Full text of Commercial and Financial Chronicle : November 17, 1960, Vol. 192, No. 6004

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

ESTABLISHED 1839

192

Volume

Reg. U. S. Pat. Office

Number 6004

New York 7, N.

AS WE SEE IT

EdUorial

There has been

great deal of talk about

Y., Thursday, November 17, 1960

50 Cents

Price

Copy

"mandate"

that

allegedly was given President-elect Kennedy in the
voting last week. Mr. Kennedy himself told the press
last week that "I went to the country with a very clear
view of what the United States ought to do in the
Sixties. I have been elected and therefore I'm going to
do my best to /implement those views and meet my
responsibilities.
But I did not run for the Presi¬
dency without realizing that .there were great problems
facing the United States in the Sixties, and I am going
to do my best as President to see that the United States

By G. C. Wiegand, Professor of Economics,
Southern Illinois

been

ahead in the Nineteen Sixties. That is

elected, I believe."

Persistently lasting longer than most realize, our balance
of payments has been
traces

this

interim

why I have

and

neither political

candidates

recent

their

nor

deteriorating since 1950.

points out

and the necessary cures.

causes

have

Dr. Wiegand

party

the

face the

yet to

technological advances into lower prices and to end an asocial

revealing little of a specific nature as to what
newly elected President really expects to do.

policy against gold redeemability are held responsible for

But much

payments problem—not foreign military and economio

our

aid

coming from per¬
President-elect, some of whom appar¬
ently have a "passion for anonymity," while others were
speaking with not altogether clear authority. According
to some of these, the President-elect feels that he has

private capital outflow. The author favors our return

to the

than this has been

philosophy of "Fordism" so we may really get down

around the

sons

received

would-be
or

One

Vv';;0"

What "They" Say-

takes

the

future

Secretary

television

dollar

States
Senator
"in

serious

and

When

who

pro¬

declared that "the United

gram

currency

difficult

most

dollar.

Anderson

outgivings during the campaign and
what was included in the formal platform of his party—
to which, incidentally, the candidate pointed as contain¬
ing his "program" or words to that effect.

President

Democratic

the

distinction between what the President-elect

' V

prophetically stated,
office

said in the various

; \

platform

January will face unprecedented challenges."

important in the process. Such spokesmen, or
spokesmen, for Mr. Kennedy, seem to make

improving our export position.

Democratic

the

"the

mandate to proceed with a long list of radical
and that "the first 100 days" of his Presidency

will be all

little

measures

the

nor

neither

purposes"),

Free

World

faced

the

United

"crisis."

The

the

"panic"
buying, but of a freakish market situation which
adjusted itself, more or less, within a few days. And
yet it was a storm warning, far more dramatic and
emphatic than the steadily increasing American
gold losses.

Our inability to translate

This is obviously a cautious

statement

the

legitimate

States

sudden price advance was not the result of

...

moves

other

University, Carbondale, III.

soundest

eign banks and investors to pull out the billions of
dollars that they now hold here on deposit or in
short-term paper.
If such a sequence of events
should ever develop as a result of cheap dogmatists
coming to high public office, a totally stupid and
unnecessary gold crisis would be brought on which
could have disastrous consequences."
The VicePresident might
also have mentioned that the
reputation of Senator Kennedy's economic advis¬
ors, who, almost without exception, have favored in
the past a "mild, steady inflation," are not inspiring
confidence abroad. The world is thus waiting to
see, whether the new President will disassociate
himself from
But

that

began
the

dollar1

G. C. Wiegand
A;;---;-;:.?.a
When the price of gold sud¬
denly jumped to $41 an ounce in the London mar¬
ket on Oct. 20 (compared with the official price of
$35.0875 at which the U. S. Treasury sells gold "for

the

settlement

far

from re¬

decade ago, will require drastic changes
domestic and foreign policies, and

the position it

America's

international

and

balances

for

weak for at least two years, and the world
of it—from the financial experts to the

is aware
bellboys
Only the American people
to recogni2e the danger.
Since

in international hotels.

apparently
President
standard

fail

Roosevelt, in 1933, abandoned the gold
in direct viola(Continued on page 30)
Underwriters and distributors of

THIS

PICTURES

MONTREAL

ISSUE

BOND

—

Candid

TRADERS

at the

photos taken

33rd Annual Dinner

ASSOCIATION appear in the Pictorial

of the

Section.

STATE, MUNICIPAL AND

PUBLIC HOUSING AGENCY

U. S. Government,

BONDS

AND

NOTES

Dealers in and Distributors

Public

Housing,

State and

of Securities of

NATIONAL AND GRINDLAYS

Municipal

Securities
•••

;

telephone:

"•' ••

v ;

♦

HAnover 2-3700

trust

company

ST. JAMES'S
to

623

So.

Hope

Street, Los Angeles 17,

Members Pacific Coast

Government in:

Offices

INDIA, PAKISTAN,

KENYA,

UGANDA,

in:

Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

THE FIRST NATIONAL CITY BANK

CEYLON, BURMA,

Inquiries Invited

OF NEW YORK

TANGANYIKA, ZANZIBAR,

ADEN, SOMALI REPUBLIC,
AND SOUTHERN

NORTHERN

RHODESIA

Bond Dept.

Net
To

Teletype: NY 1-708

Members

Southern

Correspondent

—-

Pershing A Co.

Banks

Development (World Bank)
THE

Chase Manhattan
BANK
HAnover 2-6000

BONDS & STOCKS

CANADIAN

On All

MUNICIPAL.

Exchanges

FOR

DEPARTMENT

Teletype NY 1-2270
DIRECT WIRES TO MONTREAL AND

International Bank for Reconstruction
and

Inquiries Invited

Canadian

NEW YORK 4, NT.

Marine Bonds
and

CANADIAN

Commission Orders Executed

STREET

United States Government Insured Merchant

;

Stock Exchange

25 BROAD

Cooperatives

Federal National Mortgage Association

Markets

Active

Dealers,

Block

Exchange

Federal Home Loan Banks

California Securities

SECURITIES

ESTABLISHED 1832

American

Maintained
and Brokers

New York

CANADIAN

T. L. Watson & Co.

New York Stock

Exchange
Exchange

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, LongBeack,
Oceanside, Pasadena, Pomona, Redlands,

ADEN,

Federal Intermediate Credit Banks

Banks for
Exchange

Associate Member American Stock

SQUARE, S.W.I.

Branches

30 Broad Street

the

BONDS

STREET, S.W.I.

KENYA, UGANDA, ZANZIBAR

BOND DEPARTMENT

New York 15

Lester, Ryons & Co.
Members New York Stock

Bankers

new york

MUNICIPAL

California

London Branches

54 PARLIAMENT

chemical bank

AND

LONDON, E.C.3.

36, BISHOPSGATE,

STATE

Office:

Head

•

,* "•

Federal Land Banks

BANK LIMITED

CIVIC

TORONTO

Goodbody & Co.

Dominion Securities
Grporaxiok

BONDS

CALIFORNIA'S
IMPROVEMENT

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA

MEMBERS NEW YORK STOCK EXCHANGE.

BRIDGEPORT

•

PERTH AMBOY

2 BROADWAY

;

•

NEW YORK-

•

were

only an informed public opinion will accept these
changes. Yet the public has been kept in the dark.
Both candidates, throughout the campaign, have
failed to face up to the issues. The dollar has been

much

back

date

■

dollar to

Administration

To restore the dollar to

of
payments
in 1950, and the causes
present weakness of

further.

the

restore

new

enjoyed

the

for

not

Even if the

assuring.

the
deficit

balance

In point of fact, statements that the Kennedy Adminis¬
could be counted on to push with great; vigor
programs that, according to Republican estimates, would
cost the country some $15 billion annually, have been
heard from time to time—with what authority no one
knows, or at least we ;do not know. These would, of
course, include an extremely costly farm program—as
would
the
Republican program
(Continued on page 30)

inflationary campaign promises.
will

the outlook for the dollar would

fact is that

The

oratory.

tration

the

alone

just to continue the policies of the past 10-12 years,

balance of

this

sound basis.

1953, the incoming Admin¬

payments
which was
the
strongest in the world," both
speakers indulged in campaign

campaign speeches, Vice-President

in all the world," and
Kennedy argued

istration inherited

a':;

of his

one

Nixon warned that the inflationary promises of the
Democratic platform "are practically inviting for¬

1 NORTH LA SALLE ST.

■

CHICAGO,

Exchange Place, New York 5, ML Y.

Teletype NY 1-702-3

WHitehall 4-8161

N.T.&S.A.
SAN FRANCISCO

LOS ANGELES

The

only

Brokers, Dealers

For Banks,

Over-the-Counter

complete trading facilities
supplemented by a nation¬
wide network of private wires
and active trading markets in
more
than 400 Over-the-Counter
securities.
Whether your

Our

Members: Neiv

are

small
experienced trading
large

are

blocks,

our

staff

fully equipped to

American

Ltd.
L. Seeger,
Stevenson & Co., New
City. (Page 2)

(NYSE for

serve

promptly and efficiently.

the

Ltd.

the Selection
London in
passed

1920's, control

Company,

Metal

(now

Corporation

Inc.)
in 1930
through
an

Established 1920

exchange of
American

Member

Stock Exchange

American

Teletype NY 1-40

WOrth 4-2300

Trust holdings

BOSTON

•

CHICAGO

PHILADELPHIA

SAN FRANCISCO

Private

Wire System

Rhodesian

today

Climax
owns

50.6% of

Opportunities Unlimited
IN JAPAN
for

Write

Monthly

our

Digest, and our other

Stock

reports

pretty clear
the Japanese
as a whole.

that give you a

picture of
economy

Securities Co., Ltd.

61 Broadway,

New York 6, N. Y.

Telephone: BOwling Green
not

orders

9-0187

offer or solicitation for

for any

particular securities

L. Seeger

SOLD

—

L.A. DARLING

MORELAND & CO.
Members

Midwest Stock Exchange
Detroit

1051

Stock

Exchange

Penobscot Building

DETROIT 26, MICH.

Branch Office

■—

Bay City, Mich. *

CORRECTION
.

holding

63.98%

controlling

and

Copper Mines Ltd.

Mufulira

Ltd.
world's

of Chibuluma Mines,

64.29%

Mufulira

one

the

largest copper mines with ore re¬
serves
of 177 million tons, aver¬

Co., we incorrectly stated
McDowell, Dimond & Co.
members of the New York

that
are

two

Fed¬

write

and

Tokyo,Japan

and and $2

Brokers &

share which offers participa¬
tion -in a sound and profitable en¬

111

taxes.

operations, prices low to encourage their pop¬
ularity.
With dividends in 1960
up to June 30, 1959, the operating
totalling 130 per share net, Rhocompanies of thejRhodesian
desihh Selection Trust, currently
Selection Trust Group, including
trading between VA and IV2, of¬
Mufulira and Chibuluma and an¬
fers the generous yield of about
other
big operating mine, Roan
10%. For those willing to assume
Antelope, which, however, is not
the political risk involved in an
controlled by Rhodesian Selection
investment
in
Africa, few will
Trust Limited but whose largest
stockholder
is
American Metal deny that speculative possibilities
During;<28 years of,

inherent in

This

NOTE:

Affiliate of

per

are

Inc.

of New York,

this situation.

Investment Bankers

Broadway,N.Y.6 COrflandt7-5680

LAMB0RN & CO., Inc.
99

WALL

STREET

NEW YORK 5,' N. Y.

SUGAR
Raw

—

Refined

—-

Liquid

Exports—Imports—Futures

analysis has been

especially prepared for the Chron¬
icle and is intended only for the

DIgby 4-2727

politically inclined speculative in¬
vestor who can assume a calcu¬
lated risk. I know of one Cana¬
dian
Fund which owns 100,000
shares. An interest in this com¬
-

pany can

also be had through the

purchase of American Metal Cli¬
max shares, which owns 1.6 shares
of R.S.T. for each of its own shares
outstanding.
Current yield of
American Metal, however, is onethat of R.S.T.

half

•

ALAN D. WHITNEY

Investment Adviser,

Rio Aigom

Winnetka, Illinois

Mines, Limited

Per Share

Adj.5

Actual

Adj. If

High

Low

$1.25

Ratios—r

High
$2.25

$1.25

High

Low

9.0

5.0

;

t$0.29

$0.13

§$0.13

0.19

0.13

0.09

2.75

1.875

2.75

1.875

14.4

9.8

0.15

1960
1959

0.15

0.05

3.00

1.875

3.00

1.875

20.0

12.5

10.8

6.0

1957

0.29

*0.17

♦0.17

3.125

1.75

3.125

1.75

1956

WANTED

Mines, Ltd., listed on
Exchange and
in Toronto, is now selling at

also

•Earnings

-Actual-

$2.25

1958

0.37

0.75

0.26

0.53

4.187

2.68

8.375

5.375

11.3

7.3

5.875

16.7

11.7

price, around $8 per
July 1,
I960 and a recent high is 8 3/16.
Prior to
that, its several parts
were
separate companies mining
highest

its

share. Its low is 6V4, from

1117,

Commercial & Financial
Chronicle

New York 7

0.51

0.21

0.40

4.187

2.93

0.21

0.41

0.15

0.30

1.59

0.90

3.40

L90

7.6

4.6

1954**_.
1953

0.24

0.47

0.12

0.24

1.00

0.61

2.15

lj.30

4.1

2.5

concentrates.

0.13

0.25

0.07

0.16

1.25

0.84

2.65

1.80

9.6

6.8

0.12

0.47

*0.05

♦0.18

1.13

0.79

4.80

3.375

9.4

6.6

1951

0.07

0.27

0.05

0.19

0.90

0.56

3.80

2.40

13.0

8.0

1950

$500,000. Larger

0.25

8.375

1952

any

100%

stock.

(This is under
as

est

3 shares for 44 held at 2.40.

circumstances to be construed

solicitation of

offer to buy,

any

as an

offer to sell, or

security referred to

herein.)

•

all

The majority inter¬
them was held by

Quotation Services
for 47 Years

Ltd., which still
similar large interest in Rio

Rio Tinto Mines,
has

**Issued rights,

refining it into uranium

them

tPreliminary, sub¬
ject to such write-offs, provisions and transfer to reserves as the boards may decide
to make. JOTC bids prior to July 11, 1955.
§Qf which $0,044 has been paid. HAdjusted
columns based on 45.238,916
million shares currently * outstanding and consolidated
earnings on 64% equity in earnings of Mufulira & Chibuluma. Earnings are after taxes
and,replacement reserves but before "general reserves" (i.e. retained earnings).
♦Plus

Over-the-Counter

'uranium ore in Canada, and some

1955

Company with tax loss,

cheap?,

Rio Algom

Calendar Yearst-

-Adjustedfi-

stock

estimated or known future

the

the American Stock

Times

Price Ranges

Calendar Years

When

£ equal to $2.80)

Dividends

End. June 30

Securities Company

to find a secu¬

rity selling between $1

Fiscal Years

25 Park Place,

Call

million

(Based

better. P. 0. Box

STOC
For current information

Yamaichi Securities Co., Ltd.

It is rather rare

copper

Per Share

the

branch offices

JAPANESE

Exchanges.

and are paid in the U. S.
a total income tax of

tons of
ment expenditures and other purand negligible
poses.
'
/
'■
cobalt. Development of this addi¬
Since R.S.T. is a holding com¬
tional tonnage would add 4,500
tons of copper annually.
A £5 pany and money for capital ex¬
million
strategic materials loan penditures is provided by the op¬
from the U. S. Government is re¬ erating companies, R.S.T. passes
on
to its shareholders nearly all,
payable by deliveries of metal.
dividends received by it from theThis loan has already been re¬
operating companies, after pro*
duced to £1.9 million. As of June
viding for its own administration
30, 1960 another £1.0 million was charges and general reserves.
of

to our

Yamaichi

produced over two million short
Climax, Inc. through
ownership
tons of copper with current pro¬
of 32.65%, have had a gross opr
duction rate about 115,000 short
erating profit of £234 million.
tons per annum. By 1962 a 50%
After
taxes
of
£88.7
million,
increase in production is sched¬
Group earnings amounted to
uled, which should make Mufulira
.£145.3
million before providing
the
second largest underground
£35 million for replacements and
copper
mine •' in
the
world.
obsolescence; (These charges take
Chibuluma began
operations in
the place of depreciation and de¬
1956 and has produced, to June 30,
pletion;)
Stockholders- of
the
1960, 97,000 short tons of copper.
Group have received £75.2 mil¬
In the latest year (June 30, 1960)
lion in cash in net dividends, rep¬
24,700 short tons were produced.
resenting 51.8% of earnings, and
Ore
reserves
total eight million
the
resulting balance of
£70.1
tons of 5.04%
copper and 0.22%
million of earnings has been re¬
cobalt; Not included are probable
tained in the business for replace¬
4.74%

Direct wires

surance

Consol. Eirns.

over

Irving

McDowell, re—the Continental In¬

When
of
the business it represents is bet-;
ter than its present market price
indicates. Why do such bargains
occur at times? Because the mar¬
ket * either
is
not interested in You give food and friendship
The American Depositary Re¬
earmarked
for
loan
payment.
what may be
a
non-glamorous with every $1 package you send
Dividends
might
begin
in
the ceipts are traded here on the New situation, or it is not aware of the*
to the world's hungry thru the
1961-1962
fiscal
year
for Chi- York Stock Exchange where they situation or it does not believe in
buluma's
earnings should have were listed July 11, 1955 and enr the prospects. One such apparent CARE Food Crusade, New York
bargain on the market is described
Vital Statistics — Rhodesian Selection Trust, Limited
below.

'$4VM©*

amount

article

week's

last

after

come

actually

R.S.T.

NY 1-1557

La. - Birmingham, Ala
Mobile, Ala.

New Orleans,

was

land.

York 6, N. Y.

HAnover 2-0700

614% income tax surcharge levied
originally domiciled in the United by the Government of Northern terprise. Had it not been for the
Kingdom but is now registered in Rhodesia).
United States stock¬ two-100% stock dividends (i.e.,
Northern Rhodesia, a British Pro¬
holders can obtain credit for these stock
splits), the shares would
tectorate, which is part of the taxes against United States in¬ currently be trading around $6.
Federation of Rhodesia & NyasaThe British prefer to keep share

reserves

DE 75

WOodward 2-3855

year

371/2%, at present, (3114%
eral Rhodesian Income Tax

outstanding.
Rhodesian Selection Trust

aging 3.31% copper. In 27 years,
to June
30, I960, Mufulira has

BOUGHT

copper.

"net"

company

The Nomura

Herbert

million

Stock Exchange
Stock Exchange

19 Rector St,, New

and 0.16% cobalt,
making
it perhaps the world's
largest
undeveloped
source
of
cobalt.
Chambishi's ore reserves
are
35
million
tons
of 3.37%

approximately
45

Members New York
Members American

where much
of the joy an active market. The under¬
electric power is now supplied by lying shares are traded on the
the Kariba hydro-electric scheme. London, Paris, the Federation, Jo¬
and Brussels Stock
Dividends are disbursed twice hannesburg

Metal

can

Steiner, Rouse & Co.

Rhodesia,

Ameri-

Trust.

properties lie in what is generally
called the Copperbelt of Northern

Sele ction

Nationwide

Mines, Ltd.—Alan

Algom

Whitney, Investment Adviser,
Winnetka, Illinois. (Page''2)

Stock Exchange. This well-known
pecting rights over nearly 100,000 Providence firm are members of
square miles of Northern Rhodesia
the Boston Stock Exchange and
and
Bechuanaland, . with active
also 'associate
members 1 of
the
prospecting underway
in these Philadelphia-Baltimore Stock Ex*
areas, details of which are omitted
change.'
■.
for lack of space.
All operating

Selection

for

Rio

companies own substantial
undeveloped ore bodies.
Baluba
ore reserves are
112 jnillion tons

ing

Metal Climax,

Metal

New York 5

120 Broadway,

Mines,
Ltd.

Mines,

furthermore, has vary¬
interests in six - prospecting
companies with exclusive pros¬

American

Associate

Chambishi

R.S.T.,

New York Hanseatic

Bought—Sold—Quoted

of 2.41% copper

Company

middle

American

Limited

ADR's)

Originally formed by
Trust

and

York

Both

City

Selection Trust,

Rhodesian

64.29%

in addition, a
each in Baluba

interest

Trust,

Selection

of Bacon,

R.S.T. has,

Ltd.

Alabama &

Participants and

(A. D. R's)—Herbert

debt.

entire

& Co.

York Stock Exchange,
Stock Exchange,

New York

orders

This is

Thursday, November 17, 1960

Louisiana Securities

^sufficient to extinguish the

been

SEEGER

HERBERT L.

Bacon, Stevenson

you

Their Selections

forum in which,

Rhodesian

"HANSEATIC

Call

This Week's
Forum

each week, a different group of experts
in the investment and advisory field from all sections of the country
participate and give their reasons for favoring a particular security.

A continuous

•

I Like Best...

The Security

Tax Losses or Swaps
If it's

Commercial and Financial Chronicle

(1966)

Some of the original com¬

Algom.

panies

were

the past

paid
the

quite

profitable

and some were not. Two

dividends-at intervals.

National Quotation Burean
Incorporated

But,

Established 1913

amalgamation was somewhat

forced, when the AEC refused to
renew
its contract for uranium
Continued

on page

46 Front Street
CHICAGO

NewYork4,N.Y.
BAN

FRANCISCO

Volume

192

Number

6004

The Commercial and Financial Chronicle

(1967)

contents

Savings Bank Liquidity
By G. Russell Clark,* New York State Superintendent of Banks,
Albany, New York
savings bank industry is told that if it does not provide
effective source of liquidity to fail back upon then the State
might

Page

Fundamental Causes and Cures in Our Balance of Payments

step in to make sure future liquidity crises can be satisfactorily met.
State's banking superintendent suggests
strengthening and en¬

larging the Savings Banks Trust Co., and calls for the small earnings
sacrifices required to build up an extra liquidity reserve if FDIC
,

cannot

describes

used

inadequate the

"found"
use

for this

money

of such traditional

When to Take—and Not Take—Tax Losses

ANNOUNCEMENT

elect

and/or

obsolete

buy

unfashionable

Securities

—Roger W. Babson^_w__—

sources as com¬

Mr. Clark's paper

Obsolete Securities Dept.
99

Metropolitan Broadcasting Co.—Ira U. Cobleigh

;

importance of crystallizing a plan of

action before and not after the next crisis.

I M

securities.

mercial banks for liquidity support and, in alluding to the "magic
fives" of last fall, stresses the

THIS IS A PAID

POLITICAL

Cover

Business Outlook—John J. Balles

The

purpose.

Problem—G. C. Wiegand___^__

AND

The

rebates

LICHT£nST£l!l

b.s.
Articles and News

New York's
an

WALL STREET,

NEW YORK

Telephone: WHitehall 4-6551

also

presents a new theory of timing bank liquidity needs not with econ¬
omy's decline but with booms and high interest rates periods.

some

Addresses at N. Y. State

of the other topics Mr. Clark discusses in his paper.

major topic today is the prob¬
lem of savings bank liquidity. Be¬
fore
discussing
it,
however, I
would
like
to
mention
briefly

legisla¬

some

Ad¬

promotional campaigns and age limits for trustees are

vertising,

the

case

Savings Banks Liquidity—G.

promotional

which frequently inof giveaways to at¬
tract the public's deposits, these
campaigns should not be allowed

matters,
past and pres¬

ent.

}",—Sen. A. Willis RobertsonJ_____..__

spect

the

and

other in

seeks

outdo

Business Outlook

—R. M.

campaigns in connection

State

upon
the
banking
industry
to
compete with other less tradition-

last

the

convention
the

Assn.

should

G. Russell Clark

recognize

media

for

passage

Banking Bill.

pressures',

the

Nevertheless,
to

tends

—Milton

caution

denied.

One

the

Department's

pro¬

too

Salvation—Robert W. Sarnoff

the

See It
'

(Editorial)..'—
J.K

•

Businessman's Bookshelf

•

White Shield

——-

Coming Events in the Investment Field

Hathaway Inst.

Dealer-Broker Investment Recommendations

•

Glickman Corp.*

American int'l Bowl.

Einzig: "Keeping U. S. Dollar Sound Under New
Administration"
'

•

...

News—Carlisle Bargeron

Indications of Current Business Activity

*Prospectus

.Ll

HA 2-9000

mackie,

—.

News About Banks and Bankers

requect

Singer, Bean

S. T. A. Notes

Mutual Funds

Mo. Pacific R.R. "B"

From Washington Ahead of the

INC.

40 Exchange Place, N. Y.

Teletype NY 1-1825 & 14844
Wilfred

Observations—A.

May

•

...

Our Reporter on Governments:

Direct Wires to

proposed bill would not
and
promotional
campaigns by require savings banks to adopt
such provisions but would specif¬
banking organizations. With re¬
spect to
advertising, I wish to ically empower them to do so if
make it clear that the Banking they wished. In this connection, I
Department has no desire or in¬ would like to report what tran¬

Los
Public

Securities

Utility

—

----

Securities Now in Registration

Prospective

play the role of censor. spired about a year ago in one of
Nevertheless, under certain con¬ our upstate savings banks. There,
the board itself instituted a vol¬
ditions, advertising might be car¬
ried far beyond the bounds
of untary procedure of staggered re¬
tirement of elderly trustees. Two
propriety. For example, some in¬
stitutions in their competitive seal trustees over the age of 70 re¬

Philadelphia

Angeles

St. Louis

San Francisco

Offerings

Security

Dallas

Cleveland

Chicago

...

The

ing Board to regulate advertising

Broadway, New York 5

Cover '

—

Bank and Insurance Stocks.

Depart¬

heavily weighted

by aged trustees.

DIgby 4-4970
As We
's«.;■.>■

legislative program would
authorize savings banks to adopt

not

Regular Features

ment's

board,

Reuben

J.F.ReilIy&Co.,Inc.

posals would empower the Bank¬

Prosperity: Sin

1961 legislative
provisions in their by-laws speci¬
few of the proposals
fying age limits for trustees.
It
which the
Banking Department
may be surprising that at a time
intends to sponsor may be of in¬
when • medical
advances vhave
terest
to
banking,
particularly
served to increase our life span,
those dealing with regulation of
and when we see many men active
advertising and promotional cam¬
and vigorous well into their 70s,
paigns,
over-age
trustees,
and that the
question of age limits on
public accommodation offices. V
service should arise.
However, it
is important to maintain a wellAdvertising and Promotional
balanced age distribution on the
Campaigns
Looking to the

session,

RESOURCES

any;activ--*

Trustee's Age Limits
item

FEDERAL
12

—

---

break

Another

Winters.

Fundamental Considerations About Estate Planning

applications acted upon by
the Banking Board, 20 have been
approved, while three have been

savings and in¬

be exercised

which

branch

...

INDUSTRIES

1961

Nolen

—Robert R.

of the Omnibus
Since I do not deem
the public. Up to now, moral sua¬
appropriate to comment on the
sion has been tried and we have
subject matter of a court case
awaiting decision, I will not dwell sought to achieve our objectives
on it.
It may, however, be desir¬ by voluntary agreement, butjeer-,''
tain
institutions
have not. been
able to give the current scorecard
amenable to voluntary restraint,
for branches under the provisions
which leads to our request from /
of the Omnibus Banking Law. Out
the legislature for new powers.
of
a
total
of
23
savings bank

was

IONICS INC.

Canada's Uranium Industry: Problems and Prospects

down
the favorable aspects of the image
of your industry in the minds of
ity

N. Y. State
the

vestment.

Savings

Banks

bound

Variables—Courtney C. Brown__

Business Cycle and Money Market in

The

Pro¬

obtaining deposits.

branches
present particularly difficult prob-

since

INC.
19

.___

BRITISH

the

ing the sav¬
ings bank in¬
dustry in New
York

Gleason.

—Charles

degree

with the opening of new
lems.

FOTOCHROME

costly premiums are of¬
each

-as

motional

affect¬

•

fered

dramatic
event

get

banking or "v
institution.
Such acircumstance might arise as; more »

past, undoubt¬
edly the most

VENDING CO.

State Savings Banks' Answer to Its Critics

New York

savings

With re¬

use

out of hand
detrimental
to
any

tive

INTERSTATE
3

Today's Economic Trends and ^Government's Role

campaigns,
volve the

Savings Banks' Convention

Russell Clark

tention to

to signed last January, and two more
cast doubt on the soundness of will resign in each of the next
two
years.
In this
the
financial condition of their succeeding
manner, the bank will be able to
competitors, or have used adver¬
retain the needed
continuity of
tising which has tended to be mis¬
trustee direction while at the same
leading to the public. Only in
these or other extreme instances time affording ample time to ob¬
tain
the
best
possible replacewould the exercise of regulatory
Continued on page 28
power be desirable.

have

used

their

Security

The Market.

and You—By

The

State

Wallace Streete

Glickman Corp.

Security I Like Best

advertising

Futterman
Company

1868

CLAUDE

GEORGE

Members New York Stock Exchange

25 BROAD ST..

NEW YORK 4, N. Y.

TELETYPE NY 14

TELEPHONE HAnover 24300
Albany

Boston

Nashville

Newark

Chicago
Schenectady

Glens Falls
Worcester

SEIBERT,

Pan-American

Other

Chicago

Office:

111.

Canada,

Editor

Countries,

17, 1960

(general

Other

news

South

135

Union,

Dominion
Other

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

Febru¬

Subscription Rates

Treasurer

MORRISSEY,

Thursday, November
Every

matter

Subscriptions in the United States, U. S.
Possessions, Territories and Members of

9576

SEIBERT, President

DANA

WILLIAM

second-class

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

N. Y.

New York 7,

2-9570 to

REctor

Publishers

DANA COMPANY,

Park Place,
»

Founded

Reentered

Reg. U. S. Patent Office

Corp.

Weekly

CHRONICLE

FINANCIAL

WILLIAM B.

Spencer Trask & Co.

Tenney Corp.

PREFERRED STOCKS

specialized in

Washington and You

The COMMERCIAL and

For many years we

and Industry.

of Trade

Tax-Exempt Bond Market—Donald D. Mackey

Published Twice

have

Corner

Salesman's

Salle-

St.,

(Telephone STate 2-0613).

Bank

$45.00

rate

year;

W!! V. FRANKEL & CO.
INCORPORATED

Publications
Record — Monthly
(Foreign Postage extra.)

account of

of,

the

exchange,

foreign

subscriptions

must

made

year;

per

year.

Quotation

year.

Note—On
the

per

$68.00
per

and
per

$65.00

$72.00

in New

and

BROADWAY, NEW YORK 6
WHitehall 3-6633

fluctuations in

remittances

for

Teletype NY

1-4040 & 1-3540

advertisements

York funds.
•

•

.-i

" ..•!

•

■

;

•*

;

The Commercial and Financial Chronicle

(1968)

Thursday, November 17, 1960

...

into the Diamond Producers Asso¬

Steel

ciation.

OBSERVATIONS...

Electric

the

WILFRED MAY

Alluvial Diggings, also
Nanaqualand—owned
exclusively by the Govern¬

State

CONSUMER'S

the acquisition of a
diamond should, of course, be aes¬
thetic or romantic enjoyment. But
Motivating

the

ment of South Africa.

96%

hedge qualities persists endlessly.
for the basis of the actual

Beers
filiates

price (with the cooperation of the
Anglo American Corp., "spokes¬
"Diamond

the

This

Consumer

1933—
1945—

1953—

Stock
Prices

100

„

—

1959—

Beers

the

199

197

—De Beers

341

426

ership through

225

835

476

(4) In Sierra Leone.
The

function

inflation-

"third

tion

Trust

directly

—

com¬

held

Picassos, Cezannes, Gaugins; or on
the other hand, "duds" of the in¬
terval, as Rousseau, Gainsborough,
Benton?)
*

are

Ghana;

De Beers

the Dia¬
De Beers

by
a

of
to both produc¬

independent

also

are

Sierra

Guinea,

THE INNER WORKINGS OF

producers
Leone, French
some

and

Liberia,

who

was

MECHANICS

operation of
glamorized Diamond Syn¬
dicate, the interesting and impor¬
tant component of the vast Op-

Acting

producers in the

Union

The

above.

Each

producer is
percentage quota propor¬
tionately geared to the total sales

given

of which is De

Beers'), including
exports in unfixed

consummated by the Central Sell¬
ing Organization.

amounts.

cretion

Syndicate's marketing or¬
ganization, through six companies,
handles the output of the follow¬
ing mines, classified as to location,
with

their

ownership

amount

ally produced is

The

and

the

companies.
is

furnished

teeing

specific

ure

sales achieved
by

berly—wholly owned by De
a

Africa requires
»

De Beers.

mining

"floor"
guaran¬

take-

absolute fig¬

with

the

total

the Central Sell¬

ualand—owned outright by
De Beers, as a
subsidiary.

Union of

South

Government

con-

sent.
The actual

The Kleinzee mine in
Nanaq-

For

surplus

shut-down in the

The

dis¬

over-produced
stocks,
contrary
to
widespread
public impression, are held by the
producers. A complete production

De Beers affiliate.

Premier mine, in the
Transvaal—98% owned by

in¬

physical storing of unsold
Diamond

the

Johannesburg

Corporation
by

the

South

producers.

Trading

by the Dia¬

(who
market the gems) as well as In¬
dustrial
Distributors, Ltd. (who
handle the industrial diamonds)
from their selling activities accrue
to the producers together with the
members

Company

the

Diamond

Syndi¬
cate, namely, E. Oppenheimer &
Son, Anglo American Corporation,
Barnato

interests, and
Consolidated

Johannesburg

the

In¬

vestment Co.

The
mond

shareholders

Trading

Dia¬

the

Company

Distributors

and

the

are

producers,
as
also is
AngloAmerican, all three of which cor¬
porations operate under the Board

Chairmanship of Mr. Harry Op¬
penheimer.

The

product's

marketing, with the

distribution

thus

famed

and

"controversial"

Johannesburg by the local
agers of the Diamond

selected

man¬

Trading Co.

Distributors.

demand

London

one

comes

hundred-or-

clients—"members

club"—who

privileged to

are

monthly applications, usually
through their London Brokers, in¬
dicating their wants. They are
provided "sights," whose kind and
quantity
of
the
diamonds
are

We maintain

allotted.

The

show

de-

year,

activity.

construction

balance,

industry

whole is not likely to be adversely
affected by the expected business

the

"construction

report

says,

contracts

should
little in 1961, ending the brief decline of 1960. The

upward

move

industry may well be resuming
its upward course, paralleling the
growth of the nation
and
the

Some

segments
of
construction, economy to be expected during
particularly those involving busi- the much-heralded and currently
spending, may go down next over-discounted Sixties."
year, but public projects, which
account for more than a third of Bank Clearings Show a Decrease
ness

the

total, should show strength.
addition, easier money should
help the housing sector, at least

Week Ending Nov. 12
11.8% Below Last Year

For

the

extent

preventing

any

Bank

clearings

showed

compared with

crease

de-

year

ago.

further decline.

Preliminary

The outlook statement, prepared
by Dodge Vice President and Chief
Economist George Cline Smith in

the

collaboration

staff

for the week ended

con-

12, clearings for all cities of the
United States for which it is possible to obtain weekly clearings

wiith

other

members, indicates that total
struction
amount

contracts
to

gain of 1%

1961

will

$35.8 billion, a
the estimated 1960

some

over

figures

Chronicle,

graphic

advices

cities of the

wm be

compiled by
based upon telefrom the
chief

country, indicate that
Saturday, Nov.

11.8%

below those of the

level, and the second highest fig-

corresponding week last

ur?/r0nL re50^'

preliminary totals stand at $19,763,506,097 against $22,397,702,248

Most of the

strength

1961

contracts

for

heavy
that is,
public works and utilities. Heavy
engineering contracts next year
in

are
a

construction,

forecast

gain

of 5%

total

$8.9

billion,
Highway

1960.

over

construction,

which accounts for
about half of all heavy engineering construction, is expected to set
the pace in this
category, backed
up by strength in utility construetion

for

about

floor
1 %

$15.3

some

area

WcekEnded

year,

billion.

totaling

Residential

is also estimated to rise

private

and

1959.

Our

some

centers

money

^(ooos omitted
i960
1959'/
%
$9,343,479 $11,042,536 —15.4

Nov. 12—

New York—

915,562

Boston

1,172,268 —21.9

851,000

phiSfdefpnia

1,039,000 —18.1

665,304

602,733

—

9.4

Heavy Impact of Inventory
Steel

Shipments

Inventory control and the tightest

buying practices

enced

by the steel

taken from

experi-

ever

industry have

5 million to 7

tons of steel from 1960

million

shipments,

The Iron Age says.

in the year ahead.

Total

principal

Control

building contracts,
by far the largest major construetion category, are expected to be

week

same

Our

follows-

well.

the

year.

comparative summary for
the

Residential

While conceding the figures rep-

public

non-

syndicate's

resent

allotment

"take

The

that

who

buyers

lotments

ar¬

insist
their al¬

reject

blacklisted

penalized

until after

it"

managers

not

are

otherwise

leave

rangement.

third such refusal).

Bureau basis of measurement.

The

report,

November

published

issue

the

Architectural

(at least not

Record, stated that there is

some

evidence that the backlog of hous-

ing demand is not

Fjrst> they are affecting current
operations, which are around

steel

50%

and may go even lower as
seasonal factors take effect in November and

December,

strong as it
Secondly
these practiCeS
are
the past, and that,
forcine tlT'
te 1
J-lls to carrv
legations about manipulation of while easier
money will undoubt- torcmg
tne steei mills t0 carry
more and more inventory for the
the supply by the London office
edly have some upward effect in
demand dethrough
the
storing
of
unsold 1961, it may not be anywhere near
users, who now demand
diamonds,
and
other
"rigging" as great as in previous recession- livery in a matter of days instead
of
the
market
by the
London ary periods.
•
of weeks. This adds to the cost of
sales organization, is not true. The
Non-residential
building
con- making steel.
'
7
great excess of demand over the
But, the abnormal level of insupply seems to be at the root of tra?'s„,a.re ®xKe,ct,';d t0 dr°P 2,f°
in 1961 to
$11.6 billion, principally
\A
the criticisms.
because of a falling off in busitones today must
ness spending for
new industrial ere(*
future planning, The Iron
We

were

informed that the

al¬

has

been

factors—with the

"MISTER CORPORATION"

diamonds' flow

Manifesting
tions

the

vast ramifica¬
industrial-financial

this

CRYOGENICS, INC.

able

ubiquity.

No doubt

all-time

and

relaxed

high,

owner-

110

companies,

and

board

chairmanships in 24.

Stevens Joins

Phelps, Fenn

MENCHER & CO., INC.
150 Broadway, New York 38
•

N. Y.

Dell H. Stevens is
-

1-1475

and

commercial

ting gains

non-residential

building

some

the

offsetother

building types.

In terms
of
physical volume,
Empire, which include explosives,
non-residential floor area is likely
consumer
credit, etc., etc., along
to decline by 3%, slightly more
with mere diamonds, gold, and
than the decline in dollars. Physicopper; is Mr. Harry Oppenheimer's corporate

market in

the

manager's holding of directorships

only a statistical loss, the
farm housing starts in
1961 are magazine
says the results of closedecisions, unilaterally estimated at1,325,000, a gain of to-the-vest steel
ordering have
determined, must be either ac¬ 2% over the 1960 estimated level
importance on the outlook for the
cepted or rejected as a whole of
1,300,000 on the current Census steel market
strictly

establishing

REctor 2-1850

eco-

will

expected mild dip in gen-

engineering

London, Office,, it is insisted, is
merely a distributing center, func¬
tioning as a depot. Decisions in-;
volving major policy are made in

Industrial

the

will

contracts

business

The

1961

increase

expected

initi¬

ated, begins—stemming from tax

Banks, Dealers and Brokers

eral

dip, the Dodge analysis indicated,

The profits earned
mond

slight

spot

horizon

Any

Beers.
—

the

ing Organization.

The De Beers mines in Kim-

Jagersfrontein mine

unconnected

sold

Johannesburg.

actu¬

minimum
an

(1)

In the Union of South Africa.

left

However, a
by way of

quantity, via

indi¬

diamonds

individual

cated:

The

and

—

The
THE PRODUCTION SOURCES

are

diamonds is done either in London

the

elsewhere, is the Dia¬
Corporation, which has pur¬
chasing contracts with the mines
listed

nomic

file

Africa and

brightest

spite

South

The

somewhat.

the

between

Failures

Commodity Price Index

construction

London

mond

penheimer - Anglo American - De
Beers
empire.
Involved is the
marketing of almost all of the
world's diamond production (40%
Russian

link

Business

Index

directly from the

lation of the detailed

the

for

sold

are

diamonds

THE DISTRIBUTING

our

TRADE and INDUSTRY

Price

Production

(limited to a
continuing membership-like list),

dustrial

and

reve¬

Food
Auto

cal volume of commercial, manufacturing, and social and recreational buildings is forecast to decline; schools to stay even; while
hospitals, public buildings and religious buildings are likely to rise

The

rewarding result of

Trade

construction, according to the annual outlook
statement just released by F. W. Dodge Corp.' In
fact, Dodge economists expect that

independent as to both
ownership and sales.

are

THE DIAMOND TRUST

recent visit in Africa

contracts

mines

tion and sales.

There

The State of

Retail

Corporation

Operations in London

other

few

Selec¬
interest

stock

Corp.,
subsidiary.

There

into

Industrial

African

mond

—

now

degree" holding

technique.

Consolidated

necessarily omitted, be¬
cause of the impossibility of fairly
constructing an applicable Index.
(To what extent should it include
with hindsight — the booming

the

Selection

holding by
subsidiary via

In Ghana.

(5)

Diamond

Output

Carloadings

Af¬

through
the Diamond Trading Company,
in London and Johannesburg. In¬

the

Leone

Beers

pany

concurrent performance of

Sierra

own¬

subsidiary.

Trust—A share

bull stock market of the 1950's.

Another

has small

139
207

ART

Congo du Katanga)

Bas

ere

hedge; and as a comparative in¬
vestment medium until the record
The

ownership.
(Bas Societe Mini-

"Beceka"

100

Consolidated

enters

African

The Forminiere Mine—No De

Thus, during these significant
intervals, the diamond has ful¬
filled

Mr.

In the Belgian Congo.

(5)

Prices

100

fiscally-ubiquitous

Co.

Diamond

Price Index

Year—

(one of the many af¬
Board-Chaired by

The

history

South

Production

The Diamond Producer Associa¬
tion

In Portuguese West Africa.
Angola Diamond Mining

(4)

is, accordingly,
incorporated with that for com¬
mon stocks and the cost-of-living,
in the following table.
diamond

and

Harry Oppenheimer).

Syn¬

Johannesburg).

Diamond

Government

the

dividual distributors

Mines—owned 50% each by

long-term record of their market

for

Beers.

Williamson

The

comparative performance, we de¬
voted time on our recent visit in
Africa to secure an authoritative

dicate"

owned

(3) In Tanganyika.

Hence

man"

Mines
subsidiary,

Beers

—a

Beers'

Gem diamonds

Diamond

Consolidated

proclivity to attach diamonds
investment
or
inflation-

Union

sale of its members' diamonds.

(2) In South West Africa.

with

the

Mines, the Diamond
(mentioned above).

"BEST FRIEND"?

rica, the Administrator (i.e., the
Governor) of South West Africa,
De

THE

nonprofit body,
being the Govern¬

members

ment

BY A.

This is

with

Phelps,

now

Fenn '&

associated

Co.,

Broadway, New York City.
Mr.

Ira

Stevens

Haupt &

was

Co.

formerly with

Age

says.

Inventories

and transit time
ard
,,

move

are

low,

short, that any

orders

steel
,

would be compounded.

A good

share of the 5 to 7 million tons
"statistical"

loss

would

immedi-

Volume

192

Number 6004

The Commercial and Financial Chronicle

(1969,
ately

translated

into

backlogs. --,,t•
Low inventories are

order

tion

matter of

Age

record, but the cutting of transit
time to the minimum is

added effect.

having

that had been part of its

inventory

Steel

pressed.
third

Normally,

form of
duced

steel

inventory in

transit times

million

lieve

spending

com¬

one-

nedy

the

add up
taken out

This is in addition to the 3 to 5
million tons that have been cut
from

what

workable

had

been

considered

inventories

steel

caution

date"

In
the over-all
steel
market,
the order pattern has
slipped again
in the past week.
This is princi¬

because

setbacks

the

over

seasonal

buying

will

Skeptical

watching

industrialists

Steel

the

op¬

companies
of steel ca¬

and

on average

1947-49).

steel

castings

weekly produc¬
These figures

beginning Nov. 7.

Actual output for last week be¬

Nov.
of

the

equal

was

utilization

to
the

Jan.

1, 1960 annual capacity of
148.570,970
net
tons.
Estimated
percentage of this week's forecast
based

that

capacity is 51.4%.

A montn ago the

(based
tion)

their

steel

*91.1%

ingot

51.5%

special post-election report,
the national metalworking
weekly
couples an analysis of Sen. Ken¬
nedy's program with interviews

top

and

that

the week, beginning
equivalent to 1,464,003

ginning

with

week

ticism, The Iron Age reports.
In

Iron

compared with the actual levels of
*91.4% and 1,468,000 tons in the

President-elect John F. Kennedy's
New Frontier program with what
might be called constructive skep¬
.

man¬

for

14,

(based

are

that

Output Based

announced

average

tons

Program
Businessmen

was

operating rate

1S47-49 weekly produc¬
*98.3% and production

1,579,000 tons. A

the ac¬
tual weekly production was placed
tion.
;
•.
'
The conclusion—the New Fron¬ at 2,233,003 tons, or *139.0%. At
tier program will not succeed in that time the industry was vir¬
tually closed down due to a strike
radically reshaping the nation.
reaction

s.V

the

Democratic

market, and that

elec¬

year ago

But

Iron

the

Age

new

cautions

there

mean

reshaping.

that

I.' 8.

The

does not

does

will

not

President

of the steel union.
♦Index

mean

age

More Than 87

through some form of his
extremely liberal legislative pro¬

Steel

aver¬

contrary, the next
session of Congress will see such
things as a minimum wage in¬

Made

in 10 Months

000 net tons of

of Year

totaled 6,865,-

ingots and steel for

castings during October, 1960, and
87,266,440 tons during the first 10

crease,
a
stronger medical care
for
the
aged ■ program,
and a

months of this year in the United

lessening of restrictions,-on labor

States,

unions.""
But

tor's
be

■

watered

Steel

promise

At the

reports
with
1

tradition

year,

down

interviews

conclusions—fear

made

months

last

Continued

page

-i

dollar

I
m

•

IP
:

M
V
5

nnouncmg

the

formation oj

!'l

I: 'M

hands

must

costs

members

american

change. In London and other
centers everything that

the President-elect will say

during the next two months will
be followed with the

greatest

pos-

?•\

stock

will undou.btedly
influence the attitude towards gold and the dollar.Any indication
of New
legislation, whether in the
anti-business

Deal
form
in-

measures

>'•;>

november

17. i960

V"\

;

the part of
European

investors

various

stocks
Senator
words

kinds.

during

carefully
of

Unless

weighs

Kennedy

his

the

inter-regnum,

liable to let loose

two

avalanche of

true, the European monetary authorities endeavor to dis¬
courage such a movement through

and

worse

American'

labor

considerably

and their

reduction, of which the
Rate provided an
instance. Such reductions, while
tending to discourage transfers of
short-term
funds, will tend actually to encourage transfers of
long-term investment funds, beGerman

Bank

of their favorable effect

Stock Exchange

effects

be-

and extent of the pressure

wage demands. If

only they could

revert

That

attitude

face of

was

it.
in

advocated

increasingly irresponsible in
putting forward unwarranted
persuaded

their

OCT'S

Favors Intervention to Support

^1 Oil V. J.

Fixed Gold Price

Ap-(tTj A P*PTI PV
be hoped that the official Americanattitude towards LOS ANGELES Calif
George
supporting the price of gold will T
TT
mfln3)Jpr
nf
T *
also be reconsidered. Had such A'neele<? off'irp of Alhprf prank
It is

support^been fortoommg^unng

the summer when the London
price first rose above $35.25, the
operations would have cost

Gulnther

Law,

Inc

has
1

Vice

very

been

Presi¬

dent of the

depend
the

the

forward

tions

likely to continue to be the main

cause

of the

forbidding

demand

them

for

from

allow
while

Mr.

Hersh

joined the Los
Angeles office

George t. Hersh, n

AF-GL

May

was

Important

Problem

Production

technical

measures

sug-

above would not in thembe sufficient, however, to
the dollar above suspicion
the rise in the cost of production in the United States is

gested
selves
place
unless

checked and reversed. Hopes

with

1957 and
manager
of that

appointed

office in

Costs

ously
The

January 1959.

He previ¬

account

executive

was

Bishop

Associates,

Los

Angeles advertising agency, from
1956 to 1957 and prior to that was
advertising supervisor for Coast
Federal Savings & Loan Association for three years,

are

Mr. Hersh holds

B. S.

degree

will

Britain and the continent that in-

0f Southern

in which the

flation will result under the new

will

Administration and

vious schooling was in Allentown
an{j Philadelphia, Pa.

funds

react

interest differen-

tials in New York and continental
centers.
Recommends Adjusting
Dollar

From this

Chairman
the Board.

Switzerland,
Most

by Howard
Calkins,

way

inl

hoarding

Nov.

gold in the United States. After
all,
the
American
authorities
would find it easier to lay hands
domestic gold deposits than
gold deposits held in Canada

an¬

nounced

gold. It

rela¬

agency,

was

entertained in industrial circles in

dollar rate

changes

public

and hold gold deposits abroad is

prices. Even their

short-term

Forward

Rate

can

many

Ameri-

advertising from the University
California.

His

pre-

industries will outpnce them-

selves from the world market.
Should this happen, a deteriora-

rurcell securities

tion of the American balance of Pureell Securities & Co., Inc. has
payments

point of view it is to

would

cause

heavy been

formed

with

offices

losses of gold and would stimu- Broadway, New York City,

be hoped that

the advent of a new
regime will be followed by some

re-thinking

attitude

the official Ameri¬

towards

forward

exchange policy. Conceivably the
new men in charge will not con¬
sider
themselves
bound
by the
narrow

\\\

traditionalism of the pres¬

ent

monetary authorities who are
dead against intervening to ad¬
just the forward dollar rate to
suit

requirements.

intervention
solution

the

such

Yet

could

for

1870

accentuate

the

The
of

answer

re-

funds.

rate

dollar

level at which it would discourage
outflow

duction

funds

Correspondents inprincipal cities
u

throughout the United Statesand Canqda

United States.

interest

Unfortunately

the

device

has

OF INVESTMENT SECURITIES

•

exaggerated

Dominick

Britain, "who-

Dominick

Members New York, American & Toronto Stock

result of

advocacy

i
>1

re¬

rates

that

become discredited
"

* i

1-1604,

its

*><

UNDERWRITERS AND DISTRIBUTORS

in¬

through

arbitrage, in spite of
of

lies in the adjustment

forward

the

They want to

outflow

the

with

Administration

recession

the

•1
{

provide
dilemma

new

terest

the

leaders have

come

flationary measures, but they are
afraid that in doing so they would

has

for

unconditional pegging of the forward rate regardless of the cause

Bank Rate

number of fanatics in

i) t

unlimited

is utterly inconsistent to
them to buy gold abroad

interest

counteract

,.f

favor

growing
American

sure

confronted.

I
.

advantage of the latter. In
times, however, the at¬

ad¬

I
twx ny

recent

titude

out

worked

and

telephone: ha 5-5950 ;

department ha 5-6777

to the

produc¬

these

and

seldom

at¬

British

vertising

I
trading

are

leaders

comparisons

competitive.

union

and

national

Broadway. New York 4, N. Y.

our

American

Over and above all, the freedom
of American residents to acquire

changes

the.

4C~--ri

trade

speculators but in the

emphasizing

little.

taxation

which

dealers

titude

equalitarian
to lead
to widespread
anticipation of a
heavy
outflow of capital, both
foreign and American. rA'lrCady in
recent months therie had been a

flationary policies

exchange

Zurich

often made between the

were

gold

en¬

sible interest, and it

will

of securities

world

year

the

national association

become

k.-.

the

(fsacchione

cUncorporaled
i:i

not

financial

can

measures

the

sweeping speculative at- previous
statesmanlike
attitude
cratic victory with a wider margin tack on sterling in 1957, at a time and moderate their
claims, there
of
votes
in
favor
of
Senator when there were legitimate doubts would be no cause for
Europeans
Kennedy.
The
absence
of
any about
the strengtn of sterling's to worry about the future of the
spectacular increase of the de- defenses.
No such
doubts
can
dollar. Since Mr. Kennedy owes
mand for gold or of the selling arise about the strength
of the his victory to their support, is it
pressure on the dollar during the dollar's defenses.
The prevention too much to expect them to help
days that followed the election of an outflow of funds through in- the Administration of their choice
should not, however, mislead any- terest arbitrage would
go
some by
adopting a more reasonable
one
into
wishful
thinking that, way towards maintaining
con- attitude?
after all, the international finan- fidence
in the stability of the
cial markets remain unaffected by dollar.
1
TT
i
T7
T*

Through the first 10 months of
year, the industry operated

infla¬

when production was held
by the nationwide steel

Until

high reputation
statesmanship.
Comparisons

changed

this

leading business executives.

The

the

was

strike.

time, The Iron Age

series

tons

206

com¬

Congress.

same

and

total

sixthhighest
for
any
similar
period on record despite the de¬
cline
in
output
during
recent
months. It compares with 74,189,-

Kennedy Administra¬
tion, they are there, The Iron Age
says.
They
are
hidden
in the
of

10-month

technical
and

rate

hands of American trade union leaders in

cause

down.

in the

forces

Institute.

The

Though the
moderating influences will not be
seen

according to the prelimi¬
report of American Iron and

nary

of the youthful Sena¬
liberal economic ideas will
some

adopt

dollar

capital outflow.

Million Tons of

Steel production

the

of production is based on
weekly production for 1947-49.

cannot

push

gram.

forward

stop allowing American residents from acquir¬
ing and holding gold abroad. Further, he warns that the fate of the

months

—

leaders.

two ago these leaders had

for

•

this

that

urges

the

foreign

°* tee dollar is not in

•

reforms.

Steel

rate

pacity
Nov.

Kennedy's "New Frontier"

strongly

tion

notes

attitude

American

erating

tion

Businessmen

Einzig

intervention

Ken¬

51.4% of Jan. 1, 1960 Capacity

The

Scheduling of lower output
through November and December;
apparent
steel in October.

Dr.

im¬

President-elect

Week's

•

Iron

the

also

radical

Institute

factors. Automotive setbacks have
been
prompted by two factors:

some

for

This

automotive

aggravated

the

•

joyed in Europe

be¬
defense

his election "was far from

hands of consumers, the
magazine
estimates.

pally

magazine

trade union

defense,

under

-vy

in busi¬
industries

withdrawal

Under New Administration Es

LONDON, Eng. — The immediate
part of many industrialists who
effect produced by Senator Kenwere
personally disappointed by
nedy's victory on the bullion marthe Kennedy victory.
ket and foreign exchange market
It also observes a
tendency on was
negligible
because
these
the part of many businessmen to
markets had discounted a Demo-

could

tons

The

stepped
up
will contribute

"close the ranks"

inventory.

T T

Administration.

The

Re¬

process.

Keeping U. S. Dollar Sound

many

business

the

By Paul Einzig

that

proved

ex¬

fear

hand,

involved

mills

are

other

particularly

deeply

over

regulation

Age comments that

com¬

about

stocks

Federal

the

ness,

industry.

fear

are

concern

business,
and
general
"big government."

tendency is spreading

suspect that transit time on
ponent parts has also been

election, The Iron

reactions

taxes,

cessive

figuring.

throughout

to the

says.

Other

stock, it cut 4 days transit time

This

topmost reaction of busi¬

higher

One major automo¬

tive plant is an example. In addi¬
tion to reducing inventories of steel
in

nessmen
a

14 WALL STREET

Exchanges

NEW YORK
v<
w

The Commercial and Financial Chronicle

(1970)

Chicago,

the

Bank

TAX-EXEMPT BOND MARKET

New

National City
York, the Morgan

Guaranty Trust Co., and the First
Boston
Corp.
was
the
winner.

DONALD D. MACKEY

tual

Stuart & Co;, Inc.,- group was
On the initialoffering the issue was reported

Although interrupted by the 1930
election, the market

Presidential
for

tax

continued the firm trend
few weeks

has

securities

exempt

begun a

The firm market

ago.

actually had its inception coinci¬
with
the technical balance

dent

problems created by the high¬
er world money rate structure, and
attendant gold outflow, has de¬
veloped

dar

within

Federal

the

sensitive

for

Reserve

viduals

well

secondary

themselves

would

occasion

Massachu¬

part of

was

000 offering made

the

$69,500,-

Oct. 10.

single

toll

bid

become standardized

Administration.

current

this

respect

As we ap¬

equitable
aid

within

reforms,

tax

sharing

the foreign

and "lessened

offering.;
well

the

Chronicle's

Financial

and

Commercial

The

20-year

high

average

judged upon po¬
litical presumptions. The complex

bond

the

off

recently

riod

little likelihood of a crowded cal¬

ered

this

likely to persist for the near term
at least.

and

year

realities

;Larger Issues Scheduled For Sale:the following tabulations we list the bond- issues of
$1,000,000 or more for which specific sale dates have been set.

available, includes name of borrower,
of issue, maturity scale, and hour at which bids\
will be opened.
./
/
\
Nov. 17 (Thursday)
Alliance, Nebraska
——
1,750,000 1981-1982
7:30 p.m.
f Information, where

amount

—

Brandywine Area Joint School

from 2.30% to 3.90%.
At
report, the issue was about

Authority, Pennsylvania

8:00 p.m.
10:00 a.m.

1961-1990
1961-1980

1,075,000
1,917,000

our

Cedar Rapids, Iowa,_____
—
half sold.
: •
Z'Z
/
government's fis¬
The bidding for this issue was' Charlotte, Gerry, etc., Central
cal, economic and foreign policies
V School District, No. 1, New York
extremely close, with the Blyth
may not be easily tucked into a
Georgetown, Kentucky.
neat political easy-money capsule. & Co. group reported high as bids
Hawaii
opened. On refiguring, it
sents a market gain of about one- These problems have been merely were
...A
was
reported that a mistake had Spencer, Iowa
touched
upon.
When they are
quarter of a point.
been somehow made and the C. J. Spring Branch Ind. Sch. Dist., Tex.
compounded with the confusion of
Westfield, Mass.
Don't Interfere With the
Devine & Co. group was declared
financing that will be generated
Federal Reserve
bidder by a very narrow '••v.'-,
within the near future, and the high
Nov. 18
It is apparent from these ob¬ demands for money involved in margin.'
/
..'-h" University of California, Calif

grade bond yield index stands to¬
day at 3.238%. A week ago the
average yield was 3.2614%.
The
decrease in average yield repre¬

•

1985

11:00

1961-1985
1962-1991
1961-1980

2:00 p.m.
8:00 p.m.
11:00 a.m.

/• 2,230,000

2,000,000
2,610,000

(Friday)

' -

cided
not

Election

implications
not in the

di¬

the

upon

ministration
in

tax-exempt
Certainly the new Ad¬

market.

future have

near

effect

rect

This

Day.

that the various
the election wall

predict

seems

particular

policy than was true

easier money

of the Eisenhower

This

interest¬

aspects
regime.

circumstance,

however,

does not necessarily mean that the
Federal

will

Reserve

ages
It

the not

begins

the

first

quarter of next year,
this
year's
referendum

when
issues

tial
lar

begin to

It would seem that
must

leave the manifold and sometimes

run

tant

jurisdiction.

fight

Inducing

generate

MARKET

within
an

at¬

in its

ease

business
ON

Massachusetts

activ¬

There

sizable

offering

(State)

Co.,

the

REPRESENTATIVE

3%%

___

serial
were

general

bids

for

obligation

(Nov. 15. The syndi¬

First

National

Bank

SERIAL
Maturity

1978-1980

Bid

33/4%

1980-1982

3.30%

3.15%

1978-1980

3.25%

3.10%

1978-1979

3.15%

3.00%

33/8%

1974-1975

3.00%

2.90%

3y8%

1978-1979

3.15%

3.00%

31/2%
33/4%

1977-1980

3.20%

3.05%

1978-1980

3.65%

3.50%

3y4%

1980

3.40%

3.25%

31/2%

1980

3.20%

3y4%

—

Orleans, La

3.05%

1979

3.65%

3.50%

Chicago, 111

31/4%

1977

3.70%

3.55%

New York

1980

3.60%

3.55%

City, N. Y
November

16,

1960

Index

Cajon Valley
California

Calif.

No. 4,

Barney
and

Trust

Co.

reported

group

offering

unlimited

tax

and

This

bonds.

tax

winning
Trust

Weeks,

LOCAL STOCKS

f/ere

Weeden

Bank

& Co.,-First
Portland, and
tax bonds

retail

disposition

rated

issue is

this

not

yet

The

Robins0^Humphrey Company,(nc.

RHODES-HAVERTY BLDG.

ATLANTA 3, GEORGIA

JAckson 1-0316

Pa.,
general
obligation
(19621991) bonds. Two groups contend¬
ed for the award.
The First Na¬
tional

City

Bank

New

•

1,500,000
.

—

8:00 p.m.

1963-1987

1964-1990
11:00 a.m.
Z•
; ;
/
1961-1980: 2:00p.m.

14,500,000

■

12:30 p.m.
:

1962-1981
J
Z
,

_———'

negotiated sale of a minimum of $45,000,000 and a maximum of $65,000,000,
to be underwritten by a syndicate managed by John Nuveen
& Co., Allen & Co.,
B. J. Van Ingen & Co., Inc., and Leo Oppenheim & Co.
•,

Z/
Illinois

150,

Dec.

South

Dec. 7
Fairfax

College,

State

;Z:

1981-1980

8:00 p.m.

10,000,000
1,940,000

1963-1982
1981-1972

10:30 a.m.
1:00 p.m.

8,500,000
12,500,000

1962-1988

—

(Thursday)
of

Board

1,648,000

Education, West VirginiaDec.

;■

(Wednesday)

County, Virginia—:

Maryland State Road Comm., Md.

Concord

6 (Tuesday)

Diego Unified Sch. Dist., Calif.
Bend, Indiana—-

San

7,800,000

—

Dec. 5 (Monday)

County Sch. Dist. No.

Peoria

1962-1989

2:00 p.m.

."
"
1962-1991

6:00 p.m.

(Tuesday)

Los Angeles County Hospital Dist.

„

7.000.000

California

York,

Halsey, Stuart & Co.' accourlt won
out over the Drexel & Co., Chase

Dec. 14
East

Baton

Rouge

District, La.
with a cover :
involving but pennies. The win¬ •; Michigan (State of)
Manhattan

1',250,000

(Thursday)

Dec. 8

largest issue of yesterday's
three was $35,850,000 Philadelphia,

Noon
11:00 a.m.

known.

The

11:00 a.m.

1963-1986
1962-1990

Indianapolis School City, Ind.— / 1,040,000
*Oklahoma City Improve. Author.,
1 /
Oklahoma
C
45,000,000

unlimited

The

1962-1983

5,000,000

3,991,000

Dec. 1

included
Bank,

10:00 a.m.

2,000,000

Development Comm., Fla.
Central School

The

there

Savings

11:00 a.m.

1,300,000

District No. 1, N. Y.—

differentiations.

account

•

1962-1981
1962-1981

15,000,000
4,500,000

——

scaled from 1.75% to 3.15%.

highly

7:30 p.m.

The

1983-1986

(Tuesday)

and Owego

"Union

$500,000
distinc¬

bonds although

tax

is little intrinsic

10:00 a.m.

Nov. 30 (Wednesday)

Florida

$1,685,000.

usually calls for a spread of
at least 10/100's in favor of un¬

others.

1962-1986

Dist.

School

Highway Authority, Ala.

Michigan

tion

The

1,100,000

1,400,000

comprised of $4,300,-

was

National

CORPORATE BONDS

Township

Pennsylvania —
i
Natchitoches, Louisiana
—
Pulaski County, Arkansas.-———
Warren Consolidated School Dist.,

won

offered for bids.

bonds were

limited

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

Albuquerque,

Co., Wachovia
Co., Ladenburg,

$4,800,000 Dayton, "Ohio,
general
obligation - (1962-1981)

limited

1962-1976
1962-1988

(Monday)

Michigan

Alabama

Mercantile Trust Co., Hornblower

MUNICIPAL BONDS

Nov. 29

(1981-

Also,

000

2,250,000
1,750,000

New Mexico-..
S
Campbell and
Kenton
Counties
1980) bonds were sought by many
Sanitary District, Ky—
bidding groups. In close compe¬
."Johnstown
Municipal Authority,
tition the Chase Manhattan Bank,
Bank

1,220,000

—————

—

Dearborn

school

obligation

general

11:30 a.m.

1962-1990
2:00 p.m.
/Z *. y\ '
1962-1986 ,10:30 a.m.

-1,000,000

Union School Dist.,

Nov- 28

1961-1980

...

New York—

Wednesday

/;lfC

Sequoia Union High School Dist.,

$5,000,000 State of South Carolina

Smith,

2,330,000

School

-Free

Dalton, Georgia ——————
Randolph County, North Carolina

three important new issues
appeared in the marketplace.

Harris

STATE AND

Union

Wednesday,

have

10:00 a.m.

(Tuesday)/Z/Z„Z',/A/''! V-■

Nov. 22

press,

3.2384

3 ESTABLISHED 1894E

No." 24,

District

yield 1.70%...to 3.65%. Latest re¬
ports indicate the flotation meet¬
ing with good investor reception.
About $1,000,000 remains in ac¬
count.
')
;
t

ance

Asked

——

Brookhaven

Fenner & Smith, Dean
Witter
&
Co., and others.
The
issue was reoffered at prices to

•

,•Z/f'i-v:

Bridgeport, Conn.

Pierce,

3.50%

New Jersey

(State)
Highway Auth., Gtd.—
New York (State)
Pennsylvania (State)
Vermont (State)
New Housing Auth. (N. Y., N. Y.)
Los Angeles, Calif
Baltimore, Md
Cincinnati, Ohio

Bank
First
Lynch,

A.,

the
award." This highly rated
serial
issue
was
priced to yield from
1.50% to 3.00%." The current bal¬

ISSUES

3.65%

Merrill

4,080,000
25,000,000

Mont.
Port of New York Authority, N. Y.

Montana State Board of Ed.,

by ;the
&

Corp.,

Thalmann

Connecticut

New

Boston

Busy

(1961-2009)
two

headed

America

Financing

cate headed by the Bankers Trust

Rate

California

was

(1981high-bidding

The

bonds..

past week's impor¬

underwritings involved
$34,750,000
Commonwealth
of

this

entirely

the

new

Federal

mosphere of monetary

first-quarter municipal

Recent

One

bonds.

its

in substan¬

financing. The contrast may be
heightened by
this year's light
fourth-quarter calendar.

antithetical problems that face the
Reserve

appear

volume, along with the regu¬

1985)
group

directly

Administration

new

the
bond

subject to any more official sua¬

the

that

appear

of ^municipal

this juncture may lead
seriously lower prices during

prices

sion than has been the case for the
last few years.

pyramiding

obligation

general

Calif.,

distant future.

a.m.

11:00 a.m.
1961-1999
10:00 a.m.
1989
Z Noon

—

de¬

was

;

3,700,000
1961-1988
Another "West Coast issue came
vious technical
factors
that the the
imminent
economic
resur¬
Nov. 21 (Monday) ■';:/• V::' ■/
state and municipal bond market gence, the price of money may to market on Tuesday, with'the
Maricopa County, Scottsdale Sch.
/.
\
has
been
little
affected by the well tend toward higher percent¬ offering of $3,600,000 San Diegdf
.'"District, Arizona
3,945,000
1961-1974
that

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

1961-1980
1962-1976

6,500,000

—.

struggle

1,040,000
2,500,000

■

political

cur¬

of the market seems

rent strength

bond prices have recov¬

considerably

The

January.

before

endar

due partly to an absence of
tax loss transactions. Most of the
toll road

issues

type

very

same.

competi¬

continues to be
light.. With the holiday pe¬
approaching t h e r e seems

tive

son,

Commonwealth.

Market Indicated

Strong

The calendar for riew

quieter than is usual at this sea¬

the

Highly Competitive Bidding

last

aver¬

.These issues have been

•

yield

index

yield

out

about

hand rather than

Steady

quoted

3.84% on Nov. .10,
which is the last reporting date.
On Nov. 3 the average yield was

well as a
One of the week's most inter¬
proached Election Day, dealer in¬ rigid adherence to balanced budg¬
underwritings
concerned
ventories were generally lowered ets, would shrink Treasury and esting
and the new issue
calendar at¬ Federal Reserve problems consid¬ $14,000,000 City of Los Angeles,
tracted but few more offerings.
erably and diminish the need for Calif., harbor department revenue
(1963-1979) and term 1985 bonds.
incessant monetary controls. Such
Dealer municipal bond inven¬
At least six strong bidding groups
procedures may possibly become
tories, as indicated by the Blue a reality.
competed for this high-grade rev¬
enue
issue.
The
high
bid
was
List, stand today at about $290,made by the syndicate headed by
Interest Rate Trend May Be
000,000. A week ago this figure
was but $295,000,000.
C. J. Devine & Co., and including
Higher
Dealers gen¬
& Co., Glore, Forgan &
erally report that investor inter¬
It appears to us that the state Drexel
est continues brisk, even at the and
municipal bond market should Co., Ladenburg, Thalmann & Co.;
American
Securities
higher price levels that progres¬ continue to be judged on the basis
Corp.
and
sively obtain.
of the various technical factors at others. The bonds were priced to
costs

program

to be no new ne¬

authority

road

aged

was

paid

action

This

for

volume

the

original holdings.

gotiated type revenue bond issues
approaching market at this time.
and Negotiated issues have been par¬

state
and
other ticularly scarce during 1960, due
revenue
issues have changed in partly to the easy bond market
price but little since last report¬ that prevailed - during the first
; vj
ing. The Smith, Barney & Co. half of the year.

dollar

municipal

yield

apparently less than the Common¬

appear

the

that

offerings

market

appeared well priced.

setts bonds

1.60%

installment

This

that

have

institutional in¬

interested

vestors

indi¬

that

and

ago,

year

ing scale ran from
to a 3.55% yield,

late-year transactions of this

There appear

Bonds

Dollar

appar¬

in many accounts.
this should not rule out

type as against

yet known.

The

The reoffer-

that the new
wealth felt appropriate to accept.
might ' find
it
The Treasurer decided- to await
easier to reappraise and alter fis-.
a
more
propitious market period
cal
and
monetary policies that

relatively

lighten,

too

of breach-

sort

any

policy

better than half sold.

Administration

than during the same pe¬

riod

then that the calen¬

was

began

continuum

gradually

tober.

the

developed ing.
It
rough the middle and late Oc¬

which

currently facing

ity, while

prevail

some

for these bonds but ac¬
performance figures are not

close runner-up.

rather

ently

reported

sey,

than losses

gains

However,

been

has

interest

Considerable

17, 1960

Thursday, November

ning group has scaled the bonds
to
yield from 1.85% to 3.65%.

First

The Chase Manhattan Bank, Hal-

Parish

group,

—

(Wednesday)

Sewer

7,000,000
25,000,000

——

Volume

192

Number 6004

The Commercial and Financial Chronicle

(1971)

matter which

By John J. Balles,* Vice-President
'

The

National Bank and Trust
for

case

economic

national

and

Economist, Mellon

alter
while

are

Pessimists and Optimists agree and
disagree. Mr. Balles concludes
the currant decline will not be worse than the
previous adjustments
in

fact

second

not be

may

half

interventionary

19S1.

severe

measures

so.we

weeks,

widespread

near-term

over

business

prospects has revealed an
usually
sharp
divergence
opinion among
competent and

un¬

The

quarter

our

the

increase

Federal

have shrunk

ac¬

economy
at an
annual rate, between

"V;

$11

the

stemmed

;

mainly from

major factors. First, there
dissipation of inflationary

development

was

ex¬

both because of the

—

non-defense

projected increase

over

•In

occur

are

housing

fiscal 1960

opinion,

caution

The

area.

outlook.

has been

$1 billion—about half of which

two

notes

Thus

far

increase in

billion

plans to buy houses,

and

crop-purchases

and

various

under

"civilian"

the

various

surveys;

warning

increase in currentlyFederal
spending for
goods and services in fiscal 1961 is

rate.

thus relatively modest—about $1.5
billion. (The other $1.5 billion in¬

market,

several

years

grams.

The total

crease

factor

the

and

demand

contrast

the

Thus

pay¬

far

the

demand

optimists,

has

pectations

registered,

was

for

usual

time-consuming

ployment

and
income prospects
probably
had
#me
effect,
along with the fact mat a sag in
prices of older homes probably

budget

con¬

activity will
plateau, or
expansion, despite

some

weak

spots

the

Pessimists
of the

case

we can now turn to the

spending on soft goods,
services, and housing, along with
probable
gains
in
government
spending (at all levels), the pes¬

new

Federal spending, even if under¬
taken, would have to be proposed

above

consumer

for

fiscal' 1960.

January and enacted after the

opposing view. While recognizing
the upward trends in prospect for

the

this ^year,

ex¬

years.

considerable

of the

The Case of

case

activity
since
early

with

Having reviewed the

the

despite

ago,

two

economy.

may

last

basis

admitted

limiting

side

ness

the

comparable magni¬
$16 billion—can be

show

even

housing has remained slack. Un¬
certainty about short-term em¬

involving

are

that general business
at least remain on a

various-

formation

On the

measured

ments, grants-in-aid to the states,
etc.) Any major new increases in

change

terms

siderations, the optimists contend

emergence of easy money.

shown in the administrative

budget is for various transfer

family

prove

projected

previous impact of credit restraint

This

these

certainty for 1961.

industries
have
that this time the

been

counted

there

specialists in the construction

pro¬

the

tude—$15

home-financing

for

expansion

consumer

price-support program, with the
balance in larger outlays for pay¬

and.

busi¬

view:

volume,

largest factors of strength for
the year ahead.

the

particularly
because
of
a
swing
from
a
Federal
budget
deficit of $12.4 billion in fiscal
1959 to a surplus of $1.1 billion in

overall

this

dollar

about

necessary

rolls

the total out¬

the

above

with

did increase about 8% in
August,
but then dropped to a new low
for the year in September.

spending

the

trend

de¬

1961, the greater part of

goods and services will

things had remained un¬
changed,
the
inventory
factor

pectations

inventory
altogether.

two

the

that

ceased

the

credit

indicated,

now

for

other

inventories

"h i g h-1 eve 1
e a

increase

According to the revised budget

The

question:

maintain

first and third quarters.

this

Following
a

definite

spending

for fiscal

billion

centered

show

cumulation

debate

has

recovery

economic

record.

run

would

auth orities.

around

continue

put

known

forecasts

unsound

radically
Nevertheless,

recent

well

against

may

unparalleled long

debate

and

—

advises

that

easier

will
give
residential housing construction a
healthy shot in the arm. Such
construction has in the past been

could

picture.

believe

In
total, the three types of
highly sensitive to changes in the
spending mentioned above account
cost and availability of
money and for two-thirds of the
total output
the amount that can be counted on credit. Periods of
easy money have of
goods and services. All three
at present is small. A greater im¬ been followed
by large gains in sectors
have shown very steady
mediate impact on the economy residential
construction—e.g., the growth, even in the face of
cyclical
will probably stem from the larger 45%
increase
in
housing starts downturns. Between
them, they
volume of orders and contracts from early 1958 to mid-1959. Thus
have had an average yearly gain
now being placed for defense and
far, there have been no definite of
$15 billion since 1954—and $16.5
highway purposes.
signs of a revival. Housing starts

Company, Pittsburgh, Pa...

Optimists and for the Pessimists regarding the
analyzed by Mr. Balles who admits his bias

outlook

relations

the

fense

the

The banker-economist surveys the im¬
portant economic factors and their outlook, and shows where the

toward

party, will increase
outlays even more. Also,
major new upheaval in inter¬

any

is with the Pessimists'
camp.

—

mists

defense

The Business Outlook

simists
nesses

point to potential weak¬
in three key sectors which

usually

make

between

for

strong

the
or

difference

weak tone

example, in declining stock prices processes. It seems doubtful to me has some potential buyers "locked in
general business, and which on
"c ro s s-c u rearly in 1960. Secondly, industrial that anything could be done on a in." Also, in many areas - of the net balance will
probably produce
rents" and "rolling
adjustments," capacity proved more than ade¬ sufficient scale to be timely, in
country it is doubtful that any at least a mild downturn:
(a)
is the economy going to break out
quate to meet the level of business regards the present economic situ¬
weakness which has already oc¬
real "housing shortage" exists.
of the plateau on the up-side or on sales which
actually emerged early ation.
curred in consumer spending for
the down-side?
this year. Previous incentives for
/*.= •
Therefore, in spite of a gradual durable
goods,
plus
a
further
At the risk of over-simplifica¬ inventory-building
thus
disap¬ (3) "The ease in monetary policy trend toward easier credit terms,
weakening
being
signalled
by
which began early last spring
tion,: the prognosticators ;can be peared ;—• i.e., expected price in¬
I expect the increase in housing
surveys or consumer buying plans;
will have some general stimu¬
V

•

John J. Balles
.

divided

into

two

than

recession

economic

and fears of shortages and
delayed deliveries. /
creases

edge >up
According
to
lire
optimists,,
top out, that no therefore, the economy has demon¬
its
prospect for the strated
great
strength
and

The

camps.

"Optimists" hold that
activity will start to
rather

that .steady'* if underlying resiliency by weather¬
unspectacular growth is in pros¬ ing the inventory shift without,an
pect.
The
"Pessimists," on the overall decline in final demand
other hand, hold that a business fori
goods and services. At least
cycle peak is close at hand or through July, industrial produc¬

ahead,

year

perhaps
ahead

has1 already

that

and

—

gests

that it would
our

tion

sug¬

helpful

remained

has

plateau

non-durabie

inventories

has

relative

off

and

state

and

"We

better

be-

able

the

goods

held

quite modest.

(b)

count

consumer

the

spending for

is under

just

possibility that the two factors
mentioned

already

continued

gains

ments." I

will

trigger

off

outright inventory liquidation

non¬

top

lays by state and local

offer to buy

the

strong

sustained rise

capital expenditures; and (c)

plus

local

important, the opti¬

announcement

can

probable downturn in busi¬

ness

durable goods and for services,

cor¬

out¬

govern¬

the

inventory

made—i.e.,

adjustment

the

cessation

inventory building. Each of the
'

fully In accord

Continued

*oage

circumstances to be construed as an offer to rell or as a solicitation
of these securities. The offering is made only by the Prospectus.

any

and

NOT A

behind

-us,

and

which production. "

/judge

to be

possibility of

business sales will result in larger'

attention

1961

gain might not exceed 5-6%.

(4)

situation
of
ease
is
said
encouraging new

This

services. Moreover,, as
the optimists,^ the. - in¬
ventory adjustment is now largely

The

governments.
Even

starts in

economy

head

the
monetary

porations

sustained rise in final demand for

clarified somewhat, and you may

the
to

long-term bond flotations by

goods—i.e., a
The swing in
offset by a

lying evidence and judgments on
which "the
opposing conclusions
are based. In this
way the nature
of the disagreement can be at least

already

been

under¬

help

Speci£ically,

early 1960, with a drop in
durable-goods being offset by a

rolling adjustment.

effect

thus

-/downturn."

since

rise

divergence of opinion

focus

may

lies

thus

though it

brief and mild.
/ This

transpired,

downturn

even

lating
and

pick-up

any

•-"/

November 16, I960

NEW TSST IE-

625,000 Shares

school of thought seems most con¬

vincing. With those aims in. mind,
andi with the notation that I
the

the .Pessimists,• I
first.' like,'; to - attempt an

camp,

would

"Spending

(2)

the F e d eral

.7- Government is headed,
7
ward." rv./'';//./,
>

The

original

forecast of

up-

fr
•

present jny version of the case of October to a revised forecast of.
the Pessimists. •; V
/ / //" ' / only $1.1 billion. But the Federal
budget is now in a deficit position,
The Case of the Optimists
if
.

only for seasonal

reasons

during

Common Stock

The Optimists seem to base their the first half of the fiscal year, and
mainly on the following four is thus not exerting any contrac¬
arguments:
(a)
that the large- tive influence on the economy.
scale
the - October
budget
inventory adjustment that Moreover,
has been going on since early in figures show a rise of $3 billion in
1960 is now largely behind us; (b) expenditures
in fiscal
1961,
as
that Federal Government spending compared
to the previous year.
,

(Par Value $1 per

case

Price

rise; (c) that mone¬ Thus, Federal spending is already
and the Optimists
tary ease, which began relatively on the rise
early in 1960, will have a general guess that it will probably rise
Stimulating effect, particularly on: even more than now projected in
housing construction; and (d) that 1961, the amount depending on
is

now

$31.25

Share)

per

the

—

can

count

sustained

outlays

consumer

durable goods and on
in

state-local

rise
non¬

who

won

the

election.

Copies of the Prospectus
announcement

dealers

This pros¬

brokers

may

be obtained in any State in which this
from only such of the undersigned or other
lau,.dly offer these securities in such Stale.

may

is circulated

pect contrasts sharply with the be¬

services and ginning of the 1957-58 recession, at

government spend¬

ing. Each of these points will be
examined briefly.
•

which time
in

defense

substantial cut-back

orders

and

Lehman Brothers

Merrill

defense

Lynch, Pierce, Fenner 8i Smith
Incorporated

spending contributed to the busi¬

ness

(1)

"While

the

undergone

economy

has

painful readjust¬

decline

then

underway.

In the first

forecast

quarter of 1969, there
extraordinary build-up of
inventories at the annual rate of

revised

cumulation then slowing down to
$5.3 billion in the second quarter.

million higher than

the

Federal

fiscal 1961, released
early in October, shows that de¬
fense spending will be about $500
$11.4 billion, with the rate of acr-.
an

Preliminary

data

for

the

third

budget

The First Boston

Hayden, Stone 8C Co.

Corporation

F. S. Moseley & Co.

recently, starting with the

third

quarter
of
1959,
defense
ment since early this year, the
spending showed a slight declining
cause
of this readjustment is
trend, reaching an annual rate of
largely behind us—namely, a $44.7 billion in the second quarter
massive drop in the rate of of 1960. The third
quarter showed
inventory accumulation."*
a
slight pick-up, however.
The
was

for

It is

in fiscal 1960.

clearly possible that the new
Administration
in, January,, no
-

'/V
'

$4.4

objective review and evaluation of: billion Federal-budget surplus for
the case-of the Optimists; and then fiscal 1961 was reduced in early

Eastman

Dillon, Union Securities 8i Co.

Harriman

Ripley 8i Co.

Glore, Forgan 8i Co.

Kidder, Peabody & Co.

Incorporated

Stone & Webster Securities

Goldman, Sachs & Co.
Lazard Freres & Co.
-

Corporation

Paine, Webber, Jackson & Curtis

Dean Witter 8C Co.
Bache 8C Co.

Hornblower&Weeks

Hallgarten 3C Co.

The Commercial and Financial Chronicle

(1972)

Reduction

Air

DEALER-BROKER

Company

Inc.

—

Analysis—F. P. Ristine & Co., 15
Broad

INVESTMENT LITERATURE

St.^New York 5, N. Y.

American

Greetings

Corp.

Re-,

—

PARTIES

INTERESTED

SEND

WILL

MENTIONED

FIRMS

THE

THAT

UNDERSTOOD

PLEASED

data

the

Mattel, Inc.,

By Roger W. Babson

A reminder
American Gypsum—Memorandum

Co.,

200

Second

Bache

Analysis of outlook —

Co.,

Exploration.
on

Laird, Bissell & Meeds, 120 Broad¬
Bank and Trust Companies of the

Comparative fig¬
Hanseatic Corp.,
Broadway, New York 5, N. Y.
States

United

Bonds
Hentz
York

Review

—

Co.,
5, N. Y.

Reviews

namics

the

—

way

for

common

Investment—List
stocks which

appear

interesting—Gude, Winmill & Co.,
1 Wall St., New York 5, N. Y.
Stocks—Report

Food

Hammill & Co.,
York 5, N. Y.
Housewares

Review

—

City

Stocks

Bank

Fahnestock

available

Also

review

—

Shearson,

14 Wall St., New

New

Co.

the

and

industrial

In¬

Growth

dustry?—Discussion in November
issue of "The Exchange" — The

Folder

compari¬

listed

the

used

National

the

—

up-to-date

between

son

industrial

Dow-Jones

over-the-

stocks

Quotation

ment

Climax—Memo¬

Metal

used

Bureau

be secured

Broadway, New York 6, N. Y.

Co., 215 West Seventh
St., Los Angeles 14, Calif.
Anaconda

Carl

Chemical
reviews

ticular reference to Crown Zeller-

bach,

Kimberly
Paper,

Interna-

Clark,

St.

Regis

Paper,

Union Bag-Camp Paper and West

and

Copper

Cork

cial

Co.

Review

—

Oil

Corp.,

and

United

Carbide

Union
Shoe

Chemical

Business
Motor

Co.,

ket

ship
In

who hold

millions
funds

—

said

for

measures

Both

could

decide

pay¬

than

infla¬

the

Pulp

Paper

—

Thom¬

Artists

United

and

clear

the
your

dom House,

Inflation

Stocks

Hedge

list

Prentice Hall and the

Sug¬

—

Courts

lishing,

Consultants

Bureau

En-

& Co., 11
Marietta St., N. W., Atlanta 1, Ga.

teprises—Kalb, Voorhis & Co., 27
William St., New York 5, N. Y.

Japanese Market — Review —
Yamaichi Securities Co. of New

Also

York

Real Estate

gested

—

Inc.,

Broadway,

Ill

New

York

available

Bulletin—Eisele

and Electro Chemical Inc., Co. and

York

the

current

issue

"Investor's

Co.,

with

discussions

King, Libaire,

Broadway, New

4, N. Y.

Stocks
Suggestions in various
categories—Harris, Upham & Co.,

Car

120

Broadway, New York 5, N. Y.

Industry, Electronic Industry

and

Investment

Stock

Japanese
—Nomura

Broadway,
Also

Trust

Top Twenty—List compiled from

market.

Market

— Survey
Co., Ltd., 61
York 6, N. Y.

Securities

New

available

are

analyses

holdings of five of leading
end

Canadian

Mutual

open

Funds

Wills, Bickle & Co., Ltd., 44 King
St., West, Toronto 1, Ont. Canada.
*

Steel;

Hitachi

tomo

Limited

Kirin Breweries;

Chemical

bert

Company;

Sekisol

able

(plastics);

Oil
Co.

Admiral

New

Yoko¬

Toyo

American

Plastics—Analysis—Her¬
& Co., 52 Wall St.,

are

data

Y.
on

Also
Cenco

avail¬
and

Spiegel.
y/SS.yy.-?

institutions

1
I

Butler's

ACTIVE-i

Haloid Xerox Inc.
Servonics

Incorporated
Corporation

^Interstate Vending Co.

0Prospectus on

Corp.

•

Fair

Campbell

Soup

Sold

Dealers Association

Trinity Place, New York 6, N. Y.

HAnover 2-2400

First Boston

St.,

New

—

Corp., 15 Broad

York 5,

Wall

St.,

N. Y.

Also available

dum

Stores

Teletype NY 1-376; 377; 378

5, N. Y.
on

Kaiser

Intertype

and

Equipment

Farm

—

Broadway, New York 5, N. Y.

Products

November

Smith

Inc., 39
Chicago 3,

Discussion

—

"Investors

In the

case

gains

25%

the

under

profits realized.

they

The

$18,000 for

single person,
$24,000 for the head of a house¬

the

■

re¬

The

inclined to>
back

even

vanced

price.

Joins Dean Witter
(Special to The Financial Chronicle)

PORTLAND,
Hansen

has

Ore.

—

joined

Darrel

staff

the

Dean Witter &

Co., Equitable Bldg.

With Butler, Wick

above

advantages apply
only, to long-term gains; they do
not

stock

same

though, due to some special non¬
recurring event, it may have ad¬

hold, and $36,000 for a joint
turn.
L
V V "v

apply to the short-term sales

•

New

issue

data

the

Drug Fair-

YOUNGSTOWN, Ohio

cited in item #2 of the third para¬

—

Thomas

with

Butler,-

Wick &

there may be
in

the

letting

Therefore,

real tax advantage

your

profits

run

six-months period, even

Kepler

now

Co., Union National Bank
Building, members of - the New

over

York

if it

changes.-..-

and

Midwest

Stock
'•

Specialists in Canadian Securities

Principal foe

Brokers, Dealers and Financial Institutions

Grace Canadian

Securities, Inc.

Members: New York Security Dealers Association

Community Drug Co., Foote Bros.
Gear & Machine Corp., Worthington

Corp., Melville,

lace
W,

Tieman,

Products
Marchant

Crown

Co.,
Inc.

Cork

Cessna, Wal¬

Universal

Smith
and

Seal

Broadway, New York 4, N. Y.

TELEX 015-220

Rubber.

available
TV

and

are

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

50
.

;

Continued

Pay

Viscose.

Dayco—Bulletin—Purcell

•

through and confirmed by

—

comments

American

HAnover 2-0433-45

NY 1-4722

Orden Executed at regular commission rates

Report —
L. F. Rothschild & Co., 120 Broad,way,
New York 5, N. Y. Also

•

Oil

CoronaS.

on page 35

(Special to The Financial Chronicle).,

St.,

tax

cannot

damentally good, I

alternate tax method is used only
for net taxable income of more
than

to feel that

buy this same
stock back again. This, however,
is perfectly possible if you will
wait 30 days. If the stock is fun¬
buy

tax.

seem

they sell stocks to take

loss,

readers, the

will

tax

line of Dec. 30, 1960.

re¬

exceed

your

of most

If so, the
from now torather than

Waiting Thirty Days

before fig¬

should

down

losses.

—

Fenner

same

are

Reader"

Lynch, Pierce,

Incorporated, 70 Pine
York 5, N. Y. Also in

thus hold

year.

hand, most investors
already taken > their

have

Most investors

25% of the gains, you may use an
alternate
method
of
computing
and

they

Co.,

Salle-St.,

Illinois.

Merrill

gains

sell,

time

Engineering Company—

Analysis—Leason
South

you may

tax; and if the tax

your

long-term

be doing this

market may work up
the end of the year

to do
long-term

duce this gain by 50%

uring

rushes

crowd

pay

excess

the

continue to decline until the dead¬

not

may

a good time to
list and eliminate"
investments.
Keep

your

graph of this column.

Analysis—John H. Kaplan & Co.,
4120

coun¬

•'

capital gains

Long-

What About Short-Term Gains?

Corp.

Photo.

fect

this.

seeking

are

may

Term Gains

rities, and it

for

investment

market.

bull

reason

losses

believed

On the other

memoran¬

(formerly Oliver
Corp.)—Study—Ira Haupt & Co.,
Ill Broadway, New York 6, N. Y.
Also available is a study of Per¬

and

Anheuser Busch.

Corn

I
I

data

are

Harris

Industries,
Lerner

York

New

Regarding

you

stocks in the order in which

may

Of course, to take advantage of
tax losses one must sell the secu¬

capital

Analysis

—

Details

capital gains results,

—

Co.

The

Troster, Singer & Co.
74

Corp.

Lanes, Inc. *'

I
Members New York Security

—

California, Drackett Company and

request

Bought

Inc.

Magaril

Analysis —
R.
S. Dickson & Co., Inc., Wa¬
chovia Bank Building, Charlotte
2, N. C. Also available are re¬
ports on Union Oil Company of

Coleman

*Glickman Corporation

Electronics Capital

Co.

Company
I.

Shoe

Cockshutt

CURRENTLY

Arvida

Insurance

National

Labs

Cletrac

For financial

report

Chemetron—Data—Shields & Co.,

Stern

York

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

Rayon;

Chemical;

Toanenryo

(elec¬
Sumi¬

& Co., 1529
Philadelphia 2, Pa.

St.,

available

—

Yawata Iron & Steel; Fuji Iron &

tronics);

Also

Analysis—J.
—

—

Digest"

discussions of Japanese Passenger

Walnut

Brook

Investment Trusts

6, N. Y. Also available are
analyses of Nippon Electric Co.

—Review—Boenning

mar¬

rated, and sell one or
poorest each year.Ordinarily, it is better to sell these
in September or October before

the

Products

Warrants.

Stock

Stout

bulletin

Columbia Forest

British

still

poorest

more
,

Textbook Industry, Western Pub¬

they

—

Corp., and Basic Inc.

bear

Certainly, this is

1960 sales of securities into

less than six months.

Co.

Finance

take tax

bull

market.

would

help of

two groups: (1) Those held longer
than six months; (2) those held

Corp.;

bear

is better to

are

we are

selor.

deciding what to do, divide

Next, figure
son
&
McKinnon, 2 Broadway, Ashland Oil & Refining — Report out what will be your net longterm gain or loss, and what will
Exchange Magazine, 11 Wall St., New York 4, N. Y.. Also avail¬
Colby
Letter,
31
Milk St.,
New York 5, N. Y.—20 cents per able is a
report on Cities Service Boston 9, Mass. Also in the same be your net short-term gain or
loss. Then offset these net figures,
copy; $1.50 per year. In the same Co. and
memoranda
on
Grolier issue is a
report on General Tele¬
issue are
article's on "Security and
remembering that one dollar of
Transportation
Corp.
of phone & Electronics. ? v
Credit in
the
Capital Market," America.
short-term loss can wipe out one
Birtcher
Corp.—Analysis—Carle- dollar of long-term
Gold Stocks, yields, and data on
gain, and one
Publishing Industry
—
Review ton & Co., 262 Washington
St., dollar of long-term loss can offset
Ryder System, Inc., Ling-Temco
with particular reference to Ran¬
Boston 8, Mass.
,.
Electronics Inc., Olin Oil & Gas
one dollar of short-term gain.
Virginia

This is another

hard¬

whether

were

increased

work

investors.

your

Interstate

Lines, National Video Corp.,

Seaboard

believe

tionary

International

Machines,

you

many

taxes.

and

reports of Chase Manhattan Bank,
Dow

tax losses if I believe
securities are all good. On the
hand, here again one must

taking

market

securities

Corp.,

Machinery,

Poorest Issues

other

ments to be raised through

Richfield

about which you

one

of Your

the

Carborundum Co.,

Corp.,

winning

the

years.

Personally I give little attention

ommends will be to the interest of

Manville

Disposing

wait for the offi¬

now

statements

five

still

candidate, Mr. Kennedy. But we
can assume that anything he rec¬
—

Co., 140 Wall St.,
5, N. Y. Also available

Hogle
York

reviews of

are

We cannot

Com¬

Dynamics.

General

and

Oil

Mr. Kennedy and Mr.
promised greater expendi¬

tures, due to increased defense
needs, larger welfare payments,
and perhaps unemployment aid.

and

optimistic, the improve¬
ment in price may later provide
you with a greater gain than, you
could get by taking a tax loss now.

Both
Nixon

the

stock is

the

—

Consolidated

Inspiration

Armstrong
J.

Transamerica,

Domestic

panies,

Johns

with par¬

Report

—

Rhoades & Co., 42
St., New York 5, N. Y. Also
available are reports on McLouth
Steel,
Mead
Corp.,
Monsanto

period — National Quotation
Bureau,
Inc.,
46
Front
Street,
New York 4, N. Y.

Paper Industry—Study

Company

Loeb,

Wall

for

securities should not be
merely to take a tax loss. If

sold

1961

Taxes

carry

Of course,

by taking tax losses.

Lower

The

year.

unapplied capital gains losses

any

forward

are

into another

you

government permits you to

who have ac¬

Amoskeag—Report—Pacific Coast

115

New

year

brings

clients of invest¬

are

counselors,

tive banking houses
or brokers
attending to their affairs, prob¬
ably have already been notified
of the possible advantage that can

Averages, both as to yield and
market performance over a 20-

tioal

—

Harshaw Chemical

—

Co.,

York

New

Broadway,

counter

Hemphill, Noyes & Co., 15 Broad
St., New York 5, N. Y.
Equities

York

New

Averages

General
Dy¬
Aircraft—

Lockheed

and

Readers who

York 5, N. Y.

bull

hints for successful investing.

market, and offers other timely

with Brunswick Corp.
Noel & Co., 40

St., New

market than in

admits it's better to take tax losses in a bear

Foundry—

Alstyne,

American
—

Deetjen
&
Co.,
120
Broadway, New York 5, N. Y.

stocks

Airplane,

Boeing

Wall

Emanuel,

showing

—Van

randum—Bruns, Nordeman & Co.,

Review

—

St., New Over-the-Counter Index

Wall

Aircraft,

Douglas

outlook

Stocks

Depressed

202

Outlook

Market.

—

ures—New York

—

New York 5, N. Y.

way,

Machine

advice. Mr. Babson advises
securities are good. Ha

keeping stocks and skipping tax losses if the

Securities

Circular

—

leading New York City Banks—

120

the Utilities—Dis¬
Goodbody
& Co., 2

and

Broadway, New York 4, N. Y.

Stock Notes

Bank

cussion

American

Compared

New Co.
is Kennedy

St.,

Wall

5, N. Y. Also available
bulletin on Louisiana Land

York

Showa Oil

hama Rubber Co.; and

••

profit tax-wise on stock losses and gains is

how to

accompanied by an important piece of

St.,

Northwest, Albuquerque, N. Mex.
—

Distilling Industry.

—Quinn

Airlines

Securities

and Papercraft Corp. and a review

LITERATURE:-

FOLLOWING

THE

are

New York 5, N. Y. Also

available

AND RECOMMENDATIONS
IS

Tax Losses

port—A. M. Kidder & Co., Inc., 1
Wall St.,

Thursday, November 17, 1960

.-.

Member,: Principal Stock Exchange, of Canada
The

National

Auociation

Security

Dealer•

Broadway, New York ,4, N. Y.

Ex¬

Volume

192

Number 6004

The Commercial and Financial Chronicle

(1973)

dividend
mediate

progress report on

of the fastest
growing,
the field of
advertising
one

enterprises in

stockholders

DuMont

off."

Allen

Laboratories in

The

a
"spin¬
didn't look
the
time.
It

company

exciting

very

Counter

owned two television stations
the next year,

and

1956, managed

lose

$900,000

$5,000,000

business.
But

■ ■

Metropolitan

Corp.

was

ambitious.

In May,

1957, it acquired WNEW
leading radio station in the

the
New

and

York

14%
five
of

million

sales, income

WNEW

serves

population

million

the

area

audience.

area

a
—

homes in 31 counties

States

of New York, New
Jersey, Connecticut and Pennsyl¬

vania.

with

WNEW

combination

made

was

cash

and

stock and resulted in expansion of

Metropolitan
from

mon

Broadcasting

944,000

com¬

million

shares.

1,700,000 shares.

increase

will

when

occur

common

1958,

the

converted.

These

rate

into

bonds

the

60 shares

per $1,000 bond
price of $16% per share.
Assuming total conversion, there

would be
of

360,000 additional shares

common.

(The convertible sub¬
ordinated debentures sell today at
117

and

are

quite interesting for

those who like to

bonds and

own

keep their feet in the door of the
stock market at the same time).
While

the

expansion

amount

purposes

debt

may

for

seem

added

about

the

too

should

nature

this

share, 25%

listening
audience. In February 1960, radio
station WIP, Philadelphia's Pio¬

Cleveland

Voice

operation

area

along

addition

third

the

our

the

now

largest advertising medium

(after

the

and

WTTG-TV, Washington, Met¬
ropolitan on Feb. 11, 1960 added

Peoria,

no means

one

mail).

original TV
properties, WNEW-TV, New York

WTVH,

fact,

growing sections
economy.
Television is

anf

news

lines

the

being

It is

program,

in New York.

WNEW

translated

1959

modest

reaching

154,000

into

big size in
profits to $1,416,108, equal to

cents

for

virtue

share.

1960

The

the

Annual

projection

exciting

Club.

rate of about 14%%

one.

$40

the

$1.25,

has
34

Assimilation
sions

been
cents

estimated

these

last

over

new

John

American

growth

the

future

homes

rate

steep

not

Other

area

in California.

acquisitions include WTVP

station with territory

ous

WRUL

WTVH
a

short

wave

contigu¬

Illinois

and

radio station

displayed but a meager
growth curve with total revenues
in

the

period

This

does

describe

for international transmission.

1950-59

increasing

only at the rate of 2.4% annually.

not, however, properly
the growth
element in

divisions.

Finally, in rounding out and
broadening its activities in the ad¬
vertising media industry Metro¬
politan on March 1, 1960 bought

revenues

local

These
from

derive

national

all

spot

W i 11

a r

Rice,

curities &

goal the owning
of the maximum

Dillon, Union Se¬
Co., is President

of ITA.

The ITA Players, Samuel
Kennedy, Yarnall, Biddle &
Co.; Gerald Santucci, New
York

Hanseatic

tion;

and

New

per¬

William
York

Corpora¬

Radetsky,

Hanseatic

Willard F. Rice

Cor¬

tions and two UHF television sta¬

John D. Wallingford
poration;
Harry
Greene,
Merrill Lynch,
Pierce, Fenner & Smith
Incorporated; Willard Rice, Fred Knob, White, Weld,
& Co.; Edward Knob, Drexel &
Co.; Andrew Pimley, First Boston
Corporation; Herbert Beattie, H. A. Riecke & Co., Inc.; and George
Durang, Merrill Lynch, Pierce, Fenner & Smith Incorporated,

tions.

presented

under

of stations
Federal Commu¬

group

existing

The

recent

election

pointed up,
as never before, the vital
place of
TV
in
our
lives.
Metropolitan
Broadcasting Corporation is stra¬
tegically situated in this vibrant
industry. It has the management,

memorable floor show.

KANSAS CITY SECURITY TRADERS ASSOCIATION
The

Kansas

City

Annual Winter

Security

Traders

Association

will

hold

Tariff for members and guests is
$15 each.

the

both

advertising

Customer Brokers

radio, TV or out¬
it is uniquely
messages

The

New

(Special to The Financial Chronicle)

educational

Stewart, Eubanks

Society

FRANCISCO, Cal.—Andrew
Swedlund has joined the staff
of Stewart, Eubanks, Meyerson &
Co., 216 Montgomery Street, mem¬

p.m.

William

SAN

Forum

Association

Brokers
an

Joins

Speakers

be David Norr,
Co.; Leslie Fourton,
Hayden, Stone & Co., and M. C.
Fergenson, L. F. Rothschild & Co.
The
meeting is restricted to
members and prospective
mem¬
bers who have already submitted
application for membership.
Burnham

Portfolio

effectively and profitably.

Customers'

York

will

hold

Nov.

meeting
at

the

Security

New

York

Analysts,

With J. Cliff Rahel

"Improving the Portfolio for the
1961

bers of the New York and Pacific

Economy,"

tention

Coast Stock Exchanges. Mr. Swed¬
lund
was
formerly with Irving

rent

(Special to The Financial Chronicle)

This

announcement

is neither

advertising,

California, Oregon and Washing¬
This company owns 33,000
and leases 1,000 advertising struc¬
tures exposed to 94% of the Pa¬
cific Coast population.
Whereas the outdoor advertising

securities

used to solve

cur¬

tax-switching problems.

son

has

been

added

of J. Cliff Rahel &

tional

Bank

today

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

any

Building.

of these securities.

November 16, I960

200,000

Common Shares
(Without Par Value)

broadcasting and the
the operating man¬
agement. President Kluge, in the
1959 annual reports said: "In the
industry
(doing a total annual last eight months your company
has added to its upper echelons
business of around $200 million)
is generally regarded as the most of executives many key employees
static section of the advertising in all phases of operations. .
vestment,
law.

About

Foster & Kleiser.

The territory is

peculiarly adapted to outdoor ad¬
vertising since the climate is mod¬

to roadside

Copies of the Prospectus

be obtained in any State in which this an¬
only such of the underwriters as may legally
offer these securities in compliance with the securities laws of such State.
nouncement

headquarters as the ideal
nearly as any human

now

Metropoli¬

may

is circulatedfrom

blend—as
endeavor

outdoors

exposure

have

tan's

thusiasm

escape

—of

can't

Price $16.50 per Share

happy to offer the

team

erate, 85%

of the inhabitants are
every
day,
and
they

are

can

youth

approach the ideal

and

maturity,

en¬

and experience."

Stock-minded

investors

Hornblower & Weeks

have

they go every¬ been® attracted to
Metropolitan
It is felt that Broadcasting common for a vari¬
by
more
effective management ety of reasons. One of these rea¬
and aggressive application of the sons is the leverage afforded. Debt
latest advertising techniques Met¬ structure is fairly heavy and op¬
ropolitan can expand the profit erating costs are quite stable so
that increases in revenue can be
margins of Foster and Kleiser.

Glore, Forgan & Co.

advertising since

Kidder, Peabody & Co.

where by motor car.

Here

cated

then

forward

cx^npany
motion

dedi¬
in

its

particular field of communication,

eagerly expanding and not afraid
incur debt in so doing. To de¬

converted

net

earnings

high ratio.
In
profits increased

very

1959

net

over

This rate of growth

most

velop gross revenues of some $40

into

unusual

and

alone,
300%.

is, of course,

while

there

expectation of substantial cash

Paine, Webber, Jackson & Curtis

White, Weld & Co.
Incorporated

A. C.

Allyn and Company

Bache & Co.

Incorporated

Hayden, Stone & Co.
Reynolds & Co., Inc.

A. G. Becker & Co.
,

Hemphill, Noyes & Co.

Incorporated

F. S. Moseley & Co.
Shields & Company

the

staff

Co., First Na¬

woman) with distinguished back¬
grounds in business, finance, in¬

business, Metropolitan believes it
can do well with its investment in

The

-v.

with special at¬ OMAHA, Neb.—Ernest J. Thomp¬

attractive

which may be

Lundborg & Co.

will

St.

Subject of the meeting will be

growing in the
past few years at the rates of
8.4% and 6.7% respectively, and
the
Foster
and
Kleiser outdoor mainly at the expense of radio
network advertising.
advertising division from W. R.
Grace and Company. ( Just how
A key to the progress at Metro¬
that
international
banking
and politan Broadcasting Corporation
shipping enterprise happened to is energetic and intelligent man¬
be
in
outdoor
advertising is a agement. President and Chairman
little puzzling.) Foster and Kleiser is John W. Kluge, who brings to
is the second largest" outdoor ad¬ these offices a record of earlier
vertising company in the United success in merchandising and in¬
States
(grossing around $21% dependent radio station operation.
million) and a major advertising The Board of Directors includes a
force
in
the
states of Arizona, diversified group of men (and one
ton.

their

Dinner, Thursday, December 8, at the Phillips Hotel.

their

and

record

Wallingford,
Co., was Chair¬

Metropolitan Broadcasting's radio
Entry Into Outdoor Advertising

Cricket

of the Dance Commit¬

divi¬

ultimate

mitted

stability and
qualities
of

has

Germantown

tee,

Eastman

an upcurve

the

but

have

may

the

man

Metropolitan Broadcasing has

equipped to deliver sales

D.
&

year.

streamlining the oper¬
efficiency within them
should result in a significant fur¬
ther gain in net earnings for 1961.

86%

The

hundred

Hecker

and

operation

PHILADELPHIA

success.

ating

its

Philadelphia held its Eighth

couples),
pronounced a rousing

was

1,700,000 shares after
depreciation and interest

November

(over

present

heavy
charges

ASSOCIATION

affair, with the largest attendance

properties,
are expected to reach
million level and net on

the

door

TV.

Dance

year's

added sales

annually, compounded, and today

continue at

Dinner

This

new

achievement.

TRADERS

The Investment Traders Association of

Feb.

mento-Stockton

INVESTMENT

$16% million

drive, the outlets and the im¬
agination conducive to sustained
growth and substantial corporate

direct

and

newspapers

Counties; and depression-resistant
TV advertising have, by now, been
3, 1960 KOVR-TV, serving
1,000,000 people and 350,000 homes quite well documented.
Radio, since the arrival of TV
in
the
rapidly growing Sacra¬

For

sales

Television time sales have,
for the past six years, been ex¬

homes in 12 Illinois

panding at

added.

was

developed in

be¬

said

broad¬

faster

the

now

$14,427,752
$302,035, or 20

stations, five VHF television sta¬

it's

its

increase

net

NOTES

were

profits

share.

NSTA

Over-the-

to meet the $2 million an¬

sources

It is by

station
as

cents

the

nications Commission regulations.
This
maximum
is
seven
radio

static;

have

sales

net

was

Market.

1958

and

little
heavy the indicated cash
flow, in the order of $5% million
this
year,
provides
ample
re¬

Something

company

radio

may

common

casting business.

lieved

neer

the

nual debt retirement program.

WHK,
of

and

issue of $6 million 6% debentures
(part of the $22 million debt) is

Steady Expansion
In

further

stock

5■

Purchase

stock to

common

exchanged

Broadcasting

and

eager

■■:

million in debt and has increased
the
outstanding amount of its
A

sells

mon

electronically.

distributed

were

im¬

capital enhancement.
Metropolitan
Broadcasting com¬

1955, Metropolitan Broad¬ million in 1960
(almost triple the
casting Corporation came into the volume of business
done last year)
public investment orbit when its Metropolitan now has about
$22
shares

the

substantial

highest leveraged

In late

common

(15

cents paid in
1959), the continued plowback of
earnings can create the basis for

By Dr. Ira U. Cobleigh,
Enterprise Economist
A

declarations

future

stfong factor in the economy.

Cycle Outlook
And Money Market in 1961

slightly,

declining

University of Illinois,
Baruch's recent warning

disagrees with Bernard

rates will

low

Illinois

the

(1)
an

rise

forecast

would

off

Bernard M. Baruch, in

turn down¬

latter

half

That

(2)
not

move

1960

(3)

would

When

R-M. Nolen

industry in the United
States has been operating at close
to
55%
of capacity during the

examine

there

balanced budget.

are

the economy

commodities.
(4) That stock prices were high
some

reach
to

in relation to their profit outlook.
The year of 1959 was somewhat

our

anticipation
then

the

first

half

steel

1960.

After the

United

will

off

leveled

and

not

does

medical
'

68.8

million

almost
months.

creased

Personal income moved upward

last

four

for

bringing
■

1960.

competition
is
for the

that

better

bargains

credit reached

sumer

cf»

$53.6

but

con¬

high

new

1960.
above July,
only $3
billion
July,

billion in
$5 billion

was

average

Instalment credit reached

new

billion in July, 1960;
$5 billion above July, 1959, and
$2 billion above the average of
the previous year. The major in¬
crease
was
in automobile, paper,
and personal loans.
Although this is
instalment

The

from

credit, it is
of

the

high in

new

much

now

and

debt.

result

inventory,

and

the

then higher personal income is

very

September

(5.7%).

10%

should not prove dangerous to

quarter of 1960 have been reduc¬

loans faster than last year
are
making less installment

ing
and

Average

offer to sell

The offer is made

nor a

solicitation of

Total

offer to buy these securities.

1959,

decline

to $54.5
billion in

construction

Public

expend¬
in
1960

construction

for

probably

billion compared to $56

only by the Prospectus.

for

3%.

military

utilities remained
close to the 1959 level of $16 bil¬

highways

New Issue

and

lion.

will

and

probably

reach,

Company

increase of

10%

number

The

in late 1960 and in 1961.
The stock market boom of

the first quarter of

and

based

primarily

inflation and not

time

all

will

probably be near 1.1 million
compared to 1.4 million in 1959.

($10 Par Value)

Dollar

will

billion

$22

billion

residential

con¬

be
compared to

close
$24.5

value

struction
to

probably

1959.

average)

that

State

local

Government

Spending by state and

Spending.

The

stocks

well

high grade bonds.

earnings of business did not

The

justify the high price paid for
many stocks in the last two years.
Conclusions—"No

Boom

Bust

in 1961"

(1) Business is undergoing an
adjustment, but this adjustment

serious

recession.

Inventories, except in
a few lines, are not excessive and
personal income is still rising.
The U. S. economy is operating
at

level

normal

than

in the postwar period..

time

There

seems

favor

to be few factors that

boom

serious

reces¬

sion.

(a general rise in

(2) Inflation

is not likely in the near
future unless government deficits
prices)
run

There

large.

very

are

shortages of materials or finished

goods, and competition will tend
to push prices downward and not

upward. Some prices should fall
in 1961; especially in the large,,
decreasing costs industries, (dur¬
able goods).
We have not been
passing the efficiency of produc¬
to

consumers

many

competition is forcing,
prices downward in line with
lower costs of production.
This
should net cause unemployment;
it
should
increase • consumption.
The volume of business is likely
lines,

but

some

increase, but profits are likely
squeezed.

.to

to be
;

(3) Stock prices averaged close
20 times earnings in 1959 and
after the decline in

even

1960 are

ings.

seem

dential
off

before

years

1.4

mil¬

one

year.

another

have

several

may

leveled

has

construction

and

lion units constructed in

(5) State and local government

Local

and

(Dow-Jones
placed
the

industrial

yields
below

construction

Spending in the Public Sector

Price $26 per

growth.

high of 685

Industrial

was

fear

real produc¬

economic

and

tion

the

1959

1960

The profit outlook does not
to justify the present high
price of many stocks.
Inflation
will not likely protect profit mar¬
gins in the near future.
\ < '
(4) The postwar boom in resi¬

constructed

units

supply

1960
1959).

over

has been close to 20% under 1959.

Common Stock

result

money

averaging close to 18 times earn¬

Residential construction in 1960

the

new

high of over $12 billion for
(an

should

1960

increase

policy by the
instituted
in

money

Reserve

Federal

Business construction is upward

120,000 Shares

Central Maine Power

easier

tion

itures
will
an

the

Consumers in the third

economy.

Construction:

This announcement is neither

any

of 1959.

high of $41

lation

1959.

June,

over

should be made without

Total

Credit:

Consumer

above

half

$2 billion to a total of $138.2
billion in June a decrease of 1 % %

inflation

that

in 1960 decreased

its and currency

factors in the

consumer.

in September
in the

1961

and

years

strike

$360 billion in 1958 to $390 number of unemployed was 3.7
billion in late 1959 (after the steel million
strike.
(5.9% of the labor force)
strike) and then moved steadily in August. This was a little larger
1960, also, has been colored by
upward during 1960 to a new high number than the 5.4%
for the
the steel strike. We had a boom
of over $407 billion in September, same
period in 1959. But unem-*
in the first quarter, large accumu¬ a
5%
increase over
1959.
The ployment fell to 3.4 million in
second

period of 1958 it in¬

recovery

has been checked for the last two

upward

months

still

are

One of the strong

June, 1960yTbut

move

and services

care

outlook

500,000 >, in
the
Employment in¬

400,000

should

education,

housing,

level. ;.

1958

employed in the United
an
all-time high

and

Price reductions

rising, but foods are close to the

reached

summer

of rising in later

1960.

the

stable;

very

Employment: The total number

the

are

consumers

buying power, and
'some prices have declined, but the
general average .has remained

above the

declined

about

increase

1959,

States

per

from 1953 to 1956; then dur¬
ing the tight money policy of 1957
increased
less than
1%; during

summer

•

rose

price conscious and are searching

This

of persons

During the summer months

G.N.P.

States,

the all time high.

are

1960.

prices

Although incomes are up in the

tons, compared to 94 million tons
1959 and 117 million in 1955,

billion and then rose
high of $505 billion early in

show much sign

strike,

slow-down

that

declined

economy

of factors

number

$484

1960.

abnormal because of the inventory

accumulation

Summer

quite strong.
That foreign competition
-The G.N.P. (goods and services
be a strong force for price
produced) rose 10% in 1959 to

cutting in

and

The steel

of 1959, the first quarter of 1960
likely
will have a
severe was near capacity,
but for the
depression and certainly we are entire year of 1960 the output of
not approaching the 1929 situation. steel should be close to 105 million

was

the Satur¬

1.5%. during the first half of 1960
half.

the

able

maintain

pliances and goods is still declin¬
ing, but production of radios and
television sets have been rising.

Depression

Production of home ap¬

more,.

such

for

stable

and have been stable the last

months

There is not much evidence that

up¬

Treasury

Recession

should

ward much

next six

prices have

Some prod¬
lumber, metals, and

-Consumer

drop

the

and

year

years.

for better values.

major

deposits

over

1959.

above

practically

two

leather

upturn.

The

reversed for

day Evening Post, has left some
impression that we may be on the
verge of another severe depression.

the

1960.

prices

very

most

The review of the 1929 break

ward

but

ucts

(a 3% drop) by August,
The
major
drop
was
in

last

Wholesale

Prices:

(1957=100) in February, 1960,
slowly to an in¬

in'industrial
production was in automobile
production, and this should be

sales

Christmas-

1960

should be

the

demand

increased about 3%

Total

1960.

dropped

remained

fall

have
mild recession. .*

recession,

severe

months.

primary and fabricated metals.
Industrial
production declined
1% in August primarily in com
sumer goods. There are indications
that the fourth quarter may not
experience the usual seasonal rise,
September did not show the usual

slightly
months.

predicted-

have

high

1960.

highly uncertain; we may
on this level, or we may
fall. Some economists and

1959.
steel

production

time

all

new

of
the

a
rather tight
policy until the summer of

slightly un¬ creased 4%. In 1959 the money
der September, 1959.
If personal (supply increased about $2 billion
income remains high, sales should
(l1/2%) to a new high of $141
The total demand depos¬
increase
during the next eight billion.
September

dex of 107

high plateau, and

businessmen

business

boom

store

and has declined

continue

that

level

are

1961

should reach

early

1960, but
the

The economy
all-time

high

downward in the summer

Bankers Confer¬

1960 were:

for

ence

moved

and

off

leveled

high

industrial

reached

110

the

settlement

the

de¬
averaged
above 1959, but during
1960,

months of
sales

eight

partment
some 2%

maintained

serve

money

currency

Department Store Sales: For the

production

1958

strike,

1960.

lower level than in

forecasts be¬

In October, 1959, my
fore

find

about

still

were

first

After

of another severe depression.

the verge

but

-August,

1% above August, 1959.

has not
followed the usual pattern for the
last two years.
Total industrial
production increased 20% from the

From his
survey of the gamut of economic indicators, Professor Nolen con¬
cludes we are in a recession, undergoing a business readjustment- which is hardly likely to be followed by a "serious" recession.- He
suspects the upturn will be slower than most people think and, after-,
reviewing recent central banking moves, suggests we could stand a
more
active anti-recessionary Federal Reserve policy. The money
market in 1961 is expected to remain relatively easy, and interest
are

consumer

ployment.

Finance economist

earnings declined from
$91.6 in June to $90.1 (about 1%)

buying power should support a
high level of production and em¬
Industrial

By R. M. Nolen,* Professor of Finance,
Urbana, 111.

Thursday, November 17, 1960

With weekly

prices remaining stable

consumer

The Business

that

Financial Chronicle

The Commercial and

(1974)

government has been rising

steadily, taxes and borrowing by
these units have both been in¬
creasing and will likely continue.

for

continue to rise

will

years', ahead

than

and

the

offset

..may

private

drop

construction.
I

confident

growth

the

of the

long-run

profits
with

but

S.,

will not necessarily move up
sales.

•

;

State and local bond issues will
Easier

probably total more than $7.7 bil¬
Copies of the Prospectus

are

obtainable in

such other dealers

may

any

State from only such of the undersigned and

lion

lawfully offer these securities in such State.

1960

for

new

record

The outlook for 1961
The needs for educa¬
tional programs, roads, and public
utilities will be upward and the
amounts of funds being approved

The

The First Boston Corporation

Ripley & Co.

Coffin & Burr
Incorporated

Incorporated

Eastman Dillon, Union

Securities & Co.

Lehman Brothers

Kidder, Peabody & Co.

Goldman, Sachs & Co.

Merrill Lynch, Pierce, Fenner & Smith

Federal

toward

Harriman

borrowing.

1960.

upward.

voters

has been rising.

Inventories:

man¬

ufactures, wholesalers, and retail¬
ers
totaled $931 billion in June,
1960.

This

was

some

member

billion

was

first quarter and
in the second

serves

Federal

policy in
position of

eased

was

the

eased more

quartet of 1960.
(excess

reserves

minus

moved

credit

reserve

banks

1960

Reserve

easier

The

borrowed

Inventories of

Money

Net
re¬

borrowing from the
decreased from

Reserve)

$219 million in March to $33 mil¬
lion

May.

greater than the 1959 inventories,
but it does not seem to be
too

During July, August, and Sep¬
tember, the reserve position of

large.

member

Incorporated

Dean Witter & Co.

A. G. Becker & Co.
Incorporated

November 17, 1960.

Inventories declined in July and

August, but the decline was less
than 1%
and was primarily the

eased.

from $115

million

clean-up of automobiles.

The

Money Supply: The Federal re¬

duced

summer

banks

Net

was

free

gradually

reserve

rose

million in July to $225

in August.

rediscount^ rate
from

to 3V2%

was

re¬

in June,

Volume

1960, and the

192

Number 6004

position of
eased, and the

reserve

The Commercial and Financial Chronicle

billion

Will

(1975)

At the present time the outlook and that with the easier
money W.
McCarthy,
Cllarence
G.
is for the money market to remain in 1960-1961 the economy should
Michalis, Arthur J, Morris, George
Federal Reserve definitely moved
Thanksgiving and Christmas relatively easy and for interest expand. I think the Federal Re¬ A;
Murphy, Morris. Newburger,
toward easier money.
needs, hence the net increase in rates and yields to find a lower serve should
ease
the
money Leif H, Olsen, Bernard G. Palitz,
Effective July 28 stock margin member bank reserves that can level in 1961.
market more actively in the next
Clarance Palitz, Jr., Mrs. Jose¬
requirements were reduced from be used for loans and investments
two quarters.
phine Bay Paul, Perry R. Pease,
The Federal Reserve and
90% to 70%.
is
only
$0.3
billion.
Member
Bayard Pope, John J. Rust, Morris
*An updated address by Prof. Nolen
From June to
"Tight Money"
September, the banks under the present reserve
before the Illinois Bankers
Conference. A. Schapiro, Dale E. Sharp, Albert
Federal Reserve increased their requirements can increase their
Many economists and business¬ Oct. 25, 1960.
C. Simmonds, Jr., Milton Steinholdings of U. S. securities by $561 loans by over six times the $0.3 men have been critical of the
bach, Charles J. Stewart, Ralph S.
million, free reserves of banks billion or near $2 billion in total "tight money" policy of our mone¬
Stillman, Walter W. Stokes, Jr.
increased from $41 million to $344. loans
and
investments
if
cash tary authorities, but the demand
Also Jacob C. Stone, Robert L.
Member banks borrowing from withdrawals do not run over
$1 for capital has been running In
the Federal Reserve fell by $209 billion.
Stott, George C. Textor, Homer
excess of savings in most countries
1
and special reserves rose to $184
A- tVilas, V. C. Walston, Bradford
The Federal Reserve B o a r d since the early forties. The mone¬
A. Warner, John Wasserman and
million.
seems
to
feel
authorities
have
allowed
that
inflationary tary
Leading members of New York's Paul S. Zuckerman.
In August the rediscount rate pressures are
lessening, but there "created money" to supply funds financial community are serving
was lowered again from 3%% to
is not much evidence that they for expansion, but this has been on
the
committee planning the
are not
3%.
pursuing an active anti¬ too fast in most countries and has dinner in honor of
member banks

was

probably

with¬

drawn from the banks in cash for

Dinner to Honor

Wall St. Men

August, 1960, the Federal Re¬
system

serve

liberalizing
bank

announced

several

banks

member

August,

Since

country

include

may

serve

policy.

their

re¬

commercial

of their net de¬

deposits, and after Sept. 1,

have

been

vault

cash

excess

easing
and

paper

Harold

Inflation

savings

on
on

sion

the

and

"no

see

boom

are

upturn

incomes

not

Kramer Officer

Helm, Chairman of the Board of

those

rise

with

the

Chemical

Bank

New

York

Of Wm. St. Fund

Trust Co.;
of
C.
J.

Christopher J. Devine
Devine
&
Co.; and
Levy of Goldman, John S. Kramer has been elected
more stringent in their control of
Sachs & Co., to be held on Mon¬ Vice-President and Secretary of
inflation in the last two years andprime
day, Nov, 21, at the Waldorf- The One William Street Fund,
have had tighter money than the
mort¬
Astoria.
Inc., 1 William Street, New York
IX. S. The prime rate of interest is
William H. Moore, Board Chair¬
City, Dorsey
lower in the U. S. than in most

gage money.

city banks and central
Although I
city banks may count as bust" in 1961,

reserves

inflation.

prices.

The yield on treasury bills has
been declining and the interest
rates

reserve

allowed

method of forced

whose

(instead of 4%)

reserve

that

confident

the recession will not become seri-

serve vault* cash in excess of 21/2%

mand

The Federal Re¬

to be

seems

ous.

actions

reserves.

First.:

recession

Gustave

reces¬

may

Most of the countries have been

of the Bankers Trust Co., is
of the
$50, per plate

man

chairman

Richardson,
President, an¬

event sponsored for the benefit of

the major money markets: Japan
and much of South America, 9%;

nounced.

7%; England, 6%.
than many people think. Germany,
the National Conference of Chris¬
inflationary pressures are Twenty-one countries had prime tians and Jews.
rates 7% or above,, and thirtysignificant, I think the Fed¬
The dinner will be one of the

slower

demand

Since

(instead of 2%) of their net
deposits.
These actions
freed close to $600,000 reserve for
the banks, on which they could
expand credit by some five times
that amount.

less
eral

Reserve

active

icy.

Second: Effective since Sept.
the

1,
against

requirements
net demand deposits were reduced
reserve

from

17y2% for central

re¬

4%%

clined

late

1959

steadily

high of

then

and

1960

de¬
near

institute

three countries had rates from 5%
to 7%.

There

estr rates

Canada is experiencing a recession
and is easing the money market.

too

was

moderate

For 1960
too

and

interest

higher than expected.

forecast

was

little

high in mortgage credit.

For 1961, the demand for credit

Serving

The Bank rate (rediscount rate)

Bond

yields have declined, but

during
The

June, July, and August.
paid for Federal funds

rate

declined from 4J/4% to near 3%.

Leading New York commercial
lending

banks lowered the prime
rates from 5%

Bank

loans

to 4x/2%.
continued

have

expand, but not as fast as ex¬
pected with their easier reserves.
This may be partially explained
by the banks holding the 4 and
5% short-term treasuries and not

Capital

expenditures

corpo¬

1960 and will probably be close to

Columbia

City in celebration
anniversary of the
organization which

Law School,

Walter

the

committee

reduced from 6%
5% in October.
was

seems

their

seems

economies

to be more'

severe

than

was

most

ciated

Bach, John E. Barrett,
Benedick, Fred H. Brockett,

asso¬

with

C h

a n n

1960 is much easier than it

was

ago, but the interest rate is
still above 6%, down from a high
of near 6.5%
(September yields

F. H. A. mortgages were

6.13).

Expenditures

1961.

offices

917

Fifteen

St.,

Today the money market is
much easier than during late 1959

will

and early 1960,

This announcement is neither

offer to sell

The offer is made

New Issue

and

moderate

been

market

has

the

remained

money

relatively

tighter than most economists ex¬
pected.
The Federal Reserve is
still maintaining a firm control on
credit expansion.
Recent

Credit Easing Measures

The Federal Reserve authorities
announced

(on Oct. 26) three ac¬

tions which will release some re¬

quired
and

reserves

allow

some

of member banks
credit expansion.

(1) On Nov, 24 all of the mem¬
ber banks (6,200 banks) will be
allowed to count the coins and
their

Total demand for funds

John Deere Credit

close to:

cash

reserve

lion of required reserves
tral reserve city banks.

mil¬

government; $8 billion for mort¬
gage finance; $3 billion for in¬
stallment loans; $9 billion for cor¬
porate borrowing; $1 billion for
inventory accumulation, and mak¬
ing $30 billion (or more) total.

will

need

increase

Due October 31,1985

Price 99% and accrued interest

Copies oi the Prospectus

are

such other dealers

obtainable in
as

for cen¬

market and

control
can

of the

State-from only such of the undersigned and

Harriman Ripley & Co.
Incorporated

money

The First Boston

BIyth & Co., Inc.

Corporation

Lazard Freres & Co.

Eastman

Dillon, Union Securities & Co.

Goldman, Sachs & Co.

Kidder, Peabody & Co.

Smith, Barney & Co.
Incorporated

Glore, Forgan & Co.
Merrill Lynch, Pierce,

Fenner & Smith

Incorporated

Stone & Webster Securities Corporation

White, Weld & Co.

able at the rate they consider the

Reserve

any

lawfully offer these securities in such State.

make funds avail¬

officials esti¬ best for the nation. They will not
mated that the three actions will be forced to support the Treasury:«
increase member bank reserves by and they can control the. price pf:
credit in line with monetary needs, f
nearly $1.3 billion. But nearly $1
Federal

may

the

The Federal Reserve authorities
will

Company

•

$9 billion for state and local

So far in 1960, loans have in¬
requirements of central re¬
serve city banks
(New York and creased a little over $5 billion,
Chicago) will be dropped from but will probably move up in the
17V2% to 16y2%.
This and the last quarter.

vault

market will probably run

money

serve

4%% Debentures Series A Due 1985

over

should release close to $400

securities.

the

During 1959, loans by commer¬
$500 million.
The
reserves
of the reserve cial banks increased over $10 bil¬
city banks should be increased lion. This was slightly under the
1955
boom, but was above all
by close to $400 million.
other years in the postwar period.
(3) Starting .Dec. i, 1960 re¬

use

Dated October 31, 1960

billion.

banks

offer to buy these

$50,000,000

tially offset the reserves given by
the above action. The two actions money supply by some $5.5 bil¬
should increase country bank net lion (about 3y2%).
reserves

'•

■

in their vaults as part
required reserves.
(2) But the required reserves
If the demand for funds reaches
of country banks will be increased
billion,
the
commercial
from 11% to 12%. This will par¬ $30.5
currency

solicitation of

only by the Prospectus.

likely be above the $80.4 bil¬

hence little or no surplus
expected
in the
1961
budget.
:
Personal savings of the people
were close to $23 billion in 1959,
and the 1960 savings will prob¬
ably be above that figure, close to
$24.5 billion. Savings in 1961 will
probably average close to $24.5
can

nor a

the present income is
expectations and spending

lion,

but the easing has

November

17,1960.

President; John C. McEntee, VicePresident, and Margaret F, Suter,
Secretary-Treasurer.

But

below

to engage in a securities business.
Officers
are
Charles
F.
Suter,

expected to be

are

close
to
$80.4
billion,
income
$81.5 billion, and a surplus close
to $1 billion for the fiscal year of

converting to commercial loans. Government spending will likely
Mortgage money in the fall of continue close to the 1960 rate.
year

re¬

cently

are

Corporation
Burnham, II, Benjamin J.
as
General
John S. Kramer
Buttenweiser, Henry I. Cobb, Jr.,
Counsel and
John A.
Coleman, James Cogas Secretary and General Counsel
geshall,
Jr.,
Arthur
O.
Dietz,
with its Institutional Shares, Ltd.
Donald
M.
Elliman,
G.
Keith
He had joined Channing following
Funston,
J.
L. Gitterman,
Jr.,
an association with Davies,
Hardy
Horace W- Goldsmith, Robert L.
and Schehck;'attorneys, New York
Harter, Philip Hettleman, Howard
(j
f"B
C. Hirsch, Leonard A. Hockstader, City.
Ralph Hornblower, Jr., Roscoe C.
Form Retirement Inc.
Ingalls,
S.
M.
Kellen, Joseph
Klingenstein, Stephen A. Kosh- WASHINGTON, D. C. —Retire¬
land, Thomas A. Larkin, George ment Inc. has been formed with
I.

The .boom in England and Ger¬
and

Kramer

was

expected', and Canada seems to be
an
active
anti-reces¬
Corporations have been using pursuing
internal funds
(retained profits sionary policy.
and depreciation allowances)
Many economists and financial
of
close to $30 billion and have been men think that the Federal Re¬
Leib.
borrowing close to $7 billion for serve was right in holding tight in
Also
Samuel
D.
1960. If that figure is maintained, 1959, and that in restraining infla¬
Leidesdorf,
J.
Levy,
Jerome
we can expect long-term borrow¬
tion, speculation, and consumer Benjamin
credit they held the economy more Lewine, John L. Loeb, V. Theo¬
ing by corporations to be close to
in balance. Hence, We have less dore Low, Otto Marx, Lloyd W.
$7 billion in 1961.
Government spending. Federal adjustment to make in 1960-1961 Mason, Harold C. Mayer, Michael
that total for 1961.

U nivers ity
Mr.

H. Harold

England

many

32nd

Columbia

College and

founded in 1928.

was

have topped out,
may be in
at a much slower rate than the rations have been running close to recession. Competition is becom¬
short-term governments.
$37 billion annually. It seems to ing more active for world markets.
a
recession
that
Commercial bank credit eased be running close to $36 billion for Canada. is\r ih
should remain high.

2.5% rate by September.

the

York

brotherhood

nations in the next few months.

My forecast for funds for 1959

New

indications that inter¬
will decline in some

are

year

major events to be held this

The Money Market in 1961 ;;

rates moved

city banks.
Treasury bills reached

serve

could

anti-recessionary pol¬
; •
</:.
\

graduate

A
o

Dean Witter & Co.

The Commercial and Financial Chronicle

(1976)

Canada's Uranium Industry

provide

period

deterrent"

Hon. Robert H. "Winters, President, Rio Tinto Mines,

the

long

nuclear

which current West¬

terms

in particular

most anxious to contract for

much foreign

material

they

In the meantime, the
Energy Commission had
already concluded long-term con¬

industry's problems, difficulties and
prospects concludes on a note of optimism about the long-term
future.
In the next few years a narrowing group of highly effi¬

cient mining

uranium

tracts, on an inter-governmental
basis, with Belgian Congo, South
African and Australian

operators are expected to obtain satisfactory returns

It is the medium term
ahead, around 1965-'70, that prompts concern. Mr. Winters takes
note of the efforts being made to accelerate non-nuclear uranium
research and to achieve diversification to help bridge the demand
their

fixed

price government contracts.

will

equal

contracts

Blind

producers

own

domestic

the U.

sion

concluded

such

paved streets, sidewalks,
underground sewage disposal and
buried power lines.

things

As for
fell

the

when

still

them

amortizing

gaged

companies, the blow

most

We have

amounts of funded debt.
here

situation

unique

en¬

must

that

Canadian history.

illustration

what

last

the

entered

mean

with

properties built and developed at
a
cost of more than $100 million.
They reached full production only

foreign
into

S. Atomic Energy Commis¬

and

easily the largest,

were

Two

1959.

mines

the

are

already closed and by the middle
of next year all three properties

original value of $1.7 will be on a care and maintenance
They were for a five-year basis with their facilities contrib¬
term, and at a price for uranium uting nothing to the
Canadian

having

billion.

Canada's growth and our

prospects

uranium received its impetus dur¬

prosperity must be based ing the second world war from
on
a
broad foundation.
Included the American Manhattan Project,
which
combined
the
genius of
among the ingredients are man¬
scientists from several countries
power,
availto develop the first atomic bomb.
ability of

of future

tion,

1 i c i e s,
education, de¬
policies,

solution of

gional
lems

re¬

prob¬
and

wide variety
of other facets
which

com-

prise

the

governments offered

considerable

com¬

plex

the United
small but rich

and Canadian

the

whole

complete return within that

pe¬

This

economy.
was

have to be

sonable

the validity

profit margin.

While

recognized at the

was

can

mining

company

financed largely with
funds which now, of

riod of the very large capital sums
needed to be invested, plus a rea¬

then pro¬

shipped to

from

States

iff p o
fense

and

duced

tar¬

our

was

repaid.

Who

course,

can argue

proper

financial

our

incentives

time

entering into

these

con¬

tracts that the Blind River depos¬
its
themselves
were
sufficiently

renew

and

take additional

ma¬

terial, after the contracts expired.

prospect for uranium in North

either

financial

use

sources?

sources

econ¬

But

America.

H. Winters

re¬

that presents more

than usual promise if we are pre¬

coveries

croft

The

value, of

some 10%, by
total exports to the

our

For two years, 1958

were

made

the

Ban¬

economy

million

had

whole.

been

Over

invested

$400
the

Ontario, and then,
Blind River field alone. Antici¬
pared to exercise the patience to in the early nineteen fifties, the
pating a secure long-term future
which I just referred. It is urani¬ most significant
discovery of all
for the industry, both the private
um
and I would like to indicate took
place—that of the huge de¬
companies and the Federal and
something about it.
posits of the Blind River-Algoma
Before

present

considering iome of the
problems
of
Canada's

uranium
in the

complete exclusion of
It has the ef¬

fect

believe

tariff

wall.

Canadian

pro¬

enormous

that

should

ducers

given

the

op¬

portunity at least of competing
for any of this additional pound¬
age.

lieu

the

tions
did

der

let

stretch

their

and

Canadian

out

op¬

Eldorado
pro¬

deliveries

un¬

existing contracts beyond the

expiry

present
a

exercising

agree

ducers

dates,

and

final limit of Nov. 30, 1966.

has

This

presented us with a consid¬
legacy of problems which

erable

in the process of solv¬

we are now

ing, but at the same time it has
given the industry a much needed
measure
of flexibility. It's an ill
that

indeed

wind

blows

man

say

that

good!
is

there

probably true to

was

need

some

reorgani¬

such

dras¬

been

if the options had
exercised
in
full.
Of
the

many

companies which had indi¬

tic scale—even

vidual

industry and its prospects
longer term, I think a brief

area

not

export earnings and

intensive

from

one

foreign product.

sales

States

provides
the

about

lived up to

United States.

Options Not Taken

physical

initial
successes
and
1959,
uranium
had
been
From
a
joint
announcement Canada's
prospecting cam¬
top
mineral
export
made by the U. S. and Canadian earner.
have no better guarantee of an paigns went to Canada, and even
The human consequences
assured future than in the wealth today we have here the largest governments on Nov. 6 last year, in the uranium producing areas
reserves
of uranium ore of any the Canadiafi industry'learned for are also very considerable.
of
our
natural
resources,
with
which
we
are
plenteously en¬ nation in the world in terms of the first time that the Americans
v Uranium
dowed. The key to our prosperity tons of contained uranium oxide. had decided not to renew any of
Oversupply
the contracts, all of which were
is in the manner in which we de¬
Why did the Americans and the
Following Port Radium, which due to
expire in 1962 and 1963.
velop and use them.
If we are had
British—for they were
involved
long been known as a poten¬
The impact of this decision was too—decide not to take more
both wise
and patient then re¬
of
tial source of uranium, new de¬
sources can mean a better stand¬
severe.
It affected both the urani¬ Canada's
uranium
than
already
posits and mines were opened up
um
ard of living for all Canadians.
producers, the employees in contracted for? A brief glance at
in the Beaverlodge area of north¬
the
industry and the Canadian developments within the United
Now
among
our
mineral re¬ ern Saskatchewan.
Further dis¬
diverse

omy.

amounts

Ameri¬ zation—though not

of this particular de¬

velopment

still doing so. This
of protectionism which

are

contracts, a few had
their original ex¬
pectations.
Among
these
were
Port
Radium
deposit on
Great
The economic consequences of cases
of
capital
overruns
and
Bear Lake.
The industry origi¬ large to ensure the Americans of the Nov. 6
decision
on a national
poorer
than expected operating
nated as a result of a military need
long-term continuity of supply, basis were also considerable and returns, seriously imperilling their
and
came
under
the control of the view was
universally held that still are. In 1959, the uranium in¬ ability to repay debt obligations.
governments from the very be¬ the mineral would continue to be dustry earned over $320 million in There were also cases of individ¬
ginning.
scarce, and hence the Americans foreign exchange, mainly United ual ore reserves becoming deplet¬
Such was the scarcity at that had clauses inserted in the con¬ States dollars. This sum amount¬ ed well in advance of oxide deliv¬
time that both the United States tracts giving them an option to ed to over 6% of total Canadian ery commitments.

taxa¬

money,

uranium

Canadian

oxide deemed sufficient to permit

enormous

compa¬

River-Algoma
the

were

contracts

industry's plight, and the hope is
costs

with their

suburbs,

To¬

newer

operators and the earlier Canadian Northspan Uranium Mines Limited
mines.
which consisted of three mining

nies

be one of the reasons for the
voiced that over-all nuclear power
below the cost of conventional stations.

attributed

which

well

the

which he assumes will last until the beginning of the next
decade.
Our country is chastised for pursuing a not too honor¬
role

The

gap

able

form

ronto

and

Atomic

analysis of the

they

century mining town should
Municipal services in Elliot
Lake are generally superior even

could obtain.

Toronto, Canada
An

fact

be.

our

Energy Commission,

Thursday, November 17, 1960

eth

to those of most of

their Atomic

over

"massive

defense policy is based. Hence,

were

zfy

the

Americans,

ern

—Problems and Prospects

material

for

laid

already

the

time

answer.

when

plans

were

the

number

the Nov.

amalgamations

has

companies

taken

place

since

6 announcement and the

whole

industry is, in fact, shaking
down to a fairly hard core con¬
sisting of the most productive op¬
erations.
Extensions of operating
life, through the acquisition of
outside

contracts

achieved

the

have

been

Eldorado

and

Gunnar mines in the Beaverlodge

and

area,

Denison

The net

area.

all

the

Rio

mines in

Canadian

Tinto

and

the Elliot Lake

result in the

picture

over¬

I under¬

stand it at present is that the Port

Radium

mine

has

ceased

op¬

Blind

mine

erate, two mines and mills remain

operating in the Beaverlodge area,
seven of the 11 original integrated
Mexico, mining and milling operations are
which vastly improved the ore re¬ still
running in the Elliot Lake
Provincial governments had serves'
area near the north shore of Lake
picture
in
the
United area, with two more to close in
poured money into the area, the States.
Plans were immediately the near future, and two mines
Huron.
private companies building mines made to develop these deposits and mills in the Bancroft area will
Meanwhile, American prospect¬ and
mills, and government and and they are now in full produc¬ run at least until the normal ex¬
ors
made some finds but because
private enterprise erecting a town tion.
piry of their contracts.
The de¬
River

significant

ore,

discovered

were

deposits

New

reference to its history might be of
the
development of interna¬
—Elliot Lake—which was devel¬
which
has
More recently, significant new cline
already taken
useful, in order to put matters into tional tensions following the war,
the
perspective.
American
discoveries
alone oped as a model municipality— deposits have also been discovered place this year in over-all uranium
Early commercial production of were considered to be inadequate an example of what a mid-twenti¬ in the Shirley Basin area of Wyo¬ production is now showing up in
ming, the development of which our foreign trade returns, which
is being considered now.
More¬ amounts to $181,512,000 in August
of this year compared with $203,over, intensive prospecting else¬
where in the world has led to fur¬ 483,000 in August, 1959.

This

K
ROIRON

any

neither an offer to sell, nor a solicitation of an
offer
of this Stock. The offering is made only by the Prospectus,

announcement

ther

buy

discoveries, none of which is
same importance as that of

of the

the Blind River

such

France,

Metropolitan

are

considerable

sentially, therefore, in the space of
a
very few
years, uranium has
moved from a position of acute
shortage to one of considerable
oversupply. Evidently, the exist¬
workable

ence

posits

COMMON STOCK

sig¬
nificance in the present state of
global supply and demand.
Es¬

130,000 Shares

ROTRON MANUFACTURING COMPANY, INC.

deposits, but some,

those

much

this

economic

vital

de¬

material

widespread than had
previously been supposed.
more

on the basis of
there
is
only

present

contracts

poundage

left

that

the

fact,

Private

Extreme

producers

there

others will be closed in the inter¬

ditional

are

ad¬

orders.

emphasize here
that I am speaking only of cur¬
rent government orders.
Any ad¬
ditional orders from government
or private enterprise will improve
the picture and we are bending
every effort in that direction.

What
1966?
of

the

While

one

Prospects

prospects

after

of the difficulties

forecasting demand

of course, well aware of this
change of circumstances in the

crecy

over-all

curement

were,

$17PER SHARE

1966

vening period unless there

Form

Canada

enough

will
only one uranium mine and
mill left operating in Canada. The
beginning of

Further

Protection

ensure

(Par Value Five Cents Per Share)

PRICE

attaching

is the se¬
military pro¬

options,

it
is gen¬
acknowledged
that
the
Americans
already
have
large
stockpiles
of
highly
enriched

least in part, on a combination

fissile uranium for nuclear weap¬

moral, political, diplomatic and

ons

supply-demand position.
However, we did believe, wrongly
as it turned
out, that the Ameri¬
cans

Copies of the Prospectus

may

be obtained from the undersigned.

would exercise their

common

defense

grounds, as they
were directly responsible for our
getting into the business on such
a
large and expensive scale to

W. E. HUTTON & CO.

meet

their

Moreover,
accept

November 16, 1960

A.
to

ducers after

grounds

needs.

find it difficult
fact that the U.

extended

several

defense

the
C.

own

their

new

contracts

domestic

they cut

off

over-supply;

pro¬

and

the

programs,

erally

purposes.

Nuclear power pro¬

grams, and uranium procurement
for these, on the other hand, are

rapidly

moving

outside

strictly

governmental control and into the
hands

private industry. Our
other principal buyer, the United
Kingdom Atomic Energy Author¬

ity, which takes little
10% of
has

our

than

total uranium exports,

announced

in considerably

publicly that it is
overstocked
with

Volume

uranium,
future

and

192

Number 6004

overcommitted

supplies for the next

eral years.

Moreover,

Americans

are

sev¬

operators of nuclear

Here again, prog¬
in building such stations has

rapid as originally
The problem is not
as

much

technical

ex¬
so

economic, al¬
improvements

though

technical
will eventually pave the way to¬
wards better economics.
Nuclear

ready

reactor

built,

has

Several

types

some

such

itself.

proven

ferent

the

power

them

has

reached

larger

what

mention

mines

competitors,

the

our

maintain
In the

called

"the economic threshold"—that is,
none of them is fully competitive

indications

ent

that

are

there

are

there

will

there

bridge

this

the

uranium

gap?

private

ban

Until

compara¬

recently, when the word
"shortage" was always associated
with uranium, there was not much
incentive to
investigate possible
alternative

There

uses.

was

the

saving all the

down

way

line.

far, under the pressures of
extremely
competitive
open

market for

uranium, mill precipi¬
tate and natural uranium refinery
products, prices for these mate¬
rials have already been substan¬
tially reduced. However, apprecia¬
ble savings are still possible, and
likely, in fuel element manufac¬
turing, as such elements become

standardized, and

even more

the capital costs of building

reactors, as
gained and

experience

components

and

standardized

parts

manu¬

are

position

valuable

fully

programs, there
insufficient
uranium

available for civilian

This

grams.

situation

ex¬

responsible

reactor pro¬

view

was

small

the

try in the years to

for

the

formation

the

International

bodies

*An

address

nadian

Energv

Agency and the
Euratom
Supply Agency, which
were conceived, the former partly,
and the latter wholly, as central
suppliers of a scarce material on

The

big

question

for

uranium

miners is when will all these
omies

the

to,

The

conventional

Americans

now

competitive nuclear

certain

nuclear

below, the level

costs

tions.
cast

over-all

reduce

power costs

econ¬

high-cost

sta¬

fore¬

power

areas

the

United States by 1968. The Brit¬
ish expect to reach their target
somewhat

earlier,

the supply situation is
changed that we need to find

new

uses,

broader

order

markets

develop

for

present

our

productive capacity. Research only
recently initiated for the reason®
mentioned

grounds

has

for

example,

For

indicated

has

added

steel

provided

already

encouragement.

uranium
to

CANDU

scheduled to

reactor,

improves

small

certain

this

nature

uranium

pro¬

acting in concert, are in
the process of forming a Uranium

Dec.

the

fairly

near

term.

Such

reactors,

sume

large

course, conmuch less uranium than the

ones.

indication of the

orders of magnitude involved, the
initial
charge of Canada's first
full

nuclear

scale

the

power

station,

will
reportedlv
only about 100 tons of

CANDU,

amount to

the

over

which

some

will

few

Charles
Nelson

limited

and

partnership.

E. Brown and

will

in the firm

also

the

Philip S.

become

partners

Form Delta

Management

NEWTON, Mass.—Delta Manage¬
ment Corp. has been, formed with
offices at

18 Van Roosen

engage

securities

months

last

year,

that

so
are

after

are

about

actual

per

earn¬

this

25c

vs.

special

Road, to
business.

Officers
are
Robert
Liberman,
President, and John Magee, Treas¬
urer.

book

the

would

year;

earnings this

year

ernment

Labine

departments.

dation

President

and

research

the

•

needed

about

for

Elliot

100
the

Lake

tons

initial

area

can

of oxide
charge in

think

the

nies

It is
are

obvious, therefore, that we
going to need a lot of CANDUs
Canada

and!

throughout

the

■

it fair

anything

that

say

none

campa-

LeCort

the longer future?
going out of style as a

not.

energy?

It would

also

true

that

use,

its

haste

particular the last five
of

the

matter

years

can

now

actually on a smaller vol¬
ume of production and sales than
in
the
same
period
last year.
This emphasizes the increase in

efficiency.

accounted

and

year

30,

1959

duced

and

the

between

December

first

1960,

was

million

1960

the

June

31,

debt

$113

and

refining

rest.

funded

1959

and

the

one-half

from

million.
of

mining
for

combined

re¬

six

eration

and

debt

how

found,

much

what

will

ore

fairly

demand

some

While

come.

predict

these

and

Tinto

formed

with

cient to last

long time. The fu¬
not be spec¬
tacular, but its present price still
seems quite cheap.

reduction is

Form

Berger-Derman Inc.

ex¬

Berger-Derman,
formed

with

Inc.

offices

has
at

tinue to be in the uranium

business

ficers

Nathaniel

L.
Berger,
Derman,
VicePresident
and
Secretary,
and
Stanley H. Forster, Treasurer and
Assistant
Secretary. Mr. Berger
are

President;

and

Mr.

with
'

Carl

Derman

were

offices

150

the

dividends

Harold

Fertig,

York

(c/o

Esq., to engage in

securities business.

Jules

City

Officers

are

Kotler, President, and Ruth

some

are

and

paid

debt

a year,

present
estimated that
dividend might

In the meantime,

net, after amortization of

amount,

or more.

Gunn, Carey Adds

on
re¬

below

time in 1961

again be paid.

to be

until

somewhat

earnings should continue at least at

that

Kotler, Secretary-Treasurer.

stock

new

duced

By the ter¬

(Special to The Financial Chronicle)

CLEVELAND, Ohio
Tucker

Gunn,

Carey

Union Commerce
of

bers

the

—

This announcement is neither

Debentures.

offer to sell

The

nor a

solicitation of

Midwest

offer to buy

any

of these

New Jersey Bell Telephone Company
Forty Year 4Vs% Debentures
Dated November 1, 1960

Due November

Interest

payable May 1 and November 1 in Newark, New Jersey

1, 2000

in New York City

Price 1027/8% and Accrued Interest

Rio

Copies

of the Prospectus

undersigned

mining

may

as may

be obtained in

any

indefinitely.

which

State from only such of the

legally offer these Debentures in compliance
of such State.

MORGAN STANLEY & CO.

consider Canada's uranium indus¬

have to face now, and
for perhaps the next 10 years, I
firmly believe that the industry
try

may

will

have

expand

distant

future

again in the
to

meet

the

BLYTH &

COINC.

DREXEL &

EASTMAN DILLON, UNION SECURITIES & CO.

nuclear

the

still have ouite a
highly efficient min¬
operations,
most
of
which

ing
turn

tracts

provide

their

satisfactory re¬
fixed
price con¬

HARRIMAN RIPLEY & CO.

seems

likely,

some

years.

If,

MERRILL LYNCH, PIERCE, FENNER & SMITH
Incorporated

SMITH, BARNEY & CO.

for the next few

CO.

Incorporated

LEHMAN BROTHERS

number

power.

November

15, I960.

Inc.,
mem¬

Stock

offer is made only by the Prospectus.

WOOD, STRUTHERS & CO.

with

Roulston,

Building,

change.

John

connected

now

with the securities laws

problems

formerly

Glickhian Securities Corp.

closing, I should like to state
that in stressing the principal dif¬
and

East

St., New York City, to en¬
gage in a securities business. Of¬

ficulties

been

310

44th

of Canada,

con¬

comoa-

By
the same
token,
confidently expects to

ness.

for

ture of its stock may

has the
largest stake of
in the uranium mining busi¬

Tinto

that

continue

which
any

will

long time, and that refining proc¬
esses will continue to
improve. In
the main, Rio Algom's ore is of
good, if not high quality, and its
quantity is deemed to be suffi¬

months

amortization

Rio Algom has called for re¬
demption on Jan. 1, 1961 of ap¬
proximately $30 million in bonds
of its subsidiary Northspan Ura¬

figures,
New

This is true of the

Mining Co.

one

certain

now

their interests.
Rio

prudence,
it may be as¬

will

$48

pected to continue until all debt
is paid.

Inc., has

actively
seeking
means
of diversifying

are

ways

think

that most

sumed

decade.

en¬

courage its mining and refining,
the world is bound to set a fair

years

business

therefore, I
nies

present

term,

the

50c

are

con¬

days

uranium

but

say

seem

If the AEC overbid for
in
the
early

centrates

ter

Associates

optimistic
about the long-term future, but it
is

about
%

But what of

Is uranium

$20,000,000

present producing

should

month.

(

al¬

meantime,

the

Long Term Optimism

money

plus

price for this valuable product in

at work.

ready

mill

the

one's

Foun¬

team

civilian

get

dividends,

properly
shown
as
per share. This year's
accomplishment in the third quar¬
more

Mr. Gilbert

replacement charge of
about 25 tons. One single typical
produce

50%.

growing demand for uranium for

annual

seem

back

nium.

Form

in collaboration with various gov¬

value to zero, by depre¬
So, at present prices for
stock,
the
worst
in
store

source

irythe third quarter of 1960,

plant and equipment and pre-pro¬
duction expenditure amounted to
$24 million, thus generating cash
to pay off debt.
This cash gen¬

date.

same

has

outstand¬

it earned $1.79 a share
vs. $1.02 last year, on
almost the
very same sales. It should be noted

ings reported at 27c

much

ciation.

1966.

Elimi¬
nation of some unprofitable oper¬
ations accounted for part of the
improvement and more efficient

Stock
Exchange, on
will admit Amos B. Foy to

general

nine

estimated

dis¬

year

first

been

had

Algom

have

years,

conducted

uranium oxide in concentrate, and

;

this

the

operational

York
1

Rio

and

The

they

until

now

come

contract with

new

1966, net earnings should
not less than $11 a share

Foundation, which will
appreciable sums on re¬

spend

smaller

methods

New

higher. By that time, all debt will
be
paid from amortization and
plants and mines will be reduced

producers.

AEC

Research

j. operating experience, in anticipa¬
tion of competitive nuclear power

1960.

Glore, Forgan & Co., 45 Wall St.,
York City, members of the

■

useful start has already

Canadian

The

needs

concerned about the medium

However, apart from the United
Kingdom, where the national nul; clear
program,
although
scaled
down from previous targets, is al¬
ready committed to the building
■of a series of large nuclear sta¬
tions, there has been a switch to
a
policy of constructing smaller
prototype plants to avoid heavy
capital outlays and to gain more

20,

New

This, J. J. LeCort Associates,

electricity

com¬

Oct.

Glore, Forgan to

charac¬

into operation in 1964, will supply
a

Can.,

Ca¬
Ac¬

amounts

ducers,

in Ontario in
petitive economic basis.

before
Public

Certified

that

teristics of that basic metal.

generating electricity in Britain
higher than in the United
States.
In
Canada, it is hoped
'.that the 200 electrical megawatt

come.

stretch

contracts.

million

ing.

around

Admit Partners

Today,

present costs

are

our coun¬

equitable basis.

amount of uranium

Toronto,

countants,

been made.

periods of time.

for

Mr. Winters

Institute

done, but

reducing the

jobs for Ca¬

revenue

supply

measure

sales

present,

not

altogether,

many

nadians and

live

and

could

stretch-out

about

done

weaker

regarded

the

valuable

provide

this

used up inside reactors over given

reserve

been

ground

latter

the

ahead

Broadway,

effect

the

mination of the
some¬

period of production and

eliminate

days

work

the

de¬

had

the

38c

inside reactors will also inevitably
lower the fueling costs, though

have

rise

asset, especially when it
developed and has asso¬

of course, is a non-nuclear use of
the uranium. Much more research

also

Continued from page 2
concentrates after 1962 and

But

ore

factured. Progressively more effi¬
cient utilization of uranium fuel

will

again

occurs.

Good

inevitable

the

mand

to expand

even

fear that in view of the

such

room

tively

Atomic

difficult

.anything

producers

There

reached.

for cost

and

suf¬

nucleus

THE SECURITY I LIKE BEST...

uranium industry will survive the

Research

tRafe4his target

doubt

Jworld,

indefinitely

strong

just not enough large reactors in ciated with it the facilities to
existence,
actually
building
or process it into a salable product.
planned for the next 10 years, to This is the position we are in
need
anything like the present with uranium. Surpluses present
world capacity to produce uran¬
problems
but
I
believe
most
ium. In short, the demand gap ap¬ countries which have chronic
scar¬
pears likely to last at least until cities would
generally be disposed
the beginning of the next decade. to
regard them as blessings. Our

military

throughout the

maintain

ficiently

when

already built require an¬
replacement charges, in
addition to the initial charges of
newly built plants. However, pres¬
fuel

grams

mar¬

reactors

nual

tensive

pro¬

down,

still convinced that

thing

would

nucleai^power

shall

sufficient

out

trialized

of all national

ket, I

to
a

some

Ability to com¬
pete economically with conven¬
tional stations is the prime target

have

through lack of

healthy and efficient industry to

with conventional-type stations, at
least in heavily populated, indus¬
areas.

will

these

(1977)

long run, of course, there will be
a
progressive rise in demand as

than

power

the

all

produce,

can

viable uranium industry.

been

stations; they have worked and
are
working
with
great
effi¬
ciency. So far, however, none of
them

take

mines

dif¬

have

conventional

average

al¬

world

our

foreign

stations.

pected.

the

can

years.

not been

uranium

concerned, they

by the private users—in effect the

ress

rest

not

The alternative market to uran¬
ium for weapons is that provided

power

The Commercial and Financial Chronicle

the

virtually as self-suf¬
uranium, at least for the

builders and

far

be regarded

ficient in

Ex¬

wr4TW4WW^ft* ^r~^r^t*r^V^lH

t^w_.VJfn»vTww*«wpn

The Commercial and Financial Chronicle

(1978)
■t

■•

ceed

Fundamental Considerations

one-half

gross

estate.
addition,

lowed

About Estate Planning
Counselor-at-Law, New York City

By Milton H. Reuben,
focused

considered in estate

objectives,

two

and

few

for

death,

ordinarily first give

they

the

computed by taking

are

percentage

of the net taxable estate.

im mediate

with

family

mem¬

taxable

bers and other

include

dependents.
Many of such

estate, business interests and other

per sons

are

decedent.

the

ance

aware

what

called

are

assets.

We start
the

gross

these

Roughly,

securities,

cash,

real

assets standing in the name

toll

there

life

of the
insur¬

the life of the decedent

upon

evidenced
him

by inheritance

whether payable to a

the

ficiary

insurance
there

bene-

subject to
There

addition,
assets

included

owned with another per¬
such, for example, as a resi¬
or other piece of real estate,
bonds, and savings accounts. Cer¬
tain transfers of property made

Milton H. Reuben

planning that

estate

One is ine
making of a will (or the transfei
of
property
during
life-time)
which is needlessly
improvident
because of failure of the person to
to be avoided.

ought

added.

dence

two

are

situations

must

son,

in¬

taxes.

come

death,

jointly

are

e s

his

time

named bene¬
to his estate, such life

that

e s

a r

the

and

fact

t at

estate
c

and

taxes,
e s

consider the impact of

such taxes.

during

life-time

become taxable
in the estate by reason of the na¬
ture of

the transfer.

tax

consideration,

exclusive

(called Adjusted
Gross Estate) is found by deduct¬
ing from the gross taxable assets
the funeral expenses,

economies, but whq has failed
a
will that ":i§ fair and

make

duction"
deduction

tax is

the

duction

family.

There is

ature

planning.
article
few

vast amount of liter¬

the

The

fundamentals

owning

this

purpose

focus

estate

subject

attention
that

substantial

the

should

asrets

chooses

attorney

have

the

determining

which the
This marital de¬

computed.
is

computed

amount,

allowable

when
property passes
outright at death to a spouse wno
becomes the sole

erty

made

owner,

subject

prop¬

ultimate

person

give consideration to, before con¬

sulting

of property on

amount

suited to the needs of members of

available

also

whom

his advisor.

;

disposal by the
deed

under

scribed

marital

by will

spouse

circumstances

the

New

and

accompanying tabulation.
mentioned that this

deduction

case

where the marital

available.

Upon the

death of the second spouse to die, the assets which escaped taxation
the

because

marital

deduction

the first time,

then taxed for

are

they have not been consumed
by the survivor. The estate taxes

the

upon

estate

survivor

the

be at least equal to that paid'

may

the death of the

upon

died first,

spouse who.

■*'

marital

full

If the

deduction

*
is

allowed in the first estate and the
second spouse

to die had assets in¬

Net

adjusted
before

estate

Total
and

befcre

taking

N.Y.

first
of

death, the tax

the

second

the estate

die will

spouse

probably be higher than that
first

the

estate.

There

up in

times

are

when it is not wise to plan for the
marital

full

for

that

available

deduction

Something

reason.

absence

should

marital

less

and

not

planned.

of taxes by use of

Estate

Y.
full

duction

*60,000
75,000

death of

die

upon

the

the marital de¬

assets

constituting

deduction

may

have
By

been deferred for many years.

the (,.n>afital

planning
income

the

if
a

earned

sizable

-a

second

long time.
It

estate

deduction,

amount

the tax

may

deferred,

150,000

also
the

reduce

estate

the

surviving spouse if gifts are made
by the survivor to or for the benefit of children

of the

persons.

marriage

There

pay,

300,000

*No Federal tax.

have

it out and I

State

cities

legisla¬

Department of Peace is one
everybody
should be for,
except that the creation of an
A

agitation

delegations.

proposed known
of

Mr.

when

elected, and in Ala¬

were

half

about

electors

important is that

Mr.

whelming bureaucracy.
were

vh,

Taxation

During

de¬

While

the

estate

ministered, which
and

longer,

half

ad¬
year

years

income

the

received by
subject to income tax,
payable either by the estate, or by
the estate is

the beneficiaries if there has been
distribution

Only New York Estate Tax applies.

income

Continued

orv

page

its

piker

new

Mr.

Kennedy has all

for

ideas

enlarging

Eisenhower's

record.

upon

them

would

set-up

Cabinet offices.

One

proposal

Kefauver
a

To Hold

Meetings

PHILADELPHIA, Pa.—B. E. Ben-,

Tennessee

Henry McK. Ingersoll of Smith,
' Barney & Co. is in charge of ar¬

Senator
set

rangements.

Department of Consumers with
:
' a V '

and

proposal

for

Stanley Associates Opens

Cabinet ROSLYN,

Department of Housing

Metropolitan Affairs. It would
with

deal

the

rapid

growth

ciates

N./'Y.—Stanley Asso¬
conducting a securities

business

from

Serpentine.

urban and

the

Ulanoff.*'

metropolitan areas and
problems resulting therefrom.

The Department of Urbiculture
would

eral

areas

UJantoff

and

Bernice

'
,

Sellgren, Miller Opens
Los Angeles Branch

and place them un¬

LOS

Calif.—Sellgren,
branch
sources
would
handle
problems office at 639 South Spring Street
relating to coal, petroleum and under the management of Paul H.
one

Department

Mineral

Re¬

ANGELES,

MiUer & Co. has opened a

•

is neither

offer

The

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

buy

any

of these securities.

metallic

gas,

nonmetallic

and

Aschkar.

NEW ISSUE

November 16, 1960

■

This

222,500 Shares

;

Clark Cable Corporation

S to

announcement

buy any-of these

NEW

neither

Price $

per

offer to sell,

may

share)

Nov.

per

Offering Price: $2

share)

per

legally offered.
copy

from

company

of the Offering Circular

such other dealers

may

obtained

from

the undersigned

and

lawfully offer these securities in this state.

PLANNED INVESTING CORP.

FIDELITY

222

INVESTORS

SERVICE

Broadway

New

15, 1960

COMMON STOCK

Incorporated

offer

WHITE AVIONICS CORPORATION

be obtained only in such States

Robert l. ferman

the Prospectus.

150,000

repshare
4

where the ^securities
may be

solicitation of

ISSUE

(Par Value 10^

Copies of the Prospectus

nor

securities.. The offering is made1 Only

Common Stock
(par value 100

Ulanoff was for-'
First Investors Corp.

Mr.

merly with

existing Fed¬

roof.

the

Stanley

are

another bill.

oriented to metro¬

programs

politan

offices

Partners

set

in
It would reorganize

announcement

this, and

Several' of
new

status is

being

may
three

was

setting

were

V Another

Administration

inasmuch singer, President of
Brunswick
proposed by so- Corp., will be guest speaker at a
called Liberals, it is to be
ex¬ luncheon meeting of the Philadel¬
pected that they will receive more phia Securities Association to be
sympathetic
treatment
in
the held Tuesday, Nov. 22, at Kugler's
forthcoming session.
restaurant, 1339 Chestnut St.
they

came

Philadelphia Secur. Ass'n

proposals at the last

an¬

States

about

100,000 employes to the top level
positions in
the
already
over¬
There

sorts

proposals to add

are

Eisenhower
it

House staff.

unpledged.

are

What

United

agencies and enlarging his White

state's

the

and

Office of Aging.

Missis¬

the Bu¬

Citizens

Senior

called

other

year

entire slate of unpledged

there

this

peace.

government agency has

new

reau

of the Mississippi and

case

Alabama

sippi

does not bring

agency

been

the

Department of Transportation

that

Probably what is responsible for
renewed

segments

Institution.

The

been

tions.

the

some

Board,
the
Maritime
Administration,
the
Bureau
of
Public
Roads, the Defense Air
Transportation and other regula¬
tory agencies logically belonging
in this department.

and
they are defeated in
effort by the rural delega¬

every

and

Maritime

of them handy.

votes.

Energy.

Aeronautics

is also proposed to bring together
the Federal Aviation Agency, the

trying for years
to
balance
their membership to
give more representation to the

der

This

Cabinet status.

2,800
7,300
21,500

69,100

rural

many

tures

may

perhaps,

gift tax, but if the'value of
the gift exceeds $3,0C0, it must be
reported.
Income

1,000

37,500

200,000

figure

one

Atomic

of the Smithsonian

of those IBM

don't have

session

possible

taxes

gift tax to

750

one

Standards

he carried.

computers

survives for

spouse

600

7,300
21,500

states

A. It would take

now

and Space Administration,. Bureau

of the votes in the

some

the

Commission, National

have lost

functions

over

Foundation,

York, Pennsylvania and
is true, but he would

Illinois,

take

performed by the National Science

of the electoral votes

some

of* New

the second spouse to

marital

other

$400

1,300

2,800

100,000

probably not have been any
.Nixon
would
have

gotten

bill

result

The

different.

bama

available

$800

*$49,000

would

duction, the estate tax payable at

taxes

marital

agitation

understand.

the

ex-

this

functions

by the Depart¬

A Department of Science
and
Technology is proposed in another

bring
something I

don't

these

handled

now

are

Most

leases.

ment of the Interior.

made

Just why'The outcom'd

yeaf.

electors

Federal

where

available)

will

of the recent election should

deduction

Apart from the over-all saving

pre¬

not

Total

taxes

(if marital deduction

Federal

$50,010 exemption

Federal
Estate

direction

that

,: Any proposal to change the col¬
estate, which assets wen; lege will have hard sledding in
acquired either before or after the;, the House where there are so

gross

applying

College.
in

minerals and mineral patents and

considerable
agitation
revamping the Electoral
Undoubtedly some move

small
may

for

now

dependent of those acquired from

marital deductions and

There

the first

This

laws.

tax

Amount

sums

than the full marital deduction

The net estate

debts of the
Perhaps, his attorney is not well decedent including those in last
versed in the problems of taxa¬ illness, executors' commissions, at¬
tion applicaole.
The other situa¬ torneys' fees, and other adminis¬
tion is the person who has given tration expenses.
What is called a "marital de¬
adequate consideration, in fact al¬
most

Federal

owned

policies

taken at death

the

State estate taxes appear in

bill in the

Taxes
taxes

consideration to the needs of their

heavy

and

round

is not tne entire family estate tax

inheritance

...Ahead of the News
CARLISLE BARGERON
BY

figures

deduction
Estate

FROM WASHINGTON

al¬

tax.

examples

It must

Extent of Estate

The

people give thought to plans
disposal of their property at

When

and certain exemptions
permitted in determining the
amount of property subject to the

involved

protection of family members.

adjusted

estate

are

York

of family

consideration

one,

minimization of taxes with fairness to

and, two, tempering

needs

Thursday, November 17, 1960

flat Federal exemption of

approximate

planning prior to consulting with a legal advisor.

stresses

author

Th3

such

each

New York estate

of the fundamentals that should

some

$60,UU0,

Attention

-?•

York, N. Y.

HA 5-5944

Newbridge Ave.

East Meadow, N.

IV 3-6643

Volume

192

Number 6004

The Commercial and Financial Chronicle

'(1979)
vision; automation and aluminum

Prosperity: Sin

Salvation

wrap—not

By Robert W. Sarnoff,* Chairman of the Board, National
Broadcasting Co., Inc., New York City
Television executive takes

powered submarine.

economic

our

are

"going soft."

our growing affluence
Moreover, he rebuts the accusation that

work

increasingly affluent society

obligation.

Mr, Sarnoff asks that

can

best meet

realize

have

been

there

saw

net¬

only

were

Fifties

began,
televi¬

1,000,000

the gas

industry and broad¬
casting are big business—complex,
vast, highly organized aijid serving
whole
ties

industries
well

and

are

than

scale

spent about $58

million

television; last year they spent
$1.5 billion. The public now pays
$3 billion a year for receiving

And

human

Robert W. Sarnoff

from two

the

funda¬

apart

man

the

from

lower

ani¬

mals. One of these is the discovery
and

use

fire, which you have

the most ingenious
of
control,
scope
application—a development

brought, to

such

that

refinement

use fire to keep
systematically cool.
now

The other
I

have

one

our

and you

honestly
to

the

this

essential
We

ours

the

even

past

faster

new

years.

decade will

American

fact,
Sixties

industry

spend
$120 billion on research and de¬
velopment—just twice what, was
spent in the decade behind us.

Consider

and

expected

some

and

the

services,

which

maintenance.

development

furnace that

(I'm

prod¬
scientific

the

all-gas

: an

generate its

can

so
some
of the, TV
future'may be powered

network

gas

well

greater

succeed in the

paradoxi¬
cal feat of meeting swiftly and
responsively the personal needs

profit

turnover for

price

for

selling

growth and

development is still ahead of
In

the

years,

to add upwards

not

the; replacements.

sharp upturn

us.

expect

of 25 million sets

circulation,

our

counting
expect

color

circu¬

set

lation, which will really come into
its

in the Sixties.

own

the

dealer;

customer

and

envied
it

manu¬
•

has

carried

Before the

This

utility itself.

preferences for gas and
appliances, it is going on an
industry
basis • direct
to
the
*

The

like
a

a
painting and
small box beside

chair.

your

the

From

American

standpoint
of
in this

economy

the
new

era
of
gro\ytlv broadcasting will
pld^a'ft especially significant role,

f itf-hds

through

done1 Mn

which

passed.

has

the

fective

most

not

only

prosperity
who

society not

technique

and

cult

self-indulgence
national

selling

ously, television has played
part

the

growth

come

even

they

last

economists

call

chooses

the

whether

new

that

electricity—

are some

heat

our

economy.
Are

Soft

those

with

who

com¬

feel

that

people are going
have been corrupted
a

have

lost

our

sense

Implicit in this
theory is the puritanical notion
that nothing you like can be any
good for you and the idea that,
for some mysterious reason, only
deprivation can build character.
Let me try first to dispose of

buy

that

national purpose.

car;

decides

our

soft, that we
by credit cards and cookouts, and

con¬

gas

with

home

these

our

Americans

a trip to
whether he
puts in a swimming pool or saves
instead
toward
a
new
house;
sumer

Europe

direct

private
public needs. And

Denies We

mon

discretionary

Whether

there is

con¬

would

These critics have much in

money
to spend as they
choose after paying for the neces¬

life.

special

They

between

and

spending; by 1970, consumers are
expected to have almost twice as

stimulates

believe

contend

tor of

to be¬

power
grows,
there
sharp rise in what the

little
critics

national wealth should be diverted
from the private to the public sec¬

purchasing
will

wants

vital

important.

have

the

purchases.

conflict

ef¬

decade. This role promises

since

much

too

These

advertising

villain

argues

too

and

needs.

ac¬

term

spend

the

proud

economists

Americans

regard

simultane¬

consumers

and

regard

as a

but

advanced

Ameri¬

his

Continued

of the choices upon

page

decade

have

those

Growing Selling Target

the

are

Ironically,

cult of

sumer

sities

wall

affluent

gas

consumer.

friends,

our

standards

examine

course,

build

satellites; and for mural television
—a
thin, flat screen, to be hung
the

cans

find it wanting. I am
referring, of

much

the world, among

remained for

that

the

even

the
ex¬

emulated.

facturer

living

and

complishment
reproach.

accent

prospects of

well

step
farther. The industry is not rely¬
ing solely on the salesmanship of
the appliance dealer, the manu¬

decade is over, we look for inter¬
national
transmission
via
space

operated from

foes

American

industry has recognized
in marketing techniques,

indeed

not. Around

our

lower

its

pansion and prosperity, makes for
the brightest of vistas. But others

production means
for all—a greater

the

with

years,

consumer and its

The gas

just

This is not

an offering of these debentures for
sale, or an offer to buy, or a solicitation of
,buy, any of such debentures. The offering is made only by the Prospectus.

grown

offer to

dramatically itself; it has served
a stimulant and catalyst for the
growth of the whole economy, be¬
cause it is a merchandising force

.unprecedented

and

reach,

$20,000,000

Northern Natural Gas

impact

speed.

Marketing
understand

Company

47/s% Sinking Fund Debentures

Revolution

the importance
role, we must realize we
been undergoing a revolu¬
in
marketing:
the
selling

Dated November 1, 1960

Due November

1F 1980

this

have

emerged

Price 100.317% and accrued interest

synthetic

in the last- ten tion
fibres,.»such as function in the American economy
Orion and Dacron, and synthetic
has been shifting from the dealer
diamonds; transistors and trans¬ to the manufacturer: In the past,
atlantic jet planes;* the/Salk vac¬ vit
was
the dealer who
largely
cine and stereophonic sound ; cloud
helped to develop the manufac¬

be¬

mass

millions of

Much of television's

Some may share
my view that
this economic forecast of the next

own

mine.)

new

the

technological milestones,

years:

appeal

flourish

rate

experi¬
greater surge in population
growth and in enormous outlays
for research and development to
open new economic horizons. :
In

our

during

ence a

the

broadcasters
in the gas industry, come
us,

ahead, the economists pre¬
our
gross
national product

And the

ucts

prologue to an era
prosperity. For the

will increase at

individual.

persuasive

dict

homes

speaking

in the last decade seems

economy

than

complex' society of

cause

experts tell us, and while
prophecy is a hazardous business,
certainly the performance of our

decade

can

uniquely human trait
mind
is, of course,

individual

both

—

of unmatched

language, the ability to communi¬
cate in words and pictures. Here
broadcasting,
and
particularly
television, has placed man on the
technological frontier where he
can
communicate instantly with
a
whole continent, and yet do it
with the directness and intimacy
another.

—

So the

development
and

households

American

last become obsolete.

set

that

characteristics

mental

has

electricity,

upwards of 200 billion
more
by the end of the decade.
Greater productivity and personal
income, yet greater leisure — an
economy
of comfort and abun¬
dance in which poverty will at

being.

spring at bot¬
of

be
and

sets of the

output

industries

tom

economic

estimated 10 million more; billions
of dollars
in increased national

Indeed, both
our

scale

the

new

and

u a

Horizons

—

ofthe

individ

their

afraid they all run by electricity,
but I understand the gas industry

Sixties, the graphs point
dramatically upward. Millions of
new consumers
perhaps 40 mil¬
lion more
by 1970; millions of

basic

needs

that

now

and

nature

statistical signposts to the decade

deeply rooted
the

Economic

dwarfed.

of
any
other
modern enter¬

any

sets

New

ficult to think

prises

than

communi¬

dif¬

massive

turer to engage in mass
well

and

582. In 1949, ad¬

are

brought to bear.

because

directly to his ulti¬
through the new
power and techniques of advertis¬
ing. |This ability of the manufac¬

Today there

history.

the individual.
Yet

individuals

customers

this shift

vertisers

which the eloquent selling power
of
television
can
and
will
be

manu¬

largely creates the market

for the dealer. This
he can speak

began, the
country had 51 television stations.

discretionary income.

desires

manufac¬

the

facturer.

there

Both

Today

expanding market for the

million. As the Fifties

important role for television in tapping the sales potential arising
consumer

also

profits.

day

a marketing revolution wherein the selling function has been
shifting from the dealer to the manufacturer. He discerns a more

increasing

past

the

turer's

sion sets in American homes. To¬

under¬

going

from tomorrow's

just

coast-to-coast

television, which is

economy.

public

our

directly influenced the
facturer

mate

...

a text¬
example
of
the
amazing
growth potential in our modern

a special villian for stimulating consumer
purchases,
points out that only through the growing government revenue

from

first

book

advertising is
and

decade

birth

the

future, and takes exception to the view that
means

the

supersonic flight, the first nuclearThe

broad, optimistic view of

mention

thermonuclear explosion, the first
man-made
satellites,
the
first

seeding, computers and color tele¬

turer's

market

and

who

Copies of-the Prospectus may be obtained from any of the several under¬
writers only in states in which such'underwriters are
qualified to act as
dealers in securities and in which the

Prospectus

may

legally be distributed.

thus

Blyth & Co., Inc.
Eastman Dillon, Union Securities & Co.

Glore, Forgan A Co.
This

announcement

is neither

offer

The

sell

nor a

solicitation of an,offer

offer is made only by the Prospectus. ;

to
:

buy

any

;

of these Shares.

;

•

The First Boston Corporation
Ilarrimun Ripley A Co.
Incorpornted

Kidder, Peabody & Co.

Lehman Brothers

Merrill Lynch, Pierce, Fenner A Smith
Incorporated

Smith, Barney A Co.
November 16,1960

New Issue

Goldman, Sachs A Co.

Stone & Webster Securities Corporation

Incorporated

White, Weld & Co.

Dean Witter A Co.

A. C. Allyn and Company

A. G. Becker A Co.

Incorporated

Hemphill, Noyes A Co.

260,000 Shares

W, C. Langley A Co.
F. S.

Lee Higginson Corporation

Moseley A Co.

W. E. hutton & Co.

Carl M. Loeb, Rhoades A Co.

Paine, Webber, Jackson A Curtis

G. H. Walker A Co.

Electronic 8C Missile Facilities Inc.

Incorporated

Hornoiowcr A Weeks

Salomon Bros. A Hutzler

Baker, Weeks A Co.

Clark, Dodge A Co.

Alex. Brown A Sons

Dick A Merle^-Sinith

Dominick & Dominick

Incorporated

Ilallgarten A Co.

Common Stock
(Par Value 25$ per

Hayden, Stone & Co.

Schwabacher A Co.

/:;•'

Spencer Trask & Co.

Share)

Tucker, Anthony A R. L. Day

Company

Piper, Jaffray A Hopwood

Newhard, Cook A Co.

Shearson, Ilammill A Co.

Storz-Wachob-Bender Co.

Blunt Ellis A Simmons

are

be obtained from such of the undersigned

Courts A Co.

McDonald A Company

The

Robinson-Humphrey Company, Inc.

Bateman, Eichler A Co.

registered dealers in securities in this State.

Flworthy A Co.

William R. Staats A Co.

Chiles-Schutz Co.

Davis, Skaggs A Co.

Eugene C. Dinsmore

Estes A

Company, Inc.

Mitchum, Jones A Templeton

Filor Bullard St
'

Smyth

Lubetkin, Regan St Kennedy
L

Quail A Co., Inc.

Talmage A Co.
November 16, 1960.

Halle A Stieglitz

The Ohio Company

J. Cliff Rahel A Co.

Goodbody A Co.

The Milwaukee Company

Brush, Slocumb A Co. Inc.

Lee W. Carroll A Co.

Hardy & Co.

Kalman A Company, Inc.

McCormick A Co.

Irving Lundborg A Co.

Copies of the Prospectus may

Cruttenden, Podesta A Co.

First of Michigan Corporation

Kirkpatrick-Pettis Company

per

WTeeden A Co.
Incorporated

Burnham and

Incorporated

J. M. Dain A Co., Inc.

$5.50

L. F. Rothschild A Co.

Swiss American Corporation

Robert W. Baird & Co.

Price

Riter A Co.

Stern Brothers & Co.

Phillips Co.

Crowell, Weedon A Co.
Ellis, Holyoke A Co.

J. J. B. Hilliard A Son

Pacific Northwest Company

Shuman, Agnew A Co.

Harold E. Wood A Company

J. Barth A Co.

Caldwell

Sutro A Co.

Woodard-EIwood A Co.

The Commercial and Financial Chronicle

(1980)

amined.
A1

relatively high rate
unemployment, total personal

nut

this

declined

and

steadilv

tember had dropped to 74%

Recently, however, the month-tomonth gains have been decreasing
noticeably—in short a
in
the growth of income

The growing margin in
lines of activity between
actual and preferred
operating
ahead of the year-ago period, with rates has thus been acting as a
about seventh-tenths of the gain powerful influence toward a rein
wages and salaries. This has duction in that part of plant and
established a potential for larger equipment outlays devoted to adNever-

theless, disposable personal income
the third quarter was about 6%

capacity.
many

sales.

re(iV

stemmed

ditions to capacity. There is still

The rise in personal income has a substantial portion of business
not
been matched,
however, in capital outlays, however, aimed at

Apr il
off noticeable, and by September
below

the

April

peak,

he third quarter as a whole,

strike depressed
the

second

quar^r^f

third

of the

Most

1959.

have

occurred

from

the

third

stiffer

The

Jnnlfpl r^tffnthpthirH S11?

nn!rtpr

rpppnf

ThP

^^fnfTvnrnh?A^mnl!^atinn
the

nlf
fnr

;

future'

xttu

What

the
surveys of

prospects

Various

attitudes

consumer

ered

about

ahead?

year

for

have

hesitancy among

uncov-

consum-

noticeable deplans for six
months ahead, as contrasted with
such plans earlier in 1960. While
such surveys are still relatively
ers,

well

cline

suits

buying

experimental

and

new

have

date

their

been

re-

fairly

promising, in terms of correctly
foreshadowing a change in conspending

sumer

for

and

autos

household

equipment. While conand spending inare
subject
to
change

attitudes

sumer

tentions

without

ings"

not

are

chase

the latest

notice,

With

rpffard

new

ahead

encouraging,

very

nlan«

"readto

nreliminarv

estimates
a

ifirtual

the

Zl fnv
the

nur_

autos in the six months

?he thi?d C^lrtev^ show
UnuaHon of a^toDDins out"
—ie

eain
case

over

for

con

trend

disaDDearanee

veare,ago

from

the^sharp6sa^whlch

had occurred in such plans during
the second quarter.
As

lavs

component

consumers

GNP

out-

household

reaped peak in the
fourt^auarter of 1959 and have

equipment
since
In

been

this

part

largely

that

materials

declining

nrobablv

trend

stemmpd

nFnmu

and

capacity

Conference on Business
declining trend since their that business activity will break Prospects, sponsored by the University
in February of this year, out of its "plateau" on the down- cf Pittsburgh, Pa., Nov. 4, i960,

Bven more significantly, however,

side, they also recognize that the
expansive forces are such as to
declining level of shipments for keep the downturn snort and mild
eighit consecutive months, starting —perhaps the least severe of the
]ast December.
Consequently, un- postwar adjustments.
fjBed orders had fallen substanMy own view is that recent
tially since the first of the
business data have tended to conThis
situation
first
produced a firm a break-out on the downside
orders

new

siow_d0wn

remained

the

rate

inven-

erS)

foUowed

outright inven-

tory liquidation in July.
September

from

liqui-

£TamifacturersofdugoLs was still going on
the

vol-

for declin-

ffnkage f Pr0fitfT"

1959.

1960

has

evolved,

profits have
failed to develop an upward
trend, and appear to be in a declimng trend since the end of the
first quarter. In many cases expanding sales were not accompanied by equivalent increases in
profits or were even accompanied
by declines. This profit squeeze,
arising in large part from wage
costs that have risen faster than
gains in productivity, has reduced
each flow below earlier estimates
and is apparently causing some
firms to reduce or defer earlier
capital spending plans. It is now
estimated that corporate profits
for the current calendar year may
even fal1 below the level of 1959.
corporate

however,

The

past

outlays

equipment

variations

trends

over

cycle

f
been_tte

Plant

show

and

large

the course of the
More important

for

successive reductions in

P7cr 7-1

Nov. 17-18, 1960 (Chicago, HI.)

at the Drake Hotel.
"

hiring lines.

Nov. 27-Dec. 2, 1960

ious

three

in ,the

American Investment Bankers Association

2 5

while

at Hollywood

^"^^oducf frof" fhe^nefk
honal product from the peak Beach Hotel.
to

amounted

nfak

(Hollywood

Beach> Fla)

twar

8 5C

dlclS; Tn

trouch

the

Dec. 6, 1960 (New York City)
Investment Association of New

howtetlejr^s=£lCntUSenpg: ^1
basis)

substantially from $47 billion

ivt/pctmpvt

7at

IN Mvt.blMt.Nl t LtLD

^^l^

last November.'The rise in adjustments

K tbe second major factor tember remained at about the
*hat ma/lead to a cutback m cap- August level Whether or not the
1
spending. Earlier this year, recent pick_up in new defense orl°T e^fTreas!Fry revenue ders will be enough to halt in^
been based on an ventory liquidation in the manestimate of corporate profits be- affected
ufacturing area not directly
forereaching»
up

V P J INI I k}
iJ■L,
^

which sagged in both August and

E..urin

dus ries, reflecting a pic -up
defe"se °rd£ln,f- In ot,hert

Ij^T T

refer to ==^=====
production, KI
„

In particular,
in industrial

^^ndTepTember lnd"n^he
latfeUrSt^0nth exceeded

Vy J.VA A.1.1 VJ

high-level plateau of
activity that prevailed
early 1960 until past mid-

trends

•,

„

N(t

business

from

yTTAT/^

the

year.

inventory

;

the

below

tory accumulation by manufactur-

margta
produced

has

is gradually throttle the spirit of en-

adjustment

entirely over, wmle the terprise and individual initiative

™ents by such firms have been contractive forces will prevail and seventh Pitt

new orders was centered mainly
price competition and has >n «>e aircraft and electronic in-

S business

3fc£Xo'%g2i

household equipment and furnish-

mint

0scilla-

inventory

f sha/? dip the steel strike, ship- believe that, on netthe pessimists been unparalleled among before the
and subsequent re(6) Finally, while balance, the "TTT address bv Mr. Baiies nations,
bound from

gatworgffoecnegreme

oTexcess

and

increases

offsetting

decltae

quarter

efficiency

greater

toward
toward

quarter was in consumer durables been partly responsible
—especially autos and appliances, ing profit margins.

Unn

inventory

optimists believe that ernment in economic affairs could

ine

the

^sales "dropped TSfecilft^s, S°S -ble

ht^poSun
were

have

1959

—tne things which have made our
country great. If we follow sound
policies conducive to economic
trends in the area of durable- fact occur, will, trigger off at growth, we can even improve on
g00ds manufacturing. Following least some inventory liquidation, our long-run record, which has

(

For

from

tiQns
Jn assessing future pros_ pessimists conclude that falling
pefts for business inventories, it expenditures for business
and
would
be helpful to
examine consumer hard goods, if they in

peak

indicated

spring

the

since

average

In contrast, various studies have
that, on the average,
manufacturing companies would
tapering off prefer to operate at over 90% of
September.

through

highs,

new

paritythatL however";
v

reach

continued

has

income

put

the^onomy'akerdy'menUoned
the economy
already mentionea
and despite

•

basic mistrial Quarter of
^ the fi st ^ 5ar
0

Coiisumei^pending
Goods

Durable

^ies. lnis trena is inaica ea
fxampie> D.y JuV™
F g.

Outlook for

kevindus-

panaritv

PY_

of excess capacity in keyindus

page

will be briefly ex-

factors

above

from

(5)

the cross-currents in the economy

Thursday, November 17, 1960

Outlook for Business Inventories sibilities tend to be minimized by ing, new ideas, and innovation.
As already mentioned, many of the optimists.
Increasing encroachment by gov-

4-1

KllftinPSS WULIOOK

I AXV/
hP

"*■

Continued

•

t-v

fryi

problematical—but the
ciiehtlv

aeainst

0dds s^em
against ll;Based on the above consideraUdtaVion o^a^eakeminff in^hu^"
P

capital outlavs and
consumer

further

nurchases

has ranged between 8% do
a
e.
and 14%. The duration of the de- Dec. 8, 1960 (Kansas City, Mo.)
clines ranged from nine to 13 Kansas City Security Traders Asmonths.
t
■
sociation annual winter dinner at
There is good reason to believe the Phillips Hotel.
that any current decline will not
exceed
in

the

severitv
some

there is

previous
or

adjustments

JnH

duration

rL^L

hPl^vP

thnt

wfqpVlrpb T' !L

wilf

Quarters cannot be ignored, and
therefore constitutes another potential weak spot in the economic

outlook.
Summary and Conclusions

be pointed
half

second

pvpb

1961

Group

(Houston
Investment

mvesimeni

At;XdS .^ouP

June 22-25, 1961 (Canada)

Investment Dealers Association of
Canada annual meeting at Jasper
Park Lodge.
.

Oct. 16-20, 1961 (Palm Springs,
Calif.)
'•
_

National Security Traders Association Annual Convention at the
Palm Springs Riviera Hotel.
T

Sidney otemmetz Upens
s. Sidney Steinmetz is conducting
a securiti-s business from offices
at 663 Fifth Avenue New York

'
U7

Rpnkerf Rrancfi

W* ^enkert branch

Thus, the unfavorable short-term PHILADELPHIA, Pa. - A. W.
business prospects at the moment Benkert & Co, Inc. has opened a
d° not undermine the chances for branch office at 123 South Broad
automatic-H'

^S^fiS John^'^Bea" ^ ma"agement °£
mtt

Lrned

In summarizing the differences 'Now :is .a good time to get our
|hf,
th,e hasfs f
renewed
F ?
^ '
following pomts
d economic
below those of early 1960, and a
an ou1,
5
'
survey
released in September
(1) Both sides are agreed that
A resort to excessive use of
showed a further reduction in the probability of a sustained rise deficit financing and easy-money
Plans lor the fourth quarter, at in consumer outlays on nondu- tools in the months ahead could
a level of spending no higher rabies and services and in state- complicate our problems, rather
than the third Quarter. This re- local government outlays is an than help them. In particular, we
gressed, as evidenced by government survey s. By mid-year,
spending plans had been reduced

Texas

il ?ankf^ Association annual meetmg at the Shamrock Hllton Hotel.

d™P *n consumer purchases of V
LmLSt mHW
^£ .*5 f ?
Y°u^d ,no.t be
»
v
surprising to find total business
Considerable progress has been
inventories in a liquidation phase made in the United States since
for several quarters.
the end of World War II in "tarnThe cessation of inventory- inS the business cycle." In his
building since the first of the year Presidential address to the 1959
has already been a severe de- meeting of the American Ecopressing influence on general nomic Association,
Arthur F.
business. The surprising thing is Burns stated: "If my analysis is
that the economy has held on a ^ufd' n supports the judgment
high level plateau in spite of this. tda£.tnf recessions or depressions
While a good part of the inven- °f fhe future are likely to be aptory adjustment may thus already preciably milder on the average
have occurred, the possibility of fban they were before the 1940 s.
inventory liquidation for several It supports no more than this."
nr

12-13-14

Tex)

pvPnt

reasonable prospect that

business activity
upward again by the

April

Economic Planning Branch
NEWARK, N. J.—Economic Planning ^0-p bas opened a branch
office at 24 Commerce Street
under the 'direction of Aaron
Schneider,
M

investors Programs

A>"ow investors rrograms

important source of strength in must avoid a renewal of inflation- ROCKVILLE CENTRE, N. Y. —
housing starts
and
in part re
tal sPending is topping out.
the year ahead.
ary conditions and expectations, The firm name of Investment Profleeted at least a temporary satl
An additional piece of evidence
(2) Both sides are agreed that ^mh'ead to unstable business grams Company, 75 Marlborough
uration in some appliance lines.
future capital spending by increases are a near-term prospect
^e must take firm Court has been changed to InThe relative weakness in
business is contained in the sur- for residential construction and ?tePs to rectify the large deficits vestors Program Incorporated,
sumer
buying planf fuggeste to vey of caPital appropriations of defense spending. The pessimists "Lu ^™*onal ba ance.
^
^ 0
.
me
that the declining trend al- manufacturing
firms, conducted tend to emphasize the probable
18»
p.os® a threat to
Form Th^ee-D SsCUIlty
ready underway in spending for by the National Industrial Confer- small magnitude of the gains-in the futurei of the dollar
And fi- WJibl HEMPSTEAD i\. Y . —
N
leauy
unaeiway
in
spenaing ior
Board
Bv fhp wnnH
the near future however
nally and most important, we need
HEMirb 1EAlJ,
r
autos
and
household
equipment r":eJa?(Larnfy F?e second quar- xne near luiuxe, nowever.
to benefit from th experience of Three-D Security Corp. has been
will
probably
continue
for
a
( ^ —G p?sslmlsts believe that various C0Untries of Western Eu- formed with offices at 333 Eagle
while-at least into the early part
^dr<£ad?' rL
7 ^ any major increases in Federal
h02e growth rates have ex- Avenue. Officers are Louis Shaof 1961, before beginning a new
Pfa*Jf^tha fourth spending are too conjectural to be ceeded ours in recent yearn To a Piro. President, and Harriet
upward movement.
Quarter of 1959 (after seasonal al- counted on as yet, and even if
.i"+c + ru-ars* 10 a qhnAim
Tvpn-nrpr
upward movement
lowances).
In the past a decline they do occur, they will come too c™s^eF^e?tent' theiF pr°gress Shapiro> Secretary-Tiea.urer.
Outlook for Business Expendm capital appropriations has been late to head off a downturn— 7ionmnm(?n
corporate tax and
.j.. .
0
o
l_
J
itures on Plant and Equipment
followed nine to 12 months later even though such a development
nf poll(^ies which are
With iSrown, oechard
Large variations in business by a decline m capital spending, (could be important in limiting the
id
terhnoW^ni
°UrS
(spec-ai to the financial chronicle)
outlays on plant and equipment
Based on the above considera- depth and duration of a recession b ^ d
Ji aQvances JACKSONVILLE, N. C. — Wilbur
play a key role in the business tiom, I estimate the capital spend- and in speeding a recovery, de- tcanital
T ";"iVs
A
Free ig nGW with Brown,
cycle.
Increases or decreases in ing for 1961 will drop below this «pite
the ominous longer-term
ff
f p
d
tne pay- Bechard & Co > 223 New Bridge
such spending are usually one of year's volume.
While such a de- implications on further increases A thorou£?h ftvprjq,,rlf
Street.

from

the

rfMinin?

rafp

duction signifies to

that capi-

eon

niiar

tolh booms and
hnnLimPH°rtant fact0rs ln Cline might be limited 10 about
both

recessions.

Two
work

major

forces

are

now

that will affect the level of

business

capital

spending

the

gradually «qfandfn<r°rrargin
Is'the^graduaUy expanding margin
is me

!>deTrf g0vernmetnt spending-

system would contribute much

_ .

(4'
P?flmlsts af /on- more to economic growth than With Livingston, Williams
p cerned about the prospects for a «easv rnonev»
\
*mPart a sour tone to business; sag jn plant and equipment spendZ"""' Z T/L r
however, such a decline would ing, and for a further drop in
ove all, in the years ahead, CLEVELAND, Ohio — Holden .
i0%> it would be enough to help
iTYir,OT.+

1957-58.

aa la^ as occurred consumer equipment. These poson cars and
household outlays

^ Ttl^^6
self-reliance, independent

! "n
Building.

think-

Hanna

Tnt

Volume

192

Number 6004

The Commercial and Financial Chronicle

THE MARKET.... AND YOU
BY WALLACE

(1981)

measured. For it is claimed, its determination to
pay only stock
by its champions, the title of dividends, has decided to elimi¬
showing the highest growth rate nate these too, but this has not

ever

STREETE

for all the oil and

Coastal States
fill

Industrials
the

most

the

backed

and

filled

for

rather

election

this week,
consolidating
wild gyrations around

time

Dow-Jones

that

had

given

Industrial

average

only
ing sessions.

an even dozen trad¬

interest

government policy.

the

46-point improvement in the very
short span of time from Oct. 25 to
Nov. 10,

advance, and possible capital gains
appeal if low

The convertible
Pan

American

available

have

with

par

been

yield

of well into the 5% bracket. Those
of

Boeing

1980,

Airplane,

also

have

4V2S

the

been

under

of
par

With time

growing short for the and offering a return of better
usual year-end rallying influence than
4Vfe%. And both the airlines
to take over, this year made a bit and the aircrafts have had their
questionable by what tax selling
is still to be absorbed, and with a
new
Administration not to take

own
protracted bear markets in
the stock market, so that if not at
the
lows, the equities of both

in
Washington for another should be close to it.
months, and with even more

over

two

time

needed

economic
market

unfold

the

full

The

plans, few expected the
get violent either way.

pronounced change
in the
business news, which isn't antici¬

Offensive

was

Utilities Rouse

defensive

utilities-gas section

which is normal in uncertain

mar¬

pated at the moment, could bolster kets.
Approval,
although
by
a
the year-end rally if there is going slim margin, of a gigantic $1%
to be one this year, and individual billion water bond issue in Cali¬
dividend action of
ture

favorable.na¬

could

for the
But

make the going good
specific items involved.

the

industrial

section

gen¬

erally, which had been clipped for
119

points

tween

the Dow-Jones be¬

Jan.

and

Oct.

25, from
685 to 566, had a sufficiently wide
trading area in which to range
without solving the big question of
which way the market is going in
the next few months.

fornia

sparked some attention to
the utilities in that area since the

irrigation

plans

California

utility

new

customers. It is the
public works pro¬
undertaken in one fell

gram ever

swoop

state.

making

Sentiment
the

low

for the

was

near

building
remain

that

inviolate

term. The slide

already

has discounted much of the

busi¬

recession

particularly since it
picture the real fact that
specific
issues and
grouos
had

ness

doesn't

topped out

early

1956, 1957

serving the southern

already in
area of the

Angeles.

good

progress

including

has

Floor?

benefited

the

Los

population

behind. It

importantly
increase

and profit in a decade and is con¬

servatively priced, offering
of

around

which

yield

above

for its group.

average even

have

and

been

disappointment

than

from

business

the

little

than

scene
a

mild

called

recession

add

Paso

facilities

its

Natural

supplier,

when

its principal
new pipeline to

Gas,

adds

add that much

to its service

to here. Much remedial action potential.
has already been taken both on a
Attraction—Over-the-Counter
national scale and internally by
credit

and

themselves, to alleviate
profit squeezes.

Convertibles

Now

The nature of the

tration's

proposals

Adminis¬

continued

also

was

promising

some

Over-the-Counter

and

market

impressive

that

over

.strides

earnings will in¬

four-

for

the

five-fold

have

good record, available
the 50s, but could con¬

well

the

scarcity

last fiscal

Oil Earnings Perk
Some

prime

the

oil

for

hold

that

thought

five

and

years

market value of the smaller

Mr. Higgins
formerly was

the

value
ultimately
that
eventually
increase
the

should
ber

announced.

ance

the

this fall

better

the

have

from

have

profit

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

was

vestment firms

Miller Named

Chase Internat'l
William

time

when

to be nearly

seems

universal.
One

oil

company
as

been

many

that over the
problems as

other is Cities Service which

is marking the half century of its
existence. It began life as one of
the celebrated holding companies

bygone era. In the middle of
corporate life it had to decide

San

California

firm

Miller

joined

Bank~in

the

1929,

Assistant

was

had

west Stock

was

named

member

SEATTLE, Wash.—Colopy, Elliott

appointed an
&
in 1941, was
was

Vicenamed

Miller

has

either

matter

ducer

pates

with

complex

natural

James

are

President; C. Ray Elliott, Secre¬
tary-Treasurer; and William F.
Miller, Vice-President.

Assistant Vice-

President of The Chase

Bank, pre¬
decessor of C. I. I. C., and in 1956
he was promoted to Vice-Presi¬

Form Davis & Leach

dent.
The

Chase

Bank's

name

was

and partici¬

gas

Continental

Oil

The

return

cash

firm's

vestment

Omaha

With Yarnall,

office,

announced.

ALLENTOWN, Pa.

Mr. Nelsen, a veteran of 30 years

setup

company

its

Biddle

Tidewater

Biddle

—

offers a in the investment business, started Building, announce that Charles
payment his career with Halsey, Stuart &
Howard Seiler is now associated

Oil, noted chiefly by John Douglas & Company, Inc.

This is

not

of the Counter

offer to sell

The

their

firm

representative.

solicitation of

offer

buy these securities.

offering is made only by the offering circular.

New Issue

60,000 Shares

SPIER

ELECTRONICS, INC.

engaged in the business of manufacturing, leasing and selling elec¬
tronic animation equipment used in flashing neon signs and "Steri-Dri" electronic towel.
It also manufactures industrial controls utilizing its patented cold cathode triode tube.
.

■

(10(f Par Value)

175,000 Shares
Price $5.00 Per

CRYOGENICS, INC.

Copies of the Offering Circular
securities may

may

be obtained (only in such

REQUEST FOR OFFERING CIRCULAR

CO., INC.

15 William Street
I

New York 5, New York
Please send

Offering Circular

Spier Electronics, Inc.
(Name)

JOHN R. MAHER

ASSOCIATES

states

where the

be legally offered) from the underwriter, D'AMICO & CO., INC.

Common Stock
D'AMICO

Y a r n a 11,

Commonwealth

Co.,

Common Stock

Price $2.00 per

business.
Colopy,

trolley and
its oil opera¬

petrochemical

Louisiana.

of record.

/<•'

formed

its

been

to engage in a securities

Officers

In 1954

Inc.

with offices at 2366 Eastlake Ave.

joined the Omaha staff of
and expected to improve the
President
and
Treasurer.
Mr.
Podesta
&
Co.
as
earnings again this year after hav¬ Cruttenden,
Leach was formerly with Hodgdon
ing carved out a record high in manager of the investment depart¬ & Co. Inc.
ment, Robert L. Soener, resident
crude oil production last year.
Cities Service is a large pro¬ manager of the coast-to-coast in¬

of these shares having been sold, this notice appears
as a

American

the

Exchange.

The Company is

only

Pacific

Colopy, Elliott Opens

National

Vice-President in 1955.

the

Exchange, the Mid¬
Exchange and is an as¬

been

Assistant

1948 and

member

Stock

sociate

I. C.

Chase

Treasurer

President in
a

formerly

Vice-President of C.
He

Coast

year

and impotently
the
industrial
average goes into a flip. The com¬
one

has

WASHINGTON, D. C. — Davis &
changed to Chase International Leach, Inc. has been formed with
utility activities, or
Investment Corporation in 1957.
offices in the Washington Build¬
tions and chose the latter.
ing to conduct a securities busi¬
The company has been showing
With Cruttenden, Podesta ness. Officers are Harry J. Davis,
its profit prowess recently, jump¬
Jr., Chairman of the Board and
ing earnings more than 10% last OMAHA, Neb.—Richard A. NelSecretary, and Charles A. Leach,
sen has
abandon

intrigue the market analysts. To
market's
utilities, Coastal States
some,
the concentration on low
Gas Producing Co.
interest rates promises that the
In business for only five years,
high yields running from 4 to 5%
Coastal by starting from scratch
on convertbile bonds are the best
bet for income, a hedge against a has piled up some astounding re¬
strong stock market resuming its sults in the form of growth how¬

All

Company

as
directly
depressed
when

bination here is

in¬

Francisco.

and has 33 offices serving investors
in California and Nevada.
The

ap¬

Stock

promoted

had

has

Corporation,
the
wholly-owned
foreign investment financing sub¬
been
sidiary of The Chase Manhattan
Mr.

earnings

profit-pinch

Miller

Executive Vice-President

pointed

its problems and show well-main¬

tained

First

the

solve

its headquarters in San Francisco

industry in general
to

several

Mr. Higgins entered the securities
business in San Francisco in 1937.

Bank.

able

associated

with

Frank L. Higgins

leading

reading

been

Invest¬

Inc.
of
Chicago.
Be¬
fore going to
Chicago
he
ors,

not

cide

eral
of

g e r

Insur¬

num¬

outstanding.

[The views expressed in this article
do

gen

m a na

Life

of Chase International Investment

results

companies

making

any

forecasts

showing the $1.52 profit
year up to $3.76
by the 1962 fiscal year and above
$7 by fiscal 1964.
of the

years

will

elect

promised

re¬

work out

who
are

the

lately in
tinue

the time ele¬

Coastal

Those

common

there

predictions to work
of

the

which, in the last four years, was Co. * Inc. More recently, he was
the larded with a 2% stock dividend.
associated with the Omaha firm of with

which

element it seemed to be the

dividends

seem

attention

situations

First California

any
great
degree, because for the speculative

isn't

Intriguing

new

There

the

far. Management's official

from

flected

good

businesses

out.

business depression. Analysts

any

total

10-fold,

doesn't

the

crease

give the com¬
chance to show an

downdrift since. These, such as

from

jumped
increased

some

growth

estimate

its

has

despite
made

major
It

25-times,

on.

Some predictions
pany

the

flow

17-fold,

reserves

The

from

already

able to double gross

was

increase
of
a
nearly 100,000 cus¬
Pacific
the tomers this year alone.
oils, should have little new selling Lighting basically is a distributor
of natural gas, the fastest growing
to absorb.
item in the utility lineup, and it
Issues
down
50
to 60%
from
not only is bolstering its facilities
their peaks aren't hard
to find
with initial supplies from Transand, as the Street was saying, the
market decline stemmed far more western Pipeline but also expects
1958

and

cash

nine-fold,

seems

Pacific Lighting is one company

state,
Recent Low

gas

lated into population increases and
most ambitious

Higgins Joins

ferred.

gas

companies.

its

revenues

in time, be trans¬

can,

stock

nearly

finished

transmission

southern

for

the

tripled pershare income since its
first full year despite heavy dilu¬
tion of the stock, boosted its assets

the

that could cut down

the

harmed

long- SAN FRANCISCO, Calif.—Frank
awaited st^rt of the integration oi L.
Higgins has joined the re¬
all the Getty Oil interests that in¬ search and
analytical staff of First
clude Mission Corp., Mission De¬ California
Company, 300 Montvelopment, Skelly and Getty Oil.
g o m e r y
For holders looking for
income,
Street, the
Tidewater offered a partial ex¬
statewide
in¬
change offer of a new $1.20 pre¬
vestment firm

ment

interest in

some

established to

was

void by collecting the output
from
small wells and
supplying

the next four years without regard
for some potential developments

Interest

There

companies.

gas

boosted

47/8s of 1979 of

Air

below

(Address)

(City and State)

registered

The Commercial and Financial

(1982)

Senate (Va.—D.)

increased

The
tion

ihe

One

"not"

business

him that

convinces

scene

Federal

restrain

our

current economic situation.

to
It

better policy now is to
maintain present tax rates.

has been characterized by some as
a

recession, by others as a leveling

off,

Auto

level
and

plateau,

Treasury

gone

much smaller amount than
preceding two quarters.

the

The decline in business inventory

under¬

investment, however, was greater
than the rise in final purchases,

economic

adjust

governr

al¬

have

ready

by business,

ment, and consumers increased in
the third quarter of this year, but

has stated that
we

was

Purchases

The

m e n

Thursday, November 17, 1960

aircraft and

in the

mainly

level of sales.

Total

construction

activity

....

was

levels through
October
as
rising private non¬
residential building and govern¬
ment construction offset the

maintained at high

decline

building.
showed

gross

national

which will

clined slightly from

provide the

private

residential

Private housing starts
unusually large drop in

of $505 billion in the

later

For

ments.

I believe we
work for restraint
upon
Federal expenditures and
maintain present tax rates.
gold and dollar transfers were
In
the
Presidential
running at
an
anuual rate of
campaign
nearly $3 billion in the summer, which has just concluded, I was
and more recent figures indicate encouraged that both' candidates
that for the third
quarter the expressed their support of a bal¬
deficit may have risen to an an¬ anced budget, except in times of
nual rate of about $4 billion.
serious recession, a flexible mone¬
considerably

investment,

tary expenses, private

think

easy

more,

should plan and

government loans and grants, and
other
expenditures 'abroad.
Net

over-em¬

tary policy, and the independence
of the
Federal Reserve System.
Of

there

course,

the

plemented. Nevertheless, there is
general agreement upon the basic
The Federal Reserve has stated
principles which are so important
that "the gold stock of the United to our economic growth and sta¬
States is big enough to absorb the
bility.
•
•,//
impact of large swings in current
Both candidates also agreed upon
arid''.'capital transactions, so long the
importance of improving our
as
underlying forces continue to
balance of payments position, and
work in the direction of an ad¬
in their opposition to devaluation
justment.
These forces include of the dollar as a means of halt¬
(rising international liquidity, con¬
ing the goldJ OMtflow.
tinuing reductions of foreign bar¬
The Federal Government can¬
riers to U. S. goods, continuing
efforts
of U. S. businessmen to not, in my opinion, undertake the
improve the competitive position job of guaranteeing a continuous
and
unremitting : climb
in
the
of their products in domestic and
foreign markets, and continuing economy. At least until the sci¬
r *

Gold Situation

its employ¬
V
;

deterioration

situation."

ment

international

Our

position

quite properly a strong factor in
The dis¬

favor of fiscal restraint.

balance of payments
is a reminder that, internationally
as
well as internally, we must

cipline of

meet

tem

our

competition

place.

■—

sav¬

ings banks' bank, serving them and their agencies exclusively
depositary, correspondent, investment consultant and trus¬

also

tee;

of interest

matters

research body and clearing house for information

as a

the Savings Banks Association and its

the market¬

believe

the

our

sys¬

efficiency

and

enterprise,- we
should meet this challenge confidently.
strength1

New York State, Savings Banks Trust Company is the

becomes much

economics

ence

reliable,

must accept the

free

national

Govern¬

rate

our

growth.

Federal

declines

the

guarantor of

ment becomes a

evitable result.
address

*An

PERRIN

••

Jamaica

BABCOCK

Chairman

President,
of

Onondaga County

CARSON

RALPH

JOHN

President,

President,
THOMAS

President,
WALTER J.

President,
JAMES

Savings

GLEASON

I have recited these

facts

think

that

background

detail

some

The Green Point Savings Bank

WILLARD

ADAM

Savings Bank

Ridgewood

Savings

because

substance

they still

the

Roosevelt Savings Bank

the City of New

EARL

York

SCHWULST

President
The

and

Bowery

Chairman

Savings Bank

WILLIAM

Offering of 625,000 shares of Stop
&

Shop,

made

Cohoes

Brooklyn

CHARLES

KAISER

Savings

action

developments and the
the

Trustee

The Williamsburgh

Savings

Bank

BANKS

14 WALL

Middletown

TRUST

Savings

Bank

COMPANY

STREET, NEW YORK, N. Y.

banking

headed by Lehman Brothers
and Merrill Lynch, Pierce, Fenner
& Smith Inc. The shares are priced

;

$31.25 each.

the public at

of the

All

are

for

being offered

being sold
stock¬

outstanding and

are

the

selling

account

holders. No proceeds from
will apcrue

Stop

money

and

re¬

credit

New

Shop is

the sale

to the company.

supermarket

Southern

118 stores in

England, including 47 in the
its

area.

fiscal

latest

year

ended July 2, 1960 the com¬

reported retail sales of $239
and net earnings of $4.1
In the five fiscal years

pany

million

million.

signs of

judge them
recession, the ex¬

of the Federal Reserve, as
know, have resulted in pro¬
viding banks with more reserves

after

you

than needed to meet the economy's
seasonal bank credit and currency

requirements for several months.
this

the Budget
surplus
of
over
$4 billion for the current
fiscal year. The estimate has now
been reduced, and it seems quite
clear that, because of a sharp drop
in anticipated income, primarily

Bureau

due

year

predicted

to lower tax collections

Federal

Government's

all

Under

these

much

conditions,

per

690, 750, 890, $1.24 and

* '■

tions..

stock

other

and

In the first 12 weeks of the
year

Sales

in the latest

$57.0

12 weeks were

million

compared
year earlier.

To Hear
Miss

Lillian

Assistant
Board

Green,

the

Chairman of the

President

and

Steel

Executive
of

Granite

City Steel Co., will speak on
Outlook
Nov,

for
10

the
at

rities

Form

Sentinel Securities

ASTORIA, N. Y.—Sentinel Secu¬

Corporation has
at 31-87
Street to engage in a
business.
Albert W.

Planning

been formed with offices

of action.-

Grigg, III is

During the last

reces¬

York,

at the Bankers Club.

The recession,
if it is one, has not progressed to
a
degree requiring such a course

by tax reductions.

"The

Industry
luncheon of the
Steel

greatly increased expenditures

too

$47.4

Women's Bond Club

Women's Bond Club of New

1961

earnings
were
370
compared to 300 in the comparable
period of the previous fiscal year.

fiscal

I
early yet
to demand active Federal partici¬
pation to promote business expan¬
sion, particularly to make plans
for incurring budget deficits, by
believe

share
$1.64

stock divi¬
distribu¬

for

adjustment

dends

from

corporations, the budget will be
narrowly balanced with a surplus
of about $1 billion at best.

earnings

its

1956-60,
were

SWAYZE

group

markets to them, it is obvious that

Delimits

and Treasurer

stock was

common

Nov.

at these

Bank

Inc.

Boston

SCOTT

Executive Vice-President

Board

SAVINGS

JR.

Stop & Shop, Inc.

chain with

Role

The Dime Savings Bank of
A.

Savings Bank

Bank

JOHNSON
of

SCHNEIDER,

President,

HESS

President, Savings Banks Trust Company

President,

PLACE

Excelsior

HAWKS

Rochester

AUGUST IHLEFELD

JOSEPH

Savings Bank

Harlem

President,

Savings Bank

PIERCE

President,

HUGHES, JR.
President, The Savings Bank of Utica

Chairman

Bank

GEORGE

JR.

Common Offered

present a rather mixed and un¬
certain picture.
When one looks

Earlier

President, East River

Bank
.

NODYNE

EDWARD J.

Eastchester

.♦

MILLS

GEORGE

EDWARDS

CHARLES

MACFARLANE,

President, Yonkers Savings

President, Long Island City
Savings Bank

President, Buffalo Savings Bank

The Community Savings Bank

CONWAY

President, Dry Dock Savings Bank
KILGORE

Rochester

JAMES

•

LYON

WILLIAM A.

the Board,

Savings Bank
CHARLES W.

LEWIS

President, Fulton Savings Bank

•,

cies

RAMON

Savings Bank

to
of the Sav¬

Banks Association of the State of
New Ycrk, White Sulohur Springs, West
Virginia, Nov. 10, 1960.

be determined. The monetary poli¬

Directors
ADIKES

Annual, Convention

67th

the

Senato/'Rtibertscn

ings

tent and duration of which cannot

President.

per¬

petual and ever-increasing pros¬
perity,
without dips,
slides or
plateaus, inflation must be the in¬

to be

JCflN

occasional

fact that there must be

most economic experts

members.

differences

are

and disagreements as to
timing and conditions under
which these policies might be im¬

in degree,

—

Organized and ivholly owned hy the Mutual Savings Banks of

inflationary develop¬
the present at least,
unless business conditions decline

led

payments deficit, because
of the outflow of dollars for mili¬

product de¬
record rate September, and for the third quar¬
second quar¬ ter as a whole they averaged 10%
Sen. A. W. Robertson
base for a long
ter to
$503 billion in the third below the first half.
period of sus¬
quarter.
Consumer demands for
Encouraged by Exports Rise
tainable, non-inflationary growth. goods and houses slackened, and
I have often thought that our the
One
of
the
encouraging eco¬
expansion in business fixed
avoidance
of
inflation
in
the
national predilection for slogans
nomic signs
has been the rapid United States."
capital outlays tapered off.
and for the quick label for times,
expansion of our exports since the
Industrial
production declined
Our favorable trade balance, as
people, places and events is a lia¬ in
middle of
1959, in response to
September. Small declines were
opposed to our unfavorable pay¬
bility, which dulls our sense of
fairly widespread in both durable strong demands from abroad.
ments balance, demonstrates again
perception and tends to lead us
and
non-durable
goods
sectors
Exports rose from a low of about the viability and strength of our
into actions based more upon slo¬
leading to a further reduction in $15.5 billion early last year to a productive machine and its basic
gans and
labels than upon the the
length of the work week. To¬ seasonally adjusted annual rate of
ability to compete in the world's
facts as they actually exist.
tal
employment in non-agricul¬ $20 billion last summer. Imports, markets—in design and
price.,,:/
It
was
decided,1, for example, tural establishments decreased by on the other hand, declined fd an
Nevertheless, as Dr. Per Jacobseven before we entered upon this
about 150,000 between July and annual rate of about $15 billion
son, Director of the International
decade of the 1960s, that it was
summer,
somewhat
lower
September, although the Septem¬ last
"Any
bound to be the "Soaring Sixties." ber level was still 850,000 higher than in the latter part ,of 1959. Monetary Fund, has said:
country which today permits the
A portion of our disappointment, than a
Our
export
surplus,
therefore,
year earlier. ^Unemploy¬
price level to go on rising will
so
far, is therefore based, not so ment increased to 5.7% of the reached the annual rate of $5 bil¬
be exposed to balance of payments
much upon current conditions or labor
force
in
greater than at any time
September.
Al¬ lion
difficulties, and also before long,
predictable events, which by any though total personal income in since the days of the Marshall as its competitive power declines,
and

of $12.4 billion in
1959 which, in turn,

the fiscal year

machinery

July, and for the first time in nine
months were somewhat above the

led

Government

budget deficit

ance

excessive response by the

sion, an
Federal

industries. phasize our concern over the gold
outflow, and I do not wish any¬
In August
and September,. such
thing I might say to be interpreted
orders rose by about one-fourth.
as
indicating alarm.
In September total new orders for
durable
goods
were
6%
above
Cites Federal Reserve on the

boom

the

somewhat,

sharp

electrical

opinion, that we

that

clear.

was
maintained at
A source of strength
step-up in the
of defense orders since mid¬

year,

such false standards.

obvious

rose

yet

output

been

rate

predicted last year for
this fall has failed to materialize.

Secretary of
the

any

which

high

so on.

in my

portant,

tainty,
as
a
period of sta¬
a

but

bad,

not

the fact that we have so far
failed to "soar."
It is very im¬
upon

upon

riod of uncer¬

bility,

are

production

not

high levels.

should not decide our future course

pe¬

standard

other

dropped back again in the first
week of November, when it was
scheduled at 51.7%
of capacity.

has

I do not care to attach a label

may

but

our

and to

expenditures

they

October.

month

last

that

of industrial produc¬

course

Steel

and banking advises that

money

Federal contra-cyclical action "unless
conditions decline considerably more." His review of the
demand stepped-up

economic

experts

Senate's

evidence

some

have

September was maintained at rec¬ Plan, except during the Suez crisis
ord levels, wage and
salary in¬ of 1956-'57.
come
decreased slightly.
However, in spite of our trade
Retail sales declined in the third surplus, there was no correspond¬
quarter of the year although there ing reduction in our over-all bal¬

Today's Economic Trends
And Government's Role
By Hon. A. Willis Robertson,* United States

Chronicle

Steinway
securities

Principal.

Volume

192

Number 6004

The Commercial and Financial Chronicle

New York Savings Banks'
Answer to Its Critics

competition for savings which merely lures savings from one institu¬
tion to another, which induces people to live beyond their means,
banks

are

much

Further, Mr. Gleason insists
of

part

America

freedom

this

Now

under

correct

one

and

is made to

recent

which states

New

State

York

the

latter-

increases
soon

between

individuals, and

discriminated

been

are

over,

ing

against.

residential,

institutional

—

the

in
the

in bonds and stocks.

cam-

paigning

state believe

three

last

Together in
strength, in
high moral
common

ity, the United
States turns to
future.

are con¬

fident that

there

million

16%

are

they

our

are grave.

Presi¬

new

other

Today's Changed Conditions

Charles W. Gleason

dent, and the
success¬

For

ful candidates will remember

they

that

the duly elected repre¬

are

alT'fh&']de6pIe'.,hlv

sentatives of

many

thrift

field

not

were

years

had

interested

the

Others

ourselves.

it.

Now

is vastly different.
We are equally certain that the 'Now
the
competition
for
the
new
leadership will put aside saver's dollar is
intense,
and
partisan politics in full realization immense.
that its prime duty and obligation
Commercial banks, savings and
is to make certain this great na¬ loan
associations, credit unions,
the

remains strong but

tion not only

physically, eco¬
nomically and spiritually.
stronger

grows

—

Recent events within the

United

indeed, throughout the
world—serve notice that there is
Nations

—

room

for

among

complacency,

ness,

the free nations
waste, selfish¬

to grow and
Americans are to
meet the challenge of an alien
philosophy committed to our de¬
struction, then we must put into
practice the precepts we preach
and cherish, and for the mainte¬
nance of which many of our citi-^
If

the

made

have

zens

supreme

this

idealism

if you will.

But ideals are what
America great and made

(And it is.)
made

America strong.

the-nation —and

for the

good—this industry must

national

and prosper.
Therefore, I call on the mem¬
bers of the New York Savings
Bank Association to join ranks
and
in
unified
spirit face our
grow

future—our

problems—with vigor

and courage.

...

Savings banking had its origin
in the ideal of

encouraging people

self-reliant through
thrift. This has been the prime
function of our savings banks for
become

almost

remains

and a half. It

century

our

prime function.

Savings Are The Key

to Growth

savings of our
sound, noninflationary economic growth.
Only from the people's savings
can the social, industrial and gov¬
ernmental needs of our people be
safely met. Thus it follows that
true savings are the master key
Only out of the

people

come

can

sound
Our

growth.

record

contributing to

growth of our state
nation is a proud one.

the

and our

wage

stock market,
unremitting

and, at times, ruthless, battle for
the saver's favor and his dollar.
At the

same

increased

print,

time, pitchmen for

consumer

credit

screen

(2)

chant the siren song

tomorrow."
They spend vast sums on adver¬
tising and on promotional cam¬
paigns. They are exceedingly ag¬
gressive in their public relations

borrower,
and

year

some

saving

Our

builds

homes

finances government and in¬

dustry.
On

other

saving by
spending for consumption con¬
sumes capital
instead of creating
it. This is not to say that con¬
sumption is not important—it is
more than important, it is abso¬
lutely basic in our economy. But,
hand,

bank

savings

capital

are

funda¬

Both

the

for

capital

(3)
crease

Our

saving

does

not

in¬

the money supply.

loans

commercial

dictate

not
a

plain

common-sense

rational balance between

and

saving?

People

savings banks, helping to

our

finance hundreds of thousands of
homes,
Mutual

savings

banking

counts.

people plunging into debt
for things and services they don't
really need, and often really don't

want—this, with the careless use
of
charge accounts and credit
cards handed out

indiscriminately,

will surely lead to inflation, eco¬

Let

the

say

and

personal

;

should not and must
not be used to create money, and
thus
bring
increased inflation.
And further, savings should not
used

and

our

other

instrument to

de¬

happen,
national economy is in

savings.
—

Let

to turn to an¬
remarkable
statement
by

same

manufacture
In the

enter

commercial banker. He

describes savings banks as, and I

deposits.

fashion,

free

market

have to

secure

mortgages,

our

our
bonds and
investments. We are given

monopoly

markets. As
for

our

same

the

position in those
result, competition

earning assets

our

can

be very-

savage, indeed. Moreover, we can¬
not pay for our earning assets

with book entries.
Just

because

minded
initial

capital,
us

leaders

philanthropic-

contributed

hardly j ustifies reading
private capital sys¬

out of the

tem.

Whoever

contributes

Continued

quote.

page 22

fair competition is a
of the American way
of life. It is the spur to the crea¬
tion
of
better
products
and

banks

eminence
We are a

have

achieved pre¬

in the field of thrift.
major factor in provid¬

and

favor

commend

any

competition that directs itself to
inducing more people to save and
more
people to save more.
But

denounce efforts to lure

other- institutions,
importantly, we con¬
demn efforts to induce people to
live beyond their means.

savings
and

from

Such actions

are

neither in the

public interest, nor in the interest
of a single individual.
t
.
r.
We
are
today
witnessing
a
strange and disturbing develop¬
ment

the American

scene.

MAIN

Our

are

BAY

The

KINGS

that

currently

the
BROOKLYN, NEW YORK

word saving is used altogether too

loosely.

be inevitable that there
be different concepts of
saving. But these concepts should
not be confused with true saving,
as exemplified by deposits in sav¬
ings banks.
It may

should

Decries Misleading Usage
-

of The

Word Savings

An 'example

of the misleading
saving, is the all
too frequent claim of recent years

use

that

of the word
consumer

HIGHWAY OFFICE:

Kings Highway and McDonald Avenue

7
fact

RIDGE OFFICE:

Bay Ridge Parkway and 13th Avenue

plunge themselves into debt. On
all sides, people are being ex¬
horted
to
"buy now and pay
later."

OFFICE:

Pierrepont and Clinton Streets

being induced to spend
before they save. Worse yet —
young people—even teen-agersare
being artfully persuaded to
people

credit, to quote

MEMBER

FEDERAL

DEPOSIT

INSURANCE CORPORATION

the

capital is certainly entitled to the

part

our

capital and our depositors
possible
our
subsequent

make

with us, the whole free world.

this

deposits in the free market for
savings. We iare not allowed to

this

dire trouble. And along

Now, permit

have been given no monopoly by
the state. We have to fight for

other

this—the savings, of

people

stroy

and

Free

can society to better accomplish
particular purposes. In fact, our
mutual sayings banks fit squarely
into
the
American xompetitive,
profit and loss economy. The es¬
sence of the American system is
competition and a free market.
We
certainly qualify
on
bpth

efforts.
vital

"outside the private capital
system"
than
a
university,
a

know what it would be called. We

But

though not always) increases the
money supply and thus contrib¬
utes to inflationary pressures.
(4) Our saving fights the infla¬

the private savings of more than
eleven million people are at work

fact, the basis of their c6m*
course must often borrow for the
plaining is that they cannot meet
our
competition, so we must be
good things of life— the things
that count—the things that are •competitive. And, if we don't op¬
essential
such
as
homes
and erate in a free market, I don't
spending

trouble

enterprise them¬

Apparently he forgets that

charitable foundation, or any of
the many other non-profit organi¬
zations established by our Ameri¬

if invidious compajribe
no question — academic, govern¬
mental, or practical — but that
capital formation is
the more
basic to our society under all cir¬
cumstances, particularly the pres¬
ent ones where inflation, although
quiescent for the moment, is an
ever-present threat.
But,

must be made, there can

by credit secured by
non-bank lending agencies from
commercial I banks, generally (al¬
banks,

freedom and

other.

sons

The kind of saving financed by

sav¬

part of
the American free enterprise sys¬
tem, as much a part of America,
a

and without production
you,
obviously cannot have
consumption.

that the

much

are as

It ill behooves either to
deprecate the true function of the

pro¬

duction,

ings banks

economy.

saying is even more basic, because nomic disruption
without true saving you cannot
unhappiness]
accumulate

Free Enterprise
Has he forgotten

selves.

education.

the

consumer

the air and on the tele¬

vision

We have an unequalled record
of stability and safety. Our sav¬

ings

funds, the

others

each

methods of borrowing, far more.
and

the

Does

Holds Savings Banks Are Part of

The other kind of "saving" costs

What kind of talk is that?

increase

mental importance in our modern

in all but four of our

banks).

Xll/z%

formation.

(1) Our saving yields an unfail¬

user,

however, not in the socialist sys¬
tem, Just somewhere in between."

services.

sacrifice.
Call

mutual

of "buy today and pay

or disunity.
this nation is

prosper,

picture

and

what are the facts on
these two diametrically opppsed
concepts of saving?

the

The basic way of life of the
commercial bank is debt creation.
In contrast, the basic way of life

shall all suffer.

year,

Contrasts Commercial, With
Savings Banks

Well,

each

capital

results

supply of goods and serv¬
ices, which not only fights infla¬
tion,
but
also
increases
our
standard of living.

ing return (presently, 3% to 3%%

residents, had 11,402,000 depositor
accounts, totaling $20,717,566,000.
But
today we operate in a
changed, and constantly changing
atmosphere. Today, our problems
are many. They are complex. And

un-

the

which

spending
spending.

consumer

stand outside the pri¬
system." Then
he

capital

in the

ing claims of the virtues of the
"good life on the instalment plan,"

service

vital

and

sary

people of our
provide a neces¬

is clear.
For as of Jan. 1, 1960, the 127
savings banks of New York State,

months.

purpose,

the

that

Proof

coun¬

whole. On the other
hand, if the decision is made
solely on the basis of the advertis¬
try,

commercial and
the nation once again closes ranks.
mortgage financing,
and in supporting Federal, State
We
Americans
put aside any
differences, any bitterness that may and municipal government and
have
evolved
industry through our investment
that the elections

Now

best for the

reduces

adds (so charitably) that we, "are

services. In contrast, our true sav¬

difference

which will be

Rapkin sponsored by the Association
has not

"saving"
spending and reduces
supply of goods and

This

(They)
vate

market

and

world

best for them

University of Pennsylvania Wharton busi¬

school study by Professor

kind

the

ence

other,

technically

cision—the decision which will be

enterprise themselves. In defending mortgage lending policies, referness

The

ing

modern

increases

may

"saving" and the true saving
represented by the accumulation
of deposits in savings banks.
This difference is so great and
the
social consequences
so
farreaching that we have a clear re¬
sponsibility to keep the truth
constantly'before the public. With
an
understanding of all of the
facts, the American people can be
counted on to make the right de¬

banks industry deplores attacks by commercial banks and
suggests
exactly what tfoey can do in order to meet savings banks' interest
rate competition on savings deposits. Moreover, he decries increased

savings

living purposes."

such

and spokesman for the savings

and which misuses the term savings,

tionary
bias
of
our
"political" economy.

Brooklyn, N. Y.

head

leading commercial banker, "of¬
a great means of saving, for
the accumulation of capital for

fers

day concepts of saving, but there

By Charles W. Gleason,* President, The Savings Banks Association
of New York, and President, The Green Point Savings Bank,

Manufacturer, savings bank

(1933)

Business Outlook Variables

dition.

By Dr. Courtney C. Brown,* Dean, Graduate School of Business
Columbia University, New York City.
Brown

uncovers

essential strengths in

benefit of

stimulus

which

Federal deficits. Ready to trigger
confidence, he points out, could be the Christmas buying

business

Outlined

with excess liquidity.

satisfaction

marily
in

and its underlying, improving posture.

slowed economic pace

labor

that

studied

tional brake

for
in¬

frequently about the outlook

enough

frequently

business;

know

deed

that

business

best

not

proclaimed

facts.

sci¬

known

prog-

old-time

Courtney C

Brown

effectively as the newer
mathematical analyses of quanti¬
fiable variables. A more respect¬
as

There

dean

who has

that

shifted from a
a $1.1 billion

budget

$12.4 billion deficit to

A number of important
are associated with

surplus.

get his work done, but I assure

consequences

that the recent years have
given me far less opportunity to
follow closely the trends of busi¬
you

this dramatic shift.
No

Gov¬
purchasing
than it is

longer is the Federal

ernment

than I had in earlier business

ness

inflationary

and fears of short¬
single year's time the

Federal

faculty

expectations

ages." In

cliche

old

stimulous

gerous

"squint-eye"

the

man

Robert

functioning without the dan¬

now

is perspective.

method

for

term

able

must rest

Anderson,
pointed
to a fundamental shift
when
last September
he noted
that
"the
domestic
economy
is

track foremen

quite

Deficit

the identification of these ma¬

Treasury,

methods of

the

loudly last January.

transitional
shifts
and
an
appraisal of their intensity and
their duration. Secretary of the

eye"

putting more
circulation

assignments. Despite these qalify-

power

ing remarks, the request for my
views has compelled me to mar-

taking out of circulation. With
adequate production capacity in
most fields, this means that prices
in general have been less buoyant
or
have even tended to sag. On
balance,
wholesale^
prices
are
about the same as last year and
consumer prices are up only 1%%

shall

them

thoughts and arrange
orderly pattern. The
result has been the emergence of

what

ing,

may

even

be somewhat interest¬
though necessarily ten¬

conclusions.

tative

Let

the

and

outset

fully the

then

relative

and rising labor costs to

characteristic

chief

rise

some

to the well-known

contribute

profits

squeeze.

free and flexible economy

Net profits of manufacturing con¬

cerns

always

shifting

always

from

one

six

another.

This

work

with

that

the

pattern

money

shifts

These
Federal

are

at others.

these

pronounced
a

and

the

rates

fiscal

evident in the demand for services

coun¬

and soft goods

Shift

Business

shift

Another
tember
the

Inventories

last

noted

been

services

annual

rate

The

quarter. This decrease in the

but

basic

the

continued

national

rise

product

quarter

and

Decline

Marginal

have

the

levels

accumulation

and

dur¬

suspect the expansion and

traction

hands

ceed

usable
of

that

of business

because

the

con¬

inventories

consumers

may

total

can

the

hands

rate

above

inven¬

consumers

1960

$403.0
$21.5

was

billion

first

The

than

situation

raw

has

materials.

now

changed.
Japan par¬
ticularly are in a position to com¬
pete with volume shipments of
Western

Europe

manufactured

and

products

lower

unit costs. It is paradoxical in this
situation that exports from North

America to Western Europe in the
first half of the year were 40%
last year's first
half, but
represents a restocking that
does not promise to last.

above

this

Our

position in world

trade in

from

ferent

will

that

strong

if
If they

competitive.

are

the

only

1950s.
our

believe

shall

are,

I do

too

con¬

about gold losses or about
speculative manipulation of

gold prices in London for Zurich
or

Johannesburg accounts.
Contemplation

variables

the

has convinced

these several

business

outlook

that the general

situation may be much better than
it has appeared from surface indi¬
cations.
and

The

budget

prices

stable.

balanced

comparatively
are greater than

are

Incomes

consumption, which in turn is
grqate^r than production. Shifts in
the

patterns of demand have been

recognized

just

12%

the

below

attained

above
in

1959

1960

levels

record

1957.

$37

the

economists
are
anxious eye at the level
some

profits

and revising

there

has
are

never

been

those who
re¬

available

mod¬

erate costs.

While the rate of

cumulation

business has

the result of large

research and development outlays

acquired
products

large inventory of new
of
cost-reducing

and

methods that have
duced.

The

yet to be intro¬
is happily

economy

unencumbered

by speculative ex¬
flimsy credit struc¬
would take very little

built

cesses

tures.

setting, it seems to me, to
a
restoration of robust

this

trigger

confidence. It could be the Christ¬

buying season, it could be
simply the progressive need for
replacement, or it could be a
growing dissatisfaction with ex¬
cessive liquidity.

mas

Perhaps the best way to put the
implication of all this is to say

that, despite the discouraging na¬
ture of some recent reports, if I
were a pessimist I would be very
uneasy about my position.
It is
to be hoped that what appears to
volume involved.
be the essential strength of the
Dollar-Gap Shift
present situation is not disturbed
Another
major
shift
in
the by alarm leading to the artificial
economy, ' hot
unassociated with respiration of deliberate Federal
our
production costs, is the dis¬ deficits. A healthy recovery from

nine

of the

non-durables

ices

$500,000, while the
of spending on serv¬
$2.0 billion.
Where did

rate

rose

the unspent money go?
the proverbial sock,

Mostly in
figuratively
speaking. Net savings at savings
institutions during the JanuarySeptember period were up 9%
over

the

year

last

been

earlier

couple

running

and

better

CORPORATION
REAL ESTATE INVESTMENTS

during

months
than

have
25%

ahead.
This
and

that

running
and

consumer's

LOUIS J. GLICKMAN, Chairman

business

looked

gest

behavior

inventories, when
together, strongly sug¬

total

income

above total

total

has

been

consumption
consumption has been

ac¬

"pipe-line" inven¬
tories by business has diminished,

billion

the comparable rate

costs

ply of capital equipment has bare¬
ly held its own in recent years
despite the relatively high dollar

soared

the

pluses other

preceding year. Retail sales were
only slightly improved and not at
all in the big-ticket items. Spend¬
ing on durables fell last summer
at a $2.0 billion rate, and that on
annual

The
in

competition,
for
other
countries had few exportable sur¬

placement costs, the nation's sup¬

income

heights.

The $36.4 bil¬

along with that of
during the * past r year!
has

new

maintain that in terms of real

doubt that the

enor¬

volume

accumulation

together

outlays

equipment

greater and

mous.

reduction

accumulation

for cost reduction

in
ex¬

itself, sim¬

expenditures

in
the

their ex¬
pectations for 1961 downward to
around
$33
billion.
This
may
prove to be premature. The need

deferable personal ex¬
penditures. In total dollar volume

months

Member Federal Deposit Insurance Corporation

and

casting

range

cost

record levels.

moment,

consumer goods, the so-called
big-ticket items, has expanded the

annual

★

the

capacity
economy,

lion figure now estimated for

able

new

New Street, New York 4, N.Y.

for

plant
near

reliable

research and

products and methods, have kept

inventory matter
importance that Secre¬
did not mention
we

surplus
of the

parts

with

Anderson

and for which

years

Despite
need

Personal

recent

many

Apart from business inventories
great

world

continue

Propensity

there is another

tary

and production is be¬
ing shifted to meet them.J There
are
now
ample money supplies
and it appears as though they will

development begin to make them¬
selves felt in labor saving devices.

To Consume

able

were

third

record.

time

posi¬

needed the prod¬
we

contrary, these trends promise
to be even more pronounced as
the result of the vast sums spent

still close to its all-

was

among

and

the

gross

the

again with recovery
no reason
to expect

service,
agricultural
employment to be reversed. Quite

drop in the earlier
period. Interesting enough, in the
present situation personal incomes
have

expand

manufacturing

smaller

business

Beaver Street

1956,

trends

will

has contracted

45th Street, New York 36, N. Y.

and 1957.
figure for
employment
has

1955,

the

tories

than in

declined each month since May. It

recession.

There

Fifth Avenue

1953,

rate

30 Wall Street, New York 5, N. Y.

lower

was

there

that

rate

consumer

Chartered 1S29

month

but

ply

for SAVINGS

the

already occurred and its effect on
total activity has been less pro¬
nounced than was the case with

THE SEAMEN'S BANK

employment

manufacturing

between

Resources Now Exceed f540,000,000!

September

adjusted record
employed,

accompanied the
The important
thing to note is that this shift has

shift

outgo

1952,

tion

and

month

The seasonally adjusted

than

$13.5 billion in the rela¬

fields, and the cur¬
simply more of the

business has been greater than the

fric-

sales

are

The

billion

held

have already

Employment figures
registered an oc¬

seasonally

for

an¬

United

supply in large volume. Our rela¬
tively
higher
production
costs
were
of
limited
significance in

for the number of total

inventory spending by

only

most

the

preferred

the decade of the 1960s will be dif¬

net

1957-58

that

the

if any accumu¬
lation at all occurred in the third
an¬

re¬

many

cerned

data

same.

and it is doubtful

ago

For

period

had

has

States

associated

trends

summer

hard

years

relations.

postwar

distributive

set

nual

the

not

rent

quarter

drop of $9 billion in the

economic

cupational shift to the service and

the first quarter of 1960.
This was moderated to a $5 billion

nual rate of

divergent

few

thought the dollar gap was a per¬
manent part of our international

for decades have

during

annual rate in the second

demand for

products

noted.

been

steel

billion

$11.4

activities.

figures last

strike, business built inventory at
an

and

leisure

with

by the consensus on
of vigorous rethe

trends may have
a
dispropor¬

amplified

tionate growth in the

desirability

after

evidence that in the

recent past these

Many are familiar with the story.
Encouraged by the high optimism
of the
apostles of the "Soaring

accumulation

some

are

there is

flip-flop that has occurred in
spending for inventory.

and

products.
The
comprehensive, but

agricultural

data

by Secretary Anderson is

Sixties"

not

and

Sep¬

business

the

relative to the de¬
basic industry

mand for so-called

ther and further above subsistence

declined.

income

additional strain on
I refer to the more
rapid growth that has long been
year, putting
the economy.

The

12%.

are

made this

but which may
during the past

accelerated

have

bad

would

consequences

policy

not

believe

figures. We do know that as fam¬
ily real incomes have moved fur¬

privately

have

several

This

and

for many years

try great and it is good for us.

the

transitional

They always put

available

period
durable

same

those

and

first

the

costs.

Durable Consumer Output

Indeed, there is another transi¬
tional shift that has been going

the

that

tion. The world

happened.

Shift from Durable to Non-

invest-

adequate

will

products or forms,
very
serious had
disturb
confidence.

transactions.

call

ucts

pri¬
invest¬
on

Neither has

reasonableness

that is what has

result
of the currently balanced position
of the budget as well as of the

response.

Sometimes

the

supply has expanded and

interest

needs and desires—not by admin¬
istrative
direction but
by voli¬
tional

manufacturers

justified,

of
is continuously harmonized
the
changing
pattern
of
means

off

monetary authorities have proper¬
ly felt that easier policies were

the

merit and glory of a free society
for

year

goods

and

were

months from

last

com¬

activity

pattern

demand

state
movement;

transitional

tinuous

posite

is that
of con¬

for

something

occurred

power,

rely

unwanted

is a
realistic one. It would mean plenty
of competition and hard work but

of the postwar years. Stable prices
have pressed against less flexible

develop

why I have

reasons

modest

—a

briefly

them.

reached

The

state

these tentative conclusions

must

that

prospect

that

jor

the

use

''squint

lows that the prognosis

nosticators
still

diagnosis is valid, it fol¬

If the

best

our

whole

Shift From $12.4 Billion

suspect

ence.

the chorus of confidence that was

ascertain¬

able

process

the

for

funds

modest

to have been overlooked by

seems

saturated with
the

witnessed

the

1960 I believe. It is the factor

art

This

identified

contraction

have

for those

even

when

and

recession.

forecasting

the level of total

number of
major shifts occur together they
can
readily show up in the form
activity

and spoke

closely

purchasing

negotiations; and

assurance

able

There was a time some years ago

Government

cost-reduction

ment and

the causes of our

are

business

restoration of profit margins

dis¬

the need for more capital equipment, or the growing

season,

that

deliberate

respiration

Federal

increments

not be thwarted by recourse to arti¬

he hopes will

situation
ficial

gap

above total production.
liquid do we want to be¬
It is not logical to expect
condition to, continue for

long unless the pattern of produc¬
tion
were
stubbornly continued

would mean that prices in
general must adjust without the
cast)

current economic

our

of the so-called dollar
in the complex of internation¬

appearance

such

reliable election fore¬

Thursday, November 17, 1960

come?

(these re¬
without the

budget

marks were prepared

running

balance

Just how

happy con¬

continued

Federal

the

that

resulted

that

Dean

Chronicle

The Commercial and Financial

(1984)

501 Fifth Avenue, New York 17,

N. Y. OXford 7-8300

Volume

Number 6004

192

the current position of

a balanced
would leave unimpaired
the efforts that have been made,

budget

and must continue to be

made, to

achieve competitive world costs.
It would have the added merit of

avoiding

the

dampening

effect

that the later correction of

un¬

balanced budget must always have
on the forces of
recovery.
*An address by Dr. Brown before the
67th Annual Convention of the New York
State Savings Banks

Association, White
Sulphur Springs, W. Va., Nov. 10, 1960.

Hardy & Co. Heads
Electron. Offering
Hardy
fered

&
on

Co.

and

Nov.

of-

associates

The Commercial and Financial Chronicle

John Sexton & Co.
Common Offered
ates

offered

publicly

In
addition, the company is
selling 33,000 common shares the
proceeds from which will be used
for

Hornblower & Weeks and associ¬

Nov. 15,

offering there was no quoted mar¬
ket
for
the
company's common
A

total

Chicago
of
to

sale

broad

1898,
line

distributor

food

institutions, such

products

hotels,

than

and

col¬

It has ten distribution

cen¬

clubs,

schools

167,000

shares.

The

leges.

ters

these

serving

than

S.,

the West Indies and Hawaii.
For

the

year

ended

June

common

years.

for

The most

recent

30,

1960, the company reported sales

marks

the

the Midland Hotel.

quarterly dividend of 22

Joins L. A. Caunter

share, payable Jan. 3, 1961, to
Capitalization of the company,

adjusted

reflect

the

current

term

debt

and

747,437

common

(Special to The Financial Chronicle)

CLEVELAND,
O'Toole

has

Ohio—Stephen

joined

the

ing.

was

260,000

public

»»JAV,

sale

the company's common stock.
Net proceeds from the

will be

used

general

by the

corporate

Electronic

the

Missile

for
in¬

purposes,

cluding expansion
pany's business.
Inc.

financing

company

com¬

Facilities,

primarily provides complete

installations

for

the

construction

of strategic facilities required un¬
der the defense program of the
United

States

Government

particular emphasis

with

the elec¬

tronic, missile, naval and air re¬
quirements. The company also is
involved

the

construction

WMmM

various projects for civilian public
works

ects

agencies.

Among the proj¬

which

working,

contracts

for,

the

has

is
awarded
Polaris mis¬
company

been

are:

sile assembly

facilities, Charleston,
C., for the Navy; technical
buildings and power plants ' for
communications relay center, Fort
Allen, Puerto Rico, for the armed
forces; building and utilities for
ACAN, Fort Allen, Puerto Rico;

■Hi

Nike Hercules facilities at Robbins

Air

Force

Base

and

Turner

Air

lil

Base, both in Georgia; re¬

construction of certain facilities at

Portsmouth, N. H., Naval Ship¬
yard.
The
company's
principal
office

New

York

City.

For the nine months ended June

30,

total
and
65c
per share. Upon completion of the
current sale of the common shares,
outstanding capitalization of the
company will consist of 520,000
shares of common stock and $610,213 of 6% ten-year debentures due
1960,

the

company

had

contract billings of $9,546,839
net earnings of $170,462 or

Jan.

15, 1971.

Associates

the

offering

are:

Filor, Bullard & Smyth; Lubetkin,
Regan, & Kennedy; Pacific Coast
Securities Co.; Coburn & Middlebrook; Butcher & Sherrerd.

Industrial mid-America: another

area

growth at

Phila. Bond Club
Hear Strausz-Hupe
PHILADELPHIA, Pa.—Dr. Robert
Strausz-Hupe, Professor of Politi¬
cal Science at the University of
Pennsylvania and Director of the
Foreign Policy Research Institute,
will be guest

speaker at a lunch¬
meeting of The Bond Club of

eon

Philadelpha, to be held Friday,
Nov. 18, at The Barclay Hotel.
Dr.

Strausz-Hupe will speak on
and Economic Develop¬

Political
ments

in Western Europe and the

Common Market.
Reservations

sends

midwest metalworking
multi-billion-dollar

fabricated metal
scribable

shipped

variety of industrial and

area

flow

midwest steel consuming area.

made

C. Collings, Jr.,

area

consumer

has used and

steel than it has produced.

Collings & Co., Inc.

National Steel is pushing to
our newest

tion,

Vanguard, inc. Formed
Ark—Vanguard,

ROCK,

the

Located

completion for

we are

ultra-modern steel-finishing plant

near

Chicago, this
the

great

new

strategically located up-to-

the-minute plants

serving the metalworking

Early in 1961 this plant will start producing

galvanized steel and will soon follow with
electrolytic tin

plate and hot-rolled and
strip. Initial yearly

Better

with

the

new

Midwest

Steel

supply first-

better position than ever to grow

growing midwest metalworking

with
area.

plant

augmenting the production of our Weirton

plant is in

Steel division in Weirton, West
our

ever to

economically where they're needed, we'll be
the

equipped than

quality steels in quantity and deliver them
in

capacity will be 750,000 tons.

Michigan.

and fast-growing

we'll have three

heart of the nation.

division, Midwest Steel Corpora¬

Indiana shore of Lake

the heart

And

equipping it to set new standards of quality.

products—an almost inde¬

goods. Historically, this

LITTLE

out

cold-rolled sheets and
can

through Clifford
of C.

Each year, the

Virginia and

Great Lakes Steel division in Detroit,

This STEELMARK ofthe American
steel

industry tells

you a

product is

steel-made, steel-modern and steelstrong.

Look for it when

you

buy.

Inc. has been formed with offices
in the Pyramid

are

securities

Building to engage
business.

Officers

George G. Karpoff, President;
r v i n
Fitton, Vice-President ;

Moise B. Seligman,

Jr., SecretaryTreasurer; and Richard M. Yarbrough, Assistant Secretary. Mr.
Karpoff was formerly with Van
Grant & Co.

...

NATIONAL STEEL CORPORATION, GRANT
NATIONAL
.

STEEL

Midwest Steel Corporation *

BUILDING, PITTSBURGH* PA. Major divisions:,Great Lakes Steel Corporation

Stran-Steel Corporation

•

Enameistrip Corporation

•

E.
of

formerly with G. H.

Missile

initial

staff

L. A. Caunter & Co., Park Build¬

Musekamp & Co.

shares without par value.

shares
Facilities,
Inc.
common
stock
at
a
price
of $5.50 per share.
The offering
of Electronic &

speaker at the luncheon meeting
cash of the Investment Analysts Society
of Chicago to be held Nov. 17 at
more

sale, consists of $4,500,000 in long-

company

shares.

paid

holders of record Dec. 15, 1960,

50,000

customers in the continental U.

has

company

dividends

months.
The

res¬

taurants,

will receive none of the proceeds
from

general

and

being sold by certain stockholders
who, after the sale, will continue
to hold 71.7% of the outstanding
common

capital

purposes.

21,

of $62,554,854 and net income of
Chicago Analysts to Hear
$1,201,949, equal to $1.61 a share.
This compared with sales of $59,- CHICAGO, 111.—Rupert C. Thomp¬
959,434,
profit
of
$902,756,
or son, Jr., Chairman of the Board
Textron
Inc,
will
be
$1.21
a
share for the previous of
guest

John Sexton & Co., founded in

common

shares.

working

corporate

shares, without
par value, of John Sexton & Co.
at $16.50 a share.
Prior to this
200,000

(1985)

•

Weirton Steel Company

The Banna Fornace Corporatiotf * National Steel Products Company

MiWMMMWCn MJ

Wll«b kwf/i fl^vwir1!-1-*'''•"'

The Commercial and Financial Chronicle

(1C36)

Thursday, November 17, 1360

...

Exchange Firms

Connecticut Brevities
Branson Instruments, Inc,of Stam¬
ford

company

recently shipped 30 Sonoray
detectors

to( Argentine Na¬

Fire,

its

offer

stated

and
health
program
Buenos Aires. accident
of ultrasonic test¬ "particularly adaptable to pro¬
equipment was the largest ducers of general insurance."
sent out atone time by Bran¬
$
*
$

tional

Railways,

This shipment

ing
ever

The

son.

units

will

based

Heublein, Inc. of Hartford has ap¬
throughout Argentine and will be
propriated a $4 million advertis¬
used to inspect freight car axles
ing budget for its Smirnofi Vodka,
and other railroad equipment. A an
increase
of
25%
over
last
special accessory included with
year's budget. This will make
each unit will indicate whether
Smirnoff the second most heavily
detected flaws require immediate
advertised brand of any type of
repair or will permit continued distilled spirits Mr. Edward G.
operation of the equipment under Gerbic, Senior Vice-President in
inspection.
charge of company
advertising
*

said.

Clark of New

Frary &

Landers,

Answer to Its Critics

Wendell W. Witter, partner in
that the Dean Witter & Co., San Francisco,
was elected President of the Asso¬
will shortly be able4 to
agents a well rounded ciation of Stock Exchange Firms

National

flaw

New York Savings Banks'

Elect Officers

❖

the Emhart site. The

from

across

of Hart¬

ford

George A. Fuller Company which
is' now building the addition to

expanding its business in
England by building a new $2 the Aetna Life Insurance Com¬
million factory to be completed
pany home office in Hartford will
next spring on the outskirts of
do
the
construction
work
for
London. The electrical equipment
Emhart.
manufacturer

started

business

England in 1930 and volume and

profits
now

from

British factory

the

account for 10%

of the

com¬

totals. That percentage is
expected to increase because of
the
high demand for electrical
equipment caused by the boom in
household appliances in Europe.
pany

sfc

The

Bridgeport

Company

Manufacturing Com¬
Water bury,
have
joined
Aluminum
Company
of

pany,

with

The

Canada and Cerro De Pasco Corp.,

Fenn

pany

been

ber

t he

For three years now our

since

try

1957, holding
office

the

served

has

the

study

Wendell

Com¬

put

plans to

elected

were

Finance

are:

Vice-

below

200

(1)

zero

Governors elected to the Board

of 35

are:

than

Robert H.

of Hartford, a subsidiary of

Continental
nounced

Casualty,

plans

has

return

With Hornblower & Weeks

an¬

the

(Special to The Financial Chronicle)

SPRINGFIELD,

casualty insurance business, which

Allison

it gave up

are

cident

in 1957, by writing

and

health

policies

ac¬

once

again. Mr. Clarkson, President of

and

now

Mass.—V.

Boleslaw

associated

Blake

Tobiasz

with

Horn-

blower &

Weeks, 95 State Street.
Both were formerly with du
Pont,
Homsey & Company.

Co.,

New

York;

Dillon,

rities business.

;;

Members New York Slock

Exchange

•':'■<";,V'>•v-.Xv:

SECURITIES 1
•

'fair-***

Hartford—JAckson

7-2669

Teletype NH 194

out-of-state

lend¬

that would prove

costly

to, the people of New York State."

ing,

members

Space

does

allow

not

the

and MidwestStock

mercial banks.

New York

Exchanges.

which

com¬

They would "soak

the saver"—for the benefit of the
stockholder. This subject is

attention

the

having

the

association,
with
the
National
of
Mutual
Savings

cooperating
Association
Banks.
Offers

Suggestion

Commercial

Banks

A survey

of Commercial bank¬
ers throughout the country, made
last September by the American
Banker, revealed that nearly 84%
the
2,594 banks responding
opposed to an increase in

the
in

limit

savings deposits

commercial

banks.

■_

If commercial banks

are finding
interest rate

their thrift accounts

with

surate

commen¬

that

paid by savings
still have
earnings

and

adequate .fo pay thb
th'ey arb paying

current dividend

their

stockholders

then

per¬

haps the proper approach to their
problem—and for "the * safety of
their

study. However, it does make
clear that the savings banks have

for them to

new

consistently played their full part
more—in

—and

meeting
housing needs

gitimate
people of

the le¬
of the

state.

our

Further, the study shows con¬
clusively that any restriction on
out-of-state mortgage lending

our

would

reduce

the

dividend

sav¬

depositors' funds—would be
segregate their thrift
funds, invest them in the same
restrictive manner applicable to
savings banks and ask that on
such earnings they be taxed on
the same basis as savings banks;
It must be obvious that for purr

competitive

poses

commercial

banks

legislation

aimed

advantage,

promoting
bringing
paid

are

ings banks would be able to pay

down the higher interest rate

by savings banks.

,one-quarter

This

would

deposits

other

percent.

one

result

shift

away

and

from

savings media
savings banks.

the

state

cannot

Since

restrict

out-of-state lending of Federallychartered thrift institutions, these
funds would eventually find their

to other states because of the

way

higher yield and would be lost to
New York State.
It is

timely at this point to refer
fund set up last year by
savings banks so that loans

the

could be made to builders in those
of the state where

areas

short¬

order

home

one's

build

own

not

necessary to tear
down the home of his neighbor.
If the

people of this country are
persuaded to save and to

continue to
have

then they must

save,

reasonable

uninterrupted

assurance

adequate re¬
turn on their savings, the ultimate
in safety, and the continuity of
service, that has been traditional
with savings banks.
*

and

I need not

bers of

our

quote for the mem¬
association the deposit
the

age

statistics

past nine months or for the year
1959. They are thoroughly familiar

of mortgage money had de¬
veloped. Although this fund has
been

year

now,
on

existence
no

for

calls

almost

have

been

interest—and

let's

therefore
not

think

they will

for

cease,

slacken. To the contrary, we

expect

same

much

the

in the months ahead.

These
us

recurring attacks justify
coming to the conclusion

that they have become a definite

pattern
of

our

the

modus

operandi

competitors.

ciently often and go unanswered,
they are accepted as fact by the
.uninformed.

In the face of alert

with

the

are

all familiar

constant efforts

tain commercial bankers,

support

the

ABA

cer¬

with the
and other

competition

afford to stand
still. It is axiomatic that no busi¬

enterprise

can

exist if for any prolonged
period it fails to grow. Growth is
truly the life blood of every seg¬
ment of industry.
ness can

true

while

under

of
am

legislation

session

savings

banks,

gratified that
passed at the

the

New

York

State

Legislature and effectuated
by action of the Banking Board
some

Savings bankers

general I

years.

last

suffi¬

for

am sure they will
that the deposits have been
unsatisfactory, and especially so
in
the
light of what will be
needed by our national economy
and
our
people in the coming

misstatements

made

banks

our

agree

This

are

with them.

and

Merrill, Turben &

ability
serve

provisions

would reduce the taxes

These attacks cannot be ignored,
for it is well-known that when

Co., Inc., Union Commerce Build¬

with

coupled

summarize all the findings, of this

can

Freund, Jr., has been added

proposals
our

and

growing economy. These commer¬
cial-bank
proposals are usually

■,

Mass.Ralph E.
joined the staff of
R.
M. Barker &
Co., 69 Main
Street.
He
was
formerly with
Mann & Creesy.

to the staff of

thrift

encourage

taxes

measures

With R. M. Barker Co.

O. H.

restrict

after

even

William

would

these

effect

banks

that

—

somewhat

Stated
real

for tax purposes.
differently, the

banks

by states adversely affected by it.

—

CLEVELAND, Ohio

savings

Such action could, therefore, moti¬
vate a series of retaliatory counter

moment

could be "deducted by

tors which

deplored

With Merrill, Turben
2-9377

prove

lic

(Special to The Financial Chronicle)

and, in many cases, limit the
amount of interest paid to deposi¬

it difficult to pay an

would

ated.

New Haven

New York—REctor

which the others were also associ¬

CONNECTICUT
.

made

has

applies to
These'

proposed amendments would re¬
duce our ability to provide re¬
serves
for
depositor protection

by
mutual
savings
banks
might be considered a hostile act

institutions.

were

ing

Officers are James

Forrest

thrift

Perhaps I might be permitted to
make this personal observation:

ROCKPORT,

Primary Markets In '

the

and

Barker

CHAS. W. SCRANTON & CO.

State

it.
Brinson,
While the accusations, recrimi¬
Vice-President and Secretary. Mr.
Clardy was formerly an officer of nations and attacks on the savings
McCarly & Company, Inc., with bank industry are not in the pub¬

and

tax

•

Clardy, President; Andrew R.
Blair, Vice-President and treas¬

urer;

law

income

mutual

restriction

Bogert, Jr., Eastman
Union Securities • & Co.,

(Special to The Financial Chronicle)

■m

New

costly to the
people of New York State.
And, Dr. Rapkin reports,
"a

banks

Lawrence

'■

Any restriction on out-oflending by these savings

state

Baldwin, Morgan

York

New

(2)

The National Fire Insurance Com¬
pany

;-.:a

growth and prosperity of

nation.

financing

Home

the1

both

forming

Degrees Fahrenheit.

associations,

obtain amendment of the Federal

findings

Rapkin's

Dr.

In Charlotte

and

York State savings banks is vital

Southeastern Sees.

Finance,

Dominick & Dominick, New York,
Treasurer.
;

School

Among

headquartered in New York, for
the purpose of financing a new
aluminum mill. The $30 million
tem has gone into operation
on &
Co., Philadelphia; Robert C,
plant to be built in the Northeast
a specially modified Convair B-58
Van Tuyl, Shearson, Hammill &
at
a
location as yet
undecided
bomber and cools the electronic Co., New York.
upon, will be a semi-continuous
Elected as the Nominating Com¬
aiuminum hot rolling mill with guidance equipment of a missile
now
being flight tested on the mittee for 1961:
I
annual capacity of 100,000 tons.
bomber. It also cools equipment
James F. Burns, Jr., Harris, Up❖
*
*
for launching, tracking and moni¬
ham & Co., New York; Horace W.
Pratt & Whitney Aircraft of East
toring the missile. Company of¬
Hartford, a division of United ficials announced that the new Frost, Tucker, Anthony & R. L.
Aircraft, disclosed the details of system has its greatest potential Day, Boston; William E. Huger,
Courts & Co., Atlanta; Maynard
its gas turbine engine which is
on supersonic aircraft where ex¬
C. Ivison, Abbott, Procter & Paine,
expected to supply motive force
tremely high temperatures de¬ New
York; Edward Rotah, Rotan,
in a wide variety of installations.
veloping
inside
the
electronic Mosle &
Co., Houston.
The motor, a modification of the
compartments must be controlled.
JT-12 pure jet now in production
Conversion of a low temperature
at Pratt & Whitney, will first be
fuel supply into a coolant pro¬
used in the twin engine Sikorsky
vides this control without adding
S-64 crane helicopter. Industrial
extra weight to the aircraft. The
versions developing up to 3,000
i :
;
new
Hamilton
Standard
system
horsepower may supply power for has a
capacity of 12 tons, enough
high
pressure
pumps,
electric to air condition six five-room CHARLOTTE, N. C. — Southeast¬
ern
Securities
Corporation
has
generators
and
propulsion
for houses. It operates
automatically been formed with offices in the
large ground vehicles such as tanks over
a
range
of
temperatures Law
and earth moving equipment.
Building to engage in a secu¬
from
«

Chester

Dr.
of

Commerce, University of Pennsyl¬
vania,
has
recently
been
dis¬
tributed.
Nevertheless, I would
like to note a few of the high¬
lights of his study which is titled
"Geographical Pattern of Mort¬
gage Lending by New York State
Savings Banks."

machines Elroy, Clark, Dodge & Co., Inc.,
New York; Joseph R. Neuhaus,
V,
Underwood, Neuhaus & Co., Inc.,
Houston; Ludlow F. North, Robert
Hamilton
Standard
of
Windsor W. Baird & Co.; Milwaukee; McLocks, division of United Aircraft Kee Nunnally, Courts & Co., At¬
has developed the first air con¬ lanta; Wayne M. Spade, Watling,
ditioning system to use an air¬ Lerchen & Co., Detroit; C. Newcraft's own fuel supply. The sys¬ bold Taylor, W. H. Newbold's Son
metal

the

question.

Wharton

Fenn manufacturers.

this

report,
by
Rapkin,
Professor

W. Witter

Presidents and Bayard Dominick,

Stanley

Manufacturing

of Newington

York,

regarding

sources

The

cqn-

commit¬

New

mortgage lending policies. To
obtain
the
impartial facts, and
only the facts, our Association
commissioned
a
recognized au¬
thority in the field of finance to

during

also

has

our

past year.

indus¬
been under attack from

number

Vice-Presi¬
dent

Mortgage Lending Policies

mem¬

Board

School Professor

Quotes Wharton

Mr. Witter has

large addition to its plant, New York; Richard de La Chaincreasing the firm's manufactur¬ pelle, Lee Higginson Corporation,
New
York;
Bayard
Dominick,
ing area by one-third. The need
for the new wing, which will be Dominick & Dominick, New York;
completed next June, is the re¬ William E. Huttori, W. E. Huttoh
sult of an expansion in the market & Co., New York; David B. Mcup

for

Brass

Scoviil

and

❖

con¬

a depositor and not a
stockholder, or stockholder and
not a depositor.

manufacturer of house¬ Emhart Manufacturing Company
wares,
electrical appliances and of Hartford which produces auto¬ tees o f the
electronic devices, has moved its
Pacific Coast Stock Exchange and
matic
bottling
and
packaging
District #2 of the National Asso¬
national sales offices to Fifth Ave.,
machinery has selected architects
New York, from headquarters in
ciation of Securities Dealers, Inc.
and
general contractors for its
New Britain. The new offices in¬
Mr. Witter succeeds David Scott
new office building to be erected
clude an extensive showroom for
Foster of Pershing & Co., New
in Bloomfield. Skidmore, Owings
display of company products and and Merrill, who will design the York.
James A. Hetherington, II,
space
for a
museum
of early building, were also architects for
housewares
manufactured
by the home office
building of the Goodbody & Co., New York and
Landers over a period of many
Connecticut
General
Life
In¬ H. Lawrence Bogert, Jr., Eastman
years.
Dillon, Union Securities & Co.,
surance Company located directly
Arrow-Hart & Hegeman

that

wiieiher

ove r n o rs.

duct

Britain,

tributor be

meeting of the
Board
of

business

return

annual

the

commercial-bank

Continued from page 19

our

banks

have

been

able to expand into growing com¬

munities, there
nities of
want

our

and

are

other commu¬

state whose residents

need ' the

services

Volume

savings .banks.

Number 6004

192

All

sound

examine

their

business

lost

fill

regularly

businesses

New

Savings Banks
moving ahead in
respect. Two useful surveys

this

surveys

was

made to ascertain the purposes

for
which major amounts were with¬
drawn from our banks, and the
attitudes of these depositors to¬
wards

savings

determine

of New

ciation's Committee
with

directing

efforts
State

data that
of

value

relations
advertising
on
the

and

public

member

are

New Jersey Bell
Co. 40-year 47/s%

$20,000,000
Telephone

and

The debentures, due
1, 2000, are priced at 102.875%
and
accrued
interest
to
yield
4.714% to maturity. The Morgan
Stanley group bought the issue at

and

debentures.

Mr.

debt and
mon

competitive sale

bid

Corp. Branch

102J)5999%

Nov. 14

which

on a

named

coupon.

plans for financing future
construction, the company intends
to sell to American Telephone at
par $16 up to $60,000,000 common
capital stock from time to time
prior to July 1, 1962.
On

The proceeds from the sale will
be applied by the company toward

poration of Norfolk has opened a

Military

Road under the direction

June

30, 1960 the

of Evan

Telegraph

Company, -/parent

ganization. These advances

or¬

are ex¬

pected to approximate $33,900,000

Van Leeuwen.

Jersey in the counties of Bergen,
Essex, Hudson, Middlesex, Passaic
and

Mario Cacchione
James

Smith

and

Mario

can

Stock

Exchange, have formed
&
Smith, Inc., with
offices at 42 Broadway, New York
City.
Mr. Smith
was
formerly
President

the

American

interest.

thereto

was

America
•

Victor

and

officer of Bank of

Transamerica

ings

bank
The

the

Jr.

Smith.

With Smith, Barney
(Special to The Financial Chronicle)

BOSTON, Mass. — Joseph A.
Knight Jr. is now connected with
Smith,

Barney

Co.,

Street.

Union.

trust

State

New

committees, the
official staff,* and the Council of
many

Administration of the Association

giving conscientious attention

are

to the many problems facing our

industry.
I

referred

have

briefly

the

great purpose for which we exist,
to

small part of the work being

carried

by the Association,

competition and to some of
our
problems. In respect to
all our problems and challenges, I
am
not disturbed, for I am con¬
our

fident

that

within

have

abilities

the

organization

our

meet

them

and

them.

However, to do so will re¬
our
unrelenting,
all-out

quire

successfully

efforts.

TTit

Let

overcome

rj (•*;.'

therefore

forth

'set

briefly what, I believe, that we—
with
the/, fullest cooperation of
all
;

jtfSf

membership—must do.

our

for

Programs
First.

with

our

Banks

Savings

must

ahead

move

make

program

all

leaders more .ef¬
fective on the political scene, at.
all levels of government. This is
banks

savings

must al¬

in a position to present
fully in respect to any

ways

case

our

for

necessary,

very

legislation.

proposed

Seconds We

fight

must

the

ir¬

responsible attacks made on our
industry. We must never lose an/

opportunity to nail down the un¬
an opportunity

truths. Never lose

tell

The savings
afford to

story.

our

banks

industry

be the

silent service.
We

Third.

cannot

must,

individual

banks, improve and perhaps (un¬
der
certain
circumstances)
in¬
crease

our

advertising, promotion,

publicity and public relations ac¬
tivities. And we must all vigor¬
ously support—and participate in
gain

—the Association's efforts to

and un¬
industry
through our Public Information
Program that will be voted on

fuller

public

derstanding

later

awareness

our

week.

this

Fourth. We must train our per¬

sonnel

well

that

they

about

informed

are

better

industry,

our

about the bank they serve.

them

train

must

sell

sav¬

ings banking, and their individual
banks. /

Fifth.
our

relent

bright young men
to insure a continuing

search for

and women

and

not

must

it in

transport over 2 billion cubic feet of natural gas

daily through 12,000 miles of pipeline in 18 states.
Explore for and produce gas and oil from Canada

chemistry.these and other growing industries
unknown

were

to South America. Refine

only 25 years ago.

increasing vitality in our in¬

dustry in all areas of our activity.
Sixih.
We
must
utilize to
a

experience, the

greater extent the
wisdom
and the
trustees
and

smaller, it enlarges

opportunity. Nucleonics, electronics, petro¬

As science makes the world

modernize

prove

advice

in helping

our

to broaden
outlook, im¬

our

its

The
as

of natural gas and oil has been

progress

dramatic. For one example,

products in

petroleum and market

23 states. We

are

active in

petrochemicals and research.

Tennessee Gas
Mqre than ever, gas and oil spell... opportunity.

Today, we

began operations just 16 years ago.

services and our public

standing.
Seventh.

change—alert
and

must

desires of our

tential

alert

depositors,

depositors

and

the

TRANSMISSION

COMPANY

po¬
FROM

de¬

positors of the future.
, .
Eighth/Above all, we must con¬
tinue to serve the people of our
communities and our state with

GAS

TENNESSEE

meet the needs

■

HEADQUARTERS: Houston, Texas

NATURAL GAS AND

•

OIL...HEAT, POWER,

•

DIVISIONS: Tennessee Gas Pipeline

SUBSIDIARIES: Midwestern Gas Transmission Company

■

*•'

' •

Company

' '

•

PETROCHEMICALS THAT MEAN EVER WIDER SERVICE TO MAN
'■

•t'r

••

•

Company

•

Refining Company . Tennessee Overseas Company
Tennessee Lile Insurance Company - AFFILIATE: Petro-Tex Chemical Corporation

Tennessee Gas and Oil Company . Tennessee Oil

East Tennessee Natural Gas

Corpw

will be in
charge of research for Cacchione
Scutari,

the contents of these reports will
be put to good use by every sav¬
York.

Trust

Company of New York, and prior

be used in its areas

can

immediate

Cacchione

with

bank

•

company

had 2,876,006 telephones in serv¬
repayment of outstanding advances ice of which about 63% were in
from
American
northeastern
Telephone
and the
part
of
New

HAMPTON, Va.—Investment Cor¬
branch office at 702 West

31,250,000 shares of com¬
connection

stock of $16 par. In

with its

James Smith Joins

Cacchione, member of the Ameri¬

1, 1995.

Capitalization of the company
outstanding on June 30, 1960 con¬
sisted of $170,000,000 of funded

Nov.

Convention

to and including Oct.

after Nov.

redeemable

31, 1962 and thereafter at prices
decreasing to the principal amount

underwriting group headed by
Morgan Stanley & Co. offered for
public sale on Nov. 15 a new issue

Association

Investment

level, but also provide the

individual

together

proceeds

at 107.875%

the 47/s%

Public In¬

material

our

work

Annual

Bank

the

Debs. Offered

residents.

These reports not only furnished
and continue to furnish the Asso¬

address

67th

time

the

received.

say:

Gleason before
of the Sav-~
of the State of
New York, White Sulphur Springs, West
Virgihia, Nov. 9, 1960. / ."/«•
;
*An

the

inps

formation

let

The debentures

trust.

must

(1987)

N. J. Bell Tel.,

ful¬

fight together for what we believe
in together.

banks; the other,
the savings habits

York State

per¬

imagi¬
Dignity does not bar ag¬

We
this year's

and

doing,

gressiveness. Prudence does not
preclude boldness. And past suc¬
cess must not tranquilize us.

planned.
of

conclusion,

nation.

made this year and more are

One

vigor

Only by

Tradition does not prevent

York

Association

our

rec¬

ords and conduct market research.

were

increasing

ception.

them.

The

The Commercial and Financial Chronicle

ever

get

should

They

125

High

(1988)

The Commercial and Financial Chronicle

National

NEWS ABOUT
BANKS AND BANKERS
Branches

New

•

New

•

Offices, etc.

Revised Capitalizations

•

J.,

Allendale* Al¬
increased its

National

has

Wallace

ber

Trust

outstanding
value $50.)

par

Board

7,800

Mr.

Prado, has been with
1956.

bank's

the

had

the

been

representative

Caracas, Venezuela since 1957. In
his

assignment he Will be

new

...

Mr.

division

years

the

business

handles

Bank,

later
He

Pennsylvania

whose

changed

has

Ex¬
was

name

Gotham

since

retired

been

Bank.
last

year*
*

Charles C. Joyce, Trustee, Senior
Vice-President and Secretary of

required
The

celebrated

York,

40th Anni¬
on Nov. 15.

his

with the bank

Mr.

Joyce joined East River
Savings Bank in 1920.
Prior to
his election

Trustee and Senior

1957, he held
Kingdom.
The appointment of Waldeck A. successively the official posts of
Thiel as Assistant Treasurer in Auditor, Comptroller, Treasurer,
the metropolitan department also Vice-President and Treasurer, Ad¬
<

'■

f. /

*
*

Champion,

George

■

•>

.■

(

George

President

has announced the appointment of
Charles E. Fiero as Vice-Presi¬
dent.
Announced, also, were the
appointments of Curtis G. Callan,
John
E.
Tighe, and Alfred R.

,-v't

of
Chase Manhattan Bank, New York,
>

and

Secretary.

Avenue and 44th Street branch in

Manhattan.

Vice-President

ministrative

He is at the Fifth

announced.

was

President

Nodyne,

the East River Savings Bank, New

York,

announced

election
the

Board

cox

Mr.

City

Bank

York.

Mr.

Mr. Fiero joined Chase National

Bank.

Assistant

1934

dents.

Bank

1950

and

1955

President in 1958, after the bank's

with the Bank of the Man¬

merger

hattan Company.
*

retirement

Amos

Foy,

tive

his

started

career

First

with

Prior

was

appointed Assistant Treasurer. He
appointed
Assistant
Vice-

was

The

Wilcox's

National

election

Vice-President

City

Execu¬

The

Bank

operate

Cashier

City

Bank

bank's

West

Coast

man

♦

years,
Mr. Foy has been in
charge of the Bank's Latin Amer¬

ican

National

business.

will

continue

his association with the Bank

consultant and

Advisory

Board

member of the

International

District.

Trust

Appointment of Herbert C. Muller
as

Assistant Vice-President of

Manufacturers
New York

Trust

Company,

announced Mo v. 5

was

Meadow

from

the city. Three offices are lo¬
in
Manhattan, one is in

Brooklyn and four are in Queens.
They were acquired through the
Meadow

merger

holder

the

1.2875

plan,

will

sharesvof

bank

merged

share¬

each

Girard

Muller

Mr.

New

Board.

1950,

the

came

and

bank

appointed
Assistant Secretary in 1952.
was

Nov.

56,

Auditor

David

York,

Mathias,
General

Trust

died

Com¬

New
Rochelle Hospital.
He began his career in 1928
with Bankers Trust Company as

check
came

ditor

auditor.
in

1941.

President
since

Assistant

1933

be¬

He has been ViceGeneral

Auditor

1955.
*

\'"

tional

will

stock:

the

retain

The

nounced

the
to

election

the

bank's

Roy

Board

Directors.

the

ton, Lewiston,
stock

mon

First

of The

Sterling National Bank
Company of New York.

Manu¬

and

Maine, with

Bank

Auburn,

with

stock
as

bank

the

Frederic

Maine,

$900,000,

of Oct. 28. The
has

taken

the

First-Manufacturers

National

Bank

Auburn,

Lewiston

and

capital
stock
of
divided
into
165,500

$2,068,750,
of

common

value

of
*

$12.50

stock

the

Officer;
ident

Mr.

ing

acquired

Harrison started his bank¬

career

tional Bank

bank

Board.

Commerce, Ashe-

stock

Officer;

The

•

'* •"

Of Chicago,

t "

>•*;'•**"

'■*

•»,

■'.*

Inc.

Brown,

Jr.,

Girard, will be Pres¬
Chief

Administrative

Geoffrey

delphia,

Smith,

Charles G. Scheuer

First

Glen J. Thoma

Theodore E. Wouk

George F. Hummel

Co.

Charles G. Scheuer, Wm. H. Tegtmeyer &

President:

Vice-President:

George F. Hummel, Reynolds & Co.

of Chicago.

Secretary: Theodore E. Wouk, The First National Bank
Glen J. Thoma,

Treasurer:
Directors:

Harris, Upham & Co.

Friedman, Boettcher and Company; Adolph

Leonard

O'Rourke

Shearson, Hammill & Co.; John P. O'Rourke, Jr., J. P.
& Co.; Morey D. Sachnoff, Cook Investment Co.;

James H.

Scott, Blyth & Co., Inc.

C. Egner,

complex of Phila¬

Delaware, Montgomery,
Counties,
including

Bucks

and

three

yet

offices

approved

but

not

These

open.

William

the

elected

Zsembik

Assistant

Industrial

Samuel

has

been

The CHRONICLE will

Weinrott, President.
*

and

11, Mr. Francis P. Burns,
62, died at the offices of the Bene¬
which he was
the
past
eight

for

years.

Mr. Burns

pages.

began his

this

cover

attend their

...

Cur rates
now

place

8-page special section.

your

career

these

you

wish

low. Please check size

are

for

important meet¬

candid photographs

preferred positions in the Chicago

Traders issue.

with
Besides
being President of this bank, he
Beneficial

briefs

and return

y:-

news

We invite you to

Savings Bank, Phil¬

Pa.,

you

ing of the Chicago Traders with

On Nov.

ficial Mutual

Officers invite

Phila¬

Co.,

announced by

was

distinguished (Security Traders Association

Chicago, Inc.)

January 30th party at the Ambassador Hotel.

Treasurer

Trust

delphia, Pa., it

•■•'•■r'v

v—1

ago.

years

Director of the Provident.

Tradesmen's Bank and Trust Com¬

WILLIAM B. DANA CO.

Philadelphia, Pa. In 1959
appointed to the Pennsyl¬
vania Banking Board.
pany,

•

25 PARK PLACE, NEW YORK 7, N. Y.

was

William

Collins,

Please insert

Director

rector

Ohio,

□

2inches

2 columns

□

314 inches

2 columns

emeritus

his retirement

Nov.

following

□

4% inches

2H inches

3 columns_

□

4% inches

3 columns

active Direc¬

tor.

The

First

National

—-

Board

also

j.__.
___

$ 80.50

—

2 columns

We agree to pay

of
Di¬

elected

was

in THE COMMERCIAL &

the rate indicated.

Cin¬

First National Bank

cinnati,

above

FINANCIAL CHRONICLE in space checked below.
;

" '

our

□

The

112.70

152.95

120.75

230.03

—

□

Quitter Page (5% inches

3 columns)

253.00

him

□

Half Page (6-7/16 inches

5 columns)

462.00

replace his father as Director,
according to the announcement
made by Reuben B. Hayes, Chair¬
man
of the Board, and Fred A.
Dowd, President.

□

Full Page (13 inches

named

his

son

J. Rawson

Collins

Vice-President and elected

William
as

Collins

Director

has

First

served

December,
1928.
He
or¬
ganized the First National Bank

in 1902 and The

Bank, Ohio in

Rawson

809.00

5 columns)

FIRM NAME

—

STREET

National

since

Oakley

dividend,

*Y\

George

and

of Norwood, Ohio

1927 with the Na¬

:'f

number

The Manufacturers National Bank
of North Attleboro,
Mass., will be
a

Chairman of Girard, will be ViceChairman and Chairman of the

each.

by the Baystate Corp.,
holding company with
Mr.
Byron L. Harrison, retired headquarters in Boston.
Baystate
President of the Gotham Bank, has received
permission to acquire
New York, died on Nov. 8, at the
up
to
100%
of
Manufacturer's
age of 62.
shares from the Federal Reserve
*

date

The

expected to be Dec. 22.

with

of Peoples National Bank of

total Washington in Seattle.

be Chairman and Chief Executive

Lewiston

Lewiston,

common

name

com¬

$1,000,000, and the

National

title

Potts, Presi¬
Philadelphia National, will

dent of

is also

♦

Laurence A. Tisch has been ap¬
pointed to the Board of Directors

been

facturers National Bank of Lewis-

par

Trust

consolidation

shares
*

has

The

the

principal officers will be

follows:

President

Mortgage Officer
County Trust Company.
White Plains, N. Y.
of

receive

each

for

shares presently held.

adelphia,

named Assistant

consolidated

Wooster

Neilson

Henry C. Brunie, President of
Empire Trust Co., New York, an¬

Meadow

makes

the first suburban bank to

became effective

Company,

expand into New York City.

Auditor, and Au¬

and

Brook

This

and

Bankers

New

pany,

York.

William

Vice-President

with

Brook

Trust

The

Washington

Girard stock presently held. Each
shareholder of Philadelphia Na¬

Queens National Bank, New York,

by Horace C. Flanigan, Chairman and the Colonial
of the

head¬

West Hempstead,
Springfield
Gardens,
Queens, and opened eight offices
I.

Seattle, Wash., under the

Seattle,

of effect is

Brook

its

31.

surplus

and

Security Traders Association

Company.

Under

and residential

moved

Oct.

Drew,

Bank

tional

McNulty,

E.
J.

First

cated

the

Bank

quarters

Business.

Nov.

1803, will be known as the Phila¬
delphia Girard National Bank and

1957,

Wash., with and into Peoples Na¬

National

Di¬

Harold H. Helm. For the past

Kirkland,

Bank

Punta

1 to

application to merge Citizens

the charter of the Philadelphia
which was organized in

use

held

Bank's

approval on Nov.

its

gave

con¬

National

Gorda,

Vernon

capital

par

Comptroller of the Currency

The

Bank,

has

$495,046.79.

The merger will result in a bank
1955,
Mr.
Wilcox
joined
the
with total resources exceeding $1,vision
of
Chemical
Bank
New Metropolitan Division of the Bank
750,000,000.
Capital and surplus
York Trust Company, New York, and two years later was designated
will be $150,000,000. There will be
Vice-President in charge of this
was announced Nov. 14 by Chair¬
66 offices serving the industrial
Division.

Vice-President-International

effective

was

executive
committee; John Mc¬
he Dowell, Executive Vice-President
successively the official posts of Philadelphia
National, will be
of
Assistant
Cashier,
Assistant Executive
Vice-President; George
Vibe-President
and
Vice-Presi¬
R. Clark, Vice-Chairman of Gir¬
dent, subsequently heading the ard, will be a Vice-Chairman.
National

Punta

State

First

the

President

Its

bank, which will
national bank and

merged

President of

Vice-Presi¬

Worster

approval

into

out¬

shares,

Florida,

effective

value $12.)

Gorda, Charlotte County, Florida.

and the
Federal

banks,

Gorda,

verted

banking authorities.

Wil¬

Vice-President

National

First

of New

Wilcox

Trustees.

Executive

The

the

Nov.

Thomas

both

the East River Savings Bank, New

versary

Punta

Gorda

capital stock,

4,023,323

Punta

The

in¬

(Number of shares

standing

Cashiers.

B. IVIetzdorf as Assistant

George H. Brown, Jr., Presi¬
dent
of
Girard, who said the
merger is subject to the adoption
of a formal agreement by both
boards, the approval of the share¬
holders

has

$48,279,876,

Nov.

Bank

Texas,

dividend, from $47,-

stock

333,220

and Peter

Nixon

appointments

Frederick R. C.

Dallas,

creased its common

of,

National

Washington,

National

Republic

The

Dallas,

Company

Trust

ap¬

Sj5

was

change

the

Vice-President

announcement

Bank

American

the

announced the

Vice-President.

been

LaSalle

announced

and

the

United

the

joint

interantional

which

department

was

Officer

with the
Westminster Bank Ltd., London,
He is associated with
England.

bank's

has

Stern, Chairman

and

Chicago,

made by Frederic A. Potts, Presi¬
dent
of
Philadelphia
National,

Pryke, joined the bank in

July, 1960 after 30

the

after

In 1958 he was elected
President
and
Chief
Executive

as¬

sociated with the European divi¬
sion of the international depart¬

ment.

National

merged.

since

bank

Chase

in the international de¬

are

Board

Bank

ville, N. C. In 1937 he joined the Philadelphia National Bank, Phil¬
appointed Manuel I. Bank of the Manhattan Co., and adelphia, Pa. and Girard Trust
Corn Exchange Bank,
Philadel¬
Prado and Stephen Pryke to the was an Assistant Vice - President
official staff as Assistant Vice- when it merged with Chase Na¬ phia, Pa., Nov. 15 approved a plan
for a merger of the two banks.
President,
announced
Nov.
16. tional Bank. He remained with
has

partment.

La. has

Port,

Co., Chicago, 111.

Lawrence
the

The

The Chase Manhattan Bank, New

Both

The First National Bank, ShreVe-

pointment of Gerald M. Peace as

National

became

named Vice-President of the Con¬

Directors

Thursday, November 17, 1960

Wilson

tinental Illinois

1949.
*

stock,
from
$315,000
to
$390,000, effective Nov. 4. (Num¬

shares,

and

1934
*

new

The

York

Trust Officer in

capital stock from $262,$315,000 and by the sale of

500 to

Consolidations

Bank

lendale,
common

1903.

Collins' joined

First

CITY—

BY___

STATE.—

__!___

DATE——

—

—t

Volume 192

Number 6004

...

Supplement to The Commercial and Financial Chronicle

Thursday, November 17, 1960

■PP
'■M

Jack

Love, Dominion Securities Corpn., Ltd.; Barney Nieman, Carl Marks
Inc.

Finlayson,

(New York);

Royal

Bank

Co.,

John Baird, MacTier A Co., Ltd.

Canada;

Bell,

James

Richardson

Walter

Downs, W. L. Latimer Inc.; Jerry Laberge, Dominion Securities Corpn. Ltd.; Don McKenzie,
Kippen A Company, Inc.; Mike Schewchenko, W. D. Latimer Inc.; Harry Askew, W. D. Latimer Inc.

Sons

(Toronto); Floyd Innes, San Life Assurance Co. of Canada; John Ledoux,
James

Richardson

Ross

Sons

McCulloch, Royal Securities Corporation Ltd.; Bob Smith, Bache A Co.; Herman Shapiro,
A Co.; Chet Burley, Bache A Co. (New York City); Lloyd
Sampson, Bache A Co.;
Harry Shapiro, Bache A Co.; Fred Watt, Bache A Co.

Bache

<;<

■■■

•:

•

'<
>

J
,

•

;

■

l|| |C;

IJSr

\jw

]

M.I
\
M

Greenshields & Co Inc

Ostiguy, Morgan, Ostiguy A Hudon Ltd.;

Weir, Incorporated

Fremont Robson, McLeod,

Young,

(New York City); C. J. Oates, A. E. Ames A Co., Ltd.

MONTREAL

Investment

TORONTO

Dealers

NEW YORK

QUEBEC
507

PLACE D'ARMES

OTTAWA

MONTREAL
WINNIPEG
SHERBROOKE

Affiliate:
Greenshields & Co

LONDON

Don

Malcolm,

National

Trust Company; Tony

Peter Dixon, A.

Hedge, National Trust Company;

E. Ames A Co., Ltd.

(N.Y.) Inc

Thursday, November 17, 1960

Volume 192

Number 6004

...

Supplement to The

Commercial and Financial Chronicle
a

Thirty-Third Annual Dinner
Brokers Iii

Canadian Securities
EXECUTED

ORDERS

CANADIAN STOCK

THE

EXCHANGE

MONTREAL STOCK EXCHANGE

LATIMER INC.
MEMBERS

MONTREAL

EXCHANGE

STOCK

CALGARY

CANADIAN

STOCK

EXCHANGE

607 St. James Street W., Montreal, P. Q.

Telephone University 6-8763
Wire
W.

Connection

LATIMER

Toronto,

Guy

Ont.

DOWNES

Underwriters and

Hudon, Morgan, Ostiguy A Hudon, Ltd.; Bellman Mason, Mason A Crysdale Ltd. (Toronto);
Mickey McBride, Midland Securities Corpn. Ltd. (Toronto); Andrew Armstrong,
Graham, Armstrong Securities Ltd.

ASKEW

Distributors

Government—Provincial—Municipal—Corporation—Religious

Eric

MONTREAL

BONDS

Markets

Wright, Geoffrion, Robert A Gelinas Co.; Andre Beauchamp, Gsoffrion, Robert A Gelinas
Claude Boulanger, Guest; Bill Coleman, Burns Bros. A Denton, Inc. (New York City)

Co.;

STOCKS

maintained

all classes of

Canadian

external and internal bond issues.

Stock orders executed
Stock

Exchanges,

the Montreal and Toronto

net New York markets quoted
on

Lucien

Cote, Morgan, Ostiguy A Hudon Ltd.; B. Normandin, Assistant General Manager, Provincial
Banh of Canada; Bruce Kippen, Kippen & Company,
Inc.; George Vilim,
Morgan, Ostiguy

request.

Hudon

Ltd.

Direct private wires to

Toronto, Montreal, Ottawa, Winnipeg,
Calgary, Vancouver, Victoria and Halifax
BELL SYSTEM

TELETYPE NY

1-702-3

Dominion Securities Grporation
Associate Member American Stock Exchange

Boston

London, Eng.
Ottawa

Calgary

Toronto

40 EXCHANGE PLACE, NEW YORK 5

Montreal

Telephone WHitehall 4-8161
Canadian

Halifax

Affiliate
and

—

Member

Canadian

Stock

Winnipeg

Toronto.

Montreal

Vancouver

Exchanges

Victoria

BELL, GOUINLOCK & COMPANY
LIMITED
Members The Investment Dealers Assn. of Canada

MONTREAL

Bruce Townley, Toronto Dominion Bank (Montreal); John
Ballard, Toronto
John

Dominion Bank (Montreal)
Donaldson, Mills, Spence A Co. Ltd. (Montreal); Peter Sutton, Mills, Spence A Co.
Ltd. (Toronto); John Aikman, Van Strum A Towne
(Montreal)

TORONTO

CANADIAN

INVESTMENT

SECURITIES

AFFILIATES

BELL, GOUINLOCK & CO.

LEGGAT, BELL, GOUINLOCK

Incorporated

LIMITED

74 TRINITY PLACE

Members Montreal Stock Exchange

NEW YORK

Montreal

Dick

Chamberlain, Nesbitt, Thomson A Co., Ltd.; Jerry Barry, Nesbitt, Thomson A Co., Ltd.; Craig
Malcolm, Nesbitt, Thomson A Co., Ltd. (Toronto); Donald Schaefer, Nesbitt, Thomson A Co., Ltd.

Volume 192

Number 6004

...

Supplement to The Commercial and Financial Chronicle

Thursday, November 17, 1960

Friday, November 4, 1960

John

Scholes, Royal Trust Company; Robert R. Sale, Walwyn, Stodgell & Co., Ltd. (Toronto);
R. S. Phillips, Standard Life; Dominik Dlouhy, La Maison Bienvenu,
Ltee.; H. W. Miller,
W.

Miller

Co.

Edgar Hill, Royal Securities Corporation Ltd.; Jim McLaughlin, Wood, Gundy
Co., Ltd.; Don Erwood, Harris & Partners, Ltd. (Toronto); Stan Kimber,
Mills, Spence & Co., Ltd.

«ft

Allan

mmmm

Chippindale, Calvin Bulloch, Ltd.; King Doody, Sun Life Assurance Co.
Canada; Hector Vidricaire, James Richardson <ft Sons; Don Kerlin,
Montreal

Keeley, McLeod, Young, Weir & Company Ltd.; Kenneth A. White, Royal Trust Company;
M. Grills, McLeod, Young, Weir & Company Ltd.; Ron Cairns, McLeod, Young, Weir <ft
Company Ltd. (Toronto); Bill Marshall, McLeod, Young, Weir
Company Ltd.

Trust

Company

Geoffrion, Robert & Gelinas, Inc.
Members Investment Dealers'

Ass'n

of Canada

INVESTMENT DEALERS

Geoffrion, Robert & Gelinas, Co.
Members
Montreal Stock

Canadian Stock Exchange

Exchange
Toronto

507

CANADIAN

SECURITIES

Place

Stock Exchange

d'Armes, Montreal

Montreal

Chicoutimi

Quebec

complete facilities for Canadian
stock and bond

trading

Nesbitt, Thomson and Company
Limited
Members

The

Investment

Dealers'

Association

Head Office: 355 St. James Street
Branches in the

James Richardson &Sons.Inc.
14 Wall Street

Investment Securities

W., Montreal

Nesbitt, Thomson & Co.
Members Montreal Stock Exchange
Stock

—

Toronto Stock Exchange

Exchange

N. Y.

Telephone
DIgby 9-2850

Canada

principal Cities of Canada

Canadian

New York 5,

Canadian Affiliate

James Richardson

& Sons

Nesbitt, Thomson and Company, Inc.
25

Established 1857

140

Broad

Federal

Street, New York 4,

N. Y.

Street, Boston, Massachusetts

Serving Investors Across Canada
Direct wire connections between
New

York, Montreal, Toronto, Ottawa, Hamilton, Kitchener,
London

(Ont.), Winnipeg, Calgary and Vancouver

Thursday, November 17, 1960

Volume 192

Number 6004

At The Ritz-Carleton

David

Jim

Curry, A. E. Ames A Co., Ltd.; Michael Wetmore, A. E. Ames A Co., Ltd.; Gordon Hodgson,
Montreal
Trust Company; John Saint-Pierre, Graham, Armstrong Securities
Limited

Carnegie, Wisener, Mackellar A Co. Ltd. (Toronto); Tom Ormesher, A. E. Ames A Co., Ltd.
(Toronto); Michael Curry, A. E. Ames A Co., Ltd.; Gordon Bales, A. E. Ames A Co., Ltd.

Boland,

Bank

Canada;

Rodolphe Casgrain, Casgrain A Co. Ltd.; A.
Crysdale, Mason A Crysdale (Toronto)

Clark,

Bank

Canada;

...

Hotel, Montreal

Stewart, Midland Securities Corpn., Ltd.; Lloyd Whitten, Montreal Trust Company;
Hildebrand, Montreal Trust Company; Bud Roberts, Midland Securities Corpn., Ltd.

Den

Keating, Dominion Securities Corpn. Ltd.; E. A. Hayhurst, Sun Life Assurance Co.; James
Henderson, Dominion Securities Corpn. Ltd.; Ben Scott, Dominion Securities Corpn. Ltd. (Toronto)

Seymour,

Greenshields
Greenshields

Ouimet,

Dawson,

Canadian

Burns Bros. A Denton, Inc. <New York City); Bill Coleman, Burns Bros. & Denton, Inc.
(New York City); Andre Tetrault, Burns Bros. A Denton, Ltd. (Montreal); E. W. Turner,
Burns Bros. A Denton, Ltd. (Montreal)

Bruce

Jim

Turgeon,

Terry Stott, Greenshields A Co. Ltd. (Toronto); Lloyd Garrett, La Maison Bienvenu, Ltee.; Jan
Hertog, Greenshields A Co., Inc.; John MacKenzie, Greenshields A Co Inc.

Commercial and Financial Chronicle

William

Peter

A Supplement to The

A
A

Hannaford
Bank

Co
Co

Inc.;
Inc.;

Co.

Commerce;

Kitchin,

Leonard

Ltd.;

George

King,

Besant,

Mulligan,

Imperial

Bank

Goodbody

Ames

Nesbitt,

Trust

Co.

(New

Co.,

Thomson

Company;
York

Ltd.;

Co.,

Henri

City)

Bird,

Ltd.

Peet,

Hummel, Bank of Nova Scotia; Ken

Bell, Bank of Nova Scotia; Rene Ruel, Bank of Nova Scotia

Volume

192

Number 6004

The Commercial and Financial Chronicle
MQftcn

0ur Reporter

available

are

foreign

"Junior"

coun¬

tries.

Foreign Interest Rates Being
Depressed
The

BY JOHN

reduction

CHIPPENDALE, JR.

not

was

since

opinions

though

the

election

that,

now

matter for

the records, it is not
expected that the money and
tal

markets

will

much in
between
now
very

capi¬
influenced

the

interim

period

and

Inauguration
Day by other than the usual
op¬
erations
Board.
in

the

Federal

face

the

that
will

the

what

mand

ease.

ad¬

that the seasonal
be met very

will

intervention

Reserve*
rates

This likewise

ply

market

some

market

circles

that

the

operations

not

there
the

only

further, in

gold

light

because

tractive

the

short-term

the
more

rates

loss
at¬

which

until

operative
is

Central

Bank

objective,

while
the

will

is one of the
prime
the interest which
is

ship funds

United

return

course, is to
down to levels

make

States

un¬

for

Naiditch
staff
207

has

been

Naftalin

South Sixth

added

BEVERLY
D.

Chandler

Co.,

shire Boulevard.
has

been in

ness for

the

Co.,

Mr.

John

Keenan

credit

tinuing

the

than

Inc.,

Street.

"now

are

bers of the New

change.

Mr.

merly with

First

con¬

sup¬

Result

Viewed

Calmly

The money

and capital markets
appear to have taken the election
of a new President of the
United

States

pretty much in stride. To
there has
been
some
backing and filling in prices of
the
intermediate and long-term
be

sure,

obligations
fair

because

amount

in the market

there

still

professionalism

action of these

ob¬

ligations. On the other hand, there
is

evidence

that selected medium

and

long-term

still

baing

who

are

governments

are

bought by investors
making maturity com¬

mitments.

These

growing

and,

interest

rates

purchases

with

the

are

trend

decline,

amount

is evident that these
commitments
which have been maie over a
pe¬

riod

time,

and

now

fairly sizable positions, have not
been and are not
likely to be a
burden to their

owner

the

standpoint
yield.
It

indicated

buyers of these
have

been

from either

price

that

and/or

not

few

government bonds

able to get

their v o!d-

ings of selected issues

to levels

that

very

satisfactory

sido.

considered

are

much

the

And, ;-in

view

the

belief

free world interest rates will
tinue to decline,

they

adding

these

will

t*>at
con¬

still

securities.

Fed's "Bills Only" Policy
Questioned
The "bills only"
policy of the
Federal Reserve Eoard is still tie
subject of a considerable amount
of

conversation,

the

election

President of the United States. It
is well known that the
securities purchases

tary

authorities

for

the

influencing the flow
and

out

not

been

the
too

purpose
of funds

money

well

mone¬

by,
only certain members of the
Congress, but also by the Presi¬

dent-elect. There is no doubt but
what the way in which
open mar¬
ket operations will be handled
in
the future will be the
subject of
on

discussion from here

in.

The

use

fluence
markets

the
in

"bills

only"

in¬

money
and
capital
the opinion of some

money market specialists
the most effective
way

the economy can
believed that the

obligations in

be
use

not

which

helped. It is
of

long-term

open market opera¬

tions will have a faster
and more
effective influence on the
business

The atomic submarine U. S. S.

global

recently made naval history, is equipped with
reactor cable which
provides for the
functions of power
supply, position indication and

critical

nuclear

temperature control.
States

Navy Photograph

fighting fish
Triton, whose underwater

voyage

Anaconda

market

taken

not

considerable

Power for

.'i

shojrt-term

of the

has

Official U.S.

especially % since
Kennedy as

Mr.

Developed in cooperation with United

Navy engineers, similar cable serves aboard all of
the nuclear submarines thus far built
in this
country. In
addition, uranium serves as the life-power of these manmade

fishes—power enough to propel the Triton approxi¬
mately 60,000 miles without refueling! Today, Anaconda
is the nation's
largest producer of uranium oxide concen¬
trate, from which this super-fuel is made.
But nuclear
energy has other vitally important applica¬
tions, notably for peaceful purposes. Uranium
concentrate,
product of Anaconda's uranium
ore-processing, is com¬

years. And it's happening now! At
Shippingport, Pennsyl¬
vania, the Duquesne Light
Company's remarkable power
generating plant utilizes a million of these pellets in a

setting operation which

pace-

creates

bright pattern for the
future. In the
meantime, uranium makes life safer for most
of

through radioisotopes which contribute much towards
better products, better
health, and which may help to pro¬
vide better food.

Through its millions of tons of uranium ore
reserves,
through new copper sources such as the new El Salvador
Mine in Chile, and
through constant product research and
development, Anaconda serves the nation in peace—and

much

set

for almost

electricity

year.

Two dozen would furnish

average

home would

use

in three

inj

the pursuit of
peace.

^
60188

pressed into tiny ceramic pellets, each not much
larger than
an
aspirin tablet. The energy from one such pellet could run

AnacondA

mem¬

Ex¬
for¬

•

being watched very
closely to see when and if bond
maturity issues will t be bought
by the Federal Reserve Banks.
Election

was

Cleveland Cor¬

poration.

plying the wherewithal to the
member institutions of the
system.
This recent change in
money mar¬
ket policy is

Murch

York Stock

Mundzak

buying

Treasury bills in

—Edward

with

the

Inc.

(Special to The Financial
Chronicle)

CLEVELAND, Ohio

easy
side.
that the sup¬
ample. And the

Banks

Co.

Now With Murch & Co.

the

program

formerly

and Oscar Kraft & Co.

tending to keep

Reserve

Co., Inc., Hanna Building,
the

Wil-

investment busi¬

the

9808

Hansen, who

many years, was

Mundzak

HILLS, Calif.—George

Hansen has become associated

with

feeling,

reasons

MINNEAPOLIS, Minn,—Ernest

the

available in foreign coun¬

tries.

Naftalin Adds

worth

money

appearing in
intermediate term obligations.

the

gold from

because

appears

among
most
experts that such

ment has been made.
This

venture

not

Day,

now

dertaking is only a matter of time
after the
change-over in govern¬

being undertaken.
The

inauguration

agreement

free

in¬

term

after

market

world movement afoot to
push in¬
terest rates
down, but also a co¬

which

they may be modified, if

there

would

intermediate
most likely wait

Janurary 20. There

district

watched very closely for ways

are

which

selected

issues, will

develop¬
growing

financial

bring ratfes abroad

how

With Chandler Co.
(Special to The Financial
Chronicle)

refund¬

means

Federal
other

use

obligations only. It is

money

West

"junior

de¬

Banks

money markets is

interest

the

so-called

ing" operation,
volve

the

unexpected

Federal Reserve System should be

Refunding

readily.

Massive

Federal

open

any

rates

dition, there will be enough credit
available

the

one

going

would

also the contention in
of

it is believed

pattern of
be

than

short-term

interest

economy,

still

Reserve

pattern

German bank rate from
5% to 4%
ment

Even

Advance
Proposal

The

&)'

hr*y.

', *

-u'j. LhuLL

.V,

)

(1890)

Anderson Heads
Div. of Fund Drive
and

Fenner

Pierce,

bond reserves should begin
about which stocks are
bargains for new pur¬
chases." Mutual funds associated
with
TDC
include
Corporate
Leaders of America, Nucleonics,

ROBERT E. RICH

Smith

Inc.,

Division of the
New York Arthritis and Rheuma¬
by Edward Allen
Pierce of the same brokerage firm,
is President

who

Foundation.
funds

change

of the

Arthritis

Anderson heads

Mr.

the Foundation's
raise

Money Managers and Merchandisers

1960-61

among

drive to

produce

ex¬

The

held

its

Finance

Confer¬

the

operate

street

money

both sides

heard

—

interesting talk given
W. Crysler, Jr., VicePresident in charge of investment
research for Wellington Manage¬

MUTUAL FUND

Edwin

This

leader

merchandising

panies

for

he told the finance

they

where

tant

com¬

could

While

want.

other

fund

leaders

true

that

have

per¬

formed similar chores

Incorporated
Investors

before, Mr.
Crysler's case was presented with
the kind of research, statistics and
insight that merits our attention.

EST.1925

A mutual fund investing

in a

for

list of securities selected

possible long-term growth

For

ference he had
the

this*

Income Fond
A mutual fund investing
q

list of securities selected fof
current income.

A prospectus on each fund is
from your

investment dealer.

THE PARKER CORPORATION

200 Berkeley Street, Boston, Mass.

Thus,

that

funds

one-half

from about

Their

and

one

half

the

are

billion

dollars.

alone

that

funds

gen¬

finance

companies

developed that these
funds
held
$278,000,000

finance

company

their

Investing in

common

stocks

selected for possibilities of growth
in income and capital
over

assets.
—

The

three

Massachusetts

His

secu¬

largest

Investors

ileges,
most

not

are

funds.

learned

from

INVESTMENT FUND,*
A balanced investment

in bonds, preferred stocks and

from

Mr.

operate,

prohibition

indeed

Of the dividends declared by this
closed-end company,

designated

some

investment

funds

income

ments.
35

This

cents,

such

holding

Frank

than

portfolio (of which 5.8% are
holdings in domestic companies
and 4.2% are in British steel com¬

addition

cents

in 1959.

Trust Co.
elected a
of the advisory board of
Bank

American

any

Townsend

and

vestment
in

order

fund

STOCK FUND,

that

"we

in¬

need

•

The

of mutual
year

ago

prosper

mutual

clared

you

pay,"

our

said

he,

investment

reverse

time

Damroth

group

funds, that well over a
began taking profits in
and
moving the
into

grade bonds
begin to
policy
soon.
"The
high

governments,
this

may

be near," said John M.

Investing for long term growth

economic

Affiliated
Fund

request

•

Elizabetti, New jersey

Abacus Fund

2/100ths

York

—

Atlanta

—■

Chicago

—-

Los Angeles

—

135 S. La Salle St..

the

Chicago 3. Dl

of I860.

Dec. 15,

paid

dividend of

common

stock of Gatineau Power

attributable

in June,

first

the

half

1960, bringing the jtotal dividends,,
paid for the year to 1720th share
Gatineau.

•'!:

Gross income of Waddell & Reed,
Inc.

subsidiaries,

and

principal

underwriter and investment

man¬

consecutive

for the United Funds group

ager

quarterly dividend

before, but
higher expenses resulted, ; in re¬
duced net income, the annual re¬
port showed.
31

Net

over

year

for

income

the

year

14c

realized

profits,

securities
De ember

of record

48c

from

payable
to stock

distribution

was

from net invest¬

suare

income, and

ment

$1,014,642, equal to $1.07 a share
on the outstanding 844,200
shares
of common stock after" preferred

1960

28,

November 30, 1960.
L.

WALTER

MORGAN

President

ier.
Income from sales of the various

after

funds

salesmen's

com¬

Investors!

missions, plus advisory and man¬
agement fees, aggregated $8,240,687, up3 from $7,825,963 a year
earlier.

Investment

research

supervisory,

and

sales

and

from

Balanced Fund

$3,-

Investing in bonds,

sharing trust

preferred, and common
stocks for current income

contributions and interest income,
the; earnings
before taxes
and

interest

minority

and

possible growth of
principal and income

$2,377,644

was

against $2,663,339.
❖

;

HOWARD'

EATON &

ad¬

expenses

$2,766,049

After profit

351.858.

CONSIDER

ex¬

fromv $2,125,125

rose

ministrative

...

since 1932

Sponsors

Nucleonics,

Chemis¬

Stock Fund

try & Electronics Shares has pub¬

pocket-size

It
on

power

Investing primarily in

contractual

measures

selected

the effect

and income
...

account

of the

three

since 1931

cap¬

science

Joins Shear son, Hammill
LOS
L.

ANGELES,

Hamilton

I Prospectuses

(Special to The Financial Chronicle)

has

become

con¬

Shearson, Hammill &
He

your

Francisco

formerly

Winston

with

Co., Inc.

Thomas

Jay,

available from I

Investment Dealer or

EATON

Calif.—Kenneth
I

& HOWARD, Incorporated
24 Federal St., Boston 10, Mass.

JI □

BALANCED FUND

□ STQCK FUND

Name.

Address

San

possible

growth of principal

investment record

of the fund. It also features

common

stocks for

the dollar's buying

the past two decades

over

shows the

and

was

New

each

Co., 520 South Grand Avenue.

Lord, Abbett & Co.

Incorporated

ospectut from your dealer o»

Selected Investments Co.

Gati-

to stock of record Nov. 21.

nected with

Hugh W. Long and Company

fT:c- iwfc.t

growth industries.

objectives of this
Fund
are
possible long-term
capital and
income
growth for its shareholders.
upon

man¬

is payable

dividend

sule

Common Stock Investment Fund

Prospectus

stock

utable to the second half
The

Investment

Westminster it Parker

Co.

of inflation

AMERICAN

855,716 shares of common stock of
Abacus Fund outstanding, attrib¬

salespiece.

development.

closed-end

common

Power

neau

lished

fields of scientific and

Soup,

«ijl

may

[possibilities in securities of companies|
in many

ivlTI

dividend of 3/100ths of a

increased

stocks

proceeds
and

Fund, Inc.

-f

Templeton,

common

investment managers."

"The
"the

returns

Growth

innBil

agement investment company, de7-

the

resources

Build¬

He was formerly with Divi¬
Securities Company.

$2,418,543,

the kind of interest rates and

DIVERSIFIED GROWTH

Investors
portfolio
the
quarter
include:
Telephone & Telegraph

Abacus Fund,

penses

own

dend

Foods,
Leesona
Corp.,
National Biscuit, Procter & Gam¬
ble and R. J. Reynolds Tobacco
Co.;
:• :
'A
^ \
•/.
vA

member

corporation. He ended up by
saying that he hoped sales finance
companies would continue to pay

ing.

General

of New Jersey has been

one

Wulff, Hansen & Co., Russ

Financial Corp., Coca-Cola,

C.I.T.

of any class of a company's
securities and investing more than

stocks.

added to the In¬

Bordon Co., Campbell

Co.,

5% of their

common

bonds,

British

securities

corporated

FRANCISCO, Calif.—Peter
has joined the staff of

Economos

present.

top holdings at

SAN

(7%) round out the

and railroads

other

(8.3%)

utilities

Public

panies)..
five

invest¬

Allen, President of the

Maplewood

10%

10% of

steel, which comprises

the

Joins Wulff, Hansen
(Special to The Financial Chronicle)

dividends, compared with $1,199,net 654, or $1.26 a share, a year earl¬

1960 total to

brings
*

the

from

and

gains

same as

second

10 cents was

payable

from net realized

F. Swift & Co., 490 Cali¬
Street, members of the Pa¬
cific Coast Stock Exchange.:
Mr.
Miller was formerly with Francis
I. du Pont & Co.

of Henry

fornia

investing companies, showed an
increase in the fiscal year ended

share, payable

liam A. Miller has

only to electronics holdings which
account for 13.1% of total invest¬
ments. The next largest holding
is

FRANCISCO, Calif. —Wil¬
joined the staff

SAN

Dec. 16 to stock of record Nov. 25.

of view."

Crysler mentioned

(Special to The Financial Chronicle)

portfolio, making them

the

dividends

declared

Corp.

the restrictions under which funds

generally

mar¬

similar instruction.

United

only frac¬

most

income point

money

benefit

could

totaling 25 cents

higher than the yields
generally available on good grade
bonds and consequently preferreds

DIVERSIFIED

the

Funds Report

that

fashion with
explained: "Pre¬

which

ket,

attractive

sensitive to

less

tionally

not

There are
of industries,

praiseworthy.

With Henry Swift Co.

quarter report reveals. Bonds and
cash currently comprise 11% of

Aug.

ferred stock yields are

are

innumerable groups

preferred stocks, aside from those
with conversion or warrant priv¬

the years.

certain to be vital

corporate

funds

also

audience

>s'-

management in the
1960's and Mr. Crysler's contribu¬
tion to helping the money mer¬
chandisers
appreciate the func¬
tion
and
scope
of
the mutual

Trust, Investors Mutual and Well¬
ington Fund — held $207,000,000,
or nearly 75% of all these finance
firm holdings. Mr. Crysler went
on
to break down holdings into
notes, short-term paper, common
stocks and the rest,

York

Attracting mutual fund invest¬
to

rities, representing about 3V2% of
funds

New.

the

ment money is

worth

INVESTORS,

listed

Stock; Exchange, >
*

of substantial size."

dozen

decade—

equal to about 41/2% of

are

stocks

The survey

FUNDAMENTAL

within

rise

the total market value of all such

erally make large commitments,"
said
Mr.
Crysler, "and tend to
concentrate

helpful to

they represent a prime source of
money
for
growing
companies.
Their holdings of common stocks

assets

quarter billion

already have
companies, large

managers

sixfold

sults could be expected to be fair¬

representative.

mutual fund.

and small, seeking capital.
They
figure to loom even larger in the
years
ahead.
With total assets
approaching $18,000,000,000 — a

ac¬

all

range

public stockholders owns stock
Fund

re¬

owns

Indeed, one of

fund.

mutual

been

listeners

his

these

about

stockholders

only in

and

for

truly

funds

list of

mutual fund assets, hence the

count

the

role

public

con¬

of the beginning of

year.

"These

available

compiled

largest mutual

learned

Incorporated

company

their holdings of finance company

securities,

capital and income.

long

finance

the

appreciated.
The
figures,
as
Mr.
Crysler
presented them to the American
Finance Conference, are impres¬
sive enough. Mutual funds have
some
4,500,000
shareholder
ac¬
counts, representing over 2,000,000 shareholders, both individuals
and institutions. One of every six

best

place their securities, which funds
buy what types of finance com¬
pany
securities
and
what
the
funds

kind

the

was

has been aware of
the stockholder, but it is doubt¬
ful that the increasingly impor¬
dustry

did
some
the
mutual

management

money

funds

field

the

end.

Company.

search Investing Corp.

have

public relations chore that is sore¬
ly needed and could stand repeti¬
tion in talks before hundreds of
other business conferences.
In¬

Co.

ment

at¬

closed

especially
by

will

you

Chronicle)

ANGELES, Calif—Richard
F. Haiderman has become affili¬
ated with Dean Witter & Co., 632
South Spring Street. He was pre¬
viously
with
First California
LOS

Electronics Shares,
Lexington Income Trust and Re¬

provided here only
Approximately $9,000,009 in shortthe barest summary of Mr. Crys¬
term
British Government bonds
ler's remarks, which included a
were added to the portfolio of In¬
detailed
analysis of the invest-,
corporated Investors in the three
ment company business, open and
months ended Sept. 30, the third-

Chicago last week. Top execu¬
tives
of
the
country's
finance
companies—the money merchan¬
disers who

suspect,

money,
tract."

convention

annual

members.

American

ence

Dean Witter Adds
(Special to The Financial

Chemistry

His appointment

announced

was

best

the

Produce Exchange

tism Foundation.

think

Chairman of the

has been named

Thursday, November 17, 1;>60

large

of Merrill Lynch,

H. B. Anderson,

Templeton,, chairman of the board
of
Templeton,
Damroth Corp.,
"when several TDC funds
with

FUNDS

MUTUAL

Chronicle

Commercial and Financial

The

| Address

Volume

192

Number

6004

The Commercial and, Financial Chronicle

(1991)

27
*

PUBLIC UTILITY

the

meet

infla¬

governments
during these
last two years.
If these tax rates

company's

to take

gas rates include,
adjustments provisions

OWEN ELY

Baltimore

Gas

Electric,

with

almost

$180

old-line, conservative utility company. It started as
the first gas company in America
in 181b; and it was also one of the

long term contracts at an average
cost of about 49 cents, and is sold
at an average price, of $1.38. */
The company's common stock

first electric companies beginning
in 1881. The company's sound rec-!

ratio

annual

ord

revenues

indicated

in the slogan—
Century
of Dividends
1910-60—Always Earned—Never
• Reduced.".

"Half

The company serves about

Of the

60%

population of the state,

an area of 2,283 square miles in
highly industrialized mid - Mary¬
land. The territory is well located

with
vvi.Lxi

lcopCti

rials,

manpower

to
t,u

respect

and

■

mate-

markets,

nxaxxvcbc,

niaic-

export-im-

■

trade; in 11 of the last g13
the Port of Baltimore was
the second largest in the nation
in foreign trade tonnage.
port

years

Electricity is served to
lation
to

popu¬

about

1,525,000.

1,850,000 and gas
The company has no

competition

co-ops

mu¬

tricity accounts for about 68%

revenues, gas 31%, and steam 1%.
Electric revenues are about 35%

residential, 31% commercial, 33%
industrial and 1% miscellaneous;
is 69% residential, 10%

mercial,

19%

industrial

of convertibles and this meth¬

financing has
cessful in the past.
Regarding
&

the
—v.

proved

suc¬

important

ques**

tion of regulation, the company
to '
have been treated fairly
*
1
'
, , « • iby the State Commission although
it
had
to
appeal to the State
Courts in order to sustain the rate
increase
lowed

mission
a

two

about
years

allowed

$10 million al¬
The Com¬
6V4% return

ago.
a

fair value year-end rate base.

The initial appeal against the

cision

held

should

not

that

have

the
used

rate base and while

de¬

Commission

year-end

lower court

agreed, the State's highest Court
upheld the Commission, indicat¬
ing that it should be allowed dis¬
cretion

com¬

to the means

employed

have

for

Gas

some

Electric

the

second

$1.45

half

with

1960

(as compared with $1.41 in
1959).
These figures were ad-

split-ups in 1950 and
company's accounting is

for

justed

1959. The

conservative

been

talk

the

New

York

Security Analysts that
in

Society
an in-

of about

revenues

5.3%

their

income.

intended

such

use

funds

the

Based

ffrsTvear' of"two'off7cerT

estimated

1960

following order of priority:
(1)
Repayment
of
bank
loan,
$5,000; (2) Pay salaries, during the

earnings

operating

A/Tol^r\v»

IV. IVldllfc/I

•

ratory

$123,000.
matelv

the

common

and

sale

Build and equip

(5)
the

land

purchased,

The balance of approxi-

$45 900

working

will

stock

adder!

added to

canital

Avionics

of Cryogenics, Inc., at $2 per share.
Cryogenics, Inc., incorporated in
Florida on May 9, 1959, intends to
engage in the design, development,
manufacture

during
the
(4) Purchase prop¬

research and development labo¬

LryOgeillCS UOHl.

ad-

and two techni(3) Provide other

expenses

$32,000;

erty, .$6,600;

Dclio

•

one

enginee?

ditional
cians, $55,000;
year,

000

Regarding the outlook for 1961,

selling recently around 26
(range this year about 30^-24)
and pays $1 to yield about 3.8%.

does

President Wolfe stated recently in
for

intends to sell for the main

income, tax return.
:

com¬

receive, after
payment of expenses, $267,500. It

has

not use a On Nov. 11, 1960, John R. Maher
construction, Associates,
32 - Broadway,
New
or accelerated depreciation in its York City, offered and sold 175,—

credit for interest

the

The company will

esti¬

for calendar

which

products

source

average,

mated

the

pany

seek

t0^5„cenlin t1954' Howev.f> the price-earnings ratio would
"uTJapproximate 18^ orslightly above
gain in earnings has been larger the industry

crease

seems

from

nicipal plants in its area, and em¬
ployees are not unionized. Elec¬

gas

as of Sept. 30, I960 was 41%
somewhat above the industry
average, and it appears unlikely
that no equity financing will be
required before 1962 (and could
then be accomplished, if desired,
by forcing conversion of deben¬
tures). The company favors the

use

increasing share
76 cents in 1949

earnings—from

capacity. Natural gas is purchased
from the Columbia Gas System on

million, is

made

was

increased

may

Baltimore

During the first half of the past
moderate
only
progress

Company

further rate relief."

of natural gas.

decade

Baltimore Gas & Electric

further

are

year

of changes in the cost

care

4 *

State

tion, attrition and regulatory lag.
The

automatic

SECURITIES

problems

pAYV.mAn

Vo'OITllTlOri UII0I0Q
Planned Investing Corp.

instru-

New

is forecast for next year compared ments and instrumentation sys- York City and Fidelity Investors
with an estimated gain of 4.4% terns for the handling and control Service, East Meadow, L. I., New
for i960. Some costs will also be of Cryogenic materials. Such ma- York, are offering 150,000 shares
higher — depreciation, property terials usually refer to gases which °f fbe 10°. Par common stock of
taxes and wages. He stated:
have been liquefied by cooling to White Avionics Corp. at $2 per
"Whether we can produce ade- the range of
Cryogenic tempera- share,
quate earnings in 1961 without tures. This range is arbitrarily deThe company, located at Termiadjustment of our service rates, fined as —150 degrees F. to —460 nal Drive, Plainview, L. I., New
.

....

too

return
the

early to

has

last

were

our

utility

adjusted,

1958; but the slippage has been
bit less than the effect of just
one

factor

degrees

imposed by

increased

our

tax

the

York,

established

competitive

It will probably be compet-

ing

with

Sept.

considerably

several

used

for

corporate purposes,

This offering

posi-

tion.

and

aircraft

inctrnmpntatinn

proce^ds wfu

The

has^iAistory'of earnings^nd general

and
no

manufactures

miscilp

The company is new in the field

slipped slightly since

price schedules for

services

„

Our rate Of

Say.

was

registered on

refiling of

issue

originally registered with the SEC

rates

larger, well established companies

City, County and

which are not dependent upon sale

drawn.

June 6 and subsequently with-

and

•miscellaneous.
While

Baltimore

does

enjoy a market rating as a
"rapid growth utility," Maryland
has
been
showing
excellent
growth with a population gain of
31% in the past decade compared
with the national average of .18.
Moreover, the census projection
for the coming decade is a gain
of 45% with Maryland continuing
to rank third highest in rate of
gain among the larger states. Kwh
sales have been doubling about
decade

every

the

over

in
in

November 8,1960 was also election

monwealth

past -40

duction of natural gas.

planning

The

day for Puerto Rico. It selected its Governor for the

Rico take in their democratic

its

Two

The

been

rest

the

The

world.

American

Smelting

new

of the United

States,

effective opposition.

any

other status would be

8
I
:"S:
m

Republican Party, with 32% of the

the 51st State, and the

Two

plants
of
Kenne-

early attainment of federated

minority parties together polled less than 10%

in 1960 with the support of the

and

cured

less

than

Party, formed

Catholic Church,

se¬

of the vote. The Independence

Party, favoring an independent republic, reached its

peak in 1952 with 20% of the vote, and has since de¬
clined to

3% this

year.

With each of these two minority parties having
than
1964
*

■—10% of Total Vote

Fort

Political

Meade,

Aberdeen Proving Grounds. EdgeU.

Formed 1960

less

10% of the vote, neither will now appear on the
ballot, without first qualifying new signatures

equal to at least 10% of the total vote cast this

year.

Government's

operations .include
wood

of the total vote. The Christian Action

sembly plant in Baltimore and is
now
doubling its size; Westinghouse has several big electronics
plants.
The
city has
numerous
chemical plants and is important
in
other diverse lines,
many
of
which are being steadily expand¬
Federal

under

statehood.

Copper.; together
represent
the largest electrolytic copper re¬
fining operation in the country.
General Motors has a large as¬

The

Popular Democratic Party, with

The Statehood

cott

ed.

vote, favors and promotes establishment of Puerto Rico

recent years, and each of them is
now one of the largest of its kind

unrealistic for many years.

and

expanded

and for the best interests of both Puerto Rico and the

capacity by another
large
stainless steel
greatly

next four years,

over 58% of
originated and supports the Commonwealth
status, believing that, from an economic point of view,

operations—Armco and Eastern—
have

the vote,

plans
have just been announced to in¬
10%.

l;;

strong two-party system, resulting in firm and stable

leadership balanced by

Point has become the largest steel

ingot

•

Puerto Rico operates, for all practical purposes,
a

continuing increase in the local
operations of the Federal Govern¬
ment.
In recent years the Beth¬
lehem
Steel
plant at Sparrows

crease

•

right to exercise the secret ballot in their political decisions.

country,

•S:

stems

the

i
■

high percentage of voters who went to the polls (83% of those registered) and the high percentage
of eligible citizens who registered (84%) demonstrate the vital interest the American citizens of Puerto

■

Legislature, and its local municipal officials.

largely from
heavy industrial expansion as well

plant

Congress, its Senators and Representatives to the Com¬

utility plant nearly 50% in the
five-year period 1960-64 which
will involve a total expenditure
of over $250,000.
>
Growth

The

com¬

increase

Dynamic Puerto Rico

its Resident Commissioner to the United States

and gas sales quadrupled in
past decade, following intro¬

pany

Action
•

years

the

'■f'f/VTT

not

stability,

one

of the prime requisites of

demonstrated in Puerto Rico.

Army Chemical Center, the
Naval
Academy, the big

Both
differ

headcuarters of Social Secu¬

Only

declining, and

sound, attractive investment climate, is outstandingly
now

insignificant minority party favors independence.

major parties hold maintenance of permanent ties with the United States as a basic principle, and
only

to the form which that future political relationship should take.

rity and facilities for the Nation¬
al
.

Security Agency.
The

ing

company's
plants
have

about

1.1

HHated

Peak

less1

load
than

generat¬

capacity

:g;

Government Development Bank for Puerto Rico

million kw, and the af-

safe

Company
plants

:*>

steam

Fiscal

Harbor Water Power

has

400,000

hydro

P. O. Box

the Susquehanna River.
last
the

year

steam

slightly
generating

was

***•"*•*

Agent For The Commonwealth of Puerto Rico

4591, San Juan, Puerto Rico

45 Wall Street, New York 5, N. Y.

I
a

The Commercial and Financial Chronicle

(19C2)

Continued pom page

this problem, I

think that

meantime, these necessary to ^go
former trustees will constitute an mfn;a;a in.or.er.

advisory committee. Incidentally, what the basic issue is and what locked in, unless they are willing
might be of interest to know j^&nt be done about it. The need to build up surplus accounts sufwho sparked this suggestion — it tor liquidity arises because a sav- ficiently to be able to absorb sewas several of the elderly trustees
J*1©3 bank must meet its obliga- CUrities losses in a depressed mar-

banks system

themselves.
v

^
ket
include net deposit withdrawals

More Public Accommodation

and

Branches

'Also

offset against cash disbursements

the last session of the New York

to meet the current expenses of

State

legislature, a law was enacted permitting commercial
banks, savings banks and savings

uP^ration.
This liquidity is^ provided by a
number of different sources, which

and loan associations in New York

might be classified as internal and

York City.

City to open public accommoda- external. From the standpoint of
tion offices within 1,000 feet of fhe internal operations of a sayany
banking
office
they
now mgs- bank, liquid .assets include

balances with hanks and
other assets which are readily conposits,
permitting
withdrawals, yertible into cash at little or no
Accepting loan payments and cash- loss.
offices

These

maintained.

in function to

limited

that there

greater need

an even

for such facilities in

were

taking de-

number of

upstate communities, particularly
where parking or drive-in facilities are not available in the vicin-

ity of existing banking offices, and
where continuing growth of the
business sections in such areas has

and inconvenient.
Let

now

matter of

Federal Reserve

1951, ■the

the pi ices of gover
w

time could properly as u

tha

importance,

Uttleoi^
loss.
Reserve
annrnnriJ+f S

.f^t-term^securities,

prevailing
P

and

Problem of Bank Liquidity

hence

reliable

for

liquidity

purposes
,

slowdown

posit inflow

savings

de-

are

-n

somewhat

position

with

less

regard

the

run

time,

present

his bank.

there

appears

little likelihood of any recurrence
of this in the near future in view
current

conditions.

economic

liquidity sources than

are

other

institutions.
commercial banks may rely upon
the Federal Reserve System, which
0f

types

not

apd

after

the

crisis.
.

The

P^it withdrawals were associated

recession or de-

p^sion.» when there was" a loss
of depoaitor confidence

timated

million

$200

either'by

can

deposits

withdrawn from the savings
s
as a result of

the Treasury note issue, and there
were more than a dozen savings

arise.

But however it is handled, I am
proposing that serious considera-

having tion be given to an expanded and

TrShze

not

come

nettPd

savhLs

against

nresent

sinro

exoected

ni]t

seSsment due
ab

thot

rpffarrjed

and
thp

the matters of interest to all
°f us wiH help bring about further

But consider that if

banks

had

blen

pederaj Home Loan

Bank System

Although

to which they can turn

will-

fincufde

posfts

thpir

not

of member

cniirpp?

onlv

extra

liouiditv

reserve

reserve-

the

resources

"Rpcc.rxrp

asan extra

^ookl"g .A the future, more
than $10 million could be added

the

assocYations

discussion and exchanges of viewP°ints on these vital matters,
There is no doubt much difference
of °Pini°n 011 many of these problems. • However, frank discussion
of the issues can help us arrive
at solutions which will be workable and effective from the standpoint of the savings bank industry, while at the same time serv-

each year to this total, assuming

tbe Home Loan Banks do not have

unlimited

I hope that this review of some

ac-

since
npyt

def
but

jng the best interests of the public,
__——

*An address by Mr. Clark before the

deposits remain at present levels. "'>■ A»n„al Convention of the New York

^vings banks were to set

a^dc on amount equal to their
FDIC rebate. Furthermore, on the

basis of these accumulated monies.
even

laiger ciedit line could

ttPii

(inTTTniltPT*

^OllipUiei
....

major

requirement, while

mem-

the resources of the Trust Corn-

bership in the Home Loan Bank

fany aad theudeposit liabilities of
the savings banks.
.
" However, I repeat that one way

WOuld
require
capital
subscriptions ol 2% of the
total
ullpajd principal of home
mortgage loans.
Savings banks

another, if this industry wants
effective source of liquidity, it
must be willing to
set aside
enough in additional funds for

stock

Q+

^the Trust Company even g^e

able

S tofcSI
a

11^.

X-

it will be necessary to make avail-

SYtL kdeSfRes^ve' the

»cost''is the maintenance of

WlttGr InSt&llS

undoubtedly be arranged by the ^OllQ btate
Trust <-:o.mPafiy. at commercial

fucrc than the annual FDIC rebate ln order that there be an
improvement in the ratio between

reserve

try itself.

ha*

w^k

which

for

^t:
D^n Witter

has innounced that the

announcedfnaune

^xa.1 operations of its IBM: 7070

of^re^mm^2^^m^
Jash account work
and cash c i J

of margin and

J^ g

The fully transistorized computer was moved into Dean WitJ,et,s NJew Y,ork headquarters at
2 Broadway last month,

other this purpose. This will require the
Dean Witter now is running
co-operation of all the banks in full volume parallel operations on
are willing some applications. All
the firm's
a fund "can brokerage accounting functions
gage warehousing.
The difficulty be developed over a period of are scheduled to be transferred to
here
is that
commercial banks years so that there will be better the computer from punched card
may not always be in a position insulation against events which, in procedures during the first quarto assist adequately the savings the future, may be even more se- ter of 1961.
banks system in periods of credit rious than those of last fall.
Margin
accounting,
now
perstringency when the commercial
'
.
formed
manually
also
will be

baye

therefore

sources

and

relied

have

frequently

at Prlces at or near par, and per- turned to commercml banks either the system. If they
naps even at a premium,
» through direct borrowing or mort- to do this, then such

magnitude of this problem
The point that I wish to make
think, be appreciated by is that the greatest need for bank
reference to the fact that an es- liquidity
used to be associated
were

This

operate.

acts as a lender of last resort and ing to nlace into the Savings
which*,
tpe, final analysis, has ganks Trust Comuanv even thl^
uniimited resources with which modest amount of the FDIC rebate
to provide temporarily funds for
°Utuey^^wouW^have^acits member banks. The saving! cumulated'bv now an additional
and loan associations have the S7^miliion whi2h couH be iised

the sta- gystem

can,

financial

^oltsot

thejears r

the

before

which

be accomplished

external

that

easing of Federal Reand safety of the banking
serve's monetary policy. However, system. But at such times, interit is most important that we learn est rates are usually low, meaning
ffom past events and that we be- mat aYen
l0Ijg-tel,m government
gin to consider remedial action securities could probably be sold
and

Com-

Trust

hanking institutions. Of course
when we take account of expected
future deposit growth in the savn°mic climate was completely dif- Inadequacy of Commercial Banks ings banks over the next decade

fas,ed

with

favorabie

Many will recall, more vividly perhaps than ffrent from that of the 1930s.
while savings banks are per_
they would like, the events of
sca^s
^any mitted to join either of these
those hectic days. One bank offi- s
1 bea
from having lived agencies, none are presently memcer was quoted in the press as saythrough the Great Depression, it b
:
tbi
gt t
because of the
ing that it almost looked as if « probably fair to say that most
were

purpose

Banks

over

5% Treasury notes.

thfre

Savings

market

open

tYith this in mind, let us turn ajga ^hc very important ability to
the past couple to the events _of last fall which c ^ securities in large amounts on
of years, and even more impor- shook the savings industry per- Jhe
Qpen market at rather favortantly, the high level of gross haps more than any single occurorder to obtain adwithdrawals, have created prqb- ^ence since ^ depression of the dUional fundg to be uged for lend_
lems, one of which relates to li^ Wk
f
+v?a i U3ar ing to member associations. In
quidity. This was particularly em- consequence is • that the large- additi0n, they have a $1 billion
phasized by events of last fall at scale, deposit.'withdrawals of." last
to the U
S. Treasury
the time of the famous issue of the fall came at a time when the ecoThe

the

tbe savings banks place more de- more
effective source to which
In view of these and other con- pOSits wifb the Trust Company or savings banks can turn for liquidsiderations, a great degree of in- by purchasing more of its capital ity purposes, and the Savings
terest has been expressed in pro- st0ck. I am aware that there are Banks Trust Company is the veyiding some external source of some who maintain that it is not hicle through which savings banks
liquidity to help protect the $21 feasible to increase the funds should operate for this purpose,
billion of deposits held in the iodged with the Trust Company If they fail to act, however, and
savings banks system of this State, because of the necessity of in- liquidity difficulties even more
This
is
particularly
important vesting resources in high-yielding serious than last fall take place,
since it would be unreasonable to agsets
order to maximize in- then the State might have to take
expect the management of any in- come f0 meet competitive dividend some action to assure that savings
dividual bank to operate its af- rates.
banks more effectively meet their
fairs as if it expected a crisis to
Trm..pvpv
ic
,winitp
liquidity requirements. As is frepresent itself any day. The man,
f
a'lar^p anri pffprtivp li- Quently the case when the govagement of each savings bank
....
nrMnf f.f
•
" ernment must act, the result may
does, of course, have a responsi- Lnk/and if thp nnpratinn i<? to n°t be completely to the liking of
bility to maintain an adequate
PYLr.^vp
t
moot
nil
the industry concerned. I am not
amount of liquid assets to take bmdditv v-pnuirpmLto
the
?av
suggesting that there is any imcare of the fluctuations in normal }"g*]Sank^
mediate or impending likelihood
day-to-day requirements, plus
?n thP ?nnZ 1 prlhTf of state action in this field- But

to little or no market depreciation

present.

quirement for this

order to enable it to acquire more
that funds if and when the need should

f?r liquidity has assumed greater some outside source of liquidity, comnarativflv nainW w/v of an" that if adequate thought is given
?lgm*lca?£® th^ ,was true dur- it is in this area that further dis- JSm tbs S bf if'Si to this problem an appropriate
the 1940s. Between the early cussion and analysis is called for. proacng
would be if you solution can be forthcoming
f ^?s .jL J?*
oral
t?2cpt*vp
It is evident that savings banks p^jc
assessments
as
"found" through the efforts of the indijis-

•

turn to

gations
re-

namely, the cv enit]heir ho!ldings o
onto
rm
attracting of savings and related United State? Government bonds
problems. It is, of course, comA
mon
knowledge that since 1958 cf asset wh c!h
e®r ° ln__~
savings banks have been less sue- ih^eruto c;ash at
no
cessful in adding to deposits than When
the Federal
rewas
the case in previous years.
p®g
However, there has been some
+w
tendency In recent months for a such a
assumption. Since that
pickup in the flow of funds into time
only
savings banks, perhaps due to the
os
due to matuie w thin one
general,
economic
uncertainties Y
regard d as subject
central

obtain accommodation elsewhere
would be willing to pay the rate,
Sorrie thought might even be given
to the possibility of the Savings
Banks Trust Company itself hav-

^ the heater Need for
S^lfwm be^Sons'In ./* ,
function effec- {he « to consider possible soLiouiditv*
undoubtedly will be occasions in
.
lutions to the liquidity problem is
qa
y* r
the future when it would be use- tiyely. This .dqes not have to be nQW rather than in the wake of
Over the past decade, the need ful to be able to fall back upon be ?one ®radiiariv
some future crisis. I am certain

public access more difficult was pegging

made

whole.

The fjrst and m0st essential

Panybe provided with more funds

>
o

maturingi^rtgage^ commit- Providmg theE^"al Source of
In determining future liLiquidity

me.uts.

Department's legis- quidity needs, banks also take into
lative program is a proposal to account anticipated cash inflows
extend the privilege of obtaining resultmg from mortgage amortizapublic accommodation offices to tlo.n together with income and
banking
institutions throughout principal repayments on investthe State rather than confining ment holdings, and other sources,
in the

them only to New

Thursday, November 17, 1960

back to funda- banks with longer term govern- der that it may more effectively ing the power, on a standby basis,
determine
ment securities will tend to be serve the needs of the savings to issue short-term secured obli-

the

interest rates are low and bond tial base upon which to build. It
prices favorable, but in periods of would seem logical and economiboom when interest rates are high cal to consider the desirability of
or rising and bond prices are sagstrengthening the Trust Company
is ging.
As a result, those savings and enlarging its activities in or-

Savings Bank Liquidity
ments.

whh depressed economic conditions. But this sort of a liquidity

crisis may very well be a thing

of the past in view of the changes banks may be short of funds.
°ther Considerations
handled by the computer and will
m the economic structure and in
There are other matters relat- be Dr0cesspH hv the 7070 in two
City which banking institutions since the 30s. Strengthening the Savings Banks ing to the operations of an en- hm,;Q naiiA hrnirera^ fimrtions
each lost more than $5 million in These changes virtually
preclude
Trust Company
larged and strengthened Saving! exclusive of margin accounting'
deposits because of this. Fortu- any repetition of those events to
Since internal liquidity may not Banks
Trust
Company
which win bG Droce«?sed on the 7070 in
nately, the savings banks had suf- the same degree of magnitude. The be adequate in all circumstances would have to be studied and
than four hours These oneraficient liquidity in the form of existence of FDIC, for
example, and since the traditional forms of worked out. For example, some tions now take two full shiftscash assets and short-term govern- is fairly certain to
reduce, if not external liquidity cannot or will thought might be given to the sixteGn hours
on
the nunched
ments to tide them over this large eliminate, any danger of
panic not be relied upon, then some feasibility of industry-wide agree- pard eouinment
deposit outflow which was con- which occurs when an economic central source of liquidity is nec- ment that a minimum amount of
A.
v
u
u
i
banks

New

York

—

centrated within
one

week.

outflow

period of about crisis shakes depositor confidence
in all banking institution^. Indeed,
nevertheless substan- periods of economic uncertainty

But

was

the extent of the

tial enough to make
and

tern.

for the savings bank

sys-

However, rather than setting
for this purwould we not be better ad-

up some new agency

all pause

pay in fact witness substantial pose.
consider what an increases in deposit inflow into vised to consider the existing far.^
popular Treasury issue, savings banks, as was the case in cility, the Savings Banks Trust
us

carefully

even more
or

essary

some

other

dramatic

event,

ZZsome toe™ Latten"
t

.Because

tme

the

iuiure.

implications

the l953-'54 and 1957-'58

reces-

future, therefore, the most

Company?. with such an institu-

urgent need for liquidity may not more

of be in periods of

for

borrowing- from

already in operaUon,. having

than $250 million in assets, Company,

recession when this certsdnly provides

•

funds, based upon some ratio to
-frnotber. area m which back
deposits, should be required 0f cHicc brokerage procedures will
each savings bank to be held in Rfn,e"J* from tbe
70 s speed is
the Trust Company. Or perhaps that of computing the purchase or
there might be some merit in im- salas of ^luniCipM, bonds. Presposing a graduated interest charge ently» it takes on^ man with a

substan-, in need

Vie

Trust

comouteYuch

transaSion

The

with^fh? T^/t

so that only those most more than 150 a minute.
of funds, and unable to
Early next year, Dean

Witter

Volume

192

Number 6004

The Commercial and Financial Chronicle

(1993)

will

take

delivery

two

IBM

1401

intermediate data processing
systems—to serve as auxiliary to
the larger computer. The auxiliary
system's IBM1 1403 printers will
further

speed

the

preparation of
monthly customer statements, the
brokerage industry's biggest

worthwhile associate in this busi¬

SECURITY ■ SALESMAN'S

ness

why they

the

IBM,

Stock Marketed
Public

offering of 222,500 shares
Cable
Corp.
common
stock at a price of $4 per share
was
made on Nov. 16 by Robert
of

Clark

L. Ferman

the

offered
sold

& Co. Inc.

total

number

are

127,500

for

the

shares for

being
95,000

and

company

the

account

certain

proceeds from

the

sale

its 127,500 shares of common stock
will be used by the company for

general corporate purposes.
Clark

Cable Corp.

sidiaries

and its sub¬

engaged in the

are

tronic, electrical
systems

and

pally for

use

Among

the

subsidiaries

mechanical

princi¬
by the United States

Government.
made

and

components

products

and its
specialty cable

company

are

ing
is

enticing and so is the price
earnings ratio on a comparative
basis. You begin to feel good about
the

stock;

other

replace¬

missiles, aircraft,
naval
vessels,
tanks,
trucks,
ground - to - air
control
devices,
electronic

and

hydraulic

missile

handling systems, hydraulic

power

packages, and jet blast deflectors.
Plants of the company are located
in Cleveland and Detroit.
the

For

May
its

31,

eight

1960,

months

the

of $2,604,000.

ending
and

company

subsidiaries

two

had net sales

Upon completion of

the current financing,

outstanding

capitalization of the company will
consist of 496,600 shares of com¬
stock.

mon

words

you

like it.

soon

begin to like

you

stock and believe in

"ticks"
other

inside

salesman

the

it, something
want

you—you

people to have it too. That's

beginning

take

birth. You then start to do

thing

tangible.

some

customers

check

clients

can

Small

Business

advised

ties
of

find

and
take

useful

security

Cor¬

than

5,000 stock¬
profit opportuni¬

new

available to

tions,

them

liberalization

Business

tax

loss

Things

begin

regula¬

and

larger

letter

stockbrokers

located in the District of Columbia
25

states

sippi River,
that

out

east

George

Allied

ceaux,

loans

SBA's

under

Missis¬

the

DeFran-

President,

regulations Allied
vide

can

pointed

liberalized
pro¬

now

equity capital and long-term
to small businesses having

securities

traded

changes

markets,

whose

stock

ex¬

over-the-counter

public

financing

$300,000 and whose
net income may be as high as a
two-year average of $250,000 per
may

set

you—you

year.

Allied

created

makes

invest¬

You

your

fee

the

mensurate

borrower

the

with

com¬

service

rendered,
and
we
will protect
your compensation for you," Mr.

Smith is

now

heimer

Ohio —Francis

affiliated with West¬

Company,
322-326
Street, members of the

Exchanges.

offered,

activity

erated. Don't play
vest

—

it close to

time

every

and

Cincinnati
was

Co.

Stock

formerly with

you

manufactures

proceeds

fees

$5,500.

Mass.—John

Hanna

has become affiliated with Chace,
Whiteside
&
Winslow, Inc., 24
Federal
New

Street,

York

and

members
Boston

the

Stock

Ex¬

changes.

He was formerly with
Pont, Homsey & Company.

Rejoins Dempsey-Tegeler
(Special to The Financial Chronicle)

towel.

LO$ ANGELES, Calif .—Patrick C.
has

rejoined

Dempsey-

Tegeler & Co., 210 West Seventh
Street.

sold,

are

accountants'

Chace, Whiteside

BOSTON,

industrial

company

after

and

which

(Special to The Financial Chronicle)

Scull

account of the
net

(of

reduce their

Joins

If all the shares offered for the

your

—$213,991.25

attorneys'

$14,500

agreed

controls.

gen¬

help

also

$2,250 has been
paid), printing offering circular, stock cer-.
tificates, taxes and other expenses of the
offering, estimated at $1,000.
If less than
20,000 shares are sold, the attorneys have

in the

electronic

15,000.00

45,741.25

_____

•Including

Brooklyn,

engaged

25,000.00
etc

underwriter's

He has recently been with

Mitchum, Jones & Templeton.

Why You Need —

re¬

HOW TO SELL SECURITIES

you

By JOHN DUTTON
(In Your Business)

have

Inspiration

management

produc¬
organization should be

sales

that salesmen should be in¬

aware

sulated

as much
as possible from
negative motivation. There are so
many facets of this one phase of
the problem (and I am afraid it

too

little

two

increase

and

promotional ideas.

available exclusively from

business

through modern,

—

full of practical and

are

is designed to

proven

investment

selling

proven

John Dutton drew it from the best of his popular

weekly columns in The Commercial and Financial

Chronicle.

You'll

learn about

Obtaining

The initial sales

The final sale

The various

many

that

—

your

selling techniques. Its 25 chapters

client list

few taboos here:

apple

sour

recognized

organizations)

only list

can

approach

infect

can

the

entire

our

down moments but the chronic

barrel.

All

makes

career

have

pessimist is not good for
organization,
particularly

sales

of it. Good honest

accounts.

griping is often constructive and

how to

of salesman it is
a
safety
valve
that
sometimes
leads
not
only
to
communion
which
provides a psychological
among

relief

group

but
of

improvement

defined

are

—

and

and their

told

you're

develop each of them to their maximum

some

Techniques

the

own

—

the

you

use

can

relative

to analyze

securities and their

vital

balance

—

attractiveness

your

various

sheet

items

help everybody.

can

should

salesman

not be

sub¬

jected

to
pressure
from
the
cashier's department to which he
must

ner

categories of investors

These

potential

operating procedure.
I
think
a
good "gripe" session
with management once in a while
area

devote

his

Routine,

time

and

think¬

everyday

work
a

In 1001 ways
more

this booklet

can

help

profitable selling operation.

immediately

receipt of

your

you

Your

better salesman and

own copy

run a

will be rushed to

you

order.

man¬

that he does not have to take

mind
off
his thinking
and
working with customers and de¬
vote his energy to details that are
not part of his sphere of activity.
his

green

Total

fees

"Steri-Dri"

you

trained

not

the track.

and

Bache

organiza¬

tion works together and ideas are

freely

may

this, and,
throws
his

light and the cooperation to
of work for which he

is best suited. Don't roadblock him

with

extraneous,
even
if
im¬
portant activity. This man is your
planner, dispatcher and the fellow
who will bring the train into the
for

you—don't make

him

PARK

PLACE, NEW YORK 7, N. Y.

Gentlemen:

ORDER YOUR

Give your salesmen the

do the type

station

COMMERCIAL & FINANCIAL CHRONICLE

for

important, it
thinking and creating machine off

(Special to The Financial Chronicle)

CINCINNATI,

York

sales

its

60-page booklet

Thrives

With Westheimer Co.

New

help

DeFranceaux said.

Walnut

When

This

should be handled in such

the

stock¬
brokers "will be allowed to charge
a

another.

profit for your clients,
firm and yourself. All have

ing.

stockbrokers,

York.

business

New

them

20,000.00

expenses

Advertising, periodicals,
Working capital

manufacturing and
selling electronic animation equip¬
talk.
What one fellow
may
be ment used in flashing neon
signs
doing can be very stimulating to and in the production and sale of

market,

ments in small companies referred
it

large
to¬

let

Completed

in business and

are

producing.

are

you

exceed

Where

men

get your
occasion and

Avenue,

500

election that may have up¬

investment

eligible for fi¬
nancing by small business invest¬

and

have

organization,

gether

happen—instead

of worrying about a down

Small

Sales

Nov. 3

McDonald

45,000.00
of

Units

and this stock could open the door.

concerns

you

and

Electronic

another

switching — you
member some prospects who
wish to open an account with

ment corporations.
In

helpful. If

are

hand

Towels
Flasher

on Aug.
2, 1945. Its
principal office is located at 1949-

meetings

salesmen

50,000.00

500

into

result

Administration

making

business

very

different

"Steri-Dri"

Manufacture

of New York

I believe that informal

between

"Steri-Dri"

500

which

out

heavier

bit

utility- -it is November
possibly some of them can

tive

Investment

recent

Pursuant to

do the work of the brakeman and

face

$13,250.00

Towels

such

growth

The

poration of Washington, D. C., has
brokers

Production

Creativity

WASHINGTON, D.-C. —Allied

issue

Manufacture

D'Amico&Co.,Inc.
Offers Spier Com.

benefitted because you latched on
an
idea that clicked.

Business Inv.

records

your

Allied Small

•Cost

Manufacture

remember

who

some¬

You

—you

and

for

buy¬

company is in a
the dividend return

area,

trical

applications

most

the

range,

stocks—you turn to

parts

the

stock in

assemblies for electronic and elec¬

ment

one

self that here is

man¬

ufacture and development of elec¬

the level.

offering cir¬
creative types of endeavor, I re¬ the conductor too. It takes
all of cular, D'Amico & Co., Inc., 15 Wil¬
fer
liam Street, New York
particularly to the activity you to run a railroad.
City, pub¬
which deals with the motivation of
licly offered 60,000 shares of Spier
By all means don't put your
others in the acceptance of ideas.
Electronics, Inc. 100 par common
good ideas on ice and withdraw
This covers the field of
Of the
intangible them from your sales organization. stock at $5 per share.
shares offered, 55,000 were offered
selling, and the sale of securities Follow
up
situations and keep
for
in particular. Reflect upon what
the account
of
the
issuing
your men informed
so
they can
happens when you do business do the same for their
company and
5,000 shares were
clients. By
with a client and you initiate the
offered
for
the
account
of
the
doing this, you will create an at¬
action that results in the purchase
underwriter.
mosphere
of
cooperation
and
or sale of an investment. You un¬
Spier Electronics, Inc., formerly
harmony between the sales de¬
cover
an
attractive utility stock,
EDI Products, Inc., was incorpo¬
partment
and
management,
as
for
example. You satisfy your¬ well as the men themselves.
rated under the laws of the State

growing

selling stockholders.
Net

Stimulation Leads
Salesmanship is

Clark Cable Com.

creators—that's
on

are ex¬

pected to be approximately $213,991.25. The company plans to use
such proceeds as follows:

for you.

JOHN DUTTON

7070

are

also

are

same

Electronic

problem.
All transactions entered by each
of the firm's 44 offices will be
computed

commissions and expenses

helping yourself be¬

are

he will do the

Real salesmen

CORNER

paperwork

Dean Witter's New York office.

you

cause

COPY TODAY
PRICES ON QUANTITY ORDERS
ON REQUEST

enclose

$2.

Kindly rush

my copy

of "How To Sell

Securities" to

I
I

Name

I
I
I

Address

City............

Zone......

State

The Commercial and Financial Chronicle

(1994)

Thursday, November 17, 1960
J

AS WE SEE. IT
had

Mr.

Nixon

been

elected—an

health insurance in the form of
social

present conditions be fraught with many and great politi¬

Continued from page 1
an

elaborate

cal hazards.

scheme

for

that a good deal will
promptly attempted and probably consummated
which we for our part should deplore. We are afraid that
it is quite likely. All we say is that
existing conditions
may well place a finite limit on New Dealish nonsense.

security system, unknown amounts for educational
to states and local governments, direct or in¬

assistance

direct

subsidies

for

housing construction, and programs
never carefully
described to aid distressed or depressed
areas.
Some parts of such a program or programs have,
of course, been specifically advocated by the President¬
elect and, we must assume, will definitely be matters to
which he will give early and vigorous attention.
There

other aspects

of
which would add directly to the annual cost of the Fed¬
eral budget, and some of which would produce other
widespread effects upon the economy. Among these latter
are whatever, if anything drastic, is planned about inter¬
est rates and the Federal Reserve policy. Mr. Kennedy
has been less extreme in his utterances on the subject than
was the
party platform and certainly less so than a good
many of his supporters. He has said that he hopes to
reduce Federal budget expenditures by a very substantial
margin by means of lower interest charges on the national
debt, but, of course, some such effect would come of itself
from already effected credit and monetary policy if con¬
tinued unchanged over a substantial period of time.
are

of such

program,

The question of what sort of
an
election as close

"mandate" is to be in¬
as
this one we gladly
leave to others better qualified to pass judgment on such
subjects. One thing that does appear as plain as a pikestaff
is the fact that if any such "mandate" was given to the
President-elect, as is now frequently claimed, an equally
clear mandate was given to Congress to see to it that no
such extreme program is permitted to reach the statute
measures

Democrats and many party supporters

(in

which many

some

cases

in¬

cluding the President-elect himself) are now advocating
failed of passage earlier this year solely because so many
members of the Democratic party in Congress opposed
them. This so-called conservative
wing of the party will
next year be stronger than ever in
Congress as a result
of the elections—to say nothing of gains by Republicans.
In addition, the newly elected Vice-President is known
to be much closer in his

ideas to the old-line Democrats

the

Republicans) than to the more
"liberal" elements in the party. And there is no more
adroit legislative manager than Senator Johnson who has
made it clear that he intends to be a very important factor
in the forthcoming Administration. It is not reasonable
to believe that President Kennedy will have
any such con¬
trol of legislative affairs as had Franklin Roosevelt
during
the first 100 days of his tenure—or any other 100 days
even

some

for that matter.

The

new

are

other and

about

equally potent difficulties in his path, assuming that
he really is determined upon the course that is sometimes
attributed to him. This perhaps is particularly true of
any
Roosevelt type of tinkering with
banking and credit even
if it falls far short of
altering the price of gold. In the
first place, we have now developed a
very real balance'
of payments problem. For this there are a number of basic
reasons as we have been at
pains to point out on several
occasions of late. There

can

doubt that

one

of them

artificially induced cheap money, and another grows out
or certainly would grow out of, loose fiscal policy. The
notion that cheap
money arbitrarily induced and large
scale deficit spending are a cure-all for economic
ills, al¬
though certainly not altogether absent from the world,
has gone out of style abroad. No
longer have we what is
tantamount to a closed
economy here, and no longer can
we count
upon other countries running wild with their
fiscal and monetary affairs to
keep step with us.
of,

Other Hazards

Then, of course, whatever may be the immediate out¬
look, there can be little doubt that with the advent of any
broad scale deficit

financing program, particularly if made
possible by forcing government securities into the Reserve
or the commercial
banks, would bring very real and prob¬
ably very evident dangers of a further and politically dan¬
gerous rise in prices and the cost of living. With
already
high and steadily mounting labor costs, the point has
already been reached where price increases are all but
inevitable if reasonable profits are to be
made, and in the
absence of such profits the volume of business

activity

must

suffer—and hence the growth to which the Presi¬

dent-elect and his

implementation of

party attach

much importance. The

any such program as is

apparently en¬
visaged in the Democratic party platform would under

people, including many busi¬
remain unconcerned,
even though the latest gold flurry
can

has

produced a series of articles
popular and business journals,

most of which have avoided

soothing

that

of
his
campaign promises,
gold has been a corpse in the
family
closet
of
the
American

"liberals."
Very, very few col¬
lege textbooks in Economics and

Money

Banking

and

devote

any

to the role which gold

space

tinues

play

finance.

The

con¬

international
widely used

most

basic textbook in the

country, for

instance,

explains "every expert
knows that the popular conception

reverses

the

true

that

not

were

monetary

its

exactly

relation.

gold

uses,

has

some

value

metal would be much less than it
is today."

In discussing the clas¬

sical price-specie-flow model, the
author repeats the standard cliche
that

the

gold

weather
world
ard

abandoned

after

avoid

World

the

"fair

and that the
the gold stand¬

War

inflation

That
one

standard is

system,"

(sic!)

"to

has

world

experienced

inflations
since
World
War
I,
when, according to'Frbf. Samuelson, the gold standard was aban¬

doned, is not explained. No where
of this basic text

in the 786 pages

finds

the

student

discussion

the gold problem which faces the
United States and the Free World;
fact which

recent

was

meeting

emphasized at

economists

present

our

by the President-elect that
"\ye pledge ourselves to maintain

exports ex¬

in subsidized agricultural exports,
it is inadequate to cover the deficit
in
at

which must be added

flow

short

term

running at
$300 million.

gold in international finance,
they feel quite generally that eco¬
a

grasp

With

whole

beyond the
American people.

the

paternalism which chal¬
the very basis of democ¬
the American people are told
a

lenges
racy,

by another of Senator Kennedy's
advisors that
are

intricate

economic "problems
cannot be fully

and

the out¬
which

funds

rate

least

The United States will thus suf¬

ish Labor Government denied

her

important

creditors.3

term

em¬

foreign

The Free

short

World,

tige which the Free World would
through a devaluation of
Germany and Switzer¬

suffer

the dollar.

land, e.g., have taken measures to
discourage the influx of foreign

fer this year

short

of about $3

don

another large deficit
billion, compared with
$3.7 billion in 1959 and $3.4 billion
in 1958. As in previous years, the
deficit will be paid partly in the
form

gold,

creasing

and

decrease

term

(gold be¬
ing the only universally acceptable
international

at
a

medium

(which

the

and

which

holds

many

the

Lon¬

price, however, should
to
stay 2-3% or more

above the official American
this

price,
symbolize a

would

itself

short

ex¬

liabili¬

our

inter¬

term

dollar

balances

into

gold.
the

the

general concern about
of the dollar, it is

position

often

overlooked that

today

even

the weakness of the dollar has
adverse effect

the economies of

the

Free World. While Germany
fighting an inflationary boom
home, she has to lower interest
the position of rates artificially to discourage the
basically sound continued influx of short term
valuable assets American funds. While Britain in

States

moment

payable

are

United

bank

continue

cash assets

our

term balances.

gold

by in¬ weakness of the dollar and would
obliga¬ result in a further conversion of

partly

short

our

tions to the rest of the Free World,
which means that we continue to

The
moreover,

of. the dollar,"
reassuring effect on

accounts, now running which holds a substantial portion
$8 billion. Military of its monetary reserves in the
abroad and military form of
dollars, and which looks
aid require close to $3 billion; for¬
upon the dollar as the most widely
eign
economic
aid
(loans
and used international medium of ex¬
grants)
about
$2.8 billion; and change,
is
fully aware of
the
private capital exports $2.9 billion, monetary chaos and loss of pres¬

discussed.

"liberals,"

value

than

demand), thus reducing
national liquidity.

have

installations

Kennedy's

Economic

current

the American

capital

ties

try not only to disregard the role

the
may

did

change), and increase

were

the

not phatically that it even considered
suffer a balance of payments def¬ devaluing the pound just before it
icit).
However, aside from the reduced its value from $4.03 to
fact that the 1960 surplus in cur¬ $2.80 in September, 1949.
rent accounts was made possible
Thus far the United States can
in part
at least by an increase rely on the faithful co-operation

sharply, and

dollar and the attitudes of Senator

advisors,
who include Professor Samuelson,

from

words

the

are

Europe, when the position of the
economic

dis¬

rate which

of the Suez crisis

panded

deflation."1

of the severest deflations and

causes.

public, but they are
running at far less effective as far as the
rest of the world is concerned.
promises
a surplus for the
year of just be¬ After all, President Roosevelt, too,
low
$5
billiom (compared with promised during the 1932 cam¬
only $2.2 billion in 1959 and $8.3 paign not to devalue the dollar,
billion in 1957, when, as a result yet did so in 1933; and the Brit¬
ice, royalties, etc.)

tion

basic

ment

Cures in Payments Problem
Continued from page

bil¬
$19.2 billion.
of the Ameri¬

United States
has no intention of devaluing the
dollar, and the campaign state¬

Fundamental Causes and

nomics

President will find that there

mass

nessmen,

The

(and

than

great

Treasury,

'money has more value
exchangeable into gold'

ferred from

cussion of the

some

Which "Mandate"?

books of the nation. Certain of the

not

lion

Yet the

All this is, of course, not to say

extension of the current

have risen from less than $12

finds herself

(our long-term investments abroad

recent

months

has

had

deficit

exceed

foreign investments in this in her balance of payments, as
country by about $28 billion), but far as normal short term and cap¬
which has permitted its liquidity ital
movements
are
concerned,
to deteriorate to a point where the this situation has been concealed
depositors are beginning to grow by the fact that the influx of
nervous,

confronted
ternative

they find themselves
by the unpleasant al¬

highly

volatile

has resulted in

American
an

funds

actual increase

either

withdrawing in the monetary reserves of the
in doing so Bank of England, thus making it
possibly causing irreparable harm more difficult for the Bank to
matters (including "the function¬
to the bank), or of staying with
justify an increase in the discount
ing of the monetary system") (the the bank
(in the hope that it will rate. X
: ,r •
•'V
American people) will have to ac¬
change its policies and regain its
cept the word of experts."2 This
What Caused the Sudden
liquidity) and risking heavy losses
policy of "government by experts" on their
Increase in the Gold Price?
deposits.
|
—because, as Harry Hopkins once
For some months the Russians,
The potential danger was clearly
remarked,
"the people are too
recognized in Washington back in who are the largest (or second
damned dumb"—is one of the rea¬
gold
producers
in
the
1954, when the Deputy Secretary largest)
understood

minority.

by the intelligent
On these technical

even

...

their

deposits

(and

•

■

sons

for the failure of the Ameri¬

of the

Treasury, Dr. Burgess, drew world, have sold little or no gold
of the Senate Sub¬ in London, so that the demand had
committee
on
Federal
Reserve to be satisfied largely out of the
slipping, and for the inability of
of
Matters to the steady growth of arrivals
newly mined South
the government to pursue respon¬
short term balances.
The way in African gold. While the supply thus
sible monetary and price policies,
which Dr. Burgess' figures were declined, the demand increased as
which will require the abandon¬
presented was misleading, since a result of waves of concern re¬
ment of popular thought patterns
they had been compiled for the garding the future gold price pol¬
to which we have become accus¬
specific purpose of "proving" the icy of the United States. If Wash¬
tomed during the past 25 years.
contention of the Eisenhower ad¬ ington were to raise the price of
There
is
no
reason
why the ministration that it was not ad¬ gold to
$52, or more likely to $70
problems of international finance visable at the time to make the
(the price most frequently men¬
cannot be reduced to terms which dollar
freely convertible into gold,
tioned), speculators would stand
every intelligent voter can under¬ as the
, 1952
Republican platform
to make a handsome profit. With
stand. For the past 11 years, since had
promised.
But there is no
1950, the United States has had a doubt that the figures pointed to the American balance of payments
deficit in her balance of payments; the
potential danger,
and they position (unless improved) point¬
i.e., our total foreign payments were interpreted as such at the
ing to an eventual devaluation of
have exceeded our receipts from
people to recognize the dan¬
gers
into which the country is
can

the

attention

time.

abroad. To put it

Yet the Administration and

bluntly, for the Congress,

under

past decade the United States has
lived above her means, from an

Democratic

international

matters

Our

point of view.

current

transactions

(ex¬

ports, imports, tourism, debt serv¬
1 Paul

275-6,

A. Samuelson;

mwI

Economics,

pages

National

Debt

645-6.

2 Seymour
f/i<»

Republican

leadership

slide

from

bad

Harris;

hifZcMta-mtcs»

DturGS

24*25*

1954, when the Burgess

port

was

gold

published,

reserves

lion,

and

let

worse.

Since

re¬

American

short

term

the

dollar,

increase in the

spec¬

ulative buying of gold for the ac¬
count of

3 As

foreign

July 31,

1960,

term creditors

well

Ameri-

the chief

the United States

shor
were

$18.5 bil¬

International Institutions, $3,358 million
Canada, $2,424 million; Germany, $2,22<
million; United Kingdom, $1,490 million

obligations

Japan, $1,410 million; Italy, $1,050 mil
lion, and Switzerland, $928 million.

have dropped from

$22 billion to less than
E.

alike,

Volume

investors

can

Number 6004

192

Financial Chronicle

The Commercial and

speaking

be hard,

hardly

can

In addition to the $3 billion for

Germany,

for

(1995)

military installations abroad, the
United States will thus have to
figure, for the time being at least,
unlikely at this point, that Ameri- on having to spend an additional

regarded as unexpected.4
seemed to agree that Germany
As far as present developments should
increase her capital exare concerned the gold legislation
ports. Nevertheless, it is . highly
works

1933

clearly against the

ca's large foreign short term cred- $3 billion on foreign aid. Latin
itors will increase their foreign America alone is likely to require
by interna- aid to any appreciable extent in a good deal more aid in the years

best interests of the United States,
future of the dollar is

The

mined at the moment

confidence.

tional

deter-

that

Anything

distrust, such as the inin the gold price in Lon-

arouses

the way suggested by the State to come.6 The chances that the
Department.
new administration will be able

While business is booming in
the Germany, Italy and Japan, and to
dollar; and gold could never have a lesser degree in other western
gone to $41 an ounce had private European countries, it will not be
investors been able to acquire gold easy to induce investors to risk

crease

don, weakens the position of

their capital in the underdeveloped countries, where the yield
is by no means always satisfacThe
Treaeurv
rrmld
have r»re- tory.
Why1 should a German inVented
of course the sudden rise vestor, who can get 6-8% at home,
brofferin^ -old in London and it go to South America to make
was
nrohablv a mistake
resulting 6-8%?- Investments in the lesser
in New York, in other

at $35.0875

had

words, if ' the dollar
freely convertible.

^om

failure'to

comolete

the

stand

mentalitv

Peculators

national

under-

the

inter-

the

that

act promptly,
The amounts required would have

Treasury

did

not

lost

*ten'

1!THminMrl

sound

.Unat.An

Aevphfsthm hut
fhe AmerSin

the

^Ahelpfu?, al
market

thd first

to strengthen

move

pnnfirlpn^p*

world

and

would

have seen.f rom

view

noint

mass

rannnb

nennle

'it would be

ereat

onZtunRv

Herp

for*

"the

new

'President to show whether he has

The courage0 to'un*>

bad piece

Deal legisidiiuu.
legislation

New
iNuw

Basic

thp
in the long run, however, world
long run however world
can be maintained only

confidence

ehrnnie

the

nvprpnvpipcr

the

overcoming

chronic

of payments deficit, and

ance

the

where

here

hal

bal-

it is

administrar

new

time when the cold

thl
me

Euronuro

that
max

Plan
under
which the United States channeled

States

country, the differential between
American and European interest
rates is not likely to diminish in
the months to come unless the recession in England should deepen,
Short term funds, just as long
term investments are likely to
continue to flow abroad for the

The "Bills only" policy is admittedly the more indirect and
slower method of aiding the economy. On the other hand, the pur*
chase of bonds by the Federal Reserve may deteriorate very easily
into a direct support of the government bond market as it existed
before the 1951 Accord.

time being.

Someraonlte ago, 21 Senators

The Future of the Federal

es_

a2™

Douglascalled for the

war

belng °ver™n hy the Russians, or market operations of the Federal sure from the Patman (easy
t0 increase sales in the American Reserve the flow of short term money) wing of the party to admarket
strong any of these funds could be slowed d°wn. vocate a return to the pre-Accord
motives will prove depends upon which raises the problem of the
poiicY,

P°litical and economic develop- position of the Federal Reserve

ments here and abroad> and not under the new administration. In
some $12
billion to the whrrim- 30 much on the £oreign govern" his New York sPeech of °ct- 12poverished European nations re- ment restrictions, which the new in which he expounded his fiscal
stored the European economv' but administration wishes to remove. - and monetary views, Senator Ken-and this the Europeans 'feel
The United States could restrict nedy assured his audience that he
America does not fully appreciate private American capital exports, did not
advocate any changes in
-Siesuccess'of'the Marshal Plan but as history of the past 30 years the Constitution of the Federal
was
due
not only to American has shown, such restrictions would Reserve System.
But he added
dollarsbut ab^veall to thefact have to be rigid in order to be ef- that he believed that "the Federal
that all of the European countries fective, and various forms of cap- Reserve Board would co-operate
(evenFraVcoSp^whiS
ital exports are. in the long run with future strong and well conto receive American aid six years necessary to maintain the Amen- sidered
Presidential leadership
after the rest of Europe) were able can economy^
which expresses the responsible
American

match

The

with

dollars

United

In view of the Democratic victory, Mr. Martin, the Chairman of

the Board of Governors of the
Federal Reserve System, is likely
to offer his resignation. Although
a Democrat Mr. Martin has never
been popular with the "easy

money" faction of Congress, and

throughout the campaign, Senator
Kennedy has made it a point of
attacking high interest rates. The

Federal Reserve System is thus"
likely to be under considerable
the

during

pressure

four

JJfill of Congress and the people." years to accede to "the reponsible
the ore used by T*\e sentence may mean little or will of Congress and the people
mills* a™ of the a great deal. Senator Kennedy, as for
more and easier credit, and

States imports al-

a more 6r less developed economic most 30%
of
literate nnnnlation
Ameriran steel
substructure, a literate population, American steel mills, od /<? ot tne j3emocrabic presidents before him unon the shoulders of the Chairskilled workers and a background bauxite needed to make alumi- uemuudut rieb uenib ueiore nun, upon ine snouiacrs 01 ine cmair
decades of industrial denum
All or substantiallv all of may regard his election as a "man- man of the Board of Governors
n

■

±.

■

*?k?ng
Possibly

would

thg

' *

even

absence

•+

14-

most'ofungsteA toymAm'tnd natural

"*** l° ^ dr3StlC developed coSnfefes. °

changes
changes.

re-

vears

Marshall

The

rect

Remedies

the

and

nast

indicate
indicate

to
io

seem
seem

effec«ve

™r

of the

suits

ibl^aitewould°remedv6 theTsocial
tbif Sw wMUht in
vttars ro^

•

tions in the Money Market. The
Federal Reserve purchases of Bills
eases the credit position of the
banking system and thus permit
the commercial banks to expand
loans and investments. If, on the
other hand, the Federal Reserve
were to purchase long term government bonds, the open market
cial will not hold his excess funds operations would have a direct
in London rather than in New effect on long term interest rates
York under these circumstances? and would thus affect more directFor political reasons, and consid- ly the market for mortgages, govering the present liquidity of the ernment and corporate bonds,

money and capital markets in this

rvnnric

The lack of enthusiasm of pri-

'&rraSa£ to^nmvenTfurther
cold price fluctuations
gold nrice ^
would be

;;

PnnMni

Thls leaves only private capital
exports to be reduced sharply,
Senator Kennedy made no suggestion in this respect, but he
developed countries appeal only promised to encourage foreign inso long as they offer a far more vestments in the United States by
substantial return than is avail- having foreign governments reable at home.
'
move rertruteoinWital ex-

opera-

recent heavy gold losses, need not
represent flight capital, but are
largely due to the wide gap in
interest rates between this country and Europe. Treasury bills
are selling at present on a yield
basis of less than 2y2% in New
York, compared with about 5%
in England. Which corporate offi-

run

of
,ui

Private

Short term capital movements, its purchases to Bills, the Federal

which are widely blamed for the Reserve confines itself to

half3 the amount the Treasury itthe^elrons for "the'0American -Pe possible nationalization and
J
Reserve
menfof ihe'BUls only"" policy,
in
sinsle^veek In The lone foreign aid policy But this policy heavy taxation, or to seek refuge
Senator Kennedy has suggested but Senator Douglas is reported
howevfr the most effect!™ strikfs man? Europeans as neither j»g?lnst the possibility of Europe that through a change in the open to have resisted strongly the pres-

ton

sufficiently to eliminate the balance of payments deficit, by inducing other countries to take
oveJ\ a larger share6 is highly
problematical.

been

•

to reduce its foreign aid burden

serious

tC type

eco-

Sr from abroad. Without these
used bfSrican ind"
comes

date

the

pooDle"

effect the promises of

put

into

will rest

theP Demo- ^Uity

eratic platform:
"That our

economy can and
imports supersonic aircrafts, guid- must grow at an average of 5%

trasicallv firave

respon—

protect the^Icllar''and

thus the position of the United

States in the world. To avoid this
type of political pressure, a num-

Llie aubexxce v* «»= wpe
Wiiosiiec tank«= mms and ntnmir annuallv" that the
"suDDort of ber of European countries, includfrtPYnpriipni tA spend Ipcs mnnpv nomic rationality which western ed missiles, tanks, guns and atomic dUI1UdUJ
cnpnH
lIldt. 7.
t>uppuxi ui
r
* Austria and ^wit7mexpedient to
less money
E
d
th
Anglo-Saxon submarines would be impossible, full employment (is) a paramount mg Germany, Austria and Switzon
military installations abroad.
Acquired slowly over the and in order to assure a steady objective of national policy";
erland have made provisions since
getting hotter, it would be highly

burd^nnbv<^la^ingSmoreeof

centuries. Mexico, for instance, flow of these and other essential
one of the strongest and most de- raw materials, billions of Ameriveloped of the Latin American can capital are invested abroad.
our
allies
in
Western
vtiupcu ui uie
nine iuu
Panitni pvnnrto nf thi«5
Whilp
AHpnmipr in Cprmflnv /nd
nations, continues to appeal for 10 prevent capital exports of tms
iMarrniiTT?n^ritain maw he vdll loans from the International Bank nature would gradually strangle
^^ rn a^i
T ffrpSter bn^den and the United States Government, our economy.
?i_ ? assume a greater burden,
while Mexico needs at oresEqually justified from a free
nur'

In foreieriShoulders especially
foreign shoulders, esSciallv

of
ot
Europe,

nlrties° ^hl

Uon

tha^the ent'some

fact

Arr^prkan trnoos and their de
niSrientq enfov verv^much high"
fu fffndtrd nf ip la J
™Jnr?tv nf the nennle nf the pnifn

deTto^onTn^e^the^^mle'
der to

fvlJ
Free

of the

that

WnHd
"W

enm

prv^AipxrrvtPpf"-

employment

—

±„

ducing goods in direct competi- to build two million homes a
tion with American plants, which year. . . ."
find it increasingly difficult to
"To create more jobs, to build
compete in world markets. Since more homes, to save family farms,
1957 no fewer than 400 American to clean up polluted streams and
companies have set up operations rivers, to help depressed areas,

in Europe, and total investments and
of American companies^in Europe ment
companies in

to
.

jumped from $1.5 to 7 tf -fiTrtViPT siderable
$4.5 billion
^urinrf
iq^ho ninno
.-i,«

t lack economic jus_

at this

Ag the point Four Program rec_

underdeveloped

trepreneurial skills and

J' I

^orci^n 1aid in^the

fTf^ deTeloTeTcountries

At the

■

4 The
.

can

Professor

Development,

;

situation

banks,

.L.

remit

then

and

shows

clearly
_C

r- „1 J

name

pany,

the

that

little

Swiss

fellow,

un-'

-m

the proceeds

holding

who

lacks

Used in the best possible

own
com-

suf-

Way.

The

ernmental loans and grants to the,

a whole more
investments, and

they

Offer

dTlemma

!Xndi^

thfs

K^ad

ofPour

^pa ^bS't
.

prevent in

orde^not

frighten foreign creditors

into

f^ss&isrjsfi&st
The^o'nlv^reaT^solutToT lierTn^a
qllbqtan4.;ai

PXnansion

©f

exnorts

reduction of certain tvnes of

drasti'c

change in our price and

lower taxes. But even if tms lorm revenues are not sufficient to meet :fsv"n{T"'{^p~o"rts~are"not "likely to
exports could be elimi- the cost of all the new and exautomobiles elec-

5If

foreign
states

united
would

d|clia

aid
were

f-...

payments
reduced,

the

exports

carries virtually the entire burden of aid
ing

war

"
and increasing foreign competition at
responsible wRl of Congress an home and abroad. To hide behind

the people?
1-

Reserve

The temptation Will

credit

X-

XT™

Support

the

TotTtca^Tnd gVants '(includ- price Of government bonds in face
reparations

.by Germany

stPel

not panded government services ^caTeaPphancerand
the promised in the platform, which machinePPtoois optical products
the new President may interpret ^^e machine?yare aU facTng

decline likewise, so that the sav-

efficient private .'LTasT.

plan tO reconcile economic ration-

American

the

a drastlc cfiange m 0ur pnce anQ

"legitimate" capital exports, ditional tax revenues above those
there is "flight capital" leaving presently received."

^eign aid., which con- balance of payments.

payments deficit, are thus not

an<,wpr

reauires

^ +th^, American balance

Er-.

ci„,ha°ci"" goliW,;ithtrinW.hrir

intergov-

balance T

adopted

total of nearly $50 billion in ad-

Provide money, not skills and nated completely it would
managerial know-how. Billions of suffice to close the deficit in

the

addition to these two types

ernmental loans and grants merely of capital

ScntcmhJfmeeting of the lnternaUoPnaIBank for"® ReconstruXn d°«*"
and

nations

fawrDatterne7after tho^

weakney

Federal Government will have had

in world markets.
In

ognizes,

time

safe-

|edeTl ReservePSystem through

Lul*fv

Tjrfhpr

adm^

better than to

payments
, ultimately be found in the
current accoUnts
We could pre. American tourists from
SOme
$500
million
provide full employbut
wouldbe a parmay require a con- r.
obvimjs arfmission of our
,
obvious admission
increase +v>n. government weak ess, the tvpe of admission
in Dfimnomfm
wviiio
1 e
ype

tificatiog

new

the

nationalistic-socialistic viewpoint) and equity capital at reasonable |n^u?o^rs?nce the war 8
is the investment of Ameri- rates"; and that "a healthy, ex- m Europe since the wa . ..
can capital in foreign plants pro- panding economy will enable us
Increased Exports

h? 50% over the Present level to during the 1950s alone? If further snending. While the Democratic
absorb the steel-making capacity investments of this type were pre- platform admits the possibility of

the

could do no better tnan to sate

fh f vtep A?ffn v01 dtfen fthen1^ their continues to flow "into new steel tion, American industry would be "a~5% growth rate ] . . will mean
^ mills which may flatter the na- serxousiy iidmpexea in competing that at the end of four years the
than
mills which may flatter the na- seriously hampered xxx tumpeung mat ai xne ena 01 iour years xne
position
rather
than

merely support the high standard
of living of American civ
ans.

pendence of the Central Bank. To

That positive action will be fbXd
taken "to raise the farm income • ™dd

to full parity levels";

!«ja^2tsat-S55rt SMS«a

military

^^L^ueh°constitutional
XovisTons ? maximum of inde®
lsl0ns> '®
"J*"*1
ctrpnethen the dollar at home and

$80 million to finance enterprise and capitalistic point of
That there will be "action to aid
view (although perhaps not from a small business in obtaining credit

the hydro-electric development of
the Balsas Basin—and there is no
doubt that the country can use
the additional 600,000 kw.-the
^
ifD+inned Mexican Government is spending
makef it ^ ^ dlffiruH for the $12^ million (including $60 milNATO
iovIrnmeTtTtn a^nme a lion in foreign exchange) to ac9hlre (^f the rostofTTain <Iuire the foreign-owned power
tofnin^ thpep trnTnq WfllinZ" companies which have been proIfJSJnhiv
^ tTkpg hP viding power in Mexico at govW l nf
P
ernment-approved rates for years,
ya Si tJL
While the consumption of steel.in
SoriVfrnm
steel in
nf.p^cpfc at nnhif^p*npn^ in In the Free World would have to rise
ft public expense, in or
overseas
a

That "the right to a job requires
action to create new industry in

America's depressed areas of un-

tariff

LdX X1J,

wall
Wdll

in
ill

technical

nrder
DI UC1

and/or

nrotect

political

(?)

.he
shortly
to underdeveloped of a heavy demand for funds by abandoned the BilU only
pollicy
^ddapan) totaled the government.
clearewhetherethis was a change in policy
reaooos,

rates,
funds
1934

NOW

pense^of

oea,

the

.og's.au.n

many.

bious

about

ProaCh.

the

American

ap-

.hj Ri." i^w'tV.'ku^oo ""7roa'4CU.rittes) has been a bitter poim- from New York to London, and thus

,96^

cal bone of Contention. In limiting incroased .ho ontnow of sold.

The Commercial and Financial Chronicle

(1996)

Rotron Common,

Fundamental Causes and

would be politically unwise and
economically dangerous. The only
true solution lies in a gradual low¬

of American prices, and in
the United States faces
psychological block.

ering

this respect
a

serious

Since the
1930s

depression of the
accompanied by a sharp

severe

was

decline

American
public associates declining prices
instinctively with
a
depression,
prices,

the

and most of the popular textbooks

Hutton

Co.

offered

slow

American

industry

largely

cutting

good

"Fordism," the policy
prices as production

case

can

the argument that the

made

inflationary

himself

addressed

candidates

term bank loans.

The

this basic problem which faces the

in the price of industrial products

during the 1950s, especially in the
United

States, is one of the basic
only of America's bal¬

not

causes

payments difficulties but
disequilibri¬
throughout the world, and the

ance

also of the economic
um

and social

political

underdeveloped
the

rise

unrest in

countries.

the

cost

country,
where

new

equipment as aircraft and missile
guidance systems; computers; au¬
tomation controls; radio, television
and radar equipment.
A whollyowned
subsidiary, Rotron Con¬
trols
Corp., has recently begun

the

Since

No. Natural Gas
Debs. Offered
Blyth

& Co., Inc., and associates
offered publicly
on
Nov. 16 an
issue of $20,000,000 Northern Nat¬
ural Gas Co. 478% sinking fund

debentures,
100.317%

industrial

and

the

for

steady rise

due

Nov.

1980,

yield 4.85%.

The debentures

not refund¬

are

products coincided with

a decline able
prior to Nov. 1, 1965 at a
prices, the pur¬ lower interest cost to the com¬
chase power of the raw material
pany than 4.85%. Otherwise, they
producing countries, and thus in¬ are redeemable at the
option of
directly their standard of living the
company at regular redemp¬
declined, giving rise to the grow¬ tion
prices ranging from 105.32%
ing political and
social
unrest for those redeemed in the first
which we face today.
year, declining to par in the last

The

tremendous

advances

the

technological
past

years

should have made possible a sub¬
stantial (20-30%) decrease in the
finished

cost

products, if the
economy had followed

American
the

The sinking fund

year.

lated
tures

Net

the

to retire

psychosis, a confusion of misap¬
plied Keynesian ideas, and unre¬

subsidiary

strained

union

have

power

bined to produce

new

com¬

wage and

price philosophy which is equally
from

unsound

economic

and

ment

The

dangerous economic results

clearly shown in the deteriora¬

tion

the

The

balance

ethical

defects

equally

obvious.

advances

are

payments.
should

Technological
large extent the

product of the social environment.
Pure

with

scientists
the

have

increase

production

the

than

industrial

semi-skilled

worker who tends the almost auto¬

matic

costs

machines.

Yet

under

the

companies

construction

for
and

their

for

the

acquisition of property. Construc¬
tion
expenditures by the com¬
pany and its subsidiaries in 1960
estimated at $61,000,000.
Northern Natural Gas Co.,

are

rectly
owns

and

through

di¬

pipeline sys¬
tem of approximately 13,000 miles
of main, lateral, distribution and
gathering lines through which it
natural

purchased

gas

Texas

gas fields and the Per¬

area

Basin

Nebraska,

points

South

Kansas,
Dakota,
Iowa,

Illinois, Minnesota and Wisconsin
where

crued

sold at town borders for consump¬
tion and resale by 39 non-affili¬

distributed

locally to

domestic, industrial and
cial

customers

for

commer¬

their

use,

too, has benefited from the new
machinery. The American steel in¬

dustry, for instance, is showing a
profit while operating at 50-55%

and the balance by
gas utilities.

towns

have

These 444 cities
a

population

and

ap¬

proximately 3,080,000.

consumer

from

alone

the

advances. Instead of

prices,

has

not

technological
enjoying low¬

has

experienced,

month after month, a steady slow
rise in the cost of living.
Now
it so happens that the consumer

the wage earner
instances one and the

and

Thus,

are
same

in most
person.

by demanding a wage in¬
crease
(helping to raise the cost
of living) the wage earner hurts
himself as a consumer.
Naturally,

Marshall, Southwest Sixth

nue

at Oak

Ave¬

week's total of 13,982,000,000 kwh.
and showed a gain of 841,000,000

kwh., or 6.3% above that
comparable 1959 week.
"Mixed"

offices
York

City.

Broad

Irving

principal of the firm.

Street,

Automobile

Weiss

company

$350,000 of long-term
shares of com¬

and

386,000

stock.

will

1950

Carloadings
Show
"

the

for Nov.

totaled
tion

599,493

and

No¬

Ward's Auto¬

motive Reports said.

and

the

from

eight

one

dicted

that

ended

week

another

five

opera¬

Nov.

closed

were

days.

cars,

This

Railroads

was

an¬

increase

cars or

the

steel industry, but
58,949 cars or 9.0%
below the corresponding week in
decrease

1958.

Loading in the week of Nov. 5,
21,219 cars or 3.4% below the

was

preceding week.
There
loaded

highway
the

11,586

were

with

one

trailers

week

(which

cars reported
more

revenue

(piggyback)

ended

Oct.

1960

included

were

29,
in

that

total).

This

over-all

was

4,696

pre¬

major Detroit-area
auto plant would be closed entire
a

68.2% above

cars or

1958 week.

Cumulative

piggyback

weeks

loadings

1960

to¬

taled

461,942 for an increase of
117,170 cars or 34.0% above the
corresponding period of 1959, and
236,964

Ward's said that eight assembly
tions

Week

freight for
5,
1960,
the Associa¬

Nov.

American

nounced.

for the first

plants scheduled overtime

5th

increase of 2,603 cars or 29.0%
above the corresponding week of

vehicle makers sched¬

marking

closely

revenue

ended

week

finds

been

Corresponding 1959 Week

1959 and

weeks

best

Industry

work

have

Loading of

the

some

third

6.8% Increase Over

inventory
adjustment and accumulation that

Nat'l Stock Exch.
Ground
the
and

has

been

"broken"

National Stock Exchange

new

rebuilding of the first floor
the Exchange's home into
a

stock

trading floor will be
pleted by the first of the
The

stock

new

Securities

mart

cars

105.3%

corresponding
There

class

above

period

road

traffic

the

with

pared
in

were

the

1958.

rail¬

systems originating this type

the

current

one

week

year

com¬

ago

and

corresponding week of

1958.

toward
Stock
lease

last

the

Commis¬
and

names

Board

member

companies,

Chairman

The

firms

according

Lawrence

floor

1.9%

vehicle

production

last

decline

passenger

car

Corp.

the

27.5%, Chrysler Corp, 13.1%,
Corp. 8.4% and S-P Corp.

1.5%.

Some

33.8%

car

volume

compact models.

were

Motor

Ford
of

took -49.5%

assembly, Ford Motor

car

low

and

cost

handling

The National Stock Exchange is
located at 6 Harrison
York

Street, New

N. Y.

13,

Lennihan

Now

With

Hannaford & Talbot
(Special to The Financial Chronicle)

SAN

Nov.

day,

FRANCISCO,
Calif. —
J. Lennihan, III has be¬

associated

Talbot,

Hannaford

California

519
of

with

the

Street,

Pacific

Coast

son

was

Exchange.
Mr. Lennihan
formerly with Wilson, John¬
& Higgins and prior thereto
officer

Scott, Bancroft

Co.

12.

low Run
did

scheduled

Calif.—Robert H.

Bothner and Mottell D. Peek have

joined

the staff of Eastman

Dil¬

lon, Union Securities & Co., 3115
Wilshire

Boulevard.

Both

were

formerly with Dean Witter & Co,

corresponding
1959,
the
American
Associations, Inc., an¬

preyious week of this

six

(Mich.)

These findings are based

weekly

Corp.

reflects
than

tonnage handled at

400 truck
carriers

terminals of
of

throughout the

general

the

more
com¬

freight

country.

Lumber Shipments

time, the following
noted:

Chevrolet

(Mass.) on Friday
due to Veteran's Day; StudebakerPackard
Corp.
at
South
Bend
(Ind.) Tuesday allegedly due to
Election Day; Imperial at Dear¬
born
(Mich.) Friday and Plym¬

0.3%

Below Production

Lumber shipments of 452 mills
reporting to the National Lumber
Trade

(Wis.)
was

of 34 metropolitan
by the ATA Re¬
Department.
The report

survey

conducted

areas

pro¬

for Saturday

Motors

same

year—

0.9%.

last Satur¬

Chevrolet

American

low

Barometer

production

ended

Nov.

week,

new

3.7%

were

filled

were

0.3%

be¬

during the week
1960. In the same

orders

these

mills

below production. Un¬

orders

reporting

amounted to 25%

mills

of gross stocks.

For

reporting softwood mills, un¬
filled orders were equivalent to
14 days' production at the current
outh
Valiant
Dodge - Lancer
rate, and gross stocks were equiv¬
at St. Louis (Mo.) Monday-Tues¬
alent to 53 days' production.
day due to output adjustments.
For the
year-to-date, shipments
Ward's said the week's rise in
of reporting identical mills were
truck volume stemmed from in¬
-

creased

model
activity at
Detroit,
Divco
truck
making remained idle for the
fourth
straight
week
and
at
Springfield (Ohio) International
new

Harvester
a

two-week

Wednesday
shutdown

started

for

plant

equipment changeover.
The industry's mixed production
is
hitting Atlanta
(Ga.)

trend

hard,

Ward's

Oldsmobile

LOS ANGELES,

in the
1.3% more

was

tionally ahead of the volume for

grammed its Corvair plant at Wil¬

Ford.

Charles

mon

its plants for work

downtime

rapid

tonnage

the

at Framingham

for

week

the

At the

of customers orders.

that

put geared upward to 20,811 from
17,867.

Kenosha

and all the latest

than

nounced. Truck tonnage was frac¬

electronic and mechanical systems

truck

assembly was estimated at
142,791 compared with 145,537 in
with truck out¬

pleted will have the most modern
ticker system

Intercity

week ended Nov. 5

Trucking

trading posts, booths for brokers,
a

More for Nov. 5th Week

Than in Same 1959 Period

the earlier week,

com¬

when

Intercity Truck Tonnage Was

the

said

Car

year.

progress

service

production.

Co.

its

inven¬

week, a 13.1%
truck assembly offsetting

year.

opening
the
National
Exchange will be the re¬

listed

motor

steady

week's

summer

trading early next
steps

and

held

dealer

1.3%
statistical

com¬

received

Exchange

franchise

will start

for

with

production

rise

(Special to The Financial Chronicle)

Prevails

The

consist

Two With Eastman Dillon

New

week's

A "mixed" pattern of

trouble

said.

last

and

The

Pontiac

idled

was

Capital Counsellors, Inc. is engag¬
ing in a securities business from

Pattern

of the

will

capitalization of the

Street.

Form Capital Counsellors

the

tories.

was

connected with Foster

now

129,000,000
previous

was

that

outstanding

Stock

(Special to The Financial Chronicle)

and its sub¬

financing,

members

PORTLAND,Ore.—John A. Hitch-

Output

above

current

come

With Foster & Marshall

man

June

ended

year

company

light

14,116,000,000
kwh.,
to the Edison Electric

Institute.

kwh.

the

challenged.

according

ranking

Thanksgiving Day week to adjust

capacity,
compared
with
a
break-even point in the European
steel industry of closer to 75-80%.

fiscal

energy

electric

industry for the week
Saturday, Nov. 12 was es¬

timated

1960's

early December

production year in history.
By Dec. 31 the second-best an¬
nual total of 6,675,000 cars built

strike

electric

the

of $6,473,629 and net
income of
$318,494. Upon completion of the

non-affiliated

benefited

the

sidiaries had consolidated net sales

chiefly
to
labor,
which
neithef- directly nor indirectly was
responsible for the increased pro¬ ated gas utilities. Of the 444 cities
ductivity.
In fact,
wages
have and towns served on Dec. 31,1959,
risen almost twice as fast, on the 119 were served by distribution
average, as productivity.
Capital, systems operated by the company,

For

30, 1960, the

Above

power

ended

principallv from the Texas Pan¬
Taylor.
handle, Hugoton and Hansford,
mian

the

record

liquids, air and other
Headquarters
of
Rotron
Manufacturing Co. are in Wood¬
stock, N. Y.

subsidiaries,

and operates a

transmits

flowmeters,

and

gases.

sion

and price philosophy of the
postwar years, the gains derived
from technological advances ac¬
wage

The

flow

1960

the repay¬
of bank loans, and the pur¬

overtime

ap¬

program,

amount

others

velocity

measure

chase of securities to be issued by

ethical point of view.

are

plied toward the cost of the
construction

and

will

6.3%

vember production.

vortex

which

debt

debentures

new

The

distributed

industry will have cemented

6.8% above the cor¬
responding week in 1959, which
was
affected by the nationwide

1959 Week

production and sale of its patent¬

mon

sale

Output

calcu¬

prior to maturity.
proceeds from the

price
policies
which
made American industry the leader
in the past. Instead, a depression
same

Electric

said that by

the

38,270

short

of the deben¬

85%

preceding month.

uling

material

raw

of its 1960

Nov.

company is a major pro¬
is at this point ducer of electro-mechanical air
President, who and gas moving devices which are
costs declined due to technological
improvements. History may once squeezed into the White House components of military and in¬
with the help of the labor unions, dustrial
electronic
equipment.
look
upon
the abandonment of
will have to show whether he will These devices are used
principally
"Fordism" by American industry
for forced air cooling of compo¬
as
one
of the dangerous turning go down in history as a dynamic
nents
used
in
such
electronic
politician or a great statesman
points in American history.

the result of

and

average of 70.3%

such neat balance, and

spiral, and re¬ purposes, including the produc¬
have developed a theoretical ra¬
turn instead to the philosophy of tion of new cooling devices, for
tionale to "prove" the popular no¬
"Fordism" of using technological expansion of production and sales
tion.
Yet during the decades of
advances to reduce prices in or¬ of vortex velocity flowmeters, and
extremely rapid economic expan¬
der to
benefit the people as
a to
replace
certain governmentsion after the Civil War prices
owned equipment; for
inventory
declined, and they also declined whole, the position of the dollar
will drift from bad to worse. Yet needed for expanded operations,
during the prosperous 1920s.
In
neither
of
the
two
Presidential and to repay outstanding shortfact, the overwhelming strength
of

steelmaking
yet
pro¬
capacity,
16 130,000 shares of Rotron
duced
nearly as much steel as
Manufacturing Co., Inc. common was made at over
100% of the
everyone hopes to beat the game stock at a price of $17 per share.
then-existing capacity in 10
by getting more in wages and not The offering marks the first pub¬ months of
1951. The latter output
paying quite as much in higher lic sale of the company's common was 87.5 million
tons.
prices.
Some are gaining at the stock
The following are camparisons
Of the 130,000 shares offered,
expense of others.
In the mean¬
based on American Iron and Steel
time, however, the American econ¬ 65,000 shares are being sold for
Institute's index of steelmaking,
omy is losing much of its competi¬ the company and 65,000 shares for
based on average production of
tive
account
of
certain
strength,
the
international the
selling
the three years 1947-1949 as 100:
stockholders.
liquidity of the United States has
Ten months of 1960—124.7 vs.
become impaired, and the dollar is
Net proceeds from the sale of its
106.3 in 10 months of last year.
endangered.
65,000 shares will be used by the
October, 1960—96.5 vs. 93.1 in
Unless we can stop the chronic, company
for
various
corporate
there is

Continued from page 31

Thursday, November 17, 1960

Continued from page 5
at

STATE OF TRADE AND INDUSTRY

Stock Offered

Cures in Payments Problem

week

may

Buick-

plant there

week. The Atlanta Ford plant on
11
started
a
month-long
shut-down
Ford

The

integrate
production.

production;

new

or¬

were

week ended

tion

below;
above;

Oct. 29, 1960, produc¬
reporting mills was 3.8%
shipments were 0.4%
new

orders

were

0.4%

below.

Compared with the cor¬
responding week in 1959, produc¬
tion of reporting mills was 16.0%
below; shipments were 10.2% be¬

low

and

new

orders

were

11.9%

below.
Business

Failures

Off

Election Week

Commercial and industrial fail¬

Falcon

reporting service predicted
upwards of 550,000 car comple¬
tions ixi tbe U. S„ for* November

below

5.4% below production.
Compared
with
the
previous

by labor
down this

Nov.

with

2.7%
ders

ures

declined to

298

the

week

ended Nov. 10 from 317 in the pre¬

ceding

week,

reported

Dun

Bradstreet, Inc. Despite this down-

Volume

turn,

192

however,

higher than

11%!

285

were

occurring

businesses

the

when

succumbed

the

toll

was

269.

The Commercial and Financial Chronicle

the

prior week
somewhat

curred

the

week's

decline

failures

among

oc¬

involving

liabilities of $5,000 or more, which
fell to 263 from 285 in the previ¬
week

although they remained

above the. 247 of this size last year.
Small casualties, those with losses
under

$5,000, edged to 35 from 32.
of the failing con¬

Twenty-one
had

cerns

liabilities

excess

Food

Price

Highest in Over
The

Wholesale

compiled

dex,

street, Inc.,

growing
the New

some

prices

Exchange
ton

move

Food

Price

Dun

week.

ended

bales, compared with
during the same period

exports

estimated

were

724,000
year.

fell

Day

Nov.

period

retail

somewhat from

9, and not
last year,

trade

similar

the

over-all

was

down

year ago.

While

for the third con¬
Nov. 8, and was promotions in some areas helped
volume in apparel, new passenger
only the highest level so far
this year but the highest in over cars and food products match or
17 months.
On Nov. 8 it stood at slightly exceed a year ago, sales
of
furniture,
major
appliances,
$6.07, the highest since the $6.08
of July 1, 1959. The previous 1960 floor coverings and linens regis¬

secutive

rose

time

not

high

$6.04.

was

The

current

set

level

was

from

the

2.7%

above the year

week

Sept. 27.
up
0.7%

earlier

$6.03, and
ago $5.91.

The

wholesale

this

cost

week

total

dollar volume

re¬

tail trade in the week ended Nov.
9

from 3% below to 1% high¬

was

than

Higher

declines.

tered

year

estimates

spot

according to
by Dun

ago,

dex.

Its

chief function is to show

the

wholesale

—5

—1.

Wholesale Commodity Price Index

Dips Further to Another 1960 Low

Reflecting
lower
prices
on
steers, lambs, rubber and steel
scrap, the Daily Wholesale Com¬

Down

Department

the

show

crease

four

262.81

day,
to

the

of May 26,

Nov.

7, the

263.12, but

earlier
the

lowest

was

263.98

since

the

1950. On Mon¬
index edged up
below the week
the

and

date

corresponding

279.11

year

ago.

pick up in harvesting
and higher offerings, corn prices
slipped somewhat this week as
purchases were sluggish. In con¬

trast,

there
in

crease

trading

in¬

moderate

was

oats

prices, although
limited
by
light

was

offerings.
Wheat

what,

prices

advanced

reflecting

good

some¬

domestic

ceding

ings.

prices

Rye

held

close to

changed;

rye

somewhat

was

un¬

supplies

were down
markets. With

some

harvesting

passed its peak and
receipts down appreciably, soy¬
bean prices moved up; there was
increased

interest

from

crushers

exporters.

marked

occurred

rise

domestic

prices

buying
of
matched those

the

flour

and
week

1960,

In the

Oct.

the

over

pre¬

weeks

period

showed

of rice to be sold to Paki¬

and

sales

New

York

City

Nov.

ended

decrease of €%
riod

last

week

year.

the

Oct.

enced

the

over

the

for

showed

despite little change in trading.
Steer

same

week

held down
by limited supplies in most mar¬
kets, cattle receipts in Chicago
were
a

trading

below

those

week earlier. There was a slight

stock

covers

dividend
of

one

variety of dividend

pay¬

extras, stock dividends,
combination of the three. Rare indeed,

declarations.

the

salient

While the general populace

The

issuance

characteristics

stock

bank

dividends

stocks.

Stock

dividends, in effect, strengthen the earning power base of banks
serving growth areas.
The growing and shifting population
frequently dictate stock dividends as the wiser course.
However, even the faster growing banks have the ability to declare

for

trends

frequent

though

smaller

sized

cash

dividend

steps by the faster growing California
dividend

Cash

America

and

When

increases

increases.

banks serve

Recent

examples.

already have been declared by Bank

Crocker-Anglo National Bank.

stockholders

receive

stock

dividends

they

enjoy

the

choice of holding the additional shares received or of selling them
in case their individual needs demand cash. Recent stock dividends
have been made by Wells Fargo American Trust

Co.—10%; Secu¬
rity First National Bank, Los Angeles—10%; First National Bank
of Chicago—20%; and First National City Bank of New York—2%.
Due to the high level earnings
outlook, even those banks which

paying stock dividends may possibly follow them up by in¬
creased per share cash payouts. The continuing
merger movement
among banks frequently is accompanied by higher cash dividends.
Thus over a period of time bank stock investments
generally turn
are

and

nizing

holders of

stocks, such
have a long

companies,

mutual

savings

record for recog¬
investments.
High

bank stocks as attractive stable
quality, together with attractive yields and good marketability,
have made bank stocks attractive
holdings for reliable returns.
Even for the individual
investor, who desires to follow a sound

inyestment program in stocks,

many

bank stocks qualify

as appro¬

priate income holdings for portfolio balancing purposes, as alter¬
natives to holding fixed income bonds.
Leading Bank

Stocks

for Income

Approx. Bid

Trust

Girard

Tr.

Provid.

Tradesmens

New

Corn

England

Bk.__
.

(0<K»

4.81

*$2.50

959

45-40

*2.10

4.77

*2.65

4.65

1,692

guest

speaker
of

the

luncheon

Investment

Asso¬

ciation of Philadelphia, to be held

The

association

also

announced

party

the

Mask

Thursday, Dec. 8, at
Wig Club, 310 S.
Philadelphia. Dinner

Quince

St.,

will be

served

William

Co. and
Haven

Brown

Bache

Henry E. Crouter of De&

Townsend,

are

Crouter &
charge of the en¬

tertainment committee.

Kielman

ducting

offices
York

Lamb prices fell

of Eastern

Schuddekopf is

con¬

securities business from

City,

330

Fifth

Ave.,

under the
Seaboard

firm

Co.

New
name

The

will

the

cost

other

first

and

balance

construction

the

applied

toward
for

and

corporate purposes.

Central Maine Power
Co., Au¬
gusta, Me., is an electric utility
operating wholly within the state

Maine.

about

and

ern

with

The

company

serves

258,000 customers in south¬
central

Maine,

area

population of about 645,000,
approximately two-thirds of the
total population of the state.
a

For the 12 months ended July
31, 1960, the company had electric
revenues
of $42,746,810
and net
income of $7,591,964, equal, after
preferred dividends, to $1.99 per
common
share.
Upon completion
of the sale of the
the

common shares,
preferred stock and the

new

series

bonds, outstanding

italization

the

cap¬

will
$111,756,000 of first and
general
mortgage
bonds;
5,713
shares
of
6%
preferred
stock;
company

consist of

220,000 shares of 3.50%

preferred
stock; 30,000 shares of 4.60% pre¬
ferred

stock;
50,000
shares
of
preferred; 12,346 shares of
preferred; 50,000 shares of
5.25% new preferred, and 3,309,-

4.75%
4.6%

307 shares of

common

stock.

Banks for Coops..
To Offer Debens.
Banks

2,370

mately

2.00

4.44

1,009

Boston___.

Boston__

51-40

*2.00

4.44

2.40

4.44

Essex

:
Bank

Trust

N. Y.

Co.,

Bank,

Baltimore.

Bank-

of Md„____.

Co.

Bank—
.

Fletcher,

approxi¬

months

debentures

trust

Dec.

66-52

*3.00

*1.80

47-39

2.00

4.26

630

$120,000,000

33-25

1.40

4.24

725

due

*3.00

4.23

1960

78-64

3,500

33-29

1.60

5.16

555

made

63-58

3.00

4.69

400

cal

76-66

3.00

1.00

31-26

1.20

65-57

4.41
.

750

4.29

1,190

4.41

10,177

4.29

2,382

4.00

4.26

4.51

4.45%

The

debentures

and

for lending
offering will be

500

2.75

through John T. Knox, Fis¬
Agent for the Banks, and a
nationwide
group
of
securities

575

4.35

Dec.

operations.

545

52-41

*2.40

4.44

2.00

4.26

500

72-58

*3.00

4.48

dealers.

Phila. Inv. Women Hear

729

56-45

338

3.00

4.29

847

*1.80

4.19

1,815

74-61

Other:
4.55

906

4.36

1,000

4.35

1,838

*1.52

4.34

3,026

2.00

4.26

PHILADELPHIA, Pa. — Monthly
dinner meeting of the Investment
Women's Club of Philadelphia will
be held on Monday, Nov. 21, at
the Barclay Hotel.

1,085

2.00

59-43

*2.40

55-42

2.00

39-29

Ban!

Natl.

$135,000,000

1, 1960 and maturing
1, 1961. Proceeds from the
financing will be used to refund

Loui$ Banks:
National

issue

new

are

publicly

June

Banks:

National

Cooperatives

offer

41-33

.101

C._

dated

800

i
Paterson

for

collateral

1,200

55-47

Y. Banks:
&
&

Central

*Cash

National, Cleveland—

dividend

payments higher than

The table

banks

many

T. W. Lewis & Co.

Opens in N. Y. C.
T.

in 1959.

located in less promising deposit
growth areas, their stocks sell at levels where the yield obtained
is the primary attraction to owners.
Relative to many industrial
and public utility stocks, the dividend payouts are amply covered
by earnings obtained. The larger New England banks, Philadel¬
phia, Baltimore, and St. Louis banks characteristically have pro¬
vided above average yields. Entire states and many cities auto¬
matically are eliminated due to comparatively small banks whose
stocks frequently do not enjoy sufficient marketability. Thus such
states
as
Alaska, Arkansas, Iowa, Kansas, Maine, Mississippi,
Montana, New Hampshire, New Mexico, North Dakota, South
Dakota, Vermont, West Virginia, and Wyoming are not considered.
Although

are

presented covers most of the eligible banks which

Lewis

&
Co., Inc., has
offices at 61 Broadway,
New York City, to act as under¬
writers, distributors and dealers

opened

securities.

expected to make increased cash dividend
declarations or stock dividend payouts, the stocks listed satisfy
the investment objective of immediate income, in preference to

growth potential,
resistant,
acteristics
income.

many
are

Thomas

11 N.Y. CITY

BANK STOCKS
3rd

Quarter Earnings
Comparison
Bulletin

Request

on a

Laird, Bissell 8 Meeds
Members
Members

current yield basis.

1ZO

are

Lewis, President, and G.
Hynson, Jr., Vice-President.

are

Devoid

Officers

currently provide yield attraction primarily. The list has been
intentionally limited to cover the larger banks of the nation where
national marketability is enjoyed. Although many banks not listed
already have

Eastern Seaboard Co.

series

loans.

47-38

meeting

arranging

Amer.

bank

Nov.

First

sale

of new
preferred
subsequent sale of

the

proceeds

1,093

Union Trust

Director of Euro Fund, and a part¬
ner of Glore, Forgan
& Co., will

used

4.51

Newark

Boatmen's

the

mortgage bonds, will be
by the company to reduce

4.56

Fidelity Union Tr. Co.,

St.

from

general

2.30

Bank,

Jersey

Natl.

Cof¬

and

stock, together with

shares
and

$6,000,000

*2.60

Jersey & N.

Baltimore

50,000
stock

The

2,648

Banks:

Natl.

First

Corp.

proceeds from the private sale of

Baystate Corp.,

proceeds

New

com¬

Inc.

common

60-53

Natl.

Net

the

Boston

Burr

51-44

New

Dividend

T_.

Shawmut Bk., Boston—

First

Outstanding

First

fin

Banking & T Co

Penn.

Natl.

Price

57-44

Yield

58-51

Bank__

Exch.

PHILADELPHIA, Pa.—Hunter S.
Miarston, Jr., Vice-President and

120,000 shares

Banks:

Fidelity-Phila.

First

Mean

1960-195})

Philadelphia

Recent

Price Range

To Hold Meetings

bank

many

insurance

achieved

level

Phila. Inv. Assn.

increase in hog trading and prices
on the upside.

policy.
Although many banks may continue to hesitate in, raising their
regular dividends, as they did in 1959, they may again readily turn

Baltimore

finished somewhat

moderately from

finds

may come as

dend

preceding

was

fractionally

one

strong

pe¬

in the 1959 period.

Bodine,

prices declined during the

1961

be wide of the mark in tagging bankers conservative souls,
case can be made for conservatism in reference to divi¬

may

29,

the

above

mas

ing the week and prices were
steady. A moderate decrease oc¬
curred in coffee prices and trad¬
ing was dull. There was a moder¬
ate
decrease
in
cocoa
prices

any

sales were
5% above the same period last
year. For the four weeks ending
Nov. 5 no change was reported
over
the
1959 period,
and from
Jan. 1 to Nov. 5 there was a gain
of

Philadelphia National

According to the Federal Re¬
serve
System
department
store

that it will hold its annual Christ¬

Indonesia.

Sugar buying strengthened dur¬

are

increase.

stock

The

expected record high

for

The Jan.

reported.

was

Nov.

ended

Friday, Nov. 18, at The Engineers
Club, 1317 Spruce St.
Robert G. Rowe, Jr., of Paine,
volume
in
rice
was
good
and
prices held steady;
negotiations Webber, Jackson & Curtis, is in
charge of arrangements.
were
pending for sizable ship¬
stan

outlook

cuts in bank dividend rates made.

are

the

banks in the nation

in¬

earlier; exports of flour remained
heavy. Both domestic and export

ments

banks

policies. Such declarations

of 3% was reported. For the

change
to

year.

for

week

Nov.

export buying on light offer¬

week earlier and volume

and

taken from

ended

decrease

period last

week

With

and

week

Nov. 4, the lowest level so far this

and

sales

store

the Federal Reserve Board's index
for

year

earnings results
probable sustained earnings
making higher dividend declarations. Among the

the

banks

4% From 1959 Week

country-wide basis

modity Price Index, compiled by
Dun & Bradstreet, Inc., dipped to
262.99
(1930-32tr:100) on Friday,
year,

and

1960

Institutional

Nationwide Department Store
Sales

Bank Stocks

—

out to be good income producers.

prices at

level.

the

consideration

After

collected

were flour, wheat, rye, oats,
& Bradstreet, Inc.
Regional esti¬
hams, bellies, lard, butter, cheese, mates varied
from the comparable
cottonseed • oil,
eggs, - potatoes, 1959 levels
by the following per¬
steers and hogs. Lower were corn,
centages: West North Central +1
cocoa, raisins and lambs.
to
-j-5; East South Central and
The Wholesale Food Price In¬ West
South
Central
0
to
+4;
dex represents the sum total of Mountain —2 to
-f-2; New Eng¬
the price per pound
of 31 raw land,
East
North
Central
and
foodstuffs and meats in general South Atlantic —3 to
-f-1; Pacific
use.
It is not a cost-of-living in¬ Coast —4 to
0; Middle Atlantic

the general trend of food

end

increased cash rates

Election

offering

($10 par value) at a
price of $26 per share is being
made today (Nov. 17)
by an un¬
derwriting group jointly managed
by H'arriman Ripley & Co., Inc.;

generally is the season for bank
directors to weigh the question of liberalization of dividend policy.

many

ended

the

Toward

out

Last Year

This Week

HIGHER DIVIDEND SEASON UNDERWAY

numerous

Consumer Buying Slips Below

week

Public

67.000

726,000

BY LEO I. BURRINGTON

mon

89,000 a
91,000 in the

and

Central Maine

of Central Maine Power Co.

with

compared

Common Offered

STOCKS

last Tues¬

vember

last

BANK AND INSURANCE

exports of lint cot¬

earlier

Although

Brad-

this

comparable period last year. For
the current season through No¬

the
In¬

Cotton

York

estimated

were

bales,
week

(1997)

helped

areas

in the week

day

Index

Months

receipts.

Reports of unfavorable weather

$100,000—a marked drop from 38
in the preceding week.
Wholesale

trading lagged

lower

United States

All

ous

Some

comparable week

1939

pre-war

casualties

the

the 274 in 1958.

year ago or

than

Number 6004

the

obsolescence

reliable
present

hazard

investments

bank

and

strongly

recession

with these defensive char¬
which produce attractive

stocks

New

York

American

BROADWAY,

Stock

Exchange

Stock

Exchange

NEW YORK 5, N. I

Telephone: BArciay 7-3500
Bell

Teletype NY 1-1248-49

Specialists in Bank Stocks

The Commercial and Financial Chronicle

(1998)

Thursday, November 17, 1960

)

Indications of Current

The

following statistical tabulations

latest week

Business Activity

week
Latest

IRON

AMERICAN

operations

capacity)

cent

(per

Equivalent to—
ingots and castings (net tons)
PETROLEUM INSTITUTE:

AMERICAN

oil

Nov. 19

2,233,000

1,579,000

"1,468,000

§1,464,000

Total domestic production

stills—daily

runs

output

output (bbls.)„————
fuel

(bbls.)

6,898,975

117,830,000

7,934,000

7,880,000

7,681,000

Benzol

Nov.

27,785,000

27,968,000

27,733,000

27,575,000

Nov.

2,988,000

2,535,000

2,268,000

12,362,000

12,956,000

11,858,000

Nov.

5,897,000

5,717,000

5,930,000

6,086,000

188,642,000

175,800,000

(bbls.)

Kerosene

fuel

Distillate

oil

fuel oil

Residual

ASSOCIATION

(bbls.)

•36,745,000

36,626,000

35,121,000

—Nov.

180,453,000

178,924,000

171,437,000

49,917,000

50,766,000

57,799,00.

Revenue

freight loaded

Revenue

599,493

freight received from connections (no. of cars)—Nov.

ENGINEERING

CIVIL

(number of

cars)

Nov.
..

620,712

646,016

561,223

512,046

517,410

535,480

509,528

Total

construction—-—

Private

——'—-——Nov. 10

and

municipal-—

Federal
COAL

Bituminous

BUREAU

(U, S.

coal

and

252,300,000
192,200,000

178,600,000

167,600,000

171,500,000

40,600,000

Pennsylvania anthracite (tons)

zinc

smelter

period

Total

Nov.

7,915,000

7,990,000

8,120,000

7,824,000

Nov.

387,000

385,000

377,000

447,000

——Nov.

149

155

Nov. 12

14,111,000

13,982,000

13,736,000

13,270,000

Public

(tons).

——

CONSTRUCTION

NEWS-RECORD

(000s

omitted)./

STORE

and

EDISON

ELECTRIC

Electric

—

'•

97,000

-890,000
184,000

3,651,661

*3,996,922

1,775,200

3,591,515

*3,923,408

60,146

73,514

1,738,900
36,300

■>.

—:—.

NOV. 10

—.

298

;

Finished

steel

Pig iron

(per gross

DEPARTMENT

PRICES

6.196c

$66.32

$66.41

Month

$28.33

$28.17

$29.83

$46.17

Adjusted

for

Without

seasonal

METAL

Domestic

-Nov.

29.600c

32.425c

34.525c

Export

-Nov.

27.575c

26.825c

27.450c

31.525c

refinery at
refinery at
-—

Copper—

(New York)

at.

-Nov.

12.000c

(St. Louis)

at—

-Nov.

11.800c

12.800c

(delivered)

at—

(East St.

Aluminum
Straits

U. S.

-Nov.

(New

York)

13.500c

13.000c

12.500c

26.000c

103.250c

103.500c

101.250c

corporate

87.38

87.19

London

'*. 30.598c

New

York

East

St.

(per long

84.17

prompt

Zinc—

-Nov. 15

87.05

86.91

-Nov. 15

91.77

91.48

87.99

East

-Nov. 15

89.37

89.23

89.51

86.11

-Nov. 15

86.38

86.24

84.0-

Baa

£68.679

MOODY'S
U. S.

BOND

81.42

81.29

80.81

78.78

ttLondon,

.Nov. 15

84.43

84.17

84.04

82.4C

Silver and

87.99

88.13

87.86

83.79

Silver,

New York

Silver,

London

-Nov. 15

88.81

88.95

88.81

86.11

YIELD DAILY AVERAGES:

Government

Bonds

months (per long
Sterling Exchange—
'

Tin,

Public

Utilities

Orders

Group

COMMODITY

NATIONAL

INDEX

PAPERBOARD

received

4.68

4.69

4.86

5.07

5.08

5.12

5.29

Laredo,

bulk

4.83

4.85

4.86

4.99

Laredo,

boxed

4.56

4.55

4.57

"4.88

Platinum,

refined

4.49

4.50

4.70

Cadmium

(per

353.5

361.1

AND

ROUND-LOT

—,

DRUG
=

end

356.2

355,583

299,841

4ov.

308,733

318,032

lov.

Nov.

469,198

period

REPORTER

100

PRICE

—

specialists

FOR

ACCOUNT

stocks

340,449

314,365
q?

418,183

„

456,370

108.71

109.77.

•

109.65

111.71

1,657,490

1,606,250

2,230,210

2,209.29C

332,150

299,310

344,700

316,67C

1,469,940

1,273,940

1,802,090

1,573,250

1,911,050
2,255,750

2,150,72c

41,300

24,300

49,730

73,820

288,730

168,400

458,880

532,700
800,540

199,300

328,020

330,030

192,700

281,670
331,400

oct. 21

720,318

477,612

621,975

sales

3ct. 21

77,530

79,020

96,020

633,900

394,455

576,244

754,270

711,430

473,475

672,264

865,980

Oct. 21

2,626,718

2,283,162

3,180,205

3,505,860

jet. 21

450,980

402,630

490,450

502,200

Oct. 21

2,392,570

1,836,795

2,768,964

3,047,201

Oct. 21

2,843,550

2,239,425

3,259,414

3,549,403

round-lot transactions for account of members—

purchases
Sales

;

Other sales
Total

sales

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT DEALERS
AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE

Odd-lot

sales

Dollar

Odd-lot

—SECURITIES

by dealers

Number

;

short

Customers'

total

sales

Short

ROUND-LOT

FOR
Total

$79,971,089

Qct;
Oct

purchases by dealers—Number of shares

EXCHANGE

1,565,776

$79,942,968

Oct

sales

TOTAL

1,673,674

$62,833,952

Qct

Sales

Other

Round-lot

1,263,670

$63,503,520

21
21

by dealers—

shares—Total

1,369,877

Oct. 21

sales

STOCK

AND

ACCOUNT

SALES

ROUND-LOT

MEMBERS

THE

STOCK

Short

Utilities
Banks

weighted

sales

—Z Oct.
„Z_Zoct.
ZZ.Zoct.

NEW
=

SERIES —U.

1,272,203

1,094,297

1,459,256

1,295,247

23,024

23,109

21,418

11,965

1,249,179

1,071,188

1,437,838

(15)

pig_L_„

$54,749,975

$69,937,804

Processed

Meats

Month

ZZZZZoct
ZZZIZoct.

ZZZZIZ

Nov

ZZIZnov'
———————

and foods

"•v?

lot boxed.

§§Delivered

Tel.)

3.83

Total

Net

4.02

3.70

3.08

3.03

GREAT

3.73

3.36

£41,911,000

£34,508,000

BRITAIN

MINES)—

October

£77,397,000

•'

month

,Z:'Z7

33,270,000
36,387,000

(barrels)30,509,000

cent)

•

":/■>'<*

AREAS

and loan

295,800

417,490

329,660

Insurance

388,950

295,800

417,490

329,660

Mutual

615,850

606,320

—

;; '

HOME

August

(000s

associations

461,250

483,990

companies
trust companies

590,710

574,790

747,280

661,920

12,719,340

10,823,940

14,709,450

13,772,620

13,410,050

11,398,730

15,456,730

14,434,540

_Nov

II__I_Nov.

119.4

*119.4

119.2

88.6

'88.6

89.0

lending

—

Oct.

face

*108.8

108.3

105.7

96.0

*95.9

96.5

*127.9

127.7

128.7

gross

29,000,000

$1,048,132

$1,203,179

122,672

115,870

137,391

405,878

377,956

505,337

158,168

145,301

167,151

350,498

336,431

537,558

490,581

521,586

$2,783,532

$2,528,338

$2,871,075

$293,000,000

$295,000,000

290,486,732

288,423,332

291,253,050

—

Z—^

——_

(000's

that

omitted):

may

outstanding

public

debt.

obligations

—

not

owned

the
"

—
t

159,075

161,031

public
obligations
gross

Deduct—Other

not

debt

.—J

118,471
'

$290,645,808

outstanding public debt obli¬
subject to debt,limitation

outstanding—
face amount of obligations issuable
authority—---

guaranteed

total

above

Total

under

45.674 202

30,000,000

Balance

81,833,433

...

$1,200,630

—

institutions

Treasury

Grand

615,148,300

84,784,280
44,386,805

(

omitted),
i,

time—:

any

92.7

127.9

,tr

$769,104,417

BANK

—

,—

amount

86.4

109.0

■,

646,897,617

25,000,000

GOVT. STATUTORY DEBT LIMITATION

358,626

savings banks

-r-As

Total

NONFARM

LOAN

—

and

'■

$808,971,482

79,598,308
34,515,376

Individuals

Banks

•

608,292,386
.

charges.—__
(estimated)—

FINANCING
U.

$754,378,722

before

charges

BOARD—Month

388,950

•'•••

——

expenses—

after

25,308,000
•

;

ESTATE

REAL

'•

32.590,000
35,098.003

(AS-

33,258,000

—

CLASS I ROADS

31,130,000

33,601,000

•

(barrels)—-——

operating

income

4.01

4.02

revenues—

operating

railway

4.95

3.07

—

LTD.—Month

(per

Septembsi*:

3.14

•

6.18

3.83

(214) '

3.64

6.02

——

(BUREAU

Taxes

21
21

Sid uSfL JJain«fderS 1,0P\^Jabv rr,els °J foreign cru ie runs. SBased on new annual capacity of 148,570,970 tens
inveqfmpnt
tPrIL wl !!
14J.633.670 tons. tNumber of orders not reported since introduction of
one^haU cent pound
fPrime Western Zinc sold on delivered basis at centers where freight from East St. Louis exceeas
Plan

$1.40000

—3.74

EARNINGS

gations
MnntiUv

•

3.66

Tel.

mills

used

Outstanding—

Nov
—_

farm

b>2.25

29.000c

YIELD—1(M)

of October:

September:

than

74.000c

$2.25

(barrels)
from

operating

Total

other

24.700c

74.000c

but less than carload

—

ISSUES

end

Capacity

Savings

——.

commodities

26.800c

23.250c

—ii

BANK

Shipments
Stocks

AVERAGE

Amer.

CEMENT

Production

Total

DEPT.

foods

—————,

——

(200)

CAPITAL

MIDLAND

$63,675,160

$60,371,920

100):

products--,

26.000c

23.250c

—-J.

—7——

—

Guaranteed

commodities

Farm

$1.75000

26.000c

—

(10)

PORTLAND

1,283,282

Commodity Group—
All

$1.50000

——

incl.

(not

Miscellaneous

Qct
■

PRICES,

$1.51429

lb.)

(per

(25)

Average
NEW

STOCK

LABOR—(1947-49

$1.30000

TRANSACTIONS

sales

WHOLESALE

$1.40000

$1.50000

avge.

STOCKS—Month

(125)

Insurance

(SHARES):

Sales

Other

All

ingot

round-lot sales—

Total

$77,000

WEIGHTED

COMMON

Net

—;—

Round-lot sales

Number

Oct. 21

sales

other

$82,000

$1.50000

lots).

pound)—:

(per
.

UDomestic five tons

Industrials

sales)—

value

29.500c

$82,000

SOCIATION OF AMERICAN RRs.)—Month

(customers'

orders—Customers'

Customers'

MOODY'S

Total

1
dealers

29.500c

freight from East St. Louis exceeds 0.5c.
**F.o.b. Fort Colburne, U.-S. Duty
ttAverage of daily mean and bid and ask quotations per long ton at morning
session of London Metal Exchange. 7 < "

COMMISSION

32.590c

29.000c.

29.500c

pound)

(per pound)

RAILROADS

purchases)—t

value

purchases

Number

Dollar

EXCHANGE

(customers'

32.590c

29.000c
——„

figure.; tEstimated totals based on reports from companies accounting for.
of primary, 95% of secondary tin consumption in 1957 and 97%
of total stocks

06%

111,710

Oct. 21
Oct. 21

sales__

Short

496,03t

floor—

—

Sales

Total

Bismuth

1,834,050

;>ct. 21

248,910

Oct. 21

Other

32.590c

—

vhere

floor—

the

$223,333

102.274c

'Revised

j>ct. 21

$35,000

$209,000

pound)

delivered ton

grade primary

Sales

initiated

$35,000

$209,000

—

lots),

small

102.274c

$2.80627

pound)—

(per

grade

end of 1957;

sales

Total

97%

103.319c

$35,000

pounds)

pound)

(per

pound,

Railroads

purchases

(per

99%

}Ct. 21

transactions

79.955d

79.250d
$2.81271

"♦Nickel

Oct. 21

Short

91.375c

79.488d

included,

Other sales

Total

boxed

)ct. 21

the

$2.81159

319,477

523,320

£86.446

: V
91.375c

■

u_:_

—

flask

(per

grade

jet. 21

off

12.629c.
£91.366
£88.457

price)—

99%

MEM¬

)Ct. 21

initiated

(Per

ounce

York,

Cobalt,

361,161

purchases

Short

Total

388.

registered—

Sales

transactions

Other

SPECIALISTS

which

Nov. 11

sales

Total

UNew

INDEX-

Other sales

Total

•

purchases

Short

Other

(per

Aluminum—. *"■

„

TRANSACTIONS
of

4.50

.Nov. 15

—

BERS, EXCEPT ODD-LOT DEALERS AND
Transactions

Total

•

£87.139

$1.60000

Antimony—

(tons)

AVERAGE

Total

4.70

.Nov.

activity-

orders

PAINT

1949

4.45

ASSOCIATION:

(tons)

Percentage

OIL,

4.56

4.47

.Nov. 15

(tons).

Production

Unfilled

4.31

4.46

Industrials

MOODY'S

Gold

Quicksilver

.NOV. 15

Group—

4.85

.Nov. 15

Group

4.19

4.64

4.29

.Nov. 15

Railroad

3.81

4.63

4.29

.Nov. 15

3.83

4.63

.Nov. 15

Baa

.Z-

—

(check)

York Straits

New

3.85

.Nov. 15

—

ounce)-

(per

Exchange

.Nov. 15

;

corporate

12.129c

13.500c

£87.911
£86.622

ton)
.

(per ounce)

13.000c

13'.500c

^in

74.000c

Sterling

ZZZZIZZZZZIZII

13.000c

three

.Nov. 15

Average

£71.608

pound)

(per

-Nov. 15

Utilities Group
Industrials Group

(£70.244
■

Louis

Western, delivered (per pounsfhraittLondon, prompt (per long ton)

-Nov. 15

Group

Public

£70.619

ton)—

—

Railroad

£69.946

St.

12.800c

(£67.250

§§Prime

13.000c

11.800c

■.

12.000c

11.800c
—

long

(per

•-

12.000c

ton)^

'■ :

32.576c
29.150c
£241.920
E236.875

£234.705
£235.261
■;

pound)—

(per

long

(per

•. 1

pound)

(per

Louis

months, London

Aaa

%'■

32.600c
28.611c

—27.111c
£222.232
ton)——
£224.071
'

Common,

Aa,

150

Z
r

months,

ttThree

147

•

'•

83.25

87.48

*145

ttLondon,
-Nov. 15

153

■

Common,

PRICES DAILY AVERAGES:

BOND

Lead—

24.700C

-Nov.

ttThree

•'

*144

—

13.000c

-Nov.

Government Bonds—

Average

13.500c

-Nov.

(primary pig, 99.5% ) at.

tin

MOODY'S

Louis)

Z /
150

refinery (per pound)—
Export refinery (per pound)—
ttLondon, prompt (per long ton).:

13.000c

Lead

? /

•„,-./

:Domestic

4,488,302

•„

J. QUOTATIONS)— 1.
;
v'""-1
V ■- «
•

*4,271,350

4,452,020

RE-

Average=100—
,

adjustment—

(E.

tons)

(net

variation

seasonal

PRICES

month

October:,

October:

Lead

Zinc

—

——

SALES—FEDERAL

M. J. QUOTATIONS):

(E. &

Electrolytic copper—

JZinc

STORE

Nov.

ton).

Sept.
■'

——

tons)

SYSTEM—1947-49

Nov.

—

ton)

gross

SERVE

tons)

(net

Nov.

(per lb.)

(per

tons)

(net

coke

coke stock at end

Oven

285

326

•

317

(net

coke

Behive

—/

MINES)—Month

$1,494,000
794,000
699,000
526,000
•
, 173,000

1,073,000

601,000

—/

municipal

■

$2,232,000
1,159,000

698,000

.v,——

—————

(BUREAU

Oven

DUN

COMPOSITE PRICES:

steel

COKE

Production
—

INDUSTRIAL)

AND

INC

BRADSTREET,

METAL

100

INSTITUTE:

(COMMERCIAL

IRON AGE

Scrap

AVERAGE

(in 000 kwh.)

output

FAILURES

Federal

INDEX—FEDERAL RESERVE

SALES

SYSTEM—1947-49

65,723
191,251

$1,796,000
1,098,000

—

DEPARTMENT

63,938

68,182
192,466

•

—

" 60,004

EN¬

—

Month

—

construction*

Sate

63,005 *

65,183190,288

construction—

—_

2,000 pounds)—

ENGINEERING

GINEERING
October

(tons; of

end

INC.—Month of
V,

output all grades

Stocks
CIVIL

6,066,332

387

29,700,000

41,100,000

transport

Private1 construction

;

—

freight

2,000 pounds)
Shipments (tons

148,900,000

20,700,000

6,695,602

ASSOCIATION, INC.—

(in tons)

265,700,000

208,200,000

143,000,000

13,361,000

209,733,000
26,524,000
15,000
29,943,000
16,150,000

August:

general

carriers

OF MINES):

(tons)

lignite

165,200,000

184,100,000

Nov. 10

—

OUTPUT

130,300,000

Nov. 10

.—

construction-

State

Nov. 10

construction-

Public

TRUCKING
of

Intercity

$444,300,000

269,004,000

14,219,000

7,002,221

(barrels)

AMERICAN ZINC INSTITUTE,
October:
'

Slab

$444,500,000

$373,400,000

$314,400,000

stocks

—

all

Month

CONSTRUCTION—ENGINEERING

277,052,000

8,543,000

imports (barrels)-——
consumption domestic and export

AMERICAN

NEWS-RECORD:

287,484,000

—._

product

(barrels)

181,624,000

49,079,000

—

—.—

RAILROADS:

(barrels)
imports (barrels)

Indicated

32,764,000

Nov.

at-

AMERICAN

184,350,000

—-—.Nov.

—

186,815,000

(barrels)

output

Increase

Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at
-Nov.

(barrels)——215,145,000

output

gasoline

oil

Refined

12,083,000

(bbls.)

output

Crude

2,267,000

——Nov.

—

240,529,000
212,645,000
27,866,000
18,000
31,191,000
19,551,000

236,272,000

28,605,000
,16,000
32,768,000
19,493,000

243,766,000
oil

crude

Natural

.—

(bbls.)

oil

6,802,560

—

Gasoline

Distillate

fuel

6,821,410

(bbls.)—.

Kerosene

Residual

6,940,060

—

average

oil output

Nov.
Nov.

—

Ago

(barrels of 42 gal¬

each)

Domestic

(bbls. of

average

Year

Month

INSTITUTE—Month

PETROLEUM

lons

output—daily

each )—

gallons

Crude

condensate

and

August:

AMERICAN
Crude

of that date:

are as

Month

78.9

55.4

either for the

are

Latest

Steel

of quotations,

cases

Ago

'51.5

or,

Year

Month

Week

§51.4

NOV. 19

that date,

production and other figures for the

cover

Dates shown in first column

month available.

month ended

Week

INSTITUTE:

STEEL

AND

Steel

Indicated

$288,584,264

402,301

403,843

413,333

$290,243,507

$288,180,520

$290,958,158

2,756,492

4,819,479

4,041,841

$291,371,521

Volume

192

Number

6004

The Commercial and Financial Chronicle

(1999)

become

21, a guardian must
appointed by the court, and

Fundamental Considerations S"k
file

must

bond

and

be
he

make

would

but

an-

tighten not merely

nual reports to the court. He must

About Estate

to make

make

Planning

prosperous.

application for
Proper trusts
be provided for to avoid these

can

Continued from page 14

equivalent,

payable by both the

estate and the beneficiaries,
tax

income

gain

includes

above death
turned

net

value,

capital

legacy payable in a fixed sum
If the legatee is to re-

of money.
ceive

fractional

of tne
residuary estate, then there is no
capital gain. By appropriate will
provisions capital gains on transa

fers of assets

until

sell

the

part

by the Executors to

such beneficiaries

^re_*J\e Persons considered de¬
,

make

to
1

ments.

thm,

safe

eewrni" honpfi"

^ between the several benefi-

uf'n

.
n-

„

Ihe

fmm

A
tn

frllo+

Liaiy ^mimea xo

^ JiZ

mc dispose

re-

one

flected

the

tax

estate

beneficiary. In addition, some income
tax saving to the beneficiaries

may

them

legacies of

effected

by giving
certain type.

Objections to Tax Savings Effected
By the Marital Deduction
To obtain the marital deduction,
.icU
ueuucuuii,
the assets must pass at death out-

from the marital gift held in trusi
for the spouse, together with the
unnmiiea
unlimited

power to
xo

principal.
by will

dispose of the
dispose oi xne
disposal may be

Such
deed.

ject .to

Many people ob-

giving

control

such

the

surviving

because the assets
of

from

away

family

children

later

spouse,

be disposed

can

spouse

the
to

else; or where there are
children, they could be disposed of entirely to the family of
anyone
no

the second spouse to die to the exelusion

the

who

spouse

they

filed, although very
is no gift tax to pay.
Protection

(7)

Minor

dren.
named

and

thwarted

deduction

surviving

must

ultimate

the

fund

when

dies.

person

the

Into

The

Estate

following

just

are

be dealt with in estate

few of

planning:

bers of the family?

(2) Do

of them require the

any

the

necessity

tn mppf thn

familv

usuaiiv

While

maintenance

the

paramount

foremost,

tion

still

as-

Continued

from

page

the
the

that
tnat

contention

the*
the

nf
of

protec¬

against

estate
estate

to
to

the
nonnon-

fami]y members through action of

have
nave

been
oeen

beuit, manageel by trustees.

(3)

Is it desirable and
to

the

reduce

practic-

taxable

estate

by making gifts of all of the rights
which

the

insured

has

his

lite

policies to members of
family; and also by making
gifts of other assets, as, for example, stock in a close corpora
tion,
accounts
receivable,
and
marketable securities, etc.?
If a
rt/iAoof il I
/I iTYAnt*n
!*%■?
rfAl-iman
successfully divests himseif
of ownership of a $10,000 life insurance policy payable to his wife
on
death, he having an adjusted
gross estate of $200 000, the estate
w

rot t

ft-

S? such insurance
MVMf
to
east

of her

should

If the wife ded be-

$1,500.

1}usband'
would

the

policy

estate.

asset

ncriod

Taxes

(2)
be

which

should

heavy

bound

are

kept

^^S^nimfz^^xe^ ^aVness^o
gTe fanXTnd nrotlction

members

over-

p
should not

death is ignored as a gift by the
taxing officials, and the property
which is the subject of the gift

included

when he later

gift

was

the

(4)
serve

motivated

Who

trustees
There

estate

government that the

continued

donor's

dies, because of the

associated with
with

in mind

are

reason

death rather than

living.
best

qualified

executors of the will and

the

are

trusts

created?

number

impor-

rise

tne

chal-

lenge and opportunity of the Sixties. We have entered
which our lives and

decade in

our

liberty

may well be at stake, but in the
light of our common interest in
a consumer-oriented society, it is
worth remembering there is some
i:i

—■

looked.

Salvation

made extraordinary
sacrifice to fulfill
demands' that
history
has

the

vigorous free nation..*

have

given billions in for¬
eign
aid.
We
have fought
in
Korea. We have paid the highest
taxes in

our

undertaken

York Times put it, "these
are not the acts of a slack and
decadent people."
where

And

billions
*

it'

!■

to
_

—

the

get

dollars
i<

' "*■

did

commit
* 1

X *^ h

responsibilities? We
got
these
vast sums from
an
economy that was consuming its
way to prosperity,

that

have ignored

indulging

while

needs

time

private

^fulfUlId

not

the

Sarnoff

The Better

What I
that

Way to Pay Taxes

"Pv

app

can

best pay these heavy

and growing costs—indeed, in the

long baub
ment

oniy pay them
growing governan increasingly
society.
The
hairshirt

the

revenue

affluent

can

__through

from

billion

$22

people
education,

nearly three times as much as
only 10 years before. Some 700,000
~

classrooms

have

been

built

World War II—more than
alL those
20

years,

have

now

the

social security

last

benefits

climbed from $1.2 billion to

$16 billion. Over the
our

use.

since

half of

expenditures

period,
hospitals

same
on

have

multiplied more than seven
times; we have tripled our outlay
on public
welfare and assistance,
quadrupled what we spend
on

highways, police and fire depart¬
This

record

does

not

suggest

Rubber—Review

vert»
to

recognize that to do

associates

impair the health of the goose
that lays the golden eggs.

Americans need
not choose between satisfying our
Fortunately,

vast. natural
an

our

resources,

expanding economy based
democratic free enter-

the

prise system. Thus we can accomplish both goals. We can enjoy all
r,

—

time

mands

for

meet

can

national

Company

& Co., 100
Hartford 4, Conn.

Broadway, New York 4, N. Y.

Also

available

American
miicuirtn

the

defense

Net

Proceeds

the

will

.
be

sale

added
fiinHs
funds

little

„

Most

Memorandum

—

I. du Pont &

the whole ros-

Co.,

Inc.,

Broad

Microdot

—

Bulletin
*

the

to
anH
and

received

debentures

the

company's

—

Freehling,

will
will

ho
be

axroii..
avail-

purchase

retail

X*™'T

Microwave Associates—Discussion
in

ntirrpn

*»+
better' »

man

the

Stearns & Co., 72 Wall St., New
vnlb; xr v
Y?!? ?> N. Y. —($37.50 per year.)

Such

paper.

applied
of

proceeds

initially

short-term

vitramnnS
r^nil 3re
Vitramon, and Grolier.

the

borrow-

Motorola
L.

may

made

and

Inc.—Analysis

Vanden

Liberty
Also

Broeck

St.,

New

available

Alfred

—

Co.,
5, N.

York

reviews

are

Y9?8! at; P?lces! start- Friden Inc^, Van Camp Sea Food
decllning
Par- Co- and C-E-I-R Inc.

A sinking fund commencing in
1970> is calculated to retire 51%
debentures

nrior to matur-

Pnor 10 ^aiur

^ The debentures

may be re-

States

sales

branches

op-

^ 1SS
po *—Peter
42

„

^7?, P

Se-

P. McDermott & Co.,

Broadwav

York

*™aaway, JNew York 4, N. Y.

National Phoenix Inc.—AnalysisFrank Investors Corp., 40 Exchange Place, New York 5, N. Y,
Ncw

England Ljme Company —
Analysis—Bancroft Securities Co.,
74

Franklin

wnmoctor

Worcester 8,

Mass

erated by wholly owned subsidiaries of Deere & Co.
Substan- Northrup Corp. — Bulletin
Hill,
tially all of this paper arises from Darlington & Grimm, 2 Broadretail sales in the United States way, New York 4, N. Y.
by John Deere products and used piOUffh
Memorandum
Carrpau
equipment accepted in trade for & >0
115 Broadwav
New York
them. John Deere products are «
^oadw^, New York
—

ISTet

the

income of the company for
months ended July 31,

nine

1860,

'
Pubco Petroleum Corporation
Report—Coburn & Middlebrook
Incorporated, 75 Federal St., Bos-

^on

Mass*

Quaker

Oats

—

Memorandum

—

$840,121, compared with E. F. Hutton & Co., 7616 Girard
$338 9.19.
fnr
$338,212 for the year onrlorl Oct. Ave.,' V'
ended
La Jolla, Calif.
31, 1959, the company's first full
Republic Aviation—Memorandum
year of operations,
—Pershing & Co., 120 Broadway,
was

•vmar

With

Robinson-Humphrey

ATLANTA, Ga.—Luther N. Conrad, Jr. and John A. Lagomarsino
have

been

added

the

staff

Robinson-Humphrey

inc.,
Building.
6nariy.

Rhoades

New

ComHaverty

t„n

(Special to The Financial Chronicle)

Inc.,

N. Y.

Union

Gas CompanyReport—Dempsey-Tegeler & Co.,
210 West Seventh St., Los Angeles
14, Calif. Also available is a report on Time, Incorporated..
PamA

wnAMrMff.

Thompson Ramo Wol ridge, I c.

With J. N. Russell & Co.

Co.;

„

York 5,

Southern

(Special to the financial chronicle)

The

•

—Report — Reynolds & Co., 120
Broadway, New York 5, N. Y.
available

Also

Delaware

Union

Commerce

Building, members ofjhe New

Hudson

report

Co.

Pipeline

Company

—Analysis—Paine, Webber, Jackson

& Curtis, 25 Broad St., New

people

York
and
Midwest
Stock
Exchanges, have added to their staff

York

the notion that pros-

Thomas C. English, Guy L. Ewing,

utility Stocks,

the

Fara-

for

iaS a A

de¬

perity

ren'nrt

at%9% and^ccruedMerest SMl^St^ Chicago ^Ilf0^11 ^

1985

and

public needs

reject

Broadcasting
oroaacaSling

will

Street,

Department Stores —•
Review—J. R. Williston &
Beane,

CLEVELAND, Ohio—J. N. Russell Transwestern

think

Pearl

Interstate

foreign aid, for education, roads,

Analysis

—

Cooley

social security and
ter of

review

°n Garrett and General Dynamics.

the things that make work easier
and leisure more fun—and at the
same

Hell-Coil

are offering today (Nov.

17) $50,000,000 John Deere Credit;

would be

upon

available

ana

Co., Inc.,

and medium sized industrial and
construction equipment.

underto

sin.

patience

American

They

with

will
cult

have
that

preaches economic asceticism.

ments.

Tire

St., New York 5, N. Y,
Also in the same circular are data

spending from the private
the public sector. They do not

measures

and

American

—Auchincloss, Parker & Redpath,
2
Broadway, New York 4, N. Y.

manufactured by Deere, and consist of farm equipment and small

restrictive

unsurpassed technological skill

our

Co.,

Ercadway, New York 6, N. Y.

Martin—Data—Blair

"di-

economists would have
take

private prosperity,

economy

New York 5, N. Y.

I)eDS. Offered

United

do strongly maintain

0£

our

Co.

Schweickart

Deere Credit

Credit Co. is the purchase of re.tail installment paper from the 14

foreign policy.

moving

our

«
R

Mr.

growing costs in the years ahead deemed through the sinking fund
as education, health -0?1 ?nd after Oct. 15, 1970, at par,
old age, as well as defense P*us accrued interest.
and
a
constructive,
forwardThe business of the John Deere

public sector
has reaped the

benefit of

^ew York 5, N Y.
General Tire
&
Rubber
£epoI(:

'
St.,

ilujss fassracwt

and

sibilities abroad, the

less

Wall

Co., 1 Wall
St., New York 5, N. Y. Also avail-

address

in such fields

than in underwriting our respon-

front

before

♦An

public

our

personal desires and fulfilling our
public obligations. We are spared
such a choice by a rare, perhaps
unique combination of blessings.

domestic

Fehn & Fink

Optional redemption of the de-

—

these' heavy

Report

—

Stieglitz,

mount Theatres, Ine.

bentures

certainly there will be heavy and

efforts at great

York

lihePr1venlifth' a(iS0CIating llfe, and
with
the
pursuit

general
general

eco-

have

people

Mew

happiness.

liberty

its

American

the

growth

spent

we in
broadcasting and
industry—and millions of
fellow Americans—might bear

from

suggest we nave ruiiiiiea au me
opportunities in this broad area,

of greatest

Gifts have many aspects. Often
gift made within three years of

claim

tions that

Harriman Ripley &

come

our

Corporation

Halle

General

are some of the implica-

con¬

sidered carefully.

soft by pampering our desires at the expense of our duties,

tr,u.tnQc9

under-

can

Washington

come

some

children

the

Aversion
diversion

adequate
first

ought to

and

Prosperity: Sin

New

with the

Viv

ings.

his

of trusts,
mnnonn^

able

These

reduction

insurance

onto

victim

write higher education.

the

wldow ls usually tne Paramount
consideration
and
her

are

peacetime history and
peacetime conscrip*
tion to keep a standing army m
Europe
and
maintain bases
throughout the world. In short,
we have done everything that our
national leadership has asked us
to do. As James Reston of the

protection

for
-

gross national product

installment

made

(1) What are the needs for sup¬
port and maintenance of mem¬

sets

•

able

nomic

Planning

chance
•

car

Francis

widow

provision. Furthermore until they

ruirintr

the important subjects that should

thp

going

' "

make

C£m

second

for

pay

second

nrPPPHont

cpnsihlp will

nppd

created

dis¬

Some Other Matters That Enter

ob-

the widow should at least be

who

in the

may

position

main

two

acquired

weighed against the possibility of
the wishes of the decedent being

es-

assets.

marital

«m

has

proper

family of the first

owned

Thus, the large estate tax saving
accomplished by qualifying for the

that

Seen

There

(1)

of lack of suitable

because

planning

mnkincf

by will
may be forced to receive property
at age 21, instead of 25 or 30 when
they.<might handle it more carefully

will

Natives

Chil-

children

trusts

surance

Conclusion

there

Minor

with

^ate

beneficiaries of life in-

suumarme;
submarine;

Building,

Also

exceed

often

helps indirectly to

Polaris
jruicms

Ferro

Charles Pfizer & Co.

$3,000
per
annum
as
to
each
donee.
xnc&e sj.xl ipa reports
These gift tax icyuna must be

and

power

that

the1 extent

refrigera¬

new

our

tapping the surplus of a
owned
corporation
for
such purposes that need consideration.

tinues to pay jjicmiuius) thereon,
imues
lU
premiums tucicun,
he must report in a gift tax return

life

Woodward
5. D. C.
5, D. C.

the gas

family

all premiums paid for the benefit
of the new owner of the insurance

income for

slow

1 tion

all the

tor

that

readily

can

fjce

dies.

right to the surviving spouse; or
that spouse must have the right
receive

understand

Continued from page 8
Electronic Accounting Card
Corp.
Analysis - Mackall & Coe,

interest

(6) Gifts of life insurance policies by the insured in his lifetime having a cash value of over
$3,000, just as any other gifts, are
reportable in a Federal gift tax
return. Moreover, if the insured
Uoinntf
Cfhron
having given awflv nwnprsb n nf
away ownership of
his life insurance policies, con-

the

an¬

prosperity is far from a sin; it is
rather a means of public economic

of non-liquid assets, such

moving real estate, or an
in a business, at a sacriprice in order to realize cash,
There are tax angles in connec-

have

wills to meet the different situadie, in tions that may arise when each

achieve. For

system, personal

illness-or uitcttipiu^uie
inuueo ui unemployment; a higher

seculife msuiauut, cainiaiivcu
ujlc insurance earmarked

or
ui

for that purpose. Otherwise, the
estate executor may be forced to

th?

should

spouses

can

our

Both

(5)

lack

other, under

salvation. Americans

Literature

pros¬

rities
iihica

p^ipai oixne irusx io a Denei -

slVj« autnuruy^ is given

likel

egtate .

just not that

are

by comparison with what

know

Dealer Broker

guilty about being
For
one
thing, we

sufficient cash, marketable

honpfi

attorney

expenses,

fees, executors' commissions and
administration
other
administration
expenses
mugt be given careful consideramusi De giyen careiui consiaeia-

mvest-

funeral

debts,

which event increased value is

Ways and means to meet
estate taxes, last illness and other

expenses:

cease'

perous,

efforts

feel

Americans

(g) Provision for meeting death
(8)

ultimately

dispose of them

situations.

hevrmd the time when his

be deferred

can

beneficiaries

consid-

^. Aras nducSrv Tin
®
mnnM

by the executors in satisfaction of
a

ered. Is the Person sufficiently

pendable

beneficiarie

the

over

those assets

that

eitner those assets sold

upon

qualifications

tant

separate

withdrawal.

each

belt

noose,

We will not succumb

Americans will recognize

4, N. Y. Also available are
comparative
figures
on
Public

utmtles

Benry C. Sedor and Earl C. Wayiand
All
were
formerly
with
Commonwealth Securities Corp.

Analysis

Industries

Corp.

New York Hanseatic
Corp., 120 Broadway, New York
5, N. Y.
—

The Commercial and Financial Chronicle

(2000)

Thursday, November 17, 1960

•

ADDITIONS

^INDICATES

Now

Securities

Registration

items reflect the

but

are

November 18

firm

Electronics

(11/28-12/2)
Oct.. 13, 1960 filed 120,000 shares of common stock (par
$1), of which 50,000 shares will be offered for the ac¬
Adirondack Industries, Inc.

the issuing company and

70,000 shares, repre¬

senting outstanding stock, will be offered for the Estate
of Edward D. McLaughlin, company founder. Price—
To be

supplied by amendment. Business—The company,
for whom this represents the first public offering, makes
baseball bats and bowling pins. Proceeds—For general
corporate purposes. Office — Dolgeville, N. Y. Under¬
writer—Shearson, Hammill & Co., New York City (man¬
aging).
Adler Built Industries,

(McDonnell

—

(R.

Cavitron Corp.

Coffee

Cook

Sept. 26, 1960 filed 265,500 shares of common stock, to
United Industrial Corp. to holders of UIC
common

the basis

one

Aircraft

issuer, wholly owned by UIC, is engaged
applied research and development in various technical
fields and works largely for the Department of Defense.
Office—Cockeysville, Md. Underwriter—Eastman Dillon,
Union Securities & Co., New York City (managing).
in

Device

Drexel

Sept. 19, 1960 filed 130,500 shares of outstanding common
(par 10 cents). Price — $4 per share. Business-

•

Marks Ave.,

Brooklyn, N. Y. Underwriter—Golkin,
Co., New York, N. Y.

All American

Engineering Co. (11/22)
Sept. 27, 1960 filed 85,918 shares of common stock (par
1Q cents), to be offered to holders of the outstanding
of record Nov. 22

common

for

the basis of

one new

with rights to expire on
supplied by amendment.
Busi¬
ness—The firm is engaged primarily, under governmentsponsored contracts, in research, development, and man¬
ufacturing activities related to the aircraft, satellite, and
each

Dec. 7.

missile

four

Price

—

fields.

(Warner,

(Goldman,

Foremost

(Richard

held

—

For

general

corporate

pur¬

•

Allegri-Tech, Inc.
JSept. 21, 1960 filed 100,000 shares of 50c par common
stock. Price — $6 per share. Business — The company
makes and sells printed circuitry and modules.
Pro¬
—

To pay bank notes and other indebtedness in¬

for

equipment, to finance leasehold improve¬
ments, and for research and development expenses.
Office — 141 River Road, Nutley, N. J.
UnderwriterMyron A. Lomasney & Co., New York City. Offering-

(12/5-9)

Oct. 14, 1960 filed 135,000 shares of common stock

100), of which 75,000 shares
the

to be offered

are

Alstyne,

Clark

(Osborne*.

Kirk

Van

$300,000

Inc.)

Buren,

(C. F.) Laboratories, Inc

Common

Products, Inc.—

$200,000

Model Finance

$300,000

Co.)

James

Finance

Preferred
100,000 shares

Studios, Inc
Baruch

(R.

$300,000

CO.)

I—......Common

Higginson Corp.

Hentz & Co.)

and H.

Inc.)

36,498 shares
...

Common

Inc.)

(Woodcock,

Fricke & French, Inc.)

Moyer,

Lomasney &. Co.)

Industries,

Business—The company manufac¬
tures certain components for such semiconductor devices
as silicon and germanium
transistors, diodes and recti¬

fiers.

Proceeds—For general corporate purposes includ¬
ing debt reduction. Office—21-01 43rd Ave. Long Island

Gity, N.Y.

Underwriters—Newburger, Loeb & Co. and
Unterberg, Towbin Co., New York, N. Y.

& Controls, Inc.

Kletz

Co.,

Inc.)

Common

Williamsburg Greetings Corp.——
Securities

(Standard

Corp.;

Treat

Amos

November 22

Co.,

Common

Bruno-Lenchner, Inc.
Inc.) $1,080,000

Berkshire
(Blair

Berman

and

Dillon,

Union

Co.)

.Common

Richter

120,000

Co.)

Leasing Co.—.1——

(Eastman

Common

Drexel

Frocks, Inc
Co.

Securities

page'37

Webb

11:00

Co.)

a.m.

430,000

Co.)

60,000

.Preferred

EST)

Leonard

Lynch)

150,000 shares

Bowling Centers, Inc

(Emanuel,

duPont &

Deetjen

Kass;

;

..Common

& Co and Hill,
200,000 shares

(Cruttenden,

Zurn

Lines,

Chemtronic

Corp.

(Lee

Common

...

Simmons
&

Co.)

Inc.

Co.,

and

$200,000

Units

....

Brothers)

160,000

Common
&

Co.

and

30,000

Berwyn
shares

Moore

Common
200,000

(Tuesday)

Central Maine Power Co...
(Bids

11:00

—Debentures
Inc.) $25,000,000

$6,000,000

Ginn & Co.

Common
(White, Weld & Co.) 817,391 shares

Texas Butadiene & Chemical Corp
(Blyth

Co.,

Inc.

and

November 30

Lehman

Coral Aggregates Corp

December 1

..Common

Brothers)

635,800

Common

____

and. Robinson & Co., Inc.)

Fuller

Co.)

Debentures

$2,000,000

CO.)

60,000

Common

December5

(Monday)

Alloys Unlimited, Inc.__
Co.

(Friday)

Common

——

Beneficial Finance
(Eastman

Common

Winston & Co., Inc. and Netherlands Securities
Co., Inc.) $300,000

and

..Common
C.

Dillon,

(Paine,

Frisch's

—..Common
$264,900.

(Equity Securities Co.)'*(242,670

Unterberg,

Co.___

Towbin Co.)

....Debentures

Union. Securities

Co.)

$50,000,000

—..Common

Webber,

Jackson

Curtis)

211,000

Restaurants, Inc.—.——
&

Co.)

180,000

Unterberg,

Towbin

Co.)

Glas. Foam _Corp..,
•

•

(Martinelli. &

—Common

Geophysics Corp. of America-.
(C.

.Common.

Co.

(Westheimer

Telephone & Electronics Corp

$400,000

(Thursday)

Speedry Chemical Products, Inc.—
(S.

(Wednesday)

135,000

Co.)

Bonds

EST)

a.m.

Sulray, Inc.

Speedry Chemical Products, Inc.—

Inc.

Securities

196,000

Higginson Corp.)

November 29

Foxboro

(Equity

...Class A

150,000

Industries, Inc..

(Jay W. Kaufman. & Co.) $400,000

(J. A.

Inc.)

(Newburger, Loeb &

November 25

McDowell)

Corp.
Podesta
Co.,

Darlington & Co.)

(Wednesday)

(Harriman Ripley & Co.,

Co.)

Corp.)

Rubin

(Lehman

(S.

November 23

Blosser

.Common
Higginson

(Peter Morgan & Co.

$75,000,000

Sampson-Miller Associated Companies, Inc.__Com.
(Moore,

.Common

Straus,
shares

(Del E.) Corp

.....Common
&

Central Vermont Public Service Corp..

United

and

(Offering to stockholders—underwritten by Merrill Lynch,
Pierce, Fenner & Smith, Inc. and Pierce, Carrison,
Wulbern, Inc.) 354,240 shares

stockholders—underwritten
85,918 shares

Common

American Heritage Life Insurance Co.—Common

(Tuesday)

All American Engineering Co.—
to

and

$500,000

Inc.

$525,000

Wilier .Color Television System,- Inc

Telex,

$300,000.

Corp.)

Inc.)

Vacudyne Associates, Inc

Wood-Mosaic

Common

Securities

Vibration Mountings

Offering

$1,500,000

Inc

(Plymouth

(Michael

Co.,

Still-Man Manufacturing Corp...

Debentures

(Myron A.

Vector

(Dempsey-Tegeler & Co.

(Kenneth

$300,000

.Common

—

Treat

Common

Tenax, Inc.

$299,950

Shatterproof Glass Corp.—,

Co.

Common

Inc.)

Co.,

Pictures, Inc.—

Tele-Tronics

$74,114,275

(Equitable Securities Corp. and Kroeze, McLarty & Co.)
100,000 shares

(Lee

..Common
50,000

Corp.)

School

118,000 shares

Corp

Securities

(Havener

underwriting)

Chemical, Inc

(Francis I.

Capital

(Paine, Webber, Jackson & Curtis)

Instrument

Resisto

$900,00Q

Simplex Wire & Cable Co
Standard

$900,000

Inc.)

Corp

100,000

Common
Kahn,

Co.,

stockholders—no

Measurements

Radar

$1,500,000

Robosonics, Inc.
(Mandell

Dowd

Mountain States Telephone & Telegraph Co.__Cap.

(Amos

......Common

Corp.

Inc.)

Common

Co..

(Blaha

Service, Inc

(Paul C. Kimball & Co.)

National Film

Inc.)

Dcbens.

(M. L. Lee & Co., Inc. and Milton D. Blauner & Co.,

(Offering

Debentures

Service, Inc..

(Paul C. Kimball & Co.) $1,000,000

Model

Inc. and Milton D. Blauner & Co.,
25,000 shares

Mohawk Insurance
(R.

.Common

Long Island Plastics Corp
(The

(M. L. Lee & Co.,

Metropolitan Telecommunications Corp
$600,000

Units

—_—■

Securities)

(Lloyd

......Common

(McLaughlin, Kaufman & Co.) $467,500

$299,700

Co.)

and

Metropolitan Telecommunications Corp.__Common

100,000 shares

(Drexel & Co.)

___Debentures

(Kidder, Peabody & Co.;
Lehman Brothers
Model, Roland & Stone) $5,000,000

.—_-Common

High Point Ski Ways, Inc.____—_____—.Common

United Air

plied by amendment.

Inc

Common
and Sulco Securities, Inc.) $300,000

Madigan Electronic Corp...

$1,500,000

Noel & Co.)

Common
$279,999

Inc.)

Co.,

Electronics Corp

Loral

Debentures

Globe Security Systems,

Harris

Living Aluminum, Inc

175,000 shares

Frouge Corp.

(par

company

Continued

Common

$500,000

Co.)

(Arnold Malkan & Co., Inc.

for the

and 60,000 shares for the ac¬
count of the present holders thereof. Price—To be
sup¬

C. E.

Noel & Co.)

(Hallgarten

Alloys Unlimited, Inc.

$300,000

Common

International Mosaic Corp
G.

Inc.)

Industrial Hose & Rubber Co., Inc

(B.

Common
Inc.)

Co.,

L. Lee Co.,

and M.

Inc.

Co.,

100,000

$20,000,000

Co.)

—

(Bids

debentures and
800,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
stock. Price—$108 per unit. Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed

Consolidated Edison Co. of New York——Bonds

Allied Bowling Centers, Inc.
Dec. 29 filed $750,000 of sinking fund

account

Bruce

Alstyne,

(Van

Imminent.

•

Sachs

Blauner

(Schrijver

—Common

Common

Manufacturing Co., Inc...

(Milton

$600,000

...

Corp.

Frouge

To be

Proceeds

Longstreth)

Industries, Inc

Office—Du Pont Airport, Wilmington, Del. Un¬
derwriter—Drexel & Co., Philadelphia, Pa. (managing).

curred

Mandel

Jennings,

Federal Street Fund, Inc

poses.

ceeds

Common

Dynamics Corp.

.Common

120,000 shares

Inc.)

Co.,

Gabriel &

Common

Corp.—

Corp..————

Sales
(A.

$300,000

Inc.)

Co.,

and Earl Edden Co.) $200,000

(Bertner Bros,

Gremar

...

and

Common

—

(McClane

General

$250,000

Co.

..Common

—U

Investing Corp.; Rothenfcerg, Heller & Co.
Nadler & Co., Inc.) $225,000

Automation

Common
Securities

(Preferred Investments,

Manufacture and sale of burglar and fire alarm equip¬
ment. Proceeds—To
selling stockholders. Office—1665
Bomback &

$300,000

Inc.)

O'Connor,

Dial-A-Disk, Inc

.Common
Co.)

Preferred Risk Life Assurance Co

stock

Ahalt

Jpseph

General

Davega Stores Corp..
—i—Debentures
|
(Amos Treat & Co., Inc.) $1,500,000
-

(Lee

Manufacturing Co., Inc.

(11/28-12/2)

St.

100,000

(General

Paddington

Offering—Expected in December.
Alarm

Sachs

'./•••■/; ! ■'

Cyclomatics Inc.

Business—The

•

$600,000

(Goldman,

share for each 8

UIC shares held. Price—To be supplied by amendment.

—Common

—

underwriting)

(No

Koeller Air

be offered by

$200,000

Co.)

Baruch

Common

—

Designatronics, Inc.

..—Common

(Schrijver

Armaments, Inc.

$1,000,000

Inc.)

Co.,

(Cortland

Washington, D. C.
Aircraft

Inc.) 40,000 shares

(R.) & Co

(Van

—

.Common
$500,000

(Arnold, Wilkens & Co.)

Foods, Inc

Caruso

(Searight,

Baruch

300,000 shares

Inc.)

Co.,

Schramm

Carolina Metal Products Corp

Common

Amacorp Industrial Leasing Co.. Inc.______Debens.

Inc.

(letter of notification) 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Pro¬
ceeds
For acquisition and development of land and
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
Underwriter
American Diversified Securities, Inc.,
Aug. 29, 1960

(Monday)

—Common

International Corp.—

Canaveral

$200,000

Amacorp Industrial Leasing Co., Inc
(McDonnell & Co.,

and Lee
shares

W. Brooks & Co., Inc.
Higginson Corp.; 450.000

(S.

liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriters—Globus, Inc. and Ross, Lyon & Co., Inc.,
both of New York City.

•

Inc.)

...Common

(P.

Common

Co.,

Blauner

November 21

Common
$300,000

(Sandkuhl & Company, Inc.)

Chemical Co., Inc..—

Bzura

Tabulating Corp

(Milton

Corp.

Sept. 28, 1960 filed 150,000 shares of common stock,
75,000 series I common stock purchase warrants, and
75,000 series II common stock purchase warrants, to be
offered in units, each unit to consist of two common
shares, one series I 5-year purchase warrant, and one
5-year Series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
ment. Proceeds — For salaries of additional personnel,

count of

150,000 shares

Chemical

Brothers

(Offering to stockholders—underwritten
I
Coffin & Burr, Inc.) $10,000,000

Nationwide

.Common

Laboratories, Inc..

Andersen

(Friday)

Common

$522,000

(Golkin, Bomback & Co.)

Bonds

$6,000,000

EST)

a.m.

Manufacturing Co. Inc

Alarm Device

Keyes Fibre Co.————Debentures

offering dates.

ACR

11:00

Inc.------—------Common

Hammill & Co.) 120,000

(PUtnam & Co.)

expectations of the underwriter

general, to.be considered

not, in

(Monday)

Adirondack Industries,

(Thursday)

Public Service Co. of New Hampshire
(Bids

REVISED

(Shearson,

November

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
awaiting processing by

ITEMS

•

PREVIOUS ISSUE

November 28

NEW ISSUE CALENDAR
of the large number of issues

NOTE—Because

SINCE

-Common
50,000

—Common
Co.,

Inc.)

$30b,obdw

♦

Volume

192

Number 6004

The Commercial and Financial Chronicle

Model Engineering & Manufacturing Corp.__Com.
(Raffensperger,

Hughes

Co.)

(L.

Rothschild

(Hill,

Penobscot

Co.)

80,000

Darlington

Chemical
(Coffin

Grimm)

Fibre

Inc.)

Burr,

(Aetna

Securities

Corp.;

Common

Co.

Paint
•

and

Dewey,

Co..

(Charles

and

Roman

130,000

(Bids

Co.)

2:30

p.m.

(Monday)

December 7
Gas

Co...

11:30

a.m.

Bonds

(Bids

Lynch,

December

Common

_____

100,000 shares

CST)

(Tuesday)
be

received)

Pierce,

Fenner

$7,700,000

Continued

from

page

(Merrill

Lynch,

Pierce,

(Pacific

EST)

$9,000,000

Amacorp Industrial Leasing Co., Inc. (11/21-23)
Sept. 9, 1960 filed 40,000 shares of no par common stock
and $1,000,000 of convertible subordinated debentures,
series A, due Dec. 1, 1970.
Proceeds—For

Price — To be supplied by
general corporate purposes.
Business—The financing of industrial and office equip¬
ment through the purchase and leasing of such property
to its customers. Office—Alhambra, Calif. Underwriter—
McDonnell & Co., Inc., New York City (managing).
amendment.

American Consolidated Mfg. Co.,

1960
stock

common

Inc.

(letter of notification) 39,500 shares of
Price — $5 per share.

(par 33V3 cents).

Proceeds— For advertising and promotion and accounts
receivable. Office—835 N. 19th St., Philadelphia, Pa. Un¬

derwriter—Martin, Monaghan & Mulhern, Inc., Ardmore,
j ■ ■.
: y ■

Pa.
•

American

Cryogenics, Inc.
Oct. 27, 1960 filed 150,000 shares of
50

common,

$tPQk, (par

Price—To be supplied by amendment. Busi¬
ness—The company and its subsidiaries make and sell
liquid and gaseous nitrogen and oxygen, dental and
medical equipment, and various other gases and cylin¬
ders. Proceeds—About $1,300,000 for expansion of pro¬
duction facilities including the purchase of equipment,
with the balance for working capital.
Office — New
Savannah Road, Augusta, Ga.
Underwriter—Courts &
Co., Atlanta, Ga. (managing). Offering — Expected in

cents).

mid-December.
•

American

Smith,

Inc.)

Life

Insurance Co.

(11/29-12/13)

shares held with rights to expire on Dec. 6 at 3:30 p.m.

(EST). Price

To be supplied by amendment.
Busi¬
writes ordinary life, group life,
and group accident and health insurance in 13 states and
—

—

The

company

the District of Columbia.

Proceeds—To be used to repay

$1,481,006 of short-term indebtedness incurred in acquir¬
ing stock of Acme United Life Insurance Co., a new
subsidiary of the issuer, with the remainder for general
corporate purposes. Office—218 West Adams St., Jack¬
sonville, Fla. Underwriters—Merrill Lynch, Pierce, Fen¬
ner & Smith
Inc., New York City, and Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).
American

Income

Life

Insurance

Co.

Aug. 26, 1960 filed 90,174 shares of common stock, to
be offered to the holders of the outstanding common on
the

basis

Price—To

one

new

for

each

shares held.

supplied by amendment. Proceeds—For
general corporate purposes, Office—5th and Franklin,
Waco, Texas. Underwriters—Ladenburg, Thalmann &
Co. and Lee Higginson Corp., both of New York City
(managing). Note—This stock is not qualified for sale in
New York.
American Mortgage Investment Corp.

April 29 filed $1,800,000 of 4% 20-year collateral trust
bonds and 1,566,000 shares of class A non-voting com¬
mon

stock.

offered

It is proposed

that these securities will be

for

public sale in units (2,000) known as In¬
vestment Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds
—To be used principally to originate mortgage loans and

——Debentures

Inc..
Fenner

(Bids

Smith,

$2,000,000

Inc.)

Coast

Securities

Co.)

Co., Inc.—
Rubin & Co.

Simmons

Co.)

—

conditions

are

favorable

for

210 Center St., Little Rock, Ark.

Underwriter—Amico, Inc.

land

amusement and recreation

near

park on 196 acres of
Liberty, N. Y. Proceeds—For development of

the land. Office—55 South Main

St., Liberty, N. Y. Un¬

derwriter—M. W. Janis Co., Inc., New York City.
American

Recreational

Development Corp.
(letter of notification) 100,000 shares of
stock (par 10 cents). Price — $3 per*
share. Proceeds—For expenses in constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Sept. 7, 1960

class A

common

and

Common

Co.)

136,000

Bonds

Baltimore 2, Md. Underwriter—Investment
of Maryland, Baltimore, Md.
American & St.

$300,000

Securities Co.

received)

Land Co.
shares of common stock, of which
350,000 shares are to be publicly offered. Price—$3 per
share. Proceeds—To pay off mortgages, develop and im¬
prove
properties, and acquire additional real estate.
Office—60 E. 42nd St., New York City. Underwriter—
A. J. Gabriel Co., Inc., New York City.
Americana

Properties, Inc.
Oct. 27, 1960 filed
100,000 shares of common stock.
Price—$6 per share. Business—The operation of shop¬
ping areas and bowling establishments in Long Island,
Proceeds—For debt reduction and construction of

stores

and a bowling facility.
Office — 855 Montauk
Highway, Oakdale, L. I., N, Y. Underwriter—Plymouth
Securities Corp., New York City. Offering—Expected in
early December.

AmpaI-American Israel Corp.
$5,000,000 of 7-year series I 6% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬
ous business enterprises in Israel.
Office—17 East 71st
Street, New York City. Underwriter—None.
Oct. 25, 1960 filed

Andersen

Laboratories, Inc. (11/28-12/2)
Sept. 28, 1960 filed 150,000 shares of common stock, of
which

40,000 shares are to be offered for the account
of the issuing company and 110,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied by

Putnam

Co., Hartford, Conn,

•

Apache Corp.
Oct. 26, 1960 filed $4,000,000 of 6% convertible subor¬
dinated debentures, due Dec. 1, 1975. Price — At par.
Business—Management of long-term risk capital invest¬
ments pi gas, oil, and real estate ventures, and also in
mutual funds.
Proceeds—For debt reduction, working
capital, and to buy a small oil producing company.
Office—523 Marquette Ave., Minneapolis, Minn. Under¬
writers—To be supplied by amendment. Offering—Ex¬
pected in December.

ir Atlas Copper, Inc.
Nov. 3 1960 (letter of notification)

300,000 shares of
common stock.
Price—At par ($1 per share). Proceeds
—For mining expenses. Address—P. O. Box 642, Prescott, Ariz. Underwriter—None.
Gas

Light Co.

(12/7)

Nov. 1, 1960 filed $9,000,000 of first mortgage
1985. Price—To be supplied by amendment.

bonds, due
Proceeds—
bank loans incurred for construction, which
are expected to aggregate $10,200,000 at the time of the
offering. Off ice—Atlanta, Ga. Underwriter—To be de¬
termined by competitive
bidding.
Probable bidders:
White, Weld & Co. and Kidder, Peabody & Co. (jointly);
Shields & Co.; Equitable Securities Corp. and Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
& Co. Inc.; Stone & Webster Securities Corp.; First Bos¬
ton Corp. Bids—Expected to be received on Dec. 7 up to
11:00 a.m. (EST) at 90 Broad St., New York City. Infor¬
To reduce

mation Meeting—

Scheduled for Dec.

11:00

a.m.

(EST) 19th floor, 90 Broad St., New York City.

Avionics Investing Corp.
July 12, 1960 filed 250,000 shares of capital stock (par
$1). Price — $10 per share. Business — The issuer is
a closed
end non
diversified rrianagement investment
company.
Proceeds—For investments in small business
concerns in avionics and related fields, with a proposed
limit of $800,000 to be invested in any one such enter¬
prise. Office — 1000 - 16th Street, N. W., Washington,
-

$8,000,000

Corp..

received)

.....Bonds

$15,000,000

received)

$30,000,000

....Bonds
$35,000,000

Underwriter—S. D. Fuller & Co., New York City.
Offering—Expected sometime in November.
Bal-Tex Oil Co.,
June

Inc.
(letter of notification)

300,000 shares of
class A common stock. Price—At par ($1 per share).
Proceeds—For expenses for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬
ver, Colo. Underwriter—L. A. Huey & Co., Denver, Colo*
•

17, 1960

Baruch

(R.)

& Co.

(11/21-25)

Sept. 20, 1960

100,000 shares of
$2 per share.
Business—The issuer is a broker-dealer with the SEC,
and a member of the NASD. Proceeds—To take positions
and maintain markets in securities, participate in underwritings, and the balance for working capital. Office—•'
1518 K St., N. W., Washington, D. C. Underwriter—Same.
common

(letter of notification)
stock (par 75 cents). Price

—

Electronic Corp. (1/9)
~
12, 1960 filed 136,000 shares of common stock, of
which 86,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account
of the present holder thereof. Price—To be supplied by
Bell

Oct.

amendment. Business—The company, which was organ¬
ized in May 1959, is a distributor of electronic parts and

equipment manufactured by others. Proceeds—For in¬
ventory and to carry accounts receivable. Office—306 E.
Alondra Blvd.,

Gardena, Calif. Underwriter
Co., San Francisco, Calif.

bacher &
•

Beneficial

Nov.

1960

Finance Co.

—

Schwa¬

(12/5-9)

filed $50,000,000 of 20-year debentures.
supplied by amendment. Business—A hold¬
with subsidiaries engaged primarily in the

small loan and sales finance business. Proceeds—To

(managing).

Atlanta

$6,000,000

(Wednesday)

ing company

—

Bonds

........

received)

(Tuesday)

Price—To be

Underwriter

Common
$11,500,000

D. C.

Lawrence Seaway

Jan. 27 filed 538,000

N. Y.

$10,000,000

Virginia Electric & Power Co.......
(Bids

Offering—Imminent.

disposition. Office

(Bids

June 13

ate

market

Co.

(Tuesday)

March 15

$300,000

...—Common
and

.Capital

American Playlands Corp.
Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share. Business—The company intends to oper¬

until

<fc

—

Rochester Gas & Electric

•
Autosonics, Inc.
July 29, 1960 (letter of notification) 135,000 snares of
common stock
(par five cents).
Price—$2 per share.
Proceeds—For production and research for equipment,
inventory, building and working capital. Office—42 S.
15th St., Philadelphia, Pa. Underwriter—Robert M. Har¬
ris & Co., Inc., Transportation Bldg., Philadelphia, Pa.

them

carry

Biddle

60,000

January 24 (Tuesday)

$25,000,000

Conn.

Heritage

Inc.)

10:00 a.m. CST)

(Bids

amendment. Proceeds—To reduce indebtedness, buy new
tools, and add to working capital. Office — Hartford,

Oct. 24, 1960 filed 354,240 shares of common stock, to be
offered to holders of the outstanding common of record
Nov. 22 on the basis of one new share for each eight

ness

Valdale
(B. N.

•

Sept. 27,

January 17

Preferred

$35,000,000

.....Bonds

a.m.

.Common

Yarnall,

Co.,

Gulf States Utilities Co......

(Thursday)

Marsh Supermarkets,

Bonds

(Minn.)

invited)

units

(Wednesday)

(Bids

Public Service Electric & Gas Co

(Wednesday)
11:00

Co.;

(Monday)

January 11

$35,000,000

EST)

Louisville & Nashville RR.—_...Equip, Trust Ctfs.

Light Co

(Bids

(Schwabacher

Stancil-Hoffman Corp.....

Atlanta

Otter Tail Power Co

Northern States Power Co.
(Bid*

Weld

Jariuary 9

$450,000)

(Tuesday)

Iowa Power & Light Co

54,000

Iowa Power & Light Co.—

(Merrill

December 6

Inc.)

Units

...

.....Common

Co.)

Co.,

Bell Electronic Corp

Consumers Power

$252,000

Co.)

(Wednesday)

Stroud

& Johnson)

.Common

Johnson

(Monday)

Thompson

January 4
(White,

& Co. Inc..

December 13

______

Plohn

Bonds

$40,000,000

(Thursday)

December 12

...Units

Corp..

Laboratories, Inc.—
(Carroll

Victor

(Hill,

Co...

received)

(Lloyd Haas &

35,000 units

Tech

(James)

Co.__Debs.

Gleich Co.

Brooks

112,760 shares

& Co.)

Standard & Shell Homes

$75,000,000

Standard Pressed Steel Co
(Kidder, Peabody

Power
to

Cove Vitamin & Pharmaceutical Inc.—___—..Units

National Aeronautical Corp
December

.Debentures

$3,250,000

received)

(Bids

$3,450,000

units

100,000

Co.

Southern Bell Telephone & Telegraph
(Bids

Electric

Potomac

Units

Co., Inc

December

Equip, Trust Ctfs.

(Bids 1:00 p.m. EST)

Class A

Patrician Paper

Chicago, Rock, Island & Pacific RR.

140,000

Pall Corp.

(2001)

added to the

general funds for the reduction of shortterm bank loans. Office—50 Church St., New York City.
Underwriter—Eastman Dillon, Union Securities & Co.,
New York City (managing).
• Berkshire
Frocks, Inc. (11/22)
Sept. 28,1960 filed 120;000 shares of outstanding common
stock (par $1). Price—To be supplied by amendment.
Proceeds—To selling stockholders. Office—127 Forsyth
St., Boston, Mass. Underwriters—Blair & Co. and Richter
& Co., both of New York City.

Bernian Leasing Co. (11/22)
Sept. 27, 1960 filed 430,000 shares of common stock (par
$1), of which 200,000 shares are to be offered for the
account of the issuing company and 230,000 shares, rep¬
resenting outstanding stock, are to be offered for the
account of the present holders thereof.
Price—Td be
supplied by amendment. Business—The leasing, recondi¬

tioning, and sale of trucks, tractors, trailers, and related
equipment. Proceeds—For general corporate purposes,
including working capital. Office—Pennsburg, Pa. Un¬
derwriter—Eastman
New York

Dillon,

Union

Securities

Co.,

City (managing).

Bonneville

Manufacturing Co.
24,1960 (letter of notification) 32,000 shares of com¬
stock (par 50 cents). Price—$5 per share. Proceeds
—For lease of a building and operating capital.
Office
—10915 N. Burgard, Portland, Ore. Underwriter—Auld
& Co., Portland, Ore.
Oct.

mon

Bowl-Mor Co.,

Inc.

Oct. 28, 1960 filed $2,000,000 of 6% convertible subordin¬
ated debentures, due 1975.
Price—-To be supplied by
amendment. Proceeds — For working capital. Office —

Road, Littleton, Mass. Underwriters—Paine,
Webber, Jackson & Curtis and Granbery, Marache & Co.,
both of New York City (managing) . Offering—Expected
in early December.
Newtown

Bowl-Mor Co.,

Inc.

Oct. 25, 1960 filed 78,955 shares of common stock, to be
offered to holders of the outstanding common on the

basis of one

new

share for each 10 shares held. Price—

supplied by amendment. Business—The company
manufactures pin-sitting machines for various types
of bowling games. Proceeds—For working capital and for
costs of the company's entry into the "tenpin" bowling
field.
Office1 — Newton Road, Littleton, Mass. UnderTo be

Continued

page

4-,

The Commercial and Financial Chronicle

(2002)

Continued from page 37
writers

Paine, Webber, Jackson & Curtis, and Gran-

—

bery, Marache & Co., both of New York City
aging). Offering—Expected in early December.
•

Bradford

Oct.

24,

(man¬

•

160,000

filed

class

stock, with stock purchase warrants attached, to be of¬
consisting of five shares of stock and one
Price—$10 per unit. Business—The construction,

warrant.

sale, and installation of pools in New Jersey and neigh¬
boring states. Proceeds—For general corporate purposes,
including

working capital.
Office — 245 Nassau St.,
Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City. Offering—Expected in late December.
(James)

& Co.,

Inc.

(12/8)
Oct. 24, 1960 filed $400,000 of 12%
subordinated de¬
bentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of 50,000 common shares, to
be offered in units consisting of $400 of debentures, 50
common shares, and warrants for the cash purchase of 50
shares. Price—$450 per unit. Business—The retail sale
in
two Bronx, N. Y., stores of furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to factors, with the balance
for working capital.
Office—542 E. 138th Street, New
York City. Underwriter—Lloyd Haas & Co., New York
City.
Brothers

Aug.

class

Chemical

Co.

notification)

100,000

common
stock (par 10 cents).
Price — $3 per
Business—Manufacturing chemicals. Proceeds—
general corporate purposes.
Office — 575 Forest

share.
For

Street, Orange, N. J.
Underwriter—Sandkuhl & Com¬
pany, Inc., Newark, N. J. and New York City.
Finance Corp.

Business

Aug.

(letter of notification) 195,000 shares of
Common stock (par 20 cents). Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.
•

1960

Bzura

Chemical

Co., Inc. (11/28-12/2)
Aug. 25, 1960 filed 450,000 shares of common stock (par
25 cents), an undetermined number of which will be
offered

for the account of the issuing company, with
the remainder to be offered for the account of the pres¬
ent

holders

ment.

thereof.

Business

acid. Proceeds

—

Price—To

The

supplied by amend¬
makes and sells citric

company

a.m.

Information Meeting—

expand the capacity of the parent

Vermont

Public

a.m.

in Boston.

Service Corp.

(11/22-23)
Oct. 7, 1960 filed 60,000 shares of second preferred stock
convertible series A (par $50). Price—To be supplied by
amendment. Proceeds
For repayment of outstanding
short-term borrowings and for general corporate pur¬
—

Office—77 Grove St., Rutland, Vt. Underwriter—
Hallgarten & Co., New York, N. Y.
poses.

Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6 %% junior subordin¬
ated debentures, due 1975, with five-year warrants for
the purchase of 80,000 shares of regular common shares.
The debentures
one

are

to be offered at par,

working capital and

general corporate purposes.
Office—1334 Oak Street, Kansas City, Mo. Underwriter
—A. G. Edwards & Sons, St. Louis, Mo. (managing). Of¬
fering—Expected in late November.

Chematomics, Inc.
Nov.

which
and

1960 filed 188,300 shares of common stock, of
175,000 shares are to be offered for public sale,

the

remaining 13,300 shares, being outstanding are
for the account of selling stockholders,
subsequent to the sale of the new shares. Price—$3 per
be

offered

share.

Business—The company which was organized in
February 1960, is engaged in the development, produc¬
tion

and

Proceeds

distribution
—

For

new

heat-resistant

synthetic

resins.

equipment, promotion,, inventory,

working capital and research and development. Office—
122

East

42nd

Street,

New

York

City,

notification), 100,000 shares of

To be

Underwriter—

supplied by amendment.

Cbemtronic Corp.

(11/25-30)
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share. Business—The
company
makes and

sells

miniature

electrolytic capacitors.

Pro¬

ceeds—For general corporate
purposes, including the re¬
payment of bank loans and the addition of technical per¬

sonnel.

Streets, Keyport, N. J. Underwriters—P. W. Brooks &
Co., Inc., and Lee Higginson Corp., both of New York
City (managing).

Corp.
(letter of notification) 95,000 shares of
stock
(par 10 cents).
Price — $3 per share.
Business
Manufacture
and
rebuilding of electronic,

Office—309 11th Ave., South, Nashville, Tenn.
Underwriter—Jay W. Kaufmann & Co., New York City.
Circle Controls

Oct.

28,

1960

common

—

Campbell Chibougamau Mines, Ltd.
Oct. 14, 1960 filed 305,392 shares of common stock to be
offered to warrant holders. Price—$4 per share. Business
—The
company
owns
and works mining properties.
Proceeds—For general funds of the company." Office—
55

Yonge St.. Toronto. Canada.

Underwriter—None.

Canaveral International Corp.

Aug. 12, 1960 filed 300,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Land sales and development. Proceeds—$150,000 for ac¬
counts payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general working capital. Office—
1766 Bay Road, Miami
Beach, Fla.
Underwriter — S.
Schramm

Co., Inc., New York City.

Caribbean American Corp.
Sept. 14, 1960 filed 459,500 shares of capital stock. Price
—$2 per share. Business—Caribbean real estate. Pro¬
ceeds— For

general

corporate

purposes.

Office —615

Robinson

Bldg., 15th & Chestnut Sts., Philadelphia, Pa.
Underwriter—R. P. & R. A. Miller & Co., Inc., Phila¬

delphia, Pa.

Caribbean & Southeastern

electro-mechanical and mechanical controls.
fice—204 S. W.

Boulevard,
—Rodetsky, Kleinzahler,
N. J.; L. C. Wegard &
Co.,
man & Co., New
York, N.

Ga.,

the

and

balance

development of a site in Atlanta,
for general corporate purposes.

Office—4358 Northside Drive, N. W., Atlanta, Ga.
derwriter—To be supplied by amendment.
•

Carolina

Metal

working capital. Of¬
Vineland, N. J. Underwriters
Walker & Co., Jersey City,

Trenton, N. J. and L. D. Sher¬
Y. Offering—Expected in late

Un¬

Products

Citizens Telephone Co.
Oct. 11, 1960 (letter of notification)
common

stock

(no par)

of which

23,000

12,000 shares

are

of
to

offered for subscription by common stockholders on
the basis of one share for each five shares presently held.

Price—$13 per share. Proceeds—For expenses for oper¬
ating a telephone company. Office—220 W. Monroe St.,
Decatur, Ind. Underwriter — City Securities Corp.. In¬
dianapolis, Ind.
Click Chemical Corp.

Nov.

1960

common

stock

notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi¬

ness—Manufacturers of household chemicals. Proceeds—
To go to a selling stockholder. Office—601

S. Columbus

Ave., Mt. Vernon, N. Y. Underwriter—John R. Boland &
Co., Inc., New York, N. Y.

Sept.

common

Foods, Inc. (11/28)*
1960 (letter of notification) 150,000
stock (par three cents). Price — $2

Business—Food processing.

Proceeds—For

Corp. (11/21-28)
July 17, 1960 filed 40,000 shares of

common stock. Price—
At-the-market. Proceeds—To finance the
company's an¬
ticipated growth and for other general corporate pur¬

Office—42-15 Crescent St., Long Island City, N. Y.

Underwriter—None.

Central

Maine

Power Co.

(11/29)

Oct.

19, 1960 filed $6,000,000 of first and general mort¬
bonds, series X, due 1990. Proceeds—To repay bank
loans, for construction, and the balance for general cor¬
gage

porate

Office—9 Green St., Augusta, Me. Un¬
To be determined by competitive
bidding.

purposes.

derwriter

—

Probable bidders:

address

the

company.

1960 filed $8,000,000

25,

of 5%%, 25-year subor¬
of; indebtedness, 320,000 shares of

certificates

51/2% preferred stock,
ferred

40,000 shares of 4% second pre¬
stock, and 1,000 shares of common stock. Prices—

For

the

for

local

certificates of indebtedness, 100% of principal
amount, and for the common stock and both classes of
the preferred stock, $25 per share. Business—The asso¬
ciation is a cooperative wholesale purchasing and manu¬
facturing association and functions as a supply source
farmers'

mid-Western

cooperative

States.

Proceeds

associations

—

For

several

facility expansion

and improvement, with $1,739,600 to be used for the
retirement of maturing certificates of indebtedness and

redemption

prior to maturity of such certificates and
preferred stock. Office—3315 N. Oak Trafficway, Kansas City, Mo.
Underwriter—None.^
the 5y2%

Consumers Power Co.

(12/12)
1960 filed first mortgage bonds

in the amount

$35,000,000, maturing in 1990 to be sold for

the best

price obtainable but not less favorable to the company
than a 5y4% basis. Proceeds—To be used to finance the

continuing expansion and improvement of the company's
electric and gas service facilities in a
65-county area
outside

Greater Detroit.

Office—212

West

Michigan

Ave., Jackson, Mich. Underwriter
To be determined
by competitive bidding. Probable bidders: For bonds—
Halsey, Stuart & Co. Inc.; White, Weld & Co., and Shields
& Co. (jointly); Morgan
Stanley & Co.; The First Boston
Corp., and Harriman Ripley & Co., Inc. Bids—Expected
to be
received,(qn pec. l^,yp>to 11:30 a.m., at 300 Park
Ave., New York City. Information Meeting—Scheduled
for Dec. 9 at 11:00
a.m., Bankers Trust Co., 16 Wall St..
New York Clity, 12th floor.
,V-\.,

A Continental

Investment

Corp.
100,000 shares of outstanding com¬
mon stock. Price—To be
supplied by amendment. Busi¬
ness
Purchasing retail instalment sales contracts and
making direct loans secured by personal property. Pro¬
Nov.

10,

1960 filed

—

ceeds— To

go to selling stockholders.
Office —120 S.
St., Memphis, Tenn. Underwriter—J. C. Bradford
Co., Nashville, Tenn.* (managing).

Third

Cook

Coffee

Co.

(11/21-25)

Oct. 19, 1960 filed 100,000 shares of
stock (par $1). Price — To be

outstanding

common

—

Road, Maple Heights, Cleveland 37, Ohio. Unde*
writer—Goldman, Sachs & Co., New York City (mana£
ing). '

Coral

Aggregates Corp. (11/30)
Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The
company
intends

to engage in the extraction
Proceeds—For equipment,

and

sale

rock.

working capital, and the re¬
tirement of indebtedness, with the balance for
general
corporate purposes. Office—7200 Coral Way,
Miami, Fla.
Underwriters—Peter Morgan & Co., New York
City, and
Robinson & Co.. Inc.,
Philadelphia, Pa.
;
,

Cormany Corp.
Sept. 21, 1960 (letter

notification)

91,000

shares of

stock to be sold at par ($2.50
per share). Busi¬
ness—Makes and leases oil well testing
equipment. Pro¬

working capital. Office—36 Lowell St., Man¬
N.
H.
Underwriter — Shontell
&
Varick,

ceeds—To buy such equipment and to
Office—2427 Huntington Drive, San

develop new tools.
Marino, Calif. Un¬
Jacoby, Daigle & Werner, Inc., 541 South
Spring St., Los Angeles, Calif. Offering—Imminent.
?"
derwriter

—

• Cove Vitamin &
Pharmaceutical Inc. (12/19-23)
Sept. 30, 1960 filed 108,000 shares of common stock (par
50 cents), and five-year warrants for the
purchase of
an

additional

fered

warrant

54,000 shares of common stock to be of¬
units, each unit to consist of two shares and a

for

the purchase of one share. Price
To be
supplied by amendment. Business—Mail order
marketing
of vitamins through department stores.
Proceeds
To
implement the company's merchandising plan and for
—

—

shares of
share.
general cor¬
per

Cavitron

poses.

Corp.

1960

Manchester, N. H. Offering—Imminent.

porate purposes. Office—2891-99 Nostrand Ave., Brook¬
lyn, N. Y. Underwriter — Searight, Ahalt & O'Connor,
Inc., New York, N. Y.
•

Coastal Acceptance
Oct. 3,

chester,

Caruso

Oct.

dinated

same

Cooperative Association

common

(letter of

ceeds—For

•

Shares, Inc.,

Consumers

side

(10-year 8% redeemable). Price—For

stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C.
Underwriter—None.

City.

stock

common

Atlanta

(letter

March 30 filed 165,000 shares of common stock and $330,-

(letter of notification) $100,000 of 10-year
7% registered series notes, to be offered in denomina¬
tions of $100 to $1,000 each. Price—At face value. Pro¬

Underwriter—Arnold, Wilkens & Co., New York

Southern

Companies, Inc.
of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds—
For the closing payment on a building, repayment of an
outstanding loan and for working capital. Office—Suite
656, 800 Peachtree St., N. E., Atlanta, Ga. Underwriter—
1960

000 of debentures

Corp. (11/28-12/2)
Sept. 28, 1960 filed 100,000 shares of common stock (par
$1). Price—$5 per share. Proceeds — Repayment of in¬
debtedness, machinery and equipment, and the balance
for working capital. Office — 2222 S.
Blvd., Charlotte,
C.

Consolidated

Sept. 30,

Business

Inc.

Development Corp.

28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land

opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The Huntley Corp., Little Rock. Ark.

supplied by amendment.
Wholesale and retail grocery business. Pro¬
ceeds—To three selling stockholders. Office—16501 Rock-

Circle-The-Sights,

Sept.

in the Caribbean area,

Proceeds-r-

For general corporate purposes and

December.

(11/28-12/2)

intermediate

—

•

company,

Bzura, Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
balance for working capital. Office—Broadway & Clark

and

financing of the con¬
pre-fabricated type residential or
commercial buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬

St., North Miami, Fla.

for initial

Oct, 21,

common
stock (par one cent).
Price — $3 per share.
Proceeds—For general funds and working capital. Office

—1827 N. E. 144th

fund

struction of custom

Underwriter-

East Coast Investors Co., New York City.

Chemonics Corp.
Oct. 17, 1960 (letter of

Consolidated Realty Investment Corp.
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving

and in units of

$500 debenture with warrants for 40 shares. Proceeds

—For

(11/28-12/2)

(letter

1960

Nov. 29 at 11:00

Central

common

fered in units

Brooks

received

Tentatively scheduled for Nov. 21 at 11:00

Pools, Inc.

1960

Ripley & Co.; First Boston Corp. and Coffin & Burr
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.,
and White, Weld & Co. (jointly). Bids—Expected to be

Thursday, November 17, 1960

Halsey, Stuart & Co. Inc.; Harriman

Commerce Oil Refining Corp.
Dec. 16, 1957 filed $25,000,000 of first mortgage bonds due

Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1,. 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 shares
of stock and $100 of debentures and nine shares of stock
Price—To be supplied by amendment.
Proceeds — Tc
construct refinery. Underwriter—Lehman Brothers, New
York. Offering—Indefinite.
•

Consolidated Edison Co. of New York,

Inc.

(11/22)
Oct. 20, 1960 filed $75,000,000 of
mortgage bonds, series S, due Dec.
For expansion. Underwriter—To be
petitive bidding. Probable bidders:

first and refunding
1, 1990. Proceeds—
determined by com¬
Halsey, Stuart & Co.
Inc.; Morgan Stanley & Co.; First Boston Corp. Bids—
Expected Nov. 22 up to 11:00 a.m. (EST). Information
Meeting—Scheduled for Nov. 16 at 10:00 a.m. at the
pany's office, 4 Irving Place, New

York City.

com¬

working capital. Office—26 The Place, Glen Cove, L.
I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York, N. Y.
—

Cyciomatics, Inc. (11/21-25)
Aug. 31, 1960 filed 250,000 shares of common stock
(par
10 cents). Price—$1 per share.
Business—Motorized and
automatic health equipment. Proceeds

For inventory
working capital. Office—Astoria, L. I., N. Y. Under¬
writer—General Securities
Co., 101 W. 57th St.. N. Y. 19.
N. Y. Offering—Imminent.
—

and

Daffin Corp.
Aug. 22, 1960, filed 150,000 shares of common stock
(no
par). Price—To be supplied by amendment. Business—
The

company
makes
agricultural
implements,
feed
grinding and mixing equipment for the livestock indus¬
try, and conveying and seed cleaning equipment. Pro¬
ceeds—To selling stockholders.
Office—Hopkins, Minn.

Underwriters—Lehman

Brothers, New York City, and

192- Number

Volume

6004

Minn,

Piper, Jaffray & Hopwood, Minneapolis,
aging. Offering—Indefinitely postponed.
•

Dalto

March

(man¬

Corp.
filed

offered

431,217 shares of common stock to be
subscription by holders of such stock of

for

record Oct. 7 at the rate of one-and-a-half new shares for

each

held.

then

Price—$1.25

Chronicle

The Commercial and Financial

share.

per

Proceeds

(2003)

packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C. Underwriter — Carleton Securities
Corp., Washington, D. C.
Electro-Mechanics

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
capital. Address—Westlake Hills,
Underwriter—James C. Tucker & Co., Inc., Austin,

Oct.

1960

stock

common

:—For the retirement of notes and additional working
capital. Office—Norwood, N. J. Underwriter—Sterling,

Tex.

Grace

Co.

Tex.

Co., 50 Broad St., New York City. Offering—

ceeds—For

Indefinitely postponed.
•

Electro-Nuclear Metals, Inc.

(11/21)
Sept. 7, 1960, filed $1,500,000 of 6% convertible subor¬
Davega Stores Corp.

dinated debentures, due 1975, to be offered to holders of
its common stock pursuant to preemptive rights. Price—

Business—The company operates a
chain of 29 retail stores in the metropolitan New York

$100 per debenture.

in which it sells various electrical appliances and

areas

sporting goods and apparel. Proceeds—For general cor¬
porate purposes, including fixtures and inventory for
two

discount

retail

new

centers.

Office

—

215

Fourth

Ave., New York City. Underwriter—Amos Treat & Co.,
Inc., New York City (managing).
Delta

Design, Inc.
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share. Business — Development of vacuum
system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machinery
and

tooling; inventory and working capital. Office—3163

Adams Ave., San Diego, Calif. Underwriter—None.
•

Designatronics, Inc.

(11/28-12/2)

Detroit Tractor, Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
Stock, 1,125,000 shares are to be offered for the com¬

pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
$3

Proceeds—To be

share.

per

applied

the

purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬

Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.
poses.

Dial-A-Disk, Inc.

(11/28-12/2)

Nov. 2

(letter of notification in Atlanta, Ga. SEC office)
150,000 shares of 50 par common stock. " Price — $2 per
share.
Proceeds—For the merchandising and sale of

phonograph records with a new electronic device. Office
.—North Miami, Fla. Underwriter—McClane & Co., Inc.,
26 Broadway. New York City.
•
:
..

Diketan

Inc.

Laboratories,

(letter of notification) 150,000 shares of
common stock (par $1). Price—$2 per share. Proceeds—
To increase inventory, purchase new equipment, for re¬
search and new product development and working cap¬
Sept. 30, 1960

ital. Office

—

Underwriter

•

Holton, Henderson & Co., Los Angeles,

Does-More Products Corp.

•Oct.

(letter

1960

12,

common

notification)

75,000

(par 10 cents). Price—$4 per share. Pro¬

stock

To pay

notes payable, purchase inventory, for
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
derwriter
H. L. Wright & Co., Inc., New York, N. Y.
Offering—Imminent.
~
' ■/

ceeds

—

•

(11/21)
Aug. 26, 1960 filed 100,000 shares of common stock (no
par). Price—$6 per share. Business—Research, develop¬
ment, and production in the fields of mechanics, elec¬
tronics, optics, and functional systems. Proceeds—The
net proceeds, estimated at $511,740, will be used for
product development ($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
Drexel

June

Dynamics Corp.

filed

shares of common stock (par 50
cents). Price—To be supplied by amendment. Proceeds
—To be added to the general funds in anticipation of
2

150,000

possibly

requirements,

capital

Fernando

San

Office—5121

Underwriter

include

Road,

Los

acquisitions.
Angeles, Calif.

Bateman, Eichler & Co. of Los Angeles,
Calif. Offering—Indefinitely postponed.
Elion

—

Instruments,

Inc.

Oct.

28, 1960 filed 60,000 outstanding shares of capital
(par 50 cents), together with five-year warrants
for the purchase of 6,000 new capital shares, to be of¬
stock

fered

sale in

for
of

such

units

warrant.

one

sale will

units. Price—To

be related

stock

made
to

the

price of the

Inc.

American

Fund,

Inc.

Investment

Corp.

14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
Oct.

acquire control of Western Heritage Life Insurance Co.
of Phoenix, and to organize subsidiaries. Office—2222 N
.16th
•

St., Phoenix, Ariz. Underwriter—None.

First Connecticut Small

;

Business Investment Co.

Aug. 12, 1960 filed 225,000 shares of common stock

(par

$1). Price—$10 per share. Proceeds—To retire $150,000

debentures, and for capital for loans for small busi¬
Office—955 Main St., Bridgeport, Conn. Under¬
Hill, Darlington & Grimm, of New York City.
Offering—Postponed.
of

nesses.

writer

—

First
of

Small

Investment

Business

Company

Tampa, Inc.

Oct.

6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
Florida Suncoast Land & Mining Co.

Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares are to be offered in exchange for
certain lands and assets, and the balance will be for

1960 filed 500,000 shares of common stock (par
cents). Price—$10.20 per share. Business—This is a
new mutual fund,, organized as a closed-end fund on Oct.

public sale. Price—To be supplied by amendment. Pro¬
ceeds — For the acquisition and development of land,
mining operations and equipment, and the balance for
working capital.
Office—Tarpon Springs, Fla.
Under¬

Equity Fund,

Drexel

Inc.

Oct. 25,
10

19, which will become

open-end pursuant to the public

Proceeds—For portfolio investment.
Street, Philadelphia, Pa. Distribu¬
and Investment Adviser—Drexel & Co., Philadelphia,
Offering—Expected in mid December.

sale of these shares.

writer—None.

Office—1500 Walnut
tor
Pa.
"

Durlan, Inc.

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For promotion, advertising, purchase of equip¬
ment and working capital. Address—Blooming Glen, Pa.
Underwriter—Hess, Grant & Remington, Inc., Philadel¬
Oct

common

1960

stock

phia, Pa.
•

100,000 shares of common stock. Price
Proceeds — For land, financing of
homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &

City (managing). Offering—Expect-

-ed in mid-December.

Electro

July

19,

(letter

of notification)

75,000 shares of

(no par) and 20,000 shares of addi¬
stock to be offered to the under¬
writers. Prices—Of class A common, $2 per share; of
additional class A common, 2V2 cents per share. Proceeds

'class A common stock

tional class A common

—To

expand

the company's

14,

Industries,

Inc.

(11/21-25)

(letter of notification) 100,000 shares of
stock (par 50 cents). Price—$3 per share. Busi¬
1960

ment used

and

inventory to go into the

by department, drug and variety chain stores,
Proceeds—For expansion; to repay a

institutions.

loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th

St., New York, N. Y. Underwriter—Richard Bruce & Co..
fInc., New York, N. Y.
•

Industries, Inc.

1960

Foremost

ness—Manufacturers of stainless steel food service equip¬

Industries, Inc.

Sept. 27, 1960 filed
$4.50 'per share.

Co., Inc., New York

notification) 150,000 shares of com¬
Price—$2 per share. Proceeds—To
pay a loan, pay a balance under creditors agreement
and for working capital. Office—11747 Vose St., North
Hollywood, Calif. Underwriter—Thomas Jay, Winston &
Co., Inc., Beverly Hills, Calif.

common

Edwards

Ford Electronics Corp.
Oct. 4, 1960 (letter of
mon stock
(no par).

Oct.

Foxboro Co.

Oct.

18,

which

Ga. Underwriter—None. Offering—Imminent.
'

Frisch's
Oct.

Restaurants, Inc. (12/5-9) *
18, 1960 filed 180,000 shares of outstanding common
supplied by amendment. Proceeds-^

To selling stockholders.

Office—Cincinnati, O.

Under-,

writer—Westheimer & Co., Cincinnati, O. (managing).
•

Frouge Corp. (11/21-25)
1960 filed $l,6uu,uuu of §Vi% convertible sub¬
ordinated debentures, due September 1975, and
175,000
,

July 22,

shares of
of the

common

stock

(par$l), of which filing 50,000

are
to be offered for the account
of selling stockholders and the balance for the account
of the issuing company. Price — To be supplied
byamendment. Business—The company is
engaged in the

common

construction
a

business, both

builder for its

general contractor and

account.

own

Proceeds

—

For

debt

working capital. Office—141 North Ave.,
Bridgeport, Conn. Underwriter—Van Alstyne, Noel &
Co., New York City (managing).
Gala

Oct.

Industries, Inc.

25,

common

ceeds

1960
stock

(letter of notification) 16,000 shares of
(par 25 cents). Price—$5 per share. Pro¬

—I

For equipment, advertising and sales, working
capital, research and development. Address — Clifton
Forge, Va. Underwriter—Storer Ware & Co., Roanoke,
—

Va.
Gar Wood

Ameritronics, Inc.
26, 1960 filed 80,000 shares of common stock and
160,000 common stock purchase warrants, to be offered
in units consisting of one share of stock and two war¬
rants.
Price
$4 per unit. Business — The firm makes
—

auto and

truck

and

vacuum

sells

bodies, parts, and trailers, and rebuilds
powerbrakes.

Proceeds —For expan¬

sion, inventory, and distribution. Office—Kensington &
Sedgley Avenues, Philadelphia, Pa. Underwritfei*—-Fraser
&

Co., Inc., Philadelphia, Pa.
Garsite Corp.

Oct. 12, 1960 filed 100,000 shares of common stock. Price

share. Business—A hydrant jet fueling com¬
Proceeds—Expansion. Office—Seaford, L. I., N. Y.
Underwriter—Theodore Arrin & Co., Inc., 82 Beaver St.,
New York City. Offering—Expected in late November to
per

pany.

early December.
(Connie B.) Gay Broadcasting Corp.
Sept. 9, 1960 filed 130,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company and its subsidiaries own and
operate radio
and television stations. Proceeds—For the
acquisition of
a television station
and two radio stations in Missouri.
Office
4000 Albemarle St., N.
W., Washington, D. C.
Underwriter—Hill, Darlington & Grimm, New York City
—«

(managing). Offering—Indefinitely postponed.
•

General

Automation

Corp. (11/28-12/2)
(letter of notification) 100,000 shares of
common stock (par two cents)>
Price—$2 per share. Busi¬
ness—Manufacture of machinery. Proceeds—For general
Sept. 30, 1960

corporate

purposes. Office—40-66 Lawrence St., Flush¬
ing, N. Y. Underwriters—Bertner Bros, and Earl Edden
Co., New York, N. Y.

General

Development Investment Plans, Inc.
6, 1960 filed 1,285 of Investment Plans. Price—To
public sale with sales commissions rang¬
ing from 8% to 10%, depending upon the type of mort¬
gage financing involved.
Proceeds—For investment in
Oct.

Port St. Lucie

Country Club homes, on the east coast of
Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal
business is the development of large tracts of land into
planned communities. Office—2828 S. W. 22nd Street.
Miami, Fla. Underwriter—None.
Florida.

• General Sales
Corp. (11/28-12/2)
April 28 filed 120,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
will be used for additional working capital, inventories
and facilities for the Portland Discount Center; $75,000
for the same purposes in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
ance

be offered for the account
86,000 shares, representing

offered for the account of
Price—To be supplied by
amendment. Proceeds—For general corporate purposes,

of the proceeds will be used to open two new storea

Oregon and Idaho. Office — 1105 N. E. Broadway,
Portland, Ore. Underwriter—A. J. Gabriel & Co., Inc.,
New York City.
• Genie Petroleum, Inc.
Nov. 10, 1960 filed 838,718 shares of common stock. Price
—$1 per share. Business—Development of oil properties.
Proceeds—For general corporate purposes. Office—5245
W. Irving Park Road, Chicago, 111. Underwriter—The is¬
suer

intends to become

broker-dealer in the

licensed

states in which this

offering is to be made, and to offer
338,718 of the shares through its officers and employees.
The remaining 500,000 shares will be offered through
other

(12/5-9)

1960 filed 211,000 shares of common stock, of

125,000 shares are to
issuing company and
outstanding stock, are to be
the present holders thereof.
of the

notes

be offered for

Mandel &

phia, Pa. Underwriter — Warner, Jennings,
Longstreth, Philadelphia, Pa. (managing).

capital

and

Oct.

(11/21-25)
Sept. 26, 1960 filed a minimum of $20,000,000 market
value of shares of its $1 par common stock. Price—To be
supplied by amendment. Business— The company is a
newly organized open-end mutual fund. Proceeds—For
investment. Office—140 Federal St., Boston, Mass. Deal¬
er-Manager — Goldman, Sachs & Co., New York City
(managing).
.
L
First

subordinated

months

—$3

Street

Co.

1966-1968, and $300,000 of
due eight years, eight
eight days'after date of issue. Prices—At
par. Business—The company is engaged in the consumer
finance or small loan business, and, to a lesser
extent,
in the purchasing of
car, boat, and appliance installment
sales contracts from dealers. Proceeds—For general cor¬
porate purposes. Office—105 North Sage Street, Toccoa,
8%

than

of less

Federal

Discount

reduction and

2, 1960 filed 100,000 shares of $1 par common stock.
Price—$3 per share. Business—Epps is engaged in dis¬
tributing and processing sheet and strip steel, picking
and treating steel, and manufacturing round and square
electric welded steel tubing. Proceeds—To repay out¬
standing bank loans and notes, with the balance for
working capital and general corporate purposes, includ¬
ing the installation of an additional tube mill. Office—
2332 E. 38th St., Los Angeles 58, Calif. Underwriter—
California Investors, 3932 Wilshire Blvd., Los Angeles 5,
•

Franklin

Nov.

Calif.

•

Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
ible debentures, due serially

one-

and

company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes
and sells instruments and equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬
ing stockholders, who are two company officers who will
lend the net proceeds to the company. Office—430 Buck¬
ley St., Bristol, Pa. Underwriter — Warner, Jennings,
Mandel & Longstreth, Philadelphia, Pa. Offering—Ex¬
pected in late January-to-early February.
^ Epps Industries,

including warehouse and plant facilities.
Office—33
Neponset Ave., Foxboro, Mass.\Undcrwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).

stock. Price—To be

Electronic Specialty Co.

9201 Wilshire Blvd., Beverly Hills, Calif.

—

Calif.

1960

stock. Price—At par

common

1960

stock

Brooklyn, N. Y.
Underwriters —• Cortlandt Investing
Corp.; Rothenberg, Heller & Co., Inc. and Joseph Nadler
& Co., Inc., New York, N. Y.

exceed

(letter of notification) 250,000 shares of
($1 per share). Proceeds—
To purchase new equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd., Roseville, Calif.
Underwriter—A. J, Taranto & Co., Carmichael, Calif.
Aug. 31,

tenth

(letter of notification) 100,000 shares of
(par 10 cents). Price — $2.25 per share,
business—Manufacturers of electronic equipment.
For
general corporate purposes. Office — 199 Sackett St.,
Sept. 28,

common

working

licensed broker-dealers

"best

efforts"

basis.

•

Geophysics Corp. of America (12/5-9)
Sept. 28, 1960 filed 50,000 shares of common stock of
which 18,750 shares are to be offered for the account of
the issuing company and the remaining 31,250 for the
Continued

page

The Commercial and Financial Chronicle

(2004)

Continued from page

rities of

yet unorganized firm

tentatively named

"Credit Acceptance Co.," and the remainder for general
account of the

present holders thereof. Price—To be sup¬

plied by amendment. Proceeds — For working capital.
Office—New Bedford, Mass. Underwriter—C. E. Unter-

berg, Towbin Co., New York City (managing).
Ginn

(11/29)

Co.

Oct.

10, 1960 filed 817,391 shares of common stock (par
$1), of which 173,300 shares will be offered for the ac¬
count of the issuer, and 644,091 shares will be offered
for the account of selling stockholders. Price — To be
X

supplied by amendment. Business—Publication and dis¬
tribution of text books and related educational materials
for schools. Proceeds—To reimburse the company's treas¬

for redemption costs of its preferred stock, and the
balance for working capital. Office—Statler Office Bldg.,
ury

t
•t

Boston, Mass. Underwriter
York City.
•

Glas

Foam

X
J
#

White, Weld & Co., New

—

(12/5-9)

Corp.

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds
For boat molds, to pay off a mortgage and for
working capital. Address—Hialeah, Fla. Underwriter—
Martinelli & Co., Inc., New York, N. Y.
Sept. 28,

common

1960

stock

—

,#'

Globe

„♦

Security Systems,

Inc.

(11/21-25)

13, 1960 filed 100,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—

.»

i
*

*
»

Supplying plant security and uniformed guard and in¬
vestigatory services to industrial and commercial cus¬
tomers. Proceeds—For debt reduction, working capital,
expansion, and possibly acquisitions. Office—2011 Wal¬
nut St., Philadelphia, Pa. Underwriter—Drexel & Co.,
Philadelphia, Pa. (managing).

& Webster Securities
—To

High Point Ski Ways, Inc. (11/21-25)
17, 1960 (letter of notification) 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Busi¬
ness—Operation of a ski area, ice-skating rink, open air
Oct.

theatre, skeet and other shooting ranges. Proceeds—For
general corporate purposes. Address—Port Jervis, N. Y.

Underwriter—Osborne, Clark & Van Buren, Inc., New
York, N. Y.
Hilltop, Inc.
Aug. 17, 1960 filed $1,650,000 of 6% subordinated deben¬

tures, due 1980, and 1,650 shares of class A common stock,
to be offered in units of one $1,000 debenture and one
A share. Price — To be supplied by amendment.
Business—The principal business of the company, which
was organized under Kansas law in
June, 1959, will be
class

the

owning,

bian Bldg.,

improving,

acquiring,

and leasing of

developing,

*:
t

t ■

reduce

funded

debt.

Office—401

!■
>r

Colum¬

Topeka, Kan. Underwriter—None.

Home Builders Acceptance Corp.
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share.
Business—The company is

1960 filed 140,000 shares of outstanding common
Proceeds—
To selling stockholders.
Address — Fort Worth, Texas.

which certain inventories

are

ing—Expected in early December.

Co.

pledged

collateral.

The

initially incurred on
June 15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
used

the

for

was

construction

additional

smoke¬

house, and the balance will be used for general corporate
purposes.
Office—614 Broad Street, Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
ipecialties.
It also sells certain dairy products.
Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
City.
/
/.
.

Golden

Crest

Records,

Co., New York, N. Y. and
Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬

and

services

for

the

fiberglass industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬

pansion.

Office — 1750 South 8th St., Salt Lake City,
Underwriter—Whitney & Co., Salt Lake Citv- Utah.

Utah.
I C

Inc.

June 29

filed

Price—$2.50

600,000 shares of

per

common stock (par $1)
Proceeds—To further the corpo¬

share.

in the preparation of the concentrate

and

will use the proceeds of its first public offering for
working capital and general corporate purposes. Office
—Huntington, L. I., N. Y. Underwriter—Dean Samitas

enfranchising of bottlers, the local and national pro¬
motion and advertising
of its beverages, and where
necessary to make loans to such bottlers, etc. Office—
704 Equitable Bldg., Denver, Colo. Underwriters— Pur¬
vis & Co. and Amos C. Sudler & Co., both of Denver,

Colo.

Co., Inc., 11 Broadway, New York City.

Offerings-

Expected in January.
I

if Great American Industries, Inc.
Nov. 10, 1960 filed 500,000 shares of outstanding common
stock (par 10 cents). Price—$3 per share. Proceeds—To
go to selling stockholders. Office—485 Fifth Ave., New

York, N. Y. Underwriter—J. G. White & Co., Inc., New
York, N. Y.
•

Gremar

Manufacturing Co., Inc.

common

stock

par). Price—To be supplied by amendment. Business—
Manufactures

cable

coaxial

connectors

and

associated

fittings for the electronic and electrical industries. Pro¬
ceeds — For general corporate purposes, including debt
reduction, inventory and construction. Office—7 North
Ave., Wakefield Mass. Underwriters—Milton D. Blauner
&

Co., Inc. and M. L. Lee Co., Inc., New York, N. Y.
Gro-Rite Shoe Co.,

Oct.

12,

Inc.
(letter of notification)

1960

undetermined

number of shares of common stock

(par $1). Price—The
offering will not exceed $300,000. Proceeds—For work¬
ing capital. Address—Route 2, Box 129, Mount Gilead,

Underwriter—American Securities

Co., Charlotte,

N. C.
Guild

Musical

Oct. 25, 1960

Instrument Corp.
filed 110,000 shares of common stock. Price

—$3 per share. Proceeds

—

itock.
per

Pa.
and

For general corporate pur¬

including debt reduction, machinery and equip¬
ment, inventory, and working capital. Office—Hoboken,

Underwriter—Michael

Kletz

Co., Inc., New

Price—$4
facture

own

use

and

sale to

others, and designs
and manufactures high frequency
cleaning equipment
used
in
the
cleaning and sterilization of glassware.
Proceeds—To reduce by $300,000 the issuer's note in
the
amount of $470,000 payable to its
president, Dr. Kurt J.

Heinicke, with the balance for plant

and equipment and

other general

corporate purposes. Office—2035 Harding
Hollywood, Fla. Underwriter
Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).

St.,
•

—

Heldor

June

29,

common

Electronics

1960
stock

ceeds—For

Manufacturing Corp.

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬

general

corporate

Lewis Street, Paterson, N. J.
& Co., Inc., New York, N. Y.

purposes.

Office —238

Underwriter—S. Schramm

Offering—Imminent.

Heller, (Walter E.) & Co.
1960 filed 100,000 shares of common stock
(par
Price—To be supplied by amendment. Proceeds—
About $1,000,000 to purchase preferred
stock of Nation¬
Oct. 24,

Co., about $1,000,000 to purchase

Products, Inc.
shares of 100 par class A stock.

share.

control

Business—The

systems

design

and

manu¬

and subcontracted precision

development, advertising and selling, inventory, and gen¬
eral funds.
Office—78 Clinton Road, Caldwell Town¬
N. J.
Underwriter—Edward Hindley & Co., 99
Wall Street, New York 5, N. Y. (managing). Offering—

ship,

Expected in mid-January.

secu¬

Power

I960

Light Co.

Ill

(1/11)

filed

$10,000,000 of first mortgage bonds,
be supplied by amendment.
Pro¬
ceeds—To reduce past and future bank loans incurred
for construction, the aggregate cost of which is estimated
at $20,500,000 for 1960-1961.
Office—823 Walnut Street,
Des Moines, Iowa.
Underwriter—To be determined by
competitive bidding.
Probable bidders: First Boston
1991.

due

Price—To

Corp.; Equitable Securities Corp.; White, Weld & Co.;
Halsey, Stuart & Co. Inc., Lehman Brothers; Eastman
Dillon, Union Securities & Co.; Blyth & Co. and Kidder,
Peabody & Co. Bids—Expected to be received on Jan. 11
to 10:00

a.m.

(CST) at the Assembly Room, 8th floor,
W. Monroe St., Chicago, 111.

Harris Bank Bldg., Ill

Irving Fund for Investment in U. S. Government

Securities, Inc.
22, 1960, filed 400,000 shares of common stock.
$25 per share. Business — A diversified invest¬
ment company, which will become an open-end
company
July

Price

—

with

redeemable

the

upon

being registered.

sale

issuance

and

Proceeds—For

in U. S. Government securities.

investment

Office—50 Broad

Street,

New York

City. Underwriter—To be supplied by amend¬
Attorneys — Brinsmade
&
Shafrann, 20 Pine

Jonker Business Machines, Inc. •
Sept. 30, 1960 filed 50,000 common stock units, each unit
to

consist of

class

share of class A

one

common

and

common, to be offered for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬

ters,
ance

information

cen¬

establish distributorships, expansion, and the bal¬
working capital. Office—404 No. Frederick Ave.,

for

Gaithersburg, Md. Underwriter
Washington, D. C.

—

Hodgdon & Co., Inc.,

Juggle Juice Corp.
28, 1960 (letter of notification) 120,000 shares of
stock
(par 25 cents). Price—$2.50 per share.
Proceeds—For working capital and expansion. Address
—Seattle, Wash. Underwriters—Planned Investing Corp.,
New York, N. Y. and
Fidelity Investors Service, East
Meadow, N. Y. Offering—Expected sometime in Janaury.
Oct.

common

Kanavau

Corp.

Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For
acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New
York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.

Keyes Fibre Co.

(11/18-21)
$10,000,000 of convertible subordinated

debentures,

due 1985, with attached warrants for the
purchase of 500,000 shares of common stock, to be of¬
fered

holders

stock,

the

shares of

outstanding preferred and

basis

common

$100

debentures

for

common

each

preferred held. Price—To be sup¬
plied by amendment. Proceeds—Construction of a new
plant, additional equipment, and the balance for work¬
ing capital. Office—Upper College Avenue, Waterville,
Maine.

Underwriter—Coffin & Burr, Inc., Boston, Mass.

Keystone Alloys Co.
Oct. 28, 1960 filed 107,755 shares of common
stock, of
which 32,755 shares are to be offered for the account of
the
issuing company and 75,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof.
Price
To be supplied by
—

amendment.

Business—The

company

aluminum

makes

siding and accessories, coated materials, aluminum rail¬
ing and columns for interior and exterior use, and a
variety of hluminum combination storm-screen sash and

• Industrial Hose & Rubber
Co., Inc. (11/28-12/2)
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds — Toward the repayment of

used

machinery, additional inventory, and the bal¬
Office — Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing).

writer

notes,

new

for working capital.

ance

International

Diode Corp.

July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible preferred stock (par $8). Price — $8 per
Business—Makes
staff

and

sells

diodes.

Proceeds—To

production and sales engineers, fi¬
nance
new
product development, buy equipment, and
add to working capital. Office—90 Forrest St., Jersey
City, N. J. Underwriter—Ernst Wells, Inc., New York
City.
a

International Mosaic Corp.

(11/28-12/2)

of notification) 93,333 shares of
common stock (par 10 cents). Price—$3 per share. Busi¬
ness
Manufacture of glass mosaics by machines and
processes. Proceeds — For general corporate purposes.
Office—45 East 20th St., New York 3, N. Y. Underwriter
—B. G. Harris & Co., Inc., New York, N. Y.
Sept.

30,

1960

(letter

—

Investors

Preferred

Life

doors

Insurance

Co.

and

products.

Latrobe, Pa.

Singer,
(managing).

Deane

—

Kirk

1960

—

N.
•

Underwriter—Schriiver

Koeller Air

stock. Price
Proceeds—To reduce
past and future bank loans incurred for construction, the
aggregate cost of which is estimated at $20,500,000 for
1960-1961.
Office
823
Walnut Street, Des Moines,
—To

feupplied by amendment.

—

Products, Inc.

Co., New York, N. Y.

(11/21-25)

Aug.

31, 1960 filed 100,000 shares of common stock
(par 5 cents) and 50,000 warrants to be offered in units,

each unit to

consist of 2

shares of

warrant. Each full warrant
of

common

per

within

year

common

stock

is convertible into

from the

date

one

and

offering at

share.

distributes

Price—$4 per unit. Business—The firm
hydrogen, nitrogen, oxygen, and welding

equipment. Proceeds

—

For general

corporate purposes.

Office—596 Lexington

Ave., Clifton, N. J. UnderwriterLloyd Securities, 150 Broadway, New York
City.
LP Gas

Savings Stamp Co., Inc.
(letter of notification)

—For purchase of creative

Iowa Power & Light Co. (12/6)
Nov. 7, 19G0 filed 100,000 shares of common

Pa.

stock

Little

Rock, Ark. Underwriter — Life Securities, Inc.,
P. O. Box 3662, Little Rock, Ark.

Under¬

Pittsburgh,

(C. F.)

28,

Sept.

stock

Scribner,

Laboratories, Inc. (11/21-23)
(letter of 'notification) 99,900 shares of
(par 20 cents). Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds
For general
corporate purposes. Office—521 West 23rd St., New York,
Sept.

common

(letter of notification) 150,000 shares of
(no par). Price—$2 per share. Proceeds
—For capital and surplus accounts. Office—522 Cross St.,

Sept. 26, 1960
common

Proceeds—$150,000 will be

to finance the construction and installation of an
additional paint line, with the balance for
working capi¬
tal. Office—511 Mellon Bank
Bldg.,

•

$1).

wide Investment

Price—$10

machining.
The firm has recently begun to make
double-diffused, broad base silicon diodes, but is not vet
in commercial production of these items. Proceeds—For
expenses
of semi-conductor production, research and

establish

for its

Control

per

share.

pumps

stockholders.

South Craig

Nov. 1, 1960 filed 125,000

York City.

1960 filed 67,000 shares of common stock. Price
To be supplied by amendment. Business—The
company,
together with its subsidiaries, makes stainless steel

selling

Office—200

common

Street, Pittsburgh,
Underwriters—Amos Treat & Co., Inc., New York,
Bruno Lenchner, Inc., Pittsburgh, Pa. Offering—

if Heinicke Instruments Co.
Nov. 10,

Iowa

Oct. 4, 1960 filed

Expected in early 1961.

poses,

Proceeds—To

share.

Industrial

(no

•

Nov: 7,

•

JMIinois Beef, L. & W. S., Inc.
April 29 filed 200,000 shares of outstanding

(11/28-12/2)

Sept. 20, 1960 filed 100,000 shares of

8th floor, Harris Bank Bldg.,
St., Chicago, 111.

Monroe

ment. Proceeds—To establish sales and

Hydroswift Corp.
1960 filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales products
Oct. 20,

rate purposes and

Inc.

Oct. 25, 1960 filed 85,000 shares of 10c par class A com¬
mon
stock.
Price—$3 per share.
Proceeds—The firm

Assembly Room,

Street, New York 5, N. Y.

Underwriter—None.

Howell Instruments Inc.

proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
&

Corp. and First Boston Corp. Bids
Dec. 6 up to 2:30 p.m.
(CST),

Nevada, Colorado Springs, Colo.

Underwriters—G. H. Walker &

Jones

ment.

stock. Price—To be supplied by amendment.

received

engaged in real estate financing and lending. Proceeds
—For
general
corporate
purposes.
Office — 409
N.

June 17, 1960, filed 100,000 shares of 25c convertible pre¬
ferred stock
(par $4).
Price—At par.
Proceeds—Ap¬

selling,

improved and unimproved real property.

indebtedness

be determined by competitive
Probable bidders: Smith, Barney & Co.; Stone

cago,

Oct. 4,

Gold Medal Packing Corp.

Underwrtter—To

bidding.

corporate

Proceeds—To

Oct.

.»

purposes. Office—105 West Adams St., Chi¬
111. Underwriters — F. Eberstadt & Co. and Dean
Witter & Co., both of New York City (managing). Offer¬
ing—Expected in late December to early January.

Iowa.

Thursday, November 17, 1960

27,

common

1960

30,000

stock Price—At par

($10 per share). Proceeds
design and printing of cata¬

logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St.,
Shreveport, La. Underwriter
—International Sales &
Investment, Inc., 4501 North
Blvd., Baton Rouge, La.
Lake
Nov.

Central

1960

Airlines,

filed

130,000

Inc.

stock. Price—To be supplied

of $20 par preferred
by amendment. Business—

Volume

The issuer is

Number €004

192

The Commercial and Financial Chronicle

local service airline operating primarily

(2005)

Business—Manufacturers of electronic equipment.

Pro¬
general corporate purposes.
Office-^88-06
Van Wyck Expressway, Jamaica 18, N. Y. Underwriter
—Fund Planning,
JLnc., New \ork, N. Y.

Proceeds—Together with a $3,000,000
bank loan, ' the proceeds will be used to acquire more
planes and .for other purposes germane to expansion.

ceeds—For

Office—Indianapolis, Ind. Underwriter—William Blair &
Co., Chicago, 111. (managing).

•

midwest.

the

"Lapidoth" Israel Oil Prospectors Corp. Ltd.
Oct, 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
of individual and corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
For exploration and development of oil lands. Office—
22
Rothschild Blvd.,
Tel-Aviv, Israel. Underwriter—
None.
Lawndale Industries, Inc.
Aug. 15, 1960 filed 100,000 shares of class A stock. Price
—$5 per share. Business—The manufacture of porcelain
enameled steel plumbing fixtures. Proceeds — For the
construction and equipping of a new plant, and the re¬
duction of outstanding bank loans.. Office — Haven &
Kussell Aves., Aurora, 111. Underwriter—Paul C. Kimball
& Co. of Chicago, 111. Offering—Imminent.

(letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—
For a mortgage payment, outstanding notes, construction
of a new water supply and general corporate purposes.
Office—719 Harrison Ave., Leadville, Colo. Underwriter
—H. M. Payson & Co., Portland, Me.

May

Supermarkets, Inc. (12/15)
Nov. 4, 1960 filed $2,000,000 of convertible subordinated
debentures, due Dec. 15, 1980. Price—-To be supplied by
amendment. Business
The corporation, directly and
through two subsidiaries, operates a chain of 67 super¬
markets, a bakery and ice cream plant, and processes
—

and

packages delicatessen items. Proceeds—For general
corporate purposes, including the redemption of pre¬
ferred stock and expenses incidental to the opening of

Iron Ore Ltd.

joined with The Liberian American-Swedish
Monrovia, Liberia, in the filing of $15,000,000 of 6y4% first lien collateral trust bonds, series A,
due 1980, of Lid, $15,000,000 of 6^4% subordinated de¬
bentures due 1985 of Lio, an unspecified number of
shares of Lio capital stock, to be offered in units.
The
units will consist of $500 of collateral trust bonds, $500
of debentures and 15 shares of capital stock. Price—For
units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Offioe
—97 Queen St., Charlottetown, Prince Edward
Island,
Canada, N. S
Underwriters-White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
postponed.
>
19

Minerals Co.,

Address—Yorktown, Ind. Underwriter—
Lynch, Pierce, Fenner & Smith Inc., New York
City (managing).

Merrill

•
Metcom, Inc.
Sept. 2, 1960 filed 100,000 shares of common stock.

Price
supplied by amendment. Business—The com¬
pany makes microwave tubes and devices.
Proceeds—
For working capital, machinery and equipment, the re¬
tirement of a mortgage loan, and research and devel¬
opment. Office — 76 Lafayette Street, Salem, Mass.
Underwriter
Hayden, Stone & Co., New York City.

—To

—

• Lifetime Pools
Equipment Corp.
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—Engaged in
the manufacture and selling of fiber glass swimming
pools. Proceeds—$125,000 will be used to purchase ma¬
chinery and
equipment; $200,000 to purchase raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital. Office—Renovo, Pa. Underwriter—First Penn¬
ington Corp., Pittsburgh, Pa. Offering — Expected in

'■/ /

Living Aluminum, Inc. (11/28-12/2)
Oct. 3, 1960 (letter of notification) 100,000 shares of
common stock (par $1). Price—$3 per share. Business—
Manufacturers of aluminum furniture and other house¬
hold products. Proceeds—For additional equipment; pur¬
chase of a building; plant expansion and working capital.

Office—40 Gazza Blvd., Farmingdale, N. Y. Underwriters
—Arnold Malkan & Co., Inc. and Sulco Securities, Inc.,
New York, N. Y.

llosig

and

Inland Plastics, Corp. '(11/21-25)

other

products, and the treatment of reclaimed
to permit its mixture and blending with
various plastics. Proceeds — For additional equipment,
inventory, and working capital. Office — Farmingdale,
L. I., N. Y. Underwriter—The James Co., 369 Lexington
as

Ave., New York City.

Lo-al Electronics Corp.

(11/28-12/2)

Oct. 27, 1960 filed $5,000,000 of convertible subordinated

debentures, due Dec. I,

1980. Price—To be supplied by

amendment. Proceeds—For plant additions, acquisitions,
and working capital. Office—825 Bronx River Ave., New
York City. Underwriters—Kidder, Peabody & Co., Leh¬
man

York

Brothers; and Model, Roland & Stone, all of New
City (managing)..
v

Mac Charge Plan & Northern Acceptance Corp.
Sept. 21, I960 (letter of notification) 60,000 shares of
common

stock class A (par 60

cents).Price—$5 per share.
expansion. Office—5 E. Centre
St., Baltimore, Md. Underwriters—Sade & Co., Bellamah, Neuhauser & Barrett, Washington, D. C., McCarley
& Co., Asheville, N. C; and Murphy & Co.. Denver. Colo.

Proceeds—For

company

Madigan Electronic Corp. (11 /28-12/2)
Oct.

5, 1960 filed

110,000 shares of common stock (par
Price—$4.25 per share. Business—The design,
and sale of electronic equipment for use
primarily in weapons and data processing systems. Pro¬
10

cents).

manufacture

ceeds—Reduction

Office—200

of indebtedness

Marine

and

working capital.

S^onehinge Lane, Carle Place, N. Y. Under¬

writer—McLaughlin, Kaufman &
&

Co., New York

City.

Electronics Manufacturing

Inc.
100,000 shares of
common
stock class A
(par 10 cents). Price—$3 per
share. Proceeds—For expenses in the fabrication of sheet

Sept. 22, 1960

(letter of notification)

metal

parts for missiles, rockets, radar and marine items.
Address—rHagerstown, Md. Underwriter—Batten & Co.,

Washington, D. Cr
:

Marine

Oct.

28,

common

;

View vElectronics,

1960
stock

Inc.

(letter of notification) 100,000 shares of
; (par
lGr\cents).
Price — $3 per share.

and

high fidelity parts

Plainview, N. Y.

Underwriters—M. L. Lee & Co., Inc
& Co., Inc., both of New York

Blauner

Milton D.

and

City (managing).
Mid-America Life Insurance Co.
Oct.

(letter of notification) 100,000 shares of
(par 25 cents). Price — $2.75 per share.
Proceeds—For capital and surplus accounts. Office—318
Northwest 13th St., Oklahoma City, Okla. Underwriter-^
F. R. Burns & Co., Oklahoma City, Okla.
11,

common

1960

stock

Midland-Guardian Co.
Oct. 27, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business — The firm
discounts retail instalment sales notes for dealers in shell

mobile homes, and cars; finances at wholesale
inventories of dealers in mobile homes and cars; makes

homes,

small loans

directly to borrowers; and operates various
subsidiaries, including a life insurance com¬
Proceeds—To repay short-term bank loans, which
Sept. 30 amounted to $31,529,000. Office—1100 First

insurance

National Bank Bldg., Cincinnati, O. Underwriter—Kid¬
der, Peabody & Co., New York City (managing). Offer¬
ing—Expected in December. 1

Midwestern Acceptance Corp.
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in units of one share of stock and. 850.of debentures.
Price
$1 per unit. Business — The company will do
interim financing in the home building industry. Pro¬
ceeds
To start its lending activities. Address — P. O

Street, San Francisco, Calif.

Box

886, Rapid City, S. D. Underwriter—None. Offering

^ Mineral Concentrates & Chemical Co., Inc.
Nov. 10, 1960 filed 75,000 shares of common stock. Price
—$5 per share. Business—Production of beryllium oxide.
Proceeds —To pay two corporate notes; plant improve¬
ments;
research
and
experimentation with flotation
process; and working capital. Office—1430 First National
Bank

Bldg., Denver, Colo. Underwriter—None.

Mobile Credit Corp.
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬
ferred stock. The stock will be offered for subscription
by shareholders of record on the basis of two shares
of

new common

for each three such shares held and one

shares
held, the record date in each case being Sept. 1, 1960.
Prices—For common^ $10 per share; for preferred, $100
per share. Business—The purchase of conditional sales
contracts from dealers in property so sold, such as mobile
homes, trailers, boats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson*
new

preferred for each

Mich. Underwriter—None.
•

Model

38.81

common

Engineering & Manufacturing Corp.

(12/5-9)

21, 1960 filed 140,000 shares of common capital
stock. Price—To be supplied by amendment. Business—
The company makes and sells equipment for the elec¬
Sept.

trical, automotive, and aviation industries. Proceeds—To
reduce indebtedness and for working capital. Office—50
Frederick St., Huntington, Ind. Underwriter—Raffensperger, Hughes & Co., Indianapolis, Ind. (managing).
Model Finance

(11/21-25)
May 26 filed 100.000 shares of second cumulative pre¬
ferred stock—65c convertible series, $5 par—and $1,000,000 of 6%% junior subordinated debentures, due 1975.
Price—To be supplied by amendment. Proceeds—To be
added to the company's general working funds. Office—
202 Dwight Building. Jackson, Mich. Underwriter— Paul
C. Kimball & Co., Chicago, I1L
* '.
;
•

Mohawk

Service, Inc.

Insurance Co.

(11/28-12/2)

Aug. 8, 1960, filed 75,000 shares of class A common s'ock
Pricer--$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway,

Broadway, New York 6, N. Y.

some¬

•

Mortgage Guaranty Insurance Corp.
17, I960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—^
Insuring lenders against loss on residential first mort¬
gage
loans, principally on
single family
non-farm
homes. Proceeds—For capital and surplus.
Office—606
West Wisconsin Avenue, Milwaukee, Wis. Underwriter,
—Bache & Co., New York City (managing). Note—This
stock is not qualified for sale in New York State. Offer¬
ing—Expected in early December.
Mountain States Telephone &

Telegraph Co.

(11/28)
Oct.

28, 1960 filed 6,729,142 shares of capital stock to be
to

expire
repay

stockholders

new

one

of record

Nov.

the

basis

share for each five shares then held. Rights

Dec. 20. Price—$12.50 per share. Proceeds—To
short-term loans made to finance construction.
St., Denver, Colo. Underwriter—None.

Office—931 14th
•

National Aeronautical Corp.

(1/4)
8, 1960 filed 60,000 shares of $1 par common stock.
To be supplied by amendment. Proceeds — For
general corporate purposes. Office—Ft. Washington, Pa.
Underwriters—White, Weld & Co., New York City, Yarnall, Biddle & Co. and Stroud & Co., Inc., both of Phila¬
delphia (jointly).
Nov.

Price

—

•

National Airlines, Inc.
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis of $100 of debentures for each 18 common shares
held. Price—To be supplied by amendment. BusinessDomestic and international transport of persons, prop¬
erty, and mail. Proceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
for general corporate purposes. Office — Miami Inter¬
national Airport, Miami, Fla. Underwriter — Lehman
Brothers, New York City (managing). Offering—Ex¬
pected in mid-December.
•

National

Film

Studios, Inc., (11/21-25 )
(letter of notification) 150,000 shares of
common stock. Price—$2 per share. Proceeds—For ex¬
pansion of the business. Office—Washington, D. C. Un¬
Sept. 20,

1960

derwriter—R.

Baruch

Co., 1518 K St., N. W., Wash¬

ington, D. C.
National Lawnservice

Corp.
(letter of notification) 100,000 shares of com¬
mon
stock (par one cent).
Price—-$3 per share. Pro¬
ceeds— For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwriter
—Fund Planning Inc., New York, N. Y. Offering—In¬
Jan.

definite.
National

Western Life

Insurance

Co.

Sept. 13, 1960 filed 225,000 shares of common stock. Price
—To be supplied by amendment; Proceeds—Together
with the proceeds from the sale of shares to be issued
as a result of options, in the amount of $1,106,407.50 for
the discharge of indebtedness and general corporate pur¬
poses. Office—Denver, Colo. Underwriter—Peters, Writer
& Christensen Inc., Denver, Colo. Offering *— Expected
sometime in December.
•

Nationwide

Tabulating Corp.

(11/18-23)

Sept. 19, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$2 per share. Business—Tabulating of
industry and government records. Proceeds—For general
corporate purposes including working capital Office—
384 Clinton

St., Hempstead, N. Y. Underwriter—Miltoi
Co., Inc., New York, N. Y.

D. Blauner &

Navajo Freight Lines, Inc.
1
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present
holders

thereof, and 61,000 shares will be offered for
issuing company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River Driven
Denver 23, Colo. Underwriters—Hayden. Stone & Co.
and Lowell, Murphy & Co. (jointly). Offering—Expected
the account of the

sometime in November.

ic New Canaan Co.

1960 (letter of notification) 8,000 shares of class
capital stock (no par) and 2,000 shares of class B
capital stock (no par) to be offered in units of 4 shares
of class A and 1 share of class B for subscription by
holders of class A and class B stock. Rights expire on
Nov. 7,

Nov.
a

18, 1960. Price—$101 per unit. Proceeds—To repay

bank

loan, loans to subsidaries and for working cap¬
New Canaan, Conn. Under¬

ital. Office—39 South Ave.,
writer — Glidden, Morris

& Co., 165 Broadway, New

York, N. Y.
New Western

Underwriting Corp.

25, 1960 filed $2,000,000 of 15-year 6% subordinated
convertible debentures. Business •— The company which
Oct.

organized in August, 1959, is developing, through
subsidiaries, a dealer-recourse finance business and a
life insurance business. Proceeds-r-For expansion. Price
was

—At

par. Office—Helena, Mont.
Ehli, Demos, Bailey & Co., Kook

North

Billings, Mont.

Underwriter—Wilson,
Bldg., 3203 3rd Ave.,

New York City. Underwriter—R. F.

Dowd & Co. Inc., 39

Offering—Expected

Oct.

—

Proceeds—To

time in January.

pany.
on

equipment.

derwriter-pPacific Coast Securities Co., 240 Montgomery

For general corporate purposes including debt reduction,
working capital, and expansion. Office — Ames Court,

and

retire bank loans and for working capital. Office—7035
Laurel Canyon Boulevard, North Hollywood, Calif. Un-

offered

Metropolitan Telecommunications Corp.
(11/28-12/2)
Sept. 27, 1960 filed $600,000 of convertible subordinated
debentures, to be offered for the account of the issuing
company,
and 25,000 shares of outstanding common
stock, to be offered tor the account of four company
officers, the selling stockholders.
Prices—For the de¬
bentures, at par; for the common, to be supplied by
amendment.
Business—The company makes and sells
electronic and communications equipment. ' Proceeds—

International, Inc.

pany, organized in 1958 under the name Arrow Elec¬
tronics International, Inc., imports and sells electronic

•

—Imminent.

Oct. 26 (letter of notification) 300,000 shares of common
stock (10c par). Price—$1 per share. Business—Conver¬
sion Of waste or scrap nylon into pellets for use in gears

nylon

—

December.

outlets.

new

Electronics

Oct; 31, I960 filed 200,000 shares of, common stock. Price
—To be supplied by amendment.
Business—The com¬

Offering—Imminent.

Leadville Water Co.
June 28, 1960

Liberian

Marsh

Monarch

Continued

page

<
.

The Commercial and Financial Chronicle

.(2C0S)

Shopping Center, Inc.
.
Oct 21, 1960 (letter of notification) $300,000 of 6% sink¬
ing fund debentures to be offered in denominations of
$1,000 each. Price—At face value. Proceeds—For work¬
ing capital and construction of a shopping center. Office
—200 Hillcrest Bldg., Ralston, Neb. Underwriter—The
First Trust Co. of Lincoln,

Lincoln, Neb.

Northern

Photogrammetry, Inc.
10, 1960 (letter of notification) 13,000 shares of
stock (par $1). Price—$3.50 per share. Proceeds

Aug.

common

—For retirement of

•

(12/6)

to 10:00 a.m. (CST) at Room

1100, 231 So. La Salle

Nil-Line Industries,

stock, of

175,000 shares are to be offered for the account
and 25,000 shares, representing
outstanding stock, are to be offered for the account of
the issuer's president. Price—To be supplied by amend¬
ment. Proceeds—For capital equipment, research, sales
development, and working capital. Office—Minneapolis,
Minn. Underwriter—Kalman & Co., Inc., St. Paul, Minn,
of the issuing company

Office—929

Corp. (12/5-9)
27,1960 filed 80,000 shares of class A stock (par $1),
of which 30,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price—To be supplied by
amendment. Business
The firm produces metal and
plastic filters for defense and consumer industries. Pro¬

r-30 Sea Cliff Ave., Glen Cove, L. I., N. Y. Underwriter
—L. F. Rothschild & Co., New York City (managing).

Equipment Co., Inc.
Oct. 17, 1960 filed 125,000 shares of class, A stock (par 75
cents), of which 42,500 shares are to be offered for the
account of the company and 72,500 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. The remaining 10,000 shares
have been acquired by the underwriter and Hampstead
Investing Corp., as a finder's fee. Price—$5 per share.
Business—Developing and producing automatic multiple
needle and specialized sewing equipment. Proceeds—For
general corporate purposes. Office

— 16 Leliart's
Land,
East Paterson, N. J, Underwriters — Amos Treat &
Co.,
Inc. and William Stix Wasserman &
Co., Inc., New

York,

Offering—Expected in early December.
Paper Co., Inc.

(12/5-9)

Oct. 14, 1960 filed $750,000 of 7% unsecured subordinated
notes due 1964 and 100,000 shares of common stock to be
offered in units of $7.50 of notes and one share of com¬
mon stock. Price—To be
supplied by amendment. Busi¬
ness—The company

manufactures facial and toilet tis¬
sues. Proceeds—For acquisition of
property, to acquire
machinery and equipment, and for repayment of certain
loans.

Office

—

485

Lexington Ave., New York, N. Y.
& Grimm, New York,

Underwriter— Hill, Darlington

N. Y.

Penobscot Chemical Fibre Co.

(12/5)
$3,250,000 of convertible subordinated
debentures, due 1980. Price—To be supplied by amend¬
ment. Business—Makes wood
pulp, which it sells directly
Oct. 24, 1960 filed

to the users,

ers.

nearly all of whom are paper manufactur¬
Proceeds—For construction, and for the reduction
incurred for construction. Office—211

indebtedness

Congress St., Boston, Mass. Underwriter—Coffin & Burr
Inc., Boston, Mass. (managing).

Philadelphia Aquarium, Inc.
Oct. 14, 1960 filed $1,700,000 of 6% debentures due
1975
and

170,000 shares of capital stock (par 50 cents) to be

Underwriter—Preferred Investments,
of the issuer.
.v
:

Process

Lithographers, Inc. .
Sept. 28# 1960 filed 145,000-shares of
.

Inc.,
/•.

ing capital and expansion. Office—515 W. 57th St., New.
Underwriter—Shearson, Hammill & Co., New

York

-stock (par

Roskin, President. Price— $5 per share. Pro¬
Toward the repayment of indebtedness, mew
equipment, and working capital. Office—200 Varick St.,
New York City. Underwriter—First Broad St
Corp., New
York City (managing).
—

^Professional Insurers & Investors, Ltd.
;
/
4, 1960 (letter of notification) 234,550 shares of

Nov.

stock.

Price—At par ($1 per share).

—For working capital. Office—104 E> 8th

ver,

Colo.

Public

Inc. •'

Revlosi,

■i7'

■.

Proceeds

Avenue, Den¬

Underwriter—None.
Service Co. of

.'V1"'

Oct. 28, 1960 filed 130,000 shares., of outstanding common
stock (par $1). Price—To be related to the price of the
firm's shares on the New York Stock Exchange. Proceeds
To two company

officers, the selling stockholders. Office

—666 Fifth Ave., New

York City. Underwriters—Lehman
Reynolds & Co. Inc., both of New York
City (managing). Offering—Expected in early December,.
Brothers

Riddle

and

Airlines,

Inc.

Aug. 19, 1960 filed $2,250,000 of 6%

subordinated con->
principal amount.
Proceeds
To be used as operating capital to fulfill
M. A. T. S. contract, and to acquire aircraft. Office—In¬
ternational Airport, Miami, Fla. Underwriter—James H.
Price & Co., Coral Gables, Fla., and New York Citv.
*
vertible debentures. Price—At 100% of
—

it Ritter Co., Inc.
..."
; •*. «■
•
"V"
Nov. 16, 1960 it was reported that registration of $4,500,-000 of convertible subordinated debentures, due 1980. is
expected today (Nov. 17). Price — To be -supplied by
amendment.. Business

common

Solomon

common

City (managing).^'

•

10 cents), of which 125,000 shares are for public offering,
and 20,000 shares are to be offered for- the account of

ceeds

Underwriter—AmOs Treat & Co., Inc., New

York City.

purposes.
New Castle

ly in New York City, including The Four Seasons and

subsidiary

Base,

The Forum of the. Twelve Cae:ars. Proceeds—For work¬

Aug. 18,1960 filed 300,000 shares of common stock. Price
—$5 per share. Proceeds— For general corporate pur¬
poses. Office — 20 East Mountain St., Fayetteville, Ark*

corporate

Air

County

variety of restaurants, coffee shops, and cafeterias, most¬

D. C. Under¬

Preferred. Risk Life Assurance Co;' (11/21-25)

Castle

representing outstanding stock, are to be offered for the'
account of selling stockholders. Price—To be supplied by
amendment. Business — The issuer operates
a
wide-

Corp.; Dillon Read & Co. and Johnston, Lemon & Co.
(jointly); Kidder, Peabody & Co., Merrill Lynch, Pierce,
Fenner & Smith, White, Weld & Co. and Salomon Bros.
& Hutzler
(jointly); Lehman Brothers and Eastman
Dillon, Union Securities Corp. (jointly). Bids—Tenta¬
tively expected on Dec. 7.

expansion, working caiptal, and to finance
company's entry into fibre glass manufacture. Office

Pathe

St., N. W., Washington,

stock (par.

^ Restaurant Associates, Inc.
Nov. 16, 1960 filed 245,000 shares of $1 par common
stock, of which 195,000 shares will be offered for the
account
of
the issuing
company
and 50,000 shares;

writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston

ceeds—For

Palm Developers Limited
Sept. 8, 1860, filed 100,000 shares of common stock
(par 1 shilling)- Price —$3 per share. Business —The
company intends to deal in land in the Bahamas. Pro*
ceeds—To-buy land, and for related corporate-purposes.
Office—6 Terrace, Centreville, Nassau, Bahamas. Under¬
writer—David Barnes & Co., Inc., New York City. Of¬
fering—Expected in late November.

"E"

New

general

and

equipment,

—

County, Del.
York City.

bonds. Price—To be supplied by amendment. Proceeds—

Pall

Patrician

Corp.

To retire $9,725,000 of bank loans and for construction.

Oct.

•

Office

ic Potomac Electric Power Co. (12/7)
Nov. 10, 1960 filed $40,000,000 of 35-year first mortgage

Ave., New York City. Underwriters—Lee Higginson Corp. and H. Hentz & Co., both of New York City
(managing).

(11/28-12/2)

fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬

Fifth

and

chinery,

Fibers, Inc.
June 14 (letter of notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be delayed.

Paddington Corp. (11/21-25)
Sept. 28, 1960 filed 36,498 shares of outstanding common
stock. Price—To be related to the price of the stock on
the American Stock Exchange at the time of the public
offering/ Proceeds—To selling stockholders. Office—630

Inc.

Price—$2.50 per share. Busine3s—The firm
sells protective coatings for packaging and.

cents).

makes

Plastics &

•

Chemical,

Resisto

—None..

(managing).

N. Y.

•

Aug. 29, 1960 filed 200,000 shares of common

26, 1960 filed 217,902 shares of common stock, to
be offered to holders of the outstanding common on the
basis of one new share for each share held. Price—$1
per share. Proceeds — To retire current liabilities, for
capital expenditures, and for working capital. Office—
2235 S. Carmelina Ave., Los Angeles, Calif. Underwriter

which

Diego, Calif.

Oct.

Inc.

Sept. 28, 1960 filed 200,000 shares of common

the

Electronics

Pioneer

St., Chicago 4, 111.

Fund

Mutual

—

(par

Together with other funds, the proceeds will be used
to purchase substantially all of the assets of Plymouth
Rock Provision Co., Inc. Office—Baker Bldg., Minneap¬
olis, Minn. Underwriter—A. C. Allyn & Co., Inc., New
York City have withdrawn as underwriters.

(jointly); Equitable Se¬

Riter & Co.

Pik-Quik, Inc.

Price—To be supplied by amendment. Business—
operation of self-service markets
names of "Pik-Quik" and "Tom
Thum."
There are now 31 such markets. Proceeds-

Corp. and Eastman Dillon, Union Securities &
(jointly). Bids — Expected to be received Dec. 6

Estate

14, 1960 filed 200,000 shares of beneficial interest.
Price—$5 per share. Business—An open-end real estate,
investment trust specializing in investment real estate.
Office
606 Bank of America Bldg., San Diego, Calif.,
"Distributor—Real Estate Mutual Distributors, Inc., San'

The organization and
in Florida under the

curities

Real
Oct.

$1).

bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder,
Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬

Co.

short term note and working cap¬

922

July 27, 1960 filed 550,000 shares of common stock

27, 1960 filed $35,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined by competitive

Brothers and

—

ton, D. C.

(Minn.)

Power Co.

Oct.

man

Burlington Ave., Silver Spring, Md.
Underwriter—First Investment Planning Co., Washing¬
Office

ital.

Nov. 2.

States

has been extended.

Proceeds—For the

1960

it Rajac Self-Service, Inc.
/
Nov. 15, 1960 filed 154,375 shares of common stock ($10;
par) Price—$3 per share. Proceeds—$30,000 will be used,
to pay an outstanding note, $87,500 will be used for -the;
acquisition, constructing, and equipping of an additional;
plant, $22,500 will be used to cover the expenses of
offering the stock, and the balance will be used to reduce
indebtedness and purchase equipment. Office—Mt. Ver-;
non, N. Y. Underwriter—The James Co., 369 Lexington,
Avenue, New York. 17, N. Y. v

from face value.

(11/28-12/2)

(letter of notification) 85,700 shares of
common stock (par $1). Price—$3.50 per share. Business
—Manufacturers of electronic equipment. Proceeds—For
general corporate purposes. Office — 190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City 1, N. Y.
■ 1

primary purpose of refinancing existing loans. Office—
1160 Rockville Pike, Rockville. Md.
Underwriter—In¬
vestor Service Securities, Inc. Note^—This statement was

Measurements Corp.

Radar

Sept. 28,

Philippine Oil Development Co., Inc.
103,452,615 shares of capital stock being
offered for subscription by stockholders of record Aug.
25; at the rate of one new share for each 5% -shares held
with rights, to expire at 3:30 p.m. on Dec. 14. Price—U. S.
price is 1.3 cents per share; Philippine price is 3 centavos
per share. Proceeds — To be added to the company's
working capital. Office—Soriano Bldg., Manila, Philip¬
pines. Underwriter—None. Note—The subscription offer

May 3 filea $l,ouo,ou0 of first mortgage participation
certificates. Price-—The certificates will be offered at s

withdrawn

time in January.

March 30 filed

Washington Land Co.

N. J. Underwriter—Robert Edelsteiri
Co., Inc., New York City. Offering—Expected some¬

Philadelpnia.

about

and to construct an aquari¬
building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud & Co., Inc., Philadelphia, Pa. Offering—Expected
in early December.

for each 100 shares sold.

discount of 17.18%

Aug. 31, I960 filed 750,000 shares of common stock. Price
—$1 per snare. Business—Oil and gas exploration and
production. Proceeds —For general corporate purposes.
Office—620 Oil & Gas Bldg., Wichita Falls, Texas. Un-,
derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15 shares
North

aquarium

Proceeds—To acquire ground

Normandy Oil & Gas, Inc.

•

Operation

Thursday, November 17, I860

Office—Little Falls,

and 10 shares of stock.

Newton

250) and production machinery and equipment ($50,000).,

units, each consisting of one $100 debenture
Price—$150 per unit. Business—

offered in

Continued from page 41

—1

The firm manufactures ^inedicat

and dental equipment; Proceeds—To retire $3,350,000 of
short term bank loans, with the balance for. general .cor-*

porate purposes. Office^Ritter Park, Rochester, N, Y;
Underwriter^—Lehman Brothers, New York City (man¬
aging). Offering—Expected in late December. ~.
•
•
Robosonics, Inc. (11/21-25)
C'.//
Sept. 14, 1960 filed 180,000 shares of common stock (par
25 cents). Price—$5 per share. Business—The company

sells

makes and

an automatic telephone answering de¬
automatic intelligence reproduction maj
chine. Proceeds—For general corporate purposes. Office
—-22 W. 48th St., New York City. Underwriter—Mandell
& Kahn, Inc., New York City. -

vice,

and

New Hampshire
(11/17)
filed $5,000,000 of first mortgage bonds,
series L, due 1990. Proceeds — For repayment of loans,
construction, and general corporate purposes. Office—
1087 Elm Street, Manchester, N. H. Underwritef-~-To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc.; Equitable Securities Corp<, and Eastman Dil¬
lon, Union Securities & Co. (jointly). Bids—Expected
Nov. 17 in room 170, Parker House, Tremont & School
Sts., Boston, Mass., up to 11:00 a.m. EST. Information
Meeting — Scheduled for Nov. 14 at 3:30 p.m. EST in
room 118, Parker House, Boston, Mass.

Russ Togs, Inc.
'-V'.."'. ;>•'
;
^
Oct.,27, I860 filed 150,000 shares of $1 par Class A stock
of
which
100,000 shares are to be offer e d for

Puritron Corp.
Aug. 3, 1960 filed 250,000 shares of common'stock, of
which 200,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
and sells electronic air purifiers and range hoods. Pro¬
ceeds— To retire indebtedness, with the balance for
capital expenditures. Office—New Haven, Conn. Un¬
derwriter
Bache & Co., New York City (managing).

in late December.

Oct.

1960

—

Offering—Indefinite.
R.

Corp.
Sept. 27,1960 filed 100,000 shares of common stock. Price
$3.50 per share. Proceeds—For working capital ($217,-

account of the issuing company and 50,000 sharesrepresenting outstanding stock/are to be offered for the
account of the present holders thereof. Price—To be
supplied by amendment. Business—The firm produces a

the

diversified line of popular priced sports wear. Proceeds
—For

machinery

and

equipment,

leasehold

improve*

ments, to finance additional accounts receivable and in¬

ventories, and for working capital. Office—1372 Broad¬
way, New York City, Underwriter—Shearson, Hammill
& Co., New York City
(managing). Offerings-Expected
•

Sampson-Mirer Associated Companies, Inc.
(11/22)

Sept. 28, 1960 filed 150,000 shares of common stock. Price
supplied by amendment. Proceeds—To retire in¬
debtedness, develop acreage, and to finance the increased
use
of instalment
sales contracts, with
the balance
to finance the purchase of additional
property. Office—
Pitcairn, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh, Pa. (managing).
4—To be

Save-Cb

Veterans

Services

Department

Stores, Inc.
Sept. 26, 1960 filed 163,636 shares of common stock, of
which 127,273 shares are to be offered for the account
of the issuing company and
36,363 shares, representing

Volume

192

Number

6004

The Commercial and Financial Chronicle

(2007)

outstanding stock,

to be offered for the account of

are

the present holders thereof. Price

amendment. Business

—

The company

operates

ment store and gasoline service station the
is restricted primarily to

capital, with the balance for rental payments, loan re¬
payments, drilling, and related expenditures. Office—
1300 Oil & Gas Bidg., New
Orleans, La. Underwriter—
Willis E. Burnside & Co., Inc., New York City. Offering
—Expected in December.

supplied by

depart¬

of which

use

military personnel,
employees of non-profit organizations, and employees of
veterans,

firms

doing government

contract

it Southern Bell Telephone & Telegraph Co. (12/5)
Nov. 10, 1960 filed $75,000,000 of debentures due 1997.

Proceeds—For

work:

general corporate purposes, including debt reduction and
working capital. Office—3176 Frontier St., San Diego,
Calif. Underwriter
Dempsey-Tegeler & Co., St. Louis,

Proceeds—For construction.

Mo.

(managing). Offering—Expected in November.

^ Scholz Homes, Inc.
(letter of notification) 25,000 shares of com¬
mon stock
(par $1). Price—At the market on the date
of sale not to exceed $4
per share.
Proceeds—To go to
Donald

Westwood

Scholz, selling stockholder.

Avenue, Toledo, Ohio.

Office—2001

New

York

City,

and

Kroeze,

McLarty

Seaboard
Nov.

distribution

Co.,

with

Airlines, Inc.

held with rights to expire on Nov. 21. Price—$3
share. Proceeds—Payments to creditors, purchase of

aircraft

balance
national
Carl M.

for

and

Airport, Jamaica, L. I., N. Y. Underwriter—
Loeb, Rhoades & Co., New York City.
:

Security Annuity Life Insurance Co.
Sept. 8,-1960, filed 300,000 shares of common stock.
Price—$7 per share. (The issuer's subsidiary, Annuity
Life Insurance Co., which will register with the SEC
as
an
open
end diversified management investment
company, was a partner in the registration.)
Business
and

corporate

purposes.

Building, Louisville, Ky.

Office—713

Marion

and the balance for

working capital. Office—2720 West
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bidg., Salt Lake
City, Utah.

common

stock

expansion,
loans.

acquisitions,

Office

—

91-31

and

121st

Queens, L. I., N. Y. Underwriter
New York City
(managing).

Stancil-Hoffman

Corp.

the

retirement

Richmond Hill,
S. D. Fuller & Co.,

St.,

—

(12/15)

Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equipment.
Office

921 North Highland
Ave., Hollywood, Calif.
Underwriter—Pacific Coast Securities Co., San Francisco,

Calif.

Taylor

Underwriter—None.

Instrument

Corp. (11/21-25)
notification) 50,000 shares

Proceeds—For general corporate purposes.

tures and 50 shares of

—657

Broadway,

pay

off

certain

Office—2826

bank

Mt.

common

and

move

stock. Price

equip

indebtedness

Carmel

Ave.,

—

new

for

and

$200

lines.

sells

laminated

safety plate and sheet glass, primarily
replacement market, and sells its prod¬
original equipment to bus, truck, tele¬
farm and road equipment manufacturers.

to the automotive
ucts

for

vision,

use

and

Proceeds—To
to

curred

repay

current short-term

bank

loans

in¬

supplement

working capital. Office — 4815
Cabot St., Detroit, Mich. Underwriters—Dempsey-Tege¬
ler & Co., St. Louis, Mo., and Straus, Blosser & Mc¬
Dowell, Chicago, 111. (managing).

-A- Sfcenarcgo Valley Water Co.
8, 1960 (letter of notification)

Nov.

cumulative
share.
notes.

preferred stock

•

1,000 shares

Proceeds—To

of 5%

Price—$105 per
and
short-term

liquidate debts
Office—-100 Shenango Avenue, Sharon, Pa.

derwriter—None.

Simplex Wire & Cable Co.

Un¬

"•

(11/21-25)

Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Office—
Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York City (managing).
•

Slick Airways,

Oct.

writer—Kidder, Peabody & Co., New York City (mani

Inc.

27,

The company was engaged exclusively as a contract and
charter carrier until July 1, I960 when it diversified by

acquiring Illinois Shade Cloth Corp. Proceeds—For gen¬
eral corporate purposes. Office—3000 No. Clybourn
Ave.,
Burbank, CaliL Underwriters — Auchincloss, Parker &
Redpath and Allen & Co., both of New York City (man¬
aging). Offering—Indefinitely postponed.
Solitron Devices, Inc.
Sept. 9, 1960 filed $400,000 of 6% subordinated convert¬
ible debentures, due 1967. Price—At par. Business—The
company makes and sells solid state devices. Proceeds—
For general corporate purposes. Office—67 South Lex¬
ington Ave., White Plains, N. Y. Underwriter—Casper
Rogers & Co., New York City. Offering—Expected some¬
time in December.

•

South

Central Natural Gas Corp.
13, 1960 filed 250,000 shares of common stock

Starfire

Sept.

common

Shell

Homes

Boat

1960
stock

Corp.

(letter

of m.'ification) 70,000 shares of
(par 10 cents). Price—$4.25 per share.
working capital.
Office—809 Kennedy

Bidg., Tulsa, Okla. Underwriters—Batten & Co., Wash¬
ington, D. C. and F. R. Burns & Co., Oklahoma City,
Okla.
Still-man

Manufacturing Corp. (11/28-12/2)
Aug. 22, 1960 filed 150,000 outstanding shares of class A
stock (par 75 cents). Price—To be supplied by amend¬
ment. Business —The company makes heating elements
for small appliances and components for major appli¬
ances, and related items. Proceeds—To selling stockhold¬
ers. Office—429-33 East 164
St., New York City. Under¬
writer—Francis I. duPont & Co., New York City.
Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
York City. Underwriter—None; the offering will be made
through officials and employees of the company,

City.

Tech-Ohm

and
•

Netherlands

Securities

Co., Inc., New York, N. Y.

Summers

Gyroscope Co.
Aug. 29, 1960 filed 6,403,213 shares of common stock, of
which 5,702,877 shares are being offered by Atlas Corp.
to the holders of its outstanding common of record Nov.
on

the basis of

one

Summers share for each two Atlas

held, and 700,336 shares being offered by Mer—

pose

—

For working

Electronics, Inc.

June 29,

1960,

common

stock

ceeds—For
33rd

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬

general

corporate

purposes.

Office—36-11

Street,

Edward
issue

Long Island City, N. Y.
Underwriter —
Co., Inc., New York, N. Y. Note—This
refiled on Sept. 6.

Lewis

was

Techni

Aug.

Electronics, Inc.
(letter of notification)

10,

1960

common

stock

(par 10c). Price—$2

per

The firm makes health and
massage

112,500 shares of
share. Business-*

equipment, electric

housewares, and medical electronic equipment. Proceeds
expansion, working capital, and research and de¬

—For

velopment expenditures. Office—71 Crawford St., New¬
ark, N. J. Underwriter
United Planning Corp., 1180
Raymond Blvd., Newark, N. J. Offering—Imminent.
—

Telecolor

July 25,

1960 (letter of notification) 150,000 shares of
capital stock (par 25 cents) of which 100,000
to be offered by officers. Price—$2
per share.
Proceeds—To lease equipment and for working capital.
Office
7922 Melrose Ave., Hollywood, Calif. Under¬
writer—Raymond Moore & Co.. Los Angeles, Calif.
shares

are

—

•
Telephone & Electronics Corp. (11/25)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock (par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Business—Elec¬
tronic communications equipment and
automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,

N. Y.
Co.

(11/21-25)

(letter of notification) 100,000 shares of
common stock (par 40 cents). Price—$3 per share. Pro¬
ceeds—For plant expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
180 S. Main St., Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French. Inc., Philadelphia, Pa.

Aug.

•

10,

1960

(11/28-12/2)

Telex, Inc.

Sept. 27, 1960 filed 196,000 shares of common stock, of
which 125,000 shares are to be offered to holders of the
outstanding common on the basis of one new share for
each five shares held. Price—To be supplied by amend¬
ment. Proceeds—For general corporate purposes,

includ¬

ing the retirement of $1,100,000 in outstanding notes. Of¬
fice—Minneapolis, Minn. Underwriter — Lee Higginson

Corp., New York City (managing).
•

Tenax, Inc.

(11/21-25)

Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible
f/ubordinated debentures, due
1970.
Price —100% of

principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
indebtedness and working capital.
Office—575 Lexing¬
ton Avenue, New York City.
Underwriter — Myron A.
Lomasney & Co., New York City.
•

Texas Butadiene & Chemical

Corp.

(11/29)

1960 filed 635,800 shares of common stock, of
which 296,000 will be offered publicly, 125,467 shares
will be offered for the account of selling stockholders,
and the balance will be issued in exchange for the is¬
6,

suer's outstanding

preferred stock. Price—To be supplied

by amendment. Proceeds—For working capital and gen¬

Office—529 Fifth Avenue, New
Underwriters—Blyth & Co., Inc. and Lehman

York City.

Suiray, Inc. (11/25)
1960 (letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of specialized drugs. Proceeds—For
general corporate purposes. Office—273 Columbus Ave.,
Tuckahoe, N. Y. Underwriters—J. A. Winston & Co., Inc.

producing natural

Carroll

Sept. 20,

tronics Corp. to stockholders of record Nov. 9 on a sharefor-share basis with rights for both offerings to expire
on Dec. 5. Price—75 cents
per share. Purpose—The pur¬

oil. Proceeds

corporate purposes. Office—Bergen &
Blvds., Palisades Park, N. J. UnderwritersCo., and Fialkov & Co., Inc., both of New York

Edsall

eral corporate purposes.

cents). Price—$3 per share. Business—The company,
which was organized in June 1960, is in the business of

gas and

(12/5-9)
(letter of notification) 84,000 shares of
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
1960

(par

Laboratories, Inc.

28,

Tele-Tronics

Standard

Corp. (12/5-9)
Nov. 1, 1960 filed 210,000 shares of common stock and
$350,000 of 9% subordinated sinking fund debentures,
due Nov. 1, 1985, with warrants, to be offered in units
consisting of six common shares, a $10 debenture, and
two warrants.
Price—To be supplied by amendment.
Proceeds—For construction, mortgage funds, and work¬
ing capital. Office—Miami Beach, Fla. Underwriters—
Aetna Securities Corp. and D. Gleich Co., both of New
York City, and Roman & Johnson, of Ft. Lauderdale, Fla,

Oct.

Tech

Oct.

1960 filed 600,000 shares of common stock (no
par). Price—To be supplied by.amendment. Business—

•

Sept.

aging).

Proceeds—For

(par $100).

Office
21, N. Y. Underwriter —
Corp., New York, N. Y.

New York

Standard Pressed Steel Co.
(12/5-9)
Sept. 27, 1960 filed 112,760 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Office—Jenkintown, Pa. Under¬

Hills, Glenside, Pa.
UFnderwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa. Offering—Expected in early December.
Shatterproof Glass Corp. (11/28)
12, 1960 filed 100,000 shares of common stock (par
$1), of which 50,000 shares are to be offered for the
account of the issuing company and 50,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be sup¬
plied by amendment. Business—The company makes and

(letter of
of
(par 20 cents). Price—To be supplied by
Business—Manufacturers of electrical de¬

Havener Securities

Oct.

1960

stock

amendment.

warehouse;
new

26,

common

per

and

new

common

Standard

vices.

makes

other

and

of the offering is to effect

divestiture by Atlas and

commercial stationery ^
plant and general corporate
purposes of a subsidiary, Ace Fastener
Corp., of Illinois. ,
Office—32-00 Skillman
Avenue, Long Island City; L. I.. '
N.
Y.^ Underwriter — Paine, Webber, Jackson & Curtis,
New York City
(managing). Offering—Expected in early
December.
'

—

Aug.

—

Co.? of Massachusetts, which

record-keeping

general

Self Service Drug Corp.
Sept. 26, 1960 (letter of notification) $150,000 of 10-year
6% convertible debentures and 75,000 shares of common
stock (no par) to be offered in units of $100 of deben¬
unit. Proceeds

sells

supplies. Proceeds—For

bank

life insurance, annuities,
accident insurance.
Proceeds—For gen¬

health and

—The company makes and
sells stapling machines and
various other office
supplies, and has a stock interest in
Wilson Jones

-—For

Producers, Inc.

Price—
Proceeds—For the drilling of three welli

share.

per

—For
;

•—The sale of various forms of

eral

issuing company and 200,000 shares, repre¬
senting outstanding stock, to be offered for the account
of the company
president and his wife, the selling stock¬
holders. Price—To be supplied
by amendment. Business

stock

(50c par). Prices—To be supplied by
amendment. Business—The company makes
special pur¬
pose inks and devices used in their application. Proceeds

notes, and the
Office—New York Inter¬

capital.

count of the

common

engines, payment of

working

Ave., San Diego, Calif. Underwriter—None.

Speedry Chemical Products Inc. (12/1)
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
debentures, due Nov. 30, 1975, and 60,000 shares of class

shares for each

new

Capital

Swingline, Inc.
Oct. 25, 1960 filed
250,000 shares of class A stock (par
$1), of which 50,000 shares will be offered for the ac¬

Sept. 28, 1960 filed 704,160 shares of common stock being
offered for subscription by holders of its common stock

per

commercial,

for

Southwestern Oil

thorne, N. Y. Underwriters—Richard Bruce & Co., Inc.
and Fox & Walters, Inc., New York, N. Y.

—None, Note—All Summers' stock not
subscribed for by
Atlas holders on Dec. 19 will be
purchased at the sub¬
scription Price by Floyd B.
Odium, former president of
Atlas.

March 23 filed 700,000 shares of common stock.

components. Proceeds—For general cor¬
porate purposes. Office—200 Saw Mill River Rd., Haw¬

new

balance

1326 Garnet

home sectional

theb asis of two

domestic,

Corp.
Sept. 30, 1960 filed 1,000,000 shares of common stock.
Price—$3 per share. Business—A closed-end investment
company. Proceeds—For investment purposes. Office—

(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Busi¬

the

Southwestern

Homes, Inc.

of record Oct. 31

for

gas

Seaboard & Western

natural

working capital. Office—2011 Las
Vegas Blvd. South, Las Vegas, Nev. Underwriter—East¬
man
Dillon, Union Securities & Co., New York City
(managing).
;
V
.

Manufacture, assembly and sale of homes and

—

agricultural, and industrial uses in parts of California,
Nevada, and Arizona. Proceeds—To reduce indebtedness,

1960

common
ness

Nov. 7, 1960 filed 150,000 shares of common stock. Price
—-To be supplied by amendment. Business—The sale and

N,„

Underwriter—None.

Jackson, Miss.

Southwest Gas Corp.

--School Pictures, Inc. (11/28-12/2) Sept. 28, 1960 filed 100,000 outstanding shares of common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders. Office — 1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
of

Co., both of New York City. Bids—Expected

about Dec.

Nov. 7 1960

Mertronics of their 71.1% interest in Summers in
order
to dispose of matters
pending before the CAB. Office—
Broadway Ave., Santa Monica, Calif. Underwriter

2500

Office—Atlanta, Ga. Under¬

writer—To be determined by competitive
bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Morgan Stanley

—

Brothers.
Texas Research & Electronic

Corp.

1960 filed 600,000 shares of common stock. Price
—$1.15 per share. Business—Engaged in various phases
of electronics. Proceeds—For acquisition of small busi¬
Oct. 3,

nesses.

Office—Meadows Bidg.,

—Naftalin &
Therm-Air

Dallas, Tex. Underwriter
Co., Inc., Minneapolis, -Minn.
Mfg. Co.,

Inc.

Sept. 13, 1960 filed 125,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
makes and sells temperature and humidity control equip¬
ment for

military and commercial use. Proceeds—To pay
loar(s, for research and development, and for working
Continued

page

(2008)

Continued from

The Commercial and Financial Chronicle

page

Valdale

Cliff Rahel

To pay accounts payable, reduce a bank loan,

—

Nov.

14,

1960

(letter of notification) 150,000 shares of
stock (par 10 cents). Price—$2 per share. Busi¬

semblies

100,000

of
share. Proceeds—

•

(letter

United Air

To reduce

Co.

United

•

Office

1055

—

Cicero Ave., Chi¬
Ripley & Co., Inc.,

Co..

Genesee

Co.,

Vim

St.

Louis,

•

Mo.

nated

Aluminum

common

per

stock

share.

used

for the erection of a primary alu¬
facility. Office — Los Angeles, Calif.
Underwriter—Straus, Blosser & McDowell, Chicago, 111.
pay

(managing).

Homes, Inc.

Oct. 28,
due

1960 filed $2,500,000 of 8% capital debentures,
15, 1975, with warrants attached for the pur¬
of 50,000 shares of commori
stock, and 100,000

Dec.

chase

shares of such
In

units

stock.

These securities

are

consisting of $100 of debentures
for

warrants

the

purchase of

two

1960

Corp. (11/28-29)
filed $8,000,000 of convertible

be offered

with

common

attached

shares, and

four such shares.

Price—To be supplied by amendment.
Business—The sale,
construction, and financing of "shell"
homes. Proceeds—For use
by Dixie

Acceptance Corp., a
wholly-owned subsidiary of the issuer, who proposes to
retire outstanding
indebtedness, purchase secured in¬
stalment obligations, purchase
20,000 outstanding shares
of its stock, and add to
working capital. Office
4415
—

Beach

Boulevard, Jacksonville, Fla. Underwriter—Hayden, Stone & Co., New York City (managing).
Offering
—Expected in early December.
•

Universal Electronics Laboratories
Corp.
Oct. 28, 1960 (letter of
notification) 75,000 shares of com¬
mon stock (par 10
cents). Price — $4 per share. Busi¬
ness—The
manufacture, sale and installation of equip¬
ment used by schools and
colleges in the instruction of
modern foreign languages
(language laboratories). Pro¬
ceeds
For general corporate
purposes. Address — 510
Hudson St.,'
—

Hacskensack, N. J. Underwriter—Underhill
Securities Corp., 19 Rector
Street, New York, N. Y.

stock, and warrants for the purchase of 320,000

common

by amendment. Business
property and community

shares. Price—To be supplied
—
Real estate, construction,

Factors, Inc.
1960, filed 700,000 shares of

•

Securities Investment

Vacudyne Associates, Inc.
Sept. 30, 1960 (letter of
common
(

stock

(11/28-12/2)
notification) 200,000 shares of

(par 10 cents). Price—$1

ness—Distributors of radio
owner

and TV

per

share. Busi-

receiving tubes and

Transletesonic Inc. which manufactures electabes- Proceed»—For
general corporate
purposes.

Office—397 Seventh Ave.,
Brooklyn, N. Y. Underwriters

---Kenneth Kass; H.

S. Simmons & Co.r Inc.
Rubin & Co., Inc., New York, N. Y.
*

and

•

for

SEC has challenged the accu¬

and

Zurn

(11/28-12/2)

Industries, Inc.

representing outstanding stock, are to-be offered for the
account of the present holders thereof. Price—To be sup¬

plied by amendment. Business — The manufacture of
transmission equipment, fluid control

building plumbing -drainage

devices,

products and re¬
assembly for
equipment, the

search and development of a synchro-gear

atomic

submarines.

repayment
Pa.

Proceeds—For

of loans, and

Underwriter—Lee

working capital. Office—Erie,

v'.Vv'/;

-///

'?•'/

ATTENTION
Do you

new

Higginson Corp., New York City

(managing).

UNDERWRITERS!

have an issue you're planning to register?

Corporation News Department would

to know about it

that

can prepare an

like
item

similar to those you'll find hereunder.

per share.
Proceeds—To be used principally for'
the purchase of additional accounts receivable and also

Would
write

be used to liquidate current and long-term liabil¬

you

telephone

REctor

2-9570

at 25 Park Place. New York 7, N. Y.

ities.
Office —1201 Continental Bank Bldg,, Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake
City, Utah.
Western

Utilities

Corp.
$2,750,000 of 51/4% convertible deben¬
tures, due Oct. 1, 1975. Price—To be supplied by amend¬

Prospective Offerings

Oct. 27, 1960 filed

ment. Business—The company owns substantial amounts
of common stock in three operating public utilities. Pro¬

ceeds—To reduce
for

the

Calif.

additional

securities

in operating
St., San Francisco,
Underwriter—Dean Witter & Co., San Francisco,
(managing). Offering—Expected in early Decem¬

utilities.

Calif,

indebtedness, for working capital, and

purchase
Office

—

300

Montgomery

ber.

•

Acme

Steel

Co.

Oct.

3, 1960 it was reported that the sale of $10,000,000
of preferred stock is planned by the company for some¬
time
later in the year.
Proceeds—For expansion and
modernization. Office—135th St. & Perry Ave., Chicago,
111.
Note—Nov. 10, 1960 it was reported by Mr. Keeler,
company
treasurer, that the $10,000,000 of preferred
stock

has

been

placed

privately.

Partial

delivery

has

already been made, with the balance scheduled for June,
Westminster

Fund, Inc.
14, 1960 filed 4,000,000 shares of capital stock. Busi¬
a new mutual fund, and its intention is to
offer holders of at least $25,000 worth of acceptable
securities the opportunity of exchanging each $12.50
worth of such securities for one share in the Fund, which

1961.

•

Oct.

ness—This is

will

receive

maximum

commission

4%.

Office-

Westminster at Parker,

Elizabeth, N. J. Investment Ad¬
Management Co. Dealer - Manager—•
Kidder, Peabody & Co., New York City. Offering—Ex¬
pected in early December.

visor—Investors

•

Wilier Color

Broadway, New York City.

Union

$30,000

Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of
the issuing company and
100,000 shares,

stock. Price

porate purposes, including debt reduction.
Office—Mem¬
—

roads;

adequacy of this statement.
A hearing was
scheduled for Aug. 29 at the request of the company
counsel and the results have not as yet been announced.

—$1.50
may

rebuilding

for

writer—None. Note—The
racy

Our
common

$10,000

equipment;

Western
June 29,

Aug. 30, I960 filed 300,000 shares of common stock
(no
par). Price—$10 per share. Proceeds—For
general cor¬

Development Corp.

phis Tenn. Underwriter
Co., Memphis, Tenn.

Yuscaran Mining Co.
May 6 filed 1,000,000 shares bf common stock. Price— $1
per share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬

development, and manufac¬
turing. Proceeds—For property improvements. Office—
302 South 23rd Ave., Phoenix, Ariz. Underwriter—Leh¬
man Brothers,
New York City (managing)

Television System, Inc. (11/25)
(letter of notification) 80,890 shares of common
stock
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39

Urban

capital

working

Wood-Mosaic

mechanical power

subordi¬

debentures, due October 1975, 640,000 shares of

purchase of two

Corp.

minum reduction

United States Shell

(Del E.)

units, each unit to consist of $50 principal amount of
debentures, four common shares, and warrants for the

(par

Business

Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other
funds, the proceeds
will be

21,

shares of such stock. These securities will be offered in

open-end mutual fund. Proceeds—For
Office—Bank of Bermuda Bldg.,

Pacific

Webb

Sept.

Hamilton,
Bermuda.
Underwriters—Kidder, Peabody & Co., Bache
& Co., and Francis I. du Pont &
Co., all of New York
City (managing). Offering—Expected in mid-December.
United

per

Washington, D. C.

new

investment.

Laboratories, Co., Inc.
1960 (letter of notification) 90,000
common stock
(par $1). Price—$2.75

shares of
share.
Proceeds—To provide funds for further expansion of the
company's operations. Office—5455 Randolph Rd., Rockville, Md. Underwriter—First Investment Planning Co.,
class A

International Fund Ltd.

Oct. 20, 1960 filed 1,000,000 shares of
Bermuda pound). Price—$12.50

—This is

(12/5-9)

26,

common

one

Paint Co.

of the issuer and its subsidiary,
Industries, with the balance for debt re¬
duction. Office—Louisville, Ky. Underwriters—Cruttenden, Podesta & Co., Chicago, 111., and Berwyn T. Moore
& Co., Inc., Louisville, Ky.

For

transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St.. Coral Gables, Fla. Under¬

Oct.

Corp. Proceeds
—For expansion, working
capital, and loans to subsid¬
iaries.
Office—1235 Shadowdale, Houston, Texas.
Un¬

United

Victor

1960

27,

essing of ore; $60,000 for rails, ties, rail cars and related

St., Syracuse, N. Y.

Sept. 27, 1960 filed $500,000 of 6% convertible serial
debentures. Price—At par. Business—The
issuer's major activity is the
warehousing of grain under
contract to the U. S. Commodity Credit

•

Milwaukee, Wis., and Harley, Haydon & Co., Inc., and Bell & Farrell, Inc., both
of Madison, Wis. Offering—Expected in late November.

Sept.

—

Inc.

—

writers—The Milwaukee Co.,

Corp. (11/28-12/2)
filed 80,000 shares of class A common
stock. Price—To be supplied by amendment. Proceeds—.

Inc.

supplied by amendment. Proceeds
—For general corporate purposes, including the
opening
of additional stores in the metropolitan Detroit area
Office
Detroit, Mich. Underwriter — Charles Plohn &
Co., New York City (managing).

(11/22-23)

Dempsey-Tegeler &
Offering—Expected in November.

supplied by amendment. Proceeds —- To reduce
Office—Lake Geneva, Wis.
Under¬

indebtedness.

bank

thereof. Price—To be

subordinated

derwriter

—To be

new

the issuing company and 35,000 shares, representing out¬
standing stock, for the account of the present holders

lington & Co., both of New York City (managing).
Industries

Controls,

18, 1960 filed 130,000 shares of common stock of
which 95,000 shares are to be offered for the account ot

Underwriters—Emanuel, Deetjen & Co., and Hill, Dar¬
United

Oct.

Sept. 28, 1960 filed 200,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
For construction, equipment and
acquisition of bowling
centers.

Mountings

development; expansion; purchase of inventory;
working capital and general corporate purposes. Office—
98-25
50th Ave.,
Corona, L. I., N. Y. UnderwriterMichael G. Kletz & Co., Inc., New York, N. Y.

South

Bowling Centers, Inc.

the

five shares held. Price

one

City.

and

borrowings under the issuer's bank

cago, 111. Underwriter — Harriman
New York City (managing).
•

Systems, Inc. and
Forest Lane,

Office—2321

Sept. 29, 1960 filed 150,000 shares of common stock (par
10 cents). Price—$3.50 per share. Proceeds—For research

(11/23)

Office—5959

for each

basis of

Wood-Mosaic

debentures,
by amendment. Pro¬

—

outstanding notes.

(11/21-25)

Price—At par

credit agreement.

retire

Vibration

notification)

Lines, Inc.

Co., Inc.

shares of common stock, to be

offered to the holders of the outstanding common on

Price—$2 per share. Proceeds—For purchase of certain
property, for constructing a motel on said property and
various leasehold improvements on the property. Office
—7805 Sunset Boulevard, Los Angeles, Calif.
Under¬
writer—Standard Securities Corp., same address.

1960

New York

Nov. 4, 1960 filed $25,000,000 of subordinated
due 198o. Price—To be supplied
ceeds

purposes.

Garland, Tex. Underwriter—Plymouth Securities Corp.,

100,000 shares of
($3 per share). Proceeds
—For
equipment, raw material and working capital.
Office—404 N.
Roxbury Drive, Beverly Hills, Calif.
Underwriter—None.
stock.

components, subassemblies, as¬
devices in the missile and com¬

Wisconsin Southern Gas

Fairman & Co., Los

—

WonderBowl, Inc.
April 14 filed 3,401,351 shares of common stock (par $2).

raw

Petrochemical

Proceeds—For

Industries, Inc. (11/21-25)
(letter of notification) 150,000 shares of

Underwriter—To be supplied by amendment.

1960

H.), Inc.
(letter of notification) 100,000 shares of
stock
(no par). Price—$3 per share.
working capital. Office—8420 S. Atlantic

stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data

Marine

Structures Corp.
(letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Pro¬

common

1960

common

Vector

Aug. 29,

materials, maintenance of in¬
ventory, machinery and equipment, and for working
capital. Office—204 E. Washington St., Petaluma, Calif.

Nov.

special

Address—High Falls, N. Y. Underwriter—Droulia & Co.,
New York, N. Y.

ington, D. C. Underwriter—Searight, Ahalt & O'Connor,
Inc., New York, N. Y.
-

it Union

and

puter fields. Proceeds—For general corporate

stock (par $1). Price—$3 per
engineering development studies and for working
capital. Office—1028 Connecticut Ave., N. W., Wash¬

purchase

(H. &

1960

common

Oct. 26, 1960 filed 27,996

common

•

For

ceeds—To

18,

Ave., Bell, Calif. Underwriter
Angeles 14, Calif.

ness—Manufacturers

17,

Oct.

class

it Varifab, Inc.

it Underwriter Storage, Inc.
Nov. 8, 1960 (letter of notification)

Unifloat

Wilson

of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬

advertising and for working capital. Office—Red Lion,
Underwriters—B. N. Rubin & Co., and H. S. Sim¬
mons & Co. both of New York City.

Expected in late November.

Oct.

(12/15)

(letter

Thursday, November 17, 1960

Pa.

Co., Omaha, Neb.
Co. of Lincoln, Lincoln, Neb. Offering—

and First Trust

stock

ceeds

Oct. 4, 1960 filed 60,000 shares of class A common stock
Price—To be supplied by amendment. Address—Omaha,

Underwriters—J.

1960

common

Tip Top Products Co.

Neb.

Co., Inc.

July 27,

capital. Office—1000 North Division St., Peekskill, N. Y.
Underwriter—G. Everett Parks & Co., Inc., New York
City. Offering—Expected in late November.

Jan. 29

Williamsburg Greetings Corp. (11/21-25)
Aug. 26, 1960 filed 180,000 shares of common stock
(par 25 cents).
Price — $6 per share.
Business—The
company and its subsidiaries are engaged chiefly in the
design, production, and sale of greeting cards. Proceeds
—About $400,000 will be applied to the reduction of
factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.;
Underwriters ~ Standard Securities Corp., New York*:
City, and Bruno-Lenchner, Inc;, Pittsburgh, Pa., arid*
Amos Treat & Co., Inc., New York City.
■.

Alberta

Gas

Trunk Line Co.,

v;,•

Ltd.

Sept. 1, 1960 A. G. Bailey, President, announced that
financing of approximately $65,000,000 mostly in the

new

form of first mortgage

Office—502-2nd
American

bonds, is expected early in 1961.
St., S. W., Calgary, Alberta, Canada.

Investment Co.

Nov.

3, 1960, Donald L. Barnes, Jr., executive vice-presi¬
dent, announced that debt financing is expected in early
1961 in the form of about $6,000,000 of capital notes and
$4,000,000 to $6,000,000 of subordinated
St. Louis, Mo.

notes.

Office—

it Approved

Finance Inc.
'
'
"
was reported by Paul O. Sebastian, VicePresident-Treasurer, that the company is considering a
rights offering to stockholders of additional common
stock via a Regulation "A" filing, possibly to occur in
mid-1961.
Office—39 E. Chestnut St., Columbus,Ohio
Underwriter—Vercoe & Co., Columbus, Ohio.'>'
Nov. 11,

1960 it

Arkansas

Power

& Light

Co.

Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities, Inc.; might issue $15,000,000 of
first mortgage bonds sometime in the first quarter of
Underwriter ^ To be determined by competitive
bidding; Probable bidders4.4- Halsey, Stuart & Co.* Inc.;
Eastman Dillon; Union Securities & ,Co.* and Equitable

'1961.

Volume

192

Number

6004

The Commercial and Financial Chronicle

Securities Corp.

(jointly); Blyth & Co. and Dean Witter
(jointly); Lehman Brothers, Stone & Webster Se¬
curities Corp. and White, Weld & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.
& Co.

$3,450,000 of equipment trust certificates. Underwriter—
To be determined by competitive bidding. Probable bid¬
ders:

breakable" marine radio known

Office—63-65

band.

Mt., Pleasant Ave., Newark,
N. J. Underwriter—Mr. Roth, Comptroller, states that he
is actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
sidiary of Auto-Temp Inc.

—

the

under

"Automation for Industry
development of the "Skyjector." Office—342 Madison Ave., New York City. Un¬
umn

Inc."

heading

Proceeds—For

further

derwriter—Ross, Riemer, Collins & Co., Inc., 44 Beaver
St., New York City.
Automation

Labs

Business

Investment

1960 it
$3,000,000

Southern

zens

reported that the company expects
of its common stock. Office—c/o Citi¬

was

Atlanta, Ga.

National

Bank,

Marietta

Broad,

I., N. Y. Underwriter — Sandkuhl
Newark, N. J., and New York City.

and

Company,

Coca-Cola

Co.

Sept. 22, 1960 it was announced that under the terms of
the proposed
acquisition of Minute Maid Corp. this
company would issue about 906,400 shares of its common
stock, each share of which will be exchanged for 2.2
Minute Maid shares.

Office—Atlanta, Ga.

Maid shareholders will vote

Note—Minute

the proposed merger on

Dec. 21.

Colorado

Oct. 17, 1960 it was reported by Mr. A. N. Porter of the

company's

treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for
expansion of its sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing. Such approval is expected in December of this
year, and the public financing is expected in the latter
part of 1961. Proceeds—For expansion. Office—P. O. Box

Columbus & Southern Ohio Electric Co.

1960 it was reported that the utility expects to sell
additional securities, possibly bonds
preferred stock, sometime during the first half of
1961. Office—Lexington Building, Baltimore, Md.
Un¬
derwriter
To be determined by competitive bidding.
—

Dallas

Power

Sept. 14, 1960 it

Light Co.

was

1961, with

no indication as to type and amount. Office—
Commerce Street, Dallas, Texas. Underwriter—To

Probable bidders:

be determined

To be named.

Halsey, Stuart & Co. Inc.; White, Weld
Corp. (jointly); Harriman Rip¬
ley & Co., Inc. and Alex. Brown & Sons (jointly).
Co. and First Boston

Brooklyn Eagle Inc.
Oct. 5, 1960 it was reported that 70,000 shares of
mon

com¬

stock will be filed. Underwriter—R. F. Dowd &

Co.,

Brooklyn Union Gas Co.
Sept. 21, 1960 G- 'CyGfiswdldj1 Vice-President and Treas¬
urer, announced that there will be no further financing
in 1960 but that $25,000,000 to
$30,000,000 of mortgage
bonds or preferred stock are expected' in1 late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.

if Brunswick Corp.
Nov. 14, 1960 it was reported that the company expects
to issue a minimum of $25,000,000 to $30,000,000 of con¬
vertible subordinated debentures before the end of 1960.
A

shareholders meeting is

crease

the

by competitive bidding. Probable bidders:

authorized

scheduled for Nov. 28 to in¬

number

common

from

if Diversified Automated Sales Corp.
Nov. 16, 1960 it was reported by Frazier N.
James,
President, that a "substantial" issue of common stock,
constituting the firm's first public offering, is under
The company makes a film and
vending machine called DASCO, which will
sell as many as 18 products of various sizes and prices,
and will also accept exposed film for processing. Office
—

small

business investment

company

formed

1960, and it plans to develop real estate. In addition
to Mr. Dovenmuehle, directors will be drawn from Com¬
monwealth Edison Co.;

Chicago Title & Trust Co.; Con¬
tinental Assurance (Chicago); Booz Allen & Hamilton
and Armour Research Institute.
Office—Chicago, 111.
California Asbestos Corp.

writers.

Dodge Wire Manufacturing Corp.
Sept. 12, 1960 it was reported that registration is
expected of $600,000 of common stock.
Proceeds — For
general corporate purposes.
Office — Covington, Ga.
Underwriter—Plymouth Securities Corp., 92 Liberty St.,
New York 6,

N. Y.

•

reported that new financing will
take place but there is no indication as yet as to type,
timing and amount. Office—1999 Mt. Read Blvd., Roch¬

Dynamic Center Engineering Co., Inc.
Oct. 3, 1960 it was reported that the company plans a
full filing of its $1 par common stock for sometime in
November.

Proceeds—To promote the sale of new prod¬

ucts, purchase new equipment, and for working capital.
Office—Norcross, Ga. Underwriter—To be named.
Dynamic Instrument Corp.
Oct. 5, 1960 it was reported that a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture

Sept. 28, 1960 it was reported that discussion is under

concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Reg. A." Business—The company,
which is not as yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
Calif. Underwriter—R. E. Bernhard & Co., Beverly Hills,

R. F. Dowd & Co. Inc.

caiif.

54th St., New York City. Underwriter—McClane & Co.,
Inc.* 26 Broadway, New York City. Registration—Ex¬
pected, in December.

way

■

California

Oregon Power Co.

Oct. 18,

1960 it was reported that the company expects

to market in late 1961 to raise about $12,000,000

come

the

form

approximately $7,000,000 of bonds and

$5,000,000 common stock. Proceeds—For the repayment
of bank loans. Office—216 W. Main St., Medford, Oreg.

Equipment Corp.

Carbonic

Oct. 5, 1960 it was reported that a full filing of about
$300,000 of units, consisting of common stock, bonds and
warrants will be made sometime in November. Proceeds
—For

expansion of the business. Office—97-02 Jamaica

Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd & Co.
Inc..
•

Casavan

Price

—

writer—S. D. Fuller & Co., New York City.
Oct.

5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.
Gulf

States

Utilities

Co.

(1/17)

Nov. 1, 1960 it was reported that $11,500,000 of common
stock will be offered.
Information Meeting—Jan. 12,
1961 at 11:00

a.m.

at the Hanover Bank, New

York City.

Brothers; Glore, Forgan & Co.; Lee Higginson
Bids—Expected Jan. 17, 1961.

Corp.

Hemingway Brothers Interstate Trucking Co.
Sept. 16, 1960 the ICC granted the firm permission to
$1,000,000 of 10-year registered 6% subordinated

issue

motor vehicle

common

carrier by

operating in nine Eastern states. Proceeds

—For debt reduction and additional equipment. Office—
New Bedford, Mass. Underwriter—None. Offering—Ex¬

pected in late November to early December.
Houston

Lighting & Power Co.
17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬

ferred
tion

and

repayment

loans.

bank

Office

—

Electric

new

product. Office—Westbury, L. I. Underwriter—

Exploit Films Inc.
Oct. 28, 1960 it was reported that the company will file
a
letter of notification consisting of 150,000 shares of
common

duction

stock

at $2

per

share. Proceeds—For the

pro¬

TV and motion picture films, the reduction
of indebtedness, and for working capital. Office—619 W.

Indianapolis Power & Light Co.
V, —
According to a prospectus filed with the SEC on Aug.
25, the company plans the sale of about $14,000,000 of
additional

securities

1963.

Office

—

Monument

Circle, Indianapolis, Ind.
Industrial

Gauge & Instrument Co.

Oct. 5, 1960 it was reported that 100,000 shares of com¬
mon stock will be filed. Proceeds —
Expansion of the

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.

International

Safflower

Corp.

Oct. 28, 1960 it was reported that the company plans to
file a letter of notification consisting of 60,000 shares of

class A

common

stock

(par $2). Price

—

$5 per share.

Proceeds—To retire outstanding loans, purchase of plant¬

ing seed, lease or purchase land, building and machinery
and for working capital. Office — 350 Equitable Bldg.,
Denver, Colo. Underwriter — Copley & Co., Colorado
Springs Colo.
,
•

Iowa-Illinois Gas

& Electric Co.

Oct. 24, 1960 it was reported by the company
treasurer,
Mr. Donald Shaw that the utility expects to come to

market, perhaps in mid-1961, to sell long-term securities
in the form of bonds and
possibly preferred stock, with
the amount and timing to depend on market conditions.
The 1961 construction program is estimated at
$17 mil¬
lion of which $10-$11 million will have to be raised ex^
ternally. Office—206 E. 2nd St., Davenport, Iowa.

Japan Telephone & Telegraph Corp.
Oct.

27,

owned

1960 it
business

announced

was

plans

this

that

government-

$20,000,000 bond issue in the
United States. Proceeds—For expansion. Underwriters
—Dillon, Read & Co., First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1961.
a

Kawasaki

Steel

Co., Ltd.

if First Real Estate Investment Fund
Nov. 10, 1960 it was reported that a stock offering of
$10,000,000 will be made to New York State residents in
early-to-mid-December, and in January, 1961 a filing
will be made with the SEC which will permit inter-state
offering. Business—This is a new mutual fund which

Oct. 17, 1960 it was reported that the Japanese company
is considering a $4,000,000 bond issue for U. S. offering.
Underwriter—First Boston Corp., New York City.

will

its 1961-65 construction program, but the current feel¬
ing is that it will not be necessary to turn to long-term
securities until May 1962. Office — 1017 Olive St., St.
Louis, Mo.
•
"
''

become

estate
42nd

open-end

and

stock,

will

and

subsequent

invest

short-term

the

sale

this

primarily

in commercial real
government bills. Office—7 E.

St., New, York City. Sponsor

—

Fass Management

•

Laclede Gas Co.

Nov. 15, 1960 Mr. L. A. Horton, Treasurer, reported that
the utility will need to raise $33,000,000 externally for

Corp., New York City.

Lone Star Gas Co.

Florida Power &

Industries

Sept. 21,'1960 it was

Oct.

reported by Mr. Casavena, Presi¬

dent, that registration is expected of approximately
$11,750,000 of common stock and $10,000,000 of deben¬
tures. Business — The company makes polystyrene and

insulation and

processes marble for
construction. Proceeds—For expansion to meet $10,000,-

polyurethane

for

backlog. Office—250 Vreeland Ave., Paterson, N. J.
Underwriter—To be named. Registration—Expected in
000

the latter part

Chicago,

imminent.

Hutzler.

ester, N. Y. Underwriter—The company's initial financ¬
ing was handled by Lee Higginson Corp., New York City.

reported that a letter of notification
shares of 250 par common stock was
$2 per share. Business
The inter¬
pretation of photo-aerial maps. Proceeds — For equip¬
ment, research and development, and other general cor¬
porate purposes.
Office—White Plains, N. Y.
Under¬
was

covering 149,800

—223 8th Ave., South,
Nashville, Tenn. Underwriter—
Negotiations are in progress with several major under¬

Co.

•—This

Nov. 2, 1960 it

Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehmqn Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &

Dynacolor Corp.
Aug. 22, 1960 it was

if Business Capital Corp.
1960 George H. Dovenmuehle, Board Chairman
of Dovenmuehle Inc., Chicago, 111., reported that this
firm is contemplating "a large public offering." Business

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that November registration
150,000 shares of common stock is expected. Offices—
Newark, N. J., and Buena, Vista, Va. Underwriter—

flashbulb

12,000,000 to 25,000,000 and to vote on a 2-for-l split.
Immediately following there will be a board of directors
meeting. Office — 623 S. Wabash Ave., Chicago, 111.
Underwriters—Lehman Brothers and Goldman, Sachs &

Nov. 18,

430

Oct.

discussion. Business

Inc., New York, N. Y.

—

debentures. Business—The firm is

stated by the company's president
that there may possibly be some new financing
during
1506

January. Office

Lehman

Sept. 22, 1960 it was reported the company will sell about
$10,000,000 additional common stock sometime in 1961.

Oct. 3,

reported that the company will file

was

notification, comprising its first public offer¬

in late December or early
Southern Blvd., Bronx, N. Y.

Underwriter—To be determined by competitive bidding.
Probable bidders:
Stone & Webster Securities Corp.;

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co

about $20,000,000 of

Resistance* Inc.

Goshen Farms Inc.

Interstate Gas Co.

Proceeds—For expansion purposes. Office—215 N. Front,

Baltimore Gas & Electric Co.

letter of

Sandkuhl and Company,
Newark, N. J., and N. Y. City.
Geotechnics & Resources, Inc.

Registration—Expected in November.

1087, Colorado Springs, Colo.

Inc.

Sept. 14, 1960 it was reported that a "Reg A" filing is
expected.
Business — Electronics.
Office — Westbury,

•

Southern Small

Oct. 24,

Automation

Development, Inc.
Sept, 20, 1960 it was reported that a "Reg. A" filing,
comprising this firm's first public offering is expected.
Note
This firm v/as formerly carried in this col¬

Co.

to file

General

Sept. 19, 1960 it
a

ing,

Citizens

the "Marlin 200." Pro¬

ceeds—For the development of the "Marlin 300," which
is to be a similarly constructed radio with a ship-to-

shore

Halsey, Stuart & Co. Inc., and Salomon Bros. &

Hutzler.

Atlantic Transistor

Corp.
Sept. 12, 1960 the company reported that it is contem¬
plating filing its first public offering, consisting of a
letter of notification covering an undetermined number
of shares of its $1 par common stock.
Business — The
company
makes
and
sells
a
"water - tight,
un¬

(2009)

of November.

Rock Island & Pacific RR.

1960

Light Co.
reported

was

amount of bonds may

Office—25

2nd

Aug. 3, 1960, it

that an undetermined
be offered in the Spring of 1961.

Ave., Miami, Fla.

Underwriter—

To be determined by competitive bidding. Probable bid¬
ders:
Merrill Lynch, Pierce, Fenner & Smith Inc. and

Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.
Ford Motor Credit Co.

raised

year.

reported that about $37,000,000 will
capital requirements over the next

Office—301 So. Harwood Street, Dallas 1, Texas.

if Long Island Lighting Co.
Nov. 11, 1960 it was reported by Fred C. Eggerstedt, Jr.,
Assistant Vice-President, that the utility contemplates
the

issuance

$25,000,000 to $30,000,000 of first mort¬

gage bonds in the second or third quarter of 1961.
—250 Old Country Road, Mineola, N. Y.

Louisville &

was

cover

Nashville

RR.

(12/7)

Nov.

oping plans for borrowing

ment trust certificates will be offered

clude
occur

the

issuance

operations, which may in¬
securities, and possibly
Office—Detroit, Mich.

1960 it

was

reported

Office

(12/13)

Oct. 17, 1960 it was reported that this company is devel¬

Nov. 1, 1960 it was reported that bids will be accepted
in New York City on Dec. 7 up to 1:00 p.m. (EST) for

24,

that $7,700,000 of equip¬
on

Dec. 13. Under-

debt

in the first quarter of 1961.

Continued

page

Continued

The Commercial and Financial Chronicle

(2010)

jrom

page

writer—To be determined by

bidders:

able
&

competitive bidding. Prob¬

Halsey, Stuart & Co. Inc.; Salomon Bros.

Hutzler.

Nov.

7, 1960, it was reported that a substantial common
stock offering is contemplated in early 1961. Office—
2060 Jericho Turnpike, New Hyde Park, L. I., N. Y.
Martin Paints & Wallpapers

Aug. 29, 1960 it was announced that registration is

ex¬

pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds
—For expansion, including a new warehouse and addi¬
tional stores. Office—153-22 Jamaica Ave., Jamaica, L. I.,
Y.

Underwriter

York Citv

—

Hill, Thompson & Co., Inc.. New

Inc.

April 8 it

was stated in the company's annual report
contemplates the issuance on or before March 31,
1961 of a bond issue in an aggregate amount not to exceed
$4,000,000. Proceeds — To finance river transportation
equipment presently on order and expected to be
ordered. Office—Cincinnati, Ohio.

that it

•

Nedick's

Stores, Inc.

Nov.
15, 1960 it was reported that
proximately 17,000 shares of common

Southern

filing of ap¬
is under

stock

file outstanding common stock in

if Polysonics
Nov.

expects
ap

eral
/

—

Southwestern

a letter of
70,000 shares of the company's 10
expected shortly. Price—$3 per

company, formed last July, will
producers and will produce jazz festi¬

6i/2% below the then existing market price of the

Baronne

St., New Orleans, La. Underwriter—To
competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lee Higginson Corp., Equi¬
table Securities Corp. and Eastman Dillon, Union Securi¬
ties & Co. (jointly); Kidder, Peabody & Co. and Stone
& Webster Securities Corp. (jointly); White, Weld & Co.;
be determined by

Salomon Brothers & Hutzler.

Texas.

Northern Fibre Glass Co.

New York City (managing); Karen Securities
Corp., New York City, and Selected Investors, Brooklyn,

letter of notification. Office—St. Paul, Minn. Un¬

derwriter—Irving J. Rice & Co., St. Paul, Minn.

Tel Autograph

Industries

Power Chem

18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The com- '
is in the process of organizing and will manufac¬
expansion and

Nov.

9, 1960 C. J. Gauthier, Vice-President-finance re¬
ported that of the $95,000,000 in outside financing that
will be required in the next four years to complete a
$200,000,000 construction program, an unspecified
amount might be raised through a common stock issue
in 1961. Office—50 Fox St., Aurora, 111. Underwriters—
The First Boston Corp. and
Glore, Forgan & Co., New
York, N. Y. (managing).
.
»
Lane

Fund,

Inc.

Aug. 29,

1960 it was reported that registration Is ex¬
pected sometime in November of 300,000 shares of com.

stock.
For

Business—This is

new

mutual fund.

Proceeds—

investment, mainly in listed convertible debentures,

and U. S.
York

Treasury Bonds. Office—1 Maiden Lane, New
38, N. Y.
Underwriter—G. F. Nicholls Inc., 1

Maiden
•

Lane, New York 38, N. Y.

Orange & Rockland Utilities,

pected in April, 1961. Office — 10 North Broadway,
Nyack, N.-Y. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.;
W. C. Langley & Co. and
Glore, Forgan & Co. (jointly).
Otter Tail

Power Co.

(1/24)

30-year first mortgage
bonds is expected. Office—Fergus
Falls, Minn. Under¬
writer—To be determined
by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.;
Glore, Forgan & Co.; White, Weld & Co.
Gas

Nov.

2, 1960 it was reported by Mr. K. C. Cristensen,
Vice-President and Treasurer, that this subsid¬
iary of Pacific Gas & Electric Co. plans a rights offering
company

$13,300,000 of convert¬

ible debentures and also plans the sale of
$90,000,000 of
first mortgage bonds, the
timing of which is as yet un¬
decided. Office—245 Market Street, San

unissued

ic Pacific Lighting Corp.
Nov. 10, 1960 it was reported

by Robert W. Miller, chair¬
man, that the company will probably go to the market
for $30,000,000 to
$50,000,000 of new financing in 1961,
but that if equity
financing is used the amounts won't
be high enough to dilute
earnings of the common to
below the $3.20 per share level.
Office—600 California

St., San Francisco 8, Calif.
Panhandle Eastern Pipe Line Co.

Sept. 28, 1960 it

was reported that $65,000,000 of deben-.
expected to be offered in the second quarter
of 1961. Office—120
Broadway, New York City. Under¬

tures

are

writers—Merrill Lynch,

Pierce, Fenner & Smith Inc., and

Kidder, Peabody & Co., both of New York City (man¬

aging)

•

held.

Rights expire Nov.

1616, 44 King St. West, Toronto 1, Ontario, Can.

Underwriter—None.

Oct. 24, 1960

Co.

filed 250,000 shares of cumulative preferred
New Jersey Public Utility Commission.
Price—To be supplied by

SEC filing is expected shortly.

construction.

Proceeds—For

Office—-New-

ark, N. J. Underwriter—Merrill Lynch, Pierce, Fenner &
Smith Inc., New York City (managing).
Information
Meeting—Scheduled for Dec. 8 at 11:00

Martin

Associates,

New York City.
Trans

electronic tape

World

Inc.,

/ /

;;

Airlines,

680

Inc.

Fifth

Avenue,
v

;

Oct. 10, 1960 it was announced that financing needs have
been scaled down to $318,000,000 from the

original fig¬

$340,000,000 with $168,000,000 to be loaned

TWA by

(12/13)

stock with the
amendment.

and

Robert
-

ures

Service Electric & Gas

^ v' - v

was

prompting machine for tele¬
editor. Proceeds—To ex¬
pand plant and sales force, enter closed circuit television,
repay a $20,000 loan, and for working capital. Office—
155 West 72nd Street, New York City.
Underwriter—

capital stock being offered to stockholders
then

a.m.

banks, insurance companies and other lenders,
$50,000,000 to be drawn from internal sources, and $100,000,000 from the proposed sale of subordinated income
debentures with stock purchase warrants to TWA stock¬
holders. Proceeds—To

give TWA direct ownership of a
jet transport fleet. Office—10 Richards Road, Kansas City
5, Mo. Underwriters — Lazard Freres & Co., Lehman
Brothers and

Dillon, Read & Co., Inc. (managing). Note

—Oct. 25

^ Puget Sound Power & Light Co.

pected to

occur

Nov. 10, 1960
ized common

future plans.

reported that the number of author¬
shares had been increased from 3,266,819
to 5,000,000, and that some of the added shares might be
issued in 1961. Office—860 Stuart Bldg., Seattle 1, Wash.
Underwriter
Previous financing has been handled by

was

—

Blyth & Co.
•

was

Inc.

reported that a December letter of
comprising this firm's first

1960 it

Supply Co., Inc.

reported that a "Reg. A" filing of
is expected. Proceeds—For

was

the company's common stock

Underwriter—Blaha
,

Co., Inc., Long Island City,

Rochester Gas &

Electric Corp.

(3/15)

Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected. Underwriter—To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co.

Inc.; Kidder, Peabody & Co., White, Weld & Co.
(jointly); Kuhn. Loeb & Co.; Salomon

and Shields & Co.

expected

offered

Van

Dusen Aircraft

Nov. 1, 1960 it

was

March 15.

the

second

quarter

Sept. 28, 1960 it
officer, to, this

was

reported by J. C. Barr, a corporate
that new financing is being
are

available.

Office—Hatboro, Pa.

Schlitz & Co.
was

reported that

be made. Underwriters

—

secondary offering might
Lynch, Pierce, Fenner
& Co. Inc., both of

Inc. and Harriman Ripley
New York City.

Supplies,

Inc.

—

Virginia Electric & Power Co.

(6/13)

market conditions. Office—Richmond
9, Va. Underwriter
—To be determined by
competitive

bidding. Probable

bidders:

Halsey, Stuart & Co. Inc.; Stone & Webster
Corp.; Eastman Dillon^ Union Securities 8c
Co.; Salomon Bros. 8c Hutzler; Goldman, Sachs & Co.
Securities

on or

Waldorf Auto

about June 13.

Leasing inc.

Sept. 14, 1960 it

was reported that a
"Reg A" filing is
Office—2015 Coney Island
Avenue, Brooklyn,

Underwriter—J. I. Maragil &
Co., New York City.

Whippany Paper Board Co.
July 19, 1960, it was reported that this New
Jersey com¬
pany plans to register an issue of common stock. Under¬
writer—Van Alstyne, Noel &
Co., New York City. Regis¬
tration—Expected in November.

Merrill

Smith

Winona

Wood

Aug. 24, 1960, it
A

common

Products

was

stock

Co.

reported that

contemplated.

full filing of class

Business—The

^ South Carolina Electric & Gas Co.

pany makes wood cabinets for household

Nov.

use.

14, 1960 C. M. Over, Treasurer, reported that this
utility is tentatively planning to issue $8,000,000 of first
and refunding mortgage bonds and $5,000,000 principal
amount of a new series of preferred stock in March 1961.
Underwriter—To be determined by competitive bidding.
Address—P. O. Box 390, Columbia, S. C.
Southern

Oct. 28 ,1960

Natural Gas Co.

was

reported by Mr. Loren Fitch,

com¬

time

1961,

with

conditions.

the

precise

Proceeds

—

timing
To

depending

retire

bank

loans.

com¬

and industrial

Office—Winona, N. J. Underwriter—Metropolitan
Philadelphia, Pa.

Securities Inc.,
Winter

May 10 it
first

Park Telephone

30,000 additional shares of its
and may

gecurities
of

Co.

announced that this
company, during the
quarter of 1961, will issue and sell
approximately
was

will be offered

pany comptroller, that the utility is contemplating the
sale of $35,000,000 of 20-year first mortgage bonds some¬

market

1961.

Sept. 8, 1960 it was reported that the company will need
$30,000,000 to $35,000,000 from outside sources in 1961.
The
precise
form
of
financing
will
depend
upon

N. Y.

paper

discussed. No details

•

reported that registration is expected

—

expected.

Rudd-Melikian, Inc.

November of a letter of notification covering
100,000 shares of this firm's $1 par common stock. Pro¬
ceeds
For expansion.
Office
Minneapolis, Minn.
Underwriter—Stroud & Co., Philadelphia, Pa.

•

March 11 it

during

Bids—Expected

Hutzler, Eastman Dillon, Union Securities & Co.,
Equitable Securities Corp. (jointly); Blyth & Co.,
Inc.; The First Boston Corp. Bids—Tentatively expected

(los.)

ex¬

Broadway, New York City. Underwriters—
Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kid¬
der, Peabody & Co., both of New York City (managing).

Bros. &

soon

Trunkline Gas Co.

expansion and working capital. Office—Ft. Lauderdale,

•

statement will be issued

Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are

expected

Richards Aircraft

Fla.

and

public offering. Office—Paramus, N. J. Underwriter—
Plymouth Securities Corp., New York City.

Oct. 10,

reported that this financing is not

was

Office—120

Ram Electronics,

Francisco, Calif.

■

$1,000,000, which will be used to
handwriting de¬

over

14, 1960 it

vision

18. Price—
$1 per share. Business—Prospecting and exploring for
metals. Proceeds—For general corporate purposes. Office

Underwriter—Blyth & Co., Inc., New York City (man¬
aging).

raise

and

Transmission Co.

to stockholders later this
year of

Business—The firm makes

Oct. 17, 1960 it was announced that the directors have
authorized the issuance of an additional 1,140,000 shares

N. Y.

Oct. 21, 1960, Albert V. Hartl, executive Vice-President
of this utility told this
newspaper that an issue of be¬
tween $6,000,000 to $8,000,000 of

Pacific

hopes

start early 1961 production of a remote
vice. Office—Los Angeles, Calif.

reported that a letter of notifica¬
tion, representing this firm's first public offering, will
be filed shortly covering 60,000 shares of common stock.

Prospectors Airways Co., Ltd.

Nov. 4, 1960 it
notification is

Inc.

Oct. 18, 1960 it was reported that the sale of the $10 mil¬
lion of 30-year first mortgage bonds is tentatively ex¬

•

Corp.;

Nov.

Staten

Public

1, 1960 it was reported by R. E. Lee, President,
that a rights offering is scheduled for January,
1961, sub¬
ject to FCC and SEC approval. Proceeds—The issuer

— 645
Forrest Ave.,
Island, N. Y. Underwriter — Ronwin Securities
Inc., 645 Forrest Ave., Staten Island, N. Y. Registration
—Expected in January.
•
>

general corporate purposes. Office

—Suite

if Telescript C.S.P., Inct ?

if- Northern Illinois Gas Co.

Maiden

Broadcasting Co.

Nov.

Oct.

com¬

Building,: Dallas 1,

Sept. 28, 1960 it was reported that a secondary offering
is being planned. Office—Miami Beach, Fla., Underwriter
—Reynolds & Co., New York City.
'
*
•

Street,

two

Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬

Dallas

Underwriter—Dillon, Read & Co., Inc.

Storer

of record Oct. 28 on the basis of one new share for each

One

Office—720 Mercantile

mon.

ture additives for fuel oils. Proceeds—For

Nov. 10, 1960 it was reported that an issue of $15,000,000
of first mortgage bonds is expected in May, 1961. Office

$3,000,000 in preferred stock, and that about one
thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about

year

vals, concerts, records, and commercial films. The firm
also plans to enter the development and merchandising
of new commercial color sound process for industrial
and financial advertising.
Proceeds—For working capi¬
tal. Office—480 Lexington Avenue, New York City. Un¬
derwriters—M. H. Meyerson & Co., Ltd.
15 William

•

Service Co.

was

about

Business—The
theatrical

$25,000,000 of the bonds.

Public

reported that in February, 1961, the
company expects to offer about $15,000,000 in bonds and

Inc.

stock

bonds. Proceeds—For gen¬
including the possible acquisi¬

new

purposes,

group that will bid on

16, 1960 it was reported that filings of
common

$150,000,000 of

corporate

tion of Central of Georgia Ry. Office—Washington, D. C.
Underwriter
Halsey, Stuart & Co. Inc., will head a

Aug. 9, 1960, it

notification covering
par

ance

company

the amount of

proximately $15,000,000. Proceeds—To selling stockhold¬
ers.
Office—630 5th Ave., New York City. Underwriters
—White, Weld
& Co. and Goldman,
Sachs & Co.
(jointly). Registration—Expected in November.

pany

^ New Orleans Public Service, Inc.

der

Railway Co.

Nov. 21, 1960 stockholders will meet to vote on the issu¬

New York.

discussion, but registration is not imminent. Office—513
W. 166th Street, New York City. Underwriter—Van Alstyne, Noel & Co., New York City. /

—317

Copley & Co., Colorado

—

Books, Inc.
Oct. 24, 1960 it was reported that the

act

Enterprises

bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.;
Blyth & Co. and Kidder, Peabody & Co. (jointly).

Pocket

share.

N. Y.

Midland

Office—Watts Building, Birmingham, Ala. Underwriter
be determined by competitive bidding.
Probable

Springs, Colo.

Co., Inc.

Thursday, November 17, 1960

—To

for purchase of first and second mortgages. Office

power

—Denver, Colo. Underwriter

Peerless Mortgage Co.
Sept. 21, 1960 it was reported that this company is pre¬
paring a "Reg. A" filing. Proceeds—To increase buying

may

common

stock.

This stock

rights basis to existing stockholder!

not be underwritten by one or more
Future plans also include the sale

brokers.

$2,000,000 of bonds in the

Office—132 East New England

second

quarter

1961.

Ave., Winter Park, Fie.

Volume

6004

Number

192

The Commercial and Financial Chronicle

(2011)

47
A

With R. W.

(Special to The Financial Chronicle)

Prudential Syndicate

Pressprich

SAN FRANCISCO, Calif.—Robert
K. Connolly has been added to the
staff

Market

605

Street,
engage
in

securities

New

Form

Union Securities
22 Batterymarch Street.
Dillon,

Services

Corp.

International

—

engaging

SAN
H.

Forms

FRANCISCO, Calif.—Harold
and Milton

Starr

formed

Gelber have

Security Options with of¬
in

engage

"Three With Goodbody

sky, Lawrence E. Levin and John
Torosian have become associ¬

business

ated

Avenue.

Officers

Dak.

Agency

—-

Heller

conducting

securities business from offices at

are

325

South

Heller

Seventh.

and

Gordon

Walter

Weaver

H.
are

partners.

NOTICES

Firm

Johnson

was

of Silcox &

State

Street.

formerly

GOODALL

name

Co., with
Mr.

RUBBER COMPANY

principal

Johnson, Inc.

STOCK DIVIDEND

ness

Clifton

DIVIDEND

Own

under the firm

Mitchell

Johnson

LOUISVILLE, Ky.—Erie A. Sleith
engaging in a securities busi¬

348

Weaver

CHARLESTON, S. C.—F. Mitchell

securities business.

Sleith Opens Office

BOSTON, Mass.—Berton M. Krin-

Al¬

are

FARGO,

Johnson is engaging in a securities

offices

(Special to The Financial Chronicle)

Officers

F. Mitchell Johnson

Security Options

fices at 127 Montgomery Street to
-

CLIFTON, N. J.

securities business from offices at

urer.

(Special to The Financial Chronicle)

Co.,

City.

Broadway,

business.
Officers are Abraham bert Morelli,
President; Edward Philip
J.
Augusta,
President;
Klein, President; Gilbert Witzler, Birdt, Vice-President and Secre¬ Marvin
Skloot
Treasurer;
and
Secretary; and Benjamin Kaminer, tary; and Sidney Feldman, Treas¬ Harold
Leib, Secretary.

Eastman,

with

affiliated

now

1440

for¬

BOSTON, Mass.—James E. Moore
is

York

was

(Special to The Financial Chronicle)

offices

from

With Eastman Dillon
.

Planning
Corporation
is
engaging in a securities business

York

New

Treasurer.

Aetna

Heller & Weaver
Agency

City,

Curtis.

Franklin

International Services

Co.,

merly with Paine, Webber, Jack¬
son

Prudential Syndicate Service, Inc.
has been formed with offices at

Planning

Pressprich

Street.

Form Aetna

with

Goodbody

125

Co.,

High Street. Mr. Krinsky and Mr.
Torosian were formerly with du
Pont, Homsey & Company.

Joins

•

offices

with

formerly

was

Pollard

has

Powell, Kistler &
Old

York Stock

Co., Inc.,

with

First

CHARLOTTE,
of

141

Touchstone is
Investment

Building.

C.—R.

Company,

Johnston

AND

FIFTY

NOTICES

December

CENTS
on

RICHFIELD OIL CORPORATION

the capital

Company, payable

19,

1960,

stock¬

December 5,

dividend notice
The Board of Directors has declared the regular

Company will not be closed.

nov

dividend of

HERVEY

J. OSBORN

Exec. Vice Pres. &

Corporation

Canada Dry

1960.

The stock transfer books of the

JCANADA^

Street, members of the

changes.

186

DOLLAR

holders of record at the close of

added to the staff

and Boston Stock Ex¬

ONE

has been declared

business

Mass.—Ralph A. Mor¬

York

dividend

stock of this

Schirmer, Atherton & Co., 50

Congress

price at the close of market on Decemter 1, 1960.

company
DIVIDEND NO.

(Special to The Financial Chronicle)

New

bid

NOTICES

Investors

Schirmer, Atherton Adds

Voting common stock as of December

1,1960. Fractional shares will be paid in cash based on the

Vice President & Secretary

with Southern

now

DIVIDEND

rison has been

the Class A and the

Corp.

Milk Street.

BOSTON,

oulstanding Common stock, payable in Class A common
stock on December 15, 1960 to holders of record of both

110

(Special to The Financial Chronicle)

staff

the

added

Ashford &

Company,

H. G. DUSCH

Annabelle Ziegler. Mr. Ziegler was

Ashford

(Special to The Financial Chronicle)

been

Stocks, has declared a stock dividend of 2 per cent on all

International Salt

BOSTON, Mass.—John P. Damon
has

staff

Exchange.

DIVIDEND

With Southern In v.

Hogan,

the

Street, members of the New

Cruger Avenue to

Font, Homsey & Company.

With Hogan,

joined

quarter of 1960 and a

Sec'y.

NOTICE

DIVIDEND

seventy-five cents

ber 15, 1960 to

dividends have been
declared by the Board of Directors:

The following

special dividend of fifty cents

stockholders of record November 21,1960.

On November 14,

declared on the no

par

The Board of Directors has de¬

clared the following
for the quarter

shareholders of record at the close

Class of

•

Montreal

•

PACIFIC

•

November 14, 1960

4.08%
4.18%
4.30%
5.05%

FINANCE CORPORATION

•

Series

$1.02

1.045

1.075

1.2625

quarterly dividend of

the common

<35 cents per share on

stock

($10 par value)

payable

holders of record November

All

•

1960, to stock-

December 1,

Common

.35

Common

Preference
A regular

dividends

.50

payable

are

ber 25, 1960.

which otherwise would be

•

J. Irving Kibbe

Secretary

•

The

b. c. Reynolds,

PVBLIC SERVICE

Secretary

CROSSROADS

DIVIDEND

• ••••

THE

EAST

••••••••••••

Cyanamrd

declared

the first business day in January, 1961,

way

Company has been dedared payable December 19, 1960, to
1960. Checks

stockholders of record at the dose of business December 1,
will be mailed.
New York,

G. O. DAVIES, Treasurer

November 16, 1960.

FIRST WITH THE FINEST

Board of Directors of Amer¬

ican

payable

of anticipation has been declared payable December 19, 1960, to
stockholders of record at the dose of business December 1, 1960. A regular
by

P. Lorillard

COMPANY

NOTICE

the Preferred Stock of P. Lorillard Company,

quarterly dividend of $.55 per share on the outstanding Common Stock of

CYANAMID

DIVIDEND
Dividend of $1.75 per share on

1960, was declared by the Board

PREFERRED

before December 21, 1960 to

stockholders of record Novem¬

15,

of Directors on November 2,1960.

AMERICAN

Series

$1.40 Dividend

g—CFAlVAlvrJP

Per Share

Cumulative Preferred

Dividend

Stock

•eoooeoo

dividends

ending Decem¬

ber 31, 1960:

1960.

Secretary

▼

DIVIDENDS

QUARTERLY

& Secy.

J. W. Reilly, Vice Pres.

value shares of this company,

JAMES A. DULLEA

CALIFORNIA

ANGELES

••

"•••eeeeeeeeeoo****

payable December 30, 1960, to
of business November 25,

LOS

NEWARK. N. J.

share payable Jan. 1, 1961, to
stockholders of record at the close
of business on Dec. 5, 1960.
Transfer books will not be closed.
Checks will be mailed.

100 per share in

U.S. currency was

and Gas Company

Stock—A

per

1960, a year-end

extra dividend of

Secretary

Public Service Electric

quarterly divi¬
dend of $0.25 per share on the Com¬
mon Stock, of the value of $1,662*

NOTICE

DIVIDEND

per

both payable Decem¬

Norman F. Simmonds

regular quarterly
per share on
the $4.25
Cumulative Preferred
Stock, payable Jan. 1, 1961, to
stockholders of record at the close
of business on Dec. 5, 1960.
Common

quarterly

share for the fourth

dividend of $1.0625

LIMITED

ALUMINIUM

per

stock of this Corporation,

Preferred Stock—A

NOTICES

DIVIDEND

cash dividends

paid November 15, 1960 on all Common and Preferred

Bruce

are

formerly

Powell, Kistler

FAYETTEVILLE, N. C.—John S.

securities business.
Ziegler and

The Board of Directors, in addition to regular

(Special to The Financial Chronicle)

2255

in *

engage
Partners

den, Stone & Co., 10 Post Office

Joins

West

Form A to Z Co.

BOSTON, Mass.—Percy E. Powers

310

Liberty Street.

has become connected with Hay-

Square.

BRONX, N. Y.—A to Z Business
Enterprises has been formed with

Haycbn, Stone

(Special to The Financial Chronicle)

offices

from

CIGARETTES—THROUGH LORILLARD RESEARCH

today

Company

quarterly dividend of

eighty-seven and one-half cents
(87M><0 per share on the out¬

standing chares of the Company's
3 Vfe % Cumulative Preferred Stock
Series

payable

January

of record at the close of business

December

1960.

COMMON

DIVIDEND

Company
today
quarterly dividend of
forty cents
(40£) per share on
the
outstanding shares
of the

Cyanamid

declared

Stock

Common

the Company,

such

stock

record

at the close of business December

1960.

share,

Board

Directors

payable December

has

Corporation

16,

dividends totaling

declared

1960 to stockholders

Cigarettes

cents

per

of record November

Of the 25 cents per share, 10 cents per

share is designated

paid from net investment income and 15 cents
paid from net realized gains

per

dividend

as a

KYLE,

New York, November 15,

•

June

OLD GOLD

investments.

1960 the Corporation paid

investment income.

for

net

per

share, the

same as

Of the total
income

the

and

same

Thus, total

per

1960 dividends will be 35 cents

per

share is from net investment

share from net realized gains

investments,

Smoking
Tobaccos

King Size
Crush-Proof Box

Little

Cigars

BRIGGS

BETWEEN

UNION LEADER

THE

FRIENDS

paid in 1959.

November 10, 1960.

NEWPORT

Regular
King Size
Crush-Proof Box

SPRING

King Size
EMBASSY

K ing

Size

Chewing

Turkish

Tobaccos

Cigarettes

BEECH-NUT

MURAD

BAGPIPE

HELMAR

total 1959 dividends.

Secretary
I960..

FILTERS

KENT

King Size

dividend of 10 cents

1960 dividends 20 cents per
cents

OLD GOLD STRAIGHTS

Regular
King Si%e

payable December 23, 1980, to the
holders

The

25, 1960.

The Board of Directors of Amer¬
ican

The UNITED

19G1, to the holders of such stock

WM. M. Hickey,

INDIA

President

HOUSE

ACTS

MADISON

HAVANA

BLOSSOM

The Commercial and Financial Chronicle

(2012)

Thursday, November 17, I960;

East

WASHINGTON AND YOU

68th

Employment Opportunities in
Years

WASHINGTON, D. C. —With
the Congressional election
re¬
turns nearly all in, the extreme
liberals
have
already
started
their

conservative

the

Georgia, Idaho, Illinois, Maine,
Michigan, Missouri, New Jer¬
sey,
Ohio,
Pennsylvania and
West Virginia, one each.
Although there were several
Negroes who were candidates

for

heads the pow¬
Committee,

ers

mittee chairmen

during the 87th

Congress.

will

They

make

head¬

some

lines, but that will be all they
will

make.

Chairman

Virginia,
erful

Smith

Democrat

tive

William

Mississippi.
handful

Republicans
have

tremendously

put the brakes
socialistic

The liberals

have

the

House

state

list

tion.

electors

the

lem

But despite the
Mr.

replacing
Mississippian
The

the

House

Democrats

Southern

certain

there

will

are

Prior

four

the

rally behind Con¬
gressman Colmer to stay on the
Rules
Committee
and
help

the

Chairman Smith with the quar-

velt,

terbacking.

members

least

paign

speeches,

nedy,

the

John

Ken¬

Hill

tee.

likelihood

there

friends

that

strong

a -

Mr.

Kennedy will appeal to him not
interfere

commit¬

this

with

other committee in
Congress^ The President-elect is
a
smart young man.
Perhaps
tee,

the

odds

are

will

not

net's

likely
nest

stir

Capitol

hor¬
Hill by
a

taking pot-shots at some

can¬

didate for reelection in 1964. He

former

colleagues

of his
both

<■

Congressman Colmer, would
in jeopardy than any
other ranking House Democrat
because he supported the eight
unpledged electors of his state,
which
won
over
the
regular

Democratic

Kennedy
the
n*

Nixon

slate

However, he

of
as

slate

and

electors.

individually

popular with conservative Re¬
publicans as he is with conser¬
vative

middle-of-the-road

and

Roose¬

their

political
Republican to

from

"Star"

for

least,

the

two

years

and probably ..consider¬
longer, and at the White

ably

House

the

for

Democrats

next-four

the Senate and House, but also

the governors of the na¬
tion.. The Senate line-up in the
new Congress will be 64 Demo¬
among

and

36 Republicans.
Last
showed
three
House
still undecided,
but the

Chicago not as
with

but

Carolina.

peatedly that he
Richard

element

the

Despite his

and

through

party,

intended to

re¬

may

the "Chronicle's"

coincide with

not
own

views. 1

delegates and individuals, clam¬
nomination for the

ored for his

After

his

series

Senator

truth

The

stop

Brigadier

who

General

the

would

1964,

when

old

years

still

if he

were

from

now

only 51
left office,

reelected four years
and

served

second

four-year term.
Meanwhile,

the

publican

name

the

ffw

the

Arizona,
He

Re¬

Capitol

Hill

is destined

years

junior

not

biggest

Barry

will

Senator from

only

Goldwater.

the

fore¬

Republican ^spokesman

most

Congress, he will be
three

across

one

of the

the Nation.

four

top

Republicans

The

Westerner, who is a real
conservative,
has
already
evoked some reprimands from a
couple of colleagues
for
his
statement concerning Governor
Nelson

"We

BOOKSHELF

Rockefeller

Mr.

Rockefeller

can't

New York," said Senator
Goldwater, "he can't be reck¬

carry

oned

with

the

Republican

Maine
woman

garet
elected

and

figure in

Smith

the

was

Senate

—

Superintendent

Docu¬

Values

and

James
Van

Helmut

-—

Wiggins,

Nostrand

Com¬

120 Alexander St., Princeton,
N. J. (cloth), $6.50.-

Security Credit: Its Economic Role
Regulation;—

Jules

Dr.

Appraisal

re¬

from

Executive

Perform¬

—Prentice-Hall, Inc;>. Englewood
Cliffs, N. J. (cloth), $4.95/;
;
...

ance

—

Bibliography

—

Selected

State

Tax.

Collections

1960—•

Industrial
Relations
Bureau of-the Census, Washington
Section, Princeton University,
25, D. C. .(paper), 250. .,
Princeton, N. J. (paper), 300.
;

References,

because

home

stayed

The future

Arizona

Climate—Compilation

climatic data for 91 locations with

precipitation records for 19 addi¬
tional
sites—University of Ari¬

stay home because

don't

will

Rockefeller

become

the

spokesman for the liberal forces
will

voice

the

conservatives.

is a long time in
politics. Three years from now
Richard M. Nixon might decide
Four

years

best

the

hold

Elephant

and

gether

possible

elect

would be for the
a

neither
treme

the

right.

Party

to
to¬

President

party to nom¬

candidate
to

way

left

who
nor

travels
the

ex¬

It is possible that

Californian,

who

lost

his

Industrial

Atomic

Forum,

Inc.—

Graw-Hill Book Company, 330 W.
42nd

Street, New York 36, N. Y.
(cloth), $4.00.

Wages

able
not

following.

has

York

Arizona: Its People and Resources

—University of Arizona, Tucson,
Ariz.—regular edition, $6.50; spe¬
cial library edition, $7.50.

Perhaps

Consumer Credit Symposium: De¬

velopments in the Law—in current
issue
Law

Northwestern

University

Review—Northwestern

Uni¬

versity
Law
Review,
357
East
Chicago Avenue, Chicago 11, 111.,
$1.50.
Council

Catalogue
cil

Foreign

Metropolitan
ment of

nomination, but if
popularity
continues
he
well

have

Industrial

for

Commerce, Albany, N; Y,

(paper).
Year

cal

the

Rat:

Selfishness

Troubles

—

(President

Epidemic Cyni¬

and

Our

Charles

National

Brower

Batten,
Barton,
Osborn) — Employee
Relations, Inc., 32 North Bayles
Ave., Port Washington, N. Y.
Durston

Relations—

of publications—Coun¬

Attention Brokers and Dealers:

Foreign Relations, Inc., 58

TRADING MARKETS
American Cement

;

Botany Industries
W. L. Maxson
Official Films

Waste King

yet large enough to get the

very

Area

Growth—New York State Depart¬

Presidential
his

1945—

Univer¬

Area—Advantages-' of/New York

siz¬

1871

sity Press, Princeton, N. J. (cloth),
report—Atomic Industrial
$10.
1
3 East 54th Street, New
22, N. Y. (paper), on request. Why the New York Metropolitan

candidate, but I don't
in that spot."

Germany

Bry—Princeton

Forum,

Rockefeller

that

Gerhard

Annual

GOP, while Senator Gold-

water

that

Institute
of
Atmospheric
Physics, Tucson, Ariz.

zona,

Here in the Nation's Capital,
qualified political observers are
now
predicting that Governor

of the

Vitality in a Business Enter¬
prise—Frederick R. Kappel— Mc¬

truly

powerful voice in shaping GOP
policies in the immediate years
ahead.

Carl Marks
FOREIGN SECURITIES
20 BROAD STREET

TEL: HANOVER 2-0050

•

Our New

& Co. Inc.

York telephone number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5, N. Y.

LERNER 8 CO.

TELETYPE NY 1-971
Investment Securities

to the Senate. Mrs. Mar¬

Chase

1277

1964—not necessarily

the top

could

Oregon each sent

Report

ments, U. S. Government Print¬
ing Office, Washington 25, D. C.

party." He also said: "I want to

knowledge

other record when the voters in

Bogen and Dr.. Herman E. Krooss

of this

New

Democrats held

an¬

Youth:

Department of Labor, Bulletin No.

and

country is too important for us

at elections.

inate

"If

before

lost

have

conservatives

the

agree."

jority.

folk smashed

Seven Communities—United States

Editors—D.

Gold-

Westerner,

Corporation, 186 South¬
Street, Miami, Fla.

pany,

Rockefeller.

Governor

jut-jawed

perience

Schoeck

water's whole purpose had been

The

13th

Scientism

Businessman's

nomination, and a
powerful
seconding

speeches were made in his be¬
ll a 1 f,
the
Arizona
Senator

Research

(paper), 500.

Presidency.

Even Senator Goldwater's po¬
litical
opponents
readily
ac¬

women

Nov.

flect the "behind the scene" inter¬
pretation from the Jiation's Capital

conservative

the

contentions,

race

School and Early Employment Ex¬

column

[This

supporting

was

Nixon.

political

west

re¬

gates in withdrawing his name:

candidate for reelection in

seats

The

and

Presidency.

South

and

announced

Air Force Reserve, told the dele¬

want

More Women in Congress

Opinions

would want another shot at the

delegate

Arizona

from

votes

first

can¬

years.

reports

a smashing ma¬
The Republicans picked
up more than a score of seats.
As a result, the new lineup will
be
approximately 257 Demo¬
crats and 175 Republicans.

Public

not

only main¬
tained their heavy majorities in

Kennedy, assuming he will

Mr.

Building, Ann Arbor, Mich., $2.

ing in the State of Florida—First
rived

tem and withdrew his name.

York.

Democrats.

crats

houses.

seem more

switched

any

majority of the
the
Negro
race

Obviously,'the Democrats are
going to run things-On Capitol

However,

Standard—Review of

Attitudes Regarding Branch Bank¬

stepped to the loudspeaker sys¬

Commit¬

Rules

Repub¬

Administra¬

the

great

Goldwater

said

replacing Chairman

on' the

Negro
after

Democratic.

cam¬

President-elect,

favored

Smith

his

them

were

President

the

War,

allegiance
of

one

the

(Sihce

have

the

preceded

Civil

licans.

Kennedy's Attitude

Representatives, 23 of

who

tion

election

incumbents

members

race

morrow

lit

the

state title standards
model marketable
for state legislatures —

act

Report

the

•

10,000

Stocks!—

Simes—Michigan, Legal
Publications, 1039 Legal Research

doing!"

'Stop asking how my numbers racket is

didate

Negro

House

to¬

Operations

Than
in

Lewis M.

from

Committee.

and

Republicans

Chairman

Government

House

Profit

the

suggested

title

Representative

Hill.

20,

existing

and

the

North

York

George Schaefer—Prentice Hall

all

Labor

retiring

Avenue

New

Helped

Af¬

Petroleum

1271

Model Title

succeed

will

Public

American

Inc.,
Englewood
Cliffs,
N.
(cloth), $4.95./;•

the

and

Harden

who

Dawson

howls and

distinguished
unfavorable.

the
are

Capitol

elec¬

Colmer, their chances

Chairman

Congressman

Carolina,

the headlines that will be made
over

scheduled

Education

Graham

his

Presidential

How

Committee in January. The Har¬

sippi delegation on the run be¬
cause
he
supported
the
un¬
pledged

virtue

system,

become

years.

Missis¬

the

Powell,

seniority

the

Investors

District; Charles
Diggs of Detroit, and Robert

tive

believe they

now

dean

for

(paper).

Institute,
Americas,

Incidentally, Representa¬

spending and

legislation

Data—Committee
fairs

incumbents.

C. Nix of Philadelphia.

and; the
committee,

the

helped

Congress this year, the vot¬

other Demo¬

conservatives

Mich., $2./.

York's Harlem

These two Congressmen, along
with
cratic

1039
Legal
Ann Arbor,

Highway Statistical and Financial

son,

Colmer

Publications,
Building,

Research

whose
district embraces
Chicago's downtown loop; Adam
Clayton
Powell
from
New

Representa¬

Legal

only the four Dem¬
They
are
Georgia-born William L. Daw¬

the

—

returned

ocrat

Rules

committee,

same

are

get rid

Howard

who

House

the No. 2

and

them

Some

shouting

already

Reference

Evolution
of
British
Planning
Legislation—Development of laws
controlling land use in England
Beverly J. Pooley — Michigan

to the Congress; Oregon
Washington two each, and

and

Quick

House, Inc., 4025 West Peterson
Avenue, Chicago 46, 111. (paper),
$1.50.

New York State elected three

com¬

Planning
—

women

some

Morris—

Outline—William R. Spinney—8th
Edition
Commerce Clearing

Maine, and Oregon elected new¬
comer Maurine B. Neuberger to
replace her late husband.

Voluntary Welfare,
72, Burlingame, Calif, (paper),
$2.50.
'
Estate

rid

James

—

Box

from the nation's capital

get

21,

Foundation for

behind-the-scenes interpreta tions

New York

N. Y.

Later

ballyhoo

Street,

Wanted to
At

the

vention

10 Post Office Square, Boston 9, Mass.

Stop Rockefeller

1900

Republican

Senator

Telephone
con¬

Goldwater

ar-

HUbbard

2-ipaa

:
„

•/

Teletype
7

.j: W

BS 69

Full text of Commercial and Financial Chronicle : November 17, 1960, Vol. 192, No. 6004

FRASER