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ESTABLISHED
Volume
1839
194
Reg. U. S. Pat. Offic*
Number
New York 7,
6112
A S WE SEE IT
Editorial
N. Y., Thursday, November 30, 1961 ;
A Tax
Thanksgiving season has passed into history.
have been, as usual, many enumerations of the
Price
That
And
blessings for which we as a people should be grateful.
individuals, we are still free, at least as compared
peoples throughout the world who have be¬
type of socialistic imperialism.
Our natural resources are still relatively abundant, and
we are still succeeding in drawing therefrom many of
the good things of life and in a measure far more than
most other lands can boast of. We are still making real
with many
victims of the newer
come
progress in unravelling
them to the benefit of
fact the envy
"
We
are
at
but nowhere
The
Administration's
covering about 100 million adults, out of
population of 108 million. *
for
tax
reviewed
are
by
Surrey.
Mr.
Equity Objective
Under these
living," stock options, generous pensions, other
The
desire
sort of peace it is true,
in the world is any really large scale war¬
peace, an uneasy
tax
stimulate
to
economic
our
also,
expert,
the
stresses
Outlined
are
obliged to devote a disportionate part of our en¬
ergies to. preparations to defend ourselves and ours
from aggressive forces loose in the world, but so mar¬
vellously productive is our industry that we still have
much more left for ordinary purposes of life than we
ever have had before. For all these blessings, and many
the
that
season,
this
might be listed and have been listed at
we may
well congratulate ourselves.;
Be that
ers.
question,
•v,
failed to
seems
to
Time//
us
.
that
>
.
greatest reason of all for rejoicing at this time. That
cause for thankgiving is simply this: There is yet time
change our course, mend our ways, and set forth upon
the true road to future wealth and welfare before the
to
inevitable consequences
of
of our mistaken public
many
policies of the past quarter of a century become so great
as to be all but eradicable. Tending to obscure this good
fortune and in some degree to subtract from it is the
fact that so few among the influential in the nation
appear
to have any vivid apprecia- (Continued on page 23)
the
incomes the
and
one
incomes
dollars
by income tax.* If
jcurrent. Federal
we
has
no
property
excise taxes
count
for
excise
taxes.
are
it
60%
about
The
of
as
Are
the
one
incomes
to be
the
and excise taxes
of State and local revenue;
Further, it is the income tax
REGISTRATION—Underwriters, dealers and investors in corporate
securities are afforded a complete picture of issues now registered with the SEC and poten¬
tial undertakings in our "Securities in Registration" Section, starting on page 30.
STATE
and
Lester, Ryons
MUNICIPAL
So.
623
&
Co.
Hope Street, Los Angeles 17,
of
BONDS
Co.,Ltd.
* ChasePIQTJI
Manhattan
UETT3I3!/
New York 5, N.
Head Office:
in
Claremont, Corona
del Mar,
Oceanside, Pasadena, Pomona, Redlaads,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
THE FIRST NATIONAL CITY BANK
OF NEW YORK
TOKYO
LOS
FRANCISCO
Bond Dept.
To
T. L.Watson & Co.
Inquiries Invited
Members
Stock
(World Bank)
on
Southern
New York
Correspondent
—
Pershing A Co.
Municipal Bond Division
O
THE
MANHATTAN
BANK
Maintained
Markets
Active
Dealers,
Banks
Block Inquiries
Commission
,
New York Stock Exchange
American
Teletype: NY 1-708
and
DIVERSIFIED
Brokers
CANADIAN
LOBLAW, INC.
1832
ESTABLISHED
and Development
ANGELES
Net
,
Association
Marine Bonds and
International Bank for Reconstruction
Y.
Affiliate: Nikko Kasai Securities Co.
Cooperatives
United States Government Insured Merchant
Encino, Glendale, Hollywood, Long Beach,
California Securities
SAN
Banks for
Members Pacific Coast Stock Exchange
1-2759 U
NY
DIgby 4-7710
Associate Member American Stock Exchange
Offices
Teletype:
Telephone:
Federal Home Loan Banks
Federal National Mortgage
California
The Nikko
30 Broad Street
——-
PUBLIC HOUSING AGENCY
Members New York Stock Exchange
HAnover 2-3700
New York 15
Underwriters and distributors of
Federal Intermediate Credit Banks
JAPANESE
<
DEPARTMENT
is
one
Federal Land Banks
Securities
BOND
if
same
one
Dealers in and Distributors of Securities
Municipal
Chemical Bank
NcwYoikTmst, Company
the
BONDS AND NOTES
SECURITIES
telephone:
taxed
single—if
STATE, MUNICIPAL AND
Public Housing,;
Securities
expenses,
judge the validity of a claim for a structural change
involving the differential
(Continued on page 22)
——
State and
has
or
SECURITIES NOW IN
U. S. Government,
individual
fairness is real and
is the income tax which is the mainstay of the
Federal Government.
or
if
same
of infinite
light
property tax
the principal source
another from employment, or
a
risky business?
Are the
gains,
the
fairness must, of course, be applied in the
variations. But the standard of
compelling. It must be continu¬
ously borne in mind as a standard against which
a
tax policymaker, legislative or executive, must
equity
.
Stanley S. Surrey
and gasoline ac¬
hol, tobacco,
different,
are
—
its
and
tax
For example: Are
sources
is elderly and
children—if one
is living abroad and the other is not? The cynical
may cohclude that there is no sameness, but only
infinite variation
hence, the test of equity is
meaningless. But I submit that such a view would
commit us to income tax anarchy. The standard of
limited—alco¬
are
if the
the other young—if one has more
Government
Federal
same
married and the other
(fiscal iyear' 1962),,r we
find that $45 billion is obtained
from individuals and $22 bil¬
lion from corporations—a total
of $67 billion from the income
The
points of ambiguity and,
many
resources,
such
re¬
ceipts
tax.
less, then isn't the tax
medical bills, or a casualty loss, or charitable contributions that are not borne by another?
are
examine
pays
are
individual has income from capital, includ¬
capital
ing
natural
tax
we
fairness masks
of
the United States may
raised
we;
since
ful:: Under
Federal
one
hence, difficulties of application.
the
c
generally have
enumerate—or possibly quite appreciate—the
But somehow it
compulsive reform¬
few statistics about
be help¬
our system, 80% of
a
If
talking of individuals at the
same income level? The sophisticated may quickly
point out that this simple and plausible standard
interest in tax reform
attention. At the very
it may, this
least, it invites the inquiry: What is desired in
way
of tax reform?
In our
search for the answer to this
our
There's Still
as
in the United States compels
tax.
same
unfair and lacking in equity—lacking in horizontal
equity
Many regard us Americans as
are signs of strains and weak¬
One significant aspect relates to
the tax..
equity of the tax under its present operation.
individuals, I believe feel instinctively that if
two persons have the same income they should pay
still
more/
in
Most
de-emphasizing salvage values.
on
<
first goal of United
the
the proposed de¬
preciation and investment credit plans, and the current view
We are
a
feel that there
many
ness
Administration's
in order to advance
capital formation
growth rate.
circumstances,
States tax policy must
J be
that of maintaining the
income tax in good working condition.
But here
pliance on such matters as taxation of dividends and inter¬
est.
adult
an
Marked for
organizations, and unfairness said to result from non-com¬
in point of
to threaten us or our interests.
reform
philosophy and objectives in pressing
fringe benefits, foreign tax havens, and taxation of mutual
of the remainder of the world.
fare in progress
which directly affects so many of our
people. We
receive 60 million individual income tax returns
pense account
ourselves and the rest of man¬
Our store of wealth is still enormous,
kind.
By Stanley S. Surrey,* Assistant Secretary of the Treasury,
Treasury Department, Washington, D. C.
change are such substantive inequities said to exist as "ex¬
the laws of nature and applying
Copy
a
Works for the Nation
Truly
As
Cents
Constantly
The annual
There
50
Orders
Invited
Executed
On
All
Canadian Exchanges
CANADIAN DEPARTMENT
Exchange
CALIFORNIA
BONDS & STOCKS
'
Commercial
Teletype NY 1-2270
Fishing
25 BROAD
STREET
NEW YORK
«
DIRECT VIRES TO MONTREAL
Dominion Securities
AND TORONTO
Goodbody & Co.
4, N. Y.
Grporatiom
MEMBERS NEW YORK STOCK EXCHANGE '
BRIDGEPORT
■
-
•
•
•
PERTH AMBOY '
w
A.
.
.
2
BROADWAY
new york
'
1 NORTH
LA SALLE ST.
';chicago
„•
/
40
MUNICIPAL BOND
Exchange Place, New York 5, N. T.
Teletype NY 1-702-3
WHitehaU 4-8161
DEPARTMENT
bank of america
N.T.&S.A.
SAN
FRANCISCO
•
LOS ANGELES
;
2
(2390)
For Banks,
The Commercial and Financial Chronicle
Brokers, Dealers only
We
The
participate and give their
If
it's
we
specialize in it—Indus¬
Corporate Bonds. For
fast,
and
W. GRAEME BRETALL
accurate
executions
and broadest coverage
in
values
supply and long
on
increasingly
Unlike
attrac-
find situations
growth
serve
are
to
Stock
American
120 Broadway, New York 5
WOrth 4-2300
Teletype NY 1-40
BOSTON
SAN
•
Private
Nationwide
PRANCISCO
Wire
System
r's
and
the
stock
common
George
Meyer
for
Write
our
Monthly Stock
Digest, and our other reports
that give you a pretty clear
picture of the Japanese
economy as a whole.
The Nomura Securities Co., Ltd.
61 Broadway^ New-York 6, N. Y.
Telephone: BOwlinf Green 9-2895
This
is
not
orders
an
for
offeror solicitation far
particular securities
any
sales
last
high.
results ending
J.
nal
venture
watches by
expansion.
nearly
million
to
fiscal year
characteristics to meet
year,
which
first
is
which
half
tries.
An integrated line of Meyer
equipment can deliver finished
products at rates from less than
400 to
over
relatively
amount
on
addition, the company also'supplies packaging equipment to the
actions
sales
9th
and
It
.
food,
totaled
chemical,
drug,
cosmetic,
products and distilling
measure
of product
dividends
for
$1.65
$0.35 extra.
a
intention
mately
has
been
Sears
stores
by mail
net
301
Sears
are
stores,
its
regard
entry
of unis-
have been received from this
this
County, Calif.
IMPROVEMENT
General
DIST.
Obligation
for
preparing land, im¬
mediately -adjacent to city of San
are
Mateo
enable
to
this
area
FEDERAL
EXEMPT
AND
FROM
STATE
OF
CALIFORNIA INCOME TAX
Send
info,
on
TAX FREE Estero Bonds
Name
Address
City.
.Zone....
State......
C&FC-1161
GRANDE ICO
HOGE
BLDG,
Industries,
Reorganized,
licensed
manufacture
to
products
sell them
in
12
2nd
and
CHERRY
$5.
the
Telephone: BEekman 3-3622-3
a
into
total of 740.
organization
the
as
business
the
is
has
substantial increases
in
coun-
reported
sales
1962.
and
Royalty
payments, which totaled $127,000
last
year
from Mitsubishi and
other licensees,
are
expected to
increase in the future.
MUNICIPAL
WEST,VIRGINIA
Sears
VIRGINIA
rapidly developing-^area.
sells-relatively1 few items
sidiary manufactures a line of
cleaning
and
glassware
filling
NORTH
CAROLIFj
SOUTH
CAROLINA
have made for it competi¬
or
call
ESggS
fiscal
1982
possibility of lions cover the U. S. with substan¬
last year's tial representation in Mexico and
One-
Of
the
most
outstanding
of the Common
YOUR ANNUAL
„
Stobk is owned by the executives
earnings .and
and
employees of the
Stock .is acquired in
Company.
the - open
market and sold to employees.
REPORT?
*
Is
:
STEPHEN
During the past ten
business
G. DUNCAN
your
tempo¬
adverse
rarily-had some small
yice-President, Janney, Battles & E. W. effect upon-the up-trend of
clark j
Philadelphia, Pa. r
ings but this has soon been
Sears, Roebuck and Co.
R0ebUck
gearg.
Crating
and
$2.99
Co.
is
cele-
1951. Based
company
has
the
received
:
The. Sears
ness
tions of the fi¬
an
salesmen
If
com¬
there
that
of
stock
denced
by
advance
market
receive
Stock.
Sears
the
all
Co. carried
an
on
of
,
a
line.
pro¬
this .field.
220 E. 42hd Street
New York
the Sears books at
Phone:
cost of approximately $55,000,000
but having a'present value of ap¬
price
high of
us
and
•
.
Financial Public Relations
the
17, N. Y.
7-1050
TN
-
proximately $225,000,000.
This
Company, which solicits business
in Sears stores, and also through
price of 85 as
interview, originally wrote only
of
Nov. * 29,
automobile liability insurance but
1961
which
now * writes,
in
addition,
fire,
Stephen G. Duncan
latter
price
homeowners, theft, liability, acci¬
represents an
dent and sickness policies.
The
enhancement of 50%
since Dec
Company
reported
earned
net
30, 1960. The Dow-Jones Induspremiums of $502,000,000 in 1960.
trial Average advanced 18% durFrom the standpoint of relative
ing the same period,
rank, Allstate was 24th in volume
a
•
GORDON, INC.
of
a
in
then .drop
,
COBLEIGH AND
attention
purchasers
owns
,
/experienced
fessionals -in
rate.
However,
outstanding feature
prospective
company's
services
-
busi¬
capital stock of Allstate Insurance
evi¬
is
should
<all
the
invest¬
an
not,
We're
annual
is
of
become,,eager
your
products?.
results for the first
merchandising
to
of
securities,
share for
is expected to grow at a good
average
nancial
munity and
the acceptance
as
on
per
ac¬
progress,
prospects
stimulate your
over¬
75th Anniversary of nirie months of the year an in¬
during, the present year.1 crease in net for 1961 is expected.
congratula-
its
against $1.66
it
shareholders
the
birth
of
as
recent
and
company?
earn-,
Net per share for 1960 was
come.
the
of
Does
■
:f
animate, readable
an
profitability
minor
years,
have
recessions
it
count
ness
and lncome'
94%
&co
RICHMOND; VIRGINIA!
features of the Sears operation is
to
BONDS
of
service
South America. An affiliate oper¬
ates in Canada. - ■
;
ment
Company operations have been
expanded
internally,
with
the
development
of
new
products,
and through acquisitions. During
fiscal 1961, the Machinery Service
Company of Louisville, Ky., was
purchased for cash. This new sub-
the
For
of
initial
over
rate.
sell
!
OFFICE:
of De¬
as refrigerators,
radios, lawn mowers and clothing,
quality equal to advertised goods,
selling them: ;at lower prices. It
employs 208,000 and its opera-
out
approxiearnings which
of
YORK
149 Broadway, New York 6, N. Y.
sold
tive articles such
months
share, including
It is management's
further increase
Japan and to
in
13 Far Eastern
Mitsubishi
tries.
Ltd.,
and
to
develop ultimately into a city of
35,-OOt).
INTEREST
Mitsubishi Heavy-
is booked well into
Municipal Bonds
Bonds
last year.
Meyer
MUNICIPAL
ESTERO
over
op-
yet, unaudited earnings
increased substantially
year
NEW
Sears -merchandising busi¬
sOml *80 CounSS *^8'* appreciation- '..'-Thecontinues
steadily upward.
Liquid Ltd.-: of London,
71.4%
owned, is the company's
English manufacturing and sales
subsidiary.
While no dividend,s
as
of
field—a
ture
Cash
supplier of
machinery .in for¬
yields 3.0%. I believe the shares
eign markets. Approximately 30%: on this basis are attractive for
of total sales are generated from
individualSj as well as lnstitu_
eration
Securities Co., Ltd•
made in
against 23%
as •
the fact that 35%
in
obtains
now
Allstate Motor Club
nay ;
50%
+S.mated
this
i
DAI WA
•
that
otherwise. As
or
smaller
Some
■*-
located
profits.
31,. 1960, it had 135 com¬
plete department stores, 304 me¬
dium-size department stores and
UASS Wmikfr o?nbe^ageadand
Meyer,
JAPANESE
cember
in
achieve
last
offices
of
calculated
77% of its sales
a
indicate
wouid
a
to
the
branch
to. our
competitive
American indus-'
in
merchandise,
company
have been for cash.
wires
substantially
are
those
than
NY 1-1557
SECURITIES
per
acceptance is the company's list
Pepsi
Cola,
Coca
Cola,
Canada Dry,
Schlitz, Pabst, Heinz Foods, and
Campbell's.
SAN MATEO
Direct
excellent position to
widely- advertised by their makers
minute,^further growth through a^uisiT —aside from specialties such as
requirements.
In tions, although all previous trans- cosmetics. Its aim is to manufac¬
1,000 units
A
,
places'the
.
Birmingham, Ala.
Mobile, Ala.
$100 Americans spend for general
large
sued stock
Exchange
Exchange
New Orleans, La. -
of
George J. Meyer Manufacturing
in addition to increasing earn¬
Company, founded in 1904, is the ings, George Meyer ds in strong
leading
manufacturer
of
high financial condition with no longspeed
automated
packaging term debt or preferred stock out
equipment for the beverage and standing.
As of June 30,, 1961,
brewing industries. The company total current assets were $19,761,is the only domestic manufacturer 316
compared to current liabilities
equipped to supply a fully inte- Gf $5,594,445 for a current ratio of
grated line of quality machinery 3.5 to 1. There are 710,000 shares
for the larger bottling and can0f common stock outstanding of
ning complexes in these indus- the
1,250,000
authorized.
The
of customers which includes
5.
of
From this small
merchandising organiza¬
tions, Sears ranks 12tn in value
assets, 6th in value of gross
cus¬
share.
a
York Stock
trial and
are-estimated in the neighborhood
$3.60
often
lower
Dec. 31, 1961, may Items, i Among
tomer's business, earnings for the
full year ending June
30, 1962
of
industries.
.
sale
the
was
mail.
beginning has "grown a corpora¬
tion with assets of approximately
have
due to the seasonal nature of
W. Graeme Bretall
household
r
Members New
Members American Stock
Hflnover 2-0700
they
ability
While
Co!
Steiner, Rouse &
-
19 Rector St., New York 6, N. Y.
be somewhat lower than last year
facturing
Company
possesses
the
depending
■saving^
of
record
a
Manu-
necessary
IN JAPAN
Philadelphia, Pa. (Page 2)
ahead
times
y e a
this need.
Opportunities Unlimited
Duncan, Vice-President, Janney,
Battles
&
E.
W.
Clark, Inc.,
of
believe
Selling
16
of
CHICAGO
•
PHILADELPHIA
this
on
1955
$14.8
million for the
J investors
earnings
Exchange
capitalize
doubled; from
dought—Sold—Quoted
Sears, Roebuck & Co.—Stephen G.
yielding 3%, I
ual
last
Associate Member
industries
management's
Re¬
Manager,
$2,225,000,000 and gross sales of
$26.9
more;
than • $4,000,000,000
(1960)
ending Jun§ 30, 1961.
Earnings annually as against $2,108,000,000
per
share for the same period in 1950. The public has whole-have
more
than
doubled
from
heartedly accepted the company's
$1.59 to $3.33. Backlog of orders policy of offering tested merchan¬
is currently running about 40%. dise at reasonable
prices—prices
at
1920
Louisiana Securities
Co.—W.
Mfg.
Dept., Pacific Northwest
Seattle, Wash. (Page 2)
Co.,
.
manufacturers
.oU the
and
Since
individ¬
alike.
Established
.
most
Meyer
Bretall,
search
in¬
preliminary
and
heavy
short
suitable, for
Corporation
Both
equipment, George Meyer
demand, it has had a good record of growth,
difficult to This stability is a reflection of the
are
institutional
New York Hanseatic
cleaner.
substantially
capacity
which
and
will
■
market where
investment
tive
becomes
Call "HANSEATIC."
J.
Graeme
demand indicates excellent reception.
..'
George J. Meyer Mfg. Co.
today's
bottle
new
crease
Northwest Co., Seattle, Wash.
In
a
products
Manager, Research Dept., Pacific
Municipal
Government,
Alabama &
Participants and
for favoring a particular security.
George
Utility, Preferred Stocks;
Thursday, November 30, 1961
.
Their Selections
Over-the-Counter,
trial, Bank and Insurance,
and
reasons
.
This Week's-.
Forum
A continuous forum in which, each week, a different
group of experts
In the investment and advisory field from all sections of the country
do!
can
Security I Like Best...
.
a n
d
a
equipment for the food and beverage industry.
To keep ahead of
the rapidly- changing packaging
technologies, George Meyer places
heavy emphasis on the research
and development of new products.
The
business
was
started
75
of premiums among American fire
At the present time, the company
years
ago by- Richard W. Sears
and casualty insurance companies
is introducing two new pieces of who was shortly thereafter:
joined in~ 1940 and fifth in 1960
(one
equipment—a! highly refined, filler by'Alvhh 'C: Roebuck.
"The\6rigji-;. mutual groiip also slightly exceeds
'•
; -'
\
••
*
"f •' .
\ .
: .4-W-Vs
SearsK ;It 'lis likely that it will
(This is under no circumstances to be construed as an'offer to sell, or !' i still further improve its position
Over-the-Counter
Quotation Services
for 48 Years
National Quotation Bureau
i
j>
<
Incorporated
Established
1913
-
..
SEflTTU
J
VVA.SH
MAir;
2
6t'30
'
as
'-v
a
solicitation
of
an
offer
to
v.v.
buy,
any
security referfedto herein.)'
^,
•
'
Continued
on
page
5
46 Front Street
CHICAGO
:
'
New York 4, N. Y.
SAN FRANCISCO
Volume
194
Number 6112
(2391)
CONTENTS
Long-Term Interest Rate
And Sales Finance Firms
JCHTOir
AND
By Walter G. Gadient,* Vice President, Robert Fulton Maine Co.,
Chicago, III.
Articles and News
OUR
A
the
with divergence from this trend from time to time.
run
supporting
Among r
for
learn to live with higher interest
—Walter
recent
rized
in
My
lead
instincts
Hoosier
On
—Ira
suspect the
over-specialized
expert. I question that techniques
can
replace judgment, or that a
mastery of polysyllabic terms can
for
common
x
with
aSree
Henri
Sir
ding,-who built the Royal Dutch
Petroleum Company,-who said.
have
"I
mental
that
truth
funda-
the
learned
which is complicated
anything
is wrong,
Simplicity is the hallmark of
almost
every
man
who
achieves; only a small man
has time to be complex."
It
to
seems
there
me
fundamental factors that will determine the future level of interest
international
scene
we
appraise
we' can
with
cost
clearly
is
control
won.
.
inflationary
as-
,
•
.
.
Hale
J
4
WHitehall 4-6551
.
Oxy-Catalyst
Boggs
10
Adler Electronics
Electronics Int'l Cap.
H
Prescription for Making America
—John
Sound and
Swearingen_'_
E.
Strong
Lindy Hydrothermal Prod.
j.
*'
■,
•
A
;
:
■
I
Monetary Policy Toward Nonbank Institutions '
—Clark
r
Warburton
14
Singer, Bean
15
HA 2-9000
—Roger W. Babson_l___
mackie,
&
Advertising's Value in Maintaining Retail Sales
'
inc.
40 Exchange Place, N. Y.
Teletype NY 1-1825 & 14844
Direct Wires to
not
-
Regular Features
Cleveland
Chicago
Los Angeles
...As We
steel
Bank
•
See It,(Editorial)
Philadelphia
St. Louis
San Francisco
Cover
the higher costs will filter
so
Stocks
Insurance
and
;____
19
Coming Events in the Investment Field___
afford
workers
Einzig:. "Great Britain Will Not Devalue
Investors are learning, slowly
^nd painfully, that debt obligations are one of the worst inflah°n hedges. There is evidence
of inflation; we have only tern- now that demand for securities of
porarily hidden it in a back room this type has declined and may
closet.
we^ shrink more in the future.
The root causes of inflation can
(2) The next factor is the .size
be argued for hours. Certainly a and the maturity schedule of t£e
major cause is the inability of U. S. Government debt. The probthe Federal Government to con- lem of managing this debt burden
trol' its
finances.
The
Federal is
monumental for the most
Government
habitually has
in- caPakle
and farsighted fiscal
curred substantial deficits. It is f1u:^°r!^es' Some $80 billion of
disorderly world, and, I am
convinced, an inflationary
one.
We have not solved the problem
8
_____h
From
Mutual
t-
binney & smith, inc.
9
29
(The)—Wallace Streete—
and You
.
T'
louis sherry
Indications of Current Business Activity..
.
company
r
13
Washington Ahead of the News—Carlisle Bargeron____
Market.
**;<>-<
Adopt
or
Floating Pound"
a
barton distilling
48
^' Dealer-Broker Investment Recommendations
through, throughout the economy,
live
pect of the U. S. economy. We
in
STREET, NEW YORK
First Western Financial
A
to settle for less next spring? And.
Factors to Consider
the
WALL
Telephone:
Tax-Sheltered Income
—Roger Maynard
The recently concluded wage
negotiations with the automobile
companies will increase their total
McDonald's
(1) The first ancfmost important
is
"HOT"
these
;
influence
ALL
3
The Investor Looks at the Chemical Industry
/,
compensation costs approximately
correctly, we will have a rather 4% annually; about double the
clear insight as to the outlook for long-term annual productivity ininterest rates for the don# pull, .^ej-eases . in the country. Can Mr.
If
rates.
Gadfent
Cobleigh__Av
U.
—Hon.
.South Vietnam—fiscal economy is
obviously not the answer,
*•>;
jn: the
private sector of our
economy, we live in an
age of
giants. We have big business, big
unions; we are even tending to big
schools, big churches, big social
projects. Caught in the mesh of
these power blocks, the struggle
four
are
the
a
walks like a Man. Conceding the
existence ofall ..too; apparent
trouble spots Berlin, Cuba, Laos,
sense.
T
ISSUES
OBSOLETES
Cover
Taxation and DepreciationYVVhen Congress Meets
■
face an ever-hotter-cold war. As
Kipling wrote, we have made no
truce with Adamzad, the Bear that
me
to
substitute
Surrey
99
ciplines necessary to-accept what
may be socially cruel and hard
alternatives.
of the most
and
over-theo-
one
entire business field.
the
OF
rates. He summarizes briefly several
the interest rate
years
topic has been
over-publicized
G.
Realty Shares for
suggested pointers regarding future financing plans.
In
S.
NEW
ARE
Mr. Gadient advises them to
ticularly to sales finance companies,
,
Nation—Stanley
Addressing himself par-
shortage of capital in the years ahead.
ANY
..Long-Term Interest/Rate and Sales Finance Firms
ing realization that debt obligations are the worst inflation hedges;
and
the
Constantly and Truly Works
for the high interest rate conclusion are: our
toward imhalanced budgets and price inflation; the grow¬
proneness
,
reasons
Tax System That
COMP
page
v
.
_
Chicago finance expert predicts relatively high interest rates in the
long
3
first western
financial corp.
17
Funds—Joseph C. Potter
24
Bankers
21
william j. burns
•
News About Banks
>
scarcely able to balance its ex- f^is debt matures anual.Jy'
penditures with revenues during ly» $250 billion is payable in live
boom years.
The so-called con- years or less.
..
servative party during its eight
In order to refund this maturing
years
of administration that ended
only little more
1960 achieved
in
than
success
its
in
predecessor
i
j
-ci
✓x
Currently, Federal expenditur s
J strongly rising trend.
the administration
s
,in
think
likely (perhaps it is even a p
impossibility)
cal
trpnri
cnori
rpu
billion
in
conscienti0us
fiscal
1961,
a
detective agency
~
-
24
Observations—A.
Wilfred
May
4
Our
Governments
18
J.F. Reilly & Co., Inc.
18
39
Reporter
Public
Secretary
of
the
on
Securities.
Utilities
Securities
refunding bond issues which will
t ag
bond mar^et depressant,
-
.
:
Broadway,' New York 5
Nqw in Registration
DIgby 4-4970
30
,
,,
Offerings
Security
Prospective
46
__,
,
(3) Third, I am convinced that
country's economy will be
Security I Like
(The)
2
Corner
20
Best
this
cq q
,„oa
i
-
Treasury should offer long-term
>
1
■
Notes
when bond markets strengthen, a
~
ys
federal deficit was $
,.J.
debt and to stretch out maturities,
the Treasury must subject money
markets to additional pressures
to reverse this
•
Av,
xr
NSTA
f°r a long period ahead. In-short,;
budgetary controls.
and
cap^ai short in the years ahead,
*
*
.
reces-
Security
.
reach I believe in what some have
$7 billi'oh irl! fiscal, 1962, a termed the theory of acceleration,
of
returning
prosperity. The life cycles of companies, even
Salesman's
sionary year; it promises to
some
year
There is
evidence even now
fiscal
in
of
tha^
which could be
1963,
boom year, revenues
see
eral finances will be
simply
lack
Constantly
Washington
*Pinch
brought into in this phenomenon. Witness the
pace
and
You
I
/■
Twice
Weekly
Reg.
25
Spencer Trask & Co.
Founded
Park
Place,
CLAUDE
WILLIAM
1868
Exchange
York Stock
ST.i NEW YORK 4, N. Y.
TELEPHONE HAnover 24300
Nashville
Boston
Newark
on
:
:k
..
request
-
TELETYPE NY 1-5
Chicago
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D.
York
to
SEIBERT,
DANA
J.
New
2-9570
7,
N.
SEIBERT,
Treasurer
MORRIS SET,
Other
Editor
statistical issue—market quotation
records, corporation news, bank clearings,
state and city news, etc.)
'
;
'
3,
111.
135
South
La
Salle
Countries,
$72.00
per
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plete
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Every Thursday (general news and ad-,
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ary
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.
Albany
•
Company
Reentered
S. Patent Office
U.
GEORGE
25 BROAD
■"
DANA COMPANY, Publishers
REctor
New
•:
Copyright 1961 by William B. Dana
CHRONICLE
FINANCIAL
WILLIAM B.
Members
'
*Prospectu8
PREFERRED STOCKS
specialized in
•:
Continued on page 25
Published
have
Distributing Co.
48
hitting for Donald D. Mackey
The COMMERCIAL and
For many years we
6
at which some parts of the
dis-
Victorian
Cosmo Book
7
,
increasing,^ and
Fed- lie and private, plays a large part;
domestic front we
the
(The)____^
Tax-Exempt Bond Market—George L. Hamilton*
.
better quality research, both pub-
little likelihood that
balance. On the
speeded
,
expenditures.
I
industries, have
\
en^re
a
will fall short UP*
State of Trade and Industry
St.,
(Telephone STate 2-0613).
i
•
;
and
per
rate
toreign
must
be
Quotation
year.
Note—On
the
!
Other Publications
•.
Bank
$45.00
account of
of
in
New
and
—
1
extra).
fluctuations in
remittances
for
advertisements
York
39 BROADWAY,
NEW YORK 6
Monthly,
Postage
the
exchange,
subscriptions
made
Record
(Foreign
-
funds.
.
..
-
.
WHitehall 3-6633
Teletype NY
1-4040 & 1-3540
.The Commercial and Financial Chronicle
,
4
(2392)
of
OBSERVATIONS...
volve
The Treasury
Uncle Sam
The
art-
The incidence of taxation on
most timely right
now—in the light
of both this
month's record-breaking $4% mil¬
lion "Rembrandt auction" of the
collecting
non-donating
in
estates
is
offer
authors
of
wealth
a
nine
cents
in 1936 by
4
the dollar).
on
Bernet
traditional
of the statute and Treasury regu¬
stantial
lations, and in providing a spring¬
board
for
further
clarification
of
exploration, is a new opus,
"Taxes
and Art,"
published by
French
and
Company,
interna¬
misleading.
and
tionally
art
known
of
dealers
antique
and
Madison
York's
New
Avenue.
This
booklet
beautiful 20-page
full color plates
accompanying a detailed analysis
covering "the low cost of giving,
giving on the installment plan,
and giving your art object
and
still keeping it."
contains gorgeous
authors
The
ground
with
sound
on
are
their
overall
con¬
week's
brandt
cause
which
the
that
tax
Gains-Tax"),
("Rem¬
will
this
the eleven Erickson pictures
were
bought at the auction
by private non-institutional buy¬
ers eventually to go into museums.
We would cite in further substan¬
tiation the increasing tendency
the
Revenue
Department
to
of
in¬
to
of
special
tax
art
stead of aesthetic enjoyment.
Over-Valuation
The
000,
a
Doubtful Tool
by the in¬
of special monetary
benefit from donating a painting
claim,
shared
stant authors,
security
benefit
away
object nor
art
an
vestment
an
affords
taxwise
in-J
give¬
unless the
would have liquidated his
capital
appreciation
anyway.
Those contending that the accrual
giver
that is,
selling the painting to the
at one's actual cost; and
donating the capital appreciation,
museum
which gives
tax
him a current income
The government is
saving.
pick
up
object
the
required
contribute
then
the
museum
'
debt.)
In
are
pleased to
announce
■>./•,;
as
our
purchase
paint¬
of
realized—pro¬
be
must
actual net
allocated
$40,000 to
is
cost
his life
over
expec¬
Thus, if you have 10 years
live, the annual "rental charge"
$4,000.
with securities,
With art, just as
maintain realism in allocating im¬
the
to
that
imagine
incidence.
tax
you
get
can
maneuvering.
PUZZLE
COLD WAR
firm
his
easily own—to achieve all
these objectives a number of pub¬
lic real estate corporations 'have
own
recently
in
home. Purchase of tracts,
much
too
dozens
of
great
gages, titles,
involved
or
attention
threw away
diplomatic
this political bomb in
5, New York
BOwling Green 9-5970
(unjustly) follow¬
incident -and his
run
to
have
insurance, closings—
problems of manage¬
and
returned from
through
Summit
the
at
excoriations
trip
selected
three
representative
view
ment and maintenance.
Syndication
During
early
the
interesting
issues
for
This company
.
was
incorporated
real ,Restate
syndication *n Delaware in January 1961 to
on in a big way, and thouacquire income-producing propsands of new investors, through crtjv- and land
suitable for the
syndicates,
entered
the • realty building
of apartment - houses,
market for the first time. Syndi-' motels or shopping centers, etc.,
ever,
caught
cates
are
bled
an(* to engage in leasing, development, construction, financing and
Mana^ei?ien*: of , property.
By
funds -from public offering of
£]ass ^ stock, and by offering its
Class A and Class B stock in exchange for fee ownership of cer^aln properties, United Investors
Corporation's holdings now inelude '-interests in 14 properties
*n 8 eight states and contracts for
flve others. :
*
pools of capital, assema
partnership agree-
under
(which eliminate corporate"
The funds acquired are
building, an apartment house or
motel; and the syndicate manager operates the property.
By
prudent purchase and securing a
60%
to
70%
mortgage
on
the
a
property,
;the
equity
is
highly
leveraged and produces, in many
These
net returns of 10% to 18%
on
invested capital.
Thi§ return,
inasmuch
as
it represents, to a
cases,
modern
diversified
include five Howard
John'sorT'Motor Lodge and Respayout of depre-Maurant installations (with 'a total
extent, a
charges, is substantially' of' 400 motel
entirely tax exempt. Investors Holiday Inn
great
,ttnif!s)fa
ciation
or
and
structures
108-foom
Restaurant in
and
sought these
syndicate
participations
because
of their
high returns, tax exemption, and
freedom
from
management de-
Roswell, New Mexico; the 80room Congress Inn Motel at Co-
market.
story,
eagerly
coa
Beach, Fla.; the 157-room
Miami Airport Motel; a five-acre
tails. Syndicates further provided shopping
center in Bay side,
attractive opportunities for sub- Queens County,' New York City;
stantial capital gain through re- the
14-acre Ridgeway Shopping
sale of property in a rising realty Center in Stamford, Conn.; a 27-
Estate
feet
by
at
the
Southeast
corner
The entire properties of United
Investors Corporation have been
recently valued
at $20,888,900.
Capitalization consists of 1,001.202
shares of Class A stock, 858,600
shares of Class B and 200,000 warrants (exercisable from March 1,
1962
through
May
31,
1962)
East
"An
Europe.
Japanese Securities
Khrushchev
to
than
"The
have
prevailing
Berlin
West
YAMAICHI SECURITIES COMPANY
its
to
of NEW YORK, INC.
into
a
.
.
Europeans'
.
feeling
will
die
slowly
on
sf6'completely committed
survival
this
blow to
the
will
develop
United
States
ance.
Neither
and
TOKYO,
JAPAN
BROADWAY, NEW YORK 6
of
American
explain
in
111
trust
COrtlandt 7-5900
Eisenhower,
a
the
prominent
conferee,
serve
diplomatic
trump card.
crises
before
to
strategy
And during
1961
offsetting Wall.
-
-
OF INVESTMENT SECURITIES
as
simply throwing away the East
German
no
the
nor
admiration
inner
Mr.
privately disclosed to
YAMAICHI SECURITIES CO., LTD.
Correspondents inprincipal cities
throughout the United States and Canada
UNDERWRITERS AND DISTRIBUTORS
policy
zig-zagging
Khrushchev's
Affiliate of
1870
that
is
the leader of the western Alii-
as
Brokers and Investment Bankers
©
aside,
and because the United
the vine;
States is
reports.
trusted either East or
Germans
West
he
ideology
Russians,
never
threat
a
as
reality,"
a
as
there
was
Dominick
Members New
&
Dominick
York, American & Toronto Stock Exchanges
14 WALL STREET
of
Lexington Avenue.
nine-week survey
a
house
which a huge FHA apartment
hoase of 3,500 rooms is to be
built; and the fee to 14,000 square
Corporations
To
ed
apartment
Second Avenue, New York, be^ween 86th and 87th Streets on
ready marketability.
Real
250-room
Philadelphia and the 12-story,
414-room Avon House Apartments
on East 74th Street, New York. In
addition, United Investors owns
'-he fee to half a square block on
But
German treaty appears more use¬
ful
re¬
now.
United Investors Corporation
—
how-
1950s,
provide the benefits affordthese .syndicates, and to
gather larger reservoirs of capital,
breakup.
Again last month he
permitting
diversified
property
gratuitously
took
us
and our
purchases, to provide permanence
divided allies off-the-hook.
and
continuity of management,
We now have a truth-ringing
and to create a marketable seexplanation
from
international curity which smaller investors
economist Hans Heinemann, just
U-2
the
ing
co., inc.
been
sented
entirely new'- underwritings; others were incorporations
syndicates already in success¬
ful operation.
We lack time to
cover
the complete list but we
deeds, mort¬
—
Especially
past
of
too specialized
money,
details
been formed.
three years,
there
frequent public offer¬
ings of realty stocks. Some repre¬
income-producing property for
most individuals either required
knowledge,
the
have
or
May, 1960, when he had us on the
New York
could
been
syndicates
have
certain
drawbacks.
They are usually unchev's motivation in recurrently diversified; the subject property
deflating Berlin crises by with¬ may be poorly built, purchased at
drawals of East Germany peace too high a price, or deteriorates
maintenance ' is
inadequate.
treaty ultimata long before their if
deadline
dates.
Continuing the Syndicate participations are also
practice from 1958 and 1959, Mr. quite expensive costing often from
K.
sensationally
gratuitously $10,000 to $25,000 and they lack
of the Syndication Department.
54 Wall Street
ever
material pos¬
session, relatively few individuals
have been property owners.
Un¬
til quite recently, the only realty
the average American owned was
prized
the
Unexplainable, at least to this
writer, has been Premier Khrush¬
Vice President
t. m. kirsch
has
estate
taxes).
tancy.
is
most
usually used to purchase an office
"rental"
to
real
man's
Heavy Rental Charge
portioned to the buyer's age. In
the case of a $100,000 picture, on
which the tax saving is $60,000,
be
While
ment
ings, either via the above-cited
give-and-keep, or keep-and-donate-it-at-death method, the in¬
cidence of the cost
by way of
that
RICHARD M. RATNER
has become associated with
for the": cost;
the painting to
subject to the debt—
paying
the
museum
with
borrow the
first
cost,
ft
rich by tax
We
Summarizing the development and popularity of real estate corpora-
the
(A better strategy would be to
use
debt.
Instead of selling the
amount
By Dr. Ira U. Cobleigh, Enterprise Economist
tion securities and outlining three representative high-income equities.
r
requirement to
the current proportionate
of the profit to be taxed.
amount
Don't
t
same
very
"Part Sale—Part Gift" maneuver;
portance
,.
the
the government valued it at
only $250,000. .' Y > ~1A\ '
The Treasury is considering a
clamp-down
on
the
taxpayer's
year,
possessing accrued appreciation,
completely overlooks the fact that _,the
neither
have learned that as of
w£
death Mater
his
considering
is also errone¬
ously made in the widely recom¬
mended technique: "Give your art
object and still keep it"; that is,
when buying the object, give it to
a museum, getting an income tax
deduction, but keeping it in your
possession for enjoyment the rest
of your life.
This precisely can
be, and is done, with any other
asset, as via a living trust—which
latter
medium,
customarily,
yields current income in cash in¬
picture
"Observations,"
donors
inference
attribution
The
to
[works of art]");
is quite
objects
blanket
privileges
in¬
sures
a
steady increase in the
flow of pictures to museums and
other publicly owned institutions.
As was maintained
in our last
clusion
such
which
reductions
tax
just auctioned.
Bought
Mr. Erickson for $590,-
brandt"
information,
pictures at the ParkeBut they also join in the grow¬
galleries; and the season's
tax maneuverings by ing tendency to imply that the
cited tax savings regulations spe¬
the "investment" community.
Particularly constructive in this cifically favor art owners ("Amer¬
ican tax legislation grants sub¬
context, in citing specific impacts
Erickson
area.
Highly significant is the Treas¬
begin¬
ning with a reminder* of the rela¬
tively low net-after-tax cost of
charitable gifts (ranging down to
constructive
Thursday, November 30, 1961
Tax-Sheltered Income
-
ury's original estate-tax valuation
asset on "the $2.3 million Rem¬
Patron of the Arts
as
this
in
.
Realty Shares for High
that the current value is to
be
overstated
by a phony ap¬
praisal.
To
the
contrary,
the
Treasury has been getting con¬
stantly .more vigilant and strict
nasty valuation hassles.
And
Other Collectors
any
on
ing
WILFRED MAY
BY A.
appreciation
capital
gift inflates the tax-saving bene¬
fit to the donor are really assum¬
.
.
NEW YORK
to
Volume
Number
194
6112
the
company;
Class A has
dividends. The Class A is
to
buy Class A at $9.75
per
share. Income Properties' Class'A
sells at 11%, pays 6c monthly and
a
preference and priority in respect
to
The Commercial and Financial Chronicle
.
rants
purchase one share of Class A
stock at $10. The Class B controls
the
.
.
represents
an
attractive
rently selling at 10 % and paying
a dividend of 6%c
monthly. This
represents
on
leveraged than the other two but
managed
properties. Cash distributions each
its building program should result
in significant and substantial ad¬
month
ditions
diversified
and
well
considered
are
invested
attractive
yield
-
return
a
of
capital and hence tax
until
the
stockholder's
to
net worth
over
tained
The Security
I Like Best
vehicle
only for high rate income
flow, but for interesting capital
gains.
This stock is perhaps less
an
motels, business buildings, and
apartments—legitimate prospects
for rewarding capital gains.
Joins Walston Staff
not
cur¬
(2393)
time.
(Special to The Financial Chronicle) ""
PORTLAND,
Baldwin
Ore.
—
with
now
Lyle
Continued
W.
Walston
income
ton
than
St.
He
&
was
Co.,
Inc.
*
////
formerly with
and Foster &
Marshall.
According to a projection of earn¬
ings, the company expects initial¬
ly
free
formed with offices at 6 East 39th
exempt
basic
investment
annual
recovered.
of
$2,770,259
annual cash flow of $665,-
an
and
is
•
an
gross
yields, good marketability
provide in three different
and
818.
sectors of the real estate market—
Real
Properties
Corporation
This
/is
to
securities business.
a
In
of
was
16%
to
more
September, 1957,
Allstate
com¬
life insurance underwrit¬
built
up
a
insurance
declared
cents
in
dividends
force
or
another
is
to
re¬
The
conservatism
time,
market
at
probable
appreciation.
incor¬
porate properties formerly syn¬
dicated.
Here
the
accent
is
on
ings include recent acquisition of
Wall Street office
building
York; the fee to the Jack¬
in New
Green Building, Chicago; and
interests in three office buildings,
son
loft
one
center
fice
shopping
one
combination
one
warehouse
and
cated
of¬
building,
lo¬
in six different cities in the
United
States."
: ': /
Class A stock was
The
.
building,
and
underwritten
/ /'. "
/: •;
recently
offered
and
in
ex¬
change for certain property inter¬
ests.
It sells currently at 121/2 and
pays
a
cash
monthly—84c
distribution
a year.
7c
of
There is also
Class B stock which elects two-
a-
thirds
the
of
stock
is
directors.
receive
to
no.,
The
B
dividend
until the Class A has received 84c
in
given year; and the Class.B
convertible
at
a
certain rate
Kidder, Peabody & Co.
a
is
FOUNDED
into
•
Class A.
Real
fers
////T'
exempt
r;yieldn
its ' Class
on
shares, the benefits of
management
a
Income
%
-
Ij
•
*
Ar
1'./
'
YORK 5
- v
*1*'
\
*T
' /v
v
/V;
/
'
>
a-;.
no'iiu
respected
an. in¬
well located
well tenanted business
•
•
and
group,
from
flow
come
'■
above average current tax:
an
1865
.
Properties Corporation of¬
and
properties.
Properties, Inc.*-. C-'.' - V
This company was organized in
•v.-...
-
1956
and, specializes in the own¬
ership, construction and operation
of apartment houses in Metropolitan
York.
New
the
~~
•;
com-
public" last July, it
six apartment houses with
—-
"went
pany
owned
total --annual
a
When
242, plus
a
rent
roll
of
V./'v
;
$547.-
choice parcel of land"
(-17,500 square feet) at 48th Street '■'
and Second1" Avenue/ New York,'—"
Gn-
this
site-Income
Properties
plans'to build a multi-store apart¬
ment
house to/be completed - in
1963 J .//
early
'
.•
; ; '
- "
£y.
'
'
•
- — -
'
'
In
■
addition,
the
has
company
/••yy •'
acquired the Shoreham apartment
i
»•
-
4.
house in
Brooklyn, and contracted
for the/purchase of a 79-family
fireproof building with taxpayers •
in upper Manhattan, and a dtscount center in Reading, Pa. Just
»
completed is an apartment build¬
ing and multi-store prooerty in
New York.
Here the
shopping
units
are
now
fully
leased
and the apartments 90%
rented.
These
newly
acquired
Flushing,
'
20 EXCHANGE PLACE,
ly)
,
(to
over
annual
the
*
/
,
/
•/:
-•
by overv-*•
$1,100,000 annual- •
rent roll of In-
come; Properties, - Inc.,
of June 15, 1961.
-i\'
.......
holdings;:will'; increase
100%
f
NEW YORK 5
estimated
-
•
as
The -management
„
.<
of. -this
com-
deserves special mention. .It
the
rental
income
pany
//•;
increased
from
each
did this
on
property acquired; and
occupancy rates aver¬
aging above 98% for the past four
years.
Meanwhile, due partly to
maintenance
excellent
and
to
land
Telephone 770-7000.
replacement costs and
values
of
company
*
four
edness
years
has
the/
mortgage indebt¬
been
'
prou-
erties have risen. Moreover, in
last
substantially
-
•
New York,
-J - •
•'./, ''
Members
American, Boston, Philadelphia-Baltimore, Midwest and
re¬
NEW YORK
duced.
*
As
main office operations will be consolidated at 20 Exchange Place.
programs,
higher labor, material and
costs,
market
•'
Effective November 27, all of our
.
of
Och
tiort
of
Income
was
$5,383,511
15,
1961 caeitaliza-
.
Properties,
in
Inc.
indebtedness,
329,006 "shares of Class A (to receive
a
dividend
up'"to $1.00 -a
stock
share
before
ceives
anything), 29,586 shares of
Class
B
re¬
Class B, and 30,000 two-year war¬
_
•
BOSTON
•
PHILADELPHIA
•
CHICAGO
•
LOS ANGELES
Pacific Coast Stock Exchanges.
•
SAN FRANCISCO
who
the
of
admire
the
unmindful
business properties; and the hold¬
the 72
20
same
of
the
of growth, increased in¬
and
come
and,
not
are
appeal
investors
T.".
/ company
and
to
1961
22,
dividend
share against
1960.
.
consolidate
an¬
$1.20
Nov.
extra
an
per
Exchanges.
stock
achievement. Allstate net earnings
out
on
from
Sears is listed on the New York,
Pacific Coast and Midwest Stock
$1,830,000$00—an outstanding 'prospects
(paid
share
per
its regular
rate
cents per share in
subsid¬
in
25
dividend
520 per share
1960.
of
America
formed
Corp. has been
Street, New York City, to engage
in
$1.40
of
Its net
years.
ing. In four years, it and
iary
P/Investors
nual
2
page
1960
1959.
in
menced
; ■
Form V. I. P. Investors
V. I.
for
subsidiary
a
respected dividendpaying stocks yielding 4% cur¬
rently, today's selections of Class
A realty shares have special ap¬
peal. They all offer generous tax
.
from
during the next few
&
to
Sears increased
.
and
Co., Inc. 901 Southwest Washing¬
Black
With many
is
amounted
of Sears Stock in
5
long
term
Financial Chronicle
The Commercial and
*
bonds,
reoffered
were
to
yield
'
.
.
from 2% to 3%% and after initial
(New York and
Delaware) have
already passed legislation to en¬
of
the long
holiday last week,
the 50th Annual
Convention
of
the
Investment
Bankers Association
of America
this
week
in
Hollywood,
Fla.,
advent
the
With
Thanksgiving
able
with
the
not
completely
absence
The
from
the
field
the
This
industry.
that
of
in
some
off
ket
was
to
ties
and
in
the
securities
past
of
counting
the
bonds
create difficult
general
rather
than
him.
:"/,
to
to
last
week
dealers
as
New
attempt
Expected
to
Business
firms
of
that
of
enter
Two
Pinch-hitting
important
for
Donald
con¬
com¬
area
D.
Light
ON
H.
of
the
Co.
&
Bank
and
from
of
at
has
1964
to
no
to 3.50%
Maturity
to
Dec.
33/4%
1978-1980
3V4%
3j/2 %
31/4%
...
_
—____
Chicagoj 111.
.____________
3V4%
New York City, N. Y._______ —3%
—
1961
^aP?em,°"
and
10:30
a.m.
1963-1982
11:00 a.m.'
10:00a.m.
6,300,000
1963-2001
' 2:00
;
p.m.
iqro'iqri
I'nnn'nnn
+u_nS/- Ya
Jnco"inno
00
SS
1962-1981
ll:00a-m.
Noon
1,700,000 1963-1981
5,500,000 1963-1972
1,150,000 .v 1963-1980
8:00p.m.
11:00 a.m.
10:00 a.m.
1,000,000
st- Louis County, Kirkwood School
were
helded
. District. R-7, Mo........
Salt Lake Co., Utah
Sauk County, Wis
National
.-
Noon
7:30 p.m.
1963-1982
Oakland County, Mich
Russell County, Va
totaling
by
City Bank of
including
The
group
a.m.
1,490,000
-2,944,000
Medford, Mass.
State
purpose
issues
Both
'/>
-
.
_
2:00
p.m.
"ll:30
a.m.
11:00 a.m.
11:30 a.m.
.
0
.
Los Angeles Co. Hosp. Dist., Calif.
v
New York City, New York-
sizable ad-
no
An
3:00p.m.
8:00 p.m.
?innP'm*
1:00 p.m.
10.00 a.m.
Next week's
'
..
..
'
North
Lucas
SfnCdnn
Rutgers
Iowa
°f $.28'"
noM
SLi
ct
K
general
-
t
p u r p o
bonds.
On
net
sale
1978-1980
3.70%
is
of
was
dar.
Asked
1978-1980
3.35%
3.25%
1978-1979
3.25%
3.10%
all markets
3.10%
3.00%
has
3.25%
3.15%
As
3.25%
3.10%
cember
3.70%
3.55%
much
1980
3.35%
3.20%
1980
3.40%
1979
3.60%
1977
1980.
Index=3 2961%
3.55%
,
-
3.60%
Trading,
been
we
"Switches"
the
emphasis
end
of
the
usually .placed
is
'
Dpr
1962-2000
11:00 a.m.
1:00p.m.,
3:00 p.m.
6,000,000. 1962-1981
2,115,000
1964-2001
Noon.
10:00 a.m. '
1963-1932:; 8:00 p.m.
2ft
'
'
'
"
James
iEast
„
Pay
Mun
Terrebonne
Par.
1963-1982
u--„;
13,000,000
6,000,000
Bridse
'
&
-l --^
La.util. Dist.,;
Cons. SD
____
"
______—
T'
Calif.
#1, La.
-
-
30,750,000 '
30,000,000
1 2,000,000
;
*>
^>
11:00 a.m.
10:00a.m.
,10:00 a.m..
2001
1963-1997
1964-1987
" >
:
®*P >™!^dn^esday)
,
.
________
(Tuesday)
on
the
importance of so-called r*
'
■_*
' A
3.25% "switches" for tax
purposes. This
_"
- "
' 4* •
3.50%
+
-,4
Lee County, Fla.______.
type of trading has been unusually
3.40%
Los Angeles/:Calif;
light this year as compared to
3.55%
Pascagoula Mun. Sep: S. D.5, Miss.
other years. So much
trading has San Jose, Calif.
/__
^
>
.
2,325,000
3,500,000
J_.
AFerrTluthority
11:00 a.m.
10:00 a.m.'
Jan. 4 (Thursday)
Jan. 9
•
1964-200.1
1963-1990
Jan. 1 (Monday)
Georgia
•>.
-
(Wpdnesdav)
Georgia Rural Roads AuthJ Ga.__
Georgia State Office Bldg. Auth.,
..
;
1,585,000
1,000,000
.-
.
v
usual.^'Ascension-St
year,
4,160,000
1^50,000
•
Cypress-Fairbanks CISD, Texas__
Taylor Township Sch. Dist., Mich.
approach the month of Deand
,
'
Small
than
-
»
important phase of
including tax-exempts,
active
1,098,990
Richmond> Va,
an
less
-
.
year
M86)00bondsiOUS PUrP°Se (1M2"
3.25%
1974-1975
this
3.55%
3.35%
,
Louisiana State College, La.—____
Loyola University, 111...
Tuesday/Dec. 12, New
City v/ill seek bids for $53,-
Seasonal
J...J
*
Dec. 15 (Friday)
presently only one other
importance on the calen-
1980-1982
N.
v
University of the Pacific, Calif— >
On
York
University,
Wednesday,
of
there
County, Ohio...._.——
p.m.
.
1962-1991
1963-J981
3,100,030
^anous gouth Carolina (State of)
bonds and
'
Deci 14 (Thursday)
J
1:00
Noon
1962-1981 *
2:30 p.m.
1963-1984
Noon *
1967-1981
7:30 p.m.
Sch. Dist., O.
2,031,000
—____—2,000,000
s°e ^63-1982) West Milford TwP* Sch* Dist'*' N* J*
First
2,000,000
1963-1992
3,000,090 J 1963-1982
*
3,041,000
iCWa___
cit
m
imnn
1964-2001
Dec. 13 (Wednesday)v.'
*
" >
three
o
a
I'm'
10.00 a.m.
iQRa'wni
3,681,000
Olmsted City
approximately $160,000,000,
issues of note up Tor.
competitive
bidding.
Tuesday,
with
1964-1987 11:00 a.m„
HS?'Sn
—
Springfield, Mo.
*
—
11:00 a.m.
tjnnn
Morris County, N. J.__
.
>
15,940,000
r-J------
Jersey'--—__
County, Va.__J__
_i
Chesterfield
issue calendar.
new
'' "r '
"
"
totals
com¬
a
city, Okla...
3,781,000
53,100,000
*
Atlantic County New
11, the only issue presently
the calendar.
on
four
the
Bid
Los Angeles, Calif.
29,
Haute, Ind
.
•
Pennsylvania State Public School
-BlclS- 'Authority, Pa..—,
modest $330,000,000. We'
^ enlii' "zon? Vrvui'aV'p'
no changes in the negoTexas State Teachers Colleges, Tex.
a
for
SERIAL ISSUES
1978-1979
Nov.
-
sold.
Chicago at
1977-1980
...
...
.
*
2:00p.m.
Dec. 6 (Wednesday)
offering calendar with the$155,000,000 Florida Turnpike is-sue,
scheduled * for the week of
about ,25%
been
(State)
31/2%
(State)___
33/4%
New Jersey Highway
Gtd.
3%
Auth.,
New York (State)
——3%
Pennsylvania (State).
3%%
Vermont (State)-.
..——.31/8%
New Housing Auth. (N.
Y., N. Y.) 3Y2%
Connecticut
•
Terre
tiated
public reoffering of the bonds.
REPRESENTATIVE
.
various*
issues
have-been
know of
Scaled
interest cost of 2.77%. There
Mackey.
Orleans, La.__
two
Looking Ahead
■
&
Co.,
Shearson,
Dallas.
1973
National Bank of
states
________
;
—
importance
of
bond
to~a
.
totals
Mercantile
of, coupons,
issue
Rate
New
Mississippi
York
Auth.: Pa._l
Jt. Sch
since last reporting and the calendar for the balance of this year
Moulton
Georgia,
yield from 2.00%
California
Baltimore, Md.
Cincinnati, Ohio
of
sale
consisted
Georgia
City, New Jersey.--——
Largest Award
final
First
.
_.
Orange Unified Sch. Dist., Qalif...
Riverside, Calif.
..
..
....
Jersey
of)
Authority,
Ports
Indiana Area
of
this
.
(State
Mass.
Oklab°ma
was
.
MARKET
at
Georgia
Dec. 6,
Oakland County, Mich, will repetitive
bidding.
The
Cook
i
ceive bids for $33,675,000 DrainCounty, 111- Forest Preserve Dis¬
District
(1963-1992)
bonds.
trict sold $2,000,000 of bonds due .age
banking
this
Falmouth,
balance
a
remaining
week
There
Tuesday,
Nov.
28,
saw
issues of importance sell at
greater
a
investment
would
financing.
*
and
years
number
R.
Co.
variety
a
growing wave of industrial aid
financing. All members felt that
ing
1980.
Jersey
[Negotiated sale to be handled by Dillon, Read & Co. syndicate.]
dicate
The final topic under discussion
Florida way involved the
will
during the
Connecticut
to
Other major members of this syn¬
include Salomon Bros. &
to
down
financing
with
received
->'•
During the past week there
National
expand
in
3.35%
to
from
,
_
Hammill
to
yield
a.m.
.
.
Industrial Aid Financing
tinue
to
Clifton, New
™
Trust
of
a.m.
*1962-1987
1962-1991
1962-1981
1962
bonds
The
•
of
Hutzler,
type
11:00
.
Broader Participation in
this
-7:30 p.m.
1962-1987
.
banks
policy
a.m.
9,500,000
3,250,000
9,693,000
New
a
dictate
^>;
11:00
1963-1982
standing at 3.85% on Nov. 24, the -Northern Trust Co., Halsey, Stuart • ..
•. «—
.^^Dec. 7 (Thursday)
*
reporting date. The week be¬ & .Co., Inc. and
the'Mofgan'Giiarr%South -Bend, IncL~^L'
_*<;
1,100,000 ' 1963-1968
fore this yield index had been
anty Trust Co. of New York. The Wethersfield, Conn. __^___tL__—_ : 2,334,000 J 1963-1931
at 3.88%. For that period the mar¬
large issue, $9,105,000 Series A-l
: '
>
n
Q
ket was thus up close to one-half
bonds, maturing 1962 to 1981, was
>•>
"
5
I>5?'
point. This week has seen little scaled to yield fromvl.6Q%f to Careen River Valley Water D., Ky.
1,035,000 1966-2001
activity in these markets with 3.50%. A balance of about
$3,455,- .
*
Dec. 11 (Monday)
prices about unchanged.
000 remains in the account. The.
Liberty County, Texas
J—— - 1,000,000 : 1965-1984
The Blue List float of available
$2,750,000
Livestock
Coliseum
^
•
>
n n
19 YTiiA«dnvV *
' '
municipals has again moved over bonds were scaled to yield from
!
the half billion figure to yester¬
160%
in 1962 to 3 50% in 1983Coral Gables, Fla
r 1,000,000
1962-1986
day morning's total of $504,540,- The last three maturities carried Cordova Park Dist, Calif.J»200,000 1963-1987
000 as against last week's total,
a
2% coupon, and were not n'e- *East Baton-Ttouge Parish, La
Z'SnS'SSS
Nov.
24,
of
$495,284,000.
This offered. At this writing it appears Esstlake Oh10
_
2,000,000 1^63-1977
amount
of bonds would explain
that about $745,000 of the bonds
Florida State Board of Eaucation
1,765,000 1963-1982
some
of the price cutting of the
have been sold.
Florida Turnpike Authorty,'Fla.__ 155,000,000
2001
A
•
a.m.
Noon
'
*
%
'■•••"■*
Dec. 5 (Tuesday)
Aropahoe Co. S. D. No. 6, Colo.—
2,570,000
a.m.
10:00
11:00
The
the denominations he
would be
•
&
'
_
10:00
1962-1981
in
awarded
briefly .noted.. On Monday, Nov.
27, the City of Seattle, .Wash,
simple pro¬
awarded
$4,000,000
capital, im¬
cedure 1 to
offer
the
buyer the
provement (1964-1982) bonds, to
opportunity to specify whether he
..The Chase Manhattan Bank group.
wished
$5,000
or
$1,000
units
to
It
Bank
1981
$11 855 000
him make the de¬
as
17'
a.m.
"
1,735,000
reoffered
(1962-1986)
relatively -light volume of new
involved, let us not lose sight of
municipal issues. The few more
the investor who buys our bonds
^important
new
issues
will
be
and let us let
wants.
10:00
7
p.m.
of
a
cision
1963-2000
8:00
11:00
this
Vthemselves
lighten their inventories.
g"
and
.1,023,000
1963-1986
1963-1981
problems.
underwriters
8:00 p.m.
7:30 p.m.
last
While at first this would appear
to be a sound idea, particularly
the
of
to
Conti-
the
by
National
Beane.
&
Week's
Strong
pattern
awarded
was
maturity carried a 1%
coupon and was offered at a 4%
yield. The issue appears to be
quoted revenue is¬
once
again gone con¬
the
to
1962-1981
1962-1990
1.60%
dollar
have
trary
Bonds
1964-1990
1,250,000
1,871,000
25,000,000
The
Dollar
■
" 1,000,000
_
1,033,000
actual
\
for
this
8:00 p.m.
Williston
The
obligation bonds with the Smith;
Barney & Co.Toll. Road Index
physically
and
coupons
Since
1963-1987
28,500,000
were
through an average of
offerings,
it reflects
inventory
price
issue
sues
securities, detaching the
interest-
one-
./>
2,425,000
•
and
rather than
The
$1,000 but the volume of outstand¬
ing bonds has grown so large
($70 billion) in recent years that
provision for vault space for this
mass
of
;
.
including Lee Hig-Baltimore, Maryland
:
ginson Corp., G. H. Walker & Co.,. Barker,
Chenango,
etc.,
Central
R. V/. Baird & Co., Inc. and J. R.
School District 1, N. Y..J
cutting.
r"
in units
point.
a
Illinois
$1,465,000
writing.
.
states, authori¬
political subdivisions to
these
Financial
issue
group-headed
nental
well
new
encourage
traditional
issues
the
Trust Co.
average
A
'••> Dec. 4
(Monday)
•
County, Ga.
*1,000,000
*
DaIlas County; Texas...—
5,000,000
1963-1992
parma> Qhio
j
> 1,965,000
1963-1972
p.
County Ariz
J
'1,420,000 .1969 1982
bidding
competitive
The
yield
some
issue their coupon bonds in larger
than $1,000 denominations. It has
been
of
an
Moorestown Twp. Sch. Dist., N. J.
North
St.
Paul-Maplewood
Ind.
> Sch. Dist;'No. 622, Minnesota—
its
bonds.
index is derived through
actual secondary market offerings
at the convention
move
eased
has
quarter
ing industry by the government, >
Another
aggres¬
;
and
,
Nov. 30 (Thursday)
$3,300 000 various purpose
general
obhgation
(1962 - 1981)
that in terms of dollars, the mar¬
by the bankers and a deliberate
intervention in the private bank¬
Decide
for
bond yield average now stands at
3.2961%; the average a week ago
Was 3.28%. This would indicate
borrowing rates were
termed inequitable and unrealistic
Investor
Commercial
The
These
Eet
extremely
issues
from the highs
slightly
or more
Sale
r or
tabulations we list the bond issues of
for which soecific sale dates have been set.
Wednesday, Nov. 29, Kansas >
City. Mo. attracted seven-bids and Chatham
Chronicle's high grade tax-exempt
3%%.
cases
been
000,000
On
Although
earlier this month.
of
policy
of
various
Federal
lending agencies of making loans
to
municipalities at rates below
those of the public market. The
Housing
and Home
Finance
Agency (of the Community Fa¬
cilities Administration, Washing¬
ton, D. C.) came under specific
mention due to its lending opertions by which it is authorized
to make long-term loans
(up to
S65.0 million) to municipalities at
and
has
following
mi
'
'
.
the
In
1981, about 40% of the bdnds have Northampton, Mass. '
been.sold.
- J,;J.A.Villa
Maria College, Pa
municipal bond
slightly easier
~T
..
..
"I1"IT1
Larger
Issues Scheduled
0
•
-
R. W.
Pressprich & Co., Laidlaw & Co.,
Dominick &
Dominick, and Eldredge & Co.; Inc. Scaled to yield
from 1.90% in 1963 to 3.40% in
Indicated
week.
past
sold
have
been
in¬
the
3%%
the
~
_
include Phelps, Fenn & Co.,
type
'
oi
city of waihngford, conn.
school bonds to the
Other
major members of this syndicate
as
'
'
"
~
.
,
The
qt times very competi-,.
tive, the general market level has
enjoyed by bonds
municipalities and
and
states
been
$890,000
of
Lehman Bros. & Co. group.
sive, and
ury
would try to
reduce the
extent of Federal income tax ex¬
now
and
balance*
a
sold $1,645,000
'V-' i.
•••)'''
Cutting
has
during
cluded allegations that the Treas¬
emption
'
this
on
the bidding for the few new
again centered on the
inroads
and
encroach¬
in
ments
record
on
bid
will
state
The
market
once
Federal
future
Price
convention
the
is
A.
There are still a few switches going on but the volume of business
being done is insignificant as
compared to other years. A firm
order market seems in prospect,
:
bonds remain in account.
such
bOnd. "
Of
the municipal bond
related to
as
B.
of most of the hier¬
news
offering
bonds
sell
financings but it
is understood that many firms in
archy of the municipal bond fra¬
ternity, it was rather the lack of
important new issues up for com¬
petitive sale which caused .'the
quietness.
' •*'*
4
I.
opposing
down with
close
to
to specified authorizations with
guarantee of the state behind
The
report from
the municipal bond field. While
the tax-exempt bond market did
of noteworthy news to
the
states
them.
in the way
not too much
there is
up
these
Thursday, November 30, 1961
.
been done in past years that many
clients find that there are no
longer any large losses in municijointly by Shearson, Hammill & pal bonds and that, in fact, most
Co.
and
Goodbody
& Co. The of
their holdings show gains,
'
coupled
.
Gary,, • Ind. awarded $2,000,000
general obligation serial +(19631981) bonds to the group managed
TAX-EXEMPT BOND MARKET
BY GEORGE L. HAMILTON*
.
"
-
.
.
*.^>'
1,150,000 ^111.00 a.m.
9.000,000
*2,000,000
-
20,00(f,000
.
>
1963-1982
1—-—
11:00 a.m.
Volume
194
-Number.6112
.
,
The Commercial and, Financial Chronicle
.
Steel
Production
Electric
The State of
Carloadings :,
Retail
TRADE and INDUSTRY
»
Price
Production
Business
Index
j
Failures
yet.
have
district
Chase
the
Manhattan
tt
in
educational
levels
^But some
.
sales
ber,
in
offices
tonnage they can actheir customers. These
for
much
how
they
-the- first quarter.
<
The Iron Age
of
tonnage is adJanuary to Decem-
from
which
is
1960
few
a
The
hours,
the
•.
following
Bank,
pre¬
44%
the
of
boost
in
output
*
in the postwar
period have
rests
'
created
entirely new set of
problems for manufacturing, ac•cording to Business in Brief.
The
basic
problem
of rising
overhead costs stems from
in
crease
in¬
an
nonproduction workers.
total1
number
of
production
workers has actually dropped 4%
1947;" bit 'ta
•since
number
of
that period the
nonproduction-•-or
•
__
j—
•white-collar
-risen
has
workers
63%. Plainly, a much greater per--
centage of total costs
in overhead
merly.
main
--
.
are
incurred
today than for-
areas
This ^change
two
causes
problems.
The first
of
workers
;
Week Ended
Nov.
...
Nov. 25 in
for
;uct—are■ less
than
when
an
Bank
an
White
-
.
.
clearings last week showed
example,'research
likely
to
laid
be
This
falls
'ttatrorrrolOTment'&d
means
payrolls do
not
respond as, sharply today to
changes in output as they did in
ago.
past,
can
rise
and therefore unit cost
rapidly when production
falls during a recession. \
is
Second
ductivity
the
of
problem
pro¬
During
manhour.
per
by the Chronicle based upon tele-
SrapWc"'advice's
per
was
annum.y
,
the
week
through 1958, and even with
.substantial gains since, the rate
Nov. 25, clearings
the United States
possible
mgs
was
?fp+vf:
due
in
slack
to
for all cities of
for which, it is
.
*
Western
Southern
if
Total
189,302 for
Our
comparative summary-. for
the leading money centers for this
week follows: -•
-
Wkfirid-' "
Nov 25—'
"Yod<rZ omittedV*
will be
*
+.
,
%l'aat^P
of
clear
pay
these
to
answer
V""I>
77,899^r-:;'785,649.
785,649 — 1.0
l.o
Boston
^
. 77,899
Steelworkers Anticipate a Strike
In the Industry, According to ^
-
Latest "Iron Age"
The
rush
97
__
106
109.1
___
production
based-
states.
At present, both unit wage
and.
patterns
recovery
tivity rises
l'
This
«
a
for Boom
Least
The
steel
industry
„
—
■
is
Turning
to
an-
Steel
magazine said.
'
*.'■ Even,
though
shaping
this
year
for
December
steelmakers,
there
openings in December
all products. But,
this could
are
other
durables
keep
selling as
year
through
well as they have been.
25,v 47 weeks, amounted to
By mid-December, some of the
86,880,000 (*99.2%), or 5.4% below the period through Nov. 26, • smaller sheet mills will be operating close to capacity. By FebruI960.
The year to date production for
Productionf .this
Nov.
virtually
with the situation fluid,
■
otF^?^ue^ M<Va9e 26
change in a hurry. If more flat-
j-j-.I
a
W>J
»r|T
The
.
solicitation of an offer to buy any of these Bonds.
offer is made only by the Prospectus.
offer to sell
nor a
■
$25,000,000
Kingdom of Belgium
:
V
>
<
External Loan Sinking Fund 5V2% Bonds
:
' J Da ted December 1, 1961
;-hy:
■%
"
-
;.
-;
-.
Z
'
j
Due 1976.
Due Decern ber 1, 1976
.
-
'
1
1'.
''-
y'
:
»Interest payable June 1 and December
,
1 in New York City
..
of
Price 98% and Accrued Interest
hattan, report showed that the real
formal
of
for
education
nearly
billion—an amount equal to
of production of all
goods
services. This figure includes
Americans
'
$45
9%
'
and
salaries,
last
year
,
was
school
and
teachers
for
Copies of the Prospectus may be obtained in any State from only
such of the undersigned as may legally offer these Bonds in
A
compliance with the securities laws- of such State.
employees, maintenance and car¬
rying charges cn buildings and
the
estimated
students might
have earned if they had been
working
instead
of
attending
and
equipment,
'
amount
,
"
of
■
money
school.
Education
gives
a
high rate of
accord¬
the investment.,
return
on
ing to
Chase Manhattan. College
had a median income
CO.
MORGAN STANLEY &
SMITH, BARNEY & CO.
J
Incorporated.
•
graduates
;
of
$9,210
of
i
•
:
1958,
in
two-
almost
$5,570
median
high school graduates.
Elemen-
thirds
the
above
tary school graduates had a raedian income of $3,770, When inby college students
school-students is adby IQ ratings, and this
is compared to the costs
earned
come
KUHN, LOEB & CO.
THE FIRST BOSTON CORPORATION
'
WHITE, WELD & CO.
Incorporated
:A..'A *
BLYTH & CO., INC.
THE DOMINION SECURITIES CORPORA HON
UNION SECURITIES & CO.
EASTMAN DILLON,
•
GOLDMAN, SACHS & CO.
and high
'
justed
:
income
:
of
the
of
reiurn
•
-
education
-investment
received,
nearly .10%
of
m
a
*
rate
a
the
on
college- education
>
'
Incorporated
average rate of rebusiness investment. -y
1
turn
In
on
addition*
the
made
to
-
considerable
economic
report
notes
education- has
:
-
-
Incorporated
:
>
•
•
-
v..
-
•
.
■
DEAN
CORPORATION
\ '»f
.■ ''."■
l
Xovembt-r 80, 19(11,.-.
-.AA
'
..
■
■
' ■
'• *
■
:
•'
contribut'ons
growth. The general
FRERES & CO.
;
FENNER& SMITW
Incorporated .i...
STONE & WEBSTER SECURITIES
„
] that the increase in
y ?
MERRILL LYNCH, PIERCE,
approximately
equal to the
-
LAZARD
PEABOD Y & CO.
HARRIMAN RIPLEY & CO.
,
is indicated. This is
it will
Steel consumption will reach a
.formal education, the'Chase Man¬
cost
is
the best month of
up as
em¬
examination
heading
0
than six months ahead for a boom—one that will last
at least until the end of June,
more
ployee compensation.
.
average
Until June
lead ended Nov. 25, 1961 was 2,032,000
that, at the moment,
means
This announcement is neither an
produc¬
as
rapidly than
.rp ore
on
0f, the deadline, and militant talk
cations of things to come.
for
steel inven-
build
to
Report
early 1962 has resulted
ques¬
lication
1
,
*> times as December progresses, tons ("109.1%), or-0.2% below higher level; by the second quarthan it attained at any time
Chicago" II $i2,7^594- $1.^343,791-vtimes currently show no the output of 2,037,000-(*109.3%) ter
in 1961 if autos, appliances, and
1,117,000
989,000 +'12:9
sharp change, but there are indi- in the week ended Nov. 18.
Philadelphia
XT~"
white-collar
in projects
off in the future?
available, the bank's pub¬
*i
.
According to data compiled by probably be less productive than
of ; consumption and inventory
building will" be a significant im- the American Iron and Steel In- any month in the first half of
'provement in steelmaking opera— stitute, production for the week 1962.
4ions and a lengthening of
.
.
"Index
,
,
.
the
tions is
cal
that,
Some m!Us ,are.iustifv
receiving
orders at the local level.
operations
a rate; to jusuty operations
iPr^d!JCj °xr Datocf°irnSe
from ™"t0 li/o ot capacity.
Week Ended Nov.. 25, 1961
the: same week:i&-yl;96Q.y^'/The result of the growing rate
•salary costs.are dropping: in typi•
'
-
inventory buildup that much belts
Or,, have
expected to
'
convinced
—
.
.
.v
more of a squeeze on the market.
6 8%
prevented maxi¬
utilization of nonproduction
workers?
No
129
+
•workers been engaged
•
St. Louis
which
economy
mum
~
strike. This is evidenced
* If this pickup in consumption by savings buildups among workW1u vm+1? early ers, a general tightening of their
•
high? Is the si owe own in tne ra:e
increase
139
,
.postwar years. This raises several
questions, according to Business
in Brief: Is overhead simply too
of
are
..--104
Cincinnati
>
steel labor climate and notes that
obtain weekly clear'above those of the
to
or
92
______
consumption, particularly by the among"'steeTworkers them^elve^ we'""y
pr°:""!ll,m '«
Steel Industry Heads
auto- industry, has picked UP
"" the general< belief is
>- that there
That Will Last at
.
Saturday,.
strike
103
113
-
earlier
has been below
1955
chief
decisive gain for De-
a
104
Pittsburgh
Youngstown
ClevelandChicago
rc£mber' \f *Re rat® is sastf^ed" there is one" U wiU be short'
■rhe^e 1S little evidence that DeT?ic Iron Age says there is no
ordeis are foi inventory, evidence of any change in the
'slowdown from
1955
after
ended
ppwever, th'ep
noticeable
a
"the"
days of inventory by the end
Buffalo
IkAvn1
UflTim,rAT>
'
from
cities
ullca
of
WJL
the ViUUMUir,
country, indicate
mjlLCUC that
for'
postwar period, productivity tones, in
in manufacturing has risen
abp^t^
the
■OOf
year
a
Preliminary figures compiled
-
the
with
increase compared
60
i, 1961
105
150
planing to build from 30 to"
.
,indicated
r
are
_
Detroit
.
assembly line "workers
outnut
Week
1969 Week
Above the
not look
a few days ago,
much better than
November.
of next June, there are others
r-.+A surge of orders late last week who dismiss the possibility of a
Ended
Upward Rise of 6.8%
Clearings, for
Bank
did
it
corresponding
week
last year.
Our preliminary totals stand at
collar $23,119,035,586
against
$23,504,-
scientists developing a new prodv
'3 %
ber outlook. Until
'
'
~
problem is inflexibility
employment.
off
'
'- r
education.
with
Index of Ingot
North East Coast.
per
an
*
-The
on
or
Production for
•
„
costs
47
tons
concludes
tory
worker
of
summary
Institute
are
companies have advanced, some for current needs. But.it is clear •
according to one study. January tonnage into. December,, that the general tempo of business '
future business conditions.
Moreover, the advance in tech- This and a general pickup last has picked up significantly. '
Persistent
rise§, in " overhead nology, which is basic to growth,' w6«k have'changed the Decern-'v' Whil£' rtiosf major consumers ~
sents
1960,
of
Ingot
Production
by
Districts for week ended Nov. 25,
1961, as follows:
automakers, and general users is
auto for inventory and how much is
that
26,
91,809,000
Index
Some of the new auto business
for December is related to inven-
-
says
Nov.
was
7
(*104.9%).
building, "but not all. Mills
attempting to determine how
place in .much of the new business by both
can
through
weeks
likely,, cold-rolled
mills sheet would move out by weeks
much
cept
labor force has accounted for
e
told
vanced
rigid
of
automotive
rolled
offices, -in turn, have given purchasing agents some rough limits
of
increase
system
no
allotments
how
.
Commodity Price Index
Jn its latest issue of Business in
Brief, published bi-monthly by
is
There
Trade
Food
steel
products, The Iron Age reports.
,
.'
Auto
informal quotas on some
in
Output
(2395)
-
X
WITTER &
CO.
8
The Commercial and Financial Chronicle
(2396)
period — National Quotation
Inc.,
46 Front
Street,
year
DEALER-BROKER
Bureau,
THAT
UNDERSTOOD
IS
INTERESTED
SEND
TO
THE
York
Del E. Webb
Inc.,
PARTIES
Co.,
39
New
—
is
growth
of
Analysis
prospects— port—The Daiwa
Co.,
Securities
Ltd., 149 Broadway, New York 6,
Market—Review—Equi¬
table Securities Canada, Limited,
investment, containing 20 essen¬
tial points for stock'traders and
investors — The Nikko Securities
Yonge Street, Toronto
1, Out.,
York
11
Broad
New
—
Co.,
attractive —
Dean Witter & Co., 45 Montgom¬
ery Street, San Francisco 6, Calif.
which
sues
appear
available is
Also
memorandum
a
Co.,
&
City
Bissell
showing
Electronics Industry —
Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,
stocks
N.
counter
used
Y.
industrial
National
the
Electronics Industry —
Report—Yamaichi Securities Co.
of New York, Inc., 115 Broadway,
Japanese
the
and
Averages
35
in
La
Inc.—Memorandum—
Co.,
Ford
Vaughn
80
cv^;
:
-W'V
1
.
'■
\
•
'
**
Standard
Huff
H.
&
Street,
.
.
'•
-v
<•
.
•
N.
fA
Mi*
/
■
"
-
>
'
'
Y.
Angeles
Los
Data
available
data
are
National
Chemical
Distillers
■
;|
.
♦'
i,
.A
Corp.
and
1
"
1
""
.
'
•
4
:
j
j!
Troster, Singer & Co.
|
iii
Direct wires to
correspondents
across
;
......
;
-
^
the country1
available
Y.
Buckeye
Also
Nu
Pipe
;
*
Limited—An¬
Celanese
alysis—Royal Securities Corpora¬
tion Limited, 244 St. James Street;
West, Montreal 1, Que., Canada.
Also ' available
are
analyses
of
Consolidated: Mining and Smelt¬
ing Co. of Canada, Imperial Oil
Limited,
and
Traders
Finance
Corporation Ltd.
Celanese
Corp.
America—An¬
of
Hentz
New
Street,
Co.,
&
York
5,
4
Coastal
States Gas Producing—
Memorandum
—
Walston
&
Co.,
Inc.", 74 Wall Street, New York 5,
New
An important
Primary Markets
function of our
V
business is
<
establishing
s—
& Hopwood, 115
Street, Minneapolis
-:;v'V";
V.
Corp.—An¬
Wire
Insulated
Rego
& Saxe, 50 Broad
alysis—Russell
Southwest Grease & Oil Company
—Report—Milburn, Cochran &
Company,
*
''1
•'
•
,
Tandy
New York.
Williston
v.
Equipment
p.—Analysis—Ball, Burge &
Union*■'Commerce Build¬
f V.
'
.
Mines—Memorandum—
F.
M.
Mayer & Co., 30 Broad
Street; New York 4; N. Y.
.
Inc.—
Security. Systems,
Globo
Analysis—Hooker & Fay, Inc., 221
Street,
cisco 4, Calif....
;
San
Montgomery
:
Printing
Goodway
'
*
:
Fran¬
—
Bearing Company
Hoover Ball &
Analysis
Hornblower
—
&
Weeks, 1 Chase Manhattan Plaza,
New York
are
5, N. Y. Also available
of General
Motors
reviews
International
Har¬
Midland Ross, American
vester,
Radiator
&
P. Stevens,
Standard
Ramo Wooldridge, Na¬
Sealright Oswego
.".Falls.
'
'
;
—Equitable Brokers Limited, 60
Yonge Street, * Toronto
1,' Ont., 'Laurentide Financial Corporation
Canada. Also available are sur¬
Report — Ralph E.' Samuel &
.
.
I
bacher
&
n a
1
y s
i
"f
•
R.
s—.
2 "Broadway,
4, N. Y.~U
ci.—R ep o r t—Schwa-
n
Montgomery
100
Co.,
Street; San Francisco 4, Calif.
Texize Chemicals
—
—Rutner.AJackson
&
Angeles, Calif.
•
.
.
Inc.,
Los
Gray
Street,
A
Textron—Report—Purcell
50
>
Memorandum
Seventh
West
811
Co.,
&
Broadway, New York 4, N. Y.
R.
Thompson
M.
—H.
Co.—Analysis
and Company,
135 South La Salle
Byllesby
Incorporated,
Street, Chicago 3, 111.
Co.—B
Times-Mirror
11
u
e
t i
n—
Mitchum, Jones & Templeton, 650
South Spring Street, Los Angeles
14, Calif.
Roller
Timken
Memorandum
&
—
Bearing
Co.—
Manley, Bennett
Co., Buhl Building, Detroit 26,
Mich.
' ,:'
Sanitary, J.
Westinghouse Electric,
tional Lead and
Texaco
Co;, 26 Broad-
Beane,
&
York
John
,
Company—
Capital Trading Cor¬
poration, 92 Liberty Street, New
York 6, N. Y.
Analysis
New
Corp.—A
••
Inc.—Analy¬
Co., 80 Pine Street, New York 5,
Precision
.
T
'
Electronics
Sterling
First
East
110
Inc.,
Street, Wichita' 2, Kan.
;.....
Way, New York-4, N. Y,;-
Thompson
York. '•
Consumers Gas Company—Survey
Over The Counter
Jaffray
i
Corporation,
roads.
Inc.—Survey—Shields &
Company, 44 Wall Street, New
York 5, N. Y. Also available is a
survey of John Morrell & Co.
sis—S. D. Fuller &
72
N. Y.
Tools—Memo¬
General Portland Cement;—Mem¬
W. f Prfessprich
&
—
Wall
Also
available is a discussion of profit
opportunities among Eastern Rail¬
alysis—H.
:
Corpora¬
Insurance
of Wisconsin—A n a 1 y s
Getchell
Company
Line
Tone Incorporated.
Electric
orandum—R.
Cor
reviews
are
Investors
E.
Street, New York 4, N. Y.
Life
ing, Cleveland 14, Ohio/
of
& RedYork 4,
Broadway, New
2
125
N.
R.
Corp.
Broadway,
2
Kraus,
Canadian
-1
Review
Hut-
Broad
30
Stern,
—Vanden
and
j;
74 Trinity Place, New York 6, N. Y.
—
Street,
Corp., 3000 Hempstead Turnpike,
Levittown, N. Y. Also available is
a
report on Salro Manufacturing
York.
General
Broeck, Lieber & Co.,
Maiden Lane, New York 38,
Corp.—Report—I.
4,
Dynamics—Chart analy¬
2, Minn.
American
Corporation
Burroughs
jtj
&
South Seventh
Telephone & Telegraph.
i:<A j■
Wall
Pullman
Piper,
and
New
Co., 14
5, N. Y.
Portable
&
tion
on
Hut-
&
Gamble-Skogmo—Report—Thom¬
New
—
Telephone
Company—Analysis—W.' E.
ton
Street, New York 4, N. Y.
General
—
.
randum—Taylor, Rogers & Tracy,
Inc., 105 South La Salle Street,
Chicago 3, 111.
path,
on
San-
F.
sis—Auchincloss, Parker
14,
data
are
Industries
Also
cific,
w
155
Francisco
San
Dairies—Memorandum
General
210 West
ities, Chicago, Rock Island & Pa'*"
£
Inc.,
Co.,
McKinnon,
New York 4, N. Y.
Life—Data—
Co.,
available
Also
Company—Review
Rothschild
Porce-Cote Research Development
Jolla, Calif.
son
1,
Lehn & Fink, General Public Util¬
"'i™'-
Memoran¬
—
Company, 7616 Girard Ave.,
—Herzfeld
Company,
and
Robert
Burlington
'•
1
,
&
Foremost
Broad
Building, Dallas
Beneficial
Paper
F.
York
Street,
ton &
Paine, Webber, Jackson & Curtis,
25
Broad
Street, New York 4,
•
.
& Galvan
Ets Hokin
Nationwide.
'
;Ur;
of
Aluminum—Memorandum
Calif.
Averages,, both as to yield and
market performance over a 23-
Wells, Inc.,
Drive, San
Ford—Memorandum—E.
Seventh
'
<#■
reviews
Street, Chicago 4,
&
Oxford
Pacific Northwest Bell
Marino, Calif.
Texas.
Bureau
Quotation
Y.
&
Huntington
South La
Inc.,
over-the-
stocks used
N.
5,
2477
Calif.
—Parker,
Foldei
Dow-Jones
the
in
York
Analysis—Blalack
120
Street, New York 4, N. Y.
the listed industrial
between
son
Co.,
some
Christopher
compari¬
up-to-date
an
&
dum—Birr
Atmos-Pak
Corporation,
Street, New York 5, N, Y.
.
Corporation-
Empire. Financial
Inc.—Analysis
—Cruttenden, Podesta & Co., 209
Salle
80 Wall
&
Co., 120
Broadway, New York 5, N. Y.
.
Co.—
Research
Bauer
—
-
Illinois.
Stocks—
5, N.Y.
Over-ilie-Counter Index
brochure—Cy¬
Inc.—Analysis—
Securities
Pacific ;Car
&
Foundry
Co.—
Analysis—Pacific Northwest Com¬
pany,United
Pacific
Building,
Seattle 24, Wash, -
•
are
Coffee,
Goodman
Electric Hose & Rubber Company
Corp., and Williams Broth¬
Applied
Broadway,
120
available
Memo¬
Chi¬
Street,
Co.
ers
Han¬
8
Bank
Meeds,
&
New
—
Allyn & Co.,
Refining
Sugar
Linotype
—L.
^
.
Moore
.
Statistics on Ten
City Banks — Laird,
York
New York
Japanese
89
Inc.,
Quarter
New
Bullock's Inc.
on
Noyes
York
Third
Stocks—Review of six is¬
''*•
.
Also
Street, New York 4, N. Y.
New
•"
are
J, Lawrence
& Sons,
115
Broadway, New York 6, N. Y.
Analysis—Reynolds
Stocks—Bulletin—
England
over
Wash.
Income
Company,
&
'
Also available
rus
Salle
La
D.
Trucking.
Morning
3, 111. Also available is an —Analysis — Laird, Bissell
analysis
of
Socony
Mobil 1 Oil
Meeds, 120 Broadway, New York
Company, Inc.
^
:
5,n.y.
£
**
J*i* .'-»n »!* ' '
i 1
/
.
L.
Street, Boston 10, Mass.
Hemphill,
yielding 5.60%. Grande &
Inc., Hoge Bldg., Seattle 4,
bonds
South
Broadway,
Gas—Review—David
Babson
Municipal
Improvement
Information on tax-free
Estero
Bonds
Co.,
Company—A.
American
4, N. Y.
Natural
Marietta
Street, N. W., Atlanta 1, Ga.
&
Courts
—
&
and Scott, Foresman
C.
Co., du
E. I. du Pont de Nemours & Com¬
Analysis
—
&
—
4,
Sparks & Co., 120
Broadway, New York 5, N. Y.
Building, Miami 32, Fla.
pany—Analytical
*
Japan — New
Broad Street, New
office 25
York
Gains & Losses—Discus¬
sion of tax savings opportunities
Capital
Memorandum—Givens
New York
Kennecott and Mc¬
on
Mergenthaler
of America—
Development Corp.
Pont
Lean
cago
Ltd., Tokyo,
Co.,
Canada.
Associates, 242
Beverly
Drive,
Publishers
4, N. Y.
randum—J. W.
Company
Handbook for
—
and
Canon
Industrial
Securities,
Memorandum
—
tronics.
—
&
122
Stocks
Japanese
6,
Discussion
—
York
Colby
—
&
Sulco
Co., 42 Broadway, New
memoranda
with particular reference to Ginn
New York.
Canadian
York
Supply
—
Company, Inc., 85 State Street,
Boston, Mass. Also available is a
report on Laboratory for Elec¬
&
Hills, Calif.
Co,. 2 Broadway,
New York 4, N. Y. Also available
is a memorandum on Raytheon.
60
Ney
Textbook
&
Goodbody
New
Factor
H. Blair &
7, Pa.
Dentists
Industry
North
Japanese Investment Survey—Re¬
Trucks-
Automobiles and Heavy
Also available
Ltd.
N. Y.
Street, New York 5,
6, N. Y.
analysis of Noda Shoku Co.
an
Max
Sunstein & Co., 211
Broad Street, Philadelphia
Data
—
52 Broadway,
South
t—Jacques Coe &
p o r
Broadway,
Richard
New York
Analysis of outlook —
& Co., 63 Wall
Lewis
H.
John
Corp.—Memorandum
N.Y.
Rico, 45 Wall St., New
e
Corp.
—Gerstley,
York.
Steel
Airlines
Special report —
Development Bank
5, N. Y.
Silver—R
MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE:
FIRMS
Thursday, November 30, 1961
.
Mastercraft Medical
—
Government
for Puerto
AND RECOMMENDATIONS
IT
Rico
Puerto
.
14, Calif. Also available is an an¬
alysis of Dorsett Electronics Inc.
New York 4, N. Y.
INVESTMENT LITERATURE
.
"
Uv'.
'''A'
•
Finance
Traders
Ltd.—Analysis—A.
Corporation,
Kidder
M.
Co., Inc., 1 Wall Street, New
5,
Y. Also available is a re¬
Elgin National Watch Co.,
N.
port
&
York
on
First National Stores, Inc., Kroger
—
^;■■■■>
•
:.
v
underwriters
■
;
•
nationwide markets
in
issues
new
v
;. :
.
:
^
of
veys
MacMillan,
Bloedel
Powell
tillers
Limited
River
Insurance
"
'
.
'+*
•
•" '
.
Co.,
Broadway,
2
on
New York.
-v./'*.
New
York
review of
Co., National Tea and a
4,
v-V
,
;
s
'«•
Continued
on
page 28
available
is
a
Memo¬
-
randum—Josephthalu
Broadway, New - York
Also
Dis¬
and
Corporation-Seagrams Ltd.
Continental
4m.
and
,
Co.; "120
5, N. Y.
1
Specialists in Canadian Securities
memorandum
McKesson & Robbins.
.
as
Principal for
Brokersy Dealers and Financial Institutions
-
~
A
Cordova Recreation and Park Dis¬
Bonds—Brochure—Stone
trict
Youngberg,
For banks, brokers and
financial institutions only
..
Francisco 4,
•
\
■
"
>
M
sale of large
blocks of stock
\
B.
Read
Members: New York Security
Publishing
Com-
p a n
y—Analysis—Schweickart &
Co.,
29
Broadway,
New
25
Com¬
602 'West.
Crowell-Collier
■
York
6,
Drug—M emorandu
Broadway, New York 4, N. Y.
HAnover 2-0433-45
TELEX 015-220
Orders Executed at
•
;
\
NY 1-4722
regular commission rates
through and confirmed by
;
New York.
Dart
Dealers Association
Corp.—Memo¬
Hastings
Street, Vancouver, B. C., Canada.
Ltd.,
pany,
i
or
Grace Canadian Securities, Inc.
;
Credit
randum—Thomas
'
Inquiries invited on the purchase
Calif.
.•«
Coronation
1'.
&
Building, San
Russ
m—
Jones,
Kreeger & Co., 1625 Eye
Street, N. W., Washington 6, D. G.
Members:
D
The
e c c a
Records—Memorandum—
Dempsey-Tegeler & Co., Inc., 210
West Seventh Street, Los Angeles
■
Principal Stock Exchanges of
Association
of
Security
National
25
Canada
Dealers
Broadway, New York 4, N. Y.
'>:■ Mr"
,
*
-
;
Volume
194
Number 6112
The Commercial and Financial Chronicle
.
..
farm
FROM WASHINGTON
(2397)
agent.
Secretary
to
later served
he
became
Governor, and
Later
the
on
the Public Service
Commission.
At the age of 36 he became
...Ahead of the News
•
BY CARLISLE BARGERON
youngest Governor in New Hampshire's history and two years later
he
<v
came
to the Senate. He
dynamic
was
In
the
death
Bridges
Senator
Styles
at
his Concord, N. H.,
Sunday the country has
home last
lost
of
one
of its
fluential
most
able
conservatives.
doubtedly will be
conservative but
take 25 years
and
He
inun-
replaced by
a
whom it will
one
to establish the in-
fluence that Bridges had. He was
the oldest
to work in committee and behind
the
scenes.
leader
tions
man
He
was
the Republican
Appropria-
of the Senate
Committee. He
chair-
was
of the Republican Conference.
Bridges'
Senator
He
took
over
the
of
head
as
have
could
,
,
,
,
the
been
,
,
...
minority
f,
-
University
the
through
way
...
0
.
of
,
Subse-
Maine
kept him
on
quently, he moved to New Hamp-
much
the
of
the Senate floor too
time.
He
preferred
and
shire
milking
got
a
This announcement
cows.
job
as
is not
county
a
small apartment
a
they
maintained
unpretentious * home. Yet he
he
one
of
getting the
nomination but simply wanted to
had
no
hope
fire in the party.
At the Philadelphia convention
he got 25 delegates and threw
put
some
them
Wendell
to
Willkie.
During
Bridges
in
1954
all
went
the'
out
sought
to
with
smear
flood
the
was the only Republican leader the leading members of the Sen-
result,
a
two
mil-
young
ensuing
campaign
who could always get in touch ate, both Republicans and Demowith Willkie who was notorious crats, signed a testimonial in his
for passing up party members.
behalf. The result
It was my honor to be a close
friend of Senator Bridges for 25
years.' He was felected for five
successive terms. To talk with him
was to be a friend. He had a
by the largest majority ever given
a candidate in New Hampshire,
Former President Eisenhower,
Vice-President Nixon and President Kennedy sent messages of
joined them. Senator Bridges and
he could do a lot towards revital-
or a
He was not a man of wealth. In the best friends I ever had.
solicitation oj
an
ojfer to buy securities.
ASSOCIATION
holders of its Common Stock, of record at the close of
business on November
forth below for 1,600,000 shares of Common Stock,
shares then held. The right to subscribe, evidenced by
share for each sixteen
Common Stock, expires at 3:00 P.M.,
Warrants issued to holders of
Pacific Standard Time, on
December 15, 1961.
Subscription Price to Warrant Holders
$59
the
to
per
share
agreed, subject to certain conditions, to purchase from
1,600,000 shares which may remain
pursuant to a
payments being
may
may
period, the Underwriters
fully described in the Circular.
be obtainedjrorn such oj the undersigned (who are among
Circular)
as may
legally ojjer these securities under
Harriman
Blyth & Co., Inc.
Smith, Barney & Co.
Incorporated
Hemphill, Noyes & Co.
.
-Lee Higginson
Corporation
.
William R. Staats & Co.
,
-
Wertbeim & Co.
Drexel & Co.
Hornblower & Weeks
-4..
Lazard Freres & Co.
Kidder, Peabody & Co.
Stone & Webster Securities Corporation
Schwabacher & Co.
Goldman, Sachs & Co.
Glore, Forgan & Co.
E. F. Hutton & Co.
-
Dean Witter & Co.
Walston & Co., Inc.
First California
Company
(Incorporated)
Securities & Co.
Ripley & Co.
Incorporated
the Underwriters
applicable securities laws.
Dillon, Read & Co. Inc.
Eastman Dillon, Union
of
would be issuable to shareholders as fractional
December 8, 1961, were not cash
made in lieu thereof. During and after the subscription
Copies oj the Circular
The First Boston Corporation
any
5% stock dividend payable on or about
offer shares of Common Stock all as more
named in the
the Bank
unsubscribed at the end of the subscription period and
purchase 76,452 shares of Common Stock which
shares
that he won
He^workedI so, hard that he was wife died of a cerebral hemor-
21, 1961, the right to subscribe at the price set
The Underwriters have
was
I went to every state in the Union, invariably tired, and had been rhage in a Washington taxicab.
excepf; sjx
jje ha(j no hope of hospitalized several times.
Senator Bridges was a unique
obtaining the Presidency but felt
The Senator lived modestly, fellow among men. He was one of
($ 6.25 Par Value)
new
New
attack
Common Stock
one
They
those early days in the Senate,
when the. Republicans had only,
S1X Jammers, Senator Budges
constituted just about the only
Republican voice.
NATIONAL
the rate of
,
liberals
him
Hampshire
published in
the Reporter magazine. Several of
a
i$nttk uf America
transferable Subscription
;
so-called
after
1,600,000 Shares
at
an:
was
of the most sought after men
Washington
In
November 28, 1961
The Bank is offering to
and in East
he would tell them privately that
dency in his first year in office,
ojjer oj securities jor sate
an
Concord
leaders,
Washington he and his wife lived
serve
leader but he refused it because it
by
he
that
in
had argued with the State
their country, and attached lovable personality and was al- condolence to the widow, the
themselves to him and set out to ways ; doing favors for people Senator's second wife whom he
build him for the Presidency. I whom he had never seen before, married in the early 40s? His first
family, doing the farm chores. He
point of service in the Senate, had a mother, a brother and a
He was serving his 25th year.% He sister to support. He worked his
Republican at 63 years
in
,
liked
well
lionaires, one of whose grandfather used to be a close friend
of Theodore Roosevelt, wanted to
book.
story
a
and
so
was
mentioned for the Vice-Presi-
As
reads
career
He
was
rendered fatherless at the age of 9.
like
the
izing the party. He would embarrass me at every stop. After 1
9
F. S. Moseley & Co.
„"
White, Weld & Co.
Francis I. dnPont & Co.
Ladenburg, Thalmann & Co.
Reynolds & Co., Inc.
The Commercial and Financial Chronicle
10
Depreciation
New Congress Meets
When
the House of Representatives
Hon. Hale Boggs,* Member of
I
,
views regarding
annual
capital investment and
on other tax matters.
Representative Boggs discusses the currently
proposed investment tax credit and the faster depreciation plans, and ;
hopes that the Committee will act with some expedition during the , : ,
January reconvening of Congress for otherwise the Trade Agreement
Act coming up shortly may interfere with getting new tax legislation.
v
He believes that abuses in expense accounts can be corrected without
:;
affecting legitimate expenditures} calls for ending tax evasion on dividends and interest} and predicts major tax legislation will result from <.V4
tax equalization proposals encompassing mutuals and cooperatives.
that the most difficult
presume
i
_
J
i
i
*
_
■
look into the
future.
This is particularly so.
when one is dealing with reve-
task is to attempt to
for
-
two
of
as
agree that
these
matters
turned
not
seen
the
in
if
fore¬
far
able
Rep. Hale Boggs
away
conditions—have
most
a
are
fiscal
been
point to
our
It
and
a
budget
is
that
estimated
is
million
a
of
Federal
revenues
means
of $3.5 billion per annum.
another
way
employment
if
by
we
a
Or put
decrease
million
a
loss
the
on
way
to
record
in the
increases
expected depends
are
upon
to
deeply
committed
the Free World and
of
the
with
Free
developments
must
in
one
all of
the
if all
the
nations
voted, to
weapons
could
devoted
of
be
say.
Life
States
is
heading
into
the
Depreciation
be
which
the
to
pursuit
But this
we
live.
communists
throughout the world in attempt-
credit
plan,
*Terence
a
would
rectly
ministration-
major
stantial
one
rec¬
its
vkeep
from
up
-
give sub¬
to
business.
-
and
Price $18 per
Share
As
a
of
it
areas,
or
ma¬
with
that
of
of
depre¬
eight or
an
credit.,; It
investment
pres¬
cost
of
the
will
asset
an
have
reduction
ef¬
eight point investment
-
o
Of the two tax
V
changes the de¬
preciation
speedup
reduces the
prospective future
deductions
that
business firm
the
to
so
billion dol¬
lars saved through taking depre¬
ciation deductions faster will only
roughly
very
be worth to
net
a
this
saving
about
period of 10
other
right
that
hand
20 years.
or
as
has
credit
no
in
is
related
may
and
very
to
the
on
future
it constitutes
reduction
vestment
It
one
investment
quences
.
at
dol¬
over
cost of
A close ex¬
I have
because
purchased
billion
a
10 years
dollars
is
lars of additional taxes saved
the
par¬
a
business firm about
a
half-billion
tax
An
fact
tax
same
an
credit.
to
only recently returned from a
comprehensive study or the Com¬
Market/ In my opinion it is
-
merits
relative
as
market
over
of
whether
business
tax
the
in¬
order
.common
matter
business
chemical
point
fect
plant is over 18 years
most
the
about
of this argument re¬
peals that it has great validity, as
old..
the
rates, extra depreciation
in the first year of about 16% of
amination
".old
be
must
,
in
countries and Japan.
-much as;our
American
available
industrial
I see it,
give inducement to
we
ent
with competition coming
the
I
as
might be pointed out that at
for the tax
ticularly
trading
countries
a
then,
means
our
10
bring¬
expansion to meet the
other
60
million
750
ciation
first
as
modernized
the British
world
a
than
more
that
of
increasing demands.
be
de¬
chinery and modern, plants. ]( am
not going to debate* the question
their purchases, thus
about
asso¬
others to reinvest in modern
ad¬
in turn would
who
Common
are
countries and
K."
it
which
to
relief
tax
The
-
extend
nations di¬
already
16
territories with
This
pre-
a
Democratic
one
'six'
over
U.
time,
Many have argued that tax re¬
ductions should be given to the
must
(Par Value $1 Per Share)
the
population,
people, may
some degree
with the Common Market, too, as
negotiations
proceed
with ' the
of
investment tax
proposal which
made
proposal
involved.
with
of
area
incentive or
depreciation, that being
that many segments of American
industry - are now .obsolete and
Common Stock
in
in
would
seven
Commonwealth,
depreciation.
community
was
the
the
and Holland. Much of
up
the
that
premise
any
million
million
pendencies—states which are, or
were, colonies of France, Belgium
for faster
Distilling
a
This
Market
beyond
ciated
"'■-The fallacy of this argument I
think can be found in the main
Barton
215
184
■
States.
Market
to con¬
I refer
formula
a
speed
pleased
ing
360,000 Shares*
have
become associated in
this
at
latter expressed
for
However
crease
November 29, 1961
Market,
would
think
I
be vital
may
consumers
NOT A NEW ISSUE
which
proposed
>
>
Common
with
and
United
Invest-
vs.
discussed
destruction ityi ?'The.
the
peaceful enterprises.
that the work of the
most
Russia
resources of ■(failed to> secure unanimous .backb&jng de¬ uihgtwithin;the business commun-
of
the
'seven'
compared
now
to
this
population of 225 million people,
report by
Ways
and
tinued business recovery.
of-us "live
beings, is competitive, It could be
follows; "The United
as
new
a
on
proposal
contained
vital and fundamental
and
indescribable
of
joins
the
and
should
deal
world
be
ain
far
draft and
a
ommendation
as
which-all
in
'epoch-making.'
as
"To
see
why you need only
glance at some statistical meas¬
urements of the combine. If Brit¬
ment Tax Credit Plan
•.very
the leader
as
we
along.
abundance
to
V
to
they come
Someone has said that the
would
good
World
or
Common
.
r
This
are
important
am
Committee
Faster
va-:
names.
We
most
negotiations
recovery
distant future.
riables, most of which have Rus¬
sian
century,'
be
many
And maybe this, too, has its bright
side.
Society, just like human
to
E963.
in
'the
as
peace-time
Means.
whether^ or
and
lications
this
it will
reduc¬
talks
This means, as I see
cur¬
is not the world in which
had
too
Un¬
times. Recently two national pub-
torialized
under
year,
further
not
magazine in its Sept. 1 issue edi-
un-
expenditures
fiscal
rent
profound effect upon
and upon our reve-
unemployed translated into terms
%
the'
National Product climbing above
the $565 billion mark.? fAs a matnues, and at the outset I should ter of fact even conservative fore¬
like to deal with this subject.
casters now say that our country
rect
began
,
duced
Gross
a
commented
negotiations
Brussels:
,
defense
^—
■
business
the urgent necessity for increased
compar¬
v
Journal
as
year,1
the
optimistic that Common Market's six
countries,
has strong plus Britain will produce over 112
long-range
aspects
which
can million
tons
of
steel, compared
very
well extend beyond fiscal with 78 million tons for Russia
1963. This would imply revenue
and perhaps less than 100 tons for
increases, making possible con¬ the U. S;-r
,7>X:;
structive tax reduction and intel¬
"The
scope
of
an
expanded
ligent debt liquidation in the not
:
this.
for
reasons
many
ap¬
it, that the
principal activity in the field of
penditures, -particularly
in
the tax legislation will deal with the
area
of national defense, remain recommendations • made
by - the
with us. I am certain that all of Administration
to
Congress last
us are of one mind in recognizing
April, many of which were re¬
following
1963.
1963
Fiscal
it
that
so
retirement
debt
or
Beyond this I
,
we
for
tions
;
. '
1963
rather certain that
be 1 difficult to make tax
employment continues to be a
problem and the pressures for ex¬
in
All indications
di¬
price stability./; r.
until
buildup
expenditure
defense
their
pears
of reason--
framework
the
the
have
not
effects
tax decrease for fiscal 1963. There
This would bring receipts,
using
existing
rates,
to
some¬
where in the neighborhood of $95
billion
do
certain
For
year.
latter—busi¬
The
considerations.
respect', to
appears
Despite these favorable aspects
I think it is too early to make
predictions relative to any major
in business
recovery
It
under present rates may
very
close to the same figure.
Many of the. appropriations with
Premature to Chart Tax Decreases
incurred
is
which
the
Street
week
the
well be raised to about $93
or $94 billion for fiscal
1963. But
expenditures
will
probably
be
com¬
as
perfect
the
should expect an in¬
budgetary receipts of
between $10 and $12 billion by
fiscal 1963 over the present fiscal
crease
places, by the cost of putting men
into space, by business conditions
generally, to mention just a few
ness
within
bit further—
a
recovery
a
now
to
1958-59,
situation,
b y
political
d evelopments in
has
refine
we
very
that .we will
experience the expected prosper-,
ous
times without inflation and
only about one-half of
Have
we
able
Berlin
this
and
project this
activity
by
...
around
whicn
by
catalyst
revenues
an
for the first
inflation.
to
reasonably
1959.
"To
can¬
-
n
r\
/\
deficit consequences
the
by
many
be
1X7
in
work on the Joint: Eco¬
Committee great - concern
my
relative
the recession has been
done with
deter¬
of which
rt v%
quarter
to $39 billion
nomic
unprecedented peace-time deficit
of almost $13 billion for the fiscal
year
1959.
During the current
calendar year all economists now
sys¬
events,
in
actual practice.
The
1958-59 gave us an
in
because
are
i
the
quarter of 1961. Nor have I found
recent examples of this
very
tem,
mined
1a 11 1
C
Wall
last
$46 billion
almost
second
by $3.5 billion. We have had
recession
they affect our
Federal
O
L.
■
situation
s,
matters
_
nues
reached
profits
of
rate
the
pared
existing rates we increase reveV*
/I
taxes,
and budgetary
n u e
Thursday, November 30, 1961
.
"In London, the
free enterprise
"Recovery is turning out tofar-reaching
be even faster and stronger than system, bringing greater freedom, implications of Britain's move
to
expected. Next year, in all prob-' greater liberty, - greater comforts, join the Common Market are em¬
ability will be remembered as the to mankind everywhere. But let phasized by government officials
time
of highest prosperity ever- us look to the immediate future.
members of Parliament, and in¬
seen
in this country."
I have
indicated that Federal dustrialists.
Some refer to the
prospects for tax changes to induce greater
-
.
ing to overthrow our system and
establish their own is providing
and
said:
Corporate
and Means Committee member offers his
ever
and
S.' News
in its Sept. 11 issue
World Report
(D.—La.), U. S. Congress
House Ways
has
it
prosperous
year
known." And
U.
Taxation and
y
.
(2398)
conse¬
an
out¬
liability
tax
in¬
increased
business
activities.
well be that a com-
bination of these two plans on an
mon
one
*10,000 of these shares
of the most
that
being offered initially to employees
and sales representatives of the
Company at $16.60 per share.
bringing
now.
This
constitutes neither an offer to sell nor a solicitation of an offer to
buy these securities.
offering is made only by the Prospectus, copies of which may be obtained in any State from
■such of the undersigned as may lawfully ojer these securities in such State.
announcement
The
\ Smith,
Barney & Co.
Incorporated
Eastman
,
is
are
a
together,
vast
about
new
Goldman, Sachs & Co.
"
Ripley & Co.
Hornblower & Weeks
Incorporated
*
t-
»•
Paine, Webber, Jackson & Curtis
I
■
-
Lynch, Pierce, Fenner & Smith
Incorporated
\
-
-
that
in view
which
we
HAS
BEEN
ANNOUNCE THAT ITS COMMON STOCK
ADMITTED TO TRADING
STOCK
ON THE
EXCHANGE.
EFFECTIVE-NOVEMBER 28
*
SYMBOL!
FTM
White, Weld & Co.
Incorporated
f
PLEASED TO
TICKER
*
A. G. Becker & Co. Drexel&Co. W.E.Hutton&Co.
Incorporated
-
hope
Reynolds & Co., Inc.
4
.
of
have
people .already conducted on these sub¬
As the jects, the coinmittee can act with
AMERICAN
Merrill
Kidder, Peabody & Co.
Incorporated
area.
would
the long hearings
fotochrome inc.
IS
Harriman
225,000,000
„
Dillon, Union Securities & Co.
Kingdom is
trading
Fulton, Reid & Co., Inc.
.
I
particularly
,
that the United
-joining
in
significant events ,industry-by-industry basis will be
today.
It is the best solution to the problem.
happening
Fotochrome Inc.
1874 Washington Avenue
-
New York 57, New York
j
Volume
194
expedition
some
in
reconvenes
when
6112
.
.
The Commercial and Financial Chronicle
.
The Investor Looks At
other
of interest and
are
one
who
come
forth
is
to
By Roger Maynard,* Vice-President, Morgan Guaranty Trust Co.
and
change in expense
frankly believe that
the abuses brought about by lav¬
c.an
be
in
these
corrected without
affect¬
which
with
meets
is
one
mixed
re¬
is
being
evaded
through the
the
from
to
and
point
in
view
of
compliance
and
would
that most of
seem
that
agree
be
tax
such
of
the
for
tax
the
1960
it
should
recommendations,
such
the
foreign tax credit, were tabled by
the committee last year. I per¬
sonally
was
much
dissatisfied
the
with
as
they fail to take into
sideration
to
made
the
our
ployment of American capital and
know-how
American
in
de¬
the
so-called
the
without
haven
tax
actually affecting the established
tax rates and tax procedures on
income earned abroad either by
individuals
There
of
are,
other
course,
problems which we have sought
to
bring
some
equalization to,
institutions.
mutual
certain
and
cooperatives
of the
namely, that
By and large, the so-called com¬
mittee print when it is concluded
will in effect constitute major tax
legislation.
on
busy schedule
the
very
a
As
know we must
whole problem of
you
the
with
economic position of
States.
The
Trade
foreign
United
the
and
Ways
Committee
indeed.
deal
:
has
The
Means
"
Agreements Act now in effect ex¬
pires in June 1962, and it expires
at
a
time
when the emerging
Market,
Common
presents
noted,
in
committee
draft legislation in this com¬
must
plex area for consideration of the
Congress.
This can only come
after
many
weeks of hearings,
both in
public and executive ses¬
sion.
if
So
tion
we
to get tax legisla¬
are
recommend¬
along the lines
expedition
act with
ed, we must
when / Congress
in
back
comes
tire
I think that the
conclusion
for a balanced budget
fiscal 1963 are very good, and
prospects
in
tax pro¬
which I hope will lead
in 1964.
gram
to
rate reductions
turn of
address
♦An
before the
Association's
by Mr. Boggs
Chemists'
Semi-Annual Meeting and Mid¬
Conference, N. Y. City, Nov. 21, 1961.
Eleventh
year
job
the
but
CORRECTION
the
reported that
Chronicle is was
and
iley
Rhodes,
West
210
Angeles,
Los
venth
Street,
lif. was
engaging in a securities
siness.
s
t
is in
deal
We
are
error,
in
as
that
informed
the firm does
securities^ in
nal
•
-
-
-
that
the
good
has
tax
silver
as
the
Vice-President of the
been
Shearson, Hammill Office
and
users
SAN
transaction
repealed,
DIEGO,
Hammill
&
Calif. —Shearson,
Co.
has
opened
branch office at 604 A Street,
that
so
in com¬
in
the
both
buy
any
of these securities.
acted
not
market
the
in
'
gain
a
index
(which
eludes
du
16%.
40%
of
.jo
:f
($1 Par Value)
*A maximum of 27,500 of die shares
a
by such
in-1
heavily
only
encouraging to
appreciated
be
may
persons
officers and directors of Malone &
price of $13.70 per share. Any such shares not purchased
will be offered to the public at a price of $15 per share.
Hyde, Inc. at
whereas
a
as
being offered will be reserved for offering by
Equitable Securities Corporation to employees,
Poor's
incidentally
Pont
item)
It
that
Common Stock
;j
VOI
Standard & Poor's chemical stock
note
i
have,
stock
of Standard &
stock index
weighted
i>
ft Jul*.
the five years ended
1960,
the
industrial
In
December,
showed
oa
ejO'i
industrial equities gen¬
as
erally..
on
because of this
well
as
Malone & Hyde, Inc.
whole
profits
since
the
of
end
Price $15 Per
the
chemical stocks generally
have
performed in the market
about as well as the general aver¬
Share
year
of
age
because
-
industrial shares perhaps
of expectation of a cycli¬
Copies of the Prospectus may
writers
cal recovery.
Premium
relation
In
to
or
other dealers
or
be obtained in any State only from such of the several Under¬
as may lawfully offer these securities in such State.
brokers
Priced
their
earnings,
EQUITABLE SECURITIES CORPORATION
the chemical stocks have for many
sold at a premium compared
general run of industrial
shares. Back in 1957, for instance,,
chemical
stocks
were
selling
years
with the
roughly at 20 times earnings. In¬
dustrial
stocks
generally
were
-
GLORE, FORGAN & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH WHITE,
WELD & CO.
Incorporated
Incorporated
R. S. DICKSON & COMPANY
A. G. BECKER & CO.
BACHE & CO.
Incorporated
Incorporated
quoted at about 12-13 times earn¬
Today the chemicals sell at
earnings and the gen¬
eral average of industrial shares
ings.
W. C. LANGLEY & CO.
HAYDEN, STONE & CO.
DREXEL & CO.
26-27 times
at
seen; from15 these
may
that
premium
the
although
It
figures
earnings.
times
21-22
paid
Incorporated
SHEARSON, HAMMILL &
chemical stocks is still a real one,
it
is
in
less
important
than
it
CO."
:
G. H. WALKER & CO.
Incorporated
was
the chemi¬
cal industry is in the minds of
investors or at least large inves¬
HIRSCH & CO.
COURTS & CO.
J. C. BRADFORD & CO.
r
1957.
MCDONNELL & CO.
LEE HIGGINSON CORPORATION
for
Just how important
ing
the
be gleaned from study¬
holdings of the large
At the end of 1960,
mutual funds.
aggregated 6.3%
of the total common stock holdings
chemical
BULLINGTON-SCHAS & CO.
COMPANY, INC.
THE ROBINSON-HUMPHREY
CLARK, LANDSTREET & KIRKPATRICK,
ELDER & COMPANY
INC.
stocks
In ad¬
3.6% of
HERMAN BENSD0RF & COMPANY
JACK M. BASS & COMPANY
large mutual funds.
these
had
funds
common
portfolio
stock
in
industry making a total
of these two categories of about
10%. The chemical and drug in¬
RADER, WILDER & CO.
MID-SOUTH SECURITIES CO.
LEFTWICH, ROSS & CRISLER
the drug
vestment
these funds was ex¬
of
ceeded
by
dustry
groups:
only
three
other
in¬
stocks—13.5%, finance—12%, and
Mutual
During
Fund
the
Holdings
large
past
mutual
three
•
-
utility
'Oil—11.3%'.'
>
years,
funds -have
MEMPHIS SECURITIES
BERRY, DOUGLAS & FITZHUGH,
~ WILEY BROS.
STERNBERGER & COMPANY
.
public
M. A. SAUNDERS & CO., INC.
JAMES N. REDD0CH & COMPANY
COMPANY
INC.
Incorporated
.
V
*-\v
,
a
un-
der the direction of S. E. Wayman.
producers
275,000 Shares*
invested capi-f,.;
on
It is perhaps
tal.
of
area
sales and return
as
as
syndication
department.
Commodity
silver
associated with the firm
come
Stuart, President of
Exchange, Inc., said
29.
added
w,n
54 Wal]
November 30, 1961
a
these
. .
of
markets,
of
group
iinary sense,
itinuing basis.
favor
m
-
'
a
parison' with industry
the
acting as profesinvestment counsel on a
in
free
Inc
Jnc
w York City, has announced
that Richard M. Ratner has be-
im-
an
This advertisement is neither an offer to sell nor a solicitation of an offer to
The offer is made only by the Prospectus.
However, it must be noted that
chemical
companies
have
their
,1
Nov.
soon
as
during the past three years,
it has not been particularly
en¬
been losing some ground
dition,
issue of the Finan-
development
is
Exchange is ready to resume trad¬
ing in silver futures on its floor
to
up
tax
Kirsch ,Co
M
the
of 20
the Nov. 2
figures add
the repeal of the 50%
transaction
restoration' of
He
11%.
tors may
Manufacturing
DUll VJU.
the
repeal
!•
JClY'QfiVt
com-
.
this should mean a new
on
return on in¬
vested capital
of 9.1% whereas
the chemical companies had a re¬
be
January.
In
wise,
companies showed
dimensions
The
these
Like-
6.3%.
Roger Maynard
I previously
as
new
trade.
world
an
chemical industry has done a
4.4%
that the chemical companies
corporations.
or
have
in this
had an
average
of
veloped and underdeveloped areas
of
the
world.
The
committee
sought in its print to get at abuses
which have arisen as a result of
to
A/T
.
group
I
and to the
of em¬
to-vP
decision
on
was
transac-
50%
a
panies
con¬
result
the
as
chemical
contributions
vast
economy
World
of
whereas
in
recommendations
these
think
Free
changes
proposed
if
mar-
Congress
Commodity
had.anything, I believe it is that the
profit
a
the
Trading
Kennedy's
J.-Raymond
utility portfolios,
en-
group
gin
Other
and
silver
Ratner-V.-P. of
the
modestly increased
finance stocks
added to their public
suspended
when
Futures
portant
have
be
the requirements of the Silver
n* i
II
modest
a
to
1934,
nationalized and
silver
by
6,
tion tax was imposed pursuant to
their
holdings
to
had
Purehase Act of 1934.
ask
.
1931
T
industrial
tire
ended.
as
in
that
,
their emphasis on
concerns
show
>
from
rent with it,
ments,
indus-
largest
trial
500
-n
oper¬
on
the trading
Exchange, Inc.,
1934. Trading, how¬
Commodity
ever,
1
r
hedgings
market
successfully
Aug.
TN
needed
futures
floor
silver purchase Act and, concur-
could
us
evasion
Fortune
by
and
fairness,
Mr.
increased their holdings of chemicats and drugs m proportion to
amount, i.e., from 8.7% to 9.9%.
They have rather sharply reduced
the importance of their oil invest¬
Thus data compiled
profitability.
taxes
pay
;
above-average
show
to
tinues
taxes
interest,
by
have
silver
lo Resume Silver
President
...
,
,
and lower
prices, the chemical industry con¬
costs
rising
avoided
and
failure
dividends
on
dollars
popularity in mutual fund portfolios.
and its
Despite
.
attributed to expectations of a cyclical recovery
industrial average is
actions. But the figures presented
to us indicate that something like
half-billion
Chemical stocks' ability to keep up with this year's
all industry.
to
a
withholding
interest
and
will
11
facilities.
'
m
though it has been losing some ground in sales and profits compared
sought to do just this.
dividends
alike
out-
bommodlty Jl<XCh.
point of view notes that its above-average profitability still continues
areas
ing' legitimate expenditures.' As
talk
a
f/Nw>w%^JUTT
industry's performance from an investment
of chemical
Appraisal
matter of fact the committee print
The question about
has. its
been
■
of New York
y.;
.v.-
so
I
expenditures
nor
A
%
-
conventions
ish
investors
Maynard before
the Manufacturing Chemists'Association's
Eleventh Semi-Annual Meeting and Mid¬
year Conference, N. Y. City, Nov.. 21, 1961.
the
accounts.
one
Chemical Industry
K JThe
'>
controversy.
concerns
people
which
performance
♦From
of considerable
The
by
ated
several
are
favored
market
standing.
Tax Matters
there
matters which
some
on
(2399)
Congress
January.
Other
Now
Number
WHITMAN SECURITIES CO.
WILDER, HANSBR0UGH, FINCH & CO.
12
The Commercial and Financial Chronicle
(2400)
business.
as
A
Prescription for Making
America Sound and Strong
business
growth
economic
choke
Businessmen
(Indiana)
entreated to be critical of and to take constructive
are
off
governmental
on
Hoover Commission task forces recommendations,
-
ance
between
and
unfair
several
with free
decades
our
govern¬
as
national
established
has
ment
staffing high government
enterprise advocates.
v
goals certain programs which have
a
direct and vital impact upon
business
of
these
dic¬
by the
fense,
tated
times;
such
as
turn
medi¬
and
den ominator
in
that
it
they
huge
require
John E. Swearingen
of
of money.
The decision to
establish these programs is by na¬
ture
political,
This
of
is
determined
electiye
our
not
the
forum
as
a
.processes.
discuss
to
the political wisdom of such deci¬
sions, nor do I desire to assume
the
role
of
a
political pundit
either pro or con.
As
businessmen,
have
a
tence.
however,
we
domain of special compe¬
In the areas of production,
manufacturing, wages, marketing,
prices, taxes and research, we
have
an
obligation to comment
government programs
assist
or
our
which,
on
which will
in expanding
conversely, will cause
economy
it to contract.
Throughout this nation there
millions
first
of
time
people,
in
their
who
lives
for
are
are
the
be¬
coming seriously concerned about
the economy of the United States.
pro¬
concern.
Policy
(•
•
free
to
us
for assistance. We
can
shall
and
avail¬
make
$5
billion
returns
of
grants
it
accumulates
taxes.
From
where
collected
nues
Government
the story.
first
must
ex¬
They
does
the
the
fiscal
were as
46.4%
Excise taxes
__12.2%
Employment taxes
Other receipts
dividual
11.5%
7.0%
large portion of the in¬
income
taxes, corporate
income
taxes, and employment
taxes are derived from employees
and
shareholders
business,
it
American
of
system
tribute
that
we
the
an
that rolled bff
in
1950,
a
strain,
without
tion
on
if it
were
bank¬
na¬
the face of the earth (even
so
approaching $300 billion
figure, incidentally, which is
world
of
the
all
na¬
nations
of
since the
beginning of
Many of these
history.
foreign' "assistance programs
human suffering.
6
assembly lines
Europe manu¬
million
compared
with
earlier.
years
our
our
exports
last year,
million
10
cars
1.6
ignore
the
large
an
cook
from
the dec¬
were
Europe's
gold-
reserve
doubled, from $6.5 bil¬
lion to $16.2 billion, while ours
declined
from
$22.8 billion to
$19.5 billion.
"
..
A
businessman's
must
be
that
expand
our
economy must
commitments we
the
or
make
in
conclusion
the
future
be
must
to
To
three- and four-fold.
sistently promised to end deficit
financing, to prevent inflation,
a
the.
of
limit
the
to
But there is
extent
of the United States
that
assets
be trans¬
can
There is every indication as the
years
go
economy
pete
by,
will
with
that
be
the
the
American
forced
to
com¬
state-controlled
and to balance the
party
has
willing,
The
been
to
budget. Neither
able,
redeem
perhaps
pledges.
or
its
promises more deficit
and more inflation.
financing
Those
of
who
us
charged
are
with the responsibility of business
management know
ernment
tive
must
that
provide
the
an
for
people
to
risk
their
capital, either in established busi¬
or
in
by taking away the 4% dividend
credit in the computation of his
own tax
return, qualifies as both
inequitable and restrictive on in¬
vestments.
Percentage depletion, as all of
know, is another tax feature
subject to recurrent attacks. This
us
allowance, which affects not only
our
particular raw material but
over
one
ural
lar
built,
created, and new and
products are made avail¬
are
to
The
consumers.
positive
of action required at this
time, therefore,
is
for
development
must
we
to
the
gov¬
a
which
ters
American
per
tax
a
business
government
is
the
needs
fiscal
on
mat¬
encouragement mani¬
in
numerous
ways which
will urge the business community
of
America
to expand and grow
Growth requires
risk
which businessmen
are
soundly.
invest when
vagaries
nomics
rather
determine
govern¬
than
whether
eco¬
gains
possible.
are
For at least
cal
leaders
the
American
fices
must
decade
a
have
politi¬
warning
that sacri¬
our
been
people
made
be
to
preserve^
and
perpetuate our society. De¬
fense
appropriations
have con¬
stantly
increased to
strengthen
military capabilities.
At the
present time these defense
appro¬
priations
constitute
$47.5
billion
out
budget
$87.7
billion.
of
As
a
a
of
Sacrifice
perform for
•
govern¬
to
means
management
clear to
the
as
life
my
do
exact
needed.
without.
and
in
offer to sell or the solicitation of an offer to hay
offering is made only by the Prospectus.
Share)
expenses
any
on
page
of these securities.
160,000 Shares
Rope Stationery Industries, Inc.
Price $19 Per Share
Common Stock
(Par Value $.10 Per Share)
Price $3.50 Per Share
Copies of the Prospectus may be obtained from the undersigned
only in those states and by those persons to whom the
undersigned may legally distribute the Prospectus.
Copies of the Prospectus
in
states
securities
in
may
be obtained from the undersigned only
which the undersigned are
qualified to act
in which the
Prospectus
and
nuiy
as
dealers in
legally be distributed.
Lee Higginson Corporation
&
Weeks
Kidder, Peabody
&
George, O'Neill & Co.
Co.
-
Incorporated
Paine, Webber, Jackson
&
Curtis
-
Hayden, Stone
Marache & Co.
&
W. E. Hutton & Co.
2
F. S. Moseley & Co.
Incorporated
Westheimer and Company
Hughbanks Incorporated
Sprayregen, Haft & Co.
Treibick, Seiden & Forsyth
Co.
Ilannaford & Talbot
Shearson, Hammill & Co.
■
'
-
Strathmore Securities Inc.
V
I
are
curtail other activi-
November 28, 1961
Red
Hornblower
the
which
corporation, when
Continued
The
the
function
emergency
«
to
sacrifices
the
personal
my
it is
in
someone
is confused
nature
In
of
businessman
that
Common Stock
(Par Value $2.50
become
of philosophy.
Basically, the
positive program, the green light
necessary, we
not an
to
ter
vital
is
re¬
technical fashion, or it can
simply stated as a mat¬
very
provide tax and other
This advertisement
our
be rather
for
smith) Binney & Smith Inc.
hour
an
develop
a
nat¬
The matter of fiscal policy and
can be discussed in
incentives
crease
of
At
tax incentive
ernment to
industry; to in¬
these incentives, not reduce
has
as
the
incentive
nism
are
well
football.
ment
factories
others,
nation
maximum, it is
policy to allow this particu¬
poor
me
able
hundred
.
resources.
capital produces the vital mecha¬
where
after-tax
relief from double taxa¬
tion permitted to the
stockholder,
ventures. Risked
new
in
modest
our
gov¬
incen¬
cents
proposal
ment
con¬
future
course
171,038 Shares
4
now
Under the circumstances,
to
eliminate
the
48
reluctant to
Policy
Both political parties have
jobs
November 28, 1961
Fiscal
dollar 'subject
income -tax
profits.
the
capital,
II.
our
the
When
to
fested
blue¬
sure
a
too
shrinks
ing the
large ex¬
original
purposes
of
foreign assistance
programs have been accomplished
tent,
many
a
corporate
Federal
from
is
that
drive
decline.
Every
severely curtailed.
To increase
the commitments without expand¬
.economy
fact
may
kitchen.
restrictive, busi¬
inevitably contracts, and tax
revenues
from $10.2 bil¬
over
pro¬
taxes become too
this
than
more
the
of
Western Europe's over the
period grew from $10 billion
to $21 billion. At the same
time,
pro¬
throttling industry
appetite
served
grew
more
encourage
increase taxes
obvious
matter
lion to $17.6 billion
Western
of
While the value of
—not more.
>
binney &
was
established to
restore- the war*! print for
bankruptcy. But the way
ravaged economies of somebf our/ to expand! our economy is by less
frriends and allies and to alleviate Federal interference and control
offer of these securities for sale. The offer is made only by the Prospectus.
New Issue
own.
in 1960
cars
Western
factured
better
Not
our
actually lower than the 8 million
nesses
This is not
than
steel
our
risk
sources
circumstances, it is
promoting business stability and
growth benefits the nation as well
400%A higher
While
the
when
is
axiomatic that government action
ports, the growth of .western Eu¬
economy was from 100%
to
government
that would
at
same
abundantly clear ferred abroad. From a business
that the entire economy of our point of
view, therefore, objec¬
country rests upon the ability of tives of our foreign aid programs
American business to carry the should be
scrupulously reviewed
burden
which
has been placed so that they can be brought with¬
in the realm of our ability to pay.
upon it.
Under
ex¬
ropean
to
Conversely,
posals
ade,
recorded
Corporation income taxes__22.9%£
a
economic
our
the
;
steel, automobiles and total
needed
capital expansion.
States
western Europe'from 1950 to
1960 should illustrate the- point.
other things,
depreciation
tax
.
are
economic
tional debts
tells
follows:
Individual income taxes
Since
tremendous
a
larger than all the combined
\Federal
1960
produc¬
and
In
grams
ness
unit
United
the
them.- Among
realistic
have been able to endure such an
—a
source of reve¬
by
in
is
which is
people in the form
come? The
money
a
staggering sum of money
virtually impossible to compre¬
inclined) would have
been capable of such largess. We
have made this effort
only by
accumulating
a
national
debt
government, in
What
the
our
ruptcy and collapse. No other
of itself, has no assets.
between
of
tion of 7.8 million
to
can
tion
friends.
our
comparison
increased from 51.9 million to 107
million tons.
While our produc¬
hend. It
world
A
payment
We
Such
mankind.
of
the
of
tract from the
sums
result
nations
Obviously
common
but also with
as
ex¬
a
in
is
Source of Federal Revenue
They all have
one
freedom
and
well
government
light of this
estimated
an
1962,
only look to ourselves.
cal
care,
are
debatable.
as
re-examined
govern¬
briefly
us
be
truly reciprocal basis
if American industry is to com¬
pete, not only with our opponents,
program will represent the astro¬
nomical sum of $86.5 billion.
the
concerning trade agreements and
fiscal 1961 for a total of nearly
$91 billion. After all types of re¬
loans.
have been
...
grow and expand.
The
of our foreign policy
on
the
in
area
must
The economic solvency and the
firing
to
vital
Union
can
production was
increasing from 88 million tons
annually to 90 million tons, West¬
ern
Europe's production of steel
able
have
spokesmen
a
tariffs
types of foreign assistance, grants
<
lowed
Thursday, November 30, 1961
.
only participate
competition if it is al¬
placed
considered, by June 30,
net foreign assistance
Other
others,
certain
in such
Soviet
.
of the world. Ameri¬
areas
business
can
implica¬
for
Let
ihe
of
economy
many
government
is just plain
citizens
industry.
and
who face economic difficulties
our
the
a
rests
are
realities of
r
strength of the United
States are, therefore, the bedrock,
the very foundation upon which
grams, such as
national
de¬
its
programs
From July 1, 1945, to June 30,
1960, the United States has made
available to foreign nations a sum
of nearly $86 billion in various
military
pro¬
business"
tax
govern¬
of
I. Foreign
and that international communism
shot.
com¬
therefore,
grams in the
maintained for years that capital¬
ism
will
collapse economically
munity. Many
policies,
amine
positions
will be victorious without
American
the
Union
Soviet
Exploring
and
the
manifold
business
to
the
source
depend.
for
rectifying the bal¬
and
the
which
our
tends
and
tions for
ment
halting business' harassment
labor and management,
competition,
.
For
adversely
programs
at
on
own
"good
affecting business.
Business growth, Mr. Swearingen points out, is crucial to our eco¬
nomic strength upon which the government's own manifold programs
depend. In offering his criticism of harmful business activities,
Mr. Swearingen calls for clarification of government antitrust pol¬
icies, "scrupulous" realignment of government spending with nation's
ability to pay, reforming regulatory agencies along the line of the
action
undermines
strength
revenues
ment's
By John E. Swearingen,* President, Standard Oil Co.
Government action,
hand, that hampers
other
the
on
.
27
Volume
194
Number
6112
.
The Commercial and Financial
.
.
Chronicle
The
'/•'
.
to
By Paul Einzig
Neither
floating exchange rate
a
British
nor
'
-
'
.
'•
"•
,
men
sterling should be expected according to Dr. Einzig who is
and
tudinous
devaluation
denials
in
the
the arguments for a floating pound and devaluation untenable.
Bank
the
to
will
income
reductions.
rate
not
be
tackled,
as
Fearful
the better solution,
in
tain
fay
i
iii
t^'if
LONDON, England—Of more than
casual concern is the partial fail¬
of the? go vbrnmerit's
ure
wage
policy of
revealed by the
early increase to
of the electricity
as
pause,
granting of an
the employees
industry,
and
revived rumours
about the possibility of a devalua¬
tion of sterling or of adopting a
system of "floating" exchanges on
the pattern of the Canadian dol¬
lar. The
argument runs on the
The wage increase to one major
nationalized industry has opened
in¬
creases, as it has encouraged all
unions to press their claims, and
the
it
tion
determina¬
the
weakened
of
further
for
floodgates
has
employers to resist them.
by the size of many of
the claims, if they are met only
Judging
t'
half
British industry would
way
outprice itself from foreign mar¬
result
The
kets.
could
deterioration
ther
have.been
if
only
of
be
the
a
fur¬
balance
increases,
wage
be
can
kept down through a partial suc¬
policy, the
the balance of
payments position would continue
next year. It is pointed out that
the volume of bank credit has de¬
of the wage pause
cess
improvement
lines:
following
It claims that some wage
delayed, and
the rate of increase has thus been
slower than it would have been
in the absence of that policy. It
is further argued that since wages
have been rising in other indus¬
trial
countries,
sterling is not
overvalued. In the official view
has failed.
demands
clined
in
the
that
and
unemployed
of
number
exceeds
more
once
that
know
to
hot
than
payments. Amidst the prevail¬
defeatism about the ineffec¬
tiveness of high bank rates and
credit squeeze, it is assumed that
the authorities would then prefer
ing
u
:<(<
n
i
to
to
resort
the
alternative
solu¬
a
resistance
least
and
devalue
as
by
which
sterling to a level at
British exports would be¬
competitive..
come
value
lower
the
of
No
for
Such
it
in,
of
balance
proportions.
in
to
it
a
I
..
■,
.
;
Says Government Is Opposed to
"
'
to
is
suppose
ernment is
lines.. For
admit
no
reason
whatsoever
that the British Gov¬
thinking
one
that the
has
been
P or
ted.
Nieman
been
it
re-
Mr.
has
associ¬
ated with Carl
Marks
an
Inc.
once
con¬
New
Stock
Exchange,
&
for
than 25
experience
gold scare, is
respect.
the
York
is, how¬
check
The
way.
this
floating
of
the
remains
if
they
immediate
a
Barney Nieman
Co.,
more
years.
active
An
trader,
he is'
former
President of
the
of
exchanges
possibility
are
Security
New
Traders
Association
York.
say
pay¬
an
result
would
increase
ate
future
the
government
is
in
concerned.
should
Unless
decide to
try again the orthodox monetary
remedies and to apply them this
time to a degree to which they
really
hurt,
answer
to the
deficit
the
the
ing abroad
only
short-run
problem is to
by
aSs&t§r
feared
means
to
fer
comes
this
line,
111.—John
Nuveen
&
Co., 135 South La Salle Street, has
announced the
election
to
the of¬
fice
of vice president of the fol¬
lowing members of the organiza¬
tion: Robert R. Brunker, Chicago;
Wallace K. Fisk, St. Paul; Guy
Garland, Boston; George A.
McKeon, Chicago and Frank P.
Wendt, New York.
cover
be
to de¬
government will
take
CHICAGO,
pre¬
which
is
:With Camp & Co.
;
of borrow¬
much4 to
very
that, when it
cision, the
Names V.-Ps.
(Special to The ^jnancial Chronicle)
selling out capital
or
is
It
John Nuveen Co.
reciprocal their
be, how¬
the import
surplus rather than its reduction,
at any rate as far as the immedi¬
ever,
therefore, that
It is safe to assume
of
in
Even
1958-59, when the price level was
the
City, members
devaluation
of
bringing about price reductions
by
means
of
tariff
reductions.
converted
been
currency
its
on
there
change, in order to be more than
another name for exchange
depreciation, must be made out
of strength not out of weakness.
and
is
adoption
just
had
to
checking the influx
than
engineering
persistently urge it to adopt the
system of floating exchanges. That
floating
for
asso¬
Golkin, Bomback &
Co., 67 Broad
St., New York
Ruling out devaluation and the
advice of those who
a
minor
a
that it is easier to start
clusive
government likely to
sterling
with
By
able
monetary author¬
1937, when they tried to
regulate the business cycle by
Nor is the
into
of
means
a
ities
listen to the
If
be
ciated
PORTLAND, Ore. — Harry G.
Tuttle, Jr. is now with Camp &
Co., U. S. National Bank Building.
He was formerly with E. I. Hagen
& Co., Inc.
*'■
^
■
■
■
Devaluation
Quite possibly even this guarded
optimism
may prove
and
ranted
the
to be
import
offer to sell nor a solicitation to buy any of
offering is made only by the Prospectus.
This announcement is neither an
The
unwar¬
these securities.
surplus
■
;
increase as a result of a more
or-less complete
failure of the
.»
/
•
-
■■■■■;
,
November 30, 1961
pause policy. Even on that
assumption it would be a mistake
wage
Thinking
There
the
Golkin, Bomback
of the American
than in other countries.
■»
Grounds
in
Barney Nieman will become
without lowering the
at the wrong time. The
avalanche
currency
may
Sees
increase
living.
preferable alternative to the
bank rate reductions
ever,
spond in Britain more quickly to
the
altogether.
would
of funds. The worst of it
position was satisfactory,
optimists do not ex¬
it might
have fluctuated either
pect, however, the balance of pay¬
way. In existing conditions, how¬
ments
to
attain
equilibrium in
ever, the removal of the official
1962, having regard to external
support
point
of
$2.78
would
military expenditure and to com¬
frightep., fo.rpign holders of ? sterol
mitments in respect of assistance
ling- balances and this, togetherand investment abroadV Provided!
with the operation of deads and
that the import surplus ! can be
lags
and/a
certain amount of
kept down, however, it is hoped
speculative activity, would cause
in
official quarters that the net
deficit would
be
of
managable a fairly sharp initial depreciation.
or
depreciate
of
premature
ments
the
tion, which is to take the line of
unearned
standard
in October would have been
scare
since wages would re¬
now.
out
it
.
of
the
money
creation
if anything, less competitive
come,
ruled
means
bank rate
jor industrial countries in which
case
British
exports would be¬
stable
that of unfilled vacancies.
Even
resistance, by sac¬
rificing the future for the sake
of avoiding to have to cut down
discourage the influx of unwanted
cer¬
closely
way
be
such
a.
followed
be
a
not
of official circles the
corresponding devaluations of the
currencies of most, if not all, ma¬
borrowing abroad or selling out capital assets.
IN
I
remem¬
devaluation would be almost
Dr. Einzig un¬
international deficit in
happily foresees the short run answer to the
Pi
In
increases
unearned
that
the line of least
Nieman to Join
it might be beneficial
if the government, by means of
ambiguous public statements, were
to encourage the feeling that a
devaluation or depreciation should
devaluation
would heavily outweigh any bene¬
fits that might be derived from
it. The arguments are too familiar
to require restatement.
Let it be
sufficient
to
point out that in
existing circumstances a sterling
preferable
fact, he adds, such a scare last October would have been
well
still
disadvantagesVtof
Dr.
influx of unwanted "hot money."
Possible Course of
a
Action
In
Sir Stafford
of the 1949
because
in the view
Einzig, however, is quite willing to see such rumors exist for the
beneficial effect of discouraging
is
bered—but
multi¬
Moreover, it finds
late forties.
Suggests
to that effect—the memory of
devaluation
mount in 1962 if the national wage policy fails
may
(2) the bad memory left by the late Sir Stafford Cripps'
not be¬
public
repeated
the
of
repeated denials by
Cripps on the eve
both such moves.
appraisal takes into consideration (1) the possibility that the
'import surplus
genuine,
is
attitude
13
statements by government spokes¬
straight devaluation of the
a
convinced his Government genuinely is opposed to
This
r
definitely
firmly opposed
devaluation. I am satisfied that
cause
A
t
»
existing circumstances the gov¬
is understood to
be well aware of the advantages
of exchange stability, will not be
tempted
to
adopt
the
floating
pound.
ernment, which
be
to
understood
this
•
f
is
government
in
such
necessarily
would
float downward.
circumstances
Or Adopt Floating Pound
in
which
pound
floating
Britain Will Not Devalue
(2401)
on
the above
thing, it does not
pause policy
wage
to
take
it
for
granted
government would'have
native
but to
valuation
that
no
the
alter¬
choose between de¬
and :the
adoption
of
a
;i//:/;^???:Korfund, Incorporated
$
$600,000 6H% Convertible Subordinated Debentures Due
(Convertible into Common Slock, $.10 Par Value, Initially at $4.00 per S-iare)
All
of the following shores having been sold this advertisement
appears as a matter
of record only.
and
.
100,000 Shares of Common
New Issue
November 22, 1961
100,000 Shares
Monmouth
Capital> Corporation
Slock
($.10 Par Value)
I
Offered in 6,000
Pi
1971
$100
Units, each Unit consisting of
Principal Amount of Debentures and 30 Shares
of Common Stock
Of the mo,000 shares of Common Stock, 40,000 shares are being offered for- the Company
being offered for the controlling stockholder of the Company.-
and 110,000 shares are
(A Federal Licensee under Small Business Investment Act of 1958)
Offering Price: $203. Per Unit
Capital Stock
Par Value
Copies of the Prospectus may be obtained in any State only from such of the
undersigned as may lunfully offer these securities in such State.
$1 Per Share
'
Price
Street & Co.,
$10 Per Share
William, David & Motti, Inc.
First Broad Street
Meade.& Co.
•/•
«
-i,
-
•
•;••••
Corp*-:
-
Inc.
Morris Cohon & Co.
Edwards & Ilanly
Flomenhaft,' Scidler & Co.Incorporated
t
i
14
|i;
(2402,
i
institutions
with other
enterprises in obtaining bank
loans to carry or to expand their
financial
nonbank
Nonbank Institutions
.
FDIC
economist
would
nonbank lending
extend to
plied to
commercial
bank
limit monetary control to currency or
institutions the'reserve requirements ap¬
effective by separating nonbanking
"money-creating" commercial banks. In
monetary policy clearer and more
financial
from
institutions
affiliates for the collection and
investment of savings and time deposits with complete segregation
of assets, liabilities and capital funds. Further, such savings under
this proposed system would be freed from reserve requirements and
interest rate limitations,
Mr. Warburton, in addition, reviews and
short, he yvould have the latter set up
answers
raised to
arguments
various
interest on demand
a
this
the
marized
for the im¬
suggestions
*
banking to
fluc¬
business
article
comments
made
on a
property and investment in busi¬
enterprises including corpo¬
rate stocks.
in the rate
The
Federal Government Control Over
Nonbank
Also
to
irrelevent
good
mone-
because
the
of
gree
rapid
relatively
over
a
the
growth of liquid assets, the nonbank
lending institutions which
of
tance is
money.
But
its
impor¬
and
by no means sure...
specific
as
of
not
may
question
a
formulated
suggestions,
.
However,
as¬
suring ample provision for credit
in all segments of-the economy
where loans are needed; that of
establishing conditions such that
particular
individuals
or
other
borrowers are unlikely to exceed
reasonable limits in the credit ob¬
a
ligations that they undertake; and
of minimizing unduly risky
or
unsound practices of financial
that
-institutions.6
bank accounts.
on
Reserve
have
I
financial
question that
fluence may be noted: that of
loans
institu¬
such
loans
three reasonable aims of such in¬
in the form of currency
are
checks
or
of
usable
of
nonbank
a
scrutiny, but it is
which
on
of payment; and the
repayments
tions
There
becoming
amounts
of
institutions is
need
money. ,The obligations of such
institutions, with a few exceptions
of negligible quantitative imporis the caSe, it is relevant to tance; must be converted into curappropriate ' rate of growth .rency or commercial bank deposbefore
and
terms
operations
longer
means
The
made in the economy and over the
provide those assets should be
subjected to reserve requirements
its
lending and savings
appropriate de¬
of government control over
institutions.
that
heard
sometimes
nonbank
over
tary policy, it seems to me, is the
contention
is not
course,
argument for less or more gov¬
ernmental control than now exists
an
Institutions
Lending
;
•
foregoing, of
requirements for
mercial banks,
it
com¬
Greater
in the form of re¬
at the Federal
Separation
of
Institutions From
quired 'balances
Monetary
Other Loan
Institutions
,
'Reserve. hcinks or vault cash, have
Part of the confusion in think¬
'become * the technique by which
control over the balances of com¬
ing regarding financial institu¬
the downward trend.
During
the
the
Quan.trty
^
money
is
decisively
mercial banks at the central bank
tions
other
than
banks/ results
war period there had been an exJ^tluenced,; So far as I can see, from two institutional situations.
is of negligible, if any, importance.2
■This argument, however logical' traordinarily low rate of use of fte.r®'reason for thus conOne of these is that
with
banks,
tuations.^ In
this
of
transformation
place
in¬
ventories relative to sales.4
are
other plausible ex¬
liquid assets planations of the upward trend in
into cash if money holdings be- 'monetary velocity during the past
15 years. First, a part of the ris¬
come low.
This line of argument
is
also
applied
to
commercial ing velocity represented a return
provement of monetary policy re¬
sulting from historical studies of
the relation of
money
: •
■
.
ness
that needs to be maintained in the
liquid assets, or to
expected or actual income, with
dependence on lines of credit or
holdings
recent article the writer sum¬
of
use
stock
In
Thursday, November 30, 1961
tary velocity, which had been of
very long duration, and of "its replacement by an upward trend. If
prohibition of
remove the
deposits.
trends
.
*
'
along with commercial banks. The
period of time. Increased - liquid *' fact, is, of course, that such instiassets and credit availability may tutions are users of bank-created
have been an important element • mpney in their transactions, along
in the cessation since World War, with other individuals and enterII of the declining trend in moneprises, r'and are not creators of
of
would make
In fact, Mr. Warburton
banks.
to
than
ations
.
,
the reduction that has taken
is less relevant to cyclical fluctu¬
suggest—
deposits and exclude liquid assets rather than—as some
'
-
■
in manufacturers' and traders'
though there is doubtless some validity to the argument
that the presence of liquid assets
and ready access to credit, par¬
ticularly instalment credit, makes
it feasible for people to maintain
lower average cash balances, this
Chief, Banking and Business Section,
of Research and Statistics, Federal Deposit Insurance
Corporation, Washington, D. C.
Division
along
^Second,
Warburton,*
Clark
difficulty
have
Monetary Policy Toward
By
Commercial and Financial Chronicle
The
'
are
few
to
that
conclusion
the
a
rate
normal
that
even
would
have, been
with continuation of
.
related
prob¬
it. may
into
come
prominence in
recent years. '
During
past few
tion
-
the
their
has
been
given to the
expansion o f
loan
over the use- of resources so that
of goods and services
became unavailable, and inducements to use as large a portion
many types
Warburton
of
assets
income
as
^S"^nd^e?ebv
Second, of
other than com¬
comparatively high rate of
growth of liquid assets-other than
commercial bank deposits." This,
it is argued, removes, or at least
greatly weakens, any direct influ¬
ence
of changes in the stock of
money on the rate of expenditures
by holders of money and thus
makes spending impervious to
monetary policy.
This view ap¬
pears to be carried to its extreme
in the recent Radcliffe report in
ing
,
.
tuations, in comparison with
pre---,
or
_
effect,* that
the "stock
ligations, causes ."just as much war conditions, must also have had To
*6f"mon^y trouble in meeting scheduled in- some influence, in this direction.^
foAA
.some
line
they hold when they
J
speilaing
,-j
•
•
"
QSClSlOnS* *
oUCtl
.r
G6C1-
sions, it is claimed, are much more
directly
J
wealth
related to
or
to
2Fn,.
.
1 The Commercial
and Financial Chron
pert-ircting
,
....
the Radcliffe
thisv point ^of
view,
of
D
Resee
Nicholas Kaldcr, "The Radcliffe Report,"
vf 1, fpfV? ,°L^onomic,s,
Sta^ics»
ireb..1.960),
.£■
pp.
14-19;
and John
Gurley, "The Radcliffe Report and
Evidence,", American Economic Review,
L
1961. '
r
.ff or. summaries
G.
icle, November 2,
or
advising their financial
departments, has .-led to greater
ing
make"
■if„Ti
(Sept..1960),
pp.
,
recognition of the cost of holding
cash
balances and
forms:
assets,": and
money,
reasonable minimum.5
This de-
categories used in bank,, reports
their liabilities,' have been of
,
are
y
.
-
NEW
an
offer to sell
nor a
solicitation to buy any
Continued
...
...
5 Estimates
of
i
on page
value
the
of
of
commercial
banks
other
and
financial
intermediaries, given by Raymond Gold¬
Study of Saving in the United
Sta'es (Princeton University Press, 1955)
smith in A
Velocity
Economy - Since
1900
(Princeton
University Press,
1958),
support
this
ican
.
Reserve
Ba?k of N,cw Yor> 1959>-pp- 6J:72-
uvcr
4Fc,;Inventories^
rcleva,,t dala'Moscs
and
BusinessAbran,°
Cycles
of
Economic
see
my
discussion
more
of control
vitz;-
Bureau
.
opinion.
loans
over
to
of
the
relation
monetary control,
"Coordination
article
of
Mone-.
tary, Bank Supervisory, and Loan agen¬
cies of the Federal Government," Journal
of
..
Finance,
V
(June;1959),
pp.
167-68.
0
of
offering is to be made only by the Prospectus.
ISSUE
This
any
announcement
is neither
an
offer to sell
nor a
solicitation of
an
offer to buy
of these securities. The offering is to be made only by the Offering Circular„
65,000 Shares
NEW ISSUE
WALD
RESEARCH, INC.
62,500 Shares
-
,
-
.
Common Stock
(par value $.10
per
The Valtronic Corp.
share)
COMMON STOCK
(par value $.10
per
share)
„
'
Price $5.00 Per Share
Offering Price: $4.00
Copies of the Prospectus
may
be obtained from the undersigned.
Copies of the Offering Circular
from such other dealers
Martinelli & Co., Inc.
New
York, N. Y.
November 24, 1961
E. R.
Davenport & Co.
Providence, Rhode Island
"
*
28
various
types of
assets
held by households at
selected
dates from
1900
to
1949, and
data
pertaining to the relative growth
ownershipof
direct
.
announcement is neither
one
on
of
Research,
1850), p. 569, and Business Statistics,'
1959-Edition' (U. S. Department of Com¬
merce), p. 15.'
•
>'/
these securities. The
deposits
and Financial Intermediaries in the Amer-
(National
This
demand
conditions,; attached.. to
various
types of deposit accounts, and the
other liquid
energetic V" 3 See George Garvy, Deposit
attempts to keen such balances at and Its Signilitance (Federal
a
A more practicable
< is
that be¬
demarcation
an
more
velopment is essentially similar to '
672-700.
three
are
check
person
mechanism, and
payable solely to
hand and time and savings depos¬
its on the other. Historically, the
.
cash
of
tween
stalment payments and other out- Third, the great development in a
the amount of liquid assets. vPeo- * standing bills as in making cash professional management, of,large1
proportions of the aggregate net
pie and enterprises,-it is implied, purchases: Further, when* there is" business: corporations,-;witfr-,ecqnf
pay
very
little attention to the'-a policy of monetary restraint, - omists and financial experts head- - wealth of individuals held in the
does not matter—what matters is
subject to
another
to
other
the depositor.
investments
what the facts
determine
to
by
those which
other- forms of holding wealth.5
need
transfer
or
investigation covering
substantial length of time of the
we
per¬
econ¬
4
two types of activities is that be¬
tween. accounts
.
cash with which to pay their ob-
the
line of demarcation between these
Pe°Ple hold.the obli0ations of such
Great Britain,^ where it is argued,
o
?
im
make avail
direct
in
role
that of providing circulating
which is their major
and that of collecting
and investing savings and sharing
the investment returns by paying
interest on the deposit balances.
Conceptually,
the most - precise
Sl^ ia"
vestments" for
dual
a
com¬
always
medium,
function,
stituhcms as savings and loan assdcratiOns. y
*•
*nJaddition, there appears to be
much misunderstanding about the
Af^
have
omy:
for the growth of
mercial banks and the accompany¬
banks
formed
importance with respect to
credit, do not obviate nor reduce
continuation of the upward movethe use of money in the form of
currency .
or bank
In xcx.x,,
fact, ment in velocity for so long a peV W reasons
.«ucu„
„«„* deposits. xxx
in many cases the extension of
riod^gs! lfr jrear^ 1stt
credit involves a payment in curincreased feeling of security and
\®
rency or check "and thus" increases 'lesser need of . individuals to ,hold. ^ '
the use of money, because the rea-stock of cash for use in thb.eVent institutions
instead
of
holding
payments in such cases, and pay- °f unemployment, illness, old-age,
currency or bank depoists has, I
ments in the case of book credit,
or other contingencies. The great feel
sure,
been exaggerated.
A
all require as much use of money
expansion of social insurance in much
larger portion of the growth
as
cash transactions.
Contraction its manifold forms must have had
of liquid asset holdings, other than
of the stock, of money, w h i c h -a substantial influence, *£nd - the
money, has been, ! believe, a rela¬
means that some people
and en- greater stability' Of business arid
tive; substitution of indirect in¬
terprises have smaller amounts of lesser magnitude of business;flue-'
more
institutions
mercial
tw
possible for investment
in Government bonds.
many
trolling th.e rate of growth of other
hf financial institutions. On
A
SJbuods should the Govern-
for final product expendi-
tures, primarily as a consequence
of rationing, Government control
obligations
liquid
Clark
when
seem
that constitute
individuals and
enterprises,
and the ease with
which purchases can be made on
years
atten¬
much
money
presented in
this way, is subject to two serious
objections.
First, the relatively
rapid gx-uwui
growth ui
of nonbank
financial
i-apm
iiunumuw uncuuci
institutions, and consequently of
lems that have
may
as may.
per
share
be obtained from the undersigned and.
legally offer these securities in this state,
*
;
Fred F. Sessler
505 Park Avenue
...
..
;
*
,
&
Co., Inc.
New York 22, N.Y.
•
Volume
194
Number 6112
.
.
The Commercial and Financial Chronicle
.
(2403)
genuine interest. These publica¬
tions
require* advertising which
Value in
Maintaining Retail Sales
s
_
ties in
nesses
Babson
sales, and
i
about
the
advertising expenditure
7:'
.
trend.
He
use
s
this way would :
.'A
to
see
A
'
'
..
tract
ness
thus
drivers and riders.
far,
I
have
attention
the
•
Bank
off, as my studies
slight upward trend in the
seasonally adjusted sales curve,
However, considering 4 the rapid
rise
a
in
merchants
incomes,
are
disappointed that retail trade has
not
registered
a
larger increase.
ered
by
increases
benditures
pe
a iu es
-for
ior
f»en.fra?*y P°win
business
ex-
nlant
piant
and
ana
new
new
equipment. In like manner, this is
true
also
of
advertising
Well-
aaverxising
4-
wen
thought out and forceful advertising
ing
ramnaigns
campaigns
sumer
as
ran
can
nhannol
Channel
as
noncon
accomplish
most of the selling job before the
can
A°sneSnc?eesr
at'
Agencies h^m^awav
nammei
away
at
ereere
ating the desire for the products
or services they advertise
utilizing the appeal of basic need,
physical
social
attraction,
then, lfe the basic
etc.
of
power
general business.
.
Trends
in
munication
of
the
Advertising
a
business
business
.
studies
M
reveal
how-
uPwai?- My stuaies reveal, nowever> that for more than a year
+•.
.
been
slowing down in
a
tnere nas oeen a slowing aown in
certain phases of advertising. Extelevision
most media
in
sa&
men
S
nffpr;n*
,
,
larger
ideas—from
the
to
sums
t-heir
advertisinS budgets
business drops off, they
When
tend to
reduce'^advertishie outlays'"as
part
-j^is
a
their economy programs.
js
a
great mistake. There
of
should
be
1,600,000 shares, the total
>
'h
authorized and
the
of
.
-
] P
sna^fs aut.norizecl ,aIJa
j.
outstanding will be increased to
9R-dRftnnft®nH
,28480,000 a
wlli' be
®
mass
business
is
business
hand. On
'
.
.
^
TY
•
to
newspapers,
streetcars and buses
were
once
an
important form of promotion. To¬
day,
considerably fewer people
use
public transportation; hence,
f, Oninppv
rh^
fewer
streetcars
and
inside
readers
buses, the
the
New
The
Rx
Boeddener
New Issue
vertising
to
most
time when
a
needs
a
Exchange
States
will
erbaum
firm's
of
the
Mr.
S.
for
He
William
business
dent
News
Weekly
served
as
senior
1950
to
sales
1954
he
and
fore
he
that
the
William Sederbaum
was
and
The
sales
and
Schenley
Harper's
Atlantic.
served
manager
Schen¬
Vice-President
Distillers
of
Co.
New York Office
of
Rodetsky,
merchandising represen¬
Life magazine, and as
assistant
to,
the
president
of
Eddy-Rucker-Nichols Co., an ad¬
vertising agency.
members
for
Reisman
tenure
with
Rodetsky, Walker
Be¬
assistant
as
as
Now
y e a r
Mr.
Sederbaum
was
also
President of its Melrose Distillers
Time magazine, international edi¬
tions,
20-
ley,
division
From
for
advertising
In¬
.
Dur¬
his
advertising
was
representative
Magazine
to
sales
executive.
Park
dustries.
World Report, a
magazine, where he
development
of
Tilford Co.,
division
of
ing
&
news
pre¬
Schenley
with
years
was
viously Presi¬
E.
de¬
previously
seven
cor¬
.
porate finance
department.
public
relations
been announced.
A
Boeddener
associated
the
newly
formed
\
Walker
of
the
&
New
Co.,
Inc.,
York
Exchange, have opened
Stock
branch
a
office at 115 Broadway, New York
City
under
Securities
L.
the
Hershel
dent.
management
vice
Wormser,
ated with the
ANGELES, Calif.—The firm
Krasnow
is
name of Reisman> Mannelly,
Gordon Securities Corp., 453 So.
office
new
associ¬
as
syn¬
director;
mutual
department manager; and
Joseph
Sehwimmer
Spring Street, has been changed
Max
to Reisman Securities Corp.
ager.
Zax
office
as
advertisings
reckless
talities.
Opportunities
in
offer to sell
The
,
Everett
100,000 Common Shares
retiring today
(Nov. 30) -j as
Fiscal
Agent
Adrian Steel
of the Federal
Home
(Par Value
Loan
is ' to
admitted
Company
$1.00)
Banks,
be
Everett Smith
partner
solicitation of
nor a
is not an offer to sell or a
of an offer to buy these securities.
offering is made only by the offering circular.
This advertisement
Smith, who is
and
Advertising;
29, 1961
solicitation
have
announced
that
pres-
booms
Nov.
in
firm
the
a
on
Dec.
an
offer to buy
any
$2.50 Per Share
Price
general
1,
Copies of the offering circular
Underwriter
shown
qualified to act
-
below
may
be obtained from the
brokers
from
or
•
MORRISON & FRUM1N,
-
who
are
dealers in securities.
as
INC.
MEMBERS DETROIT STOCK EXCHANGE
is
announcement
This
of
not
an
■1
■V
V »-%
.
.
of an offer to
Circular.
November 28, 1961
'
NEW ISSUE
November 29, 1961
ojjer to sell nor a solicitation
The offer is made only by the Offering
\buy any of these securities.
offering is made only by the Prospectus.
yeV
f-v
»
4
***
>
S
4.
,
,
.*
»
'
■
■
'
V
♦
125,000 Shares
■ AX
-
^
100,000 Shares
;)
Li-
Jl'I.YN SPORTSWEAR, INC.
PRECISION CORP.
MICRO
(Par
per
Price $5 per
in any
shares
Value 20c
PRICE:
Share
State in which the undersigned may legally offer these
in compliance with the securities law -of >such- State.
•
Copies of the Offering
!
undersigned as
may
Manufacturers Securities
Bicren
40 Wall
St., New York, N. Y.
'
Ixl
'* '"BO 9-7930
such of the
in such state.
Circular may be obtained from
laiojully offer these securities
connected or affiliated with
New
^ Mortimer B. BurcvsiBE &
$3.00 Per Share
-
(Not
T
Per Share)
Share)
Copies of the Prospectus may be obtained from the undersigned
"
Stock
Common
CLASS A
(Par Value 10<
&
2,
Boston 2,
Pa.
Chace, Whiteside &
Boston
17,
Corporation
Y>.
N.
2,
Mass.
Winslow, Inc.
Mass.
;
!
Manufacturers Trust Co.)
Draper, Sears & Co.
Co,
'
Philadelphia
York
~
t
.
v-' ;•
'•
Boenning & iCo.
~"-Philadelphia 2; 'Pa.
Schirmer, Atherton & Co.
Boston 2, Mass.
as
man¬
ii-.
;.•(
New Issue
and
its instrumen¬
the other hand, during
of
presi¬
dicate
Gov¬
ernment
helping
i;
i
William St.,
Yor kJ
City. Mr. Sed¬
and
has
agency,
are
i i '■
beeil
New
a
H
.
Co., 27
Guenther Law,
Inc.; 131 Cedar
St., New York City, national'ad¬
theUnited
as
an
has
Vice-President
securities of
keenest,.'
is
racking depressions.
these securities. The
&
&
LOS
and ^Ameribarf1 Stock
Exchange,
and dealers' in1
when,,
sure
This announcement is neither
Sederbaum
executive
Meade
velopment staff of Albert Frank-
;
25 Broad
Co
Stock
York
appointment
the
ads
of
obligations.
AF-GL Agency
Adds to Staff
Let me say one more things >;I
1961 subject to approval by the
believe advertising offers good New York Stock Exchange.
*
now placed or painted on the out-- opportunities
to - young
people.
Mr. Smith is retiring from the
side of the vehicles, where they Rapidly
growing suburban and Home Loan Banks after serving
are on open display to pedestrians
"community" newspapers may be 25 years as Fiscal Agent. Prior to
and riders in private cars.
More- good
employment
sources : for joining the Banks, he was associover,
outdoor billboards are re- young folk interested in adver- ated with Discount Corp. of New
ceiving increased emphasis to at- tising, and having patience and York, New York City, dealers in
with
general bro¬
J-
City, members of
St., New York
to stimulate buying' in-
of
a
'
depressed, and
slacking off in
periods
conducts
Andrew
QuiIlCey
Partner
^
"
in order to build up funds.ior
radio, to television. Even the in- the next lag in buying interest. In
creased dependence of our popu- this
way, advertising can be a
lation upon automobiles has had
great stabilizer of business and
an
effect-upon advertising. Ads economic conditions, and it can go
printed on cards and posted inside tar toward helping to eliminate
munication—from
named
tative
raised from $160,000,000
'
it
com-
mnitnl
a!}?A
ttle
periods of brisk business and buyadvertising has fol- ing impatience, there could be a
lowed the evolution of
hank'c
xh.
,
advertising when
more
instrumentalities; Additionally,
V.
,
bank, also has declared a
^% stock dividend payable Dec.
8 to holders of record Nov. 3,
Smith tO BeCOme
allocate
to
William
underwHtine
cit
k
advertising
advertising
terest and demand at
com-
buyer. Therefore,
is natural that
"
Rx
Rlvfb
Tnf
y
RPaTi
Cn
L
w
Emphasis Needed
t
t l
total,
competition
represents
wmr
iri lieu of fractional shares.
Upon payment of the stock diviAn ™iai> ousiness aavertising
^
^ pnrrm1f>t;nn nf +bP <,alp
expenditures continue to trend dend andcompieuon 01 me sate
New
j
In
necessary
Advertising
SjS
Inri
_.
r^cent months* have recorded declines from a year ago.
.._
„
Advertising
to
A
•
™£nr
rfJht*tn15'
A nnJ.AA «r/?,,n if {nvof+m'int
x,_
sell
cannot
n
r
cepi ior television, most meaia m
'
seller
stores
'
N"'
products,
impatience to buy generally.
prestige,
A
increase the desire and
interest to specific
well
wfi If
Vnf
with payments in cash being made
A My studies indicate that periods
are
such
effectively.
Importance of Advertising
•-? 1?
trend toward self-service in retailing makes it highly important
to
have consumers pre-sold
at
home,
since
the -smaller
sales
in
at $59 per share for 1,-
«nn nnn
markets,
and
shopping
centers
radically affects consumer spending and shopping patterns.
The
forces
.
subscribe
V, Changes in consumer shopping
habits also should create certain
to expectations. This is not to sav changes in advertising. The dethat i the dollar volume of retail velopment of chain
stores, supershow
of America N. T. ;• & S.. A.,
Francisco, is offering holders
its common stock the right to
of
v.
heard complaints from many areas
that retail trade has not lived up
salea has fallen
in securities of the
United States Government and its
the firm
San
automobile
of
-
Joins Meade & Co.
the oldest estab¬
one of
direct
Av
.
course of the busi-
1887, is
government
A
like
Wm. Sederbaum
Co., founded
in
lished dealers
consumers.
•
>
would
Throughout the
recovery
its
busi¬
Bankers Acceptances 'and United
States Government securities.
Chas. E. Quincey &
kerage business in industrial, pub¬
lic utility,
railroad and foreign
greatly stabilize business and economic conditions.
>
and
community's
the
non-encouraging rise in retail A
advertising budgeted contracyciically and claims
;vr
-
concerned
the
interests to
Bank of America
slowing down in certain phases of advertising despite
a
upward
an
,
is
local
of
benefit
By Roger W. Babson
Mr.
with
15
16
The Commercial and Financial Chronicle
(2404)
Kahne Investors Formed
DIVIDEND NOTICES
Dividend
of
Board
SYRACUSE, N. Y.
CORPORATION
IRON
The
FUEL AND
COLORADO
THE
Directors
Colorado
State Tower Building.
Iron
the series
and
value
to
business
The
with
on
"Board
record
of
December 8,
of
Pittsburgh,
At
December 30.
at the close of
payable
are
holders
Allegheny Lutflum Steel Corporation
stock.
preferred
dividends
of Allegheny
17, 1961, a
180,000
Korfund,
being
shares
common
The
Inc.
offered
1971
in
principal
and
30" common
one
debenture
amount
for this
per
share
the
Common
was
Stock
shares.'Of
the
NOTICES^""-*"
DIVIDEND
on
the
of
payable
Corporation,
McGREW,
declared
De¬
'
Secretary
.
,
of
close
cember
18,
owners
of
business
on
record
December
S.
A.
McCASKEY,
"
■
the
at
1961.
1,
JR.
/Tv
Cor/>oration
common
The
One
share
on
Dollar
its
payable
of $50
December
stockholders
to
the
close
of
of
per
per
DIVIDEND
27,
record
at
on
R.
E.
December
butes
tion,
line
complete
a
shock-
and
products
of
acts
vibra¬
exclusive
as
a
L.
SCHNEIDER
Broadway, New York 4, N. Y.
November
of
.".V.V "
':>•
'
DIVIDEND
NOTICES^
the
at
128th
De¬
on
stockholders of
of
close
business
November
Consecutive
of Directors at
The Board
meeting on November 21,1961,
a quarterly dividend of
seventy-five cents per share on
the capital stock, which will be
payable December 14. 1961, to
on
347
,
Madison
York manufactures a
heat and mass transfer
f'/V;"/''■ //y ;//
•
declared
27, 1 961
offering
shares
of
100,000
American
of
com¬
Variety
Stores, Inc., at $4.50 per-share is
being made by Netherlands Se¬
curities Co., Inc., New York City
Miami
Funds
Service
of
Florida, Inc., Miami. Net proceeds
a
Secretary
will
the
of
stockholders of record November
used
be
by the company for
repayment of loans, purchase
equipment and working capital.
The
of
company
Paul E. Shroads
21,
Fort
Meyers,
engaged in the operation
Fla., is
of retail discount
variety stores.
402nd Dividend
1961
Thomas Diehl Joins
G. H.
C.
CINCINNATI, Ohio —Thomas
Diehl has become associated with
95th Consecutive Year of
G.
Quarterly Cash Dividends
A
paid
a
(50O
per
quarterly dividend of 75ff per share (lJ/2%) on the
Stock for the quarter ending December 31,
1961 and a dividend of ZOf per share on the Common
Stock have been declared. Both dividends are payable
&
Vice President
A
Secretary
clared
"
Pullman-Standard division
The M. W.
Louis T. Hindenlang
a
Hughes
.
STATEMENTS
NOTICE
December
Trailmobile Finance Company
1961,
21,
shareholders
Swindell-Dressier Corporation
MIDWESTERN GAS
share on the
stock, payable
-
-
depart¬
per
common
Inc.
trading
Co., Inc. of Indianapolis.
quarterly dividend
of 12Vip
Kellogg Company
Trailmobile
Secretary and Treasurer
was
The board of Directors de¬
Division and Subsidiaries:
5, 1961.
Diehl
Mr.
Raffensperger,
EARNINGS
DIVIDEND
transfer books will remain open.
of
ments
CORPORATION
WILBUR E. WOLFE
Preferred
Carew
Cc>.;
the corporate syndi¬
| stock
and
cate
of record
•
A
Exchange.
formerly in
SUNDSTRAND
December 14,^1961,
on
&
Musekamp
Stock
share will be
stockholders
to
H.
Tower, members of the Cinncinati
quarterly dividend of fifty
cents
Common Dividend No. 213
January 1, 1962 to holders of record December
Musekamp
(Special to The Financial.Chronicle) >
v,
December 1, 1961.
of
company
of
sales
L",i
Wis.
Preferred Dividend No. 223
November 22, 1961
filing
and
American Variety;
30,1961.
bV
*
New
Ave., New
and
Dividend
A. R. BERGEN,
COMPANY
:
The
mon
December 6, 1 961.
BANK NOTE
The stock
inventory,
patents,
advertising
promotion, -r. /•
>
Public
the
on
AMERICAN
-
Sanson,
of
Stores, Inc.
Pullman
t
and-
ment
system.1 />"; '
producers
and
offering .publicly
shares of Vol-Air,
are
known
REGNER, Secretary-Treasurer
G.
Milwaukee,
City
patented
European
Inc.,
Co., Inc., both
U. S. distributor for several well-
1961.
1,
Ross,
&
72,000 common
Inc., at $2.50 per share/Proceeds
will be used by the company for
the purchase of additional equip¬
control
noise
arid
I.,
L.
distri¬
and
Senior Vice President
Secretary and Treasurer
25
record
of
Westbury,
manufactures
percent
one
to
quarterly
stockholders
December 1, 1961.
Road,
Y.,
&
Graber
York
today de¬
payable
are
29, 1961
record
declared
has
dividend of fifty cents
(50c) per share and a year-end dividend
of
thirty cents
(30c) per
share on the
capital stock ($3 par value) of the Cor¬
poration,
payable December
15,
1961,
to
1961,
business
Directors
of
Board
The
regular
tiague
N.
share
dividends
cember
share,
capital.
Korfund whose address is Can-
s
dividends
Stock dividend of
Both
capital stock of
the par value
working
and
stock of this Corporation:
cents per
dividend
($1.00)
of the proceeds to repay debt
increase
Stock Offered
Glass
Quarterly cash dividend of twenty
IBriggs&Stratton]:
COMPANY
lias today declared a
of
1961
Board of Directors of
ANACONDA
THE
Mo¬
Common Offered
clared the following
22,
Massachusetts
Vol-Air, Inc.
NOTICE
DIVIDEND
The Board of Directors has
DIVIDEND NO. 214.
November
controlling
Co;
ments.
BRIGCS & STRATTON
CORPORATION
t
the
The company will use its share
Solvents
(Ommercial
AnacomdA
are
and
company
electronic and mechanical instru¬
Secretary
.
Thursday, November 30, 1961
.
share-
to
1961,
hair Plush
are
units/at
6,000
$205 each. The units consist of
$100
of
securities
dividend of fifty cents (50c)
nonaction
C.
Directors
Ludlum Steel Corporation held
quarter.
D.
Pa.
Board of
today, November
took
Directors
the
of
meeting
a
1961.
respect to the common stock
Inc., New York City,
and associates are offering pub¬
licly $600,000 6y2% Convertible
the
shares by
stockholder,
Street & Co.,
and
value preferred stock,
par
and
three-fourths cents
per
share on the series B
cents)
par
These
1961
$50
A
140,000
Units Offered
for
.
shares
40,000
common,
being sold
subordinated debentures due
DIVIDEND NOTICES
sixty-eight
(68%
$50
the
offices in
from
business
ties
The
of
securi¬
vestors, Inc. is conducting a
Notice
Corporation today, (Wednes¬
day, November 22,
1961) declared the regu¬
lar
quarterly
dividend of sixty-two and
one-half cents (G2Vs
cents) per share on
Fuel and
Kahne In¬
—
total
Korfund, Inc.
.
of
TRANSMISSION COMPANY
P.O.
to
record
December 6, 1961.
Transport Leasing Company
G.
Texas
with
accordance
Vice President-Secretary
statement
earnings
An
J. LANDSTROM
the
of
will
and
prepared
in
(a)
of
Section
Act
Securities
available
2511
Box
Houston,
11
1933
is
supplied
be
now
upon
Rock}ord. Illinois
UALITY
V
:
N<
security
to
request
November 21, L961
of
the
Company.
-
^
E.
R.
CORPORATION
TENNESSEE
holders
McGEE,
Treasurer.
TENNESSEE
CORPORATION
LIMITED GAS
t;
•
'.
.
.
,
CASH
November 21, 1961
1
Notice
UNITED GAS
*/' CORPORATION
DIVIDEND
A
regular quarterly divi¬
dend of thirty-five (35c) cents
per share was declared pay
t"
SHREVEPDRT,
LOUISIANA
Earnings
at
the
close of business' December
STOCK
A
quarterly dividend of Wi%
share)
($1.50
ferred Stock of The American Tobacco
Company, payable in cash on January 2,
stockholders of
close
of
business
record
December
8,
the
at
DIVIDEND
1961.
In
addition,
dividend
was
a
2% stock
declared pay
able December 30, 1961, to
stockholders of record
close of business
at
the
December
4, 1961.
The above cash dividend
Harry L. Hilyard
will
Vice President and Treasurer
>■■'''
'
©
A. T. Co.
s.
not
date
declared
a
(37J^«f)
share
Stock
on
of the
the Common
Corporation,
payable January 2, 1962,
To
stockholders
of
record
at the close of business on
December 8,
1961.
B. M. Byrd
mailed.
Checks will be
this
*
per
a
has been declared upon the Pre¬
1962, to
has
Directors
and one-half cents
229th PREFERRED DIVIDEND
be
paid
the shares
to the stock
on
issued pursuant
dividend.
Secretary
November 28, 1961.
John G. Grtenburgh,
Broadway
Treasurer'
New York 6, N.
Y.
31,
Twelve
Ended
1961
United Gas Corporation has made gen¬
erally available to its security holders
earnings statements of United Gas Cor¬
poration
of
and
United
Gas
Corpo¬
Subsidiaries consolidated
period from November I, 1960
to October 31, 1961, such period being
the 12-month period beginning on the
first day of the month next succeeding
'and
ration
for the
the
effective date
of
the
with
(October 31,
Registration
the
Commission
Securities
relating
1960)
Statement filed
and
Exchange
to the sale of
$30,000,000 principal amount of First
Mortgage and Collateral Trust Bonds,
S'/c Series due 1980 and $30,000,000
principal amount of SYV/o Sinking
Fund Debentures due 1980, of United
Corporation. Copies of such earn¬
statements will be mailed upon
to any of the Corporation's
security holders and other interested
parties.
J. IT. Miracle,
Gas
ings
UNITED
SERVING
GA$
THE
request
November 28,1961
61
Period
October
The Board of
dividend of thirty-seven
4, 1961.
Statements for
Month
Dividend Notice
able December 19, 1961, to
stockholders of record
Security Holders of
to
'
CORPORATION
Vice President and Treasurer
152S
Fairfield
Avenue
Shreveport, Louisiana
November 30,
1961
•
-/
f
Volume
Number 6112
194
THE MARKET
BY
The
.
year-end
jumble
of
the
this
either way, along
moves
with siz¬
STREETE
those of
Litton,
stock
the
on
split, were also repeaters
highs lists.
new
There
shown
momentary
was
by
trust
authorities
over
its
tions that were, at
the
least,
in for profit-tak¬
very
high ones, came
ing while most major groups
mixed
more
times than not
their
various
items
in¬
way
of
promise
while
gains or
losses in
given section.
continued
high and
establishing
others in any
Turnover
the
year's
volume
virtually
historic high.
was
assured of
hitting
Not since
1929 had any year pro¬
an
duced turnover of
billion shares
a
and, in that year, it was a fabu¬
lous event since for the bulk of
the year
the
billion mark.
the best
peak
recorded
ever
of
turnover
set,
was
1928's
was
million
930
This week that level was
shares.
exceeded
by
good
a
margin
to
for a new turnover
record, this time at a period when
listings were in excess of seven
billion shares.
Consequently, the
the
pave
ratio
of
listed
way
shares
far under the previous
highs.
'
Market
effects rather
The
Despite the record number of
listed, markets generally
were thin which, on any pinpoint
much
where
values
ances.
and
of the
year.
Regarded "Oil"
Highly
listing, Xerox in
earnings,
many
popularity and
occasional stirring, the oil shares
good
predictions of
new
from
—apart
Amerada
and
such
as
ger
candidates—have
live
up
held
for
of this
A
specialties
few
a
some
mer¬
failed to
to the high expectations
them in the early days
Universal
oil section,
Oil Products, is some¬
thing
an
in
of
exception
than
more
doubled
since it
in price
This is not
a
prime oil extraction and mer¬
chandising operation. It is one of
year's low.
the world's foremost research and
in
companies involved
petrochemicals and oil proc¬
esses.
Despite the fact that the
shares
the
has
price
this
doubled
the company because of its
shafp -grbwthr prospects is still
highly
regarded
in oil circles.
Although the shares have been
available publicly only for a lim¬
year,
ited
ence
time, the company's experi¬
in petroleum chemistry dates
half
back
In
century.
a
,
What
added
has
glamour
to
as
were
which
in
recent
the well-deflated
able to make some»thing of a stand and a few at
times showed renewed popularity.
group,
-
The
were
new
shares
of
after
Zenith,
'
split, were prom¬
the new highs lists and
the recent stock
inent
on
This advertisement is
neither
an
be
devices
to
biles
reduce
to
added
to
automo¬
air pollution.
quality growth is¬
of the old notions of priceearnings
ratios
and
dividend
yield.
In
short, few of the
growth-minded market commen¬
chemical activities
being expanded and the pros¬
is that profits from them,
already
sizable,
could
grow
anywhere
are
&
and
for
generally
few, if
indicated
any,
the
is
cloudy
startling
the
could
be
compact
normal
a
did
much
to
the
inroads
that
had
been
made
by
imports
and
the
com¬
General
Motors, which saw fit
to bolster its $2 dividend rate by
50-cent
extra, raised its yield to
well-above-average AVz% and
The
1961 profit estimate is moderate,
covering the dividend commit¬
ment by half a dollar or so, but
the outlook for next year is that
a
dollar
As
as
over
much as
year's
this
result, the shares of
have been toying with their
high in recent markets.
GM
is
Ford
tor
share
a
results.
a
GM's
leading
competi¬
investment
but
advice, noting
come a long
way to anticipate the company's
superior earnings report expected
this year, isn't overly favorable.
Ford will face stiffer competition
in the compact field with the 1962
that the
shares have
models than it had from GM with
the
1961
Ford's
line.
main
More
The
profit-taking moved in was
American Telephone.
Once the
tury was finally increased and the
And
the
at
of
presented
are
any
those
as
where
market
Japan
foreign
have
of
of
in
the
in
fol-
DeSpelder
order
and
outlook
to
add
the
nor a
significant
Oil
solicitation of offers to
November
ISSUE
new
,
Education
Institute's
agement in the School of Business
Hasebe, former direc¬
tor and Manager of Nikko's Re¬
search and Foreign Departments
has been promoted to Managing
Director.
Nobuo
Hayashi, now
completing a seven weeks' U. S.
tour, has been named Manager of
the First Foreign Department.
Administration
Masao
and financial support from
Terumasa
Takabatake
has
been
ap¬
pointed Manager of the Second
Foreign Department.
Each
de¬
partment
coyers
different
the
Wayne
faculty
since
Insti¬
tute
is
receiving
trialists
Carl
Committee
A.
can
Metal
Glenn
Products Company; H.
Bixby,
President
Cell-O Corp. and Guy S.
Bower
Inc.
80
are
been
appointed
New
York
Manager
of
the
N-I
SUFFERN,
er' &
Y.—Joseph
Bearing,
corporations
An
Stock
nounced the
Exchange,
Walk¬
Shaw II
office
at 71
more
economic
sound
formerly
was
ciated with Paine,
in
over
an
asso¬
Webber, Jack¬
Fiduciary Trust
York, and The Han¬
have
announced
Freedman
is
their firm
now
as
a
nor a
solicitation of
an
offer to buy
any
registered
of these securities.
November
125,000 Shares
March Dynamics, Inc
COMMON STOCK
par
value)
Price $2.50 per
may
share
be obtained from such of the undersigned only in such
be legally offered.
$4.50 Per Share
State in which this
Paul Eisenberg Co., inc.
and other dealers
lawfully offer these securities in such State
Jed L. Hamburg Co.
Magnus & Co.
Schirmer, Atherton & Co.
that
Street, Boston, Massachusetts;
Incorporated
t
*»
*
j.
i
.
i.4
Mi.UliHOHH
I
» •
••
Barnett
associated with
sentative.
NEW ISSUE
Copies of the Prospectus
investment
investment-club
offer is made only by the Prospectus.
has
member
years,
Sprayregen, Haft & Co., 26 Broad¬
way, New York City, members of
the New York Stock Exchange,
Bank.
offer to sell
The
than
With Sprayregen, Haft
the
manager of
as
States where the securities may
50 Congress
and
through
techniques.
Common Stock
may
seven
plans
an¬
Lafayette Avenue.
Shaw
More
contributing
support.
appointment of Rob¬
ert G.
Mr.
have
Ex-
Federal-Mogul-
investment-club
than
of
Peppiatt,
Dr.
DeSpelder has been impressed by
the
opportunities
for
teaching
Sons, members of the New
York
of
to the Institute's
Branch, 25 Broad St.
Dr.
Dow Chemical Company; R.
Williams, President of Ameri¬
ing Director will remain in New
Ishizuka has
indus¬
leaders
include
York
where Yutaka
interest
Gerstacker, Chairman of
President
Kaiser Electronics, Inc.
as
active
business
Members of the National Spon¬
The
Naomichi Toyama, Manag¬
and
throughout the country.
J.
dent.
State
The Economic Education
1946.
ko's San Francisco
affiliate, to be¬
come
Managing
Director, with
Kenji Hatanaka becoming Presi¬
State
Department, Dr.
DeSpelder has been a member of
will leave the
presidency of Nikko Kasai, Nik¬
Hayase
Wayne
the Management
soring
Shizuo
at
University, and also Chairman of
overseas
areas.
($.10
Copies of the Offering Circular may be obtained in any
announcement is circulated only from the undersigned
program,"
An Associate Professor of Man¬
50,000 Shares
Price:
teachers
Company, Ltd.
28, 1961
($1.00 Par Value)
staff
DeSpelder in
development of the Economic
the
company.
Universal
Recently
offer to sell
a
Board
distin¬
Mr. O'Hara said.
of New
This announcement is neither
,
f
will assist Mr.
If,
fornia, which is the first state to
require such devices on all auto¬
mobiles, the expectation is that
other states will follow in rapid
o
economists
and
Dr. B. E.
E,
a
Trustees.
"A
guished
investment
resulted
& Curtis, The
has
r
a
lowing changes in the Foreign De¬
partment of the Nikko Securities
Co.
years
' H
NAIC's
Intensified efforts to expand U. S.
a
recent
by
Thomas
Realigns Foreign
Department
other
t
an¬
nounced
of the
O
son
to
was
only.]
growth status.
growth is indicated,
column
e n
The
appointment
time coin¬
the "Chronicle."
-
split for the first time in
history, A. T. & T. in many a tab¬
ulation was moved from the in¬
come
Clubs.
Walker Branch Mgr.
as
shares
those
of
National
Association of
Overseas Nikko
Anticipated
chip thalt posted its
and then subsided
Institute
the
for
peak
organized
newly
Chairman
: ;1
blue
all-time
necessarily
the dividend.
■>
Growth
the
Education
in recent
reached
ap¬
peal at the moment is for a pos¬
sible stock split and an expected
increase in
iv■ !;
of
Investm
ivith
and
pacts of the independents.
earnings could climb
rector
Economic
in
offset
a
been
willing
high for A. T.
near
DETROIT, Mich. — Dr. Bruce E.
DeSpelder has been appointed di¬
industry
called
field
car
not
author
and their belated turn to the
year
Of Nat'l Inv. Clubs
I The views expressed in this article
They
leaders, apart from Chrysler, have
shown
convincing
evidence
of
their ability to turn a profit in
what
has
cide
prognostications
But
T.
do
in¬
auto
still
anything
future.
;
!
Looking to 1962
Heads New Div.
markets.
■'■. '• 'p:;■ -v •'«
outlook
premium
shortage
also makes conservative
pect
sharply..
a
the
expected, Universal's anti-smog
device wins approval from Cali¬
buy these securities. The offering is made only by the Offering Circular.
NEW
and
pay
indicates
17
some
classic, but unchanged dividend,
fact, -maintained for a third of a cen¬
"trading.
Electronics,
own
both
investment
to concede that the
the
its work in the field of anti-smog
months
tators
its
as
of
are
1961
year.
specialty
"already wandered over a range of
more
than half a hundred points
in less than half a year of listed
'
well
favor this leader in its field.
Universal Oil in recent months is
office
sues
willing , to
that
did much to restore to investment
equipment section, has
the
Laboratories, a custom chem¬
ical firm, and Catalytic Combus¬
tion,
which
is
prominent
in
systems to eliminate industrial air
pollution. These operations as
a
roughly half of its earnings come
perform¬ from royalties from the processes
V. it has developed over the years.
free-wheeling
;'V,;
V;-
Anther newish
solid
were
lows
their
of
nitely
was
items
nevertheless
showed no great buying demand
to
carry
them
to any historic
levels, in general they were well
above
bek
their
they
depressed,
particularly in issues selling over
the par, or
100, line.
Financial
Federation,
with
less
than
a
month of listed trading behind it,
had carved out a range of more
than a score of points.
Korvette
in the discount store lineup had
extended its 1961 range from a
low
of less
than 32
to a high
above 128 for one of the
defi¬
up
rapidly and
improvement
and/or stock split developments
could be anticipated. Steels were
an
exception
and, while
they
showed no signs of being unduly
development
both
shake
to
dividend
eventual
been
suit
a
quality
on
acquiring new com¬
panies, two of them brought into
the fold last year. They are Tru-
certain;
The
Autolite, dustry
buoyant.
produced wide changes,
and down. Swings run¬
ning to five points or more were
common
on
any
given session,
action,
anti¬
accent, consequently,
from this
shares
able
was
pretty
has
-
Volatile
.
total
to
turnover
was
stock
Despite
1929
the
of
Electric
of
least hold
at
total listings were under
Before
total
the
off the
were
as
public investors
through the
stitutional. and
picked
but
started
acquisition
properties
chagrin^
the
after
Ford
ting the list';,
The finance companies that had
been doing so well on expecta¬
without the
even
benefit either of cash payments or
a
(2405)
been active in
AND YOU
.
able blocks in unlikely items dot¬
,
-
The Commercial and Financial Chronicle
.
.
WALLACE
cleaning up made
stock markets
week, little in the way of
any clear-cut trend emerging and
giving a handful of issues wide
a
.
.
29,1961
repre¬
18
Financial Chronicle
The Commercial and
(2406)
would compare
PUBLIC UTILITY
SECURITIES
the
on
OWEN ELY
BY
9), which
with $1.59 in 1960
of Oct.
dividend
stock
same
In
put
into
the
company
rate
reduction of
been
rates
have
times
in recent
.
Thursday, November 30, 1961
.
Our Reporter on '
1960
July
basis.
.
effect
a
$1 million;
over
several
reduced
to promote
years
BY
househeating. However, the
enjoys a "purchased gas
adjustment" clause in its rate
schedules,
which
automatically
compensates
revenues
for
the
higher cost of gas from pipeline
suppliers.•
*
vY
'
gas
JOHN T. CHIPPENDALE, JR.
company
Brooklyn Union Gas Company
Brooklyn
natural
of
part
to
a
Brooklyn,
in
County
Queens
Island.
Staten
which
Gas distributes
population of
million
four
about
a
Union
gas
Gas
in
and
revenues,
approximate $100 million
are about 72% residential
year,
including heating, 15% commer¬
cial, and 13% industrial (7% firm
and
6%
interruptible)v; Natural
gas cost the company
about 44
cents per Mcf
in 1960 and the
average selling price was $1.49.
Gas
is obtained
from three
large pipeline companies—Trans¬
v
continental.
The average firm
Tennessee Gas.
daily
last
and
Eastern
Texas
delivery was 196,000 Mcf
winter, with an additional
136,000 Mcf obtained from storage
Pennsylvania during the peak
in
High
period.
maintained
are
further
standby
for
company
and
enjoyed
has
a
enues
to
record,
million in 1961.
the growth has been due
1950
of
$100
to
acquisition of smaller neigh¬
boring gas companies (Brooklyn
Borough
Gas,
Kings
County
and Richmond Gas
(Staten Island) while househeat-
Lighting
ing gains have also been a good
contributer.
Last year the com¬
added
pany
househeating
over
18,000
new
installations and in
prior years between 15,000 and
•16,000.
The larger increase last
year was due to a new "city law
which
requires
conversion
of
coidwater flats to central heating
and
heating.
water
Heating
in¬
stallations, for other than cold
water flats, have been 10,065 for
the first nine months of this year
to
compared
timated
Gas
area
at
over
1961
year.
are
es¬
exceeded
has
in¬
oil
new
1956, and gas
one-third saturation in
-since
a
two-family homes. .There
is 12% saturation in the three to
one
and
market, while in
buildings of six or more families
saturation is only 6%. Thus there
is room for considerable growth
five-family
for
years
many
when the Narrows
come.
Also
Bridge is com¬
to
pleted in 1965 Staten Island is
expected to
show substantial
growth, both in residential and
industrial development. The
industry's
gas
cooking, water
the
of
most
ply
heating and space heating and will
air condition
more
than three-j
of the buildings. While
company does not look for big
quarters
the
gains in residential air condition¬
ing, commercial usage is growing
and 1965 installations are several
great as last year's
Annual growth of peak day de¬
mand is about 40,000 Mcf.
The
times
as
anticipated peak day of the 196162 season is 465,000 Mcf, while
about 478,000 Mcf.
The company plans to expand its
Greenpoint plant next year from
67,000 Mcf to at least 102,000.
The cost will be about $1,400,000
capability
but will
is
annual savings
in
result
natural
purchases of $3—
000,000.
In future the company
expects to depend more on stor¬
gas
service to meet high winter
age
peak demands and it is consider¬
ing
the
possibility
of
storing
liquefied natural gas in the serv¬
ice
area.
Construction
million
expected
to $21
in future years
and
this
expenditures
will amount
year
are
the same
amount.
A
major
expenditure
this year was for an $11 million
office building to be completed
early next year; 60% of the com¬
pany's employees in the down¬
to
about
average
town
in
now
are
area
amount
to
million
$6
or
million.
Commission,
payments
resumed in
were
have
and
since.
has recently signed
loan agreement for $20
No
public financing is
The pres¬
ent capital ratios are 53% debt,
8% preferred stock and 39% com¬
mon equity.
The company's goal
and
40%
may
sidered in future, it
.
-Earnings
and
an
be con¬
has been in¬
dicated.
months
of
the
for.
this
estimate
year
first, nine
$1.04
were
for the calendar
is $1.64 on present
(allowing for the
10%
1961
year
shares
rate
dividend
the
each
This,.
year.
the
in
of
amount
increase
cash
the
estimate
of
earnings
The
available.
is
market followers.
for
in¬
wage
operating
about threemillion dollars this
a
the gradual
1961-62
of
amortiza¬
annual
the
resulting
charge
version
natural
to
less
annum,
-
Union
selling around
based
of
the
$1.64
#w!t„
"
r
.market
Corp. 'the
branch office at 1546
Broadway, New York City, under
the
management
of Wilbur C.
Manning, Jr. ;V„:vj
• -r
!'
strong among some of
so
large
a
institu¬
center
money
that not
tions
of these fol¬
few
lowers of the short-term sector of
be
mot
would
market
Government
the
surprised if there were a
prime bank rate during
rise in the
early part of next year. This
talk about an upping of the rate
the
v
ROCHESTER, N. Y. —Balanced
Investors Service, Inc. has opened
a
Tower
large banks charge its
best customers for loans does not,
have
however,
Building under the direc¬
tion of Michael Capurso.
the
which
Sibley
the
in
office
branch
those who
->0,
Craig, Jeffers Formed
Broadway,
engage in.
Officers
New York
a
securities
are
Leonard
.
Inc.
:
It
has
Tarr
Secretary. •
1
-
the
though
as
than
a
-
'
a
1
rather sizable
these securities.
The
nor a
any
t
of
;
way' in the
all the
have
putting
but
into selected intermediate-
-
.been
more or
; $
ally, a
monies
y,banks; who
have
into investments: Incident¬
fairly sizable part of these
has been put to work in
issues
based
entirely
selected maturity schedules.
free
tax
share)
is
evident
the
that
the Offering
Share
?
be obtained from the undersigned
Circular
may
have
the
who
serves
is the short-term Treasury
although
than
more
a
there
excess
have
''
for
a
such
investment 'money.
trust
of
Equip¬
obligations with short
are also being used in
cases.
some
L. H. Wright Co., Inc.
.
■
135 Broadway, New. York
WOrth 4-6636
6
,
♦**
occasional
obtaining
intermediate-term
'
venture.
part
of
The
the
•-
-
Government market could also be
used
for junior or short-term re¬
funding purposes. In any event, it
does not appear as though this
section of the Government market
is
going to be too greatly affected
by what the Treasury does in its
new
although
a
advance refunding should
unexpected. >
•
-r- ,
»
be
not
raising,
money
junior
4
Accordingly, it does not seem as
though rates in the intermediate
•
of
area
market
Government
the
be changed a great
deal from where they have been
going to
are
Not
Bonds
•
Neglected
The
long-term end of the Gov¬
ernment
list
investors
in
continues
spite
of
to
attract
the
strong
opinions that short-term rates will
work
higher. However, it is verynow that long-term Gov-,
evident
rates
ernment
change
not
are
much
too
than
have
short-term
in
still
Institutions
to-
present
much more
is
rise
modest
a
rates.
going
from
levels unless there
to
appear
growing interest in those
Treasury bonds which give them
better than a 4% return.
:'. a
Malone & Hyde
The
first
public
:
offering of
,...
..
Ma¬
Some
■
27,500
reserved
Tenri.,
at $15.
the
of
for-r sale- to
.
;
•
•
shares
are
Malone
and
&
em¬
,
total
offering, 100,009
shares are being sold by-the com¬
pany, 112,000 by Joseph R.'Hyde"
Chairman and co-founder; ! 53,054
by Joseph R. Hyde, Jr., President;
3,700 ,i by Memphis University
School, and 6,246 by the J. R.
Hyde Foundation, Inc.
Proceeds
to
be added to
Malone
the
/
will
company
general funds.
• >
-
&
Hyde, founded in
1907, sells meat, produce, frozen
foods,
tobacco, housewares
and
other items to grocers
markets.
In
97%
some
tailers
the
last
sales
of
affiliated
Hyde
under
operative
were
Aug.
and super¬
fiscal
were
with
year,
to
re¬
Malone
648
the
Stores
such
"M
H
&
&
Plan."
retail
Co¬
There
affiliates
15, 1961, in eight states.
G. L. Bowles Opens
defense, underlies the belief among
Bowles
business
money
anticipation is so strong in¬
that
if
short-term
rates do not go up at least a little
\trmw-*•
■
Memphis,
firm
officers, directors
ployes at $13.70.
the
I
275,009
Hyde
Of
.
t
offering
is
group
.most
cidentally,
k
.
t
The
KANSAS
-This
,v
i
associates.
along with the need of funds for
V/S.
-»*• *»
the
for only
arl
refunding or new
,area
•
market experts that
Jhe short-term is on its'way up.
i
iL*.
the
leave
and
come
amount
ment
maturities
be legally distributed.
bfeen
instances» in
few
considerable
f
re¬
The developing business pattern,
.
middle-term
the
in
of the Govern¬
sector
market
obtain
money
*
favorite
banks
bill,
only in states in which it is qualified to act as a dealer in securi¬
in which
on
investment, however, among these
•in
ties and
This
less confined to
which the 12-month bill has.
may
very
loans
It
Copies of the Offering Circular
to
new
Stock Offered
follow¬
nearly all of the excess reserves.
However, they would prefer to
make loans instead of putting the
Common Stock
Price $3.00 Per
its
there- is
small
funds they would like to in. prime
; the; country
Abby Vending Mfg. Corp.
per
is
money
money
(Par Value 10£
be
more
\term Government obligations.
November 22, 1961
100,000 Shares
ment
going
is
of
bulk
'fact that quite a few banks, ac¬
tshares of the
cording-to reports, have not only 'food wholesale
-
■
_!.has been
NEW ISSUE
will also
the rise? It is evident that the
Treasury
future. This, in spite of the
and rnear
•
solicitation of an offer to buy
offer is made only by the Offering Circular.
offer to sell
intermediate
,
\
an
the
long-term rates
circles who hold lone & Hyde, Inc., common stockthe opinion that the demand for is being made by Equitable Secu¬
business.
1'.borrowings is going to increase in rities Corp., Nashville, Tenn., and
N.
Tarr,
Vice-President
-
that
mean
and
in "'loaning
ing
City,, to
President and Treasurer, and Rochelle
econ¬
what
of endeavor.
lines
more
as<,
so
of
support
along
known
appears
much
61
offices' at
with
formed
been
Co.,
&
normal
the
.
expecting the
are
develop
to
omy
generally-
Craig,' Jeffers
this
Long, Treasury
Thi#.kind of thinking has
become
u
are
strong that short-term rates will
advance, as time goes along, does
whole
a
as
opinions
of late.
looking for higher
be
to
future.
has opened a
Balanced In v. Branch
the
though followers of
as
money
appear
Y-'qr
Global Investing
at¬
short-term rates in the foreseeable
American Global Branch
American
seems
the
OUT
ljequ>r».f'tCT
iiltflfc*
It
v
ratio
price-earnings
is 23.8.
Because
Short-Term Rates
.
earnings
1961
'
.
in
Strong Belief in Higher
3.1%;
to yield
39
lacking
not
-
has been
Gas
estimated
on
therefore
is
market
Government
the
of
area
1960 tax saving of traction.
a
$728,000,
Brooklyn
worsens
inflation
from con¬
gas.
This has
amounted to nearly $3 million per
tion
or our
of trade
in
disappearance
unfavorable
balance
sharply and the
psychology
is revived
again with the - attendant boom
and bust psychology.
Some capi¬
tal market experts believe that,
with only ."Advance Refunding"
to
contend
with, the long-term
tion,
and nearly $2.5 million next
year;
however,
this
increased
burden will be substantially offset
year
by
to change
expected
much unless there is a very
drastic change for the worse in
our
international monetary, posi¬
expenses
quarters of
not
are
interest
hand,
very
weeks' strike last April)
How About Other Rates?
money
other
the
rate#
followed a five
increases
(which
crease
would
rates
short-term
in
On
No
1962
M
,
short-term
■not be unexpected by most money
payr
market forecasters,
money
opinions could be partially
right because a very modest in¬
'not been .able to put out
is neither
future, there could
the near-term
near
be casualties among
on
crease
ment.
..
This announcement
bit in the
rates and better business
have to go together just like bread
and butter. The people who have
these
the $1.20 cash rate has been
retained following the stock divi¬
dend, resulting in a 10%
1961
money
year
debt, 10% pre¬
common.
An is¬
convertibles
of
1949
uninterrupted
50%
is said to be
sue
in
made
been
has
in
longer, there appears to be grow¬
ing opinions that money rates will
have
to
advance
since
higher
During the past eight years
increase
an
been
•
now
into the coming year and even
on
but
and
anticipated until 1963.
ferred
com¬
PublicService
company
bank
a
$5
might
loans
bank
-year-end
the
interruptedby
were
is
By the
conditions
the
have a
resemblance to those of I960,, and
the business pattern continues to
show progress, which most eco¬
nomic experts believe will carry
pany's failure to obtain urgently
needed rate increases -from the
space,
comfortable cash position.
of
some
prevailing
During the late 1940s dividends
rented anb'i
but when the new building
completed, all will be in one
building.
The company sold $20 million
bonds
in
June and
is
now
in
Because
t
„
the
15,000.
heating installations in the
have
stallations
now
last
10,431
Total installations in
ex¬
visitors;
demonstration usage gas will sup¬
in
with rev¬
increasing from $42 million
growth
good
Part
plants
gas
peak shaving purposes.
The
in
oil
Btu
the
to
addition
in
is
1964-65
in
Fair
World's
pected to draw 70 million
'."if:
v V-." • hj<".
m ■■
.
jw-yirr.*# <1)
CITY,
Mo.—George L.
a securities
is conducting
from
offices
Knickerbocker
at
508
Place, under the
firm name of George L. Bowles
and Company,
He was formerly
with Waddell & Reed, Inc.
Volume
194
Number 6112
.
.
The Commercial and Financial Chronicle
.
(2407)
i
tion of
BANK AND INSURANCE
ent
improved underwriting results in 1962, than with the
unsatisfactory underwriting situation.
Leading Fire
STOCKS:
This Week — Insurance Stocks
i
.
Recent
: 1
CASUALTY INSURANCE
UNDERWRITING
Third quarter underwriting results for most fire and
casualty in¬
surance companies were somewhat better
than in the comparable
period of 1960, The improvement in the profit margin was achieved
despite the losses incurred in Hurricane Carla and the continuing
heavy property losses from both fire and windstorm causes. Indi¬
cations
that the
are
industry
Aetna
RESULTS
>
:
Despite the improvement in third quarter results, the under-,
writing records of most fire and casualty insurers for the ninemonth period are not as favorable as a year ago. This is due
prin¬
cipally to the heavy fire, windstorm and hail losses experienced
during the first half in addition to the. impact of Hurricane Carla
on September results.
An improvement in underwriting profitabil¬
ity has generally been experienced in the casualty lines—auto¬
mobile, fidelity and surety, general liability, and workmen's com¬
pensation—but the increased profits or reduction in losses in these
lines has not been sizable enough to offset the deterioration in the
property lines which were most heavily effected by the adverse
weather conditions of the early months of the year.
A
■
■■
Premium volume advanced 3%-5%
Insur.—.
160
overall in the nine-month
period with higher gains indicated for specialty underwriters. The
gain in premiums written was slightly less than in the comparable
period of 1960 as the lingering effect of the 1960-1961 recession on
certain lines, the rate reductions on Homeowners' policies and the
increasing use of merit rating in the automobile field have restricted
volume gains.
'
j;
A"' a'-'v- aA'-A\'v<
A;
Div.
3.00
1.81'
8.60
18.6
5
4.1
2.30
13.9
25
'4.1
3.10
13.8
25
3.75
19.4
.1.4
,2.55
43.2
(140)
32
35-26
1.30
44-31
*1.80 "
Continental Ins.
73
75-54
2.20
116-87'
78
1.50/
1.00
70-53
2.00
51
51-37
66
66-48
Glens Falls Ins.
Great American
■
A. ' A
.
A'.-
>
.
-A ''
-.
hold steady
use
-
A
i
■ >
■
Selected Reported Underwriting Profit Margins
•A
:
...
1961
Casualty
Aetna
Insurance
Allstate
Boston
—3rd Quarter—
.
A
Aetna
St. Paul F. & M
Western
2.1
.*1.1
Hartford Fire.
Travelers
6.8
—
—
Insurance—
—
0.6
—
6.7
6.0
—
9.5
13.7
0.1
2.0
0.6
—
5.3
—
2.0
—
2.1
—
2.1
7.9
1.9
income continued
4.7
5.7
—10.4
Casualty
—
4.7
15.3
—
6.5
2.3
6.5
—
5.0
3.0
0.9
—
.//
■>
_
4.0
1.9
6.3
3.5
lis steady increase in the
quarter.
were
experienced by many companies, in almost all cases investment
income was substantial enough to offset underwriting losses to
maintain an overall profitable operation.
book values were even more impressive than the
increases in investment income. Benefiting from the record bull
market in the stock market in 1961, the investment portfolios of
insurance companies have shown appreciation in value ranging
from 10% to 20%.
This has resulted in important increases in
The gains in
surplus for many companies,
Few have been realizing capital
gains on common stock holdings and new investments continue
to be concentrated in equities and municipal bonds.
At this late date in
does not appear
1.00
1.9
3.50
14.5
25
2.00
3.0
4.35
15.2
30
(50)
v 90-57
1.10
1.2
2.75
32.6
67-54
2.20
3.3
4.05
16.6
30
Ins. Co. of N. A.
110
111-76
1.80
1.6
3.10
35.5
(55)
50-31
1.70
3.5
3.35
14.3
15
3.00
2.2
Cas._
48
Phoenix Ins.—
133
133-81
7.40
18.0
30
St. PaulF.&M.
93
93-61
1.44
1.5
2.80
33.1
(58)
U. S. F. &
80
79-42
1.20
1.5
2.90
27.5
(45)
G.__
•
'
of
Lee Higginson Corp., New York
City and associates are [offering
publicly 171*038 common shares of
Binney & Smith, Inc., on behalf of
a group of
selling stockholders at
$19 per share.
/
The company makes wax cray¬
ons
in 64 colors, most under the
"Crayola" trademark that it has
stock¬
used
since
1903.
It
also
common
In
for
makes
colors, chalk, modeling clay,
finger paints and paste.
Binney & Smith believes that it
is the major manufacturer of wax
ton straight and bonded bourbon
whiskeys, Barton Reserve blended
whiskey, and House
of Stuart
Scotch whisky. Production, ware-;
housing and bottling facilities are
located at Bardstown, Ky.
Consolidated / net
sales
and
year
the
1961
common
stock.
pany,
a
income
in
$1,104,650
was
common
share
on
average of
a
to
Mr.
Heyne,
elected
were
term:
one-year
Alfred
put full year results on a satisfactory basis. This
to be likely in view of the continuing heavy fire
Despite the underwriting Jrecord, insurance stocks continue to
advance to new all-time high/ After wavering slightly during the
hurricane season, fire and/asualty stocks have fully participated
in the stock market rise of recent weeks. Few insurance execu¬
tives feel that the price of their company's common stock is justi¬
fied. However, investors apparently are more impressed with the
Vice-President
and
Advertising
Manager, First National Bank of
Passaic
County,
Paterson, N. j.:
Waters, VicePresident, Public Relations, Sea¬
men's Bank for
Savings.
Elected directors for
two-year
terms were: Thomas
Blake, Jr..
Advertising Manager, Dime Sav¬
ings Bank, Brooklyn; Joseph J,
Devine, Advertising Manager.
and
Eleanor
C.
Bankers Trust
F.
Company; Thomas
Maguire, Advertising Director
and
Vice-President,
Financial
World.
Three-year directors are
May, New York Rep¬
resentative, Chicago Sun-Times:
Randall E.
Howard
Schneider, Vice-Presi¬
dent, Edwin Bird Wilson, Inc.; and
Philip E. Neary, Assistant Treas¬
urer,
Marine
Midland
Trust
Browne, Financing
Advertising Manager of the New
York
stockholders
mously elected.
of
record
Dec.
15,
of New York.
Kenneth
of
C.
Times, served
the
group's
mittee.
as
Form Mammoth
Progress Syndicators
Progress
Syndicators
Corp.
is
engaging in a securities business
from
offices
New York
at
335
Broadway.
City.
Funding
BROOKLYN, N. Y.
—
Funding
been
Corp.
has
Mammoth
formed
with offices at 966 Rogers Avenue
to engage
in
a
securities business.
J. G. Schmitt Opens
Windsor Sees. Opens
TILDEN, N. Y. — Joseph G
Schmitt is engaging in a securities
Windsor Securities, Inc. is conducting a securities business from
FT.
business from offices at 12 Hudson
offices
60 East
City.
at
New York
56th
an offer to sell nor a solicitation to buy any of these securities.
offering is to be only by the Prospectus.
November 29,1961
NEW ISSUE
I
85,000 Shares
THOROUGHBRED ENTERPRISES,
INC.
(A Florida Corporation)
COMMON
STOCK
per
share)
NATIONAL AND GRINDLAYS
BANK LIMITED
London Branches
54
PARLIAMENT STREET, S.W.I.
13
ST. JAMES'S
SQUARE, S.W.I.
10 N. Y. CITY
BANK STOCKS
Bulletin
Bankers to the
-
1
*1
'' "
on
Government in: ADEN,
KENYA, UGANDA,
' Branches
INDIA, PAKISTAN,
ZANZIBAR
in:
CEYLON, BURMA,
TANGANYIKA, ZANZIBAR,
UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN
KENYA,
RHODESIA
Offering Price $4 Per Share
Statistics
BISHOPSGATE, LONDON, E.C.S.
Copies of the Prospectus may be obtained from the undersigned in any State
undersigned'may legally offer these shares in compliance with the securities laws
in which the
of such State.
Request
Underwriter
Laird, Bissell 8 Meeds
Members New
York
Members Amerieaa
120
Stock Ezchsnre
Stock Exchange
BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclsj 74Nt
BeU
Teletype NY 1-1248-49
Specialists in Bank Stocks
SANDKUHL & COMPANY, INC.
39
'
Broadway
New York 6, N. Y.
•
HA 5-6167
com¬
All nominees were unani¬
1961, payable Dec. 29, 1961.
(Par Value 10$
t6,
chairman
nominating
This announcement is neither
Third Quarter
Co.
outstanding. A
quarterly dividend of 12% cents
per share
has been declared to
investment income and book values, and the expecta¬
Head Oflice:
G.
Genung, Advertising Manager of
Federal
Savings & Loan
Association; Edgar R. Shumway.
Ninth
amount of shares
Omaha National Bank Bldg. Walk.
The
the
directors
909,950 shares out¬
standing, compared with $1,094,538,
or
$1.18
on
the
average
an
With Kirkpatrick Pettis
OMAh'A, Neb. — Thomas C.
Kinsler, Jr. has been added to the
staff of Kirkpatrick Pettis Com¬
Net
period
equal to $1.19
warehouse income
during the year
ended June 30, 1961 totaled $68,472,389.
Net
income was $1,828,134,
equal
after
preferred
dividends to $1.01 a share on the
before.
addition
following
water
the
Stiehl, Assistant to the
Corp.
comprise 20% ~ of the
stock
outstanding. The
-offering is the first public sale of
crayons. It has executive offices in
the company's shares.
The principal business, of: the New York and plants in Easton,
Pa.,
Winfield, Kans., and Macon,
company is the distilling, aging,
bottling and marketing of Ken¬
Net sales in the nine months
tucky Bourbon and blended
ended Sept. 30, 1961, were $10,whiskey. The company also
bottles
and
markets
Scotc h 895,254 compared with $10,719,561
holders,
a Vice-Presi¬
Frank-Guenther
Albert
Comptroller, American Bankers
Association, and Secretary, Paula
DeMenna, of Brown & Bigelow
Common Offered
the recent California holocaust which resulted
property losses oiS$24 million.
gains in net
dent
Offering of 369,000 shares of out¬
certain
relations
Law, Inc.; Second Vice-President,
Andrew J.
McDermott, Jr., Ad¬
vertising Manager of The First
Boston
Corporation; Treasurer.
Binney & Smith
from
public
dent, Frank W. Hall,
Barton Distilling
Common Offered
*
and
group for a one-year term..
■v; Other
newly elected officers of
the group are: First Vice-Presi¬
Robert J.
losses, particularly
in insured
Brooklyn Savings Bank, who will
as a director of the
financial
serve
advertising
67
Maryland
succeeds George W. Heyne, Assist¬
ant Vice-President, of the South
the year it is virtually certain that under¬
writing operations for the fire and casualty industry will be con¬
ducted at a loss in 1961. It would take an extremely profitable
fourth quarter to
20
Moore, Colonel Lee and Old Bar¬
Gains in investment income for most companies
in the 5%-10% range. Despite the heavy underwriting losses
third
(60)
14.8
whisky and other distilled spirits.
The company's principal: brands
are
Kentucky Gentleman, Tom
8.5
8.5
—
15.0
—
iuJu i
2.9%
6.5
—
—
Indemnity.
Net investment
6.4
7.1
15.8
Great American A-
1.4%
—12.7
J
1960
—
7.5
Fidelity & Deposit
Phoenix
—
1961
0.2%
—11.3
Insurance
Insurance
Continental Insurance
.
1.1
—
-a.Ava
—Nine Months—
I960
3.4%
—
r
37.2
4.30
group
of electronic computers have
permitted expense reductions. Management is growing increasingly
aware of the major significance of the expense ratio as rates are
set more and more on an individual company basis. Maintenance
of a low expense ratio is vital in order to compete effectively in
today's insurance market.
>
• -•
A
increasing
2.10
90
derwriters
or
1.3
3.1
;
News, has been elected
President of .the New York Finan¬
cial Advertisers, effective Jan. 1.
it has been announced.
Mr. Graf
20
Hartford Fire__
and the benefits of the
.
,
Daily
(68)
Home Insurance
Homeowners' lines, combined with strict home office cost controls
.
have been able to either reduce
3.0
78-57
.
(Prem.)
160-89
43
64
N.I.I.
Charles O. Graf, financial adver¬
tising manager of the New York
$ :
28.8
Insur..-
—
.
.
5.60
Boston
Fireman's Fund
N.1.L
..
0.9
headed by Smith, Barney
& Co., Inc., New York City, and
Fulton, Reid & Co., Inc., Cleve¬
land. The stock is priced at $18
per share. .'..
The shares, acquired by the un¬
Most companies
%
.
count
1.40
standing common stock of Barton
Distilling Co., (Chicago, 111.) is
being made by an underwriting
the expense ratio—underwriting expenses in relation to premiums
written —in 1961.
Lower commission rates oq automobile and
Yield
:/ $
■
Est. Dis-
Estim.
161-94
American Ins-_
Federal Ins.
approximately equally divided
between those companies that conducted
underwriting operations
at a profit during the September
quarter and those that did not,
while underwriting losses were in the
majority in the third period
.
$
Names Officers
Price X
1961
-
Fin., Adv. Assn.
Stocks
Estlm.
Est.
Range
Casualty 161
ContinentalCas.110
■
was
of 1960 because of the effects of Hurricane Donna.
1961
Price
*
;
&
Casualty Insurance
"
Aetna
FIRE
and
pres¬
19
/
.
1180 Raymond Boulevard
;
Newark 2, N. J.
Mitchell 2-0420
'
-
Street,
20
The Commercial
(2408)
what
know
SECURITY SALESMAN'S
went
not
DUTTON
BY JOHN
when you
You were
did
you
ipto that room.'
a client, you were
First National. Bank
.;' isn't
that
right?"
talking to
calling
the
about
me,
,
"That's
Opening New Accounts
Use Care in
always
are
fraudulent
a
few
a
tion.
tion
proper
should
then
Why
resent
recent
In
manner.
and
references
people
who attempt to use the services of
a broker for their own benefit in
There
right, I'll have to admit
it Mr. Carger, and they told me
to
let- you
have anything you
wanted, except the senior part¬
ner's yacht and our membership
on
the Exchange," the salesman
informa¬ laughingly admitted.
anyone
request for such informa¬
he is asking you to
a
when
years,
the Exchanges have de¬ provide him with credit to buy
worth
of
veloped rules that, if followed, thousands; of dollars
will go far to prevent the deed fluctuating securities? .Any man
before it is accomplished, As the that does resent this is underspeculative tempo has increased serving of your confidence as ;a.
registered repre¬
during the past year, there has broker, or a
,
been
individuals
these
in
operating
activity by sentative.
of
rash
new
a
who
are
now
I know
New York has reported
that some of the largest member
country.
firms have had serious losses
over
several firms
weeks
of U.
year ago
who told
that
me
he walked into
a
S.
Steel; My name is J. J.
Carger and I live two blocks away
in
Georgia have suffered losses in¬
volving over $300,000.
over
operators use
various techniques to obtain capi¬
he is
Ave."
Fern
on
happens to be
fraudulent
These
man
said to the registered representa¬
tive "Buy me five hundred shares
could have been avoided if proper
recent
a
a
member firm where he lived and
that
precautions had been taken. With¬
in
>
Liked It
of the
parts
many
.
very
This
man
wealthy, and
retired and respected busi¬
a
in'
nessman
his
community.
He
told
so
they end
An
Honest
Client
the
A few moments later
by^ passing
their victims.
himself
excused
and
private office. He
with
Understands
smile
a
he
salesman;
into
went
a
back and
came
loked
over
the
completed blank — "Well that's
Many
salesmen
are
actually fine Mr. Carger," he said, "now
afraid they will offend a potential if
you'll wait just a few moments
customer if they ask him to give
until we have an,(opportunity to
thenn tangible
evidence of his process these references we can
credit before they open his ac¬
go ahead."
count.
Of
client
and
if you know a
have a personal
knowledge of long standing of his
moral
course,
you
and
standing,
financial
a
that is
necessary,
And yet you should
obtain bank references, personal
routine investigation is all
references and also make
a
check
With
that, Carger said he pulled
his
out
from
his
included
(which
but
identification
certain
Make
account.
that
y
tered
representative.
shares
a
trading
or an
his
driver's
be forged or stolen)
voter's registration
certificate,
his
social
security
have to
his eye
endorsed
unanimously
a
if
a
has
visions
report
you
are
total cost and the $29 million
Committee
The
F.
twinkle in
he said, "That's right Mr.
of 2 Commercial
programs.
The
NEW
is not
an
any
the
Secretary;
-
•
-
•
estimates
Avenue
Morton
would
space
V-' c
\
9
Corp.
Public
Corp.,
the
accumulating
for
between
to
1963
retire Exchange mem¬
seats; and contribur
all segments of the
and
tions
and
1953
or
from
membership
through
estimated
the
PRICE: $2.00 Per Share
tions
Based
change
Account
Dues,'
'*
from
five-year
$5,500,000
Retirement
(1963)i__i
Floor
Present
from
.
,
Initiation
&
Boenning
Co.,
and
Philadelphia;
Draper,
&
Co.,
Sears
&
Co., Chace, Whiteside & Winslow,
Inc., and Schirmer, Atherton &
Co., Boston. Net proceeds will be
used by the company for repay¬
ment
of loans, plant expansion,
product development, sales, ad¬
vertising and working capital.
The company of 55 Ninth St.,
Brooklyn, N. Y., is engaged in the
design
manufacture of me¬
components and devices
industry * and
and
chanical
for
the
military
electronic
agencies- of -the - U. S.
Approximately 30%
Government.
its
of
sales
fiscal
the
for
Facilities
for
by
an
laboratory; 50% by military
products,
including
microwave
equipment, a telephone repeater
a ;
Possible
Properties—
Sale
of
20%
"Radiosconde";/-and
a
munications field.•
V
.
i
f
*
'
t
'
L '
'■
■
/\;:
* *
.
-
♦
"
A
Ariz.
PHOENIX,
v
<
—
Universal
Planning Corporation is engaging
in a securities business from of¬
Build¬
Officers are Jerry J. Mit¬
chell, President; and C. S. Lance,
ing.
5,190,000
Secretary.
'
-
Universal * Planning
fices in the Mayer-Central
and
'Charges-.:!-.:...'-..:
year
1961 was accounted
electronic language
ended Jan. 31,
4,100,000
Fees,
...
.
;
.
.
.
i
'■ "
10,000,000
$29,440,000
Wachtel Co. Opens
WASHINGTON, D. C.—Sidney B.
Wachtel has formed Wachtel
Constitution
would
be required 'Co. with offices at 931 15th Street,
N. W. to conduct a securities busi¬
for the use
of ^the Membership
ness.
Mr. Wachtel was formerly
Retirement Account and to raise
annual membership
dues,irom with Laidlaw & Co. and A. T.
Brod
&
Co. -—- - ;>r ^
v
$750 to $1,500, and initiation fees
",:r
'
is being
Securi¬
4,650,000
(Seat)
in
,
Ex-
Balance
Registration
Proceeds
Present
Revenues
Membership
Increase
on
share
per
com¬
Precision
by- Manufacturers
Form
Appropriation from
Surplus....:
$3
100,000
Micro
line of mechanical com¬
ponents for the commercial com¬
.,
revenues
over
at
of
of
Corp., New York City; Bioren
in
sources
offering
shares
mon
the
Exchange
Hardy & Hardy
Gov¬
of
Common Offered
its
period would be:
v
Board
the
Micro Precision.
The Com¬
.
share)
of
>,
the possi¬
Anticipated Annual Appropria-
building
Exchange's
Mohun, Stern, Lauer & Co.; Rob¬
L/Stott, Wagner, Stott & Co.;
and Charles H. Thieriot, Carlisle
& Jacquelin.
initiation fees,.dues,
/and
charges for floor facilities . and
by
-specialist registration fees.
...
.
Broadway, New York 4, N. Y.
of
ex¬
ert
the
on
the sale of Exschange property; appropriations
from Exchange surplus and from
-annual revenues; funds accumu¬
The
11
that
Co.^ Arthur H. Lamborn, De Coppet & Doremus; Michael W. Mc¬
Carthy,
Merrill
Lynch,
Pierce,
Fenner & Smith Inc.; C. Peabody
from
proceeds
Initial
Street, New York 5, N. Y.
Board
Harris, Harris, Upham & Co.; Jo¬
seph Klingenstehv Wertheim &
while these
that
remain,
these
99 Wall
The
decided
Howard E. Buhse, Horn-&
Weoksp Richard - M.
ernors;
Committee
added, it is cleat that the Ex¬
change should begin to build up
the necessary funds to meet in¬
itial financing requirements.
Class A Stock
Edward Hindley & Co.
at; 20
special 12-man Committee,
ties
•increases
-
the
^:
Chairman
the
-Exchange's
.
1957
appointed last July, is headed by
the
Exchange's ; Vice-Chairman,
noted that
facilities.
new
berships,
,
some
that
/
made
sions
i
Copies of the Offering Circular may be obtained from the undersigned and
from such dealers as may legally offer these securities in this State.
solve
financing program is
a
necessary first step toward en¬
abling the Exchange to determine
the specific ways and means of
expanding Exchange facilities.
While a number of major deci¬
buy
per
has
Street
Broad
not
The
listed
include
declared
future,
150,000 Shares
(par value $.10
Ex¬
land owned by
on
Exchange.
questions must be resolved in the
lated
Advanced Electronics
the
of
panding the trading floor into the
20
the current daily aver¬
over
mittee
of J. K. Norton &
November 29, 1961
ISSUE
in
erected
Street,
Governors
properly servicing
shares
of
leasing
securities, business.
Sidney D. Katzman,
of these securities.
most
as
cash
estimated
The; Committee
Needell & Co.
offer to sell nor a solicitation of an offer to buy
offer is made only by the Offering Circular.
Wall
on
the trading
Exchange also leases
Broad
bility of both building or partially
Company, 44 Wall Street,- New
York City, has been changed-to
The
col¬
Street.
in the privately-owned sky¬
scraper
fund
proposed
in
the
Committee's report would include
-
building
.
added in 1922 and in¬
addition to
well
as
space
.providing Exchange facil¬
Sources
announcement
an
Broad
change's administrative offices.
special
This
was
cluded
Exchange's
on
,
needs.
of about 4 million shares.
cost
a
name
Street
floor
Exchange within the next decade
from the current 7 billion -level,
and
volume increases
of up to
Silver, Vice-President; and
R..Silver, Secretary.
The firm
by
blower
Name Now Needell Co.
and
facade
23-story
Crooks, Thomson &. McKinnon;
Bayard
Dominick,'} Dominick &
Dominick;
Walter
N. 'Fran k,
Marcus
&
Company; Henry U.
Norman
a
the
;
umned
ent
ities capjab\e of
Electronics
offices at 854 Utica
are
approximately
old. The eighthousing the main
bounded
that of
BROOKLYN,. N.
Y. —Investors
Facilities Corp. has been formed
Officers
.are
years
guished
The
properties ; in
the
block
by Wall, Broad and New
Streets and Exchange Place.
"The most pressing long-range
problem
facing
the
Board
of
Governors and the membership is
Form Inv. Facilities
President .and
60
part of the trading floor was com¬
pleted -in
1903
and
is
distin¬
should be available
Exchange's pres¬
million
$10
50%
in
made in 1942.
were
building
story
;,
from sale of the
age
to engage
other
most
to members and
$29 million, approximately
$5.5 million is presently available Henry M. Watts," Jr.
Its other
from the Exchange's surplus, and; members are: J. Truman Bidwell,
supply equipment for the missile,
with
and
40
of the
Elect.}
space
Street
Broad
fund would be financed.
tems, frequency filters and power
and
and
Exchange's present build¬
ings at 11 Wall Street and at 2-18
The difference between the
ities.
St., Hicksville, N. Y., designs and
manufactures radio telemetry sys¬
rocket
un¬
The
per
company
dues
charges
member firms
The
number
The
in
general
been
The last re¬
.
If
Advanced
$2
have
changed since 1920.
by a special Exchange Committee
recommending that a $29 million
fund be accumulated during the
/
fees
the
.
Carger, I guess we'll just go ahead
buy that Steel for you and
anything else you want." "Sure,
ahead," replied
Carger,
"I
give the credit department go
department store in the city and
wanted to buy some shoes or a
few neckties on credit, he would
Initiation
Governors of
Stock Exchange
York
New
vote between
of
Board
to the membership for
Dec! 22 and Jan.14.
submitted
"
the-public's,growing participation
share. Proceeds in our listed market," the Comwill be used by the company for
mittee's report asserted. :
research and development, pur¬
iThe report noted that studies
chase of equipment, repayment of
project a doubling of the-total
loans and working capital.
license
his
invest¬ sheepishly but with
ment account. If he went into any
of
Corp., 4t
card, , and a State Department
if you open a new acount with passport with his picture on * it
and he said, "Now all you have
anyone.
No man who has any
character
or
business judgment to know is whether or not I am
J.
Carger, isn't that right?"
will resent your request for the J.
information that is required when The salesman looked up * rather
open
The
'
by the Board on Dec. 21 and/, if
approved at that time, would be
Special
Committee em¬
man says he is going to do busi¬
phasized that its study concerned
ness with you that he understands, the question of financing only and
the rules and that he can pay for did
not
touch
on
the
type of
what he buys—if not let him go building that might
be decided
somewhere else. ". .J.
j. >;• Y.".;
upon, or possible sites. Estimates
of between $50 million and $78
I Remember, any losses that are
taken by your firm will become million were used as the possible
total cost of new building facil¬
your
responsibility as a regis¬
of his accounts with other brokers
you
Facilities : :
$7,500.. These
considered
to
$4,000
amendments '/will 4 be
For New Building
wallet, which not only
can
also
records
from
NYSE Plans.Fund
Class A.Offered-
up
Thursday, November- 30, 1961
.
that' he
me
Advanced
their losses along to
.
liked next five years to provide initial
handled av financing for new Stock Exchange
rather difficult situation. He pur¬
building facilities.
v
v
V
posely wanted to test the man ; J. Truman Bidwell, Chairman
with whom he was going to do of the
Board, and G. Keith Funsbusiness and' he was
impressed ton, President, in a letter to Ex¬
favorably that he was careful and change members and allied mem¬
tactful at the same time.
Some
bers, pointed out that the overall
times
you
cannot be too ' sure financing plan will require mem¬
about
even
the
most
highly bership approval of Constitutionrecommended people who come to al changes raising certain charges
see you and unsolicitedly open an
to members.
Carger
credit, or they finally pass also
has *an
unusual
sense
of in doubt ask for a substantial cash
a bad check. They all operate on
humor as well as many years of
deposit. You will only rise that
one
theory—that sooner or later business experience. He said he
much higher in the estimation of
they will find a broker, who is wanted to find out what would an honorable business man when
either too trusting, negligent, or
happen if he did walk into
a
you - handle
your
business in a
too hungry for business to make broker's office and make such a
proper and prudent manner.
:
the
proper
investigation before request.
they open an account. When they
The salesman thanked him for
discover such a broker (or sales¬
the order and then he put a copy
■
man, who has his employer's con¬
of the new account information
sent, either through compliance or
form
before
him
and
politely
negligence) .they build
up
his
asked him to fill it in. As he was
confidence and then, when he is
writing, he came to the blank Edward Hindley & Co., and Hardy
ripe for the "kill", they let him
which asked the name of his bank &c
Hardy, New York f City, are'Of*
have it. Most of th§se gamblers
reference and he wrote it down! fering' publicly
150,000 class A
are not in a positio® tb take large
losses
.
the way that'salesman
tal and
.
and.Financial Chronicle
Amendments to the Exchange's
Volume
194
Number 6112
.
.
The Commercial and Financial Chronicle
.
(2409)
NEWS ABOUT 7
:
New
•
Branches
New
•
Offices, etc.
Revised
•
of
tional
Bank,
The
BANKS AND BANKERS
Consolidations
dents
Capitalization
the
Office
First
the Comptroller of
issued a charter on
Nov.
15
the
Bank
of
Cecil
Chase Manhattan Bank, New
York, opened
in
branch
a
Monrovia,
on
Nov. 24
its
second
Liberia,
ber of shares
shares,
G.
Thiel is
van
par
*
in West Africa.
Johannes
outstanding 100,000
value $100.)
Resi-
At
a
of
the
*
of
to
special stockholders meeting
Guaranty
Bank
Trust
&
dent
Manager. Guillermo E. Car- Co., Chicago, 111., Howard Arvey,
reras, '• Assistant
Manager, "Was* and Norman J. PStinkin were
formerly with the bank's branches elected to the Board of Directors,
in Cuba.
S.
Vernon F. Stelter, was elected
'
*
Carl
W.
*
Klemme
Vice-President
Aldoman
1
elected
was
and
Assistant .Vice-President
bank.
a
Robert
dent
by Morgan Guaranty
Company of New York
*
*
President
'
tional
of
Irving
Trust
elected
B^CrouclhTa
Allin
Vice-President
and* Wesley
and
i
!
:
Allen
R.
1959
as
and
Secretary.
*
*
*
Cobb, who
retired
Vice-President
:
in
of
the
Irving Trust Company, New York,
died
Nov.
Mr.
24
at
Cobb
Columbia
the
in-
Trust
of
age
67.
joined
1914
Company
1923.
He
became
•
....its.,.
.
_
•
.
•
which
>
was
in
1931
--■
vaillp
*oft
trustee
*
.
The
the
'
-
'■
Bank
dividend
ing
4,000,000
capital stock
effective
shares,
$
^
'
^
Trust Co.,
&
Youngblood
Direc-
a
.
Jennings
I,,
has
elected
been
,
Ji-'G.^CvhVehs,1
'
;;
*
r *
:> ;V
j 'i ■: i
.
Directors
of
of
on
the bank
be
:
-Sit-
States banks.
interest
—
the
under
charter
and
co™mon s^ck of ' the
•
has
Scotia,
the
Halifax,
Bank
of
*
share
a
or
value
par
of
$20
Shareholders
will meet
on
nf
of
Ranlr
Bank
Nor.
Nor
of record
retiring
M
ducting
a
offices
at
'
...Hoi
' >cv
rn^;tLc
v
1
is
who
•slotf
.'-"Kaw
"c..\
York
Honolulu,
Fritschi
'CCHkll
on
two for
a
28
*
the
L4uHl9"
*
Inc.-is con¬
;280
Broadway,
New
City.
'
A
3
ft-
■.
vu-
,
;;,v
>
..
y
these
will
shares
additional
10,120
be
offered
for
.
Wight.
stock split
one
of
basis
each
one
>
.
,
•
J
,
■
;
a.-:-
^Stockholders
■'& -Essex'
of
Banking
°N. J., and the First
West
Orange,
J.,
First
of
shares
National
to
22,500
will
&
subject
to
Comptroller
of
Essex,
the
is
be
common
Cur-
rency.
elected
has
Gordon
K.
a
Vice-President
Philadelphia
National
been
of
the
Bank,
Philadelphia, Pa.
By
a
can
gaje 0£
capital
National
Shares,
Miami
Bank
and
Trust
Company of Chicago, Chicago, III;
increased
stock
from
its
capital
common
$7,500,000
to
000,000, effective Nov. 15.
effective
of
shares
the Ameri-t.PauL
,
-
-
from
000,
shares,
stock dividend
National
was
is
.
The
also
proposes
to
buy
both
private
sales
for
and
War.
The
race
rac¬
company
horses
public
resale,
leasing. :
at
auction
breeding
and
v, V7'
v
Frederick Hughes Opens
and
' .a..7
.
Qq
T.
Senior
^
par
the
Form S. Lerner Fla. Co.
ida
Co., Inc. has been formed with
offices in the du Pont Plaza Cen¬
ter to engage
securities busi¬
a
Saul
are
stock
oL Thoroughbred
Enterprises, Inc. through the of¬
fering of 85,000 shares, at $4 per
a
The
4
securities
a
business
from
„
j
Gross
Mr* Gr0Si
announcement
of
are Joseph P. MulPresident and Treasurer;
A. Mullaney, Vice-Presi¬
dent; and J. A. Bolan, Secretary.
ing.
Officers
laney,
James
Net
the
purchase
for
company
additional
of
fencing,
for
stable
Stern & Stern Associates
the financ¬
proceeds from
constructing
approximately
30
Moe Stern is conducting a securi¬
business
ties
from
offices
for
employees, paddock and
essary
equipment;
purchase
Stern Associates.
-
v...;,...-,
of
40
and
;
(
.
.
additional
Joins Paine,
nec¬
for
Nov.
15.
The
be
to its
balance
added
to
present
acres,
cf the
property.
SAN
Bullington-
proceeds will
general
funds
and
Paine, Webber, Jackson & Curtis,
369
Pine
St.
He
was
formerly
with
Walston
is neither
an
offer to sell
&
Co., Inc.
nor a
solicitation of
an
offer to buy
any
of these securities.
offer is made only by the Prospectus.
November 30, 196L
NEW ISSUE
120,000 Shares
Pan-Alaska Fisheries, Inc.
Common Stock
(par value 50ft
per
share)
the
_
$5 per
share
was
elected
Gene
President
_
Price
the
Copies of the Prospectus may be obtained only in
where the securities may
such States
be legally offered.
'
was
Vice-President,
C.
and
..
$10,- Cashier and Jack E. Darling and
(Num--Ralph- S. Brantham. Vice-Presi-
s-
,
*
FRANCISCO, Calif. — Wil¬
J.
Younger is
now
with
• 34,000
value $25.)
' '
Webber
10,
(Number
outstanding
295
(Special to The Financial Chronicle)
the
liam
adjacent
The
$850,-
at
Madison Avenue, New York City,
under the firm name of Stern and
Miami
Fla.,
of¬
speculation.
ing will be used by the
for
offered
are
in
fices in the Francis Lewis Build¬
horses, along with living -quarters
Ben Gross and
Mr
securities
WHITE'STONE, N. Y.—Minco
Planning Corporation is engaging
x.
Formed"
formerly with Berry & Co.
Tbis
Lerner,
Form Minco Planning
.'-.hr-/'> .v./,;"-.
& Co., Inc., New York
value
stock
Bank
$750,000 to
,
in
Officers
Vice-Presi¬
dents; and Herbert Freiman, Sec¬
retary and Treasurer.
common
shares of
par
S£0ck,
of
new
Shores,
.
Vice-President
Herbert Jacobson,
City, and Newark, N. J., is mak¬
ing "the
initial
public
sale
of
horses;
Avenue
is
MIAMI, Fla.—Saul Lerner Flor¬
ness. >
Stock Sold
a
T
that
Throughbred
Enterprises
.
•
.
J.
after
100%.
Carolina," with
of
$7,937,500,
of
peop|es
increased
Joseph
commission.
$5 each.
py
approval
the
stock
divided
int0'
common
stock
•
under charter of National Newark
by
North
capital
Bank.
which
merger,
of
Bank
Es¬
of
The
O'
ing
,
80,000
&
Man
three years.
date, optional re¬
demption prices will range from
102% to the principal amount. The
sinking
fund
redemption
price
National Bank of Nor'h Carolina,
voted
outstanding
the
for
sex
of
company is not registered to
its horses with any track or
Newark
of National Newark
shares
Morris
RA«v^mu- coml*l^.
.'Co.-,*' Newark, vstockr_?/ $7,512,509....The ;merge-r
National Bank uaf
'the charter
and title of
First Union National
N.
breeding. The company owns
of 12 thoroughbred horses,
31% of a stallion, Admiral
Vee, son of War Admiral and
100%
and
Dec. 1, 1971, except through
operation of the sinking fund. On
and
Siler City, N. C
with common
stock of $2C0,000, into First Union
for
■.};
a-;...v
exchanging
by
merge
-
National
or
to
as
;
1450 Morrls Avenue'
the merger of The Chatham Bank,
shares held.
10
♦«;>
of
share
new
to
racing purposes and by out¬
right purchasers for either racing
*
*
of the close of business Nov.
sub-
scription to the stockholders ubon
the
5V2%
horses
thoroughbreds
for
mencing in 1964, sufficient to re¬
Jane Lindhout
tire the entire issue by maturity.
and Secretary.
They will not be redeemable prior
share.
Alex. Brown Branch
Merger certificate was issued on
Nov. 29 by the office of the
Comptroller of the Currency approving and making effective, as
proposal.
Subject to' their approval and approval bv the State
Commissioner of Banking a^d Insurance
of
of
ASTORIA, N. Y. —Frederick
proceeds from the financ¬ Hughes, Jr. is engaging in a se¬
v;,vM 't- '
Sandkuhl
securities business from
.
meeting, increasing the number
of shares outstanding from 847,®00 to 1,694,000.
per
Nov.
rate
in
line
President; Julius I. Friedman, and
R.
and
*Ai')D.
succeed
■
.
that the bank's shareholders au-
/,'■
Dec. 20 to act
a
which will be available to lessees
This loan will bear
the
>
Klenske
Cashier
to
C.
Vice-President
a
Nova
of
Scotia.
Hawaii,
elected
capital- stock of\>at their annual meeting on. Jan. .9. i ^
Qr0s^
by M0,120 U The- Board's proposal is that TT „ _■
..
'■
'-'U';• *'
First National's capital'stock be UNION, N.
$2,226,400.
at
mature
*
New York Equities,
> "
*
Bank
Nova
*
elected
been
approval this action will
having
will
thoroughbred
grandson
accrued
Co. of New York to borrow $30,000,000 from a group of United
changed in par Value from $20 to -Muriel B.
Gross have formed
increase the total capital stock of $10 effective at the close of busi- Gross & Company to conduct a
the institution to 111,320 shares mess on the
day of the annual securities business from offices at
'.Upon
1976.
..ape priced at ,98%,
interest to yield ap¬
Concurrently with this sale, the
Belgian Government has arranged
through Morgan Guaranty Trust
'•
of "Seattle-First; National
Rank," with capital stock of $27,400,000,
divided
into
2,740,000
increased
shares.-
*
<■
Nov. 21, voted to recommend ,the management of Charles H. C.
recommended to the bank's stock- i thorize
the
)
due
proximately 5.70% to maturity.
r
Va.—Alex. Brown &
LEESBURG,
*
* - * ■'
•
,.M
W
The Board of Directors of First Sons has opened a branch office
National Bank in St. Louis, Mo., at "128 North King Street under
Morris County, Morristown, N. J.V
at a special meeting held Nov. 29,
holders, that
a
iv\
/n
\
Mi --iA'/:•
*
*
Trust-Company
Aiirnrn
!
rorkf
*
Norman,
Oklahoma
has
changed its title to The First National Bank and Trust Company
of Norman, effective Nov. 15.
^
N.J.
by
and
The
who has resigned.
.
,
v»nr«
*
Bank, ^• Oklahom&i^ City,1
iman,
,
$200,000
iihn
bonds
Jfe.,»bonds
(Number of shares outstanding
2,000 shares, par value $100.)
Oklahoma,
Okla.,' to sufccded7
Rector of the . El^bethport
Banking Company of Elizabeth,
;
*
Bank
T
P.
tional
Nov.
-
f
a
a+
.
parJ;value %hp
Fir„AM
H
lhe,First
National
s.
Kai*
1 "l w%
John Baird
:>'Director of
'
T?4rp
l\l
'
President of the Pemv Square Na-|
(Number of shares outstand- '
— ^
/
Hawaii,
^
B.
of
in-
has
to
5M>%
(increased
was
stock dividend effective NovU15
fected.
.
^or-
.
common
$50,000
.
,
par
vaiue °. ?i°eaph-.
v:
*
*
>'
*
City,
elected L. S.
$43,750,000 to $50,000,000 by
stock
15.
Oklahoma*
jj;
National
its
was
Broad¬
Massachusetts,
creased
from
*
;
A
First
Boston,
.
of
Savings Bank, N. Y.
way
a
..
v
'
r
First National
J.McRickard
a
from
.
of
develop
of
^
?'*
elected
Holyoke,.,; Colo.,,
¥
National, Bank
.
Edmund
.
sf:
.
Jkc .Beatnce National Eank,
Beatrice, Neb., increased its com-
the
He
in
Vice-President
a
$25,000,000 Kingdom of Bel¬
gium external loan sinking fund
'! ^
*,
3?e common coital stock of The
Firs* National Bank of Holyoke,
Assistant7;^*£0Q0N^ \e'^ares|pf
an,<un
1929.
Vice-President
named
ah ■;
of
Calif.
,
merged with Irving Trust in
was
,
capital stock of the
common
Second
Senior
a
•;>.
and
Merger certificate was issued aping will be applied to funding curities business from offices at
Sag- Proving and making effective, as part
of
the
nation's
external 24-16 21st Avenue.
inaw» Saginaw, Mich., was in- of Nov. 16, the merger of The short-term debt.
creased
from
$4,000,000 to $4,- First National Bank of Everett
President of King & Co.
Principal and interest on the
500,000 by a stock dividend ef- Everett,
Wash., with
common
bonds will be payable in United
fective
Nov.
16.
(Number
of stock of $2,000,000, into SeattleGRAND RAPIDS, Mich.—Donald
States
dollars.
The
bonds will be
shares outstanding 180,000 shares,
First
National
Bank,
Seattle,
R. Lindhout is now President and
par value $25.)
'
Wash., with common stock of entitled to semi-annugd sinking Treasurer of King & Company,
fund payments of $1,000,000 com¬
'
'
"'"i"*
'*
$25,000,000. The merger was efMichigan National Bank Building.
^he
Senior
Comptroller
Lindow
Vice-President
$100>000 and sur"
•
;
'v-.
investment firms offering for
pub¬
lic sale today (Nov. 30) an issue
elected Vice-
Illinois.
:
jf Gustav° J- Gaenr^a- nThe bank
?s a
ing
Morgan Stanley & Co. and Smith,
Barney & Co. Inc., New York
City, jointly head a group of 52
is
President
capital
purposes.
Headquartered in Lake Worth,
Fla., the company intends to con¬
centrate primarily on the breed¬
Zapata
Burney and the Cashier
A-
*
was
of
Bank
E.
The
working
other corporate
Bonds Offered
National
Zapata,
used -Tor
Belgium
(Kingdom of):
Joseph F. Vasquez has been ap^
the
District
Na-S/;■ pointed, a Vice-President by the
Chicago, Chicago, Bank of America, San Francisco,
Chris Stertman
Trust
the
of
v.\\
S.
Assistant'•' Vice-Presi-
First
Zapata,
plus of $210,000.
•
Na¬
the Currency
County, Texas.
The
Security
Houston, Texas.
21
Robert L. Eerman & Company:
.Incorporated
...
MIAMI, FLA.
*
-
•
NEW YORK, N.Y.
,
22
Continued from page
a
essential
an'
in
measur¬
ing what we call income when we
say that the same incomes should
be'taxed the jsame amount?
Sec¬
than
account living.
it in these words:
"In
.
recent
the
Too
the
of
use
devised
have
expense
.
account.
,
is another aspect of tax
reform in the United States that
There
ji
demo¬
Government,
Federal
our
upon
which cannot levy a property tax
Which
and
leaves
now
broad-
mendation,
dividends
.
a
,
year
in rev¬
President Kennedy's recom-
enue.
of deducting
means
many
billion
one
is
This
society.
mated
personal
living
ex¬
penses
as
business .expenses,
thereby charging a large part of
too
a
Thursday, November 30, 1961
sales
taxes
as
revenue
serious.. is directly related to our over-all based
for, if through ignorance, care¬ economic strength and the well- sources for State and local gov¬
ernments.
Hence,
the
Federal
lessness, or downright dishonesty, being of our people:
There is
some people avoid their share of
acute dissatisfaction in the United income tax must itself be broadly
the tax, that share must be picked
States with our present rate
of based, must be capable of support¬
up by others.
A case in point is economic growth. When we com¬ ing the expenditures required of
lack of full compliance with the
Government, and — in setting a
pare present performance—either
tax
on
dividends and
rate
structure that
interest, with periods in our past or with progressive
establishes
vertical
equity,
or
with a consequent loss of an esti¬
the current achievements of other
and individuals
firms
many
widespread
through
years
developed
have
abuses
tolerate in
can
we
cratic
business than expense
The President put
of
image
1
particular type of
income or expense. Essentially, he
must recognize that a difference
in status is being claimed, and he
must put the claimant to proof of
two sorts: First, is the item one
that
should
properly be recog¬
as
.
Inducing Investment Spending
Americans pay their taxes in full,
there is still more noncompliance
System That Works
Constantly for the Nation
nized
.
j
A Tax
treatment of
Chronicle
The Commercial and Financial
(2410)
withholding
for
is
interest
and
countries—we
«
is
omy
on
its
below
aimed
that
see
operating
econ¬
our
considerably
potential
real
for
economic
greater invest¬
growth. We know that
at
correcting this situation. Par¬
enthetically, I should
make •••• it
quite'dear that withholding is
neither designed to increase.-the
existing tax on dividends and in-
growth requires
education and
in
ment
a
as among income levels—
recognize the redistributive
effects
achieved
through
those
fairness
must
that
benefits,
very
from
come
government expenditures/
-
-
•
•
;
in health,
„
•
....
Achieving Equity and Growth
transportation and urban re¬
The President has directed that
and in the public
living has become a
* services that are necessary to
the these intertwined facets of equity
the
American
scene.
V...
/.
terest, nor to- impose a tax on* enjoyment of higher levels of con¬ and growth, these problems of
ling national interest to be served
v
"This is a matter of national them for the-first time*
by departing from our test of
sumption. We know that quantity special preferences and rates, be
fairness and deliberately treating concern,
While withholding at the source and quality are both important in re-examined as an integral part
affecting not only ; our
the same incomes differently?
-; public
revenues, v our
sense
of is a highly, effective way of col¬ meeting these needs for public of basic tax reform. The task is
President
Kennedy's new tax fairness, and our respect for the lecting taxes on items as£ wages,: -investment. We know that .busi¬ far from easy; Collective agree¬
program reflects our concern with tax system, but our moral and salaries, dividends and interest, - ness expenditures on- plant and ment on the ultimate goals of tax
equity and fairness. In his Mes¬ business practices as well.
This different methods are needed in equipment are too low in relation reform does not guarantee collec¬
sage
to Congress on
Taxation, widespread distortion of our busi¬ other areas to insure compliance. to our economic goals, and that tive agreement on the details of
soon
after
changes
charted
to
reach
taking
office,
he ness and social structure is large¬ Our Internal Revenue Service is the rate of modernization of our the
recommended
changes
in
the ly a creature of the tax system, proceeding on two broad fronts—; industrial machine must be in¬ those goals. The pressures of his¬
treatment
of entertainment
ex¬
and the time has come when our automatic
data
processing
and creased if we are to compete suc¬ tory, the complex range of the
income tax, the pulls and tugs of
penses, dividend incomes, sales of
tax laws should cease their en¬ quality auditing.
The first, auto¬ cessfully with foreign producers
We competing claims, the confusion
depreciable property, certain for¬ couragement of luxury spending matic data processing, will enable both at home and abroad.
eign tax haven operations, and as a charge on the Federal Treas¬ us to remain masters of our pa¬ know that the rate of capital between debating points and real
the^ taxation of mutual organiza¬ ury. The slogan—'It's deductible' perwork and information, so that; formation must be increased if issues, the inevitable limitations
tions now taxed less heavily than
—should pass from our scene."*
we can make resourceful, use
of -we. are to obtain the needed in¬ upon present information and fu¬
ture forecasts—all these play their
regular business corporations.
In
In this creases in productivity that lie a*
Growing concern with equity yast quantities of data.
each of these cases the President
connection, we have benefitted • the heart of economic growth. We part.
in the United States is not -lim¬
said that the existing treatment is.
also know that the increased pub¬
Does the relationship between
ited to the average taxpayer liv¬ •greatly from many helpful talks
inequitable and cannot be justi¬
with your, administrators who are lic
expenditures
required
for the tax structure and growth end
ing on a wage or salary who reads
fied.
public services,
together with the removal of obstacles? Or
also bringing the miracle of elec- • better
about expense accounts, or who
Public Morality
demands, does the true tax reform embody
tronics to tax administration. The with national security
has a hazy, but correct, impres¬
can
fully and readily be met ii the view that the tax structure
The stress placed on equity in sion that there are a lot of others second, better audit methods, will
contribute
in
a
positive
the President's tax program re¬ reducing their taxes through pref¬ enable us to concentrate our audit we can achieve our full potential can
efforts
on
the
flects a basic concern over our erential
fashion to economic growth? The
types of cases* in, economic growth.
provisions.
The profes¬
ond, if this is not the case, is there
nevertheless a real and compel¬
their cost to the Federal Govern¬
ment.
account
byword in
Indeed,
expense
in
development,
.
.
-
•
toward the in-, sional man in the United Scates is
recognition that disturbed by his inescapable tax
matter of basic morality is in¬ burden when he compares, him¬
come
a
which
attitude
peoples'
It is
tax.
volved.
democracies
In
as
willingly
will
people
such
ours,
the
pay a
tax bill they may regard as
heavy if they believb that every¬
is
else
one
paying his fair share.
self
by
the .executive
with
options,
stock
sions,
.The business
or
man
turn is always
pen¬
benefits.
the
examina¬
Jri
next
decade, im¬
aginative use of these new tools
can
bring about a revolutionary
change in tax administration and
favored
generous
other fringe
and
careful
demand
Over
tion.
a
compliance.
executive in
,
wondering whether
r, j;;vCj
Simplicity
;//1, j j -
matter
such
duction
penses
issue
of
of
tax
the
unlimited
entertainment
is; in
look
knows
de¬
foreign
havens. -'Proper
tax
tax
at
that
his
some
■
hard and,
a
tax
if
bill
individuals
moved from
rule
the frantic chase for
of
the latest and hottest tax deal and
ment
of
the
many
I doubt
more
and
—
businessmen
agree with me—whether
does
Noncompliance
.deductible .entertain¬
expense.
believe
gimmick.
sponsible
will
damage to the public's
stantive
*
will
inequities is the unfair¬
of
that results from noncompli¬
While
ance.
the
vast
status
or
system
ment. We believe that the result¬
ing modernization and expansion
obtained
needs
lic
as
possible
the
in
in
of
It,
can
Depreciation Reform and
V Investment Credit
way
of
that
income
of income
up
so
the
tax—a
the
average
will appear on
majority of
the
into
computations
by exceptions,
exclusions, and special preferences
person
and
thus
the tax form used
by most people;
-
-
-
■ <
adverse
ards
lives of property to take
steepness
rapidly changing technology. The
President's recent announcement
effect on
their
rates, .the
the
of
of
special provisions can also impede
our
growth in other ways. The*'
differentiate among taxpayers in
that
wavs
announcement
is neither
Securities.
offer
an
to
sell,
nor a
The offer is made
solicitation of
an
offer
to
buy
any
of these
result
the
only by the Offering Circular.
busine-s
dividual
We
that
the
tax
We
a
misallocation
of
resource^
72,000 SHARES
lawyers
diverted
is
db-
to
this
loss
with a resultant
the community.
purpose,
VOL-AIR,
INC.
.
to
COMMON STOCK
middle
the
in
ciallv
and
Copies of the Offering Circular
any
securities
in
compliance
60
EAST
42ND
NEW YORK >17.
be obtained from the under¬
STREET
NEW YORK
-
with
the
may
Securities
ferences
legally offer these
laws
of such
State.
elimination
burdened
of
the
would leave
still
tax
area
unfairness. The broader tax
A
'
SAMSON, GRABER & CO., INC
•
>*V tt'j
39
"ry.
\
BROADWAY
NEW YORK
6;
NEW
equity would also make possible
a'
YORK
' >
: *
*
re-examination
structure.
Any
of
the
rate
such re-examina¬
tion must. of course, be conducted
within
the
constraints
imposed
be kept
in
as
simple of applica¬
is possible, consistent
that
studies
our
with
might
we
are
,
of depreciation.
The
the
investment
form
credit
pre¬
with
as
as
.
credit
is,
in
Congress, a
pending in
against tax — that is, a
tax—equal to 8% of
reduction in
income
the
important to the
deoreciation should
add
the
inequity
that - comes
and
Cer¬
measures.
so
taking careful recognition of the
new
pathways
which
you
in
Canada have been charting in this
With
resentment
item
upper
base that would come with greater
GLASS & ROSS, INC.
,.
without" the
may
State in which the undersigned
other
an
that task of measurement. I
brackets. A reduction in tax rates
signed in
measure
any
tainly,
tion
proved equity and the elimination
of preferences require a re-exam¬
ination of the rates of tax, espe-
PRICE: $2.50 Per Share
of
realistic and
achieve our full puroose. Im¬
not
pending
on
disclose
is
conjunction also emphasizes that
action to accomplish only one of
these facets of tax reform would
(Par Value $.01 Per Share)
One
measurement of taxable income as
Their
other.
each
can
salvage values by
salvage values
below 10% of; cost. We are hope¬
ful that our present studies will
emphasis
disregard
The equity and growth asp°"ts
reform thus join together
reinforce
how
we
greater
deduction.
of. tax
and
ways
involves the elimination of undue
a
accountants
and
rronortioraMy
what
in
simplification in
application of the depreciation
the
Our
premium
on tax planning and tax avoidance
The
-work
of
many
talented
present system places
of
the first step.
re-examining
considering
also
are
and
achieve
workings of our free
enterprise economy and produces
November 29, 1961
currently
are
far
system
distorts the
NEW ISCUE
7depreciable?, lives
for
depreciation rates in all industries.
with
decisions,
reduction in the guide¬
40%
textile machinery is
discriminatory. They influence In¬
This
a
lines
often arbitrary and
are
into ac¬
increasing obsolescence
and need for more rapid replace¬
ment
of
machinery created by
count the
on
.apart-from
over,
the
to
means
Revenue
rates that have
growth. More¬
tax
effects
major
adjustment of the existing stand¬
suggested by the Internal
Service for depreciable
base narrowed
respects matters that -—produces
as
enter
has
program
this end:
depreciation reform and the in¬
vestment credit. The first involves
two
our
President's
The
real
the
contended
be
-
structure
tax
V.
economy.
key to growth?
>•
us
manner
a
holds
productive capacity will
achieve a more vigorous
our
help
obstacles as
of private
few
that-places
initiative—which
.
growth
cQhtribUte's to growth—or whether
and expense
which make it necessary to im¬
cannot demand special recognition
in the_ measurement of. taxable in¬ pose a rate structure that begins
at; a high level and rises steeply
come
and the tax. This is espe¬
•Alongside the unfairness of sub¬
ness
in
variation'
each
make
cially
I
anything
~
that
operates as a
fairness, warning us
upon
we
to
way
thrpugh pro¬
thej moting increased investment by
are business in machinery and equip¬
obstacles in the -path of
growth. Are the dollars it transfers
from private hands to meet pub¬
border
simplicity also
gloss
In
therefore,
Whether our, tax
affirmative
an
economic
it places
will
involve
complex
rule. The requirement
upon
objective.
in
tribute
policies will be
scrutiny in rela¬
States,
asking
1
delineated;
this
often-
too
marking
I can state that our re¬
are
able to charge off personal
tax bar in the United
pleasures—a yachting or hunting 'States—lawyers and accountants
weekend, a might club party, a alike—fully shares this view/
trip to Florida—through the de¬
vice
all
and
that
to
tion
a
the preference must be
ex¬
planning in our complicated so¬
the end, • really; an ciety is sensible and necessary—
morality. The aver¬ but proper planning is far re¬
taxpayer will take
age
resentful
he
as
and
under the closest
part of tax
But the feeling is
growing that his tax advisors have obtained 'reform. It
is related to the objec¬
some
do escape their fair share, for him the latest thing in capital
tive of fairness since inequities
and the experts "know that this
.gain deals, or real estate shelters, and
preferences 1 usually v mean
feeling is justified. This is why a or life insurance tax packages, or
complexities. The borderlines of
Simplicity is also
economic
on
United
Kennedy Administration believes
that the tax structure can con¬
that places great
growth, all
country
a
stress
institutions
:
amount
entire
•
spent
on
investment
The
in machinery and equipment.
cost
of the
The
purpose
may still
regular way.
asset
be depreciated in the
of this provision
is
increase in in¬
vestment, .yet • not
disturb
the
depreciation deduction as a meas¬
ure
of
income.
Moreover; • this
to
encourage
an
■.
Volume
Number 6112
194
.
.
The Commercial and
.
Financial Chronicle
(2411)
«
.
of
form
incentive
achieves „,a
AS WE SEE IT
greater impact on investment than
would devices turning on an ac¬
celeration of depreciation, In
tion
the
in and of the
8%
general
fact,
equivalent in
incentive to a 40%
credit
as
an
is
initial write-off.
These
;
■
the
major factors that
stimulate the varied voices calling
are
of
the
situation
we
Continued from
are
duction has been
would
1
page
so
funds
burdened
to
we
things
with all sorts of unavoidable
know
costs
marketed—to
before it is too late. But the
tions of government that it is
more
and more difficult to
arising from the
exac¬
-J
■
volume
of
out to farmers
pay
produce
i
{
the
necessity of tak¬
ing vigorous steps to mend it
in
i
.
.
find
advance
that
we
be
not
can
23
say nothing of
the various other special sub¬
The Valtronic
Corporation
Common Sold
Public offering of
62,500 common
agricultural pro¬ shares of The
Valtronic Corp., at
quite
beyond
his
tax, reform in the United
get control of the situation in
$4 per share is being made by
States: fairness,
simplicity, con¬ worked out and given effect, the way that we must if we credulity. They .w o uM d be Fred F. Sessler & Co., Inc., 505
tribution to economic growth. The
and so long as that is true are to continue to move equally incredulous to visi¬ Park Ave., New York Gity. Net
main thrust centers on the income
proceeds will be used by the com¬
All
this
is
without tors from other lands on this
there
is good ground for self- ahead.
tax.
It
does., not call for any
pany to purchase additional ma¬
planet of ours were it not a chinery,
marked alteration, in the composi¬ gfatulation even though the reckoning in 1 the waste and
repay
debt,
increase
fact that!, the infection has managerial
tion of the Federal tax structure
personnel,
prospect of early action in the often the costly dishonesty of
promote
—there is no additional tax to be
sales,
provide
funds
for
spread
over
so
research,
many
parts
of
premises appears to be none many of these special pro¬
added
no startling new tax to
and increase working capital.
the
•
earth.. But common or
too good,
;-'-K grams for the benefit of the
fact remains that there is
for
time
for
salvation
our
yet
sidies to the
ducers
be
to
—
—
.
S'weep
the horizon.
across
There
We
other facets that
are,
^of course,
one
could spell out. The estate and
gift tax demands attention.
recently become
disturbed, or many
of us
have, about our international
financial posit i o n in the
world, and with reason. How
we got into this unfortunate
position is clear enough, and
so
are
the steps that, are
necessary to
deal with the
really quite difficult and com¬
plex situation now existing.
And
will
probably find the econ¬
doing some hard thinking
in the exploration of the proposal
of the Commission on Money and
Credit
for
flexibility
in
the
we
omists
cyclical application of the income
tax
or
through
decreases
temporary increases
in rates. I say hard
.
thinking, because all'the possible
courses
of
governmental action
and the formulation of the stand¬
to
Yet if
that action have
fully and realistically ana¬
And operational flexibility
counter-cyclical adjustment
rates can certainly come no
than flexibility in thinking
to
ards
be
lyzed.
in the
govern
face
unfortunate.
have
value
But it is not
levied
much
that
nates from official
exactions thus
directly
indirectly
production. Fully as un¬
upon
fortunate
which
the
is
they
or
are
in
manner
levied. This is
particularly
true of levies
upon the individual. But the
corporation which knows in
advance that it must
the
to
ema¬
in
sources
not, something must be done
-
only the total
amount of the
to take at full
are
we
,:
up
Government
Federal
something
more
its
even
profits
tion of
give
about
further
well
before
it
it
costs
billions.
thankful
be
tunities
still
We
for
before
us
may
oppor¬
but
us,
gratitude is not enough.
BAYSIDE,
N. Y.—Hal
offices
from
He
vard.
Nussbaum
Bell
64-47
Boule¬
formerly with Paul
L. Forchheimer
Co.
&
Walton
laboratory and hospital
use.
FALLS, N. Y.—Daniel j.
Richard W. Michon
engaging in a securities busi¬
Bishop
are
ness
Road
and
from
offices
under
Consolidated
the
at
48
firm
Garrison
name
Syndications.
than half of
after deduc¬
of other
special,
operating
about tax
policy im relation ;to sion that this financial posi¬ expenses, can hardly be ex¬
tion of our vis-a-vis the re¬ pected to formulate its poli¬
cyclical changes in the economy.
But in the end, the task of tax
mainder of the world is very cies precisely as if no such
reform centers on the Federal in¬
grow worse before overpowering load had to be
come
tax.
We
Americans
are likely to
of tax
faster
Washington
must
we
the
on
come
subject,
scores
included
taxes
to the conclu¬
in
~
that
fortunate
our
system
tax
it
is
fundamentally sound and the task
is one of constant improvement,
is any
better.
The cul-de-sac in which
.
find
ourselves
carried.
;
.
penses
we
tinue to
is
plainly of
our
makingj.clearly an inevi¬
table result of too muph Neyr
construction
or complete rebuilding. But even
the reforms of improvement are
not accomplished overnight. They
require
patient
exploration of
detail and full public discussion of
the issues.' Our ultimate goal is
rather than complete
All
are
be
often
ex¬
permitted to
con¬
too
when
run
quickly
down
cut
if-it
were
they would
off or cut
not
known
that half of them will be
paid
foreign,and do¬
policieSinYet .what twe by Uncle Saih! irin£ny event.
hear proposed most often in
And, of course, the total
the possession of a tax system that Washington comes down es¬ burden of such levies is
by
constantly and truly works in the
sentially to the application of no means to be measured by
Vv
national interest.
-
Deal
■
,
:
.
New Deal-
same
medicine.
ish
There
time—thanks to
/
1961.
of this
more
by Mr. Surrey before the
Canadian Tax Foundation, Montreal, Can¬
ada, Nov. 21,
our
mestic
address
*An
in
a
is
still
kind Provi¬
the
of
number
dollars
ex¬
acted. The unbelievable
of
amount
special record
dangerous keeping and reporting grow¬
situation in hand, lbut time is ing out of such tax systems,
running out. And what, needs plus that entailed by the in¬
dence—to take this
March Dynamics
Common Offered
many numerable; regulations and
related, rules now Jaid/down by gov¬
Paul Eisenberg Co., Inc., Magnus
though ernment to control .business
& Co. Inc. and Jed L. Hamburg
often not apparently so to the operations,, are a large factor
Co., are making the initial public
in
arid-, of themselves.
The
•
sale -of common stock of March unthinking.
Dynamics, Inc. through the offer¬
For our own sake here at thoughtful student of public
ing of 125,000 shares, at $2.50 per home we need to b e c o m e affairs need hardly do-more
share.
.',s':V. \•
than run through the list of
more
; competitive
both ; in
to
be
done cuts
across
related programs —
that
is,
in reality
-
-
.
-
■
.
-
-
■-
-
-
•
■
proceeds from the financing
will be used by. the company .to
Net
ing capital spent on
plant: and to restore to
new
expansion of the company's prod¬
lines.
in
and
our
The
v
company
contract 1 manufacturing
of'
this
country in which it is
possible for producers to get
statistics and other data
com-,
control
better
This "in
turn
and
the
me¬
our
our labor policies
tax philosophy. At
present time we
business
Time
a
and
it
must
have
cost
man
whether operat¬
There has
be
was
rather
a
when it
of Puerto
a
default
not
used in test
aircraft
microwave testing
for
equipment and
company's
The
for the
and
electronics
digital data handling field
division
control devices utilized
control
poses.
di¬
manufacture- devices
the .magnetics
make
and
come
have be¬
of the
general
business
world, whether
more
of the laws that
recently been : taken
had
the
statute
books;
fortunate that this
formation
has
hat"-
and
"old
or
no
It
is
to
un¬
type of in¬
now
become
attracts
little
provision of the Constitution :
priation is provided by law."
safeguard and the fact that debt
service constitutes
a
are
paternalistic programs for the
benefit of the less industrious
and less fortunate. The
or
one
of them,
result,
to
among
bility
so
the
prior lien
many
on
available
revenues
evidences of the fiscal responsi¬
characteristic of the Commonwealth of Puerto
2,300,000 American citizens,
Rico and its
Complimentary copies of "A Special Report on The
Commonwealth of Puerto Rico" will be mailed on
request..
i',
"
•-
v
..v
L'"-"
attention outside of the
And it is not
do
even
something
too late
about our
agricultural policies and pro¬
A visitor from Mars-
is that pro¬ grams.
..
This built-in legal
be ;individuals: or. .cor¬
groups which must somehow
porations, , must- be made -to
provide the figures.;
' \:!
bear the costs of all sorts of
for
managed
imposition of taxes sufficient to cover said appro.
they
will
instrumentation pur¬
"
victims
we
"
notion that the successful in
the
other devices.
.
Meanwhile,
microwave
assemblies and crystal holders
vision^ will
Robbing Peter
equipment calibrating
instruments,
or
one
pitot-static valves
or
appropriations made for any fiscal year shall
exceed the total revenues, including available
-
electro-mechanical sections of di¬
forced
surplus; estimated for said fiscal year unless the
—
rection finders,
or
bonds issued by The Commonwealth
Rico. One reason for this enviable record is
"The
of
a
good many reporters to
point out the staff that had to
the
philosophy so ardently be added to existing forces in
metals and plastics, the company
business merely to take care
preached by the unions that
makes to order gear trains and
what is good for wage earners of all those data that were
dial drives for tuning radio units,
must be good for the country. necessary to conform with
been
any
the following
u^ed to
favorite topic
never
refunding of
ing as an individual or
have for through some corporation.
good many years carefully
electro-mechanical
monopoly in the
comoonents for the electronics in¬ fostered
and all too
dustry. In addition to making sim¬ labor market
ple and complex parts for elec¬ often seemed to acquiesce in
tronic
instruments from both
chanical
what
of
those who .have been
obliged
to supply the' raw data for
of their costs.
such reports — that is, the
entails radical
changes in
of
Hicksville,
Long Island, N. Y., is engaged in
fr
markets
with
own
work¬
ing capital the deposit as security
on the new lease. The balance of
the proceeds will provide addi¬
tional working capital to permit
uct
world
foreign producers. piled and published by gov¬
ernment in this day and time
That in practical terms means
moving to its
to come to a sharp realization
the creation of conditions in
equip its new magnetics and elec¬
tronics divisions; to restore work¬
1
GOVERNMENT-DEVELOPMENT BANK r
FOR
•v'
PUERTO
Fiscal Agent
RICO:
:
for The Commonwealth of Puerto Rico:
-
;
,
v
'
1311 Ponce de Leon Avenue
San Juan, Puerto
Rico
en¬
gaged in developing, manufactur¬
ing and marketing all formica
operatory cabinetry and furnish¬
ings for dental, medical, clinical,
GLENS
securities business
at
was
375
of
company
Consolidated Syndications
H. Nussbaum Opens
is conducting a
The
Avey New York 51, N. Y., is
45 Wail Street
».
-
New York 5, N. Y.
of
24
at Sept. 30 ,at
MUTUAL
BY
JOSEPH
FUNDS
C.
$6.10,
POTTER
from $5.52.
*
Si!
Sis
to
in
vendor of mutual funds
has related the familiar story of
a
meeting
to
time
prospect
a
that
learn
already
woman
investments.
nies
to
or
man
<
made
relate
that
he
chip,
buying
by
into
household-name
—such
stocks
ard
Jersey and
of
the blue
a
not
is
medicine, the law or the
an
individual may
vanced
his
his
because
of
knowledge
United
with
better
well-heeled
For
investors
think
in
about
a
of
eight
every
This
has
of
de¬
Morton
of
age
MD
one
doctors
of
example, there is a
replacement parts
dozen warehouses and
a
jobbing stores.
Last
earned $3.48
of
$75,000,000,
could
turn
much
also is
brief
pany
made
report
Arthur
to think
(in
about in
they
a
The
to
each
work
this
of
are
of
massive
more
folios
may
these
York,
total
net
assets
equal
This
assets
of
share
year
$23.68
a
to
with
Individual
and
the
$18.70
St
ended June
purchases
of
the
-
before.
in¬
cents
were
ber,- he
said/ was .made up of
single purchases of $5,000 or more,
049,
a
or
V The
and
fund.'j,
nature
that
hair and having
to
it
$74,960,232
Fund.
Only
intensive research
could justify their investment in
•',
..,
was
Trust
$11.98
cited
on
made
Over
the
same
tional
Finance.
of
it
Union
Tank
Car
for
to
amounted
$41,447,558
on
Oct. 31
at
$18.57,"
was
Sutter
with:
He
Street.
Hooker
&
was
Co., Ill
previously
and
Fay,;; Inc.
Dempsey-Tegeler & Co.
'
Henner Bros. Branch
/:
&
Co.,
N.T J.
/
—
business.
•
branch/ office ,at
599
Newark
Pompton Turnpike under- the
management of Anthony Galanti. •
Jo¬
are
f:
PLAINS;. N. -J. —• P;
Michael: & / Co.' has « opened
a
Inc.
Officers
P. Michael Branch
POMPTON
Landa,
Max
Brown,
Treasurer;
and
Raymond Moore Branch
SHERMAN
mond
Blvd.
Calif.—Ray¬
OAKS,
Moore
&
under
Co.
has opened
a
at- 14921* Ventura
branch" office
the
management
of
Sylven Title.
Paine, Webber Adds
(Special to The Financial Chronicle)
SAN FRANCISCO,
Calif.
liam
become
J.
Kirby
has
Now
Wil¬
—
asso¬
ciated with
son
Na¬
He
Paine, Webber, Jack¬
Curtis, 369 Pine Street.
was
formerly with Kidder,
&
Peabody & Co. and Hooker & Fay.
Nephler-Kingsbury
sis
*
Combined
assets
Securities
Series
668,656
of
National Bank Building, has been
changed
to
Nephler
-
Kingsbury
Company.
-
...
.
National
of mutual
funds
all-time high of $545,-
an
Oct.
on
according
31,
semi-annual
the
the
report
to
released
by National Securities & Research
Corp.,
funds.
sponsor
At
and manager of the
April
NSTA
30
assets were
and at Oct. 31, 1960,
compared with $15.48 on Nov. 30, $536,552,329
1960, and $18.14 at/July, 31, 1961. .it was $439,858,849.
.
v
#
Canadian
ments,
*
Gas
Ltd.,
&
in
,
*
'
Energy
its
v
•
Invest¬
quarterly
re¬
port, put net asset value per share
Per
ing
share
the
net
year
f
•
asset
rose
in
/
-
value
the
dur¬
Bond
serie^td" $5.54 from $5.3Q, in the
Balanced
to
$11.63
from
$10.12
SECURITY TRADERS ASSOCIATION OF LOS ANGELES
At
a
recent
meeting of the
American
Security Traders Association
Angeles the iollowing officers
were
elected for
President:
A mutual fund
Business Shares
ad to
The
investing in "growth"
stocks. See your investment dealer for
free booklet-prospectus, or mail this
anced
WAT.L
STRKKT,
NLW
Bakerink,
Paine,
Jackson &
Curtis...
Webber,
samian, Morgan & Co.
for
Treasurer:
Prospectus
YORK 5
upon
request
Norman
■
Green,
Governors: Patrick
Sheedy,
Co.; Val Valhoff,
Lester, Ryons. & Co., a n d
Stephen Turner, Jr., Turner,
Poindexter & Co. "
Fairman
Lord, Ah mm
NAME.
New
..
E.
Pledger & Co.
CF
ADDRESS-
Delbert
Secretary: Kenneth O. Bar-
invests in a portfolio
bal¬
bonds and preferred
stocks
stability, and common stocks
selected for growth possibilities.
between
Established 1894
ONli
Los
Clemens
Vice-President:
Company
selected
CALVIN BULLOCK, LTD.
of
1962:
Leuker, Hill Richards & Co.
A Balanced Investment Fund
York
Atlanta
Chicago
—
& Co.
Los Angeles
San
Francisco
Clemens T. Lueker
;
PONTIAC, Mich.—The firm name
of C. J. Nephler Co., Community
Lighting Corp. /
•
31, an increase of $3,873,445
the fiscal year to date.
Net
asset value
connected
become
has
with William R. Staats &
Harry C. Westfall, Assistant Sec¬
retary and Assistant Treasurer.
Pacific
and
as
$75,000
use
CLIFFS,
Vice-Presidents;
Secretary
and
Railway,
Southern
branch
new
FRANCISCO, Calif.—Walter
Scott
M.
1961
Form Rhodes & Co.;/-
in¬
Cable,
the
analyst.
C. Finkelstein and Alfonso
eliminated
It
General
Steel,
reached
Oct.
SAN
seph S. Rhodes, President; Robert
reports
span
with
Staats Adds to Staff
$63,237. equal to 26
share, compared with $28,12 cents, the year before.
will
Ex¬
,
Corp. and Republic National
Seaboard
Total net assets of Canadian Fund,
Inc.
the
mem¬
Stock
(Special to The Financial Chronicle)
proceeds to buy equipment,
rities
Hs
Income
in
York
$60,000 to set up new manufactur¬
DES PLAINES, 111.—Henner Bros:
ing facilities, $37,500 to pay notes.,
has opened a branch office at 678
and-will add $282,500 to working
Lee
St. under
the: direction
of
capital. *..' :: •T- V/ii:...*?. v
Walter Cahill.
//
',/• u,//■/;,V/
which ejided Oct. 31,
new
purchases in Belle
holdings
with
$14.71,
compared
Nov. 30, 1960.
income
'
opened
a
branch
505 Park Avenue, New
technical
has been
formed with offices at 429. Syl¬
van Avenue to engage in a secu¬
;
.
^
31
$999,748
\
has
at
ciated
was
Rhodes
holdings of Fedders Corp.,
Interstate Department Stores and
for the
Fidelity Trend Fund, Peoples Se¬
curities Corp. and Putnam Growth
Shares
-
creased
on
31, an increase of $18,807,186
fiscal year to date, Hugh
Bullock,
President,
announced.
Net asset value per share on Oct.
y
during the second half of its
Gas.
Oct.
recent transactions of three funds:
were
Z
•;*
City, under the management
of Kenneth Troy and Marvin Hol¬
lander. Irving Waxman is asso¬
fiscal year,
counsel.
amounted
r
newly-created
.
.
Lexington
Total net assets of Bullock Fund
Ltd.
-
sis
on
to
t
s
the
to
He should not be
own
u
position of Chairman of the board.
Philip' Mullenbach succeeds him
as President of the Chicago-based
has ;only
30, 1961,
ENGLEWOOD
d
n
Allen
>•
months
company
of the
•
si
announced the election of Harland
H.
nine
in
Net
months
Group
Securities mutual funds in October
>v
office
compared with $1,071,123 the year
St
institutional
and
the
sales
/
.
York
large chain variety stores and
Net
per
-
change,
mail order houses.
$12,-
earlier.
St
vestor
to
compares
527,983
a
amounted
-
of the New
bers
under the trade marks "Accordian
S5
:
Irving Weis Branch
ing systems, distributed nationally
Si
$26,727,582,
share.
contractors
fil¬
and "Disc-Mate." Its customers are
disasters
let
the
based in Brooklyn,
makes
stationery,
Rope,
31
The Funds Report
growth
obscure firms
America.
Isle
The Wiesenberger report covers
relatively
Red
Energy Fund reports that at Oct.
than usual in¬
tomorrow's market stars."
25
and
aircraft, and is sold directly to
governmentand
to
prime
engaged
in
defense
public offering of stock
Brand," "Redskin," "Letha-Tone"
occasion, he must
people who insist on
themselves
research
funds
story
The cutting their
recent
port¬
well provide clues to
to
of
nearly
knowing
equipment is utilized in the
testing, transporting and servicing
of both missiles and high speed
school and office supplies and
•
of
course.
deal .with
terest to investors, because
additions
his
tell
dismayed if,
spend millions of
year
to
uncover
promising new investments.
results
vendor
take its
"Portfolio managers of growthdollars
nimble,
are
industrieSi
This
New
By training,
unemotional. /''•_
last week by
That "com¬
notes:
funds
almost unknown:
are
related
sup¬
aircraft*
of Directors of Corporate Leaders
plso; is
mistakes and
make few
Wiesenberger.
oriented
funds
ground
the
Vt.. has been elected to the Board
sophisticated enough to knoW that f.-u
•' •i,;*:
these • growth-oriented ■ funds Growth
I
their
own
field) folks, whose safe-de¬
posit
boxes
are ..littered
with
worthless
Moose
Pasture, there
successful
those
For
of
for
Irving Weis and Company,
S-*
,
J.
Kenneth
cars.
heal.
equipment
The George, O'Neill group is of¬
fering 160.000 common shares at
$3.50 per share.
St '
without
never
manufacture
Hanau, Jr., President
of K & H Corrugated Case Corp.
of Walden, N. Y., and Vermont
Container
Corp. of Bennington,
sold during 1960.
were
.
sensible layman to do for his
physical ailments: seek qualified financial scars that
The -vendor of
professional advice."/
/■ \ ,
Franklin
work.
companies, which
Channing's industrial
comprised
year the
share on
compared
sour
'*
in Red Rope
,
any
"
a
The first
and
port
missile.' and
Stationery
Stock Sold
these
of
division,
consists
network
period^
$2,898,835, or 89% above the
September level and. more than-,,
destroying the foundations of the double the October,. I960, volume,
funds. And, as any fund salesman
according to Herbert R.' Anderson,knows, there are go-it-alone folks President.: -Nearly
60%
of -the
wha tackle small seemingly prom»- amount
invested • in*. the
Group
ising situations and emerge with Securities mutual funds in Octo-.^
expect
they
1955
of." 79
company
Stationery Industries,
Inc., is being made by George,
O'Neill
&
Co., Inc., New York
City, and, associates.
Both
❖
another
ments
large. number of
doing for ;their
what
nine-month
the
.Sept. 30, 1960, when re¬
earnings > reflected
net
operating profits from Nice Ball
Bearing and Chanslor- & Lyon.
profits of $1.29 and revenues
of $34,000,000 in 1955.
Any one or all of these invest¬
not
ills
financial
for
ended
sales
boosted
$6,000,000 in
Red Rope/
ported
with
&
a
are
has
which
The
Turnpike, Mahwah, N. J., is en¬
gaged in the design, development
equal to $1.88 per
share, for the 1961 .fiscal year, it
was stated. No comparison can be
toi¬
and
by the company for repay¬
of debt, purchase of addir
tional equipment and inventory,
and working capital.
$1,668,800, equal to
share. This item will
per
made
used
ment
of
dozen
a
cosmetics
75
around
sales
an
income. of. $22,100,
conclusion-can be drawn.
^Apparently
least
at
distribution
100
earnings giving the aver¬
only
small
company
Bernard
Co., to remark:
latest figures on net
the
"With
annual
busi¬
prospects
and large,
in the
Co.
*
net assets were $4,563,256,
up from $4,023,276 at the start of
the
year.
Net asset Value per,
share rose to $12.20 from $11.40.
total $2,221,628,
the
weigh
supplies for all makes of
and
Its
Carver, President of Boston-based
C.
thoroughly
never
with
wholesaler
debt.
died in
prompted
sav¬
Bearing
E.
year,
the sale in 1960
on
Ball
$1.58.
As
of three died leaving
less than $10,000 while
of
invest
to
upon
of funds, whose
to
some
to
one
assets
one
recently
Nice
amount
being made by Martinelli
Co., Inc., New York City and
R.
Davenport & Co., Provi¬
dence, R. I. Net proceeds will be
.
close of its fiscal
that at Sept. 30,
reported for the third
was a pro rata share of
capital gains
of
divi¬
insurance
the
from
share is
&
.
*
*
net
Also
quarter
nearly $12,000,000 in 1960 while
boosting share earnings from 530
con¬
estates
144
members
local
ceased,
of
that
sion.
to
Connecticut, where the
Hartford County Medical Associa¬
tion found
he
up
from
much
survey
cry
risky venture that may
pan out and whose
companies,
of
in
ducted
income
undistributed
in
Offering of 65,000 common shares
of Wald Research, Inc., at $5 per
to
months
12
the
during
clined
}
Common Offered
Growth Stocks to
Sterling Investment Fund reports
equity
Wald Research
share from $7.24 at Oct.
and
interesting situations. Thus, there
is a company that markets a line
ill-in¬
is
far
a
businessman
not
is
letries,
but
there
a
it
came
the
than with Moose Pasture.
formed
is
or
$6.17
The Stock series rose
$7.09 from $7.18.
Si'
Steel
States
than
more
course,
prevailed
many
of
marketplace is sketchy, he'll sleep
B.
is
ness
maximum mileage
investment dollar, but
be getting
from
in¬
an
a
Thursday, November 30, 1961
.
the net operating
profit after taxes of its financial
division together with dividends
of the fund's total
doctor
The trio
Such
store.
its
of
prospects
assayed.
stock market by people whose life
not
1%
dollars
such
«major portion of his life's
or
quarrel with this approach to the
work
did
represent
the
who
Pont, Stand¬
General Elec¬
will
million
a
case
.
1960, while the Dividend ad¬
to $3.79 from
$3.42 and
$9.60 from $7.80.
The Preferred
Stock series
de¬
31,
earnings for the nine-month
period ended Sept. 30 were $134,-
$1.41
This,
from
companies
salesman
than
no
ings in
wise
The
diversified
assets.
tric.
to
in
3/10ths of
du
as
Their
in these promising compa¬
ranged from a mere $60,000
vestment
or
she has enjoyed some measure of
success
study.
more
and
some
Quite often, this in¬
will
dividual
the
had
stake
the first
for
the
$8.81
Channing Corp. reports operating
This represents
Rewards From Research
.
in the Income series to
and
increase of
an
since the end of -I960.
23%
128, equal to 11.3 cents per share.
Many
Chronicle
The Commercial and Financial
(2412)
&
Delbert E. Bakerink
Volume
Number
194
6112
The Commercial and Financial Chronicle
.
,
.
(2413)
(b) The banking industry's
Long-Term Interest Rate
sources
not
are
rapidly
as
forms
re¬
increasing
•
several other
as
of
savings
in
the
.country. Further, bank as¬
sets have not grown as fast
And Sales Finance Firms
the
finance
industry's
during the post war years.
(c) Banks are increasing their
direct
operations in con¬
as
to
Continued from page 3
translated
be
to
better
be
to
is
housed,
into
drive
cated,
better
capital
capital
,then
in
ings
the
sav¬
will
The
(4;
adverse balance
loss of
of payments
we
in
invested
balances
bills
ernment
factors
coln
witnessed
all
of
for
the
tuations
Gov¬
r
,
r
;>-• -*•;
as
surprise then that in
no
this economic, environment^: I
pect
to
that
days of
-
early 1950s.
"In
rate
.
The
business
to be vigorous and broadly based.
I would expect it to carry for a
I
year;
hope,
and
would
be
not
surprised, if we are on the threshhold of a major prosperity period
that will last considerably longer.
I am an optimist on business.
thoughtful
people
are
now by the seeming in¬
Many
puzzled
behavior
consistent
rates.
improved
sion lows. Bank loans
are
not in¬
creasing, New offerings of corpo¬
securities
rate
be '
interest
different- and
really
lieve
,
relatively
are
Perhaps this recovery will
scarce.
won't
rise.. Don't
it!
rates
you.
be¬
A-ACC;
Throughout the postwar period,
during the early stages of business
bank
loans
have
not
much.
Bank
loans
are
recoveries*
increased
followers of recovery, not leaders.
The greatest
loans
annual gains in bank
occurred in 1951, 1955 and
1959.
Each
of
these
years
was
a
period of mature prosperity rather
than
one
of
an
early business
upturn.
.
1
.
;
Moreover, during the bottom of
the interest rate cycle
corporations
heavily
they
on
did
a
in
he
is
cept,
any
last spring,
b o r r owed
more
long-term basis than
any other quarter in
of
business
activity
that
the
of
sources
long-term funds. In the past, ex¬
cept for a
few
of the
major
finance
companies, most of the
industry's term debt is¬
have been purchased by a
sues
.
relatively few life insurance com¬
panies. The appetite of these in¬
stitutions
such
for
securities
is
becoming satiated they are not the
eager
investors now that they
were
a
The
interest
funds
—
life
term
of
sources
new
additional
insurance
companies, pension funds, mutual
funds,
state
funds,
charitable
funds.
efforts
'
"
Management
open-mindedness
will be
these
favorable
whether
mouth
will
The
conditions, First
have a crying Main
or
not you
I
recognize, of course, that con¬
budget revisions will
be
required and often mistakes will
made.
think
On
to
finance
will
company
whose
National
Bank
of
some
wrong.
(Special to .-The Financial Chronicle)
without
ler
sources.
For
may
have to depart from past patterns.
*An
the
made
American
has
become
Francis
I.
Federal
St.
been
still lost the
Mr.
Finance
Gadient
Longstreth
Tishler
ton &
govern-
rates.
to
»t;i--f;
i
.be
•
The 1962
"Annual Review & Outlook"
V. A...
v'v
"' v
'a'
/'•
is
is
a
unwilling
to
fact
that
no
can
ever
af¬
to
than
v -v
'■
v
conviction
my
.
.'"'a ••>•
*
'
*
c'
•
\
•
*.
.
»£.••' .*
'•
'
•
'} ?.'}'?'•
*\
"
;
v
to
fiscal
the
THE CHRONICLE
;
1
18th
For this
in
paid
we
a
★ The 1962 "ANNUAL REVIEW & OUTLOOK" Issue
sales
a
finance
most types
could
will present the
opinions and forecasts of the nation's banking and corporate leaders
on
the probable course of the nation's economy in the year ahead.
★
Get your
ness
companies
on
the
are
of enterprise.
them by-
the basic
T
the
are
year's possibilities from the
the country's industries.
new
manage
factors underlying the general course of busi¬
in 1962?
2—What
-
A
.
major problems that the various industries
face
in 1962?
cheer
predicting a return to the good old
days when thevprime bank rate
was-1V2%. I honestly can not.
business perspective
banking and corporation leaders who
1—What
I
wish
v
a
3-—What is likely to happen to prices and values of securities
in 1962?
impact will the Administration's and Congress^ foreign poli¬
cies and domestic program have on business conditions in 1962?
4—What
They must learn to live for a long
a relatively high inter¬
.
time with
est rate structure.
^
^
.
You will find the
Beyond these facts of relatively
others
expensive money and intermittent
periods of tight money, I want to
summarize briefly several other
The
Chronicle
of the
answers
"Annual
the
in
to these
Review
featuring
the
&
questions and many
Outlook" Issue of
opinions
and
forecasts
country's foremost Management Executives.
points that may influence financ¬
ing plans.
(1) Strive to utilize fully the
permitted leverage in one's capital
programs. Given inflation and" the
present Federal income tax laws,
maximum
levrage. of
priorities
will
be
necessary
to
realize
reasonable shareholders'
profits.
foundation
company's
in
of
prove
stone
must
of
a
be
the
for three reasons:
now.
»fr1'...
|p*
opportunity to advertise your Firm, Corporation or
cross-section of America's most competent busi¬
financial opinion which will appear in the January 18th issue.
Do not miss the
Bank in this composite
ness
and
Regular advertising rates will prevail
•
for space
in this issue
.lipase
7-«r
THE COMMERCIAL AND FINANCIAL
25 Park
-
CHRONICLE
Place, New York 7, N. Y.
REctor 2-9570
On an historical basis, banks
are rather fully loaned even
-
★
finance
capital program. Ex¬
bank lines, however,
to be more difficult
the future
(a)
-
lines
Bank
(2)
J
v-'.'
a
Will Be Published January
will
fundamentals
Interest cost is far more impor¬
I
'"'-•l*'
Issue of
destinies.
tant
Ather-
•
•
ac-
depreciating
currency. Today the circumstances
are
changed, and our fiscal au¬
thorities nb longer control their
price
business
recently been
than it can
to borrow
permitted
terrible
94
has
Jennings, Mandel &
Co.
f VI'
W',;
authorities to control the level of
interest
who
DON'T MISS IT!
words or actions
fiscal authorities.
Unique
II
with
Co.,
and Schirmer,
Conference
Convention, New York City, Oct. 26, 1961.
&
investment
with Warner,
by
Pont
Mr.
the
in
affiliated
du
for many years has
Romans.
address
befcre
be
always
The Greeks consulted their
oracles regularly and
world to the
example, maturity schedules
can.
cen¬
■
BOSTON, Mass.—Manuel H. Tish-
progress.
I
^
Jersey.
With Francis I. du Pont
High interest rate
structures have prevailed in other
besides,
representing a wide
industries and compa¬
business with firms located in
ones.
nations
busi¬
concerns
Although the company may
legally provide funds to eligible
small
businesses
throughout the
U. S., it expects to do its major
Nothing in what I have said is
catastrophic; I doubt that the fi¬
nancing problem is even one of
industrialized
is
BuildingN. J., is
nies.
more
chance.
impeding their
address
Street, Freehold,
variety of
effectively and intelligently over
the long pull than it will by leav¬
ing market timing completely to
the worst
by the company for
invest its funds in small
ness
balance, however, I
firm
a
used
licensed under the Small Business
Investment Act of 1958 and plans
immediately.
stant
be
be
investment.
market
.
need for the funds
of
flexibility
and
money
more
.
attitudes
required to entice
new
offering of 100,000 shares of Mon¬
Capital Corp., at §10 per
share, has been all sold. Proceeds
astutely
security offerings. The attempt
might be made to plan and budget
capital
needs
perhaps
several
years
ahead. Then try to time
security offerings
to
the
most
An
(4)
be made
a case can
time
to
Meade & Co., 27 William
St., New
York City, reports that its recent
tral New
finance industry's educa¬
job is not ended. It needs
tional
to
few years ago,
(5) I believe
for
Stock All Sold
point
companies.
over any
our
War
on
continues
the
circumstances at the end of World
bank leans.
As
he
That
economic
mav
pressure
reached
"push." In
unwilling
more
Simply put, it is
that
learning to time ef-ectively its
funding operations. This funding
relieved
problem holds to
same
extent for
.
pansion
itself has
not
finance
"push!
compel
public authority
ford to ignore."
history. Corporate management is
in
have
most
"push";;means
anyone
rates
ac
interest
of
business
conditions, / interest
rates
are
hovering still around their reces¬
Despite
rates
prevail
appears
lesser
anyone
lend his money at
or
compel
long look. Not
recovery
we
for
recession
said recently,
to invest
,
1930 to the
cycle presently?
not
pountry,
our
in
stand in the interest
we
of
and suffering
war
/ment cannot
........
So much for the
where do
portion
a
Corporation
issues
or partial
convertibility. I hasten to add that
^Federal Reserve Chairman Wil¬
pay.
the period from about
a
operation
cold
a
liam Martin
to
to
Prac¬
debt
some
Monmouth Capita]
in the form of warrants
printing press money and all that
the term implies. It is no way to
defend a weakening dollar.
easy money
became accustomed
we
rates.
to
favorable. Dur¬
were
prosperity
e.ff ect, operation
be sure; I expect rather sharp ones
at times. But there will be>no
return to the
fluc¬
moderate
ments balance can
ex¬
be fluctuations in money rates
Re¬
"sweeteners"
an.annual $2 billion adverse pay¬
continue
relatively high. There will
be
Federal
interest
of
fighting
will
rates
interest
the
by
large
as
push! push!" will be required. And
a
country
beset
by
inflation,
constantly refunding
its deb t,
■■
^i^^baplt^dund;'^ Jwili
ith
come
Rates;.'*•'
o-.
people all of the time?
only modestly during
Sees; Relative
%
money.
when factors
ing
people—dressing us down
prodigal handling--of Pur
?
re-
tically speaking, it can not reverse
trends. Operation "nudge" nudged
Minister—
balance, of payments. 'AfA ''
V' v'"
' "i-ij.
to
years
supply-demand
What did Lin¬
Banks—can
serve
spectacle
sad
the
French Finance
10
about not being able to
say
obligations
foreign central banker friends
of the
"open
Operation "nudge" — the pur¬
chase of longer term government
order to invest
in
higher-yielding foreign obli¬
gations, Only a few weeks ago in
Vienna we heard the warnings of
and
used
Professional in¬
had
simple
of
fool of the
balances to gold in
our
economic
operation
1961.
have
the
learn
those
convert
to
supply
the finance industry's funds in the
future as they have in the past.
have worked in 1951. It
may
will fail in
vestors
foreigners with their tremendous
dollar
the
authorities" have
methods;
>
rates,
tempt
will
States
United
to
a
to talk down the level of interest
of interest rates io
A low level
the
in
during
Operation "open mouth", simply
and
likely to im¬
prove our trade balances through
lower-priced goods? The evidence
weighs heavily on the other side.
Are we likely to reduce foreign
aid and overseas military expendi¬
tures?
Hardly, in the cold war
game of wooing the new nation
neutrals throughout the world.
gold. Are
rates
mouth" and operation "nudge."
this nation's
concerns
boom
fiscal
two
major factor that
last
me
Thus the banks may not be able
finance
environment that I have sketched.
The
'
disturbs
interest
of
financing.
sumer
a
just what contrary forces
operating to hold down the
business
'•-'A.,
markets.
-
>
Now
level
money
on
that
rates
"Nudge"
may
This
country.
pressures
When
interest
Operation "Open Mouth" and
are
requirements
tend to outrun the volume of
maintain
reached,
in the
man
in¬
re¬
(3) This
before Mr. Khrushchev does,
moon
is
will again rise.
a
a
shake hands with the
expenditures.
stage
edu¬
new highway
higher standard
we now enjoy, and
on
system, attain
of living than
considerable
a
inventories and to finance greater
products promptly, if we are
new
be
I
'
quired by business to carry a
larger volume of receivables and
companies and their shareholders.
If our economy is to grow, if
research
matures,
recovery
in the amount of funds
crease
some
the
as
will
there
electronics industry have reached
maturity—to the dismay of
rise,
shudder to mention it, but dur¬
ing certain tight money periods it
may be necessary to add so-called
25
<$
1
26
The Commercial and Financial Chronicle
(2414)
and
Is,
Continued from page
will be
/
■
:i
'
'
by the
1,500,000
by the end of 1955, when model
changeovers were at a later date.
000
7
products. It will be necessary once
again for users to get orders in
45 days before the month in which
*'!
*
.
What's
more, steel buyers will
laying in big inventories to
protect themselves against a pos¬
r
..
,
f
counted
try's labor agreement expires
;•
on
June 30.
>•
If
they increase their stocks by
80%
supply, ■ steelmaking
will average at least
of 1960 capacity in the first
half
of
Thanksgiving Week
sharply in the holi¬
day-shortened week ended Nov.
(vs. about 72% cur¬
they up their inven¬
If
238, the lowest level since
early July, from 308 in the pre¬
by two months, steelmak¬
will average 90% of 1960
ceding week, reports Dun & Bradstreet, Inc. Continuing to decline
for the third
consecutive week,
casualties dipped moderately be¬
If the
inventory buildup is or¬
derly, no one should have trouble
getting what he needs. Some steel
users
are
already looking ahead.
Ford
purchasing officials are
asking
suppliers to
accumulate
steel prior to May 31 to cover
Ford's
low their
a
maintain
and
Division
Chevrolet
in
than
1939
when the toll stood at 252.
alties
liabilities
had
$100,000
of Gen¬
in
compared
as
of
excess
with
37
a
week earlier and 36 last year. In
eral Motors Corp., the
objective is
fact, failures of this size were the
to have enough steel on hand to
lowest since
the first
week
of
complete the 1962 model run—it June this
year. There was also a
will phase out in July—and get
decline among smaller casualties
a full month's production
of '63s. with
losses under $100,000 to 212
At Chrysler Corp., the inven¬
from 271
in the previous week
tory target is a three-month sup¬
and 240 in the corresponding week
ply by May 31.
of 1960.
Appliance
manufacturers
are
All industry and trade groups
not far behind the automakers in
had lower tolls during the week.
inventory
planning.
They just
Manufacturing failures fell to 39
havp n&t beefl^s specific.
from 60, retailing to 121 from 140,
:
' Oil
companies are saying that
aim
their
is
have
to
supply of tubing/ Casing
Somewhat
and drill
And
the
of
some
smaller
this
recover
week
ingot
to
slightly above its year-ago total.
Other lines had appreciably lower
mortality than last year.
The
reduced
level.
Thanksgiving ?*'• holiday '-
W\.
:
'4: | The
'
!
'
sharp
outlook
1
melting- grade
ton.; V -, -
heavy
gross
a
-
^...
}
Production
i
This
Week
Model
Was
Car
.,
v. -
- -
Since
Highest
Record
Car output
highest for
this
by
week
a
New
31
Dec.
the
was
cars
tive
by Dec. 31, Ward's Automo¬
Reports said.
Ward's
estimated
125,743 auto¬
mobile assemblies this week, an
18.5%
decline from 154,230 last
week
due
to
the
Thanksgiving
Day holiday.
This week's volume
above
111,091
in
last year and was
13.2%
rose
the same week
highest for the
period
since
151,799
during
Thanksgiving Day week of 1955.
The
week's
operations,
virtually all but several Chrysler
plants resumed operations
on
Friday, Nov. 24, and many
scheduled
States.: There
the
East
States, had
a
from
Mountain
and
was
South
no
change
Central.-
in
Geo¬
how¬
ever, were
mixed.. Five regions
reported tolls
lower than
last
year, but three had more failures
graphic
and
«
trends
one
area
1960,
from
held
even.
Lumber
Same
Saturday
bringing the number to 1,585,900
far,
in
7.4%
production in the United
•i
.'c
••
Of the cumulative count,
are
the
new
Fairlane
!
■
(
models.
Chevrolet
and
The
Mercury
three
67,800
II,
Ford
Meteor
brands
took
j8..6%
of this.week's output. :
statistical agency said this
week's robust operations are in
The
keeping wifh plans to produce
record
model
nuhiber
cars
by
a
of
2,300,000 new
Dec. 31, topping
both thq present record of
2,215,-
S
'5
■{'
was
Nov.
18
totaled
Association
the
Railroads
of
announced.
decrease of 14,415 cars
feet in the prior week, according
below
week.
the
6.2%
week
preceding
the corresponding
below
in
1959.
There
12,596
were
loaded with
cars
more
or
one
reported
revenue
highway trailers or highway con¬
tainers
(piggyback); in the week
ended Nov. 11, 1961 (which were
included
week's
that
in
over-all
increase of
1,802 cars or 16.7%
above the
corresponding week of 1960 and
an increase of 4,312 cars or 52.1%
This
total).
the
above
was
1959
an
week.
Cumulative piggyback loadings
the
first 45 weeks
of 1961
for
511,002 for an increase of
26,413 cars or 5.5% above the
corresponding period of 1960 and
149,816 cars or 41.5% above the
corresponding
period
in
1959.
There
thousands
of
board
feet
for
the
weeks indicated:
Nov.18
week
the current
in
com¬
Nov. 11
Nov. 19
1961
Production
219,132
220,891
213,309
Shipments
222.871
229,499
207 5^2
-__209,918
224,400
195,070
Orders
I960
~
...
Electric Output 10.4% Higher
Than in 1960 Week
The
amount
distributed
by
of
electric
-
energy
the -electric
light
and power industry for the week
ended
Saturday,
estimated
according
Institute.
at
to
Nov.
25,
was
15,330,000,000 kwbfl,
the Edison Electric
Output
348,000,000
kwh. below that of the previous
week's total of 15,678,000,000 kwh.
was
.
Home
announced
have
for two weeks,
food price index,
wholesale
the
Federal
The
Last Year
Loan
Banks
thatr Alan
C%
Knowles has been appointed Fis¬
cal
compiled by Dun & Bradstreet,
Inc., dipped fractionally this week
and remained considerably below
Agent of the Banks, succeed¬
ing Everett Smith who is retiring
after 25 years in that
position.
Mr. Knowles, heretofore Deputy
Fiscal Agent of the Banks will
the
On
Nov.
Was
18
for
Volume
The
ended
ahead
of
18
Nov.
American
the
previous week
These findings are
of this year.
based on the
weekly survey of 34 metropolitan
areas conducted
by the ATA De¬
Economics.
port
flects
tonnage
country.
throughout the
terminal
The
showed
week
from
Six
survey-
increased
at 28 localities.
reflected- tonnage de¬
at
Charlotte
registered
nine
showed
tonnage
gains
of
15%.
more
•'j
.
to the immediately
week,
12
reporting
metropolitan areas registered in¬
tonnage
while
21
areas
reported decreased tonnage. Den¬
ver terminals showed no over-all
change. All week-to-week changes
within a relatively, narrow
were
range
to
,
.
.
Turns Up
Atlantic
week
Price Index
increases in grain
prices, the general
commodity price level
by
livestock
wholesale
rebounded
in
the
week'
ended
reports Dun & Bradstreet, Inc. Turning up from the
six-month low of a week ago, the
index reached the highest - point
27,
Nov.
?
and
exceeded
con¬
West
and
4-4; South
Abby Vending
Mfg. Corp.
Stock Sale
An
offering
135
of
-f 4 to
hobby
cards, printed .for it by
for
distribution
in
its
hobby card vender.•;
A ;""
y
"Others,
Julyn Sportswear ;
v:
+8.
Class A Offered -;
Nationwide Department Store
Sales
1
Increased
store
country-wide basis
Federal
dex
Offering of 125,000 class A shares
>
on.';
Board's
rise
a
Sportswear,
Wall
St., New York City.
proceeds will be. added to
in¬
from
in
40
Net
the
company's working capital and
used
to purchase additional in¬
sales
were
accounts
year.
In
ended
Nov.
4%
the four
Nov.
vanced
higher
4%
18,
than
week
-
period
sales ad¬
1961,
the
over
correspond¬
sales
in
week
New
ended
higher
than
department
City
Nov.
last
4%
period
same
York
week
were
Federal
18
store
for
ended
4%
the
In
the
Nov.
than
year.
the
with
year.
higher
last
Re¬
were
compared
period
preceding
sales
the
to
System
serve
For
11,
the
the
and
18
was
a
2%
increase
over
sales
comparable period of 1960
recorded.
-
-
-
and
to
retail,
store
N.
W.
Paul
M.
Wakeman
is
*
department
operators,
as
chain
and
well
as
to mail
tail
primarily in the S3 to
price range with the maior
tions
re¬
$13
por¬
selling at between $2.98 and
$8.98.
.
.
.
Joins
Paine, Webber
^Special to The Financial Chronicle)
LOS
T.
ANGELES, Calif.—Theodore
Goodkin
has
Paine,
He-was
a
35th
W.
order institutions. These items
Curtis,
principal of the firm.
237
Misses, Junior
popular
priced
Its products are sold
sportswear.
of
Now Mulf ord. Wakeman
of
Children's
ending Nov. 18, a 3%
was reported
above the
I960 period while from Jan. 1 to
the
increased
St., New York City is a large
producer of maternity sportswear
increase
in
finance
The, company
.
four weeks
Nov.
and
receivables.
coordinates
ing period in
According
ventories
last
.
270.69
$5
18, 1961, com¬
pared with the like period last
year. For the week ended Nov. 18,
ended
•
joined
Webber,
626
South
the
Spring
&
Street.
Shearson,
Co.
With Sutra & Co;
v
staff
Jackson
formerly with
2132
272.35
at
Burnside & -Co., Inc;,
climbed
to
Inc.,
share is being made by Mor*-
timer B.
the
for
Julyn
per
taken from
as
6%
a
of
sales
Reserve
reported
week
Over
1960 Week
The
Department
\
6%
Broadway,
Net? proceeds will be used
Hammill &
preceding week and remained
of
Abby
its
comparable
1960
WASHINGTON, D. C.—The firm
level.Quotations-. at v whQlesale- name of Consolidated Securities
were
substantially
higher
this of
Washington, D.4 C./ Ind. has
week-: for wheat, corn, rye," oats,
been changed to Mulford Wakehogs, steers and lambs. J
man and
Company Incorporated,
On Monday, Nov. 27, the daily and offices are now located in .the
wholesale commodity price index Premier Building, 1725 Eye St.,
the
:
100,000 common
Vending
Mfg.
Coup., at $3 per share is being
made by L. H. Wright Co., Inc.,
shares
Central
South
siderably
,
m
mo¬
ended
+ 1 to +5; Mountain -f2 to +6;
West North Central ~f-3 to
-J-7;
East North Central
and : Pacific
same
From Low of Prior Week
Bcosted
since
gained
the
-}-2; Middle Atlantic —1 to -f-3;
week contained
Nov.
in
East South Central 0 to
the
Compared
Bank
New; York City".
by the
company
for moving
expenses,
and in one soaked by heavy rains.
acquisition of a new type gumThe total dollar volume of re¬ ball
machine, working capital, and
tail trade in the week ended this for
financing vending
machine
Wednesday
ranged
from
2
to sales.
6%
higher than last ' year, ac¬
The company of 79 Clifton PL,
cording to spot estimates collected Brooklyn,
N.
Y.,
manufactures
by Dun & Bradstreet, Inc. Re¬ and sells a variety of small, single
gional estimates varied from com¬ coin vending machines which sell
parable 1960 levels by the follow¬ postcards,— stamps,
newspapers,
ing percentages: New England —2 lipstick, etc, and sells a variety of
City and
increases of
28.7%, respectively. Traf¬
other terminal cities
31.3 and
than
purchases
activity reported ^ only in one City
beset by a 'trahspdrtation strikfe
Salt Lake
terminals
at"
;
Loan
System. ;'•>»
from the 1960 level. Truck
creases
fic
>
for -last
tonnage
ago
a-year
points
Retail
mentum
all parts of the country, with dull
reported. Aggregate truck ton¬
for all cities surveyed was
virtually unchanged from that of
Home
members of the Home Loan Bank
Consumer Buying Accelerates for
Week Ended Nov. 22
*
cor¬
nage
Federal
The
ing notes and bonds totaling $1,573,525,000
issued
through
the
Fiscal Agent in connection with
financing home mortgage loans to
wholesale level.
9.5%
week
of 1960, the
Trucking Associations
responding
Its
in the
was
in the
the volume
index.
ture, television and automobiles.
Improvement was notedAmmearly
1960
the
cost-of-livipg
a
last boosted volume, and in furni¬
9.5%
truck tonnage
Intercity
week
not
chief function is to show Jhe gen¬
eral trend of food prices at the
Week
Intercity Truck Tonnage for Week
Nov.
..
levels.
System was established in 1932 to
wholesale. price this
promote the encouragement
of
week were rye, barley, hams, belt,
thrift < and
home
ownership
lies, cheese, cottonseed oil, eggs
through private enterprise. The
and lambs.
On the other hand,,
Federal Home Loari Banks, 11 in
only six
foods
quoted; higher:
number, are reserve credit in¬
wheat,, corn,; oats, cocoa, steers
stitutions serving approximately
and hogs.
4,800 savings and loan associa-?
The
Dun
&
Bradstreet,
Inc. tions,* cooperative
banks, : and
wholesale food price index rep¬
homestead
associations
which
resents the sum total of the price
make up the membership of the
per pound of 31 raws foodstuffs
System. On Nov. 15,
1961
the
and meats in general use.
It is Home Loan Banks had outstand¬
in
Above
1959.
Ended
below last year's
Wednesday, Nov. 22, and surged
appreciably above the comparable
year-ago level. While Yule buying
accounted for some of the rise,
most of the pick-up was in readyto-wear, where fall weather at
pared with 54- one year ago and
50 in the corresponding week in
and
MCI
Week
Previous
After edging up
originating this type
road systems
traffic
I U. S. rail¬
class
59
were
Wholesale Commodity
in
figures
Name Knowles
Food Price Index Dips
Than
Down
7.6%.
the
Home Loan Banks
,
years.
are
on
•
put climbed 2.7%, shipments ad¬
vanced
7.4%,
and
orders
rose
Following
Thursday, November 30, 1961
.
comparable year-ago level.
28, it was off 0.2% to;
make his office in New York City".
A... ■.[*"
$5.92 from $5.93 in the prior week
associated
with
the
The loadings represented an in-, and fell 4.2% below the $6.18 on He became
crease
of
23,081 cars or 4.1% the corresponding day of 1960. Banks in 1953, prior to which he
with
Townsend-Skinner
&
above the corresponding week in This marked the enth consecutive was
1960, but a decrease of 39,253 cars week the index has continued Co., Inc., New York City."
a
2.4%
or
considering that the earlier
Election Day and
Day.
These
holidays
to reports from regional associa¬ Veterans'
tions. A year ago the figure was have tended to affect traffic some¬
what
more at some trucking cen¬
213,309,000 board feet.
Compared with 1960 levels, out¬ ters than at others during past
with '220,891,000 board
compared
Ward's said.
'i;
American
This
creased
1960
States in the week ended Nov. 18,
totaled
219,132,000
board
feet
overtime
of 1962 models produced thus
Week
ended
cars,
in
preceding
Lumber Shipments Were
Above
with
Corp.
♦f
,■
65
period
similar
any
,,
since 1955 in the quest to produce
a
record number of new model
vJ-
to
Central
North
.
of New Model Cars ;
1955 in Effort to Establish
I'
Atlantic
drop
steep
week
590,642
freight
revenue
The report re¬
handled at more
than 400 truck terminals of com¬
mon
carriers of general freight
is blurred"
$33
the
of
.
above the 262.74
day last year.
And
partment of Research and Trans¬
The
-and-
No.
Loading
Lower
»
geo¬
casualties.
of
similar
Below
Preceding Week
holiday
by lagging -moderately to 25 from 37. Only
export
demand; two regions suffered heavier fail¬
magazine's composite price ures during the week—the West
! held-at
i
a
ing recent
: j
,
major
80, the
Pacific States to 48 from 66, the
East North Central to 52 from 75,
still
is
nine
reductions*, but- while the South Atlantic toll fell
•on
■m
downturn
f Middile
•,.
the
of
centers follow-
Steel
■
Six
be steady at most
domestic
>,
estimates.
price trend
scrap
Uncertain. The market appears to
! the
I
-
graphic regions reported
output to 2,015,000 tons last week/
Steel magazine
'i.
services,
Despite these
their 1960 level and service edged
the
around
ton-
57.
declines, retail casualties matched
production is expected to
2,037,000
from
dips occurred
trdde, off to 18 from
down to 24 from 26.
quarter commitments.
Steel
36
commercial
in
and
25,
can
the mills
sizable tin plate releases for De¬
cember
and
are
making
first,
given
have
to
milder
in wholesale
pipe in storage by June.
companies
construction
and
60-day
a
Week Declined 2.4%
totaled
Twenty-six of the week's casu¬
steel inventory at the end of Sep¬
At
failed
businesses
the similar week of pre-war
tember.
'
5%
occurring in 1959. Some
fewer
normal
a
comparable level of 276
and also fell short of
year ago
268
requirements through Sep¬
tember
to
23
capacity in the first half.
•if
off
appreciably
the
Wholesale
or
fell
ures
tories
•
20,918
Commercial and industrial faiU
1962
rently).
ing
at
Business Failures Drop in
operations
n
Chrysler
29.4%,
.
month's
a
Co.
vehicles, with
next week to include the 1,000,000th unit since Jan. 1. ;
'VJ\
sible strike when the steel indus¬
i'
of
Corp., 10.6%, AMC 7.2% and S-P
Corp. 1.6%,
Truck
output this week was
•be
\
said
Motor
Ford
10.4%
or
Freight Car Loadings for Nov. 18
GM
plants took
this week's car output,
Ward's
they expect delivery.
A ; * •'
date last year and
512%
1,446,000,000 kwh.,
above that of the comparable 1960
week.
models produced
new
same
largest producers
running full on flat-rolled
the
even
ary,
:
INDUSTRY
STATE OF TRADE AND
1
.
:.
i
fSpeciai to The Financial Chronicle) .*
FRESNO,
Gardner is
Calif.'—
new
Tulare
Harold
R.
with- Sutro & Co.,
Street.
He
was
pre¬
viously with E. F. Hutton & Co.
u
44
n-
Volume 194
Number 6112
The Commercial and Financial Chronicle
...
harassment
and
(2415)
for
limit
to
control
of
harassment's
the
to
government
facets that
sake
regulation
and
those
absolutely essential
are
for the national defense?
the government out of
Frankly, in my opinion,
available,
little seems to have been
getting
specialized
business.
needed.
the basis of statistics
on
very
done.
from
order to
The
meet
our
obvious
creased
12
page
to
answer
of the labor bosses will be
power
things in
obligations.
some
the
in¬
restored to its
proper perspective
and the entire economy will bene¬
fit thereby.
indebtedness, but rather to curtail
Furthermore, to promote an ex¬
economy, the fruits of
technology must be made avail-
abolish unnecessary activities,
eliminate non-essential spend-
able to all consumers in the form
lower prices, not exclusively
ing, to postpone, costly, non-vital
projects, and thus to do without
until the > priority objective is
attained.
In a quotation attributed to the
harvested by labor in the form of
higher wages,
military
expenditures is
not to raise taxes and to increase
or
to
.
.
panding
IV.
Clarification
Anti-Trust
of
„
Policies
The most positive
French author, Alexis de Tocque-
step necessary
ville,,the dangers of loose fiscal
policy .were.stated as follows:
encourage the business community of the' United States to
"A democracy cannot exist as a
expand and to seek new markets
permanent form of government. It
can
only exist until the voters
of
their
concerning
a portion
or
support from
public
our
treasury:
_
Federal Government Employees
State & Local Govt. Employees
2,400,000
the
(not incl. School Employees)
Social
Security
BenefitsVeterans
Retirement.
j
—
Administration
tensions
and
4,500,000
J.
is
This
not
forum
to
debate
Security
benefits,
the
medical
Federal housing, recla¬
mation, Federal aid to education,
atomic power, urban renewal, arid
host of other programs.
is
larly^
of
-
the funds toward
of survival.
our
It is my
viction that
we
must
state
•
its
taxes
to
by
trick
and
and)
on
all
in
its
all
that
so
the, people
broadest
the
nation
can.
ment?^- VCv-:v. y
our
People
not sacrificing;
this is economic suicide.'
:.
«
in
and
^
of
out
govern¬
ment must be made to understand
various
have
that if
Labor
Policies
nation is to achieve
our
gross : national
billion
product
a
$595
of
and
man¬
provide tax revenues
each year of $85 billion, then it
must of necessity contain indus¬
agement which protects the rights
of both,
and at the same .time
trial complexes of vast magnitude.
No
responsible business
leader
An
•
essential
vigorous
balance
ingredient in a
is a proper
economy
between
labor
and
boards
long
,
condones, collusion to fix prices
provides the greatest benefits for
all
consumers.
Free* collective. or conspiracy to violate anti-trust
bargaining under existing labor statutes. By the same token, howlegislation has provided a mech- ever, no intelligent businessman
supports the present confusion of
ariism
under
which
labor
and
policies,
which vary
management have, to a large de¬ anti-trust
from day to day as to. what the
gree, successfully
resolved their
be
.
Unfortunately,
to
laws
seems
there
mean.
■,
described
ments
on
to
the part of
For .the
has
govern¬
control
artificially the
of economics in respect to
wages
and prices. Never have
these attempts been successful.
Always they have produced an
economy of scarcity, chaos, and
confusion. I believe business will
in
decades
it
to
businessmen
because
at too low a price."
gotten the limelight
by allegations that industries: sold
—''at too
Such
to
seem
high
a
price."
about facts or the lack of
Unfortunately, moreover,
or
them.
some
officials
seem
not to be able
to
distinguish between issues and
personalities. The disability of the
kind of personal harassment in
which some government officials
labor
political purposes while buslis prohibited from using cor-
liberate
ness
distortion
of
viewpoints
meriting consideration, and in the
reluctance
that
it
engenders
porate funds for those same pur-
represents an imbalance that ^airiong executives to expose them-
nmst be corrected.
/
,,
,
.T
(giad I
time),
certain it will be in
the tremendous political
am
selves
to
almost
certain vilifica-
tion if they try to contribute their
i When this imbalance is corrected
-
these
special talents to government
Isn't it time to-call a halt to
ates
manage¬
a
encourage
respon¬
our
and
there
to
and
to
have been at¬
expand the au¬
delegate
even
more
authority to those in lower posi¬
forces
—
to
limit
in
VII.
Competition
government of the United
get out of those busi¬
nesses which can be performed by
American industry. It is fantastic
for the Government of the United
clamor
the
subj ect
of
business.
obliga¬
responsibility, there¬
fore, to make our voices heard.
Ours is a political system.
...]
.
Adrian Steel
Stock Offered
manufacture
of
sheet
metal
cab¬
inets, control boxes, curing and
storage
racks.
Adrian
also
plans to produce roof type air
conditioning units and combined
air conditioning and heating units
for
use
trial
in commercial and indus¬
buildings.
Kaiser Elec.
Common Sold
and
a
and
adopted its present name in
1959. It
designs, manufactures and
sells electronic
power
conversion
.
It
from in¬
corporations, and
on
at
Associa¬
my
tion
our
to
of
,
upon
each
of
participate in the party of
choice at the local level and
at the
.
incumbent
is
to
us
then to
great
well known
economic system.
nomic reality. We have an
States to take tax money
compete with them in the
operation of. everything-from ice
cream. plants to power plants and
industrial complexes.
*•
* • •
For
years
there has * been a
Gas
American citizens we, who inventory and to add to its work¬
especially
concerned
with ing capital.
business management,
recognize
Kaiser
Electronics
of Union,
that many of the past and pro¬
N. J. was incorporated in
1957
posed government programs will
as
Semiconductor Devices Corp.
be wrecked on the rocks of eco¬
to
and
&
Meeting, Fort Worth, Texas.
'."■•Vi'v:. yj;'■■"•'T,:
.v 1
;ki
(
are
for the
dividuals
Mid-Continent Oil
in it.
Swearingen
As
to invest its money and
chances, provided it is
allowed to enjoy equal opportu¬
nity and fair competition.3
It would be a very positive step
its
States
must help
Mr.
.
willing
take
us
address
ex¬
vital task to
Schirmer, Atherton & Co., Boston,
Conclusion
is offering 50,000 common shares
brief comments I have of Kaiser Electronics, Inc. at $4.50
indicated some, specific instances
per share.
.' ■■
in which government programs
The company expects to use the
have a vital impact oaa American
proceeds for repayment of shortbusiness and business expansion.
term obligations, development and
Every one of the points which I
production of new products, pur-,
have mentioned is actually a poli¬
chase of additional test and pro¬
tical decision, and can only be
accomplished by political action. duction equipment, to increase its
In
..
Unfair
were
our
upsurge
American
the
of these agencies, to pro¬
vide for speedy judicial review
in important cases, and to restore
to the people the people's busi¬
ness.
-• v
' •
powers
-
prom¬
positions from which emanate the
political power over labor and
management.
This would prac¬
tically guarantee a resurgence in
task
extent
familiar with
occur
already been made by many
Commission
are
philosophy of
and
businessman, I feel the
should
re-examine
the functions of many < of these
regulatory agencies in accordance
with the recommendations which
Hoover
world
of enthusiasm would
among American business
professional leaders if out¬
spoken
advocates
of American
free enterprise Staffed the boards,
the commissions and the advisory
An
a
the
rare
advocates of
successful, but they are indicative
of the problem which faces the
of
this
dividuals who
tions within the agency. Thus far,
these
attempts
have
not
been
have
All of
""An
a
people. We generally rec¬
ognize
the followers
of
John
Maynard
Keynes
and
Harold Morrison & Frumin, Inc., Detroit,
Laski. We read enough to iden¬ Mich., is offering publicly 100,000
tify Fabian socialists and the fol¬ shares of this firm's common stock
at $2.50 per share. Net proceeds
lowers of Hjalmar Schacht.
will be used by the company for
It is distressing when the tele*the repayment of debt, purchase
vision and newspapers report, as
of additional equipment and in¬
they frequently do, that persons
ventories, and for working capital.
of
this
type will be officially
The company of 906 James St.,
enunciating our economic doc¬
Adrian,
Mich., is engaged in pro¬
trines.
How refreshing and how
duction arc welding of sub-assem¬
positive it would be if the local,
blies for a major vendor in the
state, and national governments
automotive industry and- in the
delegated authority only to in¬
thority of these regulatory agen¬
cies
be done.
Texas
inent
an unheard of, unknown
employee in a regulatory agency
make a pronouncement vitally
affecting
the
entire
American
business community.
even
There is
tion Annual
beliefs upon
nation is predicated!
exceptions, we in the
economic
very
business
can
Recently
guarantee American business
pansion.
the
the economic
stances,
tempts
Today there are undoubtedly
of us who can assist in
recommending to government the
positive programs which will
many
when I know that he is hostile to
With
individuals
responsibili¬
nity has thrived on free and open
competition; and the American
business community is perfectly
it,
com¬
Government Appointees
which
popular a sport for them to worry
about consistency or the lack of
.
poses
morass.
•The American business commu¬
^
for
a
become too
has
of unfair
of the most
frustrating and disheartening ex¬
periences is to read the announce¬
ment of the appointment of an
individual to a high government
position exercising vast authority
over
the
business
community
Thus it is that in many in¬
ties.
inconsistencies
seldom
business' critics.
disputes more often than not fails
uphold existing laws and to indulge lies not so much in the
protect property and human rights. wounded sensibilities of their vicThe fact that unions are able to tims—but in the debasement of the
d^aw upon their vast treasuries democratic processes, in the deto
as
with
charged
trouble
Business-baiting
-
enforcement
several
popular
area
In many ways, one
government
Others have
collective
law
last
become
coriating
bargaining
and consumer acceptance in free
competition are allowed to set
wages and prices.
/
•
Responsible
Americans
must
also; realize that powerfullabor
unions exert political and eco¬
nomic influence far beyond that
to which they are justly entitled.
Local
Harassment
they—"sold
,
if
Vffl.
are
business community.
:
harass
business and at every opportunity
to suggest new methods of regula¬
tion and control. Some politicians
have
made
reputations by ex-
laws
expand
office,
would expect for
one
As
V.
make government
attempts
„
be
a
tendency to
intervention, or
the threat of it, a matter of com¬
mon
policy rather than a rarely
used last resort. Throughout his¬
tory there have been innumerable
now
of
Furthermore, the control within
the regulatory agencies is seldom
,
differences.
commissions
and
tenures
law, as it affects business in buy¬
ing, selling, shipping, hiring, fir¬
ing,
investing,
and
numerous
other important areas, can only
.
III.
as
are
"
benefit.
When so much attention is being
exercised by the nominal heads.
focused on morality of business,
Frequently policies are established
isn't it time some attention is also
by civil service employees in job
focused on the morality of govern¬
classifications far below the grade
to face
controls
real art
definition
This is
economy.
practical difficulties
silence. It is no
destroy business.
of government is to
its
great
nfcrturfr business
primary: goal
sincere con¬
cease
to
created
The
every
crisis by maintaining all
fringe benefits and levying addi¬
tional
no
As individuals and
possess
Regulatory Agencies
political appointees, and have ab¬
occasion, the Internal solutely no responsibility to the
Service, by. refusing to people. It is no wonder, therefore,
position, has completely that the field of administrative
ignored the
divert
and
areas
decades
seems
on
a
these
two
Revenue
forum, however, to
constructively propose that when
this nation is in peril, we tempos
rarily forego vast expenditures in
some
antitrust
be seeking for
roadblocks in the
way of business expansion.
The
recent restrictions against bank
mergers is but one instance. Simi¬
program,
Ours
the
to place
ways
the wisdom of the increased Social
a
last
Justice
26,500,000
a
of
government.
On occasions the Department of
Compensation
Total
,
the
in government believe that "being
big is automatically bad."
Without comment may I cite the
statistics
of
14,300,000
they can vote, themselves
largess out of the public treasury."
those who derive all
clarification
a
policies
5.300,000
discover
following
is
For
legal
counsel has been in a position to
advise his employer accurately as
to
the
precise limitations and
restrictions of existing statutes.
What is legal one day becomes
,'tl»e subject of prosecution the
next. In fact, on occasions it has
appeared to me that some people
,
we
associ¬
our
employees to
petition to which I would like participate in the political party
At one time abuses in certain briefly to allude concerns that of of their choice so that
some of the
areas
created the necessity for cooperatives.
The theory of the positive programs which are for
regulatory agencies in the Federal cooperative, like that of the regu¬ the benefit of our entire economy
government.
Primary
examples latory agency, was sound in its can be translated into political
are the Interstate Commerce Com¬
beginning. Few could object to a realities.
mission and the Securities
and group of individuals combining
May I suggest to you that the
Exchange Commission. However, their purchasing power in order marvel of our society is that it
the medicine
of the
regulatory to procure commodities at a re¬ was based on individual respon¬
agencies now threatens .to kill the duced unit price. Business execu¬ sibility, liberty, and opportunity.
p a t i e n t.
Regulatory agencies, tives today have little quarrel Regimentation,
regulation, ; and
amounting to over 68 in number, with what is referred to as "on government controls are as old
have become substitutes for the the farm" cooperatives which are as the
ages.
;
;
regular legal, judicial, and execu¬ legitimately engaged in the busi¬
From the tyrannies of
Egypt to
tive process of the government. ness for which they have been the modern
barbarians
of
the
When
originally conceived, the chartered. No one, however, can Soviet Union, the techniques of
administrative
actions
of - these justify the organization of a prof¬ totalitarianism have remained the
agencies were to be subject, on it-making company engaging in same.- The United States has been
their own merits, to review by the manufacturing, refining, sales, and unique because
its people ac¬
courts.
But
because of the vast distribution which accumulates cepted political responsibility and
.multitude of the agencies' regula¬ vest sums of money which are guided their own lives and des¬
tions, they now have all the prac¬ undistributed, and yet which pays tinies right from the beginning.
tical force and effect of the law. no
corporate tax.
Corporations We will remain great and become
Seldom
can
butsine ss appeal should not be forced to compete greater only insofar as we refuse
with others engaged in the same to deviate from the fundamental
successfully.
\
Regulatory agencies not only business on a volume basis when principles upon which this poli¬
promulgate the law through their one is required by law to pay a tical edifice was reared.
American
regulations, they execute the law 52% corporate tax, and the other
business
can
meet
by finding business in violation markets its products tax-free.
any challenge that the future may
of their edicts, and abjudicate the
The growth of the competitive bring, but we must meet it un¬
law in their own trial examiner free enterprise system would cer¬
shackled, unfettered, and free. We
hearings. One of the worst fea¬ tainly be encouraged if the ob¬ in the business world must not
tures of this growth of the al¬ vious
corrective measures were abdicate
our
authority
to
the
mighty
independent
agency
is taken in this area.
ivory-towered socialists or fuzzythat the individuals manning the
minded theorists.
VI.
ties and do without
skills
ment officials we have
sibility to
The second
Continued
*
27
national level, ancL^to give
equipment using either transistors
or vacuum
used
in
tubes. Its products are
electronic
which require a
assemblies
precise source of
politics, as citizens, a portion power arid which are used in pro¬
our i time * - and
talents k and
duction of such items as
money.
serve
in
Furthermore, we piust
government when. the aircraft, computers, et,c.
missiles,
,
:
Financial Chronicle
The Commercial and
_
—
JL Ullbj
IX
-i
T
-V
I fY\X7^Y*H
1U W d/I U
rAlPV
IVIORC Id! V
1
nn
-i •
,
X.*
1
^
Ixl f\Y\ r^QTl \ZI Y\ QT1 Til 171 OR R
IN (JllUd/lllV lllOUll/U
,
banks to pay
varied
statistical
series makine use of the distinction
between
demand and time
and
savings accounts cannot be
relied upon as good quantitative
deposits.7
One of these, recently mentioned
bE Professor Milton Friedman, is
that prohibitions of
demand deposits is governmental
and have
rharacter
a
nwpr
time
much that
so
comparative exbank activities
of the
measures
tofof commercial
in the two fields.
leading to
regarding
other situation
The
confusion
thinking
in
—
-
■
.fl^lng\0on?
VTlcf
tvK
^
usfd in ,tbe *9?0 s
of
domain
money-creating
com-
banks or at least to make
themselves look as much as pos-
inA
commercial banks
Beof acauir-
like
Sihle
nf the advantages
cause
parnin? assets bv the increase
liabilities
which are themselves
payment, nonbank. institempted to try to add
money-creating activities and
of
of
tutions
are
earning assets by larger amounts than the
savings they are able to attract.
thereby increase their
the same temptation that
is
This
banks and
unless restrained by
commercial
confronts
them
leads
Government
controls;-to[ expand
tills beUxcesTd cula'ttg
(at current offering
prices); and when it is loaned,
that claim is relinquished (for a
time) by transfer to-- someone
falls by the same
absolute amount, the quantity of
holding
money
on
['Vontinuation
of
Instead
nonbank
permitting
and
ana
look
looK
to
to
institutions
institutions
act
act
banks, it
public policy to
rt-P+Anr
other
/\4-
nr A r\
Wxr
rfvATY
rrL
w< r\v»
A
toSSS? SeSfto
ana tnf A?.
.
™
mat i
'
costless
conseauence
real
of
waRte
?or™pef
and
prohibition of
proem
This cost
balances.
costs
incur
institutions
financial
collect
that
for loan and investment,
the
complicated financial
With
structure of the modern world we
likely to find such
are
in
change
a
institutions
financial
our
be-
coming, urgent in order to make
monetary policy clear and effecAccordingly, I would suggest
tive.
that the Congress should consider
the
advisability of legislation that
would induce commercial banks to
make
differentiation
clear
a
their
tween
activities
circulating
be-
medium
their, activities
and
as
investment intermediarmight be done by requiring all banks that have deposits transferable by check, or issue
negotiable demand certificates of
deposit, to keep reserve balances
savings
-
This
ies;
with
the
at
uniform
a
Federal
Reserve
banks,
them
tnem,
storing
storing
amount
in
the foregoing
later to
haoied
nmrpw
is
arened
nVcessarv
deposits.
The
assets, liabilities, and capital funds
also
creaan
es
10 Fffort«?
nf
interest
to
not onlv
lead
bnokkeenine-
un
'
but
costs
+0 +bp holding of smaller than
terms
time
i<?
in holding cash halances
-nvnlvpd
n
lni
thc
minimi7P
ontimiim
and
the
Jntiadlv Co<?tle^
nf
the
savings
and'is
that
idea
monev
„tn
of
the
on
fiditpiarv
+inn
another
investment
sues.
Union Electric Steel—Data—T h e
Kentucky Company, 320 South
Fifth Street, Louisville 2, Ky.
Also available are data on Konka
Toys, James B. Beam Distilling
LI i
m
4-L
/\*»
a ma
—
_
'
«
«
ofother financia obliga- United Carbon - Memorandum
and
I
am
unacauainted Dreyfus & Co., 2 Broadway, New
tlons' a d
Jmacquaintea
*
with them. We should be careful York 4, N- *•
dot to apply to discussions of in- U. S. Components, Inc.—Report—
tore t on demand deposits arguArden Perin & Company, Inc.,
terest on demand deposits argu- Arden Perm & company, inc.,
tanks
Rons
ments pertaining to interest on 510
& Beane, 2 Broadway, New
4, N. Y. :5
:
,
■ - :
York
Universal Oil Products Company
- Analysis - C a r 1
M. . Loeb,
Rhoade3 &- Co, 42 Wall Street,
New York 5, N. Y. Also available
are reviews of Ge„eral Motors,
L this is hanlicap^Twhtntank Transc.ntincnt Television and
^hgttilta^tLW mtneyTre Vendo
^00™
Analysis Har.Company—Analysis—xiariccnprq in
«;ii^h
n
fachinn +hat it io.
.
variation
x
^
pe^
manner
,
hand.' and thos.e held-rrffk"4"N. Y.
sl 0? economig.stapiiizanon.
,.
_
•
on
organize affiliated institutions for
and
J
pug
interesting low-price-earnings is-
.
bank, and by permitting them to
collection
•
n*
n
primaniy as income-earning (in xt
Memorandum — Putcontrast to the views I have the sense of interest-bearing) as- nam ^ q0 6 Central Row, Harting as high rates of interest to
commenting upon, I would sets; on the other. Payment of in-* ford 4"conn.
depositors as the income obtained A: ar for consideration the idea terest on demand deposits would „
itl' Ra<iin rornoration Analon the assets acquired, or as high
that we should look at holdings of increase the difficulty, which, is
.
F
o
c<fV Incoroorated
as the depositors
could obtain by money in a way similar to hold- already
great, of making this Y
avpnnp New York 22'
acquiring other forms of liquid inSs of other sorts of inventories, demarcation.
'
assets. Depositors who watch' their 'We do not assume that holders of
Another facet of this probcosts closely would still bear the other kinds of inventories should lem that needs consideration is
V ^
' - . :
bookkeeping and other costs in- feceive a cash interest on their whether payment of interest on L)q y\ _ A ] o c [/"Q
volved in comparing the conven- investment in
such inventories, demand deposits would tend to
CXH xxici/O ct
ience, risk, and income from hold- That is to say, what is unreason- enhance the stickiness and raise
qing demand deposits with those a^le in an assumption that relin- the general level of the rate of I loIlCl It/p
attached to other forms of liquid
quishment of an alternative in- interest charged by banks 011
A^
assets.
come is the appropriate charge for loans, and consequently have a j^tOCiv OOlUL T.
a thirh ar^nmpnt against nrnhithe service of holding resources similar influence on interest rates
.uit7nn nf intprpst
demand d^.„ in the form of a generalized claim
throughout the economy. Compe- .Public offering of 120,000 common
no<dfV'advanced hvOeoree Tollev
on any kind^-goods and^^services tition of banks ^ with each othtec; shares. :.of -Pan-Alaska jFisheries,
and ^nnroved bv Friedman' i<! re
available ^ the economy, ready and with other individuals and Inc. at $5 per share is being made
rate,
redeposited
,
That is to say for effective mone- Warner Comipan;y__:Report - H.
riesfnredictoble
tary, control it is essential to have Hentz & Co 72 Wall Street, New
thus making rrfore difficult rather as.cleal as possible a demarcation
York 5, N. Y. .
- j
tnawngmoresditncult, ratner between deposits held primarily Xerox—Memorandum—Divine &
t"a" ieaa' nla5r"s® ,?' a st.eaby- as circulating medium or money Fishman, Inc., 2 Broadway, New
velto
But. .they are suf-
tual transfers.
ficient to inhibit banks from pay-
against all of
deposits other than the
their
,
to
nronertv
income-earning
may be. comparatively small if
and depositors are charged for all ac-
savings
,
tssued }R SI1C a tasllian jhat.11 ^ ris unham & Co 120 Broadway,
?, income-earning property, to impossible to for
gauge the dominant
upnam oc ^u., , Diuduwaj,
other forms of liquid assets, would motivation
holding
them
New York 5, N. Y.
.
...i
+.n^ +_ ^^PiiriA hut
5
«r 3s
tnem.
r>orYOT.t
tt
acquiring assets,
keening recoras
records 01
of
Keeping
in
betweqp, commerdal banks,as
various types of financial in-
A
10" b®twaen cycllcal changes in policy-that is, for maintenance
^erest rates
monetary veloc- o£ an appropriate limitation on
^tirelv
"notablv ^ St°Ck °!i n®, clr®ulatl£g me"
^that chane^elburiness kT, pr°vlded by. ba?k.sT:1?
exolc
ablllt£ to. ascertain what " that
inS
quantity is at any time and to
would be rates staiMtanemislv Also if tlfe know at what rate it is changing.
ferring them to someone else upon
demand.
Such costs,
of course,
stitutions and the various types of
JI
other
and
costs incurred by individuals and
to ottataEaetors
enterprises in attempting to econ- the fact
0mize the cost, in the form of in- -Mnditions and
ations tend
terest foregone, of holding cash to
promote a more clear and
distinction than now exists
the
_«
—
and
in the other direction, that
monf creating 'institutions
Jl
1_
in the
resources
bookkeeping
is, to
real
essential economic Cont
an
..
_
Madison Avenue, New York
*>FYquestl?ned' As Selden recognizes,
In addition, one of the necessary Universal Moulded Fiber Glass
any observed statistical correla- conditions for good monetary Corp. - Analysis - J. R. Williston
CreatfoTof'moneyis js' "logical or; unreasonable. But
the
Almost
move
be better
I il
M
JJlbUlU-bUlV
serves
.
intefesr see™ •
S a +L
aicn
hv
suPP°rt thls Point of view- Thls
^ ther a:rgument, also
by argument may have some validity
Friedman, for permitting banks to _at least one cannot say that it
1CU."V*"' ^
' ~at least one cannot say that it
„rnnndc.
depositors', balances, and maintaining arrangements for transforming them into cash or trans-
commercial
like
would
X •lils1^rk 4-nT»A ^
-
t0 sayj interest on
other than money
function, that of an inducement
and reward for parting with resources or with the most generalized type of claim on resources, and of placing them or
that claim, for a time, at the disvelocity> would therefore fall by posal of someone else. Interest on
?ma"f ™ts."n The inference fnoney held is not a payment for
^ that prohibition 6f payment of relinquishing resources or a gen-
of the prohibition
desirabie, it must rest on
;
,
.
1
1100101^ ||T OKnT
elge That is
liquid assets
velocity declines. If interest were
pajd on demand deposits," Selden
continues, "there would be some
tendency for the yield to decline
when other interest rates declined,
and thecostof holding money, and
m
....
e
more
Thursday, November 30, 1961
economy
dS -voided, it is argued if interest
mrfreLlTslnmflatfon" me<3mm ^Tse'emt
to mtltaoufTank
cash balances is eliminated and
tjtjeijib lu me uuuiuub. j_»ct
a sucb balances become closely akm,
loan
loan
.
deCo., and Heublein.
w^nridhanks to acUnion Tank Car—Review—PenriSkv assete andthuscon- lldere.st on demand deposits, by eralized claim on resources. If ington,- Colket & Company, 70
Site**- Ind^c!ngf
veloc! 51 ^angff,.,tei?d® ther? are valid reasons for pay- Piae. Street,
Neware
York
5, N. Y.
tributea xo xne DanKuig cuixdjjac
to mterfere with the stabilizing ment of interest on commercial Also
available
reviews
of
*
mercia
.
able goods and services in the -px
yield on such balances. To quote
from a recent lecture by Professor
Richard Selden in which this
problem is discussed: ". . . when
interest rates fall, the cost of
interest on demand reaj baiances demanded rises, and
Continued from page 14
cnph
.
(2-116)
23
T
balances
cash
find
argument
this
real
in
significance
the
verv
hard to
As nut forth hv Tollev
of
erasn
it sueaests
J".^J"^terprises in the economy, for by Robert L. Ferman & Co., Inc.
1S
9es not result 1T} a precise interest-bearing assets is an lm- and associates.'
•• r •
•
>
allocation among the different de- portant element in the complex
Net proceeds from the .sale *of
P°sitors of the costs of creating, of forces tending to bring about the common stock will be used
holdinS> and transferring money adjustments in interest rates to by the company to acquire addiin the form of deP°sits' the situa- changing demands for new loans tional fishing boats and for the
tion ^ no different than in anY and existing fixed-yield invest- purchase of additional crab procot!ier industry where th.ere. are ments. There has long been a essing and canning equipment for
j°int costs and charges to individ- strong customary element in bank installation in a new plant at
ual customers are not, and in fact charges —for example, the tra- Seattle, Wash. The balance of the
cannot be> tailored precisely to ditional 6% on loans to a large proceeds will be added to working
the costs of Providing the services proportion of bank customers — capital and used for general corto each customer- Precision in that tends to interfere with such porate purposes as required,
matchinS charges with costs will adjustments, and price agreeThe company, with, headquarnoJ.t occur ever?
ban^s pay inter- ments regarding service charges ters in Seattle, Wash., is engaged
banks,
which he believes would involve
011 demand dePOsits.
are common among banks in par- in the processing and sale of
Under this arrangement, savings
;no particular difficulty though :he ;
The proposal to remove the pro-. ticular: localities. Would not. the . Alaska king crab,.. Its products, are.
deposited in the affiliated insti- "-does not discuss- its practicality '• hibition: of payment of i-nterest on rate paid on demand deposits, JOold; nationally in ^supermarkets,
tutions would not be subject to
and seems to imply leaving Con-^ demand deposits also ignoresan . interest is-permitted, also become
and < specialty- stpyes,^ and in
the
requirements and in- troj 0f ^lie stock of monev to essential difference in nature be- customary or the subject of price Western Europe,1 and for use by
terest rate limitations applicable
bankers and the users of currency
tween interest on money as such, agreements, and thus lack the trans-Atlantic shipping lines. The
to
deposits
in
the
commercial
and deposits.
But if the stock of and intere£>t on a loan of money, flexibility necessary to
achieve company maintains a cannery in
baflks-money is subjected to a constant
^ interest is paid on money itself, the effect Selden anticioates? Redmond (Seattle) Wash., a fishPayment of Interest
TW™,!
ra*e of growth, as Friedman rec- ^he borrower of money would Would not such a rate then be ing trawler, fishing vessel, factory
DennSt
ommends and as Tolley also im- botb paE and receive (the latter regarded by bankers as a neces- ship and a personnel carrier. Its
.p
s
plies by referring to
"a given until he used the money) and the sary cost and lead to maintenance factory ship, "Mercator," 221 feet
Payment of interest on demand
gr0wth," this argument it appears, lender would both relinquish and of higher rates
on loans and long, gross tonnage of 1,200 tons,
deposits is another topic recently
must
really relate to' monetary receive, interest on the sum bor- higher
service charges on ac- is the largest American vessel
discussed that
also associated
of
such
should
those
be
of
affiliated
fully
the
.institutions
segregated
from
aJ^
recognizes'
he
terest
on
navment
currencv
of
holdings
in-
also
commercial
reserve
—
-
on
is
velocity
that is
wouM there be in such a proce- prevail?
and
ity,
tions.
fnnr
investment
will
I
comment
nrffumAnfo
arguments
advanced
:
-
fi Another
in
tut
that
lavor
proposal,
instituhere
have
of
on
u
been
permitting
usually
associated
demand deposits
inappropriate rate, ^of
monetary velocity.
or
an
Tho
fni.v+V,
fourth
I he
argument
or
the
Preceding one in another formfor
permitting
jterest
on
banks
to
pay
m-
to
member
Reserve banks.*
banks
I
3
do
.
not
their
reserve
b^ances in
rlciufr^
*
on
."
support,
bal-
excess of
.„1S P,r°L°Sj ' which
will not be d.scussed
"ere*
8 Milton
9
Ibid.,
Friedman,
pp.
Providing
omy,
op.
eft.,
pp.
28-29.
for
cif.; George S. Tolley,
Growth of the M~ney
than
would
otherwise engaged in king crab operations
and is equipped for processing
.
fofshOTt
snort
or
lone
nefiods
between
or long, penoas oetween
°nly'
S that o!
stantly-usable claim
...
11 Richard
op.
The Journal of Political Econlxv (Dec. 1957), pp. 465-85.
counts
dure? When money, used as a
. .
and freezing king crab as well as
medium of exchange, is received,
for servicing; a fleet of fishing
it • is obtained by parting per- cf Business and Public Service. Mi~H- vessels.' - < ..'
manently with other resources; "n State University, May 12, 1961.
wben it is held as a store of vakm
Views expressed are personal opinions nnrrpR
FrtTrriprl
71-72.
10 Friedman,
Supply,"
sense
demand deposits relates
re^ot timpact
on velocity of- -a zero
by the Federal
of .interest
economic
rowed.
int^e^ on
induces instabil-
that nonpayment of
savings
What
to the contention
fve^roW^1^
andrhG
respective
roles of money-creating
an
inavail-
on any
_
T. Selden,
.
"Stable Mone-
tary Growth," address at the University
of
Virginia,
graphed—in
Nov.
process
28,
I960
(mimeoof publication).
.
#
Form Lee-Mor Inv.
JAMAICA,;
Uurrett-INieuwlandt
fo.med
(special to the financial chronicle)
WHITTIER,
Calif.
—
Durrett-
N: Y. - Lee - Mor Nieuwlandt has been formediwith
Investors has been formed with offices at 148 East Philadelphia
offices at 168-12 Hillside Avenue
to engage in a securities business.
Cf
,
Dn„„
'
.
engage ' in * B SOCUr,ltieS
T onn T nvonhpro anr)
bU&ineSS Partners are CelSUS O.
Partners are Leon Luxenberg and OU&meSS.. partners are ceibUS
Maurice Goller.
Durrett and Walter A. Nieuwlandt.
portnoro
'Volume
194
Number- 6112
.
.
The Commercial and Financial Chronicle
.
of Current
(2417)
The following statistical tabulations
latest week
Activity
AMERICAN
IRON
Indicated
AND
steel
STEEL
operations
Equivalent to—
Steel ingots and castings
..
.
week
INSTITUTE:
(per
cent
capacity)
Latest
Previous
Week
Week
month ended
or
Month
that
on
69.5
69.5
70.5
47.5
Nov. 25
2,032,000
2,037,000
2,057,000
1,352,000
AMERICAN RAILWAY
AMERICAN
Crude
PETROLEUM
oil
and
..42. gallons
Crude
average
(bbls.
Nov
Gasoline
Kerosene
output
Distillate
fuel
(bbls.)__
fuel
output
17
II"
(bbls.)
8,079,000
8,365,000
7,987,000
29,063,000
27,977,000
29,313,000
28,205,000
2,718,000
2,714,000
3,035,000
3,269,000
14,191,000
13,639,000
13,808,000
13,138,000
5,793,000
5,856,000
5,718,000
182,101,000
182,284,060
185,305,000
184,911,000
36,591,000
37,088,000
36,485,000
36,833,000
179,674,000
.49,523,000
172,957,000
175,327,000
50,408,000
47,963,000
650,775
567,561
517,975
605,057
524,967
526,653
493,959
Nov. 23
$204,800,000
$533,700,000
$417,100,000
$613,400,000
Nov. 23
149,000,000
250,600,000
166,400,000
Nov. 23
155,800,000
283,100,000
250,700,000
Nov. 23
138,100,000,.
256,800,000
203,600,000
365,300,000
248,100,000
153,200,000
Nov. 23
17,700,000
26,300,000
47,100,000
94,900,000
Nov. 18
8,89a,000
*8,700,000
8,620,000
8,257,000
Not Avail.
358,000
386,000
377,000
Nov
17
_
Residual
oil
fuel
(bbls.)
oil
HNov.
I Nov.
at
(bbls.)
at
6,921,260
8,170,000
oil
fuel
7,118,460
7,178,060
7,205,910
output (bbls.)
I II__Nov 17
Stocks at refineries, bulk terminals, in
transit, In pipe linesFinished and unfinished gasoline (bbls.) at
Nov. 17
.' Kerosene
(bbls.) at__
Nov. 17
Distillate
17
178,483,000
17
48,696,000
Nov. 18
590,642
►
,
(end
Month
freight loaded (number of cars)
Revenue freight received from connections
ENGINEERING
(no.
of cars)__ Nov. 18
either for the
are
are as
of that date:
Latest
Previous
Year
Month
Month
Ago
,
;
£
order
on
month)
___
5,664
3,143
.,2,700
4,632
10,133
22,900
7,098,805
7,472,808
6,967,264
62,953,390
62,790,349
58,819,870
$1,060,762
$1,050,000
$996,977
59,661,358
59,542,827
58,470,447
,__
and
undelivered
—__
___
ASSOCIATION, INC.—
of September:
general freight
carriers
(in tons)
EDISON ELECTRIC
Kilowatt-hour
Month
sales
from
transport
;
by
379
.
INSTITUTE—
of
ultimate
of September
Revenue
Revenue
cars
delivered
cars
cars
Intercity
6,038,000
.•
freight
new
of
INSTITUTE—
CAR
AMERICAN TRUCKING
1
ASSOCIATION OF AMERICAN RAILROADS:
CIVIL
for
freight
Backlog of
of
II-"IIIInov 17
Nov'17
:
III"Nov.17
(bbls.)
average
of quotations,
cases
October:
New
output—daily
to
oil
Orders
INSTITUTE:
condensate
stills—dally
output (bbls.)
Residual
tons)
each)
runs
of
Month
(net
in
or,
Ago
Nov. 25
.
-
date,
Year
Ago
:f
production and other figures for the
cover
month available. Dates shown in first column
or
29
consumers—
!
(000's omitted)_'_
ultimate
customers—Month
of
September
Number
of
ultimate customers at Sept. 30
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total U.
S.
Private
-
construction
Public
construction
State
and
Federal
COAL
municipal
,
.
Pennsylvania
and
lignite
anthracite
ELECTRIC
output
Nov. 18
;
"
,
;
^
United
Gold
y ;;
INDUSTRIAL)
——
DUN
—
180
169
163
170
15,330,000
15,678,000
15,263,000
13,884,000
,
Pig
(per gross
steel
(per lb.)
(per
(in
-
BANKERS'
OF
&
Domestic
238
304
308
Nov. 17
6.196c
6.196c
6.196c
Nov. 17
$66.44
$66.44
$66.44
Nov. 17
$32.83
$32.83
$37.83
__
ton)
ton)
gross
;( E. & M. J. QUOTATIONS):
at
'
Nov. 22
MOODY'S
U.
-
-
S.
i
Louis)
(New
BOND
Nov. 22
at-
(primary
tin
pig,
99.5% )
York)
at
at
PRICES
corporate
276
Public
Group
Utilities
S.
YIELD
ir
-
*
$66.32
$28.33
Dollar
exchange
Based
on
,
Nov. 22
24.000c
24.000c
24.000c
Nov. 22
122.75c
123.125c
120.375c
Nov. 28
86.54
86.87
Nov. 28
*186.24
86.24
,
-
y,.'.
-;,m
,90.48
'
J
90.34
-
•
—
•
26.000c
,
86.78
-90.06
91.19
88.27
87.99
88.95
85.20
86.24
81.05
83.79
83.79
Nov. 28
87.18
87.86
80.69
•
8-7.18
83.40
*
f
■
87.59
AND
4.69
4.69'c
4.39
Nov. 28
4.54
4.54
Nov. 28
4.74
Nov. 28
5.10
of
sales
sales
4.74
■1
-
'
*4.56
4.49
•
5.10
4.77
4.69
5.13
5.09
4.88
4.88
4.91
4.62
"4.65
4.57
4.57
4.59
4.53
Nov. 28
368.4
,365.6
370.6
vi
Total
Total
Nov. 18
332,241
318,474
324,962
344,952
344,729
355,206
Nov. 18
——Nov. 18
97
96
97
515,009
529,763
551,042
~
sales-;
113.67
>
Total
3
LOT
Peanuts
sales
account of
Number
\
Odd-lot
393,601
113.80
113.90
108.60
458,520
2,088,390
485,180
426,140
2,067,850
1,624,670
452,660
2,305,600
3
.
2,758,260
2,010,170
shares
:
ON
of
Y.
2,553,030
2,546,910
344,700
3
276,090
3
28,900
3
303,280
Nov.
3
332,180
346,890
317,020
Nov.
3
934,522
780,285
840,665
Nov.
3
104,860
,1
42,500
31,800
285,220
''
304,390
short
sales
total
^Customers'
other
sales
Hops
Number
/.
<
Other
Round-lot
sales
of
Pears
273,740
80,340
68,950
i.;;
716,488
742,645
773,650
519,497
821,348
822,985
842,600
658,907
Nov.
3
4,010,232
3,593,305
3,630,405
2,956,480
Nov.
3
586,420
v 585,930
3,126,720
597,550
2,385,907
3,712,650
2,983,457
Nov.
3
3,325,368
581,360
3,135,425
Nov.
3
3,911,788
3,716,785
for
3
1,851,100
1,827,044
1,774,044
3
$105,072,491
$107,711,229
$95,250,211
1,432,734
$64,438,473
1,851,539
1,711,169
1,283,326
17,193
18,036
25,638
1,834,346
1,693,133
1,257,688
$96,954,159
$97,883,260
$86,657,972
$57,868,032
571,420
587,650
480,830
381,220
3
Nov.
3
Nov.
3•
Nov.
-
1,874,426
v
15,844
1,858,582
■.A
587^650
480~830
381~220
559,130
550,920
571,340
526,670
Total
4
ACCOUNT
round-lot
Short
sales
Other
sales
OF
MEMBERS
sales—
v
.
;
——-
..
AH
commodities other
'
than farm
♦Revised
on
3,790
3,449
17,912
3,241
700,835
710,475
558,771
1,763,025
1,742,300
1,784,116
OF
bales—
'
.
and foods
'■
•
4,636
3,489
26,983
26,451
15,020
15,020
14,637
34,614
34,614
34,552
198,364
193,707
175,042
279,314
SEED
15,056
15,636
2,008,275
2,004,919
1,943,487
9,302
9,302
7,721
18,280
18,780
16,421
24
24
35,219
35,219
45,976
125,225
108,515
77,662
26,821
25,621
3,230
2,997
\
20
74,315
187
236
236
191
191
243
1,210
1,224
1,341
224.800
229,000
187,500
10,326,277
10,397,418
PROD¬
of
COMMERCE—Month
OF
?57,435
15,198
^
t
COTTON
AND
3,264
4,354
4,636
26,983
mills
at
(tons)
(tons)
and
\
909,800
334,200
144,400
806,200
483,300
221,900
494,700
Meal—
(tons)
Shipped
Sept.
:
'•
",
(tons)
Produced
137,100
89,400
73,300
30
(tons)
(tons)
Hulls—
Stocks
30
177,800
595,600
(tons)__
Sept.
149,600
68,600
189,300
165,700
121,800
209,900
>
80,300
35,700
74,600
34,800
90,000
68,800
49,900
79,800
86,100
Sept. 30
(tons)—___—:
—
Shipped (tons)
Linters—
Stocks
(bales)
109,300
Sept.,30
>
.
/
102,000
128,600
106,300
86,800
93,800
——~—
—
.98,100
43,200
.
105,000
(bales)
(bales)
t
Nov.
3
" 714,600
771,270
722,460
853,050
Nov.
3
17,896,890
16,962,740
16,034,460
13,134,680
3
18,611,490
17,734,010
16,756,920
13,987,730
AND HOURS—WEEKLY
AVERAGE
—
Nov. 21
118.9
—
Nov. 21
'87.2
*87.4
—
Nov. 21
108.3
*108.1
118.6
*118.9
..
90.3
108.9
—
Nov. 21
93.2
*93.2
94.9
96.4
—
Nov. 21
127.5
*127.6
127.2
127.8
a
pound.
All
goods
—
—
goods
v.
$90.12
♦$92.50
102.41
*99.35
97.69
84.74
*84.14
80.55
40.3
*39.7
.
v
——----.___————
,
'
..
goods
Nondurable" goods
■
39.7
*
.—
40.2
40.8
*39.9
39.6
*39.5
39.1
$2.35
*$2.33
$2.27
.
••
manufacturing
*'Durable
-
*
$94.71
,—
manufacturing
Hourly earnings—
-
.
-1.
OF
*
manufacturing
goods
Nondurable goods
*
.
tPrime Western Zinc
N. A. "Not available'^
DEPT.
-
Durable
■
figure.'. tNumber of orders not reported since introduction of-Monthly Investment Plan.
S.
October:
of
Hours—
119.6
86.5
108.6
ESTIMATE —U.
LABOR—Month
Weekly earnings—
Durable
delivered-basi^ at. centers where freight from East St.- Louis exceeds one-half cent
3,582
19,238
COMMERCE):
(DEPT.
»
Crushed
All
sold
3,582
3,449
Seed—
Produced
:
i
__
10,481
19,579
3,134
running
.
Received
Cake
*
foods
.
Nondurable
-
products
Processed
23,943
'
14,
SEED
Stocks
U. S. DEPT. OF
All y commodities
Farm
67,137
22,741
26,851
UCTS—DEPT.
All
Commodity Group—
64,985
.
'
Shipped
~
__
—
64,985
22,741
77,662
FACTORY EARNINGS
WHOLESALE" PRICES, NEW SERIES
LABOR — (1947-49=100) f
118,091
8,627
126,840
(bushels)-.
crop
(SHARES):
—
:
112,980
8,627
—
GINNING
Produced
FOR
14,272
112,980
(ton)
(ton)
November
COTTON
STOCK
ROUND-LOT STOCK TRANSACTIONS
-
(ton)
Stocks
Nov.
571,420
AND
14,334
and seed (ton).
sugar
(bushels)
j
sales!—
sales
ON THE N. Y.
.I.
.—_—
-
To
,
Cotton
Nov.
EXCHANGE
54,612
14,538
283,971
_____——
(cwt.)
(ton)Cranberries (barrels)
Pecans (pound)
t
STOCK
sales
SALES
30,409
608,235
September:
Nov.
TOTAL ROUND-LOT STOCK
-
(ton)
COTTON
:
(cwt.)
—
commercial
Cherries
139,410
3
r.u
2
32,491
1
.478,429
Apricots
688,970
purchases by dealers—Number of shares
sales
34,105
481,793
—
(bushels)
Grapes
dealers—
by
shares—Total
54,651
(pound)
Peaches
32,000
241,740
3
3
Round-lot
21,420
54,319
4,354
(cwt.)
beets
Apples,
257,340
Nov.
—:
—
25,867
21,420
1
(pound)
"
Nov.
Nov.
orders—customers'
(CWt.)
Broomcorn
2,050,810
357,650
;
Nov.
Nov.
J||||
Customers'
summer
Fall
Sugar
members—
N.
Late
Sugarcane
purchases)—t
purchases by dealerir(customers'
Number
.
of
380,416
25,867
(cwt.)
spring (cwt.)
spring .(cwt.)
Early summer (cwt.)
Late
EXCHANGE COMMISSION
(Jjktomers'
—
—
Early
floor—
SPECIALISTS
AND
SECURITIES
by .dealers
;___■———
•
380,416
1
——
(pound)
Winter
89
.
2,432,090
3
—
DEALERS
1,150,774
427,018
dry edible (cleaned) (100 lb. bag)—
dry field (cleaned) (100 lb. bag)__—
Soybeans for beans (bushels)
283,461
2,536,930
3
purchases
EXCHANGE—
993,512
Peas,
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-
Odd-lot
993,512
Beans,
309,245
2,731,010
Nov.
sales
sales
212,339
—
alfalfa (ton)—
Hay, clover and timothy (ton)—
Hay, Lespedeza (ton)
355.3
246,444
;
18,627
——
—
»
134,659
(bushels)
■;
f 153,286
18,627
——.
all (ton)
wild (ton).
Tobacco
Nov.
,
for
(bale)
1,350,339
1:103,895
134,659
bag)
grain
Total
Nov.
transactions
(bushels)
Sweetpotatoes
1
purchases
—
'
1,057,540
_
Hay,
floor-
the
'153,286 J ;
(bushels)
___—
1,210,826
k
■
1,057,540
'——
spring (bushels)—
(lop lb.
Hay,
MEM-
OF
:
on
(bushels)
(bushels)
Hay,
in which registered—
purchases
round-lot
Total
spring
Cotton
4.86
,
3,891,212
.3,527,428
1,210,826 "
*
____—_—.Li.— i—v
„
Nov. 18
Nov.
initiated
3,548,813
(bushels)
grain
Sorghum
4.65
4.33
4.57
sales
sales
REPORTING
—
3.96
4.41
...
13,783
13,616
(in thousands):.
Barley (bushels)
.____
Rye (bushels) „_—_i:—__
4.62
Nov.
transactions
Total
-
ACCOUNT
off the
CROP
—
1
87.86
Nov. 28
Nov. 24
initiated
15,524
—
DEPT. OF AGRICULTURE—
S.
all (bushels)
(bushels)
Other
PRICE INDEX—
FOR
(NEW) IN THE
BRADSTREET,
&
Potatoes—
period
of
specialists in stocks
Other transactions
~
end
$2,491,363,000 2,422,105,000 1,753,235,000
Oats
Nov. 28
'.
TRANSACTIONS
Other
Total
419,386,000
—
84.04
_.Nov. 28
purchases
Other
756,962,000
shipped between
and
October—
of
of Nov.
Durum
ASSOCIATION:
DRUG REPORTER
Short
Other
U.
for
All
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Total
769,334,000
14,400,000
'
88.40
.:\S; 3.91 " '.
' Uy;%4;72"" .1 f-vi
4.ol
4.05
4.38
(tons)
(tons)
Transactions
Total
138,760,000
Winter
81.17
..
86.78
'
87.86
Nov. 28
AVERAGE=100
Total
58,580,000
•
Nov. 28
INDEX
of activity
orders (tons) at
ROUND-LOT
J
91,445,000
STATES—DUN
as
Wheat,
Rice
Nov. 28
;
PAPERBOARD
PAINT
142,599,000
1
^
—
PRODUCTION
Corn
86.38
85.85
85.59
81.05
4
Group
received
1949
170,805,000
■
87.58
*
OIL,
208,834,000
INCORPORATIONS
BOARD
Crop
88.27.'
Nov. 28
CROP
102.750c
AVERAGES:
Percentage
Unfilled
credits—.
13.000c
85.59
Nov. 28
Group
Production
632,958,000
19,882,000
2
13.500c
;
'
Nov. 28
T.
COMMODITY
NATIONAL
Orders
BUSINESS
UNITED
11.500c
NOV. .28
27.675c
INC.—Month
11.500c
Nov. 28
Group_
Utilities
MOODY'S
$405,132,000
964,059,000
16,005,000
.
29.600c
'
12.000c
12.000c
.__
Industrials
$451,817,000
948,773,000
31:'
;-j-
11.800c
11.5Q0c
.__
Bonds
Aa
Public
$456,972,000
OUTBANK
RESERVE
of Oct.
goods stored
countries
10.800c
Nov. 22
corporate
Railroad
18,079
30,295
ACCEPTANCES
warehouse
9.800c
12.000c
1L:
DAILY
97,467
*39,728
FEDERAL
—
11.000c
12.000c
Group
BOND
172,204
2,504,363
•
*21,905
shipments—
Domestic
6.196c
30.600c
28.200c
J
__1
Group
Government
Average
*83,594
19,925
__^
Flaxseed
MOODY'S
U.
10.000c
Nov. 22
4
J_
30.600c
27.875c
10.000c
rAVERAGES:
T
2\:::::::::::::::::::::::::::::::ii—iii:
Industrials
*117,238
*2,815,626
98,728
i
Exports
"
Nov. 28
Railroad
30.600c
28.075c
9.8O0c
:
DAILY
'
Nov. 22
at
Government. Bonds—_'
Average
146,845
2,644,636
y
1
at
Louis)
Aluminum
—
37,333
DOLLAR
Total
refinery
York)
(East St.
Straits
ounces)
NEW YORK—As
Domestic
Nov. 22
Zinc
fine
Imports
Nov. 23
.
Electrolytic copper—.
(St.
ounces)
(in short tons)
foreign
METAL PRICES
Lead
fine
STANDING
Nov. 25
AND
INC.
steel
(New
the
States—
(in
Zinc
COMPOSITE PRICES:
Lead
MINES)—
OF
Copper, (in short tons)
Lead (in short tons)
v
kwh.)
(COMMERCIAL
iron
(BUREAU
September:
■
AVERAGE=IOO
.000
Finished
Scrap
Nov. 18
_
of
production of recoverable metals in
Silver
*
(tons)
INSTITUTE:
(in
BRAD STREET,
IRON AGE
(tons)
OUTPUT
Month
Mine
STORE SALES INDEX—FEDERAL RESERVE
SYSTEM—1947-49
FAILURES
METAL
(IT. S. BUREAU OF MINES):
coal
DEPARTMENT
Electric
_
_
OUTPUT
Bituminous
EDISON
I
construction
L_——L—:
—_^l_n
2.51
*"2.14
2.43
*2.49
-
*?•
1
'*2.13
;
2.06
30
The Commercial and Financial Chronicle
(2418)
<
.
.
Thursday, November 30, 1961
ADDITIONS
* INDICATES
Now
Securities
Because of the large number of issues
—
awaiting processing by the SEC> it i» becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
index
the
in
the
and in
are
general, to be considered
not, in
offering dates.
-
•
as
firm
sales pro¬
motion and advertising, new office and warehouse and
working capital. Office—522 W. 29th St., N. Y. Underwriter—International Services Corp., Paterson, N. J.
ABC Air Freight Co., Inc.
Oct.
A")
("Reg.
1961
100,000
•'
converter of packaging material, produc¬
ing polyethylene and cellophane bags and sheets. Pro¬
ceeds
For a new plant and equipment and working
capital. Office—1368-72 Utica Ave., Brooklyn. Under¬
Business—A
—
writer—Havener Securities
Corp., N. Y.
A. & M. Instrument, Inc.
Oct. 19, 1961 filed 150,000 common.
ness—Manufacture
uring
for
devices
dustries.
of
Price—$3.50.
testing and
instrument
electronic
the
Proceeds—For
debt
and
and
repayment
facture
Busi¬
•
AMT
in¬
general
—
Sept.
are
11, 1961 filed 230,000 common,
to be offered by the company and
holder.
turer
of
of which 160,000
a stock¬
70,000 by
Price—By amendment. Business—The manufac¬
scale model plastic automobiles distributed in
kit form.
Proceeds—For
in
S.
own
Alan-Randal
equipment, repayment of loans,
working capital. Office—1225 E. Maple Rd., Troy,
Mich. Undecwisiter-r-A. G. Becker & Co., Chicago (mgr.).
Inc.
1961
27,
filed
155,000
\
A shares.
class
Business—Wholesaler
Price—By
distributor
and
of
electronic parts manufactured
v
by others. Proceeds—For
working capital. Office — 412 N. 6th St., Philadelphia.
Underwriters—C .C. Collings & Co., Inc. and Harrison
&
Co., Philadelphia.
•
Govt,
contract.
Proceeds—For
in-
Aluma-Rail, Inc.
V
Sept. 28, 1961 ("Reg. A") 100,000 common. Price—$2.25.
other
and
Business—Manufacture of
Co.,
color anodized aluminum
new
chain link fencing.
Proceeds—For inventory and plant
Office—44 Passaic Ave., Kearny, N. J. Un¬
expansion.
derwriter—To be named.
Alumatron
International, Inc.
1961 filed 73,000 common. Price—$7; Business
—Company plans to construct special type homes, and
engage in the general contracting business.
Proceeds—
Nov. 13,
For general corporate purposes. Office—St. Petersburg,
Fla. Underwriters—Wm. H. Tegtmeyer & Co., Chicago
and B. C.
Inc;
Malloy, Inc., St. Petersburg.
Alyeska Ski Corp.
Oct. 12, 1961 ("Reg. A") 240,000 common. Price—$1.25.
Business r^<Opdrati6ifT6ir ski facilities.
Proceeds — For
and
Oct. 27, 1961 ("Reg. A") 120,000 common. Price—$2.50. (
Business—Distributor of pens and other advertising ma¬
[Abbey Rents
Sept. 25,-1961 filed 200,000 capital shares; of which 100,000 will be sold by the Company and
100,000 by stock¬
holders. Price—By amendment. Business—Rental and
sale of party, sickroom and hospital
equipment. Proceeds
—Expansion, inventory and working capital. Under¬
terial. Proceeds — For working capital. Office — 11608
general corporate purposes. Address—P. O. Box 1882,
Ventura Blvd., Studio City, Calif. Underwriter—Pacific
Anchorage, Alaska. Underwriter—Paul Nichols Co., Inc.,
Coast Securities Co., San Francisco, Calif. Offering— :-
writer—William R. Staats & Co., Los Angeles.
ment
•
Ace Trophies Corp.
Sept
18,
design,
plaques and
and
for sporting events.
cups
•
Nov. 17,
Price—$1.
sale
of
Bldg., Portland, Ore.
Busi¬
Proceeds
—
•
For
;
.
Al-Crete Corp.
Co.
Business—The
electronic
and
manufacture
of
Colo. Underwriter—To
nated debentures due
equipment. Proceeds—For re¬
locating to and equipping a new plant, purchase of in¬
ventory, research and development, advertising, promo¬
tion
and
Office—369 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc., Philadelphia."
A-Drive Auto Leasing;
Jan.
19,
which
1961
75,000
filed
are
to
100,000
be
shares
of class
A
company and 25,000 shares,
the present holders thereof.
All-State Auto Rental
stock, of
the
being outstanding stock, by
Price—$16 per share. Business—The company is engaged in the business of
leasing
automobiles and trucks for periods of over one
year.
Proceeds—To repay loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard,
Manhasset, N. Y. Underwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)
Under¬
Amcap Investment Inc. J
1961 filed 250,000 common. Price—$11.25. Busi¬
May
4,
ness
—
1961
(letter
of
notification)
75,000
shares
*
$5. Business—
establish and
Corp.
Sept. 28, 1961 filed 50,000 common. Price—$4. Business—
Leases motor vehicles. Proceeds—For working capital.
Office
—
31-04 Northern
panels for swimming pools and pumps, filters, ladders,
etc.
Proceeds—For
building test pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck
Ave., Mamaroneck, N. Y, Underwriter—Vincent Asso¬
ciates, Ltd., 217 Broadway, N. Y.
Amerel
July 31,
Mining Co. Ltd.
1961
filed
400,000
common
shares.
cents. Business—The company is engaged in
Price—50
exploration,
penses.
Office—80 Richmond St., W., Toronto.
Manning, Ltd., Toronto.
Under¬
writer—E. A.
American Auto Stores, Inc.
Sept. 28, 1961 ("Reg. A") 50,000 class A
common.
Price
YOUR PRIME SOURCE FOR
Blvd., Long Island City, N. Y.
Underwriter—None.
All Weather Roll N'
Ice, Inc.
("Reg. A") 25,000 common. Price—$3. Busi¬
ness—Operation of a roller skating and ice skating rink.
Proceeds—For expansion and working capital.
Office
Nov. 6, 1961
L. I., N. Y. Underwriters—Richard
(mgr.) and Weinberg, Ost & Co., N. Y,
—Copiague,
Co.
all
Gray
•
Aero-Dynamics Corp. (12/18-22)
Aug 7, 1961 filed 106,000 common shares. Price—$5.
Business
The importation and distribution of Italian
—
marble
and
mosaic
tiles.
Proceeds
For
the
purchase
new moulds,
machinery and equip¬
ment, research and general corporate purposes. Office—
and
—
installation of
250 Goffle
Road, Hawthorne, N. J. Underwriters^—Cam¬
bridge Securities, Inc. and Edward Lewis Co.,
Inc., N. Y.
Aero Space
Electronics, Inc.
July 17, 1961 {''Reg. A?') 80,000-capital Shares. Price—$3.
Proceeds—For repayment of debt and
working capital.
Office
2036 Broadway, Santa
Monica, Calif. Under¬
writer—Hamilton Waters & Co., Inc.,
Hempstead, N. Y.
—
Aerological Research, Inc. (12/4-8)
Aug. 29, 1961 filed 100,000 common. Price—$3.50 Busi¬
Allied Capital
Corp.
Oct. 20, 1961 filed gl3,427 common, of which 200,000 will
be offered to the public and 13,427 to stockholders on
a
|-for-10 basis. ,Price^-By amendment.
Business—A
small business investment company. Proceeds—For in¬
vestment.
Office—7720 Wisconsin Ave., Bethesda, Md.
Underwriter—Allen &
Co., N. Y. Offering—In Jan.
Allison
Industries, Inc.
Nov. 2„ 1961
("Reg. A") 5100,000 common. Price—$3.
Business—Design and manufacture of board games, toys
and Christmas stockings.
The company also operates
discount department store.
of
stock (par 10 cents). Price—$4 per share. Busi¬
The sale of pre-cast and pre-stressed concrete
Tenth St., Wilmington, DeL Underwriter*?—Alessandrini
& Co., Inc. and Hardy & Hardy, New York (managing).
'
offered for public sale by
150,000 common shares.
operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W.
purposes.
System, Inc^
and
Calif.
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
>
(12/11-15)
Price—For debentures, at par; for stock,
Joint venture with Brunswick Corp. to
merchandising, repayment of debt and other
corporate
1971
Ave., Alhambra,
Co., Inc., N. Y. '
Oct. 2,
common
July 7, 1961 filed $250,000 of 5% convertible subordi¬
for
electrical
Stoneman
ness—A small business investment company. Proceeds—'
For investment. Address—Chicago. Underwriter—None.
.
be named..
All Star World Wide, Inc.
shares. Price
transformers
•
All Service Life Insurance Co.
(12/4)
common
-
Sept. 18, 1961 ("Reg. A") 239,200 common. Price—$1.25.
Business—Writing of life, accident, sickness and health
insurance. Office—1729 N. Weber St., Colorado Springs,1
refiled.
July 17, 1961 filed 100,006 class A
.
IV/'
Amcrete Corp.
»-
Sept. 20, 1961 filed 127,000 class A common. Price—$3.
Business—Development and manufacture of a new vari¬
ety of building products. Proceeds—For construction of
a
new plant.
Office—4800 Baltimore Ave., Hyattsville,
Md. Underwriter—Whitehall Securities Corp., Pittsburgh.
—
—$4.
(12/11-15)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store fixtures, show cases and "
a leasehold improvement and moving ex¬
Office—14-20 Dunham PI., Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc.*N. Y. C.
Acratex Chemical Coatings, Inc.
Aug. 8, 1961 ("Reg. A") 99,900 common. Price—$3. Busi¬
ness—The manufacture of a
wallcovering product. Pro¬
ceeds
For expansion and general
corporate purposes.
Office—Easton St., Ronkonkoma, N. Y. Underwriter—
Tyche Securities Inc., N. Y. Note—This letter will be
Products
Voigt Industries, Inc.
S.
writer—McDonnell &
penses.
Business
by-products. Pro¬
ceeds—For expansion, sales
promotion^ and working
capital. Office—40-40 Lawrence St., Flushing, N. Y. Un¬
derwriter—Karen Securities Corp., N. Y. *
Electronic
fice—34
ing capital^
Price—$5.
common.
—-Purchase and sale of chemicals and
Aero
Price—By amend¬
company.
Proceeds—For
capital. Office—614 Equitable
Underwriter—D'empsey-Tegeler &
common.
lumber
related items. Proceeds—For repayment of loans, work¬
Aceto Chemical Co., Inc.
•
Albert
_
Amacorp Industrial Leasing Co., Inc.
Sept. 27, 1961 filed $3,000,000 of 6^% conv. subord. de¬
bentures due 1971.
Price—By amendment.
Business—
Financing and lease of industrial and office equipment.
Proceeds—Repay debt and increase working capital. Of¬
Co., Inc., St. Louis. Offering—Expected in late January.
trophies,
production expenses, printing, promotion, inventory and
working capital. Office—1510 Broadway, Brooklyn, N. Y.
Underwriter—Ezra Kureen Co., N. Y.
Sept. 27, 1961 filed 88,000
1961 filed 250,000
Business—A
'
;
,
Alaska Pacific Lumber Co.
construction and working
common.
manufacture
Aribhdrage, Alaska.1
Expected in January.
(12/6)
1961 filed 200,000
ness—The
.
Nov.
amendment.
Airtronics International Corp. of Florida
July 29, 1961 filed 199,000 common, of which 110,000 are
to be offered by the company and 89,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
electronic, mechanical and components. Proceeds—Re¬
payment of loans, expansion and working capital. Office
—6900 West Road 84, Fort Lauderdale, Fla. Underwriters
—Stein Bros. & Boyce, Baltimore and Vickers, McPherson &
Warwick, Inc., N. Y. Offering—Expected in Jan.
(12/11-15)
Corp.
it Almo Industrial Electronics Inc.
„
companies, and- working
capital.- Office—640 Memorial Dr., Cambridge, Mass.
Underwriter—Schirmer, Atherton & Co., Boston,:
corporate purposes. Office—48-01 31st Ave., Long Island
City, N. Y. Underwriters—Crosse & Co., Inc.; V. S.
Wickett & Co., Inc., and Thomas, Williams & Lee, N. Y.
Offering—Expected in mid-December.
under U.
vestment
meas¬
electrical
Engineering,
("Reg. A") 85,000
debt
—
Price—$3.
common.
ISSUE
—
ABC Cellophane Corp.
7,
REVISED
Alpine Geophysical Associates, Inc. (12/4-8)
July 28, 1961 filed 150,000 common shares. Price — By
The conducting of marine and
stock, of which 50,000 shares are to be offered for public ' amendment. Business
sale by the company and 150,000 outstanding shares by
land geophysical surveys for petroleum and mining ex¬
the present holders thereof. Price—To be supplied by
ploration and engineering projects, and the manufacture
amendment.
Business
The manufacture and sale of
of oceanographic and geophysical apparatus. Proceeds—
aluminum storm windows and doors, and other alu¬
For repayment of debt and general corporate purposes.
minum products.
Proceeds—For working capital, and \ Office—55 Oak St., Norwood, N. J. Underwriter—S. D.
other corporate purposes. Office—20th Street, and Alle- : Fuller & Co., New York
(managing).
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I. • • Alson Mfg. Co. (12/18-22)
du Pont & Co., New York City (managing).
Aug. 28, 1961, ("Reg. A") 75,000 common. Price—$4. Pro¬
ceeds—For equipment, repayment of loans and working
^ Airtechnology Corp;
y
Nov. 15, 1961
("Reg. A") 60,000 common.
Price—$5. : capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬
Business—Electronic research, development and manu¬
writer—Albion Securities Co.. Inc.. N. Y.
filed 105,000 common. Price—By amend¬
Business—Furnishing
of
air. freight
services
throughout the U. S. Proceeds—For expansion. Office
—467 Tenth Ave., N. Y. Underwriter—Flomenhaft, Seid-
Sept.
ITEMS
common. Price—$3. Pro¬
repayment, equipment, and working
capital. Office—Congressional Airport, Rockville, Md.
Underwriter—Davis & Leach, Inc., Washington, D. C.
(12/11-15)
May 26, 1961 filed 200,000 shares of class A common
25, 1961
Co., N. Y. Offering—Expected in January.
PREVIOUS
Precision, Metals
ceeds—For
Air Master Corp.
ment.
ler &
•
Oct. 3, 1961
tiles.' Proceeds—Debt payment, new products,
'
■
Alio
—
Agency Tile Industries, Inc. (12/18-22)
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2,50.
Business—Importing, marketing and distributing ceramic
accompanying detailed
of the underwriter
items reflect the expectations
but
Registration
The manufacture of instruments for aerology,
meterology,, oceanography, geophysics and atmospheric
phenomenon. Proceeds—For working capital. Office—
420 Division St., Long Branch, N. J; Underwriter—A. D.
Gilhart & Co., Inc., N. Y.
ness
NOTE
in
SINCE
BOUGHT
SOLD
-
QUOTED
f/ix/neu. si. SIEGEL
v
a
Proceeds—Expansion, prod¬
uct development and working capital. Office—1015 Jef¬
ferson Ave., Brooklyn, N. Y.
Underwriter—S. Apfelbaum Co., 39 Broadway, N. Y.
-
for Banks, Brokers, Institutions
39
Dlgby 4-2370
v%.jncr
Broadway, New York 6, N.
Y.
Teletype No. N.Y. 1-5237
Volume
Number
Proceeds—General
—$5.
3333
194
6112
.
.
corporate
The Commercial and Financial Chronicle
.
Office—
purposes.
Underwriter
Locust St., St. Louis. Underwriter—Scherck, Richter
'
Co., St. Louis.
<•
/
^
if Ameritage, Inc.
14, 1961 ("Reg. A")
27, 1961 filed 430,000 common. Price—By amend¬
Business—Manufacture of hard-bound books for
—75
subordinated
St.,
N.
stockholders. Office
Underwriter—Bear Stearns &
Y.
Co., N. Y. Offering—Expected sometime in January.
American
Francisco.
San
-
American Cellubox Corp.
1961
19,
A")
("Reg.
75,000
common.
Price—$4.
Business—Design, manufacture and sale
of
data
processing equipment.
1971
Price—$400 per unit. Business—Sale of house¬
furniture, appliances, furnishings, etc. Proceeds—
inventories and working capital.
Anaconda
Pro¬
Office—4121-13th
stock
common
(par
St., Hicksville, N. Y. Underwriter—Golkin, Bomback & Co., N. Y.
Sunrise Blvd., Fort Lauderdale, Fla. Underwriter—None.
•
Electronic
Laboratories, Inc.
,May- 26t 1961 filed 10,632 shares of class A common
stock to be offered for subscription by stockholders at
be
—To
one new
share for each 10 shares held.
supplied by amendment.
Alloys, Inc.
components for the semi-conductor industry. Proceeds
general corporate purposes. Office—968 Meeker
Ave., Brooklyn, N. Y. Underwriters—Charles Plohn &
—For
Business—The com¬
is engaged in research and development in the field
of electronic communication equipment. Proceeds—For
Co., B. W. Pizzini & Co., Inc. and Atlas Securities Corp.,
sometime in February.
•
construction/ new equipment, and other corporate pur¬
poses;
Office—121 North Seventh Street, Philadelphia.
New York;- Offering—Expected
Underwriter
Nov. 24, 1961 flied 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
if Anchor Industries Corp.
Suplee, Yeatman, Mosley Co., Inc.r Phila.
Offering—Imminent.
'
.■ ■
/'/
;
—
American Finance Co.,
April
1961
21,
Inc.
$500,000 of
filed
1
' ■"y
ucts.
convertible.sub¬
6%
25,000 common stock
be offered for public sale in units
stock, and
New York.
purchase
^warrants to
consi^t|n^of one* $200
•
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and it^ .suhsidi:aries are primarily engaged in the automobile, sale'fi.nance business. One additional subsidiary is a Maryland
savings and loan asspciation and two are automobile
bentures, and capital funds.
Y.
'challenging
ment..
,
"...
nated
in
—
1472
the
and
accuracy
adequacy
of
the basis of
record
$100
this "state¬
Corp. (12/18-22)
13, 1961 filed 150,000 common, of which 50,000 are
by the company and 100,000 by stockhold¬
working capital and rewriter—Naftalin & Co., Inc., Minneapolis. Offering—Ex¬
pected in.early January... .y
>•
/• v.- ;•>
„
-
Office—4950 71st Ave., North, Pinellas
Underwriter—Equity Securities Co., N. Y.
working capital;
(12/18-22)
Sept. 28, 1981 filed $2,000,000 of 6%.% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
American Realty & Petroleum Corp.
and also the oil and gas
ment
business.
Proceeds—For repay¬
debt, sales and advertising, property improve¬
possible acquisitions. Office—16 W. 61st St.,
Underwriter—Troster, Singer & Co., N. Y.
of
ments and
N. Y.
•
American Safety
per
Equipment Corporation
Sept. 28, 1961 filed 80,000 common. Price—$10. Business
of safety seat belts.
Proceeds—Inven¬
Biochemical
• Arkwin Industries,
Co.
'
'
:V.
•
Inc.
common, of which 25,000 are
by the company and 55,000 by a selling
stockholder. Price—$5. Business—Designs and manufac¬
tures
precision hydraulic, pneumatic and fuel valves and
missiles, etc. Proceeds—
equipment and sales expansion. Office—648 Main
control mechanisms for aircraft
For
Y. Underwriters—Sterling,
D. H. Blair & Co., N. Y.
St.,
Westbury, N;
Co.
and
-if Army Times Subscription Corp. ... V
Nov. 15, 1961
("Reg. A") 5,000 common.
Business—A magazine subscription agency.
For working
Grace
&
Proceeds—
Office—2020 M St., N. W., Wash¬
Underwriter—None.
if Aronoff & Richling, Inc.
27, 1961 filed 108,000 common. Price—By amend¬
ment. Business
Design and manufacture of women's
—
junior sizes. Proceeds—For selling stockholders. Office
—1400 Broadway, N. Y. Underwriter—Carreau & Co.,
Plan, Inc.
June 29, 1961 filed 200,000 common shares.
Price—$6.
Business—The operation of bowling centers. Proceeds
—For expansion.
Office—473 Winter Street, Waltham,
Mass,
•
Underwriter—None.
American
Technical
Machinery
Corp.
Aug. 29, 1961 filed 95,000 common, of which 65,000 are
to be offered by the company and 30,000 by stockholders.
: price
—The manufacture -of
machinery for fabrication of twisted wire brushes.
Proceeds—For equipment, repayment of loans and work¬
ing capital. Office—29-31 Elm Ave., Mt. Vernon, N. Y
—
By amendment. Business
For working capital.
Atlantic
by others. Proceeds—
Office—Central & Hillside Aves^
Highlands, N. J.
Underwriter—None.
Astro-Science
Corp.
Sept. 27, 1961 filed 232,500 common, of which 150,000
are to be offered by the company and 82,500
by stock¬
holders. Price—By amendment.
Business—Design and
manufacture of ground systems and equipment for the
support and servicing of electronic systems, aircraft and
missiles.
Proceed*—Repay debt and increase working
capital. Office—9449 W. Jefferson Blvd., Culver City,
Underwriter—W. C. Langley &
Calif.
Co., N. Y.
Atlantic
Capital Corp.
Aug. 29, 1961 filed 500,000
common. Price—$12.50. Bustness—A small business investment company. Proceeds—For general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Offering—Expected sometime in Jan.
• Atlantic
Improvement Corp. (12/4-8)
Aug. 30, 1961 filed 150,000 common. Price—By amend¬
ment. Business—The development of residential com¬
munities. Proceeds—Repayment of a loan and construc¬
tion, general corporate purposes. Office—521 Fifth Ave.,
N. Y.
Underwriters—Bear, Stearns & Co., and Finkle &
Co., N. Y. (mgrs.).
Atlanta Motor
Lodges, Inc.
filed 150,000 common. Price—$10. Business
—Operation of motels. Proceeds — For expansion and
working capital. Office—120 North Ave., N. W., Atlanta,
Ga. Underwriter
The Robinson-Humphrey Co., Inc.,
Oct. 30, 1961
—
Atlanta, Ga.
t
Atlas Elactronlcs Inc.
Sept. 28, 1961 filed 185,000 common. Price—$2.10. Busi¬
ness—Distribution of electronic components, parts and
equipment. Proceeds—To repay debt,, .purchase inven¬
tory, and increase working capital. Office—7^; JPfeiffer
Blvd., Perth Amboy, N. J. Underwriters—Hay," Falep &
Co. and McLaughlin, Kaufman & Co., N. Y. '/< 1
.
,
Atmospheric Controls, Inc.
("Reg. A") 40,000
Aug. 22, 1961
Price—$3.50.
loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriter—First Investment Planning Co., Wash¬
Prooeeds
—
For
repayment
common.
of
ington, D. C. Offering—Expected in late December.
Ausco,
Inc.
Oct.
12, 1961 filed 110,000 common. Price—$3. Business
—Design, development, and manufacture of high pres¬
sure
aircraft and missile valves. Proceeds—For engi¬
neering, product development, inventories, advertising,
expansion and working capital. Office—17 W. 60th St^
*N. Y. Underwriter—Pearson, Murphy & Co., Inc., N. Y.
Austin Continental
Nov. 14, 1961
Industries* Inc.
filed 103,000 common. Price—$7. Business
specifications of aircraft, guided mis¬
—Manufacture of
siles
and electronic
components, and fastening devices.
fice—4873
W. Armitage Ave., Chicago.
Raymond Moore & Co., Los Angeles..
•
Of¬
Underwriter—
^
.
(12/18-22)
Aug. 29,1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Price—$3.25. Business — Furnishing of photographic
service for the professional market. Proceeds—Working
capital and repayment of loans. Office—525 Lexington
Ave., N. Y. Underwriter—General Economics Corp., N. Y.
Authenticolor, Inc.
Automata
International, inc.
("Reg. A") 300,000 common. Price — $1.
Proceeds—For tooling, equipment and working capital.
Office — 241 S. Robertson Blvd., Beverly Hills, Calif.
Aug. 22, 1961
^
.
..
V
June 12, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Manufacture and sale of "Gift Bookards" de¬
signed to provide simplified gift giving for business and
industry. Proceeds — For advertising, sales promotion,
repayment of loans, working capital and the establish¬
ment of national dealerships. Office—80 Park Ave., N. Y.
Underwriter—J. Laurence & Co., Inc., N. Y.
•
Y.
Offering—Imminent.;
Automated Gift Plan* Inc.
Automated Sports Centers, Inc.
28, 1961 filed 1,750 units, each consisting of one
$400 principal amount debenture (with attached war¬
rants) and 120 common. Price—$1,000 per unit. Business
June
Artlin
tory, machinery, and
American Sports
tronic components manufactured
cisco.
Nov.
N.
110,000 common. Price—$2.
Business—Purchase and distribution of specialized elec¬
Price—$15.
capital.
ington, D. C.
if Astronetics, Inc.
Nov. 21, 1961
("Reg. A")
Underwriter—Pacific Coast Securities Co., San Fran¬
—Manufacture
research. Office—261 Madison Ave.,
N; Y. Underwriter—Charles Plohn & Co., N. Y. Offering
—Expected sometime in January.
share for each two Epsco shares
.Proceeds—For debt repayment and a new product.
filed '80,000
Nov. 28, 1961
to be offered
".
.
shares held of
common
to
writer—Globus, Inc., N. Y. Offering—In January.
;
expenses,
•if American Modular Manufacturing Corp.
-Nov,'27, 1961 filed 200,000 common/ Price—$2.50. Business—Manufacture of a type of component constructed
home." Proceeds—For debt -repayment, equipment, and
»Rark, Fla.
unit of each 200
24 with rights
Nov.14, 1961 filed 200,000 common.
Price—$4.. Busi¬
ness—Company plans to construct and operate refuse
disposal plants. Proceeds—For general corporate pur¬
poses.
Office—1001 N. Central Ave., Phoenix. Under-
Inc.
.
one
expire Dec. 11. Price—
unit. Proceeds—For expansion and working
Office—1270 N. W. 165th St., North Miami
Arizona
<
.
Stockholders
shares.
Products, Inc.
0, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Fabrication, manufacture and assembly < of
glass enclosures for bathtubs. Proceeds—For debt re¬
payment and general corporate purposes. Office—181-14
Jamaica Ave., Jamaica, N. Y. Underwriters—G. Everett
Parks & Co., Inc. and Parker Co., N. Y.
•
/materials, operational
common
being offered
are
Oct.
Price—By amendment. Business—The operation of
"three savings and loan associations, an equipment, auto¬
mobile and truck leasing system and a general contract-.
':ing business. • Proceeds—For leasing program, to in¬
crease holdings in a subsidiary and for working capital.
'Office—3955 Montgomery Rd., Norwood, Ohio. Under¬
writers—Shearson, Hammilf &, Co., N. Y. and Westheimer &.Co., Cincinnati.
ers.,
Aug. 2, -196L filed 1,500,000 class A common shares.
^ Price — $1.15. Business—The manufacture of electronic
components. Proceeds—The .purchase of equipment and
new
products. Proceeds—For repayment of loans
working capital. Office—240 E. Palais Rd., Anaheim,
Calif. Underwriters—Granbery, Marache & Co., N. Y.
and William R. Staats & Co., Los Angeles.
$100 debenture and
Anoroc
to be offered
Devices,
a
Beach, Fla. Underwriters—Ross, Lyon & Co., Inc., and
Globus, Inc;, New York.;/-. >-;V;yy''yfv;/
Financial
Micro
purchase 10
Nov.
capital..
f
American
to
being offered the right to subscribe to the units on
are
Broadway,
The securities
2,921 units each consisting of
warrants
A. Lomasney & Co.^N. Y.
has instituted "stop order" proceedings
.
American
Nov.
Office
1961 filed $292,100 of 6% convertible subordi¬
debentures due 1971 and warrants to purchase
2&!2l0,fcbmmon shares.
Underwriter—Myron
Note—The SEC
Anodyne, Inc.
June 20,
-insurance brokers. Proceeds—For the retirement-^f de¬
N.
Proceeds—For
machinery research, sales "promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter—Amber, Burstein & Co., Inc.,
■
ordinated debentures due 1971; 75,000 shares of common
-
Anchor
Oct./ 27, 1961 • ("Reg. A") 50,000 common. Price—$6.
Business—Purifying, alloying, and fabricating metals as
Price
pany
•
Investment Trust
Estate
3, 1961 filed 163,636 shares of beneficial interests.
Price—$10. Business—Real estate investing. Proceeds—
For purchase of real estate in Florida. Office—1776 E.
ceeds—Repayment of loans, new products, advertising,
working capital and general corporate purposes. Office
the rate of
Real
Oct.
—7 Commercial
American
one
and
30,
of cellulose-"
acetate and other semi-rigid plastic type transparent'
;
Amphicar Corp. of America V''.*•/
containers. Proceeds—For debt repayment and general
June 15, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of amphibious automobiles. Proceeds—■
corporate purposes. Office—27-01 Bridge Plaza N., Long
Island City, N. Y. Underwriter—Diran, Norman & Co.,
To establish a parts depot in Newark, N. J., set up sales
and service organizations, and for working capital and
inc., n. y: :
;-/y -y;;*
general..corporate purposes. Office—660 Madison Ave.,
• American Data
Machines, Inc. (12/5)'
N. Y. Underwriter—J. J. Krieger & Co., N. Y.
Aug. 17, 1961 filed 150,000 common. Price—$4.50. Busi¬
ness—Manufacture
the basis of
held of record Nov. 16 with rights to
electronic
June
per share. Business—Land development,
including the building of an air strip! a marina, and a
housing cooperative. This is the issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
reduction. Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
Note—This statement is expected to be refiled.
v
& Co., N. Y. and Sutro & Co., San Francisco.
Offering—Expected in late December.
on
hold
due
$1). Price—$3
Rhoades
Oct.
sinking fund
shares.
Amity Corp.
17, 1961 filed 88,739 shares of
Loeb,
M.
Astrodata, Inc.
expire Dec. 4, 1961.
Price—$9. Business—The manufacture of electronic data
handling equipment, range timing devices and standard
Jan.
Office—335 Fell
Underwriters—Carl
$151,800 of 6%
debentures
St., N. W., Washington, D. C. Underwriter—None.
19, 1961 filed 141,000 capital shares, of which 30,000
shares are to be offered by the company and 111,000
shares by stockholders.
Price—By amendment. Busi¬
ness—Providing of building maintenance services. Pro¬
St.,
convertible
•
25,300 class B common shares to be offered in units
consisting of three $100 debentures and 50 common
For
Building Maintenance Industries
Oct.
ceeds—For general corporate purposes.
Co., Inc., N. Y. C. (mgr.).
and
Proceeds—For selling
Varick
&
31
Aug. 28, 1961 filed 311,429 capital shares being offered
for subscription by stockholders of Epsco, Jnc., parent,
Nov.
ment.
publishers.
L. Lee
Offering—Imminent.
.
American Book-Stratford Press, Inc.
Oct.
M.
—
(2419)
Mills,
Inc.
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases.
„of
loans
and
Proceeds—For inventory, repayment
capital. Office—1030 Pearl St.,
Burn-
working
J. Underwriter—Mortimer B.
side & Co., Inc., N. Y.
Long Branch,
•
N.
by the company and 120,000 by the stock¬
Price—By amendment.
Business—Manufacture
Proceeds—For plant improve¬
44th St., N. Y.
Underwriter—
of custom made castings.
ment.
Office—321
geles. Note—The company formerly was
named Union
Inc.
("Reg. A") 30,000 common.
Price—$10.
Business—Manufacture of self-instructional
materials
and devices.
Proceeds—For equipment, research and
development and other corporate purposes. Office—1
Automated Teaching Systems,
1961 filed 230,000 common, of which 110,000 are
to be offered
holders.
operation of bowling centers. Proceeds—For re¬
payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy., Norfolk,
Calif. Underwriter—Holton, Henderson & Co., Los An¬
Leagues, Inc. Offering—Imminent.
Arwood Corp.
Nov. 21,
—The
W.
Bear, Stearns & Co., N. Y.
Sept
18, 1961
Continued
Offering—In February.
>••
Vb :K;Vl &V
„
O'"■}
(£ X C- 3-
C0.WC I
bsH
on
page
32
32
Continued from page 31
-
Co., 95 Broad St., N. Y,
•
Pharmaceuticals,
Aveeno
(12/11-15)
Inc.
_
Office
working capital.
—
250 W. 57th St., N, Y.
N. Y,
Underwriter—Laird & Company, Corp.,
BSF Company
June
30,
filed
1961
$2,500,000
for possible acquisi¬
Office—818 Market St., Wilmington, Del.
Under¬
tions.
and
debt
repa>
writer—None.
as
reserve
a
....
„
it Babs,
Inc.
Nov. 27, 1961 filed 150,000 common. Price—$4. Business
—Sale of dairy
products, through -"Dairy Drive-ins."
Proceeds—For debt repayment and working capital. Of¬
fice—32550 Pulaski Dr.,
Underwriter-
Hay ward, Calif.
Securities Co., San Francisco,
Coast
Pacific
v
15, 1961 filed 60,000 common. Price—By amend¬
ment. Business—Development and manufacture of chem¬
Nov.
electrical and mechanical instruments, precision
products and special purpose tools. Proceeds—For sell¬
ing stockholders. Office—200 N. Braddock Ave., Pitts¬
burgh. Underwriter—Arthurs, Lestrange & Co., Pitts¬
ical,
burgh.
•
Harbour
Bal
18, 1961 filed 2,000,000 common. Price—$1. Busi¬
ness—Company will operate a medical examination
center.
Proceeds—For a hotel acquisition and working
Underwriter—J.
•
R. Holt
Barish Associates,
Sept.
1961
1,
("Reg.
Bal Harbour, Fla.
Collins Ave.,
Office—10101
&
Co., Denver.
Inc.
N.
working
Underwriter—Gianis
Y.
&
Price—$4.
common.
development.
Office—224
capital.
N.
Co.,
Y.
38th St.,
Offering—In
E.
Petroleum
River
Corp.
23, 1961 ("Reg. A") 200,000 class B common and
100,000 class A common to be offered in units consisting
one
class A and two class B shares. Price—$3, per
of
refining and marketing of
Proceeds—For debt repayment and other
corporate purposes. Office—8 E. Charleston Blvd., Las
Vegas, Nev. Underwriter—John A. Oja & Associates,
Las Vegas, Nev.
oil
Business—Production,
and
gas.
Barry (R. G.) Corp. (12/11-15)
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of
slippers, robes, cushions, pillows, autoseat covers, and other specialty items. Proceeds—To re¬
pay debt, increase inventory and for other
corporate
purposes. Office—78 E. Chestnut St., Columbus, Ohio.
Underwriter—Arnold Malkan & Co., N. Y.
•
Pharmaceuticals,
(12/18-22)
Inc.
Oct.
Bay State Electronics Corp.
27, 1961 filed 160,000 common.
Oct.
Business—Development
>"
Price—By amend¬
tech¬
niques for use in the fields of oceanography, meteor¬
ology, seismology and ionospheric phenomena. Proceeds
—For product development and
forking capital. Office
—43 Leon St., Boston.
New York.
of
products
Underwriter—S. D. Fuller & Co.,
Offering—Expected in January.
writer—Ehrlich, Irwin & Co., Inc., N. Y.
sound
tems.
equipment and closed circuit television sys¬
Proceeds—For an acquisition, expansion and in¬
ventory,
^Office—552 W.; 53rd St., New York 19, N'./Y:
Underwriter
—
Investment
Planning
Group,
Inc., East
Orange, N. J.
Benjamin
Nov.
ment.
ence
15,
(W. A.), Inc.
1961 filed 50,000 common.
Best
Proceeds—For
working capital.
•2465
Broadway,. N. Y. Underwriter—None.
Berkshire Distributors, Inc.
Office—
14,
1961
filed
100,000
of which 60,000
will be sold for the
company and 40,000 for certain stock¬
holders. Price—By amendment. Business—The
operation
•of eight discount
type department stores in four states.
Proceeds—For the repayment of
debt, and working cap¬
ital. Office—203 Ann
St., Hartford, Conn. Underwriter—
May & Gannon, Boston.
common,
Bernalen, Inc.
Nov. 20, 1961 filed
60,000 common.
porate
purposes.
Office—9821
Foster
Underwriter—Amber, Burstein
Berne of California, Inc**
Oct 27, 1961
("Reg. A") 85,000
Business —r Manufacture of
Ave.,
Busi¬
Brooklyn,
& Co., Inc., N. Y.
u
common.
*
Price—$3.
handbags and related items.
-Proceeds—For debt repayment and
working capital. Of¬
fice—1621 S. San Pedro St.," Los
Angeles. Underwriter
importation
distribution
and
of sporting fire¬
general corporate
Bank Bldg., Ogden,
Proceeds—For construction and
100,000 * purposes. Office — First Security
Utah. Underwriter—Harriman Ripley & Co., Inc., N. Y.
stockholders.'
Price—$3. Business—Manufacture of plastic novelties
Bunding Ventures, Inc.
and party favors. Proceeds—New plant and equipment
Oct. 27, 1961
("Reg. A") 100,000 common. Price—$3.
and
Business—Real estate.
Proceeds—For working capital.
working capital. Office—945 39th St., Brooklyn,
Sept. 26,
1961
filed
125,000
common,
of
N. Y. Underwriter—S. B. Cantor & Co.,
which
Office—309
N. Y.
Vernon,
Burnham
Oct.
St., Islip, N. Y. Underwriter—Albion
Y. Offering—Expected in Jan.
Office—4250 South Produce Plaza,
Underwriter—First Citizeh Corp., Los
dinners
and
filed
baked
it ttixler-Kaynes Chemical Co., Inc.
Nov. 15, 1961 ("Reg. A") 50,000 common to be offered to
stockholders.
Price—$1.50.
Business—Manufacturer of
special type chemicals. Proceeds—For debt repayment
Oct.
Address—Roebuck, S. C.
Under¬
selling stock¬
Water
St., Portland, Me. Underwrit¬
Weeks, N. Y. Offering—In January.
Corp.
tures, imports and distributes artificial flowers. Proceeds
—For repayment of debt and general corporate purposes.
Bloch Brothers Tobacco Co.
Office—111
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
Office—4000
• Block
of canned
30, 1961 filed 70,000 common, of which 40,000 are
to be offered by the company and 30,000 by stockhold¬
ers. Price—By amendment.
Business—Designs, manufac¬
writer—None.
Nov.
Price—By amend¬
foods, frozen
common.
Proceeds—For
beans.
holders. Office—45
er—Hornblower &
working capital.
187,250
Manufacture
—
Angeles.
Burros
Co.
Morrill
&
1961
25,
ment. Business
purposes.
Calif.
Main
Securities Co. Inc., N.
Bio-Zyme Chemical Corp.
Oct. 25, 1961 ("Reg. A") 100,000 common. Price—At par
($2). Business—Production of enzymes, chemicals and
pharmaceuticals. Proceeds—For equipment and general
Water St.,
(H.
R.),
16, 1961
W. 19th St., N. Y. Underwriter—Rodetsky,
Co., Inc., N. Y.,
Walker &
Mount
Burton
Wheeling, W. Va. Un¬
Corp.
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
Inc.
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
("Reg., A")
75,000 common, of which 25,000 shares are to be offered by the company and 50,000
shares by selling stockholders.
Price—$4.
Business—
Preparation of Federal and State income tax returns.
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co., N. Y.
Proceeds—For
Nov.
Kansas
working capital.
City, Mo.
City.
Kansas
Blue Haven
•
Office—3937 Main St.,
Underwriter—George K. Baum & Co.,
Pools
and installation of
debt
Business
swimming pools and equipment. Pro¬
Vose
St.,
Coast
North Hollywood, Calif.
Securities
Co.,
San
Fran¬
cisco. Offering—Expected sometime in January.
Bolar
Pharmaceutical
Oct. 18, 1961
Co.
&
Inc.
("Reg. A") 50,000 class A
common.
—$1.15. Business—The
special
(12/6)
1961
and
distribution
of
dairy,
food and chemical
debt repayment and
corporate purposes. Office — 350 Madison Ave.,
N. Y. Underwriter—Morgan Stanley & Co., N. Y.
products.
Electronics, Inc.
30, 1961 ("Reg. A")
Office—69-18 Roosevelt Ave., Woodside, N. Y.
Boston
Pneumatics,
Inc.
Nov.
13,. 1961 ("Reg. A") 93,500 class A shares of which
85,000 will be sold for the company and 8,500 for the
underwriter.
Price—$2. Business—Fabrication, assem¬
bly and sale of tools powered by compressed air. Pro¬
—365
T.
•
working capital.
Arlington Ave., Brooklyn 8, N. Y.
Co., Inc., N. Y.
Office
Underwriter—
M. Kirsch
—
Bowling Internazionale, Ltd.
filed
tor
200,000 common shares. Price—$5.
or acquisition of a chain
Price—$10.
12014
10%
Investment
Business—Real
Trust
estate
investment.
Office—
Blvd., Lois Angeles. Underwriter—Harnack, Gardner & Co., (same address). Note—This com¬
pany formerly was named California Real Estate
In¬
vestors.
Offering—Imminent.
•
Cambridge Fund of California, Inc. * '
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
ment. Business—General real estate. Proceeds—Debt
re¬
payment and working capital. Office—324 E. Bixby Rd.,
Long Beach, Calif. Underwriter—To be named. Offer¬
Camp Chemical Co.,
Aug/ 25,
1961
«
'
shares and $1,000,-
subordinated debentures due 1966 to be of¬
public sale and 108,365 common shares to be
offered for subscription by stockholders of Brite Uni¬
filed
Inc.
capital
110,000
shares....
Price—$3.
Business—Manufacture of sanitation chemicals. Proceeds
Advertising, additional sales personnel, inventories and
accounts
receivable.
Office—Second
Brooklyn.
Underwriter
Offering—Imminent.
Campbell-Lurie
—
Russell
Plastics,
Ave., and 13th St.,
Saxe, Inc., N. Yi
&
Inc.
Oct. 27, 1961 filed 574,250 common, of which 500,000 are
to be offered by the company and 74,250 by a stock¬
holder. Price—$2.50. Business—Company is
engaged in
the
fered for
Estate
Wilshire
Proceeds—For
bowling centers principally in Italy, and for expansion
and working capital. Office—80 Wall St., New York.
Underwriters—V. S. Wickett & Co., and Thomas, Wil¬
liam, & Lee, Inc., New York City.
000 of
Real
Aug. 17, 1961 filed 1,000,000 shares of beneficial interest.
~
of
common
and
Co., N. Y.
California
Proceeds—For the construction
• Brite
Universal, Inc.
July 31, 1961 filed 100,000
industrial
tional works. Proceeds—For general corporate purposes.
Office—339 W. 51st St., N. Y. Underwriter—S. B. Can¬
•
30, 1961 filed 80,000 common, of which 40,000 are
to be offered by the company and 40,000 by a stock¬
holder. Price—By amendment. Business—Manufactures,
processes and supplies powders, syrups, flavorings, etc.,
to food industry. Proceeds—For repayment of debt and
working capital. Office—679 N. Orleans St., Chicago, 111.
Underwriter
Cruttenden, Podesta & Co., Chicago.
Offering—Expected sometime in late January.
1961
for
systems
on
ing—Expected sometime in January.
Bowey's, Inc.
30,
handling
based
Publishing Corp.
27, 1961 filed 137,500 capital shares.
Price—$5.
Business—Publishing of text books and general educa¬
Aug.
100,000 common. Price—$3.
Business—The distribution of electronic products manu¬
factured by others. Proceeds—For inventory,
of loans.
use
Oct.
(12/4-8)
Underwriter—McLaughlin, Kaufman & Co., N. Y.
Pries
which began operations
Caldwell
Proceeds—Construction,
Boro
company
company-owned patents. Pro¬
ceeds—For
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C.
filed $50,000,000 of sinking fund deben¬
tures due 1991. Price—By amendment. Business—Manu¬
facture
material
commercial
Co.
—
v
in 1954, is engaged in the research and development of
New York.
16,
•
,
Carriers, Inc.
March 23. 1961 filed 196,109 shares of capital stock.
Business—Compounds, manufactures and packages
private label drugs and vitamins. Proceeds—For an ac¬
quisition and equipment.
Office—54 McKibben St.,
Brooklyn, N. Y. Underwriter—Natale, Miller & Co., Inc.,
Borden
Funding Corp.
Co., Inc., N. Y.
Cable
Price—
$2.
Nov.
Growth
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business concerns, purchase
of machinery for lease, and the providing of manage¬
ment counseling. Proceeds—For working capital. Office
—527 Lexington Ave., N. Y. Underwriter—Morton Klein
repayment and general corporate pur¬
Office—11933
Co.
buildings, piers and railroad facilities.
Proceeds—For
working capital. Office—48 43rd St., Brooklyn, N. Y.
Underwriter—None. Offering—Expected in late Dec.
1, 1961 ("Reg. A") 75,000 capital shares, of which
40,000 are to be offered by the company and 35,000 by
stockholders. Price—$4. Business—Design, construction
ceeds—For
Bush Terminal
7, 1961 filed 92,320 common to be offered to stock¬
holders
on
a
l-for-10
basis.
Price—By amendment.
Business—Operation
of
warehouses,
manufacturing
Nov.
June
Price—$2,625.
ness—Design and manufacture of photographic process¬
ing and control equipment. Proceeds—For general cor¬
N. Y.
Proceeds
.
opment,
arms.
Plastics Corp.
Oct.
-
Sept.
accessories.
wear
the
of
a
.
Co.,
&
v
.
Price—$6. Business
if Browning Arms Co.
Nov. 27,
1961 filed 368,700 common, of which 150,000
are
to be offered by the company and 218,700 by the
stockholders.
Price—By amendment. Business—Devel¬
Beverly Hills, Calif, and Rittmaster, Voisin & Co., N. Y.
ceeds—For debt repayment and
Price—By amend¬
Business—Publication of scientific texts and refer¬
books.
Bell
:
10% preferred stock, repayment
loan, expansion and working capital. Office—720
Fifth Ave., N. Y. Underwriter—A. J. Gabriel & Co., Inc.,
N. Y.
:
7'• ':V;.
shares,' Price—By
Underwriters—Kleiner,
men's
of
Manufacture
of
equipment,
advertising, promotion, working capital and repayment
(12/4-8)
Aug. 29, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—The manufacture of television antenna, music
and
Calif.
(12/11-15)
Ltd.
—Redemption
other
.
Television, Inc.
Bronzini,
Aug. 23, 1961 filed 125,000 common.
Business—A holding company whose sub¬
operate jewelry and photography departments
in discount department stores.
Proceeds—For debt re¬
payment and expansion.
Office—1328 Washington St.,
Oakland,
Lexington
writer—None.
garden
sidiaries
and
Bel-Acre Products, Inc. (12/14)
Sept. 22, 1961 ("Reg. A") 75,000 common.
Price—$4.
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile
Rd., Southfield, Mich. Under¬
Bell
Enterprises, Inc.
1961 filed 150,000 capital
27,
Underwriter—Pacific
Aug. 25, 1961 ("Reg. A") 150,000 class A conimon. Price
—$2. Proceeds—For packaging, advertising; repayment
of loans and working capital.
Office — 4621. Ponce de
Leon Blvd., Coral Gables, Fla.
Underwriter — Edward
Hindley & Co., N. Y. C.
ment.
cylinders,
steel
Proceeds—For debt re¬
amendment.
poses.
Barry-Martin
.....
•
propane-filled
derwriter—Fulton, Reid & Co., Inc., Cleveland.
Oct.
unit.
Besco
holders.
Barren
small
finance business in N. Y., N. J.,
Ave., N. Y. C. Under¬
a consumer
Office—441
Pa.
and
and general corporate purposes.
Office—740
Driving Park Ave., Rochester, N. Y. Underwriter—Rey¬
nolds & Co., Inc., N. Y.
/
j
Pro¬
January.
*
of
operation of
payment
and
A") '50,000
Business—Aeronautical research and
ceeds—For
facture
sprinklers and hose accessories.
corporate
Inc.
Service,
Diagnostic
Oct.
capital.
Co., Inc.
will be sold by the company and 25,000 by
Instrument Co.
Industrial
Bacharach
30, with rights to expire Dec. 13. Price—For the
stocks—$5; for the debentures—at par. Business—The
Nov.
16, 1961 filed 150,000 class A shares, of which 100,000 are to be offered by the company and 50,000 by
stockholders.
Price—By amendment. Business—Manu¬
convertible sub¬
of 5%
1966. Price—At par. Proceeds
ordinated debentures due
—to
(Otto)
shares for each class A and class B shares
Oct.
Sept. 27, 1961 filed 125,000 common. Price — $8. Busi¬
ness
Development and sale of pharmaceutical prod¬
ucts. Proceeds — For sales promotion, new products
and
Coast Securities Co., San Francisco. Offering
—Expected sometime in January.
Bernz
Thursday, November 30, 1961
.
versal, Inc, (N. Y.) parent company, on the basis of 2%
held of record
—Pacific
St., N. Y. Underwriter—Arthur J. Rosenwasser
"W. 58th
Chronicle
The Commercial and Financial
(2420)
plastic business
debt
as
a
converter
repayment
of
raw
materials.
and
working capital.
Highway Ave., Jacksonville, Fla. Under¬
writer—Florida Growth Securities, Inc., Jacksonville.
Office—5440
Campus Casuals of California
(12/11-15)
-"Oct." 11, 1961 filed 140,000
common:IPrice—By amend¬
ment. Business—Manufactures ladies'
apparel. Proceeds
—For
selling stockholders. Office—719 S. Los Angeles
St., Los Angeles, Calif. Underwriter—William R. Staats
& Co., Los Angeles.;
'
Volume
Canbowl
194
Number 6112
Centers
.
.
The Commercial and Financial
.
Ltd.
share for each four American shares held.
Business—The operation of
Price—$5.50.
bowling centers. Proceeds—
Cement Co., Ltd.
18, 1961 filed 272,000 American Depositary Shares,
each share representing one ordinary share. Price—By
Oct.
amendment. Business—Manufacture of cement. Proceeds
—For
working capital and the construction and operation
of bowling centers. Office—100 Wilder
Bldg., Rochester,
N. Y. Underwriter—None.
Cap & Gown Co.
21,
(12/5)
192,400
class
A
of which
common,
125,500 are to be offered by the company and 66,000 by
stockholders. Price—By amendment. Business—Manu¬
facture, rental, and sale of graduation caps, gowns, choir
robes and related apparel.
Proceeds—Plant expansion,
repayment of debt and other corporate purposes. Office
—100 N. Market St., Champaign, 111. Underwriter—Kid¬
der, Peabody & Co., Inc., N. Y. •
.
June
common
warrants, 20 cents. Business—The manufacture of
X-ray film processing machines. Proceeds—For repay¬
ment of loans and
working capital. Office—4206 Wheeler
Ave., Alexandria, Va. Underwriter—None. 7 77'
Captain's Corp.
Oct.
11, 1961
("Reg. A")
Business—General real
65,000
estate;
Price—$3.30.
common.
Proceeds—For
debt
re¬
payment and general corporate purposes. Office—6945
Nicollet
Ave.,
Minneapolis.
Underwriters—Irving J.
Rice &
Co., Inc., St. Paul; R. J. Steichen & Co., Minne¬
apolis; Bardon Higgins & Co., Inc., Duluth, and C. D.
Mahoney & Co., Inc., Minneapolis.
Card
Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price
$5. Proceeds — For research and development,
advertising equipment and working capital. Office—923
—
S.
Fernando
San
writer
Boulevard,
Burbank,
Calif.
Rutner, Jackson & Gray, Inc.,
Offering—Expected in early February.
Under¬
Los Angeles.
—
December 1
Kratter
i Carolinas Capital Corp.
Office—12,00 North Carolina
Charlotte; N. C. Underwriter—R.
Co., Charlotte; /v;7:;77:7-.
purposes.
Bldg.,
Cary Chemicals, Inc. 7\/77/': v^77'77 7*7.777
Sept. 27, 1961 filed 1,031,939 common to be offered for
subscription by common stockholders and holders of
;/
convertible
securities
each two held.
the
at
Corp^-—_.Debentures
December
4
;
$100,000,000"
•'
•;
Underwriters—Lee
J.
Brooks &
Co., N. Y.
Higginson Llqrp.,
Aerological
%,
&
Co.,
Research,
Inc.)
Inc.
filed 350.000 capital shares. Price — $7.
of plastics, marble and ceramics
packaging and building indsutries. Proceeds—
For expansion, leasehold improvements, repayment of
loans and, other corporate purposes.
Office—250 Vree-
Aug. 21, 1961
for
the
land Ave., Paterson,
N. J. Underwriter—Foundation Se¬
curities, Inc., N. Y.
Catamount,
(12/4-8)
Inc.
Co., Inc.-and Stanley Heller & Co.)
&
Inc.__.____,
Photo-Animation, Inc.
D.
Fuller
Co.); 150,000
&
Stearns
(Bear,
<te
Co.
Television,
Boro
f*
150,000
Co.)
(McLaughlin,
(Gianis
Cole
Co.,
&
Inc.)
Swift
'
Coyle's Voting Machine Co
Co.)
(Candee
&
Central American
Mining & Oil, Inc.
30, 1961 filed 494,250 common. Price—$5. Business
—Exploration for oil, gas and other minerals. Proceeds
—For general corporate purposes. Office—Edificio Banco
Atlantida, Tegucigalpa, D. C., Honduras. Underwriter—
Oct.
None.
7,7,;,
■/
eral
&
Co.)
Securities
Certified
Industries, Inc.
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
nated debentures due 1976 with attached warrants to
purchase 15,000 class A shares to be offered in units (of
one
for
$250 debenture and a warrant to purchase 5 shares)
subscription by holders of class A and class B shares
at the
of
rate
per
L.
Capas
(Francis
Varicraft
Weld
Industries,
(Mayo
Wide
World
Common
Common
Dale
(Fraser & Co.)
5
Electronics
Discovery
I
I
$3,000,000
Corp
(Globus.
Inc.)
..Common
(Ezra
Homes
Co.)
Kureen
(Kidder,
$260,000
Common
Inc
(Globus, Inc.,
Ross Lyon
and
$450,000
Inc.)
& Co.,
I
^
Houston
"i "V
(General Securities Co.,
Bennett Stores, Inc
Flovd
(Goodkind,
General
•Ai
Forms,
$700,000 ''
Inc.)
Co., Inc.
100,000 shares
Inc
Richter
and
&
192,400
Co.)
shares
stockholders—underwritten
Brothers
Lehman
Allen
and
Johnson
Blyth
by
Co.)
&
Co.)
Super Valu
Co.,
Inc./
shares
/
,
115,000
Coast
December 6
Common
Happy House,
Inc
(No
■
Hygiene
Securities
(Milton
D.
50,000
Inc.)
and J. M. Dain & Co.,
shares
Common
Blauner
Co.)
&
$1,000,000
J
Jayark
Gruber
L.
Drug
Co.)
shares
72,000
Co.)
Monmouth, Electric
Podesta
Co.)
140,000
and
Common
Spear,
Leeds
Odzer
(Harry
Co.,
(Edward
Lewis
Corp.
(Sade
Nalley's,
Inc.
Co.,
&
Co.,
Orbit Industries, Inc
(Hodgdon
Pacific Nutrient &
(N.
'•A***
Inc.)
210,000
Enterprises,
.Tanny
Securities
Co.,
Corp.)
.Common
$1,250,000
Co...—r
A. Hart & Co., Inc.)
7
Common
Duffy-Mott
Common
Wards
$400,000 '
.
"7"
Co.,
(Kidder,
*
Co.,
Inc
Co.)
(Stein Eros.
200,000
&
Boyce)
Common
364,000 shares
Common
951,799 shares
Common
Common
Common
$1,500,000
Co.)
&
-Units
Corp.
Finance
Eastern
Corp.)
$600,000
.
(L.
Martin
D.
Sherman
Industries
(Bernard
Yale
&
Co.)
$300,000
Common
Corp
Kahn
M.
'
Common
Research Laboratories, Inc.—
Marlene
Co.,
&
Inc.)
$1,575,000
Units
Business Machines Corp
$350,000
(Richard Bruce & Co., Inc.)
Common
Metrodynamics Corp.
(First
/
Corp.)
$110,000
Common
L. Rossman & Co.)
Feed
(Wilson,
.
Philadelphia
Elliette, Inc.—
Mon-Dak
shares
110,000 shares
125,000 shares
—
Plohn
(Charles
Major
Inc
Industries,
(F.
—Common
Inc.—
Inc.) 122,980 shares
-
& Co.)
S. Dickson
$400,000
Common
Manufacturing Co
Fund, Inc
•
—
&
Common
Lane, Space Corp.)
and Johnson,
(Dempsey-Tegeler & Co., Inc.)
Mann
>
$600,000
Inc.)
Inc
Soffa
("r.
,
(Thursday)
Peabody
Common
Common
Carlsen,
&
(Horizon Management Corp.)
Miss
December
Inc.). $500,000
Chemical
V
.
Inc
Inc.)
& Co.) $5,000,000
120,000 shares
Inc.-
Inc.
Lance
shares
:
<fc
Underhill
and
(Globus,
Common
—
(Blyth
Common
33,334 shares
Inc.
;
Vic
Common
_______
& Co. )
Common
$500,000
Inc.)
$300,000,-,
Charge Plan and Northern
Acceptance
Witter & Co.) $5,500,000
Bruno-Lenchner,
$279,130
Co.)
&
—Debentures
(Manhattan
California—Debens.
of
Supply Co
$1,200,000
NAC
Bonds
Inc
and
Co.
National Hospital
Kellogg)
&
Corp.
Co.
&
&
Macoid
150,000 shares
$25,000,000
EST)
a.m.
and Dean
& Co.
Meehan-Tooker
Common
shares
Co., Inc..
Co.
11
Financial
Weld
(White,
i,
<fe
&
(Bids
Gibraltar
$450,000
Corp
(Estabrook
Shops,
Blair
Common
Inc
shares
Units
Bailey
Demos,
Ludwig Engineering & Science
Telephone Co. of California
-General
Common
Investment
H
Lincoln
$50,000,000
(Shearson, HammilU& Co.)
Common
Securities
Coast
Bellows
(Cruttenden,
100,000
Co., Inc
(Stevens
Metal
Inc.)
Corp.__
Films
(Pacific
L.
Plus,
—Class A
Co.,
&
Foods
$200,000
Co.)
&
Ehli.
Industries,
Kenwin
Debentures
Stanley
(Morgan
Common
50,000 shares '
Corp
(Marron, Sloss & Co.,
Co.
Borden
..Common
Common
$350,000
Inc.)
Saxe,
Pierce, Fenner & Smith Inc.)
(Currier
(D.
.Common
Co.)
&
(L. F. Rothschild & Co..)
(Wednesday)
Kureen
Common
$250,000
Inc.)
Co..
Alstyne, Noel & Co. and Johnston, Lemon
Kendall
$6,000,000
Trophies Corp
(Ezra
$700,000
Inc
Hygrade Packaging Corp
(P.
Ace
shares
—
underwriting)
Industries
I
Co.)
(Van
Kulicke
$300,000
Properties
(Pacific
Common
High Temperature Materials, Inc.—r_,
Co.__Com.
Common
'
$325,000
$129,600
Co.)
Janis
W.
Research
(Wilson,
&
583,334
Stores, Inc
(White, Weld & Co., Inc.
....Common
Higgins)
&
Common
Inc.)
& Co.1,
Arrin
Development Corp
Hartfield Stores, Inc
(Equity Securities Co. and Guardian Securities Corp., Miami)
Growth
'•i*
&
Units
Co.) $550,000
Corp.
General
Common
(Wilson,
-
.___
Peabody
•—Units
units
Corp
Paint
&
and L. C. Wegard &
(Russell
(Merrill Lynch,
Class A
Southwestern Research & Development
<-
Common
Jordon
'
•
•
■v.-.-
Neufeld,
Fram
$675,000
Corp.
to
(Offering
:
^Fleetwood Securities Corp. of America.-Commons
>
Common
Co.)
&
$1,000,000
36,000
Co.)
&
Family Circle Associates, Inc
Machines, Inc
Bomback
Common
$360,000
EMAC Data Processing Corp
(Tuesday)
(Golkin,
shares
147,000
Beane)
&
Chemical
(James
Common
$520,000
Cap & Gown Co
Class A
140.000 shares
Plan—
Singer
(Theodore
$150,000
Empire Precision Components, Inc
Fashion
American Data
Common
Systems, Inc
•
and Morris Cohon & Co.)
& Co.)
Williston
R.
Charge
$350,000
December
$750,000
Inc.)
Staats & Co.)
Becker
(M.
Diversified Small Business Investment Corp._Com.
(Lieberbaum & Co.
Common
Dero Research &
$270,000
Bowling Enterprises, Inc
,
Common
$500,000
of California
(Armstrong & Co.
194,000 shares
Inc.)
shares
125,000
Gabriel & Co.,
(Troster,
.Common
Co.,
Common
Inc
Corp.)
Co.,
$750,000
Corp.—
G.
(J.
Community
Common
Inc
&
&
•
Common
and Hardy & Hardy)
Inc.
Commonwealth Theatres of Puerto Rico, Inc._Com.
*
$500,000
Co.)
&
$250,000
Wide, Inc
J.
(A.
Production, Inc
(White,
and Hardy & Hardy)
Inc.
Co.,
Ltd.
Consolidated
Valley Gas
Debentures
Wide, Inc.—
Commerce Clearing House, Inc
(Dillon, Read & Co., Inc.)
...Common
Co.)
&
Common
$320,000
Citizens Life Insurance Co. of New York—Common
shares
240,000
*
shares
200.000
Inc.)
Co.,
&
Pharmaceuticals,
(A.
34
-Common
—
Barnes
&
(R. G.)
Bronzini,
shares
230,000
Co.)
Industries, Inc
Star World
page
Common
#.
&
duf Pont & Co.)
I.
(William. R.
$300,000
Co.)
Becker
G.
Corp._L„
Campus Casuals
Common
Co.)
«...
(A.
Master
on
(Monday)
Corp.
(Arnold Malkan & Co.)
$600,000
&
Continued
-
(Laird
.Common
Securities
Union
50 shares held. Price—
unit for each
one
unit. Business—Production of concrete for con¬
struction purposes. Proceeds—For expansion, equipment
and working capital. Office—344 Duffy Ave., Hicksville,
N. Y. Underwriter—Singer, Bean & Mackie, Inc., N. Y.
$250
Barry
shares
225,000
Corp.)
'/'
12th St., Erie,
corporate purposes. Office—4506 W.
(Alessandrini & Co.,
shares
200,000
Co.)
7/7s>7''/.'V.
Underwriter—Sandkuhl & Co., Inc., N. Y.
Pa.
(Alessandrini
v
./ 7;
^ Century Brick Corp. of America
Nov. 9, 1961 ("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Company has developed a process for producing
simulated brick facing for buildings. Proceeds—For gen¬
(David
..Common
(Stearns
"
75,000 shares
Co.)
....
Corp. of Delaware
Class A
underwriting)
St., Chicago. Underwriter—HornWeeks, N. Y. Offering—Expected in January.
Aveeno
Inc
Homes
Common
Crossway Motor Hotels, Inc
industry.
blower &
All
shares
of
products for the con¬
Proceeds—For selling stockholders.
All Star World
& .Co.)
Blair
Industries, Inc
(D.
$147,500
Co.)
William
Price—By amend¬
common.
Office—5601 W. 26th
Albert Voigt
•
shares
100.000
and
Inc.
Witter
Dillon,
Debentures
Creative Electronics, Inc
(No
Homes,
Val-U
$5,052,700
Kemper &
Inc.)
Thermionix Industries Corp
&
18,000
Business—Manufacture
struction
V,
shares
300,000
Union Securities &
Growth
(Eastman
shares
Hardy
ment.
Products Corp.
filed
1961
;
"
$676,500
Corp.
Common
115,000
Steel
13,
Air
Common
(Dean
$195,000
Continental Vending Machine Corp
(Offering to stockholders—underwritten by
(John A.
Shoe
Southern
-Common
Blosser & McDowell)
Co.,
&
Dillon,
(Eastman
Shaer
$30,000
Inc.)
Co., Inc
Ceco
Nov.
Common
Co., Inc.)
Co.,
&
(Capital
Vending Industries, Inc
(Straus,
J
Debentures
Peterson,
&
$187,500
Corp.)
Corp.
$300,000
.
(Kennedy
-
Childcraft1 Equipment
ing—Expected sometime in January.
Common
Weld
$300,000
Common
Kaufmann Co.)
Inc.
Catamount,
shares
&
150,040
Sel-Rex
Common
Inc.)
Electronics, Inc
V
r-:
&
Group,
e
December 11
Common
Share
&
Corp.
(White,
'
Common
Finkle
and
Planning
Manufacture of specialized raidos and phono¬
Proceeds—New products, equipment and work¬
Office—66-02 Austin St., Forest Hills, N.Y.
Underwriter—General Securities Co., Inc., N. Y. Offer¬
ing capital.
Science Research Associates, Inc.—.——Common
>
Inc
(Investment
Malkan
(Blyth
.•»+.
Atlantic Improvement Corp
Bell
Rantec
___Common
shares
Corp.)
I., Inc
Bond
Corp.
Price—$5. Busi¬
common.
—
Common
Philadelphia
(Continental
(Arnold
Common
$350,000
27, 1961 ("Reg. A")60,000
AMT
137,500 shares
Pyrometer Co. of America, Inc
.Common
Alpine Geophysical Associates, Inc
W.
P.
Business—Production
(First
$400,000
(A.D. Gilhart& .Co.$ Inc.-)
.
and
Offering—Late December.
(mgr.).
Casavan Industries,
•
(Monday)
(Roth
Vv
Business—Man-,
copolymer resins,
polyvinyl chloride compounds, and polyvinyl chloride
sheeting and laminates and polyethylene .film. Proceeds
—For expansion.
Office—Ryders Lag^^T^Brunswick,
-
Aero Electronic Products Co._
-
share for
new
one
Price—By amendment.
Product Research of R.
7
of
rate
ufacture of vinyl chloride polymer and
N.
Cavalier Radio & Electronics
Oct.
Address—Egre-
Kennedy & Peterson, Inc.,
Proceeds—Gen¬
women.
Nov. 22, 1961 filed 500,000 common. Price—$10. Business
—A small business investment company. Proceeds—For
(Fialkov
underwriting)
for
Pakco Management & Development Co...Common
((Woodcock, Moyer, Fricke & French, Inc.) $3,410,000
Paramount Foam Industries
Common
(Friday)
(Offering...to stockholders—no
•
shoes
corporate purposes. Office — 253 S. W. 8th St.,
Miami, Fla. Underwriter—Robert L. Ferman & Co., Inc.,
Miami. Offering—Expected sometime in January,
Bank
ski resort.
a
—
Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
1, 1976, to be offered in units of $500. Price — At par.
NEW ISSUE CALENDAR
.
made
custom
mont, Mass. Underwriter
Hartford, Conn.
33
graphs.
eral
S. Dickson &
for
A
of
Proceeds—For operation of
ness
filed 149,794 common, of which 146,667
will be sold by the company and 3,127 by a stockholder.
Price—$6. Business—Design, manufacture and distribu¬
general corporate
1961 filed 165,000 common shares and 75,000
stock purchase warrants. Price—For stock,
$2;
28,
Office—Kingston, Jamaica.
1961
18,
National
Capitol Research Industries, Inc.
-
.
stockholders.
Caribbean Shoe Corp.
Oct.
tion
1961 filed
selling
Underwriter—Paribas Corp., N. Y.
For
•
(2421)
Caribbean
1961 filed 131,500 common shares to be offered
for subscription by stockholders of American
Bowling
Enterprises, Inc., parent company, on the basis of one
Aug. 4
Sept.
Chronicle
Lot,
Ehli,
Inc
Demos,
;
100,000 shares
Bailey- & Co.)
$450,000
Continued
on
page
34
34 '
fro
(2422)
The Commercial and Financial
Chronicle
Continued from page 33
Price—By amendment. Business—The writing of or¬
dinary life, group life and group credit life insurance.
'
Challenger Products, Inc.
June 30, iy61 filed 125,000 common shares. Price—$5.
Proceeds—For the repayment of debt, purchase of new
equipment, and working capital. Office—2934 Smallman
St., Pittsburgh, Pa. Underwriter—Arthurs, Lestrange &
Co., Pittsburgh. Offering—Expected in early December.
Chandler
Leasing Corp.
Sept. 26, 1961 filed 143,000 common. Price—By amend¬
ment. Business—Leasing of equipment. Proceeds—For
the purchase of 20 class A common shares from a direc¬
tor, and working capital. Office—17 Dunster St., Cam¬
bridge, Mass. Underwriter—G. H. Walker & Co., N. Y.
!
A
u:
h
hi
Electronic Laboratories, Inc.
common.
Price—By amend¬
Chester
4,
■it
ment.
Business—Manufacture
in
•»
#1
electronic
of
teaching
cational
Builders, Inc.
1961 filed 50,000 shares of common stock, series
Price—$5.50 per share. Business—A closed-end diver¬
sified
liH
management investment company. Proceeds—For
investment.
hi
Office—501
Bailey Ave., Fort Worth, Tex.
Management, Inc., Fort Worth.
Distributor—Associates
> i;
>i:
m.
;))♦§
'Ki
h.
M
vM
h'
Cineque Colorfilm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The production of slides and color film
strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
•
;•({
i't®
Citizens
Life
Ins. Co. of New York
(12/11-15)
July 3, 1961 filed 1,000,000
.
and
Altman
ber
or
development and working capital. Office—
St., Rocky Ford, Colo. Underwriter
Stone,
Co., Inc., Denver. Offering—In late Decem¬
early January.
;
* y •
:
&
Colby (Jane), Inc.
19, 1961 filed 105,000
Oct.
are
to, be
Cole Vending
Industries, Inc. (12/4-8)
Aug. 28, 1961 filed 115,000 common; Price—$5. Business
—The manufacture, sale and
servicing of vending ma¬
chines. Proceeds—For
working capital. Office—560 W.
Lake St., Chicago.
Underwriter—Straus, Blosser & Mc¬
Chicago
Coleco
(mgr.).
1 :
v-,
v-
Hi
and
bhfW molded plastic house¬
Proceeds—To purchase/machinery,
expand facil¬
increase working capital. Office—•
Columbus, O. Underwriter—W. E.
Co., Cincinnati, > > - ayyy
y
.
repay debt, and
W. Mound St.,
&
E. Pacific
general
corporate purposes.
Office—5310
Place, Denver. Underwriter—None.
Commerce
>\
Inc.
(12/11-15)
Price—By amend¬
ment.
Business—Creation and production of topical
law reports.
Proceeds—For selling stockholders. Office
House,
Clearing
Nov. 9, 1961 filed 360,000 common.
—4025
Read
W.
Peterson. Ave., Chicago. Underwriter—Dillon,
Inc., N. Y.
& Co.
Commonwealth Edison
50,000
55,000
•
Dowell,
■
Business—Design
amendment.
it Comcor, Inc. I'lyy;:'
-.'.-v■ "mm'•V.• ''
'^yiy
Nov. 16, 1961 ("Reg. A") 60,000 common. Price — $5.
Business—Manufacture of electronic analog computers!
i.
common,-of which
by the company and
offered
Price—By
Proceeds—For
shares. Price—$1.50.
Business -— The manufacture of
farm and industrial
equipment. Proceeds—For materials and
inventory, re¬
common
Nov.
17, 1961
filed
Co.
(12/13)
'
$40,000,000 of sinking
fund deben¬
1, 2011, Proceeds—For redemption of all
400,000 outstanding 4.64% cumulative preferred shares
($100 par). Office—72 West Adams St., Chicago. Under¬
tures due Dec.
writers—(Competitive). Probable bidders: First Boston
Corp.; Halsey, Stuart & Co. Inc.; Glore, Forgan & Co.
Bids—Expected Dec. 13 at 9:30 a.m. (CST).
y
it Commonwealth Realty Trust
22, 1961 filed 430,556 shares. Price—$10.
Nov.
Business
investment trust: Proceeds—For general
corporate purposes. Office—8201 Fenton Road, Philadel¬
—A real estate
phia. Underwriters—Woodcock, Moyer, Fricke & French,
Inc., and Gerstley, Sunstein & Co., Philadelphia;
•
Industries, Inc.
Sept. 26, 1961 filed 120,000 common, of which
shares will be offered by the
company and
12,000
108,000 by
stockholders.
Sept. 8, 1961 filed 147,000 common, of which 100,000 will
be sold by the company and
47,000 by a stockholder.
Jj
ly^-y ,*?,
shares by stockholders. Price—-$10. Business—Manufac¬
ture of women's apparel. Proceeds—For
general corpo¬
rate purposes.
Office—113 Fourth Ave., N. Y.
Under¬
writer—Meade & Co., N. Y.
Offering—Expected in Jan.
2.
.1/
r;y::
& Son, Inc.
St., N. Y.
Feb. 6,
i
"
^
(Francis H.)
shares
Church
■i&i
!
Hutton
1625
the
Proceeds—For
Underwriter—Gianis & Co., Inc., N. Y.
wares.
"
163,600 common, of which 100,000
by the company and 63,600 by stock¬
filed
offered
manufacture of injection and
purpose of revitalizing downtown St.
Louis.
Pro¬
ceeds—For acquisition of land, construction of
a stadium
and related facilities.
Office—407 N, 8th St., St. Louis.
Clute
1961
be
holders.
—
equipment for children of nursery school age.
working capital.
Office—155
E. 23rd
22,
to
ities,
1303 Elm
Equipment Co., Inc. (12/4-8)
20, 1961 ("Reg. A") 65,000 common. Price—$3.
Business—Design, development and marketing of edu¬
Nov.
Redevelopment Corp.
Underwriter—None.j.:-
Thursday, November 30, 1961
.
it Columbus Plastic Products, Inc.
G.
consisting of 1% of stock and 99% of debentures. Price
—By amendment. Business—Company was formed for
search
Oct.
I/1
producing securi¬
Co., N. Y. (mgr.).
Civic Center
.
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬
derwriter—Cooley & Co., Hartford, Conn,
Nov. 13, 1961 filed
$21,780,000 of income debentures due
1995 and 220,000 common
shares to be offered in units
&
Childcraft
:hl
income
are
equipment. Proceeds—For acquisition of a plant and
equipment, debt repayment, new products and working
capital. Address—Chester, Conn. Underwriter—Putnam
Co., Hartford. Offering—Expected in December.
in
Lane, N. Y. Underwriter—A.
Becker &
Sept. 27, 1961 filed 100,000
>#•
'
Proceeds—For investment
ties. Office—33 Maiden
.
Price—By amendment. Business—Manu¬
factures plastic toys, play
pools, toy boats and houses,
and games. Proceeds—For
plant expansion and working
•
Commonwealth Theatres of
Puerto
Rico, Inc.
(12/11-15)
July 28, 19661 filed 100,000
common, of which 50,000 are
by the company and 50,000 by stockhold^
Price—$10. Business—Operation of a chain of the-
be offered
to
ers.
>11
III.
.1)1
Continued from page 33
Ij
Old
Inc
(L'AlV(f, hissell
Orion - Electronics Corp
jl
Uii
I'
b
v
ui
'h
(A.
(Paine,
Personal
Webber.
Jackson
(Dempsey-Tegeler
>/*!
Plymouth
ill-: ■
Discount
{(
(M.
(t; 1
Curtis)
&
&
Inc.)
uo.,
Posey Associates,
Ltd.)
December
shares
Marks
(Ross,
(J.
;•
R.
Williston
&
Beane)
$1,100,000
pi.
Higginson
Corp.)
100,000
*
\tk
$1,675,800
.....
.
Rocket
7
.
I?
Power,
(Ira
Haupt
200,000
shares
Corp
Co.)
&
^...Common
Curtis)
.
„
>
Inc._l-;_______L_.
(Paine,.. Webber. Jackson &
Savin Business. Machines
=
-
(C.
E.
Southern
,,
Susan
&
Co.)
125,000
shares
-
Co.
&
(C.
Tower
E.
and
Lee
Higginson
E.
8,280
Unterberg, Towbin Co.)
p
h
I'iV
Forge
Co.)
Securities
A.
(Drexel
'United States
Inc.)
-
&
&_ Co.)
Co.)
(Adams
Forge
&
Peck)
Products,
Eastern
(Woodcock,
(Lehman
Brothers)
k
Fifth
Tennessee Gas
(Stone
1k
&
Common
Transmission
Illinois
(White, Weld
ife
(White, Weld
.
.
&
"
December
s
Co., Inc.
7
13
Kelly
Co
(Blyth
Co.,
Pulp Processes Corp....
(Wilson,
Johnson
&
Higgins)
&
Inc.)
&
Common
\.
Common
Co.)
&
$300,000
Class A
&
Co.)
$300,000 "4
Inc
Carlsen,
Capital
Inc.)
$300,000
Inc..
Common
Liederman & Co., Inc.)
Securities
December
$530,000
*7
Corp.)
Common
300,000 shares
'•
•
20' (Wednesday)
Rubber & Fibre Chemical Corp....
December 22
&
Co.,
Inc.)
.Common
$600,000
(Friday)
Wulpa Parking Systems, Inc
Corp.)
Interstate
Debens.
(Offering
*
150,000
Inc.)
and
H.
shares
.
Library,
Univend
Corp.
;
Common
shares
Co.,
250,000
Clayton Securities
Co.
and
Witter
Common
Co.;
S.
Kasdan
Corp.)
shares
60,000
y
Haupt &
&
380,000 shares
Co.,
:
&
New
Inc.
S.
•"
O.
S.
&
$718,750
Ltd.
Common
i
1962
(Tuesday)
Telephone
y
*
to
be
$1,750,000
Bonds
received)
(Tuesday)
$60,000,000
:'!
•
Light Co.
(Bids to be received)
.
'
-
Co
.Debentures
$10,000,000
$750,000
February 6, 1962
i
$6,375,000
Elizabethtown
..Common
'$650,000 >;'• m!"
t*
n
Class
...
David
Yor^k
Texas Power &
Inc..)-75,000 shares
Photo-Cine-Optics, Inc....
(William,
Inc.)
Water
(Bids
^to
(Tuesday)
Co...
Debentures
be .received), $9,000,000
*.
$140,000
Co.,•'Iric.
(Midland Securities Co.,
-t
Co.,
Inc.)
January 23
;
and
February .7:. ( Wednesday.),
;yEl
"
Recco, Inc.
Common
&
(Globus,
(Bids
Affiliates*.Inc.Capital
(Balogh
\
Co.)
Common
(Thursday)
-
Common
& Co.)
Inc
Inc.)
$287,500
$175,000
Inc
Co.,
January 9,
.
$500,000
and Irving Weis
(Globus.
(Wm.)
100,000 shares
Corp.)
Co.)
-
Class A
Planning
Instruments,
Policy-Matic
Gluckin
4 *
■
(Friday)
Irwin
January 4, 1962
j
Common
Co.)
29
(Ehrlich,
shares
Lehman Brothers)
&
shares
Capital
Kureen
Enterprises,
$300,000
&
....Common
December
m
Lunar
Common
Inc.)
110,000
(Globus, Inc.)
Common
Forgan
$2,550,000
Universal Lighting Products, Inc
Common
Securities
.
*:■'
Common
&
Glore,
Inc...
(Ezra
.
.
Co...
Inc.)
by
Inc.)
(Sutro Brothers & Co.) 127,500 shares
.Capital
Co.,
Co.,
'
Co., Inc.) $315,000
Securities
&
Common
Popular
Y
McDowell Co.) <
units
Debentures
Byllesby
(Globus, Inc.)
$175,000
Blosser &
M.
Medex, Inc.
Units
Straus,
Inc
stockholders—underwritten
Common
Co.,
.Common
$300,000
(Tuesday)
Hosts,
to
Co.
.Common
Corp
and
December 26
$2,500,000
Corp
Service, Inc
(Ira
$700,000
$1,125,000
Scope Publishers, inc...
(Standard
Corp.__Common
French,
Instrument
(Street & Co., Inc.
Oceanic
...
$300,000
Co., Inc. and Reuben Rose
(D. E.
World
;.
Municipal Investment Trust Fund, Pa. Series.-Inta.
.Debentures
CST) $40,000,000*, ,:Vv
600,000
Inc.)
(Ehrlich, Irwin & Co., Inc.)
Molecular Dielectrics, Inc
Corp.)
Co.__.
Inc. )
&
(Currier
Common
Dual
7 -
^7
&
Co.,
Hart &
and
Sachs &
Girl
(General
.Class B
Lighting
V "
Common
;
Co.,
Semiconductors,
$243,000
Mercury Photo Corp..
(Wednesday)
Commonwealth Edison.
v;rv
*BidS .9:3°- .a-mi
Corp.)
Co.
(Dean
and First Nebraska
Securities
f;
Pacific
&
Class A
130,222 shares
<
shares
150,000
Corp
SamitaS
$300,000
Co.
Co.
&
(Goldman,
Debentures
Co., Inc. and First Nebraska
Securities Corp.
121,778 shares
.
Inc;)
Lewis
Windsor Texprint,
Common
Co.)
Improvement
Securities
(Blair
Co.
Tip Top Products Co....
-
...Common
International Corp.._^Com.
Co.,
(Armstrong
Capital Investment Corp....
Jarrell-Ash
Tip Top Products Co...
$400,000
Cards, Inc
(Albion
Kellwood
Co.
$300,000
shares
90,000
underwriting)
(Dean
(John Josnua
Western
$352,000
Industries, Inc.
A
shares
Corp.; White, Weld
Inc.) $50,000,000
&
&
(N. A.
Hannett
(Tuesday)
Halsey, Stuart
Inc.)
Improvement
(Henry J.)
Common
Webster Securities
and
Corp.)
Voron Electronics Corp
I.Units1
Co.)
Securities
...1.Common
Securities
$300,000
House, Inc
Avenue
(Stearns
P?
shares
Capital
(Hardy & Co.) 115.000 shares
(Burnham & Co.)
$10,000,000
December 12
'
>'.
\
Common
&
Fricke
(Bear, Stearns & Co.
V
Worldwide Fund Ltd.
205,710
Co
■>
Inc..—.Common.*
Co.)
Motti,
200.000
shares
200,000
&
&
Components
Executive
„
Class
Higginson Corp.)
Title
■
$2,000,000
Communications, Inc
(Albion
;
(Key), Inc..
(Lee
Co.)
Securities
Moyer,
(Laird
Green
154,000
,
Common
Properties
Electronic
Capital
Windsor
.4
Machines, Inc
Coast
$1,200,000
Virginia Dare Stores Corp,^.
$300,000
(Woodcock, Moyer, Fricke & French, Inc.) $1,500,000
.Common
13
Inc.)
Inc
Properties
Energy
120,000 shares
Co.)
tJropa International, Inc...
•
Common
Common
&
Kreeger
Business
Common
N
Co.,
Hindley
(Hancock
$270,000
Inc
(Herzfeld & Stern)
'%
&
'..m
^
^1-^.Class A
'
$300,000
100,000 shares
,
Union Trust Life Insurance Co
7,:.;,; 74
(No underwriting) 300,000 shares
,
.
Corp
David
(Pacific
Common
Hart
Allen
&
&
(No
($500,000
Common
$300,000
Vending Corp...
Dynamic Toy,
Eastern
Crown Corp.l
hj
Valley
-
125,000 shares
United Exposition Service Co
•
(;v)
Cromwell
$200,000
Co.,
Corp.)
Co......
Singer
(Jones,
Common
Controls, Inc....
(N.
I'M
units
Engineering & Automation Corp.._.Com.
(Valley
U. S.
Kureen
Services
Engineering Co
•
Common
(Ezra
Turner
Lewis Co., Inc:)
Pharmaceuticals,
(William,
Cooke
Common
Trio-Tech, Inc.
Edward
Securities
(Edward
150,000 shares
Co._____
Union
and
Debentures
Units
Packaging, Inc._^__
Unterberg. Towbin Co.)
Communications
(C.
Corp.)
and
Sloss & Co.)
(Edward
.Common
Inc.
(Troster,
Consolidated
-
-
(Hirsch
J-.'
American Realty & Petroleum Corp
Capital
Unterberg, Towbin Co.) 1,000,000 shares
Crane
i;
II
Puller
Realty & Utilities Corp._.
(Hirsch
ill
D.
Co.
Scientific
$2,250,000
150,000 shares
Common '
(S.
Capital Co
Bonds
(Monday)
Financial
Barry-Marfin
..
Sierra
Co.)
Struthers
Inc. -/■
rLl___.^.Common 7
••
,'P^General Economics Corp.) 148,200 shares
m;.
--
Semicon, Inc.
.Hentz &
(Marron,
(Shearson, Hammill & Co. and Westheimer & Co.)
-
Common
215,000 shares
Sterling Extruder Corp..—
Authenticolor
'-.y y.
.Common
$1,500,000
&
Corp
Corp.
(Albion
American
(Offering to stockholders—underwritten by Sutro Bros. &
Co.)
■
Gas
Peabody
Manufacturing
shares
$300,000
CprPi-i^
(Manufacturers
Natural
•v<(International
Alson
Inc.)
Spatd A'g^Mat^fia^ C6rp
Common
Agency Tile Industries, Inc._^.__—
:
Co.,
Southridge Plastic Products Inc
shares
(Friday)
18
Aero-Dynamics
.
V'
&
(Shields & Co.)
Common
100,000
Corp
i Cambridge Securities,
-Realty Equities Corp. of New York____._^_Units
r|
Shatterproof Glass
$300,000
Inc.)
Common
Harris
Tele-Communications
y-
Raymond Engineering Laboratory, Inc.—.Common
(Lee
Carolina
December
Common
Quik-Chek Electronics & Photo Corp.___Common
M
15
(Kidder,
193,750 shares
...
Inc.)
Co.,
Lyon & Co., Inc.; Glass & Ross, Inc. and Globus, Inc.)
95,000 shares
...Common
& Co.)
& Co.,
Mosley
Inc
G.
■'
Polarized
North
$300,000
(Shell Associates, Inc. and Godfrey, Hamilton &
Taylor & Co.)
,y':..v--f$500,000 v.-■ \
M'
Yeatman,
Club,
(B.
..
,
Quartite
ijflr
:fi,
(Suplee,
-
.—Debentures
$2,000,000
,e?M
Common
Corp
Polytronic Research, Inc.
(Jones, Kreeger
St\ Co. and Balogh
Creative Corp
m
m
150,000
Property Leasing Co,_
Sav-Tax
Common
Demarco Business Forms Inc
-r
-
PakovCobp.^ 2lu1l_
•S; |
III
,
Ift«:^iSS0;'0dd1^
Co;,-
(Thursday)
Products, Inc....
(Ehrlich, Irwin
$950,000
...JLLL^-IL'i-Common
Gilhrirt' &
D.
Bel-Aire
...Debentures
,
-hi
.
December 14
Empire,
Motti,
Inc.)
,■
•
(Bids to be
March
.
Units
$200,000
Paso. Electric^ Co.^..—.Bonds
A
5, 1962
received)
$10,500,000
(Monday)
West Penn Power Co
':
7
r
(Bids
to
be
Bonds
received)
$25,000,000
,
Volume
194
Number 6112
.
.
.
The Commercial and Financial
Chronicle
atres in Puerto Rico. Proceeds—For
construction of a
drive-in movie theatre, building renovations and
general
corporate purposes. Address—Santurce, Puerto Rico
Underwriter—J. R. Williston &
Beane, N. Y.
Community Charge Plan
Continental Real
•
Atkins
Continental
Vending Machine Corp.
(12/4-8)
sales employees. Proceeds—Expansion and
gen¬
corporate purposes. Office—1790 B'way, N. Y. Un¬
derwriter—Theodore Arrin & Co.,
eral
Inc., N. Y.
common shares held.
Price—By amendment.
Business—The manufacturing of vending machines. Pro¬
ceeds—For repayment of loans and working capital. Of¬
Hollow
Road,
Westbury,
Co., N. Y.
Underwriter—Hardy &
L.
Data-Design Laboratories, Inc.
Oct.
9, 1961 filed 100,000 capital shares.
amendment.
I., N. Y.
and
Nov.
Corp.
Sept. 15, 1961 filed 500,000 common. Price—$1.15, Busi¬
ness—Research,,, development, design and production of
Business—Manufacture of electronic components and as¬
semblies,; Proceeds—For expansion, research and devel¬
electronic automation devices. Proceeds—For
equipment
research and development and working
capital. Office—
9330
James • Ave.,'! South,
Minneapolis. Underwriter—
—John R.
Mar¬
Merritt, 97 Elm St.,- Hartford, Conn. Underwriter
Boland & Co., Inc., N. Y;
&
Business—Renders
Control
Dynamics, Inc.
^
24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production of electronic testing
Oct/ 1$,
and training devices. Proceeds — For expansion and
Business—Sale of food service and kitchen
equipment.^ working capital. Office—9340 James Ave., S., Minneapo¬
Proceeds — For equipment, debt repayment and other
lis. Underwriter—Brandt j en &
Bayliss, Inc., St. Paul.
corporate purposes. Office—110 "A" St., Wilmington. Del.
• Control
Lease Systems,
Underwriter—Roth & Co., Inc., Philadelphia.
Inc.
OfferingJuly 21, 1961 ("Reg. A") 225,000 common. Price—$1.15.
Expected in late January.
y
Proceeds—For equipment, research and development and
Consolidated Aerosol Corp.
capital expenditures. Office—3386 Brownlow Ave., St.
Sept. 29, 1961 ("Reg. A") 70,000 common.
Louis Park, Minn. Underwriters—J. P. Penn &
Price—$3.
Co., Inc.,
Business—Compounds and packages cosmetics, house¬
and M. H. Bishop &
Co., Minneapolis. Offering—Immi¬
hold pharmaceutical and industrial products.
Proceeds
nent.
Y: '/■;/"<•:i ,,;''
—For debt repayment, equipment and working capital.
• Cooke
Engineering Co. (12/18-22)
Office—107 Sylvester St., Westbury, N. Y. Underwriter
Sept. 12, 1961 filed 32,000 common. Price—$11. Business
—J. E. Bayard & Co., Inc., 80 Wall
St., New York City.
—The manufacture of electronic products and the fur¬
Consolidated Bowling Corp.
nishing of engineering services. Proceeds—For equip¬
ment, new products, sales promotion and working cap¬
Sept. 28, 1961 filed 200,000 common. Price—By amend¬
.
ital.
derwriter—Jones, Kreeger & Co., Washington, D. C.
&
Oct.
Aug. 29, 1961 filed $275,000 of 6V2%
vertible
debentures
due
David
vdoors.
Proceeds—For
con¬
ing
1968
and 68,750 common to be
consisting of $100 of debentures and 25
Price—$200 per unit* -Business—The company
formerly
named
was
Cador
Offering—Temporarily postponed.
Miami,
offered
$3.25
V Y
y'vi
?;''Y
phonograph records.
-.
For
—
.Underwriter—William,
;*•:
A.
July
common.
'/:■,/• yv" Y,Y
!Y Y'.Y'Y"
Consumers Cooperative Association
Nov. 1, 1961
filed
indebtedness due
ing
—J.
ferred.
$25
per
and
?
200,000 shares of 5^2%
Price—(Certificates)
share. Business
—
$100
per
Manufacture
Oct.
10,
Proceeds
holders
filed $13,il3,200 of subord. conv. deben¬
being offered for subscription by stock¬
the basis of $100 of debentures for each 15
1983
on
held
Dec. 5,
1961.-Price—At
of
16 with rights to expire
Business—Baking and sell¬
ing of bread, cakes and related products. Proceeds—For
debt repayment and construction. Address—P. O. Box
731, Rye, N. Y. Underwriters—Wertheim & Co., Lehman
Brothers and Equitable Securities Corp., N. Y.
record
Nov/
-
ture
tubes."
Proceeds—For
debt
repayment
and
Continental Leasing Corp.
June 19, 1961
.
-
.
St., Hopkins, ' Minn. /Underwriter—None.- v"
of
•
-
Business Forms
Inc.
-
1961 filed 100,000 class A common (with at¬
purchase an additional 50,000 shares).
amendment. Business—Manufacture of cus¬
tom-made printed business forms. Proceeds—Expansion,
payment of taxes, and working capital.
Office—3747
Ridge Ave., Philadelphia. Underwriter—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
tached warrants to
Price—By
Dennis
Real Estate Investment Trust
July 24, 1961 filed 100,000 shares of beneficial interest.
Price—$100. Business—A real estate investment com¬
pany.
Office —90 State Street, Albany, N. Y.
writer—None.
Under¬
,■/<
Dero Research &
Development Corp.
(12/11-15)
54,000 common. Price—$2.40.
of FM Deviation Monitors.
expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter—James Co., N. Y.
Aug. 24,
1961
Business—The
("Reg. A")
manufacture
Proceeds—For development,
'
Under¬
Manufactures
> /y '; y *■ <,
(12/14)
Deuterium Corp.
10,; 1961
—
Demarco
Sept. 26,
For
Tarry town Rd., White Plains, N. Y.
investment
investment. Office—610 Na*
Building, New Orleans. Un-
Delta Vertture Capital Corp. 'y.
^
"
July 13, 196! filed 520,000 common shares. Price—$3.30.
Business—An investment company. Office—1011 N. Hill
vy
Inc.
filed 80,000 common. Price—$3.75. Busi¬
plastic jewelry, dress accessories
and novelties. Proceeds—For product development, mov¬
ing expenses and working capital. Office—37 E. 18th St.,
N. Y. Underwriter
Herbert Young & Co., Inc., N. Y.
Offering—Expected in late December.
Oct.
ness
Price—By
business
small
Business —A
derwriters—Bfair & Co., New York and Howard, Weil,
Labouisse/Friedrichs & Co., New Orleans (managing).
Offering—Expected in early 1962.
'
^
' \
:
•
iJL
,
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase an additional
140,000 shares to be
offered for subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
units for each 5% preferred
for each 10 class B shares
held. Price—$20 per unit. Business—Company plans to
manufacture and utilize all kinds of chemical materials.
Proceeds—For start-up expenses for-a laboratory and
small plant.
Office—360 Lexington Ave., New York.
5% preferred share held, 2
A stock held and one unit
Cryplex. Industries,
other
purposes! Office—2724 Leonis Blvd., Los An¬
gles. Underwriter—Amos Treat & Co,,. Inc., N. Yv:^\
Underwriter
Industries, Inc.
tional Bank of Commerce
general corporate purposes.
Office—54
("Reg. A") 75,000 common.
Price — $4.
Proceeds—For purchase of new automobiles, advertising
and proiriotion, and working capital/ Office—4 Gateway
Center, Pittsburgh, Pa. Underwriters—Cambridge Secu¬
rities, Inc:, and Stevens, Hickey & Co., N. Y. Offering—
Imminent*.-.
v.•.T
/"
'
Office—
purposes.
Beane, N.' Y. Offering—In January.
Proceeds—For
company.
writer—Candee & Co., New York.
corporate
•
•
shares,
ness—The operation of a motor hotel chain. Proceeds—
For acquisition, expansion and the repayment of debt.
Price—$2.50. Busi¬
ness—Development and manufacture of television pic¬
Williston &
amendment.
Crossway Motor Hotels, Inc. (12/4-8)
Aug. 4,1961 filed 70,000 common shares. Price—$5. Busi¬
Continental Industrial Electronic Cofpyy Y
Proceeds—For work¬
corporate
Delta Capital Corp.
Aug. 9, 1961 filed 500,000 common shares.
•
Nov. 21, 1961 filed 200,000 common.
general
of
Securities Co., San Francisco.
par.
R.
and
repayment
Cromwell Business Machines, Inc. (12/18-22)
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).
Price—$3. Proceeds—For repayment of loans!
machinery, leasehold improvements, advertising and
working capital. Office-—7451 Coldwater Canyon Avenue, North Hollywood, Calif. Underwriter—Pacific Coast
Baking Co.
shares
—
by the company and 80,000 shares by
Price—$6.75.
Business—Manufacture of
Levittown, N. Y.
expansion, inventory,, working capital
Office—4008 S. Michi¬
gan Ave., Chicago. Underwriter—None.
and
Baking Co.
of-
■
Electronics/ Inc.-" - ■ •>/
filed 150,000 common
1961
Price—
warrant.
ceeds—Plant expansion, equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N> Y. Underwriter—I. R. E. Investors
Corp.,
—
By amend¬
Business—The manufacture of audio reproduction
devices, associated products and electrical transformers.
1961
tures due
•
one
Egg Harbor Rd., Hammonton, N. J.
Delford
ment.
distribution
of petroleum
products, fertilizer, feed and other farm
supplies. Proceeds—For debt repayment, expansion, and
other corporate purposes. Office—3315 N. Oak Trafficway, Kansas City, Mo. Underwriter—None.
Continental
:
share and
Sept. 28, 1961 filed 95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. Pro¬
Creative Electronics, Inc. (12/4-8)
Aug. 29, 1961 filed 75,000 class A. Price
pre¬
unit;(preferred)
and
•
one
Delaware Barrel & Drum Co., Inc.
Sept. 26, 1961 filed 100,000 common. Price—By amend¬
ment. Business—Manufacture of plastic shipping con¬
tainers and tanks. Proceeds—For research and develop¬
ment and other corporate purposes. Office—r-Eden. Park
Gardens, Wilmington, Del. Underwriter—G. H. Walker
& Co., N. Y:
equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811 Boylston St., Boston.
Underwriter—Carl M. Loeb, Rhoades & Co., N. Y. (mgr.)
-
Park
capital
South
Business—The distribution of electronic components and
.
$8,000,060 of 5J/2% sub. certificates of
1986
27,
units of
Danish-style and ice-box cookies.
work¬
which
107,250 shares are to be offered by the company and
42,750 shares by the stockholders. Price—By amendment.
Price — $4.
Business—A finance company. Proceeds—For debt re-,
payment, expansion and working capital. Office—3000
Federal Highway, Fort Lauderdale, Fla. Underwriter—
Ellis Securities,
Inc., 134 Middle Neck Rd., Great Neck,
n. y.
Kemper & Co., Lima, O.
Cramer
Consumer Finance Corp. of America
,Oct. 30, 1961 (/'Reg. A") 75,000
in
to be offered
are
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, O. Underwriter—John
loans," hew equipment and
S.* State St., Dover, Del.
David & Motti, Inc., N. Y. C.
Toy Corp.
distribution
the
Prigal,
&
per
Deer
y** Coyle's Voting Machine Co. (12/4-8)
r /'i »
Aug. 31, .1961 ("Reg. A") 10,000 common. Price—$14.75..
129
—
Proceeds—For
Linder
Oct. 27, 1961 filed 90,000 common, of which 10,000 shares
debt; and working capital. Office—315 W. 47th St., N. Y.
Underwriter—Amos Treat. & Co., N. Y. Offering—Ex¬
pected in, January,^ Y.
Y;,,f
>
~ ■*,*;
repayment of
working capita! Office
(H.)
stockholders.
and
repayment and
Office—2445 N. Miami Ave.,
unit. Business—Manufactures educational toys.
Proceeds—To repay debt and increase working capital.
Office—794 Union St., Brooklyn, N. Y.
Underwriters—
Hampstead Investing Corp., Aetna Securities Corp., and
Atlas Securities Corp., N. Y.
Co.
Business—The -manufacture
Proceeds—For debt
Fla.
it Davis
capital. Office—2440 Charlotte St., Kansas City, Mo.
ment.
fabrics.
Nov. 27, 1961 filed 100,000 capital shares (with attached
warrants to purchase an additional 100,000 shares), to be
Asaph St., Alexandria, Va. Un¬
equipment, inventory and
field -of
,'y yYv,;/. ,.YyY
Inc.
Underwriter—Stirling,
Inc., 50 Broadway, N. Y.
•
Production Corp.
Consolidated Vending Corp.- (12/18-22)'
Aug. 29, 1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each
consisting
of $150 of debentures and 50 common.
Price—$400 per
unit. Business—The operation of vending machines. Pro¬
ceeds
Dash,
general corporate purposes.
Corrigan Communications, Inc.
manufactures from oil, chemicals and pigments, diverse
: Sept. 28, 1961 filed 375,000 common. Price—$2. Business
basic paint lines. Proceeds—For retirement of outstand¬
—Development -and sale of tutorial electronics com*
ing. 6% debentures, repayment- of :debt':and* working Ymunications systems for use in individual class rooms.
Proceeds—To repay loans, purchase machinery, and in¬
capital. Office—456 Driggs Ave;, Brooklyn, N. Y.; Uncrease working capital. Office—1111 E. Ash
Ave., Fullerderwriters—Armstrong & Co., N. Y., and L. C. Wegard
& Co., Trenton, N. J.
ton, Calif. Underwriters—D. E. Liederman & Co., Inc.
/ N. Y. and Mitchum, Jones & Templeton, Los Angeles.
Consolidated Production Corp. *••••*■••'
YV*/
May 26, 1961 Tiled 125,000 shares of common stock. Price -Offering—Expected sometime in January.
Cosnat Record Distributing Corp.
—$15, Business—Company buys and manages fractional
May 26, 1961 filed 150,000 shares of common stock, of
interests in producing oil 'and gas properties. Proceeds
which
—For investment, and working capital. Office—14 North
105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬
Robinson, Oklahoma City, Okla. Underwriter—Shearson,
ent holders thereof. Price—To be supplied by amend¬
Hammill &, Co., New York City (managing). Note—This
company
&
decorative
Underwriter—George K. Baum & Co., Kansas City, Mo.
offered in units
common.
1
St.
the
Price—$5. Business
—Designing, converting, importing and distributing of
31, 1961 ("Reg. A") 62,500 common.
Price—$4.
Business—Manufacture of aluminum storm windows-and
(12/11-15)
subordinated
N.
Coronet Products
.
Consolidated Chemical & Paint Corp.
Office—735
in
Oct. 25, 1961 filed 108,000 common.
.
Business—Operation of bowling centers. Proceeds
expansion and working capital. Office—880 Mil¬
itary Rd., Niagara Falls, N. Y. Underwriter—Doolittle
services
Proceeds—For debt repay¬
working capital.
.
ment.
.
Office—50 E. 42nd St., N. Y.
Underwriter—Robert F. Shaw, Locust Valley, N. Y.
Oct.
—For
consulting
commercial data processing.
ment and
Supply Co., Inc.
:
^
1961 filed 100,000 class A common.'Price—$4.
Co., Buffalo, N. Y.
,
it Dalalcne Computer Processing Associates, Ltd.
y
Nov. 21, 1961 ("Reg. A") 160,000 common. Price—$1.25.
opment and working capital. Office--c/o Shepherd,
tha
reports
electronic
,
Brandtjen & Bayliss, Inc., St. Paul, Minn.
Concors
covering
equipment. Proceeds
working capital. Office—945
E. California St., Ontario, Calif,
Underwriter—Morgan
& Co.,.Los Angeles.
Inc.
("Reg. A") 120,000 common/ Price—$2.50
1961
16,
Price—By
Business—Publishing of technical
manuals
—For debt repayment and
Hackensack,
it Control Circuits,
Co., N./»v
Computron
Office—626
purposes.
Underwriter—B lank,
retail
for each 80
Brush
35
Dale Systems, Inc. (12/11-15)
Aug. 9, 1961 filed 100,000 common. Price—$3.25. Business,
—A shopping service which checks the
efficiency of
1961 filed $5,052,700 of 6% convertible suoordinated debentures due 1976, to be offered for
subscrip¬
tion by stockholders on the basis of $100 of debentures
fice— 956
corporate
Ave.,
Brooklyn, N. Y.
Lieberman & Co., Inc., N. Y.
Aug. 11,
merchant-members, their accounts receiv¬
able arising from customers who hold credit cards
issued
&
ment of debt and other
Place, Baltimore. Underwriter
Co., Inc., Washington, D. C. (mgr.).
—R. Baruch &
by these members. Proceeds—To repay debt and increase
working capital. Office—10 Banta Place,
Underwriter—Troster, Singer
Investment Trust
ment. Office—530 St. Paul
(12/11-15)
discount from
J.
Estate
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Sept. 22, 1961 filed $3,600,000 of 6% subordinated deben¬
tures
due
1976
(with attached warrants to purchase
72,000 common shares) and 216,000 commons to be of¬
fered in units consisting of a $100 debenttfce
(and a
warrant to purchase two shares) and six common
shares
Price—By amendment. Business—The purchase at a
N.
(2423)
•
Underwriter—None.
"
—
,
V
Custom Metal Products,
Nov. 20, 1961 filed 100,000
—Manufacture
of
Inc.
Price—$4. Business
and
electronic
Proceeds—For repay¬
common.
metal... components
hardware* to-precise
tolerances.
District
Photo, Inc.
.
16, 1961 filed 100,000 common, of which 80,000 are
offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—Processes and
Nov.
to
be
rinniiiniiorl
nn.
rinctP.
36
(2424)
The Commercial and Financial Chronicle
Continued from page 35
expansion.
Office—36
writer—S.
prints
photographic film and distributes wholesale
photographic equipment. Proceeds—For repayment of
debt, plant expansion, and working capital. Office—3306
Wisconsin Ave., N. W., Washington, D. C. Underwriter
—Auchincloss, Parker & Redpath, Washington, D. C.
District Wholesale
Edu-tronics, Inc.
27, 1961 filed 80,000
Oct.
Price
common.
—
At
—
par.
drug products to
ment and other
Eldre
Corp.
filed
1961
ness—Manufacture
common.
tables
of
kitchens and dinettes.
Price—$5.
chairs
and
for
Busi¬
use
in
Office—Dabney Rd.* Richmond, Va.
Rubin, Rennert & Co., Inc.
Dolphin-Miller Mines Ltd.
3, 1961 filed 1,600,000 capital shares, of which 1,200,000 shares are to be offered by the company and
400,000 shares by stockholders. Price—50c. Business—
tham
Oct.
The exploration
and
corporate
instrumentation.
corporate
Atlanta, Ga.
,
shares
1961
are
shares
by
ness—A
to
be
offered
stockholders.
diversified
distributor.
by
the
of
which
46,000
amendment.
Busi¬
Lexington Ave., N. Y.
body & Co., N. Y.
Underwriter—Kidder, Pea-
'
Dynamic Toy, Inc. (12/18-22)
I "•"/•*
30, 1961 ("Reg. A") 81,000 common. Price — $3.
Business—Manufacture of toys. Proceeds—Advertising,
development of new products, expansion and working
capital. Address—109 Ainslie St.,
Brooklyn, N. Y. Under¬
writer—Hancock Securities Corp., N. Y.
'
:
'
■J
ness—The company conducts an
electronic data
Interstate
Nov.
15, 1961 ("Reg.
Business—Real estate
Corp.
A") 100,000
closed-circuit television.
and
•
process¬
Electrosolids
'(12/18-22)
ships.
Price—$2.
Calif.
Sept.
«
Proceeds—For the acquisition and
development of
real
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York.
Underwriter—Wood¬
—226
S.
Glasgow Ave.,
—None.
equipment.
Inglewood, Calif.
26,
ness—A
General
1961
filed
1,000,000
common.
dealer recourse finance
corporate
Valley City, N.. D.
Valley City, N. D.
purposes.
Office—164
E.
Main
'*/'
"
...
f fconsmv Water Conditioners of-Canada Ltd. ',
Nov. 21, 1961 - ("Reg.
A'r) 100,000 common. 'Price—$3.
Business—Sale of water conditioning units to
home own¬
ers. Proceeds—Rental of
units, new
distributorships
and
•; ..v.«
,
Office—2015
Underwriter—Bache
Co., N. Y.
Business—The
and
6%
<
convertible
sub¬
of principal amount.
is engaged in the manufacture
high reliability materials and basic
company
distribution
of
electronic
components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital.
^
Price—$1,
Office—471
Cortlandt
Street, Belleville, N. J. Under¬
named. Note—July 11^ the SEC insti¬
"Stop Order" proceedings challenging the accuracy
and adequacy atthis^stafcement. ^ ,:c• ,.a;
writer—To
be
tuted
.
•
Fashion
Homes
Inc.
(12/4-8)
July 18, 1961 filed 75,000
Price—$3.
testing
—The
of
construction
demption
of
Price
common.
shell
homes.
—
$6. Business
Proceeds—For
re¬
8%
of
debentures; advances to company's
subsidiary; repayment of loans; advertising and promo¬
tion, and other corporate purposes. Office — 1711 N.
Glenstone, Springfield, Mo. Underwriters—Globus, Inc.
and Ross, Lyon & Co., Inc., New York.
Hawthorne
Industries,
Inc.
Sept. 26, 1961 filed 95,600 common, of which 68,000 will
be sold by the company and 27,600 by stockholders.
Price—$4.75. Business—Manufacture and sale of women's
apparel. Proceeds—For repayment of debt, purchase of
equipment, taxes, and working capital. Office—Gauthier
St., Tuskegee, Ala. Underwriter—Wright, Redden, Myers
Beane, N. Y. Of¬
&
Inc.
Bessell, Inc., Washington, D. C.
Fastline
;
.
Inc.
Inc.
—Commercial
Business—A "centennial-type" fund which plans to offer
eral
tax free
School
Street, Boston, Mass. Underwriter—
Co., Inc., Chicago. Offering—In Jan.
precision
electronic
of
metal
connectors.
component parts for
Proceeds—For moving
a new plant, equipment, repayment of loans
working capital. Office—574 President St., Brook¬
lyn, N, Y. Underwriter—Ezra Kureen Co., N. Y.
T'®
Energy
Sept.
Components
Corpr-^*12/-18-22:j-.
1, 1961
("Reg. A") 50,000 common. Price—$3.50.
Business—Wholesale
distribution
of
electronic
com¬
ponents.
Proceeds—For expansion, advertising and pro¬
finance
Proceeds
company.
Office—42
purposes.
S.
Business
—
Gen¬
15th
Sept. 28, 1961 filed 115,000 class A capital shares. Price
amendment.
Business—Operation of a chain of
retail greeting card stores.. Proceeds—Debtr
repayment,
—By
*
working capital and expansion.
N. Y.
,
Office—18 W.
34<h
St.,
Underwriters—Hardy & Co. and Filor, Bullard &
Smyth, N. Y.
expenses,
and
corporate
St., Phila.
Underwriter—Netherlands Securities
Co., Inc.,, N. Y.
Fifth Avenue Cards, Inc.
(12/18-22)
exchange of its shares for blocks of corporate
having a market value of $20,000 or more.
manufacture
Inc., N. Y.
Fidelity American Financial Corp.
Oct. 3, 1961 filed 100,000 common. Price—$5.
June 28, 1961 filed 1,250,000 shares of
capital stock to be
offered in exchange for blocks of designated securities.
ness—The
..
Angeles.
Los
ordinated debentures. Price—100%
,
Empire Precision Components,^ Inc.
(12/4-8)/. v
Aug. 29, 1961 ("Reg; A") 65,000 class A. Price—$4. Busi¬
St.,
Inc.,
Blvd.,
Underwriter—G. Everett Parks & Co.,
Fund,
A. G. Becker &
Busi¬
Proceeds
'•* W
■
<.
1961
Office—44
Price—$3.
Underwriter—Reserve Funds,
"'
29,
securities
Office
Underwriter
business.
Electronics
T
'
Faradyne Electronics Corp.
30, 1961 filed. $2,000,000 of
aircraft, missiles and
repayment and other corporate
San Fernando Rd., N., Sylmar,
&
i
"
•?
Proceeds—For selling stockholders.
Olympic
Fashion
Underwriter—J. R. Williston
v
-
Jan.
current for
Debt
Inc., N.r-'Y„,
u
*'r
filed 200,000 common, of which 100,000
Sept. 28, 1961 filed $400,000 of 6% conv. subord. deben¬
will be sold by the company and 100,000
tures due 1971 and 40,000 common shares to be offered
by stockholders.
Price—By amendment. Business—-Distribution of*' elee-* --publicly in units of one $500 debenture and 50 common.
tronic parts and equipment. Proceeds—Debt
repayment,
Price—$575 per unit. Business—Manufacture of con¬
expansion and working capital. Office—140 Eleventh St.,
cealed zippers. Proceeds-r—Debt repayment,
advertising
Oakland, Calif. Underwriter—Schwabacher & Co., San
and working capital. Office—8 Washington
Place, N. Y.
a
Econ-O-Pay, Inc.
Oct.
—
Office—12740
Empire
Fricke & French, Inc.,
Philadelphia.
• Eclipse Engineering Co., Inc.
Nov. 22, 1961 ("Reg.
A") 75,000 capital shares. Price—
$2.
Business—Manufacturer of electronic equipment.
and
&
Francisco.
cock, Moyer,
repayment
Proceeds
Elmar
tate.
debt
W.
fering—Expected somtime in January.
;
^
bums.
Corp.
for converting AC-DC
purposes.
common.
Office—103
.
working
Underwriter
20, 1961, filed 200,000 common.. Price—By amend¬
ment.
Business—Sale of- photographic portraits and al¬
Proceeds—For debt repayment
purposes.
of loans and
repayment
Nov.
Oct. 30, 1961 filed 100,000 cum. conv. preference shares.
Price—By amendment. Business—Production of devices
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and
250,000 common shares. Price—For deben¬
tures, $1,000; for stock, $10. Business—General real es¬
Proceeds—For
corporate
equipment.
M D 23, Newburg, N. Y.
Office—30 Main St., Keyport, N. J.
,-'A.
Ave., Valley Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc. and Thomas, Williams &
Lee, Inc., N. Y.
Busi¬
St., N. jW., Washington, D. C. Underwriter—None.
Eastern Properties Improvement
Corp.
.
other
and
Family Record Plan, Inc.
Electronic Transmission
—
investment.
Proceeds—For the
acquisition and development of
properties. Office—1730
K
capital.
The
Corp.
27, 1961 ("Reg. A") 100,000 common.
Business
Manufacture, design and field
ing service. Proceeds—Rental of additional data
process¬
ing equipment, sales promotion,
salaries, rent, furniture
and working
capital. Office—46-36 53rd Ave., Maspeth,
N: Y. Underwriter—M. W.
Janis Co.,, Inc., N. Y. <
Eastern
—
Oct.
(12/11-15)
Price—$2.50.
Discovery Corp. (12/4-8)
26, 1961 filed 150,000 common shares.
Proceeds—For
stores.
company plans to develop a device to
non-conductors into electrical conductors by the
addition of chemicals. Proceeds-—For research and de¬
velopment. Office— 1106 Shames Dr.,. Westbury; L .1.,
N. Y. Underwriter—Globus, Inc., N. Y.
•
common.
.
machinery
repayment and general corporate
Office—Walnut St.,
—Russell & Saxe,
(12/18-22)
Price—By amend¬
*
..
specialized
For debt
—
Family Circle Associates, Inc. (12/11-15)
Aug. 30, 1961 filed 50,000 class A common. Price—$7.
Business—The operation of retail discount department
Business—Development and manufacture
Business
June
New
—
Underwriter—First Madison Corp., N. Y.
make
•
Sept. 8, 1961 filed 100,000
common.
Electronics
July
debt and working capital.
Office—27 S; Grant
St., Stockton, Calif. Underwriter—Birr & Co., Inc., San
Processing Corp.
Business
instruments.
Communications, Inc.
Wilmington, Del.
ment of
Data
medical-electronic
For
of elec¬
communication systems and equipment. Proceeds
—General corporate purposes. Office—1501 72nd St.
N.,
St. Petersburg, Fla.
Underwriter—Laird & Co., Corp.,
common.
Price—By amend¬
Business—Distribution of electronic parts made
by other firms. Proceeds—For a new subsidiary, repay¬
EMAC
Price—By amendment.
of
Proceeds
tronic
ment.
*
—
Electronic
ment.
Dunlap Electronics
Sept. 27, 1961 filed 80,000
Francisco.
1971.
manufacture
Sept. 22, 1961 filed 150,000
packer, canner and
working capital. ' Office—
370
due
Electro-Tec Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment.. Business—The manufacture of
slip rings and brush block assemblies, switching devices,
•
processor,
Valley Forge Securities Co., Inc.,
City and Philadelphia. Offering—Imminent.
Fairbanks Wire Co., Inc.
relays, and precious metal products. Proceeds—For the
selling stockholders. Office
10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Inc., N. Y. (mgr.). Offering—Expected in December.
154,000
and
company
Price—By
food
Proceeds—For
Underwriter
York
—
Co., Inc. (12/7)
filed 200,000 common,
Proceeds—For general corpo¬
Office—1711 Walnut Street, Philadelphia.
pur¬
working capital.
Office — 4748 France
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
ment.
27,
reviews, interviews, etc.
rate purposes.
purposes.
Dougherty Brothers Co.
24, 1961 filed 120,000 common. Price—By amend¬
Duff y-Mott
• FM-Stereo
Guide, Inc. ;
Aug. 4, 1961 "Reg. A" 50,000 common shares. Price—
$6. Business—The company plans to publish a national
magazine featuring detailed FM radio program listings,
debentures
Oct.
•
Stearns & Co., N. Y. C. and Straus, Blosser & McDowell
Co., Chicago (mgrs.).
Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
Proceeds
—Suplee^Yeatmari, Mosley Co., Iric.', Philadelphia. Of¬
fering*—Expected sometime in January;.
-v
Oct. 30, 1961 filed 54,000 common. Price—$3. Business—
—The
;
'
(12/18-22)
Manufactures
Underwriter—Stan-Bee & Co.,
Business—Manufacture of medicine droppers and
components and glass cartridges for the pharmaceutical
industry. Proceeds — For debt repayment and general
corporate purposes. Address—Bttefra, N/J. Underwriters
Inc.
(with 2 warrants) and two common. Price—By amend¬
operation of hotels. Proceeds—For
investment in a subsidiary and realty acquisitions. Office
—71
E.
Wacker
Dr., Chicago; Underwriters — Bear,
Office—Sawyer Lane, Hudson, Mass. Underwriter
poses.
Office—Red
purposes.
corporate
,/
House,
ment. Business—The
Co., Inc. Office—47-51 33rd
general
Chicago.
Co.,
/
Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
£und debentures due 1971 and 400,000 common to be of¬
fered in 200,000 units, each consisting of a $10 debenture
.
Proceeds—For
&
Executive
—Gianis & Co., Incc., N. Y. Offering—In late
February.
Washington, D. C.
Oct.
•
,
Mills, Inc.
1961 ("Reg. A") 60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
•
ball
Electromagnetics Corp.
17, 1961 filed 75,000 common. Price—$5. Business
—Design and manufacture of precision nuclear magnetic
27,
Rock Bldg.,
N. Broad
-
per unit.
Business—Lending and
Proceeds—For working capital. Office—674
St., Philadelphia. Underwriter—Paul C. Kim¬
Price—$550
Insurance.
•
purposes.
Don
Proceeds—General
fchares.
Nov.
Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.
Sept.
Instrument
improvements
Pearl
Equitable Credit & Discount Co.
27, 1961 filed $1,000,000 of 6V2% lr. subord. conv.
due 1977 q.nd 50,000 common shares to be
'offered in units consisting of $500 of debentures and 25
St., Long Island City, N. Y. Underwriter—Sterling, Grace
& Co., N. Y. Offering—Expected in
January.
and production of ores. Proceeds—For
general
Precision
Price—By amend¬
common.
debentures
Electro-Mec Instrument Corp.
Sept. 15, 1961 filed 176,480 common. Price—$6. Business
—The' design, manufacture and sale of
potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, Wal-
Underwriter—
133,333
filed
1961
Oct.
Underwriter—Charles Plohn
Underwriter—To be named.
Proceeds—For selling stockhold¬
ers.*
salaries
&
and
144,000
Corp.
and working capital. Office—
St., Brooklyn. Underwriter—L. H. Rothchild
Co., N. Y.
175
the automotive ignition field for sale outside the
United States. Proceeds—For
research, and development
working capital. Office—222 Park Ave., South, N. Y.
Inc.
2,
leasehold
May 5, 1961 filed 70,000 capital shares. Price—To be sup¬
plied by amendment. Business—Manufacture of products
"
Thursday, November 30, 1961
equipment for radiation
detection and measurements. Proceeds—For equipment,
product
develop¬
Office—136-05 35th
International, Ltd.
,
ment. Business—Manufacture of
in
Co.. N. Y. <
Dixie Dinettes,
electronic
sell
Components,
Electra
Underwriters—Lieberbaum & Co. and Mor¬
ris Cohon &
Sept. 28,
Business
Proceeds—For
Office—214 Engle St., Engle-
general corporate purposes.
wood, N. J.
purposes.
St., Rochester, N. Y.
Co., N. Y.
Price—$5.
investment company.
Proceeds—For
corporate
Water
&
•—A small business
and
Oct.
Inc.
Nov. 9, 1961 filed 100,0G0
common, of which 75,000 are
to be offered by the
company and 25,000 by a selling
stockholder.
Price—$4.
Business—Manufacture
a n d
processing of metal parts and products. Proceeds—For
expansion and other corporate purposes. Office—187 N.
(12/4-8)
Sept. 27, 1961 filed 600,000 common.
manufacture
Eon
Com¬
Flushing, N. Y. Underwriters—Packer-Wilbur &
Co., Inc. (mgr.). and Earle Securities Co., Inc., N .Y.
Common —$4.
retail stores in
Investment
Business
Small
Business
Ave.,
Washington, Maryland and Virginia. Proceeds—For the
repayment of debt, and working capital. Office—52-60
O St., N. W., Washington, D.C. Underwriter—Auchin¬
closs, Parker & Redpath, Washington, D. C.
Diversified
plans to
machines.
teaching
Drug Corp. of Washington
Debentures
sale of
Business—The
also
pany
1961 filed $500,000
19,
Price—$4.
common.
.
motion, acquisition of a plant and equipment and other
corporate purposes. Office—1626 Nostrand Ave., Brook¬
lyn. Underwriter—Albion Securities Co., Inc., N. Y.
Under¬
—Distribution of electronic parts and equipment.
of 6% convertible subord.
sinking fund debentures due 1976, also 100,000 class A
Sept.
Densley Ave., Toronto.
Associates, Inc., N. Y.
I. Emrich
.
•
First Hartford Realty Corp.
~
Oct.
30, 1961 filed 500,006 common. Price—By amend¬
ment. Business—Real estate investment. Proceeds—For
property acquisitions*, debt Tepayment/ and other-■cor¬
porate purposes. Office—380-390 W. Middle Turnpike,
Manchester,
ford.
Conn. Underwriter—Putnam
&
Co., Hart¬
■
...
Volume
194
Number
6112
.
.
The Commercial and Financial Chronicle
.
(2425)
First Federated Life Insurance Co.
Sept. 20, 1961 filed 10,000 capital shares
toys, and water sports equipment. Proceeds—For debt
repayment and general corporate purposes. Office—5238
Vineland Ave., North
to be offered for
subscription by stockholders at the rate of one new share
for * each two held. Price—$35. Proceeds—To increase
First Midwest Capital Corp.
Sept. 28, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A small business investment
corporate
purposes.
Office—512
Nicollet Ave., Minneapolis.
Jackson &
First New York
Oct.
27,
Capital Fund, Inc.
filed 2,770,000 capital shares.
1961
Business—A
small
business
investment.
ceeds—For
Manhasset, N. Y.
f
Price—$1.
investment company.
Office—1295
mines and
Northern
^ Flair Cards, Inc.
Nov.
14, 1961 ("Reg.
A")
Business—Manufactures
74,667
greeting
Price—$3.
common.
cards,
greeting
card
trays, dishes, note paper, etc.
Proceeds — For debt reOffice—537 W. 53rd St.,
Underwriter—Amber, Burstein & Co., Inc., N. Y.
-
gents.
Dobson
N. Y.
hill &
Securities
Corp. of
America
*
•
"
(12/4-8)
General
Oct.
N. Y.
Oct.
19,
1961
filed
ferred
Corp.
463,000
opment- and
sale
of
real
property
and
activities.
Proceeds—For debt repayment and
general corporate purposes. Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y. Offering—Expected sometime in January.
related
•'
*
'
1
1961 ("Reg. A") 60,000 common, rrice — $5.
Processing and fabrication of fluorocarbon
materials and parts. Proceeds—For debt re¬
payment and general corporate purposes. Office—1754
S. Clementine St.* Anaheim, Calif. Underwriter—D. A.
Lomasney & Co., N. Y.
23,
Business
plastic
5, 1961 filed 50,000 common. Price—$2.50. Business
acquisition of enterprises engaged in the food
processing industry. Proceeds—For repayment of debt
and working capital. Office—1207 Foshay Tower, Min¬
and
pre¬
six
ceeds
—26
45th
1:;V'■
J////;
..o-..
Co., N. Y., and Dean Witter & Co., San Francisco.
Publishing International, Inc.
t
Repayment of debt, and working capital. Office
B'way, N. Y. Underwriter—Farrell Securities Co.,
—
N. Y.
Glass-Tite
&
Davies, Inc.
Sept. 22, 1961 filed 165,000 common; 70,000 to be offered
by the company and 95,000 by present stockholders.
Price—By amendment. Business—Printing and binding
of books,
magazines, catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working
capital. Office—764 Miami Circle, N.E., Atlanta, Ga.
Underwriters—J. C. Bradford & Co., Nashville, Tenn.
and Courts & Co., Atlanta, Ga.
Industries, Inc.
filed 185,000 common, of which 135,000 i
by the company and 50,000 by a stock¬
Price—By amendment. Business—Manufacture
Sept. 27,
holder.
of
1961
to be offered
are
hermetic seals.
Proceeds—For pur¬
subsidiary^ research
development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
:
■
glass-to-metal
chase of equipment, investment in a
and
,
Glen
• Formrite Tube Co., Inc.
Nov. 20, 1961 ("Reg. A") $150,000 of 7% convertible de¬
bentures due Dec. 1, 1967 to be offered in units of $100
for subscription by stockholders of record on Nov. 9,
1961. Price—At par. Business—Tube-bending and form¬
ing and production of couplings. Proceeds—For debt re¬
payment. Office—1 STB-roth St., Two Rivers, Wis. Un¬
Industries,
Inc.
("Reg. A")
1961
29,
100,000 common.
Business—Manufacture of die casting and zipper
Global
Nov.
ment.
(12/11-15)
3,
Steel
1961
Products
filed
68,000
Corp.
common.
Business—Manufacture
of
compartments.
Proceeds—Debt repayment and
general corporate purposes. Office—10014 Avenue D,
—
Treibick, Seiden & For¬
for
Brooklyn, N. Y. Underwriter
syth, N. Y.
Oct. 20, 1961 ("Reg. A") 60,000 common.
Price — $5.
Business — Furnishing of scheduled air transportation
service. Proceeds—For debt repayment and general cor¬
Globe Coliseum, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares. Price
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
equipment for engines. Proceeds—To reimburse Treasury
a recent acquisition. Office—105 Pawtucket Ave., East
Providence, R. I. Underwriter — Merrill Lynch, Pierce,
Fenner & Smith Inc., N. Y.
Airlines
—
Offering—Imminent.
Beverly Rd., Los Angeles.
Underwriters—Raymond Moore & Co., Los Angeles and
Pacific Coast Securities Co., San Francisco.
porate purposes. Office—8170
Globe
Inc.
200,000 common, of which 100,000 are
the company and 100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
of miniature electric motors, powdered metal products
Industries,
Oct. 30, 1961 filed
to be offered by
GYM Toys,
of
creased
working capital.
Fla.
cigars.
Proceeds—To
prepay notes and in¬
Office—2311-18th St., Tampa,
Underwriter—W. C. Langley &
Grafco
Co., N. Y.
Industries,' Inc.
Sept. 27, 1961 filed 77,250
®
Price—$4.
common.
Business
—Manufacture of graphic arts equipment, chemicals and
supplies.
Proceeds—For the operation of a subsidiary,s
product development, equipment and other corpo¬
rate purposes. Office—291 Third
Ave., N. Y. Underwriter
—Philips, Rosen and Appel, N. Y.
new
Greater Pittsburgh Capital Corp.
Nov.
14,
ness—A
For
1961
filed
250,000
common.
smajl .business investment
investment.
Office—952
Price—$11. Busi¬
corppany,4
Union
Proceeds—
Pitts-?;
Trust Bldg.,
burgh. Underwriters—Moore,-Leonard &-Lyncl> and Sin^
ger, Dean & Scribner, Pittsburgh.
Green (Henry J.) Instrument Co. (12/18-22)
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment of loans, equip¬
ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A,
Hart & Co., Bayside, N. Y. (mgr.).
Griesfedieck Co.
Sept.
11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held. Price—By amendment. BiislA
closed
end
investment company.
Proceeds—
N. B'way, St.
Louis. Underwriter—Edward D. Jones & Co., St. Louis,,
nes
—
General
-
corporate
purposes.
Office—314
Growth Properties (12/4-8)
May 9* 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds
To reduce indebtedness, construct
-a
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif.
Gulf American Fire & Casualty Co.
Sept. 28, 1961 filed 226,004 common to be offered for,
suoscription by stockholders on the basis of three new
shares for each 10 held. Price—$2. Business—Writing of
fire and casualty insurance.
tal and surplus.
Office—25
Proceeds—To increase capi¬
S. Perry St., Montgomery,
Ala.
*
Underwriter—None.
Haltone Rental Corp.
Sep.
29,
1961
("Reg. A")
Business—Rental
of fur
150,000
coats.
common.
Proceeds—vb or
Price—$2
leasehold
improvements, equipment, advertising, woutung capital
and inventory. Office—350 Seventh Ave., N. Y. Under¬
writer—B. G. Harris & Co., N. Y. Offering—In January.
Hanna
Oct.
(M. A.)
Co.
1961 filed 740,000 common. Price—By amend¬
Business—A closed-end and non-diversified in¬
20,
ment.
Proceeds—For the selling stockhold¬
Office — 1300 Leader Bldg.,
Underwriter
First Boston Corp., N. Y.
vestment company.
er
(Hanna Mining Co.).
Cleveland.
—
Offering—Imminent.
Urice—By amend¬
prefabricated metal
toilet
Sept. 1, 1961 filed 50,000 common. Price—By amendment.
The manufacture of oil and air filtration
Inc.
Oct. 31, 1961
("Reg. A") 275,000 common. Price—$1.
Business—Design and.manufaeturermf polystyrene foam
facture
•
Price—$3.
machin¬
ery. Proceeds—General corporate purposse. Office—130
County Courthouse Rd., New Hyde Park, N. Y. Under¬
writer—G. Everett Parks & Co., Inc., N. Y.
Sept.
derwriter—None.
Futura
27, 1961 filed 116,875 common, of which 25,350
shares will be offered by the company and 91,525 by a
stockholder.
Price—By amendment.
Business—Manu¬
—
St., N. Y. Underwriter—ShearHammill & Co., N. Y.
Business
one
Sept. 15, 1961 filed 112,500 common. Price—$3. Business
—Publishing of crossword puzzle magazines, pricing
guide directories and certain annual publications. Pro¬
Foods Plus, Inc. (12/6)
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A manufacturer, wholesaler, and retail¬
er of vitamin products. Proceeds—For selling stockhold¬
Corp.
(1)
preferred
Office—2020
V
Glacier
Underwriter—None.
•
Foote
follows:
one
Girltown, Inc.
Sept. 28, 1961 filed 200,000 class A common shares. Price"
—By amendment. Business—The manufacture of young
women's sportswear. Proceeds—For selling stockholders.
Office—35 Morrissey Blvd., Boston. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
Food Corp. of America
Fram
•
Weld &
Oct.
son,
as
holding company for a savings and loan association, a
bank, an escrow company and a real estate trustee.
—The
W.
(2)
115,966'
Proceeds—Debt repayment, additional investment in the:
bank and other corporate purposes.
Office—9111 Wilshire Blvd., Beverly Hills, Calif.
Underwriters—White,
chines, and increase working capital. Office—990 Long
Rd., Oceanside, N. Y. Underwriter—None.
Office—62
working capital.
Sept.
and
Gibraltar Financial Corp. of California (12/6)'
Oct. 3, 1961 filed $5,500,000 of conv. subord. debentures
due Nov. 1, 1976.
Price—By amendment. Business—A
Beach
ers.
units
preferred
Calif.
dress. /.
Folz
neapolis, Minn.
(12/11-15)
23,599
common;
—
raw
Vending Co., Inc. i
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
-
Securities
Santa "Monica Blvd., Santa
Underwriters—(Competitive). Probable
bidders: First Boston Corp.-Equitable Securities Corp.
(jointly); Halsey, Stuart & Co. Inc.; White, Weld & Co.Kidder, Peabody & Co. (jointly); Paine, Webber, Jack¬
son & Curtis, Stone & Webster Securities Corp/
(joint¬
ly). Bids—Dec. 6 (11 a.m. EST) at office of General
Telephone & Electronics Corp., 730 Third Ave., N. Y.
Information Meeting—Dec. 4 (3 p.m. EST) at same ad¬
Co;, N. Y. (mgrs.),
Co.
offered in
three
construction.
Monica,
Underwriters—Goodkind, Neufeld, Joraon Co., Inc.
Fluorocarbon
common.
Price—$11. Busi¬
of paper.
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter
—Amos Treat & Co., Inc., N. Y. Offering—In early Jan.
ness—Manufacture
■
.
Proceeds—For
and Richter &
be
A")
W., Washington, D. C. Underwriter—Rouse, Brewer,
Bryant, Inc., Washington, D. C.
Gould Paper Co.
Sept. 28, 1961 filed 140,000
Telephone Co. of California (12/6)
Nov. 8, 1961 filed $25,000,000 of first mortgage bonds*
series N, due 1991. Proceeds—For debt repayment and
repayment of loans and working
capital. Office—300 Wt Sunrise Highway, Valley Stream,
Oct.
to
and
("Reg.
Corp.
Gradiaz, Annis & Co., Inc.
Research Corp.
1961
Investment
Becker &
General
•
• FJoyd Bennett
Stores, Inc. (12/4-8)
Aug. 30, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
stores.
Guardian
and
100,000
St.,
N.
(3) one preferred and nine common. Price—
(1) $8 per unit; (2) $14 per unit; (3) $20 per unit. Pro¬
ceeds—For debt repayment,
equipment, advertising and
working capital. Office—3203 Third Ave., N., Billings,
Mont. Underwriter—Wilson, Ehli, Demos Bailey & Co.,
Billings, Mont, r - - "
•
•
common,
undeveloped
Y.,
filed
a
Gotham
common;
of which 310,000
shares are to be offered for subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
N. Y.
6,
common
Palm-Aire
N.
1961
Nov. 21, 1961 filed 100,000 common.
Price—$6. Business
—Real estate investment. Proceeds—For
working'capi¬
tal and other corporate purposes.
Office—1707 H
Forms, Inc. (12/4-8)
15, 1961 ("Reg. A") 100,000 common shares (par
cents). Price—$3. Proceeds—For repayment of loans,
plant improvements, equipment and working capital.
Securities Co.,
Bermuda.
poses.
Office—1352
Easton
Rd., Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
Corp., Miami.
a
Florida
,
Genera]
Equity
Electronics Investment Corp., Contractual Plans
broker-dealer registered with NASD. Proceeds—
To increase net capital and for investment.- Office—44
Wall St., N. Y. Underwriter—General Securities Co., Inc.,
and
St.,
Office—7325 Northwest 43rd St., Miami. Undrewriters—
of
tor
Hamilton,
capital shares.
Price—$6.
plans to operate a public golf
private country club.
Proceeds—For pur¬
chase of land, construction and
general corporate pur¬
10
t
Bldg.,
Courses, Inc.
and
course
Aug.
Aug. 8, 1961 filed 70,000 common shares, of which 56,000
shares are- to be offered by the company and 14,000
shares by stockholders. Price—$10. Business—Distribu¬
Bermuda
Busniess—The company
mill. Proceeds—For repayment of loans, ac¬
and working capital. Office—224 Ivinson
a
Proceeds—For working capital. Office—8136 S.
Ave., Chicago. Underwriter—Federman, StoneCo., N. Y.
payment and working capital.
Fleetwood
Golf
Aug. *28,
^ Gateway Chemicals, Inc.
Nov. 22, 1961 filed 100,000
common, of which 50,000 are
to be offered by the
company and 50,000 by a stock¬
holder. Price—By amendment.
Business—Compounding
and packaging of chemical
products, primarily deter¬
Underwriter—None.
of
Underwriter—Globus, Inc., N. Y. (mgr.)
quisitions
Laramie, Wyo.- Underwriter—None.
Pro¬
Blvd.,
Proceeds—
general corporate purposes.
Office—Bank
Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a l-for-10 basis. Price
—By amendment. Business—The operation of uranium
nard, Inc., Minneapolis. Offering—Expected in January.
Underwriter—Mc¬
Gluckin (Wm.) Co. Ltd.
(1/4)
Aug. 25, 1961 filed 175,000 common. Price—$10. Business
Gas Hills Uranium Co.
Underwriters—Paine, Web¬
Curtis, N. Y., and Craig-Hallum, Kin-
Dayton, Ohio.
Co., Cleveland.
~
&
—The manufacture of ladies'
underclothing.
For repayment of loans and
investment.0Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
company,
ber,
Donald
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common.
Price—$3. Business
—A small business investment
company. Proceeds—For
writer—None.
Proceeds—General
and devices for the missile and aircraft
industries. Pro¬
ceeds—For debt repayment and
working capital. Office
—1784 Stanley Ave.,
Hollywood, Calif. Underwriter—
Corp., N. Y.
r
First Madison
Office—Munsey Bldg., Baltimore, Md. Under¬
capital.
37
(12/18-22)
100,000 common. Price—$3.
Business
Fabrication of components for missiles, jet
engines, aircraft landing gears and precision machines.
Proceeds
Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
N. Y. Underwriter—Albion Securities Co., Inc., N. Y.
•
Hannett Industries,
Aug.
1961
11,
Inc.
("Reg. A")
—
—
Happy House, Inc. (12/4-8)
July 28, 1961 filed 700,000 common shares
.Price—$1.
gifts, candies and greeting
through franchised dealers. Proceeds—For equip¬
Business—The marketing of
cards
ment, inventory and working capital. Office—11
Ave., S., Hopkins, Minn. Underwriter—None.
Tenth
Harleysville Life Insurance Co.
Sept. 21, 1961 filed 40,000 common. Price—$15.
—The writing of all types of life insurance
♦
1
.
Continued
Business
and an-
on page
38
(
38
'1
Continued from page 37,
nuities. Proceeds—Working
Pa. Underwriter—None. •
Hartfield
•
*
Inc.
Stores,
"'/
'
ceeds—For
(12/11-15)
apparel and discount department stores. Proceeds
of debt, expansion and working capital.
—Repayment
W.
102nd
St., Los Angeles. Underwriters—
Alstyne, Noel & Co., N/Y., and Johnston, Lemon &
Co., Wash., D. C.
."".V ;
\
)
Van
•
Marine
Hartman
mobile
and
ment and
general
communications
and
electronic
military transmitter-receivers.
corporate
equip¬
Proceeds—For
Office—30-30
purposes.
Northern
Long Island City, N. Y. Underwriter—Charles
Co., N. Y. Offering—Expected in'January.
Blvd.,
Y.
of
shower
and
window
Blauner
D.
curtains.
Office—261
selling stockholders.
Underwriter—Milton
&
Ihnen
(Edward H.)
Pro¬
5th Ave.,
Co., N. Y..
-
&
Co.,
~
television parts and
equipment.
Proceeds—For working
capital and general corporate purposes. Office—103 W.
43rd St., N. Y. Underwriter—Michael G. Kletz & Co.,
N. Y.
Inc.,
Offering—
New York.
.
Illinois Capital investment Corp.
(12/18-22)
Sept. 19, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small
business
Office—20 North Wacker
Dr., Chicago, 111. Underwriter
;
9, 1961
("Reg. A")
2,400,000 shares to be offered
Price—$12.50 per unit. Busi¬
ness—Development of oil and gas wells. Proceeds—For
general corporate purposes. Office—8900 N. Central Ave.,
-
* Imperial Mining Inc.
Nov. 15, 1961 ("Reg. A") 3,000,000 common. Price—At
par (10c). Business—Mining. Proceeds—For general cor¬
porate purposes. Office—1443 Rock Glenn, Glendale,
.
Phoenix.
Underwriter—To be named.
For
Business—General
investment.
Office—16
common.
real
estate.
Court St.,
Price—By
Proceeds—
Brooklyn, N. Y.
Underwriter—Arnold, Wilkens & Co., N. Y.
Hickory Industries, Inc.
31, 1961 ("Reg. A") 40,000
Aug.
common.
Price—$5.
Business—-The
manufacture of barbecue "machines and
allied equipment. Proceeds—For
equipment, inventory,
sales promotion, expansion and
—10-20 47th
J. B. Coburn
•
High
working capital. Office
Rd./Loilg IsUMfoPCity, N. Y. Underwriter—
Associates, Inc., N. Y. Offering—Imminent.
Temperature Materials, Inc. (11/11-15)
Sept. 28, 1961 filed 120,000
ment.
Price—By amend¬
products from test
common.
Business—Manufacture
of
models.
Proceeds—For equipment, research and devel¬
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Underwriter—L. F. Rothschild & Co., N. Y.
Hill Street Co..;/"■■
Oct.
16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia
on
share-for-share basis.
a
Price—$3.
Business—A
investment
management
company.
Proceeds—For in¬
Office—760 S. Hill St., Los Angeles. Under¬
vestment.
writer—None.
;
v-
Hoffman International
Corp.
v,-";
>•
v
-
July
18, 1961 filed $2,250,900 1%~ convertible subor->
dinated debentures due 1973
being offered for subscrip¬
tion by stockholders on the basis of
$100 of debentures
for each 21 shares held of record Nov. 21 with
rights
to
expire Dec.
manufacture
& Thrift
Corp.
Oct. 30, 1961 filed $2,000,000 of 6% subordinated deben¬
tures due 1974. Price—At par. Business—A consumer ■"
finance firm. Proceeds—For repayment of debt and ex¬
pansion. Office—339 Carondelet St., New Orleans, La.
Appley, Inc.
27; 1961 filed 100,000 class A
amendment.
Finance
6,
of
1961.
Price—At
pressing and
pan
Business—The
dry-cleaning equipment.
Proceeds—For repayment of loans and
general corporate
purposes. Office—107 Fourth Ave., New York. Under¬
writer—J. R. Williston & Beane, New York.
Industrial Gauge & Instrument Co., Inc.
Nov. 9,
1961 ("Reg. A") 95,250 common.- Price—$3.
Business—Purchase, distribution and
sale
Bronx, N. Y, Underwriter—R. F. Dowd & Co., Inc., N. Y.
Information
Systems, Inc.
1961 filed 1,266,000 common to be offered to
preferred and common stockholders of Ling-TemcoVought, Inc. (parent) of record Nov. 30, 1961. Price—By
amendment. Business—Furnishes industrial information,
handling and control systems,. Proceeds — For selling
stockholders. Office—10131 National Blvd., Los Angeles.
13,
Underwriter—None.
'
•
Inpak Systems, Inc.
25, 1961 filed 90,000
ness—Designs,
develops,
Oct.
'
•
,
common.
:" ."■
Dynamics Corp.
July 18, 1961 ("Reg. A") 200,000 common. Price—$1.50./
Business—Manufacture .of
electronic and elcetro-me-"
chanical devices used to determine the accuracy of air¬
craft flight
instruments. Office—170-Coolidge"Ave., Englewood, N. J. Underwriter—M. H. Woodhill Inc., N. Y.
for each
Dec.
5
held of record Nov. 7, with
rights to expire
Price—$20. Proceeds -'—For construction and
15.
debt repayment. Office—1050
waii. Underwriter—None.
House
of
Bishop St., Honolulu, Ha¬
Management Corp.
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds-^For loans to subsidiaries and working'
capital. Office—^7510 B. Granby St., Norfolk, Va. Under¬
McLean
&
Imminent.
Co., Inc., Norfolk.
' ./>• " /•
■ "
Westmore, Inc.
Oct. 27, 1961 filed 150,000 common.
Sale and distribution of cosmetics.
ing stockholders.
.
Price—$4. Business
Proceeds—For sell¬
Office—120 E.,16th St., N. Y.
Under¬
writers—Brand, Grumet & Seigel, Inc. and Kesselman
& Co.,
Inc., N. Y. Offering—Expected in January.
Offering—
expan¬
sion, working capital and general corporate
purposes.
Office—First Federal Bldg., St.
Petersburg, Fla. Under¬
writers—Blytb & Co., Inc., Lehman Brothers and Allen
& Co., N. Y. Note — The
record date of the
proposed
offering is expected to be Dec. 5 and the rights expira¬
tion date Dec. 19, 1961.
Hyatt Corp.
Oct.
20,
1961 filed 350,000 capital shares.
Business—Operates
For
debt
Office
a
repayment
Price
—
$10.
chain of motor hotels. Proceeds—
and general corporate
purposes.
1290 Bayshore
Highway, Burlingame, Calif.
Underwriters—J. Barth & Co., San Francisco and Shearson, Hammill & Co., N. Y.
—
Hydra-Loc, Inc.
Oct.
10,
1961 -("Reg.
Business—Design,
brake control.
A") 60,000 • common. Price—$2.
development and manufacture of a
Proceeds—FoV debt repayment and gen¬
Office—101 Park Ave., Hudson,
eral corporate purposes.
N. Y.
and
Underwirter—McLaughlin, Kaufman
Offering—Expected sometime in January.
& Co., N. Y.'
braided elastics.' Proceeds—For
ment and general corporate purposes.
Ave., N. Y.
.
..
traversing screens for use as window coverings, room
dividers, folding doors, etc. Proceeds—For debt repay¬
and general corporate purposes. Office—514 W.
Olympic Blvd., Los Angeles. Underwriter—D. E. Liederman & Co., Inc., N. Y.
Offering—In January./
^
-
Johnson
Electronics, Inc. /
filed 125,000 capital shares.
Price—By
amendment.
Business—The design and production of
special electronic components for the commercial and
military market; Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Warner,4 Jennings;/Mandel & Longstreth,
Philadelphia.
•
••
"
*0
Sept.
8,
1961
/■
Jomar
PlasAips, Inc.
Ripley Industries, Inc., below,
\,S~- ■/.
;
Jorn's Greeting Card Co., Inc.
Sept. 28, 1961 filed 110,000 common.
Price—By amend¬
Business—Manufacture and sale of greeting cards.
Proceeds—For repayment of loans, expansion and work¬
ment.
capital.
Office—106-11 157th St., Jamaica, N. ;Y.
Underwriter—Godfrey Hamilton, Taylor & Co., Inc., N. Y.
ing
Joyce Teletronics Corp.
31, 1961 ("Reg. A") 55,000
Aug.
Business—The
manufacture
used in communication.
of
:
common./ Price—$5.
electronic
instruments
Proceeds—For working capital,
products and repayment of loans.
Office—20 Madi¬
Ave., Hicksville, N. Y. Underwriter—General Securi¬
ties Co., Inc., N. Y.
Offering—Expected in January,/
new
son
Electronics, Inc.
\
24, 1961 filed 108,000 common. Price—$6.50. Busi¬
ness—Wholesaling of electronic parts and components
and equipment. Proceeds—For debt repayment and gen¬
eral corporate purposes. Office
2050 Rockrose Ave.,
Baltimore. Underwriter—Rubin, Rennert & Co., Inc., N.Y.
•'/J;''/
;/\-'\;v//..
'
(
ord.
debt
duqt 1968.
Price—At
Office—101 Bradley Place, Palm Beach, Fla.
Underwriter—Casper Rogers & Co., Inc., N. Y. Offer¬
(12/18-22)
/;
24, 1961 filed 380,000 common. Price—By amend¬
Business
-*•
Manufacture
Sachs & Co. and Lehman
(12/26-29)
Kelly Girl Service,
Brothers, N. Y.
Inc.
common. Price—$4. Business
and
co-production of foreign
domestic feature
films.
Proceeds—For
acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kasdan & Co., Inc., N. Y. Offering—Expected in December.
(12/18-22)
holder.
'
-
Price—By amendment. Business—Furnishes
temporary
office
clerical
services.
Proceeds—For
working capital. Office—13314 Woodward Ave., High¬
land
•
Park, Mich.
Underwriter—Dean Witter & Co., San
Kendall
.
/
industries, Inc.
,
(12/11-15)
Sept. 11, 1961 filed 150,000 common, of which
100,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
Price—$4. Business—The manufacture of
sliding aluminum windows and
equipment and general corporate
doors.
Proceeds—For
Office—5581
Calif. Underwriter—Currier
Carlsen, Inc., Los Angeles. Offering—Jn December.
Air
&
Interworld Film Distributors, Inc.
clothing, .camping
Oct. 27, 1961 filed 100,000
common, of which 25,000 are
to be offered by the
company and 75,000 by a stock¬
Francisco.
Sept. 29, 1961 filed 106,250
of
equipment and bedding items principally for Sears, Roe¬
buck & Co. Proceeds—For
selling stockholders. Office—
111 W. Monroe St.,
Chicago. Underwriters — Goldman,
/
2, 1961 filed $2,550,000 of con. subord. debentures
due 1981 to be offered for subscription by stockholders
on the basis of
$100 of debentures for each 33 shares
held. Price—At par. Business—The operation of restau¬
rants, other food establishments and gift shops. Pro¬
ceeds—For expansion. Office—11255 W. Olympic Blvd.,
Los Angeles. Underwriters—Glore,-Forgan & Co., N. Y.
end H. M. Byllesby & Co., Inc., Chicago.
♦
Business—
purposes.
Oct.
distribution
100%.
activities in Florida. Proceeds—Repayment of debt, ac¬
quisition of Yetter Homes, Inc., and general corporate
—
Inc.
debentures
Development of land, construction of homes and related
ment.
repay¬
Office—148 Madi¬
Sept. 15, 1961 filed 200,000 class A common. Price—$9.
Business
The wholesale distribution of photographic
and sound equipment and supplies. Proceeds—For the
selling stockholders. Office ■— 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Ainhold & S. Bleichroeder, Inc., N. Y. Offering—Expected in late December.
r
Interstate Hosts,
29, 1961 filed $1,200,000 of 6%% convertible sub¬
Kellwood Co.
Underwriter—jBurnham & Co., N. Y.
Interphoto Corp.
and
-
Jaylis Industries, Inc.
18, 1961 filed $850,000 of 6Y2% subord. debentures
due 1971 and 212,500 class A common shares to be of¬
fered in units of one $100 debenture and 25 class "A
shares.
Price—$200. Business—Manufactures patented
Oct.
ment. Business—Production and sale of extruded rubber
Theatrical
''
tl
ing—Expected late in December.
^ International Stretch Products Inc.
Nov. 27, 1961 filed 300,000 common, price—By amend¬
son
■
Oct.
June
Electronic International; Inc.
•
Houston Corp. (12/5-19)
June 9, 1961 filed 583,334 common
shares to be offered
for subscription by holders of common and
class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For
Corp., Boston.
/.-., Keller Corp.
Inc.
Sept. 1 1961 ("Reg. A") 120,000 common. Price—$2.
Business—The manufacture of precision instruments.;
Proceeds—For equipment and working capital. Office—
176 E. 15th St., Paterson, N. J.—Underwriter—Theodore
Arrin & Co., Inc., N. Y. Note—This firm formerly was
thread
17, 1961 filed 60,000 class A common shares and
9,000 outstanding voting trust certificates (representing
beneficial interest in 9,000 class B common shares). Price
—By amendment. Business—The manufacture of optical
instrumentation. Proceeds—For repayment of loans and
working capital. Office — 7 Farwell St., Newtonville,
Mass. Underwriters—Stearns & Co., New York and Clay¬
,
International Mech-Tronics,
as
,
:/'//
(12/18-22>y
•Oct.
International
known
Co.
Kann-Ellert
Offering—Imminent.
B.
$12.50.
Aug.
^
,
writer—J.
Jarrell-Ash
See
•
Honolulu Gas Co., Ltd.
Oct. 11, 1961 filed 66,420 common which are
being of¬
fered to stockholders on the basis of one
new
share
—
Office—25
St., N. Y. Proceeds—For investment in Japanese
.
Price—$4.25. Busi¬
sells
and
leases
automatic
packaging machines.
Proceeds—For debt repayment
and general corporate purposes. Office—441 Lexington*
Ave., N. Y. Underwriters—Stearns & Co. and Josep^
Nadler & Co., N. Y.' Offering—Expected sometime in
January.
•./
/ :
„•/ v/k;:-v'i,. /V
Intercontinental
Price
securities. Underwriters—Bache & Co., and Paine, Web¬
ment
of industrial:
gauges, thermometers, etc.
Proceeds—For debt repay¬
ment and working capital.. Office—1403-07 E. 180 St., \
Nov.
common.
San Francisco.
Underwriter—None.
Herman &
Oct.
Industrial
^
-
Jayark Films Corp.. (12/4-8)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
Calif. Underwriter—None.
Nov.
1961
19,
ton Securities
investment company.
it He. Leum Co., Inc.
in units of 100 shares each.
Oct.
Inc.
filed 2,000,000
Japan Fund,
Office—64
Underwriter—
,
•
Co., Inc., Nr Y.
working capital.
Park
ber, Jackson & Curtis, N. Y., and Nikko Securities Co.,
Ltd.i Tokyo, Japan. Offering—In early January.
v
Expected sometime in January.
—Blair &
expansion and
Ave., Rockville Centre, N. Y.
Stan-Bee & Co., Washington, D. C.
N.
Broad
.
Plohn &
Harvey Radio Co., Inc.
Oct. 27, 1961 filed 200,000 common, of which 100,000 are
to be offered by the company and 100,000 by a selling
stockholder. Price—$5. Business—Distribution of elec¬
tronic components including
high fidelity, radio and
Thursday, November 30, 1961
Business—A diversified investment company.
& Son, Inc.
Treat
.
Optical, Inc.
ceeds—For
(The)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The -construction of public and;
private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. Office—Montvale, N. J; Un¬
derwriter—Amos
.
.
Oct.
30, 1961 ("Reg. A")
75,000 common. Price—$2.
Business—Wholesale distribution of optical goods. Pro¬
Hygrade Packaging Corp. (12/4-8)
Aug. 30, 1961 filed 100,000 class A. Price—By amend¬
ment. Business—The manufacture of paper cartons and
boxes. Proceeds—For product development, expansion,
repayment of a loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. J.
Gruber & Co., Inc., N. Y. (mgr.).
Electronics
Corp.
Oct. 27, 1961 filed 100,000 common, of which 75,000 are
to be offered by the company and 25,000 by a selling
stockholder.
Price—$4. Business—Manufacture of ma¬
rine
—Manufacturer
N.
Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
Price—By amendment. Business—Operation of
Office—5330
Jackson
Hygiene Industries, Inc. (12/4-8)
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
1
...
capital. Office—Harleysville,
due 1-981.
retail
Chronicle
The Commercial and Financial
(2426)
purposes.
Terminal Dr., Fresno,
Kenwin, Shops, Inc. (12/11-15)
Sept. 27, 1961 filed 80,000 common. Price—$5. Business
—Operates a chain of women's and children's
apparel
stores.
Proceeds—Repayment
working capital.
writers—D.
of
debt,
expansion and
Under¬
Office—249 W. 34th St., N. Y.
H, Blair & Co., N. Y., and
Space Corp., Savannah.
Johnson, Lane,
,
Volume 194
Number 6112
,
.
.
The Commercial and
Financial Chronicle
(2427)
Kiddie
Rides,
Inc.
German company.
Proceeds — For repayment of
loans,
inventory and working capital. Office—325 W. Houston
N. Y. Underwriter-^To be named. OfferingExpected sometime in January.
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
nated debentures due 1971 and 30,000 common to be of¬
fered in units of $1,000 debentures and 30 of
common,
Kine Camera
Co.
Sept.
stockholders
•
Liberian
Underwriter—George
Liberian
in
Co.,
op¬
tical
equipment. Proceeds—For debt repayment. Office-t—347 King St., .Northampton, Mass. Underwriter—Put¬
nam & Co., Hartford.
•
Koster-Dana
Corp.
;
Underwriter—Gianis
Y.
late January..
•
capital.
&
Co.,
N.
Y.
Ave.,
Offering—In
(12/1)
_
(with attached five-year warrants to purchase
)000,000 class A common) to be offered to holders of
class B
and
shares
5th
for
Kryion,
15,
at
shares
1961 filed
250,000
—
'
Kulicke
&
15, 1961
.100,000 shares
.22,980
Soffa
filed
are
Manufacturing Co.
-
?
Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$2.50. Proceeds—For debt repayment, -equipment, ad¬
vertising, leases, and working capital/ Office — 2701
St., Los Angeles. Underwriter—Pacific Coast
Securities Co., - San Franciscor Offering—In January.
"Stocker
•
Lance, Inc. (12/11-15)
Aug. 30, 1961 filed 364,000 common. Price—By amend¬
ment. Business—The manufacture of peanut butter filled
delicacies. Proceeds-—For the selling stockholders. Office
—1304 S. Blvd., Charlotte, N. C.
Underwriter—R. S.
Dickson & Co., Charlotte, N. C. (mgr.),
Larr Optics & Electronics Co.'
Oct. 2, 1961 ("Reg. A") 75,000 common.
Price—$2. Pro¬
ceeds—For
expansion, equipment, research and devel¬
working capital. Office—1375 West Maple
St., Denver. Underwriter—Schmidt, Sharp, McCabe &
Co., Inc., Denver.
and
Lehigh Press, Inc.
Nov. 3,
1961 filed 155,000 common, of which 45,000 are
to be offered
by the company and 110,000 by stockhold¬
Price—By amendment.
Business—A commercial
printer.
Proceeds—For a new plant, moving expenses
•
A:
V
'
Libby International Corp.
Aug. 3, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The distribution of tractors
and farm equipment
manufactured by Kramer-Werke,
one
com¬
1961
21,
Laboratories, Inc.
(12/11-15)
("Reg. A") 100,000 common. Price—$3.
scientifically tested biochemicals and
Business—Sale of
pharmaceuticals.
Proceeds—For new quarters, equip¬
ment,va laboratory, inventories and working capital. Of¬
fice—136 Liberty St., N. Y. Underwriter—L. D. Sherman
& Co., N. Y.
: ■
.
Manson
late
of
common
life
insurance
Price
common
one
$4.50
December.
ment.
By amend¬
company. Proceeds—
sale of
For
debt
Waverly
new
16
-
Ludwig Engineering & Science (12/11-15)
5, 1961 filed 125,000 common.
Price—By amend¬
ment.
Business—Renders
engineering and research
services. Proceeds—For equipment, debt repayment and
working capital. Office—150 E. Foodhill Blvd., Arcadia,
Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St.
Oct.
Louis.
Lunar Enterprises, Inc. (12/29)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For
filming and production and working capital. Office—
1501 Broadway, N. Y. Underwriter—Ehrlich, Irwin &
Co.. Inc., 50 Broadway, N. Y.
Macfadden
Offering—Expected sometime in Jan.
Polarized
..
-
Industries Corp.
1961
1,
("Reg. A")
—54 Summer Ave., Newark,
Bruce & Co., Inc.. N. Y.
Martin
Yale
Business
Price
$3.
—
N. J. Underwriter—Richard
Machines
Corp.
Sept. 27,1961 filed 100,000 common (with attached threeyear warrants to purchase 40,000 shares at $5, to be of¬
fered in units of one share and a warrant to purchase
0.4 share.
Price—$3.50 per unit. Business—Manufacture
cutters and trimmers, paper folding machines,
photographic dark room accessories and envelope open¬
ing machines. Proceeds—Advertising sales, promotion,
new products and
working capital. Office—2450 Estes
of paper
Ave.,
Elk
Grove Village,
Co., Inc., N. Y.
Malkan &
■
111, / Underwriter—Arnold
Matrix Corp.
Oct.
20, 1961 ("Reg. A") 60,000 common. Price —; $3.
Business—Furnishes consultative and research services.
Proceeds
For development of teaching machines and
working capital. Office—507 18th St., S., Arlington, Va.
—
Underwriter—Mackall & Coe, Washington, D.
•
Maust
Coal
C.
& Coke
Corp.
Nov. 13, 1961 filed 250,000 common. Price—By amend¬
ment., Business—Mining of bituminous coal.
Proceeds
—For debt repayment and purchase of equipment. Office
Fifth Ave., N. Y. Underwriter—Eastman Dillon,
Co., N. Y. Offering—In January.
—530
shares
by
"
common.
(12/11-15)
are
be refiled.
100,000
Business—Manufacture of rectifiers, regulators, thermo¬
couple tubes, and thyratrons. Proceeds—For expansion,
research and development, and working capital. Office
shares
",T:(
^
Marshall Electronics Co.
Nov.
magazine publishing. " Proceeds—Debt repayment, mov¬
ing expenses and working capital. Office—205 E. 42nd
St., N. Y. Underwriters—First Broad Street Corp. and
a
,
.
(12/11-15)
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Priee—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
Union Securities &
&
(12/15)
facilities and other corporate purposes. Office—153-
Publications* Inc.
Sept. 28, 1961 filed $5,300,000 of convertible subord. de¬
bentures due 1971, Price—At par. Business—Book and
Lieberbaum
Corp.
Tenth
Marlene
-
,
Systems* Inc.
Nov. 24, ,1961 .("Reg. A")
50,000 common.
Price—$5.Business—The baking of bread, rolls, pastry, etc.
Pro¬
ceeds—For
general corporate purposes.
Office—2421
Broadway, N. Y. Underwriters—Crosse & Co., Inc. and
Jay Chermy & Co., Inc., N. Y.
Proceeds—
repayment and working capital.
Office—155
Place, N. Y. Underwriter—C. E. Unterberg;
Ave., Whitestone, N, Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
graphy printing and the manufacture of offset printing
if Lori-Bari
Price—By amend¬
June 27, 1961 filed 95,000 common shares. Price —Bv
.amendment. Proceeds — For expansion, acquisition of
—
Lomart Perfected Devices* Inc.
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of pool filters and accessories and
tools, dies, metal stampings, etc. Proceeds—For moving,
expenses, purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker St,
Brooklyn, N. Y, Underwriter—None.
common.
precision electromechanical devices.
Towbin Co., N. Y,
shares to be offered in units consisting
(with one warrant) and one
$6 per unit. Business ;— Litho¬
;
100,000
Business—Development, design, manufacture and
Marks
■
Co., Inc. and Terrio & C<^, Inc., Wash¬
Markite Corp.
Oct. 26, 1961 filed
Office—Louisville, Ky. Un¬
,
filtering
systems. ^Proceeds -5- For debV jrepaymenUand .working
capital. Office—610 -W. 18th/St., Hialeatt,- Fla. - Under¬
—
* Lithoid, lnc,
A /
A
Nov. 22, 1961 filed 120,000 common. Price—$3. Business
—Development and manufacture of equipment and systerns for the photographic data processing industry.
Proceeds—For general corporate purposes. Office—232
Cleveland Ave., Highland Park, N, J.
Underwriter—
Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
Price—$5. Business
ness—Manufacture of waste water filters and
debenture
share. Price
common.
★ Marie Design & Mfg. Corp.
Nov. 14,1961 ("Reg. A") 55)000 common.'
Pirce—$4. Busi¬
stock-
Insurance Co.
common.
.
Laboratories* Inc.
Sept. 26, 1961 filed 200,000
plates. Proceeds—For general corporate purposes. Office
—333 Hudson St., N. Y. Underwriter—Continental Bond
& Share, Maplewood, N. J,
1
•;
equipment. Office—2400 E. Huntingdon St., Phila¬
delphia. Underwriter—Harrison & Co., Philadelphia.
DuBoff, Inc., N. Y.>
units consisting of
purchase
Underwriter—Manhattan Eastern Corp., N. Y.
(mgr.)
Mann Research
Sept.
Net asset value plus a 7% selling commission.
—
A non-diversified, open-end, management-
Business—A
common
and
nard &
•
ington, D. C.
ers.
Leslie (Joyce)-* Inc.
Sept; 28, 1961 filed 100,000 common. Price—$5.50. Busi¬
ness—Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories and working capital.
Office—850
Flatbush Ave., Brooklyn. Underwriter—Seymour, Ber¬
Md.
writers—Shawe &
of
,
warrant to
at
derived from the sale of put and call
55,000
—
a
$4) and 50 common shares. Price—$300
Business—Consumer finance.
Proceeds—For
working capital. Office—912 Thayer Ave., Silver Spring,
Nov. 17, 1961 filed $247,500 of convertible subordinated
7% debentures due 1971 (with attached warrants) and
•
share
unit.'
per
Litho-Tone, Inc.
taxes, new-products, down payment on a new
plant and general corporate purposes.
Office—401 N.
'Broad St., Philadelphia. Underwriter—Marron, Sloss &
.Co., Inc., New York (managing).* :
shares to be offered in
common
$100 debenture (with
mon
derwriters—J. C. Bradford & Co., Nashville, Tenn. and
W. L. Lyons & Co., Louisville, Ky.
of
Laboratory Procedures, Inc.
—
Fund, Inc. (12/11-15)
filed 951,799 shares
1961
For the selling stockholder.
(12/11-15)
L. L. Drug Co., Inc. (12/4-8)
;
July 26,'1961 filed 100,000 common shares. Price—$4.50.
Business
The manufacture or pharmaceuticals.
Pro-;
ceeds—-For repayment of a loan, purchase of equipment,
research
and- development, advertising and; working
capital. Office—1 Bala Ave,, Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa. v
000
For investment. Office—300 Main
ment.
shares
opment
and three
A—$10;
—
Lincoln Income Life
by stockholders.' Price—By.amendment.
.Business—The manufacture of machinery for production
of transistors and similar devices. Proceeds—For pay¬
ment
Major Finance Corp. (12/11-15)
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached
warrants) and 100,-
equipment, advertising, and repay¬
Office—349 Rider Ave., Bronx
51, N. Y,
Oct. 31, 1961 filed 45,000
122,980 common shares, of which
to be offered by the company and
"
•
options. Proceeds—
St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
common.
By'
pe-^
promotion, a new publication^
working capital. Office—660 Madison Ave., New
and
York. Underwriter—To be named."
type investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
Price—By amend¬
ment. Business
Manufacture of aerosol spray paints,
protective coatings and other aerosol products. Proceeds
—For selling stockholders. Office—Norristown, Pa. Un¬
derwriter—Eastman Dillon, Union Securities & Co., N. Y.
Offering—Expected in mid-January.
Aug.
30,
•.
Inc.
debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn,
Underwriter—Amos Treat & Co., N. Y. Offering—In
Price
wttfe&.l. h"-tp -
Magazines For Industry,
membership department stores. Proceeds—For general
corporate purposes. Office—1510 Page Industrial Blvd.,
Overland, Mo. Underwriter—R. L. Warren Co., St. Louis.
Business
Inc.
Office—>
Cloverdale, Detroit. Underwriter—Charles Plohn
Co., N. Y.
—Research and manufacture of equipment for
military
and industrial applications. Proceeds —
Repayment of
Lincoln
Note—The record
telephone-
—
—
March
held.
offering is expected'fe
datej of this
•
50
N. Y. Underwriter—None.
Ave.,
Nov.
each
and
capital.
it Linco International, Inc.
15, 1961 ("Reg. A") 75,000 common. Price
$4.
Business—Operation of 20 departments in closed-door
the rate
of $1,000 of de¬
Price—$1,000. Busi¬
ness—Real Estate^mvestmenh1 Proceeds—Repayment of
debt, investment, and corporate purposes. Office—521
bentures
working
Aug. 2, 1961 filed-135,000 common shares. Price
amendment. Business—The publishing of business
riodicals. .Proceeds—For
subsidiary,
Nov.
1976
class A
Price—Class
*
Flomenhaft, Seidler & Co., Inc., N. Y.
Offering—Expected sometime in January.
Ninth
\Sept. 27, 1961 filed $100,000,000 of 6% subord. debentures
iue
&
new
ment of loans.
re¬
■/
•
Kratter Corp.
Office—76
shares.
Proceeds—For
•
Underwriter
working
Co.,
automobile, electrical utility
industries.
12340
/I
Minerals
ucts for the
Lido Corp.
Aug. 29, 1961 ("Reg. A") 84,000 common. Price—$3.25,
Business—The manufacture of toys, games and novelties.
mercial and industrial organizations. Proceeds—Debt
N.
'
Iron
Proceeds—For
and
writer—Continental Bond & Share Corp.,
Maplewood, N.J.
• Macokd
Industries, Inc. (12/11-15)
Sept. 28, 1961 filed 300,000
common, of which 100,OOQ
are to be offered
by the company and 200,000 by stock¬
holders. Price—$5.
Business—Molding of plastic prod¬
.
units, each consisting of $100 of debentures
Sept. 28, 1961 filed 70,000 common. Price—$5. Business—
Publishing of informational booklets for financial, com¬
payment
Ltd.
re¬
pro¬
advertising, plant removal and working cap¬
Office—189 Lexington Ave., N. Y.
16, N. Y. Under¬
ital.
Class B—
$15.85; Class C—$104 per unit. Proceeds—For the selling
stockholder. Business—A
holding company for stock of
Liberian American-Swedish Minerals
Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—
None, Note—The record date for the offering is Nov. 15
and the rights expiration date Dec.
27, 1961.
Corp.
Nov. 9, 1961 filed 100,000 common, of which 40,000 are
to be sold by the company and 60,000 by stockholders.
of
Ore
American-Swedish
Liberian
Kollmorgen
Business—Manufacture
Iron
Proceeds—For
products, sales
motion and
subordinated
subscription by
Sept. 14, 1961 filed 436,327 capital shares being offered
for subscription by stockholders of
International African
American Corp. Laffgr stockholders will receive class A
rights to acquire 40,000 capital shares on the basis of
one for each 22
held; class B rights to acquire 220,182
on the basis of one for each four
held; and class C rights
to acquire 176,145 shares and
$5,871,500 of debentures of
Co., Kansas City, Mo.
amendment.-
4.167%
—Monrovia, Liberia. Underwriter—None.
s
Knickerbocker
Price—By
of
offered for
Price—$104 per unit. Business
commercial exploitation of iron ore
deposits in
Liberia. Proceeds—For the selling
stockholder. Address
Toy Co., Inc.
Sept. 27, 1961 filed 100,000 common. Price—By amend¬
ment. Business—Design and manufacture of toys. Pro¬
ceeds—For
working capital. < Office—401 Butler St.,
,
be
parent, in units, each consisting of $100 of debentures
Un¬
Brooklyn, N. Y. Underwriter—Herbert Young &
Inc., and Netherlands Securities Co., Inc., N. Y.
to
and 3 Liberian Iron Ore.
King Louie Bowling Corp.
Sept. 27, 1961 filed 325,000 common. Price—$3. Business
—Operates a chain of bowling centers. Proceeds—Repay
debt and for other corporate purposes.
Office—8788
K. Baum &
$5,871,500
1985
of
—The
photographic equipment. Proceeds—For debt repayment "
Metcalfe Rd., Overland Park, Kan.
filed
International African American Corp.
Latter stockholders will receive Class C
rights to acquire
the debentures and
176,145 of Liberian Iron Ore Ltd.,
1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
Office^889 Broadway, N. Y.
derwriter—Underhill Securities Corp., N. Y.
:
1961
debentures due
Inc.
capital.
14,
health,
exercise and slenderizing equipment.
payment of loans, equipment, new
Liberian American-Swedish Minerals Co.
Nov. .21,
and working
• Mac
Levy Associates* Inc.
July 20,1961 ("Reg. A") 150,000 common shares
(par one
cent). Price—$2. Business—The distribution of
Street,
Price—By amendment. Business—The operation of coin
operated children's amusement equipment. Proceeds—
For repayment of loans, equipment and general
corpo¬
rate purposes. Office—2557 W. North
Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago. v
39
Maxam, Inc.
Oct.
26,
nnA
200,000 common, of which 100,000
by the company and 100,000
stockholders. Price—By amendment. Busi¬
1961 filed
to
be
ness—Operation
offered
of
self-service
discount
department
Co., N. Y. Note—This registration will
Continued
on page
40
*
40
The Commercial and Financial Chronicle
(2428)
North
Continued from page 39
Roslindale, Mass. Un¬
Co., Inc., N. Y.
Mayfield Engineering Co.
2, 1961 filed $300,000 of 6% subordinated convert¬
1967 and 60,000 common shares to be offered
consisting of $100 of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
*
Spectrum,
Western
Baruch &
•
Inc.
Underwriter
Fund, Inc.
26, 1961 filed 2,000,000 capital shares.
writer—Underhill
Micron
Sept.
plans to
investment in
the
Proceeds—For
industry and capital growth situations. Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
Proceeds—For
Studio
general
Price—$10.
common.
electronic
corporate
^
Busi¬
equipment.
O f f i
purposes.
high-speed
the repayment of debt,
establishment of a new department, and working capital.
Office—17© Varick St., N. Y.
Underwriters—Harry
Odzer Co., N. Y. and Bruno-Lenchner, Inc.,
Pittsburgh.
Mel
nor
a
press,
Industries, Inc.
$1.
v
and
garden
debt
*
equipment.
Business—Plastic fabrication.
Research & Development Corp.
21, 1961 filed 130,000 common. Price—$3. Business
—Research and development of new products for, the
electronic
common.
Price
Proceeds—For
research
—
debt
Lane, Wellesley, Mass.
and
mov¬
development,
Underwriter—Estabrook
&
Co.,
<
Metallurgical
International,
Inc.
Sept. 26,'-1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals.; Proceeds—Repay debt,
taxes, purchase equip¬
ment, and working capital. Office—174 Main
Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
N. Y.
•
Miss
Oct.
Metalfab, Inc.
1976
of women's
industries.
working
capital.
Proceeds—For
Office—First
conv.
debentures
debt
and
repayment
Elm
Sts.,
Oct.
&
Co.,
Offer¬
Manufacturing Corp.
18, 1961 filed 100,000
—Manufacture
and
Beaver
Dam, Wis. Underwriters—Cruttenden, Podesta
.Chicago and Splaine & Frederic, Inc., Milwaukee
ing—Expected sometime in January.
Metatronics
of
common.
Price—$2. Business
electronic
cases and
containers, and
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office
111
—
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.
Meteor Enterprises, Inc.
Oct. 3l, 1961 ("Reg. A") 100,000
Business
—
igniters, etc.
eral
Manufacture
of
Proceeds—For
corporate
purposes.
Proceeds—For debt
repayment, in¬
•
Mobile
Estates, Inc.
1961 filed 140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., N. Y. Offering—In mid-Jan.
June
27,
Mobile
common.
Price—$3.
barbecue
repayment
Office—5356
motors,
and
Riverton
gen¬
Ave.,
of
Corp.
13, 1961 filed 215,000 common, of which 165,000 are
offered by the company and 50,000 by a stock¬
holder.
Price—By
amendment.
Business—Sale
and
leasing of trailers.
Proceeds—For expansion, repay¬
Proceeds
For
—
debt
ment
of
debt, and working capital.
Office—8472 S.
Figueroa St., Los Angeles. Underwriters—Kleiner, Bell
& Co., Beverly Hills, Calif, and Hardy &
Co., N. Y.'
^Phoenix.
North
105,297
insurance
and
Price
—
$2.
Proceeds—To in¬
Office—811 N. Third St.,
Associated General Agents of
Ill
—
1,
company.
N.
Broadway,
investment.
Mutual
Y.
Sponsor—Ira Haupt &
equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co., N. Y.
Feed
Lot, Inc.
1961 filed 150,000
(12/11-15)
common shares.
Price—$3.
breeding of livestock owned by others.
Proceeds—For drilling of water test wells, purchase of
land, construction, general administrative costs
and
working capital. Address—Glendive, Mont. Underwriter
Business—The
•
*
Monmouth Electric Co., Inc. (12/4)
Aug. 28, 1961 filed 200,000 common, of which 125,000 are
to be offered by the company and 75,000 by stockhold¬
ers. Price—$6. Business—Manufacture of electronic and
Co., Ill Broadway,
early 1962.
Credit
1961
subord.
company.
Proceeds—For general corporate
Address—Keene, N. H.
Underwriter—ChiiNewbery & Co., Inc., Kingston, N. Y.
purposes.
son,
•
NAC Charge Plan and Northern
Acceptance Corp,,
(12/4-8)
June 27,
1961 filed 33,334 class A common shares. Price
—By amendment.
Proceeds—For working capital.
Of¬
fice—16 East Pleasant St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (mgr.) >
Nalley's, Inc. (12/4-8)
9, 1961 filed 210,000 common, of which 130,000
Oct.
to
are
be offered
by the company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—The production
of food products. Proceeds—For a new
plant, leasehold
and/plant improvement and working capital. Office—
3410 S.
Lawrence St., Tacoma,
Blyth & Co., Inc., N. Y.
Wash.'
Underwriter—
Narrows Premium Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York
State.
Proceeds—General
corporate
purposes.
Of¬
fice—9805 /Fourth
Ave., Brooklyn, N. Y. Underwriter—
Pearson, Murphy & Co., Inc., N. Y.
National
Bowling Lanes, Inc.
;
1961 filed 150,000 capital shares. Price—$5.50.
July 21,
Business—The operation of bowling centers. Proceeds—For expansion, repayment of loans, and
working capi¬
tal.
Office
220 S. 16th Street, Philadelphia, /Under¬
—
writer—Edward Lewis &
pected
/..
Co., Inc., N. Y.
Offering—Ex¬
time in January.
some
National
Capital Acceptance Corp.
Oct. 20, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Business—Purchase of second trust notes and other
securities.
Proceeds—For
—Colesville
working capital. Office—8719
Silver Spring,
Md.
Underwriter—
Corp., Washington, D. C. / -
Rd.,
Guardian Investment
National Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5.
—Operation of
ated
stores.
a
Business
cleaning and pressing plant and affili¬
Proceeds—For
debt
repayment, store
ex¬
pansion and working capital. Address — Portage,
Underwriter—Cortlandt Investing Corp., N. Y.
v
Pa.
National
Hospital Supply Co., Inc. (12/6)
1961 ("Reg. A") 100,000 common. Price—$3.
22,
of
medical
supplies.
Proceeds—
For
inventory, advertising and promotion, expansion, re¬
payment of loans and working capital. Office—38 Park
Row, N. Y. Underwriters—Edward Lewis & Co., Inc. and
..Underhill Securities Corp., N. Y.
National Mercantile Clearing
23,
("Reg.
1961
A")
collection
75,000
agency.
House, Inc..
common.
Price—$4.
general
Proceeds—For
corporate purposes. Office—4539 Ponce de Leon
Blvd.,
Miami, Fla. Underwriter—Armstrong & Co., Inc., N. Y.
Offering—Expected sometime in January.
n
For
Real
Estate
1961 filed
ness—A
real
investment.
Investment Trust
1,000,000
estate
common.
Price—$15.
Busi¬
investment
Office—20
Underwriter—Lee Higginson
company.
Proceeds—
Broad St., New York City.
Corp., N. Y. Offering—Ex¬
pected in January.
Proceeds—For
17,
C.
Corp.
("Reg. A") $300,000 of 6V2% convertible
debentures, due 1971. Price—At par. Business
3,
Nov. 9,
(12/18-22)
filed 150,000 common, of which 135,000
are to be offered by the
company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
July
By-
working capital.!
Rd., Hicksville; N. Y. Un¬
Co., Inc., N. Y. Offering—In Jan.
N. Y. C. Offering—Expected in
National
Inc.
1961
Mon-Dak
—
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states,
counties,
municipalities and territories of the U. S. Proceeds—For
America, Inc.
Molecular Dielectrics,
Sept.
common.
<
automobile parts.
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Common¬
wealth of Pennsylvania and its political sub-divisions.
Proceeds—For investment.
Sponsor—Ira Haupt & Co.,
Business—A
surplus.
Underwriter
of
and
Municipal Investment Trust Fund, First Pa.
Series
(12/18-22)
Oct!
Modern Pioneers' Life Insurance Co.
life
repayment
Office—900-908 S. Oyster Bay
derwriter—Street &
June
capital
Price—$4.
Industries, Inc.
filed 120,000 class A shares; Price
Business—Distribution
be
crease
Inc.
common.
Parts
1961
30,
Oct.
("Reg..A")
Co.,
75,000
lumber, building supplies and hard¬
working capital.
to
6, 1961
Mfg.
amendment. Business—Distribution
Rentals
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
electric
debt
dresses.
ventory and expansion. Office—1919 S. Los Angeles St.,
Los Angeles. Underwriter—F. L. Rossmann &
Co., N. Y.
Business—A
f.
s.
and
100,000 common (of which 20,000 shares
are to be offered
by the company and 80,000 by stock¬
holders).
Price—By amendment. Business—Manufac¬
tures products and
parts of the automotive and elec¬
trical
Elliette, Inc. (12/11-15)
1961 filed 100,000 common. Price—By amend¬
Business—Design, manufacture and distribution
10,
ment.
*
Oct. 27, 1961 filed $600,000 of
6%
'
Minuit Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac¬
quisitions, working capital and general corporate pur¬
poses.
Office—225 Broadway, New York 7, N. Y. Un¬
Nov.
due
general corporate
Office—899 Main St., Waltham,
Underwriter—Stanley Heller & Co., N. Y.
Mass,
-
$4.
pay¬
repayment of debt and working capital. Office—27 Mica
Boston.
Proceeds—For
derwriter—Pine Tree Securities, Inc., N. Y.
diaphragm bellows. Proceeds—For
equipment,
industry.
purposes, new products.
'
•
expenses,
Kirsch
Valley
Mitron
?
Metal Bellows Corp. (12/4-8)
Sept. 1, 1961 filed 140,000 common, of which 120,000 are
to be offered
by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
ture of welded
and
working
capital.
Office—9-11
Stream, N. Y. Underwriters—T.
Co., Inc., N. Y. and Nelson Securities, Inc.,
St.,
Nov.
Proceeds—
ment, equipment, advertising and working capital. Of¬
fice—3 Sidney
Court, Lindenhurst, N. Y. Underwriters
•—M. Posey Associates
Ltd., and Alkow & Co., Inc., N. Y.
Offering—Imminent.
ing
of
Hempstead, N. Y.
Mercury Photo Corporation (12/18-22)
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
r—Processing and wholesaling of photographic film, etc.
Proceeds—For expansion, equipment, and working cap¬
ital. Office—275 Clinton Ave., Newark, N. Y. Under¬
writer—General Securities Co., S. Kasdan &r
Co., Inc.,
N. Y. C., and Dual
Planning Corp., Garden City, N. Y.
Associates, Inc.
Sept. 5, 1961 ("Reg. A") 75,000
repayment
•
For general corporate purposes.
Office—Moonachie, N. J.
Underwriter—Francis I. duPont & Co., N. Y.
Merit
Price—
precision metal com¬
assemblies and sub-assemblies. Proceeds—For
Cleveland
M.
'
sprinkling
Business—Manufacturer
ponents,
15, 1961 filed 152,500 common, of which 52,500 are
to be offered by the company and
100,000 by stock¬
holders. Price—By amendment. Business—Manufacture
lawn
factoring business.
Nov.
Nov.
of
Price—$2. Busi¬
in the commercial fi¬
^ Milo Components, Inc.
17, 1961 ("Reg. A") 150,000 class A shares.
printing of advertising material, annual reports,
by offset lithography. Proceeds—For the
booklets etc.,
purchase of
Motor
Oct.
—A finance
engage
parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., Inc., N. Y. Offering—In early January.
Business
A")
Address—Monticello, N. Y. Underwriter—J. Laurence &
Co., Inc., N. Y.
ness—Company plans to
and
&
("Reg.
Proceeds—To repay loans and for
Nov.
ment. Business—Wholesaler and distributor of electronic
Meehan-Tooker Co.,
—The
of
Milgray Electronics, Inc.
Sept. 26, 1961 filed 166,667 common. Price—By amend¬
c e—
City, Calif. Underwriter—Financial Equity Corp.,
Inc. (12/6)
Sept. 8, 1961 filed 100,000 common. Price—$5.
Business—Sale
ware.
Lumber
1961
—
50,000 common.
Price—$4.
plastic film.
Proceeds—For
Proceeds—General corpo¬
rate purposes.
Office—1730 K St., N. W., Washington,
D. C.
Underwriter—Affiliated Underwriters, Inc.
Los Angeles.
•
A")
11,
Midwestern Investment Corp.
Oct. 16, 1961 filed 200,000 common.
nance
medical
of
("Reg.
building improvements, new equipment and working
capital.
Office—640 Dean St., Brooklyn.
Underwriter
—S. Schramm & Co., N. Y.
Business
medical
Medical Video Corp.
Nov. 13, 1961 filed 250,000
Plastics Corp.
1961
15,
Business—Manufacture
Industries Fund, Inc.
open-end.
Securities Corp., N. Y. Offering—Im¬
minent.
York, N. Y. Underwriter—
Fleetwood Securities Corp. of America, 44 Wall St., N. Y.
Oct. 23, 1961 filed 25,000 common. Price—$10.
—A
closed-end investment company which
tooling
adver¬
capital.
Under¬
and
Monticello
Inc.
guidance systems and missiles. Proceeds—For
and production; repayment of loans; equipment;
tising; research and development and working
Office—19 Debevoise Avenue, Roosevelt, N. Y.
New
—
ness—Manufacture
Proceeds—For
1961 ("Reg. A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
sign of potentiometers used in computers, ground control
Price—$10.
loans
April
•
Micro-Lectric,
Business—A closed-end diversified investment company.
Proceeds—For
investment
in
firms
serving modern
become
devices.
June 12,
Medical
Medical
and
repayment and working capital.
Office—8 WestAve., Caldwell, N. J. Underwriter—First Philadel¬
phia Corp., N. Y.
Ave., Columbus, Ohio. Un¬
derwriter—Globus, Inc., N. Y.
Address
instruments
debt
ital. Office—1488 Grandview
medicine.
electronic
over
Medex, Inc. (12/26-29)
Sept. 27, 1961 filed 110,000 common. Price—By, amend¬
ment.
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
■>
R.
Metrodynamics Corp. (12/11-15)
13, 1961 ("Reg. A") 100,000 common.
ized
Offering—Imminent.
Oct.
—
Price—$1.10.
Business—Research, design and manufacture of special¬
Adams & Co., Los Angeles.
—
Underwriter
Thursday, November 30, 1961
.
equipment. Proceeds — Machinery,
working capital. Office—1802 Corliss
Ave., Neptune, N. J. Underwriters—Cruttenden, Podesta
& Co., Chicago and Spear, Leeds &
Kellogg, N. Y.
Nov.
("Reg. A") 50,000 common. Price — At par
($5).
Proceeds—For equipment, debt repayment and
working capital. Office—815 S. Fremont Ave., Alham1961
bra, Calif.
Ave., Chevy Chase, Md.
Co., Washington, D. C.
.
electro-mechanical
repay
in units
("Reg. A") 300,000 common. Price—$1. Pro¬
equipment, debt repayment and working
capital. Office—330v W. Costilla St., Colorado Springs.
Underwriter—Amos C. Sudler & Co., Denver.
Measurements
Law¬
ibles due
ceeds—For
•
&
Oct.
Oct. 5, 1961
Oct.. 9,
Underwriter—Kolb
Inc., Las Vegas, Nev.
Metropolitan Acceptance Corp.
ital. Office—525 Hyde Park Ave.,
derwriter—McDonnell &
Calif.
Hollywood,
rence,
Proceeds—For debt repayment and working cap¬
stores.
.
National
Sept. 27,
Recreation Corp.
1961
ness—Operates
ceeds—For
the
of debt and for
Bldg., N. Y.
filed 337,500
common.^ Price—$8.
Busi¬
national chain of bowling centers. Pro¬
acquisition of new centers, repayment
a
working capital.
Office—Time and Life
Underwriter—Berger-Derman,
Inc., N. Y.
• National Rolling Mills Co.
Nov. 22,
1961 filed 200,000 common, of which
120,000 are
be offered by the
company and 80,000 by stockhold¬
Price—By amendment. - Business—Manufacture of
steel
suspension systems, and other specialized
roll
formed metal products.. Proceeds—For
debt
to
ers.
and
other corporate
purposes.
Office
Malvern, Pa. Underwriter—Drexel
&
—
repayment
Morehall Road,
Co., Philadelphia.
Volume
194
Number 6112 ...The Commercial and
Financial Chronicle
National Semiconductor Corp.
ceeds—For
May
11, 1961 filed 75,000 shares of capital stock. Price
—To
be supplied by amendment.
John
Business—The design
Oct.
working
capital.
Office—1036
S.
La
Price—$3.
Business
Proceeds—
For repayment of a loan, expansion, new products, work-
Jng capital and general corporate purposes. Office—52
:.St. Casimer- Aye., Yonkers, N,- Y. Underwriter—Frank
•
30, 1961 filed 550,000 common. Price—By amend¬
Business—Distribution of coin-operated insur¬
vending
Nationwide
*
Brooklyn, N. Y. Underwriter
Bowling Corp.
Orbit
♦
Proceeds—General
•
eposes. Office—90 Industry St., Toronto, Canada.
writer—A. C. MacPherson & Co., Toronto.
New West Land
Orbit
Aug.
develop¬
corporate
&
Instruments
29,
Business
pur-
filed
1961
—
seeds, insecticides, etc. Proceeds—
a
new plant and working
capital. Office — North Oak and Hazel St., Burlington,
Wash. Underwriter—N. A. Hart & Co., Inc.
mal
•
Pacific
•
precision
Corp.
Offering—Imminent.
•
Aug. 29, 1961 filed 150,000 common. Price—$9.25. Busi¬
ness—The manufacture of women's coats. Proceeds—For
the selling stockholders.
Underwriters — Globus,1
4r New World Laboratories, Inc..:
13, 1961 ("Reg. A") 100,000 common.
Orion
J. McDonald
D. C. Underwriter—T.
Washington^ D, C.
:
ton,
J
Norcold,.Inc;V-:'•'
'ic
&
-
20,
Inc.
•
4. .
v
28, 1961 filed 100,000 common. Price—44. Business
—Design, assembly and manufacture of tqys. Proceeds—
For debt repayment and working capital. Office—179-30
Corp.
(12/11-15)
93rd
Co., Inc.,
••
1961
Palmetto
the generation,, detection
June 28,
Orlando
Oct.
Paper Corp.
("Reg. A")
1961
11,
/
:
80,000 common.
New
Inc.
Inc., N. Y.
—
"
Price—$5. Business
minerals and die¬
Nuveen
/,
.
Underwriter
Bond Fund,
interest bearing
Sponsor—John Nuveen & Co., Chicago.
Offering—Expected in early 1962. Note—This fund
erly was known as Tax-Exempt Public Bond
Fund, Series 2.
'
form¬
Trust
,
Nuveen
Oct.
Tax-Exempt
Bond Fund,
17, 1961 filed $15,300,000 of units
tional
interests
in
the
Fund.
Price
—
Series 3
By
of
states,
counties
and
amendment.
bearing obli¬
municipalities of
the
subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
U.
S., and
political
be offered
,
10*
ment.
1961
filed
Business
—
&
(with attached war¬
Oct. 25,
1961 filed 120.000 common
rants to
purchase 60,000 additional.shares) to be offered
consisting of two shares and one warrant. Price
in units
Merchandising Corp.
^
.
—$3.50
Business—Company plans to market
unit.
per
patented products, or products which it considers to be
patentable. Proceeds—For general corporate purposes.
Office—521 5th Ave., N. Y. C. Underwriter—Hampstead
Investing Corp., N ,Y.
v
;
-
Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
"
Pellegrino Aggregate
for working
capital.
J.
Port Reading, N.
& Co., Inc.,
Pennon
Inc.
..
Md. Underwriter—D. E. Liederman 8s
Offering—Expected in January.
22, 1961 filed 100,000 common (with attached fiveyear warrants to purchase an additional 100,000 shares)
to be sold in units of one share and one warrant. Price
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnsida
New York.
Electronics Corp.
Price—$2.20
110,055
H. Tube Corp.
Spring,
• Patent
.
common. Price—By amend¬
Manufactures appliance replacement
Corp.
-Nov.
;
Inc.
Proceeds «—5 For debt repayment,
expansion and working capitaT. Office—230 E.. 162nd St.,
N. Y. Underwriters—Kahn & Peck,' Cohn & Co., N. Y. P.
Silver
filed 100,000 common of which
by the company and 50,000 by
Products Manufacturing Co.,
P-G
Oct.
Finance
Co., Inc., N. Y.
Y. Offering—Ex¬
pected in January.
Co., N. Y.
1961 filed 135,000 common.! Price—$6. Business
—Financing of commercial accounts receivable. Pro¬
ceeds—For debt repayment. Office—8650 Cameron St.,
•'V-'VV..-*
Processing,
&
Farker
Oct. 27,
Fifth Ave.,
parts and accessories.
representing frac¬
Business—The Fund will invest in interest
gations
,
•
sale of
50,000 are to
stockholders.
Price—$3.75.
Business—Furnishing of statistical information. Proceeds—For training personnel, new equip¬
ment, Expansion and working capital. Office—75 W. St.,
N. Y. Underwriters—Harry Odzer Co., N. Y., and L£nchner, Covato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
Oct. 6, 1961
obligations of
counties,- municipalities and territories of the
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds— For investment.
Office —135 South La Salle
states,
Street, Chicago.
Heller
Products/I nc.
Data
PCS
Series 2
capital. Office—Mercer and Arnot Sts., Lodi,
Underwriters — Fialkov & Co., Inc., and Stanley
working
amend¬
Sept. 28, 1961 filed 105,000 common. Pirce—By amendment; Business—Manufacture of toiletries and cosmetics.
Proceeds—For repayment of debt and working capital.
Office—50 Wallabout St., Brooklyn; N; Y
Underwriter
(12/4-8)
Sept. 25, 1961 filed 137,500 common. Price—By amend¬
ment. Business—The manufacture of polyester, foams.
Proceeds — Additional equipment, debt repayment and
N. J.
—Carter, Berlind, Potoma & Weill, N.
pected in January. ,/
'
Md.
Co., N. Y, C. (mgr.).
Industries
Paramount Foam
Publishing Corp.
Ozon
Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
certificates. Price—To, be filed by amendment. Business
—The fund will invest in
Broad St.,
N. Y.
Atlanta.
department and working capital. Office—156
N. Y. Underwriter—Laren Co., N. Y.
:
N. W., Washington, D. C.
Tax-Exempt
&
common.
greeting cards. Proceeds — For the repayment of debt,
installation of additional equipment, modernization of a
dog products. Proceeds ;— For marketing of "Doctor's
Choice", brand, working capital and operating expenses.
*
Proceeds—For ex¬
1961 filed 200,000
Business—A finance company.
Sept. 15, 1961 filed 140,000 common. Price—By
ment. Business — The design, production and
^
—Hirschel & Co., Silver Spring,
Price—By amend-*
Turnpike, Mineola, N. Y.
28,
Proceeds—For repay¬
capijal. Office—499 Jericho
Underwriter—L. F. Rothschild
home building materials.
of loans and working
ment
Oxford Distributor Corp.,
SepL 14,. 1961 filed 100,000 common. Price—$5. Business
—The manufacture and distribution of animal foods and
Office—1511 K St.,
precut
4 Oxford Finance Cos., Inc.
Nov.
Oz
^
Nutri-Laboratories, Inc.
10 common and $100 of debentures.. Price—By
amendment. Business—The packaging and direct sale oi
ing of
.
^
Vickers, McPherson & Warwick,
.v
inc., n.
....
ic Oxford Trust Fund
Nov. 24, 1961 filed 5,000,000 units.
Price—$1. Business
investment trust.
Office—Atlanta, Ga. Sponsor—
tary food supplements. Proceeds—For selling stockhold¬
ers.; Office — 291 S. La Cienega Blvd., Beverly Hills,
Underwriter
and
—An
Nutri-Bio' Corp.
Calif.
repayment
pansion and debt repayment. Office—6701 N.
Philadelphia. Underwriter—Blair & Co., Inc.,
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
Oct. 17, 1961 filea 1,200,000 common.
—Distribution and sale of vitamins,
York.
ment.
Sept. 26, 1961 filed 131,500 common, of which 120,000
will be sold by the company and 11.500 by a stockholder.
Price—By amendment. Business—Manufacture of pre¬
cision electronic instruments. Proceeds—Repayment of
writer—G. A. Saxton & Co.,
debt
Proceeds—For
Inc.
1961 filed $1,000,000 of 15-year sinking fund
debentures due 1976 (with warrants attached) and 100,000 common to be offered in 10,000 units each consist¬
Aug. 25,
Business—Manufacturer of miscellaneous paper
of beneficial interest.
Business^—Real
estate
investment trust.
Proceeds—For acquisition of property and working cap¬
ital.
Office—475 Fifth Ave., N. Y. Underwriter—None.
Industries,
Price—$3.45. Busi¬
the possible
Paragon Pre-Cut Homes,
Price—$2.50.
Price—$10.
At'antic
1961 filed 1,000,000 common.
timber. Proceeds—Working capital
purchase of a mill. Address—Box 199,
; Orangeburg, S. C." Underwriter — Stone & Co. c/o E.
Lowitz & Co., 29 Broadway, N. Y .
Nov. 13, 1961 filed 2,000,000 shares
North
1
,
"
Estate Trust
Real
"
.
Pulp & Paper Corp.
ness—The growth of
and
products.
general corporate♦
purposes.
Office—Oceanside, L. I., N. Y. Underwriter—
Professional & Executive Planning Corp., Long Beach,
North America
Jamaica, N. Y. Underwriter—rTyche Securi¬
Ave.,
ties, Inc., N. Y.
and control of fre¬
quencies up through the microwave region., Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe,: N. -Y. Underwriter—A. D; Gilhart & Co;,
Inc., N. Y. C. /\
tems for
("Reg." A"). 75,000 common.- Price—$4.
Business—Sale of compact refrigerators. Proceeds—For
'general corporate purposes. Office—5111 W. Washington
"Blvd., Los Angeles. Underwriter—Morgan & Co., Los
"Angeles.
■"
■
Nov.
Electronics
Philadelphia (mgr.).
Corp.
Nov.
Aug. 28, ..1961 filed 100,000 common. Ptice—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
%
tions.^ Ptopeeds—For debt repayment and general cor¬
porate purposes. Office—1610 14th St., N. W., Washing¬
Pako
ic Pal-Playwell
Office—512 Seventh Ave., N. Y.
Inc.;'and Divine & Fishman,
Inc., N. Y., Offering—Expected some time in January.
-
Price —$3.
and" hair prepara¬
cosmetics
of
Business—Manufacture
,
(12/11-15)
Sept. 25, 1961 filed 150,000 common, of which 100,000
will be sold by the company and 50,000 by stockholders.
Price—By amendment. Business—Manufacture of equip¬
ment used to process and print photographs. Proceeds—•
Working capital. Office—6300 Olson Hwy., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
Originals Inc.
>
'
cock, Moyer, Fricke & French,
electro¬
'
/
r
provements and general corporate purposes. Office—104,
Bellevue Ave., Hammonton, N. J. Underwriter—Wood¬
Proceeds—Equipment, products,
expansion and repayment of loans. Office—131 Eileen
Way, Syosset, N. Y. Underwriter—Hardy & Co., N. Y.
30, 1961 ("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
'acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,"
North & Co., Kansas City, Mo.
Management & Development Co.
Aug. 25, 1961 filed 310,000 common. Price—$11. Business
—The large scale production of blueberries, cranberries,
etc. Proceeds—For repayment of loans, property im¬
mechanical components.
Under¬
Corp.
(mgr.). Offering—Indefinitely postponed.
Fakco
(12/4-8)
Price—$4.
shares.
Steel
States
21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc., and Schwabacher & Co., San Fran¬
cisco
miniature
of
equipment,
June
June
Nov.
nutrients, crop
For additional
Gaumont Corp., Ltd.,
capital
100,000
(12/4)
Sept. 15, 1961 filed 120,000 common. Price—$4. Business
—The manufacture and sale of chemical fertilizers, ani¬
Corp.
Production
Underwriter—Blyth
San Francisco.
Nutrient & Chemical Co.
Pacific
(12/4-8)
Inc.
St.,
Co., Inc., N. Y.
—
Jenning3, Mandel
Business—Exploration,
Price—50c.
and" mining.
ment
Industries,
1961 filed
.
shares. Price—$4.
engineering
and
manufacturing in the telephone, electronics and related
fields.
Proceeds—For repayment of loans, and equip¬
ment.
Office—213 Mill St., N. E., Vienna, Va.
Under¬
writer—Hodgdon & Co., Inc., Washington, D. C.
be
holder.:"
—
6,
California
600
1961 filed 125,000 common
Business
Research,
development,
13, 1961 filed 475,000 common, of which 400,000 are
offered by the company and 75,000 by a stock¬
Oct.
to
(12/13)
600,000 common. Price—By amend¬
ment. Business—A holding company for firms engaged
in the natural gas business in southern California.
Pro¬
ceeds—For debt repayment and construction. Office—
Aug. 22,
Campbell Island Mines Ltd.
New
"
working capital.
Blvd., San Diego. Underwriter—
Co., Inc., San Diego.
El Cajon
Pacific Lighting Corp.
Nov.
Toronto. Offering—Expected in late December.
19, 1961 filed 100,000 capital shares (with attached
warrants). Price—By amendment. Business—/The oper¬
ation of bowling centers. Proceeds—For a realty acqui¬
sition and working capital.
Office — 11 Commerce St.,
Oct.
Newark, N. J. Underwriter—Warner,
& Longstreth, Philadelphia.
•
Olympia Mines, Inc. /O
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For mining operations. Office—44 Court St.,
advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y. UnderwriterPacific Coast Securities Co., San Francisco. OfferingExpected sometime in February.
Proceeds—For expansion and
C. Roberts &
N.
Price—By amend¬
Business—Sale and installation of automobile ac¬
Office—6125
Old
Laird, Bissell & Meeds, N. Y.
td brokers at sporting centers.
machines
Proceeds—For inventory,
capital.
Big Wheel
26, 1961 filed 100,000 common.
cessories.
manufacture, packaging and distribution' of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J.
Underwriter-
ment..ance
Office—Chicago, 111. Sponsor—John
Co., 135 So. La Salle St., Chicago.
Empire, Inc. (12/11-15)
1961 filed $950,000 of convertible subordinated
debentures due 1971.
Price — At par.* Business — The
-National Vended Ski Insurance Corp.
Oct.
investment.
%May 1,
(mgr.).
tubing.
Pacific
Business
—The company plans to manufacture scientific marine
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
ment. Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
•.,
National Tel-Tronics Corp.
Sept. 11, 1961 filed 133,000 common.
,—The manufacture of electronic components.
Karasik & Co., Inc., N. Y.
ment.
Federal income taxes. Proceeds—
Oceanic Instruments, Inc.
(12/18-22)
Aug. 24, 1961 filed 140,000 common. Price—$1.
Brea
Ave., Los Angeles. Underwriter—Gregory-Massari, Inc..
Beverly Hills. ...
/,/
,
Oct.
to
Nuveen &
steel
working
and
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
For
Sept. 28, 1961 ("Reg. A") 70,000 capital. Price—$4. Pro¬
ceeds—For equipment, improvement of a TV. repair
and
Proceeds—For debt repay¬
Office—413 Hamilton Rd.,
Bossier City, La.
Underwriters—H o w a r d, Weil, Labouisse, Friedrichs & Co., New Orleans and Clark,
Landstreet & Kirkpatrick, Inc., Nashville.
ment
Business—The Fund will invest in interest-bearing obli¬
be exempted from
41
Business—Manufacture of electric resist¬
unit.
per
welded
ance
fractional interests in the Fund. Price—By amendment.
National Systems Corp.
course
—$12
Office—Chicago, 111. SponsorCo., 135 So. La Salle St., Chicago.
&
Tax-Exempt Bond Fund, Series 4
1961 filed $15,000,000 of units representing
17,
—
equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg
Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and
Piper, Jaffray & Hopwood, Minneapolis' (mgr.).
Note—This registration has been indefinitely postponed.
'
investment.
Nuveen
Nuveen
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
»
(2429)
■
Sept. 28, 1961 ("Reg. A") 135,000 common.
Business—Manufacture of solid state electronic
-Proceeds—For working
Ave., Bellgardens,
capital. Office—7500
Calif.
Underwriter—Darius Inc., N. Y.
Perpetual Investment Trust
Nov. 9, 1961 filed 500,000 shares
Price—(For the
devices.
S. Garfield
first 10,000
1
.
.
of beneficial intel est.
shares) $10.80 per share..
Continued on page 42
42
"i
(2430)
The Commercial and Financial Chronicle
Continued from page 41
*
'
★
'
;
Business—A real estate investment trust.
investment.
Office—1613 Eye
St.,
D.
C.
Underwriter—Sidney Z.
Washington, D. C.
•
Personal
Proceeds—For
Office—6381 Hollywood Blvd., Los Angeles.
Philippine Oil Development Co.* Inc.
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬
fered for subscription by common stockholders on the
•
Photo-Animation, Inc.
July 26,r 1961 filed 150,000
common shares.
Price—$1.25.
Business—The manufacture of
machines, equipment and
.
devices
tures.
used
in
the
creation
of animated motion
pic¬
Proceeds—For development
of new products, re¬
payment of loans and working capital. Office —
West St., Mount Vernon; N. Y. Underwriter—First
34 S.
Phila¬
delphia Corp., New York.
Photon, Inc*
Aug. 24, 1961 filed $1,785,000 of 5%
of
a
—
photographic type
Office
—.
Malkan &
Plastic
"
Sept.
28,
1182
—
Broadway, N. Y. Underwriter
A")
Business—design and
—None.
(12/4-8)
75,000
used
Price—$4.
common.
manufacture
of
women's
and working
hand-
capital.
—
industry. Proceeds—For general corporate
Office
1883: Dixwell Ave., Hamden, Conn.
Underwriter—Blair & Co., Inc., N. Y, Offering—In Jan..
—
V,'
..
*
Office—1251
N.
E.
48th
St., Pompano Beach, Fla.
the
automotive,, marine
Oct.
Corp., Maplewood, N. J.
and
"'V
/
1961 filed 40,000
70,000
common.
:
Business
Price—$o.
frequency
interference" filters
capacitors. Proceeds—For equipment, working
ital and other corporate purposes. Office—15 Neil
Oceanside,
N.
Y.
Underwriter—Arnold
N-OTj Offering—Expected sometime
Racing Inc.
in
Malkan. &
Co.,
January.
;v7 ''7. ;7
■.—7-,
cap¬
Court?,
■
Oct.
Office—21
poses.
writer—None.
,
N.
Proceeds—General corporate pur¬
7th
St., Stroudsburg, Pa.
7
(
*
market.
common.
Business—Manufacture
Proceeds
For acquisition
Under¬
;./v
,7
Radar Design Corp.
Sept. 22, 1961 ("Reg. A") 25,000
St., N. Y.
Price—By amend-'
common.
radio
of
mobile racing center.
of
of
Price—At-the-
electronic
products.
laboratory, equipment
working capital. Office—104 Pickard Dr., Syracuse,
N. Y. Underwriters-I-Bertner Bros.jVFN/ Y,; Earl Edden
Co., Rockville Centre, N. Y. and Max Philipson & Co.,
Inc., Utica, N. Y.
7
7.
V •- V
*'7
—
a
and
.
/-r..
i
Rainbow Photo Laboratories, Inc.
.
...
'7*"--v V/
^ '*■
June 9, 1961 ("Reg. A"),60,000 common.
Plymouth Discount Corp. (12/11-28^
Price—$5. Busi¬
•.
- *,t
ness
Manufacturers .of .electronic,. electro, mechanical
* Aug. 28, 1961 ("Reg; A") 100;000 common, Price—$3.
and mechanical
Business^—Consumer sales financing. Proceeds For redeyices/ Proceeds^For general, corpo¬
rate purposes... Office—14r25 128th St., .College .Point,
payment of notes and working* capital. Office — 2211
N.'.Y„
Church Ave,
Underwriter—Charles Plohn & Co., N. Y. Offer¬
Brooklyn, N. Y. Underwriter—Mr Posey
ing—Imminent.
Associates, Ltd., 50 Broadway, N. Y.
r;
Corp.
Sept. 28, 1961 filed 150,000
■
ment.
—
V
which
16, 1961 filed 1,250,000 common. Price—Up. to $4.
Business—Company plans to build and operate an auto¬
:/
,
N:, Y. Underwriter—To be named.
Progressitron
Interonics, Inc.
30,
—Manufacture
and
Underwriter—D. M. Stuart & Co., Inc., N. Y.
Programs For Television, Inc.
<
of
common,
by the company and 40,000 by
Price—$107 Business—Manufacture of sell-
-
Oct. 11, 1961 filed 40,000 commoh..
Price—$3.50. Busi¬
ness—Instructs classes in computer
programming and
the operation of electronic data
processing machines.
Proceeds—For expansion.. Office—45 W. 35th
cas,
Underwriter—Godfrey, Hamilton, Taylor & Co.,; Inc., N. Y.
■
Island, Inc.
)
110,000
Corp.
service tube testers and the sale of television, radio and
high fidelity receiving tubes. - Proceeds—For debt re¬
payment and working capital. Office—5212 Pulaski Ave;,
Philadelphia. Underwriter—J. R. Williston & Beane, N. Y.
Pro¬
ment. Business — The distribution of films for motion
: pictures and television. Proceeds—For
repayment of debt:
and working capital. Office—1150 Avenue of the
Ameri¬
.
tal.
firm.
filed
Photo
&
to be offered
are
RF
Rhode
Aug. 29, 1961 filed 150,000
'""
.Sept, 27,1961 filed 100,000 common. Price—$3. Business
—Manufacture of plastic products. Proceeds—For new
molds, inventory, repayment of loans and working capi*
Price—By amend¬
investment
Programming and Systems, Inc.
Plasticrete Corp.
Plastiline, Inc.,:
in
& Share
15, 1961 filed 160,000 common. Price—By amend¬
ment. Business
Manufactures masonry units for the
7
Sept." 28* 1961
shares
stockholders.
houjseljQld .fields.
Proceeds—For
repayment of debt, new equipment and/
working jcapitaf^ OffkitT-184 Woonasquat'ucket Avenue,-r
Nort Providence, R. I. Underwriter—Continental
Bond
Nov.
purposes.
Quick-Chek Electronics
(12/11-15)
"
Product Research of
Miami, Fla. Underwriter
Securities, Inc., Great Neck, N. Y.,
construction
estate
home
Associates, Inc. and Godfrey, Hamilton, Taylor &
Co., N. Y.
7 *
f
-..7/ - •:•*
* ^' ' "
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business
The manufacture ol, vinyL plastic.
products
Proceeds—Debt repayment
Office—6700 N. W. 37th Court,
•
share each.
of
Shell
property acquisitions and working capital.^
Office—66 Hawley St., Binghamton, N. Y. Underwriter
-
bags.
—Ellis
Business
furnishing products. Proceeds
research, new products and working capital. Of¬
fice—34-24 Collins Place; Flushing, N. Y. Underwriter-
—
Industries* Inc.
("Reg.
one
real
(12/4-8) ; - 7.7r
Price—By amend¬
-
—For
Cynwyd, Pa. Offering
Business—A
man's magazine.-Proceeds—For
a
^
products, advertising,
new
pocket-size
of
Quartite Creative Corp. (12/11-15)
Sept. 27, 1961 filed 100,000 common. Price—$5.
—Manufacture
machinery,
sale
•
-
ceeds—For
Co., Inc., N. Y.
1961
loan,
a
be offered in units of
ment.
Arnold
—
of
and
Sept. 26, 1961 filed 300,000 common.
Business — Design and manufacture of thermo¬
couple temperature transducers and electronic indi¬
cating and controlling instruments. Proceeds—To finance
the purchase of Hamilton Manufacturing Co7,Tne. Office
—600 E. Lincoln Highway, Penndel, Pa. UnderwriterArnold Malkan & Co., Inc., N. Y7
7
—The sale of pet foods. Proceeds—For
inventory, repay¬
ment
7
*
ment.
Price—$5. Business
common.
V'7''v77''>:
•/.
•
York.
'
'
Pyrometer Co. of America, Inc.
Prevor-Mayrsohn International, lnc<
July 31, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3.75, Business—Export, import, broker¬
age and wholesale marketing of fruits, vegetables and
poultry. Proceeds—For expansion, sales promotion, ad¬
vances to
growers, working capital and general corpo¬
purposes.
Office — 99 Hudson Street, New
Underwriter—J. J. Krieger &
Co., Inc., New York.
V: 7,
7*7
7
,
Inc.
expansion, debt repayment, and working capital. Office
—444
Madison
Ave., N., Y.
Underwriter—Milton D.
Blauner & Co., Inc.,.N. Y.
Z
-W77A'
;
rate
>
Business—Publication
paperback books and
.
★ Pir-O-Wood Industries, Inc..
Nov.. 28, 1961 filed 62,000 common.
Price—$5. Business
—Sale of prefabricated wood and
plastic specialized
components. Proceeds—For general corporate purposes.
\
\
.
■
Publications,
24, 1961 filed 115,000 common. Price—By amend¬
ment.
★ Primex Equities Corp.
Nov. 27, 1961 filed 400,000 shares of 60c
cumulative con¬
vertible preferred, and 400,000 of class A
common, to
'
..;•
.
..
.
—In late December.
manufacture
rights offering is expected to be Nov. 30 and the rights
expiration date is Dec. 15.
>
Wilmington* Del.
ness—The
Busi¬
setting
Nov.
Ave.; N. Y, Underwriters
Co., N. Y.; and Laird, Bissell & Meeds.
&
Office—^4408 Fairmount Ave., Philadelphia. Underwriter
—Steven Investment Corp., Bala
machine. Proceeds—For repayment of a loan and work¬
ing capital. Office — 58 Charles St., Ciambridge, Mass.
Underwriter
None.
Note
The record* date for this
:
Gleich
convertible sub¬
ordinated income debentures due 1971 to
be offered for
subscription by stockholders on the basis of $100 of de¬
bentures for each 40* common held'. Price—At
par.
.
—D.
Pride Industries, Inc.
Aug. 29, 1961 filed 75,000
•
^Pyramid
business investment company. Proceeds—For
investment. Office—485 Fifth
Philippines. Under¬
(12/4-8)
San Francisco.
-—A small
Philippines. Proceeds—Repayment of debt and: the drill¬
ing of test wells.. Office—Manila,
writer—None.:
Proceeds—For payment of cur¬
Prestige Capital Corp.
19, 1961 filed 200,000 common. Price—$5. Business
new
(12/13-15)
Pulp Processes Corp.
Oct.
share for each six held of record
Sept.
9. Price—One cent.
Business—Exploration for oil in the
one
Office—San Juan, Puerto Rico. Un¬
Co., and Morris Cohon & Co.,
York.
Sept. 20, 1961 filed 140,000 common. Price—$5. Business
—Development of pulping and bleaching devices. Pro¬
ceeds—General corporate purposes. Office—Hoge Bldg./
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
taxes; payment of balance on CAB
certificate and working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental- Bond & Share
Corp., Maplewood, N. J. Note—
This offering has been
temporarily postponed.
r
\
Un-
estate and construction. Proceeds
derwriters—Lieberbaum &
New
("Reg. A") 150,000 class A common shares
cent). Price—$2. Business—Air transportation
of passengers and
cargo.
rent liabilities and
units, each consisting of $160 of deben¬
eight shares.
Price—$200 per unit. Business
— For
general
and
corporate purposes.
June 13, 1961
t.par one
Thursday, November 30, 1961
.
in 25,000
tures
President Airlines, Inc.
(12/11-15)
derwriter—Derapsey-Tegeler & Ox, Inc., St. Louis.
basis of
fered
—Real
—
W., Washington,*
Mensh Securities Co.,
Business—Leasing of
equipment to industrial and commercial firms. Proceeds
—For purchase of
equipment and collateral for bank
credit.
*
filed
and
100,000 common.. Price—$4. Busi¬
financing of custom built swimming
pools. Proceeds
For repayment of loans and working
capital. Office—203 Bala Ave., Bala Cynwyd, Pa. Under¬
writer—Dean Samitas & Co., N. Y. Offering—Imminent.
Oct. 13, 1961 filed $2,000,000 of conv. subord. debentures
due 1976. Price—By amendment.
r
Industries, Inc. '*
25/ 1961
ness—The sale
N.
Property Leasing Co.
Preco
Aug.
(For the balance) Net asset value plus 8% commission.
.
.
-
common.
Price—By amend- j
..Business—Processing of film and distributing of
photographic
equipment.
Proceeds—For
moving
.ex¬
,
v
*
penses, expansion,, advertising and promotion, repayment
of debt and wofking capital.
OUice—29-14 Northern
Blvd., Long Island City, N. Y;
.
>
.
'
Policy-Matic Affiliates, Inc. (If IM2N'.
Oct, 16,
; / h
1961
filed 200^000 capital shares. Price—$3.25.
Business—Leasing of insurance vending machines; Proceeds—General corporate purposes. Office—1001 15th
N.
W., Washington, D. C.
Inc., Washington, D. C.
St.,
Underwriter—BalOgh & Co.,
'
-
Polytronic Research, Inc. (12/11-15)
June 7, 1961 filed 193,750 common
shares, of which 150,000 will be sold for the
company and 43,750 for stock¬
holders. Price—By amendment.
Business—Research and
development,
engineering and production of certain
for1 aircraft,
missiles, oscilloscopes;vending machines and language teaching ma¬
chines. Proceeds—For
expansion, repayment of debt and
electronic
devices
electronic
working capital. Office—7326 Westmore
Rd., Rockville,
Underwriters—Jones, Kreeger & Co., and Balogh &
Md.
-
Co., Washington; D. C. (managing);..
*
:
•
Popular Library, Inc. (12/26-29)
Oct. 17, 1961 filed
127,500 capital shares. Price
amendment.
^
:,
—
By
Business—Publishing of paperback books
magazines. Proceeds—General corporate
purposes.
Office*—355 Lexington
Ave., N. Y.. Underwriter-—Sutro
Bros. & Co., N. Y.
-
^ Power Industrial Products Co.
Nov. 22,-1961 filed 160,000 class A
common, of which
133,333 are to be offered1 by the
company and 26,667 by
r
ment and other corporate
purposes. Office—63 Main
Cambridge, Mass. Underwriter
Winslow, Inc., Boston.
Publishers
Nov.
28,
Co.,
1961 filed 541,000
ment. Business—Book
common.
Price—By amend--
publishing. Proceeds—For
&
'
Publishers
July
3,
1961
due
1971;
sub¬
120,000 common shares
one
are
to
be
offered for public sale in
units
,
$100
debenture, 20 first warrants and 20 second,
-Price—$100 per unit. Business—The * design,
manufacture, sale and leasing of coin-operated vending
warrants.
machines
for
magazines,
newspapers
and
Proceeds—For the repayment of debt,
ing, sales promotion, and the manufacture of
South
Clover
Puerto Rica Capital. Corp. *
Sept.. 13, 1961 filed 750,000
-
common.
Rico.'
paperback
advertis¬
new
ma¬
Drive*. Minneapolis
•
/
-
*
v
>/
★ Puerto
Nov.
24,
bentures
Rico
1961
due
Land and
filed
1971
company.
Datlington
and
&; Grimm,
Development Corp.
$4,000,000 of 5%
conv.
of
Business—Design, develop¬
microwave
;v...,
Y.
v.
subord.
200,000 class A shares to
be
Rapid-American Corp.
Nov. 1, 1961 filed $8,367,000 of conv. subord. debentures
due 1976, to be offered
for subscription by common
de¬
of¬
and
$100 of
new
'5%%
new
debs,
coriv.
debenture
debs, for each 25
for
each
25
holders
common
into
at
the
held' and
common
which
the
-
Fifth
Ave., N. Y, Underwriter—None.
Rapid Film Technique, Inc..
Sept. 19, 1961 filed 70J10Q common. Price—$4. Business
—The rejuvenating and repairing of motion
picture film.
Proceeds—For debt repayment and general corporate
-purposes. Office—37-02 27th St, Long Island City, N. Y.
Underwriter—Herbert Young & Co., Inc., N. Y,
•
Rarifan Plastics Corp.
Sept. 28, 1961 filed 100,000 class A common. Price—$5.
Business—Extrusion of plastic sheets. Proceeds—Equip¬
ment,
debt
repayment
and
Raritan Rd.. Oakland.lN. J.
Inc.;N.- Y.
Price--$10. Business
Proceeds—For
general corporate purposes. Address—San
Juan, Puerto
Underwriter—Hill,
'
components.-. Pro¬
ceeds—General
corporate purposes.
' 0 f f i c e—239.99
Ventura Blvd., Calabasas, Calif. Underwriter—Blyth &
Co., inc., n. y.
V-
711
2-year first warrants exercisable at $7.50
share, and 120,000 common shares which underlie
5-year second warrants, exercisable at $10 per share.
of
V
outstanding 5%% conv. debs, are convertible. Price—
At par. Business—Manufacture of metal
signs, plastic
toys, novelties, etc. Proceeds—To increase ownership in
McCrory Corp. and general corporate purposes. Office—
per
The securities
Price—By amendment.
ment and manufacture
,$100 of
,
.
which underlie
ceeds—For 'debt
/
Vending Services, Inc.
$600,000 of 5%% convertible
—A small business investment
-
'
filed
debentures
ers.
(12/4-8 ).'.■'
common, of which 50,000 are
offered by the company and 50,000 by stockhold¬
stockholders
Co., Inc., N. Y. and Roth & Co., Inc., Philadel¬
phia.
be
to
Corp.
16, 1961 filed 100,OOd
rate of
Washington, D. C. Underwriters—Amos
Precision Metal Products, Inc.
Oct. 5, 1961 ("Reg. A") 100,000 common.
-
expan¬
sion asd other corporate
purposes. Office—1106 Connec¬
ticut Ave., N. W.,
Treat
Rantec
.Oct;
;
Inc.
Underwriter—D. H. Blair & Co., New York.
•
&
'
/
chines. -Office'—1201
Price—$3. Prorepayment, inventory, equipment 'and
Working capital. Office—278 N. W. 27th St., Miami, Fla.
Underwriter—Armstrong & Co., Inc., N. Y. Offering—
Imminent.
7
St.,
Chace, Whiteside
—
of
..
.
•
filed. 60,090
to be offered
steel
stainless
pipe* tubing, .valves, etc. Proceeds—For repayment
debt,, expansion,; and working capital. Office—352
:'St.v Passaic^ N„ J,. Underwriter-^S;.. D7 Fuller
,,Co., N. Y.
v
V.\*. .V
.
are
books.
;i Harrison
•
"
1961
common* of which
13,000
by the company and 47,000 by*
a
stockholder. Price—By amendment. Business—Devel¬
opment and production of plastic-base protective coat¬
ings, paints and primers. Proceeds—Purchase of equip¬
shares
Underwriter—Rodetsky,
Walker & Co., Inc., N. Y.
Laboratories, Inc.
present stockholders. Price—By amendment. BusinessWarehouse distribution of corrosion
resistant
.
Sept.- 25,
ordinated
.and
.«
Prufcoat
working
capital.
Offering—Expected-in-late,'January.:.
Raymond Engineering Laboratory, Inci
(12/11-15)
•
Aug. 15, 1961 fjled 100,000
000 shares
Office—1
Underwriter-—Gianis & Co.,
■-
■
•
common
"
;.
^
.*
."•/*„.'
->
shares, of which 50-,-,
to be
offered by the company and 50,000
shares by stockholders.
Price-~-By amendment. Business
—The
are
manufacture
and related
*
r.
of timing devices, accelerometers
equipment for missiles, satellites and space
*
Volume 194
Number 6112
r..
The Commercial and Financial Chronicle
(2431)
Proceeds—For repayment of loans,
equipment,
Office—Smith Street,
vehicles.
and working capital.
Underwriter—-Lee
Conn.
Real
canized
Estate
Fund, Inc.
Sept. 28, 1961 ("Reg. A") 14,634 units
seven
Rubber & Fibre Chemical Corp. (12/20)
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvuL
Middletown,
Higginson Corp., New York
common
shares and
subordinated debenture.
one
each
Price—$20.50
convertible
unit. Business
per
—Development and operation of shopping centers and
other properties. Proceeds—General corporate
purposes.,
Address—Greenville, S. C.
Underwriter—McCarley &
Realty Equities Corp. of New York
Nov.
(12/11-15)
$100 of debentures and a warrant to purchase 12.5 shares
the basis of one. unit for each 20 shares held.
Price
Recco,
Inc.
(12/18-22)
.•
Oct.
19, 1961 filed 75,000: class A shares. Price
By
amendment.-'' Business—Operates/ record, card and sta¬
tionery departments in discount stores. Proceeds—For
expansion. Office—1211 Walnut St., Kansas City,- Mo.
—
Underwriters
V
Midland
—
Securities
city, Mo.- /■:
Co.,
Inc.,
Kansas
-
Associates, Inc. /
filed 100,000 class A common. Price—$3.
Business—The operation of a bowling center. Proceeds—
For working- capital. Office—8905 Columbia
Pike, Falls
Church, Va. Underwriter—None.
•
Aug. 14,. 1961
.
Red Wing Fiberglass Products,
Reher
Debt
Simmons
V
Research, Inc.
May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For
plant construction, equipment, research
development, sales promotion and working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., N. Y. (mgr.). Offering
and
—Imminent.
'/:/
••
Porter, Inc.
Nov. 20, 1961 filed 80,200 common, of which 16,680 are
to be offered by the company and 63,520 by stockhold-•
ers.
Price—By amendment. Business—Sale of special-1:
r,.A
//''./V
*
July
Of¬
(12/18-22)
6,fl961!I(;<Reg. M)
150,000 common. Price—$2.
plan to stimulate refaif %erchandising in
.
Business—A
New York City. Retail establishments who join the plan
will give 3% discounts to members of the Save-Tax
-rrated debentures
due
1972
■
,
Business
Savin
Machines
Corp.
Office—161 Ave. of the Americas, N.Y.
Underwriter—Ira Haupt & Co., N. Y»
•
subordi-
•
expansion.
supermarkets.
Research
Science
Sept.
1961v filed
22,
Proceeds
Office—2215 Union Ave., Sheboygan,
Underwriter—Blunt. Ellis &• Simmons,
Wis.
-■
of
Chicago,-
Associates, Inc.;-(12/4-8)
150,040
common,
of
r r
which 100,000
are
shares by
plies .to schools*, hotels, hospitals and industrial com¬
panies, Proceeds—For working - capital. Office—8 Jay
St., Rochester.. N< Y.. Underwriter—Saunders, Stiver &:
Co., Cleveland.
■'
v.-'
Proceeds—For
schools.
6%
repayment of debt, redemption of
preferred stock and working capital.
Erie
'
St.,
Chicago.
Underwriters—White,
Office—259 E.
Co.,
Weld &
.
Rocket Power, Inez
N. Y. and
(12/11-15)
Sept: 20, 1961 filed 200,000 common.
—
Sea-Wide
•
Rodale Electronics, Inc.
Sept. 29, 1961 ("Reg. A") 60,000 common. Price—$5.
Business—Manufacture of electronic equipment. Pro¬
—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, Pa. Underwriter—Amos Treat
Co., N. Y. Of¬
fering—Expected in late December.
Westbury, NrY. Underwriter—-Charles Plohn & Co., N.Y,
Security Acceptance
;;
March
■]
Co.
offered,
be offered
25
shares.
•'
of stock. Price—$200
Office—724
9th
per
unit. Business—The
St., N. W., Washington, D. C.
writer—None.
Price—$5.
Business—-CustomYgravureY engraving/ Proceeds—For
debt .repayment and., \yorking capital.-* Address—Pal--,
myra/ N; J.\ Underwriter—Woodcock, Moyer, Fricke &
French; Inc., Philadelphia.-/- \
'
/
100,000 shares of class A common
7%% 10-year debenture bonds, to
in units consisting of $100 of debentures and
purchase of conditional sales contracts on home appli¬
Proceeds — For working capital and expansion.
'
/
*
Under-,
«
> <
Seg Electronics Co., Inc.
>
v
Y"
Sept. 28, 1961 filed 110,000 common.- Price—By amend-/
ment.
Business—Design and'manufacture of networks
.
common.
shares
.
transmission, filters, transceivers,;
Proceeds—For equip- :
ment, research and development, repayment of loans and working capital. Office—12 Hinsdale St., Brooklyn. Un¬
derwriter—Searight, • Ahalt & O'Connor, Inc., N. Y.
for
data and program
and related electronic equipment:
&
Business—Manufactures
distributes
and
lamin¬
Co., N. Y.
• Shenk Industries, Inc.
Nov. 28, 1961 filed 150,000
common, of which 135,000
offered by the company and 15,000 by
Price—$6. Business—Manufacturer of re¬
built automobile parts. Proceeds—For debt repayment
and working capital. Office—2101 S.' High St., Colum¬
bus, Ohio. Underwriters—Rodetsky, Walker & Co., Inc.*
shares
to be
are
stockholder.
N. Y. and
Boenning & Co., Philadelphia,
Sheraton
i
•
Corp. of America
Oct. 30, 1961 filed $8,000,000 of 1l/z% capital income
sinking fund debentures due 1989. Price—By amend-;
ment. Business—Operates hotels, and., other reaKestato
properties. Proceeds—For general ' corporate purposes..
Office—470 Atlantic Ave., Boston. Underwriters—Paine,
Webber, Jackson & Curtis, Boston and S. D. Lunt & Co.f,
Buffalo, N. Y. Offering—Expected some time in Jan.
Siconor
Mines
Ltd.
Sept. 18, 1961 filed 250,000 common. Price—By amend¬
ment.
Business—The exploratory search for silver in
northern Ontario.
Proceeds—For general corporate pur¬
Office—62 Richmond St., West, Toronto, Canada.
Sierra Capital Corp. (12/11-15)
Sept. 5,. 1961 filed 1,000,000 capital shares. Price
■
—
By
amendment. Business—A small business investment com¬
Proceeds—For general corporate purposes. Office
Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towbin Co., N. Y.
pany.
—105
Discount Centers,
Silo
Inc.
15, 1961 filed 165,000 common. Price—By amend¬
ment. Business—Operation of retail discount stores. Pro¬
ceeds—For general corporate purposes. Office—2514 N.
Nov.
St., Philadelphia, Pa. Underwriters—Boenning &(
Philadelphia, and Rodetsky, Walker & Co., Inc.,
Broad
Co.,
Corp.
ances.
-
.
1961 filed
stock and $400,000 of
porate purposes. Office—1060 Huff Rd.', N. W.; Atlanta,
Ga. Underwriters—Robinson-Humphrey. Co., Inc.*-and
• Roto Cylinders, Inc. «
.
Nov.. 16, 1961
("Regi A") 60,000
7,
deben¬
Price—$25 per unit. Business—Sale of rebuilt automobile
engines and reground crankshafts to automobile parts
jobbers. Proceeds—For working capital and general cor¬
Courts & Co., Atlanta,
Inc.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
ceeds—Debt repayment, new products, equipment, sales
promotion and advertising.
Office — 562 Grand Blvd.,
(John)
Electronics,
ment.
safety glass.
Proceeds—For selling stockholders.
Office—4815 Cabot Ave., Detroit. Underwriter—Shields
Underwriter—None.
Products, Inc.
("Reg. A") 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
food products.
Office—13480 Cairo Lane, Opa Locka,
Fla.
Underwriters
Terrio & Co., and Shaw & Co.,
Washington, D. C.
.
statement.
Shatterproof Glass Corp. (12/18-22)
Oct. 27, 1961 filed 215,000 common.
Price—By amend¬
poses.
Aug. 29, 1961
Business—Development and manufacture of solid
propellants, rocket motors, rocket catapults and relatedproducts. Proceeds—To repay debt. Office—Falcon Field,
Mesa, Ariz. Underwriters—Paine, Webber, Jackson &
Curtis and Prescott & Co.. N. Y.
:Y-\
■
Oct. 24, 1961 filed $600,000 of 6% conv. subord.
tures due 1976 and 120,000 common shares to be
in units
consisting of one debenture and two
William Blair & Co., Chicago.
Seashore Food
Price—By amend¬
ment.
Offering—Expected sometime in January.
-
to be offered by the company and 50,040
stockholders. Price—By amendment. Business
—Publication of standardized intelligence, aptitude, jand
achievement
tests,
and
instructional
materials
for
shares
tration
a
Sav-O-Stores, Inc.
S.¬
1961 filed 160,000 common, of which 75,000 are
to be offered by the company and 85,000 by stockholderers.
Price—By ; amendments Business—Wholesale food
—For
100',000 class A:to; be
and
graphic machines, additional equipment, expansion and
operation
Bldg., Salt Lake City; Utah. Underwriter
None/
SEC has ordered ."stop order"
proceedings
challenging the accuracy and adequacy of this regis¬
Note—The
ated
(12/11-15)
Sept. 28, 1961 filed 150,000 common. Price—$10. Busi¬
ness—Distribution of products for use
in photocopy
machines, "j Proceeds—For initial
production of xero¬
working capital.
April 24, 1961 filed 500,000 shares of common stock.
Price-—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For general corporate
purposes. Office — 1406 Walker
Bank
Proceeds—For salaries to salesmen, advertising,
public relations, additional employees, and ,working
capital. Ofif ce—135 W. 52nd St., N. Y. Underwriter—B.
G. Harris & Co., Inc., N. Y.
; :/
distribution tand
/ offered in 12.500 units each consisting of $50 of deben¬
tures and eight shares. Price—$90 per unit. Business—*
Manufacture and ^ale of furniture, equipment, and sup¬
Rogers
.
.
Club.
Schultz
'vW-'fV
•/' ''>//
Rochester Capital Leasing Corp.
Oct. 30,-1961 filed -$625,000 of 6% convertible
•
'N Serv
Dispensers, Inc.
17, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness—Manufacture of dispensers for hot and cold bever- '
Oct.
Nov. 13,
ceeds—Forworking capital. - Office—4140 W. Victoria
Ave., Chicago, 111. Underwriters—Blunt Eilis & Sim¬
mons, Chicago.;* and Schmidt, Roberts & Parke, Phila¬
;
Sell
(12/18-22)
„
ized photographic, plate making and press room sup¬
plies and -equipment to the graphic arts industry. Pro¬
delphia.-
sold
29, 1961 filed $50,000 of 6% subordinated deben¬
*
1969 and 50,000 common shares to be offered
ages. Proceeds—For debt repayment and general
corpo^
consisting of $10 of debentures and 10 common
rate purposes. Office—20 Simmons
St., Boston. Under- *
shares. Price—$40 per unit. Business—The manufactur¬
writer—Goldsmith, Heiken & Co., Inc., Brooklyn, N. Y.
<
ing, renting and distributing of motion picture and tele- :
Semicon, Inc. (12/11-15)
vision production equipment. Proceeds—For new equip¬
\ *
'
w
♦
June 30, 1961 filed 125,000 class A common shares. Price
ment, advertising, research and development, working;
—By amendment. Business—The manufacture of semi¬
capital and other corporate purposes. Office—602 W.
conductor devices for military, industrial and commercial
52nd St.; New York. Underwriter — William, David &
use.
Proceeds—For equipment, plant expansion and new
Motti, Inc., N. Y.
V-••.-.Yv
products. Address—Sweetwater Avenue, Bedford, Mass.
Sabre, Inc.
Underwriter—S. D. Fuller & Co., New York
(managing).
Sept. 25, 1961 ("Reg. A") 50,000 common. Price—$2.
Servonuclear Corp.
Business—Manufacture of pre-painted aluminum siding
Sept. 12, 1961 ("Reg. A") 100,000 common. Price—$2.
and accessories. Proceeds—For inventory, dies, inventory
Business—Manufacture of medical electronic products.
equipment and working capital. Office—4990 E. Asbury,
Proceeds—For plant relocation,
equipment, inventory,
Denver.
Underwriter—Schmidt, Sharp, McCabe & Co.,
new products, debt
repayment and working capital. Of¬
Inc., Denver.
fice—28-21 Astoria Blvd., Astoria, L. I., N. Y.
'.i
V---;
;
'»
^•"*. *
■*
Under¬
Saegertown Glasseals, Inc.
writer—Rothenberg, Heller & Co., Inc., N. Y.
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
Servotron Corp.
to.be offered by the company and 110,500 by stockhold¬
Sept. 25, 1961 filed 100,000 common. Price—$5. Business
ers.
Price—By amendment. Business—Manufacture of
—Sale of automatic film
processing machines and other
electronic parts, including diodes and rectifiers.
Pro¬
electronic products. Proceeds—Purchase of
equipment
ceeds—For general corporate purposes.
Office—South
and inventory, sales
promotion, research and develop¬
Main St., Saegertown, Pa. Underwriter—Carl M. Loeb,
ment, and working capital. Office—29503 West Nine Mile
Rhoades & Co., N. Y. Note — This company plans to
Rd., Farmington, Mich. Underwriter—None.
merge with Glass-Tite Industries, Inc., subject to ap¬
• Shaer Shoe
Corp. (12/4-8)
proval of stockholders.
Sept. 18, 1961 filed 225,000 common. Price—By amend¬
Sav-Mor Oil Corp.
ment. Business—The manufacture and sale of women's
shoes. Proceeds—For the selling stockholders. Office—
July 5, 1961 ("Reg. A") 92,000 common shares (par one
Canal and Dow St., Manchester, N. H. Underwritercent). Price—$2.50. Business—Wholesale distribution of
Dean Witter &
gasoline and oil to service stations. Proceeds—For ex¬
Co., San Francisco.
pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
Shasta Minerals & Chemical Co.
/.'/•/:'
Ripley Industries,
Roberts &
be
curities & Co., N. Y.
June
Save-Tax Club, Inc.
Oct.
•
Photo-Cine-Optics, Inc.
N. Y.
Underwriter—Armstrong & Co., Inc., N. Y.
ferings—Expected! sometime in-January. /
Inc., and Jomar Plastics, Inc. ;
27, 1961 filed 100,000 common shares of Ripley and/
100,000 of Jomar to be offered in units consisting of one
share of each company. Price—By amendment. Business*
—Manufacture of wood and plastic heels for women's
shoes, metal molds and dies, bowling pins, bowling
shoes and related products. Proceeds—For general cor¬
porate purposes. Office—4067 Folsom Ave. St. Louis and
Rio Piedras, Puerto Rico. Underwriters—Paine, Webber, Jackson & Curtis and American Securities Corp.; N. Y.
Offering—Expected sometime in January.
.
27,
will
,
lnc.-;:/%V:
("Reg. A") 260,000 common. Price—$1.15.
repayment, building* improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn/ Under¬
writer—York & Mavroulis, Minneapolis. Note—This let¬
ter was temporarily postponed.
—
S.
Sel-Rex
Corp. (12/4-8)
1961 filed 200,000 common, of which 33,009
by the company and 167,000 by a stock¬
holder. Price—By amendment. Business—Production
of
gold compounds and chemicals for
electroplating. Office
—Nutley, N. J. Underwriter—Eastrhan Dillon, Union Se¬
Candies, Inc.
■
July 28, 1961
Proceeds
O.
Price—$1.
common.
-
C
V Recreation
S.
Shoes, Inc.
("Reg. A") 300,000
.
:'"j>
,j{
•
Sept.
selling stockholders. Office—1206 Main St., Kansas City,
Mo. Underwriters—Harriman Ripley & Co.,
Inc., N. Y.
and Stern Bros. & Co., Kansas
City, Mo.
•
1961
in units
$100 per unit. Business—General real estate and con¬
Proceeds—General corporate purposes. Office '
—666 Fifth Ave., N. Y. Underwriter—Sutro Bros. &
Co.,
>
of
tures due
struction.
New York.
Stover
19,
Business—Retailing of shoes on a self-service basis. Of¬
fice—504 N. Grand,
Pueblo, Colo. Underwriter—Amos ^C.
Sudler & Co., Denver, Colo.
1, 1961 filed 130,000 common. Price—By amend¬
Business—Manufacture of candies. Proceeds—For
ment.
Sept. 28, 1961 filed $1,675,800 of subord. debentures due
1971 (with warrants attached) to be offered for
subscrip- /
tion by stockholders in 16,758 units, each
consisting of'
on
Russell
<
Co., Inc., Asheville,* N. C.
•
Proceeds—Purchase
Self-Service
Sept.
equipment tand
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
writer—Armstrong & Co., Inc.,. N. Y.
consisting of
20-year 6%
rubber.
43
N. Y.
Brothers
Sokol
Furniture
Co.,
Inc.
Sept. 28, 1961 filed 240,000 common. Price—$2.50. Busi¬
instalment retailing of furniture, appliances
ness—The
For expansion
debt and
working capital. Office—253 Columbia St., Brooklyn,
N. Y. Underwriter:—Continental Bond & Share Corp., •
and
other household
and
modernization of buildings, repayment of
goods. Proceeds
—
Maplewood, N. J.
Sonic
Development Corp. of America
1961 filed 56,000 common/of which 30,000* are
to be offered by the company and 26,000 by stockhold¬
ers. Price—$5. Business—Desigh,' development and man¬
ufacture of devices using sound or fluids as a source of
Oct.
27,
.
/-!
- a*--.
*
■
»•
"
Continued
on
page
44
44
The Commercial and
(2432)
Continued from page 43
general corporate purposes. Office—454
Brooklyn, N, Y. Underwriter—Edwards &
Proceceds—For general corporate purposes. Of¬
fice—260 Hawthorne Ave., Yonkers, N. Y. Underwriter
—Meadowbrook Securities Inc., Hempstead, N. Y.
stead, N. Y.
energy.
Sonic
Qct. 30,
("Reg. A")
of
Business—Manufacture
cleaning
ultrasonic
—
amendment.
Starmatic Industries,
Nov.
Allen
ment.
St., N. Y. Underwriters—H. Hentz & Co. and
Co., N. Y.
("Reg. A") 85,714 common. Price—$3.50.
of .plastic products.
Proceeds
repayment, equipment and working capital.
Office—1805 Flower St., Glendale, Caiif. Underwriter—
16,
1961
Business—Manufacturer
t
r
Sutro &
Co., San Francisco.
Sept. 22,
1976
due
with
warrants
to
.
ness—Repurchase of mortgage notes, contracts, leases,
etc. Proceeds—Repayment fo debt, investments and other
corporate purposes. Office—615 Hillsboro St., Raleigh,,
C. Underwriter—J. C. Wheat & Co., Richmond, Va.
-
N.
Southern Growth
28,
Industries,
Inc.
small
investment
business
ceeds—For investment.
Price—$6.
company.
Pro¬
(12/11-15)
May 26, 1961 filed $4,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 41,000 common
shares, to be offered for public sale in units of $500 of
Southern
Realty & Utilities Corp.
debentures and warrants for five
shares.
common
Office—1674
Meridian Avenue, Miami Beach, Fla. ~ Underwriters—/
vHirsch & Co., and Lee Higginson Corp., both of New
•York City/(managing).
/
v
Southern
Syndicate, Inc.
Sept. 13, 1961 filed 300,000
ment.
Business—Real
common.
estate
other
Proceeds—For
southeastern
and
Southwest
Factories, Inc.
Oct. 10, 1961 ("Reg. A") 100,000 capital shares.
Price
—$3.
Proceeds—For debt repayment, equipment, re-;
search
and
development and general corporate pur¬
Office—1432 W. Main St., Oklahoma City, Okla.
Underwriter—Best & Garey Co., Inc., Washington, D. C/
poses.
Offering—Expected sometime in January.
_
;
Oct.
11,
ment.
to
1961
filed
Business
franchised
—
common.
stores.'
&
Co., N. Y. Of¬
•
1
/
development, sales
engineering
Office500 Edgewood Avenu£,/
Lumber Co.
23, 1961 filed 200,000
^
common.
lumber
-
•
Oct.
23,
1961 filed 121,778 class A and 130,222 class B
Price—By amendment. • Business—Design and
.manufacture of hair
.
.
Tip Top Products Co. '(12/12-)'■'
common.
care
items. Proceeds—For the sell-/1
ing stockholder. Office—16th and
Cuming Sts.,•. Omaha. *
Underwriters—White, Weld & Co., Inc., N. Y., and First
Nebraska Securities Corp., Lincoln. ;//
•
v
:
("Reg. A") 60,000 class A common/Price—
Business—Operates catering companies. Proceeds—working capital. Officer—208 Nichols Rd.f .Kansas/
Topsy's International, Inc.•
Oct. 16, 1961
Fla. Un¬
$5.
For
City/Mo. Underwriters—George K. Baum & Co., and
Midland Securities Co.,
Price—By amend¬
Distributes food and related products
retail
S. D... Fuller
Price—$5. Business
company. Proceeds—For debt re¬
payment and working capital. Office — 1600 Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Ren-,
nert & Co., Inc., N. Y.
'
• :
'
V :
:l
dairy products in Florida and"
states/ Proceeds—General corporate
115,000
working capital.
Tidewater
Super Vaiu Stores, Inc.. (12/5)
*
—
machine, research and
.
Lane, Space Corp., Savannah.
Underwriter
—Wholesale
129,000 comtfib'nf Price—$5. Business
Office—3601 N. W. 50th St., Miami,
derwriter—Seymour Blauner Go., N. Y.;
,
coolers/ water cans and portable hot
Proceeds—For
debt
repayment'
general corporate purposes: Office—6502- Rusk Avej
Trenton, N. J. Underwriter—D. L. Capas Co;, New York/
/
•
purposes.
of loans and working capital. Office—2501
Georgia Bldg., Atlanta. Underwriter—Johnson,
repayment
Bank of
Products, fe
water
dispensers.
• Tvtermionex
Industries Corp;
(12/4-B); /
o
July 27, 1961 ("Reg. A") 15(^00 common shares (par
10 cents):
Price—$2. Business—The manufacture of a
flexible heating tape.
Proceeds—For construction of a
Oct.
velopments in saline water conversion and certain man¬
ufacturing, international engineering and sales activities.
Proceeds—For general corporate purpose. Office—111 W.
50th St:, N. Y. Underwriter—Hirsch & Col Inc;, N Y.
Sun City Dairy
Oct 27, 196L*il<*d'
of
Houston.
N. Y.
r
Industries, Inc.
filed 175,000 common, of which 150,000
by the company and 25,000 by
Price—By amendment. /Business—Manu- ;
to be offered
fering—Expected sometime in late Januarv;.*
—Distribution of eggs and
Price—By amend¬
investment.
and
by Struthers Wells Corp.; to take over latter's recent de¬
ing capital and other corporate purposes.
are
beverage
(12/18-22/
repayment of debt, the development of property, work¬
Tennessee
1961
26,
facture
:
Oct. 23, 1961 filed 150,000 class A common. Price—By
amendment.
Business—Company was recently formed
of principal amount. Business—The develop¬
unimproved land in Florida. Proceeds—For the
Texas
shares
Struthers Scientific & International Corp.
Price
Office—1947 W.
corporate purposes.
.
("Reg. A") 120,000 common. Price—$2.50.
Business—The manufacture and sharpening of scalpels.
Proceeds—For expansion and the manufacture of scal¬
pels. Office—434 Buckelew Ave., Jamesburg, N. J. Un¬
derwriter—Louis R., Dreyling & Co., Inc., New Bruns¬
wick, N. J. Offering—Expected sometime in January.
Aug. 29, 1961
Sloss & Co.,
—At 100%
ment of
•
Oet.
stockholders.
.
\
1961 filed 250,000 common. Price—By amend¬
Business—A small business investment company.
Ave., Houston. Underwriter—Moroney, Bei^sner
Co., Inc., Houston. ' " .V■■'*>.•/"
'.
':/// A.v-
&
—
Office—Poinsett Hotel Building,
'
Gray
y
,
(12/18-22)
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
to be offered by the company and 70,000 by the stock¬
holders.
Price
$10. Business— The manufacture of
plastic
extrusion
machinery
and
auxiliary
equip¬
ment. Proceeds—For working capital. Office—1537 W.:
Elizabeth Ave., Linden, N. J. Underwriter — Marron,
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. •
1
;
..
Sterling Extruder Corp.
(12/4-8)
1961 filed 100,000 common shares.
of
Electro-Dynamic Capital, Inc..,
„
r
$50,000,000
16,
ment.
**
:
f
-
•
(12/12)
Co.
Gas Transmission
filed
Proceeds—General
•
Sterile Medical Products, Inc.,
i
1961
Stuart & Co. Inc., N. Y.
Oct.
("Reg. A") 100,000 common. Price—$3. Pro¬
equipment and working capital. Address—
Norristown, Pa. Underwriter—Joseph W. Hurley & Co.,
Norristown, Pa.
purchase
8,
Texas
ceeds—For
200,000 shares of common stocky to be offered inr units;
consisting of $100 of debentures with a warrant to pur¬
chase 20 common shares. Price—By amendment. Busi¬
Business—A
sey,
Oct. 2, 1961
_
1961 filed $1,000,000 of sinking fund subordi¬
debentures
nated
./
Steel Plant Equipment Ccrp.
Southern Frontier Finance Co.
June
Co., Bayside, N. Y.
&
debt"
.\
Inc.
brochures,
boxes,
packaging materials and packaging machines. 'Proceeds
—For debt repayment and general corporate purposes.
Office—252 W. 30th St., N. Y. Underwriter—N. A. Hart
+ Southern California Plastic Co.
—For
Price—By-amend¬
Business
Underwriter-^
Co,, Inc.,, N. Y.
debentures due 1981.
Price—By amendment. Proceeds—For debt repayment,
expansion and other corporate purposes. Office—Ten¬
nessee
Bldg., Houston, Tex.
Underwriters—Stone &
Webster Securities Corp.^ White,. Weld & Co., and Hal-
Inc.
1961 filed 100,000 common.
—
Manufacture of
3,
Thursday, November 30, 1961
1961 filed
Tennessee
Nov.
Offering—In late January.
of vinyl sheetings.
working capital. Office—
241 Church
Nov.
one
Business—Manufacture
Proceeds—For equipment and
&
and
.
155,000 common shares. Price—$1.
high-speed electronic data
processing systems.
Proceeds—For organizational ex¬
penses, establishment of service centers and reserves.
Office—100 W. 10th Street, Wilmington, Del.
Under¬
writer—Globus, Inc., N. Y. (mgr.). Offering—Imminent.
July 24,
warrant. Price—$3 per unit. Busi¬
sale of shell homes. Proceeds
repayment of loans, advances to a subsidiary, es¬
tablishment of branch sales offices and working capital.
Office—336 S. Salisbury Street, Raleigh, N. C. Under^iter—D. E. Liederman & Co., Inc., N.-Y. (mgr.). Note
This firm formerly was known as Star Homes, Inc.
share
.
Business—The development of
For
(12/18-22)
class A shares. Price—By
filed 205,710
1961
Telecredit,
ness—The construction and
equip¬
Southbridge Plastic Products Inc.
28,
*"
28, 1961 filed 133,000 commn and 133,000 warrants
be offered in units, each unit consisting of one com¬
mon
$2.
ment, systems and transducers. Proceeds—For expansion
and working capital. Office—1250 Shames Dr., Westbury,
N. Y. Underwriter—Keene & Co., Inc., N. Y.
Sept.
Edward Lewis
and Shelter Corp.
Star Heme
to
75,000 common. Price
>
.
ing capital. Office—41 E. 42nd St., N. Y.
Livonia Ave.,
Hanly, Hemp¬
June
Systems, Inc.
1961
Financial Chronicle
Proceeds
—
Debt
•
repay¬
Tower
Inc., Kansas City/ Mo/1
Communications
Co.. (12/11-15).
Aug. 24, 1961 filed 125,000 common. Price—By amend¬
ment, inventories, expansion and other corporate ourposes.
Office — 101 Jefferson Ave., Hopkins, Minn.;
ment. Business-—The
Underwriters—White, Weld & Co., Inc;, N. Y. and J. M.
Dain & Co., Inc., Minneapolis.
^
debt and
communications
design, manufacture hnd erection of
towers. Proceeds — For repayment of.
working capital. Office — 2700 Hawkeye Dr.',
Sioux City, Iowa. Underwriter—C. E. Unterberg, Towbin Co., N. Y. C. (mgr.).-,
.
/
'
;
• Susan Crane
Packaging, Inc. (12/11-15)
Development Co. V
Aug. 28, 1961 filed 150,000 common. Price—By amend^-Trans-Pacific Research & Capital, lnc; •
v ./
•' v. (ia/5-.y •:••*.
/a.
A meat. Busiaes^—The.mamifaetuise
gift wrap,
:/4T^006 c6mmorr. - Pfiee^By' amend*
Aug. 28, 1961 filed 600,300 common. Price—$10/ Business
ment. Business ;— Manufacture of high pressure Valves
ing materials and greeting cards. Proceeds—For repay¬
A business investment company.
Proceeds— for in-ment
and accessories. Proceeds—For expansion, working cap--•
£f loans, expansion, working capital and general
vestments.
Office—1101 N. First St., Phoenix.
Under¬
corporate purposes. Office—8107 Chancellor Row, Dallas.
ital, and possible acquisitions. Office — Pacific National'
writer—Wilson, Johnson & Higgins, San Francisco (mgr).
Underwriter—C. E. Unterberg, Towbin Co., N. Y. C.
^Bank: Bldg., TJellevue, Wash. Underwriter—Hill, Dar¬
1Space Age Materia is Corp. (SAMCO) '
• Swift
lington & Grimm, N. Y.
Homes, Inc. (12/4-8)
;.
(12/1-8-22) ;
\
;T;/•
• .
Tri-Point Industries, Inc. - Sept. 15, 19611 filed 240,000 common, of which 80,000
Sept. 19, 1961 ("Reg. A") 100,000 common. Price—$3.
will be sold by the company and. 160,000 by stockhold¬
Sept: 28, 1961 filed 160,000 common, ^of. which 80,000/
Business—The manufacture of high temperature mate-ers. Price-—By amendment. Business—The manufacture,'
are to be-offered by the company and 80,000 shares by
rials for the space, nuclear and missile fields, and com¬
sale and financing of factory-built homes. Proceeds—To
stockholders; Price—By amendment: Business—Manu¬
ponents used in the communications field. Proceeds—•;
expand credit sales and open new sales offices. Address • facture of precision, plastic components/Proceeds—For
;For equipment, research and development, and working
—1 Chicago Ave., Elizabeth, Pa. Underwriter—Eastman \
repayment of loans, advertising, equipment and work-*'
capital. Office—31-26 Greenpoint Avenue, Long Island
ing capital. Office—175 I. U. Willets Rd., Albert^on, L. I.,
Dillon, Union Securities & Co., N. Y.
City, N. Y. Underwriter—Manufacturers Securities Corp.,
Y. Underwriter—Hill, Darlington & Grimm,"N. Y. •
(James) Talcott, Inc.
511 5th Ave., N. Y.
Tri-State Displays, Inc.Nov. 17.. 1961 filed 57,396 common.
Price—By amend¬
Spandex Corp.
ment. Business
Commercial financing and accounts
July 24, 1961 ("Reg. A") 260,000 common shares (par
Oct. 25, 1961* ("Reg. A") 90,000 common. Price—$3. Busi¬
five cents). Price—$1.15. Proceeds—For working capital.
receivable factoring. Proceeds—For selling stockholders.
ness—Manufacture of a synthetic elastic yarn and other
Office—1221 Glenwood Ave., Minneapolis. Underwriter
Office—225 Park Ave., South, N. Y. Underwriters—F.
synthetic fibres. Proceeds—For general corporate pur-, Eberstadt &
—To be named; Offering-^Expected in January. - - <
*:
Co., and White; Weld & Co., N.-Y.A ^ -"
poses. Office—186 Grand St., N. Y. Underwriter—Mc¬
Tavart Co.
Trio-Tech, Inc. (12/11-15)
Laughlin, Kaufman & Co., N. Y. Offering—In January.
Oct. 6, * 1961 - ("Reg. A") .100,000
Oct. 19, 1961 ("Reg. A") 40,000 capital shares. Price—
common.
Price—$2.
Spears (L. B.), Inc.
Business—Manufacture of Electronic Parts and Equip¬
$5. Business—Manufacture of steel hardware sets and
Oct. 30, 1961 filed 65,000 common. Price—$5. Business—
ment.
Proceeds—For debt repayment, machinery, new
accessories for garage doors. Proceeds—For debt repay¬
Operation of retail furniture stores. Proceeds
For
ment and general corporate purposes.
products, leasehold improvements and working- capitaL ■
Office—-14134 S.
working capital. Office—2212 Third Ave., N. Y. Under-,
Orizaba
Office—3410 W. Cohasset St., Burbank,'Calif.
Ave.,
Paramount, Calif.
Underwriter—Ray-*
Under-*
writer—Arnold Malkan &
Co., Inc., N. Y. Offering—In
mond Moore & Co., Los Angeles.
writer—Ezra Kureen Co., N. Y.
January.
Tech Serv, Inc.
Tripoli Co., Inc.
; Standard Industries, Inc. ,
Sept. 29, 1961 ("Reg. A") 75,000 common. Price—$3; Pro¬
Oct. 13, 1961 filed 210,000
Oct; 20, 1961 ("Reg. A") 60,000 common. Price — $5n
common/of which 183,000 are> ceeds—For debt repayment, advertising, equipment and
Business
Manufacture of a wide variety of cosmetics.
to be offered by the company and 27,000
by a stock¬
Proceeds—For equipment, inventory and working cap¬
working capital. Office — 4911 College Ave., College
holder.
Price—By amendment.
Business—Production
ital. Office—1215 Walnut St., Philadelphia. UnderwriterPark, Md. Underwriter—Switzer & Co., Silver Spring,
of crushed limestone, gravel, and ready-mix concrete
Md.
—D. L. Greenbaum & Co., Philadelphia.
find construction of highways, etc.
Proceeds—General
Triton Electronics,* Inc.-:
*- •'
Tel-A-Sign,
Inc.
Corporate- purposes. 1 Office—731 Mayo Bldg., Tulsa,'
Oct. 30, 1961 filed $900,000 of convertible subordinated
Sept. 26, 1961 filed 108,000 common, of which- 76,500 will,
'•
Okla. Uhderwriter-^-Allen & Co., N. Y. Offering—In Jan.'
debentures due 1974 and 180,000 common to be offered
be offered by the company and 31,500 by stockholders.:
u
Standard & Poor's Corp.
in units consisting of $100 of debentures and 20 common.
Price—$4.50. Business—Manufacture of magnetic record¬
Tfrbv. 13, 1961 filed 261,896 common. Price—By amend¬
Price—By amendment.
Business — Manufactures illu¬
ing tape and metallic yarns. Proceeds—For research and
ment.
Business—Publishers
of
financial
information.
minated and non-illuminated signs and other advertis¬
development, advertising,: and working capital.. Office,
Prcceedr—For selling stockholders.
Office—345 HudG2-05 30th Ave., Woodside, N. Y; Underwriter-i-Neth^
ing material:
Proceeds.
For debt repayment and
TSpn St.,. N. Y. Underwriter—Smith, Barney & Co., N. Y.
erlands Securities Co., Inc., and Seymour Blauner &
working capital/.- Office -— 3401 W. 47th St:, Chicago.
Offering-—Expected in late January.
Underwriter—Clayton Securities Corp., Boston.
Co., N..Y.t, a,
;
'
.
•; '*
•
'
,
Tele-Communications 'CoqiV,:*( 12/18-22-ft-Z'V/*;
/!. Stanley. Industries Corp.. > •
Tropical Gas Co.f liidi •:'A
7J. /■
Oct. 26; 1961 filed 80,000 common: Price—$4. Business
Sept. 29, 1961 ("Reg: A") 100,000 class A common, Price
Sept. 8, 1961 filed 135,217 common being offered for
—Design, manufacture and sale of heavy-duty stainless
—$3. Proceeds—For debt repayment, advertising, re¬
subscription by stockholders on the basis of one share
steel equipment.
search and development, plant improvement and work¬
Proceeds—For debt repayment and
for each six common held of record'Oct. 13 with rights
•
Southwestern
Research
.
&
—
*
-
*
—
•
•
-
—
v
—
*
.
.
-
-
,
"
-
Volume
194
Number 6112
.-
..
The Commercial and Financial Chronicle
(2433)
expire Dec. 15. Price—$20,625. Proceeds—For the re¬
payment of debt, and working capital. Office—2151. Le
Jeune Rd., Coral Gables, Fla. Underwriter—Glore, Forgan & Co., N. Y. (mgr.).
to
Turbodyne Corp.
'
U.
ponents.
derwriter
electronic
devices
and
•
United
States
Plastics,
tools, adhesives, hardware, etc. Proceeds—To repay debt.
Office—750 W. 18th St., Hialeah, Fla.
Underwriter—
Johnson, Ft. Lauderdale. Offering—Imminent.
United
com¬
Variable
Annuities
Fund,
investment.
,
Office—20 W.
Univend Corp.
Metal Products, Inc.
filed 70,000 common, of which 21,000 shares
are to Jbe offered by the company and 49,000 by stock¬
holders; Price—By amendment. Business—Manufacture
of food and beverage service equipment.
Proceeds—
For working caiptal*. Office—6815 Hamilton Ave., Pitts¬
burgh. Underwriter—-Arthurs, Lestrange & Co., Pitts¬
Tyson
Ultra
Nov.
6,
Proceeds—For general corporate p u r p o s e s.
Office—370 Gerard Ave., Bronx, tf. Y.
Underwriter—
Gianis & Co., Inc., N. Y.
Ultra
Sept. 19, 1961 filed 150,000 class A common. Price—$4.
Business—The manufacture of outdoor plastic signs and
urethane foam. Proceeds—For
debt,
Treat
Underwriter—Amos
equipment, repayment of
personnel, advertising and
additional
inventory,
&
Co-.,
N.
Y.
Offering—In
Dec&nber.
late
For
•
Underwriter—None.
Phoenix.
Union Trust Life
Insurance
Proceeds
Broadway St., Milwaukee.
ment. Business—Operation of
store
derwriter—Peters, Writer & Christensen, Inc., Denver.
• Volume Distributors, Inc.
Nov. 24, 1961 filed 90,000 common. Price—By amend¬
ment
Kan.
18,
to
buildings. Proceeds—For working
cap¬
.
'
.
"
nents for missile and aircraft
Mich.
guidance^ systems. Proceeds
Office—Grand Haven,
Underwriter—Strathmore
Securities,
Inc.,
Products Corp.
Aero
Sept. 28, 1961 filed $600,000 of 6% conv. subord. deben¬
tures due 1971. Price—At par.
Business—Manufacture of
precision machined parts for the aircraft, missile, elec¬
tronics and nuclear industries. Proceeds—Debt repay¬
—
Walston
Ave., Milwaukee, Wis. Under¬
Wis.
writers—Hess, Grant & Remington, Inc.,
and Arthurs, Lestrange & Co., Pittsburgh.
•
Philadelphia
debt and investment in subsidiaries. Office—583 M & M
Exposition Service Co. (12/11-15)
Sept. 22, 1961 filed 100,000 common, of which 40,000 will
be offered by the company and 60,000 by stockholders.
Price—By amendment. Business—Supplying of decorat¬
ing, drayage, cleaning, and related services for trade
shows, conventions, and similar 8expositions. Proceeds—
For working capital, the repayment of. debt and pur¬
chase of equipment. Office — Suite 705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co.,, Phila.
United
United
Scientific
Bldg., Houston. Underwriter—White, Weld & Co., N. Y.
Valley Metallurgical Processing Co.
Oct.
—For
18,
1961
filed
360,000
amplifiers and amateur radio transceivers. Proceeds
of debt, increase in sales personnel,
tooling and production and working capital. Office—1
35-15 37th Ave., Long Island City, N. Y. UnderwriterUnited
Sept.
22,
&
Share
Servomation
1961
Corp.,
Maplewood,
N.
J.
Corp.
355,000
by stockholders.
common
food, tobacco, products and beverages through auto¬
matic vending machines. Proceeds—For repayment oi
debt. Office—410 Park Ave., N. Y. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
of
• U.
S. Controls, Inc.
(12/11-15) ,
Sept. 28, 1961 filed 120,000 common. Price—$2.25.
n
ness—The
Proceeds—For
Busi¬
control systems.
repayment of debt, a sales and advertis¬
manufacture
of
automatic
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside, N. Y.
(12/11-15)
Price—$8. Business
—The manufacture of specialized bottle caps. Proceeds—
For equipment, working capital and general corporate
United States Crown Corp.
Aug. 22, 1961 filed 150,000 common.
%
the
,
general
L.' :■<' .,.7,/
'
.
v.
Sept. 15, 1961 filed 140,000 common. Price—$15. Business
—A nation-wide and overseas non-regulated freight for¬
warder engaged in the forwarding of household goods.
Proceeds—To repay debt, purchase metal containers, and
increase working capital. Office — 542 Insurance Ex¬
change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
& Co., Inc., Washington, D. C. Offering—Expected some
time in January.
•
of which 150,000
and 205,000 shares
Price—By amendment. Business—Sale
filed
shares will be offered by the company
Conn.
for
corporate purposes.
Underwriter—McDonnell & Co.
Van-Pak, Inc.
Laboratories, Inc.
—For ,repayment
Bond
repayment and
Office—Essex,
Inc., N. Y.
and
Continental
debt
amend¬
Proceeds
rocket, munitions and pyrotechnics industries.
common shares. Price—$2.
Business—The manufacture of high fidelity stereo tuners
Aug.
1961 filed 70,000 common. Price—By
Business—Production of metal powders
23,
ment.
Varicraft
—
$3.
Aviation, Inc.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Proceeds
For expansion and general corporate pur¬
poses.
Office—Civic Memorial Airport/ E.> Alton, 111.
—
Underwriter—White & Co., Inc., St.
•
•
ducing properties. Proceeds—Construction, repayment of
repayment and other
W. Crane St., Topeka,
& Co., Kansas City,
Oct. 30, 1961 filed 90,000 common, of which 60,000 are to
be offered by the company and 30,000 by a stockholder.
St., Paterson, N.J. Underwriter—Stearns & Co., N.Y.C.
(12/4-8)
debt
Office—115
Underwriter—Stern Brothers
ing of "background music. Proceeds—For tooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. UnderwritersJohn
Joshua & Co., Inc., and Reuben Rose & Co., New York.
,
Sept. 22, 1961 filed 194,000 common. Price—By amend¬
ment. Business—Acquisition of natural gas and oil -pro¬
self-service family shoe
in discount depart¬
commercial communications equipment and the furnish¬
1961 ("$eg. "A") 31,097 common. Price-—$5.
Operation of a discount department store.
Valley Gas Production, Inc.
ment, research and development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
Proceeds—For
purposes.
a
departments
Business—The manufacture of electronic test equipment,
the sale, installation and .servicing of industrial and
9
Valley Forge Products, Inc. (12/11-15)
Sept. 15, 1961 filed 120,000 class A capital shares. Price
—By amendment. Business—Manufacture of automotive
replacement parts. Proceeds—For repayment of debt and
other corporate purposes. Office—370 19th St., Brook¬
lyn, N. Y. Underwriter—Herzfeld & Stern, N. Y.
*
burgh, Pa.
United
er
Pitts¬
shoe
Vofon Electronics Corp.
(JL2/18-22)V
July 28, 1961 filed 100,000 class A shares. Price
..V..
-
stores.
and
Mo.
E, 12th St.. N. Y. Underwriter—ProfesExecutive "Pishing1'Corp., Long Beach, N. Y.
N. Y.
chain
corporate
Val-U Homes Corp. of Delaware (12/4-8)
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
homes. Proceeds—For working capital. Office—765 Riv¬
—For general corporate purposes.
Under¬
Proceeds—For debt repayment and working capital. Of ¬
fice—35-10 Astoria Blvd., Long Island
City, N. Y. Un¬
medial
Office—3629 N. Teutonia
high-precision instrument compo¬
St.* Philadelphia.
Voldale, Inc.
20, 1961 ("Reg. A") 54,000 common. Price—$4.23.
Business—Acquisition and development of new patents.
writer—Continental Securities Corp., Milwaukee,
ness—Manufacture of
15th
•
Waterproofing Corp.
—
Nov. 17, 1961 ("Reg. A") 60,000 common. Price — $3.
Business—Application of water-proofing materials, re¬
Business
-fa Unison Electronics Corp.
Nov. 27, 1961 filed 250,000 common. Price—$2.50. Busi¬
N.
Oct
U-Tell Corp.
Underwriters—None.
Office—3610-14
* Universal
Sept.
life, and health and accident in¬
For investment.
Office — 611 N.
—
ital.
writer—Woodcock, Moyer, Fricke & French, Inc., Phil¬
Lighting Products, Inc. (12/26-29)
Sept. 21, 1961 filed 175,000 common. Price—$1. Business
—Manufacturer of lighting fixtures and display and
merchandising" equipment for use in gasoline service
stations. Proceeds
Repayment of debt and working
capital. Office—55 Bergenline Ave., Westwood, N. J.
Underwriter—Globus, Inc.,$JNL Y. (mgr.). •
"
Price—By amend¬
Sept. 25, 1961 filed 300,000 common.
("Reg.°A") 100,000 capital shares. Price—$3.
Sale of vitamin products and
proprietary
drugs. Proceeds—For debt repayment and working cap¬
V"
Dean Samitas & Co.,
(12/18-22)
Co.
ment. Business—Sale of
surance.
ic Vitamin Specialties Co.
International, Inc. (12/18-22).;.,'
.
Sept. 28, 1961 filed 1^0,000 cdmiaonXfrlce--^$2.5^0, Busi¬
ness—Importing of compact appliances and stereophonic
radio and phonograph consoles. Proceeds—For working
capital.
Office—16 W. 32nd St., N. Y.
Underwriter-
working capital and expansion. Office—222 N. Cen¬
tral Ave.,
Price—$625.
company.
are
adelphia.
&
common
Ave., N. Y. Underwriter^-Globus, Inc., N. Y.
tion
work
A
stockholder, who will
a
to
shares
Uropa
Aug. 28, 1961 filed 150,000 capital shares. Price-^$7;50.
Business—The insuring of real estate, titles. Proceeds—
debt
repay
100,000
to be offered by the
company and 54,000
by stockholders. Price—By amendment.
Busi¬
ness—Operation of stores selling women's, misses and
children's apparel. Proceeds—For
working capital. Of¬
fice—HI
Eighth Ave., N. Y.
Underwriter—Lehman
Brothers, N. Y.
shares
.
ital. Office—613
(12/18-22)
Park
Nov. 6, 1961
Business -—
*. sional
Union'Title Co.
to
Virginia Dare Stores Corp. (12/11-15)
Oct. 27, 1961 filed 154,000
common, of which
—
Offering—Imminent.
Inc.
plastics
375
Universal
systems.
proceeds
Universal Electronics Laboratories Corp.
Sept. 28, 1961 filed 90,250 common, of which 76,250 will
be sold by the company and 14,000
by stockholders. Price
—By amendment. Business—Design, development and
production of teaching machines. Proceeds—For produc¬
named.
100,000 common.! Price—$3.
to be sold by Mr. Vic TannJ,
Business—The operation of a national chain of
gymna¬
siums and health centers for men
and women. Office—
Inc.
•
Business—Manufacture of air and liquid equipment and
Vic
use
expenses, advertising, * marketing^ etc. Office—510
Hudson St., Hackensack, * N. J.' Underwriters—To
be
V
Dynamics Corp.
1961 ("Reg. A")
t
—
Oct. 26, 1961
•
(12/26-29)
new
,
Sept. 29, 1961 ("Reg._A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink. Proceeds
For expansion and working capital.
Office—28 O'Brien Place, Broklyn, N. Y. Underwriter
—Ezra Kureen Co., N. Y.
„
burgh..^....
&
and working
Tanny Enterprises, Inc. (12/6)
May 11, 1961 filed 200,000 shares of class
Street, Kansas City, Mo,
Reed, Inc., Kansas City, Mo.
Underwriter—Waddell
Proceeds—For
ing
•
9th
Offering—Expected in early January,
ics.
product development, advertis¬
capital.
Office — 4206 W. Jefferson
Blvd., Los Angeles, Calif. Underwriter—Garat & Polonitza, Inc., Los Angeles.
-
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
^ Twentieth Century Capital Corp.
•
Nov. 24, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A small business investment company.
Proeeeds—For general corporate purposes. Office—134
S. La Salle St., Chicago. Underwriter—Bacon, Whipple
v.
Drug Distributors, Inc.
Oct. 2, 1961 filed 168,000
common, of which 120,000 are
to be sold by the company and
48,000 by stockholders.
Price—$5. Business—Wholesale distribution of cosmet¬
Inc.
Roman &
Office—209 Glenside Ave., Wyncote, Pa. Un¬
—
Valley Forge Securities Co., Inc., Phila.
Co., Chicago.
-
Venus
8856 18th Ave., Brooklyn.
Offering—Expected sometime in December.
&
purposes.
Office—572 Merrick Rd., Lynbrook,- N. Y.
Underwriter—B. G. Harris & Co., Inc., N. Y.
OfferingImminent.
>,
(mgr.)
Sept. 7, 1961 filed 190,000 common, of which 150,000 will
be sold by the company and 40,000 by a stockholder.
Price—$3. Business—The sale of plastic items, power
Engineering & Automation Corp.
(12/11-15)
Sept. 27, 1961 ("Reg. A") 75,000 common. Price—$4.
Business—Manufactures
N. Y.
Publications, Inc.
writers-Douglas Enterprises,
•
Turner
•
Electronic
books. Proceeds—Debt repayment, expansion and work¬
ing chbital. Office—480 Lexington Ave., N. Y. Under¬
—$5 per shdre. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Sandkuhl & Co., Inc., Newark, N. J., and N. Y. C. Offer¬
ing—Expected sometime in January.
S.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
stock. Price
common
Boulevard, East Paterson, N. J.
Underwriter—Adams & Peck,
,j.'.
May 10, 1961 filed 127,500 shares of
Office—437
purposes.
45
Louis.
Wards
Co., Inc. (12/7)
<
Sept. 15, 1961 filed 110,000 common. Price—By amend¬
ment. Business—The retail sale of radios, TV sets, re¬
frigerators, stoves, air conditioners, etc. Proceeds^-For
working capital and other corporate purposes. Office—
2049 \Vest Broad St., Richmond, Va. Underwriter—Stein
Bros. & Boyce, Baltimore.
Waterman
Steamship Corp.
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.
Proceeds—For the purchase of vessels* and working cap¬
ital. Office—71 Saint Joseph St., Mobile* Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.). Offering-—Ex¬
pected in February.
Weiss
Bros.
Stores, Inc.
Oct.
27, 1961 filed 140,000 class A shares, of which 25,000 are to be offered by the company and 115,000 by
stockholders. Price—By amendment. Business—Operates
12 women's apparel stores and sells men's and women's
apparel in leased departments of other specialty stores.
Proceeds—For debt repayment. Office—1 W. 39th St,3
N. Y.
Underwriter — Francis I. duPont & Co., N. Y\
Offering—Expected sometime in January.
Wellco Shoe
,
Corp.
Sept. 28, 1961 filed 125,070 common. Price—By amend¬
Business—The licensing of other firms to manu¬
facture footwear and the manufacture of casual foot¬
wear.
Proceeds—For a selling stockholder. Address—
ment.
Industries, Inc. (12/4-8)
("Reg. A") 120,000 common. Price—$2.25.
Business—Custom design and manufacture of furniture.
Proceeds—For debt repayment and working capital. Of¬
fice—45th St. and Crescent Blvd., Pennsauken, N.
J.
Underwriter—Mayo & Co., Inc., Philadelphia.
Waynesville, N. C. Underwriter—C. E. Unterberg, Towbin Co., N. Y. Offering—Expected in late December.
Vending International, Inc.
July 27, 1961 ("Reg. A") 70,588 common shares (par
10 cents). Price—$4.24. Proceeds — For repayment of
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington,
D. C, Underwriter—H. P. Black & Co., Inc., Wash., D. C.
Offering—Expected in late December.
ment, equipment, sales,
Nov.
7, 1961
Vendotronics Corp.
1,. 1961 ("Reg. A") 150,000 common.
Price—$2.
Business—The manufacture of automatic popcorn vend¬
.Sept.
Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
Wespak Inc.
Sept. 29, 1961 ("Reg. A") 100,000 common. Price — $2.
Business—Thermo-forming of plastic material for pack¬
and develop¬
advertising and working capital.
Ave., Teaneck, N. J. UnderwriterScott, Harvey & Co., Inc., Fairlawn, N. J.
aging of products. Proceeds—For research
Office
—
475 Alfred
West Coast
Bowling Corp.
•
May 26, 1961 filed 100,000 common.
Price—$5. Busi¬
ness—The company plans to acquire and operate bowling
primarily in California. Proceeds—JTor general
purposes.
Office—3300 West Olive Avenue*
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
centers
corporate
ing machines.
Continued
on
page
4>%
The Commercial and
'(2434)
46
•
West Falls Shopping
Nov.
ests
Center Limited Partnership
14, 1961 filed $444,000 of limited partnership inter¬
to be offered in 444 units. Price—$1,000. Business—
Church, Va.
Office—1411
St., N. W.; Washington, D. C. Underwriter—Hodgdon
Co., Inc., Washington, D. C. Offering—In January.
Developmept of a shopping center at Falls
general corporate purposes.
Proceeds—For
K
&
working capital. Office
if World Toy House, Inc.
Nov. 24, 1961 filed 150,000 common. Priee—By amend¬
ment. Business—A manufacturers' broker specializing in
28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds
—For expansion.
Office—97-02 Jamaica Ave., Wood-
World Wide
—
9412 Wilshire Blvd., Beverly
Factors, Inc.
shares of common stock. Pries
—$1.50 per share. Proceedsr—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.
Office — 1201 Continental Bank Bldg., Salt Lake
W.
& Carlsen, Inc., San
Ana, Calif. Underwriter—Currier
Diego, Calif.
Western States Real Investment Trust
13, 1961 filed 32,000 shares of beneficial interest,
priee—$6.25.
Business—A small business investment
Nov,
Proceeds—For investment.
Office—403
Colo. Underwriter—Westco Corp.,
company.
Ursula
St., Aurora,
Aurora, Colo.
Westland
>
Capital Corp.
Sept. 21,1961 filed 985,500 common. Price—$11. Business
company. Proceeds—For
Working capital. Office—9229 Sunset Blvd., Los Angeles,
—A small business investment
Calif.
Underwriter—Bear, Stearns & Co., N. Y. Offering
\
-^Expected sometime in January.
..
White Electromagnetics, Inc.
;
Oct. 5, 1961 filed 65,000 common.
lication of technical papers,
marketing, product develop¬
Office—4903 Auburn Ave.,
Bethesda, Md. Underwriter—Weil & Co., Inc., Washing¬
working capital.
ton, D. C.
>
„
.
/
135,000 common, of -which 45,000
shares are to be offered by the company and 90,000 by
stockholders. Price—By amendment. Business—Design
• Wiatt
28,
(Norman)
Nov.
1961
Co.
.
filed
and manufacture of ladies' dresses.
Inc.; White, Weld & Co.
Busi-,
Cincinnati Gas & Electric
Reinsurance
Office—Fourtin & Main St*.,
Cincinnati, O. Underwriter—(Bonds) To be determined
by competitive bidding. Probable bidders: Halsey, Stuarl
& Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc,
and Lehman Brothers (jointly); Morgan Stanley & Co.
and W. E. Hutton & Co. (jointly); Blyth & Co., Inc.,
and First Boston Corp. (jointly); Eastman Dillon, Union
Securities & Co., and White, Weld & Co. (jointly).
Ths
last issue of common stock (81,510 share*) was sold pri¬
vately to employees in August. 1960.
, 7 ;
000 construction program.
Corp.
—
Harold R.
Writing Toys Corp.
Nov.
8, 1961 ("Reg. A") 65,650 common. Price — $3.25.
Business—Design and assembly of toys. Proceeds—For
equipment and working capital. Office — 354 Griggs- "
Midway Bldg., St. Paul, Minn., Underwriter—Pewters, '
Donnelly & Jansen, Inc., St. Paul.
:
.
,'*•'%
^
■
Columbia Gas
Oct. 13, 1961
("Reg. A") 75,000 common. Price—$4..
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To open loca¬
tions and increase working capital. Office—370 Seventh
Ave., N. Y.
Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
Commonwealth
Nov.
Yankee
Plastics, Inc.
■
l
1961 ("Reg. A'7 foti^OO common. Price — $3.
Business—Manufactures plastic hangers and forms. Pro¬
ceeds
For acquisition of manufacturing facilities and
working capital. Office—29 W. 34th St., N; Y. Under¬
writer—Sunshine Securities Inc., Rego Park, N. Y.
Proceeds—For gen¬
eral cbrporate
purposes. Office—124 E. Olympic Blvd.,
Angeles. Underwriters—Bear, Stearns & Co., N. Y.;
Schwabacher & Co, and J. Barth & Co., San Francisco-
Los
construction.
Office—72 West
Underwriters—Competitive. Prob¬
able bidders: First Boston Corp.; Halsey, Stuart & Co.
Inc.; Glore, Forgan & Co.
>
>
Wiggins Plastics, Inc.
20, 1961 X"Reg. A") 100,000 common. Price—$3.
Business—Custom compression, transfer and injection
molding of plastic materials. Proceeds—For debt re¬
payment and general corporate purposes. Office—180
Kingsland Rd., Clifton, N. J. Underwriter—Investment
Planning Group, Inc., East Orange, N. J: Offering—Ex¬
pected in January.
Winctiell Doughnut House, Inc.
Sept. 26, 1961 filed 90,000 common. Price—By amend¬
—
Sale of doughnut mixes to franchised
operators of doughnut shops leased from the company.
ment. Business
Proceeds—For the selling stockholder. Office—1140 W.
Main St., Alhambra, Calif. Underwriter—McDonnell &
Co.. Inc., N. Y.
•
Windsor (Kay), Inc. (12/11-15)
Sept. 28, 1961 filed 200,000 class A common. Price—By
amendment. Business—Manufacture and sale of women's
dresses. Proceeds—For a selling stockholder. Office—
Deane St.,
New Bedford, Mass. Underwriter—Lee Higginson Corp., N.Y.
•
Windsor Texprint, Inc.
(12/18-22)
Aug 25,1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000
by stockholders.
Price—$2.
Business—The printing of towels and other
textile
products.
Proceeds—For repayment of loans.
Office—2357 S. Michigan Ave., Chicago. Underwriter—
D. E. Liederman & Co., Inc., N. Y.
Wonder bowl,
Feb.
6,
1961
Inc.
Inc.
stock.
—7805 Sunset
Standard
Blvd., Los Angeles, Calif.. Underwriter—
Securities C6rp.,'Los Angeles, Calif. Offering
—Imminent.
u
World Scope Publishers, Inc. (12/18-22)
July 31, 1961 filed 300,000 common shares. Price—By
amendment. Business—The publishing of encyclopedias
St., Chicago.
Delaware Power & Light Co.
ceuticals, non-prescription drugs, vitamins, etc. Proceeds
of debt and working capital. Office—
Englewbod, Nf J. Underwriter—Sulco
Securities, Inc., N. Y.
"
Feb.
7, 1961 it was reported that the company has
postponed until early 1962 its plan to issue additional
common stock.
The offering would be made to com¬
—For repayment
150 S. Dean St.,
mon
Navigation Co., Ltd.
10
Oct. 5,
1961 filed 20,000 of 7% participating preferred.
Price—$500. Business—Furnishing of passenger and dry-
stockholders first
shares
standing
on
on
Based
held.
the basis of
the
on
one
number
share for each
of
shares
out¬
Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000. Proceeds—-For
construction. Office—600 Market St., Wilmington, Del.
Underwriter—(Competitive) Probable bidders: Carl M.
Loeb, Rhoades & Co., N. Y.; W. C. Langley & Co., and
Union Securities Co. (jointly); Lehman Brothers; First
cargo freight services.
Proceeds—For construction and
working .capital. Office—Haifa, Israel. Underwriter—
None.
- 7
-7-^"
7
Corp.; White, Weld & Co., and Shields & Co.
(jointly); Kidder, Peabody & Co., and Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly).
Boston
ATTENTION UNDERWRITERS!
;
Diversified
Do you have an issue you're planning to register?
Our
News Department would like
to know about it so that we can prepare an item
Corporation
Price—$4. Business—The servicing of vending machines
similar to those you'll find hereunder.
Would
write
and
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
you
us
Vending,| inc.
Sept. 13, 1961 it was reported that a registration state¬
ment will be filed shortly covering 100,000 common.
V
coin
operated
kiddy-rides.
Proceeds—For
equip¬
ment, inventory and general corporate purposes. Office
—Philadelphia, Pa. Underwriter—T. Michael McDarby
& Co.,
or
Inc.^ Washington, D. C.
Electro
Spectrum Corp.
Sept. 14, 1961 it was reported that this company plans
to file a "Reg. A" covering 100,000 common. Price—$3.
Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and
Prospective Offerings
Appalachian Power Co.
Feb.
reported that this. subsidiary of
Co., Inc.,- plans to sell $35,000,000 to $40,000,000 of bonds late in 1961 or early in
1962. Office—2 Broadway, New York City. Underwriters
—To be determined by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; First Boston Corp.;
Harriman Ripley & Co., Inc.; Kuhn, Loeb & Co. and
Eastman Dillon, Union Securities & Co. (jointly).
1,
1961
American
it
was
Electric
Power
Baltimore Gas & Electric Co.
was reported that this company plans to
$25,000,000 of first mortgage bonds in the
1962.
Office — Lexington and
Liberty
Aug. 30, 1961 it
issue
about
first
half
of
Underwriters—To be deter¬
competitive
bidding.
Probable
bidders:
Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).
Streets, Baltimore 3, Md.
mined
by
Bebell & Bebell Color
s
photography. Proceeds
For organizational expenses,
—
building lease, machinery,
inventory and working cap¬
Ave., Mt. Vernon, N. Y. Un¬
derwriter—Harry Rovno (same address).
ital. Office—300 Gramatan
if Elizabethtown Water Co. (2/6/62)
Nov. 28, 1961 it was reported that this company plans
to sell $9,000,000 of debentures in February. Office—22
W. Jersey St., Elizabeth, N. J. Underwriters—(Competi¬
tive). Probable bidders: W. C. Langley & Co.-Paine,
Webber, Jackson & Curtis (jointly); Salomon Brothers
& ' Hutzler-Eastman
Dillon, Union Securities
& • Co.
(jointly); White, Weld & Co.; Halsey, Stuart & Co. Inc.
Bids—Expected Feb. 6, 1962.
El
Nov.
Paso Electric Co.
22, 1961 it
to sell
was
(2/7/62)
reported that this company plans
$10,500,000 of first mortgage bonds in February.
construction and possible refunding of
Proceeds—For
Laboratories, Inc.
Nov.
(letter
of notification) 150,000 shares of
Price—At par ($2 per share); Proceeds
—To discharge a contract
payable, accounts payable, and
notes payable and the balance for working capital. Office
common
Proceeds—For
period.
Oct.
Oct
Co.
$30,000,000 of first mortgage bonds early in 1962;
Adams
Widmann
(L. F.)f Inc.
27, 1961 filed 162,000 common, of which 102,000 are
to
be offered by^ the company and 60,000 by stock¬
holders. Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and work¬
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Edison
it was reported that this company plans
000,000 in both 1964 and 1965. No new common or pre¬
ferred stock financing is contemplated in the four year
22, 1961 filed 120,000 common. Price—$4.50. Busi¬
ness—Development, and manufacture of ethical pharma¬
Israel
•
$20,000,000 of additioqal debt securities in 1963 and $25,-
Nov.
Zim
17, 1961
to sell
£,
if Zenith Laboratories,
- ;;
-
$25,000,000 of common stock in the fall. Office—120 East
41st St., N. Y. Underwriters—To be determined by com¬
petitive bidding. Probable bidders on the debentures:
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; Merrill
Lynch, Pierce, Fenner & Smith Inc.,-and White, Weld &
Co. (jointly). The last sale of common stock on May 4,
1960 was handled by a group headed by Merrill Lynch,
Pierce, Fenner & Smith Inc.; Shields & Co.; R. W. Pressprich & Co., and Carl M. Loeb, Rhoades & Co.
if Wynlit Pharmaceuticals, Inc.
Nov. 27, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Manufacture and* distribution of ethical
drugs and pharmaceuticals. Proceeds—For a new plant,
product expansion and working capital. Office—91 Main
St., Madison, N. J. Underwriter—Andresen & Co., N. Y.
Sept.
System, Inc.
April 24, 1961 it was reported thai this company is con¬
sidering the sale of either $20,000,000 of debentures, or
(12/22)
Wulpa Parking Systems, Inc.
Co,
16, 1961 it was stated in the company's 1960 annualreport that this utility plans to sell both first mortgage
bonds and common stock in 1962 to finance its $45,000,Feb.
—
Price—$£75. Business
—Rendering of consulting services pertaining to elec¬
tronic system analysis. Proceeds—For expansion, pub¬
ment and
(12/11-15)
St., Yankton, S. Dak. Underwriter
Associates, Billings, Mont.
3rd
Bell &
(12/18-22)
Inc.
Wide
World
(joint¬
ly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Fenner & Smith Inc. (jointly); Halsey, Stuart & Co.,
Sept. 28, 1961 filed 4,800,000 common. Price—$1. Busi¬
ness—Reinsurance. Proceeds—For capital*. Office—214
„•
Semiconductors,
Peabody & Co. and Rauscher, Pierce & Co., Inc.
Co., N. Y.
Land Corp.
Western
Pineville, La. Underwriters—To be named. The last is¬
of bonds on April 21, 1959 was bid on' by Kidder,
sue
'
1
Electric Co., Inc.
1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in the latter part of 1961. Office — 415 Main St.,
plans to invest primarily in equity se¬
curities of foreign issuers. Office—Bank of Bermuda
Bldg., Hamilton, Bermuda. Underwriter — Burnham &
Salt Lake
Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of semi-conductors for com¬
mercial and military use. Office—605-G Alton St., Santa
,
Louisiana
Central
Feb. 21,
ness—The Fund
1961 filed 400,000 common. Price—$2.25. Busi¬
ness—Acquisition, construction and leasing of shopping
centers. Proceeds—For general corporate purposes. Of¬
fice—2205 First National Bank Bldg.,, Minneapolis. Un¬
•
haven, N. Y. Underwriter—R. F. Dowd & Co., Inc.
(12/4-8).
Sept. 19, 1961 filed 100,000 common. Price—$100.
Oct. 24,
derwriter—None:
'
Worldwide Fund Ltd.
Western
June 29,1960 filed 700,000
Western
Bowling Enterprises, Inc.
Equipment Corp.
June
1961
Richard G. Gross.
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
City, Utah. Underwriter—Elmer K. Aagaard, 6
Stock Exchange Bldg., Salt Lake City.
Carbonic
Proceeds
Office—300 Mont¬
St., San Francisco. Underwriters—Dillon, Read
Inc., and Blyth & Co., Inc., N. Y.
& Co.
filed 130,000 common shares. Price—$4.
Business—The operation of bowling centers. Proceeds—
For repayment of debt, expansion and working capital.
Office—2044 Chestnut St., Philadelphia. Underwriter—;
in
Thursday, November 30, 1961
gomery
July 20,
units, each consisting of $100 of debentures
and 20 common shares. Price—$200 per unit. Business—
General real estate. Proceeds—For debt repayment and
offered
,
rights to expire Dec. 15. Price—$59.
St. Peter
St., St. Paul, Minn. Underwriter—Laren Co., N. Y.
Land Development Corp.
Westates
.
Proceeds—For repayment of
and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y. UnderwriterStandard Securities Corp., N. Y.
books.
the sale of toys, hobby goods and related items.
•—For general corporate purposes. Office—408
Sept. 28, 1961 filed $1,500,000 of. 7% convertible subord.
debentures due 1976' and 300,000 common shares to be
.
debt, working capital
and other reference
Continued from page 45
Financial Chronicle
$3,500,000 outstanding amount of 5Vs% bonds due 1989.
6, 1961 it was reported that a "Reg. A" will be
shortly covering 75,000 common. Price—$4. Busi¬
ness—Operates a color photo processing laboratory. Pro¬
writers—(Competitive )r""Probable
ceeds—For
Webster
filed
expansion, equipment and other corporate
Office—108 W. 24th St., N. Y. Underwriter—
Stevens, Hickey & Co., <N.;Y.;, w ? w
;u ,
,
purposes.
Bank of America N. T. & S. A.
Nov. 22, 1961 it was reported that stockholders voted to
increase authorized stock
to provide for sale
000 additional shares to stockholders
new
share
for
each
16
held
of
on
record
of 1,600,the basis of one
Nov.
21, with
Office—215 North
Stanton -St.,
El Paso, Texas. Under¬
bidders:
Stone
&
Securities
Corp.; Merrill Lynch, Pierre, Fen¬
ner
& Smith Inc.; Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co. Inc.-White, Weld & Co.-Shields & Co.
(jointly); Equitable Securities Corp.-R. W. Pressprich
(jointly). Bids—Expected Feb. 7, 1962.
& Co.
•
First
Nov.
National
Bank
in
Dallas
(Tex.)
15, 1961 it was reported that stockholders are to
vote Dec. 5 on increasing authorized stock to provide for
.Volume 194
Number 6112
.
.
The Commercial and Financial Chronicle
.
l-for-7 stock dividend and sale of 200,000 additional
stockholders on the basis of one new share for
each 13 shares held of record Dec. 5, with rights to ex-
to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
planes during their respective ousiest seasons. The CAB
later disapproved this plan and ordered the airlines to
shares to
;pire Dec. 19. Price—$56. Proceeds—To increase capital
funds. Underwriters—Merrill Lynch, Pierce, Fenner &
Smith Inc., and Equitable Securities Corp., Nashville.
divest themselves
First Pennsylvania Banking & Trust Co.
Public
Utilities
on
Oct.
and Wertheim &
,
41/2%
Nov.
April 6, 1962 with rights to expire April 30.
Business—The company and its subsidiary provide auto¬
mobile and mobile home financing service on a nation¬
wide basis to government employees and officers of the
military. Office — Govt. Employees Insurance Bldg.,
Washington, D. „C. Underwriters — The last debenture
rights offering in June 1957 was underwritten by John¬
ston, Lemon & Co., Washington, D. C., and Eastman,
Dillon, Union Securities & Co., N. Y. u'
'b'" *''7
•
&
'*o-
•
*
■
House of
Nov.
■'.
.
•
7777 '7
Koshu, Inc.
-1
,
■
_
•
7-;7"%,7
'
,
,
13,
to file
a
v
Underwriter—P. J.
Gruber &
Co., Inc., N. Y. *
Houston
Lighting & Power Co.
-Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
ferred
and debt
Houston,
handled
form of pre¬
securities, with the precise timing de¬
Concrete
Products
7
Inc.
7
Inc.
Nov. 13, 1961 it was reported that this company plans to
file a registration
statement covering 100,000 common.
Business—Manufactures pre-cast concrete
fallout shelters, enclosures, play sculpturs and drainage
equipment.'. Proceeds—For expansion. Office—Hunting¬
ton Station, L. I:,. N. Y. Underwriter—Blank-Lieberman
Price—$3.50.
under
large wholesale and retail establishments and industry.
Proceeds —For expansion.
Office — 42-14 Greenpoint
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves *
of the stock. Office—135 East 42nd St., N. Y. Under¬
named.
writer—Merrill Lynch,
.Panhandle
March
Pierce, Fenner & Smith Inc.;
Eastern
Pipe
Line
Ave:, Long Island City, N. Y. Underwriters —* To
J
•
Flushing 54, L. I./.N. Y.
Mercantile
Nov.
15,
Bank
National
196i.it
wa$ reported
at
777/777
Dallas
(Tex.)
>
Co..:;;
that stockholders are
to
vote Jan. 16
*
vide for
a
1962, on increasing authorized stock to pro10% stock dividend sale of 100,000 additional
'
capital funds. Underwriters—Rauscher, Pierce & Co., and First Southwest Co., Dallas.
ceeds—To
i
'
;
;
'
increase
.Penthouse Club, Inc.
June 1, 1961 it was reported that this company plans to
issue 60,000 common shares. Price—$5. Business—The
operation of dining clubs. Proceeds—For expansion and
working capital. Office—15th and Locust St., Philadel¬
phia. Underwriter—To be named.
Registration — Ex¬
pected about Dec. 1.
lenberg Township, Berks County, Pa.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld '& Co.; Kidder, Peabody & Co. and
Drexel & Co. (jointly); Blyth & Co., Inc.
Public
National
Airlinas,
postponed until about June 1962. Office—900 15th St.,
Colo. Underwriter — To be named. The last
equity financing was handled on a negotiated basis by
First Boston Corp.
Roth
Oct.
Lehman Brothers,
dale, Calif.
~
.'V*.
under -
&
is plan¬
Office—GlenBeverly
San
Sept. 12, 1961 it was reported that this company plans
sell about 500,000 common to stockholders in mid1962 to raise some- $17,500,000.
Office—861 Sixth Ave.,
-
San
Diego, Calif7 Underwriter—Blyth & Co., Inc.,
N. Y.
Va. Underwriters—To be named. The
West Pem Power Co.
last
Halsey, Stuart
(3/5)
Allegheny
that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
800 Cabin Hill Drive, Hempfield Township,
Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc; W. C. Langley 8c Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). Bids—10, 1961, J. Lee Rice, Jr., President of
Power System, Inc., parent company, stated
—
Expected March 5, 1962.
Western
Union Telegraph
Co.
1961 it was reported that this company plans to
sell $50,000,000 of debentures early in 1962. Proceeds—
To repay short-term loans. Office—60 Hudson St., N. Y.
Underwriters—Kuhn, Loeb & Co., and Lehman Brothers,
Nov. 15,
N. Y.
Wisconsin Southern Gas Co.
that
to
Jan, 23, 1962.
Co., Inc. and associates.
Dec.
Diego Gas & Electric Co.
7 7
Feb.
Underwriter—R. E. Bernhard & Co.,
Hills, Calif.
May 8, 1961, it. whs reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc., subject to final ap¬
proval of the Board and the SEC. The stock was or¬
Sept. 9, 1958 agreement
Greeting Cards Co.
18, 1961 it was reported that this company
ning its first public sale of common stock.
Inc.
a
of Colorado
(1/23/62)
reported that this
sale of bonds In June 1961 was handled by
Denver,
'
iginally obtained under
Co.
1961 it was reported that the previously an¬
nounced plan to sell about $20,000,000 of common stock
to stockholders through subscription rights had been
Aug. 22,
Monterey Gas Transmission Co.
1
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,
and Lehman Brothers, had formed this new company
to transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal
supplier to other Columbia Gas System companies.
It
is expected that the pipeline will be financed in part by
—
Service
was
Utilities
Richmond 9,
,
7,
Metropolitan Edison Co.
Feb. 1, .1961 it was reported that this subsidiary of
General Public Utilities Corp.; plans to sell about $10,000,000 of first mortgage bonds and $5,000,000 6f debentures this Fall.
Office—2800 Pottsville * Pike, Muh¬
public sale of bonds. Underwriter
New York City (managing).
(truck)
tributorships.
be
■;
Virginia Electric ft Power Co.
Oct. 2, 1961 it was reported that this company plans to
sell $30,000,000 to $40,000,000 of securities in mid-1962
but no decision has been made yet as to type. Office-
—To operate, a new type
on
it
Hutzler. Bids—Expected
Corp.
amusement rides for children. Proceeds
truck and set up national dis¬
Office—Brooklyn, N. Y. Underwriter—J.
Laurence & Co., New York City.
7 '
mobile
the basis of one new share for
each 15 shares held of record Jan. 16. Price—$36. Pro¬
shares to stockholders
i
8,
Penn Amusement
.7. ' 7
'• 7
7.-.
.7.
subsidiary of
Co., plans to sell $10,000,000 of 25-year
debentures
in January.
Office—Fidelity Union Life
Bldg., Dallas. Underwriters — (Competitive). Probable
bidders: Kuhn, Loeb & Co.-Blyth & Co., Inc.-Kidder,
Peabody & Co.-Merrill Lynch, Pierce, Fenner & Smith
inc. (jointly); Halsey, Stuart & Co. Inc.; Lehman Broth¬
ers; White, Weld & Co.; First Boston Corp.; Eastman
Dillon, Union Securities & Co.; Salomon Brothers &
Aug. 22, 1961 it was reported that this company plans
to file a "Reg. A" shortly covering 100,000 common
shares.
Price—$3.
Business—The company furnishes
7
-7-
22,-1961
Texas
.
38th Avenue,
i.
7
Texas Power A Light Co.
Nov.
■
1961 it was reported that this company ex¬
pects to sell abojift $72,000,000 of debentures in the late
Fall, subject to FPC approval of its construction program.
; 7 .Masters Inc.
-..777 ■: v7777-7.7:.,77^'77'7
Office—120 Broadway, New York City. Underwriters—*
:
Jan. 6, 1961 it was reported that this corporation is
i contemplating its -first public- financing.- Business—The » Merrill -Lynch, Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).
| operation of a chain of discount houses. Office—135-21;
: & Co., N..Y.
Walker
Teeco Automated Systems, Inc.
Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 75,000 common shares. Price—
$3. Business—The custom, design, manufacture and in¬
stallation of automated material handling systems for
sa^e by July 15; 1964. The stock was originally obtained
a Sept. 9,
1958 agreement under which the two
carriers agreed to a share-for-share exchange of 400,000
shares and lease of each other's jet planes during their
Texas. Underwriter—Previous financing was »•
by Lehman Brothers, /Eastman Dillon, Union
Lembro
Airways,
reported that the CAB had approved
company's plan to sell its 400,000 share holdings of
National Airlines, Inc.
However, it said Pan Am must
start selling the stock within one year and complete the
7 Securities & Co. and Salomon Brothers & Hutzler.
-
Co.
the
market conditions. Office—Electric Building,
011
World
the bonds.
Tampa Eloctrie Co.
May 10, 1961 It was reported that this company plans
to spend over $80,000,000 on new construction in the
next three years. No financing is planned this year but
in 1962 the company may issue bonds or common stock.
Office—111 No. Dale Mabry Hwy., Tampa, Fla. Under¬
writers—To be named. The last sale of bonds on June 29,
1960 was handled by Halsey, Stuart & Co. Inc., New
York
City.. Other competitive bidders were Merrill
Lynch, Pierce, Fenner 8c Smith Inc.; Goldman, Sachs
& Co.; Stone 8c Webster Securities Corp. The last sale
of common stock on Feb. 13, 1960 was made through
Stone & Webster Securities Corp.
Corp.-Halsey, Stuart & Co. Inc. (jointly); Blyth
American
on
Office—New York City. Underwriter—Rodetsky,
& Co., Inc., Jersey City.
Co., Inc.
Pan
of
unspeci¬
Subway Bowling & Recreation Enterprises, Inc.
Aug. 22, 1961 it was reported that this company plans
to sell about $1,200,000 of common stock. Business—The
company hat an exclusive franchise from the City of
New York to build bowling and recreation centers in
the subways. Proceeds—To build the first three centers,
Oct. 30, 1961 it was
7 publicly sometime in 1961, probably in the
pending
bid
77.
Pacific Northwest Bell Telephone
1961 it was reported that this company^plans
registration covering 65,000 common. Price—$5. ;
-Business—Importers of Japanese liquors and liqueurs,
Proceeds—For expansion.
Office—Beverly Hills, Calif.
■
a hotel at Liberty, N. Y.
expansion and an acquisi¬
Aug.fi 25, r 19,61 it was announced that this company
plans to sell ail additional 12,990j510:qommon by June 30,
1964, and several issues of debentures to refund a $200,000,000 4Y2% demand note issued to Pacific Tel. & Tel.
Office—1200 Third Ave., Seattle, Wash. Underwriters—
For the stock: None; For debentures:
(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
Stanley & Co.
-
issuance
an
including the possible acquisition of Central of
Georgia Ry. Office—Washington, D. C. Underwriter—
Halsey, Stuart & Oo. Inc., will head a group that will
some
Boston
'
7
capital,
21,
poses,
10,
to sell
*7777,•
fied amount of additional bonds for other purchases was
also approved. Proceeds — For general corporate pur¬
1961 it was reported that the company plans
$98,000,000 of securities, probably bonds, in
1962 to help finance its proposed $208,000,000 construc¬
tion program.
Office—245 Market St., San Francisco.
Underwriters—(Competitive).
Probable bidders: First
of record
"
^
Railway Co.
1960 stockholders approved the
$33,000,000 of new bonds. The issuance of
Business—Operates
Pacific Gas & Electric Co.
$100 of debentures' for each seven common shares held
'
Gas Co.
was reported that
Southern
Office—Liberty, N. Y. Underwriter—M. H. Mey& Co., New York City.
erson
was
the utility is contem¬
plating the sale of $35,000,000 of 20-year first mortgage
bonds early in 1962. Proceeds — To retire bank loans.
Nov.
Normandie Hotel Corp.
the basis of
on
it
January, 1959,
Bldg., Birmingham, Ala. Underwriter—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Blyth & Co. and Kidder,
Peabody & Co. (jointly).
Nov. 13, 1961 it was reported that this company plans to
file a registration statement covering 150,000 common.
tion.
Southern Natural
Oct* 17, 1961
in
Corp.; N. Y., and Dean
7 "
7
*
7
Office—Watts
Co., N. Y.
Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co. Bids—Expected Jan. 9, 1962.
7
was
convertible capital debentures
v
'.
common
by First Boston
Co., San Francisco.
stock to stockholders through
common
Proceeds—Working
of
Witter &
Probable bidders:
Price—$4.
The last sale of
underwritten
<
Telephone Co. (1/9/62)
Oct. 2, 1961 it was reported that this company plans to
sell $60,000,000 of mortgage bonds in January
1962,
Proceeds—For* debt repayment and construction. Office
—140 West St., N. Y. Underwriters — (Competitive).
Corp.
to
—601
New York
Inc.
reported that the company plans
offer stockholders the right to subscribe for $2,675,000
it
1961
4.88%
subscription rights, early in 1962. Office—441 Stuart St./
Boston, Mass. Underwriters—To be named; The last
rights offering in April 1958 was underwritten by Carl
M. Loeb, Rhoades & Co.. Ladenburg, Thalmann & Co.,
Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and N. Y. C.
7' '
29,
2,
January, 1962.
repay
bank loans, redeem - outstanding
preferred and help finance construction. Office
W, 5th St., Los Angeles.
Underwriters—To be
Proceeds—To
'
named.
England Electric System
7
1961 it was reported that this company plans
to sell additional
N. J., and
'Nov.
Page 16.
on
Southern California Edison Co.
Nov. 17, 1961 it was reported that this company plans to
sell 1,500,000 common shares in early
rata basis to common stockholders. Business—
pro
New
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
Government Employees
a
writer—Bear; Stearns & Co., N. Y.
stated in the company's 1960 an¬
nual report that the utility expects to sell additional
common stock to stockholders in 1962 through subscrip¬
tion rights on the basis of one share for each 20 shares
held. Based on the 22,838,454 common shares outstanding
on Dec. 31,' 1960, the offering will involve a minimum
of 1,141,922 additional shares. Office—67 Broad St.; New
York 4, N. Y. Underwriter—None.
-
Appear
Lynch,
meters, truck winches, fiberglass
boats, steel towers,, etc. Proceeds—For debt repayment
and working capital. Office—350 5th Ave., N. Y. Under¬
was
Georgia Bonded Fibers,
Dividend Advertising Notices
About
Manufactures parking
y:-_*?•••'
Corp.
—
Nautec Corp.
; White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.
14, 1961 it
Price
Nov. 6, 1961 it was reported that the company plans to
sell $3,000,000 of convertible debentures to be offered
Power & Light Co.
Genera]
stock.
59, Fla. Underwriter—Merrill
Pierce, Fenner & Smith Inc., N. Y.
Sept. 18, 1961, it was reported that the company may is- '
sue $25,000,000 of bonds in the second half of 1962. Office
—25 S. E. 2nd Ave., Miami, Fla. Underwriter—To be de¬
termined by competitive bidding. Probable bidders: Mer-:
rill Lynch, Pierce, Fenner & Smith Inc. and Kidder,
Peabody & Co.' (jointly); Halsey, Stuart & Co.p Inc.;
March
the
Miami
Airport,
6, 1961 stockholders voted to increase authorized
stock to provide for a 2-for-l split and sale of 394,975
new shares to stockholders on the basis of one share for
each 12 held of record Nov. 6, with rights to expire Dec.
4. Price—$30. Office—Philadelphia, Pa. Underwriters—
•Drexel & Co., Philadelphia; Merrill Lynch, Pierce, Fen¬
ner & Smith Inc., and Smith, Barney & Co., N. Y.
v
of
$20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
Nov.
-
47
which the two carriers agreed
a
Florida
(2435)
12, 1966 it was reported in a company prospectus
undetermined amount of capital stock or bonds
an
wiH be sold in 1961-1962. Proceeds—For
of
short-term bank
loans
the repayment
incurred for property addi¬
Sheridan Springs Road/Lake Geneva,
Wis. Underwriter—Hie Milwaukee Co., Milwaukee, Wis.
tions.
Office
—
'f"xry > r<tr*>v%m< *rw_-w^ ',3
ft-
|(
•
II'
i!
?
P
M
48
Es
Chronicle ;\
Commercial and Financial
The
.
Thursday, November 30, 1961
(2436)
product of
of the principal
|;-|
WASHINGTON AND YOU
IIIII
*Usi
White
Administration officials trying to
broad liberalization of our
a
map
Naturally, it's a most un¬
fence.
ft
markets
$•%
to
if1
Russia.
It is conforeign coun¬
access to U. S. purchas¬
tries free
same
K?
called
ll
Western
helping tie the;
uncommitted countries
and
alliance
w\!'
the
solidifying
to
way
'in
tries
ministration
|5t
U.
m
heavily
barriers
trade
»'t;f
right
if,';?'
now.
broken
are
route.
Jjili |
h"\
v.v
-
Agree¬
Trade
contains
now
Nov.
"es¬
an
of
countries.
barriers
with
Under
this
"I
■
r
(
»
1/.-7
1
sailed to the
next island to trade:
How
reap
do you
free trade without
of
your
ers?"
■sr,
own
to a trade agreement
withdraw concessions when
specific import is coming in, in
which
the benefits of
damaging some
industry and work¬
tions
,
Hodges
that the new free trade pro¬
continue
will
tries
pf'-f
•fei-
need
to
of tariffs
protection
ft!
speed,
Government
vi-
§j
Cf1,
with
Federal
the
through
and
welfare
programs
the
burden
of
subsidies
taking up
dislocations
that
freer trade would produce.
The
however,
Administration,
,flji
Hi *
,jr!f
^1
aid
ijj
»!.
tem
Republican
It
has
them
in
taken
line
Administra¬
some
with
steps to
campaign
a
\
total
on
for even Middle East oil to compete with Russian oil at "dump"
prices.
* •
•
A
;
Russia has been
years,
foreign
limited
very
would
countries
world
free
other
make
similar
a
allocation and remove restrictions
addition,
S. and free world alumi¬
the
U.
in
a
cooperate
product and market de¬
would
producers
num
In
products.
S.
U.
new
velopment program.
producers
produced.
to
But at
the
the
and
tresssed
*.
much-ballyhooed
disproblem, could bring
area
want our government
tighten up its "Buy America"
policies to give more business to
U. S.. producers by permitting an
even
bigger spread between do¬
mestic and foreign prices.
This,
trouble, White House Political ad¬
visers say.
not
are
; "
of
the
Administration, even if it
"wanted to,
couldn't delay a de¬
cision on which way to go on the
touchy
foreign
trade
question.
The Reciprocal Trade Agreements
new
laws
step
but
complete
toward
in the Western world.
approach.
next
the quirks of today's
year.
For
the
the
past
several
months,
Administration has been try-
ting to build support for its com¬
ing
effort to tear down tariff
Top White House spokes¬
walls.
For
of
some
free
other
trade
is
be
a
free
first
deeply into a
offensive, using oil
principal weapon.' U. S.
are
deeply
concerned
its
trade
a
firms,
positions
thus depressing
sensitive
these
the
free
segments
of
this
including
recovery
a
toward
after
re¬
a
oil
the
in
last i three
million
22.7
fm.ther
exports have tripled
tons
increases
years,
last
hitting
year,
this
with
ac-
year,
conjing to u. S-state Department
with
a
decided
it
was
Annual
(San Antonio,
' -V...; ?
-.
Texas Group of
investment Bank¬
ers
Association of America, an¬
nual meeting at the; St. Anthony
Hotel.
V-:
.
Association
National
at
Sept. 23-26, 1962 (Atlantic
n. j.)
American Bankers Association an¬
nual convention.
Administration
For Distribution in
Small
Business
Committee has also opened hearings to determine the impact on
domestic oil producers of current
imPorts of crude and residual oils.
Central New England
New York
r
Boston
Telephone
\
Richmond 2-0420
*
CAnal 6-8481
.
S.ROMANOFFCO.,Inc;
340 Main
cutbacks in the import allowances
Tel.: PLeasant 4-3295
to give more protection to the do-
for
,and
in
$48
with
tankers
tjon
a
JapM<
tc
he,
Rus-
Italians,
Polandj
increase
and
and
Fin.
their
oi,
shipments.
Senate
erett
mestic industry.
the
Republican Leader Ev-
Dirksen, R.,
111., has called
'"..r
Some
But
the
idea
a
stiff
further
American
House
is
Tele.: WO 395
phones
-
to:
Fitchburg, Mass.
giving
review—how
restrict
" '<
(Assoc.)
St., Worcester 8, Mass.
Direct
can
sales
For
Banks, Brokers and Dealers
here
PREMIER CORPORATION
from
living..^'
Members:
Exchange
Stock
Woonsocket, R. I.
White
it seek free trade, and at the same
time
City,
;
have
signed
Recently,
con¬
Hotel.::
Olympic
the
additional tankers under construe-
experts.
Mutual
of
Savings Banks 42nd annual
ference
'
(Seattle, Wash.) S
May 6-9, 1962
OF AMERICA
because
higher -standard of
Security
36th
sociation
was
House
A
Dealers As¬
Dinner at
the Waldorf Astoria Hotel.
/
York
New
oil,
crude
threatening the
strength of the domestic industry
and weakening our war poten¬
tial.)
.
1962 (New York City)
30,
March
million contract
construction of six 48,006" ton
sia
Cabinet officials, and party As incomes in these developing
leaders have been stumping the nations
in
Asia
and
elsewhere
country telling the masses that rise, the demand for more luxury
our economic future, and that of
products arises.
the free world, depends on in¬
These countries may be produc¬
creased two-way trade.
ing basic raw
materials, even
1
The need for increased trade some good but relatively simple
with Asia has been a pet subject. products, but they're not produc¬
;
Commerce Secretary Hodges re-, ing the consumer < goods • that - go
from. a trip to
foreign
Eisenhower
The
Chicago annual midwinter dinner
at the Ambassador West.
Administration officials,
particularly the Interior Department, is leaning toward further
Russian
men,
^cently jetprned.
when
program,
started
at
cession.
Soviet
(The
mostly from the Middle and Far
East, began to flood this country.
struggling
are
top-level review of the current program of restricting oil
world markets in
World,
country,
The White House last week set
up a
imports.
(Chicago, 111.)
29, 1962
Investment Traders Association of
.
commodities
various
when
time
•
the lure
reversal
simply
Its a good example, too, of
tration.
of<
market. For
instance, U. S. manufacturers of
watches and clocks, radios, type¬
writers, and other more sophisti¬
cated products, are finding their
growth lies ih foreign markets.
past
special import program,
The Reds have
been pouring oil, as well as lead
and
zinc, gold and silver, and
mercury into European markets,
Their sales are at bargain prices,
the prospects.
Jan.
meeting...
Tex.)
is the clearest example of the position of foreign trade in the cold
war.
year
April 8-10, 1962
,
the dilemma facing the Admims-
The White
long look at the
House is taking a
under
which
government
trade policy is set and by which
the White House gets its tariffcutting powers, is up for renewal
Act,
,
without
merely by multipossible
consent-could
lateral
...
...
,
quotas
agreed
The
objective
But such
free-trade
Administration.
the
,
Fight Looms in '62
approaches,
similar
and
/.
'
.
.
under a
"
-
m-
,
Administration s Dilemma
officials
economic
time, the U. S.
same
;
is
now
concentrated
over
In
E'wopean Common
and
market
Russia
as
the
of
share
depending
S. market,
promises, but promised them a lot
succor than hasn't yet been
Any major actions now which
heighten ..unemployment,
.Y'Y.,
consumption, would be set up.
more
would
.
.
allocating
of
to
unemployed, blaming the
portation costs make it impossible
"
Under their plan, a flexible sys¬
pointed with alarm at today's 4.5
tion.
#!
pact proposal.
ey»*»m>ge. t*e
previous
eco-
than
trade activity as a highly success- ;
trade
world
free
novel
rather
a
S.
U.
There is a
more
has Communist China.
political
consequences of its planned free
trade program.' Since taking of¬
fice in January, it has repeatedly
million
.<11;
i i'4 i
some
using ~ its
•
_
(Alcoa,
dustry
competing
which
trade
-
The oil industry, even though
FTniWful raPier> jabbing at the soft un- it's situation is more intense than
Kaiser,,Reynolds),.dcrbeily■'of the free, world. So some others, and it operates now
•r
..
around
questions now.
For
Many industries are on the side
of the
free traders—although
a
i•j.i
--
rapidly-warming international political cold war involved as well,
Industry Support
tJ„
must look beyond, to the
&«•*
nomic
'
V*
.
volves
Other Administration officials
want
uf,>-
.
the
quotas.
and
*
.
_
„r
The foreign trade problem re- firms encounter, and that trans-
date.
13 times, to
15th annual mid¬
Savings Banks
some
been invoked
*
Secretary
spite of
(New York City) |
Association of Mutual
Dec. 4-5, 1961
National
Trade War Develops
.
Banking
Hotel.
-
175 investigaunder this clause, it has only
In
gram,
#1
Y
Beach
——
!
-
Association
Convention at Hollywood
Hotel
and
the
Diplomat
Annual
may
threatened.
taken fairly slowly, will
recognize that some IL. S. indus¬
ff^i-1
!*
pale
clause,
may
'.
Commerce
says
siI
stock-
lot of people buy THIS
a
pink, borderline is so cute!"
m
Si1'I
/♦Vr
suppose
other
(Hollywood,
1961
1,
I./
Investment
-the
either party
quantities
26-Dec.
Fla.)
seriously These industries see great bene- Russia's penetration of world oil
hurt a competing domestic pro- fits in lower foreign tariffs, with- markets as the "hottest cold war
The problem is the same one
ducer, or when they threaten to out much damage to them from weapon" of the Reds. He points
which
has
vexed
foreign trade so weaken a domestic industry lower U. S. tariffs.
out that the Russians have no
planning since the first canoe that national security would be
Jegal restraints in their world
W
€!
IN INVESTMENT FIELD
escape
clause,"
moval
a
Damaging Effects, Too
f
itoV
'
preferably sooner.
Iff v 1'
yjft
and
yjears,
views.]
EVENTS
which free-trade
advocates say is the biggest single
block
to
winning complete re¬
top
10
'
.
Act
cape
within
removed
out—an
an
Reciprocal
ments
economic planners
<)A:\
'
The
down
Administration
say they want
all—er
virtually all—U. S. and
other
free
world trade barriers
Privately,
W.Yt
them
give
/
.
coincide with the "Chronicle's"
not
own
as
insist
depend
which
may
free-trade
general
interpretation
from the nation's Capital and may or
always, they will again
on
provisions which will
So,
foreign markets unless
on
[This column is intended to reflect
the "behind the scene"
hurt.
areas
danger to many
sees
industries
S.
past.
problems
biggest
don't mind if other indus¬
carry
the load, but they
don't
want the
voters in their
They
strings.
principles the protection of those
markets to its members, the Ad¬
ft
ft/;*
countries.
not for the par¬
in their home
which would be
hurt.
districts
the world to our economic purse-
join the European Common Mar¬
ket, which has as one of its main
»>'i
Administration is find¬
industries
ticular
Further, with England about to
f
m
to
ing that it's an even tougher nut
to crack than it has been in the
of
the
the
trying
now
arguments, but
so-
of
Kennedy
program
to
ten
Rus¬
simple problem to resolve.
these swirling times,, the
in
Eut
Administration when it
attitudes
the
is
House
the
Foreign trade policy has never
to Congress is
the lawmakers.
Most of them are willing to lis¬
its
takes
of
question
the
of our exports go
the
facing the
dollars, and demanding the
in return, will go a long
ing
of
One
that- giving
vinced
!!
in the cold
3%
about
other Asian
to
S.
U.
open
use
weapon
a
as
against
war
<
that
price
hands
That's
been a
exports—and
about 15% of all our
Kennedy Administration is
The
determined
oppor¬
point out that our ex¬
ports to Japan alone are running
better than $3
billion a year—
tunity to
comfortable position.
©j
has lost little
Ruder
liam
foreign trade policies are finding
themselves
straddling
a
picket
other
decide.
Secretary/ Wil¬
Assistant
Japan.
drive
and
more
even
Would this be play-,,
the
into
ing
sians?
V$
t4 I
,
causing
uncertainty.
Ij^glMlnnfQljJIQnHNpfT1
simply
Europe
into
oil
areas,
capital
will
oil
foreign
M3
*4
:
interpretations
behind-the-scenes
"
from the nation's
iv4
addition, closing our market
In
to
that
a
a great
part of the neutral world?
s*crt&ix
(Formerly Premier Industries,
Inc.)
BOUGHT—SOLD—QUOTED
Our New
Carl Marks & Co. Tnt
York
telephone number is
CAnal 6-3840
'
^
-
foreign securities specialists
20 BROAD STREET
TEL: HANOVER 2-0050
•
NEW YORK S, N. Y.
TELETYPE NY
?
1-971
LERNER & CO., INC.
Investment
Securities
10 Post Office Square, Boston
Telephone
HUbbard
2-1990
'
5'
9, Mass.
Teletype
-
•'
4
BS
<59v
@FedFRASER