at the forecaster's disposal. Oc¬
weaknesses, we have Certain less casionally they may decide for
important
difficulties
associated him that a turn is close at hand,
with lags
in the publication of imminent, or has just occurred.
indi¬
to have been the first
clearly
is
have
significant step
A few years ago,
opinion
it
of
yond
Again,
the first to recognize
after the event that a
trough had been passed.
These data, the occasional elimination or
two examples constitute too small ; revision of series which have been
a
sample to be conclusive, of useful in the past, and the fact
course,
but they do provide a that seasonal
correction
factors
positive indication of the useful¬
or
ness
nonetheless
users
seem
bottom
sometimes not
Sometimes they will help him
hardly at all. More often they will
constitute
one
fairly
substantial
he must
weigh along with other often con¬
satisfactory flicting items available to him. He
as
item
of
evidence
which
they might be.
\
has to decide for himself, on the
Turning to the question of the basis of information and analysis
.
•
practical application of statistical outside the technique, whether a
to be the I indicator
forecasting techniques, signal of a turn is likely to be the
imany people have over the years real thing or a false alarm.
,
divided
some
months
■r
after
i
turns
First, there is the difficulty of attempted to devise variations
of
A typical example; of
the kinds
Volume 192
Number 6002
of
problems that arise in
application
of
the
leading
.
.
The Commercial and Financial Chronicle
.
(1907)
the
in¬
dicator approach to the total fore¬
as
What the Investor Should Do
casting problem has arisen in the
past year.
Around the middle of last year,
obvious
data
the
number
a
This
The increase in
of
were
published.
optimistic about
more
m
In view of the
and
uncertain world
domestic
business
Witter Opens New Branch
ENCINO, Calif.—Dean
Witter &
Co. has opened a branch office at
under
my advice is to 17002 Ventura Boulevard
cash reserves and wait the management of Otis M, Healy,
patiently for real bargain invest¬
build
up
ment
opportunities. Your thrifti-
DIVIDEND NOTICES
ness—not that of the
build up a fair proportion of their assets in bank deposits and gov¬
A
own
maladjustments,
savings makes Mr. Babson
our economic future. The financial publicist cautions those who are
tunneling their savings into real estate and the stock market to first
became
few months later when
a
those who do their
as
conditions
By Roger Babson
peaks occurred in
leading indicators.
well
buying of stocks, real estate, etc.
ernment bonds.
In referring to present uncertain world conditions
reading of them would
and domestic business maladjustments, he advises the well protected
have
indicated
an. approaching
peak in the business cycle. How¬
investor to wait patiently for real bargain investment opportunities.
ever, these peaks happened to be
just before the .steel strike, and Up until a few months ago, the In fact, many people have been
most people felt that they had
popular subject of discussion was cashing in such bonds. At long
politicians—
is the hope for healthy business.
-5
McClane Co. Formed
and
caused
by the strike
than by underlying cyclical forces.,
Furthermore, most analysts re¬
garded the underlying forces of
the economy ,as strong. ..Therefore;
the signals of the statistical in¬
dicators
more
could
resulting
be
from;
an
disregarded as
artificial and
temporary situation. Regardless of
whether or not these were correct
judgments,
they
judgments
were
that had to be made.
amount
No
Statistical manipulation of the
themselves, however in¬
genious, would provide the answer.
of
series
•
As
matters
actually developed,
there was,only a brief spurt of
activity after the strike followed
by .a levelling off and not a sus¬
tained upward drive. The statis¬
tical
indicators
refused
to
have
start
stubbornly
the
so-called
way,
a
turn
later
in
the
I
not
am
worried
those
about
and
at
assume
the
year
same
that
.
we
what
typical
downswing, it is not impossible
that some new development may
restore
prosperity -and a rising
trend
in
business.
Many econ¬
.now
otherwise
beginning
omists believe
penditures
and
the
be
would
on
that increased
of
ex¬
contracts
defense
highway
contributions
of
a
program, the
lower
interest
rates and higher mortgage
present time, the rate of
individual savings has been in¬
creased to over $25 billion a year.
This is almost $1 billion more than
people saved in the 1958 recession
year, and almost $2 billion more
the
statistical
indicators
tell
they put away last year. In
addition, by easing up on bank
borrowings and whittling down
their - outstanding
loans,
con¬
sumers have held the inflationary
that
fact
us
information.
by
share
Company,
ber
have
consumers
volun¬
on
payable
on
close of business
at the
ber 14,
on
Common
tp
at
H. S. Netting, Jr.,
Mr.
before
Adams
In recent years,
the
Annual Marketing Conference, New
rate
York
on
savings
dend
per
line of automotive,
industrial
saving
couraged
City.
DIVIDEND
has
via that
of
share payable
12, 1960
November
D. H. ALEXANDER
y
Directors
on
Secretary
Oct.
j> This represents
the
a
20%
Increase over the 50$ quar¬
DIVIDEND NOTICE
terly dividend paid prior to
two-for-one stock split
the
made
Secretary
August
on
A.
H.
1960.
16,
The 640,000
DAGGETT( 1
ard Oil
ST.
NOTICE
DIVIDEND
PAUL, MINN.
dis¬
PHELPS
sector.
Jersey) will share in the
earn¬
ings of the Company by
idend,
a
declared
per
on
share
share
8
ip
per
of record
1,200 offices in
Canada and England
BENEFICIAL
FINANCE
SYSTEM
Secretary
15,
1960,
to
stockholders of record at
i
i
Wm. E. Thompson
Over
common
Corporation
been declared payable
December
share
the
i
per
this
stock of this
has
payable December 31, 1960 to stockholders
at the close of business December 9, 1960.
U. S*
on
close of business Novem¬
ber 25,1960.
'
C. Allan Fee,
Board
to
shareholders of record No¬
of Seventy-five Cents (754)
60^ per share of capital stock.
share
on
the capital stock of
Corporation,
9,
record
1960 to
payable
De¬
stockholders
November
18,
I960,
I960 is the 78th consecutive
year
in which cash dividends
have been
paid.
making total dividends declared
for 1960 of Three Dollars ($3.00)
per $12,50 par value share.
M. W. URQUHART,
Treasurer.
m
November 4, I960
has
vember 14,1960 at the rate of
cember
of
of Directors
fourth-quarter
a
Vice President and Secretary
November 3,1960
November 3,
divi¬
declared
dend
A dividend of 62V2 4 per
5%Cumulative Preferred Stock
Semi-annual—$1.25
Common Dividend No. 164
I
COMMON STOCK CASH DIVIDEND
on
payable December
13,1960
The
;X:;
div¬
by the Board of
Directors
INDUSTRIES, INCORPORATED
declared cash dividends
of Stand¬
Company (New
DODGE
Xy
Stock—$.25
owners
President
1960 and
Common
on
18, 1960.
4f
DIVIDEND
&:■
The Board of Directors has
to
the close of business
batteries
REGULAR
of
on
shareholders of record at
CORPORATION
126th CONSECUTIVE QUARTERLY
quarterly divi¬
sixty-five cents
15, 1960 to stockholders of
on December 2,1960.
1960.
NOTICE
BENEFICIAL FINANCE CO.
a
December
INC.
complete
the low interest
bonds
November 2,1960
record
cents per share on the
of record
COMPANY
share on Common
Stock, was declared by the
the 5.60% Preferred
Holders
MANUFACTURING
of 30$ per
Stock, payable December 1,
all
THE
SINGER
declared
GOULD-
a
A
.
1960
J
of The Singer Manufac¬
turing Co. has today
Hi
phare on
Preferred Stock,
close of business November 10,
Secretary
The Board of Directors
11, 1960 payable December
on
D. c. Reynolds,
GEORGE SELLERS, Secretary
November 4, 1960
terly dividends of $1.09 per
share
•
o
1960.
the 4.36 % Convertible
per
♦
o
Novem¬
Board
Stock and 46%
•
.
369th DIVIDEND
QUARTERLY
$1.40
#
of Directors on November 2,1960,
Decem¬
plus motive specialties.
quar¬
^
1960, was declared by the Board
1, 1960 to stockholders of record
and military storage
the Board of Directors declared
•
holders of record November 15,
the Common Stock of
per
the
BATTERIES,
1960,
•
December 1, I960, to stock.
on
regular quarterly dividend of 60c
Putting Savings to Work
National Industrial Conference Board 8th
;
a
Manufacturers of
meeting held October 26,
©
payable
($10 par value)
stock
The Board of Directors has declared
Pittsburgh , Pa.
a
J
DAYTON, OHIO
H.F.
At
regular quarterly dividend of
65 cents per share on the common
153rd Common Dividend
^COMPANY
chosen to put aside more
money for the future makes me
more optimistic on the future of
.disposal and their,behavior should
this country!
be interpreted in the light of that
talk
DBWPiNb NOTICE. ;
A
THE DAYTON POWER
NATIONAL
tarily
should be integrated with all the
other relevant information at our
*A
PACIFIC
FINANCE CORPORATION
AND LIGHT COMPANY
9m
than
buying
prices to residential construction,
rise of consumer'debt in check.
and increases in inventory spend¬
The
task
of
saving today is
ing will do just this in the closing
made easier by the record level
months of the year.
of
personal
income.
However,
In summary, forecasting is still
this increase in income presents
an art and we should not rely on
also a strong inducement to in¬
the mechanical application of any
discriminate spending. Hence, the
•single forecasting technique. What
•
o$oi««eo
w
EQUITABLE
At the
November. 18,
on
J. F. McCarthy; Treasurer
©
What About Savings?
are
of business
1960.
o
people who have a fair proportion
of their savings in bank deposits
or
estate market, show that invest¬
help check inflation and lay the
time,
.
.
ground-work for a healthy period ing is not a one-way affair
the
failure
of
the
leading in¬ of future economic
growth. Cure- always going up. Market declines
dicators to recover more vigor¬
are
a
natural
occurrence,
and
they
all legislation suggested by poli¬
ously after the strike seems to
who invest in¬
ticians appears very tempting; but can hurt those
favor an earlier turn.
it
is
the
oldfashioned habit of directly through the various Funds
Thus, what the indicators in¬ THRIFT which, in the long run,
dicate is not always entirely clear. will
promote
sound
business
DIVIDEND CORRECTION
Moreover, even if we place the growth and hold down inflation.
.•worst interpretation on what they
us
close
—
a
early in 1961. At the
tell
Walter Mc¬
hoMer.o^DEec.ptUMt
rising
again.
indicator ap¬ truth
seventy-five eents
Company, payable December 19,
I960,, to shareholders of record at the
New York City to engage in
securities business.
=
($.75) (Canadian) per share has been
declared on the Capital Stock of this
formed with offices at 26 Broad¬
-
a
been
^HUFACTUWM6 COMPAQ «*•
monetary
policies
designed
to and government bonds. I am, how¬
far
tighten Credit can dampen in¬ ever, fearful for the neophytes who
timing estimate is difficult because flationary
pressures,
it
is
the are attempting to "get rich quick"
of
the distortions
in the series
voluntary
action
of
consumers in real estate or the stock market.
influenced by the steel strike.
which
determines spending and These people too often neglect to
If the indicators which seem to borrowing.
build up first a cushion of cash
have been most affected by the
reserves.
The decline qi^qyp^.a
By sticking to a systematic and
strike are ignored, those remain¬
hundred points in the siock mar¬
intelligent savings program, the
ing seem to suggest the possibility readers of this column can both ket this year, and the laggard real
of
has
sixties" last the government has raised the Clane is a
principal of the firm.
business boom. Expectations were interest rate on these bonds to
based largely upon the projected make them competitive with other
DIVIDEND NOTICES
growth in population and con¬ savings media; so it may be that
sumer spending—predicated upon
savings will again be put into
the free-spending attitude of con¬ government savings bonds.
sumers
since the end of World
Savings accounts in commercial
War II. Consumers have upset the banks, mutual savings banks, and
applecart, however, by exhibiting savings and loan associations are
greater patience with regard to at an all-time high; Savings in
building new homes and purchas¬ the form of life insurance—in¬
Dividend No, 123
ing durable goods. Moreover, they due ing endowments and annuities
are putting away
larger amounts —also continue to increase to new
in savings. The net result has been record levels. These, of courseware
a slowing down of industrial acold stand-bys for savings. Today
payable Janu®^ rw. 15, I960.
more
people are funneling sav¬
ings into real estate and the stock
Putting the Brakes on Inflation
market
either directly, or in¬
Brooklyn, N. V.
Political
promises have been directly through the purchase of
thrown at voters by the candi¬ Mutual Investment Trust shares.
dates
in
an
attempt to claim
Guard Your Nest Egg
credit for halting inflation. The
little past it or it is not
ahead of us. A more precise
are
Inc.
Co.,
84
Smelting Co.. Limited
a Dividend of
&
"golden
Thus, the leading
of the matter is that the
proach suggests that we are close bulk of the credit belongs to the
to a peak of a business cycle, that consumers.
Although Federal
we
McClane
DIVIDEND NO.
Hudson Bay Mining
mechanical
been
39
November 2, 1960,
Standard Oil
Company
(New Jersey)
1
.<•
1
40
(1908)
t
•
Chronicle
The Commercial and Financial
.
Thursday, November 10/1960-
.
.
WASHINGTON AND YOU
BEHIND-THE-SCENES INTERPRETATIONS
FROM THE NATION'S CAPITAL
IN INVESTMENT FIELD
which
means
job
McCormack,
for
Republican
President¬
will
be
elect John F.
tive
Charles
Kennedy
diana,
Minnesota
Whip.
Majority
the
Bankers
Association meeting.
Nov. 12,
1960 (Philadelphia, Pa.)
leadership
House
Representa¬
headed by
10, 1960 (Minneapolis, Minn.)
Group of Investment
Nov.
Oklahoma
of
fresh decoration
a
again to be John W.
with Carl Albert
likely to remain
expected
WASHINGTON, D. C.—Painters
toiled away at the White House
on Wednesday after the Election
-
In¬
Investment Traders Association of
Philadelphia Eighth annual dinner
family when
elected in the
last Congress to succeed former
Speaker Joseph W. Martin of
they move to
Massachusetts.
his
and
Penn-
1600
Avenue
;
•
Club.
^
Jan. 20.
Birds
fluttered
in
17-18, 1960 (Chicago, HI.)
American
Bankers
Association
29th Mid-Continent Trust Confer¬
ing the next two years have had
ence
previous legislative experience.
As has long been customary, at¬
Nov.
at the Drake Hotel.
1960
(Hollywood
Bankers
Association
2,
27-Dec.
Beach, Fla.)
torneys will predominate in the
the
■
Nov.
lawmakers
the
dance at the Germantown Cricket
both the Senate and House dur¬
on
about
was
of
Most
sylvania
Halleck of
A.
who
Investment
Congress. \Vv.*'H/?. ://:///
Although/it will be several
new
spacious
grounds
in
the
bright
>. )
John F. Kennedy
Autumn
.//,/
sunshine
on
election,
but
heels
the
inside
executive
House
the
makers
the
of
had
Nixon
would
country.
our
the Democrats
Now
35th
the
become
Chief Executive of
in
are,
//!■ Incidentally, there is
control
continued
will
and
There
Indicated
who
at least, the Ken¬
Administration probably
means
more
Federal spending.
It will also likely mean higher
paper,
:>;i;';
that
advocating
are
v
to-be
the
hand,
probably
Under
the
present
who
candidate
the
in
was
same
number of electoral votes
be
more
of
were
designed
liberal
attract
to
voters
stump.
of
the
to
port
conserva¬
tive Democrat-Republican coali¬
tion in Congress that has existed
in past years.
history
No.
the
the first time
was
that
Senators
States
1
elected
were
No.
and
.United
two
of
means,
to
created
in
have
been
Massachusetts
and
with the
election
A
to
successor
in
made
final
Senate
the
division
.Democrats and
the
In
House
34
vote,
the
Wilson
were
the
sharpest
and Hughes
/ 66
-
Congress House Unchanged
The
87th
tightly
in
283
the
to
Senate
was
of
Democrats
a
the
secure
polls,
the
speaker
ihan
who
has
longer
ever
than
held
in
the
next Congress. The
George Norris of
Senator
advocated
a
similar
Roosevelt
D.
fourth
solid
Calif.)
might
the
President
I
Republican
the
of
because
di-i
vision in the Democratic ranks.
Lincoln
polled
votes.
1,866,000
Although he lacked a majority
of the popular votes, he won
the
election
180
with
electoral
votes,
but
votes,
and
only
12
electoral
Breckenridge, with
his strong support from
the Far
electoral
although
his
popular
votes,
vote was only 845,000. Bell got
received
South,
!
39
electoral
72
although
votes
he
carried only
see
and
Impact
on
/'' The
that
tem
Kentucky, Tennes¬
Virginia. '.;//////;.\
//!/'
"Solid
the
in
again
two-party system's growth
Dixie.
1944,
example, Presi¬
as an
all 127 elec¬
toral
advocates
we
who
the
11
the
amendment,
former
Thomas
Governor
Dewey would
have
the
Democrats
tained
3%s
the
of
believe
out, and with good
that under the so-called
Lodge-Gossett amendment pro¬
posal the voters would choose
point
candidates
Presidential
an
Maine and Vermont,
ob¬
votes
instead
end to the doubtful states where
lot
of
spent
sometimes
money
concentrate
to
states.
real
that
the
afraid
are
are
crats
would
the
in
on
few
a
state would
Every
would
be
a
states
be
sectionalism
and
abolished,
Also, it would give the smaller
states
a
its
of
the
Forms
intervening
a
Fleming
the
of
name
lose
some
if
chance
able
sons
of
getting
nominated
3 With
Presidency because there
no political scheming
to capture a
pivotal State. States
like New York,
California, Ohio,
Illinois, would be no different
from
the
smaller
in
states
the
nomination and election scheme
!
things.
W.
same
are
tampering
with
electoral system that has
the
vailed
down
the
War
Perhaps the time for
the
electoral
a
system
change
of
column is
through the
days were
clouds,
dark
that
(Special to The Financial Chronicle)
ST.
with
over
the
were
•.>.
LOUIS, Mo.—Joseph J; War-
nick
Donald
and
E.
have
Weise
joined the staff of Fusz-Schmelzle
& Co.
bers
Inc., 522 Olive Street, mem¬
of
the
New
.
York and Mid¬
intended
nick
Exchanges;
formerly
was
Mr. War-
with
Yates,
Heitner & Woods and B. C. Chris¬
to
re¬
flect the "behind the scene" inter¬
pretation from the nation's Capital
with
and may or may not coincide
the "Chronicle's" own views.]
topher & Co.
A.
Mr. Weise
G. Edwards & Sons.
with
was
...../
Attention Brokers and Dealers:
'
•
_
MARKETS
t;
•
•
..
t
■.
Botany Industries'!-; /
/•■.'• W. L. Maxson
/ Official Films
V
/
;
Waste King
Harl Marks
FOREIGN
&
Co Tnt
Our New
York
/
•
telephone number is
CAnal
6-3840
SECURITIES SPECIALISTS
pre¬
mm
ago,
associated
■American Cement
years.
when
Civil
Northern
Southern Democrats
become
Hemphill,
Two With Fusz-Schmelzle
our
country is closer at hand.
[This
and
lis \
20 BROAD
STREET
TEL: HANOVER 2-0050
•
lerner & co.
NEW YORK 5, N. Y.
*
split
TELETYPE NY 1-971
;
i'
Investment Securities'
10 Post Office
Telephone
t; 'J'-
v
t,
*<■
U
.
;
Square, Boston &
<■
ri.
»
•.*
!•'
Mass.
Teletype
«->BS
HUbbarCYilSSO
'
slavery issue.
*
Noyes
&
Co.,
10 Post Office Square,
All were
formerly with, du Pont, Homsey
& Company.
"
asunder
have
Hall
with
....
a
Republicans
years
Hemphill, Noyes
BOSTON, Mass.—Samuel H. Albro,
Robert H. Bingham, and Damon
ground
made. At the
\
one
for
change.
were
firm
-(Special to The Financial Chronicle) v; i
Change
such
the
under
Road
TRADING
some
100
Pa. — E u g e n e B.
engaging in a secu¬
3056/-
Fleming & Company.
afraid that the Demo¬
Republicans
was
is
Woodland
there are too
in Congress
of
Fleming Co.
rities business from offices at
would be
in
Building to..
securities business, t
a
ABINGTON,
...
change
time,
against
It
any
Democrats
They
to
next
that
engage
is
battleground. A half-dozen
pivotal
v
offices in the Pioneer
none.
Furthermore, it would put an
a
r,,
PAUL, Minn.—Brandtjen a.id
Bayliss, Inc. has been formed with
west Stock
should change the sys¬
directly, without
have
eight
to
time
same
would
of
t-.\
.
ST.
E.
28
won
Roosevelt's 99. At the
reason,
their
Brandtjen & Bayliss
(Special to The Financial Chronicle)
Southern
of
Under
votes
States.
Springs Riviera Hotel.
be
dent Roosevelt got
of
South"
Asso¬
at the
Palm
Security
v
Traders
for a long time.
under
the pro¬
posal it would further expedite
of
first
not
,
ciation Annual Convention
Nevertheless,
nominee,
subsequently/
elected for
was
term,
'1
(Palm Springs,
./'/;/ ;■ '.'./•
-'/; ■■■}'''./'
16-20, 1961
v
Unfortunately,
post. House Majority Leader is
sub¬
a
a
year
Oct.
National
amendment in Congress.
speaker apparently will be Sam
Rayburn
of
Texas,
who
has
been
had
up
Nebraska
for election.
the
it
are
late
in the hands
side
and
following. Many people
advocating that it be taken
many •
were
House
became
i
House, they pushed
proposed
Lodge - Gossett
.
third of the Senate seats
the
J
Political Objections to
only
On
down to
/,
annual meeting at Jasper
Solid
once
was
the
because
up
/
the
amendment
Congress remains
the control of the
treked
be divided
;
ticket.
Republican
Abraham Lincoln,
tie, which
unlikely, the
stantial
Democrats. Even before Ameri¬
cans
in
the
election of
noted further • below,
present electoral system.
.
highly
fraction.
was
increasing demand to change
an
The
or more
resentative Ed Gossett of Texas
certain to result in
seems
be
; 1
Border
so-called
the
stitutional
a
Lodge was
in the Senate, and former Rep¬
popular
since
in
end
John! C.
Vice-President
votes; Douglas received 1,375,000
When Henry Cabot
Republicans.
closeness of
The
as
a
Republicans.
there
Democrats and 154
1916,
are
was
result
(Canada)
Park Lodge.
last solid in
of 1944 when
the
course
;
candidate, of course, with
vote would
lineups,
greatly dif¬
during the
86th
Before the election
Congress.
the
F.
In
separate convention and nom¬
Then
greatest number of electoral
candidates
strad¬
had
State moderates came up with
'<■ a
nominee. He was John Bell!
of Tennessee, who ran on a con-!
point
calcu¬
change
Douglas
;
total
detailed
Of
South, which
slavery issue.
Breckenridge of Kentucky.
election."
the
would
tabulations
the
the United States. If two
than
ferent
could
more
couple of years
a
•
votes would be the President of
to be
will not be
made,
lation
The
the Senate.
the
"a
the
majority
The Senate and House
when
unless
of
of Mr.
leader Johnson will have
a
state
decimal
third
the
to
out
Kennedy and Lyndon B. John¬
son.
each
of
received
he
race
would
~
vision would have been carried
that
course,
of
votes"
Stephen
The Southern Democrats held
proportion of the
"such
the
defeated
had
who
the
dled
vote" cast in that state. The di¬
elective
2
Senatorial vacancies
Texas
candidate
"as!
offices in the nation.
This
Presidential
electoral
The election
in
of
nominated
and
Douglas
of
wing
convention at Bal¬
a
previously.
Lodge-
Congress, each
adjournment
receive
Northern
inated
which got substantial sup¬
belore .it
died "with the
ago,
he will also have
Moreover,
contend with the same
pre¬
the wartime
Senatorial
the
the Constitution of several years
bitterness
> Abraham Lincoln in the Illinois
Gossett proposed amendment to
nation.
the
and
timore
/
v
so-called
the
Under
all
over
The
of the U. S.
House and Senate,
statements
has
course,
members
it has
as
of
when
were
the
in
"hocus-pocus" method that now
prevails.
conventions
the
field
party held
state.
Executive-
the
on
his liberal
Many
that
state,
conservative in his Administra¬
tion than he
of
votes
Each
candidates
vailed.
particular! state gets all the
a
Democratic /
three
were
Presidential
the
system
received
per¬
will
ing at the Shamrock Hilton Hotel.
Canada
There
the
electoral
other
get away from Wall Street for awhile."
Investment Dealers Association of
/<! ■;/
years.
the
to
June 22-25, 1961
Americans
largest number of popular votes
sonable young Chief
hi'v
'
:
taxes,
either directly or in¬
directly. during the next four
On
"Nice
next Con¬
many
>
strong
a
present electoral college system
be abolished once and for all.
nedy
i
are
(Houston,
Investment
Group
Texas
Tex.)
Wal¬
:
12-13-14,uv 1961
:
the
at
Bankers Association annual meet¬
of
United States.
On
April
to end the electoral sys¬
naming the President
Vice - President
of
the
gress
of Congress.
made in the
be
tem
Spending, Higher Taxes,
More
/
possibility that renewed efforts
a
the spot. They have not
only regained
control of the
White House, but they also have
way, on
dinner,
Hotel. >'
dorf-Astoria
May Renew Proposal to Discard
Electoral Vote System
Richard
that
hoped
50's.
annual
York
Congress
Administra¬
Eisenhower
The
tion
87th
the
v
;
Investment
chances
age of the
in the early
will be
anything but sunshine.
was
of
members
there
-
.
1960 (New York City)
Association
of
New-
Dec. 6,
available,
are
that the average
are
White
.
offices
Beach Hotel.
days before many of the "vital
statistics" ; concerning / the law¬
at Hollywood
Convention
Annual
69.,
'
@FedFRASER