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!:!
4
i
?!.
Ml
ESTABLISHED
1839
Reg. U. S. Pat. Office
Volume
192
Number
New York
AS WE SEE IT
Editorial
Prestige! It is
'
6000
they
a
leaving
By A. Wilfred JVtay
no
great rank and file
[Tables appearing
,
apparently is quite
sure
Analysis of investment companies' portfolio operations dur¬
ing September quarter's falling market reveals renewed
overall
into
retrenchment in
fixed-income
pronounced
natural
the
among
favored groups
stock
This
buying, with
policy
"balanced"
particularly
was
funds.
open-end
Most
and
publishing
issues.
Widely
sold
aluminum, automotive,
were
stocks.
tions.
Other groups,
Most
rubber, steel and textile-rayon
including oils, elicited divergent reac¬
popular issue was ATT.
Merck,
were
Ward
Montgomery
Most heavily liquidated
and
Continuing interest in foreign stocks
that
International
was
Paper.
supplemented by
buying of high-yielding European bonds.
who
•
'•
This
a
slightly greater fall than occurred
during the past March quarter. (The Blue Chippy
Dow-Jones Industrial Average ended the Septem¬
having a good deal to say about the matter
appear to mean simply our military might—particularly
as
compared with that of the Soviet Union. They are
particularly interested in changes that may have oc¬
curred in the relative positions of these two countries in
recent years.
They make the welkin ring with claims
that Russia has been
overtaking us rapidly in this area,
and some even go so far as to
say that today the Soviet
Union is a greater military power than are we. But the
real point of their
argument has to do less with the
actual relative
military strength than with what the
peoples of the world believe it to be. Now, of course,
ber quarter
even
information than
by the expert, without much
is
at
hand.
The
(Continued
total
and
securities
transactions;
stock transactions
com¬
and
stock
common
individual
common
by industry groups.]
stock funds
bought less commons, by 3%, than in
the previous quarter, with their liquidation of com¬
mons
5.2% less.
Manifesting this pattern, the open-end balanced
funds included 17 net stock
buyers, down from 21
in the previous quarter, and
13 net sellers, up
from 9. The closed-end companies showed only
one
net stock buyer,
Tri-Continental; and 11 net
sellers; with two stand-offs.
The
less flexible
open-end stock funds showed 31 net buyers of
compared with 24 in the June quarter;
sellers, against 14 in the June quarter
quarter
decline
prompted
man¬
did the general market's comparable
pattern during the year's first quarter.
Our analysis of the portfolio operations of the
86 leading investment companies under 62 manage¬
agements
as
downward
ments
reveals
overall
buying,
securities.
income
in the
renewed
stock
common
with
This
was
retrenchment
shifting
into
of
fixed-
Net purchases of common stocks
by the open-end
by 40.8% from the second
The closed-ends still showed a net bal¬
balanced funds declined
quarter.
28)
of
common
stock
the
above,
their
net
a
decline of 43%
balanced
open-end
purchases
ferreds to
of
attitude cited
funds
corporate
from the
stepped
bonds
and
up
pre-
$68.4 million from $32.7 million in the
Contrastingly, the open-end stock
quarter.
funds reduced their net
ferreds
buying of bonds and
$6.4 million, from $12.6 million.
to
pre-
The
over-all result shows that open-end and closed-end
companies combined, increased their purchases of
corporate fixed-income securities to $75.3 million
from $49.2 million; with their total of fixed-income
securities
from
and
cash
rising to
16.8%.
17.5%
of
assets
net
v
REDEMPTION OF FUND
of open-end balanced funds and of the
case
stocks showed
first quarter).
Also manifesting the conservative
particularly marked
closed-end companies, both of which operate under
much greater freedom of action than do the openend stock funds.
ance
(however, the volume of their net purchases of
common
June
third
similar cautionary portfolio policies by fund
more
on page
market's
The
is the more powerful military force is a
highly
question, and one that could not be answered
intelligently,
at 580, the June period at 640, and the
March quarter at 616.)
one
technical
a
averages,
it. Some of those
answer
survey
covers
are
which
21 and 27 show fund's
pages
other
commons,
of third quarter portfolio operations
period of substantial stock market decline.
The fall came to about 9%% in the common stock
just what is this thing they call "prestige," and
important is it in any event? No one, so far as we
aware, has taken the trouble even to ask the ques¬
tion, let alone undertaken to
Copy
a
and nine net
But
ar&
Cents
shift
a
included aircrafts, beverages, finance, food,
utilities
gas,
common
securities.
they would favor his side.
how
on
parative investment positions;
.
the results known since he
50
While the Stock Market Tumbled
stone unturned in their efforts
see it as they do, or pro¬
fess to do. The Republican candidate
goes to the other
extreme, never tiring of telling one and all that the
? prestige of this country was never so
high the world
; over. The matter seems to have become one of the major
I issues of the campaign. The President himself has had
!
some things to
say in this general area—in particular
about our military power and the like. It
appears that
certain "surveys" of foreign populations have been made
in recent months, and Mr.
Kennedy has been hounding
the Administration and, of course, Mr. Nixon to make
are
to make the
Price
Moderate Liquidation by Funds
word to conjure with, or at least so
believe the political hopefuls of 1960. Those who would
replace the Republicans in the White House with deserv¬
ing Democrats are quite certain that our prestige has
badly deteriorated abroad during the past eight years,
and
.i
7, N. Y., Thursday, November 3, 1960
liquidation.
The open-end
SHARES
Public," too, along with the Experts, has
been retrenching. Although the
Redemptions have
recently shown some decline from their total dur¬
ing the first half of the year, their volume of $203.8
million,
or 41.4% of sales, during the September
quarter, would seem to be disquieting. Redemp¬
tions
were
particularly
(Continued on page 20)
H
Underwriters and distributors of
SECURITIES
U. S.
NOW IN
securities
afforded
Housing,
State and
REGISTRATION—Underwriters, dealers and investors in corporate
a
complete picture of issues
STATE
Head Office:
■
:.A.
London
and
Branches
54
PARLIAMENT
MUNICIPAL
ST. JAMES'S
SQUARE, S.W.I.
Bankers
Lester, Ryons
623
So.
to
Offices
the Government in: ADEN,
Branches
in:
THE FIRST NATIONAL CITY BANK
INDIA, PAKISTAN, CEYLON, BURMA,
BOND DEPARTMENT
KENYA, TANGANYIKA,
UGANDA.
ZANZIBAR,
& Co.
Street,
Los Angeles
California
17,
in
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
OF NEW YORK
ADEN, SOMALI REPUBLIC,
NORTHERN AND
New York 15
Hope
Exchange
-
KENYA, UGANDA, ZANZIBAR
COMPANY
30 Broad Street
Inquiries Invited
Southern
California Securities
SOUTHERN
Bond Dept.
RHODESIA
Teletype: NY 1-708
New
York
Correspondent
on
—
Pershing & Co.
Net Active Markets Maintained
II *
To Dealers, Banks
UNDERWRITER
DISTRIBUTOR
T. L. WATSON & CO.
ESTABLISHED
DEALER
AGENCY
i.'i
Exchange
American Stock
Exchange
STREET
NEW YORK 4, N. Y.
THE
Chase Manhattan
BANK
HAnover 2-6000
FOR
BONDS & STOCKS
'
CIVIC
IMPROVEMENT
Exchanges
MUNICIPAL
1-2270
AND TORONTO
PERTH AMBOY
NEW
YORK
Corporation
r
NEW YORK
.
EXCHANGE
40
'
2-BROADWAY
STOCK
-
t NORTH LA SALLE ST.
' - CHICAGO
.
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-S161
BOND
DEPARTMENT
Dominion Securities
Goodbody & Co.
MEMBERS
•
Development (World Bank)
DEPARTMENT
DIRECT wires TO MONTREAL
COMPANY
BRIDGEPORT
International Bank for Reconstruction
and
•
Teletype NY
'
Marine Bonds
and
Commission Orders Executed On All
Canadian
25 BROAD
Banks for Cooperatives
Federal National Mortgage Association
United States Government Insured Merchant
Inquiries Invited
CANADIAN
goutfuoeat
*
Federal Home Loan Banks
CALIFORNIA'S
SECURITIES
New York Stock
'
Federal Intermediate Credit Banks
1832
Block
FIRST
f
CANADIAN
CANADIAN
\''
MUNICIPAL. BONDS
and Brokers
Members
AND NOTES
Federal Land Banks
Members New York Stock
Exchange
Associate Member American Stock
Exchange
Members Pacific Coast
BONDS
STREET, S.W.I.
13
CHEMICAL BANK
TRUST
HOUSING
of Securities of
BANK LIMITED
26, BISHOPSGATE, LONDON, «.€.».
NEW YORK
PUBLIC
NATIONAL AND GRINDLAYS
Municipal
HAnover 2-3700
J
Dealers in and Distributors
Securities
telephone:
STATE, MUNICIPAL AND
registered with the SEC and poten¬
"Securities in Registration" Section, starting on page 36.
now
SONDS
tial undertakings in our
Government,
Public
are
;
"The
BANK OF AMERICA
N.T.&S.A.
SAN FRANCISCO
-
LOS ANGELES
«
Chronicle
The Commercial and Financial
2
The Security
Brokers, Dealers only
For Banks,
I Like Best..
Tax Losses
A continuous forum in which,
Swaps
or
If it's Over-the-Counter
.
.
each week, a different group of experts
in the investment and advisory
Selections
Louisiana Securities
favoring a particular security.
Enterprises—
Consultants Bureau
Our
complete trading
supplemented by
and
a
Taggart & Co., Philadelphia, Pa.
facilities
nation¬
private
trading
than 400 Over-the-Counter
active
more
securities.
.
.
Whether
.
your
Consultants Bureau Enterprises
our
staff
is
publishing business is
gaining allure for investors who
see major growth potential in the
industry in line with expanding
book
The
entific
for scientists. The company
for
demand
New York Hanseatic
nals
Corporation
prises, despite
its unwieldy
120 Broadway,
New York 5
and
Teletype NY 1-40
WOrth 4-2300
BOSTON
PHILADELPHIA
sounding
CHICAGO
•
•
is
name,
SAN FRANCISCO
is
Write
for
our
Stock
Digest, and our other reports
that give you a pretty clear
of the Japanese
economy as a whole.
picture
Pnrt.mtlAo Pa
TU*
Telephone: BOwling
This
is
not
an
offer
ltd
orders for any
York 6, N. Y.
Green'*9-0187
or
staff for the
on a
of material emanating
solicitation for
particular securities
subscription basis.
effort
pioneering
called
metal
hot
This
in
a
such
that
was
a
was
translated and
published the
complete texts of an all-Russian
conference
Underwriters
Nuclear
on
Atomic
The
Energy
with
contracted
the
Energy.
Commission
company to
reproduce and distribute this text
on
an
that
INCORPORATED
broadway
wider scale.
even
of
end
Sales
in
only $40,000. At
fiscal 1959, sales had
were
year
the
Dean Samitas & Co.
expanded to $750,000, and for 1960
are expected to exceed $1,200,000,
with the field just about
open¬
ing up.
much
a
to
it
whereby the
that
other
there
no
are
translation
of
ments
agency
concerns
and
With
soned
a
technical book fields.
small
equity base, sea¬
and a jump
management
competition,
on
is
CBE
Dealers
people were chosen and are cur¬
rently translating on a piecework
basis.
They
are
a
variegated
including graduate
stu¬
professors, research scien¬
tists on foundation or government
enjoys
a
class rating among
of
scientific
items.
Although
the
market for
Rus¬
sian translations is growing, there
is another market perhaps even
in 350
larger for the publication of books
of
Over-The-Counter
Stocks
scientific, technical, business
originating
in English.
To facilitate this, a
subsidiary, Plenum Press was or¬
ganized. In 1959, eight books were
published. In 1960, 25 titles are
a
reference, nature
and
i
Among
societies
the
that hold
with
CBE
Out of
stitute.
sian journals
translated on a con¬
tinuing
basis - throughout
the
world, CBE publishes thirty-three.
By
way
of camparison, its largest
competitor, Pergamon Press, does
about eighteen.
Mr. Coleman, the
President of CBE, foresees a
million-a-year
started
in
business
to
entific
industry,
Street, N. Y.
to
journals using mailing
catalogued as to scientists'
specialties.
Plenum has be¬
1930
Tel. HAnover 2-4850
Direct Wires
and
Principal Cities
come
can
the
publisher for the Ameri¬
Astronautical
Societies
pro¬
ceedings and plans to expand its
participation in this field.
published
100-
the
for
texts,
just
such
books
as
It has
"Ad-
the
around
corner.
SALES
AND
EARNINGS
Net After
technical
I
Na¬
total of 86 Rus¬
a
book stores and advertisements in
lists
the
Institute of
publication of technical and sci¬
publish the proceedings of learned
societies.
These
proceedings are
printed and then sold through
oreeYve<miCoiYvpam^
are
Ameri¬
Physics, American
Institute
of
Biological Sciences
and the American Geological In¬
can
.;
repeating occa¬
"J;
_
.;.
Earns.
Taxes
Sales
tlP60
$1.2-1.4 fm)
750,000
Per Sh.
$120,000-130,000
1958
586.530
1957
299,813
.60
.21
•
43,211
21.171
(9,912)
1959
.10
♦Deficit.
tEstimated.
The stock is traded in the Over-
the-Counter Market at
a
price of
WAInut 2-1514
(This is under
as
a
Richardson Co.
*.
of this
Stouffer Corp.
desertion, take a look at the natu¬
ral
'
Keyes Fibre Co.
industry, and particularly
of
established
inde¬
gas
stocks
pendent producers. In recent years
of these companies have
been successful in every phase of
BOENN1NG
many
ten
years,
Established
& CO.
1914
1529 Walnut Street
115
Broadway
New York 6,
CO 7-1200
N. Y.
Philadelphia 2, Pa.
LO 8-0900
ATT Teletype PH 30
whole, but demand
and pipeline
construction
remains ; high.
An
outstanding record! Yet the price
which the public will pay for these
country
as
a
continues to increase,
achievements
has
dramati¬
fallen
For example:
cally.
Recent
High
1.
Oil
9
Pet.
23%
44
Oil
Equity
8%
8V4
& Gas 24
National
4. Western Natural Gas
5.
Price
22%
Delhi-Taylor
extreme
in
case
point
is
The company is capi¬
talized with only 1,500,000 com¬
mon
shares.
It has no debt, no
Equity Oil.
preferred stock, and no surprises
in the form of warrants or stock
The company has paid a
options.
dividend of 40c per share for ten
the
and
years,
sheet
balance
You
is
food
give
immaculate with the ratio of cur¬
with every
rent assets to current liabilities at
to
6.1 to
the
liabilities. Over the past two years
friendship
and
$1 package
world's
Cash is 4.6 times current
1.
CARE Food
you
send
hungry thru the
Crusade, New York
of its stock has
steadily declined, the company has
been conducting a highly success¬
ful drilling program to evaluate
while
the
price
80,000-acre lease block in Rio
County of N. W. Colorado.
The
company's
extremely con¬
servative policy of reporting the
results of this work has delayed
Blanco
recognition of its importance, but
the general picture is now rather
clear. A report prepared for the
company
in 1959 by
Thurman
Consultants, a leading Denver geo¬
logical firm, reached the follow¬
ing conclusion:
"Total
nesses
feet
about 12%.
Philadelphia direct phone
•
Continuing Interest in
Fischer & Porter Inc.
idea, but
new
now
bear
to
reservoir
from
vary
a
sand
no
circumstances
to
be construed
as an
solicitation of an offer to buy, any security
offer to sell,
or
referred to herein.)
Quotation Services
for 47 Years
thick¬
hundred
few
Over-the-Counter
National Quotation Bureau
than
1,000 feet, de¬
pending on location.
Due to.
lack of productive history the cal¬
culation of reserves is problematimore
.
-
A
confidence
some
text-book example
a
Bankers
an
scheduled.
Plenum
sionally., r
For
is
to
seems
An
learned societies.
contracts
pictures
This
turn.
it
3. Texas
tional Institute of Health,
and
with
flock,r,will eygptually re¬
2. Colorado
CBE
infringe¬
rights by
payments by the company.
agreement also provides for
delivery to Consultants of draw¬
that the
Investment
<&
Broadway,N.Y.6 GOrtlandt7-5680
profitable to
in the neglected
values
for
industries
dents,
sponsored projects, and engineers.
111
often find it
Armsby
group,
alty
ings
Trading Markets
in¬
an
triguing speculation. - Out of air
most 15,000 letters of application
received
by
the company,
250
Tokyo, Japan
Brokers
ness
book
The
37 Wall
with pa¬
tience will
of
Yamaichi Securities Co., Ltd.
can
in spite of regulation
that was supposed to prevent this.
Reserves are up over 50% for the
sees
in return for roy¬
who
endure loneli¬
look
;/:
York, Inc.
Affiliate
latest
operation. The price of gas at the
well-head has tripled in the past
$1.30 or more in 1961. The
company is now studying three
possible acquisitions in the text¬
had
agency
' ;
of New
truths. Any¬
J. W.
write
Securities Company
pro¬
phets to learn
the
cheaper
V
the
newest
one
or
Yamaichi
the
earn
1958, Consultants Bureau
an
agreement with the
Soviet Government's export book
has
7-0530
V
as
round
"cold-
Projected earnings for CBE this
are 60-75c on 221,400 shares
outstanding.
If the current rate
of
sales
continues,
CBE
could
Since
New York 6, N.Y
it
makes
which
Call
in*
vacuum
the
information
current
par¬
hopeful sur¬
"hot
non-unionized,
is
it
For
and
a
others
by
year
reau
Dealers
j
tial
type," such as typewriter, IBM
Proportional
Spacer,
Varityper
and
Juslowriter.
CBE considers
method.
five
Russian scientific journals and in
that same
year
Consultants Bu¬
Brokers
ESTABLISHED
leaves
type" and the other is by various
operators,
STOCKS
causes
fields
in
is
One
cold metal machines called
By
1955,
the
company
translating
and
publishing
For Banks, Brokers and
'.
>•
JAPANESE
overcrowding
'in certain
•.
<
companies
publication.
of
method had not been used before.
CO
c
*
This
advice.
V -v \
v,
,
Techni¬
coldtype much
cheaper and an
has been actively equally satisfactory method for the
engaged in this work for about production of scientific texts. The
company
is also in the process
five years> although its founders, of
exploring other uses for its
Eari and Francis Coleman, began
coldtype facilities. Books fo^other
translating Russian into English
in 1948.
In 1949, Consultants Bu¬ publishers
have been composed,
using the process. Since coldtype
reau initiated a program of coverwork
needs relatively unskilled
to-cover periodicals to be sold on
a
111
.'
China.
from
sheeplike
considerable
is
The company
The Nomura oOCUnlieS L0.f LIU.
61 Broadway, New
business
dollar
has taken
pany
for
means
Soviet scientific pub¬
lications. More recently, the com¬
translation
-
first
the
of
one
text
Wm. A. Nelson
translating
Monthly
of
branch offices
to our
Equity Oil Co.
country to take advantage of
coldtvpe composition.
There are
two basic methods of composing
multimillion
a
IN JAPAN
Atlanta,
the
shoestring
operation into
Direct wires
Neal 8l
Georgia
Wyatt,
Analyst,
Waggoner,
Enterprises
Consultants Bureau
a
a
Opportunities Unlimited
and
Russian-English Dictionary.
rapidly grow¬
System
edition
revised
a
Chemical
ing publishing
company
that
has parlayed
Wire
Private
Nationwide
JOHN W. ARMSBY
Securities
investment
cal
NY 1-1557
Birmingham, Ala
Mobile, Ala.
New Orleans, La. -
psychology in the securities busi¬
ness
which gets translated into
Callahan's
Stock Exchange
HAnover 2-0700
■
There
preparing
prosaic
York Stock Exchange
19 Rector St., New York 6, N. Y.
Wiley & Sons, who will print and
distribute these, the company is
Bureau Enter¬
Stock Exchange
Members New
Members American
Another
now
Steiner, Rouse & Co.
2)
sian-English Physics
Dictionary
and
in
conjunction with John
V
Consultants
1920
Waggoner, Atlanta, Ga. (Page
&
guage
is
Analyst, Wyatt, Neal
Securities
engaged in compilation of a Rus¬
en¬
cyclopedias.
Associate Member
American
jour¬
and
Bought—Sold—Quoted
Equity Oil Co.—John W. Armsby,
Age," has created substantial
public interest through its de¬
scription of the use of novocaine
to help illnesses of old age.
subsidiary,
InterlanDictionaries
Publishing
Corp., was organized in 1956 to
produce
bi-lingual
dictionaries
Research
Nelson,
Co., Philadelphia, Pa. (Page 2)
&
of its recent
textbooks, sci¬
promptly and efficiently.
Established
general public
the
to
One
A.
Department, Charles A. Taggart
Old
are
you
William
books,
entitled "M3 In the Battle Against
well.
as
.
Boston Stock Exchange
in
large or small
experienced trading
fully equipped to serve
orders
blocks,
Member
Stock Exchange, Associate
but
entists
Philadelphia-Baltimore
Members:
wires
markets in
of
network
"Exploding Wires."
In 1959
the company decided to publish
books not only of interest to sci¬
and
Department, Charles A.
Research
Science,"
Astronautic
in
vances
WILLIAM A. NELSON
Alabama &
Participants and
Their
field from ail sections of the country
participate and give their reasons for
.
Call "HANSEATIC"
wide
Thursday, November 3, 1960
.
Week's
This
Forum
are
.
.
(1762)
Continued
.
on
'
page
33
Incorporated
*
Established 1913
.
46 Front Street
CHICAGO
New York 4,
SAN
If. Y.
FRANCISCO
Volume
192
Number
6000
.
.
.
Chronicle
The Commercial and Financial
(1763) ' 3
CONTENTS
Stock Market in Retrospect
And Outlook in This Decade
Industrial
Investment
Cold water is thrown
Partner of Duff,
Financial
and
Analysts, Chicago, III.
Moderate Liquidation by Funds While the
Tumbled—A. Wilfred
the belief that with the advent of the mar¬
on
Page
& Clark,
Anderson
JCHMIfl
B.S.
Articles and News
By Hartman Butler, Jr,*
TENDERLOIN
Stock Market
May.;
You
Cover
the 1950's.
track
the 19G0's will continue the same automatic gains of
Mr. Butler
Stock Market in Retrospect and Outlook in This Decade
•,
consigns short-term practitioners to the race¬
—Hartman
for
Butler, Jr
can't
sell
so
ket's recovery
COMPANY
AND
steak
obscletes—
eat
them
to
us
money.
3
pointing out that "true investors," which he defines, will
in
Mortgage Market Outlook; Coming Business Decline
only be able to do well in what he calls this "Decade of Selection."
revolving around man¬
Lintner
—John
The writer sets forth six investment criteria
Obsolete Securities Dept.
5
__•
WALL
99
STREET, NEW YORK
Telephone: WHitehall 4-65S1
and
in research and development, and maintenance of an orderly fi¬
nancial house. He also expresses a strong preference for the British
use of yields in place of our reliance on price-earnings ratio as a
agement's performance, willingness to invest in plant-equipment
Income Tax Pointers for Present Security Market
—J.
S.
Seidman
7
______________
International Bank—Ira U.
Cobleigh
9
______
FOTOCHROME
measurement tool.
Miracle Theory of Spending Is a Dangerous Delusion
In
considering the
the
from
decade
seriousness
of
;
,
\
.
.
:
-
market
tion
were
Ridiculously
aggerated. We
should
that
CROSS COMPANY
METROPOLITAN
19
BROADCASTING
.
13
Prospctus
summer
Accountant Challenges Depreciation
declines in terms
and percentages.
The market had daily declines of
6-12%
three times
in October,series of large
a
both
of
Hartman
Butler, Jr.
with
ing into partnership
management.
Proposal
Deductions
The
___
V-
•
Only Thing We Ask_„___L__
General Motors Plans
,
J.F.ReilIy&Co.,Inc.
35
$1!4 Billion Investment
47
39
By the end of 1929, the market
down to around 250. Despite
the
Broadway, New York 5
DIgby 4-4970
was
„
My review of the stock market,
decade by decade,
will use the
Industrial Average as
Dow-Jones
criterion.
the
d^Iihe"
the
fully recognize
"decade
in some in¬
of
to
disparage the
of the DJI
as a measure¬
circles
accuracy
But
to
market
the
of
ment
a
and
admittedly
long-time
perfect
not
with real virtues.
saw
the
than
in
whole.
is
the-" Dow-Jones
me
trusted
as
^
_
We
As We
1920's, five years
market
closing higher
previous year.
any
of
Decade
The
v;
the
composite
common
stock
of 30
indus¬
splits
and other changes.
There are admittedly some statis¬
tical aberrations in its compila¬
tion.
My
view
This
to
give
would
better
a
difficult to
is
It
to
industry
year.
Industrial
ing the present divisor from 3.38
to
33.8. This would
eliminate
the
confusion .of, saying
the, market
today is around 580 as "58" would
be a more typical figure.
The
recent
carried the
Average
market
Dow-Jones
considerably
600 level.
decline
It is
that the DJI
ket
34
Mutual
Funds
even
Observations—A.
Wilfred
May
*
Governments
18
Reporter
Public Utility Securities
fairly
good
Prospective
Security
as
year
ended
Continued
1939
on
at
.
.
and
Spencer Trask & Co.
1868
ST., NEW YORK 4, N. Y.
Newark
TELETYPE NY 14
Schenectady
Louis
Glens Falls
Worcester
17
2
4
.u-.,
Tax-Exempt Bond Market—Donald D. Mackey
'
Washington and You
*See article
on
6
Hudson Vitamin
Products*
48
Cover page.
150
AstrothermCorporation*
32
(All Issues)
Published
Twice
FINANCIAL
Weekly
Copyright 1960 by William B. Dana
Company
CHRONICLE
Reentered
ary
DANA
WILLIAM
25,
1942,
Pan-American
SEIBERT, Treasure*
Union,
Dominion
Chicago
corporation news,
city news, etc.)
3,
111.
office
post
Canada,
Other
MORRISSEY, Editor
at
on
request
New
of
Countries,
135
bank clearings,
South
(Telephone
Salle
STate
per
$68.00
$72.00
per
year;
per
S.
of
In
year;
W" V. FRANKEL & CO,
year.
INCORPORATED
39
Bank
$45.00
St.,
2-0613).
and
rate
foreign
must
be
Quotation
year.
per
Note—On
the
La
$65.00
Other Publications
and
Office:
the
Subscription Rates
Every Thursday {general news and ad¬
vertising issue) and every Monday (com¬
plete statistical issue — market quotation
Other
at
Subscriptions In United States, U.
Possessions, Territories and Members
to 9576
SEIBERT, President
Thursday, November 3, 1960
state
*Prospectus
second-class matter Febru¬
York, N. Y., under the Act of March 8, 1879.
Place, New York 7, N. Y.
DANA
as
COMPANY, Publishers
REctor 2-9570
CLAUDE D.
records,
Nashville
St.
Development*
Members New York Stock Exchange
Chicago
Francisco
29
The State of Trade and Industry..^
GEORGE J.
Boston
Dallas
Philadelphia
45
You—By Wallace Streete
Beg. U. S. Patent Office
TELEPHONE HAnover 24300
Cleveland
Angeles
National Patent
war-
page
Offerings
The Security I Like Best
,
the Wehrmacht blitz
market
Security
Salesman's Corner
The Market.
into Poland.
Founded
San
36
The COMMERCIAL and
Albany
Direct Wires to
Chicago
18
Securities Now in Registration
rise but
thereafter
a
The
!
INC.
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
Los
25 Park
on
Request
mackie,
&
14
Our
,
on
Singer, Bean
HA 2-9000
50%. There
within
the
Electronics*
*Prospectus
*
News About Banks and Bankers
WILLIAM B.
25 BROAD
Hathaway Instrum'ts
Indications of Current Business Activity
PREFERRED STOCKS
specialized in
4
17
I
have
Scantlin
From Washington Ahead of the News—Carlisle
Bargeron_
began to darken over the
—
first with Munich and
first day of 1920. Thus the increase
For many years we
Dashew Bus. Mach.
8
Recommendations
Einzig: "British Bank Rate Outlook and the U. S. A. Election"
to.
world
the
on
a
an
progress
clouds
Industrial
about 100
then
little
interesting to note
was
time
easy
Glickman Corp.*
48
:
a
declined
was
has
under
very
a
was
sharp rally in mid1932, the market declined 40% in
the months prior to the presiden¬
tial inauguration
(March, 1933).
A real bull market then developed
but stocks virtually peaked out in
1936 with only a modest rise in
early 1937. From Labor Day 1937
into the spring of 1938, the mar¬
Further, the DowAverage could
well be "split" 10-for-l by chang¬
Jones
Famngton
White
com¬
the market had
Following
spread and also to eliminate un¬
usual
swings in earnings from
year
16
31
Dealer-Broker Investment
in the stock market—
with three vicious declines. From
the summer of 1930 to early 1932
the market was down nearly 90%.
National Cash Register for Chrys¬
ler
Cover
:
lose money
be to
substitute Coca-Cola for Swift and
own
1930,
!
1930's
the
to
vestors at that time. In
of
(Editorial)
Coming Events in the Investment Field
prehend
stocks, each widely
See It
Bank and Insurance Stocks
Businessman's Bookshelf
the situation facing in- the spring
a sharp
held and with at least fairly good
rally — to nearly 300 —and more,
investment quality, the DJI gives*
money was probably lost by re¬
a broad cross section of the stock
investment at this time than had
market. The "average" is neces¬
been lost in the crash of 1929.-The
sarily a high figure—many times market
peaked out in April of
that of the typical stock—as the
1930 and nearly a quarter of a
original divisor of 30 has been
century was to pass before the
steadily reduced to
adjust
for DJI would once again sell as high
As
trial
v
Frustration
come
now
:
which I call the "Decade of Frus¬
tration."
Regular Features
the
a
friend—
but one
-
125%. During the
over
of
that it is fashionable
vestment
the
months of the decade, the ;
1920's as a whole showed an in¬
latter
crease
I
in
onO-third
of
request
33
.
in November, and once
in December.
on
15
T. Coleman Andrews Speaks on Entertainment Tax
points
three days
also possible prob¬
small way, we are go¬
a
14
________
Electronics—Roger W. Babson 16
'
by
and
1929
of
boom
future
In
—Harry Greenfield
The Next Big Industry Will Be
reached 380. Then came the deluge
a
earnings and
lems.
BOWLING
.
elabo¬
on
12
__
What Shakeout in the Electronics Industry?
_
piece of
paper. In buy¬
ing a common
stock, one is
call
Industrial Aver¬
AMERICAN INTL.
—John E. Swearingen_____
1928. By
rate
acquiring
:j
age
thing ' intan¬
gible rather
an
11
reached 300 at the end of
this time the real inves- ;; ?. WTiat Lies Ahead for Interest Rates?—Alfred J. Casazza
tor should have made up his mind
*
*
❖
Sj!
to take at least some of his profits.
Says Gold Flow Drain Calls for Ending Foreign Aid
The market then entered the wild,
is
actually some¬
than
BAIRD-ATOMIC
Livingston
Oil Industry: Its Problems and Potentials
The
These
Interest rates soared.
small margins were ;
buy common > stocks. • y
Dow-Jones
The
com¬
stock
mon
to
needed
note
a
A.
—J.
of unbridled, rampant
years
speculation.
seems ex¬
Speculation
Speculation."
of
"Decade
reac¬
INC.*
10
■___
might be called the
1920's
The
•:
.
recent
the
of
Decade
The
1960s—the
Stans
Presidential Election's Impact Upon the Economy
,
starting with 1920 and coming up
into the decade of the
—Maurice H.
during the past four decades has
been 5% compounded annually.
stock market
standpoint—
Record
(Foreign
account of
—
extra).
the fluctuations
of
in
New
York
funds.
WHitehall
3-15633
In
exchange,
remittances
for
subscriptions and advertisements
made
BROADWAY, NEW YORK 6
Monthly,
Postage
Teletype NY
1-4040
&
1-3540
4
The Commercial and Financial Chronicle
(1764)
mined
is bound to de¬
velop during the two months of
"interregnum" that will follow
the
'A^d'+YY;
pressure
is not construed
reduction
as
anticipation by the authorities of a Democratic victory and, thus,
unlikelihood of a return flow of funds to New York. In fact,
the
Kennedy wins. As for the
market believes pressures are
develop between November 8th-January 4 that are bound
predicts a further cut if Senator
Dr. Einzig
gold price rise, the writer reports the
bound to
continue after a Democratic victory.
to
Links Bank Rate Change to
LONDON, England—For the first
in British monetary history
Senator
time
Oct. 27
on
Rate
Bank
the
as
the
of
outcome
Election
changed
was
result of
a
Presidential
a
States.
United
the
in
This at any rate seems
decision
the
of
the
Rate
Bank
the
lower
to
me
to
explanation
logical
only
on
view taken
a
by.■%% to 5V2%.
It cannot be
explained on the ground of any
desire
to
the
reserve
domestic
trade.
of
trend
the new
Chancellor of the Exchequer, Mr.
Selwyn Lloyd, in a speech de¬
livered shortly before the Bank
Rate announcement, made it quite
clear that he
Indeed,
still
was
afraid
more
of inflation than of deflation.
the
fact
it
that
the
is
time
ary
credit
the
And
declared
for
squeeze
the
being and other disinflation¬
speaks for itself.
measures,
Nor is
object
dicate
and
the
the
presure
the
on
convincing.
very
on
gold
Had
turned
with
least
at
were
authorities
the
had
possibility
reversal
of
of
the
the
even
to
of
reckon
major
a
dollar
in
trend
the defenses of
sterling in face of
apparent strong possibility of
large-scale return of funds from
reached
the
gold.
But in any case Britain has not
departed from the policy of hard
money and there is no reason to
that
the
on
moderate
cut
in
are
Democratic
any
as
relaxation
perceptible degree,
it coincided with a
of
require¬
reserve
ments in the U. S.
lowed
by
a
change did not even check
flow
of funds
to
London
the
October
the
covering
the
slightly
its
commit
should
transfer
of
uncovered
by
the
prospects of the U. S. Presidential
and
not
by interest dif¬
ferentials.
Appeals to Western Europe
British
The
Government would
be
utterly reluctant to devalue
sterling because it would mean
level.
On
the
absence of
other
hand,rin the
devaluation the bal¬
a
the
gold
ously
with
cut
the
consider¬
evils,
it
while
to
choice
a
might
take
between
well
some
be
risk
worth
by
sup¬
porting the gold market between
the
and
now
that
the
Election.
Soviet
The
authorities
fact
delib¬
erately refrain from carrying out
their
seasonal
itself
an
gold
indication
of
Demo¬
a
it
the
last
pressure
States
week
sales
for
is
the
in
au¬
price
is
on
gold
not
to
leave
unchanged,
in
future
the
the
that
a
obvi¬
position to
administration
Election
result
in
moderate
over-all
Same
expected
.
past"* While
for
several
recent
pro¬
duction has been closer to the rate
of
orders than for
new
some
Preliminary figures compiled
the
Chronicle
based
upon
telegraphic advices from the chief
cities of the country, indicate that
for
the
cus¬
tomers shows few
signs of revival.
On the other hand, a fairly sub¬
stantial
tion
excess
over
mill
of
steel
consump¬
shipments
in
week
Oct. 29,
the
United
ings
the
Our
Eugene Travis
WithHaydenStone
CHICAGO, 111.—Hayden, Stone &
Co., members of principal security
exchanges, have announced that
Eugene C. Travis has joined the
a
firm
head
to
newly
estab¬
lished Institu-.
impress the market for
length of time. It came too
tional
Sales
and Municipal
And in any case, many peo-
10.0%
was
their
141
which
weekly
above
this
against
Director
for
the
for
the
there
$25,585,-
was
ending Friday of
14.3%. Our comparative summary
leading
centers
money
follows:
Week Ended
(000 Omitted)
,
Oct. 29—
1960
York__
New
N
1959
;,
%
$15,328,424 $13,412,004
1,242,637
1,206,414
Chicago
1,054,000
+
0.8
860,335
859,000
+
0.2
♦Estimated.
Cites Possibility of Further
Squeeze
A
the
Steel
on
further
squeeze
Profits
is ahead
steel
profits, The Iron Age
profit margins,
and
losses, in the third quarter
Low
come
under
even
H.
H.
Robertson Co.
considered
(1) Higher labor costs following
the
general
(2)
More
schedules,
fast
raise
pay
workers Dec.
to
costly shorter rolling
mills try to provide
in a period of small
as
service
orders.
inventories
the
end
of
the
point
bring
closer
a
strike.
turning
industry
to reality,
apparently do not expect
sources
this
steel
soon.
Despite the mixed trends which
continue to prevail in such fields
as
production,
employment,
in¬
come,
and
trade,
the
over-all
economy
has
clearly
remained
close
to
record
a
level.r
It
is
doubtful that the October data, as
they
become
available, will
clarify
our
position
as
wholly
between
sion.
But
readjustment and
more
and
more
reces¬
(3)
The
high
of
cost
of
carrying
semi-finished
and,
cases,
finished steel to
provide fast delivery.
(4) The disturbing prospect of
operations dropping further in the
in
some
next few weeks.
These
higher
sure
in
factors
costs
on
the
contributing to
bring greater pres¬
price structure. But
spite of this, the chances of a
pride increase Until the
general
market strengthens
Iron
Ape reports/
There
of
price
evidence
are
some
small, The
are
:
-
new
weakness..
Continued
indications
While
on
Federal National
Mortgage Association
are
in
Hayden, Stone's nationwide expan¬
sion program, according to David
N. Danielson, partner in the Chi¬
Correspondents inprincipal cities
throughout the United States and Canqda
office.
cago
Travis
Mr.
following 11
oins
years
Hayden,
Stone
with Harriman
UNDERWRITERS AND DISTRIBUTORS
Ripley & Co., Inc. in their muni¬
Unlisted
Trading Department
WERTHEIM & CO.
York Stock
NEW
YORK
Exchange
—
departments
representative.
was
Members New
OF INVESTMENT
SECURITIES
cipal bond trading and underwrit¬
ing
and
Prior
as
to
sales
that
employed in the trust invest¬
ment
analysis and municipal bond
departments
Illinois
of
National
the
Continental
Bank
Company of Chicago.
and
;v
v
'
."
•
■
'■
he
Trust
Dominick
&
Dominick
Members New York, American
& Toronto Stock
14 WALL STREET
Exchanges
NEW YORK
these
page
the
Mr. Travis
important
steps
steel-
1.
depart¬
of
will
The magazine attributes the low
profit outlook to these points:
ments and the
appointment
some
in the months ahead.
Establish¬
of
on
says.
greater pressure
of
new
3.0
1,062,000
Boston_____
Sales.
Eugene C. Travis
+14.3
+
Philadelphia
be
ment
gain
a
week
Institutional
Bowman Products Co.
of
week in 1959.
same
center
His
will
is
those
Jack¬
W.
it
clear¬
corresponding week last year.
preliminary totals stand at
Chi¬
Blvd.
title
Riley Stoker Corp.
Saturday,
office,
cago
son
for
obtain
to
quarter has brought fabri¬
cators' stocks close to the level
third
departments
in
States
$28,153,615,684
983,734 for the
At
ended
clearings for all cities of
possible
time,
major
fromi* steel's
demand
Week
of
date
compact cars and the various
new
models shown, and it will
be some time before any clear-cut
been
10.0% Above
1959
by
been changed by the growing role
had
in
ago.
of
months
slackening
Bank clearings last week showed
an increase compared with a
year
600,000. Consumer buy¬
patterns
have
undoubtedly
ing
further
activity.
Bank Clearings up
less than
While this should
to devalue
late.
for
gathers that business plans, par¬
ticularly for the first half of 1961,
are making allowance for at
least
at
dollar.
of
Treasury reaf¬
determination
a
on
change.
Nor did Senator Ken¬
nedy's disclaimer of any intention
any
previous record
of
ance
.
buying
United
of covered bank funds to London.
is 1: determined
to
more
continued, though the price had
its ups and downs. Even though
exchange
risk
is
also
lower, so that there is still a
margin of profit on the transfer
for the
afforded
much
Throughout
firmed
of
On that assump¬
announcement
lower,
cost
October, usually the year's low
point, were likely well above the
ably. And there is no doubt that thorities of Western countries to
they would do so immediately on do their utmost to relieve
pressure
through covered interest arbitrage.
Although the yield on short-term
sterling investments is now %%
the
sterling.
tion, the British authorities could
cratic victory.
The
of
victory will be fol¬
landslide-like flight
well
especially
defense
from the dollar.
Rate
sterling to
end
the
at
of
Britain
external
Bank
to
the
For it is taken for granted that a
have
relative
that
stocks
payments would suffer. picture of prospects is available. >
strongly in favor
Having regard to the fact that a
Steel output failed to develop
victory
they dollar devaluation would confront
the degree of improvement that
justified in weakening
feel
lar
harder
wrongly
or
conclusion
that
now
the Bank Rate will make the dol¬
appear
rightly
au¬
brisk
so
Democratic
a
could
But it would not have dis¬
couraged buying pressure
the
Commodity Price Index
of
denials
saying goodbye to the long period
of stability of the British price
Once, however, the British
soft money
a
Business Failures
TRADE and INDUSTRY
tent.
a
had
Food Price Index
Demo¬
a
J- •.A YY'f'd1-'YA
American
Retail Trade
Auto Production
intention to support the price
of gold, or to guarantee to for¬
eign Central Banks the gold value
General Business Conditions
of their dollar holdings, contrib-'
The tempo of business activity in
uted toward accentuating the dis¬
October seemed to sjiow up mod¬
trust. repsonsible for the■>. persisterately better than that of the
ance
of buying pressure.
These
third
quarter,
although
it
is
statements were intended to be
doubtful
that
any
improvement
reassuring
gestures
to
indicate
exceeded
seasonal
expectations,
that the United States themselves
trust implicitly their ability to says The First National Bank of
Boston in the current issue of its
hold the dollar and do not deem
New England Letter. Continuing,
it necessary to go beyond selling
the bank says, this offered mild
gold at the official price for ap¬
support to those who have held
proved purposes. In normal cir¬
the view that 1960 would end on
cumstances such gestures might
a
rising trend, with the fourth
have been reassuring. In circum¬
quarter proving to be the best of
stances such as prevail at present,
the year measured by Gross Na¬
however, almost anything that can
tional Product.
be said or done is apt to be inter¬
Automobile
output was prob¬
preted as a sign of weakness.
ably the brightest spot, as manu¬
Understandably enough, mone¬
facturers moved quite confidently
tary authorities of other countries
ahead with optimistic schedules.
do not feel that need for stepping
Active sales in the first 10 days
into the breech by resisting the
of October, and generally favor¬
buying pressure on gold at their
able reception of new models,
own
risk
and
expense.
Yet it
closely priced with respect to last
seems
virtually certain that any
devaluation of the dollar would year, offered some encouragement.
On the other hand, stocks of last
force them to follow the example
and devalue their currencies even year's models remain substantial,
and 1961 model output has been
if not necessarily to the same ex¬
Republican
victory.
They could not afford to weaken
case
thorities
to London for investment in ster¬
Election
greatly
long as the chances of a Re¬
public Administration being re¬
of
it
have
prospects
So
odds
funds,
on
improved. It is only under that
assumption that the Bank Rate
cut could appear to be justified.
the flow of funds from New York
As
Bank
Treasury,
quarters
Election
policy it might have discouraged
any
Rate
to in¬
of England
seems
like so many
both sides of
the Atlantic, have arrived at the
conclusion that Senator Kennedy's
other
a
Britain embarked
believe
the
that
correct
the
Bank
explanation that the
the
decision was
to London to New York.
market
ling.
to
us
an
the
of
relieve
brings
British
intention of the authorities not to
relax
This
Kennedy
explanation
of the
change. That move
of
case
The State of
any
departure from hard money but to
a
in
Election
cratic victory.
Official
support gold
unstintingly between now and election day. To indicate the serious¬
ness of this, he not2S that U. S. S. R. has deliberately refrained from
making her seasonal gold sales. Britain's half-percent Bank rate
Einzig appeals to England and Western Europe to
the
Thursday, November 3, 1960
Carloadings
And the U.S.A. Election
/
.
dollar's
the
defend
to
strength,
Dr.
.
pie feel that no matter how firmly
Senator Kennedy may be deter¬
British Bank Rate Outlook
By Paul Einzig
.
/'
30
Volume
192
Number
6000
.
.
Financial Chronicle
The Commercial and
.
(1765)
recession
the entire decline in the
Mortgage Market Outlook;
Coming Business Decline
A
recession
is in the
making and its impact
the turn of the year.
In recent
Its extent and pace, however, will be milder
than in 1957-58. Other predictions made by
the
basis for
with
ail
his
the author, who furnishes y
increasing relative attractiveness of mortgage investments over
the
six
next
nine
to
mortgage loans;
below
1,420,000,
in
decline
new
such
to
and
flow
increased
an
funds
of
or an
been
factors
tial
today
construction,
necessarily
outlook
market
is
As
the mortgage
of
business
most
re¬
stage
late
of the
true
expansions,
of
the
construction
and the "consensus" of these series
has
time signaled
down turns which did not occur,
inventory indigestion »that
followed overly optimistic esti¬
mates of this year's markets made
and
levels
p r
ospective
has been in
changes in
the sup¬
invest¬
funds
ment
The steel
dicators" in the
the
estimated
funds
in
p r
ospective
of
John
inventories
remaining
Lintner
depend on lev¬
changes in the
forms in which these savings are
such funds in turn
els of savings and
by individual savers. They
also depend on prospects regard¬
ing further changes in Federal
Reserve
policy, and probable
changes in the supplies and de¬
mands of—and related yields on—
held
let to
outlook
for
construction
All
business
at the
told,
of $11.4
rate
first quarter
mortgage financing;
of this
the
Product
at
record
levels
in
time
American
thus been
op¬
industrial
of
men
time,
employed.
this
At
is
plateau
the
making.
in
the
volatile
this
recession
lization
tion
plant
available manpower.
rate
be:
ness
plant and equipment ex¬
penditures after the end of the
inven¬
of
which
of
have
we
perienced this
year
This is
and
on
gov¬
goods
A
period
reductions in
of
ex¬
(c)
We maintain active trading markets in:
Jefferson Standard Life Insurance
(2)
the
RALEIGH
MIAMI
NEW YORK
Y
JACKSONVILLE
•
COLUMBIA
ATLANTA.
GREENVILLE
GREENSBORO
felt
after
down-turn
plant
CHICAGO*. Y
;
.
-
RICHMOND
that
is
equipment
and
^
huberant in 1960
as
nancing.
ex*
omy
war
(b)
Similarly,
absolute
ventory
the
ing
is
stocks
excessive
as
not
uct will
the
rates
oi
and
the
be
more
to
demands for houses.
been
high
fourth
quarter
show
over
the
moderate due
decline
substantial
increase
in
housing
starts and residential construction
long before this time. These hopes
so far have proved abortive. Resi¬
dential housing starts have con¬
tinued to decline and in July fell
up
to levels 25%
below
1959.
seasonal
the decline will
1957-58, primar¬
v
conditions
recently on the fact that starts in
August were up 8% from July.
lines, it
evolve
The fact is that most of the appar¬
ent gain is illusory, since the Bu¬
clear
seems
that the Federal Reserve will press
further
with
its
"easy money"
of the Census which prepares
reau
the
figures
does
not
I
moderate
v
number of working days in mak¬
payments and gold flows will tem¬
per the vigor and modify the form
of monetary policy but not re¬
ing its seasonal adjustments and
there were more working days in
August than in July. Taking the
its
of
direction.
balance
Interest
two months together, housing con¬
tinues in its down trend with only
rate
outstanding securities will be
declining.
The volume of new
on
Yield
differentials
between
the
improvement,
if
shown
rela¬
some
increases
in
and the levels
are
far below last
Not only are housing starts
year.
and applications down, but build¬
ers
continue to complain aboutl
disappointing sales and larger than
normal backlogs of unsold
in 1961. In this con¬
nection, it is worth noting savings
shares and time deposits both in¬
existing
The second-hand housing
houses.
Continued
on
page
M,
jmetmcma...
opening of
a new
office at
8929 Wilshire Boulevard
Telephone: OLeander 5-8101
Our Research
Department's AUTUMN REVIEW discussing 26
selected stocks for
gation. For
your
capital gains is
free
copy,
in
relation
to
sales
down-turn.
now
write to
available without obli¬
our
Beverly Hills office.
ROBERT G. WORD, Resident
Manager
George, O'Neill & Co.
"
~
(b) We shall enter the reces¬
30 BROAD STREET, NEW YORK 4, N Y.
Miami.
recent
months, but once again there are
problems of seasonal adjustment,
same
The
any,
Similarly, FHA applications have
tively sticky mortgage rates and
competing securities will widen
by probably between one-fourth
and one-half a point.
At
small
a
shown in the most recent figures.
public offerings and private place¬
ments from business will be sig¬
nificantly lower than last year.
Incorporated ' '
than at the start of the.previous
for
allow
of
Problems
policy.
'
(a) Inventory stocks are more
There
has beenfnudh favorable comment
will
rise
third with the help of some "tem¬
porary improvements in steel,
autos, and consumer spending.
a
hopes
earlier this year and the in¬
creasing ease in money markets
during the year would provide a
Easier Money Ahead
along these
have
that the reversal in monetary pol¬
icy
election, however the
business
There
,
voting goes.
If
corporate,
pf funds to mortgages and in the
in plant
equipment expenditures,
greater strength in other
after the
government,
be
now as
construction, and
expansion already under
in government expendi¬
the
on
and municipal securities which led
to a marked increase in the flow
in 1957 and because
smaller
the
ing legislation and lower interest
declines in sales and gross prod¬
to
of
one
in¬
in
likely
are
provided
then
earliest and strongest supports to
the recovery in 1958, due to the
combined effects of special hous¬
,
extent
reduction
boom. As you all know, hous¬
on
years,
also cushion the decline in these
the
our*
through the next three
while the rest of the econ¬
was having its biggest post¬
right
considerably
larger. Higher levels of funds
available from depreciation will
■
of
one
progressive decline in residential
construction from January, 1955
existing
outlays.
is
countercyclical indus¬
tries.
Perhaps the most notable
instance of this is provided by the
indeed, allowing for
price changes, plant and equip¬
ment
expenditures have been
running nearly 10% lower in
real terms this year than in 1957
in spite of the fact that the over¬
all volume of business activity
(adjusted for prices) is substan¬
the
construction
that
principal
in 1955-57;
tially higher and
capital
stock
is
specifically the outlook
mortgage fi¬
It has often been saidv
more
for construction and
it had been
as
Mortgage
In this Context, we turn to con¬
sider
the.
expendi¬
tures boom has not been
and
Financing Outlook
*
the
ily because:
'
* 'I
impact of this
Indeed, the odds
(3) The pace of
be milder than in
INCORPORATED
«
be
still appear to be about even that
nearly
•CHARLOTTES
will
turn of the year.
Members Midwest Stock
Exchange
tl
■
further significant
Most of the
recession
R. S. DICKSON & COMPANY
I
■
Beverly Hills, California
Some
declines in outlays on consumer
durable goods.
y
>
(a) A principal reason for the
milder
tures.
Capital Stock
Construction
exceed
'1
significant
over-all stocks of
inventories, partly in response
to declining incomes and sales
consequent to the declines in
plant and equipment expendi¬
is larger than
Company (N. C.)
L
services.
(b)
1
accumula¬
already
i
r
,
which will more than off¬
prospective increases in
and
$11 billion in
inventory
%
-
year,
'
the
will
(a) A marked decline in busi¬
especially true when it is realized
decline
S
hold up well
in
expenditures
the
(
factors
construction
year.
ill
■
time, the flow of
funds into savings institutions will
inherent
earlier in the
MM
sively declining order backlogs,
declining profit margins, and de¬
clining rates of inventory accu¬
mulation. The principal additional
ernment
omy
relatively
productive
are
housing
cyclical peaks in terms of the uti¬
our
We
already seeing
the cumulative impact of several
strength of the
expansionary forces in the econ¬
same
indicates
proportions is in the
set
the
that
of
judgment
my
to
lower' than' vfre "ha've had iri bast
and
in
tory sector is eloquent testimony
production, and number
in¬
and
as
reductions
erating on a plateau which is rel¬
atively high by past standards in
terms of Gross National Product,
Product
analysis at the present
an
of substantial
of inventory accu¬
well as sales of goods
and services to final purchasers—
could rise from its first-quarter
levels in the face of such sharp
Economic Plateau
National
(1) A general business recession
billion in the
year;
—
mulation,
The economy has
conse¬
that:
which includes "goods
produced and sold to the balance
recent
Y*
verse
sheet" by way
near
must
months of sluggish sales, progres¬
whole, the American
has continued to operate
months.
of lead¬
consensus
Basis of Recession Forecast
The fact that the Gross National
as a
of
illustration
recent
judgments
Such
third.
economy
Taken
an
dustrial production.
inventories
accumulated
to
9% in the FRB index.
or
tures which will be stepped
Gross
accumulation in other
in
stages of
sharp reductions in the rate
industries.
and
inr-
quently rely upon specific analy¬
sis of the position and prospects
of individual components of the
the rate
iness outlook. Within this frame¬ fell to $5.3 billion in the second
work, I will proceed to discuss quarter and to nothing (or less)
the
late
cross-
"current
seriously mistaken.
are
most
Firmer
and
of inventory
likely
of next year.
the
way
stocks. Similar considerations have
Since all these in¬
terrelated matters depend to an
important degree upon
general
business prospects, I shall devote
the first part of my remarks to
my view of the more general bus¬
financing.
different
this is that the
recognition of the
ability of the steel
industry to make deliveries on
short order, all led to a market
reduction
in
desired
inventory
lesser extent sav¬
banks) which provide the
major "swing element" in mort¬
always many
are
ing indicators turned down in the
fall
of
1955, nearly two years
ahead of general business activity.
demonstrated
ings
not
recession
forces will
same
operating and similar results
may be expected in 1961. The sup¬
ply of funds for mortgages will
be greatly improved from recent
levels, at least until the latter part
nonresidential
The
higher prices, improved inventory
banks (and to a
is
decline
8
this
In
prospects
by the fact that
tighter money earlier in the year,
the
removal
of
expectations of
competing investments for insur¬
ance
companies and commercial
trough.
The
be
when
business down-turn that short-run
compounded
controls,
to
lower.
were
industrial production, for instance,
declined by nearly 15% from peak
expansion, and the consensus of
the leading indicators often has
such a long lead over an actual
steel
strike, and having
succeeded in getting back to near
capacity production much more
promptly
than
anticipated, has
seen demands and operating rates
fall back to truly depression lev¬
els.
Jn part, this situation was
supplies
gage
There
industry, having under¬
after the
The
recession
indi¬
vidual purchases of corporate se¬
curities and Federal obligations
moderate
more
last
likewise higher, while
were
smaller because over-all inven¬
currents in
market.
be
to
the
tory-sales ratios
these
for
in
ment; unemployment; industrial
production, especially durable;
carloadings.
plus in 1960, of course, had a ma¬
jor dampening effect on business.
compet¬
and
ing demands
re¬
likely
than
cent months: retail sales; employ¬
was
year—as
of "concurrent series" in
bers
through¬
down trend
a
prospects. This
evidence is strengthened by the
sluggishness in increasing num¬
true, inci¬
dentally, of both 1956 and 1957. The
swing from a $12 billion deficit
in fiscal '59 to a $1 billion sur¬
plies of longterm
the
out
both
to
business
of
ment
construction
Residential
earlier.
time
rently quite bearish must be given
considerable weight in any judg¬
som e
current
the
from
the fact that the consensus is cur¬
automobiles have had to work off
and
individually has proved a re¬
guide to business forecasts,
liable
quires an examination of the cur¬ economy this year has been
rent position and prospects re¬ marked by strong crosscurrents.
Appliances and to a lesser extent
garding the
■
industry
incorpora¬
new
tions, business failures, and indus¬
trial stock prices. Although in past
experience none of these indica¬
tors
discussion
notably
worked and new
orders for durable goods, residen¬
and demand conditions.
Any
include
some
hours
average
under present supply
of interest rate reductions in stimulating buying
These
months.
sluggish consumer home buying plans at
as
present price and quality levels, and to the lessened effect
pointing downward for
•
The expected
of the housing market to easier credit is attrib¬
creased more in 1958 than in 1957,
and savings through life insurance
(4) The extent of the decline is
also
the National
by
Bureau of Economic Research have
(3) and a
increase of 7% over this year;
identified
cators
to
financing and capital expenditures.
moderate response
uted
months
housing starts in 1961, nevertheless, will fall
(2)
strength of ex¬
important indication of this. Fur¬
ther evidence is provided by the
fact that most of the leading indi¬
declining interest rates
(1)
conclusions, are:
months, however, sub¬
pansionary forces is waning, and
a
significant decline in business
activity is in the making. The de¬
clining rate of increase in these
final demands just noted is one
be expected after
can
a lower
(perhaps zero)
inventory accumulation.
(c) Government orders will
be increasing this time in con¬
trast to the sharp cancellations
just before and during the ear¬
lier stages of the last decline.
stantial evidence has accumulated
that the inherent
University, Cambridge, Massachusetts
at
rate of
Expansion Forces Waning
By Dr. John Lintner,* Professor of Business Administration,
Harvard
sion
1957-58.
of
5
Fort Lauderdale
33
6
The
timely action of the Federal
point for the short period. The
a
Reserve Board announced late last
yield
moved
index
3.323%
from
last
week to 3.292%
this week.
Oct. 26, affected the,
tax
exempt
bond
market con¬ Gains in the secondary market
apparent
this
siderably. From a passive phase,; have been more
the market proceeded on a firm week than earlier, since the new
Wednesday,
which
trend
to
the
has
time
present
likely
seems
prevail
to
for
dwindled
has
during the
election period.
the
-
calendar
small proportions
which
and
term future at least.
near
issue
continued
been
>
:
to
pre¬
,
several
Moreover,
recent
the
of
State's
high income tax.
This
week's
only
D. MACKEY
BY DONALD
Thursday, November 3, 1960
.
.
.
in the negotiated offering calen¬
relatively : the new issue calendar since last
dar. The Oklahoma City Munici¬
reporting are $14,500,000 Florida
pal Improvement Authority, Okla¬
voluminous Development Commission (Hills¬
(Water
revenue
issue)
County)
serial
bonds homa
issue- involved
$25,000,000 Cook borough
remains the single item tentative¬
County, Illinois, general obliga¬ scheduled for sale Nov. 30 and
ly set for December flotation.
A
tion
(1961-1975)
bonds
which $12,500,000 Maryland State Road
firm
quiet market continues in
Commission serial bonds planned
were awarded
on Tuesday to the
prospect.
group headed by the Harris Trust for Dec. 7. We know of no change
because
TAX-EXEMPT BOND MARKET
Chronicle
and Financial
The Commercial
(17C6)
new
expanding issue accounts were broken up at
the bank's lending powrer is a con¬ variously reduced prices and the
sequence of the law passed a year-* bonds were subsequently marked
up to the original offering prices
ago permitting member banks to
'
include all vault cash in meeting or better.
The Board's action in
and
Savings Bank, The Northern::
Continental Illinois
Trust Co., the
National Bank and Trust Co., The
First
National
of
New
The
York.
Bank
issue
-
ding and was priced to yield from
1.70% to 3.35%. At the end of the
-
period, the issue
than
sold.
half
■
we
list the bond issues of
for which specific sale dates have been set.
Information, where available, includes name of borrower,
amount of issue, maturity scale, and hour at which bids
will be opened.
-
$1,000,000
more
was
following tabulations
the
In
was
bought in highly competitive bid-
order
Scheduled For Sale
Larger Issues
Chicago
of
Bank
and The First National City
or more
This
$25,000,000 'installment is
>
Nov. 3 (Thursday)
part of an authorized
issue of
Minneapolis, Minnesota
1,500,000 •= 1963-1980
$245,000,000 Expressway bonds, of ■
,
Ovster Bav and North Hempstead
which $70,000,000 remain unissued.
reserve
requirements,
although
Union Free S. D. No. 15, N. Y.
2,010,000.' 1962-1990
The Expressways are part of a
Inventory Down Sharply
raising reserve requirements of
Santa Clara
California
5,650,000
1961-1985
transportation s y s t e m
Retail tax exempt bond business modern
country banks is a partial off set.Trenton New Jersey
"— 10,875,000 1961-1985
In reducing the reserve require-' has been better during the past throughout the Cook County areaf
Will Co.' Sch. Dist, IlHnois
1,950,000 1962-1977
with
the • Illinois
than
ments of the central reserve city week
during
any
other co-ordinating
Toll Highway and other important
banks from 17^>% to 16%% the* weekly period since early
'ft; Nov. 7 (Monday)
sum¬
.
act
These
expansive
become
not
Dec.
implemented.' mer. This is partly documented by
measures
will the fact that the total of munici¬
effective until- pal bonds as represented by the
further
was
fully
Blue
1.
List has
T. Issue Aided
&
been
One • immediate
ofifcial
action
result
redounded
on
reduced
Illinois
to
benefit of the corporate bond mar¬
Further
reductions
in
Blue
the
The
ket.
$250,000,000
American List total seem likely.
Telephone
and
Telegraph bond*
Technicallv the municipal bond
issue awarded on Tuesday a week
market continues to be in splen¬
ago had emerged as a very slow
did condition. The present calen¬
starter; not
issue
had
more
been
than 20% of the
sold
prior to the
dar
Highway
from
$290,000,000 on Nov. 2. The new
issue calendar is particularly light
the: from now through election day.
cf
competitive bidding offer¬
ings scheduled for award during
Bethlehem
this
In
Illinois
in¬
the
Highway.
Toll
State
in¬
of
which was
for public traffic on Oct. 13,
the Loop with the toll high¬
Other expressway segments
Expressway
Congress
open
links
way.
completed
along
facilities in expediting
be
with other
Reserve
Demand
No.
was
12:30 p.m.
2.00 p.m.
1,170,000
1,750,000
1962-1972
1961-1990
7:30 p.m.
4.00 p.m.
(Wednesday)
1,000,000
1961-1980
10:30 a.m.
1,700,000
1964-1980
9:00 a.m.
12,000,000
1961-1980
10:00 a.m.
1962-1981
1961-1980
7:30 p.m.
Noon
2:30 p.m.
7:30 p.m.
Dist.
Ind. Sch.
County
9
Nov.
Alhambra Union High S. D., Calif.
Hawaii
:
Mississippi
-
(Thursday)
Nov. 10
Eminence, Kentucky
:
—?
Hampton, Virginia
Texas
Odessa,
Texas__
Ysleta Independent S. D.,
14
Nov.
40,
(Monday)
Carolina
North
and
8:00 p.m.
2:00 p.m.
corporate
,
Rochester, Min¬
bills has been
an
effective instru¬
ment
in
this
respect.
level
of
the
bond
The higher
market
seems
district
school
nesota
awarded
issue
4
Oct. 26 also met with
on
favorable
No.
investor
interest.
The
likely to consistently require this
type of intervention by the Fed¬
Northern Trust Co.-Chase Manhat¬
tan Bank group
bought this serial
eral Reserve.
bond
scaled
to
Tax-Exempts Going Well
The
state
and
has
been
market
municipal
high
and
bond
invariably firm
grade
shows
Financial
bond
Chronicle's
yield
a
and
3.40%
yield
the
for
index
account
is
Rochester, is
agricultural
less
the
than
with
1978
in the
$300,000.
of
center
area
bonds
the
maturity. The balance left
during the past week. The Com¬
mercial
issue
a
rich
industrial
Town
of
School
Greenburgh, New York
District
$3,600,030
the
1962-1982
1:00 p.m.
1964-1999
1961-1980
1961-1985
8.00 p.m.
11:30 a.m.
Noon
Co.,
B,
&
Loeb
Gibbons
gain
average
MARKET
ON
of
%s
of
interest
bore
bonds
(State)i.
Connecticut
York
Clinic. Minnesota
fiduciaries
are
in
municipal bonds
New
Jersey Highway Auth., Gtd.__
New York
(State)
Pennsylvania (State).,
Vermont
(State)
considerable
SERIAL
Maturity
local
demand
seem
3.60%
;__
34,750,000
1961-2009
Noon
Port of Los
14,000,000
3,600,000
50,000,000
1963-1985
1981-1985
9:00 a.m.
10:00 a.m.,
Noon
1962-1981
1962-1987
1962-1991
1961-1987
1961-1980
Noon
7:30 p.m.
Noon
8:00 p.m.
11:00 a.m.
11:00 a.m.
ISSUES
Bid
San
the
31/2%
1978-1980
3.75%
Nov. 16
Dayton, Ohio
3.35%
known.
reception
3.25%
individual
ever
initial
seems
Revenue
Northview School District,
New
Housing Auth. (N. Y., N. Y.)
Angeles, Calif
Baltimore, Md
Cincinnati, Ohio—
in¬
before.
Riverview Community S. D., Mich.
South Carolina
___
New Orleans, La
offering is not
a good
However,
likely.
7,950,000
Nov.
•
3.30%
3.15%
1978-1979
3.15%
3.05%
municipal
1974-1975
2.95%
2.80%
bonds
3V8%
1978-1979
3.15%
3.00%
the
past
and
authority
have
been
week
firm.
The
3.10%
active
3.60%
Company
3.40%
3.30%
cates little net change in the gen¬
3.30%
3.15%
eral market.
On Oct. 20
3.60%
index
at
1980
31/2%
1980
1979
3.70%
314%
1977
3.75%
3.60%
New York City, N. Y
3%
1980
3.70%
3.60%
November 2, 1960 Index = 3.2923%
1,075,000
the
Toll
stood
Smith,
Road
Barney &
Index indi¬
the yield
3-35%, on Oct.
27, the last reporting date, the
yield index was about unchanged.
The
only
1961-1990
1961-1980
8:00 p.m.
10:00 a.m.
1961-1980
1962-1991
3:00 p.m.
8:00 p.m.
1,917,000
School District, No. 1, New York
1,040,000
Spring Branch Ind. Sch. Dist., Tex.
2,000,000
Nov. 18
(Friday)
University of California, Calif
3,700,000
Nov. 19
,
.
,
.
,
1961-1988
10:00 a.m.
1962-1999
10:00 a.m.
1961-1974
1961-1999
11:00 a.m.
10:00 a.m.
1962-1990
11:00.a.m.
1964-1990
11:00 a.m.
(Saturday)
University of Washington
2,050,000
Nov. 21
(Monday)
Mancona
County, Scottsdale Sch.
District, Arizona
Montana State Board of
Ed., Mont.
Nov. 22
Cajon
Valley Union
School
3,945,000
4,080,000
(Tuesday)
Dist.,
California
1,220,000
Nov. 29
(Tuesday)
Natchitoches, Louisiana
1,250,000
Nov. 30
Florida
*A
to
be
toll
3.75%
31/4%
and
1961-1982
Charlotte, Gerry, etc., Central
state,
revenue
3.25%
1977-1980
1978-1980
1,750,000
.
(Wednesday)
Development Comm., Fla.
•
(Thursday)
45,000,000
negotiated sale of
underwritten
Van
ingen
a
sizable
additions
to
&
by
a
Co.,
a
Inc.,
*•
and
of $45,000,000 and a maximum of $65,000,000,
managed by John Nuveen & Co., Allen & Co.,
Leo Oppenheim & Co.
Dec. 6
(Tuesday)
10,0Q0',000
Dist., Calif.
Fairfax
County, Virginia
Maryland State Road Comm., Md.
____
Dec.
Los Angeles
;
,
,
..
1963-1982
Dec. 7 (Wednesday)
■
.
—
minimum
syndicate
San Diego Unified Sch.
_
14,500,000
City Improve. Author.,
road issues have been moderately
33/4%
(Thursday)
Authority, Pennsylvania
Cedar Rapids, Iowa
♦Oklahoma
Firm
Bonds
1978-1980
3%%
17
Alliance, Nebraska
Brandywine Area Joint School
Dec. 1
3%
Chicago, 111—
5,000,000
University of Illinois
Oklahoma
During
4,800,000
1,350,000
35,085,000
3,200,000
re¬
The
3%
3V4%
__________
Mich.__
Philadelphia, Pennsylvania
-
Los
(Wednesday)
.
with
3.60%
1980-1982
yet
Valley Authority, Tenn.
Tennessee
district
popular
more
than
as
Asked
Angeles, California.-.
Diego, California
the
3%%
_____
Massachusetts
Press-
and
school
State
and
vestors
of
County, New Jersey
County Sch. Dist., Colo.
Jefferson
.
New
bonds
33/4%
____
W.
3.75%.
to
developing.
The
city is better known for the Mayo
REPRESENTATIVE
(State)
at
priced to yield from
were
1.70%
establishments
Rate
California
R.
.
George
prich & Co. and others. The issue
sult
an
Co
&
Co.,
&
1,415,000
1,000,000.
5,096,000
1,390,000
Connecticut
Co., Kidder, Peabody &
Kuhn,
(Tuesday)
Clinton Township. Michigan
awarded
8
(1981-1990)
bonds to
headed
bv
Halsey,
group
Stuart
No.
15
Nov.
•
munici¬
its
the
Treasury
and $7,600,COO New Orleans, Louisiana
palities represent^ high brand of
bond markets ap-1 various purpose issues, awarded,
credit. The North Carolina Local
went to press last week,
pear to be off slightly from their as we
Government Commission, organ¬
recently made tops. However, as were well received by investors.
ized during the troublous financial
has
been
apparent
for
many The bonds have been subsequently
times of the early 1930's, has ac¬
months,
the
Federal
Reserve sold completely
out of account.
seems determined
Orleans bonds
have
been complished a magnificent job in
in its effort to New
high
standards
of
keep an easy tone in the money consistently good sellers through¬ expanding
municipal finance throughout the
market
in
order
to
effectively out good and bad market periods
state.
if
overcome
or
delay a slackening over the past several years.
On
Wednesday,
Nov. :l 2,
the
pace of business. The purchase of
The $2,500,000
Currently,
the
,
1,050,000
District, Ohio
Hudson
"
1961-1980
1962-1990
.
Groton,
—-—--
1961-1980
1,839,000
3,200,000
Oregon
County- Texas
__
Euclid-Lyndhurst City Sch.
Orange
South
1,150,000
2,090,000
2,836,000
2,000,000
School District
Multnomah County
No.
f
1961-1989
1962-1981
Oklahoma
Rock Island, Illinois
Maui
8:00 p.m.
11:00 a.m.
7:30 p.m.
3,075,000
1,200,000
York
1,
northwest and southeast will sub¬
sequently
Chicago area traffic.
z
announcement.. the balance of the
year is some¬
For the weekend ending Oct. 27,
immediately created thing less than of major propor¬
Illinois Toll Highway's daily aver¬
for these
high grade seemingly tions. This circumstance, combined
well
priced obligations and the with the relatively light inventory age revenues totaled $61,361 or a
underwriting was terminated suc¬ situation and the over-all easy percentage increase of 47% over
cessfully although bonds were still money market condition, should the like period a year ago. Aver¬
age
daily revenue requirements
available at the issue price as we
forecast a firm tax-exempt bond
for the year 1961 total only $64,went to press..'
market for a short period at least.
934.
The
Illinois
Toll
Highway
In addition to being graduallyAs we have previously pointed
system when completed will con¬
helpful to the general economy, out, there are - $3 % / billion par
tribute tremendously to the growth
the announcement was reassuring
value of issues at referendum on
of this dynamic area.
to the Treasury in its offering of
Election Day. If a sizable portion
Continuing
with
the
week's
15
month
notes,
and
5% year of this is voted, as seems likely,
business, Tuesday also witnessed
bonds to the holders of $10.8 bil¬ the volume
of
new
issues will
the sale by Mecklenburg County,
lion Treasury securities maturing
gradually increase during early North Carolina of $5,000,000 gen¬
Nov. 15. The notes will pay 3%%
1961.
This
is
not
necessarily a eral
obligation (1962-1S87) bonds.
and
the
longer bonds will pay market negative since much may
The bonds were priced to yield
33/4%; no cash offering is prof¬ depend, at that time, on the next
from 2.00% to 3.45"% in 1986. The
fered. Tnis is expected to termi¬ President
of
the
United
States
1987 maturity has
a 1%
coupon
nate the Treasury's borrowing of and his economic and financial
and was priced to yield 4.15%.
cash money for at least the rest
policies and programs.
The
balance
in
account
at this
of the year. The reception being
writing is about $2,000,000. The
New Business in Minor Key
given this offering appears to be
county seat is Charlotte, one offavorable as a varying premiumSince
our
last
writing, there the
South's
most
progressive
has been bid for the rights and have been
relatively few important cities.
the new securities, when issued. new issues
in
the market.
The
Federal
Oklahoma
The
the 5revenues
in
crease
is
it
recent
the
note
2:00 p.m.
Cen.
Scotland
New
County Sch. Dist., Miss.
Coahoma
connection,
teresting to
&
Sch. Dist. No, 6, New
Up
Revenues
Sharply
Oct. 26 to about
this
of
arteries.
traffic
•
$347,868,600
A. T.
10:00 a.m.
.
13
8,500,000
12,500,000
(Tuesday)
County Hospital Dist.
California
-7,000,000
1962-1988
.
Volume
192
Number 6000
.
.
Financial Chronicle
The Commercial and
.
(1767)
5a";led forward only, not back- would have been applied against
the
000 of under-Slx -month
As this rule about
Income Tax Pointers for
,
.
u
.
ward losses for five years has been
in effect for some time, it means
profits that would have left him
with the $2,000 of over-six-month
profits, of which only $1,000 need
that losses
Present Security Market
be reported (with
be
Individual
and corporate
losses;
v
are
provided
Reviewed
mutual
such items
are
short sales;
put
and
funds; wash sales;
call
as:
;
full
of commissions and such .other expenses as
ment literature.
for
identification of securities of the same
are
Mr. Seidman
stresses the
a
subscriptions to invest¬
Taxes
an
play
important part in
an
investor's net profit or loss picThis
in
six-month
basket
six-month
basket
rules
show
a
applied to
security trans-
what
basket'
actions
over-
There
loss
can
is
it
an
To Illustrate: Suppose the net of
his taxes.
all trades for 1960 is
"Capital
gain" is a
magic word in
Only
deducted
other
six-month
v
i d
rates
tax
1
u a
can
go
91%.
porate
years,
J.
Cor¬
2>.
basket
the
for
o^tn li
$1,000
can
Jones
Lin,
come
go
in
each
of
the
the
be
done
$5,000.
about., the
pn
ov,/-j
needs
five
bought securities.
take
a
the
month
must
of
years.
Nothing
other
can
un{n
loss
line
has
taxed
$2,000
in
;
passed, he
against the $2,000
apply it
him
to
six_
the
been
over-six-month
with
profits.
the
i
is
figured
over-six-month
profits
1961,' making a net profit for
of $1,000, one-half of which,
il
$500, is reportable. Jones, there—
has
a
$1,000
deduction
That
$2,000
of
.
half the $2,000 profits,
month
period
had
run,
it
shares of stock
or
By
.
.
.
,
gain
or
.
Everything here will be de->
but
what is said will also apply to
ness.
This advertisement is neither
•
commodities,
foreign
exchange,
real estate, etc.
The rules for the security "in¬
vestor"
are
different fro.n
the
rules
for those who do
enough
four
or
Is
He Vf61^ abo"t
the future of the maiket and wants
'thte
H? g0?s
^ort ^ st°ek with his broker 1
in
h°*ds off co.veril?&
^ ofii
f
t tak
M
'
*
s nt oiut of his I960
f?, putsJ"I1
P Pi
cove'(!?»
f
u ider-six-month profit,
^pH
IT? less than
owned the same stock for short he
i+
!
t
.
tdtl
owned the stock more than
What Are Put and Call Options?
price
A
option
the
is
specific
stock
-
Individual
The
V-
$50,000,000
Commercial Credit
Investor
*
losses
the
length
based
on\
are
owned.
the securities
of time
.
'
>
Six months is the di-
-
months
•
month
for
held
:
Profits
held
and
six
than
more
in
go
losses
or
Dated November 1, 1960
1,1980
Due November 1, 1980
basket.
one
securities^
on
months
six
over-six-
called
(here
profits)
7
4%% Notes due November
Profits and losses on
viding line.
securities
Company
go
baskets,
two
of
one
and
profits
Security
in
3, 1960
and then the
How does the 25% Rule Work?
-
of these securities.
investor.
corporate
less
(here
called under-Six-month profits) go
•
into the second basket. v
v
Each basket is taxed
If there is
ket
and
a
net
a
netted.
are
profit
month
loss
net
a
the two
differently.
net profit in one bas-
Price 99% and accrued interest
in
the. other,
If this leaves
the under-sixthat profit is re¬
.in
basket,
in full, in the regular
If it leaves a net profit in
basket, there
two-way
play, whichever
portable
•
way.
over-six-month
the
is
a
gives the lower tax: (1)
rate
of
25%
reporting
of the
half
regular way.
flat tax
a
profit, or (2)
profit in the
the
Copies of the Prospectus may be obiained from any of the several underwriters,
including the undersigned, only in States in which such underwriters are qualified
to act as dealers in securities and in which the Prospectus
may legally be distributed.
>.
To Illustrate: Assume
term
a net longof $5,000 was
married man filing
capital
realized
by
gain
a
joint return, reporting ordinary
net
income
reduced
by exemp¬
tions to $10,000. The tax on $10,000 is $2,200.- The tax on $12,500,
which results from
adding one-
The First Boston Corporation
Kidder, Peabody & Co.
a
half
of
the
The
$2,870.
less than
when
the
and
25%
the
net
married
of
$16,000.
a
of
of $5,000.
$670
taxable
man
;/
Stone & Webster Securities Corporation
Eastman Dillon, Union Securities & Co.
Harriman Ripley & Co.
Blyth & Co., Inc.
Lazard Freres & Co.
Incorporated
is
Merrill Lynch, Pierce, Fenner & Smith
Salomon Bros. & Hutzler
Incorporated
applies
income
exceeds
person
is
The flat
generally
single
*
gain
caprja:
increase
25%
of
rate
$5,000
Goldman, Sachs & Co.
of
$32,000
exceeds
Smith, Barney & Co.
Incorporated
■'
White, Weld & Co.
Robert Garrett & Sons
right
at
a
to
set
before a specified date.
option is the right to sell
Continued on page 28
on or
put
$1,000.
any
t
six
out of. the s4huort Position is an
over"slx"month pront.
November
buying and selling to be a "trader"
or
"dealer."
Only
the investor
investor,
offer to sell nor a solicitation of offers to buy
offering is made only by the Prospectus.
f I
L*PtK1 *+^1? he weI?t sho,rt
NEW ISSUE
will be considered here—first the
i individual
an
The
accom¬
bought in
In December,
months later, the
1
scribed in terms of securities,
loss need
that he
,
large, it is the profit on the sale
of securities or anything else other
than the merchandise of a busi¬
to
.
August, 1960 at 60.
or
one
.
Jones has in his box 100
around and take the $2,000 over-<
A call
six-month profits in 1960 and to purchase
take the $2,000 losses in 1961.
doing this, he reports in 1960
-
in
a net deduction for both years of
$500>
"
- Jones' best bet, however,
is to •
switch the thing the other way
six
be
Used
\
or for that matter
This is because of
no
For
of
stand-off.
Here is how the shift is
plished;
nci
1961
^
waits
after
It
1961,
mt
1960,
i>->
a
reported on a short sale until
the short position is
actually closed
out. /.V
7.- v -
$2,090 losses in
+r.
merely
be
zero.
iVi(to nnn
to
the rule that
1960,
newly' I960 and $500 income in 1961,
on
If he
in
under-six-month profits to report,
If he had taken his. loss before the
$4,000.
any year can
I960
This $1,000 is applied against the
sure
overHe also has an
$2,000
is
the
both
year was
indefinitely.
in this
1960, the $2,000 losses
give him a $1,000 deduction and
$1,000 to carry forward into 1961.;
fore,
losg
takes
takes
deduction.
example,
suppose
$2,000
of under-six-
profits.
is
whereas
Can Short Sales Be
^
w.
hee?sThtadeof2the0game^bya ^500
way:
or
open
•
Security losses of
heaviest
he
result
he
month Profits and $2>000 of
leaves
That absorbs
also
If
net
six-month
as
j.
_•
Different Years?
-
If
For
has
five
the
taken
be
offset
profits..
under-
regular deduction from other in,,
to 52%. But with a capital
,gain, Uncle Sam's maximum take
is 25%. Hence, the big push is for
capital gains.
What is a capital gain? By and
can
in
advantage
20% to 91%.
line
years
Through a short sale it is pos¬
sible to shift profits or losses from
profits and $2,000 of open
losses.
losses, to make
on
SeiUnicin
rates
to
they
net security
profits in those,years. If t ere
no
net security profits, in those
is
Indi-
simple.
be
can
six-month
watching
1960 return. -The
goes
nn
reason
loss
month
as little as 10% to a maxiof 25%. Before six months,
The
$10,000 loss.
years 1961 to 1965, to
the first $9,000 of any
taxes.
'come
this
in the
$9,000
"
in-
Federal
of
$1,000
a
,
the
obvious
an
the range is from
minimize
The
from
mum
inves¬
help
tor
.
is
three
$1 000
Tax Advantage?
..
in taking profits after a six-month
holding.' The tax rate then ranges
regardless of
comes'from, the
deductible, within certain
then
loss,
m/i'
Two
over
So Important?
together,
the
of
same
JJJi®
•
for
How
ale.rtness
means
m
.
on
-
of
effect
taking the profits and losses in the
this
Does it Pay to Space Transactions
Why is the Six-Month Line
limits.
tax
as
•
the
and
taken
under-six-month
$910.
of the under-
jf the net results
simplified explanation
the
1
.
What About Security Losses?
question and answer form, of
ture.
j
,
All
securities, whether over->
e
0Yer"s?x"monJJ
or under, that will ex^
under-six-month
profits, it is an advantage to take
actly offset the $1,000 profit, and
losses in a different year from the
wipe out the $910 tax. In other
profits.'
For- example, - suppose
words,vthe $1,000 loss saves Jones
Jones has $2,000 of open over-six
91% in tax or
allowed
corporations as against individuals.
ai0l*nct
six-month
\
•
for
in
or
The tax savings from losses
>$1,000
loss
Also stressed is
the difference between treatment of dividends and wash sales
figured
under-six-month
deduct the remaining
the $2,000 losses.
The
can
deduction
a
a
of $500), compared with $2,000 of taking the losses first resulted in
regular income the other way a net deduction of only $500, and
profit>
His tax on that
11 nA
His tflY nn that, s 1 nnn will be «Q 10
$1,000
$910.
However, if he also takes a $1,000
importance of timing and
profits is Friday, Dec. 23, if not sold for cash.
maximum tax
a
of
net
bracket, and that in 1960 he takes -month date line slip by.
sold; and treatment
spacing, and remandfully points out that the latest day for taking
1860
can
has
In
$1,000
throughout the year. To wait unrun as high as 91%.
Suppose,*til the end of the year, as is so
example, Jones is in the 91% frequently done, may let the six-
can
(,'_•/
always
are
whether
over.
tax-exempt securities;.♦
options;
1955
1960
he
deduction
1962, he
around.
Losses
.
profits and
capital gains;
purchased at different times that
company
.
quick check list
a
taking advantage of tax laws affecting their holdings, sales and
purchases.
.
investors
as
returns, if not
previously absorbed by profits. -
By J. S. Seidman, C. P. A., Seidman & Seidman, New York City
on
in
used
far back
as
1961,
$1,000 of the $2,000 of losses.
•
carrying for-
t
In
7
Dean Witter. & Co.
,
I
8
Refunding—Comment—
Treasury
DEALER-BROKER
>
New
Vork
Hanseatic
INVESTMENT LITERATURE
World Time
differences
as
AND RECOMMENDATIONS
lzlJ
Corp.,
Broadway, New Tork 5, N.
Y.
in
countries
100
over
ard
Time, including
in
the
of lime
in¬
a map
United
data
are
States,
1
.
.
Solvents—Memoran¬
dum—Spear, Leeds & Keiiogg, ill
Broadway, New York 5, N. tf.
PARTIES
INTERESTED
SEND
TO
THE FOLLOWING LITERATURE:
Analysis
Circular
—
New
on
leading New York City Banks—
Laird, Bissell & Meeds, 120 Broad¬
way, New York 5, N. Y.
Stocks
Bank
comparison
quarterly
Boston
New
Bank
iigures
reference
15
First
ine
Broad
St.,
Bigelow
Pa.
Vork
with
particular
Phillips
to
Ltd.—Report—Harris,
Petroleum
5, N. Y. Also available are
reports on American Machine &
Foundry Co., E. I. du Pont De
Nemours
&
Co.,
Sterling Drug,
C.
Random
House,
Carreau
&
the and Champlin Oil & Refining —
Inc., and C. M. Ilall Lamp Co.
United States — New York Han¬ Shields & Company, 44 Wall St.,
seatic Corporation, 120 Broadway, New York 5, N. Y. Also available American Insurance of Newark—
are a survey of Southern Railway
New York 5, N. Y.
Analysis — Dempsey-Tegeier &
West Seventh St., Los
Canadian Business & Finance — and data on Fischbach and Moore. Co., 210
14, Calif.
Review
Folder Angeles
Equitable Securities ^ver-uie-Uouiiier index
banks
and
trust companies of
—
—
Canada
Limited,
Toronto
1,
St.,
Yonge
60
mowing
Canada.
Ont.,
Manhattan
Chase
Bank,
18
Chemical
Broad
Co.,
&
Barney
over-the-
35
stocks
used
in
Bureau
Quotation
20
Philadelphia Bank Stocks—Quar¬
St., New York 5, N. Y.
Stocks—Data
Adelaide
on
terly comparison of 11
25 issues—
West,
St.,
New
is
available
Also
Co., 120
N. Y.
&
York
5,
bulletin
a
on
possibilities in the Oil in¬
dustry, and a report on Pfaudler
merger
both as to yield and Permut.it Inc.
performance over a 20period — National Quotation American. Telephone & Telegraph
Bureau, Inc.,' 46 Front Street, —Bulletin—The Illinois Co., 231
South La Salle St., Chicago 4, 111.
New York 4, N. Y.
Preferred-Stocks
Draper Dobie and Company Ltd.,
25
Reynolds
—
Broadway,
—
,ear
Philadel¬
Cigarettet Makers — Survey —
phia Bank Stocks—Stroud & Co.,
Abraham & Co.,
120 Broadway,
Inc., 123 South Broad St., Phila¬
New York 5, N. Y.
delphia 9, Pa.
Gold
Analysis
Company
narket
with comparative
figures on common stocks in the
Ethical Drug and Chemical indus¬
tries—Smith,
the
Marietta
American
\verages,
Pharmaceutical
and
Dow-Jonef
the
industrial
National
-ne
industrial
listed
in
and
werages
counter
Pine
the
used
.locks
St., New York 15, N. Y.
Briefs—Survey
between
son
Capital Investments by the World
Petroleum Industry — Report —
compari¬
up-to-date
an
Courts
Toronto,
Ont.,5 Canada.
Bulletin
—
&
Co., 11 Marietta
W., Atlanta 1, Ga.
N.
American
Viscose
Winslow,
Cohu
26
Bulletin
—
—
Stetson,; Inc.,
&
Broadway, New York 4, N. Y.
available is -a discussion of
Also
N.
—
Y.
Securities
Co., Ltd., 61
New-York 6, N. Y.
Broadway,
available
Yawata Iron &
York
Limited
Hitachi
Wall
Selected
Chemical;
Toanenryo Oil
Chemical
Toyo
Company.
Birtcher Corp.—Bulletin—De Witt
Coftklin
Organization,
Broadway, New York
available
Also
is
Yoko¬
Inc., 120
5, N. Y.
bulletin
a
Columbia
British
on
data
are
Oil
water
25
Ave.,
&
Gulf
and
Tiae-
Wall
St.,
Also
available
29-28 Forty-first
Industries,
Western
&
Y.
City 1, N.
Island
Analysis
Inc.
J. R.
—
N.I Y.
&
Richardson
Ltd.—Review—James
N. Y.
Sensible Over the Counter Stocks
Sons,
York
Inc.,
Wall
14
St.,
New
N. Y.
5,
Tri-Point
on
Hewlett
Packard
Power
Corp.—
a memoran¬
Plastics.
Standard Motor Products-r-Repori
Co.—Memoran¬
dum— Schwabacher
&
Co., 100
Montgomery St., San Francisco 4,
Calif.
randa
on
available
Also
and
U.
Van Camp
S.
Imperial
Sea Food Co.
York
—
Review
Co.
of
Quarterly review — George,
& Co., Inc., 30 Broad St., Analysis—McLeod, Young, Weir &
Ltd.,
50
King
St.,
West
N. Y. Also available Co.,
is a bulletin on Professional Golf Toronto,
Ont., Canada.
Report
—
—
Ross.
Knowles & Co., 25 Adelaide
West, Toronto, Ont., Canada.
Plastics
E.
Memorandum
ties
York
Corp.,
6, N.
St.,
Manufacturing
—
Havener
165
Y.
—
Securi¬
Broadway,
New
in
Company.
—Bank
Stocks
—
—
Gold
stocks.
26
selected
Childs
and
111.
—
Review
—
C.
George,
—
0
Monsanto
York
Corp.
4,
Stocks
and
—
Sales
The
De
Method—An
trend
exposition
phenomena
—
Cohen,
Co., 25 Broad St.,
4, N. Y. Also available
analysis of Gustin- Bacon.
Simonson
&
is
an
"
v..$
'
For financial
Campbell Soup
Francis
I.
institutions
m
Dentists
Oil,
Struthers Wells Corp.
Haloid Xerox Inc.
Beryllium Corp.
Manufacturers,
American
Machine
Also available
and
i
%
V/s
—F.
0
1
I
0
$
%
0
k«5»
on
request
Bought
•
Vendo
Place, New York 6, N. Y.
gress
available
/
Teletype NY 1-376; 377; 378
reviews
are
Co.,
Newmont
Oil
of
Hamam
in
the
St.,
of
Lukhmidass,
5
India. Also
Bombay,
bulletin
same
Imperial
a
a
—
review
Corporation
memorandum
and
U.
S.
Bowling
—
Memorandum
Specialties
Majestic
and
Wells Fargo Bank American Trust
Company—Analysis—Dean Witter
Co.,
45
Francisco
Montgomery
St.,
on
list of stocks repre¬
major industries.
a
&
Bank
of
National
Southern
Georgia
—
Analysis
—
Johnson, Lane, Space and Co.,
Inc.,
Florida
Title
Building,
Jacksonville 2, Fla. Also available
are
analyses
of
Florida
Steel
Kranz Mutual Fund Dir.
For
George
ciated
Hill, Darlington
with
the
become
Corp.
%
Coastal
1
Memorandum—Hayden,
Co.,
N.
Broad
25
Y.
.
Collins
Co.,
States
—
Pearl
Also
in
—
Stone
Film
Laboratories
...
.
Data
St.,
the
~
York
.
4,
,
:
of
the
change,
as
New
York
Stock
Director of
same
4,
circular
Ex¬
the firm's
activities, it
was
an¬
nounced.
Mr.
Kranz
previously
w a s
activities
with
Prior
&
Grimm
5,
Y.
thereto, he
ident
with
Co.
&
Vice-Pres¬
was a
Putnam
Distrib¬
Fund
utors, Inc., Middle Atlantic Divi¬
sion.
Nationwide
Insurance
Corporation
Industry
and
the
Study —
Blalack & Co. Incorporated, 2477
Huntington Drive, San Marino,
Forms Barker Co.
—
Calif.
(Special to The Financial Chronicle)
ROCKPORT,
Barker is
Yorker
Magazine,
Inc.
Co.,
—
Inc.,
Broadway, New York 6, N. Y.
business
Mass.
offices
Street under the firm
M. Barker
&
Co.
M.
securities
Ralph
—
engaging in
from
a
at
69
name
'
Specialists in Canadian Securities
as Principal for
Brokers, 'Dealers and Financial Institutions
Grace Canadian Securities, Inc.
Members: New York Security Dealers Association
25
Broadway, New York 4, N. Y.
TELEX 015-220
•
HAnover 2-0433-45
•
NY 1-4722
Falconbridge Nickel Warrants
at
17
.
Cooley &
Hartford
firm
Hill, Darlington & Grimm, 2
Broadway, New York City, mem¬
—
&
St., New
:
.
Radio
100
Conn.
;
Producing
Gas
asso¬
investment
partner in charge of mutual fund
Analysis—Granbery, Marache
Co., 67 Wall St., New York
N.
has
Kranz
and Jim Walter Corp.
0
Sar*
6, Calif.
Metro
Goldwyn Mayer, and comparative
—
Irving J. Rice & Co., Inc., Pioneer
Building, St. Paul 1, Minn.
United
on
Artists.
Analysis—Moynahan &
Corp.,
Co.
of India Ltd. and Gwalior Rayon.
mutual fund
Worthington
of
Standard
brief
are
Tobacco
of
Company
New
Gillette
of
Mining,
Brunswick
Ohio,
Citizens
1
Harkisondass
—
Financial Federation, Ferro Corp.,
1
1
.
.
Moseley & Co., 50 Con¬
St., Boston 2, Mass. Also
of
■4
Company.
on
and
Tata Electric Companies—Bulletin
Bank—Review
Manhattan
sentative
0
»
Chemical
&
Telephone
data
are
Chemical
Newport
bers
Ill
0
n
Security Dealers Association
on
Cork
,
S.
figures
Sold
Troster, Singer & Co.
Foundry.
&
Crown
Bell
I
♦Prospectus
and
memoranda
are
Service,
Shoe
Canada.
Harcourt Brace & Co.
*Hallicrafters Co.
Melville
Kerr
letter
same
Bulletin—Auchincloss, Parker &
Redpath, 2 Broadway, New York
Co., 1 Wall, Movielab
Interstate De¬
United
Mer¬
Stores,
McGee
Chase
*Glickman Corporation
&
Pont
Supply,
A
I
ACTIVE—i
—
du
partment
Seal
CURRENTLY
—
Analysis — In
"Invest'ornews"
St., New York 5, N. Y. In the same
issue are analyses of Motion Pic¬
ture
Companies and reports on
Cities
HAnover*2-2400
Central
Service.
November
Purchases
Common
Gas.
chants
74 Trii i y
—
Co., 25 Broad St., New
N. Y. Also available are
Public
on
of
New York
-
Me.nbers New York
Review
—
&
memorandum
a
4, N. Y. Also available is
of
F.
Company, Inc., 141
Blvd., Chicago 4,
/'AA
Illinois
is
Natural
of
,
—
& Co., 65 Broadway,
6, N. Y. Also available
Timing the
Jackson
•
New York
reviews of Pure Oil and Southern
Goumois
West
stocks
■
Market
Fahnestock
Memorandum
—
O'Neill & Co., Inc., 8929 Wilshire
Boulevard, Beverly Hills, Calif.
Hem¬
phill, Noyes & Co., 15 Broad St.,
New York 5, N. Y. Also available
is an analysis of the outlook for
Money
Co.
Corp.—Analysis—Hill,
Darlington & Grimm, 2 Broad¬
way, New York 4, N. Y.
Hirsch
of
Review
Scotia, Toronto,
Stocks for Capital Gains—Review
Industry Co., Ltd.
•
Walter F. Merkel &
Brunswick
Nova
of
Ont., Canada.
Co., Ltd. and Shin-Etsu Chemical
Liquor
Brunswick
Stock Market in Canada—Review
Inc., Ill Broadway, New
York 6, N. Y. Also available are
reports on, Nippon Sheet Glass
York,
5,
the
&
Industries—Bulletin—
—
New
Billori, Union Securi¬
15 Broad St., New
N. Y. "
Co.,
reviews
Corp.1
Leasing
Oil
memo¬
are
Martin
Market
&
ties
Associates, 9Z
Liberty St., New York 6, N. Y.
Securities
Electric
&
-—Eastman
Ileyden
O'Neill
Yamaichi
Gas
of
and
Co.
Ohio.
New York 4,
Japanese
Corp.
—
Lite-Vent
Columbia
British
—
;;
72
Y.
N.
Cosco—Report—Loewi
Co.
"'A,
Indiana
5,
analyses
are
National
Southern
Inc.-—
Co.,
Stelma, Inc. — Report, —1 Amos
Treat
&
Co., Inc., 79 Wall St.,
Co;, Inc.," 225 East Mason St.,
New York 5, N. Y;
'
Milwaukee 2, Wis. Also available
is a report on Clark Oil & Re¬ Stouffer Corp. — Memorandum
Fulton, Reid & Co., Inc., Union
fining Corp.
Commerce Building, Cleveland 14,
Hercules
Powder
Company
—
Hamilton
hama Rubber Co.; and Showa Oil
■
&
—
Diamond
Co., 61
N. Y.
6,
H. Hentz
New York
Electric
Co.,
&
York
(Delaware)
Arenas
Analysis
Williston &
Beane, 2 Broadway, New York i,
—
Sports
Steel,
Co.
Long
Oliphant
New
Broadway,
City
Gro-Rite Shoe Co.—Memorandum
—Blaha
H.
Jas.
Granite
on
Philadelphia
J.
Corp.,
Power
New York 6,
Sekisui
(plastics);
Co.
Gillette
the
—Ira Haupt & Co., Ill Broadway,
Rayon;
Company;
Yielders—Bulletin
High
Curtis,
New York
dum
St., New York 5, N. Y.
Suburban Propane Gas Corp.
Inc.
(elec¬
tronics); Kirin Breweries; Sumi¬
tomo
are
Revlon, Inc. and Friden
on
Broad St.,
4, N. Y. Also available
&
Tobacco—Memorandum
Reynolds
bell Machine Inc. and
40
Switching—.
5, N. Y. Also available
Jackson
Paine, Webber,
—
Amphenol Borg Electronics Corp.
list of
reports
analyses ot
Steel; Fuji Iron &
are
Data
—
Exchange
Corn
—Analysis—Hornblower & Weeks,
suggestions—A. M. Kid¬
der & Co., inc., 1 Wall St., New
Stock Market — Survey
—Nomura
Steel;
A
Trust
—
.
Common
Through Tax
oaving
Japanese
Also
Utility
Airplane.
Columbian Carbon Co.
Girard
St.,
Pdwer,.
Comparative figures—G. A. Sax-
Re¬
Ellis
&
Anderson,
61
New York 6, N. Y.
Also available is a memorandum
N. Y.
Tobacco — Review —
Carl 1VI. Loeb, Rhoades & Co., 42
Wall St., New York 5, N. Y. Also
available is a review of Boeing
Reynolds
Analysis—J. A. Hogle & Co., 40
Wall St., New York 5, N. Y. Also Sun
Oil—Review—Colby Letter,
available is an analysis of Camp¬ .31.Milk.S.t., .Boston 9r Mass.--Also
& 'Foreign
American
Ohio — Analysis —
Stocks— Baltimore &
Schirmer, Atherton
&
Co.,
50
St.,
Boston
3,
Mass.
view—Aubrey G. Lanston & Co., ton & Co., Inc., 52 Wall St., New Congress
Also available is an analysis of
Inc., 20 Broad St., New York 5, York 5, N. Y.
Public
Market
Bond
Government
—
Broadway,
Bank
F.
Inc.—Analysis—
115 Broadway,
Co.,
New York 6,
Analysis
—
Green,
on
W.
Taylor, 639 South Spring St., Los
122 Soutn La Salie
Garrett Corporation
Upham & Co., 120 Broadway, New
Labora¬
—
—
Allyn & Co.,
Aluminium
Circular
—
Co., Inc. — Angeles 14, Calif.
Bruno-Lenchner Inc., Public Service of Colorado
Square, Pittsburgh
19, Analysis—W. E. Hutton & Co., 14
Wall St., New York 5, N. Y.
Electrolux—Memorandum—A.
-—
N. Y.
5,
Survey
—
Stocks
—
Corporation
York
Oils
leading
of
City
v_Avinpaiciuve
consecutive
114th
—
York
Inc.
tories,
—
St., Chicago 3, 111.
Notes
Stock
Bank
Development
Propulsion
Microwave
Douglas
cluding Alaska & Hawaii—Manu¬
facturers Trust Co., International
Banking Department, 55 Broad
WILL BE PLEASED
MENTIONED
THE FIRMS
THAT
UNDERSTOOD
IS
Thursday, November 3, 1960
J.
J. Newberry — Analysis Beckman Instruments
Thomson & McKinnon, 2 Broad¬
Hospital Supply.
way, New. York 4, N. Y.
on
St., New York 15, N. Y.
IT
.
American
and
Commercial
Chart—Showing time
compared with Eastern Stand¬
zones
'/
Financial Chronicle
The Commercial and
(1768)
Represent 8-year Call
on
Common
at
20
Main
of R.
Volume
192
Number
6000
.
The Commercial and Financial Chronicle
.
.
(1769)
9
turn
of mind, and persons quite
willing to forego cash dividends
International Bank
;
in
,
term
By Dr. Ira U. Cobleigh, Enterprise Economist
A
report on
a
America, rapidly expanding, and managed with considerable intelli¬
International
ton,
D.
than
C.,
Bank
is
Washingdeal
great
a
bank—it's
a
of
more
financial
a
de-
partment store embracing almost
every banking arid insurance service and
including substantial
com-
mercial and industrial activities
as
well.
prises
General
17
chant
nut
™co^le™
tor
tions
with
total
around
and
of
itself
assets
pioneered
Plan
loan
in
thrift
a
de-
program
siened
esneciallv
non-commissioned
in
Armed
for
officers
Forces
and
officers
This
busi—
has been expanding rapidly;
ness
group
and during 1959 the bank stepped
up
its activities in trade financ-
long
speculative
a
ve¬
number
of
attractive
features.
corn-
companies aggregating some $800
million in asset value. The earnFive of these banks are in the ings per share, principally because
Washington area, three in the of this leverage, are unusually
Chicago district; others in New high for a banking enterprise and
York, Tennessee, and Georgia in the growth rate in earning power
about
most unusual.
Management is in extremely competent
Expansion
of the stature and earning power
appears
areas.
of these banks, and addition of hands and the
others from time to
Interna-
senior
the
a
rmid
corpora-
million
Financial
personal
now
combined
$800
Bank
Officers
is
mPr-
nrnviHinf*
rnrrmanv
ance
tional
1920,Pit
in
.bank
hnirbnf*
nrivatn
a
gains. As
greater
Fiducial General
cap-
theory of group banking
to the
time
Cleveland Dir. of
Paul Aschkar With
So. Natural Gas
Sellgren, Miller
BIRMINGHAM, Ala.—C. T. ChenChairman
ery,
of
the
Board
of
leverage is high geared, with Directors of Southern Natural Gas
has
an¬
1,900,000 shares benefitting from Co.,
the growth in earnings and
equity- nounced the
value
election of J.
stemming from energetic
with combined
$650 million,
banks
of
resources
rapidly growing
Startinf?
of
Financial
achieve
The
and imagination.
gence
to
hicle for the bold and the
patient,
International Bank shares present
of the most diversified banking organizations in
one
order
IS
land
as
rector
There is the further facet in the
di¬
a
a
d
n
o
the
Guaranty
Guaranty
Co.
New York
un¬
including
two
life
companies,
United Security Life Insurance
Company
of
AA'ashington,
and
is moving forward
company
many
in
different directions.
ever, a consolidation
so
How-
and full de—
Bankers Security Life Insurance velopment of all the assets
Society of New York. There are earning power controlled
and
here
&
Co.
who
of
has
&
Trust
Co.,
J. Luther
Cleveland
of
He retired from
of this
July 1
on
Building,
members
York Stock
utive Committee.
post
Ohio—Carl F. Barg¬
has become associated with
& Ladd, Third National
Greene
Guaranty
that
Miller
Aschkar
the investment business
in Los Angeles for many years for¬
mann
New York merger, at which time
he became Chairman of the Exec¬
the
Mr.
in
DAYTON,
ated are five insurance companies stock is
as
been
H.
associated
(Special to The Financial Chronicle)
of
til the Morgan
little confusing
Sellgren,
Oakland.
Calif.—Paul
become
Bargmann Is Now
With Greene, Ladd
f
of
Board
Financial General is not just a expansion program for non-bankbank holding company, however, ing enterprises. At the moment,
It has many other interests. Affili- analysis of international Bank
a
has
with Dempsey-Tegeler
Co. in the trading
department.
was
Chairman
the
with
Cleve-
Mr.
1
ANGELES,
Aschkar
merly
the
of
company.
Trust
^inanciai General banking fam- able of large scale expansion,
expected.
Luther Cleve¬
(Special to The Financial Chronicle)
LOS
Mr. Cleveland has had
year.
long
mann
was
of
the
New
Exchange. Mr. Barg¬
formerly an officer of
Braun, Bosworth
& Co. Incorpo¬
rated, with which he had been as¬
sociated for many years.
ex¬
perience with the oil and gas in¬
Pacific Coast Securities
two finance companies and might create the potentials for a dustry and, under his leadership,
Absorbs Two Firms
ing and the making of collatoal 2J?e in™e agency, tied in to „„ique and even exciting specu- Guaranty Trust Co. pioneered in
loans.
International
Bank- has Financial General.
One of these lation for those willing to accept that field of banking.
SAN
FRANCISCO, Calif.—Pacific
three wholly-owned domestic sub'nance companies. Ame jean In- its risks,
Coast
Securities
Company, 240
Form McRae Securities
sidiaries
a trading
company, a bailment Credit Corp. and the in-- . •
Montgomery Street, has absorbed
foreign trade company and an surance agency together operate
With I. J. Schenin
the investment business of Mer¬
(Special to The Financial Chronicle)
a
-
automobile finance
company.,£.
International
Trust
Overseas
major investment
the
Company
of Liberia,
successful
Africa.
banking
It
standard
of the most
one
operations
offers
not
only
in
the
international
banking
services, but provides world wide
registration of vessels, arranges
for the creation,
domiciling and
complete banking accommodations
for
Liberian
the
ine
largest
largest
corporations,
writer
writer
casualty
insurance in
breadth
of
the
and
fire
lire
of
oi
service
chant fleet in the world.
The
latest
national
spread
chases
will be the
nances
the
V
into
end
stantial cash
tax
on
Inter-
overseas
fi-
purchases
President
"This
in
of
js
Europe
after
the
that
bank
sumer
Financial
con-
in America
credit
General
International
50
on
is developthe American
commercial banking scene through
its working control of Financial
General Corporation. Chairman of
General
is
Arthur
J.
Morris, (originator of the "Morris
Plan"),
with
General
Olmsted
serving as President.
Financial
General is a leading exponent of
group banking. This has been described
as
American
the
"third
a
unit
systems.
and
in
and
home
town
gains
reserve
loans
unified
and
referral
and
counting
more
and
insurance;
of capital,
auditing;
more
ment
and credit
lined
sales
tising;
for
and
of
sharing
clients;
efficient
effective
ac-
group
invest-
analysis; stream-;
promotion and adver-
larger
opportunities
advancement of personnel.
Stressing these very significant
advantages of group banking, Financial
General
has
become
a
leading exponent in this field. It
conducts the only interstate
group
banking system in the U. S., east
of the
Mississippi. Altogether the
ALAMITOS,
Mutual
Funds,
in
Calif.
Inc.
-
business.
A.
James
are
and
Edward
fices
with
J
offices
,
.
tonian
,
Dnve
,
.
at
2732
,,
to
DAC
With Bosworth, Sullivan
(Special to The Financial Chronicle)
.
Bos-
..
continue
.
the
„
m-
^
are
Donald
.
(Special to The Financial Chronicle)
FRANCISCO, Calif.—Tran¬
Properties, Inc. is conducting
securities business from
a
at
1080
Chestnut Street.
Herbert
Scheftel,
President;
17th
660
Street, members of the
A" Coscarelli President and
Treasurer, and S. T. Coscarelli,
New York and Midwest Stock Ex¬
Vice-President,
Colorado National Bank.
changes.
He
was
formerly with
J.
Dinkelspiel,
Secretary;
and
W.
Dinkelspiel, Assistant
Secretary.
John
Richard
ren
G.
M.
Bossone
Pechner
are
and
also
ated with the firm.
the
of
modern
most
Africa.
Further
complete
NOT A NEW
ISSUE
November 2, I960
for the
12-story
a
'
.
-
•
Growth
.
683,000 Shares*
'
Scott, Foresman and Company
•
cash
Bank
dividends.
rather
The
accent
Common Stock
(Without Par Value)
is
plow-back of earnings,
and the building of surplus values
on
Price $27.50 Per Share
the balance sheet. International
Bank has been doing a pretty good
job of that. For the past five
on
calendar years gross assets (which
include unrealized gains in investments and equity in Undistributed
earnings of non-consolidated af-
filiates) have blossomed
following manner:
in
r
_
1956—IIIIIIIIII
the
This
constitutes neither an offer to sell nor a solicitation
buy these securities. The offering is made only by the Pro¬
spectus, copies of which may be obtained in any State from such of
the undersigned as may lawfully offer these securities in such State.
International
^ Jg4 40g
5,494,865
6,632,568
16,695,349
22,526,834
Bank
reports
per
1959„and
even
$1.23
should do
Incorporated
Blyth & Co., Inc.
Eastman
The First Boston Corporation
Dillon, Union Securities & Co.
Goldman, Sachs & Co.
standing of which over one million are quite closely held.
The
stock was split 5-for-l last June"
and currently sells in the Overthe-,Counter
Market
at
around
6^2 a share. The current dividend
a
Glore, Forgan & Co.
better
perhaps $1.50.
rate of 6c
to
share in
There
are
1,900,000
common
shares of International Bank out-
is at the annual
offer
Smith, Barney & Co.
and appreciation of the equity in-
terest in unconsolidated affiliates,
On this basis International Bank
common earned
announce?nent
an
its
earnings along similar lines; that
is, it records undistributed income
year,
are initially being offered to
employees of the Company at $25.75 per share.
of
1955
this
*50,000 of these shares
:r
share,
Those attracted to International
Bank shares are of a
•
speculative '
Harriman
Ripley & Co.
Incorporated
Hornblower & Weeks j
Merrill
offices
Officers
DENVER, Colo.—Joseph L. Cava- Alfred G.
Burger, President; John
nagh is now associated with Bos¬ P. Parsons, Vice-President; Martin
vestment business of Mutual Fund worth, Sullivan & Company, Inc.,
Officers
branches.
SAN
are
forme(q
as
Transan Properties, Inc.
McRae,
C. Dorroh,
been
—
has
is a dynamic and
enterprise
energetically
expanding in a dozen fields. Un-
character
a
Street to
San Meteo, Calif., and
Salisbury Securities Co. of Las
Vegas, and will operate these of¬
san
diverse
branch
major group,
significant benefits: a
many
larger
of
with
LOS
You've got to admit that International
of the
affiliation
International
the
now
'
•
Bank
institution and its regional
services. But the local bank, by
17th
securities
a
muiuai i unub i urmeu Secretary-Treasurer.
sizable Investments.
up
Company)
West
.
holding
company chains aim to retain, in
each local bank, the personalized
nature
Officers
President
Home
Office Building for International
Bank in Washington.
The building will be completed in late 1961.
banking, supplementing
traditional
banking
force"
rpnrA<=pntati^
n
in
engage
like most banks it does not stress
a
liberal policy with respect to
Corporation
Bank
ing major stature
Financial
Monrovia,
construction
patterned
"Morris Plan"
ago."
years
in
granted
pioneered
J.
L"lty' as a representative.^
is'
General
participated (through InterTrust
I.
rick & Co.,
building of the Ducor Palace Hotel
bank
a
original
institutions
Bank
estate
Securi¬
(special to the financial chronicle)
in pr°perty a"d earning
are
Bank,
building
reai
plans
International
for
in
ritv
with
Broadway, New
and useful
in the industrial field.
steadily
associated
HAf Mutual Funrk Fru-tYiPtd
eager and animate corporate
affiliate for International Bank. It
in
is the first charter
vnrir
Ait°gemer * manciai general is
an
hotel
sidiary
"Credit
Luxembourg City.
According to
Major Gen. Olmsted (U. S. A. R.)
resources
Altogether Financial
opening, before
year,
with
Colo.—McRae
with offices at 444
become
Schenin & Co., 39
These purthem sub-
benefits; and the company is
the lookout for other attractive
of a subEuropeen"
in
this
of
of
brought
DENVER,
ties Corporation has been formed
has
.
General
industry by acquiring Atlas Plywood Corp. and
Argo Knitting Mills.
as-
sociated with Sutro Bros. & Co.,
into
out
.
Thomas G. Crisona, formerly
cities through ap-
Financial
year
national
.
expansion
Bank
19578
Last
Trust'coinpany^s hfdicated^j^Uie
fact that Liberian flag vessels now
make up the third largest mer-
118
proximately 100 banks.
is
and
ana
Liberia. The
maritime
au£
mobiles in
is in the International Trust Company
_
Kidder, Peabody & Co.
Lynch, Pierce, Fenner & Smith
Lehman Brothers
Paine, Webber, Jackson & Curtis
Incorporated
Stone & Webster Securities
Corporation
White, Weld & Co.
Incorporated
War¬
associ¬
10
from
comes
Miracle Theory of Spending
Is a Dangerous Delusion
the Budget,
By Maurice H. Stans,* Director of the Bureau of
Executive Office of the President
Washington it is the
other fellows who
provide it.
to
and
more
We1
have
in
of
our
the state
and to express my own
evaluation
of where we stand and
where we
Anyone
mounts
who
ington, is sus¬
of expressing a
wholly parti¬
interest.
san
I'm
do
going
my
to
best to
the
to
stick
facts, and to
Maurice H. Stans
identify my
o w n opinions
as
being personal convictions.
I
would not want my remarks to be
interpreted
campaiagn material.
as
My interest is to discuss the issue
conservatism
of
its
versus
alter¬
native, which is sometimes called
"liberalism" in Government, with
reference
particular
This is
finances.
which
not
touches
a
Federal
to
clean-cut issue
of
one
every
In
another
sense,
I
to state here is tied to the
question of our national security,
propose
and when I
security I
speak of the national
the maintenance
mean
an America that is strong both
militarily and economically — not
of
just the
one
We're at
cisions
for
we
more
a
just the other.
nor
point where the de¬
make
as a
Nation count
than at any time in the
These decisions, wise or un¬
thinking, as the case may be, will
set our country on its course for
the hazardous trip into the Nine¬
past.
teen Sixties.
And it's very
impor¬
just what we're
doing; that we separate fact from
fantasy; because we have a ter¬
rific responsibility to do the right
thing, to make the right decisions.
tant that
we
know
panic
com¬
really stand
two fronts that count most
military front
and
the
the
—
the
economic
front?
This is the second line of Amer¬
ica's
defense, never to be under¬
with
tampered
nor
could not tol¬
erate.
We must keep this front
defended and forever strong. The
hard fact is that we can as easily
lose the security we value through
neglect of sound economic prin¬
ciples as through neglect of our
military needs. As the President
said
recently, weakness on the
except at
a
cost
economic side
as
ous
second to none.
quests.
We seek
we are
no
con¬
Our aim has been to build
we
is fully as
weakness
danger¬
military
the
on
dangerous.
And how could
we
nomic security?
lose
our
eco¬
We could lose it
by being taken over by the pres¬
sure
groups,
for-nothing"
nomic
medicine
the
from
out
crisis with
is
"somethingor
the eco¬
who spring
the
artists,
or
men
shadows
trick
not
of
every
answers.
strategies.
believe
in
an
In
adopted
the
as
this
we
orderly, sustained,
economic
forced
growth
for abandoning our
excuse
national
present
policy
responsibility. Using the familiar
technique of "alarm and divide"
they tell
nomic
turn
let
that we'll lose the
us
it
the
We're
run.
told
that
needs
ences
Here
up
impression of how far we
my
have
is
how I would
already gone down that path:
past quarter of a century
have drifted to
a
state of mind
smaller base than
ours, and their actual increase in
the absolute amount of goods and
services
produced each year is
a
much
very
less
much
If
to
up
unless
their
has
altered
our
have
be¬
We
We have been bemused
by the delusion that if the money
are some
rare
are
Chronicle bound sets
interested—do not delay. Write
needs telling the years you are
missing.
it
for them
make
we
easy
great.
Growth
a
is
legitimate
a
your
Prices will be gladly
Be prepared with complete sets to better
and
goal, but it should not be
cloak
to
serve
your
And Gov¬
has
a
role
to
play in
growth, not by using
mirrors or hat tricks, but by rely¬
ing on the interworkings of free
enterprise in an atmosphere of in¬
centives for performance.
ernment
achieving
"Believe It
There is
ican
an
journalism
lieve
Or
It
about
read
or
Not"
the
programs
a given time with
available.
resources
too
few
who
are
to the prob¬
lem of how to pay for it all.
And
day's
up
yet the reality is that to¬
promises
are
tomorrow's
t3XeS.
So, believe
it
or
not,
have
we
our
that are headed our
in the
way
we
who
have enemies here at home
will bear watching.
I call
without any new or
them the Four Horsemen of Eco-
expanded programs, future annual
nomic DestructionCompulsive spending—which has
Fifth
even
budgets are headed upward.
in
Built-
^
helped to multiply the Federal
budget 25-fold in just 30 years;
'Government - by - credit - card —
which has helped to pile up a
others, will push exhuge national debt;
higher year after year. Cancerous taxation—which erodes
in many existing ac-
increases
from outer space to veterans' pensions, and from public
works to overseas economic loans,
tivities,
known
"Be¬
as
Not," where you can
astounding facts
some
I have my own version of
Or
It
Not," applied to
finances, and at
this point I'm going to expose it.
Government
our
First—the
Federal
25 fold
grown
budget
in just 30
has
years—
BECK
Care of Chronicle, 25 Park
Place, New York 7, N. Y.
Telephone REctor 2-9570
back
in
have
this
were
shows that if
permitted to con¬
would
we
have
Federal
a
Second—our
of
debt
interest
billion
$285
debt
combined
of
1970.
bearing
exceeds the
67
-
other
free
countries by about $90 bil¬
lion; the per capita national debt
of the United States is higher than
try
am"
other free world
which
for
figures
are
we
given
already
-
veterans
If
add
to
and
our
lia¬
Government employee
military pensions—all for past
under
«
and one-half
President who has
seven
a
,.
,
,
.
,
has been adtotal of $10 billion in
countries
than
claims
our
against
them.
Eighth—although
inflation
is
—GNP is up 90
dollars, to
$500 billion;
billion in constant
record-smashing
a
checked, its threat persists.
Nearly half of the free world •—Savings of individuals have in¬
creased by $70 billion;
countries have suffered inflation¬
now
—Employment has hit an all-time
high of 68.7 million in July, a
gain of 6.7 million over the cor¬
catching and
we have no assurance that it can't
responding figure for 1952;
happen here.
—Classrooms in public elementary
price increases of 50%
ary
in the last
of
or more
10 years; this is a kind
sickness
that
don't say
is
that v/e've gone be¬
the
yond
do say
point of no return.
I
that these are danger signs.
These
trends
the
have
basis
solidified
committing
on
big lia-
bilities for the future without fac¬
ing
up
to the necessisty of finding
We're
the money to pay for them.
practicing Government by credit
cards, and we're hardened to liv¬
ing beyond our income, as you can
from
the
fact that
years
we
have
in the
paid
our
last
way
onlv six times and have
borrowed
to pay our bills 24 times.
Summary—Facts of Fiscal Life
In summary, these are a
few of
the hard facts of fiscal life in
the
Federal Government.
—Spending is pleasant
and
secondary schools have in¬
by an estimated 400,000,
Federal
intervention
creased
without
and
control;
—Federal payments to individuals
for welfare and veterans' pro¬
grams, including social security
and
similar
trust
fund
pay¬
ments,
have
grown
from
billion to $26.4 billion from
to the 1961 budget;
$11-7
1952
—Expenditures
for
natural re¬
sources
development and con¬
servation have reached all-time
high levels;
1961
budget includes the
highest program in history for
—The
scientific
and
research
devel¬
$8.4 billion, several
times the amount spent in 1952.
opment
at
and deficits
That gives a taste of the oositive side of fiscal responsibility.
pluses are heard to come by That gives an answer for those
they never catch up with who
say we're not moving ahead,
are
c
easy to come
by;
T
Interest
unfinanced
the past
not
the
fought hard for restraint in soending> despite all pressui.es, and has
managed against odds to produce
verse by a
three balanced budgets out of six
the last three years.
This means
-with a fourth hopefully coming
we have created that much more
up—and one big tax cut, here's
in
claims
against us by
other what has
happened in this Nation:
the
our
nffj
In
years,
.
coun¬
this
tice way to solid growth, and
-a Phdosophy ■of unconcern for
payments
avail¬
enacted commitments to
bilities for
and
you
responsibility. It is the construe-
good-sized surplus
us a
,,
of
ance
anv
owe.
re-
1958
year.
30
arithmetic
the
Seventh-our international bal-
see
Simple
in
red
end to
able
understand why we should
have to be defensive about fiscal
cession, we found the Congress
unwilling to go along with the
President's proposals that, would
lion in 1940,
$3 billion in 1930 to $9 bil¬
to $40 billion in 1950,
and to almost $80 billion in 1960.
the
billion
$15
puttin01
we
tried to gain
we
the
of
some
went
from
Third—even that is far from all
EDWIN L.
bit when
years,
1
institution in Amer¬
able.
clients. It pays!
all
Government
and
more;
But each feels
at
finance
can
irresponsibility
cover
in Government finance.
that of
quoted.
see
catching
27 years,
by defaulting on all the economic
principles that have made us
"Believe
prudence.
don't
I
ours.
of
seven years or
in
us
world
you
are
that his
0
Government
that
than
likelihood
any
of life.
YOUR OPPORTUNITY...
available.
.
new
all very sincere.
are
differ¬
vast
between the two economies.
concerning the role of the Federal
political mentality.
are
Everyone knows that. Their per¬
centage rate of growth starts with
sum
the
In
there
But
budget of $160 billion by
limited time there
we
spending spigot and
being
are
tinue
a
eco¬
with Russia unless
race
on
the trend
For
advocates of these
fiscal
of
unwarranted
an
enough and pow¬ come hardened to financial prac¬
erful enough to deter attack,
in
Government
that
we
along tices
with a retaliatory capability to would not think of in our
private
strike back decisively if attacked. affairs. We have
dug up a variety
In this we rely on many
weapons of excuses for disregarding fiscal
many
us more
proper
forces versatile
and
still
Sixties. It's going to take endurparticular concern should ance, and understanding, and a
out
be met right away, ahead of the belief in sound principles to get
others, and they don't stop to fig- us through,
The "Growth" Fantasy
J ure out how the money is to be
It comes down to this: While we
Meanwhile, a new fantasy is be¬ found.
Everything they propose recognize that we have a detering spun for us. The advocates of has its merits, but taken together mined antagonist beyond the Iron
bigger
Government
have
now
they add up to far more than we Curtain, we must not forget that
side, and in the long run it is more
we
First, the military: Here
do
work cut out for us to keep
this Government of ours solvent
present spending. The and capable of meeting the tests
to our
year
to
—There
kjlity
This
on
one
as
tremendous pressures
get the Federal
tuJ
alarm.
we
1 T1H 1 PS 11 Oil
indication,
OHP
QO
Just
are
to
...
Dispelling the Illusions
How do
Tl lot
«nlAr.tlooc
relentless.
of spending in
built into present
are
programs;
—There
spending is ciays
more
levels
the future
from within
estimated
everything
from, special inter¬
for
groups
.
neglected
while
the
and manv
country is growing fat • with selfconsider: In our various weapons
penditures
indulgence. We're told that a little
In making uo the 1961 budget we
systems, we would be able to hit
initiative;
inflation is all right, and needn't
an
found that uncontrollable built-in And the final destroyer, Inflation,
enemy in one day with more
worry us. We're told to disregard
than a thousand times the destruc¬
increases came to more than $2
which unless it is held in condeficits and debt, because every¬
tive force unleashed by all nations
billion; they will be a further $1V2
stant check can wipe out the
thing will be fixed up after a
value of our savings, pensions
billion in 1962. And past experi¬
throughout all the wars of human
while.
This is just the old doc¬
and insurance, and cause untold
ence
history.
Militarily we are the
gives us little hope for the
trine of spending ourselves into
suffering.
"d. .:v
reduction or elimination of any
strongest nation
on
earth, and
prosperity, if we will only recog¬
These are the forces that can
we're going to stay that way—de¬
going programs.
nize it. It hasn't worked yet, and
spite what you may hear from the
Sixth-interest on our Federal wealf ? us
it has failed many times, in manv
unless we
critics and doubters who would
countries. It is trapdoor econom¬ debt now takes up 11 cents out re(~ognize them for what they are,
sell this country short!
of every dollar in taxes. In fact, anc* ^ea
wlth them as ^fiemies.
ics. pure and simple.
we pay more for interest than for
Next, the economic front •— and
xhe Positive Side of Fiscal
And let's not make the initial
this is just as important to our
farm price supports or veterans'
Responsibility
mistake of exaggerating the real
national strength as the military.
benefits. And we're not succeed-"
+
significance of recent Soviet eco¬
We are strong here, too.
All the
ing in improving this condition
qW
f
nomic
growth.
Of course, they
evidence points that way. Ameri¬
,®se ^ays» y0.11
have made gains in industrial out¬ very much. Conunomrsense would
cans
are
earning more, investing
tell us that deficitFmnd debt in"*^s?onsi~
put. The Industrial Revolutiori has
more, saving more, and spending
creases
in bad years' should be
an
sojust begun to have meaning for
more than any people in history.
made
un
bv
surpluses
in
*ood'cial ProSress- 1 have never been-
us,
lives.
our
suc¬
we
and more with¬
thought of the cost.
them.
just in election years but in
the whole of
is
We need to face
the open before
promise
diversity
one
result
the
And
counter.
cumb further to those who would
capacity,
in our favor
submit
I
widening.
is
pected
est
the
on
pressure
free-
them in
forting and yet appalling fact to
Wash¬
from
Fourth—the
—Higher
willing to face
security system.
the social
nance
eco¬
on
Federal budget
of rationalization.
complacency with irregular ups
and downs. And the result is that
and I believe the gap
mortgage
more
or
enemy, considering the
of our forces and striking
a
platform these
days, especial¬
ly if he comes
the Federal
sidies,
faced with fiscal major bills introduced during the
problems that can no longer be last Congress would, if enacted,
covered up by the smoke-screen have added
$50 to $60 billion a
today the aggregate of our strength
far exceeds that of any potential
heading.
are
fixed commit¬
benefits and sub¬
that today we are
deliberate effort through the years
rather than the extremes of
Thursday, November 3, I960
our
promise
lunch
through trap door economics.
country's financial situation,
services—and
ments for future
for everyone from a Federal
spending," "cancerous taxation," "government-by-credit-card," and
"inflation." The proper choice, he says, is the non-glamorous posi¬
tive route of fiscal responsibility and encouragement of free enterprise
I would like to report on
and
frugality,
thrift
self-reliance in exchange for
confronting us,
Mr. Stans quotes Mr. Khrushchev's prediction that our way of life
will break down, not on the battlefield, but through our own failures.
The Federal budget official avers that forced economic growth is the
suicidal way to pursue the legitimate and proper goal of economic
growth. He refers to the pace of our debt and government spending
trend, and other facts of our fiscal life, and warns that we must
hold back the four horsemen of economic destruction: "compulsive
instead of stifling it
miracle
the
theory of Government spending—
that money will buy everything,
beliefs
sharper focus the economic choices
into
draw
We
.
Government s
America's future
works out to $750 billion; and this
include
future
tax in¬
money will get it faster. doesn't
abandoned time-proven creases already scheduled to fi¬
succumbed
have
nomic nostrums that
To
Financial Chronicle
The Commercial and
(1770)
deficits;
Everything I've
costs
other
are
class
penditures
save
higher
of
than
Federal
those
for
ex-
de-
fense;
-We
are
sible.
already
committed
soend inrrwiihrn
w
underscores
said
the tact that far from stifling soc*a* progress, prudent management is what makes progress pos-
T
w
.
e-for past
services;
•
*u
to
*
mthe fu"
that fis¬
"negative
Don't let anybody state
cal
Lai
conservatism
conservatism
is
is
a
a
force- Far from it. It's a process
which finds
and
rejects the non*
/,
Volume ,192
Number
The Commercial and Financial Chronicle
6000
essential,
the [superfluous,
the
marginal, the outmoded, in order
find
to
the
America
hilt.
right
priorities
back
and
them
for
"It
the
to
handed
to
on
free
a
by
us
who worked hard for their dollars
and
knew
their
value.
it, and I think most of
too.
These
short, I submit that in Gov¬
ernment
finances
there
is
no
ac¬
nation.
a
vatism
there
take up new
as we
Within
is
ample
ideas, to
to
room
ahead
move
afford to do
can
conser¬
this
While
conclusion:
principles
no
without it.
of
solvent
A
all
can
soundness
America must want it and be will¬
ing to demand it. This is the re¬
sponsibility of every American. In
the months and decades ahead, the
American people have to make a
choice between two kinds of Gov¬
ernment.
you the
natives.
I
would
like-to
';;V
nature of the two alter¬
■'■"'V
or
saries know
an¬
choice
is
to
legitimize the
cult of spending, and reject finally
the standard of fiscal responsibil¬
ity
This means accepting the deficit
mentality as a basic national phi¬
losophy. It means a willingness to
saddle the future with
even great¬
obligations. It
giving Government a blank
liabilities
er
means
check.. It
and
Government-en¬
means
forced 'ectitibmic planning, a path
leading directly to economic
trols.
It
with
means
an
inflation.
It
Govern¬
with
big
a
front
and
an
'
If
that's
the
road
elect
we
down, we'll be paying
Mr.
Khrushchev
clear.
He
has
it
made
has
predicted that our
way of life will break down, not
on the battlefield but through our
failures.
own
He has said that
our
democratic free system is decadent
and that communism will bury us.
I think we had better not
that
prediction.
of
most
all
values
our
What
today
and
is
ignore
find
be
the
price for
loss
the
thrills.
our
of
We'll pay in
economic
freedom, in
less value in our dollar, in more
drain on our gold ^ supply, in all
the
sacrifice
and
loss
values
of
that go with inflation, in the de¬
struction of free world confidence
true
disci¬
neces¬
sary.
Then, and only then, will
meet
our
responsibilities
as
a
we
free
people. Then, and only then, will
we marshall
our full
strength to
answer the Soviet challenge.
Th^n,
and only then, will we prove em¬
phatically
Ml
is
to
Mr.
counted
K.
that
when
system is
our
the
best.
*An
address
42nd
annual
by
Mr.
Association,
1960.
Oct.
Stans
of
convention
Atlantic
before
the
the
American
City,
N.
J.,
10,
Southeastern IB A
Elects Officers
.
Baltimore, Md.,
when
was
elected Chair¬
nouncement
to his greatest
ing less than
test.
is
being put
This is noth^
game of
roulette with the life of
at
a
stake.
.
;
Russian
nation
a
.
■
■
Well, what's the other alterna¬
tive?
;;
It's
not
glamorous, perhaps,
for endurance, for
security, for strength.
but
it's
so
built
It's
disciplined
which
doesn't
discredited
ment
word.
which
is
out the
right
in the
Government
consider
It
thrift
is
Govern¬
prepared
answers
to
a
to
our
seek
prob¬
the
of
of
Southeastern
Bankers
Investment
Group,
Association
America,
according to an an¬
by Joseph J. Muldowney,
Scott
&
Stringfellow,
Richmond, Va., retiring Chairman
of the Group. Election was held
at the 40th Annual Meeting of the
Group, Oct. 28-30, at The Home¬
stead, Hot Springs, Va.
Elected
with Mr. Harvey were the follow¬
ing officers:
Vice
,
Chairmen:
-
Glenn
E.
Jr., Aucincloss, Parker
Redpath, Washington, D. C.
right priorities and
within our ability to pay, instead
of the pressure-group solution. It
is Government that
George
recognize
danger signs and avoid financial
brink-walking. It is Government
that won't get in the way of sound
can
economic
growth, but will achieve
it by encouraging free enterprise
instead of stifling it. It is Govern¬
ment
that
that believes, with Lincoln,
should do for the people
it
Interstate
sonably
data
good
in
sound
money,
that
be
paid,
that the
budget should be balanced in good
years, and that the Treasury is a
trust, not a gift shop.
President
Eisenhower
outlined
his choice for "the way of respon¬
sible government" in four short
propositions:
"It must not
to
use
weaken
private
the taxing power
nor
tyrannize
the
economy.
"It must not resort to the borrow¬
Post-election
*
spend
than
to
true
there's
even
in
superstition
t h e adage
takes
learn
their
if
time
for
is
no
bad
for
In
19
tion
elec¬
J. A.
years,
Livingston
Cleveland's
G.
duction
industrial
Blaine,
over
pro¬
in
advanced
only fnine
unchanged in
(47%). It was
(21%), and declined in
six (32%). If 1960 were included,
years
four years
another
minus
the
and
would
respective
would' be:
Up
be
added,
percentages
45%,
unchanged
20%, down 35%. \
the
19
post-election
years,
production
advanced
in
nine
(47%), and declined in 10 (53%).
At first blush, this would seem
all right. After all, the historical
probability indicates an almost
50-50 chance for a business upturn
1961.
in
.
;
lions
y;S
r\>.
.•
years
Thus,
foreign
tary
of
to
want
aid
sensibly.
Defense
know
responsibilities.
appointees
familiar
Most
years are
in the 38
Mr.
have
the
men
tration,
pointee, the
his
job
vigor and
Association
larger
Kennedy's
York
19,
committed
are
of
new
ideas.
ME LivingstoW before the
of
Meeting
Business
University,
the
York
Mr.
A. C. Allyn Co.
The
ap¬
difficult will be
satisfying his
con¬
Nixon, the changes
CHICAGO, 111.—A. C. Allyn
has
been
—the
Mr.
acclimatization—would
smoother.
;
there's
record.
the
V-.*
Then
.
1
,
7';
La
historical
In
the
A
post-election
years
fol¬
Salle. Street,
announces
with the
man;
John W. Allyn,
vice
president;
as
was
in
unchanged
This
four
-
and
Arthur
(11%),
announcement is
neither
an
offer to sell
nor a
solicitation of an offer to buy
the Prospectus.
any
of
these securities. The offer is made only by
NEW
ISSUE
November 2, 1960
225,000 Shares
.
Mid-States Business
Capital
(a small business investment company)
Common Stock
(Par Value $1 Per Share)
elected
$11
per
Share
the
Annual Convention
of the
Copies of the Prospectus
the
and
the
may
be obtained in
other several underwriters
as
may
State from only such of the undersigned
lawfully offer the securities in such State.
any
lywood Beach, Fla.
James
Hutton
&
J.
Lee, Partner, W. E.
Co., New York, N. Y.,
President of the Investment Bank¬
ers
Association
Va.,
were
meeting.
Carl M. Loeb, Rhoades & Co.
Scherck, Richter Company
of
America, and
Lewis F. Powell, Jr., Partner in
the law firm of
Hunton,, Williams,
Gay, Powell & Gibson, Richmond,
featured speakers at the
executive
C.
lowing 10 Republican victories in
Allyn,
Jr.,
as
vice - president.
this survey,
production was up
and declined in only seven (18%). in six
years and down in four— Douglas Casey continues as presi¬
dent of the firm.
The frequency of down years 60%-40%.
production advanced in 27 (71%),
&
IBA, Nov. 27 to Dec. 2, at
Hollywood Beach Hotel, Hol¬
the
election of John H. Riley as chair¬
.
,
and
Company, Incorporated, 122 South
be
IBA, represent¬
ing the Southeastern Group, effec¬
tive
A
Names Officers
science.
Price
of
Oct.
they
Securities
Nisbet
City,
1960.
&
S.
National
New
Economists,
New
become
problems
more
of
in
gets settled, is
a
business lag
it
attack
Annual
2nd
are
once
to
talk by
""A
and
to
be
second half.
higher employment and lower
unemployment.- A new adminis¬
approv¬
face and the proper solutions.
more honest
and diligent an
other
in the period under review,
will
with
new
will
recovery
to
with
new
a
candidates
Both
>
This
could
mean
holdups of
orders, delays, in passing on mili¬
tary plans. .There
could
be
a
as
government
up
certainty,
likely
spending hiatus
once
/
the
progress in the
similarly
he's
action
as the months go by. My
is, therefore, that after any
unsettlement
in the forepart of
1961, as a result of election un¬
Secre¬
new
would
what
dictate
Circum¬
preconcep¬
fluential
being
were
A
taxes.
than
day
hunch
bil¬
sure
speed
ing.
Under
The long-term trend of business
years.
of
directed
Yet, 50-50 isn't good.
up
will
this
economics
defense outlays, ac¬
highway
construction,
and make housing credit as well
as
general credit ; easier.
These
will
provide
an
upthrust next
year.
They will become more in¬
Secretary of
new
shuffled around in
'
f In
A
State would want to be
victory
in
is in office.-
to
party. If there's a party change,
turnover is more drastic.
ministrators.
with
starting
likely to
celerate
victory would be
unsettling to business in '61
than a Republican victory.
If, for
example, Mr. Kennedy were to
win, expenditures would be care¬
fully reviewed by incoming ad¬
busi¬
cut
rather
change
A Democratic
ness."
neither
Furthermore,
more
are
more
under Eisenhower has undertaken
new
the
"Election
years
and
This is
tasks.
there
the
economy,
of Keynesian
stances
new
either
It
stimulate
the
age
tions,
Officers.
to
of
But
grams.,
and
18%
A
try
sector
Kennedy would be
32%
accident.
and
go in for massive government pro¬
always creates
uncertainty.
When the
President changes, so do Cabinet
fact
tion
would
administration
to
that
in
53%
an
party
They are committed to com¬
pensatory
spending
during
an
emergency.
Nixon has indicated
recovery
years-
isn't
much
Nixon
both.
clearly- most pronounced
post-election years:
men
that
a
is
either
Both
increases in government outlays or
As
business
tion, to estab¬
more
party,
"Other years"______
produc¬
the
either
there
between
Kennedy will try to stimulate the
economy
either by tax cuts or
he
This
indus¬
on
trial
between
or a reces¬
Corp., Char¬
lotte, N. C.; and Leroy A. Wilbur,
Stein Bros. & Boyce, Baltimore,
Governor
must
new
Election years
Md.
debts
a
private
rea¬
Joseph
J.
Muldowney,
Scott & Stringfellow, Richmond,
Va.; John C. Hagan, III, MasonHagan, Inc., Richmond, Va.; Thos.
L. Anglin, Mackall & Coe, Wash¬
ington, D. C.; W. Olin Nisbet, Jr.,
the centralization of all wisdom in
believes
that
think
to
comes
business lull
a
don't
Agree
it
Members of the Executive Com¬
only those things that they can't
do as well for themselves, not in
Washington. It is Government that
reveal
was
to 1884, the first
mittee:
lems,
Proctor
I
Parties
when
An¬
West,
.V Secretary-Treasurer:
to
part of 1981.
worse.
even
derson, Carolina Securities Corp.,
Raleigh, N. C., and Millard F.
Kemp, Jr.,
Abbott,
Paine, Richmond, Va.
Both
candidate.
or
following any unsettlement in the fore-
-.■■v':---
and post-elec¬
in the U. S. is up.
WASHINGTON, D. C.—F. Barton
Harvey, Jr., Alex. Brown & Sons,
man
man
have
we
James
have
men
when
shown
for which
year
termination which free
summoned
are
years
"I've gone back
Grover
in our capacity to lead wisely, and
ultimately in the decline of our
strength and vitality in this age
Western
and
not much, difference
half of 1961
■*
pline, the dedication, and the de¬
alwavs
fighting
Bulletin
sion
general outlook, the financial editor contemplates
in the second
need
we
to
to
high
a
exhumed
.
empty purse.
go
is
recession there is
a
for the
lish
Gas
ment
>
con¬
flirtation
open
means
that well.
Philadelphia
always creates business uncertainty. Mr. Livingston
further in his analysis to show that when it comes to fighting
goes
>
considering here
versus
Editor,
Where
However,
Administration
V
tion
balanced budget versus
is in the red, but the
a
that
one
?
domestic question
political party
one
to
One
nine Democratic
there were only three
and six downs—33%-67%.
ups
Author, The American Stockholders
record
good for business,
Y.:Y
narrow
a
other
show
historical
may
America, militarily, economically whole question of the long-time
and financially: secure, cannot be
strength of the nation. Our adver¬
brought about just by Presidential
exhortations
or
vetoes, nor by
speeches
by
Budget
Directors.
Financial
guarantee a nation greatness,,
nation has ever been great_ Statistically, election years aren't
So what we're
me
we
one way
economic
is not
Everything I've said brings
to
of
case
difference
The
people,
then,
or the other.;.
And in choosing, they should re¬
member this lesson from history:
so.
A Matter of Choices
and
American
not
as
By J. A. Livingston,*
.
The
ture
to
the
victories,
Impact Upon the Economy
understand.
dynamic
conservatism.
Any other choice
means speculation. In plain words,
that means gambling with our fu¬
alternative
people
the power of ap¬
use
are
must choose
ceptable
the
propriation falsely to offer the
people something for nothing."
A'-u-'V..::M: T\ V"vv":
In
delude
not
fiscal policies.
do,,
us
must
"It must not
believe
I
In
Presidential Election's
taking the deceptively easy
road of deficit spending, unbal¬
anced budgets, or inflationary
and
Americans
the sacri¬
escape
into
enter¬
built
was
to
power
fices that go with responsibility.
That's the definition of fiscal
responsibility
in
prise society that
in
ing
(1771) ' 11
Dempsey-Tegeler
&
Co.
.
;
A
Ladenburg, Thalmann & Co.
12
It is true that
had
The Oil Industry: Its
Standard Oil Co. (Indiana)
By John E. Swearingen,* President,
example, gold, silver,
mining a century ago,
the railroads 75 years ago, the
steel industry at the turn of the
century, and the electric utilities
and copper
,
pre-1929.
Regardless of the fact that our
industry has largely outgrown its
of
rate at least 50% in
net balance of optimism. Mr.
industry geared to produce crude oil at a
of current demand arrives at a
excess
For
past.
inventory of the negative and positive aspects
A soul searching
all
of
and
to
is
cure
the
often
the
should like
I
discuss
to
do here
to
of
some
our
indus¬
problems in terms of the
we approach them. I have no
try's
way
pat solution? t^09|fer,.but I .hope I
can discuss these problems from a
of view.
little different point
intention
this
If
.
let
modest,
me
seems
too
along
pass
a
great deal of wis¬
a
about
dom
said
words;
It
drive
if you own the
as
Drive
as
Many
fins
tail
because
to
take
tion
of
but
into
viewpoints
if you own the
15
"Don't
simply:
highway.
car."
for
of
or
set
a
the
his
car
of
wings
he
condi¬
weather,
attitude
the
not
elected
the
the
or
of
because
of
road
because
few
sharps
our
he
stock
of
contact,
direct
oil, natural gas, asphalt, or some
other
product,
every
Mr.
he
practically
with
citizen of the United States.
control
of the
environment in which
we
not only
power
through the
in
the
market
from
machinery
the
at
operate,
they
place but
through their control of
islative
his
and
Consumer
Average
counterparts have
our
leg¬
every
step
precinct organization to
the Federal government.
It is
ex¬
tremely important, then, what our
customers think of
He is confuse! by
claims
of individual
the industry's
brand supe¬
riority and ever-increasing octane
numbers — a terminology he
buys.
him.
with
viewpoint
The
wrong
sometimes
can
prove
fatal.
as
if
many
of
in
the petro¬
us.
he
and
we
owned the highway, and
we
own
only the
■W'vV-.'
All
,x
first
oilman
characterization
a
Cadillac
derricks
the
typical
a
a
cartoon
10-gallon
spouting
oil
over
of these shares having been sold, this advertisement
appears as a matter of record only.
the
the
home-
and
f
Our
Rather
he
reads
in
our
customers who are
^
reads, too, that innovations
such as the fuel cell, by providing
a
more
efficient
conversion
of
could tend to lessen the
demand
for
petroleum
or
its
Common Stock
equivalent—overlooking
share)
Offering Price: $4.00 Per Share
Copies of the Offering Circular may be obtained
from the Under•
signed or from your Investment Dealer in
any State in
securities
may
be
legally offered in
of such State.
securities laws
CASPER ROGERS CO.
40
Exchange Place, New York 5, N. Y.
Telephone: BO
9-6244
Teletype: NY 1-4949
the
fact
that the fuel cell has been worked
on
the
income
annual
gross
bil¬
increase
an
of
$3.3
billion.
Thus, the industry spent
than two dollars to enlarge
its business for each dollar of ad¬
more
total
revenue
gained.
four
same
assets
years
increased
$7.1
22%, profits, in spite of
the greater Investment base, de¬
buying clined
$311 million, or 10%.
proportion
the increasing
a
or
In short, petroleum has become
vastly larger but less profitable
business. Under the
circumstances,
it is difficult not to conclude that
be on the waiting the oil industry has been
investing
list for conversion of his home in
growth for growth's sake, and
furnace from heating oil to natu¬
not for profits.
ral gas, since he has been told
Growthmanship, in this political
that gas is much cheaper than oil.
He
doesn't
know
and
couldn't year, is& very much in fashion, and
He may even
price of gas is
less that the
care
I
am
sure
sumer
going
to
many
decades,
need
our
gasoline
perhaps for
turies, in order to drive
fly
neat,
or
planes.
our
our
that Mr. Average Con¬
hestitate
would
five would go
to
deride
begging for a buyer.
Over- Saturation?
cars,
think
I
for
cen¬
In the absence of accurate data,
the
petroleum shares in recent
have
not
trend
on
followed
the
stock
the
years
only form of conflict from which
upward the noncombatant benefits, but
market.
He
—
energy,
compliance with the
compared to
as
be billion,
consumer may
average
discovers, as a matter of fact, that
atomic, solar,: .electric, in a
generally advancing market,
natural gas—to a greater or lesser
petroleum shares on an average
degree rising as competitors.
declined
energy
KELLER CORPORATION
which
in
,
discoveries.
He
per
lion,
by
pe¬
.
Sunday supplements of the
reverse:
alternative
sources
of
(par value SI
cash earnings
Over this same
vide impetus to
the
74,750 Shares
exceeded
$876 million.
Mr.
Consumer-Investor hesitates
petrochemicals to pro¬
handy chemical-energy
to draw conclusions about mar¬
growth.
package of gasoline is something
but
he
does
begin to
Looking to the1 future, Mr. which we shall not be able to keting,
wonder whether the plethora of
Average Consumer — particularly replace for a long time."
stations that he has observed in
if he is a stockholder—sees
no
In the midst of these optimistic
riding about the country does not
major innovation on the immedi¬
reflections, however, Mr. Aver¬ also
ate horizon suggesting a spectacu¬
represent an over-saturation.
age Consumer i,s struck by the
In the past he has happily ac¬
lar expansion in petroleum such
disquieting realization that his
as followed in the wake of earlier
cepted price wars as possibly the
tion,
;
automoblie, and with
mechanization,
heating market, railroad dieseliza-
large cigar, riding
countryside in the background.
NEW ISSUE
the
of
farm
is
hat, smoking
in
In later stages, there were
automobiles, j. the
airplane,
put.
customer, I dare
figure—a Texan with
industry have been driving
forgetting that
car!
us
the
say
an
Too
leum
To the average
have
when
.
brought
Over the past four
years, the in¬
dustry's capital expenditures and
dividends
paid
to
shareholders
—
owns,
industry?
have
home;
trains,
com¬
,
a
importance to our indus¬
We
his
automobiles,
in
and
major
riod total assets went up $7.1
tion.
of
32
some
being frozen at a subnormal level
it. But I am also sure he would
by government encroachment un¬
conclude that growth in plant and
first 100 years than mankind was der the
guise of regulating as a
facilities must have a firm and
able to use in all its preceding
utility the fiercely competitive
rational
relationship to market
centuries.
exploration and producing busi¬
growth. An ability to supply must
ness.
Challenge and Response
be matched by a willingness to
Substantial Growth
He may have some inkling, too,
buy.
Nevertheless, our average con¬
of the pattern of challenge and
At this point, we come face to
sumer
probably realizes that
response
that has
marked the
face with the paradox of an in¬
economists still project a steady
industry, its recurring ability to
dustry that has succeeded only too
and substantial growth in petro¬
develop new muscles with which
well, that has been too proficient
leum demand
some 3.5%
an¬
to carry new loads, its aptitude
for its own good. The Free World
nually in the United States and
for making fresh progress in the
that produced 16.6 million barrels
some 7%
annually in the foreign
face of obstacles, its past record
a
day of crude oil in 1959 had a
Free World.
of turning dead ends into launch¬
capacity to produce some 25 mil¬
Indeed, the industry's future — lion barrels a
ing sites.
"*
day—though with
Here is an industry, Mr. Aver¬ in terms of ultimate possibilities additional
wells
and
above—probably looks no less bright
age Consumer is at least vaguely
ground
handling
facilities
in
than
its past.
Projections of a
aware, that many once said could
already known fields the industry
tremendous population explosion
never supply all the gasoline that
could 'produce much more. Spare
mass
production of automobiles in all parts of I the world, rising capacity at the wellhead of 8 mil¬
standards of living and acceler¬
required. Here is an industry that
lion barrels a day—about half of
many once said could not survive ating industrialization of the less- which was in North America and
because it would soon run out of developed
countries,
a
techno¬ half in the rest of the Free World
crude oil.
To Mr. Average Con¬ logically based society, which in —means
that
the
industry
is
the United
States, according to
sumer, it seems reasonable to ex¬
geared to produce crude oil at a
Killian, is doubling the rate at least
pect that an industry that has James
50% in excess of
successfully met the challenge of total of its technology every 10 current demand.
scarcity will be able to cope with years—all suggest an energy mar¬
In
the
Free
World, refining
ket in
the future
of staggering
the challenge of abundance.
capacity added up to 20.5 million
Mr.
Average Consumer prob¬ proportions.
barrels a day at the end of 1959,
To further bolster his feeling of
ably has some notion too of the
an
increase
during the year of
combination
of
ingenuity
and assurance for the future of his oil
2.8%. Since runs averaged only
circumstances contributing to pe¬ investments,
Mr.
Consumer,
at 16.7 million
barrels, this meant
troleum's growth.
In the indus¬ this point, may recall a statement
that if this capacity were used to
try's infancy, there was the by Dr. Edward Teller, father of
the full, one barrel out of every
kerosene lamp to absorb its out¬ the H-bomb: "...
I think we are
First, I'm sure we would all
that the average consumer
and what he thinks and does, are
of great
retail price quota¬
its
industry
that has provided
mankind with more energy in its
agree
try.
in
an
station, the impressions he
feel about
scuttles
coal
faulty, but he has some sense of
the constructive achievement of
gains from newspapers, magazines
and television, and perhaps from
exercise
driver has traded in his
a
to
trip
reactions,
airplanes powered with oil. His
understanding of history may be
through sale of gasoline, heating
safety slogan I read the other day.
It condensed
service
a
/
patient.
What
is
is
difficult
cure
the
makes the
attitude of
what
case,
occasional
tax
the
figures for
panies.
average
heating
in
ashes
an
get too excited about
the tax averaging 10 cents a gal¬
lon because the industry buries
doesn't
he
among
initial
his
our
about
worries
reputation as
I suggest that it might be fruit¬
political opportunist has some¬
times obscured the fact that he ful for us today to take a look
had some very wise things to say, at the petroleum industry through
the
eyes
of
one
perhaps less
once remarked, "In the beginning
a
disease
is hard to recognize knowledgeable about the indus¬
try than we, but one who is suf¬
and easy to cure. If neglected, it
becomes
easy
to diagnose, and ficiently removed to have a dif¬
ferent perspective.
very difficult to cure."
How,
for
example, does the
I suggest to you that we have
average consumer, whose contact
long since reached the point in our
with the industry is largely lim¬
industry where recognition of
to
a
customer compact cars and stopping at dis¬
has some very favorable attitudes count service stations in an effort
toward our industry on the basis to reduce the cost of automobile
of past performance. He no longer ownership.
a
ited
later.
Despite
,
rides
is easy.
It is the
that is difficult. And, as is so
one
little
a
the industry today,
that I want to return
in
us
however,
,
The Average Consumer
wrong
tank, he knows that there is
substantial tax on gasoline; but
his
extravagances, the popular doesn't understand. After all he
impression still remains, This is seldom, if ever, sees, feels, tastes ditional annual
smells the product he
a
matter of serious concern for or even
During these
government regulation.
what is
Thursday, November 3, 1960
filled
that last time he
gasoline
.
.
.
past
rhetorical questions,
lays bare incongruities and anachronisms in production and market¬
ing practice and policies; remindfully points out that what may be
true for the industry as a whole need not be true for an individual
firm; questions the stock market's verdict in terms of earnings and
balance sheet reports; and asks if today's unused reserves are not a
helpful guarantee of tomorrow's profits for an industry which resists downward pressures on sales and tends to rise as the economy
expands. He concludingly advises the industry to take a second
look at expansion programs and on behavior which might invite
Swearingen's analysis, liberally sprinkled with
Machiavelli, whose
industry has
and ir¬
our
of fabulous
share
its
responsible individuals, but so too
have many other industries in the
Problems and Potentials
an
Financial Chronicle
The Commercial and
(1772)
for
more
than
100
years
with
16% from four years ago
while the industrial average rose
20%.
The
not
verdict
absolute,
of
nor
the
market
is it always
is
cor¬
rect.
Our average
consumer,
if
he has any sophistication in such
matters, suspects that
current
glamor
some
issues
of the
Mr.
Consumer-Investor,
thinking
of his
a
a
a
investment, now finds them
disconcerting indication both of
surplus of products looking for
buyer and of a surplus of sta¬
tions seeking an
adequate volume.
This hypothetical person I
been talking about — Mr.
sumer-Investor
this
be
—
must
have
Con¬
come
point to what seems to me
an
inescapable conclusion.
at
to
It
is this:
being
little practical success and that
The petroleum industry's major
priced on the basis of reputations
an economical cell, if it could be
they have yet to earn, and that problem has been of its own mak¬
developed, would
probably use
many
of the positive factors in ing.
hydrocarbon fuels in any event.
Like someone afferted with a
petroleum's future are being over¬
He is confused by claims and
looked.
Nevertheless, he is not glandular disorder, it can't stop
counterclaims over the equity and inclined
to quarrel too
vigorously expanding. Its growth mechanism
effect
of
percentage
depletion, with
this, an unfavorable ap¬ continues to grind relentlessly on
which he does not understand.
praisal of oil's future, for he has without waiting for demand to
He has
a
feeling, fostered by just taken a close look at the catch up. It is anticipating oppor¬
numerous anti-trust and price in¬
earnings statement and balance tunities that were used up yes¬
vestigations,
coupled
with
his sheet of his company.
terday.
own
personal observation of the
In the process it has created a
The Figures
frequent and violent fluctuations
tremendous investment in facili¬
in
retail
For convenience
gasoline
prices,
that
sake
and
to ties that currently cannot operate
somehow the industry is making give his
discovery a wider appli¬ at a sufficiently high level to
exorbitant profits at his expense. cation, let us translate
what he generate
a
satisfactory
return,
Even
tell
though he jwon't be able to
you
the
price
he
paid
for
found out about
pany into
a
are
particular
Chase-Manhattan
com¬
Banll
and
it
pluses
has
that
created
hang
product sur¬
as
constan
Volume 192
Number 6000
.
.
The Commercial and Financial Chronicle
.
(1773)
^threats
the
over
industry's price
At
He
this
point,
appropriate
to
however,
list
it
of
some
is
the
positive elements in the situation.
The industry's
growth, however
disproportionate with demand, is
in
itself
sign of the
a
industry's
vigor.
Over-capacity to the
it
wilL be., usable
date represents
a
extent that
at
later
some
pre-payment
on
the
obligations of tomorrow. To¬
day's
unused
reserves
help \ to
guarantee tomorrow's profits.
Though earnings in recent years
have failed to grow commensurate
with investment,
these
earnings
nevertheless
from
have
sales
resist
of
Consumer
same
the economy
as
(2)
to
catch
adjustment
to
it
its
presents
customers,
its
dealers,
and
to"
the
Mr.
Consumer-Investor
is
ask¬
ing himself what purpose is served
by buying volume through a dis¬
tribution
of
unrealistic
date
the
market
cash
in
price
the
form
of
cuts that liquithe business.
? is
purpose
served
by
already saturated
new: facilities that
an
with
almost exact
replicas of the*
concepts that will increase volume
per outlet.
If
of
he
were
addi¬
doubtedly
stimulus
a
of
aware
Investor
-
it,
Mr.
would
un¬
applaud
the
initial
of the industry in its ef¬
success
forts
own
growth in¬
person—a
appetite for
our
exceeds
growth
customers'
our
present appetite for our products.
Since,
grammatically,
two nega¬
tives make a positive, this nega¬
tive fact plus our recognition of
it should result in positive action
on our part.
The industry in the aggregate,
believe, must face its future with
fresh viewpoint. In the aggre¬
I
a
to
revitalize the sale of fuel
And
in the light
of what
seem
him
aparent needs, Mr. Con¬
sumer-Investor finds many of the
actions
of
the
industry
titudes,
and
over-all
view,
unconcern
in
the
their
to
at¬
take
an
insular in their
so
about
the
problems of
are
Mr.
to
what
of
new
pany's
into
how
much
research
in
products?
really
of
dollar
his
and
new
com¬
is
being
untried
and how much of it is
areas
perfecting old
subtile
going
processes
product
refinements
segments, so intent upon
goals that they fail to that contribute little to earnings.
these
achieved
goals
be
can
only if the over-all in¬
Are
the
company's
scientists suf¬
ficiently free to follow
Since
developing greater oil
titudes to permit research in
light of
reserves
situation
a
in
that
puts
utilization far, far into the
their
the
future
the
paths?
sometimes ig¬
new
dustry is healthy?
Why,, he wonders, is the in¬
dustry at home and abroad still
the
and
past,
is the company
sufficiently uninhibited in its at¬
nores
of
promise
what is
completely
areas
outside
considered the petro¬
now
facts
in
grow
•
they
as
directions.
new
The
sents
are.
tions,
sum
and
the
from
of
the
to
the
of
extent
kinds
same
of
ob¬
jective, realistic criteria will not
and
should not
with
We
our
always in line
not;
decision
drilling
embodied in the per-well
concept
Why cannot
the
producing in¬
dustry in the United States
move
vigorously in the direction
more
of unitized operations as
of reducing costs and
a
means
is
but
to
if
vived
it
the
of
the
industry; having
sur¬
of its youth,
position of hav¬
the
past to draw upon for
guidance and a future to cultivate.
a
recent
of
history
the
into
are
poured
equally perplexing questions.
Granting that there is now little
emphasis
on refinery growth, per
and that such expansion as is
occurring
is
largely
associated
stockholders.
be
with
any
guide,
now
being
ditures
se,
is
money
Let
me
do
so
is
re¬
I
point toward
of
clear, however,
that
with
am
would
the
realistic
a
our
optimism. I
nessman
my
view¬
industry is one
sure any busi¬
prefer,to struggle
problems
Editm*
Y
*
■.•••)
f
4
does
not
that
agree
we
have
of
and doubts, more¬
whether anyone in the Government knows the full extent of
foreign aid payments which he labels
Two
to
me
or
abundance
that
sure
our
solution in our
in Washington,
points in particular seem
require special attention.
to
First,
effort
we must
to conduct
make
our
a
greater
business
in
deserving the respect of
our
customers, government offi¬
cials, and the public as a whole.
a
stupidly unnecessary.
as
27, 1960
our
armed
services
abroad
edition of the Chronicle about
with
stationed
are
their
wives
area
serving
markets
to
cult
such
their
petroleum
only
rapidly growing
it is still diffi¬
understand why some in¬
dustries,
with
.
abroad,
refining
steel,
as
live
can
surplus capacity when
at best, seem
refiners,
sporadically
attuned
to
the
It
seems
obvious that the last-in
barrel, which costs so much less
to process than the first, becomes
by far the most expensive of all
if
with
it
the
price
structure
comes tumbling.
In
particular,
Consumer-
Mr.
Investor cannot understand why a
who
refiner
lem
in
April
is
of
aware
a
forget it
should
of
runs.
like
Refiners
an
in
restraint
all
goes on a
refinery
act
often
too
overweight
take
ment
and
who
person
strenuous diet and then
promptly regains the lost pounds
If
this
long,
a
of
our
Government, and entailing
expenditures of American
eign
funds for that purpose in foreign
countries all over the world.
payments
propriate
and
difficulties
timely.
is
As
ap¬
you
substantial
which
the
foreign
appear
prevailing
payments is
You
three
manner
withdrawals,
imminent
trend
of
unless
adverse
halted.
soon
have
correctly cited the
areas
responsible for
increasing balance of pay¬
main
third
difficulties.
which
area
It
you
that
in
is
Foreign aid payments, labeled
such, amounting to around $4
billion annually, plus the amount
of foreign payments for the main¬
tenance of our military establish¬
ments
and
amounts to
of
excess
forces
armed
a
our
huge
sum
there
is
no
Should
we wait
until our gold
supply is exhausted, thus forcing
us to curtail our foreign
payments,
or
will those
have
the
in
our
to
sense
voluntary action to
Government
take
Needless
BERT A. DOERING
4946 McPherson Avenue,
St. Louis 8, Missouri.
cor¬
applied. Elimi¬
stupid unnecessary
foreign aid spending would im¬
mediately
correct
this
adverse
balance of payments situation.
I doubt whether anyone in the
Government, or any private indi¬
vidual, knows the full extent of
our annual foreign
aid payments
New Westheimer Branch
CLEVELAND, Ohio—Westheimer
and
Company
has
opened
a
branch
ing down another, nor can we af¬
ford to appear to the public as
immature, irresponsible citizens.
taining
There
aid. Hundreds of thousands in
tremendous
cost
of
in
under
the
if
the
net
in
choas
that
F. M.
sumer-Investor wonders if the in¬
to
say,
pursuing
t
the
is
creation
Carhartt Opens
marketing
rest-room
facilities
world has ever known.■ X
X
the
"
payments labeled
an
offer to sell
of these securities. The offering is
as
foreign
our
rest
M.
JUNCTION, Colo.—For¬
is conducting a
Carhartt
securities business from offices at
300 Cedar Court.
nor
a
solicitation of offers
to
buy
any
made only by the Prospectus.
October 28, 1960
NEW ISSUE
150,000 Shares
area
overlooked that the
THE STEPHAN CO.
mechanics for
effective though currently indirect
regulation are already at hand
through
the
Federal oil-import
control
and
program
the
Common Stock
FPC
(Par Value $.50
regulation of natural-gas prices.
Forest and
is
whether
have
been
the
per
Share)
Trees
Price
Now it is easy to ask questions,
and I think a fair one at this point
questions
that
$4.00 Per Share
I
Copies of the Prospectus
putting into Mr. Con¬
dealers
sumer-Investor's mouth represent
own views when they imply
or
brokers
be obtained from the undersigned
may
only in States in which such dealers
qualified to act, and in which the Prospectus
my
may
or
or
brokers
other
are so
be legally distributed.
an answer, and my own
perplex¬
ity when they do not.
Mr.
seems
Consumer
to
me,
Investor,
it
from his vantage
distance from the
at
some
the
value
-
GLEICH CO.
D.
AETNA SECURITIES CORPORATION
LAIRD, BISSELL & MEEDS
doing business,
clarification,
of
but I would be less than frank if
I
did not
admit
his
clarity is
plification. In viewing the forest,
one is apt to forget how
easy it is
of
in the
GRAND
government
e
providing the most elaborate net¬
work
in
the world is not reflected
of
sometimes the result of oversim-
its future
people
This advertisement is neither
a
on
dustry isn't staking
many
foreign military bases
our
over
to lose one's way among the trees..
We are—and I am speaking now
ROMAN & JOHNSON
J"
•
LEVI EN,
GREENWALD & CO.
.
A
;
Ohio
(Special to The Financial Chronicle)
main¬
regulators
step in. And the fact shouldn't be
offers
Con¬
in
effect
point
Mr.
too
all
East
the
management
of Richard O. Gaeckle.
in the various different
categories,
The
office
Building
including those in disguise.
are
this
nation of this
One segment of the industry can¬
not build up its business by tear¬
goal of enlarging an individual
company's position in the industry
actual problems of
marketing,
to
manage¬
proper
remedy
situation?
searching look
future
by overindulgence when the diet
for
not
abroad
greatly in
annual adverse bal¬
of foreign payments.
ance
mentioned,
immediate
should be
the
as
industry's over-all direction
adapt itself to its current
environment?
ends.
As
continues
should
case,
in
why, in view of the
gravity
of the
situation,
some
refiners apparently think a solu¬
tion can be achieved by a few
weeks
the
prob¬
Or
June.
expen¬
by the • industry has a
long-deferred return for the
such
realities of the market.
capital
new
and
children, all maintained at the cost
huge
city. But I am also
industry must take
easy
adequate supply of gold.
an
end foreign aid payments
we
Your editorial in the Oct.
our
no
by Mr. Swearingen at the
of
the
National
meeting
THE EDITOR:
Commercial and Financial
ments
are
the
.v
Chronicle:
rather than the problems of scar¬
capitals
the
own
increasing adverse balance of for¬
opening
my
TO
over,
eco¬
remind you that
make
conviction
annual
at the
-r
v:
♦An address
58th
face to¬
we
stated, the recent speculative ac¬
tempting to present solutions for tivity in the London gold market
all the industry's problems, but is only a weak surface symptom
rather with looking at them from of this ailment.
a little different point of view. In
I do not agree with the opinion
doing so, I have used the license that the amount of our present
of exaggeration at times to em¬ supply of free
monetary gold is
phasize a point.
quite adequate to meet any further
mistakes
in
ing both
If
«r
D. C.
now
much
greater efficiency?
In
is
to
1" *
Reader
do
we
Viewpoint
me
*
com¬
mature
a
return
own
you
■■■■'
car.
have not been concerned with at¬
By his reckoning, petroleum
pany.
achieving
a
To
you
if
as
taking in with¬
He advocates that
our
The
if
as
Says Gold Flow Drain Calls
For Ending Foreign Aid
industry pattern.
expand when the
industry does
and
be
well
may
:■
LETTER
over-all
an
advice
ac¬
disassociate myself
viewpoint of Mr. Con¬
I
acknowledging freely that, as in¬
dividuals, our decisions on the
basis
drive
highway. Drive
of
again to repeat:
Jersey,
*
»
rection
top management of his
Don't
can't
more
bit
a
venture
repre¬
total of individual
sumer-Investor
heeding
■:
aggregate, however,
a
in
which I
Petroleum Association, Atlantic City, New
state
the
lies
building bigger problems for
There
the
of allocation?
We
spend
to
money than we're
about
questions
some
best hope of reaching it, however,
invest¬
on
difficulties?
continue
finally, Mr. Consumer-In¬
vestor
needless
long
has
Admitting the value of prorationing, isn't it time to eliminate
incentive to
demand
foreign aid,
leum field?
And
expansion programs.
facilities provide a
return
long road to travel and, I
a sure destination.
Our
a
believe,
ment, or will they merely add to
tne industry's current
supply-and-
a fresh view¬
point in approaching its problems.
future?
another
new
commensurate
And in the meantime it must face
own
that
see
our
take
day.
must
marks, let
Consumer-Investor is curious
know
spent
Will
must
we
our
it
not being
petroleum products.
And
into
other
their
within
groups
reluctant
so
different
are
divisive
so
other
at
the future than those
launched to stimulate demand for
industry puzzling.
Why, for example,
segments
why similar efforts
In spite of our problems and the
challenge we face, petroleum still
has
Second,
7n"k
its growth rate until supply and
demand achieve a balance, or else
to demand by all available
nomically sound, then our expan¬
means, oil by making its advantages and
creating; new markets rather than economy in use more apparent, sion will be in response to a
special set of circumstances pe¬
waiting
patiently for them
to but he would
probably wonder
applicable to our own
whether this effort will be sus¬ culiarly
develop.
business.
\ ? a''..V
tained. And he would wonder, too,
Puzzles
to
America today who would like to
see us regulated as a
public util¬
ity.
out
of
assets
what
are
my
dustry in which
gate, it must, I think, slow down
Consumer
new
(3)
and
to
public."
realities;
present
up;
facade
how¬
tions to capacity so that demand
can
become
tion of marketing innovations and
himself. To
slowing down of
a
have
ago
old instead of moving in the direc¬
clearly calls for
(1)
Gas
and
C\;-
Investor,
-
Oil
blights on the industry's progress,
on its profits
structure, and on the
saturating
ever, does not delude
him the situation
operations
years
of the
^
things:
well
pressures
but which at the
the
in
recent
a
Journal, but he would probably
agree ' with
the following view¬
point it expressed: "Practices and
policies which may have served
Or
expands.
three
editorial
which
time tend to rise
Mr.
base
not have read
may
products
downward
economy
.
firm
a
in
What Purpose?
structure.
13
BUTCHER & SHERRERD
14
The Commercial and Financial
(1774)
Mr.
NEWS ABOUT
Hoppe
joined the bank in
Mr. Hoppe is assigned to the
79th
Street
(Manhattan)
1935.
Bank's
Chronicle
.
.
.
Thursday, November 3, 1960
What Shakeout in
office.
*
BANKS AND BANKERS
Consolidations
Branches
New
•
New Offices, etc.
•
York,
opened
urban
Revised. Capitalizations
•
*
The Electronics
*
Williamsburgh Savings Bank, New
Nassau
branch
a
County
in
sub¬
y.
election
The
The
Chase
New
York,
Cor¬
appointed
has
tions
Howiand and Robert K.
nelius D.
of
Jack
Selke
L.
in
Vice-Presidents
New
at
International
York
announced
Nov.
2
by
United States
Dakota
Wisconsin.
and
Mr.
Chairman Harold H. Helm.
v" '
the
joined
who
Howiand,
appointed
lb50.
He
The
Assistant Cashier in
promoted to Assist¬
an
was
Mr.
Schell
joined
Manhattan
in
York,
President
and
district
the
Ala¬
bama, Florida, Georgia, Missis¬
sippi, North Carolina and South
Carolina.
Mr. Young is with the
group composed of Indiana, Mich¬
igan and Southwest Ohio.
Chase
York
*
*
:
The
of the
325 Spring Street.
the
be
C.
Assistant
charge of
H.
Manager
7
'V
Julius
Total
Spring Street branch
acquired when the Clinton
Cash
S.
Loans
*
HARRIMAN AND
NEW
Cash
And
S.
due
90,032,586
1,700,457
1,415,021
profits.
Bank,
as
visory
Trust
*
18,821,694
*
John
A.
Maher,
a
member
Board
of
of
the
Ad¬
Manufacturers
Company's New York Real
and
Mortgage department
by
Horace
C.
Flanigan, Chairman of the Board
announced
Manufacturers
Mr.
Maher
Trust.
from
68,378,014
68,687,453
was
the
of
Bank
Government
security
32.490,321
90,021,020
Appointment of
Jun. 30, '60
219,598,353 211,616,224
banks
CJ.
elected
Presi¬
in
Brevoort
Savings
October, 1960. Prior to
appointment he was a Vice
this
President
of
the
holdings
14,908,554
New
York
Sav¬
73,863,785
78,140,422
21,261,985
18,845,284
The
First
*
National
of
New
York opened a
branch on
Oct. 28 in the Crossroads
Shopping
Hrst
bank
New
to
York
I. It is the
City commercial
extend
Appointments
were
also
an¬
of Stephen H. Lyons as
nounced
an
City Bank
Center, Plainview, L.
effective
be
to
Office
services
outside
the five boroughs.
Assistant
Meadow
Vice
President
and
William F. Hoppe as an Assistant
consolidated-
Hemp¬
York to Springfield
Gardens, New York, N. Y.
•77
■•'(o-'A :
i,;' * "v-'"-,*
*
H.
Lawrence
77?
Executive
Martin,
President
National
the
of
sistant
Lyons
appointed
Secretary
in
is assigned to
an
1947.
the
offer to sell
of these securities.
NEW
or
a
This offer is
solicitation
of
made only by
an
offer to buy any
the Offering Circular.
Horace
succeed
will
He
dent.
who
named
was
Chairman.
The
its
by
of
Bank
Mass.,
has in¬
capital stock,
common
stock dividend, from $6,000,-
a
000 to
$6,300,000, effective Oct. 17.
(Number of shares outstanding—
630,000 shares, par value $10.)
#
Mass., has converted into
Boston,
a
national Bank under the title of
New
Bank
National
England
of
Boston, effective as of Oct. 17.
Z.
Jones, Director of the
Savings Bank of Stam¬
Citizens
died
Conn.,
of 86.
ford,
age
*
*
❖
.
'
..
Oct.
sfc
•
4
25
77
.;
at
the
South Amboy, N. J., has
its location
and designated
First.National Bank
title
its
changed
as:
of South Amboy—Madison
*
'
'
vV:
;
Mr.
was
Keller
D.
7;".'. .',7
.
appointed
Essex
of
the
to
Falls
Advisory
Board of the West Essex-Caldwell
State
National
of
office
Bank
of
Johnstown,
with
Pa.,
of
Bank
capital
was
in
stock, of
of
the
States Na¬
Johnstown, with
$900,000, divided
of
common
value
of $20.00
of Oct. 15.
shares
45.000
com¬
$100,000, has been
effected under
It
Bank
tional
com¬
and The
of Som¬
$800,000
National
the title of the United
nar
ea'-h. and is effective as
(Par Value $.10 per Share)
The consolidated bank has been
authorized
A
copy of the Offering Circular
may he obtained
from the undersigned and from such other dealers
in
this
state.
THEODORE ARRIN & CO., INC.
Naw York 5, N. Y.
And, believe it or not, there are
some
brokers
"on
the
-
even
wagon."
to
the West
Westmont
operate
of
effective
an
So
tem.
long
surveillance
sys¬
neither we
ready to alter
nor
as
the Soviets are
our
respective politico-economic sys¬
tems, so long will an element of
distrust exist. The ensuing modus
vivendi will be
almost entirely
electronic
in
only
for
nature;
through electronics can the neces¬
seeing, hearing, and commu¬
nicating over vast distances, on,
sary
-
individual
reasons
for
jumping onto the
wagon, what can we say about the
probable course of the vehicle?
It is my view that this wagon will
bump up against the solid wall
of reality—a wall fashioned from
of
the
the electronic achievements of the
fifties and of the even
greater po¬
tentials of the "scientific sixties."
metaphors, you will say,
will hasten to agree, are
But
disarmament
above
beneath the earth's
or
face
core
effected.
be
of
such
a
The
sur¬
electronics
system will in all
probability consist of active and
passive satellites, telemetry sys¬
tems, global computer complexes,
ultra-sensitive
well
as
systems,
I would go so far as to
networks.
that
say
detection
global communications
as
a
effective
-thoroughly
surveillance
system,
constantly
changing to remain at maximum
poor substitutes for factual analy¬
sis. Let us try therefore to get at efficiency, will entail costs that
may equal and very likely exceed
some of the facts.
current government spending for
I
The
"Shakeout" Theory
Shaky
electronics.
The "shakeout" hypothesis rests
the basic
on
assumption that the
industry cannot ex¬
electronics
the
into
tend
sixties
its
average
annual growth rate of the fifties.
A
corollary of this is that
many
firms will be faced with the prob¬
lem
of survival and by further
the
tion
the
that
test
of
many
electronics
sixties
not
will
successfully. I take
that the rate of attri¬
mean
will
firms
be
during
than
greater
the normal ebb and flow of firms
in
any
dynamic
period of
our
.7 One
of
which
the
industry at
any
economic history.
the miajor pillars
on
shakeout theory rests
is the assumption of a slowing up
in the rate of government elec¬
tronics
purchases.
-
Currently,
as
to
(3) A third point I should like
make regarding military elec¬
tronics
spending is that its quan¬
titative
role
sales
overstated
is
in
total
electronics
to
due
an
in¬
adequate conception of the mag¬
nitude
of
the
indus¬
electronics
try. I will not take the time now
to develop the national economic
accounting concepts of the indus¬
try in detail, except to state that
most of the benchmark data used
by analysts in this area cover the
output of goods only and exclude
the output of services. > It is as if
in determining consumer spending
for medical
only
the
and
not
sicians,
on.
care
we
of
nurses,
dimensions
arugs
phy¬
on
services
the
dentists,
The
would count
expenditures
on
and
so
elec¬
the
of
tronics
industry are more than
is well known, the five to six .bil-.
doubled when
we
include such
lion dollars of electronics sales to
services
as
distribution
(i.
e.
the government constitute 55%wholesale and retail costs), serv¬
60% of total electronics factory
sales.
The
bulk of these
sales
are
icing
pair
(i.
e.
maintenance
and re¬
equipment),
End
branch
and
the
revenues
from
television
and
sizable amounts represent
expen¬
branch of United States National,
radio
broadcasting, expenditures
ditures for electronics
equipment
and to establish a branch at the
on research and development both
by the National Aeronautics and
location of Peoples National Bank.
Space Administration, the Federal government and private — tele¬
*
*
*
«
The
;
.
Columbia,
common
has
increased
capital stock, by
a
its
stock
dividend, from $9,292,500 to $10,-
066,875, effective Oct. 20.
Continued
on
(Numpage,
to the Department of
Aviation
R'ggs National Bank of Wash¬
ington, D. €., Washington, District
of
Johns¬
Somerset, Pa., with
stock
into
82 Beavsr Streut
of
stock
United
in
Bank
National
States
for that matter, the
required for a
or
figures,
implication
the
of
consolidation
The
stock
OFFERING PRICE: $1.00 PER SHARE
time,
relevant
deeper penetration of the subject.
this to
approved.
CLASS A STOCK
the
meet
*
*
the way down. There
well-meaning business
who, due to
busy schedules, do not have
their
the
armed
plan be instituted, all parties con¬
cerned will then face the problem
Harry Greenfield
on
some
and
an
of necessity, prevail.
progressive
factory
so
can
some
Town¬
Middle¬
County, New Jersey, effective
mon
P0LYTR0NICS LABORATORIES, INC.
catch
bargains
ship, Madison Township,
Edward
they
,;,7 and
::
of South
The First National Bank
erset,
190,000 Shares
securities
to
Irrespective
*
*
The New England Trust Company,
Peoples
lawfully offer these
like
between
Meanwhile,
(2) Should cordiality come to
replace acrimony, and should, as
a
consequence, a mutually satis¬
who
n s
relationships
administration
electronics is expected to
approximately 20% by 1965
1950,
reach
and economic analysts
National
Boston,
Boston,
*
*
Merchants
mon
may
o
are
*
town,
ISSUE
as
are
heads of
would
plan must await the de¬
a
new
comprised are becoming pro¬
gressively more electronic. From
4% of total military spending in
large corpora¬
te
more
of the imminence
gauge
it is
.
fulfilled
As¬
bank's
Fordham office in the Bronx.
an
coin slo¬
There
disarmament scheme. A
truce, must
andhead¬
some
not, un¬
closer
any
such that the armaments of which
the proph¬
*
not
to
have
The nature of this armed truce is
it
job
that
Newark, Newark, N. J.
This is
are
gans
lines.
a
accurate
Kremlin.
writers
whose
is
to
the
There
UN
the
at
veloping
wagon:
some
ations
fortunately, brought us
of such
are
that
aboard
ecy
Oct. 20.7.
was
people
interesting
Some
see
Mr. Lyons came to the bank in
He
Shakeout!"
Shawmut Bank of Boston, Boston,
Vice
sex
Secretary.
1924.
The
10.
Nov.
the
of
expect¬
New
stead,
Amboy,
41,455,120
L'ens & discounts
Capital & surplus-
The
of
Brook National Bank. It is
Preston
'
ings Bank.
*
title
the
under
creased
*
of
272,615,788 253,610.848
Deposits
11,608,676
discounts
&
Undivided
dent
resources
131,719,975
YORK
Oct. 3, *60
Total
Springfield Gardens,
York, N. Y., and the Colonial;
Trust Company, New York, N. Y.,
151,574,771
30,638,825
was
COMPANY,
184.676,925
Government
Estate
'
BROTHERS
$
holdings
National Bank
Coming
marked, "Beware the
ner
New
Schermerhorn,
$
banks
of
of New York,
due from
and
1959.
*
yy
TRUST
AND
-
Deposits
Trust Company, New York merged
with Chase Manhattan on Jan. 30,
BROWN
BANK
resources
The
Bank
County, West Hempstead,'
New York; Queens
President of the Brevoort Savings
The bank's
*
..;'7.-
163,446,961
•
National
Many have noticed that current
band-wagon bearing a huge ban¬
Mass., has been elected Vice Presi¬
Chair¬
*
COMPANY, NEW YORK
Cleverly
and
ap¬
of New York,
Simmonds, Jr.,
FEDERATION
consolidate
to
Brook
.
announcement by
an
*
*
*
bank will move from West
been
.
security
in
V'-.■
Meadow
Head
Sep. 30, '60 Mar. 31, '60
Haas its Chief Clerk.
was
Albert
U.
Nelson
its
be
according to
corner
7
Adolf son,
will
branch.
will
..
v;
has
of The Bank
ment
on
Streets, the branch will
replace one three blocks away at
W.
Curran
F.
Central
of
:..1;y
Comptroller has approved the
application
ed
*
pointed an Assistant Secretary in
the Corporate Agencies
Depart¬
New
branch
Charlton
David
Donald
*
•
5ji
intersection of Hudson and
Treasurer,
*
Hudson Street.
the northwest
on
of the Bank's office at Rector
,y
new
Oct.
on
Greenwich Streets.
and
man.
*
a
345
at
Located
of
Manhattan Bank,
opened
Oct. 31
composed
organi¬
The
Nassau
ager
the
United States department also was
announced.
Mr. Olsen is assigned
to
the
Rowell, Personnel
Assistant, has been elected Presi¬
dent of the Quarter Century Club,
effective
Jan.
1
to
succeed
Charles A. Bernard, who is Man¬
of Gordon J. 01in
into
C.
Harriet
in 1958.
Vice-Presidents
who
welcomed
7>
re¬
1232.
26.
(Harold A. Young to As¬
sistant
totals
members
42
zation at its annual dinner
was
The promoton
sen
were
of
New
Treasurer
promoted
was
the Bank
Company,
of Industrial Bank.
Trust
.■
includes
office
Avenue
Pitkin
Club
York
York
New
Company,
directly
•
New
This
appointed an
in 1954, and
to Assistant Vice-
1951,
Assistant
Bank
be
77
billion and a "hefty" 317% increase
7over the decade. Moreover, regardless of whether there will be "cold
war or warm peace" he forecasts a growth for the entire elcectronics
complex that will continue to outpace the economy by 2-2 </2 to 1
during the 1960's. Further, he opines that, as in fh? past, stocks
with a high P/E ratio should continue to appreciate.
sponsible for the operations of the
*
Centui'y
Quarter
Chemical
ant. Vice-President in 1956.
the
$
^
Chase National Bank in 1936, was
will
increase, Dr. Greenfield
year's estimated total of $1.8
.
He
growth rate will not continue as it
that the
made
firms and concentration in the industry
furnishes evidence supporting contrary
conclusions. The California economist projects for the industrial
electronics market $4.1 billion by 1965, a 128% increase over this
the
mittee.
industry's growth pace?
rubbing off the electronics
has, and that the attrition of
will
A.
James
luster
assertions
To
Airport, will manage the branch.
Farley,
Jr.,
President
of
the
-t$
*
yy ■" ■V.¬
department, George
Brooklyn banking institution.
77
Champion, President, announced. Robert
Simpson
has
been
ap¬
Mr. Selke, is a member of the
Both are assigned to the district
pointed" Assistant Vice-President bank's Board of Directors and
composed of Illinois, Minnesota,: of Chemical Bank New York Trust
Chairman of its examining com¬
Montana,
North
Dakota,
South Company, New York announced
Schell
the
Is
as
Henry
Morda,
previously Senior Vice-President of Central:
Manager of the Bank's installa¬ Industrial Bank of New York was
Bank,
Manhattan
Management
Investment
S.
Director of Research, Electronics
Corp., San Diego, Calif.
Harry Greenfield,*
Dr.
By
Levit-
at
town, Oct. 28.
Industry?
35
Defense, but
Agency, the Departments
of
phone,
electronic
telegraph
industrial
and
which
of
communication
ian agencies.
from electronics rather than
Commerce, Health, Education
and Welfare, and the other
civil¬
As
to
the
increasingly
electro
future
of
military
expenditures for electronics gobds
and services, I think the
following
factors should be considered:
(1) The recent political deliber¬
-
revenues
are
being
mechanical
—
derived
devices.
from
On
base, the ratio of
military electronics to total elec¬
drops from 58% to about
28%.
/ "
this
broadened
tronics
(4)
I should like to
call atten-
*4tWVaWWttW»
Volume 192
(
Number
6000
.
.
Commercial and Financial Chronicle
The
.
(177b)
ti°n also to the qualitative
aspects
of military electronic
purchases,
The
for this
reason
is
to
indicate
that the bulk of electronics
equiprhent
purchased
has
by
immediate
the
military
industrial
and
commercial applications. It would
sufficient to mention the fol-
be
lowing examples: digital and analog computers, global commurtications equipment such as
long line
and
carrier
cuit
repeater
equipment,
equipment,, closed cir-
facsimile
TV,
aircraft
navigational
-
gear, radar, ^mobile radio and test
and measuring instruments.
-"We
might
also
mention
in
this
con-
nection the research and
development work being done
by and for
the military in power conversion
techniques and microminiaturiza¬
tion.
the U. S. electronics manufacturing business totaled 9.5 bil-
only do
lion dollars.
well.
source,
Hence, these 20 firms,
calculation turned out 85%
on one
of the total industry output. Since
there is some duplication in these
figures—e. g., one firm's sales inelude
part of the output of
85%
figure was
a
duced
table
"over
to
business.
list
I
half"
of
electronics
electronics
re-
of
this
the
here
present
20
of
1959
compilers
the
by
total
another
firms
with
ranging
from 250 million down to about
40
million dollars.
(These were
revenues
very
that
of
some
wide
of
the
mark.
tried
to
err
on
them
of
In
the
The
servatism.)
be
general, I
side
total
these
may
of
to,
electronics
firms
20
comes
management
long
Litton
to have been
bution
In
to
the
Collins
:
Electric
44
of skirts
phasp'r
a
farmer
for
one
prows"
whn
datfed rather well.
in
t
th
the
hiliinn
R
rp„TQ„+„,,
'Big Twenty"
of
the
get
we
1.5
Q
If
concerning
industrial electronics market.
for
/"Si
-PAH
/A/Siii
vwv*
equipment,
resulting figure of $7.5 billion
commodi tv
a
market
recent projection of
billion by
the
decade.
The
continued
of
process—and
not
mean
electronics
only
the
the
to
that
by
automation
physical output but the ration¬
of
the
would have
recent negative trend
balance of payments,
in
our
U Cold
Some
War
and
Hot
analysts, seeing the
fluaijaw, »ccm6 iuc
corvux-
relation between military expenditures
a n
electronics
d
factory
J.
government
under
we'can think of ter-tiie lower the temperature,
hundreds of firms with the higher the sales.): But this, as
ironies revenues ranging from I have attempted to demonstrate,
t° 40 .nulhon dollars annually, is a superficial analysis. My own
ls °"Vious ifwe.re .wf.
c?£~ view is that the electronics com*«««»*
terms
:
which provide for reimbursement
of cost incurred up to the time
total
nf
odd firms ln the industry would
and
niinwanr-P
percentage oftheanticipated
profit.
.
There
.
,
is
fication.
no
The
,.
.
.
law against diversifact
that
is
supplying the military provides a finan-
seek
We
and
vilian
firms
spawned
tary
and
from
new
products
the
suppliers.
neither the
host of
a
to
present milifirms with
Some
foresight
nor
the will
to plan now for new products will
undoubtedly
survive
not
major
shifts in defense requirements but
because of the current civilian uses
of
deal
great
a
curements that
of
we
military
pro¬
_
7
those
.
with
capable
alert
managements, will be
more
than
make " the
most
necessary
others
to
able
cep^
rectify the
j-0
The
Unconcentrated
-
This little
some
that
facilities in the electronics indus-
try is increasing. I suppose the
.implication here is that the industry
is
becoming "oligopolized,"
that a few firms (the Eig Twenty)
are producing the greater part of
the total output. I suppose, further, that this •/implies* that the
industry-- is
becoming
mature,
.
rigid. undvnamic and increasingly
non-competiiive. Some may have
seen the l'st of the "Big Twenty"
in
a
of .Fortune magarevenue
derived from
recent is:
zine.
The
electronic
added
ue
sales
of
these
firms
little more than
eight billion dollars. Last year
(1959) according to the same
up
to
create
is
special
a
of
not
designed
fund
a
.
.
_
,
by a factor
n-
ot
or 2% to 1 during 60's-regard-
jess 0f whether the
,
thermometer
for
the
exercise Points
up
^tant aspects of the
National
Product,
the electronics industry will lead
the nation's industries by 1970.
>
,
replace
Mr.
out
worn
equipment,
not
or
has
been
a
main¬
'■///.,/
C.
H.
Haines
additional
"Reserve
ness."
took
an
en¬
This
the
1960.
If
such
den
as
Mr. Haines
represented
available
current
the
of
time
not
re¬
assets
be¬
necessary.
If management
funds, created by deprecia¬
charges against income, for
expansion
profits
in
above
and
over
retained
the
business,
improperly manag¬
they are
ing their financial affairs and will
have
enough
to
resources
re¬
place equipment. But if they are
using retained earnings for their
plant expansion and improvements
and
prices
funds
remain
will
be
stable,
available
cult
A
then
in
that would
give
us
a
All of these shares
better indi¬
re¬
more
diffi¬
problem confronting manage¬
today is how to meet the
by
this
exercise
also
dilute the concentration
ratio that many people have begun, to apply to the industry on
the basis of the widely circulated
''Big Twenty" list.' I do not be¬
.
is
depreciation
non-existent asset with¬
a
In
conclusion,
management's
practice of not maintaining a spe¬
cial fund equal to the reserve for
depreciation does not lead to a
return of capital to shareholders.
Management is cognizant of the
fact
that
will
be
capital
not
to
assets.
you
v/ill
find
so
The
to the reader
ment.
of
The
problem
replacement
financial state¬
a
ment
could
management
of financing the
plant and equip¬
of
be
made
set
aside
of
retained
rising cost of capital assets.
to
Mr. Haines suggests the issuance
of a stock dividend in an amount
approximating the annual charge
to
income for depreciation, and
the creation of an asset category
entitled
"Reserve
Reinvested
for depre¬
ciation, in order to meet the rising
cost of equipment.
FREDERIC
780
St.
Non-Existent
By
forming
Oct.
Created
Asset
such
an
asset
"hidden
not giving recognition to
capital funds"; instead,
you are
duplicating assets already
are
included in the balance sheet and
creating
which has
non-existent
a
no
place
on
asset
the finanr
TISCH, C.P.A.
Ave.,
Brooklyn, New York.
in
the Business."
Sees
Marks
7, 1960.
L. C.
Wegard Branch
TRENTON, N. J.—The investment
securities firm of L. C. Wegard &
Company
new
announce
in
offices
the
the opening of
Trenton
having been sold, this advertisement
Victor
L.
Wegard
as
Partner.'
appears as a matter
of record only.
NEW ISSUE
ELECTRONICS, MISSILES AND.
■
to
the
COMMUNICATIONS, INC.
Common Stock
"concentration". thesis.
In
Offering Price: $2.00
Copies of the Offering Circular
State in which the
dozen
investments
have
made
during
the
months, about half were in
pletely
new
corporations.
may
be obtained from the Undersigned in
Undersigned
may
legally offer these shares.:
Frank Karasik & Co.
Incorporated
we
November 3, 1960
past
com-
Not
Share
-
company/for example,
Electronics Capital Corp., out of
a
per
•
own
about
Share)
per
concen-
trated industry is a rather high
and inflexible price structure. Yet,
within the last several months we
have all witnessed the prices of
semiconductors topple anywhere
from 50-90%.
..Thirdly, our quick calculation
also highlights the relative freedom of entry into the industry—a
factor which is di-ectly contrary
our
150,000 Shares
(Par Value 10<t
'
Trust
Building, 28 W. State Street, with
—
a
if
portion
earnings, in addition
many
of the characteristics of
easier
a
their annual charge
r
\ "
asset
new
"
ment
v
autos,
steel,
oil
and
chemicals. Let us for a moment
examine another kind of evidence
for the "concentration" idea. One
replace
category, "Reserve Reinvested in
Business," as demonstrated above,
is not a real asset, is misleading
>
output
firms in
of the leading American inover
funded
help
resources
needed
serves to
that
and
asset
cation of its true economic size.,
Secondly,
Busi¬
category
out value.
the
help
form of current assets to
place capital assets.
asset
new
known
in
liability.
Therefore,
category is a dupli¬
cation, of other assets, mislead¬
ing to management and the public
and
comes
plant
exists
some
new
are
assets
when
capital
4,
not hid¬
are
claims, but
by
at
placement
is
reserve
a
asset
income, are now
inventory or have re¬
invested in
duced
Chronicle last Aug.
maintained the assets
gained
dividend
Reinvested
funds,
created
charges against
ter
The
stock
does not inform management that
tirely different position in his let¬
to
this
obsolete' does not reveal hidden funds
or
whether
reserve
to
shareholders
by
management and the public
will be misled into believing that
as
resources
corporation.
a
but
an
enough
the
nothing
It
accumulate
of
.
* have indicated previously, we
^ed an entirely new Industrial
Classification for electronics-one
an
giving the stockholders nothing
they don't already have. Not only
to
you
Gross
S
1
f
billion dollars
*An address by Dr. Greenfield before
fa\ls far short of representing the the L ^ les Chamber of Commerce,
Ya?ue
5? industry output. As
• '
*
,
statement
have
management's responsibility
is
(as
Mr. Haines states), I maintain that
to
in
you are issuing
stock dividend equal to this non¬
existent asset and are therefore
.,
reads. cold war or warm peace,
dividend
Correspondingly,
assets..
capital
tion
industry. For one thing, it seems
dustries
not
„r.n„nm„
general economy
con-
discrep-
Other Aspects
any
-
stated explicitly
writers
have
pointed out
concentration of productive
Although
It
manner.
and that in terms of its controll¬
dispersed
••'v.'. Concentration
vast
ancy.
lieve
adjustments.
and we. could
not resort to the duplication
mentioned and
large R&D expenditures, I be
lieve
that
electronics
firms, at
least
many magnitudes
ci-
be
plex wiU continue to outpace the
exceed the 9.5 billion dollars by 2
^or dh^ersiUcat'ion
Plan
expect
can
hisf theC 4 000-s'omerevenue of the 4 uuu-some
invest¬
tangible assets against
in a systematic and ra¬
replacement
not
Sales
of
v
termination at the convenience oi
a
tional
to
expiration
then
many
of
the
in
income,
uses
Output Ofthe industry.
°iberal in ^his resort than private
ente/nrise since ^rime and subcontracts
contain
irovisions- "or
fprminatinn
of
tion
as
a
the
tion
ments
of
management
fart
nf
theory the periodical charge to
income for depreciation of
capital
designed to apply a por¬
assets is
funded
industrial electronics
/p il /mHa rl to say that these 40 lirms pro~ sales' hav0 developed the notion
precarious nosUions As
Tnatter duced about three-fourths of the that electronics sales are inversely
fL
^ industry total. Yet, without too related to the political thermome-
tinrt
cial
tained.;
billion
wish to allow for duplicawe
particular, I
agreement with
original
*
9.5
we
tion, then I think
In
the
U1G
nne
to
article, to
stock
a
a
by lowering unit costs, to reverse
billion
of
Editor, Commercial and Financial
Chronicle:
:
I'-'X"'"
CC
well—will help
materially to raise total output, to
increase output per manhour and
125
add
article
estimates
these processes
45
we
the
alization
45
Beckman
Now .if
complete
of
A/TO
of
38
Transitron
pur-
a"^
"
I
40
Union..
the-'FoJtuue
,1
production
47
Varian
steel, whose
or
destined
^^
Y. ™
application
50
Hewlett-Packard
Packard Bell
Western
Tfhp
1965, a 128% increase over this
year's estimated total of $1.8 bil¬
lion and a hefty 317%
increase
Ampex
issuance
'
f
mine should reach $4.1
45
proposal made to improve depreciation
In
,,,
according to
90
65
40
86
56
serious limitations? Yes, they are,
but
thV are
not
peculiar
to
is
demonstrated
the
greatest
degrees of upward movement
a
suggested
approximating the annual charge to income for deprecia*
tion, and the creation of an asset category "Reserve Reinvested in
the Business" is said to
duplicate assets already in the balance sheet.
isprecisely^ thesl" sSs
it
The
amount
field,
is in line with my own estimates.
125
Amphenol-Borg
output
securities
The
50
Radio
military procurement—sudden
cancellations, stretchouts, budget¬
ary stringencies, and quick tech¬
nological changes? Aren't these
whether
the
that
the
Mallory
Sprague
a
prodqge^,
into
disagrees with
accounting.
think that the record has shown
that
over
What about the negative aspects
products,
gression
located for electronics
125
Emerson
of
prnn
Mfg.
Magnavox
Daystrom
Siegler
complex.
military
Without at
this time, making an extended di-
assumption that *15% will be al-
..100
Depreciation Proposal
Mr. Tisch
0f the stock is small.
1
250
..
1
been
securities
analysts,
high P/E ratio signifies that the
probability of further appreciation
t
EDITOR:
investing
projects outlays of $50
producers durable
equipment by 1970 apd on the
$125
Pi?:"*' T
Minnesota Mining &
dynamic and expanding industrial
.
"i*
THE
stocks
billion
Garrett
the
of
*"•
Lockheed Aircraft..
major contri¬
a
maintenance
the
LETTER TO
very
Fortune
From
Revenue
General Dynamics.
modernize
procedures.
has
why
do
conservative
the
(Millions of Dollars)
these disciplines will be
run,
seen
to
is
also
a
one
Electronics Products
production processes,
to maintain rigid quality and in¬
ventory control techniques, to re¬
and
dollars,
ANOTHER TWENTY
their
flexible
billion
1.5
Estimated
dustry by requiring its sunpliers
stay in the forefront of tech¬
nology, to rationalize and auto¬
main
least,
at
a
to
mate
and
am
major and
irreplaceable prop from the indus¬
try, the military segment has, in
fact, benefited from the entire in¬
remove
them
willing to purpriced at 20, 30/ 40,
50 times earnings.
To some
chase
con-
.
which would
of
This
public
firms enter the field
new
many
crude calculations and I feel
sure
revenue
Thus, far from being a unique,
highly specialized purchaser of
electronic equipment the loss of
an-
other—this
but
15
any
Managing
16
F. Karasik Sells
to
Oct.
28
offering
circular, Frank Karasik & Co.,
Inc., of 285 Madison Ave., New
York 17, N. Y., offered and sold
150,000 shares of the 10c par com¬
stock
mon
an
share.
This Week
CHICAGO AND N.Y.C. OBTAIN LOWER
facture
sell Very High Fre¬
(VHF), Ultra High Fre¬
quency
(UHF)
and
Microwave
Equipment for a wide variety of
communications
equipment
and
other applications.
and
quency
The company
service
its
hopes to sell and
Television
Translator
Transmitter equipment through a
network
of engineering
dealers,
of whom
many
known to the
are
banks
elimination
requirements for Chicago and
into effect Dec. 1, well in advance of a required
by July 28, 1962. On Dec. 1, reserve
New York banks will drop to 16V2% from the present 17%%.
Sept. 1,
latest
the
mate
This
lowered
1960 from 18% to 17%%; Federal Reserve officials esti¬
against net demand deposits for these banks was
reserve
reduction
reserve
free
will
alone
an
supply must of necessity be increased.
ahead it appears likely that bank reserve require¬
company's personnel, and who will
receive promotional and technical
of the
support from the company.
ments will trend lower.
The company has leased for five
plant facilities located in
Mount Vernon, New York, con¬
taining approximately 5,000 square
years
feet
of
floor
rental of
ties
at
area
$5,700.
referred
annual
an
The plant facili¬
herein
to
house
the
company's offices, production, de¬
sign and research facilities. It is
felt
that
installation
this
will
be
adequate for its present and rea¬
sonably foreseeable future needs.
The
.
estimated
will
company
$239,000
proceeds
be
after
to
the
approximately
payment
the
of
underwirter's commissions and
ex¬
the
the
and
penses,
of
expenses
in connection with thi«
company
offering. This figure is arrived at
by deducting from the total offer¬
ing price of $300,000 the discounts
or
commissions in
the amount of
$45,000, the expenses of the under¬
writers in the amount of $8,500,
and the
anticipated expenses of
the company in the amount of
$7,500.
1
-
money
economy,
Over the years
freer credit step is
Thanksgiving and
Christmas. Nonetheless, one can reason that the four weeks' notice
may have been to furnish a psychological lift for bankers to ex¬
pand loans and investments. Thus, the announcement can be inter¬
preted as a significant credit easing move: Of interest for bank
stock investors is the increased earnings base provided.
Once
seasonal needs for cash are met, the flow of cash back to the banks
can be put to work and
result in the ultimate creation of more
credit, through the multiple expansion principle, as it moves
through the banking system.
While Chicago and New York City banks only will be bene¬
fiting from the advantage of lower required reserves, they also
will share the benefit along with all other Federal Reserve mem¬
ber banks by counting their vault cash (coins and currency held by
the banks themselves) as part of their required reserves against
The avowed
to
for taking the present
reason
needs
seasonal
the
meet
business
of
Until December, 1959, cash kept in a bank's vault could
as part of required reserves. The latest action takes
all restrictions off vault cash as a part of required reserves. Fol¬
deposits.
not be counted
lowing the initial permission in late 1959, a second liberation step
went into effect Sept. 1 of this year when Reserve City and Cen¬
tral Reserve
City banks were allowed to count vault cash in excess
previous 2%.
Country banks were permitted to count as reserves their vault cash
in excess of 2%% of net demand deposits on Aug. 25; formerly the
of their net demand deposits, instead of the
of 1%
limit
was
4%.
-
relief
cash
vault
The
scheduled for Nov.
about $1,050 million and represents
Jack R. Riggs Opens
restrictions
SALINAS, Calif.—Jack R. Riggs
is conducting a securities business
from
offices
at
Street.
1101
North
Main
vault cash.
(Special to The Financial Chronicle)
SAN FRANCISCO, Calif. — Rich¬
ard R. Burns has joined the staff
Smithers
S.
& Co.,
Russ
formerly with
Lawson, Levy, Williams & Stern.
He
PLAINFIELD, N. J.—
engaging in a
take
on
is
these
57
stocks
firm
Chicago and New York City banks
deposit growth and
evolve into
likely to
name
Avenue
of
under
the
McLeod & Co.
a
increased
The well-known key to earnings
bank's ability to supply loanable funds.
leading banks benefit
an
Not only will
the favored position of bank
from
generally to produce steadfast earnings from the inherent
nature of banking
(earnings
can
rise in periods of recession due to
stimulating governmental policies which increase loanable funds
K. J. Brown Branch
growth, and in periods of prosperity earn¬
for banks and earnings
INDIANAPOLIS,
Ind. — K.
J.
Brown & Co., Inc. has opened a
ings can grow from higher rates received on loans and
branch
ments) but they are bing enhanced by the fundamental change of
Bank
office
in
the
Merchants
Building under the
manage¬
the Vatilt Cash-Bank
ment of Richard H. DeBolt.
'
Cavanaugh, Geek Branch
TUCSON, Ariz.—Cavanaugh, Geek
& Co. has opened a branch office
at
1068
under
North
the
Campbell
direction
of
Avenue
Gerald
L.
Geek.
banks probably make
ments.
Nonetheless
hold attraction
as
their stocks
several
Quarter Earnings
Comparison
Bulletin
on
Chicago banks
can
marketable.
Northern
The
a
cago
Trust
National Bank and
late
a
as
Dec. 31, 1957
stock
split
and
a very
recent 5% stock dividend increased
First National Bank of Chicago
had only 1 million shares outstanding.
the recently proposed
York
American
180
Stock
Stock
Exchange
Exchange
BROADWAY, NEW YORK 5, N. Y.
Telephone: BArcIaj 7-3500
Bell
Teletype NY 1-1241-49
Specialist« in Bank Stocks
20%
Due
stock dividend,
outstanding shares will total 7,500,000.
THE SIX
Request
LARGEST
Laird, Bissell 8 Meeds
New
The recently
Harris Trust & Savings Bank and Chi¬
Mean
Price
1960-1959
First
Natl.
Bank
of
Chicago
78
Co.
141
Harris Tr. & Savings Bank—
93
128
Continental
111.
NB
&
T
The Northern Trust Co
American Natl.
B
&
T
City National B & T Co
Co.__
1st Half
Recent
515
88
-
Dlvidend
68 $1.60
60
Yield
%
—Earnings—
11)60
2.4 $2.83
1059
$2.45
-107
115
4.94
4.02
59
82
,4.00
2.00
3.5
-
2.4
N.A.
N.A.
-
85
116
3.00
2.6
4.62
3.55
520
6.00
3.00
1.2
17.21
13.91
-340
-
68
,
-
73
4.1
N.A.■N.A.
big
industry.
40 automobiles, there
was much speculation.
Mr. Ford's
"Tin Lizzie" was the most popu¬
these
ing
lar, selling around $500,
while the
expensive car was the Pack¬
most
the
Is
Miracle?
post offices are now using
"shaking" machines to
Some
electronic
and drop them into
slots for 300 cities; but
the reading of handwriting elec¬
letters
sort
the proper
tronically is just being developed,
Investments
Automobile
Forty-five years ago, nearly 40
different types of automobiles
were being advertised and sold. In
the stocks of the companies mak¬
and this is what I call the miracle
of
the
ning
in the
"scanning."
as
machine will first be ufed
Oakland, Calif. Post Office,
then
and
It is technically
The scan¬
industry.
known
Detroit.
in
"Scanning"
should keep down the postage rate,
which will interest every reader
of this column.
The concern whichisgettingthe
the
most publicity on this scanner is
Studebaker, whose manufacturer
Manufacturing < Com¬
was
once
the largest maker of Farrington
wagons and carriages.
Both the pany of Needham, Mass. Its main
Another popular car was
ard.
since
Packard and the Studebaker
production, resulting
reorganization which ef¬
in
declined
in
severe
fected
-
Another
the
of
combination
a
companies.
V "''
•
of
Notwithstanding intensive adver¬
tising and sales efforts, the pro¬
duction of these two companies
also declined,
Finally, after a re¬
organization these two companies
united
were
i
t
n
present
the
o
American Motors Corp.
Thousands
of
investors
lost
money
buying
the stock of these once popular
American
has since
the Rambler, and under a
out
put
however,
Motors,
very
able leader, Mr. Romney, has been
While
rapidly coming to the fore.
the other stocks have gone down,
American
from
around
about
climbed
has
Motors
to
20.
1956-1957
in
2
stocks
market
will
for
probably
history.
same
electronics
through
go
In other words,
of the 40 popular electronics stocks
in which people are now specu¬
lating, probably
through
and
a
most
business.
of
will
the
a
will
30
go
industry
great and
Let
out of
as
explain
me
a
perma¬
one
"Watch
a
reduction
the
of
electronics
Electronics."
T.Arrin & Co., Inc.
Offers Polytronics
Pursuant
circular,
Inc., 82
to
Oct.
an
Theodore
Beaver
City,
publicly
shares of the 10
stock
of
& Co.,
St., New York
offered
190,000
cent
class
par
Labora¬
share.
per
Laboratories,
incorporated under
was
offering
Polytronics
Polytronics
of
24
Arrin
Inc.
the
laws
the
State
of New Jersey on
28, 1958.
The company is
engaged in the business of design¬
Sept.
ing,
manufacturing
two-way radios for
and
in
now
amateur
the
selling
and
use
citizen
on
bands
design
and
for
stage
is
the
production of commercial commu¬
nications equipment. The address
of the company is 388
Getty Ave.,
Clifton, N. J.
In the event that all the shares
Thus far, the electronics indus¬
try has depended very largely on
"defense spending.
Present talk
gives
the stocks will
some cases
triple in price, but in many cases
the companies will go into bank¬
ruptcy.
However, I now say:
for this last statement.
;
about
Radio, Sperry Rand, and Western
Union. Many others will enter the
field. In
go | bands
reorganization
them
Yet
one.
reason
over
severe
whole will be
nent
Business Machines, Chance
Vought, Pitney-Bowes, Food Ma¬
chinery & Chemical (now build¬
ing the Oakland plant), Emerson
tories, Inc. at $1
My reason for giving the above
illustrations is to warn investors
the
postal
equipment
Telephone &
Telegraph (which built the Provi¬
dence, R. I. Post Office), Interna¬
A
History Repeats Itself
that
in
competitors
include International
tional
~
car
popular
very
two
:
those early days was the Hudson,
while the Nash also forged ahead.
of
;
stockv are • sold, the
to the com¬
will be approximately $152,-
common
estimated .proceeds
pany
armaments
000
people
writer's commission arid expenses.
the
after
payment
of the
under¬
jitters; they wonder what they will It is
anticipated that such proceeds
do when, as, or if there comes a
will
be utilized substantially < as
reasonable peace. This must come
follows, in order of priority as
about some day, or else we will
listed:
•
all
broke
go
penditures
from
armament
World
or
Electronic
table;
it
War
automation
It
is
but
must
is
ex¬
III.
inevi¬
slowly.
come
expensive for private
manufacturers
to
change
their
very
plants
over
to electronic
automa¬
The
ernment,
to
prevent
unemploy¬
greatly help the in¬
dustry by operating all their im¬
portant post offices electronically.
ment, could
take
the meantime
rious
Approximately $5,000 for
of the offering to be
borne by the company.
(b)
$45,000 for research and
development and inventory in¬
vestment
period
Furthermore,
some
time
prevent any
and,
se¬
of
unemployment.
with the Govern¬
ment's getting behind this
propo¬
sition, Congress could pass legis¬
lation requiring the standardiza¬
tion of all mail
as
velopes, location
stamps, etc.
to
of
size
of en¬
addresses,
to
produce
an
amateur
transceiver.
(c)
electronic
experiments at
the Providence, R. I. Post
Office
may hold the answer.
The Gov¬
in
(a)
expenses
band
tion.
This would
CHICAGO BANK STOCKS
Adj. Bid
Members
has increased shares
stock split and a rights issue.
outstanding shares to 1,365,000.
as
Company
Price Range
Members
be considered to
Chicago banks have been taking steps to make their shares more
to
3rd
City
attractive as stock invest¬
more
Although still hampered by unit banking,
well.
executed merger between
BANK STOCKS
reality.
Reserves Law, now a
Over-all banking developments characterizing New York
outstanding through
11 N.Y. CITY
invest¬
that
however, I have concluded
electronics will be the next
the
added attraction due to the broadened earning power base
growth is
securities business from offices at
Fairview
and $380
million from Reserve City banks.
which
McLeod is
somewhat
flow from coun¬
Of the $1.3 billion, $520 million can
To investors the stocks of
becoming popular, I was slow to
discuss them in this column. Now,
-
What
electronics stocks were
When the
The
than can be forthcoming on the present
volume in loans and investments.
NORTH
William
more
try banks, $400 million from Central Reserve City banks,
was
Forms McLeod Co.
billion
base.
reserves
their
Federal Reserve officials estimate the banks
provided with additional cash reserves of $1.3 billion.
than $2
more
F.
for country banks will increase
reserves
immediate effect is believed to allow the banks to lend
Joins Smithers Staff
Building.
the final step toward removing
as reserve to comply with the
All Federal Reserve member banks will participate in
the freer credit move.
will be
of
including such cash
estimated at
industry. Should
spending behind electronics
auto manufacturers.
24 is
present 11% to 12%, reducing the effect of freeing
from the
: u-vV;■;
-
on
The required
1959 law.
(Special to The Financial Chronicle)
for
advici in seeing here a sue-
by private industry.
additional
$250 million for meeting demands for cash or credit by customers
of Central Reserve City banks.
To accommodate proper growth
7
decline) Miy Babson envisions
greater government use of this innovation in its post offices, vor
example, to help the transition to paacetima usage on a grand scala
Federal Reserve Board that bank reserves
(Chicago and New York City banks) and Reserve City
serve
Babson
industry as the nsxt big
to the automobile
defense
REQUIRED RESERVES
again will be lowered accomplishes in full the objectives of the
Vault Cash-Bank Reserves Law passed in July, 1959. The differ¬
ential elimination between reserve requirements of Central Re¬
goes
Mr. Babson's
Electronics" is
"Watch
Bank Stocks
—
cessor
Announcement by the
The Company proposes to manu¬
Thursday, November 3, 1960
By Roger W.
of
Electronics, Missiles
Communications, Inc. at $2 per
&
1.BURRINGTON
BY LEO
STOCKS
.
.
.
The Next Big Industry
Will Be Electronics
BANK AND INSURANCE
Electronic Issue
Pursuant
Financial Chronicle
The Commercial and
(1776)
$48,000
•
research
and
inventory
in¬
for
development
and
vestment in
businessman's radio
—a
a
conmercial
FM
radio, similar to units
used
by
unit
will
two-way
now
being
which
designed to comply
police
be
radio
cars,
with Part II of the Federal Com¬
munications Commission rules for
operation in
and
to
have
a
range
a
the 40-50 watt
of 25-50 Mc.,
power
output in
range.
(d) $6,000 to purchase new test
equipment.
./.<
(e) $48,000 to be added to work¬
ing capital and to pay the cost
of
acquiring expanded facilities.;
Volume
192
Number 6000
THE MARKET
BY
.
.
Commercial and Financial Chronicle
The
.
double those of the
AND YOU
...
(1777)
preceding
pe¬
riod.
And, since its activities are
not affected by the course of
the general economy, its prospects
FROM WASHINGTON
one?
WALLACE STREETE
for future
improvement profit
are
...Ahead of the News
bright.
Stocks
seesawed
with
Some
apparent
belief
that
little
by
elections
the
can
next
week
until
where
the
out
are
of
Elections
through the years
lasting effect on
prices, although there have
momentary market upsets
had
stock
been
such
the
election
1948
had
brief
conceded
when
the
figured at
for
It sold
as
high at 48 last
year.
dividend,
earned twice
it is relatively
over
last
year
offers
the
to
stock
Its
everyone
election
•
Far
Like
effect, however.
keeps the professionals
of
in
basic is the condition
business
its- announced
plan'4ov spend
mostly
issue
an
its
bargain situation
a
already forced down
It
lost
of
x.
When its troubles all
to
a
of
above
Foreign
Power
7%.
Now
,
only
optimistic,
their
bit
a
no
probably
to go but
run
estimates
to
start
putting
in
new
offers
glimmer
closing
new
low
posted
was
when
stemmed
the
reading of the average
564-565
.the
chartists
tom" and
market.
at this
"double
a
but
is
it
bot¬
that
minor
a
indication
least
show
a
of
122
bottoms for both
double
: &
Staff went
of
to forecast
on
pares
:
with
which
ratios
15.6
the
were
cates
recent
earn-
com¬
16.7
because
prevailed when the
posted in 1958 and last
offers
to
investor
disinterest,
above-average 5% yield.
Bright Profit Picture
Aircrafts
clining
occa-
been
are
able
strength
show
strength but, more impor-
to
•
'<
no
that the worst is over for
tion
that
through
markets
rather
•
r
has
been
craft
tors.
Pure
depressed for
and
Martin had
tivities
last
this
year's
in
committee
purported excerpts of it and there
is a great hue and cry about its
being made public.
other
branches
are
located
Miami
Kennedy has seized
in
Fort
Lauder¬
dale,
that
Florida.
Robert
the
will
G.
Robert G. Word
Word
the
direct
is Manager
of
organization's in¬
activities on the
Coast.
Mr.
formerly
Word
President of Federated
Inc.
of
Plan,
had
been a Vice-President with King
Merritt & Co. of New York City,
Pittsburgh,
Pa.,
and
has
recover
Administration
prestige
if
offices
in
Union
the
Trust
Building. Officers are Carl S. Mc¬
Kee, member of the Pittsburgh
Stock Exchange, president; Frank
M.
Ponicall, Jr., vice-president;
and M. M. Eiben, secretary.
The
officers
all
have
been
associated
of
has been formed
see
in
strikes
Mr. Ken¬
that
me
the
about
instead
alleged
they
tronic
its crude production
by expanding in other areas than
Texas
where
regulations
limit
have done
have
is
people
made
that
the
the
more
loss
you
do for
they will hate
worse
licanism
New
more
would
notch.
is
one
that
air¬
its
reliance
electronic
have
not
Rockefeller undoubtedly will
lose any time in building up
not
for
the
he
will
nomination
be
in
contested
to
dropped aircraft
for
more
of its sales.
than
items
are
an apostle of
conservatism, the latter has been
sought after
this year. In
is a serious
the
on
gious issue will be raised and
the
Republican side.
Jew and
able
Republicans
problem, I don't know.
Evans & Co.
To Admit Partner
Evans
Park
& Co.,
Avenue,
member
of
Exchange,
however, intends to
increase our foreign aid expendi¬
tures, especially to the new Afri¬
Mr.
on
that
score,
happens that we have given
at least $50 billion since the
of
World
War
Schmidt
Schmidt
is
to
partnership.
II.
Russ
Calif. —Put¬
Distributors, Inc.
office in
branch
a
Building, under the direction
Britton, Jr.
New
Whitney Office
PROVO, Utah—Whitney & Com¬
pany has opened a branch office
at
240
East
Center
the management
Street,
Utc&ifuvutied
Class A Stock
per
Price $2 per
share)
share
Copies of the Offering Circular may be obtained from the undersigned, and such
and dealers, as may
legally offer these securities in this State.
the largest single prime contractor
up.
for' this
-
year -are
Results
expected
to
SCHRIJVER St
37 WALL STREET
October 28, 1960.
x
;•
CO.
NEW YORK 5. N. Y.
under
of John R. Davis.
only by the Offering Circular.
KLOES9DEX
has
the
of John F.
offer to sell nor a solicitation of an offer to buy any of these
(par value $.01
Stock
manager
FRANCISCO,
Fund
opened
Nixon would have been in much
an
York
Putnam Fund Branch
SAN
nam
so
away
New
Nov. 10 will admit
according to
Presidential Can¬
didate.
end
on
of the
firm's retail sales department.
countries. We have been back¬
Democratic
Incorporated, 300
New York City,
the
and elec¬
production, at times severely. In for missiles among all the makers.
fact, Pure Oil's total production More importantly, it has been able
last year was less than it was a to. show
increasing sales for a
decade ago. In the current year, decade.
Its profit, however, was
it has stepped up exploration, pur¬
steady until recently ; when the
chased: concessions and acquired .curve
starting turning
on
half
ever met.
How
would face this
ac¬
be
a
of the most person¬
one
fellows you
the
He is
three-
to
stump
the event Goldwater
contender, the reli¬
By the end
expected
Senator
Barry Goldwater. As
149,000 Shares
the
but
1964,
by
ISSUE
defense
Dealish
But for organization
had
in the
could
He would
gained
and
patronage purposes, it would have
served the Republican party well.
a
Louis H.
Kennedy,
securities. The offering is made
virtually its only concern. With
the switch, Martin has come to be
•
a
better.
of
you.
neither
any
doubt
campaign than Nixon and Repub¬
a
This announcement is
great
prestige
fact
en¬
There will always be the
to whether Rockefeller
much
President.
Nixon's
and
frustrated.
was
It
with offices
Boulevard to
will
abroad, or electing a
President on that basis, we should
give some thought to reducing our
give-aways abroad on the ground
that they are not appreciated. The
(Special to The Financial Chronicle)
at 530 Biscayne
elected
he
President, and we were
at the height
of rebuilding the
French economy, American tour¬
ists were greeted with signs "Yan¬
kee go home."
man
the
Biscayne Sees. Formed
with¬
votes
ambition, for which he prepared
for eight years at
least, will be
as
nedy in the act of retrieving our
so-called lost prestige. When Tru¬
worrying
with
is
which
We should like to
C. S. McKee Co.
PITTSBURGH, Pa.—C. S. McKee
& Company, Inc., has been formed
it
upon
contending
a
lost
It
Now Corporation
publishing
report that supports him
in his argument that this
country
vestment banking
West
the
holding
Beverly Hills office and
new
of his main issues,
one
and
electoral
a
York
The
Well, barring some miracle,
Kennedy will carry 345 of the
as
the
Times have been
"me, too."
world.
O'Neill & Co.,
de¬
after
of this year the missile
up
of
were
were
free
Inc. this year. *
half of its business and
year
quarters
x-
chairman
we
the
study denies that
any such poll was made, but the
Washington Post and the New
George,
by
lead
which made the
where, by 1955, it was
relying on non-aircraft
items for
making good progress in
i Woodley Petroleum.:
The
office
whether
to
realistically in the fu¬
more
to
already
-r
building
Beverly
Hills
business.
Oil in the domestic lineup
has been
position
sued
ture would have appealed to them.
It was another case of Nixon
being
although it has long
shifted
missile
What
years.
England, in particular,
sure
The
10
off second best. France
come
not
NEW
thoroughly depressed
group,
since
sec¬
preference
showed up for petroleum issues
was pretty much concentrated on
the
domestic companies instead
of the large international opera¬
several
'
this
of
out
and
rd.
eva
a
group that has
show
independent
last year.
Martin Co.
is still broadly listed
inclination to partici¬
pate in any of the selling sprees
and again there was much talk
tantly,
as
8
Wilshire
pri¬
of
an
been
continued
not
in
na¬
Rus¬
better position if, instead of say¬
securities business. Of¬
Diamond has been acquiring new
ficers are Betty J. Miller, Presi¬ ing he, too, would step up foreign
lines for half a decade starting
dent-and
Treasurer;
Mitchell aid, he had asked just how much
with
its
acquisition of General
Goudron, Vice-President; and Lee money it takes to get the good
Package, Gardner Board and, last
will of foreign countries.
R. Bynum, Secretary.
year, U. S. Printing & Lithograph.
It long has been noted for show¬
ing good financial strength and,
'
sional
is
it
and
the
1
o u
National Corp.
to where
if
B
the company has
years
powerful
or
8929
gage
Pacing the Oils
-
Hills, Calif., at
Co.
been touched.
Oils
Diamond
now
most
world
polled, including France
England, we are supposed to
have
ward
Co.,
the
the
were,
can
Match
well.
To the firm, this also indi¬
that a bottom could have
year.
sians
Co.
Diamond
printing and lumber businesses
that
lows
that
in
and
marily a match company any
MIAMI, Fla.—Biscayne Securities
longer but is in the packaging,
Spear
and
name
.
little attraction for those
expanded
which would .put the index
at 16.6 times earnings
■
is supposed to have
poll of 10 European coun¬
find out if they thought
were
with Mir. McKee in C. S. McKee &
In
ings
of the industrial average
components at around $34 for this
year
had
renamed
,
The firm
above-aver¬
an
quality item.
we
tion
old
averages
could have hit bottom.
over.
long
a
USIA
a
to
seeking market skyrockets is the
One investment advisory firm,
.not
overly bullish in recent
months, was prompted to tell its
clients that the worst of the de¬
is
in
industry
has
:
cline
taken
Another well-known
strengthen the possibility that the
decline underway sporadically all
this year
been
age return in a
And
area.
had
leader to make it
re-
the downside,
in: the
base
office
Beverly
more
It guarantees good
coverage
the dividend of this
for
in. the
tial
of
tries
countries
well-known
time.
at
on
conse¬
did
recently increase the
wholesale selling price which was
the first such move toward
reality
There is also a similar pattern
rail average with a poten¬
x
yield
the
field
stage, and new lows could
on
any new
selling,
sistance
of
and
a
is
It
issues
age
offers a
5V2%
for
potential base for the
a
excitement
glamor but the companies in the
in the
new
a
was
The chewing gum business
not
one
that
has
had much
is
reached
be
.
call
than
name.
intraday
was
the
and
item that has not
an
the
than
by
next
brighter
quently
which could be what
area
sheltered
outlook
in
science
the industrial average, the selling
was
that
has been in many years.
shared
mar¬
of
hope.
During the September selling, and
again
last week when another
a
well
Wrigley is
The technical action of the
double
which obviously makes the
company's
•it
orders for the metal.
ket
than
dividend
through
inventories and
their
on
have
are
run
more
year,
up
when their customers get
living
yield
a
its
should
operating at
than half of ca¬
way
a
down
earning power this year
$1.25 to $1.30 a share
and, without any new headaches,
were
mills
more
pacity have
that
to
came
was
50-cent dividend and
,
.because
$135
some
property in Cuba, and
through troubles in
Argentina, Brazil* and Chile.
the world's .largest
industrial operation.
"
;
opening of
branch opened
mounted.
suffered
•
company,
leaders
the
ties
million
this
company
George,
marks the 3rd
head,
Steel
&
than 60% from its price less
year's business will be better for
cautiously
HILLS, Calif.—The in¬
banking organization of
O'Neill & Co., Inc. has
vestment
in
followers
The
taken
BEVERLY
announced
American
had
Coast
on
than two years ago as its adversi¬
a
^billion and a quarter on expansion
J in view of expectations: that: next
market,
Power
see
more
generally
and ^ what
optimism was around was, in part,
generated by the hopeful state^irients from, General Motors .and
•
the
Foreign
who
more
Branch
branch
cautious.
^
safe,
"Bargain Basement"
psychological
that
so
yield of nearly 5%.
a
Republican candidate — wrongly.
They do have some temporary
And
are
worth of $62 a share
available lately around
a
33.
following
one
can
company
little
the
as
it
George, O'Neill
the way.
have
[The views expressed in this article
that
are
Pure Oil is
be,accom¬
market
now
BY CARLISLE BARGERON
do not necessarily at any time coin¬
approaching the point
cide with those pf the "Chronicle."
supply half of its
They are presented as those of the
refinery needs and has a yet un¬
author only.1
known chance to step up its crude
Of all the disgusting stuff I have
Millions of people in this coun¬
output
significantly
through
a
heard in this campaign, and there
new
try are tired of having to carry
discovery field in Utah and
has been plenty, is the matter of the burden of
Colorado. Without the intangibles,
foreign aid and a
our prestige abroad.
the reserves of the
suggestion that it was to be pur¬
conviction this week, and without
violating anything critical, to fur¬
ther
strengthen the widespread
plished
estimates
17
other brokers
18
The Commercial and Financial Chronicle
(1778)
TTTTTJTY
xlUil -I.
PTTRT.Tf,
U UUXV
VZ^j?,jSSK±&S
• -
w
«*-
SECURITIES
after
lag of three
a
years
keting
make
should
group
substantial
a
continue
General Telephone & Electronics Corporation
k
Thursday, November 3, I860
on
GOVERNMENTS
to
BY JOHN T. CHIPPENDALE, JR.
to
telephone revenues (an
estimated $16 million revenues
.
.
contribu-
new
tion
_
.
Our Reporter
due to
SSS,
BYOWENELY
.
derived from this source in
was
1960). General Telephone is seek-
in 1949 had trial and commercial and 30% in
million—now defense work. It is engaged in
telephone revenues and some of the Armed Services' most
industrial
sales
aggregate
over advanced projects, which last year
General
Telephone
ing
revenues
of only $61
division of toll revenues with the
Bell System, and, if successful,
combined
$1.1
and gross plant ineluding controlled companies dur-
ing
billion;
the same period has grown
$227 million to some $2.2
from
billion,
making
the company
number 13 among U. S. industrial
this
yardstick,
merger-minded
management have accounted for
this fantastic growth in a
little
over
a
decade.
The acquisition
corporations
by
Natural gains plus
of the
big Gary telephone system
important equipment
manufacturing subsidiary, Automatic Electric, later the merger
of the important Peninsular Teleand
its
other interests
some
—
have
Doubtless
many
other
of
the
3,800-odd independent telephone
companies
may
eventually
be
a
~
taken
make
and
them
useful
military
These
acauisitions
might
of 'Tornorate indieestion
well
a
casb
had not
Serdv fiSs BbS?"rfiade
Spceuy
progress
ueen
made
were
the
tne
in
ill
tion-free
in
elec-
TV
'
bv combining
also
the Christmas trade.
of
or
Demg
introduced
in time
Automatic
^uioiriduc
Electric
rueciric
in
m
modern
urie
one
Automatic_ ™nL
Electric
muueru
Llcauuu
Scott, Foresman &
...
winui
which
Co.,
nutumdut
tor
UJ-
public market for the stock.
y
^
a
Chicago
number of
phone
mlker
large t
equipment
'
{
1Q,Q
m9
.
.
,
.
.
{
Co.,
on
a
^
Tv/Tovi^rk
Tarvon
anrl
ments
in
the
Electronic
art
share.
Sec-
finfr
mo.
1
1
IV J
i
j_
MnPKPlPrl
OIUU1 IVIdl JUS LtJU
Public offering of 225,000 shares
0"
stg0Ck
common
of Mid-States
Business Capital Corp was made
Nov. 2 by an underwriting group
managed by Carl M.Loeb, Rhoades
& Co. and Scherck, Richter Co.
The stock is priced at $11 per
,
.
^ni-hirlpc 26 lahnratrw
^m^3 600 sefenHata and
-
Rate Cut Expected
^
inde-
a
t+oW
,
1YAJLU.
„
free" reserves being available to
these institutions after the *i hilthese institutions after the $1 bil-
' leading
t
.r:,
to result in about $300 million of
the
ot
The
for
A
pre
Me-" sch°o1 textb°°k -™blisher in thl lion of expansion in cash requireUnited states
Its publications ments for the holiday season has
buildings.
"
pendent telephone industry and "STL
s®hool8>
en. taken lnt° consideration.
The
svstem is
now
highly also a major producer of auto- hlgh schools and colleges'
»is very evident that themonediversified enterprise in commu- raa^c control devices for indusNet sales of the company in the tary authorities are not only going
nications
eStronics automXn trial and defense use. Smaller fiscal year ended April 30, I960 to keep money and credit on the
lighting ' photography
research manufacturing subsidiaries, Leich amounted to $29,062,987 and net easy-side but they are also going
and national defense.
There are Electric
and
Lenkurt Electric, mcome to $2,955,863, equal to $1.33 to supply the banking system with
53 manufacturing plants
in the make telephone
equipment and per common share. In the pre- sufficient reserves so that the
U. S. and 11 in Canada
Europe the latter also produces microlifp yfar ne* sales were needs of business, industry^ comand Latin America-together with waye
radio systems, carrier J27,75:1,525 and net income was merce and agriculture will be well
assodated
companiesin G^eat equipment and other new develop- W928> equivalent to $1.20 per
c^^^^eaWe
Srfth nre"ious1Cwi°de?y TcXred Tern "sThe
operation in
^
West German Central Bank
mnnpv
non«
mi
operations
operations
ohtained
manufacturing
manutacturing
with what the financial
had been looking for. It
believed that the fifteen
3*4% note will be the
obligation that most of the holders
of the Nov. 15 maturities will
.
sets are being incurrently.
The
new
"Panelescent Nite Lite" and
switch plates are now being sold
.-.
in line
district
is also
monthu
.
troduced
-I
serves or
The recent reduction in the
issues and a turn in for $1,200,000,- British bank rate from 6% to 5V2%
An underwrting group headed by
of the 33/4S is being talked was pretty much expected and a
Smith, Barney & Co. incorporated about.
cut in the West German Central
offered on Isiov. 2 683,000 shares
Accordingly, a very successful Bank rate in the not distant future
of common stock of Scott, Fores- operation is indicated, even though would not be a great surprise. It
man & Co.
(Chicago), including some holders will have to take appears
as
though the battle
50,000 shares which a*e initially cash or switch into shorter ma- against inflation the world over is
being offered to the company's turities. The easing of the money being won. Hence the decrease in
1,000 employees. The stock offered and capital markets following the money rates.
to the general public is priced at Federal Reserve Board's changes
In addition, it seems as though
$27.t>0 /per share. The offering in reserve requirements had ' a the various free world nations are
makes securities of the company favorable influence on the refund- not only co-operating but also are
available for public investment ing offer of the Treasury.
coordinating their efforts in the
for the first time.
international money markets so
The offering does not repreChange m Bank Reserve
that the speculators in gold will
sent new financing by the comRequirements
not be able to adversely influence
pany. The shares, comprising apThe unexpected move by the the dollar and other currencies.
proximately 30% of the 2,230,000 Federal Reserve Board last week This would be a favorable decommon shares outstanding, are m reducing reserve requirements velopment since the keeping of
being sold principally by the of the member banks of the sys- interest rates on a more or less
families and thn
descendants of the tern had a beneficial effectmorlrntc comparable level funda frnm
on both larcfp tra ncf
would prevent
fnimrlnrg
nf
xxrHion
tho
anrl
nani+al
nf
as
have^eiventhe management
1
(;() 111111011 vJllGrGQ
opportunities arise tronics. Also, the company's line
to
buy out family interests or 0f xv, radio and high fidelity sets
controlling blocks of stock.
has been improved^ New reflecover
the letting of these "free
reserves" stay as they are would
mean that the economic picture
is not up to expectations and will
most likely need the stimulation
of easier money and credit. On the
other hand, a rapid cut in the excess reserves after the first of the
year
by the authorities would
mean that the business situation is
on the way to a strong recovery
and does not need the help of
easier credit conditions,
The Treasury took care of the
November maturities by offering
the holders of the 4%s and 2VsS a
package deal, consisting of a3%%'
note due Feb. 15, 1962 and 3%%
bond maturing May 15, 1966. These
refunding issues were pretty much
select in this exchange offer. How-•
ever, the five and one-half year
bond wil1 have attraction for
certain owners of the maturing
.
w
lighter than their predecesthe greater reliability ani
compactness of these new transisshould
.
OCOtl, J: OlGSfflcill
sors;
computers
potential gain in earning power,
q
and
tors
better
a
' adjustments
should
add
substantially
to
net
earnings,
Over the longer term the development of microwave communications systems, plus the increasing
use of transistors, holds considerable
promise
for * reduction
of
heavy construction programs and
—
and
and
these
represented approximately $134
million of the system's total of
nearly $150 million in defense
projects; the current defense order
backlog is about $55 million. Some
current projects include a system
for launching the Polaris missile
from submarines; an automatic
defense system for the B-58 jet
bomber; data processing for the
early warning system for missiles
(BMEWS); a mobile computer
called MOBIDIC; and many tvpes
of components for over 30 different missile projects.
Sylvania is accomplishing imphone Co. of Florida, and finally portant research results. The
acquisition of the big electronics Semiconductor Division has carapd lighting company, Sylvania ried
micro - miniaturization
anElectric Products
together with other step forward through the
a considerable number of smaller
development of new "Pancake"
independent telephone companies transistors that are 85% smaller
accounted for much of this growth.
increases
rate
share.
Incorporated this year, the com pany was granted a license to operate as a small business invest-
ment company under the Small
19o8
iuture. lne counting oi ail vault Business Investment Act of
Board of Directors has de- cash by the member banks of the and is registered under the Investri« wRh
clared Quarterly dividends of system from Nov. 24 (Thanks- ment Company Act of 1940 as a
enli^ers ^ich have
animal and Recording
sets, as weU as
and 17c per share payable, giving Day) as reserves as well c!osed-end, nondiversified manbudget of $20 million exclusive automatic
warning devices and respectively, on Dec. 14, 1960 (to as the decrease in Central Reserve agement investment company.
of $g70
svork li- related products. There are also ^ders of record Dec. 2), ^
from- The pnmary objective of the
nanced by the government.
The subsidiary or associated plants in March 14, 1961 (to holders oi
AJ
_
•
company is capital appreciation
27 domestic telephone companies Canada, Italy, Belgium, Great Brit- record on March 3).
. bring them ini line with those of through
^ investment of its
serve
over
11 million people in ain,
Argentina, Brazil, Mexico pi
1
i A*»alw®#e
anticipated bv the financial dis- funds in small-business concerns,
31 states, and owned or controlled and
Japan, with sales
offices vJeveland Analysts to Hear
^
^
time even though it
are defined in the legislacompanies provide telephone throughout the world.
CLEVELAND, Ohio
Joseph B. had to be done by the middle of ^on
be indePendently owned
Th»
svstpm
Industries
retary
Inc
produces
rnmfon research
.City bante
—
service
in
British
Columbia,
the
General
Telephone's record of
share earnings entitles its stock
Philippines. System revenues are to
inclusion
among
the
"rapid
about
36%
telephone and 64% growth" issues and this together
manufacturing; however, the util- with the addition of the elecity business with its relatively tronics
business
has
placed
it
high investment in plant, enjoys among the "high mulfiole" stpeks.
a better profit margin of revenues
At the recent price of around 25■
Dominican Republic, Haiti and the
and contributes 56% of net income
compared
with
44%
from
manufacturing subsidiaries.
the
(range
in
34y8-20) the
stock is selling at about 23 times
estimated
1960
After
earnings.
ceiving tubes
and
TV
picture ing from the sale of stock last
tubes; it is the world's biggest spring together with heavy conmaker of photoflash bulbs, second versions of debentures, etc. Within fluorescent lamps and third in
this dilution share, earnings
light bulbs. It is one of the top would have gained about 6%.
ten producers of TV, radio and
Unless
the
general
economy
hLfi sets. It is a major producer continues in a broad recession
of transistors, diodes, and othbr earnings next year are expected
devices.
It
is
a
to
make
an
improved
showing
leader in
developing and produc- With an equity ratio of 48% COm-'
ing specialized electronic systems pared with an acceptable 40-45%
and
devices.
•
Sylvania sales are about 45% in
consumer products,.25% in indus-
the company will not need
yram.
to
do
CHICAGO
President
111
of
the
M
G
General'
&
Rubber
Company, will be guest
speaker at the luncheon meeting
Gf
the
Investment
Analysts Society of Chicago to be held Nov
3
'
at the Midland Hotel.
J0ins Eastman Dillon
*™„
Ul"OT[
£?*ILADT^L.rai£' Pa\.7~ Eastman
Si1.1.0",' .Sp.10*} Securities & Co.,
Philadelphia^ National Bank Bldg.,
announced that H. Payson Brick^ has become "associated with
H?6?1 £S Ret{?U Sale* Manager of
t J Pennsylvania Division with
a u
ers in Pb,ladelPhia.
Mr. Brickley has been active in
fhe investmen.t s^curities business
sinc® 1946 and befdre joining
?as^ian Dillon, Union Securities
-
w a»ociated with the
nancing for several Philadelphia office of Paine, Web.
—
-ber^ Jackson & Curtis.
- -
?
*
^
?nd 0Perated companiesj not domJbeir field of operation,
wltb total assets not in excess of
$5'000,000'net worth not in excess
of $2,500,000, and average annual
.earniTlgs after takes for the preceding two years not in excess of
$250>000-
addition
In
excess reserves of the system,
O'Neil
Tire
institutions.
-these banks have had the bulk of
2^™? & .Co.
any
voara
center
Chicago Analysts to Hear
1959-60
Sylvania, the
largest
of
the adjusting for split-ups and stock
manufacturing
subsidiaries
has dividends in 1954, 1955 and 1960,
nearly two-thirds of its business share earnings of 32 cents in 1949
in
electronics, 20%
in lighting have increased to an estimated
products,. 10% in parts and mate- $107 on average shares for 1960.
rials
and
5%
in Argus
photo- Earnings
this year have been
graphic products. Sylvania is one diluted about 11%
by the inof the two largest makers of re- creased number of shares result-
semiconductor
Lanterman, President of Ameri- 1962 (July 28, 1962) The increase
can Steel Foundries* will be guest in the reserve requirements of the
speaker at the meeting of the country banks from 11% to 12%
Cleveland
Society
of
Security, was m0re than offset by the use
Analysts to be held Nov. 10, at 0f an vault cash as reserves since
the MidDay Club, in the Union these banks carry much > more
Commerce Building.
cash
than do
the
large money
^
™
-
Net proceeds from the offering
will be used to furnish equity
caP*tal and to make long-term
been as Credit Easing Move
loans to small-business concerns,
Tbis move bY the powers that and to provide advisory and manbe.in reducing some reserve re- agement counseling services to
Quire^ents and raising others is such concerns,
an endeavor to bring about a more
initially the company intends to
equitable distribution of the free invest principally in small-busireserves of the system. The mak- ness concerns located in Missouri
ing of more money and credit
Illinois
buf mav i^est in
available to the banking svstem ^mall-business concerns anvwhere
may also be one of the ways in Jn the Unitpd qtafp«?
which the Federal Reserve Board
'
'
is attempting to cushion to a deUpon issuance of the shares the
gree at least the decline which is c4°nipany s capitalization will congoing on in business. There will be
s"lely. °.f 275>°00 shares of
an answer to this^with the passage
mon sl:ock.
.
of time and that is why the finan'
o
c
cial area will be watching the ; Pprni Provident Se€S«
action which will Ue taken by the BUFFALO, N. (Y.—Provident Be¬
Federal Reserve Board after' the curities Co. has' been formed
turn of the year, when the return with offices at 158A ; Kenville
TT
.
.
_
*.
flow of currency sets in:
'.Jt^is-evident that
gradual-mopping
up
of
a
.
slow
. .
_
or
exeess re-
R0ad to engage In
.
a
securities
business. Jerome V. Werblow is
principal of the firm,"
-
a
Volume
Number 6000
192
Financial Chronicle
.The Commercial and
.
.
retained for the most part by
are
What Lies Ahead
receive
who
those
ings are not absorbed
It
is fallacious to
By Alfred J. Casazza,* Executive Vice-President, Savings Banks
fect
Company, New York City
1961.
"further sag" in interest rates during
the prospect of some decline in the demand
expects
He bases this on
for funds next year
and
institutional savings that
in advance
having the same ef¬
the trend of interest
Short-
will be seeking investment outlets.
;
.
.
All in all, Mr. Casazza concludes, this should en-
than this year's.
at attractive
Interest
termined
primarily
are
de-
economic
by
When the economy is
conditions.
expanding, the demand for funds
to
tends
the
ex¬
same
for
supply,
by
remains
much
interest
and
the
achieve
to
to
done
be
this
C onversely,
goal. The trend to¬
wards lower mortgage rates also
when
may
rise.
rates
eco¬
the
short
The
falls
supply and inrates
terest
decline.
Business
home
volume
of
"
ac¬
Alfred
tivity has been
declining this
Casazza
J.
earnings
Plant
year. The Federal Reserve index
of production reached a peak of
ll 1%
of the 1957 average in Jan-
uary,
and dropped to 107 in SepInterest rates have fallen
tember.
on
and
the other.
incentive
New
sector
tions foster
to
new
on
substantially from the high levels
plant and equipment when an
that prevailed at the beginning of, Jndustry possesses a wide margin
the year.
1
.
of excess capacity, except where
narily
and
States,
fornia
due
mortgage
the
to
in
banks
larger gains
this year,
both
determine
not
demand
the
capital market.
-
.
,
Expects Sag in Interest Rates
light of current trends in
In the
the economy, a
terest rates
can
further sag in inbe expected dur-
ing 1961 following this year's substantial decline. This expectation
is based on the prospect of some
decline
next
demand
for
well
an
in. the
year,
as
will
as
institutional
of
volume
that
be
seeking
funds
ample
savings
investment
Long-term interest rates reflect
chiefly changes in the volume of
mortgage borrowing and bond financing by corporations and State
and local governments.
Real estate mortgage borrowing
accounts for nearly two-thirds of
the demand for long-term funds,
funds in
1959, when new housing
a
record of
1,550,000
and
return
viding additional funds from in-
commercial
ternal
sources
finance
to
plant
and equipment needs. With capital
expenditures tending to decline and the cash flow- from
depreciation rising, the volume
of corporate bond financing could
cjai
more likely
banks
continue
This will
if
commer-
to
expand
since a number of
corporations prefer term loans to
bond financing,
term lending,
Qn the contrary,
state and local
be
to
will
ply
incurred
they
obtain
additional
in
chase
bonds
lower
chases
1959.
become
are
As
large
only
high, as they
the
return
If
this
it
would
should
rate
be
be
continued,
the smallest number
of starts since 1948.
Mortgage
funds
available
have
become
and interest rates
add
ing
and
creases
shifting
population
of
homes
the war.
at
more
sion
prices
ap-
develop
when
ease
third
second
half of the
It
is
doubtful
that
the
Declining
business
U.
activity
virtually certain to lead to
decade of
a
is
re-
It is possible, especially in the
event of a Republican victory,
few
to check
in
the
easy
reces¬
economy.
discourage further
in credit policy. But lessened
may
and
reserves
and existing
consumers,
free
should enable
net
com¬
when
mercial
in
the
by
banks
absorb
to
readily
increased offerings of Treas¬
per
share is being
made
by Schrijver &
Sag6, Rutty & Co., Inc.
The
Three Fiscal Months Ended
26,
company,
Rochester,
uncover
*i
•
with headquar¬
N. Y., 'distrib¬
nationwide basis silver
a
trademark
papers,
engineering photo
materials
under
The
Klondex.
•
•
•
•
September
28,
1960
$43,080,716
i
pany's products are manufactured
by an independent source.
Net
proceeds
from
the
sale of
the shares will be used for expan¬
sion of sales-service facilities; re¬
search
and
development of an
photographic photo-copy
machine; payment of certain ac¬
counts payable; and for general
working capital.
: •
:
-
Upon completion of the current
financing, outstanding capitaliza¬
tion will consist of 140,000 shares
of class A and 340,000 shares of
class B stock.
Rex
Merrick Joins
Pacific
Coast
*
Sees.
-H
*
(Special to The Financial Chronicle)
SAN
rick
MATEO, Calif. —Rex Mer¬
has
San
of
associated
become
1959
At
-
$45,584,675
September
26, 1960
period
.
.
.
.
.
•
•
$307,144,062
further
advance
refunding
offers will be made. While exchange of long-term bonds for
issues that will mature within a
years
adds to the supply of
long-term obligations, such bonds
on
a
40-hour basis,
period
The
.
.
.
.
•
Francisco.
Mr.
*
Merrick
formerly head of his own in¬
vestment firm, Merrick & Co., in
San Mateo. William M. Simonson,
was
also affiliated with Merrick & Co.
has
joined
ties.
Pacific
.
James
R.
Coast Securi¬
'
*
■
Imhof
and
•
•
15,258
cisco
cific
•
office
have
the
joined
Coast Securities staff at
Montgomery Street.
-
Nine
Fiscal Months Ended
»■
September
September
28,
26, 1960
1959
$141,164,666
At
$149,147,246
September
/ 28, 1959
$291,378,254
13,818
Company reports income from long-term shipbuilding contracts'on the percentage-of-completion basis; such
period will therefore vary from the billings on the contracts. Contract billings and estimated
balances are subject to possible adjustments resulting; from , statutory and contractual provisions.
income for any
unbilled
By Order of the Board of Directors
October 26, 1960
.
;
Thornton
L. O'Clove of Merrick's San Fran¬
working
•
with
Coast Securities Company
Estimated balance of major con¬
tracts unbilled at the close of
the
its
com¬
1
,
and
Co.
Billings during the period from
shipbuilding, ship conversions
and repairs, hydraulic turbines
and other work
Inc.
of Klondex
stock
A
price of $2
a
Quarterly Statement of Billings, Estimated Unbilled Balance
of Major Contracts and Number of Employees
S.
to finance with shorter term obligations that will be bought by
time. The home building in-
doubtless
offering of. 149,000 shares
class
at
turn to deficit financing
that
could
vulnerable
Reserve
September
Treasury will add to the supply
of
longer-term obligations next
year by new cash offerings.
1960s, it may well be that the
of starts, and hence the
volume
of
mortgage borrowing
will remain at a lower level for
number
dustry
of
during the last week of the
the
some
Stock Marketed
Public
Pacific
ordi¬
demands for credit from business
longer term issues sold are likely
family to be modest in amounts,
in
before
Klondex Class A
Equivalent number of employees,
formation turns upward again
the
Federal
rates.
would
more
even
of
on
The fear of stimulating gold with¬
commercial banks and thus increase the money supply. Any
parently is considerably smaller
than during the past decade.
While a new building boom will
doubtless
rates
tendencies
\
num-
The demand for
prevailing
year.
due' to
a
building. A
of institutional sav¬
measures
money
Treasury Financing
Under recession conditions, howtime since the ever, the Treasury tends to prefer
are
than at any
erous
end
housing
are
Casazza
Newport News
such governments,
increased to sustain the economy,
moderately
are
homes
Mr.
in-
the need for expanding
kinds of
ing bought freely, and vacancies
in rental
new
be
because
as tax
receipts contract and spending is
mortgages
rates
of the
funds by
of
to the pressure
narily
pur¬
provided
by
Washington, N. Y., Oct. 26, 1960.
home
of
Short-term
to
were
address
government borrowing is likely to
expand moderately because a ris-
not be-
on
lower. But
to the
ings, adding to the supply of funds
seeking investment outlets, will
source
capital
*An
the Group VI of the Savings Banks Asso¬
ciation cf the State rf New Ycrk, Port
electro
borrowers,
rising trend
funds
a
savings
because
absorption
level
drawals
are
chiefly
mortgage
of funds for the
market. Individual pur¬
major
yields
directly
even
or
further next
ease
reduced
bhy
who
current
at
pressure
with the heavy loan
investors
Treasury
Long-term rates will be under
demand at that time.
Individual
of
of demand and sup¬
prospects in the capital and
could
of
1959
loanable
amounts
can
'
securities freely
to keep pace
the
favorable and
rates likely to ease fur¬
ther, : a stepped-up program of
mortgage acquisition should prove
rewarding in the coming year.;
lags
possessing
absorb
they
money markets thus points
conclusion
that
interest
again, in view of the substantial
losses
With
r
whether
seen
banks
longer-term
economic
Conclusion
securities.
short-term
on
remains
the
attrac¬
at
interest
on
analysis
An
re¬
rates
low
more
in
moderately lower yield levels.
a
demand
deposit trend
utes
administration should resort
securities
set
units. Housing starts in September
fell to an annual rate of 1,077,000.
more
loan
increases
available
photocopy
substantial
tendency
to
lengthen investment maturities in
periods of easy money, reduced
It
all
public facilities. The cost
depends chiefly on the volume of 0f money has declined, .and less
home building. Borrowers sought" favorable
economic
conditions
a
record
amount
of
mortgage tend to stimulate new projects by
The demand for mortgage money
shown
tions will exceed $21 billion, pro-
be all the
_
„
Demand for Long-Term Funds
have
prospect
ters
to ; more spending or tax
reduction to combat recession. But
year
Depreciation allowances, on the
other
hand,
rise
automatically
from year to year as additional
fixed assets are placed in service,
Next year, depreciation deduc-
This
desirability of well secured mort¬
and
and
have been
of the
course
year.
reproduction
ness
decline further in 1961.
outlets.
starts
last,
seen
those which
chemicals
new
capital expenditures next ducing their holdings of Govern¬
will decline well below the ment obligations
maturing
in
estimate the prospective $36.4 billion anticipated for all of more than five years.
and supply of funds in
I960.
In the past, commercial banks
to
sary
banks
than
lower than
prevail in the
from
loans
consumers
prevailing
pur¬
commercial
year
therefore,
as
long-
will.be
sensitized
com¬
Latest surveys indicate that busi-
interested, it is neces-
bank
~
of
yields on the particular^ classes of
investments in which savings
are
for
net free reserves,
volume
well
as
rates
con¬
mercial banks has been in smaller
banks
by
it should be.
with commercial banks
large economies can be realized
through labor savings devices,
this
United
corrected
and
Mortgage lending by
volume
not
in
their
possible,
interest
increase sharply next year if the
for
be
appraise the outlook for inrates as a whole, and for
To
terest
the
pay¬
either
mortgage lending and bond
chases.
is
business and
under
report¬
are
quite
ditions. Treasury borrowing could
savings de¬
should do
as
well or better in this respect
in 1961. But the trend of savings
deposits of commercial banks does
posits
of
But
of
to
of
Demand
^
-'v;:,'
rate.
balance
direct measures, as
Cali¬
tendency
rates
to
interest
Commercial
ing
reduced
discount
and
loss
payments
elsewhere, as has been
in savings and
loan
or
suggested
circles
be
measures
fications in the easy money meas¬
ures
if the
adverse
balance
of
1960. They may not do
well next year if dividend
should
rates
is
short-term
coming
ordi¬
intensify
the* consequent per¬
gold by this coun¬
try, will restrain future steps to
ease credit, and could cause modi¬
already
reflects this.
Savings and loan associations will
probably
have
another
record
in
the
position
sistent
year
as
busi¬
business
Federal
to
money
unfavorable
ments
ing. The mild improvement in the
of
savings bank deposits
quite
in
year,
in
could
expected
easy
reducing
the
trend
this
ease
by
member
banks
with
providing
larger net free reserves and then
condi¬
personal savings
authorities
be
their
discourage consumer spending on
big ticket items that hamper sav¬
reduced..
spend
business
decline
With the
unfavorable,, the
Reserve
from
labor unions,
Tunds
and
individual
investors.
1. / ;:v ■>; ;
:
favorable
the
to
has
to
activity.
trend
money
policy
restraint
beginning of the
response
ness
this
return
a
gages where
tive
yields.
Reserve
from
since the
investors.
dominate
banks
of the market.
shifted
may * come
Less
affected by Federal
credit policy, since the
Federal
are
supplies of mortgage
It
that
that
19
financing would generate.
at levels
be
commercial
pension
spending
equipment
is being cut back here and there,
latest information indicates, be¬
cause many industries are operating far below capacity. There is
less
funds
will
Reserve
new
commercial
individual
oDiigations
,
now
institutions, in¬
companies,
and
year
corporate bond
financing is greatly influenced by
business
plant
and
equipment
spending on the one hand, and by
the corporate cash flow from de¬
preciation allowances and retained
the
of
.
Corporate Bond Financing
for
demand
funds
stimulate
to
buyers.'..'V', ".v^.^Ay-
nomic activity
contracts
help
absorbs
ury
deficit
term
The trend-of short-term interest
rates
mortgage
supplied in
the main by savings institutions.
ket that the
able
in
supply of long-term funds
from thrift
Long-term
thing for the home mar¬
compact car has done
automobile market,
but
ceed the avail -
The
banks
developments
along the lines of shell homes and
prefabrication,
and
"compact"
low-priced houses that would do
demands
new
increase
an
surance
yields, in banking's portfolios.
fluctuations
rate
-
of
contracts.
Short-Term Interest Rates
Supply of Long-Term Funds
comes
desirability of well secured mortgages, where available
the
hance
as
bonded debt that
The
rates, he also perceives, will similarly appear at levels lower
term
supply
source
in tax-exempts.
■
the expectation of an ample volume of
the
this
yields
lower,
individual
purchases are concentrated
bond
consider bonds
savings. So much for the demand
side..
a
on
With
result.
as a
declines,
funds from
as
upon
rates
or
banker
bonds
the
issued by the Treasury
refundings
New York
in
them
first instance. Therefore, new sav¬
For Interest Rates?
Trust
(1779)
R. I. FLETCHER, Financial Vice President
Pa¬
249
20
The Commercial and Financial Chronicle
(1780)
ment
Moderate Liquidation by
Funds as Market Tumbled
MUTUAL FUND,
sorts
Ccntinued from page 1
the
heavy in
of some over-
case
(in which
of course, the holder sacri¬
fices a large portion of the "load"
promoted newer funds
case,
nomic
Incorporated
A mutual fund
v
EST. 1925
STOCK BUYERS
selected for
Prominent
In
highs,
relative
funds,
stoek
the
among
by
Affili¬
M.I.T., M.I.T. Growth, Na¬
tional Investors, National Securi¬
ties Stock, T. Rowe Price, Scud¬
der, Stevens & Clark Common,
ton,
the
& Farnham
United
four
SELLERS
Wellington
Substantial
stocks
mon
Stock,
and
Funds.
sellers
net
the
among
of
a result of excess capacity and
narrowing profit margins.
Walter
the
President of
Wellington Fund, re¬
giant
ports:
Fund
continued
has
com¬
open-end
by moderately in¬
creasing the investment in corpo¬
bonds
through
purchases
i
funds,
sellers
Net
namely
"A,"
open-end
among
funds
included
Fidelity,
Incorporated
Investors,
Invest¬
ment Co. of America, One William
Street,
and
particularly,
State
Fund
I
Street.
made
were
of
some
ance
stocks,
common
because
the
closed-ends,
heavier net sellers
European,
for prospectus or write to
the
Wellington Company, Inc.
American
were
General
closed-end
THE
American
In¬
category.
SOBER
this
statement
Milan D.
Popovic, President of Blue Ridge
Mutual
Fund:
"The well
the
stock
ness
in
nomic
by
market
and
number of
a
activity
the
weak¬
of
eco¬
the
ex¬
areas
confirm
pectation stated in the last annual
that
report
Sixties
Investors!
is
the
beginning of the
duplicating the ex¬
not
pansive Fifties.
again
.
the
have with
which
HOWARD'
Balanced Fund
a
stocks
to
well
as
bank
some
equipment
oils
as
and
some
The
citing of outside factors to
account
for
market
action
and
dices
Mutual:
"Events
the
of
as
steel, construction, and automoIn addi-
tive have been declining.
tion,
almost
Rubin,
American
is
interesting
an
the
time
very
situation,
when
we
are
has
industry
every
P.
congratulating ourselves on having experienced the first upward
postwar business surge without
an
appreciable
advance
in
the
hig'h level, certain industries such
commodity price level, — many
thoughtful persons feel we might
be more closely approaching critiCal inflationary possibilities. They
sharply declining stock market point to loss
of
gold,
rising
averages.
short-term foreign credits, a pos"During the third quarter, we sible renewed Federal deficit of
been experiencing increasing pres-
profit margins. These conditions have
been reflected
in
sure
on
selectively
stock
reduced
our
size.
common
further to 56.55%
at
Sept. 30, 1960, compared to
59.69%
at
June
30,
1960,
and
65.01% at the beginning of the
year.
The proceeds, together with
new
money,
were
invested in
portfolio
1
"Steering a safe and profitable
course through this maze of con-
flicting tides is far from simple.
Some significant degree of caution
is certainly warranted. But most
of the difficulties, other than inflation, appear to be near term
protect your capital, and in certain
consumer
type
companies
and
growth potentials such as
Campbell
Soup
and
Lily-Tulip
Cup.
We plan to continue this
temporary, rather than basic."
Lazard Fund, through Albert J. Hettinger, Jr., Chairman,
and Richard H. Mansfield, President, likewise emphasizes the fa-
highly selective policy while
vorable
The
-
with
rec-
ognizing certain stocks have gone
a
considerable
distance
in
rather
than
the
trouble-
aspects:
SOme
dis-
"Mortgage
counting these adverse conditions.
has been
Barringer of Delaware Fund
Oct. 18):
has
a
more
abl/ndant.
There
been
than
is
money
rather than less
Continued "realism" is expounded in this statement by D. Moreau
"After Dow, Jones
dipping to 569
points, or 17%, below its
peak) the market has taken heart
a bit, and reclimbed a quarter of its
1960 descent. Nothing in the business
news
incomes
sonal
maintained.
longer
should
be
confidence
run
well
The basis for
...
has
our
been
stated in detail.
cal
of
expected future (not present) orders for steel, automobiles,
and construction. In the figures so
visible,
however,
has
there
in
change
no
year.
Opinions, politimay differ on
move,
except for
a
methods; but not on the necessity
optimistic statements for, and the ability of the United
calculated to in-
seems
this
been
speculation,
declining
for
more
Government spending is already increasing, and per-
about
far
excessive
no
an(j money borrowed on securities
(on
(116
about
A
turn
the
steady
and
States
otherwise,
achieve
to
growth.
accelerated
an
selectivity
With
geared
therefore believe a well invested position for
the Fund justified."
to
that
premise,
we
Confidence by One William
was
Continuing
economic
nearly
bought
uncertainties
common
international
the
new
defensiveness
to
by the adept management
of Dreyfus Fund. While this Fund
months have
recent
attempts to minimize the possible
adverse
$19.3
Against such a background,
investment management
prudent
effect
unforeseeable
of
quarter,
million.
sudden'changes in the invest¬ ■buying
climate.
ment
Accordingly,
your
and
common
Furthermore,
selling
stocks
of
serves
stocks.f Proceeds
been
reinvested
:
paper,
in
*
have
.convertible
-issues
and
stocks in the consumer
.
common
Reserves
of
buying
portfolio
income..
This'is
the
function
Investing in bonds,
arid possible growth of
Mutual Investment Funds
of
Investing primarily in
*
>
of
secUr
Accordingly,
behavior
your
recent
prices.
-
A
.
....
,
A
,
.
attitude
constructive
also
was
•
constructive"
"Advantage
decline in the
r
was
.
taken
of
level
of
the
common
attitude is voiced by
Messrs. Ran- ,'stock prices during late July to
and Brown of Tri-Conti- make additional net purchases of
nental (whose "backlog" bond and stocks, with the result that on July
preferred "■ stockholdings how ac- 31, 1960, approximately - 85% of
count
for
14.5%
of
investment yourCompany's
assets
repreassets as compared with 12.7% at sented
common
stocks
of comthe start of 1960):
r
'
panies chosen primarily for their
dolph
"For the longer-term, prospects
business and the market
tinue
to
be
favorable
and
corporation continues to place
• Balanced Series
common
the
assets continue to be; ihr
vested chiefly in common stocks."
;,
for
• Bond Series
by
rity
This
impaired
•Bullock:-:;;
RANGE CONFIDENCE
K
.
con-
,
since 1932
,
policies
on
revealedby
the - Bullock
Fund, through its President Hugh
EMPHASIS ON LONG-
"long-term
based
confidence has not been
tobacco
The-
are
the
promises substantial growth.
to affirm its
power
1
that
long-term economic future of the United States
its
largely m brewing, utility
stocks,
.^hile./lsales
were made largely in
drugs, electronics and metals.
^
and
objectives
fidence
-trated
short-term
in the
is
also
"The Fund's investment
an(j
management has modified to some .defensiveness. For its acquisitions
extent your
Fund's holdings of of common stocks, were concencommon
confidence
fundamentals
voiced
by
Dorsey
Richardson,
President of One William Street
Fund, as follows:
$5,000,000
more
stocks than it sold during
this is significantly
overshadowed by an increase in
its holdings of U. S. Government
securities
from
$5.2
million to
domestic and
preferred, and common
stocks for current income
Stock Fund
At
shown
Fiduciary
complete and unrestricted invest-
principal and income
"it
production ina
relatively
at
Maitland, President of
and
companies. ? We
have turned a corner of
in
held
hold
Shares:
general business condi-
have
to
spectre
decisively by Edward
President of Selected
represented by the Fed-
as
eral Reserve Board
and
generally disappearing
is still retained
so
inflation
follows:
as
value
secu-
represent
though gentle decline of business."
various
declines
Lawrence
by
to
appear
current
The
portfolio policy is typified by the
following statement by James W.
advantage of whatever opportuni¬
ties may present themselves later,
yet at ho significant reduction in
and
"While
tions
have been created in order, to take
industries
seem
farm
upsurge, we may
stable period
contrasting
Fund,
spire
acquired
field.-
more
also
selecting individual
which
good promise for the future."
is voiced
attitude
A.
Sykes, President of Massachusetts
forcefully
utility
Instead of having
Will * contain
growths
■
easy
us
Selectivity Pushed
flurry
it
holding and
and
publicized decline in
rities
The selective
attitude,
scene.
is
electric
We find that in the face of this
in
ATTITUDE
out and
this report."
management's generally defensive
brought
Typical of the renewed caution
Philadelphia 3, Pa.
few
a
relatively unattractive."
I
of the investments shown in
70%
stocks that had advanced
common
only substantial net buyer in
the
of
to levels where their yields from
current dividends were considered
the
vestors, General Public - Service,
Lehman, and, as previously, U. S.
& Foreign.
Tri-Continental was
investment dealer
selected
of
steels.
Among
possibilities.
..
of
issues at attractive yields....
Moderate
reductions
and a
few
new
made
Axe
Science, Commonwealth
Investment, Eaton & Howard Bal¬
anced,
Stein
Roe
&
Farnham
Balanced, and Value Line Income.
capital, reasonable cur¬
rent income, and profit
,
a
strengthened
rate
comprise
presently
They
bonds to enhance your income and
"Your
conservative policy. Since June 30,
the investment program was
building, drug, rubber and insur¬
Stock and
seeking conservation of
EATON &
L. Morgan,
the restricted earnings outlook for
these
issues.
Sales
were
also
stock
.
de¬
a
as
eliminations
STOCKS
OF
Ryan, foresees
other
When Investing
.
our
balanced funds included the three
A Name to Remember
CONSIDER
absolutely and
earning power,
both
to
and Edward
Stein Roe
Ask your
our
plant and,of the whole world has
been modernized and greatly en¬
cline in corporate earning power,
joined,
Shares, Dreyfus, Eaton & Howard
Stock, Energy Fund, Fundamen¬
tal
Investors,
Group
Securities
Common,
Institutional Investors
Mutual, Investment Trust of Bos¬
$00 Berkeley Street, Boston, Mas$,
Balanced
been covered,
management's primary effort continues to be devoted to searching
Fund.
Life
shortages
industrial
Axe Hough¬
were
ated, Bullock, Delaware, Dividend
THE PARKER CORPORATION
a
the balanced
net buyers
of
were
were
open-end
A prospectus on each fund is available
from your investment dealer.
—
,
postwar
These
current income.
*«S$MliND
have
mately 80% of the assets of your
...
stocks made up
sound
Stevens & Clark, and Wellington.
of securities selected fOf
I
The
"...
phasis in its investment policy on
common stock investments.
Your
eco¬
conditions."
ovic continues:
ord
among
stocks
common
Incorporated
WELLINGTON
market
Thursday, November 3, 1960
.
At June 30
approxi-
management.
common
adjust
of
Most importantly, the inflationary
push has been arrested, at least
ton "B," Boston Fund, Investors for the time being."
Mutual, Johnston Mutual, Loomis- : The Boston Fund, through its
Sayles, George Putnam, Scudder, Vice-Presidents, Robert S. Swain
who
funds
Income Fund
A mutual fund investing
and
to
set
new
a
the future, have reached new rec¬
possible long-term growth of
capital and income,
k
8 list
one
investing in a
list of securities
to
leading fund met 297,000
shares of redemptions, compared larged to provide ample supplies
with 368,000 shares of new sales of
everything. Debts, which in
effect represent borrowing from
during the September quarter.
ins;
Investors
will have
we
Citing "bearish" factors, Mr. Pop¬
which he had
paid on acquisition).
However, some of the older funds
also bore the ,brunt of heavy cash-
and
ourselves
.
.
long-term growth characteristics,
It will be noted that princi-
con-
•
your
Pal holdings of
•
•
Company at
your
Continued
em-
on
page
24
stocks for
possible
growth of principal
•
Preferred Stock Series
and income
...
9 Income Series
since 1931
m
:
Stock Series
tJi
-
>
Fund
.
JE & JHL
*
•
Prospectuses available from
your
EATON
Investment Dealer
&
Dividend Series
A Common Stock Investment Fund
rv
#
# Growth Stocks Series
or
■
i
*
♦«**
Investment
*«♦
*
HOWARD, Incorporated
St., Boston 10, Mass.
are
□ BALANCED FUND
□ STOCK FUND
Name
Address
possible
income
24 Federal
Information Folder and Prospectus on Request
*
„
i
*
.
\
..
i
objectives of this Fund
long-term
capital and
growth
for
.Prospectus
its
upon
shareholders.
request
NATIONAL SECURITIES & RESEARCH CORPORATION
•
Etlablithed 1930
.Q
120
,
,
.
.
Lord, Abbi<:tt & Co.
L,
Broadway, New York 5, N. Y.
New York
—
Atlanta
—
Chicago
—
| Los Angeles
—
San
Francisco
fW> ft
—i—r t-i—n1
mi
Volume
192
Number
6000
.
.
:
i
—'rtiv-i1
Issues which
-r-Bought—
Mgts.
'
3
one management
managements sold than bought
in italics. Numerals in parentheses indicate
number of managements making entirely new purchases or
completely eliminating
the stock from their
portfolios. (Purchases shown exclude shares
received through stock splits, stock
dividends, spin-offs or mergers,
both of portfolio
-
companies.
is expressed
split
giving effect to the split.)
Mgts.
Mgts.
Agricultural Equipment
26,900
3(1)
Gypsum
None
None
None
Yale
&
Towne
-International Harvester
115,200
75,700
7(2)
6,000
_
v
-
5(1)
2(1)
-Beech Aircraft
.4,900
3(1)
8,500
2(2)
3,200
2
_
4>C;V
American Agricultural Chemical
American Cyanamid__'__,,;
67,200;
None
Boeing Airplane
Chance Vought
'
1
% Douglas
3,000
8,900
Aircraft-. J
1
None
None
12,600
Dow Chemical..
11,500
Eastman Kodak
12,000
Farbenfabriken Bayer
(DM 50 or equivalent)
3(1)
2(1)
5
12,000
General
3(1)
27,800
Lockheed Aircraft
9(5)
61,400
Ma rtin
8(2)
54,500
North
3(2)
35,000
6,000
2(1)
2
10,800
27,900
American
Aviation
None
2,400
2
V"
Hercules Powder
9.200
■
<
Hooker Chemical
.
20,000
Nalco Chemical
-yv
2
v :;-u
14,600
1
.
None
None
None
21,000
KD
7,000
American Airlines
1
6,500
Eastern
Emery
Air
1,000 ;
Air
^
Freight
_
_
4,000
12,000
___
1,010
_.
None
i__
7,100
33,900
600
1(1)
1
4(2)
City
•
_
Rohm & Haas
Thiokol Chemical
None
4(2)
Massachusetts
2(1)
2(1)
Peabody Coal__
CvV.
9,800
None
None
Pittston
74,800
None
None
8,100
79,400
5(2)
20,500
Fruehauf Trailer
45,800
3(2)
4
51,420
General Motors
82,700
8(3)
1
5,300
6,450
2(1)
5(1)
14,600
American Can
43,200
Continental
1(1)
3,600
2(1)
2(2)
22,000
500
Kl)
3(1)
6,500
6,000
2(1)
Automotive Equipment
1
1,000
2
Briggs &
2
18,600
1
100
1
8,500
3(2)
Dana
1
Bearing-
1
12,500
1
•1,000
3(2)
4(3)
KD
26,500
2(2)
2
6,500
4,500
2(1)
2(1)
31,700
14,400
3(2)
2(2)
5(1)
24,200
12,200
2(2)
6,000
2(1)
21,500
5,000
Battery
:
1,500
2
23,900
2
32,640
Firstamerica
First
Bank
2(2)
2(2)
25,000
r
None
Stock
None
None
3
1
1
None
None
1
Manufacturers Trust
15,000
1(1)
None
None
None
Bancorporation
Northern
Trust, Chicago..
City Bank of N. Y.__
Morgan Guaranty Trust
First Nat'l
None
'
V.
...
;s
23,052
57,300
Coca-Cola
7(1)
44,300
________________
11,500.
3(1)
Chemical_
1
2,000
20,000
National Distillers &
200
2
39,900
10,207
Bestwall
Iceal Cement
1
16,5C0
37,900
Johns-Manville
3(1)
26,500
Lehigh Portland Cement
2'-
12,000
20,500
Otis Elevator
2(1)
2(2)
2
Armstrong Cork
8,900
2(1)
14,500
27,100
Walter
I
None
None
1
1
18,700
None
General
None
Portland
7,000
Cement
Cenco Instruments
Consolidated Electronics Inc
1,500
Control Data
Internat'l Resistance
7(2)
81,000
5,500
2,875
1
"
DISTRIBUTORS
1
50
Stati Stakbt, Boston
3(1)
*
4(1)
5(1)
Do the
Investment
None
None
—
None
ELECTRONICS
1
Interest You?
None
WHY NOT
None
525
-
Continued
Possibilities in
None
3
39,800
-
on
Mass.
2(1)
None
None
—
q,
1
None
None
1,000
:
Internat'l Tel. & Tel
Litton Industries
Loral Electronics
;
'
2
INVESTIGATE
KD '
page
22
TELEVISION
-
ELECTRONICS
FUND,
INC.
*•
.
None
4,000
The
1(1)
Qeorge
f T
•"#;f-
assets are
2(1)
3(3)
primarily
invested for
ble
possi¬
long-term
growth of capi¬
of'Boston
2
•{ V
Invest-;
ment Fund whose
PUTNAM FUND
2(2)
10,000
t
A Mutual
None
45,600
Minneapolis-Honeywell
59,200 ;
—
Inc
AMP
28,000
14,400
23,100
5,400
7,000
Crane
4,000
2(1)
2(2)
3(1)
3(2)
106,000
Carrier
Smith, Kline & French
1
None
American Standard
1,000
—
1(1)
8,000
_i_______
Pfizer (Chas.)
Schering
1
12,000
(Jim)
4
7,000
7,500
None
1,000
Trane
3(3)
4(1)
63,800
13,300
or
7(2)
72,500
your
Investment Dealer
MASSACHUSETTS LIFE FUND
KD
32,600
Parke, Davis
39,000
Prospectus from
None
None
1
5,000
None
2
Merck
None
None
Sherwin-Williams
Founded 1818
-
Warner-Lambert
Carter Products
Lilly (Eli) "B"
Vick Chemical
1
None
_
Trustee
4
Electricals, Electronics and Instrumentation
3(1)
2(1)
7,000
_
3(1)
vfCu&ftilaf
1
1,000
7,500
6,000
2,500
12,500
62,000
Drug
6,400
"
24,400
None
__■
None
3(3)
i;
Building, Construction and Equipment
1
Gypsum
Georgia-Pacific
'
Sterling
Upjohn
None
i v-,:,
Pepsi-Cola
None
;
1
Searle (G. D.)
375
J
2(2)
Beverages and Distilling
5(3)
1
1
1,875
:
.
;>
2
Northwest
9,600
None
1
10,800
3,000
3(1)
6,300
2,800
1,400
15,000
individ¬
an
for each investor.
2(1)
Norwich Pharmacal
Rexall Drug & Chemical
'
Bank.
10,000
1(1)
■■■■■
Manhattan
Chemical Bank New York Trust
•
30,000
'
1
Chase
51,000
trust account
3(2)
KD
Bristol-Myers
Mead Johnson
17,000
4
Gould-National Batteries
2,512
13,000
Abbott Laboratories--!
American Home Products
9,500
2(i)
Banks
2
50,500
Can
ual
1(1)
Lily-Tulip Cup
13,500
Timken Roller Bearing
4,000
2,000
Crown Cork & Seal
5,500
4(1)
Mfg.
Electric Storage
None
2(1)
>
2
21,900 ^
35,700 '
Bendix
Eaton
200
None
200
■
Thompson Ramo Wooldridge
None
1
:
Federal-Mogul-Bower
17,000
None
Stratton
___;i_
providing
for distribution of income and prin¬
Drug Products
Borg-Warner
1,700
,
A balanced mutual fund
cipal in accordance with
Containers
7
2
____
Life Fund
Coal
5(4)
..
4(1)
Automotive
White Motor
State.......
3(3)
Olin Mathieson
Rayonier
66
Name
Street..
23,900
26,453
1,180
1,800
Carbon
du Pont
16,000
York 5
Please send Aberdeen Fund Prospectus..
None
3(1)
tal and income in
companies actively
"A BALANCED FUND"
engaged in the Elec¬
tronics field.
Get the Booklet-Prospectus and rec¬
ord of this Mutual Fund now from
THE
MUTUAL SECURITIES FUND OF BOSTON
PUTNAM
FUND
GENERAL
DISTRIBUTORS
KELLER BROTHERS
(Q
"
Prospectus.
On Bequest
your
GROWTH
200 Boylston Street
Television
Emphasizing possible long-term Capital Growth
:
Shares
Management Corp.
Prospectuses on Request
r
k
115
V
Chestnut Hill 67, Mass.
TELETYPE NTN MASS 630
or
120 S. LaSalle St., Chicago 3,
CO.f INC*
TELEPHONE WOODWARD 9-9400
investment dealer
Putnam Fund Distributors, Inc.
,
!
New York
60
*
•
Name
CONGRESS STREET, BOSTON
Chicago
>
.
\
<
Los Angeles
-
Addrdssi_
«'
Atlanta
III.
Broadway, New York 6, N.Y
V
'
*'
" '
C
CHy-Stote_
.
'
'
i
|
'
■
3(2)
6(3)
______
Diamond Alkali
4,400
1
26,600
20,300
None
21,100
2(1)
Deptl CPC-B7
2(2)
>;v:
1
""
IS William Street, New
11,400
None
1
-
MANAGEMENT CORP.
1
32,600
3,400
Columbian
2
today to:
rDAVID L. BABSON
1
None
1
2(1)
None
Air Reduction
1
9,000
7,000
Lines
mail coupon
KD
1(1)
None
5
or
.
United Carbon___
900
None
_
Pennsalt Chemicals
Stauffer Chemical
Union Carbide
6,000
None
2
None
Kawecki Chemical
Koppers___
Monsanto Chemical
4,000
4,100
20,264
1
Airlines
None
Internat'l Minerals & Chemicals
2
None
-Ryan Aeronautical
United Aircraft
1
20,900
29,600
None
Prospectus from your dealer
1
6(1)
None
____.
None
5,700
28,000
None
None
None
48,100
None
•
„\
Freeport Sulphur
6(2)
1
1,090
2(1)
.__
Food Machinery & Chemical
4(1)
1
5,200
—•
5(1)
6,000
3
23,300
Northrop
Piper Aircraft
;:
24,400
6(2)
Dynamics__________
1
24,653
5,300
1
None
100
ABERDEEN
FUND
'
27,000
.
KD V
KD
1,000
:
16,452
None
66,600
Garrett
3(1)
k
"
2(2)
'2,500
Atlas Powder
,
2(2) v
None
American Potash & Chemical___
•
5,000
5
None
...look into
3(3)
None
___
3,500
■
21,100
_______________
1
_
LONG-TERM GROWTH?
KD
■
Allied Chemical
20,000
2
2
Chemicals and Fertilizer
r
62,732 "
*
2(1)
Aircraft and Aircraft Equipment
4
1
3
2
1,400
Deere
Interested in possible
4(2)
52,300
9,500
_____
Weyerhaeuser
No. of
Shares
Shares
4
U. S.
1,000
19,000
2(1)
No. of
Mgts.
National Lead
3
Sold
No. of
No. of
Shares
5
—Bought—
No. of
No. of
2,500
are
companies or via acquisition of private holding
Number of shares bought or sold prior to a stock
21
-Sold-
NO. Of
Shares
None
by more than
more
(1781)
NO. Of
2
(July-September, 1960)
Issues in which transactions
>*m-w *' \
i
.
The Commercial and Financial Chronicle
.
Changes in Common Stock Holdings of
71 Investment Management
Groups
group occurred.
vw«" *•>,c.-i
|
|
22
The Commercial and
(1782)
Continued from
i*
page
No. of
17,950
Shares
.
equivalent)
or
3(1)
23,000
3(1)
4,600
Sperry Rand
Square D
1
3,000
Sunbsam
_
11,275
KD
1,500
Varian Associates
2
1,500
Ampex
Texas
7,000
2,000
____
_
_
None
Collins Radio
None
None
Cutler-Hammer
General
38,920
None
None
1
13.200
1
3(2)
2
2(2)
::
pectus by mailing this ad to
2(1)
2
LTD.
4(1)
Established 1894
C.
I.
2
5(2)
8(3)
2(1)
3
2,000
.
10,000
42,400
2(1)
8,300
2
Address.
None
Great
None
1
23,752
45,000
47,800
United
1
20,000
Lone
2(1)
6
26,000
7,200
IBM
2(1)
26,500
Pitney-Bowes
1(1)
10,000
Consolidated
19,000
Continental
3(3)
44,800
Corn
None
None
i
Foods
3,500
Friden
1(1)
2
25,000
Amerada Petroleum
KD
3(1)
21,200
Atlantic
1
2
17,200
Refining
Calgary & Edmonton
2
3(1)
20,300
Cities
Kl)
7(1)
114,800
6,300
111,000
Baking
1
Dairies
10,600
diversified,
a
41,500
h
_____
for possible
longgrowth and income.
National Biscuit
19,000
4,700
National Dairy
85,000
Standard Brands
11,800
Swift
30,600
seieeled
term
Wilson
24,200
29,300
Owens-Illinois Glass
2,700
RESEARCH AND
2
MANAGEMENT, INC.
1(1)
N. Y. 5, N. Y.
2(1)
None
KD
ONE
1(1)-
2
8|
None
46,400
1
15,000
Monterey
None
4(1)
62,700
Ohio
None
10(1)
98,800
Phillips Petroleum
11,200
Pure
KD
1
2
None
KD
&
1
4,000
23,700
1(1)
84,100
.__
26,500
Casualty, etc.
Kl)
Co. of No. America.
Fidelity & Guaranty
—
8,000
Black
&
WITH
NO
COMMISSION
OR
SELLING
CHARGE OF ANY KIND. Shares
offered at net asset value.
gtj
mutual fund investing
for growth possibilities in electronics; m
ill
high energy fuels; missiles and other
m
space uses for energy; atomic energy; 0M
a
oil and gas; electric and gas utilities
and other activities related to the
••
energy
fields.
SEND FOR FREE PROSPECTUS
|
Chicago Pneumatic Tool.
1
15,100
Texas Pacific Coal & Oil.
60,000
1(1)
None
Anderson-Prichard Oil
15,000
3(1)
49,800
2
3,000
Standard Oil
(Ohio)
21,699
None
KD
10,600
Champlin Oil & Refining
25,000
Kerr-McGee Oil
25,000
2(2)
KD
5,300
Signal Oil & Gas (A'
25,700
2(1)
56,600
4(1)
8(3)
72,000
—
8,000
Texaco
2(1)
>
7(1)
31,036
KD
2(1)
2(2)
None
None
1
10,000
Joy Mfg
Singer Mfg
None
None
None
None
3.000
2,400
6,800
United-Greenfield
2,500
United
Shoe Machinery
None
None
None
Emhart Mfg..
Leesona
Kl)
None
20.000
None
1
10,40 9
Dresser Industries
None
Kl)
9.030
Allis-Chalmers Mfg..
None
3
5,000
i
2(2)
Warner & Swasey
2
2(2)
2(2)
2(2)
5,300
22,900
2(1)
14.300
3(2)
55,300
...
2,600
33,000
___.
3,100
9,000
__
5(3)
Metals and Mining—Aluminum
6
2(1)
68,500
500
2
4,400
1
20,000
4,500
3
Aluminium
U.
S.
Ltd
Foil "B"
;
_______
Aluminum Co. of America
r—
Kaiser Aluminum & Chemical.
Reynolds Metals
___
5(2)
mi
■MM
pi
ii
Street
4
2
38,000
4,700
3,700
4(2)
18,9^0
Kl)
1,000
Anaconda
14,700
—
Cerro de Pasco
____.
3(2)
525
KD
Kennecott Copper___
None
None
None
Metals
Mm
mi
4(1)
21,000
American
Metal
ii
3(1)
17,500
American
Smelting &
II
1
1,000
4,700
2(1)
:' 2 Broadway, New York 4, N. Y
ill
^
1(1)
8,eoo
4(2)
16,700
1
2,0C0
Mining
—
17,500
Kl)
16,500
3
Other
Inc.
Refining.
Zinc, Leau &
Smelting ____!
Beryllium Corp.
progress
Send
me a
prospectus
to
achieve
possible growth of
participation in
of American
provide
current return on
a
the
business and
fair and reasonable
capital invested.
For prospectus see your investment dealer
send this coupon to
WILLI A m STREET SALES,
Climax.
or
inc., One William Street^. y7 4,"n.y7 "
and literature
on
This onr William Strkist Fund, inc.
Name
>
>
'
i
Address
15,000
5,202
w—
....
«•«*••»*•••
KD
6,000
Brush Beryllivm
Campbell Red Lake Mines,
to
selective
through
industry and
American
and
open-end management investment company
which endeavors
long-term
None
Phelps Dodge____L—_________
Inspiration Consolidated Copper
Distributor
Mm.
An
capital
Metals and Mining.— Copper
RALPH E. SAMUEL & CO.
2(2)
None
:
Tel. Dlgby 4-5300
1
v
None
(N. J.)
2,600
{
IMembers N. Y. Stock Exchange
j
1,100
Standard Oil
None
H!
Write Department C
i
Superior Oil
Skelly Oil
None
3
'
i
2,160
15,448
mm
fffiM
I
r
2(1)
2
1,000
10,000
Ingersoll-Rand
mm
xM'yy
Sunray Mid-Continent Oil
are
wi
•
7,200
6
19,500
s
mm
Energy Fund is
27,800
(Ind.)„
1
1,700
:
1(1)
m
Standard Oil
2(2)
.400
Decker
2(1)
IT IS THE ONLY FUND CONCENTRATING
IN THE ENERGY FIELD THAT IS OFFERED
3
29,000
6
& Wilcox
None
hi
3(2)
30,600
;■
None
•
3(1)
3(1)
wm
21,000
Standard Oil of Calif
1
Gardner-Denver
FUND
Socony Mobil Oil
29,960
1(1)
40,800
Caterpillar Tractor
ENERGY
64,300
4
2(1)
None
2
18,500
3
1(1)
Franklin Life
4
3(2)
1
87,800
Sinclair Oil
21,000
National Life & Accident.
Babcock
None
29,500
6,600
.
named
WM
5(2)
None
Oil—
1
Industrial Equipment
mi
1(1)
48,840
Shamrock Oil & Gas
2
Life, etc.
Aetna Life
3(1)
$M.r
1(1)
2,000
-
1,000
Maryland Casualty
investment fund
rrt
155,000
1(1)
2
10,500
Oil
Royal Dutch Petroleum.
Shell
1
TO,000
an-,-_rr_._
Oil
Richfield
3
25,000
Oil
2,000
Reinsurance
Machinery, Machine Tools and
3
3(2)
1(1)
27,500
U. S.
2,775 '
ii
9,000
36,600
Oil
6(1)
2
4(2)
40,800
General
2,800
19,500
25,500
13,774
County
>
6(1)
4,100
Insurance
22,500
17,900
-
4(2)
_
Hartford Fire_'
None
MM
6
6,400
7(2)
|ZI
mutual
2(1)
2(2)
1(1)
22,600
Gas
6(2)
4,600
.
12,500
15,000
2,488
Hudson's Bay Oil &
Kern
3
1
1
22,500
5,000
None
Fire
—
15,000
Oil
None
.
.__
Owens-Corning Fiberglas
Insurance
1
only
None
1,900
Honolulu
None
None
24,856
Oil
Land
Louisiana Land & Exploration..
.__
_
Insurance
there is
2,500
3
Anchor
3,500
3,100
4
•
26,000
2
19,000
5
67 WALL ST.
2
4,100
request
upon
None
None
None
investment dealer,
from
FUND
_
Pillsbury
2
your
1,600
11,400
—
Hocking Glass
Corning Glass Works
Libbey-Owens-Ford
Prospectus
or
Gulf
Glass
1
3
from
Dome Petroleum
1
2(1)
1
4,000
None
Kellogg
11,200
3(1)
aged investment izY securitiesl
10,200
39,600
-
None
None
None
5,560
5
None
Hunt Foods & Industries.
3(1)
man¬
2(1)
None
Oil
2
None
General Mills
1(1)
investment fund
mutual
1
2
None
None
.
Service
Continental
1
Kl)
32,700
63,000
2
A
—_
3
2,000
None
None
2
.offering
None
;
1(1)
I
-
Addressograph-Multigraph
—
3(2)
1,000
.
1(1)
1,500
3,400
10,900
-
5,000
Products
Foremost
1
1
1
1
2(2)
2,010
Burroughs
1,000
General Foods.
•
Gas
Star Gas
1
_
3(1)
1
Union Texas Natural Gas 'A'—
55,400
California Packing
Campbell Soup
2(1),
Transmission.-.-—_
Gas
23,900
2
INC.
None
1
Oil
Borden
2,000
None
3,900
7,000
13,000
15,000
20,000
800
58,700
1
1(1)
None
2(1)
Armour
3(2)
FUND
6,100
None
Republic Natural Gas
Southern Natural Gas
Tennessee Gas Transmission...
4,100
2
PIONEER
1
None
Peoples Gas Light & Coke
Texas
Food Products
4(1)
Pipe Line__
5,000
None
Office Equipment
None
Pacific Finance
38,500
Eastern
Panhandle
22,800
20,000
.
None
125
18,600
Gas.
None
2
2(1)
None
Financial.
(Walter E.)
3(2)
Natural
1(1)
Nope
None
Household Finance
35,800
None
500
__
Financial..
Western
Heller
Northern
3(1)
2
;_
Gas
Natural Gas
KD
14,500
None
—
None
3,500
None
58,000
Producing..
Gas
Interstate
Mississippi River Fuel
3,500
2(1)
Commercial Credit
First
3(2)
Name.
4(1)
,
3
1(1)
El Paso Natural Gas
17,500
1
6,000'
,1
4
15,300
600
Gas
Natural
States
Colorado
37,000
40,200
1,400
54,000
Charter
Consolidated
2(1)
Finance
1
new york 5
19,255
3
(4(2)
L
4(1)
wall st.,
one
2(1)
1(1)
2,386
67,000
Arkansas Louisiana Gas
27,800
Financial
T.
Coastal
2(1)
65,000
6,000
5
2(2)
1
126,000
_____
Associates Investment
54,400
American
2
2
1(1)
Natural Gas
8(4)
51.700
Beneficial
6,700
11,700
25,600
2(1)
.
Westinghouse Electric
27,200
3(1)
28,100
,
Finance Companies
4
CALVSN BULLOCK,
26,000
4,400
_
Sprague Electric
58,200
3
7,300
■
3(1)
in "growth"
stocks. Send for free booklet-pros¬
A mutual fund investing
10,000
53,500
_
RCA
None
64,500
6,000
1,500
McGraw-Edison
31,100
None
v.
2.400
Electric
Philco_
:
1
3,800
_
Hewlett-Packard
3.000
5
i
6.100
_
_
None
1(1)
•
Mgts.
2,000
16,000
Jersey Zinc
St. Joseph Lead
Utah Construction & Mining
International Nickel
New
4,000
None
2,500
Instruments
_
2(1)
5,000
None
_
_
1
No. of
Shares
Shares
KD
6
38,615
_
__
Mgts.
No. of
No. of
3(1)
—
_
8(1)
,,
Mgts.
1
Philips' Lamp Works
(fl. 50
4(1)
No. of
No. of
Shares
7(1)
Sold
No. of
-Sold-
Mgts.
Thursday, November 3, 1960
.
.
.
—Bought—
21
-BoughtNo. of
Financial Chronicle
1
7,500
KD
City...
t
t««i
t
•••••••
«
pc
—
State
,
ui.O
Volume
192
Number
6000
.
.
The
.
—Bought—
Sold
—Bought—
No. of
No. of
No. of
No. of
Shares
No. of
Shares
Mgts.
Mgts.
Paper and Paper Products
5,500
2
6,000
Container Corp. of America
Fibreboard Paper Products.
2
1,900
Kimberly-Clark
12,300
Scott Paper.
None
26,900
93,000
38,590
21,371
__
Crown-Zellerbach
19,000
International
Paper
St. Regis Paper
Union Bag Camp Paper
4,400
_•
None
3
....
-
.
2(1)
\
1
;
4(1)
—
900
•
J
Central & South West.
16,124
4
5,452
1(1)
Commonwealth Edison
900
3
3
10,000
2
16,500
72,716 '
Duke Power..,.
;
Empire District Electric..
2
1
V
2,000
3(2)
Florida Power & Light
General Public Utilities.....!..,
2(1)
19,750*
Hawaiian Electric
2(1)
6,800
3(3)
15,500
4,300
2
8,900
1
10,000
Kansas City Power & Light.....
17,400
Kansas Gas & Electric
1(1)
10,000
2
14,000
Long Island Lighting
Middle South Utilities
1
*
.
Iowa-Illinois Gas & Electric
25,500
6
l
None
None
•
3(1)
1(1)
1
3
None
2
2
26,500
2(1)'
3
3(1)
37,600
Niagara Mohawk Power
19,454
3(2)
23,900
1
N. Y. State Gas & Electric......
1
•
1(1)
1 '
197,400
2,000
2(1)
14,500
Pacific Lighting
2(1)
4,500
51,775
1
5,000
2(1)
\
y
8,000
>>
1(1)
16,100
None
Savannah Electric & Power
1
66.200
31,800
Southern Co.
24,800
11,200
4(1)
37,400
Texas
Union
Electric
7,000
Wisconsin Electric Power
(Mo.)
None
Atlantic
None
Central Illinois Public Service__
1(1)
Electric
Delaware Power & Light
21,300
40,000
None
2
16,000
term
1
income. Prospectus may
None
1
28,500
LoriUard
2(1)
1
9,700
3(1)
16,900
9,100
2(2)
*
2
5,500
Virginia Electric
17,000
8(2)
41,600
4(1)
4(2)
Mfrs...
None-
—
2(1)
1
2(1)
34,300
Western
10,200
General Telephone & Electronics
Union
2(1)
10,000
2
3,000
1
2,600
1
Tobacco
28,600
r
FUNDAMENTAL
62,809
3(3)
2(1)
29,800
4
3
14,300
3(3)
American
31,700
1
News
Crowell-Collier
2,000
2(2)
17,0C0
Grolier, Inc.
Harcourt, Brace
Prentice-Hall
4(4)
17,070
Western Publishing
6(6)
46,900
-
1(1)
None
4,000
•
None
i.
*
2
1
11,100
.'
5,000
None
None
28,300
Motorola
2
10,000
United
5(3)
31,600
Zenith Radio
1
; >
_
2(2)
900
17,000
None
s
^
5,000
500
l.J-.-ii-i-jll-l-j:'*"l,500
Magnavgv
Metro-Goldwyn-Mayer
None
„
Artists; --X--X—None
.,
■
Paramount Pictures
General
100
.=
None "
'1(10
;;
800
2(1
,
24,500
1,100
1(1)
7,400
1
...
6,000
1(1)
Robbins..........
100
)}■■
25,800
Newmont Mining
.30,500
2(1).
5(1)
•
Newport
Process
News
"
Shipbuilding
2
25,200
1,862
7,500
7,925 v Polaroid
4(1)
2(1) \
—
Photo Produits Gevaert........
1,900
None
1-
Harris-Intertype
McKesson &
2(1 Xy
;
None
Instrum...
1(1)
17,200
!
y
None
None
Houdry
3
2
None
10,000
3(1)
3,000 '
.
'•
:
1
t
Corp
America
7,000
Hertz
None
6,000
2
1, \
8,000
Foote Mineral
2,000
2
None
None
&
None
2,000,
1(1)
2 r.-h
1(1)
None
1(1)
Procter & Gamble
3,000
1
Ryder System
6,700
None
None
None
None
5(2)
2
15,200
1
3,500
2
13,500
1
1,600
Chicago,
1
9,000
Great Northern
1
9,6C0
Norfolk &
Western
2,100
Pittsburgh
&
1(1)
1
2
None
2
1(1)
1
3(1)
•.
Atlant'c
Coast
Line
RR
6,000
Baltimore & Ohio
Island
2,515
&
Pacific
2
1(1)
11.000
: 1
1
/
1(1)
1,000:
Erie.......
10,400
1(1)
■
1(1)
60,600
22,000
3
-
:"■■* 3(1)
Illinois
—
Chicago & St. Louis
Seaboard Air Line
...
11,200
43,500
k
2,100
Southern Pacific
Southern Railway
115,000
69,100 J
Gillette
2
22,000.
._...
3(1)
..
5,000
Halliburton Oil Well Cementing
10,500
2(1)
None
None
Minnesota Mining & Mfg_______
61,100
5
None
None
Nat'l Malleable & Steel Castings
16,300
2(1)
Outboard Marine
31,500
3(1)
-1,558
2
1
200
1(1)
2,500
2(1) 1
The
...
Universal Match ___!___________
foregoing: tabulation
(und<»r. nine
"Balance
65,000
"
'
3(1)
'
6,000
1
1(1)
3,000
....
—
24,000
-
Denver & Rio Grande Western_
25,000
2
Fansteel Metallurgical
4,000
2,900
•;
'
300
Lake
Central
1
2,020
1
29,700
N. Y.j
17,300
Avon Products
1(1);
Union Pacific
7.000
Unilever N. V
(fl. 50 or equivalent)
.[
-2
34,000
None
Tennessee Corp
41,500
8,100
Chesapeake & Ohio...
Rock
27,130
6(2)
Railroads
.>
4(2)
12,000
;
....'
Camera
stocks
None
74,500
!.
1(1)
XI
r- -
"
Fairchild
9,500
1
1
500
^
6,000
;
2(2)
Columbia Broadcasting
6(2)
Diebold
2
None
8,600
1
10,000
;
1(1)
None
American Broadcast-Paramount
y
Colgate-Palmolive
common
1
None
Brunswick
25,400
y
2(1)
Radio, Television and Movies
4(1)
39,000
2
None
None
-
1,400
3(1)
None
None
'
500
Investing in
selected for possibilities of growth
in income and capital
1
40,000
American Machine & Foundry.
American Photocopy Equipment
Bell & Howell...
26,000
2
:
2,760
American Export Lines
American Express
American Greetings
47,800
6(2)
;
INVESTORS,i«
6(2)
»
Aeroquip
28,600
44.400
Publishing
2
DISTRIBUTOR
3(2)
12,500
(P.)
Reynolds
500
4
27,500
1(1)
-
GENERAL
3(2)
39,400
Morris
Philip
1,200
2(1)
Tel
Michigan Street
Milwaukee 2, Wisconsin
Miscellaneous
Telephone & Telegraph
American Tel. &
write:
None
19,125
Burlington Industries
Stevens (J. P.)
28,600
1
Public Utilities
or
207 East
3(1)
4
162,200
dealer
Edgar, Ricker & Co.
5(3)
40,800
2(1)
14(4)
be ob¬
investment
Tobacco
1
Public Service of Indiana
Minnesota Power & Light
Power
your
None
7,000
&
long-
growth of capital and
tained from
>
2(1)
16,000
American Tobacco
2(1)
3
1
y
United Merchants &
5,200
None
None
di¬
2(1)
American Viccose
1
2
10,000
None
5,000
6,300
None
1
9,700
8.700
Edison
2,000
1
2
None
None
Toledo
1(1)
selected for possibility of
6,100
30,000
a
1
8,000
2(1)
1
56,200
4,000
Utilities
City
5,000
.
Fund, Inc. has
versified portfolio of securities
5(1)
Youngstown Sheet & Tube
47,500
1924
A MUTUAL FUND
3(2)
15,000
5,000
Jones & Laughlin Steel
Republic Steel
U. S. Steel
38,500
y\;
IN
Textile and Rayon
2(1)
4(1)
1,500
Tampa Electric
ORGANIZED
3(2)
6,300
Inland Steel
500
.
None
Carpenter Steel
Copperweld Steel
1,000
None
Southern California Edison
3,000
700
None
None
South Carolina Electric &
2
Armco Steel...
1
55,400
5,800
21,500
7(2)
12,000
3
Signode Steel Strapping
Wheeling Steel
2
'
2(1)
7(3)
2
8,000.:
PA.
WISCONSIN FUND, Inc.
4(3)
34,000
10,400
CO,
10,
,5(1),
.
500
...
___.
&
PHILA.
6(4)
150,500:
2
1
1
;
None
Gas.
2(1)
8(3)
BAILEY
BLDG.,
2(1)
181,200
16,200
Bethlehem SteeU
Mesabi Iron Ore
1(1)
None
18,700
:'1
National Steel
1
5,000
Rochester Gas & Electric
San Diego Gas & Electric.,....
1(1)
A.
TITLE
Wisconsin
7,600
None
None
Puget Sound Power & Light—
3,000
14,000
2(2)
2
______________
!
;
2(1)
1(1)
51,450
13,000*.
Public Service of Colorado
Public Service Electric & Gas..
4
".!
Goodyear
U. Sr Rubber
3(1)
None
Ohio Edison
Oklahoma Gas & Electric.
Pacific Gas & Electric..
LAND
2(1)
58,700
21,400
Goodrich (B. F.)—
8,000
.
1
Northern Indiana Public Service / None
23,100
845
1,500
*
General Tire & Rubber...
1 Firestone Tire & Rubber.—-
200
5
Montana Power
2(1)
GEORGE
2(2)
2(1)
27,300
45,900
13,150
,
Montgomery Ward
Simpsons Ltd
2
Steel and Iron
25,500
9,700
19,500
10,200
1
17,000
99,000
15,000
Send for FREE Prospectus from your
Investment Dealer or
1
5
2
Personal
1(1)
17,500
2
capital and
Pennsylvania
Property Tax.
15,000
15,000
9,200
-
None
1
•
1
possible long
of
growth
income. Free of
Rubber and Tires
4(2)
2(1)
4(2)
term
None
1(1)
.
3
None
1,000
'
Grand Union
4,100
None
.
Bond Stores
1,000
None
rities selected for
1
None
2
32,300
1
in
Safeway Stores
Sears, Roebuck
Woolworth (F. W.)____
None
1
26,600
.
A MUTUAL FUND investing
a diversified group of secu¬
i
28,600
27,700
1
12,300
1,000
11,700
14,000
> 5,700
1(1)
1(1)
1,550
i
Macy (R. H.)___!_
Penney (J. C.
45,500
None
2(2)
20,000
Loblaw "B"
38,500
5(1)
1
10,000
3,800
24,000
40,600
Kroger....
20,500
None
V
None
None
Houston Lighting & Power
Illinois Power.....
5,000
3,900
-
2
1
2(1)
Great Atlantic & Pacific Tea__.
2(2)
None
3,000
17,500
67,815
$30
1(1)
6,000
Grant (W. T.)
3(1)
1(1)
,1
2,175
....
37,000 '
1(1)
1(1)
;
None
31,000
T00L Shares may be systematically accumulated in
'■
,,
amounts of
.....
15,200
2
None
4
'
^Associated Dry Goods
Federated Department Stores
Gimbel Bros.
56,500
-
2
1(1)
27,100
!
3,300
2
2
2,000
Detroit Edison
1(1)
3
22,100
1
•
'
None
5,700
Consumers Power
;T
1
None
Community Public Service
Consolidated Edison (N. Y.)
9,000
1
12,000
...
Aldens
•
2,800
3
3,500
23
or more.
2
23,200
II P/**
2(1)
1,666
Retail Trade
3
1
r\a
None
2(2)
17,100
Cleveland Electric Illuminating.
Columbus & So. Ohio Electric..
2,000
11,700
.
Pullman
-;
2
24,000
None
22,000
Gen. American Transportation..
Westinghouse Air Brake
200
,
.
10,900
2(1)
1(1)
i >
,
Mgts.
American Brake Shoe
1,300
•
Electric and Gas
2(1)
1(1)
2(1)
f
i
No. of
ACF Industries
7(2)
11,313-» American Electric Power.3,000
20,000
Baltimore Gas & Electric.
7,500
29,900
Calgary Power....
None
2,100
Central Maine Power
9,500
4(2)
No. of
Shares
8,800
10,000
3
2(1)
.
,
2.
Public Utilities
l
Railroad Equipment
2(2)
1
None
Champion Paper & Fibre
None
2
\
,
1
1(1)
2(1)
2,200
None
None
1
12,000
.
-
v
'
•
1
None
-
Sold
Shares
None
-
(1783)
Mgts.
11,5C0
y*
.
Commercial and Financial Chronicle
No. of
3
,
-.2(2)
4(2)
Purchases
different
Between
and sales
period from July I
also
includes transactions
managements)
Cash
and
in
Investments
addition
of
86
to
by nine investment companies
those
shown
by Wellington Fund included above and in
through August 31, I960.
in
our
tabulation
Investment Companies."
;
'
our
article
Hugh W. Long and Company
Incorporated
are
for
the
Westminster at Parker
•
Elizabeth, New Jersey
•4
>
-
24
The Commercial and Financial Chronicle
(1784)
.
.
Thursday, November 3, 1960
.
>
buyer of 1,500 shares in Loomis-
Moderate Liquidation by
Funds as Market Tumbled
Continued from page 20
the end
below
July
were
selling well
high levels of recent
in this area,
Investments
years.
if
of
their
ATTITUDE
carefully
selected,
would
ap¬
offer considerable oppor¬
pear to
tunity for the longer term."
TOWARD
INVESTMENTS
OVERSEAS
The securities of prospering Eu¬
continued to oe well bougnt
rope
fund managers. Typifying the
motivation for portfolio inclusion
by
TRANSACTIONS IN
Sayles, while Madison Fund added
to its previous hold¬
Schlumberger Ltd., which Aircrafts Flying High
performs
important services ..to
The best bought stock in this
the world oil industry, was bought
dynamic group was Martin, bought
into newly by the Affiliated Fundby nine managements (including
American Business Shares group,
five initial buyers)
and sold by
shares
400
ings.
to the tune of
ian
35,000 shares. Brazil¬
Traction, the low-priced util¬
giant, found a buyer in de
ity
Vegh, which added 14,000 shares
to
its
holding.
On
the
other
only
Largest
one.
buyers
similarly
positive
the
George
\)\
Trust of Boston
bain.
A balanced Mutual
income
current
long-term
growth
and
Fund
and
for
possible
of
income
capital.
1
They
tensive
tion
made after
were
research, including inspec¬
of
plants.
U. K. Governments Attract
-■ji.
also
and
The Chase Fund
of Boston
A Mutual Fund for
the
prospect
gain under the
of
capital
easing British
bought for the
first time by Incorporated Inves¬
tors, Scudder Stevens & Clark, In¬
rates,
money
stitutional
now
were
Foundation
Fund
and
possible capital appreciation.
George
Prospectuses
United Kingdom Treasuries, while
the
other
three
bought British
Putnam
Incorporated
may
be obtained from
Investment Dealers
or
Fund
Investors
War Loan 3%s.
tual
DISTRIBUTORS
CORPORATION
75 Federal St., Boston 10, Mass.
Fund,
bought
the
on
issued
Boston.
bought
The de Vegh Mu¬
$117,000
newly
of
other
worth
hand,
even
greater yield
widely sold issue was
Merck, disposed of by seven man¬
which
differential
bought
and
followed
by
none;
Ward
Montgomery
by
has
halved
its
MINDED INVESTOR
was
only
Telephone
General
one.
&
Electronics, which during the pre¬
vious quarter held the top selling
position, was sold in the Septem¬
ber quarter by six managements
and
bought by only
due 1962 of Siemens &
Halske, the
largest German producer of elec¬
trical equipment and electronics.
Other International Leaders
Of
,
Royal
booklet-
t h
international
e
Dutch
Petroleum
;stocks,
did
not
appeal, with five
sellers almost offsetting six
buy¬
ers.
Similarly, six sellers of for¬
merly favored Philips' Lamp Works
nearly equalled its seven buyers.
prospectus
describes
of
CROUP SECURITIES, INC
An investment in the
growth
possibilities of selected com¬
mon
stocks of the oil and gas
industry is offered by this 25
year-old mutual fund.
one.
'
Only three issues
sold by
were
.Stale.
DISTRIBUTORS GROUP, INC.
80 Pine
Street, New York 5, N. Y.
INDUSTRY GROUPS
"negative"
One
was
toward
William
Street, which during the quarter
sold all its Bankers Trust
Chase Manhattan
ical
Bank
(20,000),
(20,400), Chem¬
New
York
Trust
in
First National City of
New York (12,852) and Manufac¬
turers Trust
(15,000).
Mutual
Fund
which
Federal
National
Beverages Sparkle
Soft
drink
following analysis of port¬
changes, reflected in our
tabulation, starting on page 000, of
transactions in nearly 450 stock
stocks
continued
their
attraction, with Coca-Cola
bought by five managements and
Pepsi-Cola by seven; both issues
ment
each.
only
one
Largest
manage¬
buyer
of
in
seller
no
this
of
issue.
The
only issue in this group
disposed
few managements without
offsetting buying was Pacific
of by a
any
Finance.
Foods
Moderately Stocked
this
In
Borden
group,
was
bought by four managements in¬
cluding
Incorporated
Investors
(39,100 newly), Investors Mutual
(8,500)
and
Delaware
(6,100),
while
the other hand Affiliated
on
eliminated
Funds
its
block
is
based
on
not
on
the
buying
the number
number
Glass Stocks in Mild Demand
this
In
category, Owens-Illinois
buyers, while
Glass attracted five
being
sold
by
led; by
were
two; the
Investors
buyers
Mutual
(16,700). Buyers balanced sellers
Libbey-Owens-Ford, although
the close-out of 43,000 shares by
Chemical Fund was a particularly
large sale; the buyers were led
by- the
United
Funds
Group
(18,000).
in
Machinery Stocks in
Fair Demand
»
Among the
machinery
heavily bought
equipment stocks
more
and
Caterpillar Tractor, of which
Wellington bought 13,000 shares,
joined by three other funds; with
was
two
close-outs
Delaware
being
Axe
and
made
"A."
Of
of shares
or
National
Securities
Stock
Series
bought 6,000 shares initially; there
was no seller of this issue. Neither
there
Denver,
any
seller of Gardner-
Chicago Pneumatic Tool
or
Singer
Manufacturing.
Of
Gardner-Denver, Broad Street In¬
vesting bought an initial 12,500
shares, while a large buyer of
Chicago Pneumatic was Funda¬
mental
Investors
Metals Shine
(24,000).
Moderately
Coppers,
which were in some
disfavor during the June quarter,
returned to moderate favor during
the September quarter. Especially
Anaconda, previously a target of
concentrated
selling,
was
liked
better, although opinion was by
no
means unanimous.
Its largest
buyers
were
the
Bullock
Group
of
the
dollar amounts involved.1
During the
it.
The
British
to
added
its
Bayer.
America
of
2,000
American
holdings of FarbenInvestment
newly
bought
Co.
3,000
Hoogovens, the leading
steel
producer.
On'
the
other hand 10,700 shares of Montecatini were sold
by the United
Funds Group.
Photo
Gevaert, the world's sec¬
largest producer - of photo¬
graphic paper, found an initial
ond
fund
September
managements
favored
A
was
cal,
equipment,
coal,
tronics,
ment,
building,
container,
insurance,
oil,
paper,
chemi¬
drugs,
office
radio
elec¬
equip¬
TV,
and
railijoads, railroad equipment,
re¬
Aluminum, automotive, rubber
and
tire, steel
and
Nationally distributed through investment dealers by
Deiajvare Management
tail trade and tobacco.
textile-rayon
901
Market Street
Co.. Inc.
Wilmington 1, Delaware
stocks, all were more heavily sold
than
bought. *•
l - -
V./ V
r
:
by
In-
gersoll-Rand, the United Funds
Group, among others, increased its
holdings by 13,000 shares, while
selling,
or
of
23,900 shares.
folio
issues
this
40,000 share new investment
a
and
was
(15,000),
being sold by
The
tive
Boston
shares
shares
City
stocks
Mortgage Asso¬
four or more fund managements,)
ciation ("Fanny Mae").
without finding a buyer:
of
CPC
■
2,500 shares by DomiDelaware, respectively.
Particularly
bank
Guardian
Chemical Fund, Investment Trust
selling
company of the group, Uni¬
lever Ltd., was bought
newly by
Niagara Share.
In
addition
to
Dutch
Addreii
and
and
stocks
thoroughly
mixed
attitude
displayed towards agricul¬
tural equipment, airlines, automo¬
America
of
Name.
3,000
nick
—
top
larity with six managements buy¬
ing and only Investment Co. of
fabriken
Mail this advertisement.
its 6,000 shares, joined by sales of
Better-bought
growth-type group included CIT
Financial, of which Incorporated
Investors was
the largest buyer
with an initial 31,400 shares, and
First Charter Financial, with Na¬
tional Investors the largest buyer
quarter,
particularly
aircrafts, beverages, fi¬
nance, food, natural gas, utilities
and publishing stocks. Also fairly
well bought, although to a more
moderate
degree,
were
bank,
glass, machinery and metal stocks
(other than aluminum).
Unilever N. V. extended its
popu¬
Petroleum Shares
'was
close-out of
Companies Retain
Moderate Favor
newly bought 2,000 shares of the
managements
retain its former
i
seller
a
interesting acquisition, al¬
though not strictly in the field of
general banking, was made by
UNDISPUTED SELLING
TARGETS
largest
no
An
sterling securities.
Merck,
Minnesota
Mining
&
Interestingly,
Tri - Continental Manufacturing, and Montgomery
which, notwithstanding its name, Ward.
has only U. S. and Canadian secu¬
rities in its portfolio,
ATTITUDE TOWARD
during the
September quarter invested $500,000 in a 5%%
promissory note
Corp., with
and
than do the
FOR THE GROWTH
The
Lehman
dividend.
sold by six managements
bought by none.
Interna¬
tional Paper was sold by seven
managements while acquired by
It
the
of
German
Railway
6V2% Loairt due 1972, which offers
an
buyer.
The most
agements
British Government bonds, with
their attractive yield differential
disfavor with three sellers and
DIS FAVORED STOCKS
ex¬
Finance
Wellington (15,000), Delaware
(14,000 newly), and Loomis-Sayles
(10,000 newly). A close runner-up
was North American, which found
only buyers. The eight fund man¬
agements
acquiring it included
Shareholders'
In¬
newly);
(37,000
by Delaware Fund.
were
...
Incorporated
was
largest
buyer of Pepsi-Cola, Fundamental
Investors (22,100), followed by an
initial acquisition of 11,000 shares
vestors
of such issues is this statement by hand, all holdings in two African
view is the management of Lazard Fund: mining companies, namely O'okiep
by
Putnam "Measured
by
official
indexes, Copper and Tsumeb Corporation, the United Funds Group (19,000),
were eliminated by U. S. & For¬
Fund of Boston, thus:
business activity is 20% or more
Shareholders'
Trust
of
Boston
eign Securities.
(10,000 newly), National Aviation.
"The year 1960 entered on an higher than a year ago in Italy,
(7,500) and Consolidated Invest¬
optimistic economic tone; it is Austria, Japan and India; 10% or
POPULARITY WINNERS
ment Trust (6,000).
more in Germany, Norway, Neth¬
As indicated
closing on a note of caution and
erlands and Belgium, with more
above, both Martin and North
uncertainty.
Investors
are
in¬
During the September quarter
American Aviation ranked among
modest gains recorded in every
creasingly concerned over the all
top honors as by far the best
the four best
other nation of commercial im¬
bought stocks in
too familiar headlines "Sales up—
bought stock went to American
any
group
during the
quarter.
portance in the free world. In the Tel. &
earnings off."
No one can say
Tel., which was acquired
United
Aircraft was bought by
absence of available seasonal ad¬
for sure how long the current 're¬
(four
by 14 fund managements
(10,000
newly),
it
is
impossible
to of them newly) and sold by only Loomis-Sayles
adjustment'
may
last,
or
how justments
Shareholders' Trust (8,000 newly),
measure month by month fluctua¬
severe it may become.
four.
In
the
Our pres¬
preceding quartei
and National Aviation (7,500), and
tions, but the fact that in the ATT had been much less
ent
policy, which is subject to
favored,
was
sold only by United Income
latest month for which data are
having been bought by six man¬
constant review, is to lean on the
Fund (all 21,000).
available
unemployment
(often
agements, while sold by three
hopeful side."
negligible)
reached
its
lowest Runners-up were Phillips Petro¬
Finally, National Securities & point in years in Austria, Belgium, leum, Martin, and North American Continued Demand for
Bank Stocks
Germany,
Norway, Aviation
Research, f sponsor and manager France,
(which latter had been
Sweden and Great Britain indi¬
the No. 1 stock during the June
With easing money rates s posK
of the $440 million National Secu¬
cates overall continuing recovery
quarter), followed by Texas In¬ sibly forecasting lower bank earn¬
rities
Series
of
mutual
funds, in Europe."
struments. '
...
,
ings these issues failed to attract
does not expect a protracted stock
Lazard Fund continues to de¬
as large a following as in previous
market decline. "Many individual vote a significant portion of its
quarters, although still being
"UNANIMOUS"
securities which have already re¬ portfolio to European stocks; as
bought oni balance.
Three bank
FAVORITES
of Sept. 30, Royal Dutch Petro¬
holding company stocks elicited
corded substantial price declines
leum and Philips'
The
Lamp Works
following* seven
issues, buying without any offsetting sell¬
appear to us at current levels to were its second and third
largest bought by four or more fund ing.
These
were
Firstamerica,,
offer sound long-term values and holdings, respectively.
First Bank Stock and Northwest
managements,
encountered
no
Chemical Fund accelerated its selling at all, all transactions be¬ Bancorporation. Bank of America
relatively attractive yields."
was acquired by the United Funds
investments in shares of leading ing on the buying side:
Group; (41,000);
First
National
European chemical companies,
Commonwealth
Edison,
First
Bank of Boston was bought by
which it had initiated, to a small
Charter Financial, Harcourt,
MIT (12,000); Hanover Bank was
extent, during the June quarter.
Brace, North American Aviation,
added to by United Income Fund
These investments were made in
Peabody Coal, Tennessee Corpo¬
(12,500). On the other hand, Mor¬
Unilever, Badische Anilin, Far- ration and Western Publishing.
benfabriken Bayer and Saint-Gogan Guaranty Trust remained In
A
taken
Coca-Cola
THE
FAVORED GROUPS
f—
•
•
T".
.5
•
,
J
..
-i
Volume
192
Number
6000
with 13,000 shares and the United
Funds Group with 20,000 shares,
Investment Co.
while
of America
Commonwealth
and
Investment
their
6,000
and
4,700
respectively. Bought by
four
managements, without any
dissent, was Phelps Dodge which
had its largest buyer in LoomisSayles (11,500 newly). Kennecott
all
sold
shares,
Copper was bought by three
agements, again with
American
Metal
its
none
selling.
Climax
in
largest buyer
Foundation Fund
man¬
found
The
.
.
.
Commercial and Financial Chronicle
this
group, and indeed the most
popular of all stocks, was ATT. It
was
nought by as many as 14 tuna
managements
(including
four
newly) and sold by only four. Tne
largest buyer was Dreyfus Fund
(45,000)
followed
by
Fidelity
Fund
(27,100), Incorporated In¬
vestors
(25,000 newly), Madison
(14,000),
Broad
Street
(13,000)
and others; the largest seller was
National
Securities
Stock
Best
bought stock
in
the
elec¬
(15,000 newly), tric utility field was Southern
Loomis-Sayles disposed California Edison, whose seven
of
all its
17,500 shares.
Brush buyers included United Accumula¬
Beryllium
continued
in
favor, tive (20,000 newly) and Dreyfus
with four buyers and only one (13,000
newly);
the
principal
seller.
The
seller was MIT which closed out
largest
buyer
was
Atomic Development Mutual with its 66,100 shares.
Also in favor,
initial
an
investment
of
11,000
shares.
-
There
only scattered buy¬
ing of gold stocks, prior to their
recent
was
somewhat
short-lived
re¬
turn to market favor prompted
the London "gold rush."
Opinion
.
national
divided
was
Nickel, with
ponderance of selling
i
fund
sellers
v
over
managements;
-
One
were
its
pre¬
buying
largest
William
Commonwealth
Edison, bought by four and sold by
none. Large single transactions in¬
cluded
an
initial
investment in
50,000 shares of Central Hudson
Gas
Electric
&
Street
700
by
shares
ington
of
Fund
made
nickel
stocks,
June
favor
enjoyed
quarter,and,
accounted
during the
is
for by the
which
probably
current low
operating rate-in the U. S; steel
industry, principal consumer- of
the
white
in
disfavor,
Groups."
favored
see
shares
MIT
Interest
in
and
was
as
quarter.
-
more
gas
stocks
widespread
fairly
well accentuated
with the preceding
compared
Best liked
in
this
group
Arkansas Louisiana Gas and
were
Peoples Gas Light & Coke.
largest buyers of the former
Madison
Fund
with
and
its
were
with
10,000
high-priced
the only seller,
was
disposing
The
10,100 shares
George Putnam
shares,
while
the
Nelson Fund
of
Affiliated
Ohio
of
also
Edison,
of
30,000
bought
while
Wellington Fund
huge 197,400-share
Opinion was also divided
block.
its
or
unfavorable
to, Atlantic
City Electric, Delaware Power &
Light, Public Service of Indiana,
on-,-
and
Virginia Electric
others.
&
Power,
Publishing Stocks to the Fore
600
shares.
Of
shares, stood out as a favorite
buying target during the Septem¬
ber
quarter.
wellParticularly
bought was a new-name stock in
the
market,
namely
Harcourt,
Brace, acquired by six buyers.
These
led
were
panies,
by the sister
Lehman
American
and
General
each, followed by American Euro¬
pean
(8,000), United Continental
(7,200),
Madison
(5,315),
State
(3,885)
and
Dodge &
Cox
(2,500),
all
new
purchases,
of
without any seller.
Also
bought was Western Publish¬
Auto
Opinion
was
in
est
automotive
equipment
stocks, although the two buyers
of Dana Corp. included National
Securities Stock with 9,000 shares
and Axe "B" with
9,600 shares.;
There
no
only sellers, with
buying, of Eaton
were
offsetting
Manufacturing and Timken Roll¬
Bearing.
er
which
In
sales such
set such
mon's
buying
new
Buying
equipment
large,
but
Favorites
favorable
REACTION
tinued
with its
the
forefront
bought stocks.
lived up
as
of
well-
These stocks have
to their reputation, and,
a
group dropped very insignifi¬
cantly during the quarter.
attracted
of
Pittston
Accumulative
(9,000) andlthe Axe Group (800).
A sharp
dissent, however, was
voiced
in
the
elimination
of
i
121,400-share block of Consolida¬
tion
Coal
by Incorporated Inves¬
tors, which also liquidated
its
60,000-share block of West Ken¬
tucky Coal. This marked a strik¬
ing reversal of its previous liking
for
coal
stocks.
Mild Interest in Containers
The
stocks
was
slight
10,000
toward
mixed, with a
of
buyers
sellers in two issues, and a
two
others.
Con¬
Of
tinental
in
;
was
building
fairly
remained
un¬
Minneapolis-Honey¬
Can, the Eaton & Howard
n^wly
shares;
and
Group
Street
acquired
the
•
United
24,800
Funds
14,900; while the Broad
Group sold 20,500, and Gen¬
eral American Investors and State
Street 15,000 shares each. Eaton &
Howard also newly bought
13,600
shares of American Can.
of
Drugs Found Less
National
U.
S.
Gypsum sold by Funda¬
mental, with 16,000 shares each of
the
same
issue
disposed of by
Wellington and MIT.
In an un¬
usually large transaction Atomic
Development Mutual Fund parted
with
its
shares
entire
of
holding of 105,000
American
Radiator
&
Standard;
while
the
Bullock
Group sold 42,600 shares of Gen¬
eral Portland Cement.
In
a
single
transaction British Columbia For¬
est Products was closed out by
MadLon
Fund
(40,000).
•
.
<
t
'
4
.'/*■ '<•
*
Drug stocks which, for several
now,
have
provoked
quarters
mixed
and
reactions
from
the
funds
during the June quarter still
Haas
and
others
were
Parke
seller
drug
Fund
stock,
with
its
largest buyer
(16,600) and Dreyfus the sole sell¬
(7,500). Also rather well bought
Rexall, with nary a seller. On
the
other
hand,
Merck
was
were
likewise
was
(54,400). Leading
the
was
Howard Group
Eaton
&
(31,800), followed
by
Fundamental
000)
.
ing
was
Investors
(25,A prominent seller of Scher-
Dreyfus (all 10,000).
In
Smith, Kline & French, selling of
35,000
12,000
shares by Wellington and
shares
by Dreyfus more
than
offset
a
new
35,000-share
purchase by One William Street.
Wellington was also the largest
seller (all 52,600) of Eli Lilly.
and
of
its former
recent
with its
elec¬
instrumentation stocks
lost much of
the
in electrical,
interest
The
tronic
fervor
reactionary
more
in-
market,
realistic evaluation
price-earnings factors.
Never¬
theless, Texas Instruments forged
ahead
to
become the
Stock
in
this
buying
with
best
bought
with eight
(including Lazard
group,
funds
commitment
of 7,600
Madison Fund the
sole seller of 2,000 'shares.
Also
rather well bought was ITT, its
seven buyers led by MIT (39,000)
a
new
shares)
and
One William Street
(25,000)»
although there were three sellers
led by Affiliated Fund
(28,300).
Well-acting Philips' Lamp Works,
long a prime favorite, was still
bought
by
seven
managements
largest
bought
(23,800),
balance
on
of
in¬
single buyer
a
Davis
of Pfizer
with
far
more
buying than
became more tilted to¬
wards the selling side during the
September quarter. As in the pre¬
ceding quarter, Upjohn was the
was
Here, such important stocks as
Air Reduction,
DuPont, Diamond
Alkali, Olin Mathieson, Rohm &
of
Affiliated Fund
selling,
best
Fund
not
was
sold
sellers
Davis, Pfizer, Scherfng and Smith, Kline & French as
well as Eli Lilly.
Largest seller
elicited
Chemical
widely
seven
Parke
and
Stimulating
er
Chemicals Mixed
it.."'/.
.
most
Its
Affiliated
there
also
container
rather
in
the
stocks.
Electronics Less Liked
perponderance
of
attitude
Group
stocks
to
United
all
of this issue. Sold
buying
Invest¬
especially
Purchasers
included
widely sold drug stock, and
fact
and
Tri-Contiriental
seller.
a
in
cluded
Lead,
U.
S.
Gypsum and Weyerhaeuser. Par¬
ticularly large transactions on the
selling side included 17,000 shares
well,
MIT's
10,850
shares
the
purchase,
but became a
target of profit taking for six
other managements led by Incor¬
porated Investors (21,000).
An
initial
purchase
made by
Clark.
was
On
ing
the
of 3,000 shares
Scudder, Stevens &
other
electronics
hand, such lead¬
stocks
as
GE,
Continued
the
on
page
26
sold
more
than
bought. Air Reduction had
its largest seller in One William
&
(20,000); DuPont, in Fidel¬
Fund
(all
of
10,200), although
9,600 shares; largest
Mathieson
was
(all 21,000); with
International
to
tional
be
(14,400)
ers
con¬
acquired,
largest buyers being Na¬
Securities
and
Stock
Haas.
bide
Harvester
liberally
Fund
also
the
largest
(710) of high-priced Rohm
On the
Split Attitude Towards
Agricultural Equipment
ued
v
Coal
funds,
most
25
Chemical
peting money rates easing, it is
only natural that utilities contin¬
in
than
on
opinion
seller
mar¬
the
(9,469).
off¬
interest
GROUPS MEETING MIXED
com¬
five
standoff
Divergent Stand
Building Stocks
Olin
fallms
Peabody
over
Chemical Fund
the
largest
Group
Scudder Com¬
more
as
shares.
seller
in
automotive
purchase
others.
industrials, and with
Corp.,
fields,
14,600 close-out
by Fidelity Fund
ing
ket for
the
the
as
10,000
sive-minded"
the
the Lehman-
equipment
on
Continue
Bendix
straddles
aircraft
and
MIT added
With most of the funds "defen¬
largest seller
ly),
particular inter¬
no
ing, with National Investors buy¬
Utilities
and
(26,000 new¬
(25,000) and
Putnam (18,800 newly), with nary
on
Equipments
Street
among
Group
Street
ment Co. of America
Mixed
ity
newly,
Funds
(12,700)
William
by
well
shares
One
shares.
Gas,
Fundamental
In¬
bought 12,000 shares,
while Dreyfus invested an initial
10,000
buyer
Interest in Coal Mixed
vestors
shares; only Energy Fund
of its entire 6,100 shares.
Investors
(10,000);
although
Wellington
newly bougnt 81,600 shares
and Investors Mutual
33,100
Peoples
go
(all
American
United
Fund
course,
let
Lazard
15,000),
14,500)
com¬
Corp.
and One
William Street, with 10,000 shares
Street
Selected
of
held
natural
somewhat
70,716 shares
and
This group, mostly new to fund
portfolios because of the recent
marketing of formerly closely-
/
was
Well¬
initial purchase
an
50,000
Electric
while
re¬
the "Dis¬
Good-Sized Interest in
Natural Gas
In¬
among
metal.
*
For aluminum, stocks which
mained
Penn
added
which
eliminated
relative
National
Fund;
Power
shares,
the
by
West
Fund
Duke
trast
■
of
Delaware
(38,000) and Chemical Fund (24,500), with MIT a larger ^buyer
(20,000).
This was quite in con¬
to
was
vestors, and the purchase of 18,-
Inter¬
on
slight
a
by
others,
among
being led by
Delaware
(all
There
although
■
(20,000),
Series
(15,000).
Institutional
agements
(1785)
Scudder, Stevens
National
Investors
Chemical
Clark
(6,500). Deere remained in
disfavor, seven selling fund man¬
(10,000).
also
in
was
Chemical
&
liked, with six buy¬
buyers including MIT (10,500) ana
terest
Series
buying side, Union Car¬
well
was
and only one seller, the largest
good
and
was
In¬
Hooker
Monsanto.
in
a
Dow
stand-off posi¬
tion, with five buying and five
selling managements;
with
the
By far the best bought stock in
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up to
assets
50% in securities of
companies outside of Canada and the United States.
Traded Over-the-counter
from
INVESTORS PLANNING CORP.
Carl M.
of America
-
60
East
New
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42nd
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York -17,
N. Y.
;
;
>
through Investment Dealers
Loeb, Rhoades
'Members New Yor\ Stoc\
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*
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...
and into the
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you
find fresh, powerful
stimulus to sell in the
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presentation.-
ARTHUR WIESENBERGER & COMPANY
Members New York and American Stock
Exchanges • 81 Broadway, New
York 8, N.Y*
''I
26
Moderate Liquidation by
Funds as Market Tumbled
Continued from page 25
RCA
each found
Office
Lehman
Buyers outweighed sellers mod¬
erately in Burroughs and Pitney-
the
was
One
William
Street
Group (18,900 shares); of Philco
it
was
Dreyfus
(all 17,300);
largest seller of RCA was Well¬
r
Bowes, and by a wider margin in
IBM, while somewhat more sell¬
ing than buying appeared in Addressograph and Friden. Of IBM,
the largest buyers were Investors
ington (19,000); and of Westing- Mutual
(4,200)
and
the Broad
house, the Tri-Continental Group I Street Group (2,000); whereas La(64,700), while the Bullock Group zard Fund reduced its holdings by
bought 41,800 shares.
1,000. shares.
/
Subdued Interest in
.
Viewed
Transactions, by more than one
devoid
were
ticular
trend.
Franklin
and
in
management,
stocks
An
Life
insurance
of
two
and
showed
Life
&
Accident conversely each had two
sellers
and
no
buyers.
transactions, Delaware newly
bought
American
Newark
(27,000), Continental In¬
(15,000)
and
Standard
surance
Accident
(6,000). Home Insurance
of New York
newly acquired
was
by United Income Fund
On
of
Insurance
the
other
hand,
(17,000).
Putnam
re¬
duced its interest in Northern In¬
New
of
surance
York
by
10,000
shares.
fashion,
and,
in
a
slight
overall
managements
for
been
this
toward
still about
was
fact,
price
But the attitude of the tund
gain.
single
In
a
as
mixed
it has
lengthy time
some
Petroleum,
Phillips
group
as
now.
favorite
a
quarter, forged ahead
further to become the best bought
oil
stock
over
48,400
shares
and Investors
34,400 shares. Shell
with
selling in Royal Dutch nar¬
rowed
again, six buying manage¬
contrasting with five sell¬
ments
The buyers were led by
the United Funds Group (6,800),
the sellers by Putnam (21,000) and
Fundamental
Investors
(20,000).
ing
ones.
An
outstandingly
Oil
Sinclair
was
large buyer of
Wellington with
INC.
A Mutual Investment Fund
Request
in the ratio of eight buyers to five
Tf c(DO*
m
Members New York Stock
2 Penn Center, Phiia.
;
•
Exchange
2, Pa.
June
the
quarter,
col¬
more-sold
with seven sellers and-six
buyers, the largest seller being
State Street with
12,800 shares,
umn,
m
«
while
LOcust 8-6800
Investors
8,600 shares.
NAME
still
was
with
.
the
into
dropped
"
(established ieei)
'.
in
sellers
DISTRIBUTOR
•
ADDRESS.
Mutual
bought
Standard Oil (N. J.)
more
sold
than
bought,
Fund the
Putnam
George
largest of eight sellers (all 30,000)
*
CITY
disfavored paper
(92,000).
Most
stock was Inter¬
whose seven sell¬
led by the United Funds
national Paper,
were
ers
was
000).
Investors
while
(20,260),
Mutual
the
(19,-
only buyer
V;
V/.,;;.;;.,;,;::; •■iy-iyi
.
Radio and TV Attract,
.STATE.
and
MIT
with
leading
the
six
buyers
6,244 shares.
Concerted reduction of oil stocks
was
Why not Get the
still
in by Consoli¬
engaged
dated Investment Trust among
INVESTMENT FACTS
closed-end
companies
the
and
by
and
off
and
In
Lose Interest
Movies
Tobacco,
managements.
fund
selling
Reynolds Tobacco, the number
bought and sold was in
of shares
absolute
balance, but the number
selling
managements
out¬
of
weighed the buying managements.
GROUPS
DISFAVORED
preceding quarter,
& Reynolds were
more sold than bought. Of Alcoa,
MIT reduced its holdings by 15,000
shares. Of Kaiser, Selected Ameri¬
can
closed out its f-8,000 shares
and Madison Fund its 2,800 shares,
Kaiser
did Zenith Radio. In the movie
20,000 shares. Large sellers of
Reynolds
were
Chemical Fund
(all 16,500), Fidelity (ail 15,400)
and Incorporated
Investors (13,-
field, however, M-G-M was more
sold than bought, and Paramount
buyers again outnumbered selleri
on
decided
prevalence of buyers over sellers,
Here, Motorola found
a
six
by
V":
only sold.
The
ored
carriers,
balance
on
which were fav¬
during the June
instances the number of
shares bought or sold was particu¬
larly large. So, Denver & Rio
many
Western
was
sold
by La-
zard
(all 40,000)
and Madison
(19,600) while bought by National
Securities Income Series (25,700).
Central
Illinois
had
and
its
found
also-
seller
largest
Pacific.
in Lazard (13,000)
buyer.
Of Southern
no
likewise
Lazard
sold
ail
its 100,000 shares, while Investors
Mutual added 65,000 shares.
It
again Lazard which closed out
its 26,000 shares of Southern Rail¬
was
largest buyer
two; the
000), the largest
(all 20,000).
quarter,
encountered increasing
selling
during
the
September
quarter, although there was still
a
fair admixture of buying.
In
Grande
to
Ltd.
Aluminium
in
the United Funds Group
was
Mixed, Leaning to
Only
400).
(23,-
Dreyfus
seller
Riding for Automotives
more
sold than
bought. Its eight sellers
led
National Securities
(51,700) and Con¬
Investment Trust (10,-
were
by
Series
Stock
solidated
followed by Dominick (all
10,000), although Dreyfus added
31,000 shares and Investors Mutual
15,000. In the only transaction in
Chrysler, Axe "A" reduced its
holdings by 1,000 shares. On the
other
hand, Ford found seven
managements
and
also
buying
five
sellers; among the sellers,
Incorporated
Investors
bulked
400),
close-out of its 43,800
Fidelity Fund with a
reduction by 27,600 shares. Ameri¬
can Motors had a
single buyer in
large with
shares
Blue
a
and
(12,000 newly).
Ridge
Pacific, while National Se¬
curities Stock Series bought 12,500 shares of
Chesapeake & Ohio.
Trends in
Mixed
Retailing
Sears, Roebuck remained the
best bought retail stock, its six
buyers including MIT (20,000), al¬
Wellington
though
and
shares
Woolworth
Also
sold
10,000
5,000 shares.
Lehman
continued
well-
liked, its five buyers led by Fun¬
damental Investors
(17,000) and
Funds (14,200).
Par¬
ticularly large transactions took
Affiliated
place
in
Brothers,
Gimbel
which Fundamental added
700
on
of
42,-
shares, while Dreyfus parted
with
all
gomery
its 40,600
Ward
shares.
Mont¬
clearly remained
Goodyear
than
sold
more
was
bought, in the September quarter
it was joined therein by Firestone,
Goodrich and U. S. Rubber. Sell¬
ers
outnumbered buyers of Good¬
rich
by
the
case
eight to three, while in
of Goodyear, the ratio
Investors
minority
the
bought
more
Steel
Bethlehem
was
Stock
Securities
National
of
:
steel-
than sold,
acquired by
Series
(15,000) and some others, while
heavy selling came in from the
United Funds Group (all 82,000),
State Street (41,000) and Fidelity
(all 27,500).
'
Textile and Rayon
In Disfavor
Remain
'
•
American
Viscose was
managements and
bought by none, while Burlington
Industries, with three sellers, and
J.
P.
Stevens, with two sellers;
had only one buyer each. Of Bur-,
lington,
Dreyfus eliminated its
35,000 shares; of J. Pv Stevensj,
Here,
by
three
sold
sold
Balanced
Howard
&
Fund
although Na¬
shares,
11,500
Stock
Securities
Series
Only United Mer¬
bought 40,000.
& Manufacturers with two
chants
buyers had
seller.
no
ATTITUDE TOWARDS
MISCELLANEOUS ISSUES
Airline
in
stocks,
group, were
as a
stand-off
position between
buying and selling fund manage¬
a
ments, in contrast to the moderate
buying they had attracted during
the June quarter, h
.
but volatile Pola¬
roid found five buyers, including
High-flying
an additional 2,200
Wellington with 3,000
Dreyfus with
and
shares
and
shares,
in
sold
was
only
by
Farnham
Balanced
2,000-share
close-out.
&
Roe
Stein
a
indicated
Unilever
above,
was
liked
once
Chemical
Fund
its
with
more,
largest
buyer
(16,000), followed by State Street
(10,000), although Investment Co.
of America reduced its holding by
sister stock,
newly acquired
Share (25,000).
shares.
17,300
The
Unilever Ltd., was
Niagara
by
Minnesota
Mining
&
Manufac¬
failed to attract
Firestone had
only two sellers without any buy¬
ers.
A particularly large seller
turing
of Firestone was
ing from Wellington Fund.
five to one, and
was
Incorporated In¬
Of
Goodyear,
95,000
shares,
Fundamental Investors 48,000 and
Incorporated Investors 30,900
shares. Only in
General Tire &
(57,200).
Wellington
sold
there
Rubber
against
one
three
were
seller.
buyers
k
„
In
try,
making
Anheuser
number
selling
of
Dreyfus
purchases
of
Busch
of
by
27,300- shares of United
Affiliated Fund; while
Vendo, in the prospering vending
fund
steel,
initial
(30,000), Cana¬
dian Breweries (14,000) and Falstaff Brewing
(20,000). Another
large single transaction was the
Fruit
Regarded
transactions,
single
par¬
com¬
Fund favored the brewing indus¬
sale
The
once more
buying altogether and had a
ticularly large sale (40,000)
vestors
ments
SELECTED
38,500 shares. Youngstown had
largest seller in Incorporated
(17,500), with One Wil¬
liam Street the only buyer (5,000)..
on
its
N.V.
only
While in the June quarter
Steels Not Well
about
Republic Steel, it was Fidelity
(10,000), although Welling¬
ton Fund, the sole buyer, added
of
Fund,
Union
One
Fund
As
Rubber and Tires Deflated
Street
buyer
(25,000 newly). Of
Laughlin, Fundamental
largest seller
(43,000);
the
was
tional
remained
General Motors
largest
&
Jones
Eaton
Hard
was
its
William Street
stocks
the
in
As
State
seller
(24,000),
Among
Aluminums Remain Dull
Alcoa,
eight and sold by seven man¬
agements in the June quarter, tnis
time showed the reverse ratio. Its
by
largest
Lorillard
Philip Morris were in a stand¬
position, in terms of buying
American
whereas One William Street aacieu
of
(37,000), Eaton & Howard Group
(30,300)
and
Investors
Mutual
(20,500). Texaco, still a favorite
this issue.
by Incorpo¬
out
Investors
122,00& way, of which MIT also sold 27,100 shares.
On the other hand,
>hares, while sellers included MIT
MIT added
on
34,000 shares of
commitment
new
a
FUND
£fia/i
a
Selling Side
were
and
George Putnam Fund sold 29,500
shares.
The margin
of buying
•
closed
was
rated
Investors
Tri-Conti¬
(39,200)
Mutual
]
large
bach
nental
Oil had its largest buyer in United
Fund
(11,700), although
on
particularly
Crown-Zeller-
at all. In
transaction,
buying
significantly
over
the
, U.
S. Steel, bougnt
creased
June quarter.
-
Paper did not meet any offsetting
Rails
Science
Prospectus
still matched or out¬
sellers in Scott Paper,
Kimoerly-Clark, Container Corp.
and
Fibreboard
Paper; but the
few sellers
of Champion Paper,
Crown
Zellerbach and St. Regis
Buyers
weighed
altogether.
with
PHILADELPHIA
during the September quar¬
Its
(28,000 newly). Next best
nought oil stocks were Continental
Oil and Shell Oil, each with seven
buying
managements
and
only
one
selling.
Largest buyers of
Continental were the Tri-Group
Thursday, November 3, 1869
Tobaccos A Mixture
and, in fact, one of the
largest buyers
.
.
disfavor; its largest seller was
Accumulative (all 30,000),
and there was not a single buyer
Opinion on paper stocks, long
favorable, became definitely un¬
four best bought stocks
Mutual
.
in
oi
as
in the June
Fund
the open-enders.
Group
group, weathered
market decline in ex¬
as
recent
cellent
buyers
National
the
Ambivalently
oils,
was
sellers, while General Re¬
no
insurance
The
par¬
any
exception
with
'
j Oils Stabilize, But Still
Insurance
fund
Chronicle
Papers Thoroughly Mixed
ter.
Westinghouse
Largest seller of GE
ers.
1
United
Balanced
Howard
&
among
even
Equipments Mixed
sellers than buy¬
and
more
WlWt
.
The Commercial and Financial
(1786)
Eaton
Philco,
ft
manage¬
in-
stocks
machine industry, attracted Well¬
ington
Fund
with
purchase
a
of
16,300.
AMERICAN
SHARES inc.
...
mutual
a
fund
investment
ftf%
trowe price
which
supervises a
diversified portfolio of
American securities, selected for the
possibility of long term GROWTH
capital—and for INCOME.
of
—
for FREE copy
of prospectus
and other information
coupon
'
*
—
GROWTH STOCK
Seeking Long Term
GROWTH
fill in
below and mail to
.
Selected Investments Co.
135 S. LaSalle St., Chicago
3,I1L
are
-"""J
J Please send me free prospectus and in- !
I
•
CF
|
Name
11-3
Prospectus
i
Csty
MUTUAL
-
FUND
I©-
—J
below to:
65 Broadway, New York 6, N. Y., Dept. C
J Name
I
I
Addroj$_
For
a
other
FOR
PROSPECTUS
PLEASJE WRITE TO:
F. EBERSTADT & CO. INC.,
i
f
y
(^
i
-
MA L.TIMORB
m
MA n
Fund
of
Dealer
this advertisement
mail
or
to
.
.
,
;
There is
PRICE:
no
sales
AMERICA, INC.
630
THIRD
AVENUE
NEW
YORK
17,
N. Y.
Coffin dC Burr
Incorporated
National Underwriter
60 State
St., Boston 9, Mass.
Net
charge
REDEMPTION PRICE:
asset
or
value.
commission.
Net asset value
less 1%.
Mail the coupon
below for
a copy1
of the prospectus-
I
T.
I
D*pt. E
Row*
Pric*
Growth
Fund
Stock
Inc.
|
10 Light Stroot
[
FIRST MUTUAL SECURITIES OF
YLANO
long term growth
principal and income.
OFFERING
Prospectus and
information, see your
Investment
'
Possible
OBJECTIVE:
FREE
!
|
FORD. IRC.
.
placing emphasis on current
income, capital stability and
possible long-term growth
of capital and income.
request from your dealer, or
mail coupon
l
j
I
upon
J Manager and Distributor of Chemical Fund
A J J
Address_
State.
/
I
J
1
•
/
Mutual
active in chemical science.
formation on Selected AmericanShares |
I
I
A
*
possible
growth of capital and income by in¬
vesting in a diversified list of com¬
panies in many industries which
A
Diversified
SHARES, iNc
POSSIBILITIES
This Mutual Fund seeks
I-
,
tm imim
For Investors
Baltimor* 1, Md.
I
NAME
I
;
....
1
■
I
I
ADDRESS
L-—
|
—
i
Volume
192
Number 6000
.
.
.
The Commercial and
Financial Chronicle
(1787)
Balance Between Cash and Investments of 86 Investment
Companies
(With Aggregate Net Assets of $12.7 Billion) 9-30-60 vs. 6-30-60
Investment Bonds and
Net Cash & Governmentsf
Thousands of Dollars
Open-End
Balanced
-End of
Funds:
American Business Shares
4,783
3,777
4,155
4,180
2,293
2~524
b5,355
6,908
5,347
...4,199
17,918
*.1,993
17,439
3,518
330
"
Axe-Houghton Fund A
I
Axe-Hougnton Fund B
Fund
Boston
Broad
1
1
Street
Investing___
Commonwealth Investment.
i
Diversified Investment Fund
r
Dodge & Cox Fund
,
Eaton & Howard Balanced Fund
28.8
63.6
25.5
73.5
§23.5
$56.8
2.1
10.2
11.9
87.7
24.1
27.4
63.8
3,170
3.8
28.9
31.7
67.3
64.9
275
4.6
23.0
26.3
72.4
21.3
65.6
63.8
19.4
1f36.9
$63.0
11.6
79.2
0.8
6.1
4.5
93.1
14.4
13.9
59.1
997
N.A.
61.8
<
27.1
4.4
12.6
13.6
83.0
14.1
15.0
84.4
5.7
32.0
33.3
62.3
19.6
18.3
54.9
21.4
23.6
72.4
28.1
28.7
62.9
23.6
25.8
32.0
50.6
21.7
26.9
64.7
1.3
1.2
94.7
4.0
3.0
94.3
14.5
25.2
C27.3
60.3
152
5.1
41.1
47.4
53.8
310,395
~2L4
~22J2
~69l
219
223
79,885
]
2.9
Delaware Fund
8,974
559
1.3
;
7,491
Vegh Mutual Fund
/
Dreyfus Fund
30,543
10,697
17,910
None
None
98.7
0.4
0.3
86.2
None
None
90.2
2,333
1,856
1,966
2,157
1,966
173
82
gNone
82
15,191
4,584
8,293
11,413
7,769
5,586
4,681
2,890
834
5,574
3,816
4,085
2,410
1,533
3,286
2,173
259
532
259
532
4,770
5,014
1,166
2,720
75,800
1,284
41,955
49,035
39,753
877
441
544
238,193
140,496
140,011
110,707
90.0
15.3
None
None
86.5
84.7
2.1
1.5
1.1
2.2
96.8
96.3
9.6
9.0
io25
11.4
27,106
7.8
-
Energy Fund
420
3.4
55,115
;
144
52,887
Fundamental Investors
10,331
General Capital Corp
88.6
None
91.4
None.
14.5
4.2
5.8
81.5
79.6
2.3
0.1
0.1
98.1
None
None
99.5
None
None
98.6
29.0
32.9
1.5
1.3
:
69.5
11.0
0.9
0.9
92.3
3,261
None
None
92.8
3,220
8,072
30,151
12.1
17.6
0.9
0.8
87.0
13~844
"lY.O
§3.1
None
None
89.6
1.9
None
None
98.4
98.1
4.6
None
None
96.1
95.4
Massachusetts Investors Growth Stock
§5.2
14,435
5,255
3.9
3,126
16,485
1,939
3,494
12,925
1,477
11,981
1,777
4.386
4,637
1,102
1,460
8,852
8,720
15
52
9,977
16,930
5.1
9.0
434
494
3.3
3.6
2.3
3.9
2,308
6.7
5.7
13,413
4,406
5.8
5.6
1.9
3.3
Investors
Stock
•
•:
3.2
1.2
1.8
1.3
95.0
2.0
None
None
98.3
4.8
0.4
0.4
94.8
Selected
State
.
American -Shares
Sovereign Investors
Street
...
Investment
;
Stein Roe & Farnham Stock Fund
Texas
Fund
10.6
3.2
3.3
88.3
13.3
0.6
0.6
86.4
4.3
None
None
86.9
9.3
1.8
1.9
89.4
1.4
3.1
3.2
96.5
0.9
93.2
1.0
95.5
0.2
0.8
97.5
5.6
6.0
90.5
1.2
1.4
92.1
91.4
1.1
97.1
3,990
N.A.
N.A.
18,176
27,375
18,176
3,328
13,668
3,328
6,349
19,037
6,349
6,678
al4,941
8,824
11,260
$$14,162
27,375
13,668
91.2
0.9
5,562
N.A.
92.9
3.2
4,458
N.A.
87.2
2.8
5,562
96.6
6.8
'9,796
95.4
2.6
6,766
90.1
1.2
9,951
95.4
1.7
1,276
26,889
348
6,766
88.8
0.4
1,354
17,346
2,878
95.7
8.8
1,342
86.1
3.1
United
Continental
24,615
Fund
2.753,
United Income Fund
14,200
United Science Fund.
Line
Value
2,687
Special Situations
Street
Wisconsin
r
910
14,038
Fund
'95.6
19,037
8,824
all,260
Investing
631
Fund
: ■
:
•
127
2,048
705
83.0
82.9
469
70
192
70
10.7
10.8
2.3
1.6
87.0
87.6
853
721
853
572
4,004
2,647
2,346
1,577
<
.U i
st'*i
"4.6
,
:
4,106
:/
6.1
/
0.8
95.2
94.6
84.9
79.1
...
299,6331
239,114
439,644
349,821
496
None
1,978
1.2 ;
10.1
278,750
419,243
_345,621
583,814"
f :
0.8
6.1
.
8.4
'
'
0.7
v
20.9
5.9
•
1,808
4,082
584
y:"v
-
405
?
534
«:
1
1,799
2,740
2,704
345
1.3
92.9
92.6
343
345
283
0.5
.
1.1
90.5
89.4
461
673
461
569
2,817
2,817
2,946
.
6.6
None
None
93.9
9.0
3.3
3.4
88.6
87.6
Investors
1,864
1,864
1,953
4,356
5,155
8.3
V 10.2
1.7
1.9
90.0
87.9
390
1.212
390
Service__.__
1,212
6,031
6,772
13,372
11.9
.14.1
0.1
0.1
88.0
85.8
1,761
1,324
1,764
3.3
4.7
0.1
0.1
96.6
95.2
al,324
4,604
4.604
7,735
!____
3,116
American
Lehman
Corp._
Madison
Fund
3,221
-
2,176
Niagara Share
4,822
10,143
-
8.1
-
V
5.8
:
Closed-End
Total___
1.3
12,238
11.6
68,901
Companies
5,066
12,234
Foreign Securities
74,509
6.9
850,848
7.7
820,359
flncluding corporate short-term
other
notes
where
assets,
through
IN
CASH
SEPT.
Ba for
bends;
POSITION
30,
included
so
investment
(or approximate equivalent).
1960
Fitch's
fiSonds
OF
M
vs.
JUNE
by
bonds
$$22,640
22,259
1,280
1,520
1,280
1,520
§15.9
§70.2
§67.6
119
113
$$107
113
n.7
87.7
87.0
8, -46
8,501
6,985
None
88.4
3.3
89.2
_87.5
_87A
OPEN-END
COMPANIES:
COMPANIES
Balanced
gross
through
from
sales.
preferreds
York
State.
COMPANIES
assets
Fund?.
.
,
..............
,
Totals
.
-
or
:
total securities
Exclusive
corporate
-
of
y
2.8
g§Owned
a
II.O
y None
classification,
•v
9.1
9.4
tCommon
ttCost
by
81
stocks
savings
83.2
Sin
only.
of purchases.
short-term
SUMMARY
Minus
Approx. Unchanged
banks,
notes.
AVERAGE
took
etc.
acquisition.
b After
New
17
4
31
,9
9
41
10
0
4
14
17
over
1,474
715
1,474
53,8-4
47,190
52,163
&
Automation
$1,561,000
worth
Fund.
of
c
common
As
of
Sent.
BY
86
COMPANIES
'
OF
ASSETS
TO
CASH
AND
EQUIVALENT,
SECURITIES, AND RISK SECURITIES
~86
June '% 1360
Net
cash, etc, and Governments
Defensive securities (investment
Risk
securities
Totals
(common
stocks
7.7%
bonds and
plus
eferredsl...-.
lower grade bonds and
Sept. 30, 1360
8.Wo
9.1
p
pfds.)..
9.4
83.2
82.5
100.0%
1,
stocks- through
merger
ALLOCATION
401,934
486,834
47^,110
633,217
Missiles-Jets
.**Proceeds
in
715
49,403
Total
10
_26
10,148
82.5
of
per-
DEFENSIVE
23
43
^
.^Estimated.
1960
S'nck1 Find?..
CLOSED-END
8.1
cent of
pre¬
;
8.1
and
INVESTMENT
30,
12.5
irrespective of quality
AAA
and
1.3
•
'
reporting
Plus
22,864
88.9
;
"
"
CHANGES
86.8
89.2
1.5
:
"
■!
5,519
Moody's Aaa
92.7
3.4
,
7:7
■
Tri-Continental
also
7.0
3.1
■
.
6.2 *
7.7
7,735
22,259
§14.7
8,333
4,489
Securities
preferreds
'y
4.1
r'
14.3
AL
-J
■
Public
stocks:
...
3,680
2,265
'
I
I,
2,943
1,953
Fund
company;
9,442
14.0
1,699
3,852
General
Grand
3.316
16,097
10.7
*
General
Investment
2,954
13,838
3.1
Closed-End Companies:
Total
11,161
2,606
3,702
81.4
U. S. &
16,699
16,097
~9L0
Overseas
12,154
6.3
91.4
Dominick
983
16,699
'
81.9
______
711
4,808
1.5
Trust
729
983
532
"loli
Investment
1,984
711
9,091
1.7
General
$$12,050
812
10.2
&
49
4,630
729
4,808
7.4
Consolidated
127
13,647
846
8.0
Carriers
49
4,630
9,244
6.8
1
558
5,530
96.2
7.8
....
1,483
6,468
.
99.1
46o.b44
....
558
30,316
31,926
None
> .V 776,339
Inter national..
623
839
None
751,458
Express
580
3.315
3.8
417,764
American
623
839
0.9
Sub-Total Open-End Stock Funds
American European Securities
580
3,315
1,483
.
300
.
1,753
v
6,678
,
Total Open-End
Adams
*
343
425-
107
Funds.
859
86.1
13.0
T
868
United Accumulative
73
2,863
15,764
27,059
,
Price
(T. Rowe) Growth Stock
Scudder, Stevens & Clark—Com. Stk.
None
2,878
94.8
8.5
19,570
1,354
98.0
4.8
803
21,795
2,333
17,346
97.5
1.7
2,486
12,259
V
79
89.0
1.6
17,189
4,879
803
859
§95.3
TO".4
§93.6
13", 212
27,192
3,633
15,764
81.6
24,641
12,008
12,259
17,822
17,704
93.3
Lazard Fund
Fund
3,990
2,863
88.1
6.7
21,067
Street
9,555
4,258
8,072
65.8
6.8
7.2
Investment Trust of Boston
Trust
$$9,430
11,264
98.7
1.4
30,767
Fund§§
Investment Co. of America
$$10,350
99.7
1.3
0.5
3,103
9,724
10,192
1,148
2,652
None
97.6
0.3
60
3,596
Investors..:
2,652
12,008
17,189
6,906
2,486
30,339
17,704
98.5
1.8
•
96.3
,I
239
11,414
4,107
89.2
566
13,715
1,455
3,194
12,968
84.4
88.8
0.8
239
11,542
1,148
3,194
13,321
89.5
0.3
911
20,798
None
566
86.5
M-&-
*
13,715
1,455
94.2
14.3
12,805
2,708
88.3
N.A.
0.3
94
Fund
4.5
0.6
1.2
977
Fund
2.1
■
15.6
10.8,
,
11.2
'
for
2,867
85.1
10.0
13.5
16,550
ferred
902
269
98.6
14.6
9.8
22,699
Eaton & Howard Stock Fund
1.4
13.4
y
960
3,295
Dividend Shares
BE
795
536
2,360
69.0
333,694
5,585
Street
3,484
3,144
Funds:
Fund
Pine
9,921
902
51.3
9.1
84,407
3,148
8,307
3,753
8,253
William
528
4,895
973
443
C58.6
Blue Ridge Mutual Fund
One
403
95.1
145,931
583
10,977
979
92,4
1.7
1,270
15,881
740
59.5
4.0
291
None
(
975
49.7
13.6
601
—
323
832
.
3,122
63.9
512
;
Securities
435
13,627
72.4
9.0
154,870
Investors
291
None
56.7
6.2
Q*q
5,390
403
62.0
25.5
1,528
Aberdeen Fund
Massachusetts
3,917
2,156
82.8
352
Institutional Investors Mutual
6,275
•
1,368
Value Line Income Fund
Incorporated
5,526
76
80.3
1.5
6,302
6,978
Value Line Fund
11.1
1,814
1,591
1,586
.4,248
8,305
5,537
7,954
10,152
6,301
Mutual
2,580
26,114
1,632
N.A.
1,125
Stock
539
5,013
182
2,183
44,620
64.9
Shareholders' Trust of Boston..
Securities—Com.
3,606
92.9
26.4
1,501
5,542
323
*
307
16,441
13,216
Fidelity Fund
6,37a
1,009
76.1
1,953
Bullock Fund
2,273
6,851
+
$61.4
10.8
3,826
Wall
78.8 1
H35.6
1,312
Affiliated Fund
1,589
6,912
71.0
81.7
1.4
(George) Fund
Scudder, Stevens & Clark Fund
.
57.3
70.2
16.6
10.0
England Fund
National
60.1
23.8
1,805
•
Funds
3,871
8,798
14.8
6,670
Bal.
2,292
323
22.7
.
102
Open-End
1,090
3,871
7,0C2
25.0
25,296
New
Whitehall Fund
1,659
571
•
6,834
20.6
7.1
Nation-Wide Securities
National
•
20,573
Wellington Fund
2,986
1,091
69.7
'3.5
Stein Roe & Farnham Balanced Fund
2,100
6,277
60.6
'f
554
Putnam
148
5,135
9,187
87.1
12.1
+
1,420
National Securities—Income..
669
1,941
2,542
$54.7
.1,545
Mutual Investment Fund
.•'»
1143.0
1,650
721
b56.9
1140.2
3.0
Sales**
5,314
2,003
73.5
67.5
19.3
Massachusetts Life Fund
Guardian
§76.5
bl3.9
780
Loomis-Sayles Mutual Fund
Group
22.3
14.7
Total
Purchasesff
4,176
72.8
17.7
Common Stocks
Total
Sales**
1,969
55.9
23.6
2,132
Knickerbocker Fund
de
28.1
Of this: Portfolio
Total
Purchasesff
52.1
1.7
15.0
Johnston Mutual Fund
Chemical
51.1
•1,156
21,015
Investors Mutual
Stock
31.3
.
Total
Sept.'
15.3
2,251
Institutional Foundation Fund
Open-End
30.1
June
2.9
'28,649
Group Securities—Fully Admin. Fund
Sept.
8.3
'
29,536
General Investors Trust
Sub-Total
16.6
304
Axe Science & Electronics
End of
June
1960
(In Thousands of
Dollars)-
Portfolio Securities
Other than Governments
Percent of Net Assets
-End of
Sept.
18.7
6,878
Axe-Houghton Stock Fund
Percent of Net Assets
End of
June
Sept.
July-September,
Grade Bonds & Pfds.
Percent of Net Assets
—
June
Security | Transactions by the 86
Investment Companies During
Com. Stocks and Lower
Preferred Stocks*
Net Cash & Governmentsf
27
100.0%
I960,
a
g
But
corporate
HWimJlWWIIIW'W" WPWW * **4 J
,
n
28
MnWW** |WW!f WWWrtf rtWtm^PWt#
iwww*HWtrwW. ^
The Commercial and Financial Chronicle
(1788)
AS WE SEE IT
that
politics. We
a
be bared in any
credits to the customer's ac¬
for interest, dividends, and
sales proceeds of the customer's
of
are,
course,
ever,
count
not prepared to say precisely
securities
respect is, but it seems highly
likely that our influence upon some of the powers is some¬
thing less than we could wish it to be.
But lest some one suppose that this is
political question let him remember that
decline
such political debate as is now going on.
Industrial
Thursday, November 3, 1960
.
what the situation in this
are.
we
.
world powers that they are, are all too often inclined to
view us as "Johnny-come-latelies" in the area of world
Continued from page 1
life-long soldier, is quite definite in his belief
Others, of course, are entitled to their own
opinion. What the rank and file—or even the matriculate
—in India, Australia, Argentina or the Congo think about
the matter is another question which also is very difficult
to answer with assurance. The facts will not, in any event,
President,
.
in
relative
our
status
'"
The
.
No one has sug¬
gested so far as we are aware that the Soviets have as yet
overtaken us in the production of goods and services. It
is, however, often asserted that Russia has of late years
been growing at a much more rapid rate than have we
and that it is but a question of a relatively short period
of time before she will overtake us. Here again the argu¬
ments run fully as much to what the peoples of the world
think of all this as to the actual capacities of the two
countries. There have been
which appear quite convincing to us—of the rate of indus¬
trial growth in Russia in recent years—and by comparison
the rate that has been attained in this country. The sta¬
tistics presented in such studies do not appear to us to be
worth much confidence, but it probably is true that the
rate of
growth in Russia has been greater in recent years.
of the matter has to do with the
progress in space. It is obvious that the Soviets have
rockets with a great deal more thrust than do we. They
have been "first" in numerous feats in outer space. Of
Still another aspect
course,
at this moment
have nothing to match their
we
shots
and, apparently, nothing to match their re¬
covery of animals from outer space. There can be no doubt
moon
Income Tax Pointers for
that all this has
greatly impressed many peoples of the
world, and left the impression that we lag badly behind
Russia—and the propaganda experts of the Kremlin in¬
tended that they should. But in real investigations of the
laws of the universe and of the composition of space, we
have not lagged. Indeed, it is said
by those who ought to
know, that our program in this aspect of the matter has
far outshone that of the Soviets. It is
probably true that
the purposely spectacular performances of the Kremlin
have greatly impressed the great rank and file of the
world
and thus very likely added to the
"prestige" of
Russia a good deal more than have our more
carefully
planned and more prosaic performances.
Present
Continued
on
before
or
Now
just how important are all these developments—
important, that is, to ability to cope with the imperialistic
We may as
well face the fact
that the Kremlin has
consistently outmatched us in the
field of propaganda—and in the
strategy of impressing
some
men's minds. It sometimes has
appeared that we
could not have been more
inept in our poses before the
world, and in our various steps which had a direct bear¬
ing upon what the great rank and file of the peoples of the
world thought of us. It does seem a
pity that it is neces¬
sary to waste energy in "putting on a show" which should
be
devoted to
solid
achievements, but that
to
seems
be
the way the world is made
and, if we are to
of the propaganda
waste
keep abreast
specialists of thq Kremlin, such a real
of time and
energy may be essential.
But
fully
as
current
situation
matter.
We
serious
and
have
free world—to
of these aspects of the
closely related thereto is another
as
any
undertaken
fill
the
to
be
the
"leader"
of
sense
all other nations
as
"vacuum" left
well. The
"been
over
our
lead
over
was so
the
dam since
those
world
by
a
It
we
days, and it
was,
of
margin of our supremacy would
has, although among the free nations of the
still stand out
as
the
largest and
wide margin.
Questi°n is whether
*
r,
influence
we
most powerful
still have sufficient
the other first rate
powers and can com¬
mand sufficient confidence
from, them to act as the leader
in a situation where
joint action is essential in the conflict
with world communism. Here
the future
Reports
over
only
come
from
Britain
and
Puts
on
over-six-month basket
der-six-month
call is
a
or
The
stock
begins
exercise.
If
France
that
can
they,
tell.
old
receives
91%
custodian
Corporate Investor
WKa£ Special Provisions Apply .' .Only to Corporate Investors?
.
In the case of over-six-month
securities, individual investors
paying 25% of
the profit or reporting one-half
the profit as regular income. Cor¬
porate investors have the choice
|-
$5,460,
or
However,
now
in
the
the
is
sale
of
over-six-month
stock.
His
If
he
the
the
or
position
he
wants
in
and
Not
the amount received
lowed
by the issuer
the
securities
he is required to purchase. If the
is exercised, the amount re¬
call
ceived
the issuer is added
by
the proceeds of the
What Is
the
to
sale.
Situation
If
interest
pay
those
of business corporations. Yet
many
investors
are
to
eager
buy them.
Why?
The
interest
a
these
on
Federal
rate of 3%
on
bond would
a
net, after-tax return of the
3%.
bond.
12% return
a
Put
bracket,
paying
rises,
mean
same
on
a
taxabie
differently, in the 75%
only
1 y2 %
the
is
net
6%.
As
does
so
the
the
tax
bracket
benefit
of
tax-
ment
Some
Companies?
companies
stockholders with
provide
a
tax
their
advantage
bv designating the amount of un¬
distributed capital gains which the
stockholders report as long-term
gains.
This
does
not
ordinarily
cost the stockholder
any
25%
credit
amount of the
is
tax since
allowed
for
the
gain included. And,
in addition, the cost of the invest¬
ment
company stock is increased
by the remaining 75% of the capi¬
tal gain.
How Can Dividends Be Converted
that
on
Because
of
the
25%
over-six-month
tax
profits,
limit
it
is
natural for people in high brack¬
ets to try to get that sort of profit
rather than regular income.
is a way to accomplish this:
Jones, in the
100
shares of
preferred
a
worth
stock
share.
$160
91%
that
sale.
wash
if the sale
There is
This is known
The tax
effect
is
took place.
never
stock
other
a
in
100
sells
1958
in
at
1959
100
at
75.
five point profit
loss?
Or
pends.
he
is
If
an¬
In
Does
or
1980
he
have
five point
a
even?
he
and
80.
It
delivers
all
the
All that
with
such
no
taken
the
by cor¬
corporation
a
losses
net
is
to
them forward for five yehrs
carry
until absorbed by security profits.
If there are no security profits m
period, no tax beneX
derived from the losses.
the five-year
fit is
In
the
mention
of
case
individual,
an
made of the desirabil¬
was
ity of minimizing dividend income
favor of capital gains. A cor¬
in
poration,
however,
is
better
off
with
dividends
than
any
other
type of taxable income, even in¬
cluding capital gains. That is be¬
cause they generally
pay less than
dividend income.
on
Accordingly, while
of
in the
individuals there is
case
advan¬
an
tage
in selling stock before the
dividend date and buying it back
afterwards, in the
is
mere
stock
and
of a
case
poration it is just the
before
the
cor¬
opposite—
advantage
an
buying
in
dividend
date
selling afterwards.:
stock
100 shares
70,
at
do
can
income,
be
can
However, quick in and out turns
by corporations are restrained. The
Specifically Identified?
de¬
1959
costing
costing 70, he has a
five point profit, or he can deliver
half of each purchase and come
out
He
even.
selection of
profit,
him
is
now
his
15
must
be
owned
Otherwise
to 52%.
up
div¬
rate
goes
preferred stock
dividends of over a
the holding must be at least
year,
90
the
on
With
paying back
days.- The
52%
than
more
days to get the 8% rate
idends.
if
rate
is
also
corporation
a
short the
or
to
to
up:
is long and
a
break-even
a
The
result
same
holds
good
if
Year-end
to
take
is
a
vice
the
b^ock.
1958
His
he
wants
or
the
1959
will
con¬
block
instructions
to
trol.
If he says nothing, and the cer¬
cannot be
identified, the
tificates
rule is that the
1958 block
first, because it
What
Are
the
is sold
bought first.
was
ditions
and
to
commissions
the
cost
of
sales commissions
are
ad¬
deduc¬
Com¬
missions, therefore, affect only the
or
transfer
loss
on
taxes
can
tage to have
in tax.
an
As
a
can
a
sale.
State
taken
as
a
It is
advan¬
an
91%
loss
on
a
sale, the
tax effect is limited to the tax rate
applies to the profit
if it is
The
a
loss.
debit balance in
account
is
return
to
to
be
1961
a
The
profits
are not
for tax
item, and
for
reason
this
is
ties
considered realized
until the securi¬
purposes
sold > are
buyer.
delivered
Losses,
deemed
the
sale
to
be sustained when
made
New
the
floor
have
of
the
of
delivery.
various
York
the
on
regardless
time of certificate
As
,the
to
the other hand,
on
Exchange,
is
exchanges
in
four business-
a
day delivery
to
take
1960
rule, the latest day
profits for inclusion in
returns
is
Friday,
Dec.
23.
sold
Tuesday, Dec. 27, will
anyone
the
who
basis
makes
of
comingMn and going out
-
not
day,
be
Jan.
3,
be
cash
on
delivered
the
be
Dec.
a
27
sold
for
in
that way
of
losses,-they
1960.
can
Tuesday,
item.
Be¬
securities
30,
"cash"
profits
for
busi¬
profit will,
1961
and
the regular four-day
established
next
until
1961, and the
therefore,
tween
can
charge by a
enough to give the
on
Securities
a
deductible,
interest
is not
deduction
his
on
or
actually paid to the broker.
mere
broker
Timing
interesting rule that to a tax¬
payer reporting on the basis, of
cash
coming in and going out,
regular deduction
mean
saving
reduction of profit or
increase in
that
whether
establish losses,
ness
regular deduction.
it
a
be
^selling,
or
the
securities,
are
tions from their sales price.
profit
out
versa.
the
Commis¬
on
at
Reported?
occurrence.
are
Rules
sions and Other Expenses?
Purchase
tax
profits
familiar
turn
whether
of Securities
is important, or else a transaction
intended to affect 1960 taxes may
of
sale
Sales
Are
the Year-end to Be
he instructs his broker at the time
the
dividend
on a
Timing of Year-End Sales
When
he
so
have
stock
same
date.
own
result.
Interest
bracket,
whether
loss,
a
make
can
certificates, and
control
can
brokerage
costs
stock
rule
a
loss will be al¬
Can Securities Be
Sup¬
share because of an
accumulation of $60 of dividends
a
no
stock
taxed.
after the sale, the same
Here
over-six-month
The
ducted from other
a
sale, if, within 30 days
a
or
because
Into Capital Gains?
$100
with losses.
says
as
sell
What Is the Treatment of Capital
Gains From Regulated Invest¬
pose
is
-
1958 certificate
exempt securities.
has
the
a
after-tax yield on a taxable bond
on
so
buys
profit
the
Also, while in the case of indi¬
viduals* up to $1,000 of net secuv
rity losses can be immediately de¬
8% tax
at
is
bracket, the 3% is equiv¬
alent to
stock
80, he has a
five point loss. If he delivers the
But if the taxpayer were in
the 75%
sells
A
bonds
income tax.
by
game
the
certificate
free from
the
Suppose Jones buys
lower than
the
date
stock-
then
as
he
public bodies
of
security is bought.
similar
somewhat
ahead
started
and
before
of
rates
into
back,
that
Tax-
of
his
stock,
dividend
he
investor
profit,
Exempt Securities?
bonds
back
the
where
an
How
With
preferred
right
after
maintain
Are Wash Sales Treated?
right
of
to
$3,720 tax-wise.
cised, the amount received by the
issuer
is ordinary
income upon
expiration. If the put is exercised,
cost
$6,000 is,
$1,500, in¬
or
buy 100 shares. That puts him
under-six-month group.
From the seller's point of view,
if the put »©r*call expires unexer¬
the
the
step
can
How
reduces
the
on
reporting
or
*
$5,220—a saving of $3,720.
still
but
either
tax
same
therefore, only 25%
stead of
wise,
in
stock
$6,000 but
form of profit
to
category
the
25%
porations.
date), he gets the
back
included
selling
days before the dividend "record"
If a put or call option is not ex¬
ercised, the cost will be a capital
be
of
paying
deduction
market
to
(4%
of
full profit as regular income;
(that is, at least four full business
from
holding period of the
on the day after such
a put is
exercised, the
less $240
by
un-
exercised, the cost of
over-six-month
$6,000 of divi¬
$5,220.
or
cost of the option is deducted from
the sales proceeds.
loss
the
at 160 before the ex-dividend date
it
the
basket.
the call is added to the cost of the
stock.
about to be cleaned up.
are
he
$6,000),
loss which will fall into either the
If
If
dends, he will have to part with
specified date.
a
A put
or
call option may be
sold, exercised, or allowed to ex¬
pire by the buyer. The sale of the
option results in capital gain or
course, inevitable that the
shrink.
which
set price
a
and Calls?
a
magnitude of
great, and our generosity so great
in
lending a helping hand to other countries, some of them
recent
enemies, that we inevitably stood out as the
leader
in many senses of the term. A
good deal of water
has
7
page
What Are the Tax Rules
the
by the decline in
the power and position of the British
Empire, as some are
fond of
putting it. At the end of World War II we were,
of course,
by all odds the most powerful nation in the
world—powerful not only in a military sense but in an
industrial
Security Market
states, counties,
municipalities, school districts and
Important?
communists of the world?
from
specific stock, also at
The
How
1
■
boxes,
have the choice of
number of studies—none of
a
deposit
fees,- office expenses, and cost of
professional services for prepar¬
ing or defending tax returns.
;
argument is largely concerned with the
relative rate of advance in recent years.
on
Other
advisory services,v subscrip¬
sale
of
of the matter has to do with the rela¬
capacities of the industries of the United States and
Russia. Here the
deductible.
are
tions to investment literature, rent
Another aspect
tive
much
as so
deductions include cost of invest¬
1952, and,, of
of Russia normally grow
'
sales
ment
the
before
came
course* young countries like that
faster than the older ones; - -
Capacity
of
most
same
and'- premiums
Dividends
short
really valid
a
the
are
paid by the customer.
cash
instead
can
In
be
still
the
be
case
taken
sales made right up to the end
How¬ the year.1 •; .v >
of
delivery, and
by
of
;;XX X- ;XXl'
Volume
192
Number
6000
.
The Commercial and Financial Chronicle
.
(1789)
Calif. For the
SECURITY SALESMAN'S
July
months ended
seven
I960,, the
31,
instalment
Commercial Cred.
Notes Offered
had
company
sales of
BY
JOHN DTJTTON
The First Boston Corporation and
consist
CORNER
Kidder, Peabody & Co.
mon
of
stocfk, 50 cents
Other
Something No Security Salesman Should Ever Forget
There
still
are
laws
some
that
hold true in the investment busi¬
the fund regularly about every
three months.
because
acle stocks. Every period of excess
ment
the
in
securities
eventually
markets
been
has
corrected.
It
;
sentimental
a
they had for it namely, the
had been an employee
of
the
for
company
many
years.
happened
to
the
over-inflated
utility holding company promo¬
Despite
tions,
the
bank
stocks,
radio
stocks, aircrafts, end even natural
operations, these people would not
think of selling. "Nothing could
promotions in the late twen¬
gas
matter how
ties. No
and
big the noise
how
the
look in the
then
areas
happen
ever
to
their
well
managed,
ties
fund.
The
reduced
are
to
realism
once
of the much favored glamor
some
items during the current reaction¬
market. We haven't
ary
the
seen
company."
They kept about 25% of their life
strong the- emotional
promotions, sooner or later wild
and extravagant prices for securi¬
again. It is already happening in
darkening out¬
of the company's
savings
in
that
stock,
the
balanced
other day I
mutual
received
nervously
been
watching
erode
their
Now
away.
investment
they
call
and
can
I tell them? Can I say,
of
you
so!"
several years.
at hand
Whether the time is
near
quite
or
distant
is
not
definable, but the eventual
windup will follow history.
a
call from them. For the
past sev¬
eral years they have
end of it yet. There will be many
casualties from out of the welter
overpriced promotional underwritings and bail-outs of the past
rest
fortunately went into this sound,
what
ask
to
do.
And
me
what
"I told
the stock is
third
of
selling at less than
the
sold when
price
for
which
a
it
they bought the mutual
of
the
offering
of
Laird, Bissell & Meeds,
$50,000,000
Commercial
Richard E. Kohn & Co.
NEWARK,
Sherrerd.
99%
Named Director
Harrison C. Reader
the
Board
of
of
the
Tele-
for
the
past
6
months
the
of
in
purchase
advances to
script, CSP, Inc. at a special meet¬
ing of the Board. Mr. Reader has
served
proceeds
sale
will
sidiaries
of
or
receivables,
for
for
reduction
The
notes
new
be
a
cus¬
with
the
with many years of experience in
private
of
practice,
he
has
been
a
mortgage broker and also admin¬
istrative Vice-President of Charlex
loans.
as
will
representative
firm, specializing in tax planning
and
estate
planning. A lawyer
investments in sub¬
and
Braunstein
tomers'
the
company's
working capital which is used for
elected to
was
Directors
notes, due Nov. 1, 1980,
yield 4.83% to ma¬
Mr.
The
J.—Joseph Braun-
has become associated with
Richard E. Kohn & Co., 20 Clinton
Street, members of the New York
Stock Exchange.
to
beincluded
N.
stein
Credit
turity.
at
deferred
and accounts
Joseph Braunstein With
joint
are
managers of the group that offered
for public sale on Nov. 3 an issue
par value.
Butcher &
not be re¬ Realty Corporation, now part of
1, 1968. On General Development Corporation.
and after that date, the
company
may,
at its option, redeem the
Now Wm. Jennings Co.
at
102%,
the
premiums
Previous to his association with notes
TENAFLY, N. J.—The firm name
Telescript, Mr. Reader was Man¬ scaling down to par after Nov. 1, of Unitas
Investors Co., Inc., 46
aging Director of Business De¬ 1976, with provision for reduction West
Clinton Avenue, has been
or elimination of
premiums under
velopment for Federman & Stonechanged to William Jennings &
certain conditions.
\
hill, a Wall Street brokerage firm.
Co., Inc. William J. Lippman is a
The business
of the
In
1958 he was manager of the
company
principal.
and its subsidiaries consists
Call Loan department
pri¬
of D. H.
Blair & Company, a member of marily of specialized forms of fi¬
Harstan Management
the New York Stock Exchange.
nancing and insurance. In addi¬
tion, the company has several Harstan Management Associates,
Managing Director of Telescript, a
leading manufacturer of electronic
equipment for the television in¬
dustry.
'
deemed
Now Lord & Rodes
That would be both poor
salesmanship and cruel. Can I
give them an opinion now that
com¬
Co. 4%%
attach¬
husband
of
Aetna Securities Corp., Roman &
Johnson, Levien, Greenwald & Co.,
One stock they would not sell
of
members
group are:
on
despite much of the current
over-emphasis on so-called mir¬
ness
363,750 shares
obligations,
payment obligations
receivable.
$1,533,109 and net income
of
$90,967.
Upon completion of
the current financing, outstanding
capitalization of the company will
29
before
may
Nov.
manufacturing
subsidiaries.
The
Inc.
finance companies collectively are
PEORIA, 111.—The firm name of
Fund
Distributors,
Inc.,
5617
of
one
prises
North
Prospect Road, has been
changed to Lord & Rodes, Inc.
the
in
three
largest
United
the
enter¬
States
is
engaging
in
securities
.a
business from offices at 300 Cen¬
tral
en¬
Park
Stanton
gaged in the business of acquiring
West, New York City.
W.
Felt III
is
a
principal
of the firm.
fund and diversified their invest¬
About
Now
There
be
may
salesmen
Investors
who
still
are
ments?
of
some
you
trying to
cultivate investment accounts.
Possibly
retain
you
them
attempting
are
and
find
it
not
to guide these people along
and sane pathways amid
easy
sensible
all
this
chatter
about
growth,
science, and frivolity. May¬
be you too are becoming indoc¬
space,
trinated.
ing
There
that
if
haven't
you
is
current
a
you
are
made
say¬
35
over
any
money
during the past
ten years in the
Possibly I am one
of those, but I still believe that
my little mission in life is to help
people protect capital and secure
stock
market.
livable
some
not
am
syndicate,
for
that I
gambling
picker of "free rides"
a
seekers
financial
There
in
income, and
tout
a
this
and
for
of
new
"Buck
are
a
issues
off
of
their
of
coupons
these
dividend
now
box
full
salesthieri that
like; to
the
theory of diversification that
place near the top of
the! page when; we: studied our
used to
we
late
do
you
to
lock
Remember,
their
when
capital
after
the
barn
people
are
through. The current confiscatory
tax laws make it almost impos¬
sible for investors to recoup capi¬
tal, especially if they are forty
and
over.
The prices
of some
stocks are still stratospheric de¬
spite all this talk that you can't
put
slide
a
rule
brains.
on
how ltd
catechism about
manage
type of securities
^preferred
-
..
and
stocks, and company di¬
versification. It is still as impor¬
tant as ever in my book. During
common
,1
.
times
of wildly inflated- common
prices, when the public is
1 stock
•
avidly gambling for capital gains,
and the economy is spinning at
'M'
.
new
highs,
FOR
all
investing
earnings
have
you
by
forgetting that
earnings, and
still
are
to
produce
science business just
them
the
in
THIS
IS
INVESTORS
THE
TO
TIME
INSIST
Experience
as
is
hard
a
school-
Don't
HOW TO SELL SECURITIES
By JOHN DUTTON
(In Your Business)
This
60-page booklet
help
you
Several
their
r
I.set;up
a
retired
couple in
They held four
good
common
stocks which at
that
time
appeared almost impregnable. After much effort on
my part, I finally persuaded them
program
-
ago
years
late
for
a
sixties.
'
to
sell
and
three
of
the
four
stocks
put the proceeds into a bal¬
anced mutual fund. It wasn't easy
and
I
earned
the
commission.
I
think I had three interviews with
them.
Then
I
had
to
resell them
increase
—
available exclusively from
business
your
selling techniques. Its 25 chapters
us
through modern,
are
is
—
designed to
investment
proven
full of practical and
selling
proven
promotional ideas. John Dutton drew it from the best of his popular
weekly columns in The Commercial and Financial Chronicle. You'll
learn about
Is Marketed
.
*
Obtaining
*
The initial sales
a
;
client list
Public
offering of 150,000 shares
of common (stock of The
Stephan
Co. at .a *price of $4 per share is
being made today by D. Gleich
Co.
and
marks
associates.
the
The
•
initial
j
offering
public
sale
:
ment and modification of
ceeds
will
be
capital; and
added
used
to
to
* The final sale
*
The various
accounts.
how to
bottling
*
own
business originally organized
a
—
1897, is engaged in the
manu¬
facture and sale of men's hair lo¬
tions, shampoos, after shave
arations
the
-;;.':_:L-.;
you
and
toilet
In 1001 ways
more
this booklet
can
immediately
on
receipt of
you're
^
told
•
v.';.
•
--:
.
• •
-
■• • ■,
-
v.
to analyze —on your
attractiveness
vital
balance
of
various
sheet
items
On
under
the
company's
These include three
cream
hair
new
dressing,
shave lotion and
a
wax
label.
in Fort
of
the
an
used
after
as
are
in
Mass.; St. Louis, Mo.;
run a
will be rushed to
you
order.
|
COPY TODAY
company
Worcester,
aijid Fresno,
D
COMMERCIAL & FINANCIAL CHRONICLE
25 PARK PLACE, NEW YORK 7, N. Y.
|
ORDER YOUR
Gentlemen:
I
I enclose
Securities"
PRICES ON
ON
$2.
Kindly rush
my
copy
of "How To Sell
to
|
I
a
Lauderdale, Fla., and
its three plants
better salesman and
j
products,
dressing to control short haircuts.
Headquarters
a
I
June
private label
a
be
own copy
The
principal product has
"Stephan Dandruff
Lotion."
you
Your
prep¬
waters.
production of certain products for
are
use
help
your
manufacturer of cosmetics for the
a
their
profitable selling operation.
is
and
agreement with
sale
can
relative
1, I960, the company entered into
an
and
Stephan
Co., incorporated
in Florida in
1952, as the successor
of
defined
are
develop each of them to their maximum
securities and
tory.
in
categories of investors — and their
These
Techniques
an
increased finished products invenThe
J
;-v\
.
potential
,.a. •
working
finance
approach
of
the company's common stock.
Net proceeds from the
financing
will be used by the
company for
the purchase of
packaging equip¬
Remover Hair
Forget This
■i
''
t
and
other way.
no
Stephan Stock
been
1 SIFY.
.-
>
•-
a
same
other business.
any
UPON VALUE AND TO DIVER-. company's
•
fi
ucts, and the balance of. the pro¬
industrial
sification as.to
'•!
v
the risk that is inherent in
crease
diversification,
is:
^between "/ bonds,!
;vA
i
may all be well but it is not the
job of a security salesman to in¬
.geographic, diversification; diver¬
investment account still holds.
-This
-U
•
That
machines; for sales promotion and
advertising relative to hew prod¬
;an
■
Why You Need-
lose
they
today
but millions learn
they won't end up with
of: glamor ?stocks that
they boughtat from fifty to a
hundred times earnings, that, have
become -nearly worthless.'i - would
a
do
has stolen the horse and
too
door?
a
people, I
will admit, are also over thirtyfive and they want .to be as cer¬
tain as possible that a few years
from
is
few million people
a
Some
checks.
or
Rogers."
country who clip
live
it
to
too
What
someone
Name
I
Address
QUANTITY ORDERS
REQUEST
1
I
:
Ctiy.^.
*
Zone*.....
State...........
I
30
The Commercial and Financial Chronicle
(1790)
STATE OF TRADE AND INDUSTRY
27.9% of the economy car produc¬
areas
tion.
while 24
The
Continued from page
furnaces
4
53.2%
at
capacity,
of
2.2
percentage points below the
exist,
steel . producers
are
not
previous week's revised rate. Out¬
likely to raise prices, even in the
put was about 1,516,000 ingot tons,
face of higher costs in the next
making October's production about
two months.
price front, the magazine
reports these developments:
Tinplate
.
notified
have
users
of
been
not
price
increase.
Producers
usually
notify
their
customers 35 days in advance of
any price change.
'
any
Some stainless steel
cut in the
petitive
past two weeks in
com¬
increase
to
moves
In
busi¬
7
Price
cutting
and
reported
reinforcing
automotive
This
automotive
fairly confident there will be
general price increase.
On
the tinplate
situation,
magazine
comments
have
ducers
Producers
high
point
that
last
S.
plants—the second-best
down
from
January,
as
this
for
Ward's
increased
over.
produced only 17.7 million
said
truck
51.7% of Jan. 1, 1960 Capacity
The
and
Iron
American
Institute
this
of
announced
that
the
tons
of
average
equivalent
1,473,000
to
and steel castings
sumption that a major upsurge in (based on average weekly produc¬
tion
of
steel demand will not take place
1947-49).
These figures
this year. If and when steel de¬ compared with the actual levels of
reaches
sustain
a
level
that
price
increase,
will
a
increase
companies
*96.2%
will
week
steel
their
ingot
and
1,545,000
tons
in the
prices in line with increased costs.
ginning
This
54.2%
will
probably occur when
operations approach 70% of
Oct.
24,
totaled
29,794
at
this
York, and 7.4%
Many
facilities
were
at
in
closed
also
in
Railroads
an¬
Were
Below Production
Ended
Week
Trade
the
or
corresponding
1958.
Loadings in the week of Oct. 22,
15,834 cars or 2.4% below
were
Inci
rep¬
total of the price
sum
31
and
meats
in
general
not
a-
3.4%
During
Oct.
raw
foodstuffs
It is
index.
Its
use.
cost-of-living
f
eral
Barometer
3.4%
were
of
orders
to
reporting
26%
trend
of
food
prices
the
at
wholesale level.
22
Wholesale
Index
mills
of gross stocks.
Commodity Price
Down
Another New
to
1960 Low During the
be¬
The Daily Wholesale
•
Week
Commodity
Price
Index, compiled by Dun &
Bradstreet, Inc., dipped to 263.76
(1930-32 = 100) on Friday, Oct. 28,
the
level
lowest
this
far
so
year
and the lowest since the 263.13
May
1950.
29,
of
Monday, Oct.
On
31, it moved up fractionally to
days' production at the current 263.98, but was below the 264.49
rate, and gross stocks were equiv¬ of a week earlier and the 279.33
alent to 53 days' production.
77. of the similar date a year ago.
For the year-to-date, shipments
-the4 of reporting identical mills were
1959, 2.8% below production; new or¬
cars
and
cccoa,
Bradstreet,
priced index
of
in
37,534
&
food
resents the
lower
of
bellies,
Dun
wholesale
week
below
in
The
The
decrease
week
barley,
beans.
14
ders
strike
a
in
were
prunes, steers, hogs,
Declines occurred in
lambs.
corn,
above
affected by the nation¬
in the steel industry,
week
potatoes,
and
4.9%
or
an
this
flour, wheat, lard, cottonseed oil,
eggs,
increase of
was
advancing
cost
years.
previous
1.3%
up
year ago.
a
Commodities
pound
For
the Associa¬
cars,
This
was
ing date
wholesale
found
been
Shipments
amounted
1960,
22,
was
chief function is to show the gen¬
ac¬
Ford
$5.99, and it
per
reporting softwood mills, un¬
freight for filled orders-were equivalent to
Oct.
American
corresponding
wide
but
had
season
Lumber
October
as
revenue
ended
cars
which
to
equal
was
comparison
earlier
On Oct.
ago.
year
a
to $6.01 from the week
rose
from the $5.93 of the correspond¬
at Boston,
change¬ low production during the week
1,000,000th ended Oct. 22, 1960. In the same
calendar year has week, new orders of these mills
were 5.3% below production.
Un¬
637,311
of
5.6%
begining Oct. 24.
Actual output for last week be¬
of
week
nounced.
of
rate
steel companies
*91.7%
of
steel
the
31,
mand
*
25, it
its model
the
Loading
op¬
Oct.
as¬
New
at
higher than
Lumber shipments of 448 mills
production reporting to the National Lumber
week
•
last
the
Up 4.9% Over 1959 Week
Steel
tion
the
8.4%
filled
capacity for the week, beginning
increase.
magazine points out price
on
come¬
Freight Car Loadings for Week
will
1 wage
porting gains of 10.0%
It added that the
plate that had been produced be¬
based
of
truck
emerged from
fore the Dec.
are
and
week
much
deficit.
erating
comments
9%
a
we
overtime
been built.
could
largest week-to-week changes Re¬
673,000 originally
counts
ship through December with tin-
The
the
scheduled for the month. Canceled
much steel
as
U.
vs.
million tons.
contrast,
for
And, in the first
On
pro¬
they
such manufacture.
on
This Week's Steel Output Based
the
inventories.
out
was
tons
tons.
no
York, and
showed the
Boston and New York
Union
least
New
terminals
Pittsburgh.
quarter, U. S. producers made 34.7
million
tons
while
the
Soviet
large
at
are
Boston,
nage.
Pittsburgh
produced thus far by virtue of its
tons. October in history but
output
S.
million
turned out twice
has
the
means
users
U.
6.5
the Soviet Union.
from November to
set back
December.
tonnage
than
In
18 million
produced
Russia's 6.1
by
bars
structural steel products.
some
Some
been
is
on
the third quarter;
September,
less
converters
reported lower ton¬
areas
composite on No. I
Ward's said GM Corp. scheduled down a week ago for the Colum¬
heavy melting grade of scrap held 49.6%
of
industry volume this bus Day holiday.
Otherwise,
unchanged at $30.17 a gross ton week,
Ford
Motor
Co.
29.2%,, somewhat more favorable results
for the third straight week.
Chrysler Corp. 12.2%, AM Corp. were found at eastern than at
Soviet
steel
output is edging 7.3% and S-P Corp.U.7%.' <
western
terminal
centers.
The
toward the U. S. level, the maga¬
Ward's
estimated
October
car
pattern
of ; generally
declining
zine reported. We turned out 19.6
output at 615,000 passenger cars tonnage, in
the
week-to-week
Russia
ness.
1961 models
of all
Thursday, November 3, 1960
Steel's price
million tons in
prices were
tributed 21.0%
.
registered increased tonnage
earlier start
6.9 million tons.
On the
reporting service said that
Chrysler Corp. is taking
only 12.2% of current weekly car
output in the industry, it has con¬
while
.
.
5.4% below production.
were
Compared
with
the
previous
week ended Oct. 15, 1960,
produc¬
tion of reporting mills was 1.4%
above;
shipments
were
3.3%
above;
new
orders
were
1.2%
below.
Compared with the cor¬
decline
prices
reflected
on some
primarily
grains, hogs,
lambs, hides, and rubber. .7"
Heavy supplies and expanded
harvesting resulted in
moderate
a
dip in
corn
prices during the
week, but buying was up some¬
what. There was a slight decline
in oats
prices
as
buying
was
slug¬
gish; oats supplies were light.
preceding week.
Jan.
responding week in 1959, produc¬ 7. Wheat prices moved up mod¬
1, 1960 annual capacity of
All districts reported increases tion
capacity.
of reporting mills was 14.9%
erately from a week earlier, re¬
148,570,970
net tons.
Estimated
compared with, the corresponding below; shipments were 7.8% be¬ flecting 7 reduced
offerings
and
percentage for this week's forecast1
1960 Metalworking Sales on Way
week in 1959 except the Centralbased on that capacity is 51.7%.
low; and new orders were 5.4% higher export buying; sizable sales
To Record $146 Billion
western
and
the > Southwestern. below.
of wheat
were
made
to Brazil,
A month ago the operating rate
This country's largest industry,
All-.districts
reported
decreases
Spain, the United Arab Republic,
(based on 1947-49 weekly produc¬
Business Failures Rise Again in
metalworking, is on its way to a- tion) was *94.7 and production compared with the corresponding
Portugal, and Columbia and ex¬
steel
of
the
utilization
the
of
the
sales record this year despite a
1,522,000 tons. A year ago the ac¬
sharp business drop in the steel tual weekly production was placed
industry Steel, the metalworking at
368,000 tons, or *22.9%. At that
weekly, said.
time the industry was virtually
It
predicts 1960 metalworking closed down due to a strike of the
sales will approximate $146 bil¬
steel union.
lion
compared ; with the record
$144.4 billion of 1959.
ter
sales totaled
First
*Index of production is based
quar¬
quarter, $38.5 billion. Steel
third quarter sales at
$33.8 billion and fourth quarter at
Electric Output
estimated
The
gain is shaping
The
and
things:
(2) Continued strength through¬
in the metal consum¬
ing industries which customarily
account for 90%
The
and
10%
showed
kwh.,
es¬
that
78,000,000
of the previous
was
13,805,000,000 kwh.
comes
a
7.0%
or
industry.
The magazine said the enlarged
volume
of
metalworking
Production of 1961 Cars Exceeds
dollar
primarily from an in¬
Production of 1961 model cars
volume, rather past the 1,000,000- unit mark this
rise in price.
week, nearly a month earlier than
a
is
working
Steel
charts
sales
the
four
major metal¬
for the first eight
areas
months
figures
how
in
progress
(latest
period for
available):
are
Fabricators
of
metal
which
products
The
Transportation equipment sales
seasonally in late sum¬
due
to
the
went
volume
big drop in
seasonal
increase
in
a
agency
car was
rising
steel-strike-hit
same
modest
the
for
the
1960
model
automobiles
November
acceler¬
is
also
expected to
improvement in
output and shipments,
Steel
reported. Market analysts
predict mill operations will climb
60% of capacity by Nov. 30 and
a
modest
steel orders,
*
average
about 57% for the month
(vs. 54% in October)..,.
Last
,
.
week, steelmakers operated
included
15,
in
1960
that
total).
This
was
over-all
ended
Oct.
to 270 in
ported
the
from
27
their
decline
the preceding week re¬
&
Dun
Casualties
Bradstreet,
exceeded
Inc.
considerably
comparable year-ago level of
in
4,974
1958
week.
Cumulative
for
the
piggyback loadings
first
cars
41
for
an
1960
increase of
34.2%
or
of
weeks
abovft
the
corresponding period of 195&, and
cars or 107.4% above the
227,055
corresponding
period
There
Class
road
in
the
pared with
in
the
one
involving
liabilities
of
climbed to 297
from 248 in the previous week
and 242 last year.
A milder in¬
$5,000
or
more
lifted
crease
small
casualties,
com¬
and
ago
corresponding week of
against
as
week
47.1%
above
for
101,616
last year.
Truck Tonnage Down
,
the
and
the week
close to
Flour
earlier.
prices edged
appreciably among
manufacturers, up to 63 from 47,
retailers,
up
to
142
from
slightly
up
during the week, reflecting mod¬
erate gains in domestic buying;
exports sales of flour were slow.
Both
exports
domestic
and
chases
of rice
levels
and
preceding
rose
pur¬
held at high-
were
prices
climbed
for
a
some¬
sizable
made
was
by
7
Sugar trading was sluggish thisand
change from
ume
were
in
prices
showed
no
week earlier. Vol¬
a
lagged and prices
Although trading in
close to the preceding
coffee
steady.
118, and among construction con¬ cocoa was
tractors, up to 64 from 45. Little week, a slight decline in prices
change
appeared
in
wholesale occurred.
>,
: •v
7 ";7, -'
trade where casualties edged to
Although hog prices picked up
.
Intercity
week
truck
ended
the
below
in
tonnage
Oct.
22,
volume-in
the
the
1.5%
was
32 from 28
sponding
week
of
or
in commercial
serv¬
corre¬
1959,
0.2%.
findings
concentrated
the
the
mon
,
heavy, trading was
prices
remained
were
sluggish,
week
Tolls,
among
1.5% Below 1959 Week
in
32
week.
increases
a
beans
stocks
heavy
Supplies of soy¬
Pakistan.
reflects tonnage handled at more
than 400 truck terminals of com¬
said the
in most markets.
000 for 39 of the week's casualties
Atlantic
built amidst
prior week. In con¬
prices were down frac¬
reflecting
tionally,
prewar
300.
was
rye
rail¬
1958.
Intercity
of
week
trast,
buying of wheat lagged
the
what; an inquiry
shipment of rice
S.
week
year
Failures
failed than
businesses
similar
domestic
behind
1958.
in
I U.
current
50
more
the
ports are expected to continue to
expand in the weeks ahead; the
those under $5,000, to 34 from 22.
Liabilities ran in excess of $100,-
systems originating this type
traffic
40
55
were
10%
1939 when the toll
totaled 438,438
111,658
74.9% above
cars or
was
The softening in "extra hours,"
final
ates.
bring
Oct.
in
rebounded to 331 in the week
based on the
weekly survey of 34 metropolitan
areas conducted by
the ATA Re¬
search
Department.
The report
quarter. Transportation equipment started late last week, is observed
sales, for example, are expected at General Motors and Ford Motor
to turn upward as production of Co. plants. It reflects a successful
1961
revenue
(piggyback)
.ended
were
These
general softening in factory over¬
time but still found this week's
steel sales.
magazine expects
statistical
I,000,000th
mer.
downhill
milestone
production count to 1,068,403.
declined
sales
more
ures
273 and also the 299 in 1958. Some
off
Machinery sales remained fairly
metals
reported
ice where they dipped to 30 from
the 32.
In all lines except service,
j
American
Trucking Associations, mortality exceeded
1959 levels,
Ward's said a 2.1% production
Inc., announced.
Truck tonnage with the sharpest upturn occur¬
increase to 149,430 cars in U. S. was
virtually even with that of ring in construction.
plants this week from 146,339 last the previous week of this year —
Most of the rise during the week
week swelled the 1961 model year
steady.
Primary
same
models last year, Ward's Automo¬
tive Reports said,
their sales climb.
The
week
in physical
This
or
cars
1960 Record
comes
crease
saw
was
gain of 905,000,000
above that of the
comparable 1959 week.
of metalworking
remaining
from the steel
than
29
Output
above
one
trailers
(which
the
at
week's total of
highway
energy
13,883,000,000
kwh.,
to the Edison Electric
kwh.
out the year
sales
electric
according
metalworking in the first
quarter.
27
1959 and
7.0% Above
Oct.
Saturday,
timated
11,614
were
loaded with
week's
Oct.
Commercial and industrial fail¬
There
the
Ended
Week
except the North¬
increase of 2,766 cars or 31.3%
above the corresponding week of
Institute.
in all of
sales.
of
1958,
western.
an
by the electric light
industry for the week
power
ended
The high level of business
(1)
amount
distributed
because
up
aver¬
1959 Week
$34.5 billion.
of two
on
weekly production for 1947-49.
age
$39.2 billion and
second
in
week
carriers
of
are
general
freight
throughout the country.
The
week
terminal
showed
survey
increased
climbed
States
to
108
in
the
where
from
68,
A
despite
moderate
steer
prices
a
was
rise
increase
down some¬
in
supplies.
occurred
in
Middle
failures
trading showed little change from
and
in
to 65 from 35. Small
were
trading in hogs
what,
supplies were up
buying was sluggish. Lamb
prices were down fractionally and
the East North Central where the
toll jumped
at
the week-end, they finished
fractionally below the prior week;
noted in the South
Atlantic States, up to 38 from 33,
and in New England. Contrasting
as
and
a
week
Prices
earlier.
on
the New York Cotton
Exchange finished slightly below
the prior week despite unfavor¬
able
weather
conditions
in
some
growing areas.
For the season
regions, through Oct. 25 exports of United
including the Pacific States, off to States cotton came to about 657,69 from 71. There was no change 000
bales, compared with 635,000
declines prevailed in four
for
last
tonnage
over
a
the
Mountain
States.
More last
year ago in 12 localities. in
year.
Twenty-two points reflected de¬ concerns succumbed than a year
buildup in their 1961 model in¬ creased tonnage from the 1959 ago in seven of the nine major
Cold Weather and Promotions
troductory
inventory.
Chrysler level. As in other recent weeks, regions—the only declines were in
Stimulate Retail Trade
Corp. adjusted its operations sev¬ Salt Lake
City and Baltimore the West South Central and New
Cold
temperatures
in
many
eral weeks ago, Ward's said.
truck terminals reported the larg¬ England States.
areas and extensive sales
promo¬
Ward's said 32.3% of this week's est
gains,
tions helped consumer
up
17.6
and
15.1%,
buying in
Wholesale Food Price Index
U. S. car output was devoted to
the
respectively. Sizable year-to-year
week
ended
October
26
Edges Up in Latest Week
48,297 compact models, with GM tonnage decreases were shown at
rose
appreciably from the prior
The wholesale food price index,
Corp. contributing 26.6%, Ford Omaha, Houston and Jacksonville
week, and over-all retail trade
Motor Co. 33.9%, Chrysler Corp. terminals, each more than 10%.
compiled by Dun & Bradstreet, was up
fractionally from a year
II.6% and American Motors and
Inc., edged up somewhat in the ago.- Shoppers were most inter¬
Compared
to
the
preceding
Studebaker-Packard a combined week, JO reporting metropolitan latest week and it was moderately ested in
apparel, furniture, food
.
Volume
Number 60C0
192
products, and new passenger
000 shares of
posted year-to-year
increases. While the call for major
common
trade
tail
26
October
the
was
higher
3%
to
in
week
from
than
1%
a
of
.
to
+2
West
+6;
Central and Mountain
East North
And
Central
South
—1
other
to
mutual
the
published
industry's Association,
re¬
States
Labor, Washington, D. C. (paper).
Department
Up
and
period last year. In the pre¬
ceding week for Oct. 15 a decline
!of 4% was reported. For the four
,weeks ended Oct. 22, a 1% in¬
crease
was
reported. The Jan. 1
to Oct. 22 perlOt showed a 2%
increase.'
the Federal Re¬
department store
to
System
New
in
York
changed
Molecules—Research for Industry,
Firm: An Annotated Bibliography
—Albert A. Blum—Small Business
Stanford Research
Fall
Catalogue—Brookings Institution,
1775 Massachusetts Avenue, N. W.,
Washington 6, D. C. (paper).
Costs
Profit
and
of
the
Special
Martin H.
Guide to the Mutual Savings
out-of-state
orders of six
—
Industrial
orders
more
or
in New York
and
all
copies.
Laboratories
Research
week
State,- 196Q—Direc-i
International Finance Corporation,
Fourth Annual
tional
Report — Interna¬
Corporation, 1818
Finance
H
Street, N. W., Washington 25,
D.
C.
Fuel
Street
Robinson
Ralph
Decade
NAMSB
since
serve
p u
b 1 i
s
h e d by
of the 516
complete
E.
assets,
banks, and also gives a
of officers and
on
current
methods
and rates for crediting interest.
All
Myles
—
1924, the Directory and William L. Kurtz—American
roster
information
Com.
Experience
Utility
on
amount of mortgage loans for each
period.
Electric
of
deposits, number Society* of/ Mechanical Engineers,
general re¬ 29 West 39th Street, N&w York
accounts, and number and 18, N. Y. (paper), $1.
presents data
of depositors,
period, and from Jan. 1
.to Oct. 22 there was a gain of
•6% above the level achieved in
information
in
the
Economic
yAspects
Procurement and
of
b'fs«1 Military
to
Procurement
$1
Money,
the
Defense
on
Joint
Eco¬
Words
Wall
Money:
Money,
in
Pictures
and
—
Martin & Morton D.
Stone—Rand
McNally & Com¬
pany, P. O. Box 7600, Chicago 80,
111.
G.
Sept.
June
1960-61
provides in¬
formation on NAMSB, its officers,
Beard of Directors, and executive
circular, Caspar Rogers Co., 40
Exchange Place, New York City,
publicly offered 74,750 shares of
the Keller Corp.'s $1 par common
.
stock at
The
■
Credit
Liquidity
Society
Problem
the
of
Movement—John
teau—Credit
and the
Credit
T.
Cro-
National As¬
Union
sociation, Madison, Wis.
(paper).
on
Automation —•
Congress New Views
of
the
United States
Superin¬ Papers Submitted to the Subcom¬
tendent of Documents, U. S. Gov¬ mittee on Automation and Energy
ernment
Printing Office, Wash¬ Resources—U. S. Government
ington 25, D. C. (paper) 35c.
Printing Office, Washington, D. C.
.
proximately
estimates that it
net proceeds of ap$246,650 h (after de-
estimated
of
$7,500 incurred in connection with
the public offering) from the 74,750 shares to be sold by it.
Y
of
of
the
Soviet
on
—
—
company
duction
.
Atlas
Economic
Union
University of Michigan
the nine state savings
Administration
Building,
banks associations; and the other Press,
Ann Arbor, Mich., $10.
<
organizations developed by the
Lectures
banks to provide them with spe¬ Economic Growth
cial investment and other services. delivered by Dr. Robert C. Turner
Page 19 of the Directory presents at Tulane University — School of
a
summary < of
mutual
savings Business Administration, Tulane
bank statistics, and page 20 gives University, New Orleans 18, La.
staff;
$4 per share.
will, receive
.
30, 1960.
The Directory also
offering
29
expenses
information
current
bank life
counter,
>
savings (paper), $1.00. •
insurance, an over-the- Explanation
of
Social
Security
low-cost insurance sold Law as Amended in 1960—Com¬
on
'
These
by nearly 300 banks in Massachu¬
merce
the following priority: (1) To re¬
duce accounts
payable $200,000;
setts, Connecticut, and New York.
West
(2) To
the
proceeds will be used in
pay
Other
information provided in
Directory includes the incor¬
poration dates for all banks, loca¬
the note due to Molly
B.
Hoag $23,600; (3) General cor¬
porate purposes $23,050.
to
tion
Although the company intends
acquire additional property in
future
for
development
of
sale to
of
qualified pur¬
A
new
year
require ad¬
ditional financing in the future,
but has no present plans for ob¬
and
feature of the
is
a
Directory
tab-index for easy
Clearing House, Inc., 4025
Avenue, Chicago
46, 111. (paper), $2.
Peterson
Farm
and Peace
nomic
on
Eco¬
Handbook:
Commerce
Foreign
Basic Information and
Guide to
a
Chamber of
Commerce
(Copies of the Directory may be
obtained from the National Asso¬
Foreign Securities and Taxation—
Information on the fiscal conse¬
Savings Banks,
Street, New York 17,
may
—
Mees
owning securities
of
is¬
&
contained herein. •
21,
1960,
with
Boston.
an
authorized capital stock of 1,000,-
Its ad¬
dress is 10.1 Bradley Place, Palm
value of $1 per share.
Beach, Fla., Under a Plan and
Agreement of Reorganization
dated
July 22, 1960, prior to or
concurrently with the delivery of
this stock offering, the company
will acquire all of the stock of 21
corporations from Lewis E. Kel¬
ler, the
sole stockholder of
said
'
Gas
;
Seymour Alper has become
ciated
with
Book,
1960
—
Excerpts
17, N. Y. (paper), 50c.
Fcrd: Inventor of the Su¬
Henry
permarket?
lander
_
and
Stanley
Gary A.
—-
C.
Hol¬
Marple —
Bureau of Business and Economic
asso¬
Industry—Survey—Travel Coun¬
cil of North Carolina, P. O. Box
Research, Michigan State Univer¬
sity, East Lansing, Mich, (paper),
'
Amott, Baker & Co., 50c.
Incorporated, 150 Broadway, New
Housing—1960 Census—U. S. De¬
York City, members of the New
partment of Commerce, Bureau of
York
and
American
Stock
Ex¬
the Census, Washington 25, D. C.
changes, as a Registered Repre¬
—Complete set for 51 areas, $6.00;
sentative.
"
Mr. Alper has been in the in¬ single state reports, 150 each.
vestment * business
for*
several How P'auned Annual
Retooling
■years.
'' '
Earns You a Dividend on Payroll
'V
•" *
' ■
v.
Cohen
—
Richard D.
Irwin, Inc.,
Homewood, Illinois, $8.75.
Some Techniques of Development
Lending—International
Reconstruction
Bank
for
and
Development,
1818 H Street, N. W., Washington
25, D. C. (paper).
—Trygve
Haavelmo
of Chicago Press,
—
University
5750 Ellis Ave.,
Chicago 37, 111. (cloth), $5.00.
Survey of Manufacturing Activity
in Australia:
Basic Materials
and
Engineering Industries — Indus¬
tries Division Department of Trade
of
Commonwealth
of
Australia,
Canberra, Australia (paper).
Taxation in India—Vol. 6 in Har¬
Law
School's
Series"—Little
"World
Brown
&
Tax
Co.
Tax Exemption of Cooperatives-
Technical
tion
Cooperation
in
Educa¬
International
Cooperation
Superintendent
2719, Raleigh, N. C. (paper).
of Documents, U. S. Government
1960 Federal Tax Law ChangesCommerce
Clearing House, Inc., Printing Office, Washington 25,
D. C., 150.
•
~
4025 West Peterson Ave., Chicago
46, 111. (paper), $1.00.
Tensions—And How to Master
—
Administration
—
.
Departments
of
Agriculture and
ume.
Them—George S. Stevenson and
Harry Milt—Public Affairs Com¬
mittee, Inc., 22 East 38th Street,
New York 16, N. Y. (paper), 25c.
Views
Business Education—A
on
Symposium — American Associa¬
tion of Collegiate Schools of Business—School of Business Admin¬
Personal
Deductions
eral Income
in
the Fed¬
Tax—C. Harry
University of North
Chapel
Hill,
N.
C.
istration,
Kahn Carolina,
(paper).
,
;
'
'
and Taming of Nuclear
Property
Insurance
Fact Book,
Weapons—David R. Inglis—Public
1960
Insurance Information In¬
—
Program for Community Improve¬
Data
•
With Amott, Baker
000 shares of common stock of the
par
Moore,
President. Mr. Henry is President
of Trust Securities Corporation of
North
The
Zoonen, Rotterdam,
(paper).
Netherlands
announcement bv Robert L.
■
The company was organized un¬
der the laws'of the State of Dela¬
July
Section, Princeton Univer¬
sity, Princeton, N. J. (paper), $3.
—
12 different countries—R.
these
on
tions
Meeds,
120
York 5, N. Y.
stitute, 60 John St., New York 38,
N. Y. (paper).
taining such financing other than
ware
Determi¬
Quarter—Laird, Bissell
Robert T. Patterson
University
Broadway, New
Publishers, Incorporated, 59 East
54th Street, New York 22, N. Y.
Carolina
Travel
Serving
Third
&
States, Washington —Princeton University Press,
6, D. C. (paper), $2.00.
Princeton, N. J. (cloth), $5.00. p
sued in
Names Henry, Trustee
Comparison of earning of 11 Banks
for
United
the
quences
Inv. Trust of Boston
Stocks—
1001 Connecticut Markets and Audit and Control—
W., Washington 6, Department of State, 164 State
C. (paper), 500.
Street, Albany, N. Y., $25 per vol¬
ciation
60 East 42nd
Bank
N.
of
N. Y., at a cost of $3.50 each.)
City
Progress,
Avenue,
D.
Conference
—
BOSTON, Mass.—Investment Trust from "Gas Facts"—-Bureau of Sta¬
of Boston has elected
Ralph S. tistics, American Gas Association,
Henry, Trustee, according to an 420 Lexington Avenue, New York
"
Industry:
,
nants in Manpower Utilization —
Simon Marcson—Industrial Rela¬
vard
York
New
Official
Compilation
of
Codes*
Gearing U. S. Rules and Regulations of all New
Production to World Plenty York State Departments—Vol. 1:
Sources
of Mutual
(paper).
Food and Freedom:
reference.
its attention.
company
Clubs
Savings, and the ranking
according to amount
deposits.
this
sites, at this time the
company has made no determina¬
tion as to which, if any, of the
properties it has investigated, it
might acquire or whether it will
acquire any of the properties it
has investigated up to the present
time. The company will continue
to- investigate properties as they
The
Christmas
of the banks
tain specific
to
branches, special services,
as
School
chasers and has investigated cer¬
come
of
such
the
homes and
Corporation—1The
Study in the Theory of Investment
(cloth), $7.50.
National
nomic Committee of the
Directory is for the period ended
:Stock Marketed
a
Pacific Finance
Bank of New York, 508 Fifth Ave.,
per copy.
Supply—Report Union
Subcommittee
the
Management, 74
N. Y.,
of
Fifth Avenue, New York 11,
—
to
panies: A Lecture Series Presented
by the Bank of New York and
■,
Advancement
Compiled and
1959
Pursuant
Institute, Menlo
Park, Calif, (paper).
tory—New York State Department New York 36, N. Y.
of
Commerce, Albany 7, N. Y. Scientists in American
(paper).
Some
Organizational
York.
last
15, sales were 1% less
<than the same period last year.
For the four weeks ending Oct. 22
•an 6% increase was reported over
Keller Corp.
—-
of banks declined from 519 to
ended Oct.
the 1959
(paper).
Publications
from $1,562 to
un¬
period
Robert
for Industry, Sept.-Oct.
1960—Containing articles on Giv¬
ing Plants their Iron, New Light
on the
Moon, and Manipulation of
$1,581. The number Southwest Asia—George B. Cres516, sey —J. B. Lippincott Company,
reflecting mergers in Massachu¬ East Washington Square, Philadel¬
setts, New Hampshire, and New phia, Pa. (cloth), $12.00.
the
was
preceding
the
In
year.
22
same
over
for
City
Oct.
ended
Himself
Institute of Occupa¬
tional Research, 104 Webster Ave.,
—
Second Five-Year Plan (1969-65)
Checking A c c o u n t —
Banking Industry, issued recently
Commission
of
the
Seiden—Reprinted from Journal Malagasy Republic—Hour of In¬ —Planning
by the National Association of of Finance— National Bureau of dependence — French Embassy, Government of Pakistan —Em¬
Mutual Savings Banks.
Press and Information Service, 972 bassy
Economic Research, 261 Madison
of Pakistan, Washington,
Other
gains for the industry
D. C. (paper).
Avenue, New York, N. Y. (paper). Fifth Avenue, New York, N. Y.
are
also indicated, including an
of
Cost
Reduction and Profit
Im¬ Managers for Small Industry—An Sense
Responsibility Among
increase in the average interest
International Study — Dr. Joseph Young Workers—School of Indus¬
rate paid per bank from 3.19 to provement—Machinery and Allied
E. Stepanek — The Free Press, trial and Labor
Products
Institute,
1200
1 8th
Relations, Cornell
3.49%, a rise in the number of
Glencoe, 111., ($6.00).
University, Ithaca, N. Y.
branches from 420 to 449, an in¬ Street, N. W., Washington 6, D. C.
Mental Health in Industry—Sep¬
crease
in number of accounts of (paper), $1.50 (quantity prices on
Social Security: Programs, Prob¬
tember issue of Advanced Man¬
nearly 268,000, and an increase in request).
lems, and Policies — Edited by
Land
and
Life
in agement magazine — Society for William
the size of the average account Crossroads:
Haber
and
Wilbur
J.
like
According
mutual
for
are contained in the
edition of the Directory
1960-ol
the
over
and
savings banks
Oct. 22, 1983,
increase of 4%
period ended June 30, 1960.
These
the Federal Reserve Board's index
an
12-
month
4% From 1959 Week
for the week ended
Street, New York, N. Y.
Brookings
savings banks for the
other data
Research
About
Hoppock
of for
—United
have been reported by the nation's
Department stores sales on a
'country-wide bas:s as taken from
the
on
recently
mutual
Sales
Industry
Refractories
Co., 307 Fifth Avenue, Pittsburgh.
22, Pa. (paper).
—Quarterly Review—Air Trans¬ Research, New York State School Safekeeping and Servicing of Se¬
port Association of America, 1000 of Industrial and Labor Relations, curities—Chase Manhattan Bank*
Connecticut Avenue, N. W., Wash¬ Cornell
University, Ithaca, N. Y.— 18 Pine Street, New York 15,
ington 6, D. C. (paper).
Single copies on request to New N. Y. (paper).
Analysis of Work Stoppages, 1959 York State residents, 400 per copy Sales and Consumer Finance Com¬
and
Banking Legislation in the Sec¬
Increases of $1.1 billion in assets, ond Session 86th Congressand nearly $1 billion in deposits' American Bankers,
12 East 36th
»
week
data
of
deposits for year ending June 30.
+4; East
+3; New
Nationwide Department Store
-sales
banks,
the
by
to —1.
serve
information
Airline Traffic and Financial Data
port impressive gains in assets and
England —2 to +2; South Atlan¬
tic —3 to +1; West South Central
s—4
to
0;
Middle Atlantic -—5
show
compendium
savings
North
Nucleus of
Walker
-
Industrial Relations and the Small
Deposits
Annual
+1 to -f 5;
Central 0 to
Refractories:
—Harbison
Manhasset, N. Y. (paper), 150.
BOOKSHELF
ago,
year
11
Y.
How to Get the Job Candidate to
Increase Assets
below
Ingersoll-Rand,
New York 4, N.
—
Broadway,
(paper).
31
Talk
Mutual Banks
re¬
ended
Businessman's
value of $1 per share of Keller
par
according to spot estimates col¬
lected by Dun & Bradstreet, Inc.
Regional
estmates varied from
the comparable 1959 levels by the
following percentages: Pacific
Xoast
Dollars
stock of the
appliances picked up from a week Corp.
earlier, sales remained moderately
below last year.
The to'al dollar volume
(1791)
corporations, in exchange for 300,-
cars,
of which
all
.The Commercial and Financial Chronicle
.
.
ment
Testing
Affairs
Pamphlets, 22 East 38th
Street,
New
York
16,
N.
Y.
(paper), 250 (quantity prices on
request),
(Workable Program)—
U. S. Foreign Policy in a Changing
Superintendent of Documents,
Oliver D. Knauth — Na¬
U. S. Government Printing Office, World
tional Planning Association, 1606
Washington 25, D. C. (paper), 400.
New Hampshire Avenue, N. W.,
Property Taxation and the Wis¬ Washington 9, D. C. (paper), $1.50.
consin Tax System—W, D. Knight,
U. S. Information Agency, 145th
Bureau of Business Research and
—
—
Service,
School
of
Commerce,
Building, University of
Commerce
Wisconsin,
Madison
(paper), $1.15.
6,
Wis.
Report to Congress—U. S. Infor¬
mation
Agency, Washington 25,
D. C. (paper).
U. S. Participation in the UN—Re¬
port by the President to Congress
—Superintendent of Documents,
U. S. Government Printing Office,
Electric Institute, 750 Third Ave.,
New York 17, N. Y. (paper), $5.00. Washington 25, D, C., 75c.
Radioactive Waste Handling in the
Nuclear Power Industry—Edison
Reading
to
Howard
Inc.,
A Full Manr How Voting Research and the Business¬
man in Politics — Foundation for
Reading —* Arthur
Mkketh
Improve
—
Employee
Relations,
Port
32 North Bayles Ave.,
WnoViinrrfAri
"NT
V
€**
(T3DT3PP\
Research
1141
East
on
Human
Catherine
Behavior,
St.,
Ann
Arbor. Mich.(paper). $3.00.
The Commercial and Financial Chronicle
32
such
Stock Market in Retrospect
development even
a
good
a
we
And Outlook in This Decade
Continued from page
40%
is
interesting
lost
3
the
that
note
to
It
decade.
the
for
decade
in
the
20th
century
when the
market was lower at the end of
the decade than at the beginning.
the
been
has
1930's
gains were not held
while in others great patience was
these
all
necessary.
A
the
"Decade of
call the 1940's the
I
Hesitation."
It
also the dec¬
was
particularly in
the trader,
ade
of
the
early postwar years. Several
declines occurred in the
severe
spring of 1942,
Harbor,
the DJI was under 100—-the lowest
since 1934 and actually under the
In the early
1940's.
a
few months after Pearl
1919 close.
•
.■;
after the success¬
ful conclusion of World War II, a
blow came in 1946 when for some
About
a
year
set for the dec¬
with the excep¬
which just equaled
high
new
was
ade in every year
1957
of
tion
of Hesitation
Decade
The
only
1950's.
the
during
money
Many stocks increased 10 times or
even much more but in some cases
of the year before.
In
the market, as measured
peak
late 1953
DJI,
the
by
finally back to
was
spring of
1930. After the 1954 recession, the
DPI for the first time reached the
fatal
the
of
level
the
exceeding the
level—thereby
400
During this great bull
market, the DJI for the first time
reached the 500 level (1956) and
then the 600 area (1959). Despite
the decline of some 100 DJI points
1929
the
since
all-time
1960
January,
reason,
tern of
prior to 1959.
exactly following the pat¬
1937, a severe decline be¬
gan on the day after Labor Day.
The DJI reached a peak of 213 in
1946—a
modest gain over
1945,
which in turn was a couple of
points higher than the 1936 peak.
market then declined to the
The
famous resistance level of the low
each
in
reached
—
the
of
Although the per¬
centage decline as calculated for
the Average was less than 25%,
years 1946-49.
individual stocks
Some
high
off 50-75%.
were
sold
never
in 1946.
summarizing
again
as
decade
the
of
new
1940's, only two years set a
high for the decade—1945
and
1946.
nimble
to
had
investor
An
be
to
his profits after
early postwar spurt. The DJI
the
closed
keep
1949
at
200—a
even
an
gain of 33% for the decade.
of
Decade
We
the
to
Practically all of us
perienced with the
1950's
As
the
it
are
1950's.
very
ex¬
was
"Decade
of
Automa¬
choosy not to make money in the
stock
market
during the 1950's.
were
downward
not
quickly
money
market has
There
actions, such
If
cently.
short
some
term
-
have had re¬
had bought an
we
as
one
the decade
his investment during
of the 1950's.
This extraordinary
in
the
market
appreciation
during
came
an
of 1949 into early 1950,
carryover
late 1957The U. S. had a
and finally
1954,
1958.
war
deaths
in
battle
our
War
Korean
com¬
in
the AEF
of
that
World War I.
The decade
ex¬
saw
price con¬
During the past half dozen
profit
cess
with
—
the
paring with
trols.
and
taxes
although at peace, we have
engaged in a vast armament pro¬
gram.
Inflation was erratic but
significant in total. All of this was
years,
in
compressed
this
spite
than
1950's
decade
a
it
—
the
de¬
and
partly
probably
and
—
of
market
more
tripled. The decade of the
compared as follows with
Dow-Jones Industrial Average
by Decade
Gains
Low
248
41
Decade
Close
64
150
294
1940's Decade of
Hesitation.....
213
93
200
33
679
197
679
239
Reason
1960's Climb Will Not
ride
Go As High
How
trial
200
did the Dow-Jones
ade?
was
-
Indus¬
Average climb from exactly
at the begininng of 1950 to
almost 700 at the end
of the
increased
less
that
It is
1960's
the
will
present the same opportun¬
ity for automatic profits.
If
one
is
extremely optimistic,
doubling during the next 10 years.
Assuming this and also assuming
that
the
typical
price/earnings
than
50%.
ratio would be the
same
as
at the
The real gain in the market dur.
.
present time, the decade's market
appreciation
would
be
around
ing the 1950's
100% from the 1959 close. On this
uation
of
willing
came
what
to
a
reval-
investors
for
pay
from
were
equities.
At
the
begininng of the decade, peo¬
ple were paying too little—at the
rate of eight to 10 times earnings.
optimistic basis, the DJI could be
as
high as 1,300 10 years from
If
now.
should
decade
net
corporate earnings
increase 75% during this
—
a
creditable
very
In the past year or two investors
have been wililng to pay closer
formance— then
to 18 to 20 times.
f
level, would be in the 1,000
measured
as
the
from
per¬
Dow-Jones,
the
present
'
great
bull market
the
of
1950's
/roughly
and
In summary,
earning
This
part
one
three
of
was
parts
the
the
decade
composed
of
earnings gain
revaluation of
power.
is
investors
in
A
reasonably
the
decade
1960's. The point is that
of
no
the
matter
good
formance by U. S.
area.
profit
industry
per¬
seems
probable during the decade of the
1960's.
If
another,
sobering thought for
a
ratios
for
some
typical
should
reason
price/earnings
increase
from
the
17-19 times area to 20-22
times,
then investors would be
given an¬
other "free ride."
However, the
possibility
and
that
the
ratio
might decline from present
one
knows this—the
ket would do well to
go
up
mar¬
pro¬
portionately with corporate prof¬
its.
>
We
had
a
tremendous
free
cannot
average
be
Thus
of
or
"earnings
share is
at an earnings yield
of 5%. If the stock sold at 40 times
fine stock do
today, the earnings yield is 2.5%.
earnings;
as
With
dividend
the
some
yield
mere
a
1%, the purchaser would get only
1.5% of his market price avail¬
able
be
reinvestment.
for
a
other
In
40 times P/E ratio may
bit hard to a grasp but an
a
yield
earnings
of
than the
savings
less
available
rate
interest
on
graphically points up what the in¬
vestor is paying for the prospect
—but
not
assurance
of
—
future
We should perhaps add
growth.
a
dash of inflation hedge.
Will
1960's
Require Investment
Ability
It
investment
that
the
decade requiring
a
judgment
and
re¬
broadest
sense.
The
search in the
big market gains will go to those
investors picking companies show¬
earnings gains.
ability and
at times a bit of good fortune. Un¬
doubtedly some companies will be
able
to
increase
their
earnings
ing
the
largest
This selection requires
three, four or five times during
this decade—barring war or price
controls
profit
excess
or
taxes.
The
problem is to pick these com¬
panies.
The
of
decade
the
1960's
has
horizon
tire
and
-
as
natural
a
important role in defense pro¬
grams. In summary, a well-man¬
aged company, such as in the rub¬
ber
industry,
naturally
enters
growth fields and thereby
other
expands its base of operations.
The
condition is
second
large
a
and effective program
of research
and development.
The basic re¬
quirements are for research budg¬
ets in reasonable relationship to
sales, the necessary laboratories
and specialized development facil¬
ities, and a nucleus of able scien¬
tists and engineers. The percent¬
used as seed money
varies from industry to industry
but real growth probably requires
a
of sales
minimum
industries
ing
and
3%
and
in
5%
of
of
sales
over
some
go¬
into researcbl, development
engineering. In this connec¬
of some leading
companies, such as chemicals, has
during the past dec¬
ade than appers by a simple com¬
parison of expansion in net earn¬
ings.
As many companies have
tripled or quadrupled their re¬
search
expenditures during the
tion, the growth
been greater
net
decade,
past
had to absorb
R & D
a
as
sizable buildup in
a
percent of sales. Thus
quality
of
earnings
ruled
with
steadily improved, these commons
are entitled to a higher appraisal
around
some
15%.
out
price/earnings
the
search
good
their
and
The
tive
lem
1960's has started off with
The
the next year or
to make up
first
prob¬
two will be
this lost ground.
short-term
For
track
seems
action, the
more
a
race
suitable place
than
attempting to guess a few
points in the stock market. When
one
buys a stock for the short
term
and
with
faced
it
it
down, he
difficult decision
sees
a
usually takes
go
more
courage
.
is
should
vestor
be
for
the
for
spend ; considerable
plants and facilities.
managements have either
to
for
Some
lacked
must
will
selective.
be
be
panies
more
than
whole. There
on
on
The
emphasis
individual
the
market
com¬
as
a
guideposts
selecting individual equities.
My own thoughts are to restrict
investments for capital gains to
companies
meeting five funda¬
are
some
in
historically high levels — to per¬
haps the 14-16 times area. This is
a -haunting *
thought and- under- mentals.
-
Then for good measure,
new
vision
or
too
were
con¬
servative with the result that they
unable to keep pace with the
were
demands
automatic factor prevalent during
most of the
1950's, the investor
and
companies in the same in¬
dustry, time has proven that the
best growth in sales and earnings
is achieved by those companies
course,
1960's will not have the
facilities
dual
actually
As the
new
ing the progress made by indivi¬
the company
however, the lower price is due to
a
basic change in the particular
company, then immediate sale is
the prudent step.
the
long-range program of facil¬
ities for not only new products but
for new processes and for expan¬
sion of older products. In review¬
sums
continues strong, this
gives an opportunity of
averaging down your cost.
If,
is
and
willing
long
consideration
The companion to effec¬
research is a well-planned
to
If the market declines and
Equipment
third
plants.
as
sell than to buy. My point is that
stock purchases for the true in¬
term.
for itself.
demonstrated willingness to spend
of the
decline:
pays
of
wrong
the
past decade.
Of
management
large
sums
in
has
the
when
committed-
a
there
fields,
can
be
real
trouble. Alert managements main¬
tain
a
fairly high level of capital
expenditures in areas with growth
prospects and where they have an
economic
position.
Such
com¬
panies steadily • build up. earning
power.
I feel strongly that the
willingness to invest in efficient
facilities
is
one
of the
necessities
of growth.
The
record
fourth
is
the
of
keeping the financial
good order.
There arer
several .ways of looking at this..
house
of
stock.
common
gains,
share
in net
entirely to
convertible
due
dilution from
issues, rights, or outright sale of
heavy
have
had
ings
to
run
in
terms
still
stand
per
These
stock.
common
companies
pretty
of
fast
net
to
earn¬
share —the fundamental
consideration
for
the
a common
stockholder.
Another
financial
of
aspect
policy is an adequate level of de¬
preciation charges —the function
of
the: size and consistency of
capital expenditures and of - ac¬
counting methods, vT prefer com¬
panies that keep one>|et of books
both tax. payments £ and *the
for
stockholder... A
with
company
a
high level of depreciation—in; re¬
lation
to
both
sales
to
and
gross
plant—has better quality earnings
than a company with modest de¬
preciation.
Such earnings, in my
view, are entitled to sell at a
higher multiple. '<
Good Management
fifth factor is that of man¬
The
agement1
the
the
For
investor,
true
primary consideration is man¬
However,
without
a
operations, no man¬
agement.
broad vista of
can show above-average
growth. Good management would
high on my points two, three
and four and, over a period of
agement
rate
time, would shape the company's
position in its own and allied
industries. In appraising manage¬
ment,
the peo¬
judge
should
we
ple by their ability to make diffi¬
cult
decisions, to have vision, to
hard and, of course, to be
known for their integrity.
work
In
appraising management per¬
formance;:
ments
,
traditional
return
are
measure¬
investment
.
on
and net per share progression.
could have only one record
If
of
management, however, it would
be the postwar dividend record.
I
For
here
is
problems
the
measured
failure
and
hopes,
success
or
of the management.
addition
the
to
people
that
the several
echelons, there is the collateral
factor of organization. Many com¬
panies have recast their organiza¬
tional structure during the 1950's
to effectively handle a sales vol¬
run
a
at
company
ume
well
level..
Surely these companies are
better
position
to
take
in
a
their
above
present
advantage of the 1960's than com¬
panies still experimenting or hav¬
ing yet to strengthen their organ¬
izational setup.
/ ; The
-
sixth
factor
gible
one
word
is
"serendipity."
which I
sum
an :
up
intan¬
by the
This could be
defined loosely as "nothing suc¬
ceeds like success." Thus in select¬
ing
our
we
should look first at the fields
of
investments for the 1960's,
activity
.
reputation
both
to
research
stillr to
house
My
management's
with
the
spend money for
and
—
willingness
together
facilities
and
and
financial
maintain: the
in,, good, order. '
inclination
then
;
would
be
to go into partnership with com¬
panies fully qualified on all five
fundamentals plus having demon-
.
strated real ability during the past
decade with particular emphasis
on
The
the
consideration
is to
capital programs without
had only mediocre records
per
In
money
sizable
than
more
re¬
Willingness to Invest in Plant
ever, even
these have faded in
recent months.
Thus the decade
a
Well-directed
market.
large
reasonably suc¬
cessful industrial companies have
Individual
of them ver;
off 25-35% from
are
in
the
have
earnings
have
Several large and
This in turn led to
an
still debt free
these
of
dilution
undue
The
chemicals
with
few large indus¬
other side of the coin
The
finance
with
and
—
preferred stock issues.
in¬
started off
inauspiciously. After a
and, in my opinion, un¬
warranted
spurt
in
late
1959
which carried over for a couple
of days in 1960, the DJI is now
several
andi
be
can
rubber
synthetic rubber operations. Sev¬
eral major tire and rubber com¬
panies have pioneered manufac¬
turing outside the U. S. A.—with
these large and profitable over¬
seas operations an element of both
stability and ; potential growth.
The rubber companies also play
age
inevitable
seems
1960's will be
the
development.
20 times price/earn¬
a
ings ratio
words,
tics
selling at
a
Look
typical
company
tires, then mechan¬
ical rubber goods, and next plas¬
meas¬
stock
a
earning $5.00
and
selling at
or
how good earnings are
going to be
over
the decade of the 1960's—
no
yield."
in
dustry.
We could better use the
method
British
100
ratio"
activities.
of
broad
a
started
connection, I conisder it
our profession uses
Several
glamour
stocks
about tripled early this year; how¬
he could project corporate profits
earnings go up proportionately?
Definitely not; as earnings them¬
selves
visualize
to
Ratio
that
"price/earnings
field
quisitions—which often bring in
problems than profits,
A good example of companies
with
the
note that only a
trial companies are
polyglot corporation resulting
unnatural mergers and ac¬
a
found
urement.
It is axiomatic
should keep debt
particular ratio varying with
the industry.
It is interesting to
more
100 times.
ones,
dec¬
Did corporate
price/earnings
ratio
can
increase to the 40 times
level.
A
few
commons
have
reached an unrealistic multiple of
peak.
appreciation
The percentage
nearly 250%.
during the past decade.
hard
of
easily
bad
company
atten¬
balance
the
from
rent
too
analysis.
a
little
fashioned
old
to
the earnings
on
given
sheet
companies with broad vistas
of potential operations rather than
those fenced in by a narrow ac¬
tivity.
Here I am not speaking
The result is that the cur¬
Prefers Use cf Yield to P/E
and
that
for
terms of rapid growth of
industry and the ability of the
individual
management to per¬
In this
tion
the
Investment Guidelines
wide
a
the
form.
and
investments
others
consideration, in
view, is the necessity of a
company having a secure place in
ing in
stocks,
132%
Frustration
Automation
cases
statement
The first basic
premium
a
have concentrated
about
my
stock, they are — except in
of rank speculation—think¬
a
down
—40
1930's Decade of
1950's Decade of
put
determinent.
talking
sharp
preceding decades:
381
High
1920's Decade of Speculation..._
on
equally exciting decade. The U. S.
had three different recessions: the
the three
have
to
re¬
run
vestor
work hard
be sharp
to
of stocks—not excel¬
fully
he should have tripled
average
because
had to
the
though
even
lent and not bad—and stayed
of course, and
stocks inevitably fell behind
the procession but the typical in¬
moves,
some
make
can
strong upward trend.
a
bound
are
spring of
tion." One had to be original and
There
is
lucky
short turns but when
so
lucky he can lose
on
money
one
full-scale
decade just
a
period of
almost
automatic profits in the
stock market. I have called the
finished.
and
smart
then
Profits
Automatic
come
now
One
-
invested
as
In
the
have
long
or
in terms of
movements.
should think
term
market
small,
large
investor,
true
The
..
investors
to
Five
higher P/E ratios.
When
am
Thursday, November 3, 1960
within reasonable bounds
*
peak.
peak of 685, the market today is
selling higher than in any year
160's
.
will
question of
short-term profits—and losses.
perhaps even
or
final
I
leave
My
the same
and
er
slightly
a
long-term
during the decade of
own views, how¬
ever,
lean towards a continued
buildup in corporate earning pow¬
1960's.
the
add
again,
can
Here
gain in earnings would be offset,
with the market making little if
any progress
—down
.
.
(1792)
performance
in
recent
years.
1960's could well prove to
be
"Decade of Selection" for the
investor.
.
4
.
.
in
In recent years
analysts
as a group
on ,,a -talk -ibv
• Mr.
Butler be*,
fdrferthe JnvestmentrWomen of Chicago,
Chicago,; llhV-Vt!'»i+s.-je;
*>•*?♦ jy't
Volume
192
Number 6000
.
.
The Commercial and
.
Financial Chronicle
T. Coleman Andrews Speaks on
Entertainment Tax Deductions
The
Revenue
Depart¬
firms might keep a "Secret
Journal," in which this informa¬
some
look at reimbursement
new
business
expenses
ficulties
according to the ex-head
of
that
creates
dif¬
no
tion—
allowing
figures to appear in
S p e a k i ng
had
of Ac¬
City
Coleman
s-
T.
as
basis
regulations
new
outlined
in
the
of
his
"TR
221"
President
Continued from page 2
eries
currently Chair¬
Board
and
of
the
American
ants.
Ay Mr. Andrews
line
all
Taxes
of
must
us
under,"' the
out
the
area
to
estimate
of
trepreneurs against
these
Taxes
In this
glad to
ulations went
plugging
long
some
lax in
reports
in
checking
submitted
and
partial
program
Night
their
"The equity program
lished both gas and oil
with
of the
ment"
and
as
producing horizons.
indications
into
with
vigor.
basis
of
the
new
"Letter
be
whether
asked
item
an
is
signed
El
a
Paso
to deliver 100 million
feet of gas per day at 16c
thousand, Equity retaining the
distillate produced with the gas
for separate sale. While investors
per
determine
to
company
Intent" with
of
done."
cubic
law
(TR 221), three simple questions
should
already
the
Natural gas
Questions and Answers
the
1958
de¬
promise of
reserves
should
work
the
Present
.
.
.
listed
the
substantial
follow
In
ma¬
that extensive
with
be
now
greater
are
velopment
•
checked
formations
Cretaceous
very
has estab¬
production,
Multi-pay production has
found, with both Tertiary
been
"A
"Entertain¬
would
account
explora¬
completions in the
gas
jority.
exec¬
Town," "A Pro¬
longed Cruise," "A Long Stay at
a
Swank Hotel," these and other
devices for living high on the hog
expense
its
on
in April,
which said in part:
the
on
data
1960. Pe¬
Information, the leading
oil reporting service in the Rocky
Mountain area, devoted a special
report to the company on April 15
been
employees.
feet
troleum
expense
on
by
sales
past
cubic
roughly two thirds.
tion
way
the
trillion
The company's interest in
gas.
is
4
and
new reg¬
paying for the bulk
traveling and entertainment
had
3
of be¬
reserves
This appraisal was
confirmed
when Equity released electric logs
government
deductable.
tend to forget or downgrade the
(1)
Was the money really
importance of events over a year
spent? Y
v\ .../A'
:. .A-AAAa old, this document should become
(2) Was the money spent con¬
actively important during the next
„
..
ducive
to
the
business
purposes
few months.
El paso's projected
A,,:: pipeline from Provo, Utah to Los
(3) Was the amount of the ex¬ Angeles- will require gas from
penditure in proportion- to \ the Colorado, including Equity's; at
for which it is intended?
benefits which might legitimately, has received
be expected from it?
f
.
r ; proval; final
Examiner
FPC
ap¬
hearings before the
To further check upon enter¬ full commission are being held as
this is written; and the project is
tainment
expenses,
the govern¬
ment wanted the answers to the scheduled for completion in 1961
with deliveries commencing next
following
questions
concerning
entertainment:
:
>
v.
;
A
(1) Who was entertained?
(2) What kind of entertainment
provided?
(4)
What
kind
of
-
business
gains could be expected from such
entertainment?
What
fall.
;
is
the
such entertainment
why
required?
reason
was
A
In
addition
The
rej
not
want
increase of 12% in 1958.
this
and
that the
type of infor¬
to
competitors
couple
also
of leases
company
some
owns
in Utah
in
qf the company's gas exploration
developments
in
later this
the
largest
oil
fields
in
the
reserves.
in
terms
A
of
recov¬
water
flood
begun in
cording
to
1959
of
recover
some
50%
000,000
bbls.
estimated
been
in
already
place.
the
to
1,849,have
the
oil
remaining
test
a
with
Conti¬
Phillips Petroleum
year.
A'A AA
,
Equity
has
from this
reserves
an
or
oil
duced
from
be
can
shale
pro¬
competitively
oil produced from domestic
wells, and in some cases cheaper.
The most recent estimate is $1.50
per bbl.
The present surplus of
cheap foreign crude, plus the high
capital cost of building shale proc¬
essing facilities have delayed its
commercial development, although
Union Oil's pilot plant operated
successfully for about a year. In
case
investor
an
to
discount
in
view of
this
afford
can
prospect
heavily
the other values
pres¬
ently established.
With
field
the
pect of
an
expected
of
to
in late
to
gas
mence,
the
El
the
gas
the
Basin
trillion
reserve
equals
It
is
shale
at
Return
entirely
Inadequate
per
the
date
up
possible that the
substantially
more
to
simply reflects the fact that
in the
past
a
less than 150
tice
the
financial
undertake
some
yield differential of
basis points on mort¬
has been inadequate to
gages
Current
the
14,500
acre
per
the
to
(and
the greate*
greater task
of mortgage loans.
spreads
acres
26,850,000
at
;J
_
to
has
corporates
has
attrac¬
proved
institutional
and
lenders
and
substantially .dampened thei:
enthusiasm
for
commitments.
corporate
most
certain
business
hew
This
issues,
mortgage
increase
however,
to
phenomenon
be
is
in
al¬
balance
as
the
enter
we
One indication
of this is
have
1960's.
that
va¬
rates
rising for several years.
they have not yet reached
levels which
been
progres¬
historically have sig¬
7,250,000
acres
the
forecast
rest
of
the
here
presented
As
already indicated, the pros¬
pect is for a marked reduction in
the
yields
the
reduction
corporates
on
of
the
$89.23 per sh.
(over
ab¬
Federal
Reserve
creasingly
pursues
in¬
an
policy in
the face of worsening general bus¬
iness
easy
money
conditions.
Both
these
fac¬
tors should generally improve the
relative attractiveness of mortgage
the
over
months, and
six
next
to
these
the flow
of funds to mort¬
loans.
remains, however,
great the responsiveness
housing starts and residential
construction, and consequently the
supply of new mortgage loans,
will be to this prospective increase
demands
am
for
inclined
to
mortgage
believe
paper.
that
the
supply will increase, but that the
increase will be substantially less
than
would be
parable
indicated by com¬
changes in yield
spreads
time when hopes are being
own estimate is
housing starts next
year are likely to be little more
than 1,420,000 and stand a good
chance of falling short of this—at
appraised
in
fields, and the conversation
portunity for
a
may
be
an
op¬
few individualists
the-Counter
Market.
demand
been
now
elimi¬
We have built about twice
new houses in 1959 and
many
1960
the
as
have needed to supply
we
needs
have
of
family
new
forma¬
only
partly filled the gap.
resale markets confirm,
Sluggish
that
end 1960 with the
we
supply
relatively
relation
in
(3)
All
consumer
to
experience.
that
My
private
least in the absence of
new
ing legislation; and for
will
come
more
housing
generous
demand
than
in
;
recent surveys show
plans to buy houses are
still sluggish.
(4) The leverage of a given
change in interest rates can con¬
fidently be expected to be much
less
it
under
these
conditions
than
proved to be in the past when
supply - demand conditions
basic
stronger.
were
(5)
We
have
already
used up
mortgage
terms (other than interest rates).
The effect on monthly charges of
extending maturities from 25 to
30 years is much less than in go¬
ing from 20 to 25. Each further
most
the
of
leeway
in
extension involves still less reduc¬
tion
in
charges—and,
duction in
as already
large a further re¬
charges would have less
starts
noted,
even as
on
hous¬
reasons
I
and
construction
under present supply-demand con¬
ditions than previously.
(6)
The
conclusions,
same
apply to
course,
further
any
of
re¬
ductions in
down-payments which
might possibly be undertaken.
(7)
The major more hopeful
possibility is by way of greater
efficiency, better design, and bet¬
ter
merchandising
builders.
made
the part of
on
Some progress has been
these fronts, and costs
on
should
be
somewhat
year,
but is
there
will
lower
next
unlikely that
seems
be
breakthrough
any
great
enough to modify signifi¬
cantly the estimates given earlier.
Conclusion
to how
in the period 1957-58 or in earlier
it
(2)
as
The question
12.50 per sh.
.
housing has
excess
nated.
through
present
normally large spread,, as well as
for declining yields on both cor¬
porates and governments as the
in
share..XI,500,000
space,
for
least indi¬
very
cate that the basic
effect
if
temporary
a
has any validity.
250,000
price
between
governments
tive
of
bbl.
!
outer
1950's, has been progres¬
sively worked off so that the de¬
mand and supply for the existing
stock of houses is very nearly in
earlier years.
as
ranges from electronics Jo missiles
to
and still large as we en¬
war
have been coming to market with¬
in the last several weeks in re¬
,
pro¬
per
optimistically
many
the
tered the
tions. Demolitions and retirements
gage
acre
market
a
(1) The basic shortage of hous¬
ing, which was oppressive after
There
is
no
aoubt inat the upturn
in
mortgage loans and housing start 3
has
been
.dampened
by
the
markedly
increased
volume
o!
new
corporate
issues
which
$100,000,000
some
shallow
$1.00
counter)
At
.so
more
moderate than in previous periods
of easier money:
en¬
institutions
would also argue
risk)
I
per
going to
housing
are
tion, they at the
pick
crease
$134,350,000
Assets
factors
market to easier credit much
While
develop¬
ments will certainly serve to in¬
lands (present mar¬
value)
$5.00
Several
make the response of the
naled major declines in construc¬
field
Rangely
excludes
Unproven leases—50,000
at
Despite
failure of residential construction
nine
A-
on
in
in
miscellaneous
$500
(based
Report) equal 2
ft..
Using, a
per 1,000 cu. ft.
(this
duction)
Boom
Credit Ease
sively
Mortgage
investment
cu.
reserves
only
of
relation
the
of 5c
value
ket
in
estimate
Thurman
in
price for its stock
reserves
lower
com¬
startling picture.
a
Pieeance
should
evaluation
assets
market
Natural
Oil
Paso
company's
when sales
1961
realistic
a
produces
; •
from the Rangely
increase, and the pros¬
additional sharp jump
revenues
on
Housing
cancy
some
with
any
No
source are over
barrels,
The stock is traded in the Over-
mortgage
bbls.
(in some cases) even to their 500,000 bbls. Equity's net interest
personnel. He suggested that Ais 26,850,000 bbls. The field is cur-
own
for
sponse to
the lower yields now
1,300
prevailing on such issues and the
per
share.
Moreover, in¬ desire of
corporations to replace
cluded in the jointly-held acreage,
temporary : short-term financing
are
5,000 acres where the shale with
long-term paper. This mod •
lies at or near the surface, so that
erate surge in corporate financing
it can be strip-mined, and there¬
has served to increase the spread
fore should logically be the first
between high-grade corporate
area
to
be
developed commer¬
(particularly the yields on new
cially. Studies by Union Oil, the
issues) and the declining yields
U. S. Government and others have
on government bonds.
The wider
established that
billion
2
ac¬
studies,
Deducting the
produced,
recoverable
will,
engineering
drilled
undi¬
vided 50% interest with Socony
Mobil Oil in 24,000 acres of oil
shale
land,
plus
another 2,500
acres wholly
owned. Potentially,
this is the company's most valu¬
able asset, since the company's oil
shares)
States
erable
where
area
be
nental Oil and
the
Rangely field, where the company
has a 4% interest, should improve
Equity's income and reserve pic¬
ture substantially. Rangely is one
of
Lisbon
will
to study value and profit thereby.
available
commitments
loans.
648,-
mation
year
strength, doubtless in good part
general uncertainty
the general business and
employment outlook as well as the
increasing adequacy of our exist¬
ing housing supply in relation to
current requirements. All this has
been happening—or failing to hap¬
pen— while the
spread between
FHA ceiling interest rates (which
are
now
5%%) and the yield of
about
an
to
acres
active
recent, al¬
though hitherto unnoticed, success
program
Andrews indicated
provisions
specifically op¬
posed on the grounds that they
enabled the government to delve
into matters which might be re¬
garded as secret. Many companies
new
or
re¬
years.
50,000
And Available
did
be
about 65,000 over the next
of
the
to
United
Keeping Information Secret
Mr.
also
companies
all
because of the
rently producing about 46,000 bbls.
per day which should increase to
Oil
program,
(3) Where did it take place?
(5)
would
from
Finally,
and
this
Many employers, realizing that
-high tax brackets resulted in the
expenses,
proven."
far, with
of
toward
of these loopholes.
a
be regarded
can
tween
laws
connection, he
that the
see
minimum of three
a
acres, so
by finding loopholes
in the laws.
5
quired
questionnaire.
well
drilling to date there
on
layman's language this is a
major gas field covering 65,000
few unscru¬
a
re¬
A In
law,
pulous
persons
who
constantly
sought to shirk their share of In¬
was
special
a
the N. W. portion of the Paradox
Basin about 30 miles north of the
as
Income
pay
ultimate
an
townships which
essential to prptect honest en¬
such
by
but based
that
present
enforcement
On
ered
covery of between 30 and 40 bil¬
lion cubic feet of gas per section.
The extent of the field is unknown
AAa>
pointed
recov¬
San Juan Basin,
a
though with less total
thickness, it is not out of
sand
Insti¬
:-v:
the
in
similar
President
expected
on
Certified Public Account-- appears to be
tute of
at
prac¬
of
increase of only a
than 7% from this year,
which contrasts with the year-torepresent
signs
no
requires, said Mr. garding the salaries, allowances, AAA corporate bonds (now about
already part of the and expenses of their key person¬ 41/4%) is currently 1.50 percentage
bookkeeping
procedure nel.
point. This is the widest spread
cal, but based
A:/..
>
American
utives
passing
specific company
tained
by corporations for enter¬
judg¬ tainment purposes would be cov¬
gov¬
more
page
showing
as
Fidelity & Cas¬
ualty Company, ahd American Fi¬
delity Fire Insurance Company of
Richmond, Va. He is a C. P. A.
of the state of Virginia and former
very
hunting lodges, pleasure
effects boats, and similar facilities main
THE SECURITY I LIKE BEST...
taliv
the Treasury Depart¬
Mr. Coleman is
for
Government questions re¬
5
little
still
is
July, 1958, and on the basis
of past experience indicates that
savings institutions will be under¬
taking to increase their holdings
expenses.
for
ment's instructions.
was
garding
Coleman Andrews
the
come
entertaining
Continued from
market
since
reimbursed
was
others.
while
drink
and
item
took
strict
there
food
Mortgage Market Outlook;
Coming Business Decline
was
regular
He
since
regarding
Information
Andrews,
contro¬
the
arisen
the government
concerning
of
honesty and in good
difficulty should be en¬
no
of the
versial
man
in
countered.
made
auditors
several
aspects
the
that
statements
Much of the information which
T.
d i
indicated
many
ment upon
An¬
drews
very
general
tices.
on
Oct. 17, Mr.
also
been
ernment
counts in New
cussed
the
regarding the possible ill
resulting from individual
Na¬
tional Asso¬
York
reasonable,
practices
company
consumed
;He
the
York
ciation
explain
simple
33
Government
be
sincere attempt was made
a
faith,
to
At the conclusion of his talk,
by govern¬
Andrews
kept, with¬ Mr.
indicated
several
in
which
anything but total cases
questions
had
books.
Chapter,
to
tended
required
now
out
division.
before
companies.
ment auditors could be
gov¬
ernment's
New
most
auditors
and if
all
Internal
ment's
of
(1793)
In
short, I disagree
general
on
business prospects with those who
say
have already had
we
cession.
I
do
think
one
our
is
re¬
in
the
making and that most of its im¬
pact will be felt after the turn of
the year.
as
I do not expect it to be
steep or
one.
downward
Yield
as
severe
Interest
at
rates
least
differentials
as
our
will
till
in
last
trend
summer.
favor
of
mortgages will widen further, and
both mortgage volumes and hous¬
ing will increase.
Fundamental
changes in the basic supply-de¬
mand
situation
market,
in
however,
dampen the
the
will
response
housing
seriously
to the stim¬
ulus.
back
to, this probably
would not greatly raise the figure
for private starts. It may be noted
that 1,420,000 for. the year would
*An
Fourth
the
address by Dr. Lintner before tho
Regional Mortgage Workshop of
American
Bankers
ton, Mass., Oct. 24,
Association, Bos¬
1960.
34
The Commercial and Financial Chronicle
(1794)
Indications of Current
The
following statistical tabulations
latest week
Business Activity
week
IRON
AND
STEEL
Indicated Steel operations
Equivalent to—
Steel
ingots
AMERICAN
Crude
42
and
and
to
runs
53.4
13.0
§1,473,000
*1,545,000
1,522,000
368,000
6,823,700
6,876,860
6,875,075
INSTITUTE:
output—daily
(bbls.
of
—Oct. 21
6,771,000
Oct. 21
——-Oct. 21
117,947,000
7,898,000
28,301,000
28,518,000
average
-—
stills—daily
output
*54.2
(bbls.)
average
(bbls.)
--
Kerosene output (bbls.)__—————
fuel oil output (bbls.)
Distillate
Stocks
refineries, bulk terminals, in transit, in pipe lines—
unfinished gasoline (bbls.) at
Oct. 21
at
oil
output
(bbls.)
Oct. 21
;;
(bbls.)
Distillate
fuel
Residual
oil
fuel
ASSOCIATION
at
oil
OF
(bbls.)
ENGINEERING
5,902,000
188,159,000
186,906,000
178,017,000
36,807,000
35,987,000
34,896,000
177.632,000
175,066,000
165,447,000
50,929,000
51,427,000
48,344,000
58,699,000
U.
S.
RAILROADS:
CONSTRUCTION
—
Private
(no.
653,145
527,670
617,635
607,517
528,542
637,311
cars)—.Oct. 22
of
533,302
526,106
ENGINEERING
and
COAL
OUTPUT
(U.
ELECTRIC
235,200,000
177,800,000
140,700,000
165,500.000
165,000,000
175,100,000
234,400,000
143,900,000
135,000,000
209,600,000
30,000,000
24,800,000
Oct. 22
8,490,000
*8,525,000
8,220,000
(end
362,000
394,000
378,000
457,000
Oct. 22
157
*155
148
AGE
steel
Pig
(per
iron
Scrap steel
kwh.)
AND
INDUSTRIAL)
DUN
—
(New
(delivered)
U.
S.
6.196c
$66.41
—Oct. 25
$29.50
$29.50
$31.50
$46.17
ton)
M.
J.
29.600c
29.600c
32.600c
PRICES
DAILY
13.000c
13.000c
,
26.000c
26.000c
102.250c
101.750c
88.71
91.48
92.06
87.99
91.62
125.6
106.2
119.1
118.9
116.6
Other
84.04
84.94
87.99
87.86
88.54
83.53
88.81
88.81
89.09
86.11
3.81
3.67
4.60
4.85
4.31
4.27
4.56
4.47
4.46
4.40
4.74
4.69
4.68
4.65
4.85
5.13
5.06
5.26
A.87
4.86
4.79
4.96
4.56
4.50
354.1
r
4.57
4.52
4.90
4.50
4.58
4.70
359.2
r
362.9
320,748
308,826
312,753
326,613
321,633
317,823
94
93
435,919
437,157
Oct. 28
109.99
110.00
:
ACCOUNT
OF
411,961
111.64
_Oct. 7
1,453,820
1,968,740
3,038,340
1,653,730
1,768,420
Oct. 7
-
■
275,590
the floor-
42,760
208,830
338,060
315,540
378,330
251,590
392,610
606,580
833,580
-Oct. 7
111,720
118,920
77,860
162,950
475,371
659,092
450,905
transactions for account of members—
purchases
587,091
778,012
528,765
4,535,030
2,412,390
2,920,278
532,100
sales
Oct. 7
2,728,930
Total sales—
Oct,
STOCK TRANSACTIONS FOR
ODD-LOT ACCOUNT OF ODDLOT DEALERS AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES
EXCHANGE COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t
Number of shares
Oct.
Dollar value
Oct.
Odd-lot purchases by dealers
(customers' sales)—
Number of orders—Customers'
total sales
Oct.
Customers' short sales
_Oct.
Customers' other sales
588,340
7
2,372,441
3,606,342
2,633,695
2,871,371
4,194,682
2,434,085
2,904,043
7
$66,212,925
7
1,125,784
7
1,152,174
$82,904,315
$57,724,697
1,163,600
28,097
1,152,734
$52,048,948
$76,510,970
$56,150,992
486,290
356,290
■
Oct. 7
sales
,■
nurchases
loct.
—Oct!
■.
by dealers—Number of shares
ROUND-LOT 8TOCK SALES
ON
THE
N.
Y.
7
286!l50
7
575,950
486! 2 90
694,080
35~6~290
M
379,600
round-lot
sales
Other sales
sales
761,870
574,270
16,689,460
10,659,820
11,663,290
12,838,170
17,451,330
11,234,090
WHOLESALE PRICES,
NEW
SERIES
-
U.
S.
DEPT.
LABOR
(1947-49=100):
Commodity Group—
.
12,306,270
OF
Farm
products
Processed foods
"Revised figure,
other
than
farm
119.3
and
foods
RYS.
INCOME
Month
Federal
basis of 147,633,670
fPrime Western
Zinc
sold
on
Dividend
tons.
tNumber of orders^ not reported since
delivered basis at centers where
freight from East St. Louis exceeds
for
Ratio
.
.
from
income
charges
OF
U.
103,472,784
300,900,603
290,503 856
684,000
720,000
427,000
2,231,000
2,255,000
$57,025,664
25,922,415
$48,796,588
82,948,079
71,069,262
4,438,854
.
78,509,225
66,966,088
31,376,352
31,448,794
47,132,863
35,517,294-
13,627,027
4,044,124
taxes
i
equipment)
[
9,582,903
52,534,278
to
fixed
S. A.—Month of
purchases
charges
TRANSACTIONS
■__
.
IN
4,055,283
43,077,580
4,103,174
4,229,246
31,288,048
51,223,641
7,539,276
52,647,773'
24,577,362
26,153,694
26,322,685
303,006
„
GUARANTEED
.
22,272,674
27,314,746
;
stock
MARKET
AND
Net sales
Net
110,057,902
283,318,365
.
income
stock
income
of
RECT
110,100,163
156.000
I
____■L
income
1,039,000
44,999,586
31,372,559
CLASS
'<
<
fixed
1,021,000
1,106,083
698,156
1.43
2.50
2.13
$3,432,300
$44,398,900
$28,274,650
appropriations:
TREASURY
tons
introduction of
S.
1,059,000
Commission)—
(way & structure &
preferred
128.6
U.
377,000
*
4,040,352
—_
issues—
other collateral
OF
362,000
$23,984,149
25,055,789
49,039,938
—
;
1_
On
148,570,970
,
'
.
deductions
94.9
of
'
income
96.7
128.2
$3,406,000
111,000
'356,000
2,325,000
balances
Income after fixed charges—
95.1
capacity
$3,220,000
-U22,000
"
'
charges—
common
127.6
3,946
$3,259,000
.!♦<—•
S._
S. Govt,
Commerce
available
fixed
On
annual
credit
U.
bonds——
on
deductions
86.8
new
in
income
Income
...
4,001
accounts—
;
106.3
on
on
operating
88.3
127.6
free
income
108.5
§Based
4,514
balances——!—
banks
ITEMS
of July:
railway
87.7
runs.
in
listed
of
(Interstate
108.2
Oct. 25
debit
U.
SELECTED
..
31,211
omitted):
shares.
Total
21,648
INSUR¬
customers*——.
borrowings
Member borrowings
87.8
fflncludes 1,002,000 barrels of
foreign crude
pound.
119.5
LOAN
Market value of listed
1C8.0
94.3
19(>0 as against Jan. 1, 1959
a
119.0
AND
net
to
and
value
54,403
*16,031
*36,942
EXCHANGE—
customers'
Oct. 25
Monthly Investment Plan.
cent
of
145,236!
2,393,379
*86,291
.
FORECLOSURES—
carrying margin
hand
on
*156,573
*2,480,343
90,112
17,190
(000's
extended
Oct. 25
Meats
commodities
118.9
-150,598
33,022
SAVINGS
customers'
Depreciation
—Oct. 25
105
2,190,141
Member
Net
commodities
103
107
the
tons)
STOCK
firms
Market
Other
—
in
:
ESTATE
Sept. 30
Total
642,980
12,147,820
108
108
MINES)—
tons)
short
REAL
Miscellaneous
690,350
Oct. 7
vf 0 ^an;
Cash
Net
7
107
OF
CORPORATION—Month of June_
of
Other
Oct
284,114
182,596
Sept.:
ounces)
short
YORK
Total
491,640
Oct. 7
_
261,976
331,932
RESERVE
—
(BUREAU
fine
(in
Total
__
FEDERAL
(in fine ounces)
Member
sales—
a
THE
August:
(in
Zinc
STOCK
EXCHANGE AND ROUND-LOT STOCK
TRANSACTIONS
ACCOUNT OF MEMBERS
(SHARES):
FOR
Short
OF
of
NONFARM
190,930
f90~,930
259,986
323,516
PRODUCTION—BOARD OF GOV¬
(in
.Lead
$44,372,645
286,150
132
131
CONSTRUC¬
Copper (in short tons)
875,188
.Oct. 7
shares—Total sales
Short sales
1,586,797
—Oct. 7
Round-lot sales by dealers—
Gold
10,441
1,104,829
130
109
137
(AMERI¬
production of recoverable metals
Credit
10,866
115
138
United States—
885,629
-Oct. 7
value
Month
$58,801,306
1,614,894
20,955
\
STEEL
STEEL
135
136
adjusted
(tonnage)—estimated
OUTPUT
Mine
As
1,187,357
79,826
YORK—1947-49
SYSTEM—1947-49=100—Month of
ANCE
1,794,951
97,379'
FED¬
(tonnage)—estimated
FEDERAL
1,432,489
92,501
FEDERAL
seasonally
OF
105,417
(tons
Seasonally adjusted
Unadjusted
NEW
7
period
SECOND
NEW
STRUCTURAL
ERNORS
2,371,943
7
OF
daily),
closed
Shipments
726,438
400,390
of
DISTRICT
INSTITUTE
Silver
498,930
loct.
467,550
end
SALES
44,648
120,585
.
TION)—Month of September:
743,013
Oct. 7
Short sales
Other
CAN
Contracts
580,063
Oct. 7
t
Total round-lot
Round-lot
BANK
(average
METAL
—Oct. 7
sales
sales
RESERVE
54,550
347,430
pounds)
Average=100—Month of September:
(average monthly), unadjusted
Sales (average daily), unadjusted
424,220
30,900
282,240
-Oct. 7
Short sales
of
253,350
33,300
Jet. 7
the floor—
purchases
Number
495,890
Oct. 7
25,081
*99,415
157,382
84,316
at
STORE
RESERVE
INDUSTRIAL
—Oct. 7
131.1
107,617
Sales
314,600
1,373,960
119.1
132.2
147,934
pounds)
ERAL
1,769,620
279,770
2,599,820
—
Dollar
1,691,490
438,520
1,614,830
sales
Other
3,205,560
353,910
Oct. 7
sales
Total
1,846,760
Oct. 7
131.7
121.6
132.4
2,000
stocks
copper
of 2,000
of
(tons
FABRICATED
Short sales
Other
U.S.A.
Sales
Oct. 7
151.4
133.4
121.9
recreation
194.9
156.4
133.8
goods and services
DEPARTMENT
487,298
109.65
l,
MEM¬
.
sales
Total
In
INDEX—
.
and
200.3
156.7
;
146.7
135.5
200.7
care
Crude (tons of 2,000 pounds)
Refined (tons of 2,000 pounds)
Deliveries to fabricators—
91
93
Oct. 22
period
92.5
145.9
134.2
COPPER INSTITUTE—For month of
September:
Copper production in U. S. A.—
291,955
327,941
137.3
93.1
146.2
care
Reading
390.4
Oct. 22
98.8
139.8
134.4
Personal
Other
108.8
99.4
93.1
:
Medical
108.0
99.7
girls'
134.6
109.1
110.2
139.9
and
137.4
110.5
Other
apparel
Transportation
4.23
4.65
4.30
103.6
s
109.3
Public
4.64
133.9
104.1
137.6
boys'
Private
3.79
120.1
132.9
103.5
Footwear
82.77
129.3
139.8
124.8
133.4
operation
and
Women's
"79.13
83.91
Oct. 22
on
oil
131,3
141.8
124.9
fuel
and
Household
Refined
transactions initiated
1953=100)
electricity
fuels
81)54
sales
Other
(Jan.
131.5
and
<>**-80.69
-Oct. 22
Other transactions initiated off
Total purchases
home
141.9
80.93
(tons)
purchases
from
away
Men's
Short sales
one-half
134.4
104.8
Apparel
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which
registered—
All
114.1
127.3
85.59
1
115.7
106.5
84.17
:
124.8
118.3
117.9
134.0
Housefurnishings
ASSOCIATION:
FOR
and bakery products
poultry and fish
126.6
120.6
117.4
109.9
90.20
Nov. 1
TRANSACTIONS
$763,000
115.8
86.78
Nov. 1
PRICE
$1,266,000
$1,263,000
137.5
89.37
AVERAGE=II)0
Total
omitted)
INDEX—1947-49=100—
110.8
86.38
Nov. 1
REPORTER
560
YORK—
116.6
89.23
INDEX
DRUG
NEW
137.7
86.24
-
ROUND-LOT
(000's
OF
111.3
Solid
84.17
activity
AND
406
OUTSTANDING—FED¬
BANK
Rent
82.94
87.45
Group
Group
PAINT
17
.
Housing
AVERAGES:
of
107,864
7,440
products
Meats,
Food
24.700c
103.125c
Nov. 1
end
108,424
76,942
and vegetables
Other food at home
12.500c
13.000c
26.000c
Nov. 1
at
tons)
Fruits
Nov. 1
(tons)
84,805
104,070
tons)
home
Cereal
12.800c
87.61
Group
orders
137,083
(net
(net
126.6
Nov. 1
(tons)
14,664
120.1
at
13.000c
86.78
Utilities
Unfilled
America
items
13.500c
5.11
of
All
All
11.800c
Nov. 1
Orders received
14,993
of August:
13.500c
86.91
A
Total
Month
11.800c
Nov. 1
PAPERBOARD
14,007
MINES)—
tons)
PRICE
13.500c
Nov. 1
Total
Sept. 30
11.800c
87.75
Aa
TOTAL
of
CONSUMER
Dairy
Nov. 1
COMMODITY
OF
(net
PAPER
RESERVE
Gas
corporate
Total
ERAL
30.925c
Nov.
Percentage
(net
COMMERCIAL
13.000c
Nov. 1
DAILY
245,580,000
$953,899,000
tons)
America
12.000c
Nov. 1
Other
Asia
28.450c
Nov. 1
YIELD
392,542,000
33,013
Central
(net
South
To
AVERAGES:
Bonds
Aaa
Total
Europe
12.000c
103.250c
15,970,000'
30,250,000
45,000,000
1
between
397,789,000
(BUREAU
and
26.900c
Oct. 26
Government Bonds
Total
North
33.300c
Oct. 26
Utilities Group
Industrials Group
1949
To
———Nov. 1
Production
shipped
U. S. exports of
Pennsylvania anthracite
tons)
1
Nov. 1
NATIONAL
and
.
August:
12.000c
—Oct. 26
Public
OIL,
of
Oct. 26
Group
Industrials
stored
EXPORTS
26.725c
Nov. 1
MOODY'S
67,433,000
179,085,000
$1,668,363,000$1,655,955,000
Oct. 26
at
;
Railroad
300,873,000
16,029,000
122,810,000
goods
Month
'
- -
Public
on
Jet. 26
Baa"
Average
$316,226,000
593,939,000
91,649,000
;
exchange
Oct. 26
at-
BOND
$406,862,000
*
shipments
Food
Oct. 26
Aa
MOODY'S
$408,851,00.0
15,205,000
Sept. 30:
Food
corporate
Railroad
35,626
INCORPORATIONS (NEW) IN THE
UNITED STATES—DUN &
BRADSTREET,
INC.—Month of
September
1
QUOTATIONS):
(primary pig. 99.5%) at
j
of
___
6.196c
$66.41
Louis)
BOND
23,866
OUT¬
BUSINESS
As
6.196c
$66.41
Aaa
U. S.
273
6.196c
at—
Government
Average
304
$66.32
Straits tin (New York) at
MOODY'S
270
—Oct. 25
(St. Louis) at
Aluminum
331
PRICES:
Export refinery at.
(East St.
943
2,605
BANK
Total
12,978,000
__Oct. 25
&
Lead
York)
1,343
4,124
undelivered
Domestic warehouse credits
copper—
Lead
Zinc
13,779,000
ton)
Domestic refinery at
tZinc
13,805,000
1,535,017
1,338,609
21,662
and
&
Oct. 27
gross
(E.
13,883,000
-
4,265
order
on
month)
To
Oct. 29
lb.)
(per
gross
PRICES
Electrolytic
cars
OF NEW YORK—As
Dollar
6,838,000
4,710,565
2,061
delivered
cars
To
INC
(per
of
Imports
INSTITUTE:
COMPOSITE
Finished
6,439,000
INSTITUTE—
—
151
RESERVE
Ago
cars
DOLLAR
ACCEPTANCES
STANDING
FEDERAL RESERVE
COAL
(tons)
(COMMERCIAL
BRADSTREET,
freight
BANKERS'
8,101,000
MINES):
Year
Month
632,059,000
freight
Backlog of
26,800,000
Oct. 22
OF
Previous
September:
new
New
113,900,000
21,600,000
lignite (tons)
(in 000
ou,put
FAILURES
METAL
182,600,000
Oct. 27
BUREAU
S.
and
of that date:
5,071,953
$318,500,000
Oct. 27
STORE SALES INDEX—FEDERAL
SYSTEM—11)47-11) AVERAGE= 100
IRON
$409,500,000
—
Pennsylvania anthracite
Electric
$400,200,000
——Oct. 27
a—<--t
————
DEPARTMENT
EDISON
$348,100,000
Oct. 27
_
Bituminous coal
of
for
Based
Oct. 27
municipal
Federal
are as
INSTITUTE:
foreign countries
construction
construction
State
STEEL
RAILWAY CAR
Month
Domestic
construction
Public
AND
Exports
—Oct. 22
either for the
ingots
Orders
181,445,000
Oct. 21
L—
are
Month
IRON
AMERICAN
NEWS-RECORD:
Total
of quotations,
cases
and steel for castings
produced
tons)—Month of September
Shipments
of
steel
products
(net
tons)—
Month of July
33,176,000
at—
Revenue freight loaded (number of cars)Revenue freight received from connections
CIVIL
2,140,000
12,253,000
6,388,000
187,002,000
at—.—
AMERICAN
2,189,000
12,624,000
5,738,000
—Oct. 21
—————~—
(bbls.)
2,857,000
11,863,000
5,408,000
——Oct. 21
Finished and
Kerosene
27,236,000
2,919,000
.——Oct. 21
fuel
in
or,
(net
7,662,000
7,963,000..
28,575,000
12,728,000
Oct. 21
———
~
Residual
date,
AMERICAN
Steel
condensate
production and other figures for the
cover
Dates shown in first column
Latest
§51.7
.Nov. 5
(net tons)
gallons each)
Crude
Gasoline
that
Thursday, November 3, I960''
.
Ago
Ago
.Nov. 5
(per cent capacity).
castings
PETROLEUM
oil
on
.
Year
Month
Week
Week
INSTITUTE:
month available.
month ended
or
Previous
Latest
AMERICAN
or
.
16,100,597
DI¬
SECURITIES
September:
:
Volume
192
Number
6000
.
.
Financial Chronicle
The Commercial and
.
A
News About Banks-Bankers
Continued from -page
ber of shares
shares,
outstanding—402,675
*
*
*
/
Morgan has
Trust Officer
pointed
National
Cashier,
value $25.)
par
Stewart
14
Bank
and
been
of
ap¬
Mellon
Com¬
Trust
Pittsburgh, Pa., Frank R.
Denton, Vice Chairman of
the
Bank, announced.
pany,
*
*
*
The Comptroller has approved the
application to merge of two banks.
are
The Peoples National
They
Bank
of
Bank
of
They
Bedford,
National
Roanoke,
Va.,
Exchange
Roanoke,
Va,
will
merge under the title
First National
Exchange
The
of
Bedford,
The First
and
of
Bank
Roanoke.
The
effective
date is expected to be Nov. 1.
*
*
*
Department;
Miss Constance M. Wagner, As¬
sistant
Cashier,
Administrative
Executive
Department;
Mr.
O.
Charles Brown, Assistant Cashier,
Customer Securities Department;
Mr.
James
W.
Little, Assistant
Cashier, Commercial Tellers De¬
partment; Mr. William J. Luke,
Assistant
Cashier,
Commercial
Department; Mr. James B.
Lyons, Assistant Cashier, Elec¬
tronic Data Processing Research
Department; Mr. F. James Robin¬
son, Assistant Cashier, Commer¬
Loan
It
Carolina,
effected
of
shares
000
of
stock
dividend,
the merger
as
voted
5%
a
provided for in
agreement, payable to
stockholders
of
record
Oct.
24,
exchange of Chicago Na¬
after the
tional shares to Harris stock. Stock
ier, Woodward-Milwaukee Office;
elected
Mr.
continues
A.
Dale
Dawson, Assistant
Trust Officer, Income Tax Depart¬
ment; Mr. Robert K. Smith, As¬
*
The
State
Rock,
*
Savings
Flat
member,
of
Mich.,
Peoples
Trenton,
,r"'
Flat
State
a
Bank
Mich.,
of
non-member,
The
effective
merger
of
as
Oct.
*
G.
approval
Oct.
Board
to
*
20
the
of
Pres. Eisenhower
of
the
American
that
a
National
has
Bank
The effective date
pected
to
be
Oct.
*
at
College
"We
*
National
Park
Bank
that
Orlando, Orlando, Florida, has
capital stock
common
tentative
Reserve
$350,000 to $437,500, by the
new stock, and from $437,$500,000, by a stock divi¬
dend, effective Oct. 13. (Number
of shares
outstanding — 25,000
shares, par value $20.)
*
is
First
The
*
"The
National
Bank
the
sion
and from
will
also
the
stock
dividend
be
provided, with in¬
structions for rounding out to full
shares
or
selling the fractional
shares.
V.
Chief
Harris
the
bank
new
of
name
National
Zwiener, President
Executive
Bank,
Officer
pointed
out
of
that
these increases in the bank's capi¬
tal bring the total to
Bank,
and
It
is
members
Chicago
were
the
Bank, who
the Harris stock¬
special meeting held
a
Chicago
These
Lester
are
Armour,
National
H.
former
Chairman
Vice-Chairman
Harold
direc¬
new
and
Harris;
George R.
and
*
South Chicago
Chicago,
111.,
has
Savings Bank,
announced
the
appointment of Harry C. Kriewitz
Chairman
as
of
the
Board
rectors, and Roy Mathias
include
*
of
as
Di¬
Blue
and
State
Bank
Island, Blue Island, 111.,
nounced last
week
of
an¬
that the direc¬
tors of the three respective banks
have voted a 3% stock dividend
for the year
and
President
a
stock
*
$600,000
to
Marine
for
to
at
$1,200,000,
outstanding—24,000
ef¬
shares,
par
fered
of
Joseph
The
M.
Detroit
Company,
*
.
*
of
for
Bank
new
and
Mich.,
officers
Trust
,
an¬
meeting held Oct. 25.
Miss Leah B. Dunham, Assistant
Mil¬
the
sale
said
will
of the
stock
stock;
will
the
to
urge—indeed,
A
of America,
in
opens
Bank
people need—you cannot afford to put
costly armaments.
of¬
of
only thing
for
and
gobbled
S.
ask is that through
the
Aires
Clark
Oct.
own
by the most unrelenting of all im¬
up
an¬
Located
in
the
heart
the
of
Argentine
capital's financial dis¬
will be the bank's only
it
trict,
branch
in
South America.
The branch will be managed by
Stanfield S. Taylor, an officer in
the International
in
San
Banking division
Francisco
for
Oct.
announced
were
11
meeting of the Bank's
a
Board of
Directors, in a statement
issued jointly by Karl Hoblitzelle,
Chairman of the Board; Fred F.
Florence,
Chairman,
Executive
Committee, and James W. Aston,
President.
several
Proposals call for issuance of
years.
stock
Bank
tive
increase
following
America's
of
office
in
representa¬
Buenos
as
between
many
the
bank's
will
Aires
continue its function
the liaison
corre¬
banks in the city and
territory covering the rest ol
Argentina and the River Platte.
dividend
amounting to
a
78,-
888 shares of the par value of
each,
These
to
the
$12
3,944,435
outstanding.
being
2% of
presently
shares
shares
new
the
will
be
issued
Nov.
iji
The
application filled by the De¬
posit Guaranty Bank and Trust
shareholders
323.
This
will
in
crease
record
of
as
656,
$47,333,220, to
from
or
to
amount
Capital
mission
to
of
2, ratably, at no cost to them,
bringing
the ; total
number
of
share? to be outstanding to 4,023,-
to establish
made
National
the
to
ber,
1959, and received prelim¬
inary approval April 21, 1960. It
the application to the Federal
is
Reserve
Board
that
just been
has
which
^
stock
a
National
pany,
has
followed
acted
^
upon.
and
Wichita,
Trust. Com¬
Kansas,
capital
$6,500,003,
effective
Oct.
6.
(Number
of
shares outstanding, 650,000 shares,
par value $10.)
common
stock from $6,000,GOO to
*
Security
and
Mu+ual
Company,
The
$
S|i
-
Plaza
St.
Bark
title
Louis,
Bank
the
of
of
Mo.,
St. Louis,
Security-Mutual
Bank and Trust Co.
*
The
*
Farmers Bank
Statesviile,
Carolina
Charlotte, N. C.,
the
*
of
N.
been
Federal
The
the
disapproved
Reserve
StatssviHe,
C.
and
the
Bank,
approved by
Comptroller of the
Oct. 5. The effective date
Currency
was
Oct.
7. They merged under the title of
the North Carolina National Bank.
pres¬
Oct.
on
stock
present
in¬
an
of
$946,capital of
total of $48,279,-
a
12
Office
the
of
to the
surplus
of
dent is Winston
a
*
been
called
2, 1960, to effectuate pro¬
posals, subject to formal approval
by the Comptroller of the Cur¬
rency.
Republic
Profits Account
to
Surplus, in¬
creasing
Surplus to $56,720,124.
Upon
completion
of
proposals,
Capital and Surplus will be $105,-
*
Capital
000,000.
Undivided
for
Bank
including
funds,
Profits
and
Reserve
Contingencies, will total
$122,000,000.
of
Dallas, Dallas, Texas, Oct. 11 an¬
nounced plans for issuance of a
dividend
stcck
of 78,888
shares,
present market value in
a
of
$5,000,000,
and
simul¬
taneous payment to the Bank of a
$2,000,000 cash dividend by The
Corporation, et al, whose
*
Election
the
to
First
of
Board
City
Houston,
by
*
more
are
held in trust for share¬
A.
of
the
in
(San
Cashier
the
of
Bank's
Stevens
Creek-Winchester Office since its
opening earlier this
year and ad¬
to the resignation of
Hulse, Manager.
Mr.
Lorimer,
who
was
appointed Assistant Vice-President
earlier this year, began his bank-;
ing career in 1935 and was a se¬
nior officer of a Seattle, Washing¬
ton
bank
prior to joining The
due
vances
Richard K.
^
California.
Bank of
Appointed Assistant Cashiers at
Head
Office
Charles
were:
R.
Boyle, David A. Bryant, James R.
Campbell, Howard Jalving and
Eugene Lynch.
j
M.
John
Vandall
becomes
As¬
than
Assistant
for
the
were
N.
A.,
(San Francisco) and John
Vukich, Assistant Cashier at
the Sacramento
(California) of¬
fice.
*
-
1,,
.,
-
San Francisco,. Calif.,
El¬
was
*
application to merge Studio City
Los
Bank,
Calif.,
Angeles,
Bank
National
City
of
into
Beverly
Hills, Calif., under
the title of City National Bank of
Beverly Hills.
The effective date
is to be determined.
*
By
announced by Chairman
appointed
Vice-President
*
*
The Comptroller has approved an
*
*
Senior
liott McAllister.
Jay Gibson, Jr.,
Office
announced
Sr.,
Board.
following additions to the of¬
nia,
increase
Plans
of
Bank
was
Elkins,
the
*
The
of these proposals
capital, surplus, un¬
divided
profits and reserve for
contingencies of the Bank to more
Completion
$122,000,000.
Directors
of
National
Texas,
James
Chairman
Wortham, Jr.,
ficial staff of The Bank of Califor¬
holders of the Bank.
will
Office
for 20 years in the Northwest.
Mr. Hill had served as Assistant
Hills, Beverly
*
W.
R.
Howard
shares
Sutter-Stockton
new
Francisco), which is scheduled to
open about Dec. 15.
Mr. Gibson has been in banking
of
Bank
and is effec¬
National
L.
M.
than
The
George
and
ferred from the Bank's Undivided
C. Baber, Cashier
*
has
Jose)
tion, et al, $2,053,344 will be trans¬
total
Marvin Peterson,
tive as of Oct. 18.
Bank
(San
charter
Comptroller of
is
the
of
fice
Lorimer, Assistant Vice-President,
was elected Manager of the Bank's
sistant Cashier at Sutter-Stockton
capital and
$2 000,000.
Its Presi¬
a
'
Coinciding with the abovemen-
Southern National
with
•
special meeting of sharehold¬
Office), James K. Hill, Assistant
Cashier, advanced to Manager of
the Stevens Creek-Winchester Of¬
$2,000,000 cash dividend
payment by The Howard Corpora¬
Houston, Houston, Harris County,
Texas,
A
tioned
*
*
V..•'
876.
System.
Currency has issued
excess
National
was
branch at the
by the Board of Governors of the
with
application of the Merchants
North
has
and
St. Louis, Mo., have merged under
the
a
ent location of Bank of Hazlehurst
*
Wichita,
its
increased
merge
*1*
dividend, The Fourth
Bank
lives
24,
Reise
ers
Marine
your own
determination of your
nounced in San Francisco.
Company, Jackson, Miss., for per¬
charter
a
we
freedom
of
for Nov.
was
desire—
perialists!
anty Bank & Trust Co., and, also,
Creek
not
San Francisco, Calif.,
Buenos
President
of
V
branch
overseas
new
Comp¬
Oak
do
we
the
with the Bank
of Hazlehurst, Hazlehurst, Miss.,
under the title of Deposit Guar¬
the
in
The problem for these lesser powers is to detect
wolves in sheep's clothing before they are
95th
Oct. 18.
on
•!»
up
be
residents
area.
for
anniversary
its
spondent
that
subscribe
were
appointed at the Board of Direc¬
tors
Corp.
Application
Inc.,
,
Dodge, Chairman
Detroit,
nounced that 12
South
Bank,
officials
Oak Creek
the
and
value $50.)
*
and
Lewandowski.
least 60%
40%
fective Oct. 18. (Number of shares
Mr.
J.
Corporation
the
Trust
*
dividend, the Oak Park
National Bank, Oak Park. 111., has
increased its common caoital stock
from
the
of
Marine
Roman
The
ending 1860.
*
By
Fitch
waukee, Wis.;'Lawrence Q. Esch;
By
*
O'Toole, President of the
Pullman Trust & Savings Bank,
Chicago, 111.; Standard State Bank,
111.,
G,
Kelly,
President
ana
Treasurer,
respectively,
of
the
Marine Corp.; William H. Lyon,
Presi¬
Donald
Chicago,
Eliot
H.
John
dent.
*
hoped
Initially, the Board of Directors
will
Bank
Dr. John T. Rettaliata.
The
is
It
States—celebrated
troller of the Currency in Decem¬
Birkelund, Paul L. Morrison
He
final.
of
Anderson,
tjs
that
bank
that the bank will- be in operation
within six months.
National
earlier, Oct. 24.
now
Harris
elected by
holders at
tors
of
five former Directors of
are
the
becomes
serve
former
the
contemplated
building
will
begin as soon as possible
after approval of the Federal Re¬
Milwaukee
Now
Oak
of
way
as they choose, you
military, economic, or
political intent to dominate you."—President Eisen¬
hower to a representative of the
Republic of Niger.
ately following the War Between
Marine
will be located in the Howell
Plaza.
discounts aggregate
board
Creek
Creek, Wis.,
will have capital funds of $400,000
$27,300,000,
making combined capital and sur¬
plus of $55,000,000. Total deposits
of the bank, following
merger of
Chicago National, amount to $863,757.029, with
resources
totaling
$942,477,822.
Total
loans
and
$480,883,172.
organized under
Oak
construction
Kenneth
and
The
prevent
will resist others who have
Mo¬
of
ter.
Or¬
not
people to live their
*
dend will be mailed Nov.
10.
do
your
love
bile, Alabama—organized immedi¬
forms
to
as
that money into
to
500
bank in
new
Oak Creek has been received. The
approval
affairs
our
that you should
belong to one camp or to the other.
You cannot afford to waste
your money which is
needed to build the hospitals, the schools, the roads
28.
'
*
Moscow, then it is time for all of us—all
the world.
ex¬
was
militant dictator¬
a
selfish, dictatorial forces from having their
approved. They
the
title
of
the
American National Bank of Bruns¬
wick.
destroy liberty, the dig¬
and human freedom
not
prevail in this world.
man
free nations—so to order
been
under
which
communize the world and control
it from
Brunswick, Brunswick, Ga., to
merge
deter¬
are
forces
ship that has proclaimed openly
and time again
its intention to
"
The application of the State Bank
& Trust Company, Brunswick, Ga.,
and
i
sale of
Federal
organize
Startor
we
those
When there is
from
President of the
Milwaukee, Wis.,
Corp.,
announced
17.
*
Fitch,
Marine
made
was
Mr.
understand
to
shall
also
was
Director.
as a
in¬
an
Fraser
Director.
a
merge
Bank
Rock,
and
Trenton,
'
sH
Mr.
certificates representing this divi¬
representing fractional
shares resulting from the conver¬
that
Presidents.
of James Sartor,
Hugh W. Fraser, Jr., to the
positions of General Vice-
subject to a 15 day
publication in the Federal Regis¬
der
not hostile. But
mined
Mr. James Slessor, Assistant Cash¬
Eliot
also
Southern National
want
11/7 shares of Harris
directors
of
are
new
people
your
I
that 'we in Africa
great
material
strength' and that you stand be¬
tween two great hostile blocs.
"But, sir, we are not a bloc. We
*
*
fears.
Africa,
understand
when you say
are
without
Bank, Atlanta, Ga., has announced
increased its
The
title of
stock
common
The Citizens &
Trenton.
stock.
world of tensions and
National Bank of
*
agreement provided that
each share of the capital stock of
verted into
in this
$6,100,000.
the par value of $5.00 each.
The
con¬
C.,
N.
visited the middle of
never
quite $ure in my heart that I
clearly your desires and the desires of
am
Carolina, with capital stock
$7,100,000, divided into 1,420,-
consolidated
under the title of Peoples Bank of
be
I
of
North
sured
National would
of
under the
the First Union
the
Chicago
with
C.,
Bank
Charlotte,
stock
common
was
N.
$500,000, into the
National
Only Thing We Ask"
"While I have
nity of
partment; Mr. Thomas P. Trathen,
Assistant Trust Officer, Adminis¬
tration of Trust Department.
merger
"The
of
and
Development; Mr.
Shepherd, Assistant
Cashier, Livernois-Clarita Office;
sistant Trust Officer, Pension De¬
Chicago
National
Bank,
Chicago, 111., formally merged into
Harris Bank,
Oct. 24.
The
Union
with
Commerce
Gastonia,
stock of
common
North
of
35
been
the appointment
Business
ings Bank, Chicago, 111., at a spe¬
cial "meeting held Oct. 24, voted
to
transfer
$3,450,000 from un¬
divided profits to
surplus. This
The
Bank
Gastonia,
First
has
approving and making ef¬
Oct. 18 the merger of the
Manford'
cial
Directors of Harris Trust and Sav¬
brings the bank's surplus account
to a total of $27,700,000.
certificate
merger
issued
fective
National
Personnel
(1795)
(Head
stock dividend, The United
a
States National Bank of Portland,
Portland,
common
000,000
Oct.
20.
standing
value
Ore.,
capital
to
has
increased
stock
from
$25,000,000,
its
$23,-
effective ««
(Number of shares out¬
—
$20.)
1,250,000
shares,
par
38
(1796)
The Commercial and
Financial Chronicle
"
.
.
1960
Thursday, November 3,
.
>
»#Jl
.♦4
Now
Securities
in
NEW ISSUE CALENDAR
NOTE—Because
of
the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.
November 3
(Bids
November 4
N. Y. time)
a.m.
.
II
General
1
fti
Manufacturing Co. Inc.
j1
-Common
$522,000
"
&
vl"
ifi
•
Electronic
&
French,
D.
Bruce
Blauner
&
$300,000
Aug. 29, 1960
stock
common
ceeds
For
—
&
Co.)
&
Co.,
Co.,
Inc.
;
'
(B.
Treat
Lee
Co.,
&
G.
Harris
&
$1,120,000
Co.)
&
Lawter
$279,999
$200,000
&
Co.)
(Preferred
be offered by
Still-Man
United Industrial Corp. to holders of UIC
duPont
&
Co.)
Office—Cockeysville, Md. Underwriter—Eastman Dillon,
Avionics
(Planned
•
(par 10 cents). Price — $4 per share. Business—
Manufacture and sale of burglar and fire alarm
equip¬
ment.
Proceeds—To selling stockholders. Office—1665
f,
St.
Marks
Corp. and Fidelity
Service) $300,000
missile
fields.
Proceeds
—
For
general
Office—Du Pont Airport, Wilmington, Del.
poses.
derwriter—Drexel
&
(Robert
stock.
Price
makes
and
sells
printed
To pay bank
—
curred
$6 per share.
—
for
(Shontell
Dalto
for
research
and
50c
—
par
Dec.
29
1
Un¬
&
Co.)
$100,000
Sterling,
by
$533,021.25
Inc.)
Inc.)
Co.,
,
common
Clark
&
Buren,
(Eastman
J.
Standard
finance
Dillon,
C.
Instrument
&
Securities
Co.)
Co.
Higginson Corp.)
Common
196,000
shares
A.
November 12
Lomasney
&
Co.)
&
Co.)
14
(McDonnell
Co.,
Common
(Paine,
Alloys Unlimited, Inc.
14, 1960 filed 135,000 shares of common stock
(par
100), of which 75,000 shares are to be offered for the
Common
(Blair
company
-
Unterberg, Towbin Co., New York, N. Y.
*—Expected
in
late
Offering
November.
Common
Curtis)
and
Richter
&
Co.)
W.
Brooks
&
Inc.
(Kidder,
Cavitron Corp.
Peabody
200,000
Continued
on
page
37
Weld
&
(White
Weld
(Lehman
to
Co.,
Common
.
;
..
EST)
a.m.
Burr,
$15,000,000
Inc.)
by
Debentures
Brothers)
by
$10,288,000
Common
A.
Edwards
G.
&
Sons)
20,000
Franklin
shares
ConV. Debentures
United Bowling
and
A.
G.
Edwards
&
Sons)
$2,750,000
Common
and
Merrill
Inc.)
Lynch,
Pierce, Fenner &
shares
625,000
Centers, Inc
Deetjen
&
16
Maine
?'
:■
$10,000,000
Inc
and
Co.
November
'
:
•
stockholders—underwritten
to
Co.
&
:
$300,000
and
Co
—.Common
Hill,
Darlington
&
Co.)
shares
(Wednesday)
Power
Ripley
Discount
Co
&
&
Co.,
Common
Inc.,
Burr)
First
Boston
Corp.,
120,000 shares
Co
Debentures
Franklin Discount Co
(No
Goodrich
Notes
underwriting) $300,000
-
(B. F.) Co
(Goldman,
Matheson
Sachs
&
Co.)
$60,000,000
Co., Inc.
Common
Weld
(Bids
&
to
Co.,
be
Inc.)
received)
Electric Power
(Bids
November
17
r
Debentures
160,000
shares
11:00
Preferred
$7,500,000
Co.—
a.m.)
•
—Bonds
$30,000,000
(Thursday)
,
Public Service Co. of New Hampshire—_*—_Bondsr
—Common
Grimm)
Inc.)
stockholders—underwritten
&
Smith,
Wisconsin
$300,000
"
&
Common
...V..
Debentures
Brothers
First Connecticut Small Business Investment
Darlington
$600,000
Stop & Shop, Inc
•
(Hill,
&
$600,000
(H. L. Wright & Co., Inc.)
-
Longstreth)
Merrimack Essex Electric Co
shares
Does-More Products Corp...
v
Common
&
Polymer Corp.
Common
underwriting)
$50,000,000
Polymer Corp.
(White,
Lee
_
(No
.
Co.)
Inc.)
Bonds
Airlines,
...Common
&
Co.
:
and
450,000 shares
Cannon Electric Co
'
Debentures
Co.,
&
Mandel
11:00
(Offering
shares
Common
Co.,
$1,500,000
Common
Coffin
423,750 shares
120,000
Inc.)
(No underwriting) $300,000
Common
Higginson Corp.)
Proceeds—For general corporate
purposes includ-
£ed£Cti0n> 9ffice~21-°1 43rd Av.e., Long Island
^ & tt'writets—Newburger, Loeb & Co. and
C. E.
Co.
&
(P.
m
fc
ft
Jackson &
Bzura Chemical Co., Inc
and 60,000 shares for the ac¬
count of the present holders
thereof. Price—To be sup¬
plied by amendment. Business—The
company manufac¬
tures certain
components for such semiconductor devices
as silicon and
germanium transistors, diodes and recti¬
fiers.
Webber,
Co.,
Cc
shares
Berkshire Frocks, Inc
Oct.
$400,000
Debentures
Ripley
Coffin
170,000
Inc.)
Keyes Fibre Co
Central
Automatic Radio Mfg. Co., Inc
the
Power
(Emanuel,
$500,000
Inc.)
Robinson & Co.,
and
Corp
(Monday)
&
$300,000
Common
200,000
Amacorp Industrial Leasing Co., Inc
—
Co.
(Martinelli
(Harriman
November
Co.)
Common
(Saturday)
(Schrijver
&
Common
Company, Inc.)
Missile Facilities, Inc
i
$1,500,000
Industrial Hose & Rubber Co., Inc.—
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note
This
offering has been postponed.
of
>
.
Debentures
(Myron
Drexel
(Hardy & Co.) 260,000 shares
Foam
(White,
shares
-
Tenax, Inc.
Bowling Centers, inc.
filed $750,000 of
sinking fund debentures and
and
shares
50,000
Corp.)
&
Lehman
..Common
___
(Lee
&
150,000
Common
by
shares
Co
Jennings,
&
$300,000
Corp
Securities
Telex, Inc.
?
Union
Wheat
(Havener
and
(Warner,
National
Major League Bowling & Recreation, Inc.—Com.
Pro¬
shares
Drexel Dynamics Corp.—
Idaho
shares
Inc.)
200,000
(Tuesday)
(Amos Treat &
Common
Van
Corp.)
.
$3,500,000
350,000
Common
(John) Credit Co
(Offering
<&
$200,000
t
Engineering Co
Chemical
Common
(Blair
and
Common
Higginson
(Bids
Co.,
Inc.
Co.,
Davega Stores Corp.
Glas
Debentures
&
Co.)
&
&
stockholders—underwritten
Electronic
Dorsey Corp.
800,000 shares of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
•tock. Price—$108 per unit.
Proceeds—For general cor¬
account
to
Notes
Varick)
stockholders—underwritten
(Blair
The company
modules.
Offering
Deere
'
$890,000
Dorsey Corp.
'
Allied
to
pur¬
—
.
&
shares
Common
Simmons
Rubin
November 15
Common
Grace
notes and other indebtedness in¬
equipment,; to
Co.)
Corp.
(Offering
leasehold improve¬
development expenses.
Office
141 River Road,
Nutley, N. J. Underwriter—
Myron A. Lomasney & Co., New York City.
and
ments,
r
Coastal Acceptance Corp
(Osborne,
Business
circuitry
I
Common
&
S.
Industries, Inc.,
O'Neill & Co.,
$300,000
Ferman
635,800
(Jay W. Kaufman & Co.) $400,000
(Thursday)
L.
Common
Brothers)
Coral Aggregates Corp
High Point Ski Ways, Inc
of
Zurn
Investors
Clark Cable Corp
Co., Philadelphia, Pa. (managing).
9
Allegri-Tech, Inc. (11/21-25)
Sept. 21, I960 filed 100,000 shares
ceeds
corporate
N.
(Peter Morgan &
George,
$300,000
Wilier Color Television System, Inc
(Harriman
November 10
sponsored contracts, in research, development, and man¬
ufacturing activities related to the aircraft, satellite, and
It
and
Inc.)
Chemtronic Corp.
Common
Inc.)
Common
French,
Lehman
H.
Brothers
(Wednesday)
(Pacific Coast Securities Co.
Ave., Brooklyn, N. Y. Underwriter—Golkin,
common
on
the basis of one new share for each four
shares held. Price—To be supplied
by amendment. Busi** ness—The firm is
engaged primarily, under government-
if
Kass;
(Sandkuhl
Corp
November 9
Engineering Co. (11/15)
Sept. 27, 1960 filed 85,918 shares of common stock (par
10 cents), to be offered to holders of the
outstanding
t'-
and
Common
Omega Precision, Inc
All American
lit
Inc.
(Kenneth
$200,000
Investing
Bomback & Co., New
York, N. Y.
v.'
Co.,
&
85,918
stock
r.
.
(Blyth
All American
—Common
Inc.)
$252,000
Co.)
Common
Common
Vickers,
&
$264,900
Co.)
Fricke &
Moyer,
(Lee
$4,802,412.75
.„___
(Merritt,
White
Alarm Device Manufacturing Co. Inc.
(11/7-10)
Sept. 19, 1960 filed 130,500 shares of outstanding common
.if,
Securities
(Whitmore, Bruce & Co.) $300,000
(managing).
Common
Johnson
Co.
(Woodcock,
shares
Ultra-Sonic Precision Co. Inc
Union Securities & Co., New York
City
Securities
(Equity Securities Co.) $242,670
Common
underwriting)
Netherlands
$300,000
Vacudyne Associates, Inc
Class A
150,000
Terry Shops, Inc
(No
Common
112,760 shares
and
Inc.)
Dewey,
(Equity
$900,000
Summers Gyroscope Co
Business—The issuer, wholly owned by
UIC, is engaged
in applied research and development in various technical
fields and works largely for the
Department of Defense.
Inc.
Co.,
and
B.
Manufacturing Corp.
(Francis I.
on the basis of one Aircraft
share for each 8
UIC shares held. Price—To be supplied by amendment.
common
shares
Common
Kahn, Inc.)
Co
Steel
&
Co.
Inyestments, Inc.X, $1,500,000
&
Capital
118,000 shares
Laboratories, Inc
(Carroll
Common
Robosonics, Inc.
(Mandell
200,000 shares
Texas Butadiene & Chemical Corp
36,498
Preferred Risk Life Assurance Co.
Armaments, Inc. (11/18)
Sept. 26, 1960 filed 265,500 shares of common stock, to
Weeks)
Common
Tele-Tronics
70,000 shares
Hentz
H.
shares
150,000
Common
Co.,
Capital
and
Lynch)
&
Peabody & Co.)
Winston
A.
Class A!$500,000
Common
Corp.
•:
Telephone & Electronics Corp
Chemicals, Inc
Higginson
130,000 shares
Sulray, Inc.
Tech
Paddington Corp.
(Lee
Common
Inc..—
Jackson & Curtis)
Standard Pressed
(J.
$299,700
Co.)
$20,000,000
Simplex Wire & Cable Co
Units
Kimball &
$200,000
Debentures
EST)
a.m.
Leonard
Common
(Blunt Ellis & Simmons)
acquisition and development of land and
(Moore,
(Kidder,
Lawndale Industries, Inc
C.
.Common
Inc.)
Co.,
(John) & Co
(Paine, Webber,
Products, Inc
(Paul
&
(W. E. Hutton & Co.)
$300,000
Inc.)
Securities)
11:30
(Hornblower &
—Common
Co.,
V -v- ■;
Sexton
Common
Co., Inc.)
(Schrijver
Industries, Inc.
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
Inc.)
Manufacturing Corp.__Common
(Lloyd
Aircraft
i
L.
Laboratories, Inc
Koeller Air
Washington, D. C.
r
M.
100,000 shares
Corp.—
Blauner
D.
(Bids
Common
and
—Preferred
Service, Inc.-—
(Paul C. Kimball & Co.)
(Milton
V,
^
$1,000,000
Sampson-Miller Associated Companies, Inc.—Com.
shares
(S. Schramm & Co., Inc.)
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
Underwriter |— American Diversified Securities, Inc.,
'!
$300,000
International Mosaic Corp.
Kirk (C. F.)
Finance
shares
Debentures
Kimball & Co.)
Rotron Manufacturing Co.,
Common
Inc.)
Common
•-
375,000
Corp.)
New Jersey Bell Telephone Co
$20,000,000
Inc.;—
Heldor Electronics
corporate purposes. Office — Dolgeville, N. Y. Under¬
writer—Shearson, Hammill & Co., New York City (man¬
aging).
Adler Built
Resources,
(Amos
Model
Common
Sachs
100,000
Gulf
(Paul C.
;•
shares
60,000
Co.)
&
—
Higginson
r
<
Common
Smithers
S.
Mary Carter Paint Co
Common
Inc.)
Manufacturing Co., Inc
(Milton
F.
Nationwide Tabulating
Industries, Inc
Oct.
and
Model Finance Service, Inc
$250,000
Industries, Inc. _i__
(Richard
Gremar
Common
shares
50,000
Co.)
Mills, Inc
Co.
Common
(Goldman,
Industries, Inc. (11/28-12/2)
13, 1960 filed 120,000 shares of common stock (par
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company and 70,000 shares, repre¬
senting outstanding stock, will be offered for the Estate
of Edward D. McLaughlin, company founder. Price—
To be supplied by amendment. Business—The company,
for whom this represents the first public offering, makes
baseball bats and bowling pins. Proceeds—For general
&
(Lee
Federal Street Fund, Inc
Adirondack
$200,000
Edden Co.)
Earl
Towbin
Unterberg,
Head
(Blair
Inc.;
(Woodcock, Moyer, Fricke
Foremost
Indian
E.
$200,000
—
iil'
Common
Corp.—
and
Common
Co.)
(General Securities Co.)
V;
Common
shares
130,000
Co.)
&
Common
Baruch
Glore, Forgan & Co.; Hornblower & Weeks
Lynch, Pierce, Fenner & Smith, Inc.) 750,000 shares
Dubrow
Automation
(C.
Cyclomatics, Inc.
;
$1,500,000
Co.)
Geophysics Corp. of America——
(R.
and Merrill
Darlington
(Bertner Bros,
(Monday)
Champion Spark Plug Co._
offered in units, each unit to consist of two common
shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬
tially at $2 per share. Price—To be supplied by amend¬
ment. Proceeds
For salaries of additional personnel,
liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.
Underwriters—Globus, Inc. and Ross, Lyon & Co., Inc.,
both of New York City.
4.
Debentures
Noel &
Alstyne,
100,000 shares
(R.) & Co—
(Blyth & Co.,
175,000 shares
Co.)
&
___
(Hill,
(Golkin, Bomback & Co.)
Bariich
Noel
Gay (Connie B.) Broadcasting Corp
..Common
November 7
ACR Electronics Corp.
Sept. 28, 1960 filed 150,000 shares of common stock,
75,000 series I common stock purchase warrants, and
75,000 series II common stock purchase warrants, to be
Common
Alstyne,
(Van
—Bond*
(Friday)
(Hayden, Stone & Co.)
ISSUE
REVISED
(Van
$12,000,000
Metcom, Inc
Alarm Device
ITEMS
•
PREVIOUS
Frouge Corp.
_
11:00
SINCE
Frouge Corp.
(Thursday)
Georgia P^wer Co
ADDITIONS
^ INDICATES
Registration
$2,250,000
(Bids
11:00
a.m.
Transitron Electronics
(Merrill Lynch,
Pierce,
EST)
Corp.—
$6,000,000 V
•
>'
•?
-
Common
Fanner &: Smith, Iric.) JL26O,QO0 shares -V
-
;
*1
Volume
192
Number
November 18
Aircraft
to
.
.
The Commercial and Financial Chronicle
.
(Friday)
Armaments,
(Offering
6000
November 28
Inc._
stockholders—underwritten by Eastman
Union Securities & Co.) 265,500 shares
November 21
(Myron
Cook
A.
Lomasney
(Arnold,
Coffee
'•••
&
Co.)
&
Co.)
&
100,000
Jackson
&
Curtis)
Security Systems, Inc.-^_
&
Co.)
&
Co.,
Inc.
and
'.-''r-"'_■,
(M. L. Lee & Co., Inc.
* J /
^
Milton
D.
Mohawk Insurance
F.
(R.
Co.,
Vv-
Co.,
Inc.)
November 22
r
Securities,
Inc.)
100,000
Inc.)
550,000
(Bid*
$299,950
Common
Common
Union
Securities
&
Co.)
430,000
(Bids to
page
be
received)
36
'
Co.
Inc.)
and
30,000
Berwyn
shares
T.
Moore
&
a.m.
Bonds
EST)
December 1
(S.
Fuller
&
(S.
D.
Fuller
&
Debentures
Common
ment
60,000
shares
•
27,
common
—
(par 33% cents). Price — $5 per share.
advertising and promotion and accounts
receivable. Office—835 N. 19th St., Philadelphia, Pa. Un¬
and
its
subsidiaries make
and
sell
liquid
and gaseous nitrogen and oxygen, dental and
medical equipment, and various other gases and cylin¬
ders. Proceeds—About $1,300,000 for expansion of pro¬
duction
facilities
the
American
Heritage Life Insurance Co.
ness
The
—
To be
.
be
supplied
corporate
by
Office—5th
Texas.
Proceeds—For
and
them
market
—
210
conditions
Center
are
favorable
Angeles, Calif. Underwriter—
Shearson, Hammill & Co., New York. Note—This state¬
for
1985.
Price—To be supplied by amendment. Proceeds—
To reduce bank loans incurred for
construction, which
St., Little Rock, Ark.
are
expected to aggregate $10,200,000 at the time of the
Office—Atlanta, Ga. Underwriter—To be de¬
termined
by, competitive bidding.
Probable bidders:
American
Playlands Corp.
Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share. Business—The company intends to oper¬
ate
offering.
White, Weld & Co. and Kidder, Peabody & Co. (jointly);
Shields & Co.; Equitable Securities Corp. and Eastman
Dillon, Union Securities & Co. (jointly); Halsey, Stuart
amusement
and recreation park on 196 acres of
Liberty, N. Y. Proceeds—For development of
the land. Office—55 South Main
St., Liberty, N. Y. Un¬
derwriter—M. W. Janis Co., Inc., New York
City.
an
near
offered
to
of
136,000
shares
(Tuesday)
to
be
Common
received)
Canteen
holders
one
Oct.
3:30
of
Co.
the
share
new
28
with
New
p.m.
$11,500,000
of
America
York
outstanding
for
rights
Time.
each
the
common
on
shares
held
10
to expire on Nov.
Price — $24.75 per
14
of
at
share.
Proceeds—$9,500,000 to pay for the acquisition of Com¬
Corp., with the balance for general cor¬
purposes.
Office—Chicago, 111.
Underwriter—
Glore, Forgan & Co., New York City (managing).
•
Automatic
Radio Mfg.
Co., Inc. (11/14-18)
423,750 shares of common stock
(par $1), of which 100,000 shares will be offered for the
account of the issuing company and 323,750 shares, rep¬
resenting outstanding stock, will be offered for the
account of the present holders thereof.
Price — To be
Sept.
9,
1960
filed
supplied by amendment. Business—The firm makes and
sells car and portable radios. Proceeds—For expansion,
working capital, and possible acquisitions. Office—122
Brookline Ave., Boston,
Mass.
Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).
Autosomes, Inc.
July 29, 1960 (letter of notification) 135,000 shares of
common
stock
(par five cents)..
Price—$2 per share.
Proceeds—For production and research for equipment,
inventory, building and working capital. Office—42 S.
15th St., Philadelphia, Pa. Underwriter—Robert M. Harris & Co., Inc., Transportation Bldg., Philadelphia, Pa. >
Avionics Investing Corp.
July 12, 1960 filed-250,000 shares of capital stock (par
Price — $10 per share.
$1).
Business — The issuer is
a closed
end non
diversified management investment
company.
Proceeds—For investments in small business
-
-
in avionics and related
concerns
!
& Co. Inc.; Stone & Webster Securities Corp.; First Bos¬
ton
Corp.
prise.
Office
D. C.
fields, with
—
|
1000
-
a
proposed
*
16th Street, N. W., Washington,
Underwriter—S. D. Fuller &
Co.,' New York City.
Offering—Expected sometime in November.
Bal-Tex Oil
Co., Inc.
(letter of notification)
common
stock.
Proceeds—For expenses
Price—At
.
;i;
300,000 shares of *
($1 per share).
par
for development of oil proper¬
ties. Office—Suite 1150, First National Bank Bldg., Den¬
ver,
Colo. Underwriter—L. A. Huey & Co., Denver, Colo.
Baruch
Sept. 20,
(R.)
& Co.
(11/7-10)
100,000 shares of
$2 per share.
with the SEC,
and a member of the NASD. Proceeds—To take positions
and maintain markets in securities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N. W., Washington, D. C. Underwriter—Same.
1960
stock
common
Bell
(letter of notification)
(par 75 cents). Price
issuer
is
a
—
broker-dealer
Electronic
Corp. (1/9)
136,000 shares of common stock, of
86,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account
of the present holder thereof. Price—To be supplied by
Oct.
12,
1960 filed
which
amendment. Business—The company, which was organ¬
ized in May 1959, is a distributor of electronic parts and
equipment manufactured by others. Proceeds—For in¬
ventory and to carry accounts receivable. Office—306 E.
Alondra
if Atlanta Gas Light Co.
Nov. 1, 1%0 filed
$9,000,000 of first mortgage bonds, due
Underwriter—Amico, Inc.
land
Co.)
Sept. 1, 1960 filed 540,266 shares of common stock being
Business—The
ment has been withdrawn.
principally to originate mortgage loans and
until
debt
of common stock. Price—
To be supplied by amendment. Proceeds — For
general
corporate purposes and working capital. Office—11924
W. Washington Blvd., Los
It is proposed that these securities will be
public sale in units (2,000) known as In¬
vestment Certificates, each
representing $900 of bondt
and 783 shares of stock.
Price—$1,800 per unit. Proceeds
carry
Proceeds—For
• Arnoux
Corp.
May 23 filed 133,000 shares
Mortgage Investment Corp.
disposition. Office
funds.
—
for
—To be used
Common
&
17, 1960
—
Underwriters—Ladenburg,
stock.
offered
$300,000
A
26,
if Arizona Valley Development Co., Inc. (11/14)
Oct. 17, 1960 (letter of
notification), 150,000 shares of
common stock
(par $1). Price—$2 per share. Proceeds—
For deed of trust
due, engineering, construction, and
working capital. Office
1512 W. Indian School Rd.,
Phoenix, Ariz. Underwriter
Henry Fricke Co., New
York, N. Y.
April 29 filed $l,800,0UO of 4% 20-year collateral truft
bonds and 1,566,000 shares of class A
non-voting com¬
mon
Co.)
class
To be
writers—To be supplied by amendment.
New York.
American
Capital
Securities
June
—
reduction, working
capital, and to buy a small oil producing company.
Office—523 Marquette Ave.,
Minneapolis, Minn. Under¬
Franklin,
Thalmann &
Co. and Lee Higginson Corp., both of New York
City
(managing). Note—This stock is not qualified for sale in
Waco,
$25,000,000
limit of $800,000 to be invested in any one such enter¬
mutual
Co.
amendment.
purposes.
(11/28-12/2)
1960 filed $4,000,000 of 6% convertible subor¬
debentures, due Dec. 1, 1975. Price — At par.
Business—Management of long-term risk capital invest¬
ments in gas, oil, and real estate
ventures, and also in
1960 filed 90,174 shares of common stock, to
be offered to the holders of the
outstanding common on
the basis of one new share for each 5V3 shares held.
general
71st
dinated
Aug. 26,
Price—To
Inc.)
Oct.
& Smith Inc., New York
City, and Pierce, Carrison,
Wulbern, Inc., Jacksonville, Fla. (managing).
Insurance
Preferred
Smith,
if Apache Corp.
ner
Life
East
—
Office—218 West Adams St., Jack¬
Underwriters—Merrill Lynch, Pierce, Fen¬
Income
&
supplied by
amendment. Proceeds—To reduce indebtedness, buy new
tools, and add to working capital. Office — Hartford,
Conn. Underwriter
Putnam & Co., Hartford, Conn,
(managing).
corporate purposes.
American
Laboratories, Inc.
the present holders thereof. Price
$1,481,006 of short-term indebtedness incurred in acquir.ing stock of Acme United Life Insurance Co., a new
subsidiary Of the issuer, with the remainder for general
sonville, Fla.
Office—17
Sept. 28, 1960 filed 150,000 shares of common stock, of
40,000 shares are to be offered for the account
(if the issuing company and 110,000 shares, representing
outstanding stock, are to be offered for the account of
and group accident and health insurance in 13 states and
the District of Columbia. Proceeds—To be used to
repay
.
enterprises in Israel.
which
supplied by amendment.
Busi¬
writes ordinary life, group life,
company
business
Andersen
shares held with rights to expire on Dec. 6 at 3:30 p.m.
—
\
Lawrence Seaway Land Co.
Street, New York City. Underwriter—None.-
(11/22)
Oct. 24, 1960 filed 354,240 shares of common
stock, to be
offered to holders of the
outstanding common of record
Nov. 22 on the basis of one new share for each eight
(EST). Price
Maryland, Baltimore, Md.
ous
balance
Savannah
•
stock
•
Ampal-American Israel Corp.
Oct. 25, 1960 filed $5,000,000 of 7-year series 16% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬
including the purchase of equipment,
for working capital.
Office — New
Road, Augusta, Ga. Underwriter—Courts &
Co., Atlanta, Ga. (managing). Offering — Expected in
early December.
with
Recreational
1960 "(letter* "6f
common
stock, of which
350,000 shares are to be publicly offered. Price—$3 per
share. Proceeds—To pay off
mortgages, develop and im¬
prove
properties, and acquire additional real estate.
Office—60 E. 42nd St., New York City. Underwriter—
A. J. Gabriel
Co., Inc*, New York City.
Oct. 27, 1960 filed 150,000 shares of common stock (par
50 cents). Price—To be supplied by amendment. Busi¬
company
7,
A
Jan. 27 filed 538,000 shares of common
Pa.
Fenner
porate
American & St.
^-American Cryogenics, Inc.
$35,000,000
mercial Discount
of
For
derwriter—Martin, Monaghan & Mulhern, Inc., Ardmore,
ness—The
bowling
a
Development Corp.
notification) 100,000 shares of
(par 10 cents). Price — $3 per
share. Proceeds—For expenses in constructing and
oper¬
ating recreation centers.' Office210'E.!vLexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.
stock
Proceeds
record
Sept.
Mfg. Co., Inc.
(letter of notification) 39,500 shares of
1960
EST)
(Monday)
Automatic
basis
class
American Consolidated
Bonds
a.m.
Coast
(Bids
Proceeds-^For debt reduction and construction of
American
through the purchase and leasing of such property
Office—Alhambra, Calif. Underwriter—I
(managing).
McDonnell & Co., Inc., New York City
Sept.
(Pacific
early December.
to its customers.
-
(Thursday)
facility. Office — 855 Montauk
Highway, Oakdale, L. I., N. Y. Underwriter—Plymouth
Securities Corp., New York City. Offering—Expected in
general corporate purposes.
Business—The financing of industrial and office equip¬
$450,000)'
States Utilities Co
N. Y.
Proceeds—For
Units
Co.)
(Tuesday)
15
January 17
Gulf
27, 1960 filed 100,000 shares of common stock.
Price—$6 per share. Business—The operation of shop¬
ping areas and bowling establishments in Long Island,
and
&
Co
11:30
Pierce,
January 9
$2,000,000
Oct.
stores
Bonds
$35,000,000
(Monday)
(Schwabacher
if Amercana Properties, Inc.
;
(Minn.)
invited)
Bell Electronic Corp.__
Co.)
Co.)
Lynch,
.
Speedry Chemical Products, Inc
$75,000,000
be
Preferred
shares
60,000
Stancil-Hoffman Corp
$6,000,000
(Thursday)
D.
Co.)
Public Service Electric & Gas Co.
December
Co
&
Haas
Power
(Bids
Common
;
Bonds
$75,000,000
(Thursday)
December 12
(Merrill
(Tuesday)
11:00
8
December 13
Common
&
to
(Lloyd
Consumers
Speedry Chemical Products, Inc
shares
Amacorp Industrial Leasing Co., Inc. (11/14-18)
Sept. 9, 1960 filed 170,000 shares of common stock (no
par), of which 40,000 shares, representing outstanding
stock, will be offered for the account of a selling stock¬
holder, and 130,000 shares will be offered for the account
of
the issuing
company.
Price — To be supplied by
amendment.
••
(White, Weld & Co.) 817,391 shares
f
received)
(James) & Co. Inc
Common
&
Dillon,
December
Brooks
..Common
Inc.)
Ginn & Co
by Merrill Lynch,
Smith, Inc.
and
Pierce,
Carrison,
Wulbern, Inc.) 354,240 shares
be
Northern States Power Co.
shares
Corp._
Co.,
Maine Power
stockholders—underwritten
shares
(Tuesday)
units
Corp.
(Bids
to
(Hallgarten
Units
Grimm)
&
Co.,
&
Podesta
November 29
(Tuesday)
180,000
Central Vermont Public Service Corp
$300,000
Common
Inc
Co.,
Central
Consolidated Edison Co. of New York
Continued from
Pictures,
1
;
&
(Blaha
(Cruttenden,
......Common
Leasing Co
(Eastman
Allyn
Wood-Mosaic
Inc.) $500,000
Heritage Life Insurance Co
to
Fenner
Berman
;
v'::
'f
$900,000
Sulco
(Equitable Securities Corp. and Kroeze, McLarty & Co.)
i'(
100,000 shares
Common
(Amos Treat & Co.,
Pierce,
Common
and
Co., Inc
Radar Measurements
Dcbens.
Co
&
$300,000
Common
C.
Inc.)
School
Chemical, Inc.___
(Offering
Inc.
Darlington
o
&
shares
$600,000
Dowd
(Hill,
(A.
Blauner
Inc.)
Pik-Quik, Inc.
.^...Common
and Milton D. Blauner & Co., Inc.)
•
American
Co.,
(McLaughlin, Kaufman & Co.) $467,500
Metropolitan Telecommunications Corp
Resisto
&
Patrician Paper
shares
Common
Co.)
Telephone & Telegraph Co.__Debs.
(Bids
December 6
Madigan Electronic Corp
shares
100,000 shares
25,000
shares
&
Common
(Arnold Malkan & Co.,
211,000
300,000
Southern Bell
37
(Monday)
Restaurants, Inc
(Westheimer
Common
Inc.)
Frisch's
shares
Living Aluminum, Inc
$500,000
Metropolitan Telecommunications Corp.__Common
,
Co.,
Common
Webber,
(M. L. Lee
&
150,000
Corp
Common
Sachs
(Drexel
■
Schramm
$600,000
Common
Co.)
Co.)
Common
Dial-A-Disk, Inc.
(McClane
Co.
(Paine,
Globe
Wilkens
&
Decembers
Inc
International
><S.
Co
(Goldman,
Foxboro
Canaveral
Common
Carolina Metal Products Corp
<
(Putnam
(Monday)
Allegri-Tech, Inc.
(Monday)
Laboratories,
UIC
Dillon,
.
Andersen
Common
(1797)
bacher
&
Blvd., Gardena, Calif. Underwriter
Co., San Francisco, Calif.
—
Schwa¬
• Berkshire
Frocks, Inc. (11/14-18)
Sept. 28, 1960 filed 120,000 shares of outstanding common
stock (par $1). Price—To be
supplied^ by amendment.
Proceeds—To selling stockholders. Office—127 Forsyth
St., Boston, Mass. Underwriters—Blair & Co. and Richter
& Co., both of New York City.
Berman Leasing Co. (11/22)
Sept. 27, 1960 filed 430,000 shares of common stock (par
$1), of which 200,000 shares are to be offered for the
Continued
on
page
38
38
The Commercial and Financial Chronicle
(1798)
Continued from
•
37
page
Canaveral
International Corp.
Aug. 12, 1960 filed 300,000 shares of
account of the
issuing company and 230,000 shares, rep¬
outstanding stock, are to be offered for the
the present holders thereof.
Price—To be
supplied by amendment. Business—The leasing, recondi¬
resenting
of
account
tioning, and sale of trucks, tractors, trailers, and related
equipment. Proceeds—For general corporate purposes,
including working capital.
Office—Pennsburg, Pa. Un¬
derwriter— Eastman
Dillon, Union Securities & Co.,
New York City (managing).
it Bernard Industries, Inc.
Oct. 19, 1960
(letter of notification), 50,000 shares of
common stock.
Price—At par ($1 per share). Proceeds
—For payment of tooling, additional factory equipment,
and working capital. Office—21 W. Gregory Blvd., Kan¬
sas
City, Mo. Underwriter—None.
/ '
Manufacturing Co.
24, 1960 (letter of notification) 32,000 shares of com¬
stock (par 50 cents). Price—$5 per share. Proceeds
.—For lease of a building and operating capital.
Office
—10915 N. Burgard, Portland, Ore.
Underwriter—Auld
it Bonneville
Oct.
mon
&
Co., Portland, Ore.
it Bowl-Mor Co., Inc.
Oct. 28, 1960 filed $2,000,000 of 6% convertible subordin¬
ated debentures, due 1975.
Price—To be supplied by
amendment. Proceeds
For working capital. Office —
Newtown Road, Littleton, Mass.
Underwriters—Paine,
Webber, Jackson & Curtis and Granbery, Marache & Co.,
both of New York City (managing). Offering—Expected
in early December.
—
•
Bowl-Mor Co.,
offered
to
basis of
To
Inc.
1960 filed 78,955 shares of common stock, to be
holders of the outstanding common on the
one new share for each 10 shares held. Price—
Oct. 25,
be
supplied by amendment. Business—The company
pin - sitting machines for various types
of bowling games. Proceeds—For,working capital and for
costs of the company's entry into the "tenpin" bowling
manufactures
field.
Office
Newton
Road, Littleton, Mass.
Under¬
writers
Paine, Webber, Jackson & Curtis, and Gran¬
bery, Marache & Co., both of New York City (man¬
aging). Offering—Expected in early December.
—
—
Bradford
Pools, Inc.
24, 1960 filed 160,000 shares of class A common
stock, with stock purchase warrants attached, to be of¬
fered in units consisting of five shares of stock and one
warrant. Price—$10 per unit. Business—The construction,
sale, and installation of pools in New Jersey and neigh¬
boring states. Proceeds—For general corporate purposes,
including working capital.
Office — 245 Nassau St.,
Price—To
vember.
be supplied
development. Proceeds—$150,000 for ac¬
counts payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general working capital. Office—
1766 Bay Road, Miami Beach, Fla.
Underwriter — S.
Schramm & Co., Inc., New York City.
$1).
Land sales and
to
the
Oct.
holders
17
on
of
the
the
common
outstanding
basis of
one
new
stock being
common
share
of
for each
six shares held with
rights to expire on Nov. 15. Price—
$27.50 per share. Proceeds—To be applied to the pay¬
ment
bank
of
which
Chemtromc Corp.
makes
sonnel.
Business
Photo, Inc. (11/7-10) '/,
1960 (letter of notification) 150,000 shares of
Class A preferred stock (par 10 cents).
Price—$2 per
share. Proceeds—For general corporate purposes. Office
—105 College Ave., Rochester, N. Y. Underwriter—Doolittle & Co., Buffalo, N. Y.
general
corporate
C.
•
•
2,
Un¬
Cavitron
(letter of
Corp.
are
loans
incurred
for
additions
property
expected
Office—815
Main
to approximate $1,800,000 in 1960.
St., Bridgeport, Conn. Underwriter—
None.
ticipated
poses.
v
for
other general
corporate
Maine
Boulevard, Vineland, N. J.
Co.
•
(letter
1960
11,
Clark Cable
Corp. (11/10)
1960 filed 222,500 shares of common stock, of
127,500 shares are to be offered for the account
of the issuing company and 95,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof.
To reduce
ceeds—
^
.
Price—$4
per
share.
Pro¬
indebtedness, with the balance for
working capital. Office
Robert L. Ferman &
•
—
Cleveland, O. Underwriter—
Co., Miami, Fla. (managing).
Coastal
Acceptance Corp. (11/10)
:
3, 1960 (letter of notification) $100,000 of 10-year
7% registered series notes, to be offered in denomina¬
tions of $100 to $1,000 each. Price—At face value. Pro¬
.
Oct.
ceeds—For
working capital. Office—36 Lowell St., Man¬
N.
H.
Underwriter — Shontell
&
Varick,
chester,
Manchester, N. H.
pur¬
Office—42-15 Crescent St., Long Island City, N. Y.
Central
Proceeds—
corporate purposes and working capital.
which
Commerce
Oil Refining Corp.
16, 1957 filed $25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 1968 and 3,000,000 shares of common stock to be
offered in units as follows: $1,000 of bonds and 48 sharei
Underwriter—None.
•
—
Aug. 23,
(11/14-18)
growth and
and
Price
of notification) 23,000 shares of
common
stock (no par) of which 12,000 shares are to
be offered for subscription by common stockholders on
the basis of one share for each five shares presently held.
Price—$13 per share. Proceeds—For expenses for oper¬
ating a telephone company. Office—220 W. Monroe St.,
Decatur, Ind. Underwriter — City Securities Corp.. In¬
dianapolis, Ind.
'
'Y'Y
'y,y Y
y'
Foods, Inc.
1960
95,000 shares of
$3 per share.
rebuilding of electronic,
cents).
Manufacture
Citizens Telephone
Oct.
purposes.
(11/10)
notification) 150,000 shares of
common stock
(par three cents). Price — $2 per share.
Business—Food processing. Proceeds—For general cor¬
porate purposes. Office—2891-99 Nostrand Ave., Brooklyn, N. Y. Underwriter — Searight, Ahalt & O'Connor,
Inc., New York, N. Y.
Sept.
10
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C.
Underwriter—None.
\:-y.y y^y...;
.
Caruso
(par
Circle-The-Sights, Inc.
shares of common stock and $330,(10-year 8% redeemable). Price—For
Underwriter—Arnold, Wilkens & Co., New York
city.
Tenn.
Ave., South, Nashville,
March 30 filed 165,000
Carolina Metal Products Corp. (11/21)
Sept. 28, 1960 filed 100,000 shares of common stock (par
$1). Price—$5 per share. Proceeds — Repayment of indebtedness, machinery and equipment, and the balance
for working capital. Office — 2222 S. Blvd., Charlotte,
N.
including the re¬
000 of debentures
Caribbean & Southeastern Development Corp.
Sept. 28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land
in the Caribbean area, development of a site in Atlanta,
for
11th
Of¬
Underwriters
—Rodetsky, Kleinzahler, Walker & Co., Jersey City,
N. J.; L. C. Wegard, Trenton, N. J. and L. D. Sherman
& Co., New York, N. Y.
Bldg., 15th & Chestnut Sts., Philadelphia, PaP. & R. A. Miller & Co., Inc., Phila¬
delphia, Pa.
N. W., Atlanta, Ga.
supplied by amendment.
—
fice—204 S. W.
Underwriter—R.
balance
stock
For general
Robinson
the
electrolytic capacitors. Pro¬
electro-mechanical and mechanical controls.
Caribbean American Corp.
Sept. 14, 1960 filed 459,500 shares of capital stock. Price
—$2 per share. Business—Caribbean real estate.^ Pro¬
ceeds— For general corporate purposes. ■ Office —615
and
Office—309
common
7,
Office—4358 Northside Drive,
miniature
it Circle Controls Corp.
Oct. 28,
1960 (letter of notification)
Street, Los Angeles, Calif.
Underwriter —
Peabody & Co., New York City (managing).
derwriter—To be
sells
Underwriter—Jay W. Kaufmann & Co., New York City.
Carhart
Ga.,
and
payment of bank loans and the addition of technical per¬
wiring devices. Proceeds—To selling stockhold¬
two members of the Cannon family. Office—3208
Sept.
(11/15-30)
ceeds—For general corporate purposes,
Humboldt
•
Underwriter—
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share. Business—The company
related
Kidder,
Thursday, November 3, 1960
St., North Miami, Fla.
supplied by amendment.
To be
• Cannon Electric Co.
(11/14-18)
Sept. 26, 1960 filed 200,000 shares of outstanding common
stock (par $1).
Price—To be supplied by amendment.
Business—Designs and makes electrical connectors and
ers,
.
—1827 N. E. 144th
common stock. Price—
At-the-market. Proceeds—To finance the company's an¬
Sept. 2, 1960 filed 42,561 shares of
record
stock
July 17, 1960 filed 40,000 shares of
Bridgeport Gas Co.
offered
common
.
it Chemonics Corp.
Oct. 17, 1960 (letter of notification), 100,000 shares of
common
stock (par one cent).
Price — $3 per share.
Proceeds-—For general funds and working capital. Office
(par
by amendment. Business—
Oct.
Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City. Offering—Expected sometime in No¬
(11/28-12/2)
.
Dec.
Power
Co.
(11/29)
Oct.
19, 1960 filed $6,000,000 of first and general mort¬
gage bonds, series X, due 1990. Proceeds—To repay bank '* of stock and
$100 of debentures and nine shares of stock.
loans, for construction, and the balance for general cor¬
Price—To be supplied by amendment.
Proceeds — To
porate purposes. Office—9 Green St., Augusta, Me. Un¬
construct refinery. Underwriter—Lehman Brothers, New
derwriter
To be determined by competitive bidding.
York. Offering—Indefinite.
—
Brooks
Oct.
24,
(James)
1960
& Co.,
Inc.
Probable
(12/8)
filed
$400,000 of 12% subordinated de¬
bentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of
50,000 common shares, to
be offered in units
consisting of $400 of debentures, 50
common shares, and warrants for the cash
purchase of 50
shares. Price—$450 per unit. Business—The retail sale
in two Bronx, N. Y., stores of
furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to
factors, with the
for working capital.
Office—542 E. 138th
York City.
balance
Street, New
Underwriter—Lloyd Haas & Co., New York
City.
•
Brothers
Chemical
general
corporate
purposes.
Office
—
575
Street, Orange, N. J.
Underwriter—Sandkuhl
pany, Inc., Newark, N. J. and New York City.
Business
A.ug.
5,
Forest
& Com¬
Finance Corp.
1960
stock
Common
shares of
per share.
Proceeds—For business
expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.
for
the
(11/14-18)
account
of
the
issuing company, with
the remainder to be offered for the
account of the pres¬
ent holders thereof. Price—To be
supplied by amend¬
ment.
Business — The company makes and sells citric
acid.
Proceeds
—
To
expand the
capacity of the parent
Bzura, Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
company,
balance for working
capital.
Office—Broadway & Clark
Streets, Keyport, N. J. Underwriters—P. W. Brooks &
Co., Inc., and Lee Higginson Corp.. both of New York
City (managing).
Campbell Chibougamau Mines, Ltd.
Pet. 14, 1960 filed 305,392 shares of common stock to be
warrant holders.
Price—$4 per share. Business
^—The company
owns
and
works
mining
properties.
Proceeds^—For general funds of the
company.
Office—
55 Yonge
St., Toronto, Canada. Underwriter—None.
Nov.
—To be
supplied by amendment. Proceeds—For the re¬
payment of bank loans. Office—9 Green St., Augusta, Me.
Underwriters
Harriman Ripley & Co., Inc., and First
Boston Corp., both New York City, and Coffin &
Burr,
Boston, Mass. (managing).
Central
Vermont
Public
Service
Corp.
at
10:00
;
for initial and
—
Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6y2% junior subordin¬
ated debentures, due 1975, with five-year warrants for
the purchase of 80,000 shares of regular common shares.
Ark.
and in units of
$500 debenture with warrants for 40 shares. Proceeds
working capital and general corporate purposes. '
Office—1334 Oak Street, Kansas City, Mo. Underwriter
—A. G. Edwards & Sons, St.
Louis, Mo. (managing). Of¬
fering—Expected in late November.
&
Smith Inc.
(managing).
Charter
Design & Manufacturing Corp.
1960 (letter of notification) 90,000 shares of
(par 10 cents). Price — $3.30 per share.
Proceeds—To purchase the assets of Rosander Co., pay
obligations owed to banks and for working capital.
Sept. 20,
common
stock
Office—2701 14th Ave., South, Minneapolis, Minn. Under¬
writer—Jamieson & Co., Minneapolis, Minn.
1960
stock
common
—For
ner
company's office, 4 Irving
Y
v.,YY/ - YY
.
Corp.
intermediate
or
Southern
Companies, Inc.
(letter of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds—
For the closing payment on a
building, repayment of an
outstanding loan and for working capital. Office—Suite
656, 800 Peachtree St., N. E., Atlanta, Ga. UnderwriterAtlanta Shares, Inc., same address as the
company.1
^Consolidated Supply Co.
i
Oct. 17, 1960
(letter of notification), 12,000 shares of
preferred stock. Price—At par ($25 per share). Proceeds
To liquidate present obligations. Office—1900 W. Slauson
Ave., Los Angeles, Calif.
Underwriter—None.
^Consumers Cooperative Association
Oct. 25, 1960 filed $8,000,000 of
5%%, 25-year
dinated
5V2%
ferred
.
;
;
Underwriter—The Huntley Corp., Little Rock. Ark.
Sept. 30,
to be offered at par,
• Champion Spark
Plug Co. (11/7-10)
Sept. 23, 1960 filed 750,000 shares of outstanding com¬
mon stock (par $1.66). Price—To be supplied by amend¬
ment. Proceeds—To selling stockholders, members of the
Stranahan family. Office — Toledo, O. Underwriters—
Blyth & Co., Inc. (handling the books), Glore, Forgan 8c
Co., Hornblower & Weeks, Merrill Lynch, Pierce, Fen-
.
financing of the con¬
pre-fabricated type residential or
commercial buildings and facilities upon properties to
be acquired for sub-division and
shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
struction of custom
For repayment of outstanding
borrowings and for general corporate pur¬
poses. Office—77 Grove St., Rutland, Vt. Underwriter— 1
Hallgarten & Co., New York, N. Y.
are
at the
April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund
(12/6)
short-term
The debentures
a.m.
Consolidated Realty Investment
Oct. 7, 1960 filed 60,000 shares of second preferred stock
convertible series A (par $50). Price—To be supplied by
amendment. Proceeds
16
Place, New York City.
—
one
Co., Inc.
Aug. 25, 1960 filed 450,000 shares of common stock
(par
25 cents), an undetermined number
of which will be
offered
&
Consolidated
(letter of notification) 195,000
(par 20 cents). Price — $1.50
Bzura Chemical
Halsey, Stuart & Co. Inc.; Harriman ?
Consolidated Edison Co. of New York, Inc.
Co.; First Boston Corp. and Coffin & Burr (11/22)
y
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.,
Oct. 20,. 1960 filed $75,000,000 of first and refunding
and White, Weld & Co. (jointly). Bids—Expected to be
received on Nov. 29 at 11:00 a.m. Information Meeting— e mortgage bonds, series S, due Dec. 1, 1990. Proceeds:—
For expansion. Underwriter—To be determined by com¬
Tentatively scheduled for Nov. 21 at 11:00 a.m. in Boston.
petitive bidding. Probable bidders: Halsey, Stuart & Co.
• Central Maine Power Co.
Inc.; Morgan Stanley & Co.; First Boston Corp, Bids—
(11/16)
Oct. 19, 1960 filed 120,000 shares of common stock. Price ' Expected Nov. 22; Information Meeting—Scheduled for
Ripley
Co.
(11/15)
Aug. 9, 1960 (letter of notification) 100,000 shares of
class A common stock (par 10 cents).
Price — $3 per
share.
Business—Manufacturing chemicals. Proceeds—
For
bidders:
certificates
of
indebtedness,
320,000
subor¬
shares
of
preferred stock, 40,000 shares of 4% second pre¬
stock, and 1,000 shares of common stock. Prices—
For
the
for
local
certificates of indebtedness, 100% of principal
amount, and for the common stock and both classes of
the preferred stock, $25
per share.
Business—The asso¬
ciation is a cooperative wholesale
purchasing and manu¬
facturing association and functions as a supply source
farmers'
mid-Western
cooperative
States. Proceeds
associations
—
For
in
several
facility expansion
and
improvement, with $1,739,600 to be used for the
retirement of maturing certificates of indebtedness and
Volume
192
Number
6000
.
.
redemption prior to maturity of such certificates and
the 5Vz % preferred stock. Office—3315 N. Oak Traffic-
Kansas City, Mo.
way,
lOsvos
Oct.
Underwriter—None.
(12/12)
21, I960 filed first mortgage bonds in the amount,
of $35,000,000, maturing in 1990 to be sold for the best
price obtainable but not less favorable to the company
than a 5lk % basis. Proceeds—To be used to finance the
Detroit.
Office—212
be received
on
Dec.
12
D.
•
Co.
(11/21-25)
Business — Wholesale and retail grocery business. Pro¬
ceeds—To three selling stockholders. Office—16501 Rockside Road, Maple Heights, Cleveland
37, Ohio. Unde^
writer—Goldman, Sachs & Co., New York City (manaL
Coral
Aggregates Corp.
(11/15)
Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The
company
intends to engage in the extraction and sale of rock.
Proceeds—For
equipment, working capital, and the re¬
indebtedness, with the balance for general
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York
City, and
Robinson & Co.. Inc.. Philadelphia, Pa.
tirement
of
Cormany Corp.
Sept. 21, I960 (letter
Proceeds
Office—1401
Deere
(John)
K
—
For
Street,
Credit Co.
1960 filed
16,
general
N.
W.,
enter¬
corporate
Washington,
(11/15)
Proceeds
operated by Deere & Co. sub¬
general corporate purposes.
Ripley & Co., Inc., New York
For
—
City (managing).
Delta
Design, Inc. *
1
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share. Business — Development of vacuum
system components/Proceeds — For acquisition of land
and construction of a factory; purchase of new machinery
and tooling; inventory and working capital. Office—3163
Adams Ave., San Diego, Calif. Underwriter—None. 1
Designatronics, Inc.
Sept. 28, 1960 (letter of notification)
of
notification)
91,000
shares
of
common stock
(par 10 cents). Price — $2.25 per share.
'Business—Manufacturers of electronic equipment.
For
corporate
Office — 199 Sackett St.,
Underwriters — Cortlandt Investing
purposes.
Brooklyn, N. Y.
Corp.; Rotlienberg, Heller & Co., Inc. and Joseph Nadler
& Co., Inc., New York, N. Y.
Detroit
Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share.
Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
ceeds—To buy such ^equipment and to develop new tools.
Office—2427 Huntington Drive, San Marino, Calif. Un¬
Nov. 2
Jacoby, Daigle & Werner, Inc., 541 South
Spring St., Los Angeles, Calif. Offering—Imminent.
•
Cove
—
Vitamin
&
Pharmaceutical
Inc.
Sept. 30, 1960 filed 108,000 shares of common stock (par
50 cents), and five-year warrants for the purchase of
an
additional 54,000 shares of common stock to be of¬
fered
in
units, each unit to consist of two shares
warrant
for
the
and
a
purchase of one share. Price
To be
supplied by amendment. Business—Mail order marketing
of vitamins through department stores. Proceeds
To
implement the company's merchandising plan and for
(11/28-12/2)
(letter of notification in Atlanta, Ga. SEC office)
150,000 shares of 50 par common stock. Price — $2 per
share.
Proceeds—For the merchandising and sale of
phonograph records with a new electronic device. Office
—North Miami, Fla. Underwriter—McClane & Co.,
Inc.,
26 Broadway, New York City.
Diketan
Sept. 30,
common
Laboratories, Inc.
1960
stock
To increase
inventory, purchase
search and
new
ital.
—
Office
Underwriter
new equipment, for re¬
product development and working cap¬
Wilshire Blvd., Beverly Hills, Calif.
Holton, Henderson & Co., Los Angeles,
9201
—
Calif.
struction
of
a*
new
laboratory
and
working
Office—Washington, D. C. Underwriter—John
Associates, New York City.
capital.
R.
Maher
Cyclomatics Inc. (11/7-10)
Aug. 31, 1960 filed 250,000 shares of common stock (par
10 cents). Price—$1 per share. Business—Motorized and
automatic health equipment. Proceeds
For inventory
and working capital.
Office—Astoria, L. I., N. Y. Under¬
—
writer—General Securities Co., 101 W. 57th St.. N. Y. 19.
N. Y.
Does-More
Oct.
12,
Products
Corp.
Corp.
Aug. 22, 1960, filed 150,000 shares of
(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Pro¬
ceeds
To pay notes payable, purchase inventory, for
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
common
1960
stock
—
derwriter—H. L. Wright &
Co., Inc., New York, N. Y.
Dorsett Electronics Laboratories, Inc.
Sept. 15, 1960 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The design
and manufacture of various electronic data handling and
control systems. Proceeds—For debt
reduction, and for
working capital for the issuer and its subsidiaries. Ad¬
O.
dress—P.
Box
862, Norman, Okla.
be named by amendment.
Underwriter—To
Dorsey Corp. (11/10)
Sept. 1, 1960 filed $3,500,000 of 6^%
par).
stock
common
(no
Price—To be supplied by amendment. Business—
company
makes
agricultural implements,
feed
The
grinding and mixing equipment for the livestock indus¬
try, and conveying and seed cleaning equipment. Pro¬
ceeds—To selling stockholders.
Office—Hopkins, Minn.
Underwriters—Lehman
Brothers, New York City, and
Piper, Jaffray & Hopwood, Minneapolis, Minn, (man¬
aging. Offering—Indefinitely postponed.
Dakota
Aug.
;
■
3,
Underwriters, Inc.
1960
(letter
of notification) 300,000 shares of
Price—At par ($1 per share). Proceeds
—To pay outstanding notes and the remainder for
gen¬
stock.
common
eral corporate purposes. Office—214 W. Third
St., Yank¬
ton, S. C. Underwriter—Professional Insurers and Inves¬
tors Ltd., 104 E. 8th St., Denver,
Colo., is no longer
underwriting. New underwriter is Paul G. Swessinger,
Box 634, Brandon, S. D.
•
Daito Corp.
March
29
filed
(11/10)
431,217
shares
of
common
stock
to
be
offered for subscription by holders of such
stock
of
record Oct. 7 at the rate of one-and-a-half new
shares for
each share then held. Price—$1.25
per share. Proceeds
—For the retirement of notes and additional
working
capital.
Office—Norwood,
N.
J.
Grace & Co., 50 Broad St., New
Underwriter—Sterling,
York City.
Davega Stores Corp. (11/15)
Sept. 7, 1960, filed $1,500,000 of 6% convertible subor¬
dinated debentures, due 1975, to be offered to
holders of
its
common stock pursuant to
preemptive rights. Price—
$100 per debenture. Business—The company
operates a
chain of 29 retail stores
areas
in the metropolitan New York
in which it sells various electrical
appliances and
sporting goods and apparel. Proceeds—For general
porate purposes, including fixtures and inventory
two
new
retail
discount
centers.
Office
—
215
Ave., New York City. Underwriter—Amos Treat
Inc., New York City (managing).
•
cor¬
for
Fourth
&
Co.,
sinking fund de¬
bentures, due October, 1975, with warrants for the pur¬
chase of 140,000 common shares, together with 350,000
shares. Price—For the 140,000 shares, $12 per
share; for the 350,000 shares the price will be supplied
by amendment. Business—The design, manufacture, and
distribution of all types of highway trailers except those
carrying liquids. Proceeds—$7,000,000 will be supplied
to the purchase of all the outstanding capital stock of
Chattanooga Glass Co., with the balance for general
corporate purposes. Office — 485 Lexington Ave., New
York City. Underwriter—Blair &
Co., Inc., New York
City (managing).
common
Drexel
Dynamics Corp. (11/15),
Aug. 26, 1960 filed 100,000 shares of common stock (no
par). Price—$6 per share. Business—Research, develop¬
ment, and production in the fields of mechanics, elec¬
tronics, optics, and functional systems. Proceeds—The
net proceeds, estimated at $511,740, will be used for
product development ($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
phia, Pa. Underwriter — Warner, Jennings, Mandel &
Longstreth, Philadelphia, Pa. (managing).
\
'
'
Industries, Inc.
(letter of notification)
1960
19,
class A
common
tional class A
75,000 shares of
(no par) and 20,000 shares of addi¬
stock
stock to be offered to the under¬
Prices—Of class A
common, $2 per share; of
additional class A common, 2V2 cents
per share. Proceeds
—To expand the
common
writers.
company's
inventory to
into
go
the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut
Ave., N. W.,
Washington, D. C. Underwriter
Carleton Securities
Corp., Washington, D. C.
Electro-Mechanics Co.
Oct.
4,
1960
(letter
of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For working capital.
Address—Westlake Hills,
Tex. Underwriter—James C. Tucker &
Co., Inc., Austin,
stock
common
Tex.
Electro-Nuclear Metals, Inc.
1960 (letter of notification)
Aug. 31,
250,000 shares of
common stock. Price—At
par ($1 per share). Proceeds—
To purchase new
equipment, rental and for administra¬
tive costs. Office—115
Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co.,
Carmichael, Calif.
•
Electronic
& Missile Facilities Inc.
(11/15)
Sept. 23, 1960 filed 260,000 shares Of common stock
(par
25 cents). Price—To be
supplied by amendment. Busi¬
ness—Builds and installs facilities for the armed forces
also
does work for civilian
public works agencies.
Proceeds—For general corporate
purposes including ex¬
pansion. The additional funds will also enable the firm
to furnish bonds
necessary to bid on
contracts. Office—2 Lafayette
larger Government
St., New York City. Under¬
writer—Hardy & Co., New York City.
•
Electronic Specialty Co.
2 filed 150,000 shares of
v
June
stock
(par 50
Price—To be supplied by amendment. Proceeds
—To be added to the
general funds in anticipation of
capital requirements, possibly to include acquisitions.
Office—5121
Underwriter
common
San
Fernando
Road,
Los
Angeles,
Calif.
Bateman, Eichler & Co. of Los Angeles,
Calif. Offering—Indefinitely postponed.
Note—Reynolds
& Co., Inc., has withdrawn as underwriter.
—
Inc.
28, 1960 filed 60,000 outstanding shares of capital
stock (par 50 cents), together with
five-year warrants
for the purchase of 6,000 new
capital shares, to be of¬
fered
for
tenth
of
10
Equity Fund, Inc.
1960 filed 500,000 shares of common stock (par
10 cents). Price—$10.20 per share. Business—This is a
new mutual fund, organized as a closed-end fund on Oct.
19, which will become open-end pursuant to the public
sale of these shares.
Proceeds—For portfolio
sale
in
units
warrant.
a
No
of
one
sale
share
will
be
of
stock
made
and
one-
of less
than
such
units. Price—To be related to the
price of the
company's stock in the over-the-counter market imme¬
diately prior to the offering. Business—The firm makes
and
sells instruments and
equipment for scientific and
industrial measurement and analyses. Proceeds—To sell¬
ing stockholders, who are two company officers who will
lend the net proceeds to the
company. Office—430 Buck¬
ley
St., Bristol, Pa.
Underwriter — Warner, Jennings,
& Longstreth,
Philadelphia, Pa. Offering—Ex¬
pected in late January-to-early February.
if Ernst Hardware Co.
Oct. 18, 1960
(letter of notification), 4,500 shares of
Mandel
common
stock
(par $10) and $55,000 of 6% subordinated
to be offered for
subscription by present
stockholders, who will be limited to purchase up to 10%
debentures
of
their
chase
present holdings and will be required to pur¬
$100 debenture with each ten shares of stock
a
purchased. Price—Of stock, $23
at face value.
Sixth
•
&
26,
per share; of debentures,
Office—
Underwriter—None.
Proceeds—For working capital.
Pike, Seattle, Wash.
Federal
Sept.
Street
Fund, Inc.
(11/7-10)
1960 filed
a minimum of $20,000,000
market
value of shares of its $1 par common stock. Price—To be
supplied
by amendment. Business— The company is a
newly organized open-end mutual fund. Proceeds—For
investment. Office—140 Federal St.,
Boston, Mass. Deal¬
er-Manager — Goldman, Sachs & Co., New York
City
(managing).
First
American
Investment
Corp.
Oct 14, 1960 filed
2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.
of
Phoenix, and to organize subsidiaries. Office—2222 N
St., Phoenix, Ariz. Underwriter—None.
16th
First Connecticut Small Business
Drexel
Oct. 25,
Investment Co.
(11/14-18)
Aug. 12, 1960 filed 225,000 shares of common stock (par
$1). Price—$10 per share. Proceeds—To retire $150,000
of
debentures, and for capital for loans for
nesses.
Office—955
small busi¬
Main
St., Bridgeport, Conn. Under¬
writer—Hill, Darlington & Grimm, of New York City.
investment.
Office—1500 Walnut Street, Philadelphia, Pa. Distribu¬
tor and Investment Adviser—Drexel & Co., Philadelphia,
if First Finance Co.
Pa.
Oct.
•
Offering—Expected in mid December.
Dubrow Electronic
Sept.
7,
1960
(letter
Industries
Inc.
of notification)
100,000
shares
of
stock (par 10 cents.) Price—$3 per share. Busi¬
ness—Electronic equipment for military use. Proceeds—
For general corporate purposes. Office—235 Penn St.,
N. J.
Underwriter — Woodcock,
French, Inc., Philadelphia, Pa.
Burlington,
20, 1960 (letter of notification) $250,000 of nine5 V2 % capital debentures to be offered in denomina¬
tions of $50 but not sold in amounts of less than
$100 at
year
(11/7-10)
common
Fricke &
"
Electro
Oct.
(11/14-18)
•
Daffin
—
it Elion Instruments,
—
Cryogenics Inc.
Aug. 16, 1960 filed 175,000 shares of common stock.
Price—$2 per share. Proceeds—To repay a bank loan,
for salaries, operating expenses,
purchase of land, con¬
Industries, Inc.
cents).
(letter of notification) 150,000 shares of
(par $1). Price—$2 per shaje. Proceeds—
—
•
Underwriter—»
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per share. Proceeds
For land,
financing of
homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &
Co., Inc., New York City (managing).
Offering—Expect¬
ed in late November to
early December.
and
if Dial-A-Disk, Inc.
—
working capital. Office—26 The Place, Glen Cove, L. I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York, N. Y. Offering—Expected in early December.
Docks, Miami, Fla.
None.
Tractor,
Underwriter—To be supplied by amendment.
derwriter
Proceeds—To repay a bank loan and for
working capital.
Office—Pier 3, City
—
100,000 shares of
and
stock to be sold at par ($2.50 per share). Busi¬
ness—Makes and leases oil well testing equipment..Pro¬
^ Eagle, Inc.
Oct. 19, 1960 (letter of
notification), 200,000 shares of
common
stock
(par 2V2 cents).
Price—$1 per share.
July
common
•
of
share.
$50,000,000 of series A debentures,
Underwriter—Harriman
general
ing).
facilities.
sidiaries.
Co., 16 Wall St..
Oct. 19, 1960 filed 100,000 shares of
outstanding common
stock (par $1). Price — To be supplied by amendment.
shares
14 domestic sales branches
.
City, 12th floor.
Coffee
100,000
due 1985. Price—To be supplied by amendment. Business
—The
purchase of retail instalment paper from the
'
Cook
notification)
39
Underwriter—None.
C.
Sept.
up
for Dec. 9 at 11:00 a.m., Bankers Trust
New York
of
Edwards
•
to 11:30 a.m., at 300 Park
Information Meeting—Scheduled
Ave., New York City.
(letter
stock
purposes.
West
Michigan
Ave., Jackson, Mich. Underwriter — To be determined
by competitive bidding. Probable bidders: For bonds—
Halsey, Stuart & Co. Inc.; White, Weld & Co., and Shields
& Co. (jointly); Morgan Stanley &
Co.; The First Boston
Corp., and Harriman Ripley & Co., Inc. Bids—Expected
to
1 nc
I960
tainment
continuing expansion and improvement of the company's
electric and gas service facilities in a 65-county area
Greater
(1799)
(par 50 cents).
Price — $3 per
Business—Operation of a ski resort and related
Consumers Power Co.
of
26,
common
Oct.
outside
Financial Chronicle
The Commercial and
.
Moyer,
time. Price—At par. Proceeds—For redemption of
outstanding class A debentures and working capital. Of¬
fice—105 W. Cherry Street, Nevada, Mo. Underwriter—
one
None.
Continued
on
page
40
40
The Commercial and Financial Chronicle
(1800)
Continued from
page
39
General
"
<>
Oct.
First
of
Investment
Business
Small
Company
Tampa, Inc.
I
Oct. 6, 1960 filed 500,000 shares
.
of common stock. Price
share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
—$12.50
per
Florida Suncoast Land & Mining Co.
Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares are to be offered in exchange for
certain lands and assets, and the balance will be for
public sale. Price—To be supplied by amendment. Pro¬
ceeds
For the acquisition and development of land,
mining operations and equipment, and the balance for
working capital.
Office—Tarpon Springs, Fla.
Under¬
—
writer—None.
ing from 8% to 10%, depending upon the type of mort¬
gage financing involved.
Proceeds—For investment in
Port St. Lucie Country Club homes, on the east coast of
Florida.
Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal
business is the development of large tracts of land into
planned communities. Office—2828 S. W.
Miami, Fla. Underwriter—None.
General
150,000 shares of com¬
stock
(no par). Price—$2 per share. Proceeds—To
pay a loan, pay a balance under creditors agreement
and for working capital. Office—11747 Vose St., North
Hollywood, Calif. Underwriter—Thomas Jay, Winston &
Co., Inc., Beverly Hills, Calif.
Street.
Sales
Corp.
for the Portland Discount Center;
of the proceeds will be used to open two new stores
Oregon and Idaho. Office — 1105 N. E. Broadway,
Portland, Ore. Underwriter—A. J. Gabriel & Co., Inc.,
New York City. Offering—Expected sometime in No¬
ance
vember.
Fcxboro Co.
Oct.
18,
1960
(11/21-25)
filed
which 125,000
211,000 shares of
shares
be
to
are
stock, of
common
offered for
the
account
of the
issuing company and 86,000 shares, representing
outstanding stock, are to be offered for the account of
the
present
amendment.
holders
thereof.
Proceeds—For
Price—To
general
be
supplied
by
corporate purposes,
including warehouse and plant facilities.
Office—38
Neponset Ave., Foxboro, Mass. Underwriter
Paine,
Webber, Jackson & Curtis, New York City (managing).
—
Franklin Discount Co.
(11/16)
Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
debentures, due serially 1966-1968, and $300,000 of
8% subordinated capital notes due eight years, eight
months and eight days after date of issue.
Prices—At
par. Business—The company is engaged in the consumer
ible
finance
or
shares
are
to
be offered for the
account
of
selling stockholders and the balance for the account
of the issuing company. Price — To be
supplied by
amendment.
Business—The
construction
business, both
builder for its
own
is engaged in the
general contractor and
Proceeds
For debt
company
as
a
account.
—
reduction and
working capital. Office—141 North Ave.,
Noel &
Co., New York City (managing).
Bridgeport, Conn. Underwriter—Van Alstyne,
★ Gar Wood Ameritronics, Inc.
Oct. 26, 1960 filed 80,000 shares of
common stock and
160,000 common stock purchase warrants, to be offered
rants.
consisting of
Price
—
$4
auto and
truck
and
vacuum
sells
per
one
unit.
share of stock
Business
—
and
two
The firm
war¬
makes
bodies, parts, and trailers, and rebuilds
powerbrakes.
Proceeds
—
For
expan¬
sion, inventory* and distribution.
Office—Kensington &
Sedgley Avenues, Philadelphia, Pa. Underwriter—Fraser
& Co.,
Inc., Philadelphia, Pa.
Garsite Corp.
Oct. 12, 1960 filed 100,000 shares of
common stock. Price
$3
share.,Business—A hydrant jet
per
fueling
com¬
Proceeds—Expansion. Office—Seaford LINY
Underwriter—'Theodore Arrin & Co., Inc., 82 Beaver
pany.
St'
New York City.
'
(Connie B.)
Gay Broadcasting Corp.
(11/14-18)
Sept. 9, 1960 filed 130,000 shares of common
stock (par
$1). Price—To be supplied by
amendment.
The company and its
subsidiaries own and
and television stations.
a
television
Office
—
station
Business—
operate radio
Proceeds—For the acquisition of
and
two
radio
stations in Missouri
4000 Albemarle
St., N. W., Washington, D. C.
Underwriter—Hill, Darlington & Grimm, New York
City
(managing).
•
*
General Automation
Corp. (11/14-18)
Sept. 30, 1960 (letter of
notification) 100,000 shares of
common stock
(par two cents). Price—$2
per share. Busi¬
ness—Manufacture of
machinery. Proceeds—For general
wPMav P^rP°ses' Office—40-66 Lawrence
St., Flush-
Co!; NeJY^rkflTY S~Bertner Br°S* and Earl
Edden
★ General Azumatics
Corp.
Oct. 24, 1960 (letter of
notification)
common
--lo
ooorn
—3220
None.
stock
purchase
16th
•
Office—40 Beaver
Street, Albany,
Underwriter—None.
Heldor
Electronics
Manufacturing
Corp.
(11/7-10)
June 29, I960 (letter of notification)
100,000 shares of r
common^tock (par 10 cents). Price—$3 per share. Pro¬
ceeds—For general corporate purposes.
Office — 238
Lewis
&
Street, Paterson, N. J.
Co., Inc., New York, N. Y.
Heller,
(Walter E.)
Underwriter—S. Schramm
& Co.
Oct. 24,
Geophysics Corp. of America (11/14-18)
Sept. 28, 1860 filed 50,000 shares of common stock of
which 18,750 shares are to be offered for the account of
the issuing company and the remaining 31,250 for the
1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—•
About $1,000,000 to purchase preferred stock of Nation¬
wide Investment
rities of
an
as
Co., about $1,000,000 to purchase secu¬
yet unorganized firm tentatively named
account of the present holders thereof. Price—To be sup¬
"Credit Acceptance Co.," and the remainder for general
plied by amendment. Proceeds
corporate
Office—New
cago, 111. Underwriters — F. Eberstadt & Co. and Dean
Witter & Co., both of New York City (managing). Offer¬
—
For working capital.
Bedford, Mass. Underwriter—C. E. Unterberg, Towbin Co., New York City (managing).
Georgia Power Co. (11/3)
Sept. 26, 1960 filed $12,000,000 of 30-year first mortgage
bonds
1990.
due
Underwriter
To
be
determined
by
competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.
—
purposes.
Office—105
West
Adams
St.,
Chi¬
ing—Expected in late December to early January.
•
High Point Ski Ways, Inc. (11/10)
17, 1960 (letter of notification) 150,000 shares of
common stock (par 10 cents).
Price—$2 per share. Busi¬
ness—Operation of a ski area, ice-skating rink, open air
Oct.
theatre, skeet and other shooting
Proceeds—For
ranges.
general corporate purposes. Address—Port Jervis, N. Y.
(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Bids—Expected to be
Underwriter—Osborne, Clark & Van Buren, Inc., New
received
York, N. Y.
Nov.
on
3
at
the
office
of
Southern
Inc., Room 1600, 250 Park Avenue, N. Y. C.,
New
York
Time.
Information
up
Services,
to 11 a.m.,
Meeting—Scheduled
for,
Oct. 31 between 2:30 p.m. and 4:30 p.m. at the Chemical
Bank New York Trust Co., 11th floor, 100 Broadway,
New York
Ginn
&
City.
Co.
Hilltop, Inc.
Aug. 17, 1960 filed $1,650,000 of 6% subordinated deben¬
tures, due 1980, and 1,650 shares of class A common stock,
to
be
offered in
(11/29)
Oct.
10, 1960 filed 817,391 shares of common stock (par
$1), of which 173,300 shares will be offered for the ac¬
units of
share. Price
A
class
—
one
To
be
$1,000 debenture and one
supplied by amendment.
Business—The principal business of the company, which
was organized under Kansas law in
June, 1959, will be
the owning,
acquiring, improving, developing, selling,
leasing of improved and unimproved real property.
is Holder-Day, Inc.
Frouge Corp. (11/14-18)
July 22, 1960 filed $1,500,000 of 6*&% convertible sub¬
ordinated debentures, due September
1975, and 175,000
shares of common stock (par
$1), of which filing 50,000
units
N. Y.
tribution of text books and related educational materials
for schools. Proceeds—To reimburse the
company's treas¬
lesser
★
in
duce unsecured loans.
bian
a
selling stockholders. Office—Cincinnati, O.
Under¬
writer—Westheimer & Co., Cincinnati, O.
(managing).
a
Business—Real estate enterprises.
Pro¬
general funds of the corporation and to re¬
supplied by amendment. Business—Publication and dis¬
to
To
as
share.
per
and
and,
Frisch's Restaurants, Inc. (12/5-9)
Oct. 18, 1960 filed 180,000 shares of
outstanding common
stock. Price—To be supplied
by amendment. Proceeds—
common
is Heartland Development Corp.
Oct. 21, 1960 (letter of
notification) 22,820 shares of con¬
vertible non-voting preference stock (par
$2).
Price—•
issuer, and 644,091 shares will be offered
for the account of selling stockholders. Price — To be
business,
Underwriter—None.
of the
Zapata and Starr Counties, Texas. Proceeds
corporate purposes.
Office — 20 Broad
Street, New York City. Underwriter—Amos Treat & Co.,
Inc., New York City.
extent,
boat, and appliance installment
loan
purchasing of car,
sales contracts from dealers.
porate purposes.
(11/7-10)
general
Proceeds—For general cor¬
Office—105 North Sage Street, Toccoa,
small
in the
Ga.
Thursday, November 3, 1960
Resources, Inc.
For
purposes
in
.
ural gas in
—
$75,000
in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
same
Foremost
Industries, Inc. (11/7-10)
Oct. 14, 1960 (letter of notification) 100,000 shares of
common stock (par 50 cents). Price—$3 per share. Busi¬
ness—Manufacturers of stainless steel food service equip¬
ment used by department, drug and variety chain stores,
and institutions. Proceeds—For expansion; to repay a
loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th
St., New York, N. Y. Underwriter—Richard Bruce & Co.,
Inc., New York, N. Y.
Gulf
.
Sept. 2, 1900 filed 140,000 shares of common stock (par
'■ 10 cents). Price—$8 per share. Business—Gathering nat¬
ceeds—For
April 28 filed 120,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,00U
will be used for additional working capital, inventories
for the
i
22nd
•
"
$12
•
and facilities
.
Ford Electronics Corp.
Oct. 4, 1960 (letter of notification)
mon
Development Investment Plans, Inc.
6, 1960 filed 1,285 of Investment Plans. Price—To
public sale with sales commissions rang-
offered for
be
.
75,000 shares of
Price—$4 per share. Proceeds
machinery, equipment, construction
(par $1).
new
Alaboratory an<* for working capital. Office
Avenue, N., Seattle, Wash. Underwriter—
-
count
of the
for redemption costs of its preferred stock, and the
balance for working capital. Office—Statler Office Bldg.,
ury
Boston, Mass. Underwriter
York City.
•
Sept. 28, 1960
stock
Corp. (11/15)
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
For boat molds, to pay off a mortgage and for
working capital. Address—Hialeah, Fla. Underwriter—
Martinelli & Co., Inc., New York, N. Y.
ceeds
—
Security Systems, Inc. (11/21-25)
13, 1960 filed 100,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
Supplying plant security and uniformed guard and in¬
vestigatory services to industrial and commercial cus¬
tomers.
Proceeds—For debt reduction, working capital,
expansion, and possibly acquisitions. Office—2011 Wal¬
nut St., Philadelphia, Pa. Underwriter—Drexel &
Co.,
Philadelphia, Pa. (managing).
-v'.
Golden
Crest
Records, Inc.
Oct. 25, 1960 filed 85,000 shares of 10c par class A com¬
stock.
Price—$3 per share.
Proceeds—The firm
mon
will
use
the proceeds of its first public offering for
working capital and general corporate purposes. Office
—Huntington, L. I., N. Y. Underwriter—Dean Samitas
& Co., Inc., 11 Broadway, New York City.
Offering—
(B. F.)
Francisco, Calif.
(11/16)
Office—401
Colum¬
Underwriter—None.
Builders Acceptance Corp.;..
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share. Business—The company is
engaged in real estate financing and lending. Proceeds
general
corporate
purposes.
Office — 409
N.
Nevada, Colorado Springs, Colo. Underwriter—None.
—For
Howell
Instruments Inc.
Oct. 4, 1960 filed 140,000 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling
stockholders.
Address
—
Fort
Worth, Texas.
Underwriters—G. H. Walker & Co., New York, N. Y. and
Dewar, Robertson & Pancoast, San Antonio, Tex. Offer¬
ing—Expected in early December.
Hydroswift Corp.
filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February, 1957, makes and wholesales
products
and services for the fiberglass
industry, including par¬
ticularly fiberglass boats known as "HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬
pansion. Office — 1750 South 8th St., Salt Lake City,
Oct. 20, 1960
Utah.
Underwriter—Whitney & Co., Salt Lake City, Utah.
Idaho
Co.
debt.
Oct. 20, 1960 (letter of notification), 225,000 shares of
capital stock. Price—At par ($1 per share). Proceeds—
working capital. Office—728 Montgomery St., San
Expected in January.
Goodrich
funded
For
•
Globe
Oct.
reduce
Bldg., Topeka, Kan. Underwriter—None.
Home
Glas Foam
common
White, Weld & Co., New
—
Proceeds—To
Power Co.
(11/15)
Sept. 21,
Oct. 19, 1960 filed $60,000,000 of sinking fund debentures
due Nov. 15, 1985. Price—To be
supplied by amendment.
expenditures and investment out¬
lays and working capital. Address—230 Park Ave., New
York City. Underwriter—Goldman, Sachs &
Co., New
Proceeds—For capital
1960 filed $15,000,000 of first mortgage bonds
due 1990. Proceeds—For capital
expenditures, etc. Un¬
derwriter—(For the bonds) To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc., Lazard Freres & Co. and The
First Boston
Sept. 20, 1960 filed 100,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
Corp. (jointly); Merrill Lynch, Pierce, FenInc.; Kidder, Peabody & Co. and White,
(jointly); Salomon Bros. & Hutzler and
Eastman Dillon, Union Securities & Co.
(jointly); Equi¬
table Securities Corp. Bids—Expected to be received on
Manufactures
Nov. 15. Information
York, N. Y.
Gremar
(managing).
ner
Manufacturing Co., Inc.
coaxial
cable
(11/7-10)
connectors
and
associated
&
Weld
Smith
&
Co.
fittings for the electronic and electrical industries. Pro¬
11:00
a.m.
ceeds
York
Meeting—Scheduled for Nov. 10 at
City.
—
For general corporate purposes,
including debt
reduction, inventory and construction. Office—7 North
Ave., Wakefield, Mass. Underwriters—Milton D. Blauner
& Co., Inc. and M. L. Lee Co., Inc., New York, N. Y.
Gro-Rite Shoe
Oct.
12,
1960
Co., Inc.
(letter of notification)
N. C.
Guild Musical
Illinois
the
Bankers Trust
Co., 16 Wall St., New
Beef, L. & W. S., Inc.
April
29 filed 200,000 shares/of outstanding common
itock.
Proceeds—To selling stockholders.
Price—$10
per
undetermined
(par $1). Price—The
offering will not exceed $300,000. Proceeds—For work¬
ing capital. Address—Route 2, Box 129,, Mount Gilead,N. C. Underwriter—American Securities Co., Charlotte,
an
number of shares of common stock
at
Pa.
and
•
share. Office—200 South Craig Street, Pittsburgh,
Underwriters—Amos Treat & Co., Inc., New York,
Bruno
Indian
Lenchner,
Inc.,
Pittsburgh,
Pa.
Head
Mills, Inc. (11/14-18)
Aug. 10, 1960 filed 60,000 shares of outstanding common
stock (par $1), of which 50,000 shares are to
be offered
the account of present
holders, and the remaining
shares being registered pursuant to an
option agreement.
Price—To be supplied by amendment. Business—Pro¬
for
Instrument
Corp.
Oct. 25, 1960 filed 110,000 shares of common stock. Price
—$3 per share. Proceeds — For general corporate pur¬
poses, including debt reduction, machinery and equip¬
ment, inventory, and working capital. Office—Hoboken,
N. J. Underwriter—Michael G. Kletz & Co., Inc., New
York City.
duction and distribution of
fabrics, and related services
for fabric converters. Proceeds—To
selling stockholders.
Office—111 W. 40th Street* New York
City. Underwriters
& Co. and F. S. Smithers &
Co., both of New
York City
—Blair
(managing).
v
u
>
Volume
192
Number 6000
The Commercial and Financial Chronicle
...
^ Industrial Control Products, Inc.
Nov. 1, 1960
filed 125,000 shares of 100 par class A stock.
per share.
Business—The design and manu¬
Price—$4
of control systems and subcontracted precision
machining.
The firm has recently begun to make
double-diffused, broad base silicon diodes, but is not vet
in commercial production of these items. Proceeds—For
facture
of semi-conductor production, research and
development, advertising and selling, inventory, and gen¬
eral funds.
Office—78 Clinton Road, Caldwell Town¬
ship, N. J.
Underwriter—Edward Hindley & Co., 99
Wall Street, New York 5, N. Y. (managing).
expenses
•
Industrial
Hose & Rubber Co.,
Inc.
(11/12)
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds — Toward the repayment of
notes, new machinery, additional inventory, and the bal¬
ance for working capital. Office — Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing).
Inc.
Aug. 16, 1960 filed 110,000 shares of
stock. Price
—To be supplied by amendment. Proceeds—To pay the
balance due on the purchase of Western Life shares, and
the balance will be added to the general funds to finance
the development of general life insurance agency and for
common
working capital. Office—Sacramento, Calif. Underwriter
—Schwabacher
York
&
Co., San Francisco,
Calif, and New
City.
International
Diode Corp.
July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible
establish
.
a
staff of
stock
Price
(par $8).
and sells diodes.
—
$8
per
Proceeds—To
production and sales engineers,
fi¬
development, buy equipment, and
working capital. Office—90 Forrest St., Jersey
product
new
nance
add
preferred
Business—Makes
share.
to
City,. N.' J. Underwriter—Ernst Wells, Inc., New York
City.• ' > v/"-vV;'
Mosaic
International
Corp.
(11/7-10)
(letter of notification) 93,333 shares of
common stock (par 10 cents).-Price—$3 per share. Busi¬
ness
Manufacture of glass mosaics by machines and
processes.-Proceeds •— For general corporate purposes.
Office—45 East 20th St., New York 3, N. Y. Underwriter
—B. G. Harris & Co., Inc., New York, N. Y.
Sept.
1960
30,
—
•
^ International Motor Hotel Corp.
25, I960" (letter of notification) 300,000 shares
Oct.
stock
common
to
be
offered
in
of
multiples of 50 shares.
Price—At
par
($1 per share). Proceeds—For working
Office—232 Fourth Avenue, Anchorage, Alaska.
capital.
Underwriter—None.
Investors
—For
Little
1960
stock
Rock, Ark. Underwriter — Life Securities, Inc.,
Little Rock, Ark.
Irving Fund for Investment in U. S. Government
Securities,. Inc.
July 22, 1960, filed 400,000 shares of common stock
Price
$25 per share. Business — A diversified invest¬
ment company, which will become an open-end company
with redeemable shares upon the sale and issuance oi
—
shares
being registered.
Proceeds—For investment
in U. S. Government securities.
Office—50 Broad Street,
New York City. Underwriter—To be
ment.
Attorneys
Brinsmade
—
&
supplied by amend¬
Shafrann, 20 Pine
Street, New York 5, N. Y.
Jonker Business Machines,
Inc.
Sept. 30, 1960 filed 50,000 common stock units, each unit
one share of class A common and 3 shares
to consist of
of
class
B
for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬
common,
to
ters, establish distributorships, expansion, and the bal¬
ance for working capital. Office—404 No. Frederick Ave.,
Gaithersburg, Md. Underwriter
Washington, D. C. "
—
Hodgdon & Co., Inc..
: /
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.
.
Keyes
Fibre Co. (11/15)
filed $10,000,000 of convertible subordinated
debentures, due 1985, with attached warrants for the
purchase of 500,000 shares of common stock, to be of¬
fered to holders of outstanding preferred and common
stock, on the basis of $100 of debentures for each 15
shares of common or preferred held. Price—To be sup¬
Oct. 4, 1960
plied by amendment. Proceeds—Construction of a new
plant, additional equipment, and the balance for work¬
ing capital. Office—Upper College Avenue, Waterville,
Maine. Underwriter—Coffin & Burr, Inc., Boston, Mass.
^ Keystone Alloys Co.
Oct. 28, 1960 filed 107,755 shares of common stock, of
which 32,755 shares are to be offered for the account of
the issuing company and 75,000 shares,
representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied by
amendment.
Business—The company makes aluminum
siding and accessories, coated materials, aluminum rail¬
ing and columns for interior and exterior use, and a
variety of aluminum combination storm-screen sash and
doors and related products. Proceeds—$150,000 will be
to
finance
the
construction and
installation
of
an
additional paint line, with the balance for working capi¬
Office—511 Mellon Bank Bldg., Latrobe, Pa. Under-
tal.
writer
Singer,
(managing)..:^,
—
Deane
,
Proceeds—$165,000 will be applied
unit.
per
repayment of certain loans, $75,000 for develop¬
the
design work by a subsidiary in the field of
instrumentation, $100,000 for continued re¬
search in the design, development and production of
components for microwave instruments, and the balance
for working capital. Office—40 Marbledale Road, Tuckahoe, N. Y.
Underwriters —Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
Godfrey, Hamilton, Magnus & Co., all of New York City.
Offering—Expected in November.
and
ment
infra-red
Kirk
(C. F.)
1960
28,
Laboratories, Inc. (11/7-10)
(letter of notification) 99,900 shares of
stock
(par 20 cents). Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds — For general
common
corporate purposes. Office—521 West 23rd St., New York,
Y. Underwriter—Schriiver & Co., New York, N. Y.
N.
•
Air
Koeflfler
Products, Inc.
(11/7-10)
31, 1960 filed 100,000 shares of common
(par 5 cents) and 500,000 warrants to be offered in
each unit to consist of 2 shares of common stock
warrant. Each full warrant is convertible into one
Aug.
of
$2
common
per
within
a
year
stock
units,
and
1
from the date of offering
at
Price—$4 per unit. Business—The firm
share.
distributes
hydrogen, nitrogen, oxygen, and welding
equipment. Proceeds — For general corporate purposes.
Office—596 Lexington Ave., Clifton, N. J. Underwriter—
Lloyd Securities, 150 Broadway, New York City.
LP Gas
Savings Stamp Co., Inc.
1960 (letter of notification) 30,000 shares of
common stock Price—At par
($10 per share). Proceeds
—For purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales & Investment, Inc., 4501 North
Blvd., Baton Rouge, La.
Sept.
27,
Israel Oil Prospectors Corp. Ltd.
Oct. 27, 1960 filed 1,500,000 ordinary shares. Price—To
be supplied by amendment, and to be payable either
totally or partially in Israel bonds. Business—The com¬
pany was organized in October 1959 as a consolidation
<Ar "Lapidoth"
of individual and
corporate licensees who had been oper¬
ating in the oil business as a joint venture. Proceeds—
exploration and development of oil lands. Office—
Blvd., Tel-Aviv, Israel. Underwriter—
None.
;; / V
&
Rothschild
.
•
Lawntfa!e
Industries, Inc. (11/7-10)
Aug. 15, 1960 filed 100,000 shares of class A stock. Price
—$5 per share. Business—The manufacture of porcelain
enameled steel plumbing fixtures. Proceeds — For the
construction and equipping of a new plant, and the re¬
duction of outstanding bank loans. Office — Haven &
Russell Aves., Aurora, 111. Underwriter—Paul C. Kimball
& Co. of Chicago, 111.
9
Lawter
Sept.
19,
Chemicals, Inc. (11/7-10) ;
1960 filed 70,000 shares of capital
stock of
be offered to certain
the company and certain friends of its
management. Price — To be supplied by amendment.
Business—Manufacture and sale of printing ink vehicles,
fluorescent pigments end coatings, and synthetic resins.
Proceeds—For general corporate purposes. Office—3550
Touhy Ave., Chicago, 111. Underwriter — Blunt Ellis &
Simmons, Chicago, 111.
which
20,000
personnel of
shares
are
in
denominations
of $1,000. Price-^At par. Proceeds—
mortgage payment, outstanding notes, construction
water supply and general corporate purposes.
Office—719 Harrison Ave., Leadville, Colo. Underwriter
a
a
Scribner,
Pittsburgh,
'
Pa.,
Iron
Ore
vember.
Mac Charge
Sept.
21,
1960
Plan & Northern Acceptance Corp.
(letter of notification) 60,000 shares of
stock class A (par 60 cents).Price—$5 per share.
Proceeds—For company expansion. Office—5 E. Centre
common
St., Baltimore, Md. Underwriters—Sade & Co., Bellamah, Neuhauser & Barrett, Washington, D. C., McCarley
& Co., Asheville, N. C. and Murphy & Co.,
Denver, Colo.
Madigan Electronic Corp. (11/28-12/2)
5, 1960 filed 110,000 shares of common stock (par
cents). Price—$4.25 per share. Business—The design,
manufacture and sale of electronic equipment for use
primarily in weapons and data processing systems. Pro¬
ceeds—Reduction of indebtedness and working capitah
Office—200 Stonehinge Lane, Carle Place, N. Y. Under¬
writer—McLaughlin, Kaufman & Co., New York City.
Oct.
10
•
Major League Bowling & Recreation, Inc.
(11/10)
Sept. 16, 1960 filed 150,000 shares of common stock ($1
par). Price—To be supplied by amendment. Business—
The corporation operates or has under construction 17
bowling centers in the southeastern part of the U. S.
Proceeds—To complete centers and for the development
or acquisition of additional centers.
Office—Richmond,
Va.
Underwriters—Eastman Dillon, Union Securities &
Co., New York City, and J. C. Wheat & Co., Richmond,
Va.
(managing).
Marine
&
,
Manufacturing Inc.
(letter of notification) 100,000 shares of
Sept. 22, 1960
common
,
Electronics
stock
class
A :(par
10
cents).
Price-^-$3
per
share. Proceeds—For expenses in the fabrication of sheet
metal parts for
missiles, rockets/ radar and marine items.
Address—Hagerstown, Md. Underwriter—Batten & Co.,
Washington, D. C.
it Marine View Electronics, Inc.
28, 1960 (letter of notification) 100,000 shares of
stock (par 10 cents).
Price —$3 per share,
Business—Manufacturers of electronic equipment. Pro¬
ceeds—For general
corporate purposes.
Office—88-06
Van Wyck Expressway, Jamaica 18, N, Y.
Underwriter
—-Fund Planning, Inc., New York, N. Y.
Oct.
common
•
Mary Carter Paint Co.
(11/14-18)
Sept. 23, 1960 filed 375,000 shares of class A common
stock (par $1), of which 75,000 shares are to be offered
for the account of the issuing company, and 300,000
shares, representing outstanding stock, are to be offered
for the account of the present holders thereof. Price—
To be supplied by amendment. Business — The firm
makes various paint products for retail distribution. Pro¬
ceeds—For debt reduction, expansion, and working cap¬
ital. Office—666 Fifth Ave., New York City. Underwriter
—Lee Higginson Corp., New York
City (managing).
Matheson
Co.,
Inc.
(11/16)
Sept. 27, 1960 filed 160,000 shares of common stock ($1
par), of which 40,000 shares are to be offered for the
account of the issuing company and 120,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be sup¬
plied by amendment. Business—The company sells chemi¬
cal gases,
chemicals, regulators and valves. Proceeds — To
outstanding shares of 6% cum. preferred
stock at $21 per share, with the remainder to be added
to the issuer's general funds. Office—932 Paterson Plank
Road, East Rutherford, N. J. Underwriter—White, Weld
& Co., Inc., New York City (managing).
Merrimack-Essex Electric Co.
(11/16)
Sept. 20, 1960 filed 75,000 shares of cumulative preferred
stock (par $100). Proceeds—For reduction of short-term
indebtedness. Business—The issuer is a subsidiary of the
Ltd.
joined with The Liberian American-Swedish
Co., Monrovia, Liberia, in the filing of $15,000,000 of 6*4% first lien collateral trust bonds, series A,
due 1980, of Lio, $15,000,000 of 6subordinated de¬
bentures due 1985 of Lio, an unspecified number of
shares of Lio capital stock, to be offered in units.
The
units will consist of $500 of collateral trust bonds, $500
of debentures and 15 shares of capital stock. Price—-For
units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Office
—97 Queen St., Charlottetown, Prince Edward Island,
Canada, N. S
Underwriter—White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
May
Co., Inc. and Sulco Securities, Inc.,
York, N. Y.
it Loral EEectronics Corp.
Oct. 27, 1960 filed $5,000,000 of convertible subordinated
debentures, due Dec. 1, 1980. Price—To be supplied by
amendment. Proceeds—For plant additions,
acquisitions,
and working capital. Office—825 Bronx River
Ave., New
York City. Underwriters—Kidder, Peabody &
Co., Leh¬
man Brothers, and Model, Roland &
Stone, all of New
York City (managing). Offering—Expected in late No¬
new
Liberian
41
redeem all the
June 28, 1960 (letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
of
New
first to
Leadville Water Co.
For
—Arnold Malkan &
share
—H. M. Payson & Co., Portland, Me.
,
used
itock
to
offer these securities for public
units, each consisting of one share of common
and
one-half common stock purchase warrant.
in
Price—$4
be offered
ment. Proceeds—To establish sales and information cen¬
Kanavau Corp.
rale
22
P. O. Box 3662,
the
The company proposes to
For
Life Insurance Co.
Preferred
(letter of notification) 150,000 shares of
(no par). Price—$2 per share. Proceeds
capital and surplus accounts. Office—522 Cross St.,
Sept. 26,
common
Kings Electronics Co., Inc. .
May 2b filed 200,000 shares of common stock (par 10
cents) and 100,000 common stock purchase warrants.
Sept.
Intercoast Companies,
(1801)
19
Minerals
—
postponed.
New England
Electric System and conducts its business
generating, buying, and selling electricity in north¬
It sells appliances related to its
business/ Office—205 Washington St., Salem, Mass. Un¬
derwriter— To be determined by competitive bidding.
Probable bidders: Kidder, Peabody & Co. and White,
of
eastern Massachusetts.
Weld & Co.
(jointly); Merrill Lynch, Pierce, Fenner &
Dillon, Union Securities & Co.
(jointly); First Boston Corp. Bids—Expected to be re¬
Smith Inc. and Eastman
ceived
pools. Proceeds—$125,000 will be used to purchase ma¬
chinery
and
equipment;
$200,000
to purchase
raw
materials, parts and components; $40,000 for sales and
Nov.
16. Information Meeting—Scheduled for
•
Metcom, Inc.
(11/4)
Sept. 2, I960 filed 100,000 shares of common stock.
—To
Lifetime Pools Equipment Corp.
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—Engaged in
the manufacture and selling of fiber glass swimming
on
Nov. 4.
Price
be
supplied by amendment. Business—The com¬
pany makes microwave tubes and devices.
Proceeds—
For working capital, machinery and equipment, the re¬
tirement of a mortgage loan, and research and devel¬
opment. Office — 76 Lafayette Street
Salem, Mass.
Underwriter
Hayden, Stone & Co., New York City.
—
•
Living Aluminum, Inc. (11/28-12/2)
3, 1960 (letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Business—
Metropolitan Telecommunications Corp.
(11/21-25)
Sept. 27, 1960 filed $600,000 of convertible subordinated
debentures, to be offered for the account of the issuing
company,
and 25,000 shares of outstanding common
stock, to be offered tor the account of four company
officers, the selling stockholders. Prices—For the de¬
bentures, at par; for the common, to be supplied by
amendment.
Business—The company makes and sells
electronic and * communications equipment.
Proceeds—
Manufacturers of aluminum furniture and
For
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital. Office—Renovo, Pa. Underwriter—First Penn¬
ington Corp., Pittsburgh, Pa. Offering—Expected in late
November.
Oct.
other house¬
hold products. Proceeds—For additional equipment; pur¬
chase of a building; plant expansion and working capital.
Office—40 Gazza Blvd.,
Farmingdale, N. Y. Underwriters
general corporate purposes including debt reduction,
working capital, and expansion. Office —Ames Court,
Continued
on
page
'42
42
The Commercial and Financial Chronicle
(1802)
Continued
from
•
41
page
National
Airlines,
and
Milton
Blauner
D.
City (managing).
(letter of notification) 100,000 shares of
(par 25 cents). Price — $2.75 per share;
Proceeds—For capital and surplus accounts. Office—318
1960
11,
stock
common
of $100
of debentures for each
18
Northwest 13th St., Oklahoma City, Okla.
F. R. Burns & Co., Oklahoma City, Okla.
Nu-Line
Underwriter—
erty, and mail. Proceeds—To make payments
reduce
and
short-term
general
corporate
indebtedness,
Office
purposes.
national
—
17, 1960 (letter of notification) $250,000 of 5% five,*
seven, eight and 10 year subordinated debentures to be
offered in denominations of $100 or multiples thereof
to
member
of
cooperatives
the
individual
company,
members, and insurance companies. Price—At par. Pro¬
ceeds—To purchase treasury stocks and for working cap¬
ital. Office—739 Johnson St., N. E., Minneapolis, Minn.
Underwriter—None.
Oct. 27, 1960 filed 100,000
be
National
Lehman
shares of
common
supplied by amendment. Business
stock. Price
The firm
—
discounts retail instalment sales notes for dealers in shell
11
•
Precision, Inc. (11/9)
« „
(letter of notification) 120,000-shares of
common stock
(par 25 cents). Price — $2.50 per share.
Business—Manufacturers "of electronic equipment. Pro¬
Lawnservice Corp.
O'Neill
of notification) 100,000 shares of com¬
mon
stock
(par one cent). Price—$3 per share.
Proceeds
For general corporate purposes.
Office — 4lf
Livingston Avenue, North Babylon, N. Y. Underwrite!
—Fund Planning Inc., New York, N. Y. Offering—In¬
uct.
pany.
on
as
•
Midwestern
Corp.
Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in
units
Price
of
one
$1
—
per
Acceptance
share
unit.
of
stock
Business
and
—
850
debentures.
of
The company will do
interim
financing in the home building industry. Pro¬
ceeds
To start its lending activities. Address
P. O
Box 886, Rapid City, S. D. Underwriter—None. Offering
—
result of
Mobile
Sept. 14,
1960
Corp.
stock and
common
6% cumulative convertible
par
,
pre¬
the American Stock
Fifth
(managing).
;
industry and government records. Proceeds—For general
purposes including working capital
Office—
the
com¬
—30 Sea Cliff
stock, of which 189,000 shares, being outstanding
will be offered for the account of the present
—L.
of
Falm
plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo.
Underwriters—Hayden.„£tpp£*&jaQp
and Lowell, Murphy & Co. (jointly). Offering—Expected
sometime in November.
:
j;
/ v :>r
share
common
of
new
for each three such shares held and
for
preferred
held, the record date
Prices—For common,
each
in each
38.81
one
shares
common
being Sept. 1, 1960.
$10 per share; for preferred, $100
share. Business—The purchase of conditional sales
per
case
contracts from dealers in property so
sold, such as mobile
homes, trailers, beats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,
Mich. Underwriter—None.
•
Model
Engineering & Manufacturing Corp.
v
(11/21-25)
Sept.
the
21,^ 1960 filed 140,000 shares of
capital
common
supplied by amendment. Business—
The company makes and sells equipment for the elec¬
trical, automotive, and aviation industries. Proceeds—To
reduce indebtedness and for working
capital. Office—50
~
•
St., Huntington, Ind. Underwriter—RaffensHughes & Co., Indianapolis, Ind. (managing)
Model
Finance
Service, Inc.
(11/14-18)
May 26 {ilea U'O.UOu shares of second cumulative pre¬
ferred stock—65c convertible series, $5 par—and
$1,000,of 6Vz% junior subordinated
debentures, due 1975
Price—To be supplied by amendment. Proceeds—To be
added to the company's general
working funds. Office—
202 Dwight Building, Jackson, Mich.
C. Kimball & Co., Chicago, 111.
Mohawk
Insurance
Co.
(11/21-25)
fice—198 Broadway, New York
City. Underwriter—R. F.
Dowd & Co. Inc., 39 Broadway, New York
6, N. Y.
it Monarch Electronics International, Inc.
Oct. 31, 1960 filed 200,000 shares of common stock.
be
supplied
Proceeds—To
by
amendment.
&
and
•
subsidiaries,
life
discount of
the
name
Office—7035
in
Mortgage Guaranty Insurance Corp.
17, 1960 filed 155,000 shares of common
stock
(par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬
gage
loans,
principally
on
single
family non-farm
homes. Proceeds—For capital and
surplus. Office—606
West
Wisconsin
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This
stock is not qualified for sale in New York State.
Offer¬
ing—Expected in late November.
—Bache &
it Mountain States Telephone & Telegraph Co.
Oct. 28, 1960 filed 6,729,142 shares of
capital stock to
offered
one
expire
repay
to
new
stockholders of record
28
on
the
be
basis
share for each five shares then
held.
Dec. 20. Price—$12.50
short-term loans made
Office—931
Nov.
14th
per
share.
Rights
Proceed*-To
to
finance
construction.
St., Denver, Colo. Underwriter
None.
• National Trust Life Insurance Co. of America
Oct. 17, 1960 (letter of
notification) 100,000 shares of
common stock (par $1).
Price—$3 per share. Proceeds—
To increase
capital and for surplus accounts. Office—
1943 Tyler St.,
Hollywood, Fla. Underwriter—None.
3
primary
filed
L.
expansion. Price,
$1,600,000
of
first
17.18% from face value.
offered at
be
Proceeds—For
•
Co.
(11/15)
G.
the present
have
&
holders thereof. The remaining 10,000 shares
East Paterson, N. J. Underwriters
;
N. Y.
the
;
Offering—Expected in late November.
Fatrician
Paper Co., Inc. (11/28-12/2)
/ /
Oct. 14, 1960 filed $750,000 of 7% unsecured subordinated,
notes due
1964 and 100,000 shares of common stock to be
offered in units of $7.50
ness—The
sues.
stock.
mon
of notes and
one
share of
com¬
Price—To be supplied by amendment.
company
manufactures
facial
and
Busi¬
toilet
tis¬
Proceeds—For
acquisition of property, to acquire
machinery and equipment, and for repayment of certain
construction, the reduction of indebtedness
incurred for construction, and the purchase of securities
of subsidiaries for their property additions and acquisi¬
tions.
Office
2223 Dodge St., Omaha, Neb.
Under¬
writer—Blyth & Co., Inc., N. Y. City (managing).
loans.
Office
Underwriter
—
—
—
485 Lexington Ave., New
York, N. Y.
Hill, Darlington & Grimm, New York,
N. Y.
Chemical Fibre Co.
./■/
^
1860 filed $3,250,000 of convertible subordinated
debentures, due 1980. Price—To be supplied by amend¬
/Penobscot
it Northern States Power Co.
(Minn.)
(12/6)
Oct. 27, 1960 fil,ed $35,000,000 ,of 30-year first mortgage
bonds. Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder,
Peabody & Co. and White, Weld.& Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬
man Brothers and Riter
& Co. (jointly); Equitable Se¬
curities Corp. and Eastman Dillon, Union Securities &
Co. (jointly). Bids — Expected to be received Dec. 6
up to 10:00 a.m. (CST) at Room 1100, 231 So. La Salle
St., Chicago 4, 111.
Get. 24,
ment. Business—Makes wood
to
the users,
ers.
•of
pulp, which it sells directly
nearly all of whom are paper manufactur¬
Proceeds—For
indebtedness
construction, and for the reduction
incurred
for
construction/Office—211
Congress St., Boston, Mass. Underwriter—Coffin & Burr,
Inc., Boston, Mass. (managing). Offering — Expected in
early December.
-
|
Philadelphia Aquarium, Inc.
Oct. 14, 1960 filed $1,700,000 of 6% debentures due 1975
and 170,000 shares of capital stock
(par 50 cents) to be
offered in units, each
consisting of one $100 debenture
and 10 shares of stock. Price—$150
per unit. Business—
common
Proceed*
payable,
working
Amos Treat & Co.,
Co., Inc., New York,
—
Inc. and William Stix Wasserman &
a
1
Nuclear Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of
(par 33.3 cents). Price—$10 per share.
—To replace bank financing, reduce accounts
purchase machinery and .equipment and for
;— Stanley Heller & Co., and
Co., Inc., both of New York City,
handling the books.
Kletz
been acquired by
Oct. 21, 1960 filed $20,000,000 of sinking fund debentures,
due 1980.
Price—To be supplied by amendment.
Pro¬
stock
1
the underwriter and Hampstead
Investing Corp., as a finder's fee. Price—$5 per share.
Business—Developing and producing automatic multiple
needle and specialized sewing equipment. Proceeds—For
general corporate purposes. Office — 16 Leliart's Land,
purpose
Gas
(11/7-10)
Rathe Equipment Co., Inc. //;v/.v.-^//.
*/:r
"
Oct. 17, 1960 filed 125,000 shares of class A stock (par 75
cents), of which 42,500 shares are to be offered for the
account of the company and 72,500 shares, representing
outstanding stock, are to be offered for the account of
Rockville
Northern Natural
Electrochemical Corp.
the latter
with
of refinancing existing loans. Office—
Pike, Rockville, Md. Underwriter—In¬
vestor Service Securities, Inc.
"
'
1160
,
</,.
participation
mortgage
.
I., N.-'.Y. Underwriters
Michael
/
Price—The certificates will
Park
ceeds—For
January.
Oct.
May
Inc.
(letter of notification) 100,000 shares of
(par $1). Price—$3 per share. Proceeds—■
planes, appliances, and other objects needing nam¬
ing devices. Proceeds—For working capital, debt reduc¬
tion, and research and development. Office—Flushing,
North Washington Land Co.
certificates.
under
stock
cars,
Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds — For general corporate purposes.
Office—620 Oil & Gas Bldg., Wichita Falls, Texas. Un¬
derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15 shares
Elec¬
1958
•
Office—Helena, Mont. Underwriter—Wilson,
Ehli, Demos, Bailey & Co., Kook Bldg., 3203 3rd Ave.,
North Billings, Mont.
-
1960
Sept. 22, 1960 filed 175,000 shares of 10 cent par class A
stock. Price—$4 per share. Business—The firm designs
and makes anodyzed aluminum specialty components for
—
Proceeds—For
ancifor related corporate purposes.
purchase additional tooling and equipment, for re¬
working capital. Office
1st St., Encinitas, Calif.
Underwriter—DempseyTegeler & Co., St. Louis, Mo.
par.
Arrow
in
a
stock
common
search and development and for
The company which
in August, 1959, is developing, through
dealer-recourse finance business and a
insurance business.
of
—470
Underwriting Corp.
25, 1960 filed $2,000,000 of 15-year 6% subordinated
—At
Limited
shares
100,000
To.
New Western
organized
filed
1860,
Technics
4,
common
Halsey, Stuart & Co. Inc.; White, Weld
Shields & Co. (jointly); Morgan Stanley &
convertible debentures. Business
Developers
8,
Fan
Oct.
EST.
Oct.
and
Terrace, Centreville, Nassau, Bahamas. Under¬
Barnes & Co., Inc., New York City. Of¬
fering—Expected in November.
supply funds
for each 100 shares sold.
Hollywood, Calif. Un¬
derwriter—Pacific Coast Securities Co., 240
Montgomery
Street, San Francisco, Calif. Offering—Expected some¬
of
Co.
metal
writer—David
Co.; First Boston Corp. Bids—Expected Nov^ 14 in room
2315, 195 Broadway, New York City, up to 11:30 a.m.
International, Inc., imports and sells electronic
high fidelity parts and equipment. Proceeds—To
retire bank loans and for working
capital.
Laurel Canyon Boulevard, North
time
to
and
supplied by
Office—6
capital expenditures, which are expected to reach a
record high of $105,000,000 in 1960. Office—Newark, N. J.
Underwriter—To be determined by competitive bidding
Price
tronics
and
indebtedness
be
produces
Ave., Glen Cove, L. I., N. Y. Underwriter
& Co., New York City (managing).
ceeds—To buy land,
-
for
com¬
organized
reduce
firm
(par 1 shilling). Price — $3 per share. Business —The
company intends to deal in land in the Bahamas.
Pro¬
Jersey Bell Telephone Co/n( 11714)
1960 filed $20,000,000 of 40-year debentures.
Business—The
pany,
Sept.
Underwriter—Paul
Aug. 8, 1960, filed 75,000 shares of class A common s*ock
Price—$12 per share. Proceeds—For general funds. Of¬
—To
21,
was
000
•
New
Oct.
Frederick
•
and 61,000 shares will be offered for
issuing company. Price—To be sup¬
of the
Probable bidders:
stock. Price—To be
perger,
thereof,
account
Price—To
The
—
Rothschild
F.
stock,
holders
new
Business
plastic filters for defense and consumer industries. Pro¬
ceeds—For expansion, working caiptal, and to finance
the company's entry into fibre glass manufacture. Office
Navajo Freight Lines, Inc.
ferred stock. The stock will be offered for subscription
by shareholders of record on the basis of two shares
thereof.
present holders
amendment.
St., Hempstead, N. Y. Underwriter—Ivliltcn
Co., Inc., New York, N. Y.
D. Blauner &
mon
■'
.
• Fall Corp. (12/5-9)
Oct. 27,1960 filed 80,000 shares of class A stock (par $1),
of which 30,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
corporate
Clinton
Ave., New York City. Underwriters—Lee HigginCorp. and H. Hentz & Co., both of New York City
son
• Nationwide
Tabulating Corp.
(11/14-13)
Sept. 19, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$2 per share. Business—Tabulating of
384
Exchange at the time of the public
offering. Proceeds—To selling stockholders. Office—630
options, in the amount of $1,106,407.50 for
sometime in December.
(11/7-10)
Sept. 28, 1960 filed 36,498 shares of outstanding common
stock. Price—To be related to the price of the stock on
Office—Denver, Colo. Underwriter—Peters, Writer
Christensen Inc., Denver, Colo. Offering — Expected
&
stock (no
Faddinglon Corp.
•
May 9, 1960, filed (with tne ICC) 250,000 shares of
filed 25,874 shares of
1,000 shares of $100
Co.
the discharge of indebtedness and general corporate pur¬
•
Credit
Insurance
poses.
—
—Imminent.
Life
\
\
.
I960-(letter of notification) 30,000 shares of
par). Price—$10 per share. Proceeds
working capital.
Office —1080 Green Bay Road,
Bluff, 111. Underwriter—None.
' ^/',v'
—For
Lake
Western
and George,
Co., Inc., New York, N. Y.
21,
common
Sept. 13, 1960 filed 225,000 shares of common stock. Price
—To
be supplied by amendment.
Proceeds—Together
with the proceeds from the sale of shares to be issued
a
&
ic PTA, Inc.
—
National
general corporate purposes, including work¬
ing capital. Address—Azusa, Calif. Underwriters—Paci¬
(letter
small
Proceeds—To repay short-term bank loans, which
Sept. 30 amounted to $31,529,000. Office—1100 First
National Bank Bldg., Cincinnati, O. Underwriter—Kid¬
der, Peabody & Co., New York City (managing). Offer¬
ing—Expected in December.
1960
ceeds—For
definite.
loans directly to borrowers; and operates various
insurance subsidiaries, including a life insurance com¬
Omega
Sept, 26,
fic Coast Securities Co., San Francisco, Calif,
mobile homes, and cars; finances at wholesale
inventories of dealers in mobile homes and cars; makes
homes,
of common stock, of
(managing).
Film
National
Industries, Inc.
Price—To be supplied by amend¬
capital equipment, research, sales
development, and working capital. Office—Minneapolis,
Minn. Underwriter—Kalman & Co., Inc., St. Paul, Minn,
Studios, Inc.
Sept. 20; 1960 (letter of notification) 150,000 shares of
common stock. Price—$2 per share.
Proceeds—For ex¬
pansion of the business. Office—Washington, D. C. Un¬
derwriter— R. Baruch & Co., 1518 K St., N. W., Wash¬
ington, D. C. Offering—Imminent.
,•..
Jan.
it Midland-Guardian Co.
—To
•
Under¬
Proceeds—For
ment.
~
Oct.
Calif.
Inc., Seattle, Wash,
the issuer's president.
with the balance
—
Miami Inter¬
Airport, Miami, Fla. Underwriter
Brothers, New York City (managing).
^ Midland Cooperatives Inc.
Pleasanton,
St.,
Ray
Investment Brokers,
175,000 shares are to be offered for the account
of the issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of
planes
on
Thursday, November 3, 1960
which
Price—To be supplied by amendment. Business—
Domestic and ipternational transport of persons, prop¬
for
.
Sept. 28, 1960 filed 200,000 shares
shares
common
.
Office—65
writer—Pacific
held.
Mid-America Life Insurance Co.
Oct.
capital.
21,
basis
Underwriters—M. L. Lee & Co., Inc.
& Co., Inc., both of New York
Plainview, N. Y.
Inc. ,(11/15)
1960 filed $10,288,uuu of convertible subordi¬
nated debentures, due iy'/5, to be offered for subscrip¬
tion by holders of the outstanding common stock on tne
Sept.
.
'
Operation of an aquarium in or about Philadelnhia.
Proceeds—To acquire ground and to construct an aquari-
Volume
192
Number 6000
.
.
The
.
building or buildings. Office—2635
Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
urn
Stroud &
in
Co., Inc.,
early December.
ceeds
derwriter
1960 filed 230,000 shares of, common stock, of
50,000 shares will be offered for the account of
the issuing company and 180,000 shares, representing
outstanding stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
which
—
amendment.
Business
fibre-bodied
has been extended.
cans
ceeds—For
be
266,500
offered to
shares
officers
rectors
for cash, and 30,000 shares of class A
stock to be offered to officers and
directors for
of two years. Price—At
($1
par
share).
per
For
working capital. Office—4547 N.
Scottsdale, Ariz. Underwriter—None.
and
of
•
Aug.
10,
period
Road,
V-,:./-'■
,
a
•
short term note and working cap¬
Burlington Ave., Silver Spring, Md.
Underwriter—First Investment Planning Co., Washing¬
ton, D. C.
;
;
The
Florida
Thum."
under
There
Together
with
the
names
31
now
other
of
"Pik-Quik"
such
funds,
the
markets.
proceeds
be
•
26,
Corp.
217,902 shares of
be offered to holders of the
basis
per
of
one
new
share
share. Proceeds
—
outstanding
for
To
common
each
retire
stock,
common
share
held.
current
on
to
capital expenditures, and for working capital. Office—
Ave., Los Angeles, Calif. Underwriter
Plastics & Fibers, Inc.
be
sup¬
Aug.
Reporter
or
services. Price--$10
per
Life
Assurance
Co.
(11/7-10)
&
—
To
be
used
as
and
sells
purchase of property, construction and equip¬
ment, retirement of notes, and the balance for working
capital. Office—240 East Center St., Provo, Utah. Under¬
writer—Whitney & Co., Salt Lake City, Utah.
Sexton
10 cents), of which 125,000 shares are for
and 20,000 shares are to be offered for
principal amount.
fulfill
per
—
$5
share. Pro¬
®
an automatic intelligence reproduction
ma¬
Proceeds—For general corporate purposes. Office
(managing).
Co.
(11/14-18)
Hampshire (11/17)
Oct. 7,
1960 filed $5,000,000 of first mortgage bonds,
series L, due 1990. Proceeds — For repayment of loans,
construction, and general corporate purposes. Office—
1087 Elm Street, Manchester, N. H. Underwriter—To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc ; Equitable Securities Corp., and Eastman Dil¬
lon, Union Securities & Co. (jointly). Bids—Expected
Nov. 17 in room 170, Parker House, Tremont & School
Sts., Boston, Mass., up to 11:00 a.m. EST.
Information
Meeting — Scheduled for Nov. 14 at 3:30 p.m. EST in
room 118, Parker
House, Boston, Mass.
Puri&ron Corp.
>
Aug. 3, 1960 filed 250,000 shares of common stock, of
which 200,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
curred
Lane, Woodstock, N. Y. Underwriter—W.
Co., New York City (managing).
Sampson-Miller Associated
(11/14-18)
—To be
„
(managing).
to
repay
current short-term
bank loans
in¬
supplement
Simplex Wire & Cable Co. (11/14-18)
Sept. 28, 1960 filed 118,000 shares of outstanding capital
Price—To be supplied by amendment. OfficeCambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York City (managing).
stock.
^ Silzk Airways, Inc.
Oct. 27, 1960 filed 600,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
The company was engaged exclusively as a contract and
charter carrier until July 1, 1960 when it diversified by
acquiring Illinois Shade Cloth Corp. Proceeds—For gen¬
eral corporate purposes. Office—3000 No. Clybourn Ave.,
Burbank, Calif. Underwriters — Auchincloss, Parker &
Redpath and Allen & Co., both of New York City (man¬
aging).
:
-
■
'«
common
.
•
Inc.
V ••
stock. Price
supplied by amendment. Proceeds—To retire in¬
debtedness, develop acreage, and to finance the increased
use
of instalment sales contracts, with the balance
to finance the purchase of additional property. Office—
Pitcairn, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh, Pa.
stock
.
Companies,
Sept. 28, 1960 filed 150,000 shares of
,
V i
common
working capital. Office — 4815
St., Detroit, Mich. Underwriters—Dempsey-Tege¬
ler & Co., St. Louis, Mo., and Straus, Blosser, & Mc¬
Dowell, Chicago, 111. (managing).
(..
in late December.
®
(11/28)
12, 1960 filed 100,000 shares of
Cabot
Togs, Inc.
Oct. 27, 1960 filed 150,000 shares of $1 par class A stock
of
which
100,000
shares
are
to
be
offered for
the account of the issuing company and 50,000 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof.
Price—To be
supplied by amendment. Business—The firm produces a
diversified line of popular priced sports wear. Proceeds
—For
machinery and equipment, leasehold improve¬
ments, to finance additional accounts receivable and in¬
ventories, and for working capital. Office—1372 Broad¬
way, New York City. Underwriter—Shearson, Hammill
6 Co., New York City (managing). Offering—Expected
New
Shatterproof Glass Corp.
Proceeds—To
Russ
.
of
Office—Chicago, 111. Underwriter—Hornblower &
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof, Price—To be sup¬
plied by amendment. Business—The company makes and
sells laminated safety plate and sheet glass, primarily
to the automotive replacement market, and sells its prod¬
ucts for use as original equipment to bus, truck, tele¬
vision, and farm and road equipment manufacturers.
St., New York City. Underwriter-~Mandell
Kahn, Inc., New York City.
/
E. Hutton &
indebtedness, new
equipment, and working capital. Office—200 Varick St.,
New York City. Underwriter—First Broad St. Corp., New
the
(par
$1), of which 50,000 shares are to be offered for the
account of the issuing company and 50,000 shares, repre¬
7-9 Kasbrouch
of
(11/14-18)
Weeks, New York City (managing).
cents), of which 65,000 shares are to be offered for the
issuing company and 65,000 shares repre¬
outstanding stock, are to be offered for the
account of the present holders thereof. Price—To be sup¬
plied by amendment. Business—Makes air and gas mov¬
ing devices for military and industrial use. Proceeds—
For inventory, expansion, and debt reduction. Office—
public offering,
the account of
Solomon Roskin, President. Price
ceeds :— Toward the repayment
of
account
account of the
(par
& Co.
(no
the
issuing company and 167,000 shares,
representing outstanding stock, are to be sold for the
account of the present holders thereof. Price—To be sup-,
plied by amendment. Business—Food distribution, chief-ly to institutions. Proceeds—For general corporate pur¬
con¬
senting
stock
(John)
Sept. 26, 1960 filed 200,000 shares of common stock
par), of which 33,000 shares are to be offered for
and
Inc.
Provo, Utah, in the Wasatch Mountains. Proceeds
—For the
telephone answering de¬
Manufacturing Co.,
Carmel
Seven Mountain Corp.
Aug. 12, 1960 filed 3,500,000 shares of common stock.
Price—$1 per share. Business—To construct an all-year
resort area and a gondola-type aerial cableway, south¬
operating capital to
automatic
and equip a new warehouse;
indebtedness and for new lines.
Ave., N. Hills, Glenside, Pa.
move
bank
Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
acquire aircraft. Office—In¬
Fla. Underwriter—James H.
Gables, Fla., and New York City.
an
Mt.
Philadelphia, Pa. Offering—Expected in early December.
Underwriter—None.
subordinated
To
—
certain
off
Office—2826
5
Lithographers, Inc.
Service
pay
Inc.
I960 filed $2,250,000 of 6%
O-Rotron
of the issuer.
Public
unit. Proceeds
Sept. 21, 1960 filed 130,000 shares of common stock (par
Office — 20 East Mountain St., Fayetteville, Ark.
Underwriter—Preferred Investments, Inc., a subsidiary
common
Drug Corp.
(no par) to be offered in units of $100 of deben¬
50 shares of common stock. Price — $200 per
Oct.
chine.
poses.
Sept. 28, 1960 filed 145,000 shares Of
Proceeds—For gen¬
Office—713 Marion E. Taylor
Underwriter—None.
and
tures
poses.
vice,
Aug. 18, 1960 filed 300,000 shares of common stock. Price
—$5 per share. Proceeds — For general corporate pur¬
York City
stock
—22 W. 48th
Risk
Self Service
makes
share. Business—
Portland, Oreg. Proceeds—For general corporate pur¬
Office—1130 S. W. 3rd Ave.,
Portland, Oreg. Un¬
Process
•
Rofcosorascs, Brae. (11/7-10)
Sept. 14, 1960 filed 180,000 shares of common stock (par
25 cents). Price—$5 per share. Business—The company
derwriter—None.
Preferred
19,
Airlines,
Price & Co., Coral
poses.
•
accident insurance.
Sept. 26, 1960 (letter of notification) $150,000 of 10-year
6% convertible debentures and 75,000 shares of common
M. A. T. S. contract, and to
ternational Airport, Miami,
1960 filed
property
Mills, Great Bridge, Va.
Proceeds
The company intends to
publish an afternoon newspaper
in
and
corporate purposes.
east of
vertible debentures. Price—At 100% of
Publishing Co.
175,000 shares of common stock, of
which 125,000 shares are to be
publicly offered, 39,000
shares sold to employees, and 11,000 shares
exchanged
for
end
open
Building, Louisville, Ky.
equipment,
Riddle
and
Portland
an
eral
19, 1960
Camden
working capital. Office — Reading, Pa.
Underwriters—White, Weld & Co., New York City, and
A. G. Edwards &
Sons, St. Louis, Mo. (managing).
.
engines, payment of notes, and the
capital. Office—New York Inter¬
Airport, Jamaica, L. I., N. Y. Underwriter—
Loeb, Rhoades & Co., New York City.
and health
(letter of notification) $171,500 of 6% 10year convertible debentures to be offered for subscrip¬
tion by stockholders in units of $1 or multiples thereof.
Price—At par. Proceeds—For working capital. Office—
—
Sept. 12,
and
working
Co., which will register with the SEC
diversified management investment
company, was a partner in the registration.)
Business
—The sale of various forms of life insurance, annuities,
as
Richmond Cedar Works
Oct.
plied by amendment. Business
The company makes
nylon rod, plate, strip, and
tubing, Teflon, and plastic
powders for coating metals. Proceeds—From the common
stock, to the present holder thereof; from the deben¬
tures, for general corporate purposes, including debt
reduction
for
Insurance
Life
officers, the selling stockholders. Office
—666 Fifth Ave., New York City. Underwriters—Lehman
Brothers and Reynolds & Co. Inc., both of New York
City (managing). Offering—Expected in early December.
•
Polymer Corp. (11/15)
Sept. 16, 1960 filed $2,750,000 of convertible subordinated
sinking fund debentures, due 1975, and 20,000 shares of
Prices—To
Nov. 21. Price—$3
8, 1960, filed 300,000 shares of common stock.
Price—$7 per share. (The issuer's subsidiary, Annuity
To two company
River, N. J. Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be
delayed.
stock.
on
Security Annuity Life Insurance Co.
firm's shares on*the New York Stock Exchange. Proceeds
South
common
'
Sept.
^ RevloitfJnc.
Oct. 28, 1960 filed 130,000 shares of outstanding common
stock (par $1). Frice—To be related to the price of the
(letter of notification) 150,000 shares of common
stock (par 20 cents).
Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead
Avenue,
non-voting
'
—
June 14
A
aircraft
Carl M.
and general corporate purposes.
Office
New
Castle County Air Base, New
Castle
County, Del. Underwriter—Amos Treat & Co., Inc., New
York City.
chinery,
liabilities, for
2235 S. Carmelina
class
Fund
fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬
the
Price—$1
—None.
-;/'V
Mutual
rights to expire
with
held
balance
• Resist®
Chemical, Inc. (11/21-25)
Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm
makes and sells protective coatings for packaging and
Electronics
1960 filed
Estate
Inc.
share. Proceeds—Payments to creditors, purchase of
new
—
used
,■
Pioneer
Oct.
Seaboard & Western Airlines,
national
Allyn & Co., Inc., New
City.
purposes.
14, 1960 filed 200,000 shares of beneficial interest.
Price—$5 per share. Business—An open-end real estate
investment trust specializing in investment real estate.
Office
606 Bank of America Bldg., San Diego, Calif.
Distributor—Real Estate Mutual Distributors, Inc., San
Diego, Calif.
to purchase
substantially all of the assets of Plvmouth
Rock Provision Co., Inc. Office—Baker
Bldg., Minneap¬
olis Minn. Underwriter—A. C.
York
•
Sept. 28, 1960 filed 704,160 shares of common stock being
offered for subscription by holders of its common stock
of record Oct. 31 on theb asis of two new shares for each
Corp.
share
Real
Proceeds—
will
some¬
per
corporate
/
(11/28-12/2)
Proceeds—
To selling stockholders. Office — 1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
of New York City, and Kroeze,
McLarty & Co., of
Jackson, Miss.
.
Measurements
Department
(managing). Offering—Expected in November.
Oct.
"Tom
and
Radar
&
stock. Price—To be supplied by amendment.
Underwriter—Robert Edelstein
Co., Inc., New York City. Offering—Expected
:
'
;
Services
Sept. 28, 1960 filed 100,000 outstanding shares of common
SVB.
Office — 190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City 1, N. Y.
(11/28-12/2)
are
D.
&
School Pictures, Inc.
general
27,^ 1960 filed 550,000 shares of common stock (par
Price—To be supplied by amendment. Business—
organization and operation of self-service markets
$1).
in
Inc.
E.
•
—Manufacturers of electronic equipment. Proceeds—For
_
Pik-Quik,
Mo.
(11/28-12/2)
Sept. 28, 1960 (letter of notification) 85,700 shares of
common stock (par $1). Price—$3.50 per share. Business
—
July
of
Pro¬
Office—9430
purposes.
time in January.
(letter of notification) 13,000 shares of
stock (par $1).
Price—$3.50 per share. Proceeds
—For retirement of
ital. Office
922
R.
Office—Little Falls, N. J.
1960
common
corporate
sale
sizes.
of various
Corp.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
$3.50 per share. Proceeds—For working capital ($217,250) and production machinery and equipment ($50,000).
&
Photogrammetry, Inc.,.
and
manufacture
containers
sometime in November.
di¬
Proceeds—
Scottsdale
general
The
—
and
Page Blvd., St. Louis, Mo. Underwriter — Reinholdt &
Gardner, St. Louis, Mo. (managing). Offering—Expected
common
a
Conn. Un¬
(managing).
Aug. 25,
25, at the rate of one new share for each 5M> shares held
with rights to expire at 3:30
p.m. on Dec. 14. Price—U. S.
price is 1.3 cents per share;
Philippine price is 3 centavos
per share. Proceeds
To be added to the company's
working capital. Office—Soriano Bldg.,
Manila, Philip¬
pines. Underwriter—None. Note—The
subscription offer
stock to
Co., New York City
Can Co.
R. C.
offered for
common
Office—New Haven,
&
Veterans
Inc.
Sept. 26, 1960 filed 163,636 shares of common stock, of
which 127,273 shares are to be offered for the account
of the issuing company and 36,363 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price — To be supplied by
amendment. Business — The company operates a depart¬
ment store and gasoline service station the use of which
is restricted primarily to veterans, military personnel,
employees of non-profit organizations, and employees of
firms doing government contract work. Proceeds—For
general corporate purposes, including debt reduction and
working capital. Office—3176 Frontier St., San Diego,
Calif. Underwriter — Dempsey-Tegeler & Co., St. Louis,
Offering—Indefinite.
March
class A
Bache
—
Save-Co
43
Stores,
indebtedness,
expenditures.
capital
Philippine Oil Development Co.. Inc.
30 filed
103,452,615 shares of capital stock being
subscription by stockholders of record Aug.
retire
To
—
•
purifiers and range hoods. Pro¬
with the balance for
and sells electronic air
Philadelphia, Pa. Offering—Expected
• Phoenix Enterprises, Inc.
Oct: 24, 1960 (letter of
notification)
(1803)
Commercial and Financial Chronicle
■
Solitron
Devices, Inc.*
Sept. 9, 1960 filed $400,000 of 6% subordinated convert-,
ible debentures; due 1967. Price—At par. Business—The
company
makes and sells solid state devices. Proceeds—
For
general corporate purposes. Office—67 South Lex¬
ington Ave., White Plains, N. Y. Underwriter—Casper
Rogers & Co., New York City. Offering—Expected some¬
time in December.
•,
Continued
on
page
44
44
The Commercial and Financial Chronicle
(1804)
Continued from page 43
is
effect
to
Oct.
Natural Gas Corp.
13, 1960 filed 250,000 shares of
matters
stock (par
common
divestiture
a
their 71.1%
South Central
by
Atlas
Mertronics
and
of
interest in Summers in order to dispose of
pending before the CAB. Office—2500 Broadway
Ave., Santa Monica, Calif. Underwriter—None.
10 cents). Price—$3 per share. Business—The company,
which was organized in June 1960, is in the business of
•
Swinglsne, Inc.
Oct. 25, 1960 filed 250,000 shares of class A stock (par
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company^and 200,000 shares, repre¬
senting outstanding stock, to be offered for the account
of the company president and his wife, the selling stock¬
holders. Price—To be supplied by amendment. Business
—The company makes and sells stapling machines and
producing natural gas and oil. Proceeds — For working
capital, with the balance for rental payments, loan re¬
payments, drilling, and related expenditures. Office—
1300 Oil & Gas Bldg., New Orleans, La. UnderwriterWillis E. Burnside & Co., Inc., New York City. Offering
—Expected in late November.
Southwestern Capital Corp.
Sept. 30, 1960 filed 1,000,000 shares of common stock.
Price—$3 per share. Business—A closed-end investment
company. Proceeds—For investment purposes. Office—
1326 Garnet Ave., San Diego, Calif. Underwriter—None.
supplies, and has a stock interest in
Co., of Massachusetts, which makes and
sells record-keeping and other commercial
stationery
supplies. Proceeds—For new plant and general corporate
purposes of a subsidiary, Ace Fastener Corp., of Illinois.
Jones
Office—32-00 Skillman
Southwestern Oil Producers, Inc.
March 23 filed 700,000 shares of common stock. Price—
$2 per share. Proceeds—For the drilling of three welli
Avenue, Long Island City, L. I.,
N. Y. Underwriter
Paine, Webber, Jackson & Curtis,
New York City (managing). Offering—Expected in
early
and the balance for
December.:
*
working capital.
—
Office—2720 West.
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
•
City, Utah.
stock
common
(50c par). Prices—To
be supplied
E.
bank
loans.
acquisitions,
Office
91-31
—
and
121st
Queens, L. I., N. Y. Underwriter
New York City
the
St.,
retirement
•
Richmond
S. D. Fuller
—
&
Hill,
Co.,
(managing).
Spier Electronics, Inc.
Aug. 24, 1960 (letter of notification)
60,000 shares of
(par 10 cents). Price—$5 per share. Busi¬
ness—Manufacturers of electronic products. Price — $5
common
stock
per share. Proceeds — For general corporate purposes.
Office—1949-51 McDonald Ave., Brooklyn, N. Y. Under¬
writer—D'Amico & Co., Inc., 15 William
St., New York,
N. Y. Offering—Imminent.
Stancil-Hoffman Corp. (12/15)
Sept. 30, 1960 filed 150,000 shares of capital stock. Price
per share. Business
The research,
development,
manufacture, and sale of magnetic recording equipment.
—$2
—
Office
921 North Highland
Ave., Hollywood, Calif.
Underwriter—Pacific Coast Securities Co., San
Francisco,
—
Standard Instrument Corp. (11/10)
Aug. 26, 1960 (letter of notification) 50,000
stock
(par 20 cents).
shares of
Price—To be supplied by
common
and
be
supplied
by
Sept.
1,
stock
Corp.
(letter of nt 'ification) 70,000
(par 10 cents). Price—$4.25
Proceeds—For
shares
(11/7-14)
markets
in
The
—
firm
New
To be
England.
118
Underwriters
Lehman
—
Pierce, Fenner 8c
Brothers
Smith
Sulray, Inc. (11/14-18)
Sept. 20, 1960 (letter of
self-service
D
common stock
Summers
to
are
the holders
and
its
Gyroscope
Co.
of its
Merrill
Lynch
the
basis
held,
on
cents
per
share.
a
by Mertronics Corp. to
share-for-share basis. Price
75
Purpose—The
purpose
of
the
offering
• Transitron Electronics
Corp. (11/17)
Sept. 9, 1960, filed 1,250,000 shares of outstanding
stock
mon
com¬
(par $1).
Price—To be supplied by amend¬
selling stockholders. Office —168
Albion St., Wakefield,
Mass.
Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York; City
Proceeds
—
To
(managing).
•
.
t
Ultra-Sonic
Precision
Co.
Inc.
(11/7-10)
Sept. 27, 1960
(letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$2 per share. Busi¬
ness—Manufacturers of precision carbon jigs for transis¬
tors and transistor components. Proceeds — For general
corporate purposes. Office—236 Fourth Ave., Mt. Vernon,
N. Y. Underwriter
Merritt, Vickers, Inc., New York,
N. Y.
1
;
it Unifloat Marine Structures Corp.
Oct. 17, 1960 (letter of notification)
100,000 shares of
common stock
(par one cent). Price—$3 per share. Pro¬
ceeds—To purchase raw materials, maintenance of in¬
ventory, machinery and equipment, and for working
capital. Office—204 E. Washington St., Petaluma, Calif.
Underwriter—To be supplied by amendment.
United Bowling Centers, Inc.
(11/15)
Sept. 28, 1960 filed 200,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—*
For construction, equipment and acquisition of
bowling
Office
1055 W. Genesee St.,
Syracuse, N. Y.
Underwriters—Emanuel, Deetjen & Co., and Hill, Dar¬
—
lington & Co., both of New York City (managing).
common
one
new
stock, of
share for
Price—To be supplied by amend¬
—
Lee
Higginson
&
Co.,
New
York
City.
United Industries
Sept.
27,
1960
subordinated
filed
Price—At
convertible
serial
Business—The
par.
issuer's major activity is the warehousing of grain under
contract to the U. S. Commodity Credit Corp. Proceeds
—For
expansion, working capital, and loans to subsid¬
Office—1235 Shadowdale, Houston, Texas.
Un¬
derwriter—Dempsey-Tegeler & Co., St. Louis, Mo.
iaries.
•
United
International
Fund
Ltd.
Oct. 20, 1960 filed 1,000,000 shares of common stock
(par
one Bermuda pound).
Price—$12.50 per share. Bu:iness
—This is
open-end mutual fund.
new
a
investment.
Office—Bank
of Bermuda
Proceeds—For
Bldg., Hamilton,
Bermuda.
Underwriters—Kidder, Peabody & Co., Bache
Co., and Francis I. du Pont & Co., all of New York
City (managing). Offering—Expected in December.
&
United Pacific Aluminum Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other
funds, the proceeds
will
be
used
to
pay
for the erection of
minum reduction facility.
Office
—
primary alu¬
Calif.
a
Los Angeles,
Underwriter—Straus, Blosser & McDowell, Chicago, 111.
(managing).
it United States Shell Homes, Inc.
Oct. 28, 1960 filed $2,500,000 of 8%
capital debentures,
due Dec. 15, 1975, with warrants attached for the
pur¬
chase
of
50,000
shares
shares of such stock.
in
units
of
common
stock,
These securities
are
and
100,000
be
offered
to
consisting of $100 of debentures with attached
for
warrants
the
four such shares.
purchase of two
common
Price—To be supplied by
shares,
and
amendment.
Business—The sale, construction, and
financing of "shell"
homes. Proceeds—For use by Dixie Acceptance
Corp., a
wholly-owned subsidiary of the issuer, who proposes to
outstanding indebtedness, purchase secured in¬
stalment obligations, purchase 20,000 outstanding shares
of its stock, and add to working capital.
Office — 4415
Beach Boulevard,
Jacksonville, Fla. Underwriter—Hayden, Stone & Co., New York City (managing). Offering
—Expected in early December.
retire
it Universal
Electronics Laboratories
Corp.
notification) 75,000 shares of com¬
(par 10 cents). JPrice—$4 per share. Busi¬
mon
York, N. Y.
6,
which
will
Corp. (11/14-18)
1960 filed 635,800 shares of common stock, of
296,000 will be offered publicly, 125,467 shares
be offered
the
balance
for
the
will
be
account
issued
of
in
eral corporate purposes.
Office—529 Fifth Avenue, New
York City. Underwriters—Blyth & Co., Inc. and Lehman
Brothers.
.
.
Texas Research & Electronic Corp.
Oct. 3, 1960 filed 600,000 shares of common stock. Price
—$1.15
per
share. Business—Engaged in various phases
of electronics.
stock
ness—Manufacturers
of electronic
equipment used in
teaching of foreign languages. Proceeds—For gen¬
eral corporate purposes. Address—City of Dover, County
of Kent, Del.
Underwriter—Underhill Securities Corp.,
the
19
Rector
Street, New York, N. Y.
Urban
selling stockholders,
exchange for the is¬
suer's outstanding preferred stock. Price—To be supplied
by amendment. Proceeds—For working capital and gen¬
and
4
Co., Inc. Z
$500,000 of 6%
debentures.
Oct. 28, 1960 (letter of
Oct.
by Atlas Corp.
common
^mvfrS Sllar?. f°Leach two Atlas shares
on
of
to be offered to holders of the
the basis of
Texas Butadiene & Chemical
of common stock, of
mo
700 337 shares to be
offered
stockholders
on
common
apparel for women, misses and children. Proceeds—For
general corporate purposes. Office—560 Belmont Ave.,
Newark, N. J. Underwriter — Whitmore, Bruce & Co.,
100,000 shares of
to be offered
and
60,000 shares of
common stock (par 10 cents). Price—$5
per share. Busi¬
ness—Operators of a chain of retail stores for wearing
stock¬
(11/7-10)
outstanding
(11/14-18)
stock
are
New
^n9o62<7oileu 6>403>215 shares
5,702,878 shares
Co.
(letter
Terry Shops, Inc. (11/7-10)
Sept. 29, 1960 (letter of notification)
super¬
selling
4, 1960 filed 60,000 shares of class A common stock.
Address—Omaha,
Co., Omaha, Neb.
First Trust Co. of Lincoln, Lincoln, Neb.
Price—To be supplied by amendment.
Neb. Underwriters—J. Cliff Rahel &
•
(par 10 cents). Price—$3
per share. Busi¬
ness—Manufacturers of specialized
drugs. Proceeds
For
general corporate purposes.
Office—273 Columbus
Ave.,
Tuckahoe, N. Y. Underwriters—J. A. Winston &
Co., Inc
and Netherlands
Securities Co., Inc., New
York, N. Y.
•
which
10, 1960
Lomasney
St., Boston, Mass.
and
notification)
(letter
indebtedness and working capital.
Office—575 Lexing¬
Avenue, New York City. Underwriter — Myron A.
Inc., both of New York Citv
(managing).
1960
ton
Proceeds—To
holders, the Rabb family. Office—393
share.
Tenax, Inc. (11/10-15)
Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible
.'.ubordinated debentures,
due 1970.
Price —100%
of
principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
of outstanding $1
par
supplied by amendment.
operates
per
•
Sept. 23, 1960 filed 625,000 shares
stock. Price
-
Corp., New York City (managing).
A
Office—429-33 East 164
St., New York City. Under¬
York City.
—
r,
stock
fice—Minneapolis, Minn. Underwriter
writer—Francis I. duPont & Co., New
V stop & Shop, Inc. (11/15)
common
*
ment. Proceeds—For general corporate
purposes, includ¬
ing the retirement of $1,100,000 in outstanding notes. Of¬
(par 75 cents). Price—To be supplied by amend¬
ment. Business —The
company makes heating elements
for small appliances and
components for major appli¬
ances, and related items. Proceeds—To
selling stockhold¬
Business
18,
each five shares held.
stock
ers.
.
by officers. Price—$2
outstanding
Okla.
Aug. 22, 1960 filed 150,000 outstanding shares of class
to be offered
are
which 125,000 shares
working
Manufacturing Corp.
Sept. 6.
Telex, Inc. (11/10-25)
Sept. 27, 1960 filed 196,000 shares
of
capital.
Office—809 Kennedy
Bldg., Tulsa, Okla. Underwriters—Batten & Co., Wash¬
ington, D. C. and F. R. Burns & Co., Oklahoma City,
Still-man
on
ceeds—For
share.
per
refiled
was
common
Boat
1960
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes.
Office—36-11
33rd Street, Long Island City, N. Y.
Underwriter —
Edward Lewis Co., Inc., New
York, N. Y. Note—This
of notification) 100,000 shares of
(par 40 cents). Price—$3 per share. Pro¬
plant expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
180 S. Main
St., Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French, Inc., Philadelphia, Pa.
amendment.
Securities Corp. and D. Gleich
Co., both of New
City, and Roman & Johnson, of Ft. Lauderdale, Fla.
common
Tip Top Products Co.
Oct.
centers.
100,000 shares of
stock
common
Tele-Tronics
Aetna
Starfire
York, N. Y.
Tech-Ohm Electronics, Inc.
June 29, 1960, (letter of notification)
Aug.
Proceeds—For construction, mortgage
funds, and work¬
ing capital. Office—Miami Beach, Fla. Underwriters—
York
New
Office—30 Broad Street, Room 1611,
Underwriter—None.
N. Y.
1, 1985, with warrants, to be offered in units
consisting of six common shares, a $10 debenture, and
Price—To
corporate purposes.
of notification) 52,980 shares of
(par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Business—Elec¬
tronic communications equipment and
automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,
debentures,
warrants.
.
• Technology Leasing & Capital Corp.
Oct. 26, 1960
(letter of notification) 3C0.000 shares of
common stock
(par one cent). Price—50 cents per share.
Business—Leasing of machinery. Proceeds—For general
common
writer—Kidder, Peabody & Co., New York City (man¬
two
—
Raymond Blvd., Newark, N. J. Offering—Imminent
Aug.
Office—Jenkintown, Pa. Under¬
Nov.
Therm-Air Mfg. Co., Inc.
Sept. 13, 1960 filed 125,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
makes and sells temperature and humidity control equip¬
ment for military and commercial use. Proceeds—To pay
loans, for research and development, and for working
capital. Office—1000 North Division St., Peekskill, N. Y.
Underwriter—G. Everett Parks & Co., Inc., New York
City. Offering—Expected in late November.
—
writer—Raymond Moore & Co.. Los Angeles, Calif.
•
Telephone & Electronics Corp. (11/14-18)
aging).
due
of
Proceeds—To lease equipment and for working
capital.
Office — 7922 Melrose Ave., Hollywood, Calif. Under¬
stock. Price—To be
supplied by amendment. Proceeds—•
★ Standard & Shell Homes Corp.
Nov. 1, 1960 filed
210,000 shares of common stock
$350,000 of 9% subordinated sinking fund
shares
housewares, and medical electronic equipment. Proceeds
—For expansion, working capital, and research and de¬
velopment expenditures. Office—71 Crawford St., New¬
ark, N. J. Underwriter
United Planning Corp., 1180
shares
(11/14-18)
Sept. 27, 1960 filed 112,760 shares of outstanding
112,500
Price—$2 per share. Business—
The firm makes health and
massage equipment, electric
July 25, 1960 (letter of notification) 150,000 shares of
common capital
stock (par 25 cents) of which 100,000
Business—Manufacturers of electrical de¬
Proceeds—For general corporate
purposes. Office
—657 Broadway, New York
21, N. Y. Underwriter —
Havener Securities Corp., New
York, N. Y.
To selling stockholders.
Electronics, Inc.
(letter of notification)
1960
stock (par 10c).
Telecolor
amendment.
Pressed Steel Co.
10,
common
issue
vices.
Standard
Office—Bergen &
purposes.
Bldg., Dallas, Tex. Underwriter
Minneapolis, Minn.
ceeds—For
Calif.
common
corporate
Blvds., Palisades Park, N. J. Underwriters—
Co., and Dewey, Johnson & Co., New York, N. Y.
Techni
Aug.
of
general
Thursday, November 3, 1960
.
Office—Meadows
nesses.
ment.
V
.
Edsall
Carroll
by
amendment. Business—The company makes special
pur¬
inks and devices used in their application. Proceeds
expansion,
•
Laboratories, Inc. (11/14-18)
1960 (letter of notification) 84,000 shares of
For
pose
—For
28,
•
common stock (par 10 cents).
Price—$3 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
Speedry Chemical Products Inc. (12/1)
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
debentures, due Nov. 30, 1975, and 60,000 shares of class
A
Tech
Sept.
Y..v
.
—Naftalin & Co., Inc.,
various other office
Wilson
.
Proceeds—For acquisition of
small busi¬
Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock
par). Price—$10 per share. Proceeds—For general
(no
cor¬
porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter — Union Securities Investment
Co., Memphis, Tenn.
Vacudyne Associates, Inc. (11/14-18)
Sept. 30, 1960 (letter of notification) 200,000 shares of
stock (par 10 cents). Price—$1 per share. Busi¬
ness—Distributors of radio and TV receiving tubes and
owner of Transletesonie Inc.
which manufactures elec¬
common
tronic tubes.
Proceeds—For general corporate purposes.
Office—397 Seventh Ave., Brooklyn, N. Y. Underwriters
—Kenneth Kass; H. SySimmons &
Co., Inc. and B. N.
Rubin &
Co., Inc., New York, N. Y.
•'--/tH-
i
'
Volume
192
Number
6000
.
.
The Commercial and, Financial Chronicle
.
Valdale
•
July
Co., Inc.
(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Pro¬
Securities & Co. and Harriman Ripley & Co., Inc. (joint¬
ly); The First Boston Corp., Lehman Brothers and Salo¬
mon Brothers & Hutzler
(jointly); Blyth & Co. Bids—
Expected to be received on Nov. 16 at 11:00 a.m.
1960
27,
common
To pay accounts payable, reduce a bank loan,
advertising and for working capital. Office—Red Lion,
ceeds
—
Underwriters—B.
Pa.
N.
Rubin
&
Co.
& Co. both of New York City.
in late November.
mons
H.
and
S.
Wisconsin
Sim¬
&
Controls,
•
Inc.
Sept. 29, I960 filed 150,000 shares of common stock (par
10 cents). Price—$3.50 per share. Proceeds—For research
development; expansion; purchase of inventory;
working capital and general corporate purposes. Office—
Victor
Ave.,
Oct.
'
Paint Co.
1960 filed
18,
130,000
filed
1960
stock
common
of
which 95,000 shares are to be offered for the account ot
The
—
manufacture
of
devices, building plumbing drainage
present
holders
thereof. Price—To be
supplied by amendment. Proceeds
general corporate purposes, including the opening
—For
additional
of
Office
stores
—
Webb
(managing).
-
repayment
Corp.
filed $8,000,000
1960
convertible
of
subordi¬
ATTENTION
Our
to know about it
common
Business
amendment.
estate, construction,
property and community development, and manufac¬
turing. Proceeds—For property improvements. Office—
302 South 23rd Ave., Phoenix, Ariz. Underwriter—Leh¬
man
Brothers, New York City (managing). Offering—
write
company owns
stock in three operating
common
substantial amounts
public utilities. Pro¬
indebtedness, for working capital, and
purchase
of
additional
securities in operating
Montgomery St., San Francisco,
& Co., San Francisco,
Calif, (managing). Offering—Expected in late November.
utilities.
Calif.
Office
—
300
Underwriter—Dean Witter
Westminster
Fund, Inc.
Oct. 14, 1960 filed 4,000,000 shares of capital stock. Busi¬
ness—This is a new mutual fund, and its intention is to
offer
holders
securities
of
the
at
least
$25,000
opportunity
of
worth of such securities for
will
receive
a
maximum
one
worth of acceptable
exchanging each $12.50
share in the
commission
of
Fund, which
4%.
Office-
so
that
we
can
telephone
you
like
at
us
REctor
Acme
2-9570
common
1960
stock
Corp. (11/7-10)
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Busi¬
ness—Manufacturers of missiles and aircraft instrumen¬
tation. Proceeds—For general corporate purposes. Office
—Terminal
Dr., Plainview, L. I.,
N. Y, Underwriter—
Planned Investing Corp., New York, N. Y. and Fidelity
Investors Service, East Meadow, L. I.
Note —This is
a refiling
of an issue originally filed last June 6 and
subsequently withdrawn.
•
Wilier Color Television System, Inc. (11/14-18)
Jan. 29 (letter of notification) 80,890 shares of common
stock
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y. Underwriter—Equity Securities Co., 39
Broadway, New York City.
•
Williamsburg Greetings Corp. (11/21-25)
Aug. 26, 1960 filed 180,000 shares of common stock
(par 25 cents).
Price — $6 per share.
Business—The
company and its subsidiaries are engaged chiefly in the
design, production, and sale of greeting cards. Proceeds
—About $400,000 will be applied to the reduction of
factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.
Underwriters
City,
and
—
Standard
Securities
Bruno-Lenchner,
Inc.,
Corp.,
New York
Pittsburgh,
Pa.,
^Wilson (H. & H.), Inc.
Oct. 18, 1960 (letter of notification)
100,000 shares of
class A common stock (no par). Price—$3 per share.
Proceeds—For working capital. Office—8420 S. Atlantic
Ave., Bell, Calif. Underwriter — Fairman & Co., Los
Angeles 14, Calif.
Wisconsin Electric Power Co.
(11/16)
Sept. 23, 1960 filed $30,000,000 of first mortgage bonds,
series due 1990. Proceeds—For debt reduction and capital
expenditures. Office—Milwaukee, Wis. Underwriter—
To be determined by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Merrill Lynch,
Pierce,
& Smith Inc., and Equitable Securities
Corp.
(jointly); Glore, Forgan & Co., Eastman Dillon, Union
Co.
/
&
Southern
;;
•
&
Small
Business
Investment
...
reported that the company expects
of its common stock. Office—c/o Citi¬
was
Southern
National
Bank,
Marietta
at
Broad,
Registration—Expected in November.
Coca-Cola Co.
Sept. 22, 1960 it was announced that under the terms of
the proposed
acquisition of Minute Maid Corp. this
company would issue about
906,400 shares of its
common
stock, each share of which will be exchanged
Minute Maid shares.
Office—Atlanta, Ga.
for 2.2
Columbus & Southern Ohio Electric Co.
was
reported the company will sell about
common
stock
sometime
in
1961.
was stated by the company's president
possibly be some new financing during
indication as to type and amount. Office—
may
no
Commerce
Street, Dallas, Texas. Underwriter—To
bidding. Probable bidders:
be determined by
competitive
To be named.
Dodge Wire Manufacturing Corp.
12, 1960 it was reported that registration is
expected of $600,000 of common stock.. Proceeds — For
general
corporate purposes.
Office
Covington, Ga.
Underwriter—Plymouth Securities Corp., 92 Liberty St.,
1960 it was reported that the sale of $10,000,000
preferred stock is planned by the company for some¬
time
later
in
the
Proceeds—For
year.
expansion
modernization. Office—135th St. & Perry Ave.,
111.
and
Chicago,
Arkansas Power & Light Co.
:
»
Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities, Inc. might issue $15,000,000 of
first mortgage bonds sometime in the first quarter of
1961. Underwriter
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
—
Eastman
Dillon, Union Securities & Co. and Equitable
Securities Corp. (jointly); Blyth & Co. and Dean Witter
& Co. (jointly); Lehman Brothers, Stone & Webster Se¬
curities Corp. and White, Weld & Co. (jointly); Merrill
Atlantic Transistor Corp.
1960 the company reported that it is contem¬
its first public offering, consisting of a
plating filing
letter
of
notification covering an undetermined
of shares
company
number
Business — The
"water - tight,
un¬
of its $1 par common stock.
makes
and
sells
a
breakable" marine radio known
as
the "Marlin 200." Pro¬
ceeds—For the development of the "Marlin 300," which
is to be a similarly constructed radio with a ship-to-
shore
band.
Office—63-65
Mt. Pleasant Ave., Newark,
Roth, Comptroller, states that he
is actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
sidiary of Auto-Temp Inc.
N. J. Underwriter—Mr.
Automation
Development, Inc.
Sept. 20, 1960 it was reported that a "Reg. A" filing,
comprising this firm's first public offering is expected.
Note
This
firm
v/as
formerly carried in this col¬
heading "Automation for Industry,
Inc." Proceeds—For further development of the "Skyjector." Office—342 Madison Ave., New York City. Un¬
—
the
under
umn
derwriter—Ross, Riemer, Collins & Co., Inc., 44 Beaver
St., New York City.
•
Automation
Labs
Inc.
Sept. 14, 1960 it was reported that a "Reg A" filing is
expected. Business — Electronics. Office — Westbury,
L. I., N. Y. Underwriter — Sandkuhl and Company,
Newark, N. J., and New York City.
Brooklyn Eagle Inc.
and
Amos Treat & Co., Inc., New York City.
Fenner
Citizens
Oct. 24, 1960 it
to file $3,000,000
1506
or
Oct. 3,
of
Sept. 12,
6,
(EST) for
p.m.
Sept. 14, 1960 it
Steel Co.
Kidder, Peabody & Co., New York City. Offering—Ex¬
pected in early December.
White Avionics
1:00
Hutzler.
that there
item
Lynch, Pierce, Fenner & Smith Inc.
•
Dec. 7 up to
on
To be determined
by competitive bidding. Probable bid¬
ders:
Halsey, Stuart & Co. Inc., and Salomon Bros. &
1961, with
prepare an
at 25 Park Place, New York 7, N. Y.
us
Westminster at Parker, Elizabeth, N. J. Investment Ad¬
visor—Investors Management Co. Dealer - Manager—
Sept.
New York City
St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co.
Dallas Power & Light Co.
Prospective Offerings
Western Utilities
ceeds—To reduce
in
$3,450,000 of equipment trust certificates. Underwriter—
Sept.
Expected in late November.
ment. Business—The
Corporation News Department would
Would
Real
Corp.
■
*
Oct. 27, 1960 filed $2,750,000 of 5*4% convertible deben¬
tures, due Oct. 1, 1975. Price—To be supplied by amend¬
UNDERWRITERS!
similar to those you'll find hereunder.
shares. Price—To be supplied
—
* Chicago, Rock Island & Pacific RR. (12/7)
Nov. 1, 1960 it was reported that bids will be
accepted
Proceeds—For expansion purposes. Office—215 N. Front
Do you have an issue you're planning to register?
each unit to consist of $50 principal amount of
debentures, four common shares, and warrants for the
by
$20,000,000 of common stock. Business — The company
makes polystyrene and polyurethane for insulation
and
processes marble for construction. Proceeds—For
expan¬
sion to meet
$10,000,000 backlog. Office—250 Vreeland
Ave., Paterson, N. J. Underwriter—To be named.
$10,000,000 additional
1975, 640,000 shares of
stock, and warrants for the purchase of 320,000
purchase of two
Industries
Sept. 22, 1960 it
,
units,
the
re¬
loans, and working capital. Office—Erie,
Pa. Underwriter—Lee Higginson
Corp., New York City
(managing).
debentures, due October
common
for
and
of
shares of such stock. These securities will be offered in
of
products
(Del E.)
21,
nated
the
metropolitan Detroit area
Detroit, Mich. Underwriter — Charles Plohn &
Co., New York City
Sept.
in
Casavan
mechanical power transmission equipment, fluid control
search and development of a synchro-gear assembly for
atomic submarines. Proceeds—For new equipment, the
the
of
Jamaica
Dowd & Co.
Sept. 21, 1960 it was reported by Mr.
Casavena, President, that registration is expected of
approximately
Atlanta, Ga.
by amendment. Business
standing stock, for
account
stock, bonds and
Ave., Woodhaven, N. Y. Underwriter—R. F.
zens
the issuing company and 35,000 shares, representing out¬
the
full filing of about
Inc.
account of the present holders thereof. Price—To be sup¬
of
a
common
warrants will be made sometime in
November. Proceeds
—For expansion of the business.
plied
,
shares
27,
$300,000 of units, consisting of
.
Corona, L. I
N. Y. Underwriter—•
Michael G. Kletz & Co., Inc., New York, N. Y.
;
Wood-Mosaic Corp.
Zurn Industries, Inc.
(11/14-18)
Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of
the
issuing company and 100,000 shares,
representing outstanding stock, are to be offered for the
and
50th
Under¬
(11/28-12/2)
80,000'shares of class A common
stock. Price—To be supplied by amendment. Proceeds—
For working capital of the issuer and its
subsidiary,
Wood-Mosaic Industries, with the balance for debt re¬
duction. Office—Louisville, Ky. Underwriters—Cruttenden, Podesta & Co., Chicago, 111., and Berwyn T. Moore
& Co., Inc., Louisville, Ky.
t
:
(11/28-12/2)
98-25
the
common on
Geneva, Wis.
City.
Mountings
outstanding
stock, to be
Milwaukee, Wis., and Harley Haydon & Co., Inc., and Bell & Farrell, Inc., both
of Madison, Wis.
Sept.
Carbonic Equipment Corp.
1960 it was reported that
Oct. 5,
45
Office—97-02
Inc.
common
writers—The Milwaukee Co.,
Garland, Tex. Underwriter—Kauser, Murdoch, Rippey
& Co., Dallas, Tex., is no longer underwriting this issue.
New
underwriter is Plymouth Securities Corp., New
Vibration
Co.,
basis of one new share for each five shares held. Price
—To be supplied by amendment. Proceeds — To reduce
bank indebtedness. Office—Lake
150,000 shares of
common stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data Systems, Inc. and
to retire outstanding notes. Office—2321 Forest Lane,
•
Gas
offered to the holders of the
Industries, Inc.
Aug. 29, 1960 (letter of notification)
York
Southern
Oct. 26, 1960 filed 27,996 shares of
Offering—Expected
Vector
•
(1805)
Oct. 5, 1960 it was reported that 70,000 shares of com¬
stock will be filed. Underwriter—R. F. Dowd & Co.,
mon
Inc., New York, N. Y.
I
—
New York 6, N. Y.
pany's initial financing
Corp., New York City.
Dynamic Center Engineering Co., Inc.
3, 1960 it was reported that the company plans a
filing of its $1 par common stock for sometime in
November.
Proceeds—To promote the sale of
ucts, purchase
that
$25,000,000 to $30,000,000 of mortgage
preferred stock
are
expected in late
1961
or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
California
Oct.
to
Oregon Power Co.
18, 1960 it was reported that the company expects
come
to market in late
in the form of bonds and
the
1961 to raise about $12,000,000
common
repayment of bank loans.
Medford, Oregon.
stock.
Proceeds—For
prod¬
new
Dynamic Instrument Corp.
Oct. 5, 1960 it was reported that
a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture
of
a
new
product.
Office—Westbury, L. I. Underwriter—
R. F. Dowd & Co. Inc.
it Exploit Films Inc.
Oct. 28, 1960 it was reported that the
company will file
a
letter of notification consisting of
150,000 shares of
stock
common
duction
of
TV
at $2
and
per
share. Proceeds—For the
pro¬
motion
picture films, the reduction
indebtedness, and for working capital. Office—619 W.
54th St., New York City. Underwriter—McClane &
Co.,
Inc., 26 Broadway, New York City. Registration—Ex¬
pected in December.
of
Florida
Oct.
24,
Power & Light Co.
1960
it
that
reported
was
undetermined
an
amount of bonds may be offered in the
Office—25 S. E. 2nd
Spring of 1961.
Ave., Miami, Fla. Underwriter—
To be determined by competitive
bidding. Probable bid¬
ders:
Merrill Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart &vCo.
Inc.; White, Weld & Co.; First Boston Corp.; Blyth '&
Co., Inc.
Ford Motor Credit Co.
Oct. 17, 1960 it was reported that this
company is devel¬
oping plans for borrowing operations, which
clude
the
issuance
of
debt, securities, and
occur
in¬
possibly
may
in the first quarter of 1961.
Office—Detroit, Mich.
Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that November registration
of 150,000 shares of common stock is
expected. Offices—
Newark, N. J., and Buena, Vista, Va. Underwriter—
Sandkuhl and Company, Newark, N.
J., and N. Y. City.
• Geotechnics &
Resources, Inc.
pretation
but
new
equipment, and for working capital.
Office—Norcross, Ga. Underwriter—To be named.
in
or
handled by Lee Higginson
Oct.
Nov. 2, 1960 it
1960
was-
full
Brooklyn Union Gas Co.
Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer, announced that there will be no further financing
bonds
I
Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place in November or December. Office—1999 Mt.
Read Blvd., Rochester, N. Y. Underwriter—The com¬
covering
reported that a letter of notification
shares of 250 par common stock was
was
149,800
imminent.
Price
—
$2
per
of photo-aerial
share.
Business
Proceeds
—
The inter¬
For
equip¬
ment, research and development, and other general cor¬
porate purposes.
Office—White Plains, N. Y.
Under¬
maps.
—
writer—S. D. Fuller & Co., New York City.
Goshen Farms Inc.
.
,
Oct.
5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
Office—216 W. Main St.,
Continued
on
page
46
46
The Commercial and Financial Chronicle
(1806)
Continued
Northern
from page 45
Office—Goshen, N. Y. Under¬
breeding trotting horses.
writer—R; F. Dowd & Co. Inc.
if Gulf States Utilities Co.
(1/17)
Nov. 1, 1960 it was reported that $11,500,000 of common
stock
will be offered.
Information Meeting—Jan. 12,
Bank, New York City.
at 11:00 a.m. at the Hanover
1961
Underwriter—To be determined by
Probable
competitive bidding.
Securities Corp.;
Webster
&
Stone
bidders:
Brothers; Glore, Forgan & Co.; Lee Higginson
Bids—Expected Jan. 17, 1961.
Fibre Glass Co.
(Jos.)
Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬
der a letter of notification. Office—St. Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.
;
Maiden
One
Lane
For
a
new
mutual fund.
&
Houston
stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—-For construc¬
tion and repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &
Proceeds—
Hutzler.
(11/10)
if Illinois Central RR.
1, 1960 it was reported that bids will be accepted
Chicago up to 1 p.m. (New York Time) on Nov. 10
Nov.
in
for
$2,625,000 of equipment trust certificates.
Under¬
writer—To be determined by competitive bidding. Prob¬
able
bidders:
& Co. Inc., and Salomon
Halsey, Stuart
Bros. & Hutzler.
Indianapolis Power & Light Co.
According to a prospectus filed with the SEC on Aug.
the company plans the sale of about $14,000,000 of
25,
additional
in
securities
1963.
Office
—
25
Monument
Industrial
Oct. 5, 1960 it was reported that 100,000 shares of com¬
stock will be filed. Proceeds — Expansion of the
mon
business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.
if International
Oct.
file
28, 1960 it
a
Safflower Corp.
was
stock
(par $2). Price — $5 per share.
outstanding loans, purchase of plant¬
ing seed, lease or purchase land, building and machinery
and for working capital. Office — 350 Equitable Bldg.,
Denver, Colo. Underwriter — Copley & Co., Colorado
Springs Colo.
common
Proceeds—To retire
24, 1960 it
Mr.
Donald
reported by the company treasurer,
was
Shaw
that
the
utility expects to come to
market, perhaps in mid-1961, to sell permanent securities
in the form of bonds and possibly preferred stock, with
the amount and timing to depend on market conditions.
The 1961 construction program is estimated at $17 mil¬
lion of which $10-$11 million will have to be raised ex¬
ternally. Office—206 E. 2nd St., Davenport, Iowa. ! a
-b
Iowa
Power &
mon
and
stock.
the
Proceeds
retirement
com¬
For the acquisition of property
short-term loans. Office — Des
Moines, Iowa.
if Japan
Oct.
27,
Telephone & Telegraph Corp.
it
1960
owned
United
States.
was
business
that
$20,000,000
a
Proceeds—For
—Dillon, Read & Co., First Boston Corp., and Kidder,
Peabody & Co. Offering—Expected in the Spring of 1961.
Kawasaki
Steel
considering
$4,000,000 bond issue for U. S. offering.
Underwriter—First Boston Corp., New York City.
000
of
was
a
announced that in addition to the $15,000,by the July bond-equity
capital provided
new
financing, $33,000,000 will
rities other than
from later sale of
secu¬
stock and from retained
earn¬
come
common
ings.
Lone Star Gas Co.
Aug. 3, 1960, it was reported that about $37,000,000 will
be raised to cover capital requirements over the next
year. Office—301 So. Harwood Street, Dallas 1, Texas.
outstanding
common
•
Potomac
Electric Power Co.
—
Oct.
11, 1960 it
was
common
Corp.
reported that
stock is in
a full filing of 70,000
preparation, part of which
will be for the account of the issuer and
part for selling
stockholders.
Office—Ft.
Washington, Pa. Underwriters
—White, Weld & Co., of New York City; Yarnall, Biddle
& Co. and Stroud 8c
Co., Inc., both of Philadelphia, Pa.
(all jointly).
_
f
Nedick's Stores, Inc.
Nov.
12 it was reported that the
company is contem¬
plating the placing in registration of
17,000 shares of
common
stock.
About 66%
of the issue will be sold
for the company's account
and the remaining 34% bal¬
ance
wjll be sold for the account of
selling stockholder.
Underwriter—Van Alstyne, Noel & Co., New York.
a
;
000,000 from the proposed sale of subordinated income
debentures with stock purchase warrants to TWA stock¬
Proceeds—To give TWA direct ownership of a
holders.
jet transport fleet. Office—10 Richards Road, Kansas City
5, Mo. Underwriters — Lazard Freres & Co., Lehman
Brothers and
it
pected to
occur
one
new
share for each
Rights expire Nov. 18. Price—
$1 per share. Business—Prospecting and exploring for
metals. Proceeds—For general corporate purposes. Office
—Suite 1616, 44 King St. West, Toronto 1, Ontario, Can.
Service
& Gas
Co.
during
(12/13)
•
amendment.
Proceeds—For
Richards Aircraft Supply
.
Ritter
solidate
Co.,
was
.
a
letter
of
notification
par
common
covering
stock. Pro¬
For
expansion.
Office — Minneapolis,
Underwriter—Stroud & Co., Philadelphia, Pa.
—
Minn.
y
later this month.
—Droulia &
Office—High Falls, N. Y. Underwriter
Co., 25 Broad Street, New York City.
-
Virginia Electric & Power Co. (6/13)
"
Sept. 8, 1960 it was reported that the company will need
$30,000,000 to $35,000,000 from outside sources in 1961.
The
precise
form
of
financing will
depend
upon
market conditions. Office—Richmond
9, Va. Underwriter
—To be determined by competitive
bidding. Probable
& Co. Inc.; Stone & Webster
Corp.; Eastman Dillon, Union Securities &
Co.; Salomon Bros. & Hutzler; Goldman, Sachs & Co.
bidders:
Halsey, Stuart
Securities
Inc.
1
reported that this company plans to
con¬
$2,500,000 of funded debt, possibly through
private placement, pursuant to which a bond issue
may be expected. Underwriter—Lehman Brothers, New
York City.
some
Bids—Expected
Rochester Gas & Electric Corp.
Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected in the spring of 1961, perhaps in
determined
by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co., White, Weld & Co. and Shields
& Co. (jointly); Kuhn, Loeb & Co.; Salomon Bros. &
Hutzler, Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Blyth & Co., Inc.;
The First Boston Corp.
Rudd-Melikian, Inc.
Sept. 28, 1960 it was reported by J. C. Barr, a corporate
officer, to this paper that new financing is being
discussed. No details are available. Office—Hatboro, Pa,
on or
Waldorf Auto
a
March. Underwriter—To be
of
,
Office—New¬
ark, N. J. Underwriter—Merrill Lynch, Pierce, Fenner &
Smith Inc., New York City (managing).
Information
Meeting—Scheduled for Dec. 8 at 11:00 a.m.
reported that registration is expected
if Varifab, Inc.
*
Nov. 2, 1960 it was reported that a letter of
notification,
comprising the company's first public offering, is due
Price—To be supplied by
construction.
was
November
100,000 shares of this firm's $1
ceeds
Oct. 24, 1960 filed 250,000 shares of cumulative preferred
stock with the New Jersey Public Utility Commission.
SEC filing is expected shortly.
Co.
was
der, Peabody & Co., both of New York City (managing).
Nov. 1, 1960 it
;
Electric
it
if Van Dusen Aircraft Supplies, Inc.
.
Underwriter—None.
Public
Gas
United Air Lines, Inc.
Sept. 23, 1960 it was reported that an issue of convertible
debentures is being considered. Office—5959 South Cic¬
ero, Avenue, Chicago, 111.
Underwriter—Harriman Rip¬
ley & Co., New York City.
held.
the basis of
on
to be offered in the second quarter of 1961.
Office—120 Broadway, New York City. Underwriters—
Merrill Lynch, Pierce, Fenner & Smith
Inc., and Kid-
capital stock being offered to stockholders
on
soon
expected
was
then
statement will be issued
a
reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
Proceeds—For expan¬
announced that the directors have
authorized the issuance of an additional 1,140,000 shares
shares
and
plans..;
Trunkline
Prospectors Airways Co., Ltd.
unissued
was
■; Sept. 28, 1960
.
of record Oct. 28
Dillon, Read & Co., Inc. (managing). Note
reported that this financing is not ex¬
—Oct. 25
future
July 6 it
tional stores. Office—153-22 Jamaica
Ave., Jamaica, L. I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York Citv N. Y.
shares of
$340,000,000 with $168,000,000 to be loaned to
insurance companies and other lenders,
$50,000,000 to be drawn from internal sources, and $100,-
sion and general corporate purposes. Office—645 Forrest
Ave., Staten Island, N. Y. Underwriter—Ronwin Securi¬
ties Inc., 645 Forrest Ave., Staten Island, N. Y.
of
Inc.
of
ures
that the company plans a
"Reg. A" filing of 75,000 shares of common stock, con¬
stituting its first public offering. Business—The manu¬
17, 1960 it
Airlines,
TWA by banks,
Industries
facture of additives for fuel oils.
World
financing needs have
been scaled down to $318,000,000 from the original fig¬
,
(12/7)
bentures and about $100,000 of common stock. Proceeds
-—For expansion,
including a new warehouse and addi¬
Wallpapers
Aeronautical
Trans
Oct. 10, 1960 it was announced that
Oct. 18, 1960 it was reported
•
early 1961 production of a remote handwriting de¬
Office—Los Angeles, Calif.
vice.
Washington, D. C. Bids—Tentatively expected on Dec. 7.
Oct.
a
start
Get. 31, 1960 it was reported that the company expects
to sell $40,000,000 of bonds. Office—929 "E" St., N. W.,
Chem
1, 1960 it was reported by R. E. Lee, President,
rights offering is scheduled for January, 1961, subject to FCC and SEC approval. Proceeds—The issuer
hopes to raise over $1,000,000, which will be used to
that
stock in the amount of ap
Aug. 29, 1960 it was announced that registration is ex¬
pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
National
if TelAutograph Corp.
Nov.
fit
Co., Inc.
Oct. 10, 1960 it was reported that a "Reg. A" filing of
the company's common stock is expected. Proceeds—For
expansion and working capital. Office—Ft. Lauderdale,
Fla. Underwriter—Blaha & Co., Inc., Long Island City,
N. Y.
'
1
Martin Paints &
was reported that a secondary offering
being'planned. Office—Miami Beach, Fla. Underwriter
—Reynolds & Co., New York City.
proximately $15,000,000. Proceeds—To selling stockhold¬
ers.
Office—630 5th Ave., New York City. Underwriter*
—White, Weld
& Co. and Goldman, Sachs
& Co.
(jointly). Registration—Expected in November.
Laclede Gas Co.
May 10 it
u«
'
•
Broadcasting Co.
Sept. 28, 1960 it
Oct. 24, 1960 it was reported that the company expects"
two
Co., Ltd.
Oct. 17, 1960 it was reported that the Japanese company
is
-'JHtUli'
Service Co.
is
for purchase of first and second mortgages. Office
—Denver, Colo. Underwriter — Copley & Co., Colorado
Springs, Colo.
Books, Inc.
available.
are
Public
Underwriter—Dillon, Read & Co., Inc.
Storer
power
Pocket
.v ;
6y2% below the then existing market price of the common.
Office—720 Mercantile Dallas Building, Dallas 1,
Texas.
,
this governmentbond issue in the
expansion. Underwriters
announced
plans
;
Peerless Mortgage Co.
|
Sept. 21, 1960 it was reported that this company is pre¬
paring a "Reg. A" filing. Proceeds—To increase buying
Power
—
of
'
VM^:: .V. v)
•'
;
.'0'/
Aug. 9, 1960, it was reported that in February, 1961, the
company expects to offer about $15,000,000 in bonds and
about $3,000,000 In preferred stock, and that about one
year thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about
Line Co.
Sept. 28, 1960 it was reported that $65,000,000 of debem
tures are expected to be offered in the second quarter
of 1961. Office—120 Broadway, New York City. Under¬
writers—Merrill Lynch, Pierce, Fenner & Smith Inc., and
Kidder, Peabody & Co., both of New York City (man¬
aging.) '
v;
0/y.'
•
V;./.#. J:
Light Co.
Oct. 5, 1960 it was reported that the board of directors
had approved a $15,000,000 financing plan, to consist of
$10,000,000 of first mortgage bonds and additional
Southwestern
iary of Pacific Gas & Electric Co. plans a rights offering
to stockholders later this year of $13,300,000 of convert¬
ible debentures and also plans the sale of $90,000,000 of
first mortgage bonds, the timing of which is as yet un¬
decided. Office—245 Market Street, San Francisco, Calif.
Underwriter—Blyth & Co., Inc., New York City (man¬
to file
Iowa-Illinois Gas & Electric Co.
Oct.
bonds. No other details
Co.
1960 it was reported by Mr. K. C. Cristensen,
company Vice-President and Treasurer, that this subsid¬
.
-^v'
■
Proceeds
Birming¬
Co.
Sept. 21, 1960 it was announced that a Halsey, Stuart &
Co. Inc., group expects to bid on $25,000,000 of the road's
2,
.
sometime in 1961, with the
Southern Railway
•
reported that the company plans to
letter of notification consisting of 60,000 shares of
class A
Transmission
Nov.
Co.
Gas
,1960 it was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating the
ham, Ala.
be named.
Gas
■/.'
_
sale of $35,000,000 of bonds
$6,000,000 to $8,000,000 of 30-year first mortgage
expected. Office—Fergus Falls, Minn. Under¬
writer—To be determined by competitive bidding. Prob¬
Pacific
•'
Natural
precise timing depending on market conditions.
—To retire bank loans. Office—Watts Building,
is
•
competitive bidding. Prob-,
Oct. 28
(1/24)
able bidders to
Southern
pany
Panhandle Eastern Pipe
Instrument Co.
Gauge &
•
tween
aging)..
Circle, Indianapolis, Ind.
about Dec. 5.
Oct. 21, 1960, Albert V. Hartl, executive Vice-President
of this utility told this newspaper that an issue of be¬
bonds
(12/5)
Halsey, Stuart & Co. Inc.; Morgan Stanley
& Co., both of New York City. Registration—SEC regis¬
tration is expected in November. Bids—Expected on or
Lane, New York 38, N. Y.
Power Co.
i
Telephone & Telegraph Co.
writer—To be determined by
Orange & Rockland Utilities, Inc.
Oct. 18, i960 it was reported that the sale of the $10 mil¬
lion bonds is tentatively expected in April, 1961. Office
—10 North Broadway, Nyack, N. Y. " /
Otter Tail
City,
able bidders:
•
•
York
Sept. 26, 1960 the company authorized the issuance of
$75,000,000 of debentures to be dated Dec. 1, 1960. Pro¬
ceeds— For construction. Office — Atlanta, Ga. Under¬
Treasury Bonds. Office—1 Maiden Lane, New
38, N. Y.
Underwriter—G. F. Nicholls Inc., 1
Maiden
Lighting & Power Co.
17, 1960 Mr. T. H. Wharton, President,
Oct.
was
Southern Bell
and U. S.
Corp.
reported that a secondary offering might
—
Merrill Lynch, Piercfc Fenner
Smith Inc. and Harriman Ripley & Co. Inc., both of
New
investment, mainly in listed convertible debentures
York
Thursday, November 3, 1960
.
be made. Underwriters
Fund,
Business—This is
stock.
.
Schlitz & Co.
March 11 it
Inc.
Aug. 29, 1960 it was reported that registration is ex¬
pected sometime in November of 300,000 shares of com.
Lehman
.
Sept.
14, 1960 it
expected.
about June 13.
Leasing Inc.
was
reported that
and
Sandkuhl
York
a
Office—2015 Coney Island
N. Y. Underwriters—J. I.
and
"Reg A" filing is
Avenue, Brooklyn,
Magaril 8c Co., New York City
Company, Newark, N. J., and New
City.
•
Whippany Paper Board Co.
July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock. Under¬
writer—Van Alstyne, Noel &
Co., New York City. Regis¬
tration—Expected in November.
Winona
Wood
Aug. 24, 1960, it
A
common
stock
Products
was
is
Co.'
reported that
contemplated.
a
full filing of class
Business—The
com¬
pany
makes wood cabinets for household and industrial
use.
Office—Winona, N. J. Underwriter—Metropolitan
Philadelphia, Pa. '
Securities Inc.,
Volume
192
Number
6000
Chronicle
The Commercial and Financial
.
the
in
G. M. Plans
$114 Billion Investment
Prospect of continued economic progress here and in the free world
the
and
expectation
out by Chairman
singled
have
1961
sales in
car
new
This year General Motors is said to
favorable long-term automobile growth amounting
49% in passenger cars in the next 10 years.
next
investment
for
Frederic
demand
for
passenger
total
the
neighborhood
million
closed
last
Oc¬
31.
about
•
tors'
expendi¬
plant,
Need
equipment
"For
Mr.
$iy4
"The
>
investment
billion
will be
we
To
Motorama, opening in
ballroom Thursday
one-week showing.
a
"This, we submit, demonstrates
our
confidence in our economy
and in this great industry of ours,"
Mr. Donner said of GM's 1961 ex-
'•
ability to meet the
the
challenge
■
LOS
B.
;•
;V
Approaching Seven Million
v Sales Level
of
Co.,
210
Mr. Donner
eign-built passenger cars
West
of
Dofflemyre
Seventh
the
He
v
...
.
....
■
assets
sales
the
of
smaller
new
new-car demand
the United
States of
six million a year since
from
around
World War II and
well under four
million before the war.
SITUATION WANTED
Finance
major, veteran, business
experience, desires position with
underwriter.
Will aid
investigat¬
ing companies, negotiating,
new
Call
issues.
R.
selling
Salary unimportant.
Leff, TR 4-2026 Monday
through Friday 10
a.m. to
2.00 p.m.
NOTICES
DIVIDEND
The
previ¬
Board
clared
30*
per
of
NOTICE
has
Directors
de¬
quarterly dividend
a
share
of record
of
the outstand¬
on
on
on
November 10, 1960.
On Oct. 27,
dividends:
COMMON DIVIDEND No. 110
December
15,
I960 to
stockholders of record at
the
close
of
business
dividend of
forty-five cents (45<f)
the
22 y2 cents per share on the
Common
Stock,
payable
1960, the Board of
a
share
per
shares of the
common
SOUTHERN
NATURAL
November 15, I960.
Company, payable Nov. 25, 1960,
2 per cent common
stock
dividend, payable in
com¬
a
10, 1960.
R. G. Hengst,
Secretary
stock December
mon
I960
Manufacturing plants in 18
record
cities, located in six states,
ness
Birmingham, Alabama
19,
stockholders
to
Common Stock Dividend No. 87
of
the close of busi¬
at
November
A
15, I960.
Canada and Brazil.
j |fr»v
dend of 50
:
has
■
By R. L. Miller,
Secretary
n'r_
Common
November 1, I960
■
IN
cents
per
declared
share
the
on
of Southern
Stock
Gas Company, pay-
able December 14, 1960 to
stockholders of record at the
:
GREATEST NAME
been
Natural
■
THE
regular quarterly divi-
■
The Goodyrar Tire & Rubber Co.
t
GAS
COMPANY
STOCK DIVIDEND
to shareholders of record at the
close of business Nov.
Treasurer
day declared the following
CLEVELAND 10, OHIO
Directors declared
October 27, 1960.
The Board of Directors to¬
DIVIDEND No. 162
RUBBER
[ close of business
on
Novem-
ber 30, 1960.
!
W. S. TARVER,
Cjai
in¬
Secretary
Dated: October 29, 1960.
■
,
Pa.
Board
At
the
Board of
$1.40
Stock
1960
close
of
cents
Stock,
all
to
share
per
of
record
November
business
H. S. Netting,
on
the
December 1,
payable
holders
at
10,
ONE
(11/2%) PER CENT
PREFERRED
on
on
the 5.60% Preferred
on
and
Common
share
Convertible Preferred Stock,
share
per
per
of
'
Jr., Secretary
declared
and
31,
or
for
1960
declared
Also
a
$1.50
share
payable
per
STOCK,
DIVIDEND
of
of
on COMMON
STOCK, pay¬
December
1,
1960 to share¬
holders
of
record
November 10,
1960.
strated
1960
and
desires
of
small-car
concept
"to offer
more
in terms of greater
comfort,
increased
space,
im¬
proved ride stability, better han¬
dling and stepped-up engine per¬
(2)
the
designs
General Motors' smaller
initiated
when
standard-size
market and
cars
that
it
the
cars
than
earlier
even
counted for 95%
tain
cars
for
were
1957,
still
ac¬
was
"far from
demand
meet
New
I
I
I
I
cer¬
York 20,
have been declared
I
-1%% in its Common Stock
I
$4 Cumulative Preferred Stock
I
I
$1
per
Preferred Stock
$1.12%
I
IBM
I
I
An Initial Prorated Dividend
I
customer
enough
ahead to have the right products
total
a
of
183rd
per
share paid in 1960. In 1959,
per
share
was
also paid.
CONSECUTIVE
JOHN F. SHANKLIN
QUARTERLY DIVIDEND
Secretary and Treasurer
UNION CARBIDE CORPORATION
The Board of Directors of
Business
International
The United Gas
Machines Corporation has
today declared
a
quarterly
cash dividend of
Improvement
$.75 per
I
10, 1960, to stockholders of
I
I
These
cember
share
per
dividends
are
payable De¬
15, 1960 to stockholders of
record at the close of business No¬
I
vember
18, 1960.
JAMES E. McCAULEY
I
I
Treasurer
ness on
November 10,1960.
(
JZ. V. BOULTON,
Treasurer
per
share
on
the
value $13.50
share, has been declared pay¬
able December 16,1960 to
holders
of record November 30, 1960.
590 Madison Avenue
New York 22,
October 25,
/
N. Y.
1960
A dividend of
on
the 4Ai %
been declared
$1.06K
per
share
Preferred Stock has
payable January 1,
1961 to holders of record Novem¬
\
ber 30, 1960.
J. H. Mackenzie, Treasurer
*1 9Qth consecutive
,
Urn
A dividend of 60c per
Common Stock, par
November 2,1960.
I
I
DIVIDEND NOTICE
record at the close of busi¬
Preferred Stock
$.65 %
Company
share, payable December
$2.25 Series 6 Convertible Second
I
far
December 1 will make
$3.60
share
per
I
recognize
desires
share
$4.50 Series A Convertible Second
I
and
follows:
Common Stock"
I
needs
as
I
challenge of the
marketplace,
Mr.
Donner
said,
the
automobile
industry
"must
in
quarterly dividend was ninety
(90tf) per share paid September
I
I
I
the
changes
N. Y.
quarterly dividends
I
for smaller
the
THE FLINTK0TE COMPANY
I
of the American
would grow."
To
on
of Building Products in America
:
I
that
at
$3.60
I
Said
declared, payable December lj
Payment of the quarterly dividend
FlINJKOTE
r
Manufacturer of the Broadest Line
standards," Mr. Donner
said, General Motors expects that
"the
majority" : of its customers
will
continue
to
purchase
the
larger cars in which it is possible
the outstanding
cents
"the
American
to
on
1, 1960.
r
needs and
share
close of business November 4,1960. The
our
cars
per
1960, to stockholders of record
last
of cars to the demon¬
needs
(904)
been
Vice President and Secretary
October 27,
A quarterly dividend of ninety cents
capital stock of this Corporation has
G. F. Cronmiller, Jr.
Pittsburgh,
CARBIDE
$.45
share
per
able
UNION
ONE-HALF
January 20, 1961 to shareholders
record January 6, 1961.
the
1960.
has
December
ending
DIVIDEND
declared quar¬
Directors
terly dividends of $1.09
the 4.36%
1960,
Directors
of
quarter
held October 26,
meeting
a
revolutionary over the long term.
formance."
COLLEGE GRADUATE
Chemical
Corporation
DIVIDEND
&
COMPANY
,..
in
and
MINNEAPOLIS, Minn. — Donald
T. Stewart has joined the staff of
C.
D.
Mahoney
&
Co.,
Inc.,
Banker Building.
cars
now
annually"
Mahoney
NOTICES
Pittsburgh
,
"convinced that customers."
Although
GM's
smaller
approaching a new
level of seven million cars represent an adaptation of
levels
National
Distillers
Joins C. D.
the years," he said. "We have
witnessing a series of changes
may prove little short of
over
■
NOTICES
PAUL C.JAMESON
on
overseas
He said he was
are
Kappe, formerly with
Marache, Dofflemyre & Co., has
also
joined the staff of Paine,
Webber, Jackson & Curtis.
MANUFACTURING
Donner also:
sustained," he adaptation
confidence is
said.
DIVIDEND
Co., Inc.
Sam
which
'
for
The transfer books will not close.
pace
its
Co., in Laguna Beach, Calif.
been
Coast
was
&
formerly with Dean Wit¬
was
ter &
ing Common Stock, payable
as
been
"should
He
Street,
Pacific
Exchange.
DIVIDEND
[ reach" this level "if consumer in¬ They represent, as often has been
comes
continue to rise and con¬ the case before, the constructive
sumer
with Alkow &
Waddell
December 1,1960, to stockholders
dramatic stages that have characr
terized its evolution and growth
is "based on the
expectation" that new-car demand
may reach a level of seven mil¬
lion units in the United States in
1961.
Sales of domestic and for¬
recently
has
with
now
Reed, Inc., Metropolitan Building.
Company.
industry is now
passing through another of those
said that GM's for¬
business
investment
years,
Williams is
ously with Pacific Coast Securities
"The automobile
planning
ward
we
Marache,
members
those being offered by
Oldsmobile and Pontiac,,
and. by
Chevrolet with/ its ex¬
panded line of Corvairs, the auto¬
mobile
industry is "giving the
American consumer a wide variety
to choose from at every price."
Car
the
many
(1). Noted that with the intro¬
such
abroad this year to
in
Calif.-^Johnney
ANGELES,
staff
Buick,
introduce its new models and for
such purposes as plant, machinery, equipment and tooling.
States and
ANGELES, Calif. — Hubert
R. O'Neil, Jr., has become asso¬
ciated with Paine, Webber, Jack¬
son
& Curtis, 626 South Spring
Street. Mr. O'Neil, who has been
Massey has been added to the
from about $350
duction
in the United
mately $1.2 billion
rri
_
MINNEAPOLIS, Minn.—James P.
(Special to The Financial Chronicle)
LOS
end of 1959.
Mr.
also disclosed that
General Motors has spent approxi¬
.
,
_
million at
the end of 1949 to $1.35 billion at
Donner
Mr.
of
crease
marketplace."
the
of
_
that calls for all our
one
keep
value
penditure program. "It is the best
kind of evidence of our belief in
our
be
road.
With Marache, Dofflemyre
with expanding
General Motors
already has plans requiring ex¬
penditures in the next two years
of $500 million for plant, equip¬
ment and tooling in its manufac¬
turing and assembly facilities in
19 countries overseas, Mr. Don¬
ner disclosed. /He noted that whilefollowing its long-standing policy
of
serving
overseas
customers
through "operations established as
an
integral part of the overseas
economies in which they are lo¬
cated," General Motors saw the
Waldorf
for
_
_17.
markets overseas,
eral Motors
'
the
the
on
ahead."
try and the world."
•
trucks
90 million
Participa¬
tion in this growth of the market
is our great challenge in the years
all, for optimism and for faith in
the future growth of this coun¬
making in 1961
testifies to Our faith in the con¬
tinued economic progress of this
country and of the free world as
a whole and in the continued demand for the products we manu¬
facture," the GM chairman told
.approximately 600 top business,
financial
and industrial leaders
gathered in the Waldorf-Astoria
Hotel.
The luncheon is a tradi¬
tional event preceding the Gen¬
that-
'
will
there
added,
F.
John
cars
"With
said.
Donner
vehicles
where he and President
Gordon outlined their large sums of money and for tak¬
ing risks without any certainty of
reasons for confidence in expand¬
earning a profit. It calls for bold
ing opportunities for the automo¬
planning here at home and on a
bile industry.
world-wide basis. It calls, above
leaders,
of passenger
in
in
bringing the total to 75 mil¬
lion cars at the end of the decade,"
in design, in production, in
marketing," he told the business
leaders.
"It
calls
for
spending
business
look
40%
about
use,
skills
Frederic G. Donner
.GM's luncheon
Investment
in the automobile busi¬
us
place is
at
Bold
for
of
1
(Special to The Financial Chronicle)
the challenge of the market¬
ness
11961, Mr. Don¬
for
will be sold
States, he said.
million
number
.
10 years, we
growth
Stock
y,
said
and trucks,
petition for the consumer's dollar."
and tooling in
ner
Of this
million.
cars
important challenge of the future
.is the steadily intensifying com¬
tures for
n e r
for
demand
and
plans, Mr. Donner said.
its recognition of the fact
that "for American business, the
world¬
wide
will
of 16
GM's
represent
i
10%
cars
reflect
General Mo¬
"m a c h
units
outside the United
This amount
will
in
trucks nearly four
total of 20 million
J dis¬
Monday,
tober
whole,
a
G.
world
Donner
as
a
the
in continued
prosperity, Chairman
the basis of its faith
free
world
free
families
car
"In the next
to
Mr. Donner estimated that by 1970
on
year
the
In
General Motors will make a $l*/4
and in the number of two-
or-more
47
With Waddell & Reed
Paine, Webber Co.
(3) Said that long-term growth
"as¬
comes
about
billion
Hubert R. O'Neil Jobs
the
the outlook for contin¬
uing increases in population, in
productivity and in personal in¬
Mr. Donner foresees in¬
in population, in productivity and in personal income as¬
suring, a
in
of the automobile industry is
spent $1.2 billion here and abroad.
creases
places at the right
right quantity."
right
and
sured" by
are
plannbd $1'/4
the basis for
Donner as
investment next year.
billion
million
of seven
time
(1807)
,
dividend
INTERNATIONAL BUSINESS MACHINES CORP.
Philadelphia, October 25, 1960.
48
The Commercial and
(1808)
Financial Chronicle
.-. %
Thursday, November 3, 1960
should
next
come
,
first
the
tests
j.
spring when
of
the
plan,
be¬
gin to take shape.
T This
BEHIND-THE-SCENES INTERPRETA TIONS
column
is
FROM THE NATION'S CAPITAL
the "Chronicle's"
D. C. — The
though beleaguered
natural gas industry isn't ex¬
pecting much from the Federal
With
WASHINGTON,
*
profitable
latest
ef¬
riddle
of
Commission's
Power
the
solve
to
forts
of
studies
detailed
After
the industry is skeptical of the
approach and disillusioned over
many details of the program.
The
easing the burden of utility-type
Federal control of gas producers
is
-
attempt
an
to reverse
de-
a
veloping trend toward increased
sales of gas in intrastate mar¬
kets as a method of avoiding
regulation. Since efforts in the
bill passed by Con¬
to either remove Federal
past to get
gress
controls
a
at least replace them
or
with
commodity value controls
have
met
frustration
only
and
the area pricing plan
supposed to be the answer.
yetoes,
was
it appears now that the
prices set by the Commis¬
won't be high enough to
But
area
sion
the
reverse
the
the
trend
nor
remove
objections of many producers
all
they'll
direction."
New Problems Created
FPC's
the
in
unanswered
utility
policy.
The
return
method
Nov. 3-4, 1960
been
have
things
Many
in
Nov.
panies in interstate commerce—
mostly pipeline companies which
even a
the
contends.
it
the
in
boosts
win
can
dance at the Germantown Cricket
Thus, it fears, even if
Club.
cation of
new
American
"Yes, Madam, I know he's the custodian—but he's not
consumer
not
be
the
to continue the
industry's growth
Annual
methods
holding companies, and investors
as well in efforts to attract suf¬
ficient
good rates to
capital at
The
expanding
an
industry.
Commission itself recog¬
in its plan.
shortcomings
drastic
in
unit
cost
of
gas
effect
on
drive
industry
mountainous backlog of cases at
Earlier legislative ef¬
the realties of the market
were
the
efforts
later
eliminate
to
it
original
finally
leum
the
Co.)
in
the FPC announced that it would
in the future
pricing
policy.
produced
■
graphic
area
ducing
on
profit
tions
to
by
only when
a
through
gas
geo-
at
pro¬
supposedly
margins.
these
approved
average
and
prices
the
Excep¬
will
be
Commission
producer cares! to
the
long, involved
process of proving that his costs
go
plus profit require
An
entire
a
higher rate.
rate
area
may
be
changed if all producers get to¬
gether and prove to the Com¬
mission
that
the
existing price
is too low.
Commission, in announc¬
ing this new policy, said:
ultimate
objective will
be to set prices in all
producing
areas which will be
adequate to
maintain the gas supplies needed
by the
consumers of the nation,
but at prices that are no higher
than are necessary to
accomplish
that purpose." The agency's ex¬
over
the
past
few
perience
proves
that the "tradi¬
tional original cost, prudent in¬
vestment rate base method of
years
regulating utilities is
sensible
method
or
of
even
fixing
a
not
a
workable
the rate of
independent producers of natu¬
ral gas," it added.
also
against
place."
serious
a
ques¬
the legality of the area
system.
The
courts,
ruled that the FPC must in set¬
ting natural
the
cost
gas
vastly
a
government
says.
of
the
gas
before
has
to
proven
be
an
accounting nightmare. A huge
percentage of natural gas is pro¬
duced
with
oil,
which
is
not
regulated.
A lot is found by
producers searching only fo^oil.
Gas varies in its heating values,
processing. The intangibles (dry
holes, etc.)
in
search
a
for
producer's
gas
a
payoff
well
are
legion.
the
agency,
:.V.';•!;/■
cost
Hollywood
Now,
that
in
maze
producers
most
are
cases
the
area
Basic fault with the
new
sys¬
utility
many
of
system
op¬
expensive
with another.
fails
system
The
to
controls
replacement
strike
at the
problem—reducing
possible the costs of
heart of the
by
as
much
as
regulation which finds its way
into the price of the gas.
(Phil¬
modify already-drafted legisla¬
lips, for instance, has been en¬
gaged in a single case for 12
years.)
The new system does
not help to promote efficiency
—which is
the only way in¬
creased supplies of gas will re¬
proposals to meet the lat¬
est FPC
that
it
'years
development, they fear
will
three
be
before
a
even
an
new
outside
success.
four
chance
sult
!
D., Ark., regular
Or en
sponsor
that
there
was
not
have
of the
much
competitive prices, they
It's
too
what effect the
Harris,
in
industry's bills, said recently
willing to
at
contend.
-
Representative
gas
or
attempt
on
the
the
hope
FPC.
June
22-25, 1961 (Canada)
Investment Dealers Association of
Canada annual meeting at Jasper
Park
Oct.
Lodge.
16-20, 1961 (Palm Springs,
Calif.)
National
N. Y. Cotton
Names
The
New
Traders
Asso¬
Exchange
New
York
Officers
Cotton
Exchange
changes in its Executive
Tinney C. Figgatt, who
been
serving as President,
early
new
future.
tell
system will
investment
natural
to
prospects
gas
and
Antonio
J.
Zalduondo, who
serving as Vice-Presi¬
dent, have been elected as Chair¬
has
been
and Vice-Chairman, respec¬
tively, of the Board of Managers.
Mr. Figgatt announced the ap¬
man
pointment of F. Marion Rhodes
President of the Exchange.
Aug.
has
of this year,
1
been
serving
Administrative
years
as
Staff.
as
Since
Mr. Rhodes
head of the
For
many
prior to his association with
the
Exchange, Mr. Rhodes was
Director, Cotton Division, Com¬
modity Stabilization Service, U. 3.
Department
of
Agriculture,
in
which position he was responsible
for the administratin of the cotton
programs of the U. S. D. A.
industry in
Some
has
indications
Attention Brokers and Dealers:
TRADING MARKETS
Botany Industries
Indian
Head
Mills
Official Films
expect at least
Southeastern Pub. Serv.
two years of court
fighting be¬
legality of the area
pricing system is finally de¬
cided by the Supreme Court.
They believe that there's a good
Security
ciation Annual Convention at the
Palm Springs Riviera Hotel.
But
officials
(Houston,
Investment
ing at the Shamrock Hilton Hotel.
ing the previous court decisions.
FPC
1961
Group
Officers.
the FPC has not yet been tested.
While
industry
officials . can
tive
New
Star¬
anounces
consumer.
experts say,
is that it attempts to. replace one
approach
of
Bankers Association annual meet¬
the time being,
immediate boosts are
be small and will
disolved by the time they
passed
along toward the
tem,
new
City)
the
at
light Roof of the Waldorf-Astoria
12-13-14,
are
ponents
the
industry can comfortably block
any action simply by pointing
out
dinner
Texas
be
Slowed
the fear is that
of deregulation of
(New York
Hotel.
there is virtually
legal justification for ignor¬
fore
at
Association
annual
expected to
to
Gas Bill
6, 1960
Investment
sell their gas to interstate mar¬
kets at the maximum fixed by
no
'
Tex.)
mums, any
bring two measures out
of Congress, although both were
vetoed for political reasons.
of
The area pricing system thus
attempts to get away from the
necessity of having to go through
the
Association
April
price ceiling,
giving the producers a chance
to make a case of higher maxi¬
past, with the cost for¬
obviously not working,
the industry had enough lever¬
stands
Legality Questioned
the
Bankers
Convention
introduced,
bill
a
restudy each
In the
age
still
the FPC intends to go back and
is
answer
legis¬
administrativetinkering
a
however,
Dec.
York
more
peren¬
mulas
prices arrive at
proceeding.
where
The
"Our
pricing
This
set
were
is
over
tested
area
for
major
(23)
costs
proper
new
Prices
each
in
based
norms
its
use
There
be
by
intro¬
cess.
"City
settled
(Phillips Petro¬
late September,
case
result must
particularly
in
the
landmark
of
Detroit"
case,
have
utility-type regulation.
When
are
industry,
having
by
pricing
corrective
for
to
even
to the problems
area
industry's
lation, which
suitable
feet is the final result. But such
tion
(Hollywood
atlhough it has no hope of suc¬
the natural gas indus¬
confsuion the
nial
FPC plan, and that it may
The
try. It has thrown into complete
This naturally
caused
long,
expensive legal battles and a
vetoed. So
1960
intends to keep the issue alive,
policy has had another serious
a
2,
before
duce legislation next year.
sys¬
is, and
be, an inexact, complex,
unsatisfactory,
and
time-con¬
suming process, fraught with
controversy. The result finally
reached may give the illusion of
accuracy
since
mathematical
the
will
even
the area
pricing system is not expected
to result in any change in con¬
sumer gas bills, either residen¬
tial or
industrial.
The prices
set by the FPC up to now are
generally in the range of exist¬
ing sales contracts.
Although
Adoption of the
"It is clear that the calculation
than
were
the
in 1961
inadvisable
be
For
involved, and a
definite price per million cubic
forts to simply reverse the high
in
changes
success
the
tem.
It noted:
processes
court's decision
uncluttered
to ad¬
developed
are
it, the system is sub¬
ject to the shakes, many produc¬
ers
say.
Any change in the
makeup of the five-man FPC,
or major changes in its techni¬
cal staff, could at any time result
basis.
f the FPC.
for
minister
and
nized many of the
rate-of-return
and reasonably
pipeline
producer
finance
ruled also that the
price for gas by these producers
had to be set on a utility cost-
27-Dec.
Beach Hotel.
outlook affects not only
independent producers. But the
U. S. Supreme Court that year
years
Association
Beach, Fla.)
Investment
companies, but the distributors,
of
Bankers
at the Drake Hotel.
ence
Nov.
about Custodian Funds!"
see
you
it should be
as
produced some of their own gas
well
as
buying gas from
'
one
strongly competitive
as
with other fuels
:
.
(Chicago, HI.)
29th Mid-Continent Trust Confer¬
markets, the price to the
is likely to rise and
state
,
Nov. 17-18, 1960
to inter¬
reserves
;
area
prices sufficient to produce the
incentives needed to swing dedi¬
as
required the FPC to also certifi¬
cate
(approve sales contracts)
and set the price of gas sold in
interstate commerce by
inde¬
pendent producers. Courts over
12, 1960 (Philadelphia, Pa.)
Investment Traders Association of
Philadelphia Eighth annual dinner
the
and
Bankers Association
industry of winning
nominal rate, the industry
cost to
This
1954, the FPC regu¬
lated only gas produced by com¬
10, 1960 (Minneapolis, Minn.)
Group of Investment
meeting.
Minnesota
rate.
Before
the
at
little has been done to ease the
Problem Created in 1954
of-service
Nov.
and
cases,
many
convention
Key Biscayne Hotel.
pendent producer prices are not
realistic
annual
being
still
is
tion
new
rate-of-
or
(Miami, Fla.)
Security Dealers Associa¬
Florida
left
applied to gas produced by pipe¬
line companies. The area inde¬
to Federal controls.
the
IN INVESTMENT FIELD
is that
say
pricing policy is "a step
area
in the right
pricing approach to
area
views.]
own
EVENTS
past
the
that
problems
About
the
"area pricing policy,"
new
plains that supplemental "policy
statements"
are
creating
the
same
re¬
COMING
quarrel. But it com¬
no
to
utility-type control produced.
Federal control.
FPC's
the
natural gas indus¬
the
try has
and
objective
the
reasons,
intended
flect the "behind the scene" inter¬
pretation from the nation's Capital
and may or may not coincide with
the
chance that
tossed
it
have to be
may
Our New
Carl Marks
FOREIGN
aside, if the Court rules
20 BROAD
again in the pattern it has fol¬
lowed frequently in the past—
full support
,....
,
telephone number is
-•
•
...
NEW YORK 5, N. Y.
-
TELETYPE NY 1-971
LERNER & CO.
'
•_
~
Investment Securities
fO Post Office Square, Boston 9, Mass.
\
H
Even if it wins the court test,
STREET
r.
for detailed utility-
York
CAnal 6-3840
SECURITIES SPECIALISTS
TEL: HANOVER 2-0050
type control of the natural gas
industry.
& Co. Inc.
Telephone
-Teletype
,
HUbbard -2-1090
W
a
.
* BS 69
@FedFRASER