Full text of Commercial and Financial Chronicle : November 29, 1962, Vol. 196, No. 6216, Section 1

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

The COMMERCIAL and FINANCIAL

Reg. U. S. Pat. Off.

THE

EDITORIAL

back

placed

us

course

clothes at the time

Khrushchev

but

one

of much

which

still have all the

that need not be
more

an

assure

a

year or

banks

gaps or
the

being

need

not be

desired

that

ahead

issue

and would assure

ours

if

we

for

we

conclude

the threshold

on

had

will not only test our
and

test

Russians themselves at

and

our

least

our

principal

our

of

in

thrust

a

dramatic

nor

crises

which

to close ranks

on

for

of Russia

tion of

must

our

nature

such ready

relatively

in assessing the

acknowledged in effect the general accuracy

ness,

of the several assessments that have of late been made

easy:

full

growth

maintaining

for

we

price

and

curve

of

means

and

and, the

scaling

the

steepening

while at the

stability

a

convened to look

and

same

moving

the
time

toward

always within

—

market economy and

growing

equality of opportunity.
(A)

A Look at Our Current Economic

after

From

Problem

the Ground Up

it, serves
To

for "tired

do

(1)
of the

the

basic

of

questions

consider

we

from

ours

the

as

to

consensus

that

ground

all

face

of

eco¬

up—to
in

us

economic performance

our

past 5 years as something "we

have

we

failed

Do

job in the search for

need to look at this vexing

fiscal and monetary policies:

our

perhaps

or

we

problem

reassessing

disagreement.

problem is not that the economy has

useful

a

solution,

raise

Both

nature, serious¬

and causes of the malady, and in prescribing
there is considerably more room

Our

20)

enough
existing

our

problem

balance-of-payments equilibrium

remedies for it,

comparative missile strength of the United States

of

was

economic

our

catalyst. Diag¬

blood," it's much harder.

Walter W. Heller

Eisenhower, "awesome." By actions, at least, the Russian

on page

our

employment

nomic

(Continued

of

of

physical

even

than 5 years of

more
as no

which,

provide

'

slope of

economic

human and

—

to

expansion

ways

nia is

us

rapid

more

physical

manpower,

and

heights!

lead

What

—

fiscal-monetary

persistent underutiliza-

resources

military strength

action.

and

is

existing

the

only great but in the words of then President

is fortunate for

our

Labor-Management Policy

and

It

of

the constraints of

policy
face

have failed

we

enough, as yet, to meet the test of mak¬

use

at

damaging depression—no

a

growth and employment goals.

our

on

inflation

of

surge

all major

on

tary Policy of the President's Advisory Committee

face neither

we

The prob¬

That's why the Conference on Fiscal and Mone¬

both
government and in private

Happily,

it is in

that

capabilities.

policy instruments, hut will

life.

nor

spite of good advances

plant, and technology

fundamental testing

a

full

ing

nosis and prognosis of pneumo¬

and Russia.

1

Again, in spite of good policies, they have not

been good

ability to deliver destruction to Soviet territory

dictator has

Section

—

expansionary monetary and fiscal poli¬

pursue

cies.

try the souls of the policy-makers,

along with all the others that in the eyes of

the

rate

are

have nothing more than common knowl¬
we

to

period in fiscal and monetary policy—a period that

economic

Naturally,

of the

and states

records,

new

Further, the problem is not that

declares paramount

We

about being buried by the economic performance
communists, or rather the socialists of Soviet

edge about the real missile and atomic strength
or
for that matter of the United States, but

Sections

fronts, they have simply not been good

enough to meet

under-utilization of our human and physical resources.

men

not

needs;

year

Russia.

are

require higher interest

may

domestic

the tax-cut issue;

is

need not worry too much about missile

we

2

about to go into recession.

or

economic

problem is not expansion or recession but persistent five-

free society, and some

and would not be

interdictive defla¬

concedes balance of

price inflationary;

payments considerations
than

wqrldly goods? To do

a

expand and set

recession

Dr. Heller explains deficit-financing through the

economy.

two beyond infancy. Well,

problems of

ours

us

In

Copy

a

to

President, Washington, D. C.

planned deficit efforts to stimulate the

tionary offsets to

avalanche

respect for the lessons of history, but at least for

the time

of

can

in the form of

more

has to be but

one

so

us" under

Cents

lem is this: in

Nikita

one

the

to

Our Central Bank is advised not to pursue

"higher form" of civilization than we have ever

a

known

we

Advisers

the

the

us

about to "bury

was

when

50

By Dr. Walter W. Heller,* Chairman,; Council of Economic

good things of life—and convince us as well
remainder of the world that Communism is not

of all

only

with respect to Soviet

back

Price

1839

To Finance Deficit From Tax Cut

you were

farther

still

remember

you

if

ESTABLISHED

FIELD

FINANCIAL

Closing Fiscal-Monetary Ranks

out of swaddling
of the last Presidential election. Can

you can

THE

7, N. Y., Thursday, November 29, 1962

As We See It

in a hazardous situation

Russia? Of

IN

PUBLICATION

apologies to the cartoonist, can you remember way
when there was a horrible "missile gap" which

With

as

INFORMATIVE

MOST

New York

Number 6216

196

Volume

AND

LEADING

some

pay

sort of

to avoid

an

can

live with,"

"inevitable price"

(Continued

on page

24)

State,

Public
'

Supplement: Section Two

NSTA Convention

U. S. Government,

State and

Municipal

Securities

Housing

HANEY, WELLS & COMPANY
'(Ati'C'

Underwriters
Distributors

Chemical

•

Lester, Ryons & Co.

770-2541

Corporate & Municipal

Offices

Securities

MIDWEST STOCK




iifi

in

del Mar,

Claremont, Corona

EXCHANGEjzf^

FIRST NATIONAL CITY BANK

Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
Inquiries Invited

770-2661

TWX: 212-571-1414

Bonds and

Stock Exchange

Notes

on

Bond Dept.

Teletype: 571-0830

York

New

Correspondent

—

MANHATTAN
BANK

Net Active Markets

To Dealers, Banks

Maintained

and Brokers

Shell Oil Co. of Canada, Limited
Class A Common Shares

T. L. Watson & Co.

Canadian Securities

1832
Block

We

Members

Commission Orders Executed
Canadian Exchanges

New York Stock Exchange

bridgeport

•

Teletype
08MCT WIRES TO

STREET

perth amboy

maintaining

,

will

be

distributed

shareholders
Shell

market

in

this

prices

of

on

November

1

or

DIVERSIFIED

to

of record
basis of one

Shell Oil Co.,

8, 1962, on the
of Canada for each five

CALIFORNIA

Shell Oil.

212-571-1213

Food

MONTREAL AND TORONTO

Dominion Securities
Corporation

Goodbody a Co.
NEW

a

prices in Canadian funds. The stock

October

MEMBERS
-

On All

CANADIAN DEPARTMENT

Exchange

NEW YORK 4, N. Y.

are

stock either at net New York

Inquiries Invited

at

25 BROAD

CHASE

Pershing & Co.

Chicago 3, III. FRanklin 2-1166

American Stock

THE

Southern

California Securities

135 So. LaSalle Street

ESTABLISHED

Municipal Bond Division

Encino, Glendale, Hollywood, Long Beach,

MEMBERS

York 8, N. Y.
•

Agency

Members Pacific Coast Exchange

DEPARTMENT

P. O. Box 710, New

17,

California
Members New York Stock Exchange

CHEMICAL BANK NEW YORK TRUST COMPANY

phones:

Hope Street, Los Angeles

So.

623

gf/W

Dealers

Associate Member American

NcwYorik
BOND

Municipal
and Public

Housing,

YORK

STOCK

EX6HANGE

40

Exchange Place, New York 5, N. Y.

2 BROADWAY

1 NORTH LA SALLE ST.

Teletype 571-6880

NEW YORK

CHICAGO

Area Code 212

Processing
MUNICIPAL BOND DEPARTMENT

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

WHitehall 4-8161
SAN

FRANCISCO

•

LOS ANGELES

2

The Commercial and Financial Chronicle

(2234)

The Security

Brokers, Dealers only

For Banks,

I Like Best...

This Week's
Forum

Year-End Tax-Switch

wliich, each week,

in the investment and

system, reaching banks,

the

you.

It

Primary markets *
500 issues.

.

.

functions.

Today

the age of

give

can

YORK

in

are

we

re¬

minute

the

During " the

•

in

Established 1920

flash current nevfer achieved

processes

fore—for

in the techno¬

a company

Service

Wire

-

give

diverse

its

Monthly Stock

offer

an

for

or

is

business

25%

indus¬

has

United States

contain

and

♦

work

at

sion;

medical

for

ments

and

in

use

and

40

at

radio

to

There

earnings for

paying

also

3^%; it

selling
yields

$1.40,

in- stock.

2%

pays

about

are

1,500,000

is

shares,

hiet^lurgical
its product

' 17

diverse

unusually

SECURITIES

estab¬

longest

electronics fields,

and

product divisions producing liter¬

DA
I WA

ally thousands of differing prod¬
ucts

built

has

com¬

reputation for
so
that its

a

4Securities Co.9 Ltd.

reliability,

product

into

the

the

by

govern¬

and

computers

aro^be-

that

systems

ji;

large a part of today's
industrial life.1 And MALLORY is
coming

so

setting

its

it

t-jUC '<

that will

targets

today's
will achieve
of

ahead

keep

help

there

con¬

progre'ss

so

stock

its share

of tomorrow's markets.

74,000 shares of

are

vertible

a

$50 preferred. The

.

sights more and more

research

the

on

6,N. Y.

BEekman 3-3622-3

Telephone:

contractors, as well

giant

automation

NEW YORK OFFICE:
149 Broadway, New York

missile and satel¬

every

produced
into

bat¬

designed

been

have

virtually

and

materials

components,

lite

The

components.

and

pany

management owns 17%.

of which

JAPANESE
good posi¬

Long term debt is $7 million and

lei¬

for

1954

$3.20. The stock,

are

two

V

a

in the

as

1962). Projected

1963

instru¬

laboratories;

time

sure

in

use

ad¬

in

the

of

One

lished firms

for

Mallory

transmis¬

and

in

branch offices

35-37. Research
is over 5% of

/

is

ment's- prime

Mallory products

generation

Inter¬

steadily

cents

49

past

the

high.

$2.88 in 1961 and $3.05 (estimated

TV; for industrial use in com¬

power

from

vanced

munications, electronic computers,

for

a

Australia,

have

our

backlog is currently

Order

record

a

teries

Mallory

in appliances,

of

affiliatesin

seven

Europe,

Earnings

nearly " everywhere:

use

challenge

and Latin America*

Canada

The; airplanes

contain special

home

has

England,

missiles

In fact,

at

are

national

Mallory

packages.

ride

you

York 6, N. Y.

with

been

development

line

MALLORY

R.

P.

to

in

and 60

year

in

low

seven

thriving Europe and the Common

that

components,

the

meet

Market

this

The

sales.

in

government.

To

Mallory capacitors

welded

was

power

whole.

solicitation

the

of

products,

Mallory timer

a

satellites,

and

particular securities

any

60%

212 571-1425

HAnover 2-0700

Birmingham, Ala.
Mobile, Ala,

MALLORY

consumer

ignition system, and that its

electrodes.

Telephone: BOwling Green 9-2895
not

put up

Exchange

New York 6, N. Y.

Rector St.,

New Orleans, La. -

57j/2

at

and

years

program

trial, 15%

the

are,

electronic

for

is

two

*

Exchange

-

plants.

About

automobile has Malldry parts

frame

The Nomura Securities Co., Ltd.

orders

It has

history.

new

good that your wash¬

have

metals.

This

lines

product

are

sets

in its

Digest, and our other reports
that give you a pretty clear
picture of the Japanese

61 Broadway, New

past

expansion

plant

its

and

IN JAPAN

as a

est

your

Opportunities Unlimited

economy

sold

East¬
;/

.

.

American

Direct wires

1961.
■

% 19

Stock
Stock

York

New

Members

cur¬

Mallory has engaged in the -larg¬

it, that your radio and televi¬

sion

-

camera

..

in

our

a

f'

the

•

City.

York

New

Co.,

Members

a

years

During

Benjamin,

Partner,

be¬

operates

and meas¬

idea of just how

you an

&

Steiner, Rouse & Co.

(Page 2)

tion.
To

ing machine has

for

Kodak.

man

Stock Exchange, for

N. Y.

chances

Write

..•••'

'

in

use

being marketed by

rently

z•

/

.

of "the securities I like best."

one

Telephone: 363-2000
Teletype: 212-571 — 1231, 32, 33, 34
Boston
•
Chicago
•
Los Angeles
Philadelphia
•
San Francisco
Wide

f

stock, which is listed

its

the

on

World

'' '

to the requirements that

up

qualify

Exchange

St., New York 4

60 Broad

T l"':. • ''•

•••■

alkaline cell—-with

manganese

this promising area

ures

Memher

Stock

'.

.\ f

Mallory

year

new

and

Hill*

,l

Co.—Maurice S.

entirely new kind of

an

New products,

science.

P. R. MALLORY & Co.

CORPORATION

American

V '■ 1

past

Benjamin,

cell.

mercury

(Page 2)

R. Mallory &

P.

a

—

Bought—Sold—Quoted

An¬

Security

Atwater,

York City.

.

contains

It

smallest battery

Mallory

perfected

—

logical field superior growth.

HANSEATIC

instruments.'

1990—Hu¬

1,

alyst, Wood; Walker & Co., New

the

receiving and

to

F.

bert

April

due

4%

Railway

Eastern

&

Bonds

certain functions of the

the world's

successful
in which it

period in history

materials

new

Associate

cap¬

and transmits

cording

element for a

most fabulous

"HANSEATIC"

NEW

that the most im¬

me

enterprise is the' era

Just call

.

to

seems

portant

Over-the-Counter experience
pays

tiny

information

Mallory & Co.

Peoria

swallowed,

gastric system
P. B.

over

a

when

i:

Cty<

Louisiana Securities

pill transmitter,

measures

York City

Netv

country, can be of service to

in

j

Their Selections

which,

a

sule

Partner, Benjamin, Hill & Co.,

bro¬

over

also

MAURICE S. BENJAMIN

private wire
all

a

participate and give their reasons for favoring a particular security.

"Call HANSEATIC"
kers and dealers

Alabama &

Participants and

advisory field from all sections of the country

Problems?

Our nationwide

different group of experts

A continuous forum in

Thursday, November 29. 1962

.

.

.

that

it

BOUGHT

photographic

—

SOLD

—

QUOTED

equipment and transportation; and
for

national

in

use

MORELAND & CO.

and

defense

exploration projects.

space

Members
Midwest

The

manufacturer
tacts

for

electrical'

'of

machines

industrial

and

and

-wherever there is
to

and

make

circuit.

St.

a

break

of

from

in

which

Mallory -has.

r

Elkonite is

pioneer.

lory metal.

^ue ^Pr"

Effective Distribution

of

m

in

I

i-.

M

Northern Ohio

■y?,

murch & co., inc.
Member New

Hanna

Private

&

to

have

.of

of

is

first

the

almost

since

power

the

zinc-carbon

century

a

ago.

batteries have been

Exchange

GRant

(Associate)

Wire

that

New




York

City

,

of

451,263

a

*

owns

,.

„

Capitalization

advent

consists

battery

we

$253,000

For

of

«f

compute cover¬

we

the basis of cash available,
find the ratio of 6V4 times in

is

simple,

exotic

new

ample,
ei her

a

devices.

heart

strapped

a

Certificates, maturing $135,000

100 000 shares o£ stock

(

Vi

stimulator

ex-

report,

■

Peoria & Eastern

80%

?.r ated the property

its

*

BONDS

VIRGINIA

there

to

could be substan¬

tial income tax savings through a
consolidated
the

To

CAROLINA^
CAROLINA

call

HI23HIS"RICHMOND, VIRGINIA

return.

investor,

this is not

so

consideration as the
knowledge that substantial sums
important

a

available

may

be

from

the

permit
these

Cash

a more

the

in

future

Flow, that would

rapid retirement of

National

bonds.

Policy, and available funds will

'

determine
of

these

the

rate

of the

able

conditions

oper-

have

a

under lease,

of

bonds, but

life

of

Quotation

retirement

under favor¬

they

might
than

more

Bureau

not

fifteen

Incorporated

years.

surgically embedded under the rib
uses

up

a

Mallory battery that

to

cage

five, years/There is

,

,.

The

Res

in

attraction
the

in

these

relatively

large

bonds

cash

if.

.

System

holdings

of the stock of the Peoria &

Eastern,

York

stock, and

■

NORTH

increase

should

an-

v

the New

Central system owned 52%

.worn

the

to

last

At

.

v

SOUTH

nuaHy to 1965, and approximately

variety

For

and

these

of

,

WEST VIRGINIA

this year.

.

$3,650,000

the

1961, and about 8.30 times so far

$405,000 Equipment Trust

bonds,

Mercury

boon to the

cells went into

sub¬

a

SttSSMR,.«!r

the

?

$989,959

$107,000

retired_

age on

stantial interest in Peoria & Pekin
TT

City, Mich.

331,874

$1,265,851

cash flow

Therefore, if

$35o,oOO

addition, it

scene.

Bay

$658,085

MUNICIPAL

accumulation,

f0r

Peoria & Eastern 4's/1990,

i

listed

on

are

the New York Stock Ex¬

Established 1913

Over-the-Counter Quotations
Services for 49 Years

change, where they recently sold

Teletype 412 642-3080
to

.,$813,588

charges

bonds

Income

upon

April 1, without

paging systems. And just last year

Bldg., Pittsburgh 19, Pa.

1-8700

Private

Exchange

after

Estimated

bonds

-

first lien

a

™ePeom;& Eastern Railway
f-f. frelg™ f^tending from
Indianapolis to the Peoria Gateway' and ™ng '"terchange
Wlth many railroads servlng the
area.
In

makers of hearing aids and pocket

lasts

American Stock

Union Trust

these

that

by

.

portable

considered

of

Stock

re-

age

the

on

mercury

York

j.

—

122,184

174,321

deducted

Office

167.385

237,104

charges

Net

of these bonds
baV.e been retired.
;
v

important break-through in

Securities

New

and

effective electrical packages

portable

Pittsburgh Stock Exchange

r.

;r

■

provision

any

313 222-5012

Branch

»

$368,516

■Depreciation

Total

able annuany> 0n

the Mai-

to power the host of new

most

McKelvy & Company

high

gamma-ray

This

area.

a- SO"
by
Mallory

Corporate and Municipal

$402,163"

Tax—•

■

Mortgage'Bonds

purther, that the interest is pay-

electricity has called for

products appearing

Distributors

secured

-1962'

the entire railroad of the company,

most /glamorous

the

battery

more

Underwriters-Dealers

Income

1961'

--

If the New York Central

One

in

Co., N.Y.C.

-

actors.

cordless

L. F. Rothschild

non-

Federal

-

the investor must

remin<Iecl

are

proved

also

of

source

a

'» '

outset,

be

the

shielding in portable nuclear

lory

Tele. 216-574-9180-81

Wire

metals
as

x-wfiS:

Ohio

15,

useful

These

phases of operations is

Building

Cleveland
CH 1-5671

i-A

York Stock Exchange

density

^

abrasions

and

exhaust.

rocket

•

itself

proven

temperatures

a

(4%

r'l

-

man

basic Mai-

a

has

able to withstand

especially
high

It

been

•

"?

Fixed

produced

alloys

Railway

cum|1|at;ve>, Income

by the powder metallurgy process
502 589-1123

584-0226

Eastern

26, MICH.

962-3855

,■

&

Exchange
Exchange

Penobscot Building

1051

retire¬

DETROIT

*«"*«* New York Stock Exchange

contacts

the

and

Stock
Stock

pay¬

9 Months

'\"r
pe0ria

interest

the

Detroit

ment of debt.

'

^€W yQr^ Qit

electrical

an

of

ment

Security Analyst, Wood, Walker & Co.;

requirement

these

Many-of

made

are

LOUISVILLE, KENTUCKY

con¬

host

a

flow that is available for

HUBERT F. ATWATER

utility applications

Incorporated

420 W. Jefferson

leading

a

automobiles, appliances,

business

bankers bond _eo.

is

company

(This i& under
as

I

a

no

solicitation

I.

circumstances

of

an

offer

to

to

be construed

buy,

any

as

an

offer

security referred

to

to

sell,

or

herein.)

at

65

'due

flat, carrying

a

$40

.s

coupon

46 Front Streot,
CHICAGO

April 1, 1963.

Now York 4, N. Y.
SAN FRANCISCO

Volume

Number 6216

196

.

.

The Commercial and Financial Chronicle

.

(2235)

3

CONTENTS

.Basis for Enthusiasm

Thursday, November 29, 1962

JCHTtnSTEin

B.S.

AND

Pierce, Fenner & Smith, New York City

page

A

Closing Fiscal-Monetary Ranks to Finance Deficit
The stock market is undervaluing

COMPANY

Articles and News

By Lee II. Idleman,* Aerospace Research Staff, Merrill Lynch,

the developing aerospace industry

From Tax Cut

Walter W. Heller

...

Funny Thing

Happened
1
On the

according to Wall Street analyst's bullish assessment of that indus¬

industry's

of the

profit

low

Industry

Meeting head-on the bearish

try's medium- and long-term prospscts.
arguments

Basis for Enthusiasm

margin

and

___Lee H.

Safe1 Company

Idleman

To

3

Ira U. Cobleigh

__

The Mosier

to

exposure

About the Aerospace

low

offset

Idleman

Mr.

explains

how

to

overcome

or:

Industry

profit margins, and how diversification, balanced work¬

He

then

sketches

the

his

for

reasons

optimistic

proceeds to examine individual issues believed
in

consideration

If there is any

any

Future

industry which has

James

Opportunities—

deserving of

systems. In other words, I

assume

in the past

line,

have

estimated

industrial
motive

it is

the auto¬
Now this,, is a

industry.

peculiar
the

on

the symbol of our

as

might,

to start

way

wanted you to make a
in

discussion

a

comparison

of what the automotive

terms

industry represents and then re¬
late

this

a recent
G. O'Neil,

impression to

statement

by

President

of

M.

Mr.

General

who

Tire,

has estimated that within 10 years

the

industry

aerospace

larger

will

combined

the

than

motive

of

industries

be

auto¬
entire

the

world.

indeed

are

vestment

group.

tag

new

the

old

This

certain

craft

has

a

basically

title

merit

in

and

does
the

that

aircraft

from"' manned

missiles

first

the

just

manufacturers.

glamorous

transition
to

really
were

aircraft

new

have

what

on

is the

Frankly,

is

aerospace

now

space¬

dramatically broadened

the scope of interest of the former
aircraft

and

manufacturers

suppliers.

Secondly,

why I

am

industry

^

bullish

defense

have added
ket:

both

medium
a

longer

term investment. To begin

with, I

the

will be

no

assumption

that

there

important disarmament

accomplishments. This is perhaps
a

harsh

feel

viewpoint, but I

that

the

disarmament
national

Space

been

•

previous
or

do

not
at

efforts

the current inter¬

situation

one

of

the

The

years.

any

great

as

where

we

could

chance

a

material) cutback in * pur defense
capabilities. Even
tion in the

army

present arsenal would not

have

continued

xoughly
the

as

years

and

ago,

moon

any

effect

development

sophisticated,

advanced

neces¬

the

upon

of

more

Market

of

another

the

likely

our

the

39

Broadway, New York 5

Bretey 14

DIgby 4-4970
i

vo

,.u5 civ!;Vsjmc

s •.'

*.

-

■

/'

Control

universe

Data

market

and

Indications of
Market

velopment than it

;

NSTA

/

have
is

in

space

an

Activity..

12

(The)

15

.___

—

——

17

-

16
4

Utility

Securities

—

___

Security Salesman's Corner.______—

(The).—_—ii;

Tax-Exempt Bond Market

as

——

Washington and You

development and produc¬

Ga$ Prod

10.67 Warrants

Singer, Bean

SlMackie, Inc.
HA 2-9000

40

Exchange Place, N. Y.

Teletype 212 571-0610
Direct

27

Security I Like Best (The)
State of Trade and Industry

States

19

—

Prospective Security Offerings

de¬

Coastal

13

Governments—-

on

Securities Now in Registration

pro¬

well

Notes——

Public

two,years

as

Business

Current

Funds

Our Reporter

Major responsibility for the
effort

Common

15
38

_____

News About Banks and Bankers—

now

and

Cap. Ltd.

Coastal States Gas Prod.

8

;_

Observations

and

we

was

Recommendations

23

and You

...

Mutual

which

research

39

ing to Labor?"

our

-

Capital

Electronic Int'l

5

.

com¬

44% greater in terms of

curement

.

.......

From Washington Ahead of the News

the

defense

applications,

Investment

13

Einzig: "Has Fords Saved Britain From Surrender¬

pre¬

:

purposes.

-

_

Dealer-Broker

in

Electronic

16

Stocks

Current News in the Field

by¬

and

1

(Editorial)

Commentary

knowl¬

our

See It

Coming Events in the Investment Field..

al¬

efforts
storm

and

between

available

for the

R.

Regular Features

being

important

broadening

of

S.

J.F.Reilly&Co.,Inc.

10

in
the

to

in fact

space

of weather

Thus,

U.

6

*.«

billions

and

be
been

of

dictions;

ago.

5

•

However, there

area.

to

have

products

some

Hagensieker—

—Robert.R. Dockson 16

getting

added

spent in this

space

L.

The American Economy's Potential audi Problems

Bank and Insurance

for

edge

Earl

Pierre

tion

terms

and the

probing to other planets

or

ready

STRATEGIC

following

MATERIAL

Investors?—

As Wc

are

the

Industry

January!.- ,'

race

of the National Secu¬
includes

and

President-Elect

beyond is perhaps ample justifica¬

35
2
23

14
6

Chicago

Wires

Cleveland

Philadelphia
St. Louis

to

Los Angeles

San Francisco
Washington

40

——

tion of defense weapons rests with

other

industry. And, what

major

industry has

prospects

that

announces

its

The COMMERCIAL and FINANCIAL CHRONICLE

such

Published

major

spend!

•

'

•

Twice

months in ad¬

v

-

Weekly

25

\

Park

Place, New York

claude
-r

d.

COMPANY, PUBLISHER

william

Dana

degree

of

lends

a

page

MOItRISSEY, Editor

E. F. Mac Donald

Every Thursday (general news and advertising issue) and every
Monday
(complete
statistical
issue — market
quotation records,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St., Chicago 3, 111. (Phone STate 2-0613).

immunity to the busion

J.

Thursday, November 29, 1962

considerable

Continued

weapons

REctor 2-9570 to 9576

GEORGE

This advance planning of avail¬

funds

A

'

seibert, Treasurer

Business Cycle Immunity

able

'

7, N. Y.

President

seibert,

■<

Reg. U. S. Patent Office

-

DANA

WILLIAM B.

exactly how much it has to

vance

the

or

Convention

How Will Proposed Railroad Mergers Benefit

budget to be presented to the

space

OF NEW YORK

the

to

Aid—Gordon L. Calvert

of

The! prestige alone involved
the

devoted

is

nition—Retiring President Charles A. Bodie, Jr.

,shaj;p, rise is indicated in the fiscal
1964

issue

State-Local Independence Theatened by Federal

four

budget

today's

S. B. I. C.

1

OTC Market Is Gradually Receiving Just Recog¬

small reduc¬

a

standing

FUTTERMAN CORP.

19

the pages indicated.

—NSTA

recent

'•

three

customer

sarily

is

Annual

on

OTC

growing

in

of

1963: Year of Decision for the NSTA

has

obligational

new

budget

sion

Communist pressure to the

GLICKMAN CORP.

A. T. Lambert 18

„

Being Sent Member Banks__

Traders Association

articles

authority granted to NASA in the

assured

point

rity

Aeronautics!

fastest

TWO

concluded

mar¬

new

agencies

the aerospace

indicate

Daniel M. Kelly-17

-

proceedings, editorial and pictorial, of the recently-

The civil¬

Administration

Government

important relaxation of world ten¬
or

entirely

an

the space market.

and

SECTION

we

knowledge for defense and

a
as

CROSS COMPANY

12

More Articles in Section Two

•

efforts,

ian-directed National

the aerospace

on

from

make

years.

number of reasons

standpoint and

term

ABA Centennial Kits

rise

to

<

top of the already

on

substantial

munications
are

/

defense

our

physical sciences and utilizing

Bullish Prospects

There

that

billion, level in coming

Congress in,-

industry.

aerospace
name

the

in

examine just what

us

in¬

tremendous

opportunities

aerospace

Let

should suggest that

alone

9

Canadian Economic Outlook—Financial Conditions

experts

continue

YORK

4-6551

moderately from the present, $50

times

there

will

current

This

Government

Along

but I

industry,

aerospace

outlays

NEW

WHitehall

Ralph A. Bing 10

.

recognized

Shoemaker

Tadashi Ishida

this

become

STREET,

Private Placements and the Investment Bankers

that defense is here to stay.

or

WALL

Telephone:

Japan's Capital Inflow Stays at High Level

dominated the American economy

generation

H.

portfolio.

aerospace

99

Hawaii Offers Worthwhile Investment

and

view,

7

New Growth Factors in Hawaii's Economic

load, and the nature of the aerospace programs make this argument
untenable.

Obsolete Securities Dept.

Morgan J. Davis

__.

Way

Bid

4

Outlook for Petroleum and the Natural Gas

project cancellations,

a

22

Copyright 1962 by William B. Dana Company
<

-

„

All

rights reserved. Reproduction in whole orjn part ;
written permission is strictly
prohibited.

without

For many years we

have

specialized in

PREFERRED STOCKS

MONDAY
United

Union
other

In

Members

New York Stock

Boston

Nashville

Newark




U.

countries

$72.00

States,

$20.00

U.

TELETYPE 212-571-0785
Chicago

Schenectady

Glens Falls

Worcester

in

per

Dominion

OTHER

Postage

Quotation

extra).

Note—On

-

ONLY

<52 issues

and

per-yearj in Dominion
$23.50 per year.

and

issues

Canada

per

year)

of Pan American

$68.00

per

year;

year.

Possessions

S.

(104

members

of

members

Canada

of

per

of

year)

Pan

$21.50

American
per

year;

W* V. FRANKEL & CO.
INCORPORATED

countries

Bank

4, N. Y.

RATES

EDITIONS

Possessions and

S.

year;

Exchange

'

Albany

THURSDAY

per

other

ST., NEW YORK

TELEPHONE HAnover 2-4300

$65.00

United

Union

Founded 1868

BROAD

AND

States,

THURSDAY EDITION

Spencer Trask & Co.
25

postage paid at New York, N. Y.

SUBSCRIPTION

In

L I

class

Second

aeeount

/

$45.00

•

-ofv the

per

year

(Foreign

WHitehall

3-6633

»

fluctuations

in

remittances -for ^foreign subscriptions, and
York funds.
■>

made in New

39 BROADWAY, NEW YORK I

PUBLICATIONS

Record—Monthly,

the

rate

of

advertisements

exchange,

must

be
'

Teletype 212-571-0606
212-571-0601

4

The Commercial and Financial Chronicle

(2236)

to

up

The Mosler Safe

Company

immediate premium, and

an

brought

l—*ers

1,700

over

new

Mosler, whose
decades

safeguarding

property, operating profitably, and will, this year, vault to
highs in sales and earnings.

corporate
it

is

scene

nice

-

have come on the
in recent years,

that

panies

review,

to

today,

an

card

of

with

batch of

to

than

at

Such

a

Safe

time in its history.
is The Mosler

any

company

Company,

its

executive

Mosler, PresiMosler, Jr.,
Chairman, great-grandsons of the
of John

guidance

and Edwin H.

dent,

Not

founder.
pany

only has this

com¬

survived magnificently, but

in

systems
and

electronic anti-intrusion sys¬
These

tems.

and

areas;

V

to
•

.

financial institutions, especially in
connection with drive-in banking

depository

night

device

latest

is

facilities.
"Auto-

the

Banker Snorkel" which

vision,

ship.

classified

for

The

proprietor¬

tele¬

uses

communication

voice

and

pneumatic tube carriers to provide
Security Products

"safes",

for

its

location

over

all

found

now

the

veloped

world, in the vaults of financial

corporations,

in

institutions,

advanced

an

renowned

is

Mosler

institutions

this

the

Mosler

has

will

building;

and

the

Declaration! of Independence, the
Constitution
and the
one

of

United

the

of

Bill of

Rights, housed in

world's

the

States

safes,

largest

in the National Archives

Washington, D. C.

Building,

The combina¬

Inter¬

stressed

always

last

little

or

vice

40
no

years

"safe"

a

with

more,

or

attention, reliable

vaults

and

Mosler

performs

on

needful.
its

Whereas

ser¬

systems

is

under

warranty service, and repairs

and

supplies

parts

general

and

services to its customers, through
a

260

day, the doors to untold wealth.

ates out of 55 service locations in

equipment,

19

safe-deposit boxes, burglar resis¬

This Division

persons.

centers

and

from

There

was

decline in net

a

scale

broad

for

training

development costs, and extensive

production control studies.
special efforts

handsomely.
ings

rose

is

Net

components

of

a

newer

consisting
blast

of

resistant

shelters, radiation-shielding doors,
and

other structures.

Office

and

For

1961,

sales

this

Systems

The

major product

fire

resistant

uncomplicated,

1,654,519

derived

were

is currently quoted

net

earnings

for

are,

protection

price/earnings
ity

multiple

earning

and

be

could

plemented

in

rate

from miscellaneous

Mosler

of

of records.

the

United

due

Mosler started out

able to

common an

that

Vital to any business is
quick ac¬
cess to records.
In this area, Mos¬

entire

rotary files under the
These filing

by

an

equity,
see

short time,
in Mosler

money

banking, the need
of

records,

valu¬

and securities, in

an

of nuclear war; and the great

demand

Mosler

automation

for

offices.

In

Safe

these

in

busi¬

areas,

The

adding

line

of

trademarks,

"Selectronic."

systeips enable

an op¬

as

is

active,

lustre

new

to

a

dis¬

Corporation in

equity

was

tember

shares

has become associated with Cough-

issue

however,
Mosler

stock

$13.50
well

was

were

per

260,000

Safe

Com¬

publicly

share.

received,

The

moved

and

gains tax

brokerage commis¬
and other expenses),

stored
sions

(plus

Company,

Inc.,

Security

ness

a

announce

limited number

that

of

cago

in the

Mr. Jensen, who
investment busi¬

for many years, was formerly

was manager

of the

office of Eastman, Dillon &

market prices wise,

and

MERCURY PHOTO CORP.

which

culable.

SERV0TR0NICS CORP.
(New Issue)

of

Chairman

Southwestern

of

the

Public

Board
Service

Company, will be guest speaker at
luncheon meeting of the Phila¬

delphia Securities Association

GENERAL SECURITIES COMPANY, INC.




PHILADELPHIA, Pa.—Herbert L.
Nichols,

New York 19, N. Y.

gains discussion, is the giving' of
to the

tax strategist.

expectancy of the

This factor is rendered ihiportant

by reason of the statutory wipingout of the taxability of accrued

completely

today's mood of the In¬

ternal Revenue boys.

Comments

on

Lowering of

Japan's Bank Rate
bank rate

official

the

cut in

The

by the Bank of Japan, Nov, 26, to
6.57% from 6.9% will have no ap¬

preciable effect on the inflow or
cording to Rikuro Takahashi, New

The

tax-investing

maneuverer

Agent of the Fuji Bank, Ltd.,
40.7 Japan's largest commercial bank.
year
interval (46.1 years if a "Despite the fact that Japan has
female) before death-dealing ex¬ the highest discount rate of any
aged

should figure

30

tinction

accrued

of

on

gains

capital

old investor

31.6
years;
(36.1 in the case of a
female). The 60-year old can fig¬

tax;

40-year

a

(19

16.1 more years

York

a

the

in

nation

Free

authorities

cial
very

term

witnessed

short-

in

movement

little
or

World, finan¬

have

the so-called 'hot' money.

on

years

Virtually all foreign capital mov¬

if

female); with the 65-year old

ing into Japan is the type of stable

a

counting

(12.6 if

10.6 years

on

a

fact

the

is

expectancy—by two to three

on

"This

tend

to

more

the

make

older

loath to cash-in ac¬

gains,

capital

as

well

as

on

Oct.

to

encourage

27, is primarily a gesture
the Japanese econ¬

omy," Mr. Takahashi stated.

a

happier to switch into new com¬
>.

■sold.

'A '

■

One

the

of

an

tax-

"marking-up" of one's

of Japan has

Bank

opportunity to assess the
the

of

effectiveness

current

cyt.

"Although the Finance Ministry

bring the bank rate in
rates

with

on

a

the

gradual basis.

very

"This

in

elsewhere

steps will be taken

world, these

unappreci¬

generally

are

the

until

ent

had

of

ad¬

further cuts for the pres¬

any

line

specific

as one

We do not ex¬

our economy.

hopes to

Gadget

Specific

considered

continuous series of steps to

pect

mitments from those which he has

latest

be considered

cut, however, may
a

confirmation that

taken

fruitful
losses

only

losses.
the

if

about to

is

Losses

carried

is,

that

of

This
of

is
the

expire.

one

forward

use

year

five

be

can

years.

The

mark-up can pay off in the fifth
the

would other¬
waste. Before then,

go

prematurely taking of it accom¬

easing
time

.

'

■

■

very

♦These

little from the

tax

The

life expectancy data

from esti¬
of

by the Statistics Department
Metropolitan Life Insurance Co.

mates

rates

of interest
not

will

-■'/

.

upset

the

'

■

"

'

:

■

'

.

Barr Brothers

Admits Derrey
Robert

F.

mitted

plishes
Smith,

Barney & Co., is in charge of ar-r,

this

at

losses

wise

to

the

that

present economic balance."

Wednesday, Dec. 5, at the Barclay

of

loWer bank rate, fol¬

new

lowing the earlier cut from 7.3%

incidence just

tax

gains

capital

crued

the time limits

of

Hotel.

Pearson,

economy.

"It may be

Recognition

needed by

investment

long-term
our

if

rangements.

a

outflow of short-term money, ac¬

capital gains vi$ death.

year

J.

—

time,
out
of

any

and life

age

on

Edwin

assumption at

in

over¬

selling and the Government's economic ad¬
immediately buying back securi¬ justment policy of the past 15
ties with profits to offset
pre¬ months has proved successful and

To Hear

a

available

CI 7-4400

omitted' in Tax

with general capital

Switch, along

viously

Preliminary Prospectus of

being

appraisal

FACTS-OF-LIFE
Also materially

securities;

and the

101 West 57 Street

cal¬

is

tax-loss

future

a

is

phony

a

surely

order

the

that

from

basis

cost

the

of

reduction

ated is the

Phila. Sees. Ass'n

for the first half of Fiscal 1963

now

the prior

will have been offset by

tations

are

advantage

switching

initial

prompted maneuvers whose limi¬

Co.

Progress Reports

by

to

assuming

value

current

goes sour

sue

municipal department of the Chi¬

pleased to

the

ac¬

painting raises

benefit

really

are

dubious

investor

been

anyway,

that the

contending

tax-saving

owner

newly acquired is¬

Stock Exchange.

prior thereto

T
are

the

And if your

should

with Bache & Co. in Chicago and

We

Those

stated

Building, members of the Midwest
has

item

property

crual of profit on a

years.

lin

donor

the

liquidated his profit

have

laden

DENVER, Colo.—Henry J. Jensen

privately held. In Sep¬

The

at

issue,
your
capital
obligation will be re¬

liquidated

life

From

pany common

offered

CoUghlill & Co.

entire

1962,
of

unless

Actually,
would

the

equal proportion to

in

that in¬
dividuals
on
pension plans, as
with
annuitants, enjoy a higher

the

1962,

"you make money by the

giving."

Also of interest in life-tax con¬

1895.

until

year

New

fect that

ap¬

(the ef¬

subsequently

issue

switched-into
rises

siderations,

partner¬
a

capital

"capital

your

female).*

name.

H. J. Jensen With
a

substantial

which

preciation has accrued, to

ure

Company

progressive, profitable and stead¬
ily

tax

taken

widely

glibly adopted credo

the

is

fictional

the

have

gain"
issue. neither an art
object nor a se¬
your
investing judgment is
curity affords a net give-away
vindicated,
meaning that the benefit.
on

number

a

of

that

If

consideration

issue that may respond

protection

ness

op¬

a

accrued

sup¬

stock.

jthem, for only

prudent buyers

Park

320

ship in 1848, and became
York

and

in

the

on

While investors have had avail¬

Main

Going Public

These

Laboratories, Inc., standards.

"Revo-File"

at

$.30; but

course,

States, aggregating tinguished corporate
feet of floor space.

745,000 square

ers'

an

balance

sources.

is

is

earnings, and

declaration

extra

age

the

of the tax bill which had

Present

increased

basis of present

cus¬

and

postponement

an

safes, insulated

for the most part, manufac¬

produces

systems

facilities, 9% from

service,

for

power.

dividend

annual
this

ables,

tomer

ap¬

basis—creating mere
but not avoidance

cost

your

equity of such demonstrable qual¬

sys¬

tured to conform with Underwrit¬

ler

office

and

This

1962.

to be an exceedingly modest

pears

issue

"loss"

the

from

entails an immediate reduction in

the

common

hold

on

Overlooked is the vital fact that

pre-

14V2, about 12 times indicated

equipment, 18% from security

cabinets and other equipment for
the

shares,

common

term debt.

of

erates eight manufacturing plants

here

of

consisting

ceeded by only $1,083,409 in long

tems and

in

items

earn¬

Capitalization

year.

this interesting

Avenue, New York. Company

Equipment

are

office

office

Office

share'

per

expected to exceed

are

to the growth in

products,

These

paying off

from $.48 in 1960 to $.93

in 1961 and

$1.20

are now

for

of

program

personnel, heavy research and

45% from security products, 26%

against theft, Mosler has

earn¬

ings between 1957 and 1959, due to

Typical
legends

ART

applied to both art and securities,

capital gains.

switching

opera¬

SECURITIES

AND

offsets

capital losses to offset

tablishing

in

$30.4 million in 1961; and

from

line

re¬

estimated $34 million this year.

an

protection of

and valuables

in

million

$19.7

tant safes, designed primarily for
money

earning

Sales

GLIB ILLUSIONS IN

single

a

practical

the

of

find

to

costly

a

tion.

of

glorified advantages of es¬

to the

standpoint, and is

Tax L Switching

have risen quite dra¬

years

matically
1957 to

around

growth.

oper¬

major regional districts.

failed

have

mention

special division employing about

tions of Mosler safes unlock, each

In addition to vault

Mosler Common

at

prompt and efficient service on its

gold at Fort Knox, the billions in

hattan'Bank

with

Customer Service

the vaults in the

Chase Man¬

remote-

Mosler has de¬

jointly

installations.

new

in

we

the

advantage

take

Opportunities, in

Investment consideration of this

The

re¬

protect

by many secur¬

national Telephone and Telegraph.

Governments.

and

installations

facility

banking.

tailing establishments, educational
Mosler

to

a

tion

has continued well into the fourth

family

the Gov¬

sold to

are

ernment to provide special protec¬

uniquely, managerial competence
of

hold-up

customary

investor

equity

and

burglary

—

the

of

flood

the

and recommended

ity analysts.

power

complete security

are

In

literature -caj oiling

a

Mosler protec¬

among

tion devices

actively

over-the-counter

the

GREETING THE TAX SEASON

company,

stock

seasonal

cent

and

generation

in

records

385,000 such records.

Included

public

a

common

accommodate up

can

operated alarms, photographic surveillance,

now

effective

the

under

num¬

seconds.

Security Systems

dynamic company today

legend in the citadels of

a

market, and appraised, evaluated,

single unit; and "Selectronic" up

depressions, sustained a top rep¬
utation for quality products, and
a more

large

a

three

business

20,000

file

required

a

in

same,

"Revo-File"
to

is

extract

record from

or

ber

enterprise that has been in busi¬
ness for well over a century, sur¬
vived five wars, a whole

to

erator

MAY

had been for

name

finance, became

new

traded

With all the myriads of new com¬

WILFRED

A.

Thus, in less than three months,

,

Describing a company that, for 114 years, has been

Thursday, November 29, 1962

.

OBSERVATIONS...

stockhold-

to the company.

BY

By Dr. Ira U. Cobleigh, Economist

.

.

to

Brothers

Derrey
&

has

partnership
Cb.,

New York City.

40

been

in

Wall

ad¬
Barr

Street,

►t

Volume

6216

Number

196

.

.

The Commercial and Financial Chronicle

.

(2237)

"Size, is

heed

replied:

tant.

The principle

only

BY

R.

M.

full page

a

few

from

years

Lock¬

now,

But if this industrial

longer exist.

dollar

half-billion

giant—a
bination

machinery

and

of brains

com¬

resentative retorted that the com¬

pany's

shop provision
offer

ment's1 economic

tained

heed

ing

will

for

have

gone

good

cause.

a

down fight¬

The com¬

will have been destroyed for

pany

a

tion

to

fight for

principle: that

a

citizens

American

inalienable

majority

which

rights

vote

certain

possess

even

take

cannot

a

away

The

the

and

IAM

strike unless it also ob¬

a

increased

union

all

union

security—

shop which would

of Lockheed's

the union

force

workers to join

lose their jobs.

or

The IAM

with

even

Presi¬

the

dent's help it was unable to force
Lockheed

cided
The

to

back

call

to

for

down, and de¬
additional

Government

not

was

help.

long in

responding to their call.

heed

has

labor

been

negotiating
of

Association

the

union

ing

agent for

pany's

the

with

contract

tional

months, Lock¬

seven

which

31,000 of the com¬

55,500

employ¬

California

Shortly after the I AM began

ees.

negotiations with
three

other

President

the

the

board

man

firms),

Kennedy decided to in¬

in

tervene

(and

Lockheed

aerospace

A three-

dispute.
set

was

situation

study

to

up

recommend

and

a

According
the

that "no

The President's Position

union

shop,

demand for

At

a

in

S'eptember,
agreed

with

ommendation

pic¬
that

board's

rec¬

the

and

sided

openly

to jus¬

He attempted

tify this unprecedented display of
Presidential bias by
the

tion to

calling atten¬

fact that

"most

industrial companies or

accepted

a

union

the

ago.

years

amend¬

or

or

subsidiaries

without

approval

the

Air

of

major

industries

shop

of

any

the

Army,

many

its

specific

Navy,

Secretaries."

Force

will be

or

This

or¬

der, it is reported, will remain in
"for

effect

long

as

ernment's

affected."

In

the

to bear

Defense

even

the

com¬

on

(Department

that it

ering "alternative

bring

was

strike did take

a

that,

the

as

and

act

place.

decided

Wirtz

Secretary of La¬

new

join

of

labor.

peared

attempt

blatantly

justification

pro-Union

played down
the

since

union

the

of

ferred

to

made

so,

acceptance

which

shop

was

was

necessarily

(and

he

re¬

possible only

through previous government in¬

the

tervention),
brutally

nation that if
the

to

President

when

clear

he

he

TV

was

board's

responsibility would be

"the

that

stated

the

to

tion

at

question
should

Lockheed.

other

is only

now

be

elec¬

an

think

I

that

there should be."

protect

our

to

American

Voted Against

be

the

a

strike at Lockheed, the Govern¬

ment

would

receiving

companies

President's

surrendered
threat.

agreed to incorporate
provision in their
tracts

if

new

least.

at

a

to

They

union shop
labor

con¬

two-thirds

one,

surprise of almost

however,

the

union

every¬

employees

all three companies
the

of

voted against

shop and the IAM

was

forced to withdraw its demand at
those companies.

Lockheed
contract

the

to be

Protecting

union

and

its

plants.

a

union

When

Lockheed

employees,

per¬

shop vote at

posed-to-submit its offer to
of all- its

con¬

absolutely

neces¬

a-

Rights

the

of

pro¬

a

vote

union

.rep¬




the

option

100%.

bonds

of

ranging

However,
be

may

heads

York,

Co.

&

Inc.,
of

group

a

New ceeds

under¬

writers which is offering $65,000,Pacific

000

first

Gas

and

Electric

&

refunding

Co.

of debt incurred at

from

none

Pacific

1995 at 100% and accrued interest.

Gas

engaged5

26,

awarded the bonds
bid

its

on

of

99.377%.

will

ing

become

initially

part of the treasury

funds of the company and

will be

&

Street,
•

Electric,

San

principally'

electricity

of

245

Francisco,

and

in

is

furnish¬

natural

gas

throughout most of northern and
central

I

Proceeds from the sale

pro¬

inter¬

an

the company of these bonds.

mortgage

Market

Nov.

of

redeemed

est cost to the
company of less
than the effective interest cost to

bonds, Series II, 4V4%, due June 1,

The group was

re¬

the

has

California.
estimated

an

approximately
the

cludes

The

territory

population

7,230,000

and

of
in¬

City of San Francisco.

conse¬

is not

principle

a

for it, and

cannot

it is

even

fore

strike actually

a

will

face

serious

any

new

So

shall

we

If,

30

other

ago,

years

forward

decision

and

difficulties

in

it

complies

unconditionally

union's

demands,

with

then

the

justified in boasting to its

members
dent

contracts—unless

that

"our

allies,

Presi¬

Kennedy and Defense Secre¬

tary McNamara and others high
in the Government, stand with us
in

this

with

the

the business

not

com¬

of

fear

living

be

now

the

Govern¬

ment, never knowing which com¬

industry will be next to

or

pany

brunt

feel' the
edicts

the

of

arbitrary

emanating from the White

What Might Have Been

to

compromise—had

the

to

refused

it

power

ration

Govern¬
acquired
today

possesses

major

a

it

tell

and

the

have

would

never

to

expediency—during

to

to

corpo¬

submit,

or

with horror the

growing trend to¬

ward statism in America, but who

"What

cry:

have their

now

has

won

that

do about it?"—

can we

Lockheed

answer.

for itself

a

place of honor

distinguished list of Amer¬

"We know that

they
is

the

only

in

are

right

And

that

we

wrong.

are

one

business, Lockheed
to

defy

the

Gov¬

ernment's strong-arm. tactics.
company

has stood firm in its

that
of

union

its

even

if

over

The
con¬

two-

employees voted for

shop (only 55% have

ac¬

tually joined the union thus far),
that majority still has no right to
force

the

minority to join

or

lose

their jobs.

When asked how large a minor¬

ity- it

-was

-trying to protect, Lock¬

bring investors

report on what modelrn

contributing to science and industry—in the

are

important advances

cryogenics, exotic fuels, and.pt.her scientific fron¬

sure

don't miss them,

you

the

use

coupon

below.

The

growth in shareownership has brought about

a

striking

change in the ratio of employes to shareowners. A ten-year study of
of America's top

some

corporations shows that while employes

were

rising 18% from 1951 to 1961, stockholders increased 81%;. You'll
find the

chart

interesting facts in "Owners and Employes." Includes

a

comparing 38 leading corporations.

Exchange of the Future" gives

view of dramatic changes scheduled
A machine that reads and a
a

revolutionary

ticker

the sup¬

deserves all

that

know

be

the

one

of them

of

victim
for

quest

the

universal

union

are

components of

unprecedented speed. Tickers will operate at about

double their present

rate. Details and

a

schematic diagram in the

November issue.

i

an

informative piece

on

listed. A timely article

four companies whose
on

record dividend

during the first 9 months of the year. And another installment

of the

popular "Investor's Primer"—this time explaining the mys¬

teries of par

and book value.

of

establishment

a

shop would mean the total

You

can

in your

have the always

interesting exchange Magazine dropped

mailbox, fresh from the New York Stock Exchange, simply

by sending the coupon below with $1.50 for the next 12 issues.

destruction of their right to work
free

from

compulsion;

citizen

every

freedom

Lockheed

is

from

and

America,

in

whose

risking

having, and
is

nothing

States

not—and

peace

(12 issues for only *1.50)
estab¬

was

and

such

should

men

not—exist

need

the exchange

only in

history books.

Future historians will
was a

recognize

single

exam¬

ple of such men in the 1960's but
how

will

American
who

led

they

judge the

rest

My payment is enclosed. Please enter a

Magazine:
□ For me, beginning

Your

with November issue.

For each name on the attached list. i un¬

derstand

a

card will be sent announcing my

gift, starting with the January issue.
name-

of
address.

industry and the
it?

tb-28

New York 5,"N. Y.

year's subscription at $1.50 to the exchange

□
that Lockheed

Magazine, Dept. 7

11 Wall Street,

without liberty

than slavery. Such

more

convictions

our

Give THE EXCHANGE Magazine for Christmas

its

existence to fight for.
United

men

response

to

CITY.

-ZONE-

-STATE.

Lockheed's courageous battle will
determine their

verdict.

pay¬

ments

power;

employees, who know that

from

the

any

next

computer that talks

system will flash trading information throughout the U.S.

and Canada at

port it can get: from businessmen,
who

pre¬

communications system that is planned to be in

stock has been newly
Lockheed

fascinating

operation by early 1965. Even sooner—perhaps early in 1964—a new

Other features:

issue."

this

new

a

for the N ew York Stock Exchange.

consider

we

by men'who believed that

continued

in ultrasonics,

patriots bv proudly announc¬

without honor is not worth

has

a

November issue. Future articles will appear on

view

peace

its government

optical systems

"The Stock
who

businessmen

Those

lished

result of losing all

fresh miracles of science is

on

face bankruptcy.

destroyed

a

the New York Stock Exchange series to

ALSO IN THE NOVEMBER ISSUE:

pect of having its business totally
as

in

companies had refused

more

ment

Newest

up-to-date

tiers. To be

House.

If

Exchange Magazine discusses astonishing

advances recently made in space-age optics

their

The

real

Stock

compa¬

pros¬

very

can

golf ball at 800 miles

see a

stand

flaunt

openly

constant

in

very

fight."

Faced

that

"stand fast,' Lockheed

to

the rest of

and

that

contracts from

camera

impor¬

more

told, be¬

occurs,

The

up

nies had had the courage to come

Government's

present

stand

fast."

may

its

the

uphold

for it when it is

up

threatened.

pro¬

escape

should

you

stand

tant to

relevant
is

letter to

open

clear conviction that if you

fact

the

Minority

a

other

try,, but continued to refuse
for

new

any

But when Lockheed

thirds

benefits equal to any in the indus¬

mission

far-reaching

"We

and

a

wages

claimed:

ing:

viction

offered

with

justified in

fully

sary.

of

their employees voted in favor of
it. To the

is

to

these

at

a ques¬

basic freedom

A

concluding its

ican

IAM is

in

steel fiasco earlier this year, three

the

In

on

the

exhibited

this

that

the public, Lockheed proudly

appeared

the

of

such

tracts to Lockheed—if such action

White

the

be

refusing to award

the

as

of

tion

Second,

to settle

way

addi¬

prior to Dec. 1, 1967 from the

Stuart

Halsey,

14,000
to join

women

believe

we

right

nation's security. Thus,

placed in serious jeopardy due to

end of the unleashed power of
House

because
not the

lose

the

politi¬

union against their will.

the Government—and might even

Shop

on

and

openly blackmail

if any vital defense program were

obtaining

Afraid

105%

Bonds Offered

We be¬

force

to

wrong
men

the past few decades,

it

Union

is

tions and the

whether there

very

people."
Workers

it

mi¬

of

religious,

surrender

"recommendations,"

think,

I

protection

companies all agreed to hold elec¬

companies' refusal to obey

the

clear,

the

told

"the

lieve

show

network

a

strike resulted due

a

another

ap¬

The Government doos have

his

for

stand

widespread

the

Lockheed

behalf

on

Early this week he

on

where

the

on

Government's

the

strikebreaking

pro¬

right—in fact, it has the duty—to
the

principle:

munity would

of

means

Finftl^y,. Willard

part of collective bargaining."
While

American way of life

our

is also built equally upon

a

shop

consid¬

The union shop is

...

the union

on

Gov¬

adversely

are

order to

pressure

the

as

interests

duction" if

witlji the union against the four
companies.

Lockheed

week

a

indicated

he

ac¬

The company stated: "First,

because

sources,

last

cord'erenee^eaitly bor, he too should, get in

press

he

reliable

contracts

new

awarded

Ken¬

into the

nedy again stepped
ture.

sup¬

President

and

employees

of

something to be voted away."

Pentagon

decreed

then indicated

boar d

the union's

ported

its

issue.

quences.

ments to present contracts

pany,

Presidential

the

to

Pentagon

more

solution.

The

refuses to

company

cost

new

a

bargain¬

as

From

Pressure

Interna¬

Machinists,

acts

the

asked

who

the

at prices

company

ap¬

cept the decision of a majority of

norities—racial,

discovered, how¬

soon

that

ever,

from them.
For almost

why

critics

its

its properties.

deemable

throughout the country, Lockheed
answered

toward

5

The Series II bonds will be

newspapers

cal, and labor minorities.

refusing to submit to government

blackmail, and for its determina¬

new

excluded.

was

refused,

was

ordered

Lock¬

"a

high in arrogance" since the union

—fatally succumbs to the govern¬
pressure,

reached

proposal

applied
tions to

Pacific Gas

& Electric Co.

ad placed in

twenty

proximately
A

if

Company's Argument
In

heed Aircraft Corporation may no

same

is involved."

person

one

LEFKOE

unimpor¬

is the

ww-piVf

,.

.

I

'HtftfMik

T 4

„

The Commercial and Financial Chronicle

(2238)

6

Tax-Exempt Bond
A,.A

A

*

.

agreement as between the Presi- - ;
the unions corporations jn

%

•

DONALD D. MACKEY

BY

E
'

AAAAAutAg" prevail"
almost cruel

an

sible

tax-exempt bonds

The interest in

in

bond

our.

continuum

market

still

are

November 29 (Thursday)

~

East

Vista

Side

been

not

"general recently

as

better

to

point

,

tional

relationships. The
issues has

price

competition,

respite from the

little

but

shown

for .new

,

.

^een4iuung^ceni^c»tos,

fix

W

Th

Prices

still

those

m

.

back.

high level set a few weeks

highly fated new
issues have fetched bids that are
Generally. the

bonds1

is

have

for with but little

bid

been

than

$325,000,000.

under

present

as

inventories continues to

build-up

*

exemplify.

currently

2.83%

2.91%

week

a

Index

yield

against

In

ago.

this

sum,

Electric

market's

offerings

bond

Only

its high

at

•

3.123%

aver¬

was

more

August at

suit, inventories have been gradu-

ally building

yield.

about three points

matter of interest, a bit more

a

five

than
was

a'

ago.AA

Favorable Market Indices
A year ago most

experts
and

believed

bond

that

headed

lower

that had

•' ;

1

of our financial

economists

and

predicted

were

it

than

higher

points

year

for

prices

largely to do with mis¬

partly to

discernment

do with

tion's

ideological

cheap

money.

;

proclivity

is

It

lack of

a

Administra¬

the

of

for

that

notable

the

less

has

set

ease

in abundance during the

year

than

the

with

weaponry

dynamic

but

bare

has

volume

been

not

le

monetary

•

the

tors

negative market fac-

the

£

aggregate

'

Dist., Calif.

Grant Joint Union H.S.

^Hollywood,

>:

ca]|endar for-the "

issue

Rew

Cranston, R; I.______—

.

4,500,000 •1964-1980 : 8:00 p.m.
4.080,000 > 1933-1983 11:00 a.m.

Dist, No. 205, 111.—

•

"

*;

Recent Awards

„

Fla.

.

-1,015,000

1965-1933

10:00 a.m.

3,050,000

3964-1993

11:00 a.m.

1,100,000

1964-1983

2:00 p.m.

::

Mentor Exempted Village

SD„Ohio

-Williamsburg, Va.

1,100,000 1964-1983 Noon

__— _

the Thanksgiving Holiciay and the A A; AA; a/ V
December 6 (Thursday) .
-facf that _man> secunty people Henrico Co. Tuckahoe San. D., Va. 1,000,000 1964-1983 Noon
!,

a
g
Marietta City Sch. Dist., Ohio
re were $i26,000,0(MF the open Tyler Indep. Sch. Disk, Texas_____
pf taxexempt bonds offered in

mark^

^

onl

Cullman, Ariz,

^.

—

-

New York (State of), Albany-—
Victoria Indep. Sch. Dist., Texas

Were

bidding.

competitive

30,000,000
1,400,000

.

.

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

1,625,000 ' 1964-1981
2,400,000 1937-1077

;

:

12:30 p.m.-

December 10 (Monday)

■'

.

Noon

2,000,000 1964-1985
' 2,303,000 >• 1964-1983

'various Maricopa County SD. No/210, Ariz.

Illinois

(^64-1977)

for

was

$7 000 000

issue'

c'hica-o

of

there

Friday

notable

Gity

offered

—

2.00 p.m.

1963-1933

ot

total

List

Blue

.

.

g

ra

the present
to

at least,

concerned

be

It should

be

in

the

substan-

carry

more

the

in

it

and

past

opinion* that
future

to

tendency

a

tax-exempt inventory

more

than

0

noted, in this con-

dealers

among

tially

than

not

is

our

of

$500,000,000

as

an

the

with

Halsey,

Jefferson City School District, Mo;

•

Administration,

;

major members of

as

winning

group

"Trust

Guaranty

Georgia State Hospital Authority

-•

Lehman

Brothers,' Stone

&

Webster

Jacksongills Creek
Public Service Dist., S. C._______

daily

Wells &

8

'

Co., Na-

'

Fed¬

ax

u

tional

Ques ion

To what extent the

We allude to this brief interlude

cutting
the

income

market

difficult

is

to

is affecting
of

investors

but

is

It

measure.

factor

negative

proposal for

taxes

interest

City Bank of Cleveland and

Rodman

almost

a

■

&

Scaled- to

Renshaw.

account

the

balance

present

$4,810,000.

1964-1983

10,000,000

Ohio—

1.600,000
2,000,000

1964-1995
1965-1983

11:00 a.m.
10:30 p.m.

—9,000,000

—

—

Calif"

Los
Angeles
County,
Malibu
/waterworks Dist. No. 2.0, Calif.

.

Comedy •» Mwrs
1,000,000 1963-1992
On Monday of this Week the.' Mountain view Sch. Dist, Calif
1,340.000 1984-1983
seems to be in agreement over the
sale of $3,100,000 • Akron,Ohio,-... .- r : / ;•••;/, •.•
:
•
f
_n
I
,
v
need to cut taxes, the likelihood Limited Tax (1964-1983) bonds to
December 1J {Wednesday)
that everybody will agree on how the Northern-Trust Go. and as-,' Richmond, Va.
11,300,000
-—
to practically effect tax reduction
scoiates at a net interest cost of - West Homes Local Sch. Dist.^ Ohio
1,500,000 1964-1985
seems
more
remote than agree- 2.932%
was the feature. Tn this
December 27 (Thursday) •
ment
on
disarmament, for - ex-., bidding there was a comedy of Elgin, 111."
>2,600,000 1964-1985

tamly it will develop as an umm-

portant

one.

Although everybody

11:00 a.m.

December 18 (Tuesday)

Honolulu, Hawaii

•

-

Errors"

of

"Comcdv

1964^1992

11,935 000

December 17 (Monday)

.

-

Cleveland City Sch. Dist.,

Green Bay
wjs
in. GrOSsmont Jr College"Dist.i

cer-

Noon
3:00p.m.

1983,1982 Noon

6,500,000

■»

investor demand has been modelwith

1966-1993
1964-1979

1,500,000
1,800,000

r

yield from 1.60% to 2.75%, initial
ate

Noon/

- •

State Hospital Auth., Ga.

'

-

4:00 p.m.

December 13 (Thursday)

.

T

Inc., Mulianey,

average.

Co.,

Waukesha, Wis.

Pollock*

Bank in Memphis, Wm. E.

1964-1982

94,985,000

Washington, D. C
Richland

Se-"

National

First

Corp.,

6,500,000
1,495,000

Ga

Housing

Public

Morgan

are

Co.,

(Atlanta),

f-V Bank, ?c- Sea"'e Fir!f N?tio"al-Georgia
^
Braun, Bosworth & Co.,

rnnnnnannnrfn,erhthTf
the Blue List

Co., Inc.

&

-

Stuart

2 687V

•

Associated

distant turities

$500 000,000 will be offered
m

°

26?^

frQm

about.

that there is

nection,

number

a

as

eral Reserve.

Y/e offer NEW ISSUE

t

g

Cook County Township High Sch.

influences off-

bouyant market

7:30 p.m.
7:00 p.m.
7:30 p.m.
11:00 a.m.

This general market issue at•
<,/. December 11,(Tuesday)
tracted six bids with the group El Monte Sch. Dist., Calil
":>2,880;OS)0 ,l96501983a>.. 9:00 am.
state
and
municipal
offerings beaded ,by
^-trautSyeslaH Minn..- 2,500,000 '1985-1992 Noon
Co ,S1 Paul Port Authority;
This
figure
has
now
reached ,nc- the h,gh bldder at a 2'622% Somerset County, N. J-.
1,142,000 1963-1982" 11:00 a.m.
$533,865437 As a total, this is not
'
December 12 (Wednesday) .. k
necessarily indicative of a trend
'
f
* T°,
„
.
T
' Elyria City Sch. Dist., Ohio
5,760,000 1963-1985
1:00 p.m.
toward
excessive volume.
Howg
Bank account The other Elyria City Sch. Dist., Ohio
W00-, 1964-1985
1:00 p.m.
ever, as a symbol, it continues, for
four bidg
{ in interest cost Fairfax County, ya.___
._
-_
, 6,275,000
1964- 1988u Noon .
fen the

tories

of the

usage

possessed by

past

•

•.

thougn new

up even

economy

for

scene

____

ffiSwtSS:

reasons

judging the tempo of the economy
and

a

high grades

higher than in early August and,
as

tlon will generate almost chronic Nashville, Tenn.
8,000,000 1986-1993
.prl.Ge cutting and temporary-mar- Ouachita Parish S. D. No. 1, La.__
2,000,000 1964-1983
,re[aPses due to periodic glut, Salt Lake Co. Granite S. D., Utah
5,589,000 1969-1972
u" ®asy
money comp ex gtatesvi'lle, N. C.___i
1,750,000 1983-1992
f^mg0nIe^
with^its '
;:
December 5 (Wednesday)

%

been

not

natural re-

early

in

present,

As

very

issue

at

have

issues

new

well sold.

,

low .point

Thus the market for

is,

,

The

2.904%,

touched

was

a

inventory. For the past month or

Index

the

when

aged

as

present

1,084,000

1,360,000

.

Past week has been interrupted by

market situation and that involves

.

back

the

in

negative

1964-1985 "-2:00 p.m.
1965-1994- . 10:00 a.m.
1.965-1938 11:00 a.m.

9.000,000
9,900,003

2:00 p.m.
11:00 a.m.
7:30 p.m.

The

market

The

8'000'000 1964-1993 10:00 a.m.

8:00 p.m.

granted.

factor-appears

one

possible

y
nft

1983-1984

this

absorb

ability-to

point two weeks

week.

this

reached

is-

Possible Adverse Factor

be

may

purchased down one-quarter of a

2:00 p.m.

or tax-exempt, bonds will at * \ ^
,
— December. 4 (Tuesday)
] e as \ 'Approximate .its., present Anderson, Ind
7,750,000 !, 1963-2000
fveL Immoderate bidding due to Detroit> Mich
6,375,000 1965-1973
the over-competitive dealer situa- Garland, Texas
2,440,000 -3 961-1990

•

...

,

,

the

calendar,

total could be taken for

20-year high grade state and mu¬

point

(1965-1985)

the

to

generally available

relates that 13

nicipal

Street,

The

circumstances, can

revenue

added

sue

1964-1972

GVlnndnvl

.Despite the formidable obsta^
Rev. Bonds), Broward Co.; Fla.
cIes to a favorable Lend, we con- Gary Sanitary District, Ind
tinu€ : to >eileye that within Hemet Valley Union S. D., Calif.
moderate fluctuation, the market "Madison, N. J
'
•

-

averages

as

less

total

^nnnftftnnnP1M°Se V$19t,0°°
$200 000,000 Memphis, Tennessee

Financial

Commercial and

The

Chronicle's

end,

sched-

take this volume in a walk; Even

1

■

Slightly

Down

Prices

a

sales

issue

the slow

well

is not doing very

at

year"

the

uled

new

and

light

tentatively

avidity. However, the market

less

v

or

for some little

so

and

for

f

supply " of

presently

scheduled

.

,

bracket

visible

the

to

K

.ft<r

40%

market's promises to be
Through
peak and the lower rated issues time.
related

closely

^sense

makes

the

The

-

If S InH

v

,,

higher.

7:00 p.m.

1,728,219

.

.

,

7:30p.m.

1974-1982

.

(r,

,

19S5-1992

1,390,000

Dist., 111.

San.

&

Levee

feelings

our

up

2,200,000^

Township, Mich.—

prepared, to
wilfully , legislate Jefferson Parish La
nPrpmHAV q
as it was during
early fall. Busi¬ and thoughts concerning its near greater deficits on the argument
ness
activity varies ? within par¬ future movements. The market's that a consequent debilitating intechnical
features,
al- flation can be handled through Dallas County (General Obligation
ticular
spheres of quality, , ma¬ socalled
rICo"ntynBT, ^ TexasT—"
turity, and raiting, to an extent though less favorable than they bold procedures as it arises. • •
i
•
Florida. DevCl. Commission (Road
that has temporarily upset tradi¬ have

has

issues of

f0ii0Wijig tabulations we list the bond

Buena

of them, seem not

many

Thursday, November 29, 1962

$1,000,000 or more for which specific sale dates have been set.

as

there

and

.

.

Larger- Issues Scheduled For Sale

paradox. Respon-

representatives,

.

-

9:00a.m.
9:00 a.m.

.

ample.

on

two syndicates . made■
bids but the ■. bids were
as

errors

Until there is serious

agreement

reduction,

budget

of

which

better
' L

.^Continued

5

2^900,000

Hamih0nd'¥anto

OBLIGATION

MUNICIPAL
Price

•/

BONDS

PAR —Callable

at

103V2

A

.

Pomona,

California,

3 /2%-

State

Connecticut, State.,

.....

New

San Francisco

Jersey Hwy.. Auth.,

New

Bay Area

York, State

EXEMPT

&

FEDERAL

FROM

CALIFORNIA

OF

TAX

INCOME

Delaware, State.
New

SEND

YteiJ

INFORMATION,

FOR

libl.gatlon,

on

TAX

without

EXEMPT,

High

Los

3%%

1981-1982

Gtd.2i__A 3%

,

Calif:

i

3*/4%

3j05%~

(U. T.)

—

yb^t

Illinois.,—,,

New York, New York__—3%

'B.LOG-Tand oW*CH«Rr''

Nov.

SCATf4I, WAS H./MAirt 2-6830; A
•'

A-




* '•

" r

''

4

availability.

;

,

1974-1975

2.10%'

3.00%

3.05%^

-2.55%' East Carroll Parish Consolidated
2.85%
School District No. 1, La
;___ • 1,200.000
2.90% Hampton, Va.___—_
•
4,500,000
3.10%.
A
January 24 (Thursday)

.

1981-1982* 3.25%

,

3.00% * 2.85%

1981

:

A 3.10% ! 2.90%

1981
:.1981-.

\

A, .1980-'
.

A

-

■

t

'u' ''

'" 3.20% A3.1'5% A;. A"7 *

-

4

Canaan,

tAnn

9:30 a.m.
Noon

nnn

1965

1988.

2*00 nm

1,5°0,°00 1965-1988 v 2.00 p.m.

January 29 (Tuesday)
2,700,000
V
A
\

10:00 a.m.

• j

Calleguas Mun. Water Dist., Calif.

New

1965-1983
1964-1983

February 1 (Fr.dav)

l i'/•/'.!<'V.'
v-A

^

n

Lafayette Pansh' La-—

.7 'l

x

.

-p^Heb

T

"A:
•/,:3.25%;, :3U.0%•/;G.Relousas,'. La.
;'-

10:30 a.m.
'7:00p.m'

January L > (Wednesday)

'

" j

^

-

,

.

-

•

1,100,000
1964-1902
1,500.000 ' 1963-1982

2.80% "■ A.

28, 1962 Index=2.9307%:'

—

♦No apparent

15,000,000
■«

v-

2.90%

1981

1

3%%
3%%

La.

1981-1982

Philadelphia, Pennsylvania^-.,ZVi%
♦Chicago,

MaTy Parish

3.05%.. 2.90%,. Terrebonne Parish, La
3.00%
2.85%,. .
,
.
^ .

Bonds.

♦Cincinnati, Ohio

i

3.20%

1981-1982

.

2.90%

3%%

Maryland

.

. ,

January 9 (Wednesday)

Asked • Louisiana (Baton Rouge).

.

1981-1982

.

(N. Y., N. Y.), 3y2% :

Angeles, California

.

yV,

1,100,000

l,

1981-1982

...

A...: 3%%
:

Housing Auth.

Baltimore,

1982.;

3*4%

Pennsylvania" State—
(MEREST

STATE

-fiid

0

2:00 p.m.
■■■■'■».• k

pageJanuary < UVA°ixaay;

on

:

MARKET ON REPRESENTATIVE SERIAL ISSUES

GENERAL

1965-1989 "

\

a

_

Noon

Conn

T

4,500,000

1,800,000

_—.5
—

Volume

196

Number

.-

•

6216

.

.

The Commercial and Financial Chronicle

.

.

j

.

.

•

.

.

.•

•

•

.

hope

Outlook for the Petroleum

(2239)

.

improvement

for

from current

:

the

Refitting Co., Chief domestic affiliate of Standard Oil Co. (N.J.)

Natural

-its

in

own

1963 and .that the problems darkening, the

look will

be succeeded

Isms

.

resolved.

are

by

modestly and natural gas is
further ahead,

siderably
Davis

Mr.

1963

an

to

that

and

run

the

for .the

long-run

problems

for

petroleum
related,
dif¬

are
u

t

the

ferent. Several

to

total

h

in

T

about

of

these

words,

be

with

we

the

1920-1,960

than

more

by-con¬

years

the

over

long

df the

take first

s

pressing-'of < tour shortage

more

problems.

"

ug

Before 1957, the

rate

about

it

annual growth

oil

the

for

industry

was

6%, while after that

year

dropped to about 2%. The

however,

dustry,

in-

continued

to

operate—at least for several years
—without

apparent

an

awareness

that the growth rate had declined.

Consequently,
industry

capacity at
longer
the

phase of

every

continued

,

which

rate

a

appropriate
As

demand.

spare

capacity

prices

and

add

to

was

no

terms

of

margin

of

in

the

increased,

rates

of

our
new

costs,

return

were

industry's

To

understand

forecasts

show

weather

-

total

conditions

...

,

AX

,,

.

ularly
rest

.

c

the difficult task of
the

face

of

tenals

out

The

.

,

in

1956

and

duced

profitability.

,

rising

about 20%,

,

\

....

shown

that

stantial

recovery

time, produc¬

same

relatively static,

still

we

amount

have

of

ducing capacity.

a,

down

recent

in

of

pro-

The

growth

years,

operations to

in

but

the

capacity

ticipated, though the decline
be

to

pansion

of

stimulus

of

rience ;has

ful,

but

at

our

aggressive

capacity

early
been

least

under

postwar
slow
we

and
seem

ex-

the

expe-

painto

be

moving in the right direction.
So much for the so-called shortrun

problems.

many

years

checked

The

rate

to

tions.

dustry is now at
that

level

a

for

in

to

.we

Some
taken

adjustments

place

are

so

have

hold their

own.

ex¬

levels

provide

the

-

term

de¬

cost-control program

having;

now

help

some

spacing of wells. With steps
these,

as

the

industry

its "costs

reduce

industry,
and

itself.

As

can

the favorable'growth

attributable

least

salesmanship

do

to

was

for both

industry.

resources

on

was

by

the

Interior

been completed and

publicly.

It

American

consumer

served

be

concludes

by—and

best

choice

served

as

ical

oil

suitable

purpose.
consum¬

mittee.

endorse this report and

It

adoption by the

represents
those

to

who

would

the interest

to

con¬

and

to the

of

the

spirit of Ameri¬

enterprise.

Federal controls covering crude

prod¬

oiI;;= imports

are-'

another

the

of

of

these

in

the

ful in

promotion

of

use

stimulating the demand for

gasoline. Undoubtedly

stand¬

our

rity

and

should

proved,

time

particularly

that, despite
costs,

.

better

our

have

we

if

consumer

quality

could

we

of the fact

constantly rising
been

gasoline

supplying
at

no

in¬

crease

in price—except for higher

taxes.

Even

line

increased

which

taxes,
than

more

with

now » average

cents

10

gaso¬

controls

interest

the

of

ing with the public could be im¬
persuade the

be

to

being

to

is

of

stated

,ion

1962

was

•

good

a

•

,

.

sales

car

gairt

uje

an(J

in

First and

■

u

usually

jncrease
therefore

Pacific Gas and Electric

comes

an

see

if these

purposes

Ealeg

of

it

r

„

,

?

the year in which mandatory con¬

trols

were

eum

imports —excluding heavy
oil

fuel

instituted, total petrol¬
increased

—

During the
domestic

same

crude

about

production

Continued

on

Insofar

find




as

and

it

takes

Due June 1, 1995

1962

/.

P*" W"

o„,

Refunding Mortgage Bonds, Series II, 43-i%

Dated December 1,

weather and automobile sales will

^
Because

Company

that

assume

Price 100% and accrued interest
.

,rather than have good
'^orable.
unusual to

it

is

.

m

,

.

This announcement is not

only

we see

so

a

is made

modest

an offer to sell or a solicitation of an offer to buy these securities. The offering
only by the Prospectus which may be obtained in any State in which this announcement
is circulated from only such of the undersigned and other dealers as may
2
lawfully offer these securities in such State.
j
...

gain in demand for 1963.
Let's

side,

turn

with

now

an

to

the

HALSEY, STUART &. CO.

supnlv

assumption

that

A.C. ALLYN

CO.1

A

AMERICAN

INC.

SECURITIES CORPORATION

BACHE

&

CO.

petroleum import controls will not
be

revised
-

,

drasticall

+.

.

TT

Crude
...

LADENBURG, THALMANN

oil

BAXTER

shouldshow little change from
the estimated level of this year,

BURNS
WM.

Imports, under present controls,
would increase slightly and the
nation's production of natural
liquids

will
we

demand,
sources

develop! gain.

be

STERN

of supply

of

major

will show much

outlook"

BROTHERS &

HUTZLER

GOODBODY

COMPANY
&

DENTON,

POLLOCK

&.

BROTHERS

&

CO.,

INC.

&

CO..

GREGORY &. SONS

VAN

BURGE &.

ALSTYNE,

NOEL &.

KRAUS

IRA HAUPT & CO.

SHELBY CULLOM

INC.

CO.

BALL,

CO.

DAVIS &. CO.

ADAMS &

PECK

gas

BURNHAM AND COMPANY

somewhat.

the

A

BROS.

E.

keep in balance with-

none

This

up

SALOMON

.

U"lted S!ates

Thus, if

&. CO.

offers- little

JOHN
,

■

•.

November

C.

LEGG

'■■■■",

28, 1962

&.
.

FREEMAN & COMPANY
COMPANY
.

GREEN, ELLIS & ANDERSON
RAND

"

&
.

CO.

16%.

period, however,

motor

■

,

best to

seems

are

complied with. Since 1959,

automobi]eg

fuel In forecasting for jogg, h„,„_

they

reviewed from time to

:

6.8'rt.il-

such

-

year

which

sales,

approximately

.

with

new

$65,000,000

Jn-

be

secu¬

health

the

the

'

to

industry,

,&

_

public
purpose

national

maintain

domestic

gallon, the

a

seek
con¬

automobile travel would be help¬

Greater

com¬

decisive

a

out certain markets

carve

can

to

his

commend its

sumer

to

freedom of

industry and. all

should

trary

continue

—

to the fuel most econom¬

and

The

the

has been best

will

by

released
that

external

t our

public

our

Insu¬

and

policy matter. Since the

and

con¬

Senate

lar Affairs. A valuable report has

better job of

a

coal

fuels

vocally

so

reputation.

ucts

Price stability,

can;

earlier,

in 1962

mostly

factors. We

do much

said

I

the

year

Committee

answer

industry also
for

national

a

study of national fuels

a

this

well-being of

more

public policy is

of

by

energy

ducted

thus

and

policy.

result of pressures from this

a

ers

good position

of

area

advocated

can

a

of public

area

question

now

to

necessary

long

that

must add

policy which has been

to

that in future years
at

be

may

from the conservation commissions

The

already

expecting prices

to

reserves

our

are

the

the

As

the nation.

satisfactorily for long at this rate.

its.

and still contribute

Energy Study
In

to

to contribute to the

progress

con¬

with

cope

so

in the

nition

con¬

somewhat next year,

maintain itself in

industry,

our

continue

solutions

drilling

increasing

further

manufacturing' in

involved'

cannot

showing in
As I have men¬

desirable

seems

such

in¬

can

ca¬
en¬

only if its problems
and needs get appropriate
recog¬

a

ploration at about current

wider

greater

no

bad

Although

reduced

do

can

short-run

sistent with long-term considera¬

may

in the oil

return

in

year

through, regulations>encouraging

levels.

current

near

of

five

ergy at reasonable cost to tne

the

year,

considerable

,

is

still lower than desirable. The ad-,

justments

the

aUt0mobile

reaehed

sub-

reserve

refinery capacity has also slowed
ratio

in

ineo

10%. And

At the

erosion: of both crude oil
prices- has been, in

product

a

immediate problems must be

mand. In

An

than

The industry
certainly is
pable of continuing to provide

contribution, but I

however, and that

own,

additional

sri °" t sssmmwsm

tion has remained
so

it has

and

significant

no

•

years.

Between

1960,'drilling'Was re-"

by

our

meet

do-

to

("ffpS

be

recession year.
tioned
before,
the

to

try.

less

extremely cold with

was

Moreover,
for

ever,

cline

heetb

is

in demand for heating oil.

crease

with

^

reducing costs

services^ and mato check the de-

order

in

parte-

continually

for labor,

prices

cur-

been, faced

,

,,,

were

sold

have

us

-

,

.

operators

some

producers

of

,

by the Indus-

New investments

ry

m

necessitated
,

measures

tailed and

favorable

were

Early

consequent

a

corrective

position.

we

products

.

Corrective Measures

These

this,

and

and

ago,

of petroleum

tne
country's economic expan¬
sion. I repeat that it can make this

]

apparent

either

a

of

mestic. demand - in 1963 will • be along with the efforts made to
approximately 10,300,000 b/d, reduce costs;
through more effi¬
which will be a gain of about 2% cient use of manpower and mate¬
over the currently estimated level
rials- and better; inventory con¬
for this year. This increase is only trol, .should help the industry
about half the 4% gain experiprofit position in future years. •
coced this year, but better than
The industry must have better
the Sain of 1% in 1961. Most, of
the reasons why we expect this profits ^ if it is to continue r; to
slowing' down in demand are out- invest the huge sums of money in
side the control-oL.the industry; In the search for oil and gas that will
the first place, - some economists be necessary to meet"'future de^believe there will be a slight busi-- mand. ' The industry apparently
ness recession in 196?. Secondly, expects that profits will improve..
the.1962 figures reflect many fac¬
industry.

;

financial

not

solving

view the .outlook for prices, prof¬

we

that

maintain

readily

will

its, and- investments in the indus¬

we

Oik theside,

in 1963.

dp

tors .which

adversely affected.

indicative

necessarily

the

to

V

not

than

wjth, this; as a background, .let
now see what the industry
may

our

will

drilling

{he Conservation

will not be too

these numbers reflect volume and
are

years

years ago.

long-run problems. We should

or

hold

is pos¬

growth

some

live

was

wholesale price

will make great strides

we

toward

gain

a

it

high levels for sumer, and it
.-V' own problems

it. is

1963

winch

of

general, and in view of the large

1963 Prospects
(

Let

expecting

the

it

think

that

con¬

',

years.

oilsnore

' Commissions

-7

sible for both oil and gas in 1963,

risks

demands

creased
run.

by

because

dur¬

did

we

time, to

same

,

period.: In other

ing the preceding 40

Morgan J. Davis

are

Although

ap¬

have to expand output

we

siderably

the

1963. We

Btu's. and

quadrillion

and one-half times that

develop adequate supplies for in-

(

this

and will reach

82

during-the next 20

pre¬

at

uncertainties,

price of motor fuel is still

wnat

to

Although

gas.

plagued

Fed¬
added

retail

at

Aid from

I

a gain would repre-: progress for several years, and a
quadrillion Btu's which is- reversal of the trend is not an¬

one

justments, and

pare,

In

demand.

the

of

1980.: Such

sent 36

short-term ad¬

while

nex:

supply about 73%. of

by about 75%

dealt

meet

that in the

us

energy

proximately

must

of

demand.'

developments

o

needs

period, total demand will increase

created

to

is

gas

Louisi¬

have

Which

time.

some

of about 3% for the year over es¬

long-term

of recent years
a v e

in

years oil and gas' together will

continue

•

are

problems

*
..

to

Economists tell
20

the

substantial

of the petroleum

more

of

by

Government

operations

should show further improvement

preparations

increasing

industry. They
b

with

today

result

a

leases

expenditures

timated 1962 demand;

adjustments to

ance

short-

tion

^Federal regulation, demand for it
:

area

oil and gas reserves, we must bal-

remeni-

both

are

oiir

ing from oil
natural

back future expansion.

background

fuels,

tinued

pricing approach has
ceiling price concept which, if continued, will hold

a

there

that the

our

industry's efforts have been shift¬

:

he criticizes Federal regulatory uncertainties said to be
avers

in

changing growth rates of these

two

industry must be accorded adequate profit
equitable political climate. Turning specifically to

outlook, it should be

bered

years

commodities

sales

capital

Furmer-

to normal leasing costs
undoubtedly will set in mo¬

and

industry. The gain in demand in
has been extremely
rapid
and
consistently f greater

the

the recent

~

of

year.

greatly

of

one

as

level

tnis

.

the

v

of

>

Looking

.

con-

plaguing the industry and

way

3%.

by

is put at

that

incentives and

By

1962

than that produced in the preceding 40 years.

more

amounted

topping

-

•

as

growth

eral.

other hand,

out

the

offshore

ana

Gas

stand

than tl>atr

the prob-

expected, to-expand

ms

petroleum demand in the next 20

warns

natural gas,

seen

-

short-run out-

brighter long-run picture

a

During 1963 oil demand

to

by

expenqxtures

recent years

Oil executive is confident that the dynamic oil-gas industry will hold '

,

judging

-

-

Shift From Oil to

Natural gas, on the
continues

By Morgan J. Davis,* Chairman of the Board, Humble Oil &

Texas

mure,

Industry

And Natural Gas Industry

in

producing rates..

7 -

;v *

rose

page

39

(:

8

mation—Grande & Co.,

DEALER-BROKER

INVESTMENT LITERATURE

*

INTERESTED

SEND

TO

Report

—

Pacific

report

a

Also

Southern

on

Company.

American News

—

South

St., Chicago 3, 111.

available is

THE FIRMS MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:

THAT

UNDERSTOOD

Salle

<

Company

An¬

—

Air

Carriers—Report—H.

Cargo

Wall Street, New

Hentz & Co., 72

Also available are

5, N. Y.

York

Chicle and

analyses of American

Pharmaceutical

Lambert

Warner

O.

P.

Aluminum industry

Review

—-

—-

Gaivin Bullock, Ltd., 1 Wall Street,
New York

5, N. Y.

Industry—An¬

Publishing

Book

Stocks

Hawaiian

available

Also

of

analyses

are

Com¬

Collier Publishing

Crowell

Ginn & Company and Mc-

pany,

Steel

Industry—Analy¬

reference

particular

with

Corporation

Steel

Algoma

to

Ltd.,
Steel

And

Foundries

Dominion

Review —
Ltd., 61
Broadway, New York 6, N. Y.
Also available is an analysis of
Market

Japanese

—

Securities

Nomura

Co.,

Mitsukoshi Ltd.

Steel Com¬

Corporation Limited,

able

Limitpd—Equit¬

Canada

of

pany

Limited,

Brokers

Yonge

60

Street, Toronto 1, Ont., Canada.
Electronics

Consumer

with

New York

is

memorandum

a

Also available

6, N. Y.

Ebara Manu¬

on

facturing Co.
Market

Review

Securities

York,

Amp Inc.—Memorandum— Wins-

Cohu

low,

Stetson

&

New York

Litton Industries,

Corp.

America

of

Radio

Motorola,

Co.,

Magnavox

Zenith

and

^tadio—Thomson & McKinnon, 2
4, N. Y.

Broadway,^ New York
1

'

A

#•*

26

Inc.,

-

-v

which

issues

•

.

attractive—

appear

Butcher & Sherrerd,

1500 Walnut

St., Philadelphia 2, Pa.
Drug Industry—Study

of outlook

Broadway,

New York

2

Co.,

Also available

4, N. Y.

studies of Pendleton Tool In¬

dustry, Trucking Company Stocks,
New

York

San

Francisco

Air

St.

Brake,
-

and

Louis

Symington

Folder

industrial

Dow-Jones

the

the

and

over-the-

35

Bureau

both as to yield and
market performance
over a
23year period — National Quotation
Bureau,
Inc.,
46
Front
Street,
York 4,

west

N. Y.

Industry

Survey

—

—

Trust Company, North¬

available

—

is

portfolios for

&

Plaza,

Co.,
New

Dillon,

1

Chase

York

5,

Y.

various

Stocks—List of issues in

categories

analysis of Chase

an

port-f-C.

which

appear

attractive-—Bell & Farrell Inc.,

119

Co.,

&

Ltd., P.

Calif.)

(Oakland,
Davis,

Co.,

&

Skaggs

Analysis

—

—

Sutter

Ill

St., San Francisco 4, Qalif.
Cities Service

Buck

&

—

Co., 4 Albany

St., New York 6, N. Y.
Clevite

Corporation

Nordeman

Analysis

—

&

Co.,

Ga^ Company

Consumers

—

115

Gas

is

Company

of

review

a

Of

Canada

Ltd.

Industries

Inc.

—

Securities

Hancock

Report

Fireboard Paper Products—Bulle¬

Taxes

which

tin—Walston &

Booklet

—

original

issue

giving

current

transfer

and

tax

rates—Registrar and Transfer Co.,
50

Church

Guide

tion

St., New York 7, N. Y.

To

Profitable

An

—

Bond

analytical

Selec¬

record

of

What

Know

124

New

York

5, N. Y.

—

Family

American

every

should

Securities

Wall St.,

50

Inc.,

Stocks, Bonds And Your Future—

Brothers

Hutzler, 60

Prigal,

&

Broadway, New York 5, N. Y.

yields and yield spreads—Salomon
&

'

interesting—Stirl¬

appear

Linder

ing,

about

Investment

Westheimer

East Fourth

and

Pine

Co.,

St., Cincinnati 2,

dustrial

able

is

development,

conditions

and

bulletin

a

Also avail¬
Parts

Auto

on

available is

&

Co.,

a

29

N.

6,

Broad¬

Y.

Also

of P. Loril-

survey

Co.

Powell

&

Ltd.—Analysis-—Royal

curities Corp., Ltd.,

Se¬

244 St. James

Montreal

West,

Kendall

Wall

Hol-

&

New York

St.,

5,

on

in-

business

economic

poten-

Mines Limited

Report

—

—

Que.,

1,

Banking and Finance

Memorandum—

—

on

Cleveland

Tower,;

available

Also

Braun

is

Finance"
been

Ferguson Ltd.

Ohio.

13,

Richmond St., West,

Analysis

—

Toronto, Ont.,
is

available

Also

Canada.

analytical

study

de¬

a

Page

of

Ilersey Tubes Ltd.

Progress

—

Securities

General

—

This

Chemicals

&

Corp.—Analysis—Wm.
&

Co.,

York

Philipp

M. Rosen-

Madison Ave.,

331,

Montgomery Ward & Co.—Analy¬
sis—Herzfeld

&

Stern,

Paisley

Morningstar
dum

is

Broad

30

Memoran¬

Alison

Co.,

on

Giant.

Green

Co.,

&

Singer

Trinity

74

Fuel

Co.—An¬

Supply

report—Mountain Fuel Sim¬

nual

180 East First South St.,

ply Co.,

Lake

City

National

Utah.

10,

Gypsum
Jones

D.

&

Co.,

North

300

a

report

Westing-

on

S.

Two

1

of The More-active:

Manhattan

Chase

York

5, N. Y.
on

Black

Decker,

&

Gas Producers

Safeway

Stores,

Commercial

Airlines,

National

Credit,

New

^lso available are

comments

Utilities

Plaza,

Mid¬

land Ross, Dow Chemical and Air

/ Pipelines

Independent Telephones

Products

Petroleum—Analysis—

Moseley & Co., 50 Congress

Bache

Corp.

&

Co.,

New York

—

36

Analysis—

Wall

the

up-dating of information

the

as

previous

have

been

Fordham

New

Street,

5, N. Y.

by F. L. Garcia,

Faculty

School

also

York

of

Because

of

which have

J. Heinz

&

Co.,

—

this

Analysis—Reynolds

5, N. Y. Also available is
on

Truster, Singer & Co.

a'

report

Authority

—

Report—Government

Development

for

Bank

Puerto

Rico, San Juan, Puerto Rico.

subjects,

new

revises

s^pres

of

elaborates

and

or

which have

those

raphies,

well

as

In

as

74

Security Dealers Association

Trinity Place, New York 6, N. Y.

books

of

tative

on

way,

quick

Oil

Analysis

&

&

Co.,

Company

—

of Canada

Young,

McLeod,

Ltd.,

executives

just

HAnover 2-2400




Teletype 212 571-1780; 1781; 1782

Analysis—W.

E.

14

Wall

Also

St.,

Hutton

&

New York 5,

available

is

an

Co.,

50

King

St.,

West,

which

arise

constantly

their

in

daily work.

clear

a

explanations

subjects;

tremendous

organized information;

amount of

of

4,000

over

all

of

summaries

im¬

portant laws pertaining to bank¬
and

the

special

much

investing;

which

matter

banking

or

fi¬

times

nancial executive uses many

1

month.

subject,
matic

widely

all

thus

providing

auto¬

an

is

Cross-referencing

index.

The

employed.

is

reader

phases

of his subject—and

minimum of time.

a

With Reynolds & Co.
PHILADELPHIA,

Ont., Canada.

Pa.

Freehling,
La

South

Meyerhoff

&

Salle

Chicago

St.,

Co.,

120
3,

Union

exchanges,

&

Co.,

209

South

La

St., Chicago 4,/111.

Bank—Analytical brochure

—R. J. Henderson &

Co., Inc.,-621

Reynolds

that

announce

their

Chestnut

G.

associated

Philadelphia

with

York

other leading

Curtis Steinman is now

1526

Greene—Memorandum—

—

Co., members of the New

&

N_ Y^ South. Spring St., Los Angeles 14,
of California.

analysis

information

the

they need to answer the questions

—

Weir

Stanley Warner Corp.—Analysis—

Salle
—

it

form

reference

New York 5, N. Y.

McKeown

Co.

phase of

every

finance. In authori¬

bankers and financial

in

der, Wilder & Co., Union Planters

Resistance

up

compact volume this en¬

one

banking and

to

Stubnitz

International

strictly

"

cyclopedia gives the gist of hun¬

Gas—Memoran¬

Oil

Shamrock

Holiday Inns—Memorandum—Ra-

Bldg., Memphis 3, Tenn.

already

all bibliog¬

brought

are

to date.

dum—Pershing & Co., 120 Broad¬

Bank

Members New York

indis¬

becomes

discusses

It

therefore assured of having access

Illinois.

Seeburg Corp.

the

changes

important

edition

new

each

Aqueduct and Sewer

Rico

Puerto

Toronto,

120 Broadway, New York

of

analyst

recently taken place,

Stock Exchange and
H.

Professor

bank

a

Fi¬

of

Business,

member

a

Bar,

As in

revisions

University.

is

,

publica¬

possible.

the

of

the

of

close to

editions,

made

member

a

as

was

It is arranged alphabetically by

Shell

Greyhound

in¬

and

into this Sixth Edition

tion time

Chemicals.

&

banks

of editorial revision

years

gone

has continued

Electronics

—Analysis—Hornblower & Weeks,

in

book

vestment houses.

ing

Electronics

St., Boston 2, Mass.

Trading Markets in

re¬

standard and valuable

a

The book contains

Review—Ed¬

—

St., St. Louis 2, Mo. Also

F.

&

completely

new,

offers busy

New York 6, N. Y.

South La Salle

Telephone

a

reference

dreds

Co.—Bulletin—Tros-

Safe

Mosley

Occidental

General

Street,

Beach

89

appeared. In it, the various bank¬

memorandum

a

available is

St., Chicago 3, 111.

Bankers

work which for many years

has been

Philadelphia 3, Pa. Also

available

ter,

—

&

Boenning

—

Canada.

hanks, brokers and financial institutions

Co.,

pensable.

17, N.Y.

—Analysis—A. C. Allyn & Co., 122
For

has

the

by

and investment adviser.

19, N. Y.

San

&

is

Co^L Garcia

York1

Inc., 101 West 57th St., New

ward

Telephone

and

$25)

11, Mass.

nance

Photo Corp.

Mercury

Fourth

Area—Infor-

Banking

pages;

published

have

Nicholson & Co., Ltd., 67

—G. W.

ited, 217 Bay St., Toronto 1, Ont.,

Bay

of

(788

Publishing

memorandum

a

Engineering.

Isard, Robertson, Easson Co., Lim¬

Francisco

edition of Glenn G. Munn's

new

"Encyclopedia

tant

Broadway, New York 5, N. Y.

house.

70

Encyclopedia of

120

Marine Capital

5%% Income—General

Free

M. Kidder & Co., Inc.,

St., New York 5, N. Y.

vised, sixth edition of this impor¬

obligation municipal bonds of the

Tax

Anal¬

—

—Review—L. F. Rothschild & Co.,

Salt

N. Y,

General

Firm

Wall

Manufacturers Hanover Trust Co.

Mountain

60

Prodmcts

9, Mass.

Boston

Gateway Sporting Goods—Memo¬

lister,

2,

L,

Chemical

Boston

A

Bloedel

MacMillan,

Place,

randum—Pyne,

Minneapolis

St.,

New Edition of the

Corp.—Survey

York

New

Building,

Co., Inc., 74 Wall

Re¬

—

ysis—Coffin & Burr, 141 Milk St.,

Ohio.

report

year

—Scllweickart

Industry.

Geco

Hawaii—Mid

St., New York 5, N. Y.

St., New York 5, N. Y.

West

ing terms,
—

Corporation,

Co.

Also

St., New York 4, N. Y.

Dymo

1421

report on Bell Tele¬

a

Aircraft

Lockheed

New

Selected Stocks—Bulletin of issues

1

Ont.,

1,

Canada.

Ont.,

Toronto,

baum

79

Toronto

6

Co., Ltd., 105 Adelaide

available is

view— James Richardson & Sons,

available

Sixth

South

1

St.,

Co.,

Transportation

port—A.

lard

&

St., Philadelphia 2, Pa.

port—J. M. Dain & Co., Inc., 110

Knowles &

Inc., 14 Wall St., New York 5, N.
Also

Chestnut

Steel—Memo¬

Parrish

—

Westinghouse Electric Corp.—Re¬

Minerals

Re¬

—

Alloys

randum

Levy Russell Ltd.—Review—Ross,

report

Federal And State Stock Transfer

I

St.,

tailed

Memorandum

—

Vanadium

St.,

Wall

52

5, N. Y.

and

Monona Ave. Madison 3,

,

Ltd.,

Canada.

Massey

Bank

National

Valley

Wayne.

Wis. ~

Watt

&

Honolulu, Hawaii.

Box_S 470,

Central

Y.

Watt

—

Jordan

St.,

Products—Analysis

Stieglitz,

Minneapolis.

Iowa.

Saunders, Stiver & Co.. 1 Termi¬

Brewer

&

Werner

Light Co.—Annual

Moines 3,

Also

Y.

C. Brewer & Co. Ltd.—Annual re-|

Union

Selected

N.

5,

Broaway, New York 6, N. Y.

Eastman

Securities

Manhattan
N.

Three

aims

different
Union

—

Analysis—

—

Bruns,

Streets, Chicago 90, 111.

Iowa.

report—Iowa Power & Light Co.,

nal

O.

Cedar

Canada.

Manhattan Bank.

La Salle and Monroe

corner

and

Schools

Co.

York

New

Richard J.

Northern

Artists

Famous

reviews

Laird, Bissell & Meeds, 120 Broad¬

in

used

stocks

Quotation

Averages,

New

of

way,

compari¬

listed

in

National

the

5,

are

Foods

industrial

counter

Portfolios

—Goodbody

&

used

stocks

York

New

available

Also

Y.

St.,

Beatrice

—

Rapids,

River

Wall

42

Co.,

New

the

between

son

&

Corporation.

up-to-date

an

Rhoades

Schering

Over-the-Counter Index

tric Light and Power Co.,

way,

N. Y.

4,

Loeb,

New

analysis of Fuji Photo Film Co.

Petroleum

't

,jjr

Current Recommendations—Notes

—

M.

of

Co.

Also available is an

N. Y.

showing

view—Carl

Broadway,

Ill

Inc.,

York 6,

—

Iowa Elec¬

phone Company of Canada.

ial).

N.

Yamaichi

Averages

Survey

—

particular reference to Gen¬

eral Electric Co.,

are

envelope when requesting mater¬

Broadway,

Limited, Dominion Steel and Coal

.

of Buckingham Corp.,

surveys

and and Electronic Associates, (firm
Streets, Honolulu, Hawaii. requests stamped self addressed

Japanese
Canadian

-

are

available

Bishop Securities Ltd., King

Company.

Graw Hill Publishing

*

Colby & Company, Inc., 85 State

Hogle & Co., 40 Japanese Market—Survey—Daiwa Atlantic Coast Line Railroad And
Street, New York 5, N. Y. Securities Co., Ltd., 149 Broadway, Seaboard Air Line Railroad— Re¬

Wall

5

—

Power

and

—

—

A.

alysis—J.

sis

Write-up

—

Electric

Annual report

Review

Review

—

St., Boston 9, Mass. Also

Bishop

Co.

2900, Honolulu 2, Ha¬

Box

waii.

Viscose

American

Light

Iowa

Des

—Halle

New York

Co.

—

Oil

(Universal

Utility

Electric

on

Laurentide Financial Corp., Ltd.—

Broadway, New York 5, N. Y.

Research,

of Hawaii,

bulletin

Iowa Power &

r

alysis—John H. Kaplan & Co., 120

jials—Bank

Thursday, November 29, 1962

.

Stocks.

Bacon, Whipple & Co., 135
La

.

.

Oklahoma Gas & Electric Co. and
a

it-

Abbott Laboratories

RECOMMENDATIONS

AND
IS

17

Inc., Hoge

Building, Seattle 4, Wash.
*

Chronicle

Commercial and Financial

The

124(1)

Street,

office,
as

an

Account Executive.

Mr. Steinman has been
the investment securities
for

many

years

and

active in

business

prior

to

joining Reynolds & Co. was asso¬
ciated with Joseph D. Goodman &
Co

nf

Philadclnhia.

Volume

196

Number

6216

.

.

The Commercial and Financial Chronicle

.

the

New Growth Factors in

Korean

June

1950

which

growth

Hence,
was

Research, Bank of Hawaii, Honolulu, Hawaii

in

a

adding

seen

ability of another major economic advance after 1963.
able

(1)

study:

(2)

estimates

year's

general

business

of

1959-1960;

the

and (3)

Mr. Shoemaker discusses the
of

diversified

4%

further

prospects

for

location

by

terms

growing progress made

of

advances.

He

by countries bordering the

in

Islands.

(1)

unprece¬

tourism, and

the

a

business

reversal

in

of

bilization

are

level. There thus has been

income
1955

to

51.5%);

and

from

1955 to $275.4

increase of
riod

move¬

(2)

of

military

population

growth

in

which,

during
in

1955-60,

the

was

history

of

business

in

mixture

a more

in

a

decline at the begin¬
ning of this period (during first-

has

Hawaii

quarter 1961) because the 1960-61

clearly

entered

the

post-boom readjustment and

phase—a period of

Mainland
lowest

recession

reached

modern economy was

a

Background

after, the Mainland business
Continued

sta¬

much

due to WW II and its swift change is said

preview of its expansion in the years that lie ahead.
however.

Some Historic

—

Economic Changes
The

time,

of

prior to the end of World War II
interest

of

are

basis

a

as

for

ment

today.

enumerated

in

urban

service

Vyl
■

as

increasing

(b)

because

by the

STOCK EXCHANGE MEMBER FIRM

defense

on

of

PIONEER NEW YORK

and

wages

emphasis

activities

-

follows:

labor

a

industries

by rising

living standards), and

These may be

to

offset (a) by employ¬

was

(stimulated

economy

of

continued

This trend toward

(7)

surplus

understanding
the

population

grow.

development

economic

(

mechaniza¬

of

tion, employment declined. (Mean¬

features

outstanding

Hawaii's

Because

I

Japan's

ag¬

■

gressive policies.

from

a

(8)

grown

ern

acute

primi-

tive to

in

period

tions.

than

li'ii'i

other

'any
island

a 1

Such

ImBUHI

^ 1

economic

structural

activity,

and

organization

government

well

as

in the

build

new

and

■ Two of

installa¬

workers,

our

to¬

much

in

the

armed

forces,

unprecedented

acute

housing,
and

our

periodically

Hawaiian securities.
are

associated with

offices.

private radio-itetograph comnumication to the

is part of our
■

on

General Partners

Maintop inaugurated

levels.

had

productive

84-member research team

by Dean Witter & Co.

private, leased nationwide wire system.

Membership also

on

the Honolulu Stock Exchange.

restric¬

war

shortages

our

special reports

Hawaiian

■ Direct

greater

Contact any of

de¬

veloped in commercial buildings,

the

of

to

prepares

import

the

to

the

of

as

to

military

Meantime, because of

tions,

"

in

■ A division of

manpower,

with

services
accom¬

panied by drastic shifts in power,
■

of

an

forced the demand for goods and

James H. Shoemaker

necessarily

are

new

numbers

rapid

changes

e a.

created

necessary

These

gether

II

workers

maintain

shorter

a

it

mainland

economy

War

shortage

making

mod-

a

World

i

Continuous investment service in Hawaii since 1929.
Two offices serving the Islands.

•

Hawaii

(1)
has

our

50 offices for information about

Hawaiian securities.

equipment,

hard goods.

consumer

-

It

economy.

not

is

surprising,

Dean Witter

'

therefore,
■

Hawaii

that

is

he

of

one

history

Postwar Changes

of

repeated social,

For

the

1945-62

of

purpose

&

Co.

our

Mid-Year Report on

economic

•

political, and economic
ment.

(2)

.

-■ •

■

The

these

most

changes

decline

in

Hawaii
;

-

readjust-- analysis,

*

•

remarkable

the

was

the

from

■

•

of

dramatic

in

of

the

isolated

The

was

fol¬

nomic

nearly 700,000 by 1962

immigration

(due to

''natural

and

in¬

crease").

the

economic point of

an

of

essence

developments
has

been

and

from

tightly

to

Mainland

to

geared

of,

1955-60,

eco-

Jj!

islands

$|

Interested

before

$jji
gj:
g:j

m

changed the

structure

of

the

decisiveness

a

justment

markets.

in

never

Hawaii's

history.
thus

was

for

which

the

ment and the business

a

read-

century (1778

a

there

1872),

periodic

were

changes in the focus of economic

activity in the Islands with fre¬
quent
tion
of

ups

trade—but

and

economic

(5)
60

In

growth.
a

development.

contrast,

the

1932)

outstanding

to

period

During

:jj|

previous experience

in the

to

||
|jj;

changes

$$

(since all of the underlying sta-

sugar

of

After

accelerated

able

growth

canned

(6)

there
of

expansion

an

exports,

the

and

invention

Ginaca machine in
was

time,

parallel growth

a

population,

an

economic

expansion

production;
induced

was

information

deal

with

or

necessary

developing

tistical benchmarks

derived

from

of

little

in

the

the

industries

leveled

Acute

output

of

these

off




after

1940

were

information

DEVELOPMENT

ISLAND

Business Conditions

about

Growth Patterns

•

•

GROWTH

Urban

Development

Economic Potentials

Hawaii?

$$
gjj

ing

boom,

factors

but

had

by

caused

1949-50,
a

two
deL

major

pression. The first, and most imthe

in

cutback

de-

BANK OF

|§
||

annual

level of about $800 million during

§|

the

HAWAII

igj
jg:

jjg
jig

fense

was

activity
to

war

The

suiting

an

$147 million in

second

unionism

from

was

a

1950.

rise

sharp

following the war,

in

a

number

in

jg:
jg;
|$

including the sugar strike of 1946
the
in

longest
Hawaii's

waterfront

from May
The

strike

1

and

costliest

history
which

a

jig

lasted

gjj
g

—

to Oct. 24, 1949.

resultant

recession

that

it

fense

was

so

caused

a

spending, however

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

jig

strikes,

of

re-

vital marked outmigration. A rise in de¬

1932,

gji
jig

power, resulted in a postwar buy-

pronounced

in

FOR

||

strike

remark¬

of

needs, backed by buying

and

pineapple.
Production

during the post-war period).

the

1913,expansion

by

census

use

in¬

of

INDUSTRIAL

||
§|

basic

portant,

following

of

this

continuous

which

come.

produc¬

clear line

no

(1872

years

was

downs in

and

HAWAII

more

|§

community

unprepared either in terms

were

Send for

|:|

govern-

the

(4) For nearly
to

'
.;

had

war

experienced

of

a

stabilization

of

During 1945-49, there

a

economy

modern, mass-production econ¬

omy

with

period

a

many

1778

shift

the

primitive, subsistence
a

the

between

re¬

period

a

major problem of postwar

(3) From

1962

postwar

levels.

new

oc¬

lowed by an even more rapid rise

view,

at

diseases). This

cidental

to

1961-62,

and

to

of

period of pronounced growth; and

oriental

Hawaiians,

period

a

to

1778

long

1945-49,

adjustment; .1950-54,

recession and recovery;

56,000 in 1872 (due to the lack of
immunity,

developments

of

population

300,000

postwar

be divided into four periods:

may

(due to

Research, Bank of Hawaii, P. 0. Box 2900, Honolulu 2, Hawaii
Please send

Name

me

your

Mid-Year Report

,

on

Hawaii
Address...

its

point at that time. There¬

higher level than heretofore. The shift of Hawaii into the ranks of
to amount to a

a

temporary

Ocean.
a

moderate

Tourisr|fi in Hawaii suffered

pronounced

Island's

Pacific

in

diver¬

rate-of-growth.

arising from

Further, the writer anticipates a resurgence of tourism at

of

accompanied fey

19J59-60.

new

a

in

the

a

to

shift

uptrend

million

$97

Since January of 1961, however,

substantial

pronounced

higher
a

gent tendencies among the major
industries
within
the
economy,

New 1961 Economic Phase

in¬

a

was

1959-60

and

new

184%). This pe¬

over

boom, during

a

a

in

million in 1960 (an

culminated

from

at

rise

the

pronounced inmigration.

expansion

greatest

personal

million'- in

$952

construction

major

population from outmigra¬
a

in

9

the

advance

$1,442 billion in 1960 (an increase

recovery

the

this

rise

of

measures

of

the

from

a

economy
a

Two

strength

war

numerous

the

notes

trading opportunities

The

factor

as

and higher level.

new

began in

"cold"

an

1955,

stallations also

generally overlooked star performance

industrial

in

The

rate,

12% boom years

manufacturing developments and cites the

favorable

tion to

progress;

at

predicts continuing but mild rise in 1963

stabilizes and readjusts to its

economy

II

advance

which is above the national average but below the

ment of

Knowledge¬

reviews our latest state's post WW

this

brought

to the prob¬

up

the

position to make

advance.

underlying growth factors are

which

to

gradual growth in manufacturing,
brought about a recovery.

By James H. Shoemaker, Vice-President-Director of Business

Hawaii's

War

and

followed),

dented

Hawaii's Economic Future

(2241)

on

page

re-

20

Chronicle

The Commercial and Financial

Hawaii's

Prospects

ture

forecasting.

to

true-for

seems

••

bing,

;

Senior Analyst, Dean Witter

O

1 leading

Hawaii's'
knd diversified companies, Dr. Bing predicts

opportunities. ^The latter lists and distresses

investment

bank, utility

r

undergoing a slow'mg-down phase, and he expects
Mainland recession~in-1963 w»H stow down hut not
ir turn Hawaifs 1963 progress into a recession. As for the 198$% Abe .
economic and financial analyst foreseesihreoonomf keeping in 4ine «

with,or"sliglitiy^bead^f/tftrMafnland^pfdspective neonpmjiopacei

Hawaii has

just gone through

:

convenience

in some of the

Islands'

investors

basic

made most impressive

the

in

data

their

cific,

'50's,

the

ing

Pa¬

central

*

*

since'1955"the ^wSconomy

manding posi¬
tion

and

^

com¬

the

in

strides dur-

typified by the

as

-passenger-

;

J

r

accompanying table. '

Assumptions
of these

;

.■

$275.4

$4C\2.6

$157.6
i ,'99,300

kwh)

<6.4

v

221,600

..

10.1

$127.4

1,518.2

0.3

.

'

$862.5
$420.6

.7.7

<

1,370.9

$144.9

"

1.6 i-ir-t

($43,0.

-

>$117.0

4.6

$118.0
-

-

$268.5
'•«

9.8

$400.1

1 208,400.

522.3

$168.6

15.1.

$858.6

J

>

$43.5

bec.,9i:-.. . fc&iendiar .y^ar :ave*A&a-for. I960„aod.
,

"

-

-

■

'

»

y

-

future outlook.

^

,

- <

<«

Expected Population Changes

-

;

^'(LVFederal spending will notbe
the strongly dynamic factor which
^

single

set-of assumntions

•

on

the

forced

Hawaii

as

t

have

(since

effect

prime

a

years) or net
1955)
may

postwar

over-all

on

population trends. Since prospects
and

business

for

the

by brief stop-overs on

early

immigration

Tourism, increasingly rein-

(2)

ing premises:

such

area

an

#

present

at

In

(7)

in net emigration (which occurred m

recently

until

has -been

-

Hawaii but, by its sheer present
size, will be an important stabi¬
appear reasonable. This brief dis--- irr the State's economy; stab.lizer will be an imoortant
cuss.on of llawaii s Prospects in
the sixties
based
the followis

$530.0

7.6

.

""""'.data 'taker!

"

other

and

face

ralternaUve^S

$2,306

9.2

Bank of Hawaii, 1962 Annual Economic Report,; page 4,' Personal income
1
incc
flom (Uj'-S.. Department of Commerce, ' Survey -' of'CiJiT
C^rrentT
,V Business, .August T962, page-11
-• -- ► 'i *.
)>.',t
'^<i>.-L--

Souroe:
Source:

-

basic uncertainties, any attempt
to size up prospects must be based
a

4.9

"

Sa^^^t^^Haw^ r^uZyst^^ ^ ^
"relatively stagnant Stbtie.

Assumptions

the

In

$1,800.0;
$1,515.0

•

f

vand v

i

other areas.

on

attributes:
their

pf

252,000

6.6
'"'J 7.7'

$148.7

$67.7'

—,—

•

comparison with facilities for;

in

•

<•

-

i

tourists

Mainland

$71.6.

__—

of

59,487

■

^

-

:

•

freight movements Jto ond fromfhei
i£-5Vv Islands* both ii*Labsolutes-terms and

economic the status of a Territory to that
Expansion. Some of the ingredi- of the 50th ' State in the Union
"ents for that boom can be found helped further increase popularity
both

$485.7

Sugar Crops (hiiHions)l-l,'-_^---l'-.-^--^« .' $124.0
k $101.0
-.rPineapple Crops .• (millions
$27.4
■% >.pther-' Agriculture , (>miIlioins)-_*->_-^Uv.i..
;

^

T

period of extraordinary

with

$2,274

$202.5

1

cilities will influenqe the Cost, and

the transition of the Islands from

a

-

1-Bank Loans* (millions)—:—
Telephones - 'in
Use
Electricity ,Sold, Oahu (millions

>

fa¬

transportation

of

velopment

despite

'

T-

<$1,403
—

.

that a Moderate

i.

$1,700.0

$1,442.0

•

►

Future der

foreign tourists.

1961

€31,927

2.8

246,540

$900.0
$689.0

Retail'. Sales; frntllions

its scenic attraction for U. S,

serve

and

economic performance than -the Main¬

1962 should turn in a better

(millions)

Spending

Government

Construction' >i millions)

=•

will pre1

in which Hawaii

way

.

A

It is also true for the

in. Hawaii,

-Per

Some Private Industries
*
Manufacturing ..(millions)

?>

spending;

and the form TOf defense

Expert security analyst provides a trenchant near- and long-term
forecast of the State's economic prospects and an appraisal of its

•

:

187,700

(millions)——___

Income (millions)_:—
Capita Personal Income.:

2.5"
10.0

54,653

21,000

__—

_

—

Gross -State Products

Federal

size

—

Total .Personal

•

technology,

both of which will affect the

Forcet

Labor
y

v.

This

international

our

relations and military

Calif.

San Francisco,

•

& Co.,

1950-60
.

.

By Ralph A.

1960

605,336

"

..T—

Civilian"Population*
^Military
Population*
•

than

1950

'474,624 '

Data

Over-All
"""

pic¬

prophecies

subject? to

are

rather

Avg.

Annual

Growth

to state

Hawaiian

the

in

factors

%

the ?most fundamen¬

that many of

tal

*

Thursday, November 29, 1962

.

'60's?

the

for

It is trite but important

.

land's

.

1/

•

•

/

.

(2242)

10

jobs

influence immigration

naturally

into,

or em¬

(1) International tensions and fas|; rising trans-Pacific business igration from, such an area, such
climate
and
lar'elv
self
explanatory
They military technology will necessi- and pleasure traffic, will remain prospects have to be first analyzed
future
population trends
show
that Hawaii's increase in *ate maintenance of present de- one 0f the dynamic forces in the before
scenic beauty,
/
>
total population and labor force fense, spending un Hawaii approxi- Hawaiian economy. Although the can be discussed.
and their ra¬
j
in the last decade averaged 2 8%
mately at recent levels, although trend toward a shorter average
cially
mixed
In the fifties, a large part of the
but very well
annually as compared with l".7%
manpower requirements stay and greater representation of net addition to the population re¬
for the U. S. as a whole. Average could moderately decline.
visitors accustomed to restraint in
integ rated
Ralph A. Bing
sulted from the shift of about 34,populat ionper capita income of $2,467 in the
(2) T^e basic cost handicaps for - spending will continue to reduce
which enoys a relatively high ed- islands last year wasV.4%* above Hawaiian-industry resulting from average per capita spending, total . 000 military personnel plus nearly
ucational standard.
However, it the U. S. average of $2,263. The tiie 2>000 miles < distance from its tourist spending should show sub- 60,000 military dependents into tl}e
took the the coincsde,n-ce,tof con- table also illustrates the dynamism major
source of ■ Taw materials stantial; further ^increases.
The -State. Irt.^he sixties, the aggregate
tinued
worldwide tensions ,r^tnd of federal Government spending vand its. Mainland mar^s-will BankQaf Hawaii estimates that,-" Of" defense - personnel plus their
sharply rising living stanflards^ip t(i-n(;Ha^vaii, which increased from^contmue. .
<
* ^^
v **
within four years, Hawaii can ex- aependepts „hiay^ moderately( des u

These

btr opical

the

in

figures

table

are

-

.

''

later

the

450's

multaneous

well

as

stimulate

to

activities

centage advances made by build-

within the Union.

ing ; activities,

(4) The Islands will be able to
retain'-dheir various features of

a

the

and

greater

even

tourist

spending,

by— diversified manufacturing, anclHg—
„

stimulus

these

areas

ness

fields

.in

from

spread to other busi¬
such

manufacturing,
most service

emanating

diversified

as

farming,

dairy*

industries, etc., which

turn reinforced

the net influx

of people into the State.

Finally,

sugar

and

vate

.

foremost

appeal,

one

pri-

in

their

of

of

the

other

importance

revenue.

hand, and the

"outer

as

a

source

"

.

between

more

*
-

^

1966 arrivals in the

borhood of 590,000.

Islands"

on

the

• • -

Implications

-

Islands"

|

f '

'

on

.:

It

«

s

the

^

is

likely

henceforth

is

Hawaii will
massive

Further

result

in

expansion

Hawaii's

-

as

-

:

primarily from natural in•

•

«,*•

t.-

,

<

,

mark,rba^n^S^^d e^rici" ^eSsl^ Ibove^ the
relatively
tourism

rapid

their
since

requires '

most

;

services

more
.

„

.

„

than

in

expansion,

continue

to

likely

are:

,

A

.

industries,

primary

average
on

the order of

0£

proportionately fast expansion as

an

With the continued expan¬

(5)

Hawaii's.domestic markets,

sion of

PRODUCTION SPECIALISTS

income is rising.

area's personal

diversified manufacturing and agriculture-

U.

''t

annually, maybe

1.8-2.0%, in view
population

present

jglandsl

an

of 1.7%

•

™

of the racial and age distribution

and since services also show a dis-

CANE SUGAR

re¬

population, therefore, is likely to

such

services

other

the relatively

in

costs

tirement-movement into the State.

to

the main Island of Oahu.(a\

that

assumed

continue to preclude a

"outer

■

If these assumptions turn out to

be reasonably close to the

flux of immigrants into the State.

neigh-

faster, percentagewise, than

grow

;
-

in

Tourism

(3)

the

on

other.

'

high living

quiet and

-

industries

So much for the past,

divided'

scenically unspoiled resorts

industries, have been clearly

some

■

lively and crowded "Waikiki on-the

laggards and have been overtaken
by

costs

living

mates

tourist

pineapple, industries,

formerly, Hawaii's

high

relatively

of

peiv

pioduct of the lising defense and, nculture, other than sugar and
tourist activities. The stiong busi—- pineapple. On the other hand, the
ness

than increase. The
the Hawaiian econ1861—with a total tourist trade in . omy> in comparison with that pf
exce3S
$215 million annually, the-Mainland, seems likely to atThe Hawaii Visitors Bureau esti- tract only a relatively minor in¬

pect over 500,000 visitors a year— clme rather
an increase of about -60% - over dynamics of

an area

in

in build-

largely

was

(3) Hawaii will remain

'50's,

Hawaii. A sharp increase

ing

>

as

spending

tourist

in

si-. $202 million to $486 million in the

a

defense

in

boom

increase

average

annum

in the

This would compare with

in

the

of 2.9%

per

fifties,

including
immigration and additions to mil¬
itary

personnel.

<

This

thinking

might place Hawaii's civilian labbr

f°rce at around 280,000 by 1970
-an.d total population, including
above-average growth. mibtary, around 800,000 to 820,000.
J tourist
contacts
of JJ7, Thwnas Hitch,- Economist of
than

(other

and

sugar

pineapple) will remain additional
of

areas
'

Production subsidiaries

Spreading
.

in Hawaii and Puerto Rico

Islands

the First National-Bank of Hawaii,

should further expand the market

'

estimate? ^^approximately 270,000
or
^ civilian labor force,
and

Mainlanders

;

'for Hawaiian

the

-with

apparel and textiles.

750,000

;
j-,

Cane sugar

plantation

s<6> On the other hand, there is- while

for

total population,

Dr. James
Schoemaker,
no.
reason
for ; assuming- that Economist of the Bank of Hawaii,
Hawaii's sugar and pineapple in- projects 1970 population at 840f*

-

management in Irani and Ecuador

SECURITIES

HAWAIIAN

*

;"
Security dealers
A. A

G. Brewer & Go.iiitd.
1

.

.

.

(

'.the

i

r 1

t #«

It J1 H

<

eyes on

1

our

our

■

invited to make use of our on-the-spot knowledge of

Hawaiian market, our continuous contact

corporations, and
you

Roots in the past

are

services

as

with managements of Hawaiian

dealer and broker. On request we will send

periodic write-up covering Hawaiian stocks.

the future

BISHOP

:«

SECURITIES,

LTD.

'

I

*

■

*

■

•'

King and Bishop Streets, Honolulu,

P. 0. BOX 3470,




HONOLULtf,

HAWAII

•

ANNUAL REPORT AVAILABLE ON REQUEST

Member Honolulu Stock

"

■

'

Hawaii

•

Cable Address: BISHTRUST

Exchange, Pacific Coast Stock Exchange

Volume

000 minimum

Number 6216

196

tically

(both including mil¬

the
of

just

As to building activities in

sixties,

bank

the

period.

much of the pent

over,
for

1955-60

office

new

the

same

accommodations, if those

not

planning

in the

or

sale

stage in the "outer Islands" are in¬
cluded.

whose

Consequently, total build¬

activities,

not

maintain

trend

they

explosive

their

the

of

late

attention

specula¬
whole¬

nor

an

Hawaiian
may

ex¬

stocks

merit

other.

up¬

for

one

reason

or

remain

a

35%

share

submarine

to

the

the

S.

such

latter

the

eration

to

in

the

laid

be

in

A

and

Hawaii-Japan

1964,
will

and

own

Hawaiian

35%

47%, and the

over

lated

man¬

bonds while giving

to

age

the

next stock

take

a

good lever¬
stock.

common

There

The

place in the

with

latter part of

which

Company

of

tively,

for

compares

1960

ties

the

State

Commission

Utili¬

Public

American

share

Telephone

about

established

6.7%" return ' 6n'

(about 9.25%
of

common

a

further

76%

Hawaii,

the

of

having

State's

telephones.

last

year

difference

7.15%,

due

to

with

overseas

from

expects

the

which
the

the

end

gives

the

The

for

man¬

of

number

of

1961

to

1965,

rougfy measure of

a

company's

tions.

tele¬

phone business which is not regu¬

aver¬

potential

development.

agement

equity); actual return
was

reveals

telephones to'* go"* ujcT about 20%

investment

the book value

on

but

age

rate schedule designed to produce

in¬

telephones
in

This is close to the national
In

a

respec¬

36

population

households

1963.

the

with

35%, and 15%,

about

are

100

per

offering will probably

the

per

by the State P. U. C. 1962

earnings

an

of

93% and per share dividends

11

may be around $0.95 per
approximate tar-| share as against $0.86 last year.
get of 45%, which will secure an Dividend
payout
has
averaged
"A"
rating for
the
company's 60-75%.

agement has

In

Hawaii.

1951-1961 net

Telegraph. Common equity is

slightly

should be in op¬

serving

ten year?

share

cable

Telephone

rose

Hawaii

mainland, and will
cable

by

portion

trans-Pacific

linking

'60's.

submarine

35%,

Telephone

a

con¬

on

foreign tele¬

the

similar

a

second

in

cable

U.

have

with

and

creases

Hawaiian

in

and

System

an¬

fifties, although

likely- to

are

dis¬

have some long

potentialities

will probably

too,

of

some

briefly

recommendation
list

now

reasonable

a

State

phone systems. The company has

may

either

entire

nects with the Bell

lfiave.
leading

more

the

serves

Mainland

Obviously this is

meant to be

haustive

ing

stocks

tively inclined.

now un¬

der construction

considered

term merit for the

and

tourist

for

true

utility stocks

other

the

of

(2243)

over-

stocks

Hawaii's

cussed below may

in Honolulu

space

seems

of

demand

has been filled in recent years,

Mainland

be

most

materially,

long term investments, and

More¬

up

but

down

previously

many

and

again

housing, compared

new

levels,

come

Consequently,

tourists into the State will reduce

heeds for

as

boosted

the expected absence

substantial influx of non-

any

With

high

them have

itary).
(8)

The Commercial and Financial Chronicle

growth

(Stock traded

on

expecta¬
Honolulu

'

Continued

.

on

page

26

gradual long term uptrend.

Near

1

and

Term

Term

Long

Outlook
the

For

sixties, these estimates

add up to the picture

progressing

omy

surely
the

than

pace

five

last

econ¬

an

lei¬

more

a

the

was

WE'RE UNDERWRITING PROGRESS IN HAWAII

in

case

but probably

years,

still well in line
ahead

of

at

with,

slightly

or

of, the prospective average
Hawaii's

economic growth on the Mainland.
Near

term,

phase

a

long

term

visitors'

of

Ocean —Hawaiian

This modern

(relatively

cable between Hawaii and
—

and

employment
peak

figures

levels,

hit

all

With

Latest

building permit figures, ,as

published

in

the

monthly

Indicators"

nomic

National Bank

mixed

of

picture,
Oahu

of

sharply

up.

Hawaii

like

by

but

ilisv

*

if I

Hawaiian Telephone has

a

4,953 women, 4,229 men and 1,808 individual fiduciaries among

a

stockholders. The largest

the

common

the

awards

the main is¬

on

owners,

Approximately 53% of'the'common stock is held by island residents.
As of December 31, 1961, there were 6,567rjoint accounts;

First

Hawaii, offer

21,000 stock

some

larger spread of common holders than any. other company in Haw#:r>ffjor>
o

"Eco¬

the

with July

materially down
land

on t

,1.9^ revel.'

nearly 13% off the

including the Australia to Canada cable (via Hawaii), the Japan
cable, and a second Hawaii-California cable.

to Hawaii

construction

completed in the first half of 1962
was

telephone equipment and techniques.

independent telephone company is growing in

anticipation of future needs. To the existing submarine telephone
California, there will be added others

re¬

sales, service industries gross,

new

lands bordering the Pacific

Telephone must continually endeavor to keep

abreast of the latest

e

August

1961, and while recent

slow)
tail

ahead

people —both military and civilian,

in the 50th State and in the many

with

W h i 1

through

communications demands of

and

line

jin

outlook:

arrivals

16.5%

were

through

slowed-down

growth,

uneven

the

passing

of

strategic mid-Pacific location makes the islands

key communications nerve center. And to meet the telephone

a

economy

be

to

seems

Hawaii's

joint account

group.

numerical gain

was

o

I

,

*

,

in

About 45% of the common stockholders

In all, 1962 looks for

a'year of somewhat

greater over-all advance than the
Mainland

postwar

those

of

the

first glance,

this

for

product from

derives

exports

and merchandise.

of

U.

TELEPHONE

-

gross

~

services

gross

Y

dollar

areas

S.

0

a

However, about

Hawaii's

from

such

own

of

receipts from outside
rived

HAWAIIAN

At

be surprising

may

huge percentage of its

one-half

tmtif 4mhk&.

mw

cy¬

Mainland.

which

area

an

business

shown little parellelism

cles have
with

promising.

is

economy

Hawaii's

WiM

is de¬

■

WW®

Government

'

V

spending in the State, and another
35%

from

each
its

pineapple

these

of

shipments

overseas

and

sugar

items

of

products;

is

subject to
a

peculiar cycle (in defense

own

spending and crops), rather than

Mpli'

being sensitive to the general bus¬
iness

fflliHr

'

cycle. While the latter nat¬

urally

influences

the

flow

LEADERSHIP THROUGH DIVERSIFICATION

of

tpurists tQ.HaWiaihj 'yisitor^'.spendr

,

ing, accounting fqr roughly 13% of
gross

areas

f'Y

dollar receipts from out-of-

State

and 8%

:yyyyyyy'y

-

of Gross State

Product, is not important enough
to
fully transmit the Mainland
cycle to the Islands.
should

land

Consequently,

there again be

business

recession

some

would

time

probably

moderate

a

the

on

next

Main¬

this

down

slow

year,

Ha¬

waii's

1963

throw

the fiftieth state into

progress,

rather

American Factors, Limited has served the people

fiiaii: ?•'"

than
a

including merchandising, insurance, plantation management, resort
and residential land development,

Some
a

Hawaiian

result

economic
few

of

Stocks

Hawaii's

expansion

years,

waiian

stocks

of

companies

in

and

rapid

the

many

attracted

in

Hawaiian
For

a

into

Ha¬
:

in¬

success

and enhanced stockholder equity.

;

Central America, the Carribean, and Australia. We know
that to grow

DIVISIONS:

with Hawaii,

Wholesale

we

<•

must grow with the world.

/ Retail / Insurance / Plantation / Finance and Development

many

Hawaiian stocks sold at unrealis-




St"A.

1

sugar

Accordingly, the Company has extended its activities to South and

Mainland,-

while

corporate

last

(changed hand?, prevailingly ,,i

hands.

international

consulting, and agricultural property management —has resulted

creasing interest in 1960 and 1961
from

—

re¬

cession.

As

of Hawaii for the

past 112-years. Our policy of sound business diversification

•*

-

Honolulu

•>

Hilo

•

Hanapepe

•

Kailua-Kona

•

Kahului

•

San Francisco

•

Seattle

•

Arit

.f p

:V»y ••

held from 10 to 99 shares.

August awards

rl +

New'York

V! I"f:f

The Commercial and Financial Chronicle

recent

At

v

been

^Sales'have been showing a good
increase in Johns-Manville's case,

price-earnings ratio

Its

WALLACE STREETE

BY

float

low

mounting

through

push ' upward

while

resistance'this week. The power of

about

shGrt span of

a

atile

and

month since

was on

V

with

quality items

issues

flight

top

able

were

and they were well

runup

the

in

ities

a

the

was

has

there

until

General

short

in

under its all-time peak and,

thoroughly entitled to

fore.

Sprinter

Motor

strength

report and has a far more

Even such

action

as

result.

a

when

earnings

in

rebound

around

that

nine million shares are well under
the

47

the

million

285

little

General'Motors

million

from

more

only half of the-18 imils runup, kr-.':. -;

ones; and

In

the parlance

£' eration,

Chrysler shares are the ones.

as

Bullish
There

business

Items '

*

Only

news

which

on

the

ful,

buyers can dwell since it is yearend dividend time

and

this period of
ful.

The

emerge,

even some

now

on

starting

the-

su¬

business booming, and

pickup in steel produc¬

far

companies

greater fame, such

Electric

tion.

de-

well

and

Tot^l foreign investments from

toned

soft

months;-foreign

tinu ed -ton

change—totaled $48,660,000 in the

con-

gjlhiil

this

>

year

<as

compared- tcPf$32*580,000bin- a like
• peri-dd - last- yeaitf/ In August and

•in*dep.e$deiitATadashi3sRMsbi^^
>

from

ures

-^• ApriJuStejpt£r period

a

high" plateau.:

•

countries—based on figthe Tokyo Stock Ex-

foreign

invest-

securities

ments in Japanese
'

development- ■ outfit

this

September

GeneraFfMan

in¬

foreign

year

reached

$7,610,000,

pared to $3,810,000 and $2,320,000,

field,

peculiar; to

Its

An

with the

from royalties on' out

y

1950 -J 1962

v

other

and

of

its

income.

it

NOTICE

was

tion

when

And

The

able to show market atten—

because

developing

its

of

an

toward

work

auto

muffler

the

ban

effective this past Aug."

660,000;

1, did not

exhaust

of capital
0f 0^ ^_i..

t
from Japan, Mr. Ishida

the market upset came

along, Uni-

The

saj^

NOTICE

development

phenomenal

of Japan's industries in the postwar
era can be attributed
to the
induction

DIVIDEND

Ministry for the

of;. Japanese securities
total of $64,930,000; In 1961

when the market was at its high-

accelerated withdrawal

"when

Ishida

capital ast postwar peak, the dollar figure
to the six months) was only slightly higher at $65,-

set off any

But

investors,.>Mr.

purchase

the

on

would eliminate thcv objectionable

discharges..

faith

economy

foreign

of

(from two years

that

Japanese

19,869'applications were validated

lifting - of

repatriation

of., the?

also

;

the

by tbe' Finance

issuances, $169 million.for a*

currency

iii'

April-September period, this year,*

securities, $3.8 million and" foreign

being sought,

were

Sep¬
.

said, is the'fact that during the

•

tech-; million;- other'
a

com¬

as

-

1961.

foreign

..by

—

$352:

totaled

respectively,

Indicative

shown

of Univer-- equities havev

nical services which account for
fifth

L<

recently;

thaf in the f2-;

and for--year period—
—

important-part

engineering

tember of

pointed

fice,

and

$9,190,000

respectively, in August and

New York of-

income,

of patents if has
domestic

of

ager

petroleum

principal

comes

.^thousands

glamour issues
DIVIDEND

dull

rities Go., Ltd.,

the

of

Gamble.

&

is

the

wide-i several

a

sal's service to-the oil industry is

General

as

Procter

and

last

capital-repatriation

governing

Japanese stock market in the past

was

but

eign oil- operators,

perior to the other 19th Century
quarterly payment

ban

Nomura Secu-

-

That record^ is

of the

being mostly-chemical, not oil,

the

of its

year

relaxation

August has not led to a perceptible outflow of funds.

Operation

petroleum

however,

American. - -Its record

organization.

to

the cheerful

Japan's

vestments

break for

a

and

processes.

each

paying

been

-

dates back to-1864,

plenti¬

at

far having

so

leading

the

developed- for

longer than

typical- of

year are

forecasts,

are

side, auto

the

none-has

those of the

as

author only.]

one.

that

Tbisris-an qniqu^ op-,

products

quarterly dividends*' irr

Century and of the hand¬

three months without

and the extras

payments

higher

to

presented

are

The

ers

few companies were com¬

the 19th

new

the "Chronicle"

of

those

with

They

time coin-

any

products it does serve its custom-

is concerned.

longevity

as

a

mitted

plenty of items in the

are

far

the

in

at least

the dividend category,

in

cide

indicate

necessarily at

not

price of the shares

favorite;

research

of the Street, the

neglected

a

article

\The views expressed in this
do

a

of points in

score

a

other

trying period.

a

^Japan's Capital Inflow

pressed 'currently, is Universal Oil

American News is without peer

than well in

busily

country. * But

An issue that once

lion American Motors shares listed;

than

more

Despite

through the long bull market products;

next

its range of only

indicate

to

seem

the

expanding

Unique

to the

one year

don't

that Johns-Manville is doing

limp, j

had done spread

old shares

the

started,

scares and

And

promises to con

is

didn't keep the

split

Whatever the problems,

facts

last

been

:

over

yj

of

of

fanfare- -of

the

cents

five

the

blue-chip

a

wild market year would

that it is

with recovery

range

was

$100

to

gross

revenues.

it

as

And

before

a

reacting sharply earlier; this

a

only

yield in the middle of the 4%

bit

in

year,

they Were split last in 1960.

going is good since its

the

a

from

in

profit

yeai

issue, is an item that offers

bracket,- and

points each year since-

14

nine

the

For

year;

reported $2.17 a share

apparent,

Neglected'Blue Chip

rated

for

held

issue; have

Chrysler also can show the sharp
per-!share

total

around v the

in

came

proeesses

Johns-Manville,

The shares of this

News

attention.

some

Issue

long-neglected item

a

American

as

of volatile

capable

is

Stirring Quality

A

limite^

capitalization than the other auto
and

steady progress

in the short interest

loomed large

issues

year's
tinue

last

good

some

three-fourths

or

stantly expanding sales curve.

It

general.

was

field

food

million,

appeal in recent years was a> con¬

Chrysler was the motor sprinter

when

its

built

of

months the

"

But

profit

change in the final figure from

that

in subsequent years as it

progress

sole

the'

where

items

tle

j activity, the com¬

able to make

pany was

pronounced, as against the low or

rest.

nonyield
Outstanding

dividend

newer

'

cut its sales from
little

general

The

year.

last year.

nation¬

stationery lines.

was

the' magazine

ability were

records and earnings

there¬
a

recommendations

specific

there

since

this

a

specialties,

advertising

of

projection is that there will be lit¬

start-up costs taper-

some

the reported per-share earn¬

ings

the low side

on

schedules, the company will

pare

with

distribution

book

swoop

tion

js with a five-year peak,
t£) be

seem

deprecia¬

new

and'.'.results of 1961's. comparable pe,,r0yalty-income pushing ahead by riod> -And usome estimates; place
good margin--: the probability is the inereased cash flow this year
f0r a strong earnings rebound
at .around $4 million more than

dropping the magazine dis¬

one

comparison

the

And on top of

adopting

by

earlier

increase(j interest in some of
ite

It

$172 million to $100 million.

section where established

Motors

field.

that,

ratio of n_times its cash floW

-With

,

it

distribu-

that- operates

match and

In

largely aimed at the quality

were

from- Chrysler, with
hovering slightly

apart

most,

.

i

-

industry

It also 'has had ris¬

ing cost problems.

con¬

spending

will fiurt this year's re-

but

would

tribution division, American News

above position.
The
The

-

,

restaurant

its

its

book

significant

been a

shrinkage in the record-high

for the

auto shares were coasting-

■

of

year's lows as a result.

their

SQ a

tion and concentrate on its activ-

feeding on itself and
well-nigh irresistible, at least

strength
was

in

participate

to

,

.

five years ago when

decided to quit magazine

wide,

to

steels

long-neglected

the

semblance

the

make its sensational showing.
Even

outstanding. shares,

P16 complys.:period,.oi,.trial
some

oil

circumstance

mitigating

is soft prices.

jasj

'

came

are

low' capital

the

of

sults_

earnings*

as

this year

13% are owned by company

worthwhile, retained
for the most; helping the indus-' more-or-less necessary, correction.
business
trMv average whiehv ih heavily The other contended the market
loaded

American

*

speed of the advance

The

split the market fraternity

far

rate

•

has
rather
on Oct 24* th& industrial average
obviously.
One school f o li n d
has rebounded- about a hundred
mounting caution the rule- as the
points..
giant strides were made without
The accent

half

ar,

some

As

cerned, the

is

0

crisis selling dried up

Cuban

•

public

proof tp the contrary smcb
of rally a bit more tha" a million

it certainly did

clear, but

v

initely undervalued.

the

but

tentials^ it would seem to be def¬

a

produce vol-

aeiton

market

News

figure in the Street's thinking.

extremely

the-

in

though

hopes of worth¬
tax cuts next year

on

income

wasn't

impressive

still

the- advance' was

is based

ing

current buy¬

much of the

How

to

market' continued

in

shares

of

hands- is supposed to

stock

runs

And where

conservative 13-times.
a

the

Thursday, November 29, 1962

.

Ameri- versal suffered with the rest to

above-average yield of nearly 5%.

even;

.

offering the where;'considering its future po-

price" levels

has

News

can

The

.

(2244)

12

Brisky Capital Inflow

from

know-how

technical

of

he

countries,

foreign

said,

noted adding that it has been considered
that the foreign -investor entered .the most important factor in the
the market in a brisker mood and exchange between; Japanese and
"Rather,"

September
"fact.-' '•

O.
~

•

V

•

r

-

>)

C

'

that'foreign enterprises during the past
12.years.

;;;

-

14

amounted

to

jspanese-rforeign t^hnica^- ^i0s •
total*

a

only ",$2,860,000: in

°f:l,83^xon^ra0ts,|-JgrsMd

Similar-contracts concluded before

Ishida stated.

Mr.

v *.

SUNDSTRAND

.

!

reached an all-time Jiigh^t- the
;cl°se
Septembeiythis 'year'^with-.

April-Sept, period totaled $3,280,000
in 11961" while
repatriations

1962,
f-r'

attest to

..

r

*>'-4

figures

"we

^.Repatriated investments in the

1.
!'

r

•-V?-*.V*-

said,

he

World War II totaled a mere

231.

The Nomura Securities Co.,

Ltd.

DIVIDEND NOTICE

*:is':the

CORPORATION

-

investment

leading

and

The com¬

brokerage firm in Japan.

pany-maintains' over 110 branches
233rd PREFERRED DIVIDEND
>

TENNESSEE

t

>

.

A. quarterly

share)

dividend of

Wi%

has been declared

upon

($1.50

a

T

clared
>

on

1963,

record

close

>■

to
,

of

stockholders
business

Checks will

of

December

January 2,.

10,

at

-

the

•

1962.

a

com mem*

stock

C

:




November 20. 1962

*'■

November 27, 1962

-

/

,-* y ■

••

NOTICE

'

^ 1962.

record*
*

Pittsburgh,

.

'A

quarterly dividend of
thirty'five (35c) cents per
-share was declared payable
December 19, 1962, to stock¬

Vice President-Secretary
November 20,1962

Allegheny Ludlum Steel Coiporation

.

,

At

;of

a

meeting

Allegheny

of

the

Penna.

of Directors
Steel -Corporation

Board

LucHum
held-

November'-16,

today.

of

dividend

19B2,

a

cents

150c)

fifty

share, was*

per

the
Common
the
Corporation,

declared-.; on

holders of record at the-close
,

Stock

qf business December 3,1962!

payable' December 21, 1962-,
to shareowners of- record at

Rockford, Illinois
-

•

DIVIDEND

; CORPORATION

the'
2%

at-

G. J; UNDSTROM

Treasurer

r\

oil

21,. 19-62,. to

sha;rehblders; of

.

© a: TTO#*•

share

dividend,payable

December
J. R. Waterhouse

:

the United

Japan, Honolulu and

.

*

stock and

December

be mailed.

...

TENNESSEE

quarterly cash divi- '

dend of 2 5p per

in

States;

,

;; The Board of Directors de-■

the Pfe-:

ferred Stock of The American Tobacco

Company, payable in cash

DIVIDEND NOTICE

.

CORPORATION

61

John G. Greenburgh,
Broadway
Treasurer

New York 6. N. Y.

the

close

of

of business on November
S.
.

A.

•'>•*"'

30, 1962.

McCASKEY,
'

'

JR.

Secretary

1

'

'.

Volume

196

■

:

•

Number 6216

financial

The Commercial and

...

Our Reporter on

Chronicle

(2245)

readily absorb the expected offer¬
ing of $250,009,000. of long-term

torial

Government

ceedings at the Convention.

terms

JOHN T.

competitive

overnment

attempt

ments and its attendant influences
the

on

dollar

and

our

one

of

gold

federal

flotations

normal

hold-

levels.;,

spread-

at

were

when

the

is

still

prime

the

oorpqrates, sold at

capital markets

basis than did

tense;

foreign

tially

political : situation

dismissed

be

cannot

though the

even

overpowering

-Whether

.this

which

depends

upon

force

could change completely the way. term
in

which

these

the best

markets 'would

credit

will

happen

how-many

by, the Treasury

in

sales

other

long-term

continue

markets

along
they

areas

an-

find that the short- and

we

move

(front) .to

war

in

the

about

have

to

same

v

are

specialists

the

though the larger and still grow¬

of

able effect

on

especially

ligations,

The

bonds.

term

have such

sues

Treasury has

that

liquid is¬

is

hard job keeping

a

these

yields from going down too
far. v
"
'
"

■Attractive,
The

offering

coming

Government

term

bond

grade

is

tries

.

to be

a.

with

the

that

return

bust

and

fixed
ap-

and

psychology

the

is

at

means

or

yield. This had been

development,

since, the

cerned

Priced

as

ore becu i y iraaers asso

ciation- 28th

Security

obligations ;is

on

such

not

too distant

still

Jan.

24, 1963

has

in

work

for

This

time.

dikely

c-are

the ;-/■

and

Stock

should

market,

capital

the

keep

close

the

at

of

supplied with long-term Govern¬

.on

ment bonds arid this will tend to<

National

Security

Traders

Asso¬

The CHRONICLE will publish
Oct.

17

Roof

coverage

Garden

the

of

Hotel

special pictorial

a

Supplement

Con-

at

tinental.

giving

to

complete

^

proceedings

the

Convention.

the

DIVIDEND

:

NOTICES

-

BENEFICIAL FINANCE CO.
134th CONSECUTIVE QUARTERLY

COMMON STOCK CASH DIVIDEND
The

very

of record

per

share cash

payable December 31, 1962 to stockholders
at the close of business December 7, 1962.
Common

the

and

Stock—Quarterly—$*30
lOUUlll.

Government

bonds,

con¬

into; the portfolios
msM&iions whidh* not so l'drig '

J./'

to move

interested

were

almost

5%

-

£t.

Preferred

./■

.

U

Stock—Semiannual—$1.

Jfl.l

«

I '

><

:

$4.50 Dividend Ccuwetfibiy Preferred Stocks:

1) 11;

Semi-annual—$2.25

en¬
Over 1,350

finance offices,
Wm. E.

company-owned

BENEFICIAL

and 3,700 associate

this

declared

Board of Directors has declared

dividends

Thompson

Vice-President & Secretary

Western Auto stares

November

27, 1962

FINANCE
SYSTEM

stockholders of record
on
January 10,

a

December

holders of

(Co lorado

business

sharer on therComrtiofv

the year-end

as

payable

1963

payable: Jan¬

Series,- both

25,. 196J,-to

uary

1963? also 5S.00

follow

to

■Siotkt—%3.50

Palmer

the

ciation Annual Convention at the

on

Series and 87 V2 t a share on the "Preferred

period of i

_A
at

Broadmoor Hotel.

day.regular quarterly dividends of $1.11xh
share, on the
Preferred rStpck-i—$4*5Qr

to

money

^ issue

new

that

others

putting
extended

an

of

(Kansas City, Mo.)

a

interested

22-26,

Kansas City Security Traders Association Mid-Winter Party on the

November 19, 1962

Directors

convention

House.

Drake Hotel.

tirely in Treasury bills. .'

of

nual
1

Springs, Colo.)

Association

maturities,

notes

Treasury

as

ago

'Board

Midwinter

(Chicago, 111.)

Traders

■

(Chicago, 111.)
Financial Analysts Federation an-

Sept.

the up and up.

of

The

Annual

Jan. 21, 1963

very

can

,

that is suitable for those who are

(Boston,

May 12"15'

Md.)

Dinner at the Southern Hotel.

the

for

demand

much

tinue

date

•

(Baltimore

Baltimore Securitv Traders Asso-

400

federal issues and a maturity

1

1963

intermediate and long-term Gov¬

NOTICES

Wilmington, Del.,

1,

Government securities are con¬

shorter

non¬

May

-

Mass.)

'

.

1963

far

favorable

The

DIVIDEND

Re-

,

Traders' Association.'o'f

-.••••..

.

Jam 18>

that the capital appre-

as

question but what

capital.. market

in

obligations

inflation

of

Association

I
April 27

7, 1962 (New York City) *

.

with

line

in

is

interest
'

Bar

gional Meeting.

Income

on

a

rate of

a

payments

from opinions that

come

of return

.

no

American

Silverman,

good security and a desirable rate

return to

Realistically

Be

R.

ciatipn idea is giving way to a
believed?
seat'^-fbr-obiigatiens which- have-

obtaining

of

Herbert

April 17-21, 1963 (Syracuse, N. Y.>

leqst relegated to the background.

better)

(none

also have

in

and

.

bqijidstftb*Qug&/\

ding is going t^attu^et investmq^,
are interested in a very

which should

of

"bearing

to

boom

funds that

high

market

our

of hand

the

at

(Chicago, 111.)

Chicago annual winter dinner at

forces

the

medium.aof ogompetitive

the

in

bonds

get out

growing

pears

not

is

money.

the

*

-

yields in

ernment

long-

of

nS"

up

that the flotation

so

balance

Our

The

of the com¬

It

means

There is

"•;

■

to

income

money

method

few

a

former

Must

Seen

Competitive Issue

New

new

use

bidding

quite likely

new

push

Accent

of

financing

for

through the

after

the

corporates

ga

Convention

National Association of Mutual
New York annual meeting at the Savings Banks 43rd annual eonHarbor View Club
.
■
ference at the Hotel Statler.

this way some help will be given

remem-

competitive bidding method there;

demand that the

a

Dec.

problem.

of the opinion

ultimate' investor.

longer-

the

most

in-

not

likely to replace the other, ways, This
of selling these securities to the

favor¬
all Government ob¬
a

with

i

to

policy

foreign

money mar-

impending

petitive

bearing obli¬

having, quite

is

the

Government

needs

ing demand which is in evidence
for all fixed income

gations

few

a

Association

president, James Talcott & Co.
.>>/,

the

However, it should be

that

Speaker:

,

bered that not

as

appear

ultimate

the

ket

does

it

to

an

the

capital market appears to be

will

Government,

vestor.

most of the year.

However,

marketable

obligations

operating

been

of

is

down

part of the over-all debt manage-

its fi-

from

there

it

of long-term Govern-.

use

bonds

ment

of-

are

nancing of the deficit through, the

cold

29, 1962

}* ove£~pr-ic®d Security

compared

,The

the

,

long-

bonds

operate. However,, as we go along
one

Texas Group Investment Bankers
Statler Hilton Hotel.

Nov.

Treasury issue and

a

°rm,aX"e^era?
ment

again,

Government

fered

•

of

all, the Government bonds.

poten-

a

as

them

lower yield

a

if

shove

yield

but the non-federal bonds, namely,

forces operating in the money and

bond

to

,

because it is

-

ings

conditions.

.

throats of prospective buyers just

about

not only non-existent

was

theJ

April 3-4-5, 1963 (Dallas, Tex.)

However, there is not likely to be investment
Analysts Society of
any real big demand for a distant.
(jhjcag0
luncheon
meeting.

CHIPPENDALE, JR.

The international balance of pay-

provided

giving,
to the pro¬

coverage

such that they will meet'

are

current;,

BY

bonds

Supplement

complete

13

record

dividend for 1962,.
1962, to stock¬

14,

November 27,, 1962.

' ;t

-

INVESTMENT FIELD

IN

close of business

at the

■.."

.

P. S. du Pont, Secretary

yield spread between

,

Treasury bonds and the non-fed-

i

eral obligations.

'

the.

narrow

would

This

development
market

•

be

not

an

unusual

term

Treasury

International Salt

Association

AMERICA'S FIRST TOBACCO MERCHANTS

Beach Hotel.

of longnon-

been

has

share

a

declared

>

lish

will pub*

Dec; 20 a special pic-

on

Cigarettes
•

at

GEORGE W. HELSVIE COMPANY
9 Rockefeller Plaza, New

at

November 28.

cents

the

close

1962

share

per

York 20, N. Y.

a

WM.

10,

will not be closed.

C.

S

H

R, E V E P D R

•

.

/t\
SOLVENTS

the

has

Bath -dividends are,

cember 28,
record

at

one

percent

payable

on

De¬

close

of

business

B.

H.

December

~

-

close

the

December 3,
'

November;26,1962




Secretary

per

of

-

^

dividend

King Size

share

on

the

27,

DIVIDEND

oh December

10,1962.

Dlvidend of $1.75

j

-

:

November 27,1962.

...

share on the Preferred

wise would be

payable on the first business
day irr January, 1963*, by way of anticipation
has- been declared payable December 18,
1962, to stockholders of .record at the close

.

i

I
I

s

B. M. BYRD

j -

per

NOTICE

Stock of*P. Lorillard Company, which other-

-'•]

of business December 3,. 1962. A regular

;
J

per

;

Secretary '

quarterly dividend of $.60 pier-share on the

j

-

outstanding Common Stock of P. Lorillard

1

j

yifllTED CAS

•

E RVI

N a

THE

E. SCHNEIDER v

Treasurer

t', 25 Broadway, New York.4rN. Y.

V

^.x

'

V

Cigars

BETWEEN1 THE ACTS
MADISON

Chewing Tobaccos
BEECH-NUT
HAVANA BLOSSOM

JrChecks ywll be.rpailed.

j

Little

BAGBIPE

G. 0.

on

UNION LEADER
FRIENDS

INDIA HOUSE

cember IS, 1962, to stockholders of record

"""t. *■-:;at'^Jhe close bf-'business -December 3, 1962.

1962, :

BRIGGS

Company has been declared payable De,

record at

business

Secretary

EMBASSY*

Smoking T obaccos

New York, Nov. 21,1962.

'<?

DAVIES,

Vice President

1^62".
R.

-r

1

King Size
|t

a

record at the. close of busi¬
ness

S

DUR8IN,

December 5, 1-962.

on

declared

2, 1968, to stockholders of

capital stock' of

stockholders of

to

date

value of $50 per share,

payable
1

its

a

($1.00)

Dollar

on

the par

*

T962 to stockholders of

the

One

share

share

Stock dividend of

today declared

of

stock of this Corporation:

Quarterly cash dividend of twenty
cents per

this

poration, payable January

COMPANY

ANACONDA

THE

*
■„

OLD GOLD SPIN FILTERS

Common Stock of the Cor¬

The Board of Directors of

de¬

on

■l!:

King Size

-

November 21, 1962

The Board of Directors has today

C

t'

SPRING

Dividend Notice

(40£)

clared the
common

LOUISIANA

dividend' of forty cents

DIVIDEND NO. 218

NOTICE

■' "." '*

'

^

"

LL.

Coronation

following dividends

,

The Board of Directors
has

DIVIDEND

T

Secretary
-

(OMMERCIAL

NEWPORT

Cm&otfBox

1962.

12,

December

SIMONSON,

William L. Renger

Vice Pres. & Treasurer.

' "

v

»

Imperial S,ige
-

r

'

Regular
King Size.,
YORK

-v.; vv

-

on

business

of

,

v1962. The stock
transfer books of the Company

quarterly dividend of
the Preferred Stock,
and a dividend of -40 cents per share on the
Common
Stock,
plus
an
extra 20
cents per
share on the Common Stock, were declared pay¬
able January 2, 1963 to stockholders of record
On

43%

I

OLD GOLD STRAIGHTS

the closes of business on De¬

cember

•

...

payable December 21,
.1962, to stockholders of record

NOTICES

DIVIDEND

"•

'

|

Kegtilar
KmgS-iZe
Crush-Proof, Box.

NOTICES

DIVIDEND

t

KENT

on

capital stock of-this. Com-,

the

CHRONICLE

The

,

ONE DOLLAR

dividend of

A

"

pany,

;

M

Annual Convention at Hollywood

company
DIVIDEND NO. 194

quite

and

bonds

Bankers

Investment
,

when

hit

hard with new offerings

Nov. 25-39, 1962 (Hollywood, Fla.)

w v* van «wv ... vv ** wa wx yw w

w wwu wu yu

have

the past

being

was

;

.

since \ there

occasions in

been
the

*

wiivvuSS vv

;

fffinebt—

s.

T urkiskCigarettei
.'.i

MURAD

HELMAR

m

.

=if..

v

The Commercial

(2246)

14

Production

Steel

Electric

Carloadings

The State of

/

for

summary

,•

Week End.

(000 Omitted)

,

Price

Auto

Production

Index

other

1961

%

$12,792,594

-(-15.1

1,124,483

+

4.9

1,117,000

1962

Chicago

Philadelphia

—

4.0

833,153

777,899

+

465,336

+14.4

pacity
dened

Kansas

City

Ago and Down 9.3% From

other

areas.

Again,

in seasonal

have

mills

Eastern

more

their home

than

they

and

absorb,

can

in

ca¬

not

it

But

tend

to

sepa¬

:

move

the

indicate

ripe
first

for

fair

a

the

of

In

up.

of

evidence

does

be

the

iior

dropoff

af¬

seasonally

toward

in

when tinplate and other

by product mixes that are

weighted

is

may

after

move

markets
are
bur¬

products

.....

this

trend.

a

market

5.8

532,427

Boston-

Commodity Price Index

little

show

are

some

true
rated

agree,

decline.

Steel Output Up 3.5% From Week

Failures

Business

Thursday, November 29, 1962

.

.

they

products

change, and

.

Orders for sheets

upward,

edging

——v

1,179,164
1,120,000

York__

New

are

but

;

$14,723,563

Nov. 24—

Food

less encouraged.

the

of

some

principal money centers follows:

Trade

Retail

TRADE and INDUSTRY

tive

Output

Financial Chronicle

and

year

products
case,

any

a

December and Janu¬

which many forecast a month

ary,

Last Year
siderable
stimulus
in
certain
fected items: Line pipe, Oil coun¬ or so ago, may now be avoided.
plant and equipment revolve fields. It is by no means clear that
According to data compiled by try goods, plates, structurals, and
Auto Output Kept at Intense
around
numerous
factors.
This these tax changes go as far as is the American Iron and Steel In¬ tin plate.
V
week's issue of
the November- necessary to support a sustained stitute, production for the week
'
Rising steel demand has yet to .y;High Level
December Business in Brief,
a expansion- in investment,
ended Nov. 24', 1962, was 1,844,000 be reflected in weekly production.
The industry's U. S. plants re¬
bi-monthly
publication
of
the
''Nevertheless, the depreciation tons (*99.0%), as against 1,782,000 Ingot output this week is expected sumed auto assembly last Friday

Prospects for investment spending
in

•

Ban k,

Manhattan

Chase

New

City, examines the latest de-

York

gn(j

changes carried through

tax

tons

important
velopments affecting the invest- step in the right direction. A carement outlook.
ful study
by the Machinery &
this year represent an

(*95.7%) in the week ending

Nov.

ended

1962, shows a production

Nov. 24,

Allied Products Institute shows decline of 9.3% compared to last
trial production has been virtually that, for new equipment of aver- year's week output of 2,032,000
level since July. Despite a very age
service life, the tax credit tons (*109.1%).
According to the Bank: "Indus-

•

lines

other

in

tivity

appears

have leveled out.

by 20%;

*

■

,

given

now

Thfy are equal to a 9% reduc*lon. 111 *,e Purchase price of t e
indi-^equipment'

Index

business.

in

should

riod such

situation

international

great uncertainties:

U.

business

S.

not

do

change

major
tone

most, there has been a

At

scene.

Of

/

"While

^ftrimngr^H^rTi^ventory

policies, in attitudes towards, eapi-

all

this

of

related

ments

other

effort

could

clearly change the business
is impossible to know

picture, it
in

of the

While such events

States.

United

in-

an

the part

on

some

or

for

call

could

area

creased

develop-

Cuba

to

the

out

further

that

possibility

rule

cannot

one

the

advance

of the

timing or extent

impact. These uncertainties

,,

would

a

flexible

•

for

argue

,

...

p,

,

,

i

,

*

ap■

u

an

a

prospects
business

appraisal of business

as

proach to

well as to short-run

policies.

the

i)f

the major problems in

to

business

for

important

factors

to

some

point to

in

investment
Excess

the

.

year,,

make

the

developments
nificant

compatible with the level of busi-

ments

increase

number

decided

of

at

kncvn

in

1963

designed

to

in¬

1962.

This could

improve
of recent

efficiency

the introduction of

years

by aggressive de-

velopment programs.
leaders

ness

are

Thus,

busi-

responding to the

challenges of the times.

to

needed

ion

e

fop

ing

a

second

is

depreciation
tax

development

favor-

rise in business capital in-

vestment

credit

that

the

rules

could

full

in

mar¬

will

production and shipments.
But indications are automakers

There is

23.5

this

million

outside chance that

ingot

last

If

of

because

clines,

the usual

ment,

and

sheets will

de¬

curtail¬
down

of

bal¬

yearend

show ample cash

property taxes will

yearend

the

shut¬

strike-caused

a

Louis

St.

Chevrolet's

at

Saturday.

Corp.

Motors

American

plus

plants,

assembly

Corp.

of

of GM

35%

and

Motor iCo.

Ford

extra

81%

Saturday -was

last

day-

the

work

iScffedteladA - to

steel

and

month, would

the

for

shipments

actually be encouraging, The Iron

said.

Age

a

the month

If

relapse,

January up¬

a

is

of

Overall steel

less

pickup in the

market. But they are

inconclusive.

and

scattered

gains. There

long-term

few signs of a

a

Un¬

in ordering

there is a revival

non-automotive

from

concen¬

resulting in

trated in automotive,
doubts

571,401
This

was

users,

announced.

decrease of

a

14,885 cars

preceding

the

below

of

Association

Railroads

2.5%

or

Nov.

the

cars,

American

v

freight in
17 totaled

revenue

ended

week

the

week.
"

loadings represented a de¬

The

low

19,934 cars or 3.4% be¬

of

crease

business

Increased

are

by

goes

likely.

is

of

3.4%

Are

1961

Below

Loading

in December,

Loadings

Freight

Rail

year.

production

of

rate

level

a

some

show- up

adverse

the

of

Because

January,

of the

first

of

end

should

gains

the

turn

this

seasonal

holiday

that

so

story.

than

holding

the

inventories
ance

ex¬

December's

less

be

was.

the

high rate of steel

for

decisive

be

without

tell the

holds,

will

month's

that

and

will slightly

will

tradition

output

tons

year's.

December

modest

production will hit

year's total

ceed

a

through

factors that show up

an

units,

Meanwhile, truck output in the
U. S. declined to 19,456 units last
the
/week from 26,271 of two weeks
year.
Although
there
is
not
ago.
;
enough tonnage on the books to

to

hold

Will

million

98

.(vs.

year

1961).

fourth quarter

for

a

the

tons

the

imply

the

to depress Decem¬

ber

after

duce

^

buyers complete inventory adjust¬

g

ments

investment "needed

in

changes

and

the

provide




a

in

new

con-

and- resume

basis of current

high_level activity and strong

advance in the general economy."

Mills

Midwest

buying

the

on

consumption.
Better

Do

in

week

corresponding

the

1961, but ah increase of 3,840 cars
or
seven-tenths of 1% above the

corresponding week in I960.
There were 15,100 cars
loaded with one or

reported
revenue

more

highway trailers or highway con¬

a

Eastern
Bank

Clearings

-

Declined

9.3%

Below 1961 Week's Volume
Bank

clearings

an

this

increase

a year aga

with

Preliminary figures

comPlled by the Chronicle, based
uP#on telegraphic advices from the

eities of the country, indi-

£at,e *hat *or ^.e week ended
Saturday, Nov. 24, clearings for
a J.c?
United States for
which it is possible to obtain
below

week

last

totals

of the

year.

stand

against
same

clearings

those

will

be

9.3%

corresponding

Our preliminary
at

$27,473,834,327

$25,144,653,175

for'

-

mills

Midwest'

the

week in 1961... Our compara¬

There is

im¬

see"" more

entry

the best

mills

are

since

rates

at

some

they have been

April.

have
has
still

because

a

the

the

in

seen

upturn

last

few

are

they

weeks

broad base. Automakers are

leading the market, but they

are

longer

no

to

the

so

dominant.

of

more

cars

are

ail' ^ordering

Virginia,

in

Eastern

and

Ohio,

Pennsylvania

decline in

Also,

but

an

cold-rolled
in

some

in

West

ing

increases

are

for

December.

129,809

wide
end to liqui¬

road

traffic

were

this

in

in

areas

are

report¬

tonnage
The

pro¬

same

year's
one

this type

week

com¬

year ago

and

corresponding week in

the

1960.

Truck

Off

Tonnage

than

bar

class I U. S. rail¬

61

pared with 58
54

Now

or

cars

systems originating

spilling over into

sheet.

the
and
26.8% "above the
period
in
1960.

103,396 cars or 20.2% above

corresponding period of 1961,

There

of the new strength

other

of

1962

of

45-weeks

first

614,398 cars or an increase

corresponding

flat-rolled.
recently, the market gains
be placed almost entirely in

products

the

totaled

con¬

inevitable.

some

Cumulative piggyback loadings
for

most

by

u esses

in the market is

ducers

actively.

Mills

is

dation

could

and railroad

any

though

steel inventories and

the mark,

Until

fasteners, farm

by

even

inventory policies have been

equip¬

of

total

industrial boom,

great

G

sumption.

low

are

there has been no

ment, hardware, heavy machinery,

Makers

no

their

where

point

standard. And

there is

week.

steel. Users have

liquidate

inventories

steel

analysts on

Steelmakers in the Midwest

happy

to

mills." past

Eastern

optimism in Chicago be¬

order

cause

continued

the 1960

4,306 cars or 39.9% above

.'First is the all-important level

stocks

Mills

provement ' than'

will

week

compared

'

gains will have to follow.

of inventories of

Than

~

weekly

A

for

3%

in

decline
—

offset seasonal fac ¬

tend

that

tors

this quarter and 97.6 million tons

decline from the current rate of
investment. Preliminary plans are
a*ways subject to revision. But
there would appear to be no great
upsurge in investment underway
momfn^

the profit showing

upon

a

average

of
the

over

•

business

factor

vious

automotive steel buying

is expectedv to *

buying

sudden

a

at

scheduled

is

17% decline
from 161,703 last week reflecting
the
holiday Thursday. Another

\ The magazine pointed^ out..that,

further

en¬

shows

survey

increase

1963

launch

products. The bbjective is to

new

The

a xtact ta a a

particularly

not

are

l

r a-y

programs

improve

and accelerate

nlonc<

ann

a

melt at least 23 million ingot tons

,,

im¬

manage¬

to

investment

new

,u

maga¬

mainstay—steelmakers

ket's

in
£

...

On this score, the results of the
...
'
preliminary McGraw-Hill survey
,
,
of business plans for investment

show

large

Barring '
automotive

said,

134,239

.

than

other

two

business

cases,

have

investment required for pros-

perity.

y.

portant

is

system

and

^vestments.

to

a

tax

S.

operate in sig-

may

In

U.

Passenger car output last week,
Ward's

Otherwise, Ward's said, the in¬

Age reported.

increased-

guaranteeing

Steel

since

produced

cars

1.

„

time,

fashion

vestment.

the

whether

May

week.

this

88%

target

year's

through

possibly

qiiarter ingot produc¬

quarter's,

said

6,131,000
Jan.

...

less

are

new

same

comparable

•

third

the

called

"If it can be assumed that furtainers (piggyback)
in the week
be minimal.
question mark will continue to ended Nov. 10, 1962 (which were
ther developments on the interThis year may be different if overhang the market.
included in that week's over-all
there is little national
scene
will not bring
automakers place some big orders Vi
But even- in the absence of any total).
This was an increase of
expansion;
major changes in the domestic
for
late
December
and
early trend in the broad steel market,
business picture, then it is clear
2,504 .cars or 19.9% above the cor¬
whi e higher ^ . additional' effort
will 'be JariUary delivery V arid ' if other there are some indications'• that responding '.r week
of 1961
and

thus affecting incen-

anticipated

"At

so

new

industries

t0

appear

...

th.s

s

most

are

95.7

tion will be 12 to 15% higher than

zine

It

mains as intense as ever with 47%
December, jwith of its plants working last Satur¬
pickup in January, The day, the same ratio as the pre¬

plateau

Rising demand for nonautomo-

the

in

The steel market will hold on a

86

92

Output Ahovebl961

that fourth

overtime

heavy

year-end pre-holiday weeks.

dustry's drive for auto output re¬

99.0

tive steel is virtually

the

plant, for the past two weeks.

114

Quarter Rise

produce

6,937,000 cars during entire 1962,

Not Expected

89

Fourth

Ward's Automotive Reports said

Steel Drop

Jan.-Feb.

Predicted

88

Industry

produce another 800,000"

U. S. auto makers plan to

down

108

100

to

characterizes

...

p..

„

Profi
in

defined

-

nar-

as

122

;

new

107

140

Louis

and the

cut,

market will be up¬

the

in

104

Steel's

ahead:

year

capacity

need to launch
'

would

Two

reduction in such

industries,

many

in
in

equipment.

and

plant

new

changes

investing

possible

plans

practices

S.

'*

:

111

Lift 1962

with those in other nations—it is

planned

assessing the outlook at this time
relates

rowly

U.

year

Spending
"One

whether

thought that

now

bottomed

have

Iron

utilities,

public

by

83
118

__

156

Total

rules pro-?,

new

ton

gross

a

ward.

Southern

Moreover, the real question is not

couraging.

Affecting Investment

Factors

investment,

ness

84
85

Western

...

"Yet

87

St.

the case of many investments,
it is true that

$23.67

the steelmaking grades

on

move

Cincinnati

less encouragement in other
cases, such as long-lived assets or

prices.

88

Chicago

iu,( :§om.0,AVide

and

taly expenditures

94

Cleveland

important

is

prices

88

Coast

Detroit

basis with business in Western
to have brought a Europe in terms of the tax treatin the business ment of new investments,

appear

to

cents

1962

prices

scrap

Steel's composite
heavy melting declined

again.
1

No.

were

complete through this week, with

S teelmaki n g

dropped

89

East

Youngstown

Developments thus far in Cuba

meet rising

operate to

to

plants

by Dec. 31.

finishing necessitating

curtailed

automotive demand.

Pittsburgh

comparable

a

on

tinued

Bufialo

spokesmen have argued that the
the net effect of this year's tax and
contains depreciation
actions
is' to put

even

operations. Most sheet mills con¬

last week. It is

Nov. 17

holiday

Day

they

though

1962

District—

government

addition,

Thanksgiving

33

Week Ending

North

"In

drive

lower

not

22

and

scheduled to work Saturday'in a

week,

previous

did

however,

Thanksgiving Day

the

observance

cars

Mills,

on

Ingot

Nov, 24

following

1,-

ingot production schedules on the

by
24,

follows:

as

last

the

from

Production for

the present when

as

Production

Ingot

♦Index of

particularly true in a pe-

is

This

1962,

Pomts.

caution.

with

treated

be

analogies

historical

"However,

of

with

concludes

Districts for week ended Nov.

downward income tax required to equal their
effects works out to 10 percentage

a

88,889,000

2.4%

The reduction in the corporate

in past

that

to

preceding

periods
move

leading

the

by

similar

is

cators

to

or

Institute

The

,

nrrf

cycles. Moreover, the picture

ness

(*101.6%),

the

as

week.

above
the Jan. 1-Nov. 25, 1961, period.

of the past three busi-

final stages

i

0f return

plateau characterized the

24

tons

same

poured

industry

unchanged

through

year

amounted

Nov.

They improve the after-tax rate

significant since a pro-

is

This
duction

this

Production

and the shorter depreciation life
to produce the following results:

the

the

tons that Steel estimated

782,000

Data for the latest week

high rate of auto production, ac-

about

be

to

17.

1961

Intercity

truck

17

volume

in

ended

below

the

From

tonnage in the

Nov.

week

4.3%

Level

was

the

3^.5%
corre¬

booked sponding week of 1961, the Ameriholds

*

ContinuedI

on

page

37

Number 6216

196

Volume

.

.

The Commercial and Financial Chronicle

.

Co.

MUTUAL
JOSEPH

BY

FUNDS
C.

It

(2247)

also

reduced holdings of

FROM WASHINGTON

Jaguar Cars and Tastee Freez In¬

dustries, Inc.

POTTER

Unlike

Bernard

Oscar Wilde's

the investment counselor's

Shaw,

enemies

railroads have had many

and

Somewhere

them.

have

friends

their

of

jnone

liked

this

in

far-flung economy there may be a
field

that has roused

of endeavor

long

the financial

of

observance

community does not recall it.
railroad hobbyist,
over

place,

who carried his

found

has

The

into the market¬

enthusiasm

experience

the

plenty painful.

suppliers long

took to other fields, so that

which

pany

suste¬

carriers.

the

from

nance

sole

More

its

gets

recently, even the railroads have
shown

disposition to look Else¬

a

where.

Central

Illinois

Thus,

Railroad last week disclosed plans
to

their feebleness

into

expand

Earlier

fields/
similar

made

Railway

a

that

before

decided

Aroostook

&

Bangor

Kansas

year, I

and

move

an

Here

and

nounced

to

looking

railroad

stocks.

taken

at

more

once

there,

What

has

fund

a

acquisition

equity.

that

secret

open

have

fundmen

of

an¬

carrier

a

possibly

could

the

collapse of the market earlier this
back in

bar¬

a

gain-basement frame of mind. The

rails, with yields of from 6% to
9%,
were
not
without appeal.
far better

a

carriers

have

And, here and

instance, the steels.

important, from the

portfolio

pundits,

this Administration appears

roads

carriers

highballing

Administration

termined
from

to

rail¬

to' get

determined

and

to be

toward the

disposed

Pro-

anew.

legislators

To
in

be

the

sure,

West

of

sort

a

basic

merger

tions.
It may be

that the tracks
for railroads

cleared

were

Right

crisis.

Cuban

now,

the

to

dawn

look

of

finally/
during

The

found

our

railroad

One general went

to

Jervis

get

President

Jr.,

Baltimore

&

out of /bed at midnight to

Ohio,

tell him he wanted

his

far

so

Langdon,

the

of

equipment

"not Tuesday,

base,

.

market

better

them

been

against, but they are

value.
age

modern

Their

equipment

scheduling

goodwill

of

has

cost

inestimable

Doubtless, their dreary im¬

here

has

small

carried




over

Henry

C.

Dugan

This genera¬
witnessed

the

but

be

at

one

a

railroads

first—

a

that.

into

that

announces

Co., has been elected
Directors, and Vin¬

Ziegler, President of Gil¬

of the

Di¬

a

fund, elected to the

not

*

#

...

F.

Henry C. Dugan
dent

of

Co.,

has

been

elected to the fund's Board of Di¬

tional

distributor

si:

*

Eurofund,

Inc.

199,307,

or

that

30

$21.28

net

amounted

$18.09

or

with $35,-

share

a

to

share.

a

These figures compare

Dec.

on

31, 1961, and $33,965,598, or $20.54

share,

on

Sept. 30, 1961.

proposal

Fund, Inc.
Clark

mitted
fund

on

*1*

I•

to

Haydock

will

be

stockholders

of

meetings

special

sub¬

sf:

*

public

ington

of

plan

The
to

&

national

joined

the

in

1948,

has

years

for

both

many

Funds

as

post he continues to

a

Active in

dustry

Comp¬

as

and

served

Treasurer,

Well¬

Mutual

affairs,

Mr.

presently serving

Fund

in¬

Glancey

is

Chairman of

as

will

failure
drum

which

him

prompted

he

Con¬

of

could

fly

as

identification.
The

heraldic

Quartermaster

designed

for

to

branch

Mr.

the

of

coat

oak

and

Shelley
of

blue

a

by

be

United

the

wreath

a

other

The flag would

office

On it would

arms

encircled

leaves

the

of

General's

rectangular flag.

of

adornment.

be trimmed with

2Vz inches of wide yellow fringe
and

hoist

would

by five feet six

"in rayon, nylon

or

silk."
In

behalf

the

the

of

mobile drivers

auto¬

House

member asked

one

debate:

it above

"Would

fly

you

below the squirrel tail

or

corps

the

upon

lost

the radio antennae?"

House

forever

the

when

unless

88th

Congress

Representative

Phila. Inv. Ass'n

Republican,

To Hear

on

Funds

Joe

who

won

Pa. —John

PHILADELPHIA,

C.

his re-election against Augustus C.

Bogle, Administrative Vice-Presi-

Johnson,

dent

in

Democrat,

pose

last

amend

to

was

Virginia's

pur¬

to the

down

note, the act passed in

which

made

Banner

bill

National Anthem. The

our

did

1931

Spangled

Star

the

not

through

get

the

Senate and into law. Mr. Broyhill

try

may

it

again

in

the

next

session.

ment
at

the

of

Wellington

will

Co.

be

a

to

an

mittee is

introduced

bill

never

appropriate

and
com¬

Manage¬

guest

speaker

luncheon meeting of The In¬

a

Association

vestment

delphia

to

Phila¬

of

held

be

Friday,

on

Nov. 30 at The Engineers

Club in

Philadelphia.
Mr.

Bogle,

sociated
for the

has

who

with

the

past 11

been

as¬

Wellington Co.

will speak

years,

"Developments in the Mutual

on

Fund Industry

Many
referred

Institute.

disaster

Congress authorization of

remembers to reintroduce

convenes.

Operations Committee of the
Company

Potomac

storm and

a

tapioca limitations.

on

are

the

flag for each member

on

act

of

during

was

near

urge

gress

did

few

But

Co., in¬ 10th District, sponsored a measure
Wellington in sheet music which was passed

of

organization

troller

hold.

They
them

medical

by the House last May. His

will

Dugan
as

tions

for

position

Wellington
which

to

pointed

continue

to

Director of Dealer Rela¬

in

1957.

Ahearn

with

Co.,

he

Inc.,

was

a

ap¬

joined

He

ment

Co.

in

Economist.
been

an

tional

began

his

Wellington
1961

City

the

Bank

of

articles for financial

just

1951-1959,
lished

duced

had

York.

numerous

book,

Reappraised:

will

Columbia

be

pub¬

University

Press early in 1963.

intro¬

one

Republican.

a

The essence of Mr.

lems
touch

on

in 1962

such

areas

.

.

.

Prob¬

which

Potential"

and

as

will

the Whar¬

female

persons

Capitol

building.

McVey's bill
in

Study and the Keogh

School

Bill.
William

of

Rebmann

Association,

is

in

Laird,

of the

of

charge

arrangements.

the

went to

the

12

over

It

ton

Bissell & Meeds, Secretary

to prohibit shorts on male or

was

Public Works Committee and died
there.

Many
House

bills

floor

the

In

introduce

House

ping it in
lies

on

friend
The

bill

a

the

on

action.

a

member can

by simply drop¬

wicker basket which

a

the
can

laid

are

the

reach

never

but

table by committee

publications,
a

the

by Congressman McVey of

Kansas,

Na¬

completed

which

by

he
First

New

Mr. Ahearn has written

has

Financial

as

of

associa¬

heard of again. A

is

example

good

the

Manage¬

Previously

officer

Speaker's
introduce

Senate

desk
it

requires

for

or

a#

a

him.

that

f

the

be

*

Investing

•

Corp.

•

Affiliated

•

reports

period from July

Fund

a

new

purchase,

A mutual fund
stocks. Sold

An

for
of

the

convertible

Raceway

subordinated

and

a

company

Association,

Hawaiian
Modern

Established 1894
ONE WALL

request

C

a r r o

STREET^ NEW_ YORK__5
CF

NAME

Lord, Abbett & Co.

1 s,

Pacific Industries

Home

upon

Brandy wine

of 1982,

prospectus or mail this

reasonable current income.

Prospectus

de¬

dealer for

ad to
CALVIN BULLOCK, LTD.

free

seeking
its shareholders possibilities
long-term growth of capital
investment

investing in "growth"

only through registered in¬

vestment dealers. Ask your

A Common Stock Investment Fund

holdings of C. F.

time It eliminated Vornado,

bentures 5%

Inc.,

to

or

Broyhill,

Co., National Rolling Mills and

and

River. It

mouth

each

to

Season-All Industries, Inc. At

Inc.

the

Mr.
once

when he tried to put

upon

at

in

resolution

Sept. 28 it bought Arlan's De¬

same

in

old.
was

years

yachtsman,

a

Dec. 11.

and added to its

M.

funds;

Vice-Presi¬

Research

The Federal Reserve

Scudder, Stevens
Inc.

re¬

Management

manager

GlancEy

Mr.

and

J

*1*
merge

into

Fund,

to

at

held

na¬

Fund.

Mr.

:!:

reports

Sept.

on

$29,668,365,

&

the

as

Investment

—

tion

A

for

Daniel S. Ahearn
dent

Vice-Presi¬

as

affairs

Congress'

a

someone

Wellington organization in 1949.

rectors.

assets

Vice-

as

Wellington Co., Inc.,

Southern

of

Gl$fieey

eight

i

Demo¬
pet bill

a

.

McDaniel, Jr., Execu¬
Edison

Ahearn

S.

Wellington Equity Fund;

Mr.

Vice-President

has

that

laws.

pn

establish

President of Wellington Fund and

serve

M.

fired

Shelley,

California, has

Shelley,

aged, aid to education

become

week

Daniel

American Mutual Fund announces

California

prob¬

receive

knows

urban

remark

Investment
*

the

and

the

Advisory Board.

of

inches and fly

for the

care

Wellington

Report

Congress

will

or

Everyone

from

Safety Razor Co. and

rector

session

new

epitaphs.

new-

George Olmsted, Jr., President of

C.

already have

we

presents

of

and

break

can

fraction of the proposed

a

ceived

funds

railroads

has

The Funds

cent

lawyers

laws

journment

Thomas

phenomena,

Fund

Representative
crat

States

vestment

lette

of the

Only

sensible

of

would indeed

Boston

other

lems to be coped with.

some.

pace.

welcome

a

as

laws

passes

Congress

voices

the

the

which

in

starred
and

the

strange

many

just

and

the statute books every

occasions in this

partment Stores,

have

Glancey

exception

an

quarters

investors

j

failure to meet the needs of com¬

and

laws

a

think that Congress, made

to be

come

of

rebound,

Research

themselves not without sin.

with

as

cite only

numerous

on

."

railroads

F.

rails—great

1 to

muters

could have

we

of

encouragement

mergers, to

Wednes¬

month, but by 6 o'clock the

much sinned

from

recognition

he tried to put in at a naval post.

on

the

next

the

respite

day is about

that during the

following morning.

blessing if

a

com¬

financial

a new

day, Thursday, Friday, next week,

True,

it

depreciation and military

government

Defense

rolling stock something less than

as

passed.

were

less

containerization,

prompting,

Oh

Only

Many(people think that it would

rolling stock spurred by lib¬

eralized

in¬

were

con¬

some

for

Department, at the height of that

adequate.

bills

23,310

South have

council

H?

emergency,

get anywhere
In both House

legislation that died with the ad¬

saying that

are

a

the

Senate

gain

ex¬

them, but the fact is that regard¬

the

Government
a

never

rails

But they have

that T.

Federal rate regula¬

on

He

they would

few

be

cus¬

to the rule.

within

for¬

who

of

regarded merely

tive

proposals and there has been less
emphasis

a

Thomas

munity.

be

man

troduced in the last session.

steadily

gone

handful

a

and

outside

and

Co.

railroad

with

sympathy

them.

the first place.

and

have

and

the

Senator

formally present the bill.

almost
in

tinued to command respect within

&

indicated

have

truckers

leaves

to

soon

by

that

de¬

flatcar con¬

is

already

growth industry.

agencies

ekcept

introduced

either

or

and

unsung

gotten

so

are

Hoffa

keep

the truck-on-railway

that

appointed

downhill.

the

plowing under piggybacking,

cept

been

mostly of lawyers,

payout.

kindly

carriers

have

S. D. Warren

of

are

have

quits

up

railroads

to its Board of
more

executives

vice-presidents:

it

when

of bills unattended to. They

the

there, railroads have fattened the
Even

Congress
scores

the

are

job of maintain¬

ing dividends this year than, for

standpoint

Walnut

many

of

done

the

of

tomer-oriented

tion

thing, the funds

the

1630

full of holes and ter¬

at¬

and other investors, shaken by

Incidentally,

basically,

cars

set

come

organization,

pected

Contrast this with the

have

have

ington

St., has announced that three key

supposed to

was

offered
mites.

fering of all industries?

year,

be

not

broken-down

rolling stock

market

one

it would
the

have lacked

tract the funds to the longest-suf¬
Well, for

factor in the

a

PHILADELPHIA, Pa.—The Well¬

way to move goods, but

many

gence

is

it

a

goods.

Railroads,
too

if

even

to strides in piggybacking, the emer¬

diversify.
Yet

field,

forget

to

move

non-transport

this

Southern

City

as

rolling stock that

there is not a single com¬

today

And

inclined to overlook

CARLISLE BARGERON

becomes easier to understand why

(

Even the railway
ago

were

generation^ (jheapest

students, but

market

haulage.

shipper

from

hostility

unyielding

more

freight

easy

BY

Three V.-Ps.

Again

passenger

Ahead of the News

...

Wellington Names
Here We Go

15

New York

—

Atlanta

Construction

—-

Chicago

—

Los Angeles

—

ADDRESS

San Francisco
mm

I
I

—

■

1

The Commercial and Financial Chronicle

(2248)

16

of

records

past

primarily

due

inc'ome

in1 net investment

of growth

decade

BANK AND INSURANCE

Fireman's Fund has

performance.

higher rate

American's

to

slower

.

.

Thursday, November 29, 1962

.

The

enjoyed the
the past

rate

At

premium volume. Both companies have followed fairly aggressive

Week

This

STOCKS

policies in purchasing common stocks. As of Dec. 31,

Insurance Stocks

—

stocks represented 30.8% of

a mon

American's

of

31.7%

'doubtedly,
in

PROPOSED FIREMAN'S

THE

FUND—AMERICAN INS. MERGER

Chairman of Fireman's Fund In- ) :
surance
Company, and Robert Z. Alexander, President of the
American Insurance Company of Newark, New Jersey, jointly r
announced that the directors of. both companies had approved

the new stock of Fireman's
Fund for each outstanding share of the common stock of American
Insurance. The two-fcr-one split is to be effective regard¬
less of the exchange, but the 5% stock dividend is contingent

will

fire

the

in

and

casualty field. The

by

at

week

the

close

from

moved

Insurance

bid,

$31.50

high

all-time

and

196508—.:

Trust

Co., Chicago,' 111.,

elected David S

sel.

bolstered

Fund,

Fireman's

1962

new

a

Sampsell, Senior

Robert C. Barker,

ident and

market

Vice-Pres¬

Counsel is

General

tiring.

'

Chicago,
Klein

NEWS ABOUT

re¬

•

III.,

Charles

elected

H.

Vice-President.

a

Branches

New Officers, etc.

•

Further reduction in the expense ratio is
through the merger through the economies

expected to be realized
and

elimination of duplicate facilities.

investment
between

ferences

'

are

AMERICAN INSURANCE COMPANY
Net

Liquidating

Prems.

Profit

Investm't

Written

Margin

Income

Div.

Leroy,

Paid

Range

Earns.

$305.6

$174.2

ly„8_—.

307.8

166.6

1939-—

309.8

172.5

I960——

320.6

,183.9

1961

341.6

185.0

—

;—

( Per Share )-

(OGO's Omitted)

82.00

—$2.40

$31.02

$1.30

$29-20

3.0

1.99

.71

33,02

1.30

30-20

0.6

2.03

2.14

32.23

1.30

32-24

2.35

36.60

1.30

—

40.66

1.30

35-27

.55

36.70

.65

■Joseph

248

5.0

2.22

—

1962—

•

■

102.9

—"

Net

1.14

2.4

FUND

INSURANCE COMPANY

Underwrite

Admitted
Assets

Written

Profit

Investm't'

Adj.

Margin

Income

Earns.

Prems.

Liquidating' DiV. ,'
Value
Paid

$457.8

$215.6

511.2

230.5

561.7

5.1 %
1.1

$3.06
3.31

Jamieson,
Edward

Tiffin,

Treasurer

Elected

;

Assistant

154.0

—

1.44

50-35

all

Edwin E. Erikson,

the

in

promoted i to Assistant Cashier in
the

Jeremiah

Roberts,

3.98

5.03
4.12

71.41

1.85

57-47

3.54

83.13

2.00

71-53

lating department; Ian S. Ridge-

1.2

2.15

1.75

72.66

1.00

73-56

way,

electronic tabu¬

Jeffers,

made

dent

in

*

Michael

York

New

CHASE MANHATTAN

York,

LONDON, E.C2

U BISHOPSGATE.

E.

Pu.yans

has

to the Rockefeller

been
Center

Advisory Board of Chemical Bank

Head Office

it

Trust

Company,

announced

was

20

*

Report

'

Members

Bankers

New

American

Stock

Telephone:

212 571-1170

Specialists in Bank JStocks




•

to

KENYA

Exchange

BArclay 7-8500

Teletype

ADEN

the Government in
•

UGANDA

•

ZANZIBAR

•

PAKISTAN

ADEN

•

•

CEYLON

SOMALIA

•

•

BURMA

its

System

approval

of

the

Nov.

of

23

the

of Prattsburgh State Bank,

Trust

N. Y.

Company,

Rochester,

George

Leonard

M.D.,

Dunmire,

Q.

Carney, and T. A. Hag¬

gard.

i

The National Bank

cf Commerce,

Jean

elected

Texas,

Senior

Officer,

a

Director.
*

*

Si:

R.

Vice-President

Johnson,

❖

-

•

;

.

Co., Pittsburgh, Pa. elected Albert
T.

Sprankle

The

Vice-President.

a
*

*

*

Valley

Arizona,

'

John
The

the

Bank

Tradesmens

Provident

of

and

Directors

of

Board,

Company, Philadelphia, Pa.

Trust

announced the

liam

B.

Vice-President

Carr,

Senior Vice-President

Division;

erations

G.

Fry

John

Noll

H.

to

of the Op¬

T.

Frank

Howard, Vice-President to Senior
Vice-President of the Trust Divi¬
sion.

Assistant

following

Vice-

named

and
Trust

a

Federal

Reserve

announced
merger

of

the

of

Governors

of

Board

*

*

*

The

System, Nov.

its'approval

of

21

the

of the First National Bank

Bank

Trust

&

Salt Lake City,

into

Utah,

Price,

Price,

the

Company,

Utah.

promoted to Vice-

were

Charles

Beitz

A.

to

Vice-President of the Correspond¬
Bank

department

was

Officer.

Walker

The

of

elected

Ariz.,

Vice-President in

a

controller's

the

Bank

National

Phoenix,

promotions of Wil¬

Department

the

of

Division; William C.

E.

Data

Processing Dept.

dent of the Trust
Rule

W.

charge
Bucks

Division; Fred¬

Mygatt, III to Vice-Presi¬
Vice-President

to

Montgomery

the

of

Division; Leland

County

Offices;

in

The

Calif,

nounced

the

on

Santa

Bank,

Monica

Santa

Monica,

21

Nov.

election

President,

an¬

Audrey

of
as

Chair¬

Austin, who became Presi¬

dent in 1950

succeeding his father,

will continue to hold that position.

and

Stephens to Vice-President of the

Operations Division, Trust Opera¬

George Ryan With
Vance, Sanders

Sit

*

Mr.

Jr.,

J. Harold

Washington,
Louis

elected

C.

d.

Voigt and Richard D.

W.

Bar¬

rett, Vice-Presidents.
•I*

*!»

»!'

Shareholders of The Ohio Citizens

asked

at

a

special meeting

Dec. 10 to authorize

the

Bank's

an

on

increase in

*

*

retirement of Harold

Causland

as

E. Mc-

Cashier of The

First

Ryan, who formerly was
ated

Colonial

with

and

Hugh

will

be

par

account

value shares.

zation

and

approval of the
Banks,

State

Di¬

of

stock dividend—

one,for each 17% shares presently
held for

a

W.

based

York office,

Subject to shareholder authori¬

,

The

YORK, CITY— George D.
Sanders &
Company, Inc., mutual funds dis¬
tributor, as a wholesale repre¬
sentative, it has been announced
by Henry T. Vance,
President.
Ryan has joined Vance,

from

capital

rectors propose a

i'f.

NEW

132,500 to 140,000 outstanding $20

Superintendent

I

EAST AFRICA

AND THE RHODESIAS

Hall

Dalton, Esq., Harold B. Treasure,
Esq.,

The Mellon National Bank & Trust

be

Governors

Prattsburgh, New York, into Cen¬
tral

Branches in

INDlA

merger

of

Reserve

Federal

Exchange

Stock

York

BROADWAY, NEW YORK 5, N. T.

Bell

Board

announced

Laird, Bissell 8 Meeds
Members

The

Telex Nos. 22368-9

Request

on

.r-

Trust Company, Toledo, Ohio, will

*

Telegraphic Address
LONDON

and

John

and Trust

*

*

New

Nov.

by Chairman Harold H. Helm.
*

MINERVA

$400,000

The National Bank of Washington,

elected

Bank Limited

of
are:

organizers

Dallas,

❖

i*Y-.

1lays,

bank would have

capital

1958

1959.

*

*

ih

Vice-Presi¬

Assistant

tions Department.

division.

personnel

division

operations

and

initial

of the Operations

4.03

G.

con-

credit department. He was

sumer

applica¬

an

national bank in

a

man.

4.09

John

First Na¬

Bank's

preliminary

gave

Nov. 21 to

on

The proposed
an

Austin,

department;

custody

joined

in the

1953

in

h

Kennett, Mo.

Electronic

0.6

National and'

Flint,
Bank,

*

organize

Burleigh to Vice-President in the

R/

Secretaries

F. Flynn, and Sydney R.

Six Months
1962—

Co.,

State

Trust

&

Davison

Saxon

approval

the

Mr.. Suenholz
tional

eric

were

53-41-

approval of the

Comptroller of the Currency

Bank's

Range

1.53

the

Nov.

on

on

;

Commercial

office.

$47-32

69.07

1, 1962 after 48 years of serv¬

plan

ice. He started with First National

and

1.8

—

Dec.

at 17.

The

James J.

Assist¬

an

the

in

under

retires

retirement

Bank's

ent

Louis

appointed

was

$1.44

2.52

with

tion to

the

and

methods

department.

systems

Raymond

department,

loan

L.

were

Herman

23.

Nov.

McCausland

Mr.

of

his successor, were

as

President:

sistant Treasurers

61.56

*

$0.14

announced

banking division. Also named As¬

the

0.1

260.6
269.3

—

258.2

582.5

643.6

—

appointment

the

H. Suenholz

Presidents

in

$51.38

(Per Share)

(000's Omitted)

Year

-1957-

Price

and

international

all

Brussels

Total

Net

Treas¬

Assistant

appointed

ant

FIREMAN'S

T.

Bogardus, and Thomas J. G. Spang

Modave

Six Months
—

Max de

Sidney

Banta,

E.

35-23

0.8
—

Halsey, in the methods

30-25

15

—10.5%

Bank

Mich.,

National Bank of Jersey City, N. J.

Shaw, all in

systems department;

Price

Value

Adj.

Assets

1957_—_—

and

urers,

Admitted

Year

ander V. R.

were

Total

Net

Underwrite%

its

announced

*

G.

Norbert

of

Boysson in the Bank's Paris office.

again only-minor dif¬
the two companies in operating policies and
there

operations

System

consolidation of the Genesee Mer?

Revised Capitalizations

•

of

Governors

of

Reserve

Davison, Mich.

Quinn, and Lee N.

Fund.

Board

chants
New

•

proved extremely troublesome for the
the international banking division;
company as well as the insurance industry in recent years, par- .-; Werner
A.
Stange,
the
Bank's
tjally explains Fireman's Fund's superior performance in under¬
deputy representative at Frank¬
writing profit margin since 1957. Both companies have been
fort, West Germany; Joseph F.
effective in "steadily reducing their operating expenses ratio over
Cody, head of the loan department;
the
past three years. For
1961 expenses as a percentage of
George T. Fowler, in the general
premiums written amounted to 37.6% for American and 37.0%
organization
department;
Alex¬
Fireman's

20

BANKS AND BANKERS

line, which has

liability

The

Federal

annual rate after the split at $1.30
John M. Porges, Vincent G. Potter,
dividend paid by American in
Robert
each of the past five years. In other respects the terms of the
J(. Wynn, and Robert C.
Mervine
as
Vice-Presidents
of
proposal cf affiliation appear equally fair. Upon estimated June
Morgan Guaranty Trust Company
30, 1962 figures, the holders of American Insurance will suffer a
cf New York was announced Nov.
small decline in the liquidating value of their stock as well as a
23 by Henry C. Alexander, Chair¬
moderate dip in net investment income per share, but will gain
man
of the Board.
in total operating earnings plus the advantages inherent in joining
a
larger, faster-growing organization.
,
Messrs.
Leroy,
Porges,
and
Potter are in Morgan Guaranty's
In most underwriting respects. Fireman's Fund and American
international
Insurance are quite similar. Both enjoy widespread geographical
baqking t ,division.
distribution of premiums, although the merger will result in a % Mr. ) Wynn
Tithe Bank's crrepre-i
sentative in Tokyo. Mr. Mervine
better balance overall?-The distribution of premium volume is
is head of the client service de¬
quite similar. In 1961 Firem,an's Fund's volume , was divided as
follows:
fire lines—43.5%, casualty lines—49.8%
and multiple ' velopment department.
'
line—6.7%. American's 1961 premium breakdown was 42%, 48.8%
Also announced were the ap¬
and
9.2%
respectively. Only in auto liability and property
pointments of nine Assistant Vice
damage, where American's 26.7% compares with Fireman's Fund
Presidents: Walter I. Baranetsky,
19.3% of total volume, is there a sizable difference in the by-line
Charles S. Bissell, Jr., Francis J.
breakdown. American's relatively large exposure in the auto

In

v'-;

:!:

Vice-President and General Coun¬

prior to the announcement to

while

share, equivalent to the cash

size

*

Lake View Trust & Savings Bank,

Election

share. This will place the

120

Northern

a

to $.65

raised the quarterly dividend from $.50

per

v

In

split, the directors

the two-for-one stock

per

'

approval.

merger

split and dividend action as well as the

to

rose

news,

merger

bid

$27.25

the favorable stock

Consolidations

in premium volume.

the industry giants
connection with

of Fireman's Fund

of

the

of

approves

combined

Fireman's Fund, $269.3 million in 1961, and
million in 1961, totaling $458.1 million,
new
company
second only to Hartford Fire

the

rank

In

$7,300,000

a new

•
*

price of $72.50 bid.

American Insurance, $189

among

capital and surplus accounts

high.

for American.

.

premiums written of
would

the

surplus:

to

the board added

thus would reach

were

exposure,

$150,000

proposed affiliation, if made

companies

stock

!

both

percentage of

a

divi¬

stock

$350,000 to that account. Total of

rising market for insurance stocks and other equities, American

important mergers in the

for

as

investment

surplus, : representing

community

effective, will be one of the
history of the insurance industry.
combine the ninth and tenth largest underwriters among

The
most

'

stocks

of

Earlier this year

un-

transaction, although it will not
the shares issued in the exchange.

paid on

It

have

the

of

Through last week's stock market action, it appears that the

r

^

transfer

the consummation of the

upon

be

the offer of one share of

and

dend,

Common

1962.

for Fireman's Fund and 81.6%

investment

plan calls for a two-for-one split of the
of Fireman's Fund, followed by a 5% stock divi¬

stock

common

percentages

time

the

.

plan of affiliation. The

a

in

market

stock

84.0%

1961 com-

been reduced by the decline in stock values experienced

policyholders'

Crafts,

F.

James

Week,

Last

the

The

then

would

dend, directors also proposed

Fireman's Fund's total assets and

total? assets.

account

$2,650,000 to $2,800,000.

in

growth

of

capital

rise from

over

5.66% overall increase.

Long
in

associ¬

Distributors

&

Co.,

Inc.,

the firm's New

61 Broadway.Working

under William G.

Gallagher, Vice

President, he will provide service
to investment dealers

ropolitan
New

New

York

York

in the met¬

lower

area,

state, New Jersey and

Pennsylvania'.

v

Volume

Number

196

6216

The Commercial and Financial Chronicle

...

(2249)

17

ing investment. This is evidenced

Private Placements and

by the easing of long term interest
ket

The Investment Banker

banker

tinued

could

return

toward

are

principal

are

and

ments,

in

the receptiveness

the

expresses

financial

business

of

needs

fall
roughly, into three main divisions,
could

enterprise

division

said

be

which

that

is

to

deals

e

s

i

s

g o o

n

inventories,

and

have

some

administered

aie

bank

And

as

chiefly

con¬

tion

some,

cerned

with

third

of

f

o

There

is,

of

Commercial bank loans are

areas.

usually defined
confined

and

for

short

busi¬

run

in

hanks

recent

years

to

seem

whieh tend
wn cn

relaively

such

five

Lately

years.

run

of

term

matured

usually

more

®

to

periods

ong

Traditionally
have

making

be

j

innn«s
loans

+nrm
term

of time.
commercial

brief periods

fairly

But

,IT1_

When

percentage

going into
markets
com¬

placed,

as

in

for

time..
loans
up to

Life
the

insurance

most

market, -are

public

in the

nowo

largely

notable by
1

"

like

more

banks and

traditional

functions,

to

time

on

a

stitutes the most important source
of

l°ng

ft*^8 over-all and
direct

the

dominates

the

supply

also

Securities

sup-

Savings

Corporate

^

for

Business

1

1

_

_

securities

the

I 'U

•

...

business.

r*

4-

That

#4

mid-year

the

after

nadian

when,

devaluation

dollar,

substantial

a

into

came

the

the underwriting of

tax supported

obligations of state and local govNow,

ernmental. units.

however,

cycle seems to have come full

swing since those depression days,
and
some
current
commercial

Additional

long

ahiple

that

by

the

nlacement.

moves,

business.. This,

of the future. As of now,

commercial

bank

ments are among

to

associations,

loan
nnut

r^AtTirin

part,

provide

the corporate

equity

or

somewhat

lower

On

funds.
trust
are

both

a

r\

a

of

minor

"debt

-

_

_

f b

^^5X^ 5^

fnnrk

tb d

arp

bt

in

force

at

Leslie Barbier, G. A. Saxton & Co., Inc.; George L.

Hornblower

&

coraorate

enternrise

capital to corporate enterprise.
Individual investors are a major
source

of equity funds but are of

virtually no significance at all in
providing debt capital'unless this
latter happens to take the form of

indeed,

all

sorts

business

of

impression that, at least

term investment money is promoting " slow burn and some heat
a
,v

ln their vaults.

ts*

**»

L

r.

4-

n

/-»T

whatever

a

nn

Stetson,

Weeks;

&

won

judg-

t last vory long.

The

potential corporate capital
consulting

will

history,

Prices bave been both
J

A

i

a

i°i lower

111

nt

After he has

can

the

all

however,v life insurance companies, and-,the

loan

depart-

the least impor-

trust departments of- the commer^

cial

banks have

other .hand,

been the largest

Co.;

&

Edward Zinna Smith, Barney & Co;

that

immediately

fjrms

is-

an

under-

form

fall

back

WHV"

1

learned
the

on

J 1

crystai

egt blQck Qf wood

fbe

deciding

j should think

in

factor

raising

'

gtitutional lender for his financial

accommodation.

An issue of sequ-

obvious

reasons,

a

public

the

by-passes

market and the SEC is

called, for

direct,

or

a

private placement. This method of
financing eliminates the necessity

SEC registration state-

an

_

ac-

and
a 11 u

easily
ects>ii.y

more

complished
compusneu

be

often

can

and

ment,

inuic

wjtb
h

^

" a "

securities* dealer

lationships

fiTms

his

of

the

intention

+be
fnr

of

nprmanpnt

investment

word
to

buying

are

permanent,

change

as

small

relatively

investors

♦

A

..

.

investors,

group of institutional
he k n o w s, for the
1

1

£

A

benef:it of the borrower, where to
So for the money without wasting
time knocking on the doors of
institutions temporarily out of the

market, or fully invested for the
time being, perhaps, in that par¬
ticular interest of enterprise, or
area
whose
...

U

1v> +

/-\ rt

AMAr«f

out-of-line

ViA/Nl11V>n W~\ A A T* C
requirements

with the credit

A*»A

are

status

of the borrower.
The investment banker is a
of

financial

sort

Child

obstetrician.

birth is natural but most of us

make do without the investment

subject

conditions change

But the process of lot
fiis
nancial parturition
comfortable with an ex-

banker.

a

more

I have

—.

in

it

reselling

that is,

wide

a

the

not

investment

of

covenants

other

Prefer to have a physician in attendance. So, too, with direct
placements.
The borrower can

issue

meaning

clauses,

and so on> thus smoothing
the path of negotiations.
In
addition, because of his daily
briefing on the requirements of

just pointed out that di-

pert

>,

in attendance.

and''rect placement-financings can be-in-vestment

.

-Institutional"

requirements -can

change- qui te. rapidlyp so -can
institutional markets. '"And1: the alert invest—
with investment bank- lenders, and some are. Actually ment banker can sometimes beat
whose job is to-float most direct placements are ne- the market to the change.
He

registration. Most

enterprise
jng

t

a

institutional

0f

group

sucb funds when used in the busi-

of

with

piaced

market but the profit potential of
ness

benefit

pledge

wbo

is not the price

the

parties

Propensity in Private Placements

set by the

funds

statement.

the issue.

•

this

bystander. But let's examine my

special expertise in the matter
of appropriate interest rates, call
features, sinking funds, negative

bal1' make his decision; and knock expeditiously than a public, SEC
twice, ritualistically, on the near- registered issue. " It is usually

gEC

up./.For

Winslow,

/III, Mackay & Co., and Paul R. Yednak,

writing syndicates to compete for

and a lot hiSher than they are of filing

purposes,-the pension funds, the

sum

Irving N.- Maxfield,

Maher Associates; .John J. Meyers, Jr.,

public utility companies

have only to announce

ritios which

learn that interest costs and stock

-ticm*

To

Krasowich

D.

Co., Inc.; J. T.

Stanley Roggenburg; Roggenburg

Inc.;

Maher> John

ties. Most

nmJrt'

Vn

subjective

merd _may be worth, is that it

practical

~-

Joseph

Corporation;

William J. McGovern, Blyth &

Sons;

vields

present, uncommitted long

nrimp

d eauitv

De

borrowing terms than hereto-

ous

he
Flppmncvnarv

R.

Sidney A. S'iegel & Co., Inc.

af-

f0re. And finally, the appearance

today.

financing.

John

8 somewhat lower yields
less oner¬

seeker,

source

Elected):

Be

and carrying somewhat

market in

major

are a

to

has

long

industrial -arranged

directly.:' between cor-

standing re-*'porate borrowers and

term capital-securities-* issues.*: Industrial *con-' gotiated with the lender-on behalf
the funds to corporate enterprise dur-^ cerns wjthout *such historical re-r of the borrower by investment
of—long

knows exactly where to go
money

and what to haggle

for the
for in

ing the post-war period, and prob- lationships will find that they can bankers. Since I am an investment the way of terms. He earns his fee.
substantial, source .of .ably will continue 4o be for .the'hhi^eaqily initiated^by a'telephone- banker I' suppose this statement There have been times when ditch
.equity and long term debt * visible future*- •-■-•vt.'V- - •. ealh to an' investment
banking could- he- construed, as - special digging seemed easier to me.
departments of these banks

capital
j,-

(Four

American Securities

McGivney,

to direct placement offerings af

no

debt aspects.

investment and

suppliers of long term-capital.-suppliers

tant

Committee

recepA- Charles O Btlen & Co.;
^
^ J- Mejrcrs Murphy,

logical
result in

be one of the financial waves

may

Towbin Co.;

Collins,

of

if carried to

fullfillment, could

securities

Nominating

insti¬

offerings

City);

(Jersey

Marco, Edwin L. Tatro Co.; Thomas Greenberg, C. E. Unterberg,

invest-'MJohn

seeking

Associates

Wellington Hunter

Hunter,

Joseph D. Krasowich, Gregory & Sons.

Ca¬

supplies

Saunders, Dominion

Co.; John F. McLaughlin, Andrews, Posner & Rothschild;'

Cohu
-

term'-funds

direct

&

Gregory &

evidence

Stanley Roggenburg, Roggenburg &

Corporation; Thomas Greenberg, C. E. Unterberg, Tow-

Wellington

sup¬

convertible or "with warrant"
If the corporate treasurer debonds, in which event individual cides to obtain equity capital he
getting the commercial banking investors may become very im- has little choice but to tap the
system back into the corporate portant.
public market through the mediae

bank

bin

on

border.

tutions* have

Committeemen:

National Committeemen Alternates: W. F.

Securities

market from

our

Co.;

Michael J. Heaney & Co.

right

the

of

Cowen &

Co.; Samuel F. Colwell, W. E. Hutton & Co.; Michael J. Heaney,

ply of bonds with 5% and higher

for

and^r^'erMttenPsource

/-»

exception of one important area—

the

at

H. Billings,

and Joseph R. Dorsey, Bache & Co.

National

upswing corporate bond prices

came

-£ s-\

v»lr

and

of equity

de¬

pression inspired enactment ended
■»f
such activities, with the necessary

o

Mutual funds

active in

were

wi

most

either its

of the 1934 Banking Act,

ities affiliates and

the

funds

recall, prior to the

may

iiiftr

/N

y-»

the eqnity market.

commercial banks did have seeur
A

& Co.,

event

damper

a

Joseph

Harold I. Murphy, Gregory & Sons; Thomas A. Larkin, Goodbody

spread

second

Rappa, Mergott, Rappa

Krisam, John C. Legg & Company.

(2-year term):

How long such conditions, relaBut
if he be gQ mincjeci
the
European commercial main investment interest lies In tively favorable to the borrower, corpo;ate borrower can by-pass
take on, in addition to the field of real estate mortgages, will continue to obtain is, like the
bUc market the SEC> and>
commercial
banking n°t
corporate
bonds. Savings everything else in the future, £or £bat matter, the investment
the tasks of securities k>anks al*> suPP'y some lunds to difficult to judge. My own feeling, banker and g0 directly t0 the in-

Banking Return to

passage

the

for the

Savings banks occasionally

4- V>

some

The

corporates.

firms the

equity market.

ply funds to corporate enterprise

underwriters, dealers and brokers.

As

Treasurer—Wilbur

Directors

providing

yield

J.

Secretary—James Torpie, Torpie & Salzman, Inc.

purposes.

by

Vice-President—Salvatore

•

Serlen, Josephthal & Co.

Co., Inc.

t

o r

offerings of

which served to put

fording

time

steam and, PW Iunas .xo .corporate enterprise
perhaps, in the years ahead our through the medium of the public
commercial
banks
will
become bond market but, of course, their
up, some

S h

comparisons rather unfavorable to

market

hit.and.run basis. This group con^

maturity of bank term loans seems

picking

Second
&

drastic reductions in corpor¬

more

to

lengthen the

to

of

United

Treasury issues with yields
or higher probably inhibited

such companies did come into the

to

tendency

frequent

.....

from

Cocktail Hour & Buffet

a

President—Sidney Jacobs, Sidney Jacobs Co.

high levels £or

their absence from,it,,is furrMed
*

meeting,

First Vice-President—Lewis Harrison

ab;bough this year a handful of tivity of their investment officers

companies

years.

to be

S.

of 4%

once

group

hears of completely

one

companies,

important

the

payments

rather

above

bank term loans which run for up

This

And

of

with

securities issues."

self-liquidating

as

to

needs. Customarily they run

ness

haiance

rates

directly

the conclusion of the

The Candidates Are:

pro¬

out

arose

of

J
relauv*el

t

overlapping in those contrasted with publicly offered, yields

course, some

7,1962 at the Harbor View Club, 2 Broadway, New York City.

At

VeaTuTy'yieM^ were" main-

to™

tained

market

be administered

more

Treasury market.

interest

investment

into

States

U.

One

circumstnaces

the

be curtailed, for the life

money

the

ate

panies usually prefer to put their

Daniel M. Kelly

developments.

future,

the

NEW YORK

Dinner will be held.

even

legisla¬

money

OF

Meeting and election of officers of The Security Trad¬
Association Of New York, Inc. will be held on
Friday evening,

nounced except for two fortuitous

nearby

happens

public

may

goods.

departments

.

last

and
com-

insurance companies.

ers

Yields

recent

in the

pension fund

the

devoted to the

capital

size

,n
—

by

.

this

is

financing

of

will undoubtedly

by life

And

nance.

the

trust

result

a

,

fi¬

consumer

these

war

mushroomed
u

self-administered

are

is

Another

enter-

they dominate the pub-

now

mercial

on.

so

the years since the

In

SECURITY TRADERS ASSOCIATION
The Annual

term corporate rate structure

the pension funds.

are

only

Indeed, this erosion of the long

to

business

held

temporary investment.

might have been
to

long

(continually

normally

paper

Bond

of the public securi-

way

ties market

funds

maintenance
of

capital

prise by

rate

NOTES

well.

area

Forces Supporting Higher

lie market. Some of these pension

the

ji s,

term

favorable

as

typically

many

Dec.

long."

very

until

of

g

today's

last

funds

with the proc-

placement

of the market toward private

belief that
"won't

borrowers

One

for

Mr. Kelly comments on the advantages of direct place¬

placements.

The

term

presented of ample supply of long-term funds seeking in¬
takes

NSTA

eighteen

be

departments but not, as yet, the commercial loan departments.

vestment

past

with

interrup¬

rolling over at maturity an
unusually large volume of short

sup¬

Evidence

brief

term investors appear

which includes bank

—

the

addition,

to

commercial banking back into the corporate
Swift review shows who

and

mar¬

place

public market has been echoed in
In

trend

banking

pliers of long-term debt and equity capital
trust

over

taken

months. The easing of rates in the

longer term loans and other recent moves which if sufficiently con¬
securities business.

minor

the direct

commercial

scrutinizes

corporate bond

has

tions

New York City
Investment

the

which

only

By Daniel M. Kelly,* Partner, Salomon Brothers and Hutzler,
f

in

rates

very

/

At

-

Nowadays

the

this

particular

moment

in

firm,preferably-

throu^i

:

their pleading on the part of an

institutional group supplying long




have ample long term funds seek-

sumabIy,AWeltposted oft both-par-

inter-'

———

taiu b

Mr

Kelly at the 6th

party rather..than- as^a pla- >•^nnur^jrnBusiness Conf^ence of se Johi^s.
tonic observation ^>y an innocent University, New York City, Nov. is, 1962.

most? important time -these institutions, appear, to- ^ommeretal -banker^' who-is- pre-s.- ested

Ep.numJH1"'

Commercial and Financial Chronicle

The
18

Canadian EconomiciQutlook

weeks.

12

banking system

would be of the order of $10
lion

I

in

Montreal, Canada

and

bil¬

affected.

adjustments will net be felt for some time yet. Mr. Lambert attributes
the recent exchange crisis, which came to a head last June 24,do •

"Indicated

1950.

much

held

transcends relying solely on monetary and fiscal
policies, in order to meet the challenges which Mr. Lambert .is
will

confident

be

some'

would like to open

by
the

Canadian

past

behind

all

us

op¬

portunity
of

deemed

now v.

tackling

them in

few

m o n

accustomed
and

to

■;

s
Allen T. Lambert

originated in the

in Canada today

payments ancrthe for¬

for-

market,- and

eign

exchange

some

time to come it will be nec¬

for domestic considerations

of
It

the formulation

in

considerations

external

to

subordinated

be

to

monetary and financial policies:/
is, of course, still true that we
solve

must

in

lems

plined

domestic

our

prob¬

constructive and disci¬

a

way

if we are to have sat¬

isfactory financial conditions, but
it

is

obvious

our

in

confidence

need

build

to

an

immediate necessity.

.VBlames Fluctuating Exchange

*

The
a

present financial .situation
of

creature

.

change
which

the

crisis, and

crisis

that

the

of

about

differences

are

and

not,

of

in part

was

a

legacy

change value of the Canadian dol-

-

lar to fluctuate freely

V

and the ehd"b$ September.;

during

re¬

I

action.

tives' can/be:

achieved through the

exercise

There

A

raid

new

skill

perience

circumstances that existed at that

time, I do feel that it was

mis¬

a

have delayed so long be¬

take

to

fore

bringing the rate under

trol

once

con¬

more.

:

\

>

of whatever virtues

Regardless
'

fhuctuating-rate "? policy

had, it is clear that

siderable

over

of

valuation

-

may

con¬

a

the

Canadian dollar developed during

.

these

years,

when the

even

com¬

petitive position- of the Canadian
economy
-

worsening,

was

:growth rate

was

of events brought* a

sure

the

including

authorities,
fixed

new

in

funds

S.

U.

brought

setting

0.92V2

of

rate

last,"

2,

May

on

cents

temporary halt.. "How¬

a

uncertainties associated with

ever,

the

atmosphere " of

election

an

-campaign contributed no" doubt to
renewed

pressures

and the drain
not

on

our" dollar,

on

reserves was

our

finally ended until the initia¬

tion

the

of

gram

new

June

on

emergency /pro¬

The

24.

pr-ogram

included massive external support
for

Canadian

the

tempo¬

dollar,

spending,-a
severe

rate,

and
■")■■■

restraint.
Public

:

6%

As

ago,; the
have

recently

majority

as

one

opinion

•.

the

of

has

that

tion
dian

clined

recent

People

overlook

to

Canadian

the

years

flow

that

investment

capital

exceeded

Canadian

of

in¬

were

fact

substantially

program

the

in¬

unfortunate part in the

an

exchange crisis.
the

in

about

capital

the

to

the

effect

savings,

to either im¬

necessary

flow of domestic savings into

.our

balance:
few

*

Much

was*

said,

would

and

a

capital inflow, but no attempt

was

We

are

tainty

that

has

-

how

about

Catelli

Products

Food

cult to effect the substantial shift
of

spending flows which this im¬

plies

without

deflationary

setting

off -

pressures.

severe

When

trouble began to brew, past words
and

deeds

this

in

field

played

a

,part in discouraging the entry of
needed

capital, while import -de¬
continued

naturally

the

controlling, the.exchange rate

the

Canadian

was

dollar

the

Canadian

The

unabated,

burden

rate did

had

exchange

may

of

to

knd

be

reserves.

that the net deposit
the

speculative raid

on

a

strong

the currency—




$521

the

judged

from appreciating, not to prevent

In fact,

Railway

Co.,

/

monetary

chartered

million

obligations of

banks

in

by>the fact

six

declined

weeks

by
and

Telephone

Co.

treal;

C.

W.

*An

address

National
October

will

give

good

a

by

Mr.

Industrial

Lambert

Montreal,

the

at

Conference

Conference,

Board,

Canada.

;

rate is

good

a

the

values it.

It neither

one.

The

Securities

determination

to

hold

shold

continue

rates

before

too

long,

be

how

quickly that will

prepared

is

much

to "See
crete

in

:

and

r

time

-

to

would

I

come

live

about.

will

/

to

how

rates

to

'balance

for

/

of

which at times

Ltd.,

override

domestic

-

tions.

this

graph

can

>be

turned
are

a

be

W.

,

nations. '

-

we

Ginnington,

the

H.

R.

and

York

30th Anniversary

:

DALLAS, Texas—Schneider, Ber¬
&

net

Elm

Inc., (1505

Hickman,

Street, members' of the New York

celebrating the

Herman;.

Hart,

of

Montreal,;

H.

^

Mclvor,

Hood ; Flour
Richt"

Co.,

Tory,

Ltd.;

:

Q.<C.,

DesLauriers.

Toronto;. and
United

from, the

Symonds,

is

Conference

Texas.

Trustee

a

of

Gas Trans¬

Cc., Houston,

Symonds

&

States,

Chairman

Board, Tennessee

'

>

as, a

of

Mr.
The

Board.

.".

The

-

National

Industrial-

Con¬

own'

have

ference

Board

is

an

independent,

non-profit institution for business

in

1916

New

and

York,

was

has its main

with

in

Officers

1932.

day

are

its founding

of

anniversary

of the firm

to¬

J. Wesley Hickman, Pres¬

ident; Albert E. Bernet, Jr., ViceN.

and*.Secretary; George
and

Leitner

Vice-President;

Mayo

R.

and

Cobb, Treasurer. *" '

"

King,

Edward "D.
'

.

•

"

through

and -economic fact-finding
scientific research. It

Albert E. Bernet, Jr.

X.'Wesley Hickman

30th

President

have

the family of trading

.1

New

Corp.

D.

Arnold,;

Tory,

ex-;

necessary

part of the responsibility
to others in

New.

Stock Exchange, is

Arnold

Telephone

J. IS.

Gardiner

considera¬

our

Board,

Wingate,. Chairman,
International Nickel Co. of
S.

H.

Senior Partner of the law firm of

payments

to

Conference

York;

members of

Montreal*; J. E.

and

Halifax;

The disciplines required by

benefit, and they

dustrial

S.

In¬

National

President Maritime Tele¬

ardscn,

to

interest

may

of

.

Robin

our¬

We must also

of

by

Board's

Moore

George

Mills

years,-

accommodate

fluctuation

some

John

Hamilton;

President,

Schneider, Bernet

today

charge

Bank

mission

pect

-

Sinclair,

Boards

the

as new

Chairman,

from

must

we

;Montreal;

Scully, President, Steel Co.

Canada,

The >

■;»

new

Montreal

in

Montreal;

cur¬

exchange rate.-'

and

selves to them.

in

Douglas,

President,

member

prepared

Office

-Council Vare:

Browne,

These ups and downs may be fair¬

ly 'substantial,

Council's

Conference

Also elected

the

be,-espe¬

relearning

fixed

a

,

Co.,

Paper

of

Toronto.

announced,

was

The

President

v

Canadian operations.

competitive .markets,

are

we

the

President,

reserves

of

Manager,

General

and

just

W.

time.-'This

with

of

tl}e way of con-, Ltd:,. Toronto; G.

exchange

Sons,

Mackenzie,

Limited,

money' Vice-President

cially true in the next few
while

Election

from

Mr.

Twaits,

Oil

officers

"must expect some fluctuations
our

O.

Canadian

results.7

rencies

W.

Imperial

new

predict

to

&

ing Co. of Canada, Toronto.

Vice-Chair¬

new

succeeding

Monteath

though

not

|

Council's

grow.

easier

and

Richardson

Canada,

bring lower

This, in turn, should
interest

to

Vice-Presi¬

A. Richardson,

The

rate. .Confidence in the Canadian,
dollar

Ltd,,

Winters, President Rio Tinto Min¬

man,

soon

decisive
the

Presi¬
Montreal;

Notman,

G.

ceeding D. W. Ambfidge, Toronto.

Important, too, is the fact that the
a

Managing

Industrial Conference Board, suc¬

benefits.

authorities have shown

W.

Chairman of the
Canadian Council of the'Nitibnal

would servb us.no

apparent

any

M.

—

Limited, Montreal, has

been- elected

over¬

costs that would

J.

James

Rolland

Mackenzie, President of Chemcell

valuation is well known to us, but

pressures on

Corp.,

Clark

Murray,

Canadair

V; W.

" A MONTREAL, ' Canada

over¬

handicap of

R.

J.

Winnipeg;
dent,

dent

Council Names

nor7,^under¬

currency

-

Winnipeg; Lucien Rolland, Presi¬

In my opinion,'the new exchange

values

Also,

dent,

temporarily to more
v

Kimberly

Board,

Toronto;

Ltd.,

Chairman of the

Kimberly,

James

whenever*' the

.

Partners

&

President,

Director, Hudson's Bay Company,

Cana¬

-

R.

Mon¬

Canada,

of

Harris,

Telephone Co., Vancouver.

thaL they

dent

Canadian

; fy.

Welland;
The Bell

Lean/President, British Columbia

confi¬

am

and the uncer¬

;

Steels Ltd.,

Eadie, President,

Atlas

dent,
T. 'W.

they- put, forth, and I

long conditions would

fall

fall

imposed by the authori¬

it

depreciating.-

Crump," President,

Facific

Montreal; H. G. De Young, Presi¬

stroke, a'ccount' of themselves.

one

suitable' levels/;1--—:

reasons,

severity

restraint
ties

Canadian'

ture depends largely on the effort

that

over-valua¬

sapped

favorable

remain

savings.. -in

Indeed, it would have been diffi¬

becoming

are

aware

initiative in the past—uncertainty

we

domestic

and

Canadians

we

*

to. prevent

President

Ltd.,.Montreal; Frank M» Covert,

Neenah, Wisconsin and C. H. Mc¬

with, producers

in other countries

made to balance domestic in¬

vestment

mand

problem facing the authorities in

'■/•

Canadian

their fu¬

felt-for

things done, about curtailing b jn aiworld of convertible

the

year

that

skills.

in

ex¬

business, opportunities

have.

neces-,

handicapped

competition

remove

great

flow into Canada

on

been

and

increasingly

better, for it would bring upward

monetary

misunderstanding

role

was

'

rising.-.

self-disci¬

and

J.

economy.

but at

both

import surcharges, reductions; undervaluation

rary

the

time yet,

removed

it

itself
of the

adjustments

Its full effects,,will not ,be
some

crisis of

Firm commitments by

confidence.

a

and the pres¬

the

becoming unsat-

isfactory, and unemployment

*

Board's

the

of

Harris

While I do not question
-It will take a period of favorable
necessity ;of abandoning the port capital from abroad or bring
'fixed rate in 1950, granted-'the. our domestic capital program and rcx-perience before we can expect

have

sub¬

appointed to advise in the di¬

rection

the

the

"the

of

.

Our population has grown in

new

can

Canadian

the

in

rate

major part

a

longer-range
sary-

bear raid—be¬

a

early in 1962,

gan

Canadian

the

on

exchange
about

the

that

convinced

am

bring

Emergency Program

aollar—this time

making it

cent years.

-

from

drawn

scribing companies across Canada,
is

Canada must- meet and

ip

Cana¬

Board's

Conference

Council,

seek out and make the best use of

authorities

the

fixed
24th

June

To-my played

policy of allowing the ex-

the

best

own

of

attainment

forced into premature

were

of

of thinking, however, the ex¬

change crisis

-

ex-

causes

something

are

there

recent

opinion among Canadians.
way

The
dian

li¬

-

_

in /Government

Rates

;

is

braries;

agen¬

public

and

Q. C., Stewart, Smith & MacKeen,

bank

;

.

universities

cies,

Halifax; N. R.

international

our

^position that makes internal selfdiscipline

We.

.

-

unions; government

lal)pr

must

■

June

million' between .thd'end of

-

reflect

to

policy

However, the monetary stringency

essary

the

appropriate, pre¬
moderate

more ;

others

financial

expect

to

economic

balance of

we

these -advantage, of the improved com¬ making a serious effort to improve
objectives soon ran into certain petitive
position
that
domestic our research: facilities, to encour¬
age sound business
difficulties, some foreseeable but producers now enjoy.
practices, to

conditions and
chiefly influenced by them.

be

time'

,

theless, .the

monetary

general

measures

trad¬

recogniz¬

gap by
our

policies by Which they i dian production and Canadian capursued these objectives.- Never¬ pacity being-' expanded to take

been

have

we

to close the

ing 'and exploiting

-

a

th

we: aref

desire to inhibit trade but

tenor of the

In Canada

ago.

with -whom.

In other words, we have no

ing.

in
with -the. new" fixed

emergency,

North

comprising

abroad,

trade ; associations,

companies,

to explain it to the

pains

below the U. S. dollar.
We still have the great
are; signs "that 'foreign- capital; is pline.
view, their objectives were ./once more entefihg: Canada." There natural, resources on which our
and so was the general 'are numerous instances of Cana- past- successes have been built.

right,

emergency

than existed

some

nations

Now, what of the future?
The

and

In my

with:

charged

equality

above

or

;

3,700. subscrib¬

throughout

associates

'

at

capabilities.

b

over

these

reports and findings

by over

America

..

.

.

used

of

in

specialists

discount

.

less';

mosphere

.

A Look Into the Future

sumably meaning some

at¬

an

•

.

practices

-

;

we

the

have

-

ex¬

activities. Other members of the
overcome ~a number of challenges
authorities combination
Council
are:
D.
W., Ambridgc,
\vere already epibarked on a pol¬
exchange-' rate* are. jhayijig, - their "ih /maintaining full employment,
icy of consciously, influencing the desired" effect! -.'Canadian foreign stable; prices, and sound growth. I President, Abitibi Power & Paper
Toroiito;
Paul
Bienvenu,
exchange
rate
towards
levels exchange "reserves rose by " $656 am,-convinced that these objec¬ Co.,

this

By

-

but it does

suggest

weeks.

12

be

oiir internal payments and. be

in

ipove

U. S. dollar.

with the

problems are

to

appreciate

This does

is over.

in

that the Canadian dollar must soon

cur

mean

rities

should

we

realistic about the large imbalance

$800 million worth of secu¬

spurred by the conviction

of 1961,

dollar crisis of this

summer

not

October

in

raid—occurred

bull

a

opinion""that

the

expressing

remarks

my

JRather,

and

business

staff

combined

fields whose

pro¬

mere

primary

a

personnel

includes

ing

absorbed

investors

lapse into

we

featist.

of. the- Government

nonbank

■

Board's
200

not suggest-

am

was

management organization, the

and

are

remarkably-steady ever-since

and

I

as

for supply of data

economics,

espe¬

tectionism, for this would- be de¬

the,:irutigl fadjustment Jn. June,

overcome.

ourselves,

plication qf higher industrial and
technical skills.

bond market.- interest • rates- have,

self-discipline Canadians must

the skill and

rs

beerv

for

more

Recognized

change of experience in

cially in the development and ap¬

eoimminity were less
ihg that an outstanding;

Irr fact,

•the": strength

which

employ,

of

parts

'feature of, ;the situation» has

rate since it was abandoned.'

the overdue return to a fixed exchange

system.- Other

1954.
source

others and doing

on

office

Canadian

opened in Montreal in December,

of

direction

the

countries in
America. The

South

and

Board's

financial poli¬

and

be in

must

relying less

period are dramatic

a

the. financial

longer-range

that its full effect in bringing about necessary,

\yarns

banking

rate as a good one but

banker praises the new exchange

Europe

16

from

spondents

our

alone, but must involve some

these

evidence of the strains put on the
Canadian

to

basic economic readjustments, and

$15 billion, respectively.

short

so

solution

ultimate

monetary

cies

Adjustments of this magnitude

Toronto Dominion Bonk,

By A. T. Lambert,* President, The

The

by

de¬

Corresponding

clines in the U. S.

I

Thursday, November 29, 1962

.

problems cannot be accomplished

ernment
in

;

portfolios of Dominion Gov¬

bank

in

.

.

(2250)

founded

officb in

foreign

corre¬

Jules

E.

founders

Schneider,one of

of

the

semi-retirement.

firm,

is

now

the

in

Volume

196

Number

6216

.

..

The Commercial

.

and Financial Chronicle

be

PUBLIC UTILITY

expropriated,, there

been

some

suffer

this

SECURITIES

OWEN

BY

seems

the

ELY

been

Brazeau

passed

unlikely,

and; the

River

the

Province

since

over.

in

the

of

have been in operation since

sor)

1909,

initially

and later,
steam

as

of

cities

vide

of

the

Originally

has enjoyed
the

large

has

and

$9

oil,

crude

oil

1980,

whichever

plus

include

cost.

the

Athabasca

ol

tons

timber.

of

Salt

and 53

billion
found

at

large amounts of sulphur
ing

"

produced

slow

in

developing

expanding

local

but

market

growing

population,

ing

has assumed

now

with

plans

to

five
over

River.

Currently, total

ca-

its

to

low

operating costs,

vorably with those in most other
growth

rates

of Canada,

areas

began about 15 years ago, follow-

ing the discovery of oil

company's

low load density.

in large

planning

for

fa-

compare

despite its

very

Due to careful

develop-

long-term

quantities and the resulting indus-

ment the company has never found

trial

it necessary to ask

expansion.

from the

hydro

a

com-

located

Its hydro plants
the

on

Bow

earning

are

but

only

with

its

pany

able

the

on

harness

build

to

this

provide

It seems possible that as

reserve

The

first

steam

unit

firing with

designed

for

may

(although growth dur-

11%

aged

unit

gains

gas and for later con-

had
in

added

been

averaged

creases

in

1956

and

third

a

projected. The

acquired its

150,000

ered

available coal

1932 Est._____ $1.25

only

1959

0.96

15 cents per million btu and

1958

0.89

1957__

0.80

was

expected to decline to less

10 cents when the next gen-

-The

1956

company

has

million

five years.

year

a

a

im existing

installed

at

the

of $50 to $60

cost

of

Centennial of Ameri¬

of the

ance

in

the

by

Feb. 25,

on

tional

-

the

bankers

association

Planning

suggested
coordinate

to

Centennial

the

for

began with the appointment

subscribed

have

to

lished

^'Eacli

Centennial

a

aids.

national

of

banks

Government

features'

advertising^

local Centennial
are

to

banks.;

sdp^al4

34

and

publicizing
All

observances.

Through

Ways

"How Banks
count of

a

Bank

Your

Help,"

49-page

a

banking history and

written

ices

activities; and

in

"

available

Service

terprise," is
United

a

the

by

A

—

A.B.A.'s

Commission

are

in¬

Among the items

eight

are

of

a

New

York, has

National

Chairman

Bank,

named

campaign to

next

American

En¬

Heart

Written 'by

are: a

aids

posters

and

statement

series of six

news¬

In

&

Row

in

February.

film,

the

development

bank- services.

Now

in

pro¬

rental

or

purchase early

In

earlier

this

week,

the Centennial Commission, chair-

of

man

Bank

the

in

called
an

on

the American

all-out

effort

to

support

The
will

1963

reach

Heart

its

Fund campaign

climax

2,000,000

volunteers

their

24,

will

0.55
0.47

the

planning to develop
River

Brazeau

northeast of Banff.
instalL

150,000

at

least

kw .each,

scheduled
ain this

a

site

about
<

on

saving

alerted

information
and

crease

•

four

units

the

.

receive

of

which

is

in




•

in
■
...»

share

continue

an

iri-

December 20, 1962.

Advertisers interested in
-

7

<:

7

-

-

requirements by December 1," 1962.

somewhat

affected

by "an

The COMMERCIAL and FINANCIAL CHRONICLE

the retard25

31.

PARK PLACE

NEW YORK 7,

NEW YORK

Columbia
as

EleCtFic

well

as

REctor 2-9570

that

by

the probabil-

ity that Quebec utilities will also
'

....

>1.1.

Just call or - write— -

of earrl-

50%

Because of the takeover of Brit¬

ish

•

being; associated with the most complete cover-

o£< the forthcoming I. B. A. Convention should reserve their space

age

Gains in earnings in 1961-62

were

"
..

~

;

gafn

a

earnings of about

around

»

I...

.

,

.

"

•

,

.

.

"V

.

the

50th Anniversary

Dividend payout is expected

cember

coop-

interested

/

10%Nwith

cf abot,t

erating Avith the Provincial Gov-- Province,
ernment

will

esti-

share, and for 1963

a

the CHRONICLE has continuously enjoyed

Convention will be held on November
The CHRONICLE
publish its round-up-special supplement on this historic event on
year's

jng effect of which will end De.

.

This

steadily

to the

1947

of the Investment Bankers Association's annual con¬

ago,

25-30, at Hollywood Beach Hotel, Hollywood, 'Florida.

risen

have

increase in local taxes,

first

for: 1964.
development, it is

g%.

the-jngs.

miles

—

*

cents in

years

I

I

I

call

about

butions.

to

reputation of affording the most complete editorial and pictorial cover¬
age of these significant meetings.

17
.

management estimates

It is planned

with

10

in load

now'f0

100

i

,

50

-

horse-

is

company

vention

nearly
on

neighbors to provide health-

50th Anniversary Convention

Since the inception

-

Heart

on

when

Feb.

The I.BA's

o.

7

the

contributions.

diseases

Texas,

o n

people for

drive with voluntary services and

Board, First National

Dallas,

Mr.

Champ i

Sunday,

letter

a

manship,

George Champion

duction, it is expected to be avail¬
for

Heart-

chair¬

Fund

"Banking

the past century of commer¬

has

accept¬

ing the

published

in Action," 1712 minutes in length,

brochure

advertising

ciation

Dr.

be

n

Asso¬

announced.

Kenyon Col¬

will

able

the

America

it

dramatize

Feb¬

ruary,

comprehensive his¬

color

conducted

nationwide

The

Trescott iof

16mm

Fund

Heart

Centennial

Ohio,

The

1963

for the

be

Harper

by

of

Chase

Directors,

a

ranging from postmark ad plates maned by Ben H. Wooten, Chair¬

a

Manhattan
been

Chairman

Champion,

iBoard

ac¬

next year.

cluded.

enclosures;

the

future.

near

States.

B.

lege,

cial

available

in the

"Financing

bopk,

taining bulk supplies of materials

display

George

serv¬

in the kit

Centennial book and"

over

to

Heart Fund Drive

popular style for

described

Also

will

depicting

Champion Heads

distribution to bank customers.

Order forms for banks' use in ob¬

Centennial

"100

source

articles;

Celebrate," with suggestions

Century of Commercial Banking."

made

feature

an¬

tory of commercial banking in the

keyed to the Centennial theme,

"Progress

editorial

an

for. individual bank

enact¬

alongside already estab¬

kit

Can

audiences;

news

of

suggesting wayg of:6rga n5z-. Paul

items

ing,

the

state-chartered

7

mated. $1.25

plants

per

11
> •

1958.

banks

supporting the Commission's

Act' authorizing' 'motion picture which will become

Federal

function

banking

1863, of the Na¬

Currency

chartering

dual

from

resulted

system
ment

The-

1963.

-:

27

from

extremely

With the Bow River fully

•exploited,

i

variety

a

promotional materials

designed to facilitate local observ¬

enSrs$?

.cost averaging about

machines

•power.

to

factual and

>

0.59

Earnings

,;$125 per kw4 while additional by-

low

to

booklet,

contain

kits

The

Kits

banks.

member

;

.

0.75

—

i

the next

Steam units have been

installed at

u 10

1954
1953__

far-reaching
construction, '

over

.

1955—

which is expected to average about

were-

also

8

cost

coal

plans for additional

•dro

Commission

:

14

1.20

—

ar*

that each bank check with its state

fund

releases and spot

nouncements;

Information

student

and

news

sheet

4

1.09

.erating unit is commissioned.

$21

community

same

joint activities during 1963."

% Incrcase

-

impact

commercial

all

ll

years

I960

is

than

recent

long period of time.

a

initial

about

gained

have

1961

bility over

.this

plans," ' the

"Maximum

stated.

In¬

<

apt to enjoy price sta-

more

The

its' history,

n

1959):

consid-

was

13.5%.

•

earnings

follows' in

as

although large volumes of natural
gas are

share

Kit

mem¬

of the A.B.A. Commission in

advertisements; six speeches

adult

sample

(adjusted for the 5-for-l split in

company

coal reserves, for

own

Observance

ing 1960-63 may average about
10%); in the previous 15 years

initial

version to coal; a second unit was

kw unit is

i

for

Centennial

The company has enjoyed very

commissioned in-1956—a 66,kw

operation

paper

moderately,

rapid gains in peak load and in

000

.

built to

are

substantial

a more

decline

y

was

•

electric

peak load, rate of return

over

set

never

on

earnings per share. Over the past
and strip coal five years load growth has aver¬

of nearby gas

ts available.

1

has

return

generating units

new

order

.

similar

Fortunately, low-cost fuel in the

uform

.

maximum

utilities.

com-

working

;ter demands for power.
j.

Commissioner

any

of heavy win-

care

somewhat

ties

But

river," and also to construct steam

plants to take

plant,

utilities; the Alberta Public Utili-

storage
in

Bow

"hard

in-

^company

returns have been allowed for gas

melting,

prosperity the

new

was

reservoirs
to

snows are

trickle in winter.

a

formate

the

-us
fairly generous return

a

net

on

River—a

tempestuous stream in the spring
when mountain

While

crease.

highly seasonal nature of

water power.
all

As

Calgary Power had suffered

pany,

promotional

recently started distributing 15,000

ca's dual commercial banking sys¬

the

major

Associa¬

Bankers

tem

economy.

company's

containing-numerous

and steam plants are connected by

Due

staff

your

kept aware of your Cen¬

are

be

impor¬

work.

kits

high-voltage transmission lines,

a

portant position in the Provincial
The

American

The

" ing:

* •

•

■•

that

this

Information

More than 9,000 commercial

acquaint the public with commercial banking's contri-

and' tion, in the biggest printing-mail¬

lease

of

use

no

than

construct

im-

more

less

-

at

other

To

buttons to the economy, the American Bankers Assn. is distributing
centennial-celebration

half hydro and half steam. Hydro

manufactura

at

pscity is about 638,000 kw, about

an

and

-

them to better

Looking still further ahead, the

basca

marks the lOQth year of dual commercial banking.

year

-assist local banks' observance of this historic occasion and to enable

i

2 million horsepower on the Atiha-

Secondary industry has been

gas.

\ N:xt
f

the

Province

see

tennial

year

hydro plants with capacity of

by-product of

a

as

charges

company

be-

are

the

taxpayer

water rentals.

points in the Province, and

many

the

to

interest

cf

also

from

to

bers

BeingJSentfMember Banks

Thus, the Province will ob-

cost

Tar

is

coal

;

by

earlier)

to look through

you

full

local with state programs.

the

(or

tain the benefit of storage

of

barrels

When

is

and

The

company

scheduled

the

to

Centennial

tant

letter

^iB.'^|..©entennial Kits ||f|§

storage

completed

urge

make

range

will purchase the stor-,

works

age

resources,

now

fully

company

Sands, 28 trillion cf of gas, 48 billion

apiece).

of

billion

300
in

million

and

banks in the

cost of $24 million

a

is

reserves

crude

unit at

plant

reserves,

the

to

banks

mailing of the kits.

The

constructing the first

the

gas

This

executive officers of A.B.A.

member

will

(future units will cost only about

billion barrels of proven

3.5

some

leased

now

to

important natural

•Estimated

been

power

Province

due

years

needs.

million.

development

15

and

oil

industrial

$14

which is

agri-

an

the

for

to

up

spectacular growth

a

past

discovery
other

mainly

economy,

60-cent

little under 3%.

a

pro-

the storage portion of the project

area

Prov-

Alberta, the two principal

cultural

earnings.

the

on

Province has assumed the cost of

being Calgary and Edmon-

ton.

in

service

The
half

about

leviate pollution and also to

n.bined hydro and

co

utility.

includes
ince

a

dividend is

Board

multiple

a

current

based

yield

re¬

obtaining additional water to al-

utility

hydro

a

as

representing

times

16.8

The

selling

Toronto

t h e

o n

-

around 21

April

chief

"We

been

has

stock

cently

favoring private ownership of in¬
Calgary Power (and its predeces-

-

•

The

resolution

a

protective

strong

features in the event of any take¬

Development.

unanimously

has

also

cense

company

in

The company's hydro li¬

dustry.

However,

collaborating

Moreover,

Calgary Power Ltd.

fate.

very

Province

have

have

may

fear that Calgary would
similar

a

19

(2251)

heart
contri¬

II

\

SB

Jp-

20

The Commercial and Financial Chronicle

(2252)

of the

As We See It
that the facts

are

must

main

course,

we

from

detailed

1

page

control

by

re¬

of

All

t h i

of

s

U.

vs.

Smith when

of Adam

S.

it is

sphere,

interesting and, of

significant
that

that at
the

even

estimate
tion of

course,

the

discontented

annual

our

time

produc¬

goods and services this

faire (which
to have)

"from

ing to perform which he (it)
must

innumerable

the

feel

under

Soviet

the

the

Union

of

necessity

overhauling their entire hier¬
archical

system in the hope

that,

that

in

they

way,

can

bring production of goods
what

to

have

their

long

up

analysts

own

estimated they
this^fime but are

ago

would be at

to

Russia,

boast

a

land that is able

of vast

of

areas

fertile

unable

normal food
sian

that

progress

long

and at

—

of it is real

some

ing

towards

it

of

enough

to

place alongside of

their boasted weapons a

ciency in the outputjpf
forms of

peacetime,

defi¬
many

terest of the

goods. Evidently if they

bury

are

they will have to

us,

start from somewhere behind

that the

advocating

chosen

with

and

for

certainly

lessons for
be

to give

covery reversed this

of

ing

But let

not

us

unction

that

to

in times such

as

these. One is,

system. We have

officially

communist

socialist
would

one can
reason

Union, but

not

or

the

disappointing

record of the economic
system
that
country is the very
nature of its
organization and

in

the

theory

ceeds.

In

upon

a

supposed

which it

country which is

soon

—

at

or

within foreseeable times
have

a

every

pro¬

foolish

to

yet either

communist

The

it.

we

and

—

and

woman

a

have in actual

the

and

philosophy
them.

they

the

duces to the full limits of his
or

her

the

ability and shares in

tries

the

We

control

have

need,

we

but

now

according

to

hear about the

graft and the stealing (in ad¬
dition
that
_

to
we

rank
in

inefficiency)

the

backward

world of capitalism would
pect in such
of

the

by

than

a

Soviet

society
Union




as

ex¬

forces

or

is

their

in

we

March

16

if

1 d

strike

in

exaggerated

example,

ceive

government

this,

they shall

all

or v

been

Mainland
prospec-

means,

indirectly

we

take

surplus products off the hands

value

neries

in

aggregate

other

all

of

canning

out¬
can¬

world.

the

oldest

the

are

far the largest

pineapple
and by

and

milling

Sugar

manufacturing ac¬

the State.

in

Both indus¬

large

on

spend

sums

of rising

is little prospect for

three

f

a

ct

residents,

plants

small

increasing

strength. Tourism,

as

is

1962. Industrial

strongly

in

up

noted above,

production also shows continuing
-

strength. Defense activity reached
a

record

.with

peacetime high

continuing

high

in

1961,

levels

in

and

on

few

a

great

a

no

but

expansion
in

a

variety

large

number

of

has

been

rapid,

remarkable
of

range

products.

net

been

advance

timated
below

the

at

boom
the
,

is

with

the

12%

year

of

years

For

and

1959-60,

but

outlook

1963

waste.

adjusts

to

as

for

a

busi-

Processing of Sugar and

There

the

complex

turn

out

tons

of

27

are

Islands

organization at

more

Manufacturing in

Diversified

Hawaii

Diversified

in

recent

value,

it

thus

exceeds

substantially

creased

about

volume.

Yet

industrial

received

has

fraction of

in

much

as

in¬

has

1950

since

tourism- and

ment

million

$71.6

from

$168.6 million in 1961.

1S50 to

It

aggregate

In

years.

rose

in

has

manufacturing

performer in Hawaii

star

a

dollar

develop¬

only

small

a

attention that has

the

devoted to the development

been

during this period.

of tourism

This is understandable. Tourism
thrives
lar

glamour—on spectacu¬

on

hotels,

beaches, scenic

sunny

contrast, the major manufacturing
since

built
on

the

been

have

that

establishments

could be counted

1950

of

fingers

hand. The

one

industrial de¬
velopment has taken the form of
bulk

great

the

of

small, unobtrusive plants, no one
which

of

is

im¬

significant

of

aggregate
constituting
one
of
Hawaii's
greatest growth factors of the past
the

in

portance—but

decade.
Outlook for Manufacturing
con¬

manufacturing

tinued

growth

of

the

Islands:

(1)

in

the

favor

factors

Four

increasing

an

incomes,
growing local
market; (2) still undeveloped op¬
portunities for new manufactures
rising

with

population
which

provides

(based

cn

finished

kets),

all

.

a

the importation of raw
to
be
processed
into

indicated by the annual

kinds to meet Hawaii's

(3)

a

Hawaiian

an

raw

and higher levels. The prin-" proximate

mills
1962,

estimated
sugar

with

in

and jellies, per¬
demands
of a rising level of tourists (now
numbering
about
365,000
an¬
jams

panding
limited

A

ing

for

a

overseas
number

gradually ex¬
market for a

of

specialty

ex¬

(as exemplified by the pro¬

fifth

the

uniquely

of

export

and

garments).
and

potential

ap- ticular

value of $145 million.

(4)

nually); and

1,100,000 .by-product
an

for

woodenware,

curios,

fumes, etc., to meet the

duction

will

needs;

market

growing

Hawaiian

sugar

which,-in

local mar¬

products for

as

processed

^ Hawaii is to achieve the
growth necessary to maintain full
employment, however, manufacduring and processing will require
increasing attention by business
and government.

Pineapples
is

going to

now

importation of well over one-half
billion dollars of commodities of

Outlook

for

this

of

development

gregate dollar volume of manufactured products tends to be underestimated. The potentials for
industrial expansion have been
amply demonstrated in recent

The

1963

indus¬

possibilities

are

materials

from

ports

*

.forms of economic
new

during

there

further

however,

them,

by-products

materials

average.

continuing but mild rise
ness

an
es-

decidedly

advance

national

The
The

rise,
for

This

4%.

the

above

during 1962 has

gradual

a

overall

result

of

these reasons, the actual industrial pattern of Hawaii is not
clearly understood, and the ag-

years.

1962.

Both

tries,

can-

clear line of development,

resulting

of

activities in the foreseeable

created

except

In this field, there has

been

and
are

processing

based

ones.

sig¬

a

either

manu-

and

is

re-

negatives

manufacturing"

milling and pineapple

ning)

and

op-

all forms of

covers

facturing

(on

of

in

atten-

all of, the field

"Diversified
(which
sugar

wide open.

o r s

less

orations combined,

packages

these

development

received

products as

in

expansion

attractions, romantic appeals, and

Growth

sllSar

amazed to

were

has

competition,

increasing

and

have

sort

re¬

world in pro¬

techniques.

future.

for

an

million.

$117

pineapple

the

exceeds

put

with

year

of

powerful advertising programs. In

Industrial
Hawaii

con-

hotels, restaurants,

Offsetting

fail¬

payments—and

other

mounted

-

Island

were

supermarkets

comply by denial of

any

11,

assumption that they wqre in
of starving)
at
a
time

when

Factor in Island

A

as

tend to obscure the fact that
processing is as costly and adds
as much to the value of these

actual,

CARE

some

Processing

-vating, and harvesting operations

had

rather

few

Manufacturing and

business

which referred to
A

between

shipping

April

the

than

growth

and pineapple industries,
the more obvious planting, culti-

to

have

-

the

the

stoppages

few shortages.

a

<

(2)

tion than it deserves. In the basic

mild

some

asjh po-

the

have long been

have

intense

traditional

press

prob¬

correct

last

pineapple

This

in

canneries

pineapple

The

Hawaii and the various countries
bordering the Pacific; and (3) the
continuing advance of tourism,

indus¬

prolonged—hence they tended to
be

the

permitting nat¬
to

entering

increasingly.

w 0 u

rapidly

are

ing to control the situation by
this

approxiPineapple

Both

out

relationships

new

.

of

Losses

the

produce and punish those who
not

however,

downtrend.

caused

strike

more'and

that and the other

subsidy

of

tons.

Three factors stand

Xh
appears

setbacks. The West Coast

agricul¬

tell farmers how much of

that directly

with its

of

3 V2 %.

developments;

during 1981-62

temporary -shipping

The

do

:■[,-/
also

output

1962, resulted in

production—

production.

butmtentials for' expansion in the years
$97' that lie ahead—(1) new industrial

of

danger

agricultural

but instead of
ural

peak

level

the construction

1,100,000

face

and

by government.

little

too

be

During 1961-62, strikes resulted
in

trying to remedy

are

situation

more

I960'

markets.

per¬

authorities

to

approximate

1955

stabilized

ditions.

in trouble with their

ture, and

This

appears

tr.

annual

mild

1960.

of

from

-

which

competition

Agricultural Problems, Too

products of industry, not situation,
trying to

output

an

for

Soviet

pineapple

The present period, however,
provides a breathing spell for the
stabilization and reorganization of
the economy preparatory to the
next major advance.

un-

an

year

tive,

in proportion to contributions
to

have

a

Frontier

of

Honolulu (largely for

estimated

rate-of-growth will probably not

high

the

production,

or

uneasiness.

The

year

production

mately

practice

thought

year,

previous

below- the

at

Far

have

this

hi

at *.an,,

above

to

all redolent of

are

And

meated

New

the Aiea

in

refined

is

processed 30,759,483 cases

nificant

only a mild growth in sugar and
construction, and a mild decline

1961—a

<T'$^

Sugar

is, though,
realize it

we

visitor

registered

boom started,

socialist

nation.

fact

time

million at

to

pro¬

The
Hawaii

there

con-

Corp.

Refining

Island markets).

tivities

1982

construction

tially

that

say

all

far

it

lems, too, of a radically dif¬
of life in which ferent sort—too much rather

way
man

least

our

advance for

mild decline last

stabilizing

the

even

in

during

above

.level ;of

hardly doubt that the
for

near

tries

exceed

year,

course, always somewhat
general public to a degree
skeptical of alleged facts and that is
possibly not fully real¬
elaborate figures which come
ized and which fills us with

of the Soviet

18%

the

the

adopted

ideal

program,

be

to be

not,

7.7%

Construction

ingly embodied in the Soviet

of

out

to

came

we

tinue to be tourism, manufacturing, and defense activity—with

trend, result-

accelerated

overall

an

even,

obviously and damag-

so

ought not Deal

apt to be slighted

5%

plant

been

fallacies that

same

that whether

which

time

general trend.

senses.

levels.

souls

our

of

which

of

have not been touched

we

by these

an

but

is

all too

cipal factors of strength will

advance

an

arrivals
rise

lay the flat¬

tering

a

in

with

from

overlooked

all too

are
1

the

scorns!

us

that

It

Continued from page 9

the

us

of the

envi¬

Hawaii's Economic Future

us
no
grafted on to our system of
expensive private enterprise a number
luxury of over-confidence. It, of socialistic, even communist
in point of fact, holds certain
ideas. The New Deal, the Fair

to

that

as

about

these

gives

for

ground

direct

New Growth Factors in

generalizations it

provides

self-gratulation,

to

California and

the

to

Sugar

plant in Crockett, California, but

costs

been

has

evidence

'vVv;;

something far beyond

occasion

*

this

created

little

as

Nevertheless, because

Smith

electedjtself

or

'■■'.vir ::

all

such

shipped

duction

sworn

truth of the

or

But

been

that

bodies

large segments of our indus¬
free enterprise try and trade are all examples

a

is

Hawaiian

search and lead the

employ¬

the

of the system

enemy

we are as

scratch.

regulatory

have

our cur¬

regulations

society." Thus it

would appear

sure,
consumer

and

agriculture

extensive

a

ments most suitable to the in¬

are

—have

to

a

boasting of their tech¬

nological
least

still
of

have

principle of

ex¬

is

assured

the

(from

output

annually). Most of the raw sugar

private people, and of direct¬

supply. The Rus¬

powers

been

land

feel

to

of

of

16,000 tons to over, 85,000 tons

types of subsidies

super¬

industry

convincing

tremely

suffice.

example of

Housing subsidies,

other

suf¬ for that matter, to say nothing

not

not

less in that

more or

direction.

sioned by Adam Smith arid
be proclaimed and
largely prac¬

ever

sufficient; the duty of

was

not.

has

point

all and

wisdom

human

knowledge could

intending the

one

all

or

of

those

as

affecting agriculture, but they

perform¬

that

beings)

performance system

proper

delu¬

communism

1 or

markedly in size and

vary

sur¬

rent deviations from the basic

and

delusions,

no

is but

exposed to

always be

previous unparalleled of which
record of the past, the powers
or
in

human

(like

relieving government ficed and could
duty, in the attempt¬
But, of

a

our

be

the

.course,

year at some 7 % higher than for

that

for

and

ism

exposed

"innumerable

knowledge

supposed

we are

Mills

volume

the

on

under¬ face at least may not bear so
perform¬ close a resemblance to social¬

the

of which" its wisdom

ance

spoke of the system of laissez
As to the economic

in

of which it has

sions,

he

deviations

obviously

task

necessity itself to

brings to mind the wise words

Russia

a

by the founding fathers.

These

as

has

taken

govern¬

ticed

expense

taxpayer. Government

here

' mental agencies.

so.

they

producer at the

of the

ance

that

it

to

see

thus in¬

as

of

and,

dicated,

Continued

Thursday, November 29, 1962

4

.

.

the

even

is

to

more

be

industries

development

waste

promis¬

found in
(in par¬
of

uses

products of the oil

Volume

refining,
A

the capacity

of by-prod¬

range

Hawaiian

of

industries, plus

to grow all types of

tropical plants in the Islands, in¬
the

creases

possibility

for

new

developments in industrial chemi¬
cals,

plastics, and phamaceuticals.

Underlying and supporting this
growth

recent

are

short,

In

the

industrial

development

the

achieved

new

levels, thus

Hawaii

for

of the

for

center

export of sugar and pine¬

tries

bordering
entering

now

the

that

anyone

and to

it will continue to grow.

shipping and airlines. This

integration of the Hawaiian
with

omy

that

of

econ¬

Mainland

the

uting

But

additional factor

an

development of
to other

tions

and ambitious na¬

new

and

in

increase

gradual

a

throughout

initiate

will

—

a

will

bring

in

the

fundamental

pattern

the

of

generative

principal

force

expansion, however, is the

rapid advance in science and tech¬
"vast reaches of the

nology. The
Pacific"

shrunk

have

rapidly

so

"time-distance" that

in

it is

New

hours.

industrial
increased

Large

sharply

capacity.

productive

mechanisms

new

of

it possible

make

power

have

great

to clear

forests and jungles for

agriculture,

industry, and mining.

New mar

terials
for

those

are

velopments.
much

of

who

They

little

see

Hawaii

case,

in

to

the

trade

Within the

small

business

total

correct,

activ¬

significance
tudes.

expansion !'ih

equipment.

The*"

in

participated
tions

in

travel and in

transpacific commtf-

alone
is

firms

tralia

in

has

Hawaii

annual

an

state product of $1.8 billion;

Japan alone has

Thus,

activity

economic

•

overall

the

of

terms

in

A

in

ing

conferences,

advances quick¬

ly available to all areas—and,

in

to international co¬

and devel¬

Hawaii,
cific

ing

the economic

cal

Pacific

|

vary

stability, and economic devel¬

opment, these influences have af¬
fected

them

hence

in varying degrees—

there

in

ences

But
the

annual

all

they

(1)

are:

of

rates

diversification and ex¬

a

(2)

exploitation of

the

(1)

generation

of

with
a

other Pacific

rapid

in

advance

(4)

and

areas;

travel

and

This is not to imply

ing
the

that Pacific

countries have been advanc¬

far

as

from

or

fast

as

those in

as

Market

Common

European

(although some of them, notably

1961, the ag¬

import

countries

curred

with

trade

Increases have oc¬

in

with

trade

Japan, Hong Kong, Australia, and
Zealand.

New

A continuing

ual rise appears

grad¬

"Free

A

Port

and

Transship¬

ment

in

center

would make it
to

transship¬

free port and

a

This

Honolulu.

possible for freight¬

exchange cargoes and thus

to avoid

visiting

ports-

numerous

of-call in Asia and North America.
Whether this would, in fact, be

economically profitable activ¬

an

banking,
and
The East-West

the University

at

Hawaii is specifically

be

its

that

noted

pro¬

is designed to fully exhibit

industries

local

intern

in

noted above

and

enterprises

training. The Center is
infancy—but with

its

its

ity, however, has not

as

yet been

But

their

wealth of

raw

their

and

manpower

materials, plus the

introduction of modern techniques

adapted to their conditions, indi¬
cate
the

accelerating

an

decade.

next

development

tinuing
the

pressure

develop
w.

the

a

during
the

European

implies

con¬

a

(particularly

countries of the

nomic

rise

Moreover,

of

Market

Common

Far

similar basis

East)

for

on

to

eco¬

has

been

based

tionships

with

the

mainland,

first

as

cellent

the

on

its

United
a




rela¬

States

participant

Hawaii

East

market

for

products

the

ex¬

products in

ing

a

a

Port Facilities and the Serv¬
icing of Ships and Planes.

(6)

Since

1950, the annual number

Honolulu a
port-of-call has increased from
861 to 1,411 (or 63.9%). The num¬
of

ships

that

of

ber

make

coming

much larger and

Mainland

as

from

all

for

undertak¬

more

to

88,510 to 615,219 dur¬

risen from

the

ing

same

harbor

New

airport

and

facil¬

growth,

have stevedoring, provisioning,

shipping and

and other services to

Technical,r
Groups.
has

expansion

six factors:

to

throughout
which

the

has

market

Area

and

Business,

Professional

been

continu¬

a

United

But

become

ex¬

when

travel

and

to

On4

island activity, however,

in this

small

area

relative

of

Hawaii

travel

center.

rise

as

Pacific

which

has

increased

retired

the

leisure

and

(2)

in

of the Pa¬

cific, it is outstanding.

which

an

Developments
A

in

extraordi¬

as

World Travel Center

the

number

have

now

for

means

travel;

have

reduced

Tourism' has

been

leading

a

out

entire

the

four and

half

a

Hawaii

Visitor v

expenditures

million

$6

million

in,

1961

the
as

in
—

sity. This

waii's role as

ter;

(2)

for

Hawaii's

of

California
coast

and

ities

for

to

(and the

rate"

to

well

as

tourists

Island

new
as

the

"spread-out

travel

the

grow

in

growth

the

thus

and

an

which

at

must

parallel

agen¬

for

(4)

rate

Hawaii

to

facilities

levels in

of

to

order

areas,

carriers, tour

on

evaluation

new

(3)

here;

resort

west

Hawaii,

planned

developments

new

on

from

states); (5) the development

cen¬

year-

of all-island facil¬

service

in

satis¬

provide

is now supported factory levels,of business for our
by greatly increased facilities for f4x>tal "visitor plant"; and (5) for
penetrating study of the major
such
conventions; and l(6)
the

recent years and

broad

growth

tourist

of

in which

everywhere,

travel markets,

travel

Hawaii

motional

is

competing

participating.

the

Thus,

factors

that

themselves

are

ing in strength—hence,

Hawaii

Hawaii

in

increas¬

to be

appears

New Visitors from

the pror

as

offerings

of

to determine the

areas,

in

provide

such

the

fective

continu¬

a

and

potentials for generating travel to

have

brought about- the rapid postwar
advance

well

as

efforts

markets

and

promotional

to

ef¬

for

groundwork

to

programs

realize these potentials.

as¬

The

future.

course

Other Areas

development

planned

resorts

new

an

of

is

islands

all

on

of

essential element in the

growth of tourism in Hawaii. Ul¬
Hawaii
critical

faces

now

period

and

new

the

because

which

conditions

a

basic

changing rapidly.

are

determine

will

soundness of their growth

ing the pattern of tourism in Ha¬
waii

which

factor

determin¬

are

the governing

timately, however,

the

effectiveness

for

This

generating

to

the

of

travel

these

support

the

will be

programs

Hawaii

to

develop¬

new

ments.

developments! within the Islands.
There

be

can

question

no

Assuming

but

and

fic

is

entering

Japan and Hong Kong

rising

rapidly

as

Eastern

Far

waii

the most
cen¬

visitors

This has been accompanied

ters.

to

points beyond Hawaii

A

or

round-the-world tours.

on

There

has

creasing
into

the

been

gradually

a

penetration

largest travel market of

the world—the eastern half of the

United

These

States.

place

in

trade

related factor

through
Mainland

cused

promotion

/

t.;

In view of all of the

factors

growth

noted

underlying

above,

it

probable that there will
another major advance in Ha¬

appears

be

in¬

waii following the

the

pro¬

gram.

are

throughout

is Ihe

carefully ..fo¬

a

of

creasingly intense competition for
tourist

.

closely

changes

period

a

approximately $215 mil¬

Hawaii

in¬

Hawaii

by

an

tourist

annual

an

to

half million

possibility of gradually generating
a
trend
toward retirement - in-

Mainland.

to Hawaii from the

ors

growth

over a

lion.

stopover visitors to Hawaii en

route

with

of

trade

sharp growth in the volume

a

a

a

Ha¬

recession),

expect

can

annual level of

barring

(and

Mainland

major

era—with

new

a

development

sound

promotion

post-boom sta¬

bilization of 1962-63.

en¬

tire world.
The most

is

the

rise

important
in

factor

new

stopover

visitors

beyond Ha¬
This should be considered,

destined

a

trend

to

points

negative,
in

which

but

a

New

other

centers

joint

effort

are

to

i.

..

..

To Admit Partner

positive
Zealand,

partners

expand

J. H. Brooks Co.

in

a

Pacific

On

Jan.

1,

Scott

participate

and

A.

Brooks will

acquire a membership in the New
York
Stock Exchange, and will
become

New

of

a

partner in the Exchange

J.^H.

will make his

$137

imperative

analysis of the interrelated

an

benefit. In this
connection, it is significant that
"eastbound"
visitors
to
Hawaii

esti¬

the

cies, restaurants, etc.);

of convention business in

midst

increasing

from

57%

which has risen to

the

noted above

come

visitors

cen¬

world travel

a

to-year growth

two-fifths

over

appeal

measuring the

future growth)

population second only to that of
(well

in

are

implies

(in particular

York

travel

necessity (1) for reappraising Ha¬

effects of these

New

and

diminishing in inten¬

increased
to

scope

which

than

firm

are

and

accom¬

world

a

travel—an effort in which all can

1946

and

been

already is

—changes
rather

ship-

half airline-hours;

a

increase

period.

postwar

Maui,

has

of all of the changes

"time-

the

Australia, Honk Kong, Japan, and

growth factor in Hawaii through¬

the

and

plans for future

Hawaii,

This

(4) the Mainland migration to the

waii.

Hawaii

(evi¬

ter.

distance" to Hawaii from the West

not
New

an

of Hawaii

an¬

programs,

who

persons

to

(3) advances in air transportation,

when

major travel

other parts

of

is

sense—

a

Even

measured against the
centers

substantial

resorts

the

Hawaii;

retirement

taking

during the decade 1965-75.

Islands

Neighbor Island facilities
very

Equally important changes are
Pacific area occurring in the pattern of visit¬

they

large

Neighbor

States,

expanded

closely related growth

of

from

•»

-

been

has

(!)

greatly

for

nuity

Again, it should be noted that
growth of these various Ha¬
waiian activities will be small
when measured against the size
and growth of major

Hawaii

a major change of em¬
phasis in advertising and promot¬
ing all-island attractions in order

ing rise in levels of family income

by

the

within

spread-out of tourism

a

Kauai).

Affecting Growth

Postwar
due

airlines.

countries.

the

to

trend

denced by the marked increase in

that tourism throughout the Paci¬

ities have paralleled this
as

basic

panied by
Factors

(excluding

period

more

Developments Within

is toward

single year.

a

11,693

Hawaii

tions with other areas, but also to

costly

the Meeting Place

for-Pacific

There

in

from

six-fold expansion.

The

applies not only to Hawaii's rela¬

the

promotion program.

Hawaii

Minn,,

.

or

persons

limited and in¬

before

way

Paul,

sured for the foreseeable

not

States

consumers

the /United

expensive

St.

ism

also

It

testing the acceptability of Orien¬
tal

residents of Port¬

or

stantially in the near future.

both

ready-made miniature

a

of

of

ex¬

an

from

West.

the

and

provides

parts

offers

opportunity
of

and
more

ulty, appears certain to grow sub¬

tremely

Thus

hibition

(3)

cooperation,

.Historically, the growth of Ha¬

waii

determined.

lion.

already exists in Europe.

of the

Ore,,

Zea¬

Pacific

71,267 in 1961—a

Tourist

ing, substantial expansion of tour¬

measured
During 1962, an estimated 365,- against the relatively small econ¬
of Western Europe during the past
000 persons will visit Hawaii, and omy of Hawaii. In the aggregate,
decade) — nor have they as yet
within the next four to five years they will probably constitute the
created
even
the basis for eco¬
arrivals will exceed a half mil¬ greatest growth factor in Hawaii
nomic cooperation of the sort that
Japan, have exceeded the growth

all

feeding,

considerably

for various periods of time with¬

with

arrangements

—including

now

training.

technical

such

should

of

designed to

all of the advantages

During 1961-62, there has been
renewal of interest in the crea¬

tion of

power,

of

military personnel).

ment Center."

a

housing

trans¬

through Hawaii by sea and air has

probable.

The Possible Development of

(2)

the

transmission

processing.

Interchange

increased

has

primarily

tropical

as

Center for Cultural and Technical

$37.2 million to $80.5 million

(or 116.4%).

ers

tourism.

area

foreign

new

plants); (3) higher levels of trade

1950 and

and

than

land,

New
the

and

half of the popula¬

State), In the aggre¬

entertaining

from

sum¬

arrivals

rapidly expanding plant and fac¬

gregate dollar volume of Hawaii's
export

than

over

21

increased

1955 to

west, which has made California's

fields

and

electrical

for

Trade.

of

Between

mate¬

processing

d

an

growth of the Paci¬

A Gradual Increase in the Vol¬

(based

raw

creation

the

and

manufacturing

in¬

an

in industrial output

crease

rials

These

goals.

pansion of agriculture;
on

growth.

moving toward

are

economic

same

differ¬

marked

are

from

benefit

can

fic in the following ways:

border¬

greatly in
size, density of population, politi¬
the

economy

the only Central Pa¬

as

the

of

Coast from

of Oahu.

communications,

agriculture,

gram

economy,

ume

countries

the

to the

Hawaii.

opment programs.
Because

times

half

Center for Tech-

as a

such

of

in research

an

closely related field is train¬

ordinary increase in international

operation

Aus¬

of

nical Training.

food

fraction which is very

in

growth

Gross National

a

$38.7 billion.

a

Estimated

over

porting,

of

production

a

island

of the

(5) Hawaii
i

It

turn, has led

and

three

area

in

engaged

development

agricultural

is

which

is

the

for

area

population of

excluded), there are over 700

Product of

which is

an¬

Communist China

(even if

gross

peak.

mer

the

ma¬

other

arriving

Australia,
East)

in

of

level

a

of

Far

exceeds

now

20,000 at the height of the

days to four
a

number

average

Hawaii

in

10,000—rising to

opera¬

Philippines, with prospective

provide

new

has

jor operations in Japan. Still

ly large relative

makes these

firm

Kuwait,

in

and

in other

dredging

in

pro¬

the

will

700,000 persons. In Asia

million.

daily

visitors

pres¬

and

throughout the Pacific, is extreme¬

and

East

island

Suez,

-

Hawaii contains
less than

The

a

engaged

are

Near

the

(those

land,

advance

activity. At

Another

nications, together with the extra¬

organizations

of

development of sugar

areas.

the

'

marked

and

technical aid to producers

the
magni¬

relative

of

ar¬

indicate

Hawaiian firms

duction

overlook

they

but

countries.

area

changes

field

in the

Both of these views are

generate.

this

in

de¬

growth

area

contractual

number of such

a

million for

rangements with Hawaiian firms.

any

very

and

past five years, there

have been

by¬

in

expect to parti¬

a

ity that Pacific

that

out

that,

and

can

only

point

Pacific

the

Hawaii,

passes

types of construction and. small

new

know-how

services to Pacific

ent,

advantage to Hawaii in these de¬

the basis

metals form

and

nical

tech¬

now

agricultural and

methods

a

as

Growth Factor in Hawaii

possible to span them in a matter
of

and

fields, Hawaii

position to provide

a

Developing

economy.

gree

The

in this

in

$156

gate, this is equivalent to

In certain limited
is

about

1962.

tion

new

in the development of Hawaii

cipate

their levels of competence.

Technical

for

at

mated

during 1962 total 365,000 (a figure

Other Services.

the

—

relationships

new

overseas areas

the Pacific

There

including

growth,

this

to

the rise of

Contracts

(4)

indication that

every

will continue to higher levels.

are

growth. Many factors are contrib¬

there

activity in Honolulu in recent

continuing

period of dynamic

a

position,

substantial increase in

a

years—-with

coun¬

Pacific

the

geographic

ists, to the military establishment,

Expansion in the Pacific
convince

waii's

the expansion of

will

casual examination

a

in all

parts of the world. Because of Ha¬

this

Only Central Pacific Economy
Even

and' conventions

conferences

apple—to which has been added
services to tour¬

(2253)

general rise in international

nary,

has been

which

the

as

as

the
whaling industry—later, in terms

changes
Growth

New

and

trade

S.-China

operational

op¬

growth.

portunities for future

U.

the

era

the

of

range

a

The Commercial and Financial Chronicle

.

in

Hawaii.

in

has

Islands

breakthrough to
increasing

in

advances

training and research
In

.

.

an

;

widening

ucts

6216

pineapple

and

sugar,

industries).

Number

196

York

Street.

Brooks

&

Co.

He

headquarters at the

City office,

25

Broad

(2254)

The

Saturn

Basis for Enthusiasm

market
the

About Aerospace Industry
Continued from page 3

requires

It is not

try.

about the consumer's credit
or

the

lies

for

coming

the-aerospace

that

year

the X Lockheed-run

plane

these

lines.

weapons

are

sophisti¬

been

through" its recession-{Jroof char¬

can

acteristics.

longer

no

so

bidders

unsuccessful

afford

to

also have the happy circumstance
of

cancel

not enough, we

were

finding that the market is not

valuing the
has

group

at this point.

performance

stocks

selling for roughly 10

rising

rapidly
there

in

are,

technical

compete

that

should

issues

relation to the

of

cause

con¬

had

could

not

a

fly

these

level.

this

in

some

the

which

general market for

of
I

would

sentation in

Raised

Criticism

nothing- is

course,

all white

or

Against
No

all

ever

industry

let's look' at

so

discussion

goals

the^ther'Side'df' the coin! Two-Of

moon

years.

investment

factors,

of

and

the

is

in

appeal of the

putting

within

This

We have

to

a

the

has

In

the

military
en¬

C-130

prop-jet

the

year

cargo

company

multi-

build

the

next

generation

to

dollar

It

will

it

chosen

six

or

be

be

the

other

the

Even

the

E| 1 e

t

c

factor

pro¬

and
have
use,

receiving, sub¬
for

versions

being

license

of

produced

agreements.
ill-fated

somewhat

has

r a

NATO

their

for

is

aircraft
under

The

Japan

countries

royalties

abroad

heavy

contribution

as

F-104

Lockheed

this

pro¬

should

and

results.

well

as

stantial

prime

this

on

Lockheed's

and

the

funding

increasing

an

adopted

do

we

receiving

now

certain

as

costly.

into

run

to

is

nations

billions. One company

on

been

will

delivery in 1965. This

to

idea what it will cost

no

purejet craft scheduled for

make

the

is known

industrial contractor

group.

five

next

become

that the Navy has in¬

now

first

margins, is not peculiar to
alone,

space

the

law

under

-

t^ie

sets

efficient

and

Secretary

managers,

McNamara

ing
made

has

rewards
on

Most

the

of

the

watch

not

sales

low

in

this

margins

scientists

Today,

being

and

many

of

the

individual

The

second

so

by

high

volved

a

to

with

spending

the

most

promising

However,
realize

activities

the

lends

space

firms
any

of

work
from

one

North

further

now
excess

by

are

it

benefits

numbers

a

American

little

1962
a

,$4.75

on

over

year

is

area

the

The

have

the

many

just happen but

-

a.

rest of- North

.on aerations

balanced

tractive

"North

earning twice its

ent rate within

and

dependence
a

American

good

visualize

as

companies

just discussed

are

companies;* that

at-

missile, propulsion systems for the

I

is,

they

over-all
•

such

is

program

selection

the

of

the

of

one

well

as

to

rising results in

of company in this

Another type

industry is the

in

typified

an-area

by Garrett—a sub¬

needed

in

strength

almost

all

of the aerospace projects. Garrett
is

particularly

vironmental

noted

control

for

its

en¬

equipment

$3.00

earnings standpoint, I

benefits

com¬

new

which

nations may

should

result in future

earn¬

heavily

from

ings

coming

key

projects.

more

Nevertheless,

a

enable

work

qualifies Northrop

anced aerospace,

alsq

company

year

recently, but still

commercial

ft."

commitmenifThe

and

military

surveillance

and

drones

and

They

bond

which

maximum

a

of

Without

dilution.

would

look

for

some

current

earnings

strong
the

and

a

favoring

prospects

be

to

about

in

it

yield

satisfactory

the

from

medium

who

the

too

transition

tp

McDonnell

the

work

much
has

program

already

been

follow-on

the

Gemini,

flights Of

a

up

McDonnell's
ever,

the

has

are

1962,

to

earnings^

big"

expected to

be

for

the

bought in

Force.

Very

level

look

we

for

of

and

in

the

next

three

or

new

four

years,

has risen for 11
a

so-called

be

a

in

able

of

the.

new

peaks

growth stocks.-

few

- r

$4.00

initial

M-1.4, rifle

a

a

field

major

.

,

to. identify

easy,

but

fense, .program,
.their

years.

by

....

TRW

the

top

bidders .to. become

.

auto¬

sales,

selected in

was

mod¬

a

original

to

or

level.

Thompson with airy particular de¬

earn¬

consecutive

record-matched

share

1961

assuming

off

J It ...is,-. not too

"

.

we

.feel

thai

sizable

technical staff with
2,000 scientists and engineers

1 -The

its

Incidentally, McDonnell's net in¬
come

and

;

aided particularly by

40

over

ings to continue- to set

the

source.

con¬

McDonnell's

sales

$3.50

deliveries

present size are being negotiated,
and

show

where TRW

quantity by the
to

begin

Thompson

now

substantial

com¬

to

some very

expect

I

equipment

should

F4H

and

of

the

expenditures

double

diop

motive

from

oL: its

Navy

in relation

tracts

erate

as

how¬

come

outfit

stringent

more

poised

Next year, even

week duration.

a

to

roughly

two-man capsule for

heavy' purchases

Phantom

known

program

attempted

an

controls,

seems

research

For

do

to

future.-

ing the past few:years.

company

selected

perhaps

things for

has

the

attracted

publicity, and the

the

reorganization!! of operations dur¬

are

in

in

size, but under

Ramo

Mercury

has

many

high

Aircraft; and ; Grum¬

McDonnell's

man.

that

increasing

showing the benefits of

the

age

com¬

feel

we

an

earnings

management

made

space

of

pany

producers

successfully

represent

company

well

v

aircraft

sized

have

elec¬

represents

now

a

attractive

more

combined

and

space

activity, and

will

its

McDonnell

of

Two

The

areas. *

missile,

During the past five years, the

protected $1.00 dividend.
'V

and

field

three-quarters of the

share

above-average

an

aircraft

volume

pany's

Northrop

years,

space

tronics

a

improvement

few

next

the

recently in the missile

more

aircraft,

price of approximately 29

with

and

earn¬

heavily

became

company

involved in

Even

share. At

a

derives

this

earnings would

around $2.25

still

However, during World War

the

II,

dilution,

results

and

sizable sales and

very

tions.

10%

to: approximate $2.50,;

with full dilution,

Ramo-

assigned to

producer of auto¬

a

parts,

now

year

Thompson

ings from this segment of opera¬

repre¬

about

any

that

originally

motive

convertible

a

outstanding

sents

we

have

company-

a

the aerospace field. The company

1962, Northrop reported $2.16 per
share.

-

,

arbitrary decisions
group

Wooidridge has been

July' 34,

-

make

which

fortunate

Mercury

ended

year

to

to

was

the

: v■" ::

should be classified into, but I am

Apollo sub-contracts.

For

mar¬

Thompson Ifcimo-Wooldridge

as

with various target and

together

to be

Sometimes at Merrill Lynch, we

the Polaris and Hawk

as

seems

current

under

a

variety of electronic work for such
missiles

pr>r)

<-,rl

]

have

jets,

value

ket conditions.

bal¬

a

produces the T-38
fLoeing

trainer^

jet

as

Grumman to

beyond. The stock has moved

up

space

of planes

development
show

sound

and

in

been

■

fied

missile,

contracts coupled

production

have

year, up

1961. However, the

sharp gain in results next

and

the

of

heavy

high backlog and broadly diversi¬
aircraft,

share this

per

in

tary assistance program to foreign

Air

come:

com¬

million area.1

an

from $2.76

as

with

to

to

From

broad

pany's planes for the U. S. mili¬

companies

forward

the

to

over

these programs

years

pe¬

which is quite sig¬

relation

in the $350

with

company

missile

bolt

that

can

$500
a

acceleration, however, of the Sky-

status-of
the

in

over

expect Grumman to report a little

the

on programs

kind

the? Minuteman

-v

.

basically

contractor with particular

op-

.

which

With

American's

.

—

pres¬

few years^

jencompassingv-such
areas

•

major iimportance, < and' the

is

hard »to

me,

of

diversifi¬

not

To

prime contractors

the

It

of
the

quite reasonably

Garrett
two

project

look

way.

future.

seems

in

rate

are

is

getting under

we

liberalization

dividend

-

beginning since the Apollo project
now

for

and

•

must

just

from

up

1963,

51.

sells

only

in

distant

too

standpoint,

is

look

years

nificant

area.

than

Grumman

to

of

The program

more

capabilities is Northrop. The rapid

of

Another good gain

in

riod

broad

Northrop
Another

ex¬

area

priced at current levels of around

perhaps in the current
this

of these major

good collection of

a

year.

present

not

$4 in the September,

But,

satel¬

field.

space

result

million

•

earnings in the

Lockheed

our

currently

plus

anticipated

the

just ended, and I look

year.

Agena

attendant

consequence

would

in¬

seems

of

a

$3.46 last

fairly important gain to the

fiscal

course,

$4.50 per share for 1962,

the

space

prevents




the

of
the

;

for

the

module,

it squarely

bug, to put

pany's current'! annual sales level

Midas and Jamos for

as

perience

Project Apollo.

program,

some

building work, Lockheed will

of

missile

project Such

work load doesn't

this

strong

we

addition

aircraft,

.a

can¬

hazard

cation to most companies. A
balance

this

reap

From

programs.

here ) again,

that

in

rocket

-

prooulsion, electronics, and ship¬

for about 67. The company earned

tax dollars

our

that
a

problems which

And,

its

and

programs

efforts in the coming decade.

space

compromise .for

no

As

a

that North American should

me

fully

equity

factor, project
be

for

participation in this

seems

same

What

capped

was

bid

enormous

Government-

a

which

shown

commitment

tractive

Lunar

could

competed

excursion

Lunar

in

good

RIFT

of

tag

fairly

a

the

or

current

the

commitment and it also affords

roughly

wonder

has

price

a

surveillance work.

Without wishing to minimize the

that

companies.

can

little

successful

un-

share

a

offset

cellations, continues to be
since there

is

It

years

merely leased by

are

the

employment.

-space

so-called

produces

lites such

approximates

is!

to

of the facilities

are

of

Affording

range

million.

booster

development work.

figure

the

reactor in flight test¬

or

Lockheed

engaged

is

not

$200

for

many

engineers

time

the

in

nuclear-powered

a

$300

com¬

full

-

is

stages with

operating improvement in recent

is

be

ing,

reservoir of manpower talent this

benefits

It

pr

can

utilized

owned

that

time, the

2,500

This

program,

not

or

Company

industry

need

no

capital since

and

work force

a

80,000

Lockheed ,lies

area.

present employ¬

some

in research and

are

high degree of leverage. There is
really

had

ago

-

too

the

volume.

years

capitaliza¬

allow

,usual to find $100
in

the

by

aerospace

over¬

margins

stock

dilute

sales

below

pany

contract

method; to

shares

10

approximately

out

profit

the

ment level. At this

Defense

has

of

Some

total

tion -and

high

attractive recent competitions won

90,000

common

to

P3V patrol plane. One of the more

the

30,000

best

low

come

any

wel¬

industry

billion worth of the planes as the

than

development. How¬

a

to;$l

up

more

much

implement¬

penalties

or

buy

may

symbolizes

of

the basis of performance.

comed such
ever,

of

been

Aviation.

they

company,

North American had

re¬

program

incentive-type

an

where

successful

dicated

course,

American,

industry.

ap¬

pre-tax

on

American

changed nature

effort to reward those

an

North

of

other

are

ceiling of

a

proximately 7Vz%
sults. In

profits

speaking,

£am

North

renegotiation

which

determined

of

aero¬

it is unusual in

but

that

sense

I

profit gram.

low

factor,

"

in

dend, Garrett seems to be an at¬

plus

a

'

The

shown

being

yield from the $2.00 annual divi¬

for several

gram

aerospace

on

is

for

improvement

successfully

just

pany

Garrett reported $3.50

June,

quantities of aircraft for the

Navy. At the same time, the com¬

improvement. For the year ended
share and further

major production contract, but is
beginning to deliver impor¬

tant

handsome sales and earnings

a

Aircraft went

six years without

about

now

im¬

an

field, Lockheed has

developing

man

a-

program

that

billions

to dimin¬

the

accpmplish this end but

know

these

also feel that they
as

of

Project Apollo.

pro¬

There

over-riding

so

low

are

abrupt

validity

but I

not

ish

group

cancellations.

gram

are

this

in

margins

measure.

high

C-141

ignore the announced

can

of

the main arguments raised against

profit

and

very

develop

a

Government

outlays that Garrett is experienc¬

ing

much risk.

involve

not

Grumman

through

surprise that

in this time of rising

con¬

in the process

now

years.

the

billion

repre¬

field.

Project Apollo

Stocks

Aerospace

black

a

military and

no

at current

Grumman Aircraft

procurement.

Therefore, it is

do

levels

com¬

stock,

the

of

price

the

in

that commitments

and

this

the

will lead to further improve¬

ment

be related to

can

the over-all trend of
Government

if

Garrett

McDonnell is
high,

feel continued earnings prog¬

ress

and spell out

accelerates,

program

to

easy

as

premium for the aero¬

a

stocks. While

selling near its all time

now

enor¬

program,

at

and

we

to

pany's progress

year.
an

initial

the

North American Aviation and

Of

are

selected

was

time.

some

is

plane, and last

issues

for

We

of

ture

to

favor

industry
been

joyed good volume from manufac¬

on

individual

has

attempting to

air cargo

the

turn

now

me

strong

very

spacecraft

program

thg " benefits

last

successful

additional

Having

enthusiastic

am

let

group,

some

the life of this program

be¬

of

some

its

one

proved model which should extend

the

group

reasons.

briefly

with

case

prime

This

procurement

25

recognize

the

is

mously

of

aerospace

why I

reasons

above-average performance in

an

do

sketched

work

turn

to

I

avoid the

to

aerospace

continue

which

this

programs.

tractor.

hour faster.

an

Thus,

coming dec¬

most

Y

company

in

achieving

heed

important

much of
space

-

paying very

not seem'to be

does

sub¬

a

as

for the

is what I
said that the market

This

year.

meant when I

com¬

virtually all

as

Thus, while it is not

However, these days now

missile program for which Lock¬

arguments* of those who continue

a

possess

the-' growing

feel

I

ade,

Since

who

available during the

plane

miles

capabilities to fully

for

because

big

a

bad

very

' a

alone

well

as

1963

June,

aircraft projects.

I referred earlier to the Polaris

no

firing from

X lost

company

new

still

opinion, only

undersea

tract

15 times

earnings.

my

when

but

are

or

handful of companies
the

1962,

for

had

-passed, and the- company has

ment

the

of

etc. The

for only
estimated

times

13

or

earnings of $4.75 per share

and

is participating in at least 16

pany

a

have

we

breathing systems,

12

about

re¬

sells

McDonnell

Yet

pressure

pressurization

capsule

1962

Thursday, November 29,

.

frigeration equipment, missile and
space

look at

participation in attractive Govern¬

submarines. It is not like the days

The

superior

a

in

far

so

aerospace

many

in

turned

missile

stocks par¬

aerospace

ticularly high

Polaris, then

opinion

my

earnings improvement based upon

keep

working along on their own and
hope for later contracts. So, if we

As if this

in

is Lockheed Aircraft.

area,

Electra.

that

which

Lockheed

program

cated

of the major indus¬

experience in the commercial air¬

alternative

cabin

missile programs

certain Other major compa¬

other

aircraft

.

.

systems, air-conditioning and

contractor

nies,

is not
they! .cannot

The

upon

and Financial Chronicle

including

solid base for continued fu¬

no

is

fayor

I

Like

program

systems have become

considerable appeal

offers

group

giants
a

along

1

with

one

ture growth

arbitrarily cancel it because there

profits

corporate

and the business climate over the

try

spy#,

look

Another

has

to

-

justify

multiple.

Lockheed Aircraft

aspect

piissile

up

to

appears

earnings

portfolio.

space

and

If, for example, the Penta¬

Polaris

many

in this

inclusion of this issue in any aero--

capa¬

cancellation

North

etc.,

solid base

a

which

certainly

Another

areas.

has

current

nature of the program

decides

gon

improve

weaker

this

of

about .quite

.concerned

are

outlook

when

time

a

economists

in

in the

itself.

cyclical

more

concerned. It seems to

in

that

the

that

extent

groups are
me

facet

rating,

and downs in the economy

ups

to

bilities

to worry

necessary

strong management

research efforts to

cycle to the aerospace indus¬

ness

boosters,

American

Commercial

Pentagon

award

to

the

on

24 announced
Dynamics Corn,-,

Nov.

General

poration
of
the
development contract,
with
Grumman as an associate,
in the"^
multi-billion-dollar

jet fighter plane

for the new
by both the Air

program

for

use

£

Volume

in

the

6216

Number

196

alone

group

aerospace

coupled with the advantages of

Relatively

small

capitalization
million
that

the stock
in

the

ings

the order of 3V2

The Commercial and Financial Chronicle

.

five

and

years

in the next six to

Has Fords Saved Britain

CORNER

From Surrenderin g to Labor?

portunity riowT

By Paul Eiuzig

Security Salesmanship
ARTICLE I

good buying op¬
This

"

Thiokol Chemical

.

which

issue

sells

the

at

Career

as a

British

is

the

little

a

in

first

fit

series

a

of the

that

opportunities and-

problems, which

wisely

surplus.'"

unique in

are

the

to

client; and invest

money

when

r

;

plorable

have

However^ w6 feel thi$

the

ings

well

as

very

the

attractive

number
as

the

a

new

as

in

a

such

programs

Minuteman ICBM and

new

medium

proposed

ballistic missile.

Thiokol

ticular strength in

where

area

company's

prospects

missile

of

commercial

from

derived

range

has par¬

the solid fuels

would

we

for

look

a

good growth rate in coming years.
Like

Thompson Ramo, the quality

of Thiokol's

with

reported

as

look

We

earnings

for

to

net

Thiokol

about

income.

$1.75

record

time

a

report
share

a

and

far

that

These

the

stock

is

less

ol| its peak price of 72,

just

too

1963.

being achieved

are

when

half

than

in

area

earnings

the pendulum

as

in

Several months ago I was talk¬

ing with the sales manager of
fine investment firm.

u *

direction,

Ford

•

tion

the

perhaps

the

made

been

unduly deflated this year.

threat

the

British

I

that is why I have never

;

its

•

and downs, the security busi¬
said

But

he, "I'll

forget what my Dad
He

ago.

years

president

of

then

was

me

growing city of over

a

million

people.

what

make

I

We

living.

a

salesman,

I

told

that

for

rity

human

the

volume

a

r

As

final- purchase

one

would

This

"

consider

Douglas

1960,

offs

in connection

entirely due
The

been
but

cess

gamble.

with

the

DC-8

commercial

jets
sue-'

the

which

lesser degree

financial

poor

very

During

•

write¬

to

great technical

a
a

write-offs

deficits

share for 1959

a

and

have

Aircraft.

reported

company

totaling about $14

program.

idea,NI

of

like

"are

know in

It went

New York.

two

enormous

continued

at

right into this

'a

year,

Douglas continued to do quite well
in the

military

have

area. We

now

reached the point where the

activities

tary

will

mili¬

longer

no

be

diluted by losses from commercial

jet

problems,

and:

look "for

we

Douglas to show something

know
I

all

the

and

years

panics, I

fallen

you

were

mother

I

and

dollars into

that

a

your

put. thousands

have

stabbed

he

fellow

of kind of income.
wouldn't take

a

I

ment, for you and your brother's

if it was offered

education, and for

worth

That's

over

not

such

retirement?

our

business

bad

a-

twice

told

to him.

He

job'
was

l v

"What he didn't realize was that

all, is it, son? Do you know he"
just rode the wave: He took
of, any other business you could
orders
for
millions
of
dollars*
go into that during the worst sort,
worth of common stocks, purely
of a depression you could still do
pri a Speculative basis, and sold
that?'"'.
J
overpriced underwritings to those
"Then he continued, 'This is the
who were motivated by their own!
did

I

it;

out back

I, started

had

to

extent,

make

prove

pohit

British

its

their

in

trial

principle

and

lesson

the

of disci¬

of

a

concessions.

partial

victory

to

if

even

be

may

turning

a

post-War

indus¬

history. The trouble-makers

State

mercy

some

to

idlers

have

that,

learned

now

although

the

their

ac¬

tivities

(or lack of activities)

en-

jcy the

supreme

•

all-powerful

protection of the

trade

them

from

unions,

Big

necessarily

Brother does not

save

losing their jobs.

official

>

it

back

of the

by

a

Purchase

the demand

unions

trouble-rmakers

Mr.
of

an announce¬

stiffened

that

the

'be

must

This

quar¬

virtually

was

the

trade

Lesson

rein¬

a

great deal

result

a

in

crease

British

1

being

productivity
campaign

Government

for

sight

of

the

.

from

the
an

tax, reduction
opportunity for

to find

employees
case

alterna¬

of a'major pro¬

longed strike. TherO is indeed

a

deplorable lack of cooperatiom be¬
tween

employers in face'of trade-

unionist pressure: They could and

Should < declare any employees
"black"

strike

ploy; them for^the
strike.

to

refuse

and

to

duration of thd

Instead they- are only

the

launched

to

imagine,

being

in¬

harder >fey

the

postage:, stamps

design

in

recipients

remind

that

of

is

this

"National

.

Year."
Office

is

The

size

Post

example.

of

issued

Productivity

Indeed

the

setting

a

of

is

stamps

these

twice

that of.the normal British stamps,

which

-

twice

as

teat

means

much

receipt of the
British

they

same

this

example
materials

require

against the

paper

producers

raw

If all

money.

British

follow

to

were

imports

would

of

double, and

the balance of payments gap would

widen to a/ruinous extent!...

on

em¬

than, the

British
bad

do

in¬

an

which

.instance*,.anybody

spired I to4 work

in- commemoration

increase

automobilesre¬

for

provide

would

their

an

to

^towards

that end. It is difficult to

letters

gratuitous

impelled
extent,

some

that

aware

demand

-

this

of

were

Government

more

propaganda

order
Lack of Employer Agreement

the

the

salutory lesson should

ultra-modern

stated.

As

to

It

takes

much

rexhortation
unions

to

more' than

toinduce

realize

mere

the : trade

the

elementary

too

truth—that an increase
time When
of
pro¬
were
pleased to steal a march on their
order of $2.25-$2.50 a share this
anyone with a gift of gab, and af
ductivity is necessary in order to
rivals
and
to
strengthen
their
year with a good gain to the $3.50- hardly any people who had money good mixer among that element
be able to raise the standard of
$4.00 area in 1963. These results and the courage., to invest. But I of people, could have done the own manpower at their rivals' living of their members. The basic

the

on

in1 the

-

thirties

when

.cupidity and greed at

guns

to

stick

possibly

period of

announcement

tive jobs in

1

'•

able,

support whatso¬

no

in

which

the

he* sulting

me<

a year

that.

*•

their

least

to

Even

production'

its

the

automobiles,

on

he made* well

after

way

Tax

of

He

government

were

all,

the

at

made

measure

major reduction
ment

$20,000-

the

the

been

firm is entitled

a

fact

In

For the past

He thinks

had

British

from

you

this money, that he is worth that

kitty for invest¬

our,

received

ters.

right through the cellar. He

year man.

ail

alter

they

over a

at

booms hang his hat. He actually has the move, Fords
brought home mistaken idea that he is a $50,000 give way to

months

many

than

gratifying that Fords

of

trouble

whether

or

in

less than $500 a month; and there

an

Einzig declares tbnt

labor movement br its short¬

those

major

some

strike,

Communist shop stewards. Tn

earned

has

he

years

British

at

the Welfare

remain

pany

years

bad,

never

enforce

few

that is looking around for another job,
been selling securities, in another
business, another place to

have

and

in

that

good

version, Son. Do

my

to

story

the

related,

who

management of

this

salesmen,"

security

productivity

in

re-engage

the

ever

-this ,is ,a,business with $50,000 a year as a registered rep¬
'ups and downs, bui let me resentative. Now his business has

tell you

on

Maulding's

"Some

Dr,

move.

persisted

execuvive

whether in

secu¬

what

with

me

"de¬

a

also, of

making its stand the Ford Com¬

just read.

something like this—

many

The

in'the

Contrast

markets.

and

nature

participation

told

he

that- is

pessimism

and

"'Sure

Aircraft

Douglas

years.

must

in

to

Co.

endless

of

pline

public

stable. Then

hpr(,gpve me his answer.

were

investment

many

that is reflected in

was

wanted

I

me.

more

was

that

optimism

from

his business

We

with the wide swings of

cope

inherent

security

that

him

what I could see,

volatile

half

When he suggested

that I might make a good

employees

to

going to do to

was

refusal

security salesmen find it difficult

firm

a

fund.

Ford

stand

I

executive offi¬

an

mutual

a

remarked

talking

were

of

official

an

Dagenham Works

week

discussing this subject and he too

20

vice-

a

investment

an

a

cer

never

told

visit from

had

somewhere at the top of

was

last

evening

one

of

its

decision to try and

Another Conversation

?

And

advance

Eng.—Notwithstanding

its

cause

observa¬

the

business had

any

to

employers" and,

sighted, economic and i anti-social behavior*

our

l'eel

has

stock

he

if

that

list.

too

;

his footsteps."

spring. During

British

turning point in British, post-Wair industrial' history. Thj

h? a

the

suppose

between

potetd econoinisi |^tiga|a^ tha

LONDON.

follow in

slump

by

on

host of friends.

my

discussion

ness

to

children, and

a

of cooperation

more

in

land

some

firm^tand

recent

undermining governmental

did

the edge of town for the grand¬

a

dur¬

was

invested

regretted

sharp

the market last

ups

It

securities,

the

trouble-makers in the face of

propaganda to that etui, ond believes -that' this may possibly 'prove

He left' Mother

income

developed after the break in

that

swung

we

comfortable

in business

the

ing

career
one

died' & year ago.

•

Business

GOOD
.

in

to

$1.35

with another good gain

year

the

-'

•

a

about

this

at

earnings is quite good

depreciation running almost

much

as.

;

'

Volatile

A

fairly high proportion of earn¬

areas

to

subject".

view of

is deserved in

premium

lack

ill-timed,

a

the .profession.; of .security

this

praises

needs

your own

you

•

'

correspondent

Ford Motor Co. against labor

offerings

your

"That ■ is t:he reason " may 'friend
sales-;
higher multiple than those which manship. Further articles will fol¬ the salesmanager told
me, "Why I
I have ^discussed" so far is" Thiokol low during consecutive weeks on went-into this business.
My "Dad

Chemical.

-

earn¬

triple

or

will discuss the

An

BY JOHN DUTTON

eight years, .we

a

23

SECURITY SALESMAN'S

With

exists.

to double

expected

feel that this is

„

(2255)

only half of its peak

now

last

indicate

to

seem

potential

.

stock

common

on

shares

much

a

.

a

there

,

being aided by

are

up

a

strong build¬

in the Sky bolt missile program
well

as

Saturn
are

participation

as

boosters.

doubt

no

Many' investors

familiar

Congressional! 1

the

in

the

with

efforts

to

force

ten

made

calls

a

community.

my

same
thing.
Now his customers
people in have
lost
their
profits.
They
selected high wonder what hit them, and he

ment

I

sound;; Well known invest¬

grade,

stocks,

doesn't

in

an

place their faith

an

in which people

could

town

our.

day, six/ days a

construction of. the B-70 in quan¬

and their money; such as our good

tity ; however, this

bank

so

far has not

stocks, and

our

been approved by* the Administra¬

dividends

B-70,

it

becomes

necessary to increase the capabil¬
ities
the

of

existing bombers such

Skybolt missile

Douglas) and
this

-

-

thaL I

very

in.

comes

Northrop

Both

should

handsomely

program.

from

what

I

that

ing

was

is,; the
your

also

example

advantages

common

of

stock

With $92

keep¬

capital¬

million .in

less than 4 million

com¬

shares, Douglas stands

mon

of

talking about earlier;

ization small.
debt and

an

par¬

ticularly well- in. this regard.

A

moderate increase in sales in 1963

should

be

translated

into

important earnings improve¬

very

:

ment."
♦An
New

address by Mr. Idleman before the
Council cf the National Asso¬

York

ciation

City,

some

of

Nov.

Investment

17,

Clubs,

1962.




New
a -

price

.

high

but

Isn't

in

the time to
these

pass up

I began to spend less
calls

in

tax

to

me.

sold

I

principle

the

good

.

office

tual funds to people

indicated

they

Dec.

Granbery,

united front

contrast

sharp

with

the

arjiong trade unions.

Thanks

its

to

unionists

clude

trade

position to be¬

a

Hitlers—:to

little

con¬

agreements with the inten¬

of dishonoring

it

as

existence,

in

are

have ; like

be

to

ceases

■

e stead

their

in

honest

of

do their

them

soon

as

convenient

to

openly

dishonesty.

breaking

In¬

agree¬

a

6,

F. Brent Neale

Vice-President

City,
Stock

New York

Exchange, and other lead¬

ing exchanges.

mu¬

.

.

:

•

•

-

<-

1938
scene

as

then

appeared

Brother

Big
22

trade

what

the

have

members
have

up

in

Czecho-Slovakia

in

and

Germans stir

in

done.

the

on

protecting

the trouble-makers. This is

Fords

them.

Sudeten

the

of". trouble

Marache &. Co, Incor¬

members of the

let

dise

unions

exactly
which

the, employ

While

of

paying

their

of

Economics"

the

only

long

as

trade

less

purchasing

power

crease.

the

not
in¬

in

result

a

of

higher

the

terms

fails

of

the

increases,

real

of

in¬

/to

.

short

Nothing
such

could
output

as

services

and

is
So

they could hardly

wage

wages

money

non¬

wages

continue to

the

whether,

inflationary

Para¬
a

matters.

unions

whether

Indeed

creases.

goods

that

money wages

less

care

that

money

thing

increase,
care

"Fool's

is

stop increase of

dirty work by stirring up

unofficial strikes—just like Hitler

whose needs

should

a

united front

tion

business.

porated, 67 Wall Street, New York

bonds,

stocks and

in

is

of

absence

adhere to them. They are not even

will -become

exempts, solid values in equi¬

ties, also growth

man."

volatile

a

it?

Effective

answering inquiries and the orders
came

IS

Granbery, Marache

time making

time

motivation was •some-)"

securities

Their

more

people

This

ments, they let the shop stewards

I made QUALITY my motto.

and

He was simply

who sold

To Be V.-P. of

'?• Some listened.

bought.

•

investments

was

buy, not despair and
opportunities.

grew.

Douglas-is

in

man.

taker

order

This

their

have

to

these

quality, that this

Some

)')'"* \"; •••"*:.

-

like

that

investment

he. is a $50,000 a year

I told them

years.

would

business,

and this is where the were) low

B-52,

benefit

as

for

know that he wasn't

thing for nothing.' Now he thinks,

facturing companies that had paid

a

even

whose only

better manu¬

tion.

Without

expense.

I met substantial

week.

as

that

of

of

unions

tracie

firm

Fords,

action,

can

realize

make

that

the

encouragement of trouble makers,
to

disrupt production and tp keep
the

down

interests

output

of

their

is

against

own

the

members.

Being essentially anti-social, they
would not lose sleep over

that

their attitude

is

the fact

against the

lip-service to their disapproval of

public interest. But possibly the
imme¬ failure of their attempt to bully
of Big and blackmail Fords into re-em¬
a day;
Investmenton ten people who can in¬ -CHICAGO,. 111.—The
Brother, extended their full pro¬
vest (not gamble); work and live
Analysts Society will have as guest
ploying the trouble-makers may
in a community where there are. speaker at their luncheon meeting tection.'to ; thevi trouble-makers
when Fords- -tried to assert their bring .them to their senses and
sound local companies and where today at the La Salle Hotel, Her- *
own

.

V 'That's the combination^ 10 calls

there is-

a

wide acceptance of these

York

securities;

use

them

as

a

leader;

Chicago Analysts Hear.

.

unofficial ;

strikes,, -they

diately .assumed.^, the role

bert

R.

.

Silverman,. President

James Talcott Inc.

of

authority against them.
In

the

circumstances

..

.

it

...

is

may

make therm realize (that

power

their

is, after all, not unlimited.

The Commercial and Financial Chronicle

(2256)

24

During

Closing Fiscal-Monetary

the

spite

of

drag,

the

current

swing

moderate:

Ranks to Finance Deficit
from

it a condi¬

greater dangers—or is
tion

income

1

page

refuse to tolerate?

we

it will be
self-corrective, either in 1963, or
(2) Do we think that

If

(3)

?

today's

regard

we

unemployment.
only 2%%

between profits and

as

(4) Or should our basic reliance

policies to increase aggre¬

on

and

both for consumer

demand,

gate

producer goods?

Let

purposefully provoca¬

a

I will indi¬

tive form. Inevitably,
cate

thinking
that

—but

is

Administra¬

the

reflect

or

tion's

in

a

*

do

as

accept 5Vz%

we

growth

212%

a

rate, 83% utilization of our manu¬

capacity

facturing

(McGraw-Hill

leveling off $8

profits

1962),

November

Survey,

$9 billion below

or

the full employment norm,

output gap

and an

nearly $35

of

billion

between actual and potential pro¬
duction
do

the

of

change the dis¬

we

shares

just

squeeze

can

—

rise and

profits

wages so that

S.

U.

dismiss this

economy—

quarter

$5.6

pep

that wages

so

squeeze

rise and

can

the tired markets for

up

derutilized

factories

power?

is

Or

this

and

un¬

man¬

essentially

a

(4)
in

Expand

demand?

management,

policy

a

employment,

of

level

and

pro¬

thereby profits and

simultaneously

wages

coalesce

raise the

to

labor

Do

then,

through

—

expansionary monetary and fiscal
policies?

And if

magnitudes,
speed

the

limits

served?
could

agree

metic

and

ob¬

that

we

fiscal

the

on

the

be

must

suppose

the

the

are

and

mix,

that

And

what

so,

arith¬

appropriate^ffione-

tary policy to reach full employ¬
ment.

Do

the

resulting tax cuts,

expenditure increases, and deficits

the

latest

factpry
finds

led

the

to

of

the

this

have

budget

virtual

further.

look

both

that

periences

One

fiscal

in

ex-

common:

into balance,

came

full

And

in

both

employment
sharp

no

half

of

would

clear

unem-

reducing

balance

of

-

-

payments

risks?

tolerable

or

or ac¬

situation

present

our

satisfactory

as

casionally sound
when

we

though

as

'counting

are

we

example,
94%%

when

of

labor force

for

that

note

we

is

em¬

ployed, that 1962 profits

are

sev¬

eral billions

previous

annual

our

above their

record, that GNP has risen

$55 billion since early 1961.
matter how far

continue to

we

the

painful

tistics

have

be

and

showing
to

we

But

have come,

confronted

far

feel

we

economy

will correct the present

economic

deficiencies in the

term and provide a

Or

for

perhaps

await
and

the

we

procreation

after

all, is

on

that

the

sume

expansion?

feel that

bounty

into

—

we

in

questions

implicit

in

answered

making
tive

choices

to

economic

current

our

problem.

the

policy,
sharply.
began

to

respect

1958-60

expansions

While

months
sion

after

current

Policies

soggy
or

few in

suggest

an

Date

well advised to look

about

has not been

as

of the labor force at

Jforce from 1958 through September

1962. Yet,, in. the first postwar dec-

ade, 4% or better was the rule,
pot, the exception. During the 4^year ^eripd 1952-62, flie gap- be¬

us

policy developments and

the current

setting for

policy

new

policy

only

1958-60

it

In

t

Fiscal and monetary policy
expansions.

1961-62
that

record

in

the

expansion, compared with

in

find

we

In the

the
a

1958-60

expansion,

basis for satisfaction

in

policies which have been suitable,
though not sufficient, unto the
one

at

must
our

hand.

add,

a

We

find

also,

graced

by
we

more

stimulative

have had to date.




As.!°
the

a

expansion,

have

-—

of

changed

actually

per

supply' " f„T
1.2%

nn<dt<?

and
and

9 3%
2.3%

time

dein

annum

nPr

annum,

per

sion tops these figures with
and

6.6%

annual

i

enter

ing

in-

respect

thejolicy-mak1963

economic

program, we are confronted with:

)

an

unc ose

gap

in

emp oy-

ment, production, industrial utiliprofits

—

with

coupled

price

situation

$11.1 billion deficit (annual rates,
national-income accounts budget)
in

the

an-

$8.1 billion surplus in the first

1958

to

quarter of 1966—a swing of $19.2

short of

personai

meet

this

look

for

continued
all

our

out-

an

mild

expan-

possibilities of

insufficient expansion to

an

the

recently

tween

widening

actual

our

full-employment in 1960.

reserves

the

If

reserves

is

to

total

fixed, the

buy additional govern-

can

selling an

other

of

equivalent
curities

gap

amount

shrinking their loans,

or

par from

se-

being inflationary, such

operation,

close
be-

gap

output and our

taxes

actually

itself,

in

private

tightens

will

example,

by

pur-

chasing a pOrtion of the newlyissiib'd securities itself—to permit

added'dbiiiand
gen-

the commercial banks to buy the

spending—the "milltiplier effect." '
V:

additional securities without
shrinking other forms of credit,

incomes

As

further

and

more

consumer

of

there will be no deflationary
monetary offset to the initial expansionary fiscal action. Nor will

spending and the

goods

consumer

businessfirms have to

rises,

tthize their

business iirms nave xo utilize tneir

necessarilv

new

investment to

ex-

t0 consider new investment to ex

u

Together

,

,

^^

£dded

yideg

these

^ ^elerator
fitg

Alg

nance

.

ri

prQ_

intemal funds to fi_

investment in

plant and in-

ventories

'

...

.

.

c*at banks or by the nonbank

Public but on the kind of policy
-

that is followed by the central

bank. And the appropriate monetary policy-just as the appropriate fiscal policy should be responsive to the needs of the
at

economy

,

If' as anticipated, business taxes
are.,
at the same time, this
further increases the flow of in*efual funds and buttresses it

*nlar?f pr°flt. incf ntlv^
AJ}d tJle Wlder margin of pi ofit

deBend

wheS the" se-

on

curities are bought by commer-

im-

effect."

tWg

and

,'fiu

f

nofpHmanfy

'formerly
^ ^

expansion of inventories

some

infla-

an

nonary eneci.
■
Thus, the effects produced by

and this makes them more ready
c0nsjrier

be

f® e n®^ssarily be

exlst'"g Dant capacity more fully,

a

given time. The

any

«mix» of ^e two must be
«cooked» in such a Way that they

proper

are

consistent with the

mutually

goaj

policy

if the deficit arises because

a

after ta*es> especially if it ocunder conditions of fuller

national emergency requires large
increases in pubiic expenditures
_ ^ economy already at full em-

ut.lllzatl^ of e34stm? caPaclty>

pioyment,

wl11 further stimulate investment,

naturally the central
be applying
a restrictive polieyj But a deficit that
arises out 0f policies to stimulate

gh(Juld

This is the basic economic case
f°r a tax cut. It rests on clear
referred to: a deficit in being, an economic
principles, now well a iaggjng economy calls for a
inevitable
rise
in
expenditures, known, repeatedly demonstrated, different approach. A deficit arisand a widely acknowledged need and widely accepted.
ing from either increased expenfor the tax cut pledged by the
To remove the dual tax drag on ditures or reduced tax rates will
ment;

(3)

the

rather

fiscal combination

President

(4)

crease

Jan.

in

his

Aug.

scheduled

a

of

formidable

I have

13

speech;

the

tax

in-

markets and drag on incentives—

in income will produce a

billion

on

is

increase in the demand for money

payroll

about

already

$2

1.

In

this

myself

setting,

only

let

briefly

me

to

for tax reduction—since

will

Ifully

address

the

case

Secretary
this

cover

remarks]—and

extensively to
stdod
a

central

a

sub-

the

bit

a

more

oft-inisunder-

subject of the financing

deficit,

monetary

i.e.,

the

of

appropriate

policy under currently

foreseeable

conditions;

'

"

*

f vX Why * Taxes Should be^Cut

Essentially,

the

economic

The

the

^

case

drag

of

the

on

today's

Kennedy

and

cause

and

incomes

credit,

reserves are

f

Conference's

wisdom

judgment
form

of

-this

of

to

rise.

This

rise

general

which—unless

bank

increased—will tend

to raise interest rates and- restrict private credit. If the. deficit

under, conditions of
its .stimulatwith keenest interest.
ing effects will be partly offset-*
"
Or to put it another way, a larger
Financing of Deficits .. tax- cut- or-increase in* expendi^
There has recently been much tures will be needed to achieve
discussion * of
the
appropriate a given target level of income and
means of financing a deficit that employment
if thp * stimulative
policy^—or
tive

proposals for altenia-

stimulants—will

#

may-result

"

concern

policy in

Administration.
-

the

economy—both

economic

to

quarter of

^on

raisejg

and

year-to-year improvement in
(2)

the

securities.
of

us

the

where

ment securities only by

an

1.9%

budgetary, ject [Ed: Note: See Chronicle of
policy, it is widely acknowledged Nov.
22, p. 3, for full text of Sec.
that
the
sharp swing from an Dillon's

second

in

-

for the

season

of

itself.

increases.

stages of

amount

banks

this tells

know

we

obtained

the

buy

favor

in

However,

until

banks

increment. The increased produc-

°.lcy Sl uaJ;lon as uand
As we enter the ad-

1962.

vanced

If

wrong.

create

little

and

the

that

suppose

simply

of the

sureiy Spend the great bulk of the ^reserves^for

declined.

excluding

annum,

to

of

automatically

are

is

deposits

Treasury.

on

existence

sales

demand

the

capacity

between

that

the commercial banks, they

in

and

recession. It rests

ac-

the deficit is financed by sales to

course

But

banks

inflationary

basic tax cut is inde-

a

of

cut

ferates

standards

1958-60 expansion by

in

increase.

to

close

output

Dillon

With

-

while personal

have

or

than

basis for disquiet

tween actual and potential GNP billion—played a substantial role
in the choking off of the
-1 ;(ai. current-prices:)/ has* averaged
recovery©bout $35 billion-

little

economic future if it is

policy than

of

to

reserves

suggestion

mercial

the

demand

the

to

or

credit to some
ieave consumers with larger dis- extent. Of course, if the central
earlier
pOSahie incomes—and they will bank supplies sufficient additional
the

one-third.

current

decades

reason

A

more

historical

by

for

public

additional

The

fact,

occur

the

government securities to the corn-

spending, and the absence of any
will

e

about

i.e.,

the

in

recent

for

pendent

expan-

throughout

recovery.

point

high

continued

remained

has

^

few

a

potential output at 4% unemploy-

formation.

(1)

would

gap

further,

gap

sion-not with

are

the

1963,

long-continued

mild recession erased, but at best,

we

also

year,

to

commodate the purchases,

near-

In

should

recession

a

the

of

the

policies for the period ahead,
at recent

if

turn

the

balance of payments;
expen¬

is

no

capacity.

with

more

diture, debt, and Federal Reserve

not

answer.

time since April, 1957, and it
has averaged 6.1% of the labor

^

to

contemplate tax,

we

about

does not

in

Monetary

fiscal-monetary policy

as¬

any

*.

and

is

sold

vides

to

prospect that spending will

1961-62

up

easy

up

But

alterna¬

of

are

on

fiscal-monetary

Fiscal

there

and

monetary

the

began,

basica ly

monetary

the

the Federal Reserve System pro-

our

—

growing,

produce

to

and

even

differ

tightening

zation,

Our

term

case

With

favorable

(B)

past

4.0%

and

1

action.

problem

as

deciding

among

of

courses

in

inaction

versus

explicitly or im¬
plicitly. Surely the record of the

low

that

demography,
side—and

somewhat

Unemployment

questions

be

action

capacity

growing,

is

demands

g

cen¬

critical

But

GNP

or

output would fall while capacity

tral

are

and

must

be

they

remain the

stated. Jgjut they
tral

to

seem

way

two

this camp—either

affirmative

may

the

these

thus

and

—

badly out of balance. This is

eluding them. The 1961-62 expanto

production

widen

posits,

answers

in

Again, I think there

.

domestic

current

world economic setting?

these

should

60's will begin to soar by 1965
1966?

5 years

the

equi¬

increasing,

slowly

balance while the economy is still
cen-

debt,

commercial banks, but whether—
if they are sold to the banks—•

above

four categories of buyers has been

na-

comes

tional income account

with

stability and

providence

of

our

near

strong second

current

our

increasingly

The Administration's

As

that inherent forces in the private

wind

and

go.

(2) Self-correction? Do

these

are

towards payments

librium

still

we

pay¬

-

by

inescapable sta¬
how

of

Europe—consistent

continued U. S. price

do

the fundamental strength

on

Or

we

as

—

in

-

a

of

bless¬

our

of the American economy—as,

no

measures

progress

state

affairs. To be sure, most of us oc¬

ings

equilibrium?

hear

Few, I think would agree
cept

ments

balance

the

by

«gap» has actually been widening,

on

generally,

toward

spending

1962. It

budget

public

the

are

Total

the

our

to

ment.

quarter of

that

ditionsJ

of

since

weie

trend

short

surplus

fu 1

taining the price-wage spiral and

billion

$35

billion

and.?

generating high employ¬
trickery, or as a natural
floimal ''concomitant. of ment and faster growth—threaten
to upset our four-year record of
growth and maturity, or as an
price stability and our three-year
allegedly necessary cost of con¬

leading. From the standpoint of
the inflationary impact of ad-

up

tistical

—while'

This simple dichotomy is mis-

U. S. output (in

on

catch

have

$7

second

public.

serv-

employees)

own

generated

estimated

is

the

operating, at 4%

economy

ployment
the

and

i. e., by

—

question is not whether the bonds

meet

fact,

of

"real" saving

potential output at 4% unemploy-

or

up

year

In

recovery.

about

total

—

the

to commercial

non-inflationary
financing deficits

selling securities to the nonbank

and

of their sales to U. S.)

excess

fans

surplus

trend

down—during the first

cases,

(including

foreigners

or

balance, well short of full

employment.

a

unsatis-

an

impact

to

goods

on

lately

the

and

through

of their

ices

of expansion in 1962,

pace

is

one

experiencing

additions

and

•governments

difference,

sharp

a

long-term interest rates

perhaps sta¬

as

equipment

expan-

lot

a

securities

of

banks

and

plant

on

inventories

fiscal

current

sales

houses

new

-businesses

$4.5 billion

a

recovery,

we

and

national income

the

such

in

and

swing

heard

of

the traditional distinction
between the inflationary impact
of financing a deficit through

goods

on consumer

consumers

a

have

element

about

the total

spending of

the

essential

We

with present tax rates,

services

With

an

stand-off?

down to the following:

year.

showed

just

sioijiary policy,

more

jn

1962,

And

on

for

account

for

or

of

billion.

budget deficit

the

expansion,

this

ministration policy for 1963, boils

billion

deficit

budget* figures show

provide the incentives and funds

duction—and
intolerable? Do

unemployment,

facts

for action,

cause

a

only

tributive

Present situation, tolerable

(1)

we ac¬

economic

much
$6.3

a

billion

$0.7

arid yet

then conclude that all will

we

demand,

ations.

or

1957

of

growth

a

wages? If

vs.

current

and outlook

meant

sense

no

of the Conference's deliber-

come

from

annum

these problems

on

prejudge the directions or out¬

to

the

cept

profits
these ques¬

enlarge on

me

tions, in

grew

from 1947 to 1957.

be well if

wages?

be

per

(3) Profits

for

gain, if any, from shifts in

distribution

Real GNP

1961, compared with

of 3.8%

policy action, how much stimulus
we

profits about

potential at 4%

billion below

$8

$20

about

eco¬

nomic performance as a cause

can

averaged

billion and corporate

to

by 1966?

say,

has

for tax reduction, as it enters Ad-

deficit in the first quarter of 1961
to

second

Continued

in

heavy

was

from

Thursday, November 29, 1962

.

tax

recovery,

continued

a

.

.

be

4

from-

awaited

is

financed

monetary ■restraint,-

.

a

4ax

cut' de-

signed to stimulate economic ae-

fiscal -action is accompanied by a

restrictive monetary policy.

^tivity,: alrd* it* may be* helpful' -to-? v It. should
examine

briefly

some

aspects

of

be

-■

*

clear,however ^

that even if the central b,ank sup-

plied

reserves—i.

extra

no

bonds Had to

if the

even

the

in

interest

reduction

Hearings

sional

idea-

the

—

higher than usual.

He succeeds Robert E.

John W. Callaghan, partner, Goldman,.Sachs & Co., and Joseph
Ludin, Vice-President, Dillon, Read & Co., Inc., both of New York,

transactions

for District No.

ing when .trie public

York and

12 which includes the states of

part of New Jersey.

a

Connecticut, New

and

They succeed Avery Rockefeller,

would

make

of

effects

the

fies

change

a

in

the

ity

se¬

measure

.

off

better

consumers

voluntary

—

with

exchange

asset

—

which bond buyers swap one
of

asset

a

in

form

another

for

(cash)

(bonds).
•

-uiy.

■;■

■■'.

■■

•■

Today,

A' 'A'aSAA AA%'AAAAAUA;
of course, we have a

significant constraint on monetary,

balance-of-payments
problem. To the extent that in¬
policy:

rates

influence

may

outflow

the

ranks

higher
for

be

r a t e
p
desirable

domestic

would

than

of

reasons

central

the

guides

liberations and conclusions of

Conference

thereby

make

can

contribution

to

this

to

for
The

major

a

process

common

our

"maximum

employment,

the

der

mandate

of

the

and

of

goal

produc¬

tion, and purchasing power"

un¬

Act

of

Employ¬

on

the

of

total

turning

major

volume

about

the

gave

New

heavy

to

selling

a

by Dr. Heller to the Con¬
on
Fiscal and
Monetary Policy
President's
Advisory Committee

Policy,

Nov.

14,

Washington, D. C.

.'

cialists

:

.

selling

Keith Funston

mar-

Association
succeed

equal number who, complete their tenure

an

except for

two

who were

findings

in January,
re-elected after- completing unexpired

of

Transaction

Public

elected to the board cf the National
of Securities.Dealers,#>r,A|iree-year terms each. They
were

governors

Study

the

of

said, "while the share of institu¬
and
intermediaries
de¬
Members'

institu¬

and

tended to

investors' activ¬

individual

ity, taking the buy side when
investors

.

'

■'

»

about 20%
bought

shares

and sold in round and odd lots on

about

the

level for margin transac¬

average

tions in Public

Transaction Stud-'

past ten years.

ies for the

Margin

three

three

bought.

-

each two

sold to

the bene¬

The

hindsight in evaluating tllis
information—this survey did not
individual

transactions,"

compared

Mr.

Investors

of

perience

Com¬

Exchange

the

ex¬

is that persons in higher

munity

brackets,

presumably sophis¬
with

larger and

long-held

sometimes

protect profits which they

sold to

earlier because

taken

not

due

Norman B. Ward, Jr.

The

states.

association's 13

members for

new

margin calls.

to

whose

districts covering the 50

had

theless
the

1963 to 1966 are:

that of men, never¬

third

a

was

cisco, for District No.
Hawaii

and

Nevada.

partner, Shuman, Agnew & Co., San Fran¬
2 which includes the states of California,
He

succeeds

William

S.

Hughes, President,

Mr.

outside

from

Roberts, manager of the Denver office of Horn-

Weeks, for District No. 3 which comprises the states

G.

A'.Av

J:-.-.----'r-_S-.""

Denver.

Shelby Friedrichs, partner, Hov/ard, Weil,

-

Labouisse, Fried¬

Orleans, was re-elected to the board as represen¬
District No. 5 which includes the states of Alabama,

richs & Co., New
tative

from

Arkansas, Louisiana,

Mississippi and

a

a

Nashville,
states of

was

Here is

Vice-President, Equitable Securities Corp.,

the

Florida, Georgia, South Carolina and a part of Tennessee.

Norman

B.

Ward, partner, Singer, Deane &

Scribner, Pitts¬

burgh, for District No. 11 which includes the states of




a

selling

On

Pennsylvania,

Monday,

prices declined

In

special study:

for

28,

May

with

September,

the last such study in
1961:

I
Per cent of Total

May 28-31
Public

Sep. 1961

specified prices,.

and

v

Short Selling

Public

%■'%. A

A;A

Was Minute

selling by the public ac¬

Short

for

counted

about

only

funds

sales.
reports

separate

contrast,

counted for 3.4%

ing market of May

other

for

0.7%

to

—

ris¬

31—and came
members and

firms.)

member

ac¬

of total sales

half of this in the

than

more

by special¬

markets

maintaining

in

ists

i

and

banks

Commercial

trust

the larg¬
institutional

companies accounted for
est

share

single

on

balance,

of

They were buyers

volume—-36%.

although on the first
the only sales bal¬

18.7

ance

among

22.4

group,

60,000 shares.

Member

Institutional

of

2.3%

public sales, or 1.7% o( all

day they had

Firms

mutual

or

investors
and

other

include
invest¬

Mutual

the

funds

institutional

bought

and sold

banks

and

trust

every

four

they

bership were buyers, by a ratio

of

The
among
are

market

lost

major volume participants

members of the Exchange

specialists, who buy and sell

as

principals to maintain markets
assigned stocks.

on

May

28-31

Their dealings

were

almost

pension

and profit-

funds accounted for al¬
5% of institutional volume

sharing

in

about 4-to-5.

the

Shares.

620,000

Corporate
Specialists' Activities

sold roughly

contrast, institutional

29,

commercial

as

2,650,000 shares

when companies.

investors and the Exchange mem¬

May

at

24.4

Investors

Institutional

orders
through

market

sell

stocks

when

"stop orders,"

were

become

51.4%
26.2

56.9%

Individuals—

5.7% on average,

investors

shares

bought.

On

which :

during the three
ment
companies, pension funds,
days,
or
17.4% of institutional
summation of buying insurance companies and inter¬
volume.
They ended the period
on May'28-31 as de¬ mediaries for other investors, such
with a net purchase balance of

termined in the

individual

part of Tennessee.

re-elected in District No. 7 which comprises

of

ratio

The

each six bought.

and

maining 2%

this distribu¬

compared

volume,

of

infor¬

other

and

overall report.

rose

previous
Studies
to

added.
on the selling side, by
seven shares sold for

They were

this

an

latest PTS revealed
tion

"limit

were

more

Round & Odd Lot Volume

country

Transaction

in

market,"

the

show that short selling

Orders

of public volume, he

five
Gus G. Halliburton,

with

mation

Members

of
Arizona, Colorado, New Mexico, Utah and Wyoming. He succeeds
Paul E. Youmans, Vice-President, Bosworth, Sullivan & Co., Inc.,
blower &

out.

somewhat from levels in

5.5%
Malcolm F.

the

and .a

(that for men,

Funston pointed

Public

Wagenseller & Durst, Inc., Los Angeles.

two

over

half time as great as
Van S. Trefethen,

for

balance

sales

a

days

three

volume

>

orders," specifying prices; the re¬

(By

evaporating."

bined

total

36%

about

of

As shown in earlier Ex¬

Women,

The NASD board consists of 21 governors

terms of other members.

representing all of the

Joseph Ludin

John W. Callaghan

public" orders

of
"at

portfolios,

investors

ticated

had

general

all

is, with no price limitation;

that

Exchange

from

from the

and

ac¬

of

Studies.

entered

were

that

a

62%

About

A

conclusion

one

drawn

be

tax

Sophisticated

by

42%

public,
previous high of
years
of Public

ten

Transaction

"However,

studies

to

in

36.2%

Funston said.

Taking

group

nearly

for

margin transactions by the

The special Public Transaction
May 28-31 Study (PTS) expanded on find¬
period, only a small part of mar¬ ings published in four previous
gin selling was forced liquidation interim reports and will be com¬

(

for

buyers

net

$25,000-plus

counted

change research on the

Gus G. Halliburton

under-$10,000

the

became

the th;ree Jays,

pressure

shares

net

remained net

group

in

Persons

contributed
capital gains tax considerations,
during
all
and which they feared might be
days, he added, by a ratio

downward

were

May 31.

on

category

however,

selling,

of

is

This

out.

pointed

Funston

Mr.

days,

three

the

categories

May 28 and 29; only the

on

sellers

fits of

can

million

80

the

of

$25,000-

the

•

1

Public individuals' margin buy¬

Friedrichs

about half of

in

I

$25,00Q-plus

generally

fact and of discounting

Margin Transactions

G. Shelby

sellers

in¬

,

buying."

ing and selling came to

con¬

public

membership

Profit

Malcolm F. Roberts

those

from

plus group.

in¬ attempt to determine motives for

selling,

were

and the sell side when they turned

Van S. Trefethen

this

came

with family incomes

through their large
assumed offsetting roles by selling
purchase
balance
of
1,390,000
more than they/bought.1
'
shares on May: *31. i (This helps
-1
a*
"For a number of reasons — explain an odd-lot purchase bal¬
ance
of 1,245,000 shares on that
including the difficulty of collect¬
day, highest in three decades.)
ing investors' opinions after the

•a

tions

to

period

of $10,000 and over,

of

and institutions and the Ex¬

change

tional activity generally

prices

day-and-a-half,

ers,

of total volume," Mr. Funston

dividual

from persons

individuals'

of
full

the

for

volume

dividuals became on-balance buy¬

Exchange, like public individ¬

offset

morn¬

the

780,000 shares.

77%

About

a

as

for

sellers

net

.

when1

31,

May

first

special

a

uals, also increased their percent¬

creased.

48%

investors,

were

three days by

tinued to regain their losses of the

"Members and member firms of

age

Individual
group,

All income
On

end-of-May period.

the

firms.

for

Other highlights of the

Exchange.

pur¬

activities

member

25

accounted

-

President noted in releasing pre¬

new

buying

and

stocks

study include:

afternoon

the

50

Bciard

Big

by

pro¬

in

year's commissions on the

counterbalance

to

billion.

transactions

individual investors.

customers, were particularly
active
sellers,"
the
Exchange

Seven

in

balances

rally, .tending

gin

liminary

during the

to $3V2

29

all

of last

v

brackets, both

NASD Elects Seven Governors

balances

sales

income

cash and

registered strong

—

28,
of

value

firms

ing's price decline and substantial

and

middle
upper

chase

no

These

and particularly spe¬

—

been

or

May

on

the

came

from

handled

on

Prelimi¬

Tuesday.

on

have

public activity were

on

widely-held

figures show that members

generally

in

"Persons

million

4.1

re¬

:•

buyers

when

jected

firms

Funs-

has

day,

bought

nary

President
Keith

full

member

Exchange

31,

and

a

which

to

changes

Exchange

31,

Data

A "/A A A" A'- 'A';A;AA

'

sales

small

transactions

at

lesser ratio, and in¬

Members

28, 29 &

May

before

again on-balance

again

This is

extent

670,000 public transactions

the

on

sold 4.4 million shares and

last

change

the

For

were

balance.
AAAAAAA A

Ex¬

average,

starting upward

midday.

stitutions

York

Stock

and

were

the

on

on

individuals

buying

waves

2x/2%

sellers, by

impetus

and

and

1946.

Labor-Management

1962,

another

increased their share

the country

address

ference

of

over

the

The special PTS covered 110,000

and

ported.;
*An

to

of the

Impetus to May Stock-Market

ton

ment

economic

interest

domestic

hold

on

economic policy in 1962. The de¬

capital, it may be necessary to

of

re¬

coveries, will lead to a closing of

interest

differences in

byi two

reluctant

two

and

of the

record

marked

years,

our

ternational

%

Individual investors from all

of

changes at all.

Perhaps

issue.

tax

three days.

between

held

Individual Investors Gave Major

better-than-usual

a

rate for the

it is to have com¬

as

at

ran

the

Treasury

unsatisfactory

the tax past five
cut) —which would clearly make recessions

was

President, First Boston Corp., also both of New York.

on

Conclusion

the

(from

disposable income

selling,

was

selling when the public

prices

is

ahead

—

would

reliance

short-term

Important

incorrectly identi¬

than 92%

"stabilizing,?'—that is, buy¬

buying. In addition price continu¬

useless. nomic
policy issue that lies dead

cut

tax

a

This argument

specialists'

more

—

unusually

of

Jr., partner, Dominick & Dominick, and Edward H. Ladd, III, Vice-

taken patible - and flexible monetary
and this measures, the overshadowing eco¬

sales,"

bond

by

proportion

were

by tax reduction would be
uway

An

high

constraint!

(E)

give consumers

you

money

part of New Jersey.

a

Daffron, Jr., partner, Harrison & Co., Philadelphia.

curities.

•frequently expressed that, if the
bonds are sold to the public, "the
extra

of

Virginia and

25

balance-

primary

of

sale

in¬

flows

West

(2257)

the

capital,

of-payments
support

was

primarily

that

international

short-term

or ex¬

short-term

is

it

Since

rates

interest
fluence

Congres¬

summer—including

last

deciding how to finance

in

deficit.

a

discussions

penditure increase. In

against domestic considera¬

tions

rise

provide only a partial restrictive
offset to the expansionary effect
of the deficit tax

The Commercial and Financial Chronicle

.

anced

most,

at

could,

rates

.

.

policy. This need has to be bal¬

e.,

be sold

public—the

nonbank

to

Number 6216

196

Volume

30%

most
and

registered one of the

ratios
any

of

to

highest

sales for

in the study—roughly
shares bought out of a

group

600,000

purchases

26

The Commercial and Financial Chronicle

(2258)

about

owns

Hawaii Offers Worthwhile

the

on

54,000

island

Continued from

and

Exchange

Stock

the-Counter

Opportunities

Over-

the

lulu

for

additional

which

stock,

common

heavily oversubscribed.

was

Primary and secondary subscrip¬
tions

totaled

against

shares

346,517

shares

315,730

as

offered.

Proceeds will be applied toward
the

financing

1962-1966'

the

of

-

capital

company's

expenditures,

estimated at $92,761,000.
tion

the

on

in

the

Informa¬

is available

company

latest

(The

prospectus.

Honolulu

stock

is

Stock

Exchange and the over-the-

traded

the

on

counter market.)

and

sell

gas

Hilo

South

factures

district

the

it

oil

its

the first

and

In

other

revenues went

to

1955

1)961

in

earn¬

share

per

of

Hawaii

suitable for

are

to

what

costs may hold
last

a

below)

traded

is

over

ad¬

an

sharps. The
Honolulu

been fairly static between
1.0

com¬

deposits

there
a

Hawaii

in

However,

has

been

Hawaii's

from

have
in¬

an

keener

slowdown

and

to savings accounts

of

Bank

shift

a

First

Hawaii,

Na¬

Aug.

31,

of

Bank

of $383

Hawaii

is

the

continues

bank

and

acting

pansion of
been

of

some

very

ment

sees

to

total

account

bank

basis

terest

equity

this

94

1962 sugar

an

average

96

expanded

1956,

while

55%

slow

during
is

trend

is

the

only

other

The

but

in

in

profits

large

as

In

contrast

sugar and

estate

to

in

Oahu.

the

on

The

on

is

as

National

1961.

land

in¬

island

of

espe¬

large part

a

owned

by

relatively few companies and
it

policy of leas¬

a

(usually

rather than

of

part

is

pineapple

crops,

use

at

industrial

or

or

all, to

in tourist resorts,

use

residential

from

develop¬

ments, and diversified agriculture.
'

"

•

-'

L

•

'•

;

-v

•

-v.

values.

In

year's

net

Ex¬

Bank

second,

of

Hawaii

with total

re¬

of 349 million at the end

Earnings performance in

past few years has been satis¬

factory. Management does not

ex¬

is well

instances, these
values—targets of

differing

estimates

guesstimates—and
earnings

book

most

hidden market

widely

above

their

potential

prospective

real

future

derived

estate

and

from

develop¬

pal

basis

investors'

for

and

Alexander

nearly
from
and

&

Baldwin

two-thirds

sugar

23%

and

from

of

derives

its

gross

pineapple

its

agency

sales,
opera¬

tions (the company is agent for 15
insurance

this

loan

interest
year,

demand

payable

recent

will

be

Travelers,

firming

in

gation

should put

1962 net

be




at

in January.

open

on' Kauai, 300

area

large shopping

a

cen¬

West

companies,
and

in
Coast

for

some

largest

&

including

Matson

Navi¬

Hawaiian

and

ports). Last year,

Sugar

spgar

Co.,

A.

Hawaii's

plantation,

years,

cific

the

Coast

Harbor, Oahu, will

inio

may

large residen¬

a

the

over

long

About 16,500

next

10

these

run,

years.

develop¬

materially boost Am-

in

which

down

its

gross

will

exceed

1961,

and, so

does the level of retail sales.

year's

net

$2.14

was

including $0.48

of pretax

gains but excluding

Last

share,

per

capital

$0.30 of

Dole

Bee

Inc.

in

19.3%

Seafoods"

(a

the

narrow

"Bumble

growing

and

quite profitable operation), 14.2%
6.9% service operations in¬

sugar,

rentals,

5.2%

and

macadamia

merchan¬

equipment,

nuts),

1.4%

plus

income

from dividends

and interest, plus
capital gain. Land hold¬

small

a

about

30%

plantations, the
mainly
gulch

—

used

are

remainder

of
for

being

land, watershed and

range

areas

acres

carried

are

—-

books at $17.6

million,

the

on

low

a

which

of $113

age

aver¬

real

estate potential the
year

sidiary,

large-scale

un¬

model

awaiting
State

Stock

Over-the-

the

Market.)

C. Brewer and Company is pri¬

in

addition,

business but,

maintains

department and

ance

ranches

model

—

insur¬

an
owns

dairies.

and

Brewer

In

some

1961,

C.

already engaged in
operation in

sugar

a

Iran—

stepped into foreign operations in
a

major

Eastern
Puerto
sugar

Sugar

Rico,

real

ment

plans

are

Development
Black Hawk

8,800

Fajardo
sand

its

five

land

acres

of

are

tons

of

160

sugar

stock

annually,

is

230

100-

thousand

to

tons

during

110-day operating

However, in the current
Puerto

fered
will

Rico

from

be

end

of

hand,

August,

quite

the

as

the

these

of

impact

power—now

operations.

the

near

regarding

a

in

large

flow

earnings

low of $0.91

a

1957

to

high of

a

$1.55 in 1959. Last year's net

$1.39, and—excluding
rent

gains

$0.77.

It

from
may

have

been

1962

that

construction

was

non-recur¬

would

—

seems

gross

and

dredging

be somewhat down from 1961

while

from

gross

will be up.

activities

other

Recently the manage¬

ment announced that it

bark

two

on

will

em¬

big real estate

ven¬

tures in San

Francisco, indicating
in

interest

vestment
stock

traded

is

Stock

geographical

diversification.
the

on

in¬
(The

Honolulu

Exchange.)

Neumark to Join

the

|

L. F. Rothschild

.Qn January 1, Arthur J. Neumark
will

become

partner
L.

120

a

in

Roths¬

F.

child

&

Co.,

Broadway,
York

New

City, members
the

of

San

York

await

must

New

Stock

Exchange, and

long

ex¬

changes.

good

a

leading

national

Mr.

execution

current fiscal year,

is
Arthur

Neumark

partner of

a

Neumark

J.

range

likely,

seems

no

H.

Hentz

&

Co., where he is in charge of the
Syndicate department.

as

major

net

1961-62

from

profit

pineappl^ opera¬

tions should be about the same to

Plantation

Agricultural

Waialua

and

somewhat im¬

seem

proved but those of Kohala Sugar
adversely affected by drought.

are

The

number of
investments, the largest of

stock

which is

Pacific

the

.

and

change

a

is traded

(Stock

Stock

Coast

Ex¬

Stock Ex¬

Honolulu

change.)

1961

of

merger

two

companies:

successful

old

Oahu

Railway and Land, and Hawaiian

Last

Dredging & Construction.
year,

Dillingham's gross operating

profit broke down as
36.7%

<.

MINNEAPOLIS, Minn, —A Minneapolis

securities

principal

donor

tablished

fpllows: (1)
wharfage

transportation,

and towage

(within and between

Island ports);

25.6%;

(2) property rentals

construction

(3)

dredging 31.8%;

and

(4) other activi¬

The first two business

in

is

firm

for

annually

enrolled

in

to

the

the

newly-es¬

a

scholarship

awarded

to

be

student

a

University

of

Minnesota School of Business Ad¬

ministration.
The

is

who

the

President

in

The

of

which

Harold

es¬

Naftalin

H.

memory

Neil's

of

'

father.

The

Naftalin,

T.

Foundation,

scholarship

scholarship covers costs of

tuition
and

Niel

by
also

is

Naftalin

late

Co., Inc.,

firm, Naftalin &

headed

tablished

Dillingham Corp. is the product
the

Scholarship Award

24% ownership of Mat-

a

Navigation.

son
on

has

company

margins,

With

company's

ranged from

share

per

cash

net reported

forma basis) since 1956

acre

in the $2.00 to $2.50
be material.
For

red.

the

are

range—should

lines normally

management

optimistic

The

a pro

have

than its

is

the company's earnings

ties 5.9%.

as

profits.

(on

company's

more

maturing.

The

plans.

on

and

the

the

boost
much

about $17.5 mil¬

for

suf¬

1962 outlook for its Hawaiian

sugar

start

has

late

additions

planned which, because of heavy
depreciation
charge - offs,
will

city water.

rains

substantially in

On the other

season.

year,

operation

continuous

a

estate,

$33.7 mil¬

$85 million and $110

Further

develop¬

give Castle & Cooke

financial

qnd

expected to be lifted substantially
the coming years.
Its Puerto

to

between

million.

lion from the sale of Honolulu Oil

of

180 thou¬

to

at

other

land).

cane

purposes,

real

gross

book^

the

on

mid-

by

6,500

Area

Net proceeds of

which

(of

investment

the

raw

which in recent

output,

averaged

years

Associates

with
of

acres

also

the

Ranch

of

for

Commission;

estate

of

Bay

arrival

the

by

broken

Other

factories and approximately

20,000
over

by acquiring Fajardo

way

approval

1963.

acres

Harbor

Use

on

slightly improved, sugar crops of

sugar

held

including the stunning Ala Moana
and
Office
Shopping Center

15,000

3^000

on

be

may

Ewa

marily in the

the

Francisco

of

Pearl

Land

ground

on

and

units

overlooking

is

Counter

Gardens, the

community

dwelling

change

Exchange

is

estate

-

large part

a

redevelopment

house about 600 families. Start

the

stock

Honolulu

sub¬

project in downtown Honolulu, to
a

real

non

participation

in the Queen Emma

first

company's

operations. However,

Properties.

40%

a

company

special

a

Oceanic
has

Oceanic

companies.
the

up

of its

some

last

affiliated
traded

activate

set

"opera¬

its

per acre.

In order to

is

it

lion, has been variably, appraised

breaks

(rather

pineapple

distributed equity in the profits of

(The

the

carried

follows: 53.0%

as

of

Building. Total

revenues

year

Some

Pa¬

Exchange.)

most

tional," that is, it directly supports

and

Cooke,

the

of

some

the

Stock

&

past fiscal

per

indications

Recent

range.

Honolulu.

at

Castle

of

valuable real estate in and around

is

now

$1.80-$2.20

the

The company owns a diversified

"portfolio"

Exchange

Stock

Honolulu

share.

per

on

are

that the company's 1962 sugar

are

the

quar¬

resort

progressing

development.

area

mercial

cjhvidend rate is $0.35

is

ex¬

light industrial park

a

the

level

rent

Lihue

at Pearl

was

cur¬

Maui,

its

Construc¬

1,000-acre

a

developed

& B. merged with Hawaiian Com¬

slightly higher. The

of

some

hotel should

the

operating profit around last year's
or

Amfac

Rican factories could produce 210

pect to do any new equity financ¬
though

S.

in

traders' interest in these stocks.

ing this year or in early 1963. "Al¬

up

of

as

U.

companies.

of

.

im¬

Stock

and acts

prominent

early initiative in the

land

years),

changing

particular

no

55

net

(Stock

Department

holdings.

selling it. A growing

land

and

sugar

from

for

value

quarterly

the

was

es¬

market

share

British

yields

openings

per

Retailing

some

shown

share

valuable real estate whose current

a

biggest income source

fac's earning power

skyrocketed,

is

operating

operations,

sugar

operates Liberty House,

for

ments

ments, have furnished the princi¬

close

sources

usable

net

1961

from

wholesaling.

In

be

uninspiring

Oahu, since

on

the

is

tial

The

to

expenses

$0.30.

Honolulu

de¬

change.)
First

of

$3.00

ings of about 156,000

acres

with

premium,

a

above

(The stock is traded

which

crops

The companies listed below own

current

rate

dividend

traded

at

more

somewhat

The second

ter and

mountainous and

are

its

of

homesites,

Much of the Islands' 6,430

miles

square

sugar

of

Brewer's earnings power has been

machinery

under

also

main

Honolulu

on

American Factors derived about

roughly

have

normal

level

dising (mostly Mainland-produced

In

sharp

seems

the

In

1961

Counter market.)

ury

pineapple situation, real

especially

(Traded

fast, and the Sheraton-Maui lux¬

this

last year's;

as

values

the estimated underlying

Kaanapali,

under control.

are

$3.11.

the

cluding

tion

period.

peaches and fruit cocktails.
about

be

now

Stock Exchange and the Over-the

and

full

the $2.62

over

1961.

this

be

rising

slight

a

In¬

appraisal has been strongly influ¬

has

of

competing other products, such

pineapple pack

may

seen

earnings could be mate¬

the stock profit margins),

the $0.80 to $0.95 range,

agent

since

that

but

areas

portion of

all types of insurance

annual

share

is

1962

below

the insurance division which sells

changing. Hawaii-grown
not

larger

for

11%

same

be

recently reported from that

rially

of

store, and the Waikiki Pharmacy.

pineapple

evidence

no

much

a

and

gross,

development

a

to

Additional income is derived from

that market has receded from 60%

There

company's

tensive

Hawaii's

securities

S.

pounds.

The world market for

has

the

company

in the 50th state

crops

these

1961,

per

capita

on a per

unchanged

to

$18

to

Honolulu's large s t

promising, excepting for the

high-profit

will

branch

new

result

in

has

financing.

portfolio and lower
fewer

ex¬

Manage¬

charges

year,

provement

the

of

range

ing

growth

posit levels, maintenance of

of

been

decades within

immediate need for

payable

-higher

a

has

&

U.

$16

and

worth

third biggest income source, as the

Corp.

cooperative.

a

consumption

sugar

de¬

banks

newer

satisfactory.
no

additional

is

as

California

investments

equivalent,

they

mostly in Maui, Kauai and Oahu.

beet

Refining

tates which have

44%

Honolulu.- Earnings

of

by

Sugar

portfolio

extent

the island

on

remains

Thursday, November 29, 1962

produced income equal to 12J/2 %
of

40%

All Hawaiian sugar

marketed

Hawaiian

In

earnings

shipped to the Mainland is refined

cially
resources

posits in Hawaii, despite the

may

Mainland

State's

million at the end of 1961.

about

for

the

sugar growers.

all the

largest bank, with total

loan

other

to

only about 10% is arable. Land is

1962).

The

Cuba

competition for Hawaiian
from

sugar

leveling off, as

a

Indicators,

(Economic

for

from

in fact, this has resulted in

areas;

substantial

cash

asset values.

strikes.

from

share.

from the nation's switch of sugar

in the
ventories
recently

more

growth,

demand

tional

U.

Hawaiian sugar has not benefited

1962

with

result of the general

in

resulting

stock

and

enced by

quota, interrupted by weak

crops

q£ only about 10%

crease

a

S.

sugar

from

de¬

seven years,

compared

nation.

tons

short

below Hawaii's

competition with lower cost

Bank Stocks

doubled,

roughly

just

Stock

Exchange.)

mand

million

1.1

and

an

other

land). A. & B.

cane

are

on

ing profits have usually been in

year,

pineapple

During the last

acres

acres

(of which 5,-

its net income. While net operat¬

output has

sugar

Island of Hawaii.

1962 net to about

the

on

Hawaiian

ness.

rose

$0.25 quarterly. (Stock

pany pays

300

course

terests, and two of them are also
involved in the pineapple busi¬

to

68,000

and real estate in¬

sugar, agency

1962,

be distributed

ditional

briefly

one are

Wave extensive

look

year's level which, however,

has to

excepting

6.7%

1961. Higher operating

from

of which

months of

seven

area.

over

it

•'*.

.

affected by the drought conditions

22,000

owns

island of Kauai

approximately

(all

owns

more

the

cash

Companies

& B.

McBryde Sugar which, in

also holds

"Big Five"

discussed

were up

country sales of L. P. G.

12%

to

by

ings. City gas sales
in

in

accompanied

increase

mild

dis¬

and

serviced with

are

from

million,

manu¬

mains

Honolulu.

Operating

53%

up

$7.2

Island

company

customers

propane.

the

of

from

of

city

areas

a

produce

to

through

gas

tributes

has

Oahu and in the

on

The

Hawaii.

of

Company

franchise

perpetual

All of Hawaii's

purchases

Gas

Honolulu

the

and

Market.)

Some Diversified

underwriting

an

Exchange

turn,

Hono¬

on

of

of

Hawaiian Electric Company has

completed

Stock

Over-the-Counter

Market.)

just

(Stock is traded

terly.

11

page

81%

part of them located

(of which

cane). In addition, A.

Investment

>

of land

acres

Maui

of

28,000 acres

some

.

is

and

for

books

awarded

on

one

the

year

basis

of

ability, scholarship, character and
financial

needs.

Student

Loans

winner

The

selected jointly by

is

the Bureau of

and

Scholarships,

University of Minnesota, and the
scholarship
School

of

committee
Business

of

the

Administra¬

tion.

enjoy high profit

contrast

to

(3), and

Earlop LeRoy Milbrath,

a

senior

(4). The company is prominent in

majoring in finance, will receive

dredging

the first annual Harold H. Nafta¬

large

construction

and

projects, both U. S.
which

are

by nature.

of

and foreign,

course

cyclical

lin

scholarship,

Student
has

Loans

announced.

the
and

Bureau

of

Scholarships

Volume

Number 6216

196

.

.

.

The Commercial and Financial Chronicle

(2259)

* INDICATES

Securities

Now

in

SINCE

Registration

•

ADDITIONS

PREVIOUS

ITEMS

27

ISSUE

REVISED

ditional subsidiary is a Maryland savings and loan asso¬
ciation and two are automobile insurance brokers. Pro¬

NOTE

—

icle"

Registration statements filed with
since the last issue of the "Chron¬

the SEC

carried separately at the end

now

are

ef this section "Securities Now in l

tion." Dates shown in
the

Registra¬

parenthesis alongside

company's name, and in the index, re¬
expectations of the underwriter but

flect the
are

not, in general, firm offering dates.
shown under the caption "Effective

Also

Registrations"

are

those issues which became
were offered
pub¬

week and

this

effective

licly.

ABC

Business

Forms, Inc.
July 127, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness forms.
Proceeds—For debt repayment and work¬
Office—3500 N. W. 71st St., Miami.

ing capital.

Under¬

writer—Givens, Marx & Co., Inc., Miami. Note—The SEC
has

issued

A.

L.

order

an

S.

Steel

temporarily suspending this issue.

ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.

ceeds—For the retirement of

Paul, Minn.

debentures, and additional
capital funds; Office—1472 Broadway, N. Y. Underwriter
—Myron A. Lomasney & Co., New York. Offering—Jan.

ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt repayment and
working capital.
Office—1000 Main Ave., Clifton. N. J.
Underwriter—

Controls, Inc.
28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery and processes. Proceeds — For general
corporate purposes. Office—3601 Merrick Rd., Seaford,

K-Pac Securities

N.-Y.

American

Flag & Banner Co. of New Jersey
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬

•

capital.
Under¬

to

Options Corp.
1
11, 1962 ("Reg. A") 60,000 common.
Business—Company plans to sell "puts and

operates, owns, services and leases coin-operated auto¬
vending machines.
Proceeds—For debt repay¬

ment, inventories, equipment and working capital. Of¬
fice—217 N. Willow Ave., Tampa.
Underwriter—A. C.

Allyn & Co., Chicago.
Bank

Price—$5.
calls"

29, 1961 filed $556,000 of 6% cumulative preference
participating dollar-linked shares. Price—By
amendment.
Business — A mortgage lending company.
Proceeds—For
general corporate purposes.
Address—

and

dividend

Proceeds—For general cor¬
Office—120 Broadway, N. Y. Under¬
writer—Provost Securities. Inc., N. Y.

porate purposes.

Pacific

Fund,

July 9, 1962 filed 94,500
Business—An

in

izing

health,

life,

Proceeds—For

Price—Net asset value.

management

casualty

investment.

accident

and

insurance.

ment

Ave.,
Management

one

Business
—Company has been engaged in experimentation on
aerodynamic concepts and holds ten U. S. Patents relat¬
ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
tional equipment, research and development, plant fa- V
cilities and other corporate purposes.

Office—Route 15,

Underwriter—Chase Securities Corp., N. Y.
Offering—Indefinitely postponed.

Sparta, N. J.

Aiken Savings Trust

trust.

Proceeds—For investment.

Address—Florence, S. C. Underwriter—None.
Air

Master

storm windows and doors, and

other aluminum products.
capital, and other corporate pur¬
poses. Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities Corp.,
Boston. Note—This offering has been postponed.
All-State Properties,
due

Inc.
1962 filed $5,000,000 of conv. subord. deben¬
1977. Price—At par. Business—Company and

subsidiaries conduct

emphasis

on

land

a

general real estate business with

development

and

home

construction

in

Fla., Md., N. Y., and Ky. Proceeds—For repayment

of

debt.

Office—230

American

Park

Ave.,

N.

Y.

Underwriters—

"

Office—800 Hartford Bldg., Dallas.

July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,
construction, exploration and general corporate ex¬
penses.
Office — 80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.
American Bolt & Screw Mfg. Corp. (12/10-14)
Dec. 15, 1961 filed $900,000 of 6% convertible subordi¬
and

90,000' common, to be offered
in units consisting of one $100 debenture and 10 shares.
Price—$100 per unit. Business—Manufacture of standard
and special industrial aircraft and missile fasteners. Pro¬
ceeds—For

debt repayment, equipment and other cor¬
porate purposes. Office—Lawson Blvd., Oceanside, L. I.
N. Y. Underwriter—S. D. Fuller & Co., N. Y.
American Educational Life Insurance Co.

^

Bene

Cosmetics,

working capital. Office—114 W. 13th St., N.
writer—Granite Securities, Inc.. N. Y.

merchandising

Birtcher Corp.

Sept. 21, 1962 filed 429,013 capital shares being offered
for subscription by stockholders on theb asis of one new
share for each two held of record Nov. 13 with rights to

Underwriter—Nusouth Growth Stock Sales
Rd., Columbus, Ga.

Steam Mill

Ampeg Co., Inc. (12/17-21)
29, 1962 ("Reg. A") $294,000 7% conv. subord. de¬
1972 and 29,400 common to be offered in
units of one $1,000 debenture and 100 shares.
Price—
$1,020 per unit. Business—Manufacture of amplifiers and
accessory equipment for musical instruments.
Proceeds
—For inventory, equipment, debt repayment and new
products. Office—1570 W. Blancke, Linden, N. J. Un¬
derwriter—John R. Boland & Co., Inc., N. Y.
bentures due

Systems, Inc.

Sept. 28, 1962 filed 35,000 common. Price—By amend¬
ment (max. $30).
Business—Design, manufacture and
installation of large microwave antennas and antenna

expire Dec. 6, 1962. Business—Manufacture of electrotherapeutic, electronic surgical, diagnostic and monitor¬
ing equipment. Procedes—For debt repayment, machin¬
ery and working capital. Office—4371 Valley Blvd., Los
Angeles. Underwriter—None.
Blue

Magic Co. of Ohio, Inc.
1962 filed 100,000 common. Price—$4. Busi¬
of liquid starch, a rinse, and spray
for household use.
Proceeds—For equipment,

July 16,

ness—Manufacture
starch

plant expansion and working

Indefinite.
Continued

Underwriter—None.

Mass.
•

Arden Farms Co.

May 23, 1962 filed 49,993 shares of $3 cumulative pre¬
ferred stock and 205,105 common shares being offered
for subscription by stobkholders of th^ respective classes
the basis of

on

one

new

share for each

10 held.

Record

.#■

Office—423

E^

Market

Underwriters—Reynolds & Co., Inc.,
tenden, Podesta & Miller, Chicago.

payment. Office

•

American

St.,

Indianapolis.
Y., and Crut-

Finance

Co., Inc.
April 21, 1961 filed $500,000 of 6% convertible subordi¬
nated debentures due 1972, 75,000 common, and 25,000
warrants, to be offered in units of one $200 debenture,
30 shares, and 10 warrants.
Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬
gaged in the automobile sale finance




business^ One ad¬

t?ADING MA/^y
in

—

....

specializing in

an

1900 W. Slauson Ave., Los Angeles.

Underwriter—None.

s.

Valley Industries, Inc.

BOUGHT•SOLD
for Banks,

debentures, at par; for stock by amendment.
Business—A holding company for 24 subsidiaries engaged
in

all

phases of the poultry business. Proceeds—For
repayment and working capital. Address—Dandanelle, Ark.
Underwriters—A. G. Edwards & Sons, St.

Louis, and A. C. Allyn & Co., Chicago.

m
ie'i

Publishing Co., Inc.
29, 1962 ("Reg. A") 103,000 common.
Price—$2.
Business—Publishing of a bowling magazine. Proceeds
—For general corporate purposes.
Office—14 W. 55th

N. Y. Underwriter—Dana Securities Co., Inc.,
St., N. Y. Note—This letter will be withdrawn.

80

Wall

Atmosphere Control, Inc.
-1
May 28, 1962 ("Reg. A") 200,000 common.
Business—Manufacture and

fiers.

sale

of

*

*

\

39

York Security Dealers Association

Broadway, New York 6, N. Y.

TWX: 212-571-0320

Dlgby 4-2370

Direct
K. /. HENDERSON &

Wires

to

CO. .INC., Los Angeles

*

humidi¬

Proceeds—For equipment, inventories and work¬

Jnc.

1942

WOODCOCK, MQYER, FRICKE & FRENCH,

Price—$1.50.

Misti-Cone

QUOTED

ESTABLISHED

Jan.

St.,

-

Brokers, Institutions

$0. MEGEL ¥

0

Members of New

Ascot

NEW

ISSUES '

(12/12)

5, 1962 filed $2,000,000 of 6% convertible subord.
debentures
due
1977
and 25,000
capital shares.

f.

debt

N.

page

over-the-counter securities

offerings is Nov. 21 and the rights expira¬
tion date Feb. 15. Price—For preferred $52; for common
$13. Business— Manufacture, purchase and sale of ice
cream and other dairy products.
Proceeds—For debt re¬

Price—For

investment.

on

date for both

lines.

Price—$11. Business
—A small business investment company. Proceeds—For

Office—901 Flor¬

Ave., Lima,

Proceeds—For reduction of bank loans,
working capital. Office—349 Lincoln St., Hingham,

Arkansas

Fidelity Corp.
June 4, 1962 filed 500,000 common.

capital.

Ohio. Underwriter—Hallo well, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia. Offering—

ence

components.
and

Nov.

American

(12/12)

Co.

ment, and other corporate purposes. Underwriter—East¬
man Dillon, Union Securities & Co., New York.

Oct.

(12/10-14)

investments, and working capital.
Office—1808 West End Bldg., Nashville. Underwriter—
Standard American Securities, Inc., Nashville.

Finance

Under¬
J

with subsidiaries in the small loan, sales finance
fields.
Proceeds—For loan repay¬

pany
and

East, Inc.
1962 filed 400,000 common. Price—$2.50. Busi¬
ness—Development, construction and management of
real estate properties. Proceeds—For construction, debt
repayment and working capital.
Office—173 First St.,

Sept. 28, 1962 filed 60^000 class A common. Price—$7.50.
Business—Writing of life insurance policies and allied
Proceeds—For

Inc.

("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
March 2, 1962

20, 1962 filed $30,000,000 of debentures, due June 1,
1988. Price—By amendment. Business—A holding com¬

poned.

Corp., 4101

|

Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.

Beneficial

writers—Kidder, Peabody & Co., N. Y. and Rauscher,
& Co., Inc., Dallas. Offering—Temporarily post¬

Macon, Ga.

Properties, Inc.

1962 filed 400,000 class A common. Price—By
amendment (max.
$12). Business—Real estate invest¬
ment.
Proceeds—For debt repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth
29,

Nov.

Under¬

Pierce

Antenna

Amerel Mining Co. Ltd.

•

Southwest

Realty' Trust '" ^ ^ Feb. 12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For

To be named.

nated ' debentures

&
//■'■>

/•

Nov. 13,

Proceeds—For working

tures

Stearns

.•

Americana

Corp.

May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum

April 24,

Y. Underwriter—Bear,
'

Bldg.', W&stbury, N.

Price—By amend¬
Business—Merchandising of home,

(approx. $12).

Basic
June

$10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri¬
can Fidelity Fire Insurance Co.
Office—American Plan

investment.

Aug. 22, 1962 filed 100,000 shares of beneficial interest.
Price—$10. " Business—Company plans to qualify as a
real estate investment

1962

Co., N.

Underwriter—

expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co..
Los Angeles. Note—This registration will be withdrawn.

Corp. (12/3-7)
filed $2,480,000 of cohvertible deben¬
tures due 1982 and 248,000 common shares (of which
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
30,

Israel.

commercial and institutional furnishings. Proceeds—For

Plan

American

March

Tel-Aviv,

St.,

March 15, 1962 filed 200,000 common.

Kalakaua

Pacific

Haam

American Israel Investment Co., Inc.

Barker Bros. Corp.

special¬

Corp. (same address).

• Aerosysfems Technology Corp.
Aug. 29, 1962 filed 165,000 common. Price—$3.

company

Office—1523

Underwriter—American

Realty Fund, Inc.
June 29, 1962 filed 380,000 class A common. Price—$10.
Business—Real estate ownership and management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N. Y. Underwriters—
Morris Cohon & Co. and Street & Co., Inc., N. Y.

Abbott

Achad

108

Adanim

Inc.

common.

open-end

"Adanim"j Mortgages & Loan Ltd.

Dec.

broker-dealer.

as a

by company and 100,000 by stockholders.
amendment (max. $8).
Business—Company

matic

American

April

are

offered

be

Price—By

—

act

Co., Incv, N. Y.

Merchandising, Inc.
May 24, 1962 filed 225,000 common, of which 125,000

26, 1962 filed $1,685,000 of 6V2% convertible sub¬
debentures due
Sept. 1, 1977; also 275,000
common. Price
For debentures, at par; for stock, by
amendment. Business—Transportation, distribution and
sale of natural gas. Proceeds—For debt repayment and
expansion. Office — 546 S. 24th Ave., Omaha. Under¬
writer—Cruttenden, Podesta & Miller, Chicago.

may

Underwriter—S. Schramm &

Automatic

(2.2/10-14)

ordinated

Honolulu.

Madoff, N. Y.

Corp., N. Y. Offering—Imminent.

Gas Co.

American

—For debt repayment, equipment, and working
Office—126—02 Northern Blvd., Corona, N. Y.

writer—Bernard L.

American

March

Corp.

March 29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds

Automatic

Dec.

INC., Philadelphia

Connecting Wire to
CRUTTENDEN, PODESTA & MILLER. San

Francisco

28

28

(2260)

Continued

The Commercial and Financial Chronicle

from page 27

•

Cameo

Lingerie, Inc.
12, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and
80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and

•

Feb.

Brinkmann

March

26,

shares

are

Instruments,

Inc..

1962 filed

100,000 common, of which 77,420
by the company and 22,580
shares by stockholders.
Price — By amendment (max.
$7.75). Business — Importing and distribution of scien¬
to

be

offered

tific instruments.

Proceeds—For

research

and

develop¬

equipment, debt repayment a.nd other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
ment,

Underwriter—D.

Marron &

B.

Co., N. Y.

April 2, 1962 filed 225,000 common. Price — By amend¬
(max. $10). t Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co., Inc., N. Y.

Offering—Temporarily

postponed.

each

for

share

held

Feb.

on

1962. Price—25

14,

t^nts. Business—Manufacture and sale of overhead trol¬

ley

vertical tray lift systems, floor and over-;
systems, etc. Proceeds—For working capital.

conveyers,

head

tow

Office

Kirk

—

Blvd., Greenville, S.

C.

Underwriter—

None.

Caldwell

panties.

Proceeds—For

Underwriter

—

•

Cameron

debt

&

<

repay¬

Co., N. Y.

>

$21.50).

(max.

drawn.

Price—By amend¬

|

Business—Manufacture

Corp.

1962 filed

St., Whitestone, N. Y. Underwriter—Arnold Malkan &
Co., Inc., New York. Note — This registration was with¬

Iron

Works, Inc.
Sept. 14, 1962 filed 280,000 common.

Thursday, November 29, 1962

.

120^000 common. Price—$5. Busi¬
ness—Manufacture of plastic and rubber film laminates,
a line Of castings laminating and embossing machinery.
Proceeds—For new products, debt repayment, inven¬
tories and working capital.
Office—11-17 Clintonville

'

:

.

Industries

Centco

April 30,

Office—Fajardo,

-

Schweickart

Offering—Temporarily postponed.

'

Star Gold

Center

of

equip-'
petroleum and processing industries.
Company also makes forged metal products used in the
aviation, missile and atomic industries. Proceeds—For;

selling stockholders.

Mines, Inc.

Business—For

Address—Box

used

in

469, Wallace, Idaho. Underwriters—Penand Standard Securities, Inc., Spokane,
Wash. Offering—Expected in early 1963. "

Address—P. O; Box 1212, Houstoh,

Underwriters—White, Weld
Lehman Brothers, New York. Note

&

Hills Enterprises,

j

,

Inc.

I

(

(12/3-7)-,

Co.

&

naluna

Co.,

Inc., and
This registration"

be withdrawn and then refiled.

Canaveral

2,000,000 common. Price—15c.
exploration, development and production
of mineral deposits.
Proceeds — For mining expenses.
April 10, 1962 ("Reg. A")

the

Texas.

may

Carriers, Inc.

June 22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
snares

Puerto Rico.

ment

ment

tailored

inventory and working capital.

ment,

ment

Buddy L. Corp.

Cable

children's

.

Central Maine Raceways,

Inc.

-

-.

-

.

-

Oct. 26-, 1962 filed 450,000' common.

Price-7f$L Business
—Company conducta: commercial . parimutuel/ harness
racing meets. Proeeeds^For* debt repayment; purchase
of land, and raceway improvements.
Office—33; Court
St., Auburn, Maine. Underwriter—None.

May 10, 19.62 filed 10(^000^. c«ihinoai» Price-^bV .Business,
—Company was. formed to-own and operate a, country,
club and golf course, swimming pool and. cabana club^
near
Cape Canaveral, Fla., and- develop real estate,,
erect homes, apartment houses, motels, etc. Proceeds—
>

.

For debt repayment and- expansions7 Office—309* AinsleyBldg., Miami, Fla. Underwriter—Willis E. Burnside &

Mutual

Central

Fund, Inc..

Aug. 20, 1962 filed
asset value (max.

Co., Inc., N. Y.

Price—Net

100,000 capital shares.

sales commission.

$14)( plus a 2%

Publishing Corp.
June 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st St., N. Y.

• Capital
Investments, Inc.
,
•
May 21, 1962 filed 86,370 common to be offered for sub¬

Business^-A mutual fund specializing in life/insurance
stocks,
/Proceeds^—For investment.
Office—110 .North

scription by stockholders

East

Underwriter—S. B. Cantor Co., N. Y.

for

California

Life ^Insurance

Co.

Aug. 16, 1962 filed 350,000 common. Price—By amend¬
(max. $6). Business—Writing of life, accident and

ment

health insurance.

Proceeds—For general corporate pur¬

Office—4400 M^cArthur Blvd., Oakland. Under¬
writer—.Stewart, Eubanks, Meyerson & Co., San Fran¬

poses.

cisco.

Cambridge Fund of California, Inc.
i ;
V
Sept. 28, 1961 filed, 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt

payment and working capital. Office—324 E. Bixby

re¬

Rd.,

.

Proceeds—For

N.

common.

debt

repayment, working capital

general corporate purposes.

Y.1

Office—725 Broadway

Underwriter—Alskor Securities

N.

743

tration

Co., N. Y.

was

Hills

(Willis

E.

Co.)

248,000

.

Forst

(Alex.)

Burnside

Conso

&

&

&

Inc

Co.,

Inc.)

$500,000

Securities

Corp.)

Jamoco Air

Securities

Corp.)

I.

(Martin-Warren

Kaiser-Nelson
(Robert L.

Corp
&

Co.,

LeCort

Lewis

A Cot and Kleiner,

(John W.)
(Bear,

Steams

(Bids

12

&

Common

Weld

253,875

&

Co.

and

J.

(General

of

New

(Bids

shares

Schaevitz

&

Co.)

Co., Inc.)

\

$375,000

230,000

Atlantic

du

/

(Bids

h

11

EST)

a.m.

i

—.Bonds

$12,000,000

(Pierce,

_

<

Preferred

Arkansas

./

Consolidated Edison Co. of New
York, Inc.__Bonds
11

EST)

a.m.

&

(Bids 11

(A.

G.

Irre

December

(Smith,

$500,000

.

American

Gas-

American;

Life

/

American
.

,

—Units

Securities,

Gas

275,000

shares

Common

•

j

&

Fishman)

Miller),

&

&

-

..

-

&

Stetson

Inc.)

-

$500,000

—..—Common

Inc.
Co.)

$230,000 shares

/

•

Cap. Stk.

Telephone Employees Life Ins-. Co..

;

to

(Offering

Class A

stockholders—underwritten

Union Securities & Co.)

Dillon,

shares

by

Eastman

$2,757,300

White Photo Offset, Inc

|

.

;

Common

(K-Pac Securities

Corp.)

$350,000

<

December 18

,

$750,000

'

Northern Pacific

/v/,

(Tuesday)

■■

V.;Equip. Trust Ctfs.

Ry

(Bids

Inc.*)- 90,000 shares >•

CST)

/

12

December 19
First American

"4./'

$3,750,000

EST)

$45,000,000

A.

C.

(Paine,

.

?

f

EST)

noon

$6,500,000

(Wednesday)
Mutual Fund

Israel

Webber,

Motor

Honda

.

Sons

Cap. Stk.

A.

.

Inc

and

'

•

Allyn & Co.)

;

Jackson

Allyn

&

&

Curtis)

Ben. Int.
shares

2,750,000

ADR's

Co.,' Ltd.——_—±1
:

•-

1

and Nikko Securities Co.,
ADR's

-

Ltd.)

450,000

.

/

25,000 shares

Co.)

,

.

■

' "

System, Inc.____^-_^—.Debentures

(Bids

'

(Thursday)'

1963

January 3,

Columbia Gas

—Debentures

C.

Co

Debentures

Dillon, Union Securities

Barney

Co.,

&

13

&

Co.)

Inc.,

Ltd.)

and

$30,000,000

<

—Debentures

to be

received)

$25,000,000

.

•

Nomura

January 8, 1963

(Tuesday)

•

r

New York Telephone

.

Bonds

7

Bonds

Co._

»

(Bids to be received) $70,000,000

Securities

$20,000,000

(Thursday)'/

Industries, Inc

<Clayton

Securities

Russotto

Co.)

(Midland

-

Co.,

shares

(John
«

R.

(Bids

$570,000
'

r.-

February

^

•

&

Co.,

Inc.)

Co.)

99,000

Gas

to

be

received)

$299,880

shares

"""

"

6r 1963

—

$50,000,000

Laclede Gas Co
•'•

•

•

to

(Wednesday>
—I

Co.—
(Bids

____—_^.Units

Consolidated Leasing Corp,, of America—Common
&

$35,000,000

*

Laclede
—

Boland

;

CST)

_____—Class A

(Monday)

(Blair

a.m.

Chesapeake & Potomac Telephone Co. of Md._Debs,

Inc.)

Ampeg Co., Inc.

10

January 22 *(Tuesday )

$250,000

•

17

Co.—

-

(Friday); ^7
Securities

Power

Common

Co.)

•

December

$1,685,000

Common
$500,000

'

Illinois

(Bids

$2,250,000

L
&

(Tuesday);

January 15, 1963

-

———Common

Corp.)

Industries, Inc...

December 14

-»

■

Common
100,000

Computer Concepts Inc...
(Doft

(Winslow;-.Cohu

Sperti Products,

Equip. Trust Ctfs.

and

t

-

-—Common

.i_J—

Ctfs.

Common

Inc.)

Common

—

Inc. and Heritage Equity Corp.)
•"*
/-•
:
'

Corp.

150,000 shares

Geigher Pipe Supply Inc.____^
■

.

&

.

—

150,000

Debentures
Podesta

Career Academy, Inc—




-

Tabaeh

$450,000

Co

(Divine

Lee
V

Co.__Com.

Inc.).

Co._

(.Cruttenden,

.Debentures
$1,000,000

.

(Wednesday)

Sons

(Costello,

Insurance

(Cruttenden, Podesta <fc Miller)
k

:
Siegel, Inc.)

Inc.———Common

a.m.

Finance

December

10.,(Monday)

Educational

(Standard

&

Chestnut Hill

(S. D. Fuller & Co.) $900,000
American

&

<

Units
Co.)

American Bolt & Screw Mfg.
Corp
+

Rona

shares/

$5,250,000

Co.)

Tokyo Shibaura Electric Co,, Ltd

Bonds

:

(Moran &

,

$440,000

—

Ackerman & Co.,

(Stone,

^.Common

noon

11

Co.

Markets

;

12

Edwards

(Eastman

Co.—

Units

Corp

Co., -Inc.)

&

$2,000,000

EST) $15,000,000

a.m.

EST)

&

Wulbern,

$60,000,000

(Thursday)

Montana-Dakota Utilities
United

j

6

250,000

Valley Industries,

Beneficial

December
**

>7

'

Valley Industries, Inc

Edwards

G.

Arkansas

(Wednesday)

(Bids

.Units

Research

Skloot

(Goldman, Sachs & Co.

(Bids 12 noon EST) $10,000,000

December 5

$147,625

$300,000

(Tuesday)

December 12

(A.
^

Systems

(Leib,

(Blair &

Pont

Garrison,

(Bids

'i-

••

New England Power Co

;

Co.—ii:

Optech, Inc.

Southern New England Telephone Co._-Debentures
_•__

Inc.)

Co.,

Sand

(Brand, Grumet

*.

$1,300,000

Missouri Pacific RR.

shares

(Tuesday)

New England Power Co

$1,000,000

Common

&

'

.

(Bids

December 4

&

Met Food Corp.

Inc.)

.—Equip. Trust

noon

Utilities,

'

Common
& Co.)

I.

.;/-.j December; 11
Gulf

York—
Haupt

Co.,

—.Capital Stock

RR

12

(Kordan & Co.,

Security Life Insurance Co.
(Ira

Co.)

;

Traileurop, Inc.

shares

Capital Stock

__

Securities

International

-..—...Common

(Bear, Stearns. & Co.)

124,552

Rock

,v

&

Engineering

1

$15,000,000

Hogle

Co.)

Bruce

$2,250,000

Corp

Western

&

(Francis

Common

A.

&

Inc._

(jVIutch, Khanbegian, Flynn & Green, Inc.) $450,000)

shares

Clare

Pak-Well Paper Industries, Inc.

Bonds

Servotronics, Inc.
Standard

Financial

$600,000

San Diego Imperial Corp.
(White,

Hallandale

Debentures

(Filou, Bullard & Smyth)

Norfolk

Common

EST)

(Richard

Common
Harris,

and

(Shearson, Hammill &

.-..Common

Co

noon

Inc.

Logos Options, Ltd

140,000 shares

Bell & Co.)

Co.)

200,000

(Van Alstyne, Noel & Co.)

Livestock

Corp

Metropolitan Edison

Co.)

&

..

$400,000

(Tillie) Foods, Inc

*

(Hardy

(Blair

Electro-Nucleonics,

Class A

Inc.)

,

.

Leasing Corp. of America-Debentures

I

$120,000

Keene Packaging Associates—
McGrath

Consolidated

'

Inc

Co.,

Brooks

Associates,

..Common

Inc.)

W.

Class A
shares

;

Ferman

&

$1,250,000.'

Co.)

■

$1,200,000

$750,000

Ltd.)

Co.,

A

D. Financial Corp._j

P.

(J.- J.

Conditioning Corp

...

.

,

_

Common,
(P.

shares

,120.000

,

'

Co.

Common
125,000

Noel

♦

29, 1961 filed 300,000 class A common, of which.
225,000 are to be offered by the company- and 75,000 bystockholders; Price—$7.50; Business—Design and manu¬
facture of women's, misses' and junior sportswear, co-^
ordinates, and dresses. Proceeds—For debt repayment,
equipment.and working capital.. Office—2025 McKinley
St., Hollywood,* Fla. Underwriter.— Clayton Securities
Corp., Boston, Mass.
r
}
'
..Continued on page 29

.Debentures
Alstyne,

xv7.77

Nov.

shares

125,000

:

Chestnut Hill Industries, lnc..i (12/13)

;

First Connecticut Small Business Investment

Jackson's/Byrons Enterprises, Inc.—__.Debentures
(Clayton

Santurce, P. R.
v

■■.nr±—

laqx**

Corp.

i)$16O,0OO

Inc.

Jackson's/Byrons Enterprises, Inc
(Clayton

porate purposes. Office—Santurce, P. R. UnderwriterArnold Malkan Investment' Growth of Puerto Rico, Inc.,

Common
Co.)

&

Econo-Car International,

Common

**•

Inc

Hentz

(H.

Common

Co.,

Co.)

Products,

(Crosse

& Sons, Inc

(McDonnell

I

-

:

/

1962 filed 70,000f commohi Price—$5; Business
a painting contracting busi¬
paints. Proceeds—For general cor¬

and manufacture

ness

to

iqtio/^nh-v: ^Y.,nii-.il

...;

it

units

Electro-Temp Systems, Inc
Burns

'

-

<

Agency*

—Company plans to operate

qualify as a public utility and
furnish
water
and sewage
disposal services in and. •
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,.
Cedar Lake, Ind. Underwriter—^None^f+o^,-,.q
,.c

Units
&

plans

Company

—

(Van

Enterprises,

<S. .C".

withdrawn.

Underwriter—CN

Chemical Coating Corp.
June 29,

Underwriters—Marshall

Academy, Inc. (12/10-14)
June 29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $3.25). Business — Operation of technical
schools.
Proceeds—Far debt repayment-, expansion and
general corporate purposes.Office—135 W. Wells -St.,
Milwaukee. Underwriter—Divine & Fishman, Chicago.

Cosnat

American Plan Corp
Canaveral

Milwaukee.

Career

(Monday)
Steams

St.,

Co., and Loewi & Co., Inc., Milwaukee. Note—This regis¬

NEW ISSUE CALENDAR

{Bear,

>

St.V Jacksonville,. 111.,
Inc., same address, ■

share

new

shares held.

Fourth

X',

December 3

one

March 20, 1962 filed 9,964 common. Price—$100. Business

Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch"

wear;

the basis of

on

Cedar Lake Public Service Corp.

:

and

,

Price—By amendment (max.
$10). Business—A small business investment company.
Proceeds—For debt repayment and investment. Office^—

Long Beach, Calif. Underwriter—To be named.
Cambridge Mills Inc.
July;27j 1962 filed 110,000

each two

.

be

received)'

--

'

—-Debentures

$10,000,000

,*

'

-

;

———Preferred

;
;

"

-

(Lehman
Smith

Brothers; .Merrill Lynch, Pierce,. Fenner 8c,
Inc.; and Reinholdt & Gardner) 200,000 shares

V-

-

Volume

196

Number 6216

.

.

The Commercial and Financial Chronicle

.

Continued from page 28

Consolidated Bottling Co.

Child Guidance Toys,-Inc.

May

23; 1962 filed 100,000 common; of which 70,000
to be offered by company and 30;000 by stockholders.

are

stock).

Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational toys. Pro¬
ceeds—For working capital.
Off-ice—1125. Close Ave.,
Bronx, N. Y. Underwriter—J. R. Williston & Beane,

Guilders,

Inc.

Feb.

Consolidated Edison Co. of New York,
(12/5)

6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver ¬
sified management investment company. Proceeds—For
investment. Office—501 Bailey Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort

Nov.

Aug. 22,
1967

due

units

of

and

166,500

shares

common

to

;

Worth.

-■t

debentures
offered

be

.

in

$170.05

•

unit

per

1962

sales

Consolidated

April 27,

•

/

./v

Inc.

tures

1962

for, electronic comput^s^ Ptoceeds—Fb]? prodrict devel¬

opment, new plant and equipment and working capifal. *
Office—342'

Western:
Ave.,
Boston.
UnderwriterSchmidt, Sharpi; McCabe & Co., Inc., Denver;
i
Delta Bowling Corp.
Sept. 28,' 1962 filed* 100,000 common, Of Which 50t000*
shares are to be offered
by company and 50;000 vby

:

stockholders.

24, 1962 filed 40,000 class A, 39,239 outstanding
C, and 20,000 class D shares. Price—$35.- Business
—Manufacture of anhydrous ammonia and other fertil¬
Sept.

izer materials and

components. Proceeds—For working
Mississippi Chemical Corp., parent, will receive
the proceeds from the sale of the class C stock. Address
—Yazoo City, Miss.
Underwriter—Mississippi Chemical
Corp., Yazoo City, Miss., will act as underwriter for the

■I--

Underwriter—Provost

Sept. 28, 1962 filed 120,000- common with attached war¬
purchase an additional 120,000 shares to be ofered for subscription by holders of its stock and deben¬
tures in units (of one share and one warrant) on the
basis of 3 units for each 5% prior preferred share-heldf

Consolidated Vending, Corp.April 2, 1962 filed 70,000 common. Price—$5.75. Business

—Operation

vending

of

machines.

Proceeds—For

debt

subscription

by

stockholders

common

the

on

(max.

of

aircraft

ment

and

—To

held

stock

arid' 401
bear¬

reduce

bank

5V$% preferred (par $25). Price—For certificates, $100;

loans.

-

Colonial

Board

Co.

-

v.

.

Diamond Dust Co..

derwriter—None.

*/-.

March

holders*

Price—By amendment (max* $15).

•

Proceeds—For

expansion, equipment and debt repayment. Office—615
Parker St., Manchester, Conn. Underwriter—Putnam &
Co:, Hartford, Conn.
\
;

~

Voisin
•

Colorado imperial

—None.

-

:•,

- •

,■' ' -

■

;.

Columbia Bancorporation

'■

■.

•

(:■ ; •

v-

Inc.

Guild,

Offerlnig'^-rrtdefiriitely postponedj
^
.
:
Diamond Mills Corp.
\
+,
\ "
Jan. 23, 1962 filed 200,000 common, of which 120,00(V are
to be offered by the company'and: 80j000'by stockhold¬
ers.
Price—By amendment. Business-J-Manufacture -of
women's>:nylon' hosiery. - Proceeds—For debt' repayment'
and working capital. Office—417" Fifth Ave:; N. Y;
Uh^
derwriter—Drexel & Co., Philadelphia.
Offering-—In-.

-

advertising

inventory,

search,

Office—360 Main St. E.,

Diversified'Collateral

-

•

Corp.,, N.

Realty Trust
Corporate Funding Corp.

18, 1962 filed 420,000 class A shares of beneficial
investment

April 26, 1962

interest. Price—$10.- Business—A real estate
company-.

$4.

Proceeds—For debt repayment and investment.
K St., N. W., Washington,' D. C.
Under¬

writer

—

Norman

Bernstein

Securities,

Inc.,

(sam.6

&

r
'

N. Y.

May

Underwriter—None.

Computer Concepts Inc.

~

'

"

*

" /

South; Salt Lake City. Underwriter— Realty*
In**
Salt Lake City.

—

For

•

Corp.
-

solution. bf business pr6blems by the

•

■

v.;//

*

distribution of phonograph
repayment of debt, and

the

•»'.j.

Creative Ventures

: •

Corp.

,

:i-

-

-

to be offered by the

company., and

95,000 by stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For debt repayment. Office—983 Concord St., Frarrringbam. .Mass.

Ave.,

Concrete

•

'

Structures,,;Trtcv Q-

.

V

•

•

Y. Underwriter—Hampstead

Investing Corp.,.

rh
■i

accuracy

..

:

Inc.
$1,200,320 of 7%

•

cOnv. subord. debentures due 1974
and 54,560 common * shares to be
offered in 2,728 units^each consisting'of $440 of deben¬
tures
and" 20' common' shares.
Price—$550 per unit:
Jan.

'

/./r* f

26,

1962 filed

i
-

*

,

V.

■

* '
T

1

-

26, 1962 filed 150,000 common; of which 50,000* are:
offered by the company and 100,000 by; stock**..
holders. Price—By amendment: (max.: $12). Business—%
be

Design and: manufacture of boys/knit, shirts, sweaters^ ^
pajamas;- Proceeds—For* working1 capitah Office*—%
1115 Broadway, N.. Y. Underwriter—Goodbody & ,Co.;.^
N. Y.. Note—This offering has1 baen: temporarily postV

and

.:-;

Dynamic L. P. Industries, inc.
; .
June 21, 1962 filed 75,000 common.
Price—$4. Business,;
—manufacturing, labeling and packaging of long playing^

~

.

to

poned..

■

..

,

...

.

Feb;

Creditr Department,

'

and adequacy of this statement.. *

Donmoor^lsaacson,; Inc;

;"July;27,1962 fiIedTU00,00Qcommpn.,Pricfr-^$4.50vBusi-' eBusiness—A consumer sales finance company.' Proceeds
ness—Production; of precast r and prestressed -concrete ;
—For debt repayment. " Office—1775 Broadway, N^: Y.
items for the construction
Underwriter — Bernard M. Kahn & Co., Inc., N. Y.
industry;.1 Proceeds—For debt
:
repayment. Office—12825 North East 14th Ave., North
D. C. Transit Systems, Inc.
/ \
Miami, Fla.
Underwriter—Bernard M. Kahn & Co.,
■April 30, 1962 filed $6,250,000 of"6%% conv. subord. deInc., New York.
- ■"
feeritures due 1977 and five-year warrants to purchase
,

$1:25)V Business*—Research, development and construct
tion of experimental helicopters. Proceeds—To - obtairi'
certification of models, train service* personnel; repay ^
debt, etd. 'Address—Municipal Airport, Danbury.. Conri ^
Undterwriter—None/ Note—The SEC has questioned? ther :

New York.

Underwriter—Kidder, Peabody & -Co!, N. Y. Offering—
Indefinitely postponed.-

N.

Helicopters, Inc.

April .19; 1962' filed 418,680 common* to; be offeredVfor
subscription by , stockholders dn the1, basis' of two ndvjrv
shares for each three held. Price—By amendment (max. .

v'.

jporate' purposes.": Of fice^i 012 T4tft:.StV N.%Wv Washing- V; chase 30,000 additional shares, to be offered in "units of
one share and one warrant. Price-—$2.25 per unit. Busi-r
too, D; C. Underwriter—Doft & Co., N. Y".
/ ■ ' " -'
ness—A corporate guidance and interim financing con¬
Computer Control -Co^ I he;
cern. Company may also act as a broket-dealer and un¬
Jan. 24,1962 filed i57;500- common, of which 62,500 arb
derwriter: Proceeds—Foif investment, Office—733 Third

Atlanta, Ga; Offerinr—Expected- inr January.

Doman

■

.

Sept. 27, 1962 filed 100;000 common. Price—By amend*
ment
(max: $6.75).
Business—Mining/ and processing'.
of crushed granite, lime rock, and agricultural limestdne.;
Proceeds—For loan repayment; and working capital;
Office—11 N. Main St., Ocala, Fla. Underwriter—Courts
& Co.,.

May 28, 1962 filed 150;000 common and warrants to pur-

For general cot-

Securities,.

Dixie Lime & Stone Co.

convertible sub¬

working capital. Office—315 W. 47th St., N. Y. Under*
writer—Van Alstyne, Noel & Co., N. Y. Note—This firm
was. known formerly as the Cosnat Record Distributing

"

(.12/10-14):.'

of d4gitalvtximputers.-:Proceeds

/
»• •
: /
1962 filed 1,900,000 certificates of interest. Price .
—$1 per interest. Business—A real estate , investment
/trust.
Proceeds—For investment..- Office—19 E. Firstv
Diversified'Realty Investors^

June 28,

1977: Price—At par. Business

due

and

manufacture

records.' Proceeds

Dec. 29^1961 filed 20,000 class A common.' Price,— $25.
Business—Development and sale of. advanced program-

mmg systems,; for

filed

debentures

ordinated

;—The"

:

(12/10-14)
$1,250,000 of 6%

Corp.

1962

26,

Underwriter—Bacom Johnsont Realty Management

Co., Inc. (same address). Offering—Expected in Jan.

Co., Inc., N. Y. Offering—Indefinitely postponed.

.-/• Co mat

Community Health Association, Inc.
1962 filed 72,000 common. Price—$15. Business
—Company is engaged in the- health care service con¬
tract business in Washington and Oregon.
Proceeds—
For
selling stockholders.- - Office—4000 Aurora Ave.,
Nov. 19,

i

'»'■

8, 1962 filed l,000j000: shares of beneficial inter* u
est.
Price—$10.
Business—A
real- estate investment
trust. Proceeds*—For investments Off ice—500 Fifth: Ave,

Off ice—39'. Broadwev. NV -Y i TTniipt*writer-^R

address).

Seattle.

-—
A financial investment and' holding
Proceeds—For expansion and working capital.
• F
Dowd*

Business-

/ company.

Office—1415

^

March

•

'

^ ;

«

("Reg. A") 75,000 class A common. Price

Y./V':;/;;:'^

Diversified^"Real- Estate* Trust"
•

^

Columbia

.

Second* Ave.,

_

,

r

-

Proceeds—For investment: Office—8397 N.;E.
Miami; Fla. Underwriter—Karen Becurities^

company..

Inc.
" ;
'
Oct. 24; 1961 filed 150,000 common* Price—"$1.15. Bust-*
ness—Development and production of electronic testing
and Irainiqg .devices;-Proceeds — For expansion ; and
working capital. -Office-—9340 James Ave.,. S.. Minneapolis.
Underwriter—To be named.
Note—This firm
formerly -was named Control Dynamics, Inc. Offering
—Indefinitely postponed.
:
: .
/./ /;:////;-/•
"
Control Dyne,

Corp..

13, 1962 filed 77,050 common. P^ice—By; amendment (max. $11.75).. Business—A real estate investment

June

Underwriter-

Johnj. jDeGolger Co., Inc., Rochester; N. Y„
b*

„

definitely postponed.

capital.

working

arid

Rochester, N. Y.

caiptal.
Offibe—77r Searing
Underwriter—Mafenus & Co-, N. Y.

workihg

Ave;, Mineola, N. Y.

19, 1962 ("Reg. A") 75,000 class "A" common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬

Feb.

23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500;000common to be offered
in units" of one $20 debenture and one share. Price—By
amendment. Business—A bank holding company recently
formed
to
acquire stock of First. Western BankJ &

Lens

and"

advertising

Sept.

-

;-

Los>Angeles. Proceeds—For acquisition of
First Western stocky and working capital. Office—1000
Vermont Ave.; N: W., Washington, D, C. UnderwritersBear, Stearns & Co., and-Allen & Co.,- N. Y. Note—This
registration'will be withdrawn.+J: *

Inc.

&J

Contact

*

•

Trusts Co.',

America,

Co., N. Y; and Midland Securities-Co., Inc.,
Kansas; City, Mo.
No te—This registration1 was with¬
drawn.
■
;

-

Mining Co.
Sept. 20,'1962 filed 200,000 common. Price—$1. Busi¬
ness—General mining;
Proceeds—For exploration and
operating expenses. Office—Creede, Colo. Underwriter

of

1962 filed 72,000 common. Price—By amendment.
Business—Operational disSOftfirdepartment stores. Pro*
ceeds—For expansion and working capital. Office—4701
Nr Harlem Ave., Chicago. Underwritcia^rr_Itittjriaster

-

Manufacture of shoeboard and boxboard.

Mart

Consumers

Jan. 8,

Business-

Inc.

1962 filed 102,000 common. Price—$3. Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, ^ additional personnel,
Feb. 27,

•

28, 1962 filed 164,000. common, of which 115,000
to be offered by the company, and 49,000 by stock¬

(

will offer the securities to the1 public. Price*—
subscribers, $20; to- public, $22.25.. Business—Com¬
pany plans- to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and equip a* gen¬
eral research laboratory. Proceeds—For working capital,construction, equipment and other corporate purposes:/
Office—360 Lexington Ave., N. Y. Underwriter—None.

Oct. 31, 1962 filed $8,000,000 of 525-year subordi¬
nated certificates of indebtedness arid 160,000* shares of

and

„

To

flight control devices. Proceeds
.for/preferred, $25. Business—A cooperative wholesale
Office—5225 "C" Ave., N.
E.y
purchasing and manufacturing" association specializing
Cedar Rapids, Iowa. Underwriters—Kidder, Peabody &
/ in petroleum products, fertilizer, feed, and farm sup¬
Co., Inc., and White, Weld & Co., Inc., N. Y. Note—This
plies;
Proceeds—For-debt repayment, a-rd expansion,.
registration will be withdrawn.:
Office—3315 N. Oak Trafficway, Kansas City, Mo.
Un¬

,

A

preferred

company

Consumers Cooperative Association

Price—By amend¬
Business—Design, development and
specialized radio communication equip¬

$26).

manufacture

use

5%

ing subordinated' debentures held. At the same-,time, the

St., Dover, Del. Underwriter—Dana
Co., Inc., N. Y. Note—This registration will

be withdrawn.

basis

of one new share for each four held.

ment

•

each

for

units for each $1,200 face amount of non-interest

Securities

Sept. 21, 1962 filed 557,515 common shares to be offered

•

units

2

Office—129 S. State

Collins Radio Co.

Juhe

Securities, Inc., N. Y.

Deuterium Corp.

-

repayment, working capital and other corporate purposes.

stock.

,

Business—Leasing and operat¬

rants to

capital.

are

Price—$3.

ing of bowling centers. Proceeds—For expansion, equip¬
ment and working capital.
Office—230 Park Ave., N. Y.

Price—For debentures, at par; for

class

Price—$5. Business

—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices, including printers

'
subord.

filed

;

Systems Devices of ^bston, Inc.

April 26, 1962 filed 200,000 commori.

1977

due

*

promotion, and working capital. Office—44 Beaver
Underwriter—A. D; Gilhart & Coi, Inc.,
Offering—In early January;

Data

$1,000,000 of 6V2%
deben¬
(with warrants), and 99,000 common.
stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For
debt
repayment, an
acquisition
and other corporate purposes. Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.

;

1.

St., New York.

Leasing Corp. of America
.

'

Corp of America

New York.

filed

'J-'"", (12/17-21)

Coastal Chemical Corp.

for

9,

Data

29, 1962 filed 105,000 common. Price—$1.25. Busi¬
ness—Development of specialized data processing appli¬
cations and the furnishing of data processing services.
Proceeds—For training of personnel,
advertising and

address.

of debentures and 185 shares. Price—
Business—Production of very high fre¬
quency power transistors.
Proceeds—For debt repay¬
ment and other corporate purposes.*; Office — Walnut
Ave., Clark, N. J. Underwriter—None.
$220

•

Oct.

$60,000,000 of first and refunding
mortgage bonds, series X, due Dec. 1, 1992. Proceeds—
To repay bank-loans. Office—4 Irving Place, New York.
Underwriters—(Competitive).
Probable bidders: First
Boston Corp.-Halsey, Stuart & Co. Inc. (jointly);*Morgan
Stanley & Co!.-Bids—Dec. 5 (11 a.m. EST) at above

Clark- Semiconductor

Corp.- 1962 filed $153,045 of 5% .subord.

Underwriter—None.

names in the Philadelphia area. Proceeds—For a
new
plant, equipment,- debt repayment, and working capital.
Office—605-617 N. American St., Philadelphia. Under¬
writer—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.

.

general corporate
Office—3600 M St.,,N. W., Washington, D. C.

purposes.

tion of carbonated beverages under the franchised trade
names
"No-Cal" and "Squirt"; and other private brand

New York.
Church

filed 100,000 common and $750,000 of 6Vz%
debentures, due 1977 (with attached war¬
Price—By amendment (max. $5 per share for
Business—Manufacturej bottling, and distribu¬

rants).

Proceeds—For construction and

D. C.

-Nov. 8, 1962
subord.* s. f.

.

.

-

Conso Products, Inc. (12/10-14)
an aggregate of'187,500 class A shares, to be, offered for
Sept. 27, 1962 filed 125,000 common.' Price—By amend¬ 1 subscription by holders of class A and class B stock in
ment (max, $10).' Business—Manufacture of home furunits consisting of $100 of debentures arid/three war*
rants.
nishing trimmings and accessories. : Proceeds—For ma¬
Price—$100 per unit. Business—Operation of a
chinery and working capital. ..Office—27 W. 23d St., N. Y.
public transit system in Washington, D. C.; a new subUnderwriter—H. Hentz & Co., N. Y.
sidiary to construct housing projects in Washington,
:-r

"

-




*

stereophonic and monaural-phonograph records for labeL record companies. Proceeds—For equipment and worky
ing capital; * Office**—-

-

N.

J.

New
y

900-Passaic/Ayev East Newark^,
Co.; IncM

Underwriter—Mortimer-B. Burnside &
York.

*

>

-

-

-

.

Continued on page 30

30

(2262)

I

-

The Commercial and Financial Chronicle

Continued from page 29

Fedco

ness—Manufacture

of

electronic

for

devices

Price—$1.

electro-mechanical
medical

and

vehicles

marine

—By

and

purposes.

working capital, equipment and debt re¬
Office—2222 S. Centinela Ave., Los Angeles.

Underwriter—None.

home

Proceeds—For

use.

and reduction

ers

/

Eastern Camera & Photo

amendment

Pratt Ave.,

a

recession offer to stockhold¬

of accounts

payable. Office—3600 W.
Underwriter—None.

Chicago.

Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
Business—Exploration and testing of mining prop¬

Corp.

March 28 1962 filed $500,000 of 6% conv. subord. deben¬

ment.

which 25,by stock¬

erties. Proceeds—For general
corporate purposes. Office
—62

holders). The securities are to be offered in units of one
$100 debenture and 10 shares. Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and white film and repairs
photographic equipment.
Proceeds—For debt repayment and working capital. Of¬
fice—68 W. Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I., and Street &
Co., Inc., New York. Note—This registration, is expected

First

Office

3

—

Penn

writers—Drexel

general

Econo-Car

corporate

Business—Rental

purposes.

& Co.

N.

J.

Florida

Oct.

of

Underwriter

—

Florida

Richard

—
$1.
refrigera¬

industrial

individual

sion trust and group variable
—For expansion and capital

life

insurance,

May

—

2480

debt
100

pen¬

(max.

$6.50).

common.

Business—A

Price—By amend¬
holding company for

firms selling life insurance and mutual funds.
Proceeds
—For new sales
offices, advances to subsidiaries and

working capital.
geles.

Office—5150

•

-

.

Greenville

financing.

Rd.,

Easly,

S.

C.

loan

General

repayment and
Benson. Place,
&

general

sued

corporate

Price—$5. Business

purposes.

Office—8

Underwriter
AmoJrf
Co., Inc., N. Y. Note—This registration will

be withdrawn.

•

.




Y

—.

Design

1962

various

an

order

temporarily suspending this issue.

Gilfillan Corp.

nuts, bolts and other fastening
by others. Proceeds—For debt

Freeport, N

Malkan

25,

industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬

.

of

Kansas City, Mo.

Corp.
("Reg. A") 65,000 common.
Price—$3.
Business—Design and development of new products for
April

Price—$0.90. Business
insurance. Proceeds —-For
investments. Office—
St., Denver.
Underwriter—None. Note—
This registration has become
effective. /

manufactured

.

fittings. Proceeds—For inventory. Office—
Broadway, St. Louis. Underwriter—Midland Se¬

curities Co., Inc.,

Leyden

distribution

repayment
Office—1301
C. Underwriter—None.

and

4124 N.

share for each three shares held.

•-—The

Global

Construction

April 4, 1962 filed 254,000 common. Price — By amend¬
ment (max.
$18). Business—Development and producn
-

Devices,

Inc.

29,

expansion,

Cedar

Cohu

in construction.

used

oeams

ment,

Proceeds—For debt repay¬

inventory. Office—545
Teaneck, N. J.
Underwriters—Winslow,
Laird, Bissell & Meeds, N. Y.

Lane,
&

researcn,

and

Stetson and

Leaf Pharmacal

Co., Inc.
80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
13,

1962

filed

tical and veterinarian products, proceeds—For advertis¬

ing,

research,

debt

repayment and working capital.
St., New Roehelle, N. Y. Underwriter

Office—36 Lawton

—Droulia

&

Gotham

Nov.

N.

Y.

Corp.
21, 1961 filed 100,000 common. Price—$6. Business

—Real

estate

investment.

Proceeds—For

working capi¬
1707 H St.,
W., Washington, D. C. Underwriter—Rouse, Brewer,

tal and
N.

Co.,

Investment

other corporate

Becker &

Office

purposes.

—

Bryant. Inc., Washington, D. C.

/

Products, Inc.

May 25,

1962 filed 28,113 common. Price—$3.50. Busi¬
Growing, purchasing, distributing and selling
whole potatoes and processing and selling of prepared
potato products. Proceeds—For the selling stockholders.
Office—915 Southeast 10th Ave., Portland, Ore. Under¬
ness

writer—To be named.
Great

Continental

Real

Investment Trust

Estate

Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul

Place, Baltimore. Underwriter

—To be named. Note—This firm

formerly

was

Continental Real Estate Investment Trust.
Great

Eastern

Insurance

Co.

known

*

as

-.

i

April 13, 1962 filed 381,600 common. Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
purposes.
Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,

Smith & Co., N. Y.
Greater
June

28

McCoy's Markets, Inc.

1962

filed 219,150 class A common. Price—By
(max.
$14).
Business—Operation of
16
supermarkets in the Los Angeles area. Proceeds—For
selling stockholders.
Office—17602
Bellflower I Blvd.,

/

amendment

Calif.

Underwriter—Morris

tion

of radar and other specialized electronic
systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los

Angeles.
i

&

Co.,

lines and sporting

equipment. Proceeds—For debt
and working capital. Office—35
N.

Y.

Underwriter—J.

Gulf Atlantic

R.

repayment, inventory
Engel St., Hicksville,
Williston & Beane, N. Y.

Utilities, Inc.

(12/11)
Price—By amendment
(max. $10)J'BhSiness'"— < A. management:and- operating
company for subsidiaries which ,'own water treatment
and sewerage disposal plants, and water distribution and
sewage collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. «
f
July 30, 1962 filed 90,000

common.

Mallandale Rock & Sand Co.

(12/17-21)

March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to

purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hallandale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.
Harley

Products, Inc.
1962 filed 75,000 common.. Price—$4. Business—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment.. Office—476 Broad¬
way, N. Y. Underwriter—To be named.
March

28,

Harwyn Publishing Corp.

.

J

works

for

children

and

•

'

?^

Jan. 29, 1962 filed 300,000 class A common. Price
(By
amendment. Business — Publishes illustrated encyclo¬

pedic
■t

Cohon

Greenman Bros., Inc.
April 25, 1962 filed 150,000 common, of which 50,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $7). Business-—Wholesale
and retail distribution of toys, hobby

80,000 class B common. Price—$5.
of mutual fund shares. Proceeds—

working capital and debt
Morehead St., Charlotte, N.

valves

-—Life

devices

1962 filed

Geigher Pipe Supply Inc. (12/14)
Sept. 28, 1962 filed 60,000 class A common, of which 50,000 are to be offered by
company and 10,000 by stock¬
holders.
Price—$9.50.
Business—Sale
of
steel
pipes,

Offering—Imminent.

common.

Investments, Inc.

28,

Newark, N. J.

Insurance Co.
June 25, 1962 filed 300,000 common
to' be offered for
subscription by stockholders on the basis of one
new

Fastpak, Inc.
Nov. 30, 1961 filed
125,000

Price—$3.

common.

Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.

Falcon National Life

1330

Sportswear, Inc.

Garden State Small Business Investment Co.
Oct. ;27,, 1961, filed
(33P,01)pK,pQniinon. 4Price-^$,$., Business
—A small business investment
company. Proceeds—For
investment. Office—1180 Raymond
Blvd.,

working capital.
Office—
Underwriter—Alester G.

Furman Co., Inc., Greenville. S. C.
•

Proceeds—For

Offering—Indefinitely postponed.

Bellflower,

E.

Co.

additional

-

1962 filed 103,000

For

("Reg. A") 300 6%% s, f. junior subord. de¬
bentures due 1977.
Price—$1,000 each. Business—Auto¬
consumer

Co., N. Y.

Business—Retailing

Oct. 26, 1962

and

be

New York.

Fund

withdrawn.

and

23, 1962 filed

to

Busi¬

June

Broadway,

{", ,Fabco, Inc.
July 20, 1962 ("Reg. A") 200,000 common. Price—$1.50.
Business—Manufacture of insulated water closet
tanks,
jperglass, gravel .stop and laundry" tubs.,, Proceeds—For
tffcP.t repayment, equipment^dhd Workihg capitdl.'1 Ad¬
dress—Stillwater, Minn.
Underwriter—Pewters, Don¬
nelly & Jansen, Inc., St. Paul. Note-—This letter will be

Repayments

Ave., Bronx, N. Y. Underwriter—Mc¬

plant expansion, equipment and working capital. Office
—665 Broadway,
N. Y. Underwriter—Magnus & Co.,
Inc., New York.

Pro¬

mobile

150,000 common, of which 60,000
offered by the company and 90,000 by the
company's parent, Glen Modes, Inc. Price—-By amend-* /
ment (max. $7). Business—Design, production and sale
of women's fashion accessories, and sportswear. Proceeds
—For general corporate purposes. Office — 417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
are

ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For

inventory, expansion, debt repayment, and
working capital... Office—4906-08 Ave. D,
Brooklyn, N. Y.

Finance

(Alex)

Four Star

ceeds—For

Fairlane

Glensder Corp.

March

general corporate

Forst

March 27,

Enterprises, Inc.
Sept. 17, 1962 filed 83,500 common. Price—$4.50. Busi¬
ness—Operation of self-service retail shoe department in
discount department stores and one retail store.

51

&

Donnell &

Fabco

Corp.,

repayment and other corporate purposes. Office—
10th St., Wilmington, Del.
Underwriter—:None.

fice—2885 Jerome

lamps. Proceeds—New product development, inventories
and working capital. Office—41 E.
Twelfth St., N. Y.1
Underwriter—Planned Investing
Corp., N. Y.

Planning

«

& Sons, Inc. (12/3)
March 23, 1962 filed 125,000 common.
Price—By amend¬
ment
(max. $15). - Business—Wholesale distribution ol
toys and games.. Proceeds—For selling stockholders. Of¬

April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electric

New York. Offering—Imminent.

A

—

waukee.

Underwriter—Dynamic

..

_

commflff/'.to be' b^Red^lor.

drawn.

Blvd., Los An¬
Underwriter—Wisconsin-Continental, Inc., Mil¬

•

.

_

Gourmet Food

dress—Maurice Ave. at 58th St.,
Maspeth, N. Y. Under¬
writer— None. Note
This registration will be with¬

Wilshire

Eyerbest Engineering Corp.

Office—Fern

Drug Research Laboratories, Inc.
May 24, 1962 filed 107,500 common, of which 100,000
are to
be offered by
company and 7,500 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Chem¬
ical and biological research and
testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
For expansion,
equipment and debt repayment.
Ad¬

16th

Corp.
1962 filed $600,000 of 6% subord. income de¬
1, 1983 and 24,000 common shares to
be offered in units of one $1,000 debenture and 40 com¬
mon shares.
Price—$1,500 per unit. Business—Company
plans to- develop and operate a ski and recreational re¬
sort at Fayston, Vt. Proceeds—For construction. Address
—Box 111, Waitsfield, Vt. Underwriter—None.
bentures due Jan.

W.

Food

Equity Funding Corp. of America
ment

.

169,1^0

1962 Tiled

Ellen

Glen

Underwriter—To be named.

subscription DV ^fobkholders.
i*riee—By/' amendment
(max. $2). 'Biisiiie^s—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For

St., N. W., Washington, D. C. Underwriter—None.
March 29, 1962 filed 240,000

improvements, working capital.

10,

v

Sept. 6,

Gold

Alai, Inc.
1962 filed 400,000 common. Price—$5. Busi¬
Operation of Jai Alai games and pari-mutuel
Proceeds—For rent, purchase of leased quarters,

Floseal Corp.

annuity contracts. Proceeds
funds. Office

—

glass

flat

manufacture

unit.

per

istration will be withdrawn.

March

Price—By amend¬

Jai

Park, Fla.

Equity Annuity Life Insurance Co.
Aug. 21, 1962 filed 150,000 common to be offered for
subscription by stockholders on a pro rata basis. Price
of

28,

betting.
building

machinery and equipment. Proceeds—For debt re¬
payment,, equipment, inventory and working capital. Of¬
fice—15(L^9 Hillside Ave., Jamaica, N. Y. Underwriter
—S. C.-Burns & Co.,
Inc., N. Y.

Business—Sale

Underwriter—None.

Bancgrowth, Inc.

Blvd., Pompano Beach, Fla. Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Note
This offering was postponed.

tion

—$7.

Blvd.,

(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.

(12/3-7)

and

Northern

Office—3356 Atlantic

160,000 common. Price

commercial

shares.
Price—$1.
investment company. Pro¬

Office—1295

class A and one com¬

one

Business—Company
mirrors and sliding
wardrobe mirror doors and related products. Proceeds
—For equipment, inventory and working capital. Office
—1299 N. First Street, San Jose, Calif. Underwriter—
Birr, Wilson & Co., Inc., San Francisco. Note—This reg¬
to

plans

Price—$5.05

1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and

ment

June

18), 1962 ("Reg. A")

investment.

share.

June

2,770,000 capital
business

class A and 250,000 common

shares to be offered in units of
mon

Underwriter—P. W. Brooks

March 16, 1962 filed 200,000 common.

ness

Business—Sale

small

Manhasset, N. Y.

Inc., N. Y.

EEectro-Temp Systems, Inc.

Price—By amend¬

Business—A small business invest¬
Proceeds—For investment. Office—955

filed

1961

ceeds—For

and

Caldwell,

27,

Business—A

Price—$5.
development toward improve¬
ment of gas centrifuge technology for separation of iso¬
tope and gaseous materials. Proceeds—For equipment,
expansion, research and working capital.
Office—368
Bruce

'

First New York Capital Fund, Inc.

Electro-Nucleonics, Inc. (12/17-21)
24, 1962 ("Reg. A") 29,525 common.

Ave.,

"

$15).

company.

/ Oct

Sept.

Passaic

companies. Proceeds—For in¬
Milk St., Boston. Underwriter—

Main St., Bridgeport, Conn.
& Co., N. Y.

Price—$4.

common.

(max.

ment

of

Business—Research

•

(12/10-14)

automobiles, station wagons, and
trucks.
Proceeds—For equipment, new franchises, and
working capital. Office—520 Westfield Ave., Elizabeth,
N. J. Underwriter—Crosse & Co.
Inc., N. Y.
•

Office—141

March 9, 1962 filed 200,000 common.
ment

International, Inc. (12/10-14)
100,000 class A

(12/19)

First Connecticut Small Business Investment Co.

body & Co., N. Y.

July 27, 1962 filed

Fund

shares

Paine, Webber, Jackson & Curtis, Boston.)

Center
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-

&

Mutual

2,750,000

type securities of Israeli

Price—By amend¬
(max. $16). Business—A small business investment
Proceeds—For

Israel

filed

Price—By

vestment.

Pennsylvania Investment Co.

company.

1962

of beneficial in¬
amendment
(max. $10), Business—
A mutual fund which plans to invest
primarily in equity
terest.

March 16, 1962 filed 450,000 common.
ment

American

Aug. (15,

to be withdrawn.

Eastern

Richmond St., Toronto. Underwriter—G. V.
Kirby
Associates, Ltd., Toronto.

&

Inc.

filed'250,000

July 12, 1962

Nov.

tures due 1972 and 50,000 common shares (of
000 will be sold by the company and 25,000

Thursday, November 29, 1962

.

Pacific

Glasco

by a shareholder. Price
(max. $15).
Business—Design and
manufacture of tools, dies, molds,
beryllium castings and
the distribution of
plastic, metal and glass products for

Busi¬

Proceeds—For

payment.

Corp.

Oct. 29, 1962 filed 20,000
common, of which 17,500 are to
be offered by company and
2,500

Dynapower Systems Corp.
Sept. 28, 1962 filed 750,000 ,common.

.

.

operates

ai}

advertising

...

;t.

Number 6216

196

Volume

.

.

.

The Commercial and Financial Chronicle

derwriter—Van

Hawaii

per

,

26,

Industrial

Centers, Inc. /

'

com¬

underwriter.

Price—$2.
Proceeds—

debt

Helix

16,

-4

27, 1962 ("Reg. A") 75,000 common. Price — $4.
Business—Manufacture, sale and development of solders
less terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment", advertising and

(12/19)

j

.

-

;• New

<

"i (v/

insurance.

.

a

1962

A")

("Reg.

,

Underwriter—

Proceeds—For debt

Aug. 23, 1962 filed 300,000 common. • Price—$4.
Busi¬
ness—Company plans to furnish equity capital to busi¬
concerns,

make

loans

-

arranging
Proceeds—For work¬

and- assist

-

in

corporate financing.
ing capital and other corporate purposes. . Office—200
W. 57th St., N. Y. Underwriters—J.-J> LeCort Associates,
Inc. and Harris/Clare & Co., Inc., N. Y.

mergers and

Ideal Toy Corp.

May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price

—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment and general corporate purposes. Office — 184-10

Long Island. N.. Y. Underwriter—
White, Weld & Co., Inc., N.-Y. Offering — Indefinitely
Jamaica Ave.,-Hollis,

postponed.

.....

.

.

Indian Ti"#U Ranch.

..

Inc.

./-./■

„

7

31, 1962 filed 171,829 common being offered for
suoscifiption by- stockholders > on - the
basis of one

Aug.




Equity

'

•

estate

(max. $191 per unit).
Proceeds—For debt

investment;

Kay Foods Corp. :

i ?

29, 1961 filed 88,000 class A common shares, of
which 44,0uQ are to be offered by the company ahcf44,000
by stockholders. Price—$7. Business—Packing aad sale
of fruit juice products. Proceeds—For general corporate
Dec.

;

purposes. Office—241 N. Franklintown
Underwriter — Anchincloss, Parker &

;
1

ington, D. C, Offering—Indefinitely

Rd., Baltimore.
Redpath, Wash¬

■

Keene

;

Packaging Associates

■

Underwriter—None.U"
Investors

4;"'A-Z/

r

'

Realty Trust

a

May 31, 1962 filed 200,000 shares, Price
real estate

and

investment trust.

investment/ Office

—

Proceeds
-—

3315

-

are

/

-

$10, Business
—

-

-

lona

Manufacturing Co.
Jan. 26, 1962 filed 140,000 common, of which 125,000 are
to be offered by the company and 15,000 shares by a
stockholder. Price—By amendment. Business—Manufac¬
ture of household electric appliances and electric motors.
Proceeds—For new products and working capital. Office
—Regent

St., Manchester,

Fuller & Co.,
•

Israel

Conn. Underwriter

—

S. D.

New York. Offering—Indefinite.

Hotels

International, Inc.
Feb. 28, 1962 filed $4,036,000 of 6Vz% sinking fund de¬
bentures due 1980-86 and 40,360 common (with war¬
rants) to be offered for sale in units of one $1,000 deben¬
ture and 10 common (with 20 attached warrants). Price
—$1,050 each/Business — Company was formed to con¬
struct the luxury hotel "Tel Aviv Hilton" at Tel Aviv,

Office
Underwriters—Van

Israel. Proceeds—For general corporate purposes.
—229

South

State

St., Dover, Del.

which 205,000

317,900 by stqckhold^

Price—By amendment (max. $24).

New York.

Ave., N. W., Washington, D. C. Underwriter—^None.
'.

to be offered by company and

Business—Manufacture, design, and distribution of plastic toys. Proceeds
i—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,

! ers.

For- con¬

Connecticut;

1962 filed 542,000 common, of

March 30,

•

'•

Kingsberry Homes Corp.
'
9, 1962 filed 140,000 shares of capital stock of
which 100,000 will be offered by company and 40,000
by stockholders. Price—By amendment (max. $17.50),
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala. Underwriters—The Robinson - Humphrey Co., Inc.,
April

:-v

Atlanta, and J. C. Bradford & Co.,

Nashville. Offering

Indefinitely postponed.
Kraft

(John)

Sesame Corp.

May 24, 1962 filed $225,000 of

tures, due 1972,
units consisting

6% conv. subord. deben¬

and 150,000 common to

be offered in
shares.
distri¬

of a $300 debenture and 200
Price—$900 per unit. Business—Processing and
bution of sesame seed. Proceeds—For accounts

'..'■A
v?:

postponed. "

,

general corporate purposes. Office—818 17th St.,"Denver.

struction

.

y:':y'/ //:

■

cum. preferred

repayment and working capitaL Office—30 E. 42nd St.,
N; Y. Underwriter—Hayden, ^.Stone & Co., N. Y. Note—?
This registration will be withdrawn:
i,
,

>

■

—A

(12/10-14)

York.

shares 6%

'Price—By'amendment

Business—Real

75,000

r

'

Oregon Underwriters, Inc., Salem.
I. P. D. Financial Corp.

warrant.

<

'

/

.

1962 filed 50,000

four-year common stock purchase warrants to be
offered in units consisting .of one preferred and one-

•and

•

.

disability, and group creditJife and disability
Proceeds—For expansion, and investment. Of-

^ fice—250 Liberty St:; S. E. Salem, Ore.

V-*

8,

Kavanau Corp.
March 29,

(12/3-7)
.
April 2, 1962 filed 150,000 common, of which 75.000
Investment Management Corp.
are to be offered by company and 75,000 by stockholders.
;
/ /
?rlce—$4. Business—Design and manufacture vof semi¬
May 10,1962 filed 100,000 common to be offered for sub¬
scription \by stockholders, on a • 2-for-l share- basis.- -rigid vinyl plastic cases and containers for packaging.
Unsubscribed shares will be offered to the public. Price,
Proceeds
For debt repayment, working capital and
other corporate purposes. Office — 947 Newark Ave.,
—To stockholders, $2.50; to the public, $3.50. Business
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
—Manager and distributor for Western Industrial Shares,
inc.,. a mutual fund.- Proceeds—For debt repayment and
Kenner Products Co.

v

i.v'

.

,

,

30, 1962 filed 1,605,190 shares of beneficial interest. >
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
Ave., N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.

Oct. 25, 1962 filed 1,130,000 common to be offered for
-subscription by stockholders on a share-for-share basis.
Price—$4. Business—Sale of7 ordinary life* individual
health and

Business—
mihinfe of sand

$10).

Kaufman Carpet Co.. Inc.

March

s£, Btiena:Bark,.Calif.,Under¬
-

(max.

amendment

and

and

Interstate

,

•

'

Price—By

Reclamation of rnetallics from steel slag;

$1.

repayment, equipment, working capital and other corpo¬
purposes.
Office—826 82nd St., Brooklyn, N. Y.
Underwriter—Jay Gould & Co., Inc., Ill W. 57th St.,

•«'

I CO A Life Insurance Co.1

29, 1962 filed 140,000 common, of which 70,000
by company and 70,060 by stockhold¬

to be offered

-

Hydro-Swarf, Inc.
;
March 30, 1962 filed 97,000 common, of' which 80,000
will.be sold by company aud .17^000 ; by certain stock¬
holders.. Price—$5. Business—Manufacture, -assembly aud ;
sale of aircraft and missile components on a subcontract
basis. Proceeds—For debt repayment and working capital.

•

B^asser-^eSsosi Corp.. (12/3-7)
March

rate

PL, Irwindale, Calif. Underwriter—
Bateman, Eiehler & Co., Los Angeles.
,
.
~

writer—Raymond Moore & Co., Los Angeles,

Y.

March 29,

the installation of marble and tile.

has acquired in Southern Calif. Proceeds
repayment and other corporate purposes.

■i Office^-7050 Valley View

N.

'

—

Office—15855 Edna

ness

—

Ltd.,

Inc., New York. Offering—Imminent.

$istribytibn', of electro¬

common.
Priee—$2.
Business—Manufacture and installation of terrazzo, and

By amendment (max. $6 per common share).
Business-^Construcjtion of homes and apartments on land

•

&

ers.

International Terrazzo Co., Inc.

which company

«

A. Holman

Co.,

Jewell, Inc.
Sept. 21, 1962 filed 60,000 common. Price-j—$9,. Business
—Raising, preparation and distribution of poultry and
processed frozen specialty foo$s. Proceeds—For debt re¬
payment, additional equipment, and working capitaL
Office—322 Maple St.", S. *W., Gainsville, Ga,^ Under¬
writers—Crow, Brourihan & Ghatkin, Inc., apd. Pistell,
D.)

(J.

payment and working capitaL Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.

Nov.

-

;

R.

•

1962 filed 250,000 common. Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs. Proceeds-*-For expansion, inventory, debt re¬

-

30, 1962 filed $1,600,000 of convertible subordi¬
nated debentures due 1977 and 250,000 common shares.

•

writer—Martin-Warren

International Systems Research Corp.

,

March

.

ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other corporate purposes.
Office — 954 Jamaica AVe., Brooklyn. N. y.
Under¬

Price—By

manufacture of mechanical, electromecnanical and electronic equipment for government
agencies and the military.-Proceeds—For equipment,
debi repayment and working capital. Office—Engineer's
Hill, Plainview, L. I., N. Y. Underwriter—Leib, Skloot &
Co., Inc., Clifton, N. J. •
"
-

corporate purposes. Office—42 W; 48th St., N. Y.-Underwriter-sunshine Securities, Inc., Rego Park, N. Y.
>

debt

(12/3-7)

Corp.

28, 1962 C"Reg. A") 4u,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬

and

29, 1961. ("Reg. A"); 76,500 common. Price—$3.75.
-Business:—Purchase of cultured pearls in Japan;and
their distribution in the U. Sr. Proceeds—For general

—For

Jamoco Air Conditioning
Feb.

shaie, to be offered in units, each consisting of one share
one warrant. Price—$4 per unit. Business—Design,

in-subsidiaries, and

Monora, Ltd.

i

Securities Corp and

Co., Inc., N. Y. Note—This registration

March 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per

Nov.

Price

Stone & Webster

—

&

are

Manufacture and

development

r

—

fl •.-.i-.A

withdrawn.

was

(12/17-21)

working capital; Office—Tokyo, Japan; Underwriters—
Goldman, Sachs & Co. and Nikko Securities Co., Ltd.

^

Greenshields

Instron

•

16, 1962 filed 450,000 ADR's (representing 9,000,000 common shares). Price—By amendment (max. $20).
Business—Manufacture of' motorcycles. • Proceeds-r-For

'■>

Underwriters

—

Underwriter

•.

to be offered by company and 115,000 shares

Business—A

principally in pleasure boating. Pro¬
repayment, advertising, inventories,
and working capital.
Office—3181 N.

products
Ave., Chicago.

are

gravel; and dismantling and salvage of industrial
mechanical rotating devices. Proceeds—For debt repay¬
buildings. Proceeds—For new plants, debt repayment
ment, sales promotion and other corporate purposes.
and working capitaL
Office—6272 Canal Rd„ Cleve¬
Office—312 Mt. Pleasant Ave., Newark, N. J. Under¬
land.
Underwriter—Robert L. Ferman & Co., Inc.,
writer—Gold-Slovin Co.. Inc.. N. Y.
; Miami, Fla.
■

Nov.

•

(max. $10). Business

Business

ing—Temporarily postponed.,

Corp.

.«

by

'

Juj^'/Ul* ^§62 ("Reg, A") 135,66$ cj?inmojn, Price

working capital. Address—P. O. Box 430, Phoenixville,
Underwriter—Harrison & Co., Philadelphia. Offer¬

Hunsaker

chain /Of

repayment

stockholders/Price — By amendment (max. $25Kholding company for a Jamaican Electric
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.

York.

-

Instrument Components, Jncf

Pa.

.

;■ •

-

Underwriter—None..

Feb.

capital improvements,, investments

Brager & Co., New

March 26,

HoSlingsworth Solderless Terminal Co.

•

ra

10th St„ Miami,

working capitaL Office—29 N. W.

shares

Engineering Corp.
1962 filed 120,000 common. Price—By amend¬
ment (max. $14). Business—Development and produc¬
tion of equipment for use in testing the .physical char¬
acteristics of various materials.
Proceeds—For/selling
stockholders. Office—2500 Washington St., Canton, Mass.

•

writer—None.

Co., Ltd.

—

^Address—Tel-

Co., Inc., N. Y.

management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles.
Under¬

Honda Motor

and

separately; Price—For units,

or

general corporate purposes.

Elston

subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A

v

unit

Rd., Houston. Underwriter—None.

new

Underwriter—None.

filed 2,265,138 common to be offered for

1961

retail department stores. Proceeds—For debt

the marine field,
ceeds—For
debt

Hill Street Co.

Oct.

$12.50 for-common). Business—Operation of

^

pur-"

Company develops,
manufactures and sells electronic equipment for use in

27,

Calif.

be
AA

Jackson's/Byrons Enterprises, Inc.

■

amendment

amendment

Summit Dr., La Mesa,

may

one

shares- may be

Instr-O-Matics, Inc.

-

1962 filed 586,000 capital shares. Price—By
(max. $5). Business—General real estate.
Proceeds—For general corporate purposes; Office—4265
April

a

CC

Sept. 28, 1962 filed 32,000 class A common.

Inc.

Land Co.,

*

fnfotronics Corp.

Oak

repayment; advetrising, research and develop¬
ment and working
capital.
Office—2176 Palou, San
Francisco. Underwriter—L. *H. Wright Co., Inc., N. Y.
,

December.

(12/3-7) ^
13, 1962 filed $750,000 convertible; suooramated
due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders.5 Price-r-By arpendment;<max; "i:

23, 1962 filed 100,000 common. Price—$5. Business
•—Research, engineering, manufacturing and marketing
in the field of electronic information handling and auto¬
mation systems.
Proceeds—For new products, inven¬
tory, new plant and working capital. Office—1401 S. Post

69,000

Business—Manufacture of dental equipment.
For

in

debentures

Oct.

Inc.

and 6,000 shares for the

part of

The

shares.

Aviv, Israel. Underwriter
Offering—Imminent. •

Wv

fra. /TJrideroriter—Willard ^Securities,

Aug. 7, 1962 ("Reg. A") 75,000 common, of Which
shares are to be offered for the account of the
pany

as

©feds—For

,expansion, debt Tepaymerit and

Manufacturing Co.,

V

-She

.

Nek

sometime

by ?<mendment; for CC shares, $10.50 per share. Business -Fla. Underwriter—Clayton Securities Corp., Boston. .
hank - was .organized in 1957. to encourage the., >it Jamaica Public Service Ltd,
.establishment of industriai.nnderfakings in Israel. Pro- : ; March 30, 1962 filed 215,000 common, of which 100,093/

4

'

working; capital;/Office—6400 /MacCofkle/ Ave., S.

-

•

•

'

;st; Albaris. "W;;
Inc., New York.

Busi¬

Development Bank of Israel Ltd. £

345 CC

share and

""June'TjlSe^-filed'^SjOOOxommon.'Price^-Byamend-iheht (max. $5); "Business^Operationr bf -'discouiit'stores^
f

Price—$15.

1/300 ordinary A A shares. The A A shares
purchased only as a part of a unit consisting of

•

chased

y,5; Pj'oceeds-^Foniriventbry,

.'///;/

common.

and

T inbriD held: *Priee-iL$12 : Busihess-^Heal ^estate; - Proceeds
,—For general corporate purposes and debt repayment.
Heck's Discount

Underwriter—None.
y

Sept. 2/i, 1962 filed. 1,000,000 of 6% preference CC shares

"

•

Capital1 Corp.
1961 tiled 500,00u

Note—Th-'.s

Heartland Development Corp.

-

Offering—Expected

Marcn

Dec.

March:-28, 1962 filed 23,3.00 shares* of' 5%-convertible
preference stock to be offered for subscription by stockholders on basis of one preferred share for each 10 com-

*

effective.

St.,* Chicago. Underwriter—A. C. Allvn & Co., Chicago.;
registration will be withdrawn.

Industry

Proceeds—For

.

Alstyne, Noel & Co., and American Israel Basic Econ¬
omy Corp., New York. Note—This statement has become
Jaap Penraat Associates, Inc.
Jan. 30, 1962 filed 100,000 common. Price-,-$3. 'Business
—Industrial designing, the design of teaching machines
and the production of teaching /programs. Proceeds;—
For expansion, new facilities and working capitaL Office
—315 Central Park W., N. Y. Underwriter-r-R. F. Dowd
& Co., Inc., N. Y.
^
:5

Blvd., West Palm Beach, Fla.

shares of beneficial interest

unit, business—A real estate investment trust.
working
capital. - Address—Honolulu,
Hawaii. Underwriter—White. Weld & Co.. Inc.. N. Y.

31

ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle

Investment Trust

Real Estate

eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10

with

16,

grazing. Proceeds—For debt repayment, working
capital and other corporate purposes. Office—Southern

and
!

Nov.

and

May 18,-1962 filed 1,000,000
*

of record

rights to expire Dec. 10, 1962. Price — $7.50. Business—
Ownership of real estaie, leases principally for farming

Indefinite.
v

share held

share for each

new

spot time. Proceeds—
Varick St., N. Y. Un¬
Alstyne, Noel & Co;, N. Y. Offering—

ar^cy for sale of TV and radio
For working capital. Office—170

(2263)

receiv-

Continued on page 32

32

The Commercial and Financial Chronicle

(2264)

Continued from page

Marshall

31

May 29,

inventories, plant expansion and working capital.

able,

UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago.

Massachusetts
Oct.

Las

For

expansion.
Office—22 Batterymarch, Boston. Un¬
derwriter—Kidder, Peabody & Co.. Inc.. Boston. Note—
This stock is not expected to be offered in New York
State.

A")

Masters,
bentures

.

for

Co.

of

Nevada

McGrath

Co.

& Lynch,

Pittsburgh. Offering

—

related

operations.

Mechmetal-Trdhics Inc.
(Tillie)

Foods,

debentures

ordinated

Proceeds—For selling stockholders.
Broadway, N. Y. Underwriter—Bear, Stearns
Co., New York.

&

Temporarily

Inc.

May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3. Business—Design
and manufacture of miniature metal bellows and other

(12/10-14)

convertible sub¬
due 1982. Price—At par! Business

search

vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,

products. Proceeds—For debt repayment, re¬
development and working capital. Office—

and

Rochelle

12

Ave., Rochelle Park, N.
Charles Plohn & Co., New York.

Calif. Underwriter—Van Alstyne, Noel & Co., N. Y.

Medical

Litho-Web, Inc.
Oct. 26, 1962 ("Reg.

A")

150,000

Price—$2.
Business—Manufacture of various types of business and
data processing forms.
Proceeds—For debt repayment
and working capital.
Address—P. O. Box 168, Leaksville, N. C. Underwriter—Smith, Clanton & Co., Inc.,
Greensboro, N. C.

Medical Video Corp.
Nov.
ness

Lunar

Aug. 31, 1961 filed 125,000

common.

543

and

named

Price—$5.75.

prises,

Inc.

Busi¬

Proceeds—For

production

and working capital.
Office—
Ave., N. Y. Underwriter—To be named.
formerly was named Lunar Enter¬
Offering—Postponed.

Co., Inc.
23, 1962 filed 130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬

Federal

Bldg.,

Office

Western

due

Ave.,

N.

trust.

Massachusetts

W., Washington, D. C. Underwriter—Manna
Financial Planning Corp. (same
address).




1962

1992.

filed

Office—831

1420, 20 Pine St., N. Y.
Montebello

v

:

Liquors, Inc.

April 5, 1962 filed 160,000 common. Price—By amend¬
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank St. & Central Ave., Baltimore. Underwriters—
Street & Co., and Morris Cohon & Co., N. Y. Offering—
Temporarily postponed.
ment

Inc.

Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components

and the furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W./
Washington, D. C. Underwriter — Switzer & Co., Inc.,
Silver Spring, Md
Offering—Temporarily postponed.

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $15,000,000 (15,000 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in

tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
etc. and plans to engage in the music publishing busi¬
ness.
Proceeds—For debt repayment, public relations,
acquisition of musical properties, and working capital.

'Office—.545

Fifth Ave., N. Y. Underwriter—Associated
Co., 545 Fifth Ave., N. Y.

National

Directories, Inc.
("Reg. A") 100,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
March 29, 1962
fied

telephone

directories.

Proceeds—For

general cor¬

New

Underwriter—Crichton,
York. Note—This

Proceeds

—

For

construction.

Office

—

2800

Midwest Technical Development Corp.

26, 1962 filed 561.500 common to be offered for
subscription by stockholders on the basis of one share
for

each two

$7). Business

shares held.
—

A

company.

Proceeds

Office

2615

—

First

Price—By amendment

(max.
investment
For general corporate purposes.

closed-end
—

National

management

Bank

-

Modern
Oct.

29,

Business

Bldg., Minneapolis.

Laboratories, Inc.

1962
—

equipment.

("Reg.

A")

Manufacture

of

97,000

common.

cosmetics.

Cherashore,

letter will be

Cundy, Inc.,

withdrawn.

National Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5.

—Operation of

a

National Memorial

Estates

Oct.

11, 1962 filed 4,750,000 common. Price—$1. Busi¬
ness—Company plans to engage in cemetery develop¬
ment and

insurance

to

establish and operate a life and disability
Proceeds—For general corporate pur¬

concern.

poses.
Office—13 S. Broadway, Red Lodge, Mpnt. Un¬
derwriter—Security Brokerage Co., Billings, Mont.

National

Mortgage

Corp.

Nov.

9, 1962 filed $8,000,000 of installment certificates,
series 20, and 410,000 common shares. Price—For cer¬

tificates, $1,000; for common, $1.15. Business—A mort¬
gage loan company. Proceeds—For investment and other
corporate purposes. Office—113 S. Hydraulic, Wichita,
Kan.
Underwriter—National
Mortgage
Agency, Inc.
(same address).
'
National

Security Life Insurance Co.
filed 100,000 common, of which 80,000
by company and 20,000 by stock¬
holders. "Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For investment.
Office
130
Alvarado, N. E. Albuquerque, N. M.
March

23,

to

be

are

1962

offered

—

Underwriter—To-be

named.

and

the

accuracy

Note—The

adequacy

SEC

of this

has

ques¬

registration

statement.

$15,000,000 of first mortgage bonds

Underwriter—None.

investment

Office—1500

10,

Feb.

Manna Real Estate Investment Trust

investment.

be

Pike, Muhlenberg Township, Berks County,
Underwriters—(Competitive). Probable bidders: First
Boston Corp.; Halsey, Stuart & Co. Inc.; White, Weld &
Co.; Kidder, Peabody & Co.-Drexel & Co. (jointly);
Blyth & Co., Inc. Bids—Dec. 3, 1962 (12 noon EST) at 80
Pine St., N. Y. Information Meeting—Nov. 30
(10 a.m.
EST), same address.

packaging
and
proprietary drug products. Proceeds—
For equipment, new products, debt
repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn. N
Y.
Underwriter—Dana Securities Co.,
Inc., N. Y. Note—This
registration will be withdrawn.

estate

Underwriter—To

Pa.

Business—Manufacture,

real

Md.

Pottsville

various

Business—A

Chase,

Metropolitan Edison Co.' (12/3)
Oct.

Underwriter—

Aug. 30, 1962 filed 460,000 shares of beneficial interests

Proceeds-^-for loan repayment and
Second Ave., S. Minneapolis.
Underwriters—(Competitive). Probable bidders: East¬
man Dillon, Union Securities &
Co.; Blyth & Co., Inc.—
Merrill Lynch, Pierce, Fenrier & Smith, Inc. (jointly);
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.
Bids—Dec. 6 (11 a.m. EST) at 20 Pine St. (10th Floor),
N. Y. Information Meeting—Dec. 4
(11 a.m. EST) Room
1, 1963-82.

tioned

Manhattan Drug Co., Inc.
March 29, 1962 filed 72,000
common, of which 58,000 are
to be offered by
company and 14,000 by stockholders.

Priee—$11.

Ave., Chevy

named.

None.

Proceeds—For

in

stores

shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422

Underwriter—Globus,

Atlanta.

retail

other

area.

Metropolitan Acceptance Corp.

payment of loans, and general corporate purposes. Office
Fulton

and

Metropolitan

Occ. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the
atohoic, space and
missile fields, and provide
advisory and management
counseling services on a fee basis.
Proceeds—For re¬

of

supermarkets

Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.

Inc., New York. Offering—Indefinitely postponed.

saie

to

the New York

Mail Assembly Service, Inc.
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬

Price—$3.50.

5,

ucts

poned.

—130

due Dec.

construction.

Business
cleaning and pressing plant and affili¬
ated stores.
Proceeds—For debt repayment, store ex¬
pansion and working capital. Address — Portage. Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Note—
This registration will be withdrawn.

Proceeds—For

Corp. (12/17-21)
March 30, 1962 filed $1,000,000 of convertible subordi¬
nated debentures due Nov. 1, 1977. Price — By amend¬
ment. Business—Distribution of food and related prod¬

jewelry, ladies' handbags, and accesso¬
For working capital. Office — 1650
Broadway. Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City.
Offering—Indefinitely post¬

Proceeds—For general corporate purposes.

1962

phia.

—

—145 Ave..of the Americas. N. Y

general corporate
Calif. Underwriter —

Met Food

of costume

fices.

$1. Busi¬
equipment.
purposes.
Office
Financial Equity
—

phonograph records to, and the providing of merchan¬
dising services to retail record department. Proceeds—
For
general corporate purposes.
Office—750 Stewart
Ave., Garden City, L. I., N. Y. Underwriter—J. K. Williston & Beane, N. Y.
~

firm

Proceeds

Utilities Co.
(12/6)
filed $10,000,000 of first mortgage bonds
due 1987 and $5,000,000 of first mortgage serial bonds

30,

porate purposes. Office—3306 Lancaster Ave., Philadel¬

Mac-Allan

ries.

Price

electronic

Enterprises, Inc.
'
1962 filed 104,000 common, of which 33,000 are
to be offered by company and 71,000 by stockholders.
Price—By amendment (max. $5.50). Business—Sale of

Feb.

tion

common.

medical

Merco

Madison

Note—This

of

For

acquisitions, debt repayment and
working capital.
Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
;

'

ness—The production of television films.

filming

City,

Nov.

Films, Inc.

R.

homes.

Y. Underwriter—Filor, Bullard &
was

Underwriter—W.

Memorial Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral

Proceeds—For investment. Of¬

Smyth, N. Y. Note—This company formerly
Logos Financial, Ltd.

Houston.

'

Corp., Los Angeles.

Logos Options, Ltd. (12/10-14)
April 11, 1962 filed 250,000 capital shares. Price — By
amendment (max. $10). Business—A diversified closedfice—26 Broadway, N

—

—Studio

—Shearson, Hammill & Co., N. Y.

end investment company.

Manufacture

Proceeds

the lives of all types of animals. Proceeds—To form
subsidiaries. Office—26 Piatt St., N. Y. Underwriter

new

Rd.,

Montana-Dakota

Oct.

Securities

13, 1961 filed 250,000
—

•

Airline

Co., N. Y.

New York.

Industries

-

Livestock Financial Corp. (12/10)
'
Feb. 23, 1962 filed 130,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬
sure

J. Underwriter-

Fund, Inc.
Oct. 23, 1961 filed 25,000 common. Price—$10. Business
—A closed
end investment company which plans to
become open - end.
Proceeds — For investment in the
medical industry and capital igrowth -situations. Office
—677 Lafayette St., Deflp^er. Underwriter — Medical As¬
sociates, Inc., Denver.

common.

common.
Price—$2.
and sale of plastic letters, em¬
sign faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
expenses, equipment and working capital.
Office—5606
bossed

—

miniature

—Processing, canning, bottling and selling of fruits and

Corp.
("Reg. A") 140,000

Business—Manufacture

Multronics,

(12/3-7)

Office—39

1962 filed $2,250,000 of 5%%

April 9,

Corp.

June 28, 1962 filed 253,875 common. Price—By amend¬
ment (max. $15).
Business—Contract stevedoring and

postponed.
Lewis

(John W.)

i

May 25, 1962 filed 272,000 common. Price—By amend¬
ment (max. $20).
Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
—751 Lincoln Ave., Charleroi, Pa. Underwriter—Moore,
Leonard

common,

tion will be withdrawn.

(same address).
Lee-Norse

subord. de¬

conv.

$10. Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
and Norton, Fox & Co., Inc., N. Y. Note—This registra¬

29, 1962 filed 500,000 shares of beneficial interest,
price—$10.
Business—A real estate investment trust.
Proceeds—For investment.
Office—4933 Paradise Rd.,

Underwriter—Securities

6%

due

1972; also 150,000 common shares, of
which 80,000 will be offered by the company and 70,000
by a stockholder. The securities will »be offered in units
of one $100 debenture and 10 common shares, except
that up to $700,000 of debentures and 70,000 shares may
be offered separately.
Price—For debentures, at par;

Vegas Properties Trrust

Vegas.

Inc.

March 22, 1962 filed $1,500,000 of

Oct.

Las

Proceeds^-

Thursday, November 29, 1962

.

Plastics

28,'1962

Sauve

Insurance Co.

insurance, and annuities.

May

Stuebn sr

,

Life

filed 330,000 capital shares. Price—By
(max. $13). Business—Writing of life, ac¬

cident and health

100,000 common of which
65,000 will be sold for company and 35,000 for stock¬
holders. Price — $3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo; Underwriter—John W. Flynn
& Co., Santa Barbara, Calif. Note—This letter will be
withdrawn.

General

1962

amendment

Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
New York. Offering—Indefinitely postponed.

Kwik-Kold, Inc.
29, 1962 ("Reg.

30,

Offering—Indefinitely

1

postponed.

1962 filed $5,000,000 of conv. subord. deben¬
tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common
share.
Price—By amendment (max. $27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
19,

March

Price—$3.75. Busi¬
Proceeds—For pub¬

common.

N. Y. Underwriter—To be named.

Realty & Construction Corp.

Kreedman

April

Monarch

.

'60,000

ness—Graphic design and printing.
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,

N. Main St., Paris, Texas.

Office—2301

Iha

Pi*acc

1962 filed

.

.

Price—$3.

Proceeds

—

Office—837 W. North Ave., Pittsburgh.
derwriter—A. J. Davis Co., Pittsburgh.

For,,

Un¬

National Telepix, Inc.
July 30, 1962 filed $150,000 of 6V2 % conv. subord. deben¬
tures due 1972.

Price—At par.

motion

pictures.

bution

expenses

Ave.

of the

Business—Production of

Proceeds—For production and distri¬
and
working capital.
Office—1270

Americas, N. Y. Underwriter—None.

National

Uni-Pac, Inc.
July 31, 1962 filed 85,000 common. Price—By amend¬
ment (max. $4).
Business—Company plans to sell or
lease coin operated vending machines.
Proceeds—For
debt repayment, equipment and working capital. Office
—15 Peachtree St., Atlanta. Underwriter—None. Note—
This registration will be withdrawn.
National Union Life Insurance Co. of Pittsburgh
Sept. 10, 1962 filed 100,000 capital shares, being offered
for subscription by stockholders of the company's parent,
National Union Fire Insurance Co. of Pittsburgh, on the
basis of one share for each 8 held of record Oct. 8,
1962. Rights will expire Nov. 29. Price—$15. Business
—Company writes life and allied classes of insurance.
Proceeds—For general corporate purposes. Office—139

University Place, Pittsburgh. Underwriter—None,

Number 62f6

196

Volume

.

.

The Commercial and Financial Chronicle

.

Office—Tekoil Bldg., Oklahoma City.

Underwriter—Peter Morgan
Gas

Northern

Nevada

& Co., N. Y.

Co.

Oct. 15, 1962 filed

209,000 common being offered for sub¬
scription by holders of the common stock and convert¬
of Southwest

securities

ible

basis of two-ninths of a

in optical electronics.
Proceeds—For equipment
working capital.
Office—246 Main St., Chatham,
N. J. Underwriters—Stone, Ackerman & Co., Inc., and
Heritage Equity Corp., N. Y.
(

used

Natural Gas & Oil Producing Co.

Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes.

Gas Corp., parent, on the
share for each Southwest share

(or to be received on conversion). Record date for
the offering is Nov. 19, and the rights expiration date,
Dec. 5. Price— $10.50 per share.
Business — Company

and

Orr

in

and will operate,

Nevada. Proceeds

northern

natural gas pipeline

a

For

—

construction,

Underwriter—None.

working capital. Office—2011 Las Vegas Blvd., South,
Vegas. Underwriter—Eastman Dillon, Union Secu¬

rities & Co., New York.

Campbell Island Mines Ltd.

New

Oct. 13, 1961 filed 475,000 common,
to

offered

be

by the

ment and mining.

of which 400,000 are

and 75,000 by i a stock¬
Businessi-Exploration,
develop¬

company

Price—50c.

holder.

Proceeds—General corporate

purposes

Office—90

Industry St., Toronto, Canada. Underwriter—
A. C. MacPherson & Co., Toronto.
New
Oct.

29,

series' J,

Eng'asid Power Co. (12/4)
1962 filed $12,000,000 of first mortgage bonds,
due Dec. 1, 1992. Proceeds—For repayment of

short-term

Office—441

notes.

derwriters—(Competitive).

Stuart

St.,

Probable

Boston.

28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—pFor equipment and working capi¬
tal.

Un¬

bidders:

Halsey,
Stuart & Co. Inc.: Kidder, Peabody & Co.-White, Weld
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.-Lehman Brothers-Equitable Securities Corp. (joint¬
ly); First Boston Corp.; Kuhn, Loeb & Co. Bids—Dec. 4

Underwriter—None.

Address—Creede, Colo.

Fak-Well Paper Industries, Inc.

(12/10-14)

March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $13). Business—Manufacture of en¬

velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—-For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis
Pan American

I.

du

Pont

&

Co., N. Y.

Beryllium Corp.

Feb.

28, 1962 filed 100,000 common. Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Proceeds

For

—

debt

equipment, and other
Office—39 Broadway, N. Y. Under¬
repayment,

corporate purposes.
writer—To be named.
PanAm

March

Realty & Development Corp.

named.

Dec.

Boston.

—Manufacture

N©w

Ersg'airtd Power Co. (12/4)
filed 100,000 shares of cum. preferred ($100
par). Proceeds—To redeem a like amount of outstand¬
ing 5.52% cum. preferred. Office—441 Stuart St., Bos¬
ton.
Underwriters—(Competitive).
Probable
bidders:
Merrill Lynch,
Pierce, Fenner & Smith Inc.-Eastman
Dillon, Union Securities & Co. (jointly); Lehman Broth¬
ers; Equitable Securities Corp.; Kidder, Peabody & Co.;
Lee Higginson Corp.-White, Weld & Co. (jointly). Bids
Oct. 29, 1962

—Dec.

1962 (12 noon EST)). Information Meeting—
(11 a.m. EST) in Room 100, 441 Stuart St., Bos¬

4,

Nov. 29

Underwriter—Arnold Malkan
This

Radio Corp.

Peerless

—Real estate. Proceeds—For purchase of mortgages,

and
working capital. Office—18 Lancaster Rd., Union, N. J.

Underwriter—To
Prince

parts and components to industrial customers. Proceeds
Office—19

&

i

Proceeds—For debt repayment,

construction of a swim¬
ming pool, and other improvements. Address—Landover,
Prince Georges County, Md. Underwriter—None.

Prosperity Cleaners & Laundries, Inc.
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
stockholders. Office
48-12 25th St., Astoria, N. Y.
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y,
Note—This registration will be withdrawn.
—

Publishers Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord con v. deben¬
tures due 1977 to be offered by the company and 25,000

outstanding

common

shares to be sold by stockholders.
amendment
Proceeds—

debentures, par; for stock—by
$10).
Business—Book
publishing.

Company will use its proceeds for the purchase of two
printing firms; to redeem outstanding 6% notes; for

working

capital,

and other corporate purposes.
Office
Ave., Washington, D. C.
Under¬
Co., Inc., Philadelphia.

Connecticut

—1106

&

Putnam

Management Co., Inc.
150,000 common (non-voting). Price
•—By amendment (max. $14). Business—An investment
Aug. 22,
adviser

1962 filed

distributor

and

of

funds.

mutual

Proceeds—For

St., Boston.
Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y. Offering-

stockholders. Office—60 Congress
Underwriters—Paine, Webber, Jackson &
selling

Indefinite.

1962 filed 120,000 common, of which 100,000
offered by the company and 20,000 by stock¬
holders. Price — $4. Business — Distribution of electric
debt

named.

15, 1962 filed 500 common to be offered for sub¬
scription by stockholders on the basis of one new share
Feb. 18, 1962. Price—$1,000.

22,

—For.

he

Georges Country Club, Inc.

for each share held of record

Quick-N-Clean Corp. of Minnesota, Inc.
1, 1962 ("Reg. A") 205,000 common. Price—$1.15.

be

to

are

FCordan

ton.

&

Co., Inc., N. Y. Note—
registration will be withdrawn.
,•

March

Underwriter—None.

Corp.
March 30, 1962 filed 150,000 common. Price—$5. Business

writer—Roth

Farlkway Laboratories, Inc.
6, 1961 filed 160,000 common. Price—$5. Business
of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other corporate pur¬
poses.
Office — 2301 Pennsylvania Ave., Philadelphia

(11 a.m. EST) at company's office. Information Meeting
—Nov. 29 (11 'a.m. EST) in Room 100, 441 Stuart St.,

St., Shreveport, La.

(max.

1962 filed 400,000 class A stock. Price—$10.
real estate holding and development com¬
pany.
Proceeds—For general corporate purposes. Office
—70 N. Mlain St., Freeport, L. I., N. Y.
Underwriter—
12,

be

ket

Price—For

Business—A

To

Powell Petroleum, Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
drill for and operate oil wells.
Office—418 Mar¬

—Tu

Oct.

Mining Co., Inc.

Feb.

and

Las

Busi¬

ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'
dress trousers.
Proceeds—For debt repayment, adver¬
tising and working capital.
Address—Opelika, Ala,
Outlet

33

Prescott-Lancaster

(J. Herbert)

Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50.

held

is constructing,

(2265)

repayment, inventory and working capital
Wilbur St., Lynbrook, N. Y. Underwriter—
Cp,, Inc., N. Y.

Oct.

Business—Company plans to open a chain of coin oper¬
ated dry cleaning stores. Proceeds—Advertising, expan¬
sion and working capital. Office—712 Fir St., Brainerd,
Minn.
Underwriter—Northwest Securities, Inc., Detroit
Lakes, Minn.
,

Essential

Norda

March

1962

20,

Oil & Chemical Co.,

filed

200,000 class A

Inc.

shares.

Price—By

Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130?000 class A common shares.

Price

Business—The manufacture of building materials.

amendment (max. $15). Business—Manufacture, process¬

—$5.

essential
oils, flavor, essences, etc., to food and drug industries.
Proceeds
For debt repayment, working capital and
other corporate purposes. Office—601 W. 26th St., N. Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—Ex¬
pected sometime in March.

Proceeds—For payment of

ing and distribution of natural and synthetic
—

Nordon

March

Corp., Ltd.

filed 375,000 capital shares, of which
be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness-—Acquisition and development of oil and natural
1962

29,

100,000

to

are

properties.

gas

Proceeds—For

drilling

expenses

and

working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills. Calif.

North

Atlantic

Life

Insurance

Co.

of America

Aug. 31, 1962 filed 600,000 common being offered for
subscription by stockholders on the basis of two new
shares for each common share held of record Aug. 27,
1962, with rights to expire Dec. 4. Price—$3.50 Business
—Writing of life, accident and health insurance. Pro¬
ceeds—For
capital funds.
Office—163 Mineola Blvd.,
Mineola, L. I., N. Y. Underwriter—None.
Northwest Securities Investors, Inc.
June 25, 1962 ("Reg. A") 80,000 common.

Price—$3.75.

income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Port Reading, N.J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed.
,
Perma-Bilt Enterprises, Inc.
May 28, 1962 filed 230,000 common. Price—By amend¬
ment (max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For acquisition and devel¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro. Calif UnderwriterRobert A. Martin Associates, Inc., N. Y. Note—This reg¬

istration will be withdrawn.
©

Permeator Corp.
18. 1962 filed 300.000

to

common

be

offered

for

subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held. Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
eral corporate purposes.
Off ice—445 Park Ave., N. Y

•

Co.

Norton

Underwriters—Paine, Webber, Jackson & Curtis, Boston,
and Goldman, Sachs & Co., New York. Note—This regis¬
tration will .be withdrawn.

,

Science & Engineering Corp.
1962 filed 100,000 common. Price—By amend¬
(max. $15). Business—Research and development

Nuclear

March 29,
ment

contracts

on

using radioactive tracers;

precision

radio¬

activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment

services.

Proceeds—For

equipment, debt repay¬
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh. Underwriter—Johnston, Lemon &
Co.. Washington, D. C.
Nuveen
Oct.

17,

Tax-Exempt Bond Fund, Series 4

1961

filed

fractional interests in

$15,000,000
the Fund.

of units representing
Price—By amendmeiit.

Business—The Fund will invest in

interest-bearing obli¬
gations of states, counties, and municipalities of the U. S.,
and
political subdivisions thereof which are believed
to be exempted from Federal Income taxes.
Proceeds—
For

investment.

Nuveen &

Optec,

Office—Chicago,

111.

Sponsor—John

Co., 135 So. La Salle St., Chicago.

Inc.

(12/17-21)

Dec.

26, 1961 filed 100,000 common. Price—$3. Business
—Research, development and fabrication of materials




holders. Price—By amendment

(max. $6). Business—En¬

gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball

mechanical pencils and desk Sets.;
working capital. Office—-'
Litle Falls, Passaic County, N. J. Underwriter—To be

point

points,

pens,

Proceeds—For equipment and
named.

'

Radar

Relay, Inc.
Oct. 1, 1962 filed 100,000 common, of which 75,000 will
be sold by company and 25,000 by a stockholder.
Price
—By amendment (max. $10).
Business—Design and
manufacture of electronic monitoring and warning sys¬
tems,

lighted

integrally

and

switches. Proceeds

—

For

product improvement and development, working capital,
and
other corporate purposes.
Office—1631 10th St.,
Santa

Underwriter—White, Weld & Co.

Monica, Calif.

Inc., New York. Offering—Indefinite.
Real

Properties Corp.

April 27,

of America

filed 300,000 class A shares. Price—By
(max. $16). Business—Company owns cer¬

1962

Imminent.

tain

Petro-Capital Corp.
Marcn
28,
1962 filed 556,700

gage

Business—A

small

common.
Price—$11
investment company.
Pro¬

business

New York.

Sept. 28, 1962 filed 425,000 common. Price—By amend¬
ment
(max. $36).
Business—Manufacture of various
types of abrasive products. Proceeds—For selling stock¬
holders.
Office—One New Bond St., Worcester. Mass.

June 29, 1962 filed 125,000 common, of which 50,000 will
be offered for the company and 75,000 for certain stock¬

amendment

Office—922 You St., N. W., Washington, D. C.

Underwriter—Clarence E. Shaw & Co., Washington, D.C.

M. Corp.

D.

Underwriter—Irving Weis & Co., New Ybrk. Offering—

ceeds—For

purposes.

E.

,

Mav

Business—Acquisition of second-trust notes secured by
estate property.
Proceeds—For general corporate

real

R.

Sherry

general corporate purposes.
Office—6130
Lane, Dallas. Underwriter—McDonnell & Co.,

Playboy Clubs International, Inc.
May 28. 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—-Company is engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232

E.

St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.

60,000

A")

common.

Price—$5.

life, accident and health, and group and
disability benefits insurance; trading in over-the-counter
market; underwriting of new security issues and sale
of mutual funds. Proceeds—For expansion, advertising,
and working'capital.
Office—150 Broadway, N. Y. Un¬
of

derwriter—J. B.

—

drawn and then refiled.

Red-O-Lier

Corp.

Coburn Associates,

Inc., N. Y.

Potomac Real Estate Investment Trust

,

Aug. 27, 1962 filed 100,000 class A common. Price—$3.25.
Business—Distribution of electrical supplies and equip¬
ment to commercial and industrial users.
Proceeds—
finance

To

ables.

Regal
Oct.

additional

Office—577

Crosse &

2,

inventories

Courtland Ave

and
.

accounts

receiv¬

N. Y. Underwriter—

Co., Inc., New York. Offering—Imminent.
Factors, Inc.
1962
("Reg. A")

Business—Company

Business—Company through its subsidiaries engages in
sale

Office

Ohio

Polequity Corp.
Aug. 29, 1962 ("Reg.
the

estate, general insurance agency and a mort¬
servicing company. Proceeds—For debt repayment.
745 Fifth Ave., N. Y.
Underwriter — Stanley
Heller & Co., N. Y. Note—This registration will be with¬
real

accounts

receivable

90,000 common.
Price—$2.
to engage in factoring and
financing.
Proceeds—For working
plans

Office—32 Broadway, N. Y.
ward H. Stern & Co., Inc., N. Y.

capital.

Underwriter—Ed¬

Regulators, Inc.
1962 filed 75,000 common, of which 50,000 are

Jan. 29,
to

be offered

Specialty
the

by the company and 25,000

by Electronic

parent. Price—$5. Business—Design and
regulating and control devices used in
and electronic fields.
Proceeds—For debt

Co.,

manufacture

electric

of

and working capital. Office—455 W. Main
St., Wyckoff. N. J. Underwriter—Myrnn A Lnmasnov &
N. Y. Note—This registration will be withdrawn
repayment

July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
investment'trust. Proceeds—For investment. Office—880

Co.,

Bonifant St., Silver Spring,

and

Paulsen

Insurance

Md. Underwriter—None.

Co.

of

America

Aug. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Writing of group and fran¬
chise forms of accident, sickness and life insurance in
the Midwest. Proceeds—For debt repayment and expan¬
sion.

Office—Executive Plaza, Park

writer—A.

C.

Allyn

&

Co.,

Chicago.

Ridge, 111. Under¬

Note—This stock

will not be offered for sale in New York State. Offering

—Indefinitely postponed.

then

refiled.

Resin Research Laboratories,

Inc.

1962 filed 105,000 common. Price—$3.50. Busi¬
ness
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
field Proceeds—For expansion of facilities, debt repay¬
ment and
working capital. Office—396-406 Adams St.,

Feb.

27,
—

Newark, N. ^.

Underwriter—Keene & Co., Inc.. N. Y.
Continued

on page

34

34

(2266)

The Commercial and Financial Chronicle

B

Continued from page 33

..

share and

Selective
—

•

Richard

June-21,
Business

Gray &

Co.,

("Reg.

A

working capital and other corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard Gray Co.,

♦"

v

New

nix.

Dec. 21, 1961 filed 142,858 common.
—A real estate investment company.

Price—$7. Business

purposes. Office—220
St, N. W.y Washington, D. C. Underwriter—Hirschel
& Co., Silver Spring, Md. Offering—Indefinite. Note—
The SEC has -challenged the accuracy and adequacy
of this registration statement

•

K

«

.

bona

tee

(12/17-21)

Corp*

Business—Real

19(32 filed 100,000 common. Price—$5. Busi¬
ness—Design, manufacture, and distribution, of girls'

struction

Sept. 26,
^

Cohu

be offered

to

are

holders.
and

Price

color,

prints

film.

—

Proceeds

Stonehill &

black

white

and

ceeds

N

photographic

inc.

&

Weeks, N. Y.

Note

for

company

stockholders.

Office—1400

Fifth

San

Ave.,

April 23. 1962 filed 60,00t)
ness—A

/

business

Price—$12.50.

common.

'

C

100,000

,j are to be offered by company and 50,000 by a selling
stockholder. Price—By amendment (max. $10). Business
-

—Design

and

manufacture

recording,

testing

craft

missile

and

Address

U. S.

of-

measuring,

indicating,

and controlling devices used in airsystems. Proceeds — For expansion.

Nov.

/

Scripps-Howard

March 20,
ment

("max.

TV,

ates

Broadcasting Co.

1962 filed 375,000
$20).

radio

and

Price—By amend¬
Business—Company owns and oper¬
FM broadcasting stations. Proceeds

selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.

'Offering—Indefinitely postponed.

1

1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and de¬
velopment of real estate. Proceeds—For working capital.

Ave.,

Silver

American

Spring,

Seaboard

Md.

Under¬

Securities

Corp.,

(same address).
^ep*»oa~rf

for

L'fe

each

reserves, and

Insurance Co. of America

5

held

of

record

being offered
basis

Oct.

of

one

for
new

purchase

of

a

1,

building, debt repayment,

other corporate purposes.

Office—1451 N.

Bayshore Dr., Miami. Underwriter—None.
Securitv

Jan.

26,

Aluminum

Corp.
165,000 common. Price—$6. Business

1962 filed

—

are

B

Warwick, Inc.,

York.(Offering—Expected

Selective
Feb.

28,
to

and

be

1962

Financial
filed

offered

C stock

Morgan

Westheimer

Tennessee'Gas Transmission Co*

Brothers

&

1961

29,

;

Texas

Pierce, Fenner & Smith
EST) at 195 Broadway

New

June 29,
health

St.; Hoboken,

N.

J.

products.

•

due

Star

Top Dollar Stores,

and

other

N. Y. Offering
"" v
Tourist Industry Development Corp. Ltd.
Aug. 3, 1962* filed $5,000,000 of 7%- senior debenture
stock due 1962.

Business—Real estate

January.

Corp.

500,000

for

in

subscription

of Selective Life

f
of

Insurance Co., an affili¬
ate, on the basis of 4 company shares for each class A or




Stratford

American-Israel Basic
Towers

Business

Ave.,

N.

Y.

Fund, Inc.
20, 1962 filed 500,000

Underwriter—Mortimer

B.

Price—$20. Busi¬
mutual fund which plans to offer investors
the opportunity of exchanging their individual securi¬
ness—A

ties

for

income

common.

new

shares
tax

of

the

Fund

without

incurring Federal
liability. Office—15 William St., New York.
R.

Williston

&

Beane,

Israel.

N. Y.

—This company formerly was named Stratton
Construction Fund, Inc.

Note

Realty &

Superior Commercial Corp..
Nov. 15, 1962 filed 200,000 class A common, of which
100,000 are to be offered by the company and 100,000 by

Underwriter—

International, Inc.

IVIarts

1962

filed

Business

—

Langley & Co., New York. Note—This

Stratton
March

1,

amendment.

Underwriter—^None.

Corp.
29, 1962 filed 315,000 class A shares of which
218,000 are to be offered by the company and 97,000 by
the stockholders.
Price—$6. Business—Commercial finance company.
Proceeds—For debt repayment. Office
Madison

.

Economy Corp., N. Y..

550,000 capital shares. Price — By
Company builds and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St.. N Y
Underwriter—W r*
Feb.

non-ferrous rod and tube

registration will

be withdrawn.

March

—95

Address—Jerusalem,

purposes.

Financial

Dealer-Manager—J.

which 405,000
by holders of the A,

common,

Pinconning, Mich.

Business—Company was

Price—At par.

organized by the State of Israel to furnish financing to
tourist
enterprises. - Proceeds—For
general, corporae

repayment, land ac¬
quisition, construction, and working capital. Office—
1601 E. S. Mountain Ave., Phoenix. Underwriter-^None.
Proceeds—For debt

Price—$1.

.

Philips, Appel & Walden, 115 Broadway,
—Temporarily postponed.

Development Corp.

a

Inc.

Business—Operation of a chain of self-serv¬
ice retail stores selling clothing, housewares, etc.
Pro¬
ceeds—For .expansion, equipment and working capital.
Office—2220 Florida Ave., Jasner. Ala.
Underwriter-—

1962 filed $300,000 of 6%% convertible s. f. de¬

—Company plans to operate

Pro¬

Price—$5.

1962 filed 230,000 common. Price—By amend¬
$12). Business—Writing of life, accident and

Sterling Copper Corp. •
Aug. 2, 1962 filed 850,000 common.

equipment for home and industry.

expansion.

May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.

Security Life Insurance Co. of
(12/3-7)

Price—At par.

y

Office—Tokyo, Japan./ Under¬
writers—Smith,, Barney, & Co. Inc." and The Nomura
.Securities Co.; Ltd., New York.
ceeds—For

corporate purposes. Office—111 Fifth Ave., N. Y. Under¬
writer—Ira Haupt & Co., N. Y.
Nov. 9,

(12/12)

Ltd.

■

19, 1S62 filed $20,000,000 of convertible debentures,
1978.. Price—By amendment;
Business—Manufac-i

ture of electrical

Underwriter—'

investment

Shibaura Electric Co.,

Tokyo

Nov.

'

Proceeds—For

1962

25,

Z working capital.'

York

insurance.

Proceeds—For working capital.
Underwriter—Crow, Broufinaff &

Proceeds—For debt repayment, expansion and
Office—407 Lincoln Rd., Miami Beach,
Fla. Underwriters—Ruffer Ballan & Co., Inc., N. Y., and
J. C. Roberts & Co., Inc., Miami Beach, Fla.
//'

.

products, electrical and electronic devices and.
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment'of debt, and working capital.

Standard

V//./V.

.

Industries, Inc. '
<
("Reg. A") 60,000 common. Price—$3.50.
Business—Sale and installation of building insulating

and food

Grand

Inc.

Todd

Oct.

("Reg. A")

Co., New York.

„

Chatkin, Inc., N. Y.

Towing & Transportation Co., Inc.

Sperti Products, Inc. (12/17-21)
29, 1961 filed 230,000 common of which 200,000 are
to be offered by the company ana 30.000 by stockholders.
Price—By amendment. Business—Manufacture of drug

Blair &

Plastics,

packaging products..
Address^Elsa, Texas.

■

Nov.

Office—730

v\*

/ V!.

July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of a plant producing plastic film and

& Co.; Lehman
Hutzler
(jointly); First

•

»

!/

1962 filed $50,000,000^ of first mortgage pipe jine
bonds due Dec. 1, 1982. Price—By amendment. Proceeds
—For debt repayment, and construction.
Office—Ten¬
nessee Bldg., Houston.
Underwriters—Stone. & Webster
Securities Corp.; White, Weld & Co!; Halsey Stuart '&
Co.- Inc. Offering—Expected sometime in January.; ■ '
Oct. 11,.

Stanley

Burnside & Co.. Inc., N. Y.

—Manufacture of aluminum
sliding windows and doors.
Proceeds—For equipment,
moving expenses and work¬
ing capital. Office—503 E. Pine Ave., Compton, Calif.
Underwriter
Vickers, MacPherson &
New

Inc.;

and

Parkway,

Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.,

with rights to
expire Dec. 31 (period may be extended). Price—$9.25.
Business—Writing of life, accident and health insurance.
Proceeds—For

working capital.
Office—19201 Cranwood
Warrensville Heights, Ohio. • Underwriters—
& -Co., Cincinnati, and Hartzmark •& Ccu
Inc., Cleveland.
' ■"
' ■
v/- /* '

loans

_

mijl.

June 29, 1962 filed 256,097 common
subscription by stockholders on the
share

Co.

development.

July 25,

Thayer

&

bentures due 1972.

Seaboard Land Co.

writer— North

Sept. 28, 1962 filed 122,000 common. Price—By amend¬
(max. $11). Business—Manufacture of automobile
antennas and radios. Proceeds—For repayment of bank

ment (max.

common.

—For

"Office—912

St.^.Lfetfc. rBavep^ /Conn.

Corp.

ment

parent and for pther .corporate

Church

100,000 common.
Price—$3.
Business—Construction and operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
William St., N. Y.
/

Route

130, Pennsauken, N. J. Under¬
writer—Bear, Stearns & Cd., N, Y.
—

& T.

T.

Southeastern

-

-

A.

Office—227

Corp.; Merrill Lynch,
Inc.
Bids—Dec.
11
(11 a.m.
(Room 2315), New York.

Beverly Hills,v Calif.
Scfcaevjtz engineering (12/10-14)
M^rch 13. 1962 filed 150,000 common, of which

Corp., 733

,

.

Tenna

New

Boston

Busi¬

Montgomery St., San
Underwriter—Cantor, Fitzgerald & Co., Inc.,

Francisco/

Jan.

f

Brothers-Solomon

Proceeds

company.

Cleveland. Offering—In

from

Stuart

,

investment

Co.,

Underwriters—(Competitive). 'Brcrb'able bidder's: White,
Weld & Co.-Kiddef, Peab'ody &' Co/ (jointly); Halsey,

selling
Diego. Un¬

Corp,

&

and working capital. Office
Bldg., Cleveland, Ohio. Under¬

England Telephone Co; (12/11)
,
16, 1962 filed $45,000,000 of debentures, due Dec,
Price—By amendment. Proceeds—To repay ad¬

For

investment. * Offic^—400

y —For
*

small

investment

repayment, equipment and working capital.
Heck Ave., Neptune, N. J, Underwriter—
Dr Blauner & Co., N. Y. Offering—Postponed.

purposes.

Weld & Co., N. Y., and J. A. Hogle &
Co., Salt Lake City.
/
'
Francisco Capital

trust.

vances

derwriters—White,
San

N. Y. Underwriter—Creative Ventures
Ave., N. Y.

Telephone Employees Life Insurance Co.
.(12/17-21)
//,/'
//
Nov. 9, 1962 filed 110,292 capital shares, to be offered
for subscription by stockholders of Telephone Employees
Insurance Co., affiliate, on a l-for-4 basis.
Price—$25.
Business—Company plans to write ordinary life, credit
life and group life insurance. Proceeds—For capital and
surplus, and investment.
Address—Redwood •&/ Light
Streets, Baltimore,' Md. Underwriter—Eastman Dillon,
"Union Securities & Co., Baltimore. st

debt

Nov.

D'ego Imperial Corp. (12/3-7)
1, 1962 filed 124,552 common. Price—By amend¬
ment (max. $14). Business—A holding company for 15
—

investment

estate

1, 2001.

San

Proceeds

and

•

indicators and circuit components. Proceeds—

as

Southern

Oct.

associations.

way,

Third

Simpson (J.) & Co., Inc.
1, 1962 ("Reg. A") 50,000 class A. Price—$6. Busi¬
ness—Company is a licensed pawn broker. Proceeds—
For general corporate purposes.
Office—1176 Ave. of
Americas, N. Y.
Underwriter—Richard Bruce & Co.,
Inc., New York. Offering—Indefinitely postponed.

—

loan

advertising

Oct.

real' estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
Straus. Blosser & McDowell, Chicago
and Dempsey-Tegeler & Co., Inc., St. Louis. Offering
—Temporarily postponed.

savings and

Proceeds—For equipment, promotion and
working capital. Office—1650 Broad¬

teaching aids.

products. Pro¬

•

plant

Sampson * Enterprises, Inc.
Feb. 28, 1962 filbd 450,000 common. Price — By amendment '(max. $8). Business—A holding company for a

•

use

Milton

formerly was called Russell Manufacturing Co. Offering
—Expected sometime in January.

H-

Teaching Systems, Inc.
'V"
1962 (-'Reg. A") 50,000 common. Price—$2. Busi¬
ness—Production and sale of educational." audio-visual

June 1,

Office—1933

Underwriter
This

—

.

126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps
For

Address—Alexander City, Ala.

-—Hornblower

A real

—

Signalite Inc.
Jan. 29, 1962 filed

(

and

Inc. ahd Peh-

port,*Conn. Underwriters^-Stroud & Co.,
ington. Colket & Co., Philadelphia. V"

215,000 shares of beneficial interest.

writer—McDonald

common.

Proceeds—For bond retirement

con-*

Fifth Ave., N. Y.

Properties

1962 filed

19,

Proceeds—For

Price—By amend¬
ment' (ma*.
$12).
Business—Manufacture of athletic
clothing, knitted underwear, children's sleepwear and
expansion.

—

—1956 Union Commerce

I

2,'1962f ("Reg. A") 2,400,000 common. Price—12%
Business—Exploration and development of mineral
deposits.' Proceeds—For debt repayment and general
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.

cloth!

Proceeds—For

Office—565

.

Jan.

cbtton

investment.

repayment, equipment and working
190 Gruner Rd., Cheektowaga, N. Y.

Price—$15. Business

cents.

^Russell Wlills, Inc.
V Sept. 28, 1962 filed 312,500

Office

Shaker
Oct.

Co., N. Y. Offering—Indefinitely postponed.
Mines,

Price—$10..

Underwriter—General Securities Co., Inc., N. Y.

and working capital.
'Underwriter — Federman,

Y

debt

cpn-

equipment used in missiles, helicopters and aircraft.
Proceeds—For; selling' ^stockholders
Address^Bridge-

trol
common.

components and associated

For

—

capital.

equipment

Ave..

Oliver

nuby

and
For

—

7th

Office—245

cision control

which 100,000
by the company and 200,000 by stocKBy amendment.
Business — Develops

v;

amend¬

Servotronics, Inc. (12/3-7)
1962 filed 125,000 capital shares. Price — $3
Business—Design, development and manufacture of pre¬

of

/%///■;''/■/-'l'/:

Controls, Corp.

March 29, 1962 filed 90,000 common, Price—By
ment (max. $7.50). Business—Manufacture of fluid

March 30,

Stetson Inc., N. Y.

&

Royaltone Photo Corp.
Nov. 29, 1961 filed 300,000 common,

*

,

estate

building.

a

Fluid

Tacfair

Underwriter—None.

blouses, v sportswear,
and coordinates.
Proceeds—For
debt repayment. Office—112 W. 34th St., N. Y. Under¬

writer—Winslow,

of

- -

Industries, Inc.

Blvd., Beverly Hills, Calif.

surance. Proceeds—For organizational
expenses and other
torporate purposes. Office—225 Bush St., San Francisco,

Sentinel Properties Corp.
May 1, 1962 filed 200,000 class-A

.

•

Underwriter—None.

Calif. Underwriter—None.

-

York;

(12/13-14)
March 29, 1962 ("Reg. A") 125,000 common../Price—$2.
Business—Manufacture and sale of women's wear. Pro¬
ceeds—For debt repayment, leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter — Costello, Russotto & Co., 9301 Wilshire

Sept. 10, 1962 filed 250,000 capital shares. Price — $5.
Business—Company plans to sell life and disability in-

Proceeds—For debt

repayment and gene-aF corporate

:

York.

Lane, New

Maiden

Office—9

purposes.

Tabach

Sentinel Life Insurance Cow

.■■■■' Richmond Corp.

Proceeds—For general cor¬

Underwriter—S\ C. Burns & Co., Inc., New

—

Offering—Imminent.

York.

porate

buys

Business—Company

Price—$1.50.

•

and holds second mortgages.

publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to en¬
gage in
the consumer finance, mortgage, general fi¬
nance and related
businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬

60,000 : common. Price—$5.
broker-dealer.
Proceeds — For

securities

stockholders.

scribed shares will be offered

A")

1962
—

Inc.

two-thirds share for each class C share of
held. Remaining 94,822 and any unsub¬

Life

Thursday, November 29, 1962

...

Town
Nov.
-

&

Country Associates

5, 1962 filed 64% limited partnership

interests and

subordinated promissory notes due 1973
be offered in units of one interest and $7,850 of notes.

$506,325 of 5%
to

Price—$8,750 per unit. Business—A limited partnership
which plans to construct a shopping center, an office
building and related facilities at Springfield, 111. Pro¬
general corporate purposes. ; Office—59 E.

ceeds—For
Van

Buren

St.,

Chicago.

Underwriter—None.

Traileurop, Inc. (12/10-14)
Aug. 30, 1962 filed 150,000 common.

Price—$5. Business
firms engaged in
leasing semi-trailers.
Proceeds—For equipment, debt
repayment and working capital.
Office—99 Wall St.,

—A

N. Y.

holding

company

for

European

Underwriter—Kordan & Co., Inc., N. Y.

Transarizona

Resources,

,

;,>

Inc.

May 28, 1962 filed 500,000 capital shares. Price—$1.50.
Business—Exploration, development and production of

-

the Lake

Shore

Number 6216.

196

Volume

deposit

copper

The Commercial and Financial Chronicle

.

Casa Grande, Ariz.

near

Office—Thompson Bldg., Tulsa.
Edwards, Inc., Oklahoma City.

writer—None.

r

Turbodyne Corp.
March 2, 1962 filed

127,500 common. Price—$5. Business
—Research, development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt repay¬
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc.,
N.
•

Y.

'

(12/6)

Inc.

United Markets

March 15, 1962 filed $400,000 of 8% conv. subord. deben¬
tures due 1972 and 20,000 common to be offered in units

of

debenture and

$200

one

supermarkets.

general corporate purposes. Office—531
Ferry St., Newark, N. J. Underwriter — Moran & Co..
Proceeds—For

Newark, New Jersey.

Storage

of Hawaii, Inc.
Sept. 14, 1962 filed 30,000 capital shares, of which 20,000 are to be offered by company and 10,000 by present
stockholders.
Price—$10.
Business—Company plans to
construct and operate cold storage facilities in Hawaii.
Proceeds—For construction, and working capital, Offipe
©

:

U. S. Co'zd

—3140 Ualena

—This

Honolulu.

St.,

registration

was

Not®

withdrawn.

Annuities

Variable

United

Underwriter—None.

Fund,

Inc.

-

Universal

Capital

Corp.

.

Paul

St.

St., Dallas. Underwriter—None.

Urethane of Texas,

Inc.

Feb. 14. 1962 filed 250,000 class A and 250,000 common to
be "offered in

$5.05

Proceeds—For

leasehold
—2300

one.

share of each class.

Business—Manufacture

unit.

per

foams.

,,

units of

expenses

Republic

Bank

of

Price—

urethane

working

equipment,

and other corporate

National

New

capital,
Office!

purposes.

Bldg.,

York.

Dallas.

Under¬

(L.

F.), Inc.
Oct. .=27, 1961 filed 162,000 common, of which 102,000 are
to
be offerfed
by the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work^
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Shoes

Wiener

Inc.

April 2, 1962 filed 80,000 common. Price
ment (max. $11). Business—Operation of

—

a

By amend¬

chain of shoe

Proceeds—For debt repayment, expansion and
working capital. Office — 808 Dakin St., New Orleans.
—
Howard, Weil, Labouisse. .Friedrichs &

stores/

Underwriter

Co., New Orleans. Note—This registration will be With¬
drawn.

Winslow

28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬
Office—1005 First Ave., Asbury Park, N. J. Under¬
N. Y.

writer—Amos Treat & Co., Inc.,
Wolf Corp.

I-

1962 filed $4,500,000 of 6.5% convertible sub¬
(with attached Warrants)
for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
26,

ordinated debentures due 1977

be

pany

U. S.

armed

forces.
W.

Office—4401

offered

class

A

Real

estate.

shares

held.

Price—$500

Proceeds—For

debt

selling/stockholders.

Proceeds—For

Fifth

Ave., Chicago. /Underwrite^
Paine, Webber, Jackson & Curtis, Chicaj
it King-Steverison Gas & Oil Co.

filed'$1,526,200

due

bentures,

of 6l/z%

1977,

c|>nv.

subord. de¬

to be offered by
stockholders at the rate of

common

/subscription by
$1((0 of debentures

for each 30 shares held of record Nov. 15.

Price—At par.

Business—Company is engaged in operating gas and oil
properties, supervising drilling on its leases and man¬
aging exploration programs for investors. Proceeds—For
general corporate purposes. Office—2200 First National
Bank Bldg, Denver, Colo. Underwriter—None.
it National Security Life Insurance Co., Inc.
Nov. 28, 1962 filed 590,075 common to be offered for
subscription by common stockholders of record Oct. 15,
a share-for-share basis. Price—By amendment
(max.
$2). Business—Writing of participating and non-partici¬
on

pating ordinary life insurance. Proceeds — To expand
operations. Office—6225 University Ave., Madison, Wis.

Underwriter-j-None.

Electronics, Inc.

Dec.

Jan.

$15). Business—Manufacture of short¬
transmitting and receiving equipment, com¬
also engages in long-range engineering projects for
radio

Njov. 26, 1962

Widman

35

amendment (max.
wave

White Plioto Offset, Inc. (12/17-21)
July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds
For debt repay¬
ment, equipment and working capital. Office—142 W.
26th St., N. Y. Underwriter — K-Pac Securities Corp.,

to

Aug. 28, 1962 filed 1,500,000 common. Price—$1. Busi¬
ness—Company plans to establish or acquire control of
other companies* principally those in life insurance, field.
Proceeds—For general corporate purposes. Office—318
N.

J.

poses.

April 1.1, 1961 filed 2,500,000. shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

,

—R.

10 shares.- Price—$250 per

unit, Business—-Operation of "Foodtown"

Underwriter

purposes.

'

Proceeds—For equipment, exploration and working cap¬
itals Office—201 E. 4th St., Casa Grande, Ariz. Under-

(2267)

per

unit.

Business—

realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
:—S. E. Securities, Inc., 10 East 40th Street, New York.
Note—This registration will be withdrawn.
repayment and

Electronic Products, Inc.
1962 filed .140,000 common. Price—$3. Business
•—Manufacture, development and assembling of precise
electronic replacement components for radio, TV and
industrial
use.
Proceeds—For
debt
repayment,
in¬
Workman

Oct. .25,

it Remitco, Inc.
Nov. 19, 1962

filed 952,000 common. Price—$10. Business
is engaged in selling "puts" and "calls."
Proceeds—For working capital.
Office—130 N. Virginia
St., Reno, Nev. Underwriter—None.

—Company

Wercger ServiceMaster Co.
filed $250,000 of 7% conv. subord. de¬
bentures
due
1973.
Price—95%
of principal amount.
Business—Sale of franchises for on-location cleaning of

it Wade,
Nov.

1962

23,

carpets, furniture, floors, etc., and the manufacture and
sale of cleaning equipment and materials. Proceeds—For
debt repayment and other corporate purposes.
Office—
2117 N. Wayne, Chicago. Underwriter—None.

Effective Registrations
The

following registration statements

were

de¬

clared effective this week by the SEC. Offering

ventory, research, and other corporate purposes. Office
—-Packinghouse Rd., Sarasota, Fla. Underwriter—Hens-

details, where available, will be carried in the

Offering—Temporarily postponed.

berry & Co., St. Petersburg, Fla.

Monday issue of the "Chronicle."

Valu-Rack, Inc.
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price
$5. Business — Wholesale'distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing apparel and other goods.
Pro¬

•

writer

First Nebraska Securities

—

Corp., Lincoln, Neb.

—

ceeds—For debt repayment.
St.,- Los

Office—2925 S. San Pedro

Underwriter—To

Angeles.

be

named.

Vending Components, Inc.
March 30, 1962 filed 100,000 common. Price—$4. Busi¬
ness— Manufacture, design
and sale of metal valves,
mixers, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office—204 Railroad Ave., Hackensack, N. J.
Under¬
writer—Keene & Co., Inc., N. Y.
Venride

r

March 30, 1962 ("fleg.^A") l,0(j)pQ00 commoi), Price—$3
Business—Operation of .underground, p^ld storage faciH
ities.

Propeeds—Expansion, debt repayment and working

594, Favetteville, Ark.
Under¬
writer
Don D. Anderson & Co., Inc., Oklahoma City.
Offering—Expected sometime in January.

capital.

Address—Box

debt

Co., N. Y„

(mgr.).

;

Issues Filed With SEC

.

"

Western Empire Real Estate Investments

Sept. 26,
r

1962 filed 600,000 shares of beneficial interest,

Price—$4.

Business—Company plans to qualify

estate investment

fice—1755 Gilpin
Western

trust.

St., Denver, Colo.

Pioneer

as a

real

investment.

Proceeds—For

Of¬

Underwriter—None.

Co.

Feb. 19, 1962 filed 371,750 capital shares of which 175,000
..

to be offered

by the company and 196,750 by. stock¬
Price—By amendment (max. $42)."Business—
The making of loans secured by first liens on real estate.

are.

holders.

Proceeds—For

debt

repayment. Office

Blvd.. Los Angeles. Underwriter

—

—

3243

Wilshire

Kidder, Peabody &

Co., N. Y.
V

Inc.

at $4.25

shares offered

&

per

sh^re by

Electric Co.

first mortgage bonds due 1992 at
by Lehman Brothers,/ Bear,
Co., and Salomon Brothers & Hutzler, New
'
'/'V.-V ■
of 4M> %

accrued

and
&

Stearns

Nov. 23,

interest

Southern Electric Generating Co.

it Belock Instrument Corp.
1962 filed $1,400,000 of 6% conv. subord. deben¬

payment of loans.
Office—112-03 14th Ave., College
Point, N. Y.
Underwriter—Carl M. Loeb, Rhoades &
Co., New York.
it Belock Instrument Corp.
Nov. 23, 1962 filed $752,400 of 6%

conv.

$7,500,000 of 4%% first mortgage bonds due June 1, 1992
offered at 101.246% and accrued interest, to yield 4.30%
by Merrill Lynch, Pierce, Fenner
Blyth & Co., Inc., New York.

consisting of $100 of debentures and an un¬
specified number of shares, on the basis of one unit for
each 130 common held.
Price—By amendment (max.
(7,524)

Business—Design, development, and manufacture
of mechanical, electromechanical and electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬
payment of loans.
Office—112-03 14th Ave., College
Point, N. Y. Underwriter—None.
$210).

&

Smith

Inc., and

States Real Investment Trust

Western

32,000 shares of beneficial interest offered
share by Westco Corp., Aurora, Colo.

subord. deben¬

tures, due 1975 (series B) and an unspecified number of
common
shares to be offered by subscription in units

at $6.25 per

ATTENTION UNDERWRITERS!
have an issue you're planning to register?
Corporation News ' Department .would like

Do you

Our
to

know about it so

that

we

similar

to those you'll find

Would

you

write

us

telephone

us

can

prepare an

item

hereunder.

at

at 25 Park Place, New

ItEctor 2-9570
York 7, N. Y.

or

it Big Top Stores, Inc.

Prospective Offerings

26, 1962 filed 86,000 common. Price—$3.50. Busi¬
ness—Operation of five retail toy, stationery and variety
Nov.

Proceeds
—For expansion, additional inventory, and working cap¬
ital. Office—832 Scarsdale Ave., S'carsdale, N. Y. Under¬
stores, and the servicing of franchised dealers.

Gruber

J.

* Columbia

29, 1962 ("Reg. A") 175,000 common.
Price—$1.
Business—Operation of motels, hotels, restaurants and

Gas

York.

writer—P.

Western Travel,

Oct.

by the

,

$65,000,000 of 41/2 % first and refunding mortgage bonds,
series II, due June 1, 1995, offered at 100% and accrued
interest by Halsey, Stuart & Co. Inc., New York.

100%

chanical,
electromechanical
and
electronic precision
equipment for U. S. armed forces. Proceeds—For pre¬

foil; the company also produces and leases automatic
winding machines used in the manufacture of capacitators.
Proceeds—For- loan repayment, .equipment,;, plant
expansion and working capital:' Office—65 Honeck St.,
Fnglewood, N. J.. Underwriter—Hemphill, Noyes & Co.,
:.,New York.

■

.

Inc.

common

$32,000,000

Wellington Electronics, Inc.
Oct. 29, 1962 filed 50,000 common, of which 37,500 are to
be-'offered
by company and 12,500 by' a stockholder.
Business—Manufacture of etched aluminum

without underwriting.

company,

Pacific Power & Light Co.

tures,
due
1975
(series A).
Price—By amendment.
Business—Design, development, and manufacture of me¬

Price—$10.

convertible debentures

by Weil & Co., Washington, D.,C.

Norton, Fox & Co., Inc., New York.

Offering—

f

par

29,000 common shares offered at $3.25 per share

100,000

This Week

Co., Inc., N. Y.
Temporarily postponed.

at

Utilities Corp.

Majestic

Orbit Stores,

derwriter—None.

-

&

share by E.

Inc.

subordinated

6V2%

of

due 1972 offered

150,000 common. Price—$5. Busi¬
ness—Manufacture of a new type nylon zipper. Proceeds
—For
equipment, debt
repayment,
advertising, and
working capital. Office—Box 117 Uncasville, Conn. Un¬

Waterman

writer—Shields

Inc.

Systems,

Industries,

Jetronic

$375,000

Zipco Inc.
Sept. 26, 1962 filed

Business
Proceeds

Steamship Corp.
Aug. 29, T961 filed 1,743,000 common. Price—By amend¬
ment.
Business—The
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and working cap¬
ital-.
Office—71 Saint Joseph St., Mobile, Ala.- Under¬

Data

100,000 common shares offered at $3.25 per
H. Austin & Co., San Antonio, Tex.

—

repayment, equipment and working capital.
Church St., N. Y. Underwriter—Leonard B.

Office—241

International

Pacific

5, 1962 filed 150,000 common. Price—$3.
—Operation of coin-operated children's rides.

Stern &

Inc.

Inc.

Nov.

—For

Zero Mountain,

&

Co., Inc.* N. Y.

Gas System, Inc.

(1/3/63)

& Charlotte Air

Atlanta

Line Ry.

1962 it was reported that this subsidiary of
Southern Railway Co., plans to sell about $12,305,000
of fir&t mortgage bonds in 1963 to refund a like amount
of 3%% bonds which mature Nov. 1. 1963. Office—14th
Nov.

20,

Richmond,.Va. Underwriters— (Competi¬
Probable bidders: Halsey, Stuart & Co. Inc.; Kid¬
Peabody & Co.-White, Weld & Co. (jointly); East¬
Diiion, Union Securities & Co.-Salomon Brothers &

1962 filed $25,000,000 of debentures, due 1988.
Proceeds—To redeem outstanding 5% % debentures, due

and Canal Sts.,

working capital.
Office—120 East
Underwriters—(Competitive). Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Merrill Lynch,
Pierce, Fenner & Smith Inc.-White, Weld & Co. (joint¬
ly); Morgan Stanley & Co.-First Boston Corp. (jointly).

der

Sept

1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.

Bids—Expected Jan. 3, 1963.

raise

Proceeds

Nov.

related businesses.

Proceeds—For completion of

a

motel

and

working capital.
Office—290 N. University Ave.,
Provo, Utah.
Underwriter—Western
Securities,
Inc.,
Provo, Utah.
'
,

■

Wheeler &

Ryan,

Inc.

July 30,

No.v.

1984,

27,

and

increase

41st St., New York.

tive)
man

Hutzler

(jointly).
Instrument Corp.

Belock

4
an

1962 it Was reported that the company plans to
additional $1,000,000 by sale of securities. Busi-

it Hallicrafters Co.
.

—

For repayment of debt and




other corporate

27,

1962

filed

108,144

capital

shares.

Price—By

Continued on page

36

r

(2268).

36

various defense items, such as

bomb-sights, gun directors, missile system components,
etc. Proceeds—For working capital and other corporate

Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬

Biologies International Inc.
Aug. 15, 1962 it was reported that this company plans
to file a registration statement covering 125,000 com*
mon
shares.
Price—$3. Business—Company plans to
breed

written

Power

new

1963. A spokesman

Central Illinois

II.

Nov.

by that group under terms of a Federal Court
order dated March 1, 1962. It is expected that the shares
will be sold in two blocks by July 30, 1963. The du Pont
be

portion of them to its stockholders,
sell the balance. Office—1775 Broadway, New York.

Inc.

14,

capital and $6,624,000 to repay long-term notes of sub¬
sidiaries. It has not yet been decided whether the pre¬
ferred would be sold publicly or privately. Business—
Manufacture of various types oUshoes and &p'parel. Of¬

Telephone Co. of Md.

1962 this A T. & T. subsidiary announced plans

named."The

be

writer—To
sold

privately

in

Probable bidders: First Boston Corp.-Merrill

Utilities

Gulf States

Pierce, Fenner & Smith Inc. (jointly); Halsey,
Stuart & Co. Inc.; Morgan Stanley & Co.; White, Weld
& Co. Bids—Expected Jan. 22, 1963 at 195 Broadway,

Oct.

New York.

ceeds—To retire

sell

to

about

issue

derwriters

to

Robert P.

Briggs,

dent, announced that the

Executive Vice-Presi¬

company

had

postponed until

its plan to sell additional securities because of

mid-1963

•

"larger than anticipated internal generation of cash, sub¬
refunds

stantial

increased

use

from
bank

of

natural

credit."

Inc.; White, Weld & Co.-Shields & Co.
Ripley & Co. Inc.-First Boston
Power

&

(jointly); HarriCorp. (jointly);

Light Co.

stockholders first

on

the

each

10 shares held. Based

on

the number of shares out¬

standing
418,536
Market

basis of

one

shares.

St.,

Proceeds—For

Wilmington,

construction.

Probable

Eastern
Oct.

9,
100,000

bidders:

the

ICC

M.

authorized

the

ness—A motor vehicle

common

Office

carrier operating in nine

Moonachie

N

Food Fair Properties.

May

Inc.

/

IT. 1962 stockholders authorized the company to
issue 756,000 shares of a new convertible preferred stock




expects to

in

Street,

Decatur,

January.

111.

on

made

'

'

■

Power

" "

s-

Proceeds—
Street, St.

Probable bidders:

Halsey, Stuart & Co. Inc.; Lehman Brothers; Merrill
Lynch, Pierce, Fenner & Smith Inc.-Reinholdt & Gard¬
ner
(jointly); Stone & Webster Securities Corp.; First
Boston Corp.; Eastman Dillon, Union Securities & Co.
Bids—Expected Feb. 6, 1963.
Michigan Consolidated Gas Co.

24, 1962 it was reported that this company plans
$22,000,000 of first mortgage bonds in the

On Oct.
to

sell

about

1963. Proceeds—For construction. Office
St., Detroit. Underwriters—(Competitive).
bidders: Halsey, Stuart & Co. Inc.; Blyth &

third quarter of
—415 Clifford

Probable

Co., Inc.; White, Weld & Co.-Lehman

Brothers (jointly).

Michigan Wisconsin Pipe Line Co.

it was reported that this company
$22,000,000 of first mortgage bonds

1862

24,

sell about

plans
in the

third quarter of 1963. Proceeds—For construction. Office
—500
Griswold St., Detroit. Underwriters—(Competi¬

tive). Probable bidders: Halsey, Stuart
Boston

(12/11)

Missouri Pacific RR.
Nov.

& Co. Inc.; First

Corp.; Blyth & Co., Inc.

5, 1962 it was reported

that this road plans to sell

of equipment trust certificates in December.
Address—Missouri Pacific Bldg., St. Louis. Underwriters
$3,750,000

noon

Probable

bidders:

Salomon Brothers & Hutzler.
CST) at above address.

Mitsubishi

Electric

Halsey, Stuart &
Bids—Dec. 11 (12

Mfg. Co.

24, 1962 it was reported that the Japanese Finance
Ministry had authorized the company to sell $10,000,000
of convertible bonds in the United States in 1962. It is
Oct.

expected that the bonds would mature in 15 years and
bear interest of 6.5%. No decision has yet been made as
to

whether

the issue will be

sold publicly or privately.

Business—Production of electric machinery.

Office—Tokyo, Japan.
Kidder, Peabody & Co., New York.
For

expansion.

Proceeds—<

Underwriter—

Co. of America

Natural Gas Pipeline

1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year. Business—Operation;
of two
natural gas pipeline systems extending from
Texas to the Chicago metropolitan area. Proceeds—For
12,

expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.

(1/8/33)
this A. T. & T., sub¬
sidiary plans to sell $70,000,000 of first mortgage bonds
in January. Proceeds—To repay bank loans. Office—140
West St., New York,
Underwriters — (Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co. Bids—Expected Jan. 8, 1963.
New

Nov.

York Telephone Co.

1962 it was reported that

15,

Norfolk

Co.

&

Western

RR.

(12/10)

1962 it was reported that this

road plans to sell

Nov. 20,

(Competitive). Probable bidders: Salomon Brothers &
Hutzler; Halsey, Stuart & Co. ,Inc. Bids—Expected Dec.
10 (12 noon EST)
in company's office, Transportation

J.

.

bonds

mortgage

27th

Public

Service

Jamaica

:

March
to

sell

20,

Water

li#62

it

$3,000,000

preferred

payment,

and
and

reported that
mortgage bonds

common

stocks.

this
and

utilitv plans
of

$2,000,000

Proceeds—For

construction: Office

—

161-20

debt

re¬

89th Ave.,

Underwriters—

to

Illinois Gas Co.

1962 it was reported that the company expects
raise $125,000,000 to finance its 1962-66 construction

Feb.

28,

About $25,000,000 of this, in the form of a debt
be sold in the second half of 1962. .Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
named. The last sale of bonds on July 14, i960; was
program.

issue, will

handled

Halsey,

was

certificates. Of¬

Bldg., Philadelphia.
Northern

Supply Co.

of

$5,250,000 of 1-15 year equipment trust
fice—8 N. Jefferson St., Roanoke, Va.

Co.

plans to
of 1983.
Address—Orpheum-Electric Bldg., Sioux City, Iowa. Un¬
derwriters— (Competitive).
Probable
bidders: Kidder,
Peabody & Co.-Blyth & Co. Inc. (jointly); Eastman Dil¬
lon, Union Securities & Co.; Equitable Securities Corp.;
White, Weld & Co.; First Boston Corp.

to

Ave., Carlstadt
Underwriter—Allen & Co., New York.;/
;
—

first

of

South

Nov. 5, 1962 it was reported that this company
sell $16,000,000 of bonds in the third quarter

eastern states from Vermont to Virginia. Proceeds—For
working capital,- debt repayment and advances to sub¬

sidiaries.

was

Iowa

issue
Price—By amendment (min. $5). Busi¬
company

Olive

bank loans.
Office—1017
Underwriters—(Competitive).

Dubuque, Iowa. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Co.

Office—600

Freight Ways, Inc.

1962

common.

plans to sell $10,-

10, 1962 it was reported that the company plans to
sell $8,000,000 of first mortgage bonds and $4,000,000 of
common stock in late May,
1963. Office—1000 Main St.,

Del.

Carl

(2/6/63)

repay

June

(1/15/62)

Oct.

Underwriters—(Competi¬
Loeb, Rhoades & Co.;
W. C.
Langley & Co.-Union Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co.
(jointly); Kidder, Peabody & Co.Merrill Lynch, Pierce. Fenner & Smith Inc.
(jointly).
tive).

500

Interstate

share for

Dec. 31, 1961, the sale would involve about

on

—

New York.

common

common

consists of 2,000,000 $1.25

Under¬
May 21,
through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly). Bids—Jan.
15 (10 a.m. CST)
in Room 2075, 231 So. La' Salle St.,
Chicago. Information Meeting—Jan. 10, 1963 (2:15 p.m.
CST) at Morgan Guaranty Trust Co., 60 Liberty St.,
1958

until early Spring of 1963 its plan to issue addi¬
stock.
The offering would be made to

tional

now

writers—To be named. The last sale of bonds

March 9, 1962 it w4s reported that the company has post¬

poned

Illinois Power Co.

Office

Morgan Stanley & Co.
Delaware

stock

common

sell^ $35,000,000

ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
212 West Michigan Ave., Jackson, Mich. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
man

some

Nov. 28, 1962 it was reported that this utility

gas
suppliers and the
Earlier, the company re¬

Co.

000,000 of 20-year sinking fund debentures.

was

shares of which 714,086 shares are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
ment, etc. Proceeds—To help form a new finance com¬
pany subsidiary. Office—250 Park Ave., N. Y.
Under¬
writers—To be named. The last financing by the com¬
pany
was
underwritten by Allen & Co., and Van
Alstyne, Noel & Co.. New York City.

—

1962,

raise

par

Consumers Power Co.

4,

1962 it

10,

holders. Authorized

(Competitive). Probable bidders: Halsey,
Salomon Brothers & Hutzler; Stone &
Webster Securities Corp.
Sept.

Industries, Inc.
reported that this company plans
$2,500,000 by a rights offering to stock¬

Highway Trailer

7th, St., Fort Worth, Tex. Un¬

Reinholdt & Gardner,

Co. Inc.;

Sept.

Stuart & Co. Inc.;

r

Gas

•—(Competitive).

\v;.'

was

June 1963. Office—408 W.

bonds due 1989.

(2/6/63)

1, 1962 the company announced

ing—Temporarily postponed.

reported that this company plans
$5,000,000 of first mortgage bonds in

1962 it

29,

Laclede
Nov.

to

like amount of 514%

a

& Co.

St. Louis.

Oct.

Liberty Ave., Beaumont, Tex. Underwriters

Co.

Smith Inc., New York, and

&

ner

in

Co.

Gas

ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Offer¬

Community Public Service Co.
Oct.

common

—(Competitive). Probable bidders: Salomon Brothers &
Hutzler-Eastman Dillon, Union Securities & Co. (joint¬

that this company will
first mortgage bonds in May
1963. Proceeds—To refund outstanding 31s % and 2Ts%
bonds maturing July 1, 1963. Office—210 S. Canal St.,
Chicago. Underwriters — (Competitive). Probable bid¬
ders: Kuhn, Loeb & Co.; Halsey, Stuart & Co. Inc.; Kid¬
of

'

1956;

5, 1962 it was reported that this company plans to
$16,000,000 of first mortgage bonds due 1992. Pro¬

Office—285

jr Chicago Union Station Co.
Nov. 28,
1962 it was reported

der, Peabody & Co.

the last
Co., Inc., New York.

October,

March 1960 by Blyth &

Lynch,

$48-$50 million

Ave., North, Nashville, Tenn. Under¬
last issue of preferred was

Seventh

fice—-111

—

1, 1996, repay loans, and expand facilities. Office—
320 St. Paul Place, Baltimore, Md. Underwriters—(Com¬

Weld

Co.-White,

&

1, 1963 the company announced plans to sell 200,000
shares of preferred stock (par $25). Proceeds—To repay
bank loans. Office—1017 Olive Street, St. Louis. Under¬
writer^—Lehman Brothers; Merrill Lynch, Pierce, Fen¬

Louis.

1962 it was reported that stockholders are to
vote Dec. 3 on authorizing the company to create 300,000 new convertible preferred shares.
A majority of
the stock would be sold to raise $12,000,000 for working

Jan.

issue

Laclede

and

Genesco

Peabody

Nov.

To

Nov.

Kidder,

Inc.;

(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. (jointly).

stockholders in two dr more

to

Underwriter—Morgan Stanley & CO., New York.

$50,000,000 of debentures due Jan. 1, 2002. Pro¬
To refund $25,000,000 of 514%: debentures due

petitive).

shares

Co.

turn will distribute a

ers-Bear, Stearns & Co. (jointly).

ceeds

GM

remaining

instalments by February 1965. Approximately 13,417,120
of these shares will be received by Christiana, who in

Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬

sell

has stated that it will distribute its

40,008,508

Co.

St., Springfield, 111. Underwriters—(Competitive). Prob¬
able bidders: Eastman Dillon, Union Securities & Co.-

to

sold

company

1962 it was reported that this company plans
to issue about $10,000,000 of first mortgage bonds in
1963. Proceeds—For construction. Office—607 E. Adams

Nov. 28,

GM shares remained to

total of 3,08J,522

& Co., a

mours

July 10,

ic Chesapeake & Potomac
(1/22/63)

1,581,692 GM shares by Christiana Securities Co.,
major stockholders of E. I. du Pont de Ne¬

other

and

Corp. (jointly).
Service

f

following the recent

1962 it was reported that

28,

sale of

Underwriters—To be named. The last
issue of bonds on March 14, 1960 was won at competitive
bidding by Halsey, Stuart & Co. Inc.
Other bidders
were:-First Boston Corp.; Kidder, Peabody & Co.; East¬
man
Dillon, >Union Securities & Co.; Merrill Lynch,
Pierce, Fenner & Smith Inc.-Stone & Webster Securities
Public

1, 1962 it was reported that this utility plans to
approximately $15,000,000 of 30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
sell

Motors Corp.

* General

Proceeds—To redeem a like amount of
Office—300 Liberty

Illinois

Kentucky Utilities Co.
Aug.

leading domestic producer

Co.-Glore, Forgan & Co. (jointly).

Loeb &

Peoria, 111.

Central

a

as

supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.; Dillon, Read & Co. Inc.; Smith, Barney &
Co., Inc., N. Y.
I

petitive). Probable bidders: Bache & Co.; Blyth & Co.First Boston Corp.
(jointly); Lehman Brothers-Kuhn,

Light Co.

•3y4% bonds maturing April 1, 1963.

St.,

1951

dyestuffs, chemicals and photographic materials. Office—111 W, 50th St., New York. Underwriters—(Com¬

sell about $9,400,000

quarter of 1963.

is

Business—Company

31, 1963. Business—The bank was incorporated in
a Japanese Government financial institution
to

March

of

1962 it was reported that this company plans to
of first mortgage bonds in the first

Nov. 5,

$22,500,000 of bonds in the U. S. ? It is expected that a
portion of this financing will be completed by

major

by the Attorney General, was seized in 1942 as a
German asset. No date has been set for the offering
which need not be registered with the SEC. Proceeds
from the sale will be used to reimburse American citi¬
zens for losses
of life and property during World War

Co.

29,

raise

Z

..

Y.

Japan Development Bank

1962, President Kennedy signed a bill au¬
thorizing the Government to sell its holdings of 540,894
class A and 2,050,000 class B shares, representing 98%
of the voting control of the company. The stock, now

1962 it was reported that this company plans
money in the third or fourth quarter of
for the company stated that the util¬
ity is thinking of selling 380,000 common shares, al¬
though a final decision has not been made. Office—-2885
Foothill Blvd., San Bernardino. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York.
Oct.

to

v,,

,

Thursday, November 29, 1962

July 3, 1962 it was reported that the Japanese Finance
Ministry has authorized the bank to issue an additional

Co.,

&

held

Electric

California

Securities

On Oct. 22,

named.

be

writer—To

Union

.

Co., Inc.

General Aniline & Film Corp.

Proceeds—For general corporate purposes. Office
Bergenline Ave., North Bergen, N. J. Under¬

poses.
—7520

Dillon,

Eastman

by

New York.

supply animals for biological research pur¬

and

purchase up to $6,000,000 convertible debentures of

and

Office—112-03 Fourteenth Ave., College Point,
Underwriter—Carl M. Loeb, Rhoades & Co.,N. Y.

purposes.

.

sale of bonds on

rights on a l-for-10 basis. Price—By amendment.
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6% preferred stock
tion

ness—Company produces

.

Underwriters—To be named. The last
May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
of common on May 9, 1956 was made through Blyth &
Jamaica, N.

through subscrip¬

which will be offered to stockholders

Continued from page 35

N. Y.

Chronicle

The Commercial and Financial

m\

by First Boston Corp.
Stuart & Co., Inc.; Blyth

Securities Corp.

Northern Natural Gas
Feo.

28,

1962

expansion

Other bidders were:
& Co., Inc-Equitable

(jointly); Glore, Forgan & Co.
Co.

program

will

-

«««

that the company's 1962
require about $40,000,000 of

it was reported

Number 6216

Volume 196

.

The Commercial and Financial Chronicle

financing

to

bentures

basis by

Pacific

Northern

4/ South Carolina Electric & Gas Co.
Aug. 1, 1962 it was reported that the company plans a
rights offering to stockholders of approximately $8,500,000 of common stock.
Office—328 Main St., Columbia,
S. C. Underwriter—To be named. The last rights offer¬
ing in February, 1958, was underwritten by Kidder,
Peabody & Co., N. Y. Offering—Expected in the first
quarter of 1963.

1

Blyth & Co., Inc., N. Y.

(12/18)

Ry.

I

1962 it was reported that this road plans to sell
$6,500,000 of equipment trust certificates in December.
Office—120 Broadway, New York. Underwriters—(Com¬

Nov. 5,

petitive). Probable bidders; Salomon Brothers & Hutzler; Halsey, Stuart & Co. Inc. Bids—Dec. 18 (12 noon
EST) at company's office.

Southern New

that this company plans to
sell $12,000,000 of 30-year first mortgage bonds, in the
second quarter of
1963.
Office—321 No. Harvey St.Oklahoma City. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.White,iWeld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & 'Co. Inc. (jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman Dillon,
Union Securities & Co. (jointly); Equitable Securities

•

Brothers

Co.-Salomon

ly);

Securities

Union

Dillon,

Eastman

vide

15

the

1962. Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about

To

company

of

sale

bonds

bidding

petitive

Nov.

Weld

White,

by

1961

29,

won

Kidder,

Co.,

&

Electric

Southwestern

Nov.

20, 1962 it was announced that the company plans
public offering of stock. Business—Operation of
a nationwide
network of franchised personnel consult¬
ants with, offices at 35 major cities. Proceeds—For ex¬
its first

1962 it

Proceeds—For

Underwriters—•

Edison

Co.

East

Fourth

(Competitive). Probable

Halsey, ^tuart & Co. Inc.; Blyth & Co. Inc.Corp. (jointly); Merrill Lynch, Pierce, Fen¬
ner
&
Smith
Inc.-Kidder, Peabody & Co. (jointly);
Equitable Securities Corp.; White, Weld & Co.; Kidder,

'

Peabody & Co.

Washington Gas Light Co.
Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 25-year
bonds, in the second quarter
of 1963.
Office—1100 H. St., N. W., Washington, D. C.
Underwriters—(Competitive): Probable bidders: East¬
man
Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey, Stuart & Co. Inc.
<

Western Light & Telephone
Co., Inc.
Aug. 1, 1962 it was reported that the company plans to
sell approximately $5,000,000 of common stock through
a rights offering to
stockholders, in the second quarter
of

1963.

Office—2015

Underwriter—To

January, 1957,

Lynch,

Merrill

Office—139

First Boston

Power Co.

bidders:

21,

bidders:

I

Probable

1963.
Corp.,

Boston

San

Pierce, Fenner & Smith Inc.-Eastman Dillon, Union Se¬

Forest

Ave.,

Great Bend, Kan.
rights offering in
underwritten by Dean Witter & Co*

be

was

named.

The last

Francisco.

'

T\TTYTTQTT?V the lowest level since Labor Day silver, wheat and rye prices eas- momentum in the week ended a
-L JAxxl/lJ ana IINJL/UOIXvX week in September, they exceeded ing down from their week-ago week ago Wednesday and p'usbed

JL ll6 &L3/LG 01

slightly the
Continued

to

from page 14

Associations

an-

nounced. Truck tonnage was

local labor

a

of the

that

below

this

...

,weekty survey shows
largest year-to-year decrease

of

1962,

by

the

the findings are colored

unusually

strong

upturn

in traffic in the Fall of 1961.

the Veteran's Day

in

occur

the

of this

comparable week
the

While

ago.

year

Also,

holiday did not:
a

observance

is not uniform at all

day

Ze

put

seasonal factors tended to depress

„.6%

volume in the week-to-week com-

4.4%,

and

new:

Following
thousands
ppk

conducted by the

areas

ATA De-

partment of Research and Trans-

Economics.

port
fleets

report
at

truck terminals

than 400

of

carriers

mon

The

handled

tonnage

of

terminal

The
week

from

a

the

from

at 10

ago

year

with 24 points

last

localities,

reflecting decreases
level.

1961

Truck

terminals at Jacksonville and Derpflppfpii

troit

'1111^

trnntimr'

rp^nppfivplv

year

while

week

frnm
from that
that

with

the immediafplv

metronolitan

31

Hpprpa^pH

~

only

and

three
The

areas

sharp

year-to-year

tnnnadP

g

New

Orders

week-todecrease

at San Francisco can be attributed




in
the

for

^

*

.v

^

j

-■

+

„

.

_.

.

T

^
'
\

,

among service concerns to 2Z street, Inc., moved

up

0.5%

to

219,132

U"

fio',568

223,954

209,918

with 38 as aSainst 40- More busi"

'

failed than a year ago in

above the $5.92 on the similar day

■+;++.+-■•;

nesses

5.1% Over

the trades and manufacturing, but comparafoie

Last Year
Thp

amount

of

■

electnV

tte

"

energy

Sic

last

the unison Electric and jn the East North Central to
Institute. Output was 360,000,000 54 from 59. a decline also precor(+ng

vailed in the East South Central

Down

in

1960 level of $6.18.

television. New model

con-

cars

tinued to maintain their solid
sjtion

topping

all

other

po-

retail

categories in year-to-year gains,

The total dollar volume of retail trade in the week ended
Wednesday, Nov. 21, ranged from

comparable 1961 levels by the
following percentages: West North
Central—6 to —2; New England

4-1;

—3 to

Mountain —1

to

4-3;

Pacific +2 to 4-6; East and West
South Central +3 to 4-7; Middle

Atlantic

With tea and cocoa leading the tic

+4 to

4-8; East North

®s.ga^r
during

^
th

the

week

gains

These

partially offset

wh0lesale cost

phppqp

, 8 to

, 12t

* ***"»*

bellies
potatoes

oil

rottonseed

Nationwide Department Store
uf0 Above

^bydi£1961* WeCk

of rye

'

and staerg

states, whereas business tolls in

Department store sales on a
country-wide basis as taken from

the Federal Reserve Board's index reported an overall advance

the other four geographic regions
The Dun & Bradstreet, Inc. of 5.0% for the week ended Nov.
held steady with week-earlier Wholesale Food Price Index rep- 17, compared with the like period
levels. Failures equalled or ex- reSents the sum total of the price in 1961. In the four.week period
ceeded

Failures

it continued below the

P4?

«"+d at 16 109,000 000 kwh., ac- 33, in the Pacific to 52 from 59,

6 1961 week*

noted in sales of toys> radios and

Central 4-6 to +10; South Atlan-

remained even with 1961 levels.

a'^ power industry for the week tic States were off to 78 lrom 89>
ended Saturday, Nov. 24, was es- jn the South Atlantic to 21 from

P3r

year>

construction and service mortality

Casualties in the Middle Atlan-

kwh below that of the P*eyi<>us
week s total of-16,469,000,000 kwh.,
and 779,000,000 kwh., or 5.1%
abOVe the total 0utmt 01 the COm"

couraged apparel purchases. The
first signs of gift shopping were

■

1962

1961

confectionery, and housewares,
while cool, crisp weather en-

t

233,606

,

yearseason

5 3 '° J% ^her than last year,
*1+441? amm/manX- + !!
^
?CC°rdl"g X° sPot estimates col4"'* tb® dLn to 34 from 48 + Wh0 efIf J°°d
*eCted bf D?n
Bradstreet Inc.
® ™
roncernsTn 22 Inde:?' cT01nplled bjI Dun f ®rad" Regional estimates varied from
from 29-

Electric Output Up

1961

tolls

in

six

nine major geographic

of

the

regions.

foodstuffs

per

pound

of

31

and

meats

in

general use.

raw

It is

Holiday Week
not a cost-of-living index.
Its
After holding even for two Wholesale Commodity Price Index chief function is to show the genweeks, commercial and industrial Hits Another New Low for Year eral trend 0f food prices at the

ended

Nov

17

1962

4%-Qve;

vanCfid

sales

ad-

+respond.

the

'

j failures

showed

,

$100,000 or more fell to 23 from
40 a week earlier but remained
close to the 26 of this size last
year.
Smaller casualties with
losses under $100,000 declined to
230 from 251 in the prior week,
However, they ran higher than

228,878

Business

week

rpfippfpri

increases.

Fij?ht

,

1962

ago.

TomnarPd

nrecedine

Lpac

uwp

or more

creases

of

V

! nw!

ZT.Jnf' 10%
n7nr
of
a

cairn

tonnage

■

___

£&££%

tonnage

.

well ahead of comparable
ago volume. The holiday

stimulated interest in foodstuffs,

since January, 1961.

Little change appeared $5 99 on Nov 29. While this repin wholesaling at 28 as against resented the highest level since
27 last week or in construction cer)tember this vear and was 1.2%

com-

for

survey

increased

showed

feet

re-

-

0.3%.

rose

figures

the

board

fell

indintpd-

Production

freight

throughout the country.

out-

*

more

of

general

in wholesale markets,

quotations

the index stood at the lowest level

m

.

shipments'

orders

are

of 34 metropolitan

survey

and were

year

The Daily Wholesale CommodFailures involving liabilities of ity Price Index after a week of
the

in

production

These findings are based on the

weekly

occurring in the

last

in 1939.

4/>y

Comnared with 1961 levels

centers, its observance along with

parison.

238

week

small uneven fluctuations came to
United States in the week ended
267.74 (1930-32=100) on Monday,
Nov. 17, totaled 288,878,000 board
Nov. 26. Off fractionally from
feet compared with 233,606,000 in
268.00 on the same day of the prethe prior week, according to repeding week, the index ran conports from regional associations.
siderably below the 270.65 a
a year ago the figure was 219,month ago and the 272.35 regis132,000 board feet.
last year when 212 of this size tered on the corresponding day a
'
succumbed.
year ago.
Lumber

the

similar

equal to the pre-war level of 252
,

A

^

Lumber Output Is 4.4%
Above 1961 Rate

previous week

year

While the

dispute at key

terminals in this area.

4.3%

Trucking

can

of

1963.

/vP HP~P A TATP onrl

rpn

of

of

—

was

ers—(Competitive)/

spring

Jan.

mortgage bonds in 1963.
St., Cincinnati. Underwriters

reported that this company plans to
sell $16,000,000 of first mortgage bonds in the fall of
1963. Office—428 Travis St+Shreveport, La. Underwrit¬
Nov. 5,

Inc.

Snelling & Spelling,

On

first

pro¬

Allyn & Co., Chicago.

Peabody & Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly).

named.

Light, Heat & Power Co.
1962 it was reported that this subsidiary of
Cincinnati Gas & Electric Co., plans to sell
$5,000,000 of

Ave., Dallas. Underwriters — To be named. The last
rights offering of preferred stock in April 1959 was
handled by Snow, Sweeny & Co., Inc., N. Y., and A. C.

at com¬

and

was

the

Union

Nov.

15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred
stock in the first quarter of 1963. Office—1507 Pacific

Office—9th and Hamilton
Underwriters—To be named. The

on

in

Office—Knoxville, Tenn.

Address—Toledo, O. Underwriters—First
and Collin, Norton &
Co., Toledo.

Aug.

maturing bonds.

of

Sts.j Allentown, Pa.

be

Toledo

to issue $50,-

Co.

Co.,

Nov. 5, 1962 it was reported that this
company plans to
sell about $7,000,000 of common stock in

to

are

treasury for capital expenditures and

Gas

&

by Chase Manhattan Bank; Morgan Guaranty Trust Co.
York; Chemical Bank New York Trust Co.; C.
J.,Devine & Co.; and the First National Bank of Chicago.

of

Union

Read

of New

additional

Southern

Co.

24, 1962 the Authority sold at
competitive bidding $45,000,000 of 41/2% bonds due Feb.
1, 1987. The issue was won by a group jointly managed

Feb. 20,

$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-

securities

construction.

Georgia Ry.; retire first mortgage
bonds of Atlanta & Charlotte Air Line RR.| re¬

for

Service

May,

authorizing the

on

Public

28, 1962 it was reported that the company plans to
$14,000,000 by sale of first mortgage bonds early in

term

—

Pennsylvania Power & Light Co.

last

Halsey.

Tennessee Valley Authority
Oct. $,1962, A. J. Wagner,
Chairman, stated that the
Authority plans to issue $50,000,000 of short- or long-

capital expenditures. Offices—14th
and Canal St., Richmond, Va., and 70 Pine St., New
York. Underwriters
(Competitive). Probable bidders:
Morgan Stanley & Co.; Eastman Dillon, Union Securities
& Co.-Salomon Brothers & Hutzler
(jointly); Halsey,
Stuart & Co. Inc.; Kidder, Peabody & Co.-White, Weld
& Co. (jointly).

Peabody & Co. (jointly).

000,000

(jointly);

Bldg., Dallas. Underwriter—Dillon,
Inc., New York.

(12/11)

reported that stockholders

was

Central

imburse

Co.-Kidder,

&

Hutzler

1963. Proceeds—For construction. Office—720
Mercantile

Railway Co.

1962 it

of

33/4%

Stearns &
(jointly);
Halsey,

Hutzler

&

Jan.

stock

Blyth & Co.-White, Weld & Co. (joint¬

Stuart & Co. Inc.;

&

Dallas

000,000 of general mortgage bonds. Proceeds—To acquire

company

Brothers-Bear,

Lehman

bidders:

Probable

28,

vote

Power & Light Co.

1962 it was reported that the

28,

Southern

Nov.

plans
to issue $30,000,000 of first mortgage bonds in June 1963.
Proceeds—To repay outstanding loans. Office—920 S. W.
Sixth Ave., Portland, Ore. Underwriters—(Competitive).
Nov.

Nov.

Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. Bids
—Expected Dec. 11 at 195 Broadway, New York.

.

^ Pacific

England Telephone Co.

ic Southwestern

1962 it was reported that this A. T. & T. affiliate
plans to sell $45,000,000 of debentures. Proceeds—To re¬
pay advances from A.T. & T., and for other corporate! pur¬
poses. Office—227 Church St., New Haven, Conn. Under¬
writers—(Competitive). Probable bidders: White, Weld
& Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart
& Co. Inc.; Morgan Stanley & Co.; Lehman BrothersSalomon Brothers
& Hutzler
(jointly); First Boston

Aug. 1, 1962 it was reported

Corp.

(jointly); Kuhn, Loeb & Co.-Blyth & Co.
Brothers

raise

Oct. 5,

Electric Co.

&

Gas

Oklahoma

curities & Co.

Stuart & Co. Inc.

16, 1960 was handled on a negotiated

Nov.

on

37

Inc.-Salomon

writer—To be named.

short term borrowing.

Neb.

(2269)

pansion. Office—1530 Chestnut St., Philadelphia. Under¬

be obtained entirely from long
Office—2223 Dodge St., Omaha,
Underwriter—To be named. The last sale of de¬

external
or

.

.

wee^

dropped

ended

to

with

Nov. 22, from 291 in

253

in

the

Thanksgiving,

the preceding

Continuing to edge downward, wholesale level.
the general wholesale commodity
price level

week, reported Dun & Bradstreet,

Monday,

Inc.

street, Inc.

Although casualties

were

at

Dun

With steer,

_

saiesJ

System,
:n

New

department
York

Citv

Retail Purchases Forge Ahead
pnded Nov
& BradWith the approach of Thanks- ^eeK
a
'
'
hide, tin, giving, consumer buying gained above the same pen

slipped to 267.74 this

reported

<

According to the Federal Reserve

,

were

.

store

for

the
10^

1Qfi1

n

.

38

The Commercial and Financial Chronicle

(2270)

The following statistical tabulations

Indications of Current

latest week
week

Business Activity
Latest

Steel
Index

Nov. 24

this

and

oil

Crude
42

Nov. 24

93.3

109.3

63.0

61.0

59.5

69.5

of
7,339,810

7,345,710

8.295,000

*8,364,000

8,100,000

8,170,000

30.041,000

30.065,000

29,692,000

29,063,000

3,613,000

2,718,000

Nov. 16

3,182,000

3,285,000

(bbls.)
Nov. 16
Residual fuel oil output (bbls.)
Nov. 16
Stocks at refineries, bulk terminals, in transit, In pipe lines
Finished gasoline (bbls.) at—
.
:—Nov. 16

13,365.000

13,181.000

12,997,000

14,191.000

5,552,000

5,147,000

4,970,000

5,793,000

Kerosene

Distillate

oil output

fuel

(bbls.)

Kerosene

at

Oils

at_>_

176,976,000

U.

53,173,000
85,447,000

*53,993,000

54,310,000

48,696,000

Orders

85,967,000

Not given

84,961,000

New

571,401

586,286

613,223

591,335

509,072

518,523

511,615

518,277

$446,300,000

218,400,000

240,300,000

$326,200,000
171,800,000

$304,800,000
149,000,000

Nov. 22

226,500,000

206,000,000

154,400,000

155,800,000

——Nov. 22

199,300,000

177,900,000

124,700,000

138,100,000

27,200,000

28,100,000

29,700,000

17,700,000

,

____

municipal

and

State

$444,900,000

Nov. 22

construction

Public

———

£

Federal

*8,750,000

8,810,000

9,073,000

408,000

390,000

342,000

345,000

SALES INDEX—FEDERAL RESERVE

STORE

DEPARTMENT

8,770,000

Nov. 17
Nov. 17

coal and lignite (tons)—
Pennsylvania anthracite (tons)

Bituminous

125

136

<Iov. 17

117

CAR

152,983

113,606

113,772

95,820

68,069

_;

.

61,741

57,163.

62,544

2,086

4,436

$308,700,000

$501,737,000

948.773.000

94,239,000

15,550,000
57,193,000

208,834,000

144,174,000

91,445,000

917,075,000

October

870,407.000

769,334,000

BANK

31:

shipments

foreign

$456,972,008

674.308,000

15,634,000

159,699,000

of

.

credits—

exchange
on
goods stored

$519,562,000

678,980,000

OF

-

warehouse

$274,700,000

"

OUT¬

RESERVE

•

Domestic

$263,300,000

r

SYSTEM—Month

ACCEPTANCES

Domestic

10,297

'.

omitted)

YORK—As

NEW

1,907

11,064

undelivered

GOVERNORS

RESERVE

DOLLAR

2,946

12,159

and

OF

1,593

2,799

:

order

Imports

130

7,635

175,513

INSTITUTE—

STANDING—FEDERAL

Based

i

AVERAGE=100

SYSTEM—1957-59

3,684

181,675

cars

(000's

BANKERS'

Dollar

259,326

3,016

,

FEDERAL

October

OF

321,870

69,257

u

freight cars
delivered

new

Exports

BUREAU OF MINES):

S.

(U.

OUTPUT

COAL

——Nov. 22
———Nov, 22

_____________—1

construction—______________

482,488

319,901

60,353

DEBITS—BOARD

THE

568,355
389,158

276,635

October:

of cars on
of month)

(end
BANK

521,679
336,988

=

of

90,600

unit

.

,

RAILWAY
of

6,672,100

89,100

October:'

factory

washer-dryers

freight

Backlog

_Nov. 17
(no. of cars)—Nov. 17

of

!

Month

5,762,700

5,971,200

MANUFACTUR¬

.*_!

AMERICAN

of

construction

S.

Private

LAUNDRY

6,060,300

99,200

others.

—

36,591,000

178,483,000

Ago

6,057,800

semi-automatic.

and

.

Gas

170,079,000

37,491,000

178,055,000

NEiVS-RECORD:

Total

Dryers

37,433,000

CONSTRUCTION—ENGINEERING

CIVIL ENGINEERING

and

Wringers

Year

Month

6,157,000

Z_.>._

Combination

178,750,000

AMERICAN RAILROADS:

freight loaueu (number of cars)
freight received from connections

Revenue

177,008,000

of that date:

Previous

therms)

(M

laundry, appliance
(domestic)

Automatic

36,032,000

—-Nov. 16

HOME

sales

gas

Washers

175,912,000

at——______———

mixed

&

Electric

178.350,000

are as

September:

ASSOCIATION—Month

——Nov. 16

(bbls.)

of

home

sales

Nov. 16

(bbls.)

oil

fuel

Residual

Unfinished

ASSOCIATION OF
Revenue

AMERF.CAN

Nov. 16

,

(bbls.) at

Distillate fuel oil

either for the

ASSOCIATION—

gas sales (M therms)
Natural gas sales
(M therms)

7,166,210

Nov. 16

output

7,360,710

Nov. 16

(bbls.)

average

(bbls.)
output (bbls.)

Gasoline

of quotations,

cases

Total

Total

Nov. 16

stills—daily

to

runs

(bbls.

average

GAS

month

ERS

output—daily

condensate

each)

gallons

Crude

95.7

in

or,

are

Month
AMERICAN

PETROLEUM INSTITUTE:

AMERICAN

date,

Manufact'd

I960

in

late

data

99.0

production and other figures for the

cover

Dates shown in first column

Latest

2,037,000

capacity).

cent

(per

Thursday, November 29, 1962

.

Ago

1,739,000

Steel Institute discontinued issuing

The American Iron

.

Year

Ago

1,782,000

that

For

Nov. 24
operations

steel

indicated

Month

on

production

1957-1959

for

Unofficial

Week

1,844,000

month available.

month ended

or

Previous

Week

IRON & STEEL INSTITUTE:
ingots and castings (net tons)
of production based on average weekly

AMERICAN

or

*

and

shipped

countries

16,005,000

between

'

EDISON ELECTRIC INSTITUTE:

Electric

(in 000 kwh.)

output

INDUSTRIAL)

AND

(COMMERCIAL

FAILURES

Nov. 24

—

DUN

—

Finished

steel

(per

290

238

refinery

Export

at

$66.33

$66.44

$24.17

$32.83

-

30.600c

30.600c

30.600c

Manufacturing

28.625c

27.925c

Wholesale

10.000c

9.50bc

10.000c

Retail

9.800c

9.800c

9.300c

9.800c

Nov. 21

12.000c

12.000c

12.000c

12.000c

Nov. 21

11.500c

11.500c

11.500c

Nov. 21

24.000c

24.000c m;r,

24.000c

£ 24.000c

Nov. 21

111.250c

108.500c

122.875c

—.

at

PRICES

111.000c
/ ;

AVERAGES:

DAILY

,rfrjf:">ii10 ,r

^

90.04

90.08

Nov. 27

88.27

88.13

87.86

86.24

92.35

92.50

92.06

90.48

86.71

O

89.62

Nov. 27

—-—

—.

90.34

90.20

90.20

Industrials

MOODY'S

87.59

87.32

85.59

U.

S.

3.71
4.54

4.55

4.57

4.25

4.24

4.27

3.71

3.72

4.02
-

4.38

4.40

4.40

4.53

4.59

4.61

4.74

4.94

4.95

4.99

5.10

4.80

4.83

4.85

4.87

of

4.42

4.42

4.46

4.62

4.39

4.39

4.40

4.57

365.2

-Nov. 27

364.7

363.6

,

346,835

320,004

315,380

332,241

340,565

355,229

347,069

344,952

Nov. 17

94

96

94

97

Nov. 17

461,802

454,490

465,807

515,009

activity
(tons)

at end

of period

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
ROUND-LOT

118.68

Nov. 23

AVERAGE—100

194!)

TRANSACTIONS

FOR

ACCOUNT

119.60

113.67

117.85

MEM¬

OF

Total

1,892,590

Rice

Nov.

887,740

833,030

499,940

Nov.

2,307,330

3,054,090

1,387,260

3,195,070

3,887,120

1,887,200

Total

purchases—,——,—

Short

sales

Total
Other

Total

sales.:

Total

...

purchases

for

439,120

Other

28,900

303J280

Sugarcane

663,800

771,220

411,590

332,180

Sugar

1,137,106

721,925

260,667

222,940

184,275

716,488

Peaches

784,734

821,348

Pears

Odd-lot

sales

Number

of

—

AND

by

dealers

members—

(customers'

5,903,716

3,053,635

4,010,232

1,296,507

1,225,070

765,015

586,420

3,668,015

4,704,226

2,318,509

3,325,368

by

4,964,522

5,929,296

3,083,524

3,911,788

Pecans

Customers'

short
other

sales

Round-lot
Number

1,547,715

1.901,957

1 212,224

1,851,100

$86,925,232

$56 ,995,068

$105,072,491

2,106,910

,260.805

1,874,426

\j0v.

88,960

125,392

83,031

1,458,755

1,981,518

1 177,774

$74,446,046

$94,652,304
769,300

411,410

571,420

548,760

769,300

4T1Z4I6

Round-lot purchases by dealers—Number of shares
TOTAL ROUND-LOT STOCK SALES ON THE N.
Y.

457,590

552,180

376,600

559,130

EXCHANGE
FOR

Total

AND

ACCOUNT

round-lot

ROUND-LOT

OF

MEMBERS

STOCK

_Nov.

Total

Z—Nov

sales

WHOLESALE

2
2

Nov"

PRICES, NEW SERIES

—

U.

S.

DEPT.

18,419,810

2,590,340
23,372,230

12, 985,440

17,896,890

20,826,560

25,962,570

14, 545,720

OP

All

Farm

Nov

ZZ

Processed foods.—

„

.

Meats

All

•Revised figure, tNumber of orders not
reported
sold on delivered basis at centers
where




100.5

*100.6

100.7

Not avail.

98.3

*98.8

98.1

Not avail.

101.0

*101.4

101.9

Not avail.

Stocks

20

99.0
100.7

in

ESTIMATE

of

HOURS—WEEKLY
U.

—

OF

$94.54

$96.72

*$97.44

105.37

*105.88

85.89

*87.20

40.3

.

40.6

40.4

'

102.66

84.77

41.0

*41.2

40.9

39.4

*40.0

39.8

$2.40

.___

*$2.40

$2.34

2.57

*2.57

2.51

2.18

*2.18

2.13

120

120

114

123

122

117

31,020

•_<—
.

THE

31,610

28,970

RESERVE

FEDERAL

Average

=

100—Month
'

TIN

:

OF

IN

THE

UNITED

MINES—Month

of

SEC¬

STATES

September

tons):
beginning of period—

end

100.3

Not avail.

Total

Not avail.

Intercompany

of

period

37,295

38,835

30,620

—

5,685

36,545

:
at

9,865

5,525

100.7

Western

DEPT.

S.

.

(_—

*99.5

{Prime*

246,750

October:

goods

OF

*100.7 i

of Monthly Investment Plan.
freight from East St. Louis exceeds one-half cent a pouiid.

191
1 236

79,800

Receipts

31,020

32,200

5,925

processed
in

6,275

6,635

235

scrap
transactions
manufacturing—

ainc
-

Secondary

—

125

155

5,690

6,150

6,480

3,910

Consumed

since introduction

'267

1,355

(barrels)

Supply

—Nov. 20

Nov. 20

3,092

158

long

20

Znov.

commodities other than farm and toods.

77,895
27,080

290

adjusted

BUREAU

20

ZZnov.

25

35,454
126,710

3,098

—_

goods
goods

ONDARY

(in

products

17,664

75,806

October:

Stocks

commodities

43,907

1

121,255

(bushels)

crop

23

43,907

9,860

13,621

23

•.

TIN—CONSUMPTION OF PRIMARY AND

.

J

•

15,083

2,058,302

11,082.

28,802

Unadjusted

18,611,490

714,600

LABOR—(1957-59=100):
Commodity Group—

16,445

2,167,166

11,082
18,439

goods
goods

Seasonally

sales.

17,229

-

SYSTEM—1957-59

1, 560,280

293,594

(tons)

seed

EARNINGS AND

ERNORS

2,406,650

265,351

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

of

2

36,106

204,632

264,877

Nondurable

STOCK

^ov

15,496

2,200,340

and

Hourly earnings—
All manufacturing

TRANSACTIONS

sales—

12,537
32.791

„

Nondurable

(SHARES):

Short sales

Other

2

4,640

27,753

191,533

(pounds)

Durable

Nov.

sales

3,443

32,791

__

manufacturing
Durable
goods

Nov.

Other

4,967

4,395
20,652

12,537

=,

(cwt.)

All

57T420

Short sales

£ i

Hours—

$96,954,159

548,760

Nov.

sales

^

Nondurable

1,858,582

$59 ,802,686

by dealers—

shares—Total

1,742,960

3,443

(tops)

Durable

15,844

Nov.

—Nov.

sales

of

1,414,777
$68,402,469

Nov.

Dollar value

3,498
693,023

672,145

1,704,725

Weekly earnings—
All
manufacturing

sales)—

total sales

668,830

20,652

(cwt.)

LABOR—Month

purchases)—t

(customers'

3,805

20,006

4,954

191,059

AVERAGE

sales

Customers'

Apricots

FACTORY

-.■dwT'W;

-Nov.

dealers

3,105

18,568

4,954

(tons).

Cranberries

—Nov.

of orders—customers'

3,105

Cherries- (-tons)

4,757,467

Nov.

STOCK

Y.

66,961
23,810

4,395

(tons)

Grapes

COMMISSION

.

purchases

Number

N.

ON

EXCHANGE

69,552
21,156

18,102

(bushels)

,Nov.

shares

Dollar value

Odd-lot

SPECIALISTS

8,371

89,552

(tons)

—Nov.

SECURITIES

21,852

21,156

(bushels)

I

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDDEALERS

116,632

10,737

1,786,425

(pounds)
Apples, commercial

600,459

—

117,488

10,737

Hops

1,048,016

sales

EXCHANGE

934,522
104,860

1,270,956

—

14,318

117,488

for sugar

beets

844,985

___

14,675

•_

.

Sweetpotatoes (cwt.)
Tobacco
(pounds)

80,800

330,790

1,105,652

sales

LOT

344,700

169,100

1,025,767

•———

sales.

Total

820,640

Nov.

Short

14,533

(cwt.)

602,120

Nov.
of

482,615

"

(cwt.)

_Nov.

account

53,636

491,043

(cwt.)

summer

Fall

x

transactions

27,262

63,725

(cwt.)

summer

Late

n

round-lot

Total

2

Early

148,100

——Nov.

—I

sales——

sales.

393,384

38.926

31,603

(cwt.)

Broomeorn
—

430,794

31,603

490,258

;

spring

515,700

_Nov.

—

Other
Total

Late

Nov.

purchases

Short

18,955

139,476

63,622

(bushels)___

spring

Early

the floor—

on

1,012,855

"

Nov.

.

initiated

1,027,959

-

38,926

(pounds)

Nov.

:

,

sales—1

transactions

710,750

—_—Nov.

.

;

1,027,959

„

all (ton)
1_:
wild (ton)_
alfalfa (ton)

Total

————;

.

158,431

67,252

212,945

430,794

(bale)

Peanuts

floor—

sales

Other

1,076,274

212,945

_

bag)

grain

1,234,705

280,197

67,252

(bushels)

1

lb.

3,624,313

815,028

280.197

clover and timothy (ton)
lespedeza (ton)
:
Beans, dry edible (cleaned) (100- )b. bag)
Peas, dry field (cleaned) (100 lb. bag)
Soybeans for beans (bushel)
j.

2,758,260

;
the

off

1,095,225'

815,023

Hay,
Hay,

2,305,600

Nov.

L:

sales

3,511,532

1,095,225

(bushels)

(100

Cotton

452,660

sales-

3,590,238

__

(bushels)

Sorghum

2,731,010

transactions initiated

AGRICULTURE—

ibushels)

spring

Winter

3,945,970

Other
Total
Other

OF

10,379,455

Potatoes—

3,020,950

sales——.

$1,818,000

REPORTING.

Barley (bushels)
(bushels)

of

specialists in stocks in which registered—
purchases—_———
Nov.

Short

$2,228,000

10,691,094

Rye

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions

$2,417,000

(bushels)

Flaxseed

Hay,
Hay,

Nov. 17

$70,257,000

COMMERCE):

OF

bales

(bushels)

Hay,

.Nov. 17

$96,165,000

OF NEW YORK—

(bushels)

all

spring

Oats

367.6
..

3,485,000

$119,092,000

1 (in thousands):
(bushels)
1

grain

Other

1

-

ASSOCIATION:

(tons)-:

Percentage

for

Durum

4.69

;

DEPT.

S,

14,583,000

5,605,000

Crop as of Nov.

All

Nov. 27

PAPERBOARD

orders

Wheat,

90.20

U.

12,735,000
21,524,000

12,803,000

7,634,000

omitted)

(DEPT.

running

14,

BOARD

87.86

1

Nov. 27

(tons)-

Unfilled

90.34

4.39

Group

received

Orders

90.34

4.57

Group

Production

$17,930,000

9,825,000
27,944,000

OUTSTANDING—FED¬

BOARD

(000's

31

PRODUCTION—CROP

CROP

Corn

Nov. 27

Group

NATIONAL

November

87.18

Nov. 27

.—-r-

-—

_

COMMODITY INDEX

MOODY'S

$39,988,000

24,728,000

:

_

__

-____—„—__*

GINNING

COTTON

81.05

Nov. 27

—

-r

Utilities

118

1,446

11,021,000

liabilities

PAPER

October

of

83.91

Nov. 27

_

Industrials

As

84.17

Nov. 27

————

Public

92

1,118

$48,833,000

___.

liabilities

COMMERCIAL

82.40

|

Nov. 27

—

Railroad

111

liabilities

Total

89.37

84.43
89.92

Nov. 27

Bonds

Aa

A

221

26,876,000

service

Commercial

Winter

—————_____________

Baa

159
731

194

1,410

liabilities

liabilities

Construction

DAILY AVERAGES:

YIELD

corporate

Aaa

82.90

84.81

89.92

Nov. 27

,

—

Group

Government

Average

82.03

Nov. 27

Nov. 27

:

Group

BOND

number

liabilities

88.40

87.86

Nov. 27

Group

Utilities

Public

217

133
514

231

"

__

——_

ERAL RESERVE

Nov. 27

Nov. 27

Railroad

185

152

11.500c

at

Nov. 27

Aa

number

28.525c

corporate.

Average
Aaa '

244

672

service

Commercial

10.000c

Government Bonus

S.

*

number

30.600c

T

U.

Construction

Nov. 21

._

York)

(New

$63.43

$23.50

BRADSTREET

&

October:

number

28.550c

at

BOND

MOODY'S

of

number

number

Retail

Nov. 21

(primary pig, 99.5% ) at—__________

tin

$63.43

Wholesale

Nov. 21

(East St. Louis)

Aluminum

6.196c

$23.50

Nov. 21

(St. Louis) at
(delivered)

6.196c

Total

at

Lead

6.196c

6.196c

Nov. 16
Nov. 16

York) at

(New

FAILURES—DUN

INC.—Month

M. J. QUOTATIONS):

&

Lead

2,367,364,000 2,281,194,000 2,491,363.000

—

BUSINESS

Nov. 16

ton)

gross

(E.

PRICES

Straits

291

Total

Manufacturing

lb.)—:

(per

Electrolytic copper—
Domestic refinery

Zinc

15,330,000

253

Nov. 22

(per gross ton)

iron

Scrap steel

{Zinc

16,149,000

COMPOSITE PRICES:

IRON AGE

METAL

16,469,000

&

BRADSTREET, INC

Pig

16,109,000

4,175

4,245

1,780

1,975

2,235

t

Chronicle

The Commercial and Financial

Number 6216

196

Volume

bids,

tnat

stipulated

Akron

"Good

Faith"

deposit

Boston

for

advertising

In

disallowed.

The account headed by the First

6

bid

a

check

cashiers

or

Akron

two

bids. at

better

cost,

it

Other

.

a

variety

senators

include

Sachs

Goldman,

Chemical

-

blower &

-

hit

■'lese 'terns are supplemental to similar notices appearing elsewhere in this issue

Cellar

assemblymen

of

York

York

Port

from

the

Horn-

lips

per¬

taxes

producing installations

Company,

770

Empire

FOREST

HILLS,

N

Y.

—

104-20

Associates,

Associates* Inc., 1063 Austin Blvd.

that

needs

York

New

Blvd.

v

NEW

YORK CITY

1.70%

from

for

3.15%

to

3%

a

3.60s,

account.

remain in

reoffered

Bank

about $1,520,000 of bonds

coupon,

demand

of im¬

Tuesday two issues

portance

the

bidding among underwriters con¬

Corn.,'

Bank

State

of

of

terest
offered

to

are

1.60%

from

yield

of

sold

bonds

3.50%

cilities
to- the

group

3.4892%.

The

York

well

as

now

ago

a

ties

James

are

The

a

bond

23

representing

this

in

a

three-

represents

sell-off

change

small

3.591%

This

today.

is

average

against

as

Chron¬

average

long-term

reve¬

bond issues.

nue

winning

include

" group

Stone &

Bache

&

&

Co.,

,

Raffensperger,

Co.,

&

Podesta

Cruttenden,

Co.,

Miller-Collitt & Co., K. J. Brown
&

Co.,

William

Inc.,

Mericka

J.

Co.,
Mullaney, Wells & Co. and Chan¬
&

Stranahan, Harris &

Co.,

Securities

Newman

nel*

offered

to

2.00%

from

yield

to

date
disappointing with the
demand

3.60%, -investor
has

Co.-Re-

been

to

present balance $8,000,000.
i

Week's

'

"

'

"

•

?

Continued

Major

• *

4%.

Need

to market and as in

previous days

bidding, competition continued to
be

keen. The group led by
Northern Trust Co., Continen¬

very

the

the

.-.Gas Act

i

Natural
•.

•

.•••

?

*■

Bank

outlook

for

I mentioned the

un¬

.discussing
gas

of

outlook

The

the

regulation.

Federal
for

important

this

phase of our industry in 1963 will

depend to some extent on whether
we

act

promptly

to

resolve

regulatory dilemma that has

the
ex¬

isted since 1954. It is obvious that

the Natural Gas Act was designed

National,

Chicago, Harris Trust and Savings

for

interstate

Chase Manhattan Bank

not

contain standards that can be

Bank

and

the

submitted

tucky
a

(1972-1990)
bid,

terest

National

came

The bonds

from

ance

$25,applied successfully or satisfac¬
Ken¬ torily to producers. In the absence
naming of suitable legislative standards,

net in¬

we

as

reoffered to yield

go

The

1990

offered

at

3.20%

to

to press

2S

bal¬

remains in ac¬

a

coupon

4.10%



-'tu..

a

in

maturity carried

one-eighth of'1%

was

does

no

commission

ances

of

provide assur¬

can

satisfactory

the

from

1972

of $18,800,000

count.
a

are

in

2.40%

1989 and

pipelines and

regulations
First regardless of its desire to do .cr~
City Bank and associates. The
threat
of
unpredictable

cost,

These reductions are a

in the wrong direction

n..

and

yield.

*

be¬

they will discourage rather
encourage

drilling.

1277 Vz

Sheridan

&

of

area

prices which would oper¬

ate to balance
over

"right" level

supply and demand

period of time, there would

a

protection against future
adverse changes after investments
have been made and gas commit¬
be

ted

with

contracts. In these cir¬

cumstances, the great need

—

40

Street.

West Market

Harvey & Co.,

Col o.—International

Securities

Corp.,

101

was

natural gas

business to enter into

in

changes
removed

which
ards

-

by

provides ^workable stand¬

applicable to the sale of gas

The'

which

area
we

:

pricing

/

approach; ~

hoped would be*

a

step

upon

that the

will

be

honored rather than set aside.

with

Davis,

has

affiliated

become

Coburn

Middlcbrook

&

formerly with S. Romanoff &

HAMPTON, N. Y.—Adams
Leonard

f

Corporation,
C.

Se¬

East

313

Chipman

Wayne

is

Piper Heads Div.
In Fund Drive
Alexander

Nation-Wide

Va.

Diversified

Services,

Boush

-^

Inc.,

300

Floyd D. Strew is

Street,

partner

Curtis, is serving

Chairman

63

the

of

1420

-Corporation,

1962-

is

Professional

Resident

Arthritis and

Rheumatism

Foundation, it
has

Henry J. Hodges is Res¬

been

nounced

ident Manager.

Charles

Mich.—'Watting,

HURON,

Lerchen

is

'

"

dent Manager

Senior
in

A. R. Piper,

Resi¬

Building.

is Charles Galey.

Chairman for the

in

of

the' staff

to

Committee of
business

somewhat

is

brighter.

within

in

professions

this

area

to aid the

tion

has set

an

Founda¬

overall campaign

goal of $1,000,000 for the

petroleum
it

that

industry
it

is

has

continue to

keep

that

can

continue to do so, and at the

metro¬

politan area.

dynamic

and

and

downtown
Manhattan, which will rpise funds
the

Foundation. This year the

picture

year's

Foundation. Mr.

finance,

from

added

demonstrated

views the outlook for our

industry

next

year.

other

problems that we will have

There

are

numerous

to face—and the outlook is not too
one

will

not

last

our

time

greatly

nation's

contribute

progress

and

standard of living.

to

rising
i

good thing

about the short-run period is that
it

same

can

forever, and the

♦An

men,

by Mr. Davis before the
Association of Petroleum Land¬

address

Houston

Houston,

*

Campaign

leaders

The

partner

Smith,

and this

Jr.

Piper is heading a

ATLANTA, Ga.—Mike G. Chanos

long-range

B.

Barney & Co.

PERSONNEL

been

by

:

SHERIDAN, Wyo.—Amos C. SudlerCo., Lowe

an¬

Harding,

Andrew

409

Co.,

&

Manager.

has

of.

York

New

Manager.

PORT

;

and

Committee

Walnut

Ehren

Felix

Building.

as

Downtown

Business

PHILADELPHIA, Pa.^The Drey¬
Street.

;;

-Piper,, general

in Painer Webber, Jack¬

and

son

''

.

Ross

Funds

raised

in the

drive will

Foundation's pro¬
In this short paper, it has been
pace with the nation's needs for
grams of direct services for arthri¬
possible for me to touch only energy. With proper management, tis sufferers, research to improve
briefly on the many points that adequate economic incentives, and treatment and to find a cure for
must
be
considered
when
one
an equitable political climate, we
arthritis, and education for physi¬

encouraging—but

'

by producers.
f

cannot be
legislation

the future

except

agreed

Conna¬

Mr.

formerly

Co., Inc.

Peck, 26 Main Street.

fus

-

Company,

Incorporated, 390 Main Street. He

is

Local Manager.
EAST

&

Executive.

was

with

University

Arnold Christensen

Calif—Dean

Sanford

Romanoff

Boulevard.

,

Street.

WORCESTER, Mass.—Bernard L.

Manager is Jesse H. Townsley, Jr.
DENVER,

Co.,

&

Alder

Scraggs & Co., of San Francisco.

Resident

is for

legislation that will make it pos¬
sible for all parties engaged in the

a

as

Sansome Street, as Registered

way

CORNING, N. Y

BeJlord

FRANCISCO,

Account

no

on new

office,

Connaway has become associ-

233

Avenue.

with

Southwest

commission Murphy Avenue. Harold L. Butt

Even if the

to establish the

were

and

exploration

provisions

3.077%

a

supplies.

associated

Square,

serious
PONCE,^ Puerto Rico—Richard J.
magnitude in Louisiana and Texas,
Buck & Co., 515 Gonzalez-Oficina
the most important areas of new

contracts with confidence

bonds

Penn

of

reductions

of

net interest cost of 3.0717%. The

runner-up

We have recently seen

out notice.

arbitrary

for

bid

best

Commonwealth

000,000

with¬

than

Co., First National Bank of

Trust

into a ceiling price

concept subject to rollbacks

step

*nd

Illinois

tal

Amending

for

session certainties
came

direction, has appar¬

the right

ently turned

.

In

issues

notable

more

-

cause

natural
three

Domestic

•

footing with imports.

Sale

Wednesday's

(During

in

from page 7

producers, therefore, are not sharing fully in
the growth in demand for crude.
Domestic
producers
would un¬
doubtedly be happier if they had
the opportunity to participate in
the growth of demand on an equal
only

4

;

now

ex¬

Ronald

Philadelphia

Manager.

Hughes & Co., Inc., Julien Collins
&

now

SAN

H.

Ralph E. Cook is Local Manager.

NORFOLK,

And Natural Gas Industry

•

leading
that

*t

Outlook for the Petroleum

Hayden,
Co., William Blair & Co.,

Ham mill

is

son

Resident Manager.

Webber, Jackson & Curtis, Shearson,

South

mem¬

Stock Ex¬

PORTLAND, Ore.—John W. Wil¬

curities

Paine,

-

Graczyk is

1400

BRANCHES

NEW

KILLEEN, Texas—First City

the

other

announce

their

Paine,

r-

registered representative.

Avenue

of

and

with

L. Levy is Manager.

Ingen & Co., Inc. account.

members

500 Fifth Avenue.

is sole proprietor.

&

net interest cost of

major

Corp.,

NEW YORK CITY—Trent Securi¬

Co.,

issues

for¬

Black

Curtis,

the New York

changes,

from the B. J. Van

Other

of

change

bid,

runner-up

bers

The

the week.

on

point

eighths

Au¬

devoted Executive Di-

as

Certified

—

Capital Corp., 165 Broadway.

..

.

bond

revenue

week

Tobin

New

Austin Tobin, the able

lines again.

interest cost

came

designating
3.544%,

slightly

icle's

thority has made page one head¬

Co. and City Se¬

curities Corp. at a net

vs.

of

Port

The

managed jointly by

John Nuveen &

of

Beame

,

(1986-2003) bonds

revenue

CITY

YORK

NEW YORK CITY—Morris Equi¬

Steady

o!

.

Commercial and Financial

3.61%

Dormitory Fa¬

awarded $9,800,000

"-I.

•

revenue

down

syndicate.

Indiana

University,

Purdue

in

remained

The

of bonds

$5,700,000

about

period

during the initial order period.

Issues

Toll
.v

initial order

after the

NEW

Pa.

Jackson &

ated

''

West

was

also associated.

Webber,

CODY, Wyo.—Amos C. Sudler
"""

Pacific

72

manager for

PHILADELPHIA,

Manager.

The bonds were . re¬
yield -'from 2.50%! -to

and

to

successor

takeover.

in¬

The second

from the Smith, Barney

to

is

Inc., 610

Co. group.,

offered

placed

were

came

firm .which

principal of

a

who

on

with

Company,

merly resident

&

of Vested Income Plans, Inc.

they

with.

associated

Northwest

needs money BROOKLYN, N. Y—Herzfeld &
or. what
unprofitable public fa¬ Stern, 965 Flatbush Avenue. Mor¬
cility
may
need
a
convenient ris Lamer is Local

annual net interest

3.387%

a

&

last $3,000,000

the

and

maturing

3.38%.

net

an1 annual

of

cost,

$6,565,000. The first ten maturities
were

to

cost

bid,

to

present balance is

and the

3.25%

obligations

The

Cost.

equivalent
terest

Englert

—

John¬

B.

was

the

big and too small

Port is both too

Ore.—Arnett

Raymond G. Crakes have

become

the ties, 239 East 79th Street. A. Geist

to

and

son

& Co., Inc., with which Mr. Crakes

aimed

that

roll

and

absorb

must

Co., Inc.

criticism

of

varieties

Co., Allen &

conditioned

Copley & Company.

EUGENE,

Broadway. Mr. Johnson

CITY

St.

officer

an

Company, Inc., 50 Broadway. Jo¬

his' associates

and

well

appear

jointly

and( Leo Oppenheim & Co. on a depending
bid of 97.96 for a 3.30% coupon;

in¬

net

headed

syndicate

Co., B. J. Van Ingen &

Co., Inc.

annual

3.136%

a

the"

by John Nuveen &

success¬

Tobin

Mr.

with

was

Avenue.

YORK

Fillmore

seph A. Englert is

Authorities.

Bridge

Triboro

and

NEW

pitch

His

term.

Fifth

666

projects of both the Port

new

bonds which were awarded

2000)

obligation

This

with the Halsey, Stuart &
bid

City Municipal Improvement Au¬

Develop¬

general
bonds.'

at

of

many

appropriately

more

seems

on

Port's

the

issues

long

are

taxes
because

of

bond

numerous

thority, Oklahoma revenue (1971-

compared very favorably

bid

ful

sub¬

to

indentures

which

Oklahoma5-

collect

to

improvements

the

$10,000,000.

consisted of $10,000,000

$15,000,000

Water

Texas,

(1964-1997)

a

for

cost

Board

ment

o£

under

is

3.132%

jointly

bid

best

the

interest,

net

Co.

Trust

&

mitted

America

Bank } of

.

and Mellon National

N T. & S. A.

these

for

apparent

was

attempting

com¬

The final sale of note this week

<<

Boston

for the

good

problems involved in

legal

were

there

that

conceded

realistically

yield bonds. The present bal¬

ance

tinuing to be very keen. The First

are

3.75%.

yield

to

and casualty

interest

pany

with

market

to

came

2000,

due

was

bonds

shorter
On

bonds,

290

formerly

was

t

Co., Banco de Ponce,
Hayden,
revenues in order to balance next
National Bank,
A.
C.
Planning Corporation, 15 East 40th
Stone & Co. and Bache & Co. The
Aliyn & Co., Inc., Shearson, Hamyear's budget if reasonable de¬
Street, Herbert S. Bender is a
serial
bonds
were
reoffered
to
mill & Co., Fahey, Clark & Co.,
mands for additional services are
principal of the firm.
Field, Richards & Co. and First yield from 1.75% in 1964 to 3.50% to be met after providing for
in 1991, bearing various coupons.
NEW YORK CITY—Jack Tilden,
Cleveland Corp.. Scaled to yield
mandatory costs. Mr. Beame
term

(

of
Shaw, Bauer & Co., Inc. of
Broomfield, Colo. Mr. Sakayama

Safeguard

—

delphia

The

Inc.,

Mr. Bauer

more

with

associated with Ilowsam-Brown &

Louis

PARK, N. Y— Bombara

Queens

formerly

and John Sakavama have become

ISLAND

in

Authority

Street, Southwest.

was

DENVER, Colo.—Walter R. Bauer

Blvd.

Gottlieb,

Port

Chanos

Reuben Rose & Co.

Kaye Phyllips is proprietor.

New

some

fact

be

estate

Mr.

extent, be prompted by the

York

Weeks, F. S. Moseley &

should
real

rated, 2 Pryor

Street.

17th

East

BROOKLYN, N. Y.—Kaye Phyl-

that

declared

1905

Benjamin

—

City. These remarks may, to

the

of

Co., Inc.,

levy

revenue

on

E. F. Button & Company Incorpo¬

BROOKLYN, Ni Y.
Novick,

has

City

to

FIRMS

and

the

NEW

area.

Beame

mitted

of

Co.,

&

little

A

perennially it's

deriving

New
Mr.

winning account include Drexel &

Bank New Y ork Trust Co., Phila¬

it's

Today

annual

members

major

Current News in the Field

in his hair

Congressman

was

York and

New

of

York.

New

of

from Ira

came

Other members, of the success-' Co., Harriman Ripley &
account

back

New

city of about $9,000.-

ful

of

Haupt & Co. and associates.

cost to the

a

interest

net

the

down

turn

to

York

New

continuously.

City

bonds naming an

2000)

second bid, a 3.536%

The

which

deposits

such

making

caused

1991

of

someone

39

Controller Abraham Beame of the

annual net interest cost of 3.532%.

However, the State code does not
allow the use of cashiers checks
in

Authority
serial and a term
Sewer

and

due

loan

check.

Rico

Puerto

$14,000,000

to

(1964

required in the form of cash, cer¬
tified

for

Aqueduct

be

would

the high

submitted

Corp.

Port

Authority, has
almost

Continued from page

the

of

rector

TAX-EXEMPT BOND MARKET

(2271)

Texas, Oct. 29,

1962.

support

the

cians and the
tion's

ing young
meet

aimed

promis¬
scientific investigators,
the
greatest need
in

at attracting

to

public. The Founda¬

research program is

and training

research today.

/

40

The Commercial and Financial Chronicle

(2272)

.

.

Thursday, November 29, 1962

.

Governor Malcolm W. Wilson will

WASHINGTON AND YOU

the

be

toastmaster.

The

award

College
from the nation's capital

CACKLES 8 CO.

with

■SECURITIES-

as

intended

is

the

derscore

behind-the-scenes interpreta tions

dual

liberal

a

strong

C.—Although

our

productive land use is shrink¬

ing

to

1,450,000

of

tune

the

acres

and

year,

a

than

more

our

growth.

at

grow

it

And

is

Industries,

tion, contends that worldwide

the

of

and our
daily fresh water requirements are
mark,

double

skyrocketing, little attention was
given

to

laws

of

the

last

land

and

forestry

the

Congress.

The

siderable

estry

importance
that

resources

did

for¬

of

natural

passed. Con¬

were

not, however,

sion

fect the

not

the

make

Nevertheless, they af¬

people of this country far

than the average citizen per¬

more

the

increasing

products
omy

the

as

of

valued at

a

forest indus¬

and

Vegetables,

industries

714%

of

all

the

Although

With the tremendous population

of the most impor¬

one.

tant current demands

on

the

demands

world's

highways

people to
The

for

farmers

surplus
tional

will

that

the

that

crop

passed

divert

of

Certainly

growing
acres.

At

surplus

session,

as

come

Also

it is

facial

as

just

was

$2,500,000

to

depressed

particularly
rently

lumber

a

use

One

we

have

is

small

demand

pulp and

market

a

pulp. Not too

there

for

as

increased

the

of hardwood for
ago

matter of time

a

evening gowns, soft

The

only

was

hardwood

paper

at

making

tissues

will

be

debut

last

major
tents

paper

the

use

have

Also,

year.

stores

Although

the

mills

paper

is

to

people
in

tents

the government agencies in

and

merce,

wool

the

say

consumption

apparently

of

is

per
paper

not

next

eration

that also
has

new

a

serves

already

cotton

and

strength
with

as

paper

paper

towel

and water

soap

found

says

products

paper

its

airlines.

numerous

place

or

the

gen¬

Creped

wet-

toweling saturated
of

out

its foil-sealed

Wash¬

Nevertheless,
owners—those
acres—need

the

meet

forest

the
with

to

be

future

lands

are

forest

small
less

than

Pace

College, New York City, is

of

hundreds

of

to

50

pounds

of

wet

needed

to

business leader for his

contribution

to

social0,

cultural

100

sawmills,

change
of

Mr.

products

TV

studios

are

possible

to

for

in

pro¬

name

to

to'pre¬

live

with

understanding

and

fundamental

val¬

the

society.

our

Mortola

further

"In

Council
of

is

the

busi¬

can

who

example

an

lightened

states,

the

member

a

as

in
im¬

the

perspective

outlook,

community

serve

education

create
of

Alexander,

ness

paper

well

of

businessman

the

and

en¬
as

a

few.

prototype for future recipients of
oil

other

and

millions of

our

gas

the 'Man in

and

our

forests

resources.

renewable

are

natural

Many

resources,

the

people regard for¬

the best place to camp,

fish

an

elusive

man

N.

Ira

citizen

average
on

the

Va.,

street,"

Gabrielson

President

of

—

of

the

the

said

Henry C. Alexander

economic

community
Edward

J.

Dr. Edw. J. Mortola

the

Mortola,

Oakton,

Pace,

announcing

Wildlife

ment

of

the

nation.

Attention

of

in

or

values

i

not he realizes it.

mantle his
aridable

would

be

watersheds,

Trust

to

be

Morgan Guaranty

so

honored.

Our New

[This column is intended

to

reflect

"behind the scene" interpretation

from the nation's Capital and
may not

may or

coincide with the "Chronicle's"

views.]

York

telephone number is

The

CAiraal 6-4592

award will be presented at a ban¬

the

F^ilms

Waste King

Company, will be the first

executive

Mills

Electronics

Official

ac¬

soil."

Head

Maxson

Henry C. Alexander, Chairman
of the Board of

celerate soil moisture storage, and
anchor

it

is

Brokers and Dealers

Indian

They

help feed, clothe and shelter him.
They

said

award,

The

Botany Industries

Manage¬

given for the first time in 1963.

tangible

of

Corporation,

TRADING MARKETS

establish¬

the

"Man

Director

co-Chairman of the award dinner.

Dr

President

Management Institute, "trees have
and

Dyson, Chairman of

and

the

in

progress

and

ment"

real

Board

Dyson-Kissner

and
"To

Management' award."

Charles H.

quet in the Grand Ballroom of the
Waldorf-Astoria Hotel
1963.

on

Jan.

Pace also will confer

Alexander the
Doctor

of

on

15,

LEKit I CO., Inc.

Mr.

Investment Securities

honorary degree of

Humane

Letters.

10 Post Office

Lt.

HUbbard

popcorn

Square, Boston 9, Mass.
Teletype

2-1990

,617

451-3438

Cove Vitamin & Pharmaceutical
Common

in radio and

now

that., in

out

professional

garbage.

script

use

able to

are

College stresses and

while

honoring

and

Warrants

use.

Versapak Film & Packaging

higher.
Importance
It is estimated that
every

points

and

the individual

Dr.

the

pulpmills and

who

men

breadth

pare

ues

the

and

a

In

overly-publicized

arts—to stimulate

preserving

"back

in

fullest

and

eaters in theaters and non-rattling

for

and

hold up

Noiseless paper bags

paper

He must

Man America needs

Telephone

of Com¬

going substantially

the

Pace

agination,

These

mills, and plywood mills, to
a

a

annual award to

an

Also purchasable are paper gar¬
can

whole

requires that its students receive

encouraged 'to

demands.

investments

the

thousands

own

bage containers which

man¬

the

knowledge

Mortola

liberal

inaugurating

on

skin-cleansing lotion is wet
taken

the

forests

thati

paper

Products

new

to

its business

other

Forest

that

reports

Alexander Hon'd

people. It
our

want

summer,

clothing.

of

the

that

to

hunt.

areas

the demand for

check

grams

vital

recognize

whether

a

all

generation

after

as

expected)to

not

Annual Award;

going to be denuded with

Dr.
new

it is

American

of

apparent

ests

capita

the Department

welfare

also

and

who

the

forest

our

are

ington, including the Forest Serv¬
ice

the

that

extremely

are

some

place to store them.

no

entering,

lessen

at capacity today,

producing

lands

selling

are

envelope.
not

for

think for themselves."
Dr.

apparent

Unlike

treatment.

Bathing suits, playsuits and ten¬

the

broad

a

Pace Institutes

super

nis clothes made from paper made

when

mills.

is

some

Cur¬

such

It

up"

imports,

growing sub¬

timber,

reason

years

the

the

some¬

Canada.

also

many

been

by

more

pulpwood, than
for.

has

from

are

we

stantially

include

shirts, neck¬

Surplus

currently

surplus in the United States. The
what

peo¬

tissues, will be

wet-strength

to

industry

more

aprons,

until strapless

have

water"

resistant.

cloth¬

of the

industry

paper

Despite all the

lumber

simple

some

in

future

well-balanced view of

a

management
fire"and

are

the

in the

ties, bed and table linen.

but

is

Offing

exceedingly strong by

i

Lumber

the

made

sum

for

careers.

today is

contrast

is

ple in the capital. These

of

There

in

involve

hats, dresses,

their

from

will

ing, according to

woodlands
doubled

will

uses.

Products

future

This is aimed chiefly at the small

$5,000,000.

re¬

efforts

these

new

and

One of the big increases

also doubled the authorization for

The

of

tests

v 'U

Congress

leadership,

capacity for creative thinking.

are

New

a

There

says.

debut.

funds for cooperative forest work.

owner.

Out

some

panel discussion on Brigitte
few words from your sponsors"

conclude this

we

it

time, the Depart¬

their

'

now

Bardot wcth

potential products

new

,

en¬

emphasizes

students

Organization

those

on

A
last

will

"And

than half

more

undergoing

search.

recrea¬

much

crops

A;-;

the

from

this

not cost the taxpayers as

to

college

on

with

dinner, "the need of

with

man

years.

Commerce

many

enthusiastic
pro¬

lands

production to

uses.

the

assistance

Federal

who

get

quickly.

areas

bill

farm

vides

award

paper.

all the

use

ment

with

grown

leisure time, higher incomes

more

and

have

associated

its

agement

New paper products are coming
into

est lands is for outdoor recreation.

The

the

are

spotlight

a

poration and co-Chairman of the

cmv

ex¬

for¬

our

Management

iger, President of Sinclair Oil Cor¬

country has only

our

currently using

now

increase,

and

6% of the world's population,

States.

United

of

throw

to

the

at

The award

his work and of his life.

are

the

erected

According to Edward L. Stein-

increasing,

people engaged in manufacturing
in

Hall

managerial

meat,

in this country is

use

Man¬

paper

diapers,

milk

during the next four

than $20

more

These

year.

employing

are

even

paper

for

and

paper

of

billion

plates,

and

containers
fruit

is

are

and

in

oil portrait

an

Hall of Manage¬

a

being

qualities

which

With the demand for paper nap¬

the

products of the

"Man

Park Row.

on

training

Commerce Luther H. Hodges said

tries

the

Soaring

cul¬

development

lightened business

econ¬

Secretary

ahead,

moves

forest

for

demand

the

of

now

intended

paper

social,

recipient will be displayed

the

and

mill in

paper

the

college

expan¬

pected to increase by at least 20%

haps realizes.
With

a

Paper Demand

bill,"

clothes

did

great

a

part

ment,

mill in Latin America.

bills

These

York

Chile, which is the largest

kins

front pages.

New

new

responsible

the

economic

permanently in

few days ago

a

of

program

bill.

bad

a

Philadelphia,

approved loans for

because many members regard it
as

in

a

today's complex world.

some

the

pass

"Wilderness

controversial

con¬

to

preservation

or

gress

several bills of

were

of

banks

in

agement" program

plus

Bank,

adds

activities:

and

As

next 14 years.

World

commercial
and

There

the

in

of

use

almost

to

expected

is

paper

tural

associa¬

trade

a

population is heading far beyond
200,000,000

fessional

participation

Forest Products

Inc.,

college

programs

dimension to his business and pro¬

faster clip in the coming

a

American

years.

un¬

Pace

emphasizing the importance today

to

expected

of

arts

business

of the executive who

WASHINGTON, D.

to

nature

woman

man,

and

child in

this

country will have accounted

for

more

than

440

pounds

plus more than 200

paper,

of

Forest

of

board

What next will the paper indus¬

try

researchers

bring

nauts of the future

will

and

paper

pulp

Industry has experienced marked
r

<?




I

»

plant

in

this

on

wear

Atomic workers in

the

forth?

A

a

long

space

FOREIGN

disposable heavy-duty

•

SPECIALISTS

using

paper

uni-

and

Warrants

Bought—Sold—Quoted

NEW YORK 5, N. Y.

TEL: HANOVER 2-0050

TELETYPE 212-571-1685

KILL, THOMPSON & CO., INC.

large nuclear
are

SECURITIES

20 BROAD STREET

suits.

paper

country

Common

Carl Marks & Co. Inc.

scientist has predicted that astro¬

journeys

feet of lumber.

Obviously

Lands

during 1962

Y

li-:'

I

70 Wall Street, New York 5, N. Y.
'Tel. WH 4-4540

Tele. 212 571-1708

I

I