The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ESTABLISHED 1839
Reg. U. S. Pat. Office
*
Volume
Number
194
AS WE SEE IT
Editorial
;
New York
6098
Price
7, N. Y., Thursday, October 12, 1961
f
50
Cents
a
Copy
is
opinion about the then current state of busi¬
general outlook was deeply affected by politics. The Democratic party and its Presidential can¬
didate had a very real interest in convincing the people
that all was not well with business and that, if left in
the hands of the Republicans, the situation might well
get a good deal worse before it got better. The Repub¬
lican party and its spokesmen were equally interested
in making it appear that there were no serious problems
A year ago
and
ness
*
/
the
Investing Pension Fund Assets?
business that
need give
in the form of
late"
tions
-
*
opportunities.
bonds
to
and
mortgages and adoption of more
or
better long-term performance.
During the past 15 years, a multitude of theories
have
been argued
regarding the investment of
pension fund assets. These discussions have ranged
far and wide across the investment horizon and
have included the extremes of
total
fixed
fund
(insured)
to
the
completely
variable
(Continued
page
on
26)
(100% in common stocks).
have been
both
opposite, 'yet
of
compromise. The trustees:
a
great majority of pension
funds have adopted
some
of
of
a
the
should
be
these
From
cludes both fixed and
earliest
decisions, the body of law
a prudent man has been
slowly built by court interpretation. An interest¬
ing recent study on the prudent man theory and
it
what
to
means
article
by Harold
alyst's
Journal3
".
.
the
.
ing proportions. Let us explore
this question of prudence in logica^l/fashion
(1)
prudence? (2) What is prudent for the
trustees of a pension fund? (3) Did the popularly
accepted investment policies of the past answer
this concept? and
(4) What investment policies
should be followed at the present time?
The answer
begins with Harvard College v.
What
is
STATE
Registration"
an
for
safety of capital dollars
is
logically, chronologically and technically cor¬
rect.
The sequence
shows the idea of safety
to
be
associated
with
wealth
(italics
added),
,
We have then
.
rather
than
a
reasonable inter¬
a
sum
certain
were
ever
in
realize
that
intimated
it
is
the
dollar capital
to create
to preserve
duty of a prudent man
other than that necessary
the purchasing power of those dollars.
However,
as
far
as
I (Continued on page 24)
1830); 2 80 P. 2nd 42, 55 (Oregon
1938); see also in re Cook's Estate, 171 Atl. 730 (Delaware
1934); 3 Volume XVI, No. 4, July-August 1960, P. 27.
1 9 Pick
446, 461 (Mass.
and investors in corporate
SEC and poten¬
State,
Municipal
DIgby
Office:
•
Affiliate:
SAN
Nikko
•
■>
Offices
THE
FIR^ NATIONAL CITY BANK
Inquiries Invited
on
Southern
Bond Dept.
Teletype; NY 1-708
New York
Correspondent
—
Markets
Active
Commission
BROAD
STREET
Executed
Exchanges
On
All
MKCT
"
Teletype NY 1-2270
VIRES TO MONTREAL AND
TORONTO
Dominion Securities
Goodbody & Co.
(ORPORATIOTi
MEMBERS NEW YORK STOCK EXCHANGE
DAXiDJAAI
BRIDGEPORT
•
PERTH AMBOY
CALIFORNIA
CANADIAN DEPARTMENT
■
-
NEW YORK 4, N. Y.
DIVERSIFIED
BONDS & STOCKS
Invited
Orders
Canadian
New York Stock Exchange
COMPANY
M/^SIHATTAN
CANADIAN
1832
Exchange
CHASE
Brokers
LOBLAW, INC.
Block Inquiries
Stock
THE
Maintained
and
Banks
Dealers,
T. L. Watson & Co.
Members
Municipal Bond Division
BANK
To
ESTABLISHED
,
Pershing & Co.
LOS ANGELES
Net
25
aef Mar,
Riverside, San Diego, Santa Ana,
Santa Monica, Wkittier
OF NEW YORK
UNDER,WR,ITEJ»
American
Claremont, Corona
Beack,
Oceanside, Pasadena, Pomona, Redlands,
Y.
Co.
Notes
Exchange
California Securities
Securities
Bonds and
Encino, Glendale, Hollywood, Long
TOKYO
FRANCISCO
DBAIjBIR
in
Agency
Exchange
Members Pacific Coast Stock
•
Kasai
Hope Street, Los Angeles 17,
California
•
Members New York Stock
NY 1-2769 U
4-7710
So.
623
:
Associate Member American Stock Exchange
BONDS
Teletype:
Telephone:
Lester, Ryons & Co.
v;
25 BROAD STREET
^Head
in
.
.
Section, starting on page 30.
MUNICIPAL
AND
The Nikko
30 Broad Street
SotUhwe&t
in
concern
found
be
can
in the Financial An¬
which
he
concludes
that
Housing
New York 4, N.
FIRST
trustee
a
B. Elsom
factors, notwithstanding, it is important
that the courts have consistently con¬
cerned themselves with the problem of "preserva¬
tion" but nowhere have the courts Seated or even
in differ¬
of investment
types
Securities Co., Ltd.
DISTRIBUTOR
which
another.
These
complete picture of issues now registered with the
JAPANESE
Chemical Bank
New York 15
themselves
for
for
assumed
regarding the actions of
to
variable
SECURITIES
DEPARTMENT
risks
take
men
not
and Public
HAnover 2-3700
Company
in Marshall v.
recognized some of the
nature by concluding that even
power) in addition to or in replacement of those
securities whic6 only protect dollar capital.
thinking of both sides, re¬
sulting in the practices of the
"balanced
fund"
which
in¬
Municipal
NewlMdmst
modified
question, doubt has been removed." : Or, in nonlegal language, the courts have strongly suggested
that they consider it prudent for a trustee to invest
in securities
which protect wealth
(purchasing
something
result has been
The
tial undertakings imour "Securities in
Securities
BOND
realities of human
prudent
Housing,
State and
the safety of the capital
as
was
Frazier2 in which the court
wealth
re^istiqaUy and welLdefended.
NOW IN REGISTRATION—Underwriters, dealers
U. S. Government,
well
pretation of court opinion suggesting that wealth
protective measures are in order. . . . If safety of
afforded
a
as
invested." This
to be
not funds.
theories
investment
two
SECURITIES
are
(the trus¬
...
fund
No
we are
probable income
.
the
securities
telephone:
in terms
could conceivably be any more
tion and the like come under con-
Public
Stock selection,
however, at any time is judged best when gauged
of average
"He
speculation, but in regard to the per¬
disposition of their funds, considering the
manent
said to warrant deviation from long-run emphasis
are
stated:
in regard to
Current market condi¬
conservative ratio of fund's bonds to stocks.
.
part
investment
stocks
on
anti-recessionary programs by the
quite willing to leave to others
better qualified the task of lookirig into the future to
see which seed will sprout and which will not, to mis¬
quote the poet. The matter is, of course, one of impor- V
tance. It is a requirement of successful business that
some sort of rational jand, on the whole, sound judgment
be reached about what is ahead. This is particularly true
of those who have to guide the affairs of large aggregates
of capital. The general consensus seems to be that we
have done well in getting out of the rather shallow
recession that was upon us and that for the immediate \v;
future at least we are likely to continue to move ahead
at least reasonably well — although opinions begin to
differ when such other matters as the danger of infla¬
our
what constitutes prudent
policy
investment
fund
attractive
national government.
For
on
defines prudency as the
preservation of dollar capital as well as that capital's pur¬
chasing power with a minimum of risk in flexibly seizing
concern—although the rate
of activity was not in keeping with earlier rosy fore¬
casts—and whatever decline had occurred would soon
correct itself. Current discussion of the outlook is still
afflicted in somewhat the same way. Of course, the de¬
tractors of last year are now busily explaining the im¬
provements that have developed and the prospects that
they will go much further—under the guiding hand of
the all-wise powers that be. Political opponents natu¬
rally are not so certain that all is well, and frequently
point out weaknesses in the current outlook, particularly
what is regarded as the danger of an inflationary boom
coming in part at least as a result of "too much and too Vv:
in
advice
short-run
and
pension
court
tee) is to observe how men of prudence, discretion
and intelligence manage
their/own affairs, not
Smith, Barney & Co., New York City
Long-
where the
Amoryi
By John G. Heimann*, Pension Fund Investment Dept.,
1 NORTH
2 BROADWAY
NEW YORK
.
;
v
..
LA SALLE ST.
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype NY 1-702-3
WHitehall 4-8161
Garment
Industry
MUNICIPAL BOND
DEPARTMENT
BANK OF AMERICA
N.T. & S.A.
SAN FRANCISCO
•
LOS ANGELES
2
The
Brokers, Dealers only
Banks,
For
The Commercial and Financial
(1562)
Security I Like Best...
This
Forum
experts
in the investment and advisory fieid from all sections of the country
participate and give their reasons for favoring a particular security.
which, each week, a different group of
A continuous forum in
Call "HANSEATIC"
Our experienced trading
liam
.
Partner, William 1. Rosenjeld Jr.
Trigger-quick
reaches
service and
broad
a
New York
of
range
Contacts through
nation-
our
-
v
'
To make
sure, you re
possible coverage,
the widest
*
HANSEATtC."
"Call
.
trust Co.
*
:
I
.
''The Se¬
the
not
am
likes this well
tion.
Corporation
Associate
-
to say, no
or
6 of
most
im¬
Exchange
our
Broadway, New York 5
120
WOrth
•
PHILADELPHIA
•
York
SAN FRANCISCO
have
would
Co.
& CO. INC.
Security
shown
banking fraternity
regard the man¬
agement of these banks have
Dealers
for
J.
itself.
Why are these veterans and ex¬
perienced bankers so anxious to
acquire the services of* Mr. Sffanahan and merge with his bank?
As a former Governor of the
State of New York has said, "let's
Federation's President, Thomas
Ass'n
Shanahan, and the bank
BONDS
Bids
on
Odd Lots
(To Brokers and"dealers)
—V
Exchange Place, New York 5
Phone:
WHitehall
Teletype
No.
NY
record."
The figures in the accompany¬
ing tabulation illustrate the
growth of the * Federation Bank
and Trust Company from the time
Mr. Shanahan became President
in 1944 until the present*.
The
board
of directors, at a
take
3-7830
1-2762
Trading Interest In
American Furniture
Wire to New
1944.
TWX LY 77
York City
bank's
growing popularity with the in¬
vesting public has been the steady
stockholders
of
increase
LYNCHBURG, YA.
—5-2527—
;
Another indication of the
STRAOER and COMPANY, Inc.
*■
declared. 0
dend was also
Commonwealth Natural Gas
Private
Sept.
on
As of July,
since
1961, Federation
Bank has some 2,000
stockholders
1944.
against only 292 in
as
WALL
STREET
NEW YORK 5, N. Y.
important
become more and more
its future
to
Federation Bank and Trust Co.
Raw
-—
Refined
—
Eighth Ave. This was the head¬
quarters of the bank for many
years, and has proved to be a very
profitable location.
This office
will increase in importance as the
new Pennsylvania
Station build¬
ing program starts to take shape.
This
program
includes
a
new
sports center and convention hall
to
take -the
place of Madison
Square Garden, along with a hotel
and office buildings. Other build¬
ing developments are scheduled
Liquid
Exports—Imports—Futures
DIgby 4-2727
for
a
this
very
which will
area
is needed to serv¬
of
Operating
Earnings
serve
as
the Coliseum Building. The value
increase
continue
will
Z;
Blvd.
Queens
.
Queens Blvd.,
85-23
located
: property
on
several
and
corner
Mr.
the
of
member
a
with every
to
$1 package
you
send
the world'* hungry thru
CARE Food Crusade, New
-
has
office
expand
to
further
rapidly
arid improve this property
keep,
pace
this
with
Board
the
Federation
Comnany
and
Bank
Telephone: BEekman 3-3622-3
with
well
its. nine
lo¬
branches.
successful
and
Need Hard to Find
Trust
hesitate
not
recommend
to
QUOTATIONS?
/■
a
make
has
paid
37x/2
each
cents
7
til,-,
♦Increase 136,518 shs.
■{•Increase
60,000
^Increase
122,517
s-
has been
Rockaway Blvd.
shares .(stock
estimated
are
share
or
at
about
$2.70
per
in
the
(This is under
a
169th
and
•
no
•
(Only $45
per
r
year)
(Single Copy
Market.
$4)
—
This
in
located
this
growing The
common
well
of
thev. World's
branches
more-
important
Fair
nears,,
become
should
the
to
'
*
,
"stretch"
space
"t
e x
t
deposits
$93,585,000
110,901,206
164,534,604
1.45
1.50.
152,442,898
200,066,645
1
Bank
,
„
.
2Ysr%
of
1.50
along with its
wholly-owned
o m a
Brooklyn).
shares)
~1,000,565
circumstances to be construed
any
as an
and
W.
-
.
substantial
*
tic
(
(sale
its
Corp.
108,904
r
■
f>
shaj-etp.
offer to sell,
or
security referred to herein.)
Counter
-
write
'
quota-
•r e¬
call:
or
CO.
WILLIAM B. DANA
25 Park Place
•
New York 7, N; Y.
REctor 2-9570
stock has
.
tion.
about
•
stock
N. Q.
B.
OVER-THE-COUNTER
K-D
In the par¬
market, the
holdings.
the
(Sale 118,900 shs.)." lance-of
-
18,613
Burner
Amount
-
.
8,918 shs.)
the
* Z4//-
industry,
yarn
Edw.
1.25
tions.
and.
Ferguson
$435,000
Lamp Divi¬
490,611
sion.
The capitalization is small.
747,558
908,674 Important interests, with a repu¬
tation for financial acumen, have
$1.25
•
as-
find""
to
if^e d"
-Dividends Paid Cash.—
.
securities
"hard
important
position in the
fast
growing
property
Per Share
-
those
and
for custoipis also owned
by the Federation- Bank and busi¬
ness has been improving steadily
since the Bank took control, and
This
ers.
asset
potential due
to
its
major
office, located at
Pennsylvania and Jamaica Aves.,
Brooklyn, has been completely re¬
modeled
along
with - providing
private parking
of
value, increas¬
ing
earnings
<
Citizen's
The
listed
as
Over
the New York
current levels
is attractively
priced on the
basis
future
,,
growth of the bank.
prices
monthly
s
stock of Duplan Cor¬
The
169th St.
building poration, traded on
property is owned by the Stock Exchange, at
With building on the/in¬ of
$10 per share,
crease In Queens and as the open¬
these
all
on
will
publication
the
you
;
and
ing
bound
give
.v-
bank.
buy,
/''•••'
"
•
St.,
section.
.
solicitation of an offer to
■
The stock is traded
Over-the-Counter
strong technical posi¬
price of $10
.with a 1959-1960 high of
INDUSTRIAL STOCK INDEX
23'Year
Performance
of
35 Industrial Stocks
FOLDER
ON REQUEST
a
The
compares
as
,
Record
'
better.
Oct. 10, 1961.
office, at Hillside"
Jamaica
The
8,700 shs., 2Yz%
dividend
"
.
has surpassed
ideally
*
(Purchase Citizens
.
very
Capital
(stock div. 2%%
shares
:
THEM
Bank & Quotation
.
it
'
,
FIND
WILL
IN
quarter this yea?, plus a 2x/2%
stock dividend. Earnings for 1961
American Stock Exchange,
and the Ja¬ >•'./. ■./-»• and other Exchanges
maica
Estates office at> Hillside;
Ave. and Midland Pkwy. are both The Duplan Corporation ..'./Zy""'''
..
./
//_
\
.
YOU
Fed¬
growing community. This branch
The range for the stock from
should prove to be an excellent
investment.
■'«f' /''1 /; Jan. 1, 1961 to Oct. 10, 1961: high
43 y2, low 32; last sale 39% as of
The South Ozbne Park office at
132-02
OFFICE:
eration Bank and Trust Company,
its
excellent
record.
The
plans
to
YORK
149 Broadway, New York 6, N. Y.
; I have
dividual
built
and
with
planned for this area along with
stock
a large housing development. Mr.
the
York
NEW
to
Shanahan
'
building
being
6,670,350
1
offices
World War II.
cated
new
are
7,949,233
j
branch
our
Securities Co., Ltd.
completely
buildings
1960
r
to
D AIWA
rectors.';; •_. ;/'
/ ;•
remodeled
>With
bank
stocks
attracting
and a private parking space for
considerable
attention
recently
customers is available. There is,
from the investment public, I do
a
subway and bus stop at this
been
has
5,307,538
7,163,781
-
NY 1-1557
,
SECURITIES
branch, vat Locations for new branches are
Elmhurst, is
being considered by Mr. Shana¬
owned by han and the Bank's Board of Di¬
This
Bank.
Federation
im-i
to this huge and
portant project. /
The
to
the Lincoln Center of
as
the gateway
$3,480,000;
*4,845,180
t5,445,180
$6,670,350
V
,
JAPANESE
concentrated on the in¬
history of each branch to
g ive the readers a clear picture of
Performing Arts nears completion.
the future growth possibilities of
This branch -you might say, is at,
location
this
of
1959_
food and friendship
wires
Direct
The year 1956 marked a turning
of Directors of the huge and im¬
point in the bank's future growth.
Mr. Shanahan opened what is now portant General Aniline & Film
Corporation which was taken over
the main office of the Federation
the U. S. Government after;
Bank at 10 Columbus Circle, in by
Stock
$3,362,167
3,772,473
1958
2-0700
Birmingham, Ala.
Mobile, Ala.
^
Administration
new
our
invited
Au t
1957_
over
New Orleans, La.-
business. With the Among the latest to recognize his
coming to Flushing, talents has been one of the lead¬
Fair
ers
active part of Manhattan,
Gross
give
HA»
.
N. Y.
boards of directors he now serves.
who
34th, Street branch should
benefit by thic increased activity.
You
19 Rector St., New York 6,
Shanahan's business ability
Mr.
'
section is anticipated.
The
1956
Exchange„
is
increased activity throughout this
Ave.
\
progress.
opened its doors in May, 1923, at
the
corner
of 34th Street and
SUGAR
space
increased
ice
it
99
Members American Stock
pleasant surprise, in that
all expectations.
iently located branches in Man¬
EDWARD W. FERGUSON
This branch services many small
hattan, Queens and Brooklyn.
and several large businesses along Manager, Investment, Research Dept.,
With New York City's many new/
'with many home owners in • this Laird, Bissell & Meeds, New York City
building projects underway, the
growing section of Queens.
/
Members: New York Stock Exchange,
locations of the bank's branches
The bank now has nine conven¬
LAMBORN & CO., Inc.
York stock Exchange <
Members New
i
recognized by many large in¬
organizations on whose
short time after its opening/ad¬ dustrial
successful that within
so
Shanahan
15, 1961 to all
stockholders of record on Aug. 22,
1961. The regular 37V2c cash divi¬
payable
Life Insurance Co. of Va.
LD 39
,
meeting held on July 11, 1961, decleared a 2.1/2%
stock dividend,
Bassett Furniture Industries
-
look at the
a
apartment developments, has
World's
indicates the high
Members
Y.
B. A'Hearn
Frank
organizations.
The
by the cream of
their
York's
New
Co!
Steiner, Rouse &
the 45th Street
ditional
& Trust
to
/.;'• ;-•■
buildings which will be topped by
the* erection
of
the
new
Pan all/ indications are that it will
American building over the New prove an excellent investment for
York Central tracks near Grand the bank,'/
v
.,
\
/ ;
Central. This structure will have v The growth of the Federation
a
be
ration
e
interest
GROSSMAN
N.
d
Bank
WEINBERG,
S.
e
City'. (Page 2)
is improved by the
construction " of
several
office
city
proved
pleased to add
F
Bought—Sold—Quoted
by
new
indicated they
System
Wire
City
banks
CHICAGO
Private
Nationwide
New
portant
Teletype NY 1-40
4-2300
BOSTON
•»
City. (Page 2)
increase,.benefit¬ By his foresight, good judgment
branch. /
/ and his excellent knowledge of
In
1954, another branch was. the banking business, along with
opened
at 41-84
Main St., in a personality that gives him an
Flushing, N. Y. This branch, lo¬ ability to make friends, he has
cated opposite the new Flushing made the Federation Bank one of
Post
Office
in the midst of: a the leading commercial banks in
flourishing business center and New York City.
less
than 5
Member
Stock
American
New York
branch
the
ing
past 2 years, I
would venture
Established 1920
Louisiana Securities
in this area will
the
In
Trust Co.—
and
A'Learn, Partner, VvilI. Rosenfeld,
Jr., & Co..
largest floor space of any of¬ Bank and Trust Company since
fice building in the U. S. Business 1944 is a tribute to Mr. Shanahan.
institu¬
ing
Alabama &
the
bank¬
known
New York Hanseatic
and
,
of
only one who
^
.
>
It seems that
Co., New York City.
Thursday, October 12, 1931
'
Exchange
curity I Like Best," certainly fits
the Federation Bank and Trust
getting
.
the Qrand Central area. The Duplan Corpora Jon—Edward
W. Ferguson, Manager, Investwas successful from
ment,
Research
Dept.,
Laird,
the opening day. This success will
.Bissell
&
Meeds,
New York
^continue to grow as this section
close
This
The title of this colurcyi,
wide wire system.
& Co.,
City
Members American Stock
Federation Bank and
1951, Mr. Shanahan opened
the first branch at 6 East 45th St.
.
.
Selections
Bank
Federation
In
FRANK A'HEARN
department offers
Week's
Participants
Their
Franx
Chronicle
current
$14.75.
*
For
the
Continued
on
past
17
page
27v
National Quotation
Bureau
Incorporated
46 Front Street
/
Now York 4, N. Y.
Volume 194
The Commercial awl Financial Chronicle
Number 6098
(1563)
3
CONTENTS
1X1
BI
■
By Joseph C. Swidler,* Chairman, Federal Power Commission
Articles and News
'
AND
anything at
Recently appointed FPC head spells out his firm support for area
pricingr-as
ceiling, and not
a
TIFFANY'S
floor, with no concessions for the.
as a
What Is the Prudent Policy. Today In,
inefficient
firms—in
h3 chairs.
Moreover, in the light of the two recent Permian Basin *
speaking for himself, and; not tha: Commission
Louisiana^
and Southern
area
rate
/ Fund Assets?—-John G. Hfeimann._
to br pursued
delays in time and uncertainties as ta policies underlying
that his electric utility background
Reasons for and- CUre of
industry.
in gas regulation
I
we
mission
nomic
i
.)
>
•
r
.
•
•
eco¬
you
Current Problems Facing the
responsibility lightly^
•
of the
tory
of course, is how
which
efforts
Growth Stocks
Recent Financial
—Neil
Heinicke Instruments
Savings Banks Industry
12
wt,:\ y
,
have
—William
•»
' 4 'l '
'*
New York; Savings Banks'
14
MA 2-9000
&Mackie;ing
Lumsden.
*
________
v
V'
___;
;_
On
no
_______
Los Angeles
*
As
separate cases that now involve
directly prices for the:gas pro¬
shape of my thinking on the
We
See
It
Bank
20
______
^_
__ _
48
_
Dealer-Broker Investment Recommendations
-
Einzig: "UK Should Sell Forward Instead of Spot Sterling".
.
8
Com¬
15
_
From Washington Ahead of the News—Carlisle Bargeron
Indications of Current Business Activity.
pricing the entire industry output
...
\
•
'_*
-
•
■
•
•
•
,»
'•
^
-
,
.•»
...
•
-
fully aware of the great
am
responsibilities of the Commission
in the field of producer rates. This
of
,
tion
vices.
23
f.
in
proceeding,
explicitly the ques¬
area rates proceed¬
gas
26
4
,
Utility
Governments
on
22
Securities
23
Securities Now in> Registration
-
.
.
..
J.F.ReiIIy&Co.,Inc.
39
Broadway,, New York- 5
DIg&r 4-4970
30
Prospective Security Offerings.
.
47
.
Security I Like Best (The)
calculate on
estimates of re¬
If we
2
Salesman's
Security
Corner....
State of Trade and Industry
n
in
Washington and
———
(The)
You
,21
Electro
16
Tax-Exempt Bond Market—Donald
the ground in They seem to me to be a promising
administrative innovation which
the United States, each cent per
thousand is roughly equal to $15 should be pushed forward with all
billion.
These are indeed astro¬ dispatch and vigor. I say this be¬
cause
I do not believe the pronomical figures, even in Texas, so
Continued on page 18
largo that in computing them I'
coverable
22
the
question is that the area rate pro¬
ceedings will probably prove tobe the most important single tool
fof developing
a
sound frame}-;
work of producer rate regulation.
equal to approximately
of the
teletronigs
■
My own present view on the last
equal to $130,000,000 a year.
A cent a thousand difference in
the value of the-estimated proven
billion.
whether
crosby
.
,
ings were useful rate-making de¬
feet is
basis
Marsh
Reporter
Public
Louisiana
which raised
the industry will probably
sell something in the order of 13
trillion cubic feet of gas.
A dif¬
ference of a cent a thousand cubic
is
Examiner
Chief
Southern
year
reserves
Our
globe rubber
;
pricr-
ing policies in response to the
parties' requests for such clarifi¬
cation; and, finally, by the report
dept.
17
.
—
sion clarification of its area
oping regulatory pattern for gas
producers. I shall speak of that
:
29
s
-
arlanfs
11
.
-
bargain town usa
duced
my-
first.-
ati€^4al cleaning
contractors, inc.
*
Coming Events' iii the Investment Field.____
from, two of the nation's
most prolific gas production areas,
and which may set a pattern for
St. Louis
;_Cover
and Insurance Stocks. .—Cii_——: iii.
^
-
;,/
(Editorial)—
,
Philadelphia
San Francisco
n
subject in the gas indus¬
to
Cleveland
'
■
f.
Into these proceedings haveconsolidated
hundreds
of
been
lim&hWA*';
Direct JFires
20
_
w
Regiilar Features
try is there more intense interest
than in the question of the future
course of the area
rate proceed¬
ings.
40 Exchange Place, N. Y«
Teletype NY
Deposit Service Solidified
________
-
.
Chicago
.
$21/2
Singer,Bean
•
_______
Be¬ at the producer's level, v interest
acquaintance with the has been heightened by the change
Market,.
and You (The)—Wallace Streete___________
industry is still recent, my own in the membership of the Comc
h
«* '
"7
•*"
1
views are subject to change with¬ mission, which now includes only
t"
out notice in the light of addi¬ one member who participated' in:
Mutual Fimds—Joseph C. Potter.
1;
'
;
tional information and changing issuing the area rate orders; by the
circumstances.
V.
:
hearings,
themselves, in - which
News About Banks and Bankers^
.'
producers have joined- in
I shall want to use this occasion many
to make some general observa¬ preparing comprehensive studies
NSTA Notes
___'
area-wide and industry¬
tions about'the problems of the on an
wide basis; by speculation: as to
gas industry, but I know that the
/Observations—A. Wilfred May—
the possibility of early Commisr
primary interest is in the devel¬
the
13
__
institutions
Growth of. Canadian
McKirinon_.l___—
J.
\V
mission, but Only, for myself.
I
Amer.lnt'l Bowling ;
'
Current Litigation
'
major gas regulation problems of
the Commission.
I must caution
■
Hamilton Coseo, Inc.
-
.
beei\ made to regulate producer
The principal" present ve¬
hicles for such regulation are the
two area rate proceedings recently
instituted by the Commission:
I
want to discuss these proceedings.
prepared, to spell out the coUrse
of Federal 'gas regulation in the
years to come. I am afraid I can¬
not live up to that premise.
I do
propose, however, to indicate all
that I can at the/moment about
cause
Oxy-Catalyst Inc.
9
.__
rates.
-
that I cannot speak for the
____
/The Economic Outlbok—Robert A. Kavesh_______
apply the rate standards of the
Natural Gas Act to producer rates.
I do not need to review 4he his¬
WHitehall 4-6551
Oil Recover
5
; Samuel W. Hawley
the Commission does not
The problem,
^
High Unemployment
oir
STREET, NEW YORK
5.
—Russell* 'J. /Clark-___--___„________;_____._______________ 10
to
this paper creates
natural expectation that I am
the
enormous
an
impact, and that thny nnist
take this
The subject of
a
Coblei|h
Anr*Answer to Trustee's Dilemma
•
for those
dogs.
4
They emphasize
fair
sure
the price uncertainty which
plagued the industry in recent
years.
•
have
Our
WALL
Telephone:
Profit Is People's Business—George A. Newton
dealing as- between pro¬
ducers and consumers.
I- cain as¬
move
has
extra
be made with- the most sober care
for
solution and re¬
a
man,
that the rate decisions" df the Com¬
innovation
find such
running
string- of zeros.
two, and, great room
and enterprise in
developing a sound, basis of regu¬
lation. I firmly believe that with
the
industry's cooperation, and
the cooperation of the other in¬
terests
concerned, an equitable
and generally satisfactory method
for regulating producer rates can
be found.
I am fully aware that
this will prove a difficult- and
complex task. If I have learned
nothing else in the almost three
months I have served on the Com^
mission,, I have at least learned
this much. But the great import
tance of the task to all the parties
concerned makes it necessary that
next year of
for
not
was
you
Obsolete Securities Dept.
Gas Industry
I —Roger W. Babson._________
checked several times to be sure
.to
in. the
think there is great, progress
give
'
,
____________
Electronic Oistributori^-Ira U.
>
r;
be
we
"cosbplus" pricing formula applied to most
utilities would not do for the riskier natural gas
I
Cover
99
T. Pbtter—
decisions. Furthermore* he states,
convinces him-that the
Handle it with the cash
3
Medium Term' Outlook for Natural
policy statements and the expediting of pipeline and producer cases
will end
>
/-'-J•
fair test, and hopes thai use of area rate ground rules,
a
•
*;
■.
—Joseph C. Swidler___^_____
Further, he asks for the cooperation of all in. giving area* rate pro¬
ceeding
;
_
'
New Directions iii Federal Gas Industry Regulation''
problems.
in solving rate-making' procedural
Investing PfeiisiW
cats and
proceedings, he touches on the
.
st:ps
COMPANY
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D.
Mackey
6
48
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s
(1564)
The Commercial and Financial Chronicle
at
Medium Term Outlook
By L. T. Potter,* President, American Gas Association,
President, Lone Star Gas Co.* Dallas, Texas■
OBSERVATIONS...
characterize
come
the
regulation of our in¬
Federal
to
dustry, at the same time increas¬
ing the efficiency and effective-ness
of regulation. Some would
require
legislative
action,
but
many
others
could
be
imple¬
mented
"TRADE" BEHIND
existing Federal Power Commis¬
PART
-
Compendious, thoughtful paper on the natural gas industry outlook
specific predictions as to the sales, customers, etc., and
contains
dismisses
and
based
are
on
ment
Through recently intensified in¬
all-inclusive gas industry research develop¬
new
launched by the industry.
program
and distribution sysis and lems to Keep pace witn anticipated
where it is going, it seems to me demand.
we
often
lean heavily Aon two
To deliver more gas to more
When
get down to discussing transmissions
we
the
where
industry
gas
props,
,
on
in
consumers
per¬
haps
communities,
more
distribution and pipeline com¬
panies alone will spend about $10
gas
the
umption
that
they
billion
make it easier
pansion over the next five years
—and these outlays exclude the
ass
visualize
to
what
and
First,
r e
fi¬
we
q u
$3
These
only
are
few of the gas
a
industry's goals—ambitious goals,
nevertheless realistic.
day^ gas in-,
dustry with
the
industry
but
of
mobilizing
ten
In
years
our
Then we proje
pl^n
and hopes ten years ahead, still
limiting ourselves to discussion in
ago.
terms
achieve
our
them,
we
companies
to
make the as-
industries make. We
assume
continue
will
population
goals and
forward-looking
most
sumptions
of decades.
to
that
in-
often use the shortstatistics — perhaps too
that standards of living
will keep climbing, that our prod-
the fact
copious statistics are avail-
ucts and services will continue to
enjoy popularity and public acceptance and so forth. > ;
Second,
of
hand
crease,
we
frequently—overlooking
that
able to most everyone.
As
for
/•
*frn
comment
we
Goals
.
"Greater
discuss
Gas," * We
not
those
industry,
achieve
we
seek
regulatory climate will improve,
to
We
And we use as few statistics
as possible,
only those contributing to clearer understanding of
the industry's position and goals,
some.
about
^
are
We
of
therms
will give us even better
But let me emphasize that these
investments
billion
95
research
too, that the gas industry
wjlfl always know where it is,
where it must go, and how it
should get there.
of
$22 billion. These companies
serve
our
sume,
mention, for example,
that gas distribution and transmission companies now constitute
the nation's sixth largest industry,
plant
that
gas appliances and equipment, as
well as improved operating techniques and equipment. We as-
would
total
assume
programs
years.
with
we J as-
to some knotty problems facing
the gas industry. We assume, for
example,
that
the
industry's
and in the next five
now
however',";
that solutions will be found
sume
goals off in the dim
and distant future ten years hence
but the immediate goals of>the
gas
addition,
In
vague
some
I
establishing these
more than just assumptions,
not content to leave such
before.
And,
and
expect customers to in-
by
sales
15%,
to 38 %
increase
to
million,
by 30%
to
level. A
special Committee of Exa level of about 124 billion therms
ecutiveg* on
Regulatory Affairs
of gas per year. And we expect to -has
developed a number of immake substantial additions
to
our
portant
recommendations
aimed
While
cussed
of
entire
our
we
on
done.
in
basis
have not hereto-?
such
is
as
all-in¬
an
being
now
result, we are
much better position to dis¬
where
the
gas
industry is
a
cuss
Today,
as
a
going and how it should get there.
But
goals and plans, are
fundamental ques¬
tion stands upermost in the minds
of many people: Will supplies of
gas be sufficient to meet future
our
as
outlined,
one
demands?
^
is
answer
.
reasonably- foresgs&blpi future.
Ultimate
sufficient
of
reserves
beyond the
by
2000 await only
year
incentive
the
their
for
the
develop¬
industry as
gas
proved reserves.
At
the
start
of
the
1961,
American Gas Association's Com¬
mittee
coverable
Reserves
nation's proved re¬
to
reserves
trillion
264
Gas
Natural
on
estimated the
be
nearly
cubic
feet, despite
rising levels of production which
ENGLISH-you
-
With direct cable connections
to
name
it
offices in——
*
FRANKFURT
MONTREAL
GENEVA
PARIS
KONG
LONDON
who
in
production into
effort
an
proved
reserves
index" would
remember
to
I
a
would
reserves
do not constitute the
total
gas
of
supplies
available tb the
be
they
the
exclude
yet, proved
sum
direct
call
to
our
United
not,
in
reserves
States
alone
the
represent
prepared
Committee
in
on
United
the
the
for
the
Atomic
range
States
of
re¬
and
3,000 to
5,000 trillion cubic feet.
*A
the
statement
43rd
Oct.
1,
by
Annual
Mr.
Potter
Convention
before
of
the
1961.
I.—M.
A.
limited by its 30%
Evidencing her mastery of the
trade techniques
is
Yugoslavia's
the
is
just
at 857 Newport Avenue to engage
in
a
securities business. Robert P.
Middleton
firm.
is
President
of
the
1948.
■
As^
up-dated for me by a
high Yugoslav authority, his coun¬
try's "headaches" are continuing
concluded trade
in full force, with Moscow's state
trading commissions on their bi¬
lateral
side
insisting either on
paying with, goods that are not
desired, or not paying at all. As
a
"Communist-
other
in
currently
unneeded sugar..
some
legitimate interests
transformation to
her
quasi-independence
specified payment Jo Hungary in
To
after
even
proportion.
dominance qf
tions
agreeing with this
Mendershausen
as¬
the sabotaging which the Kremlin
has been able to maintain
against
highlighting the pre¬
political ^considera¬
Perfectly
TDr.
streamlined
look
can
While
losses, through discrimination, of
over $70 million in
1959.
2
stepping-up, but
U.S.S.R.
the
result
.
slavia's
is
Yugo¬
$50 million debtor.
flirting" countries "poor Hungary"
has
Included
credits.
re¬
as
1960).
levers
Trade
indicated the
nature of
nist
bloc,
Albania,
The
of trade incldde
prices
U.
paid
S.
S.
some
for
R.
on
by
imports
discussion
But
Revolution.
price
selling
and
Soviet trade with
came
with
another
other
prominent of such
estimates is the so-called Mendershausen
Horst
Report, compiled by Dr.
Mendershausen, economist
of the Rand
that
Corporation.
Mendershausen
"of
all
the
importing
.
nations
from
the
U. S. S.
R., Hungary suffered per¬
the
greatest
losses.
The
figures available from of¬
Soviet!
sources
thd flagrant nature
.
.
.
reveal
of Soviet price
total
Union
calculated
imports
in
1958
t
1-.! ■'*'
'■ '{
;
The
effect
that
from
were
Hungary's
the
of these
credits, en¬
abling the avoidance of a deficit
the
in
balance
1957,
the
been
to
that
of payments in
of the grant, has
trade deficits in
succeeding periods.
and
These
lion
and
year
finance
deficits
in
totalled
$195
mil¬
1957, $23 million in 1959,
$100 million in 1960.
Contrastingly, Bulgaria, Ruma¬
nia
and
Poland, from 1959 to
1960, when
Hungary was thus
enabled to change from a small
surplus to a $100 million deficit,
deficits
The
increases
or
credits
resulted
Soviet
valued
at
$200,500,000; that ,34 of the items
-IP
to
in surpluses.
Hungary
domestically
in
have
mainte¬
of
living,
nance
of
with
big fillip to the availability
and
a%
a
the
standard
quality ok consumer goods
vulnerable
economic
rather*
f
setup!
discrimination."
He
the
countries.
Socialist
showed reductions in visible trade
concludes
captive
goods
million from
81
major
tJ.S.S.R. Credit's Impact
J
the free world.
most
The
hundred
Two
million dollars (in 1957)
directly from the U. S. S. R.,
with
in
ing
pos¬
and fifty
the
the
Geneva, indicates that con¬
siderable creditability is due to
the estimates of dictated buy¬
as
equally strong lever,
1956
terms
uncertainty,
particularly
vacuums
machinery and mine props.
the Soviet in the mone¬
tary area, stems from the longterm
"appeasement" credit ex¬
tended to Hungary following the
to Hun¬
exact
of
agricul¬
coke,
sessed by
the direct trade relations
Moscow.
no-
few
a
supplies
needed
lumber,
oil,
An
"Gypping"
important
sorely
tural
and Guinea.
Two-Way
more
gary are
her
crude
reportedly
including
Mongolia,
North Viet
Nam, North Korea,
Even
to
on
and
Import-wise
supplies Hungary with
the Soviet
Commu¬
the
of
bauxite
of machinery.
types
aid-or-credits
of
fellow-members
follow¬
centered
are
longer-scarce
apart from Hungary's
extensions
somewhat
poor
a
former
The
any
India-Hungary pacts).
This is all
the
which has
on Russia by
soft-currency
country, is furthered by both ex¬
port inadequacy and import needs.
cur¬
bilateral
from
apart
dependence
Hungary,
by this writer with the
Minister Dessai
Budapest
Hungarian
ing the 1956 uprising.
Finance
rently
line,
loosened
been
reports of longterm
credits
to
"uncommitted"
Brazil
and
India
(although an
interview
in
divers
has
her
keep
political domination
also
are
to
satellite
Republic (December,
,
There
Kremlin
The
cipients have been Ghana (per
agreement of April, 1961X, and the
United Arab
Kremlin's Levers
The
actually been extending long-
term
ficial
P.,
Inc. has been formed with offices
volume
practiced
as a group.
Other studies
covering later pe¬
riods indicate -similar
Hungarian
with
Finance
Minister
personal on-the-spot in¬
tervention, .jthis
means
that
some
discrimination
of the
satellites' imports
Dessai's
trade
15%
or
sumes that
Hungary shared in the
broad price discrimination
known
to
have
been
inflicted
on
the
which,
bilateral
$24,375,000,
caveat,
President
Odon
the Commie-line
asserting the danger of depend¬
ence
on
"the cyclical boom-bust
capitalist courftries." For the nonCommunist
countries,
as
India
forward to
the
prices" charged
Hungary overpaid a
culate.
agency)
Kallos, follows
haps
R.
to
com¬
Hungary's exports to the
U. S. S. R. is, as we have
indicated
above,
more
difficult
to
cal¬
promo¬
latest
^
.
Form M. A. P. Inc.
a
against
tion
Dr.
Association, DallaC* Texas,
PAWTUCKET,
NEW YORK 5, N. Y.
trade
of
Price
of
Soviet
"gypping."
This exploitation occurs through
1,200 to 1,700 trillion cubic feet. price discrimination in both So¬
Furthermore, the U. S. Depart¬ viet exports to, and imports from,
a
satellite,
compared with the
ment of the Interior, in a recent
price of the same commodity in
v
StREET,
"
i
variously estimated
trading desk, just dial—WHitehall 4-4732.
70 PINE
the
experts, domestic and neighboring
something in the neighborhood of
Canada
PIERCE, FENNER & SMITH INC
government's
with
serves
MERRILL LYNCH,
70 %
of
to me by Hun¬
Chamber
of
Commerce
gary's
ulti¬
Energy, estimates ultimate gas
foreign securities
maintaining,
to
ously expounded
with
country's
markets; that
that
total of
Satellite's
for such
which will
nation, for
up.
ultimate
that"
American Gas
a
to
and
the
30%
remainder
other countries. Thfe rea¬
limitation, as vigor¬
among
son
emphasize that proved
SAN
JUAN
this
in
volume
Moscow's
have "on the shelf."
now
we
reserves
merely
•>
we
feel particularly well-qualified to
provide
help and information when it comes to. buying
or selling
foreign securities.
*
For
do
ratio
that-the
to net produc¬
"working inven¬
tory" of the moment. It represents
only the supplies of natural gas
tion is
Joint
TORONTO
total
bloc,
determine the gas
to
"life
industry's
well
tempted
be
may
world
the
34 commodities' total value.
factors
ing 1960.
ROME
MADRID
free
Mother;
which
exported
nomic
in
presentation
PANAMA
HOtfG
of
those
also
shows
latter's
It has been
DUTCH
benefit
the
with
Union
parison
reached 13 trillion cubic feet dur¬
Those
1,
;
Fundamentally manifesting the
domination of political over eco¬
magnitude for the nation's needs
ment
author's
the
on
identical
Soviet
political
emphatic
an
based
CURTAIN
covering 80% of Hungary's total
imports from the U. S. S. R. were
agreement with
Cuba-Entailing
another
$25 million, concerning
"Yes."
Today, there are amplewhich considerable private grum¬
pToVed't£s6fvhs; of natural gas in
the United States to last for the bling is:; going on because of the
The
IRON
Russia.
(the
plans in specific fields
worked
clusive
history.
have, in the past, dis¬
we
our
operation,
fore
as
GERMAN
aims—and
to
apportionment
ments in
series
a
gearing
for
trade
the
mate gas resources which are
Trading in Foreign Securities?
international
trade
of
we
techniques
oped
engaged in a
comprehensive j ob of short-range
and long-term planning. The pro¬
gram, which we know as G. I. D.,
is
one
of
the
most
important,
finite and far-reaching develop¬
are
now
of
—
exhibits the
highly-devel¬
orbit's
industry and its component com¬
panies
toward their solution.
1965,
development
ago, the
strikingly
Communist
adherence
This
year
and in the
years
through 1965, we hope to see our
companies do at least $35 billion
worth of business. By the close of
crease
program
new
months
few
a
to divide
sociation, we have in the past
year undertaken to seek improvements in the quality of gas in¬
dustry regulation at the Federal
a
industry
Hungary
strict
are
Through the American Gas As-
'
under
of
g a s
launched
important
matters
merely
to
chance, hoping they come to pass,
The
gas
industry is attacking
them as problems and working
year
a
customers
answering the
are
'
to some 33% million
through a national network of pipelines and mains extending about 645,000 miles.
gas
research
company
we
technological challenge with more
energy,
enthusiasm and
unani¬
mous resOarch support than ever
this
derive
to
to $5 billion of these
funds from external sources.
from
ently
compare to¬
f
need
will
we
means
continues,
pattern
nancing
future.
traditional
the
If
facturers.
'hope
to
achieve in the
ex¬
of our ap¬
equipment manu¬
and
pliance
we
and
expenditures
capital
position
our
construction
for
and
programs,
TWO
THE
MAY
recent visit in Hungary and neighboring countries.
-;r.
dustry
held
fears
rules, regulations and state¬
ments.
keep up with anticipated demand. Mr. Potter's
regarding adequacy of fyture supplies,
investments required to
data
sion
'
WILFRED
BY A.
the framework of
within
Thursday, October 12, 1961
.
delays
undue
the
which have
For Natural Gas Industry
-
eliminating
.
.
Thus
we
see
'
how
;
decisively,
through highly developed politi¬
cal
along with economic tech¬
niques,
a
satellite is dominated by
Mother Moscow.
Volume
194
Number 6098
.
The Commercial and Financial Chronicle
.
,
amplifiers,
Electronic Distributors
consideration
is
to
stay
for
a
corporate
go
year
electronics"
its
ln
progressive
sufficient
a
to
almost any company
word
certain
is not
stocks
Until
up.
or
so
title
was
avidly
by which securities have,
decades, been appraised. Steep
in
the
sky"
projections, and talented
cated
delving
R
issues
to
into
sophisti-
and
;D, propelled
gaudy heights.
Then
and
"pie
curves,
scientists
the
came
the
many
On
looks
Competi-
a
;
buyers
and
required
hardware
manufacturers. This
delivery and
handling and
!compo-
from
many
swift
assures
eliminates
lot
a
of
large inventory and is thus in a
position to make immediate de-
The
hundreds
offices
Milo
This
separate
than
materialize. As
sold
by
dis-
result, we have
months, throughout the electronics list, the phenomenon
of
fading
bids
and
dwindling ^price/earnings
dustrial
a
recent
In
1960-61
for
certain
the
ratios,
high/low
range
popular issues
was
as
follows:
Ampex 42 to 18; Avnet
Collins 76 to 31; Transitron 42 to 18; Texas Instruments
68
to
256
13;
to
Some
105.
of
these
For
cial
the
foregoing reasons indistributors, with finanto
resources
large
carry
in-
ventories, and to provide an efficient sales and services organization, are in a position to progress
and
with
prosper
120
the
under
with
more
manufacturers.
Sales
forward, bene¬
fitting from new offices opened
this year in the Boston, Los An¬
million,
Milo
Sales for
areas.
1961
were
gain
of
8%
an
over
is
common
American
traded
$1V4
1960.
the
on
Stock
Exchange where
it has ranged this year between
a
high of 19% and a low of 8%.
Currently it sells at 9V2.
tributors are no higher than on
purchases of identical items made
directly from manufacturers,
in
seen
Allied Radio
This
is
tronic
the
Corporation
Its
business
.is
divided
roughly 25% industrial, 50% mail
order, and 25% from its own
stores.
industry.
■...
Sales
come
documented by these examples.
logical.
...
Allied
of
showing
are
a
tax
One
section
industry,
have
the
the
electronics
however,
held
better—
distributors.
These,
manufacture
part,
products
their
of
for the
little or
but
own,
merchandising agents for
manufacturers, many of whom
serve
are
as
too
possible profit
coming months,
small to support
effective
national, or even regional,
organizations of their own.
sales
«
The
the
diversified
.
.
.
is a sizable enterprise grossing around $19 million annually and earning for the
fiscal year ended June 30, 1961,
a share on its 2,064,534 cornoutstanding.
dis-
tributor
in
connectors
electronic
Avnet
distribution
the
and
of
other
princi-
components,
business-goes .back to
Chicago in 1921 when Allied Ra-
Pally for Bendix Corp.
di'o,
rights in 27 states.
other companies wholesale
Radio
Radio
Shack
Electronics
and
Lafayette
began to sell,
tract
with
Its consales
Products of
Bendix
gain
and
will
probably
$44 million for fis¬
ended June 30, 1962. Pre¬
close to
cal year
profits of around 7% would
suggest earnings of around $1.35
per share (this fiscal year). Allied
40,000 items in in¬
ventory purchased from over 600
suppliers. The stogk, ,at_ai;oun<L£8
company
shares
pleasing
carries
electronic
electronic
in
Avnet Electronics
This
™on
Business
of
avenues
investors
to
specializes
Origin of
.
should
mergers
of interest, and
prove
to
appears
somewhat
up
most
no
of
These
present
unemployment during recovery lead
they do not menace the present economic
To curb higher labor costs, Mr. Babson favors passage of a
covers
in-
by mail
order, or through retail/-clude relays, semiconductors, Mistores,
the hardware
for
concrodot multi pin connectors, and
structing radio receiving sets. To electronic and high fidelity prod-
is
sort
making all strike votes subject to
Many
people
they
along at
puzzled
when
When they go soaring year after
year,
it becomes necessary xor
hign 7 %
employers to
a
are
riding
of the iaboi
force
while
employment
keeps
reaching one new peak after'another. They see, in tnis situation
totals
the
germ
lying the
of
business.
in
The
unemployment in
employment
are,
that
menacing.
the
natural
and
other
time
a
to
they
population expansion
related
factors.
thing,
Stays
High
of the
in
dean
distributor
In
Florida
West
branches
in
its
field,
Florida
its
retailers
and
selves
out
of
ness
electronic
include
distribution
servicing large
to
in-
scale
d\ustrial and government requirev-velopments. Initial
most
in
non
the
business
in
recent
has been the growth of the
years
industrial
been
fact
impressive phenome-
for
that
distributor.
several
This
electronic
sales
good
distributor
broader,
cost
organizations;
the
selling,
than
all
.
(3)
markets,
many
different
large
can
promptly,
items
manufacturers."
For Banks,
lower
distributor
deliver
and
of
and
a
a
intensive
more
specific
small,
hundreds
many
and
of
companies;
stock,
efficient,
more
coverage
(2)
A
from
single
Shack
Corporation
.
ness. In addition to.'merchandising, it does a substantial amount
of production under the Realistic
trade name. " Items
some
te in additional money by rais-
tions.
Such
ing prices or wages. The result:
Consumers buy fewer goods; mer-
raise
prices
chants
lay off clerks; manufacturproduction workers.
It
ers
fire
is
vicious circle
costs, nearly always
and
with
Beach,
the
Florida
is
here
sumer
electronic
improving
state.
distributor
hi-fi
and
stereophonic
include
at
common
around
stockholders to allow
with all groups
time
after
Taxes,
too,
ployment in
levies
The
cause'
can
a
unem-
roundabout
way.
for defense, social
We
couldn't
begin to
mits
those
all
us
that
countries
to
export tc
types of products at prices
our
meet,
we've
selected
in
on
layoffs
faiJ
consolidation before
a
for
period of
advance-
discharging
or
rais-
'Ti„
•
any em¬
^
.
Shorter Work rWeek No Cure-AU
would seem simple to cut
unemployment by reducing
the work-week to 35 hours, but
here we have the danger of encouraging more foreign imports.
It
back
It would help the employment
situation greatly if more workers
took advantage of social security
?nd retired at 65. This would apP*y» too, for older employers and
officials.
There might
company
duties.
import
after
be a. substantial reduction in un-
_
du-
employment in the younger age
ties, the nations would be alien-
bracket if more young men and
were
abroad
are
to raise such
women were
ers
in
countries
low-wage
or
brought
adopting automation. Retailconstruct huge supermarkets,
sent to college.
to
up
w
the
and
in
the
we
manufacturing
speakers,
battle will
be
Meanwhile,
we
ers
the
be
Curbing Labor Costs
Labor costs
gest
are
headaches
one
of the big-
management,
for
Golden
an uneven one.
must all abide by
Rule
and
avoid
NEW
YORK
legalized wars.
fairly
WE
ARE
PLEASED TO
ANNOUNCE THAT
end.
MR.
and
Homer
of
Edward
President
private Wire System to Canada
L_i^
:
•
—
of
been
Francis
IS
municipal
partment, 237
falo, N. Y.
Western
OUR
FIRM AS
VICE
PRESIDENT
New
by
Smith.
securities
Main
ASSOCIATED WITH
to
Mr. Berryman is Manager of the
bank's
CATES
Marine
announced
A.
NOW
C.
Berry-
Brown
The
of
Company
have
L.
R.
DAVID
Street,
de¬
Buf¬
.
M.
SCHAPIRO 8c CO.,
A.
Underwriters
•
INC.
Brokers & Dealers in Bank Stocks
ONE CHASE
MANHATTAN
PLAZA
38
Teletype NY 1-4686
eco-
nomic violence on ,the hom©
front;- strikes are too often only
rather feel
Marine Trust
Trust
——
rea-
economic
'
of course,
throw more wageworkout of employment.
healthy
j
,
.
install self-service. These changes
that they provide more depend¬
able, durable and promising equi¬
ties than many of their brethren
the
is
Brown
municipal
ment with
to
seem
representative and
Mr.
—
be
a
cannot
manufacturers
even
But it we
all
cover
that have gone public
in the past three years. The ones
man
American Stock Exchange
LANE,
°
look
industry,
Promotions
Quoted
MEMBERS
JVetv York Stock Exchange
Tel.: HA 5-T300
forward
a
the 16 companies in this $1 billion
Vice-Presidents
Sold
MAIDEN
agreed
__
ing prices
ployees?
se-
3, over-the-counter.
Promotes Two
Vanden Broeek, I,idler & Co.
125
and
give
products,
controls,
cost
York
_r
mean
^ould itynot
^me>
for
helping to keep the spiral going.
a
combines, usually to
or
cut production
components and elements used in
Foreign Securities
=
and
^
enterprise distributing electron c
Products to over 10,000 customincluding industrial c entSj
schools and technical laboratories;
and jt does a bl^ mai1 order busl"
Brokers and Dealers
Bought
help
—
are
curity,? oldrage
r
Aggressive
selling, • strategic
location,
expanded
distribution,
plus manufacture of a line of con¬
Goddard
.
Tgressive
supply
can
Radio
com-
panies simply can't afford extensive
dividend ;
cash
of 25c was paid in August of this
*fear*
st°ck» a; ^° aJ:per~
-ormer ls now Quoted at 28.
has
(1)
reasons:
smaller
could
consumers
In conclusion, it is my feeling
that the fundamental difficulty lies
in the fact that both our employers
and our workers are "at war"
Hoffman Electro Corp.,- and eight
wageworkers out of a job.
with those of other nations. Until
of products, some benefits from
state
Southeast
distributor
for
Finally, many of our manufac- the pay rates and working conthe Shaw..process of precision
Fairchild Semiconductors Corp.
turers aVe either building plants ditions
of foreign workers are
casting and possible merger de¬
ments,
The
and
business.
of
ated and
would turn to Russia,
ucts manufactured by,.'and im- for
such companies
as
Sprague Hence,
almost
every
store
is
ported from, its subsidiary, Brit- Products
Corp:,
Roberts
Elec¬ carrying
and kits. From these beginnings ish
some
imported
goods,
Industries. Ahead for Avnet
tronics, Inc. ol Los Angeles, Ray¬ When you purchase them, you are
these companies, and a number of we would expect expanded sales
theon Company, Channel Master,
actually putting some American
newcomers,
expanded the busi- in 1961, aided by. a broader line
was added design
assembly *of component units
standing vote.
a
Congress
-workers
un-
unreasonable
producers basic employment—by passing a
pricing them- law making all strike votes subMany in- ject to secret ballot,
vestors are of the
opinion that
The U. S. Department of Juslabor is
chiefly to blame here. tice should be urged to prevent
But actually, each group in the
monopolies in advance by dis¬
economy wants more and tries to couraging unnecessary consolida¬
one
v
office
main
Palm
throughout
Goddard
this distribution
and
demands by
to.
agree
and
some
the No. 1 distributor in the South¬
in
strikes
Hence,
,
is
to
represent
wanted
pay
,
Unemployment
For
own jobs (many union leadmake $20,000 or more). Such
leaders can force the workers
ers
not
due
are
are
their
top
however,
They
advances
union leaders,
who have to win big raises for
their members in order to keep
hign
of
exorbitant
in wage rates
boom
for
reasons
cut back personnel
to keep a
safe
order
sible for the
depression under-
a
present recovery
in
margin of profit.. Chiefly respon-
indication that there is really
an
i-<
east.
He also urges
unemployment
see
pensions, foreign
.:"g :;;.s
subsidies, and roadGoddard, Inc."
y■ aidj : farm
building
are
never - endingly
Here is an aggressive and well
heavy. Such taxes make ;many
managed company doing a gross
employers so angry they take it
annual business of around $4 mil¬
out on labor by reducing staffs.
lion. Business is divided roughly
Foreign imports are another
40% industrial, 40% service deal¬
isfeue. Lower pay in Japan, Italy,
er, and 20%
in consumer prod¬
Germany, and other nations peructs. Goddard is the leading elec¬
tronic
ballot.
a secret
healthy and reasonable levels.,.
.
with
major
the
Middle
in
coverage
West.
Moreover, merger, in due course,
of -smaller ' regional
companies
into bigger companies, seems most
a
our
Department of Justice forestalling of unnecessary combinations, and
hopes that foreign pay rates and working conditions come up to
Why
largest of the elec¬
distributors,
sales
bit higher now, but the price erosion that has taken place is well
are
law
on
have been moving
first' quarter
prices
items
agreement
re-
more
earnings'"
products
electronic
licensing
have
facilitating
"hot" electronic areas: California,
Florida,
Boston,
Chicago
and
Metropolitan New York; (4) The
of
for
reasons
pace.
public
went
company
geles and Miami
especially
in
semi - conductors;
price cutting entered, profit margins
thinned,
and
rosy
earlier
to
The
Corp.
distributors, is not a manufactur¬
er
but
an
expanding industrial
sales agency handling over 3,200
efficient sales and service 'to the
failed
By Roger W. Babson
March 1, 1961 with 150,000 shares
offered at $5.
Milo, unlike some
(3)
tion appeared at home and abroad
predictions
Electronics
items;
of
larger distributors
gional
1960
electronic merchant.
are
paper work. (2) The
distributor
carries
a
efficient
Reasons for and Cure of
1958 to over
fiscal
side,
because
delivery,
nents
rising
5
Mr. Babson to conclude
(1) they permit combining and assembling in
one
order, with one billing and
one
impressive
from $5.6 mil¬
$12 Vz million
(year ends 6/30).
Earning above $1 a share and
selling at around 17, Radio Shack
is a respected and quite proven
placing
save
tape
radios.
been
orders,
industrial
the
livery of
second
re-appraisals.
may
in
and
transistor
has
sales
lion tfn
business
the services of the distributor
"transistor" .of benefit
criteria
growth
him
to
dozen individual
ago,
that had the
or
and
bought
by
eager
speculators — with almost complete disdain for the traditional
earnings
companies whose
call
and
up
sought
for
^
for
of
tuners,
and
Growth
distribute, rather than manufacture, electronic hardware.
Glamour alone
reason
recorders
with
By Dr. Ira U. Cobleigh, Enterprise Economist
A
(1565)
Sales Manager of
depart¬
headquarters in the de¬
partment's New York office at 120
Broadway.
*
•
NEW
YORK 5,
N.
Y.
securities
• #
'
-.
OCTOBER 9,
1961
TELEPHONE HA 5-6600
6
(1366)
The Commercial and Financial Chronicle
'
1961
.'Thursday, October 12,
v.
%
<1
do
I \1
the
and as a "group/since last 'report¬ a weekly .period- •Calumet Skyway
ing. On Sept.:28, the Smith,.Barney '£%s jumped live points, Florida
& Co, Turnpike Bond Index aver¬ -Turnpike 3V4S, Massachusetts
aged out at 3.86%. Gn Oct. 5, the Turnpike -3.30s,. -and. Kentucky
last sampling date, the averaged Turnpike, Eastern 4.80s were all
Blyth & ,Co. ;group which
=also included Harriman Ripley &
Cq„ Inc., Smith, Barney & Co.,
Kidder, Peabody & Co., White
D. MACKEY
BY DONALD
,.s
/'A
■
states:
While many economists, analysts,
investment services and apolitical
re-
ofiering .scale carried yields from
2.50% to:3i65%. Yesterday after¬
noon^
balance
was A$2r73Q,00.0
A'
■
■
The
Go. .and others.
Weld :&
New
York,
.Michigan ..and
•yield
a rpoint or/more, and. the. list
generally was substantially im¬
proved. Since the last average,
Oct. 5, the Calumet bonds have
slipped back a couple of points.
3.80%..•This (reduction
represents a market im¬
up
w,as
in yield
California,
provement of over one poirit and
(Kentucky. bends.
■',/'// /■:. A ' "A' • * :''/- is .the largest weekly fluctuation
recorded this
The syndicate headed by Halspokesmen
progressively herald It continues to appear certain dhat
year.
During this
the healthy resurgence
of busi¬ the $155,000,000 Florida Turnpike sey, Stuart W& .Co., Inc. v$as :the
ness, anticipated variously
since .and $55;750,000 Oklahoma Ttirn- high bidder for the smaller issues*
early spring, and a consequent piike, Southwestern, issues may be $2,500,000
Water
1961
Series.
uptrend in interest rates particu¬ brought to v market
during 4this Other major members <of the ac¬
larly as 'they pertain to 'bond Obli¬ period. These are 'Dillon, -Read & count wbre Blair & Co., Inc.,
gations, the bond market .generally Co/ and Alien and Co. flotations, Diiexel ,& Go.; Goldman; Sachs :& In- the
following tabulations we list the bond issues of
continues
to
do
better.
In
the
respectively.
A//
Co., John Nuveen & Co., F. S."
../A,'
$1;000,000 or more for which specific sale dates have been set.
state and municipal rbond phase of t
The market's receptivity to this 'Smithers .& Co. and B. J. "Van
the market, new issue bidding has
Av ;•
•..:
"Oct. 13 (Friday)
moderately heavy volume should Ingen & Co/The Issue was .priced /
continued to be strong ^as inyestor be favorable
2,110,000 1964-2001
11:00 a.m.
providing that deal¬ do yield from 250% io 3.65%. The Beaver College, Pa.
interest lias -seemingly *kept pace
unsold balance is $238,000 bonds.
ers may compete without progres¬
•>"A;r A"// ^-;,/
"Oct. 16 (Monday) /•• ••
with the escalator 4ype bidding
sively higher bidding. With the
Week's Big Award
Dallas, Texas'
i
9,600;000
1962-1981
1:45 p.m.
and resultant higher pricing.
larger buyers
now
successfully
L
1*000,000
1962-1936
8:00 p.m.
V On
Tuesday,
Oct.
10,
Los Josephine County* Qre
purchasing bonds from many new
Business Stimulants Absent
New York '(State of )___48,700,000
1962-2001
Noon • issue
syndicates at prices from Angeles, Calif.-, awarded' at con-'
Otay Water District, Calif
1,550,000
1965-1991
4:00 p.m.
Those, who have been predict¬ 5 to 10 basis points bellow list, current bond sales and in close
1,245,000
1963-1987
-7:00 p.m.
ing
higher
interest
rates
and bidding procedures might well be- bidding, $27,500,000 Unified School Warren Consol. Sch. Dist., Mich.—
lower bond prices have assumed
(1962-1986)
bonds
and
Oct. 17 (Tuesday)
revised
to
offset this
profitless District
an
industrial expansion improb¬
$7,500,000 Junior College District Caldwell County, N. C
situation.
1,500,000
1963-1990 ,11:00 a.m.
A/.//A
able of ^achievement in view of
.(1962-1986) bonds to the group Clayton County Sch. Dist., Ga.__i
There might also be a better
1,300,000
1962-1990
11:00 a.m.
the
present
economic, political
managed by the Bank of America Hingham, Mass.
1,015,000
1962-1988 Noon
understanding
as
between
the
and financial tendencies. The ex¬
N. T; .& S. A. Included among the
Oak Park S^h. Dist., Mich
3,500,000
1S62-1990
8:00 p.m.
managers and members of syndi-;
pansionist policies necessary to cates as to
many majors were First National
Paris, Bridgewater & Litchfield 4
•
A
offering terms, with
effectuate the dynamic recovery
•City Bank of New York, Chase A
Central School District 2, N. Y.
a willingness to abide by adopted
1,150,000
1962-1990
3:30 p.m.
envisioned
cannot
be
Manhattan Bank, Bankers Trust
generally
terms for a reasonable time at
South Vermillion Sch. Corp., Ind.
1,220,000
1964-1988
1:00 p.m.
embraced by industry ^entirely by
•Co.,
Harris Trust; and
Savings
least. These terms might be more
Oct. 18 (Wednesday)
means
of
boot
strap
methods.
Bank and. First Boston Corp. Both
confidently adhered to In order to
Business
must
have * help
issues were priced to yield from •California (State of).
:
r_
100,000,000 -1963-1987
10:00 a.m.
and
protect all interests, particularly
incentive.
1.50% to 3.60% With a 31/2%-cou-1 •Indianapolis Sanitary Dist., Ind.__
/ '
4,800,000 1964-1993
10:00 a.m.
in a fairly stable market situation
Morehead State College, Ky
For example, most industry now
1,400,000
1963-1991
1:00 p.m.
pon. Upon initial vreoffering, the
such as the present one.
bonds were more than 75% sold
Morehead State College, Ky._..
1,102,000 •
11:00 a.m.
possesses productive capacity to
and the present balance is $6*000,an
excess
and cannot .reasonably
Inventory Pared
-A,- / Av; A.:.,
Oct. 19
Texas,
'Larger Issues Scheduled For Sale
.
■
s
—
....
-
— _
—
.
(Thursday)
.
.
>
.
A'
capiital
expenditures. : The inventory total has been 000 bonds.
Jessamine County, "Ky.__
.1,700,000
1962-1981
10:00 a.m.
Moreover, the over-.all lax situa¬ •reduced
Also on Oct. 10, Asheville, N/C.
moderately
during the
Menominee Falls, Butler &
/
tion continues to deprive not only
past week, according to the Blue sought bids on $4,500,000 general
uLannon, Wis. _______—____2__
1,600,000
our
industry but iaur populace of List state and municipal bond list- - •obligation
water
(1963 - '1991) Texas
(State of)__^^
25*000,000 ,1966-1991■/,10:00 a.m.
their
incomes
to
the
exent of
.ings. The total reported at press (bonds. The high bid was sub¬ University pf vCalifornia______/_:_-? .-2,843,000
1963-1935 /Noon
diminishing
incentive. - Unfortu¬ time
was *
$437,500,000, A-against" mitted by the group managed by Xenla City Sch. Dis.t./Ohio__-_,_-_
1,310,000 1962-1984 Noon
nately there is the spectre of even $456,810*000 a week ago. The fer¬ Halsey, Stuart & Co., Inc. and
higher Federal taxation and the vor .of new issue bidding seems including as majors Drexel & Co.,
A/
Oct. 20 (Friday)
current reality of higher state and
Blair"& Ca./Incr and R. W. Press-;/Carter County, Terin
1,000,000
1970-1986 •;/ :2:00 p.m.
not to be slowed down until this
local taxation. With ^consumer de¬
- .1,127(000
-1562-1991,-;^-• 2:00 p.m.
total moves above the half-billion prich & Co. The bonds maturing Waxahachie, Texas
mand showing little? regeneration,
1963 to 1990 _were.,scaled ,to yield •
figure for a period.of time. Within
expand
v
_
.
.
—_
.
.
,
.
.
,
it
would
unrealistic
seem
to
ex¬
the
drastic change toward much
brighter business prospects. Under
pect
a
toward
present
economic
circumstances
any
change in .the Federal Re¬
serve's
to be
Recent
money policy seems
remote than imminent.
easy
more
Additionally it wouldn't
the
in
to
seem
political rule book.
yield
.average
of
Index
and
Financial Chronicle's
out at
averages
3.345%
as
of Oct.
11, against 3.369% a week
ago. This average yield has been
gradually
reduced' each
week
early
duction
basis
points for
market
,a
three-quarters of
T^. re¬
ahlut
a
five
rise
point.
...
of
actual
upon
and
bids
and
not hypothetical
offerings.
Heavier Volume Ahead Suggests
''
«
.
'«
•
.
Whereas new-issue volume has
been
light for the last several
weeks, with a particular void in
the large negotiated issue cate¬
the
gory,
calendar
panded to
portions.
in
line
Within
of
at
more
The
with
the
least
is
now
the
next
is
now
more
seasonal
30
days
$530,000,000
as
the
jointly by. the
Guaranty Trust Co.**of
New York, Kuhn, Loeb & Co. and
the
Continental
and
Bank
Illinois
of
the
Chicago.
Trust
Co.
Salomon
were
norm.
total
sched¬
Brothers
duPont
&
Co.,
and E. F. Hutton
priced
tto yield from 1.70% to 3.20% with
a
was
3% coupon. At this writing, $5,-
135,000 bonds remain in account.
On
Monday,
Oct.
9,
Seattle,
brought to market two is¬
Wash,
of
1991)
water
bonds
Seattle
aggregating
officials
these bond issues will be the
last
ever
$7,000,that
the
expect
city's
Bookkeeper
-
experience.
Box
mercial
25
&
JPark
n,"nr.
■-
-legal
-
'
diversified
1012
R,
Com¬
Financial Chronicle,
Place,
New
••
■
•
York
•
•••••
7,
...
of
—_____
[Negctlated
.
Terre Haute,
sade 'to be
handled
by
Calif.,/
•
Sch. Dist.,.
Oct. 25
Tahoe
Allen.&
Co.
syndicate.]
6,300,000
Ind
;Torrance Unified
the
on
Lake
________
1S63-2001
1,000*000
1962-1981 A -9:00 a.m."
(Wednesday)
-
been
taxes
if
such
should
Oct. 27
interest
.
bonds, maturing from 1964
to1973,
reoffered
were
at
Florida
100
of the Tolt River Water
The last three maturities
year,
should
Develop¬
finished - next
Project' Is
the
area's
be
water
supply
adequate for two mil¬
reoffered. It appears that the
mand for these
lion persons-^—the present popula¬
tion is less than 900,000.
,■
The
Water
larger
1958
issues,
Series
MARKET
be good.
The
$4,500,000
awarded
wias
ON
were,
tinued
toll
to
' A
road
do
A
issues have
better
Rate
Maturity
Wayne County, Mich.__.._:___/___:
Kansas
.Local
City, Kansas
Authorities
4
1978-1980
3.70%
3.55%
1980-1982
San
Jcaauin
County,
3.25%
3.35%
3.20%
Hawa'i
3%
1978-1979
3.35%
3.20%
1974-1975
3.15%
3.05%
Vermont
3Vs%
1978-1979
3.25%
3.10%
3Y2%
1977-1980
3.30%
3.15%
33/4%
1978-1980
.3.70%
3.55%
October
Ascens'.on-St.
3.55%
3.40%
1980
3.45%
3.35%
1979
3.65%
3.55% /
31/4%
11 ,
1961
1977
3.75%
1966-2001
vA
a.m.
____
-
Noon
•/,,•
A
/
1963-1987-Noon
1,628,000
1962-1976
1963-1975
9:00 a.m:
3.60%
3.55%
Index- :3:3461%
•
./
'
;
-
1:30
p.m.
9
13
(Thursday)
1964-1981
1964-1983
-
4,945,C00
.James
Bridge
Ferry Authority, La.
3.60%
1980
*
16,815,000
10,000,000
1,300,000
Nov.
1980
3%
New York City, N. Y
-
of)____
Vineland, N. J.___
3%%
*
(State
Nov.
31/4%
'____
11:00
;
Nov. 8 (VVednesdav)
.
.
31/4%
~
1962-1985
5,500,000
Calif./
Richfield, Minnesota
3%%
.
2:30.p.m/
'
3.35%
(N. Y., N. Y.)
a.m.
(Saturday)
Caddo Parish Sewer Dist. 5, La.__
Asked
1978-1980
Housing Auth.
Calif
Baltimore, Md
Cincinnati', Ohio
New Orleans, La
Chicago, Ili:__;__
11:00
a.m.
•'• /ovav.
19,000,000
Pa.
3%
New
.Noon
2,550,000 /1932-1986
Nov. 2 (Thursday)
/..•S-J"
Philadelphia,
Jersey Highway Auth., Gtd._.
New York (State)
.J.
Pennsylvania (State)
Los Angeles,
1962-2001
1,500,000
A80,000,000
Housing
Nov.
3V2%
.J
a.m.
a.m.
con¬
3%%
(State)
11:00
1934-1983
Nov. 1 (Wednesday)
,
individually
Bid
p.m.
1982-1980
4,500,000
REPRESENTATIVE SERIAL ISSUES
•__
4:30
1974-2001 ~ 10:00
1962-1981
11:30
de¬
obligations should
'
'
a.
1905-1991
1,750.000
Ottumwa,
not
a.m.
Turnpike Author., Fla
160,000,000 •
z_
[Negotiated sale to be handled by Dillon, Read & Co. syndicate.1!
Fremont, Neb.
Iowa
with coupons from 4V2% to 5y2%.,
ment
10:00
1965-1991/ _________
1933-1990
lL'oOa.m.
Oct. 31 (Tuesday)
•'i/
p.m.
(Friday);
A____-__
University of Missouri
this issue.
on
2:00
1962-1986
Houston, Texas
be needed in order to assure
The
significant water borrowings
15 years. When Phase 1
for about
New
*
♦Chicago Board of Education* 111. J_
prompt payment of principal
and
„
"
located
are
shore
valorem
ad
(1967-
revenue
(State)
Connecticut (State)
t
1962-1981
Noon
"8,500,000
1963-1981
11:00 a.m.
Gary,,lnd..Jj_'__-__l--:i_--_-'-^-.-A ' I'000'000 1963-1966 A 7:30p.m.
Honolulu City & County, Hawaii
'6,210;000 :1966-1991
-2:00 p;m.
Lafayette, La.
1,000,000 /1964-1991
i0:00 a.m.
•Michigan (State of)35,000;000
—^.1 A.
Millburn Twp. Sch. Dist., N. J.___.'
3;067,000
^962-1985 ^ 8:00 p.m.
Oklahoma Turnpike Author., Okla.
55,750,000
s
of
.
California
i
sale
8,455,000
purchased by the Kansas
City,:.Mo._-_,
>6,000*0C0
Crystal Bay Development Co. for
Kentucky (State of)
40,000,000
the purpose of building a planned
'
Oct. 26 (Thursday)
community., Included among the
1,755,003
major planned features are sev¬ Blcomington Sch. Dist. 27.1, Minn.
3,475,000
eral
hotels
and
motels,7,000 East Texas State College/Texas
1,150,000
homes, a marina, shopping center Litchfield Co. Reg/S. D. 1. Conn,
and
'1,503,000
golf course. The bonds are •Little Rock Sch. Dist., Ark
secured by fixed lien assessments
Minneapolis, Minn.'
______/
2,160,000
upon
the properties within -the Pittsburgh and Allegheny County
assessment district. The bonds are
Pubi/c Auditorium Auth., Pa._._
15,000,000
additionally secured by limited „Portland, Ore
/ 3,530,030
Hutzler, L. F. Rothschild & Co.,
Bear, Stearns &;■ Co., Francis I.
large
Position Wanted-Female
■
have
and
6
a
uled for competitive sale. Included
are
the
offerings of five
district
northern
National
Among the other members of the
ex¬
voluminous pro¬
total
to
managed
group
000.
Realistic Bidding
'
awarded
'Morgan
sues
^
Tuesday A also saw the
was relatively light
few important new
were
Oct. 23 (Monday)-;-'" a-"'
■ / j,600,OOO /'^1964-200L ;/t0^00
Cbrttral $tate iCtollege;
$5,395,378 Incline Village General
Improvement D i s tra ct/ Washoe:
County, • Nev.
various / purpose.:
(1964-1976) bonds* through nego¬
tiation/to the account headed by
Goodbody & Co. and including
Paine, Webber, Jackson & Curtis,
Taylor & Co., Luce, Thompson &
Crowe, Inc./and Boettcher<& Co.
The
9,000 acres which compose
new
to market. Gn Thurs¬
came
-^a/A
last'
•
Competitive
& Co. This "Aaa" issue
offerings. Since all current offer¬
ings cannot be utilized the Index
is predicated upon selected
rep¬
resentative
seems
,
The Chronicle's Index-is based
v
a
The
.
day,
Oct.
5, ;$1Q,288,000
New
Haven, Conn, general obligation
(1963-1981) bonds attracted seven
account
September.
has "involved
week,
4.00%.
to
maturity bore a quarter of one;
Nashville, Tenn.
•' 6,650,000
fairly,, percent coupon.and was reoffered.
Oct. 24 (Tuesday)
at a 4.90% yield. Current balance
is1 $3,132,000.• A/// A-/./ •Big. Springs^ .Texas---/--__-_--_- *
1,125,000
A/ , /,
/Boston,. Mass:
4,450.000
Awards
the
issue calendar
issues
-
selected
high grade tax-exempt bond of¬
ferings indicates that the market
;has improved by a quarter-"Of/a
point over a week ago. The Com¬
mercial
Although
this
Municipal Market Higher
The
since
inventory
justified. 'A :
well
•
be
money framework that
obtains, this general (attitude
easy
now
2.25%
irom
■
Noon
1962-1987
(Monday)
&
'.♦'•-v:30,750,030
Nov. 14 (Tuesday)
Amarillo, Texas
'
4,250:000
Los Angeles Flood Control D., Cal.
20,000,000
Orange County, N. C._
_:_ '
1,500,000 '
2001 /
:
11:00 a.m.
-
A
*
________
;
1963-1986
.
________
—
11:00 a.m.
Volume
Number 6098
194
.
.
.
The Commercial and Financial Chronicle
(1567)
New Issues
District
Los
City
•
,
Junior
College
Angeles County, California
31A% Bonds
Dated November J, 1961
Due November 1,
Payment and Registration—Principal and semi-annual
of the
fiscal
1962-86, Inch
interest (May I and November I) payable, at the option
holder, at the office of the Treasurer of Los Angeles County in Los Angeles, California,
agencies of the County in New York, N. Y.,
Chicago, III. First
in
or
I, 1962. Coupon bonds in denomination of $1,000 registrable only
as
coupon
or
at any
(Accrued intereit to be added)
of the
(annual) payable November
$27,500,000
Los
to both principal and interest.
•"
'
Angeles Unified School District
Election 1960, Series C
$7,500,000
Tax
Exemption—In the opinion of counsel, interest payable by the Districts
present
Federal and State of California
Los Angeles
their bonds is exempt from all
upon
personal income taxes under existing statutes,
City Junior College District
Election 1960, Series B
regulations and court
Unified
-
•
Legality for Investment—We believe these bonds
banks and in California for savings
ment, and are'likewise
-•
legal investments in New York for ^rusfffynd^and
are
banks, subject to the legal limitations
upon
legal investments for savings banks, and
are
eligible
as
Due
$300,000
1962
300,000
1963
300,000
1964
300,000
1965
'
2.35%
,100,000
1/100,00011
300,000
1966
.
2.50%
300,000
1967
1,100,000
,100,000
1,100,000
,100,000
the amount of the bank's invest?!/,
legal investments in California for other funds whifcK may'bit j. in Vested in bonds which atS I
Collefle
i,ioo,ooo y
,100,000
:•
Junior
School
,100,000
$1,100,000
decisions.
-
w
security for deposits of public'moneys'in California.
1,100,000
,100,000
'
in the opinion
principal and interest, from ad valorem
taxes which may
as
to rate
or
amount upon
which, under the laws
now
as
to rate
in force,
2.15%,
2.60%
300,000
1971
1972
3.10%
1973
3.20%
1,100,000
,100,000
300,000
1974
300,000
,300,000
1975
300,000
1976
3.30%
3.40%'
300,000
1,100,000
,100,000
300,000
1978
300,000
1979
1,100,000
,100,000
any
premium paid thereon.
a
taxable
gain
may
accrue
on
bonds
purchased at
a
discount. Investors
are
3.35%
.
,100,000
1,100,000
value, and
3.00%
*
300,000
300,000
1,100,000
,100,000
300,000
1980
less than their
1,100,000
,100,000
300,000
1981
^
required under existing regulations to amortize
1,100,000
,100,000
300,000
300,000,
1982
*
initially issued by the above named political subdivisions
at
not
2.80%
2.90%
1970'
,100,000
1,100,000
be levied without
-
par
'
,
1,100,000
,100,000
all taxable personal property, except certain classes thereof, in the issuing District.
'Tax Gain, Amortixation of Premium—These bonds will be
2.70%
'
1969
1,100,000
,100,000
payable, both
amount upon all
or
may
1.85%
1968
•
1,100,000
,100,000
,,of the'taxable real property in the issuing District and
limitation
be levied without limitation
are
300,000
1,100,000
,100,000
issues of two distinct districts. The bonds of each issue,
of counsel, constitute the legal and binding obligations of the issuing District and
300,000"
1,100,000
,100,000
,
300,000
,100,000
1,100,000
or
Price
1.50%
-
v
1,100,000
,100,000
Purpose and Security—These bonds comprise separate
Yield
■/•;»''
1977
3.45%
,..
3.45%
100
100
100
Legal Opinion—The above bonds
writers not shown, whose
Los
Angeles, California,
•
.
3.55%
are
offered when,
as
and if issued and received
1,100,000
,100,000
by the underwriters listed below
as
well
as
other under¬
■
names
a
copy
will be furnished
on
request, and
subject to approval of legality by Messrs. O'Melveny & Myers, Attorneys,
of whose legal opinion will be printed
on
each bond.
jvf:;
;
1983
3.55%
300,000
1984
3.60%
1,100,000
,100,000
V."
300,000
1,100,000
,100,000
,
300,000
1,100,000
,100,000
300,000
>
1985
1986
V.
3.60%
3.60%
7
The Commercial and Financial Chronicle
(1568)
8
*
Alpha
DEALER-BROKER
Cement—Memo¬
Portland
randum
Oppenheimer, Neu &
—
Co., 120 Broadway, New York 5,
INVESTMENT LITERATURE
N.
Y.
randa
FIRMS
PARTIES
INTERESTED
SEND
TO
THE
WILL
MENTIONED
FOLLOWING
THE
PLEASED
BE
Hentz &
LITERATURE:
York
Co., 72 Wall Street, New
Libby
Stocks—Review—Schirmer,
Atherton
&
Co.,
50
Congress
Street, Boston 3, Mass. Also avail¬
able
reviews of Boeing Com¬
are
pany,
ton,
Fir§t National Bank of Bos¬
Bowl-Mor
Co.,
Inc.
and
Market—Review—Salomon
Brothers
&
Hutzler,
Wall
60
Common
investment, containing 20 essen¬
points for stock traders and
investors
The Nikko Securities
—
Ltd., Tokyo, Japan — New
York office 25 Broad Street, New
Co.,
N. Y.
Stocks—Com¬
Stocks—Review—
Merchandising
Shearson, Hammill & Co., 14 Wall
Metropolitan
illus¬
study
40-page
prehensive
Canada.
Street, San Francisco 20, Calif.
Oil
Canadian
randum—G.
Industry—Memo¬
Nicholson
W.
Ltd., 67 Richmond
Toronto, Canada.
Steel
Canadian
Dobie
available
is
West,
Com¬
&
Adelaide
Canada.
Ltd., 25
Toronto,
West,
Street,
Co.,
Industry—Memo¬
randum—Draper
pany,
&
Street,
Also
memorandum
a
Canadian Natural Resource
on
Com¬
TV—Discussion
October
in
"Exchange"
Magazine—
Magazine, Depart¬
ment 7, 11 Wall St., N. Y. 5, N. Y.
^•20c per copy, $1.50
per
year.
of
issue
The Exchange
Also in the
issue
same
are
discus¬
Speed
LP Gas and High
sions of
tive
York
Dividend Payers—Selected list of
long-term dividend payers yield¬
ing 4% or more—Courts & Co., 11
Broad
largest banks
on
in
Trust
City—Bankers
City Banks—Compara¬
10 Post
Folder
compari¬
the listed
industrial
between
used
the
in
the
and
Dow-Jones
over-the-'
35
stocks useti
industrial
National
the
—
up-to-date
an
&
9, Mass.
Wilshire Boulevard, Los Angeles 19,
3932
Investors,
Quotation
in
Bureau
Averages, both as to yield and
market performance over a
23-
period — National Quotation
Bureau,
Inc., 46 Front
Street,
—
Soya Co., Inc.
Company
Taggart
Life
Report
—
1516 Locust
Corporation—Analysis—
NOws
Letter, 414 Mason
Street, San Francisco 2, Calif. ($2
copy).
New
way,
York
120 Broad¬
N.
5,
Broad
-
Also
discussions
are
C.
Financial,
Financial, Marine
Charter
Thomson
Companies—Survey—
&
McKinnon, 2 Broad¬
way,
New York 4, N. Y.
Also
available is a report on J. Ray McDermott
&
Selected
Co.
M.
Stocks—Bro¬
Loeb, Rhoades &
Co., 42 Wall Street, New York 5,
Electronics
Industry
—.
Analysis—Nomura Securities Co.,
Broadway, New York 6,
Ltd., 61
Silver—Review—Hemphill, Noyes
&
Co., 8 Hanover Street, New
York 4, N. Y. Also available is a
N. Y.
,v'"
yi
maichi
York,
r
k
e
Cleveland
Y.
Shoe.
Scott, Foresm^n and Company—
Analysis—Freehling, Meyerhoff &
Co., 120 South La Salle Street,
Chicago 3, 111.
Hewitt
of
Co.
Ill
Broadway, New
6, N. Y.
Also available is
analysis
of
Tokyo
Electric
Power
Co.
&
Aileen
&
ton
Salle
Street,
memorandum
a
on
Boenning & Co., Alison Building,
Philadelphia 3, Pa.
;
New York
Ltd.
Inc., 52
5, N. Y.
Allied
Radio
Robert
J.
Japanese Market—Survey—Daiwa
Securities Co., Ltd., 149 Broadway,
tional
New York
—
Wall
Street,
Interstate
Levy & Co.,
Bank
&
Analysis—
—
Inc.,
Company,
Seventeenth
Wall
Uhlmann
Trade
Construction
Liberty
Avenue,
Co.—
New York
Centers,
Inc.
Re¬
Aeronautical
Ryan
on
Carlisle Corp., Opelika
Company,
Corp.
Manufacturing
Bowling
—
36 Wall St.,
Co.,
5, N. Y. Also available
data
are
120 Broadway,
5, N. Y.
Metropolis
&
view—Bache
Memorandum—
-—
Corp.
Studebaker-Packard
New York
Trust
Corp.—
White Motor Co.
Pittsburgh
22, Pa.
Josephthal & Co.,
Finance
&
Survey—Shields & Company, 44
Wall Street, New York 5, N. Y.
Also ; available
is
a
report on
Memorandum—J. J. Bruno & Co.,
713
Street,
Mun-
and
singwear, Inc.
—Analysis
—
Russell & Saxe, 50
Street, New York 4, N. Y.
Producing
Guif
Texas
M.
randum—F.
—
Memo¬
&
Co., 30
Mayer
Micro Metals Corp.
—
Analysis—
Harris Securities Corporation, 79
Wall Street, New York 5, N. Y.
Unilever—Analysis—Dean
Memorandum
&
Walston
gomery
—
Broad
Montgomery
Francisco 6, Calif.
Co.,
San
&
Co., Inc., 265 Mont¬
Street, San Francisco 4,
Street, New York 4, N. Y.
&
Scott
Adams
&
Memorandum—
Peck, 120
5, N. Y.
New York
Mutual
Richmond
13, Va.
Industries
Inc.—Report
—Holton, Henderson & Co., 621
South Spring Street, Los Angeles
14, Calif. v
Paper Board
Whippany
randum
Chart
memorandum—Auchincloss,
Memorandum—
—
Stringfellow,
Voi-Shan
Broadway,
—
Witter
Street,
Building,
Rockwell
Industries
Root
Veeder
Calif.
—
45
—
Van
—
Memo¬
Alstyne, Noel &
Co., 40 Wall Street, New York 5,
N.Y.
Par¬
Vv
REVISED
available
reviews
are
of
Corporation,
S.
McGraw-HiJ
Co.,
S.
and
OVER-THE-COUNTER
2,
Common Stocks
On Which
CASH DIVIDENDS
CONSECUTIVE
Co.,
Kresge
National
EDITION
Ferro
Kroger
Co.,
1961
660
Denver
Pub¬
Have Been Paid From
Biscuit
Co.
Petroleum
ysis—Annett
Limited—Anal¬
First
Na¬
Building, Chicago
3,
5 to 177 Years
Partners
Lirhited,
St., Toronto, Ont, Canada.-
Draper
Corporation
Report—
—
report
a
Pacific
on
Inter-
Mountain Express Co.
Electrolux
Included
been
Corporation—Analysis
—Hayden, Stone & Co., 25 Broad
Street, New York 4, N. Y.
Corporation
Bank
June 30,
an
(a) Operating Utilities
of
years
consecutive' dividends
1961, percentage yield, and June 30
have
months to
quotation, also
analysis of the difference between the over-the-counter and
listed markets.
.J
COST OF THESE BOOKLETS
1
Television
—
&
Co.,
120
30 cents each
200 up
Report—
Company, Inc., American
Rothschild
50 cents each
to 24__
25 to 199
Building, Portland 5, Ore.
F.
number
are
—
General Dynamics Corp.—Review
—L.
—
Dillon, Union
Star
Black &
BOOKLET
paid, cash dividends paid during the twelve
analysis of J. J. Newberry Co.
Four
PAGE
5, N. Y. Also available
Analysis
Securi¬
ties & Co., 15 Broad Street, New
York 5, N. Y. Also available is an
—
48
—
Sutro Bros. & Co., 80 Pine Street,
New York
20 cents each
On orders of
100
or
more, a
three-line imprint
is included without extra cost.
cover
.
on
the front
-
Broadway, New York 5pN. Y.
General Electric Company—Anal¬
(b) Natural Gas Companies
ysis—Hill, Darlington & Grimm,
2 Broadway, New York 4, N. Y.
Also
available
Transmission, Production
Amerace
& Distribution
General
Hirsch
a
discussion
a
Corp.
&
—
Revie
Members l\eu
74
1 ork
Security Dealers Association
Trinity Place, New York 6, N. Y.
HAnover 2-2100
%
Teletype NY 1-376; 377; 378
&
Dana
Financial
Chronicle
Co., Publishers
25 Park Place, New York
Co., 25 Broad Street,
4, N. Y. Also available
—
B.
!
7, N. Y.
w—
review of Olin Mathieson.
Glasrock Products Inc.
TROSTER, SINGER & CO.
Commercial
of
Wm.
Electric
New York
is
is
Please
enter
our
order
for
Counter Common Stocks" and
.
booklets
Memo¬
ration, 111 Broadway, New York
5, N. Y.
Firm Name.,
Grinnell
Address
Corporation—Analysis-—
Stevenson
Halliburton
Company—Review—
Fahnestock. &
Co.,
....
&
Co.,
39
Broadway, New York 6, N. Y.
65
Broadway,
By
on
"Over-the-
accompanying dividend tables.
randum—Aetna Securities Corpo¬
Bacon,
5,
>
Loan
State
City
Kansas
Building,
Missouri.
Company-—
Newburger & Co., 1401 Walnut
Street, Philadelphia 2, Pa.
Also
Fed-Mart
Trading Markets in
Vending
Warner—Memorandum—
& Co., Inc., Board of
Stanley
Memo¬
Street, New York 5, N. Y.
Rio Grande—Review—
&
—Eastman
Firm
—
Analysis-^ear, Stearns & Co., 1
Colo.
is
Memorandum-
111.
6, N. Y.
Harvester
randum—Cruttenden, Podesta &
Co., 209 South La Salle Street,
Chicago 4, 111.
Schenley
220 Bay
Inc.—Analysis—G. A. SaxCo.,
Shattuck.
Com¬
New
York
an
La
G.
Robbins—Memorandum—
Also
15, Ohio.
Sullivan
lishing
39 South
Chicago 3, 111.
Lily
on
Instruments,
Western Union.
Dome
t—Review—Ya-
Securities
Inc.,
Reg¬
Taxable and Tax Exempt Bonds—
pany,
Japanese M a
Cash
ister Co.
Discussion—Francoeur
25
Manufacturing
Co.—
Analysis'— Moore, Leonard &
Union
Trust
Building,
Cook Coffee Company—Analysis •Lynch,
—JVlurch & Co. Inc., Hanna Bldg., Pittsburgh 19, Pa.
is
available
Denver
New York.
discussion of National
Japanese
Precision Prod¬
ucts, Crowell - Collier, Common¬
wealth Gas, Ets Hokin & Galvan,
Fluor Corp., Gilchrist Co., Mon¬
roe Auto Equipment, and Spencer
Clifton
tion, Frank
Association—Analysis—Bosworth,
Common
data
are
Sigma
Bestwall
Airwork,
on
Gypsum,
Paine,
Curtis,
&
Broadway,
2
4, N. Y. Also available
data
Outlook
Corp.
chure—Carl
Midland and Mill Factors.
Investment
leum
—
Redpath,
New York
Morgan New York State Corpora¬
of
T.
I.
Data
—
Jackson
Cup,
-
available
Transamerica,
First
of
Co.
available
Tulip
&
ker
Air
Street, New York 4, N. Y.
Eppler, Guerin & Turner, Inc.,
Fidelity Union Tower, Dallas 1,
Marshall,
Marietta Street, N.W., Atlanta 1, —Butler, v Herrick v.
Texas.^f,;:;
37th
Avenue, Jackson
Ga.
Also available is a memo¬ 76-11
Del Electronics Corp.—Analysis—
Heights 72, N. Y.
;
'
randum on Orkin Exterminating.
&
Company; ,R u b b e r Companies—Bulletin— Lenchner, < Covato
Financial Equities—Survey-—E. F.
Inc., Bigelow Building, Pittsburgh
& Co., 2 Broadway,
Hutton & Company, 1 Chase Man¬ Goodbody
19, Pa.
:
New York 4, N. Y. Also available
hattan Plaza, New York 5, N. Y.
Real
Estate
Investments
is a memorandum on Pubco Petro¬ Denver
Railroads—Discussion
Westinghouse
are
Panacolor
Collins & Aikman—Memorandum
—J. W. Sparks & Co.,
Thursday, October 12, 1961
Pacific Air Lines
Charles A.
—
& Co., Inc.,
Dallas,. Airmotive
New York 4, N. Y.
Insurance
Street, Philadelphia 2, Pa.
per
Webber,
Broad
National
Bankers
of
Hallicrafters
Mesabi
Analysis—
A. C. Allyn & Co., 122 South La
Salle Street, Chicago 3, 111. Also
available is an analysis of Central
Corporation
.
Co.
Jefferson
Engineers Inc.—Report
—California
North's
counter
Robbins
Office Square,
Inc.,
Street, New York 5, N. Y.
Over-the-Counter Index
stocks
& Telegraph
Co.,
Boston
Birtcher
Averages
30
L.
figures on 10 leading banks—
A. M. Kidder & Co., Inc., 1 Wall
tive
son
Co.,
&
Street, New York 4, N. Y.
American Telephone
Avco
Company, Bond Department, 16
Wall Street, New York 15, N. Y.
New York
Memorandum—Hardy
.
4, N. Y. Also available
review
a
(i International!
American & Foreign Power Co.—
Montgomery
300
A.,
figures
New
Indus-:
Calif.
City Banks—Compara¬
New York
MSL
and
...:I. ■
tries, Inc.
America,
year
Tables.
Stock
S.
&
showing
panies.
Color
trated in color—Bank of
T.
Paramount
Ford,
-
Corp.
Assembly
Angeles—Com¬
Los
parative figures as of Sept. 18,
1961—Equitable Brokers Limited,
60 Yonge Street, Toronto 1, Ont.,
N.
Owens
-
Pictures
Company,
Kroger
Co.—Analysis—H.
Street, New York 5, N. Y.
Street, New York 5, N. Y.
Canadian
Handbook for
—
tial
York 4,
Whitin Machine Works.
Bond
Japanese Stocks
of
is
Brake
Also
Cyanamid—Review—H.
5, N. Y. Also available are
reviews
Bank
Savers,
and Illinois Central.'
eral Tife
American
THAT
UNDERSTOOD
IS
memo¬
Life
Nut
Beech
on
are
Borg Warner, General Cigar, Gen¬
AND RECOMMENDATIONS
IT
available
Also
New York
.
Date
__
Volume
194
Number
6098
.
The Commercial and Financial Chronicle
.
.
(1569)
'
'
politicians
Profit Is
People's Business
and
hired
bombard
the
men
nub
their
with, is
unemployment
the
of
economic
us
program.
By George A. Newton,* President, Investment Bankers Association
"The
of America and Partner, G. II. Walker & Co., St. Louis, Mo.
and
economy
failure of
of
spokesman is apprehensive of the danger to our
grow.
of
ourselves
find
in
world
a
struggle which is no longer just
social and political,* but economic
as
well.
Where
decisions
and
developments
in
any
,
.
'r -
,
one
affect
area
greatly
the
the
nomic
done
the
what
ally
Loans.
some
almost
years
-practically
about
corporate
doubled,
Profits?
were
happen if corporate owner¬
followed
the
example
of
others
and
struck
for
higher
ship
The
George A. Newton
action
delaying
but what
—
the
loan
achieving
been
and
enabled
have
mount
to
sources
few
a
offensives
long
of
pull
its
re¬
be somewhat limited.
may
economic
its
in
Yet
greater
success
the free world
the
for
own—but
have
programs
arsenal,
unused, this, country has
devastating weapon of
almost
most
the
sales,
comes,
return
and
national
to
income, for the
Going,' Gone!"
"Profits"
has
stepchild. From the way
Profits are treated and sometimes
a
might even think
they
were
illegitimate.
As
a
matter of fact, William McDon¬
nell, Chairman of the Board of
ignored
one
National
First
the
Louis has said.
"In
some
in
St.
quarters
looked
is
profits
making
akin
Bank
at
Attack
on
indirectly?
Profits
;
They, are discredited
referred to as un¬
generally by per¬
know little about the
innuendo,
conscionable,
who
sons
from
business
which
they
were
generated. Management of profit¬
able
enterprises
sometimes are
"profiteers." Even corpo¬
management and business¬
seem almost apologetic about
called
rate
men
profits for more and more in their
advertising, emphasis is placed on
service
to
the
community and
contributions
to
civic
projects.
This is necessary and
it
time
not
they
good but is
point
they
that
out
possible, that
profits made all this
Profit
competition, snatched at by
and
half
confiscated by
of
get carried away
but
this
to
use
teenager
the
I'm
reading in
newspaper that the President
this
so-called
land
of free
"shook
of
the
up"
over
with
reprisals if it raised prices
increased costs. Costs, to
cover
say
the least, the government has
stabilize. All of this
done little to
becomes
the more startling
when
does so because his
advisors tell him the profits will
he
be
says
he
good enough without price in¬
I don't want to see price
creases.
why pick on
time to start
increases either, but
Profits?
Is
it
dealing" with"
not
fundamentals? It is
be
"Go
he
was
visit to
Wall
into
some
as
of
did last week during
there, and look around
we
stay
vention."
sales.
Return
investment has been
on
shocked because profit after taxes
U.
for
S.
manufacturing corpora¬
tions 'was
on
barely averaging 12%
investment. Today * I fear he
would be
U.
S.
Beta
y
Kappa
Con¬
speaker
will be Ralph
A.
Profits
Investment
National- Bureau
of
Eco¬
nomic Research has added Profits
its list of Leading
Taxes to
(Corporate profits after
a peak in the
sec¬
reached
quarter
fore the
of
1959,
1960-61
-special
be¬
year
a
recession.)
report
Research
by
ham
firmative
nity
so
support
program;
for
the
assume
an
talents lie;
be
to
the
"Profits
of
1929.
his
his responsi¬
champion
of
for
the
class
position of leadership
a
Mr.
of
these
survival!"
member
Forum, and
who
of his
to
team.
can
be
spectators—the
we
captain
Every player
Ail-American but
an
the
price
He
be
can
can't be
we
the
what
this
means
either, but it's there for those
like to look at the record;
I
do
our
task is
to
get
people to look at the record
more
and
know
Profits
recognize
also
for
that Profits pay
but they
possible
wage
in¬
make
provide the only real job
security and enable business and
industry to better withstand eco¬
nomic adversity;
that ingenuity
is needed to vividly illustrate so
all will understand that more jobs
creases,
result
from
money
can
Profit
because
more
wind
has
been
enterprise
based
system
*An address
New
Oct.
4,
Group
of
the
Association,
New
1961.
offices
W.
to
LOS
York ~ City,
business.
Casto,
risk assumed expanding,
better products and services sup¬
Officers
President
Diane Tapner,
James
were
R.
hasn't
taxes
investment
on
hit 12%
since
1956; in the peak year of 1959 it
was
only 10.2%, had been down
to 8.4% in 1958, and was 9.1% in
This advertisement is not
an
Rotnem
will
discuss
or a
C a 1 i f.—Stern,
Meyer & Fox, 325 West
Street, members of the
Treasurer;
Secretary.
Lee Elson
All
Columbian
Opens
(Special to The Financial Chronicle)
LOS
ANGELES, Calif.—Lee Elson
is conducting a securities business
from offices at 8348
Robert
Roberts
S.
Beaver
are
Beverly Blvd.
and
associated
Elson.
,
solicitation of an offer to buy these securities.
is made only by the Prospectus.
NEW ISSUE
1960; and for the first quarter of
1961 it fell to 6.8%.
$25,000,000
.
During this period of declining
the
rate
of
economic
profits
declined and unem¬
A
rapidly
also
growth
a
high
Under
free
growing economy requires
rate
investment.
of
General American Transportation
increased.
ployment
enterprise
Corporation
high level of invest¬
not be sustained by low
a
can
spite of all this
raising corporate
taxes and taking other steps that
will
further
discourage
invest¬
talk
4.55% Equipment Trust
.
(Series 59)
capital.
Happily, the importance of
Profits
is
being
recognized
in
some
places. A Boston newspaper¬
discussing the unemploy¬
in
man
situation
ment
OFFERING PRICE 100% AND ACCRUED
this
earlier
wrote
Certificates
due October 1,1981
ment of
INTEREST
"There
are
some
simple
year,
A B C's of business which cannot
be
camouflaged under
of
words.
Business
is
quest
for
hundred
profits.
the
billions
of
been added
to
a
diarrhea
in the United
motivated
States
mainly by
which
Copies of the Prospectus may be obtained in any State only from
a
have
corporate plant
such of the
several underwriters named in the Prospectus and others as
the
Despite
may
lawfully offer these securities m such State.
in
last
decade, despite the vast
increases
during this period in
corporate gross, net profits after
taxes of all American corporations
,
in
1960
than
were
probably
no
greater
in 1950.
"And that simple fact, in spite
of all
they
the
were
million words
that
the
K
(
,
\
''
i
,
A X. («)!?♦
Kuhn, Loeb & Co.
Incorporated
October 11, 1961
the
Exchanges, on Nov. 1 will admit
Albert J. Ghersen to Partnership.
J.
Corp.
offer to sell
The offering
Financial
ANGELES,
Street,
securities
Harold
are
with
of
K
a
and
Jones,
di¬
New York and Pacific Coast Stock
Vice-President; and
formerly
Financial
in
the
Fund, Incor¬
Federation
Frank,
Eighth
1511
at
engage
a
To Admit Partner
Investment
Arlington Sees. Formed
with
of
Stern, Frank Co.
WASHINGTON, D. C.—Arlington
Securities, Inc., has been formed
N.
Editor
Analysts Journal,
on
.by Mr. Newton before the
York
Customers'
of
stock market outlook.
private capital the rallying point
is Profits, for "Profit is Every¬
body's Business."
Bankers
associate member
Society of Security Analysts,
Mr.
time to
free
an
Analysts Societies.
blowing in
places and is spreading, the
get ready is now. In our
many
be spent on research,
greater
a
Street
porated, ex-President of the New
what
wages,
also
and ex-Vice-President of the Na¬
guy's already got the ball.
The
are,
and
both
in
is
Wall
.
rector of the Nelson
is too high
can't wait until the 9th
tional
know
the
Associate
is
other
don't
he
Association
Financial
Council
I
member
a
Brokers.
wants
of
President's
unit.
of
Corny, maybe, but indicative that
the story must be told in language
the people understand. Everyone
York
cost per
is
organizations
universities;
inning to start looking around for
our
bat
and
glove because the
Advisors, included in its list of
leading
indicators,
corporate
Rotnem
several
of the Census for the
Economic
j
Rotnem
Mr.
is a graduate
University of Minnesota,
1925, and also of the
Harvard Business School, class of
of
Banker
economic sector where
the
since
1929.;
opportu¬
an
Investment
ofthis
ber
af¬
has
mem¬
a
firm
Ralph A. Rotnem
New
He
been
But is this
many.
chance to
the
not
are
Com¬
of
York.
things. Yes, we are against things
that
jeopardize free enterprise,
and there
of
Up-
&
pany
In-
the Bureau
of
De¬
partment
dustry has long been accused of
being reactionary, always against
—and
prepared
Banking
a
in
charge of the
Appeals to Investment Bankers
Profits.
Business Indicator
a
as
Rotnem,
partner
Harris,
greatest
,
p.m.
guest
of
some
25, at
The
Oct.
o:30i
,
manufacturing
corporations return
after
found
meeting at the Harvard
Wednesday,
on
fatally electrocuted be¬
for
cause
him
around
bility
A
Club
someone
.
in
After
vestment Club will hold its regu¬
had
responsibility was theirs and
they were not getting something
nothing very long.
y
*'
to
Phi
a
The
someone
lar dinner
for
at the faces. It does not look much
...»
BOSTON, "Mass.—The Boston In¬
a
the
like
of
enterprise threatened an industry
to
recent
In
vernacular
of
City,
those
The
the brokerage offices in New York
dividends
is
all
the
said
and
they really
continually under 5%.
instance, since
1953
there
were only two years it barely hit
5% of sales and then only by a
whisker; for the first quarter of
1961 it was running only 3.5% of
profit.
I don't want to
still
Street
for
cannot
we
column
a
our
work,
•
,
,or'partiality for
same
after taxes
there
government.
by
corporations
level
good they do for every¬
Profits are buffeted by for¬
labor
the
describing
For
all,
the
one.
in
of .bias
call
.
quoting him,
accused
and
•
manufacturing
have
found
profit
ment
why Profits are important to
eign
"Going,
• :•
in# business to make a
and have been successful,
are
and
auction,
an
equally disappointing. In the early
1950s a leading industrialist was
Why is it Profits are constantly
under -attack,
both directly and
by
at
As to sales, U. S.
as
piracy."
to
times
the
who
bidder
and
ideologies
when
profits after taxes as a percent of
sales, and also included-the ratio
of manufacturer's prices to labor
all—Profits. Somehow in the com¬
become
In
They
1946-50 it averaged 8.5%;
for the period 1951-56 it averaged
6.3%; for the period 1957-60 it
averaged 5.6%; and for the first
quarter of 1961 it was only 4.9%.
It makes
me
feel like a losing
period
motion and emotion of social
political
in¬
on
vestment.
As
reserves.
just the opposite."
ond
sort of am¬
But it is no laughing matter.
munition runs out? Fortunately, vWhat about corporate profit after
under the leadership of the World
taxes as related to national in¬
Bank,
bank
not
because
playing with inflationary
on
taxes
Examines Profit Ratios
this
when
of
Indicators
profits? What consternation!
and related aid programs serve as
happens
the
and
that
To Hear Rotnem
had to put up
money, someone had to think and
assume responsibility. It has been
pointed out', that even the Lord
began to lose popularity when
little less, amounting
a
would
Marshall Plan
the
keep
$22.7 billion in 1960 as against
$22.8 billion back in 1950. What
effective
extent.
ulation
to
have
to
has
Corporate profits after taxes actu¬
Grants in Aid
been
10
past
everything has increased. National
on
abandon
medicines
•
Over
prin¬
to
patent
yet
as
is
perhaps
means
and
<
advocates
,
It
few.
are
task,
|
Boston Inv. Club
to
more
outspoken
Profits
Profits
Federal deficits and manip¬
upon
devices
nation was
bred of free enterprise and cata¬
relied
These
be
to
by threats or edict?
so
income
and
econ¬
The strength of this
States"has
cipally
our
balance
the
Is
ernment.
anemic.
eco¬
United
the
of
is directly regulated by gov¬
omy
a r e a
-
20%
that
pulted to greatness on the fruits
of private capital. Its life blood
is Profits but today it is pretty
others.
In
estimated
phony
of
the
popular
to
trend in offi¬
a
But
get back to first principles. Em¬
phasis
continues
to
be
placed
everybody can understand, why profits are essential to our survival.
We
Washington
old
campaign to explain to one and all, in a language
a
people.
contribute
government, the community
non-profit organizations.
is
to
want
confess that
companies
un¬
atmosphere
will
more
cannot discern
cial
appeals to investment bankers to assume the position
leadership in
business
a
"We have to
we
combat
will work,
businessmen
expand and hire
He is, also, alarmed at the prevailing lack
understanding of profit's crucial role to our society's economic ad¬
vancement. He
create
where
position in the present world struggle caused by
our
profits to
to
way
employment which
to
Investment bankers'
only
tile public; that profitable
plied
9
Donald S.
with
Mr.
10
Commercial and Financial Chronicle
The
(1570)
has been
An Answer to
Dilemma
of unhappiness
source
a
to
Growth Stocks
establish
the
overall
record
tenant's
Obviously the terms
provision should be ade¬
quate to fully protect the trustee
as
long
so
he
as
in
acts
and administers the trust
,
Frmcisco, Calif.
to
<
(the "Chronicle," June 29,
ing
!
!
beneficiaries."
income
Mr. Clark suggests here how he
It is directed to those trusts which can
the dilemma.
v
would solve
performance—i.e.,
superior
to
to reconcile the duty
are we
speculate, to
of the trustee not to
produce a reasonable income for
the life tenant, and to protect the
r e m a
inder
erosion caused
by
the
of
inflation?"
forces
see
asks Mr. Rob¬
nities
ert R. Duncan,
P
e
i
trusts
r
ion
s
sociation,
i n
posing the
Di¬
Trustee's
lemma,
June
29,
issue
of
value-
Commercial
Fi¬
and
"
to. wait
in
too
cur¬
•
payments from the trust to
crease
'
the life
be
investment strait
tenant, representation can
in such growth com-
secured
that
little
those
can
trustees
not
be
done.
yet
which
the
matured,
provision
the
.
have
which
trustee
to
.-
authorize
would
invest
in
the
trustee
low-
or
.
•
may
trust to
a
increase current payments by dis¬
portion of the principal
of the trust if necessary, the life
tenant 3.will receive as much inposal of
comprehensible
a
If
maindermen.
.
is -.invade the principal of
answer
a
this has not been a
come
as
he would from a trust
nancial
Chronicle.
Mr,
Duncan
happy state of affairs for the com- zero-yielding securities if, in the
;; invested in-a more lethargic port¬
feels that, "no one rule can be,
petent and conscientious trustee." '"trustee's judgment as a prudent
laid down which will point the In addition to
investor for the trust, such securi¬ folio. 'Even though a portion of
being haunted by
way
out of the dilemma in all the shibboleth of maintenance of ties have adequate potentials in the increase in value may have
cases," but he still keeps the trus¬ the dollar amount of trust princi¬ terms of future income and appre¬ been paid out to him, increased
tention; is
standpoint
•:
advisable C from the
of - good..; investment
judgment;/., v..
Allowing Prudent Trustee
-y
•
the hook with the
ment
have
invest
to
the
in
require¬
"stocks
reasonable
which
expectation
of
increasing in value while they
continue to provide a living for
the
income
When
(or
beneficiaries."
the
Investment)
for
first
was
adoption
Rule
in
the
of
Rule
Trust
advocated
1930's
and
1940's in states other than Massa¬
chusetts
by the late, great Mayo
Shattuck,
then
Boston
a
member
a
attorney and
of
firm
the
of
Haussermann, Davison and Shattuck
its
achronism
value
record
of
on
the
of
the
tunate^
ment
as
were
indeed
to have such
an
through
should be authorized, with¬
being held to account for past
balance.
remainderman
The
trustee,
that
city, it appeared to
to
answer
trustee's prayer.
erosion
of
creasing
the
the
progressive
With the steady
dollar
and
management
the in¬
had
maintained.
they have capital gains
not, to supplement income pay¬
or
ments to the life tenant.
trustee
•t
Thus the
policy
of
are
can
of
a
trust
over
a
period of
A
provision such
might be labeled
a
as
his
announcement
is neither
an
offer
to
sell
nor a
solicitation of
"peel off."
authority to invade principal for
offer
to
buy
any
V
'
-The offer is made only by the Prospectus.
v
portfolio
the
total
"
f
u'l t
in
*<\
—
pow-
substantial
real detriment to the
capital
re¬
In resorting
gains
I portfolio
''H'
not
he is
speculate if
confines
the
to operate
of the desig¬
"investor", he must be sure
which he in¬
that all companies in
vests the
stock portion of
common
investment
his
portfolio
dy¬
are
namic in their research arid devel¬
opment
their
programs
well
as
as
' .from
a.,
to; supplement
;
This is
-
not an
'•*
record./ Further,
prudent investor in common
stocks should not, and in increas¬
ing instances does not,«because of
other
existence } of
the
-
income,
yield as important as a
favorable earnings record, includ¬
ing a satisfactory earnings trend
and potential.
Dividend payment
its of a company are employed by
management, however, is probably
more
dends.
important today than divi¬
If this means "by growth
obsessed"
that
can
to
dynamic
the
life
we
.only need, rgmember
change
a
in
market
wipe out Within
time
income
the
received
a
values
short
very
which
could
only for a one-year
period but even for a period of
years.
And this is true whether
the stocks are "growth", or "in¬
come" stocks. Most trust
had .ample
see
stances where the so-called
servative"
have
men
opportunity to
approach
has."proven
speculative by any
Obviously the prudent
disastrously
standards.
man
investor
an
as
over-all
value-wise.
and
come-
looks
performance,
at
both
The
to
pru¬
do
likewise.
If
preservation of dollar value
of principal is of primary impor¬
tance, however, fixed income se¬
curities with appropriate maturi¬
ties
should
medium.
the
be
Summary
./
In
investment
-v///•/. > '■
>■»•••
summary,
all
.,A' .<■'»
persons,
_
foun¬
dations,; corporations or organiza¬
tions
in /creating
trusts
should
offer- of these securities for sale.
The offering is made
October 12, 1961
75,000 Shares:
.
v
Common Stock
GERIATRIC SERVICES, INC.
(par value 10/par share)
1261-1295 Blue Hill Avenue
Copies of the Prospectus
tnay
share
Boston
he obtained only in such States
where the securities may
26, Mass.
Common Stock
be legally offered.
($.10 Par Value)
.
\
'
Robert L. Ferman
//
'ff
*
*
f
.
* f-T
■
MIAMI, FLA.
&
v
Company
1
Incorporated
:
i
NEW
-Vf
YORK, N. Y.
"
«
» r • * 1 ' »■
V.
,
'O
,
,
/
>JL\
JSC'
•
v
-i'.'vk'
t "v.'
.
Price $4.00 per
.f
"
i
his
in¬
dent trustee should be authorized
ISSUE
Industries, Inc.
in¬
"con¬
October 10, 19,61
102,000 Shares
be
not
r'':./;/' only by the Offering Circular. /./// :r,'\v/j/;'V': L-,'/..
a'.;.--'
"
Price $4
per
ih
earnings
the
>•
of these securities.
J
NEW ISSUE
res
mainderman.
should be in addition to the usual
years
can
out any
'
.
static
advantages to the life tenant with¬
It
value
an
termination
at
Third, tax-wise, enlarged
ers;
the labove
•
x
a
of income and increase in value
benefit
both
beneficiaries,
the
trustee can satisfy his obligation
ner for both, f
Advantages of "Peeling Off"' *
disappearing.
dollar
hand, the
receive
Since
more
a
the
on
approximate the in¬
come^ from trusts invested with ..to the life tenant and remainder¬
greater emphasis on
immediate man and act in an impartial man¬
for-
,to say that both the shibboleth and
the
principal
than
income-producing investments;"
of
other
will
been
.
Maintenance
dividends
the
greater
Incidentally, I believe it1 is safe :
the anachronism
On
whether
invest¬
authority.
larger
future changes in value, to sell
such securities or to sell others,
Rule,
so
how¬
ever,
broad
reaches of the Prudent-Man
if the trustee
power will result ulti¬
in/higher trust income,
of
could be secured through the pur¬
chase of growth issues.
All this
notwithstanding
mately
re¬
out
a
investment in securities giving an
immediate
greater income - than
was
^dividends which follow growth in
investments must be in the /earning
mainderman. v.
confined to
was
(See Appendix.)
interests of the life tenant and
as
trustee's
overall value
the
Such
£
o
.
securities
judging
to
ciation in value.
an¬
maintenance
individual
of
opposed
accompanying,
~
of
be the
with
trust, the trustee
Prudent-Man
Massachusetts
pal,
To Be
pra(jent Investor*
V* While today's prudent man can¬
.
on
to
sub¬
capital
,
.
tee
have
capacity and willingness to pay
revocable or 'for the trustee make for both hap- dividends cannot be overlooked.
and ultimately pier life tenants and happier re- / -. The manner in which the
prof¬
trusts,
of wills
The solution is
\ Obviously
Flexible Performance
vs.
,
yes.';■,/>;-/
;
ad¬
authorized
being
consider
is •''Second,
enlarged
investment
But fon and discretionary payment powers
answer
further
administering
amendable
for
the
trusts,
provision,
a
the
gains, as well as
potential, if their re¬
nation
and
the
tax
substantial
within
are
non¬
beneficiary.
or
has
of
stantial
divi¬
done by the
operate today?
opportunities which
shooting
rain barrel.
a
pro-
where
securities \ that
values
jacket under which most trustees > panies.
easier picking than
fish in
1961
the
be
irrevocable
were
Russell J. Clark
the
in
higher
for the trustee where
meager
For those trustees
V Static
under presently existing wills and
of investment
re¬
as
ported'in
had
-
question is,
to eliminate the
but what was even worse, •
beneficiaries, both income ten¬
ants and remaindermen, suffered
severely from the standpoint of
diminished purchasing power. At.
the same time the prudent man as
an investor was taking advantage
As¬
but
the dividends
cases
wise,
of
American
the
Bankers'
have
dends
profession, accountants, securities,
tax and other financial advisers,
•
i
v
the remainderman.
followed,
the
Trust
the
D i
have
development
Improvement
therefore, can rent income is a must. If the trus¬
active tee, however,; has authority to
professional fiduciaries, with the resort to the use of capital gains
help and cooperation of the legal : either directly or indirectly or inThe
were
stagnation
by
"and
•grams.,'
Can Something Be Done?
something
investment opportu¬
Th
lost.
threatened
ident of
r e s
valuable
that
so
dynamic companies. The
research
of
change might be to both the life
.
knowledgeable ■' trustees
became
increasingly frustrated.
Since such companies paid little
or no dividends the great majority
of trustees had to stand by and
-
retain
powers
•
intent,,-regardless
trustee
vantage,
mpre
many
growth,
the
from
man
in
change in the
Oh the other
a
even
tenant and
rapidly growing
use
a
substantial
part, if not all, of their earnings
and depreciation to finance their
dynamic
and
companies to
the
trustees',
enlarge
the income ten¬
instances
Fourth, under such
investment standpoint, to
an
to be. taxable to
to
either to trustee
are
not
the
expressed
a
"How
from
In
are
or
capital .gain1 assets are sold
program would result in no
pay¬
beneficiaries
trustee
ant.
enlarging the
imaginary. Briefly,
few' of the advantages are: First,
a
how desirable and beneficial such
!
capital gains
by "peeling off"
current
and
an
management' of these companies,
courts themselves .are '.through the use of profits and dein Common liaw preciation cash throw-off, have
states to ih any way extend the "been venturing into
new
fields
terms of an instrument beyond the
through their rapidly expanding
hand,
powerless
but
similar
variable trust
annuity.
a
variable
a
such
low-yielding or non-income prochanges in state educing securities can be purchased
attempt any¬ will enable the trustee to invest
or
aaminisTrauve law;
dynamic firms, "peel
off'
principal,'enlarged investment and discretionary payment
powers, and the prudent trustee to act like a prudent investor who
overall
under
the tax on such
would be in lower
only that, the trust creater
probably/: provide. whether
the
powers
ment, to
real
re¬
interests
property
thing other than
>
*
can
would
which
codes
comprehensive trust provision which would allow investment in low-
at
statutes
any.«
,
yielding or non-income producing securities of
looks
is.
there
The courts of equity
declare
unconstitutional
would
be amended,;
pru¬
as a
portion of the principal for
a
maindermen,
in an appendix: a
The investment counsellor suggests
in existence.
trustee's
between life beneficiaries and re¬
excludes, for obvious reasons, most trusts currently
future trusts and
"
if
instruments
vamping .of
creasing in value while they continue to provide a living for the
-
a
cannot, legally change the status
or powers of trustees under exist¬
18 ff.) "still keeps the trustee on the hook with the requirement : ^
invest in stocks which have the reasonable expectation of in«
^
p.
f
-
as
would
man
The advantages of
legislatures will not,
matter of fact probably
Our state
,,
and
former Bank of America trust officer submits that Robert R. Dun¬
can's solution to "the Trustee's Dilemma"
Not
authorization.
dent
income,
gains
brackets than ordinary dividends.
faith
good
opposed to the individual item ap¬
proach as a measure of the trusT
By Russell J. Clark, Investment Counsellor
San
Thursday, October 12, 1961
capital
the-r
tee's investment results.
on
.
of
instances.
trust funds are helping
Common
.
emergencies.
to beneficiaries in many
Trustee's
.
Share
> it
•4'
i
'J
,
,
Volume
194
Number
6098
The Commercial and Financial Chronicle
.
.
'
41571)
authorize the trustee to
:
unfet¬
use
complishment in terms of fu¬
tered judgment in the selection of
stocks.
common
should
«
rent
be
The
regardless
of
the
current
tion in value.
authorize
tain
'
.
all
provision which will allow
a
•
the
1
life
should
tenant.
in
The
lile
tenant
>
comparable
income basis.
advocating is
trust.
It
is
similar
in
result *of
-
trust,
advantages
such
possible
a
to
years.
the
(1)
as:
close
it
-
trustee
and
1
makes
relationship
the
discretion
gain
bene¬
to
have
of
ceive
such
from
amounts,
trusts
Will
and
used
in
been
reviewed
trust
y
to
as
any
:
•
cision
,!■
of
United
"
..
"
of
the
or.
America
..
/
to
*
deems such purchase
•
chases
life
in
men,
the
and
in
trust
assets
pur-
of
.
market
or
low-
securities
This
initiated
decided
case,
the
As
address, it has
chusetts
one
form
Mr.
been
trust
on
for
or
the
in
Prudent-Man
Investment.
wisdcm
investment
131
year
Rule
Duncan
It
years.
another,
of
of
said
the rule
in
sets
in
his
now,
of
a
in
great
'
"
securities
for
his
justified
trust
this,
Martin A.
vom
Lelm
for
so
I
James E. Orr
Alex. M. Stafford
"Daniel T. Rowe
form,
even
but
of
a
New
York
.
William A. Lane
as
it
'
Wright
selection
regardless
all
of
of
performance
t,
Edmund G. Flowers*
President
.
.
.Vice President
1i i
ence
on
their
Secretary
George R. Bennett
Vice President
& Mortgage Officer
E. Holmes Marsteller.... .Comptroller
Some
ago.
easy
Hanover
out
Bank for four
weevils
•
■
Hs
-s
'
-
■
A
person
receives
spending.
$4
in
$6
food
as
The
as
the. chartered BOAC
brought him and a
party of 34 to a recent session of
gested,
airliner
by
that
.the United Nations.
Dr.^Nkrumah
of
such
coffee,
Imported commodities
cocoa
In- the
stamp
and bananas.
eight
plan/ is
as
:
areas
where
the
being
tried
out,
mm
assigned
MKKm
Di-
He
holds
Z
degree
from
Harvard
Master's
a
'•
This announcement is not
an
The
offer to sell
nor a
solicitation of
an
degree
from
''
L^Reisch Opens
FLUSHING, N. Y.
Northern Boulevard.
•;
.
Claude Gau Forms Co.
Gau
is
conducting
a
securities
business from offices at 2112 R St.,
N. W.,
under the firm name of
Gau & Co.
•/'"•
•
offer to buy
these securities.
October 11, 1961
LOWE'S COMPANIES, INC.
the
Common Stock
(Par Value $1 Per Share)
involves
the
individual
trust
experi¬
•
G. H. WALKER & CO.
.
Incorporated
securities
,
HORNBLOWER & WEEKS
the First National
to
business.
in
engage
Officers
FL Caulkins,. Jr.,-
Incorporated
MERRILL LYNCH, PIERCE, FENNER & SMITH
(Special to The Financial Ohronicle)
DENVER, Colo.—Caulkins Securi¬
ties Corporation has been formed
in
be obtained from such of the undersigned
registered dealers in securities in this State.
.invest¬
;
Building,
Share
investments,
may
a
A.
are
Presi-
C..ALLYN and COMPANY
Incorporated
.
PAINE, WEBBER, JACKSON & CURTIS
FRANCIS I. DuPONT & CO.
'
LEE HIGGINSON CORPORATION
REYNOLDS & CO.
dent; Harley G. Higbie, Jr., VicePresident
Keith
and
L.
r
and
Brown,
Secretary.*
Treasurer;
and
Vice-President
SHEARSON, HAMMILL & CO.
..J
WASHINGTON, D/ C.—Claude C.
on
are
Leonard
—
Reisch is engaging in a securities
business
from offices
at
174-15
415,000 Shares
as
the
University of Chicago.
S
Copies of the Prospectus
B.A.
a
University
offering is made only by the Prospectus.
Price $12.25 per
to
Trust
vision.
the
David C. Cates
;
r
invest-
an
ment
^|'i:
MHR
food
on
stamps.
Ghana,, for example, is held up
difference is that under the direct
an infant Republic that cannot,
.possibly make ends meet pn its food, distribution plan the recipi¬
ent gets only a limited
number
own revenues..
Hat in hand, Dr.
of commodities while,
with the
/Nkrumah is seeking credit where
he can find/it.
His cause, is not stamps, .he "can get any commod¬
igreatly helped, it might be sug¬ ity he wants with the exception
.
serving
years»;
v
and
\
The Admini&tfhti'on'S food'stamp
plan is not working out very well.
It is being tried out in eight areas.
*.
Cates
previous¬
with the
ly
But
go.
has
tell,
excessively at the insouciant
spending
of
Republics
seeking
foreign, aid. After all, easy come,
lift"
Mr.
was
own
to .hear
biscuits.
.
Form Caulkins Sees.
Vice President. George
&
years
consuls,
tapping
still
her
firm
I know, too,
of
in
stocks,
in dts sole
type,
ments.
Bank
Howard R. Wright..
J. Arthur Seidman..
bank
.
President Kennedy's solicitude.
hazard and risk and my trus¬
tee should be judged by over¬
with offices
OFFICERS
provided
150
.
London Sunday
Telegraph recently put together
an eye
opening story of the lavish
spending
by
other • objects ■ of
(and I believe I
reasonably pru¬
acquiring assets for
in
broand
s
conceives,' I ^might
my own account.
Alfred G. Ruehle
Howard R.
r
dealers
of
perhaps
styles change in infant nations, as
they change in everything else,
and
one
ought not to complain
corre¬
been
dent)
George A. Arkwright
J. Warren Slattery Raymond C. Deering
student
e
acted
Harold W. Beery
Wesley A. Roche
k
to
suppose,
no/
American
are
.
A
States
.
,
we
eyebrow at this sort
a
diplomats
trying to say in
Will, is I want my
my
elected
been
am
and not by an adverse
J. Arthur Seidman
has
Vice-President of M. A. Schapiro
& Co., Inc., One Chase Manhattan
Plaze, New York City, under¬
as-
account
own
trustee to act
the
TRUSTEES
Schapiro
Cates
a
ex¬
other
or
doing
have
BROOKLYN, N.Y.
bad
trusts under my Will.
or
What
in
have
SAVINGS BANK
C.
United
earning
or
asset. I do not
an
judgment
KINGS HIGHWAY
may- have
reached
And Indonesia is broke,
David
the
other than generally accepted
standards I want it to feel
1830,
Trust
Massa¬
in
is
chase
-
fountainhead
the
investment
majority of states.
a c
and
outlay,
pect my trustee to be clair¬
voyant and if in its judgment
a
prudent man would pur¬
have adequate
growth potential to provide a
satisfactory
value
or
power
which, in the judgment
M. A.
announced.
in-
current
zero-
of my trustee,
*
to
other
or
or
V.-P.of
are
.
price might have little
relation
no
,come
,
there
.•>/■
instances where current
some
the
un-
am
that
too,
aware,
,
not
*
history is likely, to for¬
the, frugal
allowances
and
Spartan quarters , the infant
spondent for. the
pro-
solely on the basis or
criteria that may generally be
used for the selection of trust
.
remainder¬
invest the funds of
may
yielding
interest
the
tenants
or
of
customed.
Z:z/:zz V/V ■'
investments. ; I
contrary notwithstanding,
.my trustee, to the extent it
views.]
for
writers,
It's
*
raise
the
which the leaders of the. older
nations would like to become ac¬
placing this provision in
Will, I do so because l am
my
own
threw "/in
month
too.
•
millions?
from
from the nation's Capital and may or
may not coincide with the "Chronicle's"
get
to
assets
the
v
$35,000
Mr. Usher is Ambassador
Nations
[This column is intended
fo reflect
"behind the scene"
interpretation
seen
$50,000.
; Nor is the Ivory Coast the only
poverty stricken, aid-seeking Re¬
public to set a style of high living
should not necessarily
therefore buy Its securities or
in
or
never
$11,000,000 marble
palace back home in Abidjan. ;
provided
tee
legal de-'.
state
any
States
or
includes'
United
built himself
.convinced that my trust and
the
beneficiaries
thereof
should not; be cut off; from
"growth investments. My trus¬
/
particular
which this
Will
my
code, statute
in¬
In
instrument;; in
may be incorporated;
Anything in
corporate
so
\r,t
■
American
insufficient.
are
the
the Washington hog,
staggered
from
the
affair, saying
he had
by which the Ivory Coast's
President, Mouphonet Boigny, has
in
faith.
j' provision
any
to
not
were
>
on
cence
carrying this' and
other provisions of "this Will
out so long as it acts in. good
.
places. Local counsel should be
consulted
so.
the
in
and
anything to touch it.
His guess was that the
bill, from
three* invitations to tips, ran to at least
heir
•
estate has been purchased for him
out of the same sense of munifi¬
this
paragraph
San Francisco
and, of .course, does not
necessarily apply to all situations
Lopg
>v -.
Coast, one of the' former
colonies* that gained its
independence a year ago.- The
provision authorizing
the invasion of principal if the
payments
in / this
provided
has
counsel
or
in
tected
It
property
of
last
today.
the
-
Embassy
.
tea
commodities
as
French
My
My trustee shall be Tully
trust ^instruments.
by
payments
section
a
surplus
large
an*
dinner
mere
..
successfully
al¬
though the variety and amount of
Ivory
of such
ti.j
The following is an example of
the type of provision that
may he
to
paragraph shall
; conflict with or take the Place
APPENDIX
;
the
for
College vs.
succinctly
warned
fl
An
in¬
is
plush
The
was
compared to
The stamp plan is a modifica¬
tion of that used in the late
1930's
and the early: 1940's.-* This
plan
worked
fairly
1,200
guests. - A * goggled-eyed
guest,
fairly well inured to eating high
Usher,- age 30, moved
$90,000 house at Lloyd
a
York
Washington
acres overlooking the water;
42-room-mansion will house the
Not
principal in
income
Arsene
one
•
about'with his famous words, "Do
what you will, your' capital is at
-
that
event
that
-
Harvard
risk."'
the
ago,
-
scones
And who is this affluent
young
man?
A rising young executive?
same
/
Waldorf-Astoria, where
elegant reception was held.
At that Ghana's reception
/
specific
a
in the
gentleman, his' wife, their
children,- and a staff cf servants.
sufficient and I do not intend
-
trustee unreserved power to meet
the challenge which Justice Put¬
so
basis.
includes
trustee to invade
remainderman, thereby giving the
in
also
r
have helped the
eight a
be
an
a
Island.
provision authorizing my
non-income producing
deemed in the. best Z
if
Amory,*
on
• *
African
those > nations
weeks
Harbor,-
invested; with
are
come-producing
-
nam,
into
pay-
approximating the
few
Assouan
It
would
hard.
the>
shortly grew to 70, took 40 suites 1
Indonesian
A
and/or
/
na¬
the leaders.
comparable, to income distri; bution
received from* other
greater ; emphasis
tenant
as
income
was
new
New
or
trust.
of
a
but J it
certainly has meant, a windfall for
my intent generally
the^life tenants re-
value which
life
people
trustee,.
my
principal,; which
principal
to
the
income
beneficiary, and (4) it can give
authority to the trustee to invest
both
nations may not
a*
as
of
going
/Independence - of
type
similar
or
the
from
of
in¬
such; sale
the time and type of assets to be
sold to secure funds for payment
or
every other citizen
tion and the
or. as¬
same
expected to be in New York only
two days; he was to make
one
speech.
-But
his
staff,
which
its leaders had to go to work like
distribute the net-
ment
*
-
the life tenant, (3). it can provide
.that the trustee may determine
securities
sell
be due
may
tenants
would be
determining
the
amount of principal payments- to
interests
the^ United States gained its
independence from Great Britain
supplement the income of the
Z, life
be¬
.
in
and
any
and
use
BARGERON
When
or
proceeds or any part thereof ';
that it may deem advisable to
a *
the
over
ficiaries, -(2) it can provide au¬
thority in the trustee To exercise*
low-
the
assets or
or
sales, I authorize
much Z
so
past'few
however,./possesses;
of
annuity
in
BY CARLISLE
otherwise.: After /paying
taxes which
the
•
not
zero-
or
securities
any y capital »'
an¬
the
them
stead 'other
■
attention
low-
such
retain
or
in
nuity which has received
tween
of
of
sets, whether of the
va¬
a
•
securities
value
yielding securities
^
.
to the variable
<
final analysis
The
of the
the
or
itself, to sell either all
to
The implication is that
perhaps
all the six million Americans
who get free food
really need it.
.
•
trustee
my
part
income*
to
an
I
number
by
trust
*
trust invested pri¬
a
am
on
riable
time, in
times, to
or
future changes in
or
assets
or
event receive that"
any
be
What
plan. In August only 150 took
advantage of the stamp plan. -
I
any
*
received from
marily
at
without being held to account
value either
income, supplemented '
by payment from principal, which r
•
and time
cases
for past
amount', of
would
purchase,
trustee
be determined
the trustee to "peel off" principal,
either through use of capital gains
or
otherwise, so that the trustee
may thereby increase payments to
; -
to
my
.
time and from time to
impor¬
tant, all instruments should con¬
.
v
Subsequent
cur¬
Where
payments.
distributions are
about 300 families were
receiving
food under the direct
distribution
ture income and/or apprecia¬
selection
dividend
11
SHIELDS & COMPANY
Incorporated
Current Problems Facing
The Savings Banks
x
Industry
By Samuel W, Hawley,* President, National Association of
Mutual
which
accrue
In
Bridgeport, Conn,
makes
•
r
developing
of
Bank System,
the
pubic
that
our
motives
fully their
be had.
and the
not
for
necessity
a central banking facility similar to Federal Home Loan
and to progress in and outlook for the tax problems
small
broader.
position of a corporation pres¬
the
talking
ident
have
stockholder.
However,
and
by
York
over
assets
legislature
in the
would
total
more
all
than
of
banks
next
187
the
characterized
contrasts, highly indi¬
and
Falls
while
in
ori¬
of
and radio,
a
tion
conditions
local
both
as
it
becomes
and
more
been
ject
ject
to
islative
powers
will
be
our
the belief
that
we
are
of
is
of
by
needs of the average
changed greatly with
Banking
the
redistribution of incomes and
wealth, and the movements of
population which have taken place
in the last quarer century. Insti¬
survive,
to
themselves
as
attuned
must
keep
to the chang¬
ing needs of the public. We must
enough to recognize
be both acute
these
needs, and enterprising
enough to meet them. Our ability
the years to have granted to
us
added powers with which to
over
meet
needs of
new
from/ any one individual,
great Bowery Savings
the
responsibilities
already
enjoyed.
Those
industry.
yet
not
an¬
postman,
bank
savings
new
be spread as wide¬
ly/las possible
throughout
our
system, and therefore at the mini¬
cost
mum
For
many
each
years
bank.
savings banks
our
sys¬
and more ; .At long last there has come a
policies, and break-through and we are on the
the activities of Federal agencies.
/verge
of seeing an 18th state
Here again w^ must exercise un¬
added to the savings bank group
derstanding and statesmanship in when the Alaska Mutual Savings
our
actions.
the
more
When
are
we
in part
Bank
instruments
through which
some
aspect of national policy,
such as in the housing field—is
expected to be carried out, let us
will
wise,
voices
on
is
authorized
clear
to
srart busi¬
secure the needed capi¬
could not
tal
with
to
which
business.
start
significance to our savings
industry is evident, and I
sincerelyJiope you will all want
to make the modest participation
Institutions
bank
an
offer to sell
nor a
solicitation of an offer to buy any of
NEW
Prospectus.
ISSUE
October 11,
i961
the
been to vastly increase
this
in
broad
COMMON
assets in¬
mortgage loans. Implicit
percent
vested in
the
of
conditions
competitive
their
of
development
recognition
of
has
the
been
safety,
yield, and even built-in liquidity
/at par which is characteristic of
monthly payment mortgages. In¬
surance and guarantees have
Uretliarie Industries International, Inc
STOCK
played their part in our changed
investment philosophy.
(Par Value $1.00)
with
to be in line
traditional foresight of
would
the
permanent part of our assets be¬
come
this announcement is circulated
from
or
brokers
as
may
be obtained in
may
any
State in which
dnly such of the undersigned
or
;
otherdmlers
lawfully offer these securities in such State.
invested
in this manner,
to
study and review the value to us
of a central banking facility such
as
the Federal Home Loan Bank
System, which is primarily geared
to the needs of mortgage invest¬
institutions.
The system as
presently constituted, or possibly
as
modified in part, might well
offer to our banks a worthwhile
ing
-
•
::
,
A
•'
*
Garat &
"V
Polonitza, Inc.
bulwark
additional
unknown
vicissitudes
of America
Corp.
Lubetkin, Regan & Kennedy
*
•"
against
the
ses¬
Chairman
tax
same
meas¬
first order of busi¬
to
next
the
be
hoped
efforts
our
Congress.
the
that
to
justify the present
corporate tax position of mutual
thrift institutions, it can be said
that
efforts were
they should be
wide
industry
and that
continued.
The teamwork
displayed by our
state associations and
individual bankers working with
industry
as
the NAMSB tax commitee to
help
these tax
matters
to
Congress was most
effective
and
much
appreciated
explain
position
our
on
by the Association officers.
the
More,
there emerges
pressing need of 'broadening
the
public
than
clearly
even
and
dence
with
those
with
savings
our
evi¬
again
and
unexpectedly
even
of
purposes
Time
business.
of the
understanding
nature
true
that
appears
association
long
banks do not fully
the real essence of the non¬
profit mutual method with which
we carry
out our function ofirthe
thrift.
individual
of
promotion
trustees, among
employees, and in every pub¬
lic group where the opportunity
presents itself, we must,expound
and explain the significance and
public benefits which result from
Among
our
own
our
will, in
our
*
11
large measure, determine
a
future.
*An address
68th
Annual
by Mr. Hawley before the
Savings
of New
Convention of the
of the State
Association
Banks
York, Quebec, Canada, Oct. 4,
1961.
Baker & Co.
Sponsors
of
the
offering
an
Lectures
/
Amott, Baker & Co., Incorporated,
150
announced
three
Stock
City,
and
York
New
Exchanges, have
the
sponsorship
of
eight-week courses of edu¬
cational
and
the
of
York
New
Broadway,
members
American
lectures
securities
service for
series will
on
a
as
investors.
investments
community
The lecture
begin Monday evening,
Oct.
23, at the firm's Waterbury,
office:
Tuesday
evening,
Oct. 24 at the firm's Naugatuck,
Conn. office and Thursday .eve¬
Conn,
.
ning Oct. 26 at the Bristol Public
Library^/Bilstol, Conn.
tures^are free
of charge
The lecand will
for
eight consecutive
each community.
run
This
year
has
is
the
fourth
weeks
consecutive
in which Amott, Baker & Co.
sponsored these investment >>
courses
in
the- Connecticut
area.
Th£ lecture series will be directed
and
supervised by the firm's Re¬
gional
Manager, Mr. Milton M.
Seligson. Each talk will be given
by a specialist in the investment
field
with
some
of
lectures
the
supplemented by educational
sound movies.
the
A major pprpose of these lec¬
tures will be to acquaint new in¬
fu¬
vestors
is. ,a matter,, which is
receiving study and thought by
many active leaders in the sav¬
ings and mortgage business, and
seems
to me to have promise of
ture,.; This
Fleetwood Securities
a
appear
savings banks," as an increasingly
Copies of the Prospectus
in
ness
in
It
PRICE: $5.00 per share
will be
-
Competition for savings of the
public seems to steadily become
more
vigorous,
and
constantly
challenges the abilities and enter¬
prise of our banks. One of the
means
by which savings banks
have adjusted themselves to the
times has
200,000 SHARES
the
of
some
Amott,
ture.
thinking, and farsightedness
,
these securities. The offering is made only
by the
at
place
completed,
just
requested in this important -ven¬
Mortgage Investments
This advertisement is neither
sion
The participa¬ our activities. This is a respon¬
tion of the Central Industry, Fund
sibility which is shared by every
has been an essential part of this* savings bank manager and the ef¬
development. Without it the bank fectiveness which it is discharged
The
York
tdok
actihn
no
in Anchorage.
ness
anyone
listen to pur
subsequent proposals?
Praises New
described the results of the hear¬
grasp
banking into other areas.
of
tem
to
labored to extend
have
hinges on the public confidence / As our industry has faced some
and approval of the manner in 'of the problems confronting us on
which we discharge the duties and
the national scene, the wisdom,
Bank, more than 1,200 times its
size, can only accept one-third as
con¬
assisting the for¬
of
in Alaska may
This is borhe upon
becohm
steadily
proposal,
valuable
have
the
of
mation
with growpg awareness as ,we
with
ings which were held by the Ways
and Means Committee.
Although
your
affected by national
customers
our
well.
the
to
sponsibility
try
developments
of
.bulletins-which have fully
helpful
urged to do so in the immedi¬
future in order that the re¬
ate
for the interests of
all, that we consider the wel¬
as
charter
most
who
you
are
fare of and benefits to the indus¬
us
of
development
the
and
been
swered the knock of the
necessary
us
of
two
which
Federal
our
tributions
moti¬
It follows, therefore, that to
the industry image which
attain
this sub¬
an illustration
within the industry.
Fund,
try
have
public interest rather than selfish
gain.
the
the creation of our Central Indus¬
granted
of
of
in seeking these powers
vated
the
outstanding bankers have given to
these needs,
ability to meet
and
in
been
has
leadership
only if there is understanding
the existence of public needs,
informed
many
cannot measure the final effect of
whole,
a
Turning to another subject, the
that savings banks will
legislation periodically
remain competitive. These leg¬
back¬
mutual
as
study into the sub¬
Here
teamwork
new
the
relationship be¬
industry
demonstrated
Association dealing with
parent
need
in
lurk
a
as
It is
rising
ground-swell of opposition to the
withholding of ^axes on interest
which
developed, will continue
and that Congress will reject this
particular
proposal.
While we
the New York group and
committee
of
the
National
the
ap¬
which
sociation office has kept members
of
the prog¬
advance
over-the-counter
of
funds.
and yet
more
problems
major concern of
savings banks; The National As-,
ground
ures
tween
between
banks and between states,
to
research and
are
still
months
re¬
greatest concentra¬
bank assets in
our
the
of
has
controversy on
tax
occupied our attention so
constantly during the past few
the
savings
ress
in the position of
operating under .widely differing
we
of
of
New York
of
twin
The
r
Mills has said that reconsideration
important areas
spirit of utilizing the
sources
throughout the land.
So,
distributed
were
other
same
Long Island may have repercus¬
sions
with the help of
saviqgs bank communi¬
many
In
in this
dollars
whole.
ties.
paid publicity in New York City.
By the same token,
thanks to
level
citizen have
Village,
laws
—
when we devise plans and
impor- policies for our individual banks.
.This need exists not only on the
Public- Confidence Essential
tutions,
differing
j
thousands
a
result hundreds of thousands of
slocal scene, but on the national
in~ / differ-
are an
by
particularly
tant to usv
be¬
tween
states add
to the public
misunderstanding, and lack of uni¬
formity within our industry. To
pursue the comparison, the Sav¬
ings Bank of Norfolk, Conn., with
assets of less than $1% million, is
authorized to accept $30,000 de¬
posits
We are pe-
This makes public un¬
derstanding
Conn.
Widely
convinced were
do only those things
can
do.
to
us
vidualized, independent units of
unlike character, operating in such
diverse business surroundings as
Street
the
specifically authorized by law for
savings banking/7 We
42nd
which
than most other corpora¬
tions. We
largest
and
were
public interest.
so
more
Samuel W. Hawley
Massachusetts.
These greatly contrasting figures
are
cited by way Jof;;illustrating
one
part of the situation facing
ences
powers
puliarly creatures of the states—
savings bank state,
dustry
those
banks
whose
banks
operate, we are bound
we
by laws which have been enacted
the years to
give savings
pick
New
banks,
federal taxation, as a sim¬
as
where
parison you
5
voice on a sig¬
a
representative from New
York.
As state chartered institu¬
tions in each of the several states
com¬
could
token, a United
Norfolk might
ilar
are" in
York,
banks
decisive
as
such
the
number of
New
same
nificant matter affecting all
only
of
25%
the
By
States Senator from
largest
his
and lending
of the smaller banks are
powers
their
as
was
leaflets prepared
New York banks
say—
publico
home financing
of
dreds
.
account. Furthermore,
an
we
as
in
selfish
a
might offset many hun¬
it
area,
,
the investment
both
York, I am very much in
of New
to
much in
Banks Association
are
bono
industry
extremely helpful to the
interests of all savings banks. As
meeting, the public needs
are
banks to Alaska and other States, to the
addressing the annual meeting
This
gins. If an up-state legislator gets
the impression that savings banks
press
of the Savings
than
rather
affecting the industry.
In
those of the
satisfied
be
willingness to
a
harmonize their local efforts with
carry¬
are
savings
have
statemanship and
it
the
strengthening
industry.
bank
banks of New York demonstrated
by law-
powers,
we
must
non-profit,/'pro
to help required in trying
creation of Central Industry Fund, he refers
to extend savings
clear that
and
present powers or find that new powers they seek can not
After complimenting the over-the-counter mutual fund study
-
broader
ther
most helpful
a
proposed withholding tax on
interest
paid to depositors, the
activities.
our
trusted
be
Thursday, October 12, 1961
the
ing out fully those we now have,
banks may remain
competitive. Mr. Hawley cautions his fellow bankers to use
from
to
with
must be
relationship be¬
tween legislation and success of the industry. He, also, refers to the
importance of developing public understanding and an industry image
now made difficult by differing local conditions between banks and
Savings bank trade head comments on the crucial
States, and the need for new laws so
order
.
significant role. Faced with
great anxieties over the impact of
benefits
the public
and
.
and
do, the purposes which moti¬
us,
,
leaders from New
have played
York
of what
significance
the
clearly
we
Savings Banks and President, People's Savings Bank,
/
of savings bank
So, in carrying out our task of
providing the people the banking
service they want and need, it is
desirable to explain simply and
vate
between
Chronicle
The Commercial and Financial
12^(1572)
opportunity for fur¬
with the fundamentals of
sound
investment,
of the
various securities
,
the
function
formed
trading
and
the operations
markets,
services
per¬
by the investment dealer,
techniques,__ value
search, etc.
of
re¬
\
Volume
194
mi
Number
6098
.
T~1
.
.
The Commercial and Financial Chronicle
J_1
•
making,
1
The Economic Outlook
New York
■
Economist's
^
.
1
■
appraisal of the economic outlook considers the dis¬
Indeed,
GNP to
$580 billion level by the end of next year.
a
we
are
in for
out of line with earlier
periods of prosperity and he exp:cts pretax
The general mood of the business
so
community
the
few
past
weeks
has shifted from optimism
uncertainty. Not that the major
to
economic
,
•
have
tone
hibit
guishes
ex¬
e.v
dence
prise.
or
not
is
this
but
releases,
unusual
Period of recovery
a
of
the
community
For
smugness
oattern
No, the
from
its
felt
be
many
years
world
is still
sur-
a
—
and inefficiency
huvW
the
ex-
far
so
a
*ar a
|
^
8]"to pick up as incomes ri&e arid
in automobile
(3)
Most
a
sharp
recovery
surveys
point
to
the
economy
to
slated
a
higher
v
Housing, too, seems to be
for improvement.
An in-
crease in starts to a level of 1.5
million units next year is a rea-
sonable figure
All
in
to anticipate,
settling developments.
The
all, the pattern that
ap-
pears to be emerging is one of a
broadly based upswing that should
carry through all of 1962. By the
the global game of economic end of next year the Gr;oss Napoker. We had casually, indeed, tional Product should be in the
neighborhood of $580 billion, with
pretax corporate earnings in ex-'
But wj1jie we set the rules and*ceSs of
$55 billion.
• * •
patiently explained nuances and * Nor would this performance be
strategies,
the
.other
players- 0ut of line with earlier periods of
,
.
and
S "A? wa? k _1?rge staCks-of'chips and are-bet^- vOne' element" of concern
^av^cw^to^eahze Aaiwai: ^ tmg wlth vigor and, assurance, picture would continue to
And aU to° often they hold the
Thi
^
the
ZS&lSh high cards-
^natter
of'business
s
matter
asuooa
Less
ing,
oi
a
.
dramatic, but also disturb-
the
was
recent
the prices and
dent's
flurry
over
profits. The Presi-
to the steel proholding the line was
dismay and resentment,
message
ducers
met
activity in
y
on
by
Much
of
,the controversy, howrendered academic by
cut
in ' world
aluminum prices. The net result
of all this was a sense of puzzleever,
the
was
unexpected
ment—a
haunting
the prospects
of
a
concern
over
profitless
pros-
perity.
This is not
^ome see ^ has produced disquieting results. The fact remains,
Bache, Co. Admits
we
Weiss, Winnett'
re¬
extent tnat the
an
Harold L. Bache, Managing Part¬
of
Bache
&
Co., 36 Wall
Street, New York City, members
of the New York Stock
Exchange,
ner
The fact that
continuing confer¬
being held on these mat¬
ences are
and abroad
over
felt here
concern
the future of the
dollar.
In
similar vein, the
a
possibil¬
ities of further inflation cannot be
entirely ruled out.
time
sures
five
in
years
For
the first
upward pres¬
prices appear to be min¬
Yet inflation has frequently
on
imal.
occurred
when least expected.
A
renewal would accentuate the bal¬
ance
of
payments problem and
conceivably, jeopardize the state
of
the
economy.
'
balance, however, the posi¬
tive elements in the business pic¬
ture clearly outweigh the poten¬
John Francis Weiss
has
tial pitfalls. Caution will continue
to be the watchword—and this is
John
as it should be.
The long
vof the sellers' markets are
all but vanished.
The return to
in this
be the
level of unemployment. For under
admission
Weiss
and
are
over.
Supply and demand on a
competitive, world-wide basis are
cioser balance today than they
have
in
been
generation.
a
American
many
For
producers
this
signifies the twilight of a long era
0f g00d and easy times.
Newer
disciplines must be appraised and
mastered;
the
adjustments
not be easy.
Mr. Weiss has been with Bache
since
February,
1959.
He served
three years in the Navy as an of¬
ficer "in the Pacific after gradu¬
but-
ating from Cornell University in
1955.
♦Summary
cf the
York
4,
the
of
68th
a
talk
Annual
by
Fall
Dr.
Kavesh
Savings Banks Association of New
State, Quebec City, Canada, Oct.
1961.
>
-v.
/.
Business Prospects Excellent
new
if
recognize
competitive er&- is
we
an
■
independent
broker
Seeking TAX-FREE Exchange? There
that
in
are
only
increase
^
the
sequently,
currence
to
appears
be
NUYS,
California Inv. Adds
Calif.—Salvatore E.
Cammarata has become associated
with
California
Sylvan Street.
with
Investors, 14401
He was- formerly
Samuel• B., Franklin
Co,
&
LONG
BEACH, Calif—Russell D..
Hill has been
added
to the
of uCalifproia-, Investors,
•
r
lantic A^enhe.
a
■on
in
markets. Con-
we may witness a reof the balance of pay-
fund emphasizing
sued
in
pos¬
growth of capital
and income. Fund shares
are
is¬
exchange for blocks of
acceptable securities with
ket value
a mar¬
A
■
federal capital gains tax is in?
u
curred by
!
X
of at leapt $10,000. No
•
/
i
:
.1
3*A
i
i
i
•
■
,
<
•'
t
>.
«
!•'.»
v.
,
,t
«.
#
>
,,
.
.
•
.
.•
>
investors at the time of
exchange. The exchange is based
on one
days left for TAX-FREE exchange
for shares of
Fund share
securities, less exchange fees, fts
copy
OHIO
for each $20.00
of market value of deposited
described
in
the
Prospectus. A
of the Prospectus
may
be
authorized for distribution, from
FRANKLIN
The Ohio
ager
I
STOCK
•
,
A
51 N. High St.
THE
:
OHIO COMPANY"
Member of the Midwest Stock Exchange
YORK
CITY
of the Fund.
Deposit perrod expires November 1,1961
J
NEW
Company, Dealer Man¬
FUND INC.
COMMON
Sayings Bank
obtained, in those states where
investments
Columbus 15, Ohio
MUTUAL
Member Federal
INSTITUTION
Deposit Insurance Corporation
staff
4376 At-;
V
v
only by the Prospectus.
A mutual
the'
With California Investors
VAN
The Imponderables
st0re for the export
.
'
change since 1959. *
But forecasting is still the art
of selecting the probable outcome,
What could go wrong to upset
these estimates? For one thing,
the international scene, even bar-
sible long-term
more
on
floor of the New York Stock Ex- '
figure substantially above what
the President has set as a target.
such
.."A
■
Mr. Winnett, who sudied at
tjie.
Ecole Pascal' in Paris,"has 'been!
Convention
ring the military aspects) poses a
major uncertainty. As our ecohwill omy advances, the rate of imports
will in all probability rise. No
.
mem¬
change.
positive response to this new
challenge would provide a. needed
before
of
John
bers of the New York Stock Ex¬
ingenuity.
tonic—not only to ourselves,
to our Allies as well.
Francis
Weiss and Mr. Winnett
a
world of balanced economic power
should furnish a needed stimulus
to American talent and
J$htL W.Winnett, Jr.
the
Winfield Winnett, Jr. to General
Partnership in the firm. Both Mr.
perhaps
years
announced
however, that the postwar era is
offer of these securities for sale. The offer is made
an
problem
us
of economic activity might be
substantially affected. ?
these conditions, there would still
;
plagued
,13
This comeuppance, this affront be roughly 5% on jobless roles—a
ag
Even
Although these two elements—
straint to such
JJ; s- had held all the chips in
resumption of nuclear testthe tensions in Berlin watched carefully and learned. :
prosperity. These magnitudes rep•and
the
U.
N.
have
produced;
Now the match is being con- resent a pattern of progress amazwidespread .concern and anxiety. ducted on a more-equal basis.r ingly similar to several previous
For the first tina<e, in an age of Several
nations
have
piled up postwar upturns.
ing
this
A
altruistically, staked much of the
the game wouldn't end.
Entirely, different, un-
ago.
counter
pace
On
concern,basmalty,-stems...s°
two
year
would have to resort to credit
sales
marked rise jn the rate of capital
spending. By mid-1962, this sector
should be playing a major role in
long
—
until
will
economy
Consumer
^
once
enough, perhaps, to have produced
Robert A. Kavesh
mars
the. statistical
during
member
a
somewhat in the nature of
o r ary
of
year) <the
lifting
be
to
ments difficulties that
ters attests to the
?5d ouhjut1 adde(? fl0W °f income
Trump Cards
America
economic
faltering
setback
for
again
of^a
advance
S. Loses
But
i-
there,
*
merely
is
next
not
levels.
U.
and
Here
tvne
crisis
distin-
firm
a
e m p
this
will
brunt
shoul^ wftness
magnitude and imminence.
upward
fti o mentum.
t
affairs.
What
concerned.
were
con¬
to
world
To be sure, this has been true
during the entire postwar period
as
far as military commitments
direction:
tinue
in
States
n
or
almost all the
series
much closer involvement of the
United
.
changed
their
different in their meaning ancj^
the heart of the
current uneasiness, it is interesting to note that they both reflect
a
indicators
*
the
impact—are at
during
of
array
spending
is
slated to rise rapidly, chiefly on
increased defense outlays,.
As
these expenditures are made (and
Dr. Kavesh is
corporate earnings in excess of $55 billion.
impressive
Government
(1)
broadly based upswing performance not
a
an
a war
posit^ye factors could be cited:
quieting increase in business pessimism about the prosp:cts of a
profitless prosperity and, nevertheless, the positive factors pushing
convinced
to
(and this
is
an
assumption many would
challenge) the immediate 'trend
of business activity should con¬
tinue to show substantial vigor.
For, barring
omy.
University
,
foolish
To
Finance, Graduate School of Business Administration,
'
whuki. be
it
a
By Dr. Robert A. Kavesh,* Associate Professor of Economics and
,
(1573)
t
,
v
,
14
(1574)
The Commercial and Financial
t
hampered
others.
f
by
The
Canada's
banker
ticks
past decade keeping
This takes in the
off
rise in
marked
*ut
in
to
present
diverse
expected
of Parliament is
increase from $1,500,000,000 to $2,000,000,000 the
charge
on
the
Consolidated
fac-
financing and
the
financial
session
_
to
Revenue Fund for direct loans by
Central Mortgage & Housing
Corp. Funds available for other
functions of the Corporation
post-w^r
world
engineering services of Sandwell
and Co. of Vancouver. This joint
venture is
expected 1 to be tee
forerunner of similar combined
efforts which will make possible
the offering of a "package deal,"
a
type of transaction engaged in
further amendment to the National Housing Act during the
past
been
considerable
the
during
The
had
has
considerable
with
United
States
dom firms.
are
by
success
United
and
King¬
i
:
,
-
,
also to be doubled: to $10,000,000
too
Industrial Credit
Government
be
for housing research and comThe
Industrial
Development
munity planning, to $100,000,000
anticipate, struc- for university housing projects,. Bank is another example of an intural
developments
within
the and to $200,000,030 for municipally stitution which has been functioneconomy. I should dike to review
sewerage treatment projects.
ing since 1944, but the scope of
the
more
significant
changes / • Previous to 1954, the chartered whose operations is being steadily
9rder
V/%7
^
~
The Government
financing housing, export insurance
strain
period.
:
savings, assets of life insurance companies, trusteed
involved
without
in
have
not
undergoing funchanges—and not with-
damental
increasing participation of Government in trSde and
(through its Industrial Development Bank, Central Mortgage & Housbe
-
Produc-
the
over
bution have been
changes in the economy's structure.
ing Corp., Exports Credits Insurance Corp., and Farm Credit Corp.) is
to
Thursday, October 12, 1961
machinery supplied to Chile on
long-term credit by John Inglis
and trust.companies and banks. A/Co. of Toronto together with the
The actual mechanics of distri-
significant financial developments in the
"
shown
.
$61,000,000 commitments by approved lenders such as insurance
in
45% I in
distribution.
pension plans and trust companies' rate of growth.
*
could
it
of
of
National
tors involved in its
finance, and the lag in chartered banks' savings deposits despite the
1
lack
terms
improvement
of Commerce
with
up
years
real
achieved
By Neil J. McKinnon,* President, Canadian Imperial
Bank
in
ten
Of Canadian Institutions
the
increase
Gross
tion
Canadian
»..
!
'
Recent Financial Growth
,
Chronicle
'
'
to
constantly alert in
keep
pace /with,
and
when possible to
\
and
,
^
credit facilities, industrial development, agricultural activities.
personal loans' phenomenal increase is related to "day-to-day"
over,
loans made
States
Canada
and
widely, it is perhaps not
generally realized that there is a
now
vary
histori-
close
relation¬
cal
ship.
the
of
from
on
operates
*
apart
offices
were
to
development of the branch
the savings resources of Canadians
has not inhibited the growth of
of
other
the
United
ada
which
States
savings institutions in Can-
which
Canadian
opened
was
banks had with minor/exceptions
result
a
-
—
.
•
-
•
widely from the
vary
Government- Post
-
more
recent
years
have
means.
Not
only
have
fice and savings offices sponsored
new
by
mitted
Trust
functions and scope of
longer standing have been greatly
expanded.
7.
"
Characteristic of these agencies
179i
and
branch
banking
on
ing
a
ings
to
Credit
to
note
that
in
the
five
; au-
by charter to operate on
scale
e
charters
those in trust companies increased
by 90% and those in credit unions
reviewed
compete
and
and
interest
of
chartered banks increased by 27%,
„
banks
is
do¬
.
^^
national
are
It
ending in
1960, while savings deposits in the
eight chartered banks
business in Canada are
thcrized
Governments
Companies
facilities been set
other
decennially.
actively for
notice
and
The
savcom-
mercial
deposits.
At the end of
July this year the chartered banks
+u:„
4.1
—
i
j.
_i
i
years
w
by 97%.
is
r
The latter two classes pi
institutions; ■ while;l ^ngaging7 fn;
many
facets of finance including
some aspects of banking were not
U-.-
i
>oks
ber of customers on its books in
June 1961 was a third higher and
loans
initially
banks,
for
98%
100%
and
of
The
by
initial
capital,
the Bank
of
put
was
Canada
up-
without
return.and net earnings on cperations have been added to surplus.
In recent years
_
A step with great potentialities
by issue
debentures
bearing
nas
enlarged
,
this has been supof .interest-
plemented
^
f®r the export trade was taken
this year in the implementing of
Hous-
$400,000,000.
000,000 to about
.
x
-
15%
were
of business enterprise and it is.
planned to increase, the lending
capacity of the Bank from $160,-
more
principal,
„
outstanding
higher than a year ago. Recent
proposed legislative amendments
are
expected to widen this institution's activities to every type
financing Foreign Trade / .
,.
.
Central Mortgage &
the. Bank
as
activities
its
By
Sept. 30,-1960, the date-of the last'
fiscal report .by the bank, loans '
ing Corporation,-created in 1945 ^legislation for the expansion oi
to administer the National Hous- previously existing export
in- for the first time exceeded'$100,-7
ing . Act and to co-ordinate the/.surance^and credit facilities. Gov- 000,000;/* *
-s»r,./:/: yv'/ ^cr/'activities of the Federal Govern- * ernmpnt action to help Canadian "/i J. 77 ischarged'>for the inment in housing: As afresult, the/exporters .with/export credits in- 'vp
1. but/a;
FederalGovernment,now plays;a/ surance was first taken in 1944 cllstmrier,« /ap
of : the
major role in the sphere of resi-V^hen ' the .Export /Credits/ In-•
nffpr
of
credit provided rlantinl
fnrnnr'ii t.i
fvrvurrv-" •J-»CUA*>
-UJ-id ■
dential construction. In the 25 surance Corporation,
a •
Crownthat„
nnn^vi</.ti'An
1
^
the
insured
but the
those of 7 /
up,
^
/
The
_
Provincial
Unions.
Nell J. McKinncn
a
national scale.
poses. The use made of the Bank's
facilities has increased: the^pum-'/
The banks have" increased their
mortgage
holdings
each
year
since 1954,- and during the past
two years the aggregate investment on their books has totalled
close to $1,000,000,000.
/ /
the
seen
chartered
recently"for
progressive widening of government involvement in other fields
through Crown Corporations and
similar
Of-
and
were
such as Farm Improvement and
Home Improvement Loans '" has
been in effect since - 1945, but
which per¬
in
enlarged. The Industrial Develop-
ment Bank is a Crown company, ;
a
subsidiary
of
the
Bank
of
Canada; whose original functionwas the provision of intermeaiate/
term credit for
industrial pur-
us
banking system in Canada while
serving to mobilize economically
Charter of
as
scene
west.
the first Bank
the
occurred
Savings de- traae and finance.,The guarantee---'approved
lending institutions,"
life - insurance
-comby Cana- "ing by government agencies of including
close to $2,030,000,000./certain
special types of credit panies, trust and loan companies
the
entrusted
The
lib¬
instance
have
the financial
during the been prohibited from lending on
past ten or so years.
7/7. //
; the security of mortgages, but the
revision of the National Housing
Increasing Government Financing Act in 1954 made provision for
It may well be that a most inthem to finance housing construeteresting financial development of tion by: investing in mortgages
■
foreign
dians
from
erally
in
,
1,243
branches in Canada ranging from -the 50's and 60's to date will insured under the Act, and this
north of the Arctic Circle to our 'prove to have been the steadily .change was incorporated in the
joint border and from the Atlantic increasing participation of gov- ^revision of the Bank Act in the
Ocean on the east to the Pacific ernment
in .various-aspects
of "same year. Mortgages made by
banks
borrowed
for
sent
posits
early Ca¬
nadian
3 years maturity/
Ocean
The
founders
which
•
of up to
Although the banking systems in
United
* / *
by chartered banks against Treasury bills, and Government bonds
the
More-
T«
4-u
■:
cn ra npo
'
:
r>n
o
limited by banking laws in their
operated 5,320 offices fronTcoasi fields of activity or in the nature
pasting of the
~mpa«y, was
^Wi^ed by Act
to coast servicing
As
over an
esti- °t
their assets,
they
may
Housing Act, units built under the of Parliament to insure Canadian
mated
ijl,uuu,uuu
11,000,000 savings deposi- charge mgiici
savings aeposiujc,isc
higher rates they have National Housing
iai.es,
Act
totalled exP°rters against non-payment'by
tors
whose
personal savings been able to pay higher rates for nearly 63;1,000, or 30% of the na- foreign buyers for goods exported
totalled in
excess
of $7,600,000%- deposits
and have grown more tional total. The proportion thus from "Canada. This type of in000.
These deposits represented rapidly.<
built in the 1951-60 decade was-surance did not directly
approximately 60% of the total
Economic - growth
of
course
41%'. In 1959,■ public funds ad. -financing, though it did indirectly
.
,
indtcu
Canadian doHar deposit liabilities
of the chartered banks at the end
of
July.
The institution I repre-
-r——
'•
takes
many
forms.
must take
many
progress
in
"• ;
one
'
Indeed,
it
vanced
<jraw;nfJ
&
sphere would be
$343,000,000 actually exceeded by .payable under his policy.
■
;
■■
Housing
Corporation
V ■-
totalling/bankers
■
-■
-
-The
permitted
terms
.
to the
.Due
.
r
■.
banks
last
in
^
other
however, Canadian
year,
,-pcrters cf capital goods
able
the
to. meet
are
credit
*e£
•
SAVINGS
;
joint participation
.Finance
Export
Canada,
nancing
OFFICE:
insured
credit
OFFICE: ./.
KINGS
HIGHWAY
OFFICE:
* In the field of small Canadian
/business the chartered banks are
to five actively - involved / and';-" indeed
on
business
prises
larger
banks
needs
the chartered banks, as
the/past., Transactions involv.ing credit terms of more than
five years will be financed by
DEPOSIT
/
CORPORATION
Corp.,
Export
made
recent
.erned
*
on
Credits
available
Insurance
under
amendment
to
the
the" signed
by
mindful
of
the
$10,000,090, but which
req ired: • ;
be increased as
to enable
or
small business
a
extend its premises
equipment
by
means
of
a
chartered bank loan, the lending
cap:taT of $50/OCO.OOO,. of which the banks have
^
bank being guaranteed—against
loss when, the conditions set out in the Act are complied with. The
type of security which a chartered -/
bank may take under the Bank ; <
,
Act, which lays down the frame--.
£ rangements at work was provided;''^r^^under which a'.- chartere^v
/ recently
when a total of $13,- hank, may operate, was at the
/
500.000 was approved to under- same time
extended to include
-//An
f-
arid
these loans will be govcurrent market condiExport Finance Corp.
has ah authorized
may
*
very
the
to improve
The
•subscribed
i
to
and the chartered
the Small Business Loans Act,
which came into force at the end
of last year. The Act was de-
the
"tions.
■
are
enter-,
those
may now be taken care of under
apply
INSURANCE
concerns
of
smaller
the
most
FEDERAL
to
outweigh
small/but growing,
business. Additional requirements
Act. The interest rates which will
MEMBER
loans
far
government through the facilities
cf
BROOKLYN, NEW YORK
„
-P^.T0 on the capital and accumu^n^/p.ryes w?u^ ^tM about
through
Kings Highway and McDonald Avenue
^
,
in
Bay Ridge Parkway and 13th Avenue
rep-,
by the-
years.
J:/';-
the Bank s books
of
terms'extending up
Exports for payment/.up" to
one
year will for the most part
be financed in the ordinary way
Pierrepont and Clinton Streets
RIDGE
export
been
v
$17>f)G0,0Q0 over the years which
fi-represents thei degree of subsiay
transactions PTpvided by the taxpayers.
'
Chartered 1827
BAY
have
in t-e.
Corporation
to provide
Export Credits Insurance Corp,
*
MAIN
for
which
-.
BANK
formed
at
No dividends have been paid by
the Industrial Development Bank
since its inception. A calculation
%,/t.
///The role of the chartered banks
/• i^ their
As
chartered banks.
exnow
competi-
tion .of foreign suppliers.
>
loans.
I960, the number out-
gra.n^ }?. m9ustJ7 ar\
^ Jh;. Canada -by the
joint initiative of the
the government late
and
bank
-Rented iess than one-fifth of 1%
J1}, ^timbers
approximately
^/0, in.amount of the total loans
long
by
their
countries.
available
made
e
have been small in relation to the
the
on %
*
competitors
b
Both
numerically
and
in
amount, the loans granted so far,
strengthen its. coverage, but fi-*\£bartered ,
nancing impediments still barred September,
-^the way to- exporters desirous o'f sending on
sales
to
amended
was
r"
undertaking
law®
Privately-°wr>ed chartered banks. ;
five times in order to expand and
/ i
by
loss
the proceeds of any
Act. of. 1944
Tha
nnd bu?
'
™ geu irom, are ^ ana cur-..
through Central Mortgagethat
forms. Otherwise
fin* it'
• Development,. Bank's
InduStrial
4
write
[
f—\
instance
-
the
of
these
cost. of
/
'v
t
new
ar-'
papermaking
Continued
on
page
27
•
Volume
1S4
Number 60S8
.
The Commercial and Financial Chronicle
.
.
(1575)
A
more.
U. K. Should; Sell Forward
in the monthly re¬
purely fictitious and doas
indicate
not
'
By Paul Einzig
,'
».
,
on
shown
turns is
'
long-term borrowing abroad nation as the
top-ranking natural
account,
instead ;of gas
producer, currently produces
making a'really determined effort • nearly half of all'the
natural gas
to improve the balance of
pay¬ .used in the,United.States.
The
ments, this would enable Britain state's gas
age
for win¬
reserves
dow-dressing purposes is pursued
regardless of the fact that the in-:
crease
J'i}
policy of increasing"the
gold and aollar
ment.-
basic
any
''
Foreign exchange spacialist upbraids his country for selling forward
ing the bank rate from 7 to %%% "while announcing there would be
11...•
relaxation of ths credit squeeze,
and
to
prevent repetition
f
■
sV
f
To stop the "hot-money" influx
of the I9S0 mistake, Dr.: Einzig urges a
; should
be
correct,
it
opening of yet
another chapter m the
history of
ward
instead
problem
discount
influx
for the elimination of sterling's basic causative
to
halt
a
it.
reverse
of what is feared to be an attempt to camouflage it.
would
But
and
it
Treasury, wants
be followed
LONDON, Eng.—One of the most
consequences
of the
in the
deplorabler
of" the
nationalization
near
by further reductions
That being so,
future;
trade unions have
Bank 'of
with
what
been pro¬
now
England has been that Bank rate
vided
changes are now liable to be af¬
fected by political considerations.
justification for disregarding wage
The timing of the decision to lower
corporations is also bound
to be affected by the cheapening
of actual or anticipated cost of
rate from
Bank
7%
influenced
on
the
by
the
-
annual
a
Conr
seems *
on
probable
He must
unfamiliar
with
file
and
rank
be
the
of
his
even
strangely
mood
-
the
of
would
welcome.
;
•
.
a
those
of
be
each
from
further Bank
restraint
wage
partial
a
success. '
'
•
to1 be
;
v
only concrete reasons given
making the decision were that
sterling is
longer under specu¬
lative presure and that the high
Bank rate was attracting far too
much "hot money."
But. the rea¬
favorable
return
of
confidence
in
sterling is exclusively the large
loan granted by the International
Monetary Fund, as a result of
Policy
industrialists
who
short-sighted enough to be
pleased with this light immediate
relief, granted as it is at the cost
of reducing rthe chances: of lasting
are
which
nobody
expect
can
now
seriously
devaluation, at any rate
a
of
.crease
the
bring .the
might even
improvement, have
be enthusiastic.
of
the
earliest
no
that
seems
Credit
what
reserve
matter
no
For the Chancel¬
The
be
no
terms
that
relaxation
of
was
Bank
available.
more
is
much
do
even/of
more
sterling
see^rfto give the green
them
to
from
the
7 %
■
proceed
Bank
trickle.
to
thje-Tiiflux,
encourage
enable
the
so
Government
as
to
to
claim
an
The
adoption
change
tactics
of
forward
the
on
Natural
ex¬
to
unnecessary
lower
sug¬
the
the
aging
Bank
Oct.
of discourag¬
In any case it
influx.
remains to be
whether
seen
a
the
ances,
G.
rate
cut
interest arbitrage
on
There
seem
to
ment
is
show
that
much
the
keener
by
is
to
eliminate
said for this if the funds
financing
is
investment
by
no
that
clearly
the
is
to
must
dollars'
within
be
of
Strachan
with
bution
gas
.
dollars
companies,
he
gas
state'
members
are
dustry's
tion.
Mr.
it
'
V
which
a
n
in
money.
of interest
matters
on
The
once
members<
V
'
■
ADIKES
PI'RRIN L.
to
JAMES
of
c
formerly
Bailey & Co.
and
The
with
SJ, Smaller
in¬
associa¬
,
long
Board,
...
West
42nd
_
'
'
/
CARSON
Savings
CONWAY
President,' Long Island City Savings
WILLIAM
Bank
SAYINGS
for
H.
WALTER
,
J.
President,
AUGUST
1
PIERCE
SCHNEIDER,
Bank
GEORGE
C.
President
The
New Street, New York 4, N.Y.
Dime
JOSEPH
Deposit Insurance Ctrparathn
\
'
■ *
■
A.
President,
■
'
-
'
•
•
/
«
v
Bank
...
Savings Bank
■
;;
-
JR.
Roosevelt
President,
Savings
HAWKS
EARL
Bank
;
Rochester Savings
The
B.
Savings
Bank of
the
SCHWULST
and
Bowery
WILLIAM
HESS
of
the
Board
Savings
Bank
Cohoes
SCOTT
A.
Vice-President
Executive
Ridgewood
Chairman
Savings Bank
Bank
and
Treasurer
Savings Bank
Savings
Banks
Trust
Company
CHARLES
Trustee,
_
Harlem
President,
:
,
IHLEFELD
President,
N. Y.
*
the
HARDER
Buffalo
H.
President,
New York 5,' N. Y.
Fifth Avenue at 45th Street, New York 36,
Savings
Yorkers
President
1
in
Savings
MILLS
J.
J.
ADAM
for
.
President,
THOMAS
~
Bank
City of New York
THE SEAMEN'S BANK
•
The
Rochester
J.
«r
*.
MILLS
President,
EDWARD
Community
The
Bank
Savings
'
Bank
New York
of
City
-
.*
Savings
LYON
A.
President,
Bank
RALPH
Warwick
The
W.
Fulton
President,'Dry, Dock Eavinfes Bank
\
BRISTOW
M.
\ ;
;
WILLIAM
.
of
JAMES
Chartered 1829
sav¬
\Y
v
LEWIS
F.
RAMON
ALFREDS.
~
JOHNSON
and
Savings
Bank
of
of
the
Board
Brooklyn
SWAYZE
Middletown
KENNETH
VAN
President,
j
KAISER
The
D.
Savings
Bank
.v.
Chairman
Williamsburgh Savings Bank
President,
VOORHIS
Wappinger Savings Bank
Yf
The Bank for 3avings of Ossining
'
1
■
SAVINGS
BANKS
14 WALL
a
Street, New York
\
-/
■■
County
Onondaga
L.
Opens
City;
the
led
President,
•
TTie Rome Savings
President,
Resources Now Exceed $575,000,000!
the
•
He
Lucien
Samuel Smaller is engaging in
•130
that
reported
has
,
>.
BOWERS
T.
President,
http://fraser.stlouisfed.org/
r
Federal Reserve Bank of St. Louis
en¬
Bank
a
the Savings Banks Association and its
Bank
CHARLES
Member Federal
the
Banks Trust Company is the
■
"
<
.
BABCOCK
President,
■'
in
was
gas
D.
Fred
securities business from offices at
President, Jamaica Savings Bank
GEORGE
.,
in
—
Building to
securities business.
Hamilton
gage
Tenn.
opened offices
tee;
r>>ojrman
-V
has
depositary, correspondent, investment consultant and trus¬
also as a research body and clearing house for information
as
Savings
r
Co.,
regis¬
ings banks' bank, serving them and their agencies exclusively
,
at
&
a
Organized and wholly owned by the Mutual Savings Banks of
New York State, Savings
,
Beaver Street
as
representative.
Benton
Directors
■
Norman C.
associated'
Robbins
Fred D. Benton Opens
,
•
Stackpole
Texas,
encour¬
the
national'' trade
V*
■
of
—
become
T.
KNOXVILLE,
said.
distri¬
pipelines
equipment ! manufacturers
case-
Califor¬
the
dozen
two
has
William
Inc., Terminal Tower,
10
added
equipment,"
than
More
gas
Wm. T. Robbins Adds
the
of
natural
billion
a
Southern
and
CLEVELAND, Ohio
a
worth
volume
state's
commercial
state.
than
more
year
the
the
and
ances
abroad.
discernible,
aim
the
and
nia.
plus the sales of Texas com¬
panies manufacturing gas appli¬
instances.
not
this
that
vast
pipeline
network
millions of residential,
Northwest
of
as¬
year,
Although the
trend of the Treasury's policy in
authorizing such operations is as
yet
convention
in
tic
on
ago.
of
a
throughout the Atlan¬
Seaboard,
Midwest,
Pacific
tered
two-thirds
used
the
means
Dallas
producers, which represent about
causes.
are
in
held
a
double
noted
the hub of
as
customers
billion
a
business
sales
ly been authorized to raise capital
abroad. There is everything to be
seems
of
"To
camou^
its
the
first
ever
also
$375
on
repeated
gas
annual
nearly
And
hot
1960
of
use
gas
man¬
Texas,
Stackpole noted that Texas
distribution
and
pipeline
years
Govern¬
on
Several British firms have recent¬
all
S.
of
other indications that
JOHN
30 Wall Street,
They
with
of
•
Stackpole
serves
in
said
the
at
third
op¬
flaging the basic weakness of ster¬
ling than pursuing an determined
course
3
state,
are
Mr.
Texas
industrial
companies alone do
erations.
-
companies
supplying
industry's national trade
gas
forward sterling will not
neutralize the effect of the Bank
on
the counterpart of which is
mistake
being the first step to
'
customers.
revenues
billion-dollar-a-
a
director
sociation
cor- .r
responding narrowing of the dis¬
count
is
gas
American Gas Association's
rate for the purpose
ing
appliances
gas
business
year
lines
of
mission
natural
gested above would have made it
sterling to prevent a further rise
the spot rate.
In doing so, it
has been accumulating dollar bal¬
preted
V
estimated 2.3 million
gas a year and provide Texas
pipeline
business according to trade official.
:
having brought about
improvement in sterling.
of
rate—a
in
■
distribution and intra-state trans¬
distribution :and
gas
equipment add up to billion doliar-a-year
credit' for
*
represented
■
an
short-term
investments.
to inflation—is bound to be inter¬
"
•;
■
than 1% trillion cubic feet of
sales
Instead, the Exchange Equaliza¬
tion Account has been selling spot
figure which has come to be re¬
garded as the syir. bol of resitance
as
•
million.
if the
covering is made too heavy
by a widening of the disccunt on
forward sterling, it would reduce
inward interest arbitrage to a bare
with their wage demands.
It is
true, V2% in itself is of relatively
small importance, but the depar¬
ture
discount
all
reserves
cost of
dividend
To trade union leaders, a redac¬
enabling*
the
wicen
holdingT uncovered
restraint.
light
to
1961,
of
sterling by means of sell¬
ing sterling for forward delivery.
With spot sterling approaching its
upper support point of,$2.82, there
is now evidently too much risk in
effect
is bound to be highly detrimental
from the point of view of wage
and
is
of
forward
its pychological
restraint,
Hot
half
utility
gas
and
surely the Government-has the
remedy in its own hands. All that
the Bank of England wouH have to
the
by
What
important,
Stop
to
As for the influx of hot money,
..
point
rate
Way
Money-Influx
there
But if that isf so,
squeeze.
the
-
Better
took ,the
start
.
and
in
; V:
the
at
rently has
manufacturers
But this
tory.
which
trillion
120
almost
Texas Industry
in-
nearly
;
The gas industry leader pointed
out, that the Lone Star State cur¬
companies, natural gas producers,
for
opportunity to declare in
tion will
"V
Evidently the main object of the
British foreign exchange
policy is
basic position remains unsatisfac-
of lowering
V2 %•?
To the
extent to which it produces; its
effect, it will encourage borrow¬
ing ri?ht to the limit of the funds
the
•
to¬
proved
gas,
proved" recoverable
■the U. S.
;
;
'
the
an
show
to
feet
the state's
natural
to
represent
Texas
within the next few months," The
to
no' cause
Exchequer
uncertain
would
;
n
;Billion Dollar
'
lor
i
y.v
~
how phony that increase may.be.
no
the
for
son
■.
:f Contradictory
Even
party
receive
will
The
for
if he
thinks that a slackening- of his
determination to check wage in¬
flation
There
cuts, will further weaken the
chances
point of view, Mr. Selwyh
Lloyd miscalculated the effect of
move.
loans.
anticipation of
rate
this
this
bank
larger proportion of their profit.
the
from
even
as
policy of
dividend increase, and
increase in equities resulting
But it
Oct. 13.
that
•
dividend
Each
ference of the Conservative Party
at whizh the industrial situation
will be debated
regard
less inducement for them to retain
popular gesture
a
of
eve
their
Government's
the
make
to
they
many
6%%
to
The
restraint.
Oct. 5 must have been largely
desire
V
•
phony, window-dressing increase in gold and dollar reserves.
The economist pleads
on
paradise —economics"
-
cubic
Natural Gas Is.
policy of widening the forward discount and, thus, avoid what he
the
"fools'
Britain.
said
amounted
1960
6 trillion cubic feet.
of
reserves
the
mean
to check the influx by the simple
technical device of selling forward
i.rms
He also
-
to
prove
would
Sell Forward Sterling v
instead : of selling spot
sterling. A widening of the for-,
a
taled nearly
If
sterling
Z
no
production in
borrowed money a little
the above assumption
on
longer.
The Exchange Equalization Ac¬
count wouM be well in a position
Stirling instead of sailing spot sterling, and for contradictorily lower¬
private
to live
improve¬
*
:; :
15
TRUST
COMPANY
STREET, NEW YORK, N. Y.
.
•
(1576)
16
The Commercial and Financial Chronicle
t
Production
Steel
Electric
The State of
Retail
inherent in the
world
scene
unset¬
have continued to act as an
tling business influence, says the
October New England .Letter of
the First National Bank of Boston,
production, construction, em¬
ployment, and income have shown
a rising trend. Trade has remained
somewhat sluggish, and the level
of * joblessness
still merits con¬
cern.
Although the rate of ad¬
but
in
vance
;down in
with
most
late
the
spring
slowed
measures
Index
Production
The
strong,
vided
for
Failures
early
Commodity Price Index
pace,
for recovery
The over-all economy remained
>
sufficiently buoyant in Septem¬
ber, with rising activity broadly
distributed, to provide a reason¬
able basis for anticipating a fur¬
ther pick-up
during The fourth
quarter,
probably of more-thanproportions. Automobile
output was hampered
by local
strikes, affecting the major pro¬
ducer, and this in turn held down
steel shipments. Catching-up ef¬
seasonal
'
forts in
building 1962 cars, and a
broadening of steel demand, now
reported to include
notable
a
pansion in size of orders
ex¬
insure
will
that
these
provide
basic
active
industries
support
for
this advance.
a
Looking at the third quarter as
whole, early estimates of gross
national
products—
the
nation's
total output of goods and services
—suggest a rise of
$526
a
gain
billion
would
$10 billion to
annual
about
be
rate.
This
two-thirds
great, both absolutely and rela¬
as that during the second
quarter of 1961, when a sharp
as
tively,
shift
to
inventory accumulation
contributed heavily to increased
output. Final demand—GNP after
allowance for
probably
mately the
second
inventory change—
increased at approxi¬
same
rate in both the
and third quarters.
The
Federal
index
another high in August at
(1957 equals 100), but the gain
previous month was the
from the
smallest
;
since
February-March.
While output has bounded nearly
11%
is
above its February
1.5% above its
also
of
industries
remain
and
vehicles,
their
lumber,
ployment
manufacturing
have
recovered
em¬
more
rapidly than in the 1958 upswing.
The
gain in factory jobs from
February to August of less than
4%, and an increase in average
hours
of
lion
period.
be
production
the
for
7%
latter
it
now
workers
of
above those of the
1.9%
last
week
cor¬
of $35.9 bil¬
the
for
leading
in
week
same
comparative
would
1960.
Our
for
the
the
summary
centers
money
for
1 961
York
%
1960
$15,857,826
$15,749,807
+
0.7
1,336,081
1,309,476
+
2.0
Chicago
Philadelphia
1,189,000
1,131,000
+
rising spend¬
ing, although few now expect any
buying splurge.
is passenger car sales. Discounting
the industry's optiknism at model
introduction
time, the background
facts seems to justify expectations
of a markedly better year for the
1962
models, following a slow
because
of
incomes,
to
low
assume
the
age-mix of
the
lower level of
their
and
selection
seem
consumer
pent-up
sales
stocks.
orders
849,210
+
The
of
models
—
favorable. Growing
new
and
could
above
curve
used
the
cars
some
push
the
expected
really have
sufficient
"appeal."
Only
will provide the answer.
time
While it appears on the basis of
gathering evidence that the
overtime
time.
for lost
on
would
to
had
It
all-out
an
see
auto" production
At
time
the
the
of
thisv automaker
rec¬
Defense
for
also
are
small
GM
told
strike,
steel
sup¬
to
The
is
a
result, The Iron Age says,
big hole in what steelmakers
had
confidently
total
be
make
expected
October
matters
To
the pattern
worse,
costly shutdown went into its
second
week.
big hope
sales will show
is that auto
now
a
sharp jump and
automakers will revise their pres¬
ent order pattern. If they don't,
there
will
stock
dealers
if
sales
be
of
will
of
reluctance
for the
the
to
over¬
winter.
1962
models
But
take
on
a
good*.,uptrend.
Except for automotive, the gen¬
eral demand for steel is
there, the
Appliances
are
con¬
says.
livery
automotive
promises
support,
in
metalworking
RAYON
EPPS
pres¬
the
first
DIVIDEND NOTICE
The
start
conditions
November
of
1961
77777
the
the
23,
BERNARD S. EPPS.
auto¬
President
Ford
and
leased
levels,
Chrysler
and
GM
much
tonnage
makers anticipated.
as
buying
are
has
111
Steel
not
REGULAR
re¬
steel¬
as
QUARTERLY "
Steel sales executives have two
theories—either
(inventories
estimated,
automotive
DIVIDEND
steel
are bigger than they
or automakers do not
The Board of Directors has
declared
intend to boost their October out¬
put
enough to make up for
production lost in September.
model
new
automakers
will
sales
are
the
This is
probably
■ COLUMBIA
GAS
SYSTEM
delivery
they will take this month.
Until they step up their
purchases,
time
a
PER SHARE
hard
Payable
getting off dead center.
of
cheered by uptrends in other
important markets.
Tank and boiler fabricators
ments.
and
their
plate
KARL SHAVER
SECRETARY
are
Oct 5,1961
require¬
Similarly, the shipbuilding
chemical
industries
are
Nov. 15,1961
business, Oct. 20,1961
are
up
on
to holders of record at close
Steel magazine said steelmakers
stepping
regular quarterly
27h'
than
the steel market will have
a
dividend of
good,
order
steel for November
more
tfiis day
COMMON STOCK DIVIDEND NO. 109
THE COLUMBIA
pro¬
viding fairly strong demand.
Further slight improvement
GAS
SYSTEM, INC.
in
demand for commercial steel bars
is
noted.
More tonnage is
going
forgings and light toolwork.
Defense requirements are
heavier,
into
and
the
steel
specifying
service
more
centers
20 E. 41ST
are
Although the building season is
advancing, structural activity con¬
to
be
a
STREET, NEW YORK 17, N.Y.
freely.
main
prop
(JENNEY *
of the
market.
Volume
is
being
well sustained, and while
comprised largely of public
projects, there is' a good sprin¬
kling of commercial and industrial
fairly
it
is
Dividend Notice
The Board of Directors of
work.
Tenney
1961
divi¬
7£ (seven cents) to 90
on
October 3,
voted to increase the monthly
Corporation
Steel service
increase
in
centers
report
September
an
dend
business,
from
(nine
cents),
dividends
NOTICE
share
AVI ST RAP
•
•
and
of 9(
declared
month
for
common
the
next
per
record
NOTICE
DIVIDEND
share
at
the
to
Regular
Shareholders of
31, 1961.
close
of
business
CORPORATION
VISCOSE
Directors of the American Viscose
ifCAif/iiir
regular
CORPORATION
meeting
--.dividend of
October 4,
Corporation, at their
1961,
declared
on
November 1, 1961,
of record at close of business
on
per
share
-
Shareholders
close
of
November
a
business
15',
1961
payable on No¬
14th Consecutive
Regular
Cash Dividend
1961.
per
record
share
to
Shareholders
business
J
^
i-.'i'h
t't
Vice President and Treasurer
'
^'
-
at
the
close
of
December
W
15.
1961
payable
cember 29, 1961.
J. M. Tenney
OXford 7-8300
President
-
/
RAYON
ACETATE
CELLOPHANE
•
AVISTRAP
*
on
vember 30, 1961.
90
N. Y.
of
the
to shareholders
October 18,
to
at
record
fifty cents (50c) per share on the common
'stock, payable
Louis J. Clickman, President and Chairman of the Board
on
Regular
Cash Dividend
90
on
October
-
13th Consecutive
New York 17,
three
follows:
as
October 16, 1961 payable on
•
per
stock
Cash Dividend
Anywhere From Coast to Coast
Fifth Ave. at 42nd St.
cash
(nine cents)
the Class A
on
months
AVI C EL
9C
AMERICAN
501
to
ai
October
record
business
of
has
Dividend
SO,
1961.
Needs
in
Directors
Stock
4%
a
payable
12th Consecutive
Sale Leasebacks
•
of
Board
declared
Residential and Industrial
Properties
•
INC.
ANGZLES, CALIF.
stockholders
cautiously,
CELLOPHANE
•
28
NOTICES
INDUSTRIES,
LOS
Prime Office Buildings
•
ACETATE
•
page
111
each
INVESTMENT:
managers
on
1962, just at the time
expected production
magazine reported.
DIVIDEND
MAJOR INCOME-PRODUCING
FOR
-
industry continue to keep
the steel industry from attaining
de¬
cold-rolled
on
to
DIVIDEND
WANTED:
ESTATE
week
motive
steel
without
•
this
diameter
certainly add
Steel Market
,
.
a
slightly
be
.
close
could
magazine
get¬
tiations.
tinues
coming into seasonal strength and
are
taking good tonnages. Even
REAL
to
Continued
moredefense
market
users
off, steel requirements will get a
fast
reappraisal, and
the
year
end
terest
thinking about
hedging against steel labor nego¬
would
business.
being repeated at Ford where
*?The
of
ammunition.
arms
for
the
to
sure
If
hold up on shipments,
but not production. Now, the un¬
shipped steel is making up a large
portion of the automaker's steel
requirements for October.
pliers
road,
of
inventories'
those
of
production
Ingot
expected
getting stronger each
week and may be a sleeper in a
stronger market later this year.
ords. This has not materialized.
the
confidence
trend if the
assault
debt,
stocks
ahead
ago.-
year
is
Labor
expected that the end of the
strike
GM
is
new
demand
been
the
price strength, the
expected
compensate
Ris¬
on
mills
trend
business
3.5
situation, General Motors has not
scheduled
con¬
cars
rod
stock for small
Iron Age Says Oct. Has To Be
of
ability
this
Automotive Push
increased
the
orders
steel,
construction,
structural
factory
and
well
were
5.1
878,979
Boston
Major Recovery Month for Steel
should contribute to
wide
ting
when
——(000s omitted)
Oct. 7—
more in 1961 on saving
reducing his instalment debt?
cars
and
months
New
the low year—
peak of 1957. While
seems
unlikely, with in¬
in
employment,
wage
rates, and hours worked, in agri¬
cultural and property incomes, all
suggest further gain ahead. This
At
June.
Wire
Week Ended
from
Trends
turers,
or¬
shell-quality bar stock
about three-inch diameter
week follows:
somewhat
sumers
since
the
Personal income has been rising
steadily, although the rate of gain
in the third quarter slowed down.
that
show
future
orders received by manufac¬
new
mill,
opinion is that customers have
come out of a lethargic period.
In
some
areas,
November is
running ahead of October, and
Our
year.
preliminary totals stand at $29,150,782,849 against $28,617,663,159
excess
and
for
noted in the East and in Ohio.
the
of
possessing consider¬
capacity, that there
October has to written off as
will be any capital spending boom
a
major recovery month in steel
in the next year, this segment of
production, The Iron Age reports.
the economy should be contribut¬
Auto strikes, first at General Mo¬
ing
more
substantially
to
the tors, then at Ford, lost too much
upswing.:
production to be made up by in¬
What
of
the
consumer,
who creases in general business.
seems to have been concentrating 7
To
aggravate the auto strike
able
best for
are
for all- cities
clearings
responding
esti¬
still
dustry
ders
was
to
was
only about two-thirds of the
back
clearings last week showed
with a year
United States for which it is pos¬
sible to obtain weekly clearings
the
1958—to
awards
in
orders for
7,
pattern, the year 1961 would
$34.6 billion, or 3% below 1960,
way
the
week
up
this
and
last
for the week ended Saturday, Oct.
cyclical low of
the second quarter. According to
be
the
(August)
fabricated
for
broad enough base
domination,
a
that
cities of the country, indicate that
billion -for
figure
1.9% Higher Than
Preliminary figures compiled
by the Chronicle based upon tele¬
graphic advices from the chief
October-December
The
more
ago.
continue
survey
$34.8
above
all these
During this recovery, both total
and
of
rate
a
the third quarter and
ing
textiles.
non-farm
mates
start
below
aircraft,
and
and
increase compared
an
for spending on
equipment. The
government
-
is
higher
than the 2,131,000 tons that Steel
magazine esitmates the industry
December is out in front of Nonv poured last week. 7
\
V.
vember for comparable periods.
Usage of scrap, a major steelTonnage involved this far ahead making raw material, should be
is small, but the slight bulge in high this fall and winter because
of the expected strength in steel
November comes from automotive
sources and may be significant.
production, but it's unlikely that
7 For the first time, defense or¬ scrap prices will go up propor¬
ders are showing up in more than
tionately, Steel magazine said. \
token tonnages. Defense - rated
The scrap price trend is of in¬
exces¬
pressures,
Same Week Last Year
time, there has
noticeable
improvement
plant
new
latest
January,
1960
peaks,
including
primary
metals, non-electrical machinery,
motor
a
pro¬
of the year.
latest fig¬
that
note
likely to generate
some
inflationary
Bank
some
in business plans
low, and
; I960 high, an impressive number
-
been
for
steel
Optimists
ures
automotive
avoid
reports
/
'
.
the
ducers, wifh
Midwest
this
will
October
,
earnings squeeze,
likely to remain
Probably the key item to watch
Reserve
made
113
us
some
as
attempt to build inventory,
users
with
best.
largest
up
One- of
to
the
with
think
Some
September
Bank Clearings
$45 billion in the second quarter,
optimism over further im¬
provement in the quarter just
completed.
,777v;,.7 ;-<7
phenomenon
the next
unrestrained
over
thus
would
be ~ infinitely
healthy and desirable.
and the
a
of
again
showing
over-all
one
particularly the Midwest.
heavy steel market is also
optimists.
pattern of advance would
by
seen
as
a
sive
pro¬
momentum
the
recovery,
strength
rather
than
less
be
explain the vigorous rebound in
corporate profits to a seasonally
adjusted annual rate of around
While many industries
of the
sustained
are considerably below the
advance in physical output. While
admittedly a rough measure, this
suggests there has been a good
gain in factory productivity per
man-hour. This in turn helps to
to experience an
which
sector,
much
so
impression at this time is
3%,
compared
summer,
exceedingly
strong
this is not unusual
periods.
further gain expected
a
be the peak month
Such
changing
with
some
month.
boom,
rapidly
in
areas,
year
The uncertainties
lengthening
are
Thursday, October 1% 1961
.
government
Trade
Price
Auto
TRADE and INDUSTRY
sheet
.
their grow¬
ing forward motion to that of the
Food
Business
of
sectors
the economy will add
Carloadings
;
investment
and
sumer
Output
.
AVICEL
?
on
of
on
De-
Volume
194
Number 6098
.
THE MARKET:.
The Commercial and Financial Chronicle
.
.
.
regulatory authorities. If it meets
school purposes.
The District in¬
with
AND YOU
.
(1577)
cludes
of
in
marked improvement in the color
business would, obviously, be of
good
About
contribution
WALLACE
STREETE
this ; venture
substantial.
to
profits
the
could
be
The color-TV market
is
still one open to question al¬
though it "has been growing. Any
./What-
demand
brighten
week
r
the
showed
stock
to
up
market
this
highly selective but did
serve to keep the general list on
an
even keel
for the most, with
trading on the slow side as in-
,
-
was
vestors watched for
•
some
concrete
.C:;" indication of the market's future
course.\ i.(■
-
tering
this
on
mand for
mount
The
de¬
electricity continues to
as
pliances
section.
and
more
more
ap¬
into the hands
of
and there'has been
.no
move
consumers
obvious
letup in the expansion
plans of the larger companies to
try to keep up with the demand.
Consolidated Edison for one is
'
As
v
•
they have been for
time,
utilities
continued
long
a
to
push
"to peaks not seen in more than 30
long-laggard
the
and
years
:
average Was
:
able
rail
,
able, after cOnsider-
work, to
nudge to its best
posting of the year. The industrial
:
"showed little disposition
average
to wander too far from the center
of
its. tradingrange* making no
bid either to test the reaction-low
or the all-time peak.
embarked
five-year expan¬
sion program that will cost well
on
The Better Actors
Apart from individual situations
where
buying showed up,
better acting groups included
the
good
the' tobaccos,: electronics': on
oc¬
the
nation's A largest
Which
alone,
supposed
to
be
able
were
cleaned
A^A'P'^-■ A/'A:: A::
Finance
also
enjoyed good popularity and lowpriced San Diego Imperial which
controls west coast savings and
.
loan
shares
company
institutions
leader
was
tim^s
more
a
than
volume
not.
It
repeatedly on the lists
highs even as big - blocks
appeared
of
new
of this item crossed the tape.
closed
tion
almost
Jumping Splitter
..
tion
of
this
in
63.
In the tobacco section, Reynolds
Tpbace^whicht^^:padf phl^reom^
^ pleted
stock split on the week's
a
was'*
first; session,
pace-setter
a
A; Aeveii thoughpecently' sp
areA supposed
breather
before .they jump into the spotflight again. The shares had also
to take
a
•
•
ibeen
It
small frac¬
slipped
illustra¬
adage that
stock split items do well. The old
-shares had closed out 1960 at only
a
bit over 93, around a point
under their high for that year,
and wound up their trading life
Reynolds,:- is
of
perfect
a
the. market
this week at
minimum fraction
a
shy of 150. The
shares, split
new
2-for-l, had sold below 69 during
when-issued trading but jumped
above
81
And
the
as
developed
that
at
popularity
this week.
the price tag
new
them
for
level
well above where
was
issues
had
found
some
other
it expedient
to
split their shares. When it comes
the
to
lists, Reynolds
was not so distinctive, since others
in the group, including Consoli¬
dated Cigar, U. S. Tobacco, Liggett
&
Myers, Lorillard and Philip
highs
new
last
con¬
decade.
not
necessarily
with
those
at
presented'
are
any
of the
author only,] y.^
:
time coin¬
"Chronicle"
A "'Ar;';A: A AAV
Conf. Elects
J.
Martin
.
;
" Among
whipped
the
up
new
brands
were
another
new-brand
war
such
off the effects of all the recurring
scares.
The star y of that
performance was LorjlJard which
had
sold
1957
•
for
a
shade
and
15
over
in
by 1958 was up to 89
joined the stock split
parade with a 2-for-l division.
before
.
it
Striking Utilities' Demand
The continued demand for staid
utility issues was, something of a
£&'•
PLAINFIELD, N. J.—Saul Cohen
has been elected Vice-President of
securities business.
a
M.
Frank
are
Arthur
W.
Officers
7
Smith, President;. branch operations for L. L. Fane &
Clark
cf A.
J.
Collins,
Vice-. Co.,
L.
134 North
Avenue, Leonard
Fane, President,. announced.
Mr.
Cohen,
-
formerly with
was
King Merritt & Co. in New1 York.
Thomas
of the
New
York
firm
Armstrong Co. Inc.," and
Lefforge, President
of
as
the
be
could
New York Stock
being made
yardstick
in
Electric
the
debentures
month.
The
demption
of
Potomac
called
middle
worth
are
$1,760
common
Exchange Magazine
convertible
for
of
debentures
but' around
the
its
were
the
comparison
case
where
demption
into
random illustra¬
a
progress
corner.
re¬
next
on
re¬
lakes
only $1,035
if converted
Emerging G. Ey
J. Martin Seiler
important suppliers
Commercial Discount Corp., Chi*
to
the
public utilities, General
cage* 111., were elected President^
Electric, is slowly emerging from,
the
cloud < that
the
anti-trust and/ Chairman of the Board, re- A
violations of earlier this year had spectively, of the National Com¬
over
of
reinstated
various
General
brokers
Electric
and
only
and the
in
a
spits
were
Bonds Offered
even
■
bit
earnings picture wasn't
a
underwriting
with
syndicate
Chase
a
-
merged
Manhattan
Bank
syndicate to purchase an issue of
$35;000,000 Los Angeles Unified
•School District and Los Angeles
City
Junior
College
District
one
tarnished
lately, as electronic
high potentials
stocks reacted the
of
this
field
are
still
949
for
price
terest
valid.
3V2%
bonds.
The
dollar
100.705, and the net in¬
was
cost
the
to
District
was
3.4457%. The syndicate purchased
Intriguing Film-TV Item
has
the
J
been
making
good
progress in turning its extensive
film library into cash via sale to
television, as well as building up
i. surprise as.;. well as a .hint that
A institutional interest must be . cen¬
»
some
other companies.
What
could make Paramount
a
$7,500,000
The Los
District
are
of
Angeles Unified School
Bonds
the third
1960
--
been
able
to " clear
•
"
.
•:
"
•
.
A.
'
.
'
■
"
A
A
7
'
■
'
.'
A :
.,
A
A' ;
Order today and start with the October issue:
the
Here
rent
are
just five samples of
business
change
news
Magazine,
cur¬
that the ex¬
published by
Exchange,
of
Advertising Age—increased ad
expenditures in 1960 but spent
slightly less
per
dollar of sales and
earnings. Ad budgets for the big¬
gest advertisers
issue.
panies ranged from >4% to 27.3%
sold
on
Oct.
Facts, figures and opinion
ceeds
Will
be
com¬
business de¬
of sales. See the advertising-sales-
earnings table in the October issue,
help investors size
up
the coupon today.
LP <Gas—the
Color TV
Baby Giant
Set manufacturers have decided
Considered worthless 35 years ago,
to
liquid petroleum
givd another push to color TV.
The number of manufacturers in
sales of
over
gas
had
gross
1.5 billion dollars in
the field has doubled since the first
1960. The
of the year.
independent distributor of LP gas
Read why they
"cautious but
are
tells
optimistic."
Management Ownership
Opinions
are many
and varied
ownership aifects the job
High Speed Stock Tables
With the aid of automatic comput¬
and newly
ers
executive does for his company.
The October issue of the exchange
reveals how much management
owns
of 245 companies listed on
the New York Stock
25 Top
This group
Exchange.
Advertisers
of big spenders
headed for its
on
agement should be required and
an
readers why the
appears
second stage of growth.
whether shareownership by man¬
whether
president of the largest
the exchange
industry
ic equipment,
developed electron¬
full stock tables
can
be prepared in 3% minutes.
A
story by the general business edi¬
of Associated Press
tor
the
explains
high-speed equipment that will
bring stock tables to newspapers
—ex¬
cerpted from the August 28 issue
across
the country faster and more
accurately than ever before.
10
Proceeds will
be
r
San
^Fernando,
Magazine, Dept. 7
11 Wall Street, New York 5,
N. Y.
Enclosed is $1.50 (check, cash, money
as
applied to various
TB-23
the exchange
Los Angeles, Vernon, South Gate,
Huntington Park, Bell, Maywood,
and
listed
velopments each month. Send in
used for various school purposes.
The District includes the cities of
Gardena
among
offering of election
bonds.
dynamic item is the pay-TV sys¬ well as considerable residential
tem it has been testing in Canada and industrial areas which are un¬
About 81% of as¬
and plans next year to set up in incorporated.
sessed valuation is in the city of
key areas in this country. Since
Los Angeles.
;
the - system
5 operates
through
wires, it is not subject to the life- A The Los Angeles City Junior
or-death powers of Federal regu¬ College District Bonds sold at the
lation as are the proposed systems same time are the second offer¬
that,: Use/ airwaves; and;; so
far ing of election of 1960 bonds. Pro- ;
hkven't
'
discusses in detail in the October
is
pany
" '
.
A Bank of America N. T. & S. A.
last year, but the com¬ Bonds, due Nov. 1, 1962 to 1986,
inclusive. The merged syndicate,
traditionally a low-cost
which is managed
by Bank of
producer
and
management
has
been striving to enhance its earn¬ America, included The First Na¬
tional City Bank of New York;
ings power so that most projec¬
Bankers•* Trust
Company,
and
tions
of
profit
this
year
are
Harris Trust and Savings Bank.
comfortably over last year's level.
The merged syndicate purchased
The company is still an important
element in the fast-growing elec¬ the $27,500,000 bond issue of the
tronic field and, while the lustre Los Angeles Unified School Dis¬
of this growth field has been a trict, paying a premium of $193,-
bright
■'
t
the New York Stock
involved
are. an
unspecified portion of
that;
so
the potential liability
through lawsuits probably will
boil' down to an inconsequential
total.
A.' •'; A
A,'"'
GE's
..
fourth of the total
items that
anti-trust
A '.
•
full year's subscription—*1.50
$35,000,000.
Los Angeles, Calif.
growing;
There is usually, an explanation,
generally running along the lines
that GE's heavy equipment busi¬
is
.V
have
the number seems to be
ness
'
-•♦A.
mercial Finance Conference.
it. Some of the "favored"
the
New Look
atColorlV
Thomas Lefforgg
of the
One
a
stock. A
as
that that raged a few years
back.. At that time all the excite-" the business Of a subsidiary that is
in the electronics data processing
ment went a long way to shake
field which is one of glamor for
health
.
.With L. L. Fane,
East Sunrise Boulevard, to engage
Seiler, Executive Vice-
President
mount
prominent at
new
highs ^-to make the repre¬
sentation rather complete. - :
A ":
off
,
and
AAA
other things that
enthusiasm for the
tobacco section were preliminary
also
were
being test marketed and could set
A
Street,
York
Nat'l Comm.: Fin.;
indications that
;
LAUDERDALE, F1 a.—Ana¬
conda Securities Corporation has
the President; Arnold M. Greenfield,
Secretary, and John T. Van Tuyle,
Treasurer. A;A
A. A A'. A A. A"
those of
as
Los Angeles City
An issue that is a famous name Junior
College
District
Bonds,
and has had its share of problems paying a premium of $52,549 for
is
Paramount
Pictures
which 3%% bonds. The dollar price was
lately has been far more content 100.701, and the net interest cost
to toy with its year's low price was 3.4461 %. Both issues were rethan the high.
offered to yield from 1.50%
to
Despite the uncertainties, Para¬ 3.60%, according to maturity.
Morris,
:
New
frac¬
smaller but
split in 1959.
tion
A
Walnut
the
as its low for
this week reached
and
Another
lists
'
A
the
over
They
time to
any
out the year a
above
cast
A
Opens
FT
..
fast-moving item for the
spotlight. Peoples Gas, which had
posted a gain of less than three
points as its work for all of 1960,
cases
some
overhanging shares
up.
■
do
a
at
($100)
despite the
large transactions. And even in
the cases where the big blocks put
weight on the issues, they were
able to rebound mostly once the
•
1401
of
•
been
par
blocks showed up,
obviously
the sell side since prices im¬
large
proved in
>
Co.,
Philadelphia-Baltimore Stock Ex¬
changes, on Nov. 1 will admit S.
Irwin Kamin to Partnership.
Mr.
Kamin will make his headquarters
in Pittsburgh.
of assessed valuation
Anaconda Sees.
&
er
members
been formed with offices at 1776
$2 payout has been
[The views expressed in this article
cide
has
sedate
PHILADELPHIA, Pa—Newburg¬
in
stant
A The net result is that the staid
section
where, the price moves
are
any
dividend record in recent
a
years; its
tial apparent to this company. ;
year
on
v
sort of
the
76%
To Admit Kamin
tionally below that
Some
■
generator
will call
for expenditure of more than $130
million; such is the growth poten¬
this
sections.
and not all of them were
.
.
installed,
casion, and occasional favorites in
/
footing and the only one of
major film producers to have
cities
the
is in the City of Los Angeles.
tions about Paramount's future, it
is a company that is on a solid
billion dollars and include
a
the paper, drug and food
'
help to Paramount's profit
picture. So while there are ques¬
■
over
offer
■
a
Newburger & Co.
Los "Angeles,
Beverly Hills, Culver City, Ver¬
non, South Gatd, Huntington Park,
Bell, May wood, Gardena, San Fer¬
nando, Palo Verdes Estates,; Roll¬
ing Hills, Rolling Hills Estates and
extensive
unincorporated
areas.
success
17
Please enter a year's subscription
order).
to the exchange
Magazine.
name-
address-
£
city
zone : ' state j A ' A"
j|
The Commercial and Financial Chronicle \\
'
(1578)
18
led
believe
to
that
than
.
Thursday," October 12,1961
have
been
ir^any
feel, as I now do, that such, fragment by. fragment from afna'ss
>
>
regulation is not feasible for producers. However, some of the re-
.
.
2, 1951.
that we
3
Continued from page
.
.
,,
1 might say in passing
have received many help-,
ful suggestions from the producers
well or even company by com*or] clarification of this questionpany cost of service and rate of
naire, and we are incorporating
return approach.
The man * who them in some revised,sheets that
risks his money to find gas is not' 'Will
enable us to
like the ordinary phblic utility, if Reeded -information
.cfdr no other reason than because that is more
lends itself
individual well by
duction of natural gas
readily to
an
/• safe
with
industry
a
protected
the investment. The- the overall
independent
producer 'exempli- within the area. As it happens, I
fies the virtues of the pioneering ~ did not participate in the promulentrepreneur. He risks his money gation of the Aug. 2 order requir—and the risk is real—in the hope
ing the submission of cost data,
of a large reward if he is successbut this was only because I did
"
yield
' "•!
-J/ '
...
There is one source of extensive
delay which is an great measure
outside of the control pf: the Comthe Commis-> mission. ii. refer, of course, to the
function of an opinion. What we
say on va given question' should
apply generally to - all similar
cases, so that once
without a
investment and consequently
ited
.
•
area rates
lim-
long-drawn-out
the decisions. This is the proper ' '
producers to get a higher
by an individual cost of
service showing. These producers
seem to believe that rate base cost
nf Sf>rvipp nrjrinp mav be work-
-
>
]. / *? >./", '
/ V:Y-v7
,.SX hope also that we can write
our opinons in such a -waythat
practitioners can. -.more'..' • readily /''V 'v"f /''/.// /'/,'/■ /
'v/
identify the policies underlying
Judicial Review of Roadblocks
producer
price
1
*
of- "decisions7 in
delay. Obviously it "will never be
possible for- the/ Commission- to
close a case within the target period if it rtiuSt drag reluctant parties through each step of the proceedings.
.. ..
cases.,:
pleadings - contend
that any area rate decision must
include a reservation which would
allow marginal, inefficient or uncent
waiting for policies to emerge
on
^mpany^would'be'
ieave
We
-can':knoW :from"dayto-.da^-.Whe.re-.' »*.«
;cdmmissiott:s'; - ability itb
any important case stands and at protect the public interest. , I hope
what point it is being held Up if Jneir,confidence will; grow and
free to take or
would accomplish very
in fact j WOuld then view
as a giant step back-
it1-isn't moving.: - You should not that the Commissions dedication
>ave to come to us to point out to the protection of .the paramount
ful. We cannot expect him to con- not have sufficient background at
that your cases are lagging or need Publlc., 1Jt.e/est will become so
tinue risking his money exploring
the time to feel justified in voting °wo£d\llow the individual con^ expediting. We should be the first
^ it will not be^ecessary
for gas at the pace which the naon so complex a matter However,
that is more efficient to reap to know it, and before you could for third parties to^^vene^in
tional
interest-requires without I am in thorough accord with the the benefits of its efficiency. Buf cpihe t<r us^ toBomplain- of -delay
offering hope of something more order and, indeed I do not see to allow the company that is less We should Be hard at work trying
than a return on the money ex- how
the area rate proceedings efficient or not so .fortunate t<Tto e iminate the bottleneck if one past. I hope also that the parties
pended at the level which is usual can arrive at any useful conclu- have .higher rates would, in my .exists././v'/.,; ,//.///■,/'
^
for the largely risk-free invest- sion without the cost data called judgment>
allow the producers To, E^iie; Rite Investigations ' nortfon ofthe cases
Befng realments in conventional utility en- .for by the order.
both to have their cake and eat it: ' * Exi>eaite
^Investigations portion pL the cases. Being xealterprises.
I fully appreciate the difficulty it would be too much to expect
.On one such item we are deter™ £2"
From the consumers'
point of of the allocations necessary in de- consumers to accept such a heads- maned to make progress. I am P
magnitude
to
view, the cost-plus formula which termining the cost of gas, or per- you-win, tails-I-lose approach.
I pledged to do what I can to sihi-. ,8
the Bar
*
:
is applied to most utilities would haps more..properly, a cost of gas. doubt also that it would meet en-. P.
y .a
expedite our rate invesdeprive consumers of the benefits I cannot believe, however, that thusiastic reception by the courts; tigations., ! am hopeful that we
This is perhaps an appropriate,
of the drive toward economy and
any of you conduct your business
* Th
rnneent of
rates as
concentrate more 6n the. sig- occasion to solicit the fullest pqspffirienev whirh results when each
nnpratinns without some enneent
concept oi area raies as a nlf1Cant issues and find ways "to, sible cooperation from the mdusetticiency wnicn results wnen eacn
operations witnout some concept narm
which might be increased -void dimUratine industry efforts
trv in the Commission's adminisproducer reaps the reward for his of costing, and allocations are the fnr
narticular nroducer on his7 ?x"+? PfS•2 ;*'■
;
i ^
a
F t
efforts
While I do not doubt and
heart of costing in this as in manv
particular, producer onnnsr frv turh; may our field staffIndus--vtration of the had the nleasure of
I ask that the with have already Natural Gas Act. I
eiioris.
wnne i ao not aouoL, ana
neart oi costing in tnib as in many
appilcati0n and proof of madenrovide
I remind you that I speak only
other industries.
By the same
rpHnrpi
the imtia -1
-P
Li neia sian wiui nave aireaay naa ine pleasure oi
for mvself
that the Commission
token
I feel vou will asree that ?.uacy> 0Ar, re«ucea on. tne imtia
every reasonable assistance, m- meeting a large number of the
51
w
1
.^--tivG of -tho .Commission or ,pur- cludin^ tho Dronsration of ro- GxocutivGs of thG industry as thGV
could somehow cut through
the when we seek to determine a faifr;;Fboeincf interests
nronf that the
1
7
I f executives oi ine mausiry as iney
technical obstacles to an individDrice for votir nroduet and servi'S
^ g.interests orj proot tnat tne quested schecules and statements/ individually p^id me the honor of
uai cosx-oi service approacn,
ual coslof-service acDroach area Fees we shouW hive a reasonabll^^t^ was excess^'easi0 hrm, The industry applicants can s.pa visit to my office to meet me
ices we snouia nave
reasonably se%?ns*tb me fb be no better than Dlv this material quicker and at arid to wish me well - To many of '
rates, if. workable, seem to me to complete idea of your costs.
The
finor
t+ „muld nnf nm.
F liT
Jt! fi " x L.V +1
+
' ■+
ibe far
preferable for producers Natural Gas Act, the courts, the viri„ nrodncers-with the vital
!efS
^n+
v
them I had. the opportunity ,sof
and
alike
anH
from
the inHiea
v de Producers wlth the vltal
take off the data from your books, saying, as I have said also to men
i !
a ke. ...
consumers and! frpm the indma- surance they need as to marsei through such cooperation, we can representing the consumers' - inThf
area rate proceedings, ™"=> ln y°"' 1
sgni™6inve3t ;n new reduce the time which our rep- terests; that I would welcome any
you your- price before they f
for the Permian Basin and South- selves, cannot be satisfied
with
these
cases
wards . Fixing area prices based
area-wide costs and conditions
,
as
area
n
-
miaw
*
,
.
u
.
.
j
,
nn
ftr
-
-
*
-
nn
,
m
.
i
Qri
«
«s
cnnsiimprs
enn«nmer«
,
ern
Louisiana,
and
given
meaning
more
rection
by
orders.
For
mission has
purpose
a
and di-
further
Commission
example, the Comproceedings
the
floor,
ceiling,
a
is
to
or
a
for gas sold within the respective areas. In announcing that
at
was
departing .from conventional rate-making practices, the
norm,
Commission
set
standards, which
opened the door to
remotely
dealing
any
with
evidence
the
prices
.
yet to say whether the
of
provide
drining
ventures.:; Moreover^ :a. resentatives spend in industry of-."suggestions which, from their exwhich are not ncrm would be more likely to be- fices as weft as the time between.:perience with the work of the
somehow related to costs. By em- breached on the high side than the; the filing ,of a case and its final Commission, they might wish to-pnasizing the necessity of cost, |ow beCauSe-eaCh Producer knows disposition:
1
"
- -offer as a basis for improving and
information, I do not mean to lm- his own circumstances better than ". w
G
lso considering a reexpediting the Commission's work
PJy that costs, plus^ a utility re- do his customers or even the Com-.^i ion of odY. Dr0cedural rules to in the natural gas field. I now
should constitute the linrnt; mjssion staff. If. such a systema little^ tnore certainty extend the same invitation to all
ot the price. I fully realize that were to work perfectly, it would frPm vou at the time of filing as of you. I can assure you that every
§as
not available until it is dis- be the practical equivalent of inf t0 where vou stand and upon what suggestion will be fairly considcovered and.-that there must be divjduai determinations on a cost „vou rer>iv in reading our regu^a- ered on its merits,
an incentive for discovering more basis
which, we,.are all agreed: ^ to^pehi^fS^T price
:
: 'f:
:
and more gas if the industry is to does not conform, well to ;the;<^^P
we
'Lauds Industry's Technology v J
remain healthy.
I do not delude structure or economics of the hat-,' « close to ^qSSnT that y^u' Mv acquaintance with th^ tAivs^
myself that simply recovering
,
business /
'SKw, vmi
fly acquaintance witn tne pnysi-costs plus a 6%' return on investf
'y>-rF'
, Y^ur. ease.in chief,, whe
y
cal base of the industry,, limited
gu ated
expedited
be
can
.
eco-
Before leaving the subject ;of make your, filing.;'We may find it as it has been, has created in me
'''"the area irate hearings,4et me say necessary to say that this is pre-:,an enormous respect for the techmisqinn
iV
hSiT" f«nf S
that 1 am impressed by the seiri- -cisely what you are required to nology of the industry and for the
incr rZxtr tfrmL
^ ui 1
i?
s mdu.stry
xius efforts of practically all par-r. file, and that a filing which is not* gifted people of many occupations
^
?n haunted by
^ ties to help make these proceeds accompanied .by all of the facts and professions who make the in^oiipv^«
nf ^atural gas was all but a waste ings a success. I have welcomed upon which you will rely will be dustry run. The 'thousands of
T°
flared off or sold at what-: the comments of record by a large rejected as an insufficient filing^, wells, many of great depth, which
th^ ahlpnpp nf wHLS'h
ever Pvie CfKU be hfdfrom !opal segment of the producer respond^
By requiring that your cases be "have been drilled in every kind ofthe rppn^ in
'
? the calves
the record in thP proceedings is
the
the meat markets ofliver which ents that these proceedings'should /fuiiy; prepared in advance of fil-; terrain and in the ocean itself;
my early be
finanrinf
nomirs
fpfhnnJnfrv
ment is a sufficient incentive
anH
c
i
u
.
*
c
given
,
>
'whiild° rS-nvfriP
dppi«?inn and
decision and rpv^p^
a
fair
test
before -the
that'our
•
staff
streamline Its
the giant pipes which have been
yuaFS wo"ld Sive away to ptir- Commission considers abahdonihg. ^14] investigations, and that'-in- laid on high ground, in swamps,
was»frs now other meats.one of the well along in the preparation of tervetiers with a common interest across river beds and in deep
Natural them. The parties are, I trust,
gas has
emerged as
review.
;pt>dl
their
-
efforts,
by .v: handing ' water;
petroleum products,
,mnch nought - after for its own
sake. The enormous demand for
?+atu?? gls ,re(^u.ir^s assigning, to
11 a fair,sha/e of the costs of the
well and of related exploratory
gathering
and
corn-
pressing stations and stripping
plants, some of them many miles
out of sight of land; the complex
of pipelines which now lay across
-the whole length and breadth of
our country ;• these are all a tribute to the enormous technological
development which has been re¬
<?fhi litvfnr^cpJnff than calves' liver, should be priced
Qn that note of optimism,: I - as to pipeline cases and our ultithat thfLr
onutbc basis of its market status of- should like to leave the area rate mate goal as to producer cases
lated is
tho ri qcirm
T5of
a haU 0r even a (tuarter century proceedings and speak generally once the initial area rate cases
duty
Z L
ag°'
of a few of the steos which we. provide the ground rules. We
delegate
thmnlh Ji Jhii !
'
"Ceilings, Not FloorsV
hope to be able to take in the near shall make every effort to clean
oiiirp th'p nartin*
a"
1 believe that area prices, to be future to solve some of the pro- up our backlog of cases and to try
ings tn aiH
* <52^ an effective form of regulation, cedural problems of natural gas new .cases expeditiously. It will
views
snoxjecfxPTxc
must be set as ceilings and not as regulation which are giving diffi-r take time to get current,, but we
hard at
floors. I do not mean to rule out culty to every segment of the in- shall not stop trying until we have
Srmy*SCfl.rt'wftin completely the possibility of lini- dustry.
■
: . done so.
.
have the answers
the bulk of
exc?Ptlons
area ceilings
A continuing problem of reguLet me. interject at this point
the homes in virtually every metropolitan center of our. country,
Because most of these facilities
are either buried or are located
at great distances from the places
where the gas is used, most gas
consumers are probably entirely
unaware of the engineering genius and the managerial skill, let
Whilp
thoT^hf
nrpaprif
mv
Palpal
the
their evidence in both proceed-down cldar precedents so that setmgs. The Commission staff I as- tied issues need not be relitigated,
sure you,- is working equally as - .by obtaining additional Commishard; With a continuation of this s£n personnel to handle our case
effort I am convinced that we can;load , aM . by setting " cases for
bring these cases to an expeditious 'prbmpt hearing, we hope to have
expenses.
and meaningful conclusion.
?:ra fighting chance of deciding cases
1 want to that gas, any more : - t v
emPhasize that I do
^
!. V --within the 5-month suspension penot
believe
Ground Rules Essential
.
^
•
,
Present thinking is
nofpnHallv fmnSf S ®re
fL ^
lfdminis;
trative
d^ce, they, can be'.useful
o
o
a
HPX
fcpJLxri
effect
elect
«5ria 1C a
ultimate0
compre-
hLare*h
the
Tw
This
has
been
m
con-
-
,
resnon
on
we
can
n
w
pvph
;n
ns
tho
hv
anH
Wp
work
nn
thic
or
^
...
~
„
Solving Procedural Problems
riod.
That
is our immediate goal
quired in order to bring gas to
"tiich thFir
comfort and
weFfare
when such exceptions can be made lation is to avoid needless uncer-. that when I speak of setting tar- wmcn tnelr comfort and welt^re
Th^Tne
without' substantial effect on the tainty as to Commission policies, get periods for the disposition of
M<sdoestlhe 1housewl.fe
which the rlmmiclll
I.;a ter -2P ceiling.' However,-if every com- Such uncertainties add to thecase-. cases,. I am referring to cases in .J"101 N2W.^1°% Y^2f''z®
>Tue
rhi
i-,|lveh Pany insists that unless limited by load, - stimulate litigation, ^ and which the applicants seek the ear- th^. activities and the investments
Knprt
tn
pvidpn
1S W+
contract it has the right ta the, waste the time of everyone con-4 liestpossible : determination and
*he
^upp^ly
®
^d "ce an ,5ost- ,Jhe area rate as a floor plus anything cerned. I hope that the Commisr /cooperate'full^ fof that P^pose. ,-;^bi^comes to her from half a
biJp h^pp
i
Proceeding more it can get in an individual sion can turn to the increasing use The provision of the Natural Gas, continent aw&y.
.
'
hiwcfn
i> ordered to complete a
determination, we may as well use of policy-statements to/express ^ct which limits any suspension
I am still far from a complete
?n
to an individual cost of service rate Commission policies in a clear-cut of rate increases to five months understanding of the natural gas
i>om«nssiofi s
order
o<~Aug.- base method from the outset. I and comprehensive way, rather itself may create an incentive for industry. ;To me it is both fascithe
answers
in the
near
futurn
«
-
a
p
+
*
Volume
f
nating
Number 6098
194
full
perplexing,
and
of
these
me
to
be
parodoxes
in
that
be
never
Commission
fifth
the
this,
The Commercial and Financial Chroniqle
shall
to
seems
.
.
protection to the consuming pub¬
lic.
I can only assure you that I
of
puzzles and paradoxes. The great¬
est
.
has
ac¬
which
are
of
all of the energy consumed in the
nation and serving over 34 mil¬
lion consumers, there is no uni¬
fied responsibility for/ supplying
the requirements of the consum¬
ers.
The
distributing company,
ments
of the
largest industry in the nation,
counting
When
for
it
one-third
about
needs
to
the
men
of
foundation
which
as
-Public
con¬
char¬
ohly
pany
;.
*An address
by Mr. Swidler before the
Membership
Meeting
cf
Inde¬
pendent Natural Gas Association Meet¬
ing, Houston, Texas, Sept. 19, 1961.
''
.
Annual
,'v V
Investment
in the electric
background
My
Unified
son
L.
*
must1 be
this
to
more
Snyder,
R.
responsibility could oper¬
It seems apparent
there
has
stock.
of
the
K.
general
are
and
appliances apd
durable
consumer
'
Lowe's headquartered
Wilkesboro,
in
the
-
:N..
in North
C., !. is vengaged;
<
and through subsidiaries,
retail
discount
and
on-a
prices,
wholesale
volume
dis-
basis /at
of building
ma¬
19
Shaskan & Co. to
goods.
Admit Partner
-currently has 28
outlets, located in North
Carolina, Tennessee, Virginia and
Shaskan & Co., 67 Broad
Street,
West Virginia. Of these,
16 are New
York City, members of the
stores
owned
by the company,- New York
Stock
Exchange on
directly or through subsidiaries,
Nov. 1 tvill admit Sidney R. Buchand* 12 are independently owned
man to
Partnership. - v ■
Associate ; Stores." which
company
,
sales
./contract
for
use
■da*"
.of the -"Lowe's'^ name and
.principally merchandise pur¬
by*, such stores from the
chased
company.'/'.':, •"
</•"
is .,,.// '
company 'as
tribution,
and
'
the
*
*
Now Sherman & Hall
ALLENTOWN, Pa. — The firni
of ' Schlegel,
Sherman &
Hall, 539 Hamilton Street;* has
beeh Changed to Sherman & Hall
name
'J
' i-
Henner Bros, in
Chicago
-
been
Snyder, limited partner."
other
The
supplies, major house¬
fixtures
accrue;to
the offering
being made for certain- selling
stockholders: V
s ' ;
/ c,
f
Russell
partner;
stock* will
terials and
hold
sell
Lvv^Z/q/- -/ /«:/'/•♦•
of the proceeds from
None
sale
Avenue to engage in a securL -directly
ties business. Partners
efficiently.
that
Associates
mon
the
formed with offices at 401 Dickin¬
utility field, where integrated op¬
erations are the rule, makes <me
wonder
how
a system
with no
and"/ associates.
offering marks the initial
public sale of the company's com¬
The
v,v v.-";?rv.v "k **■:.
Educators Inv. Assoc.;
and who are joined with it V
through the pipeline com¬
SWATHMORE, Pa. -- Educators
intermediary.
'■?;•?"
'••v/.q
tions
of
continue .New,. York. City*
to build.
greater
offering
415,000 com¬
mon shares of Lowe's
Companies,
Inc; at $12.25 per share is being
made by G. H. Walker & Co., Inc.,
which
who
can
have direct contractual rela¬
even
ele¬
well
upon
of enterprise
industry
rules
the
as
and
consumers
a
all
industry
Lowe's Companies
Stock Sale/,/^ /
the
until
developed
fair to
acterize the
supplies,
must depend upon the reserves of
producers with which it does not
ate
the
stitute
satisfied
(1579)
inc.
,#ri
CHICAGO, 111.—Henner Brothers,:
110
Franklin
North
engaging in
Partners
are
William E.
Street,
are'
William
E.
SAN
Henner,
Goldstandt, and David
G. Henner.
:
A
FRANCISCO, Calif .-Russell
T. Brennan is engaging in a secu¬
rities
business
from
offices 'at
5040
-
.
R. T. Brennan Opens
securities business.'
a
/
;
Geary Boulevard.
.
system of supply
than meets ther
Thus far, I have heard of.no
failure of supply to any existing
consumers,
and the• households
across
the nation are apparently
eye.
,
comfortably confident
that the /
gas they need will be there when
they
call
it.
for
this con-/
Upon
confidence that the gas will
sumer
always be there when the house¬
hold
furnace,
and
the
heater
range
turned
are
r
-
the
especially—in
even—or-*
on,
kitchen
the
water
«coldest weather of northern win¬
ters, the whole success of the in¬
dustry depends.! If this confidence
should once be impaired, the dam¬
to the industry would be ir¬
All elements of the in¬
age
reparable.
dustry
together
work
must
instill
maintain
and
to
justified
a
of complete assurance
sense
in the
adequacy and continuity of natu¬
ral gas supply,/and at a price
which will preserve its status as
a fuel which is not
only conven¬
ient and dependable,
sive
The
sion
but inexpen¬
well.
as
Federal
Commis¬
Power
has
played a significant role
in the development of the natural
•
industry. It has been the fothrough which natural gas /
supplies
have
been
channeled, ■
gas
.
rum
^ from
points
r
of
to
production
.
points of use. It has provided the
consuming public with assurance
-
.
that adequate gas supplies were
.available for the new lines which
-
certificated
were
vided
-that
the
,
it has
and
with
Investors
investments
new
pro-.,
assurance
"
were
feasible, and economi¬
It has provided vital
support for the industry's growth
•from an infant to a giant.
The
desirable,
cally sound.
Commission's activities .under the
Natural
Gas
benefited
have
Act
the
not
industry,
Growth is
measure
de¬
but
of protection to the
The
consumer.
continuing and well known American suc¬
Commission
story. Just as real, but even more
cess
spite the delay in producer rate
regulation have also afforded a^=
large
a
only
has
natural gas.
—
Real... because the natural gas industry has
doubled its sales in
equally important role to play
in the industry's future. I believe
striking, is the
growth of the industry that fuels industrial progress
just
a
few years, Striking
.
because
,.
able indicators for the next ten years
increase in
our
tional average.
service
area
point to
a
population
substantially above the na¬
Small wonder Panhandle people are pro¬
gressively busier, bringing industry in the nation's heart¬
land the essential fuel to go on
growing.
an
this
that the contribution of the Com¬
mission
be
the
v
notable
as
the
I
in the
contribution
come
will
constructive
it
has
made
as
in
during
Ten-Year Record of Consolidated Sales
500
record in natural gas.
1951
*52
*'53
'54
'55
'57
'56
'58
'59
'61
'60
As you read this, Panhandle and its
450
frank
to say
on
the
Commission
was
that when
Federal
a
Power
first broached to
I had my doubts that this was
the field of activity or the agency
to which I should want to dedi¬
cate the next few years
I
*
past.
am
position
me,
to
years
and
dynamic performance has been achieved even
periods of slackening business activity.
Panhandle Eastern is part and parcel of the growth
wondered
whether
in
of
my
this
life.
area
rapidly
capacity by 420,000 MCF per day.
subsidiary, Trunkline Gas Company, are working
to
increase system
This
'*
■
i
400
<
$125,000,000 expansion will bring total daily capa¬
■
\
300
city to two billion cubic feet... morp than double
ten years
The
that of
ago.
sales chart at the
•'
•
350-
1 Co
BILLI ONb L
rtt■T
1
u
r
250
200
right shows the Panhandle—
of
activity, so traditional in its
objectives and so hedged with
Trunkline
System's growth over the past decade. All reli¬
procedural restraints, there ' was
an
opportunity to exercise such
qualities of imagination and ini¬
tiative
I
as
might
possess.
The
PANHANDLE EASTERN
PIPE LINE COMPANY
last few months have removed my
The work of the Commis¬
doubts.
sion
120
Broadway, New York 5, N.Y.
is
as
full of important, live
pressing
problems as
one
could
hope
to find
anywhere.
and
These
are
energetic
ment.
problems which cry for
and imaginative treat¬
question is now the
whether it is possible for
mefq measure up tp the, challenge
and to play my part in.the Com¬
My
reverse,
mission's work of
order
and
bringing greater
to this vital
progress
industry, and greater stability and
Subsidiary:
TRUNKLINE GAS COMPANY
3000 Bissonnet, Houston 5, Texas
•
•.
'•
'
»>
■
'
•
v
.
•
20
The Commercial and Financial Chronicle
(1580)
ommended for solicitation by the;
•-Savings Deposit Distributor Serv¬
V
ice.
*' v.;,'"* s •'
By William Lumsden*, Vice-President, The Bowery Savings
Bank, New York City
^
r
every
and
assist
ahead.
1
;
in
*A
the Distributor Service oper¬
ated by the Savings Banks Trust Company. He, also, refers to the
untapped market estimated at billions of dollars in making his report
of
the Committee
the New York Savings Deposit
of
chairman
As
on
Service,1 I
Distributor
to
working
is
Service
the
that
t o
report
happy
am
in
deposit
through
Quebec
banks
if
this service,
vigorously.
go
we
but
Mr.
at the 68th
the Savings*
of
of
New
Bank
earnings for the first nine months of 1961
York
Lumsden
Convention
YORK BANK
released.
Canada, Oct. 6,
City,
State,
rpi
.
-i
s
six
nj*
must,
Mutual
American
Fund,
been
Inc. of
elected
however, continue to play an im¬
Los
industry
portant part in the development
and promotion of the service. We
are
sure
that with their enthu¬
siastic interest and
support the
President of the Investment Com¬
our
the
to
of
benefit
mem¬
every
of
future
be
should like to stress.
the
looks
Service
With
in¬
promising
According to
front-page
in
article
Savings
•William Lumsden
Depositor over
$47
million
has
been
placed in New York
State
savings banks during re¬
cent months through this new and
operated so ably
by Savings Banks Trust Company.
This represents a gain of $34 mil¬
lion
during the first eight and
service,
unique
work
to
framework
the
Bank
the
banks, has
within the
savings
careful
been
Trust
the
distributing
in
the
to
funds
accepted
of
bank
-
practices; the notable exception
being the automatic remittance of
dividends
on
certain
accounts
presentation of the pass¬
is necessary to obtain a
without
It
book.
degree
of
coordination
the individual banks so
high
among
Institute
which, for the
pany
past
has
Association
I
Mr.
the
the
of
Charles H. Schimpff
special
J
7 '
r
depositors committee which drafted the re¬
transacting
business
with
the cently announced revision plan to
Trust
Company
would be the broaden the Association's mem¬
same
as
though he were dealing bership
to
include
investment
one-half months of 1961. Figures with a single savings bank.
This
advisers
and
underwriters,
as
supplied by the Association show requires
close
cooperation be- well as issuers, of mutual funds.
a net deposit inflow
(exclusive of tween savings, b^nk personnel and The revision, including the change
dividend credits) of $65.1 million
Trust
Company.
Although ^
Association's name, became
in regular deposits' fdj; the state there has been commendable
P^|rbffective on Oct. 1.'
the
that
effect
upon
vv^ix
_
f 0|Tthe
whole
first eight forihance by bank PersonpeT^ri% *
30-vear Veteran
The $34 million/this regard, greater effort could
rionncitc
rhst.rihnt.ed
nnma
cnppH
investment lnausiry, ouv •.
deposits
distributed bv the i— made ir. some KonirS to speed J".
by the^ be
in
banks
ceeds
George
K.
Whitney,
a
Trust
Company
to
: individual up the processing of transactions
trustee of Massachusetts Investors
banks during the period from Jan. forwarded
by the Trust
CompanyBoston in the post of
1 to Sept. 15 of this year, indicate The
committee urges that each
lrust' Boston' In tfle post ot
that 50% of the state-wide gain bank appoint someone to act as President of the Institute which
represents 160 investment com¬
is due to this service.
the contact man with whom the
panies holding aggregate assets of
The $47 million is distributed Trust Company would clear all
more than $20 billion.
and
in 4,950 separate accounts, among transactions
any
problems
Mr.
Schimpff is
also Senior
all 127 State savings banks.
The arising therefrom. Because of the
a
as
months
1961-
of
in
this service to in¬
all accounts legal for sav¬
general satisfaction with the serv¬
expansion
ice is
clearly evident by the fact
that only $3,567,000 has been with¬
drawn to date.
Since the incep¬
clude
tion of the service almost 3 years
line
ago, withdrawals have aggregated
less than 8% of the amount de¬
posited.
I submit that this
is
of
ings banks and because of minor
in practices, a new out¬
changes
of
operating procedures is
being prepared for distribution to
the banks in the
Huge Untapped Market
the
i
«
of
these
in
the
viction
has
a
tors
diversification
using this service
by the
turnover
rapid
summary
deposi-
of
indicated
as
below:
addition
in
Estates /
Charitable
of
dollars, made up in
part I of $300 million in pension
and welfare funds registered with
Banking Department and $900
Department
the
In¬
of New York
State, to mention only two of the
many sources
The
of these deposits.
committee
feels
that,
de¬
spite the excellent results gained
far,
so
should
large
a
concerted
more
be
made
deposits.
to
effort
accepts
single check and a single certifying
document, and distributes the total de¬
among the
savings banks in units
to
exceed
latest
$10,000.
of
report
Service, established three
the
Distributor
years
ago,
Thus
ap¬
in the October issue of The Savings
Depositor, Association publication
which
is being
distributed at the con¬
pears
The
»•
actual
amount
4,950
separate
accounts,
among
127 of the state's savings banks.
"
of
Academy
withdrawls
Director
vary
there
are
foundation
short-term
no
in
included
funds
these deposits. The committee has
been of the
opinion that this, type
did
not
v/'*
Under
allow
SHERMAN
&
the
ing
this
of
made
headed
by
by
Executive
Bank
New
for
Vice-President
York
committee
with
policy is now be¬
a
subcommittee
F. Marchant,
Robert
Savings in
and
is
that there
•
the
of
The
City
many
with
of
prob-
the
ac-
resolved
distribution
and
foundation
all
funds
before
Case
of
the
Oct.. 5.
on
■ 1
.■
'
,
k'
4,^
P
.
take
over
the
ChaSe-Manhattan
the
Cory will
serve
the firm's Director
as
of
which
they
can
of
must
be
be
rec-
institution
would
now
The
Chemical, through merger with the Long Island Trust would
acquire 14 branches to add to its 110 branches mostly located in
New York City. Long Island Trust has two of its
branches in
Suffolk
County and these will have to be disposed of within five
Chemical
years.
also
has
offices
Counties.
//"'
in
Nassau
and
Westchester
■
City still has application before the Comp-
of the Currency to merge with the National Bank of
Chester. Because First National City is Federally chartered
WestState
approval is not necessary.
YORK
BANKS
r
9 Mos.
Earnings
1961
Bankers Trust Co.___
% Inc.
I960
_$2.78
__
$2.98
:
3.70
3.82
3.60
First
4.21
4.49
City_
Irving Trust Co.
2.23
.-
of
6.2
-t-12.2
5.6
—
'
OUTSIDE
5.30
OF NEW
I
California
9.3
—
YORK
9 Mos.
Earnings
15)61
Bank
6.1
+
—
2.84
|
7.3
—
2.54
->4.84
•
•
'
2.68
% Inc.
I960
in
or
+
7.8
2i61
+
2.6
2.08
(Clevel'd)
3.57
2.67
Pittsburg National
$2.53
3.84
(Providence)
Dec.
Earnings
$2.12
Fidelity-Philadelphia
Industrial-National
Dec.
6.6%
—
3.95
Chemical Bank-N. Y. Trust Co
National
or
in Earnings
Chase-Manhattan Bank__
PERCENT
of¬
this
merger
Hempstead bank's
15 branches in Nassau County.
has 106 branches in New York
City, two in Nassau
County, and one branch under construction in Westchester County.
The Chase
2.33
—10.7
3.53
3.51
+
—16.2%
,
.
•
0.6
INCREASE
(June 30, 1960-June 30, 1961)
branch
a
time
same
the First
National Bank of Olean. This was denied on the
grounds that it
would further enhance the competitive
position of the Marine
Midland Corp. in the western part of New York State,
OAKS, Calif.—Adams
in this
fice
of invest¬
area
Corp. The State Banking Board at the
Marine Midland Corp. to
.acquire
Union Nat'l Bk. of Comm.
r
Jack
Deposits
__
New York
banks
1
Loans
Investm'ts
4.3
17 major banks outside of New York____
12
16 6
3.5
51)
3.0
Re¬
search.
NATIONAL AND GRINDLAYS
Forms S. & M. Co.
BANK LIMITED
(Special to The Financial Chronicle)
Head Office:
CLEVELAND, Ohio—Stuart Spiro
from
offices
Road
under
&
M.
at
the
3477
firm
Tullamore
of
name
Co.
-
S.
Statistics
13
Bulletin
on
Request
ADEN,
KENYA, UGANDA, ZANZIBAR
FRANCISCO,
Spear is engaging in
Calif.—Paul
a
securities
business from offices at 1220
was
E. Hutton & Co.
14th
formerly with W.
-
,
'
Laird, Bissell 8 Meeds
Branches in:
pnill
He
BANK STOCKS
ST. JAMES'S SQUARE, S.W.I.
-
raill opear VJpens
Avenue.
11 . Y. CITY
N
London Branches
54 PARLIAMENT STREET, S.W.I.
Bankers to the Government in:
SAN
Third Quarter
Z6, BISHOPSGATE, LONDON, E.C.8.
is engaging in a securities business
I'm
interest.
are
connection
ceptance
I.
the
considerable
in
J.
Boulevard,
report of his
being
anticipated
sure,
'«'
*
of
meeting
a
Company has opened
lack
of these de¬
by the member banks.
A
review
Investment
office at 14542 Ventura
of general acceptance
posits
seen-
b^ solicited
of
because
1
that
the
Adams Co. Branch
Savings Deposit Distribu¬
Service
'
1
depositors
considerably
from
group to group. Another point is
that
\
motivate
these
by
the
that
would
would
a
O.
Stanley & Co., New York, was
at
fact
Morgan
New York State
BANKS
a
the
York
Morgan Guaranty Trust Co.___
elected
to
the rise,
Manufacturers-Hanover
Company
through the
Service, as of Sept. 15, is
$47,149,477. The money was distributed
on
•■
rities business ±rom offices at firm
2041
Goodhaven Drive under the
gan
9.97
apparent
is
lems
.
placed
Distributor
in
it
factors^ which
Bank
vention.
Mutual
nffirec at 2041
f
Board of Directors
by the
posit
The
American
conducting
.
due
greatest
Academy Inv.
phu
J^
;.
New York State banking authorities
approved the merger
of the Chase Manhattan Bank with the
Hempstead Bank and also
the merger of the Chemical Bank-New York Trust with the
Long
Island Trust Co. Before final consummation of the
merger it must
be approved by the Federal Reserve Board and clear
with the
Justice Department. Also approved was the creation of the
Payne, a partner in the
investment banking firm of Mor¬
6.12
of account should not
Service
are
the
•
...
j
ftfime rate; Although deposits
Named Director
11.32
these
a
not
Religious
Individuals
investments
Samuel B.
19.40
&
there
The
transaction.
for New
-
4.02
attract
1 The Distributor Service,
operated by
Savings Banks Trust Company, enables
depositors who wish to place large sums
of
money—as
much
as
$1,270,000—in
New York State savings banks to do so
one
Trusts
Non-Profit
tor
in
Funds
Individual
believe
We
to
Total Deposits
18.33
surance
......a
yiser to three other mutual funds*
30.84
with
that
of
Company.
Ratio to
-
billions
■(
—o
name;,
'
*
Union
W&stered
expected
The First National
^
deposits is provided for
Banks & Trust Cos
million
these institutions
is
and
made at the
Capital Research and Management
Co., of Los Angeles, which is ad- ^troller
Forms
great potential.
We estimate that
untapped market,
that is,
un¬
tapped by S D D S, to be in the
the
committee
tlirnAVMEMPHIS,'Tenn.—Thomas
^
Type of Depositor
service
of
degree of assur-
the
let me out¬
briefly some of the plans
formulated
by
the; committee,
working
closely
with
Savings
Banks Trust Company, in the con¬
future,
the
investment
Assured
+V,
+
against
ance
line
that
loans
are
NEW
Stability
A considerable
to
their
on
an
excellent record.
As
member
and
Fund.
future.
near
Vice-President
the
;
City banks; however, one must realize the
investment portfolio is generally half of the loan
portfolio and
earnings rate from the latter is higher.
Chairman
the
rate
ments
organization,
was
,
shown. The most notable increase occurred in the
invest-
ment company
of
higher earnings for the nine-month period.
and in a period of recovery
earnings increases are : realized
by New York City banks, it\is interesting to note that of the 25
major commercial banks, those outside of New York tend to show
favorable deposit, loan and investment
growth over the period
of
Governors
for the first
was
It is obvious that earnings away from
City show much more divergent trends than the major
New York banks.
Although only a few earnings of Westchester
and Long Island banks are now
released, these banks tend .to
of
of
Board
it
banks outside of New York.
it
Schimpff,
member
a
lower than
New York
the bulk of loans
panies.
m
somewhat
earnings increase was 7.7%. In the case of
banks, although nine-month earnings are lower,
their rate of decline has either diminished or has reversed itself.
Also shown. below are some of the reported earnings of selected
lower
of
vestment
n
C>o
Chemical is
Co., New York City, in the September Bank
Stock Quarterly, in their discussion of the 25 majdr ? commercial
banks, points to the fact that the New York Ci£y banks earn at a
the
as
for
M. A. Shapiro &
been
known
now being
have reported
are
which
banks
months when the
show
20 years,
National
exception,
one
Company,
deed.
a
potential of the program will
realized. This is a point we
full
savings
bank. And the
ber
Angeles,V has
of
other New York
7*
.
major group
MERGERS
are New York City banks. As is shown below, all New;
City banks haye shown declines with the exception of the
depressed earnings in 1960. The rate of in¬
crease
•
.
only
AND
Chemical which had
LleCtS bChimptl
-
The
EARNINGS
date
to
1961.
the benefit of
and
This Week—Bank Stocks
to-
Charles H. Schimpff, President of
banks
individual
be
4
York
after them
The
by
only;
not
Inv. Co. Inst.
savings
our
by
Association
substantial funds available for
are
pro-'
months
effort
to
Fall
Banks
date.
Service's accomplishments to
Distributor
the
talk
Annual
placing them in various banks through
u
to
the
NEW
large deposits, from foundations, pension funds, et^ by
handle
to
in
yourselves
the industry as a whole,
describes unique ability of Hew York savings banks
Lumsden
efforts
will
you
beneficial
Mr.
the
individual
The
of
each
BANK AND INSURANCE
urge
Service
the
mote
I
may
and
;
~
that each
member bank support*
Finally,
Deposit Service Solidified
Thursday, October 12, 1961
.-.
.
Members New York Stock
Exchange
Members American Stock
Exchange
INDIA, PAKISTAN, CEYLON, BURMA,
KENYA, TANGANYIKA,
ZANZIBAR,
UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN
RHODESIA
USO
BROADWAY, NEW YORK 5. N. Y.
Telephone: BArclay 7-3500
Bell
Teletype NY 1-1248-49
Specialists in Bank Stocks
V
I
Volume
Number 6098
194
.
The Commercial and Financial Chronicle
.
.
<
.
....
»
+
; <
..
that
his pity, and it is true
had ah element of
built
prestige
into
when
JOHN
BY
he
proposed
since
DUTTON
he
was
with
tion that had
reputation
5
a
in
;
his
the interview,
an
organiza^
nationally known
the underwriting
in
that
aware
to
order
be
successful he must meet
qualified
prospects. He is enthusiastic and
interested in every phase of his
work. During this period he follows every lead, meets people in
„t
.
clientele.
the
But
after
business
and
he
has
ers,
he
begins
less
of
he
is
spend
between
years,
custom-
think
less
is
like
to
of
an
desire
of
the
to
see
best
him,
banking relationship ments in his city.
their
His
firm
his
and
company
course
well
was
of
of these
a
met
for
men
as
enthusiasm
for
salesman
a
perienced;
becomes
along
and
to
contact
evidenced
those
who
interest
some
located
in
obtained
and
creative
ple
procedure
with
ability
He met
pace.
had
secu¬
in
men
new
of
pects
by
the
sim¬
The
changing his
faces, he visited
new
is
call
—
and
to
a
told him about their
as
better,
maybe
new
good
the
firm
Account
William
are:
who
more
with
Executives
are:
L;
Dowd,
Thomas
much
less expensive.
John
Carroll
K.
and
Nelson.
a
liispil
igvg
ex¬
some
of success, tne tendency
restron one's laurels is almost
a
continuing problem among
salesmen
ness.Vv
have
wno
V'•
/>•;"
Customers
.
it
good
a
•:
ousi-
A;
.
Come
tne
—
../■'>
Go
and
'
:
This would all be very well if
were'possible to build a clien-
tele
that
would
automatically.
afford
to
and
enjoy
labors.
of
neglect his
contacts''
riess
itself
could
"new busi-
just sit back
fruits cf his past
this is
that
not
People
away
despite the close relationship
may
have exijted' between
a security salesman and his
client,;
the impediment of distance.often
that
•xi5ss:*>;>-
kind
move
and
SiiWsS
-
iff-flU
.
the
overcomes
finds
his
V
;v/'v
and
the
But
world.
a
replenish
salesman
A
>
.
V
that
door
customer
another
firm
service
can
r';
he'-."* "•'
and
closer
❖W^A-
advantageously. - Unfortu- ;
nately, people die and their heirs
have
other
•«h*»
•>Ay-
>
his-account
more
sometimes
'*•
.
to
•
V
•'
contacts
and this too, will eventually cau:e
attrition among a salesman's
some
clients.
/
'
Then
fied
A
people^ become
for
number
any
dissatis¬
of
reasons.
V
client may think he can obtain
better
find
another
good
firm
knows
lect,
from
who
him
may
has
a
who
and
business.
Through
firms
and
doing
are
not "become
wish
-
who
>•
can
if
■
/
vou
busine:s.
your
'
are
salcmen
complacent
hold
to
There
good job. You
a
.
a
keen
very
-
can
lost
have
is.
communities.
many
other
competitor and it
a
that
you
Competition
client.
also
behind
his
happen
in
salesman
supposed oversight, or neghe may start buving securi¬
some
ties
He
elsewhere.
service
The
other fellow is out there
—and
race
if
siasm
working
wish to stay in the
you
must
you
to
up
cultivate
keep
esthur
continually'
your
and
par
.
accounts.
new
If you rest on past performance
year will very
disanpointing.
If you
results next
your
likely
be
continue
later
in
reality
this
rut, sooner or
be faced with the
have lost sub¬
will
you
that
you
stantial production. It is far wise;
to
see
along,
people
new
develop
new
week,
every
accounts
you
as
go
the enthu¬
siastic attitude that you had when
you knew it was up to you to go
build
and
.out
continue
and
your
own
is
complex communicatioiis center
.">•
business.
In
minutes,
level
some
an
of
among
.
have
it
is
all
nearly
been
in
common
a
sprawling cities,.
the
Because of this,
problem
sale-men
business
who
for
now
a
ury
the
of
of
to
a
of
sitting
following
some
around
the
suggestion
interest
to
any
manager
and
is
who
Under the
member
of
a
member
the
now
and
that
when
he
was
a
1
;
salesman Vin %
: ;
large city, that every'time, the /
urge
to
let
up
would ..come-to
and
take
him,
he
it
easy
would
cover,
areas,
and
■
are to come.
more
lation
even
/
'
a
1
are
air
radioactive fallout
Food and
water
slabs. Venti¬
so
fine that
cannot enter.
stockpiled. Living
are
quarters are provided for all operating
These
thick earth
away
concrete
systems filter
are
personnel.
from
several Bell System
communications centers
large underwriting,
began to get in
a;
network of under¬
protection of
concrete
maj or target
sales-
firmr whenever he
a rut. He told me*
Many
huge, reinforced
be
the profession who may wish
try it.
This idea was used by
man
a
ground communications stations.
office,
may
the Bell System is
supplementing its great reaches of
buried cable with
while to relax and enjoy the lux¬
attack could
enemy
our
Overcoming the Sales Slump
Since
operation.
The walls for these installations
;
.
a
already in
to
centers
with
There
are
costly.
Tough
build.
are
the lifelines of
our
so we
took the
own
many
money.
other ingenious
"Survivability" pro¬
for America's communications.
our
Many cannot be mentioned here.
mand,
are
Yet, the Bell System recognizes that
our
are
projects in
gram
And
establishing these underground
Because
buildings
communications
defense systems.
lead in
of
them, ambitious
control
feasible.
and' defense
And
our
most
vast
ready defense
com¬
systems
existing
communications network is
America's
as
Bernard
Hall, Wayne
Palmer, J. R. Harmon, Sidney
T.
degree
to
active
are
fade
to
E.
W. Gruse, Richard H.
pros¬
as a vaca¬
and
officers
-
of
rfresh viewpoint.
Sometimes it is
—
op¬
corporate
retary; William E. Deneil, Sales
Coordinator.- Additional members
get
get out of the
some
on
get
new
President;
Lawrence
F.
K u r i g e r,
Vice-President
and
Treasurer; Gordon W. Leque, Sec¬
positions of responsi¬
rut
a
Towers
Ward,
tion
the
some
Central
name.
of
NEW BUSINESS. The
way to
office
the
naugh, Geek & Co., assumed
energy
bility, and he exposed himself to
out
in
Building, 2727 N. Central Avenue,
formerly doing business as Cavaerations under their
Also, he
servicing his accounts. Also, it
natural
basis
rities.
some
During
favorable
of
them
eventually
into
clients
as
he
con¬
tinued
invest-
brief interview
Ariz.—As of Oct. 2,
1961, Alpha Securities Company,
_
.
he
prospects
most
a
Alpha Sees.
PHOENIX,
pros¬
time
his
of
would
establishment
organization:
First of all
more
he
Now
?
*1
and
This
development.
must
in
to
business.
the
investment
been
"few
a
steady
some
new
natural
has
he
for
that
discuss
in
proach
,
investment
many
turned
;'L vt"
."*/
these
on
and
suggested that he
or
keep in touch with them.
met
'
pects
his purpose to
actually explore
purposely leave his desk for a the possibilities of establishing
day and go out and contact-'new an investment banking connec¬
tion between his prospect's com¬
prospective clients.
Vj*]"
Since there
He would select senior officers pany and his firm.
was
no
immediate
reason
why
of
business
firms ,Vhom
he
thought mi£ht be developed intoVmost of these executive officers
customers, but he used the ap- of various corporations might not
the
security
He
The first call was purely on a
get acquainted basis.. He made it
A Continuous Process
first few years of a
salesman's; career, he is
During
well
—
might
situation
field;'*!S4/;v/ 'V. rV*\ v
"
Clientele Building
investments,
he. also
r
■
(1581)
.
known in
CORNER
.
—
.
one
of
weapons.
Mardick,
James
M.
22
(1582)
The Commercial and Financial Chronicle
;
.
Thursday, October 12, 1961
;
with
headquarters in the
department's New York office at
ment
1120
Broadway.
BANKS AND
Consolidations
Branches
New
•
Revised
•
Capitalizations
Cash
C.
James
and
Assistant
an
Mr.
Treasurer
in
1951.
U.
and
have been elected Vice-Presidents
Kis^ane
He
joined the Bank
in
1929
Loans
25,862,132
in
1955.
Also
<
> .*
-
r
announced
a v,
&
profits..,
administrative
department; Wilmer T. Langstroth/
*
investment
officers,
YORK
NEW
banks
tions
30,476,608
Milton A. Cole
by
Bank
New
Trust Company, New York, it
announced
Oct
6
by
/At
was
2,780,139
amount
the
office
39th
Mr.
and
St. &
O'Hara
Secretary
President."
The
7th Ave. office. *
began
Cole
their
and
O'Hara
with
careers
the
into
Trust
York
Chemical
Company.
*
George
J.
*
Bank
main
Gansel
has
moted
to
Chase
Manhafan?
been
J.
New
'
under
pro¬
in
First
the
for
credit
the
the
field
the
and
charter
the
cost of
of
The other
•/.''"//:/;///i//; future
title
the
National
the-, former^
of
^Haddon-
Bank."
/-■
*
The
'
*
1
The
bank
V
tne
New
York,
David Rockefeller, Presi¬
dent, announced Oct. 5. Mr. Gan¬
sel, who joined the Bank in 1930,
was
promoted
$4,949,804
resources......
Deposits
>. •*,
rate
to
First
National
Bank
Wilkes-Bar
/$«
from
7%
indicate
of
decrease
6V2 %
to
either
English
ap¬
;.*:
banks
U.u S.
';
Assistant
holcfipgs
600,337
profits.
754.238
/'
'•-./; ■ ■,/?•
V *
❖
of credit
staff
who
in
is
eight
staff
new
since
1930
REPORT
OF
and
120
OF
1961,
of
b^lftiess
published
"'by
mace
the
:
pursuant
Law
provisions
State
^
accordance
with
of
New
of. the
;/
call
Banks
Banking
York.
ASSETS
,,,
27,
a
Superintendent- of
the
to
the
of
in
September
on
'
v
/,
'
■:
•
Cash, balances with other
banks, and cash items in
of
process
United
collection......
States
obligations,
direct
guaranteed
$2,736,036.99
Government
Leasehold
improvements-.
Furniture
and
Other
assets
rezearch
60,000.00
*
182,324.28
fixtures-
OF
NEW
AMERICA,
.
967,319.10
ASSETS
Total
LIABILITIES
pemand deposits
uals,
partnerships,
Cash
617'801
-
U.
47
'
'
situation.
$3,370,566.26
profits
TOTAL
cal
325,000.00
;
CAPITAL
™
AC-
LIABILITIES
Securities-
as
win,
$4,949,803.80
that
shown
J.
this
report?
to
the
of
cmtfdition
of
my
m
of
.
-
■*'.
CHARLES
is
true
and
and
J.
>4
SKINNER,
^
•
'
.
'
-
'*
-
■
-
L.
THORNE1
RALPH" CREWS
GEORGE T. WHELAN
Trust
Com¬
announced by
Thomas S. Aim, Wil-
Sa-nford
•
holdings
112,988,648
110 745.250
239 257*451
227,354,601
■"
&
*
Theodore
H.
*
i Directors
J
Which
of
is
will
be
matter
of
these
a
'
.
the
Harris
of
vision
of the
for
cago area..
the
•
Trust
York
Edward
Company
were
Homer
of
of
L..
In
he
loan
Oct.
New
10
National
00(1,000
25.
Bank
III.,
cago,
CO
was
,
Brown
is
municipal
sales manager of
securities
depart-
"kind / of
economy,
result only ift a moderate
increase in interest rates. "/ /./ ;;/
last
/
week
W;: P. Bullock Opens
•(Special to The Financial Chronic:e)
obtained,
DENVER, Colo.—-Warren P. Bul¬
lock
is
conducting; a securities
bu^'^ess from offices at 9635 West
Colfax- Avenue. / /
•"
/
•
/.
-.'"/
.-.
became
of
L, C. Porter Opens / - *
short-term - and
intermed/afe-ferm issues and this/, MTAMI. Fla—Lawrence C. Porter
has kept the pattern intact which
is conducting a securities business
Chi- ; has been in use since the start
of.
^ffi^es in the Alfred I. du
offering ?/,oplw
Chair-/ Government bonds is still
?
Pont
ited
Building.
/
;
!>
.
(Number
,
:h
'
The
*
*
*
State
Bank
date
for
cf
■
Alto,
■
••
•'
for the
Federal
System.
THE
/
,
'sis
*.
•
NATIONAL
MICHIGAN
who
'
Sept. 30, '6L
resources.
1.982,290,026
Deposits
Cash
and/due*
from
U,
banks.;
S. Govt, se¬
curity holdgs.
Loans
&
Undivid.
•
I
"
June 30, '61
.
$
2,039,224,289-
1,782,462,944 1,841,455,671
•v
i " ; • r /• {-'■ t
•/ i / Pi
.398,711,302
;/Securities //
be
the
case
not
those,
are
believe
still
"
so
long
however, r
there
better
still,
or
little
a
what is likely /
the passage; of
will
a
be
a
super-
which
would
be
brought
by the great demand for
housing along with sharply higher
expenditures by corporations for
'
DETROIT
•*.
Total
agency/
about
/'/
'
*.;//'--
v
boom
Reservd
/•;/
/
on
with
was
There
boom,
to
appears
happen
time than
Farmers
-
and
./•
federal
/
Interest
agreement
more
to
Slate
;
OF
near-term, issues
distant maturities.
most
there
but
under
^
BANK
the
those who
as
subject to considerable discussion
Sept. 26 by the Board of Gov¬
the
the
Whi+her
State Eank of Alto, was approved
of
for
ventures
well
/The pattern of interest rates, is
ago.r.
of
as
•
consoli-1
Mich;,
title
and
successful
exchanged
Alto, Mich
to
U. S. GOVERNMENT
••
Farmers
with. The Edwin Nash
charter
be
Government
outstand¬
'
■
permission
Clarksville,
have
value $10.)
par
application, of the
asked
to
Chi¬
ei.ee Jave oepc.
shares
in
for forward refunding
operations which have Turned out
increased from $1,of
lim¬
a
Also this sector appears
been
reserved
by
the
one.
Treasury
Shore
Chicago,
/
needs by
di-;
division,
$1,000,000
by
Berryman :.is manager- of
dhe .Buffalo, rN. Y.4 office of the
Bank's municipal
securities de.partment.
money
a
or
inflationary
should
the. year for both new money and
capital stock of The South
Marine
Western
announced
new
boom
a
was
Bank's loan
stock dividend, the common
a
ernors
to
meet, its
which will
rate
attendant
•
fears.!/ This
The Government has been able
; to
and
metropolitan
1953
the
of
Berry-
Mr.
Mr.
Trust
-/•;/' '•/;•''
] President Francis A. Smith.
the
Vice-
to
By
on
Brown
The
this
was.
with
bust
MeDonough joined Harris refunding purposes. There is net
Savings Bank in 1931,/" likely; to be any change in this
became
an
officer in
1939
and
policy for the foreseeable future,
advanced to a Vice-Presidency insince the market for long-term
the
R.
since/ the
completed
will continue to
a
result in either
not
The Treasury is!
with its fall new
million
ahead at
move^
and
C. Mer-
and
that the economy
;
•
Mr.
-
Trust
Bank,
Scholtz
w?s
$503
"in
capital expenditures by corpora¬
tions/so that there will be no
excessive/-demand for long- ' or
short-term
funds.. They believe
t
Savings Bank, died Oct. 2. He
Chairman
second
market
expect
no
either/housing
or' in
money
boom
bin.
/ z4
.
the
important in
determining
policy. These followers of
very
future
from.,/ th'2 - enlargement of the
maturing of 12-month Treasury
1,646,438-
MeDonough, :/54,
President-
*
of
'
2,039,23.1
phase
when
'r
in
up
new.-money
venture
money
47,959,181/
./■
.
profit—/.
J.
:
Kleiner j
Townsend, Jr.
Vice-Presidents
944.45
knowledge
.
Correct—Attest?:/
/
V ' ' "o.
M.
ahd
man
of
SKINNER. Treasurer
best
are:
Promotions
$109,630.40
above
belief.
by Chemi¬
"""
above-earned institution, hereby certify
correct
York
Jung,
(
and
deter¬
guesswork since they will both be
raising
operation;/, Investors,. aside from
the Government trust funds, were
givep 37% pf their subscriptions
in excess, of $100,000 which were
/
Vice^Presidients
was
Frederick
assigned
deduction
New
405,830,302
discounts
&
••.
3,670,001
N. Y„ it
Edward
of-_;__.^„L_ •, ' r
VI,-CHARLES
the
Government
John
111,998,770
4,019.812
.
V^
1
'•
■/.
53,473.174
security
29,886,153
'
1
-.'■■j'
116,395,176
Herman Mer>n,
purposes.../._
after
*
reserves
or
liabilities
other
are
S.
Loans
■■■'
discounts
They
AND
ACCOUNTS..
pledged
-secure
for
from
due
-Undivided
49,536.731
Assistant
/
>
June 30,'61
49,323,022
Bank
b.elm
MEMORANDA
to
U.
man
Mr. Helm.
$1,579,237.54
CAPITAL
Assets
is
•
OHIO
414,769,472
and
banks
NORTH
holdings
&
pany,
754,237.54
COUNTS
'TOTAL
Deposits
■
$500,000.00
fund___________
OF
'
$
have also been elected
'
value__._.__
par
Surplus
Undivided
:•*.
•' ~
its
Sept. 30,'61 June 30,'61
allotted; in full.
"■ <''' X V •$■''/■ */'
$
now all through
455,648.167. 443,569,059
-
resources
Cash
YORK
25,178,650
:
Seven
ACCOUNTS
Capital: Common stock, total
/- /■
.
ing 150,000 shares,
LIABILITIES
./.
to. pick
of
■•
frbm
Undivided profiisi-
2,752,764.79
CAPITAL
be
what develops
important
more
biUion which the Government in¬
tended
«
•
•
NATIONAL BANK
,
Total
209,504,929 208,821,669
184,488,729 184,853,212
Government
Loans
liabilities.'"
TOTAL
S.
security
DEPOSITS__$617,801.47
Other
due
and
banks
and..
TOTAL
resources
Deposits
of individ¬
corporations
staff
$
$4,949,803.80
...
/. SOCIETY
#
»
'■■/"?
CLEVELAND.
;
*
BANK
Sept. 30,'61
TOTAL
*
:.
department.
*
COMMERCIAL
403,786.63
;
:
5
newly > appointed
vestment
600,336.80
stocks._____.__3I
*
"
1949.
and
...
Corporate
•••"*-
•
•
(Number of shares outstand-/ stage
ing 65,400 shares;'par value $10.)
.
Broadway, New York, New York, at
close
29.
include: Shelby M. C.
Davis, Assistant Secretary, invest¬
ment research department; Peter
H. McCreary, Assistant
Secretary,
investment
counseling
depart¬
ment; Lindley G. Palmer, Assist¬
ant- Secretary,
investment coun¬
sel department; Henry L.
Parcell,
Assistant Trust, Officer, personal,
trust
administration department:
Lyle J. Pirnie, Assistant Control¬
ler, auditing department; David H.
Reed, Assistant Treasurer, bank¬
ing department; Mark M. Saulnier, Assistant Treasurer, bank¬
ing
and
Charles
department;
Young, Assistant Secretary, in¬
14
CORP ORATION TRUST
the
for
pur-
international/" finane;al
the,
in
>
from $545,000 to $654,000
stock dividend effective Sept.
a
members
vim
of
of
%f
,
The
named
CONDITION
Oct.
it
Bank
by
by Albert
C. Simmonds, Jr., Chairman.
;
the
on
was
will
rates
at home and
omy
to
'/ The-"Treasury allotted $2,176,000,000/ of the 3y<t% notes due
& Mechanics Nation¬
;May 15, ,1963^/to/ investors. This
York,/ Pa.; wa» in¬ was; just a bit more than • the
$2
creased
•'/
;•/■
appointments,
announced
was
charge
analysis, has been
•-
The Bank of New York has made
,
Brown,
600,310
863,026
/.':•/
*
al
'
•
Henry H. Brown and Frank X.
Kissane have also been promoted
to Assistant Vice-Presidents.
/
Mr.
or
mined by the pattern of the econ-/
e,
capital '7stock
common
The Drovers
3,639,142v
t ,
;
,
/'security
Vice-
The
..%<■
; " •
2,736,037
Government,
Undivided
to
ex-
They agree that the trend
interest
of
improving.
also slow the
funds from here
market
and* credit
long-term
money
short-
po/es.
conditions
are
may
of
movement
taining
the
that
in the British Isles
This
of Wilkes-Barre,
$6,253,588
1,681,739
617,801
Cash and due from
trust department; Appointed
Assistant Treasurer in 1945, he
President in 1957.
the
on
rates
perts are not* looking,* for any
sharp increase in the cost of ob-:
■
Total
heads the tax services division of
an
interest
trend/of
bit also. These money
obligations.!
reduction
pears
•
■
into British
v
*
effec¬
/;./"/r
of the
some
..
the
Thought
point of view
.
of
Bank,
increases the
obtaining these funds.
Conservative School of
short¬
balance
Pa.,'
England. It is a favorable develop¬
Louis Klos as Educational Direc¬ increased its common
capita&stock ment in the
international mone¬
tor.
from $1,800,000 to $2,250,000 by a
//
■
tary, situation.
Z
•/
/-i
•
stock dividend effective Sept. 27,,
THE
CORPORATION
TBUST
COMPANY,
(Number of shares outstanding >/V Treasury's Fall New
Money
NEW YORK
112,500 shares, par value- $20.)
,,/H//. Needs Met v -. ' ^
/
27. '61, Jup§/J0,.'6l /■■'
pro¬
of
use
to
seem
no
by the use of monetary
such as restricting the
credit along with higher/
interest rates which
re¬
hot: money/which had been in
these, securities has been moving
to consolidate;
of
tive date is to be determined.
The
there is evidence that
Colliiigs-
under
and
according to
/appointment
which
be done is
measures,
com¬
to
gbing to be brought to an
is,
/^ that there will be only a modest,
upward trend in short-term rates*
The need for short/term issues with the cost of
long-term bor¬
is as large as ever even though
rowings likely to trend up a little/
National
Collingswood;
of
wood, New Jersey,
Com¬
6
the
that there will be
of
age
of
the year at least.' ////'
"/
26
Jersey
Bank
Hollerieth-to
division,
announced
Vice-President-
B.
operations,
continues
have
by the Federal Government.;
One of the ways in which it will
by
reserves
levels
at
mean
ap¬
James
the Comptroller ap¬
application of HaddonNational Bank, Haddonfie^d,
field
by Hoyt Ammidon, President. Mr. Ammidon also
.
of
an
announcement
an
9
Trust Officer./
>n
/
•
Oct.
Vice-President
investment
New
/.
#
On. Sept.
Vice-
Trust
York
Norman
Assistant
former New York Trust Company,
York, which was merged in
the
announced
Oct;
as
proved
Assistant
Assistant
•>", /
States
New
of
moted
New
1959
from
to
>'.1
•
.
United
pany
both
J.,
banks
/
Cut in British Bank Rate
with
'
Messrs.
N.
of
mercial
*
same
promoted
was
Chairman
Harold H. Helm. Mr. Cole is with
the
Bank's 40th St. & Madison
Ave.
the
market
3,020,904
*
and
economy
an
be based on a
bust psychology that"
inflationary
implica¬
going to
end
are
open
profits
Stanley
time, Joseph H.
Conway, also with this Division,
York
readily *met
73,243,438
pointment
Philip McCallum and S. George
G. Savory to Vice-Presidents.
James C. OHara
Chemical
ark,
of
the seasonal
economy
being
',:
The National State Bank of New¬
appointment
The
future.
the
73,354,662-
'
*
the
foreseeable
of funds for
87,157,182
*
announces
boom
tions is
the
76,791,185
"
• '
is
will
demandsof
that
evident
is
which
in /
supply
long
both
rates,
short, would 'move up.
It
condi¬
tnat
or
holdings
&
Undivided
Irving Trust Company, New York
be
credit
interest
that
so
and
opinions
any im¬
discounts
security
trust
in
change
markets
the
not
-
the mone¬
tary authorities because, through
Government
Loans
reflect
will
interest / rates- will
harden: t6 any appreciable extent
;
June 30,'61
/
$
•'?.
30,232,705
to
there
portant
**■'.'
WESTCHESTER
capital
and
money
that
•/* //////- '•/
.
OF
PLAINS,
department.
*
788,731
Vv.~ ;Sept. 30,'61
'/•■'$
V,
U/S.
corporate trust officer, and Don¬
ald C. Berry-, Jr., and William J.
Kautz
1,265,337
Total resources.272,089,717 250,726,156
Deposits
249,304,905 223,037,999
Cash and due from/',
//Li'-
Richard Van Dyke,
*
continue
BANK
WHITE
pointment as Assistant Treasur¬
ers
of/ Jerome
H.
Dols; and
78,617,208
>
•' *
-
r
The
77,513,150
discounts
'NATIONAL
ap¬
49,385,417
—r
holdings
and ■''•/A'.
the
was
CHIPPENDALE, JR.
25,049,184
49,528,633
__
Undivided
Assistant Treas¬
an
BY JOHN T.
Government
S.
.
appointed
was
urer
$
due from
security
is ac tne Jamaica
Division Headquarters in Queens.
O'Hara, Assistant Vice-Presidents
OF
'
:
June 30, *61
232,642,521 226,727,022
211,291,249 205,991,342
....
banks
Cole
/
$
resources
Deposits
A.
BANK
ISLAND
Sep: 30, '61
Total
Milton
"
.
NATIONAL
LONG
Offices, etc.
New
•
SECURITY
:
409,137,948
565,77^803
577,355,327'.
discts.
726,883,252
770.482 088
profits
26,259,791
24,667,863
capital
no
goods
question
housing and
purposes.,.
but what
capital
would produce
funds and
result in
able
a
a
a
There
boom
a
8c Co.
in ;
INCORPORATED
expenditures
great demand for.
this would most
likely
,
±
20 BROAD STREET
•'•/■ ■:NEW
/
i/
A
•
/
"
•
YORK*'
*:•
r
lessening in the avail¬
credit/, This, would also bring
about
Aubrey G. Lanston
is
CHICAGO
.
change in monetary policy
1
;
-
/
.
^]BOSTON !/
,
(1583b
h
gp.
-
23
It sold off Emhart Manufac->
v'hrfmungiCp-i.and M. A/Hahna class!
B
i
reducing
,A Manufacturing Cor
'
v
zE'
scant
grim
of
of
Americans,-will have^ declines, who
difficulty
in 'recalling the
the 1930's. t Many
of
years
people, their jobs or t' eir
gone (remember the 'Okies-
and
the
our
i7>; h
Investment
.!
,
the.
measure:.of
nature of the
pointed up by
r
h
c
where.
now
•
report from the
a
the
will
California
country
in
the
mutual
fund
the
stake
the
the
Accord¬
of
funds-,
in¬
an
emerged
tomer
up
the leading
as
nounced
tional
gain
and
funds.
Nationwide,
One
crease.
the
by
purchases
these
of
which
of
funds
the
was
cradled
affluent Californians.'
vania
no
.third
with
their
of
Illinois
should
per
was1
an-
1960
-
of its
31.
y
The
invests
/nV
this
people who
all-time
Ltd.
high
ment trust
1981
If
vend
.1
mu¬
the
latest
on
issues
continued
to
only
$42,000,000
a
year earlier; Michigan was 'push*Ing the $50,000,000 mark, up from
with
■
and
of
f^om
folks
transplanted
provided
North,
a
a
*
*
*
Capital
market; for
gain of $12,000,000.
a
Aside
fund
from
a
customers
few
bleak
in
of
this
and
2.600.000
-about
5,000,000
counts.
"
.
shareholders
shareholder
/;
•
....
v
doubt
fornia
can't
there
,
people in Cali¬
who
-and-. Massachusetts
sell
turtds.
assumption
people- in
Dakota,
a^e
ids
And
tjhat there
Wyoming
both
of
,«
are
and-
which
a
•
= - r
cars,
its
fleet,
funds for
provided from its'
be
/;.
'
,
increase.
eoual
During
quarter of this year
stocks totaled
$1,490,590 and sales amounted to
chasgs of
common
During
<the;i,t lvr .e e
1953
in
Security Insurance Co. of
York and Scott, Foresman &
f
?
serves
an
area
the
ating
the
over
'ations of the co-op, this
oper—
development should not materially alter
the company's growth pattern,
Revenues
•
electric
from
all
customers
last year in
classes
showed
the first half of
1961, although industrial
down
were
in
of
gains
the
revenues
first
quarter.
veari
rate
though there was some offsetting
gain in gas heating sales.
of
increased
7.1%
to
•
Reflecting
.
cur-
load
and
rising
new
residential
industrial
revenues
business.
expected
are
to
Electric
generating
about
1,064,000
->o,
heat- / A QTT! 7\TA"Fn * I lATYTTTl
ing and approximately 60% of the
XNUII1* VyvJIllIII#
customers
residing
in, area; TU TTnlrl
MoafinrTQ
by
natural
space
gas
1U IKJIU IVlUtJlIIlgb
this
use
,
fining additional gas.
Tr ey / also
102%
may
_
bo
'
.
.
,
,
.
.
s^ppiymg
of
its
of
(Provide
will
which
deiiverv
an
take
company to
railroad heating,ycustomers
p^t/oleum
«c£'
.
t0
fiRe<j
be
H
M
at
J,^ork
annual
the
Fph
,
,«
additional
or
the
S T^new
Revenue
from
-g1*
Board
of
(regular
Governors
Board of Governors (non-regular
members);
KdSSnite U ^tuity
^^ ^ITlXleild by
1961-62
and
Trustee
of
Fund.
the begin- -V
sea-
of pub,
lie tank, storage terminal facilities
son, and as .a .result natural gas
almost
TTnitpri
thp
will-be-available for heating to
every
'service in the
fur
ctatw
_
...
.
_
formed, with
,.
,
Juliano,
■
Parzow,
Treasurer.
southern
credit
are
'
on
and
con-
^have been projected as
'
Year
;
.Millions)
and
Another
$20
quired for
26c
42
DIVIDEND
3c
a
construction if
a
from
net
income and 35c
in¬
a
share distribution from real¬
ized
securities
profits,
pay¬
able November 15, 1961
of
24c
million may be
share
vestment
record
to
October
20, 1961.
10c
49
quarterly
stock
cu.
36
7~~
1
Secretary
creditperSh.
qc
iqcq
and
Interest on
.
construction construction
-
h®*
President;,
,
area.
interest
..
•
such;.,:
expenditures
for
offices at 729 Fif- J950
securities business. Officers
Isad-ore
applicant for
Construction
the
,
teenth Street, N. W. to engage in
,a
of
wmbers); four members of the
?oeR1reerei begintnin?in t^te«Qn:f wariufacturmg c a r e*erAround^fTeW near ^Uden 7{arge^ £ingle<aggrega^on
nf
Chairman
(subsidiary of Panhandle Eastern
|7e7 of-^
<■^prine.pal busmess of
?
86 T™uhr 'New
'
„
approved an expansion program for Trunk'line Gas Company
rlaiiv
_
.
has
Pipeline)
-
:
,
.
The Federal Power Commission
re-
par,.plus accrued
to
interest.
James
chased
Power
to
southern Illinois.
Revenue loss
should be small, however, and assuming that thfe state Commission
electric
served
Securities Corporation has been
(he third
net
39
of
return
original cost of net
proposed
new
electric cooperative gener-*
plant to be constructed in
rural
affected
The
plant
on, net
4.7%
WASHINGTON,- D/C. —Builders
$59,613441,
^are at the close of I960.
New
favorably
was
fa(e
a
return
from
sinkmg
annual
a
Sept.
Illinois
adjacent
mainly rently.
p jr-
at
fund
showed
,
Form Builders Sees. Corp.
were
fair -$1^209,310.
North
company's
revenues
in139% in the decade end-
however
by
S^are ?n^ju?e 39 ?"d
,•
i,;find it" ..and -this
ap.pl. e-s
equally... tofund salesmen.
No
secured
to
assets
petroleum, people have a
of saying that "cil.is. where
you
are
lire? awUhm$32S?l A ™Yn^
ac¬
that
states
current
on
plant-(year-end basis).
-
mSxl9s many jh,er Products and
services to industry. ..
.
Inc.
Major
years.
rn'
:
"
regulatory purposes,
a
in
fhl last lie
rooler tiian noS'
""J 3 avlraae ahnual?eain mal wffich rlduced the
If
(cZpouldedl ' of 11% ^ whkh Slctri^dW fol^aiV conditilnin/
an'under-
General American Investors-Ga.,
—-
The
-way
'
Aug.. 31,
/>-" "
tit
about 7.1%
shares;
fair value
a
"SO (some of this being due Weather conditions were unfato rate increases however). Earn- yorable in the first quarter for gas
Generalv American
of specialized car-
$1,250,000
terest.
I960.
individual and instltut'o ial-^with
recent
heating
$15.08 per share a,
•
mately
will
every
abound
lard...As the survy
of
the NAIC iilustra'es, its
160
member companies have approxi¬
part
rate base for
art
share
on
a
present number of
The company enjoys
over
The
$25,000,000
re-^ht ^'chlmicll
$20.21 per share. This compares
with $64 370,451 and $18tW
spats,
in
creased
,
nearly $51,009,090 worth of fun..s
for
obtained, equivalent
the
rt
■
;^xe.
Fund, in,
gas
fuel
for
heating pur poses. ;The Nominating Committee ' of
,J commencing in 1962 will Through the development wx «,
...
retire 95% of the issue one year derground storage,: new custom- ,the American Stock Exchange wUI
prior ^p maturilv fT're ceTificates ers
have been connected each /Jj:°^d aPei} meetings Nov. 8 aAd
will', be re^ee^aMsffoh the sink- year despite difficulties in: ob- N+ov- 18 in the committee room
A
=
Fidelity
on
space
e*c-
■'}.deemed optionally on and after
& General- Corp.
^Te- Qct
,-i&71 at prices, rangiig
lot
and
Motors, Granite City Steel,
manufacturers, petrochemical and plastic companies,
Airslide covered hopper
built by
pcr-sln;y e.La3£ey:a:-: Aug- .31-ifrom
W
the
commercial,
Residential
equi»rfff ®ut
railroad
treasury."
equiv-
which has climate, ?i~e
2,300
which
Minnesota, ,with .alent to
$37.30 per share, compared
$42,557,000, scored a gain ox with
$30.48 .per share aiyear' etor^'
nearly $9,000,000.
And Flori a,
«e*,
-•
-
revenues
and
and 30%
residential
and
annual basis to about 33c
-
appliance
Carriers
$39,000/000, .and
electric
and late
fatemn-
totaling about $4.3 million
/y^.vr'/A'V
..
;
42%
approximately $30,000,000 for ad- rived from residential
represent, the
.
1958
were
elec-
heating contributes two-thirds of
gas -revenues. Population growth
has been close to the national
average in recent years and this
trend is expected to continue. In-
headed .- by Kuhn,
Inc., at par plus ac-
dtions "to
com-
/®adin§
industry ■: categoryac-r
counting for 16;7/o of assets, O.her
percentage
a
62
-
in
favnr-
a
.
the
investments
among
eniov<?
comnanv
creases
x no
«
capability .gain at a slightly higher rate over
totals
kw com- the next few years than during
for
its fleet
pared with last year's peak load 1955-60. The stock has been sellriers.
0f 777,000 kw. Since the\company
ing recently around 82V2 to yield
/Proceeds
from
the
financingyis a member of a poWef pool, no -2.7% based on the $2.20 dividend
wri
used
to
reimburse the increase in capacity is anticipated rate. Earnings for the 1-2 months
corporation for the cost ' of the before 1964 when a 335,000 kw ended Aug. 31 were $3.0o comcars
securing the certificates, unit will be added. In 1964 peak pared with $2.90 in the previous
General American Transportation load is estimated at 1,100,000 kw. ;12
months. The current pricecontemplates for the remainder of y Almost 70% "of gas revenues [earnings ratio i^ 27. t;/
196I and 1962 the expenditure of
(28% of total revenues) is de-
16 industry groups. Store
pames in
Co.
cars,
basis, > the
Midlands - didn't-do
leading groups were utilities, wi h
badly
either.Thus,,
Missouri
;13.7%; banning 12.9%; and oil and
bought $59,000,000 worth of funds
■gasl2.8%,
in the first half of this year, com¬
^
^
pared'
industrial.
group
tank and
fund, which
in the secu-
year,
with
^
Transpomaon;.°^s^,*i^l.^Ifh^a^wlaaffr years?- b^lh^he^econd qutiddr
111.) 4.55%
mte;;-
Three mopihs earlier
diversified
were
outdid
Yankeeland
Coast
...
at
-i
of
The certificates
and^a
.
land.
are about
rurai5 22%
certificates,.dweoOitaitT
Loefcr &
Aug.
of
73%
the remalnder. Electric
growth
is being made by
writing
the
at
year,
only
.
American
Corp.. (Chicago,
share
per
,
report
exclusively
offering
The
r
^1C With ^ conJS[ib+uting most of permitting,
T "
Public
re-
about
are
eral
General
'-over
fiscal
annual
.
A
West
the
Revenues
-•
~ "T"
m,
processing,
industrial customers include Gen-
•
•
long-term dustrial activity has shown good asserts jurisdiction
is
s\i*r*
,
11.
dairy,: Industries include bi-
moving equipment, etc.; :• •>
v/II6T6Cl
the figure was $15.68
earlier it was $13.29. At the close
funds,
the ' Golden. -Gate
almost
everywhere
in
-
beckons
a
securities
senior
as
and
iron foundries,
metal
working plants, cement and earth
.
f.
°'
value
ninth
fiscal year;
of
tual
share,
a
TranSDOrtatiOIl
rities of leading Canadian corporations, reveals that the per share
value was $15.90 at the end of the
of
.
the
$21.57
to
x»ou.
.
more
?
products
mills
,
!o|'r stor?S'
Fund
American^sponsored
period).
tfc e
little matter
Yankee thrift and industry.
For
3U,
iiv£ of the fund
growth of capital/
,
like
the
There's
.
*
asset
an
end
1961, compared with $41,317,in
977
"*
*
*
The first public offering of
Varie<* Industry Plan, Inc. of Fort
Wayne, Ind., has been made at
^.4'89 per share- Principal objec-
of
increase
an
General
net
leached
rank
( 62,182,000 in the first half
000
,
$51 40
increase of
an
*
ports
whopping gain of over
a
This
share
dw
^lth assets of $58,277,-
equal
bept.
62
•'
assets
it
30
from 10% to
Canada
and
50%
to
report
A A
'
•
fourth,
respectively,
amongbuyers
of.-funds.
But
Massachusetts, which has neither
clime nor size going for it, came
up
465
,
net
•
size, it will
surprise that Pennsyl¬
and
Sept
also
ranZe
^
many
%
occasion
"or$24
compares
$.40,000,000 in total net assets
during the 12-month period ended
Sept. 30. According to preliminary figures, the total was $254,013,267 on Sept. 30, against,$213,<791,650 at the end of the third
quarter of 1960.
All five funds
participated in the advance.
The
only - four of the
to register an in¬
Considering
•
,
had
A
J
Niagara Share Corp. reports that
.
-
funds report
amounted jto $1.4 billion
for the six months, or 26 %.
Arkansas
A
.
man-
The five Axe-sponsored mutual
now
shares
s.ates failed
skilled
City,
"t AtiG"
C!f
production: and refining, steel
01
.
than
registered
Incidentally,
of
.
S6S^5^ashare'at Dec- Gen. American
cus¬
As the figures show,: California
50
.,
C?n\i soybeans>r* wneat> livestock able regulatory climate
and
South Utilities and South-
ern M>..
a
$36,807,160, equal to $43.01 a
share, at Sept. 30, 1960, and $38,-
easily surpassed the over-all na¬
'
for
with
for the mutual funds.
.
^
Middle
recog-
by Wm\ K. Jacobs
Jr
President. These figures compare
the prime customer
as
who
desire
equal
'at
share
suen*-agricultural
•
j
its way to pass¬
on
automobiles
for
shapes
u
.
Fund
j'
jj
Granite
TTrtol
one!
tummous-'coal,. food
American industry under
in
$43 987 988
ing New York in population,,-long
ago
universal
stewardship
x
ij•
RlnnmmtffAn
-Boeing'
that matter,,Tor-those
,
$20,000,000 from
of 1980, California,
half
I~
And there
fund vendors
Abacus
around
which'is'well
uu
—
New York, where pur¬
totaled $213,000,000 for a
first
the
.
,
champaigm
vue}
'Hudson
The Funds Report
Californians
was
of
•
quarter billion
Second to California among the
gain
■■
514 167
period.
year-ago
chases
Company
-
Illinois Power supplies electricity gas supply contract with Trunkshare.
: •
:
and gas te a population of 11-20,, line Gas is approved. Because of
V::;,600 in portions of central Illinois, moderate construction expends
o
first
of nearly $70,000,000 from
crease
v
.
per
a
agement.
of
a s e
the
year.
over a
worth
h
in
survey,
bought well
dollars
OWEN ELY
amounted to $%018,414, equal to
ho
mav
Illinois Power
.
_
of;, sustenance
;
the
mze
the
sustenance,
for
mutual
Com¬
led
pur c
shares
of this
months
ing-to
BY
>•
.
ucvcuuciH
westhof
•
be
either
National
•
Investment
of
in
vestors
states
v
:
caller
uiuicaoiiigiji
people
River for
panies) which has .found that in¬
-
•
Lieet
Wall Street may tummue
uia.v
continue
UI-LUUIC
the
dis
Company Institute
Association
the
.
c
;
.
a n.g e
country
(formerly -'named
six
-
.
of the Rockies,
A
,
•-
and usually found, after'
travail, a better life west
,muciv
•
*
:
#
■.
Per share.-At Oct. 31,- 1960, close
of the last fiscal year, /assets
a-brisk
-
-
Pailforduifna'
,
sought
"A
substenti^ orosDectThan
tess
a
Arkies?),
sought
the
clime of California.; They
sunny;,
doing
-
An Arkansas hoe
land
%•
■'
ports* that at Sept. .29,. mark'ng 11.
months of the/.fiscal
year,
net
assets were $15,340,393, or $22.66.
are
business.- " ?■'w
of
Guardian Mutual Fund, Inc. re-
u
Up That Golden Gate
Millions
holdings
Hanna class A and Thatcher Glass;
•
BJ JOStm C POTTER '
while
WALTER L. MORGAN,
President
re-
new
October
5, 1961
>
the
24
(1584)
The Commercial and Financial Chronicle
"I
j
TH-.J
Kmnprir,
l uuvn u
'
„
,
,
PTISIOm
viiuivii
r
X.
x.
.
1
Continued from
1
page
would
considered
be
the
dent for
accepwuM^ oi tne
pru-
Therefore, our
requirements of a
special type of trust fund — the
pension fund—m order to apply
to examine the
knowledge_ of
The switch to investment in common stocks,was
a.^partia 1 recogni-
to tion;
prudence
this specific problem.
J^rc- aSAn? P°wer 01 tnat .capital.
the
:
;
to
which
provide
' pension
i^t part^prpyen successiui
mite.
Fund*
certain
L'i8:o
fund is a
invpctmpnt
nrofessional*!
trust
particular
the
id
is
who
and
of
,01
„
all
are
in
in
life
liie
benefit
meet
which
PvnrPddPrl
expressed
an}°untsWe
either the
outlook for
the economy or the condition of
until
a
(1)
in
.
the
of
aware
most
investment
policy
or
(2\ the sDecific needs of the fund
U) tne specmc needs ox tne iuna
change sufficiently to require a
policy.
,
facts
different
collectivelv-bargained
coiiectiveiy oargamea
a
a
nLun
The
f™.
task
primary
for
the
a
momont
id
to
thaMhff^d
meet the
rprtaTn ?nd. Purcha^ng
sound
oru hls
sound tr.ustee.
vls0r
mairp
suffSlntlv
sufficiently
that the fund is
is
to
when
considerations
it
pay-
due.
comes
lem
All
less
are
route
1m-
available
to
variety
types of plans
many
of
the
trustees
investment
and
theories
,
with
the
prob-
0f/choosing the investment
nPPdd
portant.
are
/which
f most
will
satisfy
these
datisfartorilv
dnlntinn^fidt hf based
?ent con?iderationf in
hldtWiVaT natteins
The
unon
tion
of
he
that
choose
can
.
his
may
dollar
capital and, if
^possible, the preservation of the
purchasing power of that capital,
This is the basic task with which
he has
been
For
charged.
-
years the theory of
capital 'preservation was
/paramount with the trustees of
many
dollar
pension
most
funds.
funds
For
turned
this
companies, who, for
payment,
fixed-dollar
1930's,
held
the
the
scheduled
a
premium
the
reason,
insurance
to
guaranteed
benefit.
insurance
bulk
of
In
the
companies
pension
fund
reserves.
This, however, has
dramatically during the
past 15 years.
During the late
,1940's, the trustees of many funds
changed
became
that
aware
sured method of
siderably
that
v
one
of
purchasing
shift
courts
tion
of
of
manifold.
were
in
For
acceptance by the
the theory of preserva-
wealth
(purchasing
investment.
This
pow-
new
factor,
types
com-
bined with the continuation of inflation and the rise in the market
values
of
impetus
impetus
common
to
10
the
tne
stocks,
gave
accentanep
nf
acceptance
of
equity investment. Other reasons
that
contributed
to
the
ehange
included
ance
fast that life
companies
their
sion
the
were
fund
was
tax-free
a
JSfV n0V
greater
that
the
has
and
than
end-result
an
assets
fund
the
of
these
was
insured
trends
explosive growth in
of
rvP^trvf- ?y
and,
•
the
self-insured
en^
administered
There
j
™phy
xu
is
was
new
in this theory. It only makes financial sense to expect a higher
rate of return from
which
investment
an
the investor to
exposes
a
greater degree of risk than from
some other type of investment,
available at the same time, but
whose exposure to risk is less. For
this reason, common stocks historically yielded more than corporate bonds and corporate bonds
have yielded more than government
this
must
be
self-insured
a
result
all
has
showed
at
market
value,
at book
are
attention to
that
do
its
prob-
nnitp
nrnvpr.
C
Jwen
now
cimrmccfiii
formed.
be
can
Our
task
has
riatp
term
on.
tics would continue to favor stock
f™.
Therefore, in
f,mri
o
fund
pension
a
first
to our
answer
today is to discuss the general question, "What can be considered
investment problems of this type prudent pension investment for
fUnd 3nd
question
of
discover
What
prudence.
fund
to
a
particular
its
and
nnrtfniin
inu0ctm0ni
Solution
Long-Term
/
!
,
Tre
sell - insured
available. two types
u
fund
of,
has
invest-
in
mains
favor
commitment in
we
applied
be
can
specific
th«rfnswer resubstantial
***? 4he l°"g-term?",
tin
r
m5X?
historv
of
tn
stocks.
not
mndt
wp
+uat
a
common
the
3% Versus 4.91%-
:
> This current yield of less than
3%
be considered
long-term-yield
of
ance
are
for
allow
Therefore, in order to answer
question, "What is a prudent
our
investment
for
pension
a
fund?"
and
simultaneously, give recognition to the ever-changing climate
Gf
investment markets,
I think
that it would be fair to divide our
questicn
stumble
+
®cass
later.
as
follows:
^kat
f
,
can
long
wu
be
considered
term
this yield indicates, tnat
willing to pay a premium
a!
stocks
our common
38.9%
of
Representative
ha/d
other
bonds
..
currently
are
the
on
•
priced
viel^somedh/t In
a
/°xc/SS(/j!thc ^32% aXrage
on
f iPL _term basis Presents
?,r 5 ?
"d&Ar\
r*
M°+°d^ S ^JndU?tnalS,yield *2
maturity 4.30% and newly issued
r
«
.
,
provide vields of
00m0rate
bonds
4^% to
w&A.,l°
500%
matUrity,
quality,
deoendine
Furthermore
that
term
average
the
and
should
it
nized
he
though the longyield for bonds is
history for
to attem
periods
tae have been
in
years
when
climbed
like.
rproe-
even
«%
0Ur
unon
D,uu/£. aePenaing apori
long
as
20
as
yields
bond
never
4 00%
above
Mortgages Attractive
7
••
Up to this point, we have not
discussed mortgages as a form
policy can be pursued successfully
if
^ not consider tomorrow of investment for pension funds
even if its eye is upon the future,
since at
the present time; they
a
looking through
man
pair of
a
.per year.
riod of time,
can
Prudent investment for
a
th°
Since
we
now
are
^.
investment
,
a
concerned.
ad-.
are
pen-
a
empt;
matters.
Specifund is tax-ex-
a pension
it has
accumulation
long
a
and
period
of
distribution
funds; inflow of money
may
ceed
years
outflow
for
many
an
dividend
time has come-for
at
the
Us
/'■
and apprice of the
Of this,'4.91% came from
ground
only account for a very4 small
percentage of total pension fund
assets. However, interest in mortgage investment is growing rapid-
:"•»
-
.
stock.
dividend income and 3.21% from
appreciation.
In recognition of these longterm trends,
Jflne investment solution has beefi the substantial inin
crease
mon
te
stocks
addition,
ownership of
bv
pension
com-
funds.
In
the
to
in
long-term adreturn - over
other
investment which was
vantage
types of
look
ties in the fund's portfolio. Skip-
PinS the factors of social useful-
to
;
-
will
investment '-professionals
I
believe, that the
long-term future for our economy
agree,
is
bright barring the incidence of
major catastrophe. It is upon
this forecast that a long-term investment
in
common
stock
is
predicated. Personally, I? do not
a
issue with these predictions
though I must confess that I am
take
not
cotimistic
as
What
I
would
as
like
others,
many
to investigate,
however,
curities
usually
purchased
by
pension funds. This investigation
have
annreciated
common stocks
3 21%' r>or an-
nave appreciated d.zi/0 p-r an
is
of'the
value
the
current
relative
different types of se-
would be pursued in light of past
performance,
future
and
securities
most
closely
potentials,
which
to
conform
dictates
the
of
prudence within this framework,
This
is
not
to
5e
in
essav
an
nf
rrmroP
,
2?^
this
market
pen
,
.
Rather
market prices, xtatner,
■
evaluaaon of the
an
is
nrices
opportunities
in
pres-
investment
is^npwtanMto^recogn.ret!hat with
+v>p
nriopQ
of
common
stocks
period of time. These patterns
only valuabie if viewed as an
tremely
long-term
measurement.
There
have been periods in our
history when there was no inflation and
and
the
vjce
prices of stocks
rose
versa
,
ex-
Equity
to
Holdings
Because
factors,
mon
of
the
all
x
Increased
these
percentage
various
of
stocks owned by the
This review of current conditions certainly indicates that, on
a
basis of history, bonds now
provide a rate of return somewhat better than the long-term
averages, whereas common stocks
are so priced as to provide a current rate of -return substantially
below
the long-term
average,
Plain common sense dictates that
we look a lot ^closer at our cona¬
mon stock investments since this
warning cannot be ignored. Fur-
thermore,
have been voluntarily included
—
i-
have
tw
i?
in
;n
<.+ork<;
hut
Him
tn
lodn'o'^raH
investment
ritip
nf
±4-
4-
rp,'
into
their
i
4-*
,
•
$
,
highs.
Conversely,
gone
up,
droPPed
first
came
to
•
the
so
1936,
sj10Ujd
th
view
whose
more
As
mon
,
,
prices
as
current
yields
secu-
risk
of
with,
cold
a
nnrchase
eye
involves'
risk than those in which his
nointed.
stocks
out
of
has
have
3%
^is
have
are'
looking
that-at the present
s0
fore,
-s
low
and
qro'o-T959).
the late 1940 s and early 1950s
basic^ ophy
include
degree-
nreviouslv
the
rLXforcom!
averaged
8.12%
stock market reached an per year Thig is the result of both
^ln?e }?
a few weeks ago. dividends and price appreciation
likewise, the evaluation of earn- ^.0 which a pension fund draws no
lngs 111 relationship to the price distinction because of its tax¬
of
s,tock (prlce times earnings exemption. Since our current
ratio) has approached historical yield on stocks is approximately
been
addition, all pension funds » when the common stock philoscalculated
choices
varvinf?
Fme8 01 varying degree^ ox risk,
indicate
would
for
that
we
additional
an
512% per annum, either from in-
*ime they average less than 3% creased dividends or price apprefunds on a b+road cross-section of com- ciati0n, to remain abreast of the
thn
noHx'r'
charged
com-
in common stock prices. During
tho1 intn
•
The Earnlngs Factor
trustee
any
with prudence must consider the
?acto^ of relative risk Since his
now-post attractive for a pension lon^tPrm Xte
are
ex-
of return. For example, a government insured mortgage, net after
servicing charges, is priced to
provide a yield to maturity of approximately 5% or better dePending upon location of the
underlying property and the like,
dollar capital is relatively safe.
nro-
//edaTthesamerXina/ygiven
ness
and other non-investment
considerations,
mortgages
currently provide an attractive rate
.
Most
mentioned previously, the process
of investing in common stock was
the conclusion that, over a long
period of time, this type of investment tended to compensate
f°r the steady depreciation in the
purchasing power cf the dollar,
,
beneath
us
directly
Present Investment Conditions
the
of
Thf.zard.; anfd' tlJere a.re+. no
the
earnings
in
pension
for
?emUtneserp
»
considered prudent there
ditional characteristics of
upon
same pe-
shown
,
with investment in light of that
fically,
has
annual return of 8.12%, including
century, whereas,
hacic?
be considered
For the
broad cross-section
a.
stocks
common
tion in the Purchasing power of market timing nor will I attempt
,,
dollar since the turn of the
P13 K 1 1
§
p
ine aonar since tne turn ox tne ^o guess the future short-term
a
term basis.
7
(2) what
*
However, it
com*
above the historical values.
the
over
history that we stumble over the
immediate future. No investment
ment; fixed - income securities binoculars^may be able to view a
such as bonds and mortgages and distant object clearly, but if he
variable-income securities such as should take a steo while looking
common stocks and. real estate.- at that object and" not look down,
Studies based upon statistics col- he could break his neck. A penlected and collated; from 1 *"1879 sibn fund has much the same
Inflation has accounted for an approximate 2% per year deprecia-
wnat can oe considered a
Prudent investment for a pension
^
i
on
stocks of 4.91%. Our accept-
mon
we
light
in
must
the
0f
^nhhndedhv
hP
wp
of
mentsj/;/:;%r;;?;'?;r:"^^:-'V::v
?o nrnvtrie
upon
now> any truiy Aong"te^m
extrapolation of historical statis-
tnat a suitaoxe investment investment for
T-
policy
50%
tn
tn W
anv
gency or ease,
stocks.
common
approximately
by the end of 1960.
,
diiitahlp investment
a
in
to
rose
reliance
funds
Ipmd
This
investment
exactly ahke. Each fund deserves
individual
invested
was
receipts
fund
stock
fund
7-i
two
pension
of
increased
a
No
mentioned.;,In
general, though, it should be sufficient to note that in 1951 only
strinetc.,: and regardless
trend of dividend pay-
lative enthusiasm, monetary
or
be
can
This
in-
TT
philosophy
common
an
instances. This
stock price
13
between
stances such as war, peace, specu-
that
corporate
pension
43.6%" invested in
stocks
common
fund.
es_
of
to 90%;
declines
peaks and unusually low dividend
yields has appeared regardless of
the-the business cycle or of circum-.
been
the
regarding
of the
in
decrease
pos-
for
supported by studies which led to
bonds.
"prudent"'when^s ^ trust instrument^ S5*
Sn
!
length
answer
reauirements
both
w
<Iuestlon m my
,
■,!
r
to
Decuijar
preciation
"u/neiate 194?/s- and
g
as
general
greater should be the rewards to
Jo In
the
little
i xi.-
1960
by
21.6%
.
in nine
realtionship
-1V« ^vest,meat restrlctl°ns increased rapidly. This was due mon stockslong-term
insurance governing the selection of securi- not only to a greater allotment of
Only four times in the last 80 this come
ouestinn
in
fn 1
the annual contributions invested years have common stock yields available?
bv
comnanie"
•
such
sentially
the investor. There is nothing
*960 62.0% come; it is not subject to; substan-
se]f-insu^ednS1comnarpH
cussion
4.32%
had which we have discovered can be
like;
we
of
pen—
concerning
the
self-insured
been
the
costs or some combma-
in
questions posed previously,
should recognize that any dis-
of risk exposure. The more
capital is exposed to risk, the
couid he proved sion fund .that bear importantly
cas?f -1
expensive
Jjlhe
25increase in benefits or a 20%
reason, alh investment programs
entail the measurement and bal-
ance
on
institu-
^unds
flexibility
contributions
less
insu?-
taxed
earnings, whereas the
of
end
compared with 33.1%
funds do provide either a
later/The
months
prices ranged from 16%
there were 25% to 50%
less investment, including the rely and, in my opinion, rightly so.
tention of cash (the ownership, of
An
investment
in
mortgages
pash during the past
years
makes a great deal of financial
certainly did not preserve pur- through the present show that the -problem. Money must be invested sense for the typical pension fund
chasing power even though it average yield- on representative continuously/each investment an- if they are purchased in proper
preserved capital).
For this fixed-income securities has been other immediate step. So, perhaps, relationship to the.;.other securi-
reasons
the
er) opened the doors to
of
than
annuities
another. The
or
one-thing
self-inwas con-
attractive
more
form
the
funding
the
overall yield on that fund is 4%, cps.tr the 10.2 point differential
|
AU mvestors should recognize
it
The
3%< If> over a period of time, the
The
^
any investment entails the acceptance of sovcle deSree of risk.
There is n0 such thing as a
as
trustees
vehicle
funds
light
nisloricai Pauerns-
Be
which
this
logical
a
the actuarial. assumption required for a particular fund is
investment Portfoll°-
cur
primary responsibility
doesnot
change
regardless
of
the
route
finally
.chosen. His first thought and re:sponsibility is still the preserva-
from
plus
commons
stance, stock prices have turned
downward
not/more v than " 13 k
sibilities made this type of invest-
the
to
T^e at an investment philosophy
a?" which most closely satisfies the
Power'
charged
is
existing tioHar
ment
other
There
benefit
considerable. Suppose
original
Hollar
dollar
in
Homfr^henefit11^ trustee of a pension fund is to.
ri?,H?e rerfeiotiotinn inH ionffp undertake an investment program
But the truftees task afany gfv/
nw^rCaPTbi
pn
fund can
the
Jf -the covered individual satisfies such ' a way as to modify the
thesecurties markets change in
the requirement, then he is ento
the
the
earnings ment
the/actuarial
exceeds
assumption,
tn savings
detailed schedule of requirements,
titled
experience
if; the
high-grade
mini-; potential capital appreciation
a
objective for
However,
benefits These bene- wouldquest ion, the toeory^hatan tion 0f the two.
..
investmentpolic^
be flexBefore attempting
ble. A spreific approach is valid
obtainable by those individuals who are covered by the
are
nffpn
otten
.earnings
mum
excess
Trustee
Prudent
of
schedule
.
of
X'-.vV
,has been established
a
retirement
fits
Ppnsiftn
a
tvn1oai
typical
Tho
The
trust
Is
were
i% in excess of the actuarial as- resulting from i the appreciation
sumption, then in 25 years the in prices. Numerous examples of
The Investment Problem for the fund wjn have earned sufficient the acceptance of this long-term
1
What
theory^and^ has, tor
conservative "estimate of
a
long-term return and is
fhn
pension
a
bonds
;
interest-earnings.
on
tnat fund
Pmaence
consisted not oniy oi
xne preservation oi aoA.ia** capital
next step is Du1; J*184? tne preservation ot tne
of
trustee
fund.
our
nf
xneory
i
sents
+ui0
cnaase was a direct result-oi tne
know,- there has been no court
ruling on factors pertaining to
what
tion
+v.of
Corporate
Thursday, October 12, 1961
.
approximately 3 %-31/2%,.
This, whereas,
at"'the
same
time
figure is arrived at by the fund's Moody's 125 Industrial common
actuary when he calculates the stocks were yielding between 4%
cost of the fund. It usually re£re- and 7%.
Obviously, the attraction
'
H?rArt rocnl?
a
structure an earnings factor, typi-^Moody's
:.ca% called the actuarial assumpv, yielding
'
'
"IJTICj
UAAVl
a-
•
.
thg
(in
1899, in
in- July
and
More significant,
fact that since
man
stock
3.2%
only
it
is
at
all
Earnings Crucial Factor
August
perhaps,;
1880
Equity
the
upon
yields, have ' averaged
pany
times:-In
if
1933, in
com-
13
from,
will
Where
average.
each
in-
-
investment,
theory that
prospers,
holders/
This
so
will
will
be
is \
as
a
based
com-
its stockthe result
Volume
194
Number
6098
The Commercial and Financial Chronicle
...
(1585)
of
l
both increased
sentative
to
the
trends
dividends paid
stockholder: plus apprecia¬
tion in the'price of the stock. For
5 <
'
this
reason,
of the most im¬
one
is
study
a
growth
of
growth
lack
or
in' earnings1'
since "It
stockholder
earnings
is
the
that; dividends
paid
are
should
be
vidual
Illuminating
or
metic
of
apparent that all indi¬
investments
better
Is
either
than
worse
the
partially out of earnings
will finance its
future expansion.
'
and it is
earnings
share of 1.5% and an annual
rate of
increase' in the market
per
formance,
that
not
selectivity. is of major im¬
value of the index of 11.8%. Dur¬
portance. Whether
ing
five-year period,
1957-1961, earnings remained un¬
changed, whereas market prices
went up 6.3%., The figures speak
ment
of a stock such as public
psychology. But, in the long run,
for
selection of that fund. This is not
either
current
that
a
company
realize
all
We
V
factors
other
that
there
which
are
affect
the
price
a
-company
more
earns
holders
for
money
its
stock¬
it does not.* Since
or
pension fund
typical
is
the
long-
a
investor and should
term
and
prospers
be
the
latter
themselves
conducive
way of
looking at what has hap¬
importance.
If
buy
we
the
for
3%).. and
purchase of
vestment, then
the
tative
point to which
a
yet
as
returned.
period
for
a
this
5%
represen¬
time?
of
and there
investments
y
compare
good
a
return
portion of the immediate
are
If it
does
no
and
how
see
these 10 companies plus
on
indication of the rate of growth
an
necessary in
earnings per share to
justify investment
basis. What
we
the
result
id
i
Looking
Backward
banks
to
on
a
the* 10 stocks which were then
the favorites' of the pension trust
of
departments. I realize. Of course,
some of these companies
may
no
longer be in favor with the
-that
pension
te
'trust
departments
those
banks and
have
been
these
to
in
10
the
that
added.
stocks
of
others
may
However,
of
appeared
edition of "The
seven
Fall, 1961
Favorite 50" indicating that these
stocks
still
are
favor
the
with
of
been
w
these
in
segments
certain
investment
one
much
of
very
e
n
community. Each
10
measured
has
companies
in
a
to
way
pro¬
vide:
of
the
of
ings
The compound annual rate
in
earn¬
;
decrease in market
or
share.
per
*
•.
L-
Since the end of World War II,
no period of time has been what
S
could
we
d
fairly title
Certainly,
e
would
This
need
per annum
Gen¬
current
a
yield
that
we
^neans
additional
an
5.22%
to achieve the histori¬
cal standard.-Does GE make it
semi-war
LS
on
for the
share grew at a compounded rate
of 1.0%
and for the latter five-
period at
year
does
not
rate of 0.3%. This
a
that
mean
GE
cannot
improve its earnings in the future
but past facts indicate the neces¬
sity for closely scrutinizing the
future prospects of the company.
On
the
five
basis, only
two of these 10 companies would
satisfy this requirement — IBM
and American Telephone. On the
basis of 10 years, three companies
make the mark: IBM, Standard
Oil of New Jersey, and Texaco.
Note, however, that two of the
three
year
international
are
whose
future
oil
com¬
prospects
the
Since
years.
results
of
this
study speak for themselves
wish
can
be
belabor
to
reviewed
at
that
I
do
which
leisure.
Cer¬
is
"typical."
as
Selectivity
present semi-peace,
economy is not typical.
vs.
Of
necessity,
have
concerned
(earnings for "1961
are
Averages
our
discussions
fair
a
least
at
or
!
;•
Per
Share
substitute
1951
.
•
•
-■
4-
*1
4
•
•
Inc.
,'J'
long
American
Tel.
Tel. *._
&
.General Electric*-—IBM*
International Paper*.
J. C. Penney___
6.3
■
0.7
__
—
Oil, N. J.*_
Texaco*
selection
Curr.
Yield
to
because
but
Dow. Jones
i.
there
Industrials..
of
fund.
a
evaluate
the
What
the
fund
Standard & Poor's
s-Conn p. 500
funda¬
and
do
in
of
weigh the
alterna¬
prudent
a
trustee.
The
past
evaluate the present.
!
;
;
As mentioned
at some
length
previously, it is the responsibility
of
trustee
a
to
select
his
invest¬
ments in order to protect the dol¬
lar capital of the fund and, hope¬
fully,
preserve
power
with
His
choice
broad
past.
of
today
its
of
risk.
investments
it
as
the
Only
purchasing
minimum
a
is
in
was
relative
as
years
positions
and values of these securities have
changed
with
the
present conditions, bonds
higher
a
we
is
provide
Simultaneously,
all in accord with the idea
are
that,
yield.
Under
years.
far
as
safety of principal
as
concerned,
bonds are a better
than common
stocks.
protection
What
is
prudent
today? I think
greater em¬
phasis should be given to bon.d
and mortgage investment than in
.that
it
is
clear
that
tionships
normal
2.8
(1.5)
4.4
fund
sion
easily
2.9
return
common
the
(5.7)
(5.4)
4.5
C4-3)
15.8
4.6
5.1
to
cash
the
do
I
not
province
to
the
me
of
believe
of
a
to
be
that
trustee
risk,
emphasis
then
it
to
in¬
bond
on
all
and
we
the his¬
would
ap¬
exercising
return
to
a
normal
relationship, then
another change in policy should
be seriously considered.
3.02
2.9
(b)
9.0
2.8
5.32
thinking would'-be that applied-to-
(1.1)
6.3
2.8
5.32
the
A
5.22
further
11.2
selection
refinement --of
of ^individual
this
Stocks
investments: The best way to ap¬
•
—1.5
;*
11.8,;
0.0
-
4a) Estimated
(b) Earnings
*
One
1961
for
earnings,
19">6
(base
r.
,
yeaT)
*'.
■
distorted
v
due
.
to
.
6.3
•
,2.9
2.9
-..5.22
..
strike; reported $0.05
of Vicker's Favorite" 50"ton Investment Companies, Fail 1961."*
"
per
share.
Annual
York
-
judged
on
and
fund
by
of
assets
types
of
has
been
it
securities?
the Board, Irv i n g
Tr u s t
Company, was
had
long
in
How
,
.
fold
are
lows:
.
concerned
tion
the preservation
—
capital
and
with
York;
capital.
preservation
plished with
of dollar
of
Furthermore,
t
m u s
be
risk
by
the
On
long-term
a
reliance
basis,
First National City
common
type
of stock
a
fund
should
not
purchase. Sirlce the rationalization
\
of New
dent, Morgan Guaranty Trust Co,
-New York,
and William H.
"of
concerned,
X
believe that prudence would dic¬ 4 Moore,
,are,,
tate softie deviation from the
Chairman
of
the
Board,
,
^Bankers Trust Co.
long-
According to the operational
jre-
term solution, namely, more re¬
liance upon bonds and mortgages. .port issued by Paul R. Fitchen,
Executive Vice-President, the NewI have attempted to place the
York Clearing House handled a
the
investment
problem within .new record
of
$802
billion
of
the framework of current condi¬
clearings for the past fiscal year,
tions. Surely changes can and. will
an increase of $79 billion over the
take place in the future and when
previous
they happen our investment pro¬
grams will change in order to take
full advantage of the new condi¬
tions. The point to remember is
that security markets are hardly
static and it is both prudent and
The
is
ties when
they exist. Any
reliance
upon
tioning
formula
a
set
on
'achieved
ing
to
investment
if the
trustees
least
amount
market
current
measurement
*An
address
National
fare
&
Oct.
3,
of
risk
is
of the
by
Mr.
Heimann
Public
-
Reserve
clearing
-
Incorporated,
New York
other
change
and
announce
mem¬
Stock
leading
Ex¬
ex¬
that Bernard A.
Bradley, John T. Lawler and John
Mahaney, Jr. have become as¬
sociated with them as registered
representatives in their Philadel¬
phia office, 1433 Walnut Street.
Richard
announced
Goldstein
L.
associated
also
with
them
has
in New York
become
a
City, 50 Broadway.
Dow Securities
Net
be'
Dow Securities
Corp. Opens
Corporation is
York
a
B.
securities
City.
Officers
are
Dow, President; Jack
Arnold, Secretary-Treasurer;
and
M.^C. Sullivan, Vice-
President..
of
102,000 com¬
Industries,
Datom
of
proceeds from the sale will
by
the
company
for
„
used
working capital and general cor¬
dition of skilled
hold
personnel; lease¬
purchase
improvements;
equipment, tools
and
of
machinery;
build-up of inventories; and new
product development.
The company,
and
headquartered in
engineers,
Orange, N. J.,
manufactures
and electrical
and
torized
radios
and
such
products
as
designs
electric
transis¬
tube
conventional
portable phonographs.
also markets
a
transistor radio
en-
business
offices at 60 East 42nd St.,
-in
offering
porate purposes including the ad¬
that
regis¬
representative in their office
as
\
::
'
Inc., at $4 per share is being made
by Robert L. Ferman & Co., Inc.,
of
Miami, Fla., and New York
City.
■
A
firm
' '
■
shares
mon
before
of
Health, Wel¬
Funds, Philadelphia, Pa.,
changes,
New
Federal
the
Common Offered
This
Riecke Adds to Staff
from
to
Datom Industries
1961.
-gagmg
Clearing House
having 507 branches in ad¬
.
not
PHILADELPHI A, Pa.—H. A.
tered
$5,-
under
conditions.,*
Conference
Pension
The
York
nonmembers.
necessarily
difficult.. It only needs to be done.
the
was
consider
objectively the
investment alternatives, selecting
that medium which will provide
the
necessary
preservation with
the
record
total of
a
Bank of New York and 8
will¬
are
The
clearings
cleared.
was
New
banks
be
can
day's
Association consists of 11 member
fixed
dition
Prudent
record.
new
a
Jan. 3 when
The
unques¬
a
/
daily clearings
$3,221,000,000, which
single
552,000,000
lead to disaster.
can
also
for
!
year.
average
amounted to
seize attractive opportuni¬
sage to
Harold
moment something about the
Bank
York;
Robert
E.
McNeill,
Jr.,
President, Manufacturers Hanover
Trust Co.; Dale E. Sharp, Presi¬
apparently
satisfies
the
definition of prudence as well as
taking advantage - of undeniable
long-term ^trends. As far as curpolicies
*
Nominating Committee: Albert
Simmonds, Jr., Chairman of the
Board, The Bank of New York;
George S. Moore, President, The
stocks
! rent
?
C.
sub¬
a
George
States Trust Co. of New York.
accept¬
prudent
upon
The
Bank of New
ufacturers Hanover Trust Co., and
Hoyt Ammidon, President, United
this
trustee.
stantial
Chairman,
art, Chairman of the Board, Man¬
accom¬
minimum
a
fol¬
Champion, ChairDirectors, The Chase
Manhattan Bank; Charles J. Stew-
the
lar
as
Board of
man
preserva¬
preservation of
purchasing power of that dol¬
the
Rockefeller,
First National City
recognition that prudence is pri¬
marily
were
V ;
Clearing House Committee:
George A. Murphy, Chairman of
S.
T^he
answer is two¬
predicated
upon
the
and
during
year
-
.
mem¬
office
the Board, Irving Trust Co.; James
pension
your
to hold
the next fiscal
*
.
prudent
investments?
bers elected
war¬
light of present market
conditions.
Com¬
mittee
prior to
think that a
I
\
•
Com¬
The
Harold H. Helm
conceived
then
the
mittee.
specific
answers
be and assuming they
conservative attitude is
ranted
House
investing its money?
time,
more
of
man
Clearing
the
been well
this
elected Chair•'
these
How
:
A.
Murphy,
Chairman of
upon
between
the
George
its specific requirements. What is
the current percentage diversifi¬
cation
of
Association.
fund
directly
a
depends
Presi-
elected
dent
mortgages, versus the
percentage in common stocks, at
the present time. This can only
be
Trust
Company, was
and
basis
House
York
kit for
use
in schools.
Datom has
approximately 500 customers who
sell
the
products at retail to the
J.
a
Meeting of
Clearing
Association, Harold H. Helm,
Chairman, Chemical Bank New
percentage should be invested in
bonds
proach this problem is to. consider
,
108th
New
-
not
for
•
o
The
It
10.7
13.0
At the
wish to lay down any
hard and fast rule regarding, what
bers
Bonds
judgment.
stocks
more
do
I
Riecke & Co.,
for
!House Elects
be
be
difficulty.
can
purchase
stocks.
Case
sense
should
pen¬
flow
unwarranted
and
3.62
12.9
prices
Obviously, if
there is a substantial justification
of relative yields between bonds
5.22
8.7
its
investment in light of
data available
5.02
(4.2)
with
torical
7.62
3.1
their
to
the
yields for bonds, the typical
creasing
3.72
0.5
return
then
the future portends a continuance
of
higher
than
common
stock
prudent
0.1
,
should
pattern,
the two. If on
the other hand,
history does not repeat itself and
5.22
2.9
39.9
-
If the yield rela¬
makes
exceptions to the
rule.
In. general,
however, this
long-term performance is as good
a guide as any
available and can
be
"applied
without
too
much
is
terms
must
we
present
ascertain that which is justifiable
for
pear
7.9
v
of
lack
a
tive investment routes in order to
5.12
(3.8)
0.5
applied
a
of
will
ance
3.0
14.7
1.1
-.-(1.9)
of
because
'
Westinghouse___!
is
conditions.
change in those conditions
governing the investment policies
%
(6.3)
8.9
...
which
current
mental
take
Equal
7.0
3.5
...
not
success
is
Hist. Ave.
1.6
...
period
That which
%
0.0
(3.4)
of
The
in EPS
'%
20.2
10.8
it
Required
Mean
0.3
12.5
since
Annual Inc.
Mkt. Price
6.5
27.2
—
long
a
fixed formula
a
regardless
Since
(a)
(Dec.)
%
18.7
—
Socony Mobil
or
Per Sh.
1.0
...
—
:
Standard
3.0
1961
Earnings
%
___15.9
General Motors*.
Inc.
Mean
%
over
of
time, it must dodge the rigidity of
Price
-
Mkt. Price
Earnings
Per Sh.
for
Comp. Ann. Rate of
(Dec.)
or
successful
Decrease in Earnings
1957
I960
-
Comp. Ann. Rate of
■
or
Mean Market
and
.!
-
thus
of individual invest¬
commitments. There is no
ment
repre¬
themselves
allowance for better-than-average
Compound Annual Rate of Increase
•
discovered
of bonds will go up or stock prices
will fall or some combination of
inspiring.
selectivity
•
have been
Vv//.X
ago..'-;-
not
happen to
than
far with averages. This makes no
present
.
funds.
only
security which does
equal the average. Certainly,
Whatever
problems of all
If there were, it
i
in any
answer
tainly, it is reasonable to conclude
that the prospects of most of these
10 companies are something less
our
estimated). This dual view should
s
and
to
are
it
.
answer
one
the recent past.
inclusive,
L
no
of
Therefore, I have selected two
post-war periods of time for this
study. .1951-1960
and .1957-1961
e
needs
pension
is
satisfactorily
earnings experience is a guide, the future, is unpre¬
past 10 years. Earnings per dictable.
But we are able to
basis
the
not
The compound annual rate
of increase
price
decrease
or
share.
per
(2)
it
2.9%.
aver¬
purchase
we
have dimmed somewhat in recent
increase
y
e.
necessary
to par with the
up
Suppose
panies
<
(1)
n
s
historical
have calculated is
represents
come
of
/
discretionary basis!
At that time,* a list was provided
r-
the
will
future
age.
Ih> 1954! thei New York State
Banking Department compiled a
study of pension * funds managed
by r, the:" major .*New' York
City
a
minimum growth in earnings per
share in order for that investment
they
\
on
»,
lt
judgments
be made. There
which
with this yardstick.
t-
1-
specific
within
was applicable in the
past, may no longer be valid or
justified. That which is applicable
today, may be discarded, in the
direct
eral Electric with
T
framework
subtracting
current yield from our long-term
objective and arriving at a figure
11
d
which
would
Since
average.
Is
a
we
Will
the current market is discounting
extenuating
circumstances, why should it be
purchased at all?
Let's look at
some
typical pension fund stock
!S
this
For
averages.
future. They do not represent out¬
An Investment Policy for Today
would need an- standing values in anyone's book.
to keep us even
The table also lists the current '.-.if1 If an investment policy is to be
increase
annual
■
the
flexible
*
common
any
ing considered show this type of
J.vif
of
reason
plus will be a direct result, over
the years, of earnings per share,
does the specific investment be¬
,
posts
which
our
Therefore, we must
ourselves with the guide-
concern
pension
a
commitment
no
made
we
additional 5.12%
with
n
predictable.
efficacy of this form of in¬
term
)t
the sagacity of
ment
policies *' and
upon
earnings
justify
the
faith of the investing public? Per¬
haps, they will. The point is that
stock is predicated upon the long-
not
high,
not
an
corporate
stock today which
a
but
yields
>
y..;-
-
directly
the invest¬
investment
a
have
great
depend
1955 when their profits reached
all-time
of
Another
will
averages
reason,
the
recommendations
which follow must be viewed as
con¬
is
values.
performance will better the
pened to the prices of stocks is
that they have; Arisen 45% since
investigation
earnings
hardly
regarding
are
comfort
market
cerned with long-term value, this
of
to
and
fund's invest¬
a
ownership for
arith¬
evaluation of the capabilities of
management. Therefore, this fac¬
tor of
stock
fund is based upon long-term per¬
is
Investment
average.
are
some
annual rate of increase in
of
out
v
accompanying table pro- - now nor ever has been an ab¬
illuminating facts. For solute science based upon some
example during the 10-year pe¬ ■mathematic
formula.
Many
in¬
riod, 1951-1960, The Standard & tangibles come to play in the
Poor's Composite Index showed an
selection of a security such as an
vides
of
Furthermore, earnings per
are
of utmost importance to
earnings
companies.
The
share.
share
per
these
Record
..
portant methods of evaluating a
particular company's past record
picture of the
of
25
ultimate
ing
drug,
consumer
through lead¬
department,
variety stores.
,
chain and
.
:6
The Commercial and
(1586)
AS WE SEE IT
sideration.
no
rea¬
differ with these
to
son
We have
con¬
clusions, and
let
to
tent
quite
are
the
con¬
stand
matter
Continued from
type of public expenditures.
We
simply must not keep deferring action in this matter.
And
or
What
we
That there
tion
be
must
said
in
all
in
little
disposi¬
were more
work
quarters at
inquire into the basis
;for continued
■Without
it.
on
over
a
appears
to.
people
have
.obsessed
that
us
we
as
become
with
the
a
so
"business
circles about the
growth rate.
depressions—
Recessions and
and any other sort of reverse
supposed
of the
>
that pro-
educed them. Whether
not
or
any recovery that sets in is
likely to endure without un¬
fortunate
is
man¬
side
effects
likely to turn,
turns,
what
on
have permitted
hard
James L.
SECURITY TRADERS CLUB OF ST. LOUIS
The
Security Traders Club of St. Louis will hold its annual
meet¬
ing
and election
Oct. 31.v The Nominating Committee,
com¬
posed of Ralph Deppe, Ed-.C•
ward D. Jones! & Co.; John |
managing
Matye,
Dempsey-Tegeler & |
Co.,
Inc., / a id
Edward
A. j
White,; White
&
Company, |
Inc., has submitted the follow|
ing slate: // //';/; ' ■* Y /
;*
partner of the
„
;
tionwide
not
getting, is taxation. There
was at the
beginning of the
brokerage
Administration
firm,
some
tax
vague
reform,
if further squeeze upon
those who might take the ini¬
have
and
the
the
ness
devoted
now
avoidance,
&
invest¬
the
ment field at
Anglo London Paris
Bank
(now
Crocker-
National
National
Anglo
variety
of
After
Bank).
activities
security
became manager
he
In
he
1940
to
position
ahead than
recent
"movd1 born
to
now
when the
New
began
we were
recession
can
or
and
—
ment
in
the
then
State
state's
Mr.
many
also
Deal
for 1961-1962:
We .simply
permit them
endure. With adequate re¬
to
duction in nondefense
In
other
supervised
ing
ing,
exoen-
*
Merely to ask such a ques¬
tion
brings to mind a number
of current public policies
/which
♦
we
are
neglecting and
apparently intend- largely to
neglect in ( the future—some
•issues
which
simply
must
have constructive attention if
we are
the
to
bring into existence
conditions
consistent
which
economic
render
progress
may
any
yon
^
score.;
Vice-President:
Another vital
stands
matter
Requirements
defense
may
of
—is the evil consequences of
the total lack of competition
in the field of wages fas well
work restrictions). We like
talk
to
Of
tor,
about
this
the
as
inflationary
rections.
waste
our
There
and
doubtless
has
it
course
driven
costs of
undertaken
are
in
•defense which
fensible
in
outlays
the
are
the
now
name
of
quite inde¬
current
several decades
in despite all
procurement, and it may
be that there
-
is
extravagance
cir¬
State
the
fourteenth
of
000
and
—
that
have been
owners
able to do in the way of mod¬
ernization. There is evidence
of
some
matter in
the
about
concern
thv*
Washington, but if
authorities
intend
,
tion of this
that
claimed
to
are
ngi~
to
do
more
than
issue
"warn¬
field of labor is
harmful
in
as
precisely as
any other area.
Joins Jamieson
be
more
•
ous
prudence is all too obvi-
and
pressing. There has,
of course,
in
for
the
been
growth
no
inadequacy
rate
of
this
and
Chicago,
111.
consists of 200,-
Jr.
Jamieson
Barstow
has
&
joined the staff
Company,
Street,
representative.
with
Paine,
Curtis.
as
He
Wm.
Jack Christian
Knob
R.
Radetzky
•
.
ternational, Inc., at $5 per share,
is- being
made
by
Garant : &
Polonitza, • Inc.,
Los
Angeles;
Fleetwood:
America
Securities
'Corp/r< of
and
Lubetkin, Regan &
Kennedy, New York City. Pro¬
ceeds will be used by the company
to
install two rigid foam lines,
enlarge
inventory, -repay
debt,,
purchase
additional
equipment
and increase working capital.
The comDany
is
of 4542 East Dun¬
City of Commerce, Calif.,
in
engaged
the
and
^distribution
urethane foam products to
try, which products
the
trade
are
:
Jack
of
E.
,
formerly
&
elected First and Second Vice-Presidents
of
of
Carpenter,
.
Estate Fund
a
Reynolds
&
siding.
s'milar
Mgmt.
were
Herbert E.
,
Fund
general
Co.
has
business from offices in the
Savings
Fred
capacitv
with
Distributors
Mutual
Corp.
/
LAKE
CITY, Utah t- The
Estate Fund Management Corpo¬
ration is conducting a securities
Alside, Inc., manufacturer
aluminum
Corporation
respectively.
Beattie, Jr. of H. A. Riecke & Co., Inc. was nailed Treasurer and
Harry F. Green,-Jr. of Merrill Lynch, Pierce, Fenner and Smi.h
Inc. became Secretary.
"
■' *
•
"Shelley F^am,"
"Sat-A-Lyte."
been named to the board of direc¬
tors
Battles & E. W. Clark, Inc., and
William R. Radetzky of the New York Hanseatic
names
of
Harry F. Green ,Jr.
Jr.
of Janney,
of
partner in the New York broker¬
firm
Beattie,
indus¬
Named Director
Ralph
E.
Christian
sold under
age
Jackson
H.
•
manufacture,
registered
was
Webber,
E.
:
204 South
a
John
SALT
anni,
—
mwmMn
Public offering of 200,000 common
shares of Urethane Indui^tries In¬
EAU-CLAIRE, Wis.—Ben M. Siri-
demand
Thursday, Sept. 28 at the Barclay Hotel.
on
of
Co.
tunity
nay,
at '
Urethanejnd.
Stock Offered'
"Midform" and
even
necessary for
adequate defense that oppor¬
—
Meeting
within
financing.
converting'
gories
elected President of the
Philadelphia at the Annual
of
Traders
preferred and 3,000,000
shares, of which 22,500
441,000 shares respectively,
will be outstanding upon comple¬
it. Lack of competition in the
ploits are without questioh
having their effect upon offi¬
cial thinking. But it is in cate¬
Association
Investment
and
ham St.,
us,
ex¬
Jjj^evy
PHILAtlEitl^IIlA
5!£%
ings" to the unions on occa¬
sion, there is no evidence of
to
Ronald
.
OF
and
Thirteen
Massachusetts
Authorized stock
it
space
•
/-,/
located
are
the
ic—and,
seems
pany.
v
John E. Knob of Drexel & Company was
common
;
*.
corporations.
these^ homes
any
so
Joseph E. Joyner
nursing homes operated by af-
Russia's dramat¬
senseless
Weil, La¬
Proceeds
modernize
,
cumstances.
rather
Howard,
fac¬
producing goods and
larger outlays in various di- services up remorselessly for
necessitate
Lane,
bouisse, Friedrichs and Com-
common
wage-push
penditures.
Secretary-Treasurer: .John
D.
,
14
filated
ended—
began for that matter, and
for a good while before that
of
ex¬
to
J.
A
The company owns the land and
most of the personal
property of
that
as
government
used
be
of its
share.
per
capital.
or
possible in the future. One of
these, of course, is the matter
needless
$4
„
improve its various nursing homes,
debt and increase working
just where it did when
the recent recession
Ronald
Levy, Abrams & Co., Inc.
repay
•'
°
75,000 shares
will
well be that there is in
event no cause for worry
that
1261 Blue
Ave., Boston, Mass., is offer¬
publicly, without underwrit¬
stock- at
in the Treasury receipts in the wake
of
such
reform,; Indeed, it
economic progress
cure
Labouisse,
Weil,
Friedrichs and .Company.
other state funds averaging
Geriatric Services, Inc.,
Hill
words,
are
we
laying, or have we ditures by the Federal Gov¬
been
laying, a sure foundation ernment there need be no
for sound and
reasonably se¬ worry about the adequacy of
future?
/.:/|'/
President: Joseph E. Joyner,
INVESTMENT TRADERS ASSOCIATION
born.
when other recent recessions
have
officers
to
Common Offered /
not afford to
terminated.
Security
Orleans
Association
Howard,
Rothschild
& Company, Inc.
elected the following
port¬
mushroomed
New
ne
Traders
billion.
$2
over
had
•
SECURITY TRADERS ASSOCIATION
NEW ORLEANS
aggregated $50 million
Systems.
By
it
J. Whitehead
i
Secretary: Darryl L. Pope, Edward D. Jones & Co.
Retirement
mid-1961
tax
The
Sacramento.
Vice-Persident: W.
Wichmann, Stifel. Nicolonc^r.ompany, Incorporated.
officer, State of California,
folio
might add
we
Co.
Treasurer: Joseph Polette, White
hundreds
named
was
R.
Goldman,
Jack
Eugene T. Burns
investment
trust
Goodwin,
Third
analysis department and
the
"V,; ■■/;' '-A-'
Sachs &
of the bank's in¬
supervising
"
Vice-President:
Charles
a
of
Whitehead,; I. M. Simon
Co.
Second
newly created position of invest¬
Treas¬
the
to
neth
in
career
Fersicient: Eugene T. Burns,
•
Fusz-Schmelzle. & Co., Inc./;/
First Vice-Presideiii?^ Ken¬
began
his
of trusts.
further
into
not
contributions
to
"
Roths¬
child
Rene L. Rothschild
committee,
resourceful¬
and
Mr.
member
energy
taxes. We need to divert
energy
an¬
vestment
major modification in the ex¬
tremely progressive rate of in¬
come
has
nounced.
but
—as
tiative
investment
times, or less prosperous ury, but into progress in the in excess of half a billion dollars
times, to do to remove basic production of goods and serv¬ annually and embracing all types
of securities.
difficulties. The question that ices for the people, and into
the provisions of capital for
naturally arises at this time
is this: Is there
good reason that ptfrjiose. We'hoW have in Geriatric Services
to believe that we are in bet¬ effect/rates;' that
were /War;
ter
on
Coast resident
.
to
causes
NOTES
N STA
Murphy, West
v
to go ahead in productive ef¬
generate
their own cure, or so we used fort were required or desir¬
to think,
by removing at least able! What is" required is a
we
as res-
ager,
.cycle" and its jargon that we evidence of any real intention
all too often
forget the re¬ to do anything of conse¬
quirements of long-sustained quence about it is sadly lack¬
good times, - notwithstanding ing. There has been some talk
the constant talk in official about plugging up loopholes
or
Street,
id ent
issue badly in
attention, which it is
about
Thursday* October 12, 1961
office
Reynolds &
Co., 919 Tenth
n a
talk
.
of
Another
;•
need of
.
joined the Sacramento
:, :
...
Give Us Tax Reform
*
improvement
inflation
•longer period of time. It often
some
has
evident
no
Question
official
.least to
—are
Reynolds & Of).
47
SACRAMENTO, Calif. — Rene L.
Rothschild, former investment of¬
ficer for the State of California,
disposition on
the part of the present Ad¬
earnestly wish is ministrationto get down to
Another
v:
it
.,
1
page
frankness that there is
at that.
Financial Chronicle
J.
.
Buildings
Officers
Utah
are
Bacon, Jr.,
President; D.
Louis Broussard, First Vice-Pres¬
ident;
Jack
E.' Call Executive
Vice-President;and Edwin A. Van
Sickle, Secretary. A.11 served in
a
/
Connolly Sees. Opens
RICHMOND
HILL,
nolly. Securities
formed
with
102nd Street to
ties
r
N.; Y.—Coh-
Corp.has
offices
at
conduct
business/ Officers
a
are
been
85-32
securi¬
E.
M.
Connolly, President; and Harold
T. Connolly, Secretary-Treasurer.
Volume
194
Number 6098
.
The Commercial and Financial Chronicle
,
.
THE SECURITY I LIKE BEST..
Continued from page
2
to
months the trading range has been
narrow with a high of
10% arid a
v
truck
quired
drivers.
-c
The
other
and
magazines, etc., that retail
clothing manufacturers are heav¬
ily promoting stretch and textured
ac¬
materials
Automatic
ompany,
/
customer of
The
several
situation
Burner.
that
for
the
tightening.
In
these
the
major
Dow
some
delivery
is
'//.'.,.
markets
continent.
credits
Duplan describes
made
were
available.
products fu
Of
is loosely referred
as
"throwing," a term that has been
brought from its original meaning
poses
runs
out
prices.
yarn
tablish
during fiscal 1962, there
two excess weaving
would
new
with
■»
asset
scund.
the
twisting
machines
it
a move
ar¬
suggests
textured
es¬
$10
per
share,
substantial
the
stock
in
strong hands, with good prospects
for
increasing
necessary
earnings,
has
the
elements, for making it
by
is
twist
use
is
"set"
in steam
of moist heat.
standing
lenders
boxes
.
other than
and
administered
credit
consumer
an
increasing extent
banking business some
banks
have
The thread
bonds
maturing within three
rowers are
are
the
prepared
to act
short-term
have
years.
Bor¬
those bond dealers who
entered
as
market
into
jobbers in
and
who
purchase
and
Day-to-day loans may
any time, and the will¬
assurance
of
addition to their function
as
a
source
of
funds
to
finance
dealers' inventories of short-term
Continued from page 14
fluffing u p
//
twisting the yarn on spindles, re¬ this type of loan.- Small business
volving at about 30,000 to 345,000** loans are of three kinds: those on
make
.
loans
aged :. 21-44,
to
young
with
five
farmers
years',
doubt
no
to
in
the
of
the
like
to
them
enable
to
in trust; business.
run-down
of
the
develop¬
would
be /incomple:e
without
mention of the giant strides made
„
in
the
a c
handling
t
u
a,i
mee./anics
government securities, these loans
provide a ready means by which
the
banks
of-
the
may
adjust their cash
would have become bogged
down
by its
own
sheer
weight.
Al¬
though the dispersal of branches
of
the
chartered
banks
problems related to data
ing for the most
poses
process¬
economical
use
of
electronic computers, the time
is
not far distant
the
when
much
bookkeeping of branches
centrated
in
metropolitan
will be handled
ourselves
after
areas
in this form.
some
of
con¬
years
Wjb
of;
study and experimentation have
ordered two computers to be put
into service in a widening
appli¬
cation
of this
to
business.
our
In
kind
conclusion, I
of
equipment
may
say
that,
in
line
with
the
thoughts ex¬
experience in farming/ to
address to our
replenish its reserves may call pressed in my
revolutions per minute, ; Another
fixed.* equipment such as show¬ to enable .them to become escab-/ the
shareholders last year, I welcome
required part of its d>ay-toprocess will twist up to six yarns
cases
and
the forthcoming Royal Commis¬
counters; on movable /, lished on3 economic farm units. day loans and
present the 'bor¬
into one. .Fashion designers beT
sion on Banking, not because of
equipment - such as
office -sma- .-These loans are based on first rower's check
through the Clear-i
lieve stretch and textured fabrics
and
when
c/iriery or machinery for certain i. mortgage *. security
serious
defects
in
the
ing House for credit to its account any
will eventually make it possible.;
Canadian system, which, has
special types of service; and for necessary on the security of live- with the Bank of Canada.
in
to
turn
out-a
wide
variety .of alteration
or
the past worked
improvement" of ./stock and farm equipment. Such
efficiently and
When
the
day-to-day rate is
clothing, in. three sizes —*• small,, premises. The loan
in the best interests of Canada as
may
be for -loans are additionally secured by below the bank
rate, which it
medium and large. Textured yarns
80% of the cost in the case of life insurance, and the borrower's
a
whole, but because the mere
normally is, the borrower whose
feel like cotton and wool and reequipment and 90% of the cost farming operations are subject to. loan is
passage of time and the changes
being called tends to ob¬
tain the wash and wear qualities
./ supervision by the Corporation in
of "the work in the case of altera¬
which it,has brought in both the
tain the required funds from a
of nylon.
Texturizing gives life tions or improvements to
the early years of the loan. The.
international
and
domestic
prem¬
chartered bank which has surplus
to nylon. Clothes made of stretch
interest rate on all loans is fixed
ises.; Loans fori'use
as
working
cash rather than from the Bank spheres make desirable a through
and textured yarns fit and feel
at 5%.. The Corporation's funds
and unhurried stock-taking of the
capital are not made under the
of Canada. If the borrower cannot
better to the..- wearer.
Ban-Lon Act. The maximum amount
are
borrowed at current interest
of the
whole
financial .structure.
The
a
obtain
day-to-day loan from
lingerie, in the big tricot rr arket, loan -is
rates from
the Minister of
Fichartered
banks
have
$25,000, and the lending
always
another
bank
but
obtains
one
advertises: the product thus:
^
bank takes security on! the equip¬ nance.
shown themselves ready to co¬
Mortgage
funds
made, from the Bank of
Canada, the im¬
^available by the Corporation and
{ "Durablv resistant to piling and • ment^ or property."as well
as
a
mediate effect is to increase the operate, both, airuang; themselves
balling—kitten' soft; yet depend-; promissory • note ; for
by its predecessor, the Canadian total
and with the government, •when
the
full
cash reserves in the system
ably- strong — controlled stretch amount of the loan. ; -..v-d v'.r^V" Farm Loan Board have increased as the
by so* doing they could increase
calling bank receives an
that never restrains—subtle cling,;
the
sharply: in recent years.'" Fiscal addition
efficiency-rwith which the
After a rather slow start in the
to, its. cash' without a;
-1960. saw an increase of nearly a
perfect fit—mildew, moth, persp1'Canadian system operates, and the
first quarter of this year, when
corresponding -.decrease
in
any
ration resistant—wrinkles smooththird and-1961 one of 50%; -V /
findings of the forthcoming Coinbusiness as a whole was moving
other bank's cash. "
* / / • *
;/
out oulckly—washes easily-; drys
mission will,. I am sure, be a help-,
rather
slowly, " loans' under the ;""/ The. Farm Improvement Loans
quickly, and wears beautifully.". Act ;picked up perceptibly.' At Act was originally for a period of // As is to be expected, the level ful guide to future developments.;.
of day-to-day loans varies
quits
Duplan is ;the: only company mid-year they -totalled over $10,- three years (1945-48) and it has
*
An address by Mr. McKinnon b'efrre
widely from day-to-day and fromwhich processes the seven most
been expended usually for threethe 68th Fall Convention «f the Savings
000,000 and were being made at
month-to-month, but as a me¬ Banks
successful textured yarns and has
Association
of New
York State, 4
year periods, up to the present.
a rate which suggested an annual
dium of finance and a means oi
Quebec Ci;y, Canada, Oct. 5, 1961.
license agreements covering pro¬
These loans,
made through the
figure of close to $100,000,000.
expediting and facilitaling certain
duction
chartered banks and guaranteed
processes
for
Helenca,
financial
arrangements,
these
Farm Financing
Flufon, and Superloft stretch
by the government up to 90% of
loans are regarded as a useful and
total loans made by the lending
yarns,
and, for Agilon, Banlon,
There have also been develop¬
efficient instrument.
Saaba, and Taslan textured yarns. ments iri agricultural
financing. bank, cover a .variety of projects
The current average price of "tex¬
Connected with agriculture.
The rapidly changing character of
The
Growth m Term Savings
tured yarns is approximately $2.60
of
Farm
Improvement
agriculture'
from
small
family scope
In addition to the increase in
per
pound. "Trade sources esti¬
SAN FRANCISCO, CalifDarrell
Loans ,has
been
expanded, the
holdings to operations which are
savings deposits other forms of
mate a 2% improvement; or $0.05
J.
Winrich
has
joinpd
Schwa¬
steadily/ expanding 'in size and most recent amendment to the savings have
shown
s i m i 1 a r
per pound, coaid. result in a gain
bacher & Co.,
100 Montgomery
complexity has been paralleled by Act providing for an. increase in
growth of trusteed pension plans
of pretax earnings per share for?
similar developments at
the fi¬ the maximum loan from $5,000 assets of the life insurance com¬ Street, members of the New York
I, the Duplan stock of $0.40. The
and
Pacific
Coast
Stock
Ex¬
nancing and marketing levels. -/•• to $7,500, while the available ag¬
panies far instance have increased
Hurrent average price cf $2.60 per
gregate
has
been
raised
changes, as Assistant Manager of
by at a
The two main sources of farm
comparable rate, and the
pound compares with an average.
the Research Department.
credit are loans extended under $100,000,000 to $400,000,000.
-1 level of $3.85 in
growth of trusteed pension plans
1958.
A return :
Mr. Winrich formerly was As¬
the Farm Credit Act,".which in
Sirjjce its inception about 900,000- have been quite spectacular, thd
to this price level could provide
sistant
Vice-President
and
a
1959 replaced the Canadian Farm -farmers have taken
a
advantage of total assets of 986 such plans in
dramatic earnings increase for
Loin Act of 1S29, and Farm Im¬
Farm
Improvement Loans to a 1959 amounting to well over $3,- member of the investment depart¬
Duplan.
1 ■'•; \ ■""•■••'■••";
ment of the Commonwealth Group
/ In order to utilize tax losses provement Loans Act, first opera¬ total value of well over a billion 000,000,000 while the number of
of
funds.
He
mutual
tive in 1945 and subsequently re¬
joined
dollars,
the - largest
employees
covered
proportion ncn-retired
developed as the result of Duplan
newed periodically.
',
...being for the purchase of agri¬ was close to 1,000,000. Large term Commonwealth in 1951 and was
having liquidated its unprofitable
made a senior analyst in 1960.
cultural
*'
The
I'arm
Ureait
Act
estab¬
implements, with pur¬ saving in these forms has been—
weaving divisions four years ago,
chase of livestock and other farm
and continues to be—a primary
to permit specializing in textured
lished The Farm Credit Corpora¬
tion as. an agent of the Crown to development
and
Now Herman & Diamond
improvement source of capital
forma aon in
yarns, and in order to diversify,
two companies with proven stable
projects accounting for the baK Canada as elsewhere.
administer a system of long-term
The firm name of Omega Securi¬
ance. Last year total loans made
Unlike .commercial banks in trio ties
earnings„ were acquired in 1959*. mortgage credit. The Corporation
Corp., '40 " Exchange" Place,"
/ for cash with a $5.4 million term has much broader lending powers amounted
to/^over, $100,000*000, United States and United King¬ New York
City?/has teen changed,
with
individual loans averaging
lean. ■ This loan
than
those
has > been
under
paid
the/previous
dom/
the .Canadian
chartered to Herman & Diamond./ ;
*
about $1,500.
crown"to $2.5 million as of Octo¬
*■'.■ ■■
Act, which were limited to 65%
banks do not act as trustees. The
reserve
practical
;
position, A bank-"fishing
,
.
.
,
.
.
.
.
.
.
.
'
•
-
'
Winrich Joins
Schwabacher & Co.
.
••
,
'
.,
-
.
"
ber, 1960.
/
/
,....
K-D Lamp/founded in
1916, is regarded to be the larg¬
est, independent manufacturer: of lamps, signal lights, and accessories. for automobiles, trucks, trail-
ers,
farm -equipment hand
"K-D
Saftee" is
a
standard
boats,
name
oL
the
appraised
value
farm,/not. exceeding
of
$15,000,
the ;
re¬
payable over 30 years. The Farm
Credit Corporation may now lend
up
not
to 75% of the appraised value/
exceeding $30,000,
within
30
years,
but it
repayable
may
also
Financial
assistance
by: the
large extent
been, directed tabard capital and,
rate
of
growth of the trust com¬
Now Brown & Co.
the past ten years has
beqn very impressive as the need PHOENIX, Ariz.* — Barbara C*
to a lesser degree, export goods .for their services grew in a com¬ Brown is now conducting her .iri-?/
rather"/ than -consumer
needs, munity which has become in-/ vestment business und^r the firm
through the loans "under the Na¬ creasingly ' sophisticated * finan- name of Brown & Company with..
•
government has te
a
tional Housing Act and the Home
.-
steadily increasing T
panies and department, furniture
volume
of transactions, Science
and appliance stores.
has indeed been the hand-maiden
/ The
introduction
in
1954;" of" of
finance,
and
without
the
day-to-day loans
was
an
im¬
marvels of business machinery cf
portant development affecting
one
kind or another—the com¬
both
banking practice and the
puters, check-sorting and handling
money market, in Canada. These
calculators,
and
aU
leans are made by the chartered machines,
the automated means of recording
banks against treasury bills and
and
communicating — business
Government
of
Canada
In
.
,/A
out¬
liquidity.
r"
As
ments in the.world, of finance in.
recent
years,
however
b r ie £>
group* of
includes also " the
which
would
powers
engage
selected
a
doubled.
to'
made
Home
Improvement
have increased more
by
funds
the trust companies are engaging
those
those
agreements provides
is obtained by
the filaments and
yarn
chartered
considerable
ingness of the Bank of Canada to
purchase securities under resale
a sizing opera¬
The Hanes Hosiery Mills
Company is believed to be Du--:
plan's biggest single customer.
companies offered The
largest companies
of all
those
between
the.
years
1951 and
1960, their de¬
posits rose over 150%, and then
representing 94%
registered
tripled
sales finance and small loan
com-/
,
Stretch
in
crease
be called at
still
then subject to
tion.
loans,
secured
of Canada,
"lively"- and likely to unravelNBo
the
the
a
resale arrangements with the Bank
the stock I like best.
off
is
Personal
the
in the stock
finances,
value, ' with
,
comes
by
trust
assets of the 17
growing — margin
the
supplier of these funds.
largest
Act,
high levels. Duplan
at current levels of
biggest producers of the yarn.
/V
processing - yarn -for use; in" $2.15 per share, /•••
hosiery mills, the throwster puts / .It is very evident, .in reading
various • periodicals,
newspapers
about 30
to
35
twists
into the
yarn
and
now
under
This trend could
justify
price to
"twisting" the yarn so many.: plants to be sold. The sale of these
properties could create additional
turns per inch.- Duplan deals only
tax credits as well as strengthen
with ■. filament
yarns,
raw
yarns;
the balance sheet
by as. much as
already wound in threads on bob¬
an additional million
dollars. Cash
bins. Dupont and Chemstrand are
flow for fiscal 1960 amounted to
the
After-the
are
and
Loans
level of earnings which
a
of
-thread.
the
however, have not
needs,
banks
—
with
wide
continued ;
still remains
In
a
of/ finished-"goods
firming/.dm
ray
as
throwster."
filament
Consumers,
mate
27
the quality of the services which
at the 700 level, with but a, than three-fold
since-tI953, and
handful
of stocks " making & new within the
past year they^account
highs and former glamour stocks for about 80% of the total in¬
the
-^world's largest these credits $1.95 million will
The processing of the expire this year but $350,000 will
yarns
for special pur-:: remain to aid 1962-63 cash flow.
When the current tax protection
to
itself
of
lacked for credit for their legiti¬
Aver¬
strong with working capital down
drastically, Duplan common
of the "textured" and other types-', alone being $7.80 per share as at.
at $10 per share, is just fraction¬
of processed yarns to the knitting Sept.
30, 1960
(latest available
ally under" its 1961 high of 10%,
balance sheet). As a result of liq¬
and weaving trades. "Distribution
The
general increasing demand
uidating the weaving division, tax
is
world-wide ■* with
agents
on
for stretch
every
are
ages
is
dustry. Duplan supplies about 35%.
Act
Consumer Credit
fully
Industrial
Loans
(1587)
in the latter category.,
of
filament
raw
trying
Jones
are
the:
*;
Improvement
course
of all ages.
sexes
There
years.
indications
position in the ," debt,
$5,625,000; common stock
dynamic * and i f a s t - growing* ($1 par), 978,473 shares.;''. ./>///;
The financial position of Duplan
"stretch" and "textured" yarn in¬
its
from
variety
earnings have been pe¬
nalized by the low prices prevail¬
ing for these yarns over the past
Duplan's capitalization
(as at
Sept. 30, 1960) consisted of funded
increasing earnings poten¬
Duplan Corporation stems
of
tial
Automatic
wide
a
Duplan's
Market
leading market services.
in
clothing for both
established
in
• Burner,
1921, is
activity in-> considered the largest manufac¬
creases
with price advances, an¬ turer of oil burner units, which
other indication of its strong tech- ■ are sold to manufacturers of heat¬
nical position: The stock is on the ing systems; The Coleman Com¬
"buy" list of one or more of the " pany is believed to be the largest
7%.
of
low
Is
panies
r.iciHtr
over
nnr\
innrPQcin ttl V
QWarP
of
Art AT!
Mr>rfV»
1fUV»
SfrPfd-
28
(1588)
The Commercial and Financial Chronicle
STATE OF TRADE AND INDUSTRY
Continued from
Last
page
16
of
the
one-third
since
week last
,
built.
annual
17,936 trucks
year
is generated in the naThe labor contract at Interindustrial plants.
.national Harvester expired Sept.
dii.niHi
nH.
by
vexitM
week
Sept.
30, was 3.3% ahead
volume in the correspond-
of'the
week
and
substantial
a
266.55
.
Thursday, October 12, 1961
.
ex¬
margin
last year.
Wholesale Food Price Index Holds
Even With Prior Week
„T1
,
,
White in United^
Hospital Drive
H. Spottswood
White, Vice-Presi-..
Company, ,,
^
.
,
,
sfav
win
levels
present
amund
^
ho
Zt
The Wholesale Food Price Index,
to'produce trucks under a con? Trucking Associations, Inc.- an- compiled by Dun & Bradstreet,
tract extension subiect to 24 boor
nounced. Truck tonnage was 3.2% Inc., remained the same as in the
canceHaHon
above that of the previous week prior week but dipped fraction-'cancellation.
:
of this year.
ally from a year ago for the third
Business Failures Up for
These findings are based on the consecutive week. On Oct 10, it
Week Ended Oct. 5
Weekly survey of 34 metropolitan held at $5.99 same as last week,
30
nn>pc
thinTr
nucpn,prc
TVTo™
n™h
motilfrom
^Lnl yn!w " ,|i tTe
iwv
eien
weak e n if
hot
hv
orices
that
think
tin^ue
-
A
with
the
Commercial
prices
continuing
comnanv
industrial
and
i?n
ures
almost two years. The
& Bradstreet, Inc. However,
are
Steel
oieei
nf
OI
average
posite price
alties
i
a
com-
com
below
ueiuw
last
idbl
sur^?wr."sar« cm
it? m
as
the preceding week.
blast
furnace
to
erence
hot
metal
purchased
in
level
level
srss
1939
war
when
casualties
num-
Failures involving liabilities
pref¬
der
scrap.
$100,000
climbed
to
294
un-
from
244 in the previous week but were
Ended
Oct.
slightly lower than last
7
According to data compiled by
the American
Iron
and
of
297
Steel
V4..
this
size
when
year
occurred.
A
con-
^
trasting decline among casualties
in
In-
norr.
of $100,000 pushed their
excess
ended
week
Sept; 30.
Production
Oct.
7
this
(-*97.4%)
to
10.8%
or
throueh
through
upswings
through
year
amounted
ing,
72,551,000
ioLhetwr^ dne(Pr»dU,CQ1«0nn
through
Oct.
8,
1960,
40
weeks
or
was
81,323,000
tons
Index
i
^
concludes
SsSSSHiS
^
terminals
at
nine
gains of 10%
to
casuaities
44.
conService
little
change,
from
46
showed
dipping to 34 from 35. Fewer
faqpr|
fUov,
ncin
vpar
o
con-.
in
showed
centers
Only Albu-
or more.
and Portland, Ore. truck
terminals reflected decreases of
than 10%.
Compared to the immediately
Preceding week, 28 reporting metareas
r°Pollt^ areas registered inregistered^m.
.
reported1 decreas^
Xlnwprt
"
:J
Moving
noticeablv
thif
price
anri
week
:
-
,
Y
" of the United
Hospital
Fund's annual
appeal.." Frede
creases
prices
hv
on
Freightcar
from
Were
5.4%
Preceding Week
announced.
Mr.
+v,Lo£*dil?g ended
the week
lerican
American
Sept.
the
30, totaled
Association
•
Forsch
leading
in
meats
the
general
use.
It is not a cost-of-living index. Its
chief function is to show the general trend of food prices at the
wholesale level.
WaiaJ1 Plir<>hocor
Retail Purchases
Consumers
their
fall
Oct.
retail
represented
jncrease of 6,041 cars or
campaign
of
goal
the
appeal
Trustees
Divi-
The'
$750,000.
is
$3,000,000,
and
the money raised will be distributed
stepped
up
the
among
82
hospitals
.
,
,
member
for
vol-
free
and
.
n/r*"M
moderately
above
T\*
i
•'
Millard Dir.
r
'
,cmQm£l"H
'
r*
01
:
;
"i • ;'
inVPlin^
^
(
T
of
U'd'iiClUlCtll d a V villi
,were reSistered in children's wear,
Th
appliances,
and
new
passenger
while
cars,
an
of
Board of Directors of CanaJavelin
dian
Limited
J
NLf;
VorkMnvestment
Co.,
nartner
a
in
the
hanking'
of Carl M.
firm
re-
Millard
elected
has
Mark
Loeb, Rhoades &
director. Mr. Millard was
as a
.p|?£S'
tail trade in the week ended this
aJ)fl,y? Wednesday ranged fromappnrrlinrf
1 to;5%
in 1960. hiphpr than last vpar
Ihe corresponding week
Hospital
quota~
sicn's
buying in the week
4, and pushed total
volume
the
beiow cost, Patlent care-
cars,or 5A% above the Preceding ing marked dollar
declines.
The total
volume
w~e!^'
loadings
in
for
n
and the Bronx
Spottswood White
ava
,
reP°rt"
The
H.
Upturn
again
in
Ma nha t ta
untary
Continued
x-
vol¬
unteers
food-
raw
in
i
s
hundred
activity in furniture,
announced., men's clothing, and hardware was
Railroads
;
and
of
White
will assist Mr.
its year-ago level. The best gains
v,
cars,
stuffs
total
sum
pound of 31
per
ended
,
638,
,268
price
the
change from, the
Loadings
Above
the
the
has
in
=*•s
LaLr ArssKss
d„~
ItdG*
represents
.
of
in-
offset
by
lower
flour, rye, hams, bellies,
were
D
Division,
hwpr
"
k
c
man
in
these
nffcpt
were
i
r
Forsch, Chair¬
barley, lard
were
However,
cocoa.
frpasps
higher
Hnwpupr
„nrna
and
Moderate
chanse
r
previous weeK.
re
up
tractors
with
freight
throughout the country.
The terminal survey for the last
sharpest
wholesal-
si'ami 'am^g'=^ion
*109.1%.
Thi/0Tnctit +
The
Institute
in
to . 141 - from!
up to • 14U irony. 127.
Slighter increases lifted the toll
among manufacturers to 58 from
8
1960
appeared
to 51 from 29, and in
up
tailing,'
™mns,
below the pe"
8, 1960
1960.
Oct.
Oct.
than last week. The
ures
frDirtV,x
ol
nnnntrv
™
toll down to 36 from 42 a week
ago and 46 in 1960.
All industry and trade groups
except service suffered more fail-
stitute, production for week ended
Oct.
7, 1961 was 2,102,000 tons
(*112.8%), 1.4% below the output
of 2,131,000 tons (*114.4%) in the
1.
of
mon carriers of. general
riirm,rti.r.1,i
+p.,,
querque
bered 279.
use
Steel Production Data for the
Week
Vice-Chairman
named
been
0f the Hospital Trustees Division
s
level of 274 and were 18% heavier
than in the similar week of pre-
Many scrapmen think $35 is the
point at which it becomes more
economical for steelmakers to
has
but dipped 0.7% from the $6.03
mil
terminals
...
dent 0f Kuhn, Loeb &
^IcLtikT The Te^riT ^Qthe -"'-Poking date a year
casu-
vear's
yctil b
of 343 for the comparable week,
No. 1 heavy melt-
on
fell
11
the ATA De-
areas conducted by
the^preceding week, reports Dun thZn\nn trf.?k
September
ma^a7ine'q
magazine S
fail
took an upturn to 330
th^
week ended Oct. 5 from 286 in
leveling off
after a jagged, nine-month climb
to the highest monthly average in
average
in& week of 1960, the American
.
couM
sc rapex port scon
rtirl
riod
the
last
day
ceeded
tr,U„ek„t°m^
*■,"
.
parable
Year
were
scrap crop
tion's
Intercity Truck Tonnage 3.3%
Corresponding Week
Ahead of
.
^
New
uie
York
xWIS.
,
bX
Supreme
ouiiicme
Court
of
Ingot Production by
for
week ♦ended
Oct.
7, 1961, as follows:
Districts,
'
'■
'•'
•'
'
"
■■
:
»:
in a tea
*Index of Ingot
above
Production for
/»
Week
strike).
levels.
1960
Cpop-raphicallv
Lreograpnicaiiy,
Ending
the
tne
week's
week s
Compared with the correspond-
rise
rise
^
Oct.7. 1961
North East Coast__
Buffalo
;
104
Pittsburgh
..
.
108
Youngstown
Middle Atlamtic States where the
toll climbed to 123 from
101
Cleveland
66
;
Chicago
114
<
Cincinnati
124
St7" Louis
_
Southern
_
Western
_
Index
of
on
the
i
Pvni,
rr°auctioii
xx
,
knocked
•
30,000-unit hole in Ford
a
auto
output this week,
dimming industry prospects for
657,800 car completions this
tnbuted
Reports at-
9.3% decline to 103,893
industry car assemblies this week
from
a
114.551
last
week
^ord strike.
.
States, off to
the South Cen-
total). This
East
Atlantic
and
Central Regions.
North
Canadian
failures
inched
50
from 49 a week ago and 43 in
the comparable week last year.
•
Eledtrlc
The
in
distributed
and
Higher
6.6%
1969
of
by
Week
electric
the
electric
light
Saturday,
estimated
Oct.
7,
was
15,035,000,000 kwh.,
Electric
Output was 305,000,000
at
-J he statistical service estimated according to the Edison
industry operations
follows:
this
v.Y T;
Motors.
2,560
2^918
114,551
13
contribution
to
in
Week
3 °perations
million
-
now
this
week's
600,000 the number of 1962 models
produced by all makes since the
run
began in mid-Ammst
mid-August.
truck
completions
comnared
fpptPin 1
tfons
A
dropped t6:i8,57tf from
24,week, due to strikes at
at
Divco
period
ca'rs
or
in
wiV
t wil
236 850 009
In
AX1
the
me
same
hoard
n
'
1980
and
above
39.9%
class
the
in
U.
I
current
55
in
the
1959.
rail-
S.
one
week
corn-
and
ago
year
corresponding week in
hoar? feet.
board W
§
Compared with 1960 levels, output dropped 0.5%, shipments de-
were 0.2%
^owerFollowing
.
thousands
weeks
are the figures in
of board feet for the
indicated:
Sept. 30.
ended
with
Sept.
the
For
the
sales
In
ended
1961:
saas=St
ahipnients— 227.848
—
Orders_,_^
220,051
'
Oct. 1,
1961
ended
the
Sept.
Sept.
higher
4%
were
year.
than
1961,
period in
serve
eales
the
last
period
sales ad-
New
York
City
Although
the
commodity
last
it
level
edged
slipped
M!onday,
up
t0+ 2^-42' rJfp0Tts, Dun &
C"
index was
slightly above a week agp and
considerably
higher
other hand, a larger number of
commodities were quoted lower
but their declines were fractional
a
marked downturn in
rA/lt
Daily
T> — 1
•
Wholesale
T
1
1
Cora-
,
L
.
3
.4..—
sa
227,966
220,439
Oct.
9
from
274.31
on
the
com-
the
is
is a mema memPnmmrn«i
Council.
the
aof
ended ^.ept.
6%
hlSher than the same^period last IV/TpTpo A flpri XI
year
year* In tbe Preceding week lVlLr ctU.U.t/11 V. IT.
enaea
ended
Sept.
lower
year.
than
sales
3%
were
au
a<2%
1
(Jl LyFOSDV v^OFD,
period last
weeks ending
same
the four
For
Sepjt*
23,
the
___
-
v^cFadd^: bas b^n
—as -r^," Brian
i960 period, elected
Ported below the
a Vice-President of The
while from Jan. 1 to Sept. 30, a Crosby Corporation and will be
1% increase over sales in the associated with Frank J. Hoi—
period
of
1960
combe, Jr; in the New Yprk City
office, 111 Broadway.
was
'
Now Equity Programmers
The
firm
of
name
Form Howsam, Brown
Protection
(Special to The Financial Chronicle)
Flanners Corp., 92 Fulton Street, DENVER, Colo.—Howsam, BrownNew York City, has been changed Associates, Inc. are conducting a
to
Equity
Programmers,
Inc. securities business from offices at
Officers
Leonard Joss, Presi-
are
Secretary.
209
Fillmore
p
Street.
Officers
are
Robert L. Howsam, President; and
A.
;
Gordon
BroWn,^
Secretary-
Treasurer
;
' *
■
.
R
rr
^ -15, ^*ovlts^••Lfpen$
i\/i
c«.
f\
_
r. M. otevens Upens
(special to the financial chronicle)
Frank M. Stevens is engaging in a
SAN JOSE,. Calif.—Gus B. Govits securities business from offices at
is
engaging in
from
a
offices
securities
at
918
First Street under the firm
C
tin
"D
Cf
J3L.
busi-
225
North
TirriO
"
New
Broadway,"
the
under
name
T-T A
is: SffaK&iSgffsa."
237,701
79k
226,762-
......
of
store member of the National Petroleum
for
oVlZ
30 were
1
ness
The
be
the
p^ration and Pan American SulComraoy.
He
is
also
a
aG (;orresponding date dent; Henry Caro. Vice-President;
^ year" APP'eciably higher m L j0SS) Treasurer; and S. Caro,
price were wheat and
corn, while
mild advances were noted in oats,
lard, sugar and cotton. On the
to
also
Phur
\ f °U
except for
Chairman
wholesale
eeneral
price
week,
Year Ago
and
first
Corporation, Gulf Interstate
Company, National Propane Cor-
Re-
S'ystem' department
in
23,
Federal
of
the
occupies
ber of the Executive Committee
of Texas Butadiene & Chemical
Corporation; and a director of
Utilities and Industries Manager
-
to
is
He
York
-
the
of
hPr
corresponding
1960.
According
New
•
Corr?of
ural oas Corporation
corporation,
four-week
30,
Millard
positionsv
a
the
Exchange."
Mr.
on
of
member
Stock
1961, compared
period last year.
week
a
nominated.
sales
"Newfoundland 'of
outstanding in his field,
businessman, an engineer
a
and
5% Over
of
be
viz.
30,
like
comparable
Week
tin.
Sept. 23.
shall
-
recorded.
Prior
fccordl.ng continued
was
^inCT
East
Week
cor-
originating this type
the
with
of
period
58
were
1960
Department stores
1961
2Ct'a
ve^Teo th^Ueure
ooa ioQ 00ft
zzy.izy,uuu
this
last
and
1960
Lumber production in the United
"swefled ^to "moreW,than clined 4-1^0 and orders
S.
4.1%
models by
-
■
Same
Were
before the Court.-The settlement
country-wide basis as taken from
the Federal Reserve Board's indeXv advanced 5 ,0 foi the week
deJ a<dvanc<ed 5% for
Wholesale Commodity Price Index
Shipments
Below
p°rp.), and
a half
steadily,
pared
of
weeks
4.2% above the
or
Increased
Above
ai*^
Lumber
!o.
„
vanced 2% over the
419 ^58
419,558 for an increase of
tor an increase ot
road systems
traffic
39.5%
or
above that of the comparable 1960
With producers other than
Ford
Ford
6.6%
or
week.
^
operating
38
corresponding
There
in-
1959.
kwh.,
9,278
1962
its
correan
piggyback loadings
first
16,920 cars
responding
50
928,000,000
391556
mapped out by the industry.
week
previous
21,321
new
in
the
and
41 478
^near-record fourth quarter
292
the
9,500
upwards of
a^sembhes
for
week's total of 15,340,000,000 kwh.
Last
said Ford Motor Co, had
fan son1
XT.
of
that
103,893
.—
buUt 180,511
volume
"
beiow
'
"
"
kwh.
8-897
Total
ilfirseekmg
This
Institute.
19,630
American Motors Corp.
Stu.-Packard Corp.___
s
•
63,306
££rd ,—
Chrysler
Waid
as
week—s
,
■
General
week
...
■
of 3,599
cars
above the 1959 week.
crease
totaled
energy
the
above
spending week of 1960 and
industry for the week -119,748
$ower
6.9%
or
increase of 824
was an
Cumulative
Output
amount
umro
cars
to
P™vide3 for the approval by the
to
the
-r
Mla^tfc
to
—9
Department Store
Sales
•
.
+1;
—3
Central
per-
-1 to +3; Middle Atlantic
southwestern reported decreases,
South
.
prbWions,\.of;i;a_ proposed settle-.
^ rp,frs slJlt; novf
Mountain
South
New England and South
increases while the Southern and
in
centered
tainers
in the week
tamers (piggyback) in the week
ended Sept. 23 1961 (which were
included in that weeks over-all
and
centages:
Fast
districts reported
States. Six of the nine major
the !ended
to
Centralwestern
Atlantic
Than
Automotive
and
The
England.
declines
only
North
States
uuiiiuaiauie
tt^w^tern^s NorthCentral
There were 12,715 cars reported
loaded with one or more revenue
highway trailers or highway con-
month.
Ward's
New
West
rose
xiuiii
wfole the
feP°rt™.
ti i. and West North
Tb'.
u
with the corresponding week in Central +2 to +6; Pacific +3
1^59, the
Eastern,
Allegheny, to +7.
Pocahontas, Northwestern and
Nationwide
Middle
111
The producer's nationwide
strike
Motor Co.
the
tolls
louth:-
Pocahontas and
erndistricts reported increases,
regions had fewer casualties, howregions had fewer casualties, however,
than
last year.
Increases
from 1960 occurred only in the
.
S
r>
in
even
South
tral
average
J
Frospects
t'
*
w*.
and
28 from 39, and in
eekiy production for 1957 -59.
it
Mountain
held
119
based
in
week's
.
112.8
production
from- 56. As well,
Central
106
Total
*
72
moderately
119
_
from
to
123
___
96, in the
States, up to
48, and in the Pacific up!
Central
North
East
143
Detroit
Eastern
^was"particuSriy1 sharp'ln'^he Allegheny,
109
—
vcincu
1960 levels by;the following
piannW
O"
firm
Co..
'
_
Mr.
^
**<■*
ning Corporation.
-
;
Corp.
-
j
.York
of
name
-
City
Stevens
Stevens
was
-
«.
.
-
,»V
'
Volume
194
Number
6098
'•
•
t
'
'
The Commercial and Financial Chronicle
(1589)
Indications of
The
Activity
week
Latest
AMERICAN
IRON
Indicated
;
steel
Equivalent
AMERICAN
Crude
y.
k
<
STEEL
operations
and
cent
Oct.
(net
7
tons)
output—daily
2,102,000
Kerosene
output
(bbls.)
average
(bbls.).
Distillate
fuel
fuel oil
and
Kerosene
7,155,860
7,144,960
8,564,000
7,949,000
30,648,000
2,969,000
2,709,000
2,566,000
2,663,000
Sept. 29
13,344,000
12,882,000
5,980,000
5,720,000
13,768,000
5,660,000
12,583,000
Sept. 29
<bbls.)_
gasoline
Revenue
(bbls.) at
Sept. 29
at
Sept. 29
184,484,000
187,599,000
190,280,000
35,790,000
35,035,000
34,061,000
35,151,000
166,139,000
162,443,000
152,269,000
49,722,000
49,306,000
638,268
'605,842
599,349
632,227
=513,131
502,588
525,245
.
and
$450,500,000
$465,400,000
$268,900,000
243,400,000
118,800,000
427,600,000
Oct.
(U.
coal
S.
BUREAU
and
ELECTRIC
output
OF
5
207.100,000
150,100,000
175,200,000
188,500;000
169,100,000
124,800,000
150,600,000
26,300,000
25,300,000
24,600,000
8,775,000
Sept. 30
334,000
8,660,000
»
8,285,000
...
324,000
'154
8,378,000
f
(
390,000
(in
154
INDEX—FEDERAL RESERVE
AGE
7
Oct.
(per
(per
gross
iron
AND
7
15,035,000
15,340,000
INDUSTRIAL)
—
DUN
15,838,000
5
330
Oct.
2
6.196C ;,
275
6.196c
6.196c
6.196c
$66.44
$66.44
$66.44
$66.41
$39.17
$39.50
$39.17
$29.83
.
( 286
(per
PRICES
ton)
Oct.
'*
2
Oct.
ton)..
gross
2
(E.
&
M. J.
Domestic
Export
(New
Lead
(St.
York)
Louis)
at
Oct.
32.475c
27.175c
28.150c
27.425c
11.000c
11.000c
months,
24.000c
24.000c
26.000c
23.250c
4
121.125c
122.250c
125.500C
102.875c
..Oct. 10
87.19
87.46
86.98
87.65
(per ounce
Quicksilver (per
85.85
85.59
85.59
87.18
12.000c
13.500c
11.500c
11.500c
11.500c
13.000c
11.800c
Silver,
„
London
'
..Oct. 10
89.92
89.51
89.37
87.99
87.72
87.59
84.94
84.81
84.55 V
Oct. 10
80.81
80.81
80.93
..Oct. 10
82.28
83.03
,82.90
Group.
86.78
•
:
89.78
YIELD
DAILY
f
99%
86.51
88.13
99%
87.45
87.18
88.81
3.92
3.96
..Oct. 10
3.79
Baa
4.72
4.74
4.74
4.62
4.42
4.45
4.46
4.28
4.56
4.58
4:59
4.79
4.80
4.82
Group
5.11
5.11
4.95
4.82
5.12
5.12
4.92
4.94
-
..Oct. 10
4.65
4.67
4.67
4.55
..Oct. 10
Group
COMMODITY
4.60
4.60
4.62
Oct. 10
Percentage
of
375.0
378.0
MOODY'S
Industrials
.
365,915
344,260
342,341
334,749
348,991
350,512
337,806
DRUG
of
H8
.Sept. 30
period
REPORTER
Banks
570,722
.Oct.
7'
97
96
557,205
•"*
QT
■
521,301
,
(10)
113.71
6
Short
sales
VEHICLE
MOTOR
PLANTS
429,110
113.71
114.31
Total
109.65
Other
sales
2,133,910
2,661,120
1,783,190
407,840
345,570
455,000
299,940
Sept. 15
initiated off the
1,783,130
2,309,650
2,128,700
sales
2,117,030
1,420,850
2,572,030
>
1,720,790
277,290
299,920
454,630
number
of
33,400
19,600
64,230
Sept. 15
290,580
295,200
437,160
224,790
Sept. 15
initiated
on
the
323,980
*214,800
501,390
Sept. 15
...
transactions
707,173
694,615
1,030,296
275,750
512,985
sales
Sept. 15
74,330
50,950
102,100
sales
Sept. 15
631,730
635,345
868,691
for
account
sales
TRANSACTIONS
DEALERS
sales
—
railway
Net
income
by
SPECIALISTS
2,824,120
dealers
ON
N.
EXCHANGE
(customers'
621,330
446,740
**,
2,713,675
!
total
Y.
AREAS
value-—
sales
Short
1,537,726
'1,766,538
$93,708,949
$92,783,139
As
1,351,988
v
r
T
$64,519,362
1,617,693
1,548,613
1,284,281
1,871,939
12,884
19,307
12,013
9,690
1,598,386
1,862,249
Sept. 15
$84,561,257
1,536,600
$85,095,421
$94,895,650
Sept. 15
497,950
465,720
622,970
497~950
465~720
622~970
403~630
506,410
443,840
536,930
438,370
Sept. 15
dealers—Number of shares
STOCK
$809,184,859
606,591,637
647,038,118
92,338,782
of
July
IN
77,170,991
84,814,183
74,568,385
35,636,982
44,391,673
60,000,000
20,000,000
30,000,000
o.\.
NONFARM
BANK
LOAN
(000's
omitted):
$1,166,441
associations
loan
companies
trust
:—
■
$1,048,132
$1,291,747
95,269
.
115,870
459,539
377,956
167,740
1
104,290
424,824
———
companies
153,392
145,301
313,302
350,498
533,815
490,581
$2,653,077
$2,856,085
$2,528,338
$298,000,000
$298,000,000
293,749,860
293,714,454
270,628
^
302,356
496,447
249,228
—
.—
institutions-!!.—:—
!
•
Sept.
omitted):
(000's
30
that
face
amount
any
,
time—:
may
be
Total
——
.
.
$293,000,000
=.
public debt—
obligations not
gross
Guaranteed
.
outstanding
Outstanding—
$60,308,477
,
—
owned
.
288,423,332
the
by
Treasury
403,630
SALES
ON
THE
N.
Y.
161,031
.
MEMBERS
Total gross public debt and guaranteed
$294,020,489
$293,963,683
441,988
442,443
403,843
$293,578,500
$293,521,239
$288,180,520
4,421,499
4,478,760
4,819,479
$294,020,489
$293,963,683
$288,584,364
6,955,997
6,020,320
8,316,868
$287,064,492
obligations
:_i—
outstanding public debt obligations not subject to debt limitation—__
total
Grand
face
Balance
(SHARES):
1
$297,943,363
$280,267,496
3.096%
3.082%
Deduct—Other
STOCK
ROUND-LOT STOCK TRANSACTIONS
OF
under
outstanding
of obligations
—
amount
above
authority
$288,584,364
,
.
r
;
issuable
.
sales—
—Sept. 15
r
——
sales
PRICES, NEW SERIES
—
669,830
517,470
760,700
607,280
Sept. 15
15,081,560
13,886,610
14,404,080
18,061,440
18,822,140
11,752,520
15,751,390
STATES
UNITED
GROSS
DEBT
GUARANTEED—(000's
12,359,800
U. S. DEPT. OF
of
September
funds
General
DIRECT AND
omitted):
30—
-
-
balance
-
_!—
(1947-49=100):
Oct.
foods
Meats
118.5
3
87.8
88.2
Oct.
x
;
3
Oct.
3
' 107.9
108.5
Oct.
products
3
Oct.
3
;
other than
farm
and foods
118.7
118.7
94,9
127.1
....
-f
'
95.3
127.0
„
"
commodities
86.9,
108.2
'
'
H9.5
,88.4
'108.4
95.7
,
.
*
-
96.7
127.4
128.1
Computed
tNumber
of orders not reported since Introduction of Monthly Investment Plan,
from East St. Louis exceeds one-half cent a pound.
fPrime Western
Zinc
1-
annual
average
—
3.170%
tEstimated totals baspd on reports from companies accounting for
96% of primary, 95% of secondary tin Consumption in 1957 and 97% of total stocks
end of 1957.
(IDomestic five tons or more-4>ut less than carload lot boxed.
§§Delivered
♦Revised
where
figure.
delivered basis at centers where freight
debt
Net
_
commodities
tevised
$754,161,042
625,641,957
—
charges—
(estimated)
savings -banks
of
Total
1,271,397
*
%
Sept. 15
Commodity Group—
on
and
and
Mutual
As
sold
360
$825,401,360
S. —HOME
*
Sept. 15
sales
All
78,6517****^
(AS¬
before
lending
Sept. 15
Other
I ROADS
.
FINANCING
U.
OF
Miscellaneous
Sept. 15
sales
All
408,025
70,099
226
charges
Individuals
Sept. 15
AND
round-lot
1,635,836
$94,018,032
Sept. 15
.
:
ROUND-LOT
Short
after
2,145,520
-
1
sales
Farm
487,036
195,748
dealers—
by
ACCOUNT
Savings
Banks
at
sales
Other
Processed
266,073
83,408
U. S. GOVT. STATUTORY DEBT LIMITATION
shares—Total sales
—
3.73
438,386
—
expenses
t' 1 '
4,044,211
i
:
Round-lot purchases by
LABOR
3.08
3.00
354,978
cars
revenues
BOARD—Month
STOCK
sales
sales
WHOLESALE
2.19
coaches
3,592,260
3,422,881
3,129,795
purchases)—t
sales
EXCHANGE
595,720
2,549,265
Sept. 15
short
Total
4.02
FROM
—
operating
ESTATE
REAL
(customers' sales)—
orders—customers
of
970,791
4,146,046
y.
Sept. 15
purchases by dealers
other
Total
3.03
COMMISSION
shares
Customers'
FOR
6.18
3.83
"
FOR ODD-LOT ACCOUNT OF ODD-
AND
SECURITIES
Customers'
TOTAL
416,120
3,339,690
value
of
515,570
Sept. 15
EXCHANGE
Number
4.87
3.05
MANU¬
———
Net
Insurance
^_Sept. 15
!
;
sales
Round-lot
686,295
3,105,815
of members—
sales
Other
706,060
3,317,053
Sept. 15
y
transactions
purchases
Short
4
Sept. 15
Sept. 15
sales
round-lot
Dollar
—
vehicles—
__x
499,880
Number
(24)
SALES
AUTOMOBILE
S.
operating
95,840
Other
Odd-lot
3.64
2.95
2.99
3.03
& Tel.)
EARNINGS CLASS
operating
floor—
purchases
of
Septembers
2.22
of
Taxes
50,960
Short
Dollar
$1.51429
$1.50000
August:
Total
253,090
Sept. 15
:
sales
Number
$1.70000
$1.50000
SOCIATION OF AMERICAN RRs.)—Month
,
Odd-lot
$1.70000
$1.50000
-
ASSN.—Month of September:
Total
Sept. 15
sales
LOT
$1.41429
YIELD—100
of
FACTORY
U.
IN
RAILROADS
floor—
purchases
Other
1,901,810
Sept. 15
sales
Short
STOCK
$1.60000
■i*
2,309,960
Sept. 15
Other transactions
Total
$2.25
$82,000
of
specialists in stocks in which registered—
purchases
Sept. 15
Total
74.000c
$2.25
$82,000
$1.60000
_
motor
Total
23.250C
81.250c
$82,000
—_
—
(200)
of
Total
26.000c
23.250c
81.250c
-
3.06
Number
Total
26.000c
23.250c
-
...
(15)
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Other
29.500c
25.500c
lb.)
4.90
passenger
Total
29.000c
33.000c
2.99
trucks
Total
32.590c
32.500c
$2.25
(not incl. Amer. Tel.
of
Total
36.250c
:f.
—
of
<
(per
$35,000
$209,000
33.000c
'
AVERAGE
Number
Total
102.274c
$35,000
32.500c
;
^
119.783c
$188,174
36.250c
poundi)I__.u__
—;
Number
OF
79.25Cd
$2.81271
$35,000
,'fVrfcajTW
(25)
Average
PRICE XNDEX-
ACCOUNT
FOR
91.375c
79.750d
$2.80292
121.881c
pound) .1
MEM¬
TRANSACTIONS
Transactions
£86.446:
91.375c
324,667
.Sept. 30
end
at
AVERAGE—100
ROUND-LOT
£77.398
$188,000
pounds)-.
(125)
Railroads
Insurance
activity
AND
13.500c
£87.139
91.375c
_I
76
STOCKS—Month
FACTURERS'
PAINT
13.00CC
:
12.000c
£76.474
79.750d
price)
of
(per
WEIGHTED
COMMON
363.1
.Sept. 30
(tons)
374.6
.Sept. 30
(tons)
1949
11.500c
'
£74.536
:
ASSOCIATION:
(tons)
orders
12.000c
£73.943
$2.81222
(Per pound,
small lots)
Cobalt, 97% grade (per pound)—
4.50
INDEX
PAPERBOARD
Production
Unfilled
£70.244
4.66
..Oct. 10
Group.
received
£66.165
4.43
..Oct. 10
,
Orders
11.800c
£69.946
11.500c
refined (per pound)
(per pound, delivered ton lots)
Cadmium
Utilities
,
'
(per pound)—
"
..Oct. 10
S.
—
Platinum,
*
NATIONAL
.1^
12.000c
10.800c
£64.688
£^5.690
-
.
MOODY'S
11.000c
10.800c
ounce).
boxed r:(per
**Nickel
,
..Oct. 10
„
11.000c
long ton)
grade ingot weighted avge.
grade primary pig export
'86.51'
,
.^Oct. 10
Utilities
£235.261
28.611c
£63.991
>
Laredo, bulk (per pound)_,
f
84.55
AVERAGES:
Bonds
corporate
Industrials
£234.125
1
'
4
pound)
flask
boxed
Aluminum—
/
80.93
'
U.
Laredo,
86.65
3.95
:
..Oct. 10
JNew .York,
91.91
'
'
87.45
..Oct. 10
Group
,
..Oct. 10
,
(per
(per
Gold
...
Aaa
Public
32.600c
'
£234.705
£233.065
„
Sterling Exchange (check)
Tin,
New:, York Straits—
AVERAGES:
Bonds
Government
Railroad
:
30.600c
28.087c
£230.841
Antimony-^-"*. '•*>
DAILY
10.800c
12.000c
Bismuth
OIL,
(per
4
Group
Average
long ton)—
'
Louis
Oct,
at
at
..
BOND
3o.604c
28.036c
•'
•-
-
St.
Oct.
pig, 99.5% )
York)
10.800c
12.000c
..Oct. 10
S.
36,942
£229.452
——
Western, delivered (per pound)™
ttLondon, prompt (per long ton)—
ttLondon, three months (per long ton)
Silver and Sterling Exchange—
Silver, New York (per ounce)
12.000c
10.800c
.'*
..Oct. 10
U.
1*6,031
*40,070
'L
§§Prime
4
corporate
MOODY'S
*22,890
162,832
2,546,872
86,309
V
"
•
■
ton)_
(per
London
Oct.
at
PRICES
Utilities
'
pound)__
...•
4
(New
Industrials
20,788
;
—
pound)-—
London
'•
4
..Oct. 10
Public
(per
(per long
Oct.
Government
Railroad
♦98,946
QUOTATIONS)—
'
■
(per
Oct.
(primary
BOND
30.600c
11.000c
♦126,543
*3,169,338
36,456
_L
1
refinery
at
(East St. Louis)
tin
4
30.600c
27.375c
Oct.
132,169
3,143,218
._
M. J.
&
prompt
East
30.600c
r
145
'
at
(delivered)
Aluminum
(E.
refinery
Zinc—
4
;
.
Common, New York (per pound).
Common, East St. Louis (per pound).
ttLondon, prompt (per long ton)—
;
QUOTATIONS):
Oct.
144
137
92,126
.
tons)
months,
ttThree
at
refinery
refinery at
150
'
.
tons)
.
Lead—
Y
Electrolytic copper—
Lead
MINES)—
;
ounces)
short
PRICES
ttThree
PRICES:
lb.)
68,182
150
;
ounces)
fine
short
ttLondon,
343
'
.
60,004
192,466
:
-
,
OF
(in short tons)
Export
-
steel
fine
(in
Domestic
i
14,107,000
'
Oct.
65,757
84,271
188,090
151
"
variation
(BUREAU
September:
149
&
'
steel
'Average
68,003
91,029
165,064
adjustment
Copper—
INC,
COMPOSITE
Finished
seasonal
(in
(in
Zinc
>■'
METAL
'
156
'
Sept. 30
kwh,)
000
(COMMERCIAL
'
y-
"
378,000
INSTITUTE:
BRADSTREET,
S.
!
;
July:
(in
Copper
Lead
Sept. 30
AVERAGE=100
of
Silver
18,600,000
•
FAILURES
September:
for
seasonal
Gold
5
5
MINES):
(tons)
STORE SALES
SYSTEM—1947-49
U.
of
(tons of
Mine production of recoverable metals in the
United States—••
■
■
,•
230,000,000
195,400,000
Oct.
lignite (tons)
anthracite
DEPARTMENT
of
OUTPUT
Oct.
■_
Pennsylvania
Month
Without
$602,800,000
5
municipal
OUTPUT
Bituminous
MOODY'S
6,838,000
5,071,953
STORE SALES—FEDERAL RE¬
SYSTEM—1947-49 Average=100—
SERVE
•
Month
5
Oct.
1,
construction..
Straits
8,091,958
5,120,808
DEPARTMENT
METAL
Oct.
construction
State
Zinc
output all grades
1
,
Federal
tZinc
INSTITUTE, INC.—Month
smelter
Adjusted
CONSTRUCTION—ENGINEERING
construction
S.
Public
METAL
8,657,000
6,139,418
530,009
U.
Scrap
zinc
'
-l
i
Ago
castings produced
2,000
pounds)
Shipments (tons of 2,000 pounds)
Stocks at end of period (tons)
50,325,000
Private
.!:• Pig
for
Year
Month
INSTITUTE:
September:
Slab
168,625,000
50,220,000
IISept.
at
(bbls.), at—
•
.
STEEL
187,417,000
29
(bbls.)
oil
ENGINEERING
IRON
AND
ingots and steel
AMERICAN ZINC
6,168,000
Sept. 29
oil
fuel
NEWS-RECORD:
Electric
IRON
(net tons)—Month of AugustShipments of steel products (net tons)—
Month of
August—
i
29,018,000
freight loaded (number of cars)
Sept. 30
freight received from connections (no. of cars)..Sept. 30
Revenue
AMERICAN
6,861,810
*7,934,000
28,196,000
Sept. 29
ASSOCIATION OF AMERICAN RAILROADS:
EDISON
7,050,910
8,139,000
29,968,000
output'(bbls.)
unfinished
fuel
Residual
COAL
1,558,000
Sept. 29
:
output
(bbls.)
Distillate
Total
2,032,000
-f
refineries, bulk terminals, in transit, In pipe lines-
Finished
CIVIL
2,131,000
Previous
Month
54.6
—
(bbls.)
Residual
Ago
69.5
of that date:
are as
Latest
Sept. 29
output
Stocks at
Ago
73.0
v
Year
of
(bbls.
average
Sept. 29
stills—daily
Gasoline
oil
Week
72.0
Oct.
quotations,
Month
INSTITUTE:
condensate
to
runs
7
or
Previous
Week
capacity)
42 gallons each)__.
Crude
cover production and other
figures for the
month available. Dates shown in first column are
either for the
month ended on that date, or, in cases of
or
Steel
and
PETROLEUM
oil
INSTITUTE:
(per
to—
castings
ingots
Steel
AND
following statistical tabulations
latest week
Business
29
freight
included.
session
figure.
from
East
St.
Louis
exceeds
0.5c.
♦♦F.o.b.
Fort
Colburn,
U;
S.
duty
ttAverage of daily mean and bid and ask quortations per long ton at morning
of
London
Metal
Exchange.
Vt
30
(1590)
The Commercial and Financial Chronicle
,
V
.
.
Thursday, October 12, 1961
.
* INDICATES
•i
Now
Securities
■J
in
ADDITIONS
SINCE
ITEMS
•
PREVIOUS
REVISED
ISSUE
■>
Office—1616 Northern
f
Boulevard, Manhasset, N. Y. Underwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)
t
.
NOTE
Because of the large number of issues
—
i
and
index
the
in
the
in
Sept. 11, 1961
>»
Business—Steel
—To establish
but
of the underwriter
not, in general, to be considered as firm
are
offering dates.
;
.
ABC Cellophane Corp.
:
Sept.
►
1961
7,
Business—A
V'J
radio
•v
A")
("Reg.
converter
of
supplies
100,000 common. Price—$3.
packaging material, produc-
Office—1368-72
A.
&
P'astik
E.
Inc.
Co.,
Aug.
(10/16-20)
Sept.
;
11,
kit form.
■I
Manufacturing Corp.
Wright
Ace Trophies Corp.
<
£•
Sept.
:
ness—The
18,
1961
filed
design,
200,000
Price—$1.
common.
and
sale
expansion* sales promotion, and- working
Office—40-40 Lawrence St., Flushing, N. Y. Un¬
capital.
•
derwriter—Karen Securities Corp., N. Y.
'
Acratex Chemical
Coatings, Inc. (10/16-20)
Aug. 8, 1961 ("Reg. A") 99,900 common. Price—$3. Busi¬
ness—The manufacture of a
wallcovering product. Pro¬
4
ceeds
i
—
For expansion and general corporate
Office—Easton
St.,
Tyche Securities Inc., N.
;
purposes.
Ronkopkoma, N. Y. Underwriter—
r.
^ • Aero electronic Products
Co.
July 17, 1961 filed 100,000 class A
Business—The manufacture
—$4.
common
of
shares. Price
transformers
for
electronic
and electrical equipment. Proceeds—For relocating to and equipping a new plant, purchase of inventory, research and development, advertising, promo¬
-
;
tion
and
merchandising, repayment of debt and
corporate
purposes.
Office—369
Shurs
Lane,
other
Philadel-
phia. Underwriter—Roth & Co., Inc., Philadelphia.
|
A-Drive
Jan.
19,
.which
.
V
Auto
1961
75,000
Leasing
filed
100,000
System,
shares
o£ class A stock, of
to be offered for public sale fey the
25,000 shares, being outstanding stock, by
the present holders thereof.
Price—$10 per share. Busi¬
ness—The company is engaged in the business of
leasing
are
and
trucks
for
periods
of
over
one
year.
Proceeds—To repay loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
,
PRIME
•
PROSPECTS
/~
•
■
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
investment services in Chicago and Mid
America^ it makes sense to advertise in the Chicago
your
Tribune
"
*
'
Why not ask
your
Tribune
man
for details
today?
1
(Eljicag® QTrtttme
iMi
Mid America's
womt't
most
muttt
Rental Corp.
77
7 "
Sept. 28, 1961 filed 50,000 common. Price—$4. Business—
r
Leases
Office
motor
—
vehicles.
Proceeds—For
31-04 Northern
working capital.
Blvd., Long Island City, -N. Y.
—
Business—The
xiwimik
widely circulated market table pages
.
7
manufacture
of electronic organs.
Pro¬
loan, redemption of outstand¬
ing preferred, working capital and expansion. Address— -7
Macungie, Pa.r Underwriters—Drexel & Co., Philadel-.
phia, and Warren W. York & Co., Allentown, Pa. (mgrs.)
c
\
ceeds—For repayment of a
of
instruments
for
and
aerology,
atmospheric
7
ceeds—For
-
."capital.
equipment, repayment of loans and working
Office—2690 N. E. 191st St., Miami, Fla. Under¬
writer—Albion Securities Co., Inc., N. Y.
7• Akuma-Rail, Inc.'
V'./V77/
.7'
7"
Sept. 28, 1961 ("Reg. A") 100,00(f common.''"Prft'e—$2.25.
..
'
Maintenance
Co.
y
Business—Manufacture of
XXX
J
of which 128,000 are
the company and 26,000 by stockholders.
common,
Price—By amendment/
chain link
new
color anodized aluminum
fencing.
Proceeds—For inventory and plant
expansion. Office^—44 Passaic Ave., Kearny, N. J; Un¬
derwriter—Herman & Diamond, N. Y.
Business—FuPhishing of clean¬
ing and protection services for office buildings, plants,
Amacorp Industrial Leasing Co., Inc. *.
7
military bases. Proceeds—To'-repay loans and in- iSept. 27, 1961 filed
$3,000,000 of-6%% conv. subord. decrease
working capital. Office—526 S. San Pedro St.; : bentures due 1971.
Price—By amendment.- Business—
Los Angeles.
Underwriter — Schwabacher & Co., San
Finaneihg and lease of' industrial "and office' equipment.Francisco.
:7'
7 -7-7- r7
7:/••' 7
Proceeds—Repay debt and increase working capital. Of¬
Agency Tile Industries, Inc.
fice—34 S. Stoneman Ave.;- Alhambra, Calif.
>
7
Under¬
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
writer—McDonnell & Co., Inc., N. Y.
" :-A7 "
-
and
-
\
Business—Importing, marketing and distributing ceramic
Proceeds—Debt payment, new products, sales pro-/
motion and advertising, new office and warehouse
and'(
tiles.
working capital.
Office—522 W. 29th St., N. Y. Under-1
writer—International Services Corp., Paterson, N. J.
Air Master Corp.
May 26,
1961
filed
(11/6-10)
200,000 shares
of
class
A
common
stock, of wKich 50,000 shares
are to be offered for public
sale by the company and 150,000 outstanding shares by
the present holders thereof. Price—To be supplied
by/
aluminum
Business —The
storm
windows
manufacture
and
doors,
and
sale
of/
other alu¬
capital, and
Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis D
du Pont & Co., New York City
(managing). ', 7
minum
products.
Proceeds—For
and
working
other corporate purposes.
,• Airtronics
International Corp. of Florida-
/
'
'
Oct. 2, 1961 filed 250,000 common. Price—$11.25. Busi- v
ness—A small business investment company/ Proceeds—
For investment. Address—Chicago. Underwriter—None.
4,
common
1961
(letter
stock
of
notification)
(par 10 cents). Price—$4
75,000
per
shares of
share. Busi¬
The sale of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
ness
—
etc.
Proceeds—For building test pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck
Ave., Mamaroneck, N. Y. Underwriter—Vincent Asso¬
ciates, Ltd., 217 Broadway, N. Y.
/
Amerel Mining Co. Ltd.
July
31, 1961 filed 400,000 common shares. Price—50
cents. Business—The company is engaged in
exploration,
development and mining. Proceeds—For diamond drill-
(10/23-27)
June
29, 1961
shares
89,000
filed
are
199,000
to
be
common
offered
by
shares
the
of
which
company
and
shares
by stockholders. Price—By amendment.
Business
The/manufacture of electronic, mechanical
and components. Proceeds—For
repayment of loans, ex—
and
YOUR PRIME SOURCE FOR
electro-mechanical rocket and missile system parts
pansion and working capital. Office—6900 West Road 84,
Fort
Lauderdale, Fla.
Underwriters — Stein Bros. &
Boyce, Baltimore & Vickers, MacPherson & Warwick.
Inc., N. Y.
•
Aksmarr
■
(L. J.)
.
& Co., Inc.
conditioning systems. Proceeds—For moving, purchase
of machinery and
equipment, inventory, repayment of
loans and working capital. Office—1425 Utica
Avenue,
Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller &
Co., Inc. and, Carroll Co., N. Y. Offering—^Imminent.
Albert Voigt
Industries, Inc. (11/6-10)
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store
fixtures, show cases and
related items. Proceeds—For
repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham
PL, Brooklyn, N. Y. Un-
/ derwriter—David Barnes & Co., Inc., N. Y. C.
Sept. 20, 1961 filed 127,0004class A
Business—Development
common.
and manufacture of
ety of building products.
a
BOUGHT
-
SOLD
QUOTED
-
for Banks, Brokers, Institutions
atney,
A SIEGEL
9-' V/A. 'Jtic.
.•
'
\M "
Al-Crete Corp.
Price—$3.
new
vari¬
Proceeds—For construction of
-
Amcrete Corp.
May
"
•-
X'7
Amcap Investment Inc.
July 28, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3. Business—A mechanical contractor in
design and installation of heating, ventilating and Wr
People in Chicago and Mid America are prime pros¬
pects for stocks and bonds. Only New York edges out
and
Aetna
110,000
Inc.
company and
automobiles
tiles.
The ; manufacture
amendment.
(11/15)
Co., Inc. and Hardy & Hardy, New York (managing).
All-State Auto
of new
Sept. 25, 1961 filed 154,000
Busi-
ceeds—/For
*
•'».
trophies,
Proceeds — For
•'
&
capital, Office—
420 Division St.* ,Long
Branch, N. J. Underwriter—A. D.
Gilhart & Co., Inc., N.'Y.
77;/7<;s:7 /^X;.
of
Aceto Chemical
Co., Inc.
-.7
~ rL
'
Sept. 27, 1961 filed 88,000 common. Price—$5. Business
—Purchase and sale of chemicals and by-products. Pro¬
"
.
(10/23) •"/
manufacture
—
to be offered by
-plaques and cups for sporting events.
production expenses, printing, promotion, inventory and
working capital. Office—1510 Broadway, Brooklyn, N. Y.
Underwriter—Ezra Kureen Co., N. Y.
^
7" / '
1
<
installation
^meterology, oceanography, geophysics
phenomenon. Proceeds—For working
an
Clifton
...
>
ness
(10/16-20)
acquisition and working-capital. Office—79
Place, Brooklyn, N. Y. Underwriter
L. H.
& Co., Inc., 135 Broadway, N. Y.
penses,
/
establish and
Proceeds—For ex¬
■
July 26, 1961 ("Reg. A") 100,000 common shares <par '10
cents). Price—$3. Business—The manufacture of coin
operated vending machines. Proceeds^-For moving ex¬
.
Europe.
—
writer—William R. Staats & Co., Los Angeles.
Abby Vending
in
—
Abbey Rents
•
160,000 common shares. Price—$5.
importation and distribution of Italian
centers
shares. /
$5;'Business—
pansion and general corporate purposes. Office—100 W.
Tenth St., Wilmington, Del,-Underwriters—Alessandrini
(10/30-11/3)
filed
The
common
;
• Alpine Geophysical Associates, Inc. (11/13-17)
Offering— / July 28, 1961 filed -150,000 common shares. Price — By
amendment. Business
Imminent.
The conducting of marine and
71.7 V/x/ ; /.',";\7/vXr7 ■7/',:77'7';/.77;-' 7
land geophysical surveys for petroleum and mining ex¬
• Aero
Space Electronics, Inc.
ploration and engineering projects, and themafiufacture
July 17, 1961 ("Reg. A") 80,000 capital shares. Price—$3.
of oceanographic and geophysical
apparati^/Proceeds—
Proceeds—For repayment of debt anyd
working capital.
For repayment of debt and general corporate purposes.
Office
2036 Broadway, Santa
Monica, Calif/ Under¬ /Office—55 Oak
St., Norwood, N. J7 Underwriter—S. D.
writer—Hamilton Waters & Co., Inc.,
Hempstead, N. Y.
Fuller/& Co., New York (managing).
• Alson
Aerological Research, Inc.
Mfg. Co.: (10/16-20) .77
Aug. 29, 1961 filed 100,000 common. Price—$3.50 Busi¬
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4.. Pro-
Sept. 25, 1961 filed 200,000 capital shares, of which 100,000 will be sold by the company and 100,000 by stock¬
holders. Price—By amendment. Business—Rental
and
sale of party, sickroom and hospital equipment. Proceeds
—Expansion, inventory and working capital. Under-
•
1961
—
convertible subordi¬
150,000
par; for stock,
Brunswick Corp. to
with
bowling
v
(ll/13-17f
and
debentures, at
venture
operate
1971
Associates, Inc., both of Washington, D. <C.
Office—1225
4
-
Joint
power
programs.
11, 1961 ("Reg. A") 100,000 common shares (par
five
cents).
Price—$3.
Proceeds—For repayment of
loans, purchase of notes and equipment. .Office —185
Walton Ave., N. W., Atlanta, Ga. Underwriters — T.
Michael McDarby & Co;, Inc., and J. Morris Anderson &
equipment, repayment of loans,
E. Maple Rd., Troy,
Mich. Underwriter—A. G. Becker & Co., Chicago (mgr.).
M
7,
debentures due
Price—For
-
and
Aero''Fidelity Acceptance Corp.
common,
Proceeds—For
working capital.
and
space
Wcde, Inc.
July 7, 1961 filed $250,000 of 5%
nated
,
July
of which 160,000
are to be offered by the company and 70,000 by a stockholder. Price—By amendment. Business—The manufac¬
turer of scale model plastic automobiles distributed in
and
and
rocket
All Star World
Underwriter—None.
Proceeds
For the purchase
moulds, machinery and equip¬ t; • Allen Organ Co. 7
^//'V^".^.:'X /:'1-;
7 ",.'''
ment, research and general corporate purposes. Office—
Aug. 30, 1961 filed 140,OOp class B (non-voting) common,
250 Goffle Road,
Hawthorne, N. J. Underwriters—Cam¬
of which 37,000 shares are to be offered by the
company
bridge Securities, Inc. and Edward Lewis Co.*-Inc., N. Y/ and 103,000 by the stockholders.
Price—By amendment.
.
;
missile,
research
marble and mosaic
and
AMT Corp.
(10/23-27)
1961 filed 230,000
Springs, Colo.
•
,
Business
capital. Office—652 Mateo Street, Los Angeles. Under¬
writers—Blalack & Co., Inc., San Marino, Calif:; Harbison & Henderson, Los Angeles; May & Co., Portland,
Ore., and Wheeler & Cruttenden, Inc., Los Angeles.
-
insurance. Office—1729 N. Weber
St., Colorado Springs,
Colo. Underwriter—Copley &
Co., Colorado
Fru-'
&
7//7'7/7XW £
Aero-Dynamics Corp.
Aug. 1, 1961 ("Reg. A") 40,000 common shares (no par).
Price —$7.50. Proceeds — For equipment and working
i
Underwriter—Morrison
development* equipment,
Office^2 Com¬
St., Hicksville,, N. Y.
Underwriter — Edward
Hindley & Co., and Hardy & Hardy, N. Y. C. OX/:*/' 77 ■-*
Utica
Pak
Proceeds
mercial
Ave., Brooklyn. Under¬
writer—Havener Securities Corp., N, Y.
77
•
Insurance Co.
^ ^ 7
.•>./
7 7
("Reg. A") 239,200 common. Price—$1.25."
Business—Writing of life, accident, sickness and health,
industrial air conditioner division.
systems, ^frequency /filters
the
plant. Office—4800 Baltimore Ave., Hyattsville,
Underwriter—Whitehall Securities Corp., Pittsburgh.
Sept. 18, 1961
repayment of loans and working capital.
—
capital.
for
Proceeds—For
ing polyethylene and cellophane bags and sheets. Pro¬
ceeds
For a new plant and equipment and working
>
telemetry
new
All Service Life
Price—$2.50.
common.
Advanced Electronics Corp. ;
' -; v
May 31, 1961 ("Reg. A") 150,OuO class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
•
)
new
Mich.
min, Inc., Detroit.
k
?;S
100,000
fabricating and warehousing.
a
Office—Adrian,
*
items reflect the expectations
■v
("Reg. A")
*
accompanying detailed
/)
V..
Adrian Steel Co.
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
a
Md.
39
Dlgby 4-2370
Brbadway, New York 6, N. Y7C
Teletype No. N.Y. 1-5237
1
Volume
194
Number 9088 \, The Commercial and Financial Chronicle
ing, construction* exploration and general corporate ex- :
Office—80 Richmond St.,;W., Toronto. 'Under-. writer—E. A. Manning, Ltd., Toronto.
:///>-':''V
'7
'
shares by stockholders. Price—By amendment. Business
penses.
^ American Auto Stores, Inc.
Sept. 28, 1961 ("Reg." A'') 50,000 class A common. Price
Proceeds—General Corporate purposes. Office—
3333 Locust St., St. Louis. Underwriter—Scherck, Richter
Co.* St. Louis.
'•••"•
.
V* '•* /:'
—$5-
Mass.
machinery
fabrication
for
St.-
mercial
Bomback &
/
.Hlcksvhle*;, JsT/ Y./' / Underwriter
Co.*/N. Y.
<rq"S'i
am
S
,+iiA
An
A-P
26,
Laboratories, Inc. :
10,632 "shares of class A
filed
offered
one
new
7.
'
common
Note—This
for "subscription by stockholders at
share for each 10 shares held. Price
Finance
21,' 1961
Co., Inc.
6%
•
./•;
-
.
/
.
1961
filed
/
".
i'T■*? '*
ment, research and development, repayment of debt and
working capital. Office—3901 Union Rd., Buffalo. Un¬
York
Dillon, Union Securities & Co.; New
I
? ; "• '
'
(managing)..A
American Realty & Petroleum Corp.
Sept. 28, 1961 filed $2,000,000 of 6%% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
and also
ment
ments
N. Y.
_
Price
—•
one
$100
,
Proceeds
~
v
common.
Price—$3.50.
Pot
repayment of loans, aCquisition and
working capifcd. Office-^715 J*: Payette St., Alexandria,
Va. Underwriter—First Investment Planning Co:, Wash—
zington, D. C. Offering—Expected in"late November. V'
Atmotron, Inc. (10/23-27)
'*
~
July 27, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$1.15. Proceeds-^Fbr general corporate
purposes. Office—5209 Hanson Court, Minneapolis. Un¬
derwriter—4. P. Penn & Co^ Inc., Minneapolis.
—
Co*, Inc., Pittsburgh.
AuthenOcofor Inc.
Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Price—$3.25* Business—The furnishing Of photographic
service for the professional market. Proceeds—For work¬
ing capital and repayment of loans. Office—525 Lexing¬
Ave., N. Y» C. Underwriter — General Economics
Corp., N. Y. C.
ton
Processing Laboratories, Inc.
23, 1961 filed 2,100,500 shares of common stock
for subscription by common stockholders
the basis of
one
new
share.
share for each share held.
working capital.
Ariz.
•
Proceeds—To repay loans
and
Office—2 North 30th Street, Phoenix,
Underwriter—None.
Armorflex
Sept.
Price
Business—The processing of black
and white and color film.
18, 1961
Business
—
Chemical Corp.
("Reg. A")
Manufacture
150,000
common.
of chemical
Offering—Expected in late October.
■■
offered
be
on
;
'
Arizona Color Film
-
to
Proceed®—Inven¬
.
(10/23-27)
Aug/2, 1961 filed 100,000 common. Price—$5. Business—
Renting pf trucks in the New York City area. Proceeds
—Repayment of loans, purchase of equipment, working
capital and general corporate purposes. Office — 285
Bond St., Brooklyn, N. Y. Underwriter—None.
March
advertising, and research. Office—261
Madison Ave., N. Y. Underwriter—Charles Plohn & Co.,
:
Arista Truck Renting Corp.
-
tory, machinery,
Atmospheric Controls, Inc.
1961 ("Reg. A") 40,000
Aug. 22,
—
J. J. Bruno &
Safety Equipment Corporation
Sept. 28, 1961 filed 80,000 common. Price—$10. Business
Inc. (10/16-20), ,,
Aug. 11. 1961 filed 100.000 common shares, of which 50,are to be offered by the company arid 50,000
unit. Proceeds
debt, purchase inveh-
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
Automata International, Inc.
ness—The cutting, designing, polishing and installing of
Aug. 22, 1961 <"Reg. A") 300,000 common. Price —$1.
marble products. Proceeds—For plant expansion, inven¬
^Proceeds—For tooling, equipment and working capital.
tory arid working capital. Office—4425 N. E. Sixth Ter¬
Office
241 S. Robertson Blvd., Beverly Hills, Calif.
race, Oakland Park, Ft. Lauderdale, Fla. Underwriter—
Underwriter — Pacific Coast Securities Co., San Fran.
American
'000 shaires
V'
Architectural Marble Co*
,
•
per
repay
tory, and increase working Capital. Office—774 Pfeiffer
Blvd., Perth Amboy, N. J. Underwriters—Hay, Fales &
Go. and McLaughlin, Kaufman & CO.; N. Y. ; * " >;/> r
,
for
"
equipment.'iProceeds—To
/
slmres held.
commc:.
Underwriters—Bear, Stearns & Co., and Finkle &
Atlas Electronics Inc.
^
Offering—Imminent.
American Self Service Stores,
unit for each 100
a
Sept. 28, 1961 filed 185,000 common. Price—$2.10. Busi¬
ness—Distribution of electronic components, parts and
Co., Inc., New
,Vt- 7;-
and
Co., N. Y. (mgrs.)v
Apex Thermoplastics, Jnc/(11/13-17)
Aug. 29, 1961 filed 150,000 common. Price—$2.40. Busi¬
ness—The manufacture of thermoplastic compounds for
resale to other manufacturers. Prdceeds—For equipment,
sales
and
advertising and working capital.
Office—
395 Smith St., Brooklyn, N. Y. Underwriter—Continental
Bond & Shares Corp., Maplewood, N. J.
—22 cents per
•
N. Y.
r;
Co.
of residential com¬
loan and construc¬
Office—521 Fifth Ave.,
Proceeds—Repayment of
tion, general corporate purposes.
of America
•
&
Business—The development
munities.
•
—
N. Y.
ment.
Co., Hart-
■
Co.
Securities
Atlantic tnftfmsvertifent Corp. (10/30-11/3)
Aug. 30, 1961 filed 150,000 common. Price—By amend¬
investment
-Putnam &
Underwriter
(mgr.). Offering—Imminent.
Price—$10. Business—A real estate investment company.
Office—608 Thirteenth St, N; W.,° Washington, D. C.
Underwriter
Stifel, Nicolaus & Co., Inc., St. Louis.
belts.
business
small
Proceeds—Prepayment of debt and construction,
Pacific Ave., Atlantic City, N. J. Under¬
jOffice^M60O
writers—Eastman Dillon, Union
Smith, Barney & Co., N. Y.
( 10/24 7
shares.
Price —By
Corp.
For expansion and
working capital. Office—1270 N. W. 165th St^, North
Miami Beach, Fla. Underwriters—Ross, Lyon & Co., Inc.,
and Globus, Inc., New York.
• American
Realty Trust
''
July 25. 1961 filed 500.000 shares of beneficial interests.
seat
ment.
o
Proceeds—For investment. Office—150 Cause-
the basis of
Proceeds:—For repay¬
debt, sales and advertising, property improver
and possible acquisitions.
Office—16 W. 61st St.,
Underwriter—Troster, Singer & Co.,-N. Y/ '•
safety
common
common.
Atlantic City Electric Co. (li/2)
Sept. 22, 1961 filed 200,000 common. Price—By amend¬
June 20,
;
tlje oil and gas business.
of
Price—$12.50. Busi¬
Proceeds—
purposes. Office—744 Broad St.,
.
Anodyne, I nc.- /"
"
; '•>
<v•
' '/
>•
1961 filed $625,000 of 5% converfible subordi¬
nated debentures, 156,250 common shares reserved for
issuance on conversion ?of the debentures and 5-year
warrants to purchase 125,000 common shares to be of¬
fered in 6,250 units; each consisting of $100 of deben-*
tures and warrants to purchase 20 shares. The units will
fog offered for subscription by common stockholders on
-
of
—Manufacture
Capital Corp.
ness—A small business investment
company.
For general corporate
Investment Trust
York. Underwriter—Bernard M. Kahn &
components. Proceeds—The purchase of equipment and
materials, operational expenses, working capital Ind rewriter—Naftalin & Co.-,' Inc., Minneapolis. Offering—Ex¬
pected in late November.
" •:
•;T
>
derwriter—Eastman
r*
Business —A
Animal Insurance
York
./American Micro Devices, Inc.
Aug. 2, 1961 filed 1,500,000 class A common. shares.
Price —$1.15. Business—The manufacture of electronic
.
Atlantic
—
*v
American Precision Industries, Inc.
(10/16-20)
Aug. j 18; 1961 filed 158,000 common shares, vof -which
115,000 shares are to be offered by the company and
38,000 shares by stockholders. Price—By amendment.
Business—The machining and fabrication of components
and assemblies from steel, aluminum and certain alloys
and other metals. Proceeds—For a new plant and equip¬
Business—Design and
Proceeds—Repay debt and increase working
capital. Office—9440 W. Jefferson Blvd., Culver City,
Calif. Underwriter—W. C. Langley &
Co., N. Y. ; ^
•'
•••
common, of Which 150,000
by the company and 82,500 by stock¬
Price—By amendment.
missiles.
..
29, 1961 filed 40,000 common shares. Price—$15.50.
Business'
The insuring of animals, primarily race
horses/ trotters and pacers. Proceeds—For expansion and
general corporate purposes. Office—92 Liberty St., New
,
(managing).
to be offered
systems and equipment for the
support and servicing of electronic systems, aircraft and
June
...
repayment of loans and general corporate purposes. Of¬
fice—551 Fifth Ave., New York. Underwriter
"
White,
Co., Los Angeles.
manufacture of ground
Blvd., Fort Lauderdale, Fla. Underwriter—None.
Street, Boston.
ford, Conn.- (mgr.).
75,000 shares are to be offered by the company and
65,000 shares by. stockholders. Price—By amendment..
Business—Magazine and book publishing. Proceeds—For
Weld & Co., New York
are
holders.
Underwriter—J. LKrieger &
Estate
way
Un-;
Publishing Co., Inc. (10/17)
140,000 common shares, of which
Under¬
& Co., N. Y. C. and William
Astro-Science Corp.
Sept. 27, 1961 filed 232,500
a
Anderson New England Capital
company.
Corp.,
American Heritage
Aug. 18,
Real
amendment.
—
Office—100 Church Street, N. Y.
establish
July 21, 1961 filed 400,000
American & Foreign Power Co., Inc.
Sept. 18,. 1961 filed 240,000 common. Price—By amend¬
Proceeds
For the selling
stockholder, Electric1.
derwriters—Lazard Freres & Co., and First Boston
New York."'
vV A
be refiled.
to
purchase of real estate in Florida.-Office—1776 E.
Sunrise
bentures, and capital funds. Office .— 1472 Broadway,
N. Y. Underwriter—Myron A. Lpmasney &
Co.; N. Y.
Bond & Share Co.
R. Staats &
capital.
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Offering—Expected in late October.
For
are
ment.
writers—Granbery, Marache
3, 1961 filed 163,636 shares of beneficial interests.
Price—$10. Business—Real estate investing. Proceeds—
and
primarily engaged in the automobile sale fibusiness. One additional subsidiary is a Maryland
savings and loan association and. two are automobile
insurance brokers. Proceeds—For the retirement of de-
repayment of loans and working
Office —240 E. Palais
Rd., Anaheim, Calif.
Oct.
sub¬
nance
expected
Ave., New York.
Co., New York.'
*
25,000 common stock purchase warrants to
be offered for public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per,unit.. Business—The company and its subsidi¬
aries
ceeds—For
Madison
ordinated debentures due 1971; 75,000 shares of common
fStock,
of electronic data
handling equipment, range
timing devices and standard electronic products. Pro¬
Co.,
Aug. 29, 1961 filed 500,000
'Anaconda
convertible
is
will be offered for
subscription by stockholders of Epsco,
Inc., parent, on the basis of one new share for each EpsCa
share held.
Price—By amendment. Business—-The man¬
parts depot in Newark, N. J.,
set up sales and service organizations, and for work¬
ing capital and general corporate purposes. Office—660
(11/6-10) / •'.
-
$500,000 of
filed
.
statement
Proceeds—To
Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa. Offering—Imminent.
American
Netherlands
Astrodata, Inc.
Aug. 28,-1961 filed 625,000 shares of > capital
stock, of
which 200,000 will be offered for
public sale and 625,000
ufacture
Cleveland at |
Passaic, Fort
Amphicar Corp. of America
June 15, 1961 filed 100,000 common shares.
Price—$5.
Business—The manufacture of amphibious automobiles.
be supplied by amendment.
Business—The com¬
is engaged in research and development in the field
of electronic communication equipment. Proceeds—For
construction, new equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.
v
<
housing cooperative. This is the Issuer's first public fi¬
nancing. Proceeds—For general corporate purposes, In¬
cluding $170,000 for construction and $12,000 for debt
reduction. Office—Equitable Building, Baltimore, ■ Md.
Underwriter—Karen Securities Corp., New York City.
pany
April
Busi-
.
—To
:
-
-$4.50.
®
>
Electronic
1961
be
the rate of
•
Amity Corp.; /
Jan. 17, 1961 filed 88,739 shares of common stock (par
$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a
Oct.-17, with rights to expire about Nov. 1. Price—
By amendment. Business—Distilling and marketing of
alcoholic beverages- including bourbon, whiskies, vodkas
and gins. Proceeds — For the prepayment of debt, and
working capital. Office—150 E. 42nd St., N. Y. Under¬
writer—Blyth 8$ Co., Inc.* N. Y. 7 : v''
' "i;-?
;
stock to
.
.
about
/ American
Co., N. Y. C. and A. C. Allyn & Co., Chicago
(co-mgrs.).
4?
...
«
~
Kir,• AAmmcfnnlrliA!/IAI»C«
175,000
by the company and 184,000 by stock¬
Price—$17. Business—The manufacture of dog
and cat food,
cosmetics, drug items mid toiletries. •> Proto be offered
ceeds—For repayment of loans andworklhg capttal. Of¬
Park Ave., N. Y. C.
Underwriters—Allen &
brushes.
ness—^The
subscription by common stockholders on the basis of
$100 of. debentures for each 10 shares held of record
May
Bf<1^
A
,
rwritM
'liKcnririftATi
wire
¥•? 1 fX* Stores,7 Inc.
?
g. 30,f
AUSV30, 1961 filed 100,000 common, Price
1961 filed' 100,000 comrnon.
^
St.,
Burn-
fice—445
equipment, repayment of loans and work¬
Office—29-31 Elm'Ave., Mt. Vernon, N. Y.
Underwriter—M. L. Lee & Co.* Inc., N. Y.^C. (mgr.^-T >•
due
for
*
The manufacture of
twisted
of
>
'
Distilling Co.; (10/17)
icfii
—
' ness-^The b|)eration 'of retail discount variety stores.
otoeration of
discou
For repayment of loans, equipment, and
" ^ Proceeds
.
American
Td
Sept
Golkiii
B.
holders.
ing capital.
new.machine.4ools^:workingMart.tu
American Variety;
capital "and general corporate purposes, Office^-7 Com-
Pearl
Branch, N. J. Underwriter—Mortimer
Co., Inc., N. Y.
Associated Products, Inc.
<10/23-27)
25, 1961 filed 359,000 Common, of which
Proceeds—For
processing, equip¬
ment, Proceeds—For repayment of loans,f new products, /
advertising,. engineering,;
inventory, repayment
Office—1030
Aug.
Machinery Corp. /
Aug. 29, 1961 filed 95,000 common, of which 65,000 are
and 30/000 by stockholders.
data
Price
side &
American Technical
Aug. 17," 1961 filed 150,000 common shares. Price—$4.50
of
Price—$6.
Underwriter—None.
Business
Business—The .manufacture
Long
are
cor-
shares.
Business—The
cotton pillow cases. Proceeds—For
of loans and
working
operation of bowling centers. Proceeds
expansion.,, Office—473 Winter Street, Waltham,
—For
through.vending
Proceeds—Repayment of debt and other
shares.
common
31
purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
Business—The
Vending Corp. (10/24) c / >
Aug. 15, 1961 filed-270,000 common. Price—By amend¬
Business—Sale, of-merchandise
—$5.
capital.
American Sports Plan, Inc.
June 29, 1961 filed 200,000 common
American Automatic
-machines*
;
Artlin Mills, Inc.
Sept. 28,1961 filed 135,000 class A
—The operation of self-service shoe stores. Proceeds—
For repayment of loans and ' expansion. Office—1908
Washington Avenue, St. Louis. Underwriter—Scherck,
Richter Co., St. Louis./
;-T
.
ment.
(1501)
Price—$2.
products used for
painting, waterproofing, caulking, etc. Proceeds—Sales
promotion, research and development, inventory expan¬
sion and working capital. Office—llOO N. E. 125th St.,
North Miami, Fla. Underwriter — Fairfax Investment
Washington, D. C.
.
^
-
■
•
Automated Building Components,
July 28,
Business
in
used
the
1961
—
the
filed
100,000 common
Inc.
shares.
The manufacture of metal
(10/17)
Price—$7.
conductor
plate
prefabrication of wooden roof trusses and
manufacture
of
jigs
and
presses
from
which
the
plates are made. Proceeds—For repayment of loans, ex¬
pansion and working capital. Office—7525 N. W. 37th
Ave., Miami. Underwriters—Winslow,
Laird, Bissell & Meeds, N. Y. C.
*
Cohu & Stetson;
Automated Gift Plan, Inc.
June
12,
1961
("Reg. A") 100,000
common.
Price—$3.
Business—Manufacture and sale of "Gift Bookards"
de¬
signed to provide simplified gift giving for business and
industry. Proceeds — For advertising, sales promotion,
repayment of loans, working capital and the establish¬
ment of national
dealerships. Office—80 Park Ave., N. Y.
Y.
Underwriter—J. Laurence & Co., Inc., N.
Automated Sports
Centers, Inc. (11/1)
1961 filed 1,750 units, each consisting of one
$400 principal amount debenture (with attached wafJune 28,
Centinued
on
page
32
is
32
The Commercial and Financial Chronicle
(1592)
.
.
Thursday, October 12, 1961
.
.
Continued from
page
31
r._.
,
<.
,
Proceeds—For the repayment of debt, and
■■■,.< ,;■/
working
cap¬
rants) and 120 common. Price—$1,000 per unit. Business
operation of bowling
—The
-
geles. Note—The
formerly
company
Leagues, Inc.
v'
.
Best
counseling. Proceeds—For working capital. Office
Lexington Ave, N. Y. Underwriter—Morton Klein
& Co, Inc., N. Y.
.
vo¬
was
("Reg. A")
1961
18,
and
Busine:s—Manufacture
-
and
-
:
Proceeds—For
research
equipment,
ment.
novelties
& Co, N. Y.
Business—The
Co, -'Detroit.
Corp.
Sept. 13, 1961 ("Reg. A") 60,000 common. Price—$2.50.
j Business—Manufacture of automatic vending .machines
.
manufacture
of
Price—By amend,ment. Business—Development and sale of pharmaceuti¬
cal products. Proceeds—For sales promotion, new products and working capital. Office—250 W. 57th St., N. Y.
Underwriter—Laird
Avemco
Aug.
& Company, Corp., N. Y.
Finance
VX//K::,
•
•
Securities &
holders.
•
June
30,
filed
1961
$2,500,000
debentures due
of- 5%
convertible sub¬
Co, New York (managing).
acquisi¬
Under¬
debt and as a reserve for possible
tions. Office—818 Market St., Wilmington, Del.
repa>
Office—4000
Water
St, Wheeling, W. Va. Un¬
'
Underwriter—Lieberbaum
Boone
(C. F.)
Sept. 20,
•
Babcock Electronics Corp.
(10/16-20)
v
Texas.
.
Price—By amendment. Business
—The manufacture of electronic units for remote con*
Proceeds
aircraft.
of
—
For
repayment
of
Aug.
share for each four American shares held.
/
June
N. Y. Underwriter—Gianis &
of
Barry
(R. G.)
common.
Co., N. Y.
:
;
X
30,
1961
filed
200,000
:
;
or
Corp. ■ /
slippers, robes, cushions, pillows, autospecialty items. Proeeeds—To re¬
pay debt,-increase inventory and for other corporate
purposes. Office—78 E. Chestnut St., Columbus, Ohio.,
Underwriter—Arnold Malkan & Co., N. Y.
Blvd., Coral Gables, Fla.
Hindley & Co, N. Y. C.
Underwriter
—
'
nent.
Proceeds—For packaging, advertising, repayment
working capital. Office — 4621 Ponce de
Leon
.
Brinktun, Inc.
*/.X,
July 28, 1961 ("Reg. A") 133,000 common Shares (par •
70 cents). Price—$2.25. Proceeds—Repayment of loans
and working capital. Office—710 N. Fourth Street, Min& Co, Inc., Minneapolis. Underwriter—McDonald, An-.
derson, Peterson & Co, Minneapolis. Offering—Immi¬
p
Brite Universal, Inc.
of loans and
•
(10/23-27)
July 31, 1961 filed 100,000 common shares and $1,000,000 of 10% subordinated debentures due 1966 to be of¬
Edward
\
fered for
public sale and 108,365 common shares to be
subscriptiSn by stockholders of Brite Uni¬
versal, Inc. (N. Y.) parent company, on the basis of 2Mz
if Barton Distilling Co.
5, 1961 filed 360,000 common. Price—By amend-,
ment.
Business—Distilling of whiskey. Proceeds—For
selling stockholders. Office—134 N. La Salle St, Chi¬
offered
Oct.
Underwirters—Smith, Barney &
Fulton, Reid & Co, Inc., Cleveland.
cago.
•
Beam-Malic
Hospital Supply,
Co,
N.
Y.
By amendment.
finance
1961
filfed
100,000
shares.
Business—The
„
.
-
•
—1060
Wolcott
Cooley
&
Rd,
Waterbury,
Co, Hartford, Conn.
Conn.
-
Underwriter—
^
.
Bel-Aire
Products, Inc.
1981 ("Reg. A") 75,000
Sept. 22,
.
common.
Price—$4,
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile
Rd, Southfield, Mich. Under•
Bell
*
Television, Inc.
Aug. 29, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—The manufacture of television
antenna, music
and
sound equipment and
tems. Proceeds—For an
closed
circuit television
sys¬
acquisition, expansion and in¬
ventory. Office—552 W. 53rd St, New York 19, N. Y.
Underwriter
Investment Planning Group, Inc., East
-Orange, N.J.
:
—
...
Berkshire Distributors, Inc.
Sept. 14/ 1961 filed 100,000 common, of which 60,000
will be .sold f»*r the
company and 40,000 for certain stockholders. Price—By amendment. Business—The operation '
r©f eight discount
type department stores in four states.
•
a
Fifth
n. y.
165,000
common
shares
and
Price—For
75,000
stock, $2;.
-,
S;
San
Fernando
Boulevard, Burbank, Calif., UnderRutner, Jackson & Gray, Inc., Los Angeles. -?
Offering—Expected in early November.
;
V-,:
*
-
,
writer
..
Caressa, Inc. (10/17) ,.-/' •- X-V■ ,V :X,;U;
Aug. 2, 1961 filed 150,000 common shares, of which 75,000 will be sold by the
company and 75,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
ture of women's shoes. Proceeds—The
company will use
its share of the proceeds for
expansion, the repayment
debt
and
for
other
corporate
purposes,.
Ave, Miami, Fla. Underwriter
Co, New York (managing).
Hammill &
Price—
.
—
N. W. 37th
Office—5300
—
-
Shearson,
if Carolina Power & Light Co.
Oct. 11, 1961 filed 150,000 common.
Price—By amend¬
a consumer
N.
manufacture
of men's
wear
accessories.
ment.
Proceeds—Debt repayment and expansion. Office
Fayetteville St., Raleigh, N. C. Underwriters—Mer¬
rill Lynch, Pierce, Fenner & Smith
Inc, N. Y. and R. S,
Proceedsp
redemption of the 10% preferred stock, repayment
loan, expansion and working capital. Office—720
Ave, N. Y. Underwriter—A. J. Gabriel & Co, Inc.,
•<
.
■
-v
Proceeds—For
tions.
expenses, repayment of
Office—171 Fabyan Place,
Newark. Underwriters—Lenchner, Covato & Co, Inc.,
Pittsburgh and Harry Odzer Co, N. Y. (co^mgr.).
debt
and
Burns
working
table
'
International Detective
•
Cary Chemicals, Inc.
Sept. 27, 1961 filed 1,031,939 common to be offered for
subscription by common stockholders and holders of
convertible
securities
at
the rate
of
one
new
share for
Price—By amendment. Business—Man¬
ufacture of vinyl chloride polymer and copolymer
resins,
polyvinyl chloride compounds, and polyvinyl chloride
sheeting and laminates and polyethylene film. Proceeds
—For
expansion.
N.
Underwriters—Lee
Office—Ryders
Lane, E. Brunswick,
Higginson Corp, and P. W»
Brooks & Co, N. Y. (mgr.). Offering—Expected in
Nov.
J.
Casavan
-
Inc.
V,
Aug. 21, 1961 filed 275,000 capital shares. Price
By
amendment. Business—The production and importation
of marble and vitreous mosaic products. used in the
building construction field.. Proceeds — For equipment;
inventory/leasehold impizovements, construction, repay-
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
Industries,
—
Jericho
Turnpike, New Hyde Park, N. Y. Underwriter—
Reiner, Linburn & Co, N. Y.
,
Funding Corp.
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
of loans to small business concerns, purchase
of machinery for lease, and the providing of manage-
(jointly); W. C. Langley & Co.(jointly). Information Meeting: Nov.
each two held.
Burton Mount Corp.
Sept. 22, 1961 filed 100,000 common. Price—$6. Business
—Importation and distribution of copying machines and
Business Growth
Corp.
14 (11 a.m. EST) in Room
240, 2 Rector St, N. Y. Bids
—Expected Nov. 16 at 12 noon.
moving
Agency, Inc. (10/16-20)
Aug. 22, 1961 filed 175,000 class A common shares. Price
—By amendment. Proceeds—For the selling stockhold¬
ers.
Office—101 Park Ave, New York. Underwriter—
Smith, Barney & Co, Inc., New York (managing).
-
Securities
First Boston Corp.
capital.
(William J.)
Co, Inc, Charlotte, N. C.
• Carolina Power & Light Co. (11/16)
Oct. 11, 1961 filed $25,000,000 first
mortgage bonds. Of¬
fice—336 Fayetteville
St, Raleigh, N. C. Underwriters—
(Competitive). Probable bidders: Kidder, Peabody'/&
Co.; Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
ly); Halsey, Stuart & Co. Inc.; Lehman Brothers and
Blyth & Co, Inc. (jointly); Kuhn, Loeb & Co.-Equi¬
■:
Bundy Electronics Corp.
Aug. 22, 1961 filed 100,000 common shares. Price—$4.
Business—The design, development and manufacture of
electronic components for space and earth communica¬
.
writer—Ehrlich, Irwin & Co, Inc., N. Y.
•
;?
of
-
filed
Card Key Systems,; Inc. -V
VX
/ V'X.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price
$5. Proceeds —For research and development,J
;advertising equipment and working capital. Office—923 -
Dickson &
—For
ic Beau Electronics, Inc.
Sept. 26, 1961 ("Reg. A") 3,000
common. Price—At-theBusiness—The manufacture of special type electrie motors. Proceeds—For a
selling stockholder. Office
1961
stock purchase warrants.
—336
—The
—25-11 49th Street, Long Island City, N. Y. Underwriter
—First Weber Securities Corp, New York.
market.
28,
Bronzini, Ltd. (10/23-27)
Aug. 23, 1961 filed 125,000 common. Price—$6. Business
Inc.
common
Business—The operation of
in
June
Y, N. J, and Pa. Office—441
Lexington Avenue, New York City. Underwriter—None.
(10/24)
»
Price—$3.
manufacture of hospital equipment and
supplies.
Proceeds—For expansion of plant facilities,
purchase of equipment, expansion of sales program, de¬
velopment of new products and working capital. Office
July 21,
business
der, Peabody & Co, Inc, N. Y. Offering—In early Dec.
Capitol Research Industries, Inc.
"'V■
of
for
shares for each class A and class B shares held.
and
expansion,
working, capital Office—4206 Wheeler
Avenue, Alexandria, Va. Underwriter—None.:,
Z
•
Barry-Martin Pharmaceuticals, -Inc.
Aug. 25, 1961 ("Reg. A") 150,0,00 class A common. Price
Proceeds—Plant
ment of loans and
bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St., New York.
.
...
apparel.
warrants, 20 cents. Business—The manufacture : of
X-ray film processing machines./Proceeds—For repay¬
shares. Price—$5.
acquisition of a chain
Underwriters—V. S. Wickett & Co., and Thomas, Wil¬
liam, & Lee, Inc., New York City.
•:
-'?>■
seat covers, and other
related
for
and
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
and
repayment of debt and other corporate purposes. Office
—100 N. Market
St., Champaign, 111. Underwriter—Kid¬
common
common
Proceeds—For the construction
*'—Manufacture of
—$2.
robes
Bowling Internazionale, Ltd.
;
\
/
bowling centers. Office—100 Wilder Bldg, Rochester,
•
Cap & Gown Co.
VX-vVX
/'■/////
Sept/21, 1961 filed 192,400 class A common, of which
125,500 are to be offered by the company and 66,000 by
stockholders. Price—By' amendment. Business—Manu¬
facture, rental, and sale of graduation caps," gowns, choir
Proceeds—For inventory, equipment,
fering—Expected in early November.
Price—$4.
Business—Aeronautical research and development. Pro¬
ceeds—For working
capital.
Office—224 E. 38th St.,
1,
Price—$2.
personnel
"A," Lubbock,
military
advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave, Woodside, N. Y.
Underwriter—McLaughlin, Kaufman & Co., N. Y. Of- '
Co., San Francisco (managing).
Sept.
of
Electronics, Inc.
1961 ("Reg. A") 100,000
factured by others.
Barish
.
30,
Price—$5.50,
N. Y. Underwriter—None.
common.
of
"'V/- vVV'-;V';"' /;/
Business—The operation of bowling centers. Proceeds—
For working capital and the construction and
operation
common.
Price—$3.
Business—The distribution of electronic products manu¬
loans,
writers—Blyth & Co., Inc., New York and Schwabacher
Associates, Inc.
1961 ("Reg. A") 50,000
100,000
Office—4007 Ave.
Ltd.
Aug. 4, 1961 filed 131,500 common shares to be offered
subscription by stockholders of American Bowling
Enterprises, Inc, parent company, on the basis of one
Co, New York.
directories
Centers
for
Underwriter—G. K. Scott & Co, Inc., N. Y.
Boro
working capital and general corporate purposes, Office
—1640 Monrovia Avenue, Costa
Mesa, Calif.
Under¬
&
("Reg. A")
and Texas landowners.
shares by stockholders.
trol
1961
&
re¬
-
Canbowl
Nationwide Publications, Inc.
Business—Publishes
1961 filed 300,000 capital shares, of which 50,000 shares are to be offered by the company and 250,000
Aug. 11,
12014 Wilshire Blvd., Los Angeles. Underwriter—Har- '
hack, Gardner & Co, (same address) (managing).
XV
/
Bfoomfie'd
writer—Nune.
;
Advertising, additional sales personnel, inventories and accounts receivable. Office—Second
Ave.,'and 13th St,
Brooklyn, N. Y. Underwriter—Russell & Saxe, Inc,
N. Y. c."V^ ■" /'■
fe
—
—to
*
;
Aug. 17, 1961 filed 1;000,000 shares of beneficial interest.
Price—$10. Business—Real estate investment. Office—
/Camp Chemical Co., Inc. >
Aug. 25, 1961 filed 110,000 capital shares./ Price—$3.
Business—Manufacture of sanitation chemicals. Proceeds
Building Industries, Inc. (10/23-27)
29, 1961 filed 300,000 class A common shares. Price
—$5. Proceeds—For advances to a subsidiary, purchase
of additional land
and
the construction
of buildings
thereon. Office
3355 Poplar Ave, Memphis, Tenn.
1966. Price—At par. Proceeds
Investors-
Haupt
payment and working capital. Office—324 E. Bixby Rd,
Long Beach, Calif. Underwriter—To be named.
June
ordinated
Office—69
Cambridge Fund of California, Inc/V///; V/p'V,*/
1961 filed 280,000 common. Price—By amend¬
Underwriter—Eastman Dillon, Union
derwriter—Fulton, Reid & Co, Inc., Cleveland.
BSF Company
working capital.
Sept. 28,
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
dealer sales of aircraft
and related equipment. Proceeds—For the repayment of
debt.
Office—8645 Colesville, Rd., Silver Spring, Md.
Underwriters—Sterling, Grace & Co., New York and
Rouse, Brewer, Becker & Bryant, Inc., Washington, D. C.
shares.
Price—$5.
discount stores. Pro¬
common
ment. Business—General real estate. Proceeds—Debt
Bloch Brothers Tobacco Co.
and the financing of
California Real Estate
in
Offering—Expected
(mgr.).
Black & Decker
fice—Towson, Md.
common shares.
Price—By
Business—The retail financing of time sales
consumers
Y.
and
St, Stamford, Conn. Underwriter—Ir?
Co, N. Y. (mgr.). Offering—Imminent.* •
;
Manufacturing Corp. (10/16-20)
11, 1961 filed 120,000 outstanding common shares.
Price—By amendment. Business—The manufacture of
power tools. Proceeds—For the selling stockholder. .Of¬
(11/6-10)
Corp.
N.
expansion
Jefferson
&
Aug.
1961 filed 300,000
15,
amendment.
to
ceeds—For
r/v:.
Higginson Corp,
early November.
Pharmaceuticals, Inc.
'.'"/'.V
;,v:
..
related
-V Aveeno
■
Business—The operation of retail
Binney & Smith, Inc.
Sept. 8, 1961 filed 171,038 common.
Sept. 27, 1961 filed 125,000 common.
'
•'Caldor, Inc.
July 27, 1961 filed 120,000
control
automatic
Price—By amend¬
ment.
Business—The manufacture of educational art
equipment. Office—1649 Vine St., Denver,
V Colo. Underwriter—Schmidt, Sharp, McCabe & Co., Inc., S: materials.
Proceeds—For the selling stockholders/,; Of¬
"•
fice—380 Madison
'Denver, Colo,
/
'* ' >
Ave, N. Y. C.
Underwriter—Lee
and
'
Inc.
•
160,932 common. Price—By amend¬
devices for handling bulk granular or pulverized mate¬
rials. Proceeds—For the selling stockholders. Office—
17190 Denver, Detroit. Underwriter—Smith, Hague &
•'
Autrol
Underwriter—S. B. Cantor
Aug. 25, 1961 filed
and
development and other corporate purposes.
Office—1
W. 58th St., N. Y. Underwriter—Arthur J. Rosenhauser
Co, 95 Broad St., N. Y.
-V'
devices.
and
of*/ plastic
Business—Manufacture
Carriers,
"i;
March 23, 1961 filed 196,109 shares of capital stock. Price
—$1.15. Business—The company which began operations
in 1954, is engaged in the research and
development of
special material handling systems for industrial and
commercial use based on company-owned patents. Pro¬
ceeds—For
working capital./ Office—Kirk- Boulevard,
Greenville, S. C. Underwriter—To be named.
Bin-Dicator Co.
materials
self-instructional
of
cable.
party favors. Proceeds—New plant and equipment
working capital. Office—945 39th St, Brooklyn,
N. Y.
Price—$10.
30,000 common.
Corp.
1961 filed 125,000
Price—$3.
named Union
Automated Teaching Systems, Inc.
Sept.
Plastics
Sept. 26,
common, i of which 100,000
will be sold by the company and
25,000 by stockholders.
t
t- i
—527
centers/ Proceeds—For re¬
payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy, Norfolk,
Calif. Underwriter—Holton, Henderson & Co., Los An-
u
ment
St, Hartford, Conn. Underwriter—
May & Gannon, Boston.
ital. Office—203 Ann
1.
ment of Joans and
—Making
250
,
general corporate purposes.; .Off ice—Vreeland Ave, Paterson, N.v J. Underwriter/-None.
V
'
t
Volume
Number 6098
194
.
The Commercial and Financial Chronicle
.
.
Catamount, Inc.
•
Charter
(1593)
Industries, Inc.
(10/1.6-20)
— —*
Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
1, 1976, to be offered in units of $500. Price — At par.
Proceeds—For operation of a ski resort. Address—Egre-
June 22, 1961 filed 100,000 common shares.
Price—$4.
Business—The manufacture of molded plastic products.
mont, Mass. Underwriter
Hartford, Conn.
sion.
Kennedy & Peterson, Inc.,
—
1961
6,
Inc.
L
("Reg.. A*')
100,000 common. Price—$3.
Business—Production of motion pictures. - Proceeds—Re¬
payment of loans, purchase of equipment and working
capital. Office—r619 W. 54th St., N. Y. UnderwriterSecurity Options Corp., N. Y.
;
Proceeds—For starting up production and plant expan¬
Office—388 Codwise Ave., New
Brunswick, N. J.
Corp., N. Y. (mgr.)
Underwriter—Standard Securities
Cinema Syndicate,
Sept.
33
.
<
Certified
Industries, Inc.
Church
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
debentures
nated
due
1976
with
attached
warrants
to
purchase 15,000 class A shares-to be offered in units (of
one $250 debenture and a warrant to purchase 5
shares)
for subscription by holders of class A antl class B shares
at the rate of
$250
unit for each 50 shares held. Price—
one
unit. Business—Production of concrete for
per
con¬
struction purposes. Proceeds—For expansion, equipment
and
working capital. Office—344 Duffy Ave.* Hicksville,
N. Y. Underwriter—Singer, Bean & Mackie, Inc., N. Y.
Chandler Leasing; Corp.
Sept. 26, 1961 filed 143,000 common. Price—By amend¬
Business—Leasing of equipment. Proceeds—For
the purchase of 20 class A common shares from a direc¬
tor, and working capital. Office—17 Dunster St., Cam¬
bridge, Mass. Underwriter—G. H. Walker & Co., N; Y.
ment.
Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
sified investment company of the management type.
Proceeds—For investment. Office—501 Bailey Avenue,
Fort Worth, Texas. Distributor—Associates Management,
Inc., Fort Wbrth, Texas.
•
Churchill Stereo Corp.
•
17, 1961 105,000 common shares and 105,000
tached five-year warrants to be offered in units of
The
warrant.
one
manufacture
Price—$3.60
of
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business—The production of slides and color film strips.
Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
,
(11/6-10)
July
share and
Cineque Colorfilm Laboratories, Inc.
hi-fidelity,
one
radio
and/or television equipment and the operation of six
retail stores. Proceeds — For expansion, repayment of
working
loans,
capital
other
and
corporate
Proceeds—For
purposes.
Street, Brooklyn, N. Y. Underwriter
investment in income producing
'
.
Continued
•
.
!■,:
October
NEW ISSUE CALENDAR
October
16
(Blalack
Co.,
&
Harbison
and Wheeler
&
Common
&
Henderson;
Cruttendcn,
Inc.)
Abby Vending Manufacturing
(L.
Manufacturing
(Albion
American Precision
Dillon,
(Eastman
(White,
(Blyth
&
and
Co.
Inc.)
Co.,
Common
Co.)
shares
158,000
Stores, Inc
-.Common
Burns
...Capital
;
bchwabacher
Union
&
becurities
Co.)
&
300,000
shares
120,000
Co.)
shares
....Common
(Smith, Barney & Co., Inc) 175,000 shares
Industries, Inc
Cle-Ware
■
Common
Securities
(Standard
$400,000
Corp.)
Industries, Inc
■
(Westheimer
Common
Co.)
&
shares
195,000
Cosnat Record Distributing Corp
(Amos
•
_
Treat
Sc Co.)
.Common
*
(Candee
(Flomenhaft,
Seidler
&
Co.,
Inc.;
Lomasney,
Loving
&
(Ezra
(Harriman
-
.
Fleetwood
70,000 shares
Co.)
-
,
&
Jefferson Counsel
....." V
(Bids
Inc.)
Co.,
$1,000,000
Noel
Common
-
Co.)
&
shares
400,000
Perin
Rose
&
Co.,
Corp.
&
Bond
Schirmer,
Common
&
Co.)
$300,000
(Meade
&
Capital
(Bache
&
155,000
Co.)
Movie Star, Inc..
(Milton
Common
(Bullock
&
Inc.)
Co.,
Securities
200,000
Pont
Rodney
Metals,
Sav-Tax
Club,
(Amos
(B.
Co.)
&
&
&
Inc.)
Co.
&
Inc.)
Co.,
$300,000
Corp
Capas
$390,000
Co.)
Enterprises,
&
—Common
Inc._________Common
Inc.)
Co..
$340,000
United
stockholders—-underwritten by
Sz Co.) 68,000 shares
Improvement
(Offering
Common
&
•.,.*!
L.
$2,500,000
&
Co.)
;
Vol-Air,
&
Co.,
Inc.)
200,000
Common
Inc.
'>"
(Glass
shares
&Ross,
Inc.)
$240,000
Co.)
&
m.
350,000
Co.)
shares
Bonds
EDST)
$20,000,000
(Government of)———Bonds
Peabody & Co.)
$15,000,000
$400,000
$300,000
(Balogh
& Co.,
Debentures
& Co., Inc.)
Properties
(Pacific
Hannett
Common
——
Securities
Coast
Co.)
100,000
-Common
(Albion.SecuritiesInc.)- J$3DQ*OGO
(No
Hawthorne
.
—
,
.
underwriting)
Financial
$700,000 %
Dressen-Barnes
(Lester,
(Smith. Barney & Co., Inc.) 514,432 shares
&
Co.)
174.500
^—.Common
shares
Frumkes & Co.)
Electronics
Co.)
Ryons Si
150,000 shares
—__.Common
Corp..
$750,000
^Capital
Corp
100,000 shares
—Common
Dynamic Toy, Inc.(Hancock
Securities Corp.)
$243,000
.
..Capital
International Flavors & Fragrances, Inc.—--Com.
(Bache
M.
——Common
Corp.—
and Pinkie & Co.)
& Co.
Bronze
<H.
Common
Electra-Tronies. Inc.—...
(Jay
(Crowell, Weedon & Co.) 33,117 shares
Kaufman & Broad Building Co
Stearns
Columbian
.
..—,—.——.Common
Corp.-^—_____
Securities, Inc. and Edward Lewis Co., Inc.)
Atlantic Improvement
shares
Industries, JDnc,——^—.^.—
-
(Cambridge
(Bear,
200,000
Growth
-Common
Aero-Dynamics Corp.
$500,000
Common
and Irving J. Rice
shares
Inc.
I
(Monday)
October 30
"
$25,000,000
Kinetics, Inc
General
x
Common
Co.)
&
(Friday)
27
Piedmont Natural Gas Co., Inc..——Common
(White, Weld & Co., N. Y.)?d26,832 shares
Common
Corp
Sachs
October
Common
$300,000
Corp
(Goldman,
Happy Houser Iocl_—
by Sutro Bros.
a.
(Kidder,
Guide, Inc.———
Finance
Scheinman
Universal Surgical Supply Inc.—,—.Common
(Dempsey-Tegeler
Equipment
Investing Corp.—Debens.
to stockholders—underwritten
r,-.
R.
Securities
Coast
(Valley Forge Securities Co., Inc.)
Family
$1,400,000
Zealand
11
Pickwick International, Inc.- .———Common
(William, David Sc Motti, Inc.) $300,000
Hardy & Co.)
(Reich & Co. and Jacques Coe & Co.)
FM-Stereo
Common
Harris
L,
(Pacific
Class A
$3,650,000
New
Debentures
by
700,000 shares
Power Co.—
(Bids
shares
302,000
Sachs
(Goldman,
New England
Common
Co.)
Bonds.
$40,000,000
be received)
& Broadcasting, Inc.—Capital
Cowles Magazines
$1,000,000
Beane)
&
to
$5,052,700
Common
Treat
(Sandkuhl
to
Willis ton
$422,000
& Stetson)
Cohu
(Wednesday)
October 25
$1,000,000
Business Machines, Inc
Executive
$300,000
Co.)
Metal Works, Inc..
(Offering
R.
■——--.Common
—
(Bids to be received)
Co., Inc.) $750,000
stockholders—underwritten
to
Cromwell
.Common
Heller
Thermionix Industries
Thoroughbred
&
Continental Vending Machine Corp
150,000 shares
Co.)
Inc.-
(D.
..Common
Commonwealth Theatres of Puerto Rico, Inc.-Com.
(Offering
Inc.,
G.
Gabr*el
—Common
Properties Corp. of America—
(Stanley
Tri
&
(Bids
------Common
J.
Common
$300,000
Securities Corp.)
Niagara Mohawk Power Co._—^——Common
108,365 shares
underwriting)
stockholders—no
shares
4o0,u00 shares
& Co.)
Weber
(Winslow,
..Debentures
shares
$400,000
Co.)
Albums, inc..
(Uianis
Real
to
Corp—Common
2<0,000
Co.)
Niagara Mohawk Power Co.—_—;
lOOiOOO shares
—
&
Girder Process, Inc.^
L__——Common
to stockholaeis—no underwriting)
Inc.—Common
$520,000
Co.)
Sc
$300,000
Corp.)
(Tuesday)
(Putnam
(First
Co.)s $1,500,000
Ltd.
Securities
Beam-Matic Hospital Supply, Inc.
..Common
Industrieis, Inc
Common
——
(McDonald
$172,500
Inc.)
.Common
du
I.
& Co.,
Universal, Inc.—
Bronzini,
$299,000
Co.)
American Automatic Vending
$6,103,000
Consumers Utilities Corp
(Golkin, Boraback .&
Class A
Industries, Inc
(Francis
Premier
Pcnn
Universal, Inc.....
(Offering
Brite
—.Common
—
&
V Anderson New England Capital ,Corp.___-Common
—.Common
Universal, Inc
(J.
New Era Mining Co
Pioneer Astro
Common
Inc
(No underwriting)
Brite
$250,000
shares
3,500 units
Inc.)
Co.,
&
(Fraser
^Debentures
(Lieberbaum &
Brite
-Capital
World Wide Bowling Enterprises,
October 24
v
$6,000,000
100,000
Co.)
&
Displays, Inc
$200,000
:
1
A. C. Allyn & Co.)
•
Co.—Com.
—Units
Brooks
W".
.
$600,000
Higgins)
Sc
Rossman
L.
(Standard
and Hardy & Hardy)
Inc.
Bloomfield Building
shares
_i
Blauner
D.
Co.,
P.
(J.
(A.
Mortgage Guaranty Insurance Co..
Co.)
.
Common
Inc.-.
Wonderbowl, Inc.-.
shares
230,000
Co.)
Kureen
(Allen & Co. ana
$2,000,000
Co.)
&
-
shares
125,000
Common
Products,
(Offering
Corp...
Johnson
(Naftalin
Wide, Inc
(Alessandrini &
$612,000
—————Common
Co.)
Inc.—
(P.
Tri-State
-.
All Star World
Sons)
&
—
Fuller .Sc
Common
Becker
(Ezra
Capital
Hilliard
B.
D.
-
■
Education, Inc
Tri-Chem,
Airtronics International Corp. of Florida..Common
(Stein Bros. & Eoyce and Vickers,. MacPherson &
Warwick, Inc.) 199,060 shares
$300,000
Corp.)
.Common
Atherton
Class A
Atmotron, Inc.
Common
..
Share
Corp.
Capital
$4,000,000
(Monday)
G.
(A.
.
..Capital
—
$400,000
(Capital Securities Corp.)
*260,uOO
Co.)
$2,087,800
Co.)
Co.)
Southwestern Research & Development
Tor
iturcen
Sc
oc
Southern Growth Industries,
shares
Trophies Corp
Associated
(Manufacturers Securities Corp.; Bioren & Co.; Boenning Sc
Co.; Chace, Whiteside & Winslow, Inc.; Draper, Sears &
Co.;
(S.
Bonds
EDST)
a.m.
J.
(J,
Common
100,000
shares
75,000
Inc
Homes,
Semicon, Inc.
—
(Bear, Stearns & Co. and W. C. Pitfield & Co.) 750,000 shs.
Monmouth
,
(Friday)
(Ezra
$100,000
Magna Pipe Line Co., Ltd
Micro-Precision
11:30
October 23
$299,950
Inc.)
MacLevy Associates, Inc..
(Continental
Regal
(F.
Common
Inc.)
Co.,
&
Lum's, Inc.
(Bayes,
(Hardy
.
Empire Precision Components, Inc
.Class A
Liverpool Industries, Inc
(Arden
Co.)
Stearns
(Bear,
Bonds
Sc
$650,000
CO.)
Instrument Corp.——
(Wilson,
Common
Common
&
Alstyne,
$7,000,000
$l0,00d,000
EDST)
noon
Weld
(White,
Ace
$300,000
(Tillie) Foods, Inc
(Van
.
Orbit
Interstate Fire & Casualty Co
AMT
"
$300,000
Co.)
&
Corp
(Hodgdon
-
(Bids
October 20
Washington, Inc
■
'
Preferred
m. EDST)
a.
&
Corp.)
of America^——,-——Capital
Steams Sc Co.) 536,280 ahares
Nuclear Corp. of America——-Debentures
(Wednesday)
(Bids 11
.Common
Irwin
underwriting)
(No
18
Higginson
Deetjen & Co.)
Corp
(Ehrlich,
shares •' :
—-Common
$840,000
Co.)
Nuclear Corp.
V; ;r
(Bear,
^--Common War*50,000
Common
Hopwood)
Common
—
Odzer
Bomback
(Golkin,
(Lee
$8,250,000
Co.," Inc.)
&
&
;
Coils Manufacturing Co.———Common
-JvL^.Common
,
Mitchell
J.
Jaffray
National Semiconductor Corp.——Capital Stock
& Bmith Jnc.) L$7>500,000
Georgia Power Co
Debentures
(Shearson, Hammill & Co. and Emanuel,
'■■■:•
$3,500,000
Estates, Inc..
(Harry
Motor
—.
(Francis
October
$700,000
Inc.)
Co.,
(Shearson, Hammill & Co. and Emanuel, Deetjen & Co.)
262,5t)0 shares
Lewis
t
'
Fotochrome Inc.
Kent
Zep Aero
Piper,
Industries, Inc.——
Mobile
Wisconsin Natural Gas Co
Co.)
Common
Plastics
$50,000,000
WeeKs)
&
and
Corp.
(Golkin, Bomback & Co. and Oppenheimer & Co.) $540,000
..Common
Fenner
(Hornblower
r
Higginson
Debentures
Pierce,
Lynch,
Ben. Ints.
Miller
Fotochrome Inc.
General
;,
Miner
$250,000
Water Industries Capital Corp.-
—Common
$700,000
Inc.)
Co.,
800,000 shares
Debentures
Stouffer Corp.
(Merrill
(Lee
Corp, of America..Common
Securities
(General
<
...
Securities
EDST)
a.m.
Units
4
—
■»
Midwest Technical Development Corp..
shares
Corp..
(Carroll Co.)
Capital
& Co. and Hayden,
-1,060,000 shares
"
11
Industries
Corp
and A. W. Benkert & Co., Inc.)
$300,000
Garey
Common
-—
120,000
Co.)
&
Sc
(Best
$3,000,000
Georgia Power Co
Ltd
Kurten
Ripley
Stone
Co.)
Hammill & Co.)
Middle Atlantic Investment Co
Debentures
&
Electronics, Inc.
(Hayden.
Co.)
$375,000
First Union Realty.
.c."1'''
'■
Common
International,
L. Scheinman (?$ Co.
(R.
Common
Public Service Electric & Gas Co
Robins
—Common
Credit
Atlantic
Middle
/
i
Common
40,000 shares
131,305 shares
$300,000
Securities
Union
$360,000
Dynamic Gear Co., Inc
Electra
Dillon,
Securities
$1,300,000
(William R. Staats & Co. and Shearson,
.Common
Cement Co
(Eastman
Panoramic
.Common
Co.)
&
Oklahoma
Union
Marshall Industries
shares
Gas Co..
150.000 shares
Crossway Motor Hotels, Inc
-
Inc.)
Co.)
&
(None)
(Offering to stockholders—underwritten by Blyth & Co.)
430,000 shares
(Bids
(William J.) International
Agency, Inc.
Detective
Charter
Northern Natural
150,000
34
^Common
(Reich
Common
Corp
Woodhill
H.
Dillon,
$20,000,000
Mairs & Power Income Funds
Common
(Shearson, Hammill & Co.)
(M.
Eastman
Co.)
page
..Debentures
Lortogs, Inc.
-
(Winslow, Cohu & Stetson and Laird, Bissell & Meeds)
100,000 shares
$300,000
&
and
&
Co., Inc...Common
Components, Inc
Intercontinental Dynamics
Weeks
&
on
——~r—r
■
Inc.)
140.000 shares '
Co.)
Caressa, Inc.
Manufacturing Corp.—.Common
Dillon,
Automated Building
&
Common
(Scherck, Richcer Co.) 100,000 shares
(Eastman
Weld
Common
Babcock Electronics Corp
Black & Decker
(Hornblower
Debentures
American Heritage Publishing
$299,700
-luc.)
Securities
American Self-Service
Distilling "Co
'''
Industries, Inc.-
Union
Co.
Common
Co
Securities
&
$3u0,000
Coatings, Inc
(Tycue bccUiiCieo
Alson
Corp
Wright & Co., inc.)
H.
Chemical
Acratex
May
$300,000
\
Keystone Steel & Wire Co._—^
$9,551,900
Co., Inc
Inc.;
(Tuesday)
(onen'ng to stocknolaexs—underwritten by Blyth & Co.,
(Monday)
& E Plastik Pak
A
American
17
securi¬
Office—33 Maiden Lane, N. Y. Underwriter—A. G.
Becker & Co., N. Y. (mgr.). ; V : :<V/>*'. ■>*. ;V*
'
—Lieberbaum & Co., New York (managing).
(11/6-10)
ties.
.
'Office—200 E. 98th
Citizens Life Ins.. Co. of New York
Sept. 8, 1961 filed 147;000 common, of which 100,000 will
be sold by the company' and 47,000 by a stockholder.
Price—By amendment.
Business—The writing of or¬
dinary life, group life and Jroup credit, life 'insurance.
unit. Business—
per
stereophonic,
at¬
Energy
Morton
Components
Sc
Co.,
Inc.)
$180,000
Common
Corp.—-—
(Albion Securities
Co., Inc.) $175,000
Continued
on
page'
34
34
(1594)
Continued
The Commercial and Financial Chronicle
from page 33
'
«
—560
'
Cle-Ware
Inc.
Industries,
W. Lake
25, 1961 filed 195,000 common shares of which
shares are to be offered by the company and
35,000 shares by stockholders. Price—By amendment.
Business—The wholesaling of parts, chemicals and ac¬
July
160,000
cessories
related
the automotive
to
and
fields.
marine
loans, working capital and
other
corporate purposes. Office—10604 St. Clair Ave.,
Cleveland. Underwriter—Westheimer & Co., Cincinnati.
(Francis H.)
Clute
& Son, Inc.
Sept.
Industries, Inc.
filed, 120,000 common, of which *12,000
by the company and 108,000 (by
stockholders.
Price—By amendment. Business—Manu¬
factures plastic toys, play pools, toy boats and houses,
and games. Proceeds—For plant expansion and working
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬
derwriter—Cooley & Co., Hartford, Conn.
26,
shares
1961
will
be
Sept.
26,
equipments Proceeds—For materials and inventory^ re¬
search and development and working capital. Office—
•V
Ford, Colo. Underwriter
Stone,
—
-;..■-V-'.h';.v'v-i;-:uv:-Vi
'V,
Cole Vending Industries, Inc. ■;
V
•
Columbia
June
\
Aug. 28, 1961,Jiiled 115,000 common. Price—By amend¬
ment. Business—The manufacture, sale and servicing of
vending machines. Proceeds—For working capital. Office
Continued
cent).
Financial
Western
First
Allyn
C.
(A.
Guy's Foods,
Electro
(Offering
8c
(William
International
underwritten
Beane)
Faximile
Hogan
Electro-Miniatures
Staats
R.
&
Co.)
6c
Co.,
300,000
$505,000
&
Co.,
Y.)
N.
Electric Co.,
Podesta
&
Spear,
$1,200,000
...
.
Leeds
(Cruttenden,
Podesta
&
Co.
and
Lewis
Inc.
Co.,
and
Leeds
-A •■
■
J
Securities
Inc.)
Stearns
&
Corp.)
<
Higginson
Securities
v
Southern
Star
Co., Inc.
100,000
&
and
George
& Utilities
Lee
Co/and
Corp.—
&
Co.,
Higginson
Corp.
Precision
Class A
and
H.
Hentz
&
Co.)
415,576
Publishers
Treat
(Amos
and
&
Co.
Inc.;
Standard
Bruno-Lenchner
Techno-Vending
Inc.)
Corn.)
6c
Co.)
Bond
&
&
\
;
(P.
Brooks
&
Co., Inc. and Reuben Rose 6c Co.)
Co.,
Inc
(Scein
&
Boyce)
October
31
Chicago, Burlington & Quincy
(Bids
to
be
$2,400,000
Dunlap & Associates, Inc
(Dominick
&
Common
Dominick Inc.)
November 1
(Wednesday)V, ;
6c
(Holton, Henderson & Co.)
(S.
to
be
named)
200,000
&
.
and
CIA
Co.)
13
Power,
Inc.
Fuller
D.
Inc.)
•
.
;•
:
$1,387,500
&
cur
do)
Curtis)
shares
150,000
&
200,000
...Common
Jackson
Securides
Weld
Financiera
Gibraltar
shares
Corp.)
&
$300,000—
19i,CJ0
Co.)
r'•
(White,
de
'
Weld
Sav-Mor
A
&
Co.
Oil
i.Common
*
shares1-
Co. of New York,
m. EDT)
$50,000,000
a.
1
,
'
Corp.
Swift
•
$600,000
Homes,
$300,000
(Eastman
California—Debens.
of
Witter
Dean
and
Inc._Bonds
$5,500,000
Co.)
&
(Monday)
Corp
November 29
;/
$585,000
Inc.)
11
Common
(Armstrong
/
Co.)
Edison
November 27
—Class
Inc.)
Co.
8c
Inc.)
(Wednesday)
Inc.—
Dillon,1 Union
Common
Securities
&
Co.)
240,000
shares.
Common
4
December
-
Clute
(Monday).
(Francis H.) & Son, Inc.—
Altman
(Stone,
Electro-Mec
Hardy & Hardy)
150,000
$750,000
shares
Thermoplastics, Inc..—
&
.Common
$1,500,000
Inc.)
Co.,
Instrument
Common
Corp.
(Sterling, Grace & Co.) $1,058,880
December
5
<
-
><
,
-
Sel-Rex
V
(Tuesday)
X
Common
Dillon/Union Securities & Co.) 200,000 shares
(Eastman
——.-Common
,
Corp.
(Continental Bond & Share Corp.) $330,000
Electronic
shares
Communications, Inc
December
Common
11
(Monday)
--
Idaho
Power
Co
(Bids
Old
Empire,
(Laird
Bonds
to be
received) $10,000,000
Inc
Electronic
.
Meeds)
Flovd
$800,000
Bennett
(Goodkind,
November 2
Dillon,
Union
&
Kent Dry
&
200,000
Co.
and
Smith
(Arnold
Malkan
Co.,
November 6
Air
Master
Co.,
Inc.)
$825,000
1,110,617
Pont
&
Barnes
&
Kuhn,
Co.)
200.000
Loeb
Lynch,
Pierce,
shares
Co.,
&
)
Inc.)
&
Fenner
(Flomenhaft,
Richter
&
Seidler
Co.)
Smith,
Inc.)
50,000
shares
&
Co.)
$273,000
&
50
Co.)
underwriting)
$500,000
Securities
Class A
$500,000
Co.)
(Wednesday)
Kahn
M.
&
Co.,
Inc.)
Stearns
&
•'./
•
'
'
(Armstrong
"
'
/
'
$1,575,000
Gluckin
(Wm.)
—j.Common
Co.)
$10,840,500
N
&
Co.,
$600,000
Inc.)
*
•.
January 4, 1962
Common
Corp..!
Capital
-
Chemical Corp.——.^..Common
11
units
Marlene Industries Corp
•
'
'
t
(Thursday)
Ltd
Co;,
(Globus,
Inc.)
Common
$1,750,000
.
•
.
/
^
'
*
.
November 14
Rochester Gas
January s,
•
(Tuesday)
&
Electric
11
/Southern Railway
(Bids
Common
(Monday)
20
December
Rubber & Fibre
"
New
Bonds
Corp
York
-
*
.
$1,250,000
18
Mercury Photo Corp.——
'
Units
(Burnham
(Bids
Units
Bonds
$20,000,000
Co.)
"
Corp.
$320,000
____
California
received)
Common
(Bernard
Common
Renting Corp
(No
and
Corp.
Westland
Inc
(Lomasney, Loving
Truck
Inc.
shares
Common
du
December
Common
Co.,
to be
$260,000
Inc
Jordon
(Bids
Common
Inc.)
(General
(Bear,
American Finance Co.,
Arista
by
shares
Voigt Industries, Inc
(David
(Merrill
Lusk
(Monday)
I.
Co.,
General Telephone Co. of
Common
.Common
Corp
<Francis
Albert
'
'
&
Inc.)
shares
Fram Corp.
Common
stockholders—underwritten
&
/
Lido
Pittsburgh Steel Co
to
Barney
shares
Cleaners, Inc
(Offering
Stores,
Neufeld,
150,000
Inc
&
100,000
Common
Securities
Co.)
Corp.)
Arrin
(Thursday)
Atlantic City Electric Co
(Eastman
Co.,
International,
(Theodore
Debentures
(Laird, Bissell 6c
&
Wisconsin
a.
m.
EST). $15,000,000
(Bttte
(
Co.—-—-Equip. Trust Ctfs.
to
be
received)
Michigan Power
to
be
$4,200,000
"•
$4,000,000
J
Bonds
Co
received)
,
$230,000
Common
Co.)
v
'
^
.
(Tuesday)
Financ'al
shares
107,571
21
■;(Bids
?:
■
<J
and
&
...Capital
$825,000-
Inc.)
Inc,
Webber,
Consolidated
,
(Monday)
Co.,
$718,750
Inc
Co.,
Jackson
(Manufacturers
Common
,
$155,000
Co.,
Lewis
Inc.)
.Common
November
Common
&
.
^
.—Common
Co.,
&
ai.d Divine & Fishman,
(White,
Common
Harris
$150,000
shares
951,799
Corp.)
Inc
Corp.
?
$2,000,000
&
Co.)
&
..Common
Valley Gas Production, Inc
..^....Common
Co.—
Dreyling
....Common
—
Lieberbaum
and
Irwin
Co.)
units
Space Age -Materials Corp.—u——..^—Common
•
..Debentures "
$400,000
Co.)
Co.,
.
..Common
Iiic.
(Paine,
;
,
$1^200,000
Inc.)
'
;
Corp.$676,500
I
Inc.,
'
Blosser & McDowell
Straus,
Management
"(Paine,' Webber,
•
Apex
$1,750,000
.—Common
(Underwriters
(Glebes,
-
z
.
Star World Wide, Inc
.Units
'a?M.
■
Common
...
$150,000
...
(Edward
Common
-.
Ccrp
Garey
R.
&
'
Units
Corp.
Alpine Geophysical Associates, Inc..Common
a
Sports Centers, Inc.
Idaho Power Co
Inc.)
Co.,
Corp
Inc.)
Bowling Lanes,
-
All
75,000 shares
(Alessandrini
Automated
Share
&
Hammill &
G.
November
\
•
Received) $25,000,000
and
Enterprises,
Rocket
$187,500-
;
Co.). $1,650,000
Corp.
(B.
Equip. Trust Ctfs.
received)
Corp.)
&
Valley Title & Trust Co..
Vendotronics
be
Fund, Inc
National
Pako
Thermo-Chem Corp.
(Tuesday)
,
(Monday)
(Ehrlich,
—Common
(Louis
r:,
..
.Bonds
Controls, Inc...
Philadelphia
Lunar
.
shares
120,000
Co.)
(Globus, Inc.)
110,000 shares
to
Co.
(Horizon
Common
Co.,
Common
Eros.
(First
Lincoln
Common
—
(Best
Wards
(Thursday)
200,000
Common
Telecredit, Inc.
$300,000
$600,000
I .e.)
Light Co.
Discovery
Seidler
:
Togs, Inc
Class A
^
Common
Originala Inc.
—"
&
Construction
(Shearson,
$720,000
.
;
EST) $10,000,000
House, Inc
shares
._
6c
Inversiones,
Russ
shares
>
Co..^.^.^...—^..Preferred
Carlsen,
&
LO
Stearns &
Fairfield
$140,000
Corp..
Electronics
W.
Common
Corp.)
(Bear,
/'/;«/
Flomenhaft,
Inc
(Lieberbaum
Rexach
—Common
V/:
corp
—Units
Ue6ardCo.) $550,000
L. C,
(GIoduS,
Executive
$475,000
Inc
(Roth
/
,
Common
250,000
Share
Electronics Corp
Josnua
;
Laboratories, Inc
(Continental
(John
shares
Realtone
'
c
$300,000
1_„
Stearns
United Scientific
Voron
90,000
Corp.
Common
Services
Trans-Lux Corp.
(Bear,
Securities
Corp
lInternational
Electronics
J
.
shares
72,000
135,000
and
Inc.)
Bond
Co.,
"
$400,000
Paint
m.
a.
16
(Bids
..//
,
shares
..Common
_.
November
-
$375,000
Inc
Morgan
(Continental
v
Co.—
Co.,Inc.>
anu
11
Carolina Power &
■■/•
&
in November.
sometime
Industries, Inc.—
Product Research of R. L> Inc. --—_^Jr^/Common
__
Corp..
Inc.)
Philadelphia
(Peter
v
•
(Wednesday)
&
(Currier
Common
Co.)
Co.)
Ferman
Microwave
.
Supronics
&
Co.,
L.
(First
•/■'
/*.->••
units
6.280
•
shares
Photo-Animation, Inc.
Inc.)- $1,000,000
Star Industries, Inc
(Lee
/.
Units
Corp.)
150,000
Inc.)
Motti, Inc.
Fisheries,
(Robert
_1__.Units
Liederman
E.
.
Co.
&
Instruments,
6c Co.)
*
Pacific Northwest Bell Telephone Co...Debentures
!'■! (Bids 11 a. m. EST) $50,000,000
;
Common
(Globus,
Baum
15
(Armstrong & Co.
Kendall
.
1
America
of
Underwriter—Smith,; Barney
Electronic Products
(Bids
Common
Pan-Alaska
.
Higginson
Homes. I"c.z_
(D.
K.
&
&
Oceanic
Co.
Dallas Power & Light
——Common
Securities
Puller
shares
$600,000 /.
•
Realty
(Hirsch
;
Corp.)
D.
David
Common
Inc..
(Midland
(William,
Chicago.
.November
/.
Natpac Inc.
Common
(Lee
Ko,
Treat
'
shares
Raymond Engineering Laboratory, Inc
Ro
/
$300,000
Creesy)
Simmons)
&
Coast
(S.
$500,000
200,000
Co.)
&
Ellis
(Pacific
Insurance
Consolidated' Chemical
shares
•Longs Drug Stores, Inc.—zzZzz
l!z
Common
?(Merrill Lynch*. Pierce.
&/Smith,. Inc.) 190.000 shares
Magazines for Industry, Inc
—Common
Common
(Bear,
150,000
(Edward H.) & Son, Inc
./»•••
Common
Pavelle Corp__
'
Underwriters—Dillon, Read
(Roth
'
$300,000
(Hodgdon & Co.,
Co.)
Jayark'^Films' Corp...
■
;:Common
Orbit Industries, Inc
$1,000,000
Columbus, Ohio.
November
Units
Inc.)
debt
Price—By amend7
repayment.
Office—215 N.
B'way,
Aero
•
Common
(Amos
Kellogg)
&
-
Co.,
&
Co.
Electric
Ohio
common.
Common
(Blunt
Ihnen
'
$244,800.
Growth, Inc.
Common
Underhill
Lyon
Ross,
Hammill &
Kellogg)
$1,200,000
(Edward
and
Southern
Co.j N. Y. Offering—Expected
.
—
Handschy Chemical Co
&
5050
r
Inc
(Shearson,
•
Spear,
Co., Inc.)
&
&
Combined
&
/
Under;-
St., Freeport, N. Y.
•
Common
Lyon
Ross,
Main
Aug. 25, 1961 filed 300,000 common.-Price—By amend¬
ment. Proceeds—For the selling stockholders, Business—
The writing of accident and health insurance. Office—
.
;
of
Co., Inc., N. Y. and The Ohio Co., Columbus, Ohio,,r
Common
$300,000
Co.)
&
i
j...<■■
shares.
Price—$5
marine propellers and
common
&
shares
147,000
Inc
(Mann
Monmouth Electric Co., Inc.—
National Hospital Supply Co.
Co.)
&
N.
Proceeds—For
.
.Common
—
and
shares
Corp
and
Inc.,
Plus,
shares
Inc
Co.
Foods
-
Common
200,000
ment.
$378,000
Co.)
150,000
10, 1961 filed 148,640
-Front St.,
.y; VLf;V./-Y.
Inc
Inc.,
Homes
(Globus,
shares
Common
Inc.)
Homes
(Globus,
Life Insurance Co
(Bache
(Cruttenden,
Fashion
Fashion
Housing Corp
Lincoln Liberty
Monmouth
Williston
by J. R.
$1,890,700
Corp
(Bratter
192,400
Co.)
&
(Burnham
Debentures
Common
stockholders
to
&
'
(10/30-11/3)-
manufacture
Office—216
Oct.
.Units
Becker
G.
(A.
v
$1,012,500
Co.)
sion.
Citizens Life Insurance Co. of New York—Common
Common
Norvon
shares
filed
Note—T,his state¬
'
.writer—H. M. Frumkes & Co., N..Y,
Class A
(Lieberbaum
$970,000
Corp
(William
Becker
Brewer,
200,000
Inc.)
Peabody
(Kidder,
-Common
International "Corp
Hoffman
Rouse,
and
Churchill Stereo Corp
—
Co.)
Co.
& Gown Co.—
Common
shares
450,000
Inc
(Allen &
Hamilton
Cap
Corp
Co.)
&
&
"
1961
Business—The
——Common
Corp
Grace
Bryant,
$3,000,000
Co.)
<
phonograph records. Proceeds—For gen¬
Market Street. Salt
Finance
Avemco
&
Group
eral corporate purposes. Office—3600
Realty & Construction Corp.--Debs.
Hentz
of
Proceeds—Purchase
..
20, 1961 filed 5,000,000 preferred shares (par one
Price—$1. Business—The production of religious
([Sterling,
(H.
estate.
Research
and educational
from page 33
First National
\ ;/'•
,
electronic equipment, hydraulic products and metal fur¬
niture. Proceeds—For repayment of loans" and expan^-
-
Priee—$1.
land,; advertising and promotion and working capital.
Office—927 Lincoln Rd., Miami Beach, Fla. Underwriter
—D. Klapper Associates, Inc.; Miami Beach, Fla/
-
real
13,
★ Columbus
z.-\\v'X)T
("Reg, A") .125,000 common;
1961
Business—General
Elm St., Rocky
July
offered
July 3, 1961 filed 1,000,000 common shares. Price—$1.50.
—
The manufacture of farm and industrial
1303
withdrawn.
was
Columbian Bronze Corp.
.
★ Collier Acres, Inc. X
(12/4-8)
Business
Altman & Co., Inc., Denver.
ment
(10/16)
Coleco
Proceeds—For repayment of
Thursday, October 12, 1961
;
Lake City, Utah. Underwriter—None.
St., Chciago. Underwriter—Straus, BlosMcDowell, Chicago (mgr.).
&
ser
•
;
-
.
t
(Bids
'"•/';
March
(Tuesday)
1962
Telephone
1
to
f'
Co...
be received)
< ///
' ' 1
5, 1962
—,
$60,000,000 *"
-•
/'•
'•'/!
to
be
"
(Monday)
Bonds
West Penn Power Co
(Bids
Bonds
r\". ,/i
received)
$25,000,000
Volume 194
Number 6098
.
.
.
The Commercial and Financial Chronicle
(1595)
•
Commonwealth Theatres of Puerto
Rico.
000 shares
common
to be offered
are
Inc.
Cooke Engineering Co.
Sept. 12, 1961 filed 32,u00 common. Price—$11, Business
shares, of which 50,- ' —The manufacture of electronic
products and the fur¬
'
(10/23-27)
July 28, 1961 filed 100,000
Delta Capital Corp.
Aug. 9, 1961 filed 500,000
amendment.
by the company and 50,000
shares by stockholders.
Price—$10. Business—The op¬
eration of a chain of theatres in
Puerto Rico.? Proceeds
—For construction of a
drive-in movie
renovations
and
general
nishing of engineering services. Proceeds—For
equip¬
ment, new products, sales promotion and
working cap¬
" ital. Office—735 N. St.
Asaph St., Alexandria, Va. Un¬
theatre, building
derwriter—Jones, Kreeger & Co., Washington, D. C.
corporate purposes.
Address—
•
Community Charge Plan
*7
Sept. 22, 1961 filed $5,600,000 of 6% subordinated deben¬
due
72,000
1976
(witn
in
fered
units
attached
shares)
common
and
consisting
warrant to purchase two
Price—By
warrants
systems for use in individual
Proceeds—To repay loans, purchase
$100
a
debenture
(and
a
1961 filed 100,000 class A common (with at¬
tached warrants to purchase an additional
50,000 shares).
Ridge
—The
r
Aug. 24,
f
•
Aug.
N.
Underwriter—Dooiictle
,
1971
• Continental
Oct.
10,
1961
:
tures due
holders
shares
and
1983
on
the
held.
selling
Raking Co.
~
$15,200,000 of subord.
to
be
basis
offered
of
for
of bread,
' V
cakes
products.
15
N.
Lehman
Brothers
and
Equitable
Securities
and
Corp.,
•
covering
(11/15)
Leasing Corp.
19,
1961 ("Reg. A") 100,000 common, shares
cent).
Price—$3. Proceeds—For purchase of
electronic
new
automobiles, advertising and promotion, and Working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬
writer
-
Estate
13
(11
equipment.
Delaware
ment.
Drum
debt.
ment. Office—530 St. Paul
tainers and
ment
Place, Baltimore. Underwriter
Co., Inc:, Washington, D. C. (managing).
and
tanks.
other
,
,
Delford
ness—Manufacture
for each 80
common shares held.
Price—By amendment.
Business—The manufacturing of vending machines. Pro¬
of
/
of
power supplies and automatic label dispensers. Pro¬
ceeds—Repayment of loans, and working capital. Office
—250 N. Vinedo St.,
Pasadena, Calif. Underwriter—Les¬
ter, Ryons & Co., Los Angeles.
•
>
*
Dutilap & Associates, Inc. (10/31 f *
30, 1961 filed 75,000 common shares, of which 60,000
will be offered by the company and
15,000 by stock¬
holders. Price—By amendment. Business—The
company
provides scientific research, engineering consulting and
development services to the Armed Services, U. S. Gov¬
ernment agencies and private industry. Proceeds—For
purchase of building sites, expansion, and working cap¬
ital.
-
X
.
'•
Delia Sonics, Inc.
Aug. 3, f96T ("Reg. A") 100,000 common shares (par
$1). Price—$3. Business—The manufacture of ultrasonic
^and electronic systems and components.. Proceeds—For
&
Office—429
Co., Inc., Los Angeles. Offering—Iipipinent.
■
.
Atlantic
writer—Dominick &
St., Stamford, Conn. Under¬
Dominick, Inc., New York.
Dunlap Electronics
1961 filed 80,000
Sept. 27,
common.
Business—Distribution
by other firms.
Price—$3.50. Busi¬
St.>plant and equipment; material and inventory; repayment
Co.,> vof a loan and working capital/ Office — 12918 Gerise
J. P. Penn & Co., Inc., Minneapolis. Offering—Im¬
Ave., Hawthorne, Calif/Underwriter—Costello, Russotto
minent.
•
June
Office—Eden Park
"7-iy-i •'./
purposes;
Office—Red
Underwriter—Stan-Bee & Co.,
Dressen-Barnes Electronics Corp. (10/30-11/3)
Aug. 14, 1961 filed 100,000 capital shares, of which 75,000
are to be offered
by the company and 25,000 by stock¬
holders. Price—By amendment. Bu^ines:—Manufacture
Proceeds
,r
Lease
capital expenditures. Office—3386 Brownlow Ave.*
Louis Park, Minn. Underwriters—M. H. Bishop &
and
Bldg., Atlanta, Ga.
Washington, D. C.
Proceeds—For
a
Price—By amend¬
electronic
of
new
parts
subsidiary,
made
repay¬
of debt and working capital.
Office—27 S. Grant
St., Stockton, Calif. Underwriter—Birr & Co., Inc., San
ment
Francisco.^.
V
;
corporate
Rock
Office—945
.
Control
Systems, Inc.-/;
Y H /
July 21, 1961 ("Reg. A") 225,000 common.-Price—$i.l5.
Proceeds—For equipment, research and development and
:
Proceeds—General
equipment, debt repayment and
Levittown, N../Y.•/"-
Broadway, East St. Louis, 111. Underwriter
.
a.m.
working capital. Office—82-88 Washington St., Middletown,
N.;; Y. Underwriter—-I. R.v E. Investors Corp.^
.
.
Underwriter—
it Don Mills, Inc.
// * •
Sept. 27, 1961 ("Reg. A") 60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
precision rubber extrusions. Pro¬
ceeds—Plant expansion,
Busi¬
shares by stockholders.- Price—50c. Business—
exploration and production of ores. Proceeds—For
ment.
common.
Price—$5.
and general corporate
purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd./Toronto.:r'v.*^•:•••>• <
i'///•;.,• ;
Industries, Inc.
Sept. 28, 1961 filed 95,000
common.
tables
salaries
&
dinated debentures due 1976, to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
144,000
of
400,000
The
Gardens, Wilmington, Del. Underwriter—G. H. Walker
Co., N. Y.
•
Continental Vending Machine Corp.
(10/23-27)
Aug. 11, 1961 filed $5,052,700 of 6% convertible subor¬
.
3, 1961 filed 1,600,000 capital shares, of which 1,200,000 shares are to be offered by tbe company and
.
Co., Inc.
Price—By amend¬
of plastic shipping con¬
purposes.
-
.
Dolphin-Miller Mines Ltd.
Proceeds—For research and develop¬
corporate
in
Oct.
common.
Business—Manufacture
—F. Baruch &
-
Barrel &
Sept. 26, 1861 filed 100,000
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Underwriter—Hardy & Co., New York (managing).
;
.
Co., N. Y.
Office—421 E.
—
Investment Trust
ceeds—For repayment of loans and working capital. Office-^- 956 Brush Hollow Road, "
Westbury, L. I.,-N. Y.
V
$4.
—None.
Oct.; 11/ 1061 filed $35,000,000 of debentures, due Nov. 1,
1986. Price
By amendment. Business—Manufactures
•
Real
-
—
stores
it Doctors' Convalescent Center, Inc.
Sept. 29, 1961 ("Reg. A") $250,000 of 10% convertible
sinking fund debentures due Dec. 1, 1971 to be offered
in units of $100 each.
Price—At par.
Proceeds—For
plant improvements, furnishings and working capital.
agricultural implements. Proceeds—For debt repayment.
Office—1325 Third Ave., Moline, 111. Underwriter—Har/riman Ripley & Co., Inc., N. Y.
H. B. Crandall Co, and Cambridge Securities,
Inc., N. Y. Offering—Expected late October.
—
: Continental
Co., Los Angeles.
Common
retail
Dinettes, Inc.
Office—Dabney Rd., Richmond, Va.
Rubin, Rennert & Co.* Inc. /
it Deere & Co.
(par
par.
ers.
Under¬
.;V
-r-For debt repayment and working capital.
E... California St., Ontario, Calif.
&
At
and
chairs
for
use
in
kitchens and dinettes/ Proceeds—For
selling stockhold¬
1961
manuals
—
Underwriters—Lieberbaum & Co. and M:r-
ness—Manufacture
Underwriter—Morgan
Continental
one
Light Co.
Debentures
Sept. 28,"1961 filed
amendment.
Y.
June
Dixie
it Data-Design Laboratories, Inc.
Oct. 9,
1961 filed 100,000 capital shares.
Price—By
*,
Business—Publishing of technical reports
Pro-
-ceeds—For debt repayment and construction. Address—
P. O. Box 731, Rye, N. Y. Underwriters—Wertheim &
Co.,
wood, N. J.
ris Cohon &
filed 100,000 cum. preferred shares. Pro¬
debt /repayment and construction.. Office—
Commerce St., Dallas,i Tex., Underwriters—(Com¬
3,
—
Diversified Small Business Investment
Corp.
common. Price—$5. Business
Proceeds—For
general corporate purposes. Office—214 Engle
St., Eng.e-
Machines, Inc. (10/23-27)
11 a.m. (EST). Information Meeting—Nov.
EST) at 2 Rector St., N. Y. (Room 240).
Business—Baking
related
and
>
by stock¬
$100 of debentures for each
"
Oct.
a
laboratory and
Ave., New York.
—A small business investment
company.
petitive). Probable bidders: White, Weld &>tCo.-Equitable Securities Corp. (jointly); Eastman
Dillon, Union
Securities & Co.; Lehman Brothers; Blyth &
Co., Inc.;
Harriman Ripley: & Co., Inc.-Kidder, Peabody & Co.
:(jointly)/First Boston Corp. Bids—Expected Nov; 15 at
,
deben-
Dailas Power &
1506
^
conv.
subxription
Price—By /amendment.
<
for
Lexington
Sept. 27, 19j>l filed 600,000
v
ceeds—For
Fla.-Under¬
filed
preferred
Washington, Maryland and Virginia. Proceeds—For the
repayment of debt, and working capital. Office—52-60
O St., N.
W., Washington, D. C. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C.
Underwriter—John
repayment of
and operation
plants in sub-'
...
Electronics, Inc.
expenses
Business—The sale of drug products to
Price—$14.75.
Office—54 Tarrytown
Rd., White Plains, N. Y.
writer—Candee & Co., New York.
-
Proceeds—For the selling stock-
High St., Hamilton, O.
Lima, O.
■
" '
start-up
Price
common.
C.
ness—The operation of a motor hotel chain. Proceeds—
For acquisition, expansion and the
shares for each 5 Mobilife shares held.
Price—By amend¬
Corp.),. Office—Sarasota,
writer—Golkin, Bomback & Co., N. Y.
Y.
•
Crossway Motor Hotels, Inc.. (10/16-20)
Aug. 4, 1961 filed 70,000 common shares. Price—$5. Busi¬
Consumers Utilities Corp. (10/23-27)
July 27, 1961 filed 302,000 common, to be offered for sub¬
scription by stockholders of Mobilife Corp., of Bradenton, Fla., parent company, on th& basis of 3 Consumers'
of Florida.
N.
Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
,
(Mobilife
Co.,
nue, North
—
For repayment of loans, new equipment and
working capital. Office —,129. S. State St., Dover, Del.
Underwriter—William, David & Motti, Inc., N. Y. C.
areas
&
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).v Price—$3. Proceeds—For repayment of
loans,
machinery, leasehold improvements, advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
ceeds
urban
Underwriter—Goldman, Sachs
Cromwell Busjness
50,000 common to be offered in units each consisting
of debentures and 50 common. Price—$400 perunit. Business—The operation of
vending machines/Pro¬
holder
Y.
loans, inventory
working capital.; Office—611 Boylston St., Boston.
Underwriter—Carl M. Loeb, Rhoades &
Co.; N. Y. (mgr.)
and
sewage-disposal
war¬
Drug Corp. of Washington
1061 filed $500,000 of 6% convertible subord.
sinking fund debentures due 1976, also 100,000 class A
and
of $150
and
■»>/
with attached
Sept. 19,
Business—The distribution of
electrpnig components and
equipment. Proceeds—For repayment of
v
Business—Acquisition, construction
common
additional
District Wholesale
mag*'
July 27, 1961 filed 150,000 common shares, of which
107,250 shares are to be offered by the
company and
42,750 shares by the stockholders. Price—By amendment.
debentures, prepayment of debt and workingsOffice—456 Driggs Ave.Brooklyn, ,N. Y. Un¬
water-treatment
1961 filed 350,000 capital shares.
Price—By
Business—The publication of "Look"
Cramer
derwriters—Armstrong & Co.-, N. Y., and L. C.-. Wegard
& Co., Trenton, N. J.
'v
of
/A-
an
plant. Office—360
Underwriter—None.
^
A. Kemper & Co.,
-
oil, chemicals and pigments, diverse
Proceeds—For retirement of outstand-_
Aug. 29, 1961 filed $150,000 of 6% debentures due
purchase
small
Business—The sale of punch card
type voting machines.
manufactures from
ment.
30,
Office—830
Corp.
to
A
Broadcasting, Inc.
Coyfe's Voting Machine Co.
Aug. 31, 1961 ("Reg. A") 10,000 common.
-
Consolidated Chemical & Paint Corp. (11/15)
Aug. 29, 1961 filed $275,000 of 6V2% subordinated con¬
vertible debentures due 1968 and
68,750 common to be
offered in units consisting of
$i00 of debentures and 25
common./ Price—$200
per unit. Business—The company
Vending
Monitors.;
5% preferred share held, 2 units for each 5%
of
operation of TV and radio stations. Proceeds—For
general corporate purposes. Office—488 Madison
Ave.,
expansion and working capital.' Office—880 Mil-
Consolidated
'
Price—$2.40."
Deviation
140,000 shares to be
offered for subscription by stockholders in units
(of one
share and one warrant) on the basis' of 3 units for each
the
common.
Price—By amend¬
Business—Operation of bowling centers. Proceeds
ing 6%
capital.
rants
azine, the sale of subscriptions to other magazines and
Consolidated Rowling Corp.
paint lines.
common.
FM
Proceeds—For
Cow:es Magazines &
amendment.
Sept. 28, 1961 filed 200,000
basic
of
Deuterium Corp.
Sept. 28, 1961 filed 140,000
(10/25) /
repayment, equipment and working capital.
Sylvester St., Westbury, N.' Y. Underwriter
—J; E. Bayard & Co.,
Inc., 80 Wall St., New York City.
itary Rd., Niagara Falls, N. Y.
& Co., Buffalo, N. Y.
"
54,000
•
-
debt
—For
("Reg. A")
stock held and one unit for each 10 class B shares
held. Prices—$20 per unit.
Business—Company plans to
manufacture and utilize all kinds of chemical materials.
Proceeds
ment.
1961
^
Development Corp.
Proceeds-r-For development, expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter—James Co., N., Y.
debt, and working caiptal.
Office—107
'
cus¬
Office—315 W. 47th St., N. Y.
Underwriter—Amos Treat & Co., N. Y. C.
(mgr.)
repayment
it Consolidated Aerosol Corp.
Sept. 29, 1961 ("Reg. A") 70,000 common.
Price—$3.
Business—Compounds and packages cosmetics, house—For
Research &
Business—The manufacture
a
,
products.
of
Proceeds—Expansion,
of
taxes, and working capital.
Office—3747
Ave., Philadelphia. Underwriter—Suplee, YeatMosley Co., Inc., Philadelphia.
;
Dero
Price—$4. Business
manufacture
of
ment
man,
.
industrial
Business Forms Inc.
Price—By amendment. Business—Manufacture
tom-made printed business forms.
common.
By
Na¬
Sept. 26,
rooms.
of cosmetics. Proceeds—For
repay¬
loan, .advertising, equipment, inventory, reby these members. Proceeds—To repay debt and increase
search and development and
working capital. Office—
working capital Oftice—10 Banta Place,
15 Clinton
Hackensack,
St., Yonkers, N. Y. Underwriter—P. J. Gruber
N'. J.
Underwriter—Troster, Singer & Co., N. Y. * - ' >■>' & Co.,
Inc., N. Y. \r V •;
,w_ '//V'';
Computron Corp.
Cosnat Record
Distributing Corp. (10/16-20)
Sept. 15, 1961 filed 500,000 common. Price—$1.15. Busi- s
May 26, 1961-filed ,150,000 shares of common
stock, of
ness—Research, development, design and production of
which 105,556 shares are to be offered for
public sale by
electronic automation devices. Proceeds—For
the company and
44,444 outstanding shares by the pres¬
equipment,
research and development and
ent holders thereof.
working capital. Lufice—
Price—To be supplied
by amend¬
9330
James
Ave., South, Minneapolis. Underwriter—
ment.
Business—The manufacture and distribution of
Brandtjen & Bayliss, Incv St. Paul, Minn.
'
"
' phonograph records.
Proceeds—For the
and
Office—610
(managing)^
Demarco
machinery, and in¬
working capital. Office—1111 E. Ash Ave., FullerCalif. Underwriter—D. E. Liederman &
Aug. 23,"1961 filed 42,500
—
investment
of Commerce
Building, New Orleans. Un¬
derwriters—Blair & Co., New York and
Howard, Weik
Labouisse, Friedrichs & Co., New Orleans
Co., Inc.,
Mitchum, Jones & Templeton, Los Angeles.
Cosmetically Yours, Inc. :
.
v .
merchant-members, their
pharmaceutical
investment.
Price
tional Bank
N; Y. and
accounts receiv¬
able arising from customers who hold
credit cards issued
hold
business
ton,
a
at
shares.
small
payment
common snares.
purchase
class
common
A
—
crease
purchase
216,000 common, to be of¬
of
shares) and six
amendment/ Business—The
discount from
to
munications
Business
Proceeds—For
company.
Corrigan Communications, Inc.
Sept. 28, 1961 filed 375,000 common.
Price—$2. Business
—Development and sale of tutorial electronics com¬
Santurce, Puertd Rico. Underwriter—j. R. Wiliiston
&
Beane, New York (managing).
tures
35
.
,
*
.
•
Dynamic Gear Co., Inc. ( 10/16-20)
»
June 29, 1961 filed 125,000 common shares of which 100.000 shares
shares
by
to be offered by the company and 25,000
stockholder. Price — $3. Business — Manu¬
are
a
of
precision instrument gears. Proceeds—For:
purchase and rebuilding of automatic gear-cutting ma¬
chines, prepayment of a note, inventory/^ new plant
and for general corporate purposes.
Office*—175 Dixon
facture
.
Continued
on
page
36
26
(1593)
Continued from
Business—A "centennial-type" fund which plans to offer
a tax free exchange of its shares for blocks of
corporate
35
page
Ave., Amityville, N. Y. Underwriters—Flomenhaf, Seidler & Co., Inc. and Myron A. Lomasney & Co., N. Y.
securities
Dynamic Toy, Inc. (10/30-11/3)
June 30, 1961 ("Reg. A") 81,000 common. Price — $3.
Business—Manufacture of toys. Proceeds—Advertising,
A.
250,000
common
^ Economy Water Conditioners of Canada Ltd. / '
Sept. 29, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Sale of water conditioning units to home own¬
capital. Office—222 Park Ave., South, N. Y.
Co., N. Y.
the
electronics
field.
Proceeds—For
the
Electro-Mec Instrument Corp.
(12/4-8)
Sept. 15, 1961 filed 176,480 common/Price4--$d: Business
—The design, manufacture and sale of potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, WalPrecision
Instrument Co.,
,,
•
Inc. Office—47-51
due
1971.
manufacture
Proceeds
Price—By amendment.
of
medical-electronic
,?.
•
Business ;
Co., Corp.,
of
electrical
Proceeds—For
instruments.
conductors by
research and
Electronics
subsidiary and realty acquisitions. Office
Dr., Chicago.
Underwriters — Bear,
Corp.
Sept. 5,
filed $30,000,000 convertible subordinated
1961
Price—By amendment.1 Business—
agricultural chemical
Proceeds—For
general
corporate
Ave., San Jose, Calif. Underwriter
—Kidder, Peabody & Co., N. Y. Offering—In early Nov.
FM-Stereo Guide, Inc.
(10/23-27)
Valley Forge
City and Philadelphia.
—
Securities
Co.,
Inc.,
New
the
Inc.
loan
Sept. 29,
1961 filed 200,000 common, of which 100,000
will be sold by the company and 100,000
by stockholders.
Price—By amendment. Business—Distribution of elec¬
and
sales
the writing of
Proceeds—For
Office—201 W. 14th Street, Wilming¬
financing
credit life and other types
business
and
of insurance.
working capital.
ton, Del. Underwriter—Goldman, Sachs & Co., N. Y.
tronic parts and equipment.
Proceeds—Debt repayment,
expansion and working capital. Office—140 Eleventh St.,
Oakland, Calif. Underwriter—Schwabacher & Co., San
Fashion Homes Inc.
July 18,
(11/6-10)
1961 filed $600,000 of subordinated debentures
due
Francisco.
1971; 100,000 common shares and 100,000 five-year
(exercisable at from $4 to $8 per share) to be
for public sale in units of one $60 debenture,
common shares and 10 warrants. The registration also
warrants
Emertron,
Inc.
offered
Oct. 6, 1961 filed 320,000 common to be offered for sub¬
scription by
stockholders of Emerson
graph Corp., parent
tron
for
each
amendment.
the basis of
on
seven
shares
of
Radio
one
&
Phono-
share of
Emerson.
Emer¬
Price
Business—Design and manufacture
of
By
elec¬
tronic
equipment for missiles and aircraft. Proceeds
General corporate purposes. Office—14th and Coles
Sts.,
Jersey City, N. J. Underwriter—F. Eberstadt & Co., N. Y.
•
Empire Fund,
June 28, 1961 filed
Inc.
1,250,000 scares of capital stock to be
blocks of designated securities.
Offered in exchange for
10
-
shares. Price—$100 per unit, and
covers
40,800
$6
share. Business—The construction of shell homes.
per
common
Proceeds—For
redemption of 8% debentures; advances
company's subsidiary; repayment of loans; advertising
and promotion, and other corporate purposes. Office—
to
1711
N.
Glenstone, Springfield, Mo. Underwriters
Globus, Inc. and Ross, Lyon & Co., Inc., New York.
—
-Fashion Industries, Inc.
Sept. 26, 1961 filed 95,600 common, of which 68,000 will
be sold by. the
company
and 27,600 by stockholders.
company,
Office—512
purposes.
,.
First
National
Realty & Construction Corp.
(10/30-11/3)
/
-
i
;'QV
Aug. 11, 1961 filed-$3,000,000 of 6V2% subordinated de.
bentures due
Business
>
1976-(with warrants attached)^ Price—By
amendment.
ment of real estate.
and general
N. Y.
of
—
The construction and manage-
Business
Investment
Company
Tampa, Inc.
Oct. 6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds —r To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
•
<
Proceeds—For repayment of loans
corporate purposes. Office—630 Third Ave¬
Underwriter—H. Hentz & Go;, N. Y. (mgr.)
First Small
First
Union
Realty
-
(10/16-20)
Aug. 30, 1961 filed 1,060,000 shares of beneficial interests.
Price—By amendment. Business—A real estate invest¬
trust. Proceeds—For purchase of an office build¬
ing, repayment of loans and working capital. Office—■ '
Union Commerce Bldg., Cleveland. Underwriters—Harriman Ripley & Co., N. Y., and Hayden, Miller & Co.,
ment
Cleveland.
First Western
Aug.
Financial
Corp.
(1D/30-11/3)
filed
450,000 common, of which 100,000
shares are to be offered by the company and 350,000
shares by stockholders. Price—By amendment. Business
—A holding company for a savings and loan associa¬
23,
tion,
1961
^
\
insurance agency, real estate and escrow agen¬
an appraisal service. Proceeds—For repayment ;
of a loan and general corporate purposes. Office—118 .?.
Las Vegas Blvd. S., Las Vegas, Nev. Underwriter—A. C. '
Allyn & Co., N. Y. (mgr.). ;
'V
;
an
cies and
^
Flato
Family Finance Corp. (10/23)
Sept. 19, 1961 filed $25,000,000 principal amount of
senior debentures due Oct. 15, 1981.
Price—By amend¬
ment. Business—The operation of a small loan, discount
de¬
corporate
investment
Ave., Minneapolis. Underwriters—Paine, Web¬
Curtis, N. Y., and Craig-Hallum, Kin¬
nard, Inc., Minneapolis.
v
purposes.
Office—1105 Coleman
Family Circle Associates, Inc.
Aug. 30, 1961 filed 50,000 class A common. Price—$7.
Business—The operation of retail discount department
stores.
Proceeds—For repayment of loans .and working
capital. Office—30 Main St., Keyport, N. J. Underwriter
—Russell & Saxe, Inc.,, N. Y.
velopment. Office — 1100 Shames Dr., Westbury, L .1.,
N. Y. Underwriter—Globus, Inc., N. Y.
Elmar
a
Price—By amend¬
common.
business
ber, Jackson &
nue,
common. Price—By amend¬
operation of hotels. Proceeds—For
Corp.
Nicollet
•
(11/20-24)
iViidwest Capital
Proceeds—General
(10/23-27)
Street, Stamford, Conn. - Underwriters — First
Philadelphia Corp., and Lieberbaum & Co., both of N. Y.
>
into
chemicals.
Inc.
sometime in Nov.
Insurance Co.
Life
Business—A small
Realty
April 21,
filed 2,000,000 shares of participation in
Price—$10 per share.' Business—A new real
1961
Fund.
the
Fund
investment trust. Proceeds
For investment.-;
Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Distributor—Flato, Bean & Co., Corpus Christi.
estate
—
Texas.
•
Fleetwood
Securities
Corp. of America
(10/16-20)
hattan
Discovery Corp. (11/20-24)
July 26, 1961 filed 150,000
common, shares. .Price—$1.
Business —? The company plans to
develop a device to
non-conductors
FMC
First
ment.
equipment for radiation
Proceeds—For
Equipment Corp.
Y. Offering—Expected
Sept. 28, 1961 filed 150,000
amend¬
Proceeds—For equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
Electronics
addition
measurements.
Price—By
• Fairfield
Controls, Inc. (11/20-24)
May 19, 1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture of electronic
solid state power controls designed by the company's
engineers from specifications supplied by customers.
Proceeds—For equipment and working capital. Office—
176 E. 15th St., Paterson,^N. J.—Underwriter^-Theodorel
make
common.
Underwriters—Hardy & Cq. and Filor, Bullard &
Wacker
E.
Underwriter
Electronic International, Inc. (11/13-17)
1, 1961 ("Reg. A") 130,000 common. Price—$2.
Co., Inc., N. Y.
and
Executive House,
York
Sept.
•
-
writer—None.
Aug. 4, 1961 "Reg. A" 50,000 common shares. Price—
$6. Business—The company plans to publish a national
magazine featuring detailed FM radio program listings,
reviews, interviews, etc. Proceeds—For general corpo¬
rate purposes. Office—1711 Walnut Street, Philadelphia.
communication systems and equipment. Proceeds
—General corporate purposes. Office—1501 72nd St. N.,
Arrin &
133,333
debentures due 1981.
•
tronic
precision
*
Sept. 20, 1961 filed 10,000 capital shares to be offered for
subscription by stockholders at the rate of one new share
for each two held, Price—$35. Proceeds—To increase
capital. Office—Munsey Bldg., Baltimore, Md. Under¬
/.
filed
1961
equipment.
~
Electronic Communications, Inc.
(11/13-17)
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Development and manufacture of elec¬
of
com¬
The manufacture of industrial and
.
manufacture
electronic
Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
fund-debentures due 1971 and 400,000 common to be of¬
fered in 200,^00 units; each consisting of a-$16 debenture
•
selling stockholders. Office—600 Huyler St., Hackensack,
N. J. Underwriter—Burnham & Co., New York.
Business—The
of
Co., N. Y. C. and Straus, Blosser & McDowell
Co., Chicago (mgrs.).
instruments.
Underwriter—Laird &
Price—$3. Business
common.
company.
1
First Federated
Stearns &
tronic and eleetro-mechanical devices for the aircraft,
radar, missile and rocket industries. Proceeds—For the
.
2,
—71
Corp. (11/6-10)
("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
Petersburg, Fla.
Wilmington, Del.
distribution
Corp.
investment in
June 19, 1961
Sc.
100,000
finance
Fifth Avenue
Smyth, N.
(with 2 warrants) and two
For
Electro-Miniatures
filed
1961
retail greeting card stores.
Proceeds—Debt repayment,
working capital and expansion. Office—18 W. 34th St.,
St., N. Y. Underwriter—None.
ment. Business—The
33rd
working capital. Office — 4748 France
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
—
•
automobiles, establishment of- a trucking division and
a
sales -office, and for working capital. Office — 790
Northern Blvd., Great Neck; N. Y. Underwriters—Reich
& Co., and Jacques Coe & Co., N. Y.
1
*
;V
•
Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
debentures
3,
commercial
eral
of
St., Long Island City, N. Y. Underwriter—Sterling, Grace
& Co., N. Y. (mgr.).
>
\ .
—The
Fidelity America Financial Corp.
Oct.
—A
Aug. 1, 1961 filed 100,000 common. Price—$4. Business
—Long-term leasing-of automobiles. Proceeds—Purchase
repayment of loans, inventory, expansion and working
capital. Office—1242 N. Palm, Sarasota, Fla. Underwriter
—Jay Morton & Co., Inc., Sarasota.
tham
42nd
Executive
/
Aug. 14, 1961 ("Reg. A") 60,000 common ..(par 75c).
Price—$3. Business—The company is a military subin
Underwriter—G. Everett Parks & Co.,
equipment,
leasehold improvements and working capital. Office—
175 Pearl St., Brooklyn. Underwriter—L. H. Rothchild
& Co., N. Y.
Underwriter—Ezra Kureen
,/>
working capital. Office—8 Washington Place, N. Y.
Inc., N. Y.
and
Proceeds—For expansion, advertising and pro¬
detection
United States. Proceeds—For research, and development
contractor
E.
ment. Business—Manufacture of
(10/30*11/3)
and 40,000 common
1971
N. Y.
Eon
May 5, 1961 filed 70,000 capital shares. Price—To be sup¬
plied by amendment. Business—Manufacture of products
in the automotive ignition afield for sale outside
the
Inc.
due
tures
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment, advertising
motion, acquisition of a plant and equipment and other
corporate purposes. Office—1626 Nostrand Ave., Brook¬
lyn. Underwriter—Albion Securities Co., Inc., N. Y.
(10/16)
^
Cards, Inc.
Sept. 28, 1961 filed 115,000 class A capital shares. Price
—By amendment.
Business—Operation of a chain of
Oct.
Electra-Tronics,
;
subord. deben¬
shares to be offered
N. Y.
ponents.
Inc., N. Y.
•
,
Inc.
Proceeds—For gen¬
corporate purposes. Office—42 S. 15th St., Phila¬
delphia. Underwriter—Netherlands Securities Co., Inc.,
Business—Wholesale
<
distributorship, ex¬
advertising.
Office—36
Densley
Ave.,
Toronto, Canada. Underwriter—S. I. Emrich Associates,
and working
:
*
Sept. 28, 1961 filed $400,000 of 6% conv.
Energy Components Corp. (10/30-11/3)
Sept. 1, 1961 ("Reg. A") 50,000 common.' Price—$3.50.
and
International, Ltd.
Fastline
•
Proceeds—Rental of units, new
Electra
Bessell, Inc., Washington, D. C.
Office—60
shares. Price—For deben¬
properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia (man¬
aging). Offering—Expected in late October.
•
&
Empire State Budding Associates
Aug. 24, 1961 filed $39,000,000 participations of general
partnership interest to be offered in units. Price—$10,000
per unit. Business—General real estate.
Proceeds—To
help finance the purchase of the Empire State Building.
real
ers.
Underwriter—
Co., Inc., Chicago. OfferingwExpected
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.
tures, $1,000; for stock, $10. Business—General real es¬
tate.
Froceeds—For the acquisition and development of
pansion
women's
expenses, < a new plant, equipment, repayment of loans
and working capital. Office—574 President St., Brook¬
Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and
more.
Empire Precision Components, Inc. (10/20)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
ness—The manufacture of metal component parts for
precision electronic connectors. Proceeds—For moving
'-./v
<
Street, Boston, Mass.
or
•
Underwriter—M. W. Janis Co.,, Inc., N. Y. Offer¬
Properties
$20,000
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
ing service. Proceeds—Rental of additional data process¬
ing equipment, sales promotion, salaries, rent, furniture
and worxing capital. Office—46-36 53rd Ave., Maspeth,
Eastern
of
Empire Life Insurance Co. of America
Processing Corp.
ing—Expected in early November.
&
value
14, 1961 (letter of notification) 30,000 shares oi
capital stock (no par). Price—$10 per share. Proceeds—'
To go to selling stockholders. Office—2801 W. Roosevelt
Sept. 8, 1961 filed'100,000 common. Price—$2.50. Busi¬
ness—The company conducts an electronic data process¬
N. Y.
School
Becker
market
Thursday, October 12, 1961
apparel. Proceeds—For repayment of debt, purchase of
equipment, taxes, and working capital. Office—Gauthier
St., Tuskegee, Ala. Underwriter—Wright, Redden, Myers
March
capital. Address—109 Ainslie St., Brooklyn, N. Y. Under¬
writer—Hanccok Securities Corp., N. Y.
E EVE AC Data
G.
a
: ;
.
Price—$4.75. Business^—Manufacture and sale of
in November.
expansion and working
of new products,
having
Office—44
•
development
Chronicle
The Commercial and Financial
Aug. 8, 1961 filed 70,000
shares
are
shares
by
Electronics
of
tor
and
a
common shares, of which 56,00(1**
to be offered by the company and 14,000
stockholders. Price—$10. Business—Distribu¬
Investment
broker-dealer
Corp., Contractual Plans
registered with NASD. Proceeds—
increase
To
net capital and for investment. Office—44
St., N. Y. Underwriter—General Securities Co., Inc..
Wall
N.
Y.
Floyd
Bennett
Stores,
Inc.
(11/13-17)
Aug. 30,
1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
stores. Proceeds—For repayment of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
N. Y.
Underwriters—Goodkind, Neufeld, Jordon Co., Inc.
& Co., N. Y. (mgrs.).
and Richter
it Flying Commuter, Inc.
Sept. 26, 1961 ("Reg. A") 2,600 capital shares. Price—
$10. Business.—Provides a scheduled flight service be¬
tween State
525
W.
College, Pa. and Washington, D. C. Office—
Ave., State College, Pa. Underwriter—.
Foster
None.
• Food Corp. of America
Oct. 5, 1961 filed 50,000 common. Price—$2.50. Business
—The acquisition of enterprises engaged
in the food
processing industry. Proceeds—For repayment of debt
and working capital.
Office—1207 Foshay Tower, Min¬
neapolis, Minn.
Underwriter—None.
r
Plus, Inc. (i 1/6-10)
Sept.Z22, 1961 filed 150,000 common. Price—By amend-:
ment. Business—A manufacturer, wholesaler, and retail¬
er of vitamin products. Proceeds—For selling stockholdFoods
Volume
194
Number
6098
The Commercial and Financial Chronicle
(1597)
Office—62
W. 45th St., N; Y. Underwriter—ShearHammill & Co., N. Y.
v
.
ers.
son,
,
n
Foote
&
Davies, Inc.
"
•
•
Gibraltar
Financial
Corp. of California
(11/21)
Oct. 3, 1961 filed $5,500,000 of conv. subord. debentures
due Nov. 1, 1976.
Price—By amendment.
r.
Business—A
•
Sept. 22, 1961 filed 165,000 common; 70,000 to be offered
by the company and 95,000 by present stockholders.
Price—By amendment. Business—Printing and binding
holding company for a savings and loan association, a'
bank,, an escrow company and a real estate trustee.
Proceeds—Debt repayment, additional investment in the
bank and other corporate purposes.
Office—9111 Wil-
of books,
magazines, catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working 1, shire Blvd., Beverly Hills, Cali£
Underwriters—White,
capital. Office—764 Miami Circle, N.E., Atlanta, Ga.
Weld & Co., N. Y.. and Dean Witter &
Co., San Francisco.
Underwriters—J. C. Bradford :& Co.,
• Girder
Nashville, Tenn.
Process, Inc. (10/24)
and Courts & Co., Atlanta, Ga. ;
■
\
July 21,1961 filed 80,000 class A common shares. Price—
• Fotochrome Inc.
(10/16-20)
$5.25. Business—The manufacture of adhesive bonding
June 29, 1961 filed $3,500,000 ot convertible subordinated
films and related products. Proceeds—For
acquisition of
debentures due 1981 and 143,333
a
new
outstanding common
plant, purchase and construction of new ma¬
shares. The debentures are to be offered by the
company / chinery and equipment, research and laboratory
product
and the stock by stockholders/ Price
By amendment.
development, sales program, advertising, working capi¬
Business
The processing of
photographic films; the > tal and other corporate purposes. Office—102 Hobart
wholesaling of photographic supplies and the develop¬
Street, Hackensack, N. J. Underwriter—Winslow, Cohu
ment and sale of film processing. Proceeds — For con¬
& Stetson, New York
(managing).
struction of a new plant, purchase of
equipment, mov¬
Girltown, Inc.
;j. IVs —
ing expenses and for other corporate purposes/Office—
Sept. 28, 1961 filed 200,000 class A common shares. Price
1874 Washington Ave., New York. Underwriters—Shear—By amendment. Business—The manufacture of
young
son, Hammill & Co., and Emanuel, Deetjen & Co., N. Y.
women's sportswear. Proceeds—For
selling stockholders.
Fram Corp.
(11/13-17)
Office—35 Morrissey Blvd., Boston.
Underwriter—Hemp¬
Sept. 1, 1961 filed 50,000 common. Price—By amendment.
hill, Noyes & Co., N. Y.
.
,
—
—
-
•
,
Business
„
The
—
manufacture
of
oil
and
air
filtration
GHacier
Publishing International, Inc.
Sept. 15, 1961 filed 112,500 common. Price—$3. Business
—The publishing of crossword
puzzle magazines, pricing
equipment for engines. Proceeds—To reimburse Treasury
a recent acquisition. Office—105 Pawtucket
Ave., East
Providence, R. I. Underwriter — Merrill Lynch, Pierce,
for
Fenner &
Smith
guide directories and
Inc., N. Y.
Co., N. Y.
sisting of
one share of common stock and two warrants.
Each warrant will entitle the holder thereof to purchase
one share of common stock at
$2 per share from March
$3 per-share from September 1962
February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Proceeds
For general corporate purposes. Office —
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
—
Company formerly
named G-W Ameritronics,
was
*
Inc.
;•::
!
•
Gem
Electronic
1961
filed
Distributors,
Price—By amend¬
electronic parts and
common.
including
of
TV
and radio components. Pro¬
ceeds—For repayment of loans and inventory. Office—
34 Hempstead Turnpike, Farmingdale, N. Y. Underwriter
General
Fcam
•
manufacture
of
G'uckin
(Wm.)
Co. Ltd.
Aug. 25,1961 filed 175,000
Corp.
urethane
foam
and
foam
Fourth
Billings, Mont.
(1/4)
Price—$10. Business
underclothing. Proceeds—
For repayment of loans and general corporate
purposes.
Office—Bank of Bermuda Bldg.,
rubber
Hamilton,
products.
Proceeds—For repayment of loans and work¬
ing capital. Office—640 W. 134th St., New York. Under¬
writer—Brand, Grumet & Seigel, Inc., N. Y. Offering—
Aug. '28,
Imminent.
-
,
Golf
Courses, Inc.
1961 filed 100,000 capital shares.
Price—$6.
Business—The company plans to operate a public golf
course and a private country club.
Proceeds—For pur¬
chase of land, construction and general corporate pur¬
•
General
Forms, Inc.
Aug. 15, 1961 ("Reg. A") 100,000 common shares (par
'10 cents). Price—$3. Proceeds—For repayment of loans,
plant improvements, equipment and working capital.
Office—7325 Northwest 43rd St., Miami. Underwriter—
Equity Securities Co., New York.
*
General
Aug. 7,
ment.
Kinetics
1961
filed
Business
—
Inc.
Office
Underwriters
and
•
Paper Co.
Sept. 28, 1961 filed 140,000 common.
(10/23-27)
working capital.
—Amos Treat &
—
June
!
stockholder.
Y.
.
Georgia Power Co. (10/18)
Sept. 1, 1961 filed $10,000,000 of first mortgage bonds
due Oct. 1, 1991. Proceeds—For construction and the re¬
payment of loans. Office—270 Peachtree St., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders: Harriman Ripley & Co., Inc.; Lehman Brothers; Blyth & Co.,
Inc., Kidder, Peabody & Co., and Shields .& Co. (faint¬
ly); First Boston Corp.; Morgan Stanley & Co.;.Halsey,
Stuart & Co.; Equitable Securities Corp., Eastman Dillon,
Union Securities & Co. (jointly). Bids—Oct. 18 (12 noon
EDST) at offices of Southern Services, Inc. (Room 1600)
250
Park
Ave., N. Y.~
Broadway
&
St'
Co
'
Gro-Rite Shoe
Co., Inc.
July 21, 1961 filed
$500,000 of 6% convertible subordi¬
nated debentures due 1970 to
be offered for
subscription
by stockholders on the basis of one
$100 debenture for
each 60 shares held.
ufacture
of
Price—At par. Business—The
specialized children's shoes.
man¬
Proceeds—For
molds, construction and working capital.
Address
—Route 2, Box 129, Mount
Gilead, N. C. Underwriter—
None.
Offering—Expected in November.
Growth, Inc. (11/6-10)
May 17, 1961 (letter of
notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann &
Creesy, Salem, Mass.
Growth Properties
(10/23-27)
new
filed 100,000 shares of
—ro
common
be
stock. Price
supplied by amendment. Business—The
com¬
plans to engage in all phases of
the real estate
business. Proceeds
To reduce
pany
—
indebtedness, construct
apartment units, buy
land, and for working capital. Of¬
fice—Suite 418, Albert
Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities
Co., San Francisco, Calif.
if Gulf Pines Memorial Park, Inc.
Sept. 27, 1961 ("Reg. A")
21,000 common.
Price—$2.
Business—Operation
payment,
of
a
construction
cemetery.
and
other
Proceeds—Debt
corporate
re¬
purposes.
Address—Venice, Fla. Underwriter—None.
;
of
creased
cigars.
Proceeds—To prepay notes and in¬
Office—2311-18th St., Tampa,
Underwriter—W. C. Langley & Co., N. Y.
Pricfe—$4. Business
—Manufacture of graphic arts equipment, chemicals and
supplies. Proceeds—For the operation of a subsidiary,
new product development, equipment and other
corporate purposes. Office—291 Third Ave., N. Y. Underwriter
—Philips, Rosen and Appel, N. Y.
•
Green
(Henry J.)
common.
ness—The
precision
struments.
manufacture
of
Proceeds—For
Price—$2.25. Busi¬
meteorological in¬
repayment
of
loans,
equip¬
Office—
ment, salaries and general corporate purposes.
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A.
Hart & Co., Inc., Bayside, N. Y. (mgr.).
Greene
(M.
J.)
fur
150,000
coats.
common.
Price—$2.'
Proceeds—For
leasehold
improvements, equipment, advertising, working capital
and
inventory.
Office—350 Seventh Ave., N. Y.
writer—B. G. Harris &
Under¬
Co., N. Y.
Hamilton Electro Corp.
(10/30-11/3)
Aug. 9, 1961 filed 135,000 common, of which
80,000 are
to be offered by the company and
55,000 by stockholders.
Price—$7.50. Business—Distribution
of
solid
state
elec¬
tronic
parts and equipment. Proceeds—Inventory, new
product lines, repayment of loans and working
capital.
Office—11965 Santa Monica
Blvd., Los Angeles, Calif.
Underwriter—William Norton Co., N. Y.
V. >
•
Handschy Chemical Co. (11/6-10)
Aug. 25, 1961 filed 150,000 common, of which 50,000 are
to be offered
by the company and 100,000 by stockhold¬
ers.
Price—By amendment. Business—The manufacture
of specialty
printing inks, chemicals and supplies. Pro¬
,
ceeds—For general
Elston
mons,
Hannett
Aug.
corporate purposes.. Office—2525 N.
Ave., Chicago. Underwriter—Blunt Ellis & Sim¬
Chicago (mgr.)
11,
Business
Industries, Inc. (10/23-27)
("Reg. A") 100,000 common.
1961
—
Fabrication of
Price—$3.
components; for missiles, jet
engines, aircraft landing gears and%^cision machines.
Proceeds
Machinery, research and development and
working capital. Office—40 Sea Cliff Ave., Glen Cove,
—
N.
Y.
Underwriter—Albion
Securities
Co.,
Inc.,
Happy House, Inc. (10/23-27),*
July 28, 1961 filed 700,000 common shares
N.
Y.
+
.Price—$1.
marketing of gifts, candies and greeting
through franchised dealers. Proceeds—For equip¬
ment, inventory and working capital. Office—11 Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Harleysville Life Insurance Co.,;; V<Sept. 21, 1961 filed 40,000 .common. Price—$15. Business
writing of all types of life insurance and an¬
nuities. Proceeds—Working capital.
Office—Harleysville,
i;v
,
—The
Underwriter—None.
Hartfield
Stores, Inc.
Sept. 25, 1961 filed $5,000,000 of conv. subord. debentures
due 1981. Price—By amendment. Business—Operation of
retail apparel and discount department stores. Proceeds
—Repayment of debt, expansion and working capital.
Office—5330 W. 102nd St., Los Angeles.
UnderwritersAlstyne, Noel & Co., N. Y., and Johnston, Lemon &
Co., Wash., D. C. Offering—Expected sometime in Nov.
Van
Instrument Co.
Aug. 24, 1961 filed 140,000
; Business—Rental of
Pa.
Grafco Industries, Inc.
Sept. 27, 1961 filed 77,250 common.
!
Corp.
("Reg. A")
cards
working capital.
Fla.
""Sept.,.29,.1961
Business—The
of which 25,350
by the cpmpany and 91,525 by a
Price—By amendment.
Business—Manu¬
facture
20, 1961 ("Reg. A") 60,000 common shares (par
$1). Price—$5. Proceeds—For repayment of loans, in¬
ventory, equipment and working capital. Office—12414
Exposition Blvd., West Los Angeles, Calif. Underwriters
—Ehrlich, Irwin & Co., N. Y.
N.
paper.
shares will be offered
\
Georgia Power Co. (10/18)
Sept. 1, 1961 filed 70,000 shares of no par cumulative
preferred stock. Proceeds—For construction and the re¬
payment of loans. Office—270 Peachtree St., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders—First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co.;
Eastman Dillon, Union Securities & Co.; Equitable Secu¬
rities Corp. Bids—Oct. 18 (11 a.m. EDST) at offices of
Southern Services, Inc. (Room 1600), 250 Park Ave.,
Co., Inc., N. Y.
of
Gradsaz, Annis & Co., Inc.
Sept. 27, 1961 filed 116,875 common,
—
(10/16-20)
Price—$11. Busi¬
Proceeds—Expansion and
Office—Lyons Falls, N. Y. Underwriter
ness—Manufacture
200,000 common. Price—By amend¬
Company conducts various activities
General Plastics Corp.
Easton
Gould
2611 Shirlington Rd., Arlington, Va:
Balogh & Co., Inc., Washington, D. C.
Irving J. Rice & Co., Inc., St. Paul, Minn.
pansion.
Office—1352
Rd.,
Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
poses.
within the fields of electronics, mechanical engineering,
instrumentation
and
mathematics.
Proceeds—For
ex¬
'
Bermuda.
Underwriter—Globus, Inc., N. Y. C. (mgr.)
•
•
if Haltone Rental
common.
—The manufacture of ladies'
Aug. 15, 1961 filed $2,500,000 of 6% convertible subordi¬
nated debentures due 1981.
Price—At par.
Business—■
The
l-r orrh
writer—Northwest Investors Service, Inc.[
Offering—Imminent.
—Carter, Berlind, Potoma & Weill, N. Y. C. (mgr.).
•
N.
Jones
..
St., Louisvillfe.
Underwriter—Glore, Forgan & Co., N. Y. C. (mgr.). ~
• Globe
Coliseum, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares. Price
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
Inc.
75,000
ment. Business—The distribution
equipment,
;
Aug. 25, 1961 filed $7,500,000 of convertible subordinated
debentures due 1981. Price—By amendment. Business—
The production of alcohcrfid
beverages. Proceeds—'Fbr
repayment* of loans** Office—660
mill. Proceeds—For repayment of loans, ac¬
and working capital. Office—224 Ivinson St.,
a
Laramie, Wyo. Underwriter—None.
Aug. 25,
;
Glenmore Distilleries Co.
Uranium Co.
Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a l-for-10 basis. Price
•—By amendment. Business—The operatiori of uranium
quisitions
D.
—
Co., Inc., Philadelphia, Pa. Note—
Offering—Imminent. .;'v
Gas Hills
Office—314
Underwriter—Edward
Louis (mgr.).
—
Gar Wood truck bodies and equipment in
Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
&
corporate purposes.
Louis.
-
,
to August 1961 and at
to
derwriter—Fraser
St.
Guy's Foods, Inc. (10/30-11/3)
2, *961 filed 97,000 common shares
(par $2). Price
;; >
I —$10. Business—The
processing of foods. Proceeds—For
GSass-Tite Industries, Inc.
T v
*
purchase of buildings,
equipment and additional inven¬
Sept. 27, 1961 filed 185,000 common, of which 135,000
tories. Office—2215
Harrison, Kansas City, Mo. Under¬
are to be offered
by .the company and 50,000 by a stock- / writer—Allen &
Co., N. Y. (mgr.).
holder.
Price—By amendment. Business—Manufacture
Halco Chemical Co.
of glass-to-metal hermetic seals.
Proceeds—For pur¬
Aug. 25, 1961 filed 225,000 common.
chase of equipment, investment in a
Price—$2. Business
subsidiary, research
—Manufacture of agricultural
chemicals. Proceeds—
and development, moying
expenses, and working capital.'
General corporate
purposes. Office
N. 14th St. and
Office—725 Branch A!ve.,
Providence, R. I. Underwriter
Lafayette Ave.,
Kenilworth, N. J. Underwriters—Ross,
—Hemphill, Noyes & Co., N. Y.
Lyon & Co., Inc., and
Globus, Inc., N. Y.
it Glen Industries, Inc.
Hallmark Insurance Co., Inc.
Sept. 29, 1961 ("Reg. A") 100,000 common.
Price—$3.
Aug. 3, 1961 filed 225,000 common shares. Price
$3.'
Business—Manufacture of zipper
machinery and tool¬
Business—An insurance
company. Proceeds—For capital
ing. Proceeds—General corporate purposes. Office—130
and surplus. Office—636 S. Park
St., Madison, Wis. Un¬
County Courthouse Rd., New Hyde Park, N. Y. Under¬
derwriters—Br aun, Monroe &
Co., Milwaukee and Harwriter—G. Everett Parks & Co.,
Inc., N. Y.
ley, Haydon & Co., Inc., Madison.
filed 80,000 shares of common stock and
100,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
mines and
publications. Pro¬
debt, and working capital.
B'way, N. Y. Underwriter—Farrell Securities
Office—26
1961
25,
annual
ceeds—For the repayment of
G-W Inc.
Jan.
certain
general
37
Co.
Hawaiian Telephone Co.
Aug.
for
15,
1961 filed 667,413 common
being
subscription by stockholders on the basis
new
share for each
seven
offered
of
one
held of record Sept. 25, 1961.
Rights will expire Oct. 17, 1961. Price—$17.50. Proceeds
working capital. Office—1130 Alakea St., Hono¬
—For
June
14, 1961 ("Reg. A") 75,000 common shares (par
cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬
lulu.
Underwriter—Kidder, Peabody & Co., N. Y.
10
writer—Hess, Grant & Remington. Inc., Philadelphia.
Griesedieck Co.
(10/23 27)
capital shares.
Price —By
amendment. Business—A holding company for a savings
Aug.
10,
1961
filed
33,117
and loan association and
Sept.
11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held.
Hawthorne Financial Corp.
Price—By amendment. Busi¬
ness—A closed-end investment company.
Proceeds—For
an
insurance agency.
Proceeds
—For the
selling stockholders. Office—305 S. Hawthorne
Boulevard, Hawthorne, Calif.
Underwriter — Crowell,
Weedon & Co., Los Angeles.
:
•
-
Continued
on
page
38
38
Continued
The Commercial and Financial Chronicle
(1598)
from
•
37
page
Illinois Capital
^ Herndon Medico Inc.
Sept. 25, 1961 ("Reg. A")
-—None.
Office—20
—Blair &
Inc.
Laboratories,
.
to
in units
offered
be
and
50
.
consisting of $300 of debentures
Price—$500 per unit. Business
of medicinal
chemicals.
investment company.
corporate
of
trucks, development and
Office—5523 Illinois Ave.,
purposes.
N. W., Washington 11, D. C. Underwriter—Mitchell, Car¬
roll
Dr., Chicago, 111. Underwriter
Co., Inc., N. Y. Offering—Expected in Nov.
&
Co., Inc., Washington, D. C.
Jarrell-Ash
•
'
;
;
t
''vv/
Co.-
Inc.
Aug. 17, 1961 filed 60,000 class A common shares and
28, 1961 ("Reg. A") 75,000 common shares (par 10 ; 9,000 outstanding voting trust certificates (representing
cents). Price — $3. Business — The sale of industrial : beneficial interest in 9,000 class B common shares). Price
gauges, valves and allied products. Proceeds—For pro-", —By amendment. Business—The manufacture of optical
duction, inventory, working capital and repayment of ... instrumentation. Proceeds—For repayment of loans and
loans. Office—1403 E. 180th St., New York 69, N. Y. Un¬
working capital. Office —' 7 ' Farwell-St., Newtonville,
Mass. Underwriters—Stearns & Co., New York and Clay¬
derwriter—R. F. Dowd & Co., Inc., N. Y. Note—This let¬
ton Securities Corp., Boston. Offering—Expected in early
ter will be refiled.
•
v
1 '
November.
Industrionics Controls, Inc.
-. ....
■"
•
.'
shares.
common
general
Industrial Gauge & Instrument Co.,
July 20, 1961 filed $640,000 of 6% convertible subordi¬
nated debentures due 1976 and 90,000 common shares
—The manufacture
business
Thursday, October 12, 1961
.
chines. Projeeeds—Purchase
Wacker
North
.
June
■;
j,-.i-
Hexagon
Business—A small
ment.
class A 8% preferred.
Price—$100. Business—Construction of medical center.
Proceeds—Debt
repayment,
equipment
and
working
capital. Office—77 Third St., Herndon, Va. Underwriter
1,000
Investment Corp.
common. Price—By amend¬
1961 filed 250,000
Sept. 19,
.
Proceeds—
v
^
For equipment,
expansion, repayment of loans and working capital.- Office—3536 Peartree Avenue, New York
Underwriter—Stearns &
Hi-Shear
Co., New York (managing),
k
Corp.
Aug. 1, 1961 filed 139,500 common shares, of which 105,000 will be sold by the company and 34,500 by stock¬
holders. Price—By amendment. Business—The manufac¬
ture of high strength fastening devices and assembly
systems for the aircraft and missile industries. Proceeds
—For construction, repayment of loans and other cor¬
porate purposes; Office
—
Hickory
Aug.
31,
2600 W. 247th St., Torrance,
Co., Los Angeles.
Inc.
A") 40,000
("Reg.
Business—The
manufacture
of
flight instruments. Office—170 Coolidge Ave., En- \
glewood, N. J. Underwriter—M. H. Woodhill Inc., N. Y./
Interior Communications
Systems,
Proceeds—For establishment of
—-10-20 47th Rd., Long
and
Aug. 25, 1961
Island City, N. Y. Underwriter—
Associates, Ine., N. Y. Offering—Imminent.
("Reg. A") 220,000
the purchase
Price—$1.15
Chicago branch office
Office—2430 Nicollet
of inventories.
Peterson
opment, leasehold improvements, repayment of debt and
working capital. Office—130 Lincoln St., Brighton, Mass.
Sept.
July
18,
filed
1961
dinated debentures
tion by
for
$1,890,700
shares
25
dustries.
subor¬
subscrip¬
the basis of $100 of debentures
convertible
on
held.
Price—At
filed 514,432
common,
of which
held by
now
Office—521 W. 57th St., N.". Y.
Smith, Barney & Co., Inc., N. Y.
409,432
Price—$1.
v
-
•
;v.v-
'
-
-■
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
and
working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Warner, Jennings, Mandel & Longstreith,
Philadelphia. •
• ' -•;,■; V/ :*
■r"V-y,;... ■V/Xv.v;
Dutch com--
a
Underwriter—;
pany.
par.
1961
Electronics, Inc.'
!
Sept. 8, 1961 filed 125,000 capital shares.
Price—By
^ amendment.
Business—The : design and production' of
Proceeds—For the purchase and retirement of V
957,046 outstanding shares
of
Co.*- Inc.
("Reg. A") 105,000 common.
Johnson
and 105,000 by stockholders. Price—By amendment.
Business—Production of fra-:
grances and flavors for the cosmetic, soap and food in--
Business—The
pressing and dry-cleaning equipment.
Proceeds—For repayment of loans and general corporate
purposes. Office—107 Fourth Ave., New York. Under¬
writer—J. R. Williston & Beane, New York.
manufacture
1961
v -
(J. N.)
writer—None.
v;
will be sold by the company
(10/30-11/3)
7%
Sept. 28,
International Flavors & Fragrances Inc.
29,
Johnson
Proceeds-—For lease of equipment and plant investment.
: Office—'204 Washington
Ave., N., Minneapolis.. Under¬
'
(10/23-27)
due 1973 to be offered for
stockholders
each
•
■' //V:
Underwriter—None.//
i
-
.
in late October.
Co., N. Y.
International Corp.
Hoffman
lncs
common.
a
Minneapolis. Underwriter—McDonald, Anderson, '
& Co., Inc., Minneapolis. Offering—Expected •
Ave.,
High Temperature Materials, Inc.
Sept. 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of
products from test
models.
Proceeds—For equipment, research and devel¬
•
Films
to
sponsor
the organization of the- Jefferson Growth
Fund, Inc., a new open-end diversified investment com¬
pany of the management type. Proceeds—For organiza¬
tional and operating expenses. Office—^52 Wall St., N'.Y.C.
craft
common.
Price—$5.
barbecue machines and
Underwriter—L. F. Rothschild &
Javark
•
Intercontinental
allied equipment. Proceeds—For equipment, inventory,
sales promotion, expansion and working capital. Office
J. B. Coburn
$5.
—
Jefferson Counsel Corp./(10/16-20)
:
Dynamics Corp. (10/17) -t
•:
July 18, 1961 ("Reg, A") 200,000 common. Price—$1.50." March 13, 1961 filed 30,000 of class B common stock
Business—Manufacture
of
electronic
and
elcetro-me(non-voting). Price—$10 per share. Business—The cohichanical devices used to determine the accuracy of air- '
pany was organized under Delaware law in January 1961
Industries,
1961
shares. Price
common
.
.
•
Calif. Underwriter—William R. Staats &
•
•
Corp. (11 /6-10)-;
P/HK
Business—The manufacture of electronic controls for the
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
monitoring of machinery. Proceeds—For repayment of a : to be offered by the companyuand 22,000 by stockhold¬
loan, purchase of raw material andr equipment, adver¬ ers. Price—By amendment. Business—The distribution
tising, establishment of a field engineering service or¬ of motion picture and television films. Proceeds—For
ganization and other corporate purposes. Office—20 Van- - production of films and working capital. Office—15 ;E.
48th St, N. Y. Underwriter—Pacific Coast Securities Co.,
dam St., N. Y. Underwriter—Jacey Securities Co., N.~>Y.
San Francisco..
(managing).
.•
r;■
V -f
//;...
,
..jf.-V:
July 26, 1961 filed 84,000
.
Jorn's
Greeting Card Co., Inc.
Sept. 28, 1961 filed 110,000 common:
International House of Pancakes,
Inc.
Aug. 28, 1961 filed $600,000 of 6% convertible subordi
nated debentures-due 1976 and 81,250 common. Price—
By amendment. Business—The distribution of food items
ment.
¬
"
Price—By amend¬
Business—Manufacture and sale of greeting cards.
Proceeds—For repayment of
loans, expansion and work¬
157th St., Jamaica, N.. Y.
Underwriter—Godfrey Hamilton, Taylor & Co;, Inc., N. Y.
ing
capital.
Office—106-11
•
ij for restaurants. Proceeds—For, expansion, repayment of
Hogan Faximile Corp. (10/30)
July 26, 1961 filed 300,000 common shares. Price — By giloans-and general corporate purposes. Office^—6837 Lam- */,
Joyce Teletronics Corp.
v
.V//;..
amendment. Business—The manufacture of electrolytic i kershim Blvd., North Hollywood, Calif.
Underwriter—Aug. 31, 1961 ("Reg. A"K.55,000 common.' Price—$5.
L. F. Rothschild & Co., N. Y. (mgr.).
recording paper and equipment. Proceeds—For repay¬
Business—The
manufacture
of
electronic
instruments
-
of
ment
debt
and
International
working capital. Office—635 Green¬
St., New York. Underwriter—William R. Staats &
wich
(10/30-11/3)
(
Aug. 16, 1961 filed 440,000 common shaies. Price—$1.15.
Business—For construction and financing of shell homes.
Co., Los Angeles (managing).
purposes.
Underwriter—Bratter &
Corp.
June 9, 1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬
sion, working capital and general corporate purposes.
Office—First Federal Bldg., St. Petersburg, Fla: Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
& Co., New York.
writer—J. B. McLean &
ceeds—For
N.
Y.
selling
window
stockholders.
Underwriter—Milton
D.
curtains.
Office—261
Blauner
&
5th
Co.,
.
*
Business
centers in
be
1960
was
named.,
sale
and
common
Oct.
on
Co.
on
Nov.
10,
•
Son,
Inc.
and
reduce
for
indebtedness,
to buy
equipment,
working capital. Office—Montvale, N. J. Un¬
derwriter—Amos Treat & Co., Inc., New York City.
-
Aug. 22,
basis
of
debentures
offered for subscription by stockholders
$100
of
debentures
for
each
33
shares
Byllesby & Co., Inc., Chicago.
Interworld Film
Fund, Inc.
Feb. 20,1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business
—
k
A
non-diversified,
open-end
investment company,
whose stated objective is capital
appreciation. Proceeds
—For investment.
Office
One State Street, Boston,
—
Underwriter—Ivest, Inc., One State Street, Boston.
.
James Vending Machine Co.,
11,
1961
/
••
]
V
v
Co., Inc., N.Y.
manufacture
equipment.
of
Proceeds
electronic
For
power
of
products, equipment, inventory, sales promo¬
tion and working capital. Office—3 Monroe
St., Union
loans,
N. J.
—
repayment
new
Underwriter—Schirmer, Atherton & Co., Boston.
• Kaliko Development Corp.
Sept. 29, 1961 ("Reg. A") 20,000
Office—1328—13th
None.
■
St.,
common..
Columbus,
Ga.
Price—$10.
Underwriter—
*.//•••.
Kaufman
&
•
Broad
Building Co.
Aug. 11, 1961 filed 174,500
(10/23-27)
common snares,
500 shares are to be offered by
the
of which 124,-
company and
50,000
shares by stockholders. Price—By amendment. Business
—The construction and sale of low-priced homes. Pro¬
ceeds—For
repayment
of
loans
and
working
capital.
Office—18610 W. Eight Mile Road,
Southfield, Mich.
& Co., New York (managing).
Un¬
derwriter—Bache
Keller Corp.
ord.
29, 1961 filed $1,200,000 of 6^%
debentures
due
1968.
Price—At
convertible sub¬
100%.
Business—
Development of land, construction of homes and related
activities in
Florida.
Proceeds—Repayment of debt, ac¬
quisition of Yetter Homes, Inc., and general corporate
purposes. Office—101 Bradley Place, Palm Beach, Fla.
Underwriter—Casper Rogers & Co., Inc., N. Y. Offer¬
ing—Expected late in December./
Kendall Industries, Inc. (11/15)
Sept. 11, 1961 filed 150,000 common, of which 100,000 are
to be offered by the company and 50,000
by a selling
stockholder.
Price—$4. Business—The manufacture of
aluminum windows and doors.
Proceeds
For
equipment and general corporate purposes. Office—5581
sliding
Air
• &
Terminal Dr., Fresno, Calif.
Underwriter—Currier
Carlsen, Inc., Los Angeles (mgr.).
Cleaners, Inc.
(11/2)
Aug.
25, 1961 filed 165,000 common,
to be offered by the company and
holders. Price—$5. Business—The dry
are
of
which
45 000
120,000 by stock¬
cleaning and stor¬
clothes. Proceeds—For working capital and gen¬
Office — 1745 Clintonville St.
Whitestone? (Queens); N; Y. Underwriter—Arnold Mal-
age of
eral corporate purposes.
kan &
■>
Inc.
("Reg. A") 100,000 common. Price—$3.
Business—Sale, servicing and operation of vending ma¬
Aug.
-
Inc.
("Reg. A") 50,000 common.' Price—$4.50.
The
—
conversion
Kent Dry
Ivest
-
,
Electronics,
1961
Business
December.
(11/6-10)
May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.
the
to be
subord.
Underwriters—General Securities Co., Inc., and S. Kasdan & Co., Inc., N. Y. Offering—Expected sometime in
Corp. Bids—Expected Nov. 1. Information Meeting—
Oct. 27 (11 a.m. EDST) at Bankers Trust Co. (Room No.
1, second floor) 16 Wall St., N. Y.
Proceeds—To
1981
Kaiser
June
con.
Distributors, Inc.
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
Theatrical
distribution
and
co-production of foreign
and domestic feature films. Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Co.-White, Weld & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,
Union Securities & Co. (jointly); Equitable Securities
&
Hosts, Inc.
2, 1961 filed $2,550,000 of
and H. M.
(11/1)
H.)
Casualty Co.
Business—The operation of restau¬
other food establishments and gift shops. Pro¬
ceeds—For expansion. Office—11255 W. Olympic Blvd.,
Los Angeles. Underwriters—Glore, Forgan & Co., N; Y.
Boston Corp. (jointly); Merrill Lynch,
Pierce, Fenner &
Smith Inc.; Kidder, Peabody &
(Edward
&
rants,
Sept. 26, 1961 filed $10,000,000 first mortgage bonds due
1991. Office—1220 Idaho St.,
Boise, Idaho. Underwriters
—-(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc.; Lazard Freres & Co.-First
Ihnen
of debts and general corporate pur¬
10391 Magnolia Ave., Riverside, Calif.
held. Price—At par.
underwritten by
Power
photographic/
Interstate
.
■
of
v
(10/18)
Aug. 25, 1961 fiiled 100,000 common.. Price—By amend¬
ment. Business—The writing of general insurance. Office
—501 Livingston Bldg., Bloomington, 111. Underwriter—
White, Weld & Co., N. Y. C. (mgr.)
common. Price—By amend¬
St., Boise, Idaho. Underwriters
last
—
Interstate Fire
Kidder, Peabody & Co., and
Merrill Lynch, Pierce, Feriner & Smith
Inc., N. Y.
Idaho
Office
.
(11/1)
The
.
Price—$9.
Underwriter—Currier & Carlsen, Inc., San Diego.
Sept. 26, 1961 filed 200,000
—To
repayment
poses.
due
ment. Office—1220 Idaho
,
of
:
.
N.Y. Underwriter—Mortimer B. Burnside &
"
Colorado, California and other states. Proceeds
—For
a
Idaho Power Co.
-.
common.
—
product
.
.
distribution
-
July 25, 1961 filed 150,000 common, shares. Price—$3.50..
Business
The acquisition and* operation of bowling
Ave.,
N. Y.
development, expansion,
loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. J.
Gruber & Co., Inc., N. Y. (mgr.).
;
repayment of
wholesale
-
•
Julyn Sportswear, Inc. ;
Sept. 7, 1961 filed 125,000 class A.
Price—$5. Business—
manufacture of maternity clothes and sportswear.
Proceeds—For working capital. Office—237 W. 35th
St.,
,
Interstate Bowling Corp.
Pro¬
manufacture of paper cartons
Proceeds—For
The
Office—20 Madi¬
Ave., Hicksville, N. Y. Underwriter—General Securi¬
Co., Inc., N. Y. Offering — Expected sometime in
The
equipment and supplies. Proceeds—For.the
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Arnhold & S. Bleichroeder, Inc., N. Y.
Hygracle Packaging Corp.
Aug. 30, 1961 filed 100,000 class A. Price—By amend¬
boxes.
—
..
v
.
Proceeds—For working capital,
products and repayment of loans.
December.
/
*
sound
and
Offering—Expected sometime in November.
ment. Business—The
Co., Inc., Norfolk, Va. J
Interphoto Corp. j !
Sept. 15, 1961 filed 200,000 class A
Hygiene Industries Inc.
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
and
;■/'■'
Co., Inc.,. Minneapolis.
Management Corp..
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital/Office—7510 B. Granby St., Norfolk, Va. Under-
:
shower
son
ties
International
Houston
of
used in communication.
new
working capital and general corporate;
Office—2101 N. E. Broadway, Minneapolis.'
~
July 28, 1961 ("Reg. A") 100,000 common shares (par
10 cents).
Price—$3. Business—The production of mo¬
tion picture and .TV feature films. Proceeds—For repays
ment of loans, producers' fee, stories and working capi¬
tal. Office—350 Lincoln Rd., Miami Beach, Fla." Under-,
—Manufacturer
Corp.
Proceeds—For
Hollywood Artists Productions Inc.
writer—To be named.
Housing
•
Co., Inc., N. Y. C.
Kent
July
19,
Washington,
Inc.
1961 filed 200,000
(10/16)
shares.
Price—$5.
Proceeds—For repayment
common
Business—General real estate.
Volume
194
Number 6088
The Commercial and Financial Chronicle
(1599)
of
loans,
C.
D.
■
working
capital, construction and other cor¬
Office—-1420 K Street, N. W., Wash.
Underwriter—Hodgdon & Co., Inc., Wash., D. C.'
porate
Business
Kentucky Central Life & Accident Insurance Co.
Aug. 16, 1961 filed 400,000 class A non-voting common
.shares, of which 200,000 shares are to be offered by the
company
and 200,000 shares by stockholders. Price—
From $13 to $17 per share. Proceeds—To increase
capital
and surplus.
Address—Anchorage, Ky.
Underwriter—
Stifel, Nicolaus & Co., St. Louis (mgr.). Offering—Ex¬
pected in late October.
V
19
Shops, Inc. ''■■■./v
.■•77/7 7- 7 7Sept. 27, 1961 filed 80,000 common. Price—$5.
• L. M. Plastics Co., Inc.
Sept. 25, 1861 ("Reg. A") 175,000
Business—Manufacture /of
Plant
expansion
(
chain of women's
a
and
.
search and
Business
children's
tal.
apparel
stores.
Proceeds—Repayment of debt,, ; expansion. and
working, capital.-.Office—"249 W. 34th St., N. Y. Under^
writers—D.
f: Space
H.
Blair .&
Co.,; N. Y;V
Corp., Savannah./, I-
pharmaceuticals.
or
common.
equipment,
'
v-//; 7/
,
7.
repayment of-debt and working capital., Office—Peoria,
7
■
111;.;
Underwriters—Hornblower
Dillon, Union
Securities.•&
Weeks
&
and
Eastman
Underwriter
Co.y(co-mgrs.)
v
Kiddie
Rides, Inc.
x 7;
.77 '..1: ••
-Sept; 12, 1961 filed $1,000,000 of 7% convertible subordi¬
pay
71st
nated debentures due 1971 and 30,000 common to be of—
fered in units of $1,000 debentures and 30 of common.
,For repayment
of loans, equipment and general corpo¬
rate purposes^ Office—2557 W. North Ave., Chicago. Un-
-
derwriter.—Paul Q. Kimball & Co.,
;':v +( Kinetics Corp.
Sept. 26,
,;
,
-7..x
.
debentures. due
;
Oct.. 1,
-
Price—
.At
par ($100). Business—-Manufacture of electronic and
.electro-mechanical devices... Proceeds—Debt; repayment,
•
King Louie Bowling Corp. -7:,7,;
"
Sept, 27, 1961 filed 325,000.common. Price—$3. Business
.—Operates a chain of bowling centers. Proceeds—Repay
for
other
corporate
purposes.
Office—8788
-
Metcalfe Rd., Overland Park, Kan.* Underwriter—George
K. Baum & Co., Kansas City, Mo.
,1
,
Knape & Vogt Manufacturing Co. ^ ;
; Sept.
11, 1961 filed 263,750 common. Price—By amendment. Business—The manufacture of specialty hardware
.items. Proceeds—For the selling stockholders. Office—
658 Richmond St., N. W. Grand Rapids, Mich.
Underwriter—Glore, Forgan & Co., N.. Y. (mgr.).
7
-
.
X
-
Knickerbocker Toy Co., Inc.
Sept. 27,- 1961 filed 100,000 common. Price—By amendment. Business—Design and manufacture of toys. ^Pro.
.
.
■
ceeds—For
,
Brooklyn, N. Y.
.Co., Inc., N,Y. v•
r
;
■f
•
-
;
Plush
*Co.,< Inc.;
stockholder.
amendment;/ - Business—The
;
Liberian
7
.
Corp." /
,
-4
:-:/v '
r,.
Sept. 28,. 1961,filed 70,000 common. Price—$5. Business—
7
'Publishing of informational booklets for financial,
mer cial
alnd industrial organizations. Proceeds—Debt
payment and working capital. Office—76
N.'Y. Underwriter—Gianis & Co., N. Y.
Kratter Corp.
7
re¬
Ninth Ave.,
'
>
Sept.,27,-1961,filed $100,000,000 of .6% subord. debentures
/due 1976 (with attached five-year warrants to purchase
12,000,000 class A common) to be offered to holders of
class A and; class B shares at the rate of $1,000 of de¬
bentures for each 50 shares held. Price—$1,000. Busi¬
debt,
Estate
investment;
Iron
and - corpprate purposes.
Underwriter—None.
7
:
and
.
Va.
.
working caiptal.
• Lido Corp.
/ Proceeds—For
x
and
Office—521
.
March
St., N. Y.
Kulicke
Office—919 Pickett Rd., Fairfax,
purposes.
Sofia Manufacturing Co.
Milam
15,. 1961 filed 122,980 common shares, of which
100,000 shares are to be offered by the company and
22,980 shares by stockholders.- Price—By amendment.
Aug.
machinery for production
of transistors and similar devices, sProceeds—For payjment of taxes, new products, down payhient on a new
plant and general corporate; purposes. /Office—401;_.N.
Broad St., Philadelphia.' Underwriter—Marron, Sloss &
Co., Inc., New York (managing).
:
-
s
—To
'
Brooklyn,
N.
Y.
Underwriter—
—
This
company
formerly
was
Macfadden Publications, Inc.
Sept. 28, 1961 filed $5,300,000 of convertible subord. de¬
•
(10/16-20)
July 20,1961 ("Reg. A") 150,000 common shares (par one
cent). Price—$2. Business—The distribution of health,
exercise and slenderizing equipment Proceeds—For re¬
payment of loans, equipment, new products, sales pro¬
motion and advertising, plant removal and
working cap¬
ital. Office—189 Lexington
Ave-, N. Y. 16, N. Y. Under¬
writer—Continental Bond & Share Corp., Maplewood, N.J.
Macoid Industries, Inc.
Sept. 28,
are
1961 filed 300,000 common, of which 100,000
by the company and 200,000 by stock¬
Price—$5. Business—Molding of plastic prod¬
to be offered
holders.
ucts for the
automobile, electrical utility and telephone
working capital.
Office—
12340 Cloverdale, Detroit. Underwriters—Charles Plohn
& Co., N. Y. and Edwards &
Hanly, Hempstead, N. Y.
industries.
Proceeds—For
•
Magazines For Industry, Inc. (11/6-10)
Aug. 2, 1961 filed 135,000 common shares. Price
—
By
publishing of business pe¬
promotion, a new publication
and working capital. Office—660 Madison
Ave., New
York.
Underwriter—«. D. Fuller & Co., N. Y. (mgr.)
amendment.
riodicals.
Underwriter—Bache & Co.,
Inc., New York.
Nate
Materials, Inc.
Mac Levy Associates, Inc.
Business—The
Proceeds—For
Magna Pipe Line Co., Ltd. (10/16-20)
1, 1961 filed 750,060 common shares, of which 525,-
June
000 will be offered for sale in the
Canada.
promotion and working capital.; Of¬
Street-
named.
Lieberbaum & Co., N. Y.
.
57th
patented-fiber glass
Price—At par. Business—Book and
magazine publishing. Proceeds—Debt repayment, mov¬
ing expenses and working capital. Office—205 E. 42nd
St., N. Y. Underwriters—First Broad Street Corp. and
new
Arden Perin & Co.,
new
a
bentures due 1971.
("Reg. A") 84;000 common.'Price—$3.25.
Proceeds—For sales
be
named Industrial
30,
fice—162
manufacture of
In rocket motor' cases* Proceeds—■
For expenses, equipment and
working capital. Office—
1025 Shoreham Bldg., Washington, D. C. Underwriter
.
'
<
'/•'
1
material to be used
•
.
7":v7/?
\
7
(letter of notification) 150,000 shares of
stock (par one cent). Price—$2 per share. Busi¬
ness—The
Liverpool Industries, Inc. (10/16)
Aug. 1, 1961 "Reg. A" 85,700 common shares (par 10
cents). Price -r- $3.50.;/ BusinessThe. manufacture of
precision parts for the aircraft and electronic industries.
■-.!
.
common
Price—Class
St., Houston, Texas.
'
• M P 1 Glass Fibers, Inc.
April 27, 1961
New York.
Business—The manufacture of
r
v>
(11/13-17)
'
Broadway, Tucson. Underwriter—Burnham &
Co., N. Y. (mgr.).
Lincoln Liberty Life Insurance Co. (10/30-11/3)
Sept. 15, 1961 filed 200,000 common. Price—By amend¬
ment. Business—The writing of ordinary life insurance.
Proceeds—For
the
selling stockholders.
Office—1518
Office — 201 -W. 49th
Underwriter—Kerns, Bennett & Co., Inc., N. Y.
&
*—6910 E.
1961 filed 951,799 shares of common stock
Price —' Net asset value plus a 7% selling commission.
Business — A non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—
For investment. Office—300 Main St., New Britain, Conn.
Distributor—Horizon Management Corp., New York.
Underwriter—None.
general corporate
r
convertible sub¬
1971, 200,000 common and 5year warrants to purchase 50,000 common to be offered
in 50 units each consisting of $25 of
debentures, 4 com¬
mon and one warrant.
Price—By amendment. Business—
Development of residential communities. Proceeds—For
working capital and general corporate purposes. Off ice -
equipment, advertising, and repay¬
ment of loans. Office—349 Rider Ave., Bronx 51, N. Y.
Underwriter—Flomenhaft, Seidler & Co., Inc., N. Y.
Lincoln Fund, Inc.
(11/20-24)
(Phil), Inc.
July 28/1961 ("Reg. A") 75,000 common shares (par 10
cents).- Price—$4. Business—The operation of men's retail stores. Proceeds—For a new store, working capital
.
Aug. 30, 1961 filed $1,250,000 or 6%%
ordinated debentures due
American
Business—The manufacture of toys, games and novelties.
Kronfeld
.
+>.
subordinated
A—$10; Class B—
$15.85; Class C—$104 per unit. Proceeds—For the selling
stockholder. Business—A holding company for stock of
Liberian American-Swedish Minerals Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—
Aug. 29, .1961
^ Krauser Equipment Co., Inc.
Sept. 29, 1961 ("Reg. A") 150,000 common. Price—$2.
Proceeds—For debt repayment, inventory,
equipment
.
shares.
and working capital.
Office—Glen Head,
Underwriter—Michael G. Kletz & Co., Inc., N. Y.
Lusk Corp. (11/13-17)
None.
Proceeds—Repayment of
investment,
5th Ave., N. Y.
development, sales
promotion
for
African
Sept. 19, 1961 filed 175,000 common. Price—$4. Business
?t—.The manufacture of electronic, electro-mechanical and
hydraulic systems for aircraft, missiles and space ve¬
hicles. Proceeds—For research and
N. Y.
Iron Ore Ltd.
.
ness—Real
Lundy Electronics & Systems, Inc.
v
Sept. 14, 1961 filed 436,327 capital shares to be offered
for subscription by stockholders of International African
American Corp. Latter stockholders will receive class A
rights to acquire 40,000 capital shares on the basis of
one for each 22 held; class B rights to acquire 220,182
on the basis of one for each four held; and class C
rights
to acquire 176,145 shares and $5,871,500 of debentures of
Liberian American-Swedish
Minerals Co., subsidiary,
in units, each consisting of $100 of debentures and three
Liberian
com-
'
"
offered
International
—Monrovia, Liberia. Underwriter—None.
European made' electronic and mechanical instruments.
Proceeds—For 7 the/repayment
of debt, and working
capital. .Office—16 E. 34th St./ N. Y.; Underwriter—
Street & Co., Inc., N. Y. (mgr.). v
;
x. 7/7
Koster-Dana
of
Lunar Enterprises, Inc.
(11/20-24)
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Business—The production of television films. Proceeds—For
filming and production and working capital. Office—
1501 Broadway, N. Y.
Underwriter—Ehrlich, Irwin &
Co., Inc., 50 Broadway, N. Y.
Liberia. Proceeds—For the selling stockholder. Address
shock and noise control products and the distribution of
t
be
;
subscription by
Corp.
Latter stockholders will receive Class C rights to acquire
the debentures and 176,145 of Liberian Iron Ore
Ltd.,
parent, in units, each consisting of $100 of debentures
and 3 Liberian Iron Ore. Price—$104 per unit. Business
—The commercial exploitation of iron ore deposits in
Price—By
of vibration,
t
;;
to
4.167%
Price—By amend¬
engineering and research
equipment, debt repayment and
Proceeds—For
•
-
•
manufacture
1985
of
*
common.
•
LunVs, Inc. (10/16-20)
Sept. 14, 1961 ("Reg. A") 100,000 class A common. Price
—$1. Proceeds—For expansion. Business—The operation
of a specialty restaurant chain. Office—2302
Collins Ave.,
Miami Beach, Fla.
Underwriter—Bayes, Rose & Co. Inc.,
N. Y.
'
'
in November.
filed >$5,871,500
due
stockholders
v.
sole
1961
debentures
-Korfund, Inc.
"
■
\
,/■':/
•
Sept. 8, 1-961 filed $600,000 of 6V2% convertible subord.
debentures due 1971 and 180,000 common to be offered
for public sale in units, each consisting of $100 of debentures and 30 common.
Of the 180,000 shares, 40,000 will
be sold by the company and 140,000 by Massachusetts
Mohair
14,
<
Business—Renders
Louis.
Foods, Inc.
Liberian American-Swedish Minerals Co.
Sept.
capital. ; Office—401 - Butler St.,
Underwriter—Netherlands Securities
.
(Tillie)
f
working capital. Office—150 E. Foodhill Blvd., Arcadia,
Calif.
Underwriter—Dempsey-Tegeler & Co., Inc., St.
Inc.
notification)
Libby International Corp.
Aug. 3, 1961 ("Reg.. A'?) 100,000 common shares (par 10
cents). Price—$3. Business-^-The distribution of tractors
and farm equipment manufactured by
Kramer-Werke, a
German company.
Proceeds — For repayment of loans,
inventory and working capital. Office—325 W. Houston
Street, New York. Underwriter—Tau Inc., New York.
7
working
;
Lewis
5, 1961 filed 125,000
ment.
(10/16-20)
July 3, 1961 filed 400,000 common shares (par $1), of
which 200,000 shares are to be offered by the
company
and 200,000 shares by stockholders.
Price—By amend¬
ment. Business—The processing,
canning, bottling and
selling of fruits and vegetables. Proceeds—For repay¬
ment of debt and working capital. Office—Fresno Ave.
& Charter Way, Stockton, Calif. Underwriter—Van Alstyne, Noel & Co., New York
..
and
of
.„///.-r
Ludwig Engineering & Science
Oct.
services.
Offering—Expected sometime
..and equipment. Office—410 Cedros Ave., Solana Beach,
Calif.—Underwriter—None.
debt
viewer
T,
—Manufacture of fresh fruit preserves and
jellies. Pro¬
ceeds—Plant expansion, advertising,
repayment of debt,
and working capital. Office—30-30 Northern
Blvd., Long
Island City, N. Y.
Underwriter—Stanley Heller & Co.,
N. ,y. Offering—Expected sometime in
November.
Underwriter—Seymour, Ber¬
Clark Marina,
&
1961
9,
'
Sherry Preserves, Inc.
Sept. 21, 1961 filed 200,000 common. Price—$4. Business
150,000 shares of
common stock
(par $1). Price—$2 per share. Address—
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp., Minneapolis.
1971 to be offered
.for subscription by stockholders and employees.
May
Brooklyn.
•r
Louis
DuBoff, Inc., N. Y.
Lewis
.v/.
•/••
("Reg. A") $300,000 of 6V2% convertible
1961
subordinated
Chicago/77
nard &
Ave.,
St,
(mgr.).
writer—Reich & Co, N. Y.
debt, expansion and working capital. Office—800St., Miami Beach, Fla, Underwriter—None.
Flatbush
and
V: Lortogs, Inc. (10/23-27)
July 26, 1961 filed 200,000^common, of which 150,000 are"
to be offered by the
company and 50,000 "by the stockholders. Price—$660. Business—Manufacture 'of children's sportswear.
Proceeds—Repayment of loans; inven¬
tories; new products; working capital, and general cor¬
porate purposes. Office—85 Tenth Ave., N. Y. Under¬
• Leslie
(Joyce), Inc.
Sept. 28, 1961 filed 100,000 common. Price—$5.50. Busi¬
ness—Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories ,and working capital. Office—850
Price—By amendment. Business—The operation of coin
operated. children's amusement equipment. Proceeds—
Smith Inc. N. Y. C.
&
*
Sept. 26, 1961 filed 100,000 common. Price—$5, Business
—Operates a water, treatment plant, sewage disposal
plant, and LP-gas distribution facilities. Proceeds—Re¬
-
accessories
By amendment. Business—The company operates a chain
of drug stores in California and
Hawaii. Proceeds—For
the selling stockholders. Office—5301
Broadway, Oak-'
land, Calif. Underwriter—Merrill Lynch, Pierce, Fenner
H
L"
Price—$5. Business
and
Longs Drug Stores, Inc. (11/6-10)
Aug. 24, 1961 filed 190,000 outstanding common. Price-
Lance;'Inc./•/
/ 7 / - .•
*7'//
•
Aug. 30,, 1961 filed 364,000 common. Price—By amend¬
and Johnson, Lane,
'V
common.
pool filters
Brooklyn, N. Y. Underwriter—None.
Proceeds—
!,/;
of
product and working capital. Office—199 Bleecker
equipment, debt repayment, re¬
development, advertising and working capi¬
Office—6524 Walker St., Minneapolis.
—None;
manufacture
tools, dies, metal stampings, etc. Proceeds—For moving
expenses, purchase of equipment, promotion of a new'
and
ment. Business—The manufacture of
peanut butter filled
# Keystone Steel & Wire Co.
< delicacies. Proceeds-^For the selling stockholder^. Office
(10/23-27)v.\
:'<J.
Aug/ xjx/iybL filed $20,000,000 01 convertible subordi¬ -—1304 S. .Blvd., Charlotte, N, C.
Underwriter—R. S.
Dickson & Co., Charlotte, N. C.
nated
debentures -due *1981. V Price—By • amendment.
(mgr.), / ;
7 ^
x;
Business—The production of steel./ Proceeds—For the >'/
Lehigh Acres Utilities & Investment Co. ~
:
/ ..
'
—The
Price—$1.15.
plastic products.
Devices, Inc.
Sept. 14, 1961 filed 100,000
Pro¬
writer—Stevens Investment Co.,
Bala-Cynwyd, Pa. Of¬
fering—Expected in late October.
.
—Operates
shares. Price—$4.50.
common
manufacture
advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
Kenwin
.
The
—
Lomart Perfected
ceeds—For repayment of a loan, purchase of
research
and
development,
(
f
4<''
L. L. Drug Co., Inc.
July 26, 1961 filed 100,UU0
purposes.
39
U.^., and 225.000 in
Priee—By amendment Business—The company
plans to build and operate an underwater natural gas
transmission pipeline from British Columbia to Van7
.
Continued
on
page
40
■v
40
Continued from
page
-Meehan-Tooker
39
Co.,
Inc.
a
construction.
Underwriters—(In U. S.) JBear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,
B. C.
couver,
Montreal.
(10/23-27)
Fund, Inc.
Power Income
Mairs &
v
\
1961 filed 40,000 common shares. Price — By
Business—A mutual fund. Proceeds — For
Investment. Office—1002 First National Bank Bldg., St.
June
Mercury
Major Finance-Corp.
.
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached warrants) and 100,000 common shares to be offered in units consisting of
Merit
working capital. Office—912 Thayer Ave., Silver Spring,
Md. Underwriter—Manhattan Eastern Corp., N. Y. (mgr.)
&
Malone
Inc.
Hyde,
y
Met Food Corp.
filed 275,000 common, of which 100,000
are to be offered by the company and
175,000 by the
Stockholders. Price—By amendment. Business—The pro¬
curement, warehousing and sale of groceries, meats,
produce, etc., to retail grocers. Proceeds—For working
capital. Office—1700 Dunn Ave., Memphis, Underwriter
—Equitable Securities Corp., Nashville (mgr.).
Sept.
1,
Inc.
Aug. 25, 1961 filed 150,000 cfommon. Price—$4. Business
—The distribution of food to retail stores in New York
;
f
Associates,
ment, equipment, advertising and working capital. Of¬
fice—3 Sidney Court, Lindenhurst, N. Y. Underwriters
U—M. Posey Associates Ltd., and Alkow & Co., Inc., N. Y.
Proceeds—For
Business—Consumer finance.
unit.
(12/18-22)
Sept. 5, 1961 ("Reg. A") 75,000 common. Price — $4.
Business—Plastic fabrication. Proceeds—For debt pay¬
$100 debenture (with a warrant to purchase one com¬
mon
share at $4) and 50 common shares. Price—$300
per
Photo Corporation
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
—Processing and wholesaling of photographic film, etc.
Proceeds—For expansion, equipment, and working cap¬
ital. Office—275 Clinton Ave., Newark, N. Y. Under¬
writer—General Securities Co., N. Y.
Paul, Minn. Underwriter—None.
1961
City.
—345
Proceeds—For general corporate purposes. Office
Underhill Blvd., Syosset, N. Y.
Underwriter—
Brand, Grumet & Seigel, Inc., N. Y. C. (mgr.)
-
Metal Bellows Corp.
Sept. 1, 1961 filed 140,000 common, of which 120,000 are
to be offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
ture of welded diaphragm bellows. Proceeds—For mov¬
Management Fund, Inc.
"
("Reg. A") $250,000 of five-year-8% reg¬
bonds.
Price—$500 per unit. Business—Financ¬
Sept. 28, 1961
istered
ing
ing of commercial and industrial concerns. Proceeds—
General
corporate purposes.
Office—26 Journal Sq.,
repayment of debt and working capital. Office—27 Mica
Lane, Wellesley, Mass. Underwriter—Estabrook & Co.,
Underwriter—None.
Jersey City 6, N. J.
Research
Mann
Inc.
Laboratories,
industrial
applications. Proceeds
'
—
Repayment of
■
/.;•;.*
manufacture
mechanical
of
and
electro-me¬
Corp.
June 28, 1961 ("Reg. A") 50,000 common shares (par one
cent). Price—$1. Proceeds—For working capital. Office
—301 Cliff Ave;, Scranton, Pa.
Underwriter—Vickers
Warwick,
16
1961 filed 95,000
common
shares. Price — By
acquisition of
R.
v
1961
filed 240,000
writer—Underhill
Securities
Corp.,'N.
Offering—
Y.
Imminent.
•
(11/13-17)
Micro-Precision
Corp.
(10/18-20)
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Price—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
July 28, 1961 (-Reg. A") 100,000 common shares (par 20
cents). Price—$3. Business—The development and man¬
ufacture of language laboratories for the electronics
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
micro-wave
•
Marshall Industries
educational field and the manufacture of electronic and
expansion and
working capital. Office—55 Ninth St., Brooklyn, N. Y.
Underwriters
Manufacturers
Securities
Corp., New
York (managing) ; Bioren & Co., Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton & Co., Boston.
(10/23-27)
components. Proceeds—For
—
•Aug. 4, 1961 filed 131,305
common.
Price—-By amend¬
ment. Business—The manufacture of electronic compo¬
nents and instruments primarily for space and missile
applications. Proceeds—For repayment of debt and ad¬
vances to subsidiaries/ Office—2065
Huntington Dr., San
Marino, Calif. Underwriters—William R. Staats & Co.,
Los Angeles and Shearson, Hammill & Co., N: Y. (mgr.).
Micron
Sept.
Sept. 27, 1961 filed 100,000
common (with attached threepurchase 40,000 shares at $5, to be of¬
fered in units of one share and a warrant to purchase
0.4 share. Price—$3.50 per unit. Business—Manufacture
•
trimmers, paper folding machines,
photographic dark room accessories and envelope open¬
ing machines. Proceeds—Advertising sales, promotion,
-new products and
working caiptal. Office—2450 Estes
Grove
Village,
111.
Underwriter—Arnold
Malkan Sc Co., Inc., N. Y.
•
Medco, Inc.
July 13, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The operation of jewelry
'^concessions
stores.
St.,
ir\
closed-door
Proceeds—For
membership
expansion.
•
Pa.
&
Medex.
Inc.
Sept. 27, 1961 filed 110,000
common. Price—By amend¬
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and
working cap¬
ment.
ital.
Office—1488 Grandview Ave.,
derwriter — Globus, Inc., N. Y.
Columbus, Ohio. Un¬
Offering—Expected in
December.
JMiddle Atlantic Investment Co. (10/23)
22, 1961 filed 70,000 common shares. Price—$10.
investment
company.
Proceeds—For in¬
vestment
City, Mo.
Underwriters—Barret, Fitch,
Co., Inc. (managing) and Midland Securities
Co., Inc., Kansas City, Mo. Offering—Imminent.
•
Middle Atlantic Credit Corp.
Business—An
Walnut
Kansas
North
Price—$4.
common.
June
department
Office—1211
50,000
("Reg. A")
(10/23)
A
./
July 27, 1961 filed $120,000 of 6 % % subordinated/deben¬
tures due 1971 and 60,000 common shares to be offered
in units consisting of $200 of debentures and 100 shares
of stock. Price—$500 per unit. Business—A commercial
and industrial finance company. Proceeds—For working
capital. Office—1518 Walnut St., Philadelphia, Under¬
writers—R. L. Scheinman & Co., and A. W. Benkert &
Co., Inc., New York.
of paper cutters and
Elk
1961
of plastic film.
Proceeds—For
building improvements, new equipment and working
capital.
Office—640 Dean St., Brooklyn.
Underwriter
—S. Schramm & Co., N. Y.
year warrants to
Ave.,
15,
Plastics Corp.
Business-r-Manufacture
Martin Yale Business Machines Corp.
.
cision
assemblies for aircraft, armaments,
and industrial vacuum cleaners.
Proceeds
For equipment, research and development,
repayment of loans and working capital.
Office — 9
Cleveland Street, Valley Stream, N. Y.
Underwriter—
Nelson Securities, Inc., Hempstead, N. Y.
•/'///<
components,
computers, floor
waxers
—
Miner
Industries, Inc.
(10/23-27)
-
Aug. 10, 1961 filed 120,000 common shares. Price—$4.50.
Business—The manufacture of toys. Proceeds—For new
products, advertising and working capital. Office—430
Southern
Boulevard, New York.
Underwriters—Golkin,
Bomback & Co. and Oppenheimer & Co., New York.
• Minuit
Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac¬
-
and working capital. Address—Elkins Park,
Underwriter—Best & Garey Co., Inc., Wash., D. C.
Midwest Budget & Loan Corp.
Sept. 12, 1961 filed $300,000 of 6% subordinated deben¬
tures due Aug. 1, 1973 to be offered in'units of $500
and $1,000. Business — Purchasing of conditional sales
contracts. Office—5806 W. Burleigh St., Milwaukee, Wis.
Underwriter—The Marshall Co., Milwaukee.
''
Midwest Technical Development Corp.
<10/23-£7)
1961 hied 800,000
.
July 14,
amendment.
Business
—
A
Inc.
1961
10,
common shares.
small business
of women's
Price—By
investment
dresses. Proceeds—For debt
-
repayment, in¬
ventory and expansion. Office—1919 S. Los Angeles St.,
Angeles. Underwriter—L. F. Rothman & Co., N. Y.
Los
Miss
Pat
Aug. 31, 1961 filed 100,000 outstanding common. Price—
By amendment. Business—The manufacture of women's
apparel. Proceeds—For the selling stockholders. Office—
860 S. Los
common,
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬
Tenth
Corp.
15,
and
For expansion,
facilities and other corporate purposes. Office—153-
Marlene Industries
—
sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling
Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co*, Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
•
;,;l
.
Mscro-Lectric, Inc.
1961 ("Reg. A") 55,600 common shares (par 10
scents). Price—$4. Business—The manufacture and de¬
Polarized Corp.
—
Underwriter
Md.
June 12,
N. Y. Note—This letter will be
withdrawn.
amendment. Proceeds
Chevy Chase,
Ave.,
of which 225,000
will be sold for the company and 15,000 for a stockhold¬
er.
Price—By amendment. Business—The manufacture
of communications equipment, transformers, filters, re¬
lays, etc. Proceeds—For the purchase of Grow Solvent
Co., Inc., and for working capital. Office—Ames Court,
Plainview, N. Y. Underwriters—M. L. Lee & Co., and
Milton Blauner & Co., N. Y.
Mark Truck Rental
new
M5lo Components, Inc.
.
' /
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents). Price—$1. Business—The manufacture of pre¬
—
Metropolitan Telecommunications Cor p.
Sept.
ville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y. C.
MacPherson &
Metropolitan Acceptance Corp.
Western
components. Proceeds — For equipment and
working capital. Office—920 S. Oyster Bay Rd., Hicks-
June 27,
parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., Inc., N. Y.
filed 100,000 common. Price—By amend¬
ment. Business
Design, manufacture and distribution
Baruch & Co., Washington, D. C.
?
March Dynamics Inc.
Marks
ment. Business—Wholesaler and distributor of electronic
Oct.
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
shares. Price—$156 per unit. Business—Financing of re¬
tail sales. Proceeds—For working capital. Office—5422
chanical
•
Miigray Electronics, Inc.
Sept. 26, 1961 filed 166,667 common. Price—By amend¬
• Miss El!Lettef
Oct. 2,
Aug. 28, 1961 filed 125,000 common. Price—$2.50. Busi¬
ness—The
Inc.
Price—By amendment. Business—A holding com¬
for savings and loan associations, mortgage com¬
panies, a manufacturing company, a small business
investment company, etc.
Proceeds—For repayment of
debt. Office—2011-13th St., Boulder, Colo. Underwriters
—Boettcher & Co. and Bosworth, Sullivan & Co., Inc.,
Denver (co-mgrs.)
ers.
quisitions, working capital and general corpqrate pur¬
poses.
Office—225 Broadway, New York 7, N. Y. Un¬
derwriter—Pine Tree Securities, Inc., N. Y.
:
' •
•
Inc.
debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn.
Underwriter—Amos Treat & Co., N. Y. Offering—In
.
International,
Midwesterti Financial Corp.
Aug. 28, 1961 filed 260,000 common, of which 75,000 are
to be offered by the company and 185,000 by stockhold¬
N. Y.
Laboratories,
November.
development,
Bank
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
Sept. 26, 1961 filed 200,000 common. Price—$5. Business
—Research and manufacture of equipment for military
and
Thursday, October 12, 1961
ment, and working capital. Office—174* Main Ave., Well¬
Co., N. Y.
Manson
and
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt, taxes, purchase equip¬
pharmaceuticals. Proceeds—For new quarters, equip¬
ment, a laboratory, inventories and working capital. Of¬
fice—136 Liberty St., N. Y. Underwriter—L. D. Sherman
&
research
equipment,
Metallurgical
1961
21,
expenses,
Boston.
("Reg. A") 100,000 common. Price—$3.
Business—Sale of scientifically tested biochemicals and
Sept.
.
pany
7,
amendment.
.
Proceeds—For investment. Office—2615 First
Bldg., Minneapolis. Underwriters — Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.
'
National
Offering—Expected sometime in December.
subsidiary will build a pipeline from
Washington. Proceeds—For
Office—508 Credit Foncier Bldg., Van¬
Island and
Bremerton to Port Angeles,
.
company.
Price—$5. Business
—The printing of advertising material, annual reports,
booklets etc., by offset lithography. Proceeds—For the
purchase of a high-speed press, tfie^repayment of debt,
establishment of a new department, and working capital.
Office—170 Varick St., N. Y.
Underwriters—Harry
Odzer Co., N. Y. and Bruno-Lenchner, Inc., Pittsburgh.
Sept. 8, 1961 filed 100,000 common.
cover
Chronicle
The Commercial and Financial
(1600)
Angeles St., Los Angeles. Underwriter—Mit-
chum, Jones & Templeton, Los Angeles
•
(mgr.).
Missile-Tronics Corp.
May
8,
1961
common
(letter of notification) 151,900
(par 10 cents). Price—$1.50
stock
Business—The
manufacturers
of
shares of
share.
per
technical
equipment.
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, N. Y. Offering—Imminent,
Proceeds
—
For payment of loans;
' Missile
Systems Corp.
filed 140,000 common, of which 100,000
are to
be offered by the company and 40,000 by the
stockholders.
Price
By amendment.
Business — The
r
Sept;
11, 1961
—
manufacture of electro-mechanical assemblies
and
sys¬
tems for weapons under government
contracts; furnish¬
ing data processing and documentation services; the
manufacture of multi-color harness and cable assemblies,
and the manufacture of commercial lighting equipment.
Proceeds—For. working
capital.
Office—9025 Wilshire
Blvd., Beverly Hills, Calif. Underwriter—George, O'Neill
& Co., Inc., N. Y. (mgr.).
Missouri
July
14,
Fidelity Life Insurance Co.
1961 filed 200,000 common shares.
Price—By
life insurance company. Pro¬
capital and surplus accounts.
Office—4221
Lindell Blvd.,
St. Louis. Underwriter—
A. C. Allyn & Co., Chicago (mgr.). Offering—Imminent.
amendment. Business—A
ceeds—To
Mobile
be
added
Estates,
to
Inc.
(10/23-27)
June 27, 1961 filed 140,000 common shares. Price/-$6.
Proceeds—To purchase land, construct and develop about
250 mobile home
sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).
Molecular
Sept.
1,
1961
Dielectrics, Inc.
filed 150,000. common,
of which 135,000
the company and 15,000 by Cardia
Co. Price—$5. Business—The manufacture of high-tem¬
perature electronic and electrical insulation materials.
Proceeds—For equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis & Co., N. Y.
are
to be offered by
Mon-Dak Feed Lot, Inc.
filed 150,000 common shares. Price—$3.
breeding of livestock owned by others.
Proceeds—For drilling of water test, wells, purchase of
land* construction, general administrative
costs and
working capital. Address—Glendive, Mont. Underwriter
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
July
17,
1961
Business—The
Monmouth
Capital Corp.
(10/16-20)
Aug. 1, 1961 filed 200,000 shares of capital stock. Price—
$10. Business — A small business investment company.
Office—First National Bank Bldg., Main St.,
Freehold,
N. J. Underwriter—Meade & Co., New York.
• Monmouth Electric Co., Inc.
(10/30-11/3)
-Aug. £8, 1961 filed 200,000 common, of which 125,000 are
to be offered by the company and 75,000 by stockhold¬
ers.
Price—$6. Business—The manufacture of electronic
Volume
194
Number
and electro-mechanical
6098
.
equipment.
.
.
The Commercial and Financial Chronicle
Proceeds—For
new
Office—1622 Chestnut St., Philadelphia. Under¬
writer—Mayo & Co., Inc., Philadelphia.
penses.
machinery, repayment of loans and working capital. Of¬
fice—1802 Corliss Ave., Neptune, N. J.
Underwriters—
Cruttenden, Podesta & Co., Chicago and Spear, Leeds &
Kellogg, N. Y. C.
Monticello
April
11,
Lumber
&
("Reg.
A")
1961
Mfg.
Co.,
75,000
(1601)
National Instrument
pressure nitrogen to the oil and gas industry. Proceeds.
—For general corporate purposes,
including $880,000 for
the purchase of 20 additional liquid nitrogen
high
Laboratories, Inc.
Price—$4.
Business—Sale of
lumber, building supplies and hard¬
ware. Proceeds—To repay loans and for
working capital.
Address—Monticello, N. Y. Underwriter—J. Laurence &
Co., Inc., N. Y.
4
.1 '■
Houston, Texas.
St., N. E., Washington 18, D. C. Un¬
derwriter—Troster, Singer & Co., N. Y.
National
Recreation Corp.
27, 1961 filed 337,500 common. Price—$8. Busi¬
ness—Operates a national chain of bowling centers. Pro¬
ceeds—For
the
acquisition
of
retail sales financing.
Proceeds—For
working capital. Office—66 East South Water St., Chi¬
cago. Underwriter—Hornblower & Weeks, N. Y.
centers, repayment
Office—Time and Life
Bldg., N. Y. Underwriter—Berger-Derman, Inc., N. Y.
West
Proceeds—For
capital
surplus.
and
National Semiconductor Corp.
stock is
Avenue, Milwaukee, Wis. Underwriter
Co., New York City (managing). Note—This
qualified for sale in New York State.
Motor Coils
Manufacturing Co.
1961 filed 100,000
common.
(10/23-27)
of armature, stator and field coils.
Proceeds—Debt repayment, working capital and general
corporate purposes. Office—110 Thirty-Second St., Pitts¬
burgh. Underwriter—Golkin, Bomback & Co., N. Y.
National Tel-Tronics
Aug.
9,
Inc. (10/16-20)
filed 200,000 class A
1961
amendment.
clothing.
Business
—
The
shares.
manufacture
Price
of
—
Corp.
general
By
Karasik
Proceeds—For general corporate purposes. Of¬
Avenue, New York. Underwriter—Milton
&
•
Co., Inc., N. Y. (mgr.).
fered for subscription by stockholders.
ceeds—To
increase
capital
surplus.
Proceeds—For
N.
Y.
Grace
Fittman
Service Co.
Sept. 29, with rights to expire
Proceeds—For working capital
par.
and construction. Office—5265 Hohman
Price—$3. Pro¬
O f f i c e—3053
Ave., Hammond,
Underwriter—Halsey, Stuart & ,Co. Inc., Chicago.
Ind.
•
Natural Gas Co.
Northern
(10/17)
Sept. 8, 1961, filed 435,000 common to be offered for sub¬
held
—For
November.
Price—At
18.
Natpac Inc. (11/6-10)
July 28, 1961 filed 100,000 common shares. Price—$4.75.
Business—The processing of meat and! frozen food prod¬
ucts; the financing, sale and servicing of home food
freezers, and the operation of a supermarket. Proceeds
Sponsor—Ira Haupt & Co..
C.-Offering—Expected in early
—
held of record
common
Oct.
•
investment.
Broadway,
Indiana Public
Northern
44
McQueen St., Montgomery, Ala. Underwriter^None.
Series
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied by amendment.
Business—The
fund will invest in tax-exempt bonds of the Commonwea th
of Pennsylvania and its political sub-divisions.
Office
purposes.
Aug. 28, 1961 filed $19,904,100 of 4% convertible deben¬
tures due Oct. 18, 1976 being offered for subscription by
stockholders on the basis of $100 of debentures for each
• National Union Life Insurance Co.
Oct. 2, 1961 ("Reg. A") 100,000 capital shares to be of¬
Co., Inc., New York (managing).
corporate
Bldg., Fayetteville, N. C. Underwriters—To be named.
loan, expansion, new products, work^
ing capital and general corporate purposes. Office-r-52
St. Casimer Ave., Yonkers, N. Y.
Underwriter—Frank
Municipal Investment Trust Fund, First Pa.
Ill
Corp.
Aug. 17, 1961 filed $2,250,000 of convertible second mort¬
gage pipeline bonds due 1981. Price — By amendment.
Proceeds—For repayment of loans, working capital and
For repayment of a
women's
Co., Inc., N. Y.
North Carolina Natural Gas
common. Price—$3. Business
—The manufacture of electronic components. Proceeds—
fice—392 Fifth
D. Blauner &
writer—G. A. Saxton &
Sept. 11, 1961 filed 133,000
Movie Star,
filed
cision electronic instruments.
Proceeds—Repayment of
debt, new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
—
Price—$6.50. Busi¬
Industries, Inc.
131,500 common, of which 120.000
the company and 11,500 by a stockholder.
amendment. Business—Manufacture of pre¬
1961
Price—By
for military and industrial use.
Proceeds
For new
equipment, plant expansion, working capital, and other
corporate purposes: Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and Piper, Jaffray & Hopwood, Minneapolis (mgr.),
ness—Manufacture
#
(10/23-27)
Business—The design,
development, manufacture and sale of quality transistors
Office—606
Atlantic
26,
will be sold by
May 11, 1961 filed 75,000 shares of capital stock. Price
not
July 27,
North
Sept.
—To be supplied by amendment.
Wisconsin
•—Bache &
working capital.
Busi¬
ness—Automobile
new
of debt and for
Mortgage Guaranty Insurance Co. (10/16)
1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort-'
gage
loans,
principally
on
single family non-farm
,
,
Acceptance Corp.
Sept 18, 1961 filed 100,000 common. Price—$8.50.
Sept.
•
(
North American
•
Oct., 17,
homes.
11th St., Houston,
Underwriter—Underwood, Neuhaus & Co., Inc.,
Texas.-
Office—828 Evarts
Inc.
pres¬
pumping units. Office—3602 W.
sure
Aug. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—The manufacture of precision instruments.
common.
41
Neb.
consumer
capital.
Office
scription by stockholders oh the basis of
of
one
for each 20
Oct.
record
17, with rights to expire Oct. 31.
Price—By amendment. Proceeds—For the repayment of
debt, and construction. Office—2223 Dodge St., Omaha,
Underwriter—Blyth & Co., Inc., N. Y. (mgr.).
time payments, expansion, and working
—
93-25 Rockaway Blvd., Ozone Park,
Nuclear
N. Y.
Corp.
of America
(10/23-27)
Underwriters—William, David & Motti, Inc., and
Flomenhaft, Seidler & Co., Inc., New York.
Aug. 11, 1961 filed 536,280 outstanding shares of capital
stock to be offered publicly and $2,087,800 of 5 %% con¬
for
municipalities and territories of the U. S. Proceeds—For
New England Power Co.
(10/25)
Sept. 15, 1961 filed $20,000,000 of first mortgage bonds,
series I, due Nov. 1, 1991. Proceeds—For the repayment
investment..* Sponsor-'-Ira
of short-term loans and construction.
By
Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business —The
fund will invest in tax-exempt bonds of states, counties,,
—
New York
Haupt & Co., Ill Broadway,
City,
-
-
r
y
line
of
and
financing, exploitation and sale of
a new
electric kitchen and household
ceeds—For
the
appliances. Pro¬
sales promotion
Office—230 Fifth Ave., New York.
purchased of inventory,
working capital.
Underwriter—Amos Treat & Co., Inc., N. Y. OfferingSometime in November.
•
—By
Stuart
Era
Underwriter
Wyo.
—
Bullock
Securities
Ave., Den¬
of food
3410
products. Proceeds—For a new plant, leasehold
plant improvement and working capital. Off ce—
S.
Lawrence
St., Tacoma,
Blyth & Co., Inc., N. Y.
Narrow
Fabric
Wash.
•
Co.
Business
The
manufacture
Corp.
Narrows Premium Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State. Proceeds—General corporate purposes. Of¬
fice—9805 Fourth Ave., Brooklyn, N. Y. Underwriter—
Pearson, Murphy & Co., Inc., N. Y.
National Bowling Lanes, Inc. (11/20-24)
July 21, 1961 filed 150,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—
For expansion, repayment of loans, and working capi¬
tal.
Office
—
220
writer—Edward
S.
16th
Lewis
&
Street, Philadelphia.
Under¬
Co., Inc., New York.
National
Equipment & Plastics Corp.
Sept. 28,'1961 filed 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 modernization and working capital. Address
—Portage, Pa.
Underwriter—Cortlandt Investing Corp.,
New York.
National
June
22,
(10/30-11/3)
("Reg. A"). 100,000 common. Price—$3.
Kospifal Supply Co., Inc.
1961
Business—Distribution
of
medical
supplies.
Proceeds—
For
inventory, advertising and promotion, expansion, re¬
working capital. Office—38 Park
Row, N. Y. Underwriters—Edward Lewis & Co., Inc. and
Underhill Securities Corp., N. Y.
payment of loans and
-
•
:
■
National
Industries,
Inc.
Aug. 28, 1961 ("Reg. A") 50,000 common. Price—$6. Pro¬
ceeds —■, For equipment,/ inventory and -operating ex¬
New
Zealand
(Government of)
Proceeds—For
capital./
Road, Phoenix. Underwriter
Co., New York (managing).
—
repay¬
Office—3540
W.
Bear, Stearns &
Nutri-Laboratories, Inc.
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
—The manufacture and distribution of animal foods and
—
For marketing of "Doctor's
working capital and operating expenses.
St., N. W., Washington, D. C. Underwriter
Co., Silver Spring, Md.
products. Proceeds
due Nov.
(10/17)
to purchase
Price—By amendment. Business—The
portland cement.
Proceeds—For construgction and working capital. Office—First National
Bank Bldg., Tulsa, Okla. Underwriter—Eastman Dillon,
Union Securities & Co., N. Y. (mgr.).
due
1976
(with attached 10-year warrants
75,000 common).
manufacture
of
Old Empire,
1, 1991.
Proceeds—For repayment of loans and
construction.
Office—300
Erie
Blvd.
West, Syracuse,
N. Y.
Underwriters—(Competitive) Probable bitjders:
May
1,
Inc.
(11/1)
1961 filed $800,000 of convertible subordinated
Price —At par.
1971.
due
deoentures
Business—The
packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue, Newark, N. J. UnderwriterLaird, Bissell & Meeds, New York City.
manufacture,
First Bofeton
Corp.; Morgan Stanley & Co.; Halsey, Stuart
EDST) at the offices of
Lamb & Leiby, 48th floor, One Chase
Manhattan Plaza, N. Y.
Information Meeting—Oct. 20
(11 a.m. EDST) in Room 232, 120 Broadway, N. Y.
& Co. Inc.
Inc.
Co.
Cement
Oklahoma
Niagara Mohawk Power Corp. (10/24)
Sept. 27, 1961 filed $40,000,000 of general mortgage bonds,
-
tubes.
working
Sept. 7, 1961 filed $3,000,000 of sinking fund debentures
(10/25)
Underwriter—Kidder, Peabody & Co., N. Y.
of
braided, woven and
knitted fabrics and production of coated and processed
papers. Proceeds — For repayment of loans, expansion
and working capital.
Office—7th and Reading Aves.,
West Reading, Pa. Underwriter—Drexel & Co., Phila¬
delphia (mgr.).
—
vacuum
and
loans
(11/6-10)
Price—$1. Business
company plans to manufacture scientific marine
instruments and provide consultation services. Proceeds
—For organizational expenses and purchase of equip¬
ment. Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
—By amendment.
Aug. 18, 1961 filed 212,000 common shares, of which
75,000 shares are to be offered by the company and
137,000 shares by stockholders. Price—By amendment.
$100
—The
Sept. 26, 1961 filed $15,000,000 of bonds due 1976. Price
Proceeds — To enlarge foreign ex¬
change reserves and for a capital works program. Ad¬
dress— c/o New Zealand Embassy, Washington, D. C.
Underwriter—
basis of
Price—(Stock)
Aug. 24, 1961 filed 140,000 common.
30, 1961 ("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,
North & Co., Kansas City, Mo.
common, of which 130,000 are
by the company and 80,000 by stockhold¬
Price—By amendment. Business—The production
the
,
and
Oceanic Instruments,
Co., Cheyenne,
(mgr.).
New West Land
offered
on
shares held.
Osborn
dog
1961
June
and
of
ment
300
(Debentures) At par.
Business—The
ehrtfis and the manufacture of radiation
rare
instruments
—Hirschel &
5,
ver.
^ Nalley's, Inc.
Oct. 9, 1961 filed 210,000
to be
refining of
each
Choice" ^brand,
Office—1511 K
minent.
ers.
for
amendment.
of debt and reserves. Office—9635 W. Colfax
working capital. Of¬
St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (mgr.). Offering—Im¬
Pleasant
by stockholders
subscription
debentures
Mining Co. (10/16-20)
filed 800,000 common shares. Price—50c.
Proceeds—For equipment, working" capital, repayment
amendw ent.' Proceeds—For
East
New
July
NAC Charge Plan and Northern Acceptance Corp.
June 27, 1961 filed 33,334 class A common shares. Price
fice—16
of
St., Boston. Underwriter—(Competitive). Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Kuhn, Loeb
& Co.;
Equitable Securities Corp.-Blair & Co. (jointly); Mer¬
rill Lynch, Pierce, Fenner & Smith
Inc.-Kidder, Peabody & Co.-White, Weld & Co. (jointly); First Boston
Corp.; Lehman Brothers. Bids—Expected Oct. 25 at 11
a.m. (EDST) at the company"s office. Information Meet¬
ing—Oct. 23 at 2 p.m. (EDST) at the company's office.
,
Murray Magnetics Corp.>;./-;iv;.>,x-->• '■/ :
Aug. 15, 1961 filed 150,000 common shares. Price—$6.
Business^-The
Office—441
vertible subordinated debentures due 1976 to be offered
Bids—Oct. 24 (11 a.m.
Messrs. LeBoeuf,
Olympia Mines, Inc.
Niagara Mohawk Power Corp. (10/24)
Sept. 27, 1961 filed 700,000 common. Proceeds—For re¬
payment of loans and construction.
Office—300 Erie
1961 filed 300,000 capital shares. Price—$1.35.
exploration and development of mines.
Proceeds—For mining operations. Office—44 Court St.^
Sept.
1,
Business—The
Blvd.
West, Syracuse, N. Y. Underwriters—(Competi¬
tive) Probable bidders: Merrill Lynch, Pierce, Fenner &
Brooklyn, N. Y.
Smith Inc.;
Toronto.
Kidder, Peabody & Co.; White, Weld & Co.
Morgan, Stanley & Co.; First Boston
Bids—Oct. 24 (3:45 p.m. EDST) at the
(jointly);
(jointly).
Orbit
Aug.
of Messrs.
Leboeuf, Lamb & Leiby, 48th floor, One Chase
Plaza, N. Y. Information meeting—Oct. 20
EDST) in room 232, 120 Broadway, N. Y.
a.m.
Nissen Trampoline
Co.
•
24,500 shares being offered to holders
rights
to
expire
scribed share. Business
Oct,
—
16;
1961 filed 125,000 common
Research,
development,
1961
—
filed
100,000
Production
of
•
capital
miniature
shares.
Price—$4.
precision electro¬
components. Proceeds—Equipment, products,
expansion and -repayment
Way,
(10/23-27\
Instrument Corp.
mechanical
of loans. Office—131
Syosset, N. Y. Underwriter—Hardy & Co.,
Originate Inc.
Eileen
N. Y.
(11/20-24)
Aug. 29, 1961 filed 150,000 common. Price—$9.25. Busi¬
ness—The manufacture of women's coats. Proceeds—For
(other
$10.00 per unsub¬
The company furnishes high
Inc.
Industries,
29,
Business
the selling
than Big Three) of the outstanding common on the basis
of one share for each lVs shares held of record Sept. 28
with
22,
Orbif:
Aug.
Nitrogen Oil Well Service Co.
May 22, 1961 filed 100,000 shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
than
Gaumont Corp., Ltd.,
—
May 4, 1961 (letter of notification) 9,400 shares of com¬
mon
stock (par $1). Price—At the market. Proceeds—
For the selling stockholders. Office—930 27th Ave., S.W.,
Cedar Rapids, Iowa.
Underwriter — Yates, Heitner &
Woods, St. Louis, Mo. Note—This issue has been tem¬
porarily postponed.
less
—
(10/30-11/3)
shares. Price—$4.
Business
engineering and
manufacturing in the telephone, electronics and related
fields.
Proceeds—For repayment of loans, and equip¬
ment.
Office—213 Mill St., N. E., Vienna, Va.
Under¬
writer—Hodgdon & Co., Inc., Washington, D. C.
•
Corp.
offices
Manhattan
(11
Underwriter
stockholders. Office—512 Seventh Ave., N. Y.
— Globus,
Inc., and Divine & Fishman,
Underwriters
Inc., N. Y.
and
'
,
.
j
*
Continued
on
page
42
-
42
The Commercial and Financial Chronicle
(1602)
»
'
.
Continued
,
.
•
'
»
Electronics
/
4\
^
f
'V
.
Corp.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
manufacture of precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.
ness—The
•
Products
Osrow
Co.,
Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents). Price—$5. Business—The manufacture of car
and window washing
equipment. Proceeds—For working
capital, research and development, new products and
general corporate purposes. Office—115 Hazel Street,
Glen Cove, L. I., N. Y.
Underwriter—General Securi¬
ties Co., Inc., N. Y. Offering—Imminent.
•
Oz
Publishing Corp.
Sept. 15, 1961 filed 140,000 common. Price—By amend¬
ment. Business
The design, production and sale of
greeting cards. Proceeds — For the repayment of debt,
installation of additional equipment, modernization of a
department and working capital. Office—156 Fifth Ave.,
N. Y. Underwriter—Laren Co., N. Y.
—
Ozon
Products, Inc.
Sept. 28, 1961 filed 105,000 common. Pirce—By amend¬
ment. Business—Manufacture of toiletries and cosmetics.
Proceeds—For
repayment of debt and working capital.
Office—50 Wallabout St., Brooklyn, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y.
it PCS Data Processing, Inc.
u
filed 100,000 common of which 50,000 are to
offered by the company and 50,000 by stockholders.
Price—$3.75. Business—Furnishing of statistical infor¬
mation.
Proceeds—For training personnel, new equip¬
Oct. 6, 1961
be
ment, expansion and working capital.
Office—75 W. St.,
N. Y. Underwriters—Harry Odzer Co.,
ner,
N. Y., and Lench& Co., Inc., Pittsburgh, Pa.
Covato
^ P-G Products Manufacturing Co., Inc.
Oct. 10, 1961 filed 110,055 common. Price—By amend¬
ment.
Business
Manufactures
appliance replacement
parts and accessories. Proceeds — For debt repayment,
—
expansion and working capital. Office—230 E. 162nd St.,
N. Y. Underwriters—Kahn & Peck, Cohn & Co., N. Y.
Pacific
Northwest
Bell
Telephone Co.
Aug. 25, 1961 filed 17,459,490 outstanding common (par
$11) being offered for subscription by stockholders of
Pacific Telephone & Telegraph
iparent. Each share¬
holder
of
warrant
the
latter
was
given am assignable
evidencing the right to purchase the stockron
of-ohe^right for each common held and seven
each
for
preferred held.
The record date is
Sept. 20 and the rights expiration date Oct. 20. Price—
Six rights plus $16 per share. Business—The
company
furnishes telephone service in Washington, Oregon and
northern Idaho.
Proceeds—For the selling stockholder—
Pacific Telephone
&
Telegraph Co. Office—1200 Third
Ave., Seattle, Wash. Underwriter—None.
Pacific
Sept. 15, 1961 filed 120,000
common.
Price—$4. Business
—The manufacture and sale of chemical
fertilizers, ani¬
mal nutrients, crop seeds, insecticides, etc.
Proceeds—
additional equipment, a new plant and working
For
capital. Office — North Oak and Hazel St., Burlington,
Wash. Underwriter—Joseph Nadler & Co., N. Y.
States
Steel
Corp.
June 21, 1961
filed 100,000 outstanding shares of capital
(par 50 cents) to be sold by stockholders. Price—
Business—The manufacture of steel products. Pro¬
stock
$6.
ceeds—For
the
selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California
Co., Inc., and Schwabacher & Co., San Fran¬
cisco (mgr.).
Offering—Indefinitely postponed.
Management & Development Co.
Aug. 25, 1961 filed 310,000 common. Price—$11. Business
—The large scale production of
blueberries, cranberries,
etc. Proceeds—For repayment of
loans, property im¬
provements and general corporate purposes. Office—104
Bellevue Ave.,
Hammonton, N. J. Underwriter—Wood¬
cock, Moyer, Fricke & French, Philadelphia
Corp.
Sept. 25,
1961
(mgr.).
(11/20-24)
filed
150,000 common, of which 100,000
will be sold by the
company and 50,000 by stockholders.
Price—By amendment. Business—Manufacture of equip¬
ment used to process and
print photographs. Proceeds—
Working capital. Office—6300 Olson Hwy, Minneapolis.
Underwriter—Paine, Webber, Jackson
& Curtis, N. Y.
Pulp & Paper Corp.
June 28, 1961 filed
1,000,000 common. Price—$3.45. Busi¬
Palmetto
ness—The
and
growth of timber.
the possible
purchase of
Proceeds—Working capital
a
mill. Address—Box 199,
Orangeburg, S. C. Underwriter—Stone
•
Pan-Alaska
Fisheries,
July 26, 1961 filed 120,000
Inc.
& Co.
(11/6-10)
common
shares. Price
By
—
The processing of Alaska
king
crab. Proceeds—For acquisition of
fishing boats, equip¬
ment and
working capital. Office—Dexter Horton Bldg.,
Seattle. Underwriter—Robert L.
Ferman & Co., Inc.,
N. Y. (mgr.).
1
—
Electronics, Inc.
(10/17)
^UaAa^L
filed 12<M>°0 common shares, of which
?n'ruvn shares are
s£ares
J*® offered by the company and
30,000
by
stockholders.
Price—By amendment.
electronic test measure¬
monitoring instruments. Proceeds—For acqui¬
Business—The
ment and
manufacture of
sition of property and construction
of a new plant, labo¬
ratory, equipment and working capital. Office—520 S.
Fulton Ave., Mount
Vernon, New York. Underwriter—
Hayden, Stone & Co., New York (managing).
Sept. 28, 1961 ("Reg. A") 75,000 common.
Price—$4.;.
Business—Design and manufacture of women's hand-,
Bldg., Pittsburgh 30, Pa/Under¬
writer—Kuhn, Loeb & Co., Inc., N. Y.
it Plastic Industries, Inc.
tal. Office—51 Urban
Ave., Westbury, N. Y. Underwriter
Corp., N. Y.
i
—Karen Securities
—Ellis
Securities, Inc., Great Neck, N.-Y. z
,
•
which
Heller
&
Co., N. Y,,
Fialkov & Co.,
Sept. 27, 1961
•
payment
Church
working capital.
Percn
ic Penncn Electronics Corp.
Sept. 28, 1961 ("Reg. A") 135,000
of
solid
Price—
•
of
9.
one
&
tures.
Proceeds—For
animated
,
,
Pride Industries,
Aug. 29, 1961 filed
of
products, advertising*
Philadelphia. Underwriter
Investment Corp., Bala Cynwyd, Pa. Offering
November. •
/
loan,
machinery,
Hor
ment
of
for
Office—4408 Fairmount Ave.,
one
—Steven
—In late
-
of
(11/2)
13, 1961 filed 1,110,617 common to be offered for
subscription by stockholders on the basis of 7 for each
Nov, 2 with rights to expire about
Price—By amendment. Proceeds—For
expan¬
a
Product Research
new
of Rhode Island,
Inc.
(11/6-10)
common.
Pittsburgh Steel Co.
20.
75,000 common. Price—$5. Business
Proceeds—For inventory, repay¬
offered
Sept.
10 held of record about
Inc.
—The sale of pet foods.
(10/27)
Price—By amend¬
precision machined
components and assemblies for missile guidance systems.
Proceeds—New plant, additional equipment and working
capital. Office—7401 W. Lawrence Ave., Chicago. Under¬
writer—Francis I. du Pont & Co., N. Y.
Nov.
and
and
International, Inc.
July 31, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3.75/ Business—Export, import, brokersage and wholesale marketing of fruits, vegetables and
poultry. Proceeds—For expansion, sales promotion, ad¬
vances to growers, working capital and
general corpo¬
rate purposes. • Office — 99 Hudson Street, New York.
Underwriter—J. J. Krieger & Co., Inc.. New York.
/
..
150,000
liabilities
Prevor-Mayrsohn
Underwriter—William,
Underwriter—White, Weld & Co., N. Y.
Pioneer Astro Industries, Inc.
(10/16-20)
Manufacture
Airlines, Inc.
taxes; payment of balance on CAB
working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental Bond & Share Corp., Maplewood, N.J. Note—
This offering has been temporarily postponed.
rent
each 10 held. Price—By amendment. Proceeds—For ex¬
pansion. Office—523 South Tryon St., Charlotte, N. C.
—
(10/16-20)
13, 1961 ("Reg. A") 150,000 class A common shares
certificate
equipment. Office—60 Kingsbridge
Rd., E. Mt. Vernon, N. Y. Underwriter—C. E. Unterberg,
Towbin Co., N. Y. C (mgr.).
Business
Inc.
•vpar one cent). Price—$2. Business—Air transportation
of passengers and cargo. Proceeds—For payment; of cur¬
For construction and
ment.
Y. C. (mgr.).
Albums,
President
June
Pictorial Production Inc. * /'\\
r
"
'
1
Aug. 29, 1961 filed 149,178 common, of which 25,000 are
to be offered by the company and
124,178 by stockhold¬
ers.
Price—$10.
Business—Research, development and
production in the field of lenticular optics. Proceeds—
July 27, 1961 filed
filed
1961
marketing of new stereophonic records
capital. Office—356 W. 40th St., New York.
Underwriter—Gianis & Co., N. Y.
(10/25)
Sept. 14, 1961 filed 126,832 common to be
subscription by stockholders on the basis
;•
and working
pic¬
repayment of loans, additional personnel, working cap¬
ital and other corporate purposes. Office — 8-16 43rd
David &
•
v
and monaural phonograph records. Proceeds—For acqui¬
common shares. Price — $3.
Business—The distribution of phonograph records. Pro¬
ceeds—For advertising and promotion, merchandising,
City, N. Y.
Motti, Inc., New York.
Inc.
sition of facilities,
development of
Island
-
Industries,
July 31, 1961 filed 120,000 common snares. Price—$5.Business—The manufacture of long-playing stereophonic,
July 27, 1961 filed 100,000
Long
to
are
Co., New York.
Premier
new products, re¬
working capital. Office — 34 S.
St., Mount Vernon, N. Y. Underwriter—First Phila¬
delphia Corp., New York.
Ave.,
filed
Samitas & Co., N.
and
International, Inc.
and 43,750 for stock--
100,000 common. Price—$4;.$ Busi-;
swimming pools. Proceeds
—For repayment of loans and working capital. Office—■:
203 Bala Ave., Bala Cynwyd, Pa. Underwriter—Dean
West
Pickwick
shares, of which 150,-
devices
21, 1961
shares
Aug. 25,
Sept.
motion
'
ness—The sale of custom built
Business—The manufacture of machines, equipment and
of
W
"
amendment. Business—Research and
Preco
Photo-Animation, Inc. (11/6-10)
July 26, 1961 filed 150,000 common shares. Price—$1.25.
creation
Underwriter—First Weber
radar, missiles and communication systems. Proceeds"
working capital, inventories and equipment. Office.
—Main Street, Millis, Mass. Underwriter—Peter Morgan
•
the
Y.
N. Y.
for
writer—None.
in
N.
Ave.,
—For
Philippines. Proceeds—Repayment of debt and the drill¬
ing of test wells. Office—Manila/ Philippines. Under¬
used
Y.
165,000 common shares, of which
be offered by the company and
Price—$10. Business—
50,000 shares by stockholders.
The manufacture of specialized microwave components
Price—One cent. Business—Exploration for oil in the
devices
*
of notes and working capital. Office — 2211
Ave., Brooklyn, N. Y. Underwriter—M. Posey
115,000
electronic devices.'
share for each six held of record
new
* *"
Prefcikiosr MicfrolvaVift1 {C6Yp.''( 11/6-10)
Aug.
Philippine Oil Development Co., Inc.
~
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬
fered for subscription by common stockholders on the
basis of
*
engineering and production of certain
for aircraft, missiles, / oscilloscopes,
electronic vending machines and language teaching ma-:
chines. Proceeds—For expansion, repayment of debt and.
working capital., Office—7326 .Westmore Rd., JRockville,.
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing),.>•%»£./*.
.yi*uv; *
Price—$2.25.
common.
state
Fifth
electronic
optical
equipment and precision instruments. Office—2930 S.
Bristol St., Costa Mesa, Calif. Underwriter—Francis J.
Mitchell & Co., Inc., Newport Beach, Calif.
Business—Manufacture
•
development,
-
Optical, Inc.
$3. Business-^-tlevelopment and manufacture
^:
Corp.
holders. Price—By
Reading, N. J. Underwriter—Mortimer B. Burnsido
Co., Inc., New York.
Sept. 18, 1861 ("Reg. A") 100,000 capital shares.
of
*1 ■:
100,000 common. Price—$3. Business
plastic products. Proceeds—For new
June 7, 1961 filed 193,750 common
000 will be sold for the company
Port
4
*
btio
Polytronic Research, Inc.
.
„
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
&
8
Associates, Ltd., 50 Broadway, N. Y.
&
Life Bldg., Rockefeller Center, New
Underwriter—Bear, Stearns & Co., New York.
and loans and
Office—Woodbridge-Carteret Road,
plastic
Business—Consumer
color photographic
Proceeds—Fur payment of income taxes
large
Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A") 100,000 common. Price—$3.
sales financing. Proceeds—For re-,
Price—By
Business—Research and development in the
Office—Time
for
per
of
Securities Corp.,
photography and the manufacture of com¬
processing equipment. Pro¬
ceeds—For expansion, research and repayment of loans.
York.
Plati
fice—673
field of color
mercial
$3
—Real estate investment,
(10/30-11/3)
shares.
share, in
—
July 26, 1961 filed 220,000 common. Price—$5. Business.
management and construction, .
Proceeds—For investment in additional properties. Of--
purposes. Office — 608 Fifth Ave., New
City. Underwriters—Darius, Inc., New York (man¬
aging); N. A. Hart & Co., Bayside, N. Y., and E. J
Roberts & Co., Inc., Ridgewood, N. J.
common
three
each
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc., N.
eral corporate
amendment.
tor
molds, inventory, repayment of loans and working capi¬
tal.
Office—1251 N. E. 48th St., Pompano Beach, Fla.
York
filed 200,000
Price
filed"
.—Manufacture
supplied by amendment. Business—The com¬
organized in November 1960 to acquire, exploit
and. develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬
1961
share
manufacture
notes.
IF^Bast§fiitrc*
,
be
Pavelle Corp.
Plasticon
one
Minn. Underwriter—None. Offering—Imminent,
Inc., and Stanley
pany was
Aug. 22,
of
f
all cases.,
containers.
indebtedness represented by
Plasticon's 5% promissory notes, with the balance for
more equipment
and facilities.
Office —• Minneapolis,-
Patent Resources,
Inc.
May 24, 1961 filed 150,000 shares of common stock. Price
—To
basis
Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders
Proceeds—To discharge the
equipment, debt repayment and
Office—Mercer and Arnot Sts., Lodi,
—
the
Business—The
Additional
capital.
to be offered to
promissory
Sept. 25, 1961 filed 137,500 common. Price—By amend¬
Business—The manufacture of polyester foams.'
Underwriters
to be offered to
are.
and 400,000 shares are tO'
be offered to holders of the company's $1,200,000 of 5%:
ment.
J.
are
Leyghton-Paige shares held,
.V
working
1961 filed 665,666 shares of common stock, of
90,666 shares are to be publicly offered, 25,000
shares
on
v
Corp.
shares
,
Proceeds
Pfasticon
May 8,
Paramount Foam Industries
N.
37th Court,
Office—6700 N. W.
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed $1,000,000 of 15-year sinking fund
debentures due 1976 (with warrants attached) and 100,000 common to be offered in 10,000 units each consist¬
ing of 10 common and $100 of debentures.; Price—By
amendment. Business—The packaging and direct sale of ?,
precut home building materials/Proceeds—-For repay¬
ment of loans and working capital. Office—499 Jericho
Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild
& Co., N. Y. C. (mgr.).
"
repayment and working capital.
Miami, Fla.' Underwriter
Proceeds—Debt
bags.
.
Piedmont Natural Gas Co., Inc.
amendment. Business
Panoramic
equipment and components. Proceeds—For equipment,
advertising, research and development and working capi¬
payment of loans
Pakco
Pako
sion. Office—1600 Grant
Proceeds—For working capital. Office—7500 S. Garfield
Ave., Bellgardens, Calif. Underwriter—Darius Inc., N. Y^
Nutrient & Chemical Co.
Pacific
Thursday, October 12, 1961
.
Paradynamics Inc.
Sept. 5, 1961 ("Reg. A") 100,000 common. Priced—$3.
Business—The company will produce micro-wave test
firm
the basis
rights
.
;
..
from page 41
"
Orion
.
1*1'"
«
-
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business — The manufacture of vinyl plastic products
used in the automotive, marine and« household fields.
Proceeds—For repayment of debt, new equipment and
working capital.
Nort
Office
Providence.
& Share
R. I.
184 Woonasquatucket Avenue,
Underwriter—Continental Bond
—
Corp., Maplewood, N. J.
Television, Inc.;
(f
Aug." 29, 1961' filed 150,000 common. Price—By amend?
ment. Business — The distribution of films for motion
Programs For
nictures and television.
Proceeds—For repayment of debt
Volume 194
Number 6098
.
.
The Commercial and Financial Chronicle
.
(1603)
and
cas,
working capital. Office—1150 Avenue of the Ameri-?
N. Y. Underwriter—To he named.
\
Ragen Precision Industries, Inc.
Aug. 31, 1961 filed 100,000 common. Price—By amend¬
ment. Business
The manufacture of precision
parts,
components, assemblies and subassemblies for the busi¬
ness machine, electronic and aircraft industries. Proceeds
For equipment, repayment of loans and general
corpo¬
.
.
Progression Corp. V
9, 1961 ("Reg. A"): 100,000 common shares (par 10
cents). Pfice—$3. "Business1—Manufacturers of
electro
For
;
electronic,
mechanical
and
mechanical
devices.
:
Proceeds—
general corporate purposes. "Office—44-25
rate purposes.
128th St.,
N.J.
College Point; N. Y. Underwriter—Netherlands Securi¬
ties Co., New York,
.
Sept.
25,
1961
Sept. 28, 1961 filed 150;000
filed
a
to be
offered
opment and production
of plastic-base protective coat¬
ings, paints and primers. Proceeds—Purchase of equip¬
ment and other corporate
purposes. Office—63 Main
Cambridge, .Mass. Underwriter
Winslow, Inc., Boston... v o;'•
'St.,Chace, Whiteside &
v/ 4.
;y.
'
—
Public
Sept. 21,
Oct.
1,
Service
Electric &
Gas
Co.
bank
■"
ment,
at. the company's office.
•
-Publishers .Co.,
(11/6-10) i'-rj
Aug. 29r 1961. filed $1,200,000 of 6% subordinated
Rodale
Sept.
;
^
—The
manufacture
of
con¬
vertible
debentures due 1967. Price—At par. Business—
The publishing of books. Proceeds—For
redemption of
vehicles.
<
and
Conn.
outstanding 12% debentures due 1965 and for expansion.
Office—1106 Connecticut
Ave., N.W., Washington, D.C.
Underwriter—Roth & Co,, Inc., Philadelphia.;
Underwriter
(mgr.).
of
be offered
derwriter—To be named.
chines.
Office—1201: South
Business—A -real
1451
estate
investment
•
Drive, Minneapolia.
Underwriter—D. H.'BTalf & Co., New York.
B'way, N, Y. Underwriter—Stanley
'Royal Land ft Development Corp.
Aug. 2, 1961 filed 2,000,000 class A common shares. Price
—$1. Business — General real estate and construction.
Aug.
16,
Electronics
1961
Corp.
filed
—
—A small business
general^corporate
Rico.
investment
Proceeds—For
York. Underwriter—Lieberbaum
Darlington
&
Grimm,
N_
;
Y.
•'■
Pu> Processes Corp. V...*'
-vy-/
Sept. 20, 1961 filed 140,000" common. Price—$5. Business
—Development of pulping and-bleaching devices. Proceeds—General corporate purposes. Office—Hoge Bldg./*
Seattle, Wash; Underwriter—Wilson, Johnson & Higgins,
San
Francisco.
$100 per unit.
Offering—Expected in late November. '
Sept. 28, 1961 filed 100,000
manufacture
Price—$3.25.
common.
of
New York.
Busi¬
'
•
.
Pyrometer Co. of America, Inc.
:
v i-W-;Sept. .26, 1961 filed 300,000-common. Price—By amend¬
ment. Business
Design and manufacture of thermo- :
couple temperature transducers and electronic indi- J
eating and controlling instruments. Proceeds—To finance *
•
.
—
Arnold Malkan & Co., Inc., N. Y.
-//'"
Quariite Creative Corp.
Sept. 27, 1961 filed 100,000 common.
—^Manufacture
of
home
.
;
:
Price—$5.
Business
furnishing products.
—-For research, new products and working
fice—34-24 Collins Place, Flushing, N. Y.
Proceeds
capital. Of¬
Underwriter—
Shell
•
Recreation
Corp. \?
Sept. 28, 1961 filed 110,000 common, of which 70,000
shares are to be offered by the company and 40,000 by
television, radio and
high fidelity receiving tubes.
Proceeds—For debt re¬
payment and working capital. Office—5212 Pulaski Ave.,
Philadelphia. Underwriter—J. R. Williston & Beane, N. Y.:
'
' ^:
-Rabin-Winters Corp.:;.
.V-;....'"
June 19, 1961 filed 180,000 common shares of which 80,shares
are
to be offered
by
stockholders.
ness—The
manufactuer
lighter
fluid
and
by the company and 100,000
Price—By
of
related
pharmaceuticals,
items.
loans
and
veda
Blvd./ El Segundo, Calif.
for
working
amendment.
capital.
Busi¬
cosmetics,
Proceeds—To
one
unit for each 20 shares held.
Price—
Business—General real estate and
con¬
•
repay
Office—700 N, Sepul- /
Underwriter — To be
construction
mortgage financing.
Rsher Simmons
sale
of
Price—$12.
"shell"
homes
Proceeds^-For working capital.
Address—Hopkinsville, Ky.
Sons, Louisville.
liard &
and
Underwriter—J. J. B. Hilr
/.
Research Inc.'
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin,;Kaufmann & Co. (mgr.). Offering—Ex¬
V
Construction
h".
Co., Inc. (11/.6-10)
July 28, 1961 filed 200,000 common. Price—$10. Business
of highways, buildings and homes. Pro¬
ceeds—For repayment of a loan, purchase of stock in
Puerto Rico Aggregates Co., and working capital. Ad¬
dress—San Juan, Puerto Rico.
Underwriters
P. W.
Brooks & Co., Inc., New York and CIA Financiera de
Inversiones, Inc., San Juan (mgr.).
—Construction
—
named.
,
•
Radar Design Corp.
Sept. 22, 1961 ("Reg. A") 25,000
market.
.
;-
4
common.
Price—At-the-V.
Business—Manufacture of electronic products.
Proceeds,^ For acquisition of a laboratory, equipmentand working capital. Office—104 Pickard Dr.,
Syracuse,
N. Y. Underwriters—Bertner Bros., N. Y.; Earl Edden
Co., Rockville Centre, N. Y. and Max Philipson & Co.,
Inc., Utica, N. Y.
,
•
Ro
Kg.
Inc.
(10/30-11/3)
ceeds—For down payments on the purchase of buildings,
equipment and expansion. Office—3115 E. 12th St., Kan¬
sas City, Mo. Underwriters—Midland Securities
Co., Inc.,
George K. Baum
&
(12/20)
Sept. 25, 1961 fiied< 120,000 common. Price—$5. Business
—Exploitation of a new process for reclaiming unvulcanized rubber. Proceeds—Purchase of equipment and
existing plant building, repayment mf debt,' and working
capital. ^Office—^800 BUtler St., ©rooklyn/ N. Y. Under¬
writer—Armstrong & Co., Inc.,N. Y.
•
Russ Tpgs,
Oct. 3,
be
'Inc. '(11/640)
1961 filed 107,57.1 outstanding class A shares to
for subscription *by stockholders. Price—By
offered
wear.
Proceeds—For
sports¬
selling stockholders. 'Office—1372
Broadway, N. Y. Underwriter
Co., N. Y.
'
..
Shearson, Hammill &
—
.
.
• S. O. 5.
of women's
Business—Manufacture
amendment.
..
','Y, /•/•
.
Photo-Cine-Optics, Inc.
29, 1961 filed $50,000 Of 6%
subordinated deben¬
shares to be-offered
consisting of $10 of debentures and 10 common
shares. Price—$40 per unit. Business—The manufactur¬
due
1969 and 50,000
common
Co., Kansas
ing, renting and distributing of motion picture and tele¬
Proceeds—For new equip¬
vision production equipment.
ment, advertising, research and -development, working
capital and other corporate purposes. -Office—£02 W.
52nd St., New York. Underwriter — William, David &
Motti, Inc., :N. Y. Offering—In /late October. >,
./
; -
Sabre,
Sept.
Inc.*"*
1
25,' l961%("Reg.
Business—Manufacture
iv~'
A^) :50,000 common.- Price—$2.
of pre-painted aluminum siding
Proceeds—For inventory, dies, inventory
and accessories.
equipment and working capital. Office—4990 E. Asbury,
Denver.
Underwriter—Schmidt, Sharp, McCabe & Co.,
.
Inc., Denver.
.
Saegertown Glasseals, Inc.
Sept. 27, 1961 filed 210,500 common, of which 100,000 are
to be offered by the company and 110,500 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
electronic
ceeds—For
Main
parts, including diodes and rectifiers. Pro¬
general corporate purposes.
Office—South
St., Saegertown, Pa.
Y.
Underwriter—Carl M. Loeb,
Sav-Mor Oil Corp.
(11/27-30)
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and toil to service stations. Proceeds—For ex-^
pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
N. Y. Underwriter—Armstrong & Co.. Inc., New York.
(10/16-20)
150,000 common. Price—-$2.
Business—A plan to stimulate retail merchandising in
New York City. Retail establishments who join the plan
will give 3% 'discounts to members of the Save-Tax
Club. Proceeds—For salaries to salesmen, advertising,
Save-Tax
July
6,
1961
Club,
City, Mo.
(mgr.)
Inc.
("Reg.
A")
public relations, additional employees, and working
capital. Ofifce—135 W..,52nd St., N. Y. Underwriter—B.
G. Harris & Co., Inc., N. Y.
*
Savin /Business Machines Corp.
Sept. 28, 1961 filed
ness—Distribution
Aug. 7, 1961 filed 120,000 class A common shares. Price
—$5. Business—The manufacture of stuffed toys.. Pro¬
and
Proceeds
Rhoades & Co., N.
.
May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and biochemistry.
Proceeds—For plant construction, equipment, research
and development, sales promotion and working capital.
pected in November.
users.
in units
Regal Hemes, Inc. (10/23-27) >;•
15, 1961 filed 51,000 capital shares.
Rexach
chemicals to Industrial and commercial
—For expansion and working capital. Office—^814 Mad¬
ison St., Hoboken, N. J. Underwriters—State Securities
tures
Aug.
•
Inc.
Sept. 18,1961 filed 90,000 class A capital shares. Price
—$3. Business—The manufacture and sale of organic
June
•:
Associates, Inc.
—
Price—$10. Business—Manufacture of self-
Offering—Expected sometime in December. 7
w
Red Wing Fiberglass Products, Inc.:
July 28, 1961 ("Reg. A") 260,000 common. Price—$1.15.
Proceeds
Debt repayment, building improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn. Under-,
writer—York & Mavroulis,, Minneapolis.
and
Photo
service tube testers and the sale of
•
Red Rope Statu
Stationery Industries, 7nc.
Aug. 23,, 1961 filed 160,000 ;commom Price—$3.50; Busi¬
ness—The manufacture of stationery supplies. Proceeds
—For working capital, equipment, expansion and repay¬
ment of debt.^Office—70 Washington St., Brooklyn, N. Y.
Underwriter—George, ONeill & Co., Inc., N. Y. (mgr.).
•
000 shares
Co., N. Y.
—
Business—-For
.
stockholders.
and
Aug. 14, 1961 filed 100,000 class A common. Price—$3.
Business—-The operation of a bowling center. Proceeds—
For working capital. Office—8905 Columbia Pike* Falls
naerwi
Church, Va. Undentfriter—None.
Y* v
Associates, Inc. and Godfrey, Hamilton, Taylor &
Co., N. Y.
••
/.< • '
s.i
Quik-Chek Electronics &
loans
Ave,, New
Proceeds—General corporate purposes. Office •»
—666 Fifth Ave., N. Y: Underwriter—Sutro Bros. & Co.,
massaging mattress. Pro¬
ceeds—For establishment ;of
distributorships, purchase
of materials,
repayment of debt, advertising and working
capital.
Office^r5913 Carrier St., N., St. Petersburg, Fla.
the purcha e of Hamilton Manufacturing
Co., .Inc. Office
—*600 E. Lincoln Highway, Penndel, Pa. Underwriter—
radios and
struction.
a
Underwriters—To be named.
the basis of
.
Rozilda Laboratories,
Rubber & Fibre (Chemical Corp.
Price—$4.
Realty Equities Corp. of New York
Sept. 28, 1961 filed $2,126,800 of subord. debentures due
1971 .(with warrants attached) to be offered for subscrip¬
tion by stockholders in 16,758 units, each consisting of
$100 of debentures and a warrant to purchase 12.5 shares
on
Fulsa-Tronics, Inc.
ness—The
&
Address—San Juan, Puerto
purposes.
Underwriter—4Jill,
company.
>
general corporate pur¬
Office—400 Stanley Ave., Brooklyn, N. Y. Under¬
writer—Lieberbaum.& Co., N. 'Y. (mgr.). Offering—Ex¬
pected sometime in December.
;
.
poses.
(11/6-10)*
100,000 common Shares.
Business
The marketing tof transistorized
related equipment. Proceeds—Repayment of
general corporate purposes. Office—71 Fifth
.
Proceeds—For <construction and
a
Corp., Washington, D. C. and ©ayes, Rose & Co., N. Y.
m
ReaStone
;
Office—
Heller & 'Co,,
company.
N. Y;
Clover
Puerto Rico Capital Corp.--^or
Sept. 13, 1961 filed. 750,000 scommon, Price*-^$10. Business
'
Properties Gorpu of America .(10/16*18)
July 25, 1961 .filed 365,000 class A shares. Price—$10.
,
i
-
Real
Price—$100 per unit. Business—The design,
manufacture, sale and leasing of coin-operated vending
machines for- magazines,-. newspapers
and
paperback
books. Proceeds—For, the repayment of
debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
•
products, equipment, sales
Uffice.—* 562 gQrand Blvd.r
Westbury, N.Y. Underwriter— Charles *Plohn & Co., N.Y.
Roph Associates, Inc.
Aug. 10, 1961 ("Reg. A") 75,000 common shares (par five
cents). Price—-$4. Business—The sale of freezers and
food plans. Proceeds—For inventory, a food dept, adver¬
tising and promotion and general corporate purposes.
Office—300 Northern Boulevard, Great Neck, N. Y. Un¬
Office—Smith Street, Middletown,
Lee Higginson Corp., New York
,
i
promotion and advertising.
—
Co., Inc.,: Asheville, N. C.
for public sale in units
$100 debenture, 20 first warrants and 20 second
one
warrants.
V;
derwriter—Robbins, Drourr & Clark, Inc., N. Y.
timing
• Real Estate Fund, Inc. =
Sept. 28, 1961 ("Reg. A") 14,634 units each consisting of
seven common shares and
one 20-year
July 3, 1961
6% convertible
sub- t
subordinated debenture. Price—$20.50 per unit. Business
ordinated debentures due 1971;
120,000 common shares
which underlie 2-year first warrants exercisable at
$7.50 - —X'evelopment and operation of shopping centers and
other properties: Proceeds—General corporate purposes.
per share, and 120,000 common shares which underlie
5-year second warrants, exercisable at $10 per share.
Address—Greenville; S. C: Underwriter—McCarley &
to
electronic
of
.
—
Vending Services, Inc.
filed $600,000 -of 5%% convertible
are
Business—Manufacture
.
Prlce^-$5.
equipment. Pro¬
^common.
Rodney Metals, inc. (10/16-20) / >
80, 1961 'filed 140,000 common shares. Price—$10.
Proceeds
For the repayment £of tdebt and other cor¬
porate purposes.'Office—261 Fifth Ave., New York. Un¬
'Publishers
The securities
Electronics, Inc.
1961 CTleg. A") 60,000
&
/
•
Proceeds—-For ^repayment of loans, equipment,
working capital.
29,
Jackson
r
June
devices, accelerometers
and related equipment for missiles, satellites and space
Inc.
Webber,
ceeds—Debt repayment, mew
■*
debt
Raymond Engineering Laboratory, Inc. *' • - • (10/30-11/3)
Aug. 15, 1961 filed 100,000 common shares, of which 50,000 shares are to be offered by the
company and 50,000
shares by stockholders. /Price—By ^amendment. Business
<
manufacture Of solid
catapults and related
Offiijc—Falcon Field,,
Curtis and Prescott & Co., N. Y.
•
:
(11/20-24)
Business—Development and
propellants, rocket motors, rocket
products. Proceeds—To repay debt.
Mesa, Ariz. Underwriters—Paine,
repayment and working capital, i Off ice—1
Rd., Oakland, N. J: Underwriter—Gianis & Co.,
Inc., N. Y,.
//-//'.w
y
Power, Inc.
ment.
Raritan
loans, and
Office—80 Park Place, Newark, N. J. Un¬
derwriters—(Competitive). Probable bidders: First Boston Corp.; Halsey, Stuart
Co. Inc.; White, Weld & Co.,
Bl-yth
Co., Inc./ Goldman, Sachs & .Co. Harriman,
Ripley & Co. (jointly). Bids—Oct. 17 at 11 a.m. (EDST)
Raritan
Plastics'Corp. —
.
v
Sept. 28, 1961 filed 100^000 class A ^common. Price—$5.
Business—Extrusion of plastic sheets. Proceeds—Equips
1961 filed $50,000,000 of debenture bonds due
1981.,Proceeds—Repayment of
common,.
.
(10/17);v-"' >:
construction.
Rocket
Sept. 20, 1961 filed 200,000 common. Price—By amend¬
Price—By amend¬
ment.
Business—Processing of film and distributing of
photographic equipment.
Proceeds—For
moving ex¬
penses, expansion, advertising and promotion, repayment
of debt and working
capital.
Office—29-14 Northern
Blvd., Long Island City, N. Y. Underwriter—Rodetsky,
Walker & Co.,
Inc., Jersey City. v-/,/•'
:
^
60,000 common, of which 13,000
by the company and 47,000 by
stockholder. Price—By amendment. Business—Devel- '
are
Office—9 Porette Ave., North Arlington,
Underwriter—Marron, Sloss & Co., Inc., N.Y. (mgr.j.
Rainbow Photo Laboratories, Inc.
..
i Prufcoafc Laboratories, Inc.
shares
•
Robins Industries Corp. (10/.17)
July 27, 1961 filed 100,000 common shares, ^rice—^2:50.
Business—The manufacture of products in the electronic
sound and recording 'field. Proceeds—^For repayment Of a
loan, moving expenses, research and development, todling, advertising and working capital.
'Office — 36-27
Prince St., Flushing, N.Y.'Underwriter—Carrdll
Cof, N.Y.
—
June
43
machines.
150,000 common.
of
Price—$10. Busi¬
for use in photocopy
initial production of xero¬
products
Proceeds—For
graphic machines, additional '.equipment, expansion and
working capital. Off ice—161 Ave. of the Americas, NY.
Underwriter—Ira Haupt & Co,, N. Y.
Continued
on
page
44
44
The Commercial and Financial
(1604)
Continued from
Saxton
Bank Bldg., Salt Lake
43
page
City, Utah. Underwriter
Offering—Expected sometime in November.
Products, Inc.
Aug. 28, 1961
("Reg. A")
Business—The
wires
of
cables.
and
ceeds—For
repayment of indebtedness, equipment, ad¬
vertising, inventory and general corporate purposes. Of¬
Ave., Bronx 57, N. Y. Underwriter—•
Stern, Zeiff & Co., Inc., N. Y.
Sept.
22,
1961
schools.
Underwriter—None.
N. Y.
Proceeds—For general corporate purposes. Office
Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towbin Co., N. Y.
Site-Fab,
&
Inc.
Co.,
land, promotion and development and working capital.
Office—901 Market St., Wilmington, Del. Underwriter—
H. P. Black & Co., Inc., Washington, D. C.
Seashore Food
Products, Inc.
Aug. 29, 1961 ("Reg. A") 75,000 common.
Price — $4. [
Small Business Investment Co. of New York, Inc.
Business—The manufacturing and processing of assorted
Aug. 22, 1961 filed 875,000 common shares. > Price—By
food
products. Office—13480 Cairo Lane, Opa Locka,
amendment.
Business
A
small business investment
Fla. Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
company.
Proceeds—For investment in and loans to
Sea-Wide Electronics, Inc.
small business.
Office—40 Beaver St., Albany, N. Y.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
Underwriter—Dillon, Read & Co., Inc., New York.
—Importing of goods from Japan. Proceeds—For debt
Sokol Brothers Furniture Co., Inc.
repayment. Office—Stokely St., and Roberts Ave., Phila¬
—
Sept. 28, 1961 filed 240,000 common. Price—$2.50. Busi¬
instalment retailing of furniture, appliances
other household goods. Proceeds— For expansion
delphia, Pa. Underwriter—Amos Treat & Co., N. Y.
ness—The
Securities Acceptance Corp.
Aug. 29, 1961 ("Reg. A")
tive preferred. Price—At
sumer
and
10,000 shares of 5% cumula¬
($25). Business—A con¬
18th St., Omaha.
Underwriters—First
Trust
Co.
of
—1500
N.
Dayton
St., Chicago.
Weld & Co., N. Y. (mgr.).
N.
Lincoln, Neb., Storz-
Underwriter
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.
ment.
for
Business—Design
data
and
and
White,
—
Price—By amend¬
manufacture
of networks
of buildings, repayment of debt and
Office—253 Columbia St., Brooklyn,
Underwriter—Continental Bond & Share Corp.,
working
Y.
capital.
Maplewood, N. J.
Wachob-Bender Co., Omaha and Cruttenden, Podesta &
Co., Chicago.
,.//• •
Seeburg Corp.
Aug. 18, 1961 filed 319,221 common shares being offered
for subscription by stockholders on the basis of one new
share for each five shares held of record Sept. 28, with
rights to expire Oct. 13, 1961.
Price—$21. ; Business—
Manufacture of coin-operated photographs and other
vending equipment. Proceeds—For repayment of loarls
and the financing of receivables and inventories. Office
modernization
and
par
finance company. Office—304 S.
Southbridge Plastic Products Inc.
Sept.
28,
1961
-
filed 205,710
shares. Price—By
class A
Business—Manufacture
amendment.
r
of
vinyl
sheetings.,
Proceeds—For equipment and working capital.
241 Church
Allen
&
•
Office—
St., N. Y. Underwriters—H. Hentz & Co. and
Co., N. Y. Offering—Expected in December.
Southern Diversified
Industries, Inc.
common shares. Price—$5.50.
Business
The purchase, inventorying and wholesale
distribution of roofing materials, sheet metal products
and heating and air conditioning accessories. Proceeds—
For repayment of debt, purchase of merchandise and
operating expenses. Office — 3690 Northwest 62nd St.,
Miami, Fla. Underwriter — Netherlands Securities Co.,
Inc., New York.
Aug. 8, 1961 filed 250,000
,«
-
—
transmission, filters, transceivers
V
Southern.Frontier Finance Co.
Pfoceeds^-For equip- *
Septi 22, 1961 filed $1,000,000 of sinking fund subordi¬
ment,research and development, repayment of loans and
nated debentures due 1976 wtih warrants to purchase
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
200,000 shares of common stock, to be offered in units
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
consisting of $100 of debentures with a warrant to pur¬
Self-Service Shoes, Inc.
chase 20 common shares. Price—By amendment. Busi¬
Sept. 19, 1961 ("Reg. A") 300,000 common. Price—$1.
ness—Repurchase of mortgage notes, contracts, leases,
Business—Retailing of shoes on a self-service basis. Of¬
etc. Proceeds—Repayment fo debt, investments and other
fice—504 N. Grand, Pueblo, Colo. Underwriter—Amos C.
corporate purposes. Office—615 Hillsboro St., Raleigh,
Sudler & Co., Denver, Colo.
N. C. Underwriter—J. C. Wheat & Co., Richmond, Va.
Sel-Rex Corp.
(12/5)
• Southern Growth
Industries, Inc. (10/23-27)
Sept. 27, 1961 filed 200,000 common, of which 33,000
June 28, 1961 filed 100,000 common shares.
Price—$6.
will be sold by the company and 167,000 by a stock¬
Business—-A small business investment company.
Pro¬
holder. Pripe—By amendment. Business—Production of
ceeds—For investment. Office—Poinsett Hotel
program
4
and related electronic equipment.
gold compounds and chemicals for electroplating. Office
—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
curities & Co., N. Y.
Semicon, Inc. (10/23-27)
30, 1961 filed 125,000 class A
June
—By amendment.
shares.
common
Price
Business—The manufacture of semi-;
conductor devices for
military, industrial and commercial
equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
use.
Proceeds—For
Servonuclear
Sept.
12,
1961
Corp.
("Reg. A")
Business—Manufacture
Proceeds—For
new
plant
of
100,000
relocation,
Price—$2.
common.
medical
electronic
equipment,
products.
inventory,
products, debt repayment and working capital.
fice—28-21
Astoria
writer—Herman &
Blvd., Astoria, L. I., N. Y.
Diamond, N. Y.
Under¬
Sept. 25, 1961 filed 100,000
common.
Price—$5. Business
processing machines and other
Proceeds—Purchase
of
equipment
inventory, sales promotion, research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None.
Sessions Co.
—
debentures and warrants for five
—At 100%
services
firm.
Office—2012
First
Bldg., Minneapolis. Underwriter—Midwest
National
Planned
In¬
Hirsch
York
Sexton
Sept. 27,
(John)
1961
Business
Southern
—
writer—Hornblower & Weeks,
ment.
Business—The
shoes.
and
Business—Real
Price—By amend¬
and
sale
of
women's
Dow
Shasta Minerals & Chemical Co.
April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
general corporate purposes. Office
of
loans
investment.
estate
ordinated convertible
debentures
by stockholders
for
each
Business-—Real
struction
and
150
estate
on
renovation
Southwestern
be
to
basis
the
shares
held.
investment.
of
St., N. W., Atlanta 18, Ga.
•
—
Ai business
vestments.
offered
of
for sub¬
one
$50' de¬
Price—At
Proceeds—For
buildings.
par.
con¬
Research
—
1406 Walker
-
(10/30-11/3)
Homes, Inc.
28, 1961 filed $500,0U0 7% subordinated debentures
1971 and 200,000 common shares to be offered in
units, each unit consisting of $50 of debentures and 20
common
shares.
Price—$100 per unit.
Business—The
construction and sale of shell homes. Proceeds—For re¬
1961
&
Development Co.
common.
Price—$10. Business
investment company.
N.
Proceeds
—
for in¬
First
subsidiary, establish¬
Office
S. Salisbury Street, Raleigh, N. C. Underwritsr—
Liederman & Co., Inc., New York (managing).
payment of loans,
("Reg.
the
advances to
a
working capital.
ment o± branch sales offices and
D.
•
E.
Star
(10/30-11/3)
Industries, Inc.
Aug. 23, 1961 filed 415,576 class A, of which
103,894 are
by the company and 311,682 by stockhold¬
Price—By amendment. Business—A wholesale liquor
distributor. Proceeds—For repayment of loans and work¬
ing capital. Office—31-10 48th Ave., Long Island City,
N. Y. Underwriters—Lee Higginson Corp. and H. Hentz
to be offered
ers.
& Co.
(co-mgrs.).
v.—'.;
„
Medical
Sterile
Products,
Inc.
120,000 common. Price—$2.50.
and sharpening of scalpels.
Proceeds—For expansion and the manufacture of scal¬
pels. Office—434 Buckelew Ave., Jamesburg, N. J. Un¬
derwriter—Louis R. Dreyling & Co., Inc., New Bruns¬
wick, N. J.
Aug. 29, 1961
("Reg. A")
manufacture
Business—The
Sterling Extruder Corp.
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
to be offered by the company and 70,000 by the stock¬
holders. Price—By amendment. Business—The manufac¬
ture of plastic extrusion machinery and auxiliary equip¬
ment. Proceeds—For working capital. Office—1537 W.
Elizabeth
Linden, N. J. Underwriter
Ave.,
—
Marron,
Sloss & Co., N. Y.
ic Sterling Plastics Corp.
("Reg. A") 133,330 common. Price—$2.25.
repayment, new products and work¬
Sept. 29, 1961
Proceeds—For debt
ing capital. Office—153 E. Thompson Ave., St. Paul.
Un¬
derwriter—None.
Sterling Seal Co.
Aug.
112,300 common of which 20,000 are
2, 1961 filed
to be
offered
by the company and 92,300 by the stock¬
holders.
Price—By amendment. Business—Design, litho¬
graphing and stamping of metal caps or closures for
containers. Proceeds—For working capital. Office—3166
W. 16th St.,
Erie, Pa. Underwriters—Fulton, Reid & Co.,
Inc., Cleveland and Walston & Co., IneJ/.N. Y.
Stouffer
(10/17)
Corp.
Sept. 8, 1961 filed $7,500,000 of convertible
debentures
Oct.
due
Business—The
198i.
1,
operation of
subordinated
Price —By amendment.
restaurant chain, the sale
a
prepared foods and the furnishing of manage¬
food service to large organizations.
Proceeds—
of frozen
ment
For
the
prepayment
debt,
of
expansion,
and working
capital. Office—1375 Euclid Ave., Cleveland. Underwrit¬
ers—Merrill Lynch, Pierce, Fenner &
Smith Inc., N. Y.,
Fulton, Reid & Co., Inc., Cleveland. Note—The com¬
pany plans to change its name to Stouffer Foods Corp.,
and
in early October.
+ Super Valu Stores, Inc.
Oct. 11, 1961 filed 115,000 common. Price—By amend¬
Business—Distributes
ment.
ucts
to
retail
franchised
food
and
associated
Proceeds—Debt
stores.
prod¬
repay¬
inventories, expansion and other corporate pur¬
Office—101 Jefferson Ave., Hopkins, Minn. Un¬
derwriter;:—White, Weld & Co., Inc., N. Y., and J. M.
Dain & Co., Inc., Minneapolis.
ment,
poses.
Superior Industries Corp.
Aug. 29, 1961 filed 125,000 common. Price—$4. Business
manufacture of folding pool tables, table tennis
tables and related accessories. Proceeds — For general
—The
corporate purposes. Office—520 Coster St., Bronx, N. Y.
Underwriter—Brand, Grumet & Seigel, Inc., N.Y. (mgr.).
(10/30-11/3)
SupronScs Corp.
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany
is engaged in the distribution of wholesale
trical equipment and supplies.
of bank
payment
loans and
Proceeds
—
Treat
rities
Corp.,
both
&
of
elec¬
For the re¬
other corporate
purposes.
Office—224 Washington St., Perth Amboy, N. J.
Under¬
Co., Inc./ and Standard Secu¬
New York City
and Bruno-
Lenchner, Inc., Pittsburgh, Pa.
Crane
Susan
ment.
Packaging, Inc.
Price—By amend¬
Business—The manufacture of gift wrap, packag¬
A")
communications
field.
Proceeds—
equipment, research and development, and working
Office—31-26 Greenpoint Avenue, Long Island
capital.
City, N. Y. Underwriter—Manufacturers Securities Corp.,
511 5th Ave., N. Y.
Offering—Expected late Nov.
•
Spectron, Inc.
r
;
June U, 1961 filed
83,750 class A common. Price—$4.50.
Business—Design, development and manufacture of elec¬
....
..
.
Proceeds—For repay¬
expansion, working capital and general
corporate purposes. Office—8107 Chancellor Row, Dallas.
Underwriter—C. E. Unterberg, Towbin Co., N. Y. C.
ment
of
Swift
loans,
Monies,
Inc.
(11/29)
,
1961 filed 240,000 common, of which 80,000
will be sold by the company and 160,000 by stockhold¬
ers.
Price—By amendment. Business—The manufacture,
sale and financing of factory-built homes. Proceeds—To
Sept.
(SAMCO).
manufacture
used in
due
Aug. 28, 1961 filed 150,000 common.
100,000 common. Price—$3.
of high temperature mate¬
rials for the space, nuclear and missile fields, and com¬
For
Star
ing materials and greeting cards.
Office—1101
Business—The
ponents
•
Office—672-llth
Underwriter—None.
Space Age Materials Corp.
(11/20-24)
19,
'
Imminent.
writers—Amos
St., Phoenix. Under¬
writer—Wilson, Johnson & Higgins, San Francisco (mgr).
•
pansion, patent development and general corporate pur¬
poses.
Office—812 Ainsley Bldg., Miami, Fla. Under¬
writer—Hampstead Investing Corp., N. Y. Offering ■
Proceeds-—For
and
ic Southland Investment Corp.
Sept. 27, 1961 ("Reg. A") $250,000 of five-year 6% sub¬
Sept.
common.
manufacture
the selling stockholders. Office—
St., Manchester, N. H. Underwriter—
Dean Witter & Co., San Francisco.
For
Inc.
working capital. Office—2501
Bank of Georgia Bldg., Atlanta. Underwriter—Johnson,
Lane, Space Corp., Savannah.
N. Y. Offering—In Nov.
Proceeds—For
Canal
Syndicate,
both of New
1961 filed 300,000 common. Price—By amend¬
Aug. 28, 1961 filed 600,000
filed
Shaer Shoe Corp.
Sept. 18, 1961 filed 225,000
Price
(10/23-27)
& Co.
70,000 common. Price—By amend¬
Distributes food products to restau¬
rants, hotels, schools, etc. Proceeds—For selling stock¬
holders. Office—4700 S. Kilbourn
Ave., Chicago. Under¬
ment.
& Co., and Lee Higginson Corp.,
City (managing).
Sept. 13,
vestments, Inc., Minneapolis.
•
shares.
ing capital and other corporate purposes. Office—1674
Meridian Avenue, Miami Beach, Fla.
Underwriters —
benture
'("Reg. A") 245,000 common. Price—$1.15.
Operation of a management consulting and
common
of principal amount.
Business—The develop¬
ment of unimproved land in Florida. Proceeds—For the
repayment of debt, the development of property, work¬
scription
Sept. 8, 1961
engineering
Realty & Utilities Dorp. (10/30-11/3)
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common
shares, to be offered for public sale in units of $500 of
ment.
and
Business
Southern
repayment
■—Sale of automatic film
products.
Greenville, S. C. Underwriter—Capital Securities Corp.,
Greenville, S. C. •
Of¬
Servotron Corp.
electronic
Building,
•
1961
Thursday, October 12,
.
tronic systems, instruments and equipment, including
microwave, radar and underwater communication de¬
vices. Proceeds—For purchase of equipment, plant ex¬
—336
Aug. 21,
1961 ("Reg. A") 100,000 common (par 10c).
Price—$3. Proceeds—For purchase and improvement of
Office—259 E.
Weld
By
—105
and
instructional
materials
for
repayment of debt, redemption of
Chicago." Underwriters—White,
William Blair & Co., Chicago.
and
<
—
pany.
Proceeds—For
Erie'St.,
Capital Co.
1961 filed 1,000,000 capital shares. Price
amendment/Business—A small business investment com¬
intelligence, aptitude, and
6% preferred stock and working capital.
w)-;'-.
.
.
June
Sierra
Sept. 5,
filed
tests,
Office—62 Richmond St., West, Toronto, Canada.
poses.
150,040 common, of which 100,000
shares are to be offered by the company and 50,040
shares by stockholders. Price—By amendment. Business
achievement
Proceeds—For general corporate pur¬
northern Ontario.
Associates, Inc.
—Publication of standardized
Ltd.
Sept. 18, 1961 filed 250,000 common. Price—By amend¬
ment.
Business—The exploratory search for silver in
Pro¬
fice—4320-26 Park
Science Research
Mines
Siconor
80,000 pommon. Price—$3.75.
manufacture
None.
—
Chronicle
15,
expand credit sales and open new sales offices. Address
Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
—1
Dillon, Union Securities & Co., N. Y. Offering—Expected
in
mid-November.
Taddeo
Construction
&
Leasing Corp.
common. Price—$5. Busibowling centers. "Proceeds—
For purchase of land and working
capital. Office—873
Merchants Rd., Rochester, N. Y. Underwriters—N. A.
March
31,
ness-^The
1961
filed 320,000
construction
of
Volume
Hart
194
Number 6098
.
The Commercial and Financial Chronicle
&
(1605)
Co., and Darius, Inc. (co-mgrs.). Note — This
was formerly named Taddeo Bowling & Leas¬
ing Corp.
—F. L. Rossman &
Tasty Baking Co.
Aug. 31, 1961 filed 100,000 class A
Aug. 24, 1961 filed 125,000
equipment,
company
Price—By
amendment.
Tower Communications
common
Business—The
packaged bakery products. Proceeds
(non-voting).
manufacture
Co.
Union
—
Tax-Exempt Public Bond Trust Fund, Series 2
Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
certificates. Price—To be filed by amendment. Business
ordinated
interest bearing obligations of
counties, municipalities and territories of the
S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
Business
U.
ceeds— For
ginson Corp., N. Y. C.
investment.
Street, Chicago.
Office —135
South
'
Price—By amendment.
hotels, motels,- apartment
Sponsor—John Nuveen & Co., Chicago.
Trans-Lux Corp.
Technifoam
Aug.
14,
1961
Corp.;
^
"
filed 110,000 common shares.
Aug.
000
Price—$8.
machinery for producing"
polyurethane foam. Proceeds—For repayment of loans,
equipment, foreign investments and working capital.
Office —717 Fifth Avenue, New York. Underwriter—
Stearns & Co., N. Y. (mgr.).
100,000
TeJeregister Corp.
Sept. 1, 1961 filed 280,000
j.
&
•
Ave.,
N.
Y.
-
.
(10/16-20)
Proceeds—For construction of
a
research and development, sales engineering
working capital.
Office — 500 Edgewood Avenue,
machine,
Trenton, N. J.
•
Underwriter—D. L. Capas Co., New York.
Thermo-Chem Corp.
Price—$4.50.
fabrics. Pro¬
loan, and purchase equipment, for re¬
development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co.. Inc.. Washington, D. C.
ceeds—To repay a
search
•
and
Thermotronics
Corp.,
Inc.
I
July 10, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Research and development
of electronic and electrical devices, principally an elec¬
tronic water heater/ Proceeds—For raw materials, plant
and
and
equipment, advertising research and development
working capital. Office—27 Jericho Turnpike, Mine-
ola, L. I., N. Y. Underwriter—J. B. Coburn Associates,
Inc., N. Y. Offering—Imminent.
30
North
La
Salle
Street
Realty Fund
July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A real estate investment company.
Proceeds—For investment. Office—30 N. LaSalle
St.,
Chicago. Underwriter—None.
Enterprises, Inc. (10/16-20)
filed 85,000 common shares.
Price—$4.
Business —The breeding of thoroughbred race horses.
Proceeds—To purchase land, build * a stable, and buy
additional horses. Office—8000 Biscayne Blvd., Miami,
Fla. Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,
Thoroughbred
June
2,
1961
and New York
City.
Thurow Electronics,
Inc.
July 20, 1961 ("Reg. A") 41,500 class A common shares
(par $2.50) and 83,000 class B common shares (par $1)
to be offered in units consisting of one class A and two
class B common shares. Price—By amendment. Proceeds
—For repayment of loans and inventory.
Office — 121
S. Water St., Tampa. Underwriter — Miller Securities
Corp., Atlanta. Ga.
(10/23-27)
July 28, 1961 filed 100,000 capital shares. Price — By
amendment. Business—The production of self instruc¬
tional courses and devices. Proceeds—For purchase of
•
Tor Education,
Inc.
converting
Bear,
delphia.
\
and
'
Improvement & Investing Corp. '
(10/16-20)
18, 1961 filed $2,500,000 of 6% convertible
,
Aug.
sub¬
ordinated debentures due 1976 to be offered for
subscrip¬
tion by holders of common stock and series A warrants
*
on
the basis of $100 of debentures for each 70 shares
held. Price—By amendment. Business—General real es-
tate. Proceeds—For general corporate purposes. Office—
25 W. 43rd
St., New York. Underwriter—Sutro Bros. &
Co., New York (managing).
• United Nuclear
Corp.
Aug. 28, 1961 filed 325,000 common, of which 100,000 are
to be offered by the company and
225,000 by stockhold¬
ers..
Price
By amendment. Business — Development
—
and research in the nuclear field.
Proceeds;—For work¬
ing capital and general corporate purposes. Office—365
Winchester Ave., New
Haven, Conn. Underwriter —
Eastman Dillon, Union Securities & Co., N. Y, C.
(mgr.).
Note—This registration has been withdrawn.
;
•
United
Scientific
Laboratories,
Inc.
':v,v^(ioy3o*ii/3r'■!*->
which
v
80,000
are to be offered by the
company and 80,000 shares by
stockholders. Price—By amendment. Business—Manu¬
—For
<•
-
'
Aug^il8/ 1961 filed 360,000
facture
of
common shares. PFice—$2.
Business—The manufacture1 of high* fidelity -stereo tuners
and
of
precision, plastic components. Proceeds—Fbr
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
N. Y. Underwriter—Hill, Darlington &
Grimm, N. Y.
Displays, Inc. (10/23-27)
("Reg. A") 260,000 common shares (par
five cents). Price—$1.15. Proceeds—For working capital.
1961
Office—1221
Glenwood
United
'Sept. 22,
Ave., Minneapolis. Underwriter
!
Office—Burbank,
Co., N. Y.
Calif.
filed
Corp.
355,000
of
common
which
150,000
by stockholders. Price—By amendment. Business—Sale
of food, .tobacco products and beverages through auto¬
matic vending machines. Proceeds—For repayment of
debt. Office—410 Park Ave., N. Y. Underwriter—Hemp¬
("Reg. A") 100,000 common. Price—$2. Busi¬
expansion.
Servomation
1961
shares will be offered by the company and 205,000 shares
hill, Noyes & Co., N. Y.
Manufacture of electronic parts and equipment.
—
Proceeds—For
Ave., Long Island City, N. Y. UnderwriterMaplewood, N. J.
Continental Bond & Share Corp.,
it Trio-Tec Corp.
Oct. 3, 1961
repayment of debt, increase in sales, personnel,
and production and working capital. Office—
35-15 37th
—Naftalin & Co., Minneapolis.
ness
amplifiers and amateur radio transceivers. Proceeds
tooling
Tri-State
July 24,
.
:
,
United
equipping
Co., N. Y. C.
Industries, Inc. '•
1961 filed 160,000 common,
28,
Un¬
U. S. Controls, Inc.
Sept. 28, 1961 filed 120,000
;•
Triton
Electronics, Inc.
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and 31,500 by stockholders.
ness—The
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research and
common.
Price—$2.25. Busi¬
working
development,
-62-05
(11/6-10)
June 14, 1961 filed 130,000 common shares.
Business—The manufacture of coatings for
designing,
derwriter—Ezra Kureen
July 27, 1961 ("Reg. A") 150,000 common shares (par
10 cents).
Price—$2. Business—The manufacture of a
and
The
conv. subord. deben¬
1971. Price—At par. Business—Manufacture of
working capital, the repayment of debt and pur¬
of equipment. Office — Suite
705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co., Phila¬
Works, Inc. (10/16)
29, 1961 filed 68,000 outstanding common shares to
by the stockholders. Price—At the market.
—
.
chase
offered
Sept.
Underwriter—
^
heating tape.
—
Tri-Point
offered
Texas Gas Producing Co.
Sept. 5, 1961 filed $315,000 of 5%% subordinated con¬
vertible debentures due 1973 and 10,500 common to be
offered in units of $90 of debentures and three common
shares. Price—By amendment. Business—The production
of crude oil and natural gas. Proceeds—For repayment
of notes, working capital and general corporate
pur¬
poses. Office—731 Meadows Bldg., Dallas. Underwriter—
Equitable Securities Corp., Nashville.
flexible
Ave., N. Y. Underwriter
(mgr.).
• r;'
Underwriter—R. L. Scheinman &
Hecker & Co., Philadelphia.
Thermionix Industries Corp.
Madison
>
.
For
ovens and components in the fabrication of metal
equipment for the food, pharmaceutical and chemical
industries. Proceeds—For the selling stockholders. Of¬
fice—Bennard & Warrington Sts., East Riverton, N, J.
$240,000 by stockholders.' Price—
Third
by stockholders.
aces,
common.
Proceeds—For expansion, a new subsidiary and working
Office—630
150,-
trucks used in sale of ice cream, etc.
It also engages in
the research, design and manufacture of vacuum furn¬
At par. Business—A mutual fund management company.
capital.
shares
Business
.
and
which
company
Tri-Metal
be
Templeton, Damroth Corp.
•*.;■
Sept..'28, 1961 filed $1,500,000 of ;5V2% ,Convertible de¬
company
the
St., West Orange, N. J. Underwriter—P. W. Brooks ^;
Co., Inc., N. Y. (mgr.).
V, V
June
Underwriter—Ladenburg, Thalmann & Co., N. Y. (mgr.).
by the
by
Main
^'v
due .4969, ofv which, ;$£Q5,00Q,.; are. to. be
of
common,
offered
6%% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and
40 common shares. Price—By amendment. Business—The
manufacture of paints for hobbyists.. Proceeds—For re¬
payment of bank loans and working capital. Office—82
ex¬
Price—By amend¬
ment. Business—The furnishing of data processing, dis¬
semination and display services^ Proceeds—For the selling stockholders. Office—445 Fairfield Ave., Stamford.
bentures
250,000
be
to
.
United Exposition Service Co.
Sept. 22, 1961 filed 100,000 common, of which 40,000 will
be offered by the
company and 60,000 by stockholders.
Price—By amendment. Business—Supplying of decorat¬
ing, drayage, cleaning, and related services for trade
shows, conventions, and similar expositions. Proceeds—
Tri-Chem, Inc. (10/23-27)
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
penses, establishment of service centers and reserves.
Office—100 W. 10th Street, Wilmington, Del.
Under¬
writer—Globus, Inc., N. Y. (mgr.).
(mgr.). Offering—In November.
•
•
TeSecredit, Inc. (11/6-10)
July 24, 1961 filed 155,000 common shares. Price—$1.
Business—The development of high-speed electronic data
organizational
filed
are
.
writers—Hess, Grant & Remington, Inc., Philadelphia
Arthurs, Lestrange & Co., Pittsburgh.-
(10/30-11/3)
Stearns & Co., N. Y.
Techno-Vending Corp. (10/30-11/3)
June 9, 1961 ("Reg. A") 100,000 class A common. Price—•
$3. Business—Manufacture of coin-operated vending ma¬
chines. Proceeds—Repayment of loans; sales promotion
and advertising; expansion; purchase of raw materials;
research and development, and working capital. Office—•
599 Tenth Ave., N. Y. Underwriter—Interntaional Serv¬
ices Corp., Paterson, N. J.
'.'■■■';■ \
:y;•
y.
Proceeds—For
1961
Office—625
•
systems.
31,
shares
t
Products Corp.
and
and
Price—By amendment.
Business—The manufacture of news ticker
projection
equipment. Proceeds — For expansion, repayment of
loans, new equipment and general corporate purposes.
Business—The manufacture of
processing
operation of
Aero
precision machined parts for the aircraft, missile, electronics and nuclear industries. Proceeds—Debt
repay¬
ment, research and development, expansion and working
capital. Office—Columbus Rd., Burlington, N. J. Under¬
"
convertible sub-
and a small business investment company.
Office—375 Park Ave., N. Y. C. Underwriter—Lee Hig-
Salle
La
The
—
Sept. 28, 1961 filed $600,OQ0 of 6%
tures due
buildings
—
—
United
debentures due 1981.
states,
Price—By amend¬
life, and health and accident in-
Offering—Expected in late Nov.
•
—The fund will invest in
Co.
common.
Proceeds
For investment.
' Off ice
611 N.
Broadway St., Milwaukee. Underwriters—H. M. Byllesby & Co., and Straus, Blosser & McDowell, Chicago.
surance.
.
common.
Transcontinental Investing Corp.
Aug. 25, 1961 filed $10,000,000 of 6%%
Insurance
ment. Business—Sale of
—
Office—2801
Trust Life
Sept: 25, 1961 filed 300,000
Price—By amend¬
ment. Business—The
design, manufacture and erection of
communications towers. Proceeds
For repayment of
debt and working capital. Office — 2700
Hawkeye Dr.,
Sioux City, Iowa. Underwriter—C. E.
Unterberg, Towbin Co., N. Y. C. (mgr.).
of
For the selling
Hunting Park Ave., Phila¬
delphia, Underwriter—Drexel & Co^ Philadelphia.
stockholders.
new products and other corporate purposes.
Prospect St., Stamford, Conn. Underwriter
Co., New York (managing).
Office—65
45
United
Tropical Gas Co., Inc.
8, 1961 filed 135,000 common, to be offered for
subscription by stockholders on the basis of one share
Sept.
six
held.
Price
True Taste Corp.
Aug. ,18, 1961 filed ,200,000
Business
The
common
installation
—
—1206
Tower
Dallas Rupe
By
Petroleum
Bldg.,
U. S.
shares., Price—$5.
•
Dallas. Underwriter—(managing).
inventory,
S.
Treat
stockholder. Price—$5. Business—The op¬
supermarkets and other retail food
stores in the San Francisco area. Proceeds—For repay¬
of
purposes.
personnel, advertising and
& Co., N. Y. Offering—In
common.
loans, working capital and general corporate
Office—60 Fallon Street, Oakland. Calif. Un¬
N. Y. Offering—Ex¬
-—Expected in late November.
*
v
■
•
States
Plastics,
Inc.
Sept. 7, 1961 filed 190,000 common, of which 150,000 will
be sold by the company and 40,000 by a stockholder.
Price—By amend¬
Ave., Phoenix, Ariz. Underwriter
Co., Los Angeles (mgr.). Offering
chain of
derwriter—Stanley Heller & Co.,
pected sometime in November.
Corp.
company is engaged in the paving
of roads and the sale of sand, crushed rock and transitmix concrete. Proceeds—For the selling stockholders.
Office—2800 S. Central
a
a
ment
ment. Business—The
—William R. Staats &
by
United
Aug. 22, 1961 filed 160,000
Office—480 Lexington Ave., N. Y.
eration of
Union Rock & Materials
Publications, Inc.
• U.
S. Markets, Inc.
July 31, 1961 filed 200,000 common shares, of which 160,000 shares are to be offered by the company and 40,000
shares
Underwriter—Amos
Electronic
expansion and work¬
Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
November.
•
U.
ing capital.
Inc.
additional
Dielectric Inc.
books. Proceeds—Debt repayment,
Sept. 19, 1961 filed 150,000 class A common. Price—$4.
Business—The manufacture of outdoor plastic signs and
urethane foam. Proceeds—For equipment, repayment of
debt,
N. Y. (mgr.). Offering—
26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
To be named.
Plastics
Corp.
Sept.
Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
Ultra
Crown
July 24, 1961 ("Reg. A")99,990 common shares (par 10
cents). Price—$3. Business—The manufacture and dis¬
tribution of epoxy resins for potting uses.
Proceeds—
For
repayment of' loans, research and development,
moving expenses and working capital/ Office — 140
Adams St., Leominster, Mass. Underwriter — Richard
Bruce & Co., Inc., New York.
and
& Son, Inc., Dallas
States
Underwriter—Adams & Peck,
operation of plant to
process frozen concentrated: juices in bulk. Proceeds—•
For installation of equipment and working capital. Office
—
systems.
Expected in November.
amendment.
Proceeds—For the repayment of debt, and working capi¬
tal.
Office—2151
Le
Jeune
Rd., Coral Gables, Fla.
Underwriter—Glore, Forgan & Co., N. Y. (mgr.).
common
control
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized bottle caps. Proceeds—
For equipment, working capital and general corporate
purposes. Office—437 Boulevard, East Paterson, N. J.
Securities
each
automatic
ing program, research and development, equipment and
capital. -Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside, N. Y.
' '
Co., N. Y.
for
of
Proceeds—For repayment of debt, a sales and advertis¬
advertising, and working capital. Office
Ave., Woodside, N. Y, Underwriter—Neth¬
Co., Inc., and Seymour Blauner &
30th
erlands
manufacture
Price—$3.
.
Business—The
sale
of plastic
items, power
tools, adhesives, hardware, etc. Proceeds—To repay debt.
Office—750 W. 18th St., Hialeah, Fla.
Underwriter—
Rofnan & Johnson, Fort Lauderdale
(mgr.).
Continued
on
page
46
46
Continued
(1606)
from
The Commercial and Financial Chronicle
page
Vendotronics
45
Sept.
United Variable Annuities Fund, Inc.,
share. Business—A
investment.
new
Office—20
W.
9th Street, Kansas City, Mo
Reed, Inc., Kansas City, Mo.
Offering—Expected in early November.
Venus
Universal
Lighting Products, Inc. ;
Sept. 21V 196 F filed 175,000 common. Price—$1. Business >
—Manufacturer of lighting fixtures and display "and
merchandising equipment for use in gasoline: service
stations* Proceeds
Repayment of debt and working
capital. Office—55- Bergenline Ave., Westwood, N. J.
Underwriter-—Globus,. Inc., N. Y. (mgr.). Offering—Ex¬
—
pected'sometime in December.
•••
v
28, 1961 filed 50,000 6% cumulative preferred shares
(par $10) and1 50,000 common shares to be offered in
units, each consisting of one preferred share and one
common share.
Price—$15 per unit. Business—The pub¬
lishing of magazines and; paper bound* books. Proceeds—
•
expansion, additional personnel;, sales, promotion,
working capital and-1 other corporate^ purposes* Office—
N. Y., Underwriter—Allen &r Co.,. N* Y.
Offering—Imminent.
Universal
j
■
■
share for each 30 shares held of record
160,000
homes. Proceeds—For working capital; Office—765 Riv-V
St., Paterson, N.J. Underwriter—Stearns & Co., N.Y.C. \
(mgr.). Offering—In early November.
Valley Forge Products, Inc.
Electronics
Sept. 15; 1961 filed 100,000" class A capital shares. Price
—By amendment. Business — The manufacture of re¬
Mold* &
Scribner and
Corp.
Valley Title & Trust Co.
June 13, 1961 filed
120,000
,
// .'-
-
Iron
Co-
-V.'-
..
foods.
other
pastries
the
and
—$1.50
$3.
—
working capital,
reserves and other corporate purposes.
Office—1001 North Central Ave.,,
Phoenix, Ariz. Under- "
writer
Louis R. Dreyling & Co., 25 Livingston
Ave.,
—
Brunswick, N. J: Offering—Imminent.
common.
Price
—
$4,
of medical and den¬
tal equipment. Proceeds—For
machinery, debt repay¬
ment, expansion, new products and working capital. Of¬
fice—375 Walton
Ave., Bronx, N. Y. Underwriters—Cacchione & Smith, Inc. and Fred F. Sessler &
Co., Inc.,
accounts receivable
—
ities. .Office
1201 Continental Bank Bldg., Salt Lake
City, Utah.. Underwriter—Elmer K. Aagaard, 6 Salt Lake
Stock Exchange Bldg., Salt Lake City..
- /
/ >
Semiconductor Inc.
Sept. 20, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Manufacture of semi-conductors for
manufacture
- :
/
-
Westland Capital Corp.
*
it Westpak
non-regulated freight for¬
forwarding of household goods.
Proceeds-—To repay debt, purchase metal
containers, and,
increase working capital. Office — 542
Insurance Ex¬
change Bldg., Des Moines, Iowa.
Underwriter—Hodgdon
Co., Inc., Washington, D. C. Offering—Expected
some
time in December.
Vending International, Inc.
July 27; 1961 ("Reg. A") 70,588 common^shares
(par
l'O cents). Price—$4.24. Proceeds
For repayment of'
—
building. Office—c/o Brown-
field, Rosen & Malone, 1026-16th St., N. W., Washington,
D.C. Underwriter—H. P. Black &
Co., Inc., Wash., D. C.
^
Inc.
ment, equipment, sales, advertising and working capital.
Office— 475 Alfred Ave., Teaneck, N. J.
Underwrite*'—
Scott, Harvey & Co., Inc., Fairlawn, N. J. .'/v'/y
/
Weyenberg Shoe Manufacturing Co.
1
;
'
Sept. 29, 1961 filed 100,000 common. Price—By amend¬
ment.
Business—Manufacture
of
men's
shoes.
Proceeds
—For
selling stockholders. Office — 234 E. Reservoir
Ave., Milwaukee. Underwriter—Robert W. Baird & Co.,
;
'/./">
;.r-'-'y. -,:r/ //'
V:/
installation
of
Wards
Warshow
(H.)
& Sons, Inc.
ment. Business—The manufacture of fabrics for women's
wear.
Proceeds—For
the
selling stockholders. Office—
45 W. 36th St., N. Y: Underwriters—Lee Higginson Corp.
and P. W. Brooks & Co.,
Inc., N. Y. (mgrs.). Offering—
Expected in November.
•
Water
Industries
Capital/Corp.
common.
(10/17)
Price—$11. Business
r
Bethesda, Md.
ton, D. C.
WBIIher'6
marketing, product develop¬
Office—4903 Auburn Ave.,
Underwriter—Weil & Co*, Inc., Washing¬
...
;
Liquors
/,;
.......
;
Sept. 13, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Operation of a chain of liquor stores. Proceeds
—For equipment
and inventory, and acquisition and
working capital. Office—596 Orange St., Newark, N. J.
Underwriter—First Weber Securities
Corp., N. Y.
Winchell
Sept. 26,
Doughnut House, Inc.
1961 filed 90,000
common.
operators of doughnut shops leased from the company.
Proceeds—For the selling stockholder. Office—1140 W.
Main St., Alhambra, Calif.
Co., Inc., N. Y.
Underwriter—McDonnell &
e
Windsor (Kay), Inc.
/
Sept. 28, 1961 filed 200,000 class A commoh. Price—By
amendment. Business—Manufacture and sale of women's
dresses.
Proceeds—For a selling stockholder. Office—
St., New Bedford, Mass. Underwriter—Lee Hig¬
ginson Corp., N.Y. Offering—Expected sometime in Nov.
Deane
e
Windsor Texprint, Inc.
Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the
company and 15,000 by stockholders.
Price—$2. Business—The printing of towels and other
D. E. Liederman &
(mgr.).
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business
The carrying of liner-type cargoes.,
Proceeds—For the purchase of vessels, and working cap¬
ital. Office—71 Saint Joseph
St., Mobile, Ala. Under¬
writer—Shields & Co. Inc., N. Y. (mgr.),.
—
Watson Electronics & Engineering Co.,
July 25,. 1961
10
cents).
("Reg.
Inc.
A") 75,000 common shares (par
$4. Proceeds—For manufacturing,
Price —
laboratory and office facilities* equipment and working
capital.; Office—2603 S. Oxford St., Arlington, Va. Un¬
derwriter—Hodgdon & Co., Inc.,, Washington, D. C.
Price—By amend¬
ment. Business— Sale of doughnut mixes to franchised
—Hornblower & Weeks, N. Y.
Waterman Steamship Corp.
Business
lication of technical papers,
ment and working capital.
textile products.
Proceeds—For
Office—2357 S. Michigan
small business investment company. Proceeds—For
investment. Office—122 E. 42rid St., N. Y. Underwriter
:
—Rendering of consulting services pertaining to elec¬
tronic system analysis.
Proceeds—For expansion, pub¬
—A
—A nation-wide and overseas
warder engaged in the
/.••••.-/ v/
>
(11/13-17)
Sept. 29, 1961 ("Reg. A") 100,000 common. Price — $2.
Business—Thermo-forming of plastic material for pack¬
aging of products. Proceeds—For research and develop¬
Milwaukee.
and
com¬
Working capital; Officerr^9229 Sunset Blvd., Los Angeles,
Calif. Underwriter—Bear, Stearns & Co., N. Y* s/ 1
*
aircraft, misisle and related industries. Pro¬
repayment of loans, purchase of equipment
July 21, 1961 filed 750,000
Price—$15; Business
,-
.
Western
common shares- Price — $5.
if White Electromagnetics, Inc. /
The manufacture of ground, support equip- ~; Oct.
5, 196T filed 65,000 common.'Price—$3.75.
The
also
Sept. 21, 1961 filed 985,500 commoh; trice—$11) Business
small business investment company. Proceeds—For
Research, Inc./,
,
common.
and
—A
selling stockholders.
St., Newark. Underwriter—None;
Aug. 30, 1961 filed 285,000 class A. Price—By amend¬
62,500
Business—Design and manufacture
share. Proceeds—To be used principally for
Diego, Calif.
Proceeds—For. the
Co., Inc. (10/30-11/3)
Sept. 15, 1961 filed 110,000 common. Price—By amend-,
ment. Business—The retail sale of radios, TV
sets, re¬
frigerators, stoves, air conditioners, etc. Proceeds—For
working capital and* other corporate purposes. Office—
2049 West Broad St., Richmond, Va. Underwriter—Stein
Bros. & Boyce, Baltimore.
•
Corp.
stock. Price
mercial and military use. Office—605-G Alton St., Santa
Ana, Calif,-Underwriter—Currier & Carlsen, Inc., San
of
highway
signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.
•
Business—The writing and selling of title insurance and
the acting as trustee and escrow;
agent*. Proceeds—For
per
■//."■
common
—
,
—
be
/':'♦
July 26, 1961 filed 65,000
ness
shares*; Price—$5.
shares to
be used: to liquidate current and long-term liabil¬
may
...
distribution
common
shares of
:r the purchase of additional
■■'VV-
Walter. Sign Corp..
March 30, 1961 (letter of notification) 100,000 shares- of
common stock (par one cent). Price—$3 per share. Busi¬
.
and) 300,000
General real estate: Proceeds—For debt repayment and
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
Stores,, Inc.
*
-> /;• •,
23, 1961 ("Reg. A"), i00;000 common shares (par
10 cents);
Price—$3.
Business—The operation of dis¬
count merchandising centers* Proceeds—Foe repayment
1
of loans, expansion and working capital. Office—691 E.'
Jericho Turnpike, Huntington Station, N. Y. Underwriter >
—Herman & Diamond, N. Y. Offering—Imminent.
Wald
1976
units, each consisting of $100 of debentures
common; shares. Price—$200 per unit. Business—
Western Factors, Inc-.
Moore, Leonard & Lynch, Pittsburgh.
and
due
in;
June 29, 1960 filed 700,000
—
(11/6-10)
common;
and 20
(10/30-11/3)-
-
inventory,, working capital and general corporate
Office—79 Franklin Turnpike, Mahwah, N. J.
Underwriters
Martinelli & Co.,. New York and E. R.
Davenport & Co., Providence, R. I.
'
Bldg., Houston, Tex. Underwriter—White, Weld & Co.,
a new
*
-
and
debt and investment in subsidiaries. Office—583 M & M
Van-Pak, Inc.
Sept. 15, 1961 filed 140,000
debentures
offered
York.
purposes.
Valley.-Gas Production, Inci (11/20)';
Sept. 22; 1961 filed. 194,000'common; Price—By amend¬
ment. Business—Acquisition of natural
gas and oil pro¬
ducing1 properties, Proceeds—Construction; repayment of
.
present holders thereof. Price—$9.75 per share. Busi¬
ness—-The company plans to acquire"and' operate' bowling
centers primarily in California.
Proceeds—For general
~
Wagner- Baking Corp* .
.;•/•:-H//
July 5;, 1961 filed 50,637 outstanding common shares.
Prices—At-the-market.
Business—The manufacture of
ceeds—For
St.,
Brooklyn, N. Y. Underwriter — Rodetsky, Kleinzahler,
Walker & Co., Inc.,t Jersey City, N. J.
.
Coast
Bowling Corp.
:,r i-.; -v.\7.
..';.//
May 26, 1961 filed 128,434 shares of common stock, of
which 115,000 shares are to be offered for public sale
by the company and 13,434. outstanding shares by the
/
ment for the
placement ignition and other electrical components for'
automobiles. Proceeds—For working
capital; new prod¬
ucts and other corporate purposes. Office—370 19th
.
•
'
Business
/
N. Y.
foot¬
and women;
ness—Manufacture' of cast iron ingot molds, stools; etc.
Proceeds—For construction and working capital. Office
—Ave., E.,„ Latrobe, Pa. Underwriters—Singer, Deane' &
er
("Reg. A")
s
.
;
and
company
;
.
be
June
Vaf-U Homes Corp. of Delaware.:
:
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
<
men
Wainrste
Ave:, Milwaukee, Wis. Under¬
writer—Continental Securities Corp., Milwaukee, Wis.
debt, expansion andi
centers for
Office—13 Vesey
Office^—3629 N. Teutonia
&
common
will
of-casual
Proceeds—The
corporate purposes.
Office—3300' West Olive Avenue,
will use its part of the proceeds for the open- / Burbahk, Calif.K Underwriter—Hill Richards & Co.
Iiic.,
ing of new gymnasiums and the promotion of home ex- -.<• Los Angeles (managing)..
/:
; ' ; / ■
J
ercise equipment. Office—375 Park Ave., N. Y. Under- 1;
Westates Land Development Corp.
writer—S. D. Fuller & Co., N. Y.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
frozen
1961 ("Reg. A") 31,097 common. Price—$5.
Operation of a discount department store.
—
N. Y.
health
pies, cakes
U-TellCorp.
1961
of- the
Sept. 29, 1961 filed $3;500,000 of 6% convertible subor¬
Samitas & Co., N. Y.
Valtronic
account
dinate debentures due 1981. Price—By amendment. Busi-
Uropa International, Inc.
.
eri) r* 1
V
Sept 28, 1961 filed 120,000 common: Price—$2.50." Busi¬
ness—Importing of compact'appliances and: stereophonic
radio and phonograph consoles. Proceeds—For working'
capital.. Office—16 W. 32nd St., N. Y.
Underwriter—
Sept. 29,
the
shares by the present holder thereof. Price—$9.50; Business—The operation-of a national chain of1 gymnasiums
Vulcan
^ „
New
for
ing of background music. Proceeds—For. tooling, pro- :
duction, engineering;, inventory and sales-promotion of
its products and for working capital. Office — 1230 E.
Mermaid, Lane, Wyndmoor; Pa. Underwriters — John
Joshua & Co., Inc.,, and Reuben Rose & Co., New: York., >
— The
sale of medicine, surgical and
laboratory equipment manufactured by others. Proceeds
—For- the repayment of debt. Office — 9107 Wilshire
Blvd., Beverly Hills, Calif:
Underwriter — DempseyTegeler & Co,,. Inc.,, St Louis,
18,
offered
manufacture
a
J
//' West
commercial? communications equipment and the furnish¬
Sept. 1. Business
Sept.
Tanny Enterprises, Inc.
11, 1961 filed 320,000 shares of class A
(par 10 cents) of which 160,000 shares
and- the
selling stockholder. Address—
Waynesville, N. C. Underwriter—C. E. Uriterberg, Towbin Co., N. Y.
* V? '
'
"
'
'
v-/;/•.;
Vic
stock
footwear
Proceeds—For
wear.
Blvd., Los Angeles, Calif. Underwriter—Garat & Polonitza; Inc., Los Angeles, r" -r •
V/ /y.'V'./v ,/,'"/
May
Underwriter—Troster, Singer & Co.,
,;./v
J..
//V;.
Wellco Stioe Corp. .
*Sept. 28, 1961 filed 125,070 common. Price—By amend¬
ment. Business—The licensing of other firms to manu¬
facture
product development, advertis-/
ing and working capital.: Office — 4206'W. Jefferson
new
Business—The manufacture of electronic test equipment,
the sale, installation and servicing of industrial and
• Universal.
Surgical Supply Inc. (10/18-20)
Aug: I, 1961 filed 200,000 common shares, of which 100,000 will be offered for public sale and 100,000 to stock¬
holders of Houston Fearless Corp.,, parent company,, on
Business
Proceeds—For
July 28, 1961 filed 100,000 class A shares. Price
—
Dean
ics.
V Voron
("Reg. A") 80,000 common.
Price — $3.
Business—The development of high performance silicon
rectifiers. Office
2055 Pontius, Los Angeles. Under¬
writer—Kerns, Bennett & Co., Inc., N. Y;
one
by the. company and 48,000 by stockholders.
Business—Wholesale distribution of cosmet¬
Price—$5.
promotion.-Address—347 Madison Avenue; New
Underwriter—Glass & Ross, Inc., N. Y.?■/,:>'/,i'
Rectifier Corp.
Sept. 5; 1961
the basis of
sold
be
.
equipment, filing of patents, inventory, advertising and
..
.
Inc.
VoJ-Air, Inc. (10/16-20)
/
July 27, 1961 ("Reg. A") 96;000 common shares (par one
cent).
Price—$2.50. Business—The manufacture of a
patented heat and mass transfer system. Proceeds—For
For
31st: St.,
to
Ave.* N. Y;
(mgr.).
company
Jtine
E.
Distributors,
Drug
Fifth
N. Y. C.
Oct. 2, 1961 filed: 168,000 common, of which 120,000 are
and
Universal Publishing & Distributing Corp.
117
*
•
Underwriter;—B. G. Harris & Co., Inc., N. Y.
if Univend Corp.
'
&
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50. °
Business—Operates coin-vending machines for food and *
drink. Proceeds— For expansion and working; capital.
Office—280 O'Brien Place, Brooklyn, N. Y. Underwriter
•—Ezra Kureen Co., N. .Y.
Thursday, October 12, 1961
.
Weissberg (H. R.) Corp.
Aug. 28, 1961 filed 250,000 class A common. Price—Ijty
amendment. Business—The operation of hotels, and gen¬
eral real estate. Proceeds—For repayment of
loans, ac¬
quisition and general corporate purposes. Office—680
Price—$2.
ing machines: Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
purposes.
Office—572 Merrick Rd., Lynbrook, N: Y.
mutual fund. Proceeds—For
Underwriter—Waddelk &
•
Corp. (11/6-10)
("Reg. A") 150,000 common.
Business—The manufacture of automatic popcorn vend- *
April 11, 1961 filed 2,500,000 shares, of stock. Price—$10
per
1961'
1,
.
of loans.
Underwriter—•
repayment
Ave., Chicago.
Co., Inc., N. Y. C.
•
Wisconsin Natural Gas Co.
(10/18)
Sept. 20, 1961 filed $4,000,000 of first mortgage bohds due
1986. Proceeds—For
expansion, and the repayment' of
bank loans. Office—100 Third
writers—
(Competitive).
Ave., Racine, Wis. Under¬
bidders:Salomon
Brothers & Hutzler;
Halsey, Stuart & Co.; Kidder, Peabody & Co.-White, Weld & Co. (jointly). Bids—Expected
Oct.
18
at 11:30
a.m.' (EDST)"/
Wonderbowl,, Inc.
Feb.
6,
1961
Probable
''
"*
'l
'
' 1
'
/
(10/23)
(letter of notification) 150,000 shares of
stock. Price—At par ($2
per share). Proceeds
—To discharge a contract
payable, accounts payable, and
common
Volume
194
Number 6098
.
The Commercial and Financial Chronicle
.
.
notes payable and the balance for
working
Sunset Blvd., Los
basis.
capital. Office
—7805
Angeles, Calif. Underwriter—•
Corp., Los Angeles, Calif.
^
Wood Manufacturing
Co., Inc.
July 24, 1961 ("Reg. A") 250,000 common shares (par
$1). Pric^—$1.15, Proceeds—Foor working capital, re¬
payment of loans, purchase of equipment, advertising
and
o
("Reg.
A")
100,000
dling and packaging food
payment,
New
products. Proceeds—Debt
re¬
tober.
product, sales and working capital. - Of-"
Underwriter—D. H.
Blair & Co., Inc., N. Y. •:///,;
V<://
•
amendment.
Business—The publishing of encyclopedias
Proceeds—For repayment of
>v.;; (11/21)
,
Aug. 28,
-
and. general
corporate purposes. "
Broadway,"Lynbrook, N. Y.' Underwriter—
Office—290
Standard Securities Corp., New
-
York.::'-/
"
Wide Bow'ing Enterprises, Inc.
(10/23-27)
■'/•///'/
Nov.
130,000 common shares, - Price—$4.
operation of bowling centers. Proceeds—
For repayment of debt, expansion and /working capital.
—Eraser
Philadelphia*,.- Underwriter
Philadelphia.
//
Worldwide Fund Ltd.
•
i
Co.,
&
^,-
Sept. 19, 1961 filed 100,000
.
*
common.
to
Hamilton,
Bermuda.
//
v
Price—$100/ Busi-
Underwriter
—
•
World
>.
Wide
Sept. 28,
Burnham
to
&
Reinsurance
1961. filed 4,800,000
ness—Reinsurance.
*
Bell &
-
•
-
:
*
•
.
'
•
Zep Aero
Wool
000 shares
are
common
to be offered
company
che17 -2:
_
.
Co., Inc., Newport Beach. Calif.
..
and 20,000
ATTENTION
covering 100,000 common.
Price—$4. Business—The servicing of vending machines
and coin operated kiddy-rides.
Proceeds—For equip¬
ment, inventory and general corporate purposes. Office
—Philadelphia, Pa. Underwriter—T. Michael McDarby
& Co., Inc., Washington, D. C.
General Telephone Co. of California (12/11)
Sept. 27, 1961 it was reported that this company plans
to sell $20,000,000 of bonds in December. Office—2020
•
First
Sept. 27,
'
vote
of
.
write
Nov. 6
394,975
on
proposed 2-for-l
to stockholders
a
shares
stock
on
a
are
to
split and sale
l-for-12
basis.*
of
stock
is
expected.
Offices—Newark,
J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and N. Y,: C.
common
N.
/
that we can prepare an item
you
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
,
Pennsylvania Banking & Trust Co.
1961/it was reported that stockholders
Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
UNDERWRITERS!
or
Z
us
Mainco Electronics & Marine Development Corp.
July IT, 1961 it was reported that a "Reg. A" will be
filed covering $300,000 of common stock. Proceeds—For
general corporate purposes. Address—Booth Bay Har¬
bor, Maine. Underwriter—Nance-Keith Corp., N. Y.
it Nautec Corp.
Oct.;-.10, 1961 it was
.Arizona
Public
Service Co.
-
/
*
1959
on
breglass boats,
Ave., Detroit, Mich.
Co.; White, Weld & Co.,
Pierce, Fenner & Smith Inc.
of
one
new
New York
_
Co.
;
,
1961 it was reported that this company plans to
$60,000,000 of mortgage bonds in January 1962.
Proceeds—For debt
repayment and construction. Office
Y/Underwriters
West
St.,
N.
Probable bidders:
—
(Competitive).
Halsey, Stuart & Co. Inc., and Morgan
Stanley & Co. Bids—Expected Jan. 9, 1962.
•
Pacific
Northwest Bell Telephone Co.
(11/15)
1961 it was announced that this company
plans to sell ah additional!2,990,510 common by June 30,
1964, and several issues of debentures to refund a $200,000,000 4Vz% demand note issued to Pacific Tel. & Tel.
Aug.
'
.
„
Sept. 15, 1961 it was reported that registration will be
shortly covering about 90,000 common to be offered
to stockholders through subscription rights on l-for-10
filed
(1/9/62)
—140
share for each 12 held of record Oct. 9, with
Terminal
Telephone Co.
Oct. 2,
sell
rights to expire Oct. 30. Price—$32.50. Office—Broad and
Bush
expansion.
Silo
Klein-
Discount Centers
was
$1,000,000 Of
reported that company plans to sell
tion of
a
common stock.
Business—The opera¬
chain of hard goods, discount department stores
Philadelphia, Pa. Underwriter — Rodetsky,
Kleinzahler, Walker
Co* Jersey CityuinonmlSonic Systems,
Inc.
Sept. 13, 1961 it was reported that a "Reg. A" will be
filed shortly covering 65,000 common. Price—$2. Busi¬
ness—The manufacture of ultra-sonic cleaning equip¬
ment, systems and transducers. Proceeds—For expansion
and
working capital. Office—1250 Shames Dr., Westbury, N. Y. Underwriter—Keene & Co., Inc., N. Y.
Southern Railway Co. (11/14)
Sept. 19, 1961 it was reported that this company plans
to sell $4,200,000 of equipment trust certificates in No¬
vember. Office—70 Pine St., N, Y. Underwriters—(Com¬
petitive). Probable bidders: Salomon Brothers &-Hutz¬
ler and
Halsey, Stuart & Co. Inc. Bids—Expected Nov. 14.
Subway Bowling I Recreation Enterprises, Inc. ■
Aug. 22, 1961 it was reported that this company plans
to sell ahout $1,200,000 of common stock. Business—The
company has an exclusive franchise from the City of
New York to build bowling and recreation centers in
the subways. Prsceeds—To build the first three centers.
Office—New York City. Underwriter—Rodetsky, Klein¬
zahler, Walker & Co., Inc., Jersey City.
Tooco Automated Systems, Inc.
Aug. 9, 1961 It was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares.
Price—
$3. Business The custom, design, manufacture and in¬
stallation of automated material handling systems for
large wholesale and retail establishments and industry.
Proceeds
For expansion.
Office — 42-14 Greenpoint
Ave., Long Island City, N. Y. Underwriter—Herman
& Diamond, New York.
—
Engineering Inc.
Aug. 9, 1961 it
was reported that a full registration will
shortly covering 100,000 common shares. Price
Business—Engineering and design services, the
be filed
—$6.
development of electromechanical and electronic devices
for industry and the Federal Government, and the prep¬
aration of technical publications. Proceeds—For expan¬
sion. Office—155 Washington Street, Newark, N. J. Un¬
1961, J, Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
800 Cabin Hill Drive, Hempfield Township,
Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; W. C. Langley & Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and First
Boston Corp. (jointly); Harriman Ripley & Co,; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). BidsExpected March 5, 1962.
purchase of equipment and inventory and general cor¬
porate purposes. Office—Washington, D. C. Underwriter
T. Michael McDarby & Co., Inc., Washington, D. C.
.
Thompson Sts., Philadelphia. Underwriters—Stroud &
Co., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia.
•
•:
/
V
•
-.*•"** •./
and
Office—Columbus, O. Underwriter—Rodetsky,
zahler, Walker & Co., Inc., Jersey City, N. J.
derwriter—Herman & Diamond, N. Y.
Inc., and Merrill Lynch,
Street Trust Co,
Proceeds—For the repayment of loans
Business—The manufacture of cosmetics. Proceeds—For
/.
Sept. 22, 1961 it was reported that stockholders had ap¬
proved an increase in capital stock and sale of about
69,370 additional shares to stockholders on the basis
Broad
sell
New World Laboratories, Inc.
Aug. 22, 1961 it was reported that a "Reg. A" will be
filed shortly covering 100,000 common shares. Price—$3.
March
was
&
on
parking meters, truck winches, fisteel towers, etc. Office—11801 Mach
handled
privately through Blyth, &
Co., and First Boston Corp.
However,, the company
stated that there is a possibility that these bonds will
be sold at competitive bidding, in which case the follow¬
ing are expected to bid on them: Halsey, Stuart & Co.
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
26,
1
ness—Manufactures
Sept. 11, 1961 it was reported that this company plans to
sell about $35,000,000 of first mortgage bonds in Novem¬
ber. Office—501 So. Third Ave., Phoenix, Ariz. Under¬
writers—To be named. The last sale of bonds
was reported that this company plans
about $750,000 of common stock. Business—The
re-manufacture and distribution of automobile parts.
to
Vector
reported that stockholders are to
authorizing the company to issue up to
$4,000,000 of convertible debentures which would be of'".j fered on a pro-rata basis to common stockholders. Busi¬
vote Nov.
Prospective Offerings
industries, Inc.
Aug 22, 1961 it
Underwriters—
Office—Philadelphia, Pa. Underwriters—Drexel &;Co.,
Philadelphia; Merrill Lynch, Pierce, Fenner"& Smith
Inc.,-and Smith, Barney & Co., N. Y. Note—The record
date for the offering will be Nov/6.
similar to those you'll find hereunder.
Would
Co., and Equitable Securities Corp. (jointly); Blyth &
Co., Inc., The First Boston Corp. Bids—Expected Nov.
14 at 11 am. (EST).
t Office
shares
so
construction.
Underwriter — To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co. Inc.; Kidder, Peabody &
Co., White, Weld & Co.
and Shields & Co, (jointly);
Kuhn, Loeb & Co./Salomon
Brothers & Hutzler, Eastman Dillon, Union Securities &
about
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.;
First
Boston
Corp.-Equitable
Securities
Corp.
(jointly); White, Weld & Co.-Kidder, Peabody & Co.
(jointly); Paine, Webber/ Jackson & 'Curtis;, Stone &
Webster Securities Corp. Bids—Expected Dec. 11.
Do you have an issue you're planning to register?
Our Corporation News Department would like
to know about it
For
Sept. 6, 1961 it
Corp.
Santa Monica Blvd., Santa Monica, Cal.
/
.
shortly
(11/14)
Aug. 15, 1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in November.
Proceeds—-
Shenk
registration state¬
derwriter—Harry Rovno (same address).
/
^Zim Israel Navigation Co., Ltd.
//
Oct. 5, 1961 filed 20,000 of 7% participating preferred.
Price—$500. Business—Furnishing of passenger and drycargo freight services.
Proceeds—For construction and
•working capital.
Office—Haifa, Israel. Underwriter—
None., •/*. V.
-v /«•/
"' ../
.'
..
a
photography. Proceeds — For organizational expenses,
building lease, machinery, inventory and working cap¬
—
i
Airport/At¬
ital. Office—300 Gramatan Ave., Mt. Vernon, N. Y. Un¬
for aircraft. Proceeds
For inventory, plant improvement, equipment and working capital. Office—113 Shel-.
don St., El Segundo, Calif. Underwriter—Francis J. Mit-
.
—
pected about Dec. lv
Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and
shares by a stockholder. Price—By amendment. Business
—The manufacture of oxygen systems and accessories
.
an
plans to
Business—The
operation of dining clubs. Proceeds—For expansion and
working capitaL Office—15th and Locust St., Philadel,
phia. Underwriter—To be named.
Registration
Ex¬
Sept. 14, 1961 it was reported that this company plans
to file a "Reg. A" covering 100,000 common.
Price—$3.
shares/of which 30,-
by the
filed
be
Electro Spectrum
(10/17)
July 28, 1961 filed 50,000
will
ment
reported that
was
Penthouse Club, Inc.
Price—$5.
Vending, Inc.
Sept. 13, 1961 it
Plastics, lnci«;v:-.
.•
//■//>'/*
Sept, 8, 1961 (fReg. A" );Ll00,000 common. Price — $3.
Business—The manufacture of plastic hangers and forms.
Proceeds—For the acquisition of manufacturing facil¬
ities, repayment of debt and working capital. Office—
29 W. 34th St., N.-Y. Underwriter—Sunshine Securities
Inc., Rego Park, N. Y. *
-
plans
undisclosed
company
shares. Office—Atlanta
common
Diversified
common.
Proceeds—For
Yankee
(
Lines, Inc.
1961 it was reported that this
registration shortly covering
a
lanta, Ga. Underwriter—Courts & Co., Atlanta.
Processors, Inc.
June 5, 1961 filed 700,000 common shares.
Price—$1.
Business—The processing of wool.
Proceeds—For the
purchase of equipment, building rental, and working
capital,, Address—Box 181, Casper, Wyo.
Underwriter
None: Note—This registration has been withdrawn.
4
Air
number of
Corp.
Associates, Billings, Mont.-
Wyoming
file
.;
♦
June 1, 1961 it was reported that this
company
issue 60,000 common shares.
Rochester Gas A Electric Corp.
19, 1961 it was reported that this company plans
file a "Reg. A" shortly
covering an undisclosed num¬
Delta
Price—$1. Busi¬
capital. Office—?I4
W. 3rd St., Yankton, S. Dak. Underwriter — Harold R.
.
21, 1961 at 11 a.m; (EST). Information Meeting—
(10 a.m. EST) at the company's office.
Sept. 19,
Co., N. Y. Offering—Expected in December.
-
- — - -
was
ber of common shares. Business—The manufacture of
contact lenses. Office—353 East Main St.. Rochester, N.Y.
Underwriter—To be named. Offering—Expected in Dec.
•
ness—The Fund plans to invest primarily in equity se¬
curities of foreign issuers. Office—Bank of Bermuda
Bldg.,
.7
.
June
Office—2044 Chestnut Street,
1
■:
it
1961
;
Contact Lens Guild, Inc.
h Business—The
;
,
Nov. 15
filed
1961
—
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—
World
July 20,
Page 16.
Jackson
reported that this company plans
to sell-about $50,000,000 of first
mortgage bonds "due
Nov. 1,1991. Office—4 Irving
PL, N. Y. Underwriters—
(Competitive). Probable bidders: First Boston Corp.;
and othei* reference books.
debt, i working.?capital
W.
.
"
■;
Offices—5747
B'way, N. Y. Underwriters
St.,-Decatur/ Ga,
./•World Scope Publishers, Inc. /v'-.idA
/July 31, 1861,. filed 300,000 common shares. Price—By
Zv/
on
Blvd., Chicago and 39-, the debentures^ to be determined by competitive bidding.
(Competitive). Probable » Probable bidders: Halsey, Stuart & Co. Inc.; Morgan
bidders. Salomon Brothers & Hutzler and Halsey, Stuart
Stanley & Co. Bids—Expected Nov, 15 at U a.m. (EST):
& Co..Inc. Bids—Expected Oct.
Information Meeting—Nov. 9 (2:30 p.m. EST) in Room
31. ,
;
-i
1900, 195 Broadway,N„ Y,
Consolidated Edison Co. of New York, Inc. '/•-, t,/:
a new
fice—114
Appear
Chicago, Burlington & Quincy RR. (10/31)
Sept. 19, 1961 it was reported that this company plans
to sell $2,400,000 of equipment trust certificates in Oc¬
Business—Manufacture of precision equipment for han¬
-
Dividend Advertising Notices
reported
was
haven, N. Y. Underwriter—R. F. Dowd & Co., Inc.
Price—$3.
common.
28, 1961 it
that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds
—For expansion.
Office—97-02 Jamaica Ave., Wood-
Woodman Co.
1961
operation of warehouses, manufac¬
buildings, piers and railroad facilities. Office—
100 Broad St., N. Y. Underwriter—The
company said it
may make the offering without an underwriter.
Carbonic Equipment Corp.
—
'Sept. 26,
Business—The
June
building construction. Office
1035 Chestnut St.,
Conway, Ar*. Underwriter—J. P. Penn & Co., Minn.
^
47
turing
Standard Securities
;
(1607)
25,
The first of such
-
expected
to
issues, in the amount of $50,000,000, is
in Nov. Office—1200 Third Ave.,
Underwriters—For the stock, none. For
be sold
Seattle, Wash.
West Pan Power Co.
Feb.
(3/5)
10,
Power
—
Wisconsin Michigan Power Co. (11/14)
Sept. 12, 1961 it was reported that this qompany plans
to sell $4,600,000 of first mortgage bonds in Novem¬
ber. Offle*—231 W. Michigan Ave., Milwaukee. Under¬
writers— (Competitive).
Probable bidders:
Salomon
Brothers & Hutzler, Halsey, Stuart & Co., Inc.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). Bids
—Expected Nov. 14.
48
The Commercial and Financial Chronicle-.
(1608)
^Thursday, October 12, 1961
,
COMING
WASHINGTON AND YOU
BEHIND-THE-SCENES INTERPRET A TIONS
EVENTS
;
CAPITAL
FROM THE NATION'S
IN INVESTMENT FIELD
WASHINGTON, D. C.—Something gardener come down from Hyanhas got to take place in the Na¬ nis Port to assess the distribution
tions
Capital in 1962.
In these of labor on the executive grounds.
autumn days there is considerable
"A man whose personal habits
activity at the White House over are distinctly frugal, Mr. Kennedy
the colossal task of reducing ex¬ had always been quick to indig¬
of the Federal Government.
penses
staff
fiscal
The
President
of
Kennedy would like very much to
balance the budget in fiscal 1963.
This is not going to be easy. As a
matter of fact it appears hopeless
at this time.
amateur
and
heavier tax bur¬
a
Oct.
the
tastes
their
indulge
Bankers Association
Calif.)
Oct.
philosophy
as
liberal is
a
National
Senator
of
that
to
Security
Douglas, Democrat of Illinois, who
Palm Springs
supports programs designed to in¬
crease Federal efforts in behalf of
Oct.
budget is to
balance the
to
raise taxes.
the
Ironically,
the great bumper
that are being harvested this
autumn is not helping the budget
to
crops
his
is
raised
has
farmer
The
situation.
so much that he
able to feed himself and 25
productivity
now
and
in
others
10
himself
with
compared
others,
him¬
and
1940,
self and 14 others in 1960.
The
prolific
»
that
mean
crops
the United States Treasury is go¬
ing
tapped for substantial
for support prices.
be
to
sums
President
asked
has
Kennedy
Walter Heller,
his chief economic
conduct an all-out study
adviser to
of
the
subsidy pro¬
time he has di¬
of Agriculture
agricultural
At the same
rected
Secretary
gram.
Orville
any more
criticism
of
promise
supports for the present.
There has been
,
to
not
Freeman
great amount
a
the
of
farm
subsidy
and, rightfully so.
program
How¬
put
stantly
reaucracy.
ing
re¬
Administration by
his
in
flected
ecutive
than
rather
ment
the
at
farmer
Heavily
Budget
Increased
has
farmer
been
not
the
primary beneficiary of either the
rapid increase in production effi¬
ciency
is
has
den
been
described
been
the
to
alyzing the actions of the recent
Congress, predicts that expendi¬
tures
will
amount
to
some
$7
Oct.
billion
the
over
budget
original
Council
Rinta, Director
of
Research,
predicts
that the
budget for 1963 will rise to $90
1962. Furthermore, the
through
Eugene
billion.
*r
budget
Kennedy's
President
recommendations
for
blamed
but
benefits
for the
bur¬
a
has
high cost of
far
as
others
many
subsidies
of
as
as
other
it
the
reap
than
farmers.
convinced that he is sin¬
cerely interested in balancing the
budget. Yet this is in contradic¬
nedy
are
tion
the
to
of
actions
the
first
session of the 87th Congress which
unquestionably was the freest
spending session of all time.
The
records
show
that
expected
total
the
swell
to
around
to
to
Washington
correspondent
a
personal friend and a
who
is
recent
dent
week-end
Kennedy,
moving
toward
pounding
funds
of
the
the
Presi¬
of
Bartlett,
aides are
im¬
partial
extra
defense
which
says
sued
a
Congress voted.
He
Chief Executive has is¬
the
the
guest
Charles
that White House
says
directive intended
increase
in
the
roll which has been
to
Federal
stop
pay¬
climbing and
climbing.
"The
mood in
showing
waste
which he
per¬
perceives," said Bartlett
sum
help
ers
asked
staff,
he
recently
refused
for
them
larger
a
and
even
[This column is intended to reflect
the "behind the scene"
own
interpretation
views.1
Congress
areas over
the
If
ship
assistance and
programs in general
should
be
prepared
than
rather
it
leader¬
the
and
more
social
they
for
people
want
more
legislation.
social
panded
pass
to pay
the cost
along to the future generations to
pay.
Exchange Firms
Association
Ex¬
Stock
change
for the
Firms
coming
Howard
year.
B.
Dean, Har¬
ris, Upham &
President Eisenhower, in taking
office in January, 1953, inherited
William
the
&
budget
which
Truman
President
of
called
for
of
appropriations
of $73.8 billion. After certain re¬
billion
$78.6
visions
tration
expenditures
and
Adminis¬
Eisenhower
the
had
the
reduced
appro¬
priation recommendations by $8.8
billion. Then Congress made ad¬
reductions
in
appropria¬
requests of $3.8 billion for a
total cut of $12.6 billion from Mr.
Truman's request.
The
to
amounted
billion from the
request
of the Truman Administration.
When
who
President
did
ancing
the
budget
nearly
$81
fiscal
billion.
at
the
ously,
for
nominated
Vice
-
Levering,
New
York,
will
$82.3
.
Brittin C. Eustis
-
Carlisle
Jacquelin,
&
Treasurer. Elections
place at the annual
meeting in New York on Nov. 15.
as
Eustis
Spencer
has
associated
been
Trask &
Co.
prac¬
has
also
for election
to
an¬
nomina¬
following
the Board:
Kellogg, III, Spear, Leeds & Kel¬
logg,
New
York;
William
T.
Kemble, Estabrook & Co., Boston;
George J. Leness, Merrill Lynch,
Pierce, Fenner & Smith Inc., New
York; David B. McElroy, Clark,
Dodge & Co., Inc., New York;
William M. Meehan, M. J. Meehan
&
Co.,
New York; Robert
A.
Powers,
Smith, Barney & Co.,
New
York;
Albert C.
Purkiss,
Walston & Co., Inc., New York;
Richard W. Simmons, Blunt Ellis
& Simmons, Chicago; Claude F.
Turben, Merrill, Turben & Co.,
Cleveland;
E.
Warren
Willard,
Company,
Coleman
W
the
slate
o r
Co.,
Denver,
a
m,
;
Jr.,
Richmond.
into
the
The New Frontier has
cal
headaches
"the
freest
peacetime
was
ahead
26-Dec. 1,
Investment
cold
present
Governors for
1962
a
are
follows:
Hotel
Harry
fis¬
some
in
history.'"
Byrd
at
the
end
of
Savings Banks
having
the
family
amount
to
$10 billion.
1962
It
Mutual
of
15th annual mid¬
meeting.
year
April 8-10,
Tex.)
::
v
1962
(San Antonio,
Texas Group of Investment Bank¬
Association
ers
nual
of America, an¬
meeting at the St. Anthony
Hotel.
May 6-9, 1962 (Seattle, Wash.)
National
Association
of
Mutual
Savings Banks 42nd annual
ference
the
at
Olympic
con¬
Hotel.
Sept. 23-26, 1962 (Atlantic City,
N. J.)
V
American Bankers Association
an¬
nual convention.
1,
27-May
1963
(Boston,
Mass.)
Association
National
Savings Banks
43rd
of
Mutual
annual
con¬
the Hotel Statler.
C.
Ingalls, Ingalls &
York; David Scott
Form Truday Co.
Foster,
Pershing
&
Co.,
New
York; Lloyd W. Mason, Paine, Truday Co., Inc. has been formed
Webber, Jackson & Curtis, New with offices at 100 William Street,
York;
James
barker' Nolan, New York
City, to engage in a se¬
Folger,
Nolan,
Fleming-W.
B.
curities
business.
Officers
are
Hibbs* &
Co., Inc., Washington,
and William C. Roney, Wm. C. Isaac Hasday, President; and D.
New
Roney & Co., Detroit.
James
F.
Burns,
tically his entire business career,
Upham
having joined this organization in
Harris
the Nominating Committee.
&
Co.,
Hasday, Secretary and Treasurer.
Jr.,
was
Chairman
of
Attention Brokers and Dealers
TRADING MARKETS
American Cement
Botany Industries
Maxson Electronics
Official Films
Waste
Carl Marks & Co. Inc.
FOREIGN SECURITIES
20 BROAD STREET
TEL: HANOVER 2-0050
•
Our New
King
will
seems
York
telephone number is
CAnal 6-3840
SPECIALISTS
NEW YORK 5, N. Y.
TELETYPE NY 1-971
LERNER & CO., Inc.
Investment Securities
10 Post Office
Telephone
HUbbard
considered
(New York City)
Association
National
of
Virginia is apprehensive that the
deficit
Hollywood
Diplomat
basket.
session
F.
Association
at
the
and
Dec. 4-5, 1961
Obvi¬
recently pointed out here
Senator
(Hollywood,
Hotel.
ference at
of
of
war
1961
Bankers
Annual Convention
April
membership
to
he
because
spending
or
Ky.)
ing.
Nov.
Administra¬
waste
(Louisville,
•
for
committee
of
t h
1961
Valley Group of Investment
Beach
A. Jacobs, Jr., Bache &
New
York;
James
Crane
&
26,
Ohio
tion quickly threw the Eisenhow¬
budget
Investment
Fla.)
estimated
He
of
ing.':
Oct.
>
Harry
Roscoe
take
with
tions
Snyder,
1
Group
his
1962
billion.
Kennedy
B
the
nounced
a
as
producing and
Association
The
in¬
been
has
royalty companies.
as
C.,
he
terested in several
on
and
Walter
latter
Nominations
Presi¬
dents,
Department. In conjunction
the
Davenport &
been
Minnesota
Bankers Association annual meet¬
with
C.
ington, D.
have
from
& Gas
and
Coe, Wash¬
graduation
bal¬
spending authority
a
revenues
in
well
budget, submitted
plan
proposed
too
do
not
Eisenhower,
(Minneapolis-St.
Bankers Association annual meet¬
Boettcher
Mackall
Coe,
Mr.
reduction
final
$10.1
of
Co.,
New
York, and
Discarded
Budget
1961
24,
University in 1926. He be¬
came
a
partner in January 1944
and
is
presently
in charge
of
Operations and is head of the Oil
Co.,
Name Eustis
his
after
1927
Yale
coincide ivith the "Chronicle's"
partner in Spencer Trask & Co.,
New York, has been
nominated
for the office of President of the
that
Garden¬
and the country
want to spend and spend then let
them pay for it as they
travel
along the socialist highway.
DENVER, Colo.—Brittin C. Eustis,
It
House
Congress
The distressed areas legisla¬
tion is
an
example of the ex¬
writing in the "Washington Star."
White
and
try.
"When
the
Fed¬
com¬
his
dealing with instances of
government
sonally
is
over
coun¬
er
President
If
control
spending.
the
ditional
A
improve its
eral
depressed
tion
White House Gardeners Under Fire
to
$88 billion.
Administration
the
times
during World War II.
when
may not
only
twice has the spending record of
Congress been exceeded.
Both
were
come
Congress should work out a way
and actions taken by Congress are
Eisenhower
Persons close to President Ken¬
has
time
the
that
from, the nation's Capital and may or
had been
year
con¬
Paul)
expected to
result in about $81 billion.
But
the
President's recommendations
fiscal
national
vention at the Hotel Schroeder.
current
the
annual
11th
Clubs
business.
and he
taxpayer,
living. This is all true
goes,
Farming
speculative
highly
a
He
the subsidies.
nor
(Milwaukee,
National Association of Investment
"Daily Bugle?—that's SEC not SEX!"
Meantime, the Council of State
Chambers
of Commerce
in an¬
munities and
The
of
Group
Association
Bankers
Wis.)
wanted
himself.
(Pennsylvania)
Pennsylvania
October 20-21, 1961
should be di¬
The increase in defense spend¬
the politicians
ing has been the major single in¬
the legislative and
ex¬
crease
in
spending,
but
both
branches of the govern¬
both
meeting.
meeting at Rolling Rock, Pa.
efficiency."
increased
1961
19,
Investment
philosophy
this
have
to
Oct.
Western
Investment
of
Bankers Association
forward by the bu¬
Mr. Kennedy is press¬
ever, the criticism
rected primarily at
in
(Detroit, Mich.)
Group
restrict the frills that are con¬
of
Kennedy Orders Study
Riviera Hotel.
1961
17,
Michigan
bitterly
but fights
individual
Asso¬
Traders
ciation Annual Convention at the
only
In other words, the
evitable.
(Palm Springs,
16-20, 1961
den in the near future appears in¬
way
an¬
nual convention.
Calif.)
akin
much
meeting.
1961 (San Francisco,
American Bankers Association
expense.
"His
Sulphur
W.
Oct. 15-18,
public
at
1961 (White
Va.)
13-15,
Springs,
of Federal officials
tendency
Group
Southeastern Group of Investment
aged efforts to disclose instances
of Federal waste and groaned at
economists in Washington are now
convinced that
Bankers
petty signs that the
even
(Montreal, Canada)
of Investment
Association meeting.
13, 1961
Canadian
taxpayers
are
or
were
being
bilked.
As a Senator he encour¬
to
professional
Both
;
nation at
Oct.
Square, Boston 9, Mass.
»>
2-1990
r
•
•
Teletype
,
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,
..
BS
69
@FedFRASER