Full text of Commercial and Financial Chronicle : October 11, 1962, Vol. 196, No. 6202

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The COMMERCIAL and FINANCIAL
•1

i,y t

Reg. U. S. Pat. Off.

Volume

196;

Number

MOST

AND

LEADING

THE

INFORMATIVE

PUBLICATION

New York 7, N. Y.,

6202

IN

THE

FINANCIAL

FIELD

ESTABLISHED

...

1839

Thursday, October 11, 1962

Price

EDITORIAL

50

Cents

Copy

a

S
1.1

The demands that the President is
the

partial

success

he is having in getting what he wants,

his evident intention of

the

taking his "advanced" ideas to

people in the campaigns this autumn, and the half¬

hearted resistence offered
forceful reminder of the

a

by the opposition, all

Time was—and not

so

serve as

degree to which socialism and

related social doctrines have

ual

making of Congress,

already taken

into

us

sought to

the changes being made and which will be

are

commercial

reverse

banks'

we

can

longer concentrate

no

without

regard

himself. There were, of course, those who did not do a

equally

important

mergers

and tranches, loans

good job of it. We, all of

very

and did what

could to relieve them of undue suffer¬

we

ing, but the fact that they
led to

good many

a

were

their

own

valuable results which,

very

the indolent and the unfortunate with

hand,

The

shall sorely miss.

we

difficulties

that

are

providing adequate health

other; related factors of
to

our

significant,

are:

not the sole

We have in

ful
and

far

National

our

instrument
to

to

strengthen
have

we

not

in and out of

expensive, and the

is in part

a

turn

stems

from

techniques. But there
knows

days

who

or

labor

rapid
are

undertakes

other

to

hire

causes,

help of

too,

as

monopoly in manufacturing.

U. S.

any

on page

25)

Municipal

Securities

our

was

regulations

handicapping

Banks

to

the

dynamic society.

ever-

I further

of working under these

years

Banking System,

pared for its present-day

tasks.

the

spirit of

it unpre¬

left

and

The intervening

We have endeavored to meet this

our

The

So

to

In

deficiencies.

task is to look for¬

But

must

we

meet

dent

April

the

Banking

presented
its

the

and

to

ings

matters.

the

Banks.

assisted

the

Committee

through reports

of

furnish current

now

activities

on

immediate

of

Public hear¬

applications for

bank

charters,

of

are

now

mergers,

branches,

opinions

in

and
of

cases

on

invest¬

published in the Federal
has been instituted for

program

to

National

relating

to

Comptroller's Office, such
and

our

Banks

A

communications

instructions.

views

Many National

we

our

consolidations, and rulings

distribution

the

economy.

public

observe and appraise the

Notices

securities,

tional

That

confronting

to

and

in full

Register and made available promptly to the Na¬

has been exploring

problems

Banks,

Office

banking community.
new

of

growing

the

of

held

National Banks in their efforts to meet the needs
our

to

all

on

now

ment

my

Presi¬

Future."

National

the

of

Weekly Bulletin

are

other

"National

on

improve the channels of

the

might

consolidations,

in

chal¬

the

to

report

Committee

last

all

mergers and

on

Banks

Hon. James J. Saxon

that

our

interest

side¬

Recently the Advisory Com¬
office

so

information

under¬

future

to

was

with

policies being followed.

responsi¬

nor

step

place the operations
view

past

*

first

communication

com¬

performing

the

challenge, but

the task has only begun.

their

issues to
of

thoughtfully

as

Banks

the

of

copies

policies

of

of

the

letters, memoranda,

We have found that by opening

public discussion in these

the

private

interests

developed,

have

(Continued

ways,

been

the

more

on page

28)

State,

American Bankers Association Convention Issue

Municipal

Housing,

State and

severely

were

National

of

long

National

our

growth

present shortcomings

mittee

any one

sort these

and

banking

hampering restrictions had subdued

lenges.

since

(Continued

Government,

Public

for

order

are

to buy articles which have to bear the cost of

in

share

our

stand

improved

banks

all

ways.

and

that

ten months ago I

some

national

our

adaptation

believed

vital tasks.

instances

result of the grow¬

discoveries

use

ward, not backwards,

ing complexity of medical diagnosis and treatment which
in

that

changing needs of

a power¬

economic

of

Today

hospitals in this day and time. It is
cause

our

position.

bility

constantly complaining about the high cost of medical
care

the

Report

kaleidoscopic view

Banking System and its problems.

outdated,

were

under¬

including stock options.

best

mercial

of trouble. We

source

include:

the

usually laid

some

other

international

our

made

effort to find
industry and

are

changes

Banking System

stimulate

We

life today

with

convinced

Committee
a

months have confirmed my initial views.

these

which, while present and in

causes

disclosure and bank capital
financing

in supplying educational

care,

solvency

unlisted securities,

on

being encountered in

now

regarded as such), the
all the research in and out of

for

gen¬

needs

Contemplated

ones.

and

Advisory

When I took office

bonds, capital adequacy formula, financial

revenue

^

>

needs (or what are
funds

now

incompetent,

definitely

a

writing

supplementing those

responsibility

that the state undertakes to look after the

erous

for them,

us, were sorry

to

liquidity

on

The

for the first time

us

of our National

faltering competitive¬

to improve the operations of the Comptroller's Office;
and to realign Federal Reserve control. Mr. Saxon
declares

expected to look after himself and did look after

was

experience.
furnishes

Spelled out
ness;

camp.

long ago—when the individ¬

very

By Hon. James J. Saxon,* Comptroller of the Currency

and Public

Housing

MULLANEY, WELLS & COMPANY
~CAti£-

Lester, Ryons
So.

623

U nderwriters

&

Hope Street, Los Angeles 17,
California

Distributors

Dealers

*

Co.

Bonds and

■

Members New York Stock

Agency

Exchange

Associate Member American Stock Exchange

Notes

Members Pacific Coast Exchange

Corporate & Municipal

Offices

Securities

MEMBERS

phones;

770-2741

•

MIDWEST STOCK

Claremont, Corona

EXCHANGE

770-2661

Inquiries Invited

New York

w

on

Municipal

Bond Division

Correspondent

THE

Southern

California Securities

135 So. La Salle Street

TWX: 212-571-1414 (5) (6)

del Mar,

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

BOND DEPARTMENT
P. O. Box 710, New York 8, N. Y.

in

Encino, Glendale, Hollywood, Long Beach,

CHEMICAL BANK NEW YORK TRUST COMPANY

—

MANHATTAN

Pershing & Co.

Chicago 3, III. FRanklin 2-1166

BANK
Net Active Markets Maintained
To

UNDERWRITER
DISTRIBUTOR
XD BALBR

T. L.Watson &Co.
ESTABLISHED

Dealers, Banks and Brokers

at

Commission

Stock

Exchange

Teletype

25 BROAD

STREET

NEW YORK 4, N. Y.




BRIDGEPORT

•

PERTH AMBOY

On All

will

be distributed on November 1
to
shareholders of Shell Oil Co., of record
Shell of

DEPARTMENT

Goodbody
NEW

YORK

2 BROADWAY

NEW YORK

1
' *

-

8, 1962, on the basis of one
Canada for each five Shell Oil.

212-571-1213

Commercial

BIHECT VIRES TO MONTREAL AND TORONTO

MEMBERS

DALLAS

Executed

Exchanges

October

CANADIAN

gouthwedt
COMPANY

Orders

Canadian

are
maintaining a market in this
either at net New York prices or
prices in Canadian funds. The stock

stock

Inquiries Invited

Members

American

CALIFORNIA

We
Block

FIRST

DIVERSIFIED

Class A Common Shares

Canadian Securities

1832

New York Stock Exchange

Shell Oil Co. of Canada, Limited

■

a

STOCK

NORTH

Dominion Securities
<0RP0RATI07*

Co.

EXCHANGE

LA SALLE ST.

CHICAGO

40

Exchange Place, New York 5, N. Y.

Teletype 571-0880
Area Code 212

WHitehall 4-8161

Fishing
MUNICIPAL BOND DEPARTMENT

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

•

LOS ANGELES

2

The Commercial and Financial Chronicle

(1502)

The

Brokers, Dealers only

For Banks,

Security I Like Best...
each week, a different group of experts

A continuo'^ioNim in which,

Hurry?

a

Combined Insurance

♦

Over-the-

Boston, Mass.

Through our extensive wire

large

system/ our

and ex-

.

perienced trading staff is in
'

has

1961

markets

!^e

from coast to coast,

assuring

cates

prompt executions.

been

a

Quarter of this year indiis

.This

W.. Clement

how

Stone.opened in ,his latest
attitudes of the

stated

bined

HANSEATIC

the

Insurance

CICA

CORPORATION

wholly owned subsidiaries, Com-

4

pany

Nationwide

Private

>r

Insurance Co. of Boston, IVlass.,. is
engaged in supplying accident and

Continuous Markets

lumbia,

Furniture

LYNCHBURG,-VIRGINIA
LD 39

TWX

.

1947,'

Shortiy after World War II,
faced with

was

stockholder;

small

a

703 846-0920

holders./

/

"»,

0f Murray

Co. oommon.

Exchange,

Stock

York

]\jew

,qq

Texas,/reincorporated

aCqUjre

value

$800.

about

of

should he go along

with the deal,

should he sell out? Fortunately,

along." The actual

"went

he

Murray

>

sheet

Co.,

million to

have advanced from $10
a

net for

to

WALL

9 9

for

—

ex-

100 shares became 200 shares

would

per

of

Dallas

of

the

/

/

sales

company's

are

the low premium
The initial pol^

icy

ordinarily .costs $6- annually,

and

$16

$32,for the full

or

policies.

age

5, N. Y.

cover-

Although- most

theserpolicies

of

($18

share)

per

for

any

injury

one

six

to

months, and reducing to;50% benRaw

Refined

—

Liquid

—

efits to people 70 years of age and
"

•

Exports—Imports—Futures

a

great

CIC A,

Stone,

measure,

is

due

to

the

W.

success

Clement

parent ' and President of

the company.

Mr. Stone

ognized leader
vation field.

Success

of

a rec-

the sales moti¬

in

He

is

is the co-author

Through

Positive

a

Mental Attitude and editor of the

Ho*

ma®?zln®/uc£fss

I*

fGCGp y+-

billion dollar

Talcott's

Best."./

Financing

ecutive

,urra^_1S a sor^ 0. .ex?SZ
^ankee. The company originated
1900 ^:a manufacturer of cot-'
tGn

aa.

™

of

Co.

and

acquired

-the

1938

East

Co

of

was

taken

since

been
Gin

Cotton

Bridgewater

Mass.

These have been

over.

of

one

the

known lines in the cotton

machinery

was

Dallas operation.

Carver

into

parlayed

Georgia

has

abSOrbed in the

In

'Gin &

best

ginning

The line is

business.

to account -for about -40% of
domestic business and more than

:

Stone, 19

Murray ! acquired

ex-

Boston

Gear

un<Jerstood to
aPProx^ma^e^y

cf client sales volume processed

ing been associated with the

business. The gear works makes

...

dollar

stantial part

now

well

mark.

'A

over
very

the

pany

for

than

integrated

five

com-

Written
Year—

per

1962

$60,000

$1.45

50,148

1.03

1960

42,934

0.87

1959—/ 36,346

0.37

assist

these

customers

in

growth or financing problems. We
are

*

Adjusted

currently

to

reflect

the
Gear

33%

future

the
an

located

in

variable

on.

In

been

for

on

addition,

in

attractive

acquisi-

used

missiles

speed

of

iii

cpn-

use.

IWorks,

Murray

Along

the

latter

positioning

,in

and

dustrial

yaried

tL957,

which

producing

fbars of varied

as

a

no

circumstances

solicitation of

an

offer

to

to

be construed

operates
cold

shapes for

buy,

any

as an

offer to sell,

security referred

to

Odd Lots

on

;'r'•

40

;

—

.

+

—

•

■

.

Exchange Place, New York 5

.; Phone: WHitehall 3-7830
Teletype No. 212 571-0219

■

/,

two .things

would

hap¬

could

favorable

be.

stockholders. As
business

is

^

;to

Price

Funds

possible

to

rectors

have

picking

up

them

The

as

a

drawn
manu-

or

herein.)

up

'another
di¬

and

officers

shown

genius

a

in

bargains and operating

profitably. The management,
a

the stock, and it is

sible that Murray,
taken

that

also

it

away,

turned

of

1958,
were

with*

more

policies,
the

Chronicle

than 5;SOO stocks traded

exchanges and

Counter Market.

include

the

record

of

ments,

most

on

the

the 'Over-the-

an

Other features

comprehensive

dividend

redemption

announce¬

calls,

and ^

sinking fund notices.

cleared

Col.

that

out

Standard,

of the

17%

The COMMERCIAL

com¬

and FINANCIAL

CHRONICLE
25 -Park Place, New

York 7, N. Y.

reacted

directors

Murray

Issue of the Corn- *

contains the price range on more

Alforis Landa, et al., had acquired

mon.

:

of

control

Rockwell

Pf

pos¬

interests

obtain

to

The Monday

mercial and Financial

notified by air¬

were

outside

attempting

1

toe-hold

itself, might be

In... April

over.

stockholders
mail

built

of

however, does not have
On

Over

5,500 Stocks

have

provide for the

acquisition

business.. The

on

three^year con¬

have .been

aside

set

Range

and

these

but

been settled by a

and

the;

has had

Boston Gear

troubles,

tract.

hfe seen,

can

sound,stable

profitable.
labor

' stockhoMer-minded

upped

split

dividends,

stock, sharpened the appear¬
of

ance

the

sent out

their

it

might cost
more

of the

control.

If,

company

on

the

prices.

higher

30%

to

prices

tion,

Shareholders

to

and

report

as

to

a

obtain

appears

that

there" likes him.

23

-

Year Performance of

35 Industrial Stocks
FOLDER

ON

REQUEST

developments

may carry the shares even higher.

stockholder

INDUSTRIAL STOCK INDEX

as

present

the other hand, the

longer-term

OVER-THE-COUNTER

stock
As

much

than

common

held

makes another acquisi¬

short, it

N. Q. B.

informative interim

positions/:, and

moved

25%

annual

more

■statements.

in_

Gear

acquired

now

d-■

Ass'n

to Murray at this paint, and

either

In

(This is under

/

of *61.

of

One

guess,

with

Compressed Steel Co. of Boston in

management has represented ^division
interest

horse-

subsidiaries

principal cities in the
United States, Canada and Puerto Rico




emphasis

developed

fractional

Applications

Atlag

increased

and Canada<

also

have

shares

bright

appears

the life field later

and

has

of

and

power

outstanding.

probably

offices

Works

'

CICA through internal growth and

Talcott

States

ratiomotors

25

s.ooo.ooo

equipment

to

frols.

The

Other

United

66%

„

the $1.10

gears, .shaftings, approximately

nationally

50

"

always ready to cooperate in

any way.

—

manufacturers and wholesalers in

%

Sh.*

1961

sold

Divs.

Earnings

(000's omitted)

by Investment Men who desire

to

account for
present

•bearings, sprockets, chains, etc.—
Stock

resulted from referrals of custom¬
ers

stock products

years,

Premiums

sub¬

of this growth has

more

well

,

extra i$ expected to

Rockwell

management, with 17 of these hav-

the

Dealers

bring total payments to more than

the company. As'the dust

round

out

>Bids

and

paid,-

are

Seciirity

(To Brokers and Dealers)

sinGe 1947.

year

extras

Yl

/BONDS

adjusted

!Works of Quincy> Mass., which is

directors

and

industry is reflected in the growth

billion

N.

•

Service to American business and

annually

:Z'«•;;Members '>•.

_

Through reincorporation in 1948,

officers

every

this year an

pen

'

,

.

m" said

r/r

In addition to Mr.

of

.

Never Fails.

SERVICE
value

Over-the-

an

£2? ZTiSSXS.'"S •«

f
he

has

now,,

Counter. Market bid price
of
about $20,800, He, therefore, "feels
justified in thinking of Murray

Machine
of

Talcott's

ment

ment; In 1912, Van Winkle

over.

In

DIgby 4-2727

& CO. INC.

•

dividends

change,

no

»

GROSSMAN

the

and

exception of 1957-1958, when
was

BEekman 3-3622-3

s.

.current ratio at June '62 was 4.7:1.

there

.

taken,

were

Working,capital amounts to $18.3

share in
the stock rose in market
By sitting tight, his $800 commit-; Year-end

is reduced

by restricting the maximum payment

andprice,

prospered,

noncancellable,f:as "The Stock He Likes

are

the risk to the company

SUGAR

\ Telephone:

into account. Finances-are strong.

million

/.

NEW YORK OFFICE:

Murray-owned

appreciation
real

in

/

if

higher

be' considerably

estate

■V

149 Broadway, New York 6,N.Y.

share has adr
$4,19 to $20.01. and

from

vanced

the

During

1962.

have' been increased per

STREET

NEW YORK

D A I
Securities Co., JLtd*

■■

about v$2.50—as a.;

590 in-1947 to

shares.. Business

accident policies.

Inc.

possible

a

the

75%

LAMB0RN & CO.,

has

common

irom. $600,0.00

come

$42 mil-:

about

of

rate

current

again with another 2-for-l split,
bringing
his- holdings
to
800;

initiated through

.

SECURITIES

split/and 400 shares in 1955, when: lion, while capital and surplus is
well trained sales
representatives,-the^company [paid a 100% divi- $20.4/ million,,, represented by
the company has been able to acdena/In 1960, his stock doubled 1,019;916 shares outstanding. With

Nearly

branch offices

JAPANESE

Through approximately 4,600

quire approximately 90% of their

>

City

our

and;

.

tributed to general agents.

New York

Direct wires to

\

•

common

sales volume with the balance at-

Private wire to Shields A

'

;

in 1949,-when, the stock was again, Long-term debt is only r$1.4 < mih

-

6, K. Y.

212 571-1425

////

t*.

impressive. Stick¬

are

to. period; equity

business, for each

new

a

market

or

'

f

In the absence of fireworks

offer 10 shares of Murray< guess

Gf

1 '•

with

confuse(j

to

'i '' e"

/company,-i-nut/ito. be, $2,500,0(10. this year. Per share net,
Murray Corp. on.1 adjusted for splits, has risen from

g^ock.. :The

was

'

;

decision. He held: liori, while

a

Exchange

ing, to the period since 1947, sales

;

new

policy

STRADER arid COMPANY, Inc.

',//

T l'

fanfare,

change took place in 1948, and his

1,800,000

'

ance

of Texas

' ®

■

Stock

La. - Birmingham, Ala.
Mobile, Ala.

;
r

is a
.decidedly underpriced -stock. Both
7&jCo^ the earnings record and the bal¬

Inc., Boston, Mass.

American

New Orleans,

top

a

gained through

engineering.

and

reliability

Vice-President, F. L. Putnam

exact,

in its field,,

name

'

EDWARD H. BRADFORD

Murray Company

Gear has

facturers.-Boston

Over-

-

country, with over 2,500,000 poli-

All Issues

Victor 6-1333

the

i n

insurance

accident

.and

individual health

Members

r

UAnover 2-6760

;■v•■•//V-

_

cies in force held by over

Craddock-Terry Shoe
R. F. & P.

has risen to a pothe ten .largest

,

19 Rector -St., New York

par-

old share held. His holding had a.

,

of

one

as

•underwriters of

,

Industries

Furniture

Bassett

Canada, Puerto

as

The company,
sition

American

well

as

Rico, Guam, and Australia.

First

us

District of Cp-

>

Virginia Securities
Call

and the

states

50

the

throughout

insurance

health
>•

Hearthstone

Wis.,, and

Lac.,

is traded in the

^tock

^g.Qgunter Market.

;Casualty, Company .olFond

du

System

Wire

of Dallas, Texas, First .Na-

tional

Chicago
•
Los Angeles
Philadelphia
•
San Francisco
*•

attractive

an

appears

Insurance • Com-*.

American

bined

Telephone: 363-2000
Teletype: 212-571 — 1231,32,33,34
Boston

parent company, through its

The

Exchange

.i-

•

.

.

Members New York Stock Exchange

4

a)

DaIKF & Hrt

XTCiMCp

Boston,*

Co.,

/Pnrto '*)\

1\/Tooc

^£Cipation in the insurance field.-

-

60 Broad St., New York

Putnam, &

0f crpowth despite business cycles,

Com-

in-1949

and

1919

.

Edward

—

Vice-President,

Bradford,
L.

Bought—Sold—Quoted

v

.

Texas

of

lviass., ^irage

its residence to Illinois.

changed

Member

Stock

American

in

sylvania

Established 1920
Associate

H.
F.

incorporated in Penn-

was

Co.

Murray

million

5

are

(Page 2)

demonstrated rate

jn vjew 0f the

j

of America.

Co.

there

Currently

apnu^l

shareholders'report, and succinctly

NEW YORK

■

shares outstanding.

that .1962 will be even bet-

ter."

-

.

year's report,
great year—but

Jr.,

Analyst, Burgess & Leith, Bos¬
ton, Mass;

reaches at least 10 million shares.

"As predicted in last

constant touch with

you

1

Company of America

Combined Insurance

■

ments, according to Mr. Stone, will
be made until the capitalization

Analyst, Burgess & Leith,

Call HANSEATIC."

disburse¬

dividend

Stock

tions.

GARRETT J. NAGLE, JR.

quickly,

markets

Counter

J. Nagle,

Louisiana Securities

of

Company

America—Garrett

reach far-flung

Alabama &

Participants and

Their Selections

favoring a particular security.

participate and give their reasons for

i)

Thursday, October 11, 1962

sections ort the country

Investment and advisory field from all

important that you

When it's

.

.

This Week's

Forum

In

.

to the Murray

"somebody

up

National Quotation Bureau
Incorporated

48 Front Street

New York 4, N. Y.

;

™""ir"-"-'intirmmi--iT-Tiin niriioinimitinwi■iiumnimimifi't»riir<itirnlnir''Ti^-nniifirwiinn tiffltiwiHWiWH'ii'iiTiirrirrnrnnrnivii

Volume

196

Number 6202

.

.

i

n

i

n

*«»•/**»»»«*«wf»twtwtw?r.r

The Commercial and Financial Chronicle

.

(1503)

3

CONTENTS
Thursday, October 11, 1962

By Ragnar D. Naess,* Senior Partner, Naess & Thomas,
V.'.

v

'j

y

New York City

Articles and News

//:

<

WALL STREETS

PAGE
v

Any decline in the stock market during "Hie

.

viewed

:

"utvusual buying appertitnity.1'

asan

advice with

V'.r-

Removing Today's Impediments Limiting
13-National Banks' .Growth;<'« 'Hon. James J. Saxon

oommg months should be

Mc. Naess

suppoitelfcis^

a prediction of a short-run imsderata business daoline

Make Preparations Now for

.

and favorable long-run outlook, and a 525-55© low and a 625-S50
D-J industrial average range in the next sex months wittr 19S2Vlewy ■
apt to be the low for a number of years ahead, ftecommends
seeking -

j

:
.

Bull»

;

v"

.

>

jRagnar D. Naess

3

,

JUNK PILE

,

«

,

-r»-

;

_t

(we

.

■

r:

issues

h

.

with greatest

potential

long-term rewards with'

j,

,

industries with investment promise.

;

Today's Profit Expectations Hinder Investment

Spending_3__J_3l.__„T._U_.Dr,

Gabriel

iitf^-'wi i,.. ■

Hauge

v

onWj'W

";

Profits Out of Thin Air_t_f'•V'l

_;lra-

^

it)

Obsolete Securities Dept.

4

,

99

WALL

STREET, NEW YORK

Telephone:

' A.'NeedSi____irJi^^__^Hon. Robert V. Roosa

:

have

sure

»•/,

*

Meeting Balance-Payments and World Liquidity:

>

balanced,

a

/ .but flexible,
portfolio and preparing to add high quality stocks
next 6-12 months of
lowering prices.:Offers capsuled comments

-

Another

' Market..

.

;

'BIGGEST. ;

1

5Ky

r;-j

Uf Gobleigh

WHftehall .4-6551

f. *

7

f Emphasis

Liquidity Is Costly to Commercialv

on

y.t

'•

In .many

this

ways

is

difficult

a

speak, in

in-between

-

.

•

period,

a

an

following

it

xycle^

ik

a

rather
.

e

the

low

.

>'•

rising slowly

• t-

point

i

their

the

•

tures

-.

-.

v.: ■--v-.

,

siderable decline in.the stock

ket, and

stated

so

occasions.

ity.

Ragnar D. Naess

con-:

•

few

The

-

3

experienced its'.most

and

and

se-

period

ago;

we

higher- than- they
fy-

equipment expendi-

of.

.a

maintenance

f61I6v\)ing

:

their

curve of

at
s

us

an

others

;V'

,

tions

•.

cause

of

con-

;.T

many consumers'

_

__

_

_

j_

_

__

_

22

20

__-

_..

Field_________^__„__^

J. F. Reilly &Co., Inc.
39

47

__

From Washington Ahead of the News_

•

Broadway, New York 5
Dlgby 4-4970'•

6

•

The--excessive level of output in
viction that stocks'should beisold. frelation to immediate demand in
my

statement that

we are

12

-

'

33

Market

You/(The),

.A and

.

Ilj 16

/ Mutual Funds

News About Banks^ and Bankers_.i___—i___
'

22

1'

"

:

,

.

.

'

...

..

Observations

>

Tastee Freez

J
-

Electronic Capital

"

*. "•

4

*Prospectus

Our.
•

my

oi

duty-to try> to resolve the ira-

ponderables

of

regardless

try have

so

limited the

complexity, ! will m>t hesitate to 'that 'business
give the
see

possibilities

ahead

as

1. close to

them to the best of my ability,

a

determining

prices

is

of

new

peak. It

will suffer at least

which, in turn, depends
trend of business.

that the

business

of

process

It

upofi

recovery

appears

is

me

in the

down.

The

:

weaknesses which have bedeviled
the

" .' V' vr

-

'

1"

.

^'

chances

has

from

the

an

duction

the

factor

of

;

HA 2-9000

44

40

Exchange Place, N. Y.'

;

* ;

*■ --

Ghicago

Cleveland "

St, Louis.

6

to

'Los Angolas

San Francisco

Philadelphia

u •'"e-

•

.\

2

16

(The)

Washington and :Youi__r_il_./_:^__-—

Washington

48

The COMMERCIAL and FINANCIAL CHRONICLE
Published

favoir

cutbacks

industries in the
In

machinery

near

and

Twice

Weekly

so

in

,

WILLIAM B.
25

that /

CLAUDE D.

,

future.

r

■■

,

i

'

•

;

_

t

.

.

•

•'

equipment,

>,

■

v:

■

.

WILLIAM DANA SEIBERT, Treasurer
GEORGE

-

'

REctor 2-9570 to 9576

••
"

.

and particularly

i

S. Patent Ol'fice

COMPANY, PUBLISHER

N. Y.

,

SELBERT, President

tbese

Reg. U.

.

DANA

Park Place, New York 7,
i>'V'. .•
'J.
„

•duJt^bie goods. Pro¬

J.

MORRISSEY,

Editor

E. F. MacDonald

Thursday, October 11, L962

months ago; and while
output has

have

J-1

_ _

•—1--—■ 31 :

r
' '•*
'
"
f-v''
Tax-Exempt Bond Markets.

re-

important component of capital
spending, orders peaked some

levels

-i

Security Salesman's Corner

greater :•

7

the

consumers'

many

goods industries,
in consumers'

adverse

beginning

very

in

recovery

since

Inventory accumula¬

been

_ _ _ . -

1

Direct Wires

aTlc* TV, appliances, furniture and'
floor coverings, and miscellaneous

in evidence/

tion

_

Security L Like Best (The)..........,....,.—...

More specifically, in consumers'
goods, activity in apparel,/ radios

early part of 1961 continue to be

recovery

.

: /

"

durables is substantially,
than immediate demand

present

.

to'be

modest

a

£

&Mack ie, Inc.

34

Teletype 212 571-0610

that weof Trade."and.Industry

seems

*_z,——1
-

request

Singer, Bean

30

_

on

ffl

" ^;
the^'tw-byrSector Analysis/^-t-?

to

seems

curve

turning

earnings"

u

Prospective Security Offerings

cession beginning in th'e near fu- j >
stock- ture and running into 1963."; *

common

the: trend

Governmen

Securities ."Now in Registration.

.The single' most--important"factor, in

on

Public Utility Securities..-

in capital expenditures by Indus- ^

their

Reporter

goods industries/

time- thinking: about

my

.

Marade) Products*

.

8

-

'

.

Control Data

18

NS.TA-Notes t

Tampax

Purolafor

1

the lack of dynamic improvement t
in' consumers' ' expenditures ffor f.
T,investment'policy, and since it is goods/and the slow improvement
most

"

16

Indications of Current Business Activity.

in "no-manViand": Since:! spend

-t

_

_

/AEinzig: ^Britain Primes the Economy".-^——_

•

.

.

Hence,"

^

important industries,

ness

-

^

_

48

•

Current News in the

shrinking profit.:

political outlook; yet it
is also difficult to state with con-

li-1.1—(Editorial)

Dealer-Broker Investment Recommendations-jL__

.

>

portunities dn many of. jqur most
s
i-

and

See

We

capable

top-heavy in

and

ASSOCIATES

Coming Events in the Investment Field__I_

I

margins have narrowed the potentially profitable investment op¬

be raised about the tousi-

can

)

high
rezoveryf ^'

competition

should be bought since many ques-

PRODUCTS:

..

■

last several years.

It is difficult

MARADEL

.

t

sumer-s' goods and services, Intense t

to state with conviction that stocks

,

Commentary

f

a

are

/

";

Bank and Insurance Stocks_ :

--

economy

<

■'

These expenditures'^stifnaitatc «ha^;r '
ployment, payrolls, and consumer 3
as no

Regular Features, /
'-As

: A '
•

high-;'

the lag m capital spending, giving

than

dividends

>

strong
a.

rising

has. been the immediate

prices in relation

and

_.'21,

Tenuity
of Gold to Money.-(Letter to Editor)_■_^^_„L_^ 29
on

SANDERS

■

backbone,

their

TRANSPORT

I.,y

.,

3.

those which prevailed during the

.

ASSOCIATED

.ABA to Hold Its 1963 Convention in Washington 31

:
;

been.

In, this .reco^^Jbver-:
capacity in.-a. bamber, of -industries, £

stocks selling at far

more .reasonable

-earnings

11

/:

,

drifting aimlessly, although firm-

j.

A:

,

spending

to

E. "Sherman Adams

•/ Frederick G. Shull Says Lehman Erred

,

of .doing.

many,

THE JAPAN FUND

.^

New Top Officers of the American Bankers
Association

.

\
v..

plant and-equipment expenditures

.find

ly with

'

-f

i'; Donald Fernow 14"

for .services. -' Ex- 3 *

level economy is a

mar¬

Today the situation is

months

and

ourselves with... a market which is

a

FlemingTO

Domestic Oil Companies Going International A

;

:

5

consumer^

business, recovery and rof

k

numerous

on

decline of the postwar

vere

i;.

>'*•-

;■

consumers'- durable-

no

have

entirely different. The stock marl, le^l1
ket, just

the

rising much too
•slowly in relation to overall activ-

holdings. At
a

are

Plant

coxn^-

that time I did

expect

r

■'

v

uv*

three year&xgo3:

Were

stocks

mow

incomes

goods

■direction;-of

reducing

time

in

■*.

because

^periditures for

ac¬

tion. in

a

.Spend -an-increasing' prdp'oiiiiwi of

a

firm.

stand ;sf or

M.

:

;

Two Needed Reforms for Member Banks

:

,

Consumption of goods

possible,

.t

re-.';

E. F. MacDONALD

A. Agemian '9-'

Strengthening Banking and Our Economic

'•■/■

•

5

to

.Banks^£l^_/2_:lJL/::.^-i::_Charles

■*

markedly in comparison >
with recoveries duringypiore; nor-y.
rnal periods.
wheml-ih^dntory

liave

would

de-.

T-his tended to ..slow the

uidation continued lor quite

or.
w

of immediate

excess

eovery

may

land-".

year, .ago

been

:

mand.

be termed "no
man's

Six months

.

what

or

in

been

time to discuss investment
.palicy
because we are, so to

an

consistently

Continued

on

page

24

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

.

Copyright 1962 by William B. Dana Company

<

•<

All

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

without

For many years we

have

Second

-

class

«*'

specialized in
MONDAY
In

-

United

Union
-a

•other
*

Spencer Trask & Co.
Founded

1868

^

1

AND

THURSDAY

States,

$65.00

per

countries

BROAD

ST.,

$20:00

per

other

NEW YORK

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Boston

Nashville

Newark




4, N. Y.

TELETYPE 212-571-0785
Ghicago

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'

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year;

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countries

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and

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per-year.

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of

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of

per

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m 1. FRANKELI CO.
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Teletype 212-571-0500
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>

The Commercial and Financial Chronicle
4

.

Thursday, October 11, 1962

.

.

(1504)
i

"J'^

S., •-.£«SS^3rSSToday's Profit Expectations

OB S E RVAT ION

Already emerging are ex¬

tures,

MAY

BY A. WILFRED

pectations of our "softness", role;event,, as with the Latin

In any
American

fetched

HOW-NOW THE ART

mained

"Picasso

on

performance in

Crash

Stock

gested.

the

Inter

"

of art auctioned
Sotheby's. In -the

fetched by works

famed

the

at

October

1961

July

-

1962

-

:..yy •>vy-;;:;

the

to

institution

new

seemingly

but

less,

varied,

in Latin America.

as

the

-20%

on

$813

the yeai-

are

American countries putting up

to-ye£'PVariations !in the quality

balance.

'of the pictures.^

operations,"

:

dow"

Suggested Evidence
The

able in local currencies,

of

market

is

state

the

of

art

extended $100

has

its $146

of the

receipts

the total of

versus

lication,

At

Art

that

the

in

all-sale

Burden

to

New

of

$100,000

the

best

tlie

account

the

possibility

estimates already

regarding

mentioned

Burden

of

the

by

the

estimates

Tatianos

auction

of

April

the

only

method of measuring
the

art

market

be

""In

%

v.

the:^creativity

rediscover

to

by

pondering

and

own

Some

past.

things

n'

r, 'H

neighbors

Bank

in

ourselves

has

with

is

this

African

The

i>.

non-African

contributions

will amount to about $800 million.

These

"f

year-

the prices

i g n"

o r e

barred from

participations,

capital subscriptions,

will be made in

great variety of

a

including,

loans,

grants,

"Observations," Aug. 16 and Aug.

1962.

tin "Observations," Aug. 2 and Oct. 4.

of

line

John Hawkinson

and

Vice-Presi¬

was

occupation

any

the

management

a

wisely

income,

to

not;

or

party and political

Such laws rewarded initia¬

fort,
these

qualities

with

people

attracted

and
Trade

from

director of the

and

company

as

was

across

relative

Education

pered.

kinson succeeds William H. Cooley,
as

right

and dispose

affairs

making
than

other,

beyond

the

the

standards of the

is

as

from

We

rich

grew

for continued

that

drain

tort

its

powerful

and

high.

Foreign Securities

M.

Quoted

VandeH Broeck, Licbcr & Co.
New York Stock

MEMBERS

125

Tel.

HA




Exchange

Bacon,
Inc.,

pany,

Sold

—

FRANCISCO, Calif.—Robert

continues

nation

spurred

ship

E. F. Hutton

invention,

At

the

world

pact of

and
If

others

one

Pacific

in

Coast

Stock

Exchange effective Sept. 29, 1962,
by

transfer

of

the

membership

Mr. Bacon entered the securities

business in San Francisco in 1935,
MAIDEN

5-7300

LANE,

•

NEW

Teletype

Private Wire System

to

YORK

212

Canada

38

571-0525

capital

for

past teaches us and

thing, it is what Walter

Lippmann has called "the method

tionhood,
ples

joining
Bacon,
San

his

father

former

Francisco

Mr. Bacon

Co. in

William

President
Stock

of

R.

the

Exchange.

joined E. F. Hutton &

1952..

the im¬

feel

we

us

even

advanced

as

breaking

are

peo¬

the

of

out

confining "molds^bf'nMion-states
and

creating
and

In this
the

time

fortunes

of

of

closely

surging change,

the

economy

meshed

are

the

to

in

ever

ac¬
our

Government is everywhere;

past.

is

What it does

big.

do, and its manner of

functions

manifold

lends

responsibilities,

ment,

to

our

forward

mo¬

move¬

drags anchor; shapes the

or

economy,

distorts it; guides it

or

misdirects

or

trade

continental

political communities.

growth

can

analysis

freedom."

of

formerly held by Dean Dillman.
-z

American Stock Exchange

financial

our

contrib¬

and

peoples coming to na¬

new

mentum

lectual

the

time, in the wide

same

around

our

others.

defense

knit

uted skills to the civilian economy.

and

Com¬

&

also

closely together,

discharging

elected to member¬

was

of

appetite
Yet

have

more

remain

technical skills

unabated.

requirements

dis¬

and

Taxes

scarce

But we put them

own

role

Our

economy

voracious

The

defense for

and fails to

and now we stand on
feet as sources of intel¬

has

power

huge defense efforts

the

government

ported learning.

of

terror.

structure.

to good use,

Bought

of

We live

that

chief defender of the West calls

borrowed foreign

aid of

radically

age

tions of the state than

with the

SAN

today, more¬

balance

>a

balance

a

each

on

amidst

sought

" space-atomic

a

more

Vice-

Pacific Exch. Member

Banks, Brokers and Dealers

dependent

jobs,

Economic progress

prac¬

times.

President and director of the fund.

their

and

more

their

on

capital, immigrant labor, and im¬
For

vast organ¬

their governments.

on

over,

tical arts received encouragement
far

of

talents

cities

of

,

people

ever

unham¬

the

and

it never

as

rare

manage

areas

position, Mr. Haw¬

who continues

Our

tive, responsibility, talent, and ef¬

sea.

Moines, Iowa.
new

the

work.

of

business

one's

choice of

agent.

fund.

his

enter

of

one's

of

free

dent, Treasurer, and a, director of
Central Life Assurance Company,

In

to

manage

Hawkinson

Des

gospel

a

rapid

laws,

the

President

the

of

by

provided freedom of choice:

D.
or

and in¬

possible

population,

prevailing
laws

history,

our

commerce

systems

can

growth

moved

Later, the vigor¬

made

was

growth

orporation

Mr.

effective tool of Afri¬

ca n- deyelo ja roe.nt.''

dustry

management

of

an

growth of

who

the

on

altered world conditions.

exploited the treasure

house of nature.

c.,

before

men

blend

past.

early days of

Americans

Chairof

To¬

Past and Present

freedom
man

did

in

Salle

by

Tripp,

men

sons

an¬

Chester

.,

u^b^rx society depends

to

been

and

that

La

breakthroughs» to

The

new

must

learned from the

their

jg.e bgpefit of trade "and com¬
merce.
^Our finely - articulated

because population has had the effect of

today's problems novel.
solutions

the practical men who can

on

izations, both private ?and public.

of

ctronics

In

and

and

submitted

have

must

we

fully repeats itself.

never

on

main

But the

for

In the

nounced

c

rule,"

to be found

are

growth

wise

;
as

Some illu¬

and Japan.

Soviet bloc.

sea,

creative imagination with the les¬

principal

e

the

acrosst

for

for Tele vision-

million, is

•

'

lean}, from the experience

can
our

inventors

of

of

hinges

long and rigorous preparation,

harness

Gabriel Hauge

industry

Our progress

discoverers' who

we

can

ous

Moscow,

emphasized,

Inter-American

forms,
23,

for

growth

obso¬

development has

growth

the

of

formula

preventing

and

the

the times.

Management

South

of

curing it where it must.

become

of

underwriter

acter "as

the state of

of

and

Paris,

and

Research

happened.

Part

Street, invest¬

membership domination and char¬

at

where

a

has

make

ment manager

entirely limited to African
■■

120

the'path

shock absorber and

as

preserver,

can

to

what

history

president

as

Shares

Corporation,

of funds be¬

Prague,

Hawkinson

Television

"home

certain

would be

to-year comparison

John

hemisphere, is the preservation of

$173#{)tf fell' shdrfoi
the

want

know

work; out

111. —The election

for

lescence of human skills where it

and

morrow's

capital of the African bank,

Strongly

$217,000 estimate total.

Probably

.

watched.

be

skills,

serving

life

in

this field,

they

of

be¬

to

first

minating contrasts

should

CHICAGO,

expected

Rome,

are

Bonn,

Von

14

at $27,-

Of TV Fund

Comprising the

sources

countries.

short

the

Park Bernet in New York,

Receipts of

to

con¬

sales

fell

as

—

Bank.

estimated at about $200

coun¬

other

some

proceeds

ing

directions

above-

are

tomed

in the

what

changing

obsolescence.
Upon
education,
mainly public;- has fallen the task

in Europe

El

the

terbalanced

wherein

the

"down"

were

'

-

have
accus¬

trend

and the

out

attention

shorter. ' '

Men today must have many and

com¬

technical progress is strewn with

of

Fund,

share

reflect the

sale

year

long way doesn't make the road

ahead any

today. Ameri-

we

York, Washington arid Tokyo. The

market's possibly depressed status.

clusions

One

public

much

manding

is

fact

this

and

own,

a

our

debt

Stockholm, London, Ottawa, New

pre-

Incidentally, the optimistic

our

setting factors,' should not neces¬

in

with foreign markets.

nations

seme

vigorously than

more

sarily be viewed with alarm. But,
surely over toe long-term, the

the

of

sponsors

find

to

solicited

Berne,

in this case, Park Bernet the auc¬

sale

World

ing

(not

tioneers, inform us) that the

Sept. 5 last.

Hawkinson Pres.

to Europe

States

non-African

the

logical fallacy of failure to take
into

of $30,-

peak

the U. S.

meeting

Institution's

send teams

the

entails

previous

high

new

Weekly changes, with their off¬

from the various nations and from

technique is probably

available, it

a

million out of

amounts of aid might be

less.

While this

week's

last

United

estimate

advance

total

a

System's

972,000,000.

million total.

African

Port in late June fetched $415,000

against

the

marks

on

of the

Douala, Cameroons, it was decided

"bullish"

strongly

as

growing

are

of

New circumstances

Market, follows this principle, in
reporting

shows this trend

And

African Preliminaries

The pub¬

The ' International

$1,466,000,-

Oct. 4, 1981, the total holdings

ago,

significantly revealed by the total
the advanced estimates.

the

300,560

World

the

increase,

record,

on

since

Bank's IDA, with its loans repay¬

interesting proposition has

been raised here that evidence
the

of

of

economies

The

cans

568,000,000

"soft loan win¬

counterpart

purchase

holdings of Governments at $30,-

To the Fund for "special

the

from

various

by the Federal Reserve

accelerated.

$350

gate

of

presence

weekly

000,

Our

million.

the

by the FED, disclosing the larg¬

est

capital of the Bank aggre¬
million out of a total
million, or 40%, with Latin

nary

quite

omitted

Also

results.

consideration

from

in

turned

there

sale

disastrous

to $394

come

monetization

The succeeding report as of Oct.
3

(3) the need to improve business

and (4) the importance of adjusting our interest rates
to cope

been

capital subscriptions to the ordi¬

In fact, it is said that a

change.
June

Ex¬

Stock

London

the

Funds

the

System.

The

spending and financing;

confidence;

during the

and inflation which—

offsets—result

devoted to the Inter-American in¬

of

decline

23

29-June

banks

Dr. Hauge specifies:, (1> the type of
(2) the limitations of Gov¬

has been sound, it leaves

the bonds

as

ernment

outside

account

despite

-

April

of

out

leaves out of stitution out of its total receipts of
account a monthly or • quarterly
$1,353,000,000,
comes
via three
break
down
notably for stock sources. Our contributions to the
market comparison: the effect of Bank via the Social Progress Trust
the

year

of the debt

is

quate investment than a cause.

growth-encouraging tax cuts*we need;

Dillon's

deficit

commercial

,

Dividends, he ad¬

monishes, cannot be paid out of depreciation, and idle —high cost,
obsolescent,—capacity, is held to ba more a consequence ef inade¬

^

Secretary

the

of

past

it

demand,

year's

that while

financing

grand total of $844 million

S.

U.

the

to

as

;

improved, profits-outlook and not cash flow to induce

an

investments and, in turn, prosperity and growth.

in this space last.week, we pointed
out

yet estimated, it will be sub¬

not

performance

reassuring

is

record

it fakes

S. ON OUR DEPT S

In our article "So Far So Good"

,

-

institution

stantially

the previous season.

stress

*

MANAGEMENT

is, in many respects, a com¬

bution

agenda .to spur investment and growth." Dr. Hauge's proposals
there is no shortage of funds today, only a gap in profit

an

to

'

panion venture in another of the
world's
hot
spots,
the
African

quadruple the 1955-56 total.
Prints scored a record 50%
in¬

overall

*

*

..

P.

plans com¬

now are

ing to fruition, dor an

about

While this

strong .deterrents

expectations. The economist to President Eisenhower points nut that
...

amounted
£4i/2 million, a new high, reg¬ Development Bank.
istering an increase of £500,000
While the United States' contri¬
over
the
previous
season
and

over

as

accompanying private investment.

to

crease

various

the

through the
Development

American

-

Significant

that

season

of paintings

their sales

vailing views held as to economic causes and effects, and stipulates

is our commitment to
American aid in the $20 bil¬

Bank.

increased sales volume

the greatly

Hard-hitting review of economic growth fundamentals criticizes pre¬

important, J of ; removing

well

extended directly and

of

reports

come

economic and

equally

'

as

lion Alliance for Progress program

been sug¬

the right hands,

through to

have de¬

we

as

Manufacturers Hanover Trust Company, New York City

,

,

it,t

Latin

A

■«-

London

Whole-souled,
tailed

interesting addi¬

art market, some

tional "indicators" have

From

post-

comparative

the

of

matter

::v-

.

^vELOPMENr^;,^;-:

versus

getting the aid perme¬

political

SPAWNING

explored the

I.B.Min which we
...

ated

By Dr. Gabriel Hauge,* Vice-Chairman of the Board,

problem will

the

area,

of

remain

re¬

unchanged.,

of our re¬

publication

the

articles

cent

whose

Abroad

Here and
Since

has

fashion

artists

MARKET?

individual

by

works

by

"v

^

of

it.

No

avoid

public

for

agenda

searching

a

programs

and

policies.
Progress today still depends on
the

work

lions.

the terms
labor
from

and

But its

are more

which
the

enterprise of mil¬
price has risen, and
exacting. Rude

hacked

wilderness

good enough.

for

main

our

lessons

from

inquiry

seem

a

nation

straightforward

no

longer

nations

out

is

European Experience
The

That we have come

whose

enough.
economic

Continued

Europe
to

me

Those
progress

on. page

26

Volume

196

Number 6202

The Commercial and Financial Chronicle

.

,

the

for' defense—not

abroad

1

By Hon. Robert V. Roosa,1" Under Secretary
of the Treasury* for Monetary Affairs, Washington, D. C.
'

l

"

■

the

to

m '

billion

meeting of the Free World's fi¬
ministers and central bank¬

ended

'

in

in

1960.

While

it

still

to sort out fully the

influence of the
difficulties

recent

from

Canadian

lasting

more

factors, the performance this

There., the fi¬

has been

nancial

also

offi¬
the

more

eighty

is that all of the

obvious,, the- -'easier"

coun¬

taken.
in

tries

renewed,
indeed they

That is

Government

the

why

more

measures

reduce the deficit have

than

year

gratifying. But what this

means

to

been

now

bankers

vigorous

attention, systematically and per¬
sistently, to every possible way—

expresr

of

aware

,

Eighty per cent of the

rent directives will
in

goods and

American

cur¬

directly result

exports—and

I

can

you that every significant

assure

outlay for aid that

within

comes

that other twenty per cent

is, spent abroad)

(that

the

highest

level of

Govern¬

.

Washington,,
Rejects Capital Outflow Controls
But

balance

our

problems include
the need to

of

of

payments
than

even more

expand exports, both

goods and of services, and to
the

But you do know curb

/outflow

of

dollars

for they also involve the flows of

you

help him find

can

assistance, he

Within " capital.

needs.

there

vast resources of knowl¬

are

edge and talent—and it is
lenge to

chal¬

a

correspondent bank¬

our

ing system to tap these

resources

not

on

the jtlow of

inconsistent

with

freeing
tween

ate

trade

could

and

particular

one

area

knowledge

absolutely

are

essen¬

tial—the financing of exports.

Fi¬

reasons—

us more

possibly

money

is

be¬

countries, but for immedi¬

lets in foreign markets.

the

of

payments

dollars-and-cents

they would cost

banking services and

objectives

and

capable of reaching profitable out¬

There

traditional

our

fundamental

and

effectively and make them avail¬

Bank Financed Exports

capital,

only because they would be

able to every

American producer

programs,

This country rejects di¬

'itself rect controls

banking ' community

Our

save,

capital

than they
own

markets

are

most

highly organized, most
efficiently diversified, of any in
the world.

To try to impose con¬

-

In The Last Analysis

from

man and

where
■:

ex¬

available

are

through: Government

fied in terms of national priorities
at

become

copies

the ABA office in New York and

the problems of the local business-

must be justi¬

ment.;-,"

I realize that

special problems of

foreign trade.

The balance

being commited under

funds

is, and must

be, to give continuing and direct

einfo reed

are

all

cannot

perts in the

balance. of pay¬

paymeiits-impact of the current

approach

our

that

doubt

no

program at success.

from our economic

the form of American

is

Washington.

_

the

time.

same

the

higher figure of $3.9

not possible

their

Many

of

services.

r

they

$4 billion program is being: re¬
duced by providing more aid in - the

in-Atlantic City just alf the annual

Na¬ reading,

new

businessmen.

them*

we: have been* equally

assistance programs.

•

of

pay

dollars

the

lie

to the much

the

on

achieving the ends, of leadership necessary to make this

ments drains

cites -the recent Canadian experience as an illustratioiii of the effec<tiveness of new cooperative arrangements made. r '

cials

would

us

in¬

meetings began here

urge

with this program more closely by

pending heavily

no

The A.B.A.

I

region by region,, is already de¬

by cut¬

to-do away- with basic -market- forces: and decisions, aiid

tention

ers

it

to

in "f limiting

•

replace- fundamental correctives. Dr. Roosa reiterates there is

that

return

standardization • at the

convertible goldrdoltar

ranging from prepayment to adding j foreign
gold reserves, recognizes, financial stop-gaps cannot

our

country.

•

activities,

on

need—and

essential tasks for bankers

the dollar,

exchange to

industrialized

bankers to familiarize themselves

How?
By purchasing these activities in their own area.
here, at lower costs,- some of the You are crucially situated in your
military equipment -which they own communities to provide the

system, bulwarked' by* the IMF's "resources1,1 provides aniptd liquidity
Support' for the world's noedsi Explanation made of measures taken
t<r defend

industry

and

industry

goals

receive..

principal solutional responsibility rests upon the private
our

down

allies

"

Our strategist and tactician in the
fight to solve our disbalance of
payments: (1) blueprints the Government's program: .(2). emphasizes

'Sectorof the economy, and (3)
spells hut
to undertake. Dr. Roosa is convinced that

by

5

a little booklet published
though tional Export Council, which has just last week by the Export-Im¬
some
cuts have proved possible, 33 regional councils and the par¬ port Bank; entitled "From One
but
of
10,000
individual Bank to Another." I understand
mainly by persuading our ticipation

ting

nance

Department, of Commerce, setting

past 18 months; the Defense

Department has cut- roughly onethird from, our net dollar spending

I '

that

(1505)

trols

over

outward

capital move¬
sector of these
t

ments in any one

nancing for export presents spe¬ markets—say bank loans—would
all cial problems—some technical and only invite capital flight through
of us recognize that, in the end, some attributable to the additional many others, And to try instead a
American success must rest on the element of risk. The Export-Im¬ comprehensive approach—clamp¬
,

Essential

is this close atten¬

as

tion to Government programs,

sions of confi¬

large

dence

drive toward balance of payments

performance of the private econ¬

port Bank has long had programs

ing the cold hand of capital issues

equilibrium.

omy—its ability, to find profitable

for

controls,

opportunities for productive home

credits of this kind.

investment, to reduce unemploy¬

Import

in "

and

in

us

our

But

dollar.

Robert V» Roosa

and

New

...

our

•

That is why we have

reaffirmation

the

helping

Government Action

gratifying
though this is,

small—of

Cabinet

special

a

ment,

to

by

It does not mean that Secretary Dillon, Whibh ' reports
of us in the United States can directly - and freqhefttljK'to5 the
slacken in any way the 'dri've to¬ Presidents in order tb speedJ deci¬

markets.

committee,

headed

terpreted.
any

ward

getting this country's inter¬

national accounts into balance. It

that enough has

only

means

been

accomplished to persuade the

rest of the world that

able,

if

finish

the

That
the

we

why

balance

is

we

will be

harder,

even

to

of

discussion of

payments

timely.

so

at this

the

For

balance of payments prob¬

its

and

cofttinuous

assure

top-

leadership within all bran¬
of the

Federal Government.

Out of that committee's work has
come a new

control

system,

cover¬

ing all expenditures of funds

by

-

.

our

banking fraternity has played, and
will certainly continue to play, a
leading part in alerting America
to

level
ches

seas

job.

is

meeting

try

far

so

sions

Federal

every

Every item must
in terms of

ceiving

drive

export

impetus

new

Coordinator who will

all

of

export
and-the

re¬

an

the

Export

It

much of

is

that

emphasis

our

form—reform

that

just such

underlie

stimulate

will

incentives to work, to invest,

new

and to cut costs.

Such reform has

revising
will

guidelines;

depreciation

hopefully be

soon

enlarged

by the 7% tax credit for invest¬

and must be furthered in

ment;

vastly

ex¬

the-board- realignment and reduc¬

next

Congress by

an

throughout Government—not pas*

sirhply cannot afford to

sively,

indefinitely,

in

order

to

promote

both

but actively, by

working

with, individual

companies and in¬

Bankers know that the dimensions

dustry

to

of

for

the

problem

large, To be
the

over-all

mated

an

lion—a

sure,

ahead

are

still

thus far in 1962,

deficit

has

striking

world.
So

approxi¬

annual rate of $l l/2 bil¬
contrast

to

the

deficit of $2.5 billion in 1961, and

part
the

groups

expanded
'

■

f-v.'v.

far

*

v.-

goals
the

around
■;

deficit is

on

competitive

in» this

world, with a tax structure that
dulls initiative and brakes the

at levels well below its

economy

large items have been military
Over

viding
With

and

streamlined

bankers

any

the

itself is

addition, the

more

now

pro¬

information in detail

on

foreign markets than ever before.
And
foreign
businessmen
are

find

about

Linder,

them.

In

effective

why,

far

so

flows

money

have

are

combined

policy for
exert

are now being Utilized
effectively through the facil¬

ities of the Foreign Credit Insur¬

concerned,

the

influence

time,

The

upward force

money

sures

and 72 insurance companies.

than two

more

some

term

cooperative

Export-Import Bank

effort of the

That is

volatile short-term

as

rates.

years

on

exposed

to

many

At the

have minimized the

we

trade

centers

.trade

same

of Governmental operations

in the longer-term market so that

FCIA, operating successfully since constructive investment at home
February in the insurance of would be encouraged. These
.

short-term

has

credit,

now

ex¬

tended its activities into the

me-*

that it

will

policies to
porters

have actually issued

over one

thousand

potential

covering

of

ports

expect

we

one-half

billion

ex¬

ex¬

dollars

ment support
can

in this
ities

of

Govern¬

with private enter¬
provide exporters

now

country With credit facil¬

that

the

are

equal

stemming
market
the

at

of

outflows

into

instruments
same

money

abroad

and,

continuing/a

time,

ready availability of funds for any
form of productive new domestic
investment—not

only

which

recession

before the end of the year.

combination

have been important in

measures

during the

ended

last

year

but also throughout the expansion

phase

we

have enjoyed since that

time.

To

thpse who favor some adContinued

any

on

page

more

through

abroad,

^

.

fairs,, and through the de*-

municipalities relying upon the independent financial
consultant enjoy numerous. -Benefits:
favorable money rates,
"

increased

Underwriter: and

dealer

acceptance of their bond issues to

'

interest
name

a

and

wider

market

foreign representatives.
activities

few.

analysis of' over-all debt structure and financial public
carefully planned' and attended to prior to
financing.

-reports',

relations have been

the

-

But these

reach their full po¬

of foreign

nessman

they have long been

as.

his

hy

competitor—who,

WAINWR1GHT &

•f NEW YORK,

foreign markets

for his daily livelihood.

to

a

.

•

,

-

-

'

w.

■

ri

INC.

challenge is clear. We look

further expansion in exports,

Serving Institutional Investors and Brokers

not in hundreds of millions but in

billions, within the next two

years

help accomplish balance in

RAMSEY Inc.

During the firist half of this
our

Consultants
•

'

YAMAICHI SECURITIES COMPANY

Affiliate of

our

payments. That is not unrealistic.

"79 Pine Street

,

Brokers and Investment Bankers

necessity," has ..had to depend

foreign

for generations on

to

-

'

.

.

Our firm; has provided this service for many municipalities
throughout the nation for over a quarter of a century. We
welcome inquiries from underwriters and dealers about our
uniquely complete and independent services.

1

'

trade become

to

The

•

.

familiar to the American busi¬

as

«

.

tential onlyif the facts and oppor¬
tunities

And, the municipal underwriter- and dealer benefit equally.
For the specialized services of the independent consultant assure
that the myriad of details-such as engineering studies, feasibility

can

'

Japanese Securities

termined day-to-day efforts of our
Successful

on

Municipal Finance

-First Nat'l. Bank Bldg.

than

"Wyatt"Building

**

New/York 5, ~N." Y~.




Miami 32, Fla.

Washington 5, D. C.

exports
a

year

were

earlier.

take sustained and
fort.

The

6lk%

Export

YAMAICHI SECURITIES CO., LTD.

year,

TOKYO, JAPAN

higher

But it will

energetic ef¬
Coordination
-

Draper Daniels, acting within the

to

pres¬

American products—through new

of mutual benefit

of

short-

.

being

we

of private debt management and monetary

resources

Association—a

optside the,forces

answer

enterprise

ance

capitalism.

of the markets themselves.

more

businessmen prise

American

and

Chairman

Harold

know

to

still

Bank's

President,

wants

This

Government

own

concerned,

outlays and economic aid.

carry

full potential.

■

Government's

as

of the

establish

sales

across-

exchange

the; t£x rate structure., We dium-term field, and

tion in

to - limit costs and raise

greater growth and more, exports.

so

tax re¬

on

panded

ity

If

problems,

the

exporters

been

has

bine

healthy growth at home With

and

simplified to increase its useful¬
ness.

and

for

risks,

political

only way, we can expect to com¬

lems and the new efforts needed

productiv¬

and

oversee

the

services

is

from

appointment last July of
expedite

agency.

No, so far as the outflows of
capital are concerned, there is no

penetrate

balance.

of the markets-

would literally congeal the blood¬
stream of American

and

considerations

bank

commercial

credit rationing, over1

or

the entire sweep

special

This is the way,

external

The Export-

guarantee program, geared to the

stability,

out

in

to

price

be justified, already reached some distance by

now

today's priorities. And

national

the

over¬

seek

Bank's

banks

to

efficiency,

improve

maintain

of. confidence must not be misin¬

participating with

lit

BROADWAY, NEW YORK, 6

COrtlandt 7-5900

30

6

The Commercial and Financial Chronicle

(1506)

The

.were

in

Activity

dramatically

increased

bends

municipal

and

state

Wednesday
deadline. During the Monday and
Tuesday sessions large blocks of
approached

we

bonds

accounts

recent

more
were

little

bs

to

appears

up

days.

-

-

ably than has occurred': during the

than

at present. ' This has
close to'the'average;for the

Maryland; State■ November,
off Washington;
State of Rhode derv/ritiiig
Island;. Commonwealth of, Puerto

usually

a

October 11

,

k

(Thursday)
1,025,000

Junior

Township

Thursday

,

Jlit
.'heavy

dicate

This issue

Trentm"N_ J''
i
I J! C
vf
Kutgers,- The... State University,

»yn-Eddle^'

managed jointly- by

month*

"PnHnir

Fosdirlc

&■

•*

Tnirf

*

Trpntonj Mich.

7-1'-

; iT-y*"•

•

-

October
October

2,450,000

other

sizable

this

2,420,000

If
16

1964-2001,.. 3:00p.m.

1,895,000

1963-1982 ;.:

The

not

This

investor
there

It

in

down the balances, remaining

in

attractive

for
„

f

..

...

issue

now

turn> ,the

accounts

moderate mark-up

a

\-o.*

in price.

to,, set
Assist From

~..,

..

*-

,.t

,

-

•

■

Federal

the

Reserve
r.

"

'
"

-

1

.

-

•>

v

general in¬

a

vestor. interest in tax-exempts
this broad interest has

stimulation

bs

derives

us '

to

be

DU.t-U

certain', ehii-

P.

appears

to

,

.

f^r\

V.

a

»-

for

3.40%

a

of

The

Commercial and

Glore,

Co.,

of.

in. the Treasury, markets. During

The Average

a.00int: since

11:00

1,200,000

1963-1986

26,052,000

1963-2002

-

Financial

Noon "

11:00

1,100,000
1,050,000

--

Noon

9S5-2002

Temple Terrace, Fla,l.-_':-^_^:_;---

- -

a.m.

v

-

10:00 a.m.

1963-1989.

1965-1992

---

11:09-a.m.
11:00

a.m.

Vero Beach,

a.m.

6,709,000

Worcester, Mass.

11:00

1904-19.91

Noon

1,750,000

._______

Fla

1905-2902

•2.400.000

(Urbana, 111.)

"

and

1963-1982

11:30

a.m.

10:00

a.m.

f

(Thursday) \-\vVvr;

October 18

Austin,' Texas

Smith,

;

Noon

T, T v. 1

1.200.010

members . of kthe
include

a.m.

7:09 p.m.

Greenwood, - S-.! CVJia^i'1-A.Z

Ladenburg, Thalmann & Co.

by what may. chronicle's -yield Index Vnows the::: Other major
interest on maruet try be un over a Quarter winning ; group,

th(e part .of the Federal Reserve

ll:O0a-.m.

1965-2002

?

Univ. of Illinois, Board of Trustees

by

'

Co.

Forgan &

:;

1964-2001

1.000,000

Mioh. State Uhiv; (Bd. of Trustees)

.

-a;,

:• coupon -

1

"

•

&

Rise

T7i,lrn

n

a

Halsey, Stuart & Co., Inc., Drexel
Yield Index Reflects Price

3:00 p.m.
Noon

.1963-1982,

3,750,000

Pennsylvania State PS Bldg. Auth.

3.40 %

..a-

from the account headed

rame

as

been with

reporting-

«-»+•

K-. /d

of 98,65 lor

termed"• a, massive

the.last

rt-lt

1

nf

also

98.37

choking

;

(Lansing):, Mich.

££nw"

of,

The .competing^ bid

couDon.

tax; grab

inevitably

>

..7in(loV

rrnr»o
dollar: price

favorable:,;the-

meaningful economic recovery.;

immediate

The

along.

right

us

;

......

.

1964-1991

2,950,000
25,600,000

-

inotnentuiu.*

and

sunierrindices-; are

omnivorous

This recent enthusiasm has not

just stemmed from

records,

.

.

A

not-. lo

seems

upside

.

7:30 p.m.

-

York. Autarrty■ tg,rm.;■£1993)...PonmanS Beach Fla
■
V
6,150.000
1988-1992
bonds., wai-eagerly bid for with fompano Beacn, Ma.
October 17 (Wednesday)
-groti-p,. managed jointly -by.: - •
.. •
J.___;—• .3,765,000
1903-1970
'ZZ;
Porgen County, N.
Duke University, Durham, N. 0 -_i
2,400,000
1964-2001
& 9°'' ? Qft.fi-i Mrrlollar-.
a 40

vVhiio personal income

'

Massive

augury.

any.-

,

week, *25.000:0.00 .Port

down-

-a

(jujj day but

a

'?alewdan ™e' lar^est

TJ—
economy

a.m.

1903-1981

Michigan State Board of Education

w

.......

favoredsome extent bwthat

Pf offerings, to justify,■
tax-exempt'.offerings,to justify attrition,'' Although the
dealers and dealer groups in tak6eeras. in no danger. of

a.m.

10:00

2.321,000

Tuesday was a banner day ^
foKr lssues o1 importance-on the

market

11:00

1964-1983

Marquette^ School District, ;Mieh.__
Massachusetts (State of)...,—;..

(here,

of

state

bond

the

in

ink

a.m.

1963-2002

A-

PumbHngs, ol strength;,

jyjion((|ay was a]so

to

With the stock

continuing

thedoldrums,

and. investor demand

.P®yspec

favorable

be

market.

bond

market

enough

been

economic

Jerseyville;-111;

privately.^

the bonds were placed
overall

continues to

the

that

appears

.recently

institutional

Uve

stimulated'by

interest.

has

activity

market

entirely

0:00p.m.

(Tuesday)
2,600,000; 1964-1977:';11:00

equal.

week.

was

3:00 p.m.

10,000,080

accounts,

as

8:00 p.m.

1965-2002

i- 2,000,000

closed out successfully early

well
were

1969-1995

1,515,000

District,

Ports

State

a.m.

a.m.

'

Omaha,

Delaware;

Georgia

,9:00

11:00

(Monday)

Rico; East Chicago,^Indiana
of'

1965-1979

'

N*J»-"_i

__

a.m.

1,375,000

cbUege

purchased

a.m.

11:00

2,500,000

.

was

11:00

1963-1973

High

was

Texas (1963-18-72-)' bonds, come to

market:

1963-1979,

1,797,000

Kan3as

Warren

Trinity Bay Conservation District,

past incnth or more. This, average

larg.e Baltimore,

~

v.

Lexington K

desire'To

•

.

'
School Building Corp., Ind
void of any' Whitley : County Water Dist., Ky.<
important underwritingdanct Fri- i C -T;'1 :
;l;- ;. -U- . »
day. saw only one issue, $1,105,000
7^,
r -.T11
,
wipDef p
Last

$350,000,600
been

,

gen-

buying bonds during the past ;

ew

total

more

following tabulations we list the bond issues of
?1,000,GOO or more for which specific sale dates have been set.

importance^ which
the feverish
.

profit-

out

closed

be

to

month's

next

The

average.

issue

new

for

lignter than is the seasonal

much

from- the mar-,

taken

were

and

ket

continues

offerings

issue

our

market '!

will point

calendar of scheduled new

The

as

;

the

.

there

ease,

handful of issues of

a

eral

*

Light Calendar Persists

In

$93,538,0,00 of bonds. However,

always the

Thursday, October 11, 1962

.

Larger Issues Scheduled For Sale

-

mew

is almost

as

;

.

issue calendar, for the
past week, was light and totaled
-

but

MACKEY

BY DONALD D.

Recent Awards.

-

,

;

.

2,000,000 11964-1987
"

1965-1992

yield deriving,

weel^,
^l>r .ourMisi'Of 20-year- high
3<4,000,000, ;Cf, Treasury securities general obligation bonds moved ^

2:00 p.m.

1963-1992

last

-2:00 p.m.

,

.

...

.

-

,

„

Phelps, Fenn, &; Co.# Gold-.-

.

'f-,:"'-"It-,..October 22: (Monday^

?;•>..

throughout the maturity spectrum

to -2.973% this*; week, eown irom, manf :
Sachs. '&/: Co.,2 Stone ^ & , Edina, Minn.
1,150,000
1964-1975 -J 7:00 p.m.
purchased bj*. the Fad. T^Jiese. 2.901% a- week ago. At. -the-rnaar-T-'l^^^ster.•
Becuritie^-'.Corp.j^^hite,^Rutgers^ i;'The, -State University,
\
purchases
were
apparenvly. ket's- -present:
3:00 p.m.
tempo,-: momentum:
& Co., R. - W. .Pressprich & * New Brunswick, N.
i 2,500.000 ,1964-1998
moderated during the Thursday^ alone
should, carry > the*
2:0C p.m,
Index Ccu,. .Equitable -Securities: 'CPIPa.* Sheboygam County, Wis.;
v
1,100,000. .1962-1982,
Friday
apd ;Monday . sessions, through the
yea^ previous high Faribas.,.Corp.,. Paine,,; Webber,; % —7,,
.
lI. 7V' ' .7 i"'
A'
dqrmg which period there, w.as a :ievei; established' im-early' May.'■■ Jackson. & Curtis, A. G. -Becker .(>-7.
.7: rL/ctuber ^d7(Tuesday);-y
:
were

■

.

decided diminution of market

ac-

The

Index

tiyity accompanied by., seme frantional

sell-off, but

were

;a■■-2$b3%^ &-;-CQ.,'. Estabropk. & Co.,^ Alex. Bucks; County, Pa—;l;40O,0OO

registered

resumed..-.

new^

islittl© mark

bond

been

market

of

and

generated

that developed in
In

the

the

market

by

continues

The

surge

early spring.

to

000,600

new

issues
a

ket

be

relatively

Dealer

inventories

bonds.'

are

The

by most standards, low, although
they are doubtless higher than is

readily

apparent-

thte' recent

due

closing of

partly

so many

e

bonds

more-

issues:
of

trust

and demand' was-instantaneous

New> York, N." Yf_____7-_.-_C—__u^ 107,900.000

1963-1992

11:00

a.m.

.'-

3,000,000

1963-1992

10:00

a.m

i.

1,500,000

1966-1985

immediately.

$23,500,009 press

and

as

99%

cf the

we

market' is

the

on

go:

at

below

we

other

some

to

quoted

99%7 (Further

to

comment

•;

As

aspects

Authority's current award.)

Ramsey: County, MinmJ_____.._kU__

Richfield, Minn.
-7-7 ;

Oetofeer 25

'.A..,/!.

Arizona,

the

0f. America

Pennsylvania issue should attract vMelloh

N.

T.

National

S.

8z

Bank

.

A.
&

and

favorable,'

-ri«e

'since

to1 that.

•

late

summer

-\' '

Las

.™ar^et

-

seen

carry

'''

a

.through to

week

from

a new

high cojne^bid*} ranging in interest
2.869%

California. (State)
Connecticut (State)

Maturity

31/2%
-

1982

33/4%

Bid

1981-1982

New Jersey
Highway Auth., Gtd.2 3% •
New York State—
3y4%

-

3.25%

*

v

A

-

;•

3.10%

offered

3.05%

2.92%

to -yield

3.05%

Asked

*

cost from-i

also

were

and-

*.

from

made

were re-

1.75%" to

initial1, demand

As

to

go

we

press,

over

2.90%

$8,000,000 of bonds remain in
count.

1981-1982

3.05%

2.90%

33/3%

1974-1975

2.75%

2.65%

2 90%

1981-1982

3.05%

2.90%

1981-1982

3.00%

2.80%

trict,

3%%

1981-1982

3.25%

3.10%

serial

3^1%

1981

3.15%

3.00%

*Si7fi2n,ati- °7t° <u.3%%
Philadelphia, Pa.

1981

syndicate

3.10%

2.90%

3i/?%

America' N.

1981

♦Chicago, 111.

3.25%

3.10%

3y4%

1981

3.25%

3.10%

1980

3.32%

3.25%

ac-

Pennsylvania (State)
♦Delaware (State)
New Housing Auth.
(N. Y., N.
Los Angeles, Calif
Baltimore, Md.

New

York, N. Y.

Y.}_ iy2%,

3%

,

October 10, 1962
lndex=2.973%
♦No apparent




*

-

School

sold

(1964-1987)

bonds

managed
T.

cost

runner-up

&

by

S.

of

bid of

$4,000,000

A.

to

Bank

gt

2.807%.
a

the

a

of

9:00

a.m.
a.m.

a.m.

v;'x7:'7'V.

■

La

Porte

October 81 (Wednesday)^

I: A

•

was

Bank

There

Continued

on

were

page 47

10:00

7 2,075,000

1.963-1982

.Noon

'(Thursday)

State
7

1,300,000

Teachers'. College

Board(of

Regents- (-Austin, Texas)

*

Galveston, Texas z_7

L933-1982
1963-1982

9:00

...

,

a.m.

7-

8:00 pun,

10:00
11:00

a.m
a.m.

(Tuesday)
"2,0OOjOO0

1967-1992

(Wednesday)
30,000,000

(Waterworks Rev. Bonds),
:

a.m.

2:00 p.m,

1,600.000
2,000,000

November 13

Municipal Util. EL; Calif.

Noon

4,000,000

2,500,000

November 14

10:00

1984-1982;

».

Seattle, Wash
*

*

<

1964-1998

-

—

Virgenes Mun. Water D;, Calif.

Noon

(Thursday)

_'_.___1__7_

Port of Portland, Ore.-_____

Texas

1966-2012

.3,185,000-

Hunterdon Central H7S..D., N. J.

East Bay

r

12,250,000

Whittier Union H. S. Dist., Calif.__

Houston

*

1964-1983

(Wednesday)

Cincinnati# Ohio

Las

z_7_;____

* 7 'v'7;

7- 3,075,090

—__

November 7

Port of

7*1 =

1,500,000;.:

--November 5. (Monday)* •?:

'*,.' ,'r177 ..; •«,

•

.

1963-2002

Euclid, Ohio

2.81% net in¬

made by the Wells

group.

Novenrber 1

7

6,500,030

:

indep,; Sch. Dist., Texas

.

terest cost

8:00 p.m.

(Tuesday)
10:00

net
The

4:00 p.m.

1964-2001

1971-2002

November 8
Dis¬

1963-1986

1983-1987

'

7

Unified

California

interest

Fargo

availability.

'

Berkeley

3:00 p.m.

' 1,793,009

ac-

*

1963-1992

T" 1,09C,000

the

counted for more than half of the

2.95% "-i^sue.

1981-1982

to

for this issue. The bonds

u

%

submitted by

was

%

Parkersburg, W. Va.____—_____—

Trust

may Blyth & Co. group. Six additional^

now.

MARKET ON REPRESENTATIVE
SERIAL ISSUES
Rate

cost

■

La Puente Union High S. D., Calif.

-

Q

1,500,000

Calif.7

October 30

*"

.prbbierps. terest

viewpoint -of .'ccfstv, The~ -market's

2,946,000

Wyoming, Mich.A—_i_2^525,000?

well

matter

'7:30 p-.m.

•

October 29 ,(Monday)

ie

as

no

8:O0;p.m.

(Thursday):*'

Dover, School District, N. J._^—m '

Rainbow Mun. Water Dist.;

City of Phoenix,

.The

_^____ur.___'__7

somewhat'hunginer investors Co., bidding
alone, -at 7a net in-> Orleans Par,, Parish Sch; Bd., La.
as
the Pennsylvania interest
cos t T of
72.8297%. - The
Wbodbridge-Township, N.
have
their
own rumner-up bid of
hqw large, - from the all-important yestors ; who
.a 2.866% net 'in-;
are

;

•

1964-1982

awarded $9,000,000. various pur¬
reoffering pose
(1984-1984)
bonds to
the
variety ct high syndicate.cbmroo«ed of the ■ Bank

a

(Wednesday)
2,125,000

sold

Massachusetts

business

7:30 p.m.
Noon

1,000,000 >,1964-1978

Florissant Mo.:___

skimpy total, It the 20%-retained.for group sales

Authority
(1963-200?)
;' '7; y'y';s;:'
7; y7

attract

priced

ac-

October 24

offered^at

were

Massachusetts

should

to

cojimtsi However, inventory isituai

Lops.

-

sta t

Building

sizable build-up seems hot

imminent.

,8:00 p.m.

.1964-1993.:

doJlar price of 99.510 toryield 3.42-%:

(1963-2012) bonds and $2.3,652,000
Pennsylvania State Public School

low

very

which is somewhat

Commonwealth

favorable* underlying
is

it .follow along..-• The

tcfalff about/$123^,-

•includes two sizable general mar-

factors. The sup-ply of bonds and
and

should*

schedule

tnan- this week's

municipal bond sphere,

abetted

interest,

trading; that has not

witnessed- since, tee

1964-1993

1,250,000

Cb.: Shearsp'pA SL Charles, Mo/_'_*__i7
-fPpmrnicls.
Union Sanitary District, Calif.____;:
Domipick and E. F^Huttpn & Co.77 Willoughby-Eastlake S. ,D., Ohio__7

"Treasury; market - activity sue yolUme scheduled^ext
engendered", interest
throughout with which to stimulate investor
'irenzv

.1,300,000

;F"embltill, Noyes

is^-

This

a

11:00a.m.

,;r:

„

to,scme extent late Tueariay when. Next Week's Prominent
th,e markot's,-tone improved.again..; "There

the

1963-1992

at that time.,

14,000,000

8:00 p.m.

Volume

Number 6202

196

The Commercial and Financial Chronicle

(1507)

top

Profits Out of Thin Air
By.Ira U. Gobleighj Economist

is

An

>

autumnal

l<w,k

at

some

duction capabilities an&

The

thing most

attractive

significant procurement practices, pro-

to

in-

is that the ultimate-buyer

the largest and richest

ceed

is

We

world, the United States Government. Not only does this

basic

...

:

customer; service

and

next

while

within

hugely,, for at least

decade.

The

be-in the higher air* In this area,

shot

moon

cost ;

nothing

siles,
tory

of

$20

a rising flow /of revenue is
defivehicles, alone,nitely assured/ and profit margins
billion, -< to
say f0^: efficient '
performers; shobld
-

multi-range mis-

our-

satellites,

and.

weapons,,

light

whole

a

technology,

ray

tend

refcalia-

rockets,

political

new

around lasers.

is-;in

party

ahead,

unbalanced

withstanding.
The magnitude

of all these

penditures tends to

thus

us

buvine

aircraft

is

of

U

mary

Ss.

cite, briefly,

far

a

While

yore

S

from

crv

loaf

*e

re-

year,

the

on

'

hicles

airframe

to missiles

has

entire

and

II,

crafl.<:

ve-

popular

During

assembly

line

bombers and flghters

,

of

the

^was the big

pr0pulsion,
systems

er

plane) is to;be the- major Navy

carrier
,

-

•

cered

plane,
also

has

and

by the

been

nology

laboratory,

«highly meers

trained

awash

such

tactical and xeconnaissance' work:

Together, service • orders call for

Br-52

contract

year.

,

the

delivery of 466 of these planes

in fiscal

1963v;

;

factured the manned

(two

in

-

-

in

manufacturing round

product line.

„•

For fiscal

as

-

-

design-

or

0f

and

relatively- few4 Mghiy

now

insists,

on:

and

,

in

delivering^ advanced
with

high

a>

tive
y

cost-control

provided

v:

pro^

techniques

is

dependable
Renegotia-

no

longer

factor, but closer
pervision
4

important

an

government

su-

is

increasing. Pressure
is heavily applied against strikes

on

aerospace

.government

(but
t

and

and

fulfillments.

contract
tion

rapid

support

responsible)

order of

*eral

projects,

and

Use

of

the
on

„

solid

and

for

the West Coast.

-

-

incentive-type contracts

partment of. Defense,
These

encourage

and NASA,

the

♦

efficient

companies,, by giving them
in cost

a

share

savings. Equally, they

penalize

the

inefficient,




can

since

has

share net of $4.02

not an

of the New York Stock

Exchange,
Manager of Institutional Sales,

as

it has been announced.

•

Mr. Abernathy has had, sixteen

•,

experience

institutional

sales,

specializing
especially

inspection

the

orbitry,

for,

and

depres¬

a

our successes

the

H. E. Herrman To Admit'

aerospace

urgencies

of

H.

E. Hermann & Company, 26
Broadway, New York City, mem¬
bers

of the New York

change,

on...

,

Nov.

Stock Ex¬

will

1

Albert J. Beberfeld to

admit

partnership.

offering 0} these shares for sale, or an offer to buy, or a solicitation of
any of such shares. The offering is made only by the Prospectus.

an

offer

to

buy,

■V,

Fieldcrest Mills, Inc;
Capital Stock
(without par value)

of

Price $14 per

share

most
*'

--The

•-

■i'\

...

r

•;*

-.CY-

Copies -off the Prospectus may he. obtained from any of the several underix.riters.only in states in which such underwriters tire qualified to act. as
dealers in securities aud in which the Prospectus may legally be distributed.

f

'-.u,

.

d5-'

com-

and plastics.

resulted

in

sub-

to-

about

$4.40

this

*

1962/

:-

Goldman, Sachs & Co.?

'

-

Paine, Webber, Jackson & Curtis

"track

rocketry. *
leader in
and

in

It "is

liquid"

Stone & Webster Securities

be

prime

missilry

Research
sion is

*

Corporation

for

A. C. Allyn

t

4

»•

•

Bache & Co.

& Co.

Hemphill, Noyes & Co.

Alex. Brown & Sons

i Goodbody & Co.

Walston & Co., Inc.;

the

Rocketdyne : ^Divi-

space

j

E. F. Hutton & Company Inc.

Courts & Co.

McCarley & Company, Inc.

<

Piper, Jaflhray & Hopwood

♦;

Schwabacher & Co.

William R. Staats & Co.

power

North
include
the

projects

Minute-

Hound Dog (air-to surface)
missile, Bullpup missile launcher,
Roadrunner target

raisshe, rocket

planes and, for the future,
bombers

andr

transports.
North

solid

Bateman, Eichler & Co.

-

*

:

Crowell, Weedon & Co.

-

Incorporated

••

Lester, Ryons & Co.Irving Lundborg & Co.

.*

■

\

./

-

.

Rodman & Renshaw

McCourtney-Breckenridge & Company
Sutro & Co.

^

super-

-

has

United Securities Company

Davis, Skaggs & Co.
-

,

-

'

j Elworthy & Co.

Brush, Slocumb & Co. Inc.

-

in

power,' and

October 10, 1962.

'

•

"

s

v

Mitcbum, Jones & Templeton
Incorporated

.

benefited

management

earning

Hill Richards & Co.

commercial
•

American

excellent

J. Barth & Co.

vehicles. ;

man,

depth,

:

heavily devoted to increas-

ofour

from

•

Hayden; Stone & Co.

program,

ing the thrust and booster*

sonic

Smith, Barney & Co.

,

Equitable Securities Corporation

in

and

recognized

contractor

at

re¬

rocket pfopUl'sioh

Apollo " "Man-in-Space

Lehman Brothers

Incorporated

H. Hentz & Co.

-

record"

the

-

a

■'

'■>»

-

fighter ' planes,

*

Hornblower & Weeks

"

North American Aviation

spected for its

A Glore, Forgan & Co.

*

Incorporated

mighi;

'•

1

;

\
-

which

pays

North American Aviation is

'

Eastman Dillon* Union* Securities & Co..

1963.

net, -and

dividend^

Blyth & Co., Inc.

;

year,

$5 -in

over

in

and

300,000 Shares

'St!?*- \

in

the field of equity investment. He

in

-

;

joined

Hemphill, Noyes & Co., 8 Hanover
"Street; .New York City, members

development

guidance system-for the

is being extended both
by the De^

when

American

the

ener¬

sion. The national will to outpace
the
Russians,. popular pride Jin,

ended-June 30,

This is

C-141

planes

is

unions

for

the

strong

day, at Cape Canav-

the

in

Lockheed' common, at ;around^ 50,
is selling at; less than- 12 times

reliability

capability;; companies that have displayed effec-

-*

increased.

mand performance
.

Abernathy

operational

cranes

probably

-^1.20

the,, big. R & D contracts to
companies with proven capabil-

totypes

forward-.

event,

any

many

^ diversified

1960,

indicated

;ing

.ities

in

power

fighter

-

also

Eleetra

the

vance

getting

•mor^for its air dollar: It is giv-

In

and enthusiasm

stantial losses, Lockheed earnings
have- uptrended. Per-share net,
$333 in 1931,-is expected .to ad-

prototypes., Further, the

government

Since

>

•sophisticnted; electronically laden
Vehicles,
missilesor
satellites,
models

S.

$1; billion in

over

jng. industrial

,

•

Lant

jnerci-d production - hi shipbuild-

.

.

of

detailed

a

1962, McDonnell hack sales of $39-1
per

Hemphill, Noyes

years

an
in- earnings.

business will not enter

-

year

Corpora¬

consideration for the longer term.

Polaris, alone. Other

on

Orion

—paay

ipy^^spaee-cyaft,, -die-

production-

out

Abernathy Joins

from

production

0ur:;satellites,, and

and

.

creation

serve

Helicopters, VTOL's and electronics

moving

•

formerly a partner in R. W.
getically,., and
United *: Aircraf t,
'
Garrett, Grumman, Northrop de-: Pressprich & Co.

cap¬

program.

-

this

.propellapts; with
uptrend

is

of

leader, in solid

a

gation.

Was

the ->• Gemini

space)r

liquid

Avco

Mercury, and is

contractor
men

orbiting

.

indicated

The -company designed and manu¬

miiitary- jet:transport, ,the F-104

^tates massive-,9utlays for. Research
,^®Vel0Prctent.
p9Yyrnto^bt- contracts today
bc
^Jfger/. thap - cyer, but
•what is
bought-ys^vnot so much
mass•

and

effective

m0st

Gf

technology ;and resulting swift

.

and

end

Aerojet ;General

tion continues as

'

,,

Even-more newsworthy is Me*
Bonn^U's position- in astronautics.

and guidance

contractor

supplies orbiting

Northrop, etc. The rapid advance

.

.

the

wisely and fortu¬
nately, after appropriate investi¬

,ciudd; the .Midas, missile, Samos
satellite, the Agena booster, which

Lockheed,

.

work

DynaSoar ..glider are ex¬
pected to offset termination of the
at

op¬

gains.

you select

output

Tanker/and

the

on

investors

rewarding

new

production

135

offer

for

airborne projects at Lockheed inV

^my rye an > McDonhell,

%obsclescence .

just

in

some

Lockheed

prime

contracts

I138. c^anged,; dramaticallyi in

North,

control

to

-

ready. fieided

with

ami; technicians. TM ratio of

companies

of: the K-C

Airr Fore©; for

missiles,

our

-highly' skilled; to produetiolLWork-

^rs

waa

above,

missile, Polaris. Lockheed has al-

engi-

,

flights,

space

development

the tech-

scientists,

and

$122.8/ million

attractive, and

; or*

majcr projects^ and renowned for

completing wings, frames and

-tails have given way; to

is

complete

a

assembly _lin es,; bending, welding
and

awarded

Its

industry will continue to
Among the companies cited

portunity
May

dictate

products,

from

rockets, satellite units.

today.

is

Now, all-that is changed. Huge

to

phases of

.

the twist

Boeing, is prime contractor

the' Minuteman

on

m^e> and> to-

on

as

team.

this

go up.

all
as

production

represented

ad

production lines, and
swing shift
as inuch talked

.about

transition

aerospace

hag ^ smGothly

thing, with tens of thousands;, of
workers

to-

dayr. Lockheed

World

flow

whacking loss write-offs, and the
injection
of
new
management

contracts for it- The company
pro¬

analysts

among

the

Here

ajrcraft

drastically altered tne

industry.

War

pro-

space

con¬
some

jection, in commercial transport- is

the. C°nv™
(Glen" and investment managers, today,
eral^.Dynamics). The transition
the common of Lockheed Airconventional

defense

defense

ff A..':

Quite

«nd

duction

.

Dy¬

varia¬

(a

in

revenues, as well

Lockheed

Boeing

„.

from

namics, the largest

of

r

*

General

tractor, should improve after

Ban¬

Voodoo- - models.

other, majors,

million, and

in
this category
is
phasing out, with contracts comthis

m

bomber,

range

production
pleted

,

line to prosper> and to offer the
prospect of interesting rewards to

pri-

force

u.

com-

pames wlthm l4> whlch seem

the-

our

retaliatory

aerospace

of the

some

'

.

..-

2,200 Demon,

sules for Froject

depression-proof industry, let

a

«•"companies, cyclical ten-

deneies, but what the government
is

not¬

o,

limned

■'

«-/••'*

builder

Other Companies

,

-'

-

tion of dhe Phantom II al-Lweath*

prime

Having

t.

as

aerospaceaerospace

budgets

;

-

over

:.^anjl

re-

ex¬

from

remove

power,

shall drivq for it in the years

we

Transition

: /

Regardless Of which

stored-leadership in spacemanship
is a .top-priority national goal, and

centering

,

to rise.

•

probably

as

F4H-1- Fighter bomber

the

with manned, space

wilt

shee

them, will

appear

largest

world's

total. of

transports; and

decade, the big. outlays< will

.

the

.may

.■'•••

«*.

equity

an

national

our

that

vehicle of merit in the space age.

military jet planes. In the past 15
years,, it has produced a combined

-

that

ranks

the

estimates,

parts for

■

currently

is regarded as

common

space

McDonnell Aircraft

continue, and. supersonic/manned

determined to increase his-expen-.pianes
ditures,
on
space
competence nex$

and

jets,

',j i-v;

'

; McDonnell

ex-

-•*

conclude

may'

among

53, and paying $1, McDonnell,

Of

costs

coptract

commercial

have limitless buying power; he is

steadily

when

must alse* be shared*

in- the

one

incurred

losses,

leader

shares.r

■■

profits among^ the aerospace companies.

vestors about the aerospace indus-

try

A

market

a

the common. Quoted

at

share,-, the $2.00 dividend is well
protected, and the common, at 63,

* ^

..

on

a

*

-r

quality reputation.... Earning

currently at the rate-of above $4

:

7

„

,t

8

The Commercial and Financial Chronicle

(1508)

dependent

DEALER-BROKER

.

.

Thursday, October 11,

1962

Telephones—Brochure

56 issues

on

.

Troster, Singer &

—

Co., 74 Trinity Place, New York

INVESTMENT LITERATURE

6, N. Y.

RECOMMENDATIONS

AND

PARTIES

INTERESTED

SEND

TO

up-to-date

an

compari¬

between the listed

son

stocks

MENTIONED WILL BE PLEASED
THE FOLLOWING LITERATURE'.

FIRMS

THE

THAT

UNDERSTOOD

IS

IT

showing

Averages

the

the

and

National

industrial

Dow-Jones

35

industrial

counter
the

in

used

over-the-

stocks used

Quotation

in

Bureau

Averages,
Industry

Aerospace

Analysis

—

—

Co., Ltd.
Broadway, New York 6, N. Y.
Also available is an analysis of
Nomura

Chatkin, Inc.,
House, Pittsburgh 19, Pa.

Crow, Brourman &
Carlton

is

available

Also

of

analysis

an

Mitsukoshi Ltd.

year

Bureau,

Market

Bond

Hummer &

Review

—

Wayne

—

105 West Adams

Co.,

.

Street, Chicago 90, 111. Also avail¬
is a list of interesting Low

are

able

Priced

Securities

Co.,

memoranda

Selections—Bulle¬

Gains

Cummings

tin—Bregman,

alysis

& Co.,

Noyes

&

Co.,

Street New York 4,

are

Hanover

8

A.

Schapiro

Chaze

&

Printing Industry—An¬

Silver

Mines

York, Inc., Ill Broadway,
N. Y. Also available

data

&

Incorporated,

Co.,

Avenue, New York 22,.
discus¬

a

Stocks

Industry—Analysis

20

Tax

'

Street, Chicago 3,
.

.

,

Electronics

Liquor Industry

Companies

with

—Memorandum—Courts & Co., 11

Marietta Street, N. W., Atlanta 1,

Beam

Ga.

Distilling,

Stores

Brothers

&

•

—

Analysis
30

Co.,

available is

an

Michigan

Also

mary

analysis of Build¬

Albee

to

lioir'; Industries,
Construction

Season-All

CoI„ L. F;

Carpenter &

E.

Bond

cago,

231

Survey—E. F. Hutton & Company,

comparison

Inc.,

Manhattan

New York 5, N.

Plaza,

Y.

Stocks—Quar¬

terly review of issues which

New

York

Wicket

=

Wall

&

Co.,

50

4, N. Y.

Broadway,

&

Co., 1

New

Chase

York

—Laird,

5,

City

Bank

Stocks-

Foreign

Securities

—

New York Hanseatic

Bulletin

&

Meeds,

Manual

On

1962

Edition

5, N. Y.

Quarter Outlook—Discus¬

sion—First Security Bank of Utah,

OTC

Salt Lake

Gas

City, Utah.

($50.

120

—

Bottling

Four

—

available

Star

on

hieeting of STANY will be at the Harbor

Friday, December 7.

.

'

are

Ine.i and Nu-

&

York

Co.,

Y.

comments

are

on

New

of

115

N.

6,

Tastee

England;

San

Diego

Freez

andum

In-

Pershing

—

—

&

and

Memor¬

Co.,

120

Broadway New York 5, N. Y.
Memorandum

5, N. Y.

Assoehted

Services—An¬

alysis—Butcher & Sherrerd,

Our latest brochure:

Walnut

Street,

.■

Racharach

1500

2,

-;■>

Industrial

Ltd. —Analysis—Watt

Christiana

"

General

is

analysis

an

sue

the

same

issue

are

comments

•

Utilities

•

Gas

Producers/Pipelines

Independent Telephones

Instrument

&

per

A

share

and

Copy

1431

18, N. Y.

Report—Colby

—

9, Mass. Also available
on

Bros.

&

review
Inc.

of

Also available is

Pueblo

Members New York

security Oeaiera Association

-

a

Supermarkets
'

■

—

Co.,

Electric

General

Analysis

—

Also

Street, New York 4, N. Y.
is

an

analysis

of

La

Trinity Place, New York 6, N. Y.

are

reports

Coral Ridge

HAnover 2-240J




1 eletype 212 571-1780; 1781; 1782

tion

—

Analysis

—

Properties—Analyti-

cal brochure—A.

ill. Also available

Walston

& Co.

Marlin

Rockwe.l

Petroleum

Corp.,

Rittmaster,

Hentz

Memorandum—

Voisin

&

Co.,

Madison Ave., New York 16,

260

N. Y.

;

—

5, N. Y.

Northern1
&

York 5,

Co:,

—

72

Comment—H.

St.,: New

Wall

N. Y. Also available are

comments
ern

Deere

Ave., New York, N. Y

York

Great

on

Chicago Great West¬

and Illinois Central.

Memorandum—Auchin-

closs, Parker & Redpath, 2 Broad¬
New York
is

a

4, N.

Y.

Also

memorandum

on

alytical brochure—Howard, Weil,

Crystal

Indian Head Mills—Memorandum

—P.

W.

Brooks

Salt

Co.—An¬

&

Co., Inc.,

120

Broadway, New York 5, N. Y.
International

Oxford Paper.

Francisco

t

New

facturing Co.
—

Memorandum

ley Heller & Co., 44 Wall Street,

Pubco

and Simplicity Manu¬

Wright

—

Gould. Properties—Review—Stan¬

analyses of

Diamond

>.

Madison

St., Chicago 3,

Inc., 265 Montgomery Street, San

4, Calif.

Pargas Inc.

on

Properties

—Nat Berger Securities Corp., 595

C. Allyn & Co.,

are

Peabody

N. Y. Also available is a

memorandum

Gould

available

Corpora¬

York 5,

Hilton Hotels and

1

Exchange Place, New

20

First National Stores.

way,

Gas

Co.,

~

Corp.—

Products

Rubber

Memorandum—K'idder,
&

N. Y. Also available

on

Inc.^Mesabi Trust

and Southern Gas & Water.

Alstyne, Noel & Co., 40 Wall St.,

Maur Inc.

Liquid

Columbia Broadcasting Sys¬

tem, Eurofund

Continental Baking—Report—Van

California

74

cose,

Globe

Curtiss

,

Golkin, Bomback & Co. 67 Broad
available

Review—New-

Philadelphia 2, Pa. Also available
are
comments on American Vis¬

Portland

122 South La Salle

Co., 80 Pine Street New

Rorg-Warner Corp.

-

are

EDO Corp. and Fibre-

York 5, N. Y.

—

burger & Co., 1401 Walnut Street,

New York 5,

Petroleum—Review—Sutro

ReJ.co

Request

Troster, Singer & Co.

Broadway,

board Paper Products.

approximate current price.

on

Arthurs,

Company, Inc., 85 State Street,

reports

com¬

—

Co.—Memorandum—

Co.,

Beech Aircraft

panies holding each of the companies above, the 1962
high-low, indicated dividend, current yield, latest 1962

earnings

&

York

Boston

summarizes the number of funds and insurance

General Motors

on

U.

Company,

Textron, and Kelly Girls Service.

New
*9

Suggestions.

Pepper Co.,

G. Barry

&

available are Switch

5, N. Y. Also

Howell Co.,

Richter
•

of Fruehauf Trailer- Co.

S.

Chemical

Witco

Garrett Corp., Rell &

R.

.

Broadway, New*

120

N. Y. Also available is a

Co., Inc., 74 Wall St., New York

Also in

Warner & Swasey, Dr.

Analysis

—

>

Corp.—Survey—Abra¬

Co.,

survey

&
Pine

70

'

Flying Tiger—Report—Walston

Fenner

Incorporated,

I

:

N. Y

&

ham

Reader"—Mer¬

street, New York 5, N. Y.

and

Co.

Steamship:

Ex-Cell-O

of

ter, Pittsburgh 22, Pa.A

Institutional-Type

York 5,

York 5,

Pierce,

Lynch,

rill,

Petroleum,

Kaplan & Co., 120 Broadway, New

Foods Corp.

"Investors

of

12,

Divco Wayne—Analysis—John H.

-

Broadway New York 5, N. Y.
available

211

analyses

are*

Western

and

Fruit1

Bulletin—Laird, Bissell & Meeds,
Also

available

Co.,

Orleans

MetrorGoldwyn-Mayer. >7

1,

Company-

Securities

Billup&

New

Dallas Airmotive Corp., Standard

Watt,

&

Also

on

Ltd., 6 Jordan Street, Toronto
Ont., Canada.

St.,

La.

;

,

Lestrange,j& Co.,.2,Gateway Cen¬

Company

56 OTC

Carondelet

Steel, Associated Dry Goods Corp.,

Philadelphia

Pa.

on:

Labouisse, Friedrichs &

—

Electronics

Aviation

Canadian

Smith

Baby

Gas. Corp.

Kidder, Peabody

Colgate—Discussion in current is¬
J.

—

Sparks & Co., 120 Broadway,

New York

For banks, brokers and financial institutions

—

—

Co., First National Bank Build¬

120

Rubber

Liquid

—-

Thompson Fiber Glass.

Utilities,

California

Memorandum

ing, Chicago 3, 111.

Stores

Television,

Imperial,

Armstrong

Producers/Pipelines and

and

Also available

New

Cott

copy).

Institutional-Type

Com-

Street, Cin-

Carreau

Also

Laird, Bissell &

per

—

Broadway,,

W.

Figures

The annual

October 15.
View Club

Department

Ashland Oil

"Facts &

as soon as

as

mittee will hold "an open ^meeting at Oscar's Delmonico Restaur ant, *

&

Comments

Meeds, 120 Broadway, New York

4, N. Y.

J! Heaney & Co.,

there -AvilL be .no4iokets sold at the door.
:
The Association has also announced that the Nominating Com¬

possible,

37 Wall Street,

Drackett ' Company,

on

Arlan's

Mutual

Fund Management Companies

—

Corporation,

60 Broad Street New York

Fourth

Bissell

Ohlman's

tions with Michael J. Heaney, Michael

are

tone, Inc.

Broadway, New York 5, N. Y.

N. Y.

Dinner Dance at the new Americana

Those planning to attend should make reserva¬

Hotel, October 13.

Enka—Memorandum—

cinnati 2, Ohio.

Third quarter comparison and an¬

Plaza

Security Traders Association of New York will hold its 8th v

Annual Cocktail Party and

New

Also available

Report—Westheimer

alysis of 10 New York Bank stocks

Securities

of

the Board

on

SECURITY TRADERS ASSOCIATION OF NEW YORK

Amerada Petroleum.

on

to three-year terms

elected

also

were

■7s7;:

York

Incorporated—Report—Pur&

"L

Kidder & Co., Inc., Winter Park, and Mr. L

Governors of the Association.

The

reports

ap¬

Manhattan

Hough

■

Analy¬

New

^z

-

Lee P. Moore, A. M.

Company,

Street,

,

Pierce, Pierce, Carrison, Wulbern,

Co., St. Petersburg.
v

pany, 124 East Fourth

largest banks—

9

interesting.—Eastman Dillon,

Union

Hough

American Financial Corporation—

Quarterly

Street, New York 15, N. Y.

Common

William R.

Secretary-Treasurer—William R. Hough, William R. Hough &

.

s[c

Frisch's Restaurants
Favored

Inc., Jacksonville.

are

New York 5, N. Y.

Bankers Trust Company, 16 Wall

Chase

1

of

Vice-President—Robert J.

New

Co.-

*

Schrijver & Co.,

Chicago 90, 111.
New York City Banksi—

S.

99

American

Salle Street,

Electric Utilities For Investment—

Broadway,

Also available

Jj.■-

.

comments

National

Co. and Roberts Lumber.

..

,

York

Company of Chi¬

South La

65

Manufacturing

■

cell

s

'

Illinois

Bank and Trust

.

AMP

Market—Report

Continental

—

;

Robert J. Pierce

Henry M. Ufford

5,

5, N. C.

Couzens, Detroit 36,
■

Homes Municipal

Popell Co.,

Industries, Miry Car¬

ter Paint Co., L.

James

..

Inc.,

sum¬

Associates,

Danto

Co.,

A. & M. Instrument Inc.—

of economic developments—
E.

&

6, N. Y.

sis—V.

Mich.

Corp., Mel-

Modern

^

20111

Lith-

Homes,

onia Lighting, Masco

L- Bruns,

...

Broadway,

115

Trends—Monthly

Raymond

ing Trades issues, with particular
reference

Co.,

York

New

Switches—Bulletin— Fahne-

Shoe

R.

New York 6, N. Y.

—

Broad

Street, New York 4, N. Y.

&

Street,

Bul¬

Incorporated,

reviews of Foxboro Co. and Green

to

James

Paddington

and

Nordeman

Department

reference

particular

American

Co

President—Henry M. Ufford, Calvin Bullock, Ltd., Miami.

York

Memorandum

—

&

Gains—

,

stock

•;

5, N. Y.

•

Capi'al

Broad

N. Y.

111.

Hill

Keno

Annett Part¬

—

Canada.

For

letin— Blain

South La Salle

New

Analysis

Ont.,

onto,

—Straus, Blosser & McDowell, 39

1

Inc.,

Plaza,

United

and
—

Limited, 220 Bay Street, Tor¬

ners

Dai Nippon Printing

on

Life Insurance

Co.,

Manhattan

Consumer

pear

which

Issues

Also available is

Y.

N.

and Toppan Printing.

N. Y.

Clearing House Banks—Bulletin—

Orvis

They are:

year.

sion of Crescent Petroleum Corp.

New York 6,

Chemical Issues—Survey—Hemp¬

York

Honda Motor

Park

Yamaichi Securities Co.

—

of New

Albany Street New York 6, N. Y.

M.

300

Co. and Yokohama Rubber Co.

Japanese

hill,

ensuing

ciation re-elected the officers for the

Street,

Stocks.

Capital

4

Stocks

els—Evans

Also available

on

Front

40

DEALERS ASSOCIATION

meeting, the Florida Security Dealers Asso¬

interesting, at- current lev¬

appear

Broadway,

149

6, N. Y.

Inc.,

Selected

Market—Survey—Daiwa

New York

FLORIDA SECURITY
At its recent election

New York 4, N. Y.

Technical Measurement Corp.

Japanese

both as to yield and
performance over a 23period — National Quotation

market

Market
Securities

Japanese

NOTES

NSTA

Over-the-Counter Index —Folder

Harvester

Co.—Re¬

port—W. E. Hutton & Co., 14 Wall
Continued

on

page.

47

jK^ViwrfiUyt*fc*g^W

Volume

196

Number 6202

.

.

'•***» WfVffli TOM mHWA.«/N rttf1' !\* W&UU «-««W ^Mi1 If

c A«w,wjW'wyTw't« **»*''»»«■ n>-" *

The Commercial and Financial Chronicle

.

(1509)

port

Emphasis

the

folio

of

risks

Liquidity

on

are

*

Costly to Commercial Banks

I

Excessive

concern with
liquidity in commercial banks savings business
lessening profitability. In supporting this observation, Mr. Agemian
explains why commercial banks should go into longer-term loans and

conventional,

F. H. A.,

loans

consumer

than

V. A.

mortgages,

securities —such

long-term

municipals

and

work

hamper ability to meet future

i.

bank

deposits

by

1970,

Mr.

Agemian

bankers

urges

making necessary changes

,

to

liquidity.

of

take

us

savings

deposits

tionship to
of

■

v

,

prudently

*A

In

if

even

this

talk

Mr.

ture commercial loan demands. To

banking

sys¬

of total de¬

Questions Adequacy

40%. De¬
The

question

increased dur-

asked

ing this

required

pe¬

some

and

time

savings

40%

since

130%.

the

be

-then

of total

deposits of

we

measure

*

from

against

the

new

to

and

make

banking

must recognize the

service,

period

bank failures

ings
have

been

laws

and

our

vent

a

ance

Unfor¬

the

the

many

triggered heavy

of bank

sav¬

Many changes
in

made

a

high degree of

when

withdrawals.

If

they

remember

many

1930-33

way

recurrence.

our

banking

of life to

pre¬

Federal insur¬

deposits has

by slow turnover and

strong growth potential which, in
itself, is a form of liquidity. v
v

Over-Liquidity Concern
Banks

have

always

worried

about

liquidity—perhaps this ex¬
plains the predilection to liquid¬
ity consideration and the void in
stability consideration. I think
with

concern

sive.

liquidity

is

our

exces¬

Liquidity is also the ability

to take losses.
There

This

ignore.

we

Fundamentally in the

pooled-funds

approach

loan requirements are
given
priority—with the investment ac¬

sition

always held in
so

liquid

a

po¬

that funds may be shifted

into commercial loans with
imum

of

loss

when

the

a

min¬

demand

arises. The asset allocation method

consists of separate funds created
from

various

capital
then

and

classes

of

deposits,

Assets

reserves.

acquired

the

suitable

to

loss

If

we

than

U.

S.

These

of

all

F.H.A.,

are

each

term

look

us

Is

be

It enables

compete

on

equal basis with thrift associ¬

ations

which

automatically

use

conventional.
"commercial

type of risk" in

in the savings business
must be

vest

to

stay

profitably,

willing to acquire and in-

in longer-term loans and in¬




Copies

the

Banking

are

decreasing

principal,

by amortization?

refute

the

No

statement

ened.

monograph

on

commercial

government-guaranteed

a

<

exists f
in¬

or

sured F.H.A.-V.A.

mortgages. The
rating of high-grade municipals as

supervisory author-

about

as

archaic treatment
encountered.

I

antedated
I

as

BOSTON

CORPORATION

supervisory

the

handled.
small

risk

is

loss

large

properly

capital

Also, it publicly

family-owned or^closely-held

cor¬

provide the

owners

with

greater

estate

marketabil¬

Bonds, Preferred and
Common Stocks

of Industrial,
■Public

Utility and

Railroad Corporations

protection.

Bank Stocks

Dealing in Securities
The

Casualty, Fire and

Corporation deals in issues of securities already

standing, buying from
It also

acts as

or

selling

to

investors

out¬

prices.

at net

Life Insurance

Company Stocks

broker, if desirable. These trading activities
Bankers' Acceptances

the entire field of investment securities.

Certificates of Deposit

Company

managements are aided in

designing long

financing programs—in formulating the

range

lar

.

'

of

securities

merger

issues—and

proposals

or

in

provides

rate
a *

safety, and the
of the

problems. If

for Reconstruction

terms

of particu¬

developing

or

Corporation's services

and

Development

analyzing

the financial aspects of other

no

of the

International Bank

corpo¬

Canadian Securities

sale of securities is involved, the
are

available

on a

fee basis.

External Dollar Securities

as¬

ignored.

to

support

We

shareholders'
believe

reserves

that

should

The First Boston

Corporation

the

by time and savings

the

and

to

Revenue and

Housing Securities

invest-

the

thereby increasing the
profitability of this function as it

vestment.

or an

State, Municipal\

Advisory

that

which

spread

required

to

own account.

con- •

capital

applies

Corporation's

di¬

Securities

ratio

liquidity characteristics

is

for the

take
a

,

will

number

over

built-in margin of

funds

underwriting for public distribution,

distributes securities of

cover

experience

made " and

The

an

enter¬

may

ever

authorities

small

accounts

~

guess

applies to such assets when

servatively

for corporate

new money

position.

Our consumer loans
us

to

United States

Government and its

and

have

venture

reconsider their

be

copy.

one r

that

minimal risk, if any at all,

is

Commercial
may

,

ing collateral protection resulting
from an enhancement of
values;*,
amount

The

in¬

most
sup-

ob¬

ers
Association, Department of
Printing, 12 East 36th Street, New
York, N. Y. The price is $7.50 per

ity, investment diversification and

the basis of conservative
appraisals
with
built-in
ever
increas¬

ever

of

Industry

Money and Credit. Other chap¬

placement with institutional investors,

porations

on

deposits,
commercial banks,

conclu¬

and

.

self-amor¬

tizing mortgage loans granted

assets created

this method of investment.

The

rect

consumer

We would hope to
prove that
this thesis supports the
contention
that a smaller amount of

an

the form of

V.A.,—long-

and

at

Purpose, Functions, and Eco¬

nomic Justification.

monograph

prises and for political entities. Such financing

in

as

Intermediaries.

Agencies

Government

there

Insur¬

Role

tained from The American Bank¬

FIRST

Corporation raises

ment

Let

Their

Securities of the

The

the

The Savings and Loan
Business:
Its

invest

and maximum income.
to

Financial

Underwriting and Distribution of Securities

loans.

mortgages.

Casualty

1 >5

types—conven¬

municipals

and

Companies:

'ltd

to

set cannot be

banks

Property
ance

acts

type of such funds prudently pro¬
viding adequate liquidity, safety,
commercial

THE

seems

would

and

in

such

are

must

we

Role

submitted to the Commission

ones

The

potential

savings profitable, it

mortgages

total

the

and

National Economy.

but

which

capital

tional,

tells

Mutual Savings
Banking:, Basic

Characteristics

payment in

securities.

that

Mortgage Companies: Their
Place in the Financial
Structure.

capital

insure

other

ities

a

of

Com¬

Financial Services offered by

them, for the most part, in assets

in

by the Commission

Money and Credit.

Investment

not

which

crystal clear that

can

structure

Recommendations

elected

re¬

material

long

a

figure

full to all depositors.

and

was

Management

study of the nation's finan¬

a

cial

background

as

was

as

panies.

academic

monograph

on

share¬

against

make

loan

for

and

ex¬

ters have been revised and short¬

measur¬

of

in

banking
The

20

over

Companies

business.

buffer to

a

Axelrod

invested, for indeed,

are

where

commer¬

cial

count

con¬

Asso¬

Sept. 24.,

by

Insurance

Indus¬

Financial Institutions.

Eco¬
pre¬

Finance

de¬

should

deposit

risk assets by

two basic ways to in¬

are

vest funds.-

the

the

We

assets

in

of

Research, using

papers

quested

Stock Exchange.

great

a

Stability of such deposits is

manifested

is

exists
as

impact in preventing this catastro¬

phe.

annual

Bankers

by

are:

important

adequacy ;

against the
deposits

savings

^stability in such deposits.

tunately,

88th

N. J.,

prepared

capital is

savings

on

in

fallacy.

perts

written by

was

Department

and

liminary

the

and

Prentice-

been

ing adequacy to deposits is

that

profitable

equity

L.

profitability by

earned

com¬

1970

This cannot be ignored.

wish

measure

forge ahead to

will

much

becomes

amount

.

by

What kind of money is this?
banks

support

This

existing

banks

on

highs.

Charles A. Agemian

will

50%

how

often

However, this concept of

savings

mercial

to

holders'

'show that time

deposits

City,

Money

by

seven,

Consumer

Life

published

was

Co., Inc., 115 Broadway, New York
City, members of the New York

to Deposit

has

to

as

posits.

and

Pr ojections

and

the

at

American

published
other

The

monograph

Vice-President of Reuben Rose &

Ratio

mand deposits

5

Irwin

expensive management de¬

now

running

ABA's

sions

cision.

riod

the

In¬

Prentice-Hall, Inc., En-

monograph

nomics

Reuben Rose V.-P.

mand that may never materialize
an

the

on

stay liquid to meet the loan de¬
is

are

of

Atlantic

392-page

a

Association,

The

core

before

Banking

glewood Cliffs, N. J.

encour¬

hamper their ability to meet fu¬

they were 25 %

over

of

profitabil¬

Agemian

The

i

Commercial

fields.

by

eight volumes

of

try.

ar¬

v.

ciation,

should

rela¬

1950

posits and

its

Credit

V

Oct. 10 by

deal

change

of

one

Library

Banking IndUStrV

ers

.

.

the

Hall.

prepared by The American Bank¬

deposits representing savings to

ity.

now.

vestments

.

t

in

leading financial groups,

dustry,

consider

structure

deposit

commercial

our

tem.

and

their

and

the

time

at

to

regulations, and to

vention

look

a

commercial

great

done

Savings Division

Let

a

•

banking is

The

AAmvnol

on

The Federal Re¬

still

be

increase
*

-i-^

another

the investing of this hard

age

^

is

to

chaic

Stressed is the minimal risk entailed; the

and reserve to highest risk loan portfolio; and the need to remove 5% time deposit requirement. In view
of projected
time-savings deposits equalling half of total commercial

;

An

It provides nothing—least

There

Monograph

On Commercial

the

require-

reserve

commercial bank's books.

a

as

ABA

Bank balance is,
indeed, the
sterile, nonearning asset on

most

need to confine most capital

/

.

Government

if this should

—even

commercial loan demands.

y

U.S.

all

port¬

highest

belabor

time deposits is

on

serve

is

other

to

handicap- imposedof

assets

want

nonnir»*irv„.vmnocoH

banks.

the

existent.

ever

not

loan

where

fact that the 5%

Manhattan Bank, New York City

in

do

ment

By Charles A. Agemian,* Controller General, The Chase

invest

commercial

banks

9

NEW YORK.
PHILADELPHIA

BOSTON

PITTSBURGH

SAN FRANCISCO

CHICAGO

CLEVELAND

10

The Commercial and Financial Chronicle

(1510)

decisions

Strengthening Banking

r

•

of the

And Our Economic System

accomplished fact.

an

the

In

'

>

Bank in Nashville, Term.

made

recent

major

admonishes

'

to

;

the Association's accomplishments in the past year.

^

rate

ceiling

Our

cussions

,

has not been an unmixed blessing and that it requires hard work to

A

avoid

bankers

of

—7

profit squeeze.

I

banking is comprised of two ele¬

starting point for my report,

a

would

like

comment

to

on

ments

a

very

occurred

within

week: That

report

a

taining
84

having the full right to act

independently

of

release

.actions

some

such

as

impinge

the

on

uted

Advisory

is

the Comptrol-

the

the

our

growth

country

Government

Federal

has not been

the

contrib¬

and

development of

that

respect

new

permitted to overrule

judgment of the 50 states with

•

We find

sought

discussions, and our voice .is

more

being heard with more regularity.

impact of our experience and

The

aii in¬

respect to banking structure and

judgment is being felt on

wel-

branching practice.

creasing number of issues .vital to

comes

any

sidered

undertaking

existing
and

the

Sam M. Fleming

ity

order to enable

owe

of grati¬

debt

a

be

is

the

pro¬

in

is

our

full

the

Yet, in
have

weight of the Association to

our

integrity

the

dual

and

;

tive

vigor

depends
national

many cases

positions
Too

content

to

on

often
sit

that

banking

of the

sys¬

the

on

economy.

in the past,

been reluctant to take

issues.

banking system.;

realized

long

our

we

posi¬

:<7;7777''7;v?i 7-;7n77

that

so

we

have

quietly by

been

in

the

do not undertake more

we

toward

us

soon

should

given

be

that

insist,

economic

luxury
The

*

One

are

all project¬

crossroad.

a

We

-

two

between

choose

of action.

each

Well-

leads

route

growth, but. I

operating

vironment

7

is

777,

7 7

tried

and

of sound fiscal.poli¬

proven course,

cies

national balance of

the

11. of

of

international

fi¬

economics.

A. B. A.'s Accomplishments

Much

the

of

work

during the past year
to

Association

devoted

was

studying these economic mat¬

ters

bankers might be able

make

to

ments.
To

and

Association

the

that

so

individual

knowledgeable

'V;7 :7--7V-

77- '

judg¬

;77::777v

that organized bank¬

assure

ing has not only the facts but the
means
we

to make these facts known,

have greatly

staff

of

our

have

efforts

Our

strengthened the
office.

Washington
begun

to

reap

business

en¬

rewards, and solid accomplishment

recognizes

in

the

has

a

which

been

realized

in

the

current

session of Congress.
7
Here are a few of the highlights:
capitalize

worth and dignity of the individ¬
ual

and

is

designed

to

the energies, incentives, and

upon

growth -potential inherent in

enterprise
77 The

economy.

other

free

7

upon

gov¬

pump-priming

controls,

Spending, and-inflationary deficit

The

:■'" '"»<'1

course

largely

we

decided

-1"

.

,f.

follow

in

in

Congress and

"

the

the

7

There is every reason

that

we

to believe

have established the prin¬

ciple of tax uniformity.

to

leads

inexorably

increased- dependence
ernment 7

a

-

' >

•

will

be

halls

of

Our

that

contention

assuring

toward

approach

7\

'77

In

pay¬

ment of taxes on dividend and in¬

terest income is notification rather
than, withholding

be

affirmed.

We have

J

also

"

been

■

'

.7

sustained in

Continued

conferences

appears

on

by

no

State, Municipal and

but the prob¬
be consid¬

can

means

We must be willing

solved.

are

as

such

ourselves. to

discipline

measures

U. S. Government,

to

necessary

Public Housing

cor¬

Securities

rect this imbalance which is drain¬

United States

ing.

away

and

supply

gold

our

which, if not righted, will in time
*

| Government

"

•

■

undermine

the

★

Federal Agency

★777:

.

—

I

<

t

I.

•

.

»•.

'»

.

•

j

,! *

i>.

competition in world markets. We

the

on

State

★

do everything in our power

must

to encourage a

s

part

management

and

conscious restraint
both

of

that

so

new

and

labor

not

are

we

priced out of these markets.

Municipal

the

meeting increased

Our goods are

★

of

soundness

dollar.

The

depreciation schedule and the

investment incentive provision
the tax

of

bill, which should spur the

XowYork

modernization of plant and equip¬
★

ment,

★

Securities

*

*

the

*

are

steps in the right direc¬

and should

tion

be

CHEMICAL BANK NEW YORK TRUST

applauded by

banking community.

COMPANY

Yet, we

must continue to press for a com¬

plete

overhaul

of

BOND DEPARTMENT

outmoded

our

system of taxation, which is such
a

Aid to undeveloped

commendable, \but

c. J.

&

national

interest

grammed in such
48 Wall
Chicago

•

Street, New York 5
Boston

Cleveland




•

HAnover 2-2727

Philadelphia

•

Washington

•

Pittsburgh

strength

Cincinnati

•

St. Louis

•

our

it

countries is

a

if

way

pro¬

that the

economy

is

not

In fact, the benefits

from

our

aid

the

stantly

worsen

terms

of

-

Street, New York 15

GOVERNMENT BONDS

MUNICIPAL BONDS

Tel: 770-2741

Tel: 770-2661

TWX: NY 212-571-1414

TWX: NY 212-571-1416

; \

212-571-1415

programs

subject to question

watch

■

the

serves

only

San Francisco
are

Dlroet Wins to all Offices

of

jeopardized.
received

•

20 Pine

parasitic inhibitor of growth.

trade

as

we

con¬

for those undevel¬

111 Convenient Offices in the

New York Area

to
.

our

page

Grati¬

have been in the red.

»

the proper

12 years, the fig¬

past

a

sen¬

to

payments.

.

be

developments affect¬

field
and

nance

to

assure you

the

follows

<

as

economic.future and

the

in.

of

home for exten¬

not at all similar.
:

us.

therefore,

sitive to broad currents of thougth

the

race,

demands

the scenery along the two routes

deficits in our inter¬

chronic

ered

★

T

must,

problem of

Close behind is the

the

to

★

-

-

a

new

our

ap¬

and

and

wastefulness

that

manner

lem

7;/7

»

thorough

challenges

choices, which .confront
We

only if

mismanagement are eliminated.-

reducing the deficits,

★

upon ; a

dis¬

such

-

programs

priority

ures

IN

-

7;

space

courses

fying progress has been made in
SPECIALISTS

based

in

effective

be

; can

national defense—but in such

our
a

par¬

have

which are
for. survival. Naturally,

to

necessary

top

We must give

afford.

we can

priority

ourselves

must restrain

we

the

the voeal

financing.

Today's Problems
But

broad economic

wings when vital economic issues

Historically, the dual system of

wel¬

aged, and* the farm .prob¬

a

than

ultimately

strength of

that it

policy to exert the

stated

preserve

of

full knowledge

the

lem.

com¬

capital.

strength

tem

which

respect

have

We

ceeding rapidly with such analy¬
ses

pri¬

of

banking has gained in the

required to ana¬

Association

Your

development

mercial

lyze fully all of the recommenda¬
tions.

for

and

nation's

will

idealistic

are

such domestic issues as social

importance is the increased

mary

proposals.
Time

Americans

We

respective states fare, unemployment;' medical care

preserved.

stature

comprehensive set

a

be

Another

distinguished men who

compile such

is

j"

nation.7,

the welfare of our,

people.
One outgrowth - of this
its characteristic is our desire to solve

perform

to

continue

to

must

of their time and talents to

gave

Association

perpetuated with the capac¬

this right of the

the

of

challenges

and

We

tude to the

It is the con¬

your

vital role in the nation's economy,

efficiently to meet

more

needs

future.

of

to be

laws

practices in

banking

of

that if the dual banking system

reexamine

to

view

is

it

participation

alert to

meaning advocates can be found to

We are being in¬

A. B. A.

Currency. The

ing

wide range of eco¬

a

war,

must

participate in more and

to

vited

i

••;

u

is

sive social reform

gained

'

•

■

economic competi¬

new

abroad,

cold

opinions are being

our

on

matters.

nomic

7

policy,

issues ^which

preciation. of the

the ing

on

longer afford.

no

tion

bankers- and .disparate

for

•.

can

of

forces

the

moving to the front in eco¬

and

we

liberal groups at

nomic discussions, we have

this

reasons

materially to the

so

and

to

main

the

that

responsibility

this

not the end.

77 Experimentation

profession, are ex¬

meeting

By

.'.,A.

disagreement; is

means,

of finance and economics.

banking.

has thrived

system

Committee

of

of

One

recommen¬

e r

long

so

not

do

is

sta¬

Choosing the Right Fork

\ The

pected to be familiar with matters

chartered,

-rights of Jhe other.

con¬

dations by the

1

state

the

each

past

is,

the

the

other

and

significant development that

has

federally .chartered

one

—

of

because

who,

nature of their

-As

principle

national

on

nation..
7

applicable in th§ jcasq

more

price

general

bility; ,7;..!Ta77777:;/ 77;; V

whole demo-r

individual... This

the

even

immense productive

our

capacity, • and

of economic decisions re¬

the prinr
.ciple of the free expressions of

of

zation

and all

Americans, must share the conse¬
quences

ac¬

7';

„

political

portunities, reasonably full utili¬

to the realization that we,

;

;

us—whatever

or

living, expanding employment op¬

cratic system is based on

deposits, Mr. Fleming observes it

savings

on

of

ticularly

I hope,

in their making. Our

banking leader recommends that we stick to the

interest

of

nomic

asserting

and,

r'7'7!

.

our
eco¬
implications for the economic and
persuasions— financial well-being of our coun¬
7 ,77-a-A;
7:..earnestly want rising standards of try.-

.

gardless of whether we had a part

-

tried and true
path to economic growth, and he notes that the experience of
bankers is gaining increasing recognition. Turning to the increased

The
:

cussions

.

articulately.. At long last, we came

.

maintain the strength of our dual banking
system, and the strength of our national economy. Mr. Fleming
recounts domestic and international economic problems confronting
the nation, and

policies

:: ;.

•

.7-

.

7 For this reason we must con¬
tinue to participate in broad dis-7

neglect basic eco¬

objectives.

All

■

not

j 7

,7

,

executive

Shape

help

tions.

-

report by retiring bankers' spokesman

bankers

country's

.

have

we

in

strides

forcefully

ourselves
End of the year

-

past,

economic

broad

for

should

nomic

position of objecting

selves in the
to

By Sam M. Fleming,* Retiring President of The American
Bankers Association, and President of the Third National

we

ously protested, only to find our¬

which

predominantly agricultural.

However, in establishing priori¬

ties

vigor¬

we

economy,

7

Thursday, October 11, 1962

.

.

economies

whose

countries

are so

we

thought were not in the best in¬
terest

•

which'

made

: were

oped

Then when

being debated.

were

.

18

:

r

Volume

196

Number

The Commercial and Financial Chronicle

6202

(1511)

there

Two N eeded Reforms

"

would

be

thriit

For Member Banks
By E. Sherman Adams,* Vice-President, First National City Bank,
'"!

*.'• .':•••■

Z>'~

'

New

•

York

City

'

•"■

"•

"

-'

-7

institutions

explains why:

dropped;

>

(4)

(2)

demand deposit reserve ratios are too high;
on

thorough overhaul of member bank

a

;

money.

*

re-'* :
:<

/

;

'

Burdensome Reserve

7?.

argument.

"

not

.f'P Requirements A "x'i

time

and;

member

requirement

savings
is

banks

against
of

deposits

outmoded,

n a

t

or

I t

y.

ho uI d

b

abolished

un¬

*

_

r 1

.

of

credit

port

states

.•••;,•

;

this requirement; namely,

(1) that

it is

credit control,

funds and that the banks have

None

point,

of

these

bank

vL

'

" '

f.1

■

t

.

i

.•

»

other

From;

?

-

•

•'

'•

?■

.

for

7

bank

that

for

matter,
is

U.

•

S;

EXbrook" 2-8515
-

''

"X

-

7

'/•:'■■■

t-

*■

.

' '*

'

.

209 SOUTH LA SALLE

TELEPHONE: 372-8282

'.&■

* .*

.

IN

THE

*

'

TELETYPE: 415
v

•-

"A

'

American Radiator

&

TELETYPE:

.

given to
•

terest

312

Standard Sanitary

Corp.

!7

.

'7

,

no

^

Bethlehem Steel Corp..
Boeing Co.j.: •
' ";

--

-

Telephone & Electronics

The

&

time

in

of

-

Canada. Ltd.

*

-'■>

v N. Y., Inc.
Crown Zellerbach Corp.

Douglas Aircraft Co., Inc.
Dow Chemical Co.

duPont (E.
&

I.) deNemours

Co., Inc.

>

-

is

firm

J.

Mr. McCon¬

W. B.

40

interested

in

law,

burgh firm of

Singer,r Deane

Law,

of
a

he is

linois
served

Bar

Loyola
member

of

Association.

the

He

as

Governor

for

■

that

firm

Pennsylvania
Bankers'

Il¬

Past

has

of

Investment 1 Bankers

Association

Scribner

since

general part¬

a

since

1951.

,

He is Chairman of the Western

of

the

of

ner

talents

School

&

1946 and has been

but

investment

his

been

with the Pitts¬

firm's

of

devoted

McConnel, Jr.

years.

the

has

associated

to this vocation. A graduate of the

President

Pittsburgh,

member

the

of

nors

Rocky Mountain region, and also

Group,

Association

of

the

the

of

Investment
of

the

and

America;

Bond

Board

of

Association

Exchange Firms.

Club

currently
of

Stock

°

S.

J'/:.':

sav¬

de-;.

PRIMARY MARKETS FOR

it

banks

INSTITUTIONAL INVESTORS
U. S. Governments

passbook

they

advanced

-

Agency Issues

'

money.

ceiling

Federal

funds,

Municipals

in

on personal

application to
no

Public Utilities

reason

*

why

thrift

a

ceiling

A

•

im¬

Industrials

should

accounts

& Co.,

Kennecott Copper Corporation

,"'

|

Martin-Marietta Corp..
Monsanto .Chemical Co.

j

Texas Eastern Transmission

Montgomery Ward & Co., Inc.

&

Electric Co.

'

''

*

Pacific Lighting Corp.
Pacific Tel. & Tel. Co.
American World

Airways,. Inc.

*

-

'

to

y

Railroads

im¬

case.

no

Permanente Cement Co.

Western

Bankers

market

money

,

assurance,

prudently

,

for

.

compete

substantially

Certificates of

Bancorporation

This is

tion,

Chicago Offices

for

a

proper

serving

as

short-term

Finance

aggres¬

If

I

be¬

Deposit

Paper

Canadian Issues

period of

increase

volume of their time

Westinghouse Electric Corp.

a

Acceptances

can¬

now.

assurance,

lieve they could, over

time,

they

this" money

had1 such

they

.

Varian Associates

Phillips Petroleum Co.

if

rise, they will be able

be required to retain these funds.

not

Eastman Kodak Co.

banks

the higher rates that will

sively

El Paso Natural Gas Co.

that

Lacking this

■

Corp.

Union Pacific R. R. Co.
United Aircraft Corporation

Equipment Trusts

At

pay

Transamerica Corporation

Direct Private Wire Between San Francisco and

the.

competing

have

assurance

United Air Lines, Inc.
U1 S. Steel Corp.

.

are

time

present

rates should

..

Union Oil Co. of California

Pan

Eastern Air Lines, Inc.

the

—

Unilever, Ltd.

■,.

North American Aviation, Inc.

Pacific Gas

(Indiana)
Standard Oil Co.* (New Jersey)i
Sunray Mid-Continent Oil Co.
Tennessee Gas Transmission Co.
Texaco Inc.

,

money.

have

but this is not the

now,

£;.

'

Standard Oil Co. of California

,

..

effectively for time deposits right

Corp.

Sperry Rand Corp.

of

pression that banks

.

Standard Oil Co.
,

kinds

.people

the

deposits.

Preferred Stocks

banking. func¬

an

intermediary

money.

It" is

a

■

r*

„

function

Direct
NEW

YORK CITY:

Open Telephone:

V. F. Naddeo & Co.

•

system

First Southwest Company

SEATTLE:

1

I

I

I

I

I

I

1 1

I

1

to

Ph:

TWX: 214 899-8471

742-6461

Ph: 227-2486

orderly

interest

as

Ph:

622-1990

would

functioning

well

"*

as

of

SALOMON
^HUTZLER

r

talk

.

.

by Dr. Adams before the
Annual Meeting o# the
Savings Division
of the American Bankers
Association, at
their 88th convention, Atlantic
City, Sep¬
tember 24, 1962.**
a

SIXTY WALL STREET

'

NEW YORK 5 N. Y.
IIAwover 2-8700
Members New York Slock

Exchange

the interest of
BOSTON
,

TWX: 206 998-0234

1 1 I. 1 1 1 I I 1 I I I 11 I 1 I

BROTHERS

the

TWX: 503 224-1944
*From

1 1 I 1 I I 1 1 1 1 1 1 I 1 1 1 I I I 11 t 1 1 I




to

TWX: 617 451-3820

It

banking.
Sloan & Co.

Wm. P. Harper & Son Co.

i

permitted
contribute

American money market, and this
would clearly be in the national

,

'l

should^ be

Ph: 482-8360

May & Gannon

PORTLAND, ORE.: Donald C.

banking

perform.
the

DALLAS:

American

425-6330

•

Direct Private Wires
BOSTON:

the

.

SAN FRANCISCO

PHILADELPHIA
•

•

♦

.

DALLAS

CLEVELAND

>

a

Gover¬

;

many-

vacation money:

world
on

practice

completely

a

deposits. There ia

the

nel

been

not .rainy-day

are

rate

a

has

Jan.

on

1, 1963.

originally intended to

the

a

partner of the

oyer

prevented

than

arguments

Some

Smith-Corona Marchant, Inc. . Socony Mobil Oil Co., Inc.
Southern California Edison Co. K
Southern Pacific.Co.

"

Lockheed Aircraft Corp.
Lorillard (P.) Company

j

Commonwealth Edison Co.
Cons. Edison Co. of
.

Sinclair Oil

Intl.. Business Machines
Corp..,
International Harvester Co.
International Nickel Co.-

Chrysler Corp.
•

Reynolds (R. J.) Tobacco Co.
Royal Dutch Petroleum Co.

Sears, Roebuck

Pacific Tea Co.

Corp,

Hewlett-Packard Co.. *
.*7
Hunt Foods & Industries Inc.

International Tel. & Tel. Corp.

fCities Service Co.".

Exchange, he
will become

firm's

Henry

for

New

Stock

Vice-

..

savings have little

' "

U.

be

are

animal

,...

SECURITIES:

for

short-term' investment

favor of

;

Safeway Stores, Inc.
San ETiego Imperial Corporation

& Rubber Co.

Canadian Pacific Railway Co.
Celanese Corp. of America

,

al of the

'York

pay

however,'

to

,

money-market

222-9634

,

'

to the approv¬

investment

Coughlin,

with

invest¬

ment firm and

in¬

can

savings

on

.that

.

competing effectively for
deposits, domestic as well as

or

business

an¬

McConnel,

that,- subject

F.

department

the

Wall

has

has,ibeen

banks

for

sense

savings; These

,

A;'"

44

associated

James

'The

of

-

apply to these deposits. They are

Great Atlantic

Atchison, Topeka &
»<
Santa Fe Ry. Co. i
Avco Corp.
...
,,,

become

Board;

;

.

V'1

drag

continue

reserves

.

■

Meanwhile,

different

are

•

'

.

different

' 1 ..*

Goodyear Tire

»•

has

President;

Coughlin

with

J.

became

a

Pure Oil Co.

Gulf Oil

(The)

sales

B.

President,

whole

the; problem. of the

foreign.

Procter & Gamble Co.

Goodrich (B. F.) Co;

Ampex Corporation
Anaconda Co.

*•

■'

•

regulation

time

•/

•

banking
Walter

reserves.

.deposits.. Controversy.

from

7"7: V ' .'Vv
••••'*

the

of

,

is

Radio Corporation of America

General

American Tel. & Tel. Co.
American Tobacco Co.
:

I

.needed,

time,-as contrasted with

on

should

—

-.7*77;*

.

393-7830

FOLLOWING LISTED

♦"

rates'.that

ings,

.

General Motors Corp.

'

Jr.,

and. Robert

direction

identified

savings

Foremost Dairies, Inc.

.

the

Edward

be

General Electric Co.
<
General Foods Corporation

American Airliner, Inc,

Co.,
City,

Jensen.

important

Too;/little /attention

makes.
.

\

*"

STREET. CHICAGO 4

,,V'

Time deposits

,

Ford Motor Co.

American Can Co.
American Motors Corp.

&

York

nounced that W. Bruce

con¬

An Unwarranted Price Control

posed
Allied Chemical Corp.
Aluminium Limited

.Coughlin,.

indefinitely University

II

years.

11:11:

f *■>''

' WE OFFER NET MARKETS TO BANK TRUST

.

New

Cough¬

the

Comptroller.

under

banks.

for

other

Whatr is

positsmay

deposits than

SlAwjM
7,777?

"t

DEPARTMENTS

P. .White

institutional

burden

should

might

:v"

-excuse'i rate-

require¬

'

SECURITIES

Chicago Office:

v

of

J.

man,

differentials

action

these

'**;/•

u

.

Savings

reserve:

against these

■*

^

'■'

Freres

Street,

^

,

Edward B.

are

banking and

alone

reforms.;

the

shares? of

no.more

present

"155 MONTGOMERY
STREET. SAN FRANCISCO 4y

\

Lazard

President, and Wallace B. Wester-

this

and

system of member bank

mutual

as

deposits,

There

the

ment

up

.

TELEPHONE:

...

\-

de¬

in

are -

be

geography

postpone

V

.

■■*■

W. B. McConnel

dis¬

as

area.

Chairman

pursue
on

deposits

savings and loan associations and,

INVESTMENT

'■

Lazard To Admit

Ex¬

.

reserves

member

on

Piecemeal

one

monetary...stand-

a

deposits

general category

bonds.

to

antiquated'

savings insti¬

^

'"v*

firm' acts

Herbert

eliminated.

dis¬

savings

m i ii 11:: 111 m 111 ii 111111111111 ii ii. ii 111111 r 111111 r r
"•

re¬

different from credit:

by

these

same

no

•

stand

can

The

Walter

and

A.'-.i-VV'7

L '

-

no

savings

this por¬

assets.

own

lin,

repealed.

in ...the

*

all, .credit extension based... thorough -overhaul

tutions.

or

(3) that the U. S. Treasury has a
right to the earnings on these

on

-■

extension

liquidity, (2) that

earnings

be

unjustifiable

and. restraint

labor union official.'
'

'•

posits is

C

x

it is needed for
for

should

need

an

based

Only

.

they

Also,

'

f

v

\

Midwest

the

cor¬

clear; that

seems

reforms

5

stitute

re¬

this

Commission

commercial

on

E. Sherman Adams

perpetuating

1932.

Officers

a

set-up;. Reserve ratios against de¬
mand deposits are much
higher
than

came

Its

unnecessary

the

of

a

'

1. After

plausible

A

that

repealed.

be

sented,

arguments for

tion of their

flatly

should

vaguely

any

'

1 The

purposes.

is

member

up

than

right to

this

Money and Credit

on

quirement

if

useful

control

opposite conclusion.

•

three

heeded

that

assume

,

considered this question and
to the

could

more

people

Commission

'

anyone

Some

*

for

program

dream

it*

requirement

requirement is somehow justified

a

doubt

of

of

' '

*

.

reserve

41

So,-

Association

Treasury in

the-earnings

,•

I

>

the

-

In fact, they

assets.

of-

Rocky Mountain

non-liqUid;'asset the •However, it is' important that this
holds,' more, fixed should be coupled -* with
other

than its fixed
,

as

reform.

medt- loan-

'

Coughlin and

—

proach be applied;to other busi¬ Gerwin,. Vice-Presidents;
• v
de-> ness firms?./,*?
Coughlin,
Assistant
;>•
' M.
are

,

•

comprehen-.
sive

theory of taxa¬

bank

average

7

.

<

change,"' is celebrating the 30th
Anniversary of its establishment

anyone have the
temerity to suggest that this ap¬

hardly at all rto meet

the most

are

e

of

part

'

and

to

members

poration.; Would

c

'

reserves

.

deposit withdrawals.

warranted, illogical and discrimis

available

mands

The 'reserve

Required

%

Company, Inc., Security Building,

portion of the * assets of- any

.y'rT

<

,

DENVER, Colo.

in

the Board of Governors

National

Anniversary

Jt

,

.

any

taking rail of

under scrutiny. Take the-liquidity
:

5%

on

the

11

Securities Dealers.

30th

outstanding

tion that justifies the

? t\-.

i

-

yet to hear of

<

VA

of

ings) puts himself way out in left tributors and dealers in
municipal
field, fight by the foul line. I have and corporate
securities
of the

'

reserves

*

untouchable

-

against

serves

Coughlin & Co.

a

Treasury

it yields to the Treasury
(via Federal Reserve bank earn¬

<-

and restoration to commercial ;bank& of their
principal function as an

intermediary for short-term

including

the

revenue

<

and

an

reserve

a

other

on

Anyone who tries to justify this
requirement on the basis of the

"

interest rate ceiling should not be imposed upon time deposits.

Dr. Adams calls for

:

;vr

(3)

geographic differentials should be eliminated;

imposing

—

that

Savings bonds.,

(I) time and savings reserve requirements should be

based

serves

maintain
cash

•

-

New York banker and former /LB.A. economist in clear-cut terms

,

:

for

comparable requirement

requirement

*

vi-

CHICAGO

PALM BEACH

The Commercial and Financial Chronicle
12

FROM WASHINGTON

no

influence in electing members

of

Congress

to show up

He

went

CARLISLE BARGERON

of

Candidate of

Mitchell,

who

was

.

highly touted to win. Mitchell lost
in

undertaking

President Kennedy in

barnstorming tours is

his weekly

to> *< accomplish o what* "no
other President has been able to
;

the
show Mr. Kennedy to

Regardless of how popular

polls may

be, his

popularity won't rub off

the

Congressional candidates.

on

In

program

will

who

Democrats

election
of
support his

the

asking *. for

t

the President forgets that

which was
rejected was turned down in most
instances by sizable votes and Mr.
part

the

of

program

has

Kennedy

for the
acting

basis

no

that Congress was

feeling

against the wishes of the people.
It is the business of members of

Congress to know what the people

opposition. These
frequently don't like his

blocs

proposals but he is their boy.
In

opposition

of

his

Mr.

keep

back to Congress year

comes

a

labor

to

I had leader
to me that he

through.

after

leader

knew

the program

it

was

was

keen

say

crecked

not what

was

be, that it

to

up

pretty much a phony, but the

"boss" wanted it.
this

this team
Mr. Kennedy

popularity,

applies

the contents

his mail, they know

letter that comes into the
office. If he doesn't read it him¬
of every

self,

his

for him
of

the

Secretary
what it

to

News¬

says.

watched

rather

The

sion

Mr.

defeat

11

§

Capital Stk. Sold
of Fieldcrest

stock

Mills, Inc.

is

being made with the

of

300,000

Of

shares of the stock

share

per

Inc.,

New

Blyth

by

City,

York

asso¬

,v

total, 200,000 shares are

being sold

for

'

and

the company

certain stock¬

shares for

100,000

Co.,

&

and

at

.

,

_

Headquartered at Spray, N.'C.,

my

Fieldcrest

Mills

designs

the

products consisting of regular and

to

men,

as

autom atic

he

tried

He

head

the

toWls,

Rules Committee. He

instance

Rules

large voting blocs working active¬

the

ly for him and they have to be

John

was

(electric)

b 1

a n

k-e t

s,

sheets, bedspreads, woven

-

of

will

of

proceeds

be

firms

of

York.

capital

of

the

notified

the

which

1961,

business

borrowers

that

to

them.

through

of

release

or

£40

million.

the

to

company

and for other working

the

in

is

But, then, the
considers

govern¬

is

neces¬

payments

remarkably steady

been

this time

of the year when it

usually weak. But the cost of

living index has been creeping up
and

demands disregard the

wage

policy of wage restraint. A num¬
ber

of

cess

of the

increases far in

wage

limit

of

ceded

dismissal

of

of

Union

strike

actions.

is

and

it

follow

to

by

up

Evidently

be

been

have

lately

and

ad¬

an

as

service

that

and

engine

steam

tained

if there

even

are

steam

no

engines to repair.

Evidently

-

without

way

of

number

adopt the

their

pay

closing

down

would

a

if- the

be

to

prepared

were

policy of discquraging

motoring

seized

in

way

could

lines

government
the

only

the

railroads

which

which

craze

has

people.

British

the

upon

Unless huge amounts are spent on

additional

that

roads,

to

bound

is

craze

itself

reduce

ab¬

to

ex¬

government's suggested

2V2 %

going

kept

social

repair shop workers should be re¬

-

it

caution; It

with

proceed

has

scheme,

the

the

thousands of

many

to

position has improved and sterl¬
for

a

repair

closed down.

protest

a

should

amount

true, the balance of

ing

being

engine

to

similar

other

reflationary

potential

rightly
to

un¬

time,

are

National

threatening

distinct

as

"ineasures; '^^o^Nibt
much.

of

large number of redundant em¬

bers

£175

.^e..^um total of the actual re¬

ment

decided

the idea is that unprofitable lines

flationary t measures,

very

steam

pay,

engines,

diesel

involves

ditional

of

purposes.

of

to

order

same

engines

by

ployees,

-v

the

In

Railwaymen brought out its mem¬

Caution the Watchword

-from

a

controls

number

a

response

which

invest¬

about

by

year

steam

In

War

increase public

to

of

transport

shops will also be

taxpayers during the War. The

next

down

number

government also announced its in¬
tention

close

since

Credits," compulsory loans levied
on

middle

employees.

replaced

scale,

some

Conflict

the

profitable lines. At the

demand.

"Post

of

so

to

was

small

a

on

in

the Transport Commission

fa¬

it

end,

Transit

is

nationalized

make

available

stimulate

to

a

million

once

trade

sense.

Commission which

railroad

prepared to

made

that

done

was

as¬

Britain

port

un¬

additional

the

were

To

necessary,,

This

possible

moderate

the nationalized railroads and the

applied.

revival,

were

of

use

cilities

to

have

major conflict between the Trans¬

made

was

longer

no

That in itself would not have
a

the

Major

to

that %.

times

Governor

England

in

become

union leaders to talk

that the official request to

July

plunder is re¬

would

we

for

more

to

banks

would

it

en¬

,

individuals

several

of

amount.: The
Bank

the

of

lending to business

private

or

extent

the

sary

used for the reduction

bank loans,

Chairman,

New

including bath rugs

shower curtains.

Net

defeated

except that

Committee

O'Connor

and

the

of

commercial

increase their

some

wait till the next recession before

of

million

£80

then

sumed

of Eng¬

deposits,"-' thereby

the

abling

manufactures household textile

was

bath fashions,

every

released

of

revival

a

unrestrained wage

and

to defeat several Senators and one

in

September the Bank

ment

for

willful

do\vn definitely on

a

".'jk

;v.:

the

offering

rugs and carpets.
It also styles
arfd markets a coordinated line of

Congressman,

side of the latter. At the end

less

public sale of the capi¬

understanding,

get.

could

they

tune, at the present stage. If the

the

"special

conclusion

Government

British

come

land

all

the

boom would be therefore inoppor¬

the

Of

for

business

a

now

make
The initial

the

and

out

Pending

to

has

sisted

members

pressing

inflation

ing

long

desire

the

bring about

restrict, credit

described them and everyone was

more

to

in

Fieldcrest Mills

holders/

in

wage

desire

After

—

between

resist

banks

elected. Roosevelt the Great tried

Mr. Kennedy has two

validity.

them.

discipline

to

Wilson.

the

the

than

President

tried

the

issue

better

certain

Woodrow

popular than his program has a lot
of

by

of

defeat

expres¬

is

who

Congress

j;

Kennedy

first

The

tharf the big

frequently quoted

that

wants

memory

closely
and* it is they that

metropolitan papers.

controversial

a

public

the

at

President. It is closer to

in his district are

scanned, too,
are

it

tells him at the end

and

day

papers

catalogues

defeats

of

saved him against

Southern Democrats.

ciates..

sile

occasions

several

On

the Republicans

hands of
Congress. Congress knows which

the Congressman never sees

that

got

have

much of his program

as

did.

he

as

$14

many

wouldn't

Kennedy

Mr.

Republicans,

the

for

been

tal

this

get

They

year.

their

for

gnd the record shows, if it had not

personally, not to his program and
explains why he suffered so

mail on
every
conceivable subject and,
in spite Of the complaint of cynics
after

the Re¬
cooperation

applauding

was

they worked feverishly

it

put

pro¬

particularly

not

was

it but

for

medicare

example. Organized

gram was one

he

publicans

through

Kennedy's

work,

who

can

to

working together.

closer to the ground than one

ear

nobody

ago

and go along in

measure

But

and

in the case

as

sad commentary on

a

England

LONDON,
hesitation

revival,

the

in

activity

Kennedy's

facts, too. Only a few weeks

thb

particular
support
proposal to keep the team

their

his

want

instances,

some

surprising election.

very

campaign is

'-y

-

organized labor, they will bury

of

a

Mr.

watched by the

Paul Einzig

By

Repub¬

the

for

Jersey, his former Secretary

Labor,

Britain Primes the Economy

far this year.

so

out

Gubernatorial

lican
New

BY

all

is

his influence

and

yet

Ahead of the News

...

do.

Thursday, October 11, 1962

.

.

had

he

that

showed

Eisenhower

trying

.

(1512)

surdity

of

increasing

the

because

number

automobiles

threaten

con¬

for

pressure

create

to

congested

hopelessly

conditions.

higher wages is very strong even
This aspect

though business is slack. It is easy
to

would

sure

be

COUMTT

to

be

were

V'

Labor

'-rV*

\

'J-?

- ; •

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

the

with reflation at this stage when,

THE FAIRFIELD COUNTY TRUST COMPANY

s >;;

HAROLD E.

f it*

'•

A

»

i

*

f

time,

leaders

at

trade

some

any

rate

are

t4beginning ,to, show some inclina¬
tion

RIDER, President

to

adopt
The

titude.

COMPARATIVE STATEMENT OF CONDITION AS OF SEPTEMBER 30

first

the

union

statesmanlike at¬

a

government

is

very

1962

1961

LIABILITIES

Cash and Due

from

Banks

$ 16,498,584.37

$ 15,811,988.41

1962

Capital.......$
Surplus

5,985,000.00

1961

$

5,486,250.00
7,000,000.00

9,000,000.00

......

Securities

41,786,861.97

Profits

44,768,970.89

2,483,026.63

Securities

19,063,455.28

Loans and Discounts.

140,003,213.69

117,104,822.51

Banking House, Furniture
and Equipment....
4,226,255.91

3,876,099.53

Other

Real

Estate...

21,146.03

Other Assets........

262,259.98

$ 17,469,541.28

19,134,595.50

4,561,846.45

.,

Unearned

83,609.92
236,844.51

1,700,679.88

Other

Liabilities

V.

$ 14,969,276.63

1,424,314.73

.....

.

system

'

'

increases

$221,861,777.23

GREENWICH

NORWALK




end.

an

need

STAMFORD
DANBURY

OLD GREENWICH
NOROTON HEIGHTS

SO. NORWALK

SO. WILTON

BETHEL

the

realize

the

for

a

co-ordination of wage

various Afhions.

demands

by

extremely difficult task

to

an

reach

amongst

the

relative

about

level

of

tries.

Nevertheless,

in various indus¬

wages

some

such

the

prospects

agreement

though

far from bright are in fact

WILTON

$201,016,931.27

than

RIVERSIDE

GEORGETOWN-REDDING

DARIEN

NEWTOWN

they have

Should

a

the

union leaders

repudiated

ever

business

conditions

ployment

It

agreement

an

themselves

back

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

among

leaders

1,770,219.07

NEW CANAAN

GLENVILLE

sensible

179,916,416.92

LIABILITIES $221,861,777.23

$201,016,931.27

more

2,000,295.54

TOTAL

RESOURCES

RIDGEFIELD

to

wage

union

trade

of

TOTAL

increase

even

any

quarter, there

do

to

pressed

from

so

to be no

seems

alternative

reasonable

to
is

and

the

to

closing down of railroads in dis¬
there

where

tricts

for

demand

is

enough

not

services

their

to

justify their existence.

of

better

been.

trade

the

of

unions to

redundancy is not con¬
railroads

to

bring

over-full

moderate

their

which Would then insist

reduce
of

em¬

trade

their

in¬

expanding

could

should

and

with

costs

a

en¬

aid

the

equipment. They
prevented from doing so by

are

resistance

to redundancy

permitted

only

are

to

they

or

do

so

on

terms which make the installation
of

modern equipment

costly

un¬

explains
why
capital expenditure by industry is

profitable.

of affairs
can

This

unsatisfactory.

reflation

could

No

members

as

well

demands.

amount

remedy this

of

state

unless the trade unions

be persuaded to

sensible

hold¬

in

are

is

It

labor-saving

promptly

on

also

which

dustries

which

industry.

countered

so

boom

would be

by

Responsibility

resistance

The

fined

"leapfrogging"

of

196,405,779.23

Discount...

Deposits

2,660,338.77

on

prepared

not

not

of

will be

Reserves

is

Labor's

The

2,484,541.28

t....

automobiles

of

such

declining

Other Bonds and

increase

Given the fact that the

road.

discourage

policy in order to bring this

wage

Undivided

U. S. Government

the number

is

policy

the

encourage

anxious to induce the trade union
movement to accept some form

RESOURCES

through¬

however,

reflationary

to

government

government has

to proceed cautiously

every reason

for

ernment's

the

Position

of the problem has,

ignored,

the controversy. Yet the gov¬

out

in

V."

Difficult

in

Moderates

Moreover,

COMPANTY

been

bound

TRUST

COMMUNITIES

if

resumed.
y' i.i

OFFICES

up

stepped

conditions

boom-like

E4IRFI ELD

that pres¬

imagine how much

attitude
as

in

in

adopt

a more

this

respect

respect

of

wage

Volume

196

Number 6202

.

.

.

The Commercial and Financial Chronicle

Our

As

a

result of

success
as

biggest competitors have just paid

Chrysler Corporation's

equipment

on

2,000,000 Chrysler-built




are now

•

Plymouth

•

Dodge

•

Dart

draining

offering their

Chrysler

•

for

Imperial

CHRYSLER
CORPORATION

your

battery—even in traffic

jams. Naturally,

revolutionary

•

13

another compliment.

.

all modern accessories without

other
Valiant

us

device that produces current

almost

cars,

producers

versions of this

with the "alternator"

standard

(1513)

that

our

still another

•

Dodge Trucks

we are

pleased

competition is adopting

Chrysler "first."

The Commercial and

Domestic Oil Companies

pal

areas

the

ceeding

^2% annual, growth

By Donald Fernow, Analyst,

;(1

Hornblower & Weeks,

Members N. Y. Stock Exchange

New York City;

United

Illltll

selves in

that with the

in

oil

of

oil

can

intensidevelop

have

companies

United States

the

have

barrel

a

;begun

and? of

was

foreign!

As

mark**'

these

scene

integrated domestic operations and sources of prolific foreign pro¬
duction are advantageously situated. Discusses and recommends as
:"/;r

,,

T

foreign

rapid expansion of

*
The

discov¬

oil

prolific

of

lure

eries, immense untapped markets,
soaring demand in areas of

and

by region, Such highly industrial-

ized

.

production-in recent years

crude
has

,

Western Europe,yth9

areas as

British

industrialization abroad as

rapid

it has in the past, widely

vary as

_

somber

ening in growth by the mid-1970's,

pros¬

certain

as

hign

product

s

markets

p

proach saturation. However,

1 oratory

freitt.jiewly/ctef

uj
men-ted-by crude
muiicu

p

>/,,

frU-1957 T 750000 barrels-'

Ltd.

ren

tinental

ly continue to enjoy
inent

in¬

well

/since ,1956
duced

into

a very prom¬

the

which

market

num¬

presently

policy of cooperating with-foreign beenaccounted

repre¬

tically

ori¬
oil

Donald Fernow

undertake

cerns

to

tures.

After prolonged

efforts,

number

a

entrants

oil

have

scene

and

of

the

ing industrial growth and rapidly

Europe's

rooming economy
tion base is

significant

discoveries,

Western

score

that

as

en¬

third

a

of

the

again

rels

trenching themselves in such

transportation

zuela,! the
Canada

Middle

while

establishing
new

areas

Libya,

as

the Persian

Gulf

In

and

the

United

try

is

abroad

the

characterized

Markets

by

A

50.

Western

Over the present

time,

decade, the free

rate

of

2.7%

for

7%

an

as

average

pattern of

growth,

States.

consumption.

a

Britain

1961

the

production

be

receiving

of

At

The

to

most

free world crude

of estimated

substantial

oil

rapidly

has

consumption,

rising

doubled

in

at

1961,r

end

14%;

to

political

consumption
ucts

a

nually, and
further

of

1958.

past

to

-

represent

relatively

•

an

untapped

oil

,

East

of

reserves

twice

are

thus

those'

Foreign

Oil

ment

are

„

fundamentally; physical?)

-imr

ploratory activity,
less%han

sense

mar¬

are

at

in

relatively

the

political

considering
bility

free

oil

tor more tlian
century di¬
rectly oppo.itc U.S.Tre asury,

one-third,

by

program

3.8

capacity

million-

1965.

This

includes 73

by

RIGGS
national

MEMBER
.

FEDERAL DEPOSIT INSURANCE CORP.




constructed
the

bulk

of

bank

FOUNDED 1836

■

new

in

the

Western

Foreign

.be

Europe;

remainder,

else¬

Hemisphere.

Production—Soaring

Output and Prolific Reserves

Foreign free world crude
duction

over

pro¬

the period 1951-1961

in

as

in

Office:

Lexington Avenue
N. Y.

^

■

sedi-

economic

ternational

clined

136 Delancey Street at Essex Street

>

';

67 Avenue C

at

3th Street

318 Seventh Avenue at 3 8th Street

413 Grand Street at Pitt Street

pro^res- ;

nations

strength.

13.3%,

oil

on*

invested

companies

substantially

1955

since

the

Other Convenient Offices:

insta¬

capital abroad for the major

in

.

certain

these

Though the return

half

will

of governments

however, should

grow

refine¬

About

facilities

where in the Eastern

of WASHINGTON, D. C.

ICOERAl RESERVB SYSTEM

these

"'-A

v

exporting nations. This latter

diminish

-

existing installations.

ex ten--

are? greater,?

periodic

sively

ries and capacity increases for 32
of

hazards

factor,

barrels

extensive

new

'

111 Second Avenue at 7 th Street

in view;,

home,

unexplored

the

,

general

a

mentary;basins. On the other hand> r

prod¬

experience, facililio. Located

daily,

&

(ex-* '.ri-sks,:, those? - associated .'with- ex- *

actually less.

refinery

742

-r

New York 22,

and/political. Abroad the physical

Construction underway or
planned involves an expansion of
world

far

■

The risks, inherent in oil invest-'

an¬

America, but whose
petroleum

" /

Main

Investment

sive

is-*

.

in¬

of the prevalence abroad of

ucts

■

Middle

the

that of Latin

consumption ', of

G;',

identified elsewhere in the world.

enjoy

Communist'; Area

1.7%; ' Venezuela,

ket,-whose population is six times

Inquirie* cordially invited.

ESTABLISHED 1848

•

Africa,

prod¬

rate of about 8%

eluding Japan)

*

■"..•/A

its

decade

is expected

Canada,

The

vigorous growth., \ Africa

and \non

mense

vicissitudes,
petroleum

the

over

creased at

a

re-\

the

3.2%;; the Middle"
East, 67.7%; and Indonesia, 3.7%.?

the- free

since

year

6.3%;

the

growth has been erratic and sub¬

ject

rc»»urce»,

the

In-'

for

donesia. Of the 278 billion barrels

Though Latin America's economic

in

an-'

United States accounted for about

Japan's

however, will

v

for- Canada;
55:1

and

in

12:1. for the

Venezuela;" 92:1; for
East;

..

end

serves

world,

Foremost

37:1

year

reserves

was

States;' 20:1

for

Middle

France

and

very

ratio

pro-.'

to

striking ;rise

-

nual

that

annual

24:1

world

from

By

gas.

to

North Africa.

with

_

exploratory'

imports of liquefied methane from

annual

contrasted

the United

natural

Great

world's demand for oil is expected* should

-

.§£.

;

to

13.5%

1959
a

from

in .1959;

stabilized

at

in-

;

de¬

24.4%

it

has

Assets exceed

$700,000,000

around

level moderately above

current

7.8%

representative

return

group

of

integrated oil companies

for

a

domestic
and

the

Member Federal Deposit Insurance

daily

earnings in

Continued

,

from

despite

16:1

stimulus

and

reserves
rose

United

strong

imported

at

world

ductioii

heat¬

space

1951

tween
of

fact

receive

and far flung prolific oil reserves.

increase

the

Europe, -*>'15;

mushrooming
a

-

activity, be¬
1961 j the ratio

developmental

ing market will in the late 1960's

strong

uptrend in products consumption

to

by

throughout the free foreign world,

of

oil indus¬
a

and

field

automobile

suggested

in

sons;

Continental's

in

to

'

to

The "improvement

prominent

.?*--•

Reflecting world

con-

of potential

scope

the

is

barrels.

level

barrels

2,494

recent-

a

in

daily

out¬

current

Ganada1s? new,' Na-^

by

anticipates, further

that in the United States for every
car
in use there are three per¬

Vigorous

outside

world

States,

in

growth

Argentina,

Uptapped

free

the

—

petroleum products

on

to

feet

74.5

a

put from

of

.

scene

striking

of

to

•

;

cubic

^arr^SAv®^'

700,000

heating .growth.

space

flow

begun

the

Con¬

dynamic

million cubic feet; net crude

by ? these

has

by

sales soared from

gas

particularly salutary

a

sumption./.The

such

and Australia.

Foreign Demand
Growth

in

have

effect

and

pioneering

themselves

will

and

East,

and

-

late

oil

by

rose

Canadian

tional Oil Policy, the oil-industry G

Burgeoning growth in automotive

Vene¬

areas as

<•■

for

owned

from 5Q,000 .bar-«!

in : 1947

of

couraged

States.

already productive

daily

level \

large

as

oil field,

Leduc

foreign

new

sharply,

rose

subsequent to the discovery of the

-

popula¬

United

,^
productiprt

Canadian

mush¬

whose

companies, achieved near self-. , companies;. Of
In

sufficiency.

standards of living under¬

rising

late

these

29,282

oil

free

and costly

made

rewarding

products,

of

world's increase in demand. Surg¬

international

the

upon

46%

ven¬

foreign

developmental

and

petroleum

for

accounted

con¬

exploratory

for

.

experienced

million

1952

-

~

sents one-quarter of the free world

demand

4.3

output

cubic, feet .daily.

the

on

has

growth. Net

current crude, successful, ; In' recent
years a
production-' is-, about 260,000 bar-, steadily ,increasing proportion - of
rels
daily,-has since the com-* the net annual increase in free
mencement
in ; 1958 • of
its" ne(w world/' foreign crude output has

up

Pacific

is another

Oil)

element

America,-.lures'whrch';;have been notably

Latin

In

while

Bay Oil and Gas Co.,

(67.8%'

which

whose

Argentina,

succeeding decade.

ber of domes¬

ented

y.

this -rise.

of

consumption

energy

During 1961 the West European

in¬

an

creasing

rise in

of

production

,

crude

Hudson's

the

has

11 y,

c a

1960,

million

139

to

are

t i

30
by

14,285 barrels daily, its
gas
production, ? by 19%

natural

^

sluggish

to

and

America

subcontinent,

at
one

barrels of crude daily,,

which-

mandj domes-

Asian

tested

continues to climb

-

growth in de-

Latin

as

areas

develop¬

Ameri¬

daily;

Crude

.oyer

16%

geology whose, forbidding nature

,cnnnn

such

feet

concerns

42%,

and relativ ely
of complex
v

trillion

Pan

Petroleums, at 40 million

Petroleums

-

-

discovery
cubic

feet.

19,000

relatively

and

already

4.3

can's production climbed to about

these

unsuccessful and have
remote

recent

A

a

Columbia,

reserves

/estimated

feet.

of

sharply. During 1961, Pan Ameri¬

cur-' fe^aa di?cpwraged earlier attempts
•trffi
.to'.find J oil.; Despite such formigeria,,--i. y ,,
^
handicaps, these newcomers
currently in the early stages of gena, relatively new oil, export-,,
...3.^..
' '
industrialization, will undoubted¬ ing states, account- for nearly-all tw^e. participated in many ven

and

ment costs and

an

gas

both

inaccessible/regions

veloped areas. .African production

ap¬

.

e x

can

already est.

in

climbing- output

instances'

and

(Stand¬

province

gas

British

proven

million

par?les-- .in -I™My instances, tnese

only been-attributable., to

not

_

probably will experience

,of

cubic

than

J? already estaboil
com-

_

Dominions, i and ?Japan .tabllsEed areas of production-but,
were
a slack-.' has -also
substantially been aug-*D:aneere(4

opposed to the
pect

-

exceed

international

lished

,

The

rights i

concessionary

—

owned

development
natural

northeast

in

where

cubic
,

the

major

new

Pacific

select group of domestic oil companies
performance abroad has been notable.

whose

/

in

tors

newcomers

ort" the' international

investment opportunities, a

industry
Ltd.
(39.5%

Oil-Indiana), the leading fac¬

ard

establish

to

Canadian
are
Pacific

American Petroleum

Pan

in¬

more

in the

by Phillips; 5.2%, by Sunray)

themselves in vigorously growing

in Vene^

$1.51; in Canada* $0.56;

and

finding

for

costs

the

Among

pioneers

Petroleums,

increasing number of Ameri-

of

cost

:average

developing

finding* and

world, those companies with well balanced

and elsewhere in the free

the

Canada:

petroleum

contracting

States,

1955-1980

intensification of competitive conditions, domestically

Sccllc

below • that " for
the' fled * tlieir?* efforts
to
Over the period sources oU crude abroad

strikingly

presently establishing them¬
vigorously growing markets abroad. Mr. Fernow maintains

cfeveloped prolific foreign reserves, are

,

in

significantly

itself

manifest

earnings.

developing local sources of crude,
an

developing reserves abroad is

and

gen-

declining product prices

rjging

ancj

the

in

and

25%;

the international scene, having

abroad. Some of these newcomers on

'K

at

19.3%; in Africa,

at

East,

between

East Indies,- at
7%. Moreover the cost of finding

,

Analyst asserts significant discoveries and rapidly expanding pro¬
duction underscore growing achievement of domestic oil companies
•„

Thursday, October 11, 1962

.

.

trepid

with prof|t margins

Venezuela, at 5.5%; in the Mid-

die

;

■

\

:

.

annual rate:of 17.5%;

average

in

t

.

international

experienced by the United States.
Production in Canada increased at
an

in

9.5%. return for industry
eral.
L ;
"

most princiof production far exin

gains

registered

,> ' ;.V|V

Financial Chi^dcle

(1514)

14

Corporation

on

1961

page

32

Volume

How to

196

Number

6202

The Commercial and Financial Chronicle

get the school to Johnny on time
required to build

tions

a

day

over

the next three years to keep up with our growing

educational demands. That

means

they'll have to

go up

fast, but

they'll also have to be solidly built and economical. Here's how
the

city of Elmira, New York, did it.

The contractor broke
Dec.

-

ground for the 55-room Elmira School on

2, 1960, and raised the first steel columns on March 27,

1961. 500 elementary
lowed

;

students moved in on Sept. 9, 1961; fol¬

by 1000 junior high students the next semester. That's

less than

a

year

from start to finish, about half the time usually




a

school this size. And it cost 13% to 17% less

than the New York State average.

The secret: pre-engineered steel

components were factory-fabricated and shipped to the job site

ready to erect. A new, lighter, stronger, tubular steel column
used

to

support bright,

These slender
and

was

porcelain-enameled steel wall panels.

panels increased usable floor

space

by almost 5%

provided excellent insulation.

Like the Elmira
need

School,

many

of the

new

school buildings we'll

by 1966 will be built with functional, pre-engineered steel

components. America grows with steel.

United States Steel
TRADEMARK

16

Thursday, October 11, 1962

The Commercial and Financial Chronicle

(1516)

Production

Steel

ent

The Market... And You

acquisitions,

through two

in

Interest

the

already

at

when

week

the lowest

even

up

turnover

pace

in

seen

couple

a

time

of years.

plenty

were

low

of

profit of that size.

ticipation, apart from uncertainty.

fourths

A

World

share

Cana¬

which led to predictions

holiday,

religious

Series

ball

games,

dian market

the

even

a

holiday all helped to

cut interest in

day

function

financial
shut

securities

when

tomorrow

markets

houses

Consequently,

there

morsels

being

excite

the

business

much

ignored,

Motors,

has

moves

than

not.

GM

year,

dozen

points

is

within

of

range

all year.

also

is

widespread

any

a

It

to

GM's

it

interest

has

been

share

of

tured

whether

and

the

it

high level of out¬

$4.26

record

profits

previous peak

year.

last

decade.

in

unit

officials

with

a

output

been

merely

as

static,

a

domes¬

integrated

Marathon

is

producing

started

the first

the first Lib¬

was

well,

which

since

into the international oil markets.

are

in

the

on

1982,

record

about

match

that

of

That

leaves

with

provement

substantial

its

in

fortunes

•

oil companies
afflicted lately

price

and low profits.

wars

However, there is some hope that
the

is

industry

the

on

of

verge

remedying these poor price levels.
The

it

as

Mara¬

impressive

at the

But the successful expansion
horizons offers the promise

growth

in

than

less
with

future,

the

have

shares

last couple of years

has

small

been

In

ahead.

better times

ment

and

the cash

the
pay¬

supplemented

by

•

ACETATE

tively slated to be readily

The

record

bjr

reported

profit

tennOn, much of it of the nature

bargain
field
is

of the

company one

the

in

electronic,

where, in the main, the story
of prices well deflated from

one

the

the

issues

earlier

optimistic peaks.;.;

The company

.

/

that is linked im¬

hundred points
Foxboro

still

appar-

Co.

in controls

industries,

a

under its peak, is

Known

leader

a

as

for continuous-process

Foxboro

di¬

recently

versified into electronic and digi¬

instruments

and,

under

agreement with RCA, took
fulfill

computer

some

•

AVICEL®

for

velopment

new

regular meeting
dividend of

on

CORPORATION

per

of

Corporation, at their

October 3, 1962, declared

fifty cents (50c)

share

factory

as

established

trade

and

small

were

and

over-all

tone

listless,

so

there

lacking
little

was

faster

business

of

in

zip,

anticipated

fall

the

for

total

7%

activity.

will

above

ACETATE

high

this

real

early

be

largely

must

be

the

projects, is to

on

This is

the

field

developments arise.

the

de¬

a

project but puts Fox¬

importantly in
start-up

puter division,

Because

of its

costs

as

com¬

earnings this

year

a

common

DIVIDEND

shown little tendency to

following
around

to

Stock.

The

holders

of

dividend
record

at

is
the

share

co™Pany
on

payable
close
C.

Chairman

the

Forties.

late

the

food

and

the

In

dividend:
25

an

of

the

cents

and

Arm

fa Will'8ms




Furnace
Durham

to¬

add up

such

of

shown

total

the

Industrial

show

mixture

a

a

profits

cities
that

although

this

shares
not

arc

down

year

at

a

obtain

to

will

9.6%

be

the corresponding

those of
last

Our preliminary

year.

$32,270,946,006

at

stand

week in 1961. Our compara¬

same

the

tive

for

summary

Week Ended

(000s Omitted)

,

Oct. 6— /

well depressed and not

as

1962

^

%

1961

;

$18,005,736

$15,857,826

1,423,712

Philadelphia

New

being

York__

the

of

some

centers follows:

principal money

levels

Chicago

price below 30

for

States

against $29,432,374,065 for the

year's peak of 87, they were

seen

United

possible

clearings

weekly

since 1959 and far below

seen

last

ended

week

is

it

which

still

to

country, indi¬

the

of

cities

up

with

sales
But

upward.

the

of

for ' the

Saturday, Oct. 6, clearings for all

not expected to show anything

startling

with

figures

Preliminary

ago.

telegraphic advices from the

above

headed

decrease-compared

a

cate

prices, only to be forced by com¬

are

.

will

chief

squeeze

marked

.

,

compiled by the Chronicle, based

"painful stability."
have

firms

;

clearings this week

year

upon

need higher price tags,

this adds up to

9.6% From

"1961 Week's Volume

•

Bank

experiencing

firms,
and

cost

a

Some

Bank Clearings Rise

;

to little change. For large

that they

,

+13.5
6.6

+

1,189,000

+

0.9

899,^60

878,979

+

2.4

Kansas

in store for the future.

1,336,081

1,200,000

Boston

yet reflect¬

ing the eventual improvement that

513,576

499,827

+

2.8

City

companies, the for¬

parts

-

down to only

now

third of sales and its other

man¬

the

.

.

year

auto

the

on

the

payable
1962
to f

'

*

at

October 9, 1962

Napco Plastics

GREATEST

*

Year's Week

-

According to data compiled by

the

ended

and

Iron

American

stitute,

production
Oct.

1962,

6,

Steel In¬

for the
was

week

1,746,000

against 1,766,000

tons

(*93.7%),

(94.8%) in the week ending

Sept. 29.

inclination
a

to

improve

de¬

16% improvement in sales
59%

a

the

is

in

increase

The

better

r

half year

than

-

5%

price/earnings ratio which
only

runs

results

11

around

expected this

times

the

year.

not

cide

NAME

IN

RUBBER

necessarily at

with
are

those

of

presented

any

the
as

time coin¬

"Chronicle."
those

Data

Oct.

6,

of the

as

for the latest week

1962,

shows

tons

week

Production

this

(*102.7%),
Jan.

The

Index

1-Oct.

year

.

to

or

7,

Institute
of

of

Ingot

only.]

through
76,528,000

5.5%

above

1961, period.
concludes

Production

r^nnfiyi 11 o/J

author

2,102,000

-

amounted

6

tons
the

output

(*112.8%).

ended

production

a

compared to last

decline of 16.9%

year's

Oct.

[The views expressed in this article
do

They
THE

From Last
.

tons

yield is distinctly above average as

By R. L. Miller,

"

From

Preceding Week and Down 16.9%

experiencing, the price

are

earnings.

'

share

Stock,

good

The Goodyear Tire & Rubb" 0<i

President

Advanced Science

are

1.1%

Down

Output

Steel's

companies

recent years even

like Borg-Warner where

cases

and

Secretary

Subsidiary
Manufacturing Company

level of

•

of Borg-Warner shares has shown

the close of business No¬
vember 15, 1962.

FELDMANN

Board

the

little

of Directors

per

Divisions of NUE

Armstrong

in

slackening during the year.

which continue to

shifts

small

numbers

a

DIVIDEND

December
15.
stockholders of record

initial

common

30, 1962 to stock¬
business October 15, 1962.

RUSSELL

Board

Common

October

of

may

since

ufacturing has been thriving. And,

CORPORATION
declared

planning

economy

govern¬

have

products

5

has

index, farm

modest, strength.

some

day declared the following

outstanding

of

little

a

tentatively assume no substantial

firmness

level

lowest

the

ment's comprehensive

auto

AVICEL®

Initial Dividend

a

an¬

some

become

advance

clearer,

first half year decline

a

Like the auto

GOODYEAR
•

Thi

cents

factors

as

from that of 1962, al¬
though there may well be soma

spite

5

these

very

provides

Until

unknown.

cut

either busi¬

change

NOTICE

No. 118

^(„^On^Oc}0^er 3- 1962> the
of

other

tax

a

on

consumers

or

ness

com¬

industriali- materials,'

makers

dividend

its effects

as

tax

investment plans. And

and

in

AVISTRAP®

ELECTRIC

on

uncertainty of

well

prices

move

particularly

and

'■Estimated.

the

COMMON

UNION

con¬

depend upon

modity index, including foodstuffs

despite

NATIONAL

the

official, forecasts.

to

con¬

plant and equip¬

outlays,

changes

discounting

commodity

in

the effect of depreciation and

expectations

continued

seems

\*L

•

ment

accounted

by

and

in total

and

what happens to

a

satisfactory,

engendered

all

at

rise,

expected

struction. Much will

price

of

overoptimistic

quite

to

services. Some

consumer

durables

sumer

will

It

gain.

outlays

continue

is

ahead

reasonable

some

up

degree

with strong

seems

government

likewise

to

to be any

appear

it

year,

will

the

prove

quarter of the year,

not

weakness

annual

system

October 18, 1962.

CELLOPHANE

•

that

increase since 1959. In view

the

next

levels

1961, the best year-to-

have swayed in

•

10

probably end

Although

should

growth prospects. Looking

quarter

The

does

con¬

economic,

some

—

uncer¬

many

sector of the economy

product, the broadest measure of

record at close of business

RAYON

there

best

from

.

a

measured by gross national
total

the

be

likely to be the best of the

seems

period

much

political.

present

season.

final

the

tunes of the auto parts

Vice President and Treasurer

of

forces

some

that

promise

arising

business

to

is

there

flicting

so

was

when

period

a

tainty,

except that normally

pace,

stock, payable on November 1,1962, to shareholders of
on

planning,

new

upward.
Gains
erratic, and the

uniformly

into the final quar¬

year,

important

in¬

records, although their course was
not

pro¬

are

early views of the shape of 1963

econ¬

output,

a

while

pressure.

the

week

computers

boro

VISCOSE

the

still

is

capacity

move

we

of

totals

NOTICE

Directors of the American Viscose

imports

As

contracts.

utilizing computers.

AMERICAN

there

the

said,

of RCA computer engineers

group

to

an

over a

and

become

such

omy

of

price half

a

perfect industrial control systems
DIVIDEND

of

measures

prices have presented

at

industries,

ter

Bank

the

portantly with RCA, but is avail¬
currently

of

issue

Larger aim of the working part¬

AVISTRAP®

•

numerous

have

Corp. stirred up some atr-

of calling

NOTICES

CELLOPHANE

•

current

narrowly. The sensitive spot

Ra<l$

some

England Letter.

Wholesale

nership with RCA, which supplies
RAYON

the

Continuing,

dividends.

stock

in

stability,

little to antici¬

done

its New

of

yield of better than 4%, the

a

pate

earnings

times

15

in

viding

year

at

and

factor

narrow mar¬

them

lower

to

Excess

here

Boston

our

of reported earn¬

expense

factors

again.

of

year,

income back

poured pretax

petitive

gin, said The First National Bank

Nevertheless,

exploration and development

into

of

of

record

earnings

thon has been far from

im¬

ahead, the income benefits tenta¬

DIVIDEND

operations

marketing

with all

activity

high ground, but

new

disconcertingly

a

come,

rather

reserves

in this country, are

tal

the

its

by

business

quarter

moved into

able

was

four years ago and

some

yan

Oil

near-record

a

as

The international work of what

the shipments just starting to move

prediction that next year's
will

where

organization,

top of what

production

GM

has^ grown

has led to large reserves and with

on

its

which,

primary

Bargain Electronics Issue..

incustry in the

assured to be

seems

year

But

well

as

positive result

Good and bad years have alter¬
nated for the auto

than

as

operation without appreciable

now

share reported in 1955, the

a

Marathon Oil

marketing region

The

Third

states

Plymouth1 acquisition,

has

however,

midwest

merger.

of the

aim

including

six

the

was

the

to

up

growth prospects.

eclipse

to

for the year

international ;,oiI
as
an
important

in

medium-sized,
tic

cap¬

foreign fields,

to

ones,

the

to

which

points, for instance.

it had

once

put would enable this colossus to
report

Marathon Oil,

range

factor

a

domestic

year

has

largely

the market

constituted today

is

into

the -increased

market

the

this

its

full 10

a

circles

performance

has

of

year.

In recent years

About the only debate centering
on

some

This section

that

flips

this

stretch

to

states

of its
was

formerly the Ohio Oil Co., has yet

in it.

generated

there "

one

the

averages

has

touch of its all-time

easy

if

above-dver-

from it.

came

ignored

has, however, been.holding lately
peak

prices, both giv¬

an

recent

are

ings.

occasion

clusive

the

far

so
a

yield of some 4.8%

stirring in the oils, but little con¬

times

more

turned

by

ago.

however, it was a mundane oper¬
ator.
The dramatic developments

earnings

below-average price/earn¬

a

On

down

despite

fact,

illus¬

is

tag

12-times

its

and

price

return.

age

market

a

simmered

only wandered over
baker's

its

Stirring Oils

once

narrowly
In

this

the

"normal"

conservative

The

ings standing, and

wild gyrations of the stock market

early

of

by

ing it

investment-type issue

that

to the $2

year.

attention.

any

staid,

a

on

last

ratio

facet that failed

one

bellwether,
to

for

largesse over

year-end extra that it

at recent market

high output of the auto fac¬

General

issue

candidate

a

dividend

nature

the

of

some

in

pretty

were

tories
to

And

averages.

the

considered

the

that

record

a

trated

little

was

decisive to the actions of the vari¬

better

reach

rate

it

a new

had tacked
Indecision

news

of

the 50-cent

down.

ous

a

shares,

outstanding

the

additional

are

$2.71

for

confident of GM's ability

so

was

other

while

business

ana

to

billion,

a

In fact, the market analysts

were

being capped off by a quasi-holi¬

of

on

peak.

securities, the week

Until

century

a

the^
the 1962 half year, the profit
Plymouth acquisition early this
already
run
past
threeyear.
That added
10 southern

had

par¬

corporation

industrial

any

As of

excuses

of market

state

dollars, first

billion

a

had rolled up a

There

for the

than

mere

Failures

Business

Oil

dissolved

was

half

order

Production

Commodity Price Index

Standard

the

which

combine
court

1955, GM reported profits of

In

to

dropped

new

a

note.

Price

Auto

the

of

part

were

for

back-to-back

years

this

more

That would be two good

this year.

on

recent

in

ebb

low

a

dried

weeks,

market

stock

the public, which was

Index

Food

once

another

is

oil

Trade

Retail

TRADE and INDUSTRY
of

companies that

Marathon

thriving

Output

Cartoadings

The State of

of them Plymouth

one

Oil.

the part of

Electric

operations were expanded

by widened territory

STREETE

WALLACE

BY

Meanwhile, the do¬

1964.

by

mestic

with

by

Volume

Number 6202 '.

196

i

.

.

The Commercial and Financial Chronicle

(1517)

■

nr.

Natural

gas is too narrow a term to

describe

it still

accounts

refined

petroleum products—though

motor

The

for

more

than

fuels, fuel oils, and LPGases

right word is

sources

of energy, as

Potential

new

the

well

business,

of

we pump

our

even

though

income.

So

is

millions of barrels of

booming Midwest.
and heat and light

energy—we are

a grow¬

always in search of

as new ways to move

forms of energy:

Texas Eastern Transmission




to

energy—energy to power

ing America. As pipeliners of

our

three-fourths

liquid natural

new

it, store it, supply it.
gas

and gasified coal.

Corporation, Houston, Texas.

17

18

The Commercial and Financial Chronicle

(1518)

MUTUAL FUNDS
BY JOSEPH'C.

they

doing,

are

they

from

They Know No Boundaries
funds have

enjoyed greatest
the ;

within

cess

people

many

fail

the cooperative

suc¬

United

States,
to realize that

method of invest¬

ment, under the guidance of ex¬
perienced

was

Continent

the

became popular

long

here.

before

their

peat

the

it

The afflu-

startlnig

When

Investing

with
in 62

Its aim is to solve the

a

Balanced

Fund

seeking conservation of
capital, reasonable cur¬
rent income, and profit

•possibilities.

der

consist

will

review,

It

investment dealer

for prospectus

or

write to

on

"An impor¬

to say:

the

that

vides

cost

its portfolio

just

at

minimum

a

to this new

mutual fund is New York's Tem-

pleton, Damroth Corp.
pany,

aries,

INVESTORS,1*

the years.

more

manages

-

credit

through

in;: which
stated

of

f '

^v

•':<

>

Mack

and

Trucks

of

Machines.

During the

Included

initially

Fund,

in

the. port¬

Stock

ended

Over-the-

Fund,

Investing

Put¬

Fund,

of

this

be

To

American

first

fund

Latest
ment

high

a

through October.

runs

wprd is that the manage¬
anticipates a portion of the

initial

underwrting

will

remain

in "a defensive position"—that is,
cash end short-term

time, deposits.

It would seem to be but a ques¬

tion of time^and

that-4-before

in

entrepre¬

major

our

on

-cities to manage funds that

Investing for long term growth
possibilities in securities of companies

pean

in many fields of scientific and

that

economic development.

great time, at

European

moved

neurs

no

yvould

invest ih shares of selected Euro¬

companies.
United

States-based

long have taken
ropean

While it is true
a

position in Eu¬

firms—manufacturing not¬

ably—this is not the.
as

a

same

thing

fund to buy funds.

Scarcely
the

funds

basic

velop

a

a

new

insurance

week

fund

Mortgage

the

Market

:

To

Na¬
Com¬

organized at the

was

the

doesn't

wrinkle.

de¬

Banks and

Pet

Milk,
2,400

f

-*

private

corporation which will insure
ventional
.which

con¬

mortgages and another

will

facilitate

selling

of

the

buying

mortgages

in¬

so

,

Enactment

would

cluding

legislation
in¬

lenders,

more

banks,

promote
as

this

of

bring

into

mortgages;

conventional

mortgages

opposed to federally guaranteed

foster

mortgages;

home

owner¬

ship; and lend needed impetus to
the

vital

construction

and, through it, to the
After

.

extensive

industry

economy.

Incorporated
Weatminrter at Parker

t,

f

«

Elizabeth, New Jcrsey

.

•




,

«

«.

....

government

rundown

you

Washington offices
committees of the

many

been

expanding

their activities in behalf of bank¬

ing

without

neglecting

fundamental

the

far-

services

of

However, it soon
became increasingly clear that the
could

job

without

not

be

properly

done

manpower and more

more

brain power.

v

.

with

■.V

com¬
cer¬

tain : reservations', the Trade

(Canadian)

share

per

compared- with-

31,
and

1962,

on,

$13.86

Aug. 31,
May

on

end jpf }sthe]jfi?(?al yeur,
.

$14.66

Aug. 31,

on

1961:

Aug. 31, 1962 total net assets

were

"

*

*

*

.

'

<-;

Clark

&

ens

Fund:

Common

•

during

rose

ended Sept. 30 to

the

Stock

quarter

$46,076,070 from

$44,178,397 at June 30, James N.
White, President, reports. Net as¬
set

value

share

per

increased to

$8.60 from $8.41 at the start of the
On

quarter.
fund had.

Sept.

30,

1961,

the

v.

•;

The

•

;M *

•.v.-'

staff and

various

mov¬

409

Clark Fund, were

&

per

$77,778,-

They

can

Sept. 30, equal to $17.41

on

pected to widen their role.

share,

At

were

$75,434,441,

Thus, the funds in this country

$17,04

a

have.demonstrated that their basic

assets
a

investment has

the

share.

were

-shdxe^...

30,

June

assets

equivalent

On Sept.

to

30, net

$87,925,109, or $20.73
*

a

no

dues.:

past

This

year

was

done

during the

but only after

plete

study

other

factors

of

com¬

a

alternatives

involved.

and

is

my

considered judgment that the

ac¬

tion

takpn

banking

which
of

was

we

the

in the best interest
that

and

pay

best

It

will

prove

the

dues

to be

investments

one

of

our

respective banks.

Many

A.B.A.

services

can

be

*

commit¬

tees

of the A.B.A.

made exhaus¬

studies of the

Report of the

l**

These * Studies have provided the

basis

for

statements

the

•0.

A.B.A.

submitted, to various presidential

committees which

are

expected to

recommend important, changes in
'our

financial system.

Only

three
weeks
ago,
the
A.B.A. arid the Small Business Ad¬

ministration
announced
a
plan
total net assets" of $48,^whereby bank's and the S.B A. will
per share.
cooperate
to
better
meet
the
^credit needs of small businesses.

Total net assets of Scudder, Stev¬

had

it

better in the world market

places

198,559, equal to $10.81

ens

decided

the

Choice but to increase membership

.Commission on Money and Credit.

Total net assets of Scudder Stev¬

situation,

first step in enabling us to com¬

pete

tive

LLX.;;: v

$43,689,378.
V

At

this

Ex¬

Ltd. re¬ pansion Act-—legislation which, if
value0 of $13.66. enacted, can provide an important

net asset

Association

of

and

research

Scudder Fund of Canada,

approach to

Hugh W. Long and Company

busi¬

enterprise

the Association.

one

Reynolds Tobacco. study by appropriate A.B.A.
-

ports

be ex¬

companies began

years ago.

brief

Association, has

Under the plan, banks will supply
the
servicing and half of the

loan funds.

The

bank's

share

A mutual fund

owning stocks selected
for
investment
quality and income
possibilities. Sold only through registered
investment'dealers.' Ask your dealfer for
free prospectus or mail this ad to
CALVIN

of

the

loan,

which

will

constitute

the earlier maturities, will be
paid first, and the banks will
ceive %% for

portion

ONE

BULLOCK, LTD.

Established 1894

,

ing in

this

legislation to establish

mittees, we supported, with

that

goes by

idea

4,000

and

2,500

Morris

shares of R. J.

.

DIVERSIFIED GROWTH
STOCK FUND, *

Tobacco,
Philip

1,500

It

Co., 1,000 Liggett &

foreign-based

American-managed fund is

quarter

Tobacco, 1,800 Arkansas

,T

new

situation,

small

that the staffs of both the

ranging

Shares, Inc.

these 1 holdings:

eliminated

Myers

The underwriting period for the

stocks.

see

A.B.A.'s suggestion, has sponsored

and

1,000 Union Gas System, Inc.

Western Gas

compliment, indeed.

investment ;
in bonds, preferred stocks and

this

mittee, which

period

Aug. 31 it acquired' 3,000
of Atlantic Refining and

Value

Corp.,

Growth Pund.

choice

can

and

tional

"

the

during

Fund,

Special Situations and Win-

field

that

shares

Investors

Securities

Research
Line

direct

New York and

.

Series

Growth Fund, Revere

nam

ap¬
weakness

serious

a

of

private

than

From

For some time it has been

correct

shares

"'v L1

Quality Distribution
reports

Fidelity

Keystone;

Massachusetts

Counter

A balanced

-

rather

con¬

meeting the

lending.

instalment loans.

Faced

shares of Dreyfus Fund,

Growth

INVESTMENT FUND,*

•-A'

are

in

appro¬

highly

sured.

folio of the Fund of Funds will be

Trend

DIVERSKifED

portfolio.

charges

a

needs

conventional home mortgages.

Business

same

interest

manner

•

Sept. 30

50

International

-

to the

as

advance

exists in the secondary market for
■

announces

acquired 1,500 additional shares

of

on

parent r that

/;

•

.

Fund

that in. the quarter ended

more

priately hailed

ness

sis

*

England

would

term

...

...

which

federal regulation

31,. 1961, -.close

Oct.

bill

a

rights of the states by extending

assets and $21.57 per

.at

System

plan has been

new

Sept. 28
$18.85
with $14,-

at

This compares

of

to

This

structive

in the United States.

K-2,

common

Tfiis com¬
its subsidi¬

investment-counselling companies

Investing in common stocks
selected for possibilities of growth
in income and capital
over

currently

with

Vice-President, and

have further encroached upon the

Inc.

than $300 million in individual, the fund sold 1,800 shares of In¬
corporate and mutual-fund port¬ ternational Telephone & Telegraph
folios. It is one of the 10 largest to eliminate the issues from its

FUNDAMENTAL

,

together

is

Vice-President.

re¬

Fund,

assets

*
-•

it

States

thr e e

objection

the last fiscal year.

New

Investment adviser

Frank, Regional

Werges,- Central

And Our Economic

share,

per

*

*

Mutual

net

share

.

Robert G.

Richard

Continued from page 10

*

.■

share.

_

acquisition charge."

'

'

887,130

In -this

large blocks:

$30.99

amounted to $15,368,852, or

the fund will be able to ad¬

way,

'

ports

a

and

;

Strengthening Banking

31

earlier.

Guardian

will be pur¬

fund

the

since

1%

J.

This is

$17,386,574.

to

y'-'L ;':V

port¬
not exceed

From left, seated,

Vice-President,

.,

with N $31.23

months

The Fund

to

transaction may

folio

Vice-President;

re¬

Aug.

at

assets
to

equivalent

Funds in any partciular

chasing in

Philadelphia 3, Pa.

V

V

goes

States

Western

compared,

31,

compared

investment, com¬

S.

U.

seated in center.

Coltrin,

Board's Chairman; standing, Donald C. Larrabee, Atlantic States

General Corp. reports

net

amounted

a

C.

C. Ellwood Kalbach, Northeastern States Vice-President, who

share

$15.90 a year earlier.

total

tant feature of the new fund pro¬

of

Wellington Company, Inc.

bf

Company President,

Frederic

$14.40 three months earlier

Carriers &

in¬

limited selection of the best-per¬

panies."
Ask your

and

Aug.

at

$14.56

with

vestment portfolio, constantly un¬

forming

•

of

to

"The

it:

explained

Services

Long

Overseas

Investors

As

funds.

Ltd.

Fund,

General

ports a net asset value, per

350 American mutual

among some
—

discuss distribution of mutual fund shares with Milton Fox-Martin,

academic finger-waggling.

Canada

Sales Advisory Board of Hugh W. Long and Co.

Newly-formed

The Funds Report

The choice will be from

choose.''

be
than

can

to get more done,

on

are

investor's

fund

"which

of

dollar

man's

thrifty

any

new

a

problem

Competition for

will not be made.

the

Geneva corporation
offices and representatives
countries on six continents.

Services,

popular than

more

that changes, surely in per¬
and possibly in, charges,:

pose

Overseas

Investors

by

v

the

around the

fund will be marketed

world

this

of

Shares

companies.

be

to

investment counted

based

-

Z:

L

dust1 has settled,

sonnel

invest in the shares of

States

United

to

Funds, Ltd.,

of

Fund

The

multi-bil-

although it (is idle to sup--

ever,

global marketing, v It: is

some

called

found

with

plans

management,

American *
do

not .calculated-

-funds- at home and abroad will be.,

European. group vwhich,

a

And, of course,

responsibility.

the

When

1

Geneva-comes a story of

formed to

A Name to Remember

lion-dollar

States

United

any

unrealistic
of

to mellow folks with a

during, the last 20 years.
From

either.

which is

market,

story

success

the

in

recorded

Hugh W. Long's Sales Advisory Board

there's the bad spill in the stock

beginnings, promises to re¬

in:

in the United Kingdom and

vogue
on

counsellors,

the

Thursday, October 11, 1962

the' disposition

help

not

fundmen

society, now being created in
• area
where the -funds had

ent

.

The fact that much of the

criticism is. unjust and

does

.

over¬

are

criticism

to

sensitive
source.

While it is true that the mutual

well be

may

that, because they are so conscious
of the
worth whiteness of what

V

POTTER

It

merit.

greatest

.

WALL

STREET, NEW YORK 5

re¬
re¬

servicing the SB .A.
;
J

CP

Name.
Address.

.....

?r-r

:?*

Volume 196

Number

6202

.

.

The

.

Commercial and Financial Chronicle

(1519)
evaluated

only

made

use

in

terms

them

of

by

banks.

of

;■ *

'f

,

.

Broad Viewpoint

;

For

example,

of

one

broad

viewpoint.

the

challenge,

the

augurated
ferences

big¬

agement

meet

A.B.A;

annual

to

To

this

has

in¬

personnel

con¬

help accelerate

development^

man¬

lir

v

Our regional" and state

the

type

of

banking
de¬

leadership

lems of our
changing times. The
Banking Education Committee, dn
its first full year of
operation, has

made very significant progress

the

'and

work

formidable

completely
soon

in

ob¬

.

ing

history of

our

the decisions

upon

involving

Berlin,

ocean

and

Cuba,

•

erate

our

depths, how to live in

the

leaders

of

answers

other

many

is

tide

*

is

our

and

Cobleigh

re¬

help

see

economy remains

limit

no

New

the

healthy

pointed

Ltd.,

an

our

to

individually and
organization will extend to

nation in

our

the guardian, of freedom.:

to

the

of

Association,

our

tember

jectives of banking's growing ar¬
ray of highly efficient schools.

25,

American.

Atlantic
1962.

City,

Cole

New

.Mr.

•

M.

Adams

&

was

Co.,

made Oct. 4

both

"Tx

Gordon

noted

flow

of

the

business

between 1

the

•

in¬
and

United

they

*

of

the

firm

American

services

and

Cobleigh and
in

on

of

Banking with

90,000

enrolments,

major

contribution

of

specializes

public

relations,

relations,

financial

and

corporate

counseling.

its

stressing

banking fundamentals and is truly
the

backbone

very

of

banking

education.
*,

.

i

.

.

.

But education is only one of the

the

ways

A.B.A., helps

meet your
most

problems.

/to

you

Perhaps the

significant change in recent

months

which

banking
Federal

directly

the

was

Reserve

FINE

affected

action

by
and

Board

the

FOODS, INC

the
'ONE.OF THE

NATION'S

LEADING

DUALITY

FOOD

PACKERS AND

DISTRIBUTORS.

Federal Deposit Insurance Corpo¬
ration

permitting payment'!of'in¬

terest up to 4%

savings.

on

?

■

Many of the nation's banks

re¬

sponded with substantial increases
in their
in

the

savings interest rates and
doing

so

tended

seemingly
It

squeeze.

to

tighten

inexorable

that the higher

profit

became apparent

soon

rates

not

were

unmixed blessing.
The savings

;

York

proved

an

*

conference in New
excellent

an

forum

for

helping to resolve this thorny
problem. I am sure that every

banker who

attended:the confer-:

home

went

ence

with

ideas

new

the

importance^of cutting costs,,:
increasing efficiency, better port¬
on

folio

the

and

loan

need

to

management,, and

charge

reasonable

a

price for services rendered.'
I' could

meetings
were

to

other

many

that

make your bank func¬

you

better, but the list would

too

long.

to

the

conferences

sponsored by the Association'

help

tion

cite

and

.

I would,

mention

just

be

however, like

one

other

ing.

meet-

5

v

■f- That is the International Mone¬
tary Conference, .held-'last May
.

under

A.B.A.

which

brought together

auspices

leadingbankers\ of
World.

ern

been
in

Rome,
150

some

the. West¬

conferencej has

responsible for. major gains

banker

the

This

in

understanding, around

globe,

of the importance of
international cooperation in work¬

ing out

a

sound international

mon¬

etary mechanism.
\

j

Dual
»

We

all have

maintaining
dual

'

:

,

1

'

*

a

1

\

/'

,.

system

of

our

and ' the

national economy.
Association
can
be
instru¬

The

"Why

we

chose the NCR Computer."

our

"With the many items in our
we

ing

have urgent need

a

data stored in

to

our

receivable, and

is

After

thorough investigation,

alert

to"

new

thing

in

our

power

to

every¬

improve

efficiency of banking and

tect

our

free

be

developments : and

challenges and to do

new

the

individuals to

as

us

enterprise

system.

celebrating

will

we

will

give

us

soon

an'

be

.

315

NCR

CRAM/.
..

pro¬

The Centennial of the dual bank¬

ing system which

the

a

as

.

the

puter. Then

process¬

billing,

counts

to

and inventory

product line,

data

which permits fast random

system

access

for

mental, but in the last analysis it
up

S
_s

and

—

W

Fine

Foods, Inc., San

the computer

to

our

us

of

which

we

must

take' full

In

closing,

let -

me




make

NCR

PROVIDES

all the

an

extremely fast random

a

The National
one

MACHINES,

Cash-Register Co.

\

•

and

Computer System will be

a

business where QUALITY is
importance,

machines which make up

System. Similarly,

■-

TOTAL SYSTEMS

AjCPliNTINa

programs

we were very

impressed with the quality built into the

required billing, accounts receivable,

THROUQH

standard

basis.

of paramount

ex¬

advantage.-'%'\ i"

the

backup support offered.
"/'In summary, we are certain the NCR

highly profitable investment."

on

"Being in

particu¬

to store

re¬

quality built into NCR's software

both

315 CRAM

access

lar data processing requirements.

"CRAM will enable

necessary

—in

tories—all

chose

Computer which features
best suited

will make all the

with the

ceivable, and reduce the separate inven¬

Card Random Access Memory
one

com¬

sales data is introduced,

billing extensions, post the accounts

ac¬

inventory files.
we

data on-line with the

as

we

the NCR 315

were

Conirollet

impressed

S

cellent opportunity to explairi our
banking system to the public; and
one

Francisco

:

big job to do in

the* strength

banking

strength of

"

Banking System

-

FROM

ORIGINAL

CASH .REGISTERS

OR

ADDING

1,133 offices in 120 countries

•

ENTRY TO

FINAL

MACHINES,-ANO

DATA

REPORTPROCESSING

78 years of helping business save
money

and

W

con¬

investments.

than

more

continues

ob¬

commerce,

Then, too, the American Insti¬

.

can

Gordon

financial

stockholder

clients

„

tute

fluid

well estab¬

a

offering

and financial

both

Pacific,"

V'T. F. M. Adams is
lished

community liaison

for

to

Mr. Gordon.

States and the Orient has made it

J., -Sep¬

and

communication

imperative

-

coun¬

plan

understanding

sultant

that

public

the

resulting improved

e

sides

served

by

firm.

in

stimulate sales and expand profits
for
progressive corporations on

ap¬

Gordon, President of

York

finances

Bankers

N.

-

F.

which

international

management consulting firm,
represent them in Japan. The

by Mr. Fleming before the
the

counseling firm, has

T.

creased

of

in

mutual

a

rela¬

financial

programs

industry

v

General Session' of the 88th Annual

Convention

these .and

problems

An address

First

Inc.,

public

leading Japanese financial

a

David

the leader of the free world and

as

Gordon,

financial

announcement

fulfilling its destiny

as

govern¬

tries

and

which

support

and

York

tions and

bankers both'

we
as

to

effective

operate.

alert

duty to

Appoints in Japan

*

that

-

Japanese companies to estab¬

lish

relations

of

precious freedom.

our

seek

full

and

Cobleigh, Gordon

bank¬

vibrant.

*

ment

its

our

"In the full confidence that
there

security without

the

system

and

the

its full potential and how to
pro¬
vide reasonable

As

at

age,

•

knowledge

that

markets, how to accel¬

sacrificing

is

sponsive' to' its

great economic system to

our

the

banking

so
we

new'era and compete in revital¬

ized world

:

1

knowledge that

system

In

•"

the prob¬

space and

fast-moving

so:

strength and soundness.

will have to make—decisions

exploration of

do

may

In the

well

as

country does its future depend

a

they

problems. 'Perhaps

before in the

never

,

that is. necessary to meet the
prob¬

coordinating

as

complex", and

period

a

continuing crises—crises which

ing of

schools;.are indispensable in
veloping

'

of

Our generation

destined to live in

seems

present great opportunities

gest problems facing banking to¬
day is the need for bankers with
a

final observation.

the

member

19

Fine

Foods, Inc.

20

The Commercial arid Financial Chronicle

(1520)

The cost of the investigation

fice.

COMMENTARY.,

to the

government
officials

AT&T

cost the

By M. R. LEFKOE

The

vestigation of the Telephone In¬
dustry'
Ordinarily, the passage of a Fed¬

merely grants

which

law

eral

safe to

It is

community.

business

the

in

attention

little

a

asume,

however, that before long almost

to

all businessmen will begin

perience

growing sense of ap¬

a

prehension
rushed

.

ex¬

over

law

such

one

General a "fishing
with a guaranteed catch.

Attorney

license"

attract

would

license"

"fishing

the

BY JOHN

T.

CHIPPENDALE, JR.

in¬

AT&T

that

depreciation, reduce rates,

crease

the general con¬ and maintain the dividend—all at
just described, there are the same time."

aspects of this law which are

three

If

terrifyjpg. .that it is difficult

all so,

greatest threat to the

stitutes the

enter¬

of free

American system

in

extraordinary expenses which
Department of Justice and, would result from attempting to
effect, provided for an open comply with demands for volumi¬
the

not

end up

help to

gold hold¬

our

along with long-term rates
high

so

of

the past

ments and the gold

and

capital

because

markets

for

request

Act," the

the

law author¬ sition of even a relatively large
to
corporation.
Finally, the adding

new

production of docu¬

"compel the

mentary evidence (defined as in¬

cluding 'the original

any

or

copy

previously enacted antitrust
of this

to the

statutes the sweeping scope

not

is

time

much

the

to

spend

in

necessary

detail

considering

dangerous

be

This

the executive branch of the

is

downturn

gov¬

in

cerned

during

of

versal,

it

though the tax reduction

idea

of antitrust laws

to

comply

would expose a

tives to

such

deem

specific laws.

company's

imprisonment,

years

or

both.

Constitution guarantees all

The

Americans (I

in

thing

have not found any¬

indicates

which

it

exception) the

businessmen are an
Doctrine of Irrelevancy
The

Anglo-American concept of

jurisprudence
nized the

both

has

always

recog¬

necessity of'granting to
initiator

the

action
to

right

the

and

of

lega

any

the

accused

righ

subpoena witnesses and docu¬

ments

evidence in court. How¬

as

throughout

ever,

nation's his¬

our

tory, this right has been used to
obtain

evidence

relating

only to

alleged violations of specific, ob¬

definable laws.

jectively

fore, the judge
civil

criminal

or

had the

a

is

antitrust

and

evidence.

as

laws

not

are

ed

specifically

other

American

demonstrated in

"The

laws.

recent

a

antitrust statutes

rational

set of laws

a

conceived.

been

As

column,

are

They

ir¬

as

have

as

I

are

ever

non-

objective and contradictory; they
are

impossible for businessmen to

adhere to;
nessman

a

criminal from the

mo¬

business; they

are,

in large part, literally unconstitu¬

tional; they
ize

those

are

devised to penal¬

companies

which

efficient and successful

they
In

the

column, I

quoted

saying: "If
could

Commission,

as

we

had the money, we

a

'cease-and-desist'

get

against every

businessman

who is engaged in interstate com¬
merce.

The businessman has noth¬

ing to say.

He

can

only hope that

the law of averages will keep him
off the wrong end of a

complaint."

(Italics mine.)

now

need

only pick out

General
any

firm

he desires—for any reason what¬
soever—and accuse it of
some

your

offices.

that

a

your

files would most likely re¬

custody,

antitrust

may,

prior

civil

a

thereon,

all

of the

are

collected

some

anti¬

trust violation almost always can
be discovered,- enactment of this
new

person

a

company

olating

a

law

it

sus¬

guilty of vi¬

probably

could

have kept from violating

(if,

fact, it actually did), the At¬

torney

General now

require

can

the company to produce

what ef¬

fectively amounts to all of its
before

ords

he

initiates

rec¬

normal

legal proceedings.

Several

examples

and

are

Fleming's
Ten

"fishing

Thousand

One

to

Oil

antitrust

(N.

In

J.).

that

case

65,000

by

the

case,

mentions

he

cony-Vacuum

government
over

from

pages.

18

is

Another

that

(1940)

of

in

investigators

truckloads

of

So-

which

documents

is

an

in¬

act is tantamount to




government

a

not specifically concerned

with enforcing the antitrust laws.
It is still extremely relevant in
this context since it indicates the

tion to

a

an

staggering

slaught

investiga¬

1930's

pulled

Fleming writes: "In the late
the

controls.

laws, and paralyzing

rights.

your

Even

ing

type"

the

making

nr.*

•.

■

three

buildings

district

of-

in

financial
in

preparation for construction of

is

in
of

being esti¬

run

than

more

to

a

year.

bring about

too sharp a set-back to the econ¬

although it will probably be
in

uncertain

no

be

than

more

terms

by

since there should

many concerns

modest decline in

a

.

and

the

addition, it is being pointed
by this

that

reduction

a

much

not

of

indicated

that

it

since

economy

lieved

is

taxes

very

the

on

is

be¬

revi¬

sion that will be made in income
taxes

will

much

to

importance
from

the

some

kind

about

economy

of

since

them
burden

tax

relief

should

a

late

too

come

raises

the

to

a

first

the

go

long

ing of the
direction.

of

course

of

next

in the

economy

Here

the

could

year

towards the turn¬

way

right

again the future
and

money

capital

markets would be dictated by

problems that would

many

with

i

the

large

deficit

The

Treasury

billion

of

that

selling
bills

raising $500 million of
well

as

meeting

a

probably

$2.5

will

be

cash

new

demand for

issue which has been

This

will

-

by

12-month

the

come

means

growing.

that

only

in

new

about

$2

money

will have to be raised by

billion

more

to

do

the end of the year.

'

*

"Hot Money?"

the

question

happen in the

defensive.

so-called

here

"hot

in

Will

It

as

to

Specialists in

and

money

economy

appears

money"

fairly

as

is

amounts.

recession

the

scare

which

sizable

modest

a

country

at

cut

a

in taxes that would be retroactive

U. S. GOVERNMENT
and
.

sidered is what will happen to the

funds

building

the

good.

Trust

owners

in

this

of

interest

the

'

FEDERAL AGENCY
SECURITIES

of these

right out of the country ir¬

respective

One Wall Street.

be

stimulant for

a

It is believed that

economy.

an

trend

downward

any

the

taxes becomes of paramount

come

an

influence
the

in

of

trend

con¬

forecasters

economists

reputable
future

growing

business

among

the question of a reduction in in¬

as

likely to have
of

of forecasters

group

is

there

Because

have to be financed.

the pattern of business.

30-story expansion of the Irving

rate

Certificates of Deposit

level?

George
A.
Murphy,
Irving
Chairman, and William E. Peter¬

President,

sen,

led

of

group

a

It

seems

most

to

mohey

the

be

opinion

capital

and

experts that there is much

who

to fear in the United

directed

demolition
60

the

atop

Broadway.

buildings

to

initial

be

of

structure

the
The

step

at

other

removed

two
62

are

Broadway and 70 Broadway.
When

The

decline

more

States from

than

there

is

boom, especially from the
standpoint of what might take
place from the monetary angle. It
a

is evident that the domestic econ¬

completed,

entire

Wall

business

a

from

of

market

banking and construction officials

the

enlarged
occupy

Broadway block

Street
three

The

drawers in

recovery.

\

on

Manhattan

headquarters

recession into

business

though the first thing to be con¬

begun

the

lower

that

length

the

is not expected to

It

on

•

has

wbrk

low

a

f-

"roll¬

another

will

bit

a

what will

ri,

Demolition

the idea, that

heavy supply

cern

attributed

with

it

as

,Vv

few

a

readjustment

of

that

mated

'

statements

capital markets with the

moved

granting the telephone company's head of¬

the

What About

Bldg. Program

market specialists

money

The Deficit Factor

the year goes along.

individuals,

This

Irving Trust

position

On the other hand,

a

a

a

protest will be heard.

Communica¬

the

begin

voices raised loud enough in

investigators

of

un¬

But it is still not too late

fight for

are

these

•'

of not

being

on¬

regulations,

international

of credit will turn

pattern will continue

as

which

In

unjust and

the

interest rates and

Late

economists

to

out

the

the

along with

go

Their

to turn back the tide if you

Federal

all

arbitrary

constitutional

Commission's
out

of

opinion

According

an ever

Irving Trust building will

company.

"An Economic Farce"

tions

under

rate

dictatorial edicts,

the
Mr.

proportions.

disappearing at

are

took

the defendent companies.

Of particular interest

government

businessman's

every

of

all

not

most

.

Be Too

regarded

worsen

omy,

book,

government took 47,000 documents

involving

to

ex¬

Standard

the

the business

in

discussed

case

all

existence has already grown

increasing

Commandments:

concerns

ac¬

cards

the

of

power

rights

of the Antitrust Laws.

Fleming

of

by the gov¬

the

with

control

very

provided in Harold

enlightening

The Story

time,

involved

Antitrust Department

peditions"

the

mind

examination

type of antitrust

some

The

few

of

expense

Also keep in

detailed

in

paper

stacked in its favor.

to

Past Examples

effort,

Department de¬

piece of

every

ernment,

to

the basis of

pecting

Justice

tion being instituted

ex¬

(Italics mine.)
on

is

It

.

Cut May

Tax

felt

such material for

Thus, solely

in

of

sult in

proceeding

[require] such

.

amination."

documents de¬

manded, and since if enough doc¬
uments

..

he

institution

the

criminal

to produce

a

investigation,

to

or

;v V:-: O':

•

time

to

relevant

material

civil

Since the defendant is required to
submit

control of any docu¬

or

mentary

violating tremendous cost of

particular antitrust statute.

would do

you

be in possession,

may

vestigation related by Mr. Flem¬

Attorney

then

vestigation

agency

the

"yes,"

is

what

ask yourself

other

or

re¬

though

as

to be financed.
;;

pro¬

manded

ing which involves

Self-Condemning
Thus,

these

questions

after the

..

.

v

same

union's

believe that any

Mason, past Chairman of Mr.

the Federal Trade

order

because

efficient and successful."

are

Lowell

—

are

the

has reason to
person under in¬

they make every busi¬

ment he enters

a

time, the

economic

an

appears

of the dollar.

rather sizable deficit

a

far

con¬

weather eye toward the protec¬

tion

of the Government that will have

highly

similar

thkt "Whenever the

states

men,

adopt

you

will

de¬

"recommending"

is

there

decrease,

union

by the threat of

If the answer to

business¬

toward

Attorney General

not

like

that

tax

a

likely be

law." posals?

of

process

or

out

strike when, at the same

government

you

holding

unreasonable

mands backed

Nevertheless, this new act, direct¬

any

irrelevant,

admissible

the

a

always has

case

exhibit

not

But

over

authority to declare

proposed
thus

There¬

presiding

"due

to

that

Have

consider

you

against

On the Defensive

execu¬

appropriate?

would

demand

a

maximum fine of $5,000

a

five

or

The failure

."

.

.

with

are

will have to be done with at least

Al¬

record,

book,

any

new

more
as

type of action that will be taken

economic

making.

much

a

measures

to

an

the

time, with

monetary

as

law, the executive branch of
ernment by this new statute. Just
still very much in the picture, it
report, the government has been provided
ask yourself the following ques¬ seems now as
memorandum, paper, communica¬ with perhaps its strongest weapon
though it will be
tions: Have you raised or are you well into the
coming year before
tion, tabulation, chart, or other yet for compelling business firms
document') required in civil in¬ to accede to its "recommenda¬ considering vraising your prices we will know what is going to
vestigations for the enforcement tions" without the authority of higher than the government might happen to taxes. With or without
of

were

combat

limited approach indicated

amount

small

a

opinion around that

awarded

weapon

than

more

used to

were

appears

Nevertheless, there
It

General

Attorney

pay¬

problem

the business decline.

'

izes

be

However:, in

when the balance of

tools which

of

information. the predictions about the future
Moreover, the expenses to the pattern of business, namely that
in
company can easily exceed the there will be little change in the
season on American business.
nous documentary material could
penalty for an actual violation of economy ip either direction.
Entitled
the
"Antitrust
Civil
seriously impair the financial po¬ the law.
Process

time.

will

company

paying a
comply with the govern¬

ment's

this

exempt entities still prevails.

In

the

that could

precedent
at

use

in

there i& not much- in the

nancing by corporations and tax-

order to

of the

of

way

fi¬

discourage

to

as

>

concerned

be

set-back

a

suit addition, there is considerable in not with us, a policy of lower
still the way of an understanding as to interest rates and an ample sup¬
literal fortune in the future course of the money ply ' of credit were among I the

the

court,

economy

of

would

event of

to file

evidence

criminating

signed by the President during
In the first place, the literal con¬
closing days of the current stitutionality of the law is sub¬
session. The "fishing license" was
ject to serious question. Second,

markets

in the

ings,

the new

Department can't find enough in¬

individual rights.

tal

blance

if the Justice

Even

antitrust act:

high enough short-

term rates to give at least a sem¬

points out one

consequence of

necessary

The pattern of

else, the AT&T in-;

nothing

cident dramatically

of them con¬

to decide-which one

the

granted to the Antitrust Division

farce.

economic

an

:

In addition to
sequences

Congress A and prise and

through

was

recommended

It

on

GOVERNMENTS

'Report of the In¬

1939

Reporter

it

that

$2,500,000.

company

resultant

Our

$1,500,000,

was

estimated

Thursday, October 11, 1962

...

were

to

buildings

from

Place.

being

re¬

formerly occupied by

Hanover

long history

Exchange

Bank
as

nancial houses.

and

quarters
:

have

for

a

the

omy,

balance

of

of the dollar

problem, the value
and

ly

in

turn

most

fect

gold holdings are so close¬

our

related

that

any

on

thie

unfavorable
of them would

an

one

likely, have

a

=.

similar, ef¬

as

& Co.

the money and

INCORPORATED

20 BROAD STREET

capi¬

w

NEW YORK
☆

CHICAGO

other.

fi¬
As far

Aubrey O. Lanston

payments

if

☆

"

BOSTON

Volume

The Commercial and

Number 6202

196

Financial Chronicle

Mr.

New Top Officers of ABA
M. Monroe
the

Kimbrel, Chairman of

Board, ^First

Thomson, Ga.,

Bank,

elected Presi¬

was

The

of

dent

National

American

Bankers

Mr.
career

He

First

joined

1931

when the bank

The

Pennsylvania

Insurance

Annuities)
At

Company

placed in charge of the
sales division in
sistant

Vice-President in

charge

1948-50;
Business

Com¬

(now

the
he

Philadelhpia
was

road; Fidelity Mutual Life Insur¬

Jefferson

Committee),
was

a

Executve

He

1957-60.
both

member

Administrative
the

Commission,

Policy

of

Committee

Council,

A.

of time

ventions, in 1960-61.

pital.
the

He

A.

-con¬

of

the

a

Meeting

Trustee of
Hos¬

Philadelphia

CHICAGO, 111.—Wallace

of

Director

a

Chicago Analysts

Catholic

College

is

also

Greater

and* ment and

B.

governing" bodies v between

1939,

the

Medical

of

1960

In

of

and

Appeal

Move¬

Officer, 1950;

;

{ During World War II Mr. Kelly

luncheon
ment

Chamber of Commerce of Greater

in

served

charge of loan and credit activi¬

mobile

and

ties, 1952.
Kimbrel

Monroe

M.

Association

V

»

of

j

O.

as

Director

and

P.

of

the

Machinery

Auto¬

clude,

of the Midland Hotel.

tem, Inc.

directorships

addition

Division, Pennsylvania,

A.'

of the Invest¬

to be held Oct. 11 at the Ballroom

business

in

meeting

Analysts Society of Chicago

in¬

the

Peoples

On Nov. 1 the

First

Gas

to

Sys¬

(New York);

a

field

trip

Society will have
the

to

Sheet and Tube
Harbor Works.

Philadel¬

Youngstown

Company-Indiana
-

William F. Kelly

the

at

Vice-President

Executive

His

First

General

Session of the recent 88th Annual
Convention
Atlantic

of

the

Association

City, N. J.

at

Mr. Kimbrel

advanced from the Vice-Pres¬

was

of the Association.

idency

William

F.

Kelly,

President,

First

Pennsylvania

Trust

Company, Philadelphia,

elected

Banking

38,480,000 Bell System

and
was

Vice-President of the As¬

sociation.

Background of Messrs. Kimbrel
and

M.

Monroe

Miller

in

1916,

County,

Ga.,

in

economics

University

of

Aug.

of

graduate

the

from

S.

the

and

Stonier

a

Gradu¬

School of Banking, where his

ate

thesis

selected for

was

library dis¬
•

W

-

,,

tribution.
•

:

Tf,
.

.

Year

4,

B.

a

Georgia,

a

born

was

He is the holder of

degree

Pay Checks

Kelly

Kimbrel,

■

•

.

c

Upon leaving college, Mr. Kim¬

brel joined

bians. C.

j

mua

The Bell

-,Ai

...

and

Colum¬

at

In 1946, he went to the

First National Bank

Ga.,

s

in

bank

in

wage

Mr. -Kimbrel

ciation,

of several

member

has

decade.

a

checks

He

to

a

committees

A.

1952,

a

So the Bell
munication

a

of

B.

A.

weekly

year.

been
was

System is not just
for

services

com¬

millions

of

people and important projects for the

the Agricultural Commission from
1950

the basis of

payment, that's 38,480,000 pay

January, 1961.

In The American Bankers Asso¬

active Tor

On

Thomson,

he became Chairman of the Board
of the

than any other

women —more

business.

Executive Vice-President;

as

System employs 740v000 menu

the staff of the Farm

Administration

Credit

,

n>.'••'.!

.

defense of the nation.

Vice-

President for Georgia 1951-53, and

regional

Vice-President

In 1955,

was

the

of

ber

he

The human side is

1953-55.

apopinted

Association's

Chairman

from

1957

A.

A.

B.

of

to

this

Federal

men

and

women

and billions

of

committee

He

1961.

oppor¬

tunity for hundreds of thousands of

Legislative Committee and served
as

jobs and

mem¬

a

served

Vi ce-Presd ient

dollars in wages every year.

as

in

total

The 1961

$4,312,000,000.

was

1961-62.

active

Also
Bankers

with

the

President

his

of

It is

Georgia

Association, he served

as

1956-57.

in

important and indispensa¬

an

ble part

association

state

of the purchasing

power

and

prosperity of the nation.

Mr. Kimbrel is

Director of the

a

Federal Reserve Bank of Atlanta.
is

He

also

business

Director

a

and

several

of

investment

the

BELL

corpora¬

faculties

TELEPHONE
in

tions.
has

He

of
a

served

on

banking schools

many

lecturer at The

ate

School

of

and

Stonier

Banking.

SYSTEM

as

Owned

Gradu¬

He

is

by

more

than two million Americans

a

past governor of Rotary Interna¬
tional

has

and

honored

and

educational

active

been

by

many

'•>

groups.

A

-

*

with

civic

and

/

;

*

William F. Kelly has served
President since

since
est

1953

1955 and

Size

as

of Philadelphia's

is

more

and homes.

Director

larg¬

promoted

than

big figures.

It's jobs and wages and families

Many thousands of Bell System

every year.

More than 300,000

men

own

and

women are

stock in the

company.

the First Pennsylvania

bank,

Banking and Trust Company.
Born

29,

Joseph's
the

in

Philadelphia

1907, he is a

School.

graduate of St.

Preparatory

Temple

May

on

School

University

and
Law

He holds honorary LL.D.
>»*

degrees from LaSalle College an1
Villanova

University and

a

D.S.C.

degree from St. Joseph's College.




n

'

/• *

■

■

■:

•«.i

Per-

tric, will be guest speaker at the

Director and member

Governing <; Committee,

sales, 1945; Senior Vice-President
and Senior Loaning

R.

President of Emerson Elec¬

sons,

Philadelphia.

■

Co., and The Budd Company.

ance

Board

Fund

Area.

Chairman

Company;

Delaware and Bound Brook Rail¬

the

and

United

of

Trustees

of

Charities

(now

time

in

Small

the

Commission,

Credit

also

1935, elected As¬

Vice-President

of

College,

Transportation

the

on

of

Managers

phia

21

LaSalle

membership

of

the

was

new

Board

mittee), 1952-56; and Chairman of

for

he

was

Instalment

Committee),

Credit

Granting

Pennsylvania

He

years.

have

activities

community

included

Joseph's

Chairman

Continental.

absorbed

First

many

His

in

Associa¬

College, Board of Trustees of St.

Credit

in

(then named

Lives and

on

for

active

been

Bankers

Committee * (now

in 1925.

Pennsylvania

has

Chairman of the Consumer Credit

with Continental Equitable

Title and Trust Company

Kelly

American

tion

his business

started

Kelly

The

(1521)

iU

.

' I

22

The Commercial and Financial Chronicle

(1522)

J.

James

NEWS ABOUT

Saxon

announced

Thursday, October 11, 1962

...

ap¬

proval Oct. 5 of the consolidation
the

of

$15,700,000

First

National

Bank of Michigan City,. Michigan

BANKS AND BANKERS
Consolidations

New Branches

•

New Officers, etc.

•

City,

will,
First

New

York,

opened

branch

County

sau

i6lh

bank's

has

42

over

Wood

H.

/

-

Trust

Trust

Division.

the

with

was

Bank
cago,

Harold W.

Loan

Personal

is

Schneider

Mr.

Supervisor

;

<

The

National

First
York

New

City

Oct.

on

Collection,

Bank,

appointments

Frantz

of

Herbert

and

Vice-Presidents

Kenneth
its

in

Total

Assistant

Cash

dept.

same

and

823,055,986
446,739,029

disccs.

,778,388,285

profits

"70,884,362

FIRST

NEW

OF

Deposits
Cash

curity

8,023,006,462

its

1,927,691,547

Newkirk Office, at

.:-;.

1,944,859,861

1,476,928.310 1,725,774,852
4,703,701,983 4,385,067,112
140,022,961
136,395,998

MANHATTAN

NEW

Total

June 30. '62

Cash

and

Govt,

S.

curity
Loans

A
1.382.861.453

discts.

W.

69,031,356 A

Dorman. Trust.
advanced

to

ficers

at

York

Trust

Edwin

and

Bank

it was announced Oct. 9

Harold

the

in

Department
J.

Assistant
named

Trust

Both

20 "Pine

at

,Reno,

Jr.,

A

*

Street.

formerly
has

*

theABoard

to

BANK

ii

A

U.

Robert

Yu

New York
of

&

Undivided
A

.A

$

257,754,857

named

* A..,

68.386,960

The

Bankers

New

S "

■

Y.

Trust

.

business

for

Operations,

and

Investigation,

tional

Banking
spectively.
Mr. Allen

in 1946.

He

was

Analysis

and*

Interna¬

in

Departments

1957

In

re¬

named

Assist¬

an

in 1953 and Assist¬

1953, he

Assistant

'A

was

an

and

in

Assistant

national

Total
r

section

of

the

S.

A"'

security
&

Undivided

A

due

—

from,

- -

and

A-

!

First

*

•'

International

meeting / is

A

Bank's

'

are:

"

C.; M.

new

appointed at. National

Trust

•

Officers

D.

Godbold,

Vice

John F.

A:

Bank, Cleveland, Ohio.
Robert A. Holop and Lloyd F.
Loux, Jr., are the new officers,
both

in

the Administration

Divi¬

sion of National City's Trust De¬

partment.

Comptroller

*

of

:;<

the

Bank

of

Chicago.

in

Dallas

A

.V-

*v- ^

■

i

/; 3.82
7.25

■'/■

A:

2.02

iT-

A

■

12.9

1.79/

AA

2.85

:A'

—7.0

4.12

1.44

Bank

,

—2:8/;;;;'

3.43

Pennsylvania Bk. & Tr. Co.
National

•

'

A; 4.06

319

4.14

Bank

A/A: 2.8

4.13

_

0.6/} '
.-'A} ;/
3.4
'/

■■•■v;

3/70

7.05/1

:

1.0%

2.51

3 95/

—111:

City

lAA;;i 0.5 '

1-41

>-

A/i

3.1

A}/;;;-

6.7

•

2.67

President; A a

n

C.

elected

;

/

V

A '

>

heat

developable

' /.

'
'

been

:.

company

has

Ewing

a

s.

is

announced.

of

.Vice-President

Mr.

Clark,

Stock

the

of

Exchange.

Dodge

,

&

Co.

New York

A

-

:

'

/ 3.57 .'v—5.3 ■••■/;•:/•■/

i;74:;: AAA 5.2 :A>AA
a*. 4■yju ":.]

2.73 'A / A 2.87

V

—5.0

A

"—5.0^ ;

■/vKaa-^'^

:'A;;':

BANK STOCKS

LONDON. E.C.2

3rd Quarter

Telegraphic Address

a

&

;

Bulletin

MINERVA LONDON

Comparison

Analysis
on

Request

.

'

,

Telex Nos. 22368-4

Laird, BissellS Meeds
.

Bankers

ADEN

the
and

:y:/.

2,6,V .A-A'•

10 N. Y. CITY

Corp.,

film,

3.38

Bank.____ -2.73 A ;A 2.87

-

New Orleans based producer of a
new

Bank_____

Head Office

I* BISHOPSGATE.

v .v

—7.1

AA.- '

'■

>•.

2.68

0 A--

'

BankLimited

d

A

has

Jr.

/'• A::

"A/

A; 4,93 / ; .-14.81

Detroit..._____

|MBBSH8BRnRVlP|HPHPB^
National and ,Grindlays

A

director of Kalvar

a

Ewing,

2.47 A

%

Co

{1; Republic xsis.iionsx Bank___:l__.Al i 1.65
a
xiep^iiDiic National oshk—x.po
%

Cashier; Clyde G'A
-

2.18

2.18

Trust

A /National Bank of

Davidson, A Vice-,

William

Inc., members

Currency

I

Co.

Tr.

GAKalb, Assistant Cashier

Director
s;«

**

'

A:

381

Natl.] Bk, & Tr. Co.

addiiidn'^tW'-'fe?vSecurity-First National
National

in

Named Director A /;

have

City

A

for 9 Monlhs

,1961

2.54

Bank________l_

Morgan-Guaranty

Lindsey ^^c'e-Pre3i~
dseyA;

Guy

and

.

Two

A

liter. 1961-62
■■

Company

Manufacturers-Hanover Trust

$690,000 /with

•

officers

President

-'yA-

;

Banks

$14.98

$15.13

Irving Trust Company

caip-

capital, ;$2OO,O0Q£ sqrpiu3
undivided profits.
$100,000. in undivided profits;*

dent;

58,088,508

*

Selected

1962

;■'
_

Bank-NewYork

National

Industrial

Bank.

holdings 103,558,745 109,625,374 'andv Auditor. .A1A.
268,262,537 254,599,214
2,198,518
1,753,393
'

Trust

First National

Na-

profits—
*

-

•.

-

discounts

'

•

—

—1st J) Months—*

' A.,;A

First National Bank of Boston

//

Irvin M. Shlenker and Mr. Hazard
ir

A A ':' A

,

'A-

*

Chemical

Salman,

J.

Houston National

Bank,

Jun. 30,*62
$ * "
'

-

56,867,331

A,-

As Continental IU.

$300,000

Government

Loans

*:

..-J.

tor's

497,346,383 490,102,581
454,195,543 449,834,610

——„—

Inter¬

Banking Department.




^osits :

C?8h and
U.

$*'"•'

resources-.—

William

in other geographic areas is.

Earnings Performance

Chase Manhattan

•

to

KENYA

the Government in
•

UGANDA

•

ZANZIBAR

Members
Members
120

:
-

Mr. Ladd heads the Middle
East

Africa

;/

Sep. 30/62

T

Houston

pro-

In addition,' the:

the major banking .institutions

Melvin

Oden,

London and Paris

are

and amelioration of branching laws
'
'
:A: A A' A A" "!'*
• •- • v''"; ' A "'

I AA'

•

First National Bank
S.

only

sea

as merger

-

Bankers

,

named

was

1

been

1959.

Treasurer

appointed
Vice-President.

and

.

Not

*

Sidney L. Shlenker, Assistant.

The

Oct.

OF

Share

,

Erbs,

Af

man-■

have been expanded, as have the bond

Bank of New York__

italization, set at the first. direc¬

near

— A

"

v.

'A,

Vice-President in
1946.

•

Genitempo, Jr.,

A.'Ajy. A"

any

substantial deposit growth,

.any

"

A 'A;; AAa,.

BANK

'

banks

Mr. Hynes also joined the bank
an

A

Davies,

J.

long

as

;

Executive /

Harold

President,

Cashier,

line, will

CLEVELAND/

Ladcl

joined Bankers Trust

ant Treasurer
ant

Credit

'is

NATIONAL

•

that banks may offset this rise in costs.

offices.

remote.

Per

Newark,

A\:-;\

;■

.

SOCIETY

...

ing

off

Monday,

•

Bank¬

and

office, located at 550

*

the

new

Avenue, Newark,

ap¬

Allen, R ob¬

in

the

Office of The

A.

re¬

First

Bank;

so

overseas

of this

seem

They are,

year.

Charles

tional

demand

-

.

aware
now

Lindsey.

Rouff,

areas

essential, and is heartening to

*

been

rate, without

Market concept grows, representation

board

the

serve

•.

And

//A..-'

:

has

of

Bank

15, 1962. ' AAA -

Company,

Hynes and William C.

Vice-Presidents

/'.

in
,

expansion of Central and South American activities continues by
York arid Boston banks. It is .obvious that as the' Common

May

on

full

a

Joseph E.

M.

is

Yoh

decline

,

New

President, Houston National Bank;
E. A. Kelly, H. W. Krakower, C.

all

of

slight

a

viding bases for operations, but also other cities.

Bank, which

Hazard,

Svend Hansen;

branch.

new

Palma

State

The

open

York, has announced;the

ert K.

of

with

area

,

evolution of
,

ac¬

■/And O. W. Harigel, Senior Vice-

sj;

the Newark-Eloomfield

'

pointment of John A
as

to

Albert B. Fay, Joe

^

Raymond

De

Bloomfield

15,0,537.400 151,428,680
3,294,111
2,925,861
•

Bank

Manager

Manager

National
N.

profits.:-

'-.

the

BIcomfield Avenue

36,932,552

68.413.952

holdings

11,

SKlenker,

M.

Vice-President,

;

is

and

J.

290,995,723

32,131,530

discounts

Oct.

Vice-President

operation's of the Bank

China

Joseph

Jun. 30,'62

G overrent

S

security
Loans

New

in favor of time

It is interesting to

departments oi the major banks. Also of importance is the gradual

.

the

of

Also the complexion
more

gain in total deposits of these banks, it has

a

mortgagt^^bkrtments
..

.

approved

the

of

spite of

entirely in this

profitable

more

addition to Mr. Shlenker:

in

correlation.

agement. The result, of the latter fact, has been the exploration of
v

^

elected

directors

15

no

and with an increase in interest paid speaks well for bank

V

>:A A:-';,;AA ; ;.;AA;:.A

charter

mainder

Si?

of

*

231.612.174

——

Av/A/ /

Bank,

Row, New York.

due from

banks

'

Looking at deposits

above that period by 3.9%, but

ability of many banks to improve earnings without

A A The

St

„

_

Irvin

recently

10,

China, opened Oct. 4, at 225 Park

In¬

257,570,853

and

^

Caroline,

to

had its

in

of

A .A

Trustees

Hf

branch

new "

been

$

Cash

ai1,

The -International

York.

OF

£ep. 30,'62
resources—

*

of

AMERICA, NEW YORK

Deposits

He

•

Savings

Manager of the

Total

cording

are

costly shift for banking institutions.

a

increase in the prime

*

COMMERCIAL
NORTH

ii

R

,.

and

they

decline in deposits of $150

deposits.

Herman W. Lay, a

John ^ W.

Manhattan

100 Broadway.

❖

6,894,766

AAAvA'A^A;''-;

A*

-

,

.

Texas

Carll Tucker, Jr. has been elected

are

Officer-Trust

Dept. at

_

a year ago,

as one

note that in

The Internafcnal Bank, Houston

New York

President

and

?!=

Corporate Trust

Secretary,

vestment

1945

1947.

New

by Chair¬

Helm.

H.

Bank's

Edward

ml

named Executive Vice-Presi¬

was

M.

Company, New York,

with

.

later Mr. Maloney was. President.

Officers, have been

Chemical

..

deposits,

Director.

of

the age

at

promoted to Vice-President,

59,900,627

Corporate Trust Of¬

man

4,

its lawyer in 1942.

as

year

dent

Doyle

*

Texas elected

The eleven New York Clear¬

apparently

12,750,029
456,568 AA 482,919

v

*

National

First

••

compared to.

deposits,

1.460.058.331

5,050,556.334 5,089.668,562

profits

Albert

Oct.

Maloney joined

Savings

IlOiU.j.

&

•

1,976,797,984 2,186,431,376

se¬

Undivid.

'

trend.

is well aware, has shifted

12,551,310

profits

i.AAv.'-'A.

tending upwards for commercial banks,

same

a

occurred

iexas, will open its doors at,XJU
Mr.

8,577,275,362

due

banks--

from

U.

■

•

"Aaa-A; AAA^A'-;' -:AV^:A>:VA.A;;

57.
.

8,114,014,632

:

This

^Ai-Aa^A

10,057,274 --10,222,456

holdings
discounts

&

are

of

6,871,627

^

died

York,

9.399,656,947 9,720,493.263

resources-

Deposits

'

President of

the New York Savings Bank, New

BANK,

YORK

Sep. 30, '62

*

Bank of Chi¬

turn-around in bank earnings.

a

New York there is

/

:

_

'

CHASE

*

*

Richard L. Maloney,

,

:i*.

r,;-...

slight

a

an increase

measuring earnings during the third auarter by deposit trend in

.

30,773,074

from

due

Undivided

1871 Nostrand

showed

deposits.

as

BANK;

——30,548,665

security

Avenue, Brooklyn, on Oct. 27.

the previous

over

less than in the previous quarter.

million which-is less than 1% of total

Government

Loans

■'

of both the Continental Illi¬

case

ing House Association banks showed

Jun. 29,'62
$34,109,657

and

S.

In the

was

/Although earnings

.

Lamar

Sep. 30,'62
$34,051,942

banks
U.

open

:A-

Y-.\'•

se-

profit-

THE

newest

A

26,254;685

C.

5|;

Sj;

resources

Cash

branch, the Nostrand-

•Vi"
•■v

will

New

discts.

Undivid.

York,

Company,

holdgs.

&

Loar.s

and

W.

NATIONAL

SECOND

Deposits

Bank

901,413,013
•>

ASHLAND, KENTUCKY

Trust

Federation

The

due

Govt,

£.

sis

#

*

*

June 30, '62

V-A:

City Bank showed

Trust and the First National

deposits do not shew the

elected

Mo.

Total

9,196,110,015

banks—

from
U.

BANK

8,1C3,830,498

—

and

846,201,906
28,100,497

profits

THE

9,297.726,771

resources-

discts.

Bank &

obviously points to

President.

YORK

Sep. 30, '62

,

Total

CITY

NATIONAL

500,998,398

12-15%

■

579,470,986

• se¬

67,491,782

Undivid.
THE

A

•.

the third quarter of 1962 and for the first six months

decline of 1%.

the rate of decline

cago

•

634,936,167

633,892,790
1,691,612,421

&

a

nois National

Broadway National Bank, Kansas

se¬

over

showed

$

437,855,866

&

City,

improvement in earnings

For instance, First National

of 3.7%

June 30, '62

holdgs.

Govt.

S.

898,087,068

holdgs.

curity
Loans

'62
$ A-A A

due

banks—
Govt,

S.

due

banks—

decline in the

a

increase for the year but for the third quarter

.1;

June 30,

3,050,153,621

from

ViceU.

Presidents with the

U.

3,660,988,931
3,203,678,472

3,517,819,966

resources-

Deposits

Mr. Frantz and Mr. Nevins were

formerly

and

Undivid.

Sep. 30, '62

Also of note is the

A

DETROIT,

$

for lower bank earnings by as much

were

.

.

1,999,443,327 2,105,286,932

from

-*

AA

Pension

Trust Department.

both

Cash

Loans

as

■.

COMPANY, NEW YORK

BANKERS TRUST

.

2,238,806,074 2,311,898,075

Deposits

E.

Nevins

E.

•,

resources-

curity
*

the

OF

Sep. 30, "62
Total

named Assistant

were

■

MICHIGAN

Coupon

Martin,

BANK

NATIONAL

THE

Treasurers.

announced

9

G.

Edward

and

Street

Montague

phreys,

A=

*

its performance is much

"'A-A.-'

quarter.

;

branch.

the

*

below,

vicinity.

in

Tokyo in the summer of 1963. A\A-

Hum¬
Office

J.

office

originally

was

originally anticipated in the early months of this

was

The Bank of America indicated

-

earnings for

Although the Security First National Bank is

Earlier indications

15%.

as

doing better than

are

only California bank listed

year.

Chi¬

Company,

balance banks

on

have released

Of those listed below, it is immediately

Of the 17 banks shown, only five reported lower earn¬

better than

-

.

obvious that

ings for the period.

Oct. 3 that it will

representative

/'A: A"':

/

Henry

Operations,

A '

.

•

Personal

-

,

Trust

and

Darrin, Banking

Armond T.

ods,

for

after Oct 5. A

111., said

open 'Aa;

Assistant

the

in
,.

of the major commercial banks

expected.

Continental Illinois /National

The

Bach, Banking Meth¬

Gordon J.

is
Searby. Thomas Schiro

Assisting

is effec¬

the

Clinton Avenue Branch in Brook¬

lyn.

or

on

:,

and

named

Officers

bank's

he

ment,

Some

t

Ronald

^

_

were

Prior to his Hewlett assign¬

City.

QUARTER BANK EARNINGS
, THIRD

and

Division,; and

Oliver

W.

Howard

National

First

with

experience

Trading.

banking

years

First National

Bank Stocks

—

mTrT„_

1873

) the nine months of 1962.

tive

Marpe, Foreign Exchange

Paul W.

Manager,

Schneider,

A.

Charles
who

,

under, the

This Week

;>i

institutions

:

City," The consolidation

Louis G. Kreutzer,

Southwestern

Jr.,

A
Heading the Hewlett Branch is
'f

Office,

Street

met¬

York

New

ropolitan branch.

of
•

.

chants-National Bank of Michigan

Administra¬

Loan

tion, Robert E. Jensen, Montague

this is

Bank

A.

•.

...

under the title Of "The First-Mer-

Beatty,

George E.

are

Office

Branch

Hewlett,

in

located at 1316 Broadway,
the

Presidents

its fifth Nas¬

operate

charter of the

Vice-

Assistant

named

Newly

Bank,

City

National

'

STOCKS

$19,700,000

National

consolidated

The

The

the

and

Michigan City.--

Revised Capitalizations

•

Ind.,

Merchants

Branches in

INDIA '"PAKISTAN

•

CfYLON

ADEN 4 SOMALIA

•

New

York

American

Stock

Exchange

Stock

Exchange

BROADWAY, NEW YORK 5, N. Y.
Telephone: BAr;clay 7-3500

•

BURMA

EAST AFRICA

AND THE KHODESIAS

Bell

Teletype 212 571-1170

Specialists in Bank Stocks

•*
^

;

Volume

196

Number

6202

.

will

Wendt Appointed
c ;: .;

the

following

■

.

sponsors

:

the

,

/«.

appointed Chairman

for

Education,

.

Future

Committee

Invest-

I,Taxes,.

.

Association of
America

i

ters,

'l||

to

the

re-

serve

P®

*

questions

IVIcGee

.

panelists
raised, by

will

members

Visitors will be

of

in

ap-

pointment
•

j

made

&

tion;'Horth

the

on

Street

Inc.;

Eaton

;

&

'

Research

Corpora¬

American; Securities

-Co.; John Nuveen & Co.; The Par¬

con¬

ker
'

Distributors,

.Dinsmore Associated

Corporation;

Putnam

Fund

Reserved seat tickets

With Vance, Sanders

avail¬

are

able, without charge, at Eastman
Dillon's Chicago office, 135 South
LaSalle Street, according to Paul

Swenson,
manager

Eastman

t

.

r

•

'

LOS

•

I

V

;

;been

V '

&
of

William

Street.

on

San¬

S.

Rudd,

and

Oct. 15 at 15

Hornblower

Irving

will

Curtis.

Bingham,

H.

Walter

&

office

under

service
'the

Los

to

y.

•

-Mr.

Wendt

entered

the

Bond

\

'Department of the First Trust and
-

Savings

1940,
in

and
•

'faculty

and

was

Cashier

"

;

Vice-President in

a
"

■•'■•

member

a

-

:

'

is

.

*

WATER

v

School

of

He is '

Banking.

member of the national Munici-

Bankers

Association

well

as

as

Subcommittee

Local

REVENUE

AND

NUMBER OF CUSTOMERS

REVENUE
(IN MILLIONS)

35 0

of

Finance

on

and

*

of *

past'

a

the Municipal Secu-

of

Committee,

Group.

member of

a

Government,

chairman
rities

iVu II iiiiii9<W^yrViaw* »c<

SEWER

CUSTOMERS-;

R EVENUE

America,
the

AND

(IN THOUSANOS)

^

pal Securities Committee, Invest¬
ment

,

the

of

at the University of Wis-4;

consin
a

;

•

in;

Assistant Vice-President

an

1949,

Mr. Wendt

•

1922

Assistant

an

1955.
,

in

Bank

elected

Central

*

•

m

States

.'t

"

:

I

"•

t-n^r i.^CUSTOMER,

V

$

SEWER

M»«iaWATER

■[_

r>
M

•

-

;

,

This past September, he served
200

Chairman for the First Munici¬

as

pal

Conference sponsored

Investment

by the *

Bankers •; Association

of America which

City of Chicago.

.

.

:

v

,

Investment Forum
In

Chicago

G

•

held in the

was

v

:

CHICAGO, 111.—A unique ''Invest¬
19 6 2

Forum"

ment

12

noon

at

the

will

to 6 p.m.,

vital

will

public

cover

of

areas

Theater, Mc- *•

..

The Forum which

the

to

open

charge

from'

Sunday, Oct. 14

Crown

Arie

Cormick Place.

[is

be' held

without

of

many

the

-

investing under

-

cur¬

rent conditions: the investments of
young

married couples; older peo- '

•

seventeen years of

pie investing for current income;
business

seeking

men

growth

of

-

-capital; how financial estate plan¬
ning can save money, on taxes;
how

corporate

of businesses

owners

their

executives

pension

and

•

The

improve

can

Forum

is

:v.G

■

yy

- -

:

■";'?*: V

&

of the largest

Co.

and

of this kind

general

ever

public

country.
.

is

believed

to

in

and

professionally staged

tation

have

the

It will highlight an informative
presen-

designed to review, in

outline

and

a

broad

planning

available 'to

varying

to

attend

The bonds of the Puerto Rico

gross rev¬

than

quadrupled.

.;

all drinking water

—

on

the

duct and Sewer
,

secured and

Authority

sound

viduals and institutions. A
the

are

low: the average charge to

Aque¬

are

well

investments, at current prices,

provide

Rates

a

eral and State income taxation. These

island meets the rigid standards of

is constant and abundant.

$4

fully exempt from Fed¬

the supply

of

needs of both large

and

the

.

stage

.

•

v

an

attractive return to indi¬
copy

of

Authority's latest annual report

is available

on

:

request.

;

one

or

more

,

of five differ¬

discussions

called

"In¬

vestment Forum Information Cen¬
The

five

panel discussions




GOVERNMENT DEVELOPMENT BANK FOR PUERTO RICO
/

presenta¬

guests will be invited to ;

panel

ters."

more

under

the

Following

ent

Both

is

financial
meet

small investors.

tions all

every area.

service,

sewer

month.

accelerating

the U. S. Public Health Service. And

ev¬

picture

approaches

Authority since its

Water everywhere in Puerto Rico

'

the stock market,

different

-

and number of water customers

is pure

•

eryday language, the current state
of the economy,

•■'

residential customers for both water

enues

4;;.rvi?

-.

.

and

growth in

be

presented to the

anywhere

•

creation in 1945 shows

one-day affairs

.Vv

--

-

•

duct and Sewer

■

by Eastman Dillon, Union Securi¬
one

r

The record of the Puerto Rico Aque¬

being sponsored

ties

•

-

sharing

G

plans. V''

continued growth

and

profit

1311

.

.

.

..

.Fiscal Agent for the Puerto Rico Aqueduct and Sewer Authority

Ponce de

Leon Avenue

San Juan, Puerto Rico

T.

formerly

as

a

regional
Work¬

John

A.

he

Carter, JrJ,

will

investment
area

provide

dealers
and

•

45 Wall Street

New York 5, N. Y.

in

other

points in Southern California.

.

Los Angeles, President of the IB A.

who

serve

Angeles

Bingham,

Hurry, Inc.,

large

Henry

representative.

Vice-President,

&

Komonoff,

Co.,

was

by

by

Dinsmore,

~

GeorteB. Wendt

Inc.,

ing out of the firm's Los Angeles

a

Speakers will be

Weeks,

Alfred

T.

Vance,

associated with Lester, Ryons

wholesale

Customers

Brokers of New York will hold
steel stock forum

Company,

announced

Mr.
was

Association

&

joined

.Vance, President.

Customers Brokers

The-

has

distributor of mutual
funds, it has

:

Herzfeld & Stern.

Vance,

ANGELES, Calif.—Donald

Dinsmore

sales .Sanders

Dillon's

in Chicago..

Management* Corp.;

,

,

•"

«■

Distributors, Inc.; Selected Amer¬
ican " Shares;
Television
Shares

Au-

The

away

gust.

Group,

Securities

Another highlight of the Forum
will be exhibits by 18 mutual fund

passed

Broad

Wellington

•

Funds, Inc.;'.Hugh W. Long & Co.,
■Inc.; Lord Abbett & Co.; National

.

(Who

participating in

forum'include:

tributors

en¬

ditions.•[■'■A-j

,

mu¬

and

Inc.'

Corporation; Calvin Bullock,
Ltd.; The Crosby Corporation; Dis¬

answer

subjects outlined and current

.

term of Cush;

modern

.

The 1.8

ders & Co., Inc.; Waddell &
Reed,
Inc.

Howard, Inc.; Keystone Custodian

couraged to ask questions

(Unexpired
man

the

this

on

investing.

answer

Sales

"•'

the audience.

.

mainder of the

•

the

•

Profit

;

questions

tual fund sponsors

At each of the, Information Cen¬

v.

60

country's

method of

Sharing Plans.
Financial Estate Planning to Save

of

ment .Bankers
i

&

the

than

>more

funds will be available to

Retirement.

Pension

Securities

responsible for

are

leading mutual
funds.:. Representatives
of
these

Growth:

pal

who

management "of

any

Possible

Investing for Current Income. *

•i the

of

Averaging..'i

Investing

of the Munici:

,

Economy; The Stock Market

lar Cost

in charge of the Bond
Department
of
the
First
National Bank
of
was

devoted to

Today and the Next Six Months;
Monthly Investment Plans; Dol¬

George B. Wendt, Vice-President

Chicago

be

subjects:
The

By I. B. A.;.;

The Commercial and Financial Chronicle

"

24

The Commercial and Financial Chronicle

(1524)

ment in earnings.

Preparations Now
For Another Bull Market

Make

the

[Ed.

reversal and begin to rise.

a

than seasonal

common

a- more

summer

in

rise

and are now
considerably■; below the

the

the

turn

lower

•

volume

a

commercial

the

tracts

may

number

weakest.

sense, any

and

been

also

is

expenditures.

building,

quite

strong

which

until

Residential

down.

has

cal

recently,

and have

contracts

below

bull

market

base^

itself

to

offer the

as

conditions

mord1 favorable than

are

are

steel

industry has cut back

tions

finished

in

that for

goods.

investment

an

I believe

The

of great

opera¬

the

which

tion of steel should
is

likely

to. ' do

decline,

during

coming

months, steel production will not
months.

dustry has

The

been

re-

aluminum

-

minum

products somewhat in

excess

of

-

and

have to cut back fabricating

may

volume moderately.

best, will level out during

com¬

ing months and is likely to show
moderate decline.

a

with

and

is

Run

Political

^

«

coming
in

Inflationary

f

'stock

policy

in

6

to

12

months

of

the

is

be-

are

also

should be
nies

in

of

held

taining

of

growing from

position.

This

The

if

-

Ad¬

conscious

level

economy

to year, rela¬

year

as

of

him

months,
shows

and

particularly

if

signs of deteriorating,

Administration

to

pose

during coming

progress

will

Congress
for

measures

surely

action

among

others, personal

porate

tax

substantial

rate

has

it

the
of

including,
and

cor¬

reductions

and

government

funds.

further

The

great

promising.

No

spending.

To the extent that
Congress goes
along with these proposals, there

be

some

business

cushioning

decline

which

of

mdy

place. More important in the

the

take
secu¬

rity markets, if corporate tax rates
are

Industrial

same

1S62.

rates,

those

as

Also,
even

the
if

a

share,

estimated

for

reduction.-in

tax

offset

to

some

quality.-

ex¬

Mills,

Craig Severance,

Jarvis J. Slade,

and Daniel Breit-

bart.

Craig Severance has become
Exchange member.

volume

much

The

small

-

Know Your Number?
_

and

profits

seems

a

if

even

common

be

a

Leisure Time:

The

portfolios
the

basis

losophy

of
of

stocks

common

this

during

investment

the

next

mean

tures for

that

to

emphasize

tries

such

the

as

and

appear

to

available outlets for

indus¬

following.

the sake of convenience
been

arranged

order.

"

■

in

the

•

For

a

they have

begin

.

Aluminum:

Despite

the

the

next

most

five

attractive

years

in

number

Life

many

over

terms

of

increases in sales and of improve¬

market

*An

which

1963,

tic

The

ing

the

'

of

industries

of

-

Insurance:

by

Meeting

average

proved fvolume

spite
that

/

years.-

the

"

B.

A.

■

•

.

Security

Employers Identifica¬

and

taxpayer is not

a

employed and has: no need for

a

Social Security Number, the Rev¬

Service

with

an

upon

will

provide;; him

Identification

Number,

application. If later

or

person

Naess

the

before

the

Convention.
•" •"

v

..

-

•

'■

a

Trust Division
Assoc., Atlan¬

Bankers

gets

."V../

•

' -*•

"t

Social

a

the

on,

job, the Identifica¬

Robinson-Humphrey

ual

proprietor

as

.

,

.

taxpayer is an individ¬

a

or

will be required to

well

a

partner,

have

an

he

Em¬

Identification number

as

Social Security Number

a

Identification Number, regard¬

or

Opens New Branch

Security Number.

When

ployers

great

less of whether he has

employees.

This- industry

prospects, for
and

Mr.

of

American

A.
"

Social

the

—

ber and the

City, N. J., Sept. 24, 1962. The meet¬
was
held as a part of the 88th an¬

nual

identification

three

are

tion Number. If

may

in

Institute's

tion Number will be converted to

address

Annual
of

stock

There

enue

time

some

still'appears to have much greater, VALJDOSTA.
than

difficulties of this industry in the
last few. years, it
may prove to be

bull

of

author

Rumpf,

Number, the Identification Num¬

are

three years.

raphy, and athletics.

*.

Investment Promise

portfolios

taxpayer slips up,

the

numbers

in this field.

prices within the following two

have much

common

number

the

bulletin, "Taxes Interpreted."

nd

should give us new highs in stock

variety, including travel,- photog¬

List of Industries With
:

i

have only

doubt that the results

no

next

investments in this field represent

alphabetical

-■;

can

stock

common

there is

con¬

greater than average appeal.

common

among

counter;

-

portfolio

adjusted along the lines suggested,

enjoying leisure time. A

sumer

furnish

to

the Alexander Hamilton

are

number of companies cater to the

to

market, I believe it is

'investments

stocks

relatively modest proportion of
If

greater

a

other

stock

the

-

The

companies

com¬

leisure-time activities of the

essential

willing to

prospects of ; should be highly gratifying
during

nine months in preparation for an¬
bull

over

a

funds invested

sumer's dollar will go to expendi¬

on

phi¬

six

will

these

of

most

clearly,

and greater proportion of the con¬

adjust and rearrange

■

Howard

quoted

living

large companies do not.

■ •

.ii-AkAA

time

in

and many

r

A-v

says

candidates.

are

long-term gains in the standard of

In order to

to

•'

each

is

one

investigate the large number of

potential

mitment, appears., tb^bbv justified.^

companies

k. b"

include the" number,

to

in other in¬

moderate

inforrh'ation returns,

'.rfl' \

•

Failure to

request can result in a $5 line

interesting indeed, and

therefore at least

of

...

failure

a

very

come

are

on

dustries, but the prospects ahead
seem

scanning: the nation's tax. returns
and comparing them with the in¬

or

if

uncovered

In¬

speculative

more

Character than those

which will soon be

brains

tronic

sure

opportunities

Service's huge elec¬

the Revenue

quali¬

There

of

essential to the. operation

:are

pros¬

make the effort and take the time

of

admittedly

present.

are

or

pf: account
numbers; .These numbers

smaller

be

employers,

are

thjey; Jhave employees

whether

In this field, unusual

promising

many

stocks of

savings and loan associations

,

riot; .must; pay jspbcial att^ntioh to
in¬ :the neW r^
taxpayers'

part

must be exercised to

fications

these

real likelihood.

vestments in the

to

size

and

"

t

an

that the various investment

have

to

appear

There will' be

profits.

,

savings and loan

^till

-

pects of greatly increasing volume

care

'

.

The

|4 ';/t w

•.

,

companies which enjoy the

companies should be taxed, which
now

even

him

the

firm's

growthu in

average

Joseph T. Dineen,
Kenneth Melis,

F.

oper¬

have

that

Loud,

Bradford

electric

interest on the
ini relatively

investors

through beau¬

come

fulfill the necessary requirements,

the

loopholes

and tax reforms, will increase the




Nelson

for

\:SmaXVQpinp^

creasing

The industry

greater than average prospects for

foij a long period

Many

well....

associations

feeling of

a

encourages

valuable.

more

lections

of

thn

Prospects;

com¬

Finance:

investor

sleep at night

It

earnings.

A •

in

some

very

financial

the

and

had

supe-;

gains

compa¬

company does not determine its

among

closing

Its partners are:

par¬

field

for

services

sulting

financial con¬
corporations.

and

acquisitions,

textbooks.

the

of

Some

areas

greater

tifully and should continue to do

developments that will make

new

tent in its effect upon revenue col¬

by

are

in
good

a

investments, t
: be limited:"

managements; and

panies have

the

time to reap the benefits from

Average

remain at about $35

may

the

,Jones

that

and light companies

in

ating

the

period of time, but the good

reduced, the earnings for the

Dow

institutions, managing public un¬

phi¬

increase

great

interested

represent

power

This in¬

•

will

investment

the

Utilities:

years.

con¬

investment banking busi¬

equity and debt securities with

of

'common stock investments,:

for

Co.

Securities

Y6rk

an

derwriting accounts, mergers and

ticularly

They

and

including private placement

ness

promise

qualifications

companies

lishing

-

earn¬

near

the

expanding market for those pub¬

jregulatory controls, but this
the

ducts

school and college promises an

to

Trading

Department.

New

may

in the number of youngsters going

in
the

sufficient

have

of

that

the most dynamic

under

rate

Order

the

of

manager

producing companies

Publishing: The

possibili¬

doubt

com¬

an

supervision of Craig Severance
Nelson Loud.
Alan Hart is

the

losophy.

near

progress

excellent

investments

required

This field
rated

have

an¬

formed

Department under

Institutional

and

among

still

but

com¬

tough sledding for

management,

gives

keep his stocks
of

pro¬

number

a

which

had

it

that

firm

the

time,

same

nounced

of

number

a

The international oil

be

not

in

careful

'companies withi assured

sales

price of stocks should de¬

them

business,,

to

security.

a

no

Oils:

neces¬

individual

are

the

At

panies and perhaps some of the

promising outlet for

a

over

rior

portfolios

and

cline, and gives him

tively free of unemployment and
makes

to.

stock portfolio, en¬

common

the

dynamic in character.

If

the

vestments in: this field

confidence and pride in his invest¬

ables

conditions, of main¬

high

a

the

near

.

should

that

in

high-quality

terms

products,

ment

importance, under present

world political

There

Craig Severance

investment funds. It is mentj ctotinue -tn :be^ anipng, dhe- All ^axpa#^
important that common stock in¬ most: attractive for common stock businessmen wHo

out-

during periods of

stocks

economic

acutely

Nelson Loud

field

This

Equipment:

outlets for

at, this

one

demands

losophy
common

important

Washington.

ministration

of

dustry also must be rated

be ready to do so within the next

more

impact

this

under

top " among* ;the" ~most~" promising- population arid industrial develop-

ver¬

increase

holdings

time, but I believe that

upon

and

more

their

Portent

considerations

that it is

so

Electronic Equipment:

changes in

political

need to,

no

markets,
Long

of

prospects.

ac¬

battle against disease remain

ings

..A.. lower prices. This investment phi¬

AH in all, the trend of business,

.

at

economic

common

alu-

demand

varies

bonds

the

iobk.f There

in¬

fabricating

ultimate

sus

stocks

services

Many of these fields of¬

companies

and

volume

great# enlarged sales and

the

that

and

common

its

,

decline below the low rate, of
cent

portfolios

proportion of

in

should not affect the •prospect

benefit to investors seek¬

balanced

it

as

and

certainly continues to be

to

top

tional

accomplishes this and is

phy demands that clients maintain

consump¬

great

in

conditioning

fer liniisiial opportunities:

as

industry will be subject to addi¬

ing professional investment man¬

if

separated
relatively

included

be

can

heading.

op¬

many

especially

be

investment

have followed

consumption.

that

Office

result of defense

a

standing

to

the

philosophy

There are

undoubtedly must be

agement. This investment philoso¬

Even

or

different types are exam¬

domestic

ties

months out¬

some

Exchange.

ples of the investment possibilities

favorable growth

a

Drugs & Cosmetics:

those

put has been considerably below

so

member of

a

Stock

many

still have

but

fiberglass,

ing

many

The industry is

panies.

greatest potential long-

Over the years I

industries,

they

become

York

products made from glass, includ¬

many

serious

had

represent

sary

Investment Advice

raw-material

some

has

This field is highly com¬

selection

problem

finding

overcapacity in

lines

increase

large

highly
In

has

New

various forms, the manufacture of

risks that detract from its invest¬

term rewards.

tively high level,
it

are

are

that

Air

promise.

ment

rela¬

a

There

readily classified

character small in size

a

companies that should enjoy

tivities.

the

on

of

petitive and has certain inherent

investments which

stock

common

are

The

developments.

resolves

expenditures

down from

come

the

companies that cannot

tunities.

a

longer-range economic and politi¬

showing signs of slowing

considerably

it

that

top in terms of investment oppor¬

profits

adjusting common stock

next

Residential

Street, New York City, announced

of

be

tain

unusual buying

tures, while public works are mod¬

such

to

prove

portunities for investment in cer¬

opportunity. We have a wonderful
chance of

of

Defense:

the

holdings to take advantage of the

below

be

overcapacity is absorbed.

1962

stantially below current expendi¬
estly

.

Co., 52 Wall

New York Securities

annuities

variable insur¬

of

may

into industries

has

industry

conditions will return

normal

the low for a

an

result

still faced with

In this
decline during coming

months will be

also sub¬

are

•

Joins-NYSE,

Also,

market

new

of variable

Miscellaneous:

individual

prospect; and as in the aluminum
industry, it is hoped that more

ahead.

years

con¬

Public

semi-public contracts

of

market in

to be

prove

the

are

the industrial

strongest and

Therefore,

favorable.

mains

contracts,

contracts

N.Y. Sees. Co.

major importance in this field.

of the aluminum

results in profits.

ahead in business, the
marked longer-range business outlook re¬

contracts.

private

these

Among,

field

which

ance

Intense price cutting as

important

period of readustment

a

This

problems

industry.

the

be

may

low in the stock

of

over¬

sharp rise in earnings.

a

similar to those

a,high.

as

reflecting

down,

the

as

consumption should be accom¬

shared

drop

fall of 1963, the stock

or

While

Un¬

future, expendi¬

near

will

tures

other forms

restore

Chemicals:

If a busi¬

during

ends

the 625-650 area

recently

less these contracts show a

or

normal levels

panied by

brand

a

profit margins

to

ever;

as

faced with the

we are

the

eliminated, the rapid improvement

Neither r are

stock prices likely to

recession

ness

drop.]

current rate of expenditures.

addition,

possibility of

capacity problem is gradually

construction con¬ market may continue in a range
tracts for industrial, commercial, for; the next six months between
-and public utility building have roughly 525-550 area as a low, and
running

in

in

able

great

as

the ability to afford such

If the industry

more

in

be

protection also is enhanced.

in

materials

other

to

the standard of living im¬

as

proves,

markets

new

to

Total private

declined

displace

up

is

encourage

below the lows of 1962.

Cutting

reflected

decline

orders'

and

aluminum

for

uses

existing markets.

expectation that prices of com¬
stocks will rise sharply dur¬

ing coming months;

ing new machine tools in August
declined 17%
and 16%, respec¬

tively, compared to July.

then does not

continue

Thursday, October

mon

cutting and form¬

Note: Orders for

and

pull.

markets

new

which will" open

background for the security

The

show

orders

unless

months

eral

the long

of

cause

substantially, which
inflationary implications for

has

is flatten¬
ing out and may turn down be¬
ginning sometime in the next sev¬
yet turned down, it

not

The real strength

industry is its far better-

than-average outlook for sales be¬

budget deficit

3

Continued from page

this

of

...

earnings

competitive

have: developed

recent

The urge and necessity on

the part of the average

head of

a

family to buy insurance protection

&

Ga.

Co.

—

has

-

In

Robinson:

opened

office in the Daniel Ashley

de¬

conditions

in

Humphrey

im¬

an

Bldg.,

ice

tered

for

Mr.

Eager

manager

Inc.

was

in

charge.

formerly Valdosta

for Norris

&

Hirshberg

cases,

numbers must be

1963. TheTnternai Revenue Serv¬

with William G. Eager, Jr., regis¬

representative,

some

obtained immediately, in others in

has

provided

each

type.

a

date schedule

Mr, Rumpf

urges

taxpayers to file- their applications,
with their local tax offices
as

possible.

as

soon

Number 6202

196

Volume

for medical care,

As We See It
:

Continued from page

which there is

Not only the President but

others complain of
regarded as insuf¬

many

what

educational

today

much

so

progressive rates of individ¬ complaint.

endeavor to check this

socialistic
Where

the rates are not

Of course,

outlays for plant and progressive on corporate
equipment—one of the lead¬ earnings, but, after all, the

And

ficient

ing causes, so it is said, of the managers of all larger cor¬
failure of American industry porations have to turn over to
to continue to
grow as de¬ Uncle Sam more than half of

ture

where

Fords

the

the

sort

Rock¬

are

and

Foundations

the funds which used

are

dent's

sired. But

why

no

larger out¬

lays for these purposes?

Well,
at

to

part in turning

earnings each year. In supply educational plant and
at least a part of the opera¬
words, even the larger

other

tional

corporation which

further bury¬

ing takes place it is definitely

one

likely

to

order.

It

this

of

be

same

admitted

be

must

so

costs

to

come

from

in

might be
the future? The truth is that
least, such undertakings cost considering some pioneering
dearth of just such contribu¬
a lot of money,\and in their
project comparable, for ex¬
tions, voluntary but depend¬
very nature they fare risky. ample, to the early operations
conditions

modern

under

al¬

sense

one

demands

gress,

the

<

their

The

in

If any

once was.

Presi¬

of

programs

has

ready all but buried it as it

ideas and semi-

another.

or

swing

world

upon Con¬ that Mr. Khrushchev is also
far as they bear succeeding in burying a good
Foundations of the fu¬
deal of the older communistic
upon this situation, certainly
to come from?
Where indicate no interest on his nonsense in actual practice if

efeller
Ford

Are

no

strong, concerted

any

to socialistic

ual income taxes.

are

hope of

virtually

offer

to

pear

services and all the rest about

1

25

-(1525)

and Financial Chronicle

The Commercial

...

leaf—or

force
in

further

to

us

words, and it is just

still presently

go

compulsory,

insurance

called

in

not

leaf is to be possible that the force of the
is the wrong one. He trend of popular thought may

turned it
would

new

a

over

if any

so-

against the

direction

its

alter

somewhat to the point,

so

it

must be

hoped, of preventing

further

deterioration

costs of disease or accident—

the

in

of
the
soenterprises knows able, is today in very substan¬ demanding merely that those basic structure
Fords, the Rockefel¬
that it must make over two tial part responsible for the who are obliged to come into called capitalist world. But
lers, the Mellons and ' the
troubled financial situation of the scheme
pay higher taxes if any such desired consum¬
others
that is young men dollars to keep one! And all
so
many of our educational than they otherwise would. mation is in process, it is not
with great ambition and ex¬ this has reference only to
Federal
income
taxes.
The and medical institutions, and Perhaps as viewed from the yet very evident.
ceptional ability — are not
it is responsible in substantial
standpoint of the consumer or
heavy cost of keeping the rec¬
here
of the Ford

Now the

—

any more, or

longer

no

can

their
Sam

forebears
is

rather they
function as

did.

hungry for

too

ords

required by the laws of part

Think

what

the

present day tax rate would be
on

those

Ford

enterprises, those of the
or any of

the others. The risk of loss

is

the taxv collector
large a part of

and

takes far too
such

earnings

worth

that

for

it

to

•

be

while for the individ¬

ual. There

posals

no

are

from

we

to

eliminating

heard

those




the

over¬

funds

security

on

course,

also be taken

into account/ These are some
of

costs—but

the

all of

of

for

intensely

and the like which are

today

the individual these could be

ances

must pay

of the day. These

programs
costs

we

from

will
grow

all

appear¬

rather decline in

course,

they

of them

are

cluded in

or

vidual initiative and individ¬
ual

self-responsibility

the order of the

were

the prices we

pay

directly

Midwest Exch. Member

day.

Now, the most disheartenfact

that

the campaigns now

getting fully under way ap¬

and

pays

out

chief

communist
ago

that

he

world

quoted

of

was

change.

H.

elected a
:

some

Smith,
Stock

York

Stock

American

in

in

the

Exchange,
Exchange,

and

other exchanges.

main

The

the

with

^office ' -of

Smith,

is

Detroit,

Company

and

Hague

branch

offices

in

Grcsse

Pointe, Ann Arbor, Jackson,

thought throughout the

mazoo

and

Kala¬

Lansing.

Why speculate?

MAGNET)

(THE

3

COTV. THE

ESSENCE

SO

OF

TO

«

the

and

Hague

membership

Company's

is

Exchange

Stcck
to

New

with

affiliation

addition

the

"bury"

would

Build¬
Hal

Mr.

■

firm's

The

saying

as

that

principal in the in¬

a

Midwest

mogul

Smith, Hague

member of the Midwest Stock Ex¬

capitalist world. Well, he or
rather the drift of semi-social¬
istic

III,

—

Penobscot

vestment firm, has been

"Burying" Capitalism
The

announces

Smith

Gov¬

of the

Company,

ing,

which

Treasury

indirectly

or

DETROIT, Mich.

all these contributions for the

time

th^Jargei: part iing aspect of all this is the

and must be in¬

the

of

said

doing yeomanlike work owe ordinary needs
their origins to capital and ernment.

and capitalists dating from an¬
other generation when indi¬
paying for the "advanced"

them—that
are

not

serious pro¬ the foreseeable future, and, of

official sources

have

for

and other Virtually all, if not literally
behalf of employes all, of the funds, foundations,

social

early profits of the must, of

elder Rockefeller,

great

least

this

thing they make from such
ventures.

at

day and time, the income night crop of schools and col¬ regarded as compulsory sav¬
taxes of-the states, the "con¬ leges of one sort or another at ing
schemes, but certainly
any¬
tributions" that must be made the expense of the taxpayer. nothing of the sort could be

Uncle

ipo PLUS TAX

BEAUTY

•

THAT

.COM POU N OE 0

AND

IS

FRANCE

COPYRISHitB IN

U.S.A. BT COTY. S.NC.

26

The Commercial

(1526)

implies

Today's Profit-Expectations

more

and

tion

courages

other.

outlays for educaWhatever en-

training.
one

' "

must

,

Tax Reform

The
Continued from
Continued

investing

,

i

clear.

is

while

example

for

ceo

picture

domes-

capital'formation

tic fixed

in the

United Statwamounted to a little

6f Gross National Prod-

r'u-t

investing

West Germany was

24%

and

Japan

and

Germany

sistently had

con-

nntmit

in

The

or

balance

our

worsen,

of payments position depends on
our success in keeping our prices
competitive. Lower trade barriers

requirement for economic growth,

profits

are desirable on other grounds:
monetary policy is not on the back ho]ding down the external tariff

could do something

about promptly if we develop a

wall of the European Economic
as its internal barriers

■

.

Economic growth requires ade- Community
816

not the only key to the future, but

As we know, it is one we

out not an inflation breedingshortflood
is no

of credit. In fact, there

creasing
growth

our

^oUshed, andand
in-,
productivity

through

international

<?ne-

will to do so.
.
•
growth tnrougn international spe
porate profits after tax have been - Our tax structure places undue
of
only a gap in ciahzation and exchange .; More
less than 5% of Gross National emphasis on evening out the busi- p™fl* emakeW f\f^ing trade wilhalso tend
Product. In all five years they ness cycle. Bearing heavily on into make irresponsible, behavior re,
have been below the level of prof- come, it slams the brakes on,,.,
financing of growth ia^
■P'^ a"!f
its in 1956, in real terms, and even growth. Thus the impact of our
pol*les
f'«'CUlt.
more so as a percentage of Gross tax system is more damper than
we are
to"'
'"ternattonak pivot of our
National Product. The disappoint- updraft. It has also been designed £inance'the credit needs bf; busi- !^+n<r
vf°!jCu 3
e*cka"se
.

+

ing rate of new investment since as an
should

1956

npr

twice" urn

over

While tax revision to stimulate
investment is the most obvious

^
must

we

Trade

improve,

Monetary roiicy

V

shelf-

have deciined in recenf years

rate of growth in

nnri

worker, well

The
clear:

have

Japan

a

Aiitniit

tnfai

equally

are

consequences

more.

even

'

Whether implementation of
Expansion Act would

icy.
the

undertake to spur investment and

tney nave aeciinea in recent y
In four of the last five years, cor-

In

simple choice between

a

growth and less growth.

growth is a signifjcant revision of
our tax system.
Tax revision is

reaS

^national comparisons are u cxy,

-but the broad

Thursday, October 11, 1962

.

Expectations

lament is

of

proportion

more

.

more investment is No. 1.
more

enhanced

comparisons"

national

-

as well
a; well

from

been consistently

larger

a

4

naae
page

admire have

we

•

.

■*

task

clear

one

tion, but

.

stimulate the
'

y

and Financial Chronicle

have

exploded

the

instrument of redistribution

of savings is ade_

The flQw

of income for which it is ill-suited.

.

■

ax

!£nd!^
P*-nds on the

,e"

success of its domes-

flow" The genuine social obligation of
&£££ *
stability of the
providing a decent minimum suspossibie in the kind and dual
pnc® ,^ev^ Should °ur PJ;lces rlse
tenance for those in need can be
^
/ha» Epropean
realized better via expenditure ^on^v S wl must provide ?„hV"ncompolicy. The poorest of all pay no within ^he limits 0f state or fed^deYalua~
personal income taxes. Thus a
regulation- and where
" t• def!atl0"-, .*! ls easier to
steeply progressive rate structure
,
a*e LDed1ments to Si V
While proBusiness, of course, cannot pay reduces savings and deters riskadeauatelv
accommo
fh
n*
\1?^.adJancingl rapid^
dividends out of depreciation al- bearing investment without benels;^sin- slowly- In
lowances. Nor do firms or indi- fiting those who most, need help.
to haver^them'^dei4dy'SS
'
J
G
°m1C
viduals invest just because they We should never-forget that • this ?;''M-Qneta^-:DOlicv-is kM on iiand
is^;e^nterp^,-of;;;purt.eco.have cash or credit; they invest sector of our population will be to CODe wittl booms to curb infla
nomic P°hcies.,' ; orty if they expect a reasonable benefited more by a ®c«iup to ^ p t is available'to fight recesI
: Business C.imate V; ^
that

tellacy

since

"cash

has risen, nothing specific need
investment like ours, lagged, also be done to increase the profitabillagged in output and productivity ity of investment. For cash flowgains.
depreciation reserves plus retained
Conversely, pay and consump- earnings—has clearly trended up,
tion
in Europe
have been a while investment has not. •
-■
United

Kingdom, however, whose

smaller share
than

income

national

of

In West Germany, the

ours.

share of pay has been a

little

over

60%; in the United States, around
70%.

This

the

plain

challenges

fact

"purchasing

theory,"

power

m

•

our growth than by an> tax-designed system for distribution of
be found by raising the share of facilities, is more a consequence income and wealth.
.
pay in national income. It is pos- of inadequate investment than a
The corporate income tax is a
sible to achieve full employment cause.
The more uncertain the tax on efficiency, on risk-taking,
this
way;
the United Kingdom venture—and new departures are on growth. The firm making no
has done it. But it is full employ- always uncertain—the higher the profits pays no tax. The tax-sup-

that

the

solution

and

ment

slow

ment

with

share

of

with
It

unemploy-

small

investment

rate

would

here-can

growth

national

slow

a

for

of

a

and

it

expected return needed to induce

expectations

Profit

investment.

are

not now, good

enough to induce the volume of

false

out

where

capacity,

have not been,

growth.

holding

be

as

income,

Idle

return.

represents high cost or obsolescent

hoaes^to suggest ^mole numeri- investment required to maintain
ca? relatforf between the r2 ot' high employment in the short run,
a

investment

growth.
from

and

is

It

the

of

rate

easier to

catch

up

behind, benefiting from the

trials and

errors

frontiers

of

of nations at the

technology.

It

is

easier,, too, to set records starting
from

low postwar base.

We

are

obviously not going to match

re-

cent

a

West

rates

pect

German

and

Japanese

of growth. ■;Nor can we ex-

to

continue

producing

46%

cf:the world's manufacturing out-

put,

we

did in 1960.

we

as

Still

should

able

be

considerably better than
in

recent years,

Some

do

have

by improving the

climate ,for

growth.

to

we

investment
see

in

us

and

a

new

stagnation,

setting

following

decade of catching up

a

with accumulated

ferred

in

after

1957,

technology, de-

investments,

backlog

de-

mands from 15 years of depression
and

ing

It is doubtless true that

war.

by 1957

up on

needs

the

had completed catch-

we

and

exploited

the

best

of

high-yield investment opporhad

doubtless

growing

-

accumulated.

true,

that

too,

It

the

importance of service in

consumer

demand

v^Ptment°n

But

may

well have

fte'tStotoj

growth in the labor force

as

We do have a choice.-Both condemand and business in-

sumer

wu~„

a

ntv,~r

°0Hcv

rft,,ntrihC

of

g a po cy oi monetary

f 10

r1™,,*;™

qro

monetary

b^e whi!le

+

™

„'n

eSfnomvand

a

p

+

the'tan
in the economy, and op the.tanr
'f
I
le^d us . to neglect
intangibles as .they bear .on economic growth. Attitudes, expectations, intentions have measurable
effects too.-Prices, foiv instance,
inthe

on

abroad> rt- is a weapon we obviously cannot use to the hilt. For
ported services of ^government,:^monetary polmythen m^tbalarwp
however, are open to commercial ;don\estlc a Sa 1
^e P ° I
enterprises whatever the color of needs
It cang-etiB 'be resemble ^re ^.valuab 1 e information, but
the ink on their books. The costs enough to smooth the functioning do
tell us everything about
of government incident thereto ol^he^onomy, , averting credit product value or-expected sales,
should be distributed more equi- scarc^y and shoring up confidence, ^e^s ai^ TOtant. jn coltably than they are under a 52% - • Against pale profit , prospects, lective. bargaining but do noft
corporate income tax. In this case, however, which slow growth and measure .labor cost. ..Consumers
Jquity and growth g0 hand in de"y u®
^prosperity, monetary;!
band.
pol^cy ls
wrong weapon. The
p(?m „v
-

^

.

J11 statesmanship, as in moun- deficiency can be overcome only
'
*
.lc31
for a healthy economy. The sum taineering, there is no
greater by a fundamental readjustment in
•
.»> usinessmen
total of these two flows of spend- mistake than
trying to .leap a the share of income going to profnot Jcq s m a vast economic
ing determine the: level of;, em- chasm in small jumps. Statesman- its. It vis a job. for fiscal policy,
inves
f"
ployment of labor and of plant ship is desperately wanting in tax for tax cuts and spending lunita-; cwions
aie reflex reactions vto
and equipment.
The proportion PO^cy; the revisions needed are - tions. But these would fail without metered doses oi tax reduction or
between these two spending flows far-reaching.>. Once again it must complementing monetary action.
^
ent spenaing mcremqnts.,
largely -determines the rate of be made more attractive to earn.,
Now that domestic needs, and
sy^em is a mecnamsm,
growth.
Consumer spending de- income than tor save faxes. A gov- balance of payments- constraints
market is an organism
pends mainly on income after ernment which urges business to are frequently at odds, the task
andVconfidonce cnrrenFin
taxes; business investment is ^vest without basically improv- 0f the Federal Reserve System is
guided mainly by profit expecta- mS Profit .prospects-is lje a -difficult indeed. More than before, Businessriieh are not hv^nnhnndH
tions. We now have the worst of woman who tries to sew without,.it needs the freedom to discharge ^us5"aen aie ■not hypochondnboth worlds: neither high employ- threading the -needle..", ■
.
its statutory responsibilities with-. ...vn
^^d
ment, nor rapid growth. Our conTo °Pen the way for needed out political directives.
*
t
.
e 0S."..
busi~
sumer spending and saving pat- changes strict budget ceilings on
In the face of our concern over {
to be treatedSewhV'\kmrS^
tern is geared to a high-growth expenditures must be set and ad- gold Josses> eagy ^oney would be care not wjfu insulin shopk tr*L
economy; but existing profit ex- bered to by the Executive and?a dangerous -policy. Should it re- ments
treatpectations and resultant invest- Congress.
suit
in
accelerated
short-term
^
;•
ment flows are incompatible with
The corporate income tax should capital outflows and gold losses,
pntiaence is a key intangible
spending

vestment

are

essential

.

.

.

rapid growth.

the most urgent cf these

tunities that
is

or the type of investment essential
^or bi£h growth in the long run.

.

following

be cut as

Arguments that all
restore

increased

business
both

is

need

to

profitability

to

we

high-level

prosperity

beg the question and confuse

effects for

causes.

Profit expecta-

tions must be improved

first; then

investment

in

will

rise;

a

matter of first priority,

Personal

also

be

eluding

income

reduced,
the

taxes

specifically

essentially

upper-bracket rates.
Essentially

the

should

in-

punitive

v/Vf".

preponderance

of direct taxation of income

busi-

FedSal^-

conse-

it might,set

counteraction,
ress

toward

risking

a

world economy.

more,

our

decisions as well as
Wisely . or

lnves

off unduly restrictive
prog-'

competitive

w-?

„

vertible currencies and stable ex-

fx

cban§e rates is to° valuable a
Prize and to° recent an achievement to risk by inviting instability

*

-■

»

7'

the toterests of growth- This & a

•

^
Pnnnih

•

Adjusting interest-rate policy to ple>

e f1Sa es are

historian? foriex^n-

raay; well speculate on ithe
Cost in billions of dollars of Gross
National Product of last summer's
gieel episode.- :
*
<
/ ;
.
; '

tovestment, of course, must be
forthcoming jump in
familv more ^oadly conceived than plant
formations and in consumer'dp
and equipment. It is also the skills
mand
helo infuse
vi^or and exPerience to operate them,
into
the
economic
system
"of Denison bas attributed 42% of the
first-rank significance
moreover
FiSG in worker Productivity in the
is the fact that the frontiers of past to increased education- Edutechnology
are
opening
wider
cation is lar§ely a Public function,
Growth may come harder at home
But with growinS s°Phistication of
and
in Europe for
certain
but productive
techniques, business
stagnation is not in sight
What mUSt train increasing numbers of
is
clear
is
this*
must
get workers' and retrain them more
straight in our heads what fosters °fen aS research bears fruit in
growth and then act to bring it
06 and factory- Educational

page we can usefully borrow from
Europe's fiscal book. Another page
we can borrow is to reorganize our
indirect tax structure, specifically

about.

used indirect taxes far more than spheres in our kind of interdewe; and, to judge by results, the pendent world.
...... . ..
'
policy has been a good one. This
Nor are lower tariffs a cure for
is not a question of regression, or • the balance of payments problem

government is concerned with the
public interest; feel that business

progression, of radicalism

is

war

babies reach working

'age

the

new

can

new

we

•

Investment
Amon2
erowth

thp

anH

to

Wc
hiah




in

investment by business is huge,
perhaps on the order of magni.
.
a ®
pub^c education itself, or
S T ?lve lsin.ess spending on producymcn

omnin,

p

,

equipment. Added investment

the present hodgepodge of excise
taxes, to the end that these taxes
are more uniform and broadly
based and provide a larger share
of Federal tax revenue than is
now the case. Such a shift of emphasis from direct to indirect taxation may not be politically timely' but 11 is time at least to discuss
it. European governments- have

or

reac-

the state** foreign money markets is no more a surrender of
sovereignty than is the lowering
of trade barriers. The two policies are complementary, and pursued for the gains that arise from
expanding trade with rapidly
growing markets;. This community of interests may be called a
pooling, not a surrender, of sovereignty.,. What we. have lost, in
fact, is some of our international
autonomy, but this kind of loss
has become • inevitable in many

posture

^

nnd^w* eC°n°my WiU Pr°Sper tax structure must be reduced in to short-term capital movements. goine fulure

the

angs
ic spenaing and

^

A world of con-.

which

so

concerns

monetary pol-

,

* The Place of Government
*
' The American continental climate tends toward extremes, and
so too does the climate of opinion
of which we have been speaking,
On the one hand are those who
declare the slogan of America's
"unmet needs," assume that they,
cart be met only by government;'
believe that a rich society should
support a lavish and extravagant

public

a

sector;

assert

that

only

great conspiracy and big busi-

Volume

species

some

ness

Number 6202

196

.

more

pay

taxes

government itself, run to extremes. Planning by business is
just good management, but when
suggested by government officials,
it means different things.
Programs of achievement to which
the government is committed can

than

government officials,

the poor. We practice the ability-

know

in

to-borrcw principle—the wealthy

their hearts what is the public

in-

borrower is a better risk for larger

that

crime;

appointed

elected,

and

terest and have
that

and

no

whom

those

been selected to

neither

seiit

the public

other concern;

But it does not follow that

sums.

have

a

wealthy country ought to have

and repre-

a

large and growing public

they

serve

(1527)

The Commercial and. Financial Chronicle

.

—the rich

organized

of

.

debt,

controls

to

inflate prices, destroy our cornIBA Mun. Bond
petitive position in the world, and
undermine the dollars as a rea
V "
.
•
•
TVr"4serve currency.
Government has AQVGrtlSlRff Ja.1L
a role to play but must stick to
its part. Private enterprise, not WASHINGTON, D. C.—The
public activity, is the road to Municipal Bond Advertising Kit
e

nor

the faster growth in our kind of eco-

make

Does it follow either that its taxes

for

care

interest.

generate

ought to rise in proportion to its

know

27

<

goals come true, and thus to direct nomic system.

issued

recently

Special

the

by

When government Committee for Public Education

public intrusion in the private overreaches its functions, it robs on Municipal Securities of the Insecton. Many public plans, of resources, incentives, and confi- vestment Bankers Association of
evil,
and
perhaps
unnecessary; thus private debt grows with pri- course,
are .no more than rea- dence from the creative forces of America has attracted wide attenwho view society as a Darwinian vate
output.
Local government scned forecasts, really information our country.
tion. The Washington office of the
struggle for
economic survival;; investment in schools and other services, implying no measure of
y\n agenda for growth, is then, IBA has been kept busy with a
who believe that a rich society, public; facilities grows with popu- coercion or control.. Yet among us simply stated. As we recall from rash of inquiries regarding- the
can
do more for itself privately lation
and
income,
so,
legiti- the word "planning" itself is emo- grimmer days, "Give us the tools ad kit.
•
At the other

who

regard

and

get

and

national income?

seme

are

government

expenditures tnan

tionally loaded and the less used and we wju finish the job." The
the better.
> •
..
job of growth, of course, is never

national debt is largely the legacy

a

..

.

.

it is of interest to note that inquiries and orders have been

re-

done. It is sparked by age-old
motivations, fueled by the incentive of expected profits, ., and
guided by human curiosity. But
to make good speed we need to

ceived from numerous non-lBA
members. The Committee regrets
that the ad kit will be furnished
only to IBA members,

release the brakes on initiative
public serv- accounts from many perspectives, power - is
not > adequately con- and investment.
ices; and that power inevitably to understand and improve the strained by competition is widely
jn a more optimistic past, our
corrupts.
role of government in the econ- accepted.
There are, however, fathers thought that progress was
The truth is not to be found at omy.
We must distinguish be- constant
pressures,
under the inevitable. In the more realistic
either of these extremes. Big gov-tween income transfers and pur- stress of collective bargaining dis- present, we know that nothing is
eminent is here to say, quite apart chases
of
goods
and
services; putes, and of failures at persua- inevitable, and few things imposfrom
the
global power struggle between expenditures which di- sion by government, toextend the sible. Progress is possible, and we
which commits one-tenth of our rectly generate income and those concept of public utility and ac^ understand the process far better
output to defense.
It may well .which do not; between expendi- companying controls to "key" in- than before.
have to be big, but there is no tures which indirectly add to tax dustrics.
Such intrusions are not
A course for growth is rather
reason why it should net be limrevenues and those which do not;
defensible on grounds of either jike a roa(j map
sb0Ws many
ited—in power, in expenditure, in between expenditures
improving, freedom or growth.
ways to many places. Our task is

that the ads be made available in

The right of government to use
off, we must have fewer "unmet present
subsidies. > Are ill-con- its taxing, spending, and monetary
needs"; that the public interest, is ceived farm subsidies or nonserv-t powers for, growth, stability, and
the simple sum of myriad private; ice-connected veterans' payments prosperity is established by law.
interests independently pursued; an investment?
; ;
:
and popular consensus. Regulation
that private; wants ^should* always v>We/need';to view government of public utilities whose monopoly
poor one;

that since

of. past

better

we are

depressions,.; and

wars,

.

have precedence over

function.' Government should not
allowed

be

to

bigger

grow

the operation of the private sector

by

^rnni^Fii,^
;^over"ment Finances

;

Some hope to close

those

and

constantly loosening its own belt,

hampering

The

government to

of

essence

to

general staff concept of govern-

ting with it.-But definitions must

choose

For peoples with a goai 0f

is service.

us

compe-

or

Gmy

the

best

vigorous,

a

in America.

be clearAAn investment" yield- ment, central planning for a com- dom to choose,

jng

:;

the "growth

mand economy makes sense, But travel that
for us it is out of character and

measureable return is not

no

a-capital item,- what

really

ever

route

to

strong

Given the free-

we will

find and

way.

by

i

expanding

.*

.

y~,

j

i

j

■

.

,

.

.

„

,

.

.

,

sector

.

.

ing

the

in

1930

s

effec-

not

did

discipline

pelling

is

the

tivelyystimulate the private sector, quence of

pur actions,
opposite ef- choice of terminology:

and at times had 4he

other instance^-:
wartirrie—a useful analogue. More

•

now

size.

be obtained in

5

a

can

7 inch

x

This is considerably smaller

than the

page proofs

represented

in the ad kit. However, the smaller

size has not reduced the impact of
the

ads.

The

Committee

that the price is the
sizes of mats,

stated

for both

same

New Hawaiian Firm
HONOLULU

street

Hawaii

T'

wnrifie*

officer's

A,

Finance

—

o„llfu

1QC;

T

HiramL

are

J?
an.
Edward_Y. b. B T T.au SerreWong, Vice-Presidents* Daniel
q

w

.

y, ana JVLun un unun, lreas.

.

the

by

--j.

the private sector also needs their
s u

.,

p p or

t.

Productive resources

•

Goyernmeiit Functions must be flexible.'
Workers, for
recently -an /increase in FederalTn; the J context foil
economic example,, must be able and will-.
spending; by. some^$H: billion An; growth, what are the proper func^ ' j^g/to shift from declining to exthe. last two fiscal

*

j//

•.

-

is

government

grow-

not the consent of the people, planning by

.

Nor As.tile

/feet.

Where

Aconse-

reduced size .To meet this

ing demand, reproducible mats

fa

the

;

•

,

a

tp„

.

// A"

Many IBA members have asked

our

econ-

public its cost and expected life. A capi- out of the question. Our planning
*£\ addrf«« by D«r. Hauge before the
*
/
88th Annual Convention of the American
through increased .Federal, tal budget making no provision is for a consensus society, which Bankers Association, Atlantic city, N. J.,
spending.They are courting the .fop capital replacement through means decentralized planning by Sept. 26, 1962.
risk of substituting memories for dfeprehiatioh 6hhrges> is consump- individuals
and
businesses ashopes, and bad memories at that, tion, not investment. New labels sisted, but not directed, by governFor increased government spend- do not change reality; > The) bom- ment.; v
vo;
:
gap"

,

-

.

Credit is the lifeblood of trade;

as

public-mately, may local public debt.'But

with: fewer

by

scrvices

extreme

all

by a deficit in the

years,mnafcehed - tions of government?,. There is no panding-- areas and ' occupations
'regular budget final answer, for government is by and to acquire new skills. Growth
_

almost" the. ;Same,

of

not

averted

the

amount,* has

lag in the econ-

the .consent oL the people, /w/iose

iY>gads

views' "may

^

ccstly.

change;

-

Some

; are

is

change

and

change

■*

But other options open to

performance.^ Growth in public functions by logic,' provid- these I workers are still more
kind of economy "is the prod- ing the
basic framework for a costiy. if Efforts are successful
ucj; of private enterprise. ..Qovern- , working society: the structure of to',maintain obsolete jobs, making
ment must understand this, accept laws and the mechanisms for i;heir ^a'^
y investments vunprofitable,
it,*and encourage it. This is gov- enactment, administration,
and gr0wth, is 'slowed.A i ;
- \
ernment's
main
contribution to enforcement
Some Aare: public:
A
'
w
growth;, to .strengthen-.the private functions' by necessity, such as
the obsolete-iobs
This'is a

omy's
our

+

.

sector,;not,te.cepnve.it of either defense.Others are public tuncresources or
jncentives..;...
ions .y law, by custom, by.hel.ef.
.

In

taxation

we-

have

come

^ ^^on^fomlhe

report of

Presidential

Railroad

.

to

Here the boundar.es are flu.d and

accept the abiiity-to-pay principle

either way.

move

may

There

are

adopted

functions beyond the

of private enterprise which

power

circumstances and opinion dictate
.should be undertaken, such as our

Other functions

program.

space

^

Commission.

..

;

L
,

..

and

where.

Emphasis

nance

appears

and

assistance.

need

ahd programs,;-both;.- natufal arid Vuhdue: stimuliiSi to replace
conserve and ^syelop

education,

by

public

enjoyment,

or

ment,; Lastly thethe

1

preserve

commerce,

procom-

monopoly
in this
in

power.

area

which

-

Its responsibility

is clear, but the
it «is

carried

must

freedom.
is

in

our

The

of

^

gateway to growth

The cli-

productive investment.

mate

for investment

overcast,

but

partly

must

not

is

venture

capital.

be

cloudy, with

spirit,-a bright chance of good returns

out

For

on

a

better

on

corpo-

clouded, and so are the rules and

growth

practices which guide its actions,

rate and personal income must be

./
-

'

of WASHINGTON, D. C.

-

•

'

FOUNDED 1636
.

MEMBER

FEDERAL RESERVE SYSTEM • FEDERAL

'

■

DEPOSIT INSURANCE CORP-




■

A final

issue

caution.

government
on

climate,

taxes

cut and a more suitable balance

/
/

between

direct

and

•

more'and

more

by the end of this year.

. .

.

.

j

.

.

.

/

••

fifteen billion dollars of private *
capital have been poured into a 1000 mile stretch of the Ohio
River Valley for new and expanded industrial facilities. And
over
$571,000,000 of it has gone into capital-investments in
In the past ten years, over

Industrial Area.

the Greater Cincinnati

always been
with the Area s expand¬
ing gas and electric needs, 1 be Cincinnati Gas & Electric
Company's investment reached half a billion dollars; in 1961.
Plans are under way for. the investment of an equaj amount
.." Among

the Area's powerful attractions has

adequate low-cost power. To keep pace

in the

indirect taxes

ten years.

/ j

:

^

\ ;

"
i-i.

bearing

on

public

confidence sustaining growth calls
for

;

r.V■
.Planning
;

-

renewal

in America

the /method

and more miles of broad new expressways. You;
adjacent to downtown Cincinnati now cleared of

industrial super-blocks. In adaibrand-new core area and urban
projects moving into high gear. You see what Is being
give the Greater Cincinnati Area the newest new look

tion, you see

.

The directions for growth

happening in Cincinnati. You see unmistakable
everywhere you look. You see traffic moving

on more

vast acres

A done to

>

■

are

of it

America!

slums, ready for new planned
.

A'Conclusion

for our enrich-* 1

and the duty to

power

mote

!

see

by

unemployed into useful work.

government/haseconomy -follow

petition, and prevent the abuse of

,♦

briskly
-

ajs0 reflect concern for absorbing
the

Things

evidence

to

men

;;^^^f ^Such; Attitudes

a resources/

vhealth, and researehr We ..conserve-/;
cur

BANK

'//

undergird

pay

.

This

rec0gnize the connection between

"/} and. develop natural,resources for

•

...the city closest to

shifting

be

to

adjustment

look at 1962 CINCINNATI

a

job mainte¬

c-n

somewhat to employment security

.

human;:.We

but.r abo ; fey informationj

NATIONAL

Take

else-

There-are our: resource, policies c03ti:inCrbaSmgrtpay:- policies and

buman
/

.

interest.

wisely

and

railroading

To

public

be

management

by

in

i^or,

could

It

This

is

the

planning..

.*

issue

of

Opinions

planning, like attitudes toward

achieved.

Investment

feeds

on

THE CINCINNATI GAS &

capital-and credit/but it runs on

hopes of profit.
financial

the

Growth requires

accommodation

monetary

ease

but

which

\

~

1 The Union Light, Heat and Power Company

not

would

ELECTRIC COMPANY

Celebrating the start of its

second 125 years of service to this great area

.

28

The Commercial and Financial Chronicle

(1528)
Initiative
be

Removing Impediments to

be

and

190 years of the National Banking

1

Continued from page

knowl-

have gained a more

we

enterprise
The

should

augurated.

should

way

in

opened for fresh capital to flow

into

Commercial Banks' Growth

and

encouraged.

banking,

the

and

field

of

banking should be made attractive
the

to

generation of highly-

new

trained

careers

for

and

men

selecting

women

community

order

for

effectively.

Comparable broadening of powers
also

favored

respect

bright and appealing borrowing from other

a

is

sources.

to

means

number of matters

a

relating to the capital position of
National Banks,

and to their cor¬

porate procedures, which urgently

require change^ On some of these
matters

shall

we

policies within

announce

new

short time.

a very

debentures.

Capital

(5)
has

been

that

the

There

the

tures

by

(1) Competition in hanking. No expand. Our needs cannot be ful- These' new regulations will: be
sion-making process so that plans phase of our banking operations is filled unless these- banks have the published in the Federal Register
of action by our National Banks more fundamental to the
effec- power, to operate effectively,
in proposed Torm? and all National
would not lie idle for want of de- tiveness with which
banks per- > Qur Advisory Committee has rec- Banks as well as others who may
cision
by this Office.
Fourteen form their essential functions in ommended a number of revisions be interested will be invited to

the economy than the pattern of
competition which is allowed to
Through this re-organization we develop. Banking is a regulated
have unified previously
divided,^industry hi this country, and en ry
State
administration,
facilitated }s permitted only throug
a pu previous

Offices,

District

twelve

in the p0wers 0f National Banks,

Let

utilization of

tion

examina-

our

staff, and given long-overdue

recognition to the economic growth
which

has

taken

Northwestern
Mountain

States,

in

place
the

and

Rocky
South-

o„„tu

To

these

ity

effectiVe

assure

of

use

improved facilities, author¬

in

has

matters

many

delegated 'to

Issues

Examiners.

which formerly had to be

Washington

closer rela-

being

are

resolved

dealt with

are now

at the local level, and

tionships

Chief

Regional

the

National Bank

been

developed

with the individual National Bank.

the

havec>!established

■we
,

accelerated
,

,

and.-firm

Office,

Washington

schedules

J1S

.

for

handling

applications for charters, mergers,
branches.

•and

this

Under

^

policies which

^hcedure^ ^_hse^ aPPh^ihus are
being processed and decided

nod
the

ahead

the

of

required

typical

such

for

pe-

action

in

past.

In

recognition
of

use

of

automated

National Banks

our

barked
equip

on

a

with

better

matic
forts

ben

of

auto-

to

ef¬

and

which

helpful

staff

Pilot

completed,

prepared

most

prove

em-

examining

processing.

have

manual

by

designed to

knowledge

data

greater

have

we

program

bank

our

the

procedures

a

should

bank

ex¬

in

sanctioning

Regularly scheduled

classes

given

they

in

to

automation

will

examiners,

our

be

that

so

have special training to

may

with the problems resulting

cope

from

automation.

the

...

,

Bureau

,

we

,

sought to elevate the quality

vc

fnrlmo,™
accicrn™

addftw.*

fn

? J?

i

and

emerging structure of
banking system. Decisions in

our

order

knowledge

consideration

has

sup-

•

aimed

oroaram

J?

at

im-

if?. ail^eCLat ^

the

Svstem.
System.

National

Personnel
Personnel

Banking

mialHWirm
qualification

requirements have been modified,
new types of
positions have been

established, and the
has been

ests of the United States, and

convenience

special
of

our

area

revised, to
staff.

structure

assure

We
^

"attention
staff

futurd

„

of

to

the

re¬

well-

a

have

in

the

the

Matters

found

we

„

to

ems

the

over

-V

the

long

deveiopmenj; 0f

history

the

of

banking

our

sys-

tern the exercise of public author-

0f

^he

inherited

p^g^

early

years

this*

attitude that

an

were

the
those

more

field,

from

the

capital

ing

leai

in

the

and

consumer

should

Means

be found to apply to loans on un-

listed securities, standards comparable. Ho those now applied to

'<&

loans

will

National

has

been

the

liquidity
In

banks.

both

the

and

these

solvency

circumstances,

spirit and the image of

banking have largely
if

not

of

regressive

static

been

protective

—

rather than venturesome.

they

be

all

Na¬

of

size

required

conform

to

to

uniform reporting regula¬

certain

Every National Bank will

tions.
be

require,

regardless

required, within 30 days after

the

of

close

supply

fiscal

to

year,

with

shareholders

its

Annual

each

an

containing finan¬

Report

information

according to

standards set by

the Office of the

cial

Where

Comptroller.

proxies

solicitedy there will be
ment

shareholders

that

giveh

the

for

are

require¬

a

be

must

information

necessary

tal

debentures, provided that the

does not exceed the

itation

overall

on

have

should be con-

order

and

to

these

taken

in

steps

shareholders'

safeguard

The

necessity

preserving

for

public confidence in the banking
has

system
the

diminished

not

(3) Investment powers. National
Banks

in the

as

over

great

as

Alongside

past.

liberalization

is

both

system

required.

related

Closely
derwrite

need
to

which

solelv

th

t

Drotection

of

existing
indeed

units

in

anv

banking

in

business

or

—

or

indus

y busmess or inCtUS

["v

'v';;
Over

the

have

changes
have

far

past

two

witnessed

in

our

decades

This

outpaced

to

un-

form

a

has

broader

grown

authority

lower

(

borrowing

pnr>pa

The

vomers

5 Voweis-

'«.

which

to

rv

raoid

lhe raPlct

have

we

experi-

savins

npr«?nnal

in

costs
v,

Trust

,a\

and

projects,

improvement

lie

nppps

personal.. savings. neces
sitates a new attitude toward the
?? ?

exercise of trust
tional Banks.

powers

by Na-

The present restric-

commer-

behind. To

We

must

look

forward

quires

a

reflect

not

and

to

those

requirements,

Na¬

Comptrol¬
the

assume

the

Reports.

The

procedures

Comptroller whenever there is
cial

ownership of the stock of

National Bank.

a

a

yJ;

.;■'•

(3) Employee stock option plans.
In order to enable National Banks
attract

ulations

and

421

Code.

subject

to

shareholders k)f
the

option

stock

qualify for tax

Revenue

new reg¬

permit the adoption

under Section

be

competent

personnel, the

will

employee

which

retain

of

the

preliminary

approval

proposals

The

ity

this

in

soon

area.

possible

as

Internal

plans will

approval

and

bank

Comptroller, and

a

by

method is

provided in the regulations for the

for

approval

area

re-

thorized but unissued

and rewrite

We

intend

as

re-examine

Regulation F in order

to enable National Bank trust de-

shareholders

by

made available for

of

Preferred

fulfilling stock

Although

stock.

existing statutes permit the issu¬
ance

of

stock

preferred

by

Na¬

cedure.

changes

the

discounts

have

present
for

and

Funda_
occurred

eligibility

Federal

advances

re-

Reserve
were

in¬

will

proved

will

be

unless

dividend
for

pro¬

stock

considered

there

is

procedure

ap¬

notice

contrary within 15

alternate

elimi¬

work and

paper

Applications

dividends

the

shareholders.

days.

to

be

to

An"
pro¬

vided will permit shareholders to

in advance

approve

a

quantity of

authorized but unissued stock out
of

which

stock

distributed..
tion

will

dividends may be

Finally,

distinc¬

no

generally be drawn be¬

tween

recurring and nonrecurring

stock

dividends,

and

it

will

no

longer be required that recurring
stock dividends must be related to

earnings for the

current

(7) ^Authorized

'

stock.-:

The

year

or

value of the bank's

hut

unissued

Comptroller

in

the

past has ruled, that National Banks
follow the usual corpo¬

may: hot

rate-practice
ized

the

but
new

of

holding

unissued

author¬

stock.

Under

regulations shareholders

of National Banks will be allowed

to approve the issuance and hold¬

ing of shares to be issued at the
discretion of the Board

of

Direc¬

tors and with the approval of the

Comptroller.

Under this

new

pro¬

cedure stock may be issued with¬
out further shareholder action for

such purposes as stock

options, the

acquisition of assets, the distribu¬
of

like.

dividends,

the

and

such

as

merg¬

which require specific share¬

ers,

holder
be

stock

Transactions

approval, will continue to

subject to that requirement.

(8)

Capital

There is
not

one

adequacy

other

regulatory

will

be

soon

comment

lation of
matter

in

nature,

which

presented for public

prior to the final formu¬
policies.

new

of

National

the

as

This is the

capital position

Banks. >:

At present a

known

ratios.

matter, although

of

y.v'V?" '-.Mvq

formula, commonly

the "risk-asset

formula,"

employed by the Comptroller's

Office

as

screening

a

device

in

appraising the capital position of
National

Banks.

doubt that any

provide

a

There

is

real

arbitrary formula

sufficient basis for

determining capital adequacy. Al¬
though
the

the

assets

risks
of

a

represented
bank

should

in
be

taken into account in determining
the adequacy of its capital posi¬

tion,

a

number

of

other. factors

should also be considered.

tional Banks, it has been the com¬
mon

view

would

that

approve,

the

issuance

make it clear that
may

of

preferred stock

be issued by National Banks

according to normal business con¬
siderations.

will

be

set

Minimum

for

At

Comptroller

the

partments to meet fully the needs such stock only in distress situa¬
of the public for these services,
tions.
The new regulations will
Bmrowing pou!ers.

for

the

by

au¬

stock to be

option plans.
(4)

the

of the

the

by

the

need

to

to

delay in the stock

is

These

of.

requirement

regulations

new

nate most

plans

treatment

the

present

issuance

particularly

significant change in the benefi¬

of

for- the

stock dividends by National Banks,

tion

Ownership

(2)

There has

re-

instituting

for

the

thorough re-examination.

quirements

pansion

the

this

from the Federal Reserve author-

(s)
to

(6) Stock dividends.

can

do

services,

our

of

securities

that

required reforms.

executive

such

otner types of financial institutions have developed and grown

sponsibility

to

tions

develop-

the

to

Banks

pation of National Banks in pub-

which

the

tional

would serve to extend the partici-

cataclysmic

economy

unlisted

of

ties, and it seems apropriate with

the past two

over

common

decades.

the

bonds,

revenue

obligation

so eAy, protection or growth

.

The

Banks

is

National

authorize

the issuers.

accom-

holders

to

now

cific forms of investment should proposed new regulations will re¬
be made eligible,
quire that a report be made to the

That

environment dedi-

widespread dissat¬

securities, including bank securi¬

"be eased, and certain added spe-

would,

objective cannot be

is

with the information

substantial ler's Office should

cial institutions, and a

requirements of economic growth,

cated

There

ties.

limitations respect

applied to other finan-

more

progress

commercial banking

an

more

investment

significance to the
our

to

than those

of

0f

subject

now

are

rigorous

years—the need to safeguard ;

liquidity and solvency is
tcday

lending limits

basic

the

Finally,

statutory lim¬

borrowing.

been much criticism of the

voting." l^he mini¬ 40 the market
information which must be stock..,

mum

incur

to

total amount of such indebtedness

intelligent

formed

present general limitations should

spirit must be engendered.

the nearly

will

corporate families are inconsistent
in principle,

ex-

During

formation

tional" Banks

We

]argely to the aim of safeguarding

need

Na-

provided with all the pertinent in¬

securities.4 The jifovided Will bk specified in detail
affecting loans'-to by the Office of the Comptroller.

rules

present

since

of

In

shareholders

that

specifically

Banks

Comptroller before the submission

follows:

as

of

The

Banks.

indebtedness in the form of capi¬

listed

our

operations




activities

loans.

policies with respect to bank

Banks.

to

particularly in

are

loans

instalment

fws' regulations and policies needs of the future, and adapt

tional

reiaimg

ing authority is now encrusted
with a variety of archaic restrictions which have greatly impaired
the capacity of National Banks to

mental

the

real

to

need of reform. Real estate lend-

the

affecting

insure

to

applied to National Banks should isfaction
attuned be reasonably broadened,
supplied

basic

relating to

new

information.

Financial

of public regulation in

retrieve the position of the commercial banks, and their central
role in the economy, a whole new

Comptrol-

promul¬

to some uniform set of interests, according to the same
can
onJy be describe(i as that of policies while guarding
against principles followed in safeguard¬
<<a cloged industry." The emphasis undue
concentration of lending. ing shareholders of listed securi¬
ity has produced

cial banks have
lagged

operat-

be greatly in

improvement

powers

estate loans

.

relating

ivw44

"eyS

ing procedures of the

pr

Ane

;

.

powers

given

4W¥v>

attorneys

substantive

ler's Office

the

■

phenomenally while

of

indugtry

ments which have taken place in Last week the Congress passed a
the" building 2!!f c0™mercial banking system, bill transferring to my Office

of trusts

Although

of

needs

and

the

kanking public, both present and

we

pay

cruitment and retention of

qualified

inter-

international

and

gl^e? °. ^ brs °I vig°r» plished in
vitality, drive, and interest in
proving

to serve the

best suited

<

t

commercial banking

of the

d>etre

individual cases must conform to cany on men
uIhmate pattern w ic
is
Modifications are also required
sou§ht. In general terms, t e aim
should be to achieve a banking in the regulations affecting workstructure

before

describe these

can

banking operations is the author- and potential purchasers of secu¬
.
^ Jend
Lending is the raisoyi rities of National Banks may be

their

T3
^
and of our economy generally,
} making personnel This is the need to adapt the pro_
-y po®ltlons' in Vision of banking facilities to the

ability

a

of

shape the

.e.ei?..

porting

expansion

the

I

pro¬

issuance

National

regulations

permit

of

most basic importance to effective

powers.

comments

regulations briefly
(1)

this need, however, is one of equal

Throughout
,

and

existing units by any means, will

amining personnel throughout the
country.

followed

are

in approving new charters,

new

now

months

^.

''

Perhaps of

Lending

njea novo through the well.
and branches as formation
of de

national
Within

approva

also required for the expansion o
banking units through merge >
consolidation, or holding compa-

States.

ern

in

the

the

States,

Public

charter.

llc

submit

these gation.

of

SOme

briefly.

-

better

revjew

me

even

the

against

Office, and to speed up the deci-

Regional Offices have replaced the

Banks,
statutory

no

new

not

would

of capital deben¬

use

National

by

also

feeling

general

a

Comptroller

approve

bonds
are

of the

vision

Changes Soon to Be Announced
There

and

public

investing

banks.

though there is

System layer upon layer of laws future

determina- and rulings have been built to
A11 of our policies with respect
Many control the activities of National to the chartering of new banks,
nr^blems al'f^ti^ng the developing Banks. They all must be re-ex- and the expansion of existing
structure of our bankin* system
amined and re-appraised in teims banking units, should take sensihave come to light through these of iheir consistency and their ap- tive acc0Unt of these needs,
propriateness for present-day
not aione sufficient, howWe
have
endeavored
also
to conditions.
Several areas are of-'ever,s to' allow new banks to be
streamline the organization of the particular significance.
chartered, and existing' ones to

the

eligibility,

commercial

enable

to

banks to operate more

Dublic interest

the

of

There is broad support

banking

modernized concepts of
in

Thursday, October 11, 1962

.

.

with

edgeable basis for the
tinn

the

.

the

standards

protection

of

the

present

thinking, it is
appraisal

of

our

stage
view

capital

of

our

that

the

adequacy

should take account of the follow¬

ing factors:
y.

a^

The

quality

b.-

The

liquidity

.

c.

assets;
The

•'

of management;
of

the

bank's

-

bank's

earnings history;

(1529)

to

The, capacity of the bank

Lohman Said to Err On

its occupancy expenses;

carry

f.

The potential

g.

The quality of the bank's op¬

bank's

volatility of the

deposit structure;

erating procedures; and
bank's

The

h.

cial

Tenuity of Gold to Money

•

capacity to meet

the present

;

Contributor Shull

:

its

trade

area,

.

gold-devaluation.

.

faces.

.,

in
to

the

serve

present

our

is

quacy

Editor, Commercial and Financial

of

Sept.

13,, "Multilateral

tion

capital ade¬

Would

certainly

Other

the

of Government

The Report of our
takes

mittee
the

who

Na¬
Chairman of the Board Arthur Williamson
Mervin B. France

involved.

are

arising

bership of National Banks in the

more

than

Ohio—On Sept. 17,

Society National Bank

of

against time and savings accounts;
the

70th

division of responsi¬
bank

all

are

limitations

the

of

than
thap

concern

are

Ravines

w7s

thorough re-examination and
:

ernment.

re¬

<y <•'

•

'/*

-

.

long

accepted
which
ate.

the

to

limitations

our

In

every

?

of

commercial

a

Banks

Dec

concon

bank

bank.

To the financial

oper¬

spirit is required
Banking System.

Voting
the

country, the attitudes and

Trust

Scrip

and

represented

one

largest stock transfer

of

opera-

'

munity
skill

banks

influence

and

in

the

with

energy

sons ever undertaken.

com¬

the

critically

in¬

which

nities

are

Certificates,

explored and developed.
the

country

nucleus

which may be formed

gressive
the full

movement
our

a

ing
ings

which

This

to

"In

potential for economic

outlook

nity.

essential

so

requires
in

the

All of

to

forward

a

banking

;

to attain

ity should be
ahead.

our

our

years

>.5 a

;

88th

address

Annual

Bankers

by

Mr.

Saxon

Convention

of

before

the

of

that regular
-

American

for

Directors

of

beneficial

ing

as

Dec.

&

Sanders

by

x-

-

j-I

President.
;

Mr.

-

Tim-

Vance,

\

Timmers,
associated

was

T.

we

.

who

formerly

with

Lehman

representative.

Work¬

Chicago
office, he will provide service to

ing

out

of

investment
Western

Iowa,

the. firm's

dealers

in

the

states ' including

Mid-

Illinois,

W is co nsiti,- Minnesota,

Michigan and Indiana.




our

defines

Webster

tenuous

dis-

are

.0 nnftnn

,

Therefore

if "tenuous" is
^

■

a

t\/t

"xn

4-u

France, the

following steps were taken

m

ef-

mfrciaVbLk0"^'011
account

in

a

savings

Society for Savings at

the close of business Dec. 31,
were

certificate (s)

mailed

dencing

their

beneficial

moa#*
made

into

rnmhining
combining

for
tor

full

a

Trust

Voting

Certificate.

the
tne

;

f

readina the

f.

comment

on

what this ownership means to

the

to

asked

When

30q qqq

w}10

peopie

"Now,

said,

partici-

win

distribution,

^he

pa^G

Mr.

the first

for

1735th
,

and

wrong

f

i

first as
a mutual savings bank and now

time in Society s history

of

!

fS

must

a

fine

} J? 5

that

authors

ship in Society Corp.
formed

in

"unification
owns

all

National

of

connection

the

with

the

the

stock

of

of - Society

Cleveland,

ex-

and

of

the

Exchange
Brittin

C.

partner

a.

r

the

of

<

s

Reserve

maintained

backing.

with

That

with

Mr.

Dominick

-

•

:

Vice-Presidents:

were

-

7

would

Also

of

js ^he Best Currency
th

ic

nniinr

will

distribution of tangible

fulfills

tives

of

one

ownership
objec-

major

the

Trustees in under-

of your

taking

This

ownership.

That

of

dence

evi-

tangible

receive

soon

the unification.

.!\:. v'\

-

on

J.

equity interests by continuing to
do business with Society National
r

+

services

of

financial

and

read
and

.

trust

to meet all

requirements

to

of

in-

"S
include
and

checking

personal

savings,

banking

commercial accounts,

as

well

as

ing, plus
resources

defit Kennedy> but als0

coast

known

some

"Economists'

the

as

with

of

Polic

on
■

.

,

Monetary

:

.

V,.

u

^

P<^t. D, SZsZg?
nedy's
no^-

as

press

performance

Telstar

powerful

thohght

financial

it

circles

as

the American

was.

European

expected

the

of the dollar." The fact is that he

$490,- , did just that; for he clearly

tban

Co.,

Los

Kerr,

Parker
D.

C.

stated

-

.

.

the *ment that he also emphasized in
^

Co.,

,his.letter to Mr. David Rockefel-

Putnam,

Washington,

C.

Whitehead,

Nominations for membership on
the committee to present a slate of
Governors for 1963

James A.

are

as

follows:

Hetherington, II, Good-

body & Co., New York, Chairman;
D.

Baker,

Jr.,

Reyoulds

&

Co., New York; William E. Huger,
Courts

&

Co.,

Atlanta; Harry C.

Piper, Jr., Piper, Jaffray & Hop-

Minneapolis;
Jr.,

Drexel

delphia.
The

and

&

Co.,

Elward
Phila¬

•.

Association

of

Stock

Ex¬

change Firms, the trade organiza¬
tion for members of the New York
Stock

Fall

Exchange,

concluded

the

Meeting of its Board of Gov¬

will

..

Wil¬

&

'

members

United States."

Louis;

Goldman, Sachs & Co., New York.

of

*

W.

John

Election

in

St.

Angeles;

Redpath,

ernors

-

Co.,

West;, Jr., Auchinclogs,

&

and

valuation of the dollar—a senti-

banks

&

Hayward,

Wertheim

Henry

that there shall be no further de-

commercial

H.

Gardner,

Society National Bank is

13,000

Brooks,

Coppet & Doremus, New York;

was

President to pledge firm support

more

&

D.

Ken! wood,
^
Starr,

With total

more.

&

Millard F.

^ recommending that the Ameri-

can dollar undergo devaluation, he
is 0ut-0f.step not oniy with Presi-

international bank-

many

H.

Upham

John

the 70th largest bank of the

000,000
now

and

fol¬

the

were

Jardine, Jr., William R.

Chicago;
De

tilateral devaluation Dr. Lohman

Bank National Committee

National

Society

stature,

Bald¬

B.

an<* honest ground in declaring New York; William M. Meehan,
that there shall be no devaluation M. J. Meehan & Co., New York;
of the American dollar. If weaker George J. Otto, Irving Lundborg
currencies are unable to meet a & Co., San Francisco; Nathan K.
similar standard of relationship in Parker, Kay, Richards & Co.,
terms of gold, it would seem to be Pittsburgh; Robert A. Podesta,
Podesta
&
Miller,
an obligation of the nations is- Cruttenden,

its dealings with foreign central
of their banks and nations. But if by "mul-

growth

Earle

liam

in value. These owners can conthe

H.

.John

Harris,

York;

Staats

sound

the ownership of the on a gold basis comparable to 1hat
eligible depositors will increase maintained by the United States in
to

McKee

Co., Hartford; Howard

Reinholdt

prospers,

tribute

announced

Dean,

New

National - Bank suing such currencies to put them

Society

"As

•

'

'

is

Kennedy

Robert

Governors:

B.

mrrpniiv

^"Snized as thecur¬
President

and

lowing nominations to the Board
Putnam &

q.

York;

win, Morgan Stanley & Co., New
York. '

of the unification are rency, its gold-content should not
indirectiv owners of Society be
tampered with.I Therefore,

the time

New

Treasurer:

seem

Lohman- correctly acknowledges
inter-relationship of gold to
Federal Reserve Notes in his ar¬
tide.
;
Q0jd

Crane

Nunnally, Courts & Co., Atlanta.

25%

a

James

Kellogg, III, Spear, Leeds & Kel¬
logg,

Notes

far from "tenuous"; and Dr.

to

in

following nominees for elec¬

tive offices:

°"nce 01 golcl>

fOT Savings savings depositors at

services,

plan." This .company

Bank

Named

Since the Dollar is currently

—

evi-

was

&

been

Spencer Trask. & Co., New York.

en

Society

commercial bank

a

all types of loans, complete' trust

which

President
»Stock

current;. President

Association

gold

of

ounce

,

Federal

be

gold

1958

owner-

has

*

a

3 C°m" divWualS a"d
ices
have
expanded

"regular"

of

Dominick

York

announced

Eustis,

John

u

of

Firms,

savings ...account the sub3ect of monetary economless than an icq
M
understanding
is
that
<55500 at the time 1?"
understanding is tnat
Arrangements

,3

for

Association

nroner

i

terms

to 300,000

rights

New

nominated

I ^ multiple ot $500 at tne time the American Dollar constitutes
the uniflcation.

as

Partner,

Dominick,

"TTn

as

FRANCISCO, Calif .—Bayard

Dominick,

money

President, said.
j

SAN

supply is a rather tenuous one."

friends and business associates. In ggvgjRy economists from coast—to—

4-v

Receive Slate

"The

says:

Bank at every opportunity, and
by recommending its services to

these

Owners

Brothers, will serve as a regional
wholesale

rid^dllv mmto'auKho'if 816 dC"
eidedly open to question.

them," Mervin B. France, Society

it has been

Henry

are

Vance,

joined

Co., Inc.,

announced

1958,

of the sur-

owners

As outlined by Mr.

J.

of the close

31,

instructions,

his

-i

a

has

of

of

wprp
were

determined

savings depositors of
on

no

people who are eligible to receive

With Vance, Sanders
111.—Harold

Judge

plus assets of that bank. Followx

Timmers Associated

Jr.,

County

Bank,

Society for Savings
business

Com-

Society

of

the

and

the

the

1962. OA''.

CHICAGO,

Bank
BanK

of

Cuyahoga

National

tnbuting

mers,

of

developed. and

Daniel H. Wasserman

of

Association, Atlantic City, N. J.,

Sept.1 24,

was

storv

Court

Trustees

Society

the
*An

^

mnltinle

France

*

approving

the

»

was in excess or

Dec. 31, 1958.

on

plan
to

Savings

commu¬

goal in the

the

by

ultimate capac-

;V-

•

cash

the

National
National

opinion

Pleas

men

our
new

utmost to achieve this aim. Prog¬
ress

his

unification

should strive to the

us

,

Society for Sav-

begun

was

submitted

task,

and
in

Societv
society

Snd
and

that

account

savings

the

in

.

Haven, Conn.

Commerce

£ !
? -2
f
on substantial; insignificant; flimsy."

ag¬

growth.

future,

Scrip

chanter

the unification of

about

new

realize

to

final

the

There exists among the bankers of
our

,

The distribution of Voting Trust

dustrial and commercial opportu¬

R? ?

and

Certificates

•

■

in cash)

some

balanCG

"is

that

affair.

on

account

31> 1958> The second is. a
erri„A Certificate renresentin« a

Scrip

world, the dis¬
in

(most

of

''?*

under

city and town through-

efforts' of the

of

New

one can disagree, he arrives at

account

l g

currencies,
own

Exchange Firms

Scrip was issued for any b

mutual savings

a

savings
n

mutual, re

at

hi*

the

as

Very truly yours,

I
^
1? ?•
,Lenificate
a description of "the relationship 6f
Secaae x)f'fractl0n of one Votmg ^ucst Cer- goid to our money supply," I have
decade ot tificate.

for

ofCleveland

comnleted tne first
completed the tirst

grow
grow,

to

'

out the

Department

relationship of gold to

\

dollar which

(Chair¬

Lolpnan

H.

Certificate,

had

their efforts and desire

in

tribution

new

National

in

merely

have

we

National

our

A vital

Phillipp

whlch

one

were

Trust

Voting

and

ana

Society

old

their

States

Right at the start he

a

more

in

surnlus

step in a

x

version

too

United

:

wh}? ,Waa J^J0" "J* "T
muitiple of $o00 which a depositor

challenge. Trustees
of " the mutual
re-

,

officers

and
,

and

stneted

A Lock Ahead

For

the

no

regarded

strictly their

people

|<w0 types, or both types. The first

reprep

surplus

Cfiw

the

Hnal

change

appraisal within the ^Federal Cov-

of

ot

the,

of

in

the

was

undergoing

now

million

<R4n

$$Q, million

reserves,

,

banking commu¬

the

and

great

certiticates
certificates

oi
of

resenting equity interest

the' branching

on

issues

throughout
nity,

Distribution

of National'Banks. ''The^e

powers

law:

certificates

The

largest bank in the nation1.

and

regulation

and

imposed

constitute

value

accumulated
very

Sept.13,
conditions, in¬

American

correctly

in

of

currency in the world.
But if other nations choose to de¬

While the author of the article,
Dr.

.Distributed

largest commercial bank, and the

now-

their

Lohman

FREDERICK G. SHULL-

Two Types of Certificates

land, the city's and state's fourth

supervision;

required by

as

Cleve-

against demand deposits and

for

of

under

the

Dr.

strongest

qualifying shares

Directors'

cept

150,000 Greater Cleve-

hoMS' and^ndir"^ ownetln

level

;and scope of reserve requirements,

bilities

is

people of the United

System; the reg¬

ulation of interest rates; the

present

v 1

Devaluation,"

article

America.

man,

CLEVELAND

both

should,
clude

nothing

by

Chronicle

the forty officers who personally

among

Society for Savings and Society National Bank.

of

requirement for mandatory mem¬
Federal Reserve

of

the

of

out

cation

of

note

were

and President

(left)

signed Voting Trust Certificates issued in connection with unifi¬

Advisory Com¬

particular

problems

do

can

dollar-savings—the

tional Banks in which other agen¬

cies

his

Rest

and

frightening; for

Dollar

value

real

of

operations

the

affecting

•'»

7

"Multilateral

developed

as

Devalua¬

S.

States of billions of dollars of the

number of matters

a

No

devaluation of the

any

American

Regulatory Agencies
are

U.

of Free World." is

The

but rob

There

Help

;;

Matters Affecting

'i\

Uv-

July 6, 1962.

of

;;

I:

"rather tenuous one".

a

V-,-

.

ler published in Life Magazine of

Chronicle

present risk-asset formula will be
■

'

».<

needs

required.

clearly

abandoned.

f

w:„

♦

A revision

of

tests

-/"♦»»'.

'V

The headline of Page One of your

credit

full

Professor Lohman seriously errs in stat¬

avers

Banks

National

communities.

their

:

of

failure

the

'

•

resulted

to arbitrary formulas has

He

ing gold's relationship to money supply is

At times in the past, adherence

•

flays Philipp H. Lohman's advocacy of multilateral

and future finan¬
of

needs

considering the competition it
.!

29

LETTER TO THE EDITOR:

From Mutual to Commercial Bank

ownership;
e.

The Commercial and Financial Chronicle

...

quality and character of

The

d.

Number 6202

196

Volume

York

at the Mark

on

Hopkins Hotel.

officers

Nov.

take
14.

and

board

place in New

30

The Commercial and Financial Chronicle

(1530)

from

ferrals

PUBLIC UTILITY

for

ation

OWEN

BY

ELY

Amount

1954—

Year

10

1961

3

1962

1956—.1-

7

1957—

9

-

..

Cincinnati

is

of

Com¬

Electric

&

Gas

one

oldest utilities,

our

Company

cost,

erage

1958

including

transporta¬

tion, will be 20 cents

is

It

in

contracts

2,600 square miles
north¬

and

Ohio

southwestern

provide
Ohio

Kentucky. "Cincinnati and en¬

ern

virons with

population of 1,500,-

a

constitute

000

with

served

but

with

of

The

are

81

contributes

breakdown

commercial,

gas,

and
and

revenues

is 40%

revenues

and

electricity

Electricity

58%

area

communities

with

gas.

42%.

principal

electricity

other

326

provided
about

the

in

gas

electric

residential, 26%

26%

industrial

8%

miscellaneous;

58%

residential

and

and

for

gas

approximately

80%

of

system requirements.

1965—

is

the

only

state

which

specifies that utilities should

be

allowed to

on

net

fair return

a

reproduction cost, instead of
book

net

on

earn

31

For

■

■-

i

the

ever,

of

cost

plant. How¬

commission

and

state

courts have found various ways to
water

this

down.

reproduction
of

"fair

Instead

cost

value"

the

of

full

equivalent
to

seems

be

at

level below 6%.

a

Cincinnati

G.

Nevertheless,

only

amount

share

a

adjustment

plicable to

after

sales

of

providing

Italy,
know
not

gas

the

rates corresponding to changes in

abroad
would

nevertheless

doubled

about

decade has been earning between

6.2%

year

trend

Natural

purchased

is

gas

from

the Columbia Gas System and pro¬
pane gas

plants

standby

and

about

of purchased

510

The

gas

price

about

80

7.4%

June

The

company's

plants have
kw and

steam

capacity of 1,228,000

a

240,000 kw unit will

new

a

three

30,

The company some time ago ob¬

tained

moderate

some

creases.

commission
flow

use

An

purchase
which
It

will

will

per

new

develop¬

company

control

jet-

generating

unit

produce

cost

100,000

for

large

a

..

kw.

about

only

kw compared

$125

depreciation, in lieu of fur¬

ther proposed rate increases.

remote

engine-propelled

of acceler¬

use

$80

expects

to

through in the

near

about 28 cents

a

ing

estimated

about $2.75.

The

adopt

flow

future, adding

share and
1962

bring¬

earnings

to

The company has

es¬

of

earnings has

reflect

moderate

plus

creases

justment
year.

the

through

this

or

ing

near

the

paying

facilities.

electric

watch

this

siderable

utility

No

doubt

industry

will

experiment with

interest.

$1.70,

the

stock

yields

.

lor continuous
The

heavy duty.

the

reduce

costs
by joining with its large
neighbors, Dayton Power & Light
and

Columbus

Electric,

in

&

Southern

Ohio

amounts

of

tax

de-

Columbus and Dayton
Companies

acquiring rights-of-way

paratory to constructing
connection between

nies

as a

Total
year

but

;first step in the

are

$31 million in 1964.

earnings

suming

for

(as

calendar

flow through is
to

January

P-E

ratio

likely)

appears

1,

made

1962.

for

all

retroactive

The

average

electric utilities

A

to

year and

subsidiary,

arbitrary
rates

forcing
bank

on

of

up

some

interest

approximates 19.

to

sell

$5

manent nature should be

must

answer

through at least

1964 and

perhaps

be

The company,
the Ohio River

being located
and

near

fields, enjoys low fuel

on

major
costs—

economy

But

economy.

000 tons of

c?a* /.^rom

Company for 15,575,high quality deep mine

the

Kanawha

district of West
Virginia.




River

The

av¬

of

some

of

use

as

medium of

a

changing

strength

of

nomic
of

country's

position.

The

even

The need

of

those

clearly

to

develop
which, while

concealing

force

balance

more

was

arrangements

never

or

eco¬

disciplines—always

present—were
visible.

hopes

or

weakness

each

payments

new

fears

the

the

persisting

disciplines,- wduld

limit - the- scope
for
speculative
aberrations, which could so
easily

develop in the
This

is

environment.

new

why the United States,

working

step by step, with; the
leadiiig foreign nations, has taiken

the

initiative

and

a

of

defenses

the

over

half to build
for

past

and

year

enlarged set

an

the

international
on ex¬

existing institutions

and

supplementing and reinforc¬
ing' the protection already implicit
in the-world's
and

reserves

existing monetary

in

the

Monetary Fund. '•

International

;

The new initiatives have taken

System Supports,

fA '.v -'

Liquidity

v

\

the form of

ments

•.

This convertible gold-dollar sys¬

a

States,

for

set of arrange¬

new

under

which

the

the

first

United

time

in

a

tem, bulwarked by the

resources

generation, is dealing directly in

of

Monetary

the

the

International

foreign exchange markets, in
enlargement of the;'re¬

Fund, has served the world well.

a

has

sources

support

provided

ample " liquidity
than

more

doubling

a

great

available through the

in"'the

and

IMF,

application;of coop-;

.

capitalist

a

are

many

with

each

.

a

will

being

an

comprehen¬

a

sive total effort.

benefit

example,
be

able

night to transform its

banking

the

to

European

American

funds.

American

balance

.Those

own

that

capital

sulted

in

in

in

only

by

the

somewhat

the

as

in

many

taken, not
Europeans but by

capital movements
cases

to

store

the

,

convertibility

currencies
ments.

(and in

for

And

added

tries

controls,

all

of

Reserves

while

contributing toward the

also

evolution

facilities in Europe.

This kind of approach is symbol¬

security is¬

distribution.

support

of

their

tight

of

the

cite,

desires,

strong balance of

positions

be¬

coun¬

freedom to invest abroad and

their

the
pay¬

particu¬

lar countries.

And

there

can

pres¬

re¬

seek

re¬

also

in

ways

business

banking
help in the financing of

uity in searching out
funds

which

and

commercial requirements.

abroad

for

Ingen¬

sources

American

f

One

innovation ' is

United States is

eign exchange
reserves.

it.

of

busi¬

nesses operating
there, as well as
imaginative extension of partici¬

own

Enlarged

pay¬

economic des¬

develop

cies

With

now

'

that

part of its

as

These

foreign

of

the

has

the

own

curren¬

be acquired when

can

-

holding for¬

one

or

leading industrial
deficit

a

with' the

along

out

work

and

achieve common-objectives.
These

are

no

•

small accomplish¬

has brought

progress

problems.

In meeting

them, again in the spirit of

neg¬

lecting nothing, of trying to

cope

involved, to buy
dollars flowing into the hands
of foreign official
institutions, thus
up

becoming
ing

an

on our

when

the

another

of

these

banks

wish to hold

small,

have worked

we

in cooperation with

out

the other

leading countries

a new

defenses

dollar.

the

system of
Little

if

of this could have been done

any

if

for

the

United

clearly

States

determined

balance

of

payments

bring
back

fundamental

equilibrium,

do

way

this

in

adapted
well
for

a

to
in
to

as

the

not

was

to

its
into

and

to

that would

be

progress

already

liberalizing trade
the

longer-run

convertibility,

needs

liquidity,

growth in the future.
been done has rested

as

and

All that has
on

the clear

ilar
in

outflow

amounts

large

or

gold stock,'if and

dollar

our

exceed

alternative to draw¬

own

with all the pieces of the problem,

achieved
are

-'

ever-growing cooperation- other countries

new

maintain

1

has

international

our

Foreign Exchange

y

their

ordinary

nations To

among

with it

consequently

still

work of

Yet

to

individuals

as

lessening

the

have

which

American

capital from

recent

York

to

together,

dimension

the- United States.-In turn, such hold¬
lines of their own- capacities and ings, once
acquired, can be used,
choices,
but Uwithin : a- frame¬ with
the
understanding of' the

ments.-

significant

a

Taken

new

financial system;

few

a

them) and to

remove

Euro¬

They have
of

secondary

well, that will help

American markets

new

kinds

be

for outflows of

of needed

permitted

been

part of their exchange con¬
trols, to lessen their restrictions On

listing

on

to mount within those

ments

can

Tf has

'entirely

mantle

efforts

foreign in¬
vesting institutions—both directly

currently

that

of

New

ments.

steps

sales

proportion
sues

in

are

securities

exchanges.

pean

gun

over¬

com¬

payments, by making increas¬
ingly vigorous efforts to attract

markets in order to
carry a larger

of

its

of

Pressures

But there

1961.

like

an

the industrialized countries to dis¬

munity in New York is making

and

Step« That Can Be Taken

not

of

the

,

of

interests but also with short-run

—

incremental part of

will

period

to

half

be expected to

nor

minor in itself, but will
gain
decisive
strength
by

Europe

compared

year

in---

an

in the first

the

problems

for

don^ gold market.

6%

countries

there

know

continuing with

of

tinies, free to

seem

We

is

work out their

the

tors. The investment

of

the

erative arrangements to
"the Lon¬

this

with European inves¬

paper

extend also to the broader

sure

Fuel & Dock

of

a

essentially

that can be sought short
prescription. None will cut

company has just signed
year
contract with the

fifteen

placing

of that

Americans

Davison

in

answers

about 22 cents
per million btu. The
a

tion

concerning

comparable contribution, not only
in its own iong-run
competitive

capital

might handicap
the functioning of a
competitive,
market

own

part of the world's capital require¬

1966.

response

differences- in- money- market
rates of interest but also in reflec¬

another

and

take action which

million

required

War

least

among all the lead¬

ing countries, not only in

It

v-'J;

Funds

move, -at

to

has, at the same
time, allowed individual nations to

loans

issues to thwart flows
abroad, the

Light, Heat & Power Com¬
plans

short-term,

to

perience

World

supplement to gold
international., reserves

the

nations.

free

since

as a

Present

that

example,

single, decisive thrust;

expected

in

between

now

monetary system, building

the widespread

on

inr-

it has evolved out

as

experience

the dollar

as¬ f

1962,

want

costs

this

of

international fi¬

system.. The backbone of

system,

were

only

outflows of

on

those who

through

mortgage bonds next year, but no
other system
financing of a per¬

coal

or

program.

estimated at $45 million

expenditures

pany,

inter¬

an

drop to $33 million next
Union

pre¬

those compa¬

construction

are

ministrative check

can

and

study of

that

16.7 times the potential estimated

ized by the work that the
ExportImport Bank has been doing, for

,

private sectors

A

nancial

developing -A and

our

ipter^^ipn^ppayments;

Liquidity Needs

Continued from page 5

the public

this project is
being made and the
are

And World

same—neither

generating

toward

strengthening

earnings of $2.51 reported for the

Meeting Balance Payments

of

construction

months

18

also

it

in¬

increased risk of sudden

an

capital

na¬

the past

over

a

to

disruptive flows of short-term

r

on

was

addition

crease

coordinating' future

transmission facilities.

progress

and

While this

liquidity;

it

funds

which

capital,

hopes to

company

our

other nations and

12 months ended June 30 and

volved

with

of world trade since 1950—a trend

con¬

only
possibly would not be suited

and

of

desirable

to

timated

However,, it is

understood that the plant will be
used for meeting peak loads

'

1

3.7%. It is selling at 18.3 times the

reduc¬
in

'

II, rests
At the current price around 46,

conventional

investment

pay¬

.

with about

center,

required

transmission
the

load

a

and

trade

our

.

steam plant; also it can be located
at

last¬

tions have been the basis for most

a

ad-,

strains

more

Cooperative efforts between

in-.,

anticipated

flow

to

rate

reduce

position back into equilib¬

rium.

setback from $2.01 in 1957 to $1.85
in the following year. Gains since
1958

deficit

produced.

slower, but

bringing

ments

been

upward in each year except for

pay¬

reduce

foreign

our

otherwise

the

are

revenues

a

of April 1960)
through of tax savings

1,000,000

company's decision to

a

(upholding

over

interesting

ment is the

been

now

order

ated

kw.

in-r

recent decision of the

a

Ohio Supreme Court

to

rate

However, it has

total to 1,468,000 kw. Peak load last

slightly

ac¬

dard & Poor's.

resulting from the

was

6.6%

earned

be added late in 1962, bringing the

year

net

cording to data published by Stan¬

forced by

cents.

year-end

on

cost, and in the 12 months

ended

is

the

and

mcf

per

selling

average

shaving.

peak

cost

average

maintained for

are

and

book

past

that

have

temporarily

to the estimated $2.75 in 1962.

The

other.

the

do

ing, forces of market adjustment

its

important); ll9% commercial, 17%

in

E.

of

but they do

while

rather stable industrial area, has

industrial and 6%

&

balance

They
a

We

prepayments

our

needs,

million.

outstanding supply of dollars

the cost of gas from suppliers.

Cincinnati G. & E., operating in

already

$550

such

"solve"

France,

have

Sweden
to

that

ments

in

since 1952 share earnings
have increased from $1.40 in that

(sapce heating is

and

by

year :

Against

short-term

nations.

ternational

we

flow to the United

this

amounted

of its kilo-

for changes

flows,

long-term debt owed the United

payments

; "

brought

of

among

countries of Western Europe. Pre¬

to

flow

highly

of

area

States Government by the surplus

also covered by escalator

are

clauses

the

capital

reverse

1

Protected

Convertibility

'

States in the form of prepayments

ap¬

while 99% of

large

a

taxes.

clauses

98%

some

watt-hour sales,

al¬

lowed, and rate of return is set

would

fuel

the present, in

Governmental

cor¬

Speculative Raids

have been successful in developing

reduc¬

some

position.

Convertibility

en¬

Prepayments of Debt to Us

The company is fortunate in hav¬

ing

customers

any

freer

35

i;

cents

6

for

place of real

underlying balance

our

of payments

of

range

gaged in foreign operations.

possible that

this

that

wider

a

32

Poor's, but it is estimated

about

and

rection in

32

1837,

company serves
in

cannot take the

off in broadened

pay

services

been

company

can

28

organized as a gas btu. This, .together > with a similar tion
in
municipally - regulated
and has paid contract expiring in 1972 with rates
might now be made under
cash dividends in every year be¬ Peabody Coal Company for striprenegotiations, according to Stand¬
ginning with 1853 (110 years). The mine Western Kentucky coal, will ard
&
having

Thursday, October 11, 1962

•

20

..

abroad,

-230

1966—

.

.

for¬

more

1963—

.

15

I960-—

million

per

—

.

eign lenders in the credits granted
by American banks at home and

1964—

.:
U

12

1959

pany

pation arrangements to

as

Amount

1955—

Cincinnati Gas & Electric

depreci¬

1954-1966

years

follows:
Year

SECURITIES

accelerated

the

.

and

might

that

foreign

one

governments

might

voluntarily. In

sim¬

a

temporary disturbances
exchange markets can be

way,

the

checked before
setting off a
sive speculative run as we

natively acquire and
holdings of the
rencies.
of

or

central

then

other

Moreover,

mas¬

alter¬

release

major

our

cur¬

holdings

foreign currencies (or arrange¬
permitting us to borrow

ments

them
can

on

forward

ing

a

limited

in

assure

exchange.
the

of

By participat¬

forward

larger

"turn-around"
it

standby basis)

support much larger sales

markets

availabilities

facilities,

to
of

we make

feasible, for example, for priv¬
abroad, who may wish

understanding—among all of the
participating
countries—that
fi¬

ate parties

nancial

to hold

they

arrangements; essential

are

as

for the support of trade,

hands

dollars
for

passing into their

temporary periods,

to

Volume

Number

6202

holding them while assured

go on

of

196

the

their

availability

own

ments in

deficit,

meet

of
ex-r

later date.

some

balance

own

our

enough

to

currency

pected needs at
With

of

of

-.

pay¬

have acquired

we

.'

,

The Commercial and Financial Chronicle

,

quota' of

over

Facilities

are

billion.

$4

being

plemented by the

These

further
$6

new

(1531)

SECURITY SALESMAN'S

sup¬

billion

standby credit pool agreed to by
ten of the industrialized countries

last

December,

in

pool

a

which

foreign currencies to support these

lion

BY

JOHN

called

agreements

swap

so-

arranged

by the Federal Reserve with

is

awaiting

now

final

Taken

our

together;

these

;.

,

new

principal trading partners.

These

rangements

agreements

recip¬

mutual understanding

of

problems

a

rocal

exchange of currencies, us¬
able by either party when needed
to

meet

temporary shifts

in

;

international flow of funds.

dition,

have

we

quired

.currencies

countries,

occasion

on

from

v

far

so

industrialized

the- fully

In ad¬
ac¬

needs

and

of

the

defensive

certain

or

modest

tle of their defensive potential can

>

in

shocks from any source.

accepting

tively at

the

Canadian

difficulties,

-of, -debts

repayment
United

ment in usable

States

Thus

been

emerged

the

time

operations

in

the

have

nature

of

heavy

possible usefulness.

But

But

pressure.

emerging

sys¬

eluding both defending the dollar

needs

experience has, I believe, already

recent

and during

itself from any conceivable attack

ing

possibilities

effec¬

the

of

well

ascontributing

of

the

for

world

international

to

specific

marks,

situations,

Swiss

francs,

and Belgian francs.

ers,

couranging

characteristic

been

the

many

of them.

early

emerges .from

port

the recent

full

Treasury-Federal Reserve

on

operations i prepared by Charles
A. Coombs of the New York Fed¬
eral

The

Bank.

release

of

this

United

States

decision

with

the

wide

of

range

make

major contribution toward

a

enlarging the usable
ternational

hkve
The

payments..

t

only! made'1 ffi£

But

we;

beginning.

skills, energies and judgment
needed

time to

changing shape of these and

tail

of

sibly
•

it

I

of

much

operations

our

as

the
we

can. ";

stress

part

no

pos¬

again,

of

too, that

intention

our

to

disguise the basic forces

of

ply

various

and

demand,

market
needs

and

States

We

sensitive

signals

fundamental
flected
free

in

of

need

changes
that

are

price -fluctuations

markets.

And

as

of

one

foreign friends remarked to
one

from another

with

record

that

it

of

it

the

in
re¬

in
my

some¬

the

of

payments

the J

at

our

in¬

system

so

sessions

of

the

ministers

the

at

Fund

meeting

ready
the

increased appreciation of

an

arrangements

in

now

arrangements that have

place—

pieces
while

repeating the

tence

in

It is

Useful

these

as

operations

in

that

is

the

closing

appraisal

sen¬

contained

communique issued Septem¬

a

by the

members of the ten

in

Fund's

special

groupjfe'^
additibjgj&| resources thus
provided
Hogefng£ with present
national
resery|l|jand the existing
"The

of

enough to

might

td%7lMF,

provi^l* the
nee<S& to

be

large

are

support that

of

cash

or

standby facilities. Rather, the sig¬
nificance

lies

in

the

pattern

set

as

based

on

present

important

more

resources

at

the

point

and

time

of need.

All

systeift*

emerging

workable

any

—that the

much. The

presupposes—as

are,

of

new

enlarged
national

arrangements

reinforced

course,

capacity

of

by

the

Monetary Fund

the

Inter¬

to

pro¬

vide assistance in time of need.
a

of

result

scriptions
United

the

increase

voted

States

in

alone

in

1958,
has




a

As

sub¬

the
Fund

the

questionable

volume

of

alibi

business

clerical

and

that

is

heavy to handle it properly.
executive

too

Other

depart¬

cover

their weak¬

up

is outwardly showing

a

do

must

Unite$ States and other

by

so

basic

equilibrium

trade

counts.

and

That

few

a

things

7:

.

But then

loss.

is

meeting

and

ors

the

—as

week

—

capable

of

fuller

The

investor

speculators

alike

at

is

not

a

a'

satis¬

long

to let him

know about it.

Broker

B across the street will be

pleased

to have his account.

for

excuses,

The day for

<

for

errors,

mistakes

they

and

statements, confirmations, divi¬
dend credits, and
uncooperative,
registered

representatives

salesmen, has long passed
The

adjust

customer
you

in

you

the

and

by.

us

king

real

a

business,

out

is

now

are

All

Employees

and,

competitor

going to

are

keen

battle

for

you

are

have

the

sidelines.

have

now

mentals

to

The

Stake

a

back

go

in

they

is

the

have

undue

in

free

a

They

also

eco¬
serve

to weed out the inefficient among

the

investment

ing

your

taking

place

climate.

on

in

Bear markets

salesmen, the

in¬

able

partment it is
to

obtain

to

your

firms.

*

-;

•u

Understanding

Cooperation

Every; day

•

and

/

v

companies

in

meet

*

search

If

information,

have

opened

During

the

past

investment firms

offices,

new

they

If

them

you

partments.
sion

in

there

and

In

the

is

bookeeping de¬

period of expan¬

a

brokerage

sometimes

Investment

(just

like

business

over-expan¬

firms

their

bro¬

and

customers)

overoptimistic

and

they

portfolio

analysis,;
you

do

.

help¬

business.

more

cannot affort to be lax

supplying accurate markets and

quotations
needed

often

as

by

such

should be

are

advertising

as

effective

as

the

monetary

our

by vain hopes that

or

monetary
more

reform
basic

into

as

possible.

measures.

all

our

To sink

important

assume

burdens

a

of

.

attacking those real and dif-

real

very

must

that

made,

that

so

we

ward
ess,

and

turn

our

meeting them.

energies to¬
In that proc¬

the bankers of the Nation

play

the

service

88th

address

Annual

Bankers

Sept.
j

25,
?...

by

Mr.

Convention

Roosa

before the
of the American

Association, Atlantic City, N. J.,
1962.-/

will

hold

competition

breathing down
and

no

small

that

a

your
so.

is

literally

neck

your

today

matter how large, or how
link you are in the

chain is

no

chain,

stronger than its

weakest link.
And How About the
No

salesman
in

a

needs

one

that

he

Salesman?
remind

to
is

now

the

engaged

competitive battle for his life.

There

are

brokerage

almost every corner
and

There

are

many

offices

on

in most major
small

investment

at

this

accomplished

by

Your

with

„

salesmen

which

to

,

need

work.

the

tools

They need

inspiration and motivation.
cannot

a

selling which is his

primary job.

the

assume

role

They

of

book¬

keeper,

analyst,
peace-maker,
margin clerk, and salesman. They
must

be

one

cannot be

the

or

both,

other,

they

all of them.

or

executive

sales

officers,

department
will

and

if

they

the

not enough.

are

management

problem

do

solve

the

follow

not

through and bring to the attention
of

employee that it is only

every

people who make

a

business grow

'U

and help it to prosper.
real

competitor today,
be

job

contribute

welfare,

to

the

own

your

security, and the job

job

security of

associates who make

your

that

team

are

will

you

overall

you
you

whatever!- your

realize' that

is

the

on

up

firm."

"your

front

the

Your

line

need

help in meeting competition

your

today in

battle where only the

a

best, and the fittest, will survive.

A B A to Hold Its

-

1963 Convention

■

In
The

American

tion

will

in

Associa-.

Bankers

in

convene

D. C., in 1963 and in

Washington,

Miami Beach

1964, it was announced by

Monroe

newly

Kimbrel,

M.

elected

President of the Association.

Mr..

Kimbrel is Chairman of the board

the

National

First

Thomson, Ga.
The
held

in,

Bank

A.

B.

on

four

6-9.

occasions, most

'

1953.

Next
serve

will

The

Washington

in

met

|

Convention

1963

Oct.

vious

as

pre¬

recently in

;

,

will-

Convention

year's

be

has

A.

climax to the A. B. A.-

a

nationwide

sponsored

observance

of the Centennial of the dual sys¬
tem

of

The addition of

banking.

federally chartered banks

existing

already

system

the

to

of

state

authorized by the Na¬

banks

was

tional

Currency Act of 1863.

The

housing

same

will be used
Hotel

procedure

in previous years.

as

applications will be sent to

who

have

built

firms

their

1963.

that

busin¬

No

cepted

applications will be

the Convention

by

Official

directly.
forms

will

be

used

ac¬

hotels

reservation
and

will

be

handled by the Convention Hous¬

ing Bureau.
The*

towns.

have not increased their overhead
and

-

research

A. B. A. members in the spring of

cities
*An

that

can

vital and constructive role.

a

men

customers will be unable to do

can

identify the real challenges of the
future

it, the

must depend upon to provide

mere

we

been

mat¬

a

you

Your

substitute

can

Without

as

sys¬

appreciate the progress

also
has

for

complacency would be

undermine

meas¬

now

of

tem

fears

achievements to date. But

that other countries
so

stability of

ac¬

last

doing

the

false

by

em¬

our own balance

so

ter of course.

ficult tasks, we should not be di¬

be

the

are

the battle, not only for
themselves, but also to keep you
in your job day after day.
Sales

partment should follow

either

should

clear mind for

fighting

promotion

to'

can't

others in his firm and still have

of

they

as

salesmen who

your

er-.

held

needs

do

can

in the trading depart¬

are

in

their clerical

that

their

time for

to

ment you

and

re¬

upon your

render to your salesmen in

ing

have expanded their wire system,

departments,

-

be

mer¬

in the

are

clerical

for
can¬

with

other assistance

their

trading

salesmen

when you can complain about the

and any

years many

you

all requests made

they failed to stay ahead

competition.

suitable

are

Your

department, the day is past

because
of

task

priced

are

competition

kinds of business Close their doors

few

to

If

VV'r 7 chandise that is not attractive and

appealing.
for

troops)

difficult

that

that

and

not

Need

help¬

customers.

your

market,

salesman-

can't

He

underwriting de¬

clients

cashiering employees of

in¬

you

securities for reoffering

this market.

vestment

unsuitable

salesmen

in the

vestors, and also the clerical and
some

for

line

A

*

as

salesmen

your

bond-

-

should

now

time.

may

then

it,

first

your

battle

are

right

do

firm, and

are

this

you

to

well

as

the team and you are

are

(who

avoid

their

way

go to

you

do your job

are

position where

a

losses in the future.

nomic

only

their losses and

recoup

may

will

you

rebuilding of

new *

jeopardize his clientele by offer¬
ing them underwritings that are

a

that

a

If you keep your mis¬

minimum, if

a

recog¬

job hangs in

your

the

excuses-for

that

Nor

desk every day resolved that

your
you

portfolio
can

funda¬

to

department

that

now

takes at

attempt to cohVince

and

clients

they

salesmen

cus¬

out

Meetings between the partners,

employee in the

an

book-keeping
the balance.

hug

seek

a

with markets, un-7

up

minimum.

a

7

•

the Success of their Firm
If

nomic and market

conditions, they

portfolio,

make

rors

the

often

should

to

in

nize

to

stressed

defense and aid.
In

who

survival that lies ahead.

Invest¬

us.

operating

are

;•

their portfolios to the current eco¬

for

investment

President

share

satis¬

fied with the service he is getting
from broker A will not wait

admitting that the times have

also

why I have

why it is

of

been

refuse to face reality and instead

their

of payments problem at this time.

And that is

not

v

lose

the awakening.

comes

A bear market is with

back

in

phasized the priority of the
for

offices

for his

their

pursue

methods that will

an

facilities to handle

more

business'had

go

0

They

territory,

a

derwritings,

unless

wrong.

tomer's

offices; were" clients, keep

brokerage

department.

analyze

facts concerning many
companies,,
and still have the time and
energy :

so

verted

'Arrangement

leading nations!will

ures

of these

the

becomes

explains this

conclusion:

cl|pn too

assure

in time of agreed
need, and the
ability to pinpoint the use of our

also

Bbt I cite that only to introduce

arrangements, their expansibility

the

department

The cash¬

can't

Every assistance to the sales de¬

expanding growth objectives and

of

iering

lax in its efforts and

become

system

for meeting future
contingencies—
the
technical

feasibility

in their gross business.

rate

the

form

Some salesmen

gold parities."

We must not

the

often

book-keeping

need for

erroneously think they are solely

sion.

the United States does have
today

in

is

responsible for the large increase

kers

approximately $900 million of for¬
eign currencies at its disposal,
either

of business

taken for granted.

the

assure

this

branch

volume

stability of the existing exchange

significant—although

so

the

about

year

high

over

worth¬

"

the exchange markets have
been,
it is not their past or current size

firms.

necessar¬

they have emerged

as

past 18 months.

Last

During vigorous bull markets the

ily been revealed only in bits and
the

the

over

Today, security salesmen are
avidly seeking business and many

eventually attain

last week nonetheless reflects al¬

resources

$900 Million in Foreign Currencies

many" investment

'

particularly need the

crowded and it appeared as if the

the

ex¬

con¬

all

fied.

of

pos¬

resources

intelligent ob¬

increasing" the

time

clerical departments and the sales

their

as

stability of

evident

not—

:* 'IV-'u

server.

the

world central bankers and finance

countries

the

for'

salient

tensified.

force

their

measures

monetary

and

freely

try—hide

balance

from

dis¬

and

could

to

were

its

position

so

fashion

ternational

ber 19

its

to

new

fidence in the

in

if

facts

of

country, perhaps

publishes

in many'COhriffies5,

7 The renewed and healthy

States

frequently
even

sibly other

slight ulterior motive, the

a

United

closes

in¬

other

any

and

forces

the

position

or

want

sup¬

changing
in

financial

United

country.

of

conditions

ternational
the

the

or

evidences

be

perience provides the needed tests.

.

should

is

de¬

forefront

cooperation and efficiency of the

of in-, changed

means

men,

as

has

fan-like

Competition has been in¬

country.

of

with other leading countries—can

of many

time

to

cooper¬

will

policy of mak¬

our

the

opportunities

conjunction

ing available to the public from

report reflects

to

everyone

its reserves—taken in

re¬

"months

six

out

profit for his department, and

'

of. ative facilities being worked out

reversibility

than

brought

30%

also

the

This point clearly

less

over

(or Overlook them) because

hold foreign currencies as part

operations already undertaken has

in*

of

averages

ments

en-

of

Industrial

nesses

,/V

ready

are

help and the cooperation of their

spread

"why worry" if
The

guild¬

One

sharp drop in the Dow Jones

the

over

Only A Beginning ^

involving

lire,

The
•

today.

Salesmen

Together

adequate

liquidity

ahead.

years

the

demonstrated their value in meet¬

ing

Get

is capable of much more, in-, with

tem

as

the, mechanical

and

spring of 1961, when sterling

"pilot" projects, testing and prob¬
and their

promptly

so

<: was -under

-

Pilot Projects

on

the

far,

mainly

■

•

A lit¬

glimpsed in the assistance that

it is clear that the

decent Report
.

Govern¬

foreign currencies

rather than dollars.

gold-

dollar system to withstand strains

be

the

cap-

convertible

our

amounts, by outright purchase, by
direct Treasury borrowing, or by
owed

the

They

engaged in the investment

are

business
•

a

common

countries—power¬

enlarge

bilities

from

meanwhile
on

loyal, trained well,

are

hardworking.

we

ar¬

among

provide for

emerging

—

•>

basis,

tight rein

a

for the competitive battle in which

ap¬

A

proval by the Congress.,;

local

a

expenses
all through this bull market. Their

and

DUTTON

the United States share of $2 biU

activities largely by means of

on

employees

CORNER

;

ess

keeping

31

A.

B.

Miami

for

dates

vention

will

A.

be

has

1964

the

Oct.

26-28.

convened

Beach—in

1959.

Con¬
The

once

in

The Commercial and Financial Chronicle

Going International
primarily to its
interest in this subsidiary whose
net income of $4.1 million for the
first half of 1962 exceeded that
of
the
corresponding period of

the

attributed

31.4%.

by

Standard

-

Dutch/Shell Group and
Gulf Oil, whose subsidiaries ac¬
count for about three quarters of
Venezuela's output, have greatly
diminished their exploratory and
developmental activity in Vene¬
zuela
while
accelerating their
search
for
new
oil elsewhere,
Royal

particularly in new areas. By con¬
trast, relative newcomers

re¬

stepped

sig¬

production

respective

their

current level of about 35,000

a

barrels

up

have

and

serves

have of

appreciable

developed

to

making

while

daily

a

discoveries.

number of significant

Since exploratory activ¬

Libya:

half of 1962,
Venezuela, the world's leading oil
first

the

During

than a

respectively,

discov¬

interest,

While much of the

ered in Libya.

barrel

300,000

existing

day

per

crude out¬ crude capacity awaits the com¬
of pipelines
and other
put by 9.4% over that for the cor¬ pletion
responding period of 1961 to a transportation facilities, the swift
of exploration and devel¬
record level of 3.2 million barrels pace
daily. This improvement has been opment continues undiminished.

exporter, increased its

principally to a very strong
in
European
demand
for

rise

Commercial

production in Libya

heavy Venezuelan fuel oils.

commenced

ploratory success

from

Ex¬
in Venezuela has

remained high: for every

ducers

pro¬

contrasted with only one

as

United

the

in

5.8

have been

there

holes,

ten dry

While con¬

States.

cessionary terms are not presently

concerns

these

in

they

as

companies

of
about 10%

earnings

rose

continued

have

and

1961

under the

were

regime,

preceding

oil

private

to

advantageous

as

to

when oil

in October, 1961

began

flowing

pipe line

by

Jersey's Zelten field

cession

6)

to

With the completion of a

Brega.

pipeline to the coast at Es Sider,
commercial production began to
Dahra

in which Con¬

Oasis Oil Company,

tinental Oil,

1962.

in

32)

(Concession

field

June

Oasis'

from

flow

Amerada Petroleum,

and

Marathon

hold

a

(Ohio)

one-third

each

Oil

interest, is

rap¬

idly extending its exploratory and

show improvement.

developmental

Block

in

activity

*

Producing

New
'

uela's
of

Capacity

the

is

output

consequence

newly developed production in

Blocks 1
The

and

recent

12, Lake Maracaibo.
installation

facil¬

of

ities in these blocks has increased
their

productive

300,000

to

capacity

from

barrels

daily.

210,000

Production from Block

considered
most

by-acre

basis,

sharply.
a

45%

1, which is

the

world's

on an acre-

continues

rise

to

Sun Oil, the operator has

interest in Block

1

interest in

23 Vz %

12.

company's
duction
over

of

one

prolific oil fields

net

in

Block

and

1961

soared

a

The

Venezuelan

pro¬

by 17.1%

that of 1960 to 42,753 barrels

daily (about 27% of its total out¬
put). Atlantic Refining, also holds
a 45% interest in Block 1 and has
a

33 % % interest in Block 12. Dur¬

ing 1961

about

production

daily,

or

was

35%

of

Atlantic's

about 55,000 barrels

derived

from

which

59

Much of the increase in Venez¬

Ven¬

Libya's

The Raguba

has

Gulf

Texas

Co.,

Producing,

and W.

when

pipeline

a

Zelten-Brega

a

R. Grace

link

year

with

pipeline

the

is

the

000 barrels

first

daily

half

daily.

of

1962,

For 1963

production

barrels

is

120,000

barrels,

aver¬

for

150,000

for

estimated

of

Zelten;

Dahra;

60,000 barrels, for Raguba.
anticipated
for

1963

levels

are

of

and

These

production

expected to

make

substantial contribution to

a

of Oasis

has

a

production is being

mar¬

marketing

outlet

Germany and Austria.

in

West

Marathon

establishing

a

Zone and Iran,

essentially

American

Getty

operations

have

recently

been

highlighted by a 3,600 barrel a day
discovery in Lot 17, Lake Mara¬
caibo

and

crease

in

by

in

A

interest

56%

Jots.

substantial

a

newly

duction

Lot

developed

in¬
pro¬

9, Monagas State.
is

held

in

both

Current net output of 35.Q0G

of Sirte is presently

taken

jointly

by

leum and Atlantic

Algeria:
since

The

Petro¬

Refining.

Algerian

1956 has become

one

Sahara
of the

world's major oil and natural gas

producing
which

provinces.

Production

began in 1953 is currently

Approx.
Year Earnings
1961
1957

Company

troleum;

Annual

Percent

Market

Price

Cash

Percent

Change

Price*

Return

Earns.

Dividend

4.92

3 82

+29

49

10.0

$2.40

2J8

16.5

1.70$

3.4

3.31

2 80

+27
+18

50

Phillips Petroleum

46

13.9

1.90

Signal

4.1

1.33

2 41

-45

22

16.5

0.80t

3.6

4.24

+ 1

44

10.2

2.21§

3.43

+ 5

45

12.5

l.OOt

2.2

Sun

Oil

4.30

Oil

3.60

-

*

L

As of October
5,
t Plus stock.
t Includes extra.

§ Includes market




distribution.

is

the

in

represented

by

Inde¬

American

tion of
1961

Sumatra.

discoveries

have

4.9

to

of

made

been

ventures

jomt

in.

daily,

concession which during

157,276

In

American

Iran,
than

other

barrels

15% from 1960.

up

major

participating

in

include (either

In

several

companies,

the

companies,

internationals,

the

Consortium

directly

or

through

participating interest in Amer¬

Oil), Getty Oil,

Richfield Oil, San

Oil

(Ohio),

&

Refining,

Standard

Gas,

Tidewater

Oil

Phillips

Oil,

Petroleum, and Ashland Oil & Re¬
Consortium

fining.

during
Iran's

1961
total

1956

has

production

represented

99%

daily

average

of 1.18 million

of

output

barrels, which sincb

risen

by

119%.

During

the first half of 1962 Iranian crude

production

averaged

daily,

1.2,6

million

7%

about

up

the corresponding period
The

most

ploratory
East

was

Gulf

notable

the

ex¬

Middle

achieved in the Persian

American

tional, the operator of
Standard
Oil

discovery

over

of 1961.

recent

in

success

by Pan

a

and

venture.

well,

where

Oil, Standard

domestic .oil

are

concerns

Bupiia^uatemala, ..-Ireland, Mau-

XT

Interna¬

joint In¬
National

The

about

Darius

3V2

a

S.gn.f.ca.,t

Newcomers
oil

substantial

a

and

growing stake abroad which possess
well balanced domestic op-

stocks
in

whose

and

common

reasonably

appear

relationship

Continental

priced

Petro-

Phillips

Oil,

discovery well, Cyrus 2A,
to 12,000 barrels daily.

marketing and refinery fa¬
being

expanded

established
Standard

foreign

in the Surat

is

making avail¬

outlets

The

for

its

new

reserves.

discovery of oil

Basin, 200 miles west

of Brisbane in late 1961 by

Union

a

joint

ven¬

(princi-

interests

in

Gas

&

eight

a

major

ig

independent

which

jlag grown substantially in

recent

principally through
With

coast

west

jngs this

acqui-

stabilization

of

earn-

should continue to

year

the

from

the

product prices,

demonstrates

rebound

sharp

a

*.

profit

which

erosion

they had heretofore suffered since
Between

1957 and 1961 for-

ejgn crude production as
portion

of

total

a

pro-

output

rose

17.5%

sharply- from

45.8%.

to

partlcipating interests

Kuwait Neutral Zone,

in Ar.

Oil-Indiana, and Sun Oil.

and Vene-

while exploratory

zuela;

activity

is undertaken in the foregoing as
well

Bolivia,

as

Canada,

and

Guatemala.
standard oil-Indiana, the mid-

reflner

lea(J

.

and

mar_

the natjon,s sjxth

^

recently streneth-

fl

rkeUng"*£££,

through re-organization and con-

of this
has been
building up its reserves,
Between
ing its crude self-sufficiency (cur- 1957 and 1961 foreign crude prorently about 92%), upgrading its duction
climbed sharply from
refinery facilities and expanding 3.1% of total output to 16.2%.
its position in petrochemicals and Presently
production abroad is
marketing.
Between
1957
and being undertaken in Argentina,
1961
the proportion of its total Canada,
Iran,
and Venezuela,
crude and natural gas liquids out- while exploratory activity is beput represented by foreign pro- ing pursued in the foregoing as
Atlantic

Refining has in recent

The

progress

in major oil concern abroad
increas- particularly noteworthy.

made significant strides

years

increased

duction

11.5%

from

to

Foreign production is de-

40.7%.
rived

while exploration abroad
in the forego-

is being conducted

well

as

Canada,

Venezuela,

from

and Iran,

ing

solidation.

as

in Australia, Bo-

livia, Libya, Spanish Sahara, and
Turkey.

as Colombia, Hadhramaut,
Indonesia, Libya, Mozambique,
Spanish Sahara, and Trinidad,
Persian Gulf discoveries rank
among the world's most prolific,
The company's position in marketing and refining abroad is being extended in Italy, and estab¬

well

.

lished in Australia.

Oil

Continental

natural

liquids

gas

several

for

crude

whose

refinery runs,

ex-

has re-

Sun Oil has expanded its natural

gas

production

and petro-

chemical activities significantly in

the recent years.
Shipbuilding has
mid- been an additional source of in¬
improving come.
Between 1957 and 1961
meet

to

able

produchas

years

impact of price wars in the
continent

area

while

production as a
total output increased rapidly from 5.0% to
30.2%.. Foreign production is derived principally from Venezuela,
Canadian output is modest. Exploration is being undertaken in
Canada, Guatemala, Pakistan,
Spanish Sahara, Trinidad, and
Venezuela. Company products are
marketed in Belgium, Canada,
Great Britain, .and the Nether-

Petrochemicals out- foreign crude
put is significant and increasing, proportion
of
its

earnings.

Foreign
and

interests

should

are

substantial

henceforth

expand

and 1961
foreign production increased from
12.2% of total output to 20.9%.
rapidly.

Crude

Between

1957

production is maintained in

Canada

(Hudson's

Bay

Oil

&

Mexico, and
(in which Union Oil and Venezuela, while exploration is
County Land each has a being undertaken in the preceding
interest and Australian Oil as well as in Argentina, Australia, lands.

Oil, the operator of

40%

Italy

Australia, In¬

prolific Middle East
Australia:

in

in

0il

Coast

leum, Signal Oil & Gas, Standard

been

cilities

signal

the prevailing

to

market include Atlantic Refining,

cently

daily.

Subsequently, 45 miles to the west

up

manufacturing

gentina, Iran, the Saudi-Arabia-

the international

on

with

scene

its

barrels

of total out-

Venezuela; while exploration is
being undertaken in the foregoing as well as in Algeria, Australia, British Honduras, Libya, and
Spain. Marketing outlets are being established in Great Britain
and Australia. The company has

by

-Vt;

ceeded

35,000

to 22.4%

; ■

Production abroad is represented

,

...

Newcomers

and

With

Put.

searching for oil include Bolivia,, 1957

tion

tested

^e.ting nhas been extended to
f states' crude production grew
Between 1957 and 1961
foreign

sitions.

exploration. Other areas

miles

another

.

years

(Ohio), and Richfield, are en-

south of Kharg Island was tested

at

.'. "
' T
company is the
aa I P s arge|i
.na.
ural gas lqu"fs' Production is in
excessf.°f refinery runs;, while

Sahara,

Jacinto (Conti¬

Atlantic

segments of the oil m-

"

,

fast,y ,as. Petrochemicals, natural

partial-,

including At-

lantic Refining, Sun
Oil

are

Spanish

pants.

erations

ican Independent

Oil),

f

which West

Standard, Cities Service,

Sinclair and Richfield

Gas; 12.70%, by Ashland

a

.

,

area>

(in which a 33.54% sritania,
^Mozambique, Pakistan,
by Phillips Pe¬ Senegal^ Spain,<and Trinidad.

averaged

.

in central pally
petrochemical)
Significant- Colombian countries.
large

a

by

rights from

Government

Indonesian

explore

D-X, and 20.95%, by other parties)

Kern
value of Jersey stock

the

a

the

in

area

Aden Protectorate and

gagea in

who share equally in the produc¬

ture

1962.

concessionary

i

5.0

Standard

Gas.....
(Indiana)

large

Indiana

acquired

recently

30.16% interest, by Sig¬

a

nal Oil &

able

3.02

&

Standard

offshore field

an

Campeche.

Oil & Refining; 2.65%, by Sunray

diana

Atlantic Refining
Continental
Oil.......
Oil

ducing oil from

interest is owned

and

Domestic Oils Going International

localities.

foreign

in the Bay of

initially

being under¬

Phillips

of the major

companies.

and

pendent Oil

diana

Gulf

oil

participation

Oil

Iranian

the

Middle East oil is

Zone

Neutral

Offshore exploration

in

exception of

the

a concern

international

market for its Libyan oil in Spain.

Phillips Petroleum's Venezuelan

With

Iran:

barrels

through Continental which

other

several

American

Abroad:

In Mexico Continental Oil is pro-

late

Saudi-ArabiarKuwait Neutral

conces¬

sionaires' income. Amerada's share

keted

the

Signal

During

age

and

compa-

«

Production interests , are
oil companies, other than inter- maintained
in Canada (Pacific
nationals, are currently engaged Petroleums), ; Iran,
the
Saudiin exploration and production' in Arabia-Kuwait Neutral Zone, and

49%

Neutral Zone

Great Bri-

jfh'U,pst Pet4roleum e"Joys ,,a
P™mmf posltl°n m. sach v.lta}ly

,

The Middle East:

have/ been

Belgium,

many.

from 7.6%
Elsewhere

45C

a

by several other

as

•

in

\

D-X, Delhi-Taylor

t

Indiana

com¬

Libyan production averaged 101,-

Block

in which Cities Service has

nental

pleted.

in

made

was

interest.

a

com¬

production later this

mence

is in the process of

ezuela.

50% 'inter¬

a

24.5% interest, will

a

covery

field (Concession 20),

25.5%. interest,
&

concession.

prolific

in which Jersey

est,

thus far to be

appears

most

well

oil discovery was re¬

an

Aus-

in

Oil, Continental Oil, Ohio Oil, as

19%

a

cur-

ing undertaken by Phillips Petro-

cently made; while to the north of
Hassi Messaoud another oil dis¬

at

terminal

port

a

(Con¬

and

28%

a

Elsewhere

daily.

leum, Sunray

which Sinclair and Newmont have,

more

1956,

in

began

ity

Block 96,

in

in

production

Australia

as

outlets

acquired in

1,645 barrels

tralia, exploratory activity is be-

of

Southeast

discovered.

Messaoud,

dozen oil fields have been

nificantly.

due

been

country,

Tu-

Africa,

facilities, in Italy and West Ger-

Basin,

A ready market awaits the

crude

major gas condensate fields have
Hassi

Surat

testing at

Somali,
West

and

tain, and West Germany; refinery

rently imports 250,000 barrels of

Socony

Ireland,

Turkey,

have

wells

the

commercial

this

Mobil,
among the foreign companies, are
crude production during the first
presently exporting oil from Al¬
half of. 1962 averaged 255,000 bar¬
geria. Phillips Petroleum, Cities
rels daily,
10% over that for the Service, Sinclair, El Paso Natural
similar period in 1961. Pan Amer¬
Gas, and Newmont Mining, how¬
ican (Standard Oil-Indiana), the
ever, are engaged in intensive ex¬
country's leading private oil oper¬ ploratory activity. South of Hassi
ator, has, since it initiated produc¬ Messaoud, Phillips has a 25% in¬
tion in 1959, increased its output terest in Block 49B where four
and

Group

latest

first

Argentina has trebled its 80% of invested capital. Foreign
crude
production and achieved companies may enter joint ven¬
near
self-sufficiency, principally tures with French concerns. How¬
by enlisting the assistance of for¬ ever, their interest may not ex¬
eign oil companies Which'operate ceed 50 %. Only the Royal Dutch/
Shell

Guatemala,

Thus

companies.

producing
in

ex-

an

than $100 mil-

moi^e

drilled

daily.

about

represent

interests

French

the

oil.

of

five

been

years,

recent
years on a contractual as opposed to a
Oil-New
Jersey,
the concessionary basis.
Argentinan
In

Venezuela!

late

Argentina: Within less than four

barrels

billion

5

was

Marketing

exploratory effort and

lion by other oil

field, whose limits have not

contain

interest)

nisa,

far

30% above
yet been delineated, is thought to
level for 1961;

average

20%

a

of

field, reserves are estimated at 35
The Hassi Mes-

barrels daily is about

has

penditure of

gas

trillion cubic feet.
saoud

J4

largest

second

world's

the

1961

Thursday, October 11, 1962

achieved after ten fruitless years

daily and is expected to continue
to climb briskly. At Hassi R'mel,

Domestic Oil Companies
Continued fro?n page

and Gas

barrels

460,000

about

averaging

was

.

.

.

(1532)

32

Gas),

Iran,

Libya,

Volume 196

Number 6202

.

.

The Commercial and Financial Chronicle

.

Indications of Current
Business Activity

The

Steel

IRON

ingots

Index

of

for

&

and

STEEL

castings

production

INSTITUTE:
(net

week

based

on

Oct.

Crude
42

.

PETROLEUM

oil

and

gallons

Crude

(bbls.

average

output

(bbls.)

Middle
58.5

7,355,210

7,376,410

7,266,010

8,228,000
30,065,000

8,290,000

8,413,000

8,101,000

28

29.990,000

'130,404,000

29,858,000
2,895,000

2,777,000

2,972,000

2,787,000

28

Isept!

13,551,000

13,392,000

13,780,000

28

4,979,000

5,375,000

5,194,000

Sept

28

179,160,000

sCpt'

35,479,000

34,079,000

28

169,060,000

159,266,000

150,461,000

53,949,000

54,933,000

52,738,000

32,765,000

Sept. 29

596,862

592,154

581,420

Sept, 29

637,294

524,456

508,614

492,382

525,572

(bbls.)

output

(bbls.)

gasoline

(bbl.)

(bbls.)
fuel

Residual

I

_

at

at

oil

(bbls.)

fuel oil

"

at™

(bbls.) at-i

Sept!

-

ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loauea (.number of
cars)
Revenue

freight received

from

170,480,000

28

(no.

of

cars)

Total

U.

S.

Private

construction

Oct

and

loct!
;

OUTPUT

Bituminous

(U.

coal

S.

BUREAU

and

lignite

OF

STORE

SALES

179,700,000

240,500,000

$271,200,000
105,800,000

174,200,000
158,300,000

227,400,000

165,400,000

207,100,000

186,400,000

134,300,000

188,500,000

15,900,000

41,000,000

31,100,000

18,600,000

4

4

Sept

29

8,780,000

8,835,000

Sept

29

309,000

output

(in 000

Sept

29

Oct.

6

kwh.)

(COMMERCIAL

AND

INDUSTRIAL)

1

DUN

—

;/ 312,000

116

117

116

113

15,987,000

16,023,000

15,999,000

Pig iron

(per

METAL PRICES

(E.

M.

&

Electrolytic copper—

305

204

330

J.

QUOTATIONS):

•

4

1

6.196c

6.196c

$66.23

$66.44

$66.44

Lead

1

$24.83

$25.50

$26.83

30.600c

30.600c

Straits

'

U.

30.600c

S.

28.575c

28.625c

27.275c

9.500c

9.500c

9.500c

11.000c

Oct.

3

9.300c

9.300c

9.300c

10.800c

Oct.

3

12.000c

at

Oct.

3

11.500c

11.500c

11.500c

11.500c

Oct.

3

24.000c

24.000c

24.000c

24.000c

Oct.

3

108.125c

108.500c

121.500c

at„_

at

BOND

at_

PRICES

DAILY

Government Bonus

Average

AVERAGES!'^

Aaa

9

Industrials

U.

S.

89.33

87.18

91.91;

91.77

'9

90.20

89.78

9

87.32

87.18

Bonds

:

91.19

82.52

84.04

89.37

.

■9

Oct.

88.95 '

90.20

87.21

'

9

3.80
4.57

4.59

4.28

Railroad
Public

./

Utilities

Industrials

MOODY'S

.'

9

Group

?

Production

:

,

of

89.23

•

(tons)

at

end

3.79

3.87

AVERAGE—HM)

1949

4.33

4.40

4.43

4.61

4.62

4.63

4.98

5.01

5.04

4.84

4.86

4.89

>

,

4.47

4.57
•v.-'

4.79

5.13

,

7 a

:

.

4.93
'

9

4.46

4.49

4.50

4.65

9

4.40

4.42

4.47

4.60

362.4

368.8

358,991

370,697

362,815

359,995

98

97

485,804

498,180

475,662

99

:

Total

specialists in stocks
purchases

in

116.16

5

115.09

112.98

.; v.

which registered—

.*

-East

Louis

St.

Silver,

/,

;:

.

sales

Sept. 14

1,445,660

1,350,050

2,055,610

1,901,810

Sept. 14

1,855,490

1,771,670

5; 2,651,220

2,308,650

Sept. 14

428,710

351,980

586,090

Sept. 14
Sept. 14
Sept. 14

67,800

81,600

101,000

sales
floor—

sales
sales

sales

Total

(per

—-

Other

Total

384,710
■

323,980

for

account

of

138,616

105,375

164,500

74,330

682,177

525,151'

820,793

630,526

(per

sales

Odd-lot

sales

Number

of

—

SECURITIES

by dealers

N.

ON

EXCHANGE

(customers'

Y.

'

by

short

dealers

Customers'

616,246
2,459,907

608,595

861,110

515,570

-2,172,481

3,276,303

Stocks

3,317,053
2,824,120

?

3,076,153

,

2,781,076

4,137,413

in

Number

Supply

1,145,158

$55,530,757

3,339,6»0

956,505

Total

1,053,248

1,452,879

25,862

32,856

27,722

19,307

1,425,157
$68,372,694

$84,561,257

$94,018,032

U.

sales

Sept. 14

1,321,621

1,020,392

$61,984,568

$51,530,987

Sept. 14
Sept. 14

470,500

367,780

S.

ON

THE

N.

Y.

470,500

FOR

Total

AND

ACCOUNT

round-lot

ROUND-LOT

OF

MEMBERS

STOCK

367! 7 80

470~340

Sept. 14

284,490

260,960

408,040

at

TRANSACTIONS

(SHARES):

y

...

^

■*>. -

r-':

906,540

1,247,570
18,082,630

15,081,560

12,452,650

19,330,200

15,751,390

commodities

1

*

2

100.8

101.0

100.8

Oct.

2

98.4

99.5

98.4

a

Oct.

2

Oct.

than

farm

and

foods

Oct

2

j

2

102.1
.

*

a

103.0

102.2

102.9

101.4

23.250c

79.000c
$2.25

$2.25

$82,000

$82,000

$82,000

$1.75000

$1.75000

$1.60000

81.250c

$1.80000

$1.70000

$1.50000

$1.50000

273,098

438,386

196.341

354,978

85,322

76,757

83.408

32,140

32,055

28.535

SEC¬
STATES

July

of

(in
—

6,950

6,485

37,405

39,005

—ri-

period

—

35,020

32,140

28,815

——-v—

31.610 a5,795

''

v."

6,865

6,205

185

115

6,710

6,090

3,850

4,735

3.920

1,760

1,975

2,170

$308,000,000

$308,000,000

$298,000,000

31,841,941

293,749.860

487,334

469,830

270,628

$299,985,627

$302,311,771

$294,020,489

373,498

373,961

441.988

$299,612,128

$301,937,810

$293,578,500

8,387,871

6,062,189

4,421.499

$29n,9^o'SI
9,268,346

$302,311,771

$294,020,489

8,530,305

8,955,997

$290,717,283

—
—

155

5,610

$293,781,466

$285,064,492

3.285%

3.263%

LIMITATION

public debt
obligations not

299,498,292

;

owned

by

the

public debt and guaranteed
public debt

obli¬

total outstanding—

face

amount

obligations

of

issuable

above authority

STATES

GROSS

DEBT

DIRECT AND

ioa.8

of Sept.

General

30

funds

balance—

a

debt

Net

3.096%

a

100.8

Computed

,

zinc

annual

average

.

figure. ^Domestic five tons or more but less than carload lots boxed. ^De¬
freight from East St. Louis exceeds 0.5c.
♦♦Fort Colburn, U, S. duty
ttAverage of daily mean and bid and ask quotations per long ton at morning
session of London Metal Exchange.
♦Revised

livered

figure.
tNumber of orders not reported since introduction of Monthly Investment Plan.
tPrime Western
delivered basis at centers, where freight from East St. Louis exceeds one-half cent a
pound,
a Not available..




25.500c

22.500c

*'

a

100.5
100.8

^Revised
on

24.000c

79.000c

GUARANTEED—(000's omitted):
As

Oct.

other

UNITED

■

Meats
All

under

OF

LABOR—(1947-49=100):
Commodity Group—

Processed foods

24.000c

FROM

coaches

UNITED

THE

obligations
outstanding

669,830

11,546,110

products

33.000c

556,492

STATUTORY DEBT

gross

Ealance

893,070

Farm

32.500c

33.000c

471,170

motor

—

of

end

Grand

14,373,430

commodities

36.250c

32.500c

MANU¬

gations not subject to debt limitation

15,266,500

All

IN

Total gross

"

Sept. 14
DEPT.

36.250c
:

32.500c

of September:

cars

and

Deduct—Other

Sept. 14

S.

SALES

AUTOMOBILE

Treasury

"

a

Sept. 14

sales

NEW SERIES —U.

$35.00o
$188,000

face

Total

sales—

sales

PRICES,

$35,000
$192,000

Sept. 30 (000's omitted):
amount that may be outstanding

of

497~950

Other

WHOLESALE

121.881c

$1.50000

any

506,410

STOCK

Short sales

Total

$2.81222

108.511c

$1.80000

time—
Outstanding—

497,950
6

•

EXCHANGE

79.750d

$2.80382

108.480c

—

GOVT.

at

1,598,386

470,340

Sept. 14
SALES

£74.536
91.375c

$2.25

—

beginning of period

Guaranteed

sales

sales

STOCK

.

22.500c

processed

Total

1,617,693

r

by dealers—

ROUND-LOT

,

1,635,836

$64,580,020

;•

As

Round-lot purchases by dealers—Number of shares
TOTAL

91.801d

:

33.000c

MINES—Month

Primary __
Secondary

!

1,362,876

$48,243,729

1,347,483

Sept. 14
Sept. 14

Short sales
Other

£65.497

108.304c

36.250c
—

Intercompany scrap transactions
Consumed
in manufacturing

'

shares—Total

12.000c

£73.943

$35,000

vehicles—

of

trucks

—

Stocks
,

Sept. 14

sales
of

12.000c

£64.582

5,265

Receipts

sales)—

total sales

Dollar value

Round-lot

11.500c

11.500c

11.500c

$192,000

(per pound)delivered ton lots)—_

S.

TIN

"

sales

other

£65.690

$2.80382

export

passenger

of

OF

4,174,256

purchases)—r

(customers'

£61.682

long tons):

2,594,379

Sept. 14
Sept. 14

of orders—customers'

Customers'

10.800c
£63.991

£64.900

pound)—

FACTORY

U.

number

-

Number

11.000c

9.500c
9.300c
£51.048

TIN—CONSUMPTION OF PRIMARY AND

COMMISSION

shares

purchases

Total

STOCK

Dollar value

Odd-lot

IN

BUREAU

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDEXCHANGE

VEHICLE

ONDARY

3,143,783

Sept. 14
SPECIALISTS

refined

A-A Number of

ir

Sept. 14

AND

pig

631,730
■

Sept. 14
Sept. 14

DEALERS

£233.065

115.461c

-

pound)™

(per

706,060

835,983

1,000,483

members—

sales

LOT

£230.705

707,173

Sept. 14
transactions

£232.600

99.206d

FACTURERS' ASSN.—Month

290,580

485,710
970,626

sales

Total

378,880
565,409

purchases

Other

297,280

399,870

Sept. 14

.

Short

332,070

Sept. 14

sales

round-lot

£229.452

12.000c

(per pound,

PLANTS

33,400

717,193

sales

Total

28.036c

v

£64.088

(Per pound, small lots)
Cobalt, 97% grade (per pound)

299,920
•

Sept. 14

sales

Total

28.564c
£234.125

£51.956

ounce)

pound)

(per

Number

purchases—

Short

30.604c

30.600c''-

9.300c

,i

Cadmium

the floor—

on

;

28.588c V
£234.131

£51.900

delivered

Exchange (check)—.
Straits

primary

MOTOR

purchases

initiated

30.600c
..

9.500C

York

Platinum,

407,840

Other

37.516

/A'-

grade ingot weighted average (per lb.)

99%

2,309,960

595,610

Total

20,523

*42,367

/.

pound)

(per

(per

London

New

Bismuth

2,617,540

Other transactions

*23,950

38,807

.

V-.'v#.

421,620

the

97,834

22,177
.-

—

(per ounce U. S. price)
Quicksilver (per flask of 76 pounds)
Antimony—
i
v.A-v
IINew York, boxed (per pound)

113.71

1,676,990

off

2,862,241

*102.800

Aluminum—

409,830

initiated

132,264

♦3,048,800

91,077

-

120,900

A:'.6

boxed

1,997,880

Short

*109,385

2,822,330

M. J. QUOTATIONS)—

&

York

New

Laredo,

Sept. 14

Total

59,436.337

.

Common, East St. Louis (per pound)
ttLondon, prompt (per long ton)—.
ttThree months, London (per long ton)

570,722

,_Sept. 14

transactions

60,560,545

the

AA/A .A AA

•

bulk

Other

sold

A;.;

tons)—

(E.

Laredo,

sales

Total

•

short

98

Short

Other

$1,008,534

60,668,010

July 31

Gold

349,991
:

•

63,847,590
$1,074,247

MINES)—

OF

States—

PRICES

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS

•>

(BUREAU

at

(in fine ounces)

99%

of

'59,526,521

64,972,059

(in fine ounces)

Sterling

365,915

9

Oct.
OF

110

of

>.

Tin,

372.8

364,389

Sept. 29

ACCOUNT

♦115

consumers—

customers—Month

**Nickel

Transactions

/

117

ultimate

to

(in

MEM¬

FOR

3.471

RE-

pound)_.
(per pound)
TTLondon, prompt (per long ton)—
ttLondon, three months (per long ton)_
Silver and Sterling Exchange—
Silver, New York (per ounce)——

•

362.3

period

sales

ultimate

§§Prime Western,

4.42

363,568

—

TRANSACTIONS

4,409

3,744

adjustment-.

Lead—

*

.

4.73

1

OIL, PAINT AND DRUG REPORTER PRICE INDEX—
ROUND-LOT

4,769

4,607

Zinc—

3.95

V;':./,.'

4.62

;

9
9

Oct.

of

5,203

3,720

Average=100—

ultimate customers

Common,
v;

87.45

.

Sept. 29

„_

activity

orders

5,274

.,/■..
■
- Vi
refinery (per pound)
Export refinery (per pound)
^
ttLondon, prompt (per long ton)
>——
ttThree months, London (per long ton)_i._

;

86.78

-

Oct.

i

(tons)

Percentage
Unfilled

12.649

'

10.966

4,638

Domestic

ASSOCIATION:

(tons)

13,554

13,632

Copper—

;

80.69

88.81

-

Sept. 29
Sept. 29

PAPERBOARD

10,893

—_—

(in short tons)
(in short tons)

METAL

83.15
•

Oct.

.•£

Group

received

y

Oct.

COMMODITY INDEX

NATIONAL
Orders

Oct.

_

Group

3,165

12,120

11,924

—

Zinc

84.94

,

83.66

4.29'

Oct.

.;

•

3,182

——

1

Lead

!aSi87.86

81.78

.

89.92

Oct. ,9

:

—

3,216

—_

Copper

,£89.92

89.23
87.05

82.15

84.30

>}?

9

A

11,570

of July:

Silver

J

9

Oct. V: 9

——

Aaa
Aa

loans

July (000's omitted)

United

85.72
"

9

Oct.

Oct.

corporate

17,061

11,648

—

production of recoverable metals in

Gold

12.000c

'

88.55

87.59

—Oct. .9

:

Group^

Government

Average

42,090

18,291

\

OUTPUT

Mine

MOODY'S BOND YIELD DAILY AVERAGES:
i i.

credit

September:
/

89.26

Oct.

$

__

>

87.72

Oct

Group__

108.625c

'

Oct.

i.

Group

12.000c

v

'

/Baa
Utilities

V

Oct. :,9

:i

—

Public

12.000c

Oct. ; 9

_

A

,

>

'

;

*1.

-

j

'

Oct.
-

a.—

Aa

•'

:

corporate—

Railroad

Number of

30.600c

28.600c

.

York)

$54,739

44,976

18,530

$1,097,099

of

from

Month

3

(New

~

$58,521

45,514

July

'

„

3

Louis)

'-'.v-.v..';"
$59,146

•

1

Kilowatt-hour

METAL
.

Oct.

St.

credit

credit

seasonal

$39.17

Oct.

tin

MOODY'S

r,

'•

(primary pig, 99.5%) at

(East

Aluminum

term

31:

SYSTEM—1957-59

Revenue

3

(delivered)

Zinc

6.196c

Oct.

(St. Louis)

tZinc

>

Month of September:
Adjusted for seasonal variation

$66.44

Domestic

u

August

-FEDERAL

6.196c

1

■;

'

££" V::-"

RE-

credit

Without

Oct.

refinery at
Export refinery at
Lead (New York) at

of

15,035,000

318

$617,025,800

SERIES—Esti¬

credit

consumer

SERVE

Oct.

ton)

gross

FEDERAL

intermediate

and

as

consumer

Month

(per gross ton)

Scrap steel

THE

OF

327,000

Oct.

lb.)

(per

$632,254,316

8,827,000

Oct.

steel

$621,746,477

City

Single payment loans
Charge accounts

COMPOSITE PRICES:

Finished

short

millions

Service

8,755,000
280,000

$857,157,228
240,131.428

&

BRADSTREET, INC
IRON AGE

York

Noninstalment credit

INDEX—FEDERAL RESERVE

SYSTEM—1957-50 AVERAGE=100
Electric

■

•

131,263,484

OUTSTANDING—BOARD

Repairs and modernization
^Personal
loans

243,400,000

EDISON ELECTRIC INSTITUTE:

FAILURES

New

SYSTEM—REVISED

Other

$450,500,000

MINES):

(tons)

Pennsylvania anthracite (tons)
DEPARTMENT

$467,900,000

4

I Oct
Oct!

municipal

$353,900,000

4

Oct.

Federal

COAL

4

$763,523,800

40,091,160

GOVERNORS

Instalment

construction

State

in

35,177.661
130,130.230

$661,837,637

States

Total, outside

Total

45,985,581

37,756,327
128,572,194

City

SERVE

45,206,758

30,998,251

CONSUMER CREDIT
OF

121,009,917
119,278,928

50,419,246

United

York

146,075,145
128,943,302

.,161,218,186

;

—

Automobile

construction

Public

New

85,194,541

120,143,792

*

:

ENGINEERING CONSTRUCTION—ENGINEERING
NEWS-RECORD:

;v

Total

13,264,000

$36,043,525
284,336,845

57,857,948

112,699,836

_

—

mated

connections

CIVIL

,

:•

$39,275,676
179,836.450

58,368,879

Central

Pacific

150,470,000

36,519,000

180,296,000
37,042,000

175,059,000

28

I Sent'

output

oil

refineries, bulk terminals, in transit, in pipe lines

$27,078,008
100,911,439

;

:

Central

Mountain

5,854,000

oil

fuel

!,

Central

West

7,143,560

28

Ago

CITIES—Month

Atlantic

South

Year

Month

.

&

Atlantic

South

72.0

56.0

28

Residual

Distillate

60.5

INC.—217

DUN

—

of that date:

Previous

Latest

.

VALUATION

August:
England

New

gent'
sent'

_

Stocks at

Kerosene

of

112.8

88.1

geut

_

Distillate fuel

Finished

94.8

Sect

(bbls.)

average

PERMIT

either for the

are

are as

Month

'

Sept. 28

stills—daily
(bbls.)

Kerosene

(

93.7

of quotations,

cases

■

BUILDING

of

each)

output

in

or,

Ago

2,102,000

1,641,000

East

output—daily

date,

Year

Ago

1,766,000

INSTITUTE:

condensate

to

runs

Gasoline

that

on

33

production and other figures for the

cover

Dates shown in first column

BRADSTREET,
Oct.

indicated steel operations (per cent capacity).
The American Iron & Steel
Institute discontinued issuing >.
this data late in 1960
*
Oct.
AMERICAN

Month

Week

1,746,000

production

weekly

average

1957-1959

month available.

or

month ended

or

Previous

Week

tons)

following statistical tabulations

latest week

Latest
AMERICAN

(1533)

where

included;

34

The Commercial and Financial Chronicle

(1534)

•.

.

•.

Thursday, October 11, 1962

ADDITIONS

* INDICATES

in

Now

Securities

Aiken

—

Registration statements filed with
"Chron¬

SEC since the last issue of the

the

beneficial interest.

icle"

are

carried separately at the

now

"Securities Now in Registra¬

section

of this

end

parenthesis alongside
the company's name, and in the index, re¬
flect the expectations of the underwriter but
are not, in general, firm offering dates.
Also shown under the caption "Effective

tion." Dates shown in

those issues which became
effective this week and were offered pub¬

Registrations"

are

real

Air

Master

Office—3500 N. W. 71st St., Miami. Under¬
& Co., Inc., Miami. Note—The SEC has
order temporarily suspending this issue.

ing capital.

writer—Givens
an

L.

repayment, equipment, and working capital.

debt

Office—126—02

Abbott

Blvd., Corona, N. Y.
Madoff, N. Y.

L.

Realty Fund,

Inc.

June 29, 1962 filed 380,000 class
Business—Real estate ownership
ceeds—For

debt

A common. Price—$10.
and management. Pro¬

repayment and general corporate pur¬

Office—292 Madison Ave., N. Y. Underwriters—
Co., Inc., N. Y.

Morris Cohon & Co. and Street &
Advance

Mortgage Corp.

;-"iv

April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first

loans.

mortgage

debt repayment.
Detroit. Underwriter

Proceeds—For

Office—First National Bank Bldg.,
—Shields & Co., N. Y..

Underwriter—Hayden, Stone & Co., N. ;Y. Note—This
was formerly named American First Mortgage;
.

.

.

.

.

American Options Corp.
1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty ;' April 11, 1962 ("Reg. A") 60,000 common.
Business—Company plans to sell "puts and
chemical products. Proceeds—For general corporate pur¬

Fairfield

Office—3440

Baltimore.

Rd.,

and

aluminum

combination

Proceeds

For

—

windows

storm-screen

and

izing

an

Allied Graphic Arts, Inc.

Proceeds—For debt repayment, equip¬
working capital.
Office—2412 S.; Garfield
Ave., Monterey Park, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
gional mapping.
and

Corp.

Aug. 29, 1962 filed 165,000 common.

-

Price—$3.

Business

—Company has been engaged in experimentation on
aerodynamic concepts and holds ten U. S. Patents relat¬

Corp. • (same address)..., -

(10/22-26)

_

A •

American

Kalakaua Ave.,

Pacific

'.

';

,

Phoenix Corp.

*

-

."/'
-

-

„

capital.
Bache

Fifth

Office—551

Ave.,

& Co., New York.

N,

Y.

American Plan Corp.

Underwriter—

'

March

'

tures

All-State

Bldg.v'Westbury-, N. Y. Underwriter—Bear,
Co., N. Y. //A'.
;/ ^Av-; .
U

increase

Amerel Mining Co. Ltd.
July 31, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in exploration, de¬
velopment and mining. Proceeds—For diamond drilling,

no.
Members of New York Security Dealers Association

,

American

\

TWX: 212-571-0320

Bolt

debentures

R. J. HENDERSON & CO., INC., Los

debt

&

Co.,

Tabse

Inc.

-

A

.

capital.,. Address—Mohnton,
Rose & Co., Inc., N. Y.
A

Screw

and

90,000

common,

to

.

be

American

Southwest

Underwriter—Reuben
! .
/

Pa.
.

-

.

Realty

.

Trust

(

Feb.
1

12, 1962 filed 1,000,000- common.

Price—$11. Busi-

ness—A real estate investment company.

Pro-/

other cor¬
porate purposes. Office—Lawson Blvd., Oceanside, L. I.
N. Y. Underwriter—S. D'. Fuller & Co., N: Y.
repayment,' equipment and

Proceeds—For

Office—800 Hartford Bldg., Dallas.

investment.

Under¬

writers—Kidder, Peabody & Co., N. Y. and Rauscher,'
Pierce & Co., Inc., Dallas. Offering—Temporarily post¬
poned.
/
/• A,,V,
A */;' -V/ A A - .//A ■/ /•
.

American

Educational

Life

Co.

Insurance

,

.American

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

Proceeds—For investments,

and working

Fidelity

capital.

•

American

Finance

E.

Market

St.,

1996.

Indianapolis.

nated debentures due 1972, 75,000 common, and 25,000
warrants, to be offered in units of one $200 debenture,

automobile

insurance brokers. Pro¬

1962

Telephone & Telegraph Co.

filed

$250,000

Proceeds—For

(19/23)

of debentures due

advances

to

Oct. 1,

subsidiaries and ex¬

Office—195 Broadway, N. Y. Underwriters—
(Competitive). Probable bidders: Morgan Stanley &
Co.; First Boston Corp.-Halsey, Stuart & Co. Inc. (joint¬
ly). Bids—Oct. 23 (11:30 a.m EST) in room 2315, 195
Broadway, N. Y.

(10/29-11/2)
; [
convertible subordi¬

Co., Inc.

2,

pansion.

April 21, 1961 filed $500,000 of 6%

are

.

1962

American
Oct.

& Co., Inc., N. Y., and CrutMiller, Chicago, AA/

&

9,

Corp.

Office—423

tenden, Podesta

Strategic Minerals Corp.

filed 400,000 common. Price—By amend¬
ment (max. $3). Business—Company plans to explore
for, strategic minerals. Proceeds—For debt repayment,
exploration and working capital. Office — 527 Failing
Bldg., Portland, Ore. Underwriter—To be named.
July

June 4, 1962 filed 500,000 common. Price—$11. Business
—A small business investment company. Proceeds—For

Americana East Inc.
.

Sept. 18, 1962 filed 400,000 common. Price—$2.50. Busi¬
ness
Development, construction and management of.,.,
—

industrial, commercial and residential properties. Pro¬
ceeds—For construction, surveys, working capital, and
other

corporate purposes. Office—173

First St., Macon,

ceeds—For the retirement of debentures, and

additional
capital funds. Office—1472 Broadway, N. Y. Underwriter
—Myron A. Lomasney & Co., New York.

Flag &

Banner

Co.

(11/7-9)

of

New

Jersey

.

May 1, 1962 filed 100,000

common.

Price—$3.25.

Busi¬

ness—Production of

flags, banners and accessories. Pro¬
taxes, debt repayment and working capital.
Main Ave., Clifton, N. J.
Underwriter—
Securities Corp., N. Y.

ceeds—For

Office—1000
K-Pac

Gas

Co.

(10/29-31)

March 26, 1962 filed $1,685,000 of 6Vz% convertible sub¬
ordinated
debentures
due
Sept. 1, 1977; also 275,000
Price

amendment.
sale

Angeles

capital funds. Office—99 John St., N. Y. Un¬
Dillon, Union Securities & Co., N* Y.

American "Safety

offered
in units consisting of one $100 debenture and 10 shares./
Price—$100 per unit. Business—Manufacture of standard

common.

Direct Wire to

a

derwriter—Eastman

Mfg. Corp. (10/22-28)
15, 1961 filed $900,000 of 6% convertible suoordi-

American

Broadway, New York 6, N. Y.

Co.,;(10/22-26)

May 23, 1962 filed $100,000 common,-..Price—By. amend¬
ment
(max. $7).
Business—Design, manufacture and
construction, exploration and general corporate ex¬
penses.
Office — 80 Richmond St., W., Toronto. Under¬
marketing of equipment used in the sewing .industry.
writer—E. A. Manning, Ltd., Toronto. //Proceeds—-Tor expansion/ debt repayment and working
1
' '

American

1942

Re-Insurance

electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., Inc., •:—By amendment (max.- $55) .A Business—Company/re¬
insures fire, marine and casualty firms.
and H. A. Riecke & Co., Inc., Philadelphia.
Proceeds—To
1
*

ciation and two

9kne.f si SIEGEE

American

Sept. 28, 1962 filed 175,862 capital shares to be offered
for subscription by stockholders on the basis of one new
share for each eight shares held of record Oct. 16. : Price

—

shares, and 10 warrants. Price—$500 per unit. Busi¬
ness—Company and its subsidiaries are primarily en¬
gaged in the automobile sale finance business. One ad¬
ditional subsidiary is a Maryland savings and loan asso¬

for Banks, Brokers, Institutions

Office—American Plan
Stearns &

Fidelity Fire Insurance Co.

can

Electronics, Inc.
A
'///A/28, 1962 ("Reg. -A") 100,000, class A(;pompion.
$3. Business — Wholesaling and distributing of

30

QUOTED

filed $2,48u,o0u of convertible deben¬
248,000 common shares:(of which

and

.

Underwriters—Reynolds

-

1962
1982

>

(max. $22.50 per unit). Business^-Production and serv- •
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—To purchase Ameri-,

named.

investment.

SOLD

30,
due

A

(10/22-26) a

To be

American

-

Underwriter—

$10 debenture and one share. Price—By amendment

one

Office-r-1808 West End Bldg., Nashville. UnderwriterStandard American Securities, Inc., Nashville."

««NEW

..•

,

218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of

„

YOUR PRIME SOURCE FOR

,

,

,

Properties, Inc.
24, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par. Business—Company and
subsidiaries conduct a general real estate business with
emphasis on land development and home construction
in Fla., Md., N. Y., and Ky. Proceeds—For repayment
of debt. Office—230 Park Ave., N, "Y. Underwriters—

April

ceeds—-For

Inc., Clifton, N. J., and Price Investing Co., N. Y.

•- -

'

>

Office—320 Park Ave., N. Y.

purposes.

.

July 27, 1962 ("Reg. A") 110,000 common. Price—$2.50.
Business—Importing,
marketing
and
distribution
of
ceramic
tiles.
Proceeds—For
debt
repayment, new
products, sales promotion and working capital.
Office—
256 Fifth Ave., N. Y. Underwriters—Leib, Skoot & Co.,

•

Management

.24, 1962 filed 340,000 eiass A shares. Price — $10.
real tstate. Proceeds-^-For corporate

Jan

stamp collec¬
and working

and special industrial aircraft and missile fasteners.

Inc.

insurance.

accident

and

Office—1523

Troster, Singer & Co., New. York.:.-.,-,;- A.

nated

equipment, research and development, plant fa¬
cilities and other corporate purposes. Office—Route 15,
Sparta, N. J. Underwriter—Chase Securities Corp., N. Y.




casualty

investment.

Business—General

tional

DIgby 4-2370.

health,

amendment. Business—Publication of mass
circulation catalogues (for department stores and mail

Dec.

39

Inc.

Underwriter—American

Honolulu.

,

Price—By

ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬

ESTABLISHED

life,

in

Proceeds—For

Mar. 27, 1962 filed 180,000 common, di which 66,000 will
be sold for the company and 120,000 for a stockholder.'

Price

May 28, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Application of electronic and air photography

BOUGHT

Fund,

July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management company special¬

acquisition, debt repayment
and general corporate purposes.
Office—5007 Lytle St.,
doors.

Pacific

American

Busi¬
awnings

Alsco

developments in the field of geodetic surveying and re¬

Agency Tile Industries,

Under-

Allegheny Aluminum Industries, Inc.
Price—$4.25.

Dec. 2jl, lytii filed 1UU,U00 common.

March

Aerosystems Technology

,

Price—$5.

calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes. Office—120 Broadway, .N. Y.;. Under¬
writer—Provost Securities, Inc., N. Y.;
./Ay-"

Baltimore^jk^

ness—Manufacture of aluminum and fiberglass

„

Aerial Control Geotronics

ment

-

*

company

Investors.

:*/V A;,//.';;..:

(10/22)

Mortgage Investors

which plans to invest in first mortgages/Proceeds—For
investment. Office—305 S. County Rd., Palm Beach, Fla.

Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities Corp.,
Boston. Note—This offering has been postponed.
• ■
Corp.

debt

8, 1962 filed 1,300,000. shares'of beneficial'interest.
Price—$15. Business — A newly-formed business trust

doors, and other aluminum products.
working capital, and other corporate pur¬

Chemical

For

.

American

poses.

Alcolac

—

Feb.

Manufacture of aluminum

—

products.. Proceeds

meat

order firms); a semi-annual magazine and
tors' books. Proceeds—For debt repayment

Under¬

Northern

writer—Bernard

poses.

Business

and

meat

expansion and working capital. Office—
39 Norman Ave., Brooklyn, N. Y. Underwriter—Willard
Securities, Inc., N. Y.
A''A
."

storm windows and

Proceeds—For

Pittsburgh, Pa. Underwriter—To be named..

Steel Corp.

S.

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

kosher

•

By amendment.

(10/17)

Inc.

repayment,

.

.

writer—Robert Garrett & Sons,

Forms, Inc.

July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
ness forms.
Proceeds—For debt repayment and work¬

A.

Corp.

•

.

May 26, 1961 filed 180,000 common, of which 90,000 will
be sold for company and 90,000 for stockholders/ Price—

poses.

ABC Business

issued

as a
investment.
.

Kosher Provisions,

June 25, 1962 filed 130,000 common. Price—$a. Business
—Manufacture and sale of a variety of kosher and non-

qualify,

Proceeds—For

estate investment trust.

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

REVISED

March 23,

licly.

•

Business—Company plans to

Price—$10.

ITEMS

American

Savings Trust

ISSUE

PREVIOUS

SINCE

•

Registration

Aug. 22, 1962 filed 100,000 shares of

NOTE

-

of

For debentures, at par; for stock, by
Business—Transportation, distribution and
—

natural^ gas. Proceeds—For debt repayment and

expansion. Office

546

S.

24th

Ave., Omaha. Under¬
Podesta & Miller, Chicago.

—

writer— Cruttenden,

PRIME

PROSPECTS

People in Chicago and Mid America are

prime pros¬

for stocks and bonds. Only New York edges out
Chicago in number of individual owners of securities.
And in this busy market, 73% of all newspaper-reading
adults read the Chicago Tribune. So, to sell securities
pects

and your

investment services in Chicago

and Mid

the Chicago
Tribune. Your Tribune representative will be glad to
supply the facts you need. Why not call him today?

America, it makes sense to advertise in

QHjkatjo (Jfibime
TMI

WOMB'S

GMATIST

KtWSHfH

Volume

196

Number 6202

.

.

The Commercial and Financial Chronicle

.

(1535)
Ga.

Underwriter—Nusouth

4101

Steam Mill

Anchor

Growth

Stock

Sales

Corp.,

Argus Financial Fund, Inc.
800,000 capital shares to be offered

Rd., Columbus, Ga.

Industries

Feb. 12, 1962 filed

Corp.

Nov.'24, 1961 filed 38,500

common.

Price—$8. Business

Business—A

—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds
For machinery
research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter — Amber, Burstein & Co., Inc.,

of

of

and

products for the electronics industry*

debt

Pines

Antenna

Artlin Mills, Inc.
Sept. 28, 1961 lilea 135,000 class A common shares. Price
—$5.
Business—The purchase,
conversion, decoration,
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For
inventory, repayment

Proceeds—For

-

of

..

components.

Proeeeds---For

reduction

of

Ascot

1

;

May 23, 1962 filed $6,000,000 of 6%
bentures due 1990 to be offered in
shares

of

$3

holders

to

the

of

share

new

cumulative

shares

common

be offered

respective

for

each

for

the

on

Price—For

basis

of

one

debentures, at

par; for stock, by amendment. /
Business^-Manufacture,
purchase and sale of ice cream and other dairy products.

debt repayment.
Ave., Los Angeles. Underwriter—None.

*

:

October

11

(Thursday)

(Offering to stockholders,
Inc.,

*

'

v

and

:

Dean

underwritten

Witter

\

October

240,219

15

by

Co.)

Be-Mac Transport Co.,
(Edward D.

and

Dillon,

&

by

V..

October

Met

Food

Co.)

Co.)

Collins

(White,

Weld

&

3)500 units•'

J

•

American

Common

Inc.)

(Commonwealth

*

shares

'/■

y?

>(

Gas

Eastern
&

Chestnut Hill

'.Vy.

Debentures
Inc.)

.

,

Panhandle
(Kidder,

and

Smith

&

Co.,

:.

,7

Gulf

V;
/

W.

Atlantic
(Pierce,

(Coggeshall

Texas
y

y

;

&

Gas

Hicks

and

Co

Merrill

Lynch,
$20,000,000

Ernest

Pierce,

M.

IS

Fenner

&

Co.)

Corp.)

y

Orbit

Allied

Co.)

(S.

D.

American Plan
'

Common
50,000 shares

.

.

Fuller

&

Stearns

.

Southern

Securities

&

Zero

$900,000

248,000

(Schweickart

&

Stock

(Blair

&

Co.)

Cosnat

&

99;000

Corp.
(Van

Hallandale

Rock

&

Sand

Co

Lewis

Maremount
..

.(Kuhn, Loeb

Alstyne,

Corp.—.1—
&

Co., Inc.

and

240,000

Pak-Well Paper
(Francis

Poulsen
,

&

I.

Co.)

Straus,

du

Pont

&

of

Co.)




to

&

100,000

shares

..Common

124,552 shares

shares

230,000

(Thursday)
11

13

Bonds
EST)

a.m.

$14,000,000

(Tuesday)

(J.

to

D. iFinancial
LeCort

J.

be

Bonds

received)

$16,000,000

Corp

Associates,

Common

Instromech

Inc.

Industries,

and

Harris,

Clare

&

Russell

Inc

Co.,

Inc.)

Investing Co.)

&

&

14

-.Common

Weeks)

312,500

shares

(Wednesday)

Nashville

(Bids

$300,000

1

Mills, Inc

November

Common

be

to

RR

Bonds

received)

$25,000,000

November

400,000

shares".1"'-.'

19

(Monday)

First American Israel Mutual Fund

Jersey

Webber,

Jackson

Central
(Bids

Optech,

12

Co.,

Inc.)

Co.)

Hanly)

•

be

Common

shares

Common

November

Inc.

and Heritage

Equity Corp.)

Dillon,

(General

(Monday)
Co

Union

Securities

—-Units

Securities

&

Co.)

100,000

and

Inc.

Co.,

S.

Kasdan

units

Common
&

Co.,

Inc.)

1

;■

-

■

•

.

$425,000

•

Pacific Power & Light Co

/

$50,000,000

26

Engineering

Interworld Film Distributors, Inc
-

Bonds

&

Co.,

Inc.)

(Bids

11

and

Inc.)

a.m.

Bonds

—

EST)

$32,000,000

&

100,000

November

'

be

Bonds

Co.—

received)

$65,000,000

Lynch,

Southern

28

(Wednesday)

Electric

Generating Co*

Pierce,

(Bids

to

be

received)

December 3

(Monday)

$1,300,000

Bonds

Metropolitan

Edison

(Bids

$5,000,000

Bonds

$6,500,000

shares

Common

received)

to

Debentures

Merrill

Co.)

(Tuesday)

Electric

(Bids

Corp.-

Hammill

27

Pacific Gas &

y

Preferred
Inc.

Smith

be

November

$300,000

received) $20,000,000

Co.,

to

Bonds

$11,000,000

$300,000

Hunter

Co.„„

PST)

a.m.

shares

Co

$375,000

$250,000

100,000

EST)

Ben. Int.

2,750,000

Light

Inc.

(Eastman

Edison

&

noon

(Stone, Ackerman & Co.,

Common
&

Curtis)

&

Power

Common

Financial

November 7

/

-Debentures

Blue
■

...Common
Blosser
.

&

McDowell)

shares

100,000 shares

(Doft

(V.

S.

&

to

Bonds

Co

be

received)

$15,000,000

Wickett

&

and

Georgia Power
(Bids

Co., Inc.;
Crosse

&

Co
12:30

Common

$325,000

a.m.

Thomas, Williams &
Inc.) $375,000

Lee,

$23,000,000

Bonds

a.m.

Bonds
EST)

$12,000,000
c

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

December 5

(Bids

December

Southern

New

Utilities
to

ll

be

Co

received)

•

Bonds
$12,000,000

j(Tuesday)

England Telephone Co

(Bids

—Preferred

(Wednesday)

Montana-Dakota

Co..

EST)

11

New England Power Co

Common

i__:

(Tuesday)

(Bids

Common
$400,000

$500,000

Corp

4

New England Power Co

Common
Co. 1

Transmission

Inc.;
.*

Corp.)

Computer Concepts Inc
Electronic

..Class A

Securities

Magic Co. of Ohio, Inc.—

(Hallowell, Sulzberger, Jenks, Kirkland & Co.)

-

•

150,000

\

December

(Wednesday)

Flag & Banner Co. of
New Jersey.-—
(K-Pac

America^—..Common

(A. C. Allyn & Co.)

Common

—

Inc.)

..trr

,

Common

(Bids

(Paine,

American

*

$4,000,000

Industries, Inc

Insurance Co.

Inc.)

Corp.-

(Bias

$450,000)

;

shares

Inc.)

Co.,

Haupt & Co.)

8

November

$3,000,000

System, Inc.—.

(Shearson,

...Common

1

Noel

Debentures

Corp.)

(Thursday)

&

$1,011,500

(Tillie) Foods, Inc
(Van

Co

Warwick

Anderson

Fenner

Units

Corp.)

Peabody

Gulf States Utilities Co
P.

Co.)

$1,250,000

Flynn & Green. Inc.)

Securities

November

Louisville

Wisconsin Natural Gas Co.

Intercontinental Management Corp
.(Walnut

&

8:30

&

Livestock

shares

Co.)

Kidder,

shares

York

Capital

Peabody

Common

$1,000,000

&

D.

Power

Debentures
Noel

&

(Hornblower

(Tuesday)

(Bids

Florida
(Kidder,

:

Alstyne,

(Mutch, Khanbegian,

.;

Co.)

Mills

Securities

(Edwards

Gas

Consolidated Leasing Corp. of America-Debentures
(Blair

and

150,000

J

Weld

&

Security Life Insurance Co.

New

$120,000

Mountain, Inc

Columbia

$1,000,000

Consolidated Leasing Corp,, of America

Inc.)

(Blyth & Co.,

.

November 1

Common

Co.)

Sachs

Common

Jackson & Curtis
Co.,

<

Common

Common

California

shares

-

Goldman,

West Penn Power Co

$375,000

Securities

MacPherson

(Don

Capital

and

shares

Relay, Inc

Standard
of

shares

140,000

San Diego Imperial Corp

-Debentures

Co.)

Units

units

Co. )'* 175,862

Lingeries, Inc

...

Inc.)

Co.,

Management Co., Inc

(Price

units

Ltd.)

&

$1,200,000

Common

(Bids

stockholders—underwritten by Eastman Dillon,

Union

Cameo

Co.,

(Costello," Russctto

:

Units

American Re-Insurance Co.—
(Offering to

1,500

$750,000

Common

shares

■

Common

Corp

Co.)

Co.)

90,000

Industries, lnc._^

shares

7

&

Common
Inc;)

Corp.)

Debentures

Common

(Paine, Webber,

I.

shares

Prosperity Cleaners & Laundries, Inc
v.

.

Corp..

(Bear,

.

Co.)

&

Nebraska

October 30

American Bolt & Screw Mfg.

•

200,000

Stores, Inc

Tabach

$50,000,000

.

180,000

Putnam

$300,000

Inc

&

Securities

Webber, Jackson & Curtis

Capital

(General

Debentures

Graphic Arts, Inc.—&

Co.)

Class A
shares

120.000

Corp.)

Corp
Ferman

(Bids

Roadcraft Corp.

Corp.—

(Bache

Inc.)

shares

70,000

Co.

$155,000

Servotronics, Inc.

(Robert Garrett & Sons)

x

&

Consolidated

•vy;./yy

Chemical

(Paine,

Common

(Norton, Fox & Co., Inc.) 100,000 shares

$1;000,000

(Thursday)

(Monday)

Securities

(Ira

Common

Co.,

EST)

a.m.

Jackson's/Byrons Enterprises, Inc

to stockholders of
National
Union
Fire
Insurance Co.—No underwriting) $1,500,000

-

(First

$300,000

(Lehman Brothers and Salomon Brothers &
Hutzler)

Alcolac

&

Preferred

11:30

(Clayton

parte

(Offering

&

Nebraska

Associates Investment Co

October 22

(Bids

i$2,250,000

Industries, Inc.—

(Vickers,

October

Georgia Power Co

on

Jackson's/Byrcns Enterprises, Inc

$1,685,000

Pittsburgh

,

Common

Fuller

Miller)

Underwriter—A.

C.

•
Badger Northland, Inc.
Sept. 7, 1962 filed $800,000 of subord. conv. debentures
due Oct. 1, 1982. Price—At par. Business—Manufacture

shares

Conditioning Corp

(Weil

.——Units

Securities

N. Willow Ave., Tampa.
Allyn & Co., Chicago.

J.".'

National Union Life Insurance Co. of

&

^.-Preferred

Producing Co

(Equitable

fice—217

Units

275,000

Corp.)

Co.)

(Martin-Warren

Jetronic

Fenner
)

&

Wulbern,

(Brager

Inc.

May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and
100,000 by stockholders.
Price—By amendment (max. $o). Business—Company,
operates, owns, services and leases coin-operated auto¬
matic
vending machines.
Proceeds—For debt repay¬
ment, inventories, equipment and working capital. Of¬

$1,250,000

Corp...

Utilities,

Co. .—^Debentures

Scientific Equipment Mfg.
Corp
.

Merchandising,

(White,

i.

Miller)

Securities

Carrison,

Jamoco Air

Common

Pierce,

&

Podesta

Brooks

processes.

Co., Inc., N. Y.

Automatic

Debentures

Wison

automatically operate indus¬

Proceeds — For general
corporate purposes.
Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm &

Radar

Industrial Development Bank of Israel Ltd._._Units

-Common

$300,000

Lynch,
$60,000,000

Inc.)

machinery and

shares

First Connecticut Small Business Investment
Co.
Common

—Bonds

Merrill

and

Smith

and devices to control and

Common

(P.

——

Eastern Pipe Line

Peabody

Controls, Inc.
28, 1961 filed 50,000 common. Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls

,

Co.)

St.

Automatic

Common

(James

$650,000

-

Inc.)

280,000

Minn.

Inc.,

Dec.

425,000

Common

&

Paul,

Co., N. Y.

$250,000,000

Inc

St.

Jansen,

(Commonwealth of)

Kaiser-Nelson

Ernst, Inc.

Common

$25,000,000

Co.,

Podesta

?;

&

1962 filed

Norton

EST)

a.m.

Publishing

Ave.,

(10/17)
$25,000,000 of bonds due 1982. Price
—By amendment.
Proceeds—To help finance various
public works projects. Underwriter—Morgan Stanley &
2,

(Clayton

$450,000

Industries, Inc

:•••

$1,500,000

of)
Co.)

Pipe Line

Co.,-

Inc.)

Co

(Clayton

Co.yi————-

Peabody

Australia

Oct.

(Robert L.

Lomasney

(Cruttenden,

College

(Thomas Jay, Winston & Co., Inc.)

Panhandle

Co.,

Co

(Cruttenden,

American

200,000

A.

Gas

Jenks

Donnelly

Paul, Minn.

'

Units
&

(Monday)

Finance

American

Common

Dyna Mfg. Co.—__—__—

< Kidder,

'•

Capital Stock

Works, Inc.--

(Myron

shares

stockholders—underwritten by Kidder, Peabody
& Co.. Inc., and White, Weld & Co., Inc.) 557,515 shares

'"y/yy

shares

Co., Inc., and Lehman Brothers)

(Offering to

y;y

125,000

(Tuesday)

October 29

'

Debentures

Inc.)

&

Inc.)

Price—$1.50.

Misti-Cone humidi¬

Continued

Co., Inc., and Dempsey-Tegeler
Co., Inc.) $800,000

11:30

sale

equipment, inventories and work¬

Office—668

&

;

Siegel,

Stanley

Co.,

Skloot

October 23

Corp.)

(Wednesday)

(Morgan

Radio

.

Units

'

(Willard' Securities.

.

y (Leib,

.

(Burr,

17

capital.

and

Underwriter—Pewters,

$385,000

.

&

&

•>

ing

Proceeds—For

Hutzler, N. Y.

Common
&

California

Cameron Iron

American Kosher Provisions, Inc

y

Co.,

(Tuesday)

Grumet

(First

.

...

$25,000,000

Warwick,

Corp

Australia

&

First Boston

100,000

Inc.)

v

16

October

>

&

&

Preferred

—„

r

(Brand,

v

repayment

Worth Financial Corp

;

~

&

&

Co.,

MacPherson

Read

___!

Noyes

(Blvth

jfii

debt

Corp

(Meade

shares

_

Security Aluminum Corp.—

v

55th

(10/18)

Proceeds—For

Brothers

R. E. D. M.

Inc^--^p+Common,h>

Jones

Salomon

yv

Packaging Corp. of America--—

'

loans.

of

American Telephone & Telegraph Co.—Debentures

,

r_—.

(Hemphill,

*

W.

i

1;

(Bids

Industries; Inc

,

Office—14

purposes.

Investment Co.

commercial

and

-

315,730

(Auchincloss,- Parker & Redpath)

\

corporate

Sept. 28, 1962 filed $50,000,000 of debentures due Oct.
1, 1983. Price—By amendment. Business—Company is
..engaged in time sales financing of consumer and indus¬
trial products, and the
making of personal, industrial

shares

(Monday)

Duro-Test Corp.

(Vickers,

103,000 common.
Price—$2.
bowling magazine. Proceeds

a

common.

Business—Manufacture
fiers.

•

&

to stockholders—underwritten

.

Gabriel

general

l„————Common*'

Smith-Corona Marchant, Inc.—
(Offering

A")

Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000

trial

Stainless Steel Products Inc

Hawaiian Electric Co., Ltd
.

("Reg.

• Associates

NEW ISSUE CALENDAR
-

.

yand other corporate purposes.
Office—320 Associates
Office—1900 W. SlauBldg., South Bend, Ind. Underwriters—Lehman Brothers

Proceeds—For
son

1962

postponed.

de¬

subscription by stock¬

classes

held.

10

subord.

conv.

$100 units; also 49,993
preferred stock and 205,105

y

.

St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This
offering has been temporarily

'*-

-

Inc., N. Y..

Publishing Co., Inc.

29,

."—For

,

1

working capital. Office—1030 Pearl St.,
N. J. Underwriter—Mortimer B. Burn-

Business—Publishing of

bankJ, loans,

working capital. Office—349 Lincoln St.,
Hingham,
Underwriter—None.
'■£*<''v///
Farms Co.

and

Branch,

Jan.

Mass.

Arden

loans

side & Co.,

j

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

Office—1118 Torrey

Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
Corp. (same address).

,Long

Systems, Inc. ;

company

nancial Sales

repayment,

equipment, inventory, / and 'working
capital.
Office—107 Trumbull St.,
Elizabeth, N. J. Un¬
derwriter—Edward H. Stern &
Co., N. Y.

investment

Proceeds—For investment.

nesses.

Price—$2.50.
the assembly

common.

hardware,

open-end

participate in the long-term progress of
savings and loan associations, and allied financial busi¬

New York.- Note—This registration is
being withdrawn.

Business—Manufacture

diversified

which plans to

—

Angler Industries, Inc.
Aug. 17, 1962 ("Reg. A") 120,000

in

exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per
share).

35

to be

received)

$45,000,000

Debens.

36

36

The Commercial and Financial Chronicle

(1536)

and
farm

of

Proceeds—For mew plant, an

equipment.

ac¬

quisition, debt repayment and working capital. Address
—Kaukauna,
Wis.
Underwriter—Loewi & Co. Inc.,
Milwaukee. Offering—Imminent.

Ltd.

Bank "Adanim" Mortgages & Loan

1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price—By
amendment.
Business — A mortgage lending company.
Proceeds—For general
corporate purposes.
Address—
108 Achad Haam
St., Tel-Aviv, Israel. Underwriter—

Dec. 29,

jAdanim American Israel Investment Co., Inc.,/ j
Bank

Le-lsraei

Leumi

\

t

M.

B.

22, 1962 filed 1,050,000 ordinary shares and 3,190,000 "A" ordinary shares.
Price—By amendment (max.
June

75c).
For

Business—A general banking business. Proceeds—
general corporate purposes.
Office — Tel-Aviv,
Underwriter—None. Note—This company for¬

Israel.

merly

under the

carried

was

Proceeds—For

wear.

35

Continued from page

National Bank of

name

N.

repayment, working capital
Office—725 Broadway.

Cameo

Lingerie,

Inc.

Puerto

(10/22-26)

Underwriter

Rico.

Cameron

Iron

Schweickart

—

Works,

Inc.

&

Co., N. Y.

(10/23)

Sept. 14, 1962 filed 280,000

common.
Price—By amend¬
$21.50). Business—Manufacture of equip¬
ment used in the petroleum and processing industries.,
Company also makes forged metal products used in the
aviation, missile and atomic industries. Proceeds—For
selling stockholders. Address—P. O. Box 1212, Houston,

ment

(max.

i/Texas.

Underwriters—White,

Lehman

Weld

Inc.,

Co.,

&

and

Canaveral

subord. debentures
to be offered in
units of $170.05 of debentures- and 185 shares.
Price—
$220 per unit Business—Production of very high fre¬
quency power transistors.
Proceeds—For debt repay¬
ment and other corporate purposes.
Office — Walnut
Ave., Clark, N. J. Underwriter—None.
Coastal

Corp.

March 15, 1962 filed 200,000 common.
ment

Price—By amend¬
Business—Merchandising of home,

(approx. $12).

commercial and institutional

Offering—Postponed.

Angeles.

Basic
June

furnishings. Proceeds—For

1962 filed 400,000 class A common. Price—By
amendment
(max. $12). Business—Real estate invest¬
29,

Proceeds—For

ment.

debt

repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth

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

Cosmetics,

May 21, 1962 filed 86,370
scription by stockholders

March

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

W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
•
working capital. Office—114
Birtcher Corp.

Business—Manufacture of electrotherapeutic, elec¬
surgical, diagnostic and monitoring equipment.
repayment, machinery and working
capital. Office—4371 Valley Blvd., Los Angeles. Under¬

$5).

"

1

starch

household

for

Proceeds—For

use.

plant expansion and working capital.

equipment,

Office—901 Flor¬

Ave,, Lima, Ohio. Underwriter—Hallowell,
berger, Jenks, Kirkland & Co., Philadelphia.
ence

Brinkmann
March

26,

shares

are

Sulz¬

Inc.

Instruments,

of which 77,420
and 22,580
shares by stockholders.
Price — By amendment (max.
$7.75). Business — Importing and distribution of scien¬
1962 filed
to

be

tific instruments.

100,000

offered

common,

by

the

Proceeds—For

and

develop¬

equipment, debt repayment and other corporate
Office—115 Cutter Mill Rd., Great Neck, N. Y.

ment,

purposes.

Underwriter—D.

Bruce

B.

Marron

&

Co., N. Y.

(Michael)

Dec. 27, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness — An investment
company which will hold mort¬

Proceeds

For investment.

—

Colonial

debt

repayment,

Office—135

purposes.

Underwriter—Divine

&

expansion
W.

Fishman,

Corp,.A.J

■

April 30,

Underwriter—None.

Ind.

Industries

1962 filed

common.

Price—$5.

Busi¬

ness—Manufacture of plastic and rubber film laminates,
a line of casting, laminating and
embossing machinery.
Proceeds—For
tories

and

products, debt repayment, inven¬
capital.
Office—11-17 Clintonville

new

working

St., Whitestone. N. Y.
Co., Inc., New York.

Co., Hartford, Conn.
„

Underwriter—Arnold Malkan &

ness—General

operating

N. Y. Underwriter—Milton D. Blauner &

Co., Inc., N. Y.

Offering—Temporarily postponed.
Cable

Carriers,

Inc.

•

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

snares
f

for

each

share

held

on

Feb.

ints. Business—Manufacture and

ley

14,

1962.

Price

—

25

sale of overhead trol¬

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

conveyers,

head

tow

Office

—

Kirk

Underwriters—Pen-

Securities,Unc., Spokane,

Central Mutual

Aug.

20,

asset

Fund, Inc.
100,000 capital shares. Price—Net
(max. $14) plus a 2% sales commission.

value

Business—A

stocks.

filed

1962

mutual

fund

Proceeds—For

East

St.,

Inc.,

same

Jacksonville,

specializing in

investment.

111.

life insurance
North

Office—110

Underwriter—CN

Agency,

Blvd., Greenville, S. C. Underwriter—

None.

Caldwell

Capital Corp.
Aug. 2, 1962 filed $200,000 of 8% registered subord. de¬
bentures due 1965 and
$400,000 of 8% debentures due
1967 (with attached warrants). Price—At
par. Business
—Commercial

and

industrial

general corporate purposes.

financing.

Proceeds—For

Office—165 Broadway, N. Y.

Underwriter—None.
Chemical

/V//.7'

.j,■.

June

29, 1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
ness and manufacture
paints. Proceeds—For general cor¬
porate purposes. Office—Santurce, P. R. UnderwriterArnold Malkan Investment Growth of Puerto
Rico, Inc.,

general corporate purposes. Office—339 W. 51st St.
Underwriter—S. B. Cantor Co., N. Y.

Santurce, P. R.

California

Life

Insurance

N. Y.

Co.

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

Proceeds—For general corporate pur¬
poses.
Office—4400 MacArthur
Blvd., Oakland. Under¬
writer—Stewart, Eubanks, Meyerson & Co., San Fran¬

cisco.

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

•

Chestnut Hill
1961

(10/29-11/2)

A

—

Child

payment and working capital. Office—324 E.
Bixby Rd.
Long Beach, Calif. Underwriter—To be named.




class

equipment and working capital. Office—2025 McKinley
St., Hollywood, Fla. Underwriter
Clayton Securities
Corp., Boston, Mass.

May

July .27, 1962 filed 110,000 common.
Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch"

300,000

common, of which
are to be offered by the
company and 75,000 by
stockholders. Price—$7.50.
Business—Design and manu¬
facture of women's, misses' and
junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,

are

Cambridge Mills Inc.

Industries, Inc.

filed

225,000

ment.

23,

Guidance

1962

Toys, Inc.

filed

100,000

common,

Bronx,
New

N.

York.

and

sale

working
Y.

share. Price—By

one

Trust

Co.,

Los Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
Vermont Ave., N. W., Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y. Note—This
registration will be withdrawn.
First

Western

System, Inc. (11/1)
1962 filed $30,000,000 of debentures due 1987.

Proceeds—For
Office—120

E.

construction
41st

Probable bidders:

of

programs

St., N. Y.

susbidiaries.

Underwriters—(Competi¬

Merrill

Lynch, Pierce, Fenner
Co. (jointly); Morgan
Stanley & Co.-First Boston Corp.
(jointly); -Halsey,
Stuart & Co. Inc. Bids—Expected Nov. 1.
Smith

Inc.-White,

Columbia

June

Weld

&

Realty Trust

1962 filed 420,000 class A shares of beneficial
interest. Price—$10. Business—A real estate investment
company. Proceeds—For debt repayment and investment.
18,

Office—1415
writer

—

K

St., N.

Norman

W.„ Washington, D. C.
Under¬
Securities, Inc.,
(same

Bernstein

Commercial

Trust

Co.

May 16, 1962 filed 150,000

common. Price
(max. $13). Business—Acquisition

By amend¬
administra¬
tion of mortgage loans for institutional investors. Com¬
pany also is engaged in the consumer loan business and

ment

acts

as

with.

—

or

insurance agent or broker in connection there¬

an

Proceeds—For

debt

Office—66

repayment.

Pryor

Boston and Courts & Co., Atlanta.

Computer Concepts Inc.

(11/7-9)

Dec. 29, 1961 filed 100,000 class A common. Price

— $5.
Business—Development and sale of advanced program¬
ming systems, for solution of business problems by the
use of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
ton, D. C. Underwriter—Doft & Co., N. Y.

Computer Control Co., Inc.
Jan. 24, 1962 filed 157,500 common, of which 62,500 are
to be offered by the company and 95,000 by stockhold¬
ers.

Price—By amendment. Business—Design and

facture

70,000

of plastic educational

toys.
Close

capital.
Office—1125
Underwriter—J. R. Williston

&;

Pro¬

Ave.,

Beane,

manu¬

of

digital equipment. Proceeds—For debt re¬
payment. Office—983 Concord St., Framingha^i. Mass.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
1

which

by company and 30,000 by stockholders.,
Price—By amendment (max. $12.50). Business—Design,
ceeds—For

$20 debenture and

.

of

to be offered

manufacture

one

St., N. E., Atlanta. Underwriters—F. S. Moseley & Co.,

Coating Corp.

Publishing Corp.
13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
June

and

Underwriter

address).

address.

Certified

June
for

Standard

Price—250.

common.

Wash.

..

Buddy L. Corp. V
April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,

and

Busi¬

exploration

amendment. Business—A bank holding company recently
formed
to
acquire stock of First Western/Bank &

Sept. 24,

469, Wallace, Idaho.

Co.

'

CoSumbia Bancorporation

&

&

t

-

Price—$1.

Office—Creeae, Colo.

expenses.

»

.

Prbjcieeds—For

mining.

*

Columbia Gas

Gold

Mines, Inc.
April 10, 1962 ("Reg. A") 1,200,000

naluna

*

Feb. 23, 1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered

tive).

ing debentures, and for working capital. Office—1101
Albany Ave., Hartford, Conn. Underwriter—Gianis &
Co., Inc., New York. Offering—Imminent. .: ;

'

—None.

Address—Box

Star

'

-

Colorado Imperial Mining Co.Sept. 20, 1962 filed 200,000 common.

count

Center

Office—615

St., Manchester, Conn. Underwriter—Putnam &

in units of

Corp.

120,000

Parker

and

St.,
Chicago.

boxboard./: Proceeds—For

expansion, equipment and debt repayment.

Wells

—

Lake,

::'V'w:-V

Manufacture of shoeboard and

;,iA
March 20, 1962 filed 9,964 common. Price—-$100. Business
Company plans to qualify as a public utility and
furnish water and
sewage
disposal services in and
around Cedar Lake, Ind. Proceeds — To construct a
sewage disposal system. Address — R.R. N. 3, Box 28,
Centco

Co.

28, 1962 filed 164,000 common, of which 115,000
are to be offered by the company and 49,000 by stock¬
holders. Price—By amendment (max. $15); Business-

Academy, Inc.

Cedar Lake Public Service

Cedar

Board

March

29, 1962 filed 100,000 common. Price—By amend¬
ment (max. $3.25). Business — Operation of technical

Milwaukee.

and

flight control devices. Proceeds
Office—5225 "C" Ave., N. E.,
Rapids, Iowa. Underwriters—Kidder^ Peabody &
/Co., Inc., and White, Weld & Co., Inc.,/N. Y:
*7;;

June

Proceeds—For

aircraft

reduce bank loans.

Cedar

—

corporate

the basis

on

Price—By amend¬

(max. $26). Business—Design, development and
of specialized radio communication equip¬

—To

Rd., Scottsdale, Ariz. Under¬
writer
Pacific
Underwriters, Inc., Scottsdale, Ariz.
Note—The SEC has issued an order temporarily sus¬
pending this issue.

general

share for each four held.

and

Office—44 E. Indian School

Career

new

ment

Capital Management Corp.

etc.

subscription by common stockholders

one

Business—For exploration, development and production
of mineral deposits.
Proceeds — For mining expenses.

outstand¬

-

manufacture

of

ment

Distributors, Inc.
March 29, 1962 filed $400,000 of convertible debentures
and 28,000 common shares to be offered in units, each
consisting of a $500 debenture and 35 shares. Price—
$675 per unit. Business—Operation of self-service dis¬
department stores. Proceeds—To retire

.

(10/29-11 /2) >'• • •; *'•

• Collins
Radio Co.
(10/17)
Sept. 21, 1962 filed 557,515 common shares to be offered

porarily postponed.

company

research

j

'

,

.

lo, 1962 ("Reg. A") To5,0uu common. Price—$1.
Business—Composition, publication and distribution of
study manuals for examination preparation; Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James & Co., New York. ;

Fourth

.

Magic Co. of Ohio, Inc. (11/7-9)
July 16, 1962 filed 100,000 common. Price—$4. Busi¬
ness—Manufacture of liquid starch, a rinse, and spray

'

-

<

for

N.

schools.

'

(

Blue

*

'

investment. Office—
St., Milwaukee. Underwriters—Marshall
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬

tronic

Proceeds—For debt

Address

March

Proceeds—For debt repayment and

gages, land 'contracts,

^

Sept. 21, 1962 filed 288,476 capital shares to be offered
for subscription by stockholders on the basis of one new
share for each three held. Price—By amendment (max.

writer—None.

stock.

| • College Publishing Corp.

share

one new

and components. Proceeds—For working
Mississippi Chemical Corp., parent, will receive

City, Miss. Underwriter-^-Mississippi Chemical
Corp., Yazoo City, Miss., will act as underwriter for the

Price—By amendment (max.
Business—A small business investment company.

$10).
743

Inc.

the basis of

on

Corp.

—Yazoo

to be offered for sub¬

common

shares

ihe proceeds from the sale of the class C stock.

each two shares held.

for

Chemical

common

materials

capital.

Capital Investments, Inc.

Properties, Inc.

166,500

5%

of

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

Co., Inc., N. Y.

Bros.

and

filed $153,045

Sept.

izer

expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co..

Barker

1962

1967

due

Hills

Los

Ltd.

'

Semiconductor Corp.

Clark

Aug. 22,

Brothers, N. Y.

Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club and golf course, swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real estate,
erect homes, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &

Israel

Inc.

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

Feb.

12, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
ers.
Price—$5. Business—Manufactuer of women's and
children's tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital.
Office—Fajardo,

Thursday, October 11, 1962

.

.

Church Builders,

purposes.

Underwriter—Alskor Securities Co., N. Y.

Y.

•

debt

general corporate

.

Concord Products,

Nov.

'

t

*

Inc.

year

196L filed 120,000 common (with attached 3warrants to purchase an additional 60,000 shares

at $2

per

28,

share) to be offered in units of one share and
Price—$2 per unit* Business—Manu¬

one-half warrant.

facture of cosmetics,

elery, etc. Proceeds

toiletries, cleaning chemicals, iewrFor general corporate purposes.

—

Volume

Number 6202

196

.

.

>

The Commercial and Financial Chronicle

(1537)
Office

525-535

—

E.

137th

St., New York City.

writer—M. G. Davis, 150 Broadway, N. Y.
Concrete

Structures,
of

•

Inc.

July 27, 1962 filed 100,000
ness—Production

Under¬

v

Price—$4.50.

common.

precast

and

Busi¬

concrete
Proceeds—For debt

prestressed

items for the construction industry.

Office—12825

repayment.

North East 14th Ave., North
Underwriter—Bernard M. Kahn & Co.,

Miami, Fla.
Inc., New York.

Data Systems Devices of
Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬

purchase 60 shares.
Manufacture of

tronic and electro-mechanical

2321

for electronic computers.

opment,

Proceeds—For product devel¬

Products, Inc.
Sept. 27, 1962 filed 125,000 common. Price—By amend¬
ment (max. $10). Business—Manufacture of home fur¬
nishing trimmings and accessories. Proceeds—For ma¬
chinery and working capital.

Office—27 W. 23d St., N. Y.
Underwriter—H. Hentz & Co., N. Y.

S^pt. 28, 1962 filed 125,000 common. Price—$4. Business
—Company plans to acquire and operate enterprises in
the publishing, communications and related
fields. Pro¬

•

Consolidated

Leasing Corp. of America
(10/22-26)

and working

Decorel

Dec.

29,

1961

filed

120,000 common, of which 90,000
by the public and 30,000 by a stock¬
holder. Price—By amendment.
Business—Production and
to

be offered

and other corporate purposes. Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.

iein, 111. Underwriter—To

S. State St., Dover, Del. Underwriter—Dana
Co., Inc., N, Yi

Consumers Mart of

America, Inc.
Jan. 8, 1962 filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and

N.

Harlem

working capital. Office—4701

Ave.,

Chicago. Underwriters — Rittmaster
Voisin & Co., N. Y. and Midland Securities
Co., Inc.,
Kansas City, Mo.
Contact

Lens

Guild,

Inc.

Sept. 19, 1962 ("Reg. A") 75,000 class "A" common.
Price—$4. Business—Manufacture and sale of a patented
contact
lens.
Proceeds—For
moving
expenses,
re¬
search,/inventory, advertising and working capital.
Office—360 Main St. E., Rochester, N. Y. UnderwriterJohn J. DeGolger Co., Inc.,
Rochester, N. Y.

ControlDyne, Inc.
Oct. 24, 1961 filed 150,000
commoiuJ£jtee—$145,,Busi¬
ness—Development and production of electronic testing
and training devices. Proceeds — For
expansion and
working capital. Office—9340 James Ave., S., Minne¬
apolis.
Underwriter—To be named.
Note—This firm
formerly was named Control Dynamics, Inc. Offering

—Indefinitely postponed.

: -

.■/

Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A common. Price
$4. Business — A financial investment and holding
Proceeds—For expansion and working capital.

company.

Office—39
&

Broadwav.

N.

Y.

Underwriter—R.

F.

Dowd

Cosnat Corp.

May

26,

1962

ordinated
—The

$1,250,000

debentures

manufacture

records.

Proceeds

due
and

For

6%

of

1977.

convertible

sub¬

Price—At par.

distribution

Business
phonograph

of

the

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

Country Sjet Inc.
2, 1962 filed 150,000 common. Price—By amend¬
ment (max. $8). Business—Design and manufacture of
Mar.

sports and
—For

Ave.,

casual

wear for girls and women. Proceeds
stockholders. Office — 1136 Washington
Louis. Underwriter—Goodbody & Co., N. Y.

selling
St.

Offering—Temporarily postponed.

ness—A

corporate guidance and interim financing con¬
may also act as a broker-dealer and un¬
derwriter. Proceeds—For investment. Office—733 Third

Ave.,

N.

Y.

Underwriter—Hampstead

v'-'

Investing

Corp.,

,V

Credit

Jan.

26,

Department, Inc.
1962 filed $1,200,320 of 7%

bentures

1974

due

conv.

subord.

de¬

and

54,560 common shares to be
offered in 2,728 units, each consisting of $440 of deben¬
tures

and

20

Business—A
—For

debt

Underwriter

common

consumer

repayment.
—

shares.

Price—$550

sales finance company.

Office—1775

Bernard

M.

Kahn

&

per

unit.

Proceed*

Broadway, N. Y.
Co., Inc., N. Y.

Mar. 26, 1962 filed 115,000 common. Trice—$4 Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt repayment and expansion.
Office—1925

Euclid

Ave..

San

Diego.
R. J. Henderson & Co., Los Angeles.

Underwriter

D. C. Transit Systems, Inc.
April 30, 1962 filed $6,250,000 of QVz% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
an aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
units consisting of $100 of debentures and three war¬
rants.
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housings projects in Washington,

Proceeds—For construction and general corporate

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

Underwriter—None.




-

'

:

j

"

be

named.

Note—This

regis¬

withdrawn.

was

Delta

Sept.

Vl ;

Bowling Corp.

28,

shares

1962

are

filed

to

stockholders.

of kitchen

ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
Exposition Blvd., Los Angeles.
Underwriter-

4865

Thomas Jay, Winston

& Co., .Inc., Beverly
Hills, Calif.
.Dynamic L. P. Industries, Inc.
June 21, 1962 filed 75,000 common.
Price—$4. Business
.

be

100,000

offered

Price—$3.

of

common,

by

which

50,000
50,000 by

and

company

Business—Leasing and operat¬

ing of bowling centers. Proceeds—For
expansion, equip¬
working capital. Office—230 Park Ave., N. Y.
Underwriter—Provost Securities, Inc., N. Y.

—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record companies. Proceeds—For
equipment and work¬
ing capital. Office
900 Passaic Ave., East
Newark,
—

N.

•

Deuterium Corp.
Sept. 28, 1962 filed 120,000

vH"'''

:
with attached

common

war¬

rants to purchase an additional
120,000 shares to be ofered for subscription by holders of its stock
and deben¬
tures in units (of one share and one

warrant)

the

on

basis of 3 units for each 5% prior
preferred share held,
2 units for each 5%
preferred A stock held and 40

units for each $1,200 face amount of non-interest
ing subordinated debentures held. At the same

bear¬

time, the

company will offer the securities to
To subscribers, $20; to

public,

the public. Price—

$22.25.

Business—Com¬

plans to erect a small size production and experi¬
mental plant for the limited manufacture of deuterium
and deuterium oxide, and to establish and
equip a gen¬
eral research laboratory. Proceeds—For
pany

working capital,
equipment and other corporate purposes.
Office—360 Lexington Ave., N. Y. Underwriter—None.

construction,

Diamond Dust

Co., Inc.

Feb. 27, 1962 filed 102,000 common.
iTrice—$3% Business
—Production of graded diamond ponder and compound.

Proceeds—For

debt

repayment, additional personnel,
advertising and working caiptal.
Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Indefinitely postponed.
\
/"■"
Diamond Mills Corp.
Jan. 23, 1962 filed 200,000 common, of which
120,000 are
to be offered by the company and
80,000

by stockhold¬

Price—By

amendment.

Business—Manufacture

derwriter—Drexel

&

of

debt repayment

Ave., N. Y. Un¬
Philadelphia.
Offering—In¬

Co.,

definitely postponed.
Diversified
June

13,

ment

1962

Collateral

filed

Business—A real estate investment
company. Proceeds—For investment. Office—8397 N. E.

Ave., Miami, Fla. Underwriter—Karen Securities

Corp., N. Y.
Diversified

Real

Estate Trust

March. 8, 1962 filed 1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate
investment
trust.

Proceeds—For investment.

Office—500 Fifth Ave.,

N. Y.

Underwriter—Bacon, Johnson Realty Management
Co., Inc., (same address). Offering—Expected in Nov.
Realty Investors

June 28, 1962 filed 1,900,000 certificates of interest. Price

—$1

interest.

Business—A real estate investment
Proceeds—For investment.
Office—19 E. First

per

trust.

South,

Salt Lake City.
Inc., Salt Lake City.
Dixie

Lime

&

Underwriter—Realty Securities,
.'£/■'

Stone

-

/

ri

Co.

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

ment

.

Doman

shares for each three held.

$1.25).
of

common

the

on

to

be

basis

electronic devices for medical
Proceeds—For working

offered
of

two

of

Office—2222

S.

Underwriter—None.

marine

purposes.
re¬

Centinela Ave., Los Angeles.

Electro-Nucleonics, Inc.
Sept. 24, 1962 ("Reg. A") 29,525 common.
Price—$5.
Business—Research and development toward
ment of gas

tope and

improve¬
centrifuge technology for separation of iso¬

materials. Proceeds—For
equipment,
expansion, research and working capital. Office—368
Passaic Ave.,
Caldwell, N. J. Underwriter — Richard
Bruce & Co. Inc., N. Y.
gaseous

^

Eastern Camera & Photo
Corp.
March 28 1962 filed
$500,000 of 6% conv. subord. deben¬
tures due 1972 and
50,000 common shares

(of which 25,sold by the
company and 25,000 by stock¬
The securities are to be offered in units of one
$100 debenture and 10 shares.
Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black

000

will

be

holders).

and

white

film

and

repairs

photographic

equipment.

Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia
St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L.
I., brief Street &

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

Eastern Pennsylvania Investment
Co.
March 16, 1962 filed
450,000 common. Price—By amend¬
ment (max. $16). Business—A small
business investment
company.
Proceeds—For general corporate purposes.
Office
3
Penn
Center
Plaza, Philadelhia. Under¬
writers—Drexel & Co.,
Philadelphia and Kidder, Pea—

body & Co., N. Y.
Econo-Car

>

International, Inc.

July 27, 1962 filed 100,000 class A common.
Price—$4.
Business—Rental of automobiles, station
wagons, and
trucks.

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

26, 1961 filed

for

and

construc¬

helicopters. Proceeds—To obtain
models, train service personnel, repay

Address—Municipal Airport, Danbury, Conn.

Underwriter—None.

Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000
common, of which 50,000 are
be offered by the
company and 100,000 by stock¬
holders. Price—By amendment

1,000,000

common.

ness—A dealer recourse finance

General

corporate

purposes.

Valley City, N. D.
Valley City. N. D.

Price—$3.

business.

Office—164

Busi¬

Proceeds
E.

Underwriter—Reserve

Main

St.,
Inc.,

Funds,

Electronic Transmission
Corp. (11/7-9)
22, 1962 filed 125,000 common. Price—$3., Busi¬
ness—Manufacture and distribution of
components for
background music; design, construction and installation
of specialized closed circut TV
system. Proceeds—For
March

debt

ing

repayment, expansion, sales promotion and work¬
capital. Office — 103 E. Hawthorne Ave., Valley

Stream, N. Y. Underwriters—V.
Thomas, Williams
New

&

York.

S. Wickett & Co., Inc.,
Lee, Inc., and Crosse & Co., Inc.,

Equity Annuity Life Insurance Co.
Aug. 21, 1962 filed 150,000 common to be
subscription by .stockholders on a
—$7. Business—Sale of individual

pro

life

offered

for

rata basis. Price

insurance,

pen¬

sion trust and group variable
annuity contracts. Proceeds
—For expansion and capital funds. Office — 2480 16th

St., N. W., Washington, D. C. Underwriter—None.

Equity Funding Corp. of America
March 29, 1962 filed 240,000 common.

—For

(max.

$6.50).

Business—A

selling life insurance and
new

sales

new

experimental

certification

and

capital, equipment and debt

payment.

firms

Price—By amendment (max.

Business—Research, development

debt, etc.

Co., Inc.,

Dynapower Systems Corp.

ment

Helicopters, Inc.

April 19, 1962 filed 418,680
subscription by stockholders

&

Sept. 28, 1962 filed 750,000 common.
Price—$1. Busi¬
ness—Manufacture of electro-mechanical vehicles and

Oct.

Price—By amend¬

common.

(max. $11.75).

Second

Underwriter—Mortimer B. Burnside

Econ-O-Pay, Inc.

Corp.

77,050

J.

New York.

ment and

—

.

purposes.

and

,

tion

Crownco

D. C.

tration

Company

New York.

wood

Diversified

Creative Ventures Corp.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one .share and one warrant.
Price—$2.25 per unit. Busi¬
cern.

of

metal framed pictures, wood
utility
frames, etc. Proceeds—For debt repayment, inventory,
and working capital. Office—444
Courtland St., Munde-

women's nylon hosiery. Proceeds—For
and working capital. Office—417 Fifth

(10/22-26)

filed

sale

ers.

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

Planning

Office—

Underwriter—

.

are

Office—129

Office—369

Corp.

April 27, 1962 filed $1,000,000 of 6V2% subord. deben¬
tures due 1977
(with warrants), and 99,000 common.
Price—For debentures, at par; for stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For
debt repayment,
an
acquisition

Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
.—Operation of vending machines. Proceeds—For debt
repayment, working capital and other corporate purposes.

capital.

Underwriter—Dynamic

Corp., N. Y.

mercury

Proceeds—For working capital.

Broadway, N. Y.
Dyna Mfg. Co. (10/17)
April 2, 1962 ("Reg. A") 60,000 common of which
40,000
will be sold by
company and 20,000 by stockholders.
Price—$5. Business—Manufacture, installation and sale

plant and equipment and working capital.
Ave.,
Boston.
Underwriter—
Schmidt, Sharp, McCabe & Co., Inc., Denver.
Western

ceeds—For expansion
E.
149th St.,. N. ,Y.

Business—

and

Hudson Blvd., North
Bergen, N. J.
Auchincloss, Parker & Redpath, 2

Data-Vend Corp.

Conso

Securities

devices, including printers

new

Office—342

Price—By amendment.

incandescent, fluorescent

lamps.

vapor

37

Price—By amend¬
holding company for

mutual funds.

advances to subsidiaries and
Office—5150 Wilshire Blvd., Los An¬

working capital.
geles.
Underwriter—Wisconsin-Continental,
waukee.

Proceeds

offices,

Inc.,

Mil¬

,

•
Ernst, Inc.
Aug. 21, 1962

(10/29-11/2)
("Reg. A") 60,000 common.
Price—$5.
Business—Manufacturing of men's ties. Proceeds—For
debt repayment, new products, equipment and
working
capital. Office—712 Sansome St., San Francisco. Under¬

to

writer—Burr, Wilson & Co., Inc., San Francisco.

(max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For
working capital. Office—
1115 Broadway, N. Y.
Underwriter—Goodbody & Co.,
N. Y. Note—This
offering has been temporarily post¬

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

poned.
•

•

Duro-Test Corp.

Sept.

.

...

(10/15-19)

19, 1962 filed $3,500,000 of subord. debentures
(series A), due 1982, and 15-year warrants to purchase
210,000 common shares, to be offered in units consisting
of $1,000 of debentures and an attached
warrant to

lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth
St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Fabco Enterprises, Inc.
Sept. 17, 1962 filed 83,500 common. Price—$4.50. Busi¬
ness—Operation of self-service retail shoe department in
v

Continued

on page 38

<■

38

The Commercial and Financial Chronicle

(1538)

department stores and one retail store. Pro¬
inventory, expansion, debt repayment, and
working capital. Office—4906-08 Ave. D, Brooklyn, N. Y.
Underwriter—Dynamic Planning Corp., 51 Broadway,
discount

York.

New

Inc.
1962 filed 80,000 class B common. Price—$5.
Business—Retailing of mutual fund shares. Proceeds—
For working capital and debt repayment
Office—1301
E. Morehead St., Charlotte, N. C. Underwriter—None.

-

\

June 28,

A; -A:

•

July 20, 1962 ("Reg. A") 200,000 common. Price—$1.50.
of insulated water closet tanks,

fiberglass gravel stop and laundry tubs. Proceeds—For
debt repayment, equipment, and working capital.
Ad¬
dress—Stillwater, Minn.
Underwriter—Pewters, Don¬
nelly & Jansen, Inc., St. Paul.

Gamma Leather Goods

falcon National Life Insurance Co.

June

*

A A

Price—$4.75

Great

(10/29-31)

ment

—To be named.

Main St.,
&

Bridgeport, Conn. Underwriter—P. W. Brooks
Co., N. Y. ;
First Income

9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.

(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
investment.

C.

D.

Office—1613

Underwriter—Sidney

Z.

Mensh

Washington,

Securities

Co..

;

known

—

This

company

formerly was

Perpetual Investment Trust.

as

First New York Capital Fund, Inc.
Oct. 27, 1961 filed 2,770,000 capital shares.

'

1

.

'

*

]

Bancgrowth, Inc.
March 16, 1962 filed 200,000 common. Price—By amend¬
ment

Angeles.

Office—3356 Atlantic Blvd.,

Gfasco 'Pacific, Inc.
A":
July 12, 1962 filed 250,000 class A and 250,000

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

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

*

<

Alai, Inc.
June 28, 1962 filed 400,000 common.
Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital. Office—Fern
Park, Fla. Underwriter—To be named.
—

Business—Wholesale and' retail distribution
equipment. Proceeds
and working capital.
Office—35 Enggl St., Hicksville, N. Y. Underwriter-i-J.
R. Wllliston & Beane: N. Y. >
J
:
r

Price—$10.

of toys, hobby lines and sporting
debt repayment, inventory

—For

-

Gulf Atlantic

Utilities, Inc. (10/29-11/2) AAh - >; A
July 30/1962 filed 90,000 common. Price—By amendment
(max. $10). Business —'A management and operating
company for subsidiaries which own- water. treatment
disposal plants, and water distribution and
collections systems. Proceeds—For /debt repay¬
ment, expansion and working capital. Office—2738 Ma-'
linda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. I
,
A A >v
and sewerage

sewage

Food & Drug Research

filed

(Alex)

107,500

common,

of

one com¬

•

Co., N. Y. Offering—Temporarily postponed.
Sportswear, Inc.
103,000

Price—$3. Busi¬
ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
•—665

Broadway, N. Y.
Inc., New York.

common.

Underwriter—Magnus

&

Co.,

i® Frederick's of

Hollywood, Inc.
March 26, 1962 filed 150,000 capital shares, of which 70,are

to be offered by company and 80,000 by a stock¬

holder.

Price—$5. Business—Operation of a mail order
a chain of. women's apparel stores.
Pro¬
expansion and other corporate purposes.

business, and
ceeds—For




Devices, Inc.

June 29, 1962 filed 100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
oeams
,

used in construction.

Proceeds—For debt repay¬

ment,

expansion, researcn, and inventory. Office—545
Cedar Lane, Teaneck,
N. J. Underwriters—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.

A

warrant. Price—-$18 per unit. Business—Extraction,;

Lighting, Inc.
1962 filed 300,000 common, of which 100,000,
will be sold by the company and 200;000 by- a stock¬
holder. Price—By amendment. Business—Manufacture
of recessed " incandescent lighting fixtures. Proceeds—
For general corporate purposes. " Office—Chicago.
Til. ;
Underwriter—R. W. Pressprich & Co., N. Y. Note—This
registration was withdrawn.
Aa.-;/:■/-:/■■/;/A'.
27,

Harley Products, Inc. , ♦ •
28, 1962 filed 75,000 common. Price—$4. Buslness—Design, • production, and, distribution of belts and
related products. Proceeds-^For sales promotion, expan¬
sion, inventory,, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—To be named.; * v
:
March

Harwyn Publishing .Corp. ;

'/A//;a
—■
'
1962 filed 150,000 common, of, whieh 60,000
are to
be offered by the company and 90,000 by the
company's parent, Glen Modes, Inc. Price—By amend¬
ment (max. $7). Business—Design, production and sale

Global Construction

a

Halo

Mar.

/

>

-.A

»

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

23,

accessories, and sportswear. Proceeds
—For general corporate purposes. Office — 417 Fifth
Ave., N. Y. Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—^Indefinitely postponed.
r

a

processing and sale of rock and sand. Proceeds—For a
new plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y.

Glensder Corp.

& Sons, Inc.

March 27, 1962 filed

000

'
common

of women's fashion

(10/22-26)

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

onp

share.

March

Rock & Sand Co.

purchase 25,000 common at $1 per share to be offered in
units consisting of a $10 debenture, 8 common shares and

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

which

toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬

Four Star

•

be offered in units of

Laboratories, Inc.

March 23, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15). Business—Wholesale distribution of

Donnell &

.

A A Hallandale

bentures due Jan.

100,000
are to be offered
by company and 7,500 by stockhold¬
ers: Price—By amendment (max. $5). Business—Chem¬
ical and biological research and testing for the
food, drug,A
cosmetics, chemical and related industries. Proceeds—
For expansion, equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th St., Maspeth, N. Y. Under¬
writers—Maltz, Greenwald & Co. aiid Rittmaster, Voisin
& Co.,
N.:T,aa<;/;<vv/
Forst

1

Sept. 6,

May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By amendment
(max. $2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate purposes. Office—100 W. 10th St., Wilmington, Del. Underwriter—None.

■

class A and

Los

New York.

Glen Ellen Corp.

Floseal Corp.

1962

one

Price—By

$14).

/ Greenman Bros., : Inc. MA AAAa/AAA> : ^
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,006 by stockholders.

Price—$5.05 per Unit. Business—Company
plans to manufacture flat glass mirrors and sliding
wardrobe mirror doors and related products. Proceeds
•—For equipment, inventory and working capital: Office
—1299 N. First Street, San Jose, Calif. Underwriter—
Burr, Wilson & Co., Inc., San Francisco.
mon

(max.

Business—Operation of
16
Angeles area. Proceeds—For
selling stockholders.
Office—17602 Bfellflower Blvd.,
Bellflower, Calif. Underwriter—;Morris Cohon & Co.,

*

shares to be offered in units of

Florida Jai

May 24,

■

McCoy's Markets, Inc.

supermarkets in the

Gilfillan

Florida

Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
*
1 \
'
'

amendment

Corp.
("Reg. A")

Corp. 1
\
^ H'
v\ ^
April 4, 1962 filed 254,000 common. Price — By amendment (max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth
Co., Inc., Los

a

Smith & Co., N. Y.
Greater

Design

—To be named.

Price—$1.
Business—A small business investment company. Pro¬
ceeds—For investment.
Office—1295 Northern Blvd.,
Manhasset, N. Y. Underwriter—None.

7/a/A;;///:

Insurance. Co.

June 28 1962 filed 219,150 class A common.

—

Washington, D. C. Note

invest¬

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

General Vitamin & Drug Corp. /
April 3, 1962 ("Reg. A") 78,000 common. Price — $2.75.
Business—Sale of vitamins through department stores
and mail order.
Proceeds
For debt repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great Neck, L. I., N. Y. Underwriter

Proceeds—For

W.,

Eye St., N.

Estate Investment Trust

Place, Baltimore, Underwriter
Note—This, firm formerly was known as

Great Eastern

equipment and working capital.. Office—1252 W. Peachtree St., N. W., Atlanta, Ga. Underwriter — Robqrt M.
Harris & Co., Inc„ Philadelphia. Note—The SEC has is¬
sued an order temporarily suspending this issue. : *u^Ui

Realty Trust

Nov.

Real

Continental Real Estate Investment Trust.

April 25, 1962
65,000 common. Price—$3.
Business—Design and development of new products for
various
industries.
Proceeds—For A debt
repayment,

Office—965

Proceeds—For investment.

company.

General

Continental

ment. Office—530 St. Paul

.

March 9, 1962 filed 200,000 common. Price—By amend¬
ment (max. $15).
Business—A small business invest¬

Grand

on

Price-A$10, Business—Real estate. Proceeds—For

Garden State Small Business Investment Co.

Geigher Pipe Supply Inc.
Sept. 28, 1962 filed 60,000 class A common? of which 50,000 are to be offered by company and 10,000 by stock¬
holders.
Price—$9.50.
Business—Sale of steel pipes,
valves and fittings. Proceeds—For inventory. Office—
4124 N. Broadway, St. Louis. Underwriter—Midland $ecurities Co., Inc., Kansas City, Mo.
'
4 ;

First Connecticut Small Business Investment Co.

development of land

Aug. 3, 1961 filed 300,000 shares of beneficial interest.

/./a*

Products, Inc.
July 13, 1962 ("Reg. A") 15,000 common. Price—$3.33.
Business—Manufacture of machinery and equipment for
the gasoline and oil marketing industries.
Proceeds—
For a selling stockholder.
Office—4045 Merrick Rd.,
Seaford, L. I., N. Y. Underwriter—Theodore Arrin &
Co., Inc., N. Y.

(11/19-21)

-—

corporate purposes/ Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y. Note—This
registration was withdrawn. A;A';v A A ; •
' A; A '

„

Garsite

15, 1962 filed 2,750,000 shares of beneficial in¬
terest. Price—By amendment
(max. $10). Business—
A mutual fund which plans to invest primarily in equity
type securities of Israeli companies. Proceeds—For in¬
vestment. Office—141 Milk St., Boston. Underwriter—
Paine, Webber, Jackson & Curtis, Boston.

/ '
By amend¬

Ltd.;.

ceeds—For general

27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
investment. Office—1180 Raymond Blvd., Newark, N/ J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.
' /

Aug.

Development Co.f

Bahama Island for residential and resort purposes.'Pro¬

per

A; a A ; aA-aaia A7

Bahama

Grand

ment. Business—Sale and

Oct.

30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
—62 Richmond St., Toronto. Underwriter—G. V. Kirby
& Associates, Ltd., Toronto.
Fund

one

New York.

Fidelity Mining Investments Ltd.

First American Israel Mutual

common

unit. Business—De¬
sign, manufacture and sale of ladies' handbags and related items. Proceeds—For a new plant, sales promotion
and working capital.
Office—288 Plymouth Ave., Fall
River, Mass. Underwriter—-Hampstead Investing Corp.,

Nov.

•

•

warrant.

29, 1962 filed 75,000

—

Jan. 23, 1962 filed 250,000 common. Price

and 75,000 five-year
to be offered in units consisting of one share

and

Underwriter—None.

ness

Corp.

warrants

25, 1962 filed 300,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three shares held. Price—$1.20. Business
—Life insurance. Proceeds — For investments. Office—
June

Fastpak, Inc.
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening
devices manufactured by
others. Proceeds—For debt
repayment and general corporate purposes. Office—8
Benson Place, Freeport, N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.

Gourmet Food Products* Inc.
May 25, 1962 filed 28,113 common; Price—$3.50. Busi¬
Growing, purchasing, distributing and selling
whole'potatoes and processing and selling of prepared
potato products* Proceeds—For the selling stockholders.
Office—915 Southeast 10th Ave;, Portland, Ore: Under¬
writer—To be named. ■;.// ;//A/A/A.:;'-- A;:':;':/ A

Gabriel

Industries, Inc. (10/15-19)
March 30, 1962 filed 100,000 class A common shares.
Price—By amendment (max. $11). Business-1-Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For-debt repayment Office—184 Fifth Ave.,
N. Y. Underwriter—Hemphill, Noyes & Co., N. Y.

Business—Manufacture

1330 Leyden St., Denver.

.

.

Fabco, Inc.

Investment Corp.
'
• ■>
21, 1961 filed 100,000 common. Price-—$6. Business
—Real estate investment. Proceeds—For working capi¬
tal- and other corporate purposes. Office — 1707 H St.,
N. W., Washington, D. C„ Underwriter —Rouse, Brewer,
Becker & Bryant, Inc., Washington, D. C.
Nov.

Fund Investments,

ceeds—For

Thursday, October 11; 1962

.

.

Gotham

Office—6608 Hollywood Blvd.,, Los Angeles. .Underwriter
—To be named. Note—This registration was withdrawn.

'a'V/■>;'

Continued from page 37

.

pedic works for children

-

advertising

agency for sale of TV and radio
For working capital. Office—170

Proceeds—
N. Y. Un¬

and operates an
spot time.
Varick St.,
derwriter—Van Alstyne, Noel & Co., N. Y.
Indefinite.
Hawaii

Offering—

■••/; /
Real Estate Investment Trust.

May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,
Hawaii. Underwriter—White. Weld & Co.. Inc.. N. Y.
•

Hawaiian Electric Co.,

Ltd.

(10711)

Gold Leaf Pharmacal Co., Inc.
March 13, 1962 filed 80,000 common.

Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬

Aug. 23, 1962 filed 315,730 common to be offered for
subscription by stockholders on the basis of one new
share for each 10 shares held of record Oct. 11, 1962,

tical and veterinarian products, rroceeds—For advertis¬

with rights to expire Oct. 25. Price— By amendment.

ing,

Proceeds—For

debt repayment and working capital.
Office—-36 Lawtori St., New Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.

research,

Good-Era Realty & Construction Corp.
April 2, 1962 filed 550,000 class A shares. Price—$10.
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For general corporate
purposes. Office—151 N. Dean. St., Englewodd, N. J. Un¬
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,

New York.

nolulu.

expansion. Office—900 Richards St., Ho¬
Underwriters—Dillon, Read & Co., Inc., N. Y.,
Co., San Francisco. \

and Dean Witter &

Heartland Development

March

Corp.

23,300 shares of 5% Convertible
preference stock to be offered for subscription by stock-/
holders on basis of one preferred share for each 10 com¬
mon held.
Price^-$12. Business—Real estate. Proceeds
—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
28,

1962

filed

Volume

Number

196

*

*•

'

6202

.

4

.

.

The Commercial and Financial Chronicle

,

Heck's

(1539)

Discount Centers, Inc.
7, 1962 filed 125,000 common. Price—By amend¬
ment (max. $5). Business—Operation of discount stores.

—By amendment (max. $20). Business—Manufacture of

Proceeds—For inventory, expansion, debt repayment and

Jamaica Ave., Hollis, Long Island.

June

toys and related products. Proceeds
ment

working capital. Office—6400 MacCorkle Ave., S. W.,
W. Va.
Underwriter—--Willard
Securities,

offered

be

the

for

the

of

account

for

com¬

pany and 6,000. shares for the underwriter.- Price—$2.
Business—Manufacture of dental equipment. Proceeds—

For debt
ment

repayment, advetrising, research and develop¬

and

Helix Land

April

27,

1962

Summit Dr., La Mesa, Calif.

Jiusiness—The
allied

manufacture

of

Price^-$5.

barbecue- machines

equipment/ Proceeds—For

and

promotion, expansion and working capital. Office—
10-20 47th Rd./ Long Island City, N. Y. Underwriter—
T. B. Coburn Associates, Inc.", N. Y. Offering—Indefinite.
Hill Street Co.

Oct.

16,

v:

filed

1961

2,265,138

to

share

on

a

share-for-share

be offered for

investment

;management

vestment. ^Office—760

.writer—None. ■'.

St., Los Angeles.

Manufacture

of

liquid and semi-solid

.

.

less terminals and other wire

Co.,' Philadelptoa. Offerr

Honora,

'./■

Ltd.

;

*

.

-

.

their

distribution

in

the

U.

S.

Proceeds—For

general

corporate purposes. Office—42 W. 48th St., N. Y. Under¬
writer—Sunshine

Household

Gas

New York.

'

;■

House of

:

-

•/'

•./*»

'■

Koshu, Inc.-

1962 filed 75,000 class A common. Price—$5.
Business—Importing of Japanese liquors. Proceeds—For
debt' repayment,
advertising, > inventory and working
capital. Office—129 S. State St., Dover, Del. Underwriter
be named.

Hunsaker

"March
nated

Price

/r

■

Corp..,,

:/

1962 filed $1,600,000 of convertible subordi¬
debentures due 1977 and 250,000 common shares.
By amendment (max. $6 per common share).
30,

—

Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
—For

debt

repayment

and

other

corporate

purposes.

Office—15855 Edna PL, Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
J

Hunter

Engineering Co.

(11/26-29)

Sept.

26,.1962 filed, 100,000 shares of convertible pre¬
ferred (par $25) and 100,000 of common to be offered
in units of one preferred and one common share.
Pric^—
By amendment (max. $32). Business—Production of alu¬
minum

mill

machinery

products and the building of rolling Mill
continuous casting equipment for the

and

non-ferrous metals

industry. Proceeds—For debt repay-'
construction of a new mill. Address — 1495
Ave., Riverside, Calif/Underwriter—Eastman
Dillon, Union Securities & Co., N. Y.
ment, and
Columbia

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

Office—7050 Valley View

St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co.. Los Angeles.
-a
•

I.

P. D.

Financial

Corp. (11/13-16)
Aug. 23, 1962 filed 300,000 common. Price—$4. Busi¬
ness—Company plans to furnish equity capital to busi¬
ness

concerns,

make

loans

and

assist

in

arranging

and corporate financing. Proceeds—For work¬
capital and other corporate purposes. Office—200
W. 57th St., N. Y. Underwriters—J. J. LeCort
Associates,
Inc. and Harris, Clare & Co., Inc., N. Y.
mergers

ing

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




(11/13-16)

100,000

common.

Instron

•

various

materials.

distribution

of

(11/7-9)
$750,000 convertible subordinated
1977; also 120,000 class A common, of
which 66,666 shares are to be offered
by the company
and 53,334 by stockholders.
Price—By amendment (max
$12.50 for common). Business—Operation of a chain of

sales

Office—312

promotion
Mt.

and

Pleasant

other

Ave.,

corporate

Newark, N.

retail

due

department stores. Proceeds—For debt repayment
10th St., Miami,

Corp., Boston.

Public

by stockholders.

Ltd.

Price
By amendmentA (max. $25).
holding company for a Jamaican Electric

Business—A

—

utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.

selling

Underwriters

Greenshields
—

Service

March 30, 1962 filed 215,000 common, of which
,100,003
shares are to be offered by company and 115,000 shares

—

&

Stone &

Co.,

Webster Securities

Inc.,

N.

Y.

Conditioning Corp. (10/29-11/2)
("Reg. A") 40,000 common. Price — $3.
Business—Design, installation and maintenance of heat¬
ing, plumbing and air conditioning systems. Proceeds—
For inventory, equipment and other
corporate purposes.

J. Under¬

28, 1962

Office

954

—

Jamaica

writer—Martin-Warren

Ave., Brooklyn. N. Y.
Co., Ltd., N. Y.
'

Corp., Philadelphia.

Systems,

Madison

Inc.

Ave.

at

Punch

Bowl

Underwriters—(Competitive).

Sept. 28, 1962 filed 150,000 common. Price—By amend¬
ment
(max. $3.50).
Business—Research,
design and
manufacture of analog and digital electronic devices.

Rd.,

Co., San Antonio.

International

Drug & Surgical Corp. . •.»
March 23, 1962 filed 150,000 class A shares. Price—$4.
Business—Importing, / licensing, and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
375 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y. Note
—This registration was withdrawn..
International

Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000 common shares to be offered in 180,000
units, each unit consisting of $100 of debentures, two
common
shares and warrants to purchase three addi¬
tional shares.
Price—By amendment (max. $110 per
unit). Business—Real estate investment. Proceeds—For
debt repayment,
poses.

construction, and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬

writer—Kidder, Peabody
definitely postponed.
International

&

Co.,

Y.

Offering—In¬

Corp.

common

and 9-month

to

purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
and one warrant. Price—$4 per unit.
Business—Design,
development and manufacture of mechanical, electro¬
mechanical

and

electronic

equipment

for government
Proceeds—For equipment,
working capital. Office—Engineer's
Hill. Plainview. L. I., N. Y. Underwriter—International
Services Corp., Clifton, N. J.
agencies

and

the

military.

debv repayment and

Interstate

Equity

March 30, 1962 filed 1,605,100 shares of beneficial interest.

Price—(max. $10). Business—A real estate investment
Proceeds—For investment. Office—450 Seventh

company.

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

N.

J.

First

•

Jetronic Industries, Inc.
(10/29-11/2)
Sept. 7, 1962 filed $375,000 of 6%% subord.
bentures

due

1972.

Price—At

par.

conv.

de¬

Business—Design,

development and manufacture
v

of electronic equipment
Proceeds—For debt repayment and working
capital. Of¬
fice—Main & Cotton Sts., Philadelphia. Underwriter—

Weil & Co.,

Washington, D. C.

(J. D.)

Jewell, Inc.
Sept. 21, 1962 filed 60,000 common. Price—$9. Business
—Raising, preparation and distribution of poultry and
processed frozen specialty foods.

payment,

Proceeds—For debt

additional equipment, and working
Maple St., S. W., Gainsville, Ga.

Office—322

re¬

capital.
Under¬

writers—Crow, Brourman & Chatkin, Inc., and PisteU,
Inc., N. Y.
Kaiser-Nelson Corp.
March
are

29, 1962 filed

to be offered by

ers.

Systems Research

March 30, 1962 filed 110,000 class A
warrants

N.

bidders:

Corp.; Halsey, Stuart & Co. Inc.; Eastman Dil¬
lon, Union Securities & Co.-Salomon Brothers & Hutzler-Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly);
Kidder, Peabody & Co.; White, Weld & Co. Bids—Nov.
19,1962 (12 noon, EST) at 80 Pine St., N. Y. Information
Meeting—Nov. 9 (10 a.m.EST) at same address.

Proceeds—For loan repayment and working capital. Of¬
Merrell Rd., Dallas, Tex. Underwriter—E. H.

•

Morristown,

Probable

Boston

fice—2925
Austin &

Under¬

•
Jersey Central Power & Light Co. (11/19)
Sept. 20, 1962 filed $11,000,000 of first mortgage bonds,
due Nov. 1, 1992. Proceeds—For construction. Office—

Underwriter

•

Data

and

Jamoco Air

Feb.

purposes.

Operation of bowling centers...Proceeds—For expansion,
working capital and debt repayment. Office—19 Coun¬

International

Corp.

Offering—Indefinitely

Postponed.

$1.

electro¬

• Intercontinental
Management Corp. (10/22-26)
July 31, 1962 filed 144,500 common. Price—$7. Business

Securities

1962 filed

Jamaica

writer—Gold-Slovin Co.. Inc.. N. Y.

—Walnut

13,

and working capital. Office—29 N. W.
Fla. Underwriter—Clayton Securities

mechanical rotating devices. Proceeds—For debt repay¬

ment,

Jackson'sByrons Enterprises Inc.

Marcn

Instrument

and

W., N? Y. Underwriter—R. F. Dowd

Co., Inc., N. Y.

debentures

Office—2500 Washington St., Canton, Mass.
Underwriter—None.

Manufacture

Central Park

•

stockholders.

—

motors.

new

&

'

Components, Inc.
June 11, 1962 ("Reg. A") 135,000 common. Price

appliances and electric

working capital. Office

—315

Price—$3.

Proceeds—For

con¬

Connecticut

Jan. 30, 1962 filed 100,000 common.
Price—$3. Business
—Industrial designing, the design of
teaching machines
and the production of
teaching programs. Proceeds—
For expansion, new facilities and

Price—By amend¬
ment (max, $14).
Business—Development and produc¬
tion of equipment for use in testing the physical char¬
of

For

—

Jaap Penraat Associates, Inc.

..

Engineering Corp.

try Club Shopping Center, Levittown, Pa.

March 29,

—To

Inc.

("Reg. A")

$10. Business

3315

—

products and working capital. Office
—Regent St., Manchester, Conn. Underwriter — S. D.
Fuller & Co., New York.

March 26, 1962 filed 120,000 common.

Business

Securities, Inc., Rego Park, N. Y.

Service, Inc.
.
Sept. 13, 1962 ("Reg. A") $299,000 of 6% s. f. deben¬
tures,, series A due.Oct. 1, 1977; Price—At par. Business
—Sale and distribution of propane gas.
Proceeds—For
/ purchase of a plant site, moving expenses, and additional
equipment. Office—238 Genessee St., Utica, N. Y. Un¬
derwriter—Mohawk Valley Investing Co., Inc.,
Utica
•

-

acteristics

.

rNov. 29, 1961. ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls
in Japan and

Industries,

—

Proceeds

Business—Manufac¬

ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington
Station, N. Y. Under¬
writer—Price Investing Co., N. Y.

27, 1962 ("Reg. A") 75,000 common/Price — $4.
Business—Manufacture, sale and development of solder-

&

1962

trust.

Office

Manufacturing Co.

ture of household electric

Business—A contract manufacturer of precision products.
Proceeds—For acquisition of land and building, equip¬

Hollings worth Solder less Terminal Co.

terminatingjproducts, Pro.ceeds—For debt repayment, equipment, advertising and
.working capital. Address—P. O, Box 430, Phoenixville,

30,

investment.

Proceeds—For

Underwriter—Brager & Co., N. Y.

Instromech
March

-Feb,

Underwriter—Harrison

The

or

1962 filed 32,000 class A common. Price—By
(max, $10). Business — Company develops,
sells electronic equipment for use in
the marine field, principally in pleasure boating.
Pro¬
ceeds—For
debt
repayment, advertising,
inventories,
new
products and working capital.
Office—3181 N.
Elston Ave., Chicago. Underwriter — R. A. Holman &
Co., Inc., N. Y.

specialty saucesi Proceeds—For debt
and* ^expansion.. Office—109 S. Webster St.,

ing—Temporarily postponed.

unit

amendment

-Madison, Wis; Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
:
/ i 1
V

.Pa.

a

and

Jan. 26, 1962 filed 140,000
common, of which 125,000 are
to be offered by the
company and 15,000 shares by a
stockholder. Price—By amendment.

manufactures and

salad dressings and

.repayment

shares.

lona

be
AA

Sept. 28,

Co., Inc.

28, 1962 filed $250,000 of 6x/2% subordinated sink¬
fund convertible debentures due 1977 and 25,650
common shares to be offered in units
consisting of one
$500 debenture and 50 common shares. Price—$1,000 per
—

CC

real estate investment

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

Insir-O-Matics, Inc.

ing

Business

—A

struction

undertakings in Israel. Pro¬
general corporate purposes.
Address—Tel-

Aviv, Israel.

in¬

Under-

■Feb.

•unit.

345

part of

as

ceeds—For

-/•.

v.-.

Sauce

Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price

establishment of industrial

Business—A

Proceeds—For

company.

S. Hill

;■> ' v.-

Hoffman House

•

basis.-Price—$3.

and

may
one

Proceeds—For debt repayment and

general corporate purposes. Office—818 17th
St., Denver.
Underwriter—None.

Busi¬

CC shares may be pur¬
separately/' Price—For units,
by amendment; for CC shares, $10.50 per share. Business
—The bank was organized in 1957 to encourage the

subscription by stockholders of Union Bank of Califor¬
nia

Shares,

inc., a mutual fund.

Price—$15.

common.

Industrial

chased

.

common

Unsubscribed shares will be offered to the
public. Price
stockholders, $2.50; to the public, $3.50. Business
—Manager and distributor for Western Industrial
—To

Underwriter—None.

and 1,500 ordinary AA shares. The A A shares
purchased only as a part of a unit consisting of

equipment, inventory,

sales

!'

Investment Management
Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.

Business—

Development Bank of Israel Ltd.
<
•'*(10/29-11/2)
< rV.
■■■'• ;
Sept. 21, 1962 filed 1,000,000 of 6% preference CC shares

.

common.

Price—$15.

.

•

;

held.

Price—$4. Business
co-production of foreign
Proceeds—For acquisition,
adaptation and distribution of
common.

and

films.

dan & Co., Inc., N. Y.

St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Note—This registration will be withdrawn. ...
/

Underwriter—None.

Hickory Industries, Inc.
V
Aug. 31," 1961 ("Reg. A") <40,000

shares

feature

co-production, dubbing,
films, and working capital. Office—1776 B'way, N. Y„
Underwriters—General Securities Co., Inc., and S. Kas-

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

filed

(max.

}

four

Industry Capital Corp.
Dec. 26, 1961 filed 500,000

586,000 capital shares. Price—By
$5). Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
amendment

each

distribution

domestic

and

.

.

Distributors, Inc. (11/26-30)

Sept. 29, 1961 filed 106,250
—Theatrical

Trail

Blvd., West Palm Beach, Fla.

Inc.

Co.,

Interworld Film

For debt repay¬
—
184-10

Office

Ownership of real estate, leases principally for farming
and grazing.- Proceeds—For debt
repayment, working
capital and other corporate purposes. Office—Southern

working capital.
Office—2176 Palou, *San
Francisco. .Underwriter—L. H.. Wright Co., Inc.,, N. Y.
i

—

purposes.

Ranch, Inc.
Aug. 31, 1962 filed 54,238 common to be offered for sub¬
scription by stockholders on the basis of one new share

Hek Manufacturing Co., Inc.
Aug. 7, 1962 ("Reg. A") 75,000 common, of which 69,000
to

Indian

•

v

are

general corporate

.

Inc., New York. Offering—Expected in November,

shares

and

N. Y. Underwriter—
White, Weld & Co., Inc., N. Y. Offering — Indefinitely
postponed.
:

St.- Albans,

39

'

i

.

Price—By

(11/7)

140,000

amendment

of which 70,000
and 70,000 by stockhold¬
(max.
$10).
Business-

common,

company

Reclamation of metallics from steel slag;
mining of sand
and

gravel; and dismantling and salvage of industrial
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd., Cleve¬
land.

Underwriter—Robert

L.

Ferman

&

Co.,

Inc.,

Miami, Fla.
Kaltman (D.) & Co., Inc.
June 28, 1962 filed $1,650,000 6% conv. subord. debens.
due 1977 being offered for subscription
by stockholders
rfon the basis of $100 of debentures for each 100 shares
held

of record

Sept.

18, with rights to expire Oct. 15,
Business—Operation of a whole¬
drug business. Proceeds—For debt repayment and
working capital. Office—425 Park Ave., N. Y, Under¬
1962.

Price

—

At par.

sale

writer—None.
Continued

on

page

40

40

The Commercial and Financial Chronicle,.

(1540)

Lembo

Continued jrom page 39

Dec.

Levine's

Corp.

March

Indefinitely postponed.

Proceeds—For

Lewis

Foods, Inc. (10/22-26)
April 9, 1962 filed $4,000,000 of 5 V2% convertible sub¬
ordinated debentures due 1977. Price—At par. Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
Calif. Underwriter—Van Alstyne, Noel & Co., N. Y.

Rd., Baltimore.
Redpath, Wash¬
ington, D. C. Offering—Indefinitely postponed.
purposes. Office—241 N. Franklintown
Underwriter — Auchincloss, Parker &

•

filed

of which 100,000
and 65,000 by stockholders.
?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.

165,000

•

/

v

'■'

3006

1962 filed 542,000 common, of which 205,000
by company and 317,000 by stockhold¬
Price—By amendment (max. $24). Business—Manu¬

,

Films, Inc.
Aug. 31, 1961 filed 125,000

Mac-Allan

-

Price—$5. Business
—Importing and distribution of cameras, binoculars~and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y. Un¬
derwriter—Underhill

Securities

Corp., N. Y.

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

Kraft

bution of

seed.

sesame

Proceeds—For

accounts

receiv¬

able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. UnderwritersJohn A. Dawson & Co., and Leason & Co., Inc., Chicago.
Kreedman Realty & Construction

.April

1962 filed $5,000,000 of

19,

conv.

Price—By

subord. deben¬

amendment

(max. $27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,

Beverly Hills, Calif. Underwriter—Lee Higginson Corp.,
Offering—Indefinitely postponed.

Kwik-Kold, Inc.
29, 1962 ("Reg. A")

65,000 will
holders.

be

Price

sold
—

$3.

for

100,000

common

of which

and 35,000 for stock¬
Manufacture of certain

company

Business

—

patented cooling packages. Proceeds—For debt repay¬
ment and working capital. Office—Jennings
Bldg., P. O.
Box 638,
Moberly, Mo. Underwriter—John W. Flynn
&

Co., Santa Barbara, Calif. Note—This letter will be

withdrawn.
•

Laminetics

Inc.

March 22, 1962 filed 80,000 common.. Price—$3.50.
ness—Production and sale of gift sets,
Proceeds—For

etc.

promotion
W.

and

Busi¬

linens, place mats,
equipment, moving expenses, sales

other

27th

corporate purposes. Office — 20
Underwriter—Fabrikant Securities

St., N. Y.
Corp., N. Y. Offering—Imminent.
Lee-Norse

Co.

May 25, 1962 filed 272,000 common. Price—By amend¬
(max. $20). Business—Production of a coal min¬
ing machine. Proceeds—For selling stockholders. Office
ment

—751 Lincoln

Leonard

Magellan Sounds Corp.
1962 filed 60,000 common (with attached oneclass A warrants to purchase 60,000 common shares
at $4 per share and two-year class B warrants to pur¬
chase 60,000 shares at $4.50 per share) to be offered in
units (each consisting of one share, one class A warrant
and one class B warrant). Price—$4 per unit. Business
Feb. 28,

year

games.

&

Ave., Charleroi, Pa. Underwriter—Moore,
Lynch, Pittsburgh. Offering — Temporarily

postponed.




Proceeds—For general corporate purposes. Office
St., N. Y. Underwriter—To be named.

E. 40th

Assembly Service, Inc.

Proceeds—For general

fices.

due

also

1972;

150,000

corporate pui poses. Office
Americas, N. Y. Underwriter—Globus,

Inc., N. Y.

subord. de¬

conv.

shares,

common

of

shares,

except

that up to $700,000 of debentures and 70,000 shares
may
offered separately.

be

Price—For debentures, at par;
common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
^

for

and Norton, Fox
nitely postponed.

&

Co.,

Inc., N.,, Y,
\

-

Offering—Indefi¬
*

•

•

McGrath

(John W.)

Corp.

•

June 28,

1962 filed 253,875 common. Price—By amend¬
(max. $15). Business—Contract stevedoring rand
related operations.
Proceeds—For selling stockholders.
ment

Office—39

Broadway, N. Y. Underwriter—Bear, Stearns
Co., New York.
.
■ k
r

Mechmetal-Tronics Inc.

,

-r

May 28, 1962 filed 150,000 shares of 8% convertible cu¬
preferred stock. Price—$3. Business—Design

mulative

and manufacture of miniature
miniature
search

metal

products. Proceeds—For

and

development

and

bellows

Industries

other

repayment, re¬
working capital. Office—

Ave., Rochelle Park, N. J.
Charles Plohn & Co., New York. • 1
Medical

and

debt

12 ,Rochelle

Underwriter-

Fund, Inc.

Oct. 23, 1961 filed 25.000 common. Price—$10. Business
—A closed - end
investment company which plans to
become open - end.
Proceeds — For investment in the

medical

industry and capital growth situations. Office
Lafayette St., Denver. Underwriter — Medical As¬
sociates, Inc., Denver.

—677

Medical Video Corp.
Nov. 13, 1961 filed 250,000
ness

Manufacture

—

Proceeds

—

For

City, Calif.
Corp., Los Angeles.
Memorial

of

common.

medical

Price

—

$1. Busi¬

electronic

general

—Studio

corporate
Underwriter —

equipment.
purposes.
Office
Financial Equity

,-

Services, Inc.

April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
homes.

Proceeds—For

acquisitions, debt repayment and
Office—315 E. Sixth Ave., Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
working

April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post of¬
—145 Ave. of the

Offering—Indefinitely

which 80,000 will be offered by the
company and 70,000
by a stockholder. The securities will be offered in units
of one $100 debenture and 10 common

—Production of educational and recreational devices and
—130

at

Masters, Inc.
bentures

capital.

•

Mercantile Stores Co., Inc.
May 24, 1962 filed 169,302 common. Price—By amend¬
ment
(max. $26). Business—Operation of a chain of
department stores. Proceeds—For selling stockholders.

Majestic Utilities Corp.
July 31, 1962 filed 29,000 common. Price—By amend¬
ment (max. $4). Business—Door to door sale of merchan¬

Office—100

Mercury Books, Inc.
Feb. 14, 1962 filed 55,000 common.
Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.

For

a

selling stockholder.

Denver.
•

Office—1514

Proceeds—

Arapahoe

St.,

Underwriter—None.

Mammoth

Mart

Inc.

April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and 100,000 by stockholders. Price
—By amendment (max. $15). Business—Operation of

W. 10th St., Wilmington. Del. Underwriter
—Clark, Dodge & Co., Inc., N. Y. Note—This registra¬
tion

withdrawn.

was

Proceeds—For working
capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—To be named. Offering
—Temporarily postponed.

/ • Met Food Corp.

(10/16)
30, 1962 filed $1,500,000 of convertible subordi¬
due Sept. 1, 1977.
Price—By amend¬

self-service discount department stores. Proceeds — For
debt repayment and working capital. Office—106 Main

nated debentures

St.,

New York.

March

-

l

Ave.

dise and collection of the accounts receivable.

Corp.

tures due 1982 and 200,000 common shares to be offered
in units consisting of $25 of debentures and one common

share.

—

Mail

conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
units consisting of a $300 debenture and 200 shares.
Price—$900 per unit. Business—Processing and distri¬

Co.,

Inc.
130,260 of class A common, of which
65,130 are to be offered by the company and 65,130
by stockholders. Price—$5. Business—Sale and distribu¬
tion of costume jewelry, ladies' handbags, and accesso¬
ries. Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas City. Offering—Indefinitely post¬
poned.
V.'.
i
''

(John)

Sesame Corp.
May 24, 1962 filed $225,000 of 6%

Proceeds—For

Fifth

r

March 22, 1962 filed $1,500,000 of 6%

Busi¬

Feb. 23, 1962 filed

;

,

postponed.

,

Price—$5.75.

filming and production and working capital.
Office—
543 Madison Ave., N. Y. Underwriter—To be named.
Note—This
firm formerly was named
Lunar Enter¬
prises, Inc. Offering—Postponed.

capital. Office—4042-54 Sawmill Run Blvd.,
Underwriter — Strathmore Securities, Inc.,

Office—990

Marshall Press, Inc.
May 29, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,

&
common.

ness—The production of television films.

and working

-

Ltd.

Lunar

7

Keystone-Universal Industries Inc.
July 24, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Retail sale of carpets. Proceeds — For expansion

>

Office—

Smyth, N..Y. Note—This company formerly was named
Logos Financial, Ltd.
/
•

Address—R. D.

Kine Camera Co., Inc.
Nov. 21, 1961 filed 75,000 common.

expansion.

end investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &

Under¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.

Pittsburgh.

plant

and

repay¬

Ave., Baltimore. Underwriter—B. & D.
Corp., Port Washington, N. Y. Offering—In¬

Logos Options,

2, North Lebanon Township, Lebanon, Pa.

Pittsburgh.

$3.50.

April 11, 1962 filed 250,000 capital shares. Price — By
(max.- $10). Business—A diversified closed-

Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
ment ($5.25).
Business—Operation of three retail dis¬
No.

inventories

Proceeds—For debt

amendment

New York.

Proceeds—For expansion.

manufacturers.

definitely postponed.

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

stores.

—

Manufacture of furniture hardware for sale

Boarman

Investors

to be offered

count

steel

ment,

'

—

furniture

to

March 30,
ers.

11, 1962 ("Reg. A") 85,000 common. Price

Business

Kenner Products Co.

are

Lockfast Mfg. Co.

Jan.

purposes.

ing—In late October.

Underwriter

—Shearson, Hammill & Co., N. Y.

debt

For

—

corporate

the lives of all types of

subsidiaries. Office—26 Piatt St., N. Y.

investment.

Court, San Rafael, Calif. Underwriter—Dean Witter &
Co., San Francisco. Offering—Indefinitely postponed.

N. Y. Underwriter—To be named.

animals. Proceeds—To form

sure

repayment, working capital and
Office — 947 Newark Ave.,
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y. Offer¬
other

(11/1-2)"//

Livestock Financial Corp.

new

common,

to be offered by company

Proceeds

(Tillie)

Feb. 23, 1962 filed 130,000 common. Price—$10. Business
—An insurance holding company whose subsidiaries in¬

Packaging Associates

1962

Inc.

19, 1962 filed 80,000 common. Price—By amend¬

Underwriter—Kidder, Peabody & Co., N. Y. Offering—

by stockholders. Price—$7. Business—Packing and sale
of fruit juice products. Proceeds—For general corporate

2,

Huntington

debt

Proceeds—For

investment.

29, 1961 filed 88,000 class A common shares, of
which 44,000 are to be offered by the company and 44,000

are

St.,

11th

Marin County Financial Corp.
May 2, 1962 filed 102.050 capital shares, of which 27,790
are to be offered by company and
74,260 by stockhold¬
ers.
Price—By amendment (max. $18).- Business—A
holding company for a savings and loan association.

Kay Foods Corp.

April

W.

• Maremont
Corp. (10/22-26)
Sept. 10, 1962 filed 240,000 common. Price—By amend-*
ment (Max. $50). Business—Manufacture of automotive
replacement parts. Proceeds—To repay bank loans. Of¬
fice—168 N. Michigan" Ave., Chicago.
Underwriters—
Kuhn, Loeb & Co., Inc., N. Y., and Straus, Blosser &
McDowell, Chicago.

(max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
stockholders. Office — 8908 Ambassador Row, Dallas.

Dec.

Keene

Office—145

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

N.

Financial

(max. $101 per unit).

Price—By amendment
estate

utilities

concrete

ment

repayment and working capital. Office—30 E. 42nd St.,
N. Y. Underwriter—Hayden, Stone & Co., N. Y.

•

capital.

working

29, 1962 filed 50,000 shares 6% cum. preferred
and four-year common stock purchase warrants to be
offered in units consisting of one preferred and
one
warrant.

re-inforced

Station, L. I., N. Y. Underwriter—Blank, Lieberman &
Co., Inc., N. Y.

March

Business—Real

steel

sanitary structures, fallout shelters and play sculptures.
Proceeds—For
debt
repayment, sales promotion and

Price—$5. Busi¬
ness—Operation of a chain of retail stores selling carpets
and rugs.
Proceeds—For expansion, inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
1962 filed 250,000 common.

Kavanau

Ave.,

ness—Manufactures

Carpet Co., Inc.

Kaufman

March 29,

Corp.

21, 1961 filed 100,000 common. Price—$3.50. Busi¬

Thursday, October 11, 1962

.

.

ment.

Brockton.

Mass.

Underwriter—McDonnell

New York. Note—This registration

was

&

Co.,

withdrawn.

March

ucts

Business—Distribution
to

supermarkets

shares. Price—$150
tail

Business—Manufacture,
packaging
and
sa*e of various proprietary drug products.
Proceeds—
For equipment, new products, debt repayment and work¬
ing capital. Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana

Securities

Co., Inc., N. Y.

Proceeds—For

investment.

Office—1500

Massachusetts

in

Metropolitan Acceptance Corp.

unit. Business—Financing of re¬
working capital. Office—5422
Ave., Chevy Chase, Md. Underwriter—To be

sales.

per

Proceeds—For

named.
•

Metropolitan Realty Trust

Dep. 20, 1961 filed 1,000,000 shares of beneficial interest.
Price—$6.50.

Business—A real estate investment trust.
Proceeds—For general corporate purposes. Office—1700
K

St., N. W., Washington, D. C. Underwriter—Eisele Sc
King, Labaire, Stout & Co., N. Y. Note—This registration
was

Manna Real Estate Investment Trust

Aug. 30, 1962 filed 460,000 shares of beneficial interest.
Price—$11.
Business—A real estate investment trust.

stores

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

Western

Puce—$3.50.

related prod¬

retail

Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet & Siegel, Inc., N. Y.

None.

Manhattan Drug Co., Inc.

other

the New York

Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the
atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
—130
Fulton Federal Bldg.,
Atlanta.
Underwriter—

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

of food and

and

withdrawn.

Midwest Technical

Development Corp.
26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
Feb.

Volume 196

Number 6202

.

.

The

.

Commercial and Financial Chronicle

(1541)
for

each two

shares held.

$7). Business

Price—By amendment

(max.

A

National Union Fire Insurance
Co. of
basis of one share for each
8 held

closed-end management investment
—
For general
corporate purposes.
First National Bank
Bldg.,

—

company.

Proceeds

Office

2615

—

Minneapolis.

Underwriter—None.
Midwestern

Aug.

23,

rants

filed

porate purposes.

180,000

and

common

holding

life

insurance

15-year

war¬

concern.

Natural Gas & Oil

company

for

land

and

v.,

Liquors,

ment

-

/.V;-Y /•

\

-

:

April 5, 1962 filed 160,000 common.
Price—By amend(max. $5). Business—Blending,
bottling and mar¬
keting of alcoholic beverages/ Proceeds—For
equipment,
inventories, advertising and working capital. Office—

:

ment

Bank

St.

Street &

&

Central

Ave.,

Baltimore.

Co., and Morris Cohon

&

Temporarily postponed.

and

ment;,

working

Wasnington, D. C.
Silver

Spring, Md

radio-

repayment, equip¬

March

etc.

as

representative

March

Price—$1. Business
artists, musicians,

•

National

Blank

Book

Co.,

:

shares

common.

r

Underwriter—Crichton, Cherashore, Cundy, Inc.,

—

National Security Life Insurance
Co.
March 23, 1962 filed
100,000 common, of which 80,000
are
to be offered
by company and 20,000 by stock¬
holders. Price—$17.50. Business—A
life, accident and
health insurance
company. Proceeds—For investment.
Office;— 130 Alvarado, N.
E.Albuquerque, N. M.
the

statement.

be

accuracy

named.

and

Note—The SEC has

adequacy

of

this

ques¬

registration

-•

Semiconductor Corp.
May 11, 1961 filed 75,000 shares of
capital stock.
?■—To be supplied
by amendment. Business—The

development,
for

V:-v
Price
design,

manufacture and sale of
quality transistors
and industrial use.
Proceeds
For new

military
equipment, plant expansion, working capital, and other
corporate purposes.
Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson
Corp., New
York., and Piper, Jaffray &
Hopwood, Minneapolis.
National Telepix, Inc.
^
—

July 30, 1962 filed $150,000 of 6%%
tures due

motion

bution

1972.

Price—At

pictures.
expenses

par.

and

subord. deben¬

.Business—Production of

Proceeds—For

Ave. of the

conv.

working

production

capital.

and

distri¬

Office—1270

Americas, N. Y. Underwriter—None.
National Uni-Pac, Inc.

July 31,

1962

filed 85,000 common.
Price—By amend¬
$4). Business—Company plans to sell or
lease coin operated
vending machines.
Proceeds—For
debt repayment, equipment and
working capital. Office
—15 Peachtree
St., Atlanta.
Underwriter—Drourr, Lampert & Co., Inc., N. Y.
;
ment

(max.

common

Price—$3.50.

health

share

National Union Life

Insurance Co. of
Pittsburgh

(10/29)
Sept. 10, 1962 filed 100,000 capital
shares, to be offered
for subscription
by stockholders of the company's
parent,




of

for

Broadway, N. Y.

Business—Acquisition
estate

.property.

of

80,000

Blvd., Los An¬
Inc.,
Beverly

Development Corp.
stock.
Price—$10.
development com¬

To be named,

v.;
Y
Panhandle Eastern
Pipe Line Co. (10/17)
Sept. 21, 1962 filed 200,000 shares of
cum. preferred
(par
$100).
Price—By
amendment.
Business—Production,
transmission and sale of natural
gas. Proceeds—For re¬
payment of bank loans.
Office—One Chase Manhattan
Bank, N. Y.
Underwriters—Kidder, Peabody & Co., and
Merrill Lynch,
Pierce, Fenner & Smith Inc., N. Y. :
Panhandle Eastern
Pipe Line Co. (10/17)
Sept. 21, 1962 filed $60,000,000 of
debentures
,

Proceeds—For

Price—By amendment.
sion

record

and

of

Y.

sale

bank

N.

of

of

loans.

.,

due

Proceeds—For

Office—One

transmis¬
Proceeds—For repayment
Office—One Chase Manhattan
Plaza,

.Underwriters—Kidder, Peabody

-

-ji

Price—$3.75.

notes

secured

general

by

—For

corporate

—For

activity measurement; production of radioactive
isotopes
furnishing of consulting and radiation measure-

and the

Dec. 26,

1961 filed 100,000

—Research,
used

and

in

(11/19-23)

development

•

<

,

common.

and

Price—$3. Business

fabrication

of

materials

Chatham,

and

Inc.

common.

Price—By amend¬

Business—Merchandising,

sale and con¬
struction of homes. Proceeds—For
acquisition and devel¬
opment of land, and other
corporate purposes. Office—
319 MacArthur
Blvd., San Leandro, Calif. UnderwriterRobert A. Martin

Associates, Inc., N. Y.

Permeator Corp.
May 18, 1962 filed 300,000

common

to

be

offered

for

subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held.

Price—$5.

Business—Manufac¬

ture,

use and sale of a patented
tool, "Permeator," used
in completion of oil and
gas wells.
Proceeds—For gen¬
eral corporate purposes.
Office—445 Park Ave., N. Y.

Underwriters—Irving Weis &
ton, Taylor & Co., Inc., N. Y.

Co., and Godfrey, Hamil¬

Petro-Capital Corp.
March

28,

ceeds—For

electronics.
Proceeds—For equipment
capital.
Office—246 Main St.,

Enterprises,

May 28, 1962 filed 230,000
(max. $8).

Business—A

optical

working

Perma-Bilt

ment

Oct.

St., Chicago.

loans

postponed.

•

—

interest-bearing obli¬

repayment, inventory and working capital.
St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur

Port

Nuveen Tax-Exempt Bond
Fund, Series 3
Oct. 17, 1961 filed $15,300,000 of
units representing frac¬
tional interests in the Fund.
Price
By amendment.
Business—The Fund will invest in interest
bearing obli¬
gations of states, counties and
municipalities of the
U. S., and political subdivisions
thereof which are be¬
lieved to be exempted from
Federal income taxes. Pro¬
ceeds—For investment.

gations of states, counties, and
municipalities of the U. S.,
political subdivisions thereof which are
believed
to be exempted from
Federal Income taxes. Proceeds—
For
investment.*
Office—Chicago, *111/ Sponsor—John
Nuveen & Co., 135 So. La Salle

&

—

working capital. Office—Woodbridge-Carteret
Road,
Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y.
Offering—Temporarily

Proceeds—For equipment; debt
repay¬
ment, expansion and working capital. Address—P.
O.
Box 10901, Pittsburgh.
Underwriter—Johnston, Lemon &
Co., Washington, D. C.

and

Co., Inc., N. Y.

for

services.

Tax-Exempt Bond Fund, Series 4
17, 1961 filed $15,000,000 of units
representing
fractional interests in the Fund.
Price—By amendment.
Business—The Fund will invest in

&

Pellegrino Aggregate 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

Price—By amend¬

(max. $15). Business—Research and
development
using radioactive tracers; precision radio¬

Optec, Inc.

debt

Office—19
Kordan

Office—Chicago, 111. Sponsor—
Co., 135 So. La Salle St., Chicago.

—

—

Bond

Nuveen

Business

Proceeds

Peerless Radio Corp.
March 22, 1962 filed
120,000 common, of which 100,000
are to be offered
by the company and 20,000 by stock¬
holders. Price
$4. Business
Distribution of electric
parts and components to industrial
customers. Proceeds

contracts

John Nuveen &

/.

.

acquisition, research and other corporate
pur¬
2301 Pennsylvania
Ave., Philadelphia.

Office

poses.

Nuclear Science &
Engineering Corp.
March 29, 1962 filed
100,000 common.
on

an

Underwriter—Arnold Malkan

St., Worcester, Mass.
Underwriters—Paine, Webber, Jackson & Curtis,
Boston,
and Goldman, Sachs &
Co., N. Y.

ment

:

Laboratories, Inc.
;
y
6, 1961 filed 160,000 common.
Price—$5.
—Manufacture of drugs and
pharmaceuticals.

selling stock¬

New

1982.

Business—Production,

natural gas.

& Co., Merrill
Lynch, Pierce, Fenner & Smith
Inc., and Halsey, Stuart
&
Co. Inc.

Office—922 You St., N.
W., Washington, D. C.
Underwriter—Clarence E. Shaw &
Co., Washington, D.C.
t,
Norton Co. (11/7-9)
Sept. 28, 1962 filed 425,000 common.
Price—By amend¬
ment
(max. $36).
Business—Manufacture of various
types of abrasive products. Proceeds—For
holders.

.

Parkway

purposes.

;

k

Dec.

common.

second-trust

Under¬

Proceeds—For general corporate
purposes. Office
—70 N. Main
St., Freeport, L. I., N. Y. Underwriter—

Investors, Inc.

,

•

held

Price—$5. Business
beryl ore in Argentina.
repayment, equipment, and other

debt

pany.

">■'.

Business—Writing

For

12, 1962 filed 400,000 class A
Business—A real estate
holding and

insurance.

Northwest Securities
25, 1962 ("Reg. A")

ment

National

each

June
real

Sept/28, 1961

-

for

>

(10/22-26)

■

York. Note—This letter will be
withdrawn.

tioned

/;

—

March

and

expenses

Industries, Inc.

-

cor¬

porate purposes. Office—3306
Lancaster Ave., Philadel¬

Underwriter—To

5455 Wilshire

—

Paper

PanAm Realty &

Aug. 27,
life, accident
Proceeds—For capital funds. Of¬
fice—163 Mineola
Blvd., Mineola, L. I., N. Y. Under¬
writer—None.
■///;, ■ :•' -;v;- ■/
-/'//•'Y; 1962.

Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories.
Proceeds—For

•

drilling

:

.

Pak-Well

March 30, 1962 filed
150,000 class A common.
amendment (max. $13).

corporate purposes. Office—39
writer—To be named.

shares, of which

North Atlantic Life
Insurance Co. of America

and

Underwriter—Cortlandt Investing Corp., N. Y.
Offering
—Indefinitely postponed.

/

Aug. 31, 1962 filed 600,000 common to be
offered for
subscription by stockholders on the basis of
two new

V-X'-''V

■

capital

filed

folding
pulp and
plastic products. Proceeds
For debt
repayment, re¬
demption of preferred and other
corporate purposes. Of¬
fice—1632 /Chicago
Ave., Evanston, 111. Underwriter—>
Blyth & Co., Inc., New York.

Proceeds

repayment, working capital and other
corporate
Office—1900 Life
Bldg., Dallas. Underwriter—
Carreau & Co., N. Y.

stockholders.

National Equipment & Plastics
Corp.
tiled 105,000 common.
Price—$5. Business
—Operation of a cleaning and
pressing plant and affili¬
ated stores.
Proceeds—For debt
repayment, store ex¬
pansion and working capital. Address
Portage. Pa

/

1987.

Feb. 28, 1962 filed
100,000 common.

purposes.

■

New

;

v

V
$25,000,000 of sinking fund deben¬
Price—By amendment. Business—Manu¬

1962

—Company plans to mine

W. 26th St., N. Y.

Production of crude oil and natural
gas.

general

Inc.

and

debt

St.;
Holypke, Mass. Underwriter—Blyth
& Co..,
Inc., N. Y. Note—This registration will be with¬

phia.

375,000

/

/'

Price—By
Business—Manufacture of en¬
velopes, packaging materials of various
kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders. Office—198 W.
Alameda, Denver.
Underwriter—Francis I. du Pont &
Co., N. Y.
Pan American
Beryllium Corp.

drug industries.
repayment, working capital and

filed

.

—

>

•'

iNational Directories, Inc.
March 29, 1962 ("Reg.
A") 10U,000

1962

,

facture of corrugated and
solid fibre
containers,
cartons, paperboard mill products and molded

Corp^ '
April 27, 1962 filed $5,000,000 of 6%
conv, subord de¬
bentures due 1977/
Price—By amendment. Business—

Aug. 29, 1962 filed 160,000 common.
Price—By amend¬
ment. Business—Production of
blank
books, loose leaf
devices, forms .etc.-Proceeds—For selling

drawn.

Sept. 26,

Corp., Ltd.

29,

1

.

Proceeds—For equipment and
working capi¬

tures due

essential

etc., to food

debt

::

common./Price—$1/ Business

tal.
Address—Creede, Colo. Underwriter—None.
■/A- Packaging Corp. of America
(10/15-19) V

;

Nortex Oil & Gas

/

Office—Water

For

—

Hills, Calif.

•». .'jun

;f

Co.,

geles.-v-Underwriter—Gregory-Massari,

,

Underwriter—Associated

—Mining.

200,000 class A shares.
Price—By
(max. $15).
Business—Manufacture, process¬
distribution of natural and
synthetic

working capital. Office

plans to engage in the music
publishing busi-.».
Proceeds—For debt
repayment, public relations,
acquisition of musical properties, and
working capital.
Office—545 Fifth Ave., N. Y.

Co., 545 Fifth Ave., N. Y.
National Bank of
Israel, Ltd.
See Bank Leumi Le-Israel
B. M.
/

Chemical

Mining Co., Inc.

Feb. 28, 1962 filed
900,000

100,000 are to be offered by
company and 275,000 by
stockholders. Price—By amendment
(max. $6). Busi¬
ness—Acquisition and development of oil
and natural
gas
properties.
Proceeds—For

ness.

Securities

,

1962 filed

Nordon

Proceeds—For

of

and

&

Busi¬

and

Outlet

■

develop¬

Co., N. Y. i.

'■,//. ///'••

—Company acts

20,

Oil

other corporate
purposes. Office—601
Underwriter—S. D. Fuller &

Co., Ill Broadway,

common.

Essential

Proceeds

tax-exempt bonds of states, counties,

Music Royalty
Corp.
July 27, 1962 filed 150,000

mining.

Office—725

Underwriter—

cartridge tape
programs therefor and men's and
boys'
dress trousers.
Proceeds—For debt
repayment, adver¬
tising and
working /capital,,/
Address—Opelika, Ala.
Underwriter—None.
'. /■ V/;..../
recorders

of

Business—Exploration,

oils, flavor, essences,

—

York.

-financing

Co., Inc., and

Orr (J- Herbert)
Enterprises, Inc.,
May 1, 1962 filed 285,000 common.
Price—$10.50.
ness—Company's subsidiaries manufacture

York

ing and

postponed.

Trust

—

New

cor¬

amendment

—

municipalities and territories of the U. S.
investment. Sponsor—Ira Haupt &

the

&

William
T.
Morrissey Blvd., Boston.
Norton, Fox & Co., Inc., N. Y.

Proceeds

New Campbell Island
Mines Ltd.
;
/
Oct. 13, 1961 filed 475,000
common, of which 400,000 are
to be offered
by the company and 75,000
by a stock¬
holder.
Price—50c.

Norda

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

Price—$5.

oil.

working capital. Office—47 West
St., N. Y. Under¬
writer—Robbins, Clark & Co., Inc., N. Y.

components

Offering—Temporarily

and

Testing Laboratories, Inc.
29, 1962 filed 50,000 common.
Price—$5. Business—
Analyzing and testing of electronic, chemical
and other C
materials. Proceeds—For
plant relocation,
equipment,
and

capital. Office—2000 P St., N. W.
Underwriter
Switzer & Co..
Inc.,

Municipal Investment

common.

gas

increased inventories and
accounts receivable.
Office—500 Kiewit
Plaza, /Omaha.
Underwriter—First Nebraska Securities
».Corp., Lincoln.

New

Multronics, Inc.

the

A

Ackerman

Orbit Stores, Inc.
(10/29-11/2)
May 28, 1962 filed 100,Ouu common.
Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For
equipment, in¬
ventory, expansion and working capital.

cor¬

University Place, Pitts¬

natural

Underwriters—Stone,

•

Jan.

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

and

ment and

Co., N. Y. Offering—

the furnishing of
consulting services
engineering field. Proceeds—For debt

of

J.

Heritage Equity Corp., N. Y.

Proceeds—General corporate purposes.
Office—90 Industry
St., Toronto, Canada.
Underwriter—;
A. C. MacPherson &
Co., Toronto.

Underwriters—

and

N.

8,

and

Bldg., Oklahoma City.
Underwriter—Peter Morgan &
Co., N. Y.
• Nebraska
Consolidated Mills Co.
(10/29-11/2)
Sept. 17, 1962 filed $3,000,000 of
6%% subord. s. f. de¬
bentures, series A, due 1977.
Price—$1,000. Business—
Manufacture of flour, animal
feed, and other consumer
and agricultural
products. Proceeds—For debt
repay¬

building, moving

Inc.

Oct.

drilling expenses, working capital and
other
porate purposes. Office—Tekoil

expenses, equipment and working capital.
Office—5606
Stuebner ' Airline
Rd., Houston./ Underwriter—W. R.
Sauve Co., N. Y.',

Montebello

the

on

record

Proceeds—For general
139

—

—For

subsidiary and for working capital. Office
Public Sq., Cleveland.
Underwriters—Westheimer
& Co.,
Cincinnati, and Hartzmark & Co., Inc., Cleveland.
Monarch Plastics
Corp.
May 28, 1962 ("Reg. A")
140,000 common. Price—$2.
Business—Manufacture and sale of plastic
letters, em¬
bossed sign
faces, quantity signs and boat windshields.
of

of

Producing Co.

Business—Production

legal

a

Proceeds—To purchase

shares of the

purchase

Office

Sept. 7, 1962 filed 180,000 class

—75

Proceeds—For

classes of insurance.

Pittsburgh,

Company writes life

—

burgh. Underwriter—None.

purchase 36,000 common to be offered in
units
consisting of one share and one-fifth warrant.
Price—
$12 per unit. Business—A
reserve

Price—$15. Business

allied

Corp.

to

1962

1962.

41

Sherry

1962

filed

556,700
common.
Price—$11.
business investment
company. Pro¬
general
corporate purposes.
Office—6130

Lane,

small

Dallas.

Underwriter—McDonnell

New York.
•

■

&

Co.,

f

Continued

on

page 42

;

.

42

The Commercial and Financial Chronicle

(1542)

Continued from page

Office

41
Inc.

Pioneer Restaurants,

1961 filed 125,000 common, of which 75,000 are
by the company and 50,000 by a selling
stockholder.
Price—By amendment.
Business—Opera¬
tion of six restaurants in
Sacramento.
Proceeds—For
Dec. 21,

to

& Co.,
porarily postponed.
Myerson

Ave., N. Y.

to

ment

commercial

finance

To

ables.

Offering—Tem¬

San Francisco.

July

1962

20,

-

of

Schramm &

Imminent.

•

.

/W,*

Courtland Ave., N. Y.

Playboy Clubs International, Inc.
May 28, 1962 filed 270,1)00 common. Price—By amend¬
ment. (max. $7). Business—Company is engaged in the
ownership and franchising of Playboy Clubs; Proceeds—
For debt repayment and general corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine &
Fishman, Inc., Chicago.

Allyn &

Co.,

June

St., Shreveport, La.

•

25th

St.,

Astoria,

N.

ment.

pmate
Calif.

notes;

Interonics, Inc.
30, 1961 filed 40,000

—Manufacture
and

of

radio

capacitors. Proceeds—For equipment, working
cap¬

ital and other corporate
purposes. Office—15 Neil

&

New York.
•

Radar

other

corporate

Monica, Calif.

Inc., N. Y.

purposes.

Office—1631

Underwriter—White,

10th

Weld

&

St.'

Co'

'

Real

Properties Corp. of America
April 27, 1962 filed 300,000 class A shares.
Price—By
amendment (max. $16).
Business—Company owns cer¬
tain

real

estate, general insurance agency and a mort¬
gage servicing company. Proceeds—For
debt repayment.




Spring,

Seaboard

4

Md/

Under*

Securities

Corp;,
^

Insurance Co. of America 7
::
filed 256,097 common to be offered for

stockholders

l-for-5

on

basis.

Price-

Business—Writing of life, accident and
Proceeds—For purchase of

a

building,

(10/15-19 )7.-U;.; .7:. |
26, 1962 filed 200,000 common. Price—By amend¬
ment. Business—Manufacture of alumnium
sliding win/
Jan.

dows and

doors.

Proceeds—For equipment, moving ex¬
working capital. Office—503 E. Pine Ave,,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.

/Proceeds—For

and

•—

For

black

and

white

penses

and

.

photographic

7th

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

•

Ave..

N

YUnderwriter

Charles

St.,

Selective

'>

Feb.
are

B

B

Park, N. Y. Underwriter-VTo/
Offering—Indefintiely postponed.
V
*-

cotton

•

common.

Sampson Enterprises, Inc. '
Feb. 28, 1962 filed 450,000 common. Price
$8).

Business—A

coneern,

motor inn,

nix.

—■

Straus.

—Temporarily

Inc.,

affili¬

an

Remaining

94,822

class

and

C share
any

the

and

of

unsub¬

public,
en¬

finance, mortgage, general- fi¬
businesses. Proceeds
For general

consumer

related

or

.

—

purposes/Office—830 N. Central Ave., Phoe¬
:

V'//",./■
v;/

1962 filed 250,000 capital shares. Price

10,

Proceeds—For

surance.
:

organizational

expenses

•—

and other

corporate

purposes. Office—225 Bush St., San Francisco,
Calif. Underwriter—None.
/

Sentinel Properties Corp.

May 1,

Business—Real
of

a

estate

common.

investment.

building.

Z•//•;"/ V- ■':;*^'

-

—

1962 filed 200,000. class A

Price—$10.

Proceeds'—For

Office—565

Fifth

con¬

Ave., N.

Y.

..Underwriter—None.-/

—

McDowell.

St.

Co*

shares for each class A

$5.
Business—Company plans to sell life and disability-in¬

1''■/V;"v

holding
shopping centers, bowl¬

&

held.

Underwriter—None.

Sept.

By amend¬
company for a

Blosser

and Dempsey-Tegeler* & Co.,

company

Sentinel Life Insurance Co.- z/'.a./i-r /--v

"

Servotrenics, Inc.

Louis.

Offering

;

1962 filed 125,000 capital shares. .Price —.$3.
Business—Design, development and manufacture of pre¬
cision control components
ceeds

postponed.

(10/29-31)

/March 30,

ing establishments, etc* Proceeds—For; debt repayment
working capital. Office*—222 E. Erie St., Milwaukee:

,

in

struction
■

common,

share and two-thirds share for each

"corporate

and

.Underwriters

the basis of 4

Wallace, Idaho

cloth.

(max.

on

nance

$12).
Business—Manufacture of athletic
knitted underwear, children's sleepwear and

/.rV;

of which 405,000
to be offered for subscription; by holders of the
A,

gage

(max.

estate

Corp.

500,006

/$6; to stockholders, $5, Business—Company plans to

/

Proceeds—For bond retirement and plant
Address-—Alexander City; Ala. # Underwriter
—Hornblower & Weeks, N. Y.
Note — This company
formerly was called Russell Manufacturing COi
•
-•
v

ment

filed

scribed shares will be offered publicly. Prices—1To

expansion.

real

Financial

1962

Selective. Life

Russell

-clothing,

28,

and C stock of Selective Life Insurance*

ate,

Floral

•

concern.
Proceeds--For capitalization of
Office—127 W.< Main Ave;,, West Fargo, N. D.

Underwriter—Investment. Brokerage Corp., Fargo, N. D.

-Fedemmm •

Mills,-''Inc.1 ■(■11/13-16):- " vv:/'
/ V/'v
Sept. 28, 1962 filed 312,500 common. Price—By amend¬

.*

life insurance

subsidiary,

equipment and working, capitalt:

Underwriter—Pennaluna & Co* Spokane/ Wash. /.?•/..

manufacture of electronic

Santa

Silver

repayment, reserves and other corporate purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.

Corp.

corporate purposes. Address—Box 1088,

(11/7-9)
1, 1962 filed 100,000 common, of which
75,000 will
be sold by
company and 25,000 by a stockholder. Price
—By amendment
(max. $10).
Business—Design and

and

Ave.,

debt

Price—12t£
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general

Relay, Inc.

—

/

Security Aluminum Corp.

.

Co.,

monitoring and warning sys¬
integrally lighted switches. Proceeds
For
product improvement and development,
working capital

Boston Corp., N. Y.

*

Life

health insurance.

Price—$5., Busi¬
distribution of girls'

Ruby: Silver-'Mines, Inc.
Jan. 2, 1962 ("Reg. A")
2,400,000

Oct.

tems, and

and

v/77,V777:7

a

be named.

Court,

Oceanside, N. Y. Underwriter—Arnold Malkan

Hicks

:

June 29, 1962
subscription by
By amendment.

—

color,

Proceeds

ment

Price—$5. Business
frequency interference filters

Thayer

(same address).

1961 filed

prints

—10

ball

common.

Co., N. Y.

writer — North/: American

common.
Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office

RF

Oct.

Office—912

common.

Royalty Stores, Inc.
May 29, 1962 filed 75,000

points,
pencils and.-desk " sets.
.Proceeds—For equipment' and working
capital. OfficeLittle Falls, Passaic
County, N. J. Underwriter—Meade
& Co., Inc., N. Y.
pens,

Larch/

Ave.,
&

(max.

Seaboard

Office—245

under

manufactures

North

Scripps-Howard Broadcasting Co.>' "

■

Stonehill &

funds: Proceeds—For

also

Office—20

Underwriters—Coggeshall

Security International Corp.v,
1
•
/v
.
July.27, 1962 filed 548,000 common. Priee—$2,50. Busi¬
ness—Company plans to become a holding, company for

29,

film.

$6). Business—En¬

contracts;
mechanical

*

medical

new/ products

July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.56).
Business—Ownership and' de¬
velopment of real estate. Proceeds—For working capital/

general, cor-,

—

R. E. D. M. Corp. (10/22-26)
June 29, 1962 filed 125,000
common, of which 50,000 will
be offered for the
company and 75,000 for certain stock-/
holders. Price—By amendment (max.

Department

expenses

other

and

inventories,51

and

for

Congress St., Boston.
Underwriters—Paine, Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y. w

point

lights

300,000 common, of which 100.000/
to be offered by the
company and 200,000/ by stocks
holders.
Price
By amendment
Business
Develops /

stockholders/. Office—60

Defense

Price—$5. Busi¬
sterilizers,/multi-dose "jet vac¬

of

Seaboard Land Co.

are

Putnam-Management Co., Inc. *(11/7-9) " >•;.*
150,000 common (non-voting). Price*
—By amendment (max. $14); Business—An investment

gaged in manufacturing, engineering and research

4.

common.

Offering—Indefinitely postponed:"

Office—112 W. 34th St., N.Y/ Under¬
Cohu & Stetson Inc.,-N. Y.

Photo

<

-

.

.

operating

&f

expansion'.

Manufacturing Corp.
-

60,000

Rldg^ Cincinnati. Underwriter—First

,

100,000

-/-.
filed

For

-r-

■
i
1962 filed 375,000 common. Price—By amend¬
$20). Business—Company owns and oper¬
ates TV, radio and FM
broadcasting stations. Proceeds
—For selling stockholders.?Office—1121
Union Central

and sale of mobile

Proceeds-—For

Corp.

Royaltone
Nov.

•

mutual

**,''>-■

Equipment

Mr Fuller

ment

—

1962 filed

writer—Winslow,

Aug. 22, 1962 filed

of

26,

debt repayment.

working capital, and other corporate purposes.' Office
—1106
Connecticut Ave., Washington, D. C.
Under*
& Co., Inc., Philadelphia.
/

selling

trailers.

ness—Design, manufacture, /and
blouses, sportswear,
and
coordinates.

writer—Roth

adviser and distributor

;

Office—139 W. Walnut Ave., Gardena,
Vickers, MacPherson & Warwick,

purposes.

Rona Lee

Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord conv. deben¬
tures due 1977 to be offered by the company and 25,000:
outstanding common shares to be sold by stockholders.
Price—For debentures/ par; for stock—by amendment
(max. $10).
Business—Book
publishing.
Proceeds—
Company will use its proceeds for the purchase of two
6%

office

Underwriter

Sept.

Publishers

redeem" outstanding

and

,/:

March 20,

Inc., New York.

Y.

'

to

Ernest

Price—By amend¬

common.

S

130/Pennsauken, N/ J. Under¬
Co., N. Y. *7;

Proceeds—For

moving
mont, N. Y,

(10/29-11/2)

400,000

Business—Design, manufacture

homes

Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.

firms:

--V

1961 filed

systems/ Proceeds

S. Route

injectors,

and

(L. L.)

Imminent.

26,

Scientific

equipment.
-•

.

Dec.

U.

ness—Manufacture

..

Roadcraft Corp.

missile

—

-g; (10/17)
April 30, 1962

equipment and supplies. Proceeds—For plant expansion, i
equipment and working capital/- CVftfcfer&Hl X JttJteoft
Ave., Houston., Underwriters—Underwood/ Neuhaus & '•
Co., Inc., and Rotann Mosle & Co., Houstgn, Offering^,;

Underwriter—None.

Prosperity Cleaners & Laundries, Inc. (10/30)
May 15, 1962 filed 100,000 common. Price — By amend¬
ment (max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling

printing

•

For *

Enterprises, Inc.
170,000 common,- of which 140,000
are to
be offered by company and 30,000 by a stock- 'holder. Price—$9. Business—Company furnishes' com¬
mercial reproductions,-manufactures sensitized
papers,
cloths and films for blueprinting and printing, and sellsarchitectural engineering and commercial reproduction;

York State.

'%■_>'

///*/'//;

Engineering

writers-Bear, Stearns &
—

1962 filed

27,

and

Address

cine

Ridgway

June

Chicago. Note—This stock

48-12

craft

and general corporate' purposes. Office—220 '
K St., N. W., Washington, D.: C. Underwriter—HirscheJ
& Co., Silver Spring, Md. Offering—Indefinite. Note—
The SEC has challenged the accuracy and adequacy
of this registration statement.
; /

(10/22-26)

Schaevitz

13, 1962 filed 150,000 common, of which 100,000
are to
be offered by company and
50,000 by a selling
stockholder. Price—By amendment
(max. $10), Business/
—Design * and manufacture of
measuring, indicating,
recording, testing and controlling devices used* in air*

Price—$5.

common.

A* 'securities * broker-dealer.' Proceeds

Corp.

Proceeds—For working capital.
Under/

use. '

March

repayment

*

Corp.

—

—

Richmond

working capital. Office—18 Lancaster Rd., Union, N. J
Underwriter—Jacey Securities Co., N. Y.

Office

21,

.

Saw Mill River

./■

-

Dec. 21, 1961 filed 142,858 common. Price—$7. Business
—A real estate investment company. Proceeds—For debt

March 30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of mortgages, and

stockholders.

Gray & Co., Inc.
1962 ("Reg. A") 60,000

investment company.

Office—400

Office—1051 Saw Mill River
Rd., Yonkers, N*. Y.
writer—Arnold Malkan & Co.,
Inc., N. Y.

/■

-

business

products for home

New York.

c

Prescott-Lancaster

debt

working capital and other/corporate purposes. Office—
237 W. 51st St., N. Y. Underwriter—Richard Gray Co.,

Powell Petroleum,
Inc.
Sept. 28, 1962 filed 100,000 common. Price—$5. Proceeds
—To drill for and operate oil wells.
Office—418 Mar¬
ket

/

Laboratories, Inc.

small

investment.

Industries, Inc. : > /' : '
/
1962 filed 100.000" common. Price—$5. Busi¬
ness—Design, development and manufacture of steel

—

Business

Aug. 27, 1962 filed 100,000 common. Price—By amend¬
ment (max. $10). Business—Writing of group and fran¬
chise forms of accident, sickness and life insurance in
the Midwest. Proceeds—For debt repayment and expan¬
sion.
Office—Executive Plaza, Park Ridge, 111. Under¬
C.

;

Richard

Bonifant St., Silver Spring, Md. Underwriter—None.

writer—A.

refiled.

selling

March 29,

27, 1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for. contractual re¬
development and engineering in the chemical
field. Proceeds—For expansion of facilities, debt repay¬
ment and working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y. /;
ness

Potomac Real Estate Investment Trust

will not be offered for sale in New

common,

search,

July 6, 1962 filed 1,000,000 shares of beneficial interest
Price—By amendment (max. $5). Business—A real estate
Office—880

—For

Proceeds—For

For

—

Price—$12.50. Busi¬
Proceeds
Montgomery St., • San
Francisco.
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
ness—A

fields/

Proceeds

Fifth

*

'*/.//■-'■/•'■//''/'v :

electronic

Office—1400

San Francises Capital
Corp. April 23, 1962 filed 60,000 common.

Feb.

Proceeds—For

Poulsen Insurance Co. of America

and

Resin Research

expansion, advertising,
and working capital. Office—150 Broadway, N. Y.
Un¬
derwriter—J. B. Coburn Associates, Inc., N. Y.

•

then

and

Potequity Corp.
Aug. 29, 1962 ("Reg. A") 60,000 common.
Price—$5.
Business—Company through its subsidiaries engages in
the sale of life, accident and health, and group and
disability benefits insurance; trading in over-the-counter
market; underwriting of new security issues and sale

investment trust.' Proceeds—For investment.

receiv¬

Underwriter—

repayment and working capital. Office—455 W. Main
St., Wyckoff, N. J. Underwriter—Myronr A Lomasney &
Co., N. Y. Note—This registration will be withdrawn

.»

;

©f mutual funds.

accounts

associations.

loan

Ave., San Diego. Un¬
derwriters—White, Weld & Co., N. Y., and J. A. Hogle &
Co., Salt Lake City.

Proceeds—

users.

and

and

stockholders.

Co., Inc., N. Y.

electric

the

Diego Imperial Corp. (11/7-9)
1962 filed 124-,552 common. Price—By amend¬
(max. $14). Business-—A holding company for l5

1,

ment

of which 50,000 are
to be offered by the company ancfc 25,000 by Electronic
Specialty Co., parent. Priee—$5. Business—Design and
manufacture of regulating and control devices used in

Co., Inc., N. Y. Offering—

San

Oct.

savings

inventories

Regulators, Inc.
■
Jan. 29, 1962 filed 75,000

Office—3150 Janney St., Philadelphia.

repayment.

Underwriter—S.

^

•

■

common.

industrial

and

additional

Office—577

Crosse &

75,000 common. Price—$4.
confections.
Proceeds—For

A")

("Reg.

Business—Manufacture
debt

Co.

Chocolate

Stanley

—

Price—$3.25.
Business—Distribution of electrical supplies and equip¬

.

Plantation

Underwriter

Corp.
Aug. 27, 1962 filed 100,000 class A

expansion, debt repayment and working capital. Office
—1626 J
St., Sacramento.
Underwriter—Stewart. Eubanks,

Fifth

Red-O-Lier

offered

be

745

—

Heller & Co., N. Y. Note—This registration will be with-r
drawn and then refiled.

Thursday, October 11, 1962

vvv

For

and associated products. Pro¬

debt

repayment, equipment and working
•capital. Office — 190 Gruner Rd.,-Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.

San

—

Aug.

Diego Gas & Electric Co.
29, 1962 filed 500,000 common being offered for
subscription by stockholders on the basis of one new

126,000 common. Price—$4.50. Busi¬
ness—Manufacture, sale and development of glow lamps

share for each nine held of record
Sept.

for

20. Rights will
expire Oct. 10. Price—$31. Proceeds—For repayment of
bank loans, and construction. Office—861
Sixth Ave.,
San Diego.
Underwriter—Blyth & Co., Inc., N. Y.

Signalite Inc.
29, 1962 filed

Jan.

For

use

as

indicators and circuit components. Proceeds—

debt

repayment,, equipment - and working capital.
Office—1933 Heck Ave., Neptune, N. J. Underwriter—

"

:r>

Planner

&

Co..

N.

Y.

Offering—Postooned.

-

Volume

Number

196

6202

.

.

The Commercial and Financial Chronicle

;

• Site
Fab, Inc..
Feb. 27, 1962 filed 135,000 common. Price — By amend¬
ment (max. $4); Business—Construction of homes. Proreeds
For debt repayment, acquisition of land and
working capital. Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co.r J«c" Washington,
D. C. Note—This registration was withdrawn.

port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
iMO*

—

•

Smith-Corona

June

8

the basis of

on

one

11', with rights to
expire Oct. 26. Price—By amendment.-Business—Manu¬
facture and distribution of off Ice. equipment. Proceeds.

loans

educational

U. S. Cold Storage of

audio-visual

Proceeds—For

Ave.,. New York. Underwriter—First Bos¬
Corp., New' York, YY/Y'Yv/. YY- /'.„>• Y,»Y.Y,,'YyYYYY

operate cold storage facilities in Havvaii."
capital. Office
—3140 Ualena St., Honolulu. Underwriter—None.

repayment of bank

:and

Annuities

Fund, Inc.

Universal

Capital Corp.
1962 filed 1,500,000 common. Price—$1. Busi¬
ness—Company plans to establish or acquire control of

Aug. 28,

(10/17)
YY>'YYY ■■
1962 filed' $1,000,000. of 5%% - subord. conv.

Aug.'28,

Variable

United

April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.

/•Texas Gas. Producing Co.

/ Southeastern Towing & Transportation Co., Inc.1961 ("Reg. A") 100,000- common. Price—$3

and

construct

Proceeds—For construction, and working

Parkway,

fice—410 Park

Hawaii, Inc.

Sept. 14, 1962 filed 30,000 capital shares, of which 20,000 are to be offered by company and 10,000 by present
stockholders.
Price—$10. Business—Company plans to

working capital;
Office—19201 Cranwood
Warrensville * Heights,' Ohio. Underwriters—
Westheimer & Co., Cincinnati, and Hartzmark & Co.,
Inc., Cleveland.
;Y" '■ K Y"; \Y'Y V;

debt repayment,., a new plant, and equipment,
product development and other corporate purposes. Of¬

NovY 29,

of

sale

and

antennas and radios:

—For

ton

Inr

Term a Corp.
Sept. 28, 1962 filed 122,000 common. Price—By amend¬
ment (max. $11). Business—Manufacture of automobile

preferred share for eaeh

shares held of record Oct.

common

Proceeds—For debt repayment. Office—19
St., Nugent Highlands, Mass. Underwriters
McDonnell & Co., Inc., and Oppenheimer & Co., N. Y,

Needham

teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad■way, N. Y.
Underwriter—Creative Ventures Corp., 733
-Third Ave., N, Y.

Aug. 31, 1962 filed 240,219 convertible preferred shares
(par $50) to be offered for subscription by common
stockholders

Qvcfpmc

43

stores.

ment

1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬

ness—Production

(10/11)

Merchant, Inc.'

(1543)

other

companies, principally those in life insurance field.
general corporate purposes. Office—318
N. St. Paul St., Dallas. Underwriter—None.

'debentures due 1974 and warrants-to purchase 30,000
and operation of towing. boats.
^common shares to be offered for sale in units consisting
Proceeds
For debt repayment, conversion of a boat, and,
j 0f one $ioo debenture and three warrants. Price—$100
working eapital. Office
3300 N. W. North River Drive,
per unit. Business—Production of crude oil and natural
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
gas-. Proceeds — For debt1 repayment, expansion and5
William- St., N.
Y.!>; YY Y;/; Y'YY'Y Y;,; yYYY,Y;YY. Y working capital. Office—721 Meadows5 Bldg., Dallas.
• Southern California
Ediscn Co»; CIO/30)
Underwriter — Equitable Securities Corp., Nashville,
Oct. 1, 1962 filed $50,000,000 of first and partial refund¬
Tenn. ;vY
-:/Y,,YvY;YY/': Y\<■.Y;
••■•YY':::■•
ing mortgage bonds, series P, due Nov. 1, 1987. Pro¬
TlpfiC'SMf.Y PljftcfcMjftcu'-• In#*-. •'
•'
ceeds—For redemption of outstanding 3s of 1965, and
July 27, 1962. filed 313,108 common. Price—$3.50. Busi¬
construction./Office—601 W. 5th St., Los Angeles.- Un¬
ness—Operation of a plant' producing plastic film and
derwriters—(Competitive) Y "Probable bidders:"Blyth &
packaging
products. ■ Proceeds—For
working
capital.
Co.; First Boston Corp.-Dean Witter & Co. (jointly);

Proceeds—For

.

Business—Construction

.

Urban America

Real Estate Trust; ?

-

"

_

,

Aug. 2, 1962 filed 400,000 shares of beneficial interest.:/
Price—$6.
Business—A real estate investment - trust.
Proceeds—For

.

:

—510

Fleming

debt

repayment and investment. Office
Bldg., Des Moines. * Underwriter—Con¬

>

Brothers, Inc., Des Moines.

way

-

-

Co^mZUe

'

Securities
Corp, (jointly).
Bids—Oct. 30 (8:30 a.m.
PST) at" company's office; Information Meeting—Oct: 26

^tkirinc?NT Y 3S'

>

Urban

Business—Company operates the "Kellogg Plan'"
which provides 100% financing and construction through;
a single source for renewing older residential properties.
Proceeds—For
debt
repayment,
sales financing and
working capital. Office — 1959 S. LaCienega Blvd., Los
Angeles. Underwriter—R. J. Henderson & Co., Los An¬
geles.
■ '
Y: ;'Y;

Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and
100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores selling clothing,
housewares, etc. Pro-

a

at office

of Sullivan &

Cromwell, 48 Wall St., N. Y.'

/

Spencer Chemical Co.
July 27, 1962 filed 37,777 'common

Shares. Price—By
(max. $35).- Business—Production of polyethylene,-and'the mkiing of-bituminous coal.'
amendment

ProSeeto-

—For

selling. stockholders.;' Office—610 -Dwight Bldg.,
Kansas City, Mo; Underwriter—Morgan Stanley & Co.,'

New York. -Y

yvY/-":-Y: YY

- '

Y;Yyy yYYY'Y'YYvYY
' YY/YYY'Y Y'

/YyYY//yYYYy

Sperti Products, Inc.
Nov. 29, 1961 filed 230,000

of which 200,000 are*
30.000 by stockholders

common

to be offered by the company ana

Brourman &

•

Urethane of Texas,

"S35L3!?1

Office—2220 Florida Ave,, Jasper, .Ala.
UnderwriterPhilips, Appel & Walden, 115 Broadway, N. Y.
:/Y

Aug.

$5.05

-stock due. 1962,

*

Price—By

Price—At par.

Business—Company

writer

was

SLY Hoboken.

N

J.

Price

—

First Nebraska Securities

Corp., Lincoln, Neb.

$5. Business —Wholesale distribution and retail*
merchandising of health and beauty aids, housewares*'
kitchenwares, wearing apparel and other goods. * Pro¬
ceeds—For debt repayment.
Office—*-2925 S.. San Pedro

St.,

—

Underwriter—To

Angeles.

Los

be

named.

Vendex, Inc.
Jan.

1962

12,

("Reg> A")

300,000

common.

.

—

Fdrnandq Blvd.,! Burbank,

Calif. Underwriters

leasing semi-trailers. Proceeds—For equipment, debt
repayment, and working capital. Office—99 Wall St.,

First

—

Business—Manufacture
chines.

porate

.

California. Co., Inc.,"San Francisco, and
Dempsey-.Tegeler & Co., Inc., St. Louis.
:YY-;Y-/Y':' 'YTY"-

urethane

of

Va!u-Rack^ Inc.
May 4, 1962 filed 200,000 common, of which 100,000 are1
to be offered by company and 100,000 by stockholders./

Feb.

Underwriter—

Business—Manufacture

Proceeds—For

,

1, 1962 filed 550,000 capital shares. Price — By
Blair & Co., N. Y.. Offering—Postponed. :
v. Y Y / amendment Business —• Company builds and operates
/ retail discount department stores. Proceeds—For expan¬
• Stainiess Steel
Products, Inc.* (10/22-2S)
YY
sion, Office—41 E. 42nd St., N. Y. Underwriter-—W. C.
May 28,p 1962 filed 100,000 capital shares. Price — $8.
Langley & Co., N. Y. ':Y:
Y YYY Y'YY-'
Business—Design, development and manufacture of high
Traileurop, Inc.
Y:
Y
_.•/;■'
pressure, high temperature ducting systems for use in
Aug. 30, 1962 filed 150,000 common. Price—$5. Business
aircraft and missiles. Proceeds
For: plant expansion,
A holding company for European firms
engaged in
equipment, and workings capital. Office — 2980 N. San
Grand

;

Offering—Temporarily postponed.

organized by the State of Israel to furnish financing to
tourist /enterprises.
Proceeds—For
general ...corporae

food

Office—730

-

equipment, /working . capital, /
leasehold expenses and other corporate purposes. Office •?
—2300 Republic National Bank Bldg., Dallas., Under-;

amendment. Business—Manufacture of drug
purposes. - Address—Jerusalem,
Israel. - Underwriter—
products," electrical and electronic devices and!
/ American-Israel Basic Economy Corp., N. Y.
precision machinery. Proceeds—For the purchase of cer¬
; Vv Towers
Marts International, Inc.
tain: patents, repayment of debt, and working capital

and

unit.

per

foams.

Industry Development Corp. Ltd.
1962 filed $5,000,000 of 7% senior debenture-

3,

Inc.

:

Feb. 14.1962 filed 250,000 class A and 250,000 common to
be offered in units of one share of each class. Price—

Tourist
*

Redevelopment Corp.

March 29, 1962 filed 100,000 commons Price—By amend- 1

ment.

Proceeds—For
purposes/

of

coin

operated

Price — $1.
vending ma¬

acquisition and-general cor-;
Office—-1290;yBayshore Blvd., BurlinSecurities Co.;
an

game, Calif. Underwriter—Pacific Coast
San Francisco.

YY Underwriter—Kordan & Co., Inc., N. Y. Y'Y-Y-:;,Y

Transarizona Resources, Inc.'
Security Life Insurance Co. of
New York
May 28, 1962 filed 500,000 capital shares. Price—$1.50. Y
(11/7-9)
June 29, 1962 filed 230,000 common.
Price—By amend- Y Business—Exploration, development and production of
ment (max. $12)..
Business—Writing dftlife, accident and Ythe Lake Shore copper deposit near-Casa Grande, Ariz;
health' insurance./Proceeds—For investment and othef: " Proceeds—For. equipment, exploration and working capStandard

.

corporate purposes. Office—111 Fifth Ave., N. Y. Underwriter—Ira Haujpf &
Co.; N. Y.
'
Yv
'
"
"

Yital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
writer—None.

.

State

March'-

Life

Insurance Co.

of Colorado

"'Y:Y

27,

1962
filed
300,000
common.
Price—By
(max.- $5).. Business-—Writing of life, health
and accident insurance./Proceeds—For investment and
amendment

working capital. Office—1760 High St., Denver. Underwriter—None.

*»'

•'

'

Y'-

"

•

»

,

;

Price—$1.

Business

-Company plans

to operate a non-ferrous rod and tube
Proceeds—For plant and equipment, working capital and other corporate
purposes.: Office—300 Horn

Mar. 23, 1962 filed 150,000 class A shares, of which 100,are to be offered by
company and 50,000'by stock-1

000

/holders.

-

Sterling; Copper Corp. Aug. .2, 1062; filed 850,000 common,

Tujax Industries, Inc.

t

the

Pmconning, -Mich.

Underwriter—None-;' YYY. "

is

Business—Through
in

engaged

the

its

wholesale

subsidiaries
distribution*

of: electrical supplies and equipment. Proceeds

—

For

debt repayment and working capital. Office—514 E. 73rd
St., N. Y. -Underwriters—Richard Bruce & Co., Inc., and

Reuben Rose & Co., Inc., N. Y.

mill.

Rd.*

Price—$8.

company

March 2,/1962 filed 127,500 common. Price—$5. Business

Madison ?Ave,,; N. Y.
Burnside & Co.,, Inc.,. N. Y.
Stratton

.

Proceeds—For debt repayment.

company.

—95

Office

Underwriter-—Mortimer

//Y.Y-* Y;-;'

company.:

Proceedis—For

investment. Office—50 E. 40th St., N. Y. Underwriter^
■■■>

be

named.

Y;Y';,:''; Y'YyY/.,Yv, ,Y:,

.

,

,,

ment

Development Co.: j-.y/Y-v;Yr
12, 1962 filed 2,000 common. "Price—By amend¬
(max,: $1,000)Business—Company plans to ac-v

quire, develop, and improve: industrial, real properties,
primarily in Los Angeles County. Proceeds—For gen¬
eral

corporate'...purposes;

Office—9601. Wilshire

Beverly Hills, Calif.* Underwriter—None.
Tahach

Industries,

Inc.

Y

'A

Blvch,
Y'

-

(19/29-31)

ceeds—For debt.repayment,- leasehold
improvements and

expansion. Office—217

E.

Eight St., Los Angeles*- Calif.

Underwriter
Costello, Russotto & Co.,. 9301 Wilshire
Blvd., Beverly Hills, Calif.
Y
—

.

Tactair

Fluid

Controls, Corp.

March 29, 1962 filed 90,000 common;
ment

(max. $7.50).

Price—By amend¬
Business—Manufacture of fluid con¬

trol equipment used in

Proceeds—For

missiles, helicopters and aircraft.
selling stockholders .Address—Bridget-




1962

13,

capital.

Co., N. Y. Note—This registration is being withdrawn.

Markets

Inc.

'

Price—$4.

Inc., Miami. Note—This letter
; Y
YY -Y Y
Y
r

Y

March 15, 1962 filed $400,000 of 8% conv. subord. deben¬
tures-due 1972 and 20,000 common to be offered in units
of one $200 debenture and 10 shares. Price—$250 per

unit. Business—Operation of "Foodtown" supermarkets.
Proceeds—For

Price—By amend¬
carrying of liner-type cargoes.
purchase of vessels, and working cap-ital.
Office—71 Saint Joseph St., Mobile, Ala.
Under¬
writer—Shields & Co., Inc., N. Y. (mgr.).
Offering—
Temporarily postponed.
Y
Y
Y
Y Y
Business—The

ment.

Proceeds—For the

Inc.

Western Empire Real Estate Investments

estate investment trust.

Western

holders.

May 29, 1962 filed 77,000 common". Price—$15. Business
—Sale of automobile insurance, and the writing of fire
and extended
coverage insurance.; Proceeds—For
ex¬
pansion. Office—225 S. 15th St., Philadelphia. Under¬
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.

Procefeds^—For investment.

fice—1755 Gilpin St., Denver,

are

Co.

-

Feb.

Pioneer

Colo.

Underwriter—None.

Co.

19, 1962 filed 371,750 capital shares of which 175,000 4
be offered by the company and 196,750 by stock¬

Price—By

amendment

(max. $42).

Business—

The making of loans secured by first liens on real estate.
Proceeds—For

debt

—
3243 Wilshire
Kidder, Peabody &

repayment. Office

Blvd., Los Angeles. Underwriter

—

Co., N. Y.
-Western States Real Investment Tro^t

Corp.
Mar. 26, 1962 filed 450,000

1961 filed 32,000 shares of beneficial interest.
$6.25. Business — A small business investment
company.
Proceeds — For investment.
Office — 403

to

Ursula

United-Overton

common, of which 90,897 are
by the company and 359,103 by stock¬
Price—By amendment (max. $18). Business—
Operates hard goods' departments in discount depart¬

be

offered

holders.

Price

M

Of¬

to

Nov.

•

~

Sept. 26,-1962 filed 600,000 shares of beneficial interest.
Price—$4. Business—Company plans to qualify as a real

Newark, N. J. Offering—Expected in early November.
Insurance

Baby,

.,

28, 1961 filed 75,000 common. Price—$2. Business
—Company renders direct mail public relations, sales
promotion and advertising services to. mothers an behalf
of retail stores. Proceeds—For debt repayment and gen¬
eral corporate purposes.: Office—210-07 48th Ave., Bayside, N. Y. Underwriter-rFirst Philadelphia Corp., N. Y,

general corporate purposes. Office—531
Ferry St., Newark, N. ^J. Underwriter — Moran & Co.,
United National

Steamship Corp.

Aug. 29, 1'961 filed 1,743,000 common.

Dec.

Office—4609 Bee Ridge Rd., Sarasota, Fla.: Un¬

United

Investments, Inc.

12, 1962 filed 400,000 common. Price—By amend¬
ment (max. $22). Business—Company makes short-term
real estate loans, acquires, develops and sells land, and
engages in the mortgage loan correspondent business.
Proceeds—For selling stockholders.
Office—1111 Hart¬
ford Bldg., Dallas.
Underwriter—Harriman Ripley &

Welcome

Florida, Inc.
^
("Reg. A") 50,000 common.

derwriter—Givens & Co.,
will be withdrawn.
Y

March 29,

1962 (''Reg. A"), 125,000 common.. Price—$2..
Business—Manufacture and sale of women's wear. Pro¬

YYY'

Business-^Sale of groceries, drugs and general merchan¬
dise. Proceeds—For expansion, inventories and working

T-A

Sept.

Y.

IKTote'm of West

Aug.

.Realty & Construction Fundf Inc.

March 20, 1962 filed -500,000 common;:; Price—$20:
Bus!-/
ness—rA real- estate investment/

.To

N.

B.-

Wallace

*

Feb.

Waterman

Turbodyne Corp.

; .-••• /; —Research, development and production and overhaulStratford Financial Corp. /.Ying of gas turbine engines;1 Proceeds—For debt repayMarch 29, 1962 filed 315,000- class A shares of which v ment, research and development,.a new plant and wcrk*
218,000 are to be offered by the company and 97,000^^by^^ : ing capital; Office
1346 Connecticut Avenue, N. W.f
the stockholders;
Price—$6.' Business—Commercial fi-:
Washington, D; C. Underwriter—Sandkuhl & Co., Inc.,
nance

Vending Components, Inc.
30, 1962 filed 100,000 common. Price—$4. Busi¬
ness — Manufacture,
design and sale of metal valves,,
mixers, taps, etc., for vending machines; Proceeds—For
expansion, new products and other corporate purposes.
Office—204 Railroad Ave., Hackensack, N. J.
Underwriter—Keene & Co., Inc., N. Y.
March

13,
—

St., Auroca,
Aurora, Colo.
Y
1
Y

Underwriter—Westco Corp.,

Colo.
'

Continued

on

page

44

44

The

(1544)

Continued from page

43

Wheeler & Ryan,

J

:

-

.

—

Office—Thompson Bldg., Tulsa.
Edwards, Inc., Oklahoma City.

purposes.

Photo

White

Offset,

26th

(L.

F.),

Inc.

to

be

;

A")

260,000

shares

capital

-A* Russell Stover Candles, Inc.
Oct. 3, 1962 filed 120,000 common.
Price—By amend¬
(max. $25). Business—Manufacture of chocolates
and other candies.
Proceeds—For selling stockholders.
Office—1206 Main St., Kansas City, Mo.
Underwriters
—Harriman Ripley & Co., Inc., N. Y. and Stern Brothers
& Co., Kansas City.
..

to

(J.J & Co., Inc. 1 ■ >
;
Oct. 1, 1962 ("Reg. A") 50,000 class A. Price—$6. Busi¬
ness—Company is: a licensed pawn broker. Proceeds—
For general corporate purposes.
Office-—1176 Ave. of
Americas* N. Y. Underwriter—Richard Bruce & Co.,
Inc., N. Y.
*
.
•'
Simpson

be

Rights will

Price—$3. Business—Operates a chain of

Wiegand (Edwin L.) Co.
March 30, 1962 filed 606,450 common. Price—By amend¬
ment. Business—Manufacture of electrical heating ele¬
ments for

industrial, commercial and household applica¬
selling stockholders. Office—7500

/

Proceeds—For

tions.

Thomas Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore, Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis,
Offering—Temporarily postponed.
Wiener Shoes

if Georgia Power Co. (11/70 >
Oct. 5, 1962 filed 70,000 shares of* no par cum. preferred.
Price—By amendment.
Proceeds—For repayment of
bank
loans, and construction.
Office—270 Peachtree
Bldg., Atlanta, Ga. Underwriters—(Competitive). Prob¬
able bidders: Blyth & Co., Inc.; First Boston Corp.;
Morgan Stanley & Co.; Eastman Dillon, Union Securities
&
Co.-Equitable Securities
Corp. (jointly); Lehman
Bids—Nov. 7 (11:30 a.m. EST) in Room 1690,

250 Park

Inc.

April 2, 1962 filed 80,000 common. Price — By amend¬
Business—Operation of a chain of shoe
Proceeds—For debt repayment, expansion and

^Georgia Power Co. (11/7)
Oct. 5, 1962 filed $23,000,000 of

working capital. Office — 808 Dakin St., New Orleans.
Underwriter
Howard, Weil, Labouisse, Friedrichs &

construction.

due

Co., New Orleans.

Electronics, Inc.

28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
electronic measuring devices and test equipment. Pro¬
ceeds—For debt repayment and other corporate pur¬

Dec.

Office—1005 First Ave., Asbury Park, N. J. Under¬
Inc., N. Y.

writer—Amos Treat & Co.,
Wolf Corp.

1962 filed

Work Wear

Corp.

26, 1962 filed 130,000 common. Price—By amend¬
ment (max. $27). Business — Manufacture and sale of
work clothing. Company is also engaged in industrial
laundering and garment rental. Proceeds—For debt re¬
payment, acquisitions and working capital. Office —
&

E.

25th

St..

Cleveland.

...

_

ment

work

intense

with

heats

Company also

navigation.

working capital, research and
130 Lincoln St., Brighton, Mass.

Underwriter—Hornblower

Weeks, N. Y. Note—This registration is being with¬

in

encountered

manufactures

ited materials to withstand intense heat.

(10/22-26)

March 22, 1962 filed

Proceeds—For

products.
Office—
Underwriter—None.

new

insurance

tures

capital.

sales. Proceeds—For expansion and working
Office—Norview Bank Bldg., P. O. Box 10007,
Norfolk, Va. Underwriter—None.

$360,000 of 6% convertible deben¬
(with warrants) and 36,000 common, to be offered
in units of one $80 debenture and 8 shares. Price—$100
per unit. Business — Financing of commercial accounts
receivable. Proceeds—For general
corporate purposes.
Office—114 E. 40th St., New York/ Underwriter—Leib,
Skloot & Co., Inc., Clifton, N. J.

-k Metropolitan- Edison -Co*
Oct.
due

common.

Price—$5.

Proceeds

(12/3)

$15,000,000 of first mortgage bonds
—

For

construction.

Office

—

2800

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

if Pacific Power & Light Co. (11/26)
Oct. 3, 1962 filed $32,000,000 of first mortgage bonds,
due 1992.
Proceeds—To refund $12,000,000 outstanding
5%% bonds due Jan. 1, 1987 and $20,000 of outstanding
53/4% bonds due Sept. 1, 1987. Office—920 S. W. Sixth
Ave.,
Portland,
Ore.
Underwriters—(Competitive).
Probable bidders: Halsey, Stuart & Co. Inc.; Eastman
Dillon, Union Securities & Co.-Kidder Peabody & Co.
(jointly); Lehman Brothers-Bear^ Stearns--&-Co.-Salo-

Busi¬

type nylon zipper. Proceeds
—For
equipment, debt repayment, advertising, and
working capital. Office—Box 117 Uncasville, Conn. Un¬
a

1962 filed

Pa.

Mountain, Inc. (10/30)
March 30, 1962 ("Reg. A") 10U,U00 common. Price—$3.
Business—Operation of underground cold storage facil¬
ities. Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark.
Under¬
writer—Don D. Anderson & Co!. Inc.. Oklahoma City.

ness—Manufacture of

10,

1992,

Pottsville

Zero

Zipco Inc.
Sept. 26, 1962 filed 150,000

of junior

dresses and suits. Proceeds—For debt repay¬
advertising, and working capital.
Office—3809
Perry Ave., Dallas.
Underwriter.—Eppler, Guerin &
Turner, Inc., Dallas.

new

derwriter—None.

mon

Issues Filed With SEC

Brothers

Weld & Co.

EST).

Effective Registrations
The

were

de¬

Offering
details, where available, will be carried in the
Monday issue of the "Chronicle," >

:

Emcee

Electronics,

Inc.

$200,000 of 6%% convertible debentures due 1974 and
50,000 common shares, offered in units of $200 of debentures>and 50 shares, at $400 per unit, by Weil & Co.,
Inc., Washington, D. C.
FUeldcrest

Mills, Inc.

300,000 capital shares offered at $14 by Blyth & Co., Inc.,
New York.

-

.

Goldsmith

r

Bros.

common shares offered at $5
Stonehill & Co., N. Y.

100,000
man,

per

share by Feder-

Lyntex Corp.
$600,000 of 6Y2% sinking fund debentures due 1977 and
168,000 common shares offered .in units, at $144 each,
of one $100 debenture and 28 shares by P. W. Brooks
& Co., Inc., New York.
k-kk,.
:kk;
Surburban Water

Service, Inc.

30,000 shares at $1& by Putnam & Co., Hartford, Conn.
The shares may be 90c dividend preferred or no par
common or a combination of both, as designated by the
underwriting manager at least 72 hours prior to deliv¬
ery of stock.«
...

Textron, line.
40,000 common shares offered at $25
& Co., Inc., New York.
Video

per

share by Blair

Color

Corp..
shares offered at $1.15
Naftalen & Co., Inc., Minneapolis.
1,000,000

common

per

share by

ATTENTION UNDERWRITERS!
Do you have an issue you're

Our

(jointly); Blyth & Co.-White,
Bids—Expected Nov. 26 (11 a.m.
p.m.

following registration statements

clared effective this week by the SEC.

Hutzler

(jointly).

Information Meeting—Nov. 21 (2:30

2 Rector

This Week

&

ment,

space

vapor-depos¬

if Investors Equity Corp.
Oct. 3, 1962 ("Reg. A") 300,000 shares of 5% convertible
preferred.
Price—$1.
Business—General agent for life

drawn.

Worth Financial Corp.

Business—Design, manufacture and sale of retail stores

Peachtree Bldg., Atlanta,

-

.

Mar.

1768

Office—270

if Hialeah Metal Spinning & Stamping Co., Inc.
Sept. 28, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Design, engineering, fabrication and sale of
metal spinnings, stampings and related products. Pro¬
ceeds—For advertising, equipment, research, and work¬
ing capital. Office—4602 E. 10th/CbiS^';51ialda,h^rFla.
Underwriter—None.
■;.[/,
■
'
iji* l>r;n
k'.'arfo
if High Temperature Materials, Inc.Sept. 28, 1962 ("Reg. A") $300,000 of 6% subord. deben¬
tures due Oct. 31, 1967 (with attached warrants). Price
—$1,000 Business—Engaged in research and develop¬

$4,500,000 of 6.5% convertible sub¬
ordinated debentures due 1977 (with attached warrants)
to be offered for subscription by stockholders of class
A stock on the basis of $500 debentures for each 100
class A shares held. Price—$500 per unit. Business—
.Real estate. Proceeds—For debt repayment and realty
acquisitions. Office—10 East 40th St., N. Y. Underwriter
—S. E. Securities, Inc., 10 East 40th Street, New York.
Note—This registration will be withdrawn.
26,

first mortgage bonds

Proceeds—For repayment of bank loans, and

1992.

Ga.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co. Inc.; Harriman Ripley & Co., Inc.; Blyth &
Co., Inc.; Kidder, Peabody & Co.-Shields & Co. (joint¬
ly); Equitable Securities Corp.-Eastman Dillon, Union
Securities & Co. (jointly); First Boston Corp.; Lehman
Brothers; Morgan Stanley & Co. Bids—Nov. 7 (12:30
a.m. EST) in Room 1600, 250 Park Ave., N. Y.
Informa¬
tion Meeting—Nov. 1
(2:30 p.m. EST) in Room 1420,
20 Pine St., N. Y.

—

Jan.

if Wolf (Howard B.), Inc.
Oct.
8, 1962 filed 105,000 common, of which 50,000
shares are to be offered by company and 50,000 shares
by a stockholder.
Price—By amendment (max. $10).

Information Meeting—Nov. 1 (2:30

Ave., N. Y.

EST) in Room 1420, 20 Pine St., N. Y.

p.m.

ment (max. $11).

poses.

.

if; Wisconsin NatUraLGas Co.;! (10/31)
Oet. 3, 1962 filOd $5,000;000 of first mortgage
bonds
due Nov. 1, 1987.
Proceeds—For loan: repayment, re¬
tirement of. 5% % bonds due 1982, and construction. Of¬
fice—100 Third St., Racine, Wis: Underwriters—(Com¬
petitive). Probable bidders: Halsey, Stuart & Co. Inc.;
Salomon Brothers & Hutzler- Merrill Lynch, Pierce Fen¬
ner and Smith Inc. (jointly); White, Weld & Co.-Kidder,
Peabody & Co. (jointly). Bids—Expected Oct. 31. -

Brothers.

stores.

Winslow

Proceeds-;-*
N.- Y.

sportswear.

ment

stockholders on the basis

offered for subscription by

of 1.27 shares for each share held on Oct. 1.

■

f

popular priced

selling, stockholders. Office—1372 Broadway,
Underwriter—Shearson, Hammill & Co., N. Y.
For

^ expire
Oct. 14. Price—$1. Business—Construction of
retail, motor hotel. Proceeds—Construction of motel units and
drug stores. Proceeds—Expansion, equipment and work^
air-strip, salaries, and working capital.
Address—North
ing capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
/ Fork Route, Cody, Wyo. Underwriter,—None.
' /
Underwriter—Godfrey* Hamilton; Taylor & Co., N, Y.

holders.

children's

and

,

if Flying L Skytei
/ Oct. 4, 1962 ("Reg.

-

1961 filed 162,000 common, of which 102,000 are
offered by the company and 60,000 by stock¬

Oct. 27,

4,

ment (max.

if Florida Power Corp. (11/1)
Oct. 10, 1962 filed 100,000 cumulative preferred. Price—
By amendment (max. $102). Proceeds—For debt repay¬
ment and construction. Office—101 First St., S., St. Peters¬
burg, Fla. Underwriters—Kidder, Peabody & Co., Inc.,
and Merrill Lynch, Pierce, Fenner & Smith Inc., N. Y.

Inc.

ment, equipment and working capital. Office—142 W.
St., N. Y. Underwriter — K-Pac Securities Corp.,
New, York. Offering—Expected sometime in December.

Thursday, October 11, 1962

.

.

..

Underwriter

July 13, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Photo-offset printing. Proceeds — For debt repay¬

Widman

Oct.

•Sept.
*

.

Togs, Inc.
1962 filed "l59,254 class A, Price—By amend¬
$15). Business—^Production of misses, junior

if

if Electronic Distributing Co.
28, 1962 ("Reg. A") 4,000 common.
Price—$25.
Business—Company is engaged in the purchase* and
sale of personal property.
Proceeds—For selling stock¬
holders. Office—891 Yandalia St., St. Raul. Underwriter
—None.
...k/
V

,

Inc.

July 30, 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.
Proceeds
For repayment of debt and other corporate
—R. J.

Commercial and Financial Chronicle

Corporation

to know about it

News
so

planning to register?

Department

that

we

can

would

like

prepare an

item

similar to those you'll find hereunder.

EST) at

St., N. Y.

Would

write

if Pork-Pak Inc.
Oct
3, 1962* ("Reg.

telephone

you

us

us

at

REctor

-

2-9570

or

at 25 Park Place, New York 7, N. Y.

A") 60,000 common. Price—$3.50.
Business—Company has developed a new device for the
ic Ampal-American Israel Corp.
Oct.

8, 1962 filed $5,000,000 of its 6% s, f, debentures
(series J) due 1972. Price—At par. Business—Company
was formed in 1942 to develop trade between U. S. and
Israel, and to aid in economic development of Israel.
Proceeds—For repayment of loans.
Office^l7 E. 71st
St., N. Y. Underwriter—Israel Securities Corp. (same
address).
•
• %
'
v
.
.

if California Financial Corp.
Oct. 2, 1962 filed $5,000,000 of

,

,

V

~

subord. debentures
Business—A holding company
for savings and loan associations, Certain subsidiaries are
conv.

due 1977.- Price—At par.

engaged in trust deed, title, escrow, mortgage brokerage

^

cleaning of the perculator basket and disposal of coffee
grounds. Proceeds—For fabricating machine, equipment
and working capital. Office—-162
Burnham, Kensington,
Conn.

•

if Quick-N-Clean Corp. of Minnesota, Inc.
Oct. 1, 1962 ("Reg. A") 205,000 common.
Price—$1.15.

Business—Company plans to
ated

dry cleaning stores.

open a

chain of coin

Proceeds—Advertising,

oper¬

expan¬

sion and working capital.

Office—712 Fir St., Brainerd,
Underwriter—Northwest Securities, Inc., Detroit

Minn.

Lakes, Minn.

if Regal
Oct.

2,

k

Factors,
1962

:

-

Inc.

("Reg.

A") 99*000 common.
Price—$2.
repay¬
Business—Company plans to engage in factoring and
ment and cash.reserves.
Office—11,Tillman PI.; San
accounts receivable financing. Proceeds^—For working
Francisco. Underwriters—William K. Staais &
Co., Los
capital. Office—32 Broadway, N. Y. Underwriter—EdAngeles, and J. Barth & Co., San Francisco.
h ward H. Stern & Co., Inc., N. Y.
and

insurance

businesses.




Proceeds—For

debt

Prospective Offerings

Underwriter—None.

B'e-Mac Transport Co.,

Inc. (1G/15)
reported that the ICC had author¬
35,000 outstanding $1 par common shares.
Price—$11. Business — A motor carrier of general com¬
modities providing direct service to over 600 municipal¬
ities in six mid-western states. Proceeds—For selling
stockholders. Office—7400 North Broadway, St. Louis,
Underwriter—Edward D, Jones & Co., St.. Louis.
;
kSept. 17, 1962 it

was

ized the sale of

Belock

Instrument

Sept. 4, 1962 it

Corp.

reported that the company plans to
raise an additional $1,000,000 by sale of securities. Busi¬
ness—Company produces various-defense items, such as

bomb-sights,

was

gun

directors* missile system components,
working capital and other corporate

etc. Proceeds—For

196

Volume

*

Number 6202

;

.

The Commercial and Financial Chronicle

.

of

Office—112-03 Fourteenth Ave., College Point,

purposes.

Underwriter—Carl M. Loeb, Rhoades & Co., N. Y.

N. Y.

Biologies International Inc. 15, 1962 it was reported that this company plans
to file a registration statement covering 125,000 com«
mon
shares.
Price—$3. Business—Company plans to
and supply animals for biological research pur¬
Proceeds—For general corporate purposes. Office
—7520 Bergenline Ave., North Bergen, N. J. Under¬
writer—To be named.
; " '

breed

poses.

Public

Service

Co.

July 10, 1962 it was reported that this company plans
to issue about $10,000,000 of first mortgage bonds in
1963. Proceeds—For construction. Office—607 E. Adams

Co., Inc.,. N. Y.vV/'
V:A'J
Kentucky Utilities Co.,....
A} ;/
Aug. 1, 1962 it was reported that this utility plans to
sell approximately $15,000,000 of 30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So: Lime¬
stone St., Lexington, Ky.
Underwriters—(Competitive).

St., Springfield, 111. Underwriters—(Competitive). Prob¬
bidders:

,

Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner,.&
Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
.
/. •
able

Eastman

Consumers Power Co.

'

-J"

Robert P. Briggs,

Sept. 4,- 1962,

,

1

^

v

Probable

bidders:,Blyth & Co., Inc.; Halsey, Stuart &
Inc.;, Kidder, Peabody & Co.-White,' Weld & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc. (jointly),
v:
Co.

^

Executive Vice-Presi¬

\

%

Louisville & Nashville RR. (il/14)
Aug.. 28, 1962 it was reported that this road is consider¬
ing the issuance of $25,000,000 of collateral trust bonds
due
1987, subject to ICC approval.
Office — 220 E.
42nd St,, New York. Underwriters—(Competitive). Prob¬
able bidders: White, Weld & Co.-Salomon Brothers &
Hutzler
(jointly); Halsey, Stuart,& Co. Inc.;, Morgan
Stanley & Co. Bids—Expected Nov. 14.
j.'-sy',

dent, announced that the company had postponed until
mid-1963 its plan to sell additional securities because of
"larger than anticipated, internal generation of cash, sub¬
stantial refunds from natural gas suppliers and the
increased use of bank credit." Earlier, the company re¬

ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
212 West Michigan Ave., Jackson, Mich. Underwriters—

(Competitive).

v

1951 as a Japanese Government financial institution to
•supply long-term 'funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.; Dillon, Read & Co. Inc.; Smith, Barney &

.

Montana-Dakota

Probable bidders: Halsey, Stuart & Co.

Oct.

Inc.; White, Weld & Co.-Shields & Co. (jointly); Harriman
Ripley & Co. Inc.-First Boston Corp. (jointly);

to

Morgan Stanley & Co.

December.

Power &

Delaware

on

on

<

the number of shares out¬

11,

1962

Inc.

,*■

authorized the

stockholders

rights

on

a

■

to
convertible preferred stock
company

l-for-10 basis. Price—By amendment.

Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6% preferred stock

$6,000,000 convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written by Eastman Dillon,
Union Securities & Co.,
and purchase up to

New York.

if Gulf States Utilities Co. (11/13)
Oct. 5, 1962 it was reported that this company plans to
sell $16,000,000 of first mortgage bonds due 1992. Pro¬
ceeds—To retire

a

.

Highway Trailer Industries, Inc.
Sept. 10, 1962 it was reported that this company plans
to raise some $2,500,000 by a rights offering to stock¬
holders. Authorized stock now consists of 2,000,000 $1.25
par common shares of which 714,086 shares -are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬

ment, etc. Proceeds—To help form a new finance com¬
pany subsidiary. Office—250 Park Ave., N. Y. Under¬
writers—To be named. The last financing by the com¬
pany
was
underwritten by Allen & Co., and Van
Alstyne, Noel & Co.. New York City.^' '
* ;
Power

Co.

/';■
Feb. 28, 1962 it was reported that this utility expects to
sell

$25,000,000 of debt securities in late 1962 or early
Office—500 South 27th St., Decatur, 111. Under¬
writers—To be named. The last sale of bonds on May 21,
1958 was made through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch, Pierce, Fenner & Smith, Inc. (jointly);
Eastman Dillon, Union Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).;
1963.

•

Interstate

Power

Co.

Oct.

10, 1962 it was reported that the company plans to
sell $8,000,000 of first mortgage bonds and $4,000,000 of
common stock in late May, 1963. Office—1000 Main St.,

Dubuque, Iowa. Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; Salomon Brothers & Hutzler; White, Weld & Co.
Jamaica Water

Supply Co.
reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks. Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co. Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold privately. The last sale
March
to

20,

1962 it

bidding

on

—

831

issue

bond

was

,

won

be
competi¬

at

Dec. 3, 1958 by Eastman Dillon, Union
& Co., Inc.-

proval of the Board and the SEC. The stock was or¬
iginal^ obtained under a Sept. 9, 1958 agreement under
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares an<^ the lease of each others jet
planes during th^YesJfexr^ve'busiest"seasons. The CAB
later disapproved this plan and ordered the airlines to
themselves of the stock. Price — About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
divest

Airport, Miami 59, Fla. Underwriter—Merrill
Pierce, Fenner & Smith Inc., New York.
Natural Gas Pipeline

Lynch,

Co. of America

-June

12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year. Business—Operation
of two
natural gas pipeline systems extending from
Texas to the Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
Nevada

Feb.

28,

Northern

1962

it

Gas

Co.

reported

was

/;>t;;v'v
that

this subsidiary of

Southwest Gas Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las Vegas Blvd., South, Las Vegas,
Nev.

Underwriter—Eastman

Co., N. Y.

;

V

Dillon, Union Securities &

,;V;V ./

■

New

England Power Co. (12/4)
Oct. 2, 1962 it was reported that this subsidiary of New
England Electric System plans to sell 100,000 shares of
cum. dividend series preferred
(par $100) in December.
Proceeds—To redeem $10,000,000 of outstanding 5.52%
series preferred. Office—441 Stuart St., Boston. Under¬
writers
(Competitive).
Probable bidders:
Merrill
Lynch, Pierce, Fenner & Smith Inc.-Eastman Dillon,
Union
Securities & Co., (jointly);
Lehman Brothers;
—

'Equitable Securities Corp.; Kidder, Peabody & Co.;
Lee Higginson Corp.-White, Weld & Co. (jointly). Bids
—Expected Dec. 4, 1962
.

(12 noon EST).

New England Power Co.. (12/4)ur ;

Oct. 2, 1962 it was

,

^

reported that ,this utility plans to sell

$12,000,000 of 30-year first mortgage bonds

in Decem¬
ber, 1962. Proceeds—For debt repayment and construc¬
tion.
Office—441
Stuart
St., Boston. Underwriters—
(Competitive). Probable bidders: Falsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman
First
Dec.

Brothers-Eauitable

Securities

Boston
4

Corp.; Kuhn, Loeb & Co.
(11 a.m. EST).
• •
/,

fiointlv):

Cnro.

Bids—Expected

7:-w//;




of 1963.
Office—321 No. Harvey St.,
Underwriters—(Competitive). Probable
bidders: Merrill Lynch,. Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc.
(jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman
Dillon,
Union Securities & Co. (jointly); Equitable Securities

Corp.

■

■

28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
program. About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
named. The last sale of bonds on July 14, 1960, was
handled
by First Boston Corp. Other bidders were:
Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
Securities Corp. (jointly); Glore, Forgan & Co.

Feb.

Natural

28, 1962 it was

Underwriter—To

bentures

basis by

on

Nov.

16,

be

1960

named.
was

'

_

(11/27)

Sept.- 21, 1962 it was reported that this utility plans to
sell $65,000,000 - of first and refunding mortgage bonds
1987. Proceeds—For construction.

due
ket

St.,

San Francisco.

Underwriters

Office—245

Mar¬

(Competitive).
Halsey, Stuart & Co. Inc.; Blyth & Co.
Inc.; First Boston Corp. Bids—Expected Nov. 27.
—

Probable bidders:

Pan

American

World

/

Airways, Inc.

Oct. 30, 1961 it was reported that the CAB had
approved
the company's plan to sell its 400,000 share

holdings of

National
start

Airlines, Inc.

However, it said Pan Am must

selling the stock within

one year and

complete the

sale by July 15, 1964. The stock was originally obtained
under 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
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of

the

stock.

Office—135

writer—Merrill Lynch,

East 42nd St., N. Y. Under¬
Pierce, Fenner & Smith Inc. ^

Pennsylvania Power & Light Co.
Jack K. Busby, President and C. E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.

Feb. 20, 1962.

Proceeds—For

construction and the retirement of $17,maturing bonds.
Office—9th and Hamilton
Sts., Allentown, Pa.' Underwriters—To be named. The

000.000

of

sale

of

bonds

on
Nov. 29, 1961 was won at com¬
by White, Weld & Co., and Kidder,
Other bidders were Halsey, Stuart &

bidding

Peabody

&Co.

Co. Inc.;

First Boston Corp.-Drexel & Co. (jointly).

South

Carolina

Electric

&

Gas Co.

Aug. 1, 1962 it was reported that the company plans a
rights offering to stockholders of approximately $8,500,000 of common stock.
Office—328 Main St., Columbia,
S. C.

Underwriter—To be named.

The last rights offer¬
1958, was underwritten by Kidder,
Peabody & Co., N. Y. Offering—Expected in the first

ing

in- February,

y'

quarter of 1963.
Southern

Aug.

Generating Co.

(11/28)

was reported that this subsidiary of
plans.to sell $7,500,000 first mortgage
bonds due June 1, 1992. Office — 600 N. 18th Stry it,
Birmingham, Ala. Underwriters — (Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart & Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly)
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬

the

21,

Electric

it

1962

Southern

Co.

tration—Scheduled

for

Nov.

1.

.

^

★ Southern New England Telephone Co.

v

(12/11)

Oct. 5, 1962 it was reported that this A. T. & T. affiliate
plans to sell $45,000,000 of debentures. Proceeds—To re¬
pay advances from A.T. & T., and for other corporate pur¬
poses. Office—227 Church St., New Haven, Conn. Under¬

writers—(Competitive). Probable bidders: White, Weld
& Co.-Kidder, Peabody & Co. (jointly); Halsey, Stuart
& Co, Inc.; Morgan Stanley & Co.; Lehman BrothersSalomon Brothers\&
Hutzler
(jointly); First Boston
Corp.; Merrill Lynch, Pierce, Fenner & Smith Inc. Bids
--Expected Dec. 11 at 195 Broadway, New York.
Southern

Union Gas Co.

Aug. 15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred
stock in the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last
rights offering of preferred stock in April 1959 was
handled by Snow, Sweeny & Co., Inc., N. Y., and A. C.
Allyn & Co., Chicago.

* Tennessee Valley Authority
Oct. 3, 1962, A. J. Wagner, Chairman, stated that the
Authority plans to issue $50,000,000 of short- or longterm

securities

in

the- spring of

1963.

Proceeds—For

construction.

Office—Knoxville, Tenn. Underwriters—
To be named.
On Jan. 24, 1962 the Authority sold at
competitive bidding $45,000,000 of 4%% bonds due Feb.
1, 1987. The issue was won by a group jointly managed
by Chase Manhattan Bank; Morgan Guaranty Trust Co.
of

New

York;

Chemical Bank New York Trust Co.; C.

J. Devine & Co.; and the First National Bank of Chicago.
Western Light & Telephone Co., Inc.
'
Aug. 1, 1962 it was reported that the company plans to
a

of

approximately $5,000,000 of common stock through
rights offering to stockholders, in the second quarter
1963.

Office—2015

Underwriter—To

January, 1957,
San

The

handled

Blyth & Co., Inc., N. Y.

last
on

sale
a

of de¬

negotiated

Forest

be named.

was

Ave.,

Great

The last rights

Bend, Kan.
offering in

underwritten by Dean Witter & Co..

Francisco.

if West Penn Power Co. (11/8) ;
Oct. 5, 1962 it was reported that this utility plans to
sell $14,000,000 of first and refunding mortgage bonds
due

1992. Proceeds—To

bonds due June

Gas Co.

reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
Neb.

_

,Pacific Gas & Electric Co.

sell

Northern Illinois Gas Co.
Feb.

Northern

/

Electric Co.

quarter

last

,

&

Oklahoma City.

petitive

Lynch, Pierce, Fenner & Smith Inc. (jointly);
Halsey; Stuart & Co. Inc.; Equitable Securities Corp.
Bids—Expected Dec. 5, 1962.
"
V,,*, ^

was

sell

second

Merrill

like amount of 5*4% bonds due 1989.

Office—285 Liberty Ave., Beaumont, Tex. Underwriters
—(Competitive). Probable bidders: Salomon Brothers &
Hutzler-Eastman Dillon, Union Securities & Co. (joint¬
ly); Stone & Webster Securities Corp.; Halsey, Stuart &
Co. Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Lehman Brothers. Bids—
Expected Nov. 13. /
'
J
1

Illinois

last

Office

National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly '400,000 shares oi
Pan American World Airway's Inc., subject to final ap¬

which will be offered to stockholders through subscrip¬
tion

The

construction.

Minneapolis, i Underwriters—To

,

418,536 shares. Proceeds—For construction. Office—600
St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
W. C. Langley & Co.-Union Securities Co.
(jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
Co.-Shields & Co; (jointly); Kidder,. Peabody &„Co.Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).;
Food Fair Properties,

(12/5)

.

Market

May

S.,

tive

Co.

Gas

45

Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 30-year first mortgage
bonds, in the

Securities & Co. Other bidders, were:. Blyth

Dec. 31, 1961, the sale would involve about

issue 756,000 shares of a new

Proceeds—For

Ave.,

named.

March,9, 1962 it was reported that the company has post¬
poned Until early Spring of 1963 its plan to issue addi¬
tional common stock.
The offering would be made to
common stockholders first on the basis of one share for
standing

sell

Utilities

1862 it was reported that this company plans
$12,000,000 of 25-year first mortgage bonds in

Second

Light Co.

each 10 shares held. Based

2,

Oklahoma

May 9, 1956 was made through Blyth &

Japan Development Bank
*v.
July 3, 1962 it was reported that the Japanese Finance
Ministry, has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by
March 31, 1963. Business—The bank was incorporated to

'

Illinois

on

Co., inc.

Aug.

Central

common

(1545)

redeem

a

like amount of 5Vs%

Cabin Hill, Greens(Competitive). Probable bid¬
Kidder, Peabody & Co.-White, Weld & Co. (joint¬
ly); Halsey, Stuart & Co. Inc.; W. C. Langley & Co.Stone & Webster Securities Corp. (jointly); First Boston
Corp.-Harriman Ripley & Co. (jointly); Lehman Broth¬
ers-Eastman Dillon, Union
Securities Corp. (jointly).
Bids—Expected Nov. 8 (11 a.m. EST),
1, 1989. Address

burg, Pa. Underwriters
ders:

—

—

46

The Commercial and Financial Chronicle

(1546)

to Ward's. Included in the

INDUSTRY

The State of TRADE and

total

since

to Detroit's ambitious
demand for sheets has
Picked "P mor,e tkan ?nou?h to
Thanks

16

Continued /row page

the

year's

668,500 units made

some

are

industry changeover to

Plans,

♦Index of Ingot

offset

^d«cWhwi for

1962,

such products ; as tin plate, line
pipe, and the wide plates that are

Motor's

.

Oct. c,

1962

_

North East Coast—

9Z

used to make

Buffa10

■

88

•;

--------

Youngstown

;

.

~~~

•

103

;

Cincinnati

_

Western

•

pressure

•

*

~

•

No.

of
production based on
production for 1957-1959.

♦Index

average

fi7

tnn

rfrnce

it

last

■

held

at

week

melting,

a grOSS ton

ago,

year

prices. Steel's

scrap

on

1/heavy

$20.b/

-

A

;

doubt

steelmakers
will

market

higher

support

be

but .producers would
hard time making selec-

out,
a

Most

stiff

face

products

competition at current levels.
-•

and

price

a

stioulct

flurry

rise."

not

added:

He

I

inconsistent

with

of

new

a

profit

squeeze,

are

facing

competi-

in

steelmakers

themselves, with com-

and with im-

petitive materials,
ported products.

Coast

of

average

quotations

$12

might find
sorb

freight

sustained. As
start

fajse

result, fears of a

a

abating somewhat

are

business continues to improve.

steel from the auto industry continue to lag behind what would
t>e expected as normal for this

mills

Eastern

the first week in October, auto
production reached its highest

weekly total in more than four
months as 154,000 cars came off
assembly lines. y
Ford

kind

of

production

auto

wotild

cut prices to sell

Coast, but one lead-

The

magazine

was

un-

order

factory

and

production

one

of the factors that

less than enthusiastic

triggered

the

Kaiser"

rate of

Im-

move.

several

wide

flange

beams.

sheet

prices

were

adjusted downward last week by
one

Reductions

company.

from

fractions

cents

price lists

nize

levels

sheets

have

been

imports this
Price

metals
for

are

said to recog-

which

reflect increased

aluminum

moving and to

competition from

year.

in

movements
noted

high purity

other

by Steel. Prices

In

ducer.

alloy

raised

by

2%

a

pro-

a

prices

contrast,

beryllium

,

products

said

Buying Spurs Steel Upturn

stems

upturn
largely

automotive

in

in

® would

to 153,656 units, a

come

5.2% rise from 146,110 cars made
*"wo weeks ago and comparable
with production for any session
year. In the corresponding
week of * year ago, 102,098 cars
® Jea^Taf0

^igure'

!101wever' reflected effects of

from

demand.

Last
was

596,862

raw

cost

foodstuffs

-

It is hot

of

°r

strikes

c°

J? or

'

at

Ford

an<* General Motors

is

This

If

programmed

at

"buying

teiitative

month's

the

September since 1953»




output

largest

for

Output

orders

the

are

Association

the

Railroads

was

increase of 4*708

an

of

announced.

1%

cars

above the

When 917,972

cars

were

made in

Production

of

passenger

cars

since Jan. 1 passed the five-million mark

early today, according
,

commodity price level edged
slightly

in

affected

were

by

month

1961

238,518.

plete work stoppage on the Chi¬
North Western system.

and

cago

The loadings represented'a' de¬
of

crease

40^432

low. | the

cars

8.3% be¬

or

238,789

—

Last

the

decrease

a

of

Saturday,
to

es¬

kwh.,

Edison

the

There

15,493

were

loaded with

one

the declines
Set the

;

highway trailers
tainers

reported
revenue

highway

or

(piggyback)
in

that

This

was

over-all

increase; of

an

,

above

the

1961

and

;'y/yy

/

Cumulative piggyback loadings
for

the

first

totaled

38

507,028
of

crease-

weeks

of

for

cars

87,470

cars

in¬

an

20.8%

or

1861, and 104,390

25.9%

cars or

corresponding period in

systems

class I

U. S.

originating

this

and 55 in the

of

against

period,

Tonnage Is Up 1.9%

Intercity truck
ended

in

tonnage in

Sept.

the

ahead of the corresponding

week

the

29

American

Trucking

Associations

announced.

tonnage

1.9%

was

for the

Truck

ahead

of

the

previous week of

this year.

volume

in

dip

slightly

is

late

summer

the

fact

truck

With

below

that

upturn

this

tonnage

weeks

of

week,

Coupled

they

in

throughout

was

items.
-'63

Failures

liabilities in

with

cess

of

$100,000

from

39

a

the

On

year.

climbed

week

ago

,

ex¬

to

-Buying

breaking

48

sales

hitv

.the

of

record-

a

for*- Chevrolet,

pace

•

despite

•

the big tiqket

on

cars

hfbme

increased

nation

Introductory

model

wear

of

-

.even or

the

slower activity

.

children's

and

furnishings held

pre-war

mortality

-

this

apparel sales

slightly ahead but interest

women's

turned >'* down.

Measured

buy i;n g
ended

week,

Men's

|the

slackened

and

consumer

in. the

moved

oc¬

Ford, and Lincoln.

;

and 36 last

total dollar* volume of .'re¬

The

other

hand, there
during the week tail'trade in the week ended this
involving / losses Wednesday ranged from 1% be¬

was

little change

in

casualties

under

$100,800, which

low to 3%

inched to

cb

a c

the 294 of this size in the similar

collected

week of

Inc.

1961.

152 from

in

22.

Little

ties stood at 58

contrasting

wholesale

the

to

50

from

change

trade,

off

to

38.

Failing

or

exceeded

year-ago

&

levels

1961

varied

levels

percentages:

Central

to

—8

to

Pacific

0;

to

4-3;

West

to

in

equalled

estimates

Bradstreet,

estimates

+5;

South

by

•

West

—4;

New

Central

to

—2

North

South

4-2;

Central

•:.v Nationwide

in

Sales -Rose

Central

4-1

Atlantic and

4-3 to

from

31

businesses

Dun

by

following

—4

casual¬

prevailed

spot

Middle Atlantic and Mountain —1

against 60, and

as

dip

a year ago,

to

g

England and East South

appeared

where

n

comparable

North

41,

service concerns to 27

manufacturing

a

rose

144, among construc¬

contractors

from

retailers

among

r

Regional

from

toll

higher'than

d i

270 from 286 and remained below

struction.

East

+7.

Department Store

3% Above 1961 Week

the

the

Wholesale Food Priee Index

reported
week

ended

Wholesale

compiled

Food

by Dun

Price

&

sales

Index,

on

5%

rose

for

1962,

29,

ended Sept. 22,

from

week period-ended

the

corre¬

the four

Sept. 29, 1962,

sales advanced 8%

Oct.

report, intercity 9 from $5.91 a week earlier. At
for the first 39 the lowest level-since the middle

in¬

advance

sponding 1961 week. In

Bradstreet,

Inc., slipped 0,5% to $5.88

Board's

Sept.

1961. For the week

espe¬

a

taken from

as

3%

a

on

compared with the like period in

Off "Slightly in Latest Week

usual

sales

Federal Reserve

dex

1961
Continuing to edge down for the
with second consecutive wee k, the

year

store

country-wide basis

enterprises succumbed

than last year.

the

a

Department

But, fewer wholesalers

and service

1962, has shown an of July, the index remained 1.8%
increase of 5.9%, on a below the $5:99 registered on the
year-to-year basis.
corresponding day of 1961.
These findings ate based on the
Prices
declined
in
wholesale

average

holiday,

promotions,. •

:

was

cially strong at this time
ago.

and,

current

consecutive

weeks.

this

this

the

year-to-year gain

a

fourth

earlier

in

areas,

report showed
a

dispute in the

had the effect of

area

surrounding
the

business

rainy - weather

manufacturing, retailing and con¬

While the labor

after

1960.

.

corresponding

a
j

1939.

tion

1.8%

New York

However,

of

result

A

religious

was

the 330 and 343

and

and among

was

volume

Of

year

in many mparts of the country,

&

corresponding week

Over Last Year's Week

1961,

Dun

14% heavier than the total of 279

to

of

June.

1961

The

Truck

reported

curring in the comparable weeks

in 1960.

week

short

day

a

Slowing in Retail Purchases

As

slight increase, it lifted casual¬

fell

the 27442

and
.

"Some

>

week,

of

Opt.

preceding

to 318 in the week

up

Bradstreet, Inc. Although this

1962

the V corresponding,; period

above

Commercial and industrial fail¬

the

the^ similar

on

Wednesday.

.' •'

week.

month

to 270.41

up

down appreciably

was,

273.73

ago.

Business Failures Up Slightly

a

but

from

in

;

middle

were

30.3 % above the 1980

or

week

Commbd-

Monday,

on

270.08

(which

corresponding week of

3,602 cars

from

eased

51.8%

or

cars

8,

6.3%

or

ties to the highest level since the

week's
t,

kwh.

in the/week

ended Sept. 22, 1962,
included

con¬

'

(1930-32-100)

last

edged

too small to Off-

were

gains.

ity Price Index inched

above the total output of the com¬

ceding

prices
consid¬

a

The Daily Wholesale

ended Oct. 4 from 305 in the pre¬

cars
more

or

952,000,000

ures

few

a

While

Electric

parable 1961 week.

corres-;

flour,

in

upturns

quoted lower for

ac¬

Oct. 8, was

week's total of 16,023,000,000 kwh.,

35,365

were

and

electric

timated at' 15,987,800-000

and

wheat

commodities.

were

energy

pun; &

Substantial in¬

:

week earlier

a

fractional

other

-^eithei:" ija'

reported

for

a

^cpn-

light erable number of -items, including
industry for the week pig iron, steel scrap and rubber,

and power

cording

registered
and

th®

Inc.

.up

after

the comparable

on

year,

from

creases

220,051

electric

or

Bradstreet,

Year;.-.v.

The amount of

ended

227,848

;Output^p- 6.3% Over

distributed' > by

corresponding* week j>in

and

Monday

lower

ago

day/: last

227,920

236,230
23i;866

247,362

Institute. Output
was 36,800,000
com-; kwh. below that of the previous

a

this

^derably
Sept. 30

1962

preceding week. Loadings in both
weeks

Ago.'^v.;.*

Although the general wholesale

;

8.5%.

figures

Sept. 22

"1962

„—235,373

'Electric

Sept. 29 totaled

eight-tenths of

or

for

currently

And Year

shipments

3.3%,

new

Shipments

freight in

revenue

cars,

American

new depressing

725,000 passenger cars. Previous
accelerated high for the month came in 1960,

steel

of

week ended

its

October. Only in four previous
ber's auto production will be the months, all in 1955, has car prohighest
ever
for
the
month: ducticn topped 700,000 units.
(470,353)

total of the-price

31

and meats in general use.

the week ended

Sept. 29

Orders

1960. There were 81

production schedules hold, Octo-

704,000.

Loading
the

railroad

Ward's said that entire October

The

and

•

.

The statistical agency estimated
output for the week ending Oct.

,

Auto

of

thousands, -of board feet for the three-week dip, it remained

Rail 'Freight Loadings

latest report,

Corp.

company.

■

the month on record and wiU also
yleta the most cars tor any month
sm<:e November of 1955, Wards

on

were

Studebaker

Auto production during October type traffic in tfris year's week
will reach its highest level for compared with 58 one year ago

earth metals

rare

sharply reduced by

were

The

advanced

Drop 6.3 % Below Tear Ago v.

of

six

dozen alumi-

a

categories.

are

at

range

to

cent

a

pound on

a

alloy sheet

num
newT

of

about the

October Auto Output Headed
For a Record High

wire

rods, stainless steel, plates, piling,

Aluminum

and

5.5%;

above the

areas—

pipe,

buttweld

are

business,

threaten to undermine doprices in

im-

steel executives

and

doubtedly

and

11.4%; American

that

cautioned

provement is still far below satis-

competition

including

Chrysler Corp.
Motors

big surge of steel production,

remain competitive.

mestic

the

account weeks indicated:

expected to

was

and

ab- normally mean fat orders and a

to

put

Following

This is not due to any lag in cars or 5.6% below the
production
as
new
1963 ponding week in 1960.
models are rushed to dealers. In

the

ports

Inc.

Bradstreet,

sum

pound

per

•

1961,

ing steel company declares it will

Import

resents the

Compared with 1961 levels, out¬

shifts, <

auto

long;

impossible

or

West

the

on

that

it

ten-hour

from

-A

Chevrolet, >among
total).
differentials with others, are working overtime and.
2,778
country. Industry 'Chrysler has added a shift. This

price
said

sources

an

ton last week,

a

rest of the

the

by

eliminating

substantially

standing

*

Corp. trimmed its

Kaiser Steel
West

t.-'.'o;

■

&

Wholesale Food Price Index rep-r

yy*?

>

in

:*

■

a

52.7%; Ford Motor Co. 28.7%;

for

noted

orders

time of the year.

price stability as a whole."

tion among

States in

.

ag

that selective price

are

Caught

Output Rose 3.3%

Above 1961 Level

United

programmed normal five-day as¬ 8.6%

three weeks ago has been

j-wo

to be

move seems

would not say
increases

at Chicago, Dal¬

Corp. 1.7%.

The Iron Age noted that the msoftening. At a Washington meet- creases are coming witnout any
ing, Dr. Walter Heller, a Presi- particular
evidence of strong
dential
economic
adviser,
said automotive support. Although the
that administration policy "'does automotive
steel order picture
not suggest that average prices
n°t entirely clear, orders for
tion to

;

Lumber production

y

foodstuffs:

seven

hams, lard, sugar, milk

freight and cottonseed oil.

at

Chrysler Corp., at six plants,

apparent -uphill struggle,

an

opposi-

government

Ironically

Age reported,

Iron

^he

the

upward,

edging

gradually

jn

cant

increases

}Selective

tions.

general

in

rye,

Corp., reverting to

eight-hour

Motors

To Be Lagging
Steel orders and production are

prices, Steel magazine sard.

have

Lumber

at $38.10.

was

-

of

ahead

well

buying/ running

ruled

of

wheat,

offsetting

Partially

The, Dun

last weeiv. A sembly sessions.

Auto Steel Demand Said

order uptrend with

an

last" month's

>

overtime

,

Of last week's output, General

Competition Predicted

the

carriers

increases

com¬

throughout the country.

Co.,

of its 16 plants, had stand¬

Ford plants

ard

Stepped Up Steel

Despite

daily

more

at

than 400 truck terminals of
mon

hogs.

price composite on the key grade,

7

Total

weekly

Motor

Ford

tonnage handled

re¬

,

91

—

_________

\

.

at- Flint

plants at Willow

flects

report

93.7

Southern
,i

these lower quotations were price

The

88 :

112

'

:

Louis.

continuing
many

barley,

and

Economics.

-

higher than the 1,tons that the magazine

flour, /oats,

partment of Research and Trans¬

American
week, according to re¬
Motors,
at Kenosha/
;
sale level.
Rising steel production is not (Wis.), put in a fourth consecu¬ ports from regional associations.
A year ago the figure was 227,being reflected in the scrap mar- tive Saturday program last week.
Wholesale Gommodity Price Index
920,000 board feet.
ket. Sluggish demand is keeping
Continues Below Prior Month
Studebaker

98

:

St, Louis

/'

division

Buick

St.

for

beef, bellies, butter, cocoa, steers

living index. /Its chief
estimates were poured last week. las, Louisville, Norfolk and St. Sept. 29, totaled 235^73,000 board
function. is to show- the g6nqral
Operations are at the highest level Paul
working last Saturday. feet compared with 238,518>080 in trend of
food prices at the whole¬
since May.
.
..
-•
the prior

mo

Chicago

pipe.

glightly

780,000

i op

.

had been assigned to General

and to Chevrolet

production this week will

steel

be

ai

E y!!-?

-

.

Saturday overtime work tomor¬
row

m

and

2

Pittsburgh

downtrends

seasonal

of 34 metropolitan markets

survey

conducted by the ATA De¬

areas

Run, Baltimore, Arlington, (Tex.)

follows:

as

Thursday, October 11, 1962

.

port

models.

1963

Oct. 6,

ended

for week

Districts

weekly

,

.

over

the

cor¬

responding period in 1961.
/

-

*

»

'

sales
week

System
in

New

ended

above the

f

^

According to
serve

* 1

-

the

Federal

department
York

Sept

same

Re¬

store

City for the
29,

were

£%

period in 1961.

'

Number 6202

Volume 196

The Commercial and Financial Chronicle

;.

.

reports on Phillips Petroleum

are

TAX-EXEMPT BOND MARKET

Co.

ket

6

sue.

overprice the offering. As it de-

■

veloped, the bidding was realistic

the
winning syndicate include Chase
Other

Manhattan

o

Smith

'

Trust

and

in

to yield

Scaled

Co.

1.50%

Co.,

Youngberg

&

Stone

&

&

Bank

National

Wertheim
from

Witter

Dean

Inc.,

Mellon

Co.;

"

rv»

Trust

1Nor

Lynch, Pierce, Fenner &

in

3.10%

1964 to

1986; about half of- the issue has
sold.

been

maturity

1987

The

thority,

It

most

been

the

of

one

the

with

of its total
operation. Since 1946 when the
Port
sold; 40-year l%s, to the

Bldg.,

Alison

ROUGE,

Drive. Richard H. Schulze is sole

memorandum on Elco.

a

—

Dreyfus

proprietor.

involved $3,170,000

note

of

sale

final

s

.

i.

.

Tuesday

Y

which

(1963-1987)

Potomac

j"V

«

Electnc

randum—Ferns

Power-Memo-

&

Co.,

611

GREENSBORO, N. C.
state

Co.

Report

—

Securities,

headed

Ripley &
Co.,» Inc.
on
a
bid of 100.087
specifying a 2 % % v coupon. The
runner-up
bid of 100.296 for a
2.90% coupon, was made by the
Harriman

by

Bankers

account.

Co.

Trust

Ripley & Co. Inc. as major members are Blyth & Co., John Nu-

veeri

&

Co., Lee Higginson Corp.,

William

Pollock

E.

&

laney, Wells & Co. and Robert K.
Wallace & Co.
Scaled to yield
1.50% to 3.10%, the.present

from

balance is about

On

importance. $20,000,000
T
7
7

sale of

one

"

^

,

#

Statenf Louisiana Fiscal

(1965-1987)

revenue

Authority

Continued from page

Co.-dra Haupt

& Co. group at an
.

This

3,445%.
that

in

interest

net

average

offering

sole

the

0

cost

security

of the state sales tax

Internatlonal Paper
dum

June

on

with

30

its fiscal year

million

$73

a

deficit and used the balance in the

Teachers'

State

posed to

this

of

to

Fund

is

It

now

and

Authority

successor

issues.

bond

Cohu

Stetson, Inc., 28 Broadway, New
4, N. Y.
Bakeries

Co.,

Alison

Building, Philadelphia 3, Pa./,JUh
Knape
XVIIttyC

Vogt Manufacturing VV.
f Ugli lflrt/liUiatlUl 1116 Co.

&
GO

Memorandum

Chicago 3, 111.

Memorandum-

_

Securities Co.,

New York 4, N. Y.

Lowe's Companies
&

Comment—

—

Co., 44 Wall St., New
on

Henry I. Siegel and

memorandum

Small Business

on

imated
estimated

—,—

met

been

2.10%

from

yield

3.65%, there is
at the

—

by interfund transfers.

to

Scaled

report

no

ity Boston Extension

Tripp

&

Co.,

Inc.,

—

Author¬

Report—

Wall

40

St.,

to

New York 5>

Y-

Miracle Mart Ine.—Comment—De
Mott

Associates,

Inc.,

I

available

tex-exempt

Mosler Safe

bond

phase of the

Hooker

business,

That interesting

gomery

the

category of long-term revenue is¬

fared well marketwise again

sues,

tMs

week.

Financial
bond

as

week

ago.

S.599%

a

3j628% yield a

a

This translates to

an

improvement of about a

average

point.

are

comments

on

Calumet

included:

Skyway 3%s

up

2Y2

to

bid; Grant County, Washington

PUD

3%s

iy2

up

to

1053/4

bid;

&

Mont¬

221

St., San Francisco 4, Calif.

National

Western

Life Insurance

—Memorandum—Ralph B. Leon¬
ard &

Sons, Inc., 25 Broad Street,

New York 4, N. Y.

Co.—Analysis^—Insurance

Inc.,

Majestic

Bldg.,

Stocks,

Denver

Colo.

2,
;

V

Nuclear Data Inc.—Analysis—Ba¬
con,

La

Whipple

&

Co.,

ginia
66%

101%

bid; and West Vir¬

Turnpike
bid.

Other

4 %s

up

issues

1%

were

,

to

381

South La

A

Salutary Operation

Ltd.—

Co., Ltd., 217 Bay St., Toronto 1,
Grit., Canada.

3.40s

due

1993

is

worthy of added note. In a mar-




ness

West High St.,

Lima, Ohio.

Jerome,

—

Inc., 50 Broadway,

busi¬

St., New York 5, N. Y.
California

Southern

Memorandum

—

Bache &

available

is

a

Co., 36

5, N. Y.

Also

memorandum

on

YORK

name

of Palestine Economic Cor¬

CITY

—

The

firm

nomic Corporation.

Incorporated,

North Division

217

Boland & Co., Inc:, 30

o

h

e

n,

Co., 25 Broad Street,

New York 4,

N. Y. Also available

memoranda

Transamerica,

on

Tastee
TTtiion

Frpisrht and

Edison

Toledo Ed»son

U.

Freez,

S.

Oil.

Analysis

Gilman, Secre-

and

Treasurer.

Gilman

Mr.

Ltd., 4 King St., West, Toronto 1,

TUSCALOOSA,
Caldwell,

Ala.

Paul

—

320 North

S.

Plywood Corp.—Analysis—

Hornblower

&

Weeks,

Plaza,

N. Y. Also available
on

are

Chase

1

New

York

5,

Securities Corp.,
Avprrnp

107 South Cen-

Offipprs

Enka,

American

Dow

Chemical, Gulf Oil, Universal Oil
Products and International Mine-

—Analysis—J.
1001

C.

Rosenbaum

M

Vice-President;

and

Secretary

Rosenbaum)

&

East Main St., Richmond

Va.

'

'

Co.,

Wards

Boyce,

Report—Stem
6

South

Calvert

St., Baltimore 2, Md.
Westinghouse
&

Siftiiu,1!!.*'1""4 Str6et'
Philadelphia 2, Pg>

Co.,

Westinffhouse Electric Corp.—An-

London

firm which dates back to

V.

1804.

Lada-Mocarski, Senior Vice-

President

J.

of

Henry

Schroder

Banking Corporation, is in charge
of the office

his

make

Andrew

Henry

and

henceforth will

headquarters

in Paris.

Stewart-Roberts

Schroder

of

Wagg

J.

Co.

&

Limited will assist him. The office
at

Place

18

tradi¬

Vendome,

one

of

the

English

and

American

banking
'

P A WTITPKFT
.

Davis,

T?

T

Davis

&

John

J.

'
East 'A '
Avenue.

12

of

centers

houses in Paris.

SHERMAN

Calif.—Gard¬

OAKS,

Harris, Inc.,

&

YOUNGSTOWN, Ohio—Murch &
has

Inc.

Co.,

opened

branch

a

office in the Stambaugh Building
under the management of

William

Cruciger, Jr.

Membership
_

T? pTYPpQp"n "("<} Qn h°/o
Jr

G.

Perkins

is

Drive.

sole

pro¬

Ul JN atlOIl S OailKS
The

American
recorded

net

Street.

—

K.

Robert

Mr. Oddy

Qrnith

Baker,
Lib¬

was

Oddy

is

formerly

Washington Street

the ^direction

under

registered
Megason

Mr.

Beeville

manager

Jack

of

E.

representa¬

was

formerly

for

Porter,

N0yes Inc.

in

Co. has opened a branch

Bank for

office

Savings Building

Pearson, partner in the firm.

opened
u

fiscal

ended

of
year

Aug.

46

of
31,

a

^

A.

B.

Chairman

activities of the

on

Committee at the
Annual
Convention,

John

Geis,

F.

Senior

Vices-President of the First Secu¬

National

rity

ciation's

over

bank

Beaumont,

Bank,

the

that

99%

record

re¬
in the Asso¬

membership is an

indication of membership support
for the program

of expanded ac¬

tivities during the past year.
Mr.

noted

Geis

membership

that

B.

A

represents 98.2%

of

A.

the nation's commercial banks und

95.6% of all banks, both commer¬

under the management of Lyndon
L.

A.

newal of

BEEVILLE, Texas Russ & ComFany» ®nc* ^as opened an office
North

reporting

Texas, said

X* ,rn

'

410

gain

bringing its total membership to

Organization

ARBOR, Mich.

manager.

at

Associa¬

Bankers
a

Association

In

„n*+u

Ronlra

17,582.

NEW BRANCHES

erty

/

•

XTofirvn'o

the

Howard

4419

Sidney E.

Boulevard.

members during the

Wilikina

1672

Analysis—Jacques CORPUS
CHRISTIE, Texas39 Broadway, New
Dempsey-Tegeler & Co., Inc., has

6, N. Y.

Mos-

Limited,

curities,

BIRMINGHAM, Ala.— Anderson

Co., Inc.
&

Co.

WAHIAWA, Hawaii —Select Se¬

19,

'

&

will

office

Henry Schroder

merchant and investment banking

tion

Megason,

Wheat

Wagg

Thomas

arp

Brown, President; Hyman D.

comments

General Motors, Timken Roller

Bearing,

This

VALLEY STREAM, N. Y.—Brown

Simonds & CO., Inc., 113 East
U.

Office.

also represent J.

ABA

East

ANN

Mo.

announced

St.,

Analytical

Scherck, Richter Co.,
Fourth St., St. Louis 2,

—

has

B.

2130. Seventeenth

prietor.
—

City,

Henry

Corporation,

that it is opening a Paris Repre¬

O.

and Treasurer.

Wills, Bickle & Co.,

—

York

J.

—

Pelston is resident manager.

dent; and M. W.

^Rronkes &_Caf 120 Broadway,
Wew York 5, JN. Y.

Banking

dent, Mollie Morrell, Vice-Presi-

H

H.

France

Nuys

frnl

Analvsis

Co

Co.

PARIS,

Van

Bruns, Nordeman & Co.

Simonson &

Shearson, Hammill &

Street. Alfred L. Gilman is Presi-

f°rmerly with Hayden Stone
& Co- Newburger, Loeb & Co. and

R.

formerly resident

was

Stanley

Straus -Duparquet—Memorandum

St., New York 4, N. Y.

Orsie

under 'the

Wayne F. Orsie.

ner,

tary

Broad

of

McMahon is resident manager.

Gimbel.

-John

Mr.

manager for

branch office

a

Street,

tionally
NEW

PEEKSKILL, N. Y.—A. L. Gilman,

Edison—

Main

management

is

of Jerome-Richard Co.

poration, 18 East "xaoi* Street, has
avf a-icaov 41st
aacio

Loeb, Rhoades & Co., 42

Coe

1500' r

CITY

Socony Mobil Oil Co.—Analysis—1 been changed to Pec Israel LeoCarl M.

York

ic.,

the <$25,000,000 Port of New York

Authority

St.,

dumT-rJohn A. Kemper & Co., 206

Pennsylvania Gas -& Water Co.—

Tuesday's most sizable flotation,

Salle

John A. Sexton & Co.—Memoran-

Easson Bros.

up

amounts.

YORK

is continuing the investment

208

Analysis—Suple^Yeatman,

lesser

formerly

was

with S. D. Fuller & Co. and
Philips, Rosen, Appel & Walden.

&

Mines

Rudman

and

Virginia Carolina Chemical Corp.

Associates,

Robertson,

Mr.

urer.

NEW

South tuls -& Chemicals.

Nuclear Engineering Co.—Memo¬

Porcupine

Herbert

and

Richard & Co.

Co.,

J.

Wander, Secretary and Treas¬

tive.

135

Salle St., Chicago S, 111.

Study—Isard,

to

Western

Gerald

are

Seebur g—Memorandum—Sincere

Manhattan

North American Life and Casualty

bid; Kansas Turnpike 3%s up 3 to; Pamour
86% bid; Maine Turnpike 4s up
IV4

the Ma-

and Air Products & Chemicals.

brochure

Inc.,

Bush St., Ban Francisco 4, Calif.

87

to

Great

Fay,

randum— Streloff

1%

up

on

Canada.

Indiana

3V2s

Industry,

Trenton Foods, Inc.

Illinois Toll 3%s up 3As to 97 bid;
Toll

chinery

reports

are

Company—Analysis—

s

gainers

Spectacular
70

rev e n u e

reached

against

and

Commercial

Chronicle's

average

yield

half

The

issue

same

S.

Fell,

—

Old; Trans Canada Pipe Lines Ltd.—

f»00

Napco Industries.

Spurt Upward

Wall

St., New York 5, N. Y. Also in the

Monsanto,

.

Also

present time.

Dollar Bonds

President,

Francis I. du Pont & Co., 1

are

sales, Country Road, Garden City, N. Y.

on

Rudman,

"Investornews"—

Thiokol—Memorandum—C

Turnpike

Massey Ferguson Limited — Anaiysis
alysis—C. M. yiiver & l.o., uia.,
i. Oliver oc Co., Ltd.,
at 1,58 times. The re821 West Hastings St., Vancouver
$13,000,000 deficit has 1, B. C„ Canada.

xning
mainmg

Officers

is

authorization

$60,000,000

Aveftue.

of

man¬

Conn.—Estabrook

opened

sentative

Rudman & Company, 444 Central

Investment Companies.
Massachusetts

Schechter, 1 Thayer Road.

Sears, Roebuck—Review in Octo-

Wall St., New York

5, N. Y. Also available are

comments
a

149 Broad¬

N. H.— Joel R.

ber

issue

363

at

New

HAMPTON,

Columbia Pic¬

on

MIDDLjETON,
& Co. has

Schroder

previously

was

HIGHLAND, PARK, 111.

Wall

-

Kan goap Co.
Soap Co
way,

O'Connor

Doyle,

—

135 South La Salle street,

f

and Richard M. Warren, Secre-

Memoran¬

—

Debt service coverage on the en3
tire

Treasurer;

tures and Standard Brands Paint.

Chicago 4, 111.

Boenning &

—

Also available

Financial, Food Fair Stores, Trane

Railroads Weighing

Corp.—Analysis—Winslow,
&

19

St., New York 6, N. Y.

International

pro¬

the fund from the

repay

proceeds
Fiscal

Salary

deficit.

the

meet

Memoran-

_

Steiner, Rouse & Co.,

—

Rector

&

the Toy Industry.

and

York

Louisiana closed

Baltimore

Railroad,

Louis

Ohio

Shields

receipts.

Mari¬

4, N. Y.

memoranda

are

Chicago &

etta Corp., New York,

the

of

lien upon 7%

bonds is the stated

.

able are surveys of Martin

Daiwa

unique

is

8

St., New York 5, N. Y. Also avail¬

St., Chicago 4,

Fishman, Inc., 2 Broadway,

New York

bonds-were. & CO

purchased by the C. J. Devine &

vine &

JUiLcI ClbU.1 C

dum

Wednesday there was only

and

with Reynolds & Co.

Interstate

Louisiana? Unique

William M. Lybrook,

are

Screen Gems—Memorandum—Di¬

York

$1,695,000.

Bldg.

President; William D. Hoover, Sr.,

Memorandum

—

Ly~

&

Southeastern

T

Mul-

Co.,

Officers

St., St. Louis 1, Mo.

Corp.,

North-

—

McLean

tary. Mr. Lybrook

St.

Harriman

with

Associated

brook

Haroldyn J. Morris is

ager.

15th

St., N. W., Washington 5, D. C.
Purina

w

principal.

111,

-i

for Mason & Lee, Inc.

GREENSBURG, Pa.
nue.

Pastron

209 South La Salle

4- t

Alvin

mentis, 19 La Salle Street. Harold

*

.

T)po |PT*-HtOKPT
• j_

Avenue.

Newman is resident manager. Mr.
Newman was formerly local man¬
ager

_

Ralston

Safeway Stores

bonds-

bought by the account

were

Mason & Co.,

—

Riverside

— Hecker
&
Co., 104 South Pennsylvania Ave¬

___

Paine, Webber, Jackson & Curtis, Vice-President

Middlesex

County, New Jersey, general improvement

close to perfect.

2321

—

"

mTTOAn^.

cust
m

La.

CHICAGO, 111. — Funded Invest-

Co., 2 Broadway, New York 4,

Dempsey-Tegeler & Co., 1000 Lo-

'

DANVILLE, Va.

NEW FIRMS
BATON

is

N

excellence

general

Corp.—Analysis—
Co.,

Pittston Co.— Analysis

grasp-of the

commensurate

market

&

supplemental to similar notices appearing elsewhere in this issue

are

Philadelphia 3, Pa. Also available

&

a

Aircraft

These items

R. H.
Schulze Company, 4330 Woo dside

Jt should be added that

Authority has

^Ue> JackS°n

Heights, N, Y.
Boenning

responsible underwritings of

the year.
the

has

Current News in the Field

Butler, Herrick & Marshall, 75-11

Piper

the in--

the dealers and

vestors.

47

Phihips Petroleum Co.—-Report—

was

the

for

Paper

•'

.

Au-

it. The resultant

to

transaction

fine

a

of the reoffering

success

attested

Co.,

&

the

and

C. J. Devine

Corp.,

Mortem

^
-

Merrill

of

Blyth

Bank,

Boston

First

members

major

the current one

as

it" would have been very easy to

this is¬

additional bids for

seven

strong

as

Union Bag Camp

and

Corp.
Continued from /page

(1547)

branch

office

at

717

leopardStl^^ar^iinnage-

alysis—-Purcell & Co., 50 Broad- ment of Walter W. Watkins and
Charles Pfizer
Co.—Report— way, New York 4, N. Y.
Also Frank H. Wilson. Mr. Watkins
Reynolds & Co., 120 Broadway, available is a list of good quality was formerly local manager for
New York 5, N. Y. Also available stocks for income.
Rauscher, Pierce & Co., Inc.

cial

mutual

and

There

are

savings

banks.

4,116 domestic branch

offices

included

well

108 associate memberships

of

as

banks

and

in

the

branch

total, as
offices

in

foreign countries.
"

The present

membership of 17,membership

582 compares with a
of 17,536 as

of Aug. 31, 1961.

An

over-all

gain of 340 new mem¬

berships

was

offset by

mergers,

liquidations, ond -withdrawals, for
a

net increase of 46.

48

(1548)

The Commercial and Financial Chronicle

.

.

.

Thursday, October 11, 1962
r

Oct.

WASHINGTON AND YOU

24, 1962 (Cincinnati, Ohio)

Ohio

CACKLES 8 CO.
-

behind-the-scenes interpretations

Valley

Investment

Group

Bankers Association Meeting.

SECURITIESOct. 26-28,1962 (Hot Springs,

from the nation's capital

Va.)

Southeastern Group Investment
Bankers

WASHINGTON,
the fabulous

C.—Down on

D.

"gold coast" of rapid-

country has been hurt because the
Federal Government made

a

Nov. 4-9,

Florida a few days ago mistake in its invasion into the
intriguing, behind-the-scene domestic affairs of Mississippi."

1962

National

grave

growing
some

Association

Security

ciation

Meeting.

(Boca Raton, Fla.)

Traders

Convention

Asso¬

the

at

Boca

Raton Hotel & Club.

things, plus those presented out-in
Eyes

the open for all to see and hear,
took place.

The occasion

the 28th

was

an¬

nual Southern Governors' Confer¬

organization

ence, an

ing

encompass¬

territory from little Dela¬

a

big Texas. Fifteen of the

to

ware

17 Democratic governors (there
not

is

single Republican chief ex¬

a

ecutive

the

in

presently

confer¬

ence) gathered at Hollywood, Fla.,

(pop.

40,000)

half-way

between

There

the

in

hotel there

plush

was

for the first half of the

ness

ference

because

chapter
campus

sippi.

being

of

the

con¬

tragic

recorded

the

on

of the University of Missis¬

A handful of the governors

bitterly assailed President John F.

most

the

of

use

Impact

Most of the 15

of

first

executive

pres¬

Mississippi and Governor

James

H.

Davis,

the

Jack

chance to be¬

a

Lone

wealthy

was

Some

Texans

that

at

while

damage in

Dixie

to the national

Democratic party.
However,
that

all

sissippi,

Democratic

Connally,

of

demerits in the

privately

the

merits

of the

use

or

armed

a

The

in

Mis¬

bloodshed

have

to

gressional

is

not

be

the Southern

on

Most of the in¬

races.

Congressmen

have

no

more

more

respectful all

still has

long

a

to go to attract
can¬

didates.

about

the

effects

candidates
South?

of

in

There

executives

of

country.
Governor

Orvil

of

Faubus

the

were

them

and

ernors,

chairman

"There

may

could

chapter

be

result

of

one

good thing

from

invasion,"

Kennedys."
Only

this

dark

said

Gov¬

get rid of the

Arkansas

of

Alabama,

Southern governor to

'

Pat¬

the

come

first
out for

John

F, Kennedy for the presi¬
dency of the United States, lashed
out bitterly at the
Kennedy broth¬

ers

in

ready

favor

cratic

tration

plans

ex¬

was

"The

president and attorney general are
motivated by what is best for 'me'

politically than what

is

best

for

Maryland,

Kentucky,

West Virginia and
Missouri, were
in a little different
category than
fellow governors of the Old
South.
For instance, Governor William

Wallace Barron of West
Virginia
favored
ernor

with

censoring

Barnett

the

order

fellow

Gov¬

for

not

complying

of

the

Fifth

Cir¬

cuit Federal Court of
Appeals.

"The

truth

judges could

is

and

one

Demo¬

governor,

permit

of

use

of

those

the peace in his home
community,"
said
Governor Patterson.
"Our




the

end

this

of

team of astro¬

a

moon.

automobile

our

Dec.

20

a

will pub¬

special pic¬

Supplement

giving

complete

coverage to the pro¬

ceedings

lemons?"

a

the

as

peared

in

sunlight

at

craft

space

brilliant

the

the

disap¬

autumn

Atlantic

Missile

Range after the blast off.
"It

dramatic, indeed," said

was

Governor Elbert N. Carvel of Del¬
"I said

aware.

Walter

little prayer for

a

edged

that they

had

the

respon¬

sibility of trying to help provide
services

more

for

the

people

thcfc respective states, rather

at

the

Convention.

29, 1962

Chicago

(Chicago, 111.)

Analysts
luncheon

Society

of

meeting

Speaker: Herbert R. Silverman,
President, James Talcott & Co.

by

t^n

let Washington provide those ser¬
vices.

Dec. 7, 1962

Security

(New York City)

Traders

New York

The governors also called on the

.

annual

Association

of

meeting at the

Harvor View Club.

Kennedy Administration to curb
the

importation of oil and textiles

which is

assertedly damaging the

domestic economy

of those states

where these products

play an im¬
portant part in the economy.
{.This column is intended
the

to

Statler Hilton Hotel.

reflect April

"behind the scene" interpretation

from the nation's Capital and

April 3-4-5, 1963 (Dallas, Tex.)
Texas Group Investment Bankers
Association
Convention
at
the

may

27

-

May

1,

1963

(Boston,

Mass.)

or

coincide with the "Chronicle's" National Association of Mutual
views.]
1
/
' Savings Banks 43rd annual con¬

may not

Schirra, bless him."

.

,

Less

Dependence

ference at the Hotel Statler.

Federal

on

overwhelmingly
over

integration

national

the

in

Democratic

party

ris

that."

Kennedy
7;

is

less

The

in.

and

the

end
to

of

in

a

the

par-,

Florida's

miles

bor¬

the

President, speculated

ing

the

that the

bloodshed spilled at Oxford would
have been "worse had
Richard

to

rights

build-up.

governors

of

do

away

'

also

with

resolution

it)

noth¬

states

ernment

(Los Angeles)
Stock

of

Firms Board

Botany Industries

Exchange

Governors

of

ing at the Ambassador Hotel.
Oct. 13, 1962

New

8th

Dance at the

Association
Annual

Wednesday

and

Our New

of

Dinner

in

York

telephone number is

CAnal

6-4592

Americana Hotel.

to

stop

by the central

in' Washington.

At

gov¬

the

Oct. 19-20,1962 (Philadelphia,Pa.)
National

Association

of

Invest¬

ment Clubs Twelfth Annual Con¬

vention

at

the

Sheraton

Hotel.

president."

were

rose

Waste King

LERNER & CO., Inc.
Investment Securities

10 Post Office

Square, Boston 9, Mas:

Telephone
HUbbard

the

v

Official Films

•

(New York City)

Traders

York

Maxson Electronics

meet¬

Teletype

2-1990

617

451-343!

Space Age.".

some

other sig¬

Cove Vitamin & Pharmaceutical

nificant things that occurred at
the
Governors' Conference. The chief
executives

Attention Brokers and Dealers

pro-states

a

hoping

gradual erosion of the rights
the

11-12, 1962

Security
adopted

House.

American Cement
Oct.

Association
was

(Chicago, 111.)

TRADING MARKETS

The "Mon¬

Florida.
100

FIELD

Communist

freedom

than

IN INVESTMENT

necessary*

(segregation-integration had

„

state, defending the action of

South's Role

to

threat

from the Soviet

boys

der

But there

"appropriate

..EVENTS

of

concur

probably

May 12-15, 1963

Financial Analysts Federation an¬
nual
convention
at
the
Palmer

action

millions

a resolution calling
Kennedy administration to

Bryant

soil

majority of the
Negro citizens—make no mistake
The

took

COMING

re¬

ticularly urged by Governor Far-

the

national

a

they
that

Doctrine" resolution

roe

strengthen
on

to their

Western Hemisphere.

level with the vast

been

the

on

Cuban

Republicans.

by

will

packed

governors

states,

Americans

the

action-taken

Mississippi

the

resolution

action"

favor

administration

that.:

spective
by

take

I get the Negro voters of the Na¬

Democrats

Before

their bags to return

They adopted

He added:

before

dawn

took

Common

chartered

a

and

Warrants

on

Versapak Film & Packaging

plane to Cape
Canaveral, an hour's
flight away. There they watched

Carl Marks

&

Co. Inc.

Common

and Warrants

the

dramatic blast off of
Navy
Commander Walter Schirra in an¬
other historic mission
into
space.

none

be elected justice of

forest of

a

gripping,
dramatic
sight," said Governor Buford Ell¬

more

voting—al¬

"And from the best information

The governors from the
border

run

time the governors acknowl¬

same

own

Natoinal

to

his name said.

Nixon

the country."

like

the

declined

realize

by

decade to blast off

Northern

—

are

leadership,

about

a

Kennedy

Another governor, from

Washington.

Said Governor Patterson:

states

of them

The

governor,

out-going Governor John

terson

more

tion

Hollywood

Government

the

;

'

the

and

who

will be able to

and

elected
confer¬

Faubus. "It may mean that

ernor

we

newly
17-state

said flatly:

ence,

that

the
the

of

in

Southern Negroes

Ar¬
gov¬

Miss.,

Canaveral,

booming region,

now a

States.

Oxford,

at

saw

wasteland just a few years ago but

ecutives who talked privately. The
most

on

Investment

"What

areas

divergent views of the chief
of

to

Nov.

Mississippi story on congressional ington
outside the

have

you

stock ad alongsr'^ of one for

nauts to the

Sees Net Gains for Democrats

at

Bugle?—Did

and

local, state and congressional

What

Association

at

CHRONICLE

lish

launching pads. Here the National
Dixie, it Aeronautics and Space Adminis¬

over

way

Bankers

Convention

con¬

While Re¬

strengthened in other parts of the

kansas, the dean of Southern

mem¬

meeting

ex¬

stand taken by President

would

of

organizational

Beach Hotel.

effect

great

any

On the other hand, they expressed

party

Exchange

25-30, 1962 (Hollywood, Fla.)

torial

belief

the

Stock

Meeting

University Club.

The

"Daily

party will be
helped by the strong enforcement

that

and

Annual

Ken¬

that the Democratic

South.

Annual

Candidate

Mississippi tragedy and the

tion

hurt in the

(New York City)

-of

Investment

0O(yft?V"
om

great

apparently had the edge.

consensus

be

Nov.

Cox

President

soldiers, the Kennedy Administra¬
would

Convention.

of the Board of Governors. Dinner

nedy's first Secretary of the Navy,

democratic

agreed

regardless

bers

the conference

by what took place

John

absent—thought it

were

n g

at the

Candidate

would probably be assisted

little too early to assess the

a

i

pro¬

chief

Star

singer and ballad songwriter from
Louisiana

v

State

Republican

in the

i

g

"way back when."

said

deal

Cox

publicanism is getting

governors

Nov. 14, 1962

at the

Republican opposition.

ent—orjy Governor Ross R. Barnett

the

come

have

now

cumbent

Democrats

on

ceedings at the

Firms

would

pub¬

There

speculation

Candidate

next month

lent publicly in the great crisis.

Supplement

publican

of Federal

troops "or the

torial

will

special pic-

a

complete coverage to the

Association

But attendant

troops," kept si¬

Nov. 22

on

conference in Florida whether Re¬

pected

use

;

the gov¬

Texas.

CHRONICLE

lish

may

Tragedy"

upon

of

unofficial

was

Miss

effect

race

them, other than deplore

necessity to

"Ole

an

ernorship

Kennedy and his brother Attorney
General Robert F. Kennedy.

The

have

may

Diplomat

air of uneasi¬

an

ramifications

well be highly interesting to

very

watch.

since

Fort Lauderdale and Miami.

The

Texas .vr'Vv

on

The political

The governors heard
at Cape
Canaveral that the space
age in¬

dustries in the South

by

leaps and

are

bounds.

growing

The

chief

FOREIGN
.

,

.

,

SECURITIES

'20 BROAD STREET

TEL: HANOVER 2-0050

•

SPECIALISTS

Bought—Sold—Quoted

NEW YORK 5, N. Y.
TELETYPE 212-571-1685

KILL, THOMPSON & CO., INC.
70 Wall

Street, New York 5, N. Y.

Tel. WH 4-4540

.

Tele. 212 571-1708

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