The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ESTABLISHED
1839
Reg, U. S. Pat. Office
Volume
194
Number 6108
New York
7, N. Y., Thursday, November 16, 1961
ffWE SEE IT
Price
50
Cents
In
Copy
a
2
Sections
—
Section
1
The Behavior of Interest Rates and
One year
after election to the Presidency, Mr. Kennedy,
to a request made of him at a recent press
conference undertook a sort of apologia pro vita sua. Of
in response
he
course
in
been
had
office
months and could hardly be
less
somewhat
than
The Outlook for 1962 and Beyond
10
expected to have achieved
5 all that he set out to do—or even more
than
moderate
a
By Dr. Jules I. Bogen,* Professor of Finance, Graduate
portion thereof—in his first term. How good he was able
"to make his work
do not presume
School of Business Administration, New York
lcjxxk^to the professional.politicians, we
to judge.
.
He could boast of a minimum
1962, followed
reminder that
by the previous Administration); the "most broad
range housing bill" that has gone to the statute books
since 1949; and in "a whole variety of areas" actions
benefit
the
mild
of
and
gradual firming of interest
by stable
even
or
rates
slowly declining level in
ferentials
a
for
with
even
stable
rates
good rule to remember—"the bargains
terest rate
people." He then in good political
stability,
so
reasons
are
where the sup¬
for the 1960-61 in¬
surprisingly insensitive to the business
cycle, for the light it may shed
Statistics
/
could
on
future interest rate behavior.
funds provide the
growth that has meanwhile taken place in
the figures in the national accounts, and the reduction
in. such figures as unemployment. He does not specifically claim that such gains as these are all due to any¬
thing that his Administration has done or left undone,
but there is at least a suggestion that all this had at least
something to do with the improvement he is able to
show in the general state of business. The tasks that he
lists
easy
"
-
and
Reasons for
Disheartening Picture
policy of the past
This stability of interest
strikingly with
peaks, will
we see
much higher
Dr. Jules I.
Bogen
in
rates
important question of all for those who
the most
plan portfolios for the years ahead, has the vigorous
NSTA Convention
points
11
in
the
similar year ending October,
in the year ended 1958 was
great as in the past 12 months.
During the year ended July, 1960, the business
1958.
The
times
was
swing
as
stable
but
Federal Reserve
part
of the program to
stimulate home building.
stability of interest rates during
past year requires an "agonizing reappraisal"
of the dogma that interest rates are invariably
highly sensitive to the
(Continued on page 24)
relative
This
Supplement: Section Two
STATE and MUNICIPAL
———
PUBLIC HOUSING AGENCY
BONDS
Co., Ltd.
the first national city bank
NY 1-2759 U
DIgby 4-7710
Head Office:
30 Broad Street
N. Y.
Teletype:
Telephone:
Co.
Hope Street, Los Angeles 17,
Members Pacific Coast Stock
Offices
Pljiwo
New York 5,
So.
623
&
Members New York Stock Exchange
Associate Member American Stock Exchange
1 Chase Manhattan
Chemical Bank
Lester, Ryons
California
The Nikko
Securities
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Loaf Beach,
Oceanside, Pasadena, Pomona, Redlaads,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
of new york
TOKYO
Exchange
in
Inquiries Invited
on
Southern
California Securities
New York 15
Underwriters and distributors of
STATE, MUNICIPAL AND
Federal Land Banks
JAPANESE
HAnover 2-3700
DEPARTMENT
shift¬
Dealers in and Distributors of Securities of
SECURITIES
BOND
was
the
Municipal
Company
policy
direct government pressures to reduce rates on
mortgage loans, chiefly FHA loans, although pres¬
sure was put on savings and loan
associations, by
publicizing their rates, to get conventional mort¬
gages interest rates lowered. These measures were
Housing,
NewYorkTrust
Stability
BONDS AND NOTES
Securities
telephone:
after
a narrow range, although the contrast with
past
experience was not as great as in short-term rates.
Only mortgage rates were more sensitive during
the past year, and mortgage rates previously were
quite sluggish in reacting to recession and easy
money influences.
This was due, of course, to
1962, just as
we saw much higher interest rates in 1959 when we
had the last similar economic upswing?
(3) And
interest
in
ease as during the past
year,
and the spread was 217 basis points.
In bond yields also, fluctuations have been within
Reserve
money
Federal
basis
——
State and
began
fluctuations,
culmination,
ing towards active
recovery
sharp swings in rates that
accompanied the preceding
business cycles and shifts in
Federal Reserve policy
since
a
free money market was re¬
established in 1951.
(2) With
industrial production and Gross
National Product reaching new
Naturally, what the President had to say did not pur¬
port to be complete or exhaustive. What he did say, we
should suppose, would be regarded as a fair sort of
superficial summary of what the President would say
or has said about the progress of
(Continued on page 25)
Public
that
rates
cyclical
During the 12 months that ended July, 1961, the
spread between the highest and lowest monthly
average yield on new three-month Treasury bill
issues was only 22 basis points.
•»..
By contrast, in the 12 months ended October,
1958, which similarly included a recession and a
recovery, the difference between the highest and
lowest monthly average yield on
91-day bills was
246 basis points—22 basis points last year and 246
the
retirement act, but not tax reform which, of
along with one or two other key issues is certain
come up during the next year or two.
U. S. Government,
with
questions.
rates contracted
age
A
to
year?
course,
to
the
and
insurance under the
ahead include health
still
as
recession
ness
•
old
and
projections of uses and sources of
best available answers to three
basic questions about interest rates that are being
commonly
asked
today.
These
questions
are:
(1) Why were interest rates,
other than mortgage rates, rel¬
atively insensitive to the busi¬
hardly be expected to leave un¬
the
noticed
:
he
course
interest
of
continued,
changes in dif¬
specific rates can be expected and, also, of
ply is." The analysis includes the
major fields of endeavor which remain
wide
for the remainder of his term in office.
Of
and
each of the cyclical downturns in rates of the 1950s?
Let
us
examine
the
answers
that uses and
sources of funds data give to each of these
three
in
the next five years or so, results from Dr.
Bogen's analysis
of sources and uses of funds.
The economist issues the
casions
"which
1946
until the end of the 1950s reached its
or
will it soon reassert itself as
happened
Forecast
bill which set the permissible low at $1.25 an
hour; legislation which reduces retirement age for men
under social security to 62 years; an area redevelopment
measure (which had been previously vetoed on two oc¬
wage
tradition listed
advancing trend
University,
..New York City
"
Affiliate:
Nikko Kasai Securities Co.
SAN FRANCISCO
Bond Dept.
LOS ANGELES
Net
To
T. L.Watson & Co.
,
ESTABLISHED
Active
Teletype: NY 1-708
Markets
Banks
Dealers,
Block Inquiries
Stock
.
STREET
Executed
BONDS & STOCKS
On
PERTH AMBOY
DIVERSIFIED
All
CALIFORNIA
Teletype NY 1-2270
:
Food
TORONTO
Dominion Securities
Goodbody a Co.
Grporatioti
MEMBERS NEW YORK STOCK EXCHANGE
•
THE
MANHATTAN
BANK
CANADIAN
Invited
DIRECT VIRES TO MONTREAL AND
NEW YORK 4, N. Y.
BRIDGEPORT
O
Municipal Bend Division
CANADIAN DEPARTMENT
Exchange
<
25 BROAD
Pershing A Co.
J
and Development (World Bank)
Canadian Exchanges
New York Stock Exchange
American
Orders
—-
Marine Bonds and
International Bank for Reconstruction
)n
Brokers
Members
Commission
Correspondent
Banks for Cooperatives
Federal National Mortgage Association
United States Government Insured Merchant
Maintained
and
LOBLAW, INC.
1832
New York
Federal Intermediate Credit Banks
Federal Home Loan Banks
:
2 BROADWAY
NEW YORK
-
*
1 NORTH- LA SALLE ST,
x
~ CHICAGO
' :
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitebali 4-6161
Processing
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
'
N.T.&S.A.
SAN FRANCISCO
•
:
LOS ANGELES
2
The Commercial and Financial Chronicle
(2170)
The Security I-Like Best...
For Banks, Brokers, Dealers only
A continuous forum in
You
.
.
QUOTE
can
which, each week, a different group of experts
in the investment and advisory
us
truly broad
Argentina (to¬
tal cost $72,000,000).
k 51% interest in Continental Car¬
Continental Oil Co.
speedy executions,
Exchange
,
/
call "HANSEATIC."
of
1^961
its
basic
there are more
why it is attractive
time:
,
in the U. S. in
New York Hanseatic
•*
Established 19'20
crude
.
Stock
Exchange
,
„
,,,
Broadway, New York 5
WOrth
Teletype NY
4-2300
BOSTON
PHILADELPHIA
SAN
•
.
FRANCISCO
.
that
the
1960. "During
..
Hubert F. Atwater
pro¬
show signs of improvement,
,
•
Telephone: BOwling Green "9«-2895
This
is
not
orders
an
offer
or
—
—
:
"Manager, Institutional Research Dept.,
LAMB0RN & CO., Inc.
:
i
NEW YORK 5, N.
yield,
Y.
there
and
Never
SUGAR
have
to
Need Hard to Find
as
iirTTT
vatt
YOU
i"
((
I
,
.
Bank & Quotation
Record
(Single Copy
bound
give
on
you
different
late
formed
all
will
listed
prices
monthly
securities
as
and
a
well
as
those
the
-
-
"hard
to
Counter
find"
quota¬
tions.
tained
and
last
in
half tons
deeper
have
ing,
5V2
Republic
ket
^
a.
price
■
3 5%
furnace, from
standard ore
^
'
25 Park Place
New York 7, N. Y.
.
in
facilities
them
Reserve pellets. The
a
unit.
understood-* .when
.it
a
smgle furnace
can
run
carry
M0RELAND & GO.
a
about
Midwest
Detroit
Stock
Exchange
Stock
'
DETROIT 26, MICH.
WOodward
2-3855
.
..
clause protects
of. the. mcome-the
^
Exchange
Penobscot Building
1501
current mar13^ a; yieid:
respectively,
5 5%
and
Members
making that
Branch
Office
—
Bay
DE 75
City, Mich.
by
fact0r which-makes,
proportionately the
a
reflect
*
charges in the level of commodity
Driees
-is
The aopreciation potential
_4Q%
can
over
ihe
next
year
to
18;
rnonths. The nature of the security
raaKes. it,
into
an
investment
L ln a furnace
,£ur<*®P C0SJ
ideal vehicle for the
"widows
of
and
the virtues of these units are more
than that of.full
Further, with ,
/
lower
ores.
understood
h
than
at present
begin
distributions
th
enlarged
the units will sell on a
4% yield basis, which indicates a
capacity,
(actual
or
excess^aaai^reachesT^ob V W
excess, again reacnes JH-ou a l°n.:
to process some;
frora Reserve's
6
million
more)
more/* Currentlv
currently, another'
anoxner
million
9
tons
annually
'
capacity
closer
to
10y2
25
to>
years,
excess
the basic price
over
expansion wiu not be the.tlas*'. A
third
(actual
reaches
million!
,-,1.
.
'
,
$1.00
(2).
ton.
a
no circumstances
solicitation
of
an
■
'
Quotation Services
,
-
,
to be construed
offer to buy,
any
as
an
:
!r
.
•
..
.
offer to sell,
security referred
to
vpar
for 48 Years
a
^dicate
of 20%-
.
.
*s
.
(-t his l& under
permit ship--
Becausej, price. Because of the Mesabi Trust
of the Trust's ownership
...
as a
should
stage
the; would
a
price 0f 27%.again; for the units—double their present
on
million tons
9
.
-
Over-the-Counter
u
million is being invested to
up
These facts indicates
ore-
that this second stage of Reserve's
On shipments °vej9 million tonsj ments of at least 15 million tons:
k c price..I
^ p
n'^
| annually.
If
so,
distributions
! level has been per
a
A°ilce! would increase to a 4<w bac;i„ tbi{;i:
minimum of
that iS
reached. After} ^ in
0n
annu-
bring the nominal capacity
REctor 2-9570
..;r
basic, royalties each year: are adjusfed
through Ahfi
blast furnace
of
the, integrity
on
day
15%,
Tbe jnfiati0n hedge
in-
an
passe^ since Reserve first shipped;
PZ excess
6 million tons. After,
$1905
having
a
some
million tons of pellets
$120
call:
76(?
depietion allowance
a
than
more
n
or
^Retail Stores
15s* ® million tons, per yeari prjmary crusher v capacity of 25
shipped. Between b and 9 milliqn^ mjnion.tons and the double trackJ;0118'!. P5lce ^.or
ex^e^s °y^r dng of the rail lines from the minev
b.. mrnion Tons. is..reduced-ta, 9D0,- to
mill will also sustain an—
p
'7/.
5- e?Ck.-yea51 nual shipments of that quantity oft
of proven
beds.
invested
nominal capacity
tons
Write
For
^
Armco, through Reserve Min->
ally
WILLIAM B. DANA CO.
i}/
,
aPProximately $220 million,
price of 19 on a 760 then ex?£fms quit® cl^ar, Pellets fronJ pected distribution. The 76^ figure
^eserye will be the last source of does not take into account any
capable of producing)
ore
million
Over
tr<
....
will produce disabout
come—produce, at
$300 million level and its'debt
which
from
500 million tons of pellets—and as
publication
the
wUh them
Armco,
increased.
conventional
much again is believed to be con-
This
<T
Complete Equipment
low
taconite
$4)
—
L A. DARLING CO.
■:>l*
July,
derives its
income
from iron tnat tnese two companies v benefit from the inflation hedge
royalties received from Reserve :^
. "
CurtaiTin periods 01
cjaUge 0r the yearly increments to
Mining Company, owned jointly st™ production.
.
the quantity discount price, which,
by
Republic
Steel
and
Armco: rpT,Un,der.nthe ^ase'
™ AM£sa?u of course, add to the potential apSteel. The property that Mesabi?
s| Wlij
+
+SC? preciation." The second stage; of
has leased to Reserve contains a EI,
Reserve's expansion includes
billion
(Only $45 per year)
of
distributions-which
.the. new investment bringing the to flow
of Y.eser^e s fac^ties-to the caT5acity
operating
are
companies
they sprang.
The
Trust,
IN
tributions
^ furnace can be
significantly
Ralph Sterling
*
companies
holding
best
r?su.
E.
as
SOLD
—
orphans," pension and other insticost,.tutioa
L believe that when
from th°se of the public utility
rpnnw
iTTivrTk
FIND; THEM
WILL
(!■
BOUGHT
eietIlgUrfS' +1 aci^ltlun», pellets,
with their low transportation
and
the stocks of many
utility
1.00-%
mg
different from
it
Telephone: BEekman 3-3622-3
unit on the out-
a
early in 1963,
"
t.
j
recognized that the cost of build-
Trust's
the Trust is
QUOTATIONS?
js
regarded by
are
the capacity of a
a n y—
dead
e?i /
pellets
,3,000 tons.
he
predecessoris
47^
"
distribution
1962 should, produce a
significance of greatly increasing
:
Iron
YORK OFFICE:
,
instance, has reported
u:se
I cannot
0 m p
This
?rtfnne+ ini a day
a '3
1,500 tons
all.
unique
Mesabi
the
in Reserve's facilities, both corn: panies will use (or sell) all of the
pellets -they can get up to a point
of virtual shutdown of the steel
industry. The yield is generous—
shipments of 6 million tons in
k
,
Let me support my opening
sentence. The income is secure—
because of their economy and efficiency? and; because Armco and
Republic have a heavy investment
of about
^ *0n+-°n
emphasize too
strongly
that,
C
'
NEW
149 Broadway, New York 6, N. Y.
.
-.
mu-
\
substantially
for
security is the;
Trust
Unit.
..
.
.
.k
k- standing. 13,120,000 units and shinadditional ments o£ 10' mffljon tons annually,
capacity is.expected to be com- expected to commence atthatrate
found
k Mesabi
DIgby 4-2727s
Securities Co.9 Ltd.,
inrome
..
..
'
'
This
k
-
better controlled th^n through the
use of shipping ores and the pro-
securities for each.
offices-
DAI W A
portion of them a return of capital)
and noj. taxable as ordinary in-
are
tying
Export*—Imports—Futures
-f
•
Smce the ore content is constant,
blast, furnace operation can . be
before,
I
was
basic
inflation protection,
capital appreciation—
sing 1 e.
medium satis-;
Liquid
—
the
0£
a
Refined
—
Index
increased
oxygen furnace 'operation as well.
some
;
of
some
seek safety,
-
branch
our
example, in
I960- the
which
119.6
level
118.9
For
These
;
to
November
Republic and Armco as a superior
blast furnace burden and ideal for
investors
Some
and: some,
Raw
;
annually),.
tons
These
York Stock Exchange
Mesabi Trust Units v
STREET
W AL L
"
"
k
P
Josephthal & Co., New York City
9 9
5
!
n
E. RALPH STERLING
*'Members New
1959.
November
—:
solicitation for
particular securitiea
for any
--kk-k
'
*
the
to
November
.
-
-
preceding
ties. bears
„
,
6, N. Y.
r.
,
-
61 Broadway, New York
the1
margin was adversely at? $1 00 Der ton priee to $1,006 durfected. by. price weakness aL the
iQR1
TV,**
Tr-nct
"mnct" rHe_
ing 1961. The Trust "must" dis-
flow in excess
reported earnings per
wires
JAPANESE
marketing level .which ^xould soon tribute to its unit holders virtually
.
.
industry, result-
the
cash
a
Mobile, Ala.
Direct
profit
Since its high point of 60 Vz was
of double
recorded this spring, Continental
IN JAPAN
share; (4) Acquisitions have been Oil has declined in market value
important. The most recent being almost 25%. There are indications
Write for our Monthly Stock
| Douglas Oil Co. of California ac- that improvement is not. far off
Digest, and our other reports
; quired in May, 1961, which added
and the results of 1961; will comT
that give you a pretty clear
three
refineries to the eight al- pare
favorably with the .$2.90
picture of the Japanese
ready ownedand should add $21/2 earned in 1960 (cash flow $6.44-).
economy as a whole.
:'
million monthly to system sales;,
A study of Continental Oil as
(5) A broader; spread of activity an expanding enterprise may be
The Nomura Securities
Lt(L Will come .from Continental's in- rewarding. It is listed on the New
terests in the following:
York Stock Exchange.
in
ing
NY 1-1557
Birmingham, Ala.
sale Price Index of all Commodi¬
part of'1961 the
„
Exchange
Bureau of Labor Statistics Whole¬
share to earnings
as
reported
for
a
about 50 a ton of i pellets
($25,000 a year minimum)# on. all.
0re shipped from the mine. This
New Orleans, La. -
lent to
that
been
it has
royalty equiva-
a
is hedged against inflation, as it is
altered annually in the proportion
•
;
1963
by
Continental
of
::
.
m
•
•
HAnover 2-0700
of the fee interest in the ore body,
r ajso receives
American Stock
19 Rector St., New York 6, N. Y.
pe-'PaW b-y Reserve .Mining to Mesabi.
•y
'
and
add 52 cents per
the most con-'
servative
k ' /
'
development
estimated
!
The ac¬
counting pol¬
icy-is one of1
Opportunities Unlimited
v
.
duction from this company will
de¬
partments are
e x p a nding;
Members
fee more than covers the Trust's
operating costs. The basic royalty
Ltd. k'k
Oil Co. is now in process
Oasis
of
'
.
82% interest in San Jacinto
k.troleum.
(3)
Wire System
Private
Nationwide
oil; '
.
interest in Hudson's Bay
.67.8%
embrace
which
of
1-40
CHICAGO
•
.
Oil & Gas Co.,
production,*
refining and
marketing, all:
Member
Associate
American
j
30.5% interest in Calcasieu
Chemical.
^'.
i
I
33V3% interest in Oasis Oil Co.
^operating in Libya.-k\.k . .
-
(2) Its activi¬
st ies
''kr,.k
Chemicals,
production
of
>
'
Members New York Stock Exchange
:
:
,
♦
the
Steiner, Rouse & Co.
<
..
(1) It ranks
eighth .in size.,
Bought—Sold—Quoted
Ralph
''
Petroleum
in
interest
45%
point
a
low,
reasons
this
at
within
E.
—
California).,
Aside from the fact that Continen¬
tal Oil Co. is selling
Units
Trust
.Sterling, Manager, Institutional
Research
Dept., Josephthal &
Co., New York City. (Page 2)
tion its
;
Analyst, Wood, Walker
Co., New York City. (Page 2)
&
Mesabi
(which recently put in opera¬
new carbon black plant in
bon
At-
Co.—Hubert
water,
petro¬
new
a
chemical project in
.
Members New York Stock
interest* in
24%
New York City
\~k
.
accurate,
and
coverage
Alabama &
Louisiana Securities
Oil
Continental
Analyst, Wood, Walker & Co.,
For
Week's
Participants and
field from all sections of the country
HUBERT AT WATER
issue.
Thursday, November 16, 1961
participate and give their reasons for favoring a particular security.
Over-the-Counter
any
.
Their Selections
for broad markets in
.
120
This
Forum
.
.
or
' of'these prime investors needs,.
k! itkds the security that I,like.best.-."'
,
National Quotation Bureau
-•
UnitS'ineet'simultaneously all four
; The
Trust
-
is
listed
on
IwreinA^ ^ Yvrk Stock Exchange;^
the
Nqw
Incorporated
Established
46 Front Street
CHICAGO
•
v
<Af'.
A-
A.
*
1913
New York 4, N. Y.
' - /"'SAN FRANCISCO
Volume 194
Number
Commercial and Financial Chronicle
The
6108
(2171)
CONTENTS
Problems Attending Today's
of Trust Funds
..A Investing
3
Articles and News
JCHTEIMIfi
B.S.
-■■
page-
By Ragnar D. Naess*, Naess and Thomas, New York City
COMPANY
AND
The Behavior of Interest Rates and the Outlook for 1962
Beyond—Jules-X
and
Wall
investment counselor's examination of several
Street
outlook
possibilities
lend confidence to
them down to one that is not likely to ^
narrows
stock
common
buyers already coping with high
However, though he
believes the
moderate
further to
rise
a
;
over
a
—Ira
.
'/A
—W.
shall
1962
the
shall
discuss
the
the
It Is Time to Vote for
—F.
A
.-A
ers'
the
of
torn
and since
bond
recession
the
two were about
; the
market
the
*
SECTION
NEW YORK
WHitehall 4-6551
Aztec Oil & Gas
19
Canada—Roger W. Babson
A .'. aa
*
*
'
*• 'A
'
' *
*
■
Oxy-Catalyst Inc.A
21
V..*.
'A■ '• A A:
''''.v
TWO
of today's issue is devoted to the proceedings,
of the recently-concluded Annual Con¬
of
Singer, Bean
and pictorial,
National
the
Security, Traders
Association
and
&
Time of Challenge and Great Opportunity
MACKIE,
5
Teletype NY 1-1825 & 1-4844
a
A Year of Significant Achievement for the NSTA
Y Retiring President JO'seph E. -Smith—
INC.
40 Exchange Place, N. Y.I
HA 2-9000
,
consumption has shown',
J tween
Electronic Int'l Cap. Ltd.
More Articles in Section Two
Y —NSTA President-Elect Charles A. Bodie, Jr
in balance; '
'
Lindy Hydro. Prod.
19
includes the following articles on the pages indicated:
spring, V
with the
-A
■
vention
..
At the botthis
After that, I
shall
deal
•
Telephone:
V——Yv—14
:
editorial
'virtually no increase since then,and production has gained with
great rapidity, the imbalance'be-*
market.
;
TasteeFreez Industries
goods did not go below con¬
sumption at any time.
*
stock
keep
West Coast Area
on
Lower Capital Gains Tax Would Free Lock-In Funds
1
markets
and
12
Free Silver Market
a
Wemple
".'Y
gin. .The recession of 1960 was so.
mild that production of consum-
t h emselves,
H.
Optimism About
substantially below ; consumption
and inventory accumulations be-.
secu¬
including
.
at:
WALL STREET,
99
^ Y1
———————
Y r-Murray L.A Weidenbaum——
consumers' goods is
the output of
Then I
outlook
rities
^
.-
Burgess—
obsoletes
,
business
a-
prevail
will
for the securities markets.
the
Randolph
so
•,
10
——_
Future World Trade Development
yet
A
change
dumping those
A
Y*;aY';.J t;;'\YYY
-
—
OECD in
5/
Schapiro
Under normal conditions, -A
recovery starts when;
upturn.
out¬
business
which; gives
which
background
for
name
.
spending markedly rises, the Counselor predicts business may
discuss
for
look
Cobleigh
Economic Impact of Defense Spending
Bond prices
the last half of 1962 when they
can
be expected to rise moderately.
Skeptical about some usual
features in the economy making its soundness suspect, unless con¬
improve somewhat further followed'by a leveling ouUin the first
half of 1962 and a possible decline late in the year.
I
U.
Role of the
promise of earnings rather than long term growth.
sumer
the
OK'd
not seen changing much until
are
,
—i..,——3
Crowell-Collier—And the Education Explosion
a-
haven't got"
—we
*
conservative policy and suggested industries are listed for
pursue a
..a
Naess
D.
"99 OBSOLETE PLAZA"
Cover
__
Bank Stocks and the Justice Department—Morris A.
•,
-
Trust officers are advised to
two ahead.
or
year
high, with
new
—Ragnar
considerable down-
upside potential, Mr. Naess foresees
Aside risk
their
market wiki
stock
___„Y
Bogen
Problems Attending Today's Investing of Trust Funds
.>V;
Mr. Naess agrees stocks offer for the long pull the ;
P/E ratios.
single most attractive investment for trusts.
...
business
,
Direct Wires to
6
'
prob¬
;
v
it
as
.policy
-
applies
'
trust funds
to
.
and
suggest
Ragnar D. Naess
;. the policy that
bring
:might
fective
the
about .the
a
A-A:A;
most
touch
also
briefly
position of individual
; tries
to
AAjAAA
A
common
adverse
our
business structure.
in
capital
A
have
The business outlook is unusually interesting and thought-
9
—
Security and Space for Peace
or
'
*
10
FRAGRANCES INC.
16
A——
:
.A
—M: R. Lefkoe__
SMALL BUSINESS
;
1960's Prosperity Problem
Outlook for 1962 and the
—Leo
Trends
Barnes
INVESTMENT
17
:
in Trucking Mergers—Allan
COMPANY
18
C. Flott
FIRST WESTERN
FINANCIAL CORP.
the field of machin-.
Regular Features
equipment, but even in.
and
ery
St. Louis
8
reasonably;
been
Philadelphia
Heart of the OTC Market Is the Securities Trader
charac- •
spending by industryconstruction expen¬
The
capital
spending;,
programs
Angeles
San Francisco
-
„A
•—Dan A. Kimball-—
•
and in heavy
ditures.
Los
INTL "FLAVORS &
Space
-
is :>
dynamic improvement Y
the lack of
stocks.
important
Cleveland
Chicago!
7
—
OTC Market: A Pillar of the American Economy
of the present recovery
teristic
favorable in
;
,
Jr.—
----—Herbert M. Bratter__ —z;——___
-
second
Wrather,
—Anthony Gaubis
Spending
Lack of Capital
The
Finally, I shall deal very brief¬
ly with some of the longer range
problems that confront the man¬
agers of trust funds.
.
—Jack
The Stock Market and Business Outlook
upon
indus-
make some references
and
individual
a
becoming an
factor in our
The output of
consumers' goods'in August and
September dropped slightly, indi¬
cating
that
some
weakness <isalready evident in this segment
of
ef¬
is
business recovery.
investment 'results.
will
I
two
important
lem of invest¬
ment
the
The Growth and Glamour Industries in the 1960's
these fields the improvement.has.
The recovery which been dominated
by office equip¬
started last spring has some unment
and
machine tools,, while Y
; usual features which create doubts
expenditures
for
many f
other
as
to its soundness.
These fea¬
types of machinery have lagged.
tures, in my view, impair the
3 In
the field of heavy construc\ quality of the recovery and lead tion, weakness has prevailed in
to an imbalanced economic situa¬
private,
industrial,
commercial
tion.
Such
imbalance,
if conand
utility
construction,
while
:A tinued
long
enough,
generates
public and semi-public building
economic maladjustments that can
and public works have shown no Y;
lead to a recession.
more than moderate improvement.. V
It seems strange that these de-
provoking.
.
As
It
See
We
and
Bank
—Cover
(Editorial)
Coming Events in the Investment Field
_
48
_
LONGS DRUG STORES
8
Recommendations
Investment
Dealer-Broker
DETECTIVE AGENCY
48
Bookshelf
Businessman's
WILLIAM J. BURNS
22
Insurance. Stocks-—
Einzig: "New Euro-Dollar Owners—Americans and
Canadians"
11
—
'
•
-
:
.
A
•
velopments in our economic situation should occur at such an early
of
recovery.,
tion
little
lend
hopeful expectations.
imbalance
this
■
>
.
It
inventory
early
on
to
in
clear that
Our
J
^
Matter
a
activity in the consum-
ers' goods
Continued
on
page
26
2
Salesman's Corner
23
and
Founded
York
U.
Park
A.A
Place,
CLAUDE
WILLIAM
Exchange
A
Albany
Nashville
Newark
TELETYPE NY 1-5
Chicago
Schenectady
state
Glens Falls
Worcester
to
7,
ary
N.
SEIBERT,
.
corporation news,
and
Other
Chicago
city news,
Office:
3,
135
111., (Telephone
1942,
second-class matter Febru*
at
the
post
at
office
New
Subscription Rates
Subscriptions in United States, U.
Territories
and
Members
Pan-American
Treasurer
Dominion
Other
Editor
STate
St.,
2-0613).
$65.00
Canada,
per
$68.00
$72.00
per
year;
per
S.
of
in
year;
$45.00
and
rate
loreign
must .be
INCORPORATED
Record — Monthly,
(Foreign Postage extra).
39
BROADWAY, NEW YORK S
Quotation
per. year.
Note—On
K V. FRANKEL & CI.
year.
Other Publication#
Bank
the
Salle
of
Union,
Countries,
'
clearings,
bank
La
as
Possessions,
etc.)
South
25,
Y.
President
MORRISSEY,
•:
York, N. Y., under the Act of March 8, 1879.
9576
SEIBERT,
DANA
J.
York
^A
Publishers
Thursday, November 16, 1961
records,
Boston
D.
New
Reentered
"
Patent Office
2-9570
•
Prospectus on request
Company
CHRONICLE
Every Thursday (general news and ad¬
vertising issue) and every MondayA(com¬
plete
statistical issue—market
quotation
ST., NEW YORK 4, N. Y.
TELEPHONE HAnover 24300
S.
"
Copyright 1961 by William B. Dana
Weekly
DANA COMPANY,
B.
REctor
"
Twice
FINANCIAL
1868
Stock
6
48
You
E
GEORGE
New
Distributing Co.
4
*
Reg.
Spencer Trask & Co.
Cosmo Book
47
.....
25
25 BROAD
30
———
-
WILLIAM
;
22
in Registration
(The)
Washington
PREFERRED STOCKS
~
21
Tax-Exempt Bond Market—Donald D. Mackey
,
New York 5
DIgby 4-4970
4
May
State of Trade and Industry (The)
industries, for the time
certainly out • of the
is
Wilfred
Security Offerings
Prospective
Published
Members
39 Broadway,
18
—
The COMMERCIAL and
specialized in
J.F.ReiIIy&Co.,Inc.
20
—
Securities—
Utilities
Security
depend upon a substantial rise
consumer spending for goods.
being,
Funds—Joseph C. Potter
Security I Like Best
continuation of
!
(The)—Wallace Streete
and You
.
Securities Now
into 1962 and beyond,
satisfactory basis, will have
of the
For many years we
have
—
Reporter on Governments-.
Public
•
.
Increased
accumu¬
stage
is
.
Observations—A.
-
recovery
the rapid
consumers'
goods in relation to the current
demand of such goods. The dis¬
parity between the two is leading
at
.
is
importance: first,
rise in the output of
substantial
,
The Crux of the
which
of
lation
■
Yf
being
created
in
our
economy
today
stems from several developments
to
•
.
News About Banks and Bankers
encouragement to
Anticipation surveys for cap¬
the unusual
ital spending by industry includ¬
features inherent in business de-.
ing surveys of appropriations are
velopments
because
they
are
not
optimistic as regards 1962,
often
the ones which; dominate
and determine,, the future course confirming these trends.
Y YY
'.1
•;
r >
v-- .Y.-V
^
The
Market
Mutual
recognize
of events.
29
17
Indications of Current Business Activity-^
for heavy construc¬
but contracts
7
13
Orders
;
However,- one
of the most important attributes
of a realistic analysis of the business outlook is the necessity at all
stage
times- to
.
for machinery . and
equipment suggest further gains .*
in output during coming months,
Ahead of the News—Carlisle Bargeron
From Washington
fluctuations in
remittances
for
account, of the
of
exchange,
subscriptions
made
in
New
and
advertisements
York- funds.
WHitehall 3-6633
Teletype NY 1-4040
& 1-3540
4
(2172)
actions
OBSERVATIONS...
not
are
permitted to ad¬
to the banking
Steel
law
since
existence
in
the
late
The State of -7—
1930's.
Peek
A
at
ital
information secured on a recent visit in England)
market-priced
:
„
Food
TRADE and INDUSTRY
Closed-E
n
Price
V
1
v
»
Production
Business
Index
Failures
Commodity
categories: the Investment Trust,
the counterpart of our fixed cap¬
TRANS-ATLANTIC TRUST DOINGS
on
--
Trade
Auto
The British Trusts fall into two
(Based
Retail
Record
the
Output
Carloadings
WILFRED MAY
A.
BY
Prodxiction
Electric
vertise—pursuant
Price
Index
d
Unit Trust
Mid
autumn
signs give modest rising
incomes.
The
reception
continuously
S., much of the
The Play's NOT the Thing:
grounds for judging that the econ¬ given to new-model automobiles
trust
abuse
is
centered
in
the
(or at least repeatedly) offered
In the United Kingdom, as here,
has been very encouraging, par¬
omy is emerging from the condi¬
and redeemable Open-Ends.
the-investment trust movement hard-to-pin-down promotion area.
tion :of hesitancy Thai .prevailed ticularly in view of the fact that
Example—fakery in thd'; making
^Ked^ptioris of 'the unff; funds in late summer and early fall says some sellers have had to
occupies a special niche—in both
operate
of
block
offers
of
additional are quite
important there also; the Morgan
promotion activities and regula¬
Guaranty November with the handicap of inventory
shares by the unit trusts having the ratio of repurchases to sales
tion.
In the former field staid
Survey of Business and Financial shortages. Seasonally adjusted, the
that is now running at
64.8%
(nine- Conditions.
Britain is about to outdo the re¬ quasi open-end routine;
' ,1
daily rate of new-car sales ad¬
sporadic offers (exemplified here month 1961 sales—£1,163,000, re¬
cent horrifying proposal of one of
vanced
The resumption of unhampered
sharply in October, and
by the Lazard Fund).
The im¬ purchases— £752,000). This re¬
our leading Credit Card organiza¬
automobile production is' making the optimism of both dealers and
demption ratio substantially ex¬
tions to couple on-the-cuff sales pression is created that a limited
manufacturers is running high. At
a
notable difference in the con¬
time offer, say of 10 days, entails ceeds the 42% record registered
of mutual funds with restaurant
the same time, a greater than sea¬
tour
of
business, perhaps more
some kind of special .bargain price
here this year.
checks (i. e reach for a fund in¬
sonal rise has occurred in depart¬
than is generally realized. ThreeThe British Investment Trusts,
advantage to the alert and prompt
stead of a steak).*
London's big
fourths of the decline which oc¬ ment-store sales in recent weeks,
like
our
open-enders,
custom¬
and reports from other types of
theater
ticket
agency,
Keith grabber-up.
curred in the index of industrial
The Board of Trade, like the arily sell at sizable
discounts, but
retail outlets also have been fa¬
Prowse, has announced its plans
SEC in its Statement of Policy geared by the investor chiefly to production in September can be
vorable.
In
to sell unit trusts over the coun¬
ascribed
combination,
these
directly
to
the
poor
ters of its 40
London branches. promulgated in 1950 after consul¬ yield rather than asset value.
showing
of
the
motor - vehicle developments suggest that over¬
tation with the industry, has pre¬
In
fact, characteristic British component; and, if the indirect all retail sales in October may
("It should blend very well with
pared a document promulgating
our existing business" — Prowse
emphasis on income yield is car¬ effects of the auto strikes are also very well have exceeded $18.5
re-defined
rules
depending
on
ried through to
Chairman Cadbury.)
the broad trust considered, it is possible to argue billion on a seasonally adjusted
Hitherto
some
self-policing.
This pro¬ field. A typical and leading com¬
basis. If this should prove to be
over-the-counter trust sales of any
that there would have been no
cedure by no means has unani¬
the case when official
data
are
kind have been confined to Scot¬
pendium on trust results pub¬
the
companies;
and
corresponding to
As here in the U.
-
-
our
.
,
decline at
land; with the London banks per¬
sistently refusing to cooperate.
field
the
In
of
regulation
traditional British
trusts"
our
erate
"in¬
the
equivalent
closed-end companies) op¬
under the
codified provi¬
vestment
of
While
infracted.
being
too,
laissez-faire is
(the
the Companies Act; the
"unit trusts"
(our open-enders),
in
contrast to
Britishers' usual
of
sions
shunning of SEC-like administra¬
supervision, are regulated by
government agency, the Board
tive
a
And this administrative
of Trade.
mous
industry approval—one die¬
hard
trust
withdraw from the trade
tion.
Most of the industry wants
administrative controls.
"Madison
there
fact,
is
As
added
the
to
of
the
the
at
purchase—it being
with
bined
value
asset
or
commission
other form of buying
time
matter
a
"load"
no
com¬
management
ex¬
items over the life of the
trusts.
Such expense is limited
to a maximum total of 13*/?% of
assets over the 20-year life—on
pense
an
the
the
of
trusts
constitutes
two
of
tion
facets
of
of
successor
the
extended
Commit¬
Cohen
the
amending,
in
current
(the
inquiry
legislative
1940's,
the
Companies' Act of 1929).
other
main
facet
of
provisions
to
of
The
Jenkins
the
deliberations is centered
disclosure
one
current
the
Committee's
Jenkins
tee's
regula¬
on
the SEC's attempts at
★ Observations
under
rules
in
;
solving this
the
ad¬
with
area;
,
the
pursuant
its
latest
enlarging the
Com¬
SEC's
to
rule
the
134
issued
Securities
Act
of
1933,
or
the
Statement
of
Policy, may escape restriction to
the Tombstone type of advertise¬
ment
by use of a prospectus—
provided that it is used in toto.
the
conservatism
complete
extends
forebearance
of
be
Exchange members from
advertising—and there are no ad¬
vertising investment advisers. The
unit
pre¬
trusts,
Trade,
The
On-The-
1959.
do
Tombstone
under
companies"
Companies
tise
In
the
Board
advertise—with
restriction.
vestment Trusts
of
Not
wise
that
are
dividend
the
skeleton
a
in
operating
Act)
do
under
the
adver¬
not
advisors few in number,
advertising.
others
400%
market
peak
it
from
of
has
rently, the
as
closet.
1953
last
256 %
since
May,
rise.
to
an
Concur¬
of British stocks,
run
in the Economist
by only 327% and
the same intervals..
It
rose
in
realized
be
must
the
to
shaved
been
demonstrated
Indicator,
that
this
show¬
ing since it applies to the fluidly
market-priced
"closed-end"
trusts,
reflects
varying
market
in
trans-
in
isher's annual reports
reports
(no interim
issued).
are
Even
ap¬
proximation of arithmetical asset
values
which
—
scorekeeping
gleaned
by
sleuthing.
exists
U.
S.
only
be
analytical
can
—
in
expert
with automobile output
showing strength instead of weak¬
affected
important
abuse
are
"Take-Overs,"
as
instanced
in
the -broadly-pub¬
licized Savoy Hotel case.
at Ford but since that work stop¬
mob
Hot
our
tices.
Issues
commotion,
variety
a
But,
Stagging
counterpart
a
of
in
of
has
malprac¬
to be expected,
as was
EST.
the
of
the
Jenkins
stock
earlier
options,
this
in
chance
no
de¬
cline for the month and it
register
may even
stalled in the
billion
$18
to
The noted
are
signs of improvement
yet short-lived. They need
as
to be seasoned and reinforced be¬
fore
they
can
conclusions
A
measure
support
that
the
is
possibly
small gain.
a
definitely should
bring an advance in the index.
Not
only have auto assemblies
in
scheduled
large volume,
to
relatively low dealer
inventories and strong consumer
demand,
but
manufacturers
in
general apparently are continuing
to
receive
new
orders
at
a
good
Government statistics show
pace.
that
the
manufacturers'
in
rise
orders, under way without
interruption since the beginning
new
of
the
year, persisted in Septem¬
and the latest report of the
Association
through
of
October
of reinforcement
survey
tal
of business plans for capi¬
expenditures,, pointing to an
of 4% in outlays .next
increase
year.
-
Money and
Purchas¬
of
generally
a
Meanwhile, money-market de¬
velopments suggest that monetary
and fiscal authorities are attempt¬
ing to promote a somewhat higher
pattern of short-term rates. The
banking system's
indicator of
their
the
after
orders
in
uptrend
leveling
the early
during
some
autumn
the
lion
five-week
range
been
the
months.
meanwhile,
Consumers,
showing
nally
inclination
to
of
signs
spend
are
fi¬
greater
from
their
which
seemingly
official target
the
same
%
.yLj
v
time
and
former
supply of short-dated paper. In
early November $100 million was
added to the total of three-month
bills
outstanding
And
as
the
by
it
of
through reduc¬
amount of the
same
six-month
has been
of the Nov.
part
maturities.
announced
operation, the Treasury will
$800
"short
tailered
blocks
Jan.
million
short"
maturing
25.
A
in
Dec.
desire
to
14 WALL STREET
Exchanges
paper,
7
'
■%
f
J i,*''
+
|
t'' b
f.'
I
K
Stock
Market
deter
difference
proceedings.
in
reporting
Whereas
page,
the
in
its
information
with
out
the
much
at
Her
fice.
*
fanfare
later
they
'
of NEW YORK, INC.
are
* '
YAMAICHI SECURITIES
but
TOKYO,
speed¬
through
Stationery
CO., LTD.
JAPAN
the
of Evidence purchasable
Majesty's
Affiliate of
public
fully,
and
Brokers and Investment Bankers
the
daily
our
British
gets
Minutes
NEW YORK
funds
YAMAICHI SECURITIES COMPANY
Inves¬
Of¬
111
BROADWAY, NEW YORK 6
in
through
Clearly highlight¬
ing the difference in approach is
up,-
auc¬
specially
at
event, and irrespective
resulting legislation, the
conduct of an inquiry in Britain
presents a sharp contrast to our
carried, front
Members New York, American & Toronto Stock
that*
financing
15
aide
any
newspapers;
Dominick
the
Japanese Securities
which two SEC-men,
since appointed a
at
dramatized
&
had
for many
At
Treasury has moved to expand the
tion
period.
reserves,
degree
of
averaged $460 million
period ending
Nov. 1, below the $500-$550 mil¬
in
volume
of
the
credit ease,
companies recently have reported
resumption
free
key
tion
a
Credit
tigations here.
Dominick
came
this month with publication of the
good pattern of procurement. Steel
corporate
any
the
over.
its
Loss, now a Professor
Harvard, were in attendance.
OF INVESTMENT SECURITIES
firm
any
lull
Cohen
Commissioner
UNDERWRITERS AND DISTRIBUTORS
$18.2
_
November
gave
year
to
Louis
throughout the United States and Canada
of
range
billion.
market's
Committee
consideration
Manuel
In
good
show
is
index
May-October shakedowns.
session
of
a
will
there
Motors,
that
'
some
Correspondents inprincipal cities
total of retail sales
by the sobering cold-water
douche
drastic
The
1870
published, it would mark a sig¬
nificant rousing from the listless
pattern that had prevailed since
early summer with the monthly
than the previous one at General* annual, McGraw-Hill preliminary
these have been effectively elimi¬
nated
in its impact
page was less severe
out
recent
offerings,
strike
the two-week
by
ing Agents indicates continuation
directors' shenanigans in "playing
for more than their -own side" in
The
of
operations
ABUSES
meriting regulatory attention
new
the
supplying industries being helped
instead of hurt, the index of in¬
dustrial
production
appears
to
have
resumed
its
uptrend. The
October reading will be adversely
National
specific
with
and
ness
ber,
CORPORATE
A
for
Southwest.
the
been
share is not disclosed in the Brit¬
been
Now,
thanks
as
well
as
leverage—
portfolio results.
No in¬
dex of changing asset values is in
existence; since asset value per
not
all had it not
stoppages and the dis¬
ruptive effects of Hurricane Carla
work
discounts
involved
securities
the
and
are per¬
discretion
Private bankers and
handling
the
intercorporate
Switzerland, the investment
complete
capital-
investment trust companies,
ordinary common stocks have en¬
joyed a market appreciation of
In¬
(the "closed-end
changes.
results
The
the
The
in any manner.
mitted
"Curbing
Cuffers," Nov. 23,
of
set
problems
mission's policing responsibilities.
Our
investment
companies,
fuller
scribed in the Act.
overall
annual
approximate 340%
by
now
Stock
Possible need for tighter
yields along with full analysis of
when
to
"Stock Market
typically fea¬
year-to-year earnings-
almost
Avenue"— London
industry is enhanced
Britain's
Investigation"
London
the
trust
annual average of 0.675%.
London's
of
shank
tures
Laing & Cruik-
Interest in the advertising prac¬
tices of the British and Scottish
visers'
of
lished by Messrs.
,
Plan with
the "front-end" load.
associa¬
trusts, including both the Unit
and
Investment types,
adminis¬
tered
under a special and sep¬
arate legislative act,
with com¬
plete freedom from discretionary
knotty
the Contractual
to
the
body has barred, on a temporary
basis,
threatening
even
COrtlandt 7-5900
194
Volume
from
being
Number 6108
abroad
drawn
by
.
.
The Commercial and Financial Chronicle
.
resents the
higher interest rates presumably
figured in these monetary and
per
fiscal
a
total of the
sum
pound
31
of
price
foodstuffs
raw
(2173)
and meats in general use. It is not
the
$57.4 billion average for The
preceding 12 months. On the as-
Bank Stocks and the
_
moves.
noticeable
A
smaller
of
volume
has been
result-
the
of
free
Federal
the
at
Reserve
is
to
trend of food
reserves
gentle rise in rates for
Federal funds
(currently avail¬
able deposits of member banks
a
cost-of-living
function
index.
show
Its
the
The
Nov.
have
in the recent past, with the
going
rate
averaging - slightly
in October, compared
with 1%% in September. The Oc¬
tober average was the highest for
above 2%%
tinued
of
rates
Federal
on
both
on
and
on
up
17-week
week
con¬
appreciably higher than
a
quotations
ately
in
the
first
November
auction.
bank
;
third foresees liberalization
a
mergers,
decline for the calendar year as a
attributes
the slightness to
271.25 (1930-32 rr 100)
Clearings
Last
Rise
Year
Seldom in the
Ended
Nov.
since
the
Banking
been
on
considerably above the
the similar day of
1960.
Output Sharply Early in 1962
focused
today
see
Acts
much
of
Steelmaking
20%
Bank
an
clearings last week showed
increase compared with a year
Preliminary figures compiled
ago.
by the Chronicle based
graphic
advices
cities of the
for
upon
tele¬
the
the
week
ended
Saturday,
11, clearings for all cities of
the United States for which it is
possible to obtain weekly clear¬
Nov.
ings
26.1% above those of the
was
corresponding week last
a
to
15
jump shortly after the first
The Iron Age reports.
of the year,
this
And
estimate is
conservative
if
inventory building comes on top
of a general pickup in business.
chief
from
country, indicate that
take
will
was
The 15 to 20%
gain is based
intentions
known
of
on
automakers
other
and
start
major steel users to
building up their stocks of
steel
after
ing
comparative
leading
ccrw End.
Week JCiiiu.
'
r~~
Nov. 11-^-)
New
Chicago
Our
for the
for this
:
easing of labor tensions in the
steel
dealing with
points
to
-(/OOO's omitted)
: > 1950
1961
'
i960
$13,274,221
+42.1
___
1,183,601
Philadelphia
1,049,000
851,000
+23.3
795,612
602,733
+32.0
Boston
consumers
bolster the
are
doing
short-term
little
market.
The moderate
$9,343,479
915,562
+29.9
improvement noted
several weeks ago continues. But
there is no major strengthening
of
the market
for November
and)
%
Edges
Up
But
Contains
Estimates
Below
December
Last Year
most,
After
remaining
steady
for
weeks, the Wholesale Food
Price Index, compiled by Dun &
Bradstreet, Inc., inched up to $5.92
oh Nov.
14.
Although above the
$5.90 in the prior week, the index
was
3.3%
lower than the $6.12
in the corresponding week a
year
three
ago.
The
levels has
downtrend
from
1960
continued for eight
now
consecutive weeks.
Increases
corn,
eggs
rye,
in
barley,
for
hams,
wheat,
bellies,
and steers pushed the index
higher despite declining whole¬
sale prices for sugar, cocoa, pota¬
toes,
raisins,
prunes,
hogs
and
lambs.
The
November-
outlook
indicate,
at
pickup before the
year. If this occurs,
of
the
it will be because
some
steel
building their stocks earlier
than the national pattern.
7
The
like
inventory
this:
buildup
looks
have
automakers
Some
told their
principal suppliers they
will add at least one-sixth to their
regular monthly take through the
first
months
six
of
next
year.
this looks to be
now,
con¬
would
in
only
month's steel needs to
user
one
that
this
servative
stocks. It's known that
add
some
and
intend
users
build
up
to
go
all
out
from 60 to 90 days'
&
-Bradstreet,
Inc.
The
Wholesale Food Price Index rep¬
12 months ending June 30, uients where yields
I960. Despite the lower after-tax enou^ to justrfy the
Profit.margin, net operating earn- for the money.^
,
magazine
also
Continued
notes
aware
i
that
on page
27
^
i
,.
market
and
examine
Let
values.
of
some
,
fleets the steady growth, stability
turers Trust) for the 12 months to andrnmnarpdsafety of bank invpstrelative witn nt.npr shares
30, 1962, we find that their as compared with other invest
.
June
bank mergers.
and
market quotations for bank
®har.es* In Par*' 1 believe, thls re-
total
on
ns,
mco
loans
and
investments
now
Earnings
Have
Leveled
ments (apparently safety and sta-
stand at $59.1 billion compared to
Off-
Continued
Net
operating earnings of com¬
mercial banks are expected to be
somewhat
current
the
for
lower
calendar year,
compared with last
year. However, the decline is not
likely to be as great nor as gen¬
eral as was expected earlier this
year. We have recently compiled
a
statistical study of 40 selected
commercial
banks,
chiefly
the
largest in the country in terms of
deposits. Net operating earnings
the
31, 1960,
with
ended Dec.
these
than
banks
seven
of
the
removal of
our offices to
25 Broad Street
NEW YORK 4,
TELEPHONE:
12 months ended June 30,
compared
other
we announce the
N. Y.
DIG BY
4-4100
(UNCHANGED)
months
were up for
12
while
for
T.
A.
an¬
was
decline
8c
T.
TELETYPE
NY1-91
less
(UNCHANGED)
In fact, the composite
the entire group was
2%.
decline for
stability of short-
relative
Bacon, Stevenson & Co.
rates—particularly
interest
those reported by the ,Federal Rer
serve on short-term business ioans
.
.'
v V :
r "!
"Members New Tpr\Stecl{ Exchange
Members American Stock Exchange
by banks—together with the rising
DUTCH
-
ENGLISH-,m
With direct cable connection*
to
name
it
offices in—
-
total -earning -assets -
volume
of
suggest
that
have' leveled
off
in
NOVEMBER
14,
1961.'
earnings
operating
the
second
quarter and are improving in the 1
AMSTERDAM
MONTREAL
GENEVA
PARIS
HONG
second half.
MADRID
FRANKFURT
ROME
KONG
LONDON
SAN
During the past year the Fed¬
pursuing
eral Reserve has been
of
TORONTO
We
a
are
this policy has been
that
to reduce
interest rates somewhat. However,
feel
particularly well-qualified to provide
help and information when it comes to buying
or
selling foreign securities.
we
For
direct call to our foreign securities
trading desk, just dial—WHitehall 4-4732.
the
Federal
actions
have
to
banks
Reserve's
enabled
increase
pleased to announce
The effect
of credit ease.
policy
JUAN
June Blossom
monetary
commercial
their
total
is
now
associated with
of
loans
and
ample
on
investments.
For
our
firm
as a
a
ex¬
Registered Representative
Aug. 30, these earning
assets for all member banks stood
at
merrill
lynch)
70 PINE STREET, NEW YORK 5, N. Y.
$171
billion,
year ago
Pi ERG E, FEIMM ER& 3 M ITHi IMC
5
..
merger of Hanover into Manufac-
J
The
-
.
In weighing the earning prospects of these banks (24 after the
us
briefly,
these
leaving for the moment the subject of the Justice Department
^
term
GERMAN
,
background
only 1.9%.
Trading in Foreign Securities?
high
are
price paid
potential, are asking us, as finani£gs J, -SLher fn thi
: ~
To° Low lor Too Long
cial analysts, many questions, not ^ ere 21%. higher in the. latest
•v
only about bank mergers and the l^iod hecauseloans end Hlvest-;,
Apipst the
of exanti-trust laws, but also about ™nts averaged $57 4 billion, or pandmg deposits and total loans
earnings, deposit growth, the new 4 6% higeh than m the preceding and investments, we have witrertificates
of
denosit
interest 12 months.
nessed this year a 35% rise m
15
,
billion, this year, to the total deposit picture of all member banks,
Two-thirds of this has been ac¬
wous
of commercial
banks. Stockholders, present and
for the
steel
earning
cates have contributed about $1.5
To illustrate the significance of
users
supplies.
Dun
increasingly
in
cable taxes, the net of $12.20 is Posits cannot as yet be employed^
down from the $12.50 in the pre- m longer-term loans and mvest-
pansion of banking, particularly
old metropolitan centers.
start
Right
prices
the
on
10%
a
first
a.
ex-
in
rates
December.
Wholesale Food Price Index
Morris
the
up
restless
trend
out of the new negotiable certifi-
Tho investing; nublic has become
However, talk of a major build¬
up after Jan. 1 comes at a time
when
,
l? 7
York—
1960.
centers
money
follow^:
•
Week
in
summary
T h e
publicity,
June.
week
same
the
across
country.
questions of
preliminary totals stand at $25,158,732,981 against $19,944,974,229
the
of
news papers
anti-trust law,
the
for
Our
the
page
points out there is
of
industry. As a result, strike
hedging will be in progress early
in
1962
and
continue
through
year.
com¬
on
also rising in keep¬
total, and whose net operating
earnings of $700 million for the
year ending June 30, 1961 were
equal to 10.5% of their $6,679 million average capital accounts.
Applying the earnings formula
developed by our firm, we find
that the profit margin of these
banks, that is, the excess of the
yield realized on their loans and
investments (4.59%) and the yield
required to break even (2.28%)
mercial bank-
front
are
the
cumulated in New York City
alone. These new negotiable certificates represent an important
deposit-getting device but their
ultimate success is dependent upon
the Federal Reserve's willingness
raise the maximum rates on
time deposits under Regulation
Q* It time-deposit rates are not
competitive with money market
rates, banks cannot count or dePend on balances coming from the
certificate as a continuing or perSchapiro-was 2.31 %r or $23.10 per $1,000 of manent
part of their deposit
such earning assets. After appli- structure. ..This means these de-
mer-
year.
first
the
The magazine
no
placed
with
assets. However, it is significant
to note that time deposits arising
policy
when monetary
restrictive.
these higher earning assets, let us
lock at the top 25 banks which
he Id 35% of the member bank
has
s
r
e
Should
the profit
by ten basis points,
would be held to only
Deposits
;
The Profit Margin
we
as
partment's in¬
g
last.
narrow
earnings
$714 million.
y
months
the
g
:
30
margin
attention
banking
The
terest in
Week
11
June
whole, compared to last year, and
past 25 years—not
remained
26.1%
for
public policy
ing
so
Expects Steel Industry to Increase
Bank
of
bank holding com¬
improving earnings anticipated for the
Justice De¬
Above
and
panies. Turning to the earnings' outlook, Mr. Schapiro expects a slight
Thirties—has
on
earnings. This would raise the es¬
timate to $774 million, or 10%
greater than the $700 million actu¬
ally earned in the- year ended
recognition of safety and stability as in¬
growth, branching,
from 271.08 in the prior week and
263.50
basis points to 2.41%, lifting pre¬
tax income by $61 million, would
add $30 million to net operating
prospects, and
and the fact that bank shares have been too low
long, and
toward
bank earnings'
$744 million. An improvement
in the gross profit margin of ten
latter half of the year.
dex edged to
moder¬
up
too
index up.*
irregularly downward during Oc¬
moving
for
wheat, corn, rye,
pushed the overall
for
oats and coffee
six-month Treasury issues trended
before
to
improved earning power of banks, another
note of the revived
vestment criteria
s
On Monday, Nov. 13, the Daily
Wholesale Commodity Price In¬
tober
takes
on
$%, n™
would increase
attracting investors to commercial bank stocks.
One factor deals with the
low
and
substantial increases in wholesale
funds.
three-month
last
ago, reports Dun & Brad¬
street, Inc. Although the decline
persisted
in steel
scrap
prices
monthly period since Feb¬
ruary, when the figure was 2.61%.
The Treasury bill market did not
immediately parallel the rising
Yields
the
from
details the factors
year
any
trend
13,
established
Banking expert gives his views
com¬
level
proportionately from $700 million
Edges Up From Low in Prior Week
Banks).
funds
A
By Morris A. Schapiro,* President, M. A. Schapiro & Go., Inc.,
\/ +
New York City
Wholesale Commodity Price Index
of 3%
such
average
Justice Department M w S
operating earnings
prices at the whole¬
sale level.
moved closer to the discount rate
for
sumption that the
„
chief
general
general
wholesale
modity price level moved
Quotations
5
or
7.8%
above a
MYRON
and the trend continues
••
upward. In contrast,- loans and in¬
vestments
or
1.3%,
rose
in
only $2.1
the
billion,
preceding
12
-
A.
67 ISroad Street
LOMASNEY & CO.
'
**
ftcw York 4( N. Y,
on page
28
6
The Commercial and Financial Chronicle
(2174)
this
year,-There
let-up
in
MACKEY
grade
the
munici¬
increase
tax
pal bonds has paused during the -of this
past week as the prices for U. S. be for
of
about
increase
25%.
general
to
pay
increases. This an¬
Treasury issues reacted after the nouncement followed by a few
rqcent debt conversion. The three .days the election day upset in
issues offered in exchange for the which
the
incumbent
GOP
iCounty. Executive
maturing Treasury 2V2S have lost
ground since the refunding.,; As
money
has tightened up during
the
last
for
even
the
weeks
the
■
market
Treasury
inordinate
-so.
market's
from 2.349%
is
effect
of
In
bills
increase to 3%
the
El
definitive
C'
Easier
98 %s
sequence
financing,
Treasury
*
5,500,000
County's
this
in
will
problem
undertaking.
not
More¬
criteria
cal
involved
b
for e
e
the
Blue
total
List
of
state
Wyoming, Michigan
and
whether
a
Week's
the
to
change in Federal Reserve mone¬
tary policy is in transition. With
8:00 p.m.
Principal Financing
this
.period. With
few
listings
for uit.
show
to
beaded
Competitive Awards
.This week has been
portant
one
in
nicipal
bond
very
of
of
Last
note
1962-1986
9:00
a.m.
1962-1975
11:00
a.m.
1964-1989
.
Lubbock Indep. Sch.
McAllen Indep. Sch.
"
im¬
Ohio
(State
coming
four-
bid for $13,-
of)
Chase
successful bidder,,
syndicate
Co,,'
Smith,
are
Chemical
Barney
Bank
New
;
a.m.
1963-1974
7:30 p.m.
5,050,000
2,000,000
1966-2001
8:00 p.m.
2:00 p.m.
1963t1980
1962-1990
1,249,000
1,750,000 ,1964-1988
1,640,600: 1962-1991
8:00 p.m.
Noon
....
8:00 p.m.
11:00 a.m.
/ 3:00 p.m.
1962-1971
9:00
a.m.
1962-1986
11:00
a.m.
1962-1986
11:00
a.m.
1964-1982
1,300,000
10:00
a.m.
a.m.
(Wednesday)
(Friday)
-1,„
y/ilmington, Dalaware
~7-:r' / :/7:7; .;
Seattle, Washington
York
10:00
1962-1986
Y~
Nov. 24
&
a.m.
1963-1986
3,221,000
Manhattan
underwriters in.this
a.m.
11:00
1962-1972
Paterson, New Jersey
bonds with The
Bank group the
Other major
22
11:00
1963-1982
2,400,000
;
Randolph County, N.
Red Hook, Milan, etc., CSD 1, N.
Wichita, Kansas
2:00 p.m.
1965-1986
30,000,000
•
_1_
/
Nov.
(1962-1990)
improvement
:
Dist., Texas-Dist., Texas._
797,000 Nassau County, New York
various
8:00 p.m.
1,250,000
"uw"5Orange, New Jersey
Thursday
a.m.
1964-2001
1,500,000
mu-^
underwriting
issues
market.
a
the field
a.m.
11:00
1,500,000
1,090>000
3,000.000
Pennsylvania
v..
rRecent
11:00
1964-2001
1,198,000
11,635,000
Oklahoma
.
but
a.m.
8:00 p.m.
1964-1972
Uuesdayj
Turnpike
4%s
2001
and
Tri--i,0",
Garden Grove UHSD, California-borough 'Bridge'3 %s of 1985 in
Hamilton County, Tenn
.supply,-it is likely that street in¬
Kansas City, Kansasventories
have
been
enlarged , T
p
N
,
T
qr)
N
T
during the last two weeks, with
groups competitively
public by the syndicate
by "Dillon, Read •& -Co.,
_____________
/; /■■/•■ vu-ir 91
hasJNov* ZA
;
Baldwin Park USD., California
10:00
-
the 'float
municipal bonds
averaged about $450,000,000 dur-
to
/
__-__
—
numerous
submitting bids.
of
wonder
to
1962-1976
„
reduced /•" On
Tuesday,
Nov.
14,
the
free reserves,
of heavier- corpo¬ second
$100,000,000 of Triborough
rate and municipal financing and
Bridge
and
Tunnel
Authority
the
consequent... nervous ..bond bonds for the
$325,000,000 Nar¬
market has quite naturally caused
rows Bridge project,
was offered
some
a.m.
a.m.
v
.'help
bid.
of heavy
11:00
11:00
4,700,000
the
Money Ahead?
logical
1962-2000
1963-1985
past few months. As indicated by
community
some
politics
in the rate for
at
4,000,000
1,500,000
2,165,000
that matter^ very little during the - Northern Illinois University——
politics. The
The
a.m.
1:30 p.m.
(Monday)
:
aparently
-
to close
1962-1991
partison
community and
over,
Nassau County will be a
Although
the
;continuing large borrower in the
Treasurjr 3%s due 1974, reopened
open market. Prospective under¬
for the refinancing, sold .as low
writers will undoubtedly recon¬
as
98%
on
Tuesday,
they re¬ sider all the financial and politi¬
bounded
20
Dorado
UHSD, California
Kalamazoo, Michigan
Madison, Wis.
funds.
Federal
The
Nov.
Charleston, West Virginia..
date.
11:00
3,000,000
thus transcends the importance, of
in
has brought about
7,390,000
but
p.m.
3:00 p.m.
1962-1986
of the
aver¬
reduction
The
reserves
excess
an
Gash.
for
(State of)
University of Washington.
Authority has
it will sell $50,-
000,000 term bonds due 1991
has
as
yet
not
scheduled
sale
1:00
11:00 a.m.
(Friday)
1,235,000
1,755,000
credit
certainly
expects
'but not in, such disruptive finan¬
age free reserves and the general cial proportions. C ■
tightening
of money since the
•;
It "happens that Nassau County
Treasury's
financing,
seems
a
.recently
awarded
a *$13,797,000
natural enough resultant in view
bond issue which is but partially
of the magnitude of the refund¬
marketed
by
the
underwriters.
ing, plus the $800,000,000 .sale of The nationwide publicity
given
in
New York
York
that
announced
Noon
1963-1991
back.
reduction
Nov. 17
1,000,000
.the
182-day issue averaged out
at 2/721% against 2.554% a week
recent
New
1962-1991
-inventory
situation / has
changed
very
little Manville Sch. Dist/, N. J
during the past" week and, for;, Maricopa Co., Scottsdale SD, Ariz
increase
The
The
total
less than the normal, amount. The
of
1962-1990
2,000,000
Dist., Neb._17,000,000_ 1963-1991
Salt Lake Co. Water Conser. Dist., ~v
Utah
1,200,000
1964-2007
bidding is but
$400,000,000. This is
over
35,000,000
Omaha Public Power
the. rest
scheduled
the
■
tax-ex¬
For
market.
year
a
as
(Thursday)
Georgia Statd^Tghway Auth., Ga.
Heifrpstead UFSD 6, New York-.
competitive
1
little
concerned
increase.
tax
the
the
for
Nov. 16
con¬
enough
continue
factor
empt: bond
of
for
Port
general
a
favorable
In the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
less
-
calendar,
modest
to
4
prominent a case, this drastic
- directlyreflects
upon
,so
bills jumped to
a Week agd.
91-day
2.516%
the
hard
a
be -of
to
-
bidding >on' high
regardless of
bond
proportions
displaced
was
after
comment
with
only
for
bid
Our
>
On Mon¬
rate
average
Democrat
a
fought political battle,
short-term. Treasury is¬
has been set back.
sues
day
few
by
tinues
Most
reported
was
no
relentless
issues
new
favorable aspects.
The
new
issue
The market for state and
lo.- be
seems
almost
for,
set
pace
BY DONALD D.
the
Thursday, November 16, 1961
•
1,500,000
Nov. 27 (Monday)
4,000,000
Trust Co.,. Harris Trust.'& Savings
Inc., Merrill Lynch, -Pierce, FenNov. 28 (Tuesday)
generally just beginning ner & Smith Inc., W. H. Morton Bank, Salomon Brothers & HutzGary Public Library, Ind
;
2,000,000
to gather a little upside momen¬
ler and Stone & Webster Securi¬
& Co., Inc. and Allen & Co. This
Groton, Dry-den, etc., CSD 1, N. Y.
1,300,000
tum,
as
partly
evidenced
by 'issue consisted of
ties Corp. Scaled to yield,, from
$60,000,000 term
Hampton, New Hampshire
1,160,000
recently reported increases in the 3 3A% bonds due
to 3.55% a balance of $9,1985, offered at
QorvmU
Co., Dover Spec. Sch. Dist.,
supply of money in circulation,
v remains
in,j: :;neiaware ,"
;100, and $40,000,000 serial 3y4%-- 300,000 > presently V"remains
d >; ■
1,276,000
business
t
enm
4
t
u
-
a
1963-1981'
,3:00 p.m.
1962-1981
11:00
1962-1081
—
11:00
1962-1991
Noon
a.m.
^
there
little likelihood
seems
that
bonds, due ' 1970-1977
3.60%
of¬
policy would -be exerted fered at
prices to
yield, -from
manner
that might in any
"3.10% to 3.60%. The serial bonds
frustrate the trend.*It might -were in immediate demand. The
Also'
•
in
a
w.ay;
rather
be
tinuing
with
along
In
for the
more
days
to hold the
economic
and
:term
incentives.
have
in
welfare
order
to
support' the
interests
plans that
and
envisioned
Credit
interesting problem in mu¬
nicipal finance came to public
light
this
week
when
Nassau
New
of
gation
state
market
is
York
MARKET
announced
ON
Financial
a
be
sive
as
as
Chronicle's
(State)
at
yield
3.269%.
new
How¬
issues continues
competitive and
it
has
been
any
time
1980-1982
3.35%
3%
1978-1980
3.30%
3.20%
3%
1978-1979
3.25%
3.10%
3%%
3%%
1974-1975
3.10%
1978-1979
3.25%
31/2%
1977-1980
3.20%
3.05%
33/4%
1978-1980
3.65%
3.50%
3%%
1980
3.35%
'3.20%
3% %
1980
3.35%
3.20%
3.00%
3.10%
'
31/4%
1979
3.60%
3.45%
3y4%
1977
3.55%
3.40%
3 oj0
New York City, N. Y
Mountain View, California
Tazewell County, CHSD 303, 111.2-
^fj' ;
1980
3.60%
3.55%
Dec. 4
•
other
important Cordova Rec. & -Park Dis% Calif.
$4,075,000 Hamden, Dallas County, Texas—.._-______
Connecticut,-School and Improve-' Parma, Ohio
ment * (1963-1981).
bonds which Pima County, Ariz.—.—i—-—_
jointly
aged
-by
The.
Bank
and
•
'Dec'
C h a s e.
Aropahoe Co gch Dist
Morgan. uaitimore
Maryland
balance of $2,075,000
a
in
On
/•"*•'
Business
Mondey, Nov. 13, the sale of
Ascension - St. James
bonds
due
'
\
Florida
State
1961 Index
ESTABLISHED
=
3 .269%
1894fc
1962-1981
10:30
Rrnnnnn
iocq
n
1963-1972
11:00 a.m.
of
La
>7,000,000
1,765,000
>
_
Education
Dist., Calif.
3.781,000
'
.
„
Dec. 13
-
nn
1963-1992
5:00
p.m.
11:00
••
a.m.
1:00
p.m.
1
.
2,000,000
16,000,000
-
-1-
Calif.—
1964-1987
•
(Wednesday)
Atlantic County New Jersey
Phelps, Fenn & Co., Dominick
Dominick, Francis I. duPont &
Co. and Clark, Dodge ,& Co. The
a.m.
25,000,000
Corp.
bidder
.
.
Co. syndicate.]
1,200,000
Pennsylvania-
very
major
Board
Authority,
Bldg.
close competition. Other, Los
Angeies,
members of the syndicate
Boston
2001
&
5,500,000
Calif.
15,940,000
was
successful
1962-1981
155,000,000
Oklahoma City, Okla
Pennsylvania-State Public School
The
First
a.m.
8:00 p.m.
1963-1986
53,100,000
1984.
the
1,871,000
25,000,000
New York City, New York
1968-
11:00
1962-1987
*
Dec. 12 (Tuesday)
r
Rouge Parish,
Los Angeles Co. Hosp.
Lakeland, Florida attracted ten
bids for its $4,500,000 Light and
7:30 p.m:
■2,570,000
UeC' °
.
East Baton
•
Revenue
11:00 a.m.
1982
« IWodnesdav)
Dee
....
T
balt Lake Co-» utah
Authority,
year revenue bonds
was
postponed
without further
explanation. The bonds will be
readvertised within 30 days for
competitive bids, it is reported.
Water
Cordova Park Dist.,
,
_
^
Ferry '
-
1969
Georgia Ports Authority, Georgia
9,500,000
Jersey City, New Jersey._—9,693,000
Rancho
,
$30,750,000
Bridge
and
Louisiana, 40
Noon
[Negotiated sale to be handled by Dillon, Read
account.
Current Week's
10:00
1963-1972
28,500,000
Turnpike Authorty, Fla...
re-
a.m.
1963-1992
1,420,000
col^
#6>
a.m.
(Tuesday)
pua!'anty Trust Co as 3.20s The,^^CHfton, Ne\^ Jersey..;..——..
^ rl?J2CeLt0as we go to Connecticut "fetate of).---'yle d „fr0™.
1.75% to 3.30% and
in
15,
5
10:00
1,965,000
.
Manhattan
8:00 p.m.
1963-2000
2,320,000
•5,000,000
—_
bought by-a syndicate man-'
8:00 p.m.
(Monday)
involved
were
a.m.
5:00 p.m.
1963-1.980
-
$2,-
ah
10:00
10:00 a.m;
/
^„
r
group
Nov.
1962-1981
1962-1986,
2,212,000
2,475,000
Devine-&
^Bank
Thursday's
sale
3.25%
Jersey Highway Auth., Gtd.
(N; Y., N. Y.)
.
11,855,000
681,000.
3.50%
York (State)
Housing Auth.
Los Angeles, Calif
Baltimore, Md
Cincinnati, Ohio
New Orleans, La.__
Chicago, 111
5 Mississippi (State of)————
Asked
3.65%
New
New
ports
mains
New
Pennsylvania (State)
Vermont (State)
Vineland,
$4,941,000 water and school (18621987) bonds to the group man-
press
Bid
Maturity
1978-1980
33/4%
at
aggres¬
SERIAL ISSUES
Rate
3% %
...
""/
.
it should be added that the
bidding for
to
-
municipal
bond
unchanged Since
The ' Commercial
-
reporting.
REPRESENTATIVE
California (State)
Connecticut
and
about
last
ever,
■
out of ac¬
available at aged jointly by C. J.
/:• *... Co.,;: .NationalState•
high grade general obli¬
(20 years) bond offerings
Index -remains
Rating
An
County,
.
the
:
Thursday the City of' , 7".':
/! ^777 Nov- 29 (Wednesday)
New, Jersey '.awarded/.-Kansas City, Missouri—.3,300,000
on
Nov. 30 (Thursday)
New^k. aiid Stimud • ^
North St.. Paul-Maplewood Ind.
V:"".
Yiei& Intfex Steady
offering the bonds to ,yield Trom.
;
Sch. Dist. No. 622, Minnesota-j 1,000,000
averaged from our regular 1.50% to 3:40% f the account re¬ Villa-Maria College, Pa.-/.—
; 1,023.000
unsold" balance of
As
list
are
and
are
destiny.
Impairing
variously
the issue price.:
when boldness
only key to the
goals set
world
bonds, .although
count,
political
decade, it may take
money than
perhaps
easy
our
con¬
a
reserves
next
increasing
as
with
free
of
other
these
seems
we
nurtured
excess
d"',A
account."
Reserve
>
1963-1992
x
^
are
STATE AND MUNICIPAL BONDS
CORPORATE BONDS
issue
LOCAL STOCKS
was
2.60%
in the
reoffered to
to
writing,
4
3.50%
about
group,
Humphrey Gompaniline♦
Tuesday's
'*•
v
1
new
Los
:
_
V
•;
.
.
ATLANTA 3,
JAckson 1-0316 .,!
*
'V''-"
GEORGIA
,"
J
competitive
U f>"
Bank
a
>
'
•
'
of Aixien-ca
syndicate.
„
a
was
Other
awarded
at/-rr
N.- T,
p
to
the
o
S.-
on
page
,
..
A..:perry
7
10:00 a.m.
-
2,325,000
1,490,000
3,500,000
0,
James
J
.f1" 9
Bridge
Authority, La.--.-;
Utii. 'Dist.,
;
Calif.
Terrebonne Par. Cons. SD, #1, La.
Bay
Mun.
13,000,000
. 6,000,000
Tuesday)
'',Georgla
■
major, members -East
Continued
.
"GeorgiavRural Roads Auth., Ga._:.
Georgia State .Office Bldg. Auth.;
Ascension-St.
a
1964-2001
V vr.-YJan. 4 (Thursday)
tissue
involved. -$20,-000,000';
Angeles». County,- /California <
bonds which
2,115,000
(Monday)
Cypress-Fairbanks CISD, Texas—
Flood Control District (1963-1989)
RHODES-HAVERTY BLDG.
1
Orange USD., California
Taylor Township Sch. Dist., Mich.
remains
$3,190,000
largest
Jan.
yield from
at present
and,
*
The Robinson
.
University of the Pacific, Calif.__
&
-
30,750,000
30,000,000
2,000,000
2001
11:00
a.m.
10:00
a.m.
Volume
194
Number 6108
.
.
.
The Commercial and Financial Chronicle
(2175)
Tax-Exempt
'Bond Market
Continued
of
this
from
tional
City
Bankers
6
page
account
the
are
Bank
First Na¬
NewA
of
York,'
Trust
Co., Blyth & Co.,
Corp., The First
National Bank of Chicago,
Smith,
Barney & Co., Security First Na-- '
The First Boston
'
tional 'Bank,
:
Wells
Fargo
American
Trust
California
Bank. 'Priced
'
from
1:85%
1
33A%
coupon,
well
to
to
'3.70%
the
received.
noon's Nov.
Bank-
Co.: and fXJnited
-yield
with
issue
Yesterday
15
balance
'a
seemed
after¬
Flood control benefits the entire
about
was
community
$7,000,000.
County's First Bond Sale
Late
Tuesday
erous-
San
California
Wells
Co.
.group
First
Los Angeles
Fargo
the
highest
major
members
group
;
(1962-1975) bonds with
American Trust "
the
Other
$20,000,000
avidly -sought *$5,Joaquin
County,
groups
500,000
New Issue
afternoon,-»num¬
bidder.
of .this
'
';
Dominick & Dominick,
are
National Bank
of
St.
T
County Flood Control District
Los Angeles County, California
.
33/4% Bonds
,
Louis,
Mercantile Trust Co. and William
R.
&
Staats
The
County
unique
of San Joaquin
that
in
is
it
of
one
few counties in the United
which
had
PAYMENT AND REGISTRATION
is
California.
reoffered
were
The
yield
to
1.60% .to 2.95%
bonds
New
in
.prior
to
this
issue.
The
county carries the highest credit
in
from
•
EXEMPTION — In the opinion
TAX
issues
new
sold
bidding.
petitive
under existing statutes,
taxes
Boston
America
N.
T.
in California
im¬
com¬
S.
&
Bank
and
A.
•which may
are
The
in
and
eligible
as
'2.60
740,000
1968
'2.70
•740,000
1969
As
we
press,
740,000
Commission
*
Roads
Co.
'&
3.30%
to
yields of
The
bonds-will
bonds
well
as
are
other
as
:
.
.
a ■<
shown,
whose
names
3.60
"3.65
3.55
.
740,000
1984
-740,000
1985
1986
-3.65
1987:
740,000
1988
1989
3.70
:
■
3.70
'740,000
,
3.65
740,000
under■ '•
will be furnished on
;
.3.60
1983,
■
740,000
.
^
'
-
-
•
:
3.70
Myers, Attorneys, Los Angeles,
of whose legal opinion will bo printed on each bond.
copy
the above
and if issued and received by the
as
not
1982
'
.-
and subject to approval of legality by Messrs. O'Melveny &
a
740,000
"740,000
taxable gain may accrue on
I
<
3.55
,:
1981
■
under existing regulations to amortize any
,
offered when,
underwriters
issued by
inilially
be
value, and
their-par
3.50;
■'
T980
*
'
'
,
1.10%
/Bank of America
at
of New York
'The First National Bank
$6,265,000'San Juan, Cali¬
Unified
School
District
of Chicago
'
-
Blyth & Co., Inc.
AJJf"an TrultKant
' '
d : Security First National Bank
.
Chemical Bank New York Trust Company
-
The First Boston Corporation
\
Smith/Barney & Co.
'
'
Crocker-Anglo National Bank
bonds were awarded
3.77% ; interest cost bid to
-Bankers Trust Company
The First National City Bank
,
N.T.&S.A.
.syndicate.
fornia
listed
California,
this .writing a
$7,500,000 remains in
of
balance
at
and,
740,000
.
3.50
,
1979
740,000
..
3.45'
This tissue
group.
reoffered
was
than
.
above
OPINION—The
writers
below
less
not
at
_
LEGAL
request,
_*& 1 Co.-Halsey,
J
*3.40
.
1978
740,000
'
discount.-Investors are'required
at'a
premium paid thereon.
awarded -$12,500,000
Securities
Union
political 'subdivision
purchased
PREMIUM—Those
OF
GAIN, -AMORTIZATION
named
1976
1977
..o
"•;'
rr+fT3.30 rryf r,T3.35
t
1975
740,000
to rate or amount
as
I,...,
a
Highway construction (1962-1976)
bonds
to
the 1 Eastman
Dillon,
Stuart
;
'
'3.20
1974-
*
740,000,
,
all 'of .the taxable reol property in said District.
upon
TAX
State
3.10
1973
-
.740,000
principal and interest,-.1
Angeles County Flood Control District.and are payable,'^both
which may be levied without limitation
bonds
Maryland
'3.00
1972
745,000
under provisions of Los Angeles
•from ad valorem, taxes
account.
The
2.90 V
■
1971
745,000
amended, for various flood control purposes,' in *
opinion of "counsel constitute valid and legally binding obligations of the Los
not
were
to
go
2.80
1970
-740,000
are
bonds, issued
SECURITY—These
AND
PURPOSE
balance of $11*750,000 remains in
*
1967
legal investments for savings banks, and
security for deposits of public moneys in California.
be invested in bonds which
;
'2.50
1966
,
-745,000
to
maturities
ten
last
reoffered.
2.35
740,000
are
f
2.15
"
.yield ?from
to'3.20% in 1980.'
1983
1964
740,000
legal investments
are
banks, subject to the legal limitations upon the amount of a
likewise legal investments in California for other funds
for savings
the
.1.70%
1.85%
/
1965
745,000
Nqw Hampshire various, pur¬
pose"'ti963-T99ff>,Abbnds. The '-is¬
scaled
Yield
1963
740,000
regulations and court decisions.
of
was
Prite to
*740,000
County Flood Control District Act, os
sue,
'
Due
$740,000
of counsel, interest payable by the District upon
high .bidder ,fpr $16,415,000 "State
...
-i
Amount
of
the
was
added)
Interest to te
''
—'—
INVESTMENT—We believe that these bonds
bank's investment,
by
Corporation
(Accrued
'
A"-syndicate
The ".First
-
jointly
managed
at
AND YIELDS
of the County
agency
denomination of $1,000
from all present Federal and State of California personal income
its bonds is exempt
'
15, four
fiscal
any
"
and, upon initial
Nov.
AMOUNTS, MATURITIES
to both principal and interest.
as
LEGALITY FOR
Wednesday,
at
or
Chicago, III. Coupon bonds in
in
or
1
sold.
portant
York,* N. Y.,
registrable only
offering, about 60% of the bonds
were
incl.
Principal and semi-annual interest (March I ,and
Angeles County in Los Angeles, California,
Los
ness
rating
—
September I ) payable, at the option of the holder, at the office of the Treasurer of
the
States
indebted¬
bonded
no
Due March 1, 1963-89,
Dated March 7, 7 959
Co.
:-
United Cali,ornia Bank
,
The Northern Trust Company
C. J. Devine & Co.
v
(1963-1986)
on
a
the
of
headed
group
N.
America
bonds
2.25%
cessful
S.
&
3.90%
to
Merrill
Bank
Incorporated
Oregon Award Split
issues
last
consist
week
this
be
to
of
;
"
..
'
'
$20,000,000
split
were
between
two
fFirst Southwest Company
First ol
^
Bank-First /Na¬
Chase
& 'Savings
tional Bank of Oregon-The
.-Bank
Manhattan
bonds
were
yield
carried
and
coupon
1/10
a
not
was
Irving Lundborg & Co.
:
are
still
-
Henry Harris & Sons4
.
of
The
Shuman, Agnew & Co.
Stern, Lauer & Co.
J. B. Hanauer & Co.
of Memphis
Bacon, Stevenson & Co.
Dempsey-Tegeler&Co^lnc.
Seasongood & Mayer
Kaiman & Company, Inc.
4
-
C.F.Childs and Company
Incorporated
v
,
Seattle Trust and Savings Bank
in St. Louis
,
•Stubbs, Watkins & Lombardo, inc.
Series "A"'-bonds,
$8,000,000
Laidlaw & Co.
The First National Bank ; Ginther & Company
Blunt Ellis & Simmons
^ First National Bank
tabulated
that about one-half *.
the loan has been spoken for.
Francis I. duPont & Co.
Kenower, MacArthur & Co.
National State Bank of Newark
Industrial National Bank of Rhode Island •;
-
-
.
Fahey, Clark & Co.
but it appears
"
Stone & Youngberg
Incorporated
Cruttenden, Podesta & Co.
J. A. Hogie & Co.
Incorporated
of
1%
reoffered.
being
James Incorporated & Co.
A. Andrews
Incorporated
.
Orders
McMaster Hutchinson & Co.
Wells & Christensen
Incorporated
3.55%. "The : 1995 --ma-'
to
Roosevelt & Cross
of Dallas
'
'
from
*
2.25%
turity
•
Gregory & Sons *
Michigan Corporation '•
Stroud & Company
.The
-'group.
scaled to
Trust Company of Georgia
- groups.
.
.
'Incorporated
.
Republic National Bank
New York Hanseatic Corporation
Mercantile National Bank at Dallas
Lyons & Shafto
Fitzpatrick, Sullivan & Co.
*
.;
...
•
Taylor and Company ?
.
large'
issue, * $12,000,000
Series "B" bonds, maturing 1966'
to 1995 was awarded to the Harris
Trust
William Blair & Company
-
(1963-1985) bonds which
The
Bacon, Whipple & Co.
Paribas Corporation
-
Series
Wertheim & Co.
•
.
First National Bank in Dallas
Incorporated
f
.
.
Clark, Dodge & Co.
reported
Highway
Oregon
of
State
A and B
Bear, Stearns & Co.
John Nuveen & Co.
Ladenburg, Thalmann & Co.
J. Barth & Co.
Reynolds & Co.
Shearson, Hammill & Co. > Ira Haupt & Co.
E. F. Hutton & Co.
placement is expected.
The
Seattle-First National Bank
R. H. Moulton & Company
Dean Witter & Co.
(Incorporated)
suc¬
a
-
,
:William R. Staats & Co.
yield
to
and
Lynch/Pierce, Fenner & Smith
Incorporated
The
A.
re-offered
were
from
the
by
T.
Thornton, Mohr, Farish & Gauntt, Inc...: ..Robert Winthrop&Co.,-
-
:
.t r
.y: The Fort Worth National Bank
-A. G. Edwards & Sons
Julien Collins & Company
;
^
.
.
Hooker & Fay, Inc.
maturing 1963 to 1972, were pur¬
chased
,
-
the
.by
group
headed
Lawson* Levy, Williams & Stern
„
jointly by the First National Bank
of
Chicago-Morgan . Guaranty..
Trust Co. of New York. Scaled to
.
..
Wachovia Bank and Trust Company
Mitchum, Jones & Templeton
Brush, Slocumb & Co., Inc. ;
Frank & Robert Bender Co.
The Continental Bank and Trust
Company
- -*-
Allan Blair & Company
-
•
Wagenseller & Durst, Inc.
Fred D. Blake & Co...
-
Cavalier & Otto
'
yield
1.65%
from
to
-2.90%,
it'
of Salt Lake
that
appears
the bonds
are
about
one-half
thus,far sold,
Cooley & Company
McDonnell & Co.
Incorporated
'
,
The
Smith, Barney & Co. weekly
Turnpike
at
an
.
Index
average
when struck
on
was
yield
Nov. 9.
1
,
unchanged
3.86%
of
r
'•
,.
•.
.
'
Third National Bank
C. N. White & Co.
Nashville, Tenn.
•■'"A circular relating to these bonds may bo
,
November 15,
•
1961
-
.
John C. Legg & Company
Johnston, Lemon & Co.
r
other
underwriters not shown
Newburger, Loeb & Co.
Wulff, Hansen & Co.
•
obtained from any of the above underwriters, as well as
whose
names
Hannaford & Talbot
The First of Arizona Company-
;
City
of
will-be furnished
on
request.,
A Corporation
Stern, Frank, Meyer & Fox
/
7
8
The Commercial and Financial Chronicle
(2176)
Kabuto-cho
1-Chome, Nihonbashi,
Chuo-Ku, Tokyo, Japan—$15 per
DEALER-BROKER
(plus
copy
INVESTMENT LITERATURE
mail
UNDERSTOOD
TO
THAT
THE
INTERESTED
SEND
FIRMS
PARTIES
WILL
MENTIONED
THE
FOLLOWING
Broadway, New York 6,
N. Y.
Pollution
Vehicle
Motor
to
Control
contamination
in relation
Exhaust
De¬
Northrop Corp., Thompson Ramo-
Wooldridge
New York 5, N. Y.
Aluminum Industry
in
dustry
Discussion
—
issue
November
of
"The
available
Book
data
Hazeltine
Inc.,
a
Bank
gested
to
207
Market
Issue
Mil¬
Pipelines
Dobie
dum—Draper
25
Adelaide
Canada.
York
Ltd.,
Co.,
St.,
—
trolux,
>data
are
Securities
Power
available
&
is
4,
Y.
N.
Also
Orange
on
Corp.,
Oil
—
—
Re¬
Witter ' &
Dean
Montgomery
Review
Equities
St.,
Co., 45
Francisco
San
Broad¬
and
Also
Y.
the
on
Co.,
for
Handbook
—
stock
20
for
essen¬
traders
and
The Nikko Securities
—
Ltd.,
an
containing
points
investors
Tokyo,
Japan
York office 25 Broad
New
—
Street,'New
York 4, N. Y.
&
and
F.
Company, Inc., 141
Blvd., Chicago 4,
Jackson
111.
York
Third
City
Quarter
New
Stocks—
Bank
Statistics
Ten
on
York
City Banks — Laird,
Meeds, 120 Broadway,
New York 5, N. Y.
Bissell
&
Over-the-Counter
showing
between
stocks
the
the
used
Averages
Index
and
the
the
industrial
Dow-Jones
35
industrial
over-the-
stocks
to
as
in
used
Quotation
both
Foldei
compari¬
listed
in
National
market
—
up-to-date
an
Bureau
yield
and
performance over a 23— National
Quotation
period
year
Bureau,
Inc.,
Front
46
New York 4, N. Y.
Street,
^
Paper Industry—Report with par¬
ticular
reference
Paper,
Scott
.
to
International
Paper,
Rayonier,
St.-
and
Bag
Camp
Paper—Hill, Darlington &
Grimm, 2 Broadway, New, York
4,
N.
Y.
Also
available
is
Florida
of
Inc.
—
St.,
Research—Memorandum
N.
W.,
available
Arcs
Eitel
Industries—Memorandum—
A.
Bank
Lomasney
Building
Corp.
St.
& Co.,
1, Mo.
Louis
Olive
St.,
available
Electronic
Beryllium
Bulletin
Co.,
Canada
of
is
—
Co.,
America
of
Penington,
Pine
St.,
—i
Colket &
New
York
5,
dicussion
a
of Brush Beryllium.
Boeing
Memorandum—Sincere
—r
217
Broadway,
Stanley
Gem
Mass
analysis
Co.—Memorandum
Stonehill & Co.,
St., New York 5, N. Y.
—Federman,
Borg-Warner
Corp.
A.
70
Allyn
Analysis
—
—
Co., 122 South
La Salle St., Chicago 3, 111. Also
available is an analysis of Texas
Gulf Producing Company and a
memorandum
Canadian
Ohio
West
on
Breweries
Gas.
Ltd.—Report
—Reynolds & Co., 120 Broadway,
New York 5,
Caterpillar
N. Y.
Foods,
Memoran¬
dum—Jas. H. Oliphant & Co., 61
Broadway, New York 6, N. Y.
Coca-Cola
—
Bottling
New
of
York
—Report—Shields & Co., 44 Wall
St., New York 5, N. Y. Also avail¬
able
data
are
Lear,
on
and
Inc.
Wells
Drive,
Inc.
Inc.,
San
Report
De-
—
Associates,
—
Inc.,
600
Old
Country Road, Garden City, N. Y.
available
Inc.,
Flavors
Electronic
and
data
are
Louis
&
Lon-
on
Manufacturing
ternational
Co.,
In¬
Fragrances,
Instrument
Sherry
Co.,
Preserves,
Inc.
Splendor Mining Co.
Semi-annual report and folder
—
on
beryllium
activities
—
Hidden
Splendor Mining Company, First
Security Building, Salt Lake City,
Utah.
Inland
Container
Corp.—Analysis
Co., Inc., 621
Spring St., Los Angeles 14,
—Hill
Richards
South
Calif.
Tractor
&
Huntington
Marino, Calif.
Guy
and
Hidden
&
C.
Blalack
—
Inc.
Retailing—Detailed
2477
dontown
Bohack
Securities
International
Modern
Also
Combustion
Engineering.
C.
Y.
Inc.
,
is
on
N.
Products
Nashville
3, Tehn. Also available
is
an
analysis of Transcontinental Bus
Mo tt
memorandum
Monticello,
Photo
—Analysis—Equitable
Corp., 322 Union St.,
Company, 208 South La Salle
St., Chicago 4, 111. Also available
Pine
on
System Inc.
Specialty.
Corp.
—
70
memorandum
a
N. Y. Also available is
a
Also
McCullougli—Memorandum
Fox
Broadway, New York 4, N. Y.
on
Ga.
Electronics Capital Corp.—Memo¬
Fusz-"; randum— First Monticello Corp.,
—
522
Telephone
Also
1,
memorandum
a
Equipment
&
Memorandum—D. H. Blair &
42
Atlanta
is
Manufacturing.
&
Memorandum
—,
Bell
Oxford
Co., 67; —Birr & Co., Inc., 155 Sansome
St., San Francisco 4, Calif.
St., New York 4, N. Y.
Myron
sis
Also
available
Neiman
of
&
is
analy¬
an
Company.
Business
International
Marcus
Machines
—Analysis—F. S. Moseley & Co.,
50 Congress St., Boston 2, Mass.
Also
available
selected
stock
is
in
list
a
various
of
indus¬
tries.
Providence Gas.
Jefferson
Regis
Union
Drugs
—Cruttenden, Podesta & Co., 209
South La Salle St., Chicago 4, 111.
II.
New
Eckerd
Applied
and
Review—Bulletin—C.
Childs
West
Paper,
>
—
Tampa
Rockland Utilities Incr
view
;
on
Telephone—
bulletin
a
Market
Averages,
Co.,
Light
Corp.,
York
New
White
Industry
&
Florida
International
Stores.
Bulletin
—
Power
and
a
Japanese Stocks
Petroleum.
Gamble-Skogmo, Spiegel Inc. and
Electronics
Corp.,
Oil
Apco
Ill
6, N.
report
analysis
of Okuma Machinery Works Ltd.
counter
way,
Elec-
on
Sunbeam
Maytag,
4,
reviews of the
Ralph E. Samuel & Co., 2 Broad¬
Co., 1 Chase Man¬
hattan Plaza, New York 5, N. Y.
available
Co., 2
N. Y.
&
York
are
Industry,
Electric
Survey
E. F. Hutton &
Also
New
Pubco
is
Japanese
Inc.,
York
available
son
Florida
Corp.
—
Ferro
Johns
and
Goodbody
—
Florida
Spending
comment
Glass,
Plate
in¬
Fiberglass,
Corning
-
Gustin-Bacon
Florida
5, N. Y. Also available is a
on
General
Precision
Equipment
of the
New
report
Consumer
York
New
Roadhouse
—
Co., 50
7, N. Y.
particular
available
Steel
and
York
Study
—
Rates
Tax
Transfer
New
St.,
Broadway,
Also
— Analysis
Union Securi¬
Broad
15
Original
and
Manville
Industry
Dillon,
Stock
with
Corp.,
West, Toronto,
;V.;.'.v; V■■■>'■;
—Eastman
&
Co.
State
Pittsburgh
St.,
Construction
ties
&
current
Transfer
Owens
on
forth
Glass
dustry
Transfer Taxes
State
and
and
Fiber
Park,
Memoran¬
—
5,
setting
Registrar
Ryan, Inc., 70 Pine St., New York
5, N. Y.
Canadian
according
Winmill &
arranged
Wall Street, New York
Church
—
Sug¬
—
Y,
—Booklet
Michigan
Bulletin
—
Investment
issues
Federal
East
New
Market
St., Milwaukee 2, Wis.
Bond
for
Federal and
and
Tools, Inc.
Co.,
of
way,
investment,
industries—Gude,
Co., 1
N.
Lanvin-
Stocks—Report—The
waukee
Central
on
Shipbuilding Industry—
Review—Yamaichi Securities Co.
Thursday, November 16, 1D61
.
Report—Courts & Co., 11 Marietta
Schmelzle
Japanese
tial
and
Inc.
stocks
on
Co.
Light
Equities
of
Refineries,
Friden
bulletin
a
memorandum
Illinois
Corp., Random
Aluminum,
Inc.,
Oil
Industry
Leonard
Harvey
Parfums,
Baker
discussion
a
Publishing
on
House,
Inc.,
is
and
selling far below their highs and
Ex¬
change"—Exchange Magazine, 11
Wall St.,
New York 5, N. Y.—
20 cents per copy, $1.50 per year.
Also
Kolls-
Co., 72 Wall St.,
New York 5, N. Y. Also available
is a report on the Air Line In¬
Harris, Upham & Co., 120 Broad¬
way,
Standard
and
man—H. Hentz &
Systems—Report—
6, N. Y.
.
Co., 335 Bay St., Toronto, Canada.
Broad
Japanese Market—Survey—Daiwa
Securities Co., Ltd., 149 Broadway,
LITERATURE:
New York
Air
air¬
Electronics
Ltd., 61
PLEASED
BE
if
Industry —
Analysis—Nomura Securities Co.,
AND RECOMMENDATIONS
IS
additional
delivery is desired).
Japanese
IT
$8
Analysis—Doherty
.
Colgate-Palmolive—Memorandum
—Uhlmann
&
Co., Inc., Board of
Building, Kansas City 5,
Trade
'
Mo.
an
Lake
Sulphur
Analysis—Schweickart &
Broadway,
Kendall
New
Co.
York 6,
Company
—
Co., 29
N. Y.
Analysis
—
—
Laird,
Bissell
&
Meeds,
120
Broadway, New York 5, N. Y.
.
with
brief
comment
on
<13
6, Calif.
com¬
panies — Bache & Co., 36 Wall
St., New York 5, N. Y. Also avail¬
able
is
Eastern
an
Pipe
Electronic
with
analysis
Japanese
edition
of Panhandle
plete
Line.
Stocks
•—
particular
reference
of
data
Corporations
manual
on
Stock
Yamaichi
to
—
carrying
Japanese
890
porations listed
Exchange
Discussion
analysis
.
on
(in
Securities
1962
com¬
cor¬
the Tokyo
English) —
Co., Ltd., 3
of
Situation
Chase
Bank, 1 Chase
Plaza, New York 15,
.
Rubber
are
more
active.
specialize. Block inquiries
we
Capital for Technical Ind., Inc.
•
Corp. of N. J.
Capital Corp.
Corporation
Growth
Marine
Business
&
Co.,
74
Trinity
6, N. Y.
'
Science
Cap. Corp.
Capital Corp.
Corp.
Tax
Switch
Com¬
&
Comments
With
—
is
—
review
a
New
of
Roadway
Machinery
&
Express.
Review
—
—
Co., Inc., 300 Park Ave.,
22, N. Y. Also avail¬
York
able is a brief review of Chrysler
.
Attractive
selected issues
on
road
Groups—Bulle¬
Equipment,
in the Rail¬
Cement
Machine
and
(
Industries
—
Weingarten & Co., 551 Fifth Ave.,
New York 17, N. Y.
■>;.
Capital Corp.
.
sj»
*
Limited
Greenshields
64
Wall
St.,
American
Analysis
Co.
(N.
York
New
Radiator
Corp.
Also
available
Institutional
illustrating interesting relative
available
&
—
Y.)
N.
5,
—
Inc.,
Y.
Standard
&
Sanitary—Report—Droulia & Co.,
25 Broad St., New York 4, N. Y.
Capital
Water Industries Capital
percentages is
on request.
third
is
a
elections
quarter of
bulletin
during
of
the
1961,
American Telephone & Telegraph
—Discussion—Stearns
*Prosj~ccius
on reines.
&
Co., 80
St., New York 5, N. Y. Also
Pine
available
Troster, Singer & Co.
—
York
—
Keyes
Fibre
Coffin
&
Weiss
&
Inc. 80 Pine St., New
5, N. Y.
Members New York Security Dealers Association
Andrew
port
is
a
discussion
Jergens
Hooker
—
of
Company
&
IBM.
—
Re¬
Fay, Inc., 221
Montgomery St., San Francisco 4,
Calif.
Anthes
14
Wall
U.
New
St.,
available
York
Co.,
Warner
&
Rothschild
Oil
•
Imperial Company
Ltd.—
N.
Y.
of
Burroughs
Corp., Mother's Cookie
Continental
5,
reviews
are
Tobacco
S.
Company
Company,
ton
laboratory
for
—
Data
L.
—
F.
HI.
Lockheed Aircraft
way,
New
available
man
Varian
Associates.
Decca—Analysis—Cowen
Walston
East
New
&
120
&
York 5,
Productions
York
—
Co., Inc.,
Co.,
N.
Bulletin
Y.
—
74 Wall St.,
5, N. Y.
Asiatic
4,
N.
Y.
Also
analysis
an
of TishRealty & Construction Co.
Mayfair
Park
Industries
T.
Ave.,
McKesson
New
&
cell
Steel
Co.—Memorandum—
Corporation,
Broadway, New York 5, N. Y.
H.
Steel
240
cisco
Inc.
Lewis
&
—
Co.,
York 5, N. Y.
—
Co., 50
York 4, N. Y.
sis—Pacific
Co., 375
22, N. Y.
Bobbins
&
McLouth
&
York
Wall St., New
McLouth
Memoran¬
—.
Emmet
63
New
—
York
is
Steel
Disney
Analysis —
Beane, 2 Broad¬
J. R. Williston &
dum—W.
&
St.,
—
&
Co.,
Salle St., Chicago 3,
Analysis—John
Wall
Electronics
Memorandum—McKeown
Seaboard Air Line Railroad, U. S.
45
—
Swasey.
Co., 120 Broadway,
New York 5, N. Y. Also availab'e
are data on Georgia Pacific, RCA,
and
Memorandum
—
Burr, 60 State St., Bos¬
9, Mass.
120 South La
Insurance
Memoran¬
—
Nordeman
—
Vending
Samuel
Land
&
Co.,
Broadway, New York 6, N. Y.
N. Y.
5,
Automatic
Report
Associates,
York
New
New York Hanseatic
Aluminum
Southeastern Capital Corp.
Cur Srief
Investment
Capital Corp.
Techno Fund, Inc.
Texas
New
Co.,
Broadway, New York 4, N. Y.
Vending
*£rr,all Business Inv. Co. of N. Y., Inc.
*
Consumers
Inc.
and
tin
Narragansett Capital Corp.
St. Louis
Com¬
Singer
Place,
Three
Capital Corp.
Midland
Business
Corp.
Corp.
Minnesota Scientific
Investment
panies—Report—Troster,
Evans
Capital, Inc.
Mid-States Business
issues
St.,
County
dum—Bruns,
Co., Inc.,
&
Also
Textile
Washington Ind. Inv. Inc.
Gulf Southwest
of
Freehling, Meyer hoff & Co., 120 South La Salle
St., Chicago 3, 111. Also available
Capital Corp.
Franklin
Freightways, Inc.
Small
"suggestions
Electro-Science
Greater
List
—
Wall
—Analysis—W. E. Hutton & Co.,
50
Business Funds, Inc.
Florida
Stocks
14
Kern
115
Continental
Small
first Small Bus. Inv.
—
&
panies—Bulletin—Gruntal
Capital Corp.
electronics
Industry
Granbery,
Co., 67 Wall St., New
5, N. Y.
York
invited.
Eoston
Consolidated
Broad"
industry—John H. Kaplan & Co.,
120 Broadway, New York
5, N. Y.
Corporations is currently
list in which
French, Inc.,
123
South
St., Philadelphia 9, Pa.
considered attractive arranged by
Public interest in the securities of Small Business
a
Fabricating
Memorandum
.
SBIC's
Investment
Corporation—Repcrt
Woodcock, Moyer, Fricke &
Memorandum—Blyth
Selected
Below is
—
Y.
York
.
Review
—
Manhattan
Manhattan
N.
Compudyne
—
Petroleum
Marache
banks, brokers and financial institutions
Air
Brake.
—
For
Westinghouse
Bulletin
—
Broadway,
Pur-
New
•
Company—Analy¬
Securities Co.,
St., San Fran¬
Coast
Montgomery
4, Calif.
Continued
on
page
15
Volume
194
Number
\
6108
,
.
" This announcement is not
T
-y;
•
The Commercial and Financial Chronicle
.
an
C2177)
ojjer oj securities for sale
or a
solicitation of an offer to buy securities.
November 14, 1961
New Issue
$100,000,000
Triborough Bridge and Tunnel Authority
Narrows
Bridge Revenue Bonds, Second Series
Interest exempt, in the opinion of Messrs. Hawkins, Delafield & Wood and of Messrs. Sullivan &
to the Authority and counsel to the Underwriters, respectively, under the existing statute
Cromwell, bond counsel
'
and court decisions
V from Federal income taxes,-and under existing statutes from New York State income tax.
3%% Bonds, due January 1,1985
$60,000,000
/X %:/:Price 100% '■
r-:?.
^
: ■
*.
.
,
$40,000,000 Serial Bonds
Interent
rate
Yield
3.25%
3.10%
5,000,000
5,200,000
1973
3.25
3.25
3.50
3.20
3.30
3.40
*"""
rate
Yield
3.50%
3.50
100
3.55%
100
100
$5,400,000
5,650,000
4,800,000
A
X
Interest
1974
1975
1976
1977
amount
1970
1971
1972
amount
$4,600,000
Price or
.
Due
January 1
Principal
Due
January 1
Principal
5,900,000
3,450,000
Price or
3.60
3.60
,
,
Accrued interest from December 1, 1961 is to be added to the prices.
As
forth in the Official Statement, the Bonds
set
whole
are
subject to redemption
amount to
103% of the principal amount to and including December 31, 1972
able at
and after January 1,1970,
on
as a
days published notice as follows: The Bonds due January 1, 1985 are redeemable out
Fund Installments at 100% of the principal amount thereof and otherwise at 103% of the principal
and including December 31, 1973 and at declining prices thereafter; and the Serial Bonds are redeem¬
in part, on 30
or
of Sinking
and at declining prices thereafter*
Copies oj the Circular dated ISovember 13, 1961, which contains jurther injormalion, including the OJJicial Statement
oj the Authority, may be obtainedjrom such of the undersigned as may legally ojjer these securities
under
applicable securities laws. The undersigned,
Dillon, Read & Co. Inc.
Merrill Lynch, Pierce,
Fenner & Smith
Incorporated
White, Weld & Co.
Kuhn, Loeh & Co.
Glore, Forgan & Co.
Equitable Securities Corporation
•"
r
•
"•
'/•
'
:
•
'
'
/.
;
V V*•*.
.
*i/"\
"
•
;
...
v
v.",''-"
.
,
•
•
•
Riter & Co.
Clark, Dodge & Co.
Incorporated
Incorporated
Adams, McEntee & Co., Inc.
Hirsch & Co.
Tripp & Co., Inc.
■
:
Bacon, Whipple & Co.
J. C. Bradford & Co.
J. A.
Hogle & Co.
Pad, Ryan, Inc.
Baker, Watts & Co.
Coffin & Burr
„
'
"
E. F. Hutton & Company
_
Fitzpatrick, Sullivan & Co.
Stifel, Nicolaus k Company
Stroud & Company
Incorporated
Incorporated
Eldredge & Co., Inc.
Spencer Trask & Co.
R. D. White & Company
Bkmt Ellis & Simmons
William Blair & Company
A. M. Kidder & Co., Inc.
'
Schwabacher & Co.
Incorporated
Chas. E. Weigold & Co.
Incorporated
Julien Collins & Company
Hallgarten & Co.
Wood, Slruthers k Co.
Weeden & Co.
Wm. E. Pollock & Co., Inc.
Baker, Weeks & Co.
Dominick & Dominick
Incorporated
Braun,Incorporated & Co.
Bosworth
<
G. H. Walker & Co.
F. S. Smithers k Co.
Geo. B. Gibbons & Company
,
American Securities Corporation
Kean, Taylor & Co.
Lee Higginson Corporation
Dick & Merle-Smith
I
1
■ tv,.
Hemphill, Noyes & Co.
L. F. Rothschild & Co.
Tucker, Anthony & R. L. Day
Roosevelt & Cross
■ •
Reynolds & Co., Inc.
,
W. E. Hutton & Co.
'
B. J. Van Ingen & Co. Inc.
Ira Haupt & Co.
;
1
Phelps, Fenn & Co.
"
First of Michigan Corporation
Estabrook & Co.
Incorporated
J
■
..
Alex. Brown & Sons
Incorporated
A. G. Becker & Co.
Incorporated
Bacon, Stevenson & Co.
Francis I. duPont & Co.
'
Lazard Freres & Co.
Paine, Webber, Jackson & Curtis
Moseley & Co.
Harriman Ripley k Co.
Goldman, Sachs & Co.
,
1
'
W. C. Langley & Co.
Gregory & Sons
Bear, Stearns & Co.
Bache & Co.
•
t
Blair & Co.
\r
-
v
Hornblower & Weeks
F. S.
.
Eastman Dillon, Union Securities & Co.
Stone & Webster Securities Corporation
Barr Brothers & Co.
A. C. Allyn & Co.
X;X:.
'
Salomon Brothers & Hutzler
Pressprich & Co.
:
'
i
• ;
</
Allen & Company
_
Drexel&Co.
Ladenburg, Thalmann & Co.
Kidder, Peabody & Co.
R. W.
Incorporated
r'
C. J. Devine & Co.
x
v.'%.
;X
;
W. H. Morton & Co.
•
;
the Underwriters.
arc among
Malvern HOI & Company
Incorporated
McDonald & Company
The Ohio Company
Swiss American Corporation
Thomas k Company
10
The Commercial and Financial Chronicle
(2178)
apolis area with combined sales of
$3V2 million in 1960.
Crowell-Collier—And
/
The Education
Explosion
The
Encyclopedias
backbone
tion
40
in CRW
55%
over
comment
strides by
Time
on
a
well
known
company
that has made great
switching from magazine to book publishing.
when Collier's "Amer¬ trade books. Macmillan publishes
Magazine"
and
"Woman's around (600 .books a year, .pio¬
Home Companion", were houseT) neered in.paperbapk text books,
hold
words.
These
periodicals and issued 20 paperback non-fic¬
were
avidly read in millions of tion titles last year. This paper¬
American homes and carried on back business is being expanded
an
intense rivalry with the Cur¬ and over 40 titles a month (most¬
tis Publishing Co. — until five ly non-fiction) retailing from 95c
years ago. Since then the corpo¬ to $1.95 are scheduled under the
was
,
ican
rate body of
trade
Crowell-Collier Pub¬
name
of Collier Books.
Macmillan
v
lishing Co. has undergone major
changes in type, circulation and
has
and,
earner
been
a
volume
ings
edition
will be
issued
at
"
$350.
Classics
More
nated
-
In preparation is a
junior
4%%
at
N.
A
new
lier
management
management,
it
is
debentures due
into
These
stopped; and net for 1957
June,
1961, *i*a*6alle Extension Univer¬
sales have increased
steadily and
sity, well known for its corre¬
profit
margins
have
continued
favorable.
Sales totalled-$44 mil-, spondence courses in-high school
business ac¬
lion in 1960 and net was $5.8 mil¬ completion, and in
lion after payment of $1 million counting, law and various tech¬
More. energetic selling
in income taxes. The rising con¬ nologies.
of La Salle courses should boost
junction
of
sales and
earnings
sales well above the $3.4 million
continues, aided and abetted by
some
interesting recent mergers. reported in 1960.
If sales of these three acquired
Mergers
companies had been included for
In
December
1960,
Crowell- the full year 1960, gross income
Collier acquired Macmillan Com¬ would have been almost $69 mil-
distinguished publisher of lion.
;
/
:
;
text books and, for many years
Quite unrelated to publishing,
a major supplier of these for high
Crowell-Collier .owns radio sta¬
pany, a
schools
also
.
:
and
ranks
colleges. "Macmillan
tions
in
the top five in
cisco
and
among
Los
Angeles,
in the
San
Fran¬
Paul-Minne¬
St.
pected
increase 20%
to
Thus-; Crowell
broad
^
Collier
in
:
value,
they -yield
on
have
announced
their
offices
uniquely favorable position to
previously located at 39 Brbadway.
go
have
is
not
offer of-securities jor sate
an
been
exhausted
curities
faces full tax liabil¬
the
basis
firm
estimates
by competent an¬
alysts have indicated a per share
k
at
$1.35 for 1961, about
$1.75 in 1962,. and possibly over
$3 by-1964.
This is the kind of
an
bly
business
Maritime
from
offices
in
Building under the
of Andrew MacDonald
name
Corp. Opens
PHOENIX, Ariz. — Marco Invest¬
ment Corp. has been formed with
offer to buy securities.
^November 15, 1961
-
of
Dele¬
head
to
gates
the
4,4 00-
member
or¬
ganization was
announced
Walter W. Belson
by
Admiral
Rear
'Harold
Miller,
President
of
Public
American
World
Director
and
Relations,
B.
Society
(Retired),
U.S.N.
Pan
Airways, New York, following the
assembly's annual .meeting at the
Shamrock
7
elected
at
the
included:
the
Society
Assembly
meeting
of
Ward
Vice-President
here.
Hotel
Hilton
officers
Other
B.
Stevenson,
Public
Relations,
Telephone and Tele¬
International
-
graph Corp.,, New . York,
President;
President,
New
Inc.,
relations
Vice-
as
Harold'M. Gartley,
Gartley & Associates,
York financial public
counseling
firm,
as
Treasurer; and Donald N. Phillips,
district
sales
and public relations
United Air Lines, New
Orleans, as Secretary.
^
manager,
Elected
the
to
Directors
were ;
of
Board
PRSA
Chester
Burger,
President, Communications Coun¬
selors, Inc., New York; and Claude
Ramsey, President, Public Rela¬
tions, Incorporated, Denver, Col.
Form Bassior Co.
(America). - Mr. rMcintosh
was
formerly with Howard, Weil, Lar
bouisse, Friedrichs and Company.
net of about
*
New Issue
of
ORLEANS, La. —Henry P.
Mcintosh IV is engaging in a se¬
ity in respect to earnings. On this
solicitation of
or a
removal
quarters
NEW
benefits of earlier
now
now
PRSA Assem¬
In Securities Business
Earning Power
Marco Inv.
This announcement
the
new
to
Broad St., N. Y. C. They were
25
and grow.
CRW
election by the
a
Exchange,
Socie¬
Belson's
Mr.
common
dence courses, and its penetration
the paperback market, is in a
of
years
lations
ty of America.
almost
of the New York Stock
so
the Public Re¬
Bacon, Stevenson & Co., members
text
was
1962
as
President of
20-year
a
books, encyclopedias, atlases and
referencebooks, its correspon¬
The tax-free
elected
at-
Bacon, Stevenson '
In New Quarters; I
by 1970.
with
its
representation
Inc,. Washing¬
117.
at
Relations,
Associations,
ton, D. C.,
quite animate equity.
is unlikely to pay
cash dividends for some time, as
-
Crowell-Collier acquired in
tidy $3.7 million. Since then
Public
"con¬
.
a
of
Trucking
1981,
_
was
Director
pre¬
-common
'share.
currently and offer
The
ency¬
clopedia, also to be merchandized
door-to-door, but by a separate
sales organization.
This project
.
and
American
common
the company has beckoning uses
expected
for its cash resources; hut the 4%
has redirected the company from that sales should expand consid¬
losing
magazines
to
winning erably over the $19.9 million fig¬ is two or three years away and dividend in stock is reasonably
ure
books.
reported last year.
Profit will require development funds -rewarding whether sold or re¬
tained.
"<■
The trend started a decade ago margins should also be expanded. in the order of $2 million.
Crowell-Collier is an old and
In February of this year Free
when the "Crowell Encyclopedia"
The Educational Market
honored name in publishing.
Press of Glencoe, a specialist in
\
The
was
introduced,
and in recent
reorientation of corporate activ¬
social
science
The important thing about these
books,
was
ac¬
years, "The tail has wagged the
This unit will publish 70 expanding activities at CRW is ities, sparked by a competent and
dog."
The last year of magazine quired.
books this year and should gross that they are beamed toward one imaginative ■management,
the
publishing, 1956, was a dismal
over
$1 million. Ahead lies the of the most dynamically growing pleasing upcurve in earning pow¬
one, with a loss of over $4 million
er,
the exciting forward motion
on
a
$76 million gross. It was at publication, in conjunction with industries in the United States—
the
Macmillan
division, of two education.
More than 49 million in the education industry and the
that time that -new management
new
encyclopedias, one in - phi¬ young people were enrolled this quite reasonable price at which
took over, with an aggressive pro¬
and
one
in the social Fall in classes all the way from CRW common, presently sells—all
gram
for
expanding
the
book losophy
sciences.
Preparation
of
these kindergarten through university these entitle this stock to some
business and for benefiting from
texts may require 3 years' time graduate .school:
The rising'per priority in consideration by pa¬
a tax-loss carry forward of about
and a $2 million outlay.
The sets capita inpome, the motivation of tient and prudent investors."/ The
$14 million.
•
from
education. are
will, however, sell
for several status seeking, the Russian tech¬ dividends
Progress in the past five years hundred
dollars
apiece,
be
a nological competition, and the de¬ widely appreciated in our society.
has been impressive. In the first
"must"
in
university
libraries clining opportunities in unskilled
year of the new management the
everywhere, and have a virtual labor all are driving forces be¬
departure of the magazines re¬
hind
monopoly of the market.
this
education -explosion.
duced sales
to; $29
million, but
In a totally different direction College enrollment alone is ex¬
deficits
dimensions.
Society of Amer.
HOUSTON,
Texas — Walter
W.
Belson, assistant to the President
Although they
fair premium over con¬
a
version
call
Public Relations
subordi¬
sell
4%
age"
is
2,957,263
E.)„
verts"
with the encyclopedia and "World
Atlas." •
.y-7 ;v; 'Vr;
as
in
per
is
year
convertible
are
line
this
Capitalization
S.
$48.50
planned by "pack¬
offering of these volumes
of this
exaggerated,
sold
Y.
selling
aggressive
At
earn¬
by $11,800,000
ceded
sold
are
potential
seem
50%.
as
and
Harvard
not
shares
simple:
shares
(listed
January.
The
does
the
quite
next
expan¬
at this time.
common
discount of
high
Encyclopedia sold door-to-door by
some 1,000 salesmen at
$260, with
payments running for 2Vz years.
An enlarged (24 volume) and re¬
vised
the
and
Collier's
-
steady
Crowell-Col¬
under
1961.
of sales in
There's the 20
for
account
estimated
earnings are-reasonably
there appears to be merit
valid,
should
these
Belson Heads
in
symbol) business is in
encyclopedias and reference
,
Current
that
sions
(stock
exchange
These
Thursday, November 16, 1961
.
rate
that
sophisticated
buyers, quite disinterested in in¬
come, appreciate.
On the assump¬
works.
By Dr. Ira U* Cobleigli, Enterprise Economist
.
growth
■./>
CRW
of
.
George Bassior
is
engaging
securities business from
2670
N.
Bainbridger Ave.,
under the: firm
Y.,
Bassior Co. He
in
a
offices at
Bronx,
of
name
formerly with
Incorporated and Fontana
Darius
was
Securities.
Independence Sees. Formed
(Special to The Financial Chronicle)
-
CHARLOTTE,
N. C.—Independ¬
Securities, Inc. has been,
ence
offices at 322 East Thomas Road
formed with offices in the Liberty
to engage in a securities business/ Life
Building to ^succeed to the
Officers
are
Waldo
F.
Marion, securities business of Morrison &
President; Noel
Prdsident and
Ev Window,
Edward J.
Visher, >Vice- .Company,,Inc.
B.
Secretary; Charles
Vice-President;
and
Dozark, Treasurer.
ert
A.
H.
Officers
are
Rob¬
President; Maurice
Hood*
Weinstein, Secretary; and Rob¬
Morrison, Chairman of the
ert H.
Board.
148,640 Common Shares
Par Value $5 Per Share
Phila.-Balt. & Montreal Stock Exchs.
Interchange Associate Memberships
Price $73.50 per share
The
Philadelphia
Montreal
Stock
concluded
-
an
- Baltimore
and
Exchanges have
...
-agreement,for
may be.obtainedfrom such of the undersigned
the underwriters named in the prospectus) as may
legally offer these securities -under applicable securities taws.
.7 ship by their respective {members,
effective with the opening ofbus-
among
ness
on
Nov. 15,
1961.
bers who become
The First Boston Corporation
Lazard Freres & Co.
in
;
Lynch, Pierce, Fenner & Smith
Incorporated
Dean Witter & Co.
o
«*.».»
-
-
-
Hemphill, Noyes & Co.
Exchange
500
become
Hornblower & Weeks
the
have
•>
Paine, Webber, Jackson & Curtis
'
r
.
<
••
I
\
Shields & Company
Incorporated
'
•
•
Reynolds & Co., Inc.
J
<
i
i
!
\
r t 1
Sweney Cartwright & Co.
^
mem-,
will
orders
con¬
maintained.
of
; the .PhiladeiphiaStock
Exchange who
Stock
of the
Exchange' will
privilege
for the
with
ofexecuting
Montreal stocks
registered with the SEC.
succeess
the
Major
tors
this
in
the
our
agreement
Stock
Ex¬
contributing
growth
business ' have
for
of
Montreal
change.
-;
been
interchange
of
fac¬
P-BSE
agreements
of
associate
memberships with the Pittsburgh
Stock .Exchange in 1955 and with
the
Boston
1957."
have
which
associate members
Montreal
,
in
markets.are
Baltimore
...
stocks
orders in certain
L. F. Hothschild & Co.
•
associate
privilege of executing
the
Members,
Stone & Webster Securities Corporation
-
-
W. E. Hutton & Co.
it
-
,
Philadelphia-Balti¬
*
tinuous
Merrill
the
Stock
more
the
Blyth & Co., Inc.
of
bers
The Ohio Company
/
Montreal Stock Exchange mem¬
'
.
Dillon, Read & Co. Inc.
the
interchange of Associate Member-
Copies of the prospectus
{who sire
.
-
Eric
Stock
Exchange
in
V
\ '
Kierans,
treal Stock
Montreal
President, Mon¬
Exchange, stated "the
and
Boston
changes concluded
Stock
an
Ex¬
agreement
in
September 1960 for the inter¬
change of associate memberships,
direct
private
telephone
com¬
munication
between
the
trading
floors, -and mutual clearing facili¬
ties .for the settlement of transac¬
tions
in
Canadian
and
American
-\
"
'
S.
Grey Dayton, Jr.,; President,
cessful
,
In
the
light of this
suc¬
stated "if the 93% inexperience, we are happy
Philadelphia-Baltimore -■ to have concluded our agreement
StockExchange
business since with the Philadelphia-Baltimore
Stock Exchange."
1955 is a criterion, it augurs well
P-BSE,
•«".
dollars.
crease
in
Volume
194
Number 6108
.
.
The Commercial and Financial Chronicle
.
(2179),
11
New Euro-Dollar Owners
This am.ounctm.tni is
New Issue
By Paul Einzig
-
ngi
an
offer of securities for sale
>jf ■
.
,
~
•
or a
•»
•
,
solicitation of
/
,/
an
„
offer to buy securities.
November 16, 1961
.
'
-*
.......
;
.
•
and
Canadians
are
found
to
holders of U. S. dollars held abroad.
be
Dr.
displacing
-
„
,
^
Americans
_
.
Einzig explains why this
example, to the British tacit encouragement of thi?
$15,000,000
Natural Gas
positional-ownership shiftjn London branches of U. S. banks and, for
British banks. The Canadian Government is queried;
for its "strange tactics" in announcing but delaying its depreciation
dollars
of
holding
in
interest rates there than
LONDON, England — The "Euro¬
dollars," which were originally
given their horrid name because
they were dollar deposits owned
mostly by Europeans - and
redeposited mostly with European
banks,
have become largelyAmericanized. A very consider¬
able. proportion of them is now
redeposited
by
American
and
Canadian
by no
proportion
a
inconsiderable
means
of them
about
come
obtainable in
the
—
end—there is evidence that Amer¬
plus accrued interest from November 1, 1961
in London
high
com¬
pared with those in New York.
Notwithstanding the recent bank
(1) • Interest
rates
private individuals with .substanmeans are becoming increas¬
<
is
rates
bill
well
still
3%.
Large
and
medium-size
corporations and even priare
becoming
individuals
increasingly familiar with the use
Euro-dollar
of
facilities.
Deposit rates offered by
American banks recently
(3)
many
have
below
been
attractive
the
even
un¬
and
uncompetitive
maximum rates fixed by law.
(4) Canadian holdings of U. S.
dollars have greatly increased in
anticipation of the depreciation of
the
Canadian
holders
and
their
earn a
high
dollar
anxious to
are
yield on their temporary holding.
By the look of things interest
ingly aware of its existence and
possibilities.; In
faet ..instances
come to my notice, in which
American
New York will remain for
not
if
more
in
manently
vised
favored' -customers
some
artificial
rates.
In
than
not
branches
banks
our
will be in
pay
—
higher
deposit
the
position to
a
deposit
purpose
American
of
rates
The
than
-
community
While the British authorities do
not
actively encourage this new
activity, they carefully re¬
applying to it the ex¬
change restrictions which are still
in force in other spheres of For¬
eign Exchange business. Thus no
special authorization is required
for borrowing abroad in the form
of
taking Euro-dollar deposits.
Even though their amount has to
be declared to the Bank of Eng¬
line of
frain from
land
come
each
once
a
under
bank
month it does not
the limits fixed for
as
to
their
permitted
maximum holding of covered and
uncovered
Foreign Exchange. Fi¬
nally, any official ban on certain
types of credits to finance inter¬
national
transactions
are
inappli¬
cable to credit granted in the form
of Euro-dollars, even though the
recipients are in a position to
swap their dollars into sterling.
Growing Awareness
In spite of the almost complete
absence
of
publicity on Euro¬
Corporation
Kuhn> Loeb & Co.
/
Incorporated.
Blyth & Co., Inc.
The
m-e n
t in i
broadcasting its intention of low¬
S.
dollars
and
rates
on
York
Harriman Ripley & Co*
Kidder, Peabody & Co.
Lehman Brothers
K':
Smith, Barney & Co.
v
i
1
Merrill Lynch, Pierce, Fenner & Smith
..
<•>»-:.
10
Incorporated
;
Vli-
•
Incorporated
.
-
r.
White, Weld & Co.
'
Incorporated
Stone & Webster Securities Corporation
Dean Witter & Co.
A. G. Becker & Co;
.
short-term funds
New
Goldman, Sachs & Co.
Lazard Freres & Co.
business firms
Since
interest
by
speculators.
in
GIore,Forgarr&Co.
Incorporated
ering the exchange value of the
Canadian dollar without allowing
the exchanie rate to depreciate
immediately to desired level, re¬
sulted in the acquisition of very
substantial Canadian holdings of
U.
Eastman Dillon^ Union Securities & Co.
strange tactics pursued by
the Canadian Govern
the
and
are
Canadian ; holders
Incorporated
•
low
eventual
depreciation of the Canadian dol¬
lar, which is not expected to be
spectacular, is not likely to ma¬
terialize in the immediate future,
;
This announcement is not
an
offer of securities for sate
or a
solicitation of
an
offer to buy securities.
naturally
are
anxious to take full advantage
of
New Issue
November 16, 1961
.
.
the high yield obtainable on their
dollar deposits in London.
/
?
.
The Americanization of
large
a
100,000 Shares
opens
possibilities which deserve at¬
believed
is
static,
to
be
more
or
less
Natural Gas Pipeline
though
nobody but the
Bank of England is in a position
to know what the actual position
is.
smaller
A
Cumulative Preferred
Stock, 5Vi% Series
(Par Value $100 Per Share)
proportion is now
other nonto imagine
held by Europeans and
It is easy
Americans.
the
circumstances
Americans
might
S.
The First Boston
banks.
can
finds
the
Euro-dollar market very useful
and profitable
and will do its
utmost to keep it alive as a per¬
manent part of London's inter¬
national
financial - organization.
banking
U.
Halsey, Stuart & Co. Inc.
with London branches of Ameri¬
would
in
Dillon, Read & Co. Inc.
a
tention. At the moment the grand,
total of Euro-dollars in London
the
;v
to
large pro¬
portion of American Euro-dollar
deposits is of course, deposited
London
banks
.
have
t.o
banks
London
con¬
if
more
often
London banks — which
London
known
are
up
States should
includes " for
term
of
London
recommended
proportion of Euro-dollars
much
^removed,
are among
of these instances
some
per¬
active
an
Even
limitations
rates in the United
be
to
be obtained from, such of the undersigned (who
offer
may
the underwriters, named'in the prospectus) as may legally
these securities under applicable securities laws.
•
.
their
deposit
very
the
of
of
market.
Euro-dollar
a
less
or
favor
existence
tinued.
Copies of the prospectus
ad¬
themselves
banks
-'
differentials between London and
long,
.
have
dif¬
interest
the
reductions
ferential between U. S. and U. K.
S.
,
American; hanks without branches
'
(2)
V
even
and
This
remain4 J persistently
U.
:
tial
their customers. But
vate
and
interests
business
ican
circumstances:
over
"
Price 99%
in
Treasury
financial
British
does not as much as mention
them some times for months on
press
tendency has become accentuated
lately, owing to the
following
rate
Pipeline Company
New York.
dollars
:
higher
from
change has
gradually, but the
American
of
banks.
Canadian
profiting
:
dollars in London
for the sake of the higher deposit
redeposited with Lon¬
are
branches
don
and
owners
England
,
,
4%% Debentures due November 1, 1981
Pending any external change, it is found to have resulted in
substantial
.
.
-
■
com¬
that matter, in
policy*
:
...
European
Americanization of Euro-dollars held in European banks has occurred.
He refers, for
„
.
•
of
and
increase
-
Americans
Price $100 per
their
holdings. It
spectacular increase
mean a
the
which both
in
non
share
plus accrued dividends from November IS, 1961
y
grand total.
Opportunity for USSR
The
Euro-dollar
closest
attention
ties—not in the
aging
its
sense
of
;
the
authori¬
reserves
of
the
of discour¬
sense
activities
but
in
Copies of the prospectus
■
'
/
be obtained from such of the undersigned (who
as may legally offer
these securities under applicable securities laws.
are among
may
the underwriters named in the prospectus)
the
the
following closely
happening in it. For one
thing, it provides an opportunity
what is
for
the
Soviet
Communist
Union
countries
other
and
to
camou¬
Dillon, Read & Co. Inc.
flage the size of their dollar de¬
posits through redepositing them
in
London
provides
in
or
them
Paris.
with
an
It
also
oppor¬
tunity for borrowing dollars by
taking in Euro-dollar deposits.
The perturbing potentialities
of
the
situation
operation
call; for
between
the
close
The First Boston Corporation
Incorporated
Blyth & Co., Inc.
Eastman Dillon, Union Securities & Co.
for the
more
collecting for much
detained
information
Harriman Ripley & Co.
Goldman, Sachs & Co.
than
Lazard Freres & Co.
Lehman Brothers
(
Smith, Barney & Co.
SILVER SPRING, Md.—Louis E.
Grossman has formed L. E. Gross¬
Co.; with- offices at 8641
Colesville Road to engage in a
securities business.
&
Incorporated'
Merrill Lynch, Pierce,
.
Form L. E. Grossman Co.
Kidder, Peabody & Co.
Incorporated
is at present returned.
man
Glore, Forgan &Co.
co¬
Western
European Governments concerned
and
Kuhit, Loeb & Co.
Fenner & Smith
Incorporated
Stone & Webster Securities Corporation
Incorporated
White, Weld & Co.
-
Dean Witter & Co.
A. G. Becker & Co*
'
Incorporated'
12
\.The Commercial and Financial Chronicle
(2180)
outweighing the temporary hard¬
ships to certain groups. The facts
Role of the OECD in Future
to
due
the
longer
have
World Trade Development
recovery;
There is
A
OEEC
Randolph Burgess,* Former U. S. Ambassador to
NATO, Under Secretary of the Treasury, Deputy Governor and
President of the Federal Reserve Bank of New York
By Dr. W.
...
blockade
roles given to NATO and
the successor organization to the OEEC is to give it to the latter.
This strong ^view comes from our former Ambassador to NATO who
envisions the OECD as a helpful complement to NATO in building up
the West's defense and economic strength. Dr. Burgess briefly re¬
views the OECD's functions, problems, machinery and relationship to
Organization for Economic
Cooperation and Development, the
charter of which will be signed
The
Thus
crept on the
scene
so
qui¬
that few
people under¬
etly
stand its pur¬
lines,
c
1
a s
h
cause
is
W.
be¬
mostly
Randolph Burgess
the new
organization is
mal outcome
logical and
a
nor¬
of the experience of
recovery
ment
14 years.
and
less important.
Building
This
had its
Experience
Past
on
new
organization really
beginning in 1947 with the
Marshall Plan. It
essential
an
was
'
part of the Plan that the European
participating countries should or¬
ganize themselves to see that the
funds were spent most effectively
our
general
solicitation
of
an
offer
to
buy
no
States
of
movement
There
have
work
better.
notable
been
accom¬
wide range of hu¬
a
endeavor, including problems
of labor, science, and agriculture,
as
well as industry.
To sum it up: The OEEC proved
man
the
value
of
regional organiza¬
a
tion in which countries with
com¬
mon
traditions, ideals, and prob¬
consult
together
intimately
and
frankly,
could
educate each other, bring pres¬
persistent
consultation, persua¬
sion, and pressure to make people
and governments understand that
freeing trade from arbitrary re¬
strictions would have benefits far
sure
to bear
other to
each
on
re¬
barriers, and actively stim¬
move
ulate
economic
human
and
progress.
This
experience has
organized
dem¬
also
usefulness
the
of
care¬
consultation
and
persuasion, implemented in many
cases by joint action. This, despite
as an offering oj these securities for sale
oj such securities. The offering is made only by the Prospectus.
the
that
fact
surrenders
member
country
sovereignty.
No
no
its
country has power to give orders
to any other country. The method
is
to
Common Stock
($1 Par Value)
effective
the
i.e.,
by
of
eral
share
rather
into
Copies of the Prospectus may be oblainedfrom the undersigned only in those States in which the under,
may legally offer these securities in compliance with the securities laws of the respective States.
of
careful
has
what
each
meet
the
Byllesby and Company
They
(Incorporated)
Incorporated
Loewi & Co.
Stifel, Nicolaus & Company
Incorporated
-
Incorporated
Arthurs, Lestrange & Co.
Birr & Co., Inc.
J. C. Wheat & Co.
i
„
Clayton Securities Corporation
Pacific Coast Securities
Granger and Company
going
ideas
■
Emanuel, Deetjen & Co.
Powell, Kistler & Co.
Vilas &Hickey
1
Hanrahan & Co.,
Mason-Hagan, In£.
Rodman & Renshaw
the
".
organization,
purposes
Yarnall, Biddle & Co.
,
Nugent & (goe
nomic
of
they
of
Zuckerman, Smith & Co.
of
stated
increased
important
encroachments
of
hold
over
than
do
out and
so
of
re¬
joint
the
a
word
"consul¬
to
suggest.
seem
work and as of today,
the only methods avail¬
our
has
A
that
democracies
been
the
apply
newly
its
that
agreed
the
endeavor."
With
need
general agreement on the
a
remoldeled organiza¬
tion, the negotiations to set it up
went forward rapidly. A "Group
of Four," from France, the United
Kingdom, Greece and the United
States, after hearing representa¬
tives of all countries and agencies
concerned, submitted a prelimi¬
nary report together with a draft
charter the middle of April 1960.
A "Preparatory Committee," com¬
in
and
nomic
of
the
new
of the
experts
the
Kristensen
It
once
of
drafting
at
signed
was
a
policies
Dec.
a
Convention
The
the
'
".
.
terests
economic
but
countries
outside these
functions
to
bring
the
success
of
?
the
OEECV, has., done
successful
emerging
methods
problems.
and
to
For
the problem facing the Atlantic
Community has changed since the
days of the Marshall Plan. Partly
sound
may
safely predict ex¬
will emerge in the
trade area; results will flow from
developing circumstances, as was
and
financial
the
general and nonspecific,
that is necessarily the case.
For
the
a
maintaining
of
These
no
actly
growth
of
rather
new
rising standard
living in the member countries
employment and
connec¬
two groups.
.'v.
tainable
examine
also
"Sixes" and "Sevens" and the in¬
to achieve the highest sus¬
.
would
regular
by
at
requested
lems which may arise in
tion.. with
the
relations
the
OECD states its objectives as fol¬
lows:
It
conduct
general trade
specific trade problems primarily
of interest to members and prob¬
1960
of
when
and
members.
Convention.
meeting of
14,
should
on
practices
and
intervals
sub¬
ject to ratification by parliaments.
on
Committee, and that
committee
"confrontations"
and
on
the
this
with
economic communities
dependent on a
increasing market
prices for their prod¬
active Trade
Den¬
countries
20
any
therefore finally agreed
OECD should have an
was
that
eco¬
of
from
cases
and
suitable
at
organization and selected
General a distin¬
Thorkill
during
the
ucts.
guished statesman and economist,
Dr.
circumstances,
sentiment
considerations
in most
are
Secretary
as
of
course
sustained
July 1960, which
name
these
some
analysis.
Trade is es¬
pecially crucial to the countries
in process of development, which
agreed in principle on the struc¬
ture
Free
(EFTA).
economic
of
ministers
all
was
trade
representatives of 20
countries and the European Com¬
munities, reported to a meeting
of
the
and
seven
tunately, this sentiment did not
prevail. For trade is a major fac¬
tor in economic growth and wellbeing. It is not possible to omit
for
posed
of
negotiations to
eliminate all trade responsibilities
for the new organization.
For¬
cooperative
of
countries
Area
Under
there
and
new
six
ficulties.
in
now
energies
to
measure
tasks
deter¬
relationship be¬
European Community
the
one
can
what
case
with the OEEC. The very
this
existence
thus to contribute to
development
of the world
of
strengthening
sta¬
forum
new
will
and
assure
essential thing is to
bility, and
its
the
would
are
fol¬
as
Western
have
position to devote its
in
to
Moreover, trade is always a sen¬
highly charged with
of
special groups
having
political
influence. The
United States in particular has
trade problems of this sort and
faces next year the question' of
the
renewal
of
the
Reciprocal
Trade
Agreements
Act.
Other
countries have corresponding dif¬
the great eco¬
progress
difficult
also
sitive subject,
the
interests
one
was
part of the free world is
a
while
step, the creation of the
OECD, to carry forward the best
i
tween
.
in view
.
GATT
somewhat stormy
joint communique
.
Soviets
forward
Inc.
A. L Stamm & Co.
of
Trade
in
with
the new
organization would fit in with the
of
major
been
overlapping.
was
Eisenhower, Prime Minister Mac-
economic
function
that
avoid
millan, and Chancellor Adenauer
met
in December
1959, and set
in train the negotiations for a new
their
had
are
mine in advance just how
are
When Presidents de Gaulle and
the
OEEC, and its methods of opera¬
tion, which has led to the next
Baker, Simonds & Co., Inc.
leave
It
the
being dealt with in
and
it
was
generally
that it was essential to
GATT,
agreed
to
of
the reduction of quotas
of
industrial
movement
Tariffs
•
ambitions.
and
of
Meeting the New Challenge
It
Pierce, Carrison, Wulbern, Inc.
Amott, Baker & Co.
Kormendi & Co., Inc.
^ ,
Company
Suplee, Yeatman, Mosley Co.
Incorpented
,
-
in the
as
effective
goods,
but that job
largely completed.
members
countries, which
through
a
revolution
Europe
from the East.
incorporated
•
ft Co., Inc.
John W. Clarke & Co.,
back
which
about the cooperation so essential
as
we face the current challenge
Bingham, Walter & Hurry, Inc.
Lester, Ryons & Co.
full
as
addition,
in
effectiveness
But
able to
•
Stroud & Company
Straus, Blosser & McDowell
Bateman, Eichler & Co.
Hirsch & Co.
Stein Bros. & Boyce
--
Incorporated
Boettcher & Company
Hettleman & Co.
T. C. Henderson
*
they
Hooker & Fay, Inc.
*
peace
further
can
the
tation"
-
Alliance
operation, of
have their limitations; any
effective
Company
Incorpsrjltd
H. M.
which
period, the
methods have proved much more
Mitchum, Jones & Templeton
Hill Richards & Co.
gen¬
in building
period of 12 years
methods
action.
Westheimer and
same
West.
country
duce
Bear, Stearns & Co.
a
held
any
the
course,
Company
Co., Inc.
the
associates,
than
ministers
operation
defensive
These
Incorporated
very
of
maintained
from
on
over
a
and
signed
Blunt Ellis & Simmons
which
in
changed
of
most
accomplishment
was
the
on
there
has
now
emerged more clearly the respon¬
sibility of the industrialized coun¬
successful
been
NATO
has
the
are
methods
have
Cruttenden, Podesta & Co.
actively
pate
This
to
doing
is
These
Company
organization
need
We
The
limited
only
because
conditions.
United States and Canada partici¬
standards.
Crowell, Weedon & Co.
fact.
offered
OEEC
precedent
OEEC
an
a
country
are being sold by the Company, and 350,000
being sold by stockholders of the Company
Goldman, Sachs & Co.
the
and
trade
this
diffi¬
the negotiators
their full year of work.
on trade problems by
lustrative
of
most
the
was
The work
stability. The recent discussions of
the balance of payments are il¬
process
face-to-face review
*100,000 shares
Jack M. Bass &
growth
final
to
available
"confrontation,"
Walston &
the
mark. He set to work at
bring
the
ards
Johnston, Lemon & Co.
in
in
Europe needs
common
prob¬
economic
of
function
task faced by
as
eration; and to make those stand¬
First Western Financial Corporation
G. H. Walker & Co.
help
lems
this
cult
the United
the
help of
the council table
information; to
analyze it; to seek conclusions by
continuing consultation; to set up
standards and principles for op¬
all
Goodbody & Co.
much
as
important
an
sibility; and it is no secret that,
a variety of reasons,
defining
sense,
needs
now
Europe
the OECD
trade respon¬
above,
for
virtually all of the industrialized
it
make
lems '' could
A. C. Allyn and
real
a
Europe,
quotas on the movement of . indus¬
trial
products among European
countries. This was the result of
Price $15 per
In
lows:
plishments in
450,000 Shares*
are
share very
lems.
seeking to
November 15,1961
shares
the
Community now
much the same prob¬
another of the Europeon economy,
circumstances to be construed
any
of
Atlantic
goods, and people.
In addition to, and supplement¬
ing these two outstanding activi¬
ties, literally 100 committees of the
OEEC explored one phase after
fully
or a
conver¬
currency
freer
consequent
onstrated
This advertisement is not and is under
of
money,
that goods might
flow more freely;.,, Specifically it
brought about the gradual redpption, and pear elimination of
revolution. But that does not make
it any
was
one
economic
remarkable
most
sible
riers to trade, so
evolution, not a
an
countries
has
and
developed
the
its greatest achieve¬
in breaking down bar¬
ing to work together for the past
All
States
Function
Trade
The
indicated
As
tries for the well-being of the less
monetary policies, was
events of
life span of the OEEC,
productive output of Western
Europe has more than doubled,
and the standard of life has risen
to new heights. Of course, there
were many causes for this aston¬
ishing feat, and many agencies
were involved. But the OEEC was
one of the most influential.
Perhaps
United
Canada.
North
our
recovered.
and
OEEC, the
tibility in Western Europe and the
the Atlantic Community in learn¬
It is
"Monetary Revival of Eu¬
economic
progress.
It
important role in the
postwar
the
In
countries.
among
The
the
be¬
This
born the
lation
and
has
change in the re¬
of the European countries
a
rope," the establishment in coun¬
try after country of sound fiscal
the 13-year
great
states¬
tween
men.
both
mounting prosperity of Europe. In
dra¬
es
action
an
brilliant
have
no
in
Europe
also
successful in
so
the OEEC and in NATO.
tices and in better coordination of
generation. That, to¬
gether with the facilities provided
by the OEEC and the Interna¬
tional Monetary Fund, made pos¬
played
head¬
matic
was
thering
poses and significance.
no
Europe,
of
trust¬
Organization for European Eco¬
nomic Cooperation. Starting with
the Marshall Plan, it proved so
useful that it gradually enlarged
its scope to include a wide range
of
consultation
and action fur¬
has
There
revival of Europe, and
fullest participation of
people
the
Atlantic Com¬
been
the
with
effective in¬
re-establish
to
worthy /mdney. One of these was
the EPU, the European Payments
Union, a fund which could be
used for the support of currencies
in critical periods. The other was
continuing consultation, seeking
an improvement in national prac¬
the planning and execution.
shortly by 20 governments of
munity,
the
for
The
trade.
OEEC developed two
its effectiveness in providing a consul"Sixes" and "Sevens" cooperation and other matters.
tive forum for
active
to
struments
other organizations, and notes
\
rates
making foreign ex¬
stable and reliable.
Unstable, risky currencies in early
postwar years had formed a major
to end the conflicting economic
The way
making European cur¬
was
rencies sound,
change
the
of
achievement
second
Which have been
OEEC, there is no
problem
of European
a
ment;
fully supported the argu¬
European trade
has in¬
creased by leaps and bounds.
Thursday, November 16, 1961
...
have, regularly available,
a place
talk, with the right to talk, in
an atmosphere of common purpose
and
understanding.
As
in
the
to
economy;
".
.
.
to
contribute
to
sound
economic expansion in member as
well
the
as
non-member countries
OEEC, talk will be aided by the
collection and analysis of all the
pertinent facts and statistics.
in
of economic develop¬
process
ment; and
".
.
.
contribute
to
to
the
The
ex¬
will be
that
that,
Trade
Area group
(EFTA) will
membership in the common
market paves the way for a whole
series of complicated and diffi¬
cult negotiations.
It seems en¬
tirely probable that the consul¬
tative
machinery of the OECD
will prove useful at one point or
another
in
achieving the goal.
seen
the
fromjthis state¬
economic
philoso¬
phy of those setting up the new
organization was that the needs
of the future can be met only by
vigorous economic growth, rather
than by any sort of reallocation
of
existing
resources.
What is
needed is a larger pie to divide
rather than a different * formula
for slicing.
:
.As to methods of
new
announcement
seek
obligations."
It
recent
United Kingdom and a num¬
ber of other members of the Free
the
pansion of world trade on a mul¬
tilateral, nondiscriminatory basis
in accordance with international
ment
The
use.
operation, the
organization will continue to
methods
of
The
fact that efforts
OEEC
in
1957
made in the
and
1958
to
Western Europe in one Free
Area broke down is
i
use
now
There is
of
now
no
similar
join
Trade
bar to the
machinery.
available actual and
successful experience in the work¬
use
the
consultation
ing of both the Sixes and Sevens.
and
persuasion already described
Many fears have been set at rest.
Volume
194
Number 6108
The
United
Kingdom
and
its
partners are now taking a new
approach to the problem.
There
are
faces
new
at
table.
Above all,
happy
over
of
'
a
symp-
solution.
will
be
per-
a
The Commercial and Financial Chronicle
.
have
view,
will
gr(^Up'
Another
them."
.
,
,.
trade
_
_
question, already
the
is
the Treaty
great
need
for
the
value
.
provisions
Behind
the
Administration's
all
than
the
aid
countries
countries
thev
the
tne
of
of
principal
hcnpfits
hj.- Houdnr *
economic strength,
say that
the
the
would make Uncle Sam, in
-phe Federal
come
the
dinator
be^.dealt with.
much too soon to
wrap
*
+«
fu
+
and/'the
will
be
!
+
of
prob-
machinery
real
available
to
Other
to
Thprf*
deal
with
of
such
evict
rvn«?
in
wnriH
fhn
nrcxsufi7^Hrmc
°ne
opinion
nvprbnnln J^thnn
g than might
1p«
one
group
th
tnose
are
These
soundinsr boards
presentations
has
born
even
ef-
cials
(1)
ship,
of
tynes
in Korea and the Congo
But
the presence of the Communists in the councils
exercising
their
veto
the vast
limitations
effective
on
A
second
group,
World
the
Bank
their
membership
gives
rather
such
them
not
only strength but also acceptamong the so-called "uncommitted"-nations.
They act
through boards of directors with
weighted votes, assuring responsible action.
'•*:"
:
• -v
-'' .*•••''third
group,
which
to
the
cannot
States
directors, J. Murray Atkins,
President, has announced,
new
.
•
Named to the board of directors
Legislation already enacted into
more ad-
would enable the Federal
Government to exercise control of
teams rep-
how to
get
If
your
Hugh
G. Ashcraft
Jr.;
Logan V.
Pratt; ■ Philip T Withers Jr • and
Plato P. Pearson, all of the .Charlotte, N. C. headquarters, Wacho-
enterprise, production and distri-
law
ninn
a:
i.
as
Hous-
bution
•
i
electrical power,
of
i
Federal
hand-
community doesn't
cabinet-level
status
'
n
urban
development, hospitals, farmers'
markets and capital accumulation,
give
_
to
De-
partments of Rural and Suburban
Development; Transportation and
Communications, and Consumers
Counsel.
Singer & Co. to
Be Formed in N. Y.
SinSer & Co., Inc., a member of
the New York Stock Exchange,
be formed as of Dec. 1 with
?es at 50 Broad Street, New
York City. Officers will be Don-
At
time
a
when
the
Federal
9"* Cptican, Vice
Government should be concentrat-
welcoming
speech,
Governor
future. The mania that
some over-
lorK ^liy> aeaiers m u. o. vjov
tion says it would "exercise lead- zealous central agencies seem to ernment securities and Bankers
ership at the direction of the have developed for wanting to Acceptances, announced that RobPresident in coordinating Federal dominate rather than serve local ert h Britton has been elected
activities affecting urban areas." governments threaten to sap the Fvppllt:vp Vi>p
Prp<ddpnt
and
-
vitality
and
creative
initiative
of community enterprises."
While the trend towards cen-
But Senator Joseph S. Clark,
(D.) of Pennsylvania, the author
of the bill to set up the Depart-
'
John Godson a Vice-President ot
the corporation,
OECD—
trade with the Communist
This announcement is neither an
:
-
Debentures.
offer to sell nor a solicitation of an offer to buy any of these
The
offer is made only by the Prospectus.
nomic capabity of the members of
military contribution. The NATO
Council quite rightly feels free to
discuss any economic problems in
their relationship
to
the
main
function of tne Alliance.
Tnere
will /be «clo^e
liaison
between
NATO and OECD through overlapping membership and in cer-
the
tain
countries
through
$50,000,000
Pacific Northwest Bell Telephone Company
,
Thirty-Three Year 4'/2% Debentures
Due November
Dated November 1, 1961
common
1, 199f
representation.
V
"
fa'ct; the'-wprK/o£. the OECD'
the Atlanticf ;Commti-';« IK
of
of
ment securities, has elected five
ply reduced to Federal provinces."
th^ Alliance fn** maintaining +hpir
belongs, is that of the regional organizations.
Their more
limited > membership,
including
only those countries which have
common
problems and common
traditions ?and
ideals, makes it
possible for them to agree on
common action much more easily
than is true of larger groups.
In
case
deal effectively
Affairs and Housing would func-
the assessment of the
relation of economic to military
strength, the appraisal of the economic sinews of war, and the eco-
OECD
the.
that
writers and distributors of invest-
one
with whose problems
Federated
50
R. S. Dickson & Co., Inc., under¬
na-
countriejs,
ability
The
es-
success.
than
as
prob-
of th'eif liberties take wing for
a
T^-pirvrfC'
Idle Federal funds will be put William E. Marshall, Jr. (R.) of Jt5ri22S, OCn3,6Q16
to work at little cost. ...". Similar Ohio.
<
•
4TH
meetings have been held in West
Former President Eisenhower Hjl6V£lt6S 1WO
Virginia and Massachusetts. Oth- recently told the World Council
ers are planned.
of Local Governments that "ex- M. G. Briggs, Chairman of Briggs,
The official explanation of how cessive centralization is a never Schaedle & Co 44 Wall St New
the proposed Department of Urban ceasing threat to our democratic
p.
Hpal'
in TT
c''rnv
a
fe^se of the West in military, political, and other aspects. In this
specific connection, certain economic questions will naturally fall
within the responsibility of NATO
of the Free World. The breadth
of
elicit the cooperation
'
j
Edmondson said/
Furthermore, NATO has plenty
to do in its main task of the de-
symbolized by
Monetary
invaluable for
and
Fund, has proved
specific operations. By good fortune, the Communists elected to
stay out of these activities and
they therefore represent the power
can
sential to
action
'
-r\.
- .President and
Secretary; and Paul S, Jaacobs,
ing its energies on the grave na- ™ember ot the Exchange, Vicein
Oklahoma
City recently, tional and international situations, "resiclent-^
seven Federal"agencies,^^Don w iiTs;stepping
' Mr. SingerJs u partner in Newall-day show to explain how tlid reserved to the states—and diti- borg & Co.^nMr. Kaloostian is
Federal grab-bag woiild work. In zens are watching more and more president of Diran, Norman & Co.
community and add sub--
serious
as
certain
for
the
removal—
snow
cipal ideas:
The
before
A third very important reason
is that a mgjor task now facing
the West is assistance to less de-
pro-
human
industrial
culture; Health, Education andAs*de from the Clark proposal
Welfare; and Interior are in the for a Department of Urban Affairs
field telling State and local offiand Housing, bills are pending to
been
more
power constantly, and
membership of small new
countries, each with a vote, are
action
even
resenting such agencies
veloped countries. These countriea
are extremely sensitive about beCC;ming involved in the "cold
war-" Aid by NATO would inevitably have a military flavor.
an economic agency, one ineluding neutrals in its member-
useful
local
nf
stantial strength to the effort.J"
have
and
was
economic
public
for
policy
of
h'
wmc h
Inifpd^Na-
tions and its agencies
been
heretofore
deluded five European countries local projects, trun them better
no^. members 0f NATO but which and at less cost to local taxpayers
are a l°§ical Part of the Atlantic than the communities themselves,
miaht
I'
II
services and
con-
historical.
is
reason
OEEC
ovnootrj
p
vide
general
to
modern
community
coor-
m03t ec?£omiu fu?TCAm^S i.in1jCan out for local projects.
agency other than NATO itself,
The teams are selling two prin-
ernatio:na:Lorg:an:izations
asthp
.
A
compassion
be-
and
mng and zoning, recreation, social
tremendous
a
reached that it would be
*
!,■ v
been
discussion.
Organizations
infprnafinnai
mnnv
In
of
application of human
tion has become economically
a?tion- to other agencies- The inS and Dome Finance and the
p^anning of.the OECD stimulated Departments of Commerce; Agrithis
of
home
$4,000, pretty
jump.
\T
.
to which it should leave economic
sensus
writer's
programs as sets, mass transit,
One suggested translation: were vice-presidents Henry V.
W*
suppl}es> sewage disposal, "States and local communities Milner, of the firm's New York
,c„me and fire prevention, plan- would do better if they were sim- office at 30 Broad Street; and
fective and wiser to carry forward
Relation
ho
has
this
the-NameS DireCtOTS
intelligence
via
would
director
the economic field and the extent ing provided. Federal
which
tnem-
with
all
and> all of
Government,
department,
new
m
JllT AueSfwS UP Kn
? to it}i
is
indicate the types
lems
dSween anTTnd
There
one
pian Xiciont instrumentalities for
lems—our
>
the, prod-
must
But it is
[hem "
tnem.
on
increased
R. S. Dickson Co.
and
the
parties,
^bat is the countries
which sign the Treaty shall take
ration
been
said the States no longer are "efsaid the States no longer are "ef-
country.
O ^elf should deal with ecopr°h]terns, but that the
and "encourage economic Mllabo-
emerging
an
SS devel°ped coan- amount of discussion in and out- to list only a few/
3 pr°ktem which side the NATO Council of the role vanfdd o+qcoc
Already, previews of
be shunted to one whirh NATO itself chrmlH nlav
fho
innn'nfS°0i nS
cannot easily
but
Thp
are
assessment
ment, came closer to the real Administration
thinking
when
he
effect, "mayor" of all cities in the
But the Treaty does not
from
rerelvp
OFCDL
UEGD
importers, of
ESi
side
thp
pro-
posal to set-up a cabinet-level
Department of Urban Affairs and
department oi u roan Affairs and
•
the
in
Vl„
countries
a
campaign to reassess
property in the State. The
sizable for
of
.
the dear lesson of
be supported by
developed
Even a modest .dip in
of their exports will
BARGERON
has
J°ry *haL military strength must which
?^ady and growing markets for
the products of the less
CARLISLE
and
all
or
.
.
of these
w
launched
all the
BY
inter-
their
policies
any
.,
,
decreasing.
Instead, they are
steadily increasing. The State of
Maryland, for example, has just
...Ahead of the News
ro
.
the
parties^ outs.de
mentioned,
countries.
between
Back
nar
in
continues there is no
evidence of local or State
expenses
economic collabo-
encourage
ration
■r,
terest?S of'6
conflict
national) economic
13
tralizatlon
strengthening their
institutions,
by
bringing
about a better understanding of
the principles upon which these
principles are founded, and by
promoting conditions of stability
and well-being. They will seek to
free
a
re-
(2181)
FROM WASHINGTON
al relations by
eliminate
to
detached point of
more
■J
.
peaceful and friendly internation-
.
helpful
United States representative at the
council • table
with
a
somewnat
t
i.
It has been
growing pains, not
manent
It
council
the division of Eurooe
into groups.
torn
the
nobody is really
.
v l
'-t
.7 n'ter es t p ayable 'Ma yjand
November 1 in New York City
nity, this factor is especially po-" may be thought of as helpful and
tent-. For. here we have a group
complementary to NATO in build-.
•
of,' countries,
>
witfr
centuries-
of
ihg
similar background, and-to a con-
!?■ <
|'i
blood stream..In terms of produc-
ment
religion,
ture,;and
.
.
the
Community is unique.
.
-
Atlantic
/J
il
T^^s
jr,
with
is especially/.
true
respect to NATO.
Some/misunderstandings
as,
to
the
II
have
economic role
'/
•••
of, the/ N ATOr Tneaty
^/followa:
•
-
•
"The
:
V-fl.
./
/. •/
xprpp, wnrld
'i'~<
f.
j
/!-
Copies of the Prospectus may be obtained in any State from only
■
■
* An
the
ad-dress
vigorous
International
/
eco-
-
j-
- '
>
•
.
;
.
MORGAN STANLEY & CO.
THE FIRST BOSTON CORPORATION
ELYTH & CO., INC.
the j
EASTMAN DILLON, UNION
MERRILL LYNCH, PIERCE,
TENNER & SMITH
GOLDMAN, SACHS & CO.
SECURITIES & CO..
:
burg ess befrre *
Industrial Conference
,;ward^ the further development; of institute/., / ^ ^
compliance with the securities laws of such State.
Atlantic
1''
by Dr.
of the undersigned as may legally offer these Debentures
in
together'
.../.*•
'
\
"
Europe
.'•*
and'throughout
:/
>
Parties'Will'chiitribht^to-
draw
healthy,
Community
of
reads' SS.
« ;•/ /
.
nomic growth both'in the
"//-NATO due to the- fact thaL At tide
-
Thev
•
promote
r.':•./
Relation of OECD and NATO
arisen
common:
..
^
V.r
'
the massive intellectual,scr4tific, '
productive and moral resources of
the Atlantic Community to defend
from aiien aggression/ and to
fklf
'■!
Western
between
t-
'
+
NATO and the OECD have this '
organizations.whp^funcr/^
ergy/
•
:
Price101.03% and Accrued Interest
•
such
dif-
'
.
i..
part av fulfill^'
objectives of- Article
and North America/
,
A/.
links
*
>
.bWi^in, lu6 Atlantic
mty itself there are .several
•/
-ferent
I
the
capacity /. and:: avenues
of :u. Gf the NATO Tteaty.; Both or-aGhieyemeht/ip.. science. and culv. ganizationS forge ever - stronger
"
,
of
tive
:
5-/'
Jj
the
itself. Its work
siderable-rexteht, .with - a common :-thu^'constitutes- in
'y
ti'fi
li'
the" strength : by" which
West may "defend
v
:|-'f
Incorporated
.
DEAN WITTER & CO.
\
'*"*
/.•
'
.November 16,1961.
'
?
14
The Commercial and Financial Chronicle
(2182)
; ;
.
Thursday, November 16, 1961
stantial portion the production of
By Murray L. Weidenbaum,* Corporate Economist,
The
Boeing Company, Seattle, Wash.
providing the single largest activity for the West, the most dynamic
bSesTinta
th?defense program
force in the tL S. economy
has been in the entire post World
The
with
industry
national
of
source
the
highest
in
and the principal intra-regional and inter¬
are
defense
our
innovation-
and
change
War
exports—is defense, according to Mr. Weidenbaum.
Ftnrr ftmtfemsirta! factors
changes
of
rate
and
throwing light
for
this
on
industry's and the West's future outlook. They encompass: (1) R&D
development, (2) shift to missiles and space systems, (3)
weaP°ns to manned aircraft,
by faffand space sys"
missile and
is
'
_
,,
...
of electronics,
ment
chemical
propulsion,
and other complex
economist
'
.
sub¬
The
predicts the Western Region will face a period of intense
competition Hi the 1960s to maintain its proportionally large share
and absolute level of military work. He urges major defense supplies
^unanmental;factors.;^
staggering—the tremendous 'pro-
for
demand
heavier
a
engineers,
workers.
f For a typical producer of air¬
craft and missiles, the percentage
of the work force which is hourly
production workers has declined
from:approximately two-thirds in.
■
,,
...
scientists and other highly trained
„
u
employ¬
systems and (4) step-up in technical and managerial personnel.
,,
Third, the shift in the mix of
largest single
period, the
II
the'wertern'regionfac,f
procurement, the type of
required by the firms
producing for the defense market
has
been
altered very signifi¬
cantly. A special survey by the
U. S. Labor Department specu¬
lated that the anticipated shifts
in military procurement will mean
tary
manpower
force in promoting and accelerat- weapons system cost away from
ing the economic growth and
yairframe -and other
ltnammoderp ed
velcpment of the
it•' eWmetal fabrication; to electronics,
s ,1T
T
unTifttiAchemical propulsion, and other
Finally, I believe Lhat thedecomplex sub-systems. ;r v
fense program is of interest be.?
cause it has such
a high
empha- ^r ^^rth, .the shiit fr^ producsis. on research and development, ; tiom:: workers
to technical and
such .a high engineering content."";
!;• •Personnel. L .should *
The figures themselves are rather
^a^e. up each of these four
singled out for causing major economic
program
ployment. As a result of the basic - *
changes which have been occur¬
ring in the composition of mili¬
shed some light on the outlook for
goods and ^services for the-defense ithe future,—
program. I do not mean to downthe
successive shifts' in
grade other industries in the re-.'overall military expendituresfrom
gion. which also
may
generate operations to production to resome exports or which are imporsearch and development,
tant to maintaining our standard
Second, the
successive
shifts
of
livang_and providing employ- within procurement and R&D
ment and business opportunities,
programs, from conventional sur-
the middle 1950's to less than one-
half at the present time., It is likely
this ; decline r will ' continue
through the 1960's.
ft in.
that
^
In
.
managerial, * engi- \
contrast,
pofctioiiofeni$he6rs ahcFsaehtistS;;V ytfjrsif''Lhei^i^
to continue to diversify into commercial activities.
neering, and scientific personnel
working on defense programs, the " penditures frorn operations to pro- are expected to rise, both in abso¬
major portion of all R&D per- duction to R&D. As recently as a lute figures and proportionately.
To,many of us living in the West¬ industry, where passenger auto¬
formed for the military establish- decade £go, the .greater part of the
mobiles have been produced for
ern part of the United States, es¬
Already the two industries nbhidh
ment.
yyk L
V
:
military budget was • devoted to do the bulk, of military research
pecially in the major cities of decades with only annual-changes
.
California,
Washington and
impact of the
the
defense pro¬
gram
our
on
of
either
it
engines, grills, bodies, and fins,
or the production of refrigerators
where this year's model may fea¬
ture
a
different
assortment
of
color
region is sooverwhelming
that
in
were
these
if
should
would
be
we
interested
i
n
!
almost
be
When
the
its
size,
...
m,
There
Boeing Company be¬
to-the
are
eral very
M.
to
-
-
Weidenbaum
L.
•
its remote ancestor,
sketch this
briefly and I'M come back, to
some of these
points later on in
Let
me
out'
this
the B-<29. Au¬
refrigerators- cer¬
tainly have been improved very
significantly over the years, but
article.:,,
the'
now
-
There is
the
\
V
-
'
v
we
.ballistic .missile.
lier products of the same industry.
-
taken
to
this
.
live.
the compo-
0f the
change
and
the R&D portion
^ Hbtal^cost-of
think
I
of
level
and
engineers is
income.,
discretionary
mand
for
s
ervice s,
their -de-
4
insurance,
housing,and recreation, is -quite "j
the immedi- \,
.
receM
highestvrate :.of =20%.-ih^he'.case -of
innovation.
expected, the ed¬
economic
a harbinger of s
different.». Although
it has beeiVesti--ate, increase -T
things';to^6m:e-
a
;cpnswm^ f
spending may.be readily apparent.; ^
of
military
the^Arisen
has-the.
•
quite
above that for the population as a
whole.
With greater amounts of
of the
areas
Force
and
scientists
.^ted states; " As
place'm-so-tp-speak.
-whaffl believeMbethe
of
-
•
major growth
As is to be
ucational
adeV This absolute and proportional increase has made R&D one
region
miUtarymfirke^bmkeU Here ^ated, that
have
sector
It is. not n question
,
"
must first look
•have
Boeing, in '.contrast^ is
working Von the Mi-nutem&n
intercontinental
on
sition, the changes, the trends that
changes have heeiy 'slow' and;
of a wider grill
it loom!sf so targe, because it is: the
or
a
narrower
body, or a more
largest single area of business, of pleasing, color, ,.byt - of ..a .product
employment,, of sales, of income so technologically advanced that
in the Western part of the United
it bears little resemblance to ear¬
States.
we
activities
Change in Labor
This shift in the
w
Private': production and employ? national market that is, ment: fQr the defense program.
defense
gradual.
i. First
and most simply, the de¬
fense program is of interest and
importance to this region because
another aspect involved.
we are
and
tomobiles
...
-
devoted to pro.cur^ment ■ 0f". military hard goods
is
Armed^Forces and to some
similarly, the proportion of the
degree to friendly
forer^ftations, ;miiitary .budg.et devoted to R&D
This leads up: to
1^- poin^that if. jlaS doubled during the past decto analyze the effect of the
-
sev¬
that question.
to build B-29's during World
II, passenger automobiles had
mass
produced for decades.
The
B
52
missile-platform jet
bomber of today is a far cry from
good
answers
L : expenditures
,
•
..
sell to
there
•
electronics
pr°w aiTli
-&nd it .is the hard goods procurelocf progi^im
design^ add men;t by' the military establishproduce
^the;..generates the bulk of
unrecognizable.
been
I think
,*
.
and development,
~Je
War
West?
is
F
defense pro¬
the
labor force of
the major military manufacturing
companies .cannot help having a
striking impact both on the com¬
panies themselves and in the com-*
miinities in which their employees
defense
the
major force affect-
lives in the West.
gan
in
a
ing our personal and professional
the role of the
gram
.-r^ntly, one-half of total defense
-
emphasis,
is
program
to maintain the rate of tech¬
monplace or
ignored. Why
com¬
.
gineering
industries
nological developmentexperienced
in the defense industries, today's
automobiles
and
refrigerators
becomes
the aircraft and
industries, employ
about one-fourth of the 800,000
engineers and scientists at work
in private industry.
«; •
because
its dynamic growth
characteristics, its bringing business into the region, and its en-'
of
lattice work. In a' manner
or
speaking,
operating costs,, such as pay of
anJ. civilian personnel,
fuel, and office supplies. Only a
small fraction was devoted to proweapon systems, to
ro^oaro^vand_ development,, and to
capital-type outlays. Cur-
For these four reasons,
-
•
it ,may
from ' -nomic
long
range
take'years for-the,full eco- y
..sociological Lip pact ^to
and
felt
on- the 'commuriities^.in-','
volyed.'; k/^tvc,">
I would think; " tliat- the impact )
be
fin% ^r-
the'^eompahies.. themselv.es
on
;
.would be of
.
second, and certainly
related reason, that is because the :< ■■**; Major •Export Industry
f
There is a third and more sub- '
defense program is suchu dynamic
force in our economy, in the busi¬ tie but possibly more pervasive tion of the American economy.
reason
ness
and industry of the region.
for the West's'interest in taffc about "planned
It lis in the missile, space,--elec¬ the defense program. That is be¬
m consumer -goods mdustnes
a
the
•m.ajor...-sigdi|icanipe.^y;t
industrial, engineering .prpfes-.
seen the.'beginnings Jalready^'the shift- in empha-;;
of
sis from planning • primarily for ;
biiTt
manufacturing
to ' planning Lor
It to co^entional' 1 and and sea management and for research and •
pton-,development activities. If the pro¬
vJeapbns^tan!jsV -artillery, rifles,
in the
surface- ships. fession is properly geared for it, ; ;;;y-i; £ihce!'^thendhe proportion devoted this change in the composition of ;
th- aircraft has risen to a peak of major 'industrial -companies 'can >
result in; a broadening of the- ho-* ,
0Ver three-fifths. Aircraft producrizons
of industrial
engineering ;;
£\tion in-.turn has begun to yield
,
sion. We have
Of it
fsolescence".
tronics, and
aerospace areas
tremendous
change and innova¬
the expected order of
tion is
now
the day.
This contrasts
with the
comparatively
surely
development
consumer
where
vividly
lei¬
so
more
process,,
and industrial
in
goods and
it
may
dustry. Here I do not mean only
tL S., exports to, foreign nations
ning
but
of
rather
one
our
the
balance
of
be that Khrushchev
the obsolescence
Tary area.
trade,
^
^
.
is
.
.pxth-.a^nit ok^arid"
..
f
region in the United States
jurogram
in
relationship to the rest of the
States
and
to ; the
rest
of
^
.
-
United
markets..
is
major export in¬
cause
I suggest that
of
and
its position to missiles and space
four fundamental
its
ultimate
contribution
The latter are Likely to; management. Methods and pro- Here we find that this
Compare a vigorous civilianmajnr items of military cedures may need to be developed
oriented industry, the automobile region's exports are in
very sub¬
gram. These four factors may also
procurement - by- the -eiid of the for. making policy decisions on the
vf"-,V
■
''VV^'V
decade.
Within the missile and selection of product lines rather >
"y/
; space
category a further shift is than merely estimating delivery
;
i likely, - from v missiles: to opera- .schedules for these products/ for •'».
V * i ^ tional satellites and other space determining the amount of R&D :
This announcement is neither an offer to sell nor a solicitation
of an offer, to buy. any of these..
t" *• •! programs. These shifts In military and facility funds required rather
Shares. The offer is made only by the Prospectus. i- ' \
•'
than only laying out production •>.
demand are of real importance to
the world.
-
factors account for the major ecO- programs.
nomic changes in our defense pro-. to be the
^
•
'
•.
,
V
"
V':,1-Specific
149,178 Shares
and companies,
produce aircraft'.rather
tanks, missiles rather than
than
rifles
5 :".;
.
=
sibilities-
.; •
an
,
/ ••.;«
Common Stock
United
fabricated structures.
I
starting
analysis the 10 con-
have taken
.!
'
;
is
emphasized by
amount
^
be obtained from the undersigned.
.
.
a.
of
.
sent
as
work
.
:
*
,-t
»
-,
.
per-
eriing
i
-
of
the
parent.
v"'*
In
companies
good
diversification
»•
is*
fourth
F mentioned
fundamental
-was
about
all
the shift in
em¬
our
na- "
•
manufacturing employment In ;
is located
factor
one-sixth- of
defense work
been
*
The
'
re-
United States. Almost one-third of
-
ap-
November 15, 1961
.•
this region accounts-for :
30%. .of the employment in the ■
major defense industries in the
measure/'such
has
western
-
contrast,
military product lines
the. aircraft
the
of the total incomes received.- hi
50% in the past seven years.
The resultant pressure for broad-
-
Unterberg, Tow bin Co.
—the actual- number of pounds of
airframe produced—has declined
over
in
»
a
tion's economy^.' They have about *
one-sixth of the population of the ;
United States, and about a sixth "
the -fall. in the
airframe
:
gion:
Arizona, California;. Colo- 4
rado, Idaho,, Montana, >. Nevada,
Oregon, Utah, Washington, and :
Wyoming. These 10 states repre¬
formed. -Total airframe production
»
included
are
A continua-
*
military procurement. The decline
f of the importance of fabrication
.
Price $10 per Share
the
States, let ? us take a look
impact on the Western Re-
gion.
iba^is of expected developments in
G. E.
to the
in
program
at the
tion of this trend is likely on the
>.1
-
may
.
,
f--: -\.
With this background as
-overall'defense;
result of the change
composition., of 'military proa
.systems rather than airframe, and
•'
r
Copies of the Prospectus
'
industry is the electronics,: pro-' point.for our
pulsion,, and other advanced sub- -tinental states which I understand
"
:
quite staggering.'
; k iyi. Western Region
:
curement, a ' growing portion of
.military purchases from private
r
are
Impact of Defense Program on
ammunition.^
•
The -third .fundamental factor j
mentioned was the. shifts in cost
.'-'elements. As
-
(20<f Par Value)
and
products; the pos-
lines for- these
regions
that may
•
'
In
in; private industry
in- the
several
of
western
these
fense employment, is
•element in the
a
state's
region;
states, de-
■
dominating
total
econ- /
Volume
194
^Number
In two states, California and
Washington,- defense work pro¬
omy.
three out
vides
of
ten- in¬
every
dustrial jobs. I emphasize, manu¬
facturing employment because
this is the primary source of eco¬
nomic activity.
So much of the
industries? support
service
manufacturingthe
ceive
industries
bulk
of
the employees, of these
from
ufaeturing companies. '
}
re¬
income
^
can-
V,
<
aircraft
the
industry role?, in the
program
nor
the
civilian' space
concentration, considerably above
that
my
"and
growth
S
continue
but at
old- professor
slower
a
of
Hawaii and! Alaska for that mat*
all
the
of
of these charts—East Coast
out that those
the;
and their::
men
dependents, which
.
also,
brings:- business into1 these
areas s. 44- ;.f,;■%
41 444
If'. ..:«
—4,,v Looking Ahead
•
L;*'
us
here,
■
to
mean
in the West in terms of the future
outlook for this-region?
Over the
there have been significant
in the geographical distri*
years
shifts
growth
rate.
concluding
I
be
Co
.
the shifts in
curement have
jor decline
the
r.f;
military
resulted
of
Quaker
industry
middle West.
less dramatic
nificance,.
ma¬
in
the
This has been
but of extreme sig¬
particularly
for .those
.
..
...
...
Engineers,
Seattle,
Washing-
far
As
there
I
as:
will be
can
an
em¬
VY1 o
T
aL
the
_
Board
r
.
of:
Governors
LaboratoWeinherv
Weinberg,
—
—
Ost & Co., 9 Maiden Lane, New
38, N. Y.
st
York
N
4
Y
Analysis
of; the
annoIncedtktluLBlossomis
{5>
Columbus
abje
js
52
x
...
„
•
..
...
.
•
v
&
Weeks,
Chase
I
t
m
mt
Traders
Manhattan Plaza, New York 5, w?11
N. Y. Also available is an analysis ^in
j
road
avaiL
Security
Chicago
0a0nn"^.i
dinner
29 a-t the Am-
.
Tit
rutp a
\
-:
Chicago Analysts to Hear
Tmmo+mnnt
Tim
Standard Qil (Indiana), American CHICAGO, 111.— The Investment
.
personally see,
extremely large
tion of Jewish
Pacific
Memorandum
ies
8111West Seventh
St.', Los'Angeles 17, Calif. *
;
Arnold
Pacific Hawaiian Products
East; 44th: Street, New York 17, the luncheon meeting Nov. 16 at
New
of
York
&
Mon¬
on
Pierre.
the*
H ot
1
e
Gray,
Hawaiian
—
Products
—
Can
Rutner, Jackson
i
S.
Analysis—R.
~
Dickson
—
Co.,
&
c
j
T
Financial.
;
-
Steadman
Inc.,
Co.
and
aircraft,
missile,
tems for
a
very
and
space: sys-
long time to
a
and
come,
•
.
.
.
,
Analysts Society of Chicago will
4
,
6;
;
,
Industries—Analysis— have Logan T. Johnston, Armco
Bernhard
Co.,
&
Inc.,-: 5
Steel Corp., as guest
the Midland Hotel.
N. Y.
speaker
<
substantial portion of these,
weapon'systems,
present,
at
least
designed and
are
at
the
manu¬
However, it is unlikely that the.
A"
region
fe j
a-whole
as
defense industries
experience
leled
the
or
as
a
'its
major
whole will
almost" unparal¬
rates that we have
growth
.
witnessed in the 1940's and 1950'sr
as it is
unlikely that the military
budget
over,
the 1960's will be in¬
creased as rapidly as it was dur¬
ing the 40's and 50's. Moreover,
the major shifts within the mili¬
tary budget , to procurement and
s'Hf.
to
aeronautical
neered
curred.
and
highly engi¬
products have already oc¬
It is more likely that the
1960's will
be
competition
to
a
period of intense
maintain \ this re¬
gion's* proportionally
and>
nies
distin¬
s
guished :
Federation.
_
yet
&
Scribner
office
has
the
in
under the
Class A Common Stock
E.
Price $21.50 Per Share
1
Hornblower & .Weeks r
Branch -4. •'
SANTA ANA,
&
development^ and
office
may
under-,
the
Clavin
Dausman.,
'44".v4.
Diversification
Undoubtedly, the efforts
Calif'.-^-Hornblower
on
management;- of
4
*•'*£
&
is*
||
I:
A.
the
■
Smith, 'Samuels
Inc.
In: contrast
to
offices
with
securities
JG
If;
II
the scattering of effort /in the period immediately following World
a -
has ibeen
manu¬
facturing companies have gener¬
ally relied on an extension of the
recent
technology within in¬
Examples
of
markets.
diversification
dustrial
engines,
^electronics,
include
gas
in¬
turbine,
nuclear reactors,
Smith
Co.
an
offer
sell
to
solicitation
nor a
was
4
^:
4
V.
•
,
Eastman
t
•/
Spear, Leeds Partner
of
the
change,
on
New
York
Stock
'
:
Ex¬
,16
::
'
Smith, Barney & Co.
.j.
,
.'-..Incorporated
'• r•!.'».
Dillon, Union Securities & Co.
•
•
.
'
"
■
*
Harriman Ripley & Co.
•••'.*.f"
».
Kidder, Peabody & Co.
Incorporated
will admit
R... Burnside- to limited
Nov.
.
Incorporated
Stone & Webster Securities Corporation
Incorporated
'
Spear,
Leeds
&
Kellogg,
111
Broadway, New York City, mem-,
bers
.
'
White, Weld & Co.
,
partnership.
$
-He
"
Margaret
Stephen
Joseph
Inc.
land vehicles. We should not
over¬
John.
17
Nadler
Preiss^ Cinder- & Hoff-v
hydro¬
ships, wall panels for com¬
mercial buildings, and heavy-duty
foil.
:
-President;
'is
and
man,
at
business.1
formerly1' with
II, the more recent diversifi¬
dustrial
constitutes neither
an
Smith, Samuels Inc. Formed
St.'pNew York City, to engage in.
company's
announcement
offer to buy these securities. The offering is made only by the Pros¬
pectus, copies of which may be obtained in any State from such of
the undersigned as may lawfully offer these securities in such State.
of
'
formed
cation activities of aircraft
This
,
War
V
?
bas.vopened a:r: branch
at, 2100 North Broadway,,
Weeks
suc¬
but these
-
,'f. :>;4L'
kets will continue.
v
-
,
Building,
part of major? military suppliers
to diversify into commercial mar-,
ifi
(Par Value $1.50 Per Share)
Singer, Deane
opened a branch
'4■
Agency, Inc.
-
—
Mathews
Giies.
J. Burns
International Detective
,v; :
direction of Charles
find
period .: of
growth
the result of future tech¬
Need for
-
The William
:
Singer,i! Deane Branch • 14
SOMERSETr Pa.
as
r
:
large share
may
be the exceptions. /
H4
;
•;
..
major
cessful marketing,
*
14
\4
"
philanthropic leaders
Berijamim Einhorn, of Astor and
Ross and George H. Heyman, Jr.,
of Abraham & Co., are heading
Wall Street's philanthropic efforts
ahead,
&\.H'
-
Veteran
their
nological
communal
philanthropic,
endeavors.";
this- year for
#
';v
and. civic
.;
localities
175,000 Shares
J. Tru'man Bidwell
ca-
in
reer
November 10* 1961
for
men
ness
level ' of f military
Some1 individual compa¬
and
NOT A NEW ISSUE
Street's
leading busi¬
absolute-
work.
cited
be
Wall
"h i
factured in the West.
stVf*A
guest of honor
wiH
'
Bear, Stearns & Co.
j
Schwabacher & Co.
t
^
Goodyear!, Tire, .'Bur,,.
ronglis..American Steel Foundries,
"
j
The,
TT
Association of
.jjfashyflfc-Rail- bassador West Hotel.
and .^al^on''fiprgJWarj^^^I. ; ;r';i
;I
oni Louisville
St.,-
*
,
_
•
Tectum .'.Magnavox,
of
•
..
„
^
Socony Mobil Oil Co.—Analysis—
Hornblower
—
.
'
•
...
ohio.t Also
analysis
an
Corporation.
,
Gay
East
Memorandum-
-
a
as
r^nre^entativp
&
Memoran-
First Columbus
The
—
associated; with the firm
ow
g l^oTvaUkbfeTre^emo:
1^,
Rtadmf coaro.and PhiladcIphia Hold Winter rete
c^' M00
Corporatkm,
—
„
national, outlook, Jt
seems
that; 4, The highly
this nation will require advanced
respect e d
>
>
Memorandum
Memorandum
York
Paine, Webber, Jackson & Curtis,
Inc.,
Ohio-State Life Insurance Co.
#.
day, Dec. 4 at
'w' &>*
-
Glass
tUm.r®dWa,;d
Bidwell, Chairman of
,
On the basis of the current inter¬
■:-t
Theatres,
JSoup Co. and Great
Co.,
Paper
Obear-Nester
wT): xl ttt-axI 1'
^
—
—
625 Broadway, San Diego 1, Calif.
J. iruman DlQWeil North Fourth st-sk Louls 2. Mo-
fluctuating demand, for i the
military products of this region.
^fe,:
ries
He.
Ph 11 anthro-
but
'; I
"C
Paramount
ing
Campbell
Group to Honor
Tw l
Electronics
Universal
Security Title Insurance Co.Memorandum-N; C Roberts Co
Celanese Corporation of America,,
.
Northern
T
y,
,
ton.
.
now
d
—
Industrial
.
are
jj.
—
,
.,
.
gan.
Only 40,000
ployed.
4 '4, •
chure—Harnershlag, Borg & Co.,
25 Broad Street, New York 4,
,
Company—Analysis
&
Co., 25
N
.
During New York Stock
Exchange will
the Korean-War period,, approxi¬
he
honored by the Wall Street
mately 200,000^persons were em¬
Division,, of
.
.
ployed in defense work in Michi¬ the K Fedpra^
(
the
Federa
r'fefl
/
'
Simonson
Bro
4
-
S?arauette
Revenue
Water
Com-
:«
.
U.* S. Freight Co.—Analytical bro-
—
residing, in that region..
I
Oats
;
>
and
^
for
pro¬
a
military orders to
automobile
upper
in
merzbank.
Dresdner
to
Bank
- Bu"etm ■- Scharff & «roaa at., New York 4, N. Y.
TV/f
A,
T nrvtionatr
Jones, Inc., 140 Carondelet St., Quotron — Free booklet detailing lVx. XI. liOIIlctoiluy
New Orleans 12, La.
the advantages of Quotron, an
A 11
i
Qj.nrj?
North
.American
Aviation.
^icctronic quotation system Istar xVClCto CO UCttll
Analysis—Carl M. Loeb, Rhoades Incorporated, 2215 Colby Avenue,
r
fi7
& Co., 42 Wall St., New York 5, Los Angeles 64, Calif.
BroaTsta-et New York Cttv'has
strikingidevelopment: How¬
ever,
'
reference
Deutsche
Securities
^
—Cohen,
Coast
most
—
New York 6
Rector St.
„
,
we
.
Underhill
—
nincS1S
t^ pessimistic a note on whieh N Y Also available are data on
island.
Creek
Coal
Company,
end...
particular
Bank,
Inc.
fv' M?nnea™il.Tm?
Ave'' Minneapolis 2, Minn,
u-V'--:
*
'
v...
^€Wj °rle^ns
up
settle
M.
Inc., 1 .Wall - St.,:
geometric B»nds
the
have to
Also
^
projecting
sum
that
may
1001
.
Va
Organization
^
5, N. Y. Also available
on Babcock &
Wil-
■■■
by
economy of
may
Wheat & Co
Richmond
Food1 Services.
Coal—Memorandum
Hemphill, Noyes & Co., 8 HanStreet, "New" York" 5, N. Y.
..
Also , available is a. memorandum
on Standard Packaging.
Programmed and Remote System
Corp. — Analysis — Continental
Securities •
607
report
a.
cox
growth rate in fuyears—and that should not
ture
bution of military production.. As
know, the growth of the* West
industries during: and fol¬
lowing World War II has been the
is,
arithmetic
an
to
were
optimistic
more
Super
over
Airways—
via
2
P°inte<f New York Co-.,
Kidder &
those in the West
East Mate St
Salt Lake City 10, Utah.
as.
future growth at an
arithmetic rate of increase, while
the West
What does this
•
generally
were
World
.
the eastern part
in
American
*
'
'
'
£ 1
!4 Pickwick
Mountain Fuel Supply Co.—An- Analysis
nual^eport-^Mountain Fuel Sup- Corp., 19
Ply Co., 180 East First South St., ^ y.
forecasting
a
an
upward: sloping; National ' Lead — Report -rA.
country
Pan
Frane'3c0 Bulletin^4l'C
'
Also' available "is
Jacksonville
Mississippi
prepared -back
east.;
With proper American emphasis,:
of these states, particularly*
of
Alaska^ have very
lt(J
Co.,
_
those
Hawaii? and
amery.
CaM:
Charlotte 2, N. C
Inc.—Analy-
Schwabacher :&
^f^S?S!ratlon and Construction InCO. lnCOrpOraXeQ,
1.0
i-iSUrn
Sti, dustry.
re^ie..
sharp dis-
a
the
ter—lack any significant:
of', defense industries.
However,
military installations
large, number of service¬
An
rate
eVmvn
o
Laboratories,
—-
and
BuiwinS. Truax-Traer
available .are reviews of Carter Unilever Group—Analysis—Bear,
I V
B™ducts Inc., ..Howard Johnson Stearns & Co, 1 Wall Street, New
Moms Shell? Homes Inc.—Analy- Co., General Precision Equipment York 5<, N. Y; Also available is a
economic, charts
well as West—had
amount-
a*
j!lC;'.,.1!!?c?0y,ia„Bank
"tliw
i.
mine-once
marlrcrl
marked tVio + ttmrn is
that there ic
and
4,
T ttafthis
helieve
prepared., west
with
8
page
on Henry I.
Com, Inland
-
In*our l"allsis of American Cyanamid
development
otherr states- in
the region — Montana,' Wyoming,
Idaho, Nevada, Oregon, as well as
substantial!
sis
in
In
the
Miles
^eSiir
V States
peSS1*ttl
The Western o.01!6 °° recent years
♦
reports
Burgnaaster
Credit
Continued from
'
"frontier" for the Western region
that'in most of the. Eastern States.
many
V!
of the
sketch
are
Siegel,
'
tinetion-in
contrast,
available
airline and' executive markets, all
of which have been major growth
I "trust
*
Analytical brochure—.
Shearson, Hammill & Cot, 14 Wall
Street, New York 5, N. Y. Also
-
design: and sales of aircraft for the
industries in recent years.
15
Swank
,
,
f
' In Utah, Arizona, and Colorado,
defense employment accounts for
about one out of every five manufacturing jabs: This is a very: high
(2183)
look the diversification aspects of,'
the
or
their
The Commercial and Financial Chronicle.
6108
"
'
■
Hayden, Stone & Co.
*
.
'
.
G. H. Walker & Co.
Incorporated
at
•
r
16
(2184)
.The Commercial and Financial Chronicle
Pacific Northwest
tive
Bell
coupon.
Telephone Co.
sale
The
debt
Northwest
in
Public
offering of an issue of $50,000,000
Pacific
Northwest
Bell
Telephone Co. 4J/2% debentures
due Nov. 1, 1994 is being made by
on
bid
a
financing
which
March
menced
the
of
of
this
the
and
in
transfer
it
to
The
Co.
Telephone
in
the
&
of
states
the
101.03%
and
interest
accrued
to
California. Pacific Northwest is
subsidiary
purchased the issue at
cific
a
competi-
a
The
the
,
proceeds
from
the
sale
of
to
prior to Nov.
used
Pacific
nection
reduce
to
a
Of
1, 1966,
$200,-
sale
Telephone Co. in
with
the
transfer
the
con¬
the
of
cific
Dry Corporation
DIVIDEND
NOTICE
The following dividends have been
declared by
Preferred
the Board of Directors:
Stock—A
regular quarterly
dividend of $1.0625 per share on
the
$4.25 Cumulative Preferred
Stock, payable Jan. 1, 1962, to
stockholders of record at the close
of business
Common
stockholders of record at the close
1961.
Checks will be mailed.
loans
company's
after Nov.
amount
Forms
1, 1989.
Gilbertson
an
JOSE,
Calif. — Donald E.
Gilbertson is engaging in a securi¬
business
North 26th
from
Street
offices
for
after
Oct.
are
sinking
prior
>
plus
•
DIVIDEND
complete
line of automotive, industrial
and military storage batteries
plus motive specialties.
-A
the
Common Stock—28c per
share
A REGULAR
QUARTERLY DIVIDEND
1, 1961.
in
the
Texas
declared by tbe
on Oct.
R. GOULD
•
MOREHEAD,:
Financial Vice President
15,
on
Dec.
our
1,
31,
entitled
fund
The
to
increase
an
The
in
the
For the
maxi¬
interest;
accrued
of
the
preferred
Mass.
Rudell
12
Atherton
&
31,
members
of
commencing
months'"
period
The
tion price
with
ending
Oct.
sinking fund
is
$100
the
redemp¬
Boston
share plus
per
is
with
now
Co.,
the
and
accrued
unpaid
Schirmer,
York
and
was
with
Graham ,&
Dividend
No.
The Board of Directors
dividend of
one
Rand 25
tion of the said dividend
1961" to the
of business
sight¬
distribu¬
December 15,
MERCHANTS
•
ESTABLISHED
1760
tax
the
at
rate
York, November 10, 1961.
Slit
DODGE
CORPORATION
stockholders of record at the close of business December 1, 1961. A
quarterly dividend of $.55
the Common Stock of the
P.
The
declared
dend of
President
per
a
on
Florida offers
Corporation,
payable
has
seeing, too, for
per
business and
.
,
of
Three
$12.50
/
the
par
OLD
De¬
December
]> 1961. Checks
G. O. DAVIES, Vice President
272ercteey/t 72crif/are/ 77eSearr/i
GOLD
STRAIGHTS
sales
of
Invest
asset
net
value
underwrit¬
or
Fund
is
non-diversified
a
investment
of
pri¬
company
management type whose
Professional
to
Investors, a
investment association
assets
Fund
transferred
were
in
exchange
to
for
authorized.
been
There
charges for redemptions
are
or re¬
Public offering of 250,000 common
shares of Technifoam Corp., at $4
share
per
is
being
made
by
Stearns & Co., New York City and
Proceeds will be used
associates.
by
the
ment
for
company
of
the
repay¬
debt, purchase of equip¬
building
of machines, in¬
foreign companies
working capital.
ment,
and
in
..
GOLD
NEWPORT
SPRING
Regular
King Size
Crush-Proof Box
FILTERS
King Size
Crush-Proof Box
King Size
UNION
INDIA
used
to
foam
of
roll
or
material
sheet
EMBASSY
and
foam to the material. Technifoam,
Little
LEADER
Chewing
Turkish
Tobaccos
Cigarettes
BETWEEN
-
■
THE
ACTS
FRIENDS
-
Process
polyurethane,
continuously between two moving
layers
Cigars
•
i
BRIGGS
Treasurer.
Technifoam
manufacture
King Size
Smoking
Tobaccos
of 717 Fifth Ave.,
New York City, plans to engage
in the commercial exploitation of
the
KENT
King Size
($3.00)
M. W. URQUHART,
November 1, 1961.
at
any
vestments
15, 1961.
Regular
King Size
OLD
value share.
industry.
regular
the outstanding Common Stock of
Cigarettes
17, 1961, mak¬
Dollars
on
close of business
Tfarst Hi//i 772e 27'eaiest-
ing total dividends declared for
1961,
Inc.,
The company
divi¬
stockholders of
to
record November
industrial "site
at
the capital stock of
cember 8, 1961
...and
Directors
Seventy-five Cents (75(f)
share
this
of
fourth-quarter
share
j
New York, November
Board
per
Company has been declared payable December 18, 1961, to
will be mailed.
15th, 1961 to stockholders of
ROBERT H. FITE
Lorillard
stockholders of record
November 24th, 1961.
NOTICE
Company,
which otherwise would be
payable on the first business day in January, 1 962,
byway of anticipation has been declared payable December 18, 1961, to
MIAMI, FLORIDA
record at the close of business
shares
common
Fund,
without
Technifoam Corp.
Common Offered
cic» kcttcs
Dividend of $1.75 per share on the Preferred Stock of P. Lorillard
Company, payable December
on
134,537
One State St., Bos¬
is offering publicly
-——
rgja&m
kino
share has been declared
per
on
company
purchases of its shares.
spring
DIVIDEND
quarterly dividend of 28c
King,
Ivest, Inc.,
ton,-Mass.,
have
FLORIDA POWER & LIGHT
A
the
portion thereof.
no
Common Offered ~
no
nm
DIVIDEND NOTICE
PHELPS
83,000
Reynolds
15,460
shares
of * stock
at
a
price of
$14.43 a share. A total of 150,000
shares of $1
par
common
stock
By Order of the Board of Directors,
F. A. SCIIECK, Secretary.
•
of
J.
,
the
will be deducted.
New York, New
and
will receive
private
the close
at
i
P.O. BOX 1-3100
stockholders
whose
Deposit Agreement dated. June. 24, 1946.
approximately
per share, subject, however, to any
change which may occur in the rate of ex¬
change for South Africa funds prior to
■December 1, 1961. Union of South Africa
shareholders
R.
Tobacco Co., Winston-Salem, N. C.
Proceeds will
go
to the selling
sor
AMERICA'S FIRST TOBACCO
the
holders of re"ord
non-resident
of
investment objective is cap¬
appreciation. It was organized
in February, 1961, as a Massachu¬
setts Corporation and is a succes¬
on
of 6.5667%
offering
shares
mary
$1.75
COMPANY
secondary
common
ital
The dividend will amount to
vacation...1
& Co., Inc., New York
City, reports that it has completed
the
December 8, 1961 of Amer¬
ican shares issued under the terms of the
seeing Florida
Secondary Offer'g
The
today declared a
cents per share
on
as
ing charges.
60
authorized
Directors
Chicago
Reynolds
tiie
The
of
Company
Reynolds
open-end
Ordinary Shares of the Company
payable December 1, 1961.
on
staff
Trust
Tobacco Co.
NOTICE
Limited
Chairman
the
and
•
O'okiep Copper Company
ST. PAUL 1, MINNESOTA
a
Inc.
DIVIDEND
A. H. DAGGETT
picture in
dividends.
F.
Congress St.,
New
Economic
of
;
■
Exchanges. He
Stock
formerly
50
joined
R. J.
a
Richard
—
years
economist in 1957.
to
Schirmer, Atherton
BOSTON,
as
Title
Sept.
(Special to The Financial Chronicle)
stock
five
He
revenues
amounted
company
Joins
sinking fund is provided for
cumulative
ended
in
and
Line Studies,
a
business
and investment consultant service.
$148,259,789, and net income to
$14,058,156 compared with $134,193,746, and $12,366,720, respec¬
tively * for the calendar year 1960.
'
•
months
Commerce
Trend
Gas
12
of
Washington;
peak day withdrawals
Natural
30, 1961, total operating
annual
as
economist
executive ^director
approximately 2,416,500 mcf.
Nov.
two
Department
Storage Co. of
Illinois
(a wholly - owned sub¬
sidiary of the company) would al¬
low
peak day deliverability of
or
on
Com-
years
Arnold Schumacher
maximum
authorized
from
Northern;
Trust
gulf
daily delivery
capacity of the two pipeline sys¬
tems, including current construc¬
tion projects, when combined with
deben¬
an
beginning
1961.
Put yourself in the
department of
daily delivery capacity of its
pipeline systems by 168,000 mcf
by the end of 1961.
of the
prices
redeemed
1980.
stment
n v e
with the U. S.
120th Common
Dividend.
i
company
in
a
research
area.
sult
are
has
e
position in the
mum
to maturity.
The sinking
redemption price is 100%
1967.
Directors
those
c
n
included
-
rec¬
This is
e
the Chicago metropol¬
near
nually
stockholders of record November
of 30c per share on Common
the option
redemption
experi-;
ness
has two current
expansion projects which will re¬
construc¬
they
Schu¬
Mr.
~
macher's busi¬
area.
areas
sufficient to retire 4,000 shares an¬
November 15, 1961 to
Payable
ord
company.
region to terminals also lo¬
The
1,
1963, sufficient to retire approxi¬
mately
93%
of
the debentures
QUARTERLY
a
Dec.
of
ranging from 104% for those re¬
deemed prior to Oct. 31, 1962 to
*
CONSECUTIVE W:
at
at
company
fund
BATTERIES, INC.
payable
financing
current
itan
incurred
were
Otherwise,
annum.
redeemable
333
at
under the firm
63rd
NATIONAL
1961
dentof the
pany;
cated
in
interest cost of less than 4.83%
per
of Gilbertson & Co.
GOULD-
10,
outstanding
Vice-Presi-
a
The
coast
prior to Nov. 1, 1966, direct¬
ly or indirectly, from or in anti¬
cipation of monies borrowed at
Co.
(Special to The Financial Chronicle)
SAN
Secy.
1961 to stockholders of
Pipeline is one
long-distance na¬
pipeline operators in the
ducing
with those projects.
The debentures are not redeem¬
GAS CORPORATION
was
Gas
nection
and
Chicago
The other sys¬
tem extends from natural
gas pro-.'
term
-
creasing to
on
of
pioneer
metropolitan
projects. The balance of the
tures
of
the
and
net
SUBURBAN PROPANE
Board
short
of
temporary
100%
Stock,
from
debentures
now
the
tion
and
the principal
division
ment
systems extends
from
mid-con¬
tinent natural gas
producing areas
to
terminals
near
the
Chicago
com¬
including Oct. 31,
1967, and thereafter at prices de¬
to
DIVIDEND NOTICES
Manufacturers of
the
proceeds, together with treas¬
ury funds, will be used to meet
remaining expenditures in con¬
name
J. W. Reilly, Vice Pres.
Natural
the
tural gas
new
the
Beginning with Nov. 1, 1966 the
104.03%
ties
Transfer books will not be closed.
in the invest¬
Title
and Trust Company, was elected
Nov.
~
able
share payable Jan. 1, 1962, to
Dec. 5,
of
proceeds
new
for
debentures will be redeemable at
Stock—A
on
net
the
that amount which
its
Dec. 5, 1961.
on
of business
finance
the
of
bank
construction program by advances'
American Telephone.
quarterly divi¬
share on the Com¬
Stock, of the value of $1.66r&
mon
will
wholly-owned subsidiary of
Peoples Gas Light & Coke
Co.,
of
share.
per
the- payment
to
from
dend of $0.25 per
per
Northwest
Of Chicago Title
CHICAGO, 111.—Arnold C. Schu¬
after
or
macher, economist
The
is
preferred stock, the com¬
pany expects to apply $20,000,000
properties. It is intended that Pa¬
Canada
series
at $100
pany
000,000 4Y2% demand note issued
..{CANADA^
which
'
redeemable
be
5 XA %
stock,
debentures, which will not be
will
Schumacher V.-P.
1,
on
-
Telephone.
*
DIVIDEND NOTICES
of
otherwise
debentures,
due
Nov.
1,
country. It owns two pipeline sys¬
1981, priced at 99% to yield ap¬
tems which currently
supply ap¬
proximately 4.83% to maturity. proximately 70% of the natural
Simultaneously,, an underwrit¬
gas delivered annually in the Chi¬
ing group headed by Dillon, Read
cago metropolitan area.
&
Co.
Inc.
is. Coffering
100,000
One of the
shares
of
cumulative, preferred
company's pipeline
American
Tele¬
phone & Telegraph Co., as is Pa¬
yield approximately 4.44% to ma¬
turity. The Morgan Stanley group
underwriters
4%%
Washington,
at
redeemed
A
publicly $15,000,000 Na¬
tural Gas Pipeline Co. of America
Telegraph
priced
of
group
Oregon and Idaho.
Pacific Tele¬
phone will continue to operate in
are
if
offering
.
debentures
is
option
1977.
business and properties previous¬
ly owned and operated by The
Pacific
the
of the
at prices ranging from
$108 per share if redeemed prior
to Oct. 31, 1966 to
$100 per share
Dillon, Read & Co. Inc. and Halsey,
Stuart & Co. Inc., head a
fol¬
of
stock
at
Thursday, November 16, 1961
.
company
Securities Sold
com¬
July,
preferred
redeemable
Pipeline Co.
organized
year
The
Natural Gas.
4%%
Pacific
of
was
operations
lowing
nationwide
underwriting group
headed by Morgan Stanley & Co.,
New York City.
a
15
which named
offering represents the first
public
Debs. Offered
Nov.
100.201%
.
.
HOUSE
which
ployees,
the
Carteret, N. J., where it plans to
MURAD
manufacture
HELMAR
thane
BLOSSOM
bond
approximately 24 em¬
has leased a plant at
BAGPIPE
,
to
has
BEECH-NUT
-
HAVANA
MADISON
simultaneously
by
foam
and
-
new
process.
polyure¬
supplied
experiment
applications
of
the
customers
with
bond
material
to
>.
and
•
..
to
'
1
Volume 194
Number 6108
THE MARKET
;
.
.
.
.
BY WALLACE
y
The Commercial and Financial Chronicle
.
this year despite an above average
AND YOU
.
(2185)
yield of around 3%%. Chain Belt
is also a company with a good
STREETE
dividend
1893
Two
months
followers
of
of
Dow
this
ended
average
for the
suspense
the
or
enough key issues showed superior
strength to push this widely-fol¬
lowed barometer to
before
in
seen
The
readings
history.
as
splitting the
of
done several times
was
back in the era when they en¬
joyed such obvious popularity.
The; new thinking in the elec¬
tronic section centers not on the
when
week
intention
any
shares
Industrial
never
that
issues
action
able
were
show
to
tion about this time of the year of
the year-end rally and how sturdy
phenomenal growth until bump¬
ing into their price and competi¬
tion headaches recently, but on
the old-time companies that have
switched
into
the
electronic-J
missile fields without attracting
the
attention
of
the
growth
it might be this time.
fadists.
mostly' confirmed
the previous all-time highs posted
by various other averages but it
was sufficiently comforting to un¬
leash the usual flood of
;
conversa¬
,
Such rallies in the final sessions
of the
larly
in
recent
Such
when this
to tax
years
period has been given
spate
and, normally, a
selling, from which the
of
rebounds
actions
trans¬
such
once
name
and
for
two-thirds
profits.
of
Old Favorites Acclaimed
still
was
selective but for
12
debenture
change centered
a
for
mand
time. General
Electric, for one, was busy posting
new
highs at least for this year
and du Pont was prominent on
the
lists
of new highs. In the
In
will
mean
million in du
$31.5
Ob¬
Pont's coffers.
viously, investors count on getting
part of it.
For many of the other issues
that took over starring roles, it
was
largely a case of trying to
anticipate good news in the way
of stock splits, mergers, etc., CocaCola, which has had a rather
placid trading life, was one of the
the
occasion.
on
reached
and then fell
200
out of the
in
the
common
by
another
share
and
keep
favorable
sales,
such
for
drawback
a
of
Some
favorites
limelight
But with
rising
only
is
momentary one.
a
1946
outlook
per-
blowing
earnings
from
improvement.
dramatic
its
in
dilute
maximum
11%
shares of this one-time investment
favorite had
possible
capitalization
stock
old
The
to
conversion
to
being
in
the
culled
list
stock
for
out
ancient
were
discussion
1
while
shares
the
i
worked
back
down to around 100 in 1951. Their
best posting
1959
afterward
and the
shares
169 in.
split 3-
was
were
for-1
early last year, still without
making the issue much of a feature
when the market going was good.
life in the last
several weeks, working back to
the
100
line
and
racing
well
above it this week on fat daily
They
to
came
that
now
toward
out
since it is
Science Stocks Neglected
as
one
of the issues cited
It
first
dividend longevity.
making quarterly
1864 and has never
began
payments
in
since,
skipped
which
is
longer
than any other company can boast
of
consecutive
quarterly
dis¬
phone, for instance, only began its
unbroken
quarterly
schedule in
The
vious
science,
or
glamour,
occasion
on
but
issues
weren't
American
News
benefits,
this
and at the
one.
C Zenith
;
;
was
electronics
the exception in the
and
appearances
on
made
occasional
the lists of new
far cry from such
has
this
a
also
can
News
started
one.
a
a
bit
from
the
mond M.
Hanrahan, former SEC head, currently a partner in the
Sullivan, Donovan, Hartrahan, McGovern & Lane; and
Steinbach, partner, Wertheim & Co., will each receive the
law firm of
Milton
recent
divi¬
the
and
Awards
Goodbody, managing partner of Goodbody & Co.; Ed-
dend payout had to be shaved last
year
the heels of market per-'
on
formance in 1959 that warranted
3-for-l
a
split. So far in the current
fiscal year, Chain Belt appears to
be on the brim of a profit turn
since sales and profits have been
favorable with
more
And
with
each
report.
1962 slated for
cyclical
recovery
for business generally,
its results should improve mate¬
rially. The shares, well deflated
from 1959 and even 1960 highs,
have yet to reflect the improved
outlook.
[The views expressed in this article
do
necessarily
not
cide
with
They
are
author
those
at
of
the
presented
time coin¬
any
only.]
"Chronicle."
those
as
:
;
7:00
at the Waldorf-Astoria.
p.m.,
The awards, in the form of silver
plaques, will be presented to
the honored guests for "distinguished service in the field of human
relations."
Jacob C.
and
Stone,
a
partner of Asiel & Co., will make the pres¬
F.
O.
Hanrahan,
Williams, Senior Vice-President of the Connecticut
Co.
of
Hartford, will cite Mr. Steinbach.
George C. Textor, President of The Marine Midland Trust Co.
of N. Y., who is serving as Chairman of the Award
Dinner, said
than 800 members of the financial community are ex¬
$50 per plate event. All proceeds will go *
towards the work of the National Conference in
promoting good
will and
understanding
among
Protestants, Catholics and Jews.
Stock
in The First National Bank Build¬
Y;;;'
The office will be managed by
Jack H. Shannon, formerly with
the
Birmingham Trust National
ing.
ployees of firms that do not have
NYSE Rules for
formal
■.
Bank, and more recently a vicepresident with Berney Perry &
Co., Inc., of Birmingham.
will
New
the
execute
York
and
J
orders
American
Stock
Exchanges and conduct an
investment
banking business in
corporate
and
underwriting, distribu¬
The firm will
general business in taxexempt securities.
tion
also do
trading.
a
Tucker,
Anthony & R. L.
Broadway, New York
Day,
City,
training: classes
Registered Reps.
it
to
make
an
Keith
"With the expanded and diverse
President of the
Exchange, has
announced that effective Jan. 1„
1962, all candidates for registra¬
tion as registered representatives
will be required to pass the Stock
Exchange's examination.
Under present regulations the.
Exchange has waived its exam¬
ination for applicants who have
completed
approved
training
New
Funston,
York
in
Stock
a
number of education¬
training methods in use by mem¬
firms, the Board of Gover¬
nors
feels it essential that the Ex¬
change have
a single yardstick of
preparedness," Mr. Funs¬
trainee
ton said.
In outlining the new require¬
ments, Mr. Funston noted that
exceptions
will
be
made
for
trainees who have started
approved institutions prior to
1, 1962 and successfully com¬
plete them by Dec. 31, 1963.
al institutions.
In announcing the new policy
adopted by the Exchange's Board
Haupt Sponsors Lectures
Governors, Mr. Funston em¬ Ira Haupt & Co., members of the
members of the New York and
phasized that the Exchange con¬ New1 York Stock Exchange, will
Boston
Stock
Exchanges,
an¬
tinues to recommend that candi¬ present a series of free lecture
nounced that four new registered
dates complete either the class¬ courses to the pubilc concerning
representatives have joined the room training programs or the ap¬ stocks and investments, at the
firm.
The
new
representatives proved
Fordham
office
in
the
correspondence
courses, firm's
are
Arthur Callahan, Alexander
before making application to take Bronx. The lectures, under
the
D. Gray, George H. Land and Al¬
the Exchange's examination.
He direction of Donald Kroner, will
Wagner.
four
of
described
associated
were
Kean, Taylor &
Co.
with
these
courses
as
"val¬
uable
supplements to on-the-job
experience, and basic for em¬
be
held
on
six
issue
same
All
of these shares having been sold this advertisement appears
time
Nov. 8.
as a matter
of record only.
Not
a
November 15, 1961
New Issue
fields
crippled
new
was
by liquidation of its wholesale
periodical division which had ac¬
counted
for
almost
half
83,000 Shares
its
of
sales.
R.
J. Reynolds Tobacco Company
Common Stock
,
-
cut off
abruptly this week when
the company denied any and all
i
;
v
of
;
the.
swirling
assortment
of
rumors
it, notably any
plans to sell off its assets as was
done in the ease, of Honolulu Oil,
wher^ its first significant increase
in per share earnings for some
years could come .this year.,
.
Another old-time
around
in
for
attention
is
name
coming
Chain
Belt
which- has had an uneventful life
,
Reynolds & Co., Ine.
NEW YORK
.PHILADELPHIA
consecutive
Wednesdays, at 8 p.m., beginning
less
handful of years ago
courses
in
Jan.
However, Ameri¬
venturing into
their
ber
broad
makes
of
own."
courses
With Tucker, Anthony
120
>
attend the
Exchange, and its affiliate, Pierce,
Carrison. Wulbern, Inc., has an¬
nounced the opening of an office
office
-
more
pected to
the New York
H.
General Life Insurance
that
BIRMINGHAM, Ala.—The Pierce,
Carrison,
Wulbern
Corporation,
The
Milton Steinbach
entation to Mr. Goodbody. Elbridge T.
Gerry, a partner of Brown
Brothers Harriman & Co., will present the award to Mr.
Branch Office
of
E. M. Hanrahan
Goodbody
Brotherhood Award of the National Conference of Christians and
Jews at a dinner in their honor to be held
Tuesday, Nov. 21, at
of the
Pierce, Carrison
Opens Birmingham
members
Harold P.
cyclical swings. But
tends
mundane
ob¬
some
Competitive pressures forced
the liquidation but it was accom¬
as Texas Instruments which would
have
to soar
nearly a hundred plished before growing deficits
could hamstring the entire, com¬
points to threaten its 1961 high
and even more to get anywhere pany.
The profitable lines were ex¬
near its 1960 peak of a shade over
256.
Recently the
shares were panded, the Crotty Bros, division
available under the century mark acquired for contract feeding in
but new support has enabled them
plants, schools and hospitals, a
to move back around a score of new frozen food process—still un¬
tried—developed and it is study¬
points from the low.
Another favorite of an era even ing acquisitions that will fit com¬
more
ancient is Amerada which, fortably into its present pattern.
Cost control has been a major aim
following World War II, was the
of
the
management
and, with
-pet issue with the fast-growing
mutual funds
and
with profes¬ some heavy expenses over, sales
up
and
profit-margins
sional
managements
generally. picking
This item, too, came back to some starting to work higher, the com¬
favor in recent weeks but that was pany is seen poised at a point
highs. This is
recession
All
including
diversification that
vulnerable to
any
a
business
bert
Better Days Ahead
overall basis to end
up more than mixed and, for the
most part, are still well deflated
from
the optimistic levels
they
had reached last year and early
on
payment
1882.
Harold P.
quarterly payment
j,922t.
like many another,
old-timer
real
a
most often for
Tobaccos, some of the drugs,
stores stocks, utilities and foods
were the groups with the betteracting items more times than not.
able
be
American News
category
stands
to
seems
bursements. Staid American Tele¬
gains.
stirred
trend
of the bygone stars.
some
this
In
the
it didn't go on an
suffered
on
other
the
made
since
year
The
transition from
aircraft
future
v
features
conversions.
debenture
each
depressed by
were
missiles,
Northrop did a successful job of
getting a strong position in the
space field, notably through de¬
velopment
of the Polaris. Re¬
search has been stepped up and
prospects for the future are bright
although
there
is
still
more
General
extra
an
per-share
year's
making the
manned
case, there was something
thoroughly concrete to anticipate
since the surprise 50-cent year-
Motors
has
than
more
from there.
latter
end dividend declared by
sales
premier "growth" items at their
prime were priced at 50-times
earnings and on to higher ratios
long
a
last
earnings which
somewhat
issues that weren't in much de¬
on
times
its
lately
Northrop
been available at little
Buying
as
although
uninterrupted
schedule UQtil
Chain Belt,
estimates give credit to electronic
work
cleaned up.
are
old-time
an
Northrop Corp. is now primarily
an electronic
operation and some
over
considerations
list
Transition
Successful
the rule, particu¬
are
year
having
record,
payment
some
Nat'l Conference to Make
17
CHj£AGOU SAN FRANCISCO
BOSTON
18
The Commercial and Financial Chronicle
(2186)
.
.
Thursday, November 16, 1961
.
solidation
Auditor of the bank, to the posi-
share for each 12 shares owned,
Subscription to the new shares
fective Nov. 22.
will begin on Nov. 17 and the
Mr. Burroughs has been with subscription warrants will expire
the
bank
since .1946
and was on Dec. 4.
Auditor of the Vermont Savings ■!" On Nov. 6 the stockholders voted
tion
BANKS AND BANKERS
of
Branches
New
•
New Offices, etc.
•
Revised Capitalizations
•
to
with
the present bank in 1958.
■:■■■.*
*
*
On
t
Comptroller
the
3
Nov.
to split the presently outstanding
National
"
^
"
•!»
Vice-President o| the Peoples Na¬
tional
Bank
of
Chicago,
*
Bank of New
announced the ap-
York, Nov. 9
rity National in May, 1958, and
joined the merged bank as Vice-
pointment of G. A. Costanzo as a
with
associated
Vi re-President
President
and
correspondent
the
in
banks
ment
governOverseas Di-
—
vision.
At the
same
been
Carl
appointed
deputy
a
comp-
Costanzo
Mr.
on
has
Kriech
troller.
Nov.
joined the bank
following a prominent
1
in
government. His most
assignment
was
that of
career
recent
director of the Western
Hemisphere Department of the
International Monetary Fund.
Mr. Kriech has been with the
deputy
1927
since
bank
with
and
George E.
Security
the
Comptrollers Division since 1930.
*
pDrw
MM..
National
Bank
a
1
hppn
?it +L
William
has been elected
Pand
R
WliJ anJ B. Hand, has been elected
the
»-York.
i
#
«
.
of
Empire
New York
*
*
.
A
*
_
^
E.
George
of
resignation
Maccaro asPresidentof Security
National
of
Bank
Ysland
<Long
announced Nov. 13 by ttie m-
was
stitution
s
Elected
tution
will
National Bank of Southampton
has been
invited to serve the
banks
merged
Aug.
continue
as
and
with
Security
Na-
General
Director.
annrnvai
Trust
elected
President.
tinue to
serve as
Board.
Maass
Mr.
president
awQ SSi
He will
^nairman
,
con-
oi
ine
had served
as
Mr
1949'
the
a
Mr :
L.
he
he
President
fA®.
later
common -ftoek 01
CnmntrnTlpr of
X
National Bank
UpOn
" "S
was elected
and
I- ® A.
he
was
Director
a
fea
ViceA vear
elected
General
A.At-1
COwnseL°f the was 'President
ban\
Mr.
Maass
Fort Neck National Bank
of
of Sea-
First
Falls,
its
The
consolidated effective as of Oct
com¬
1
.fe
National
chants
3.
Bank
shares
m
mshland Falls N Y. into
the First National Bank of Poughof
^
the^ latter became effective^
10.
Both
Nov
banks, are owned
by the Marine Midland Qorpora-
s;:
Brmiey
with
$200,000,
The merged bank assumes the into
name
of Marine Midland National
Bailk
of
It
will
Southeastern
assets
of $80,000,000.
George
dent>
York,
New
combined
have
in
S. Nichols, Vice-Presi-
will ibe
charge
in
the Vermont
Bank.
*
President
National
Company,"
of
and' Sav-
BmUeboro,
Vt
of
was
Jersey
Bank
effective
*
V.
of
Oct.
under
.■
.
*
of
of
The
Clarks-
$
Sannes
...
ecutive
The
with
The CitiSavings Co.,
and
Ohio,
Peoples
common
certificate
'•
Seattle
as
Stockholders offered these, new
of record Nov. 6,
will be
of
stnrk-
<R9nn nnn
nf
of
Underhill
Vice-
a
\
W.
Lindholm
will
consulting economist to
National
Bank
of
Oregon, Portland* Oregon, it was
by
Ralph
J.
Vo$s,
announced
President.
Bernard
He
*
-
*
vy,'„.
President
.
Chairman
Morgan
8.
:v. i
successively
was
and
of
.
Carter, died Nov.
Carter
porated,
a
,
S.
"...
68 years of
age.:
was
Mr.
Board
-
•
•
*
&
of
Cie.
the
Incor¬
in
Paris, which was :v a
subsidiary of J. P. Morgan & Co.
Incorporated.
When Morgan •&
witii
AAmmnn
Bank
Washington,
";y
First
J?
*
11
4-
O.
Vice-
a
formerly Ex¬
of Holly¬
was
C.
Richard
serve
issued
was
J?
E.
President.
capital stock ot $X,lbU,U0O divided
'
elected
National
Washington,
-Jbto. 58,000, - shares of common
stpek^of the par value of $20 each.
merser
He
the
wood State Bank.
«
1961
basis
Los
Vice-President
elected
$840,000,
also
was
President.
stock of $200,000, consolidated efExecu-1 fective as of Oct. 27.
-
6|^ » ' :;i -«
"!
*
the
Texas,
elected
Senior
and
of
.
^
Bank
$
Bank,
.
on
'
.
Angeles,
Harry
C.
Geyer
Vice-President.
He w a s
Calif,
Princeton, N. J., died Nov. 8, at The Farmers National Bank and
shares
.
Houston,
*
the
^
.
National
Houston,"
Continental
and assume
of Nov. 4.
as
Banking
zens
n
present
of
value of
changed its title to "Central Na¬
tional Bank of Houston," effective
Oct. 30.
ap-
Banking and Trust
Burroughs "the
shares
:!:
"Montrose
stock
of
J
W.
"First Secu¬
143,000
*
r
The
vlll p* V J C 1
a O/ll
AJt\ w"
former < e m-ployer, Fair-Lawn dluiu UHLClJi ..iDl U V ♦ \ 13 j'Ultt t, it had £;
announced .Nov. ,-LO } that lb llCl'-v
fs ^
****** -trust Company, Fair iixed the price • ot $30 ^per jshajrer'^•
Radburn Trust Comply Fair fixed the price of.-. $30^ share
Lawn, N. J., as Vice-President.
for the offering of its 394,975 new toe. r L
c.? ' pp PY ^
A
>n.M
^
.hare, of rariitol stock.
"
making effective, as of Oct. 31
The Board of Directors of the shares of capital stock.
The Conneaut
fred
the
$20 each.
V
of
Ashtabula,
with
common
fas accepted a position with his Trust Company, Thiladelphia/Pa.
^erf°nt+ National to appoint Aland Sayings
Bank voted Nov. 8
consolidation
into
The consolidation was effected
under'the charter and title of
..
The
28.
stock of the par
Company
Ashtabula,
Ohio,
tive Vice-President and Director
of the First National Bank,
age of
stock
effected under the charter of
Dr.
an-
Beau¬
common
common
West^Virginia
Trust
and
as
effective
Conneaut,
*
Cortelyou,
*
Beaumont,
divided
The Merchants.
of
Bank
arid
Trust
rity National Bank of Beaumont,"
with capital stock
of $2,860,000'
,*
!i:
*
The-Farmers National Bank and
J.,
J
Oct. 11.
Raymond
Highland pallg office.
Tucker
Central
the
of
National
••
Co., Freehold, N.
charter and title
"The
Lets
purchase the
the liabilities of
merged with and
Central Jersey Bank
Trust
;
.
the
under
to
and
The First National Bank of Beau¬
Bank
of
$2,300,000
Bank
of
Virginia
West
of
$300,000, consolidated effective
as
°f $25 each'.
Clarksburg
Bank
of hat- Clarksburg, Clarksburg, West previously Vice-President of
IV^gii^c^e consolidated date First Westernn Bank.
John
stock
common
bur<r
was
The
Trust
and
^
Beach,
.
Union
-
s::.
Natiopal • Bapk
Bykdler
First
^he
of
divided
an
application
National Bank of
proved
the
of
of .common- stock
.
-
Asbury,
capital stock of $2,divided
into
1,020,000
of
State
mont and
"comptroller
$100.)
*
National
Company
common'
of
shares
On Nov. 2 the
value of $2.50 each.
par
keepsie, N. Y., under the charter
Bank
$2,406,640,625,
96 265%
** °*
with
Park,
550,000,
of
into
*
mont, Texas, with
Na-
National
$300,000
value
par
stock
Security
Company, with capital
stock
31. The consolidation was effected
.
First
common
under the title
Harrisburg
from
Beaumont, Beaumont, Texas, with
^
»"derB
Hamsburg
stock
❖
Oct. 27. The consolida-
as of
The
tional Eank and
nbun'ees4he resignation of Frank
.
;
s- Mechan, Comptroller, to be The Board of "Directors of The
of effective Nov. 22.
Mr. Mechan First Pennsylvania Banking and
consolida-
The
Sioux
,
was
tnd 1?", Wa8f
$i,uuu,uuu, ana charter of
060 000
capital
15,000 shares,
;5nn^
$42O;00O,and
Maccaro 1 -was"
"Y J\J^—
tion Of the bank into Security Na-
tional
tional,
"
'
..
Mac-
in
$1,500,000 effective Oct. 31.
(Number of shares outstanding—
r
,
«
*
T^
Durfee
Director and Counsel of
Fort Neck
Seaford,
-
of
The merger of the First National
*
» until
GbSrmair an^
Company.
C.
nfhpTrPffnlatorv The Merchants Trust Company of
of
Bank. N. J..
of wlth "ank, N. J.,
common
stock of
r
...
Q-Q
jrom
M.
B.
Asbury park-Mansquan National -five
subject
__
tags
In
hv thp
are
the
*
agLclesandthe^ stockholder
ageMies and me stockholders
involved. .
excess
_
elected
consolidations
with
Bank
Advisory
the
tion.
18, Mr. Maccaro
Vice-President,
as
Gcmnsel
Board
In
^President ot tne insti-
last
tional
of Directors.
_BOard
to
of Directors of the institutions,
' dent of the B. M. C, Durfee Tru3t ^m **' vernon> Jr- W1U
The combined institutions will Company of Fall River,.Mass. In •- nager.,
#
operate under the name and charand
1929 he merged
the, ™.
' tvtoU^oi pani,
ter of Security National Bank. Massasscit - Pocasset N a t i o n a 1 -.if";'*pf
r L™
The Board of Directors of First Bank and the Metacomet National
41
AO cok
hA_n
been
the
dividend
Bank
South Dakota, increased
mon
.
Tork! be'en appointeda Director of Na- ^M^mmlati^l
pSsT Y°f WeStCheStCr'WhUe ^
K„_
has
Graham,
Director
a
♦Trust Co.,
The-
New
r„h-ni
M.
Ford
elected
o?
City
stock
a
.
tL r^^nrv
Sms
E.nt
Bank for Savings b New Ymk
for
inNew York.
has
Vice-President of
a
Illinois.
National
s e y,
Illinois.
*
Schumacher
Chicago Title & Trust Co. of
By
Trust Co*' Philadelphia,
tLa,Pa^
Long
of
H
Lawrence
C.
elected
Chicago,
Howard National Bank and Trust Pa.
Chairman of the Board of First Company oL Burlington. The eNational Bank of Southhampton, fectave date is to be as of Nov. 30. Western
L. X and the directors of both
... *
Bar*. Pittsburgh, Pa., will open
boards announced Nov. 10 that a John S. Erayton died Nov. 11. JHe a neW banking office in Greenconsolidation of the two banks was 65 years old.
on I^v. 20, President M. A.
has been approved by the Boards
Mr. Brayton > served as Presi^ni k,
J.
^
w
T
the
v
*
Arnold
been
*
*
;
romntrolle^n^WR an Assistant f£*Td for the Southampton ofm
Comptroller
*
,
Mr.
J/-V and Trust Company of furling- Mr. .Vincent; ■ P. McDevitt, has
Maccaro, President of JjJn' Burlington, Vermont, ^under been elected a Hirectorof Broad
*
*
Island,
time, the bank an-
that
nounced
into The Howard National Bank
<
relklio^Sswithereign
g£ovei}. an ■ application
£leti?n 0Vv»e Wanting,
^be First ^National Bank of St. number of shares will be 5,134,675
of a par value of $5 each.
ford when it merged with Secu-
First National City
"Commercial
of
of
Mr. Harold Cohn has been elected
and
authorized the issuance of 394,975
additional shares. After the corn-
ap-
title
Bank
Peoria," with
capital stock of $4,500,000, divided
into
225,000 shares of common
stock of the par value of $20 each.
2,369,850 shares two-for-one
"
effected under the
was
charter and
ef-
be
unification
the
until
Bank
Consolidations
Comptroller,
intn
.
one
new
Ohio*
Northeastern
Bank
National
Cie.
was
merged
with
Morgan
of
Ashtabula, Ohio, Ash¬
tabula, Ohio, with common stock
All oj these
shares have been sold, this advertisement
as a
matter
Guaranty Trust Company of New
York in 1959, Mr. Garter became
of $687,500. The merger was ef¬ ..Chairman of
Morgan Guaranty's
fected under the charter of The European offices
policy commit¬
appears
of record only.
Northeastern Ohio National Bank
of
NEW ISSUE
November 15, 1961
tional
of
Bank
Ashtabula,"
He
•each.
-
The
"
.
*
;
,
,
National
'Central
Cambridge,
*
at
Bank
by
P.
He
the
&
joined Morgan Harjes & Cie., be¬
coming a partner in 1924.
When
its1
increased
Ohio,
'
employed
London in 1921 to work
office of Morgan Grenfell
Co.
The
following year he
in
■
:
❖
v.
was
went to
into
C. F. Boone Nationwide Publications, Inc.
member of its directors
a
J.
Morgan & Co. in New York.
with
capital stock of $687,500, divided
27,500
shares of common
stock
of
the par value. of
$25
lOOjOOO Shares
tee and
Ashtabula, Ohio and under the' advisory council.
title "The Northeastern Ohio Na¬
the
firm
was
changed
from a partnership to a corpora¬
capital stock from $250,-'
tion in 1945^ Mr. Carter was elec¬
$375,000 by sale of new
common
Common Stock
000
to
stock, effective Nov. 1.
shares outstanding
(Par Value $.80 Per,Share)
;of
shares,
r
-
Offering Price $2.00
per
The
Share
*
Home
Ohio
Copies of the Offering Circular
may
be obtained from the undersigned.
The Home
Company,
Gib-
Oct.
*
Commercial
*■>
G. K. Scott & .Co., Inc
tional
v.54 Wall; Street, New York 5, N. Y.
:
of
.
and
of
effective
of
Oct.
of
of
stock of
Ceiitfal
Trust
$1,000,000,
'
'
"
•
Ford &
Na¬
Company
common
consolidated
27.
Tex.
Parker,
Co., Inc., have opened a
—
branch office in the First Nation¬
al Bank
tion of
Building under the direc¬
William Brightwell.
Prudential Inv. BranchBank
Illinois, with,
as
*
'
.
common
The
1
HENDERSON,
.
National
Bank and
Peoria,
stock,
.
.
v
*
*
Peoria, 111., with
$3,000,000
and title
Banking Co.
,•
■
Parker, Ford Branch
Company,
and The Gib-
the charter
He became Chair¬
of the Board in 1955.
"
consolidated
sonburgf -Ohio,
ted President.
man
❖
*
sonburg Banking
under
15,000
Banking
Gibsonburg,
30
$25.)
value
par
(Number
—
The
con-
WICHITA
FALLS, Tex.—-Pruden¬
tial Investments
a
-
branch
Inc., has opened
office
in
the
Parker
Square State Bank Building,
der
the
Woods.
direction
t
■
of
"
Ronald
un¬
G.
.
Volume 194
Number 6108
It Is Time
.
.
The Commercial and Financial Chronicle
.
free.; stocks
Vote
to
(2187)
will
Future
For
Free Silver Market
a
But
icies
-
of
will not be
of
these
silver
a
views,
as
to the future price of silver but there
shortage for future industrial needs.
Mr.
Wemple indicates
the extent
industrial demands for silver, its insignificance
,
the
and
importance
of
bringing about
Wemple agrees price will
are
up
go
once
some
predict*
Mr.
He offers
-
ejected
"
; home
-
ade
.
gests continuance of Treasury free silver sales and use of available
silver
monetized
for
coinage until the recommended repeal
Silver Acts
is
to
be
in
found
.
t
increases in
tially'increase
New
the
1960's
will
growing
of the
12^2%,
now
using silver
for
but there is
no
which
world
silver
uses
its
believes
for
as
real question
re¬
serve.
This
means
is
silver
that
needs.
:
■
The
"
the fu¬
:•
A11
that
in
-
this
of
about the future of
we
shall
*
will ; surely
active
see
market for
tax
*'
pected. This is quite a different
thing, however, from saying that
silver
will
be
in short supply,
which implies that it will not be
as copper,
lead
zinc
and
commodi¬
are
And it is
ties.
Francis H. Wemple
commodity
a
which is .#
very •
applications
_
.
widely used an virtually ,alLsegments of industry throughout the
commodity
dertaken
markets.
in
an
Polices
of
one
to
towns,
because
On
It
mechanisms.
in com-
contro
critical
and plant
motors
plays
a
part-in our defense program.... in
radar .systems,
missile> guidanc
systems and many
other complex
devices.
delicate
and
^Silver bat-
critical part
submarine,and rocket
pr^rams.
One
of
the largest commercial
teries
a
are
•
photographic
for silver is in
uses
film and sensitized papers.
world
silver has been
production by a
In 1960, production
Communist
world
consumption .of
exceeding
new
wide margin.
the
in
non
million
ounces,
including
200
about
was
-
consumption,
whereas
amounted to nearly 320
coinage,
statistics
have been used as evidence, of a
critical shortage of silver.
million
.
These
ounces.
■
,
^
U.
).
S.
XT
.
M
Coinage Needs Not an
Important Factor
,
used
alone
vert for this
they
purpose
deficit. Silis obtained
Treasury stocks, so
States- coinage needs are
factor in world markets.
from
In this connection
to
United
not
a
used for
subsidiary coinage in the
United
considered to be part
this country's monetary stocks.
States is still
of
it semns logical to
For this reason
that
assume
the
not
Treasury,
existing silver
whether
or
laws
repealed, will have no
into the market to buy
are
need to go
for
;silver for subsidiary coinage,
.
the indefinite
future.
In the second
there have
sources
hearing,
^
first
a
the
sition
being in favor of
as
for
silver.
major
industrial
a
The
Association is
free
a
market.
free
,
peal
all
of
existing
*An
•
the
25,
address
by Mr. Wemple before
Club, New York City, Oct.
Mining
1961.
.*
*
po-
granted
1946
to
Act
the
to
,
of his
farms and in suburban
•'
nist," established him in the ranks
of America's well-known contem¬
;
.
the basis
of the
interviews,
able
were
to
'
*
affairs, and the success
book, "The Naked Commu¬
porary
authors.
U"
Now
the
K.
Hauser, Murdoch,
Miller & Co.
DALLAS,
Tex.—The firm nami
Hauser, Murdoch, Rippey &
Co., Adolphus Tower, has beei
changed
to
Hauser,
Murdoch
of
Treasury.
Miller & Co.
at $250 billion in 1960, and the
study determined that about $100
'
•
,
'
1
i
k
1'
i
'
'
Dempsey-Tegeler Branch
billion of this represented capital
;
appreciation
COLORADO
ments
were
since
the
initially
invest¬
'
made.
SPRINGS, Colo.Dempsey-Tegeler & Co., Inc. ha:
opened a branch office in the Ex¬
This
$100 billion
in"
because
tance
to
largely "locked-
was
of
sell
investors'
or
switch
National
change
reluc¬
Bank
Building
under the management of
invest¬
N.
Roberi
Larson.
All of
these shares having been sold, this advertisement appears as
silver
the
silver
a
matter
jj|
of record only.
of
Copies of the Prospectus may be obtained from the Undersigned in
State in which the Undersigned may legally offer these shares.
any
.
November 14, 1961
NEW ISSUE
re¬
fp
pur-
legislation,
including the
the 1939 Act and the
i946 Act- This would result in the
of
analyst
of current
and
i5!i',v'v''v'v'v'w'.v''v.v.v,.''..v''''v.v'v*v'^
220,000 Shares*
Act>
elimination
cities
develop
chase
1934
400
free
up
of
recommends
46
.
throughout the United States, ineluding Handy & Harman. The
Association
many
market for silver,
and to express our confidence in
our
free
enterprise, system
by
urging
Congress
to repeal
all
silver legislation.
•
>...
.
;
truly
Silver
made
users
than
'
Silver
users Association stated its
market
in
District of Colum¬
Individual shareholdings in the
k
•
'
'
,v,
..
•_
.
J
•.
•••••
'
;.
the
authority
Treasury by the
sell
•S:
THE PLATT CORPORATION
non-monetized
Ivl;
-.silver, and also in the elimination
interest
in
silver
bullion,
f<i i
Class A Common Stock
which
of the provisions of the
1934 Act. Bills to accomplish repeal of these Acts have been introduced both in the House and
the Senate in the last session and
was one
are
(Par Value $.50
per
Share)
*100,000 shares were offered by the Company
through its officers and directors.
<
awaiting action by the Con¬
gress.
Pending such action, the Silver
Association urges that the
Users
silver
as
at present,
begin immediately. to
and
use
that
Offering Price: $5.00
per
Share
1
it
avail-
able monetized silver for subsidThis advertisement is not
iary coinage,
po&ition of the Silver Users Assocjati0n with respect to all of these
an offer to sell or a solicitation of an offer to buy these securities. No
offering
by a Prospectus filed with the Department of Law of the State oft New York. Such
filing does not constitute approval of the issue or the sale thereof by the Department of Law
or the
Attorney General of the State of New York.
■
■
■
'
is made except
Handy & Harman endorses the
-
.
pointg. We estimate that the remaining 50,000,000 ounces of free
stocks, together with an estimated
i0,00Q,000
punces
which has
.
of
been
lend-lease
returned
but not yet credited to free stocks,
secondary will last until mid-1962.
If the
becoming avail- Treasury starts/using monetized,
price levels.
In stocks for subsidiary coinage, then v
always been
able at different
as
gtep in formuiating jts future poljCy
silver
,
place, historically
of silver
Department
investors
City. v
"How the West Could Win" will
be the topic of Mr. Skousen's ad¬
dress. He is an effective
section
cross
United States have been estimated
a
Gf
of Police of Salt Lake
present,, or reduced, capital gains
rates, and the amount of capital
gains revenue that would flow to
We also
Treasury continue its sales of free
it is important
remember that silver
Treasury
a
the
There-
advocate
term, the outlook
siiver f depends
upon
the" policies of ;the n
Treasury. On Monday, Oct. 16, an
informal hearing was held by the
Drjce
on
researchers
iore, it
For the short
Club of Los Angeles at a luncheon
meeting, in the Statler Hotel to¬
day, Bond Club President Stevens
depth
seems to me that it is time
for all of ;us to cast our vote for
$1.29 an ounce,
£0r
market for silver.
.
seriously misleading
the first place, United
third of the so-called
tary one
free
of the special tax on transfers of
^
create a
picture. In
States coinage consumed 46 million ounces
in 1960, which was well over oneBut
where near as high as the mone-
users
.
that
known
well
is
It
a
Cleon
Skousen,, Chief of the Washington
Bureau of the American Security
Council, will address .The Bond
estimates of the amounts of capi¬
tal that would be unlocked under
producer interests are in favor of
resistant Treasury's Recent Silver Hearing
metals, and it is highly
to corrosion.
It is used
puters,
directly that
do not be-
Ti^ve that the P^ice will go any-
in the electrical indus-,
silver is the best
conductor of electricity among all
many uses
tries
most certainly
man
have
alloys
silver
LOS ANGELES, Calif.—W.
gains
that
through
1,100
more
areas.
-
and
noted
made
nearly
bia—in
.
Silver
Funston
was
states and the
;
kinds.
immediately—te
billion—capital
interviews among
un¬
aid
effort
not
favorable.
'
study
The question naturally arises as segment of our economy are
sumer of silver in some form. The
to what will happen to the price usually damaging to other seg¬
use of'silver in our daily
lives is of silver when Treasury supplies ments,, and frequently fail to pro¬
by no means limited to the more are;~mo "longer 'available; • Some vide Tasting help
to those for
traditional flatware and
hollow >have estimated that, it will,.-in* whpse' benefit they are designed.
>f,
ware in our homes. There is silver; ^crease
to , ^ level1 betwseeri i-$1.05'
in home refrigerators, window air- and $1.10'an ounce. My own feelA Free Market
r
conditioning
units, automobiles ing is that it will not go that high,
;
I have read in ..the press and
and
electrical appliances
of all In any case, we at Handy & Har- have been told
Nearly everyone is a con-
nation.
•
depends,
economy
available
■
our .interference into the workings.of
which
upon
$3
,
Los Angeles Bond
Club to Hear
cur¬
This
rate.
revenues
Mr.
government
of
be
double
\
••
capital—five
under the
as
/
Manning,; of .Paine, Webber, Jack¬
a
reduction in the maxi¬ son
&
Curtis,, announced.
Mr.
capital gains rate to 20%., -Skousen speaks from the view¬
the capital unlocked would jump
point of many years of public
to
an
estimated
$45 billion — service. He formerly was an
agent
nearly three times the present of the FederalJBureau of Investi¬
rate.
gation and is also a former Chief
opinion is the market place, not
government. We have seen
again and again in the past the
results
the present rate.
bil¬
mum
the
unhappy
ex¬
$78
With
of
available for the many industrial
to
highly
place to resolve these differences
■
be
some
high returns to the Treasury re¬
sulting from the huge sums re¬
leased for reinvestment would be
silver.
.
commodity,
a
approximately $1.38 billion under
flowing
to
the
Treasury. Prospects for continued
mean
an
,
just
ing to the study. This reduction
would result in freeing some
$45
;
only for reinvestment but - would
serve
increasingly
It is, of
silver is one of price. • In time •course,
quite natural that conTreasury silver will no longer be sumers want lower prices while
available, and there is good rea¬ producers want higher prices for
son
to
think
that
eventually silver. This is true of all com¬
higher price levels can be ex¬ modities, not just silver. The best
primary
monetary
industrial
future
nearly
uses
•
capital
accord¬
rate "to
maximum
would
money
ture.
on
revenues,
could
up
much
25%
drop pro¬
portionately, because many military applications will be transr
•
free
tax
"locked-in"
as
rent
the
come,
to
ferred to civilian
will be others in the future.
-Therefore, Handy & Harman
emphatically that there
will not be a shortage of silver
country in the
times
defense
our
to
years
need for silver will not
the Treasury is a source and
; there
coinage,
the
gains
investors
should
in
effect
,
mum'capital
Furthermore,
fortunate enough
able to reduce
tax
.
lion-in
effort
and
.
a
pected
to be
by
1
significant
.
freed
billion worth of "locked-in"
capi¬
President tal. Investors would realize
gains
Exchange, pointed to these of some $14 "billion
and
'the
key findings:,
.,..." f
V
•
V'
Treasury
would
receive
about
; With a reduction in the maxi¬ $2.6
billion, as contrasted .with
household appliances in
be
Exchange
a
Keith ..Funston,
which silver is used.
we
Stock
smaller reduction in the
a
of the
,
the many
:
the past such sources have intrial, not a
eluded demonetized coins from
of course, true that many coun- various countries including Mextries, including ours, are currently ico, Cuba and Saudi Arabia. Right
indusmonetary metal. It is,
Silver today is primarily an
revenues
study
market
not
only ; for
sterling; silver tableware but for
-
occurs.
York
of > today,
mean
Federal
Louis Harris and Associates.
In issuing a report on the
formations during the deer
of
Even
capital gains tax, from the maxi¬
mum of 25% to
20%, would have
at the same time, according to an
independent study made for: the
.
pro-
the .rate
ments, and thus pay the present
high capital gains tax.
capital rein vestment and, substan¬
its
uses,
consumption.; Also,
reduction
in the present 25%
maximum capital gains tax could
unlock
billions
of
dollars • for
are
.
; .civilian
thoughts as to time sequence and probable price, and sug-
some
A
.
monetary metal, "
silver market.
silver
Capital
Would Free Locked-In Funds
case, Treasury pol¬
respect to the sale of
any
commercial
Treasury free silver supplies
but doubts it will- go as high as
gone
In support
Lower
Silver
of
and we foresee
a
steady
long. ; range - growth.
V'; Technological advances are cre¬
ating more and more applications
;for silver, both for military and
of the growing
as a
free
a
^
last
,
of relatively short
influence. The real future
term
.
question
in
with
free stocks
Jly F. If. Wemple,* Treasurer, Handy & Harman, New York City
There may be a
probably
.several months longer.
19
..
I
First Weber Securities Corp.
79 Wall
Street, New York 5, N. y.
s
I'
i
20
The Commercial and Financial Chronicle
(2188)
dent
FUNDS
MUTUAL
\
,
.
JOSEPH
BY
the
M *
Broad
Street
Wall Street Worry Warts
the most
The
is not easy to find, for
these
people who go to their
ana¬
reason
are
for
lysts
are
the
in
of
stocks
the
of
fall.
market
itself
picking
and staging a recovery.
Right
out
on
the
the
market
upside
or
up
And when
will
graph,
which
to
break
In
than
$1 billion that he calculates
sturdy
any
this
the mutual funds will get in new
market
year,
the list showed
Here
While
common
Streeters
banish
to
course,
lost
do
weeks
been
taking
deeper hue Of blu6:'
A
survey
which
as
was
made by the I. C. I.,
known until recently
total
is
in
the
as
were
bid
power-andup,
the yields
In recent
their
the
,
yield
close
was
On that day when the first psy¬
hangs
south
of
to
treat
his
up
Maiden
begin
Lane
the
of
a
shingle
we
may
In
neurosis.
time he may learn that
rons
have much to do
trauma
people
the envi¬
the
with
besieged
by
other folks' money. It may be that
there is
some
Freudian signifi¬
common
in the fact that
cance
stocks of 224 utilities. The balance
Wall
sunless
of some $400 million
worth of preferred stocks and $321
up
Street
a
at
a
river.
million of bonds.
mon
stocks
The Funds
combined
Sales
in
are
vehicle
of
to
were
The
investors.
to
record
of
the
were
the
Broad
Mutual
a
for
year
the
ago
first
to
10
1961, and last month
highest for any Octo¬
ber, Robert H. Brown, Jr., Presi¬
whopping $200 million.
&
$27.42
VM'
Co.
puts
$143,952,600,
share,
a
year
a
the first
for
declined
1961
of
share,
per
income
Net
$4,061,676,
$4,837,610
92
and
cents
a
or
the
latest
three
added
American
Coca-C
Bank
Y
...
months
com¬
' of
Can, Chemical Bank,
Continental Illinois
First
Bank,
I
'
the
holdings
new
Boston
of
...
*
...
General
pleted
'
and
$
.
Net
Fair.
.
^
_
Trust
30
the
at
com¬
quarter with
of
assets
assets
$15,006 671.
third
closing compared to $14,491,805 on
30, and $13*084,811> on Dec.
The
31.
fund's
net
asset
value
share came to $7.08 on Sept.
30," a slight increase from! the
per
$7.14
three
months
adding back
to
share
gains.
value
after
$0,105 distribution
a
shareholders
capital
earlier
from
The
realized
Dec.
31
to
amounted
per
$6.90.
Growth Industry Shares, Inc. re¬
ports that at Sept. 30, close of its
fiscal year, value of its net assets
$32,691,184,
$22.41
or
082,370 and $18.19
of the
end
a
share.
in
Increases
per
*
fl:
A
A
total net asset value
share, total net assets and the
of
shares
outstanding
number
,
.
reported
were
by
•
Guardian
Mu¬
tual Fund for its fiscal year ended
The
31.
to $21.57.
end
from
asset
$18.58
last
Total net assets at
the
of
share
per
advanced
1961
fiscal
year
$14,887,130, up from $9,081,414, 12 months earlier. The num¬
ber
of
shares
outstanding was
690,190 on Oct. 31, 1961, compared
to 488,844 last year.
assets
.
of
$
sjs
•
\
•
Imperial
Fund
at
totaled
$8,837,138." This
with $2,850,417 a year
and $3,485,356 at the start
30
earlier
objective
is
com¬
possible
capital appreciation. The Fund wid invest in
common
which
offer
stocks
the
and
Fund's
other
of 1961.
believes
management
may
$8.31
its shares.
-
charge
There is
without
or
n6
underwriter
are
offered
sales
any
commission
NET ASSET
at
underwriting
or
payable
to
anyone.
charge made by the Fund
for
repurchases
Copies of the Fund's
may
or
current
or
the
redemptions.
prospectus
be obtained from
'
TVEST, 'INC. '
One State Street
Boston 9,
Massachusetts
Sept.
earlier
a
year
30, against
and $8.61 on
1961.
*
month
were
re¬
ported by Investors Planning Cor¬
poration of America. According to
President
Walter
total
Benedick,
the
was
-
last
second
highest in the history of the mu¬
tual
fund
distributing organiza¬
-
tion.
It
54.2%
gains
represented
from the
previous
October,
836,000. •
of
$11,696,000 of the
Istel
30
Fund
$8.31
share.
a
$467,340,
30, 1960.
total
30
equal
This compares
'*•'
*
y ■
.
to
with
share, at Sept.
a
VAYV 'A;
tji ay si-
Securities
Sept.
on
YAAA
30
Corp.
total
$16,233,488,
Sept. 30 last
A-'f
or
'
year.
*
#
Price
New
a
VYYAYAA"•
*
Horizons
Inc.- reported that
Fund,
net assets have
' from $562,505
on Dec. 31,$6,591,543 on Sept. 30,
1961. The first public offering of
shares began Jan. 13, 1961, and
for
*
Incorporated
%
Investors
ended
to
its
this year with net
asset value of $8.60. Figuring in a
capital
gain
distribution
of
67
this
was
share paid on Feb. 15,
the equivalent of $9.27
increase of 17.3%
from a year ago. The fund closed
the quarter with 37,277,297 shares
per
share,
an
outstanding
and
total
net
the
first
nine
months
ended
Sept. 30, 1961, net asset value per
share
increased
from
$10.92 to
$11.62.
•
■
$320,743,204.
This compared
with 35,510,705 shares and assets
of $280,601,769 a year earlier.
In their letter to stockholders,
William A. Parker, Chairman, and
Charles Devens,' President,
re¬
vealed that: "During the quarter
ended Sept. 30, 1961, Incorporated
tion
in
took
the
a
substantial
chemical
through investment
ing
company.
Net
A
proceeds
from
the
sale
of
its
25,000 shares will be used by
the company for construction of
addition to its executive
an
office;
purchase and installation of addi¬
tional
equipment
for
of
one
divisions, and construction of
its
cer¬
tain
own
The company of Mount Vernon,
N. Y., is engaged in research and
development in the field of len¬
ticular optics and in the commer¬
cial production of various items
embodying
lenticular
tics
utilizing
processes
Lenticular
screens.
involves
series
a
op¬
linear
of
cylindrical lenses which serve to
series
of
intermeshed
separate
pictures,
to
observe
permitting the viewer
a single picture at one
William J. Burns
Detective Agency
Common Offered
Public offering Of 175,000 class A
corhmon
shares
of
William
J.
International
Burns
Detective
Agency, Inc., at $21.50 per share
is being made by Smith, Barney
&.
Co.,
Inc., New York
associates.
the
Proceeds
selling
members
City
will
stockholders,
of
the
Burns
go
and
to
certain
family.
The company of 101 Park Ave.,
New
York, and its subsidiaries
Columbus & So.
•
constitute
one of the
largest pri¬
organizations in the U. S.,
engaged in the business of fur¬
vate
Ohio Electric Co.
Common Offered
nishing protective services to in¬
dustrial and commercial clients,
principally by
guards. The
Read
&
Co., Inc., New
York
City, and The Ohio Co.,
Columbus, head an underwriting
group
which is offering 148,640
shares
common
Southern
$73.50
Ohio
proceeds
these
shares
which
tions
from
at
sale
be
bank
by the
loans
for
addi¬
prior to
The company's
for
program
1,
posi¬
industry
in a number
other
con¬
period
Dec. 31,
the
to
1961
also
including
investigations, undercover opera¬
tions and the
furnishing of up-to-
date information
the habits and
on
characteristics of various types of
criminals.
■
!
v
Wood, Walker Branch
E L L E N V I L L
E, N. Y.—Wood,
Walker & Co. has opened a branch
at 116 Canal Street under
office
the
management
of
Joseph
Ross.
1963, contemplates additions and
improvements to its electric prop¬
erties
estimated' to
cost
mately $45,900,000.
The
company's
comprises
area
counties
Ohio
in
r
and
;v
service
portions
central
of
.
23
southern
estimated aggre¬
gate population of 1,122,000:
A
subsidiary of the company oper¬
bus
having
approxi¬
;
electric
and
For
an
transit
a
system
suburbs.
the
*'
months
12
Colum¬
in
ended
•
Aug.
31, 1961, the company's operating
were
$59,177,000. Con¬
solidated
earnings
on
common
Founded in 1928
100TH consecutive
'^"quarterly dividend
revenues
shares
per
were
share
$8,356,000,
on
or
$3.15
shares.
*.51
Form
LAKE
*.14
Livingston In v.
WALES, Fla.
—
Livingston
Investments, Inc. has been formed
with offices in the Alcoma Arcade
to engage
Officers
in
are
a
securities business.
Lovic W.
Livingston,
President; Robert B. Lake, VicePresident;
and
H.
a
share
from
net
investment income
outstanding
then
S.
Livingston,
Secretary and Treasurer,
\
pro¬
services,
of
used
incurred
Sept.
vides
of uniformed
means
company
:
improvements
Sept. 1, 196L
struction
and
Co.
the
from
reduce
were
and
Electric
will
to
company
Columbus
share.
per
Net
of
assets
of
Investors
and 124,178 for cer¬
selling stockholders, includ¬
officers and directors of the
.
quarter
per
for
assets
$10.91
share, compared with $6,266,026, equal to $8.45 per share, at
1960
of¬
sold
reports
net
per
grown
shares
time.
Peoples
Rowe
the
being
company
tain
r
Of
are
proposed expansion of operations.
Sept.
$6.06
or
25,000
Sept.
$1,003,935,
were
the
by C. E. Unterberg,
Co.
at
■
assets
fered,
&
specialized equipment of its
design. The balance of the
proceeds will be used as working
capital
in
connection
with
the
from
totaled
at
group headed
Towbin
$12,-
reports
that
common
of
Over-the-Counter Securities Fund
reports
of
that
1960,
assets
net
sale
total
month, and 40.5%
the
ates
cents
The Fund's shares
at
1,
Jan.
third
possibilities for increasing the value of
VALUE
Net asset value per share
$10.33
was
of securities
types
that
W
$18,033,005,
public
stock
of
Pictorial
Productions,
Inc., is being made through the
offering of 149,178 shares, at $10
per
share, by an underwriting
Dillon,
share at the
a
were
non-diversified investment
for
A
■•!:
of
previous fiscal year.
*
the
primary
*
sales
October
record
P'Y
V"
This compares with assets of $23,-
compares
a
$211.56 "on Sept.
quarter
June
Sept.
whose
and
amounted to
'•
5jJ
Sept.
net
sis
pany
30
that
National
Food
Investors
the
record
Net
The Fund is
June
on
1 a,
o
National
year
Offering of
ppts net assets at Sept. 30
$68,956,395, compared with $64,113,148 on June 30 and $48,896,215 r on Sept. 30, 1960.
Net asset
value at Sept. 30 worked out to
$268.62 per share, against $261.82
;
$17.46 a sharer This com¬
pares with $365,278,188 and $14.47
a
share a year earlier;
During
208,
Initial
Fund
to
77 cents per; share,
or
Common Offered
Mutual
$23,370,620,
equal to $37.03 a share, against
share in the like period last year.
*"'•/■ *
*
•;!/ $19,353,479,1 or $32.62 a share, a
year earlier.
/
Fidelity Fund reports that at
%
%
*1*
Sept. 30 net assets were $455,625,-
Oct.
The Initial Public
Investors
at
month's
A
Share
$34.79
assets
of
months
value
<lAnnouncing
? jV
*
of Sept. 30 .at $182,-
as
to
for
ago.
year
or
earlier.
nine
a
or
assets,
>;;*
Bond
against
equal
* ;
-,
Funds
of
of
65% from
up
months
a
shares
Group
new
a
funds
A. T. & T. issues totes up
of
Street
Telephone & Telegraph,
historically the premier invest¬
commitment of the mutual
Report
com¬
American
ment
Electric
was
bonds, preferred issues and
>,/;
net as¬
to $11,351,453,
period
same
V.
10
$16,249,040, equiv¬
net
Pictorial Prod.
anu
•;4
Institutional
the A";"'' AAy' AAA'A
of
first
the
average
including
Monsanto
and
narrow
starts
graveyard and ends in
By far, the largest holdings of
Pont,
30, 1960.
to
The combination of climbing
choanalyst
Companies, shows that
holdings cover securities
issues of 349 utilities, which are
held by 149 open-end investment
companies. Nearly $2.5 billion of
grand
of enter¬
return, on average,
well below 3%. A year
•
the total
made
to
hard
price-earnings ratios and declining
yields has given the Wall Street
worry warts new cause for headshaking.
^
vestment
is
not
earlier
the National Association of In¬
this
is
slipped
ever,
on - an
again
signs of weakness.
of their juice.
some
4%.
of
pany
Of
are they likely to
anything to upset this calcula¬
tion. For, as the Investment Com¬
pany
Institute notes, more than
$3 billion of their approximate
$20 billion of assets are tied up
onjhpldings of public utilities. And
in Wall Street, utilities since 1945
3.2%
October,
of average
compared
664.982,
the rest of
while other types
worries, neither
have
when
reason
light stocks
their
sets,
net assets
prises generally were showing de¬
clines in the income account, the
utilities were registering gains.
stocks."
funds, who are not without wor¬
ries of their own, will never get
Wall
the
find:
mutual
of
managers
amounted
shares
for
3.3%
Tele¬
performers
even
money
funds will go
to
funds
mutual
utilities have been
case,
fair
this year. He deems it "a
assumption" that a goodly
alent
from
is concerned about the more
into "blue ribbon
is In¬
ness.
now
new
sales
of
funds
months totaled
the
committed some $62.5 mil¬
However, I. T. & T. nowa¬
days is much more esteemed for
its electronics and manufacturing
ventures than for its utility busi¬
downside.
Redemption
top-drawer
have
who
is in analysis (of stocks, of course),
portion of the
and
lion.
eminent Wall Streeter,
An
behind these
electric and gas companies
ternational
Telephone
&
the general list is in the doldrums,
they show profound concern over
whether
Transmission
American Electric Power.
high. They in¬
After a fall,
they show alarm over the chances
are
a
Gas
Tennessee
District denizens worry
evitably fear
Power
&
Light,
Southwest, ArkansasGas,
Texas
Utilities,
&
Louisiana
counsel,
Other favorites in¬
Florida
Central
when
October
1960.
three
clude
Financial
of
to
$127 million.
Company, where
the investment amounts to a hefty
ditions.
In the absence of couch
Street
Investing
Investors Corp.,
Fund, Inc. totaled
Whitehall
Thursday, November 16, 1961
.
Carbide."
National
Broad
$8,001,994,
topping
1960 sales by 109%.
trends rather than traumatic con¬
the
For
lead is Southern
market
of
diagnosis
a
leaders
du
Union
$76,809,900, compared to $46,550,623 in the corresponding period
It is followed by the giant elec¬
tric
and
gas companies.
In the
wor¬
world.
folks
industry
Dow,
10 months, Mr. Brown de¬
clared, sales at net asset value, of
Corp.,
Streeters
of
for
,
and
risome
Corp.,
shares
reported.
group,
shares
Wall
Sales
of
first
/
POTTER
C.
of
general! distributor
.
a
share
distribution from
ized securities
More than
of
year-end
net
real¬
profits
328,000
owners
Wellington Fund will
share.in this dividend and
distribution, payable Decem¬
ber
28, 1961
to
record November
stock
of
30,1961.
R.
Volume
194
Number 6108
The
Commercial and Financial Chronicle
.
Our Reporter
on
(2189)
profit from
Optimism About Canada
21
inflation,
and invest¬
ments there could be a. good
hedge
for those who are fearful of in¬
flation.
By Roger W. Babson
•
V
''
r
'
■*'
-:•*
7
...
-
:
'
'
■
1
,
f
•
-'A*'.
In closing, let me remind read¬
;
V
.
that
Canada's
economic
growth has. taken only about 50
years; and with her present po¬
litical, social, and economic struc¬
ture, this excellent growth should
continue.
Hence,
businessmen
ers
BY JOHN
T.
Appraisal of Canada's economy concludes businessmen and inves¬
CHIPP
tors should
The
refunding of the $6,963,030,-
000
of
2V2S
due
Nov.
15,
was
a
very successful one, with an attri¬
tion of only
$516,000,000 and with
the
short-term
3y4s due Feb. 15,
being the most popular is¬
1963
because
sue
ings
in
the
the
beliefs
pronounced
very
and
feel¬
market are
that
interest
money
will rise, if only moderate¬
ly. Hence the turn-in of the 2V2S
the
15-month-
note
in
the
of
amount
$3,589,000,000 was not
surprising. However, the totals of
the 3%s due May
15, 1966, the
long note, and the 3%s due Nov.
15,
1966, the intermediate term
bond,
both
of
issues
opened
which
which
were
re¬
taken
were
in
place of the maturing 2V2s
brought with them a feeling of
warmth, according to reports of
Treasury officials. The 33/4S were
taken in the amount of
$2,345,000,-
000, while the 37/ss were ex¬
changed for a total of $513,000,000.
Takings of the latter issue helped
to
the
extend
maturity
average
the Government debt.
of
,■
The
Treasury, for the balance of
1961, after allowing for market¬
ing of the $800,000,000 of 46 V2day strip attrition bills at an
average cost of 2.277%, seems to
be in a position now to concen¬
trate
its
all
dollar
and
The
efforts
the
on
gold
problem.
refunding
and
attrition
having been obtained by
Treasury for the year 1961,
money
the
market experts are watch-,
ing the financial (money
money
statistics
ever
is
what
to
if
be
evident
see
to
going to happen
policies of the
existing
that
closely
so
the
powers
anything at all.
that
the
It
is
international
position of the dollar and our
gold holdings are going to deter¬
a period of time at least
mine for
what the
interest rate
and
policies of the country are
to be.
To be sure, thus far
are only a few straws in the
but they must at least be
credit
going
there
wind,
given
ly by all money market special¬
ists
since this will be
Holdings at Lowest Since
1939
Last
week
gold
holdings
fell
weeks
and, with the period
Oct. 18, it decreased by
ending
$48 million and in the week end¬
ed Oct. 4, it was off by $101 mil¬
lion. This brought our gold hold¬
ings on Wednesday, Nov. 8, down
$17,276,000,000 the lowest they
have been since 1939.
It is evi¬
to
this
that
dent
movement of
latest
outward
gold from here, with
losses in the last month or so
the
aggregating only $276 million, is
not. very
much to get excited
about, since we- still have.^ very
sizable
holdings ■'* of
the yellow
metal to meet the demands of for¬
eigners. ■V".
However,
'■
important clues as to what
future monetary policy is go¬
our
ing to be.
There
the
of-gold is the beginning of a trend
which might reach very sizable
operate
question but
no
in
what
a
tual
elimination
of
the
unfavor¬
able international balance of pay¬
ments of this country.
be
very
cies
here
in: the
then there will have to
different monetary poli¬
than
has been
past.
,
the
.
on
form
some
should
This
is
the first time
domestic
monetary
distant
the
into
since
most
for
the
short-term
.
shortest
desire
Canadian
be
possible for
going to be dictate^ by what
happens to our gold holdings and
the defense which we will most
"certainly make of the dollar."
be
To
it is still too soon to
draw any conclus;ons as to what
is
going to take place as far as
sure,
vailing in Europe.
cient
workers
secure
Business
Follows
Canada,
changing
radically
world conditions.
Wages
-Canada is
now
enjoying
a
grad¬
tivity
has
turned
upward,
al¬
though to a modest extent. Cana¬
dian business,
however, is sub¬
ject to intense competition caused
by
overcapacity
and
a
corre¬
sponding
pressure
upon
prices
and profits.
7
,7,.;'."/.
demand
can
and
high wages.
I further be¬
a' united front
such
do
much to
munism
ual recovery from the mild reces¬
sion of a year ago. Industrial ac¬
Howeyer, effi¬
that
would
U. S. Business
! ,.*/;• I*
..
from
prevent Com¬
working
N. Y. Inv. Ass'n
11th Ann. Dinner
The
Investment
New
York
toria
and
farther
cannot
have
everything we
want in this world, and we must
have a spirit of "give and take"
—economically, as well as mili¬
tarily and politically. Also, Euro¬
peans should realize that only by
Hotel.
Association "of
ilth' annual
its
guests
Over
were
William E.
westward.
We
held
dinner Nov. 8 at the Waldorf As¬
600
members
in attendance.
Miller, Chairman of
the Republican National Commit¬
tee, was guest of honor. Honored
guests were Charles L. Bergmann,
R. W. Pressprich & Co.; A. Oakley
Brooks,
Wood,
Thatcher
M.
Walker &
.
\
■
.
m
-
.
*
liquid
obli¬
States.
United
is
gations.
I
amine
carefully the above
move
form
Eu¬
Western
Market,
Common
which
fluence
First Weber Securities Corp.,
with
possi¬
some
|
a
might eventually in¬
Factories
may be built and go
machinery may become
obsolete; trade routes may change;
but, at the worst, Canada's natu¬
to decay;
ral
resources
even
cannot be destroyed
though
their
off for
the United States to join
may
taper
North At¬
This
means
result in
a
Whitestone Sees. Opens
Outlook for the Future
ex¬
Perhaps it should join this
European
This could
York
consider
and
association
rope.
should
Canada
believe
bilities,
Piatt Corp.
Stock Sold
that
exploitation
few
a
years.
would
Canada
East 40th
to
with
formed
been
securities
a
are
and
dent
offices
stock
common
of
At the
the
and
subscribed
books
Treasurer;
and
New
class
its
■
-..'V.v-.
A
common
an
offer to sell
nor a
solicitation of
an
offer to buy any of these securities.
The offer is made only by the Prospectus:
V
time, the corporation
same
announced that the 100,000
of
This announcement is neither
closed.
These securities
are
offered
as a
''
.
speculation.
shares
stock
of¬
November
NEW ISSUE
9, 1961
fered
publicly at the same price
through
officers
and
directors,
all sold.
were
83,750 Shares
V,;—,.;
*■
•h
Net
proceeds
from the
will
stock
be
used
by
Spectron, inc.
the
the purchase of a
story,
concrete
and
brirk
store and office building in A1-.
company
X*
sale of
the 220 000 shares of class A com¬
for
five
Class A Common Stock
corporation
estate
real
•
*
v
;
-
(Par Value 10$
per
share)
Price $1.50 per
wlrch
Share
number of in¬
owns
interests in
producing properties, an of¬
a
in Rochester, N. Y.;
Copies of the Prospectus may be obtained from only
hospital in Copiague, L. I., N. Y.;
apartment
New
York
pany
also plans to engage in other
buildings
City
area.
in
The
'
-
v
including the undersigned,
as may
such of the underwriters,
lawfully offer these securities in this Slate.
the
com¬
:
^
Hampstead Investing Corporation
phases of the real estate business,
including■
«-
buying
and*
selling
properties and mortgages, leasing,
operating,
and
managing^ developing,
constructing.
business.
Silvia
Stone, Vice-President and Secy.
P'att
The
15
George Stone, Presi¬
City, has announced that its
Corp., at $5 per share, was over¬
has
at
Street, New York City
conduct
Officers
Ltd.
Securities
Whitestone
offering of 120,000 shares of class
A
in which
are
optimis¬
of
,
come
programs
with
even
be
future
,
four
our
dis¬
nuclear
of
lieve
J
fice building
Trial
the
.
a
Dollar
about
Struthers & Co.;
Brown, Jr., G. H.
Co.; Henry C. Brunie,
including
Canada
can
Western
Indicated
Empire Trust Co.; W. Scott Cluett,
Europe extend its trading borders
Harriman Ripley & Co., Inc.; Al¬
The Government, according to
to the Pacific Coast.
It seems as
fred J. Coyle, Hayden, Stone &
the-Statements
of
its important
For some time Canada has been if this could be a
great advan¬
spokesman, is out of the open a leading trading country, sur¬ tage to the Common Market. The Co.; John Clifford Folger, Folger,
Nolan, Fleming - W. B. Hibbs &
market as far as new money is passed only by the United States,
very talk makes me very optimis¬
Co., Inc.; Albert H. Gordon, Kid¬
concerned for the balance of the the
United
Kingdom, and West tic.
der, Peabody & Co.; George M.
fiscal year (June 30, 1962) save Germany.
In the year 1961, ex¬
Gregory, Gregory & Sons; Lloyd
for refunding operations. This has port markets have accounted for
Canada and Natural Resources
B. Hatcher, White, Weld & Co.;
created
an
attitude
of
caution about 15%
of Canada's national
Canada
can
supply
Western
among many money market oper¬ output.
The United- States cur¬ Europe with oil, iron, copper, as¬ George L. Hinman, member for
New York
Republican National
ators
because
they believe that rently exports only 4% of its out¬ bestos, sulphur, aluminum, nickel,
Committee;
Winthrop
C. Lenz,
short-term rates will advance in put.
As a: result, the Canadian pulp
and
paper
products,
and Merrill
Lynch, Pierce, Fenner &
order to make it more attractive dollar fluctuates, and right now even
fishery products. One of the
Smith Inc.; George A. Newton, G.
for the so-called "hot money" to is worth less than the American first
projects may be to build a
H. Walker & Co.; Ralph Owen,
stay here and, in this way, take dollar. ■;
pipeline for crude oil from West¬
\
;• A-iV:
'/ v"'V
Equitable Sb^qjjties CorpTf Cfaig
some* of
the rpressure., off4 the
ern
Canada to Montreal.
Rela¬
?I(> CithJda Hnd the
European jy
Severance,
Eberstadt & Co.; IQ
transfer of fupds to higher int^r^
tions with Venezuela are now be¬
)o(J no Comiridn Market
P. Tsolainos, Baker, Weeks & Co.Y
e§,t; rate arepis, * Also* n$ere
ing
cultivated
by
the
United
and Gilbert H. Wefimanri, White,'
Concern has''*ariifeftM that Can¬
thosei capital
market specialists
States. How this will affect Can¬
weid & Co. ■
who
believe
that the yields of ada's
trading position may be ada's oil prospects is an open
Officers of the Investment As¬
Treasury bonds have gone down hampered by the European Com¬ question.
sociation of New York are Fred¬
about as low as they are going mon Market. The great postwar
Thus far, large sums of money
erick S. VTonham, G. H, Walker
to go, because of the competition impulse for multilateral trade in have
gone from the United States
& Co., president;
which
is now coming from the the Geneva Agreement on Tariffs into Canada to
Ralph D. De
help develop these
tax free obligations.
and Trade is changing in favor of natural resources.
;:
Very little of Nunzion, Kidder, Peabody & Co.,
In addition, a rise in short-term general trading blocs. The Euro¬ Canada's
imported
money
has vice-president; Vincent C. Bank¬
industrial
interest rates which many money pean Common Market may de¬ been for
goods, but er, R. W. Pressorich & Co., sec¬
into
a
new
nation that mostly for investments or specu¬ retary; and Richard E. Boesel, Jr.,
market
followers
believe
will velop
in
Canada's natural re¬ Hayden, Stone & Co., treasurer.
have to come very soon will result could rival the population, pro¬ lations
in exchanges being made from the duction, and power of even the sources.
Higher Short-Term Rates
case
-
Prevailing
result in lower wages for Canada,
in view of the lower wages
pre¬
or
all the world.
Nonetheless,
anything else would
sizable drop, and the even¬
and
this very long line between us
This certainly shows
"wall"
and Canada.
armament
than
more
Canada
Many in Canada feel that join¬
ing the Common Market would
of
form
de¬
this.
Trading
Area
of
great
strength to the "free world."
defense
us,
other
one
help
be
of
nearest
Canada.
A line more
3,000 miles long separates
and there is not a gun or any
international
great thing which would
the position of the dollar
our
investors should
and
lantic
neighbor,
co¬
the
discuss
joy
a
than
that
dollar, and the reduc¬
tions in the British bank rate are
examples
to
me
countries will
world
fense of the
the
for
perilous times, it is
bany, N. Y. The balance of the
proceeds yvill be made available
proportions.^ It is evident if our' for f jture
investment, and work¬
unfavorable international balance
ing capital.
of
pavments is going to reach
The
corporation, of 673 Fifth
such levels that there will be a
Avenue, New York, N. Y. is a
continuous drain of gold from this
country,
with radi¬
even
tic
In these
on
is
free
mon
important thing
to. be
taken into consideration
now
is whether or not this loss
the
optimistic about the future outlook,
United States to join the trading bloc, too.
;
:
of
$27 million. This is the third de¬
cline in our gold stock in the last
six
of the
one
most
still
Gold
concerned,
are
but there is no doubt but what
the weekly holdings of the
yellow
metal will be watcned most close¬
Governments
consideration.
some
gold holdings
our
rates
for
be
cally changing world conditions. Canada is urged to join or associate
with the ECM, a move which, Mr. Babson hopes, would
pressure the
Irving J .Rice & Company, Inc. Aetna Securities,^Corporation
22
The Commercial and Financial Chronicle
(2190)
funds
almost
are
vested
in
stocks,, and
Authority
Names Two
FIRE LOSSES
Preliminary Third Quarter Fire
&
Casualty Insurance Under¬
writing Results.
t
Underwriters
First
fire
reports
figures
National
'The
of
third
quarter
results for the fire
ofFire
United
September
/
This represents a
16% from the esti¬
of
decrease
not/as yeL available
signif icant'•conclusions, it month, and
the
of
losses
mated
Southern
Charles
Ashburn
2
=
-
•
-
burgh,/ and-- steam
downtown
pany's
Continental
Charles R. Welch
the
reported that third quarter under¬
writing
results
ASSIGNED
better than in 1960. An underwrit¬
ing
profit
recorded
riod
of
in
$1.3
the
loss
a
s'
pe¬
of
recent
which
required
the
results
improved
pany
reports of
out
INA's-
Insyr&noe Com¬
include
profitable
operations
during
third quarter compared with
the losses experienced
during the
six
quarter
months.
While
the
period
improvement
was
of
1960,
not
enough
of
is.
comparable
the
over
but
profitable
the
third
133%
to
of
of
1960,
underwriting results for
the
as
I960.
improved
quarter
the year to date
able
and
.
■'
are
nine
■
not
month
; A:'*y,
1
favor¬
as
figures
v"i
Quarter
.h;
,
150%
injury
The
•
that
results
is
automobile
Child
F.
Request
i
'•
'
•
.
'
.
elec-
the
its 17 members.
However,
project must be approved by
most
72%
the
Indiana
:
about
Port, million cf,
&
&
Municipal
of New Yorkyt
r
r
'
•
k
•
i *
,v ;
196k
NATIONAL AND GRINDLAYS
BANK LIMITED
•
•
exists
cf.
billion
2
of
gas.
London Branches
Tt
1
'
last
was 4,104
3,827 kwh
nationally. Indiana is (in theory
at ' least)
a
fair value state for
a
usage
year
with
compared
rently earning about 6.2%
'
invested
.
?
1
the
company
has its headquarters
to
;
Trtvi
'wfl„,
local ^operations
its
move ;
Evansville
44%
million
three
capital struc¬
debt, 17%
and 37% equity
mortgage
stock
The construc¬
;
.
$700,000
with
built,
in
etc.
\Cu' Nfw York
in
1965,
justify.
can
earnings
company's
-
per
been- somewhat •.ir¬
have
share
unit
like to put in as large a
it
as
The
- -
decision has been reached;
no
unit
annum
generating
new
it would
which, land,,
pUrchased/^roads
^ ;was
a
but
with
donations
over the next
The „company may
starting construction of
per
years*
consider
to
,A; ,u!e,.rult;
Industrial Foundation
organized
local
r'lf
on
company's
is
without borrowing.
/• nationally known concern, stopped
--
.
•
-
de¬
has had some ups and downs. In tion program is estimated at about
yl955 - the Serve! Corporation,i a $3 million for this year and $5-6
manufacturing refrigerators; and
years later Chrysler decided
1*
'
on
6.6%
and
/
capital.
preferred
/; / y; two
-
The
ture
The company has about doubled
.7
•
plant
preciated
its" peak load since 1951, the re- ratio. There has been no financ¬
cent peak being 208,000 kw. How- ing for three years and the com¬
ever, the city of Evansville where pany hopes to
go another year
was
r
"
1
prices
of insurance
life
and
marked
com¬
fire
are
the
first -publiC:. sale:
the company s
&
,
.Proceeds
company
ment and
presently sell¬
stock
indices
throughout
; \";:'Vr
stock.
■
:
;
surrounding
of
territory
set
-
and
a
up/to'^'plan
commission
a
"renewal
was
will
be/ used .by :the gram" and take other steps to
purchase the equip-1 solve community problems.
;
inventory of Craftsman
Things are now improving.
In
which currently prints' June 1960 the Aluminum Com-
,
bull
market
in
Tex.,
recent
assets
share
company
Lubbock,
publishes! 45
unofficial directories of personnel
on
U. S. Army, Navy, Air Force
insurance
Marine
and
Corns
owners'
land
study of the change-in net
per
the
in '
-
installations; 7
directories
of
10
counties in the state of Texas, and
during the first
one
telephone directory.
-j
•
began operation of its $80
plant. The land used for
this plant was owned by Southern
pany
miUion
Indiana
G.
Aluminum
&
E.
and
since
the
building its own generating plant, the
-utility company decided' to buy
50,000 kw firm power from the
Aluminum
Company
instead of
building another unit of its own.
Under another contract the utility
company
Company
-was*
also arranged to operate
by
it
Arthur
Wiesenburger
found
was
appreciation
nine
figure
SQUARE, S.W.I.
Branches In:
dividends
growth
the
INDIA, PAKISTAN, CEYLON,
BURMA, ■
KENYA, TANGANYIKA, ZANZIBAR, . ;
UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN
'
*'
i
95
funds
of
months
was
the
&
during
18%.
This
percentage
taken
funds
dual
in
and
objectives
60
cash
for
funds
35
For
1961,
the
the
year
ended
company
sidiarv had
and
July
its
31,
sub-
consolidated net sales
the
Alcoa has
year supply of coal in the
and
power plant.
•
its
decision
to
a
locate
50area
in
$329,645 and net income; after Evansville gave the city an "uptaxes of $29,535. Upon completion lift."
;
\
of
of
current financing, outstanding
capitalization will consist of 237,-
500
with
shares of-common
,
'
stock.
;
"•
.
;
1
"
' 'Other ' companies
have - now
moved; in, including Atlas Van
- Lines/and
Inland Container and
Mead
Johnson/have/ expanded
their plants. Arkla took over part
of growth of
WairrW.
RfanrVi
1
Hay den, btone Brancn
of the Servel fllant and has over
principal. The leaders
in their respective
ROLLING HILLS ESTATES, Cal. 1,000 employees. General Electric
categories were.
—H ayden, Stone & Co:, has 'has ;opened a plant to manufacLife Investors,
Inc., with a gain
opened a branth office at 27777 ture Lexan Plastic, a new product,
of 80% and
Century Shares, Inc.,, Silver Spur Road under-the di-r and it appears likelv that the
with, appreciation of 50%. Both rection of Mrs.
Shirley R. Chilton, ^headquarters of the chemical di¬
income and
company expects to
$2.77 next year. Re¬
cent
earnings were favored by
weather ' conditions
and
by the
gas
about
rate increase.
/
current
;
"
dividend rate ;jis
$1.70 compared with $1.50 paid
during 1950-54.
At, the recent
price around 50V2 ;,(range, this
year about 52-37) the stock yields
3.4%. The price-earaings ratio is
18.5
compared
with a
general
average for the industry of over 23.
.
The
,
Walker & Dunlop Opens
BALTIMORE,
,
Md.
—
Walker
&
Dunlop Securities, Inc. is conduct¬
ing
a
securities
business
from
,
,
Co.,
average
in
net
assets- plusrecapital gains and income
nvested
//j'
the
represents
change
,
ADIlt,
that
The
months.
earn
pro-
to
Headquartered
stocks is also reflected in the per¬
formance of mutual funds. In a
the
STREET, S.W.I.
dential
kwh
Dec.
"
26, BISHOPSGATE, LONDON, E.C.8.
RHODESIA
Regarding regulation, the com¬
to be in a reasonably
.
/•/
Publications:
nine months of the year conducted
Head Office:
4'-
are
the project, asserting
they have adequate power
pany seems
rate case the company received
an increase from 50c to 58c.
v v
:
ing at or near their all-time highs. Printers,
Thisvis- reflected/in the 'movement the-Boone directories.
The balof representative insurance stock ;hnee Gf. the
proceeds will be used
price indices which have been the to rqduce bank indebtedness and
pacemakers among individual in¬ increase workmg capital.
; .
The
KENYA, UGANDA, ZANZIBAR
company
facilities to fill the co-ops' needs.
miscellaneous,
day; the peak send21, 1960, was about
79 million cf., of which 39 million
of
out
was
,
Specialists in Bank Stocks
ST. JAMES'S
The
opposing
that
States heating of: 58c per mcf. is also
Municipal -probably as low as for any other
it. vx midwestern company.
In its last
Jj
G/p/ .;• v',
Jt>OOIlG
highs in recent weeks. Most
dustry
Teletype NY 1-1248-49
Bankers to the Government In:
PSC.
and other utilities in the state
revenues
>
Exchange
Exchange
Telephone: BArclaj 7-3500
13
to
er
v
underwrit¬
■
..
insurance stocks
BROADWAY, NEW YORK 5, N. Y.
54 PARLIAMENT
which are members of
Energy Cooperative, Inc.
Last June, the latter was granted
a $60,225,000 REA loan to build a
198,000 kw generating station and
related equipment to supply pow¬
co-ops,
United
the
a*-member/ of / the
Forum
signifies the importance of solving
the assigned risk problem in order
restore
hold
Treasury
a
local
Hoosier
-pbe COmpany has contracted with
/.Texas
Gas; Transmission
for
49
employed by
Co,, Inc. and John
Co., Inc., New York
investment banking firms special!-zing in municipal bonds, prior/to
joining the Port Authority's
Treasury Department in 1960. He
C.
compulsory
insurance
and a high loss ratio on assigned
risk experience.*. The report also
to
the
and
Wilcox
•
Nuveen
,indicate
correlation
of
Canada,
Mr.
casualty, have continued to reach
Laird, Bissell & Meeds
Bell
to
seem
definite
a
new
120
:,
served
Forum of New York.
between
Stock
BANK STOCKS
Members New York Stock
Members American Stock
and
on
;
.
and
Association
was
compared' i with " 96% %
panies,;- both
on
in
slightly
coverages'
the
as
of
sale
two
•
.
10 N. Y. CITY
Bulletin
only
joined
to
The Foundation could sell an in- regular in the past decade, with
ing profits to a satisfactory level.™
SfpHn^^n nnn'' their^re- dustriai "prospect". the necessary a slight uptrend. The latest earn¬
'
cihawc S r
common iand, then build the buildings for ings, for the 12 months ended
THE
BULL MARKET IN
^Mmr.ah4 lease them back for a Sept. 30, were $2.73 compared
Inc., at, $2 per share,
joryear ; period. ; The
city
anhas heep afl soid.
;". v INSURANCE STOCKS
with
$2.56
in the ' previous
12
The offering
nexed
26
miles
of
i
Statistics
was
Assistant, to/the
1930
frdm
revenues
wholesale
at
•
.Regarding gas opera- favorable position. The average
tionSj the company has been for- residential rate is 2.51c per kwh,
tunate in obtaining a st0rage field
only slightly higher than the na¬
fairiy near Evansville that will tional average; and annual resi¬
of
•*
its
of
/•
derives less than
rate-making purposes.
In recent
successfully as
years the company has obtained
accountant, Assistant to the was from; storjygp. The company | gas and electric rate
increases,
Comptroller, and, Budget .O^icerjl.haS n 8(i%\ saturation
in
house- in the latter case receiving all
before becoming Assistant Treas-' 'heating, which is probably as high
they had asked for. There was no
urer in
1951.>sJ^ji#i^.:ihemW; -bf '
'-.•in the middle very-serious opposition from local
the
Municipal Finance Officers west; its bottom rate for house- industry.
The company is cur¬
reported loss
of 100% on bodily
property damage.-
•
Third
at
bodily
on
'•
,
Wilcox.,
the
revenues.
Assist-
as
9%
and
coal
of
some'
an
less costly, The over-all loss ratio
INA's in that third quarter results
were
Mr.
Welch
Clerk
states
excess
Carolina
last year. The experience-of West¬
Casualty
Treasurer.
Mr.
not
incurred
expenses
1%
res^'9
commercial, 25% in-
.
Austria!
U-
m
appointment
Authority in
(177%), with New York and North
to
ern
the
ratios in
the
nine-month figures ahead
put
1
Tx/r
about
Water
major
seven
with
two
—
Evansville
company
power
Domestic and space-heating sales
account for about 80% of gas
York
Treasurer.
injury premiums of assigned risks.
The
h i"g hest - loss
ratio ' was
experienced
in
Massachusetts
third
slightly ahead of the
was
comparable
ant
ad¬
This does
expenses.
Thirty-six
the
first
4.-
.
and
The
elec¬
contributing
gas
rural, 26%
Vice-President.
a
previously
writing of the policies. Total
losses- paid
amounted to $591.9
million on
premiums earned of
$487.7 million.
"•
•
indicate
underwriting
as
New
Marshal. L. Wilcox, Jr.
the
underwriting trends.
figures
$121.40 in losses and loss
justment
of North America anaWest-
show similar
Bank
announced
a
Casualty
Underwriters.
For
$100 in premiums collected
through assigned risks over the
period, insurance companies paid
Casualty and Surety Company
ern
Co.
are
joined
recently
with
are
the _balance. Electric
jSaSe kme,Mr. 7°bin
the
years
each
experienced
in - 1960
due
to
the
profitable
September quarter.
The
who
tu
A+
trie
1 y Assistant
succeeds
Eusene
A
of
that
over
Revenues
Welch,
Mr.
-
substantially
are
Wilcox, Jr.
o r m e r
Chemical
Trust
>
in
insurers
conducted by the National Bureau
$5.5 million. Continental's nine-
month
the
risks"
of the major prob¬
one
■
MintkeskC
"assigned
M. L.
agency.
f
was
Treasurer
is clearly brought
study of the nationwide
experience-of the assigned risk
plans during the 1955-59 period
company to set aside loss reserves
of
that
automobile
forth in
in
Esther
of
lems
operating
results was
achieved despite Hurricanes Carla
and
fact
The
have been
$9.7
million incurred in the third quar¬
ter of 1960. The sharp improve¬
ment
RISK
EXPERIENCE
was
three-month
to
compared
million
bi-state
who
million
$11
were
and
into
came
largest shovels in the world.
refrigeration, air conditioning
equipment, automobile body and
assembly plants, food processing,
plastics, ceramics, steel castings,
stampings and furniture, etc.
ity has been announced by Austin
J.
Tobin~~Sxecuth/e^~Director" of
$25 million.
has
Co.
extensive
gas
the
operations
tric
loss estimated at between $20 and
Insurance
Works
comr
(principally
well as an oil
include
•
business
industrial
refineries,
operations
operations
industries
new
area.
clock"
'
strip mining) as
producing section, while agricul¬
ture also is important.
Industrial
'
year ago.
includes
area
-
will move to the same lo¬
Last
year
four or five
The company has a con¬
siderable amount of "around the
in
heating
Evansville.... The
coal mine
.
a
the
in southern
areas
is served to Evansville and New-
of 1960. Under-'
Fire losses are certain to hit a
writing, profits rather than losses record all-time high in 1961. The
are likely for the majority of com¬
total will be bolstered consider¬
panies. Nevertheless* because of ably by the widespread fire only
the poor experience of the first
recently extinguished near ; Los
six months, underwriting results Angeles. This holocaust has dam¬
through Sept. 30 will be below the aged
or
destroyed
nearly
500
experience
of
the
first
nine homes with a resulting insured
months of
also * other
communities,
the
population
served
being about 252,000.
Natural gas
c
the third quarter
other
Evansville
Indiana,
previous
that underwriting opera¬ the losses of $81.8 million reported
quarter .were_ in September,; 1960. Losses for
substantially improved over those the first nine months total $896.7
of the first six months and some¬
million, up 8.2% over the com¬
what better tham the results of parable period of 1960.'
in. ther third
75
and
appears
tions
cation.
extensive rural
•
.
vision
supplies electricity to
Treasurer
decline of 5.9% from
a
Electric Company
Southern Indiana Gas & Electric
Fair
Place,
as
Indiana Gas &
R.
of The Port of New York Author-
estimated
are
of
*
;.
!
of
Lawn, New Jersey,
States
million.
$77
appointment
Welch
that
reported
the
The
:
at
are
draw
'
Board
has
in
losses
during
casualty insurance industry
encouraging. While sufficient
are
to
.;;;
OWEN ELY
BY
Insurance Stocks
—
Port
and
:
■
v
underwriting
Thursday, November 16, 1961
.
exclusively in¬
insurance
their performance was well ahead
of any other fund.
This Week
.
.
Officers
Fidelity
the
in
off'ces
are
President;.
Building.
M.
Walker,
Oliver
E.
D.
Walker,
President:: Matthew
T.
Vice-
Sawtelle,
Vice-President and Secretary: and
W. >Hatch,
Roger
Vice-President
and Treasurer.
/
Frank R. Wolf
GLEN
Wolf
COVE, N. • Y.
is
engaging
in
/
' /
/
Opens
—
a
Frank. R.
securities
business from offices at 1 Ravine
Avenue..
He
Seidman &
was
formerly
Williams.
-
V
with
*-/-
Volume, 194
Number 6108;-
The Commercial and Financial Chronicle
,
''
(2191)
the' 3%%.
S> firm, has used, them to call on'
:
"
Doctors
for
over
12
ples and further information
:
BY
'
available from
Mr. Reed; '
cost
are
102.310
was
reoffered
"
3.70%,
JOHN DUTTON
March
$20'Million
•
of
a
pressure'of^imeand
td
of
periodically
a
to
rity First National Bank; Wells
Fargo Bank American; Trust Co.;
United! California Bank; CrockerAnglo Nationalv Bank; Chemical
Bank
$225,000,000 authoriza¬
approved
regularly Bank of New York and Bankers Angeles
and
droppin£ y°ur
keep-
maintain
the
desired
Orville E. Reed
personal contact.;
has
were
1.85%
by
in
voters
No¬
r
New -York Trust Co.;
The- Northern
Devine
&
vJlI6r6Cli
message
the Trust Co., purchased on Nov. 14
on
ing in touch with regular clients desk
the People you wish to
by telephone often makes it dif-. contact has merit. The writer of
N.
yield from
according
to
of Chicago; Smith Barney
Cp.; Kuhn,, Loe.b;& €6:; Secu-
i
a Personal visit of
*
106
bonds
to
Bank
&
„
,
?<!
ficult
The
3.59%.
bid
interest;
State
St.,
devised
cards claims that
i,
^
Mich.!
Howell,
'very
a
these
'
another,
District,
Los Angeles,
*
mi.
^
for:
tion of the State of California.
Other
.
"
Blyth
group
major
of
members
&
Co.,
Inc.;
The
for Boston Corp.; The First
$462,049
of
accounts
of the assessed valua¬
v
Ladenburg,
John
Nuveen
theim &
the
Calif, underwriting group include:
a
premium
a
County
about 40%
Flood Con-
The Bank of America
...
the
of
County
pharmaceutical paid
a
issue
bond
Angeles
trol
client
one
j
sent Personal cards for 12
years>
attractive
"
,
$20,000,000
a
Los
printed' postal card that can be
prepared to suit the philosophy
NatioiWl
Co.
approach
if
prospects
you
.
to' clients
are
a
Haupt &
Bacon,
Co.; Paribas, Corp.;
Whipple &
Co.;
Blair & Co.
-
or
*
salesman.
The cost is very modest and it is
a
revelation to see the- excellent
material and the comprehensive
information
in
porates
these
said
on
.
:
postal card, and
a
LOWER
One
half
voted
the postal
to sueh
FIDENCE
copy
"The
product
any.,
label
often
-
the
its
—
this: CON¬
,
to
buy
based
on
maker. In fact,
design,
eye
ap¬
peal and the information it gives
—helps create buyer confidence.;
Look
at
'
label, is it confiinspiring? Perhaps it needs
"
dence
BUCKETS
card is de¬
as
decision
is
confidence in
your
YOUR
Sample
,
.
-
.1,';;T-A.;'
V
You
much
so
well.
so
>
•
incor¬
mailings.
believe that
never
be
can
Mr: Reed
that
!
your
,
the addition of color—or redesign¬
ing—to do the job it should do to,
a sale. Our designing,,,"
service is yours for th^ Kaskingsv
help along
Our
distinctive
made
up.,
prices
you
labels
woven
The
s
labels.
The
In addition
'
which
a,
,
spe¬
cially prepared illustratioin heading this message, there was still
space* on the card for an inoffen¬
sive
bit
ings
-
of
in two colors.
foregoing message
neatly,; boxed with
was,
<
written for
was
the
to
are
J
foregoing
manufacturer
card is
no;
especially for you at
like to pay. Send for
details."
a
i1
>
as
humor, and such sav¬
this: / "Progress involves
or
risk, you can't steal second and
keep your foot
on
first."
Or,
"Failures "are divided into two
classes
—
those
who
thought
and
did, and those who did and
never thought." In addition there
was, ample
space
for a special
message
about the firm's prod¬
never
ucts, telephone numbers and ad¬
dress. The layout of these cards
is
superb and the dignity and in¬
dividuality is outstanding. I un¬
Reed
will sub¬
samples and will
developing cards to
cooperate
suit your
that
derstand
Mr.
mit
in
ideas and needs.
own
What
Accomplish
These-cards
not
all
on
pros-..,
whom
believes should be
salesman
tacted
call
customers
and
pects
Mailings
Card
These
Should
month.
every
be,, investors
they
do
firm
and
People
now
but
Tortured by thirst...
the
con¬
Yet where
its fresh water many
they will remember the
the man who keeps in
To drink,
with them.
touch
cards
These
up
pects in places where a
sales force.
your
■
They
and
warm
open
They
and take
<■
There
.
:
.,
;,
~
-1
'
•
v
.
-
r
are
'
•
"***
7
*
-1'
recognize
advantage of the opportunities around us.
so
many...when we look.•
where you find them. From
■
v
.
•.
•
:
v
Canada to the tip of South
«
.
prospects
America
doors to new ones/ v
give
,
Gas and oil are
old
up
sea. r
times all it takes to succeed is to
pros¬
salesman
does not look, or is too busy to
investigate. - A good mailing list
can
uncover
many "sleepers" for
miles to
they had only to lower their buckets! Many
'
...
dig
can
they drifted, the Amazon carries
may
when
the 'recipient
some¬
now
our
geologists probe the earth for both. Our 3000 producing wells
add to the flow of energy
available to the Americas.
they take toread your message, a chuckle, an
interesting
philosophical
idea,
and helpful product information.
thing
I
for
the
understand
look
forward
time
that
to
each month.
The
tween
and
—
TENN
1 ;
s
cards
fill
salesmen
clients.
mdny people
getting the card
in
the
and.
gaps
COMPANY
power, petrochemicals that mean ever wider service to man
prospects,
HEADQUARTERS: Hpuston,' Texas
small^about 10c
TRANSMISSION
natural gas and oil..".heat,
_
:_*•
-
be-;
.
The cost is
from
t
per
••
Company
\
•
•
DIVISION:
Tennessee Gas Pipeline
Tenneco Corporation ♦••Tenneco Oil Company
.
Company
•
SUBSIDIARIES: Midwestern Gas Transmission Company
Tenne ca Chemical Company
•
Tennessee-Life I nsurance Company
•
Co.;
Co.; E. F. Hutton & Co.
your
personal
&
(Inc.); Wer-
(Inc.); Shearson, Hammill & Co.;
Ira
Ffrst
Thalmann
&
and ideas you wish to
incorporatein
your
own
business
or
would
23
Trust Co.;, C. J.
Co.; Merrill Lynch,
vember, 1958.
Proceeds will be Pierce, T Fenner
i
i
&
Smith
Inc.;
used for various flood control pur¬ Dean Witter &
Co.; R. H. Moulthe' nroblpm<3
ninai sw
jDOIICLS
poses.
The Los Angeles County ton & Co.; Seattle-First National
^ms plaguing, name per month. The cards will,-";.'/:;-.
:
\ r
•.
;
fn
E y salesmen is. be especially written for YOU. A Bank of America N. T. & S. A. Flood Control District containsi Bank; Bear* Stearns & Co.; Wil¬
with
inactive If you are a small
about 99% of the assessed valua¬
liam R. Staats & Co.; Reynolds &
dealer, or an underwriting
syndicate>
which
pr?s"". individual salesman, this method included The First National City tion of Los Angeles County. Los> Co.; J. Barth & Co.;
kpScr
the
dollar
The bonds were the fifth offer¬
tion
Mail Contacts
nootc
The
the net
and
maturity
1, 1963 to 1989, inclusive.
ing from
One
bonds.
was
Sam¬
years.
"
•
East Tennessee Natural Gas
AFFILIATE, Pe/ro-Tex Chemical Corporation
William
24
The Commercial and Financial Chronicle
(2192)
again,
Behavior of Interest Rates
of
no repetition oc¬
large-scale buying
by individuals that oc¬
that
so
of
curred
Outlook
The
business cycle.
cycles
They
short-term
the
judge
better
what
weight should be
given to the trendi of business
conditions in appraising the out¬
look
reasons,
for
we
interest
future.'
:
can
in
rates
for the
and
uses
the
bond
funds, note the
business and
for
such
the
In
borrowing
the
to
absence
dur¬
1958.
months
12
mass
occurred
as
commercial
1958,'
compared with the year before.
Also, note the large purchases of
government
and
the
ing the first half of
decline in
as
short-term
1958
was
dif¬
so
buy¬
ing of longer-term governments
by commercial banks and other
short-term
severe
consumer
increase
reacted
during the past year of
investors
market
the
recessions
1961
12 months ended June of
the
by
market
ferently to
this year and last.
In
an
offset
was
outstanding Treasury securities
maturing in over five years due
to
advance
refunding of - public
debt. But the chief reason why
of funds
sources
commercial
in
C-*
added
June
ended
banks
alone
to their hold¬
$6.7 billion
ings of government bonds matur¬
securities
the
ing in
twin spurs of easy money and the
desire to rebuild their liquidity
ended
such
after
commercial
the
banks
sharp
rise
under
in
the
loan
ratio that occurred in '59.
These
two
five years. In the year
'61, the increase in
The
funds
see
a
have
we
data.
supply
ended
These
I
A
each
other.
making
for
in
year
the
smaller
lower
The
commercial
smaller
demands
consumer
shift motivated in
Dr.
in
made
mination
One
clear,
to
the
the
risk
an
1 Dr.
States
Marcus
State
Bankers
York
because
also
spoke
to
of
N.
event
contrast
in
of
an
the
to
the
1957-58
way
reces¬
;
brief,
the
pressures
term
interest
term
out¬
rates
recession
rates,
reacted
and
easy
short-
on
while longsluggishly to
money
banks
because
ences
low-
the
acted
neutralized
flow of short-term funds from the
United
the
striking stability
of interest rates during the past
year was due to heavy Treasury
short-term
borrowing,
which
dollar.*
of
marked
In
as
to protect the dollar is
way
minimize
the
sion.
by its deter¬
protect
in
bonds
they
Marcus Nadler's brilliant
paper
to
large part,
been
proving business conditions.
All three reasons explain why
the banks were not tempted to
rush into the lengthening of ma¬
turities in the 1960-61 recession,
for
curred from the one-to-five years
to the one-year and less
category,
a
has
reason
upturn in loan demand with im¬
offset
were
second
term
much
by the con¬
centration of heavy Treasury bor¬
rowing in the less than one-year
maturity range. A major shift in
the Treasury debt structure oc¬
money,
been
portfolios. Finally, there is
the
distaste for incurring
new
large losses on holdings of longer-
1961,
and
has
to seek more income from, invest¬
rates
June
reason
ment
forces
interest
ended
One
adequate
level
of
bank
earnings, which lessens pressure
June, 1961, just about bal¬
anced
bond
more
major
show changes in
demand in the year
sources
and
changed
buying in
yield advantage given
by long maturities. This year to
date, the yield advantage of longterm governments over three to
five-year issues has been 20 basis
points. In '58, this yield advantage
got up to almost 100 basis points.
in trying to force
uses with sources by
dubious estimates for
factors.
and
uses
$1
over
small
the
purpose
including
towards
little
this
for
reasons
for it.
sible
balance of
residual
was a
easy money period you know
best
because
you
were
respon¬
includes
only the
and major sources of
for which
no
holdings
an
table
uses
June
attitude
factors
making for
lower
interest
rates were fully
counter-balanced, however, by an
increase
of over $12 billion in
outstanding Treasury debt matur¬
ing within one year.
major
over
The
and
influ¬
Association Seminar. New
long-term
ing
assumptions.
I— MAJOR USES AND
June
30,1960
Year Ended
Us~s:
Comrrer. and indus. loans of
Consumer creditStock
market
_
Treasury issues maturing within
f :
..V.
1.2
12.1
6.0
14.3
Treasury issues maturing within
of commercial banks
holders
of
Treasury
within
one
one
18.4
maturing
year
0.5
—2.9
7.3
/
Year Ended
LONG-TERM FUNDS
June 30, I960
Uses:
Mortgages—
L_
15.5
Year Ended,
June
a
30, 1961
massive
fense
further
fiscal
issues
Demand
Based
ever
year,
lion
for
Increase
-
funds
to
remain
well
below
I
market
for
believe
decline in
1959
to
limited
at
best.
The
TABLE
1.9
6.0
6.6
are
was
surge
Long Cycle
,
,
of Interest
Rates
I turn now to the most basic of
the three questions I raised at the
beginning of this analysis, whether
the major advance
in interest
rates
that took place between
1946 and 1959 will soon be resumed,
or
whether it will be
halted or reversed over the next
few years.
The
in
historical
record shows
no
downward
rates. But the
record
does
show
clearly
that
basic economic forces give rise to
secular
upward
trend of interest
reason
contemplated
II —MAJOR
USES
AND
or
SOURCES
OF
FUNDS
1959
,
I960
1961 (e)
1962 (e)
$17.5
f
Mortgages
$19.3
$15.3
$16.5
Consumer credit
6.6
3.9
2.0
3.5
Corporate bonds
4.1
5.0
6.3
6.0
Commercial
of
and
industrial
commercial
loans
3.7
S.
Government
1.5
4.6
4.8
7.9
debt
0.5
4.3
—0.6
5.0
4.0
46.1
U.
2.1
4.5
banks
State and local debt
30.0
34.9
37.3
6.6
7.6
8.0
7.6
0.9
1.4
1.7
1.5
6.1
6.1
6.6
6.8
1.7
1.8
3.8
2.3
Sources:
Savings and loan associat'ons
savings banks
Life insurance companies-______
Fire and casualty companies--—
Corporate pension funds____
Consumers also
borrow
as
freely,
:
are
in previous
3.4
3.6
1.9
2.1
2.2
local
bank
retirement
loans
and
funds
invest.
Corpor. holdings of U. S. Govts,
reluctant to
as
3.2
and
Commer.
of FHA mort¬
up¬
1.4
State
predominant. No loncrpr,
case during the 1950s,
terms bring a prompt
in demand for homes.
1.6
Mutual
the
does liberalization
gage
„
_
of
Uses:
homes in the 1950s and the rise in
2.1
recovery will bring, de¬
in 1962 promise to fall
about $9 billion less of the 1959
total,
mands
(in billions)
eco¬
0.9
2.0
Allowing for in-
small
forces, including the ex¬
pansion
of
the
inventories
of
costs,
1959.
.
be
as
with
proceed
SEC figures
further
seems
every
on.
quar-
financing, without further
delay. But this rush to anticipated
nomic
1.7
going
in borrowing that gradual
impact of liberalized mort¬
insurance programs under
gage
was
in
bond
the 1961 Housing Act seems likely
3.5
was
prospect.
creases
volume
interest rates
prospect, there
Moreover,
higher
land,
building, transportation and fi¬
nancing costs, and increased local
taxation, tend to make home buy¬
ing less tempting than it was in
the 1950s, when so many found
that "it is cheaper to buy than to
rent." The
rising proportion of
housing starts consisting of
multi-family dwellings is sympto¬
1.5
record
probable, but
gradual. No
billion
year,
the
is
and
bond
flash
homes.
3.3
this
bor-
corporate bond offerings beApril and July was only
in
the
pan.
Corporate
managements, having found in the
1955
and
1959 business upturns
that it could be quite costly to
consummate long-term borrowing
on
the upswing of the business
cycle, didn't want to be caught
again.
And since
no
material,
because the building
the
companies,
tween
Doom of the
1950s, which outran
family formation by a consider¬
able
margin, has skimmed the
off
accept-
business
reduced
the
in
and
happened
new
$17.5
the
increase
finance
demand
show that individuals increased
their holdings of government, tax
exempt and corporate bonds by
some $10 billion in 1959, as cornpared with no increase in the year
before. Table 2 shows that demands
for funds
exceeded
$46
which was an
unexpected development to many,
including myself, is not indicative
anything like the $19.3 billion of
1959. Mortgage borrowing is likely
to
of
ter
a
a
large
and
rowing from banks.
The bulge in
corporate
financing during the second
1962.
8.1
28.2
of what
of increased corporate borrowing.
6.8
17.2
retained
of commercial paper,
which has
de¬
Modest
in
The
(4)
ances
with the rising
spending that is
of this year
level
31.7
4.3
With
funds.
restric-
a
in 1959 was
that, to satisfy swollen private
and public demands for funds that
year, interest rates were lifted to
a
level high enough to attract
billions of dollars from individual
investors into the bond market,
The "magic fives" were a symbol
of
source
even
rates
mild
be
What
$25 billion next
and that provides $25 billion
internal
of
billion level next year, but not to
The
—3.3
costless
a
interest
will
decades is in
earnings, the cash flow provides
the bulk of the money required
upon
matic.
secur.
with
neutral, and with
employment
repetition of the 1959 upsurge in
rates
to
the
highest
level
in
tions will exceed
$40
borrowing is expected to
only from the $16.5 bil¬
5.6
five yrs,. other
In fact, wholeslightly lower now
year.
are
a
manpower,
unemployment,
contemplates a
Projections of the
it
prices
towards
particularly
of
in
supply of funds in 1962 thus point
to the conclusion that a firming
wholesale
the
0f
urers
increase
4.5
Treasury
of
Eco-
live, credit policy.
funds to finance needs. Depreciation allowances for all corpora-
these assumptions,
the projections in Table 2, indicate
only a modest increase in total
4.4
"I_~~
—————IllIII"IIIII
full
(3) The dramatic rise year after
year
in depredation allowances,
which provides corporate treas-
already assured.
—6.3
borings of mortgages.
maturing in
even
year
trend of defense
to
Cqmmer. bapk
in
increases
decline
a
move
structure. Wholesale prices
holding stable for the fourth
sale
that
means
utilization
an(^
are
successive
spending, therefore, we can
ZIIIII
State and local retirement funds.
fuper
date, is lim-
price
of
lower deficits than in the 1962
see
five years—
~_~
tjon 0f resources, and
the
pace of the upturn
plant and equipment spending,
use
5.6
Savings and loan associations
Mutual savings banks
Li:e insurance companies—
has
the Administration
trend
of
said publicly
that whenever there is full utiliza-
which
by:
the stable
billion, with
52%
Council
has
for business needs.
16.0
Sources:
and casualty companies
Corporate pension funds..
of
rate
shift away from
neutrality as
to
towards
ease
president's
f}
Discouragement
of
rapid
expansion of inventories, except
where strikes are threatened, by
corporate profits
of $10
than
further business recovery reduces
are
during
to
recovery
corporations alone would run $5
billion above the recession level.
Without or until the impact of
20.0
Fire
in
taxes
deposit
accounts
unemployment. The chairman of
1962
in
borrowing
Federal income tax receipts from
17.5
State and local government debt
over
compared with
as
increase
tax
active
than the 1958 average.
year,
savings
begin
sub-
a
last Q^ar-
(2)
billion in the first quarter of 1961.
before
a
(1) The slow
in
(5) That larger tax receipts will
reduce Treasury borrowing needs,
despite the upturn
in defense
spending. Corporate profits be¬
fore taxes are likely to reach the
$50 billion level by the end of
An
*?T
u
disappointing
ited
economy.
4.4
Treasury issues maturing in
spending
large backlogs of unsatisfied de¬
in
these
sectors
of the
cream
6.8
issues
2s
Business
mands
the
of
year's record volume of deposit-type savings. Savings and
loan associations report a slow-
under these cncumstances.
equipment spending will con¬
tinue to lag behind the trend of
the economy as a whole, due to
record level
■:
Loans and
Other
1.1
0.5
—4.0
.
one year
f, rV';.:
—$0.1
6.2
.
Sources:
year
$4.3
\
[
credit-.
■
banks
commer.
upturn,
occasion
in
less
reascnably optimistic assumptions
and
this
supply
this
been
for
the
in
and $3.5 billion
year
longer-term
interest rates, that
home buying and business plant
on
Allowing
*er'
high
plans.
(4) And, which is quite impor¬
tant in appraising the outlook for
absence
to
the
lower part of Table 2.
Individuals
may
well
the
as
5 decline
stantial increase
current
the
'a
registered.
because it has the added stimulus
defense
fast
as
of
funds next year are shown in the
borrowing is
,
?
Z- ffi
been
increased
the
In
1959, consumer credit. out- down in gains for July and August,
standing increased $6.6 billion. So
Federal
Reserve
credit policy
One reason for this is that mort¬
June 30,1961
to rise only
like others, will be most vigorous
in
its
early stages, particularly
of
disposable personal
as
of such loans will slow down
longer.
cyclical
what
of
Supply Little Changed
marked extent.
the past six months.
this
indicator
Projections
income, which is
a
reasonable assumption, the growth
That its pace will slacken
following the vigorous rise in in¬
That
fast
as
going
(2)
(3)
consumer
disposable
(1) That the current upturn in
will
continue
through
level during
reliable
now
in 1962.
level, increases in
income. If consumer
business
dustrial production to a new
is
calendar
business demand for funds will be
twice
accordingly.
*
Assumptions upon which these
projections are based are:
'
or
at 13%, resistance deincreases in such bor-
are
going to be geared to
gains in disposable income. During the '50s, consumer debt rose
them
gage
SHORT-TERM FUNDS
offerrelatively
bare, and this lull in corporate
bond financing
may
persist for
some time. In any event, the bulge
in corporate bond financing in the
second quarter of 1961 is not a
ing
debt
these
the first half of 1962
longer
a
result is that the corporate
When
burdensome.
over
at this
dis¬
anyone
is
to
is
spread
rowing. Since the ratio has been
the conclusions to be drawn from
SOURCES OF FUNDS
(in billions)
Ytear Ended
If
income
velops
assumptions,
then he will want to modify the
uses
and sources projection and
with
agrees
that
that would
borrowing
been
period in the second quarter. The
the ratio of repayments of instalment credit to disposable personal
demand
TABLE
centrated
repay-
ment
other
bonds
in
a
recession can prove costly when
business recovers and yielcls rise
City.
fun, in fact—it is only the
through; the balance of this
year and much, if not all, of 1962.
Will this business upturn bring a
major rise of interest rates during
the coming year? Table 2 gives
the answer indicated by projec¬
tions of major uses and sources
of funds for this year. These pro¬
jections are based on the follow¬
investors had learned in 1959 that
buying
Y.
upturn
shows every prospect of continu¬
billion.
by
Year*
business
current
ing
banks
The reasons for the striking sta¬
bility of interest rates during the
past 12 months become clear from
the
figures on Table I, which
measure
this
institutions and from
the
.."/I-"..
•
in
market, Table
I shows that a larger supply of
investment
funds
from
savings
'50s.
They were
not in the 1960-61 cycle. By find¬
ing
rates
In the long-term
the
of
interest
country.
in the
were
have
repayments of
instalment debt to disposable personal income. Personal borrowing
is not a burden
borrowing is
—
The
Continued from page 1
Next
for
long-term borrowing merely con-
tion is the ratio of
curred in the first half of 1958.
During 1962 and Thereafter
Thursday, November 16, 1961
.
upturns. One statistical series that
is quite significant in this connec-
the
bonds
.
.
.
e
Estimated.
5.1
9 2
R.O
7.0
3.8
—2.9
—0.5
—0.5
29.2
23.3
31.3
30.3
-
.
Volume
194.
Number 6108
.
.
The. Commercial and Financial Chronicle
.
can be called "long cycles"
interest rates. To appraise the
outlook
for
interest
rates, one
year, and what is
must consider not
is
what
soon
of
haven't
only the shortcycle generated by business
term
conditions
Federal
and
Reserve
policy" changes, but also these
long swings that have recurred
throughout our history.
last
The
long cycle of interest
rates consisted first of a declining
trend frbm 1933 to 1946.
While
business ,turns
as
such
seen
quite
slow,
a
and
only
tion
of
as
we
this
in prospect
gradual
change,
full
near
and
resources
We
up.
change
a
now
utiliza¬
manpower.
covery
as
precaution
a
boom conditions and
against
inflation.
fluctuations occurred around that
trend, the basic trend
down¬
was
ward from 1933 to 1946 because of
depression: influences and the sub¬
sequent pegging of interest rates
during the
at the depression
war
level. The second part of this long
cycle
was
rising trend of
a
from 1946 to 1959 that
rates
caused
was
by rapid economic growth and in¬
flation, both of which swelled the
for
demand
funds
between
Also,
will
In
for the next five years or so, it is
practical to concentrate our
thinking on the economic forces
more
that
will
influence
the
and
uses
stable price trend
more
investors to place
price trend
more
larger supply
savings flowing into investing
institutions that put funds into
means
a
of
debt instruments.
Conclusions
/
In
the
trends,
the
following
indicated
are
the
V
light of these
next
about
leg
of
economic
conclusions
the
the
shape of
long-term
cycle of interest rates.
(1)
.
Private demands for funds
will
expand
than
relatively
more
to
attempt
precise quantitative projections so
..
.
.
Trend
There
be
can
four basic forces that
are
expected
to
affect
deci¬
sively the demand and supply of
funds
the
over
next
there
assume
will
five
be
years.
I
major
no
acute dollar crisis, and no
massive rise in defense spending.
war,
The
chief
increase
in
the
demand for funds in the next leg
of the long cycle of interest rates
will
from
come
Federal,
state
government—
local
and
rather
—
than private sources.
no
Any
one of these
would
change
developments
the
outlook
drastically.
In
the absence
of
major war,
a
acute dollar crisis and massive
an
(2)
increases
these
the
of
defense
economic
long
cycle
the
over
(1) A
modity
of
will
interest
five years
next
rates
or
so:
stable trend of
more
prices
competition,
spending,
shape
forces
due
to
com¬
intensified
foreign
well
as
as
(3)
The
savings
supply of funds
institutions
from
and
bank
credit
expansion promises to be
adequate
to
satisfy prospective
demands,
and will exceed pro¬
demands in periods of
spective
come
available
where
increase in the supply of
of
find
in
history,
we
precedent for this expecta¬
a
substantial
than
money
ing
financing.
are
prices
mean
much
a
the demand for
experienced dur¬
inflation period of the
the
was
A less vigorous demand for
homes
and
the
period
for this
reason
next
durable
consumer
The
goods.
five
of
that
is
will
years
relatively
factor
rates
many
be
and
the
sharp
that
that
But
time.
years
or
will
in
will
for
family
next
at
five
800,000
per
annum,
which will hold down
demand for homes and consumer
durable goods.
One
much
trouble
Incorporated, W. H.
limited.
cash
flow
The
increase
from
in
the
depreciation
al¬
lowances will continue by perhaps
billion
a
a
year,
or
more
if
depreciation is liberalized further,
as is
not improbable. The supply
of
funds
for
corporations from
this
will rise from $25 bil¬
source
lion
next
five
more
lessen
amount
of
or
This will
hence.
years
the
billion
$30
to
year
borrowing
business will require. More stable
prices will also tend to limit ex¬
pansion
of
inventories
and
ac¬
counts receivable.
(4)
funds
nexu
The
may
supply
of
become larger
loanable
the
over
five years. One factor in this
connection
is
the
change
phasis in Federal
in
Reserve
The stress in the 1950s
was
em¬
policy.
placed
the goal of economic stability.
The stress at the present time is
Morton
The
1970,
in
bonds
demption,
as
Allen
& Co.
Com¬
under¬
than
mand,
enough to
that
so
satisfy
interest
subject
to
after
Jan.
1,
part,
as
Jan.
1,
and
whole
in
or
re¬
de¬
conclusions
These
level of interest
Even
if
stable
of
think
prospect for
wide
rates
have
we
I
refer
the
whole.
a
protracted
a
interest
is
the
as
to
rates,
reasonable
a
five
next
rates, such
the last year
of rates.
seen
over
with its stable level
spread
yields
in
between
issues of corporate bonds and
yields
seasoned discount issues
on
widened
dramatically during the
second quarter of this year when
bond financing reached
its peak during the spring.
narrowed
tanered
When
since,
off
new
as
offerings
the
summer.
during
swelled
demand
It has
and
bonds
due
otherwise at 103% of the
princi¬
pal amount to and including Dec.
31, 1973 and at declining prices
thereafter;
and
the
redeemable
are
serial
at
103%
bonds
of
the
principal amount to and includ¬
ing Dec. 31, 1972 and at declining
prices thereafter.
By signing the contract of
the
Authority took
second
ing
Project.-
scheduled
pur¬
Net
of
the
Of
offerings.
on
the spread between
long-term governments
corporates widened sub¬
stantially during the spring when
corporate
bond
offerings
were
heavy and the Treasury financed
only with short-term issues. More
recently,
narrow
we
as
have
the
seen
this spread
corporate
bond fi¬
nancing dwindled and the Treas¬
ury
launched
refunding
Uses
another
the
Authority
the
cost
advance
of
Narrows
this
Project.
amount,
approximately
will be paid into a
with accrued interest will be paid
into the construction fund.
The
Authority is
fit
corporation
a
public bene¬
Robert
whose
members
Moses, chairman, and
George V. McLaughlin and Wil¬
liam
J.
Tracy,
vice-chairmen.
E.
manager.
Spargo is the general
Present facilities of the
Authority
include:
Triborough
Bridge, Bronx-Whitestone Bridge,
Throggs Neck Bridge, Henry Hud¬
Bridge,
Marine
Parkway
Bridge,
Cross
Bay
Parkwav
Bridge, Brooklyn-Battery Tunnel
son
and
Queens
Other
Midtown
-
facilities
Garage,
Coliseum
at
Batterv
East
the
Terminal,
Tunnel.
the
are
S'de
the
New
and
Columbus
Cir¬
in Manhattan.
Total
in
of
revenues
1960
the
amounted
Author¬
to
$43,194.000, and net revenues before bond
service amounted to $33,490,000.
Interest
New
bonds
insurance
trust
are
New
under
Income
State
York
the
the bonds is exempt
on
Federal
from
taxes
income
legal
York
investments
State
companies,
-companies,
and
tax, and
banks
savings
and
certain trust funds,
opinion of bond counsel.
and
banks
in the
and
sources
placed
in
on
the
a
faster rate of growth
economy
as
the
primary
goal.
the
This
change
of
tend
to
produce
tern
in
credit
not be
a
rush
a
emphasis
will
portfolios,
different
pat¬
level
policy.
to
There
will
tighten credit
management
as
In
even
of
when the overall
of interest rates
watching
tween
different
yield
is
stable.
spreads
classes
of
be¬
invest¬
ient
for
the
of funds into their
to the
BUFFALO, N. Y. — Mazur As¬
sociates, Inc. is conducting a se¬
167
business
from
Leroy Ave. Officers
E.
offices
are
at
Ralph
Schuessler, President; Arthur
Vice-President;' and Erich
G. Mueller, Secretary and Treas¬
urer. Both were formerly officers
of D'Amico & Co., Inc.
Pietk,
taxpayers
in large
can
part be attributed to legisla¬
tion
Other
prior to the inauguration
Now,
there
Matters, Too
it
are
is
evident
that
matters that call for
urgent action of a vastly dif¬
sort., These issues cry
ferent
for
really constructive action.
of these, clearly is tax
reform. And by tax reform,
we
do not mean merely an¬
other major effort to close up
the'loopholes — if there are
any left. What we must have
One
have
and
without
much
further
delay is a thorough
overhauling of the tax struc¬
ture based upon an equally
thorough revision of our phi¬
losophy
of
taxation.
Ever
since
New
some
Dealer
or
like-minded person filled the
minds of the
the
and
notion
unthinking with
it is possible
that
feasible
to
take
almost
unlimited funds
by high and
progressive income taxes
without doing any harm at
all, except to the feelings of
a
relatively few economic
royalists, we have gone over¬
board about income taxation.
of this Administration—and to
fact
vagaries of weather. The
remains, however, that
there has been
serious
no
connected
tack
this
with
it
to
monstrous
growing imposition
at¬
and
upon
the
American taxpayer.
There are, as is well known,
a
good
in
A Foolish Notion
What these reformers who
no
attempt, or
attempt,
by this Administration or any
least
at
many other directions
which expenditures have
always want to spend
and
more
of the funds
more,
taken
from the very wealthy do not
understand is that it is quite
possible to carry all this to
the point of crippling, if not
killing the goose that is lay¬
ing the golden eggs. Individ¬
ual
rise
income
to
tax
rates
which
than
90%, and
been on the upward trend,
and bid fare to continue up¬ corporate taxes which in the
case
of really successful en¬
ward. The Budget Bureau has
terprises exceed 50%, can
found itself under the neces¬
hardly fail to have all sorts of
sity of raising its estimates of
undesirable effects upon the
budget expenditures to the
economy. They cause
able
shocking figure of $89 billion. men
to spend much too great
This is an increase of some
a
$7.5 billion
over
the previous
more
share
of
their
time
and
seeking ways to es¬
year. An optimistic estimate
of higher revenue based in cape the tremendous burden
rather than in the production
very considerable part upon
of goods and services. They
expectations yet to be proved
take away much of the incen¬
of
larger corporate profits,
tive for production, particu¬
makes it possible to figure an
increase of some $4.5 billion larly among the younger men
of
outstanding ability who
in
receipts, leaving a pre¬
have
not
become, but are
dicted deficit of nearly $7 bil¬
struggling to become, rich.
lion
against one somewhat
When all this is considered
less than $4 billion last year.
Now all this is bad enough in in conjunction with the all
its own right. Evidently, we but irresistible trend upward
have again refused to do any¬ of costs, one gets a better pic¬
thing at all about profligate ture of how public policies
outlays in general and in¬ are holding back just the
sisted upon this and that out¬ things that this Administra¬
energy
lay as a means of
the late recession to
and
bringing
a
now
close—
find that most of the
taxpayers' funds that
be
into
curities
hands, and
to find that the increased cost
devoted
passed
course,
the first time that
have had this
we
experience, but
experience apparently counts
for little among the rank and
file
of the politicians "when
unemployment rises and la¬
bor union officials
as
well
tion (and Administrations be¬
fore it)
to
as
profess to desire and
strive for. But
to but
that purpose
will be laid out
history. This, of
is not
were
to
or
after the recession has
Form Mazur Assoc.
funds
investment
corresponding period last
Of course, it is conven¬
have been
on
projections
provide a
gui^e to
these changing yield differentials.
By using them, opportunities de¬
velop to achieve better results in
in
for
law
program.
and
the
than
greater
year.
construction
Bridge
temporary interest fund, repre¬
senting interest on the second se¬
ries bonds through Oct. 31, 1965.
The
balance, amounting to ap¬
proximately $84,122,000, together
ity
on
billion
one
to
$14,193,000
%ho would sell old issues to buy
and
* The * bridge
is
opened to traffic
be
from
cle
Again,
to
proceeds
York
yields
the
by May 1, 1965.
to attract buyers, including those
new
is not, or
the
step in the public financ¬
the $325,000,000 Narrows
of
Airlines
the
of
them with the increased flow
large volume,
they had to be priced attractively
in
out
number
a
ing fund instalments at 100% and
Parking
came
list
politicians to
permit the farmers to credit
new
issues
without
the
George
The
new
could
de¬
redeemable out of sink¬
are
are
have
we
as
thus
as
1985
years,
changes in differentials will
between particular interest
occur
about
are
follows:
crued interest will be used to
pay
rates
long been quite clear that the
half
1977.
are
on
a
&
nationwide
a
1970 to 3.60%
of
more
1
be managers of the nation's
welfare begin to scream tor
help from Washington.
so
things that the President
ought not to be, par¬
writing group which offered for ticularly proud of.
One of
sale on Nov. 14 an issue
them is the way nondefense
of $100,000,000 Triborough Bridge and
outlays are up and appar¬
Tunnel Authority Narrows
Bridge
ently destined to rise still
Revenue Bonds, second series.
further. Expenditures for
The issue consists of
$60,000,000
of 3.75% term
bonds, due Jan. 1, various agricultural programs
1985, priced at 100%; and $40,during the first quarter of the
000,000 serial bonds maturing on
current
fiscal
year
do not
each Jan:
1, from 1970 to 1977,
lack very much of
priced to
being a
yield from 3.10%
in
head
and
but
was
page
rhany do-gooders and would-
our view the
picture
definitely disheartening, or
come.
part
expansion
Continued from
But in
Dillon, Read & Co. Inc., Merrill
Lynch, Pierce, Fenner & Smith
of funds from savings
corporate
(3) Business need for funds will
be
growth
paredness for it.
picted, and likely to continue
to
be: for a long while to
the
present financing
amounting to $9,314,000, plus ac¬
one
pre-
Bonds Marketed
credit
which
develop
the
around
average
economic
bank
period
net family formation
so,
was
or
Triborough Bridge
and
a
affecting interest
other trends will
upturn
formation
1927,. which
matters of defense
facts
the supply
new
be
low
family formation.
By
the
late
1963s, the most important single
economic
to
declined.
preceding two decades.
(2)
1920
course,
would be if it had not for
of
comparable with the period from
reference, of
$100 Million of
Bridge
so.
back
Administration—
o w n
without
is
five years
or
his
to
chase,
that
borrowers
investment is in prospect.
Therefore, a stable or even a
slowly declining trend of interest
rates is probable over the next
domestic. With more stable
prices,
borrowing needs will not be in¬
creased by rising costs of the goods
Stable
type
*Edited
transcript of a talk by Dr.
Bogen before the New York State
Bankers
Seminar, New York City.
tion. The next five years could be
.slower growth in
large
a
any
Association
less active business and recession.
Looking
AS WE SEE IT
25
supply is." New bargains will be¬
Incorporated
v';;.,
slowly until the later 1960s, when
the rise in family formation im¬
far in advance.
% parted a new powerful stimulus
to mortgage and consumer bor¬
Basic Forces Shaping Long-Term rowing in
particular.
of funds
sources
a good rule to remember is
uthe bargains are where the
that
pany
1946
appraising the probable shape
a
cause
stress on dollar safety and less on
hedges against inflation in invest¬
ing their funds.. A more stable
and 1959.
of this long cycle of interest rates
ments,
That is very different from what
happened in the second half of
1958, when net free reserves were
sharply reduced early in the re¬
(2193)
one
taxation
of the aspects
nation's
welfare
is
of
our
which
so
the attention of
Government, particularly the
national government—and so
far as can be seen are not get¬
ting it all. Not much in these
areas
was
promised in the
campaign last year by either
party -for that matter, but
badly
need
that does not render action in
them less
imperative.
•
►ftrwi
26
(2194)
■mlt*
mrtvtiwyurr *
!•*»%• <M*Wt
The Commercial and Financial Chronicle
}
^
.
.
«
.
Thursday, November 16, 1961
of the extraordinarily high prices already come down,
Bond prices, should not change
and, therenow prevailing for common stocks, fore, may not be as risky as stocks much during coming months and
% Yield on
in consumer goods fields or other may rise moderately during the
Comm. stks.
industries which
close to their
are
(Bascas°h dJvT highs
Groups of Comm. stks.
or msking new highs. Yet,
the stocks in the industries that
Oct. 12, i9«i
half
last
1962.
of
The decade of the 60's may well
be a difficult one for investment
Railroads &
Equipment.— 4.3
Agricultural Mach.
4.3
are
question since these industries are
already producing excessively in
rapid rise in consumer spending,
might take place against a level¬
ing out in output schedules of
are still not really
in relation to earn-
managers of trust funds—not only
because of the high prices now
Nonferrous Metals
4.1
ings, and the upside potentials of
relation to demand.
consumers'
Containers
3.8
these stocks
prevailing for common stocks and
the increasingly competitive economy in which we find ourselves,
Continued from page 3
creased
Therefore, in¬
employment
payrolls
or
period
which,
goods
of
three
to
arising from this /broad sector of might bring about
over
six
a-
Machinery
months,
a
Autos
'"A
substantial
improvement
in
consumers' expenditures for goods,
a
more
en-;
to
stimulated
be
savings, and the other is
large amount spent by the
sumer
The
;
of
rate
than normal
h
savings
the
as
higher
is
consumer
has
Tobacco
2.6
_™_—
Building
by-
2.5
_
Chemicals
ing for goods. In this event, over¬
all activity might level out for
Food & Beverages
2.4
Retail Trade
2.3
Radio &
Leisure Time
continuation of
sive
production
of
consumers'
goods with consumption continu¬
;_
Insurance—Life
Electronic
seems
3.0
amount
of
..,
.
one of the most spectacular in our
economic history in terms of the
r-pvaT*firtn
ni
-Jen *eaj".ago, the Dow Jones In
* tZnfcl
ment of consumer credit.
of 1962. It would become
age
reduction
A
for
consumer
spending for services which might
lead to an increase in spending
goods is not nearly as likely
place.
Services have ab¬
sorbed
an
increased
proportion
of consumer incomes during the
for
take
to
few
last
neces-
sity to reduce inventories follow-
ing such a pronounced inventory
buildup; and this, in turn would
result
a
m
decline
i
'»
■
"
v. ./S '*
■ v
outlook
mentioned.
This
must
be
increased
the
is
government* spending
ahead. This will have
which
lies
favorable
a
effect under any of the three sug-
gested potential patterns: of business. "It is
a plus factor
both *s
consumer'
Possible Cyclical
Three
investment
Developments
spending" -and ^ capital
industry
by
cient magnitude
to
of
suffithe
overcome
these various impor¬
tant factors which now seem to
dominate
the
economic
scene
develooing
the trend of
months?
Three possibilities seem to sug¬
gest themselves. The first is that
words, the business
lies ahead, on the
basis of this analysis^ does not
augur well for the trend in gen-
How
Vi.
are
influence
to
going
business
-the
future
during
by
maladiustments
eral
rate
that
business activity and corpoprofits beyond the next few
months. As far
decline in production schedr
as corporate profconcerned, business developments during 1962 might tend
to,
a
are
to
accentuate
curve.
or
below,
the
demand
This might be accomplished
during
course
a
of
four
to six
months and mi eht result in
a
de¬
the
adverse
trends
that have been in effect for
some
period of time already. The number
of major
industries in the
cline in overall business activities
United States that are highly cornproportions. Such a cut¬ petitive because
of
substantial
back in consumers' goods produc¬ overcapacity is large enough
today
tion schedules might have some to constitute a significant part of
adverse effect on capital spending our entire economic life. Once the
4bvt- industry, but might be accom¬ present rise in business levels out,
plished
without
reversing
the this number might well be added
moderately favorable uptrend to. Industries such as aluminum,
which is now prevailing. Follow¬ petroleum,
paper,
electronics,
ing such cutbacks in the output chemicals, electrical equipment,
of modest
of consumers' goods over the next
frre
'three,
ers
containers
six
to
months,
much
a
sounder recovery could begin dur¬
ing the
-
;Tbe
•of
a
summer
second
consumer
.and other
consumer
ba§ed
upon a
.consumer-
;transfer;
sumer
is
that
spend¬
durable goods
rapid expansion of
debt, and perhaps
of
spending from
services
to
casualty
goods.
some
con¬
This
insurance,
be
oe
may
may
I
have
is
lend confidence to
WKno
wnne
'
•
as
as
a
all
that
This may
10 to
basis
15
uw.uu.riLt-
^
the
over
is
indicated.
ease
bonds.
uunii>
^vields
dnr
Jv,
by
decline
a
likelv
seems-
next 3 to 6 months
L
in
the
fate^S
the
year.
term,
i
.
durine:
<
and
prie'es
provement- in
few quality
not
likely
common
stock
average
level
+Vltt
tne
to
.
.
of business next
year will exceed
that
for
this
during the
year,
year
is
the
pattern
ohe which"Is
likelv
r
to
k
wscmiraging, particu.
iariy wnen considered in the light
able
on
bonds
them when yields are extralow. Ten years ago,
errors of judgment of economic
and political conditions or of the
in
spread
ordinarily
may
?
follow
bonds
government
teW
riitftfici^hl .bonds,
today's
market.
between
long
The
term
ernments and corporates.
v
since business is likely
gov-
they- will still prove, to be the
single most attractive investmentthat can be made by. a trust officer.
,
Naess.-before the
30th Mid-Co„tinent Trust Conference
sP°nSPred bv *be Trust Division of the
*An address by Mr.
Dallas,
American Bankers Association,
Texas, Nov. 9, 1961. *
1
r\(* (*
(^niTlTTlOTI OffPT^Pd
UUII1II1UH W11CICU
initial
public sale
common
stock
of
the class
A
of Spectron, Inc.
being made through the otfer
ing Gf 83.750 shares at $4.50 per
by
Hampstead.'.'Investing
share
New York City and asso-
ciates
Th
„
'
pnrrinanv
Jh®
;ntPndq to
^ifhoratorv
7"
imduring the next few months,
prove
p0s^i0un of mdmdual companies
to
ffiSkTn ^
use
the
■financing
and
oro-
feasehold
nlant-
™rrmanv
certain cycHcal stocks should also
do well> inciudirig ; automobile?,
rubber. nonferrods irietals, .steel,
be made:w*th
minor^adyerse
001156^1161106^13^1136 of the enor-
^ous upward pressure ou stock
Prices. Today, errors in judgment
railroacls, njachinery , and paper.
The Mfficrilt^.at;this time ip eX-
P5n ea?dy be costly because of pioiting the potential gain in
£1
rather than national,
more effective basis.
the
n 8 extraordinarily high municipals
and
corporates
is
wider than normal, and so is the
in
a
In that case, and with our own
growing economy at home, even
though stock prices'may tempo-'
rarily be high in relation to earnings and dividends immediately
ahead, there is every reason to
believe that over the longer pull
yielding (Mtra^nS^wS" yield spread between lonS term Corp.',
y.
f,
to
im-
some
-t0 be ' fel?tiyely' high in
to long, (term .,c.Qrporate
to
sTocks
h'gh PrlCeS
cy-
™vfiirh"
^iort - term secir t
^ bllls; anC-banfcers
.> that it may become
now prevailing.
•
necessary; to
dispose nf tBese acceptances.
• .
What, then, seems to- be the stocks Within vteLa t i v e 1 y few
Spectron ofMiami^la., is en-^
m°st
advantageous ^' ih^strnent months at prices, not much higher gaged,;in fbe, design, ueyelopmeni
Policy with respect to common than those now prevailing^ * f l
and manufacture of a lirie of telestocks and bonds during 1962? .
The stock market has already vision electronic^ instruments; sysreflected,
to some extent, the terns
and equipment, such as
~
w
T
,
.
:
Ji
Ui
'
..
iuljv
-sv•.
•'
iij,,
.
.
Policy
As to stocks,
to
Pursue
trust officers
difficult conditions that have pre-
vailed in terms of highly compet-
are
justified in pursuing a most conservative policy. It will be difficult to flnd "good values" in the
stock market during the coming
months. Many of the stocks that
will do relatively well may be in
the consumer goods fields or
underwater communication devices; t e 1 e v i s i o n" transmission
equipment, including a Synchronmng Generator which is the
' brain control of _a TV transmission system and is actually
a highly specialized computer;
and industrial automation equipand i
itive conditions in many industries; as a result, a great many
stocks have sufferedsubstantial
declines during recent months.
Individual stocks in industries
such as airlines, aluminum, building, electrical equipment, elec- ment.
Among the products which the
among the utilities,
and these tronics, and oils come to mind.
stocks have had large advances iri
Some of these stocks are per- company intends to begin produc¬
the last year or two and are selling haps approaching prices in which tion are a compact, two-way voice
at high prices. Under the condii- they may be in a buying range communication
device between
tions ahead; however, investors ale, and should be-, watched as pro- 'divers or from diver; to surface
likely to seek a greater degree of soective candidates for purchase without interconnecting wires; a
stability in their common stock during coming months. Most of depth telemeter, which locates obselections in terms of earnings these
stocks,
however,
even jects underwater in relation to the
with perhaps less : emphasis on though they have declined in surface, measuring the depth of
long-term growth. This can be price, are still not really good the object and the water tempera.
.
,
found in companies that
bave
seem
to
assured, continued good
an
demand
curve
ahead, rather than
those that are highly cyclical,
Food manufacturing, tobacco, of*ice equipment, utilities, bank
st?c£f
to
values
as
I will
•
ture;
yet.
now
dook fdr business
ties
markets
and
a
microphone
which
out-
the
policy that seems
based upon this outlook.
Busi-
ological and biological research.
retail
first half of
Stocks
and
pormits faithful reproduction of
and the securi- underwater noises to be used in
the investment connection with the fishing industo be indicated, try and for oceanographic, ichthy-
summarize
trade stocks ness should improve somewhat
mentioned among those tottier, but may level out in the
continue m the forefront among
and
that
are
likely to
con- -
1962, in terms of
index
choices for trust funds.
-
background which
painted
hnv___
uuye s.
and
mentioned
mentioned
*
The industrial
ing,. particularly for automobiles
es-7
and
examples.
of 19€2.
possibility
rapid rise in
months
say,
followed
sTnd inra"^Sn&see^.
en dividends
Investment
its
ules
A moderate
jncrease *n.
grade corporate
high
ti
_
'
other
In
pattern
level
beyond the recmirements of cur¬
rent demand, will be followed soon
6
to,
Prices,
stocks yield more than that. We
cannot expect this process of bidfm
Developments Do Not Augur Well
rise in output of con¬
sharp
sumers' goods recently, to a
iV
.
market,
^elds and another thing to deal.
economic
•;T
»','*??>■'
and
the
inlt liouslng, hiedical care, trans^.
portatjon, travel, -education, rec¬ regards consumer spending and
reation, and i ritearice/: Looking capital-spending by; industry, but
is uhR^elyto^be important endhgh
ahead, it seems unlikely that we
to be of controlling influence.
can
expect much of a reduction
in
Among the three potential patspending, for these
various
st likely IS the one
items as
a
source
of increased terns* thc> least UKeeiV is Hie one
whicli;- assumes a sharp rise in
spehding fdr goods;
:?y
,■
yields 3%,
..
bond yields
to be
+,
be
last half of the year , In other
words, no great change in bond
stocks
jynnnue much longer. Obviously,
.
*
high-quality
many
profits and
in
?:
i
years
^
therefore, also affect
capital
spending adversely
One other important factor in
because prices of
many services have risen consid¬
erably and because the consumer
has changed his spending habits
and spends a greater proportion
of his income for services include
f
.JV
be
drtd
■
bond
ing the next few months should
pmiiKpc
better than that. Today,
tbe Dow-Jones Industrial Aver-
a
in
The decade of the '50s has been
,
■
the
to
to
Dow-Jones
bring about a higher level of activity in the next few months
followed by a leveling out or decline during the summer and fall
active period
an
automobile
the
3
next
industry with
new models, and since this indus¬
try is the chief source of employ¬
coming into
are
in
,
increase
2.4
_
ternational,
great in view of the outlook
very
Average
.
of the other
for business in 1962.
0:5
.
some
as
chances of any further
considerable rise in interest rates are not
Equipment-___ 0.4
,
compete effectively
and will learn how to deal in in-'
period of
great as the risk
Bond Yields, Outlook
1.0
0.5
industry will
a
terms
Turning
American
that
feel
over
~
1.2
Publishing
Specialty Metals
po-
groups
groups.
1.2
_______
—
be
may
two
the downside in these
in the stocks of
1.8
Office Equipment
these
stocks
1.7
Finance
exces¬
on
time
1.8
Miscellaneous
between
cyclical
2.0
__
quite limited. •>. *
that may be in a
the risk
2.1
TV
Drugs & Cosmetics
The third potential development
a
2.4
._
Insurance—Fire & Cas.
ments.
been paying down his debt during ing to lag, although rising slowly,
and with capital spending
con¬
the last few months.
Hence, a
tinuing to rise in a lethargic man¬
more liberal program of spending
ner.
In this event,
the present
could
easily take shape in the
imbalance would be accentuated,
next
few
months
through
a
and by next spring might be quite
greater use of credit by the con¬
a
formidable obstacle XO further
to iuriner
iormiaaoie
ODStaeie
sumer,
which
would stimulate
consumption. This seems to be in recovery m business. Chances are
the ,cards, particularly since we that such a development would
■
2.6
2.6
the resurgence of consumer spend¬
would be
for services.
consumer
3.2
Paper
therefore, will have to come from
other sources; and this brings up a few months ahead and then re¬
the
third and; fourth important sume its uptrend sometime in the
characteristics of the present re¬ spring of 1962. This would provide
covery.
They are the somewhat the most favorable possible reso¬
greater-than-normal flow of con¬ lution of the present maladjust¬
the
3.2
Aluminum
during coming months
but also because of problems
which are arising from world
includes companies and industries conditions.
American business is
that should do relatively well in now faced with growing, intensicoming months, such as auto- tied
competition from abroad.;
mobiles, railroads, rubber, certain This will cause many heartaches
types of machinery and equip- and present many problems. One
ment, or steel. - These groups are of these may well be a recurrence
cyclical in character, and the up- of the problem of our balance or
side potential is moderate. If 1962- payments.
;-v:\
should turn opt to be as suggested, V I am
enough of an optimist to
______
heavy construction outlays which
tend
Auto Equip.
to be
sition
Electric Equipment
3.1
Aircraft & Allied Prod'cts 2.7
couraging increase in plant and,
equipment." expenditures arid in
would
&
Steels
in price
A group
3.4
._
suffering
seem
3.6
3^5
_.
Airlines
capital goods industry supplying ply. Ih this chain of circumstances,there also would be
1
Oils
balance be¬
the economy cadnot be counted, tween the two, or even lead to
upoii to' be helpffil in stimulating the derilarid for consumers' goods"
consumption.
Neither does the exceeding-the current rate of sup¬
machinery and equipment or the,
heavy construction industries ap¬
pear to be a source of any more
than moderate stimulation of em¬
ployment and payrolls.
;
low
as
such
Federal
Don Anderson & Son
an
Opens in Okla. City
Reserve
Board Index Production and
pos-
OKLAHOMA CITY,
Okla.
—
Don
tinue to perform in a desultory sibly decline late in the year. D, Anderson & Son, Inc. has been
*ashi<m might include those of Profit margins are likely to con- formed with offices in the Liberty
companies in industries; that are- tinue to be under pressure, and Bank Building to engage in a sealready suffering from price cutting and severe competitive con-
ditiohs
because
of
competition: will be fierce.
*
The
stock market
is
.
1
extremely
overcapacity high; and while I believe it will
curities business. Officers
are
Don
Anderson, President, and M:
Stanley Lee, Secretary .and TreasD.
sucb,,as, for example, aliiminumj rise further and to a new high, urer. Mr. Anderson was formerly
petroleum^^ andr^^certain sections of the upside potential is moderate, Vice-President of Shoemaker St
the electronics industry. Stocks ol and over a year or two ahead, Co., Inc. and prior thereto was
companies in these industries have
the downside.risk is considerable,
with R, J. Edwards^ Inc.
194
Volume
Number 6108
.
.
The Commercial and Financial Chronicle
,
(2195)
'
•
Pontiac,
Mich;,
five
Chevrolet
above
division
plants, and the combina¬
Buick, Oldsmobile, Pontiac
tion,
Coast and Texas ports continue to
plant at South Gate; Calif., have
hold down area steel
production.: also programmed a sixth
day.
Lower prices on
foreign steel may
Ford Motor Co. will have
11
be quoted before the end of the
plants producing its cars in Satur¬
year since
West European mills
day overtime. Six of the com¬
are
reported to have considerable
pany's plants are geared to twounbooked capacity and are
Continued from page 5
they do not intend
heavily 4n pre-strike
inventories. Their belief is that
President Kennedy would inter¬
vene at an early date to prevent
a strike or to keep one to a mini¬
mum
length. But barring a na¬
other users say
invest
to
tional
emergency,
-
either direct
intervention,
facing
or
in¬
from
users
The
■
of costly
memory
avoid
second
,a
of
quotas
•
for
-
-
and
in
quarter
when
talking
about
much
of
demands
1962
Whether there is
depends
the
on
real
a
tempts
to
Week
is
itself
on
by
proved business
In
my.
to mushroom
steel
generating
the
across
effects
any case,
.
■
.
Ended
30
before
June
f
when
30
expire,
labor
Steel
the week's
Of
output, General
Motors accounted for 52.0%; Ford
Motor Co. 26.6%; Chrysler
Corp.
12.5%; American
Motors
6.9%;
dipped
ures
to
in
336
the
week
ended
and
Nov.
this
..
Steel
In¬
in
4.
con¬
1960,
weeks
magazine
was
week
269
and
their toll
occurred.
The
Institute
or
concludes
$100j000
at
40, the
week
this
cars
week
285
domestic
with
or'
same
the
level
of
?
consumer
North Eats Coast__
as
'
Cleveland
ter
,
consumer,
stockpiles
boosting
—
will
t«:
;■
Western
,
the
21
Aqtomakers
♦Index
weekly
v
the
to
first
of
the
minimize
tinued
on
October's
535,000
units
new
new
are
well into
car
any
sales
of
1962. Output
indication
scheduled
this
market... Automakers
car
month
same
will
tonnage
by
,
as
drawing
industry
Imports
steel
and
in
Oct.
at
U.
S.
an
new
poured-' last
on^the
■
said,
same
to
This
from
51
43.
f,
than
the
On
-
•
that, currently
one
a
the
West
company
five
had
Forty
of
1960
and
49.7%
or
1959 week.
loadings
of
1961
There
road
59
were
class
I
U.
S.
rail¬
systems originating this type
traffic
in the
current
week
com¬
•
Ending Nov.
Ahead of
South
States.
previous
areas.
Intercity-truck
record
at Flint and
\,
■
week
ended
Nov.-
of the
volume
vious
4*
in the
8.7%
was
in
^
the
cor¬
col¬
to
+1; New England
East South Central
+2;
+3;: Middle Atlantic and
+ 4; East North Cen¬
Mountain ^+1
to
-f 54"
Atlantic 4-2 to 4-6; West
Pacific ,0 to
tral-
and
South
South Central -|-3
to 4-7.
1
.
>
last
Truck
above
that
of this
ATA
of
tonnage
the
pre¬
the
are
week
of
findings
favorable
than
also
are
those
than 400 truck terminals of
re¬
carriers
of
general
freight
Output
Than in
The
amount
distributed
7.0% Higher
1960 Week
of
electric
.
for
Week
and power
industry for the week
Saturday, Nov. 11, was esti¬
at
kwhu
above
45,520,000*000.kwh.,
and
that
of
of
the
previous
15,396,000,000 kwh.
1,015,000,000
kwh.,
Bolstered
motions
energy
or
7.0%
in
According
to the Federal Re-.,,
System • department: store >
sales
in
New
York
City for the /
4, increased 2%
week ended Nov.
compared
last
with
In
year.
ended
the
same
period
preceding week
the
Oct.
28,
sales
were-
changed compared with the
last
weeks
For
year.
some
pro¬
after
over-all
with
weather
areas,, consumer
celerated
week
ended
last
retail
buying
week's
trade
in
in
ac¬
lull,
Nov. 4, a 2% increase
in the comparable
salesmaintained
healthy -climb.
chases of men's
...
However,
wear
r
,
sales
over
period of 196a
was
recorded.
H. Hentz & Co.
105 Years Old
On Nov.
pleted
15
years
of
This makes it
.1
•
H. Hentz & Co.
105
service.
com?
continuous:
one of the
oldest member firms of the New
Stock Exchange from the
standpoint of continuity. It makes
it also one of the
very few which
York
has
preserved its.original name,
without
change and which has
throughout
devoted
its
entire
exclusively
life,
unique
the
on
firm is
part
the fact
of
been,
various
to
aspects of the financial
What
may ' also
be
field.
/
-
virtually
of
this
complete
old
con-",
tinuity
of
management.
When
Henry Hentz opened his doors, in
,
.
Nov. 15, 1956, at 5 Hanover
Street,"
to serve "gentlemen of
capital" as
commission broker—he had what
essentially a "one-man shop'*
with
primary emphasis on the
dealing
in
actual
commodities.
•
This was, of course, well ahead of
the highly developed
later
mitted
the
followed, which per¬
dealing in commodity
It
number,
was
also
a
specialized
and
out
interruption
time
were
in
when
few in
character
owned
by a tiny minority of
the population.
v
j V
Mr. Hentz served as senior part¬
ner
of
the
firm
throughout its
steady and sustained growth with¬
ment
in
1918.
until
At
his
that
retire¬
time
Je¬
Lewine, who had joined the
rome
firm
in
$6
week, and
a
1900
as
errand
an
boy at
who became the
Hentz
^ their
,,
&
Bros,
Co.,
firm's
pur?
continued to
out
of the
scope
Lewine
Jerome
JL Baruch, acting"
team, represented the senior
management
until Dr.
of
public
H., Hentz
Baruch-s
1942—when 'he
of
firm
with H.
rounding
the
activities.
and Dr. Herman'
a
merged
thus
broadening
Three
securities
the
later
Baruch
and
as
apparel fared, well and auto?
mobile
four,-:
was
the
Wednesday, Nov. 8,
edging- "moderately" a b o v el the
comparable year-ago level.-Womien's
/
same :
the
4, a 2% in?
reported above the
1960 period while from Jan. 1 to
of
cooler
;
r.
un-
ending Nov.
crease
months
8
by Election Day
and
..
1960.
Ended
...
?by- the electric light
ended Nov. 4, 1961, sales advanced
over the
corresponding period
2%
the reins at the age of 33.
Moderately
<
firm's youngest partner, took over
Retail Purchases Pick Up
Nov.
Electric
the
com¬
throughout the country.
.:
1960.
like
investment securities
year-to-year find¬
January,
1960.
The
since
mon
for
1961, com-4
period last<
For the week ended Oct. 28y:
were
2% higher than last',
year.
In
the
four-week
period;-:
futures.
ceeded their toll of 32 in the simi¬
lar
the
rise
4,
ings
more
recorded, inching down from
preceding week but ex¬
Nov.
sales
which
these
in the
43
with
3%
a
ended
most favorable
Pacific
failures
reported
..
mechanisms,
year.
stated
week-to-week
year.
Canadian
dex
,
was
of a I960,- the
Trucking: Associations,
week
The
Cen¬
...
week'
-
announced.
2.3%
-
tonnage
ahead
Inc.
8.7%
Corresponding 1960.
week's
The
Increased
Week
X. responding
How¬
4
the
-A one
for'"Weekly" output' "during" the
extra-day " session; >; Buick v and "week's total
Pontiac main plants,
the-
responding period
of; 1960 and
140,127 cars or 40.6% above the
corresponding
period
in
1959.
other
Saturday, Nov. 11. Cadillac divi¬ according to the" Edison Electric
sion;;: working > two" nine - hour
Institute/'Output was 124,000,000
shifts will set
a
estimates
of
above
484,908 for an increase of
23,063 cars or 5% above the cor¬
year
were
West
the
casualties than
mated
all-time
increase
an
16.1%
sharpest,,,rise to flected in the seasonal pattern of
71 from 59; while there was little
previous years.
change in
the Middle Atlantic
These findings are based on the
States, 104 as against 103, the
weekly survey of 34 metropolitan
East
North
Central
States,
60 areas conducted
by the ATA De¬
against 59, and the South Atlantic
partment of Research and Trans¬
which edged to 44 from 41. Six
port E c o n*o m i c s. The report
of
the
nine
regions had more reflects
tonnage handled at more
ended
an
declines
Mountain
in
high,
reached
were
over-all
increase of 4,466 cars
retailing
business mortality matched
States
were
year
'""■*•
.General Motors, whose October
sales
(which
week's
was
or
con¬
week
totaled
More
dipped slightly;
Central,
and
level
to
will
a
the
to
succumbed
exceeded
or
intense
sought
week
1961
that
cars
was
ever,
con¬
cars
28,
in
in
a
manufacturing,
mild
will have nine plants in operation
on
r-
of
the
highway
revenue
Cumulative piggyback
for the first 43
weeks
centered
where
40
reported
cars
or
American
tral
-V..V
Pace
in
22,plants: will work at ,least
shift in overtime.
take
2,044,000 tons that Steel esti¬
the
off
construction^,
North
Week
25
of
the -industry's
47
assembly
plants are employing: two shifts,
some for
nine hours, and begin¬
ning
on
Saturday,
Nov.
11,
.they
J/^;
week;;. -'-;.,,
from
reported
•by three other regions—the West
/
U.S.A.,
Past
industry
151,862
Ward's
has
Look for steel, ingot production,
this ;week to be about the. same as
mates
week
the
ag°-
assem¬
did in October and meet increased
the
this
as
in
Intense
an
production
in Novem¬ -138,682 for the
not had much impact on the steel
requirements
.inventories.
average
about equal the 152,855 assembled
last week and climb 9.5%
over
1955.
The 15% increase in
the
on
1959.
-
-
sponding period in
abput
,
mated
ber and December will be second
best to only that of the corre¬
blies
based
1957
to
—1
period
(piggyback)
England casualties dropped
during the week to 14 from 25,
The statistical agency said that
production this week of an esti¬
acceptance, you can
high level .production
for
26
the service toll
,
of new model
look
service
hand;: the ; wholesaling; toll held
with last'year's level and
110
before the near-record buyer
onslaught of recent weeks, Ward's
Automotive Reports said.
?
sales.
car
(during
more
above
.
even
in Detroit and elsewhere .and also
better fix
in
and
..
replenish still thin dealer inven¬
tories, restricted in some models
.They
liability
year.
their
Continues This
pace
for year-end property taxes levied
If
for
Production
At
adding to their stocks, until
after
a
production
production
Auto
not
want
get
of
Auto
:
:
probably; will
start
corre¬
or
an
of
New
buildup
will be less than 1959's.
1959
13,449
were
and
inventory
in
the
33 from 40. pared with 54 one year ago and
slight change in 50 in the corresponding week in
manufacturing, to 61 from 66. In 1959.
'
"•-•■' .'A"-"
'
,
;
• M.
contrast, casualties among retail^ •;•A:"....
,;<
ers rose to 165 from 155 and among Intercity Truck Tonnage in Week
ago
~
4"--
By June 30, Steel looks for in¬
The
week
corresponding week
incurred in 296
downturn
only
was-
"concerns
V
—
125
103'
__________
to
; contractors
Total-__-_l—109.8
;•
go
•-
above
one
total).
1,863
liabilities
even
ventories to top out at 20 million
tons—more than a three months'
supply.
;
138
________
spot
Central —-3 to
—2
serve
,
147
ended
comparable
1960
levels
by
the
following percentages: West North
preceding
\
w
■
112
Southern
into storage,
increasing inventories by five mil¬
lion tons.
,
fell
wholesaling,
100
__ __ _
week's
There
2 115':
_
St.? Louis
v
them by almost four million tons.
About
20%.'' of
second
quarter
shipments
—____
1
Cincinnati
of first .quar¬
shipments will go into
•;'
103
_
Chicago
Up to 17%
steel
aX.
' Detroit,
•
/:;-
;
97
Pittsburgh
Youngstown
After the first of the year, users
will start building inventories in
earnest.
the
x
10.4%
included
Held
twice
were
commercial
till
102
Buffalo
-■
lion tons—a two months' supply in U.
terms of projected first quarter V
t
in
Nov;-11,1961
:
inventories will be about 11.5 mil¬
consumption.
below
or
ended
steady
in the previous
more
but almost
der $100,000
Week Ending
•
steel
year-end
of
announced.
corresponding week in
and an increase of 58,190
tainers
t
'
;
shipments will go
stockpiles,
Steel says.
At
into
totaled
4
Association
highway trailers
in
size
The
;
Nov.
the
in
the
There
a
-
.
quarter
to
pared
freight
decrease of 28,136 cars
a
sponding
r
fourth
ended
•'
1960,
At the end of
of
week
re¬
by Dun & Bradstreet, Inc.)»
Regional estimates varied from;-
week
4.3%
Week
Railroads
was
above
of
Ingot
Production
by of the week's failures
buildup is already underway. Index
as
against
October, inventories Districts for week ended Nov. 11, v304' a week earlier and 277 last
were
about 400,000
-1961, as follows:
r\;!
:
tons higher,
year.
a •; '• ■
:
V"v '' *Index of Ing:ot
than "they were at the start.
Production for
the
:
in
The loadings represented an in¬
crease
of
19,858
cars' or
3.3%
reported in the compar¬
able week of 1960. Liabilities un¬
(*io6.i%).
The metalworking weekly says
of
Casualties:''involving
of
45
tons
88,972,000
of
year.
cars,
4.3%
or
Declined
revenue
week.
1959.
A
fourth more businesses
failed than in pre-war 1939 when
through
year
The year to date production for
1960 through Nov.
12,
predicted.
About .5%
week
This
Commercial and industrial fail¬
11, 1961
4
Preceding
American
Business Failures Off Slightly
In Latest Week Ended Nov. 9
11
amounted to 82,811,000
(*98.8%) below the period
through Nov.'ii,'I960?!
Steel inventories will be doubled
tracts
Below
619,413
;
Nov.
Loading of
assembled.
cars are
tons
,o
.
assembly
and Studebaker-Packard 2.0%.
Nov.
June
six
Ended
operations at
sites, but indi¬
lar
the
Steel Inventories Will Be Doubled
figures
Freight Car Loadings for Week
five-day
loaded with
Iron
the
,
put of 2,044,000 tons (*109.7%)
likely
the
are
ceding week,
reported
Dun
&
Bradstreet, Inc. However, they re¬
mained
appreciably above their
year-ago level of 298 in the simi¬
Production
Before
was
the steel strike).
American
volume
Nov.
on
the
Data for the
Nov.
Following
ended Nov. 9 from 344 in the pre¬
shortage.
•
the figure
feet..
ago
year
stitute, production for week ended
Nov. 11, 1961 was 2,046,000 tons
(*109.8%), or 0.1% above the out¬
im¬
serious
a
A
Chrysler brand
According to data compiled by
the
econo¬
are
and create
v
Steel Production
trouble.
feed
tions.
possible overtime schedul¬
ing at the Jefferson plant where
If busi¬
economy.
according
cated
equal;
,
up
steel while
increasing
will
Then, too, a period
inventory building tends to
of
grammed
ventories may total over 3.3 mil¬
lion tons.
f '
'
jam-up
build
consumption
cause
levels.
in
*
.
lected
218,099,000
board
feet
compared with 237,160,000 board
feet in the prior week, according',
to reports from regional associa¬
Detroit Jefferson Ave. plant, pro¬
steel products are estimated at 3.2
million net tons, up about 400,000
tons since January. Year-end in¬
their
starts to pick up strongly, at¬
ness
first
: V'1
'
Service center stocks of finished
out of line.
were
about
ago
larger
told
were
for
that in
1960.
Dollarwise, 1961 business of most
distributors will fall below year-
orders than normal in the second
quarter
of 5 to 10%
is-predicted
trade
.
concluded
the week
Tonnagewise, 1961 volume will -its
just
customers
some
over-all gain
an
quarter, 1962.
the first half of
this may be a
premature,
for the better is noted
fourth quarter advances,
volume
Ind.,
dollar
home
Wednesday, Nov. 8, ranged from
even to 4%
higher than last year,
'
turn
the
as
year.' While
little
A
.•
.
jam-up if panic buying starts. In
the Midwest, there already is talk
next
United
total
> T
£ur- -f
•
assembly thousands of board feet for* the
Nationwide Department Store
10, but has weeks indicated;
v
Sales Increased 3% Over
extended
single-shift
operations
;
Nov. 4, ''''Oct. 28,
' Nov. 5,
:;V'■ v The I960 Week
•to nine hours,
>' *
v
? r
1:961
1961
" V I960
?
:
Production
Department store1 sales on a<>
,.-,,218,099
237,160
213,082
/
Chrysler Corp., employing two
Shipments _—_225,739
235,641,
212,537
country-wide basis as taken from
shifts at its Newark, Del. Dodge Orders
_______245,J85
227,055
205,211
the Federal Reserve Board's in-*
and Plymouth facility and at its
for
the profit out of steel distribution
in the first: nine months of 1961.
high; price to keep ,;their
plants working through the steel
strike.,
•
Y\ J, ;
4
Steel mills 'are doing what they
to
in I960'
tail
States in the week ended Nov. 4,
operations, although one, at
City, was idle this week
in changeover to the new Meteor
Bend,
;
slip; and- interest* in
nishings held evem
totaled
Kansas
firming upK the * magazine says.
Price fighting knocked much of
a
can
Same Week
Lumber production in the
-
foreign steel still haunt consumers
who waited too long in 1959 and
*
Above
•
6.2%
Were
>
con¬
version arrangements and millions
of dollars tied up in orders for
paid
Shipments
(
up-of steel stocks in 1962 than in
1959.
comparable
The shakeout in scrap continues., and Fairlane cars soon to be intro¬
213,082,000 board
Steel's composite on No. 1
heavy, duced.
>
Compared with 1960 levels, out¬
melting grade fell another $1.67
»■
American Motors, at
Kenosha,, put climbed 2.4%, shipments ad¬
a
gross ;4on
to $33 as demand
Wis., will have both shifts there- vanced * f6.2%,
and
orders
rose
continues, to dry- up.
continuing
operations.* Stude- 19.5%.
,YV
Steel service center
prices are baker-Packard
Corp.
at
South
major„ steel
point to more orderly build¬
-
the
The
Lumber
shift
con¬
the continent.
on
of
»>.
direct, would not prevent a strike
if key issues are not resolved.
Indications
normal winter slowdown in
a
Presidential- struction
;
that
1960 week.
27
entered
service
&;Gq.
retirement—m
a
becoming sub¬
sequently the Ambassador to Por-»
tugal and The Netherlands.
>
career;;
■
28
The Commercial and Financial Chronicle
(2196)
patible with the standards of the
Bank Stocks and the t
Justice Department
f
i
Continued from
r
bility have
back into fash¬
come
Then
too, bank snares can be
having been too low for
too long. The fact is, that over the
past decade, bank earnings have
viewed
as
increased
6%
than
less
from
of
ital, surplus and undivided profits
•—to
than
more
dend payout
book
value
today,
few ' years
/■■'V/;;
■
sold
shares
bank
divi¬
retention
value,
and
equal amount.
If
Cash
10%.
represents 5% of this
book
only
would
they
ago,
a
be
quoted at less than ten times earn¬
ings and this obviously means that
they would be undervalued when
ity in the field of bank mergers
and its long-term effect in shaping
public policy toward bank growth,
branching,
ft
s.
are
priced at
value, a multiple which the
market was then unwilling to ac¬
times
earnings
be
to
book
P
P
>
realized at that time
that
net
operating earnings
of
commercial banks were just be¬
cept.
Few
i
ginning to grow.
Based on recent prices, the New7
Clearing House banks were
ttv
it
York
quoted
if
a
composite
earnings, the
on
times
17.7
ten
needed
years
basis at
multiple
to obtain
ago
a
value.
But
that
multiple today places the
market quotation for the shares of
price
'!
book
to
equal
these
banks
70%
at
while
expansion
financial
An
look
sles.
are
analysts
must
we
beyond the present legal has¬
We are not lawyers, and we
certainly1 not experts oh ques¬
anti-trust
of
tions
law.
But
tice
Department's
bank
contribute
ultimately
will
to
structural
great
changes in banking through wider
privileges.
This
will
banks to merge and ex¬
branching
permit
some
its
areas,
ef¬
privileges
for
banking everywhere.
the' investment
From
view, let
bank
commercial
of
point
that to bring all
the provi¬
me say
within
mergers
sions of the Act could seriously im¬
pair the development and growth
banking
unless, at the same
National Banking Law
time,' the
to
allow
national
branch
over
broader
amended
were
banks
to
than those
areas
permitted by
now
J
a
premium in recognition of their
growth in earning power. To illus¬
t'l
trate:
earnings
Moody's
since
banks
15
of
share
per
are
116%
up
1950.
Policy—Vital
tc
today
book
values
their
which
the
ten
years
total
Investors
to
banks
Many
adding
are
amount
an
represented
ago
percentage
earned
This is but
capital funds.
growth factors in
banking
which is attracting long-term in¬
stitutional
the restless urge to expand
of
these
laws, and with their ap¬
plication
in
to
bors,
vital
measured
bank
concentration
principal cities will ultimately in¬
crease
to the point where indis¬
conflict
putable
laws will occur.
that
concentration,
.>•'
jj
most
Uo
3
1960 when the Federal Bank
Merger
there
4 I'
.
to
do for other businesses.
we
In
a
place prime importance
growth factor in banking
the
as
consideration
important
always
'*
is
financial analysts w7ho must
as
oil
This
banks?
Control
were
many
the question
Act was passed
who considered
of merger regulation
Justice Department,
has drawn new atten¬
the problem. In doing so
settled.
The
has
lifted
the
from
commercial
financial
that these concentration ratios are
already at odds with the anti-trust
laws and feel it is their responsi¬
determine in the courts
is true and, if so,
whether
the
statutes
apply. As
many
of you. know, there is a
question about whether the Clay¬
ton Act applies to statutory bank
bility to
to
the
front page. This has had an effect
4 (
All this
1
(
i
-/
mileage which the Jus¬
tice Department is getting on the
if'
front
ii
junction
■»'
suit here, an
there—has created
pages—a
in¬
that
the
technical
wording of the Clayton
Act excludes statutory bank mer¬
Act to
sistant
once
Congress
Attorney
called
In
to
may
the
amend
close what the former As¬
a
General
Barnes
"loophole."
considering
by
National
acquired,
Illinois
the street, but in¬
been
had
the
:
■
Continental
across
row
hold
bank
stocks
or
who
are
thinking about investing in banks.
J
The
<»
Factors in
*
Top
the
<».
12 Months
(millions)
Ending
June
.*7
30,
June-30,
-
•
June
-
30,
$
Bank
per
*
.
.
strict rule of the 1950 amendment
Section
cf
7
the
of
Clayton
Act
inappropriate to the field of
was
.
.
The Committee there¬
.
concluded
erable
that
handle
to
under rules
it
pref¬
was
bank
mergers
specially designed for
the banking
Census
the
Bureau
report together with a
showing that a "great super-
map
a
metropolis"
United
eastern
with
The
States.
million
31.5
in
forming
was
the
area,
inhabitants,
Massachusetts
from
to
issue of
Bank Stock Quarterly
our
placed over the Census Bureau
map the
untlihe of California, a
we
which
state
statewide
allows
branch banking. A branch on the
northern border of California and
800 miles
one
away
on
the south¬
border, would approximate
geographically one branch in Bos¬
and another in Cincinnati, or
ern
ton
in
one
New York
and
another
in
Jacksonville.
illustration
in¬
not
was
tended to argue that, because Cal¬
ifornia is
wide
Point
the
field;; of
bank
mergers,
then
Congress should retrieve from the
states
tive
its
sovereign and preemp¬
to regulate branching
right
ol its national banks and thus
re¬
lease them from state restrictions.
*An
the
address
Financial
by Mr.
Analysts
J. Reddoch
Schapiro before
Philadelphia.
of
Opens Branch
CLARKSDALE,
Miss.—James
Reddoch
N.
ment of Gus Roesslec.
great
demands
borrowing
of
community, he wants to mo¬
nopolize that himself.
J"1
a
who
man
made that state¬
Senator
&
Company has
opened
branch office in the Bo.bo Insur¬
Building, under the manage¬
ance
Schramm Opens
WHITE
Branch
\
PLAINS,
N.
Y. — S.
Schramm & Co., Inc., has opened
branch
a
office
406
at
-
Mamaro-
.
.
The
Carter
should
be
elsewhere
allowed
in
the
country. The maps do illus¬
trate,
however,
the incongruity
of
lack
of
logic in the pattern
banking laws and
branch
our
situation that
absurd
established
mountain
rivers,
has
ago
years
and
ranges,
de¬
by
old
Indian trails.
On
the
Bureau
and
East
Coast, the
that
reveals
Census
population
industry growth have blotted
out state lines from Maine to Vir¬
ginia. Caging banks inside states,
and smaller
is
today
areas
served
ever
shielding
lies.
within the states,
outmoded,
a
indeed
if
purpose
local' banking
is,
Branching
issue
it
other than
of
monopo¬
course,
among
a
bank¬
Despite
branching,
we
as
analysts cannot
ject which is
so
vital to the future
'he strict rule of the. Clayton Act. investment status of bank
Recently we ran across a
would
be
the
field of banking" is that the pres¬
ent
confinement
ited
geographic
of
td'lim¬
banks
areas
is not
com-
25
Banks
Margin
$1,001)
Net
(aftertax)
S
Earned
Operating
Earnings
on
Average
Aver.
Capital
Capital
(millions)
Accounts
Acents.
(millions)
%
11.0
6.241
23.10
12.20
700
ia.5
6,679
1962
-(61,000*
24.10*
12.70*
774
(61,000*
22.10*
11.70*
714
...
-
12.2Q*;. *.U744
-
,"-*■4
$
3
V
.1
y
|<
j?
— •
System whose picture and earlier
about
central
banking
adorn the walls of Federal Reserve
Banks
districts.
12
few
the
across
today,
the
in
perhaps
are
lawmakers or
would
have
the
among
speak
to
courage
country
There
who
bankers,
neck Ave. under the management
of James C. Simpson.
in
Glass
Carter
That
1932.
same
Senator Glass introduced a
year,
in statewide branch bank¬
engage
tion made in 1932, by an
ing
Senator
Banking
and
and
stocks.
quota¬
outstand¬
of the
Commit¬
member
Currency
tee:
under
certain
regulations,
without regard to state branching
laws,
located
a
near
normal
the
the 'bill
I have been now
for nearly
credit,
no
man
who
wanted
to
Va.—H. F. Weekley
openedia branch of¬
fice at 321
South Willard
under
direction
J.
the
Petrine.
of
Avenue
Sylvester
,h \
■
.
Now Musser & Co.
PHILADELPHIA, Pa.—The firm
name
of Philadelphia
Securities
Co., Inc., 1616 Walnut Street, has
been changed to Musser
& Co.,
Inc.
.
the
were
state
a
line
business
that
so
the
of
bank
Reserve Board could
Federal
the:
authorize
yestablishment
of
branches in thre adjoining state up
to
distance of 50 miles from the
a
Thurston
pro¬
national bank
Furthermore,
vided that if
leges
national
privi¬
give
branching
introduced in
was
William
Senator
oi
to
broader
1937
by
McAdoo,
G.
Jr.
California. He sought to permit
their securities business under the
firm
any
did
forbid
not
branching.
ston,
we
recently
more
see
Commision
the
Money
on
and
that
the
recommending
"provisions of the National Bank¬
of
state
to state-chartered
Last year
of
ing
and
revised
to
privileges
corresponding
provide
With Currier & Carlsen
LOS
House Association and without the
opposition of a single bank, en¬
acted legislation to permit banks
organized under the laws of for¬
eign countries and Puerto Rico to
tstablish
the
privilege
branching
This
in
branches
State.
is
ex¬
in countries
which permit branches
of New
York
banks.
Already
banks in
tended only to banks
and Puerto Rico
taken advantage of this law
Israel
England,
have
other
become
has
Currier
Carlsen, Inc., 210
&
West Seventh Street. He was pre¬
Hogan,
B.
Arthur
with
viously
Inc.
'/hhY1'
J.
R.
Curylo Opens
N. Y.— Richard J.
conducting a securities
business from offices at 264 Ave.
BROOKLYN,
Curylo
is
the
u^der
fir
of
mname
R.
J.
Curylo Company.
Clearing
York
New
Calif.—Louis H.
affiliated
ANGELES,
with
O
banks."
New York, at the urg¬
the
M.
Secretary.
areas'
laws,
be
should
laws
state
'trading
within
branches
President;. Robert
Jr.,
St.
Thur¬
P.
Vice-President and
Treasurer; John H. Cecil, Jr., VicePresident; and M. . W. Warriner,
ing Act should be revised so as to
enable national banks to establish
irrespective
William
are
lo¬
Hathaway,
Havaux
now
Hath¬
Thurston,
place
law
state
that
of
name
away & Cecil, Inc. Offices are
cated at 1004 North Thompson
within the
Federal Reserve District provided
blanching
Merges
Hathaway Inv.
RICHMOND, Va. — Thurston &
Company and the Hathaway In¬
vestment Company have merged
Officers
bill
Another
banks
Co.
With
home office.
Form L. P.
Denenberg Inc.
Denenberg Inc. has been
formed with offices at 146 Central
P.
L.
Fark
West, New York City, to
in a securities business.
Officers are Lee P.
Denenberg,
engage
Donald
President;
President;
Hecht,
Reif,
Jack
and
Treasurer.
tary and
ViceSecre¬
V
,r
Seligmann Co. Incorporates
pend¬
MILWAUKEE, Wis.—Seligmann &
ing. Here we see New York wel¬
coming the. branches of banks lo¬
cated thousand of miles away in
Company, 735 North Water Street,
is continuing its-securities busi¬
ness
as
a
corporation.
Off'cers
ether countries while banks across
are
end
the river
City.
are
The
banks
applications
are
denied
to
access
to the
fact that the foreign
permitted entry and
domestic banks
further
are
the
are
pattern of
branching laws.
As
analysts,
Volume
we
75, Part 9,
•
Bernhard F. Seligmann, Pres¬
ident;
.
Glen
C.
Vice-
Petersen,
President; M. J. Hencke, Secre¬
tary; and R. E. Seligmann, Treas.
excluded adds
motely
conclude
32 years a member of the Banking
that if the presence of the Justice
and Currency Committees of the
Department in the bank merger
other branch of Congress and of
field placesMhe problem of bank
the Senate. I have been an intent
expansion back into the hands of
listener and observer of all the
Congress, there are past prece¬
measures of importance that have
dents as well as recent recom¬
been considered; and I assert here
mendations and current develop¬
that never in that whole period
ments
to
support proposals
for
has any merchant or businessman
legislation to broaden the branch-'
having relationships with banks
ing privileges of national banks.
ever
protested
against
branch
1 Source:
Bound Congressional Record,
banking. No man who has wanted
.
Weekley Branch
ing
our
.
H. F.
PHOEBUS,
& Co., has
bluntly, and
so
perhaps so
realistically on the
subject of branch banking as did
Credit
I
to
Glass,
words
banking, branching
geographic extent
same
hesitate to speak out on this sub¬
"inappropriate
was
And
the
controversial
character of bank growth through
View
of
Interpreting the meaning of this
by the Committee, may
say that one of the reasons why
if'
23.10*
in
laws
If it is a manufacturing
enterprise,
he
welcomes it.
Whether it be a branch of some
there.
big and allows state¬
so
branch
the
to
ers.
Investments
(pre-tax)
come
Washington, D. C. In the current expended into, an.adjoining state,
controversial
industry."
Investment
S
August
aries
Committees
of
the
two
had the opportunity to
place all bank mergers within the
provisions of the Clayton Act.
This, however, was not done. The
Senate Committee on Banking and
Currency reported that
"the
685
Assumed.
In
released
Houses,
of Loans
<5
to
bill to authorize national banks to
rency
12.50
_
banks to mles of the 50 states.
veloped because banks have been
contained within political bound¬
24.10
..
such a merger is pre¬
the national banking
the
1960__ 54,800
1961__ 57,400
;
f 61, COO'
by
laws, the McFadden Act of 1927
in
particular, which limits the
branching powers of national
and
1960
Earnings Equation
Average
Investments
course,
vented
".
Loans and
<•
Of
Merger Control Act, Congress, and
Profit
i
centration ratio therefore lowered.
particularly the Banking and Cur¬
the
greatest interest for investors who
!'}
state
the
Chicago
not
statement
about the subject.
his
in
of
This
decide
courts
the
If
banking and bank shares some¬
what analogous to banning a book
in. old
Boston.
People want to
more
bank
other
of his
He doesn't want any
community.
industrial
us
authorized to enforce the
anti-trust
statutory
accommodate the commercial and
illustrate, let
this
cn
know
accommodations
credit
the
hibited. If the City National Bank
mergers.
banking
page
than
source
turn to Illi¬
To
leaches
cated, apparently have concluded
fore
it
A'
of
ap¬
However, the Justice Depart¬
lawyers, sincere and dedi¬
tion
4*
point
this
ment
banking
to
this
does
nor
imminent.
pear
however,
J
cities
to
one
commercial
oi
anti¬
don't be¬
I
principal
reached
have
we
the
in
the
with
trust
lieve
turn
public policy be toward the growth
M
with their neigh¬
merge
through
which cannot be
statistically—What will
factor,
bank
of
with the bank next door,
across the street, the
of banking in the
or
the
or
field
However, if banks con¬
mergers.
tinue
the
the Justice Department
and
other
any
this
the father of the Federal Reserve
gers,
merging.
Here,
however, investors must weigh a
branching
from
come to grips with
point: If the Federal Govern¬
Congress must
ment is
his bank. He wants to monopolize
nois where branching is now pro¬
concentration
is
Another
investors.
ties
ment
of
the
voice
his
lower
on
one
raised
period
against branch banking . . . the
appeal of the
little [ bank, socalled, against the 'monopolistic'
tendencies of branch banking, is
misleading when we come to rea¬
son about it.
The fact is that the
little
banker is the 'monopolist.'
He wants to exclude credit facili¬
pand to
whether
Public
his business has ever in that
industrialoperation
or
otherwise, he welcomes it, but if
it is tot trade- in credit, if it is to
the states.
Jus¬
about
concern
expansion
as
in
forts could lead to broader expan¬
sion
of
book
above
value. Bank stocks have moved to
if;
H
bank
and
mergers
holding companies.
Thus, it is somewhat ironic that,
the Justice,Department is
presentlly seeking to block bank
wholef
stead, by the First National Bank
produce not higher, but
ci" Boston, or perhaps by the Se¬
of
banking
quoted at 20 and 30 times earn¬
curity First National of Los An¬
resources.
ings.
'
geles,
the
Justice
Department
;'Vy ■ :•
v;:
We all agfree with the aims and
would have had no argument be¬
Incidentally, it is interesting to
purposes of the Sherman Law and
cause
note that in 1950 the New York
competition would not be
the Clayton Law, but we may well
lessened. In fact, new competition
Clearing House banks, as a group,
disagree with the interpretation would be introduced and the con¬
would
have
had to sell
at 17.3
businesses
other
of
shares
*
significance
Department's activ¬
bank analysts we believe the
—
at
did
they
as
an
have»been
we
forced to examine the
stockholders' money—that is cap¬
*
analysts
of the Justice
ion ).
'
bank
As
5
page
duct
Thursday, November 16, 1961
.
funds with which to con¬
borrow
Clayton Act.
.
.
thus
1932,
p.
9892.
Straub & Papp
HACKENSACK,
Formed
J.
N.
—
Straub
has been formed with
cftices at 227 Prospect Avenue to
and
Papp
engage
Partners
and
in
a
are
securities
Gilbert
business.
R.
•
Straub
Hugo J. Papp.
Garden Forms Co.
Texas —-. William A.
Cardori, Jr. is engaging in a se¬
EL
PASO,
curities
business
from
offices
at
6126 Montana Ave. under the firm
name
of
Cardon
&
Co.
Volume
194
Number
6108
.
.
The Commercial and Financial Chronicle
,
(2197)
Indications of Current
The
Business
Activity
week
Latest
AMERICAN
IRON
AND
steel
Indicated
STEEL
operations
Equivalent to—
ingots and castings
AMERICAN
42
PETROLEUM
oil
Crude
and
gallons
(net
cent
capacity)
tons)
output—daily
or
Month
2,046,000
Year
Ago
70.0
70.0
or
quotations,
Week
11
Nov. 11
INSTITUTE:
condensate
Nov.
(bbls.
2,044,000
51.4
2,071,000
each)
3
7,127,510
7,112,010
6,839,060
Nov.
3
7,834,000
8,146,000
8,155,000
28,116,000
2,800,000
28,971,000
28,793,000
Nov.
3
3
2,942,000
2,683,000
Nov.
3
13,504,000
13,462,000
13,409,000
3
5,499,000
5,612,000
5,523,000
5,897,000
3
183,418,000
183,178,000
185,110,000
184,350,000
3
37,049,000
36,836,000
36,265,000
36,745,000
Nov.
3
179,000,000
177,091,000
166,438,000
180,453,000
Nov.
3
48,702,000
49,940,000
50,080,000
4
619,413
647,549
639,941
599,555
Nov.
4
536,933
531,852
537,309
512,046
stills—daily
output
Kerosene
output
(bbls.)
Distillate
fuel
(bbls.)
average
(bbls.
Residual
oil
fuel
Distillate
output
(bbls.)
i
oil
fuel
Residual
_
oil
fuel
(bbls.)
oil
(bbls.)
at
at
7,153,910
2,988,000
ENGINEERING
of
159,572
Total U.
|J
Public
State
and
Federal
COAL
Bituminous
(U.
S. BUREAU OF MINES):
and lignite (tons)
coal
Pennsylvania
$255,400,000
$527,000,000
$388,900,000
Total
.V'
■
$314,400,000
9
146,600,000
318,000,000
193,000,000
130,300,000
anthracite
(tons)
9
108,800,000
209,000,000
-195,900,000
9
85,400,000
165,200,000
168,500,000
9
23,400,000
43,800,000
27,400,000
41,100,000
'
SYSTEM—1947-49
4
8,785,000
*9,130,000
8,595,000
8,126,000
Nov.
AVERAGE=100
•
•*
V
i
•'
output
crude
oil
4
321,000
422,000
364,000
gasoline
FAILURES
4
.154
152
164
oil
__
all
stocks
Nov.
11
15,520,000
15,396,000
15,125,000
IRON
AND
INDUSTRIAL)
COMPOSITE PRICES:
AGE
Finished
steel
(per
Pig
(per
gross
iron
—
DUN
9
336
344
330
298
COAL
Nov.
6
6.196c
6.196c
6.196c
METAL
(per
6
$66.44
$66.44
$66.44
$66.32
Nov.
PRICES
Electrolytic
6
$32.83
$34.50
$39.17
end
of
(net
$28.38
&
refinery
refinery
Lead
(New
Lead
(St.
J.
M.
QUOTATIONS):
at
York)
Straits
tin
MOODY'S
U.
99.5% ) at
at_
.'—
York)
PRICES
Government
S.
Average
81,402
30.600c
30.600c
27.475c
26.825c
8
10.500c
11.000c
12.000c
8
10.300c
10.300c
10.800c
11.800c
Bituminous
8
12.000c
12.000c
12.000c
13.500c
Pennsylvania
8
11.500c
11.500c
11.500c
13.000c
8
24.000c
24.000c
24.000c
26.000c
Nov.
8
122.625c
Nov.
^
14"
Tj
——,4.wNov. 14
Nov.
Public
Group
Utilities
MOODY'S
U.
BOND
YIELD
Government
S.
Average
14
87.40
86.11'
9Q.34
87.13
\
•
83.53
83.53
87.05
87.86
:
80.69
87.72 ;
v
83.28
'
4.01
3.93
3.95
3.85
4.70
4.72
4.63
4.39
4.39
4.41
Aa
Nov. 14
4.54
4.54
4.56
Nov. 14
4.75
4.76
A
,
.!
4.79
Utilities
MOODY'S
Group
Orders
of
OIL,
PAINT
PRICE
REPORTER
TRANSACTIONS
FOR
metals
in
PLANTS
IN
115,352
*129,250
158,923
2,694,599
'2,839,906
2,528,069
78,837
97,879
21,536
*89,570
*19,429
39,007
*35,071
30,180
652,406
438,386
692,492
557,809
354,978
617,130
U>
*
_
4.65
4.55
Number
4.50
Number
365.5
373.0
354.8
of
MANU¬
October:
of
_'
passenger
cars
and
motor
Other
sales
Total
Other
coaches
NEW YORK STOCK EXCHANGE—As of
firms
4
388,044
329,629
382,118
355,583
Total
4
352,866
356,111
349,930
308,733
Credit
4
97
QQ
97
88
4
557,378
521,854
598,031
469,198
113.95
113.88
113.79
108.71
Cash
carrying
customers'
net
extended
hand
on
Total of
ACCOUNT
OF
margin
debit
in
and
value
Market
value
banks
listed
of
in
credit
2,499,640
486,980
397,980
2,482,070
431,700
Oct. 20
off the
2,041,260
2,029,700
2,528,240
2,427,680
of
332,150
2,111,580
Oct. 20
1,657,490
2,543,280
Oct. 20
331,360
384,410
Short
sales
Oct. 20
13,300
26,000
61,300
Other
sales
Oct. 20
308,950
352,020
439,930
288,730
Oct. 20
322,250
378,020
501,230
Other
sales
initiated
transactions
Total
the
on
„
Net
Oct. 20
purchases
sales
Oct. 20
945,466
867,322
840,748
77,800
86,540
69,390
Oct. 20
sales
income
Other
708,523
724,033
697,455
after
,786,323
810,573
766,845
711,430
3,796,986
578,080
3,751,372
■r
3,670,638
510,520
Oct. 20
3,058,733
3,105,753
Oct. 20
:_
3,636,813
ri
3,616,273
EXCHANGE
Odd-lot
sales
Number
(customers'
"it»<562,390
V:''
of
3,248,965
;
.
short
other
Customers'
Dollar
sales
2,843,550
Inner
N.
Y.
Rpund-lot
'Number
8,774,003
Tread
1,749,296
1,752,184
1,672,408
1,369,877
1
$99,677,032
$95,060,259
$92,576,924
$63,503,520
1,796,413
1,739,682
1,607,540
1,272,203
Oct. 20
15,235
14,260
22,297
23,024
1,781,178
1,725,422
1,585,243
1,249,179
$91,588,443
$89,486,568
$83,291,749
$60,371,920
Oct. 20
Oct. 20
TOTAL
—I—.
■
FOR
Total
SALES
ON
THE
AND ROUND-LOT STOCK
ACCOUNT
round-lot
Short
511,790
489,670
MEMBERS
N.
Y.
U.
5~1~1~790
489~670
388~950
531,280
515,990
526,770
at
461,250
—
723,060
647,770
769,720
Oct. 20
16,823,540
16,231,300
16,026,270
12,719,340
17,546,600
16,879,070
16,795,990
13,410,050
690,710
♦Revised
sold
on
Balance
—
Nov.
7
and foods—
7
7
Nov.
7
.118.5
7
Nov.
-
*
86.2
T 118.6
.
.
107.9
93.9
•
'
127.3
86.3
108.2
•
118.5
87.4
107.9
>•
2,894,483
of)
*42,066,000
*43,913,000
41,365,000
*19,249,000
24,312,000
43,432,000
—
1,214,374
1,266,792
1,145,604
1,118,853
1,142,208
1,025,946
.3,327,569
3,445,136
3,855,514
$298,000,000
$298,000,000
$293,000,000
295,660,371
293,749,860
290,486,732
298,864
270,628
159,075
$295,959,236
$294,020,489
$290,645,808
439,667
441,988
402,301
$295,519,568
$293,578,500
$290,243,507
2,480,431
4,421,499
$295,959,236
$294,020,489
6,197,078
8,955,997
6,671,725
$289,762,158
$285,064,492
$283,974,083
,
—
——
31
amount
omitted):
(000's
that
LIMITATION
DEBT
may
be
outstanding
______
public debt
obligations not
owned
by
the
gross
not subject to
total
face
debt limitation
outstanding
amount
of
obligations
issuable
authority
above
"
2,756,492
119.4
88.6
UNITED
109.0
As
"
93.9
95.5
96.0
127.3
127.1
127.9
tNumber of orders not reported since introduction of Monthly Investment Plan. tPrime Western Zinc
delivered basis at centers where freight from East St. LoUis'exceeds one-half cent a
pound: N. A. Not available; ~ "
STATES
GROSS DEBT DIRECT AND
GUARANTEED—(000's
of
October
General
Net
figure.
(Number
—
_i
time,
Grand
Nov.
farm
Tires
Bus
October
gations
under
than
10,591,062
42,092,000
—
public debt & guaranteed
obligations
Deduct—Other outstanding public debt obli¬
U. S. DEPT. OF
.
other
3,023,974
8,699,767
18,321,000
—
—:
STATUTORY
face
3,210,724
42,953,000
—.___
(pounds)
Total
Oct. 20
foods
commodities
of
any
3,191,778
3,081,037
Treasury
Oct. 20
Meats
All
920,540
(Camelback)—
gross
Guaranteed
Nov.
Processed
232,443
2,856,060
———
(pounds)
Total
STOCK
sales
commodities
.
Outstanding—
Commodity Group—
.
and
GOVT.
Total
i.
PRICES, NEW SERIES
LABOR — (1947-49=100):
All
253,725
268,778
939,731
(SHARES):
sales—
WHOLESALE
•'
S.
TRANSACTIONS
sales
Total
,
Truck & Bus
of)—
(pounds)
Inventory
388,950
579,720
Oct. 20
sales
Other
OF
248,418
229,711
(Number
i
Production
As
579,720
Oct. 20
dealers—Number of shares
ROUND-LOT STOCK
EXCHANGE
8,157.639
22,037,007
248,513
—________
——
Shipments
'
Oct. 20
shares—Total
Round-lot purchases by
8,484,336
9,202,823
20,681,491
921,710
Rubber
Inventory
Truck
:
sales
sales
,___;——
—
Production
Oct. 20
Other
9,002,114
8,784,335
(Number of)—
Tires
Production
;..
-y
Oct. 20
sales
total
dealers—
sales
by
ASSOCIATION,
20,768,533
Tubes
Shipments
1
sales
of
V
STOCK
purchases)—t
.
value
34,557,273
September:
Passenger, Motorcycle,
2,392,570
3,811,355
(customers' sales) —
orders—customers'
26,000,000
41,000,000
Inventory..
,450,980
Oct. 20
Customers'
of
Production
2,626,718
*
Oct. 20
purchases by dealers
Number
(estimated).—
charges
Tractor Implement
EXCHANGE COMMISSION
SECURITIES
dealers
by
ON
value
Dollar
Odd-lot
—
SPECIALISTS
shares
of
79,638,568
74,568,385
60,000,000
8,889,916
FOR ODD-LOT ACCOUNT OF ODD-
AND
608,426,820
92,338,782
60,766,268
charges.,,
;
Shipments
1—11
sales
DEALERS
before
Inventory
Shipments
LOT
$754,640,247
625,641,957
82,651,240
'
sales
STOCK TRANSACTIONS
$825,401,360
600,535,627
—
Production
633,900
„
members—
purchases
Total
2,325,000
(AS¬
Shipments
77,530
Oct. 20
account of
ROADS
684,000
2,794.000
RRs.)—Month
—
operating
INC.—Month
720,318
,
Oct. 20
for
transactions
I
110,100,163
283,318,365
443,000
2,813,000
revenues—
RUBBER MANUFACTURING
'
Oct: 20
round-lot
CLASS
108,455,292
368,653,380
Passenger & Motorcycle Tires (Number of)—
Other
Total
122,000
361,140,794
V 549,000
issues
expenses——_—
41,300
floor—
Short
Total
Govt,
—
railway
330,030
Total
,
operating
operating
Total
248,910
1,059,000
$774,695,841
S.
OF AMERICAN
Taxes
Net
347,820
356,000
1,208,000
September:
Total
1,469,940
1,802,090
floor—
purchases
EARNINGS
$3,259,000
49,000
436,000
1,227,000
107,999,239
balances
shares
U.
on
$4,021,000
46,000
418,000
borrowings jon other collateral
SOCIATION
2,520,160
Oct. 20
$4,037,000
S._,
U.
bonds
listed
of
accounts—
balances.
borrowings
RAILROAD
J
initiated
75,362
Sept. 30
Member
MEM¬
.__
transactions
94,597
customers—:_____
to
customers' free
Market
sales
Total
18,460;
FROM
AUTOMOBILE
S.
vehicles
trucks
of
SALES'
ASSN.—Month
of
number
4.59
Oct. 20
sales
u;t
the
tons)
FACTORY
FACTURERS*
INDEX—
purchases
Short
153 !
•
ounces)
short
VEHICLE
4.58'
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total
148
■
'
.
Member
ROUND-LOT
'150
MINES)—
tons)
4.63
Nov. 10
DRUG
AND
(in
4.63
Nov.
AVERAGE—100
1949
150
155
tons)-
Member
period
of
OF
recoverable
fine
(in
4.57
Nov.
end
at
151
,;.0
ounces)
short
Nov.
(tons)
fine
short
Nov.
activity
orders
6,136,307
Average=100—
:
(in
Total
ASSOCIATION:
(tons)
Percentage
5,596,283
______
,
(in
MOTOR
4.83
364.4
1,678,000
COMMERCE):
bales.
(BUREAU
Zinc
5.07
4.92
35,499,000
1,423,000
(000's omitted):
(tons)
Production
Unfilled
5.13
4.90
35,220,000
1,709,000
adjustment——
August:
(in
Nov. 14
INDEX
OF
38,565,000
__
variation.
seasonal
prodction of
Nov. 14
PAPERBOARD
received
of
Nov. 14
Group
COMMODITY
NATIONAL
5.11
4.90
46
SALES—FEDERAL RE¬
Lead
4.68
5.12
Nov. 14
—
tons)
4.29
4.46
Nov. 14
Public
for
Copper
4.70
91
October:
of
Silver
Nov. 14
312
United States—
Gold
88.81
Nov. 14
tons)
(net
(net
(DEPT.
STORE
OUTPUT
Mine
lignite
running
18,
seasonal
Month
88.13
87.59
Nov. 14
corporate
Industrials
METAL
84.43
86.78
r
20,612
32
___________
MINES)—Month
SYSTEM—1947-49
Adjusted
AVERAGES:
DAILY
and
GINNING
Without
81.42
128,182
53,556
1,528
OF
anthracite
October
Month
87.05
91.77
? ,■
86.38
80.93
87.05
Nov. 14
Bonds—
Group
To
87.19
: 85.85
\ 90.06
Aaa
Railroad
COTTON
coal
89.37
80.81
Nov. 14
;
i
86.79^
90.34 ;
149,176
87,855
October:^
103.375c
85.46A
•
Nov. 14
Group
Group
120.500c
,88.27
Nov. 14
Baa
tons)
tons)
OUTPUT (BUREAU
SERVE
86.11
Nov. T4
._
._L_-_-.i-'Nov. 14
Industrials
123.125c
141,814
45,963
tons)
___
29.600c
27.950c
10.500c
AVERAGES:
Bonds
150,539
(net
36
(net
30.600c
28.175c
DEPARTMENT
DAILY
65,183
190,288
tons)
8
of
63,005
91,029
165,064
102,980
.____
America
(net
(net
8
COAL
68,003
96,383
150,083
—
tons)
Australia
Nov.
—
corporate
Railroad
Asia
Nov.
'__
8,543,000
OF MINES)—
.__
Central
America
Nov.
_
21,230,000
of
'
Nov.
i,
::
at—
(New
BOND
South
Nov..
at
Louis)
at
(delivered)
Zinc (East St. Louis) at
Aluminum (primary pig,
287,484,000'-
Pennsylvania anthracite
(net
Nov.
J:Zinc
(tons)__
(BUREAU
and
Nov.
.
period
of
Europe
To
at
286,105,000
3,339,000
(barrels)
tons)
To
copper—
Domestic
Export
(E.
19,493,000
299,313,000
16,00032.768.000
September:
To North
■i
of
exports
To
ton)
gross
24,310,000
28,605,000 J
export
._
INSTITUTE, INC.—Month
EXPORTS
S.
6.196c
Nov.
___
at
Month
U.
lb.)
ton)_.
Stocks
To
steel
Scrap
<
37,975,000
18,780,000
Slab zinc smelter output all
grades (tons of
2,000 pounds)'_________
Shipments (tons of 2,000 pounds)
;
;
215,145,000
17,000
.34,048,000
____
243,766,000
29,334,000
11,000
—
245,050,000
215,699,000
29,595,000
October:
14,505,000
&
INC
J
220,218,000
(barrels)
(barrels)
output (barrels)
imports (barrels)
AMERICAN ZINC
149
Nov.
(COMMERCIAL
BRADSTREET,
4,983,228
249,824,000
output
(barrels)
403,000
Nov.
kwh.)
000
6,458,421 1
6,139.418
,
(barrels of 42 gal-
output
________
INSTITUTE:
(in
8,660,527
6,057,705
—
Electric
97,600
8,904,000
—
ELECTRIC
5,472,600
87,400
•
Refined product imports (barrels)
Indicated consumption domestic and
DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE
EDISON
5,570,200
5,506,000
INSTITUTE:
'
Nov.
:
5,593,400
88,900
therms)
INSTITUTE—Month
domestic production
each)
;
Benzol
7
.
(M
STEEL
PETROLEUM
Increase
„
5,648,600
5,559,700
__
Ions
Crude
'184,100,000
143,000,000
Nov.
___
OUTPUT
9
Nov.
municipal
AND
August:
Natural
Nov.
._
225,874
;
_
therms)
(M
ingots and steel for castings produced
(net tons)—Month of September
Shipments of steel products (net tons) —
Month of September—
of
Nov.
.construction
*
.
therms)
__
Nov.
.
162,882
259,202
Steel
-—-v.-.;:
construction
Private
,
IRON
Domestic
h
■
construction
S.
__
167,040
255,442
Sept.
September:
(M
sales
Manufact'd & mixed gas sales
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
.
gas
AMERICAN
Ago
ASSOCIATION—
of
sale
AMERICAN
freight loaded (number of cars)
freight received from connections (no. of cars)
Revenue
CIVIL
Month
gas
Natural
27,785,000
'
ASSOCIATION OF AMERICAN RAILROADS:
Revenue
For
Total
Year
Month
MINES):
49,079,000
Nov.
OF
of aluminum (short tons) end
AMERICAN GAS
12,362,000
output (bbls.)
Nov.
Stocks at refineries, bulk terminals, in transit, in
pipe lines—
Finished and unfinished gasoline (bbls.) at
Nov.
Kerosene
(bbls.) at
Nov.
(BUREAU
Production of primary aluminum in the U. S.
(in short tons)—Month of September
7,830,000
Npv.
to
runs
Gasoline
>
ALUMINUM
1,464,000
of
Nov.
Crude
.
of that date:
Previous
Month
Ago
72.0
either for the
are
are as
Latest
Stocks
A, ,
average
production and other figures for the
cover
month available. Dates shown in first column
month ended on that date, or, in cases of
Previous
Week
INSTITUTE:
(per
Steel
following statistical tabulations
latest week
29
*-
funds
omitted):
31
balance—1
debt
Computed- annual
average
—.
——-
..
3.098%
3.096%
$290,645,808
3.167%
30
(2198)
The Commercial and Financial Chronicle
.
.
Thursday* November 16, 1961
.
'*•
'I'¬
ll
L
it INDICATES
Securities
k
f
^
in
Registration
ITEMS
•
PREVIOUS
REVISED
ISSUE
*vv
5
Now
ADDITIONS
SINCE
NOTE
Advanced Electronics Corp. ,
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
Because of the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
y «y.:
.f.V.-r-y-- /y,«V.
Ifr,
■t
•
l A
—
Tenth St.,
&
All-State Auto
radio
telemetry systems, frequency filters and power
supplies/for the missile, rocket and space programs.
Proceeds—For
research
and
development,
repayment of loans and working capital.
Leases
equipment,
*
tV-V1-:/; -/it'..s;-
Aero-Dynamics Corp. (11/20-24)
/ :
7, 1961 filed 100,000 common shares.
Freight Co., Inc.
Oct. 25, 1961 filed 105,000 common.
■:
) ^
1*1
Price—By amendBusiness—Furnishing
of
air
freight
services
throughout the U. S. Proceeds—For expansion. Office
•—467 Tenth Ave., N. Y. Underwriter—Flomenhaft, Seidler &
-
Co., N. Y. Offering—Expected in January.
ABC
Cellophane Corp.
7, 1961 ("Reg. A") 100,000
Sept.
converter
of
—
'
-
•
A. & M.
Oct.
Instrument, Inc.
19, 1961 filed
150,000
ness—Manufacture
uring
devices
of
for
Busi¬
testing and
instrument
the
Price—$3.50.
meas¬
common.
electronic
and
electrical
in¬
It:
dustries.
m
corporate purposes. Office—48-01 31st Ave., Long Island
City, N. Y.
Underwriters—Crosse & Co., Inc.; V. S.
Wickett & Co., Inc., and Thomas, Williams & Lee, N. Y.
Offering—Expected in mid-December.
>;
„
•
Proceeds—For
AMT Corp.
debt
repayment
general
and
(11/20-24)
'
Sept. 11, 1961 filed 230,000 common, of which 160,000
are'to be offered by the company and 70,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
-
;
.s
i"
turer
ii1
I
of scale
kit form.
f.
::
model
plastic automobiles distributed in
Proceeds—For
equipment, repayment of loans,
and working capital.
Office—1225 E. Maple Rd., Troy,
Mich. Underwriter—A. G. Becker & Co., Chicago (mgr.).
Proceeds—For
31-04 Northern
Underwriter—None.'
Allied Capital
working
capital.
Blvd., Long Island City, N. Y.
,
•
.
Corp.
Oct. 20, 1961 filed 213,427
common, of which 200,000 will
offered to the public and
.13,427 to stockholders on
:<■*
—
a
The
—
ment, research and general corporate purposes.
Office—
Alio
250 Goffle
Road, Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.
Precision
Oct. 3, 1961
ceeds—For
Fidelity Acceptance Corp. (11/27-12/1)
July 11, 1961 ("Reg. A") 95,000 common. Price—$3. Pro¬
ceeds—For
repayment of loans, purchase of notes and
equipment/Office—185 Walton Ave., N. W., Atlanta, Ga.
Underwriters—T. Michael McDarby & Co.,
Inc., and J.
Morris Anderson & Associates,
Inc., both of Washing¬
ton, D. C.
Aerological Research,
Inc.
y
—
ness
—
The
manufacture
of
ceeds—For
Price—$3.50 Busi¬
instruments
Aetna
oceanography,
Maintenance
geophysics and
Co.
New
York
Co.
(11/27-12/1)
(managing).
common. Price—$4. Pro¬
equipment, repayment of loans and working
capital. Office—2690 N. E. 191st St., Miami, Fla.
writer—Albion Securities Co., Inc., N. Y.
for
aerology,
atmospheric
phenomenon. Proceeds—For working capital. Office—
420 Division St., Long
Branch, N. J. Underwriter—A. D.
Gilhart & Co., Inc., N. Y.
meterology,
of debt and general corporate purposes.
St., Norwood, N. J. Underwriter—S. D.
Aug. 28, 1961 ("Reg. A") 75,000
(11/27-12/1)
common.
Inc.
Price—$3. Pro¬
common.
•
Alpine Geophysical Associates, Inc. (12/4-8)
July 28, 1961 filed 150,000 common shares. Price — By
amendment. Business
The conducting of marine and
land geophysical surveys for
petroleum and mining ex¬
ploration and engineering projects, and the manufacture
of oceanographic and
geophysical apparatus. Proceeds—
—
•
Engineering,
85,000
debt
Aero Space Electronics, Inc.
For repayment
July 17, 1961 ("Reg. A") 80,000 capital shares. Price—$3.
Office—55 Oak
Proceeds—For repayment of debt and
working capital. /
Fuller & Co.,
Office
2036 Broadway, Santa
Monica, Calif. Under¬
writer—Hamilton Waters & Co., Inc.,
Alson Mfg.
Hempstead, N. Y. •
Aug. 29, 1961 filed 100,000
Metals
("Reg. A")
repayment, equipment, and working
capital.' Office—Congressional "Airport,
Rockville, Md.
Underwriter—Davis & Leach, Inc.,
Washington, D. C.
Aero
common.
Price—$3.
packaging material, produc¬
ing polyethylene and cellophane bags and sheets. Pro¬
ceeds
For a new plant and equipment and working
"capital. Office—1368-72 Utica Ave., Brooklyn. Underwriter—Havener Securities Corp., N. Y.
Business—A
i*S
vehicles.
Price—$4. Business—<
l-for-10 basis.
Price—By amendment. Business—A
Price—$5.
small business Investment
company.
Proceeds—For in¬
importation and distribution of Italian /
vestment.
Office—7720 Wisconsin Ave.,
marble and mosaic tiles.
Proceeds
For the purchase
Bethesda, Md.
Underwriter—Allen & Co., N. Y. Offering—In Jan.
and installation of new moulds, machinery and
equip¬
Business
ment.
—
r
>
common:
be
Aug.
ABC Air
motor
Office
Office—2 Com¬
St., Hicksvillef, N. Y. - Underwriter — Edward Z
Hindley & Co., and Hardy & Hardy, N. Y. C. Offering
•
Rental Corp.
Sept. 28, 1961 filed 50,000
mercial
—Imminent.
Wilmington, Del. Underwriters—Alessandrini
Co., Inc. and Hardy & Hardy, New York (managing).
Under¬
Aluma-Rail, Inc.
Sept. 28, 1961
("Reg. A") 100,000
Business—Manufacture of
new
Price—$2.25.
common.
color anodized aluminum
chain link fencing.
y
expansion.
Sept. 25, 1961 filed 154,000 common, of which 128,000 are
to be offered by the company and 26,000
by stockholders.
Proceeds—For inventory and plant
Office—44 Passaic Ave., Kearny, N. J. Un¬
derwriter—To be named.1
i
*
:
'
Price—By amendment. Business—Furnishing of clean¬
Alyeska Ski Corp.
ing and protection services for office buildings, plants,
Oct. 12„ 1961 .("Reg. A") 240,000 common.
/Price—$1.25.
and military bases.
Proceeds—To repay loans and in¬
Business
Operation of ski facilities. Proceeds
For
crease
working capital. Office—526. S. San Pedro St.,?
general corporate purposes. Address—P. O. Box 1882,
Los Angeles.
Underwriter
Schwabacher * & Co., San ;;v
Anchorage? Alaska. Underwriter—Paul Nichols Co., Inc.,
Francisco.
Anchorage, Alaska.
•
Agency Tile Industries, Inc. (12/18-22)
Amacorp Industrial Leasing Co., Inc.
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Sept. 27, 1961 filed $3,000,000 of 6x/2% conv. subord. de¬
Business—Importing, marketing and distributing ceramic
bentures due 1971,
Price—By amendment.
Business—
tiles. Proceeds—Debt payment, new
products, sales pro¬
Financing and lease of industrial and office equipment.
motion and advertising, new office and warehouse and
Proceeds—Repay debt and increase working capital. Of¬
working capital. Office—522 W. 29th St., N. Y. Under¬
fice—34 S. Stoneman Ave.,
Alhambra, Calif. /Under¬
writer—International Services Corp., Paterson, N. J.
writer—McDonnell & Co., Inc., N. Y.
*
Air Master Corp. (12/11-15)
Amcap Investment Inc.
May 26, 1961 filed 200,000 shares of class A common
.
Abbey Rents
*
I
V
i
—
Sept. 25, 1961 filed 200,000 capital shares, of which 100,000; will be sold by the company and 100,000 by stock¬
holders. Price—By
amendment. Business—Rental and
sale of party, sickroom and hospital equipment. Proceeds
—-Expansion, inventory and working capital. Under¬
writer—William R. Staats & Co., Los Angeles.
Abby Vending Manufacturing Corp.
July 26, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The manufacture of coin
>i
•w
?■
i
■
operated vending
penses,
.
V
„
4
•U
•5
machines. Proceeds—For moving ex¬
working capital. Office—79
Brooklyn, N. Y. Underwriter — L. H.
acquisition and
Clifton Place,
Wright & Co., Inc., N. Y. Offering—Imminent.
Ace
Sept.
'tf/
an
Trophies Corp.
18,
filed
1961
common.
Price—$1.
production expenses, printing, promotion, inventory and
working capital. Office—1510 Broadway, Brooklyn, N. Y.
Underwriter—Ezra Kureen Co., N. Y.
Aceto Chemical Co.,
Sept. 27, 1961 filed 88,000
Inc.
capital.
Priee—$5.
Business
Pro¬
promotion, and working
Office—40-40 Lawrence St., Flushing, N. Y. Un¬
derwriter—Karen Securities
Acratex
Corp., N. Y.
Chemical
Coatings,/Inc.
Aug. 8, 1961 ("Reg. A") 99,900 common. Price—$3. Busi¬
a wallcovering
product. Proceeds — For expansion and general corporate
purposes.
Office—Easton St., Ronkonkoma, N. Y. Underwriter—
Tyche Securities Inc., N. Y. Note—This letter will be
»i/1
ness—The manufacture of
s
;
/
=
refiled.
•
'
Aero
Electronic Products Co.
(11/27-12/1)
July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture of transformers for
electronic and electrical equipment. Proceeds—For re-
t'
ii
,
v
if
locating to and equipping a new plant, purchase of in¬
ventory, research and development, advertising, promo¬
tion
and
corporate
phia.
merchandising, repayment of debt and
purposes.
A-Drive
'
Jan.
!
other
Office—369 Shurs Lane, Philadel¬
Underwriter—Roth & Co., Inc., Philadelphia.
tr-
19,
Auto
1961
Leasing
filed
100,000
System,
Inc.
shares
class
of
A
ness—The company is engaged in the business of
leasing
automobiles and trucks for periods of over one
year.
Proceeds—To repay loans; open new offices in
Philadel¬
k
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard,
Manhasset, N. Y. Un¬
derwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)
u
ii
4
i
\
r
;>
A Adrian Steel Co. :(ll/22)
Sept. 11, 1961 ("Reg. A") 100,000
common.
Price—$2.50.
Business—Steel fabricating and
warehousing. Proceeds
—To establish
a
Office—Adrian,
new
industrial air conditioner
division.
Mich.
ZZ min, Inc., Detroit.
Oct.
to be offered for public
sale by the company and
150,000 outstanding shares by
the present holders thereof. Price—To be
supplied by
amendment.
aluminum
Business
storm
—
The
windows
manufacture
and
sale
2, 1961 filed 250,000
common.
Price—$11.25. Busi¬
ness—A small business investment
company. Proceeds—
For investment. Address—Chicago. Underwriter—None.
of
Amcrete
and
doors, and other alu¬
minum products.
Proceeds—For working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York
City (managing).
May
-
4,
1961
Corp.
-//v:
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬
stock
common
ness
The sale of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test
pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck
—
>
Airtronics International Corp. of Florida
July 29, 1961 filed 199,000 common; of which 110,000 are
to be offered by the
company and 89,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of,
electronic, mechanical'and components. Proceeds—Re¬
Ave., Mamaroneck, N. Y. Underwriter—Vincent Asso¬
ciates, Ltd., 217 Broadway, N. Y.
Amerel Mining Co.
July
payment of loans, expansion and working capital. Office
—6900 West Road 84, Fort
31,
1961
filed
Ltd.
400,000
:
"
common
shares.
cents. Business—The company is engaged in
Lauderdale, Fla. Underwriters
—Stein Bros. & Boyce, Baltimore and
Vickers, McPher-\
son &
Warwick, Inc., N. Y. Offering—Expected in Dec.
•
writer—E. A.
Albert Voigt Industries, Inc.
(12/4-8)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
Price—50
exploration,
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
Manning, Ltd., Toronto.
'
The manufacture of metal store
fixtures, show cases and
related items. Proceeds—For
repayment of loans, work¬
ing capital,
a leasehold improvement and moving ex¬
Office—14-20 Dunham PI., Brooklyn, N. Y. Underwriter—David Barnes & Co., Inc., N. Y. C.
penses.
/
YOUR PRIME SOURCE FOR
Al-Crete Corp.
Sept. 20, 1961 filed 127,000 class A
Business—Development and
common.
manufacture of
a
Price—$3.
new
vari¬
ety of building products. Proceeds—For construction of
a
new plant.
Office—4800 Baltimore Ave., Hyattsville,,
Md. Underwriter—Whitehall Securities
Corp., Pittsburgh.
all
c
•
A*
v
*
*\/v
Alan-Randal
Co., Inc.
1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—Distributor of pens and other advertising ma¬
y
/
•
-
*
-V-
Oct. 27,
stock, of
which 75,000 are to be offered for
public sale by the
company and 25,000 shares, being outstanding
stock, by
the present holders thereof.
Price—$10 per share. Busi-
ii
-
are
•
.
common.
—Purchase and sale of chemicals and
by-products.
ceeds—For expansion,
sales
k
Busi-
ness—The. design, manufacture and sale of trophies,
plaques and cups for sporting events.
Proceeds — For
i.»
-
stock, of which 50,000 shares
(11/20)
200,000
—
—
Underwriter—Morrison
&
Fru-
terial. Proceeds
—
For
working capital. Office
—
11608
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Coast Securities Co., San
Francisco, Calif, Offering—
Expected in January.
•
Alt Service
Life
Insurance
r? ~"*r
BOUGHT
Co.
Sept. 18, 1961 ("Reg. A") 239,200 common. Price—$1.25.
Business—Writing of life, accident, sickness and health
insurance. (Office—1729 N. Weber St., Colorado Springs,
Colo. Underwriter—To
be
cane
j
named.
All Star World
Wide, Inc. (11/27-12/1)
July 7, 1961 filed $250,000 of, 5% convertible subordi¬
nated debentures due 1971 arid 150,000 common shares.
Price—For
debentures, at
for stock, $5. Business—
Corp. to establish and
operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W.
Joint
venture
with
SOLD
-
QUOTED
si SIEGEL
•r" •
i
.
..
\
I
.
i
39
par;
Brunswick
-
for Banks, Brokers, Institutions
Dlgby 4-2370
W.,jrnc.^
Broadway, New
York 6, N. Y,
Teletype No. N.Y. 1-5237
Volume
194
Number 6108
<
.
The Commercial and. Financial Chronicle
,
American Auto Stores, Inc.
Proceeds
-
Proceeds—For selling
publishers.
Varick
—75
St.,
Y.
N.
stockholders.
Underwriter—Bear
Office
Stearns
&
Co., N. Y. Offering—Expected sometime in January.
American Building Maintenance Industries
Oct. 19,1961 filed 141,000 capital shares, of
shares are to be offered by the company
i
Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi- ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
which 30,000
and: 111,000 ;
by
ceeds—For general corporate purposes.
support and servicing of electronic systems, aircraft and
missiles.
Proceeds—Repay debt and increase working
capital.
Office—9449 W. Jefferson Blvd., Culver City,
Calif.
Underwriter—W. C. Langley & Co., N. Y.
Note—This
-
Cellubox
American
Office—335 Fell
semi-rigid
other
and
\
plastic
type
transparent
For
Office—27-01 Bridge Plaza N., Long
City, N. Y. ;Underwriter—Diran, Norman & Co.,
;inc., n. y^:.:.../■,
American Data
nated
Aug. 17, 1961 filed 150,000 common. Price—$4.50. Busi¬
ness—Manufacture of data processing equipment. Pro¬
products, advertising,
working capital and general corporate purposes. Office
—7 Commercial St., Hicksville, N. Y. Underwriter—Golkin, Bomback & Co., N. Y.
V
ceeds—Repayment of loans,
May
be
one
new
Price
shares of class A common
subscription by stockholders at
share for each 10 shares held. Price
Oct.
J
21,
Inc.
-
$500,000 of
filed
1961
i
iiJ
convertible
6%
shares held.
Products,
Inc.
M^mismg/and working
&
Bond
registration
•
capital.
Marble
Architectural
Co.
and
association and
loan
two
are
automobile
Lomasney & Co., N. Y.
hearing for Nov. 6 to deter¬
a
"stop order" should be issued suspend¬
ing this, statement. >./•
,//■
;
/ v v
mine
whether
a
"
Arista Truck
,
operation of
three savings and loan associations, an equipment, auto¬
mobile and truck leasing system and a general contract- •
ing business.
Proceeds—For- leasing program, to > in¬
crease holdings in a subsidiary and'for working capital.
Office—3955 Montgomery Rd., Norwood, Ohio. Under¬
writers—Shearson, Hammill & Co., N. Y. and Westheimer & Co., Cincinnati.
r
;
.
American
Aug.
price
2,
—
Micro. Devices,
tration
•
March
American Realty &
.
•
:
;
.
v
for
business. Proceeds—For repay¬
of
working capital.
Artlin
Centers, Inc. (11/30) :
June 28, 1961 filed 1,750 units, each-consisting of one
$400 principal amount debenture (with attached war¬
rants) and 120 common. Price—$1,000 per unit. Business
—The operation of bowling centers. Proceeds—For re¬
payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy., Norfolk,
Calif. Underwriter—Holton, Henderson & Co., Los An¬
geles. Note—The company formerly was named Union
Leagues, Inc.
Processing Laboratories, Inc.
Office—2 North 30th Street, Phoenix,
Automated Teaching Systems, Inc.
Sept.
Inc.
Mills,
gift packaging and distribution of terrycloth towels and
repayment
Pearl St.,
/Long Branch, N. J.* Underwriter—Mortimer B. Burnside & Co.; Inc., N. Y.
«
25,
Products,
Inc.
1961 filed 359,000
(11/27-12/1)
of which
common,
Equipment Corporation -
VAmerican Safety
(12/4-8)
'
-
-
holders.
;
■
Sept. 28, 1961 filed 80,000 common. Price—$10. Business
of safety seat.. belts.
Proceeds—Inven¬
—Manufacture
tory, machinery, and
Price—$17.
.
•
food, cosmetics, drug items and toiletries. Pro¬
repayment of loans and working capital. Of¬
fice—445 Park Ave., N. Y. C.
Underwriters—Allen &
ceeds—For
Plan, Inc.
29, 1961 filed 200,000 common shares. Price—$0.
.Business—The operation of bowling centers. Proceeds •
•
.American Sports
/Office—473 Winter Street, Waltham,
—For
expansion.
Mass.
American
Variety
Stores,
Inc.
Price—$4.50. Busi¬
retail discount variety/stores.
Aug. 30, 1961 filed 100,000 common/
ness—The
operation
of
/
Aug.
Office
—
240
E.
Palais
Rd.,
Anaheim,
Calif.
.
to
Sept. 27,
are
to
1961 filed 232,500 common, of which 150,000
by the company and 82,500 by stock¬
Price—By amendment. Business—Design and
be offered
holders:
lanufacture of ground
systems and equipment for the
—
250 W. 57th St., N. 'Y.
N. Y.
Corp.
.
(11/27^12/1)
1961 filed 300,000 common shares. Price—By
Business—The retail financing of time sales
and the financing of
dealer sales of aircraft
equipment. Proceeds—For the repayment of
debt.
Office—8645 Colesville, Rd., Silver Spring, Md.
Underwriters—Sterling, Grace 8c Co., New York and
Rouse, Brewer, Becker & Bryant, Inc., Washington, D. C.
Under¬
•
15,
Finance
consumers
BSF Company
June
-
(11/28)
and related
Co., Los Angeles.
Astro-Science Corp.
Inc.
amendment.
writers—Granbery, Marache & Co., N. Y. C. and William
R. Staats &
working capital. Office
Avemco
timing devices and standard electronic products. Pro¬
ceeds—For repayment of loans and working capital.
.
Pharmaceuticals,
Underwriter—Laird & Company, Corp.,
28,
Inc., parent, on the basis of one new share for each Epsco
share held. Price—By amendment. Business—The man¬
ufacture of electronic data handling equipment, range
American
Aveeno
and
(11/20-24)
1961 filed 411,429 shares of capital stock, of
-which 100,000 will be offered for public sale and 311,429
will be offered for subscription by stockholders of Epsco,
Underwriter—None.
Technical-Machinery Corp.
(11/27-12/1)
:
Aug. 29, 1961 filed 95,000 common, of which 65,000 are
to be offered by the company and 30,000 by stockholders. '
price —By amendment. Business —The manufacture of 4
machinery for fabrication of twisted wire brushes.
Proceeds—For equipment, repayment of loans and working capital: Offide—29-31 Elm Ave., Mt. Vernon, N. Y
Underwriter—M. L. Lee & Co., Inc., N. Y. C. (mgr.).
Astrodata, Inc.
Aug.
m*-.
—
research. Office—261 Madison Ave., •
Co.,»N. Y. C. and A. C. Allyn & Co., Chicago (co-mgrs.).
Plohn & Co., N. Y.
June
»y:
Sept. 27, 1961 filed 125,000 common. Price — $8. Busi¬
ness
Development and sale of pharmaceutical prod¬
ucts. Proceeds — For sales promotion, new products
N. Y. Underwriter—Charles
/
materials
("Reg. A") 60,000 common. Price—$2.50.
Business—Manufacture of automatic vending machines
and related equipment. Office—1649 Vine St., Denver,
Colo. Underwriter—Schmidt, Sharp, McCabe & Co., Ihc.,
Denver, Colo.
cat
and
Price—$10.
self-instructional
Proceeds—For
devices.
Autrol Corp.
175,000
and 184,000 by stock¬
Business—The manufacture of dog
to be offered by the company
of
Sept. 13, 1961
'
-are
("Reg. A") 30,000 common.
equipment, research and
development and other corporate purposes.
Office—1
W. 58th St., N. Y. Underwriter—Arthur J. Rosenhauser
Co., 95 Broad St., N. Y.
*
and
cotton pillow cases. Proceeds—For inventory,
of loans and working capital.
Office—1030
Associated
18, 1961
Business—Manufacture
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5. Business—The-purchase, conversion, decoration,
Aug.
N, Y.
Automated Sports
Ariz. Underwriter—None,
i
dealerships. Office—80 Park Ave., N. Y.
Underwriter—J. Laurence & Co., Inc.,
1961 filed 2,100,500 shares of common stock
23,
signed to provide simplified gift giving for business and
industry. Proceeds — For advertising, sales * promotion,
repayment of loans, working capital and the establish¬
ment of national
rights to expire Nov. 24, 1961. Price
share. Business—The processing of black
and white and color film. Proceeds—To repay loans and
Petroleum Corp. (12/4-8)
debt, sales and advertising, property improve¬
ments and possible acquisitions.
Office—16 W. 61st St.,
N. Y. Underwriter—Troster, Singer & Co., N. Y.
ment
'
record Oct. 25 with
;
Sept. 28, 1961 filed $2,000,000 of 6conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
and also the oil and gas
12, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Manufacture and sale of "Gift Bookards" de¬
'
'
Co., San Fran¬
*
Automated Gift Plan, Inc.
—22 cents per
Inc.
equipment and
materials, operational expenses, working capital and rewriter—Naftalin & Co., Inc., Minneapolis. Offering—Ex¬
,
withdrawn.
Offering—Imminent.
June
being offered for subscription by common stockholders
•on
the basis of one new share for each share held of
components. Proceeds—The purchase of
/
was
Arizona Color Film
1961 filed 1,500,000 class' A common shares,
$1.15. Business—The manufacture of electronic
pected in early January.
cisco.
—Repayment of loans, purchase of equipment, working
capital and general corporate purposes. Office — 285
Bond & Shares Corp., Maplewod, N. J. Note—This regis-?
ers/Price—By amendment..eBusiness—The
v;
(11/27-12/1)
Renting Corp.
Aug. 2, 1961 filed 100,000 common. Price—$5. BusinessRenting of trucks in the New York City area/Proceeds
it American Financial Corp.
v-.,
Nov1. 13,-1961 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stockhold¬
"
(11/20-24)
Underwriter—Pacific Coast Securities
Proceeds—For plant expansion, inven¬
tory and working capital. Office—4425 N. E. Sixth Ter¬
race, Oakland Park, Ft. Lauderdale, Fla. Underwriter—
J. J. Bruno & Co., Inc., Pittsburgh.
1472 Broadway,
—
A.
Underwriter—Myron
Y.
Note—The SEC scheduled
.
International, Inc.
marble products.
N.
,
Automata
1961 ("Reg. A") 300,000 common. Price — $1.
Proceeds—For tooling, equipment and working capital.
Office — 241 S. Robertson Blvd., Beverly Hills, Calif.
(11/20-24)
bentures,'-and capital funds. Office
.
•
Aug. 22,
withdrawn.
was
(11/27-12/1)
capital and repayment of loans. Office—525 Lexington
Ave., N. Y. Underwriter—General Economics Corp., N. Y.
Office—
St., Brooklyn, N. Y. Underwriter—Continental
Share
Corp., Maplewood, N. J.
Note—This
insurance brokers. Proceeds—For the retirement of de¬
-
Authenticolor, Inc.
Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Price—$3.25. Business — Furnishing of photographic
service for the professional market. Proceeds—Working
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The cutting, designing, polishing and installing of
savings
;
neering, product development, inventories, advertising,
expansion and working capital. Office—17 W. 60th St.,
N. Y. Underwriter—Pearson, Murphy & Co., Inc., N. Y.
common. Price—$2.40. Busi¬
manufacture of thermoplastic compounds for
and
sales
395 Smith
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
nance business. One additional subsidiary is a Maryland
-
12, 1,961 filed 110,000 common.'Price—$3. Business
—Desigiff development, and manufacture of high pres¬
sure
aircraft and missile valves. Proceeds—For engi¬
resale to other manufacturers, Proceeds—For equipment,
25,000 common stock purchase warrants to
public sale in units consisting of one $200
be offered for
Price—$3.50.
Inc.
Ausco,
Inc.
Apex Thermoplastics,
common.
of
repayment
Oct.
1961
ness—The
—
ington, D. C. Offering—Expected in late December.
uAtig. 29,u196TYiled 150,000
sub¬
ordinated debentures due 1971; 75,000 shares of common
stock,, and
6,
("Reg. A") 40,000
For
loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment Planning Co., Wasn-
Proceeds—For debt re¬
payment and general corporate purposes. Office—181-14
Jamaica Ave., Jamaica, N. Y. Underwriters—G. Everett
Parks & Co., Inc. and Parker Co., N. Y.
Suplee, Yeatman, Mosley Co.*, Inc., Phila.
American Finance Co.,
commcr.
Atmospheric Controls, Inc.
Proceeds
glass enclosures for bathtubs.
•
April
100
O
Aug. 22, 1961
("Reg. A") 100,000 common.
Price—$3.
Business—Fabrication, manufacture and assembly of
Offering—Imminent.
i
unit for each
one
Blvd., Perth Amboy, N. J. Underwriters—Hay, Fales &
Co. and McLaughlin, Kaufman & Co., N. Y.
—
Anoroc
Business—The com-
construction, new equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.
—
equipment. Proceeds—To repay debt, purchase inven¬
tory, and increase working capital. Office—774 Pfeiffer
common
Beach, Fla. Underwriters—Ross, Lyon & Co., Inc.,
Globus, Inc., New York.
and
is engaged in research and development in the field
electronic communication equipment. Proceeds—For
Underwriter
debentures,
Miami
pany
of
156,250
convertible subordi¬
$100 per unit. Proceeds — For expansion and
working capital. Office—1270 N. W. 165th St., North
10,632
supplied by amendment.
:
1961 filed $625,000 of 5%
the basis of
Inc.
offered for
be
the rate of
'■*. —To
filed
1961
26,
stock to
new
Laboratories,
Electronic
American
Atlas Electronics Inc.
shares reserved for
issuance on conversion of the debentures and 5-year
warrants to purchase 125,000 common shares to be of¬
fered in 6,250 units, each consisting of $100 of deben¬
tures and warrants to purchase 20 shares. The units will
be offered for subscription by common stockholders on
(11/20-24)
Machines, Inc.
s,;
Lodges, Inc.
Sept. 28,1961 filed 185,000 common. Price—$2.10. Business—Distribution of electronic components, parts and
Fla. Underwriter—None.
(11/27-12/1)
Anodyne, Inc.
June 20,
..
..
Atlanta Motor
purchase of real estate in Florida. Office—1776 E.
Sunrise Blvd., Fort Lauderdale,
corporate purposes.
Island
Underwriter*—Bear, Stearns & Co.,-and Finkle &
Co.,N.Y.(mgrs.).i/ 1
—
Proceeds—For debt repayment and general
containers.
N. Y.
service organizations, and for working capital and
,'i Oct. 30; "1961 filed 150,000 commo^, Price-L^lO. Business
general corporate purposes. Office—660 Madison Ave.,
; —Operation of motels/Proceeds — For expansion and
N. Y. Underwriter—J.> J. Krieger & Co., N. Y.
working capital. Office—120 North Ave., N. W.,* Atlanta,
Anaconda Real Estate Investment Trust
Ga. Underwriter
The Robinson-Humphrey Co., Inc.,
Oct. 3, 1961 filed 163,636 shares of beneficial interests.
Atlanta, Ga.
Price—$10. Business—Real estate investing. Proceeds—
A") 75,000 common.
Price—$4.
manufacture and > sale of cellulose-
Business—Design,
acetate
Corp.
*
and
("Reg.
1961
19,
to be refiled.
;:
June 15, 1961 filed 100,000 common."Price—$5. Business
—Manufacture of amphibious automobiles. Proceeds—
To establish a parts depot in Newark, N. J., set up sales-
Rhoades & Co., N.-Y; and Sutro
Oct.
Corp., New York City.„
expected
Amphicar Corp. of America
■
Francisco.
San
is
• Atlantic
Improvement Corp. (12/11-15)
Aug. 30, 1961 filed 150,000 common. Price—By amend¬
ment. Business—-The development of residential' com¬
munities. Proceeds—Repayment of n loan and construction, general corporate purposes. Office—521 Fifth Ave.,
,
Securities
statement
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Offering—Expected sometime in Jan.
'
Underwriters—Carl
M. : Loeb,
& Co.V San Francisco.
Offering—Expected in late December.
1
St.,
—
Underwriter—Karen
stockholders. Price—By "amendment. Business—Providing of building maintenance services. Pro¬
shares
For repayment of loans, equipment, and
capital. Office/<— Cleveland at Passaic, Fort
Myers, Fla. Underwriter — Netherlands Securities Co.,
Inc., N. Y. (mgr.).
-v
working
Jan.
• American Book-Strafford Press, Inc.
Oct. 27, 1961 filed 430,000 corpmon. Price—By amend¬
ment. Business—Manufacture of hard-bound books for
;
31
Amity Corp.
17, 1961 filed 88,739 shares of common stock (par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction. Office—Equitable Building, Baltimore, Md.
("Reg. A") 50,000 class A common. Price
—$5. Proceeds—General corporate purposes.
Office—
3333 Locust St., St. Louis. Underwriter—Scherck, Richter
Co., St. Louis.
Sept. 28, 1961
'
(2199)
f
30,
1961
filed $2,500,000 of
5% convertible sub-
ordinate^ debentures due 1966. Price—At par. Proceeds
—To
repay
debt and as a reserve-for possible acquisi¬
tions. Office—818 Market St,
writer—None.
Wilmington/Del.
Under¬
.
Continued
on
page
>32
i^NWfc-IJMPMrtW
32
The Commercial and Financial Chronicle .'.
(2200)
Contiuned from page 31
party favors. Proceeds—New plant and equipment
working capital. Office—945 39th St., Brooklyn,
N. Y. Underwriter—S. B. Cantor & Co., N. Y.
and
v
Bal
Harbour Diagnostic Service, Inc.
18, 1961 filed 2,000,000 common. Price—$1. Busi¬
ness—Company will operate - a medical examination
center.
Proceeds—For a hotel acquisition and working
capital. Office—10101 Collins Ave., Bal Harbour, Fla.
V
j>
7
r
)'
r
->
/Underwriter—J. R.
Holt
&
Co., Denver.
Barish Associates, Inc.
Sept.
A")
("Reg.
1961
1,
(12/11-15)
50,000 common.
Office—224
N. Y. Underwriter—Gianis & Co., N. Y.
■
Barren
•
'r>
'
Petroleum
River
Pro¬
38th
E.
St.,
23, 1961 ("Reg. A") 200,000 class B common and
100,000 class A common to be offered in units consisting
of one class A and two class B shares. Price—$3, per
Business—Production, refining and marketing of
oil and gas. Proceeds—For debt repayment and other
corporate purposes. Office—8 E. Charleston Blvd.; Las
Vegas, > Nev. Underwriter—John A. Oja &/Associates,./
Las Vegas, Nev.
: // ; :-'/i
1?
.
H
■
i*'
•
If
Barry
(R.
seat covers,
pay
and other specialty items. Proceeds—To re¬
increase inventory and for other corporate
"debt,
purposes. Office—78 E. Chestnut St., Columbus,
Underwriter—Arnold Malkan & Co., N. Y.
Ohio.
•
Barton
Oct.
5,
ment.
J
—
Edward
1961 filed 360,000 common. Price—By amend¬
Business—Distilling of whiskey. Proceeds—For
Office—134 N. La
Salle St.,
Bay State Electronics Corp.
!■!'
Oct.
t',1
27, 1961 filed
ment.
Price—By amend¬
160,000 common.
Business—Development
the fields
of
products
and
in
use
of
ology, seismology and ionospheric phenomena.
>
New York.
Raoii
Flortfnnirc
Inp
i'
Mf.
/Sept. 26, 1961 ("Reg. A") 3,000 common.
market.
M"it:
—1060
Proceeds—For
Wolcott
Cooley &
!•
Price—At-the-
Business—The manufacture of special type elec¬
tric motors.
selling stockholder. Office
Waterbury, Conn.
Underwriter—
Rd.,
Co., Hartford,
a
Conn.
Bel-Aire
Sept.
;*«■
Products, Inc.
1961 ("Reg. A") 75,000
22,
Price—$4.
common.
-
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile Rd., Southfield, Mich. Under¬
4
writer—Ehrlich, Irwin & Co., Inc., N. Y.
it: Belgium
Nov.
fund
be
i?.<
and
•
(11/30)
filed
1961
$25,000,000 of external loan sinking
1976.
Price—By amendment. Proceeds
due
applied
funding part of Belgium's external
Underwriters—Morgan Stanley & Co.,
Smith, Barney & Co., N. Y.
short-term
<l,i
(Kingdom of)
bonds
—To
i
9,
Bell
••i'# i
to
debt.
Television,
Inc.
(11/27-12/1)
Hi
Aug.
'.i*!
Business—The manufacture of television antenna, music
h'-«
and
jji
29,
sound
tems.
A")
("Reg.
1961
100,000
common.
Price—$3.
equipment and closed circuit television
Proceeds—For
ventory. Office—552
Underwriter
—
an
sys¬
acquisition, expansion and in¬
St., New York 19, N. Y.
Planning Group, Inc., East
W. 53rd
Investment
Orange, N. J.
*
i
Berkshire Distributors,
?
/••••
'
of
eight discount type department stores in four states.
Proceeds—For the repayment of debt, and working cap-
■
■!}»'
-i
f -f
ital. Office—203 Ann St., Hartford, Conn. Underwriter—
;
May & Gannon, Boston.
(7 ;
•
Oct,
/; <■
'j 7
•, r<i
171
>
77
•
i»
Proceeds—For debt repayment and working capital. Office—1621 S. San Pedro St., Los Angeles.
Underwriter
•
-
4
'■7*.
Berne
of California, Inc.
27, 1961 ("Reg. A") 85,000 common.
Price—$3.
Business—Manufacture of handbags and related items.;
'Ml
—Pacific Coast Securities Co., San
-—Expected sometime in January.
/
,
■
ft,
Bernz
t
-6r
f
.
-
■? j-
=y»
<*
*
■'
of small propane-filled
sprinklers and hose accessories.
■
?
payment
<«)'
!
'
•f
Besco
V
*
Oct.
>
i<
*
•L
$
•
*
<<
|L-.j
27,
purposes.
Enterprises, Inc.
1961 filed 150,000
capital
re¬
Office—740
Underwriter—Rey¬
shares.
and expansion.
Office—1328 Washington St.,
Oakland, Calif.
Underwriters—Kleiner, Bell & Co.,
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
Best
•
;v
Plastics
Sept. 26,
4
M-
corporate
garden
payment
'I
■'(i
general
cylinders,
Price—By
amendment. Business—A holding
company whose sub¬
sidiaries operate jewelry and photography departments
in discount department stores.
Proceeds—For debt re¬
it
<1
and
steel
Proceeds—For debt
Driving Park Ave., Rochester, N. Y.
nolds & Co., Inc., N. Y.
'
(<K
/
Offering
(Otto)
facture
-
1961
Corp.
filed 125,000
common, of which 100,000
company and 25,000 by stockholders.
Business—Manufacture of plastic novelties
c.will be sold by the
w
Price—$3.
Citizen
commercial
("Reg.
1961
A")
,
tor
•
30,
be
Estate
Investment
Trust
12014 Wilshire Blvd., Los Angeles. Underwriter—Harnack, Gardner & Co., (same address)..Note—This com¬
pany formerly was named California
Real Estate In¬
vestors.
Price—$3.
products manu¬
common.
®
Proceeds—For inventory, equipment,
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Calif. Underwriter—To
Beach,
Long
Bowey's, Inc.
to
/;
Real
Aug. 17, 1961 filed 1,000,000 shares of beneficial interest.
Price—$10. Business—Real estate investment. Office—
(12/4-8)
iuu,uuu
Co., N. Y. /
California
(11/20-24)
advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave., Woodside, N. Y.
Underwriter—McLaughlin, Kaufman & Co., N. Y.
Oct.
,
tional works. Proceeds—For general corporate purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
Inc.
Business—The distribution of electronic
factured by others.
company-owned patents. Pro-,
on
Publishing Corp.
Oct. 27, 1961 filed 137,500 capital shares.
Price—$5.Business—Publishing of text books and general educa¬
Price—
$2.
Business—Compounds, manufactures and packages
private label drugs and vitamins. Proceeds—For an ac¬
quisition and equipment.
Office—54 McKibben St.,
Brooklyn, N. Y. Underwriter—Natale, Miller & Co., Inc.,
Electronics, Inc.
based
use
Caldwell
18, 1961 ("Reg. A") 50,000 class A common.
Boro
Price
company
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwritre—Capital Securities Corp.,
Greenville, S. C.
.«
derwriter—Fulton, Reid & Co., Inc., Cleveland.
Aug. 30,
Y.
ceeds—For
Corp.,' Los
•//,V:;4/4y/\Y/|v'
Co.
N.
which began operations
in 1954, is engaged in the research and development of
special material handling systems for industrial and
Brothers Tobacco Co.
Pharmaceutical
Proceeds—For
Brooklyn,
Carriers, Inc.
—$1.15. Business—The
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
holders.
Office—4000 Water St., Wheeling, W. Va. Un¬
Oct.
St.,
ing—Expected sometime
1961 filed 80,000 common, of which 40,000 are
by the company and 40,000 by a stock¬
•
offered
Camp Chemical Co.,
Aug.
holder.
Price—By amendment. Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
1961
25,
filed
be
named.
Offer¬
in January.
Inc.
110,000
(11/27-12/1)
capital
Price—$3.
shares.
Business—Manufacture of sanitation chemicals. Proceeds
Advertising, additional sales personnel, inventories and
accounts receivable. Office—Second Ave., and 13th St.,
Brooklyn. Underwriter—Russell & Saxe, Inc., N. Y.
food industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
Underwriter—Cruttenden, Podesta & Co., Chicago.
to
/
CampbeSa-Lurie Plasties, Inc.
Bowling Internazionale, Ltd.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
30, 1961 filed 200,000 common shares. Price—$5.
Proceeds—For the construction or acquisition of a chain / to be offered by the company and 74,250 by a stock¬
holder. Price—$2.50.
Business—Company is engaged in
of bowling centers principally in Italy, and for expansion
the plastic business as a converter of raw materials.
and working capital. Office—80 Wall St., New York.
June
Proceeds—For
•
Brite
Universal,
debt
and
working capital.
Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
Underwriters—V. S. Wickett & Co., and Thomas, Wil¬
liam, & Lee, Inc., New York City.
Office—5440
Inc.
repayment
Highway
July 31, 1961 filed 100,000 common shares and $1,000,-;/
Campus Casuals of California (12/11-15)
000 of 10% subordinated debentures due 1966 to be of- /. Oct. 11, 1961 filed 140,000 common. Price—By amend¬
fered for public sale and 108,365 common shares to be
ment. Business—Manufactures ladies' apparel. Proceeds
offered for subscription by stockholders of Brite Uni¬
—For selling stockholders. Office—719 S. Los Angeles
versal, Inc. (N. Y.) parent company, on the basis of 2%
shares for each class A and class B shares held. Price—
Business—The operation of
By amendment.
finance
in
business
a
St., Los Angeles, Calif. Underwriter—William R. Staats
&
consumer
Y., N. J., and Pa.
Office—441
Lexington Avenue, New York City. Underwriter—None.
Bronzini,
Ltd.
share for each four American
(12/11-15)
Ltd.
Centers
Aug. 4, 1961 filed 131,500 common shares to be offered
for subscription by stockholders of American Bowling
Enterprises, Inc., parent company, on the basis of one
Offering—Imminent.
•
Co., Los Angeles.
Canbowl
N.
shares held.
Price—$5.50.
bowling centers. Proceeds—•
Aug. 23, 1961 filed 125,000 common. Price—$6. Business
Business—The operation of
Manufacture
For working capital and the construction and operation
of bowling centers. Office—100 Wilder Bldg., Rochester,
of
men's
of
—Redemption
the
wear
10%
accessories.
Proceeds
preferred
stock, repayment
of a loan, expansion and working capital. Office—720
Fifth Ave., N. Y. Underwriter—A. J. Gabriel & Co., Inc.,
N. Y. Underwriter—None.
Cap & Gown Co. (12/4-8)
21, 1961 filed 192,400 class A
Sept.
Building Ventures, Inc.
Oct. 27,
1961 ("Reg., A") 100,000
Business—Real
Office—309
Securities
estate.
Main
common, of which
125,500 are to be offered by the company and 66,000 by
stockholders. Price—By amendment.
Business—Manu¬
Price—$3.
working capital.
common.
Proceeds—For
facture, rental, and sale of graduation caps, gowns, choir
robes and related apparel.
Proceeds—Plant expansion,
St.,
Islip, N. Y. Underwriter—Albion
Inc., N. Y.
.' / • /......•
Co.
*
repayment of debt and other corporate
..
Bundy Electronics Corp.
Aug. 22, 1961 filed 100,000 common shares. Price—$4.
Business—The design, development and manufacture of
electronic components for space and earth communica¬
tions.
debt
working
moving expenses, repayment of
capital. Office—171 Fabyan Place,
Office
St., Champaign, 111. Underwriter—Kid¬
der, Peabody & Co., Inc., N. Y. « /
/
Capitol Research Industries, Inc.
"
•;
28, 1961 filed 165,000 common shares and 75,000
common stock purchase warrants.
Price—For stock, $2;
«
June
Proceeds—For
and
purposes.
—100 N. Market
•
for
warrants, 20 cents.
Business—The manufacture
of
,
Underwriters—Lenchner, Covato & Co., Inc.,
Pittsburgh and Harry Odzer Co., N. Y. (co-mgr.). Offer¬
X-ray film processing machines. Proceeds—For repay¬
ment of loans and working capital. Office—4206 Wheeler
ing—Imminent.
Francisco.
Co., Inc.
Oct. 16, 1961 filed 150,000 class A
shares, of which 100,000 are to be offered by the
company and 50,000 by
stockholders.
Price—By amendment. Business—Manu-
-
Calif./ Underwriter—First
Bloch
43rd
Co., Inc., N. Y.
Cable
("Reg. A") 100,000 common. Price—At par
($2). Business—Production of enzymes, chemicals and
pharmaceuticals. Proceeds—For equipment and general
corporate purposes. Office—4250 South Produce Plaza,
Vernon,
Office—48
amendment.
manufacturing
warehouses,
and railroad facilities.
March 23, 1961 filed 196,109 shares of capital stock.
N. Y.
holders. Price—By amendment. Business—The operation
?>/
•> j
Inc.
Sept. 14, 1961 filed 100,000 common, of which 60,000
will be sold for the company and 40,000 for certain stock¬
>Vft-
&
Underwriter—Lee
Oct. 25, 1961
tech¬
oceanography, meteor¬
Proceeds
—For product development and working capital.
Office
—43 Leon St., Boston. Underwriter—S. D. Fuller & Co.,
niques for
; •*
Madison Ave., N. Y. C.
Corp., N. Y. (mgr.)..,/
art
Of¬
New York.
Chi¬
cago.
Underwriters — Smith, Barney & Co., N. Y. and
Fulton, Reid & Co., Inc., Cleveland.
'
*■
educational
of
selling stockholders.
(11/20-24)
Co.
selling stockholders.
t:
:
Distilling
Underwriter
Fla.
Blvd., Coral Gables,
Hindley & Co., N. Y. C.
the
Bjo-Zyme Chemical Corp.
Bolar
Barry-Martin Pharmaceuticals, Inc. (11/20-24)
Aug. 25, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Proceeds—For packaging, advertising, repayment
of loans and working capital.
Office — 4621 Ponce de
Ueon
Proceeds—For
Higginson
Angeles.
(12/11-15)
Corp.
G.)
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers, robes, cushions, pillows, auto-
manufacture
Business—The
ment.
of
.
(11/27-12/1)
Price—By amend¬
Inc.
Price—By
Business Growth Funding Corp.
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business concerns, purchase
of machinery for lease, and the providing of manage¬
ment counseling. Proceeds—For working capital. Office
—527 Lexington Ave., N. Y. Underwriter—Morton Klein
1961 filed 171,038 common.
fice—380
Oct.
bulk
Binrcey & Smith,
Sept. 8,
materials.
Corp.
unit.
ty!"
hV
capital.
working
basis.
Underwriter—None.
granular materials. Proceeds — For
selling stockholders.
Office — 17190 Denver, Detroit.
Underwriter—Smith, Hague & Co., Detroit.
////;.///,'/./,/•
handling
to be offered to stock¬
common
l-for-10
a
buildings, piers
working capital.
25, 1961 filed 160,932 common. Price—By amend¬
ment. Business—Manufactures automatic control devices
for
on
Business—Operation
(11/27-12/1)
Bin-Dicator Co.
Aug.
Price—$4.
Business—Aeronautical research and development.
ceeds—For
•
1961 filed 92,320
holders
Oct.
■
Bush Terminal Co.
Nov. 7,
and
Thursday, November 16, 1961
.
Ave., Alexandria, Va. Underwriter—None.
Newark.
•
Burnham
Oct.
25,
1961
Morrill
&
filed
ment. Business
Captain's Corp.
Co.
187,250
common.
Manufacture
of canned
foods, frozen
dinners and baked beans. Proceeds—For selling stock¬
—
Oct.
Price—By amend-
11,
19611 ("Reg. A")
Business—General
real
65,000
estate.
common.
Price—$3.30.
Proceeds—For
debt
re¬
holders. Office—45 Water
payment and general corporate purposes. Office—6945
Nicollet
Ave.,
Minneapolis.
Underwriters—Irving J.
er—Hornblower
Rice &
Burros
Oct.
&
St., Portland, Me. Underwrit¬
Weeks, N. Y. Offering—Tn January.
Co., Inc., St. Paul; R. J. Steichen & Co., Minne¬
Bardon Higgins & Co., Inc.,
Mahoney & Co., Inc., Minneapolis.
apolis;
Corp.
1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30.000 by stockhold¬
ers. Price—By amendment. Business—Designs, manufac¬
30,
Duluth, and C. D.
Card Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price —$5.
Proceeds —For research and development,
tures, imports and distributes artificial flowers. Proceeds
general corporate purposes.
Office—111 W.- 19th St., N. Y. Underwriter—Rodetsky,
—For repayment of debt and
advertising equipment and working capital.
Walker & Co.;
writer
Burton
Inc., N. Y.
Mount
S.
San
Fernando
Office—923
Boulevard,
Burbank, Calif. Under¬
Rutner, Jackson & Gray, Inc., Los Angeles.
Offering—Expected in early February.
Corp.
—
Caribbean
Cement Co., Ltd.
;
Sept. 22, 1961 filed 100,000 common. Price—$6..Business \
Oct. 18, 1961 filed 272,000 American
—Importation and distribution of copying machines and
Depositary Shares,
each share representing one ordinary share.
supplies. Proceeds—Repayment of debt, inventory, sales
Price—By
amendment. Business—Manufacture of cement. Proceeds
promotion and other corporate, purposes. Office—2147
•
—For selling stockholders.
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Office—Kingston, Jamaica.
Reiner, Linburn & Co., N. Y.
...
~
./-'■■<
~
Underwriter—Paribas Corp.f-N,:Y._;,U.
t*-:.
;:v
^
lv
Volume 194
Number 6108
.
.
The Commercial and Financial Chronicle
.
LATE
Carolina
sometime in
REGISTRATIONS
Proceeds—For operation of
mont, Mass.
APPEAR ON PAGE 47
Registrations
in
—
Offering—Expected
33
\
Caribbean Shoe Corp.
18, 1961 filed 149,794
common, of which 146,667
will be sold by the
company and 3,127 by a stockholder.
Price—$6. Business—Design, manufacture and
distribu¬
tion of custom made shoes for
women. Proceeds—Gen¬
eral corporate purposes. Office
253 S
W
8th St
Miami, Fla Underwriter—Robert L. Ferman &
Co., Inc"!
Oct.
Miami.
(2201)
received
late
too
Underwriter
Address—Egre-
ski resort.
a
Kennedy & Peterson, Inc.,
—
Hartford, Conn.
for
inclusion
main section appear on page
Cavalier
Radio
&
Electronics
Corp.
Oct.
47.
27, 1961 ("Reg. A")60,000 common. Price—$5. Bu:iness
Manufacture of specialized raidos and phono¬
graphs. Proceeds—New products, equipment and work¬
ing capital. Office—66-02 Austin St., Forest Hilis, N.Y.
Underwriter—General Securities Co., Inc., N. Y.
—
January.
Power
& Light Co.
(11/16)
polyvinyl chloride compounds, and polyvinyl chloride
11, 1961 .filed $25,000,000 first mortgage bonds Of¬
sheeting and laminates and polyethylene film. Proceeds
fice—336 Fayetteville
St., Raleigh, N. C. Underwriters—
—For expansion.
Office—Ryders Lane, E. Brunswick,
(Competitive).,, Probable bidders: Kidder,
Peabody &
N. J.
Underwriters—Lee Higginson Corp., and P. W.
Co.; Merrill Lynch, Pierce, Fenner & Smith Inc.
(joint- ; Brooks &
Co., N. Y. (mgr.). Offering—Late December.'
ly)> Halsey, Stuart &. Co., Inc.; Lehman Brothers and
Blyth & Co., Inc. (jointly); Kuhn, Loeb &
Casavan Industries, Inc. 1
Co.-Equitable Securities Corp;
(jointly); W.-'C. Langley & Co.^
Aug. 21, 1961 filed 350,000 capital shares.-Price — $7.
First Boston Corp.
Business—Production of plastics, marble and ceramics
(jointly): Information Meeting: Nov.
10 (11 a.m. EST) in Room
240, 2 Rector St., N. Y. Bids * fort the packaging and building indsutries. Proceeds—
—Expected Nov. 16 at 12 noon.
For expansion, leasehold improvements, repayment of
•/,
-,v.\
•
loans and other corporate purposes.
Cary Chemicals,. Inc. Office—250 Vreeland Ave., Paterson, N. J. Underwriter—Foundation Se¬
Sept. 27, 1961 filed 1,031,939 common to be offered for
30, 1961 filed 494,250 common: Price—$5. Business
—Exploration for oil, gas and other minerals. Proceeds
subscription
—For
Oct.
by;
convertible
stockholders
common
securities
at
the
rate
of
and
one
holders
of
share
new
for'
curities, Inc., N. Y.
Price—By amendment.-
Business—Man¬
ufacture of vinyl chloride
polymer and copolymer
resins,
NEW ISSUE CALENDAR
November
16
(Bids
Trio-Tech,
be
Bonds
received)
$25,000,000
Tropical
November
20
Gas
Common
(A.
Becker
G.
&
Co.)
230,000
Aero-Dynamics
(William R.
Common
Corp.
(Cambridge Securities,
Co.)
G.
and
Edward
Lewis
Co., Inc.)
Machines, Inc
(Golkin,
Bomback
Marble
(J.
J.
$675,000
November
21
Marache
Co., Inc.) $350,000
Astrodata,
Co.
&
William
and
100,000
Barney
••/•.■•
&
&
Co.)
150,000 shares
Co.)
....Common
Inc..—_/
Forms,
;
Glore,
$300,000
Growth
—Common
Instrument Co
(Henry J.)
$315,000
(N. A. Hart & Co., Inc.)
Common
Properties
shares
Coast
(Pacific
Co.,
&
Inc.)
Hanna
Securities
50,000
Co.)
shares
Comihon
Co.—
A.)
(M.
$300,000
Boston
(First
shares
740,000
Corp.)
Co.,
&
EDT)
a.m.
Inc.-Bonds
Schirmer,
International
November 22
Steel
Inc.)
Texas
California Real Estate Investment Trust__Ben. Int.
(Harnack, Gardner & Co.) $10,000,000
f
Jarrell-Ash
& Co.)
$300,000/ I
(Wednesday) T; y
Korfund,
Frumin,
100,000
Inc.)
shares
Common
$240,000
Inc.)
Co.,
&
\
Inc.)
"L.
:
v Tv-
,
Clayton Securities Corp.)
L.
*t
r
—Units
Co.,
Drug
'
;
60,000 shares
Inc.
6,000 units
Co., Inc.)
Common
Inc
Investment Co.) $450,000
(Stevens
.
Inc..^^L^—-—-Common
Lance,
^
Dickson
S.
(R.
&
364,000 shares
Co.)
,
Common
Louis Sherry Preserves, Inc
$250,000
'
Corp
Common
Co.
(Street &
Common
Transmission
Eastern
Arrin
(Stearns & Co. and
units
Co
&
Class A
Co.,
&
Mech-Tronics, Inc
(Theodore
Common
Atherton
$300,000
Inc.)
Co.,
$13,200,000
Corp.
(Morrison
shares
50
Gruber
J
(P.
Securities Corp.; Bioren & Co.;.vBoenning*»&i
Whiteside & Winslow, Inc.; Draper, Sears &
Co.;
Adrian
Co.)
Securities
Hygrade Packaging Corp
$60,000,000
Debentures
&
Common
Industries, Inc
(Albion
New York,
Units
Chace,
Co.;
Common
Reid
Hannett
Corp.
-\
Common
Fulton,
360,000
Hammill &
(Shearson,
Green
(Tuesday)
11
Micro-Precision
$300,000
;
Co.* and
&
:
311,429 shares
Inc
Co.)
Co
160,000
Equitable Securities Corp.)
(Manufacturers
Pharmaceuticals,
Hindley
page
Common
Inc
Plus,
General
Common
(Burnham
Capital
Distilling
(Smith,
Staats
R.
Inc.
(Edward
Barton
Lusk
shares
(Offering to stockholders of Epsco, Inc.)
Barry-Martin
•*,.*•'.
on
(Equity Securities Co. and Guardian Securities Corp., Miami)
Baking Co
and
Capital
^
V
Continental
Common
Inc.
(Granbery,
Foods
V
(Offering to stockholders—underwritten by Wertheim & Co.
Co
Bruno &
/
.
Continued
Common
Inc.)
Consolidated Edison Co. of
Common
Co.)
&
Co.,
&
Harris
(Bids
Architectural
None.
Common
Corp.
(B,
Common
_
Inc.
general corporate purposes. Office—Edificio Banco
Atlantida, Tegucigalpa, D. C., Honduras.. Underwriter—
$200,000
Inc
Staats
Mining & Oil, Inc.
$200,000
$500,000
Data
Astrodata,
4
/.,
Union Rock & Materials Corp.—
Vendotronics
Kureen
Co.)
Underwriter—Horn-
St., Chicago.
shares
Trophies Corp
(Ezra
Kureen
Co.,
W. 26th
Weeks, N. Y.
Central American
Debentures
$10,000,000
to stockholders—underwritten by
Forgan & Co.) 135,000 shares
(Monday)
Corp.
Corp
Corp.)
&
Oct.
—Common
(Ezra
Light Co._
to
Investing
Higginson
Inc.
(Offering
American
blower
of
products for the con¬
Proceeds—For selling stockholders.
industry.
Office—5601
Catamount, Inc. (12/4-8)
Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept,
1, 1976, to be offered in units of $500. Price — At par.
(Lee
Business—Manufacture
amend¬
Price—By
1961 filed'18,000 common.
struction
•
Transcontinental
(Thursday)
Carolina Power &
Ace
,
13,
ment.
<
each two held..
AMT
/
Products Corp.
ic Ceco Steel
Nov.
Bonds
(Stanley
Mann Research
(Dillon, Read & Co., Inc.) $35,000,000
Heller
$800,000
Co.)
&
Laboratories, Inc.-——..Common
(L.
Sherman
D.
&
$300,000
Co.)
.
Cole
Vending Industries, Inc/
(Straus,
Control
(J.
P.
Lease
Penn
&
Common
Blosser & McDowell)
115,000 shares
Systems, Inc
Co.,
Inc.,
and
M.
'
;
/:
(Candee
'V
Bishop
& Co.)
$350,000
Kureen
(H.
Hentz
Co.)
&
November 27
(Merrill
V
-
°
;
Co.)
Pierce,
(Wilson,
Halco
Fenner &
Research
Ehli,
(Ross,
Handschy
Co.)
&
Co
Ellis
Simmons)
&
International
(Offering to
stockholders
Industries
R.
American
Inc._
Kent Dry
*
:
■
'
Y
;
Lunar
Malkan
Co.,
Inc.)
(Bache
Co.,
&
Enterprises,
N.
(Ehrlich,
Associated
Common
Y.)
200,000
Lee
Co.,
Inc.)
&
&
Co.,
(Equitable
Inc.)
Co.,
and
Inc.
Atlantic
States
(Best &
Mon-Dak
.
Garey Co.,
Inc.)
Bell
Common
1
A.
and
$700,000
Feed
(Wilson,
Ehli, .Demos,, Bailey
Co.)
&
Allyn & Co.)
'
(Sade & Co.)
33,334 shares
(J.
National Hospital Supply Co.—
(Edward
Lewis
Inc.
Co.,
North American Acceptance
(Hornblower
PakC'o Management
(Woodcock,
Moyer,
-Common
Underhill
$300,000
and
Common
French,
&
Inc.)
(First
Astro
Common
Philadelphia
Corp.)
I.
du
Pont
&
Co.)
Dale
Shaer
Shoe
Bond
&
Corp.)
&
Co.)
Johnson
&
Higgins)
(M.
•
Electronics
.
.
Industries Corp.iv-c
y./..(Brand,, Grumet &,Seigel,
Tasty Baking
Co
$500,000
Co.)
100,000
shares
Thermionix Industries Corp
(D.
L.
Capas
•
Co.)
"
...
-Common
$300,000. '*
&
Co.,
W.
Janis
Inc.)
Co.,
Floyd
Bennett
(Goodkind,
.....
..Common
Co., Inc.)
Inc.)
Saxe,
Jordon
Co.,
Universal
Vol-Air,
and
Richterr &
shares
•
-
units
$1,125,000
Common
Higginson
Henderson
&
..
shares
Common
Corp
&
Co.)
$300,000
Capital
Inc
Stern)
120,000
shares
Common
-
&
Ross,
Inc.)
$240,000
Common
Eros.
&
Boyce)
110,000
shares
Class A
& Sons, Inc—
Corp.
and
285,000
Co.)
100.000
Processing
—
(H.)
Common
Inc.
3,500
Inc
(Stein
Warshow
.
100,000
Inc.
Co.)
&
Products,
(Glass
(Lee
Inc.)
Co.,
&
underwriting)
Data
Co.,
$300,000
$350,000
125,000 shares
Common
Towbin
Units
Forge
"*
Common
Co.)
Co
Capital
(Holton,
Wards
150,000
Co
(Herzfeld
—-—Common
Common
shares
Co.)
Exposition Service Co
•
Valley
$399,000
Inc.)
Co.,
&
Towbin
Brooks
W.
Title
$250,000
s,.
units
8,280
Packaging, Inc
(Drexel
$150,000-*
Units
Corp.)
Units
(No
■»
Stores, Inc
Neufeld,
United
(P.
.
Higginson
Lee
and
Unterberg,
$325,000
Corp./L-jv—
Inc
&
Union
Common
Capital
Inc
Tri-Chem,
Common
.
1,000,000 shares
Utilities Corp
&
Unterberg,
$300,000
Family Circle Associates, Inc.^.
(Russell
E.
Common
Inc.)
'
:
Communications
(C.
$300,000
Co.) $129,600
(Globus,,-Inc.)
Guide,
Tower
E.
Common
Development Corp
(Valley Forge Securities
;
Common
—
(Dvexel, &
FM-Stereo
Common
—-
Jnc.)
Arrin
Blair & Co.)
William
shares
Towbin Co.)
Liederman
E.
Crane
(C.
$352,000
Co.)
Co.
(D.
Susan
Common
Securities
InciuiL^-^Common
and
Inc.
Unterberg,
&
Common
shares
200,000
Homes, Inc
units
—
Co.,
&
Realty
(Hirsch
Star
Common
Co.)
Weld
E.
$1,000,000
36,000
Curtis)
&
Capital Co
Southern
.
and Stevens Hickey & Co.)
Discovery
.
$6,000,000
Superior
_
Sierra
Units
Co.)
-Units
*
Jackson
150,040
$330,000
Beane)
&
Common
shares
Inc.—
Webber.
(White,
(C.
Machines, Inc
(James
Southwestern Research & Development Co.—Com.
(Wilson,
&
$700,000
100,000
Corp.)
Science Research Associates;
shares
EMAC Data Processing Corp..
.Common
shares
225,000
Inc.)
Higgins)
&
Corp. of New York
Power,
(Paine,
Capital
Saxe,
Higginson
.
.
Plan
Coast
Dero Research &
$676,500
-
Witter
shares
171,038
-Common
—
Johnson
Equities
Rocket
$300,000
Inc
(Theodore
Common
Shar^
Corp.
(Dean
Systems,
—Common
150,000 shares
Product Research of R. I., Inc
(Continental
(Pacific
$187,500
Industries, Inc.—
(Francis
shares
Inc.)
Inc
Kreeger &
Business
—Common
$400,000
& Co.)
Samitas
$1,675,800
Common
Engineering Co._
Cromwell
$300,000
(Offering to stockholders—underwritten by Sutro Bros. & Co.I
Leasing Corp...
(Jones,
$3,410,000
Ltd.)
Inc.-—
Common
160,932
Co.)
Corp.)
Singer
(Cambridge Securities. Inc.
Cooke
& Development Co..-Common
Fricke
Realty
shares
-Common
Williston
R.
Charge
(Troster,
$850,000
Photo-Animation, Inc.
Pioneer
Community
Corp.)
Continental
Corp.
Weeks)
&
Securities
&
—■—-—Common
Corp
Associates,
Posey
Industries,
(Lee
Common
(Russell
Discount
shares
200,000
& Co.)
Pulp Processes Corp
Commonwealth Theatres of Puerto Rico, Inc.-Com.
Common
.
105,000 shares
Raymond Engineering Laboratory, Inc
$6,103,000
148,200
125,000
Corp.)
Chemical Co.,
Camp
—Common
—
Common
(Wiison,
Inc
Planning Group,
Higginson
$300,000
Inc. )
Co.,
Stearns
(Dean
$500,000
Corp.)
&
—Common
Inc
&
Mayo
Common
C.
Hague
Common
Common
Binney & Smith, Inc
$450,000
Charge Plan and Northern
Acceptance Corp.
$625,000
Co
(Lee
Preco
Common
Co.,
,
$900,000
Inc.)
Co.,
&
Berlind, Potoma & Weill)
(M.
Units
Inc
(Investment
(Smith,
NAC
*
'
Bin-Dictator
of Illinois——iPfd.
Witter & Co.) 75,000 shares
,;/ ■
Lot, Inc.__—
—..Common
&
Television,
'V
Inc.)
Treat
Industries,
Plymouth
shares
Globus,
$6,375,000
Co.)
&
Corp
Products, Inc.—
(Bear,
Common
Inc
Economics
(Laird
shares
275,000
Telephone Co.
(Dean
•
Corp.)
Investment rCo
Kellogg)
&
Pavelle Corp—
$300,000
95,000
underwriting)
Pharmaceuticals,
--Common
Securities
Middle
Middle
•
Aveeno
Inc.)
Co.,
Inc.
(General
$718,750
Common
Machinery Corp
Products,
Authenticolor
Common
&
Malone & Hyde, Inc.-—.
Ozone
$750,000
Renting Corp
(Allen & Co.
shares
Inc
Irwin
Hardy & Hardy)
and
'
*
Common
Co.—
Securities
(No
$825,000
Liberty Life Insurance Co
,
Truck
Arista
Common
&
National
$250,000
—-——
Lyon
(Ross,
$1,000,000
Cleaners, Inc
(Arnold
*
Lincoln
Hardy & Hardy)
and
Inc.
Co.,
L.
(M.
Common
Co.)
Common
Leeds
Spear,
and
Co.
Haupt
(Amos
Debentures
Anodyne, Inc.
.—_
&
(Ira
I
Technical
Williston
$1,890,700
Blauner
D.
&
Magnetics
Murray
$350,000
Wide, Inc
Manufacturing
'
(Milton
Inc.)
Co.,
&
Inc.
Co.,
&
(Albion
.Debentures
by J.
shares
140,000
Co.)
&
$1,200,000
(Carter,
Alson
shares
150,000
underwritten
Beane)
&
(Alessandrini &
(Alessandrini
Common
Corp
-——-Common
Corp..
Podesta
(Cruttenden,
Common
Wide, Inc
All Star World
$450,000
;
$500,000
Inc.)
Municipal Investment Trust Fund, Pa. Series—Ints.
Inc.—
Gilhart
D.
All Star World
$279,130
Lyon & Co., Inc. and Globus, Inc.)
(Blunt
Hygiene
Bailey
—Common
Bruno-Lenchner,
Electric Co., Inc.—-
Monmouth
v
:
Common
$285,000
Inc.)
Research,
(A.
..Common
Chemical
Hoffman
Associates,
50,000 shares
Co
$400,000
$1,575,000
Inc.)
Co.,
Inc
and
(Estabrook
Common
Inc.)
Co.,
Fidelity Acceptance Corp
Aerological
Units
Demos,
Chemical
Smith Inc.)
&
Co.,
Co.
Odzer
Bellows
&
(T. Michael McDarby & Co., Inc. and J. Morris Anderson & Co.
.
Common
Corp
Metal
Kahn
M.
Meehan-Tooker
\
(Monday)
(Roth
Aero
$3,000,000
i
Lynch,
122,980 shares
Electronic Products Co
Aero
Class A
$260,000
Corp.
General
(Bernard
Manufacturing Co.——-Common
Common
Industries Corp
Marlene
;
(Harry
•
First National Realty & Construction Corp.__Debs.
Fram
:
(Friday)
Soffa
&
' ; ; "•
Empire Precision Components, Inc
(Ezra
Kulicke
24
(Marron, Sloss & Co., Inc.)
$258,750
Common
Co.)
&
November
Common
H.
Crossway Motor Hotels, Inc
.
.
P.
W.
Brooks &
Co.,
Inc.)
shares
Continued
on
page
34
*
34
34
(2202)
The .Commercial and
Continued from page 33
Certified
Chester
ment.
debentur^S^due 1976 with attached warrants to
purchase 15,000 class A shares to be offered in units (of
$250 debenture and
one
a warrant to purchase 5 shares)
subscription by holders of class A and class B shares
for
the rate of
at
$250
unit for each 50
one
shares held. Price—
unit. Business—Production of concrete for
per
Laboratories, Inc.
common.
Price—By amend¬
con¬
Business—Manufacture
electronic
of
Chandler Leasing Corp.
y
Sept. 26, 1961 filed 143,000 common. Price—By amend¬
ment. Business—Leasing of equipment. Proceeds—For
the purchase of 20 class A common shares from a direc¬
tor, and working capital. Office—17 Dunster St., Cam¬
bridge, Mass. Underwriter—G. H. Walker & Co., N. Y.*
Continued from page 33
Proceeds—For
Co., Hartford. Offering—Expected in December.
Childcraft Equipment Co., Inc. (12/4-8)Oct.
20, 1961 ("Reg. A") 65,000 common.
Price—$3.
'y.
cational
equipment for children of
St., N. Y.
Eisenberg Co., N. Y.
Steamship
(Shields
World
Inc.)
Church
Builders,
(Standard Securities Corp.)
Becker &
Cinema
Sept.
6,
Syndicate,
1961
Fashion
X.....
Homes
(White,
&
Co,
Financial
&
Co.
(Glore,
and
Rouse,
Brewer,
Becker
(Van Alstyne,
&
Hardy
&
Co.)
&
Co.)
Quartite
received)
Macoid
—Bonds
Major
Preferred
and First Boston
Creative
Co.
&
Corp.
(M. L. Lee &
Inc.)
J/ November
p
Automated
EST)
noon
&
(Lehman
30 (Thursday)
Henderson
Belgium -(Kingdom
&
240,000
Empire,
Lewis
Co.,
Inc.)
share?, y,
December
<*
Interstate
•
(Offering
v
a
/
•
..
Inc.___„______—_--Debentures
Bissell
Meeds)
&
$950,000
shares
(Paine,
U
(Fialkov
Jackson
Webber.
Paramount
& Co.,
Curtis)
&
150,000
(Jones,
137,500 shares
$1,750,000
of}—^--.*——^.£1—Bonds
193,750 shares
(Monday)
•
y v
y
.
Albert Voigt Industries, Inc
Common
'•*<
(Dayid Barnes & Co.. Inc,) $320,000
Alpine Geophysical Associates, Inc
.Common
/
(S. D. Puller & Co.)- 150,000 share*
American Realty & Petroleum Corp
Debentures
;
^
(Sutfo Brothers & Co. )
.
Securities
Debentures
Co
Corp.;
Co;
_——Class B
—;
—Class A
and First Nebraska Securities Corp.
Inc.
& Co.,
—
y,
.
■/
121,778 shares
■.
15
(Friday)
Natural
Carolina
North
127,500 shares
•
.——Common
shftres;;:/; .: 4 :*v
Royal Land & Development Corp.—-Common
Malkan
(Arnold
£
v
'
;
,;y
*,.
■^
/
*y
•
Gas
Corp
-Bonds,
•
.
(Kidder, Peabody & Co.); $2,250,000
^
Pyrometer Co. of America, Inc;—:.,
December 4
Debentures
White, Weld &
Halsey, Stuart & Co-. Inc.) $50,000,000
December
'
(Morgan Stanley & Co. and Smith, Barney & Co;) $25,000,000
;,v.;
..r
«
'
(
Popular 'Library,- Inc—i.——^-i_l£Capital
>
**
-
Inc
Transmission
Gas
(White, Weld
^—Common
and Balogh & Co.)
$10,000,000
Tip Top Products Co._—
#
..Common
Inc. and Stanley Heller & Co. )
Kreeger & Co.
shares
—.Common
(White, Weld & Co., Inc. and First Nebraska Securities Corp.)
130,222 shares
..Common
Industries———
Foam
shares
Tip Top Products Co
$500,000
Polytronic Research, Inc.———
____Units
__„
Inc.)
L
Common
154,000
(Tuesday)
Webster
and
Common
& Co.,
Corp.
.
stockholders—underwritten by Glore, ForganT&
H, M. Byllesby & Co., Inc.) $2,550,000
&
(Stone
/v
.
.
and
Tennessee
.
.
$1,200,000
Brothers)
12
Hosts,
to
Co.
—Capital
$825,000
Peck)
(Burnham & Co.)
•
■
Common
--r
(Hodgdon
Pako
„. ,v.
.,
Co.)
-
y
Common
Fund- Ltd.—__—
Worldwide
•
Co.)
Sports Centers, Inc.
$600,000
$300,000-
Co. r Inc.)
Corp
&
Com.
Corp
Automation
Virginia Dare Stores Corp:
CbJandsdVTilton D. Blauner & Co.) 240,000 shares
(Laird,
-Common
._
Securities
Corp.)
shares
125,000
Securities
Forge
States Crown
$1,500,000
Orbit Industries, Inc
$7,905,000
—
Union
(Holton.
Old
Equip. Trust Ctfs,
Inc
Dillon,
Hanly)
jvn*|~,P (Blyth & Co., Inc.) .210,000
National Bowling Lanes, Inc
shares
100.000
(Wednesday^
(Bids
Homes,
&
Units
Eastern
Nalley's,;7Inc..
—yi;
Co.,
Pacific Co
(Eastman
Edwards
?
—Common
$1,500,000
Co.)
&
(Adams
...Common
and
(Manhattan
(Edward
November 29
Swift
(Valley
Metropolitan Telecommunications Corp..-Common
Common *
M
(Blyth &
Southern
United
Corp
Finance
Corp.) 365,000 shares
Corp
(Shell Associates, Inc. and Godfrey, Hamilton & Taylor & Co.)1
$500,000
Rantec
Plohn
Common
$1,100,000
Corp.
Co.)
&
*
Common
Engineering
Turner
$273,000
Co.)
Inc
Industries,
(Charles
$30,000,000
Co
&
Haupt
-
$350,000
Corp
Beane)
&
Fuller &
(S, D.
yy
Common
Seidler
Inc.)
Semicon, Inc.
;>
Class A
Corp.
$170,000
Common
Machines
(Ira
»
Inc.)
Co.,
&
Williston
R.
•
(Dean Witter & Co.
.>
be
(J.
Business
Savin
shares
72,000
Gilhart
D.
Quik-Chek Electronics & Photo
Burnside & Co., Inc.) $625,000
(Flomenhaft,
Pennsylvania Power & Light Co.to-
Lido
Capital
Corp.—,
<
—Common
Co.)
.Units
Class A
Securities,
(A.
shares
250,000
125,000 shares
Inc
Electronics
Orion
..Common
Sportswear, Inc
$400,000
Milo Components,
—Common
:
Securities
Coast
(Mortimer B.
Corp..
Cement
Julyn
Common
Co., Inc.)
Corp.-
(Pacific
$5,500,000
•
v
(Richard Bruce & Co.,-Inc.) $350,000
(Nelson
Capital Investment Corp
Jayark Films
California—Debens.
y.
Debentures
'
shares y
Machines Corp
Business
Yale
Martin
'
;
$700,000
120,000 shares
951,799
Management Corp.)
(Dempsey-Tegeler & Co., Inc.)
*
Debentures
Noei & Co. and Johnston, Lemon & Co.) $5,000,000
(L. P. Rothschild & Co.)
263,750 shares
Co.)
underwriting)
Common
Fund, Inc
(Horizon
$500,000
,
_
Ludwig Engineering & Science____-—-.Common
$700,000
underwriting)
High Temperature Materials, Inc
Illinois
Lincoln
$1,000,000*
Hartfield Stores, Inc
Debentures
by
Witter
Dean
(Hardy
(Bids
Inc.)
Common
(Blair &
Corp.; of
and
Porgan & Co.)
Instrument
Permanente
Inc.)
Co.,
stockholders—no
to
(No
Knape & Vogt Manufacturing Co
Orbit
& Co.,
Lane, N. Y. Underwriter—A. G.
Co., N. Y. (mgr.). * *
* f /
; . •*'
.
Corp. of America—Common
Securities
(General
(Offering
Common
stockholders—underwritten
Weld
Lyon
Office—33 Maiden
*A* Civic Center Redevelopment Corp.
/
*
Nov.! 13, 1961 filed $21,780,00(1 of income debentures due
1995 and 220,000 common shares to be offered- in units
consisting of 1% of stock and 99% of debentures. Price:
—By amendment. Business—Company was-formed for
the purpose of revitalizing downtown St, Louis.
Pro-;
ceeds—For acquisition of land, construction of a stadium-
-Units
Ross,
Securities
$5,052,700
Gibraltar
Inc
and
Inc.,
Gro-Rite Shoe Co., Inc.———.
Bryant, Inc.) $1,000,000
to
A")
("Reg.
Fleetwood
shares
Continental Vending Machine Corp..
(Offering
\V
Inc.
100,000 common. Price—$3i
Business—Production of motion pictures. Proceeds—Re¬
payment of loans, purchase of equipment and? working
300,000 shares
Corp
Grace
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth;
Distributor—Associates
,
dinary life, group life and group credit life insurance.
Proceeds—For investment in income producing securi¬
ties.
share. Business—A closed-end diver¬
sified management investment company. Proceeds—For
(Tuesday)
Finance
(Sterling,
'■
Happy House, Inc
November 28
' /
per
Office—501
(12/5)
_
Feb. 6, 1961 filed 50,000 shares of common stock, series
investment.
f
" ;;
be
2.
Price—$5.50
'
:
Co. of New York
Ins.
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
sold by the company and 47,000 by a stockholder.
Price—By amendment.
Business—The .writing of or¬
school age.
Office—155
E. 23rd
Inc.
Common
1,743,000
Scope Publishers, Inc
Avemco
capital.
Common
Corp
Co.,
&
working
Life
Citizens
nursery
Underwriter—Gianis & Co., Inc., N. Y.
equipment, sales promotion and advertis¬
E. 89th St., N. Y. Underwriter—Paul
Office—424
ing.
•
(Globus,
Waterman
>
&
N. Y, Underwriter—Singer, Bean & Mackie, Inc., N. Y.
..
Underwriter-
Cineque Colorfilm Laboratories, Inc. Aug. 29, 1961 ("Reg.* A") 120,000 common. Price—$2.50.
Business—The production of slides and color film strips;
Proceeds—For
Proceeds—For
.
Thursday, November 16,. 1961
.
acquisition of a plant and
equipment, debt repayment, new products and working
capital. Address—Chester, Conn. Underwriter—Putnam
equipment.
Business—Design, development and marketing of edu¬
Challenger Products, Inc.
>
June 30, 1961 filed 125,000 common shares. Price—$5.!
Proceeds—For the repayment of debt, purchase of new
equipment, and working capital. Office—2934 Smallmah
St., Pittsburgh, Pa. Underwriter—Arthurs, Lestrange &
Go., Pittsburgh.
•
y 4- ,■ ;y
-.-V •-
.
teaching
struction purposes. Proceeds—For expansion, equipment
and working capital. Office—344 Duffy Ave., Hicksville,
•
«
capital. Office—619 W. 54th St., N. Y.
Security Options Corp., N. Y.
Sept. 27, 1961 filed 100,000
Industries, Inc.
Sept. 28, 1961 file,d-$750,000 of 6% convertible subordi¬
nated
Electronic
Financial Chronicle
&
Co.;- Inc.), 300,000
(Lieberbaum.
«fe
$900,000
Co.)
*'
-
December 18
.
>;
;/j
»**.'.■ - ^
-
•
„
-
(Monday)
r" .y
Agency Tile Industries, Inc.
-
.
.
(International
Services
Common
,
Corp.) $300,000
-
,**
'
*'?
*
-
,
S.
4.
/
(Troster,
Singer
(Charles
Boro
Co.)
&
Plohn
&
Co.)
$800,000
U. S.
Common
(N.
(Kidder,
Peabody
(Kidder,
Co.,
&
Inc.)
192,400
&
Co.)
192,400
&
(Gianis
&
Co.,.Inc,)
David. 8c
J.
Gruber
Inc.)
and
.
Creative
A.
Inc.)
.-TSel-Rex
'
1
(Lieberbaum & Co.
(Hancock
..Eastern
Properties
(Woodcock,
Electronic
Cohon
Corp.)
& Co.)
General
shares
Pricke
&
Co.,
Inc.)
150,000
(A.
■
G.
Becker
(Albion
Executive
<
&
Components
&
Inc.)
Co.
and
Fashion
-
.Barry
Inc.)
I.
Stearns
<te
EST.)
McDowell"
Co
)
(R.
G.)
Co.,
Bonds
•
-
.
Inc.)
.
,
Co.);
shares
200,000
Finkie
>
"
v
•
——Common
&
Co.)
&
Co.)
150,000
$200,000
*
Co.)
$500,000,
(B; or Harris fix
-y;
„•
'
:
-
Co., Inc.)
Staats
Chemical
&
Co.)
&
.
* 1
*
Japan
Scientific
(Bach?
8t
Co.;
$244,800
Kenwin
< D.
H.
Shops,
Blair
&
Co.
Webber, Jackson & Curtis
Securities Co.) $25,000,000
Paine,
and
Lane,
Space
.
"V.
D.
'^
Lunt
&
"
Co.)
;
1 v
—
Corp.)
Corp.>
Inc.)
150,000
Corp
Co.,,Inc.)
./i-.-.
Corp.—-Com.
shares
'
•
»
———Common
$300,000
Samitas
&
Co.)
$300,000
>
...
*
20
(Wm.)
January 9,
York
\
*''
Corp.—————Class \X„
(Wednesday)
&
Inc.)
1962
be
Co., ;Inc.>
z
V/
"
.
:_...Common
$600,000
•
•
.
*
Ltd
Common
$1,750,000
(Tuesday)
Telephone
to
;
(Thursday)
Co.,
(Bids
Co
Bonds
received)'$60,000,000
and
?
*
March
y
$400,000
-
5,
1962
(Monday)
West Penn Power Co.—
(Bids
to
^
*"-
(John Joshua* & Co.; Inc. and Reuben Rose & Co.)* $300,000
Gluckin
.
:
$300,000
Uropa International, Inc.__ 1'_1 ^—__ 1 __.Common
New
.Common
Johnson,
Co.,
(Globus,
-Common
Inc
S.
International
Lewis
January 4y 1962
-Units
Corp
&
&
Tele-rCommunications
shares
Fund,- Inc.__
\
-Debentures
$8,000,000
(Armstrong
Common
t
Paint
:
$300,000
Rubber & Fibre Chemical Corp
$750,000
140,000
:
75,000 shares
Co.,;Inc.)
Securities
(Manufacturers
*
December
;
Common
Gabriel &
Capital
$650,000.
Jackson & Curtis and
Webber,
•
Ltd.'
J.
shares
.--Common
&
Inc
Inc.——————Common
Voron Electronics
^Common
—
Malkan
y
;
—^Class A
Club,
Struthers
,
$25,000,000
Inc.———
Corp
Nikko
&
Affiliates,
y. ;t
(Armstrong & Co. and L. C. Wegard & Co.) $550,000
Common
Lyon
&
■'
;
;'y
■:
Space Age Materials Corp .—Common
.Common
Pont
v
•*
'
"C
of California
Co, and
Associates,
Consolidated
units
Homes Inc
(Globus, Inc., and Ross,
du
(William R.
$175,000
Blosser &
(Paine,
y
a.m.
and
Common
$140,000
Sheraton Corp; of America
Inc.)
;
Campus Casuals of California
shares
units
Straus,
shares
Corp.__
(A.
Common
Co.,
Dain &r Co.;
Improvement Corp.—*.
Bronzini,
shares
1,250,000
Sav-Tax
/>
.•■,
*
•
(Monday)
(Arnold
Common
Corp
Securities
200,000
.;•!
Barish
'
$2,500,000
House, Inc
(Bear, Stearns
Master
Atlantic
—Capita!
Co.,
:
—.
*
i
Inc.
$500,000
Corp.)
Inc.)
Recco^ Inc.
„-Common
and J. M.
Co.,
&
Inc
(Balogh & Co., Inc.)
(Dean
Common
Empire Fund, Inc
Energy
Air
Debens.
Corp
French.
Corp.)
Policy-Matic
*
:
$250,000
Co.)
Kasdan
(Midland Securities Co., Inc.)
shares
shares-
**
—-—-Class A
S.
(Globus.
(Edward
(Bear,
Corp
French, Inc.) $1,500,000-
&
/
f
*
.»•
Co.) 200,000
Co.
11
December 11
$3,000,000
Communications, Inc.—
(Laird
Telephone
(Gianis
Moyer,
&
380,000
Capital
Securities
Planning
Dual
(Hirsch
$243,000
Improvement
147,000 shares
■
Originala Inci
vr——>———Common
j y (Globus, Inc. and Divine «Sc Fishman, Inc.) $1,387,500
,
:
'
.
———-—Common
100,000 shares
Inc.i
Co.;
Instruments,
Common
100.000
Improvement
■'Eastern Properties
.
v
^
•
—-Common
&•
*.
.
^
•
Coast
y-
•;■.
V/;4
(Wednesday.)
(Bids
Inc.)
Co.)
Securities
115,000
(Francis
(Woodcock; Moyer, Frieke
;
Co.)
Procedures,
(Pacific
*/\V'
Oceanic
■
V
—.Class A
Stores, Incv
December 6
—
—
Securities
$300,000
&
Mercury Photo Corp
,
200,000 shares*
y
Lehman Brothers)
and
Witter
(General,'Securities
.:.Common
Common
75,000 shares
and Morris
Toy, Inc
194,000 shares
Inc.)
Corp.)
o; Becker &
,
Co.,
,y y:
'
.
(Tuesday),.'.,;,
Dillon; Union
Super Valu
Class A
Mosley
Carlsen,
Higginson
(White, Weld & Co., Inc.
-
underwriting)
Co;>
Corp.
(Eastinan
Kemper & Co.) $147,500
Yeatman,
&
December 5
(A.
<fc
Diversified Small Business Investment
Corp._Com.
Dynamic
-
$170,000
Demarco Business Forms Inc
(Suplee,
y"
Common
1
Electronics, Inc
(No
:
Citizens Life Insurance Co. of New York-jrCommon
Mitchum, Jones
Coyle's Voting Machine Co.
(John
'
(Key>, Inc._
(Lee
$400,000
$750,000
Co.,
Weld &
(Currier
Common
&
$500,000
Co.)
Semiconductors, 'Inc.__—-Capital
Common
Cosmetically Yours,' Inc
(P.
&
Co.
Service, Inc.—
Laboratory
'
V
-•
$155,000
Motti,
Templeton)
"
Windsor
.Units
Liederman & Co.„ Inc.
'
-Capital
*'
:
-Common
(Dean
Corp. of Delawarej.i^_^i__Common y
(White,
$30,000
Communications, Inc.
E.
$270,000
Inc.-
Co.
(Goldman, Sachs &
...—..Common
Co.)
&
Cards,
(Hardy & Co.) 115,000 shares
Kelly Girl
Western
Vending Corp
(William,
(D.
Inc.)
Equipment Co., Inc
Consolidated
Corrigan
Peterson,
Avenue
.
Kellwood
Valley Gas Production, Inc.—-^—-——Common V,
A
shares'
Debentures
(Kennedy
?
v
90,000 shares
__i
Hart
A.
(Stearns
shares
Class
Peabody
Catamount, Inc.
Childcraft
Homes
Common
Cap & Gown Co.-
Fifth
-
$600,000
Corp.)
Sloss & Co.)
Controls, Inc
Val-U
& Gown Co.
Securities
(Marron,
(McLaughlin, Kaufmann Co.) $300,000
Cap
Units
Sterling Extruder Corp.—————Common
.—Common
Electronics, Inc
Photo-Cine-Optics, Inc
(Capital
$2,000,000
Safety Equipment Corp
S.
.
_
American
O.
y - ♦ - (William, David & Motti, Inc.)• $200,000'
>
^
Southern Growth Industries^ Inc,—^_:
Common
be
receivedh-$25,000,000
—Bonds
*
:*
Volume
194
Number 6108
and related facilities.
Underwriter—None;
...
The 'Commercial and Financial Chronicle"
Office-407 N. 8th St., St. -Louis.
.
/:
-
Hammill & Co.,
New York City (managing)-. Note-—This
formerly was named Cador Production Corp.
Offering—Temporarily postponed,
v
(Francis H.) & Son, Inc.
July 3, 1961 filed 1;000,000 common shares.
Price—$1.50.
Business
The manufacture of
farm and industrial
equipment. .Proceeds—For materials and
inventory, reworking capital. Office—
1303 Elm St., Rocky
Ford, Colo. Underwriter —Stone,
Altman & Co
Inc., Denver. Offering—In late Decem¬
ber or early January.
• Consolidated
Vending Corp. (12/4-8)
Aug. 29, 1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each
consisting
of $150 of debentures and 50 common. Price—$400
per
—
Colby
19,
shares
unit. Business—The operation of vending
ceeds — For repayment of loans, new
working capital. Office
(Jane), Inc.
1961
are
filed
to
be
105,000
common, of which
by the company and
offered
Vending Industries, Inc. (11/20-24)''
Aug. 2$, 1961 filed 115,000 common.
Price—By amend-,
ment. Business—The
manufacture, sale and servicing of
St., Chciaga. Underwriter
Straus
&■
Clearing
House, Inc.
law
—4025
Business—Creation
r
•
i
:
c
Co., Lima, O.
*
/w
>
r.,'-
r
'
Cramer
Business—The distribution, of electronic components and
indebtedness due 1986 and 200,000 shares of 5/2%
equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811' Boylston St., Boston.
Underwriter—Garl M. Loeb,'Rhoades 8c Co., N. Y.' (mgt,)
pre-
$100 per unit; (preferred)
Manufacture and distribution
.
*
'
•
f.
.
and
Ave., Chicago. Underwriter—Dillon,
Inc., N. Y.
Commonwealth Theatres of Puerto
Rico,
Price—$14.75.
—
W. Peterson
Read & Go.
•
P
(12/4-8)
common.
,
e—By amend¬
production of topical
reports.. Proceeds—For selling stockholders. Office
.
("Reg. A") 10,000
•
toys/play pools, toy boats and houses,
and. games. Proceeds—For plant expansion and working
capital. Office—-75-77 Windsor St.,
Hartford, Conn. Un¬
derwriter— Cooley &
Co., Hartford, Conn.
•
ment.
*
*
factures plastic
* Commerce
of
.
company and 108,000 . by
amendment. Business—Manu¬
Nov. 9, 1961 filed 360,000 common.
*
ofv
repayment
per share. Business —
.'.1J Creative Electronics, Inc. /12/4-8')"b''1
of-petroleum products, fertilizer, feed and other farm
'
supplies. Proceeds—For debt repayment, expansion, and ' Aug. 29, 1961 filed 75,000 class A. Price — By amendment. Business—The manufacture of audio reproduction
other corporate purposes. Office—3315 N. Oak Traffic•
devices, associated products and electrical transformers.
way, Kansas City, Mo. Underwriter—None.
Proceeds
For expansion, inventory, working capital
77 Consumers Utilities Corp.
//■'
and general corporate purposes. Office—4008 S. Michi¬
July 27, 1961 filed 302,000 common being offered for sub¬
gan Ave., Chicago. Underwriter—None.
v
scription by stockholders of Mobilife Corp., of Braden• Cromwell Business
Machines, Inc. (11/27-12/1)
ton, Fla., parent company, on the basis of 3 Consumers
Aug. 1, 1961 '("Reg. A") 100,000 common shares (par 50
shares for each 5 Mobilife shares held of record Nov. 3
cents). Price—$3.
Proceeds—For repayment of loans, /
with rights to expire Nov. 24, 1961. Price—$1. Business
machinery, leasehold improvements,', advertising and
—Acquisition, construction and operation of water-treat¬
working capital. 'Office—7451 Coldwater Canyon Ave¬
ment and sewage-disposal plants in suburban areas of
nue, North Hollywood, Calif. Underwriter—Pacific Coast.
Florida. Proceeds—For the selling stockholder (Mobi¬
Securities Co., San Francisco.
life Corp.). Office—Sarasota, Fla. Underwriter—Golkin,
J Bomback &
Crossway Motor Hotels, Inc. (11/20-24)
Co., N. Y.
V•./:
—
offered by the
Price—By
/7v;; •..-■-■.y
$25
distribution
the
Electronics, Inc. "-.7
■ •- /
'-v* •'
July 27,1961 filed T50;00tf common shares, -of which
107,250 shares are to be offered-by the company and "
42,750 shares by the stockholders. Price—By amendment.
Consumers Cooperative Association
Price—(Certificates)
Coyle's Voting Machine Co.
A. Kemper 8c
>
Securities, Inc./ 134 Middle Neck Rd., Great Neck,
ferred.
and
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, O. Underwriter—John
certificates of
Bios-
McDowell, Chicago (mgr.). :'7/77'/77///'7// *'7
Coleco Industries, Inc.
xii
7 fh''f;?
Sept. 26, 1961 filed .120,000 common, of which
12;000
be
•
Ellis
&
will
Del.
Aug. 31, 1961
N. Y.-
ve^chte P«ceedsi:FoVVo7wn^ap«al7oK ;
stockholders.
S. State St., Dover,
manufacture
Proceeds—For
debt, and working capital. Office—315 W. 47th St., N. Y.
Underwriter—Amos Treat & Co., N. Y. Offering—Ex-:r'
pected in late November.
'
machines. Pro¬
equipment and
Price — $4.
Business—A finance company. Proceeds—For debt re¬
payment, expansion and working" capital. Office—3000
Federal Highway, Fort Lauderdale, Fla. Underwriter—
Cole
shares
phonograph records.
Consumer Finance Corp. of America
Oct. 30, 1961 ("Reg. A") 75,000 common.
50,000
55,000
by stockholders. Price—$10. Business—Manufac¬
ture of women's apparel,
Proceeds—For general corpo¬
rate purposes.
Office—113 Fourth Ave.," N/.Y.
Under¬
writer—Meade & Co., N. Y.
Offering—Expected in Jan.
ser
129
Business—The
ment.
Underwriter—William, David & Motti, Inc., N. Y. C.
shares
—560 W, Lake
—
35
Cosnat Record Distributing Corp.
May 26, 1961 filed 150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the
Res¬
ent holders thereof. Price—To be supplied by amend-
company
Clute
Oct.
(2208)
Inc.
(11/27-12/1)
/>•../.
s.■:
: --;
7 • Continental Baking Co.
(11/21)
July 28, 19661 filed 100,000 common, of which 50,000 are
Oct. 10, 1961 filed $13,200,000 of subord. conv. deben¬
to be offered by the
company and 50,000 by stockhold¬
tures due 1983 to be offered for subscription by stock¬
ers. Price—$10;
Business—Operation of a chain of the¬
holders on the basis of $100 of debentures for each 15
atres in Puerto Rico. Proceeds—For construction of a
shares held. Price—By amendment. Business—Baking
drive-in movie theatre, building renovations and
general
and selling of bread/ cakes and related products; Pro¬
corporate
purposes.
Address—Santurce, Puerto Rico.
ceeds—For debt repayment and construction. Address—
Underwriter—J. R. Williston & Beane,.N. Y.
•
7: -v7 P. O. Box
731, Rye, N. Y. Underwriters—Wertheim &
Community Charge Plan (11/27-12/1)
;
:
Co., Lehman Brothers and Equitable Securities Corp.,
Sept. 22, 1961 filed $3;600,000 of 6%- subordinated deben¬
N.-Y;
••"••'• :.-.V
'••••''
tures due
1976 • (with attached \ warrants to purchase
i,oqortA,.
Continental Leasing Corp. (11/27-12/1) •
72*,000 common, shares) and 216,000 common; 'to be of¬
Aug.;4,1961 filed 70,000
,
common
ness—The
v
a
operation of
shares. Price—$5. Busi¬
motor hotel chain. Proceeds—
For
acquisition, expansion and the repayment of debt.
Tarrytown Rd., White Plains, N. Y. Under¬
writer— Candee & Co., New York.
Office—54
.
*
•
Cryplex Industries,
Inc.
.
Oct.
1961 filed 80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
and novelties. Proceeds—For product development, mov¬
ing expenses and working capital. Office—37 E. 18th St.,
N. Y.' Underwriter
Herbert Young 8c Co^ Inc., N. Y.
'
..
.
■
$100 -debenture
a
1-1
—
Manufactures
—
.
Note—This registration has been withdrawn. ;
June
19, 1961 ?("Reg. A") 75,000' common. / Price — $4.
(and a
warrant to purchase two shares), and six-common-shares: - -Proceeds—For purchase of new automobiles,, advertising
.Price—/By amendment/ Business—'The purohase: :af' a v/and promotion,•'. and..working -capital. Office—4 Gateway
discount from-merchant-members, their accounts receive / Center, Pittsburgh, Pa; Underwriters—Cambridge Secu...-«Wlw'' I -i-1
Jf
V
"V ••
ritl
ablq arising .from customers who hold credit cards issued / ritieSj Inc., and Stevens, Hidkey 8c Co., TST. Y.
fered
10,
ness
'
Dale Systems, Inc.
Continental Real
Estate
Investment Trust
;
Aug. 9,1961 filed 100,000 common. Trice—$3.25. Business
—A shopping service which checks the efficiency -of
retail
sales
employees.
Proceeds—Expansion and
'
*
gen-
I
corporate purposes. Office—1790 B'way, N. Y. Underwriter—Theodore Arrin 8c Co., Inc./N: Y.
:
;r
:
viu
by these members. Eroceeds^To repay debt and increase
!
(11/27-12/1)
eral
•
Aug. 3,.'1961 filed 360,900 shares of beneficial interest.
Jv;Under^ptter-T^r
/Go.,,
Y.; • . 7 Price—$1Q. Business—Real estate. Proceeds—For invest*
/-/Computrori.Corpu7//777*7 ////"-/■
ment. Office—530 St. Paul Place, Baltimore. Underwriter
Sept. *15, 1961. fifed 500,000 common. Price—$1.15. Bust- / —R. Baruch 8c Coi, Inc., Washington, D. C. (mgr.).
;
Data-Design Laboratories, Inc.
!9, 1961 .filed 100,000 capital shares. /Trice—By /
amendment.
Business—Publishing: of technical reports •
and manuals covering electronic equipment.
Proceeds •
/—For debt repayment and working capital. Office—945 ,• Vending Machinii Corp. (It/28)
v
E. California St^ Ontario, Calif.
Underwriter—Morgan »
flfegtronig-^jtdmjttfon
i: Aug n> 1961 :filed $5,052,700 of 6% convertible suborresearch and development and working capital. Office,8c Co., Los Angeles. /
v
/
/
•
dinated debentures due 1976, to be offered for subscrip¬
9330 James ' Ave.,
South,- Minneapolis.Underwriter—
#• David &
tion by stockholders on the basis of $100 of debentures
.Dash, Inc.
Brlandtjen '& Bayliss, Inc., St. Paul, Minn, '.
77777
for each 80 common shares held. Price—By amendment,
Oct. 25,1961 filed 108,000 common. Price—$5. Business Z
Concors Supply Co., Inc.—Designing,-,converting, importing dhd distritfutin^ vof 7
✓v -■*
«.-■
v....
..........
Business—The manufacturing of vending machines. Prod¬
uct
19/..1961 iiled ;100,000 class A common. Price:—$4. n ceeds^-For
decorative fabrics. Troceedgv—For debt repayment and &
repayment of loans and working capital. Qfgusiness—Sale of food service and kitchen equipment, r^flce — 956 Brush HoUow Road, Westbury, L. If, N. Y.
general corporate purposes.- Office—2445 N. Miami Ave., 7
Proceeds — For equipment, debt.repayment and -pther
^
Underwriter—Hardy 8c Co., N. Y. •
s'
■ /■ //
-7 -Miami, Fla. : Underwriter—Stirling,. Linder 8c Prigal,
corporate purposes. Office—110 "A" St., Wilmington, Del.
•
--7-Inc., 50 -Broadway, N. Y.
'7'^-/
Underwriter—Roth 8c. Co.. Inc.-. Philadelohia. Offerinsr—
Control Dynamics,' Inc.
• Deer Park
Baking Ce.
7/v/
Expected •••;
Oct. 27,1961 filed 90,000 common, of which 10,00(j/shares,:
'
N'
Oct.
.
'5^"^nlWesig^n^pr^uctiqn^Continents!
^evities^yroceeds^r^prnenti..
,
a/s
.
....
>
,
_
.
.
_
.
.
.
^
to be offered
by the company and 80,000 shares by/ /
/Price—$6.75.
Business—^Manufacture of /
Danish-style and ice-box cookies. Proceeds—For work¬
ing capital and general corporate purposes.
Office—
South Egg Harbor Rd., Hammonton, N. J. Underwriter
—J. R. Williston 8c Beane, N. Y. Offering—In January.
■
are
stockholders.
Business—Compounds and packages cosmetics', house
lis. Underwriter—Brandtjen
8c Bayliss, Inc., St. Paul.
hold pharmaceutical and industrial products.
Proceeds
• Control
—For debt
Lease Systems, Inc.
(11/20-24)
repayment, equipment and working capital.
Office—107 Sylvester St., Westbury, N. Y. Underwriter
July 21,, 1961 ("Reg. A") 225,000 common. Price—$1.15.
J. E. Bayard & Co., Inc., 80 Wall St., New York City.'• Proceeds—For equipment, research and development and
capital expenditures. Office—3386 Brownlow Ave., St.
Consolidated Bowling Corp.
Louis Park, Minn. Underwriters—M. H. Bishop 8c Co.,
Sept. 28, 1961 filed 200,000 common. Price—By amend¬
Louis Park, Minn. Underwriters—J. P. Penn 8c Co., Inc.,
ment. Business—Operation of bowling centers. Proceeds
and M. H. Bishop 8c Co., Minneapolis.
—For expansion and working capital.
Office—880 Mil¬
• Cooke
itary Rd., Niagara Falls, N. Y. Underwriter—Doolittle
Engineering Co. (11/27-12/1)
8c-Co., Buffalo, N. Y.
• ^
Sept. 12, 1961 filed 32,600 common. Price—$11. Business
7/7;-;;
;V
7*'
—The manufacture
Consolidated Chemical & Paint Corp.
(12/11-15)
Aug. 29, 1*961 filed $275,000 of 6%% subordinated con¬
vertible debentures due 1968 and 68,750 common to be
offered in units consisting of $100 of debentures and 25
common." Price—$200 per unit. Business—The company
manufactures from oil, chemicals- and pigments,
basic paint lines.
nishing of
ment,
of electronic
engineering
diverse
services.
31,
for each five shares held of
—$150.
—None.
("Reg.
A")
common.
derwriters—Armstrong 8c Co., N. Y., and L. C. Wegard
8c Co., Trenton, N. J.
'7
:
Oct.
til/21 >.
20, "1961 filed
$60,€60,000 of first and refunding
mortgage bonds due Nov. 1, 1991. Office—4 Irving PL,
N. Y. Underwriters—/Competitive). Probable bidders:
First Boston Corp.; Halsey,-Stuart 8c Co: Inc.; Morgan
Stanley 8c Co. Bids—Nov. 21, 1961 at 11 a.m. (EST). In¬
formation Meeting—Nov. 15 (10 a.m. EST) at the com¬
pany's office, ;
;
'
..,
•
7>,
r'. ;-* •. •/•.
.
r.
Consolidated
,.
_
Production
,
working capital. Office—1111 E. Ash Ave., Fullerton,; Calif. 'Underwriter—D." E. Liederman 8c Co., Inc.,
N. Y. 'and Mitchum, Jones 8c Templeton, Los Angeles.
crease
:
May 26, J.961 filed 125,000 shares of common stock. Price
—$15. Business—Company buys and manages fractional
interests in producing oil and gas properties. Proceeds
—For investment, and working capital.
—The manufacture
:
Office—14 North
Robinson, Oklahoma City, Okla. Underwriter—Shearson,,
*
'
•
Inc.
other corporate
purposes.
Co., N. Y.
Office—Eden Park
Underwriter—G. H. Walker
'
Inc.
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi- .
precision rubber extrusions. Pro-...
ness—Manufacture of
equipment, debt repayment and
ceeds—Plant expansion,
working capital. Office—82-88 Washington St., MiddleN. Y. Underwriter—I. R. E. Investors Corp.,
town,
Levittown, N. Y.
^
'
.
Delta Capital Corp..
//'.' 7"1'
■
'
"Aug. 9, 1961 filed 500,000 common shares.
amendment1
Business
—
A
small
business
Price
—
'L
By '
investment
'
Cosmetically Yoursr Inc. (12/4-8)
Aug. 23, 1961 filed 42,500 common/Price—$4. Business
...
Corp.
and
Delford Industries,
Corrigan Communications, Inc. (12/4-8)
Sept. 28, 1961 filed 375,000 common. Price—$2. Business
—Development and sale of tutorial electronics com¬
munications systems for use in individual class rooms.
Proceeds—To repay loans, purchase machinery, and in-
;
^••
>.
&
Proceeds—For
equipment, inventory and work¬
Office—2440 Charlotte St., Kansas City, Mo.
Underwriter—George K. Baum 8c Co., Kansas City, Mo.
.
Consolidated Edison Co. of New-York* Inc.
Drum Co.,
Gardens, Wilmington, Del.
ing capital.
-
/•/7-7'
7
Delaware Barrel &
ment
Price—$4.
Business—Manufacture of aluminum storm windows and
"•
repayment and construction. Office—
Canyon Highway, Phoenix. Underwriter
tainers and tanks. Proceeds—For research and develop¬
62,500
ing 6% ^debentures, repayment of debt and working
capital. Office—456 Driggs Ave., Brooklyn, N. Y. Un¬
doors.
"
Price
Pro¬
Sept. 26, 1961 filed 100^000 common. Price—By amend¬
ment.: Business—Manufacture of plastic shipping con¬
Products Co.
1961
31, 1961.
>
debt
10431 N. Black
v
record Oct.
Business—Distribution and sale of water.
ceeds—For
Proceeds—For equip¬
new
Coronet
Oct.
,
products and the fur¬
products, sales promotion and working cap¬
ital. Office—735 N. St. Asaph St., Alexandria, Va. Un¬
derwriter—Jones, Kreeger 8c Co., Washington, D. C.
Proceeds—For retirement of outstand¬
^ Deer Valley Utilities, Inc. /
/Nov. 3, 1961 ("Reg. A") 784 capital shares to be offered
for subscription by stockholders on the basis of one share
ment of
of cosmetics.
-
Proceeds—For repay-
loan, advertising/equipment, inventory, research and development and working capital. Office—
15 Clinton St., Yonkers, N. Y. Underwriter—P. J. Gruber
& Co., Inc., N. Y.
a
compafTy. K Proceeds^—For investment. • Office—610 Na¬
tional Bank of Commerce Building, New Orleans. Un ¬
derwriters—Blair &
Co., New York and Howard, Weil,.
(managing)..
Labouisse, Friedrichs & Co., New Orleans
Offering—Expected in early 1962.
7
•
.7
.
Continued
on
page
36
w-wu
M'W*
^KWimWWWW^riiK 1
Hit"'**'*
r
36
1
(2204)
The Commercial and Financial Chronicle
Continued from page 35
•
\
Eastern
Properties
(12/4-8)
Delta Venture Capital Corp.
July 13, 1961 filed 520,000
common
shares.
N. Hill
Sept. 26,
Business
1961
filed
Forms
Inc.
(with at¬
common
tached warrants to purchase an additional 50,000 shares).
Price—By amendment. Business—Manufacture of cus¬
tom-made printed business forms. Proceeds—Expansion,
payment
Ridge
man,
Econ-O-Pay, Inc.
Oct. 26, 1961 filed 1,000,000
of
taxes, and working capital.
Office—3747
Ave., Philadelphia. Underwriter—Suplee, YeatMosley Co., Inc., Philadelphia.
>
Dennis
Real
Estate
Investment Trust
ness—A
General
Office
—
State Street/ Albany, N.
90
Y.
Research
&
Development Corp.
writer—S.
Aug. 24,
1961 ("Reg. A") 54,000 common. Price—$2.40.
Business—The manufacture of FM Deviation Monitors.
Proceeds—For development, expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter—James Co., N. Y.
—Distribution
held
held.
and
Price—$20
unit
one
for
each
10
class
Nov.
to
shares
B
Proceeds—For
plant.
start-up
for
expenses
Office—360
Lexington
electronic
develop¬
Office—136-05 35th
•
a
laboratory and
Ave., New York.
Energy Components Corp. (12/4-8)
Sept *1, 1961 ("Reg. A") 50,000 common.' Price—$3.50.
Business—Wholesale
are
Eon
Oct.
Drug Corp. of Washington
$500,000 of 6% convertible subord.
sinking fund debentures due 1976, also 100,000 class A
common.
Price
Debentures
At
par.
Common — $4.
19,
filed
1961
—
detection
Business—The
sale
of
drug products to retail stores in
repayment of
175
debt,
and working
capital.
Office—52-60
Diversified
Small
Business
-(12/4-8)
•
Investment
Corp.
v-.-
Sept. 27, 1961 filed 600,000
common.
Price—$5.
Business
tham
investment company. Proceeds—For
general corporate purposes. Office—214 Engle'St:, Englewood, N. J. Underwriters—Lieberbaum & Co. and Mor¬
Cohon
Dixie
&
Co.. N. Y. i
debentures
Sept. 28,
1961 filed 144,000 common.
Price—$5/ Busi¬
ness—Manufacture
of
tables
and
chairs
for
use
in
kitchens
dinettes.
and
—The
Proceeds
Proceeds—For
selling stockhold¬
Office—Dabney Rd., Richmond, Va. Underwriter—
Rubin, Rennert & Co., Inc.
1961
filed 1,600,000 capital shares, of which 1,shares are to be offered by the company and
shares by stockholders. Price—50c. Business—
The exploration and production of ores. Proceeds—For
200,000
400,000
salaries
and
general corporate purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White
Don
Sept.
Ltd., Toronto.
Mills,
27,
;
•
Electronic
Proceeds—General
ment.
A")
corporate
Bldg., Atlanta, Ga.
Office—Red
purposes.
make
shares
N.
•
154,000
be
Proceeds—For
-370
Lexington Ave., n. y.
body & Co., n. y.
[Dunlap Electronics •
Sept. 27, 1961 filed 80,000
;
working
■
Office—
Y.
reviews, interviews, etc.
rate purposes.
Underwriter
York
of
—
into
(12/4-8)
electrical
Shames
Underwriter—Globus, Inc.,
Electrosolids
conductors
Proceeds—For
1100
research
Office—Walnut St., M D
purposes.
•
-
Family
Circle
Associates,
Inc.
(11/27-12/1)
1961 filed 50,000 class A common. Price—$7.
Business—The operation of retail discount department
stores.
Proceeds—For repayment of loans and working
capital. Office—30 Main St., Keyport, N. J. Underwriter
—Russell & Saxe, Inc., N. Y.
•
30,
1961
filed
$2,000,000
of
6% -convertible
ordinated debentures. Price—100%
Business—The
Corp.
;
common.
Price—By amend¬
Proceeds—For
a new
subsidiary, repay¬
of debt and
working capital. Office—27 S. Grant
SL, Stockton, Calif. Underwriter—Birr &
Co., Inc., San
Francisco.
Dynamic Toy, Inc. (12/4-8)
30, 1961 ("Reg. A") 81,000
June
'
-
common.
Price
$3.
—
Business
Manufacture of toys.
Proceeds—-Advertising,
development of new products, expansion and
working
capital. Address—109 Ainslie St.,
Brooklyn, N. Y. Under¬
writer—Hancock Securities
Corp., N. Y.
.
and
company
distribution
sub¬
of principal amount.
is engaged in the manufacture ;
materials and basic
of high reliability
_
electronic components,
including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Profor converting AC-DC current for
aircraft, missiles and./ ceeds—For the
payment ofidebts and for .working capital,«.
ships. Proceeds — D*ebt repayment and other corporate*"
Office—471 Cortlandt Street; Belleville, N." J. > Under1- Z
purposes. * Office—12740 San Fernando Rd., N., Sylmar,
writer—To be named. .Note—July
11, the SEC insti-^,
Calif. Underwriter—J. R. Williston & Beane,;N. Y. Of¬
tuted "Stop Order" proceedings challenging the accuracy \
fering—Expected somtime in January.
/" * '
and adequacy of this statement.
/
V:.
"
;;,Electronic Transmission Corp*.
• Fashion Homes Inc.
(12/4-8'L*;•"./* v./
,v:J".r
Oct. 27, .1961
("Reg: A"); 100,000 common. Price—$3.
July 18, 1961 filed $600,000 ;of subordinated debentures (.
Business —Manufacture;; design,
and field- .testings of V
"due/1971 ;1 Q0,0QG common: shares and 100,000 five-year/
closed<-circuit television/; Proceeds—For-debt repayment'
warrants (exercisable at from $4 to $8 per share) to be/
and other corporate purposes.
Office—103 Hawthorne
offered for public sale in units of one $60 debenture,
Ave., Valley Stream, N. Y. Underwriters—V. S. Wick10 common shares and 10 warrants. The registration also
ett 8c Co., Inc. and Thomas, Williams &
Lee, Inc., N. Y. **
covers 40,800 common shares.,
Price—^100 per unit; and
Elmar Electronics Inc.
$6 per share. Business—The construction of shell homes.
Sept. 29, 1961 filed 200,000 common, of which 100,000
Proceeds—For redemption of 8%,; debentures; advances-,
will be sold by the company and 100,000 by stockholders.
to company's subsidiary; repayment of loans/
advertising
and promotion/and other corporate purposes. Office—. r
Price—By amendment.. Business—Distribution of elec¬
tronic parts and equipment/Proceeds—Debt repayment,
1711 N. Glenstone, Springfield, Mo./Underwriters —
expansion and working capital. Office—140 Eleventh St.,
Globus, Ihg. and Ross, Lyon & Co., Inc.; .New York. : >
Oakland, Calif. Underwriter—Schwabaeher & Co., San
Fashion Industries, inc.
: V
Francisco.
v.' '■>:
/*'; ;'/-/•.:
ZSept: 26, 1961 filed 95,600 common, of which 68,000 will 1
•
Emertron, Jwcw
"V
kV be sold i by the company and 27,600 byr stockholders.
'Get. 6, 1961 filed 320,000 common being offered for sub¬
Price—$4.75; Business—ManufHcture:and;sale oLwomen'sI
scription.. by stockholders of Emerson Radio. & Phonapparel. Proceeds—For .repayment of debty purchase' ofgraph Corp., parent-on the basis of one share of Emer-r
equipment, taxes, and working capitaLOffiee—Gauthier;
tron for eaGh seven, shares of Emerson of record Nov.
St., Tuskegee, Ala. Underwriter—Wright, Redden/Myers •
& Bessell, Inc., Washington; ,D. C.// /
15, with rights to expire Noy. .30, 1961. Price—$5. Busi-,
'u.
J
.
-
•
EM AC
Data
Processing Corp.
Sept. 8, 1961 filed 100,000
common.
(11/27-12/1) ;
Price—$2.50/ Busi¬
ness—The company conducts an electronic data
process,'ing service. Proceeds-—-Rental of additional data
process¬
ing equipment, sales promotion, salaries, rent, furniture
and working capital. Office—48-36
53rd Ave., Maspeth
N, Y. Underwriter—M. W.
Janis
Co.,, Inc., N. Y.,<
„
•
Faradyne Electronics Corp.//
Jan.
v
.
23, Newburg, N. Y.
N. Y.
Aug. 30,
de¬
Dr., Westbury, L .1.,
N. Y.
"
Co., Inc.
v Underwriter—First Madison Corp.,
by ;the
and
City and Philadelphia.
Fairbanks Wire
Discovery Corp. (11/27-12/1)
150,000 common shares. Price—$1.
company plans to develop a device to
chemicals.
—
Proceeds—For general corpo¬
Office—1711 Walnut Street, Philadelphia.
Valley Forge Securities Co., Inc., New
Oct. 30, 1861 filed 54,000 common. Price—$3. Business—
Manufactures
specialized
machinery
and
equipment.
Proceeds — For debt repayment and general corporate
Price—By amend¬
,
ment
•
• FM-Stereo
Guide, Inc. (11/27-12/1)
Aug. 4, 1961 "Reg. A" 50,000 common shares. Price—•
$6. Business—The company plans to publish a national
magazine featuring detailed FM radio program listings,
.
Business—Distribution" of electronic parts 'made
by other firms.
Co., N. Y. C. and Straus, Blosser & McDowell
Co., Chicago (mgrs.).
y
and equipment. Proceeds
Office—1501 72nd St. N.,Underwriter—Laird & Co., Corp.,
working capital. Office—674
Underwriter—Paul C. Kim¬
-
Underwriter—Kidder, Pea-
•
ment.
capital.
common.
Proceeds—For
St., Philadelphia.
Co., Chicago.
Stearns &
France
Oct. 30, 1961 filed 100,000 cum. conv. preference shares.
Price—By amendment. Business—Production of devices
offered by the company and
46,000
stockholders. -Price—By -amendment. -Busi¬
diversified food processor,
packer, canner and
^distributor.
4748
filed
The
velopment. Office
by
ness— A
;
which
1961
—
,
non-conductors
addition
—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
of
26,
Business
components and glass cartridges for the pharmaceutical
industry. Proceeds — For debt repayment and general'
corporate purposes. Address—Buena, N. J. Underwriters
common,
Electronics
July
24, 1961 filed 120,000 common. Price—By amend¬
ment. Business—Manufacture of medicine
droppers and
Duffy-Mott Co., Inc.
27, 1961 filed 200,000
—
Business—Development and manufacture of elec¬
Petersburg, Fla.
Wilmington, Del.
Dougherty Brothers Co.
Oct.
Office
Communications, Inc.
St.
Underwriter—Stan-Bee & Co.,
Oct.
to
capital.
Business
instruments.
communication systems
—General corporate purposes.
•
are
medical-electronic
working
tronic
Washington, D. C.
shares
Price—By amendment.
of
Sept. 22, 1961 filed 150,000
("Reg.
60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
Rock
1971.
For
Inc., N. Y. (mgr.). Offering—Expected in December,
Inc.
1961
—
Electro-Tec Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment. Business—The manufacture of
slip rings and brush block assemblies, switching devices,
relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Dolphin-Miller Mines Ltd.
3,
due
&
• Executive
House, Inc. (12/4-8)
Aiig. 29y 1961Tiled $2,000,000 of 6% subordinated sinking
fund debentures due 1971 and 400,000 common to be of¬
fered in 200,000 units, each consisting of a $10; debenture
(with 2 warrants) and two common. Price—By amend¬
ment. Business—The operation of hotels. Proceeds—For
investment in a subsidiary and realty acquisitions. Office
—71
E.
Wacker
Dr.,
Chicago.
Underwriters — Bear,
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
ers.
Oct.
ball
Instrument Co.,
manufacture
Proceeds—For
and
Pearl
insurance.
Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
v
measurements.
improvements
N. Broad
&'
•
Dinettes, Inc.
.
Price—By amend¬
equipment for radiation
common.
Equitable Credit & Discount Co.
1961 filed $1,000,000 of QVz% jr. subord. conv.
debentures due 1977 and 50,000 common shares to be
offered in units consisting of $500 of debentures and 25
shares.
Price—$550 per unit.
Business—Lending and
Inc. Office—47-51 33rd
St:, (Long Island City, N. Y. Underwriter—Sterling, Grace
Co., N. Y'/Offering—Expected in January/
—A small business
ris
Precision
133,333
Oct. 27,
Electro-Mec Instrument Corp.
Sept. 15, 1961 filed 176,480 common. Price—$6. Business
—The design, manufacture and sale of
potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. .Proceeds—For the-selling stockholder,/Wal-
St., N. W., Washington, D. C. Underwriter—Auchincloss, Parker & Redpath, Washington, D; C.
">
&
and working capital. Office—222 Park
Ave., South, N. Y.
Underwriter—To be named.
O
com¬
equipment,
working capital. Office—•
St., Brooklyn.. Underwriter—L. H. Rothchild
Co., N. Y.
>
Electra
the automotive ignition field for sale outside the
United States. Proceeds—For research, and development
Washington, Maryland and Virginia. Proceeds—For the
and
leasehold
in
—
J
filed
1961
Co., N. Y.
International, Ltd.
May 5, 1961 filed 70,000 capital shares. Price—To be sup¬
plied by amendment. Business—Manufacture of products
District Wholesale
electronic
Corp.
2,
ment. Business—Manufacture of
•
Sept.
of
lyn. Underwriter—Albion Securities Co., Inc., N. Y.
the company and 25,000 by a selling
Price—$4.
Business—Manufacture
and
by
&
Underwriter—None.
distribution
Proceeds—For expansion, advertising and pro¬
motion, acquisition of a plant and equipment and other
corporate purposes. Office—1626 Nostrand Ave., Brook¬
ponents.
processing of metal parts and products. Proceeds—For
expansion and other corporate purposes. Office—187 N.
Water St., Rochester, N. Y. Underwriter—Charles Plohn
manufacture and utilize all kinds of chemical materials.
small
offered
stockholder.
unit. Business—Company plans to
per
be
Underwriter—
•
Empire Precision Components, Inc. (11/20-24)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
ness—The manufacture of metal component parts for
precision electronic connectors. Proceeds—For moving
expenses, a new plant, equipment, repayment of loans
and working capital. Office—574 President St., Brook¬
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.
product
Components, Inc.
9, 1961 filed 100,000 common, of which 75,000
Street, Boston, Mass.
Co., Inc., Chicago.
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock. Ark,
• Eldre
one warrant)
on the basis of 3 units for each
preferred share held, 2 units for each 5% preferred
stock
sell
&
14, 1961 (letter of notification) 30,000 shares ol
capital stock (no par). Price—$10 per share. Proceeds—
selling stockholders. Office—2801 W. Roosevelt
Business
equipment. Com¬
and
School
Becker
To go to
Ave., Flushing, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
share and
A
manufacture
Proceeds—For
and other corporate purposes.
ment
G.
Empire Life Insurance Co. of America
Price—$4.
common.
(12/4-8)
March
Ave.,
of electronic parts and
pany
also plans to
teaching
machines.
*
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to
purchase an additional 140,000 shares to be
offered for subscription by stockholders in units (of one
5%
A.
.
Edu-tronics, Inc.
Oct. 27, 1961 filed 80,000
equipment
"centennial-type" fund which plans to offer
exchange of its shares for blocks of corporate
having a market value of $20,000 or more.
tax free
Office—44
Busi¬
Proceeds
distributorships and
Toronto. Under¬
Associates, Inc., N. Y.
Densley
electronic
offered in exchange for blocks of designated securities.
a
Office—164 E. Main St.,
Underwriter—Reserve Funds, Inc.,
Emrich
of
Business—A
•
.
Corp.
Empire Fund, Inc.
purposes.
Office—36
I.
manufacture
aircraft. Proceeds
June 28, 1961 filed 1,250,000 shares of capital stock to be
Proceeds—Rental of units, new
expansion.
di/27-12/1)
Deuterium
•
Economy Water Conditioners'■■of-'Canada' Lt«L/
ers.
Dero
Price—$3.
and
and
Thursday, November 16, 1961
— General
corporate
Office—14th and Coles Sts., Jersey City, N. J.
Underwriter—F. Eberstadt & Co., N. Y.
Sept. 29, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Sale of water conditioning units to home own¬
Under¬
writer—None.
:
corporate
common.
.
purposes.
securities
finance business.
recourse
Valley City, N. D.
Valley City, N. D.
1
July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. Business—A real estate investment com¬
pany.
dealer
missiles
for
Business—General real es¬
tate. Proceeds—For the acquisition and development of
real properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
(12/4-8)
100,000 class A
ness—Design
tures, $1,000; for stock, $10.
St., Hopkins, Minn. Underwriter—None.
Demarco
Corp.
-
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben-
Price—$3.30.
Business—An investment company. Office—1011
Improvement
.
.
.
.
..
.
Volume
194
Number
Fastline Inc.
'
6108
'
due 1971 and 40,000
.
The Commercial and Financial Chronicle
.
and
-
Sept, 28, 1961 filed $400,000 of 6%
tures
.
subord. deben¬
conv.
common
shares to be offered
publicly in units of one $500 debenture and 50
common.
Frice—$575 per unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
and working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks & Co., Inc., N. Y.
Fidelity American Financial Corp.
Oct. 3, 1961 filed 100,000 common. Price—$5. Business
.—Commercial
finance
company.
Proceeds — Gen¬
eral corporate purposes. Office—42 S. 15th St., Phila.
Underwriter—Netherlands Securities Co., Inc.,, N. Y.
Fifth Avenue
Cards, Inc. (12/18-22)
Sept. 28, 1961 filed 115,000 class A Capital shares. Price
.—By amendment.
Business—Operation of a chain of
retail greeting card stores. Proceeds—Debt repayment,
working capital and expansion. Office—18 W. 34th St.,
N. Y. Underwriters—Hardy & Co. and Filor, Bullard &
Smyth, N. Y.
„
Realty Corp.
1961 filed 500,000 common. Price—By amend¬
Oct.
30,
Business—Real estate
investment.
ment.
Proceeds—For
property acquisitions, debt repayment and other cor¬
porate purposes,. Office—380-390 W. Middle Turnpike,
Manchester, Conn. Underwriter—Putnam & Co., Hart¬
ford.
First Federated Life Insurance Co.
Sept. 20, 1961 filed 10,000 capital shares to be offered for
subscription by stockholders at the rate of one new share
each two held. Price—$35. Proceeds—To increase
for
writer—None.
Sept. 28, 1961 filed 150,000 common. Price—By amend¬
Business—A small business investment company,
ment.
Proceeds—General
Office—512
corporate purposes.
Minneapolis. Underwriters—Paine, Web¬
ber, Jackson & Curtis, N. Y., and Craig-Hallum, Kin-
Nicollet Ave.,
nard, Inc., Minneapolis. Offering—Expected
in January.
First National Realty &
Construction Corp.
"
Aug. 11, 1961 filed $3,000,000 of 6V2% subordinated de¬
bentures due 1976 (with warrants attached). Price—By
(11/20-24)
.
Business
of real estate.
ment
—
The construction and manage¬
Proceeds—For repayment of loans
corporate purposes. Office—630 Third Ave¬
N. Y. Underwriter—H. Hentz & Co., N. Y. (mgr.) •
and general
nue,
First New York
Oct.
27, -1961
Business—A
small
investment
business
Price—$1.
capital shares.
filed 2,770,000
Office—1295
company.
Northern
Pro¬
Blvd.,
Underwriter—None.
Manhasset, N. Y.
Tampa, Inc.
Securities
of
and
To
a
capital and for investment. Office—44
Underwriter—General Securities Co., Inc..
Inc.
24, 1961 ("Reg. A") 60,000 class A common. Price
—$5.
Business—Manufacture of shutters, doors and
other equipment for buildings.
Proceeds—For general
corporate purposes. Office—100 S. Westmoreland, Or¬
Florida
Distributing & Mfg. Co.,
Oct.
Securities Co., Inc.,
lando, Fla.
Underwriter—Midland
Kansas City, Mo.
•
Florida
Corp.
Palm-Aire
filed 463,000 common, of which 310,000
shares are to be offered for subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
opment and sale of undeveloped real property and
related activities.
Proceeds—For debt repayment and
general corporate purposes, Office — 1790 N.;( Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y. Offering—Expected sometime in January.
Oct.
19,
1961
(11/27-12/1)
Price—By amend¬
ment. Business—The operation of discount department
stores. Proceeds—For repayment of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
N. Y. Underwriters—Goodkind, Neufeld, Jordon Co., Inc.
Floyd Bennett Stores, Inc.
Aug. 30, 1961 filed 100,000 common.
and Richter
& Co., N.
Y. (mgrs.).
Fluorocarbon Co.
Oct.
23,
Business
1961
—
and
air
filtration
—
Merrill Lynch, Pierce,
?
Oct. 20,
1961
("Reg. A") 60,000 common.
Price — $5.
Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor¬
porate purposes. Office—8170 Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
—
25, 1961 filed 80,000 shares of common stock and
100,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Each warrant will entitle the holder thereof to purchase
one share of common stock at
$2 per share from March
August 1961 and at $3 per share from September 1962
February 1964. Price — $4 per unit. Business — The
company
(formerly Gar Wood Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in
Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes. Office—
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
—
derwriter— Fraser
Company formerly
&
Co., Inc., Philadelphia, Pa. Note-
was
named G-W
Ameritronics,, Inc.
• GYM Toys, Inc.
I
*/
"
1
Oct. 31, 1961
("Reg. A") 275,000; common. r, Price—$1.
Business—Design and manufacturer of polystyrene foam
toys, and water sports equipment.
Proceeds—For debt
repayment and general corporate purposes.
Ave., North Hollywood, Calif.
Madison Corp., N. Y.
Office—5238
Underwriter—
_
("Reg. A")
60,0Q0 common. Price — ^$5.
fluorocarbon
Processing and fabrication of
plastic raw materials and parts. Proceeds—For debt re¬
payment and general corporate purposes. Office—1754
S. Clementine St., Anaheim, Calif. Underwriter—D. A.
Lomasney & Co., N. Y.
_
\
.
Inc.
9
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
Folz Vending
Co.,
.
ing machines. Proceeds-—To repay
loans, pur chase ^ma¬
chines, and increase working capital. Office—990
Beach Rd., OceUriside, N. Y. UAderW*iter—None.
Food Corp. of America
Oct. 5, 1961 filed 50,000 common.
—The
acquisition of
processing industry.
Underwriters—White,
Girltown, Inc.
Sept. 28, 1961 filed 200,000 class A common shares. Price
—By amendment. Business—The manufacture of
young
women's sportswear. Proceeds—For
selling stockholders
Office—35 Morrissey Blvd., Boston,
Underwriter—Hemp¬
hill; Noyes & Co., N. Y.
-
Glacier
Publishing International, Inc.
Sept. 15, 1961 filed 112,500 common. Price—$3. Business
—Publishing of crossword puzzle magazines, pricing
■
guide directories and certain annual publications.. Pro¬
ceeds
Repayment of debt, and working capital. Office
—
—26
B'way, N. Y. Underwriter—Farrell
N. Y. •
'
,
Glass-Tite
Sept. 27,
1961
!
Securities Co.,
* "
/
,
v•
•••''
Industries, Inc.
filed
185,000 common, of which 135,000
by the company and 50,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
of glass-to-metal hermetic seals.
Proceeds—For pur¬
to be offered
are
chase of
equipment, investment in a subsidiary, research
development, moving expenses, and working capital,
Office—725 Branch Ave.,
Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
and
Glen
Industries,
Sept. 29, 1961
Inc.
("Reg. A")
100,000 common.
Price—$3.
of die casting and zipper machin¬
Proceeds—General corporate purposse. Office—130
County Courthouse Rd., New Hyde Park, N. Y. Under¬
Business—Manufacture
ery.
writer— G. Everett Parks &
Co., Inc., N. Y.
Global
Nov.
Steel Products Corp.
1961 filed 68,000 common.
3,
ment..
toilet
Business—Manufacture
of
Price—By amend¬
prefabricated metal
compartments.
Proceeds—Debt repayment and
corporate purposes. Office—10014 Avenue D^
general
Brooklyn, N. Y. Underwriter
syth, N. Y.
Globe
to
to
Blvd., Beverly Hills, Calif.
Weld & Co., N. Y., and Dean Witter &
Co., San Francisco,
G-W Inc.
—
Treibick, Seiden & For¬
Coliseum, Inc.
July 21, 1961 ("Reg, A") 300,000 common shares. Price
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
Offering—Imminent.
Globe
Industries,
Inc.
Oct. 30, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and 100,000
by stock¬
holders.
of
Price—By amendment.
Business—Manufacture
miniature electric motors, powdered metal products
and devices for the missile and aircraft industries.
Pro¬
ceeds—For debt repayment and working capital. Office
—1784 Stanley Ave,, Dayton, Ohio.
Underwriter—Mc¬
Donald & Co.,
Cleveland.
;-
Gluckin
Oct.
(Wm.) Co. Ltd. (1/4)
Aug. 25,1961 filed 175,000 common. Price—$10. Business
—The manufacture of ladies' underclothing. Proceeds—
For repayment of loans and general corporate
purposes.
Office—Bank of Bermuda Bldg., Hamilton,
Underwriter—Globus, Inc., N. Y. C. (mgr.)
Business Investment Co.
27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
investment. Office—1180 Raymond Blvd., Newark, N. J.
Gas Hills Uranium Co.
net
Wall St., N. Y.
N. Y.
oil
shire
37
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Corp. of America
by stockholders. Price—$10. Business—Distribu¬
Electronics, Investment Corp., Contractual Plans
broker-dealer registered with NASD. Proceeds—
increase
of
Futura Airlines
Garden State Small
Aug. 8, 1961 filed 70,000 common shares, of which 56,000
shares are to be offered by the company and 14,000
tor
manufacture
Fenner & Smith Inc., N. Y.
(12/4-8)
shares
The
—
Providence, R. I. Underwriter
y- .y
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
Fleetwood
Business
equipment for engines. Proceeds—To reimburse Treasury
for a recent acquisition. Office—105 Pawtucket
Ave., East
First
>
6, 1960 filed 500,000 shares of common stock. Price
Oct.
Fram Corp.
(11/20-24)
•
Sept. 1, 1961 filed 50,000 common. Price—By amendment.
Vineland
Business investment Company
First Small
of
Capital Fund, Inc.
investment.
ceeds—For
Davies, Inc.
r - '\
Sept. 22, 1961 filed 165,000 common; 70,000 to be offered
by the company and 95,000 by present stockholders.
Price—By amendment. Business—Printing and binding
of
books, magazines, catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working
capital. Office—764 Miami Circle, N.E., Atlanta, Ga.
Underwriters—J. C. Bradford & Co., Nashville, Tenn.
and Courts & Co., Atlanta, Ga.
Jan.
>,\.y
,
First Midwest Capital Corp.
amendment.
Foods
Foote &
Md. Under¬
Office—Munsey Bldg., Baltimore,
Office—1207 Foshay Tower, Min¬
Underwriter—None.
;
Plus, inc. (11/27-12/1)
*
Sept. 22, 1961 filed 150,000 common. Price-—By amend¬
ment. Business—A manufacturer, wholesaler, and retail¬
er of vitamin
products. Proceeds—For selling stockhold¬
ers. Office—62 W. 45th
St., N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
•
Business
'".V
'■
capital.
working capital.
neapolis, Minn.
.
First Hartford
(2205)
Long
-
Price—$2.50. Business
enterprises engaged in the food
Proceeds—For repayment of debt
j
Golf
Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a l-for-10 basis. Price
—By amendment. Business—The operation of uranium
mines and
a mill. Proceeds—For repayment of
loans, ac¬
quisitions and working capital. Office—224 Ivinson St.,
Laramie, Wyo. Underwriter—None.
•
General Development Corp.
Oct. 16, 1961 filed 61,500 common.
Price—By amend¬
Business—Development of land for home and in¬
ment.
Bermuda.
dustrial sites. Proceeds—For selling stockholders. Office
—2828 S. W. 22nd St., Miami, Fla. Underwriter—Allen
&
Co., N. Y. Offering—Imminent.
•
Courses, Inc.
1 :
Aug. 28, 1961 filed 100,000 capital shares.
Price—$6.
Business—The company plans to operate a public golf
course and a private
country club. Proceeds—For pur¬
chase of
poses.
land, construction and general corporate pur¬
Office—1352 Easton Rd.,
Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
.
;
^
Gould Paper Co.
Sept. 28, 1961 filed 140,000
common.1
Price—$11. Busi¬
Proceeds—-Expansion and
working capital. Office—Lyons Falls, N. Y. Underwriter
—Amos Treat & Co., Inc., N. Y. Offering—In early Jan.
ness—Manufacture
of paper.
General
y.
Forms, Inc. (11/27-12/1)
Aug. 15, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For repayment of
loans,
plant improvements, equipment and working capital.
Office—7325 Northwest 43rd St., Miami. Undrewriters—
Equity Securities Co., N. Y., and Guardian Securities
Corp., Miami.
General
Oct.
6,
Research Corp.
1961
("Reg.
A")
(11/20-24)
preferred
and 115,966
(1) one pre¬
ferred and three common; (2) one preferred and six
common; (3) one preferred and nine common. Price—
(1) $8 per unit; (2) $14 per unit; (3) $20 per unit. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Office—3203 Third Ave., N., Billings,
Mont. Underwriter—Wilson, Ehli, Demos Bailey & Co.,
Billings, Mont.
common to
23,599
be offered in ttnits
as
follows:
^General Telephone Co. of California (12/6)
8, 1961 filed $25,000,000 of first mortgage bonds,
series N, due 1991. Proceeds—For debt repayment and
construction.
Office—2020 Santa Monica Blvd., Santa
Monica, Calif. Underwriters—(Competitive). Probable
bidders: First Boston Corp.-Equitable Securities Corp.
(jointly); Halsey, Stuart & Co. Inc.; White, Weld & Co.Kidder, Peabody & Co. (jointly); Paine, Webber, Jack¬
son & Curtis, Stone & Webster Securities Corp.
(joint-"
ly). Bids—Dec. 6 (11 a.m. EST) at office of General
Telephone & Electronics Corp., 730 Third Ave., N. Y.
Information Meeting—Dec. 4 (3 p.m. EST) at same ad¬
Nov.
dress.
•
Gibraltar
Financial
Corp. of California
(11/28)
.Oct. 3, 1961,filed $5,500,000 of cony, subprd, debentures
due Nov. 1, 1976. Price—By amendment. Business—A
holding company for a savings and loan association, a
bank, an escrow company and a real estate trustee.
Proceeds—Debt repayment, additional investment in the
bank and other corporate purposes. Office—9111 Wil-
Gradcaz, Annis & Co., Inc.
27, 1961 filed 116,875 common, of which 25,350
shares will be offered by the company and 91,525 by a
Sept.
stockholder.
Price—By amendment.
Business—Manu¬
cigars. Proceeds—To prepay notes and in¬
creased working capital.
Office—2311-18th St., Tampa,
Fla. Underwriter—-W. C. Langley & Co., N. Y.
facture
of
Grafco Industries, Inc.
y.*
Sept, 27, 1961 filed 77,250 common.. Price—$4. Business
—Manufacture of graphic arts equipineint, Chemicals and
supplies. Proceeds—For the operation of a subsidiary,
new product development, equipment and other corpo¬
rate purposes. Office—291 Third Ave., N. Y. Underwriter
—Philips, Rosen and Appel, N. Y.
ic Greater Pittsburgh Capital Corp.
Nov.
14, 1961 filed 250,000 common. Price—$11. Busi¬
ness—A small business investment company. Proceeds—
For investment. Office—952 Union Trust Bldg., Pitts¬
burgh. Underwriters—Moore, Leonard & Lynch and Sin¬
ger, Dean & Scribner, Pittsburgh.
Green (Henry J.) Instrument Co. (11/27-12/1)
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment of loans, equip¬
ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A.
Hart & Co., Bayside, N. Y. (mgr.).
Griesedieck Co.
'
Sept. 11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held. Price—By amendment. Busines
A closed
end investment company*.
Proceeds—
-
corporate purposes. Office—314 N. B'way, St.
Louis. Underwriter—Edward D. Jones & CO., St. Louis.
General
y
Continued on page 38
38
The Commercial and Financial Chronicle
(2206)
Continued from page 37
•
Gro-Rite
Hazeltine
June 5, 1961
Shoe
Co.,
Inc. (12/4-8)
July 21, 1961 filed $500,000 of 6% convertible subordi¬
nated debentures due 1970 to be offered for
toy stockholders
the basis of
on
each 60 shares held.
ufacture
of
Price—At par.
specialized children's
13,000 common shares to be offered for sale in units
preferred and one common share. Price—$101
per unit. Business—The acquisition and development of
of
subscription
shoes.
molds, construction and working capital. Address
2, Box 129, Mount Gilead, N, C. Underwriter—
Herman
None.
.
Growth
'<"'*•
,.
Properties
-
■
'
Oct.
■
(11/27-12/1)
amendment.
Gulf American Fire & Casualty Co.
28, 1961 filed 226,004 common to be offered for
auDSCEiption by stockholders on the basis of three new
snares for each 10 held. Price—$2. Business—Writing of
fire and casualty insurance. Proceeds—To increase capi¬
tal and surplus.
Office—25 S. Perry St., Montgomery,
Ala.
Underwriter—None.
^ Gyrotor Inc. of San Diego
("Reg. A") 200,000 capital shares.
Business—General real
investment.
Office—16
estate.
Proceeds—
Business—The
allied
manufacture
barbecue
of
Price—$5.
machines
Proceeds—Eor equipment, inventory,
sales promotion, expansion and
working capital. Office
general corporate purposes.
Nadler
Office—441
Underwriters—Stearns
&
Co.
Lexington
Joseph
and
&
Co., N./Y. "Offering—Expected sometime ,im
JanuaryX ;X - '';-■/
'-'••• "X"X/ ;XX* X'/;T'X
Intercontinental Dynamics Corp.
x
July 18, 1961 ("Reg. A") 200,000 common,.Price—$1.50.
Business—Manufacture of electronic and/elcetro-me-
-10-20 47th
Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn Associates,
Inc., N. Y. Offering—Imminent.
chanical devices used to determine the
accuracy of air¬
craft flight instruments. Office—170
High Temperature Materials, Inc. (12/4-8)
Coolidge Ave., EnSept. 28, 1961 filed 120,000 common. Priee—By amend- X glewood, N. J. Underwriter—M. H. WoodhilT
Inc., N. Y.
meat.
Business—Manufacture
Offering—Imminent.
of
products
from test
models.
Proceeds—For equipment, research and devel-^
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Price—
$1.
•
and
equipment.
Underwriter—L. F. Rothschild & Co., N. Y.
Nov. 1, 1961
and
Ave., N. Y.
common.
to
Inpak Systems, Inc. X
25, 1961 filed 90,000 common. Price—$4.25. Busi¬
ness—Designs,
develops, sells
and
leases
automatic
packaging machines. Proceeds—For debt repayment
Court
Hickory Industries, Inc.. i.
Aug. 31, 1961 v("Reg. A") 40,000
offered
Ling-Temco-
Oct.
Price—By
common.
be
Underwriter—None.
St., Brooklyn, N. Y.
Underwriter—Arnold, Wilkens & Co., N. Y.
—
Sept.
100,000 class A
stockholders
—
Appley, Inc.
27, 1961 filed
For
May 9, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds
To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif.
&
of
common
stockholders. Office-—10131 National
Blvd.,. Los Angeles.
,,
new
—Route
to
and
Vought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes
industrial information,
handling and control systems. Proceeds
For selling
—
Proceeds—For
Thursday, November 16, 1961
.
preferred
-
one
real estate.
Proceeds
For investment, repayment of
debt, and working capital. Office—660 Grain Exchange,
Minneapolis. Underwriter—None. '
>
Business—The man¬
.
• Information Systems, Inc.
Nov. 13, 1961 filed
1,266,000 common
and
$100 debenture for
one
Investment Corp.
filed 13,000 5% preferred shares ($100 par)
.
.
Hill Street Co.
•
International Management Corp.
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital. Office—7510 B. Granby St., Norfolk, Va. Under¬
writer—J. B. McLean &
Co., Inc., Norfolk. Offering—
Business—Commercial exploitation of a patent on a
helicopter rotor system. Proceeds—For equipment and
Oct. 16, 1961 filed 2,265,138 common to be offered forsubscription by stockholders of Union Bank of Califor¬
Imminent. X
working
nia
Sept.
Calif.
capital.
Office—10641
Prospect
St.,
Santee,
Underwriter—None.
on
share-for-share basis.
a
investment
management
•
HaJco Chemical Co.
(11/20-24)
Aug. 25, 1961 filed 225,000 common. Price—$2. Business
—Manufacture of agricultural
chemicals. Proceeds—
General corporate purposes. Office — N. 14th St. and
Lafayette Ave., Kenilworth, N. J. Underwriters—Ross,
Lyon & Co., Inc., and Globus, Inc., N. Y,
vestment.
Price—$3. Business—A
company.
Proceeds—For in-v
Office—760 S. Hill St., Los Angeles.. Under-
writer—None.
X'.X-X./
18,
1961
filed
$2,250,900
St., Paterson,.N. J.—Underwriter—Theodore
Co., Inc., N. Y. Note—This firm formerly was
Arrin .&
known
Electronic International, Inc.
as
,
Interphoto Corp.
Sept. 15, 1961 filed 200,000 class A
XX
common.
'
•
Hallmark Insurance
Co., Inc.
Aug. 3,, 1961 filed 225,000 common shares. Price — $3.
Business—An insurance company. Proceeds—For capital
and surplus. Office—636 S. Park St.,
Madison, Wis. Un¬
derwriters—Braun, Monroe & Co., Milwaukee and Harley, Haydon & Co., Inc., Madison. Offering—Imminent.
Haltone Rental
Sep.
29,; 1961
Corp.
("Reg.- A")
Business—Rental
of
fur
-
150,000
coats.
common.
Proceeds—For
improvements, equipment, advertising,
and
inventory.
Price—$2.
leasehold
wording
capital
Office—350 Seventh Ave., N. Y.. Under¬
writer—B. G. Harris & Co., N. Y* Offering—rim January.
•
Handschy Chemical Co. (11/20)
Aug. 25, 1961 filed 150,000 common, of which 50,000 are
to be offered by the company and
100,000 by stockhold¬
ers.
Price—By amendment. Business—The manufacture
of specialty printing
inks, chemicals and supplies. Pro¬
ceeds—For general corporate purposes. Office—2525 N.
Elston Ave., Chicago. Underwriter—Blunt Ellis & Sim'
mons,
Chicago (mgr.)
Hanna
Oct.
20,
ment.
(M.
A.)
1961 filed
%
common.
closed-end
and
Price—By amend¬
non-diversified
in¬
vestment company.
er
Proceeds—For the selling stockhold¬
(Hanna Mining Co.).
Office — 1300 Leader Bldg.,
Cleveland. Underwriter—First Boston
Corp., N. Y.
;
Hannett
Aug.
11,
Business
Industries, Inc. (11/27-12/1)
1961 ("Reg. A") 100,000 common. Price—$3.
—
Fabrication of components for missiles, jet
engines, aircraft landing
Proceeds
gears
and precision machines.
Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities
Co., Inc., N. Y.
—
Happy House, Inc. (12/4-8)
July 28, 1961 filed 700,000 common shares .Price—$1.
Business—The marketing of gifts, candies, and greeting
cards through franchised dealers. Proceeds—For
equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None..
Harleysville Life Insurance Co..
Sept. 21, 1961 filed 40,000 common. Price—$15. Business
—The writing of all
types of life insurance and an¬
nuities.
Proceeds—Working capital. Office—Harleysville,
Pa. Underwriter—None.
<
-v,
..
•
Hartfceld Stores, Inc. (12/4-8)
Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
due 1981. Price—By
amendment. Business—Operation of
retail apparel and discount
department stores. Proceeds
—Repayment of debt,
expansion
and
working capital.
Office—5330 W. 102nd St., Los
Angeles. Underwriters—
Van Alstyne, Noel &
Co., N. Y., and Johnston, Lemon &
Co., Wash., D. C.
Hartman
Marine
Electronics
Corp.
Oct. 27, 1961 filed
100,000 common, of which 75,000 are
to be offered by the
company and 25,000 by a selling
stockholder. Price—$4.
Business—Manufacture of ma¬
rine and mobile communications
and
electronic
ment and
equip¬
military transmitter-receivers. Proceeds—For
corporate
purposes.
Office—30-30
Northern
Blvd., Long Island City, N. Y. Underwriter—Charles
Plohn & Co., N. Y.
general
Harvey Radio Co., Inc.
Proceeds—For working
capital and general corporate purposes.
Office—108 W.
43rd St., N. Y.
Underwriter—Michael G. Kletz
21
shares
manufacture
of
&
Co
held.
Price—At
pressing
and
par.
'
Business
dry-cleaning
and
equipment.
Proceeds—For repayment of loans and general corporate
Office—107 Fourth Ave., New York. Under¬
writer—J.
R.
Williston
&
Beane, New York.
Honolulu Gas Co., Ltd.
Oct. 11, 1961 filed 73,062 common, of which
66,420 will
be offered for subscription
by stockholders on a l-for-5
basis. Price—By amendment. Proceeds—For construetion and debt repayment. Office—1050
Bishop St., Hono¬
lulu, Hawaii. Underwriter—None.
House
of
Price—$4.
Business
Proceeds—For sell¬
ing stockholders. Office—120 E. 16th St., N, Y. Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
& Co., Inc., N. Y.
Offerings-Expected in January.
Houston
Corp.
June 9, 1961 filed 583,334 common shares to be
offered,
for subscription by holders of common and class A
stock.
Price—$9.
—
sound
fering—Expected in late December.
Interstate
Hosts, Inc. (12/12)
2, -1961 filed $2,550,000 of con.'subord.
-
Oct.
due
1981
to be
the basis
on
offered for
debentures
subscription by stockholders
of
$100 of debentures for each 33 shares
held. Price—At par. Business—The
operation of restau¬
rants,
Westmore, Inc.
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
other
food-establishments and gift shops. Pro¬
expansion. Office—11255 W. Olympic Blvd.,
Los Angeles.
Underwriters—Glore, Forgan & Co., N.-Y.
ceeds—For
H. M.
and
Byllesby & Co., Inc., Chicago.
Interworld Film Distributors, Inc.
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution and
co-production
of foreign
and
domestic feature films. Proceeds—For
acquisition,
co-production, dubbing, adaptation and distribution - of
films, and working capital. Office—1776 B'way, N. >Y.
Underwriters—General Securities Co., Inc., and S. Kas-
—
The operation of a
pipe line system of natural gas. Proceeds—For expan¬
dan & Co., Inc., N. Y.
Offering—Expected in December.
sion, working capital and general corporate purposes. /
Jackson Optical, Inc.
Office—First "Federal Bldg., St. Petersburg, Fla. Under-,
Oct. 30,
1961
writers—Blyth & Co., Inc., Lehman Brothers and Allen
("Reg. A") 75,000 common.
Price—$2.
& Co., New York.
Business—Wholesale distribution of optical goods. Pro¬
;
.
ceeds—For
Hyatt Corp.
Oct. 20, 1961 filed
Business—Operates
For
debt
Office
'
350,000
caiptal
Price—$10.
chain of motor hotels. Proceeds—,
a
repayment
and
general
corporate
son,
Hammill & Co., N. Y.
Hydra-Loc, Inc.
Oct.
10,
1961
("Reg.
Business—Design,
brake control.
A") 60,000 common.
Price—$2.
development and manufacture of a.
Proceeds—For debt repayment and gen¬
eral corporate purposes.
N. Y.
Office—101 Park Ave., Hudson,
Underwirter—McLaughlin, Kaufman & Co., N. Y.
Offering—Expected sometime in January.
Hygiene Industries, Inc. (11/20-24)
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
—Manufacturer
of
shower
and
window
curtains.
Pro¬
ceeds—For
N.
Y.
selling stockholders. Office—261 5th Ave.,
Underwriter—Milton D, Blauner & Co., N. Y.
•
Hygrade Packaging Corp.; (11/27-12/1) '
/
Aug. 30, 1961 filed 100,000 class A. Price—By amend¬
ment. Business—The manufacture of paper
cartons and
Proceeds—For product development, expansion,
repayment of a loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. J.
boxes.
Gruber &
Ihnen
Co., Inc., N. Y.
(Edward H.)
(mgr.).
'
Illinois
Capital Investment Corp. (12/4-8)
Sept. 19, 1961 filed 250,000 common. Price—By amend¬
small business
Office—20 North Wacker
—Blair &
investment company.
Dr., Chicago, 111. Underwriter
Co., Inc., N. Y.
Industrial Finance & Thrift Corp.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures
due 1974. Price—At par. Business—A consumer
finance firm. Proceeds—For repayment of debt and ex¬
pansion.
Office—339
Underwrite—None..
Carondelet
.
/■
(The)
Oct.
19,
Japan Fund, Inc.
1961 filed 2,000,000
(12/11-15)
common.
Price
—
$12.50.
Business—A diversified investment
company. Office—25
Broad St., N. Y. Proceeds—For investment in
Japanese
securities. Underwriters—Bache &
Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd., Tokyo, Japan.
Jarrell-Ash
Co.
(11/27-12/1)
1961 filed 60,000 class A common shares and
9,000 outstanding voting trust certificates (representing
beneficial interest in 9,000 class B common
shares). Price
—By amendment. Business—The manufacture of optical
Aug. 17,
instrumentation. Proceeds—For repayment of loans and
working capital. Office — 7 Farwell St., Newtonville,
Mass. Underwriters—Stearns &
Co., New York arid Clay¬
ton Securities Corp., Boston.
,,;..
X
;
;
.,
•
Jayark Films Corp. (12/4-8)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000
by Stockhold¬
ers.
Price—By amendment. Business—The distribution
of motiorr picture and television films. Proceeds—-For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast
Securities Co.,
San Francisco.
& Son, Inc.
May 16, 1961 filed 75,000 shares of common stock.. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. Office—Montvale, N. J. Un¬
derwriter—Amos Treat & Co., Inc., N. Y. Offering—
Expected sometime in January.
•
Park
purposes.
1290
Bayshore Highway, Burlingame, Calif.
Underwriters—J. Barth & Co., San Francisco and Shear—
expansion and working capital. Office—64
Ave., Rockville Centre, N. Y.
Underwriter—
Stan-Bee & Co., Washington, D. C.
N.
shares.
St., New Orleans, La.
•
-
•
x
The wholesale distribution of
photographic
equipment and,/supplies. Proceeds—For the
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E.
Unterberg, Towbin Co., and Arnhold & S.
Bleichroeder, Inc., N. Y. Of¬
Business—The
purposes.
ment. Business—A
Oct. 27, 1961 filed
200,000 common, of which 100,000 are
to be offered by the
company and 100,000 by a selling
stockholder. Price—$5.
Business—Distribution of elec¬
tronic : components
including high fidelity, 'radio and
television parts and equipment.
New York.
each
Price—By amendment. Business
(11/27-12/1)
740,000
Business—A
*
'
Co.
for
•
•
subscrip¬
$100 of debentures
(1127-12/1)
176 E. 15th
(11/20-24) X
7% convertible subor-r
dinated debentures due 1973 to be offered for
tion by stockholders on the basis of
Mech-Tronics, Inc.,
1 1961
("Reg. A") 120,000 common. ' Price—$2.
Business—The
manufacture
of
precision instruments.
Proceeds—For equipment and working capital. Office—
/X/
Hoffman International Corp.
July
'
International
Jaylis Industries, Inc.
18, 1961 filed $850,000 of 6%% subord. debentures
Oct.
due
1971
fered
in
and
212,500 class A
units
of
one
$100
common
debenture
shares to be of¬
and
25
class
A
shares.
Price—$200. Business—Manufactures patented
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
ment
and
general
corporate
purposes.
Office—514
W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman & Co.,
Inc., N. Y.
Jefferson
Counsel Corp.
13, 1961 filed 30,000 of class B common stock
(non-voting). Price—$10 per share. Business—The com¬
pany was organized under Delaware law in January 1961
to
sponsor the organization of the
Jefferson Growth
March
Fund, Inc., a new open-end diversified investment com¬
of the management type. Proceeds—For organiza¬
pany
tional and
operating
Underwriter—None.
expenses,
Office—52 Wall St., N.Y.C.
Volume
194
Number 6108
.
.
The Commercial and Financial Chronicle
,
(2207)
Johnson
8,
Sept.
Electronics, Inc.
1961
amendment.
filed
125,000
Business—The
*
Metcalfe
capital
shares.
design
and
special electronic ^components for the
Price—By
production
commercial
•
Knape & Vogt Manufacturing Co. (11/28)
Sept. 11, 1961 filed 263,750 common. Price—By amend¬
and
military market.
Proceeds—For the repayment of
debt,
and working capital. Address—Box 7,
ment.
Business—The manufacture of specialty hardware
items. Proceeds—For the selling stockholders. Office—
Casselberry, Fla.
Underwriter—Warner, Jennings, Mandel & Longstreth,
658
Jomar
Plastics, Inc.
Ripley Industries, Inc., below.
Jorn's Greeting Card Co.*
Sept. 28, 1961 filed 110,000
Inc.
common.
Proceeds—For repayment of loans, expansion and work¬
capital. -Office—106-11 157th St., Jamaica, N. Y.
Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
ing
Joyce Teletronics Corp.
31, 1961: ("Reg. A") " 55,000
Aug;
Business—The
manufacture
of
electronic
?
■
Proceeds—For working capital,
products and repayment of loans.. Office—20 Madi-
7 son Ave., Hicksville, N.Y. Underwriter—General Securi¬
ties
Co., Inc., N. Y.
Offering—Expected in January.
Julyn Sportswear, Inc. (12/4-8)
r :
Sept. 7, 1961 filed 125,000 class A. Price—$5. Business—
•
manufacture
The
"Proceeds—For
•
of maternity clothes and sportswear.
working capital. Office—237 W. 35th St.,
N.Y. Underwriter—Mortimer B. Burnside &
Co., Inc., N.Y.
/Kaiser Electronics,
Aug. 22,
Business
1961
loans,
The
y—
conversion
Inc.
("Reg, A")
,
50,000
common.
manufacture
equipment.
of
Proceeds
Price—$4.50.
electronic
For
—
power
Proceeds—For
of
repayment
capital.
products, equipment, inventory, sales promo¬
tion and working capital. Office—3 Monroe St., Union
,N.
J.
/
Underwriter—Schirmer, Atherton & Co., Boston.
//;•
"
Kann-EIIert
Oct.
Keller
payment
N.
June
due/1968. Price—At 100%. Business—
Rogers & Co.,
late in December.
ing—Expected
Kellwood Co.
and working
Underwriter-
Y.
and
working
capital.
Underwriter—Gianis
December.
Office—76
&
Co.,
N.
Y.
...•;;,.//
//
Ninth
re¬
Ave.,
Offering—In
,'/
class A and class
bentures
for
B shares at the rate of $1,000 of de¬
each 50 shares held.
ness—Real Estate
investment.
debt, investment,
Office—101 Bradley Place, .Palm Beach, Fla.
Underwriter—Casper
debt,
N.
Corp.
Sept. 27, 1961 filed $100,000,000 of 6% subord. debentures
due 1976 (with attached five-year warrants to
purchase
2,000,000 class A common) to be offered to holders of
Development of land, construction of homes and related
activities in Florida. Proceeds—Repayment of debt, ac¬
quisition of Yetter Homes, Inc., and general corporate
^purposes.
of
34th
Kratter
29, 1961 filed $1,200,000 of 6Vz% convertible subdebentures
;ord.
Y.
late
' ./
Corp..
E.
mercial and industrial organizations. Proceeds—Debt
eral corporate purposes/Office — 2050 Rockrose Ave.,
.Baltimore. .Underwriter—Rubin, Rennert & Co., Inc., N.Y.
■
repayment
Koster-Dana Corp.
Sept. 28, 1961 filed 70,000 common. Price—$5. Business—
Publishing of informational booklets for financial, com¬
;
Electronics, Inc.
24, 1961 filed 108,000 common. Price—$6.50. Busi¬
ness-—Wholesaling of electronic parts and components
and equipment. Proceeds—For debt repayment and gen¬
v
the
Office—16
St.,
Street & Co., Inc., N. Y. (mgr.).
new
Offering—Imminent.
and
5th Ave., N. Y.
Inc., N. Y. Offer¬
Proceeds—Repayment of '
purposes.
Office—521
corporate
Underwriter—None."'///!*?,>?.'■'
Krylon, Inc.
Nov. 15, 1961 filed 250,000
(12/18-22)
Price—$1,00^. Busi¬
r
Price—By amend¬
ment. Business
ment.
protective coatings and other aerosol products. Proceeds
-t-For selling stockholders. Office—Norristown, Pa. Un¬
24, 1961 filed 380,000 common. Price—By amend¬
Business,— Manufacture of clothing, camping
equipment and bedding iten(s principally for Sears, Roe¬
buck & Co. Proceeds—For selling stockholders. Office—
111 W. Monroe St., Chicago. .Underwriters — Goldman,
Sachs & Co. and Lehman Brothers, N. Y.
•
/• Kelly Girl Service, Inc. (12/18-22) v
Oct. 27, 1961 filed 100,0C0 common, of which 25,000
to
be
offered
by the company and
holder; _P ric e—By
/temporary ;/ office
Park, Mich.
Francisco. "
Kendall
-
.
are
a
■/
■•
r--
/
ment
■
be
offered, by
the
company
50,000 by
and
Business—The
sliding aluminum windows and
equipment and general corporate
a
selling
of
*
manufacture
&
•
doors.
Proceeds—For
purposes. Office—5581
(11/20-24)
Cleaners, Inc.
'
25, 1961 filed 165^000 common, of which 45,000
to be offered by the company and 120,U00 by stock¬
and gen¬
eral
corporate purposes; Office — 1745 Clintonville St.,
Whitestone (Queens) N. Y. Underwriter—Arnold Malkan & Co.,
'
-
'
•
•
inc., N. Y. C.
4
-
Kentucky Central Life & Accident Insurance Co.
minent.
'/'.
-
Larr
.
■-
/
Office—249 W.;34th St., N. Y. UnderCo., N. Y., and Johnson, Lane,
Savannah.
Rides,
,
,
•
.
-
/
Inc.
-
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and 30,000 common to be of¬
fered
l
in
units
of
$1,000 debentures and 30 of common.
Price—By amendment. Business—-The operation of coin
operated children's amusement equipment. -Proceeds—
For repayment of loans, equipment and general corpo¬
Z
rate purposes. Office—2557 W. North Ave., Chicago. Underwriter—Paul C. Kimball & Co., Chicago.
^
•>
King Louie Bowling Corp.
>
Sept. 27, 1961 filed 325,000 common. Price—$3. Business
—Operates a chain of bowling centers. Proceeds
Repay
debt
and for other corporate purposes.
Office—8788
Price—$3.25.
Underwriter—Flomenhaft, Seidler
•
& Co., Inc., N. Y.
Lincoln Fund,
March
30,
Inc. (12/11-15)
1961 filed 951,799 shares
of common stock.
Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, managementPrice
—
type investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call
options. Proceeds—
For investment. Office—300 Main
St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
Lincoln Income Life Insurance Co.
Oct. 31, 1961 filed 45,000 common. Price — By amend¬
ment. Business—A life insurance
company. Proceeds—
For the selling stockholder.
Office—Louisville, Ky. Un¬
derwriters—*1. C. Bradford & Co., Nashville, Tenn. and
•
Lyons & Co., Louisville, Ky.
Lincoln Liberty Life Insurance Co.
Sept. 15, 1961 filed 200,000
(11/20-24)
Price—By amend¬
ment. Business—The writing t>f ordinary life insurance.
Proceeds—For selling stockholders. Office—1518 Milam
St., Houston. Underwriter—Baehe & Co., N. Y.
common.
Lomart Perfected Devices, Inc.
Sept. 14, 1961 filed .100,000 common. Price—$5. Business
—The manufacture of pool filters and accessories and
tools, dies, metal stampings, etc. Proceeds—For moving
expenses, purchase of equipment, promotion of a new
prodijbt and working capital. Office—199 Bleecker St,
Brooklyn, N. Y. Underwriter—None.
-
|
Louis Sherry Preserves, Inc.
(11/27-12/1)
Sept. 21, 1961 filed 200,000 common. Price—$4. Business
—Manufacture of fresh fruit preserves and jellies. Pro¬
ceeds—Plant expansion, advertising, repayment of debt,
and working capital. Office—30-30 Northern Blvd., Long
Island City, N. Y;'Underwriter—Stanley Heller & Co.,
N. Y.
■':
^
•
■
•
Ludwig Engineering & Science (12/11-15)
Oct. 5, 1961 filed 125,000 common.
Price—By amend¬
ment.
Business—Renders engineering
and research
services. Proceeds—For equipment, debt repayment and
working capital. Office—150 E. Foodhill Blvd., Arcadia,
Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St.
Louis.
Lunar Enterprises, Inc. (11/20-24)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
1501 Broadway, N. Y.
Underwriter—Ehrlich, Irwin
Co., Inc., 50 Broadway, If- Y.
':»■/. .
&
Lundy Electronics A Systems, Inc.
* v '
Sept. 19,1961 filed l75+000 common. Price—$4. Business
—The manufacture of electronic, electro-mechanical and
hydraulic systems for aircraft, missiles and space veProceeds
For research. and development, sales
promotion and working capital.
Office—Glen Head,
hicles.
N. Y.
•
Underwriter—Michael G. Kletz & Co., Inc., N. Y.
Lusk Corp.
(11/21)
Aug. 30, 1961 filed $1,250,000 of 6%% convertible sub¬
1961 filed 155,000 common, of which 45,000 are
ordinated debentures due 1971, 200,000 common and 5to be offered by the company and 110,000 by stockholdyear warrants to purchase 50,000 common to be offered
ers.
Price—By amendment.
Business—A commercial pin. 50 units each consisting of $25 of debentures, 4 cornprinter. /Proceeds—For a new plant, moving expensesr mon and one warrant. Price—By amendment. Business—
and equipment.
Office—2400 E. Huntingdon St., PhilaDevelopment of residential communities. Proceeds—For
delphia. ^Underwriter—Harrison & Co., Philadelphia.
working capital and general corporate purposes. Office
Lehigh Press, Inc.
writers—D. H. Blair &
Kiddie
and working capital. Office—1375 West Maple
St.,-Denver. Underwriter—Schmidt, Sharp, McCabe &
Co., Inc., Denver.
common.
Business—The manufacture of toys, games and novelties.
Proceeds—For new
equipment, advertising, and repay¬
ment of loans. Office—349 Rider
Ave., Bronx 51, N. Y.
Nov. 3,
.
"
Space Corp.,
Optics & Electronics Co.
opment
<•
Kenwin, Shops, Inc. (12/11-15)
Sept. 27, 1961 filed 80,000 common. Price—$5. Business
—Operates a chain of women's and children's, apparel
stores.
Proceeds—Repayment of debt, expansion and
working capital.
Pro¬
-Oct. 2, 1961 ("Reg. A") 75,000 common. Price—$2. Proi ceeds-^For expansion, equipment, research and devel¬
:
!
pharmaceuticals.
.
•
•
or
•
Lance, Inc. (11/27-12/1)
Aug. 30, 1961 filed 364,000 common. Price—By amend¬
ment. Business—The manufacture of peanut butter filled
delicacies. Proceeds—For the selling stockholders. Office
—1304 S. Blvd., Charlotte, N. C.
Underwriter—R. S.
Dickson &'Co., Charlotte, N. C. (mgr.).
*
Aug. 16, 1961 filed 400,000 class A non-voting common
shares, of which 200,000 shares are to be offered by the
company and 200,000 shares by stockholders.
Price—
From $13 to $17 per share/ Proceeds—To increase capital
and surplus.- Address—Anchorage, Ky.\ Underwriter—
Stifel, Nicolaus & Co., St. Louis (mgr.).-Offering—Im¬
The manufacture
vertising, leases, and working capital. Office — 2701
Stacker St.,/ Los Angeles. Underwriter—Pacific Coast
Securities Co., San Francisco. 4
holders. Price—$5. Business—The dry cleaning and stor¬
age ;of. clothes. Proceeds—For working capital
—
•
Laboratory Procedures, Inc. (12/18-22)
Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$2.50. Proceeds—For debt repayment, equipment, ad¬
/
Aug.
are
Business
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa.
Terminal Dr., Fresno, Calif. "Underwriter—Currier
Carlsen, Inc.; Los Angeles. Offering—In December.
Kent Dry
and
ceeds—For repayment of a loan, purchase of
equipment,
research
and
development, advertising and working
Air
"
of
L. L. Drug Co., Inc. (11/27-12/1)
July 26, 1961 filed 100,000 common shares. Price—$4.50.
Sept. 11,-1961 filed 150,000 common, of which 100,000 are
to
paints,
taxes, new products, down payment on a new
general corporate purposes. Office—401 N.
Broad St., Philadelphia.
Underwriter—Marron, Sloss &
Co., Inc., New York (managing).
plant
Industries, Inc.
stockholder. /Price—$4/
spray
Business—The manufacture of machinery for production
of transistors and similar devices. Proceeds—For
pay¬
.
;'/., ■ .•/:"
of aerosol
Kulicke & Soffa
Manufacturing Co. (11/24)
Aug. 15,. 1961 filed 122,980 common shares, of which
100,000 shares are to be offered by the company and
22,980 shares by stockholders.
Price—By amendment.
stock¬
amendment. eBusiness—Furnishes
by
Manufacture
derwriter—Eastman Dillon, Union Securities & Co., N. Y.
clerical -services.
Proceeds—For
Office—13314 Woodward Ave., HighUnderwriter—Dean Witter & Co., San
working capital.
'
land
75,000
—
Corp. (12/4-8)
Aug. 29, 1961 ("Reg. A") 84,000
W. L.
common.
Oct.
;
Iron Ore Ltd.
Sept. 14, 1961 filed 436,327 capital shares to be offered
9, 1961 filed 100,000 common, of which 40,000 are
for subscription by stockholders of International
to be sold by the
African v
company and 60,000 by stockholders.
American Corp. Latter stockholders will receive class A
Price—By amendment.
Business—Manufacture of op-^
rights to acquire 40,000 capital shares on the basis of
tical equipment. Proceeds—For debt
repayment/; Office
one for each 22
held; class B rights to acquire 220,182
—347 King St., Northampton, Mass. Underwriter—Put-'4,
on the basis of one for
each four held; and class C rights.
nam &
Co., Hartford,,'/._■/ .;
!'/ '-to acquire
176,145 shares and $5,871,500 of debentures of
Korfund, Inc. (11/27-12/1)
Liberian American-Swedish Minerals
Co., subsidiary,
Sept. 8, 1961 filed $600,000 of 6Y2% convertible subord.
in units, each
consisting of $100 of debentures and three
debentures due 1971 and 180,000 common to be offered
Liberian Iron shares. Price—Class
A—$10; Class "B—
for public sale in units, each consisting of
$100 of deben¬
$15.85; Class C—$104 per unit. Proceeds—For the selling
tures and 30 common. Of the 180,000
shares, 40,000 will
stockholder. Business—A holding company for stock of
be sold by the company and 140,000
by Massachusetts
Liberian American-Swedish Minerals
Co., which is en¬
Mohair Plush Co., Inc., sole stockholder.
Price—By
gaged in the exploitation of iron ore deposits in Liberia.
amendment
Business—The manufacture of vibration,
Address—Prince Edward Island, Canada. Underwriterr—
shock and noise control products and the distribution of
None. Note—This statement has become effective.
European made electronic and mechanical instruments.
Lido
used in communication.
new
14, ,1961 filed $5,871,500 of 4.167% subordinated
debentures due 1985 to be offered for
subscription by
of International African American
Corp.
Latter stockholders will receive Class C
rights to acquire
the debentures and
176,145 of Liberian Iron Ore
stockholders
• Liberian
Kollmorgen Corp.
Price—$5.
instruments
Liberian American-Swedish Minerals Co.
Sept.
Nov.
;
common;
Under¬
inventory and working capital. Office—325 W. Houston
Street, N. Y. Underwriter—To be named. Offering—
Expected sometime in January.
Knickerbocker Toy Co., Inc.
Ltd.,
parent, in units, each consisting of $100 of debentures
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
and 3 Liberian Iron Ore.
ment. Business—Design and manufacture of
Price—$104 per unit. Business
toys. Pro¬
—The commercial exploitation of iron ore
ceeds—For
working capital.
Office—401
Butler
deposits in
St.,
Brooklyn, N.- Y.
Underwriter—Netherlands Securities * Liberia. Proceeds—For the selling stockholder. Address
—Monrovia, Liberia. Underwriter—None.
Co., inc., N. Y.
■'y'-v/
Price—By amend¬
Business—Manufacture and sale of greeting cards.
ment.
Richmond
St., N. W. Grand Rapids, Mich.
writer—Glore, Forgan & Co., N. Y. (mgr.).
Philadelphia.
See
Rd., Overland Park, Kan. Underwriter—George
Co., Kansas City, Mo.
K. Baum &
of
39
Leslie (Joyce), Inc.
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Busi¬
ness—Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories and working capital.
Office—850
Flatbush Ave., Brooklyn.
-Underwriter—Seymour, Bernard &
•
DuBoff, Inc., N. Y.
>
.
Libby International Corp.
Aug. 3, ,1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The distribution of tractors
and farm equipment manufactured by Kramer-Werke, a
German company.
Proceeds — For repayment of loans,
—6910 E.
Broadway, Tucson. Underwriter—Burnham &
Co., N. Y. (tngr.).
•
MP! Glass Fibers,
Inc.
(letter of notification) 150,000 shares of
common stock {par one cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber glass
April 27, 1961
material to be used in rocket motor cases.
For expenses, equipment and working
1025 Shoreham Bldg., Washington, D.
—To be named.
Note
—
Proceeds—
capital. Office—
C. Underwriter
This company formerly was
Continued
on
page
40
40
The Commercial and Financial Chronicle
(2208)
Continued from page 39
in units of
fered
.
0.4 share.
Industrial
named
Materials, Inc. Note—This letter
withdrawn.
~
.
\
was
Macfadden
Publications, Inc.
Sept. 28, 1961 filed $5,300,000 of convertible subord. de¬
bentures due 1971.
<
l
Price—At par.
Business—Book and
magazine publishing. Proceeds—Debt repayment, mov¬
ing expenses and working capital. Office—205 E. 42nd
St., N. Y. Underwriters—First Broad Street Corp. and
Lieberbaum & Co., N. Y. Note—This registration will
i\
•»
;
warrant to
a
purchase
Business—Manufacture
of paper cutters and trimmers, paper folding machines,
photographic dark room accessories and envelope open¬
ing machines. Proceeds—Advertising sales, promotion,
new
products and working caiptal. Office—2450 Estes
Ave., Elk
Grove Village, 111.
Underwriter—Arnold
Malkan & Co., Inc., N. Y.
h
.
share and
one
Price—$3.50 per unit.
Matrix Corp.
Oct.
20,
1961
A")
("Reg.
Proceeds
For
—
60,000
consultative
Business—Furnishes
be refiled.
common.
Price
—
development of teaching machines and
.
Thursday, November 16, 1961
.
Dam, Wis. Underwriters—Cruttenden, Podesta &
Chicago and Splaine & Frederic, Inc., Milwaukee.
>
Metatronics
Oct.
Co.,
Manufacturing Corp.
100,000 common. Price—$2. Business
cases
and containers, and
18, 1961 filed
-—Manufacture
electronic
of
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.
$5.
services.
research
and
.
Meteor
Oct.
31,
Enterprises, Inc.
1961
Business
A")
("Reg.
■
;
100,000
common.
electric
of
Manufacture
—
Price—$3.
barbecue
motors,
working capital. Office—507 18th St., S., Arlington, Va.
Underwriter—Mackall & Coe, Washington, D. C.
igniters, etc. Proceeds—For debt repayment and gen¬
eral
corporate purposes.
Office—5356 Riverton Ave.,
.(}
MacLevy Associates, Inc.
July 20, 1961 ("Reg. A") 150,000 common shares (par one
cent). Price—$2. Business—The distribution of health,
• Maust Coal & Coke Corp.
North
i> V.
exercise and
slenderizing equipment. Proceeds—For re¬
payment of loans, equipment, new products, sales pro¬
Nov.
rence,
motion and
—For
Price—By amend¬
Business—Mining of bituminous coal.
Proceeds
debt repayment and purchase of equipment. Office
—530
Fifth
r
t
i:.
n
Jh'
hi
f!)h
ucts for
the
t-
&
■
'> ''
.'l i.
•
■
automobile, electrical utility and telephone
working capital.
Office—
Proceeds—For
/»>
-
Oct. 13, 1961 ("Reg.
ness—Manufactures
electronic
equipment
and
yachts and operates a marina. Proceeds—Plant construc¬
tion, research and development and working capital.
Office
Boothbay Harbor, Me. Underwriter — NanceKieth Corp., N. Y.
•
18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached warrants) and 100,000 common shares to be offered in units consisting of
$100 debenture
i}
share
mon
hi
I
J
shares.
common
Oct.
Price—$300
1,
Fund, Inc.
1961 filed 2,000,000 capital shares.
26,
investment
Proceeds—For
&
Address
•
Los
Proceeds—For
Underwriter—L. D. Sherman
Laboratories,
and
Price—$5. Business
common.
of equipment for military
.
Underwriter—Amos
Odzer
&
Co.,
N.
Y.
Offering—In
ness—The
chanical
manufacture
components.
common.
of
Price—$2.50. Busi¬
mechanical
Proceeds
and
For
electro-me¬
and
working capital. Office—920 S. Oyster Bay Rd., Hicksville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y. C.
•
—
equipment
Markite
Oct.
26,
ment.
Corp.
1961 filed
common.
Price—By amend¬
Business—Development, design, manufacture and
precision electromechanical devices. Proceeds—
sale
of
For
debt
Waverly
repayment
and
working capital.
Office—155
Place, «N, .Y.
Towbin Co., N. Y.
Underwriter—C. E.; <Unterberg,-;
Offering—Expected sometime in Jan.
Marks
{
June
Polarized Corp.
27, 1961 filed 95,000 common shares. Price
amendment.
Proceeds
—
For
Marlene Industries
Corp. (11/27-12/1)
Aug. 29, 1961 filed 225,000 common, of which 150,000
are
by the company and 75,000 by stockholders.
Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141
N.Y.C. Underwriter—Bernard
W. 36th St.,
M.Kahn&Co., Inc., N.Y.C.
Marshall Electronics Co.
Nov.
u
I
I
u
1, 1961 ("Reg. A") 100,000 common. Price — $3.
Business—Manufacture of rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
research
and
—54 Summer
Bruce & Co.,
development, and working capital. Office
Ave., Newark, N. J. Underwriter—Richard
Inc.. N. Y.
'
•
Martin
Yale
Business
h
■t\
h
•
Sept. 27,1961 filed 100.000
year
*
'
Machines
(12/11-15)
H
department, and working capital.
Y.
N.
St.,
•
4
c-1..
common
,
..
(with attached three-
warrants to purchase 40,000 shares at $5, to be of¬
Sept.
1961
5,
("Reg.
Business—Plastic
Y.
Inc.
A")
common. Price — $4.
Proceeds—For debt pay¬
75,000
fabrication.
ment, equipment, advertising and working capital. Of¬
fice—3 Sidney Court, Lindenhurst, N. Y. Underwriters
—M. Posey Associates Ltd., and Alkow & Co., Inc., N. Y.
Offering—Imminent.
Metal
Bellows
Corp.
(11/27-12/1)
Sept. 1, 1961 filed 140,000 common, of which 120,000 are
to be offered by the company and 20,000 by a stock¬
Business—The manufac¬
ture of welded diaphragm bellows. Proceeds—For mov¬
ing expenses, equipment, research and development,
repayment of debt and working capital. Office—27 Mica
holder.
Price—By amendment.
Underwriter—Estabrook & Co.,
Boston.
International, Inc.
145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
Metallurgical
Sept. 26, 1961 filed
N.
Y.
L
■
■
Metalfab, Inc.
Oct.
due
Micro-Lectric,
Inc.
June
12, 1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control
systems
missiles.
and
Proceeds—For
tooling
and
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y.
Under¬
writer—Underhill
Securities Corp., N. Y.
Offering—Im¬
minent.
Micro-Precision
(11/21)
Corp.
July 28, 1961 ("Reg. A") 100,000 common shares (par 20
cents). Price—$3. Business—The development and man¬
ufacture of language laboratories
for the electronics
educational field and the manufacture of electronic and
micro-wave
components. Proceeds—For expansion and
working capital. Office—55 Ninth St., Brooklyn, N. Y.
Underwriters
Manufacturers
Securities
Corp.,
New
—
(managing); Bioren & Co., Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton & Co., Boston.
Micron
Sept.
Plastics Corp.
("Reg. A")
1961
15,
of
Business—Manufacture
50,000
plastic
Proceeds—For
improvements, new equipment
Office—640 Dean St., Brooklyn.
—S. Schramm & Co., N. Y.
Middle
June
Atlantic
Investment
Price—$4.
common.
film.
Co.
working
Underwriter
and
(11/20-24)
.
shares. Price—$10.
company.
Proceeds—For -in¬
vestment and working capital. Address—Elkins Park,
Pa. Underwriter—Best & Garey Co., Inc., Wash., D. C.
1961 filed
22,
•
Middle
70,000
common
investment
Business—An
States
Telephone Co. of Illinois
(11/20-21)
Oct.
27,
filed
1961
struction.
75,000
cum.
Proceeds—For
amendment.
Office—144 S.
writer—Dean
Midwest
Witter
&
debt
preferred.
repayment
Price—By
and
12th St.,
Lincoln, Neb.
Co., San Francisco.
con¬
Under¬
Budget & Loan Corp.
Sept. 12, 1961 filed $300,000 of 6% subordinated deben¬
tures due Aug. 1, 1973 to be offered in units of $500
$1,000. Business — Purchasing of conditional sales
contracts. Office—5806 W. Burleigh St., Milwaukee, Wis.
and
Underwriter—The Marshall
Co., Milwaukee.
,
Merit Associates,
27, 1961 filed $600,000 of 6% s. f„ conv. debentures
and 100,000 common (of which 20,000 shares
to be offered by the company and 80,000 by stock¬
1976
amendment. Business—Manufac¬
tures products and parts of the automotive and elec¬
trical industries.
Proceeds—For debt repayment and
working capital.
Office—First and Elm Sts., Beaver
holders).
.
expansion, equipment, and working cap¬
Clinton Ave., Newark, N. Y. Under¬
Securities Co., S. Kasdan & Co., Inc.,
C., and Dual Planning Corp., Garden City, N.
N. Y.
are
Corp.
(12/18-22)
Office—275
ital.
writer—General
Lane, Wellesley, Mass.
to t>e offered
Price—$7.
Varick
Proceeds—For
•
By
—
expansion, acquisition of
new facilities and other
corporate purposes. Office—15316 Tenth Ave., Whitestone, N. Y.
Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
ii
a new
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
—Processing and wholesaling of photographic film, etc.
•
100,000
O f f i c e—
Inc.
Co.,
Mercury Photo Corporation
Dynamics Inc.
Aug. 28, 1961 filed 125,000
purposes.
Underwriters—Harry
Co., N. Y. and Bruno-Lenchner, Inc., Pittsburgh.
Office—170
December.
March
Busi¬
,
Meehan-Yooker
amendment. Business--The manufacture
equipment, transformers, filters, re¬
Price—By
communications
lays, etc. Proceeds—For the purchase of Grow< Solvent
Co., Inc., and for working capital. Office—Ames Court,
Plainview, N. Y. Underwriters—M. L. Lee & Co., and
Milton Blauner & Co., N. Y.
equipment.
City, Calif. Underwriter—Financial Equity Corp.,
Angeles.
'
./.•
' ..'•••
establishment of
Treat
corporate
general
Price—$10.
electronic
Sept. 8, 1961 filed 100,000 common.
Inc.
manufacture
medical
of
(11/27-12/1)
Price—$5. Business
—The printing of advertising material, annual reports,
booklets etc., by offset lithography. Proceeds—For the
purchase of a high-speed press, the repayment of debt,
•
of
building
capital.
Studio
Co., N. Y.
late
1-
to
sociates, Inc., Denver.
^ Medical Video Corp.
Nov. 13, 1961 filed 250,000 common.
industrial applications. Proceeds — Repayment of
debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn.
if
plans
R.
15, 1961 filed 240,000 common, of which 225,000
will be sold for the company and 15,000 for a stockhold¬
Proceeds—For
open-end.
ness—Manufacture
and
i
Business
investment in the
medical industry and capital growth situations.
Office
—6.77 Lafayette St., Denver. Underwriter—Medical As¬
become
Laboratories, Inc. (11/27-12/1)
Sept. 21, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Sale of scientifically tested biochemicals and
pharmaceuticals.
Proceeds—For new quarters, equip¬
ment, a laboratory, inventories and working capital. Of¬
Sept. 26, 1961 filed 200,000
1
modern
—
(12/4-8)
York
Oct. 23, 1961 filed 25,000 common. Price—$10.
—A
closed-end
investment company which
Mann Research
—Research
i
serving
Industries Fund, Inc.
Medical
1961
Manson
I
firms
in
New
—
■
&
1
Price—$10.
Underwriter
Sept.
•
York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall St., N. Y.
medicine.
fice—136 Liberty St., N. Y.
hi
Un¬
Business—A closed-end diversified investment company.
Hyde, Inc. (11/20-24)
filed 275,000 common, of which 100,000
are
to be offered by the company and 175,000 by the
stockholders. Price—By amendment. Business—The pro¬
curement, warehousing and sale of groceries, meats,
produce, etc., to retail grocers. Proceeds—For working
capital. Office—1700 Dunn Ave., Memphis, Underwriter
—Equitable Securities Corp., Nashville (mgr.).
'
J
50
a
Medical
warrant to purchase one com¬
a
and
of
derwriter—Globus, Inc., N. Y. Offering-—In January.
unit.
Business—Consumer finance.
Proceeds—For
working capital. Office—912 Thayer Ave., Silver Spring,
Md. Underwriter—Manhattan Eastern Corp., N. Y. (mgr.)
Malone
i
(with
$4)
manufacture
Office—1488 Grandview Ave., Columbus, Ohio.
ital.
per
.
Sept.
|,J
at
Price—By amend¬
Office—5422
capital.
working
Metropolitan Telecommunications Corp.
guidance
Inc.
Proceeds
construction, inventory, research and wprking cap¬
—For
Aug.
>
Spectrum,
limited line of hospital and surgical supplies.
(12/4-8)
Corp.
Medex,
sales.
Ave., Chevy Chase, Md.
Baruch & Co., Washington, D. C.
("Reg. A")
9, 1961
Proceeds—For
Western
er.
Sept. 27, 1961 filed 110,000 common.
ment.
Business—Development and
—
Major Finance
tail
Inc.
56,000 common. Price—At par
($5).
Proceeds—For equipment, debt repayment and
working capital. Office—815 S. Fremont Ave., Alhambra, Calif. Underwriter—Adams & Co., Los Angeles.
Price—$4. Busi¬
common.
marine
2, 1961 filed $300,000 of 6% subordinated convert¬
due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
ibles
100,000
("Reg. A") 300,000 common. Price—$1. Pro¬
equipment, debt repayment and working
capital. Office—330 W. Costilla St., Colorado Springs.
Underwriter—Amos C. Sudler & Co., Denver.
Measurements
Metropolitan Acceptance Corp.
100,000
by
Law¬
&
,
Oct.
and
Mayfield Engineering Co.
Oct.
Underwriter—Kolb
Inc., Las Vegas, Nev.
which
company
Oct. 5, 1961
ceeds—For
named.
A") 75,000
of
common,
by the
Roslindale, Mass. Un¬
derwriter—McDonnell & Co., Inc., N. Y.
Electronics & Marine Development Corp.
Mainco
A
be
200,000
offered
be
ital. Office—525 Hyde Park Ave.,
Magazines For Industry, Inc.
Aug. 2, 1961 filed 135,000 common shares. Price — By
amendment. Business—The publishing of business pe¬
riodicals. Proceeds—For promotion, a new publication
and working capital. Office—660 Madison Ave., New
Underwriter—To
to
filed
stockholders. Price—By amendment. Busi¬
ness—Operation
of self-service discount department
stores. Proceeds—For debt repayment and working cap¬
Cloverdale, Detroit. Underwriters—Charles Plohn
Co., N. Y. and Edwards & Hanly, Hempstead, N. Y.
York.
1961
are
shares
•
'■tf:
26,
shares
12340
-t
*'
Oct.
1961
industries.
.■
.///'.
Maxam, Inc.
Industries, Inc. (12/4-8)
filed 300,000 common, of which 100,000
are to be offered by the company and 200,000 by stock¬
holders. Price—$5. Business—Molding of plastic prod¬
28,
Ave., N. Y. Underwriter—Eastman Dillon,
Securities & Co., N. Y.
J
Union
Macoid
Sept.
lit
ment.
advertising, plant removal and working cap¬
ital. Office—189 Lexington Ave., N. Y. 16, N. Y. Under¬
writer—Continental Bond & Share Corp., Maplewood, N.J.
Offering—Expected sometime in Nov.*
///''
J ■
13, 1961 filed 250,000 common.
,
Calif.
Hollywood,
Price—By
Midwestern
Oct.
16,
1961
Investment
filed
200,000
ness—Company plans
nance
rate
D.
to
Corp..
common.
Price—$2.
Busi¬
in the commercial fi¬
Proceeds—General corpo¬
engage
and factoring business.
Office—1730 K St., N. W., Washington,
Underwriter—Affiliated Underwriters, Inc.
purposes.
C,
Melgray Electronics, Inc.
Sept. 26, 1961 filed 166,667
«
common.
y
Price—By amend¬
ment. Business—Wholesaler and distributor of electronic
parts. Office—136 Liberty St., N. Y. Underwriter—Marron,
•
Sloss & Co., Inc., N. Y. Offering—In late December.
Milo
Components,
Inc.
(12/11-15)
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents). Price—$1. Business—The manufacture of pre¬
cision
components, assemblies for aircraft, armaments,
computers, floor waxers and industrial vacuum cleaners.
Proceeds
Cleveland
Nelson
For
equipment, research and development,
loans and working capital.
Office — 9
Street, Valley Stream, N. Y. Underwriter—
—
repayment
of
Securities, Inc., Hempstead, N. Y.
Minuit
Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac¬
quisitions, working capital and general corporate pur¬
poses.
Office—225 Broadway, New York 7, N. Y. Un¬
..
derwriter—Pine Tree Securities, Inc., N. Y.
Miss
Oct.
10,
ment.
Elliette, Inc.
1961
filed
Business
of women's
—
100,000 common. Price—By amend¬
Design, manufacture and distribution
dresses.
Proceeds—For debt
repayment, in¬
ventory and expansion. Office—1919 S. Los Angeles St.,
Volume
194
Number
6108
.
.
.
The Commercial and Financial Chronicle
Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
Offering—Expected in late November.
Los
•
capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., N. Y. Offering—In mid-Jan.
ing
Mobile
Rentals
of trailers.
of
debt, and
Figueroa
Proceeds—For
working
expansion,
capital.
repay¬
Office—8472
S.
St., Los Angeles. ^Underwriters—Kleiner, Bell
Co., Beverly Hills, Calif, and Hardy & Co., N. Y.
Molecu'ar
Sept.
Dielectrics, Inc.
(11/27-12-/1)
1, 1961 filed 150,000 common, of which 135,000
be offered by the company and 15,000 by Cardia
are
to
Co.
Price—$5. Business—The manufacture of high-tem¬
electronic and electrical insulation materials.
Proceeds—For
equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co., N. Y.
Mon-Dak Feed Lot, Inc.
filed
1961
17,
Spring,
Md.
Underwriter—
Corp., Wasnington, D. C.
Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
ated
stores.
Proceeds—For
150,000
(11/20-24)
shares.; Price—$3.
common
breeding of livestock owned by others.
drilling of water test wells, purchase of
land, construction,
general .administrative
costs
and
working capital. Address—Glendive, Mont. Underwriter
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
Proceeds—For
June
22,
Business—Distribution
medical supplies. Proceeds—
inventory, advertising and promotion, expansion, re¬
payment of loans and working capital. Office—38 Park
Row, N. Y. Underwriters—Edward Lewis & Co., Inc. and
Underhill Securities Corp., N. Y.
National
Industries,
ceeds
loans and working capital. Office—1802 Corliss
Ave., Neptune, N. J. Underwriters—Cruttenden, Podesta
& Co., Chicago and Spear, Leeds & Kellogg, N. Y.
April
ware.
("Reg.
A")
1961
11,
Business—Sale
of
Mfg.
Co.,
75,000
Inc.
common.
Price—$4.
Proceeds—To repay loans and for working capital.
Address—Monticello, N. Y. Underwriter—J. Laurence &
Co., Inc., N. Y.
Motor
Oct.
Parts
Industries,
1961 filed
Inc.
By
amendment. Business—Distribution of automobile parts.
Proceeds
For debt repayment and working capital.
Office—900-908 S. Oyster Bay Rd., Hicksville, N. Y. Un¬
30,
120,000 class A shares. Price
—
—
derwriter—Street
&
Co., Inc., N. Y. Offering—In Jan.
Municipal Investment Trust
Series
(11/27-12/1)
Fund,
First
Pa.
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—Tne
fund will invest in tax-exempt bonds of the Commonwea
th
of
Pennsylvania
Proceeds—For
Ill
and its political sub-divisions. *
Sponsor—Ira Haupt & Co.,
investment.
Broadway,
N.
Iff.
common.
Price—$6. Pro¬
equipment, inventory and operating ex¬
penses. Office—1622 Chestnut St., Philadelphia/Under¬
writer—Mayo & Co., Inc., Phila,
National Mercantile
Oct.
23,
1961
Business—A
Clearing House, Inc.
A") 75,000 common. Price—$4.
("Reg.
collection
Proceeds—For
agency.
general
corporate purposes.
Office—4539 Ponce de Leon Blvd.,
Underwriter—Armstrong & Co., Inc., N.Y.
Offering—Expected sometime in January.
if National Real Estate Investment Trust
Nov. 9, 1961 filed 1,000,000 common.
Price—$15.
ness—A
For
real
estate
investment.
Natconal
27,
C.
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
N. Y. C. Offering—Expected in early 1962.
—
Murray Magnetics Corp. (11/27-12/1)
Aug. 15, 1961 filed 150,000 common shares. Price—$6.
Business—The
Broad St., New York City.
Higginson Corp., N. Y.
filed
ness—Operates
©
National
May 11,
Busi¬
Proceeds—
company.
Recreation
1961
Bldg., N. Y.
investment
a
Corp.
337,500 common.
Busi¬
national chain of bowling centers. Pro¬
acquisition
of
new
working capital.
centers, repayment
Office—Time and Life
Underwriter—Berger-Derman, Inc., N. Y.
1961 filed 75,000 shares of capital stock. Price
supplied by amendment. Business—The design,
—
/National Systems Corp.
Sept. 28, 1961 ("Reg. A") 70,000
capital! Price—$4. Pro¬
ceeds—For
equipment, improvement of a TV repair,
course
and working capital. Office—1036 S. La /Brea ?
Ave., Los Angeles. Underwriter—Gregory-Massari, Inc., 1
Beverly Hills.
/ ;'•'■//
National Tel-Tronics
Corp.
Sept. 11, 1961 filed 133,000
/
Business-
—The manufacture of electronic components. Proceeds—
For repayment of a loan, expansion, new products, work¬
ing capital and general corporate purposes/ Office—52
St. Casimer Ave., Yonkers, N. Y.
Underwriter—Frank
Karasik & Co., Inc., N. Y. (mgr.).
'Y/'Y
•
National
Vended Ski
Insurance Corp.
30, 1961 filed 550,000
Price—By amend¬
of
coin-operated insur¬
vending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriterment.
common.
Business—Distribution
ance
Pacific
Coast
Securities
Expected sometime
in
Co., San
January.
Francisco. Offering—
ic Mutual Credit Corp.
Newark, N. J. Underwriter—Warner, Jennings,
& Longstreth, Philadelphia.
subord.
—A
("Reg. A") $300,000 of 6V2% convertible
debentures, due 1971. Price—At par. Business
1961
finance
Proceeds—For general corporate
Address—Keene, N. H., Underwriter—Chil-
purpozes.
son,
company.
Newbery & Co., Inc., Kingston, N. Y.
NAC Charge Plan and Northern
Acceptance Corp.
(11/20-24)
ation of bowling
centers. Proceeds—For
sition and working capital.
Office
—
a
11
realty acqui¬
Commerce St.,
Mandel
New
Campbell Island Mines Ltd.
1961 filed 475,000 common, of which 400,000 are
by the company and 75,000 by a stock¬
holder.
Price—50c.
Business—Exploration,
develop¬
ment
and
mining.
Proceeds—General corporate pur¬
Oct. 13,
to
offered
be
poses.
(12/4-8)
Nalley's, Inc.
„
of which 130,000 are
80,000 by stockhold¬
ers.
Price-—By amendment," Business—The production
of food products. Proceeds—For a new plant, leasehold
and plant improvement and work:ng capital.
Off ce—
3410 S.
Lawrence
St., Tacoma, Wash.
Underwriter—
Blyth & Co., Inc., N. Y.
Narrows
Premium
Fourth
Ave., Brooklyn, N.
Y. Underwriter-
Pearson, Murphy & Co., Inc., N. Y.
National Bowling
Lanes, Inc.
(12/4-8)
filed 150,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—'
For expansion, repayment of loans, and working capi¬
tal.
Office
220 S. 16th Street, Philadelphia.
Under¬
July 21,
1961
—
writer—Edward
National
Oct. 20,
Lewis
&
Co.,
Inc., New York.
Capital Acceptance Corp.
150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
securities. Frcceeds—For working capital. Office—871,9
1961
("Reg. A")
Under¬
New West Land
June 30, 1961
Corp.
("Reg. A")
operating
expenses.
W., Washington, D. C. Underwriter
Y
Nuveen Tax-Exempt Bond
Fund, Series 2
Feb. 23, 1961 filed
$10,000,000 (100,000 units) ownership
—Hirschel & Co., Silver Spring, Md.
certificates.
Price—To be filed by amendment. Business
interest bearing obligations of
—The fund will invest in
states,
counties, municipalities and territories
political subdivisions thereof which
of
the
are
.U. S., and
be¬
lieved to be exempted from Federal income taxes.
ceeds—For investment.
Office —135 South La
Pro¬
Salle
Street, Chicago. Sponsor—John Nuveen & Co., Chicago.
Offering—Expected in early 1962. Note—This fund form¬
erly
known
was
Tax-Exempt
as
Public
Bond
Trust
Fund, Series 2.
Nuveen
Oct.
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price
By amendment.
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and municipalities of the
U.
S., and political subdivisions
thereof which are be¬
be exempted from Federal income taxes. Pro¬
lieved to
ceeds—For
John
investment.
Nuveen
Nuveen
Oct.
17,
Office—Chicago, 111. SponsorCo., 135 So. La Salle St., Chicago.
&
Tax-Exempt Bond Fund, Series 4
filed $15,000,000 of units representing
1961
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
and
to
political
thereof
which
believed
are
from Federal income taxes. Proceeds—
investment.
Office—Chicago, 111. Sponsor—John
Co., 135 So. La Salle St., Chicago.
Nuveen &
•
subdivisions
be exempted
For
Oceanic
Instruments, Inc.
Aug. 24, 1961 filed 140,000
(12/18-22)
Price—$1.
common.
Business
—The company plans to manufacture scientific marine*
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
ment. Office—1515 Norton
Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
Old
May
Empire,
1,
Inc.
(12/4-8)
filed $950,000 of convertible subordinated
1961
debentures
due
1971.
Price
—
At par.
Business
—
The
manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue,
Newark, N. J. Underwriter—
Laird, Bissell & Meeds, N. Y.
OSymp'a Mines, Inc.
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For
Brooklyn.
Orbit
shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,
North & Co., Kansas City, Mo.
common
North American Acceptance Corp. (11/20-24)
/Sept. 18, 1961 filed~100,000 common. Price—$8.50. Busi¬
:
ness—Automobile
working capital.
retail sales financing.
Proceeds—For
Office—66 East South Water St., Chi¬
Underwriter—Hornblower & Weeks, N. Y.
cago.
if North America Real Estate Trust
*.
13, 1961 filed 2,000,000 shares of beneficial interest.
Price—$10.
Business—Real
estate
investment
trust.
Proceeds—For
ital.
acquisition of property and working
Office—475
North
Fifth
Atlantic
Aug.
N.
mining operations.
Y.
Underwriter
Office—44 Court St.,
Gaumont
Corp.,
Offering—Expected in late December.
Ave., N. Y.
cap¬
Underwriter—None.
Industries, Inc.
Industries, Inc.
22,
Business
—
Ltd.,
filed
1961
(12/4-8)
125,000
common
shares.
Price—$4.
Research,
development,
engineering
and
manufacturing in the telephone, electronics and related
fields.
—
Proceeds—For
of loans, and equip¬
St., N. E., Vienna, Va. Under¬
writer—Hodgdon & Co., Inc., Washington. D. C.
ment.
©
Office—213
Orbit
Aug.
repayment
Mill
Instruments
29,
filed
1961
Corp.
(11/28-30)
shares.. Price—$4.
precision electro¬
products,
expansion and repayment of loans. Office—131 Eileen
Way, Syosset, N. Y. Underwriter—Hardy & Co., N. Y.
Business
—
100,000
Production
of
capital
miniature
mechanical components. Proceeds—Equipment,
•
200,000
Nov.
Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premium^m New
York State. Proceeds—General corporate purposes. Of¬
fice—9805
Office—90 Industry St., Toronto, Canada.
C. MacPherson & Co., Toronto.
writer—A.
Oct. 9, 1961 filed 210,000 common,
to be offered by the company and
Vickers, McPherson & Warwick,
—
—The manufacture and distribution of animal
foods and
dog products. Proceeds — For marketing of "Doctor's
Choice" brand, working capital and
Oct.
June 27,
1961 filed 33,334 class A common shares. Price
—By amendment. Proceeds—For working capital.
Of¬
fice—16 East Pleasant St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (mgr.)
die¬
and
Nationwide
.
•
291
—
vitamins, minerals
Proceeds—For selling stockhold¬
S. La Cienega Blvd., Beverly Hills,
Underwriter
Toronto.
Bowling Corp.
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—The oper¬
3,
Price—$5. Business
common.
of
Nutri-Laboratories, Inc.
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
•
Price—$3.
common.
sale
Inc., N. Y.
Semiconductor Corp.
financing, exploitation and sale of a new
line of electric kitchen and household appliances. Pro¬
ceeds—For the purchase of inventory, sales promotion
and working capital. Office—230 Fifth Ave., New York.
Underwriter—Amos Treat & Co., Inc., N. Y.
Nov.
1,200,000
and
—
Price—$8.
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis (mgr.).
Note—This registration has been indefinitely postponed.
Oct.
Calif.
Office—20
Underwriter—Lee
—To be
lumber, building supplies and hard¬
Fittman
Kidder, Pea-
Office—1511 K St., N.
'(11/27-12/1) ;
For
—
for
&
Inc.
Aug. 28, 1961 ("Reg. A") 50,000
of debt and
Lumber
of
For
•
Office
ers.
Hospital Supply Co., Inc. (11/20-24)
1961 ("Reg. A' ) 100,000 common. Price—$3.
electro-mechanical
repay
Grace
—
tary food supplements.
the
Machinery,
—
41
Corp.
Pa.
ceeds—For
—
Nutri-Bio
Oct. 17, 1961 filed
—Distribution
Sept.
Proceeds
Office
purposes.
ex¬
Monmouth Electric Co.,
Inc.
(11/27-12/1)
Aug. 28, 1961 filed 200,000 common, of which 125,000 are
to be offered by the company and 75,000 by stockhold¬
ers.
Price—$6. Business—Manufacture of electronic and
equipment.
corporate
repayment, store
Miami, Fla.
Business—The
Montscello
debt
general
Bldg., Fayetteville, N. C. Underwirters
body & Co., N. Y.
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
perature
Jul-y
Silver
National
13, 1961 filed 215,000 common, of which 165,000 are
to be offered by the company and 50,000 by a stock¬
holder.
Price—By
amendment.
Business—Sale
and
ment
National
Corp.
Oct.
leasing
Rd.,
Guardian Investment
Mobile
Estates, Inc.
June 27, 1961 filed 140,000 common shares.
Price—$6.
Proceeds—To purchase land, construct and
develop about
250 mobile home sites, form sales agencies and for work¬
&
—Colesville
\ (2209)
Originate
Aug. 29,
Inc.
(12/18-22)
1961 filed 150,000
common.
Price—$9.25. Busi¬
ness—The manufacture of women's coats. Proceeds—For
the selling stockholders. Office—512 Seventh Ave., N. Y,
Underwriters
Globus, Inc., and Divine & Fishman,
—
\
Inc., N. Y.
•
Orion
Electronics
(12/11-15)
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Corp.
Inc., N. Y. C.
Orlando
Oct.
11,
Faper Corp.
1961
("Reg. A")
80,000
common.
Price—$2.50.
Business—Manufacturer of miscellaneous paper
products.
1961 filed 131,500 common, of which 120,000
will be sold by the company and 11.500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
general corporate
purposes.
Office—Oceanside, L. I., N. Y. Underwriter—•
Professional & Executive Planning Corp., Long Beach,
electronic instruments. Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
writer—G. A. Saxton & Co., Inc., N. Y.
New York.
Sept.
26,
cision
North Carolina Natural Gas Corp.
(12/11-15)
Aug. 17, 1961 filed $2,250,000 of convertible second mort¬
gage pipeline bonds due 1981. Price — By amendment.
Proceeds—For repayment
of loans, working capital and
Proceeds—For
Osrow
debt
Products
repayment
Co.,
and
Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents).
Price—$5.
Business—The manufacture of car
and4window washing equipment. Proceeds—For working
capital,
..
-i——
research
—
and
development, new products
Continued
on
and
page
42
|
The Commercial and Financial Chronicle
(2210)
42
Continued from page
41
v'.,
v.
.
000
■.:
.
•'
*
,
'
10
precut
corporate
Glen Cove, L.
ties
home building materials. Proceeds—For «repay¬
and working capital. Office—499 Jericho
Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild
& Co., N. Y. C. (mgr.).
Paramount
—
!
'Ozon
Products, Inc.
Sept. 28,
5
;
,
1961 filed 105,000
common.
N. J.
^
Pirce—By amend¬
Proceeds—For
repayment of debt and working capital.
PCS Data
Processing, Inc.
<
Oct. 6, 1961 filed 100,000 common
*
be
offered by the
of which 50,000 are to
Business—Furnishing of statistical infor¬
personnel, new equip¬
ment, expansion and working capital. Office—75 W. St.,
*N. Y. Underwriters—Harry Odzer Co., N. Y., and Lench>ner, Covato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
'Proceeds—For training
pected in December.
P-G Products
V
Manufacturing Co., Inc.
Oct. 10, 1961 filed 110,055 common. Price—By amend¬
ment. Business
Manufactures appliance replacement
parts and accessories. Proceeds — For debt repayment,
expansion and working capital. Office—230 E. 162nd St.,
—
N. Y. Underwriters—Kahn &
P. &
Oct. 25,
(with attached war-
common
purchase 60,000 additional shares) to be offered
'in units consisting of two shares and one warrant. Price
—$12 per unit. Business—Manufacture of electric resist¬
welded
Fialkov
—
&
Co., Inc., and Stanley
Co., N. Y.
Parker
Finance
Corp.
Oct.
27/1961 filed 135,000 common, Price—$6. Business
—Financing of commercial/accounts . receivable. 'Pro¬
ceeds—For debt repayment.
Office—8650 Cameron St.,
Silver Spring, Md.
Underwriter—D. E. Liedermari &
Co., Inc., N. Y.
•
Pavelle
Aug. 22,
Corp.. (11/27-12/1)
filed 200,000! common shares.
1961
amendment.
steel
tubing. " Proceeds—For debt repay¬
ment and working capital. Office—413 Hamilton Rd.,
Bossier City, La.
Underwriters—H o w a r d, Weil, Labouisse, Friedrichs & Co., New Orleans and Clark,
Landstreet & Kirkpatrick, Inc., Nashville.
Price—By
Business—Research and development in the
field of color
photography and the manufacture of
com¬
mercial color photographic processing equipment.
ceeds—For expansion, research and repayment of
Pro¬
loans.
Center, New
Underwriter—Bear, Stearns & Co., New York.
Office—Time ;&
York.
Life
Bldg., 'Rockefeller
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
payment of income taxes and loans and
for working capital.
grants to
ance
&
Proceeds—For
Peck, Cohn & Co., N. Y.
H. Tube Corp.
1961 filed 120,000
(12/4-8)
and 50,000 by stockholders.
company
-Price—$3.75.
mation.
Underwriters
Heller
ment. Business—Manufacture of toiletries and cosmetics.
^Office—50 Wallabout St., Brooklyn, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y.
Industries
Foam
Sept. 25, 1961 filed 137,500 common. Price—By amend¬
ment. Business—The manufacture of polyester foams.
Proceeds
Additional equipment, debt repayment and
working capital. Office—Mercer and Arnot Sts;, Lodi,
—
-
(11/27-12/1)
common
of loans
ment
Oz Publishing Corp.
Sept. 15, 1961 filed 140,000 common. Price—By amend¬
ment. Business
The design, production and sale of
greeting cards.f Proceeds — For the repayment of debt,
installation of additional equipment, modernization of a
department and working capital. Office—156 Fifth Ave.,
N. Y. Underwriter—Laren Co., N. Y.
common
ing of
*
purposes.
Office—115 Hazel Street,
I., N. Y.
Underwriter—General Securi¬
Co., Inc., N. Y. Offering—Imminent.
general
to be offered in
10,000 units each consist¬
and $100 of debentures. Price—By
amendment. Business—The packaging and direct sale of
'
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
Port
Reading, N. J.
Co., Inc., New York.
&
•
Oct.
ment.
Price—By amend¬
common.
Business—Sale and installation of automobile
ac¬
cessories.
Proceeds—For expansion and working capital.
Office—6125 El Cajon Blvd., San Diego. Underwriter—
N.
C. Roberts
Pacific
Nov.
6,
ment.
&
Co., Inc., San Diego.
1961
filed
common.
Price—By amend¬
holding company for firms engaged
business in southern California.
Pro¬
in the natural gas
ceeds—For
debt
and
repayment
construction.
Office—
California St., San Francisco. Underwriter—Blyth
Co., Inc., N. Y. Offering—Expected in early Decem-
600
&
ber.
precision
instruments.
Office—2930
S.
Imminent.
("Reg. A")
135,000
common.
seeds, insecticides, etc.
additional .equipment,
Proceeds—
plant and working
"capital. Office — North Oak and Hazel St., Burlington,
.tWash. Underwriter—Joseph Nadler & Co., N. Y. ^
a
new
Pacific
working capital. Office—7500 S. Garfield
Ave., Bellgardens, Calif. Underwriter—Darius Inc., N. Y.
Oct.
Light -Co. .(11 /28). / j
1961 filed $30,000,000 of first mortgage bonds
31,
due J991- proceeds—yor construction and - repayment
of debt'.' Underwriters—(Competitive) Probable bidders:
Halsey, Stuart & Co. Inc.; Smith, Barney & Co.; First
Boston Corp. Bids—Expected Nov. *28, 1961.
-•
Permanente
Cement
Co.
(11/28)
gypsum
products.
Proceeds—For debt repayment
Office—300 Lakeside Dr., Oakland.: Un¬
expansion.
derwriters—Dean Witter &
Boston
^ Perpetual
Nov.
Co., San Francisco and First
Corp., N. Y.
9,
1961
Investment Trust
filed
500,000 sharesv of beneficial -interest.
Business—A real estate investment trust.
;$6.
investment.
Business-^-The manufacture of steel products.
Pro¬
selling stockholder.-Office—35124 Alvarado-Niles Road, Union City, Calif. .Underwriters—First
ceeds—For the
California Co., Inc., and Schwabacher &
rCisco (mgr.). Offering—Indefinitely
;•
Co., San Fran-
postponed.
Pakco
Management &
(11/20-24)
Aug. 25, 1961 filed 310,000
Price—$11. Business
—The large scale production of
blueberries, cranberries,
etc. Proceeds—For repayment of loans,
property im¬
provements and general corporate purposes. Office—104
Bellevue Ave., Hammonton, N. J. Underwriter—Wood¬
cock, Moyer, Fricke & French, Philadelphia (mgr.).
,
'•
i
Pako
Corp.
common.
(12/4-8)
Sept. 25,
1961 filed 150,000 common, of which 100,000
will be sold by the
company and 50,000 by stockholders.
Price—By amendment. Business—Manufacture of equip¬
ment used to process and
print, photographs. Proceeds—
/Working capital/ Office—6300 Olson Hwy., Minneapolis.
Underwriter—Paine. Webber, Jackson & Curtis, N. Y.
^Palmetto Pulp
June 28,
capital
Address—Box 199,
Orangeburg,
•
S.C. Underwriter
/Pan-Alaska
ceeds
•
-
Stone
&
Co.
c/o
E.
fering—Imminent.
•*
-
-
Paradynamics Inc.
""Sept. 5, 1961 ("Reg. A")
equipment
and
of notes and working capital. Office — 2211
Ave., Brooklyn, N. Y. Underwriter—M. Posey
Associates, Ltd., 50 Broadway, N. Y.
.
payment
Church
.
company
100,000
will
components.
Price—$3.
micro-wave test
Proceeds—For equipment,
common.
produce
Paragon Pre-Cut Homes, Inc.
•.
Aug. 25, 1961 filed $1,000,000 of 15-year
sinking fund
.debentures due 1976 (with warrants
attached) and 100,-
(
Policy-Matic Affiliates, Inc. (12/18-22)
Oct. 16, 1961 filed 200,000 capital shares.
Price—$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington, D. C.
Inc., Washington, D. C.
•
Underwriter—Balogh & Co.,
;
_
Polytronic Research,
^
•'
/
(12/4-8)
Inc.
June 7, 1961 filed 193,750 common shares, of which?150,000 will be sold for the company and 43,750 for stoqkholders. Price—By amendment. Business—Research and
engineering and
for Aircraft,
devices
productionof /certain
missiles, oscilloscopes,
C.
Underwriter—Sidney
Washington, D. C.
•
Personal
Proceeds—For
W., Washington,
Z.. Mensh Securities Co.,
St.,
N.
Popular Library, Inc. (12/4-8)
17, 1961 filed 127,500 capital shares.
of
Price — By
Business—Publishing of paperback books
magazines. Proceeds—General corporate purposes.
and
Office—355
Lexington Ave., N. Y. Underwriter—Sutro
Co., N. Y.
Bros. &
Precision
Metal Products, Inc.
("Reg. A") 100,000 common. Price—$3. Pro¬
ceeds—For debt repayment, inventory, equipment and
working capital. Office—:278 N. W. 27th St.. Miami, Fla.
Oct. 5, 1961
Underwriter—Armstrong & Co., Inc., N. Y. OfferingImminent.
•
Preco
Industries,
Aug. 25, .1961
Inc. (11/27-12/1)
100,000 common. Price—$4. .Busi¬
filed
.
ness—The sale of custom built swimming pools. Proceeds
—For repayment -of loans and working capital. Office—
203 Bala Ave., Bala Cynwyd, Pa. Underwriter—Dean
Samitas
&
Co., N. Y.
President
Airlines, Inc.
f
("Reg. A") 150,000 class A common shares
cent). Price—$2. Business—Air transportation
June 13, 1961
of passengers and cargo. Proceeds—For
payment of cur¬
rent liabilities-and
taxes; payment of balance on CAB
certificate
and
working capital.
Avenue, Rockefeller Center, N. Y.
nental
Bond
&
Share
This offering has been
Office
630
—
Fifth
Underwriter—Conti¬
Corp.,, Maplewood, N. J. Note—
temporarily postponed;
' •
Prestige Capital Corp.
/
19, 1961 filed 200,000 common. Price—$5. Business
Oct.
Property Leasing Co.
purchase
credit.
Co., Washington, D. C. (managing).
—A small
equipment to industrial and commercial firms.
—For
machines and language teaching ma¬
expansion, repayment of debt and
working capital. Office—7326 Westmore Rd., Rockvilje,
equipment
and
Proceeds
collateral for
Office—6381 Hollywood Blvd., Los Angeles.
bank
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Of¬
fering—Imminent.
—D.
Office—485
Gleich
Proceeds—For
N. Y. Underwriters
company.
Fifth Ave.,
&
Co., N. Y., and Laird/Bissell & Meeds.
Wilmington, Del.
Prevor-Mayrsohn International, Inc.
July 31, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3.75. Business—Export, import/broker¬
and
age
/,
business investment
investment.
poultry.
wholesale marketing of fruits,, vegetables and
Proceeds—For expansion, sales promotion,, ad¬
Philippine Oil Development Co., Inc.
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬
fered for subscription by common stockholders on the
basis of one new share for each six held of record Sept.
9. Price—One cent. Business—Exploration for oil in the
Philippines. Proceeds—Repayment of debt and the drill¬
Aug. 29,
ing
—The sale of pet foods. Proceeds—For
inventory, repay¬
of test wells.
writer—None.
.
Office—Manila,-Philippines./Under¬
'
•
Inc.
tures.
used
in
the
(11/20-24)
creation
of
animated
rate
motion
pic¬
Proceeds—For development of new products, re¬
of loans and working capital. Office — 34 S.
to
growers,
"Pride
of
working capital and general corpo¬
Hudson Street, New YOrk.
Krieger & Co., Inc., New York.
Office —99
purposes.
Underwriter—J. J.
ment
V
July 26, 1961 filed 150,000 common shares. Price—$1.25.
Business—The manufacture of machines, equipment and
devices
vances
Industries, Inc.;
1961 filed 75,000
a
loan,
machinery,
—In late December.
'
,
Product Research
; (11 20-24)
of
common
manufacture
of
a
held. Price—At par/Busi¬
photographic
type
setting
used
in
—
The
the
Office
Charles
St., Cambridge, Mass.
^Pioneer Astro
Industries, Inc.
(11/20-24)
July 27, 1961 filed 150,000 common. Price—By amend¬
ment. Business
Manufacture of precision machined
-components and assemblies for missile guidance systems.
Proceeds—New plant, additional equipment and working
capital. Offiee—7401 W. Lawrence Ave., Chicago. Under¬
writer—Francis I. du Pont & Co., N. Y,
—
'
^
Price—$2.05.
of
marine
of
shares.
vinyl
and
debt,
plastic
products
household
—•
fields.
new
184
Programming and Systems, Inc.
Oct.
11,
1961
filed
40,000
'
'
Price—$3.50. ^Busi¬
computer programming and
electronic data processing machines.
the
58
v
equipment and
Woonasquatucket Avenue,
Nort Providence. R/ I.
Underwriter—Continental Bond
& Share
Corp., Maplewood, N. J.;
working capital.
ing capital. Office
—
Island, Inc.
common
manufacture
automotive,
Proceeds—For repayment
ness—Instructs
Underwriter—None.
;
Rhode
""
Business
bentures for each <0
Price—$5.\ Business
new
,
July 28, 1961 filed 330,000
Photon, Inc.
Aug. 24, 1961 filed;,$1,785,000 of 5% convertible sub-,
ordinated income debentures due 1971 to be offered for
subscription by storkholders on the basis of $100 of de¬
common.
products, advertising,
Office—4408 Fairmount Ave.,
Philadelphia. Underwriter
—Steven Investment
Corp., Bala Cynwyd, Pa. Offering
machine. Proceeds^—For repayment of a loan and work¬
advertising, research and development and working capi¬
tal. Office—51 Urban
Ave., Westbury, N. Y. Underwriter
-—Karen Securities
Corp., N. Y/Offering—Imminent.
Eye
D.
ness—The
•
The
Office—1613
common.
working capital. Office—Dexter Horton
Bldg., Seattle.
..Underwriter—Robert L. Ferman & Co.,
Inc., N. Y. Of-
Business
.
St., Mount Vernon, N. Y. Underwriter—First Phila¬
delphia Corp., New York.
Price—By amend¬
Business—Processing of Alaska king crab. Pro¬
Acquisition of fishing boats, equipment and.
J*:«■/.
•
Plymouth Discount Corp.
(11/27-12/1)
Aug. 28, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
West
Fisheries, Inc.
••//'
molds, inventory, repayment of loans and working capi¬
tal/ Office—1251 N, E. 48th St., Pompano Beach, iFla.
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
payment
Co., 29 Broadway, N. Y
.July ,26, 1961 .filed 120,000
ment.
—
the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Photo-Animation,
Paper Corp.
1961 filed 1,000,000 common.
Price—$3.45. Busi¬
ness—The growth of timber.
Proceeds—Working
and the possible purchase of a
mill.
Lowitz &
Price—(For
Oct. 13, 1961 filed $2,000,000 of conv. subord. debentures
due 1976.
Price—By amendment. Business—Leasing of
Development Co.
Co., Inc., N.
Plastiline, Inc..
- >
:Sept. 27, 1961 filed 100,000 common. Price—$3. Business
—Manufacture of plastic products. Proceeds—For new
(par one
States Steel Corp.
1961 filed 100,000 outstanding shares of capital
istock (par 50 cents) to be sold by stockholders. Price—
..June 21,
•
devices.
Proceeds—For
and
.
Price—$2.20
Business—Manufacture of solid state electronic
and
/For
Underwriter—Blair &
Oct.
Sept. 28, 1961
Sept. 15, 1961 filed 120,000 common/Price—$4. Business
crop
—
amendment.
Pennon Electronics Corp.
—The manufacture and sale of chemical
„mal nutrients,
Securities, Inc., Great Neck, N. Y.
i( Plastccrete Corp.
; :
Nov. 15, ;1961 filed 160,000 common. Price—By amend¬
ment. Business
Manufactures masonry units for the
construction industry. Proceeds—For general corporate
purposes. Office — 1883 Dixwell Ave., Hamden, Conn.
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
and
St., Costa Mesa, Calif. Underwriter—Francis J.
Mitchell & Co., Inc., Newport Beach, Calif.' Offering—
25, 1961 filed 365,000 convertible preferred shares.
Price—By amendment. Business—Production of cement
fertilizers, ani-
■
equipment
Bristol
Oct.
-Pacific Nutrient & Chemical Co.
—Ellis
development,
t Pennsylvania Power &
600,000
Inc.
28, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Design and manufacture of women's hand¬
bags. Proceeds—Debt repayment and,; working capital.
Office—6700 N. W. 37th Court, Miami, Fla. ^Underwriter
electronic vending
chines. Proceeds—For
Lighting Corp.
Business—A
Plastic Industries,
Optical/Inc.
Sept." 18, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Development and manufacture of optical
■
Pacific
Big Wheel
26, 1961 filed 100,000
Thursday, November 16, 1961
.
Sept.
electronic
Penn
.
.
classes
common..
in
operation of
Proceeds—For expansion. Office—45
Underwriter—D. M. Stuart &
W.
35th
St., N. Y.
Co., Inc., N. Y.
Programs For Television, Inc.
Aug. '29, -1961 filed 150,000 common.
Price—By amend¬
ment. Business
The distribution of films for motion
pictures and television. Proceeds—For
repayment of debt
and working capital.
Office^-1150 Avenue of the Ameri¬
cas, N. Y. Underwriter—To be named.
;
—
-
■
•
Volume 194
•
Progression
June % 4961
ness
.
and
/
;
,
The Commercial and Financial Chronicle
//'
;./
1
(^Heg. A") .60,000
mechanical
,•
Corp.
.
common., Priqe-^-45. BusiManufacturers of
electronic, electro mechanical
—:
rate
.Number 6108
devices.
Proceeds—-For
■
general
corno-
purges. vpmce-44-25 /128th St., % College
N. Y. Underwriter—Charles.Plohn
ing—Imminent.
^
&
^
>
Point,
Co., N. Y. Offer¬
v
Rantec
•
Corp. >(1.1/28)
-;v?;
Rochester
-
ment and manufacture of microwave
ceeds—General
corporate
.
tures
components.
purposes/
Pro¬
O f Lie e—23999
Prufcoat
25,
Laboratories, Inc. -e/:''■
1961
filed
•
,
manufacture
of
a
ceeds—For
establishment of distributorships,, purchase
materials, repayment of debt/advertising and working
capital.
Office—5913 Carrier St., N;/St; Petersburg, Fla.
Address—Greenville, S. C.
Co., Inc., Asheville, N. C.
'Pyrometer Co. of America, Inc. (12/4-8)
Sept. 26, 1961 filed 300,000 common. Price—By amend-;
ment. Business — Design and manufacture of thermo-,
and
electronic
indi¬
E.
Lincoln Highway, Penndel, Pa.
Arnold Malkan & Co., Inc., N. Y/ '
Quartite Creative Corp.
Sept. 27,1961 filed 100,000
—Manufacture
of
home
(11/28-29)
furnishing products;
—For research,.new products and
Underwriter-^-
Associates, Inc. and Godfrey, Hamilton, Taylor &
Quick-Chek
Electronics
&
Photo
$100
Corp.;-ry"-'*/'
a
poses.
New York.
-v'."'"v;/';/.y:
<;■
Office—400 Stanley Ave., Brooklyn, N. Y. Under¬
Y. (mgr.).,
V > \./'
writer—Lieberbaum & Co., N.
Rubber <& Fibre Chemical Corp.
(12/20)
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvulrubber. Proceeds—Purchase of 'equipment and
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under-,
canized
writer—Armstrong & Co., Inc., N. Y.
/
y
v
;,
Russ
Togs, Inc. >
./• .-/•■/
■
.■'/.•/•.■//•/■' /<""•'
Oct. 3, 1961 filed 107,571 outstanding class A shares to
be offered for subscription by stockholders. Price—By
&
amendment.
Business—Manufacture of women's sports¬
Proceeds—For
selling stockholders. Office—1372
Broadway, N. Y. .Underwriter — Shearson, Hammill &
Co., N. Y. Offering—Immanent.
wear.
Russell
warrant to purchase 12.5 shares
unit for each 20 shares held.
Nov.
Price—
Proceeds—General corporate purposes.
—666 Fifth
_
one
unit. ; Business—General real estate and
per
Proceeds
Co., N. Y.
•
the basis of
struction.
Business
working capital.- Of¬
fice—34-24 Collins Place, Flushing, N. Y.
Shell
on
.'//v V
;:'
Price—$5.
common;
$100 of debentures and
Underwriter,' // - -
'■
Royal Land & Development Corp. (12/4-8)
/
Aug, 2, 1961 filed 900,000 class A common shares. Price:
—$1. Business — General real estate and construction.
Proceeds-^For construction and general corporate pur¬
convertible
Underwriter—McCarley
Co./, /-/•'• ;:V-
-
Realty Equities Corp. of New York (11/27-12/1)
Sept. 28, 1961 filed $1,675,800 of subord. debentures due
1971 (with warrants attached) to be offered for subscrip¬
tion by stockholders in 16,758 units, each
consisting of
cating and controlling instruments. Proceeds—To finance
the purchase of Hamilton Manufacturing
Go., Inc. Office
—600
20-year 6%
common; Price—$5.
electronic equipment. Pro-'/
24, 1^1 filed $600,000 of 6% conv. subord.; deben¬
tures due 1976 and 120,000 common shares to be offered •
in units consisting iof one debenture and two ahares. ''
Price—$25 per unit. Business—Sale of rebuilt automobile
engines and reground crankshafts to (automobile parts
jobbers. Proceeds—For working capital and general cor¬
porate purposes. Office—1060 Huff Rd., N. W., Atlanta,,
Ga. Underwriters—Robinson^Humphrey
Co., Inc., and ;
Courts & Co., Atlanta.
j
Price—$20.50 per unit. Business
—Development and operation of shopping centers and
properties. Proceeds—General corporate purposes.
•
transducers
one
of
^
>
t
60,000
repayment,/new products, -equipment^ sales
Rogers <John)
other
Underwriters—To be named.
temperature
shares and
'
Inc.
A")
Oct.
subordinated debenture.
of
couple
common
("Reg.
promotion and advertising.
Office — 562; Grand Blvd.,'
Westbury, N.Y. Underwriter—Charles Plohn & Co., N.Y.
/•Real Estate Fund, Inc.
Sept. 28, 1961 ("Reg. A") 14,634 units each consisting of
seven
1961
29,
ceeds—Debt
—
ness—The
Inc.
Business—Manufacture
f
Price—$3.25. Busi- /
massaging mattress. Pro? *
Power,
'/. Rodale Electronics,
.
•
Rocket
Sept.
.
•/
unit. Business—?
per
11/27-12/1)
common. Price—By amend¬
ment. Business—Development and manufacture of solid
propellants, rocket motors, rocket catapults and related
products. Proceeds—To repay debt. Office—Falcon Field,
Mesa, Ariz. Underwriters—Paine, Webber, Jackson &
Curtis and Prescott ■& Co,, N.
^
.
common.
eight shares. Price—$90
Sept. 20, 1961 filed 200,000
—
Pulsa-Tronics, Inc.
Sept. 28, 1961 filed 100,000
and
furniture, equipment, and ssup^'
plies to schools, hotels, hospitals and industrial com¬
panies. Proceeds—For working capital. Office—r8 /Jay
St., Rochester, N. Y. Underwriter—Saunders, Stiver &s
Co., Cleveland. '/ •,
' *
//
.
—
* >
Manufacture and sale of
Ventura Blvd.,
Calabasas, Calif. Underwriter—Blyth &
Co., Inc., N. Y.
v'
60,000 common, of which13,000 I
Rapid-American Corp.
shares are to he offered by the
company and 47,000 by
Nov. 1, 1961 filed $8,367,000 of conv. subord. debentures
a .stockholder.
Price—By amendment. Business—Devel¬
due
1976, to be offered for subscription by common
opment and production of plastic-base protective coat- V
stockholders and 5%% conv. debenture holders at the
ings, paints and primers. Proceeds—Purchase of
equip¬
rate of $100 of new debs, for each 25 common held and
ment and other corporate purposes. Office—63 Main St
7 $100 of new debs, for each 25 common into which the
Cambridge, Mass. Underwriter
Chace, Whiteside & - outstanding 5% % conv. debs, are convertible. Price—
Wmslow, Inc., Boston. •<: • ./ V- / %// /,/{
,..//
At par. Business—Manufacture of metal
signs, plastic
Publishers Vending
Services, Inc.
toys, novelties, etc. Proceeds^—To increase ownership in
1961-filed $600,000 of 5V2%
convertible sub-;
McCrory Corp. and general corporate purposes. Office—
ordinated debentures due
1971; 120,000 common shares £ 711 Fifth Ave., N. Y. Underwriter—None.'
y- y '
; =
"*
which underlie 2-year first warrants
exercisable at $7.50
Rapid Film1 Technique, Inc. -y/
per share, and 120,000 common shares which underlie
Sept.' 19,. 1961 filed 70,000 common. Price—$4. Business
5-year second warrants, exercisable at $10 per share. •
—The rejuvenating and repairing of motion picture film.
The securities are to be offered for
public sale in units
Proceeds—For debt repayment and ' general corporate
of one $100 debenture, 20 first warrants
and 20 second
purposes. Office—37-02 27th St., Long Island City, N/ Y/
warrants. Price—$100 per unit.
Business—The design, * Underwriter—Herbert
Young & Co., Inc., N. Y.
manufacture, sale and leasing of coin-operated vending '
y
Raritan Plastics Corp.
machines
for
magazines, newspapers and paperback
Sept. 28, 1961 filed 100,000 class A common. Price—$5.
books. Proceeds—-For the
repayment of debt, advertis¬
Business—Extrusion of plastic sheets. Proceeds—Equip¬
ing, sales promotion, and the manufacture of new ma¬
ment, debt - repayment and working capital. • Office—1
chines. ; Offifce—1201 South Clover Drive,
Minneapolis Raritan Rd., Oakland, N. J. ^Underwriter—Gianis &
Underwriter—D. H. Blair &
Co.,
Co., New York.
:
///:///
Inc., N. Y. Offering—Expected in late December.
Puerto Rico Capital Corp.
•
Raymond Engineering Laboratory, Inc.
Sept. 13, 1961 filed 750,000 common. Price--$10. Business
—A small business investment
(11/27-12/1) ;::/>;-y;:.
i-APt •
tcompany. Proceeds—For j
Aug. 15, 196Lfiled 100,000 common shares, of which 50,general corporate purposes. Address—San Juan, Puerto
000 shares are to be offered by the company and 50,000
Rico. Underwriter—Hill, Darlington &
Grimm, N. Y. y
shares by stockholders. Price—By amendment. Business
Pulp Processes Corp. (11/2741^2^1)
—The manufacture of timing devices, accelerometers
Sept. 20, ;1961 filed 140,000 common. 'Price—$5. Business
and related equipment for missiles, satellites and space
—Development of pulping and bleaching devices. Pro¬
vehicles. Proceeds—For repayment of loans, equipment,
ceeds—General corporate purposes.
Office—Hoge Bldg., ; and
working capital. Office—Smith Street, Middletown,
Seattle, Wash/ Underwriter—Wilson, Johnson & Higgins,
Conn.
Underwriter
Lee Higginson Corp., New York
San Francisco. ■'
•.
Sept.
Capital Leasing Corp.
Oct. 30, 1961 filed $625,000 of .6% convertible subordi¬
nated debentures due 1972 and 100,000 'class A to b^
offered in 12,500 units each consisting of $50 of deben- '
which 50,000 are
by the company and 50,000 hy .stockhold¬
Price—By amendment. Business—Design, develop¬
to be offered
ers.
43
(2211)
Oct. 16, .*1961'.filed. 100,000 common, of
>>
ment.
con¬
1,
Stover
1961
Candies, Inc.
filed 130,000 common. Priee—By
Business—Manufacture of candies.
amende
Proceeds—For
selling stockholders. Office—1206 Main St., Kansas City,
Mo/ Underwriters—Harriman Ripley & Co., Inc., N. Y.
Office
Ave., N. Y, Underwriter—Sutro Bros. & Co.,
/':/'y
y
'i ?: ■/
and Stern Bros. &
Co., I Kansas City, Mo.
Recco, Inc. (12/18-22)
/;'/ • S. O. S. Photo-Cine-Optics, Inc. (12/4-8)
Oct. 19, 1961 filed 75,000 class A shares. .Price— By
June 29, 1961 filed $50,000 of 6% subordinated deben¬
amendment. Business—Operates record, card and sta- / tures due 1969 and 30,000 common shares to be offered
tionery departments in discount stores. Proceeds—For
in units consisting of $10 of debentures and 10 common
expansion,/Office—1211 Walnut St., Kansas City, Mo.
shares. Price—$40 per unit. Business—The manufactur¬
,
Underwriters — Midland Securities 'Co., Inc., Kansas
ing, renting and distributing of motion picture and tele¬
:V
City, Mo. /: y//;:/;■■://,,;-y.y,//:
vision production equipment. Proceeds—For new equip¬
Sept: 28, "1961 filed 110,000 common,' of which 70,000
shares- areto -be i offered by the coinpany arid 40,009 by / //,;•; Recreation Associates,'/Inc.///..yy/:/.,'/ ;-:\:y.///y.«'-'/: 5 ment, advertising, research and development, working
Aug. 14, 1961 filed 100,000 class A common. Price—$3.
< capital and/other corporate purposes.: Office—602 W.:, r
stockholders. Price—$10.: Business—Manufacture of self52nd St, New York. Underwriter — William, David &
Business—The operation of a bowling center. Proceeds—
service tube testers and the sale of television, fatiio and •
For working capital. Office—8905 Columbia Pike, Falls / Motti, Inc., N, Y.
">'i,l/V
■"'■///■ '■ / -'
high fidelity receiving tubes, iProceeds—For debt re¬
Church, Va. Underwriter—None.
:/'/;.//< Vi,^y,' .'/■•'
Sabre, Inc.
"v;^h'r//'/ ''
payment and working capital. > Office—5212 Pulaski Ave.,
• Red Rope
Stationery Industries,. Inc.'-'"// // ; /;/J/^x' Sept. 25, 1961 ("Reg/ A") 50,000 common. •/ Price—$2.
Philadelphia. ^Underwriter-Xj. R; WilHstori&Beane, N. Y/>
Aug. 23, 1961 filed 160,000 common/ Price—$3.50. BusiBusiness—-Manufacture of pre-painfed aluminum siding
RF Interonics, Inc.
y' '■
/J/
ness—The manufacture of stationery supplies. Proceeds
and accessories. Proceeds—'For inventory, dies, inventory
Oct. 30, 1061 filed 40,000 common. Price—$5. Business
—For working capital, equipment, expansion and repay- r>.
equipment and'working capital. Office—4990 E. Asbury, ^
—Manufacture of radio frequency interference filters"
ment of debt. Office—70 Washington St., Brooklyn, N. Y.
Denver; Underwriter—Schmidt, Sharp, McCabe & Co.,
and capacitors. Proceeds—-For equipment, working cap¬
Underwriter—George, O'Neill & Co., Inc., N. Y. (mgr.).
Inc., Denver.
/"'V.'' ■"'/:\;'
ital and other corporate purposes. Office—15;Neil Court,
Offering—Imminent.
/ V'"/; •'/
>:'//'/Z1
■' *
• Saegertown Glasseals, Inc.
Oceanside, N.. Y. Underwriter—Arnold. Malkan & Co.,:
Red Wing Fiberglass Products, Inc.
N. Y. Offering—Expected sometime in .January. ////V:
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
July 28, 1961 ("Reg. A") 260,000 common. Price—$1.15.
to be offered by the company and 110,500 by stockhold¬
Racing Inc.
/'/;-///V-//-'v/:/;//;'/, Proceeds
Debt repayment, building improvements,
ers.
Oct. 16, 1961 filed 1,250,000 common. /Price—Up to $4..
Price—By amendment. Business—Manufacture of
equipment, research and development, and working cap¬
electronic parts, including diodes and rectifiers.
Pro¬
Business—Company plans to build and operate an auto¬
ital/Office—Industrial Park. Red Wine. Minn. Under¬
mobile racing center.. Proceeds—General corporate pur¬
ceeds—For general corporate purposes.
Office—South
writer—York & Mavroulis, Minneapolis. Note—This let¬
Main St,, Saegertown, Pa. Underwriter—Carl M. Xoeb,*
poses.
Office—21 N. 7th St., Stroudsburg, Pa., Under¬
ter/was temporarily postponed.
1
/
writer—None.
v- '■;;;•■;/ y T:
Rhoades & Co., N. Y. Note — This company plans to
y/y/;,; /■/. .■ ;•< '■ • 'Regal -Homes, Inc.
merge with Glass-Tite Industries, Inc., subject to ap¬
Radar Design Corp.
■;?
/'/''■•/' Y ///
Aug. 15, 1961 filed 51,000 capital shares.
Price—$12.
proval of stockholders.
Sept. 22, 1961 ("Reg. A") 25,000 common. Price—At-the-
/sS',vvC12/II.15
-
,
-
.
.
.
—
.
Business—For
market.
Business—Manufacture
Proceeds
and
N.
—
For
acquisition of
of
a
electronic
products.
laboratory, equipment,
working capital, Office—104 Pickard Dr., Syracuse,.
Y.
Underwriters—Bertner
Bros., N.
Y.;
Earl Edden
Co., Rockville Centre, N. Y. and Max Philipson & Co.,Inc., Utica, N. Y.
.y,;/r *
•
Ragen
Precision
Industries,
Aug. 31, 1961 filed 100,000
Inc.
Price—By amend¬
of precision parts,
components, assemblies and subassemblies for the; busi¬
ness
machine, electronic and aircraft industries. Proceeds
For equipment, repayment of loans and general corpo¬
rate purposes. Office—9 Porette Ave., North Arlington,
N.J. .Underwriter—Marron, Sloss & Co., Inc., N.Y. (mgr.).
Offering—Imminent, y
/ "" VVy
ment.
Business
—
The
common.
manufacture
and mortgage
construction
financing.
Address—Hopkinsville, Ky.
liard
•
&
and
sale
of
"shell"
homes
Underwriter—J. J. B. Hil-
Sons, Louisville. Offering—Imminent.
^Reher Simmons
Research, Inc.
May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For plant construction, equipment, research
and development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co.,'N. Y. (mgr.). Offering
—Imminent.
•
'
-
Ripley Industries,
penses, expansion, advertising and promotion, repayment
of debt and
working capital.
Office—29-14 Northern
Inc., and Jomar.Plastics, Inc.
27, 1961 filed 100,000 common shares of Ripley and
100,000 of Jomar to be offered in units consisting of one
share of each company. Price—By amendment. Business
—Manufacture of wood and plastic heels for women's
shoes, metal molds and dies, .bowling pins, bowlings
shoes and related products. Proceeds—For general cor¬
porate purposes. Office—4067 Folsom Ave, St. Louis and
Rio Fiedras, Puerto Rieo. Underwriters—Paine, Webber,~
Blvd., Long Island City, N. Y.
Jackson
Rainbow Photo Laboratories, Inc.
Sept. 28, 1961 filed 150,000 common. Price—By amend¬
ment;' Business—Processing of film and distributing of
photographic"
equipment.
Walker & Co., Inc., N. Y.
Proceeds—For
moving
ex-
Underwriter—Rodetsky,
\,:r
Oct.
& Curtis
and
Sav-Mor Oil Corp.
Proceeds—For working capital.
American
Securities Corp., N. Y.
Offering—Expected sometime in January.
;
*
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$230. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds-—For ex¬
pansion. Office—151 Birchwood Park Dr., Jericho,
Underwriter—Armstrong & Co., Inc., N. Y.
L. I.,
N. Y.
Of¬
fering—Expected sometime in January.
(12/JL8-22)
^
A") 150,000 common. Price—$2.
Business—A plan to stimulate retail merchandising in
New York City. Retail establishments who join the plan
will give 3% discounts to members of the Save-Tax
Club. Proceeds—For salaries to salesmen, advertising,
public relations, additional employees, /and working
capital. Ofifce—135 W.;52nd Bt., N; Y. Underwriter—B./
G. Harris & Co./ Inc., NVY//'
•
Save-Tax Club,
July
6,
1961
Inc.
("Reg.
Business Machines Corp.
Savin
(12/11-1.5 L
Sept. 28, .1961 filed 150,000 common.,-Price—$10. . Busi- ness—Distribution of products for use
in photocopy ;
machines.
Proceeds—For initial production of xeroj
graphic machines, additional
;-
^
/ /
;
./'■
equipment, expansion ana
Continued on page 44 k
;
rff-
'
44
(2212)
The Commercial and Financial Chronicle
Continued from page 43
ated
working capital.
Office—161 Ave. of the Americas, N. Y.
Underwriter—Ira Haupt & Co., N. Y.
*
★ Schultz Sav-O-Stores, Inc.
13, 1961 filed 160,000 common, of which 75,000 are
to be offered by the company and 85,000
by stockhold¬
ers.
Price—By amendment.: Business—Wholesale food
Nov.
distribution
—For
Wis.
•
and
operation
expansion.
of
supermarkets.
Office—2215
Union
Underwriter—Blunt Ellis &
Science
Research
Proceeds
Ave., Sheboygan,
Simmons, Chicago.
Associates,
22,
1961
Co., N. Y.
•
Sheraton
selling
"
■
7
Corp. of America
(12/18-22)
Proceeds—For
Oct. 30,
Office—470
Atlantic Ave., Boston. Underwriters—Paine,
general
corporate
Mines
Underwriter—None.
Erie
amendment. Business—A small business investment
N. ,Y. and William Blair & Co., Chicago.
Seashore Food
Products, Inc. '
("Reg. A") 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
food products. Office—13480
Cairo Lane, Opa Locka,
.
Aug. 29,
Fla.
;
•
1961
Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
Sea-Wide
common.
Price—$4. Business
«—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, Pa. Underwriter—Amos Treat & Co., N. Y, Of¬
fering—Expected in late December.
777,,7*;7w,:77
Security Acceptance Corp.
" ; , , ,
7, 1961 filed 100,000 shares of class A common
stock and $400,000 of 7Y2% 10-year debenture
bonds, to
be offered in units consisting of $100 of debentures and
25 shares of stock. Price—$200
per unit. Business—The
March
purchase
of conditional
sales
contracts
home
appli¬
ances. Proceeds
For working capital and expansion.
Office—724 9th St., N. W.,
Washington, D. C.
Under¬
on
—
writer—None.
3,
1961
Inc.
("Reg. A") 272,700
Proceeds—General
corporate
Price—$1.10.
Office—1020 E.
Wendover Ave., Greensboro, N. C. Underwriter—Allied
purposes.
Securities Corp., Greensboro, N. C.
—
By
Shoes,
Sept. 19, 1961 ("Reg. A") 300,000 common. Price—$1.
Business—Retailing of shoes on a self-service basis. Of¬
fice—504 N. Grand, Pueblo, Colo. Underwriter—Amos C.
Sudler &
Co., Denver,. Colo.
Sel-Rex Corp.
Sept.
will
27,
be
holder.
1961
sold
(12/5)
filed
200,000
by the
of which 33,000
167,000 by a stock¬
common,
company
and
Price—By amendment. Business—Production of
gold compounds and chemicals for electroplating. Office
—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
curities & Co., N. Y.
Sell
'N
Serv
Dispensers, Inc.
("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Manufacture of dispensers for hot and cold bever¬
ages. Proceeds—For debt repayment and general corpo¬
Oct. 17, 1961
rate
purposes.
Office—20 Simmons
St., Boston.
Under¬
writer—Goldsmith, Heiken & Co., Inc., Brooklyn, N. Y.
•
Semicon,
Inc.
other household
and
modernization
working
N.
Y.
goods. Proceeds
of
Columbia
Underwriter—Continental
Bond
St.,
Share
&
Corp.,
corporate purposes. Office—454 Livonia Ave.,
Brooklyn, N. Y. Underwriter—Edwards & Hanly, Hemp¬
stead, N. Y. /■•:*'/7C7v7v 7'777777 77:
Development Corp. of America
1961 filed 56,000 common, of which 30,000 are
to be offered by the company and 26,000 by stockhold¬
ers. Price—$5. Business—Design, development and man¬
ufacture of devices using sound or fluids as a source of
energy. Proceceds—For general corporate purposes.'Office—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N, Y. 7
27,
Sonic
30,
Systems,
•
75,000
of
28,
1961
filed
debentures
205,710
due
writer—D.
common.
with
1976
Nov.
20
N.
Underwriter—J.
C.
Southern
June
28,
Growth
1961
Business—A
filed
small
C.
100,000
Greenville, S. C.
S.
&
Office—Poinsett Hotel
Servonuclear
Sept.
12,
1961
Corp.
("Reg. A")
Business—Manufacture
Proceeds—For
plant
of
100,000
Va.
relocation,
equipment,
inventory,
ment.
new
products, debt repayment and working capital. Of¬
Astoria Blvd., Astoria, L. I., N. Y.
Under¬
writer— Rothenberg/ Heller &
Co., Inc.; N. Y.
fice—28-21
Servotron Corp.
Sept. 25, 1961 filed 100,000
Pro¬
ment.
Price—$5. Business
and
products.
processing machines and other
Proceeds—Purchase of equipment
inventory, sales promotion, research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None: *
- «•
;
•
Shaer
Shoe Corp.
and
Dow
Underwriter—Best & Garey Co., Inc., Washington, D. C.
Offering—Expected sometime in January.
Manchester, N. H.
Underwriter-
Shasta
Minerals
April 24,, 1961
&
Chemical
Development
Aug. 28, 1961 filed 600,000
A
Price—$10.
common.
business investment
•
Age Materials
(12/18-22)
Space
Sept.
19,
1961
Business—The
("Reg. A")
manufacture
—
Bank Bldg., Salt Lake
City, Utah. Underwriter
Offerings-Expected sometime in December.
—
None.
Corp.
Shatterproof Glass- Corp.
.
Oct. 27, 1961 filed 215,000
common.
ment.
Business—Manufactures and
.
—
,
100,000 common. Price—$3.
of high temperature mate-/
rials for the space, nuclear and missile fields, and com-:
ponents
used
in
the
communications
field.
Proceeds—,
Price—By amend--
equipment, research and development, and working
capital. Office—31-26 Greenpoint Avenue, Long Island
City, N. Y. Underwriter—Manufacturers Securities Corp.,
distributes
511
*
;
I
+
lamin¬
5th
Ave., N." Y.
"...
ment.
ucts
Business—Distributes
franchised
to
ment,
inventories,
Ofifce
poses.
—
food
and
associated
prod¬
retail
stores., Proceeds—Debt, repay-!
expansion and other corporate pur-t
101
Jefferson
Ave.,- Hopkins, .Minn.
Underwriters—White, Weld & Co., Inc., N. Y. and J. M,
Dain
&
Co., Inc., Minneapolis.
'
•
'
'
*.7
Industries
,•
manufacture
tables
(SAMCO)
For
'
Super Valu Stores, Inc. (12/5)
7
Oct.-.ilr *1961, filed., 115,000 common. Price-*7By. amende
—The
Business
Co.
filed
500,000 shares of common stock.
Price—$2.50 per share.
Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—^
For general corporate
purposes. Office
1406 Walker
,
Proceeds
states. Proceeds—General corporate
Office—3601 N. W. 50th St., Miami, Fla. Underwriterr—Seymour Blauner. Co., N; Y.;;,.7.7,'.:5 <7/7
Corp. 711/20-24) *;
i
Aug. 29, 1961 filed 125,000 common. Price—$4. Business
Co.
for in¬
vestments.
Office—1101 N. First St., Phoenix.
Underwriter—Wilson, Johnson & Higgins, San Francisco (mgr).
company.
southeastern
Superior
(11/20-24)
—
St.,
development and general corporate pur- *
Office—1432 W. Main St., Oklahoma City, Okla.1
&
Proceeds—For general corporate purpose. Office—111 W.
50th St., N. Y. Underwriter—Hirsch & Co.
purposes.
and
Research
Price—By
ufacturing, international engineering and sales activities.
other
-
Proceeds—For
Factories, Inc.
10,'1961 ("Reg. A") 100,000 capital shares. Price
—$3> Proceeds—For debt repayment; equipment, -'re¬
Southwestern
common.
Inc., N. Y.
Southwest
poses.
1961 filed 150,000 class A
City Dairy Products, Inc.
Oct. 27, 1961 filed 120,000 common.
Price—$5. Business
—Distribution of eggs and dairy products in Florida and
Oct.
(11/20-24)
Dean Witter & Co., San Francisco.
investment.
capital. Office—1537 W.
Underwriter — Marron,
Sun
,
ment.
Canal
working
Ave., Linden, N. J.
Co., N. Y.
Business—Company was recently formed
by Struthers Wells Corp., to take over latter's recent de¬
velopments in saline water conversion and certain man¬
Price
Price—By amend-
common.
sharpening of scalpels.
the manufacture
(12/18-22)
of
search
and
expansion and
Proceeds—For
Oct. 23,
Inc.
estate
/77//7;7'7; 7'77 f
•••
•
Equipment Corp.
amendment.
of loans and working capital. • Office-—2501
Georgia Bldg., Atlanta. Underwriter—Johnson,
Lane, Space Corp.,- Savannahs < r
"i 7'77;;'v.-<r".Bank
Sept. 18, 1961 filed 225,000
common. Price—By amend¬
Business—The manufacture and sale of
women's
shoes. Proceeds—For the
selling stockholders. Office-
Syndicate,
1961 .filed 300,000
/.
Struthers Scientific & International Corp.
Miami
Business—Real
Underwriter—N. A, Hart
•
Elizabeth
repayment
•
common.
-—Sale of automatic film
electronic
Southern
amend¬
of
Sterling Extruder Corp. (12/4-8)
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
to be offered by the company and 70,000 by the stock¬
holders. Price—By amendment. Business—The manufac¬
ture of plastic extrusion machinery and auxiliary equip¬
Beach, Fla.
Underwriters —
Hirsch & Co., and Lee Higginson Corp., both of New
York City (managing).
Sept. 13,
electronic
Price—By
common.
Manufacture
of scal¬
pels. Office—434 Buckelew Ave., Jamesburg, N, J. Un¬
derwriter—Louis R. Dreyling & Co., Inc., New Bruns¬
wick, N. J. Offering—Expected sometime in January.
repayment of debt, the development of property* work-:
ing capital and other corporate purposes. Office—1674
Price—$2.
products.
common.
medical
Plant
Proceeds—For
of principal amount. Business—The develop-;
unimproved land in Florida. Proceeds—For the
Avenue,
100,000
—
Business—The manufacture
• Southern
Realty & Utilities Corp. (11/27-12/1)
May 26, 1961 filed $4,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 41,000 common
shares, to be offered for public sale in units of $500 of
Meridian
Industries, Inc.
St., N. Y.
Co., Bayside, N;-: Y. ,; •: 7
Sloss &
ment of
Salisbury Street, Raleigh, N. C. Under¬
& Co., Inc., N. Y. (mgr.).
Liederman
.
Building,
shares.
es¬
Products, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
v
common
subsidiary,
Sterile Medical
Underwriter—Capital Securities Corp.,
C.
a
("Reg. A") 100,000 common. Price—$3. Pro¬
equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
•:7.. 77.r;
Price—$6.
company.
unit. Busi¬
ceeds—For
(12/4-8)
shares.
investment
per
Oct. 2, 1961
purcnase
Co., Richmond,
common
business
ceeds—For investment.
Greenville,
Wheat
Industries, Inc.
E.
Business
Steel
Price—By amendment. Busi¬
ness—Repurchase of mortgage notes, contracts, leases,
etc. Proceeds—Repayment fo debt, investments and other
corporate purposes. Office—615 Hillsboro St., Raleigh,
•
loans, advances to
Office—252 W. 30th
&
shares.
common
Price—$3
boxes, brochures,
packaging materials and packaging machines. Proceeds
—For debt repayment and general corporate purposes.
of
to
warrant.
one
1961' filed
3,
ment.
A
warrants
S.
Starmatic
Co., Inc., N.'Y.
class
7
(11/27-12/1)
tablishment of branch sales offices and working capital.
200,000 shares of common stock, to be offered in units
consisting of $100 of debentures with a warrant to pur¬
chase
and
—For repayment of
ultrasonic
Business—Manufacture
Inc.
ness—The construction and sale of shell homes. Proceeds
Office—336
N. Y. Underwriter—Keene &
amendment.
Homes,
share
mon
,
Price — $2.
cleaning
equip¬
ment, systems and transducers. Proceeds—For expansion
and working capital. Office—1250 Shames Dr., Westbury,
Sept.
Star
June 28, 1961 filed 133,000 commn and 133,000 warrants
to be offered in units, each unit consisting of one com¬
Inc.
("Reg. A")
1961
Price
military, industrial and commercial
plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York
(managing).
financial 7 information.
of
general
Sonic
Oct.
semi¬
Proceeds—For equipment,
Business—Publishers
Price—$4. Business
—Design, manufacture and sale of heavy-duty stainless
steel equipment.
Proceeds—For debt repayment and
Brooklyn,
Maple wood, N. J.
—By amendment.
use.
Co., N. Y. Offering—In Jan.
Oct." 26,
—At 100%
Business—The manufacture of
7>■ -V
.
Stanley Industries Corp.
1961 filed 80,000 common.
For expansion
—
buildings, repayment of debt and
Office—253
capital.
June 30, 1961 filed 125,000 class A common shares.
conductor devices for
/•
selling stockholders.
Office—345 Hud¬
son St., N. Y.
Underwriter—Smith, Barney & Co., N. Y.
Offering—Expected in late January;
Co.,
debentures and warrants for five
(12/11-15)
Co., Inc., N. Y. Offering—fn
- •
Slandard'ilndustries, Inc. Oct/13, 1961 filed 210,000 common, of which 183,000 are
to be offered by the company and 27,000 by a stock¬
holder.
Price—By amendment.
Business—Production
of crushed limestone, gravel, and ready-mix concrete
and construction of highways, etc.
Proceeds—General
corporate
purposes.
Office—731
Mayo Bldg., Tulsa,
ment.
Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50. Busi¬
ness—The instalment retailing of furniture, appliances
nated
Inc.
&
ic Standard & Poor's Corp.
777' •TO;/-"''
Nov. 13, 1961 filed 261,896 common. Price—By amend¬
shares. Price—By
vinyl sheetings.
rnent.
.jietworks>-pr&€,wl(js—7or equipment and working capital." Office
for da a and program
transmission, filters, transceivers
241 ch
h st
N f Underwriters-.!! Heptz & Co. and
and related electronic equipment. Proceeds—For
equip^
;
Allen & Co.rN. Y. Offering—Expected in December.
ment, research and development, repayment of loans and
Southern Frontier Finance Co.
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
Sept. 22, 1961 filed $1,000,000 of sinking fund subordi¬
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Self-Service
7-
■
Okla. Underwriter—Allen &
Southbridge Plastic Products Inc.
Price—By amendBusiness—Design aM-manufacture of
•
com¬
Offering—Imminent.
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.
■'
Proceeds—For
Furniture
Brothers
Sokol
Business—Manufacture
common.
^/7/7;'77i'/7
(11/27-12/1)
Capital Carp.
1961 filed 1,000,000 capital shares. Price
Proceeds—For general corporate purposes. Office
—105 Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towbin Co., N. Y.
Oct.
Security Group,
Oct.
Sierra
and
Electronics, Inc.
Sept. 26, 1961 filed 200,000
•
pany.
;/
,
-
Office—62 Richmond St., West, Toronto, Canada. «
7 "7 77,7; :!7
poses.
Malkan
_/'.
.*.
•
Proceeds—For general corporate pur- /
Sept. 5,
Co.,
writer—Arnold
January.
Ltd.
Sept. 18, 1961 filed 250,000 common. Price—By amend¬
Business—The exploratory search for silver in
northern Ontario.
Spears
(L. B.), Inc.
1961 filed 65,000 common. Price—$5. BusinessOperation of retail furniture stores. Proceeds — For
working capital. Office—2212 Third Ave., N. Y. Under¬
ment.
intelligence, aptitude, and
&
•
purposes;
Webber, Jackson & Curtis, Boston and S, D. Lunt & Co.,
Buffalo, N. Y.
.'■7/77
1
-iV77:
Siconor
Weld
("Reg. A") 90,000 common. Price—$3. Busi¬
of a synthetic elastic yarn and other
synthetic fibres. Proceeds—For general corporate pur¬
poses. Office—186 Grand St., N. Y. Underwriter—Mc¬
ness—Manufacture
properties.
Inc.
Underwriters—White,
/
Laughlin, Kaufman & Co., N. Y. Offering—In January,
tests,
Chicago.
Spandex Corp.
•
and
instructional
materials
for
schools.
Proceeds—For repayment of debt, redemption of
6% preferred stock and working capital. Office—259 E.
St.,
Thursday, November 16, 1961
.
Oct. 25, 1961
Underwriter—Shields
7
■
stockholders.
.
30, 1961 filed $8,000,000 of 7V2% capital income
sinking fund debentures due 1989. Price—By amend¬
ment. Business—Operates hotels and other real estate
150,040 common, of which 100,000
shares are to be offered by the
company and 50,040
shares by stockholders.. Price—By amendment. Business
achievement
Proceeds—For
Ave., Detroit.
Oct.
filed
—Publication of standardized
glass.
&
(11/27-12/1)
Sept.
safety
Office—4815 Cabot
.
and
related
of
folding^.pool tables, table tennis
accessories.
Proceeds
For general
corporate purposes. Office—520 Coster St., Bronx, N. Y.
Underwriter—Brand, Grumet & Seigel, Inc., N.Y.(mgr.).
—
^ Survival, Inc.
:
Oct 25, 1961 ("Reg. A") 150.000 common.
Price—$1.50
Business—Manufacture of fallout survival"shelters and
equipment.
Proceeds—For working capital.
Office—
,
1820
Mt.
Meigs
None.
•
Susan
Crane
Rd.,
Montgomery Ala.
"
7" 7/
Packaging,
Aug. 28, 1961 filed 150,000
ment.
Inc.
common-.
Underwriter—.
(11/27-12/1)
Price-—By amend¬
Business—The manufacture of g?ft
wrap,'packag¬
ing materials and greeting cards. Proceeds—For repay¬
ment of loans, expansion,
working capital* and general
Volume
* Number
194
6108
.
.
The Commercial and Financial Chronicle
.
(2213)
corporate
purposes.
Underwriter—C.
E.
Office—8107 Chancellor
Row, Dallas.
Unterberg, Towbin Co., N, Y. C.
Swift
Homes, Inc. (11/29)
15, 1961 filed 240,000 common,
Sept.
Proceeds—To
land,
build a stable, and .buy
Biscayne Blvd., Miami,
Office—8000
Fla.
which
of
80,000
Underwriter—Sandkuhl & Co., Inc.,
Newark, N. J.,
and New York City. Offering—Imminent.
will be sold
ers.
purchase
additional horses.
by the company and 160,000 by stockhold¬
Price—By amendment. Business—The
manufacture,
sale and financing of factory-built homes. Proceeds—To
expand credit sales and open new sales offices. Address
—1
Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
Dillon, Union Securities & Co., N. Y.
Tidewater
Lumber Co.
Oct. 23, 1961 filed 200,000 common.
Price—$5. Business
-—Wholesale lumber company. Proceeds—For debt re¬
payment
and
working
capital.
Office
—
Hillside
1600
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.
•
Turbodyne Corp.
May 10, 1961 filed 127,500 shares of
$5
Taddeo
Construction &
Leasing CorpkJ
filed 210,000 common. Price—$5. Busi¬
ness—The construction of bowling centers. Proceeds—
For purchase of land and working
capital. Office—873
Merchants Rd., Rochester, N. Y.
Underwriters—Myron
A. Lomasney & Co., and N. A. Hart &
Co., N. Y. Note—
This company was formerly named Taddeo
Bowling &
Leasing Corp. Offering—Imminent.
March
31,
1961
Tasty Baking Co. (11/20-24),
Aug. 31, 1961 filed 100,000 class A common (non-voting).
Price—By amendment. Business—The manufacture of
packaged bakery products. Proceeds — For the selling
stockholders. Office—2801 Hunting Park Ave., Phila¬
delphia. Underwriter—Drexel & Co., Philadelphia.
The
—
stock. Price
common
research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W.,
Washington, D. C. Underwriter—
Sandkuhl & Co., Inc., Newark, N.
J., and N. Y. C Offer¬
ing—Expected sometime in January.
.
Turner
.
•
share. Business
per
45
Tip Top Products Co.
Engineering & Automation Corp.
(12/11-15)
(12/12)
23, 1961 filed 121,778 class A and 130,222 class B
common.
Price—By amendment. Business—Design and
Business—Manufactures
manufacture of hair care,
ponents.
Oct.
items., Proceeds—For the sell¬
ing stockholder'. Office—16th and Cuming Sts., Omaha.
Underwriters—White, Weld & Co., Inc., N. Y., and First
Nebraska Securities Corp., Lincoln.
/
o
Sept.
Midland Securities Co.,
Inc., Kansas City, Mo.
Tower Communications Co.
■
(11/27-12/1)
1961
("Reg.
A")
75,000
common.
electronic
Price—$4.
devices
and
com¬
Office—209 Glenside Ave., Wyncote, Pa. Un¬
derwriter
Valley Forge Securities Co., Inc., Phila.
Offering—Expected sometime in December.
—
,
Topsy's International, Inc.
Oct. 16, 1961'("Reg. A") 60,000 class A common. Price—
$5. Business—Operates catering companies. Proceeds—
For working capital. Office—208 Nichols
Rd., Kansas
City, Mo. Underwriters—George K. Baum & Co., and
27,
Tyson
Metal
Products,
Inc.
T
Oct. 26, 1961 filed 70,000
common, of which 21,000 shares
are to be offered
by the company and
49,000 by stock¬
Business—Manufacture
beverage service equipment.
Proceeds—
For working caiptal. Office-g-6815 Hamilton
Ave., Pitts¬
burgh. Underwriter — Arthurs, Lestrange & Co., Pitts¬
I
burgh.
.;•! • •
holders.
Price—By amendment.
of
and
food
.
Tavart Co.
Oct.
$5.
V;/
■
.
■
■>;.
19, 1961 ("Reg. A") 40,000 capital shares. Price—
Business—Manufacture of steel hardware sets and
accessories for garage doors.
ment
and
Orizaba
mond
Ave.,
purposes.
Paramount,
Moore &
Tech
Proceeds—For debt repay¬
Office—14134 S.
general corporate
Calif.
Co., Los Angeles.
Serv,
Inc.
|
common.
^
.
Price—$3. Pro¬
debt
repayment, advertising, equipment and
working capital. Office — 4911 College Ave., College
Park, Md. Underwriter—Switzer & Co., Silver Spring,
Md.
.;.;
.
•
Techno-Vending Corp.
("Reg. A") 100,000 class A
June 9, 1961
Price—
$3. Business—Manufacture of coin-operated vending ma¬
chines. Proceeds—Repayment of loans; sales promotion
and
advertising; expansion;
purchase of raw materials;
research and development, and working capital. Office—
599 Tenth Ave., N. Y. Underwriter—International Serv¬
ices Corp., Paterson, N. J. Offering—Imminent.
Tel-A-Sign.
Inc.
Oct. 30, 1961 filed $900,000
of convertible subordinated
180,000 common to be offered
consisting of $100 of debentures and 20 common.
Price—By amendment. Business—Manufacture; of . illu¬
minated and non-illuminated signs and other advertis¬
ing material. Proceeds—For debt repayment and work¬
ing capital. Office—3401 W. 47th St., Chicago. Under¬
writer—Clayton Securities Corp., Boston.
' '
/
debentures
due 1974 and
in units
common.
communications
towers. Proceeds
For repayment of
working capital. Office — 2700 Hawkeye Dr.,
Sioux City, Iowa. Underwriter—C. E. Unterberg, Towbin Co., N. Y. C. (mgr.).
—
debt and
Transcontinental
Investing Corp. (11/20-24)
Aug. 25, 1961 filed $10,000,000 of 6V2% convertible sub¬
ordinated
debentures
Business —The
buildings
due
Price—By amendment.
of hotels, motels, apartment
business investment company.
operation
and
small
a
Office—375 Park
Trans-Lux
Aug.
000
31,
Ave., N. Y. C.
(mgr.).
Underwriter—Lee Hig-
shares
100,000
Corp.
1961
shares by
common,
of which 150,offered
by the company and
be
stockholders.
Price—By amendment.
ticker projection
equipment. Proceeds. — For expansion, repayment of
loans, new equipment and general corporate purposes.
Office—625 Madison Ave., N. Y. Underwriter — Bear,
Stearns & Co., N. Y* (mgr.). Offering—Imminent.
Business—The
manufacture
of
news
Bank
National
Bldg., Eerio, Nev.
pffice-
Underwriter—
None.
..
■.■
■
Sept. 29, 1961 ("Reg. A") 100,0.00 class A common. Price
—$3. Proceeds—For debt repayment, advertising, re¬
search and development, plant improvement and work¬
ing capital. Office—41 E. 42nd St., N. Y. Underwriter-
payment of bank loans and working capital. Office—82
Edward Lewis Co., Inc.,,
Main St., West
& Co., Inc., N.
Tele-Communications
Corp.
(12/18-22)
N. Y.
•
Telecredit, Inc.
July 24, 1961 filed 155,000
common
shares.
Price—$1.
Business—The development
of high-speed electronic data
Proceeds—For organizational ex¬
establishment of service centers and reserves.
processing
penses,
systems.
Office—100
W.
10th
Street.
writer—Globus, Inc., N. Y.
Wilmington,
Del.
Under¬
(mgr.). Offering—Imminent.
•^•Tennessee Gas Transmission Co. (12/12)
8, 1961 filed $50,000,000 of debentures due 1981.
Price—By amendment. Proceeds—For debt repayment,
expansion and other corporate purposes.
Office—Ten¬
i
Tri-Point
Sept.
are
Tex.
Underwriters—Stone &
Webster Securities Corp., White, Weld & Co., and Halsey,
Houston,
Bldg.,
Stuart & Co. Inc., N. Y.
Texas
Eastern Transmission
Corp.
(11/22)
$35,000,000 of first mortgage pipe line
Price—By amendment.
BusinessTransmission of natural gas and petroleum products and
the production of oil and gas. Proceeds—For debt re¬
payment and construction. Office—Texas Eastern Bldg.,
Houston, Tex. Underwriter—Dillon, Read & Co. Inc., N. Y.
Texas
Electro-Dynamic Capital, Inc.
Proceeds—General corporate purposes.
Office—1947 W.
Ave., Houston.
Co., Inc., Houston.
Underwriter—Moroney,
Texas
Industries,
Gray
&
Oct.
26,
shares
Tennessee
1961
are
175,000
offered by
of water coolers, water cans and portable hot
beverage dispensers.
Proceeds—For debt repayment
and general corporate purposes. Office—6502 Rusk Ave.,
Houston. Underwriter—S. D. Fuller & Co., N. Y.
facture
Thermionix
v
Industries
Corp.
(11/20-24)
July 27, 1961 ("Reg. A") 150,000 common shares (par
10 cents).
Price—$2. Business—The manufacture of a
flexible heating tape.
Proceeds—For construction of a
machine, research and development, sales engineering
and working capital.
Office — 500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. CapaS^Co., New York.
30
North
La
Salle
Street Realty Fund
July 3, 1961 filed 200,000 shares of beneficial interests.
.Price—$5. Business—A real estate investment company.
Proceeds—For investment.
Office—30 N. LaSalle St.,
amendment.
Business—Manu¬
Underwriter—Hill, Darlington & Grimm, N. Y.
1961 ("Reg. A") 260,000 common shares (par
five cents). Price—$1.15. Proceeds—For working capital.
—To
Glenwood
be named.
Ave., Minneapolis. Underwriter
Offering—Expected in January.
Proceeds—For
of
W.
debt
Cohasset
writer—Ezra Kureen
Tripoli Co.,
1961
20,
Business
—
Burbank,
Co., N. Y.
'
St.,
Calif.
"
Under¬
'
,
Inc.
60,000 common. Price
a
—
$5.
wide variety of cosmetics.
equipment, inventory and working
cap¬
ital. Office—1215 Walnut St., Philadelphia. Underwriter
—D.
L.
Greenbaum
& Co.,
Electronics,
Philadelphia.
Inc.
advertising, and working capital. Office
Ave., Woodside, N. Y. Underwriter—Neth¬
erlands Securities Co., Inc., and Seymour Blauner &
Co., N. Y.
development,
•
30th
Tropical Gas Co.,
(11/20-24)
Inc.
8, 1961 filed 135,000 common, to be offered for
subscription by stockholders on the basis of one share
each
six
common
held.
Price
Proceeds—For the repayment of
By amendment.
debt, and working capi¬
—
tal.
Office—2151
Le Jeune
Rd., Coral Gables,
Underwriter—Glore, Forgan & Co., N. Y. (mgr.).
•
Taste
True
process
—
shares.
Price—$5.
operation of plant to
common
The installation
frozen
Fla.
Corp.
Aug. 18, 1961 filed 200,000
Business
and
concentrated guices in bulk. Proceeds—
equipment and working capital. Office
Chicago. Underwriter—None.
For installation of
Thoroughbred Enterprises, Inc.
2, 1961 filed 85,000 common shares.
Price—$4.
Business
The breeding of thoroughbred race horses.
—1206
June
—
Tower
Dallas Rupe
nent.
Petroleum, Bldg., Dallas. Underwriter—
& Son, Inc., Dallas (mgr.). Offering—Immi¬
.......
common.
Price—By amend¬
is engaged in the paving
crushed rock and transit-
concrete. Proceeds—For the
selling stockholders.
Office—2800 S. Central Ave.,
Phoenix, Ariz. Underwriter
Union Title Co.
Co., Los Angeles (mgr.).
(11/27-12/1)
Aug. 28, 1961 filed 150,000 capital shares. Price—$7.50.
Business—The insuring of real estate titles. Proceeds—
For working capital and expansion. Office—222
N. Cen¬
tral Ave., Phoenix. Underwriter—None.
*
.
Union
Trust Life
Insurance Co.
Sept. 25, 1961 filed 300,000
Proceeds
—
common. Price—By amend¬
life, and health and accident in¬
For investment.
Office
—
611
N.
Broadway St., Milwaukee. Underwriters—H. M. Byllesby & Co., and Straus, Blosser & McDowell, Chicago.
Offering—Expected in late Nov.
*
United Aero Products Corp.
Sept. 28, 1961 filed $600,000 of 6%
tures due 1971. Price—At par.
conv.
subord. deben¬
Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬
tronics and nuclear industries. Proceeds—Debt
repay¬
ment, research and
development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
writers—Hess, Grant & Remington, Inc., Philadelphia
and Arthurs, Lestrange &
Co., Pittsburgh.
•
United
Exposition Service Co.
(11/27-12/1)
common, of which 40,000 will
by the company and 60,000 by stockholders.
Price—By amendment. Business—Supplying of decorat¬
ing, drayage, cleaning, and related services for trade
shows, conventions, and similar expositions. Proceeds—■
For working capital, the repayment of debt and
pur¬
chase of equipment. Office — Suite
705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co.,, Phila.
United
Aug.
.
18,
Improvement &
1961
ordinated
filed
.
"
Investing Corp.
$2,500,000
debentures
due
of
1976
6%
convertible
being offered
sub¬
for
sub¬
scription by holders of
common
stock and series A
war¬
rants
$100
debentures
the
on
basis
of
of
for
each
70
rights to expire Nov.
Business — General real es¬
—
At par.
tate. Proceeds—For general corporate purposes. Office—
25 W. 43rd
St., New York. Underwriter—Sutro Bros. &
Co., New York (managing).
United Scientific
Laboratories, Inc.
Aug.
18, 1961 filed 360,000 common shares. Price—$2.
Business—The manufacture of high
fidelity stereo tuners
amplifiers and amateur radio transceivers. Proceeds
—For
repayment of debt, increase in sales personnel,
and production and working capital. Office—
35-15 37th Ave., Long Island City, N. Y. Underwriter—
tooling
Continental
Bond
&
Share
Corp.,
Maplewood,
N.
J.
Servomation
Corp.
Sept. 22, 1961 filed 355,000 common of which 150,000
shares will be offered by the company and 205,000 shares
by stockholders. Price—By amendment. Business—Sale
of food, tobacco products and beverages through auto¬
matic vending machines. Proceeds—For repayment of
debt. Office—410 Park Ave., N. Y. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
•
ic United States Automatic Merchandising Co.
Nov.
1,
1961
("Reg.
A")
an
undetermined
number
of
common
Sept.
for
(11/20-24)
mix
United
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and 31,500 by stockholders.
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research and
—62-05
Corp.
company
of roads and the sale of
sand,
and
("Reg. A")
Manufacture of
Proceeds—For
Aug. 22, 1961 filed 160,000
22, 1961. Price
common.
Price—$2.
Electronic Parts and Equip¬
repayment, machinery, new
products, leasehold improvements and working capital.
Office—3410
s>.
Materials
shares held of record Nov. 6 with
t
Trio-Tech, Inc. (11/20-24)
6, 1961
("Reg. A") 100,000
Oct.
Business—Manufacture
ment.
Rock &
ment. Business—The
k
Inc.
July 24,
Triton
Inc.
common, of which 150,000
the company and 25,000 by
Price—By amendment. Business—Manu¬
filed
to be
stockholders.
Beissner
Price—By
Tri-State Displays,
Oct.
16, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Oct.
1961 filed 160,000 common, of which 80,000
be offered by the company and 80,000 shares by
Office—1221
December.
Union
be offered
of precision, plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N. Y.
•
Sept. 22, 1961 filed 100,000
Inc.
facture
•
Oct. 23, 1961 filed
bonds
due
1981.
Industries,
stockholders.
Nov.
nessee
Orange, N. J. Underwriter—P. W. Brooks
Y. (mgr.).
28,
to
late
surance.
Price—
mineral
Tri-Chem, Inc. (11/27-12/1)
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
6V2% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and
40 common shares. Price—By amendment. Business—The
manufacture of paints for hobbyists. Proceeds—For re¬
•
debt, inventory, additional personnel, advertising and
Underwriter—Amos Treat & Co., N. Y. Offering—In
ment. Business—Sale of
^-Travelers Oil Uranium Co., Inc.
Nov. 3, 1961 ("Reg/A"f67,500 C^ltUI1'shares.
$4.
Business—Acquisition and ' operation ^ of
properties:' Proceeds—For mining expenses,
First
Inc.
Sept. 19, 1961 filed 150,000 class A common. Price—$4.
Business—The manufacture of outdoor
plastic signs and
urethane foam. Proceeds—For
equipment, repayment of
250,000
to
Plastics
—William R. Staats &
filed
are
Ultra
1981.
ginson Corp., N. Y. C.
•
common.
Price—By amend¬
design, manufacture and erection of
ment. Business—The
•
'
'
v
'
Sept. 29, 1961 ("Reg. A") 75,000
ceeds—For
Underwriter—Ray¬
Aug. 24, 1961 filed 125,000
shares to be offered for subscription by stock¬
holders.
Price—$2.
ages
of
a
Business—Sale
through vending machines.
new
vending
Office—210 E.
machine
of food and bever¬
Proceeds—Manufacture
and
repayment
Manville, Compton, Calif.
of
debt.
Underwriter—
Shearson, Hammill & Co., Los Angeles.
U. S. Controls, Inc. (12/4-8)
Sept. 28, 1961 filed 120,000 common. Price—$2.25. Busi¬
ness—The manufacture of automatic control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside, N. Y.
Continued
on
page
46
46
The Commercial and Financial Chronicle
(2214)
Venus
Continued from page 45
•'
United States Crown Corp.
(I2/11-15)
U.
S.
Electronic
N; Y,
Publications,
(mgr.)
•
books. Proceeds—Debt
repayment, expansion and workOffice—480 Lexington Ave., N. Y. Under¬
18th Ave., Brooklyn.
writer—Douglas Enterprises, 8856
-■
United States
Plastics,
Inc.
\
•
Inc.
offered
for
the
account
of: the
and
company
men
and women.
W. 18th St., Hialeah, * Fla. 1 UnderwriterJohnson, Fort Lauderdale (mgr.).
•
Annuities
United Variable
Fund,
Inc.
Virginia Dare Stores Corp.
Oct.
1961
27,
filed
be
154,000
offered
shares
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street,. Kansas City, Mo,
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in early January.
per
llnivend Corp.
Sept. 29; 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink. Proceeds
For expansion and working capital.
Office—28 O'Brien Place, Broklyn, N. Y. Underwriter
are
shares
•
,
.
.
by
the
company
Eighth Ave.,
Brothers, N. Y.
~
N.
Y.
Kureen
Universal
Offering—Expected in Dec.
Co., N. Y.
,
Data
Processing Corp.
(11/27-12/1)
A") 100,000 common. Price—$3.
repayment, equipment, leasehold
improvements, and working capital. Office—2600 E. 12th
Sept., 28,
("Reg.
1961
Proceeds
—
For
•
Universal
—
Holton, Henderson &
.■■./V
Lighting Products, Inc.
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J.
—
Underwriter—Globus, Inc., N, Y. (mgr.). Offering—Jan.
International, Inc.
Uropa
ness—Importing of compact appliances and stereophonic
radio and phonograph consoles. Proceeds—For working
capital.
Office—16 W. 32nd St., N. Y.
Underwriter—
Sept.
1961 ("Reg.
Operation
18,
—
of
a
31,097 common. Price—$5.
discount department store.
•
Valley Forge Products, Inc. (11/27-12/1)
Sept. 15; 1961 filed 120,000 class A capital shares. Price
—By amendment., Business—Manufacture of automotive
replacement parts. Proceeds—For repayment of debt and
other corporate purposes. Office—370 19th St., Brook¬
lyn, N. Y. Underwriter—Herzfeld & Stern, N. Y.
•
Valley Gas Production, Inc. (12/4-8)
Sept. 22, 1961 filed 194,000 common. Price—By amend¬
ment. Business—Acquisition of natural gas and oil pro¬
ducing properties. Proceeds—Construction, repayment of
debt and investment in subsidiaries. Office—583 M & M
Bldg., Houston. Underwriter—White, Weld & Co., N. Y.
Valley Metallurgical Processing Co.
Oct. 23, 1961 filed 70,000 common.
Price—By amend¬
ment.
Business—Production of metal powders for the
rocket, munitions and pyrotechnics industries. Proceeds
repayment and general
; Off ice—Essex,
Conn.
corporate purposes.
Underwriter—McDonnell
&
Co.
Inc., N. Y.
(The) Valtronic Corp.
Sept. 29, 1961 ("Reg. A") 62,500 common. Price — $4.
Business—Design and manufacture of medical and den¬
tal equipment. Proceeds—For machinery, debt repay¬
ment, expansion and working capital. Office—375 Wal¬
ton Ave., Bronx, N. Y. Underwriter—Cacchione &
Smith,
Inc., and Fred F. Sessler & Co., Inc., N. Y.
Van-Pak, Inc.
Sept. 15, 1961 filed 140,000
common. Price—$15. Business
—A nation-wide and overseas
non-regulated freight for¬
warder engaged in the forwarding of household
Proceeds—To repay debt, purchase metal
goods.
containers, and
increase
working capital. Office — 542 Insurance Ex¬
change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
& Co., Inc., Washington, D. C.
Offering—Expected some
time in January.
Vending International, Inc.
July 27, 1961 ("Reg. A") 70,588
10 centsJi Price—$4.24. Proceeds
i
•
,
common
shares
Vendotronics
i-Sept,
1,
1961
,C' '
.
the purchase
fice—35-10 Astoria
Corp. (11/20-24)
("Reg. A") 150,008 common.'
—
•
Voron
Electronics
Corp.
,
*
Western
(12/18-22)
,
July 28, 1961 filed 100,000 class A shares. Price
Business—The manufacture of electronic test
—
Semiconductors, Inc. (12/4-8)
Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of semi-conductors for
$3.
mercial and military use. Office—605-G Alton
equipment,
the sale, installation
and servicing of industrial and
commercial communications equipment and the furnish¬
background music.. Proceeds—For tooling, pro¬
duction, engineering,' inventory and sales promotion of
Western States Real Investment Trust
.
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor,. Pa* Underwriters — John
Joshua &
&
Iron
13, 1961 filed 32,000 shares of beneficial interest.
Price—$6.25.
Business—A small/business- investment
St., Aurora,
Aurora, Colo.
Office—403
Underwriter—Westco
Corp.,
•
dinate debentures due 1981.
ness—Manufacture of cast iron
,
„
• Wald
Research, Inc.
July 26, 1961 filed 65,000
Business
—
White
The manufacture of
ment for the
aircraft, missile and
ceeds—For repayment of loans,
and inventory, working capital
shares. Price
Office—79 Franklin Turnpike; Mahwah, Ni J.
—
Martinelli & Co., New York and E. R.
Davenport & Co., Providence, R: I. Offering—Imminent.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport, E. Alton, " 111.
Underwriter—White & Co., Inc., St. Louis.
—
Wards Co., Inc.
(11/27-12/1)
Sept. 15, 1961 filed 110,000 common. Price—By amend¬
ment. Business—The retail sale of radios, TV sets, re¬
frigerators, stoves, air conditioners, etc. Proceeds—For
working capital and other corporate purposes. Office—
2049 West Broad St., Richmond, Va. Underwriter—Stein
Bros. & Boyce, Baltimore.
•
Warshow
(H.)
& Sons, Inc.
ment. Business—The manufacture of fabrics for women's
Proceeds—For
the
selling stockholders. Office—
45 W. 36th St., N. Y. Underwriters—Lee Higginson Corp.
and P. W. Brooks & Co., Inc., N. Y. (mgrs.).
Waterman Steamship Corp. (11/27-12/1)
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.).
—
Weiss
are
Bros.
/
marketing, product develop¬
Office—4903 Auburn Ave.,
Underwriter—Weil & Co., Inc., Washing-
Bethesda, Md.
...
ton, D. C.
Widmann
(L. F.), Inc.
27, 1961 filed 162,000 common, of which 102,000 are
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
1, drug stores. Proceeds—Expansion, equipment and working capital. Office1—738 Bellefonte Ave., Lock Haven, Pa.
1 Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.;
Oct.
to
be. offered
.
•
Wiggins Plastics, Inc.
196.1 ("Reg.,.A") 100,000 common. Price—$3.
compression, transfer and injection
molding of plastic materials. Proceeds—For debt re-
Oct.-20,
Business—Custom
i
payment
and general corporate purposes.
Office—1$0
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J. Offering—Ex¬
pected in January. j
Willner's
Liquors
13, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of a chain of liquor stores. Proceeds
Sept.
(11/27-12/1)
Aug. 30, 1961 filed 285,000 class A. Price—By amend¬
wear.
;
lication of technical papers,
ment and working capital.
purposes.
Walston Aviation, Inc.
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
.
Price—$3.75. Business
—Rendering of-consulting services pertaining to elec¬
tronic system analysis.
Proceeds—For expansion, pub¬
—
Underwriters
Electromagnetics, Inc.
Oct. 5, 1961 filed 65,000 common.
$5.
ground support equip¬
related industries. Propurchase of equipment
and general corporate
common
Stores, Inc.
1961 filed 140,000 class A shares, of which 25,to be offered by the company and 115,000 by
—For
equipment and inventory, and acquisition and
working capital. Office—596 Orange St., Newark, N. J.
Underwriter—First Weber Securities
Corp., N. Y.
Winched Doughnut House, Inc.
Sept. 26, 1961 filed 90,000 common. Price—By amend¬
ment. Business
Sale of doughnut mixes to franchised
operators of doughnut, shops leased from the company.
—
Proceeds—For the
selling stockholder. Office—1140 W.
St., Alhambra, Calif. Underwriter—McDonnell &
Main
Co.. Inc.. N. Y.
Windsor (Kay), Inc. (12/4-8)
Sept. 28, 1961 filed 200,000 class A common. Price—By
amendment. Business—Manufacture and sale of women's
dresses.
Proceeds—For a selling stockholder. Office—
St., New Bedford, Mass. Underwriter—Lee Hig¬
ginson Corp., N.Y.
stockholders. Price—By amendment. Business—Operates
12 women's apparel stores and sells men's and women's
Deane
apparel in leased departments of other specialty stores.
Proceeds—For debt repayment. Office—1 W. 39th St.,
Windsor Texprint, Inc.
(11/27-12/1)
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the
company and 15,000 by stockholders.
N.
Underwriter
Y.
—-
Francis
I.
duPont
&
Co., N. Y.
Offering—Expected sometime in January.
Price—$2.
textile
Sept. 28, 1961 filed 125,070 common. Price—By amend¬
Business—The licensing of other firms to manu¬
selling stockholder. Address—
Waynesville, N. C. Underwriter—C. E. Unterberg, Tow-
Feb.
bin
—To
facture
wear.
footwear
and
Proceeds—For
the
manufacture
of
casual
foot¬
a
Co., N. Y. Offering—Expected in late December.
Business—The printing of towels and other
repayment of loans.
products.
Proceeds—For
Office—2357 S. Michigan Ave.,
tising, inventory, working capital and general corporate
Office—572 Merrick Rd., Lynbrook, N
Y.
Underwriter—B: G. Harris & Co., Inc., N. Y.
Colo.
Westland Capital Corp.
*
Price—By amendment. Busi¬
Sept. 21, 1961 filed 985,500 common. Price—$11. Business
—A small business investment
ingot molds, stools, etc.
company. Proceeds—For
Proceeds—For construction and working capital. Office
Working capital. Office—9229 Sunset Blvd., Los Angeles,
—Ave. E., Latrobe, Pa. Underwriters—Singer, Deane &
Calif. Underwriter—Beat; Stearns & Co., N. Y. Offering
Scribner and Moore, Leonard & Lynch, Pittsburgh.
..
>•—Expected, sometime in January.
;
.
ment.
-
Proceeds—For investment;
Ursula
Co.
-
Nov.
company.
Co., Inc., and Reuben Rose & Co., New York.
Mold
com¬
St., Santa
Ana, Calif. Underwriter—Currier & Carlsen, Inc., San
Diego, Calif.
•
•
.
-
,
Business—The manufacture of automatic
popcorn vending machines. Proceeds—For repayment of
loans, adver-
.purposes.
of additional accounts receivable and also
be used to liquidate current and long-term liabil¬
ities.
Office
1201 Continental Bank Bldg., Salt Lake
City, Utah. Underwriter—Elmer K. Aagaard, 6 Salt Lake
Exchange Bldg., Salt Lake City.
>
■
Blvd.,, Long Island City, N. Y. Un¬
derwriter—Peters, Writer & Christensen, Inc., Denver.
Wellco Shoe Corp.
Price—$2.
.
Stock
000
(par
—
For repayment of
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington.
D. C. Underwriter—H. P. Black &
Co., Inc., Wash., D. C.
Offering—Expected in late December,
t
Inc.
V
"
>
29, 1960 filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for
may
Oct. 27,
•
-
f....
Western Factors,
Sept. 29, 1961 filed $3,500,000 of 6% convertible subor¬
A")
Val-U Homes Corp. of Delaware (12/4-8)
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
homes. Proceeds—For working capital. Office—765 Riv¬
er St.,
Paterson, N.J. Underwriter—Stearns & Co., N.Y.C.
debt
Inc.
Price—$1,000. Business-
June
:
20, 1961 ("Reg. A") 54,000 common. Price—$4.25.
Business—Acquisition and development of new patents.
Proceeds—For debt repayment and working capital. Of¬
Vulcan
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer—Continental Securities Corp., Milwaukee, Wis.
—For
Voldale,
.
St., N. W., Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C.
/
\
Oct.
Co., N. Y.
U-Tell Corp.
Business
Proceeds—For
ing of
(12/18-22)
Sept. 28, 1961 filed 120,000 common. Price—$2.50. Busi¬
Dean Samitas &
Underwriter—Glass & Ross, Inc., N. Y.
13,434 outstanding shares by the
holders thereof. Price—$9.75 per share. Busi¬
Westates Land Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
\ debentures due 1976 and 300,000 common shares to be
.offered in units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. BusinessGeneral real estate. Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y. *
Underwriter—Lehman
transfer system.
stock, of
public sale
common
offered for
Development of a shopping center at Falls Church, Va.
Proceeds—For general corporate purposes. Office—141;1
&
equipment, filing of patents, inventory, advertising and
promotion. Address—347 Madison Avenue, New York.
debt
St., Los Angeles. Underwriter
Co., Los Angeles.
mass
$2.
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing)*
:
: *
/
K
•
Vol-Air, Inc. (11/27-12/1)
July 27, 1961 ("Reg. A") 96,000 common shares (par one
cent).
Price—$2.50.
Business—The; manufacture of a
patented heat and
be
ests to be offered in 444 units.
—
—Ezra
to
r
100,000
and 54,000
Price—By amendment. Busi¬
ness—Operation of stores selling women's, misses and
children's apparel. Proceeds—For working capital. : Of¬
fice—111
are
.
by stockholders.
to
—
• West Falls Shopping Center Limited Partnership
Nov. 14, 1961 filed $444,000 of limited partnership inter¬
which
of
Price
ness—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—For general
Proceeds—The
(12/11-15)
common,
115,000 shares
the company and
.present
160,000
company
Office—750
common.
West Coast: Bowling: Corp*
May 26, 1961 filed 128,434 shares of
which
will use its part of the proceeds for th& open¬
ing of new gymnasiums and the promotion of home ex¬
ercise equipment. Office—375 Park Ave., N. Y. Under¬
Price—$3. Business—The sale of plastic items, power
r
tools, adhesives, hardware, etc. Proceeds—To repay debt. writer—To be named.
Roman &
100,000
Office
475 Alfred Ave., Teaneck, N. J. Underwriter—
Scott, Harvey & Co., Inc., Fairlawn, N. J.
by
shares by the present holder thereof. Price—$9.50. Busi¬
ness—The operation of a national ehain of gymnasiums
and health centers for
Sept. 7, 1961 filed 190,000 common, of which 150,000 will
be sold by the company and 40,000 by a stockholder.
■
Tanny Enterprises,
.
/
v7
May 11, 1961 filed 320,000 shares of class-A common
stock (par 10 cents) of which 160,000 shares-will be
Sept. 26,;. 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
-ing capital.
Vic
Thursday, November 16, 1961
—
Blvd., JLos Angeles, Calif. Underwriter—Garat & Polonitza, Inc., Los Angeles.
Inc.
..
Business—Thermo-forming of plastic material for pack¬
aging of products. Proceeds—For research and develop,ment, equipment, sales, advertising and working capital.
Proceeds—For new product development, advertis¬
ing and working capital.
Offiee — 4206 W. Jefferson
equipment, working capital and general corporate
purposes. Office—437 Boulevard, East Paterson, N. J.
.
Wespak Inc.
Sept. 29, 1961 ("Reg. A")
are
ics.
For*
& Peck,
Inc.
168,000 common, of which 120,000
company and 48,000 by stockholders.
Price—$5. Business—Wholesale distribution of cosmet¬
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized bottle caps. Proceeds—
Underwriter—Adams
Drug Distributors,
Oct. 2, 1961 filed
to be sold by the
.
D. E. Liederman &
•
Chicago.
Co., Inc., N. Y.
Underwriter—
Wonderbowl, Inc.
6,
common
1961
(letter of
notification)
stock. Price—At
discharge
a
par
150,000 shares of
($2 per share). Proceeds
contract payable, accounts payable,
and
Volume
194
Number 6108
.
.
.
The Commercial and Financial Chronicle
notes payable and the balance-for working
capital. Office
—78Gb Sunset Blvd;, Los Angeles, Calif. Underwriter-
Securities
Standard
•
Corp., Los Angeles, Calif; Offering
—Imminent.
Proceeds—For repayment of
and general corporate purposes.
Underwriter-
tion
issuers.
Office—Bank
Hamilton, Bermuda.
Bldg.,
Co., N. Y.
Underwriter
of
—
&
Wide
Sept. 28,
1961
,
Reinsurance
filed 4,800,000
ness—Reinsurance.
Corp.
Price—$1. Busi¬
capital. Office—214
common..
Proceeds—For
,W. 3rd St., Yankton, S>. Dak.: Underwriter
Bell & Associates, Billings* Mont.
—
Harold R.
Wulpa Parking Systems, Inc.
13, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business-—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift.".. Proceeds—To open loca¬
Ave., N. Yv
Office—370 Seventh
Underwriter^-Ehrlich, Irwin & Co., Inc., N. Y.
"
Yankee
Plastics, Inc; X
Sept. 8* 1961- ("Reg; A") 100,000 common; Price — $3;
Business—Manufactures plastic hangers and forms. Pro¬
ceeds
For acquisition of manufacturing facilities and
working. capital. Office—29 W. 34th St., N. Y. Underwriter—Suhshiiie;; Securitles: ,Ihc:, Rego* Park/ N; Y.; /
/
ferson
baum
engage in the general
For general i
Fla„
ceeds—To
increase
named.
77,777v
>7
Nautec
15. Price—$36.
Jan.
Nov.
Corp.
..,!
•
■
prepare
similar to those you'll find hereunder.
Would
write
;
REctor 2-9570
at 25 Park Place,. New York 7, N. Y.
telephone
you
us
us
at
^
Nov-.
N. T.
•
•
1961
21
it
; BebelL &
•
-
Office—108 W. 24th St., N. Y. Underwriter—
Stevens, Hickey & Co., N. Y. 7,J': ;%':7;/v.; :*'-*/:77.r/'; 77;\: /_/
purposes.
-7
Davis Toy Corp.
1961
registration state¬
other corporate purposes.
Office—794<Union.St.,-Brook¬
Diversified Vending,
Inc.
.
Sept; 13/1961 it was reportedi that a
ment will be filed, shortly covering
x
..
registration state¬
100,000
common.
& Co.,
Inc., .Washington, D. C. 1
Electro
Spectrum Corp.
photography. Proceeds — For organizational expenses,
building lease, machinery, inventory and working cap¬
ital. Office—300 Gramatan Ave., Mt. Vernon, N. Y. Un¬
address),
•
(Tex.)
1961 it? was reported that stockholders are to
5 on increasing authorized stock to provide for
stock dividend and Salef of 200,000 additional
Nov.
15,
vote Dea.
l-for-7
shares to stockholders
each
13
shares
on
the basis of one
held of record Dec.
new-share for
5, with rights to ex¬
pire Dec; 19. Price—$56;. Proceeds—To increase
.
funds. Underwriter—None.
capital
Securities
Co.,
San: Fran*
V
V 7
the
Office—New York City. Underwriter—Rodetsky, Walker
& Co., Inc., Jersey City.
;: p.
Tampa Electric Co.
May 10, 1961 it was reported that this company plans
to spend over $80,000,000 on new construction in the
next three years. No financing is planned this year but
in 1962 the company may issue bonds or common stock.
Office—111 No; Dale Mabry Hwy.r Tampa, Fla. Under¬
.
writers—To be named. The last sale of bonds
1960
7w::7--"
.
:•
y7 ;;7- 7'--v.- ■ /;■
Diego Gas & Electric Co.
Sept; 12, 196T it was reported that this company plans
to sell about 500,000 common to stockholders in mid*
1962
San
Office—861 Sixth Ave.,
Diego;. Calif; Underwriter—Blyth & Co., Inc., N. Y.
to
raise
some
$17,500,000.
Shenk
Industries, Inc.
it was reported' that this company plans
to sell about $750,000 of common stock. Business—The
Aug 22* 1961
and
re-manufacture
distribution
of
automobile
parts.
repayment? of loans and expansion.
Office—Columbus, O. Underwriter—Rodetsky, Walker &
Proceeds—For
the
Silo
Inc.
Discount Centers,
Sept. 6, 1961 it was reported that company plans to sell
$1,000,000 of common stock. Business—The opera¬
tion of a chain of hard goods, discount department stores?
about
Office
—
Philadelphia,
Pa.
Walker & Co., Inc., Jersey
Southern Pacific Co.
Underwriter
—
Rodetsky,
City.
(11/29)
16, 1961 it was reported that this company plans to
sell $7,905,000 of equipment trust certificates. Office—165
Broadway, N. Y. Underwriters—(Competitive). Probable
bidders: Salomon Brothers & Hutzler and Halsey, Stuart
& Co. Inc.
Bids—Expected Nov. 29 at 12 noon (EST;),
Subway Bowling & Recreation Enterprises, Inc.
Aug, 22, 1961 it
to sell about
was
reported that this company plans
$1,200,000 of
common
stock. Business—The
was
June 29,
.
•<
ning its first public, sale of common stock* Office—Glendale, Calif. Underwriter—R. E„ Bernhard & Co., Beverly
Hills, Calif.
7
San
on
handled
by Halsey, Stuart &; Co. Inc., New
York
City;. Other: competitive bidders were Merrill
Lynch, Pierce, Fenner & Smith Inc.; r Goldman, Sachs
& Co.; Stone A Webster Securities Corp. The last sale
of common stock on Feb^ 13, 1960 was made through
Stone & Webster Securities Corp.
/
v
Corp.-Halsey, Stuart & Co. Inc. (jointly); Blyth
Co., Inc.
has an exclusive franchise from the City of
to build: bowling and recreation centers in
subways. Proceeds—To build the first three centers.
company
New York
(1/9/62)
Oct.
it First National Bank in Dallas;
Coast
cisco.
Co., Inc., Jersey City, N. J.
14, 1961 it. was reported that this company plans
to file a "Reg. A" covering 100,000 common. Price—$3.
Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and
Sept.
derwriter—Harry Rovno (same
Telephone Co.
'it Normandie Hotel Corp.
Nov. 13, 1961 it was reported that this company plans to
file a registration statement covering 150,000 common.
Price—$4. Business—Operates a hotel at Liberty, N. Y.
Proceeds—Working; capital; expansion and an acquisi¬
tion.
Office—Liberty, N. Y. Underwriter—M. H. Meyerson-& Co., New. York City. :•
7
■
:';,';7 .7
■
of vending machines
and coin operated kiddy-ridess
Proceeds—For equip¬
ment, inventory and general corporate purposes. Office
—Philadelphia* Pa. Underwriter—T. Michael McDarby
Price—$4* Business—The servicing
Underwriter—Pacific
Roth'Greeting Cards Co.,
Oct; 18- 1961 it was reported that this company, is plan¬
repayment,- new products and
lyn, N. Y; Underwriters -r Hampstead Investing Corp.,
Aetna Securities Corp., and Atlas SecuritiessCorp., N. Y.
and general corporate pur¬
Office—11933 Vose Si, North, Hollywood, Calif;
poses.
St., N. Y. Underwriters — (Competitive).
Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co. Bids—Expected Jan. 9, 1962.
'
7
&
covering 100,000 units of this
firm's securities. Each unit will consist of one common
share and a warrant to' buy one additional share* Price
—$3;25" per-unit. Business
Manufactures educationaltoys. Proceeds—For debt-
swimming pools and equipment; Pro¬
ceeds—For debt repayment
West
Boston
it'was reported that a
ment will be filed shortly
a
and installation of
ic Pacefic Gas & Electric Co.
Nov. 10/ 1961 it: was reported that the company plans
to sell some $98,000,000 of securities, probably bonds, in
1962 to help finance its proposed $208,000,000 construc¬
tion program.
Office—245 Market St., San Francisco.
Underwriters—(Competitive).
Probable bidders: First
Equipment Corp.
28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds
—For expansion;
Office—97-02 Jamaica Ave., , Woodhaven, N. Y; Underwriter—R. F. Dowd & Co., Inc.
(H.)
:l'
Inc.
Laboratories,
.
June
Oct; 30,
Proceeds—For debt repayment and a - new product.
Of f
fice—4873 W. Armitage Ave., Chicago.
Underwriter-
1, 1961 ("Reg. A") 75,000 capital shares, of which
40,000 are to be offered by the company and 35,000 by
stockholders; Price—$4. Business—Design, construction
Probable bidders:
Nov.
Carbonic
World
New
—140
•
Bebell CoSor Laboratories/ Inc.
6, 1961- it was reported that a "Reg. A"! will- be
filed shortly covering 75,000 common. Price—$4. Busi¬
ness—Operates, a color photo processing, laboratory. Pro¬
ceeds-—For expansion, equipment and other corporate
Business
Nov.
reported that this company plans to
mortgage bonds in January 1962.
Proceeds—For debt repayment and construction. Office
/... /?• //V7;7/;7;
_
Price—$7.
★ Blue Haven Pools
7•"'■77"/: /
Oct. 2, 1961 it was
sell $60,000,000 of
increasing authorized
Blyth & Co., Inc./ N. Y.
<
Raymond Moore 8t Co., Los Angeles.
Pro*
pro
New. York
& S. A.
was *
on
: v
common.
Nov. 14, 1961 filed] 103,000 common.
purchase of equipment and inventory and general cor¬
porate purposes. Office—Washington, D. C. Underwriter
—T. J. McDonald & Co., Inc., Washington, D. C;
reported that stockholders are to
capital stock to
provide for sale of 1,600,000 additional shares to stockholders on al-for-16 basis. Office—300 Montgomery St.,
San Francisco. Underwriters—Dillon, Read & Co., and
6,
Nov.
vote
14/1961 filed 200,000
it, Austin Continental Industries, Inc.
Aug. 22, 1961 it was reported that a "Reg. A" will be
filed shortly covering 100,000 common shares. Price—$3*
Business—The manufacture of cosmetics; Proceeds—For
or
Prospective Offerings
Bank of America
*
Underwriter—Bear, -Stearns, .& Co.,
item
an
a
Co.* Chicago*?
Malloy, lnc., St. Petersburg.
writer—Globus, Inc.; N. Y.
boats, steel towers, etc. Proceeds—For debt repayment
and working capital. Office—11801 Mach Ave., Detroit.
on
Proceeds—
Office—St, Petersburg/
Price—$4.
Busi¬
ness—Company plans to construct and: operate refuse
disposal plants. Proceeds—For general, corporate pur¬
poses.
Office—1001 N. Central: Ave., Phoenix. Under¬
capital funds. Underwriters—To be
7/7'/77\7 77;;7>-7;/v
contracting business.
corporate purposes.
Underwriters—Wm; HJ Tegtmeyer &
and B. C.
the basis of.one new share for
on
15 shares held of record
each
Department' would: like
can
^
—Manufacture of. specifications of aircraft, guided mis¬
siles and electronic components* and fastening devices;
Do you.have an issue you^re. planning to register?
that-we
Apfel-
it Arizona Biochemical Co.
ATTENTION UNDERWRITERS!
so
Office--1015 Jef¬
Underwriter—S.
Nov.
rata basis to common stockholders. Business—
Manufactures parking meters, truck winches, fiberglass
to know about;it:
Ave., Brooklyn, N. Y.
Co., 39 Broadway, N. Y.
^ Alumatron International,. Inc.
Nov. 6, 1961 it was reported that the company plans to
sell $3,000,000 of convertible debentures to be offered
Corporation- News
a
Proceeds—Expansion, prod¬
13, 1961 filed 73,000 common.. Price—$7. Business
—Company plans to construct special type homes, and
shares to stockholders
—
Our
The company also operates
uct'development and working capital:
Nov.
Oct.
tions and increase working capital.
Christmas stockings.
discount department store.
^ Mercantile National Bank at Dallas (Tex.)
Nov. 15, 1961 it was reported that stockholders are to
vote Jan, 16, 1962 on increasing authorized stock to pro¬
vide for a 10%. stock dividend sale of 100,000 additional:
-
•
World
on
2, 1961 ("Reg. A") 100,000 common.
Price—$3,
Business—Design and manufacture of board games, toys
and
it Lembro Concrete Products Inc.
13, 1961 it was reported that this company plans to
file a registration
statement covering 100,000 cpmon,
Price—$3.50. Business—Manufactures pre-cast concrete
fallout shelters; enclosures, play sculpturs and drainage
equipment. Proceeds—For expansion. Office—Hunting¬
ton Station, L. I., N. Y. Underwriter—Blank-Lieberman
& Co., N. Y.
Bermuda
Burnham
Nov.
^Ar House of Koshti, Inc.
Nov. 13, 1961 it was reported that this company plans
to file a registration covering 65,000 common. Price—$5.
Business—Importers of Japanese liquors and liqueurs.
Proceeds—For expansion.
Office—Beverly Hills; Calif.
Underwriter—P. J. Gruber & Co., Inc., N. Y.
(12/11-15 > - 7
v
.Sept. 19, 1961;filed 100,000 common. Price—$100. Busi¬
ness—The Fund plans to invest primarily in equity se¬
foreign
rights
{
★ Allison Industries, Inc.
Corp.
the basis of one share for each 20 shares*
held. Based on the 22,838,454 common shares outstanding/
on Dec. 31,
1960, the offering will involve a minimum s
of 1,141,922 additional shares. Office—67 Broad St., New*
York 4, N. Y. Underwriter—None.
Worldwide Fund Ltd.
of
Utilities
March 14/ 1961 it- was stated in the company's 1960 an¬
nual report that the utility expects to sell additional ^
common stock to stockholders in 1962 through subscript
Wide
curities
Public
General
Bowling Enterprises, Inc. •
•July 20, 1961 filed 130,000 common shares; Price—$4.
.Business—The operation of bowling centers. Proceeds—
For repayment of debt, expansion and working capital.
Office—2044 Chestnut St., Philadelphia. Underwriter—
Fraser &. Co., Philadelphia. Offering—Expected in Nov.
,
The following registrations were not received in
time for insertion in the usual alphabetical order.
6, with rights to expire Dec.
Office—Philadelphia, Pa. Underwriters—
Drexel & Co., Philadelphia; Merrill Lynch, Pierce, Fenner & Smith Inc., and Smith, Barney & Co., N. Y.
and other reference books.
World
the basis of one share for
on
each 12 held of record Nov.
Scope Publishers, Inc. (11/27-12/1)
July 31, 1961 filed 300,000 common shares. Price—By
amendment. Business—The publishing of encyclopedias
working capital
Broadway, Lynbrook, N. Y.
Standard Securities Corp., N. Y.
stockholders voted to increase authorized
a 2-for-l split and sale of 394,975
provide for
4; Price—$30.
World
■Office—290
to
shares to stockholders
new
47
Pennsylvania Banking & Trust Co.
6, 1961
stock
-
.debt,
First
Nov.
(2215)
•
Teeco
Automated
Systems, Inc.
Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering' 75,000 common shares/ Price—
$3. Business The custom, design, manufacture and in¬
stallation of automated material? handling systems for
large wholesale and retail establishments and industry.
Proceeds —For expansion.
Office—42-14 Greenpoint
Ave., Long Island City, N.\ Y. Underwriters — To be
named.;
';7. 7> >< ""/.
: -"v'//Virginia Elactrlc & Power Co.
Oct. 2, 1961 it was , reported that this company plans to
sell $30,000,000..to $40,000,000 of securities in mid-1962
but
no
decision has been made yet" as
to type. Office—•
Richmond
9, Va. Underwriters—To be named. The last
sale of bonds in June 1961 was handled by Halsey, Stuart
& Co., Inc. and associates..
V •
West Ponn Power Co.
(3/5)
Feb. 10,
1961, J. Lee Rice, Jr., President of Allegheny
Power System, Die., parent company, stated that West
Penn expects te sell about $25,000,000 of bonds in 1962.
Office
800 Cabin HiUl Drive, Hempfield. Township,
Westmoreland County* Pa; Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; W. G. Langley & Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities? &vCo., and First
Boston Corp; (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Go. and Whlte, Weld & Co. (jointly). Bids—
Expected March 5, 1962.
—
it Western Union Telegraph Co.
15, 1961 it was reported that this company plans, to
sell $50,000,000 of debentures early in 1962. Proceeds—
To repay short-term loans; Office—60 Hudson St., N. Y.
Underwriters—Kuhn, Loeb & Co., and Lehman Brothers,
Nov.
N. Y.
Wisconsin Southern Gas Co.
Dec. 12* 196ft) it was reported in a. company prospectus
that an undetermined, amount of. capital stock or bonds
will be sold in 1961-1962^ Proceeds—For the repayment
of short-term
bank
loans
incurred
for. property
addi¬
Sheridan. Springs Road, Lake Geneva,
Wis, Underwriter'—Tfce MilWaukee Co., Milwaukee, Wis.
tions.
Office
—
•
.
..
.
.-v
■
-.;
t
u-..
-'-j
:..
c>.
-•
't
•
*'• ■>* '-J'*'»
?
m
48
(2216)
.
.
Thursday, November 16, 1961
.
\
•
♦€
Chronicle
The Commercial and Financial
■
ft'
'
y
'i
■r
COMING
WASHINGTON AND YOU
01
J
^
behind-the-scenes interpretations
IN INVESTMENT FIELD
WASHINGTON, D. C.—The great¬
world
\
has
over
program
—is well underway.
mighty National system of
The
II
iV
Interstate
fast
the
of
were
expressways
highways—those
super
dance at the Germantown Cricket
acquisition calls for adequate land
sufficient to increase the lanes if
Club.G.),;:;;))''
fourth finished.
f|
I'll'
tained
traveling in the Rocky
Mountain States or down through
-«•*
big the
road-building industry has gotten
is shown by some research ob¬
of
Motorists
j J J ■„
Virginia's beautiful Shenandoah
Valley, the Tennessee River Vallev and on down into Alabama,
the "heart of Dixie," for example,
)'k
hp:
$
enjoying and helping to
now
are
ways.
Most
to point with pride to
11,300 miles that
beginning
the
•V
the
completed by the end of this dec¬
\y*i*
t{
,
i>
As
example of the pointing
an
I' V5*
with
pride
tion
John Patterson of Alabama,
ernor
f;it
!»
•
I't «
H
;y
to the motorists
announces
.Hf'j
J/V
ipft
done
by
the
and
State
his
of
partments
■
in big
that the building is being
the State Highway De¬
signs
•
iM".
the vast construc¬
in his State, Gov¬
to
program
il
costs
automobile
an
t;'
to ride and drive
more
than
now
at
any
time since the automobile became
vehicle
a
w
convenience
of
h<>
and
And the
necessity in this country.
end is not in sight.
the
■I
I
the
states
the
The states
"catch in it."
a
up
However,
10%.
remaining
there is
putting
are
going to be required to main¬
tain these roads, and it isn't go¬
are
\r,
-
fit-
There has
testimony presented to
ing to be a small item.
been
|$j
some
Congress that the cost may aver¬
!];
age
about $10,000 a mile a year to
keep them up.
miles
several
traveling
motorists
Meantime,
fe-
or
in
so
a
single
trip this autumn will undoubtedly
action than
Tremendous
lifetime.
i
\h
i
\i
is get¬
equipment apparently
ing
.
see
Road build¬
being employed.
are
Mir
people
some
in
in a
machines
equipment
highway
more
see
ting larger all the time.
I
Hi -
■
has
There
lit
been
some
scandal
in connection with the vast
It /
h'l
build-,
ing program, but they have been
isolated cases,; Perhaps this might
be
suspected in such a tremen¬
dous program
which is costing
billions
Hi
H
billions of dollars.
and
The
M
K,'<
in
tries
years
general
of
of them
asphalt indus¬
try
as
has
probably have
times ahead
road building is
prosperous
involved.
f t'V
far as
The
some
limestone
indus¬
prosperous
more
The National Lime¬
in Washington, a
trade association, declares that
limestone is more widely used in
road building than any other type
years
S
stone
* !•>
*
!'t 1
♦
»»c
of
V-
ahead.
Institute
rock in this country.
r tt1*
Federal Highway Administrator
[i!'-i
*
ll"1'
fi'r'
W •h'v't
ft;
M<
#,f\
tinue
'<V
'
on
terstate program since
rated
program
1956.
The
open a
In¬
actual
9,579 miles
year ago.
than
half
i<
,i
Nf;
M-.
i<k*'
http://fraser.stlouisfed.org/
'br
Federal Reserve Bank of St. Louis
New
do
for
so
business
blighted
April
Financing
of
many
real
business
as
lost
much of its appeal in many
of pur
large cities.
Forms
rate
BOOKSHELF
Many billions of dollars in. new
centers
shopping
vested in the past
additional dollars will
of
billions
have been in¬
five years, and
be spent.
There
is
types
is
areas
choked.
are
87,-
approximately
are
74,000,-
The
Bureau
vehicles.
motor
000
to be
apparent why
drivers operating
000,000
of
of
are'going
it
downtown
There
indication
clear
a
and more highways of
and
the
reports in its "Highway
Roads
Transportation" that there is one
for every 2.5 persons in
vehicle
the
nation; 21 vehicles for every
mile
of
road, and a mile of road
for each square mile of land area.
The motor vehicles are travel¬
ing 730 billion miles a year. The
movement of freight by highway
and
bigger
getting
is
transport
bigger.
The
of the chapters of
of road building and
travel is little short of
story
progress
sensational.
[This column is intended to reflect
the "behind
the
scene" interpretation
from the nation's Capital and
not
may or
Investment—Richard H.
an
of
an
for
art
profit
and
the
mileage
pleasure—
analysis of the art market and
— Prentice-Hall,
collector's guide
70 Fifth Avenue, New York
Inc.,
vestment
tive
Companies
—
Descrip¬
Brochure—Bank of America,
14, Calif,
Division,
Trust
Corporate
West Seventh
219
Street, Los Angeles
(paper).
market—Report—Jones & LaughAve.,
Corporation, 401 Liberty
Pittsburgh, Pa.
(paper).
Common Stocks for Investors and
Traders
—
Clarence Coe—
James
Security Transactions: When
Corporate Debt Capacity—Gordon
Donaldson
—
Harvard
Business
(cloth),
Mass.
Opens
Electric
Calif.—James C.
LOS ANGELES,
M
Gramercy Place.
Power
Semi-Annual
1960's—Study—
of Hawaii,
Reserve
Book—Board
Hunter, Prugh Branch
—
.—
30th
Edison
Institute, 750 Third Ave.,
York 17, N. Y. (paper).
Federal
Federal
LOUISVILLE, Ky. — Hunter,
Prugh, Ball & Davidson, Inc. has
opened a branch office
in the
Kentucky
Home
Life
Building
under the management of Robert
Survey
Survey
Reserve
ington 25,
D.
Historical
Chart
of Governors of the
C.
System,
Wash¬
Lawrence
Freedom—
Through
Fertig—Henry Regnery,
(cloth),
111.
Chicago,
Publisher,
This
is
Japan
Association
National
Savings Banks 42nd annual con¬
ference
Savings Bldg.
under
color photo¬
graphs,
white photo¬
graphs, on Japanese art, industry,
politics, etc.—$6.50 per copy; in
special cedarwood box, $7.25—
Asahi Shimbun, Tokyo, Japan.
in
States
Abroad:
France
Business
Perform¬
N. J.)
nual convention.
Nov.
National
Pa.
Luckenbach
conducting
is
business
—
from
1022 Hamilton Street.
Bert
a
offices
A.
se¬
at
v
-
-
,
Asso¬
Traders
Security
ciation Convention.
1,
27-May
April
Mass.)
Association
National
Banks
Savings
ference
(Boston,
1963
v
43rd
the Hotel
at
Mutual
of
annual con¬
Statler.
Hill, Darlington Branch
MIAMI
BEACH,
Fla.
—
Hill,
Darlington & Grimm has opened
a
second office in Miami Beach,
at
Collins
6805
Lee
B.
partner
charge, and Harold E. Perper
in
is
Avenue.
resident
is
Jr.
Peterson,
manager.
National
—
Form G. K. Allen Co.
Planning
Association, 1606 New Hampshire
Avenue, N. W., Washington
D. C. (paper), $1.
9,
len
&
Co., Inc. has been formed
with offices at 1726 Pine Street to
Wall Street: A Pictorial History—
in
engage
—
Ziff-
Officers
Company
New
World Petroleum Industry—Study
securities
a,
President;
business.
Treasurer.
Davis
Louis
Levinson
PHILADELPHIA, Pa.--G. K. Al¬
Publishing
York, N. Y., $17.50.
Future
hattan
Growth—Chase
New
Urban
York
and
State's
Renewal
State
Freiberg,
A.
Kramen,
Secretary; and Harold Greenberg,
J. A. Watson
Bank, 1 Chase Manhattan
York
M.
Eugene
Man¬
Plaza, New York 15, N. Y. (paper).
Year of Innovation
Albert
are
an$ Growth—
Housing
and
Programs — New
of Housing
Opens
OGDEN, Utah—James A. Watson
is
engaging
from
ness
sixth
in
a
securities
offices at
548
busi¬
Twenty--
Street.
Division
Community
New
Renewal,
270
York 7, N. Y.
Attention
Brokers and Dealers
MARKETS
American Cement
Botany
Industries
Maxson Electronics
Official Films
Waste
King
T
Carl Marks & Co. Inc.
FOREIGN
20 BROAD
ALLENTOWN,
:
(Boca Raton, Fla.)
4, 1962
Case Study of IBM
ruF
of G. W. Masterson
Opens
(Atlantic City,
TRADING
& Associates.
B. A. Luckenbach
Hotel.
Olympic
American Bankers Association an¬
Japan containing
DENVER, Colo.—George W. Mas¬
terson is engaging in a securities
name
the
at
W. Masterson Opens
Federal
(Seattle, Wash.)
of
Mutual
May 6-9, 1962
Lavishly illus¬
—
on
exquisite
black and
articles,
Koehler.
business from offices in the West¬
an¬
St. Anthony
$3.95.
Broadway,
(paper), 60^.
meeting at the
Hotel.
<:/
Prosperity
of
Electric
New
Clearing
Commerce
—
Leonard
Economics for the
•—First National Bank
J. C. Powers
G
Securities for Income Tax
Sell
ance
Honolulu, Hawaii (paper).
M.
1961
Shulsky—
Council,
(paper), $1.
Lsrchmont, N. Y.
to
Bank¬
America,
of
Sept. 23-26, 1962
Research
American
Street, New York 1, N. Y. (cloth),
$3.95.
Boston 63,
■ \
Retirement—Sam
ful
Association
ers
nual
Investing for Financially Success¬
United
School,
$4.
request.
on
trated annual
Canned Soft Drinks in the Super¬
lin Steel
Bank,
House, Inc., Hillside, N.J. (paper).
Services for In¬
of America
Edition—The
Agency
Division, 1 unase Manhattan
Plaza,
New
York
15, N.
Y.
Savings
11, N. Y. (cloth), $10.
Bank
coincide with the "Chronicle's" Compiled by Dr. Thomas K. Hitch
views.]
own
as
D.
Homewood, 111. (cloth).
Manhattan
Vantage Press, Inc., 120 West 31st
highway
may
Art
Prather—Richard
Stock, Revised
(paper),
Rush—How to buy and sell works
more
(San Antonio,
1962
8-10,
Texas Group of Investment
Registration for Corpo¬
of
Chase
Firms—
Business
L.
Irwin Inc.,
well
has
people
people,
estate
Charles
Businessman's
estate, which used to be the envy
as
at
Dinner
Annual
Tex.)
real
Downtown
areas.
As¬
Dealers
Security
36th
the Waldorf Astoria Hotel.
into
areas
1962 (New York City)
30,
York
sociation
growing charges that
is strangling the
the
downtown
;
devalued dollar.'
time,
long
a
"Oh well—another day—another
automobile
the
curities
of
at the Ambassador West.
March
sub¬
the accele¬
launched in
mileage in use
was
today compared with
More
\t
Federal-aid
the
Chicago annual midwinter dinner
of
on
to
the firm
M, «
tp
and
ern
$11,800,000,000 has been put
work
outlay
the motor vehicle
apparently intended to con¬
stantially
than
to
,
leaning
is
economy
Rex M. Whitton reports that more
■'.* w
ft-
Our
tries and the rock products indus¬
i/?
i;K
l:K
'
and
cement
an
(Chicago, 111.)
1962
29,
Investment Traders Association of
$8,000,000,000.
some
engaging in a securities
business from offices at 265 South
Industries Benefit
V
h\
involved
has
tion
Powers is
bi.\
Jan.
This construc¬
pleted since 1956.
to
of the total cost,
tune of 90%
while
roads
Interstate
the
of so-
125,000 miles
than
needed,
Government is fi¬
Federal
The
nancing
15th annual mid¬
meeting.
year
called ABC roads have been com¬
various
Upkeep
States Must Pay
n;,~
(New York City)
Association
of
Mutual
National
Savings Banks
why
i
Diplomat
Dec. 4-5, 1961
An Automobile Economy
Bureau of Roads.
It
Hollywood
the
and
Hotel.
huge.
programs are
despite
ade.
f
M
and
High¬
Act, a total cf 41,000 miles of
Interstate
roads are
to be
way
'
1956
the
Under
motorists.
and opened to
Association
Bankers
Hotel
Beach
primary and secondary
urban highway construction
than
more
have been finished
iu St'1
i'lH
various states are
of the
i, 1961 (Hollywood,
TC-Y'J'fc':'
.
Annual Convention at
one
More
highway
and
governors
Fla.)
so-called
■
■
officials
Ik
high¬
expensive
these
for
pay
and
the
at
Hotel.
Investment
downtowns with a hundred
stop-and-go lights, the
pass
dinner
Nov. 26-Dec.
Bureau
addition to
roads, which by¬
Interstate
the
Carlton
Associa¬
Traders
annual
34th
Ritz
In
Roads.
(Montreal, Canada)
Bond
tion
Federal
the
from
Public
Montreal
just how
of
Indicative
■/.
Nov. 24, 1961
justified such steps.
traffic
though it is little more than one-
I !'f
Traders Association of
Philadelphia ninth annual dinner
free, access expressways, is now
something to see and ride on, al¬
t'I»-f'-
(Philadelphia, Pa.)
18, 1961
Investment
quently, they will start building
lanes.
Right-of-way
divided, multi-laned, spotlight
?4'<
Nov.
completed to standards adequate
for 1975 traffic.
Perhaps subse¬
additional
highway building program
erated
°A\
the
konwn—the accel¬
construction
est
■i
f t
EVENTS
p
capital
from the nation's
J
»i1
TEL:
Our New
York
; 1
<#
telephone number is
CAnal 6-3840
SECURITIES SPECIALISTS
STREET
HANOVER 2-0050
-
•
NEW YORK 5, N. Y.
TELETYPE NY
1-971
LERNER & CO., Inc.;
Investment Securities
10 Post Office
Square, Boston 9, Mass.
Telephone
HUbbard
2-1990
)
Teletype
BS
69
"
@FedFRASER