Full text of Commercial and Financial Chronicle : October 13, 1960, Vol. 192, No. 5994

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and

Reg. U. S. Pat. Offie#

ESTABLISHED 18S9

Volume

Number

192

Editorial

New York

5994,

AS WE SEE IT

impression upon any one other than the sort of
"hooligans" to which Stalin was, and the present Russian
boss is, fond of referring, but we are content to await, the
verdict of history.
the

so-called

neutral

nations

to

By David H. Dawson,* Vice-President,

suppose

(3)

affairs

manifesting itself in

substitutes

of future

areas

(1)

manpower

and inter-industry competition;

(4)

the

warned

challenge
to

economic

of

participate

ideas.

Businessmen

politics

effectively in

more

effi¬

living where

Optimism is
an

small. It moves mountains, drills deep
the ground,
builds huge and complex
manufacturing plants.
As we
or

holes

in

any

all probability would not,

i

well face the fact that this basic state
very
likely exist (Continued on page 22)

the

1960's,

But

that

ties; second, there

become

'59

of

such

of

use

terms

as

"Soaring Six¬
"Sizzling Sixties."

even

such

we seen

decade

a

Still, the assumptions have considerable validity.
Certainly there is no basis for disputing the pre¬
diction that the population will increase 16% in the
next decade. It is as sure as anything can be in an

busi¬

forecast
will we
see
it.
I note that today, less
David H. Dawson
than a year into the Sixties, we
rarely hear these terms. I, for one, do not mourn
their passing.
In all the rosy predictions, there seemed a danger
that individual businessmen might be persuaded
that the Golden Sixties would bring in rewards and
they

as

and, I suspect,

never

world that there will be

unsure

in our "Securities in Registration" Section, starting

Housing,

State and

their

own.

But I

am

inclined to question

most conservative growth

on

page

whether

even

the

estimates can be safely

projected to segments of

(Continued

on page

24)

State,

27.

Municipal
Housing

NATIONAL AND GRINDLAYS

Municipal

BANK LIMITED

STATE

Head Office:

Securities

ADD

MUNICIPAL

Lester, Ryons
623

So.

CHEMICAL BANK

54

PARLIAMENT

STREET, S.W.I.

13

ST. JAMES'S

SQUARE, S.W.I.

Bankers

NEW YORK

Branches

London

HAnover 2-3700

to

the Government in:

BONDS

Branches

Members New York Stock
Exchange
Associate Member American Stock
Exchange
Members Pacific Coast

KENYA, TANGANYIKA, ZANZIBAR,
UGANDA,

30 Broad Street

New York 15




/

OF NEW YORK

SOUTHERN

RHODESIA

Bonds and

Notes
Bond Department

California

Bond Dept.

Teletype: NY 1-708

THE

Chase Manhattan

Inquiries Invited

ADEN, SOMALI REPUBLIC,

NORTHERN AND

Agency

Exchange

Riverside, San Diego, Santa Ana,
Santa Monica, Whittier

THE FIRST NATIONAL CITY BANK

INDIA, PAKISTAN, CEYLON, BURMA,
BOND DEPARTMENT

llope Street, Los Angeles 17,

in Claremont, Corona del
Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,

ADEN,

in:

Co.

Offices

KENYA, UGANDA, ZANZIBAR

COMPANY

&

California

26, BISHOPSGATE, LONDON, K.O.8.

TRUST

increase in

52%

and Public

Public

telephone:

a

the 18- to 24-year-old group, and that these people
will want to marry and establish households of

SECURITIES NOW IN REGISTRATION—Underwriters, dealers and investors in corporate
are afforded a complete picture of issues now registered with the SEC and poten¬

U. S. Government,

and

really threatening

securities

tial undertakings

a lot more people
third, there were
economic or political

going to be

goods;

political and technological competition, which can¬
not help but have its effect on business here.

"Golden Sixties,"

ness

no

are

consume

a

our

prognosticators were
scaling heights of optimism not
previously reached by mortal
man.
A year ago there was a

ties,"

to

then, of course, the Cold War had taken
sharp turn. We have had the collapse of the
Summit, the U-2 incident, grave events in Cuba,
the Congo, Japan and Korea.
Even platforms of
both political parties hold out scant hope for im¬
provement in world tensions. We would seem as
a
nation to be in for even more bitter economic,

apparent

some

economic

Never had

Growth

Since

has
late

constant

relax,

clouds clearly visible.

it.

it

in

then

lost

be

would

we

afford to

were,

around

into the fateful decade of

move

without

can

and still are, in part, three main
considerations which appeared to point to substan¬
tially higher levels of business in the Sixties. First,
we had completed ten very good years in the Fif¬

essential ingredient in the success

great

one

rosy

Forces Shaping Sixties'

economic growth.

fine and glorious state of mind. It is
of enterprises,

a

no

the predictions of automatic
growth and prosperity.

falling for the blandishments of government

direction to spur

is

matter how

no

or

There

may as

will

(2)

■

gain the "fruits of war"—as Winston Churchill once put
it—by means of arguing, threatening or cajoling at Paris.

of

increasing competition

find Congress

inflexibility of the Russian position

Basic Situation Remains

to say,
will be

foreign competition's challenge to our industrial

are

venient "out" for Mr. Khrushchev when he became con¬

we

This

be

shortages;

subject, and the Premier of that
strange land has made it quite impossible for any meet¬
ing to occur with any hope of a normally dispassionate
atmosphere to work in. Of course, he is naive indeed
who supposes that the U-2 incident was more than a con¬

And

and

will

"sixties," according to Mr. Dawson. The

competition that business is alerted to are:

mystery of the day. There has been no in¬
dication that the Russians are prepared to make any sort

vinced that he could not, or in

ciency, and probable impact of U. S. S. R.'s trade tactics;

the

—is the real

on

Copy

"Relax," the voices seemed
"enjoy it; let nature take its course. There
plenty for everybody."
I hope no one relaxed to the point where it was
difficult to get going again. Certainly I don't think
it happened in the chemical industry. I recall that
seven
years ago, when I was directly concerned
with that segment of our business which manufac¬
tures paint and finishes, we had about 1,200 com¬
petitors. Now, I believe, the figure is over 1,500.

There

anything of a constructive sort could be achieved by
a meeting of this Russian bear and the President of the
United States—after all that has now taken place and all

of concession

a

profits automatically.

E. I. du Pont de Nemours & Co.

that

that is known of the

50 Cents

Increasing Competitive Forces

able

leads

Price

Business in 1960's to Contend With

Enraged by recent failures on several fronts, Mr. Khrush¬
chev has repeatedly made quite a spectacle of himself
while in attendance upon the current meetings of the
United Nations. His bumptious discourtesies, indeed his
incredible crudities, have on more than one occasion
turned an otherwise dignified and serious minded gather¬
ing of representatives from all over the world into a
burlesque at least for the time that he was able to com¬
mand attention. He is supposed to have come to this
forum for the purpose of using it as a sort of sounding
board of propaganda rostrum to reach and influence
many and varied peoples throughout the world. The
future, of course, will have to show whether he did more
than to make a horrible spectacle of himself. It is dif¬
ficult for us to conceive of such behavior making a favor¬

What

7, N. Y., Thursday, October 13, 1960,

New

York

on Southern
Securities

Correspondent

—

Pershing ft Ce.

BANK
t

HAnover 2-6000

Net Active Markets Maintained

Te Dealers,

T. L.WATSON &CO.

CANADIAN

securities

BONDS & STOCKS

1832

ESTABLISHED

Members

Block /nqnMu

New York Stock

Exchange

Stock

Exchange

American

Banks and Brokers

canadian
Invited

Commission Orders Executed On All

MUNICIPAL

Canadian Exchanges

FOR

CANADIAN DEPARTMENT

Teletype NY 1-2270

25

STREET

BROAD

NEW

YORK

4, N. Y.

DIRECT VIRES TO

MONTREAL MID TORONTO

Goodbody & Co.

CIVIC

Dominion Securities
Grporatiqm

MEMBERS NEW YORK STOCK EXCHANGE
BRIDGEPORT

•

PERTH

AMBOT

2 BROADWAY

1 NORTH LA SALLE ST.

NEW YORK

CHICAGO

40

Exchange Place, New York 5, NL Y.

Teletype NY 1-702-3

WHitehaM 4-S161

BONDS

CALIFORNIA'S

IMPROVEMENT

MUNICIPAL BOND DEPARTMENT

BANK OF AMERICA
N.T.&SA
SAN FRANCISCO

•

LOS ANGELES

2

For Banks,

and Financial Chronicle

The Commercial

(1450)

Brokers, Dealers only

The Security

I Like Best...

A continuous forum in which, each w«eK, a

in the investment and

OVER-THE-COUNTER
MARKETS

•

ica8°>

•

Stock

of all

O-T-C markets.

New York Hanseatic

Corporation
1920

Associate Member
American Stock Exchange

•
•

have

CHICAGO
SAN FRANCISCO

Wire System

JSH

approximately

|P|
I: \

two and a half

|.-y:

1943; sales up

in
ill

timPc
times

i

JL

S. WEINBERG,
GROSSMAN

the
me

I

Year Ended July

.

S:::::::

and earnings
four

Industrial

distributed

Instrumhiits

No.

NY

442

of

a

many

the in-

million copies are
year
in two

every

pages

1-2762

$1,000 for radio transmitters and
professional tape recorders down
to fractions of a dollar for capacitors

and

there an over-supply of
crude oil, but there is a surplus of
companies selling it. Today there
are
over
40 companies with im¬

.a

•;??

/

.

is

of manage- able, whereas a few years ago,
there were only 16 such compa¬
ment's ability is return on net
nies. Furthermore there is excess
worth after taxes, which averaged
capacity. Then we have
somewhat over 18% for the 1956- refinery
the bugbears of future competi¬
1960 period. ^With this type of
tion from atomic energy, the de¬
return the comply has had no
velopment of greater efficiency in
difficulty internally financing
converting oil into energy, and the
sales growth of 15% compounded
longer-term possibility of the de¬
annually. There is no long term
velopment of the so-called fuel
debt outstanding opening up the cell.
Finally, in this connection, I
possibility of added leverage if think a canvass of leaders of the
management decided to expand oil

industry would reflect a rather
general pessimism as to the near-

rapidly,

more

Allied was first sold to the pub-

outlook for the

term

industry

"Knight"

"Knight-Kit" brands. Under
label a wide variety

and

Bassett Furniture Industries

the "Knight"

products are sold such as high-

of

Life Insurance Co. of Va.

fidelity tuners, amplifiers, speak-

cartridges, turntables, public
address
equipment,
etc.
This

Commonwealth Natural Gas

ers,

STRABER and COMPANY, Inc.
VA.

the company to

manufactured for
its own specifica¬

tions.

the

TWX LY 77

—5-2527—

is

equipment

Under

participate in

to

way

•

•

•

ron^kt

coipe

nanv^

mail order

of

„

ROBERT. J. LEVY

.

WANT INFORMATION ABOUT

radio

CANADIAN SECURITIES?

servicemen, hi-fi enthusiasts, electronics experimenters, and hobbyi

.With

offices

17

Canada,

our

throughout

firm has

familiarity

with

first-hand

a

the

entire

of

ists

all

and

radio

amateurs,

TV

The company
enjoys an important store business
in
its
main
building, and also
through
several
branch
stores
strategically covering the Chicago

Canadian securities market.

New York City
■
■7

handle transactions in all Cana¬
dian securities,

including stocks,

business

Ohio Oil

and

we

and municipal bonds,

will

be

glad

to

supply

information abont

specific issues

of interest

Call

to you.

or

write:

.

.

NESBin, THOMSON
UNO COMPANY, INC.
25 BROAD ST. 140 FEDERAL ST.

J; *

T,

delivery

area

warehouse

loca-

overnight

an

its

tion.

*

central
.

secu/ity
jn

the

f

jate

In

>57

Yamaichi

Securities Company
of New

about

share.
the

of

"

f'

'

-

Yamaichi Securities Co., LM.

Tokyo, Japan
Brokers & Investment Bankers

111 Broadway,

as

s

'1

no

solicitation
"

'

-

.' *

an

offer to buy,

*•''«=•

*•

''

1'

Noiv's
the
time...

0000000|

to talk to

Talcott
about Commercial Financing
or
Our

Factoring

experienced

credit

specialists will co-operate

fully to
your

help

you

solve

firm's working capital

needs.

You

get flexible

plans

and

fast

action atTalcott.

Call

or

visit any

of our offices.

•

ORegon 7-3000
Serving:
•

Other Talcott Offices

Chicago • Detroit • Boston • Atlanta • Los Angeles

of

realistic. Such growth

wide

increases of about

has

a

this

same

mean

a

meaning

size

of

...

were

annual

world¬

one

mil¬

day. To understand
of this growth, the
one

of

the

leading

to

take

would

we

of pres¬
of

care

in¬

a

likelihood

shares

the

de-

offer

sell,

to

or.

.4-•

■

>:

a

very

of

oil

low labor factor. Fur¬
the companies them¬

and

thinking

are

to

applying their
the

solution

of

N. Q. B.
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
20-Year Performance

of

35 Industrial Stocks
FOLDER

ON

REQUEST

them.

!

Translating these

servations

into

general

f.

ob¬

investment judg-

Continued
t;

the

Unlike

problems, have studied them

carefully
best

^

as an

years.

can

ligent managements that recognize

rose

have

two

selves have built up
strong intel¬

Aver-

about 500

to

year

thermore,

period,

Industrial

security referred to herein,)
•

NEW YORK
221 Fourth Avenue

7%

over

coal, the cost of production

Robert J. Levy

other oil

i* f

oil

rates

and

would

next

*

any

S.

Then again, there is

In short, Ohio Oil and most'

(

of

that the over-supply problem
be improved materially within

Jones

circumstances tQ be construed

of

N. Y. 6 COrtlandt 7-5680

creased demands.

clined materially since 1956, while
the
general
market
has
risen

"

-

•

(This is under

seem

Growth

U.

...

During

the

the

rates

ent

to the 700 level and are now about

587.

world.

in

abroad

a

which

the

4-5%

that in ten years
need 12 more Arabias

re-

$34

acquisition

mean

anc|

Dow

ages,

larly, size is becoming an increasingly important factor. To tap the

i.

York, Inc.

Affiliate of

,

companies stated that this would

in

to

of

the next year or two

over

President

10

>53,

covered

field particu-

industrial

the

were

should continue to have

program

the

1956>

t c d

eariy

I

47

about 28

and

lion barrels

early

of

part

a

in

*

Ohio

fJ

nn

—

_

'

write

or

develop long-term profits.
There is a high degree of
that
petroleum
con¬
sumption will continue to expand

favorite

asmv

of carrying large inventories.
Allied stocks about 48,000
items and can economically serv-

BOSTONIO




Call

assurance

Sou/v^rs" Unp°PU'ar f°r the.

capable

4

.

STOCKS
For current information

Why?

Oil shares have

requirements or special de- price above 45
livery problems, this
group
of in mid'59, and
customers
relies increasingly on js currently
warehouse
operations
that
are selling
at

ice

NEW YORK 4

JAPANESE

should
<<rrt,Q

^

^
choosing The Security
I LU«e Best," I have picked from

volume) can be broadly classified
as industrial.
Because of low vol-

from

individuals

same

great utility in the future and that
shares

ume

corporate

these

one

_

Company

.

Art

of total

(now over 30%

branch offices

am not suggesting an immediate
turnaround, but I do believe that
the oil industry is a sound indus¬
try, the product is a fundamental

....

Exchange

17 © st c

The fastest growing part of the

We

.

Members New York Stock Exchange
Associate Members American Stock

types.

area*

r

Partner, Robert J. Levy & Co.

iwJUJferlthe "Wallflowers."

nnn

to our

I
-

a

covering

Institutional Investors

that

manufacturing companies,
dawn and this phenomenon could
The stock is traded in the Over¬ very well occur in the oil indus¬
the-Counter Market,
try sooner than many now believe.

do-it-yourself

City

the future

growth of the electronics industry uniformly optimistic when the oil
without many of the inherent business was at the
peak of its
risks such as technological change prosperity several years ago.
and foreign competition found in
It is often darkest just before

"Knight-Kit"

complete line of over 60
kits'is marketed
the test equipment, hignfidelity and amateur fields. These
kits are designed, engineered and
assembled by the company's own
personnel.
Approximately 50% of the comlabel

Private Wire to New York

as

lie last October at a price of $15. a whole. Without casting asper¬
While it has risen considerably sions on the
sagacity of these pro¬
A substantial percentage of the
in price since then, we think the fessionals in the
industry, I think,
company's
business
is
concen- stock still
offers an interesting
however, it might be pointed out
trated in its well known

LD 39

Direct wires

good indication

A

components that go into electronic

American Furniture

NY 1-1557

Birmingham, Ala
Mobile, Ala.

circuitry.

Trading Interest In

LYNCHBURG,

HAnover 2-0700

oil supplies avail¬

crude

portant

York 6, N. Y.

New Orleans, La. -

ity during the next few .years. Not

ii.a

simpler

the

of

some

is

only

Exchange

Stock Exchange

19 Rector St., New

is

pressing heavily on the
markets, and a reserve situation
that clearly points to further pres¬
sure of excess crude oil availabil¬
that

fiq

iz.9

{9-3

.

.

tion, and another for industrial
accounts, of 572 pages.
Catalog
items range in price from over

WHitehall 3-7830

Teletype

.

editions: "currently one
for general circula-

separate

Exchange Place, New York 5
Phone:

Over

dustry.

Electronics

Republic Electronics
40

-

which

catalog

order

Members New York Stock

of

shortage

situation

.82

^

—

is well known all
the United States through its

mail

Hamner

eight years.

consider to be the Bible of

Equipment

crude oil reserves
Now that
completely reversed.
The huge new oil discoveries in
various parts of the world have
created an over-supply situation

a

$1:?3

lb.i

j^5

doubled in the
quadrupled

and

years

The company

IN:

&

Mat.

1957

Henry w. Meers

last

over

Steiner, Rouse & Co
Members American

Per Share

27.0
?A9^'i

1958

try;

in the last

INC.

Security Dealers Ass'n
MARKETS

&

Earnings

Sales

(000,000)

31

indus-

tronics

Members

Nuclear

outlets
Diego

pansion program, that net income
Per share will be in the $1.35$1.40 range.

-

elec-

entire

7.

San

Robert J.

—

Partner, Robert J. Levy
Co.', New York City. (Page 2)

Levy,

exceed $40 million and, even

growth'for the

N.

new

in

opened

Company

Oil

Ohio

about $3

with a somewhat stepped up ex- throughout the world.

and

SIS!
& CO.

addition,

In

been

current

a

of

M

1938

for

Teletype NY 1-40

BOSTON

million.

1928 except

120 Broadway, New York 5

Nationwide Private

Exchange,
Exchange,

has

volume

B o ught—S old—Quoted

.

and Milwaukee which have increased the company's market
Allied Radio Corporation
penetration in those areas.
The sharply. Obviously this alone does
Allied Radio is the world's larg- national
prominence of Allied's not constitute a valid reason for
est distributor of electronic com- name gives immediate impetus to suggesting
the purchase of oil
ponents. The following statistics any outlets which the company stocks, or of Ohio Oil in particular.
There are many reasons for the
give some indication of its past opens.
performance:
For the fiscal year ended July depressed prices of oil stocks.
sales
in31, 1960, the company is expected There has been a fundamental re¬
creased every '.
to report sales of about $35 mil- versal in the underlying crude oil
year since the
lion and earnings of about $1.25 supply situation, and also for the
company
was
a share.
(See accompanying time being in refining and distrib¬
foundedin
H
j91 table.) In 1961, we think volume uting facilities. In 1950 there was
j.

Established

sales

annual

Weld &
2)

Chicago Board of Trade

Nationwide facilities for
broadest coverage

Stock

Midwest

which

Pasadena,

>

Henry W.

—

Partner, White,

Co., Chicago, 111. (Page

Electronic Supply Corporation of

rjj

rh.

New York Stock Exchange,

Members:

Corp.

Radio

Meers,

™arlfet. ,A1'ied recently acquired

Weld & Co.

W hite,

Parmer,

leading O-T-C issues.

PHILADELPHIA

Louisiana Securities
Allied

than

more

WOrth 4-2300

Selections

Their

Southern California

fast growing

HENRY W. MEERS

American

500

of experts

Alabama &

Participants and

ady:;<rry field from all sections of the country

...

in

Positions

group

Thursday, October 13, 1960

participate and g'vd their reasons for favoring a particular security.

in

•

different

.

Week's

This
Forum

Professional Service

.

,

on

page

14

National Quotation Bureau
Incorporated

48 Front Street

Hew York

4, H. Y.

Volume

Number 5994

192

The Commercial and Financial Chronicle

.

.

.

(1451)

CONTENTS

Various Factors Bearing

On A Firm's Profitability

ICHTfnSTflfl

us.

COlMPANY

AND

By Fred J. Ruopp, Senior Analyst, Investment Research Division,
First National Bank of Chicago
Stock

factors that

Articles and News

OBSOLETE

Page

SUPERMARKET

ten-point check list of
believed to be useful in evaluating the profitability

analysts
are

here with

provided

are

a

Business in

transcend the con¬

of individual firms and industries. These criteria

1960's to

Trundle

Contend With Increasing

of

believed to be of
increasing importance to the prospects of companies and industries.
cepts analysts work with all the time and are

Competitive

Forces—David

H.

mixed

with

feelings of

he has

($40 billion per annum) or, more
probably, will be in a gradually
rising trend. Individual companies
and industries may see their share
of defense spending fluctuate vio¬
lently, but the over-all totals will
be relatively stable.

already

(3) A continuing pattern of re¬

and
will

chagrin
triumph
turn

the

to
of

task

pro¬

jecting

19 6 1
earnings,
i f

indeed
not

done

addition many

new

of

us

en¬

The growth rate of

in

the

Product could very

annual

intel¬

lectual

de¬

cathlon

j

e c

about

ting

we

or

10

per

Projecting 10 year growth rates
is always interesting and usually
worthwhile, but it becomes of
particular importance in today's
market when so many issues are

AMERICAN

Marketing Concepts

CROWN

to

—Ralph

Leach

F.

10

Flight Toward Reality—George Romney—

in

than

likely.

end

INDUSTRO
"Day War Was Declared"—L. B. Worthington__

j.

rate
When Federal Spending Is a Good Investment

14

the

15

last

seems

years,

r

pent-up demand and
and manufacturing

The

J. F. Reilly&Co.Jnc.

Regular Features

material

shortages

dated

which

World

of

War

II

the

from
have

to

39

a

•

m

I

1

■"

,■/

19

;

39

._

Hematite
40

Hathaway Inst.
8

tions

quality

as

of

depth

and

growth rates may be interested in
a
framework of ideas we in the
Investment Research Division at
the First National Bank of Chi¬

management; ability to obtain fi¬

cago

have prepared as a check list
for use in making such projec¬
tions. We here present (1) four

profitability. However,
analysts have been working with
these concepts for some time. And

political and economic as¬
sumptions, and (2) a brief discus¬

in

nancing; marketing and manufac¬
turing skills and capabilities; will
continue to be requisites for suc¬

sion

various

of

■

factors

of

profitability;'
companies.
on

Economic

and

individual

-

believes

World

stockpiling

be

gold,

by

results

since

really

know

of

III

such

an

approach.

the

will

be

seeable

to

across

is
the

in such
and

internal

but

an

we

believe

ob¬

large

,

Wilfred

Our

Governments—

Reporter

Public

I

20

*

A -n&.t.'

but growth is uneven
nation, being strongest
as the Pacific Coast

J

^

4

•*

*

V 4

-*•

.

.

.

and You—By Wallace Streets,
1

* %

The

among

different age groups.

effect of this

on

Continued

The Security I Like Best

t

—

±

\

National Patent

16

»l|f)

(

——

—

'

I

}

,2|

The State of Trade and Industry

4

Tax-Exempt Bond Market—Donald D. Mackey

6

•Development*

.

Hudson Vitamin

Products*

Washington and You

on

page

BROAD ST., NEW YORK 4, N. Y.

TELETYPE NY 14
Chicago

Glens Falls
Worcester

_

AstrothermCorporation*

25

(Ail Issues)
Copyright 1960 by William B. Dana

Twice Weekly

Company

The COMMERCIAL and

CTfiPKC

1868

Schenectady

t?

40

.——

school sup-

FINANCIAL

ItLrLllllLU OlUuild

TELEPHONE HAnover 24300




H

i

CHRONICLE

Reentered

Reg. U. S. Patent Office

Subscription Rates

SEIBERT, Treasurer

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Other

GEORGE J. MORRISSEY, Editor

Thursday (general news and ad¬
issue) and every Monday (com¬
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Every

plete

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Salle

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COMPANY, Publishers

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REctor 2-9570 to 9576

WILLIAM

25,

Place, New York 7, N. Y.

CLAUDE D.

as

the post office at New
York, N. Y., under the Act of March 8, 1879.
ary

Thursday, October 13, 1960

Boston

St. Louis

-

39

Salesman's Corner

The Market
5

Members New York Stock Exchange

Newark

Francisco

37

Security Offerings-

Prospective

growing at about 1.5%

Florida.

even

Founded

Nashville

Angeles

27

Profits

Spencer Trask & Co.

Albany

Dallas
Philadelphia

Cleveland

Los
San

Securities Now in Registration——

25 Park

25

Direct Wires to

to be

WILLIAM B.

A

Securities—

Utility

Security

PDrECDDm

specialized in

Teletype NY 1-1825 & 1-4844

18

—

inc.

40 Exchange Place, N. Y.

Chicago

Published

have

on

4

May

areas

end to the

For many years we

mackie,

Also, population growth is un¬

Some modification of
policies will inevitably occur (i.e.
greater consumer goods produc¬
in Russia)

&

18

_—

Observations—A.

rapidly increasing importance
prospects of companies and

pressures.

tion

Singer, Bean

21

___•

Bowling

per annum,

that

Chinese regimes
overthrown in the fore¬
due

no
a

(1) Population growth; geogra¬
phic and age dispersion. Our pop¬

to

or

future

Funds

—-—

HA 2-9000

function.Our
here, then, is to highlight

factors

ulation

unlikely

26

Activity^

Amer. Int'l

corporation

Factors Affecting Firm's

•

extremely

Russian

B.B.M. Photocopy

•

industries.

(2) A Continuing Cold War—It
appears

Indications of Current Business

News About Banks and Bankers

that

food

little' relevance

-

to the

medicines, not securities. Ob¬
viously
common
stock analysis
have

13

be judged prin¬

can

and

would

can

said

server

several

is inevitable or even probable, he

should

must be

cipally

purpose

War

it

truth

management

can

No World War III—If any

(1)

investor

all

as

Over the Next 10 Years

From Washington Ahead of the News—Carlisle Bargeron—_

Mutual

percentage of the sizable group of
men needed to make a big Ameri¬

to Political
Developments

Assumptions

Basic

a

bearing

7'

and

cess

basic

Jamesbury Corp.

considera¬

basic

Such

firms.

DIgby 4-4970

_•—Cover

...

ual

Broadway, New York 5

(M r

__

projecting

TRANSISTOR

12

oil As We See ^ .(Editorial) rar£-~T7~--r.7^r-rr
tiples are not to decline substan¬ large extent been alleviated. How¬
j-7,■* f 7''''■ ' ■.•••■w-uriih"-'";A
• '•
tially,; Jf on the basis of all the ever, inflation seems to be vir¬ iuii'Sn.-'
Bank and Insurance Stocks
:
factors we can evaluate, a particu¬ tually built into a free*1 eddrlomy
lar
company's earnings growth and a continuing rise in our price
Businessman's Bookshelf
:
-I.
1.
will not support its present price, level at a rate of perhaps 1-1 V2%
discounted into the future, then
per annum is likely, in contrast
we had best avoid it.
If, alterna¬ to the 1.8% yearly of the last
Coming Events in the Investment Field—
tively, our best estimates indicate decade.
an
earnings growth rate which
Using the foregoing as a base,
Dealer-Broker Investment Recommendations
can
support
the
present price we present below some factors
earnings multiple, we can feel which will have an increasing in¬
Einzig: "Pressures in Favor of Inflation in Britain"—.
more
favorable towards present fluence on
profitability of individ¬
in

FEDERAL RESOURCES

11

—Roger W. Babson

present high price earnings mul¬

engaged

CORP.

OF AMERICA

(4)
Continuing
inflation,
al¬
though probably at a lesser pace

selling at prices which necessitate
above average rates of growth if

Those

PHOTO

BOWLING
Portfolio Manager

a

dollars.

raw

purchases.

INTL.

BOWLING

9

Reflections and Advice of

much in excess of 3%
in terms of constant

annum

<

WALL STREET, NEW YORK

5

—Charles S. Roberts

governmental action
sustained

'

3

A Changing World Requires New

in constant
to be proven

a

basket

your

Telephone: WHitehall 4-6551

—Ira U. Cobleigh

Gross National
well remain at

yet

achieve

can

of progress

into the future.

years

has

Firm's Profitability

About Annuities and the Renewed Interest in Them

annum

per

It

that through

Fred J. Ruopp

growth rates five

earnings

3%

dollars.

of

advances

by

on a

—Fred J. Ruopp__

peaks of industrial activity.—

are

gaged

p r o

followed

cessions

In

so.

Various Factors Bearing

frightening marriage of Commu¬
nist
idealogy and Russian
and
Chinese
imperialisms is not in
sight. For this reason our national
defense expenditures will likely
continue at least at present levels

in

obsoletes.

Cover

Dawson

99

is fast approach¬
ing when the security analyst will
learn the accuracy of his 1960 es¬
timates of per share earnings, and

That time of year

3

Record — Monthly,
(Foreign Postage extra).

account of

of

made

the fluctuations in

exchange,

subscriptions
in

New

and

remittances

for

advertisements

York funds.

WHitehall 3-6639

Teletype NY 1-4040 A 1-3540

The Commercial and Financial Chronicle

(1452)

4

„

as

OBSERVATIONS...

submission

to

arbitration.

the Union

(The writer has recently returned from a three-week survey in
Southern Africa)

judge

court

by way of
achieving its
Nothing whatever, be¬
yond the privilege of going back
to work under the unchanged pre¬

TRADE and INDUSTRY

vious

An

conditions

—

which

it

Apartheid

day.

Prime Minister Verwoerd and the

In most coal and diamond mines

ruling

in the Union, the minimum wage

Union

South

Africa's

increase

future

of

The

Diamond Thievery

vs.

Apartheid

policy is even
X-raying examina¬
tion for those departing from mine
property—what with past^pilferings by various tricks, inducing
extended

illuminating

Business Failures

Commodity Price Index

of the facturing were so small that the
in the customary statistical
adjustment
October issue of the New York for
the
expected
seasonal
rise
Federal Reserve Bank's Monthly converted them into declines also.
business

(i.e. whites) £2 ($5.60) per

peans

Food Price Index

Auto Production

given by the offi¬

promptly did.
Ahead?

Retail Trade

demands?

Our African Notebook

Intransigeance

Carloadings

The State of

What

compromise toward

Greater

Steel Production

Electric Output

working
conditions.
How
long
were they out? Six months before

ciating

Last week's referendum victory by

Thursday, October 13, 1960

.

mine employee). But the last
was in 1957, over wages and

a

was

From

.

strike

WILFRED MAY

BY A.

.

to

review

situation

Review

appears

from which

quote

we

in

part.

The

one

on

seasonally adjusted basis

a

of

area

definite

advance
was

motor vehicles, where there oc¬
("White Supremacy") for Africans hovers around three
The
over-all level
of
economic
curred a 3% increase after allow¬
party
in gaining the all-white shillings (42 cents) per day, plus
activity remained generally un¬
ing for the decline that usually
community's
approval
of
the some incentive compensation.
changed
between July and August, results in
even
use
of the navel for con¬
August from time lost
Where the Apartheid policy via
change to a .Republic in place of
and so far there are no indications
during model change-overs. The
cealment. At a leading diamond
the
present constitutional mon¬ the "job reservation" technique
that
the
results
for
September better-than-usual
performance re¬
archy, entails the broadest impli¬ is not openly prescribed, it is mine, 650 X-rays were taken dur¬ will show any significant shift
flected efforts
of
manufacturers
cations.
They
are
implications practised hypocritically (abetted ing the previous month, with none in the business situation. Many of
to
get large stocks of 1961 cars
applied
to
a
European
which far transcend the disadvan¬ by union pressures) via the ra¬ being
the seasonal forces that ordinarily
into
dealers'
hands
before
the
(i.e., a white). The excuse given to
tages,
economic and political, tionalization, completely uncon¬
contribute to a strengthening of
cars were officially introduced to
me for
exempting the latter, was
which might
attend her conse¬ vincing to any objective observer,
activity as the
autumn
begins the
their distaste for it, as it is with us.
public. On the other hand,
quent expulsion from the Com¬ generalizing that the African is
were
again evident, but not in the seasonal
for fingerprinting. I, myself, was
push fell short of
monwealth.
uneducated,
"tribal"
and
even
sufficient strength to
offset the the
X-rayed
at
the
mine
customary intensity in the
exit, as a
The referendum result will have half-witted.
Although it is true
dampening influence of other ad¬ iron and steel
white Minority of One.
industry, with the
the effect of widening the exist¬ that the majority of natives are
justments that have been under result that
adjusted iron and steel
ing tensions in two directions; in deficient in education and ability,
way in the economy for several
Bad "P. R."
output
declined
by about 1% in
convincing the rest of the world this in no way justifies the exist¬
months. The automobile industry,
The Union of South Africa, in
August.
While
auto
production
of the permanence of racial dis¬ ing wage spreads.
which has been widely viewed as
for September pointed to another
particular, suffers at the hands of a
crimination, and in reassuring the
As an actual result, for example,
possible bellwether of the direc¬ better-than-seasonal
the outside world from its conlocal white
advance,
supremacists of the in the Northern Rhodesia
tion and momentum of economic
Copper
September steel production, which
electorate's support of their poli¬
tinuingly bad "Public Relations"
Belt, the annual earnings per Euro¬
change
in
the
current
period,
usually rises, was about the same
cies.
exemplified by the Govern¬
Nationalist

—

pean

will

It

with

the

tension

(non-native) employee

aver¬

£1,868

($5,232); with
the
average
earnings of the native
African employees down at £218
($610).
age

African coun¬
tries, as Ghana, whether or not
she is able and willing to black¬
ball the new Republic from the
Further highlighting the NativeCommonwealth. In fact, some ex¬
versus-European wage differential
perienced
observers,
including is a
survey of the natives' situa¬
Alan Paton, in the light of Prime
tion
in
Minister

merging

Nkrumah's

present

Durban, large sea-coast
metropolis
in
the
Union,
con¬

so¬

ment's
the

unrestrained

time

shooting

at

the

of

Sharpville riots.
Bishop Reeves' widely publicized
expulsion from the Union on two

hours' notice for political "obtuseness"

another

is

glaring "P. R."
fundamental is
the all-inclusive categorization of
faux

More

pas.

the

all

non-natives

and

non-

colored, as Europeans. You, a U. S.
citizen,' 'am classified as a Euro¬
Economics
of
the-J University ' of
pean) on your entry and other
Natal. This shows the native Afri¬
identifying documents.
cans' average monthly income for
An American friend's experience
the
Soviet
would
become
em¬
a
family
of
four
as
£10
8s.
at the Jan Smuts Airport in Jo¬
broiled; with ourselves, via the
($29.12), contrasted with £18 6s.
U. N., coming in "through the side
hannesburg, at the time of his
($51.24) as the "irreducible mini¬
international
arrival
is
not
door."
mum" of expenditure—that is, the
'
cost of food, clothing, transport, atypical. Noting two adjoining en¬
Apartheid in Labor
trance gates—one marked "Euro¬
taxation, rent.
Apartheid in wages is practiced
peans"
and
the
other
"Nonvia the technique of "Job Reser¬
No Feather-Bedding in Africa
Europeans," he, naturally, as a
U. S. citizen, took the Non-Euro¬
vation," quite openly in the Union
Trade unions for Europeans (the
of South Africa; disguised in vary¬
whites) are permitted in the Union pean gate. But, to his surprise, he
ing degrees in the other southern of South Africa.
suddenly found himself in the
Europeans can
midst of an all-native group who
countries. This provides a most
organize and strike but only after
effective
at
him
in
considerable
technique
for
fixing specified mediation preliminaries. stared
wonderment.
wages on the basis of color. Even In the case of the
Africans, trade
Governments reserve semi-skilled
This scrambling of semantics in
unions are not recognized and they
jobs for whites.
the use of the term "European,"
do not enjoy the right to strike.
cializing temper, foresee the fu¬
ture
possibility of the eventual
following of economic attack with
actual military intervention. Then

ducted

by

the

Department

of

I

At
and

the

Bultfontein,

In

Northern

DuToitspan diamond mines in touted

famed
wage

Kimberley,
law

Africans

but

wage

minimum

a

prescribes

a

base

for

(the "blacks")

(66 cents

ing

Wesselton

a

no

as

a

Rhodesia,

locale

the natives' unions
and

of
are

well-

liberalism,
legitimate,

their

right to strike is form¬
ally recognized. We were told by

of 4s. 9d the leading Native Member of Par¬
day), plus free lodg¬ liament from Kitwe, Mr. LewanThe

food.

for Africans is

lings (98 cents)

per

average

shil¬

seven

day; for Euro¬

ike, that the situation is entirely
satisfactory

to

him

and

his

a

the

offsetting influences
in

Attempting

existing

of

mixture

to

models,

dealers

ally
of

in

adjusted
other

in

August
terms.

Retail

questions

to

whether

in

dollar

only

were

the

sales

the

might

initial

reductions

that

impact
had

in announcing the association

price

of

and surveys of
plans suggested that such
ditures might level or
ward.
were

At

the

same

signs

some

of

future

a

moderate

into

the

hands

natives
it

is

in

their

not

In

of

their

non-white

the

contention

that

this connection, it should be

realized

that

the

fundamental

our

firm of

rift

its

in

in

together

with

Indians, whom
lently expropriated.
A

In

mining

whom

tive

Man's

real

a

we

Member of the Midwest Stock




•

Exchange

•

BLDG., DENVER

Amherst

6-1981

Man's

the

dustries, in the apparel field, and
in

service

and

of

residential

government

continued

expanding

Output

and

has

also

slowly.

these

Employment

seasonally adjusted peak of 111 in
(1957 = 100),
and
has

January
to

been

110.

fluctuating

from

109

In

August,
the
index
dipped again to the lower figure.

increases in durable

goods

retail

tablished

(as

trade

the

employment

declines.

Total

measured

by

Bureau's

we

World.

employment
the

Census

household

survey)

slipped about V2 of 1%, seasonally

adjusted,

agricultural

although

employment

declined

less

for

traction

in

holders,

the

rose

to

the

5.9%

Without

of

job¬

unemployment

rate

number

5.4%

in July.

temporary

idleness

from

the

resulting from

automobile model

change-overs, the increase in the

manu¬

Continued

have moved to

Our

live

to

male

with

at

new

on

larger quarters.

address is

105 South LaSalle Street

na¬

the

Chicago 3, Illinois

(Only if married by tribal

In

contrast

to

India

and

other

to

mechanical

profess

to

rely

devices,
on

under-nutrition,
stabilizer.

as

the

Financial 6-7400

Wm. H. Tegtmeyer

resulting from
a
population

&

Co.

Investment Securities

Africans
weakness

e-

October 10, 1960

than

seasonally. With this over-all con¬

The

recognize,

es¬

principal offsets to

We wish to announce that

polygamous

of the sexual drive

!

addition, substantial cutbacks,
a seasonally adjusted
basis, in

the metal and metal products in¬

Involuntary Birth Control

Company, Inc.

SECURITY

being spread over
three months. There were,

vio¬

so

over-populated
countries
where
hopes for birth control are pinned
BANKERS

on

or

levels

long-term legal rights.)

any

INVESTMENT

in

was

August

Less-than-

custom do any of the wives enjoy

and

two

year

in

than

non-

World

companies

chooses

time.

4&M.

rather

government

ing, only that particular wife with

tyw.x-y--.

idleness, which
this
heavily concentrated

industries.

of

inclusion in free housing and feed¬

*

employment
change-over

Southern Rhodesia I learned

about

iHI
WW

the

model

was

settled

Arthur G. Field

the

in

for

colonization of North
inflicted on the long-

our

America

originally

strong
canning

seasonal reductions in

upward

various

South Africa the whites
came

the

in

persons,

a

construction, and spending by all

edging

since

country.

of

100,000 from July. This de¬

statistics

expen¬

edge down¬
time, there

increase

made

ever

not

ticipated,

million

temporary curtailment of activity
in the auto
industry for model
change-overs;
no
allowance
is

reflect

followed

accepted status of the non-native

whites,

with

about

as

yet been
by larger physical vol¬
ume.- Capital
expenditures con¬
tinued upward, though apparently
not so strongly as originally an¬

53.4

because

in

basis,

cline is overstated, however, since
it reflects to a large extent the

declines

not

Labor
rose

industry. The seasonally adjusted
figure
was
53.3
million,
down

sales

being asked

current

record

a

of

unadjusted

an

on

seasonal

goods

Output did begin to pick up in
aspects mining and in nondurable manu¬
is
"to
whom
does
the
country facturing, but, since the August
really belong?" Before dubbing seasonal pattern calls for con¬
the
"whites"
as
Johnny-come- siderably
larger
increases,
the
lately colonizers, we might recall adjusted figures actually showed
our own past record. Whereas, in
a
decline in
nondurables. Most

pleasure

to

Bureau

payroll survey)

mostly

whites, including the Afrikaans.
The
Federal
Reserve's
indus¬
Calling them Europeans—in other
words foreigners — plays directly trial production index reached a

white"

We take

August,

apparently fell
slightly behind seasonal expecta¬
tions in August and September,
but

the

by

Statistics

season¬

question behind the "black-versus-

/

ured

made

price concessions, and,
as
the public responded to these
price inducements, auto sales ac¬
rose

August.

Nonfarm employment (as meas¬

generous

tually

in

as

at work

now

of the economy.
reduce stocks of

sectors

many

inflicting

con¬

stituents. (M. P. Lewanike doubles

misnomer, has serious effects, in
great damage on the

reflected

clearly

page

15

Volume

Number 5994

192

.

.

The Commercial and Financial Chronicle

.

(1453)

In addition to

Pros and Cons of Annuities

About Annuities and the

Renewed Interest in Them
By Dr. Ira U. Cobleigh, Enterprise Economist
Containing

a

of the

some

swift history and appraisal of annuities and outlining

advantages they offer particularly during deflation or
recession.

Ever

since

invented

man

money

he's been trying (1) to get enough
of it to live on, preferably in com¬
fort

and

possibly in luxury and
(2) to gather enough of it together
to last him all of his days. Only a
miserably small
percentage
of
mankind has
in

any

made the grade

ever

however.

age,

But we're

still trying; and an annuity is one
of the financial vehicles we have

invented, aimed especially
(2)—to provide

an

assured income

History of Annuities

Actually the annuity is very old,
antedating by many centuries such
popular flora and fauna of finance

bonds, stocks and life insur¬
ance. In Babylon, three thousand
years ago they designed an an¬
nuity.
Their system was to allo¬
as

certain annual rental from

land to

an

individual for life. The

early Egyptians and Chinese also
employed annuities based on, or
paid out of, income from land.
The Roman annuities

personal.

If

were more

aging

an

sought to provide

Roman

his death,
widow, he
would arrange, with some man of
substance, an annuity contract.
a

life

income

upon

for

his

Under this he would make

cash

a

payment to his honorable Roman
on his solemn promise to
pay to
the little woman, if widowed, a
fixed

annual

sum

for

she lived. The man

always

was

he'd

as

long

as

thus selected

younger man
(so
around long
enough to

be

a

make the lifetime
had

to

be

payments). He
pretty trustworthy
There is no evidence

a

sort of guy.

that

his

ever

extended beyond

obligation to the widow
a

financial

but equally there was no law
saying he couldn't take her out

one,

to

a

chariot

race

even

or

marry

her!

As
the

the

use

spread.

centuries

rolled

along

of annuities became wide¬

Kings

and

potentates

Genoa

raise

and

But

enough of these whimsical
musings. The annuity
down

come

to

us

as

re¬

a

spected and tested method of pro¬
viding
a
dependable
series
of
stated annual payments for a cer¬
tain

number of years, or for life.

This uninterrupted flow of income
has usually been assured or pro¬
an
individual, a group, a cor¬
poration or a unit of government.
Centuries
ago
annuities
were

quite
had

unscientific

no

There

the

as

issuers

The oldest and be^t known
tract

the

annuitants in any given
might live. Today, how¬
annuities are all based on
actuarial tables which calculate,
with amazing accuracy, the life
expectancy of individuals of all
ages.
These mortality rates, to¬
gether with the expected annual
interest return the issuing com¬
pany may safely expect from its
investments, form the basis for ef¬
fective guaranteed annuity rules.
ever,

assure

life

Here's

offered

'

today, most of the
surance
companies
and

a

number

of

and

1,400 life in¬
in the U. S.
Canadian

fered

ones

annuity contracts.
Also, in
recent years, many savings banks
have entered the field. In a larger

our

Social

Security

pleased to
as a

announce our

income, while not guaranteed, is
based

the dividend flow from

on

portfolio of stocks. Perhaps we'll
get to talk about "variables" in a

a

later article.

Meanwhile, remem¬
ber that annuitants live longer!

Wm. Blair & Co.

To Admit
A. & F. Farwell

annuities ahead and for them de¬

and

annuities

A

been

de¬

annuity

will

have

deferred

ultimate benefits

same

70——

$7.80

is

75—_„

$9.80

never

Midwest

have

nuities

of¬

in

a

and

II, will be

would
women

somewhat

be

lower

single

piece.

tion (and fewer

since

admitted

as partners,
1, 1961, subject to
the
approval of the two Ex¬
changes. At the same time some

effective

of

the

become

Jan.

Farwells'

associates

members

of

the

It is

ewe

Farwells

The

are

presently

of the firm of Farwell,
Chapman & Company.

•

~.r,

-''jUU,:.

'

.

..

Form N. L. Nathanson Co.
N. L,

Nathanson &

Co., member

of the American Stock Exchange,
has been formed with offices at

Nathanson
as

an

ewmcwnce

D.

thai

O'BRIEN

hoi heevi elected
and

Q)wect<w-

and thai

our

/

/

HARRY JAVITS

jlRST OF jVflCHIGAX CORPORATION

-

MILTON F. UNTERMEYER

heme teen, elected
Members:




Q)irectowb c^ the

AMERICAN STOCK EXCHANGE (Associate)
DETROIT STOCK

MIDWEST STOCK EXCHANGE

NEW

DETROIT

EXCHANGE

Columbus •Battle Creek,

•

LINCOLN PRINTING

CHICAGO

YORK

•

Grosse Pointe

•

Bay City

Lansing

•

•

CO.

fUetm&wxe

Flint
•

Grand Rapids

Muskegon

•

Saginaw

LINCOLN

ENGRAVING

SUBSIDIARIES

Be PRINTING

CORP.

130 CEDAR ST.. NEW YORK 6. N.V.

.

■

t

•

r

i

i

„

.

i

I

"

m

•
LINCOLN

PRINTING

was

individual

and

EXCHANGE

of

partners

fileated to

EDWARD

correspondent, Clark Dodge & Co., Incorporated

NEW YORK STOCK

will

staff

the Blair firm.

ev

New York

D.

Farwell

opportunities for floor broker.

admission

offices and to

Albert
C.

live longer than men.

NEW YORK STOCK EXCHANGE

our

Exchanges,

that

Francis

important to note, however, that
with present interest rates, which 92 Liberty Street, New York City,
have been in a long term rising to engage in a securities business.
Partners
are
N. L. Nathanson,
curve since 1947, certain annuity
contracts today provide more gen¬ Exchange member, hnd Seymour

guide to purchase.
rates but a
quoted
by

member firm of the

Direct wire service to all

Stock

announced

Farwell

frittered away.

We couldn't begin to cover an¬

income to women of the same age

are

essentially group annuities.

are

is
supposed
to
protect
better
against inflation since the annual

ferred

e

We

teresting. And there's a new kind
too, the variable annuity, which

representative companies. A num¬
ber of companies have recently
I.
Woods.
Mr.
erous returns than in some years;
issued, new rate schedules.
The and with some
prospects for defla¬ formerly active

plans, and

controls

a

annuity ;pn *a;;relative, friend or
servant just to be sure the money

any

of
in¬

dentists and other profes¬
; The association of the Blair and
people and the self-em¬
Farwell names is a notable de¬
ployed, whose incomes depend on
velopment in the history of these
sustained
personal
health
and
well
known
Chicago
families.
vigor (and sometimes on popular¬
Both
have
been
prominent in
ity) are logical candidates for de¬
ferred annuities. They salt away Chicago business, civic and phil¬
anthropic affairs since the city's
money in their best earning years
William McCormick
to assure an income when their early days.
Blair's grandfather founded Wil¬
earning power fades.
liam Blair & Company, a whole¬
The outright
annuity appeals
sale hardware firm, in 1842. John
particularly to the senior citizens
and to spendthrifts and gamblers V. Farwell & Company, a whole¬
sale
dry
goods
company,
was
who need to pin down a life in¬
founded
in 1865 by Albert
D.
come while they're in funds. Fur¬
Farwell's grandfather,
»
ther} jipapypeqple will settle an

income

not

more

sional

$4.80; " *■'
$5.50,

are

advantages

become

life

$6.55

rates

the

have

yers,

con¬

They are not actual
composite
of
rates

write

reference most pension

as

outright

65

These

Note:

than

as
any of the contracts just de¬
scribed; you just start paying for
it earlier. Instead of paying money
and having the annuity income
begin at once, you may pay either
a lump sum, or by a series of pay¬
ments over a term of years, and
have
the
actual
income
begin
some years later, say at 65. Actors,
professional athletes, doctors, law¬

Purchased by $1,000

At age 55—
,„n.
60——--"

.

■'

gain)

CHICAGO, 111.—-William Blair &
Company,
135 South La
Salle
Street, members of the New York

afford the

insurance

the

of

annuities, however, pay
income

signed.

Monthly Income
Male

incomes- to

annuities

idea

some

name

Many people like to plan their

might expect:

you

offspring ofnPresbyterian
ministers.
Since
then
many religious and fraternal or¬
have

.life

annuities.

annuities.

and

the widows and

ders

lower

it, in turn, agrees
to pay you
a
definite and un¬
changing sum of money every
year so long as you live. The old¬
er you are the higher will be the
yield on a straight life annuity.

Annuities began in America in
1759
when
a
corporation
was
to

a

refund

you

person

refund

single

with

more

or

company

also

are

either in
annual income or in a lump sum
of cash as you may direct.
These

premium
straight life annuity. It is a very
simple contract. You lodge $1,000

age group

formed

the

is

annuities that

distributed to you while you live
will be paid, until expended, to

The Kinds of Annuities

accurate way of estimating

are

capital

annuities

These provide that any. portion of
the original lump sum deposit not

to heirs.

how long

(usually

guarantee payments to the buyer,
or if he dies, to his beneficiary for
a
guaranteed number of years.

principal. (5) They reduce the
money you might otherwise leave

of

persons

date such there

of

tected by the property or solvency

two

and wife) so long as either
lives. Lots of people dislike the
idea of an annuity which leaves
nothing if they die. To accommo¬

possible draw¬
backs to annuity purchase are that
(1)
they
provide
no
defense
against inflation or declining pur¬
chasing power of the dollar. (2)
They liquidate rather than pre¬
serve your estate. (3) They usual¬
ly afford no cash or loan value.
(4) They provide no possibility
for increase in income or growth

historical

straight annuities
joint annuities providing

to

man

money,

buyers.

are

income

Venice, in
made fre¬ worries, and providing a guaran¬
quent public offerings of annuities teed income you cannot outlive.
guaranteeing life incomes to the
Contrariwise
to

order

has

*

a

forerunners of government bonds.

point

as

that cannot be outlived.

cate

granted them as rewards for faith¬
ful service, military valor, or ar¬
tistic or literary talent.
In the
Middle Ages annuities were used
as a method of public finance, the
Florence,

there

Basically the advantages of an¬
nuities are that (1) they provide
perhaps the safest known form of
income; (2) they usually provide
higher returns (if the annuitant
is in his later years) than could
be
safely obtained from other
conservative
investments.
(3)
They eliminate investment uncer¬
tainties and decisions.
(4) They
eliminate the risk of fluctuating
income.
(5) They insulate your
resources against creditors. '
(6)
They provide definite income tax
benefits.
(7) They remove your
capital from the temptation of a
risky investment or sponging rela¬
tives. (8) They provide peace of
mind by eliminating investment

5

CO.

732 FEDERAL ST., CHICAGO 5, ILL.

6

relief

DONALD D.

BY

from

a
long- period
of
taxation, and a more de-r
vious plan will at least relieve
them temporarily of costly charges
and
place these
charges more
squarely on the commuter. How¬

TAX-EXEMPT BOND MARKET
MACKEY

scheduled
Oct.

for

10.

issue
was
on
Monday,

largest

The

Massachusetts

various

purpose

into

of

laps

the

gen-

Is

In

This

Thursday

these

days

influences

of

tensions

is

also

portation

distractions.

Authority,

in

a

morning
and
respite apart from

that

broad

dinarily
of

bid

these

was

several

Massachusetts

bonds

would

with

of

most

the

for

of

assorted

issues.

This

is

procedure and

common

S Snn

re-

r

$75,000,000 State
serial bonds sold

was

of California

a

offermg

was

The

'

mv,ent0.7
Massachusetts
ivr

lest

essential

e^'
WaS ^lsP°ae^..
TY1**1
if any, market dislocation.
Bid

Rejected

coming.

Its

primary

time

combined

of

the

made

by

Commonwealth

the

or

dynarmC

leadership

progress?

ing on

seemingly prosaic

stead

carry-

over-

finances.

sound

The

Port

tubes
5

tubes
the

and

combined

6

our

7

might

cannot

tell

the

Port, in

no

counts headed

up by Chase ManBank, Bankers Trust Co.,

frequently

the

1961-1985

8:00 p.m.

1963-1981

8:00 p.m.

2000

11:00

a.m.

1962-1980

10:00

a.m.

3>00°'0n0_0n

1961-1980

2,440,000

1961-1989

that

—---------

1961-1990

11.00

1961-1970

2,860,000

Greensboro,

the

\

Angeles Co. Flood Control

District, California
County, Florida--.

contain

Marion

10,000,000
2,200,000

;

Orangetown Union Free School
District No. 8, New York
—

surround¬

2,577,000
1,500,000

Utica, New York
t

for

10:00

a.m.

1962-1982

a.m.

11:00

a.m.

9:00

a.m.

11:00

a.m.

2:00 p.m.

1962-1989

9:00

1962-1985

9:30

1961-1990

a.m.

a.m.

3:30 p.m.

1961-1975

Noon

Oct. 19 (Wednesday)

Brookhaven Union Free Sch. Dist.

submit

we

that

herding

com¬

muters into this limited tube

represents

retrogression
than progress.'

area

rather

-

1,200,000
1,100,000
1,603,000

No.

3, New York.—_—.
Chambersburg, Pennsylvania

Fridley, Minnesota
Lowell,

Massac usetts

Norwalk, Connecticut
Pennsylvania State Public School
——

headlines,

1961-1990

1:00 p.m.

1962-1989

7:30 p.m.

1963-1982

5,494,000

1961-1979

11:00

3,100,000

1961-1980

Noon

Political
Not a Commuter
21.300,000
Building Authority, Pa
However, it has met with high
San Jose. California——^.——
4,250,000
Problem
.
First National City Bank,of New. praise from most of the metro- ;
1,895,000
We hope that the planners be- Vestal, ,New York
York,
First
National
Bank
of politan press and by many directly h
Chicago, Lehman Brothers, First-interested New York and New fore activating this costly mass
Oct. 20 (Thursday)
Boston Corp.,
Halsey, Stuart & Jersey, state, municipal and rail- system will again reflect on the
Co. and others. Additional mem--road officials,
ample existing facilities and con¬ Bath, Cameron, etc., Central Sch.
District No. 2, New York
sider that diplomacy, cooperation,.
1,255,000
bers
represented
a
nationwide;
During the past several years
9,600,000
and
hard, thinking New Orleans, Louisiana
selling group. Thus far the Massa- " the financial difficulties of the ingenuity,
hattan

1:45 p.m.
8.00 p.m.

1962-1975

Calif.

County,

North Carolina
Hoosick, Pittstown, etc., Central
be
School District No. 1, N. Y

comfortable, human
transporta¬
tion; not mass transportation and

by
substantial detail,

make

15,000,000

Glendale Unified Sch. Dist.,

a.m.

exists

need

2:00 p.m.

1961-1980

"

our

grandiose schemes that

numerous

ac-

The

Noon./

1961-1980

population in
kind of human dignity during
area

1961-1980
1961-1980

1,800,000

Clark

commuter

the rush hours. The

10:00 a.m.

11:00 a.m.

2,000,000
46,000,000

this

us

1962-1980

1963-1984

Nevada
Florida
Page County Forest Preserve
District, Illinois
$100,Fullerton School District, Calif

9

adequately

2:00 p.m.

Du

through

Can

p.m.

1:00 p.m.

1961-1987

(Tuesday)

18

Auth., Cal.

Dade County,

times it
planners

and

1,050,000
2,250,000
1,000,000

Chicago, Illinois

maintained excellent credit while ing the tube terminal would seem
;issuing weU in excess of half a inadequate for total commuter con¬

of

-

California Toll Bridge

*,000,000

—-

Oct.

pay

were

Los

total

any

has

At

herded

be

between

Experts

inspired performance

deVelopments has been

made possible by rigid adherence
to

Lauupuu

—

Jamestown, North Dakota

spending
to the end that

more,

commuters

the

Massachusetts rejected this single .appears at wide variance with the
bid

000,000

and

Massachusetts comparing well with most of
made a bid equivalent to : large cities and states.
'
3.64% interest cost. The Treas-"
The mere general proposal

urer

envision

all

functions

standing.

would

through

in

M00,000

County, Wisconsin

Brown

now

to

services

incredible that

extremely well done
the years. It has had
while

would

opportunity

ferry

hour

seems

groups
a

these

rush

been

a

2,5uu,uuu

—

1964-1981

Oct. 17 (Monday)

V'".-';-/./

Newark transfer and its attendant

reluctant
long

a

L700,uuu

——

Atlanta, Georgia

a

day's

a

travelers

the

^billion dollars of bonds at rates gregation.

"

The

been

ajj task. This

the

Tr,dlSa-Str°USly
glUt~
California
issue,
so

mv,

ted.

has

on

n3out+°off1+vle
sell
the

perhaps

pr0p0sai
have

Sept. 28 The
secondary market has accumulated
that

porfs

The

t

a

as

they able to choose between daily
ferry and a daily tube trip via

New

Jersey
amalgamate in order to make an Railroads to the end that all of
appropriate and adequate bid for the traffic might be dovetailed
this particularly large block
of} through the tubes,
b.nds

daily

welcome

groups

for

140, Washington..
Wayne County, Michigan

hard
Dallas, Texas
r-~±-—
work.
Many would not live in
Fort Stockton Ind. Sch. Dist., Texas
proposal suburbia were
traveling less com¬
Franklin Twp. Sch. Dist. N. J.——,
purchas- fortable and
agreeable. Most of

determined 'Manhattan Railway under certain
that or- rigidly expressed prescriptions inCommonwealth solving elaborate interconnection

weeks, it

the

night

^,500,000
2,094,000

School Dist.

No.

the

each

Since a general weakness has ! intimated its interest in
characterized the bond market for ing and
operating the Hudson and
several

enjoy

13 (Thursday)

—- —

Greece, New York
Walla Walla County

Most
Jersey
ferry boat

picture.

commuters

opened.
Oct.

and
im¬

an

following

Frankfort, Indiana

portant human side to the trans¬

since

and

there

pressures

dealers hre*York Authority,"
appearing before
better
able
to
give
such .issues a committee of the New
Jersey
thorough attention without vweek--~genate
generally investigating the
end

will be

Progress?

.

oay or

a

tax-exempt authority may be a
very expensive way to accomplish
very little.

:of unpropitious current market
eral obligation (1961-2009) bonds, conditions.
Monday is rarely used as a day of
p0rt of New York Authority's
sale by the large issuers of bonds..
Transit Proposal
It is customary to sell volumiIn what nugnt appear as a denous lssues on Tuesday, Wednesfensive gesture, the Port of New
$69,£00,000

tabulations we list the bond issues of
$1 000 000 or more for which specific sale dates have been set.
'information, where available, includes name of borrower,
amount of issue, maturity scale, and hour at which bids
the

In

metropolitan

throwing

transportation

for early October has been desale
ferred. Allen & Co. has advised
Commonwealth of the Kentucky Highway Departasked for bids on ment against the flotation because

week's

Thursday, October 13,1960

Scheduled For Sale

Larger Issues

onerous

ever,

This

Commercial and Financial Chronicle...

The

(1454)

—

a.m.

1961-2000
Noon
1961-1980 .11:00 a.m.

1961-1985; -1:30 p.m.

.

,

might

Treasurer

has

merely

so-called commuter railroads have

10:00

a.m.

result in

rejuvenating our
Oct. 21 (Friday)
railroad operations at much less
stated that he will re-ask for bids caused
many suburban groups to
Central
'cost
Washington
College,
Wash.
1,446,000
than
is
next month or the month after, resent
planned. Since the
and
actively oppose the
It is assumed that he is
hopeful frequent fare increases periodi- 'daily worker must inevitably pay
Oct. 24 (Monday)
the cost of whatever emerges, it
of
a
better
bid, perhaps after cally sought,
Garfield Heights City Sch. Dist.,
seems well to unselfishly and en¬
election.
Expensive Solution
Ohio
1,000,000
tirely explore the less dynamic
Recent Awards of Minor Degree
Despite
the
justification
for approach; It seems reasonable to
Oct. 25 (Tuesday)
Other less important issues had these
increases,
the
organized start by making the ferry system
been awarded on
Thursday, Oct. commuter groups quite naturally such as it is, self-sustaining. This Anaheim Union High School Dist.,
6.
$3,000,000 Greenville,
California
Texas, took their plaints into the politi- should not be difficult since the
2,350,000
Torrance Unified Sch. Dist., Calif.
water, sewer and electric revenue cal
sphere
where
the
general proposed
2,000,000
tube
ride would
also
(1967-1990) bonds were awarded problem has been inflated and have to be
4,200,000
supported. This could Vineland, New Jersey
to the First Boston
Corp. group magnified beyond reasonable bealso, through some tax adjustment
Oct. 26 (Wednesday)
which included J. C. Bradford & lief. There has been
generated a (and such an adjustment would
Ashland School District, Ohio
Co., Dallas Rupe & Son, Inc., "commuter transportation prob- obtain if the
3,450,000
Port took over) keep
Dittmar & Co., Goodbody & Co. lem"
Clark Township, New Jersey——
which has
directed
focus the railroads
1,035,000
operating
at the rail
and others. Priced to
Rod ester Special School District
yield from from the real problem, which is heads for
'
any sort of an emer¬
3.25% to 4.20%, investor reception a
No. 4, Minnesota—
"railroad
financial
problem." gency.
2,500,000
was fairly good with a
$1,200,000 The railroads have the facilities
We repeat that there is no real
Nov. 1 (Tuesday)
current balance.
and
the know how. What they
commuter problem. There is rather
The only other sizable new is- need is
Bloomington, Minnesota-!
governmental cooperation
3,000,000
a^ political problem involving the Cook
sue awarded
during the past week in solving * financial difficulties
County, Illinois—
25,000,000
railroads,
that
requires
strong Northern
involved $6,920,000 Newark, New
Burlington County Re¬
largely not of their own doing.
political leadership.
Jersey general obligation water
gional School District, N. J
To bring in the Port Authority
1,210,000
(1961-1980) bonds. It was awarded for the purpose of financing and
Yield Index Higher
on
Oct. 11 to the group headed
/
operating a very expensive tube
The Commercial and Financial
:
.
Nov. 2 (Wednesday)
by Phelps, Fenn & Co., Drexel & and subway hook-up may pre- Chronicle's state
and
municipal Youngstown City Sch. Dist., Ohio
1,960,000
Co., Hemphill, Noyes & Co., First suppose great things for New York bond
yield index has shown a
of Michigan Corp., Ira
Haupt & and the tubes, but it's a very ex- further average decline during the
Nov. 3 (Thursday)
chusetts

2:00 p.m.

1961-1990
1962-1985

>

8:00 p.m.

-

_

1:00 p.m.

1962-1981

11:00

1961-1980

a.m.

9:00 a.m.

1961-1980
1961-1980

Noon

1961-1982

Noon

•.

8:00 p.m.

1962-1970

.

Co.

and

others.

scaled

to

3.70%

and

The

yield
the

bonds

from

were

1.85%

investor

to

reception

is

unofficially reported to be
good.

very

offering
of
$55,000,000
Kentucky Turnpike bonds slated
ON

Jersey

pay

Even

New

the

(State)
(State)
New Jersey Highway
Auth., Gtd.__
New York (State)
Pennsylvania (State)
Vermont
(State)
New Housing Auth.
Los

.

(N. Y., N. Y.)

Angeles, Calif

Baltimore, Md
Cincinnati, Ohio
New Orleans, La._
Chicago, 111.
New York

■

City, N. Y




Oct.

for

New

commuters

must

most

of

the

past week. On Oct. 12 the average
was 3.338^?; a week ago it
was
3.30%. In/dollars this repre¬

least
have

long despaired of obtaining
SERIAL

sents

an

The

average

consistently
issues

revenue

change

ISSUES

decline of slightly

than one-quarter of a

more

stable

have

according

Barney &

shown

the

to

1978-1979

3.15%

3.05%

1974-1975

3.00%

2.90%

of

1978-1979

3.15%

3.05%

3%%

1977-1980

3.30%

-3.20%

33/4%
31/4%

1978-1980

3.80%

3.65%

months.

1980

3.40%

3.30%

uled

3y2%

1980

3.30%

3.20%

3y4%

1979

$46,000,000 Dade County,
Florida serial general obligation

3.70%

3.60%

bonds

3y4%
3%

1977

3.85%

3.70%

1980

present

3.75%

3.65%

important

3.65%

33/4%

1980-1982

3.35%

3.25%

3%

1978-1980

3.35%

3.20%

12, 1960 Index=3.338%

a

1:00 p.m.

.>•'

,

Los Angeles City Harbor

CaJrifornia

New York State

than

it

has
The

is

now

lighter

for

several

been

largest

•

issue

sched¬

W.

H.'

Morton &

for sale

there

Oct.

on

appear

to

be

negotiated

underwritings

ready

for

18.

Co*'

Tennessee Valley

is

set

15

Fairfax

type

12,000,000

——

to be underwritten

a

syndicate

Authority, Tenn.

50,000,000

(Wednesday)
8,500,000

Dec.

13

(Tuesday)

County Hospital Dist.

California

Noon

'

—

—

managed by Phelps,

Fen*

°thers' Lehman Bros., Smith, Barney & Co.. Inc., and

County, Virginia—

Los Angeles

1961-1980

100,000,000
by

At

market.

10:00 a.m.

(Tuesday)

Dec. 7

no

1961-1980

District,

Housing Finance
Agency, New York
'Negotiated sale

calendar

2,000,000
Nov.

1L00 a.m.

(Thursday)

Hampton, Virginia

point.

The

12,000,000'

Nov. 10

Company

3%

3.75%

1962-1980

(Wednesday)

———————

little

Smith,

3%%

1978-1^80

RM

Mississippi

turnpike

33/8%

31/2%

8:00 p.m.

10,875,000

Nov. 9

point.

turnpike in¬
dex. On Oct. 6, the last reporting
date, the average yield stood at
3.85%. On Sept. 29, the average
yield was 3.82%. This represents
an
average decline' of about %s

MafuHtv

Trenton, New Jersey

1961-1981

yield

bill,

Jersey railroads
developments with at
passive assent since they

Rate

Connecticut

around

view

REPRESENTATIVE

California

way

whose

ultimately
must

The

MARKET

pensive

11:00 a.m.

1961-1975

7,000,000

—

—

1962-1988

—

—

Volume

192

Number

5994

,

,

,

The Commercial and Financial Chronicle

(1455)

kering back for the good old days
of non-stop inflation, when owing

Pressures in Favor of

the

to

rapid
demand

sumer

Inflation,in Britain

sell

almost

cently there
All

that

Commenting

British economy.

of the

state

on

the price reductions

they

would

repro-

needed

be

absorbed.

It

would, of
course, be easier for employer and
employee alike if such conditions

:

Drastic
price cuts made possible by technological improvements would do
the trick, he adds, if gains from such lower costs went into lower
the surpluses.

deep enough to create a demand to absorb

•

mean

mobiles

recent

the

years.by

squeeze

drastic

unlimited

cilities.it

would

rp^stivp no^tinn

Pb tprhnnl ?
e P°sslsDle by,
anHtechnology
hv
...

production.

This solution is

of

vival

American

In the industries

sumer

their'

fapp of this:

of

trado

n

n

i

n

V'
creasing hi

purchases

as

con-,

itself

any

benefits

lower costs

the

explanation of this revival
of inflationism lies partly in the
The

were

resiUtfng^
not

demand

It is

It

argued that if Britain is able to
attract gold even during the sea¬
son which
is usually adverse for

is

trade

no

to

absorb

wonder

unions

to

create

the

a

surpluses.

the

Shermann

Mr.

ness

to

for the

been

has

past 30 years.

with

Bache

Co.

&

.

Planning

from

offices

at

i t

j

u

Underwriters,

5224

nmg

ANGELES,

Calif.

—

*

George

J.

han-

forties and early fifties an attempt

Woolrych, Currier & Carlsen, Inc.

v

Barth

&

Boulevard.

Co.,

He

was

has

Inc.

Underwriters,

H. Ott has become associated with.

is

it

that

than

more

3323 Wilshire
formerly with

and

Moody

A.

Steve
.

..

„

Vice-President,

This announcement is neither

offer to sell

an

nor a

solicitation of

o

.

any

of these- securities.. The offer is made only by the Prospectus.
r

i

.Mar;•
•

...

,

.

.

,

.r

jj

<,+•'■;

J;

>•,,

.

v

:

.

October 7,5 1960

NOT A NEW ISSUE

f

the increase in Britain's
external liabilities. In addition to

attracted

capital

short-term

to London

by the high Bank Rate
there has been much buying from
overseas
of
British
industrial

equities.

Union Texas Natural Gas Corporation

large, proportion of
represent long-

A

,

these transactions

term' investment'in

to

liable

and

realized

be

150,248 Shares

technical

a

securities

only for the

sense

are

their

Class A Stock

repatriated at any mo¬

proceeds

;

ment.

Par Value
of

attitude

The
soft

those

favoring

policy because of the

money

'

-

(Non-Voting except

$1 Per Share
as

*

stated in Prospectus)

/.

.

,

gold influx is equivalent to de¬
manding that this country should

spend without delay the amounts
aid

abroad

from

borrowed

75,124 Shares

V

the

with

high Bank Rate.,,The ab¬

of

of

surdity

line

this

Class B Stock

large part of the funds
sent to this country to benefit by
the 6% Bank Rate would be re¬
a

This would

patriated.
the

'

t

Par Value $1 Per Share

.

.

..

that

mean

spending

increased

from

"

obvious.

is

The moment the credit squeeze is
relaxed

'

resulting

soft money policy would be

accompanied -by

outflow

the

of

the

gold, the inflow of which was
used - as
an * argument
in favor

Price

of soft money.

$24 per share

for thes revival
of inflationism lies in the gloomy
Another

reason

view .taken

about

business pros¬

pects in the United States.;J It
is

States

since

that,

argued

heading

the

for

a

is
United

depres¬

Copied of the Prospectus may-be obtained in any'State from

sion, Britain should isolate itself
from
that trend by pursuing a

expansionary

distinctly
its

before
the

economy

vicious

spiral

is
of

the other several underwriters

as

may

only such of -the undersigned and

lawfully offer the securities in such State.

policy,

caught

in

deflation.

gloomier the forecasts that
are dispatched from the other side
of the Atlantic the stronger is the
agitation on this side in favor of
Removing
disinflationary -meas¬

CarlM.Loeb,Rhoades&Co.

ures.

Blyth & Co., Inc.

The

in

force

the

Incorporated

.

r

The First Boston Corporation

Smith, Barney & Co.
Incorporated

*

Eastman Dillon, Union Securities & Co.

unfavorable' develop¬

Finally,
ments

Merrill Lynch, Pierce, Fenner&Smith

'

certain

industries

rein¬

agitation against credit

restrictions.

The

automobile

Glore, Forgan&Co.

Goldman, Sachs & Co.

Kidder, Peabody&Co.

LasardFreres&Co.

in¬

Stone & Webster Securities Corporation

Lehman Brothers

dustry in particular is very vocal

demanding the termination of
the credit squeeze. Those who ar¬

in

gue

in

sense fail to realize
setback in the automo¬

the

bile

industry

that

Wertheim

this

that

the

long

is

world-wide, and

overdue




develop-

,

,

&

Co.

.

Williams,
•-

Horton, Secretary-Treasurer.

offer to buy

an

been

and B

offset by

the

Inc.

business.. Officers are Delbert C«
Standridge, President; Glenn E.

,

.

i

'mth
offiees inin athesecurities
Rector
Building to engage

With J. Barth Co.

LOS

situation. They fail to realize that
influx of gold is purely arti¬

ten

Advanced

Form

Friedman) under the^firm name

*

ployees.

the

for

years.
-1

sterling

and

busi¬

Prior

joining Laird, Bissell & .Meeds
he had been asso¬

sterling,

ficial

active

18 months ago,

ciated

In this
respect recent history
repeated .itself. During the late

are

under

in the investment securities

firms, and

concerned

be

Shusterman.

.

(Special to The Financial Chronicle)

sufficient

will

derived^rom ■^1®I|}vood Road (j/o Hyman A. LITTLE ROCK, Ark. — Advanced

-

to-n^^uc^s0

What

offices

new

management
of Sidney R.
Shermann in association with Jack

-

business

durable goods there is in

The

Brooklyn, n. y.—Irving Birnbaum
is conducting a
securities

result

a

XllS^ purCDHSCS 3S 8 result

rp—

and

South

the

.

Forms Central

tho

c

n

competition.
producing

n

i

Center

Philadelphia.

Board, and Harold F. Moses, Pres. associated
with the Philadelphia
office of Bache & Co. for five

pre^

-

-

credit fa--

affect

not

in

Distribution

Co., have been named to the board
*
of Olin Oil & Gas years,'
Mr. Shusterman, before joining
Corporation, it was announced by
- .
.
.John
W. Hanes, Chairman
of the Laird, Bissell & Meecs, was also

•
imnrovements

rrrppd

offered

ity exchanges, announce the open¬
ing of a branch office in Phila¬
delphia's hew $100,000,000k Food

tL? of directors

pri

.

were

t

Meeds, members of the
New York Stock Exchange and
other leading stock and commod¬

man Dillon, Union Securities &

hoiISZZc
halved and the films nllrL
concerned vented, however, by the insatiable

requests to receive
deputations stating the case for
terminating the credit squeeze, in-

it is an indication that
need no longer be de¬
fended by drastic disinflationary
measures.
Those who
argue
in
this sense base their conclusions
on a one-sided appreciation of the

^

cal

differ-

no

makes

.

^

-

p,

Bissell &

Joseph H. King, partner in East-

'

way for disposing of
surDiuses Would be hv trie ana

f

Even if the Bank Rate were

ence.

Way

better

such American models. From that

and

restrictions

th

point of view the removal of the
credit

Better

^
A

of

absence

iv/r

put a*

a n it t

PWTt

'

to,affect the British firms
which have greatly
iy
ucucincu
iix
benefited
in

The Prime Minister and
other
Ministers
concerned are
bombarded with letters and mem¬

increase in the gold reserve.

compact models of auto¬
in the United States is

bound

year.

oranda,

of

ment

Eng.—There has been
in recent weeks a noteworthy re¬
vival of the agitation in favor, of
reverting to an inflationary eco¬
nomic policy. The Government is
under pressure, not only on the
part of the trade unions but also
on
the part of employers, to re¬
lax forthwith the disinflationary
measures
adopted earlier in the

.

Deslie M. Cassidy, former ChairT°1 the Manville
Board andCorp.
President
of
Johns
and

'

LONDON,

Named Directors

restored.
But
they
non-stop inflation—twn„
creeping inflation to begin with
and runaway inflation later.
mPan

would

RU<u»lI Onpn*

New Philadelphia Branch

there was a great deal of dividend
restraint there was virtually no
wage restraint and inflation proceeded' unhampered. At present
the reduction of profit margins
fails to inspire employees to accept some sacrifice even in the
negative sense of abstaining from
demanding higher wages in industries suffering from over-production.

be

to

were

prices instead of into higher wages.

consumer

comparatively
need for

was no

was to step
up
of anything they happened to produce and they could
reasonably expect that their goods

transpired to date, Dr. Einzig says they have not been

have

pro-

the output

policy at this time also provides a concise report on the

domestic

possible to

was

ducers to exercise their judgment,

Einzig's rejoinder to his countrymen who favor an inflationary

Dr.

it

I ojwl

means

con-

anything that is

Until

duced.

By Paul Einzig

expansion, of

made to check inflation by
of wage restraint and divi-dend restraint. In reality, while

was

7

White,Weld
Incorporated

&

Co.

I

w

W.

The Commercial and
8

on

pany

SEND

—

Study

—

Brothers

&

New

46

Inc.,

Circular on Bureau,

—

Front

Street,

N. Y.

New York 4,

York City Banks—

Consolidated

Sons, 409 North Eight Street, St.
"Colby Louis 1, Mo.
Colby, 31 Stepan Chemical Co.—Memoran¬

Industrial Opportunities in Treas¬
ure

Swimming Pool Development Co.
•—Memorandum—Marron, Sloss &

Chest Land—Booklet describ¬

ing resources of the Utah-Idaho-

Incorporated, 1516 Colorado-Wyoming
Philadelphia 2, Pa. Power &
Light

Packaged Foods

Broad¬

N. Y.

Utah

TXL Oil

•*—r

shing &

Co., 120

and

Prudent Investment Procedures

view

—

Bache

Henry

Inc., 245 Fifth Ave.,

—

— Re¬
Associates,

Clothing Market

Tailored

Conditions

Miarket

ford

Also available are

Conn.

4,

Millis.

data on Adams

Eisele

Co.,

New York 6,

&

King,

Libaire,

Stout &

New

York 4,

Broadway,

50

York 5,

Street, New

Wall

Depti

Witter &

'

Current

York

—

area

—

•

Inc., 63
5, N. Y.

Co.,

Co., Box 899,

Cigar Corp.—Report

K, Salt Lake City 10, Utah.
— Review — Dean
—A. M. Kidder & Co., Inc., 1 Wall
Leesona Corporation — Reprint of
Co., 45 Montgomery St.,
Street,
New
York
5,
N.
Y.
Also
talk by Robert Deeson, President,
San Francisco 6, Calif.
Canada's Natural Gas—Analysis—
available is a report on Tung-Sol
before the New York Society of
Analysis — Purcell & Co.,
Draper Dobie & Company Ltd., 25 Steel
Electric Inc.
Security Analysts — Gartley &
Adelaide Street, West, Toronto, 50 Broadway, New York 4, N. Y.
Continental Baking Co.—Review— Associates, Inc., 84 William Street,
Also available is a brief review
Ont., Canada.
Fahnestock & Co., 65 Broadway, New York 38, N. Y.
of Bridgeport Brass.
Cigar Industry—Review with par¬
New York 6, N. Y. Also available
Lieco, Inc.—Report—J. A. Winston
ticular reference to General Cigar Steels—Review—Laird, Bissell &
is a review of P. R. Mallory & Co.
& Co., Inc., 11 Broadway,
New
and Consolidated Cigar—Bache & Meeds, 120 Broaodway, New York
Diners Club — Data — Cooley & York
4, N. Y.
Co., 36 Wall Street, New York 5, 5, N. Y.
Company, 100 Pearl Street, Hart¬
P. Lorillard Company—Analysis—

Laird, Bissell & Meeds, 120
way, New York 5, N. Y.

Finance Corp.—
G. Edwards &

&

Loan

Memorandum—A.

—-

Power.

Financial Corpo¬
ration—Report—Charles A. TagStock Notes

Review

—

New York.

gart
& Co.,
Locust Street,

State

Letter," c/o Gerald S.
Milk Street, Boston 9, Mass. Also dum — Dean Witter & Co., 45
in the same issue are discussions Montgomery Street, San Francisco
of Martin Co. and Niagara Mohawk 6, Calif.

Corp.—Anal¬
ysis— V. S. Wickett & Company,
Inc., 99 Wall Street, New York 5,

FOLLOWING LITERATURE:

Corporation, Merry
Brick & Tile Company,

Sound

Howe

Commonwealth

leading

1960

and Pearce-Uible Company.

Com¬
Colorado

Copley

409 North Nevada,

Columbia Technical

WILL BE PLEASED

FIRMS MENTIONED

INTERESTED PARTIES THE

Houston

Springs, Colo.

RECOMMENDATIONS

UNDERSTOOD THAT THE

TO

Bank

Thursday, October 13,

&

Service Com¬

Colorado Insurance

pany,

AND

Atlantic

Great

Goodrich,

Pacific, and Pacific Finance.

INVESTMENT LITERATURE

IS

..,

Central Maine Power Co., Deere
memoranda ing, Jacksonville 2, Fla. Also in
the same bulletin are reviews of & Company and Craig Systems.

Pa. Also available are

DEALER-BROKER

IT

Financial Chronicle

(1456)

Memorandum--*-Per¬
Broadway, New

N. Y.

Corporation—Analysis
&
Co., 210
Seventh Street, Los Angeles

Travelodge

—Dempsey-Tegeler
West

14, Calif.

v

.

(.

Co.—MemorandumOscar E. Dooly & Co., Ingraham
Building, Miami 32, Fla.
Twentieth Century Fox—Discus¬
sion—Shields & Company, 44 Wall
Street, New York 5, N. Y. Also in

Tropical Gas

the

discussion
Companies.

circular is a

same

of Personal

Loan

Diocese of Buffalo, N. Y. Direct N.Y. • '.
—
Hemphill, Noyes & N. Y.
United Aircraft Corporation—Bul¬
Obligation Serial Notes—Bulletin Metro Goldwyn Mayer—Analysis
letin—John H. Lewis & Co., 63
Co., 15 Broad Street, New York 5, Visual Aids to Learning—Discus¬
—B.
C.
Ziegler
and Company,
sion
in
the
October
issue
of
—Bregman, Cummings & Co. 74 Wall Street, New York 5, N. Y.
N. Y.
Security Building, West Bend, Wis.
"American
Investor"
— American
Trinity
Place,
New
York
6.
N.
Y.
Defense Issues—Discussion—With
United Artists Corporation — Re¬
Engineering
Associates-—
American
Stock Ex¬ Dunn
Midwest Technical Development
particular reference to Microwave Investor,
Analysis—Marron, • Sloss & Com¬ Corporation — Analysis — Piper, port—Shearson, Hammill & Co., 14
change
Building,
86
Trinity
Place,
Associates—Stearns & Co., 72 Wall
Wall Street, New York 5, N. Y.
Wall Street, New Jaffray & Hopwood, 115 South
New York 6, N. Y.—$1.00 per year; pany, Inc., 63
Street, New York 5, N. Y. Also in
Also
available 1 are
reports on
per copy.
Also in the York 5, N. Y.
Seventh
the same circular are brief data on 15 cents
Street,
Minneapolis, ,2, Phillips, Petroleum, Philip Morris,
Instruments Inc. — Memo¬ Minn.
Dunn Engineering, Richard Brew, same issue are articles on Alsco, Elion
Inc., and Building Material Stocks.
Inc., Resistoflex Corporation, Atco randum—Spear, Leeds & Kellogg, Morrell & Co. — Memorandum—
and Lancer Industries
Stocks.
Chemical Industrial Products Inc. 111 Broadway, New York 6, N. Y..
Federal and State Stock Original
Bruns,
Nordeman
&
Co.,
115 United Lutheran Program for the
and Vanderbilt Tire & Rubber Co.
Issue and Transfer Tax Rates-—
First Charter Financial Corpora¬ Broadway, New York 6, N. Y.
Aging — Bulletin — B. C. Ziegler
Current Rates — Registrar and
tion
Review in current "ABC New York, Chicago & St. Louis— and Company, Security Building,

Discussion

.

—

Petroleum—Appraisal —

Amerada

Japanese Market—Review—Nikko

Letter"—Amott, Baker Highlights—H. Hentz & Co., 72 West Bend, Wis.
Incorporated, 150 Broadway, Wall Street, New York 5, N. Y.
U. S. Magnet & Alloy Corporation
38, N. Y. Also in the Also available in the same report
—Analysis—Robert Edelstein Co.,
American Steel Foundries—Anal¬ same issue are reviews of Equi¬ are data on Southern Pacific and
Inc., 15 William Street, New York
table
Gas
Company,
Bemis
Bros.
Delaware
&
Hudson.
ysis—Reynolds & Co., 120 Broad¬
5, N. Y.
Bag Company, State Loan & Fi¬ Obear Nester Glass — Memoran¬
way, New York 5, N. Y.
Universal Match—Report—Thom¬
American Sterilizer — Memoran¬ nance Corporation and some brief dum—Edward D. Jones & Co., 30h
son
&
McKinnon, 2 Brdadway,
dum—Blair & Company Incorpo¬ reviews of previous recommenda¬ North Fourth Street, St. Louis 2,
New York 4, N. Y.
rated, 20 Broad Street, New York tions.
Mo.

Securities Co., Ltd., 25 Broad St.,

5, N. Y.

Transfer

Church

50

Company,

Street, New York 7, N. Y.
Market

Japanese

Review —Ya¬

—

Securities

rn aichi

Co.

of

New

New

Broadway, New
York 6, N. Y. Also available are
analyses of Furukawa Electric Co.,
Ltd. and Daihatsu Kogyo, Co., Lid.
York,

Inc..

Ill

Investment

Stieglitz, 52 Wall Street,

Halle &

& Co.

N. Y.

York 5,

New

York

Corporation

Garrett

Also available American Sterilizer Company Droulia & Co., 25
analysis of Yawata Iron & —Analysis—Glore, Forgan & Co., New York 4, N. Y.
45 Wall Street, New York 5, N. Y.
Co., Ltd.

New York 4, N. Y.
is

an

Steel

Giannini

Controls

Victcreen

Bulletin

—

Survey American Stores — Memorandum —Auchincloss, Parker & Redpath,
Ltd., 61 —F. P. Ristine & Co., 15 Broad 2 Broadway, New York 4, N. Y.
Broadway, New York 6, N. Y. St., New York 5, N. Y.
Gillette Company — Analysis—
Also available is a discussion of AMP
Incorporated — Analysis —
Paine, Webber, Jackson & Curtis,
the
new
administrative amend¬ Gruntal & Co., 50 Broadway, New
25 Broad Street, New York 4, N. Y.
ment to the foreign investment York 4, N. Y.
Also available are data on Celotex,
law of Japan and analyses of Sony, Anheuser Buscb—Survey—Abra¬
Anheuser Busch, Central Illinois
Japanese Stock Market

—

—Nomura Securities Co.,

Mitsui Bussan, Fuji Electric Man¬

ufacturing,

Tube,

Steel

Nippon

Rayon, Toyota

Isuzu Motor, Toyo

Motor, Mitsui Chemical Industry,
and Kirin Breweries.

Long Term Stocks—Suggested is¬
sues

in

issue of "Market

current

Review"—Harris, Upham & Co.,
120 Broaodway, New York 5, N. Y.
Machine Tools

—

Memorandum

—

Filor, Bullard & Smyth, 26 Broad¬
way, New York 4, N. Y.
Oil Companies

—

Comparative fig¬

ham

York

&

way,

Also

New York 4, N.Y.

available

Southern

Corp.—Bulletin—L. F.

Brunswick

is

Pacific

Averages
counter

the

in

and

the

the

Dow-Jones

35

over-the-

industrial stocks used in

National

Quotation

Bureau

Averages, both as to yield and
market performance over a 20year

Street, New York 4, N. Y.
available are memoranda on

Broad

Also

Long Island Lighting
Hudson Gas &

—

14, Calif.
Whitin Machine

memoranda

on

of J. C. Robinson Co.—Progress Re¬
and port — Morrison & Frumin, Inc.,
Steel and Penobscot Building,
Detroit 26,

S.

U.

&

Carolina

Pacific

Plywood,

Inc.—

common

cash

Analysis—Banner Securities, Inc.,
26 Broadway,

Cities

Service

—

stocks which have paid a

dividend

each

years or more.

New York 4, N. Y.

Memorandum—

Home's

,

.

year

for

25

.

Enterprises, Inc.—Review

—Johnson,

OVER-THE-COUNTER
specialists in

more

than 500 securities.

Memo¬

Boulveard Chicago

R. W. Coopsr

Opens

system for the purchase

or

.

.

ROBINSON CO.

j. C.

Acquisition Announcement

Mich.

&

Industries — Review—
L. F. Rothschild & Co., 120 Broad¬
Spartans

way,

Progress Report
available
r.

New York 5, N. Y.

Spartans Industries — AnalysisHerbert E. Stern & Co., 52 Wall

Atherton

"

•

Stock

Exchange..

Detroit 26,

WOodward

1-1345

experience and

trading markets in:

Class "A"

a

COMPANY

INCORPORATED

SINGER & CO

TROSTER,

Member New York Security

74

Trinity Place
•I

IIAnover 2-2400

Dealers Association

New York

Members Midwest Stock Exchange

CHARLOTTE

MIAMI

■

Teletype NY 1-376; 377; 378

NEW YORK

RALEIGH

6, N. Y.

JACKSONVILLE

COLUMBIA

'■

ATLANTA

CHICAGO

GREENVILLE
GREENSBORO

•

DE 1472-

Soroban Engineering

We offer professional

/ .a,

Bldg.' '
Mich. * y 1

1465 Penobscct

'

& Co.,

Lane,

.

.

,

Members

.

Detroit

.'

Standard Oil of New Jersey—Re¬

port—Schirmer,

•:

,

MORRISON & FRUMIN, INC.

Street, New York 5, N.[ Y.

R. S. DICKSON &

.

•

PALOS VERDES

nation-wide private wire
sale of blocks of over-the-counter securities.

and institutional investors long




—

& Co., 141

4, 111.

review

a

We maintain active

are

Jackson

West

Memorandum

50 Congress Street, Boston 9, Mass.'
Space and Co.
Joseph D. Goodman & Co., 1526
Also available are brief reports on
Incorporated,
Florida
Title
Build¬
period — National Quotation Chestnut Street, Philadelphia 2,

We

Works

randum—Irving Weis

and Central

Electric.

Pacific Industries

Analysis—Hill Richards & Co. 621
South Spring Street, Los Angeles

Company

Co., 120 Broadway, United Aircraft.
leading companies—Courts
Co., 11 Marietta Street, N. W., New York 5, N. Y.
Ilomestake Mining Company—Re¬
Atlanta 1, Ga.
California Liquid Gas Corporation
view—Freehling, Meyerhoff & Co.,
Over-the-Counter Index — Folder —Analysis — Stern, Frank, Meyer 120 South La Salle Street, Chicago
&
Fox,
Union
Bank
Building,
Los
showing an up-to-date compari¬
3, 111. Also available is a booklet
son between the listed industrial
Angeles 14, Calif.
listing New York Stock Exchange,
used

Utilities—

Rockland

ESTATES, C^lif.
surveys
of
—Robert W. Cooper is engaging
Winn-Dixie Stores.
Phillips Petroleum—Report—W. E.
H. J. Heinz Company—Analysis—
in a securities business from of¬
Hutton & Co., 14 Wall Street, New
Bobbie Brooks
Incorporated—
Dreyfus & Co., 2 Broadway, New York
fices at 2417 Via Sonoma under
5, N. Y.
Analysis — Woodcock,
M o y e r, York
4, N. Y. Also available is a
the firm name of R. W. Cooper
Fricke
&
French,
Incoroorated,
Phillips
Petroleum
—
Aralysis—
report on Beech Nut Life Saver.
Company.
123 South Broad Street, Philadel¬
Robinson & Co., Inc.,
15th and
Holly Sugar Corporation—Review
phia 9, Pa.
Chestnut Streets, Philadelphia 2,
Brunswick Corporation—Reoort— —Auchincloss, Parker & Redpath, Pa.
Trading Interest In
J. R. Williston & Beane, 2 Broad¬ 2 Broadway, New York 4, N. Y.

&

stocks

&

Memorandum—Laidlaw & Co., 25

Y. Also available

Rothschild

ures on

Orange

—E. F. Hutton & Company, 160
120 Broadway, New Public
Service,
Firstamerica
Street, San Fran¬
are Ccrp., Food Fair Stores, Inc. and Montgomery
cisco 4, Calif.
United Carbon and Traux-Traer.

Co.,

5, N.

Instrument Company-

—
Report— Oliver Corp. — Data — OppenAnalysis—Gude, Winmill & Co., 1
Broad Street, heimer, Neu & Co., 120 Broadway,
Wall Street, New York 5, N. Y.
New York 5, N. Y. Also available
Wayne Manufacturing Company—
are data on McGraw Edison Co.

RICHMOND

:

Volume

A

192

Number 5994

.

.

The Commercial and Financial Chronicle

.

Changing World Requires
New Marketing Concepts
By Charles

S. Roberts,*

Services Incorporated

with the growth of productive capacity is not
In issuing this warning, and

nomenon.

the

complete

all

ing

of

phases

tively
of

has in store for the utility

with

down

a

He refers to important competi-

industry.

which

knowledge of

for them to follow which stresses

markets; and envisions marketing orienting sales and financial man¬

agement, engineering and research and development toward products
with

decade

the

of

estimates

also

It

an

immense

in

the

increase

the

Total

consumption outlays.
consumption should increase

'60's—ah, that

from

$275 billion in 1957 to about

will

$355 billion in 1965 and $436 bil¬

'50's.

But

decade

of

be

other

an¬

lion in 1970.

thing!
the

view

Just

that

goes

I

on

fever

election

Charles Roberts

everybody
for office stands four¬
square
against Sin, Payola—and
Economic
Stagnation.
Just as
running

surely, from now to November the
air
will
be
rent with oratory

Motherhood

Virtue,

extolling

the

about

much'?"1
Here

is

controversy

The

is

growth

not whether we will have

but

—

Nobody

Growth.

anti-growth.

•

The

population.

qualifying
States
population at 208,000,000 persons.
rounded

by

host of

a

clauses, sets the 1970 United

Fortune's estimate of American

growth as measured by
Gross National Product is a com¬
fortable middle-of-the-road esti¬
economic

of

mate

of

capital

to

which

made

growth of population has always
been interpreted as a bullish fac¬
tor.
Fortune's estimate, sur¬

annual

an

growth

rate

average

in

4%

about

of

the

such matters

formation, population
and output per man-hour which
have
gone
into these statistical
growth calculations, there is an
underlying and basic assumption
as

This

consideration

the

recognize, however, that

and trend analyses of

forecasts

long-range
forecasts of
growth must take into

Any

to

in addition to numerical forecasts

'How assigned.

by Fortune magazine for the dec¬
ade of the sixties.

market

We must

question

some

acceptable

magazine, and represent | its best
thinking as to what lies ahead.

:

are

hypotheses

on

mounts,

Economic

certainly have no quarrel with
forecasts.
They are based

these

"As

today.

value

numerical

no

is

is

that

The
do

first

months

nine

offer

not

assurance

of

that

our

1960

this

a

of

a

recession in 1961 is

even

less

fails to
recognize the need for improving
our
marketing
competence
to
keep pace with our growth op¬
portunities "The Soaring Sixties"
may go down in history as "The
Sagging Sixties."
reassuring.

There is

economic
in

detail

no

need to review

be

if

5%

we

are

have

to

to keep up with

growth.

Soviet

only two

of

per¬

points
can
make
an
enormous
gap in Gross National
Product targets over the long pull.
centage

A 5%

yield
tional

growth rate is calculated to

projected real Gross Na¬

a

1975

in

Product

about

of

3%
only

$1,100
billion,
whereas a
growth
rate would yield
1 "The

Great

Growth

Debate."

Dun's

July, 1960, p. 34.

Review, Vol. 76, No. 1,

of

history

the
as

'60's

"Soar¬

"Sagging."

begin

you

that

I

will

hasten

that

American

to

am

meet

which

a

prophet

to

the

faces

add

to

of doom,

that

In

my

thinking embodied in the
Marketing Management Concept
particularly new nor revo¬
What is new is that
and
more
companies are

lutionary.

examining

through

its

Thus

of

mar¬

studies

sales,
of

and

their traditional

sales

opportunity rather
products
that
are
but

whose

ment

than

must

order

and

that

of

our

distribution

and

Financial Manage¬
financial

consider the

servicing
Market Knowledge

A

Far

Cry

A

prime requisite of the Mar¬
keting
Management Concept
is
knowledge of markets. We must

Traditional

From

View of Selling

Although controversy
tinue for

time

may con¬

about

what,
exactly, is a good definition of
the Marketing Management Con¬
some

know the

tions

are

What

are

to broad ques¬

answers

How

—

What

the

the

big is the market?
growth

potentials?

characteristics

increase the standard

—

coming

appreci¬ functional and
physical specifica¬
tions
required of the product?
a
growing number of companies. What are the
price considerations?
As we
can
see
in the G. E. How should the
product be mar¬
definition, the customer is King keted? What are the service re¬
in determining what, how, where, quirements? What other
products
more

and

more

ated in the business philosophy of

when, and for how much, a com¬ will our product compete with?
pany
will sell its products and Without such knowledge the Mar¬
services.
This is a far cry from keting
Management
Concept
is
obsolete.
the traditional view of selling that just a string of words.
It can't
The Marketing Management the function of the sales
depart¬ work and may do more harm than
Concept implies that top man¬ ment is to persuade individual
good.
agement thinking is market ori¬ customers to buy whatever prod¬
Thus, the success of the Mar¬
ented.
Marketing considerations uct the
company
produces, or
keting Management Concept is
have a
direct
influence on the wants to
produce.
significantly
dependent
on
the
performance of other major func¬
The customer-oriented philoso¬ findings of
soundly conceived and
tions
of
the; company, such as
phy of the Marketing Manage¬ well performed marketing studies
manufacturing,
engineering, re¬
ment Concept importantly influ¬ and marketing research findings.
search and development, and fi¬
ences the actions of all corporate
You may recall in G.E.'s defini¬

thinking with jaundiced eyes and

finding their ideas outmoded and

Instead of the traditional

functional

fragmentation of cor¬
porate activities, the Marketing
Management Concept is a unify¬
ing concept with all the functions
of
the
company
oriented
and

There

is

universal

no

agree¬

functions.

Engineering

has

to tion of the Marketing Concept, it

employ all its ingenuity to design

was

stated that ".

.

.

Thus market¬

products, not only to meet engi¬
neering requirements, but also to

ing, through its studies and re¬
search, will establish for the engi¬
be acceptable to the customer in
neer,
the designer, and the
regard to appearance, size, com¬ manufacturing
man
what
the
customer wants in a given prod2 The

nual

General

Report

Electric

Company. An¬

Continued

1952.

on

This announcement is neither

an

Debentures.

offer to sell nor a solicitation of an offer to buy any of these

The offer is

made only by the Prospectus.

our

$30,000,000

The Columbia Gas System, Inc.
5Vs% Debentures, Series O Due 1985

still

of living of

We were able to af¬
ford
both
guns
and butter. We
have
continued to
expand [ pro¬
our

Due October 1, 1985

Dated October 1, 1960

people.

duction and raise

'.

'

'

••

'

'■

'

Interest

...

I

'

•

:

payable April 1 and October 1 in New York City

standard of

through
one
crisis after
another
Korea, Quemoy, Suez,
and
into
the
age
of
missile

living

—

Price 101.058% and Accrued Interest

rattling.

stand here today
and
peer
into
the future, the
major problem confronting indus¬
try is the expansion of consump¬
Thus,

as

we

Copies of the Prospectus may be obtained in any State from only such of the
undersigned as may legally offer these Debentures in compliance
of such State.

Brokers and Dealers

Foreign Securities
Sold

MORGAN STANLEY & CO.

Quoted

Sold

Bought

BLYTH & CO., INC.

Alfred L. Men Broeck & Co.
=====

New York Stock Exchange
55

LIBERTY

-

•

NEW

KIDDER, PEABODY & CO.
STONE & WEBSTER SECURITIES

YORK B

Teletype NY 1-4-680

Private Wire System to




EASTMAN DILLON, UNION SECURITIES & CO.

American Stock Exchange

STREET,

Tel.: BE 3-8880

=

MEMBERS

of

cept, there is little doubt that the the market? What are the char¬
importance
of
marketing
con¬
acteristics of the competition? We
siderations
as
they affect other must know the answers to
ques¬
functions of the company is be¬
tions of detail
What are the

in

allies—and

toward

"interesting"
acceptance is

market

undetermined.

the product."2

with the securities laws

For Banks,

end

research, will establish for the' requirements of the company in
engineer, the designer, and the the light of sales forecasts, in¬
manufacturing man what the cus¬ vestments in plant, work in proc¬
tomer wants in a given product;
ess, and inventory levels, as they
what price he is willing to pay; are
determined
by market re¬
and where and when it will be
quirements. And Sales Manage¬
wanted.
Marketing would have ment, of course, must gear its
authority
in
product
planning, activities, selling, merchandising,
production, scheduling, and inven¬ advertising, servicing, etc., to the
tory control, as well as in the demands of the market.

I

Industry will rise
marketing challenge

it.

keting,

I believe

The

more

the

conclude

judgment,
American Industry will meet the
challenge by increasing accept¬
ance
and implementation of the
Marketing Management Concept
as
a
fundamental philosophy of
business operation.

not

at

productive cycle and (the in¬
tegration of) marketing into each

our

our

difference

A

will

it

determine

Marketing Management Concept
Before

than

the

painstaking
to recognize that

history

Republican

insist

decade

the

marketing

our

whether

or

rather

.

industry

If

ministration during the past

Democrats

productive

assumption is valid. The current guided by the market and its re¬
concern
regarding the possibility quirements.

problem is no longer one of
ad¬ production but one of consump¬
eight tion. It became obvious in World
years,
growth has been at an War II that we could meet the
average annual rate of 3%.
The war material needs of ourselves
Under

1960's.

improve

we

nancial.

assumption

marketing ability will keep pace
with our growth opportunities.

in

pace

To repeat, the extent to
will

is

Will Marketing Keep Pace?

troversy

con

increase

kept

not

effectiveness

ing"

1959, just a year ago, a new about a $700 billion Gross Na¬
inspirational phrase was heard tional Product in 1975.
Fortune estimates "investment"
throughout our land—The Soaring
Sixties. The recession of 1958, and and defense expenditures together
should rise from $177 billion in
the protracted
1957
to $195
billion in 1960 to
steel strike of
$260 billion in 1965 and $315 bil¬
1959, was a
lion in 1970 (inflation would raise
disappointing
all the figures).
finish for the
In

effectiveness

The

has

will go down in

predetermined favorable market opportunity.

a

simple.
our

ning

phase of the business.

marketing

capacity.

likely to challenge the utilities' future markets; lays

program

of

purpose

consumption, and
the handmaiden of

general problem confront¬
American Industry is decep¬

corporate activities, Mr. Roberts is not unmindful of what the future
tive substitutes

,

into

concept

is

and

The

in urging the integration of

marketing

management

end

marketing is
consumption.

temporary phe¬

a

sole

production

selling or find that the economic problem of consumption not keeping
up

pace with the growth ment, as yet, as to what the Mar¬ plexity, service, and final cost.
productive capacity. It is not keting Concept includes. One good Manufacturing
must
schedule,
enough to satisfy present wants; definition is that of the General produce, and maintain
inventory
indtistry must stimulate and "cre¬ Electric Company, a leader in the consistent with forecasts of cus¬
ate" new wants. Only by continu¬ implementation
of this concept tomer demand. Research and De¬
ing and expanding consumption G.E. defined the Marketing Con¬ velopment must orient its activi¬
can
we
realize the growth pro¬ cept as the introduction of
ties toward
products with a
jected for the decade of the '60's. the marketing man at the begin¬ predetermined favorable market
in

The

Industry must break from its traditional treatment of marketing or

9

tion to keep

.

Marketing Services, Ebasco

Manager,

(1457)

.

October 7,

CORPORATION

DREXEL & CO.

1960.

Canada

i

WERTHEIM & CO.

page

20

10

(1458)

The Commercial and Financial Chronicle

total

of. $547 billion, while
public debt had increased

Reflections and-Advice
Of

moderately to

By Ralph F. Leach,*

Vice-President and Treasurer of Morgan

Guaranty Trust Company of New York

-

Speaking for himself and not for his bank, Mr. Leach suggests guidelines

for

portfolio

management,

of problems

warns

presented

Federal

Reserve

Bank's

the opponents

answers

contends

that

preferably" policy.

The

banker

grdup could have done as well last

or

for example, when the interaction of the sophisticated market

year,

and bank

Bankers

rate structure.

achieved

control

reserve

a

as

rates

decline, and vice-versa, to avoid substantial holding in longbonds, and to be mindful of liquidity problem as investments

even five million dollars in short
and intermediate maturity ranges

/and on

found

ourselves

talking in
higher loan deposit

ever

indebtedness

lie sector commercial bank invest-

ments
a

will

much

portion

x

certain

that

guid-

assets.

Given

or

charges

on

me

There

.

of

*

.

e

a

fident

total

est rates

'stay

within this "X-Y" range,
maturity distribution would

the

be

roughly

in

balance

Ratio

functioning
past, not the

market in the recent
1

A

portfolio management due to the
problem
presented
by
pledged
securities.
I am sure many bank-

of

be

the

undertaken

portfolio
At

made.

range

shift

last
m

year

other

earning

place.

the per-

would

management

be

be

of

declining

subject

maturities

is

banks.

This

that

one

such

as

will

importance
should

with

bankers because this prospect
may
relieve the minds of
management
of some of the smaller banks but
will certainly haunt the

than

more

satisfactory rates would be avail¬
over

longer period of time.
Conversely, at "X" rpimis 1%, a
a

corresponding
turities
order

to

shortening of

would

be

prevent

called

the

seems

to

me

predetermination

is

in

such rough

necessary

to

domiiStinglio^er^range'ta-

vestment

level

of

business

for

credit

reactions

the

earning assets
banks has really

than

more

end of 1945 the total public

....

^

_

demand

debt

the

market

that

will

only

How does this picture of an expanding, self-reliant market cornpare
with
the
situation
which

existed 10
mittee

ago?

years

of

the

A sub-com-

Federal

Reserve's

OpeiV'MarkCt Committee

one

in

comment

included

report published in 1953 the

a

even

securities

pledged

This may well be

of

market

in

their

an

area

that

function

in (tion and to the sector of the market
in
which such
intervention

,

might

J?prJ m?,iw

y spend much time m studying
•

npri„n?
P

..

tr11

fwf'

^

yhim

always
lower

the

was

end

to

some

private

less than $140 billion. At
of

1959 private debt

had

concerting
existed

+£ GS

*

+

a threat

then

occur."
went.

percent

than

the

economy, my question to them is:

We have

a mechanism
provide the answer; ■*
why deny it the chance?

which rwill

Much

the

of

opposition to

this

policy stems from a feeling that it
is a self-imposed limitation on
the
effectiveness of the Fed.

Actually,

their effectiveness is

increased; by
eliminating the necessity of trying

to determine

ship

of

the

short

proper relation¬

and

longer term
stage of the'
cycle, the Fed can devote.
itself to the still difficult task
ofdetermining the proper posture to
rates

at

given

any

business

at any point and then

assume

this

press

conclusion

supplying

in

ex-.

terms

of

denying reserves to
market. In its turn, the mar¬

the

or,

ket will then reflect to the
Fed
its estimate of the
myriad of fac¬
tors which make up the total of

thousands of decisions of investors
and
reflect
its
estimate
of
the?
proper
combination
of
interest
return

and

liquidity.

market place
itself,
receives a valuable
which would be

if that market

From

the

then, the Fed

indication,

one

relatively, useless

were

even'

artificial.

announcement

any

partially

that market.

*

"

'

Emergence of

this

remove

uncer-

a

Better Market in

^as^^raT'yea^rs ha"s

been so remarkable that it

1° bave befn t?ken f°r

seems

granted

market become available, the fact
that these
transactions, average a
daily total of $iy3 billion, or

rolI.ghly .four times the total

to

buy

-

as

trans-

then, the most
single factor which

portant

brought

INC.

(No Par Value)

share

Copies of the Prospectus
may be obtained in any state
only from such dealers, including
the
undersigned, as may legally offer these Securities
under the securities laws
of such State.

p0i

about

0f

Cv

Lt

the

marked

Pacific

Coast

Stock

Exchange

government

rate

securi¬

The result of the Fed's
faith
free market has been the de¬

a

velopment of

a

mechanism which

extremely responsive to factors

£s

bTst

is

perhaps
"bjlls preferably''

the

more

"bills

only."

It

has

described

inaccurate

to

the

translate

in

supply and demand
factors
resulting from changing
business conditions, credit
policy,
debt management

techniques, and

countless other items into
varying
of interest
rates, and into

levels
the

changing
Curves
can

in

a

shapes
which

be

of

expected

freely

market.
The

opinions

interest

these

many

to

It

individ¬

*An
New

as

job.

a

address
York

by

State

Mr.

Leach

Bankers

before

the

Association

Investment Seminar, New York
City, Sep¬
tember

30,

1960.

H. X

Meining[ter Co.

Henry J. Meininger & Co., Incor¬
porated

has
been
formed
with
offices at 26
Broadway, New York
City, to engage in a securities
business. Henry J.

Meininger

a

principal in the firm.

Lee

is

,)

Higginson Branch

BOCA

RATON, Fla.—Lee Higgin¬
Corporation
has
opened
a

son

branch office at 105 Boca Raton
Road under the direction of Robt.
H. Davis III.

pro¬

functioning

With Continental Sees.

expressing

MILWAUKEE, Wis.—Roy S. Reed

(Special to The Financial Chronicle)

I

am

be, thorough
intramural discussions on this
and

other subjects.
Having thus
limited
the
statement, I would
categorically say that in my opin¬

has

become

Continental

affiliated

with

Securities

The

Corpora¬

tion, 611 North Broadway. He was
formerly with the Marshall Com¬
pany and Bache & Company.

many

the

so-called

"bills

only"

policy represents the greatest ad¬
•

no

the

restricted

or

good

This

enabled

mechanism

contention that

group of indi¬
viduals would have had the wis-"

im-

rather than

but

common

ual

shortest^L

operations in the

policy

is my

O?en Mar!

conductine

turitv sector of the market

ion

Members

for

dramatic

a

interest

dom and
courage to have done

this and other points are
per¬
sonal ones, and do not
necessarily
represent those of my bank. There
have been, in
fact, and I am sure
there will continue to

COMMON STOCK

California Investors

whole

has

on

.

ties.

about

the

im¬

eonttoue^adher^e^o^fhe
^^R^ve"1System to the

factors

LABORATORIES,

.

Basically,

■

duce

per

operations

market

a

leadership from the Fed.-

rate

90,000 Shares

Price $2.25

in

structure

is

to

Market

brought

.

shift

operations
taintv

Governments

October 12, 1960

AMERICAN

recommend

expected to, and has, exercised its
own initiative without
waiting for

is

"

committee

to

Open

by the Fed

has

vance

in

central

banking

nique in the last decade.
advance toward, or
could
a

tech¬

It is

perhaps

an

one

better say a
resumption of,
reliance on free markets
which

Joins

Kidder, Peabody

(Special to

The Financial Chronicle)

MILWAUKEE,

Wis. — John K.
Thompson has joined the staff of
Kidder, Peabody & Co., 710 North
Water
with
and

Street.

He

was

The

Milwaukee

Paine,

Webber,

Curtis.

-

v

Under
dictating changes throughout
to hls ablllty to carrv out des,red !ai.nty a5? a market "element
element. Under
transactions due to the limitations this
P^cy
then,
the
market was whole range of interest rates.
of

neither an offer to
sell, nor a solicitation of an
offer
of these securities. The
offering is made only by the Prospectus.

NEW ISSUE

This

on

FRD

of

in

changes




should be

Why try?

changes in what might be called
ground rules
for
Open Market

market

This

cha^es

Defends "Bills Only" Policy

and

debt, by financial writers.
As figures
,
Federal
sit
plus
a
State
h
.'
and
on volume of transactions in
this

tenor

of

reflect

e^ace^e.
relative. amounts
PrI!a.te,debut;. At, thf

>°cal indebtedness came
$266 billion, while total

such

in-

by

another

the changing proportions of public
The improvement in the
and private debt to the total debt
mar?*n the country.
In the postwar ket for U, S. Government securiP^od a'remarkaUe'sWtt haTtakl
In the

always seems to be dominated by
an atmosphere of
gloom, and the
be

or

A

iv

from !

portfolio
larger institutions.*

in

commercial

decisions; e.g., at a low
yields the outlook for
and

mixed

dJ°ne, no^ing

next

kee^psycholo^cal'market^actors
fnmi

This shift

incurrence

some

very

managers of

ma¬

for

of large losses during the
rising interest rate cycle.

It

securities

returned'

the years to come
.

meet

to

able

the

were

authority

pairment

to

general

would then have been undertaken
these

con¬

took place this
year.
The interac¬
tion of a sophisticated
government
securities market and skillful con¬
trol of bank reserves

the

in

siderable

that

will

among dealers and inves'•'assets of the commercial banks in which deserves some
study by the tors in government securities with
portfolio the postwar period
It was sug- Treasury and
Federal
Reserve respect to the occasions which the
and
purgested at that time that the pros- System since greater
degrees of Open Market Committee might
longer end P^c.t s^frT^s
po
inflexibility
may
lead
to
an
im- consider appropriate for intervenfolio

touched

commercial

insure

volved

public

discussion

secu¬

higher rates, say
4'Y" plus
%%, or plus 1%/ a con¬
of

^riod while

to

.

even

extension

opposition

An excellent
example of the ef¬
fectiveness of the present method

some extension of
manent
portion
of
a

would

has

they "found a disdegree of uncertainty

short and intermediate term

chases of issues at the

pubiic

Private Debt
Affects Shifts in Earning Assets

between

rities. As rates rise above the "Y

level,

0f

policy

one-eighth or
higher
or
existing market
appraisal? Since this is, and hope¬
fully will continue to> be a market
lower

■.*

■■

con-"least of which has been the will-

guideposts for investment policy. Many of us would have been
Under
this
concept let us say,
ff^ed a great deal of discomfort ers have found after deciding on
then, that the rates selected would j13" we r?ctS
Taomas Jeffer- an investment policy which inrange from a low point "X" to a
son s tenet 'Never buy what you ciuded the sale of certain
securihigh point "Y." As long-as inter- do not want because it js, cheapv. ties- that it
wais^nwessary to delay
est
F,ates on intermediate "term iswill be dear to you.
the operation for at least a
brief
sues

this

one-quarter

hand, when very attractive rates
are available in the market, the
portfolio manager is always con-

to that temptation in June of 1958.

s

that

quarters, largely political
academic, and we can be con¬

and

for the

are many reasons

q^ck?.r

v

this

been under continued attack from

the

.

r

of

various

-

e

securities

Unfortunately,

emergence of a better

xi_

the

with

,

s

the

country.

organized

tinuation of this trend, the liquid-- ingness found in dealer organizaing principles can be used in portity provided by a bank's port- tions to undertake greater risks
folio management which can be
folio will become increasingly lm- and to expand and contract their
rrnt in terms of roughlv predeterfronted with the universal feeling portant.
There will be a growing positions to accommodate tempomined idics
rates of
in
the
market that
even
these
iiiiucu
i
tendency, I believe, to sacrifice rary imbalances in supply and
return
which
yields are unattractive by com- income from investments on the demand factors. It might be added
a
bank
conparison with those that "will pre- altar of liquidity.
In my earlier - parenthetically
that
the
dealer
vail next month."
reference to being guided by ex-, mechanism
siders emi¬
cannot, and should not
In
my opinion the worst investisting rates rather than market be expected to, attempt to accorrinently j satis¬
ment
experience
has
resulted feeling, I referred only to short 'modate other than
factory. Since
temporary imwhen
some
such
we
cannot
principles were and intermediate issues.
I feel-balances, although this
inability
abandoned
to
the
apparent expe- strongly that commercial banks which applies to all markets leads
pinpoint a
"normal" rate
diency of a temporary situation, generally should hesitate to make to many charges of poor
performI am sure there is not a portfolio
o f
substantial commitments in long- - ance when drastic changes in supinterest,
this
would
manager in the country who has term bonds.
■"
'-V
ply-demand factors lead to the
not said at one time or another.,
necessarily be
■
~
' necessity for sharp price changes.
"This offering doesn't really fit
expressed
i n
Problems of Pledged Securities .In most, if not all such instances,
our book but we're
terms of a
going to take
Qne of the incidental results of :*be
it for the short run since the mar^ch
occur,
range
of in¬
^his shift in debt has been an inmore readily can dealers reket
is obviously headed higher."
terest
rates
creasing degree of inflexibility in establish viable markets at new
which
All, or nearly all, of us succumbed
would
Ralph F. Leach
price levels.
QPPmc

for

ket

over-

^

the-counter market

exchanges.

necessarily constitute

smaller

earning

-»

to

as

increases commission

rapidly than that of the pub-

more

comprise a smaller portion of total earning assets.
Tt

profitably be studied by any
Western country interested in the
improvement of the internal mar¬

have

private

interest

term

billion,

last-15 years will continue and

dramatic shift in the interest

advised to shorten maturities

are

could

Is it any wonder then that we
who deal only in debt instruments

terms of

of the free government securities market and

individual

no

"bills

on all registered exchanges
is either regarded as unduly inflated by short-term issues or perhaps is simply too large for ready

sues,

only

occasion even in long tinue. These opponents of the cur¬
bonds) can be accomplished with rent Fed policy seem to overlook
ratios while this shift has taken one or,two telephone calls.
Thoy one problem which a policy of
place.
It seems to me probable •are even more surprised at the operating throughout the entire
that these trends in the total debt 'extremely,
narrow
spreads
be- market entails: Where can the Fed
structure 'of * the country
which tween bid and offered prices .when find the people who can decide
have been in progress over the ' compared with any other
at any given time whether inter¬

by

pledged securities and shift in earning assets, and strongly defends
the

Thursday, October 13, 1960

.

Expressed in percentage
terms,
public debt at the end of 1945 "comprehension.
Those who
do
represented nearly 66%
of the not operate in this particular martotal and had dropped to slightly ket are astonished to learn that
over 35%
at the end of last year, transactions involving one, two, or

Portfolio Manager

a

$299

some

total

.

.

formerly
Company

Jackson

&

;

Volume 192

Number 5994

Commercial and Financial Chronicle

; The

,

<1459)

and moral strength are dependent

informed

on

individual religious convic¬
and understanding. Political
wisdom is dependent upon being
informed and knowing what the

through

political

the

11

issues.

One is paign. Only 2% of the people of
participation. this country belong to a political
The other is through leadership
party, club or organization.
that discusses the issues and pre¬
The latter figure means that less
sents them clearly enough so the than 2,000,000 people in America
issues are. Educational effective¬ people understand them and have are
affiliated with one of the po¬
ness depends
upon the character a choice. To be effective, an in¬ litical parties. So we can't possibly
of our individual training. Our formed
electorate
must
under¬ be informing the electorate
economic
confidence
depends stand the issues and the positions through participation, The active
upon
our
individual
economic of the parties and the candidates
participation in the two political

upon

tion

By George Romney,* President, American Motors
Company
Detroit, Michigan
Grave

concern

is expressed about the paucity of
public participation

In, and discussion of, basic and controversial issues, and the subor¬
dination and dependence of political
parties to pressure groups. Mr.
Romney sounds a clarion call for the formation of a national organi¬
zation that will

help bring about

will evolve and

keep to the fore

leader lists five

reasons

abilities.

why differences between

our two parties do
provide adequate intelligent public discussion beyond a superfi¬

not

cial level. He, also,1 reviews sbme of
today's issues which include the
matter of subsidies which he says are not
necessarily confined to

agriculture, the power of

some

employers and unions to shut down

the economy, the political bankruptcy of our State and local govern¬

ments, our failure to do a better job in helping underdeveloped coun¬
tries to help themselves, and the. cost of running for public office.
are in an election year
and
consequently it seems to me that
it is timely to take a look at the
question of whether our two-party
system is ade¬
quate. Are we

in

a

as

citizens

With that one exception
struggle in which we are en¬
gaged is total and covers all as¬
pects of our lives.
the

of

awakening.

an

this

who

to

ablest

country
properly

express

our

citizenship re¬
sponsibility?

in my mind—and it is ap¬

that

parent
more

feel

and

the

have

the issues.

Lubell,

become

our

prober of public attitudes,
earlier this year that
a spirit of uneasiness and

selves this question: Is our present

creates new prob¬
lems. Our nation faces new prob¬
lems as a result of its unparalleled
success

A

quick example: we face
unparalleled
extent
the
question of whether our nation
and our civilization can survive in
the midst of abundance. No other
success.

to

an

nation
use

civilization has. Can

or

leisure

our

tively? If

concluded

weak and

there is

within.

time

don't

we

we

think

I

we

construc¬

will grow

destroy ourselves from

more

same

only two ways of the Senate. There was no po¬
One is through litical difference based on prin¬
participation by the people in the ciple and issue. The differences
political
parties
and
political were based on economic and geo¬
process; the other is through po¬ graphic interests. There were no
litical leadership, providing an ad¬ fundamental differences between
equate discussion of the funda¬ the parties. The differences within
mentals of the issues—not the su¬ the parties were as great as the
differences
between
the parties
perficial aspects of the issues.

I

said, there

that

can

are

be done.

that

lost the

have

we

dedication

—

citizens who

upon

understand

adult

population, only 7% attend
had.
need to rekin¬
political rallies, dinners and meet¬
I think the Life Magazine series
dle a personal dedication to the
How Can We Become Informed? ings — only 7%. Only 4% give
fundamental
money, buy tickets or help finan¬
principles
of
our on national purpose is another in¬
There are
only two ways in cially. Only 3% work for a party
country. I think we also need to dication of this awakening.
which
the
American people can be or a candidate during the cam¬
take a hard practical look at the
way-—that

instruments

that

George Romney

we

and

we

dedication.

to
think

have
I

conviction

Four

express
No

major

a

we

the issues.

once

world has approached our achieve¬
ments. I think these achievements

effective

have

through which we

means

study and decide and act on

key issues.

First

get below

as

a

devine

great crisis. I think it is the great¬
period of national crisis since
the Civil War. As I review the

consent and the division and lim¬

history

of

country,

our

I

think

only been three previ¬
ous occasions when the very sur¬
vival of our nation was at stake.
there have

One was, of course, during ihe
Revolution itself, the second was

when

faced the necessity of an

we

instrument

adequate
and

ment

of

govern¬
Constitution was

the

fashioned, and the third was the
Civil War.
A

World

Environment

Today we are again living in an
environment that is now a world
;

environment where our very sur¬
vival is at stake. And the picture

is

not too encouraging.

Our

best

friends and some of the most in¬

telligent ones abroad, as well as
some of our ablest men at home,
for

time

some

now

have been try¬

ing to awaken us to the nature of
our

problems, our peril and our

opposition.
One

,,

of

•.

1:

these

:

~

able

foreign

friends, Dr. Charles A. Malik, who

e

J'

is our belief in God, our
origin and the brotherhood

of

est

ni

.i

This

belief

in

government

the

Billy Graham talk some¬
in Washington at
a
small dinner. He said on the basis
of his world travels:
"We are surrendering ori the in¬
stallment" plan."
I heard

time

ago

'

offer

to

sell,

nor a

states in

on

to

may

Continued

an

may

offer to buy

early days of

our

any

.of

legally offer these securities,

J

-*-xxvv*
ODENBACH,

PRES.

200000 SHARES
7% Preferred (Cumulative-Convertible) Par Value $10.00

PRICE $10.00 PER SHARE

nation,

Jefferson said:

200000 SHARES

"I know of no safe depository
of the ultimate powers of the
society hut the people them¬
selves: and if we think them not
enlightened enough to exercise
their control with

a

"A" Common

Fourth

is

and

freedom

(Voting) Par Value $.20 Per Share

(one share offered with each share of preferred)

PRICE $1.00 PER SHARE

wholesome

discretion, the remedy is not
take it from them, hut to in¬
form their discretion"
choice

of

1000000 SHARES
Common Par Value $.20 Per

economic

opportunity—the

Share

PRICE $1.00 PER SHARE

ap¬

plication to our economic life of
basic principle of keep¬

the same

c ing

power

distributed and vested

ultimately in the people that

DOLOMITE GLASS FIBRES—SECURITIES DIV.

we

i037 Jay St.,

have used in the political sphere.

Rochester 11, N. Y.

If I had

Please send

that,

me

a

copy

of the prospectus relating to Dolomite Glass Fibres, Inc.

Name........................Tel*......

It was because American Motors

recognized

Address

City

......*:.*<i«,

State,

recognized
that ultimate economic power is in
the hands of the people, that we
decided to" give
people a new
Choice

and

in' automobiles.

That

has "

:

Signs on every hand, if we Want strengthened my faith because the
made
the
right
to look below the surface, idicate people -again
this will be a decade of decision' choice!
fbr us at home and abroad, and
A

Greater

Struggle

we* are




Brokers and Members National Association of Securities-Dealers

INQUIRIES INVITED

r

engaged in an tin-/
limited: struggle1 for. survival. That? .v* Each:. of ithesei fundamentals is
struggle5 currently cis / active- in1 dependent upon the- development^
every field: except/active military^ of;: individual: capacity^ Spiritual.
that

on

be obtained from the

JOHN H.

achieve

equality of
educational opportunity. That does
not mean treating the gifted and.
the
slow in the same
way,
it
means giving each child the edu¬
cational opportunity that he is ca¬
pable and willing to receive.
In the

an

Dolomite Glass
•J

•

:
.

,

,

..

^

A

*

.

'

if

Fibres, Ine;-

Roose¬

economy

Hoover's emergency measures

Third is universal education and

effort

Delano

elected on

plus collective bargaining and the

solicitation of

which the undersigned

parties at

program in 1932. He developed
the New Deal later by enlarging

itation (and I stress the limita¬
tion) of governmental power.

our

Franklin

was

by

time, I could cite facts
to prove that our economy is as
United Nations General Assembly,
much an economy of the people,
speaking at the Dartmouth gradu¬
by the people and for the people
ation exercise a year ago, said:
as
is our political system. As a
"You are losing on every front."
matter of fact, the very nature of
Here is a man who knows the
our
economy compels people in
world picture—an Arab-Christian
this country to take a more active
convinced that freedom will ul¬
timately prevail but telling us we part in it, in shaping its course,
in making decisions.
are losing on every front.
until last fall was president of

Even
velt

NEW ISSUE

Second, and based on the first,
our

an

offer is made only by the prospectus sohich

undersigned only in those

man.

is

differences between the

election time.

<».

is neither

announcement

these securities. The

superficialities and get down
to the substance of the problems
we face. We are
in a period of

the

are that in my life¬
far as I can determine,
there have been no fundamental

as

fii

I;

re¬

sult of four things.

-

I think we do have to

primarily

basic and

The facts

time,

history of the

need today/Is for adequate moti¬
vation and inspiration and for an
can

,

and they were not very
fundamental.

Principles

nation in the

resulted

along side him on the floor of the

two-party political structure ca¬ U. S. Senate for nine months dur¬
pable of informing the electorate ing the enactment of the McNary
on the issues and
making known Haugen Bill and the Smoot-Hawtheir positions and the positions of ley Tariff Bill. I heard the debate.
their candidates on the issues? As I knew the positions of members

Our political institutions vitally
and helplessness
Participation Insignificant
through the land. I think the cur¬ shape all of our activities except
rent widespread discussion of the those of a religious character. Our
The facts are that people are
greater dedication of the commu¬ political institutions and national not informing themselves on the
nists—their greater devotion, their policy shape our economy and our
basis of participation in America.
greater conviction of ultimate vic¬ social activities to a considerable A recent
study by the Survey Re¬
tory—is in reality a hopeful sign extent. Our political health de¬ search Center of the
University of
because it represents a realization pends upon an informed electorate
Michigan shows that of the total

question

any

to

seems

signs of

are

Samuel

on

no

frustration

isn't

There

Signs

Fortunately there

position

be

forth something to make
greater struggle necessary

a

combat.

Hopeful

can

come

Each

We

nation

parties in America is less than the
personally that issues membership of the Communist
are
more important than parties party in Russia.
and candidates. A simple illustra¬
Are Americans being informed
has created new problems. There
tion: there is no leader who can through adequate public discus¬
is
a
great principle voiced by
provide sound leadership on the sion? I .dpn't happen to believe
Walt Whitman:
4
basis of unsound principles. Print, so* As a young man I went to
"It is provided in the essence
ciples are more important than: Washington. I had to get a job to
of things that from any fruition
men.
go to school. I did get a job with
of success, no matter what, shall
David I. Walsh. I sat
I think it is time we asked our¬ Senator

nation's objectives. The auto

our

The

stronger than our individual ca¬
pacities.
Our country's unequaled success

informal, active electorate and

an

-

page

22

12

(1460)

m

t

"*

r

"

The Commercial and Financial

\

do think that

By L. B. Worthington,* President, United States Steel Corporation
The eyes of the whole world are on us

generally and
war

on

enter¬

our

declared by Khrushchev.

of

we

prosperity

in

high

a

the

,

In

making his point, Mr. Worthington calls

dates to think
for real

both political candi¬

on

clearly about this challenge and Jhe right environment
The steel industrialist envisions

kind than that

experienced in the past—requiring unique managerial

and

.

built to keep up with demand.

prominence

more

announces

real

our

bad

major

a

receives compared to

news

as

effort to

fight for

an

competitor.
form

of

.

competition
.

and

news

tion.

was

order with a near-by
While
this
intense

about

the superiority of

our

there you

have the thunder¬

ing

still

challenge from Mr. K.
The
Khrushchev spoke was the
day that war was declared — an

goes on,

I also

economic

to

real¬

com¬

nately

day

ize

I

as

the

war

and

years

perience
c o m

the world has

In

like

p e

How

ex¬

have

that

take

of

which

Even

tru,e-

in

this

is

on

a

grand scale

L. B.

Worthington

matches;

international
golf
and, until a whistling

left

ended

it

all,

there

heavyweight

champion.

tion and

world-wide

••

.

good

internationalized.

So

we

are,

a

political

there

is

time."

in

is

mind,

one

might

to

follow

speech.

no

But

problem

for

of

So

ing

once

in

awesome

Khrushchev
war.

United

I call

has

We

States.

can¬

preserv¬
can

both

parties,

on

labor,

the

strength

system
we

war

are

of
.be

must

to win

our

ou-r
en¬
eco¬

with Khrushchev.

try to look ahead for ten

conditions to -meet, new
to solve.
,'r. •
For

de¬

over

the

to

Different Kind of Prosperity

Much—probably too much—has
"sizzling six¬
ties," this new plateau of high
prosperity which some have said

is

inevitable for the next decade.
Now, of course, this year, at some
points, has shown slightly more

United States is not the
ICBM, but
in the field of
peaceful produc¬

fizzle

than

sizzle.

and

announcement

buy

to

an

offer

to

sell

nor

a

solicitation

And if

*

'

(Limited

(par value

other

words,

help

can

'

con-;

adequate

flation, of

shortage
of goods and a shortage of labor.
We
now
have,
in
general,
an
adequate
supply
of
goods
an i
enough
If

we

with

course,

people

are

to

produce

couple

can

a

this

them.

condition

highly

necessary
restraints
cost-push inflation and exces¬

on

sive

governmental

spending,

in

this

country, there will be, at last,
the hope that the curse of inflar

tion

from

recede

may

this

land.

national

a

government
sound

fiscal

stroy
the

cannot

of

if

we

to

practice

ability

sibility.
Now

un¬

de¬

and cripple
strength.
We

our

that

prove
,

if reckless

well-being

our

source

better

tragedy

spending
and
policies should

system

our

cannot

prove

fiscal

is

our

respon¬

feel

attitude
that

and

there

per¬

Yet

.

know

-we

that

bad

with the securities laws
of such State.

the

as

nation's
in

news

the

world—even

to

Planning, Inc.

15 E. 40th

Street

New York 16, N. Y.
Tel.: MU 9-4214
October

11, i960




Cortlandt Investing Corp.
135

Broadway

New York S, N. Y.
Tel.: CO 7-2000

new'

the

desires

innovation

must

be

willing

once

in

a

this

to

while

Our

the

early

the

copiers

feelings

way:

be

one

first,

but

on

system

bird

and

people.

our

summarize, my

can

occasions.

not

many

rewards

and

not always
followers.
And

and

system of private, competitive

our

business must continue to demon¬
strate that

institutions, about its

it is

the most produc¬

tive method for

releasing the vast

potential of creative human enter¬

some

and most

about

im¬

future

our

business conditions, I believe that
have the right environment to

we

in

the

next

economic

growth

decade.

j

in

will

has

Approach

Presidential

said:

"First,

candi¬

must

we

the

necessary
steps which
assure
that
the
American

economy

rate

Nixon's

the

of

so

at

grows

that

we

maintain

can

massive

maximum

a

lead

called

gram

prise.
the

This

is

part

system.

of

proving

.

Keeping Up With Decision
Making Techniques
Let

.

.

.

the

There isn't

magic formula by which gov¬
in

ernment

a

free

nation
way

can

to kn

own

on

"Watching

a

pro¬

America

America
real

the

on

is

gram

nomic

picture

The

move.

designed

to

achievements

tant part of doing the/job which;
will prove the
superiority of our

and

creative
of

enterprise

individual

So spoke

of

around

fooled,

by

no

a

this

question.
should be

one

today

the

manipulators

who

is

:

to go into a long
the
controversy

raging
Surely,

answer

mil¬

Vice-President Nixon.

discussion

statistics

for

Americans."

claim

fixed

and

that

of
the

arbitrary
percentage gain each year in ap¬
parent national output. If we rely
only on statistics, we'll find that

system.

To

produce

innovation,
ful

successful

a

make any

or

success¬

in

move

first make

business, one must
decision—and it must

a

be
the
right decision.
As
any
businessman knows, good decision

of

pro¬

Modern

the

compared

reflect

and

true

America.

eco¬

As

the

part in this program, my company
engaged
one
of
America's

management
with

past,

Tac

a

has

are

Toe

chess.

But

there

these new, complex

from

the

available sources,
and then to report in
newspapers,
in

the

periodicals, and on television
things they are doing that

show

the

vital

America.,

strength

'

.

-

certainly not

intention

to

nation

a

The

many

that

flaws

is

need

or

that

the

are

So

vitality.
for

s

:

.

special effort
by U. S. Steel and other compa¬
nies

in

causing

an

us

which

area

all great

has

>

Let's
in

turn

now

our

superiority of
tem—it

is

innovation.
ment

ent

to

fight
our

enterprise

key
-

the
sys¬

urgent
need
for
This mysterious ele¬

new

techniques,

and

depend¬

knowledge,
skills, new

new

new
or¬

ganizational
added

schemes
brings an
dimension to our economic

thinking. Some

recent research
by
able economists is most
enlighten¬

ing.
Solomon

.

the

deriving from
on

prove

that

of

the

Na¬

finance,

become

and

at

our

It-

obsolete.

advocates

men

of

govern-'
to

want
work

put

benches.

government

to

make

We must immediately and
forcefully use the best decision¬
making techniques our minds can

devise.

-

Now to

sum

seemed

tant

that

part

up.

If this at times

a

little

is

really

complex,
an

of my message.

have complex factors with

to

deal,

meet, and

I

impor-^
We do
which

difficult challenges to
no simple blueprints to

follow.
.

Once

out

his

executive

an

could

live

life

successfully by mak¬
ing and selling a' good product at
a
competitive price and by saving
his money.

Now he is drawn in¬
into Khrushchev's war

evitably
because
pany,

titanic

Fabricant

devel¬

produc¬

down to a battle between men's;
minds and consequently for men's
J

has

-

..

another

to

may

isn't

suppose

Achieving Innovation
area

tem

been

concern.

of

minds.
■

,

this

of

In the final
analysis, our sys¬
tem, and that of the Soviets, comes

understanding, of its

much

-extent1

same

abreast

the fields

They want

companies
in
other
also helping to improve

economic

in

the

which

one

decision-making
the

remains

peo¬

of

the decisions for the firm.

,

nation's

in
to

marketing,

their

to

now

the

ment" intervention

other

ways

it

enterprise

And, unless the dedication to'
making our own decisions becomes
absolute, the free enterprise sys¬

any

emphasize the. story of America's
its
potential,
its
vital
strength. It is highly encouraging

growth,

pace

problems, and:

them effectively.

be

he,

are

and

surely

critical

his com¬
in the

factors

struggle
of
ideologies.
us will come only if

Victory for

-

solving

science.

.

urgent

an

.

keeps

tion,

is

ours

successful battle with Khrushchev
in the field of peaceful
production
there

will

opments

serious
need
for
improvement.
But, again, I wish to repeat that
the picture must be kept in
proper
perspective
that in waging a
.

future

for

management

use

successful

that

of

company's

my

suggest

without

can

techniques,

-

•

have

must

ple who

of

Tic

as

decision-

are

techniques

we

stories

those

three-dimensional

outstanding

news commentators,
Thomas, to assemble
of
people
and
business

problems,

of

different

as

and

making

most

Lowell

government, but by increasing
the
opportunites for investment
lions

mention another impor-"

me

Grow," which will report to mil-" making is what makes innovation
and the rest of business work.
lions
of
people
the
news
of

our

over

my

spective by embarking

.

Endorses

mind,

company has taken a positive step
in
helping to gain proper per¬

It is

final

point

I don't intend
Associate Underwriter

Fund

I

cre¬

and

the

fulfill

best

aspirations of
about

best,

It has

that this output is chan¬
continually
into
markets

neled

that

world's

scale heretofore
long span of
And our system

a

over

history.

insures

gets much greater attention
than good news. There is a cur¬

of

Copies of the Prospectus may be obtained
from the Undersigned
or from
your Investment Dealer in
any State in which the
securities may be
legally offered in compliance

human

often

our

is the

on

the

,

knowledge

unknown

real

a

in¬

into

private enter¬

for innovation.

new

products

have

we

is

ated

which

,

system

source

controlling

accomplishments
are,
and
how
dynamic its future will be.
In

...

maximum growth in America
is not by expanding the functions

Share

I

this

sure

per

prise

the

,

bring this about. The

Price $4.00

do/

market to grow;, role

a

Communist bloc.
-

is

our

at

injected

I submit that the

>

role?

there
of

rate

are

economy.

actually do—how do

our

the

about

,

any

*

to

a

on

But

it grows, we

present

Voting)

20c per share)

lose;

danger of. forgetting — if only
momentarily. — how strong our
country really is, how great its

ade¬

1955.

novations

not

shall have to. extent about America's
ability to
capacity to keep the meet the
challenges confronting
suppily adequate.
In
the years it. If these attitudes
actually pre¬
past, we have built capacity tovail, they can only derive from
keep up; in the future, I think a lack of
proper perspective and
our
challenge wftUhe building
understanding.
"capacity to stay ahead of the mar¬
ket and to stimulate its
growth,,
Advertising How We Have
;•
This is different and lit
good. ...^J
Grown i
\
"• /.
Among the classic causes of in¬
With

take

Class B Common Stock

we

fight

.

more

dates

ELECTRONICS, INC

do

lose.

dare

the

In

as

build

One

F0T0-VIDE0

so-called

there

for

and

v.;

125,000 Shares

go forward in the

not
we

fulfill

First,

reach

-can't

to

Obviously

is

are good possibil¬
future, one of the rent point of view fostered
by
to develop a market is- some that .could lead
people to
to
supply it promptly with the believe that Americans are un¬
forms and types of goods most de¬
decided about the soundness of

ities

-

;■

about

achieve marked

of these securities. The offering
be made only
by the Prospectus.

issue

sellers

;

best ways

Nevertheless, I

any

is to

new

is neither

1909

/

;

we

say

we

almost all pro¬

America have tremendous growth
ahead of them.
;
■..*'*'i

portant
This

as

what

problems,

the

Corporation finds that tech¬
nology was a 90% factor from

sidering the possibilities of under¬ this- uneasy world of ours, we
development of our markets.
I- cannot afford to lose confidence
think many tof
our
markets in in our country even momentarily.

be

the

thing,

one

conclusions

years.

A

'

spective in facing the job

With the goal in sight, it would

been said about the

"We

threat

We, and the

the political candi¬

on

how

Let's

clarity:

win

The

of

nomic

candi¬

said:

will

of

hanced if

"Russian's Challenge"
clare

this

industrial

strength. Only by

enterprise

date will have to reckon with the
issue now before us.
is

greatest

of

businessmen, on farmers, on
educators, for a better understand¬

main

it

have—as

we

on

This paper is addressed to

Here

meet

ing and improving this system
we
go forward.

"equal

election, the successful

to

for all of our. public; of¬
must be aware that
our
enterprise system is the source

and

about

statism.

of

ahead

earth.

on

of this

people of whatever political party.
For no matter which
party wins
the

that

dates

this

clutches

fices,

be,

what

vital

perform¬
is the one

didates

in

1

With

the

our

system

plan

we

nation

deeply concerned
with
our
relative
place in the
'growing world economic competi¬

call

the

moment—the

no

practices

into

forget

these things in the American steel
industry. The art is very much

tion.

by

Khrushchev's challenge, let us not

technology, produc¬

on

must

have

we

our

life. .As

of

way

proving

that

As

orienta¬

marketing.. We have

monopoly

our

main free if the rest of the world

falls

boxing

■-■■■-

same

tion is true of

we

it, this is a far more
challenge
than
merely

"

.

dare

I

new

of

Rand

our

Khrushchev—will have

Massell

F.

there

'

with

on the rugged proving ground
of sired.
daily practice. America cannot re¬ supply

was

vail
we

;

atmosphere,

new

quate capacity without first

war

mis¬

no

is superior—proving it /to
world, not just in theory but

the

summer

The

there be

which

...

Swedish

of

ance

Olympics; *
hook

let

we

We

fight! We have this

And

businessmen

job

winter

and

that,

say

purpose?

about

defending

sports

a

anyone

national

difficult

wide.

the

win!

to

and

is world¬

more

can

no

have this

tition

more

So

factor

known.

never

this

ducers

added

some.

free enterprise system—the source
of our fighting power in the war

.

came

"

Benton

Then

technical innovation
controlling factor in our na¬
you
have one man's tional
progress.
Therefore,
it
concept of a few of the important seems to me, that we shall have
business factors which will pre¬ to worry much more from now

be

not dreamed of 30 or 35 years

zens

ago.
.

system."

petition fortu¬

will

ahead

revolution,
burgeoning
markets
population, and have achieved
a
standard of living for our citi¬

picture

relentless in this and

are

prove

So

road

and

We

will

the

unique in the managerial experi¬
ence of most of those so
engaged
today. We have had a technifcal

perspective.

the vigorous

.

.

good

Americans

inform

they are able to see the whole

in proper
Years ago, to me,
a localized thing

So

Mr. Worthington observes how much

advertising

achievements

when capacity was

due to improved

was

technology.

—

decision-making ability to build capacity to stay

ahead of the market in contrast to former years

manhour

per

goods. There may be' must ihevitably fall on the enter¬
temporary shortages in some lines, prise structure of America in this
but
the
bulk
of
industry, and- matter of economic growth. We
steel is a goodexample, v is not«
shall be watched with
hope by
likely to experience the shortages our friends
but with suspicion
of the past 20 years.
' '
-*
by many, 'and with malice by

growth which he specifies.

innovational

,

most lines of

high level of prosperity in the next decade —though a different

a

Thursday, October 13, 1960

v

it's always easier to mislead with tional" Bureau of Economic Re¬
next' figures than to produce the goods. search has found that from 1871
decade. But it will be a far dif- '
Real growth is what we want. to
1951, technological advance ac¬
ferent kind of prosperity than we And,
given investment stimula¬ counted for 90% of the rise in
had in the past decade.
tion, creative enterprise, and a U. S. output per manhour..
For
the. first
time
since
the prosperous
Robert Solow (Solo)
of M.I.T.
consuming public, we
1-920's
we ^will
have
prosperity * can have real growth.
finds
that
from
1909
to
1949,
combined with adequate
capacity
With great emphasis, let me say 87.5%
of the growth in output
to supply quickly the demand for* that the
eyes of the whole world

level

prisers particularly to win the economic

will have

Chronicle

4

Volume

192

Number 5994

are willing to do those things
voluntarily which will make vic¬
tory possible.

we

The

the

day

war

was

declared

Khrushchev

day

was

announced

he would prove the superiority of
his system in the field of peace¬
ful

production.

war

really

when

the

began

long

was

radical

most

materialists

day this

But the

of

has

ever

Marx's

false

world

the

ago

group

.

.

.

The Commercial and Financial

Chronicle

(1461)

George Champion, President, The
Chase

Manhattan

the

Bank.

FROM WASHINGTON

Nominating Committee: George
Textor, President, The Marine
Midland Trust Company
of/New
York; Charles J. Stewart, Presi¬
dent,

Manufacturers
Albert

C.

Trust

of

New

York;

Chairman

J Com¬

We

Karl

the

win

can

kind

Khrushchev

declared

know

life

that

never

of

even

war

as

we

and

living are
fulfilled by material things

alone.

Still, we can be confident
experience that free men
have the will and the ability to
meet
a
materialistic
challenge,

from

and

our

when they rec¬
ognize its threat to their freedom.
especially

so

'

Let

all political
candidates will think clearly and
us

that

hope

States

of

CARLISLE

speeches to telling how Pat should

Wallis „B.

Presi¬

Dunckel,

Company,

Trust

and

William E. Petersen, Presi¬
dent, Irving Trust Company.

According

the
operational
report issued by Paul R. Fitchen,
Executive Vice-President, the New
to

Republican

leaders,

York

upon

had

him

to

and

make

debates

told

a

with

him

that

he

good fight of the

Kennedy.

His

first

debate had hurt the morale of his

Clearing

House
of
$723

Morgan Guaranty
Trust Company of New York, will
serve
as "'Chairman
of the New

-

of

York

New

and

eigb*

he

•/•'.

clearing non-members.

,

,

a-

South wick and

SEATTLE, Wash. — The merger
of two prominent Seattle invest¬
ment
is
announcecd
firms
by

visers

Campbell, Waterman
Co., together with its opening of
offices in the Washington Build¬
ing. The firm is a result of the

viser

of Earl F. Waterman Co.
into Southwick-Camp-

and

Alexander

Committee

succeeds

President,

The

George
Chase

Manhattan Bank.

William
been

President
the
.

S.

Board,

Gray,

The

Chairman

Hanover

reelected
of

coming

acceptance

Churchill

Und
not ^prom¬

blood

Secre¬

to

but

of

one

taken

me,

are

he
This

austerity..

with

what

his

known to

believe, is one
of
the
strongest
issues against
Kennedy.
For example, his ad¬
Prof.

Galbraith

of

Harvard

University, has just turned out
book
for

other

-

luxuries

for granted

Kennedy
promise of
•

has

tried

since.

In

which

taken

are

in the average home.

Howard

to

the

to

serve

Association

year.

of

Bank,
as

for

Southwick

Co.,'
in
in
municipal
bond
underwritings.
Earl F. Waterman Co., established
in 1943 by the late Earl F. Water¬
man
and his brother, Joslyn H.
Waterman, specialized in the dis¬
Campbell

-

his

pedal

second

west

Field

has been Man¬

in getting a tax rise

bill

the

through

the

of courage.
is

are

the

county officials

my

most

public

courageous

officials in the country.
Nixon seemed to have answered

tbe criticism about Cuba the best

he could.

then

It is

him

cut

off

Castro.

There

to;,

foreign

our

that it,

are

and
so

to

gave

many

policy,

a'little

seems

Kennedy

fact the Ad¬

a

be

it

to

phases

however,

brought
into

a

to

Arthur

in

Guatemala, and

for the Eisenhower

it

ad¬

disastrous

as

Korea.

Then

Secretary of State Acheson noti¬
fied

the

outside

world

is

ever

they

intervened,
mony

moved

is

we

Korea

was

zone.

The

practically in¬
country/Then when

on

and

an

offer

to

.

;

sell

nor a

South

Korea

we

while

the testi¬
could have easily won

solicitation of

member

a

been

pioneer

a

in

'

.to hold office during the next fis¬
cal year were as follows:

.

an

offer to buy

NEW ISSUE

State

Vice-Chairman
of
the
Bankers Trust Company;
S.
Stillman,
President,

Grace

National

Bank

of

New

York; George A. Murphy, Chair¬
man
of the Board, Irving Trust

the

the U.

and

James

S.

Rocke¬

Chairman,

following

officers

for

Wood,

Robert

Sutro Adds to Staff
SAN

Harold

B.

Meloth, Jr., has been added to

the staff of Sutro & Co., 460 Mont¬

H. Helm,,
Bank New
.

Company;

Dale

Morgan

Company

St., members of the New

York and Pacific Coast Stock Ex¬

changes.

Mr. Meloth was formerly
Weld & Co. and Paine,

with White,

Webber, Jackson & Curtis.

Joins Schirmer,

of

Atherton

PORTLAND, Me. — John C. Kline
has become connected with Schir¬
mer,
gress

AthertOn
St.

any

&

Co.,

of these securities. The

11, 1960

The Vulcatron Corporation
Common Stock
($1.00 Par Value)

Price: $3.00 Per

York

Trust

Gundy &

Company,

Lim¬

ited.

Vice-President:

Royal

G.

Securities

Robert

Fay,

Corporation,

Limited.

&

Co.

'

Robert
E. Sharp, Presi¬
Guaranty
Trust Company
New
York,
and President.




Share

Sinclair,

the
Board, James Richardson & Sons; Iran A.
Company; Falconer, Doherty Roadhouse &
Chairman, Co.; and D. S. McCarthy, Bongard

Chemical

dent,

The Financial Chronicle)

FRANCISCO, Calif.—Harold

A

1960-1931:

S.

Copies of the Offering Circular
the

E.

Ltd.

Samis,
is

the

Samis &
retiring

be obtained from
as

may

lawfully offer these securities in this state.

r

i

I

>

De Rensis &
75 State Street

Boston, Mass.

.

B.

may

undersigned and such other broker-dealers

P.

in

Navy Reserve.

(Special

'

President:

and

conflict

of Commander

100,000 Shares

gan,
Chairman
of
Manufacturers
Trust
;

S.

Korean

rank

this

The First Na¬
Secretary-Treasurer: J. Trevor
tional City Bank of New York.
Conference Committee: Robert Cabeldu, A. E. Ames & Co. Lim¬
E.
McNeill, Jr., President, The ited.
Hanover Bank; Horace C. FlaniDirectors: Roger B. Atkins,
feller,

the

and

II

holds

.

Company,

He

Field served in World War

Clearing
House
Committee: VANCOUVER, B. 'C., Canada —
Henry C. Alexander, Chairman of The Vancouver group of the
the Board, Morgan Guaranty Trust Junior Investment Dealers' Asso¬
Company of New York; Alex H. ciation of Canada has elected the

Board,
Ralph

Uni¬

Wisconsin.

of

Mr.

OCTOBER

IDAC Group Elects

the

formerly Director of the Vet¬
erans
Housing Financing for the

offering is made only by the Offering Circular.

Vancouver Jr.

Wisconsin

and

Trust

The committee members elected

Ardrey,

f

Illinois

the

;

Company, has and represent a combined invest¬
Secretary to succeed ment experience of nearly sev¬
Lindow, Vice ■? President enty-five years in Seattle.
Secretary,.Irving Trust Com-'

a

Associations.

of

Bar

tribution of selected Mutual Funds
and; has

Field,

was

were

vited into the

with

that

defense

our

o

Field

Wisconsin

gomery

There has certainly been noth¬
as

the

versity of Wisconsin Law School,

administration

ministration to get them out.

ing

G.

and

pick

Communist government

power

remained

of

childish for

trying

Truman

depart¬

ment

Mr.

flaws here and there.
The

bond

graduate
of
the University

To raise taxes is get¬
a lot of courage!
If

true,

the

i pa I

ginson Corpo¬

ting to show
this

c

ration.

legislature and
said it took a lot

newspapers

i

Chicago office
of Lee Hig-

in

he succeeded

of

ager
m u n

politicians

action

the

for

past five years

hard struggle

a

Stock

Exchange. Mr.

for

After

that

This is neither

been elected

pany.

members

•

Rockefeller's

debate

no

Inc., Security
of the Mid¬

Company,

&

Inc., are dealers and brokers
investment stocks, and active

Wesley
and

Governor

New York.

soft

Nixon, he said he would have

and

running for office to say they are
going to raise taxes?
They must be impressed with

Communists

W.

York

popular

also
held
out 'the
tax increase. * He

a

lin

Building,

about these fellows who
flippantly of raising taxes?

getting

a

saying there is no excuse
people having two cars and

Coughlin & Co.
DENVER, Colo.—Arthur G. Field
has become associated with Cough¬

are about as high now as
traffic will bear.
Why is it

the

and

him

Arthur Field With

to

seems

of

was.

They

ad¬

phase of the investment industry.
McCall, Jr., First ; The
three
officers
are ,well
Vice-President, Chemical Bank known in the financial fraternity,
v

New

„

home

instead

grand old daddy his father

a

tary.

House

for the fiscal year ending
Sept. 30,
1961 it has been announced.
Mr.

has

and

his

of

He could
ise' theJ people softer
living,

said,

Vice-President

In

lot

Kennedy ,in eff^'dt made

.Winston

Waterman Merge

man,

to.

a

t^ars speech.

'•

Co., Inc. Officers are Glen
Southwick, President; Colin A.
Campbell,
Vice-President
and
Treasurer, and Joslyn H. Water¬

the

seemed

speech,

bell &

Champion,

••

ministration is culpable there. We
first gave support to Batista and

Reserve

H.

Clearing

so

be.

way

with

York

What
talk

Nixon

And

would

One wonders why Nixon
agreed
with Kennedy in the one
instance

merger

S. Gray

it

work.

Federal

the

to

Southwick,

William

boastfully, as
if he had just as much
courage
as
Kennedy. Kennedy is begin¬
ning to believe it would not be so

banks having 490 branches in ad¬

Board,

Henry C. Alexander

it sort of

questionably done

Bank

the

He said

Association consists of 12 member
dition

Henry C. Alexander, Chairman of

be necessary next
When Nixon was called
upon
to
he said
he
comment,
would, too, not hesitate to raise
taxes and next year if necessary.
year.

including

Governor Rockefeller and the two
New York
Senators, had called

.

Ass'n Elects

it would

think

think

mendous pressure.
Earlier, several

handled a supporters, he was told,
•objectively and positively- about new record
One thing he had at the outset
billion
of
this;
and,
that
the
source
of clearings for the past fiscal year, of the ' campaign,
however, and
America's economic strength, her an increase of
$82 billion over the which he has definitely lost, is the
free enterprise system, will be al¬
contention that Kennedy is im¬
previous year.
*
:
• • •.
lowed and encouraged to win as
The
average
daily
clearings mature. He shows he is quite as
only it has the power to do!
amounted to $2,881,000,000 which mature as Nixon in their debates.
is also a new record. The record It is amazing how both of then
♦An address by Mr. Worthington be¬
for a single day's clearings was rattle off figures and quotations
fore the Farm Equipment Institute, Dal¬
set on June 17, 1958 when a total and
incidents without any pre¬
las, Texas, Sept. 28, 1960.
of $4,578,000,000 was cleared. V
pared
notes.
They
both
know
their
The New York Clearing House
subject well and have un¬

N.Y. Clearing

hesitancy in raising taxes if that
were
necessary,
but
he
didn't

courageous.

Bankers

President

what

First

dent,

to have marked
perk-up in his campaign and in

be

tors, The Chase Manhattan Bank; stance in which he seemed to
Richard S. Perkins, Chairman of agree with Kennedy.
the
Executive
He must have been under
Committee,
The
tre¬

York;

all, Nixon's show seems
on the road.
The de¬

back

the future he will not confine his

the

Bank of New

allowed to

antagonizing the

bate is supposed

BARGERON

Strong,

Trust

National City

in

be

to

a

BY

Simmonds,

Benjamin

for fear of

All

...Ahead of the News

Jr.,
Chairman of the Board, The Bank
pany;

war we were never
so

Russians.

C.

Board, United
Company of New Vice President Nixon
got back
doctrines of hatred, class war and
York, and George S. Moore, Presi¬ in the ball game on
Friday night.
cynical opposition- to the dignity dent,
The
First
National
City Whether his showing on the na¬
and efficiency of individual free¬ Bank of New York.
1
*
;
tionwide TV will be sufficient to
dom.
This is the really big war
Committee on Admissions: Gil¬ stop the Kennedy surge remains
which goes on, dividing the world
bert H. Perkins, Vice-Chairman, to be seen. It is a fact,
however,
and
alongside of which the de¬
Chemical Bank New York Trust that Nixon had his old poise and
clared war of peaceful production
he
put
up
an
Company; David Rockefeller,
argument
with
is but a battle.
Vice-Chairman
Board
of
Direc¬ Kennedy. There was only one in¬
launched

seen

do

13

Co. Inc.

634

Con¬

The Commercial and Financial Chronicle
14

the

buy

Lincoln Printing Names

Officers

Ohio

of

stock

common

Oil.

(9)

Here

a

are

pertinent

few

elected President, General Manager
and a director of Lincoln Printing Company, 130 Cedar Street,
New York City, succeeding Samuel J. Wald. Prior to his election
as
the printing concern's Chief Executive Officer, Mr. O'Brien,

Is

originally

which

Ohio,

(a)
New

complex when it
up
in the early

Jersey
broken

1900's, produced in 1959 40,000,barrels of crude oil (net),

cash

1960

in

far

Untermeyer

virtually his entire business life in the paper and
industries, was Vice-President of Bulkley Dunton &

who has spent

printing
Co., pulp and paper merchants.

Elected with him as directors of

has

flow

re¬

& McKinnon.
Mr. O'Brien

following

associated

a

brief period in the banking business,

Sub¬

with the Vandewater Paper Company.

partner of the late Robert R. Young, Mr. O'Brien
associated with Chesapeake Industries which acquired a num¬

sequently,
was

as

a

Vandewater, the Lathrop
Paper Co. and the John Floyd Paper Co. Prior to disposals of
these properties by Chesapeake Industries, he served as their
President, General Manager and a director.
Mr. O'Brien is a
member of the Bankers Club of America, the New York Southern
Society and the Paper Club of New York.
Mr. Javits, who has been associated with the Commercial
Bank of North America for 35 years, is Board Chairman of the
East Side Chamber of Commerce.
He has long been an active

ber of

pulp and paper concerns, including

Mr.

1958.

director

dividend of $1.60

a

1948
on

broad development program

the

of

a

the

outside

Canada

and

S.

U.

which has increased its stature as

potentialities.
And, by balancing production and
refining and increasing marketing
outlets, the company has strength¬
ened materially its position in the
well

philanthropic causes.
Untermeyer, was made a partner of Thomson & McKinnon
He is President of Arnheim Estate Corporation and a
of Reeves Soundcraft Corporation.

leader in civic and

in

With

management. Since
the company has embarked

phy

oil

profit

its

as

industry.;

The
York

stock

sarily harm these buildings or the

which

When

Stock

is listed

the New

on

Exchange...

Calif. —Merrill
(5) Furthermore, the reserves W.
I Continued from page 2
Kennedy has joined the staff
mentioned above do not include
of Lester, Ryons & Co., 621 South
ment is difficult, but it is my view
the foreign holdings of Ohio which
that an investor will obtain a bet¬
Hope Street, members of the New
has
available
for
development
York and Pacific Coast Stock Ex¬
ter
long-term value by buying
enormous
acreage in Guatemala,
into these depressed shares, rather
changes.
He was formerly with
Venezuela and last, but not least,
than continuing to purchase the
Marache, Dofflemyre & Co.
Libya. This acreage reaches the
glamour stocks that have risen so
astronomical figure of about 120,sensationally in the last two or
Three With Josephthal
000,000 acres.
three
years.
The investor may
(Special to The Financial Chronicle)
(6) As for Libya many in the
•need patience, but I think with
Mass.—Eva
Amolsky,
'patience he will get material re¬ industry consider these properties BOSTON,
represent one of the greatest oil James P. Smith and Elias A. Stein
wards.
Now turning to Ohio Oil in par¬ producing potentials in the world. have joined the staff of JosephANGELES,

''

.

Libya and

important stake

an

currently has pro¬

thai
All

&

Co., 19 Congress Street.
formerly with du Pont,

were

Homsey & Company.
Ohio Oil has a relatively posed a joint Libyan pipeline with
a
capacity of 300,000 barrels per
capitalization of 14,000,United Investors
000, in contrast, for example, with day. This would be built in co¬
215,000,000 shares of Standard Oil operation with Amerada, Conti¬ United Investors Securities

(1)

nental and

of New Jersey.
■

,

(2) After the acquisition of Aurora in 1959, Ohio brought its pro¬
duction and refining into approxi¬
mate balance, and it is today a
thoroughly

integrated

producer,

refiner and marketer of petroleum

products.
(3) The company has large pro¬
duction from the U. S. and

Canada,
with natural gas operations in¬
creasing in importance in recent
years.
For example, Ohio esti¬

mated its proven reserves of crude
oil and natural gas liquid on Sept.

30, 1959 at 672,400,000 barrels, and
they estimated their net reserves
of
natural
gas
at .2,274 billion
cubic feet.

appraisal
these

No matter how low

you

put

on

an

the value of

subsidiaries of Stand¬

ard Oil of New

Jersey and Texas
Gulf Producing.
Bids have been
obtained

but

contracts

have

offices

government bond as the best
possible
security,
you
should

mately 1Y2 years to complete this
pipeline after necessary govern¬
approval is obtained.

(8)

addition

government
billions

company

and

obligations.

of great

Stock

bonds, the

also

guaranteed

in

other fiscal

These

known

are

guaranteed home mortgages, loans
to farmers,
aid to colleges, hos¬
pitals, veterans, etc. Although the
U. S. is the greatest country in

Cor¬

and

Government

take

would

liabilities

of

states,

municipalities, farmers, veterans,
and many
business concerns in
order to prevent bankruptcies.
The

S. Has

U.

Good

Many

Investments

All

the

of

and

is

When

plosives.

not

missiles explode

the

in

on

of

visited

I

Canaveral in Florida and
of

spent

spent

forms

other

ex¬

Cape

(all of

us

vault

underground

an

bombers is

at

8149

in

a

Florida

securities

Shamy is

a

Street

to

engage

John

C.

principal

company

Service
way,

Rowe

good invest¬

a

Corporation,

65

and

was

investment.

Washington,

astonished to find

New York City, as a senior
analyst assigned to the

securities

aircraft, retail trade and food in¬
dustries, according to Francis F.
Randolph, Chairman and presi¬

airfield is about

Washington and the

is

not

all.

of

the

airfield

20

Some

acres

a

12

miles

is planned

like

Prior to joining Union

Service,

of land.

south
a

most

'

-

control. center

will

look

ordinary two-story office

an

building in front, with walls of
glass and stainless steel. Behind
it will be a high building which
will

like

look

deposit

box

in

the

a

mammoth

with

thick.

inches

16

emergency

dent.
♦

This

20 miles from

This

Broad¬

cement
There

will

be

living accommodations

basement for

the

workers.

In addition to the cost of the land
and

is

dollar

a

means

indirect taxation.

and

direct

bound to have
costs and higher
Let

these
increased
taxes
cheerfully and thank God we are
us

pay

living in the U. S. instead of any¬
in the world.

else

where

•

De Rensis & Co.

Sells Vulcatron
Common Stock
via

2

June

a

Co., Inc. of Boston,

prospectus publicly

1C0,000 shares of this com¬

offered

(par $1) at

pany's common stock

$3

share.
proceeds

per

Net

the

to

company

offered

sale of the stock

from the
will

aggregate

$139,000.

the

building,

it

is

said

•

company

the

that

incorporated

was

the

of

Laws

of

State

Hampshire on Feb. 29, 1960.
yet commenced opera¬

It has not

tions.'-

manufacture,
boys' shoes
(sizes 1 to 6) made by the Vul¬
catron methods, which involve the
manufacture of shoes by attaching

>

It

to

proposes

design

and distribute

either

a

rubber

outsole to

an

Neolite

or

type

by high pres¬

upper

vAilcariteation.'jv'vj-

sure:

'

arrangements for
distribution of the product have
been entered into, but the com¬
definite

No

its

distribute

to

expects

pany

public mar¬
kets through discount houses, de¬
partment stores, mail order houses,
established

shoes

to

retail

stores

The
stock

is

Two

as

shares

hundred

of

7%

of

pre¬

$100) payable
per

crued dividends on
The

capital

authorized

follows:

ferred stock (par
rate

jobbers.

and/or

total

callable at $110 per

analyst for Investment Manage¬
ment Company, in Elizabeth, N. J.

it

Federal

the

Mr. Rowe was a senior investment

than

are

we

groups,

higher

safe-

to

at

S.

as

ception of reducing foreign aid
and help to farmers, veterans, and
other large and politically strong

walls

today's enor¬
mously increased development
costs. Oil experts agree that the

Exchange"

prospect for oil

U.

The

sound

kept

protection. It is foolish to talk

New

visited

recently
C.

D.

our

etc.

ways,

I

also

elaborate electronic control center

has joined Union

be

The

on

Leslie

must
of

gold supply and our

our

abroad.

credit

under

With Union Service
F.

protect

nuclear

are

as

•

business.

budget in fair balance in order to

submarines, airplane fields, high¬

—

straight
Corpora-, new highway from the airfield to
has been formed with offices the center of Washington. But this

tion

of what is said in
by Presidential can¬
didates, we should realize that ex¬
penditures have to increase rather
than decrease. A tremendous ef¬
fort must be made to keep the
or

approximately
watching via television), I saw a $224,000 after deducting expenses
million dollars evaporate in a few of $16,000. The proceeds will be
seconds. This is not true of many used in order of priority indicated:
military expenditures. The radar machinery and equipment—$75,system which encircles this coun¬ 000, setting up plant and equip¬
try to give us advance notice of ment—$10,000, working capital—

were

Great government is building

—

Distribution

for

Regardless

Congress

one

saw

Harry

ROUGE, La.

planned

are

all the largest cities.

near

areas

P. De Rensis &

being

money

armaments

on

missiles

with

Street to

42nd

this

to

similar

extravagant. Furthermore, if we
should go into a depression, the
some

that

mammoth airfields and structures

as

"contingent liabilities," such as the

a

are

Southwest

and
leading
Spanish businessmen and bankers.

which includes refining

marketing facilities

in

BATON

is

...

the stock

East

formed

Great S. W. Distribution

efforts
making to
develop markets for this new Lib¬
yan production, Ohio has proposed
to the Spanish Government the
building of a refinery at a cost
of $18,000,000, and a daily capac¬
ity of over 25,000 barrels. Ohio
has proposed constructing this re¬
finery
in
association
with : a
Spanish

reserves

been

has

dollars

of

contamination

understand

I

about reduced taxes. With the ex¬

these

to

the, roof which
gallons of water,

any

fallout.

from

bonds have been issued. They are

ment

Among many other

the

billions in these

of

roof

the

In

on

which, in two hours, would clear

that when you buy

realize that many

tanks

be

will hold 100,000

securities business.
that our Federal Government is
Seeve, Presi¬
building the largest and best air¬
dent; Louis P. Nestle, and Albert
field in the world. It is primarily
L. Kanter, Vice-Presidents; Paul
for jet planes, and has runways
Safro, Treasurer; and Samuel M.
two to three miles in length. War
Pollard, Secretary.
or
no war,
this is surely a good
Officers

awaiting approval by the
Libyan Government.
It is esti¬
mated that it will take approxi¬

that

60

at

engage

not

(and, for
example, industry considers a
The application for approval
is
price of $1 a barrel very cheap for
now pending
before the Govern¬
proven
oil), you find that the
ment of Spain.
proven reserves alone of Ohio are
One last word on crude oil re¬
worth perhaps a minimum of $50
it is cheaper by far to
per common share, or substantially serves
"drill for oil on the New York
more than the price you pay for
proven

poration- has

been let,

ment

will

a

enemy

moderate

,

or
ap¬

Government

Buy

means

.

(7) Ohio has

issued, is

are

$240 billion.

You

Federal

(Special to The Financial Chronicle)

LOS

in

bonds

government
bills

Bonds

This

on

ticular, I have chosen this vehicle
for the following reasons:

.

people
and machinery
therein.
The only danger would be the
fallout.
To
eliminate this there

the world, it is very generous

■

Joins Lester, Ryons

THE SECURITY I LIKE BEST...

character.

investment

investor obtains a yield of
looked upon by banks, educational
approximately 5% while wait¬
institutions, and other investors
ing for the improvement in the like
yourself as the safest place
oil
industry
in
general
and
in which
to have
one's money,
while waiting to benefit from
but it is not generally realized how
the
numerous
potentialities of
many such bonds are outstanding.
Ohio
Oil
including
the
vast
It is as if you were buying shares
profit possibilities inherent in
of
stock
in
a
corporation and
Libya.
looked only at the price without
(10) Finally I am impressed by giving any attention to the num¬
the new and progressive philoso¬
ber of shares issued.

Milton F.

must

We

direct debt

The

home.

proximately

the

City and Chicago, were
Untermeyer. Mr. Javits is VicePresident of the Commercial Bank of North America and Mr.
Untermeyer is a partner in the stock brokerage firm of Thomson
and

our

for

$1.41

(c)

subsidiaries, operates plants in New York

Javits

of

1960 of $1.28 ver¬
for the same period
last
year
would indicate the
probability of somewhat lower
earnings in 1960 as a result of
the higher level of exploratory
and development activities.

Lincoln Printing which, through

results.

election

the

Federal Government today,

route

EN

short-term

sus

F.

of

and

mained constant but six months'

earnings for

M.

regardless

occur

earnings

and

Javits

bound

keep the
budget balanced, he adds, and pay necessary tax increases cheer¬
fully. Now en route back to the United States from Europe, Mr.
Babson comments on Federal spending in terms of its size, variety
to

(b) Since 1955 cash flow has
averaged about $5.50 per. share

Harry

Spending

Higher Federal expenditures, according to Mr. Babson, are

approximately 720,000,000
gallons of gasoline and 110,000,000,000 feet of cubic gas.
sold

Edward D. 'OBrien

Thursday, October 13, 1960

By Roger W. Babson

000

have fluctuated
between
$3.16 and $2.45 with
earnings of $2.76 in 1959. Thus

.

Good Investment

a

out of the Standard Oil of

came

was

became

.

When Federal

statistics:

Edward D. O'Brien has been

Harry

.

(1462)

annum

at

and

share and ac¬
30 days' notice.

preferred stock is not being
publicly and has all been

offered

previously

for cash.

issued

Two hundred and

fifty

thousand

$1).
giving
proven
resources
of a company ployed in the same capacity by a will stand a direct hit from an the holder of each warrant the
on
the
enormous
a.tomic bomb. But while it is be¬ right to
undeveloped such as Ohio
purchase one share of
could not conceiv¬ large New York City investment
acreage owned or leased by the
firm and by Home Life Insurance lieved that a bomb from an air¬ stock at the issue price of $3 per
ably be developed at a figure even
company, which totals over 11,or
a
missile from some share, at any time after 13 months
Company. He is a member of the plane
000,000 acres in the U_ S. and remotely commensurate with what New York Society of Security Russian (satellite, could
destroy from the date of issue, but no
Canada alone.
it costs to buy
Washington, it would not neces¬ later than 10 years from said date.
them, when you Analysts*
value.

(4) And this, of course, is with¬
specifying any dollar figure

out

,




Earlier

in

his

career

he

was

em¬

the electronic devices therein will
run

over

$3 million. No structure

shares of
Ten

common

thousand

stock (par

warrants

(1463)

OETR
ADD AND
OililJjiUi.
;
XXVflX/U Xxll
1/ INDUSTRY
X±N X^ U U X XVX ;
STATE

Continued

for

from page 4

unemnlovment
unemployment

been smaller.

income

high in August, although the
crease

less

was

in1%,

1/10 of

than

adjusted. Income dethe private sector of
the
economy
actually declined,
Wage and salary income in the
seasonally

earlier

'

,

projections

plans,

,,

,

fall

just

short

the

as

somewhat

were

viously

stated

'

.

market where

one

Lao^ii

•

of

intentions.

orders for plate and structurals indicate the inventory bot-

torn has been reached.

pre-

In

some

new

quar-

below

it

the

looks

now

like

steel

opera-

tions will hover in the 50's

(as

a

in

from

automobile

other

and

manu-

facturing employment as well as
a
shorter workweek
(seasonally

eventuality

the

is

also

National^

suggested

major rush of

of

the

of cantly.

survey

WlydPlrn"ngsa (Thflatte^wl" fions, whichTSy" precede>'expenditures by

orders

new

companies time the • industry
average
*96.9%
of
steel closed down due to
capacity for the week, beginning steel union.
Oct.
10, equivalent to 1 556 000

will

tons

of

tion

ingot

and

steel

and

1,522,000 tons

in

Electric Output 4 9% Above

Actual

outnut

for

1959

the

week beginning Oct. 3.

The

'

1 a«t

weeir
w

on aver-

age weekly production for 1947"49-

weekly produc1947-49). These figures'

of

virtually

strike of the

*intiex oi production is based

castings"

on average

compared with the actual levels of

*94.7%

was
a

amount

distrfhut^d

Week

of

p1 ertrir

ondod

.o

ginning °ct- 3 was e<3ual to 53.4% ended

PnPrmr

theeWtrieuJm

hv

fAtllf

ho

llturd^^n^
Saturday,

Oct.

gir

8,

was
13,725,000,000 kwh.,

of the utilization of the Jan. 1, estimated at
annual capacity of 148,570,970 according to the Edison Electric
net tons. Estimated
percentage for Institute. Output was 54,000,000

Con- size to affect operations signiil- I960

Industrial

ference Board's recent

by

ta"d Steel l"al weekly production was pfaced
e announced that the oper- at 368,000 tons, or 22.9%. At that

nii„,

(based

past history of the survey when percent of capacity) for some time.
plans have been revised down-. None of the major steel consumward, actual expenditures have ing industries is likely to experimanufacturing industries fell al- usually fallen even lower. This ence the kind of business immost 1V2%, reflecting the decrease may
happen
again.
Such
an provement
that would mean
a
rived

Steel Output Based tion) was *94.0% and production
54.6% of Jan. 1, 1960 Capacity 1,510,000 tons. A year ago the ac-

5 atl.ng rate of the steel

+

into sales, although

,

actual

expenditures in the second
ter

Construction is

magn,Wcle ln £e seasonal (eclme is expected

quarter

These
new

a

On

some^maior "'still'- utin^'areas"

an increase
larger magnitude in

...

to

rose

some

slight decrease in the third

somewhat

the^^t

.

*?pected
*r°m inventories
can be This Week's
discounted to
extent.'Con-

quarter, followed by

Sales

and

Income

Personal

have
nav

would
would

rate
rate

a

15

months.

this week's forecast based

Cautious Buying Slows Steel
Upturn

on

that kwh. below that of the previous

capacity is 54.6%.

weeks'total of 13,779,000,000 kwh.
propriations by the companies
Worries about recession, global
A month ago the operating rate but showed a gain of 639,000,000
from high- to low-paying indus- covered in the survey reached a war, and November elections are
(based on 1947-49 weekly producContinued on page 16
tries.) An exnansion of wages and peak in the fourth quarter of 1959 keeping many steel buyers out
F
attributable
and

to

to

shift in

some

salaries

income

dis-

and

industries, and increases

in dividends and
almost

decline

the

and
salaries. Concomitantly, farm income again moved lower. An increase
in government wages and
wages

partly

salaries,

resulting

Federal

Government

from a
wage
rise

that became effective during

July,

and

pay-

increase

an

in

transfer

ments, mostly through a rise in
unemployment insurance benefits,
accounted for a sum considerably

larger than the size of the total
August gain in personal income,
Retail

ing

to

in

sales

report

practically unchanged
The

resulted

sales

were

from July.

stability

anoarent

accord-

August,

advance

the

retail

in

in-

primarily from

creased sales of automobiles above

the low July

figure, stimulated by
price reductions made by

sizable

dealers in order to cut their large

stocks

of

models.

1960

assisted

were

this

in

Ap-

Dealers

effort

by

automobile manufacturers, who in
August began to* grant special,
large premiums and bonuses. Consumer purchases other than automobiles were lower than in July.

During .the early .weeks of Septhe number of automo-

then

and

fell

sharply

rather

of

in

the first two quarters of 1960.

personal interest

offset

manufacturing

in

some

mixed

the

forces,

influence

providing

basis for expectations

move,
either upward or downward, in the immediate future.

whether to buy

......

week End..

,—

Oct. 8—

(ooos omitted)

.

have been

no more-

Philadelphia
H

Boston-—-

'

-

■'

-

•

-

—

partment store data suggest, how-;
ever, -; that
purchases
of
other
types of consumer goods declined
:

:
,

again

r,

in

v;>

September.

;

-

,7r::-'--"cvi.

,•

Construction and Capital

'

;

may

the

other

-

.

be picking up in another im-

portant

sector,

of

homes,

new

narticularlv weaK
weak
particularly

neared
pearea

to

seemed

l

strengthen

An?!K=t

in

residential conthe building
which had ap-

Interest in

struction.

-

Housing

following sharp
and
Tnlv
Tr.
and
July, in

in
in

Julv
Juiy,

somewhat

starts

.gusl'1 Housing

„

rose

starts

declines

in

June

addition

requests

for

creased

This

VA

mortgages
appraisals

eonld

and
in-

nresa^e

iIomIooo

+12.8

742,159

+14.4

.

and refrigera-

-

S

b y ng 1 tentions.

serious

° S| pTS?sas' f°™dry equipment

pared with the third. They expect

Steel Market Is Slightly in Better
Tone Due to the End of Inventory

?

heat treating, material

handling,

and

Cutbacks

Orders

ment

The inevitable end of inventory

le^ek

Some

New

backed up by a small
improvement in new orders, gives
the steel market a slightly better
this

tone

The

week,

Iron

t

59«%

,

Gf

cautions

the im-

tu

magazine cautions tne im
than

real

order

The

;oglcai man r.eaA-

at
.

the
.

.

canacitv

current
onprnfpH

down

2 1

thenreviou^Pok^

rate

OutnuU

About

1 5

^fX}fpd .yaJ^; 5;^put* About 15
rllf

magazine

steel mill equip-

remain
...

^vised

Age

provement may be more psychowicai

to

below

reports.
The

ur»-

k

^

t

•

♦

trainmen serving

the Lackawanna

plant

iphem

reduced

Steel

Co

ine ora®r up

tions to 9%

of

Beth-

nnm.

S 5*1

+■+

•

4.

and nulled down the national rate

tory factor

Win+Pr

anotner iaise! start,

instances

of

inventory

noted

are

J

t

ine inven

+«

iron

statistical, and few

is

Rebuilding J
at

iPVel

ed

7

u

or

are

tb^

so

mav

November,

a

nail0nal

1

stocks

ore

tie
i-

near

Crnat

mM

un

P

earlier,

their

T akpc

this

V/V

ser'ies

are

7* hSniic
the baJis
on

month

elude
and

of

so

erratfe

draw^

Housing outlavs

JinwhL

as

over

cnntinncd

S

fnvthorfr,
in

slightly further

U

one

whfch

im

additions

on

well

that

roncluskins

chafes

expenditures

rpnairs

hniiriir.Sc
a
and

to

as

on

new

downward

,-n

An^rt

qentemher
September

Business spending on plant and

equipment has been leveling

off,
presumably as a result of reduced
profit margins, idle capacity, and
uncertainty about future demand,
latest
joint survey by the
Department of Commerce and the
and
Exchange
Com-

steel said. The fleet operated
until mid-December last year.
for an 0rder imProvement is the
The magazine looks for an ore
over-all level of steel inventories, stockpile of about 55 million net
iS h°W the inventory picture tons by April 1, 1961. Ore stocks
l0°kS:
totaled 70-5 million net tons on
Market analysts believe from Sept. 1 and receipts from Sept. 1
21/2 to 41/2 million tons of steel through April 1 are estimated to
wore liquidated in the third quar- amount to about 42 million net
ter- This means much more was tons. Steel mills are expected to
consumed than shipped. If liqui- consume about 57.5 million tons
dation ended

that from 2V2

mission,

August,

taken in
l^te July and
indicated that businesses

planned to invest in fixed capital
2% more (seasonally adjusted) in
the

third

quarter

than

they

^

could

to 4V2 million

tons of steel would be

m4ean

in

more

ingot

shipped in

just

to

keep
sumption.

with

up

steel

d0es

tories

not

are

show

located.

where

necessarily

upturn in

orders.

Steel

new

facturing sector alone, plans were




of

orders

•

are

now

even

the

statistical

a

gain

winter months,

once

Steel's

composite

price

may be
but it gave

This

new

building in

a new

home town marks

a

significant

step forward for the Coast Line. We believe it also stands
as

an

apt symbol of the refreshing transition

throughout
leled

our

industry...

Coast Line's

,

now

at work

which promises unparal¬

in this

new

era

'

home at the center of

new

in the growing South is

our

one

expansion and modernization of rail services and

facilities.

of

...serving the Southeast Coastal 6

COAST UN
RAItROAO

operations

our

faith

and better services for

customers.

ATLANTIC

our

tangible evidence of

more

a

a

new

general headquarters of the Atlantic Coast Line Railroad.

of

false prophet
better clue to
the future in June and July (by
refusing to go up) than industry
spokesmen who
predicted September would-bring a strong recovery in steel.
now,

.

Jacksonville. Mirrored in the rippling river and

rising 17 gleaming stories into the sky above is the

modest upturn in steel buy-

Scrap

up

of

And

the

prices,

No. 1 heavy melting grade
dropped 66 cents to $30.67 a gross
ton—the lowest quotation since
September, 1954.

mean

to the
steel
operations.
This
means the improvement does not
•_
;in§ *n the fourth quarter to the mean a significant change in steel
^--third-quarter Jevelr.In'the manu-'operations.
-r'*;;
\
rate

over

reflection in the St. Johns River in the heart

barometer of steel

ing.

inven-

words,
Wjth much of metalworking on a
recession basis, even depleted inan

rate

65%

monthS; with the
averaging between 60

seven

regarded as
industry operations, fell last week amid signs

a

In other

ventories do not

those

Scrap

con-

However, the inventory analyg|s

ac-

tually spent in the second quarter.
And they expected to hold spend-

to

the fourth quarter than the third,

The

Securities

now

a new

of busy

year,

?on
waited
unburn
in
housing
Nevertheless, many analysts
rndfavf althonJh the FHA and contend the only thing working
en

There's

the Buffalo district

in

is scarcely seasonal and may
be another false start
The inven-

?

..

;

and welding equipment to be up
in the fourth quarter, as com¬

:

and

..

look fo/ sa!,es of m.achto?

♦

1

•

•

rose, turn

annlieations
addition, applications

FHA-insured

for

spending

cars

^ntfW?,qti™?reS

h

%

cutbacks,

...

hand,

•L20oiooo
849,210

^Estimated.

v

^

•:

On

;

in Jacksonville, Florida

.

—v

1959

i960

The New Home Office of Atlantic Coast Line Mead

are re-

and ask-

economy

Bank Clearings for Oct 8 Week tors now.
Will Be 19.2% Above 1959 Week
Unless there's a quick pickup
Bank clearings this week will *n retail car sales, October proshow an increase compared with duction schedules may be sharply
a
year ago.
Preliminary figures curtailed,
Steel
said.
Chrysler
compiled by the Chronicle based Corp. has already announced cutupon telegraphic advices from the backs at some of its Ohio plants.
chief cities of the country, indi- Ford Motor Co. and General
cate that for the week ended Motors Corp. are still talking
Saturday, Oct. 8, clearings for all ab<?uj: bAg fourth quarter output,
cities of the United States for but they re not going overboard
which it is possible to obtain on steel buying. .
weekly clearings will be 19.2%
n the farm equipment industry,
above those of the corresponding makers are delaying steel purweek last year. Our preliminary chases until they see who moves
totals
stand
at
$28,873,969,447 m o the White House. They want
against
$24,216,118,292
for
the
°_?lze up the new farm program.
same week in 1959. At this center
No sharp decline in capital
there is a gain for the week end- equipment sales is expected by
ing Friday of 26.1%. Our com- equipment
builders, Steel reparative summary for the leading P°™~d- In 9 srnvey, it found
money centers for the week ended builders optimistic because of a
.Oct. 8 follows:
inquiries which

than the usual seasonal drop. De-

-

the

themselves whether they
should go ahead with spending
Plans. Consumers are worrying
about layoffs and wondering

biiesloidTell below" AugusUev'els, JttS^.^SSSS "Ins™" tul
but this may
'
1

slowing

Metalworking executives

major

a

and

appraising the

of

firm

no

of

market

wJyk/ng weBkly, said,

September have continued to

demonstrate

the

pace of business, Steel, the metal-

On the whole, however, August
and

tember,

•

,

employment

service

the

in

tributive

overtime

reduced

16

The Commercial and Financial Chronicle

(1464)

tain

STATE OF TRADE AND INDUSTRY
Continued

kwh.,

from

ended

15

page

4.9% above that
comparable 1959 week.

Oct.

their

of the

or

dip

6, rebounding from
304 in the previous

to

-fl

tral,

week, reported Dun & Bradstreet,

+5; East North Cen¬

to

Atlantic,

South

South

Central

North

Central

Central
—4

to

—2

0

and

to

AND YOU

...

WALLACE STREETS

BY

South

West

+2;

Thursday, Octobei 13, 1960

.

.

THE MARKET

East
West

and
+4;

to

.

Pacific Coast

0.

Inc.
Auto

Production May

In October Over

At the highest

Rise 65%

Auto output is expected to sky¬
rocket

65%

October, Ward's
ports said.
The

Re¬

Automotive

statistical

in

September

over

level in 16 weeks,
considerably
the 274 and 271 which occurred in

said that
TJ.« S.
manufacturers,.*. however,
must
rapidly accelerate produc¬
agency

the comparable weeks of 1959
1958. As

and

well, 23% more concerns

failed than in the similar week of

1939

pre-war

the

when

toll

279- '■ L

V,'

'Failures

was

i':

;>

.

of

involving liabilities

to 303 from
tion to match the October estimate
281 in the preceding week and 240
of 673,000 cars.
a
year ago. There was a marked
Ward's said that an average of
among
small
casualties,
168,250 cars must be assembled upturn
those under $5,000, to 40 from 23
weekly to equal the projection
$5,000

for

rose

Liabilities

earlier.

week

a

October.

more

or

Nationwide

exceeded

casualties

September

Sales

an

momentum,
101,920 cars

up

of about

average

model'

1961

as

above $100,000 for 46 of

the busi¬

failing during the week
against 35 last week.
week's

the

of

Most

|

If the forecast is

ber production

attained, Octo¬

would top

1960, when 659,323

ary,

climbed

toll

,

increase

turned

out.

exceed

But

it

January,

688,731

cars

Febru¬
were

cars

not

would

1960,

when

built,

Ward's

were

said.

Milder

upturns prevailed in com¬

mercial service, up to

38 from 29,
wholesaling, up to 36 from
Contrasting declines occurred

and in
25.

manufacturers

among

output
last

5%

rose

week.

Ford
their

this

Co.

and

boosted

programs.

estimated

produced

over

Motors

lightly

production

An

week

General

Motor

car

140,940

this

cars

week

with

134,118 a
118,793 in the

were

compared
ago
and

week

last

week

same

year.

American Motors and
17

Ford

Motor

six-day

11

of the

plants followed

routine

this

week.

a

All

other plants worked five days ex¬

ChrysTei^GorpL^'^'""'''

cept

Last

Monday, four of the seven
Chrysler car plants were, closed.
Chrysler was setting up new work
schedules

it

as

began to

off
Some 3,500

about

lay

5,000 workers.
employes were affected
Detroit

in

the

area.

Next

week,

plants

struction

to

show

Loading of
the

week

totaled

like period

tion

of

American

nounced. This

59,293

cars

the

cars,

Railroads

was

10.4%

or

an¬

increase of

an

above

the

corresponding week in 1959, which
was
affected by the nationwide
strike

in

the

steel

industry,

but

decrease of 45,980 cars or 6.8%

a

below

the

corresponding week in

*

1958.

Loadings in the week of Oct.
were

the

14,010

cars

2.3%

or

1

districts

compared with

increases

the corresponding

week in 1959 except the Southern.
All
districts

reported decreases
compared with the corresponding

week

in. 1958

except the

South¬

western.

loaded with

highway

one

or

trailers

week

(which

11,891

were

more

revenue

(piggyback)

ended

were

reported

cars

Wholesale

over

but
a

in

the

24,

1960

included

in

that

1959

above

5,313

the

1958

Cumulative
for

the

first

cars

80.8%

or

week.'

Price

Index,

was

year

current

the

On Oct. 4 it
from the week

to $6.01
$6.04, the 1960 high.
level was up 2.0%

$5.89

date

moderately

up

ago.

last

of

the

The
over

corresponding

year

Moving

*

in

higher

wholesale
wheat, corn,

cost

this week

rye,

cottonseed oil, tea, eggs and

hogs.

were

Lower in price

flour,

were

barley, hams, lard, butter, pota¬
toes, raisins, prunes and steers.
The

Dun

sum

pound

per

of

and meats in
a

Bradstreet,

Inc.

31

raw

general

use.

It is not

index.

Its chief
function is to show the general
trend of food prices at the whole¬
n

„

'

.

Promotions

Stimulate

Extensive

Cool

and

Retail

•

-

'

-

Weather

402,735 for
cars

or

an

34.3%

increase
above

of

the

corresponding period of 1959, and
211,393 cars or 110.5% above the
corresponding
There

were

55

period

in

Class I U.

1958.

S. rail¬

road systems originating this type
traffic in the current week com¬

pared
40

in

with
the

50

one

year

ago

and

corresponding week of

1958.

Business Failures Climb
Week Ending

retail

Again in

Commercial and industrial fail¬
ures climbed to 343 in the week




in

sales promotions

2%

a

debate
at

or

or

at

it has been in

as

•

.

the

technicians

was

whether

the

big

prices

were

trade
a

year

up
moderately
The best gains

was

ago.

linens

matched

and

television

that of

the

sets

similar

1959

what.

;

The

total

dollar

volume

of

re¬

in the week ended this

Wednesday was unchanged to 4%
higher than a year ago, according
to spot estimates collected
by Dun
Bradstreet,

timates

varied

Inc.
from

Regional
the

es¬

compa¬

to

maintained

that

of

much

was

continued

anv

on

slide

if

the

-

correct.

momept.

Cities

Service

nancial

should

edge

of

sults

a
strong fi¬
earnings
that

^lightly

last

over the re¬
sales that are
billion dollar level

Year,

the

bumping
and

has

position,

good

from

prospects

its

pansion

in

petrochemical

through

its

large

natural gas.

ex¬

fields

production
;

.

of

-

,

stock

reasoning

is

And

in the face of good price
in the food sec¬

even

action

elsewhere

tion, Great Atlantic & Pacific has
been

considerably short of being
skyrocket. From the peak of 59
1958, A.
& P.
shares have

a

in

slipped to where they were about
half that price at this year's low
have

and

since.

shown

Food

heavy last

little

prices

year

buoyancy
a

bit

and A. & P.

was

were

troubled with strikes in the indus¬

try,
but these were
temporary
considerations now
largely cor¬
rected

this

so

year's

picture ought to be
A. & P. offers

an

earnings

better

a

one.

yield

average

on

its $1

dividend which, also, is ex¬
pected to be larded with a stock

dividend, so that it is far from
being unattractive since the giant
of the industry seems assured of
participating in the increased food
requirements
of
an
expanding
population.
Pessimism
over
its
^

outlook doesn't

Interesting

•^Entertainment

im.}any

New

ti

a c

gerjpus

moment. And
the

warranted.

seem

Entertainment

jeopardy
the

among

York

Item

i t y is not

v

the

at

wares

of

Stock

Exchange
M.CA, Inc., which is not too v/ell

is

known but is the

of

television

leading producer

film

series. It is the

old Music Corp. of America which
started out as an artists' agency,

deriving its important funds from
along strictly commissions.
elected President of the National
Such a field, with the swiftly
'•by ear," the widesoread realiza¬
Consumer Finance Association for
tion that business isn't bubbling changing popular fads, was
hardly
1960-61
at
the
annual
business
conducive
to investment analysis.
along to new peaks is merely
meeting.
7r
' j evidence that the worst is over But MCA has changed its format
since
widespread fears crop up to where more than 83% of its
normally only at the end of the income now comes from its activi¬
Harold E. MacDonald

.

For those who sail

Sidney Coe to

r

Join Nationwide ;;

slide.

Coe,

Sidney W!

Vice-President of Irving
Company in New York City?
the position of Fi¬

a

Trust

has

accepted

nancial

Vice-President

tionwide

Insurance.

for

It

is

; Na¬

a

new

ties

«An

admitted

that

fact

bolsters

the constructive view is that there
is

COLUMBUS, Ohio

dearth of investment money

no

of

Nationwide's
<

in

handling, and producing
films, with its talent
work
producing only a

television
agency

shade

over

15% of the total.

around, and it can be counted on
to move into promising situations
despite the official views that are
based mostly on averages.
Cer¬
tainly, there is no shortage of in-

being dividendless since
its first offering last fall, is not a
yield item. But it is shrewd when

individual situations

after

that warrant

MCA,

it

to

comes

profits. Its handling of

Paramount

Pictures'

films

old

acquiring them for $35 mil¬
recommendation from
the many lion plus additional
payments de¬
financial
researchers and analysts combing pending on the profits it realizes,
through the list.
has already brought around $60

position created to supplement the

-

.

Mr.

Coe

duties

early

will

his

assume

new

million into

Oils

•

Nov.

1,

after

retirement

taking

from

an

Irving

Oils,

Trust. He has been with the bank¬

reason

ing

since

concern

1932,

and

a

Recession

for
to

Completed?

instance,

slide

own

months and there is

since
1940, most
administrative head-of

Wall

Street

Division./

/

With National Securities

little

drastic¬

Certainly the profit-comparisons
FRANCISCO, Calif.—John in the oil business will show welljoined National Se¬ maintained profits in contrast with
curities
&
Research
Corporation the pinch in other lines. Bolstering
as
resident manager in northern
sentiment
toward
the
oils, too,
California
and
Nevada, it was were many tales of large investor
President.
In his

will

under

Lee

leading

rental

million. in

interest in this section which

was

count

the

direction

of

of
:

the

has

the

Pacific

Coast

,

past
been

15
years,' Mr.
associated with

investment

firms

in

the

San Francisco Bay area.

fore

it

fell

Cities

out of favor

after

less

jumped from
in 1954 to
nearly $57
and are in posi¬

revenues

than

$15 million
million in 1958,

$47%

million last year
tion to exceed that

latter

this year as its expanding

was

39

to

where,

levels, it shows

TRENTON, N. J. —
Firmin is conducting

William

51/2%
no

J.

for

it has steadied

of

on

the

reason

a

specific

the

current

yield of around

a

cash

yet to

above
at

year

since
year.

1954

believe that

will

be

.The .evidence

indicate little

Gillette

is

blade, much
that

the

a

reason

Omitted

would

for one of the

the

did

sign

total
a

its
shaving
fashion

from

same

with

one

new

cigarettes that proved to

market sensation

back.

on

in

Lorillard

brand of
be

benefiting

highly-promoted

new,

And

dividend, with estimated

additional 2% stock declared each
this

no

Anti-Recession Issue

Service,

its climb to above 70 in 1956.

Lately

figure

partici¬

the

item in the group, in June was at
its lowest level since 1954. Gone

low

W. J. Firmin Opens

Uni¬

from

of the real estate

the value

holding. Its

Carter, Vice-President Suez Crisis.

in

O'Neill

studio from Universal-

a

darling of investors in the pation in the field shows
position, Mr. O'Neill immediate past-War II period, be¬ of letting up.

new

charge
territory.

acquired

International for $11% million, for
which it is assured a minimum of

the

work

Rufus

according

some

W. O'Neill has

by E. Wain Hare, Vice-

the coffers

authoritative estimates. It

their

SAN

announced

some

evidence
versal, in addition to freeing it
profit picture is chang¬ from renting its own space. So the
ing for the better although with¬ investment in time will be largely
out achieving anything startling. returned without
taking into ac¬
that

.

to

ally since they have staged their
private recession for many $10

Vice-President
as

have

downhill

recently

rable 1959 levels by the following
a securities
Middle Atlantic +3. business
from
offices
at - 703
to +7; New England and Moun¬ Bunker Hill Avenue.-

percentages:

at the

The old depression hedge used
approaching bargain levels,
least a plane where some to be the food shares
since, as the
reinvestment
might be adage went, "people have to eat."

market

For

tail trade

largest firms in the industry to go
into any drastic bear market slide

cautious

and

week, the call for used cars and
major appliances was down some¬

&

Oct. 6

1

the bad work

the

Trade

apparel, furniture/draperies, and
new passenger cars. While volume

102,934

showed

For

no

cautious

the Federal Re¬
warranted.
And
here the
views
department' store
widely.
Some
of
the
sales in New York City for the diverged
students of the classical approach
week
ended
Oct.
1
were
11%
were
looking for a roaring bear
above the like period last year.
In the preceding week ended Sept. market, with what favorable signs
that have appeared being termed
24, sales were 4% above the same
merely the same ones that have
period last year. For the four
lulled the bulls in previous market
weeks
ending Oct. 1 a 4% in¬
downturns.
crease was reported over the 1959
period, and from Jan. 1 to Oct. 1
The Optimistic School
there was a gain of 6% above the
There was an equally strident
level achieved in the 1959 period.

offices.

38

totaled

T,

months.

System

rest

price
foodstuffs

piggyback loadings
1960

period

According

Price Index rep¬

cost-of-living

from

of

1

Oct.

The Jan.

increase.

total of the

Food

the

resents

&

from last year were registered in

weeks

Oct.

to

ended

reported.

-

increases,

over-all

and

weeks

was

as

many

brake

clear, cool weather in many areas
total). This was spurred consumer buying in the
an increase of
2,775 cars or 30.4% week ended this Wednesday, Oct.
above the corresponding week of 5, and the total dollar volume of
week's

four

change

about

Consumer Fin.

Latest Week

Food

declined
earlier

in

Sept.

year.

ceding week for Sept. 24, an in¬
crease
of 2% was reported. For

school

ago

sale level.

There

the

year

successive

two

Wholesale

reported

a

Slightly

week,

above

preceding week.

All

1,

over

suc¬

compiled by Dun & Bradstreet,
Inc., dipped slightly in the latest

Associa¬

last

I960,' change in the business news and
the no startling assists from the mone¬
In the pre¬ tary authorities, kept ;Wall Street

Oct.

of 4%

increase

Wholesale Food Price Index
Down

the

freight for
Oct.
1,
1960,

ended

631,645

than

After

revenue

ended

week

an

guished

combination of overriding interest
in
the
baseball
windup,
little

Ass'n Elects

resume

Loadings 10.4% Above
Corresponding 1959 Week

55

to

businesses

More

the

for

drifted through
definitely
undistin¬
sessions this week. The

more

already over. To
in all
this clan, the continued high level
industry and trade groups except
of business operations generally,
manufacturing.
excluding the well-known steel
Six of the nine major geographic
doldrums and big question marks
regions reported heavier casualties
about
auto
operations, and the
in the week just ended. The toll PHILADELPHIA, Pa.—Harold E.
certainty that defense expendi¬
in
the
Pacific
States
climbed MacDonald of Chicago, President
tures will continue heavy, miti¬
sharply to 93 from 64 in the pre¬ of Household Fiannce Corp., was
gated
strongly against anything
ceding week, in the East North
approaching a full-scale recession.
Central to 61 from 53, while the
One
facet
about
the
current
Middle Atlantic toll edged to 99
business situation, that has been
from 97. The only week-to-week
given undue notoriety, as far as
declines
appeared
in
the
New
the economists are concerned, is
England, South Atlantic, and West
the
clearcut
pinch
on
profits
North
Central
States,
Failures
despite high sales. And here their
equalled or exceeded last year's*
feeling is that businessmen gen¬
levels in all regions except the
erally are acting vigorously to cor¬
West South Central States. In both
rect the lack of profits in the face
the Mountain and Pacific Regions,
of high operations, with the results
casualties
were
half
again
as
likely to be apparent in the final
numerous as a year ago.
quarter. This, again, would be a

five-day operations.

Car

off

contractors,

56.

cumbed

Chrysler Corp.

scheduled

are

normal

all

toll

whose

fell to 46 from 51 and among con¬

from

Meantime, Ward's said that

143.

from

168

to

" a

on

taken from

the Federal Reserve Board's index

serve

as

weekly. All-told, 407,centered in retail trade where the
685 units were produced in Sep¬
tember.

sales

as

stock market

some

ran

nesses

built

were

The

1959 Week

store

Department

country-wide basis

-

In
September,
production picked

Stores

Department

4% From

Up

its

to

a

few years

blades

razor

are

produce only half

of

sales, so it is not dependent
single item in one field.

There

has

been

a

the

half

first

no

profit

pinch
for

13% jump in sales

here, and

of

this

year

was

Volume

translated into

Number 5994

192

earnings hop of

an

21%. Its growth record is impres¬

.

.

.

The Commercial and Financial Chronicle

the sale will be received by

Union Texas

sales

of less

$91

than

Stock Offered

it was rated first by one maga¬
zine's rating of companies turning
the

in

highest

invested

to

fit

profit

of

rate

on

capital in the 1959 tabu¬

lation. It is not

item that

an

seems

recessionary definition.

any

[The views expressed in this article
do

necessarily at any time coin¬
those of the "Chronicle."
They are presented as those of the
author only.]
not

cide

with

of class A stock and

75,124 shares

of

Union

class

Natural

stock

B

of

Texas

Gas

Corp. was made on
Carl
Loeb, Rhoades & Co., Merrill
Lynch, Pierce, Fenner & Smith
Inc., and Smith, Barney & Co. Inc.
Oct. 7 by a group headed by

M.

The stock of both classes is priced
at
1

$24 per share.
The

are

class

A

identical

voting

: -"

and

class

B

stocks

except in respect to

rights,

the

class B stock
having
exclusive
voting
rights
with certain exceptions.

First Michigan
NYSE Member

The

■

new

DETROIT, Mich.—First of Michi¬
gan
Corporation,
a
27-year-old
Michigan investment banking

and

offering does not represent

financing
no

by

The shares

Texas.

mil¬
lion in 1949 increased to $200 mil¬
lion in 1956 and a goal this year
of $230 million. And profit-wise Public offering of 150,248 shares
sive,

(1465)

the

a

is Nov.

large number of shares of both
of

Union

stock.

Texas

sate and

engaged in the

income
sults

crude

oil, and in the ex¬
traction of natural gasoline and
liquefied petroleum gases from
casinghead gas and natural gas.
The company is an independent
producer with producing proper¬
ties in Louisiana, Texas, Kansas,
Oklahoma, Canada, Argentina and
Venezuela. Most of its gas is sold
to
gas
transmission
companies,
while

oil

its

are

eries
On

condensate

of

which

Aug. 30,

1960 the

Edward

to the

Joins United Securities
(Special to The Financial Chronicle)

the

of

Sudler &

Corp.

merged with the com¬

March 3, 1960.

structure

staff of Amos C.

com¬

GREENSBORO, N. C.—Benjamin

of June 30, 1960 consisted

T.

Ward

has

become

associated

Securities

United

with

Company,

Southeastern Buildirxo.

stock.

B

Opens Inv. Office
Joins Amos Sudler

(Special to The Financial Chronicle)

(Special to The Financial Chronicle)

Colo.

DENVER,

company

Thomas

is

Sudler &

acquire

Maurice

—

with

now

Amos

LOS ANGELES, Calif. — Miriam
S. Dubain is engaging in a securities
C. business from offices at 444 South
Vermont

Co., 818 Seventeenth St.

Avenue.

firm, has been admitted to mem-

k
1:
..

liHi

p

f

i
W. S. Gilbreath, Jr.

D. H. Callaway, Jr.

bership

in the New York Stock
Exchange, W. Sydnor Gilbreath,
Jr., President, has announced.
"In joining the New York Stock
Exchange," Mr.
Gilbreath''said,
"First
of -Michigan
Corporation
completely rounds out the invest¬

service

ment

renders

to

which

all

the

company

types of investors.

Active in the stock business since
its
beginning in 1933, First of
Michigan Corporation has been a
member

of

Detroit

the

west Stock

and

Mid¬

Exchanges."

Founded

the

during the depths of
depression, by men who had

had many years

the

of experience in

investment

business, First of
Corporation
had
in¬

Michigan
creased
from

its

sales

annual

volume

$10,782,000 the first

year

to

$191,000,000 in 1959, exclusive of
government
bonds.
During the
27-year period it has distributed
in excess of $2,000,000,000 in se¬
curities.
firm

The 20 senior

averaging 35

Other

offices

Jr.

way,

Michi¬

Detroit.

located

are

at

Two

Field

David

clough

Calla¬

G.

L.

resident

as

associate

American

of

in
eight

in

Exchange

the

and

Midwest

Detroit

the

a

Stock

New

Bell System

restores

Stock

Co., Inc., founded in 1845.
Coincident with

in

the

the

Exchange,
announced

Mr.
that

to

York

Gilbreath
the

total

poration will be approximately
.$1,750,000 and that plans call for
relocation of its offices to the

floor

of

the

en¬

Buhl

Building in Detroit. The firm was
tied for ninth in. the-number of

municipal
issues
managed
and
twenty-fourth in the total amount

When held against

electronic larynx

speech to those who have
use

of their vocal cords

a

..

.

Two models

of Alexander Graham Bell's

issues

the* second-

in

are

can

wide

Company, manufac¬

and

•

Bell

are

System's long history of public
making this device available

further information,
.

*

1

.

♦

*

«

.

.

>

.

r

(

•

»

Bankers-?' Association

Statistical Bulletin for September^
I960-

.

-

•




BELL

the

throat,

the

t

Bell

turned

and

;

*

to

System elec¬

artificial larynx replaces the vibrations

is

on a

would like

you

Held

vocal cords to

produce speech.

t

quarter of 1960, according to the

rIn vestment

application by outside industries

of normal

just get in touch

non-profit basisv If

*

the public

people in all walks of life.

tronic

service, the Bell Telephone Companies

serve as a

serves

ways—in developments used

man's voice, the

a

woman's. In keeping with the

a

an

"new voice" for
many people who have been affected by
surgery or paralysis.
*
' "
designed to

in many

by the world's most modern telephone

One simulates

other

improved electronic
artificial larynx which is entirely selfcontained and battery-operated-^
developed

phone Laboratories

system—and in inventions which have

ing and speech handicaps.

tem.

larynx is another

produced.

are

turing and supply unit of the Bell Sys¬

Telephone Laboratories

artificial

being made by the

Western Electric

Now Bell

Bell Telephone business office.

new

example of how research at Bell Tele¬

Speech

lifelong interest in persons with hear¬

has

This

*

good intelligibility and im¬

proved naturalness

•

of »these

cavity which

then be articulated into words.

this is
continuing Bell System project which

Helping people to talk again

with your

the neck, this in¬

genious 7-ounce device transmits vibra¬

sounds of

grew out

election

New

capital of First of Michigan Cor¬

twelfth

voice for the voiceless

tions into the throat

lost the

Special Research Service, Clear¬
ing and floor representation will
be handled by their New York
correspondent, Clark,
Dodge
&

membership

new

'the

and

Exchange.

tire

A

Corporation is

member;iof

Stock

Exchange

also

Jn Grandad's left hand, the Bell System's new electronic larynx.

Barrow-

manager;

and

First of Michigan

Stock

mm

in

Building, Chicago, with

Columbus,
Ohio,
Michigan cities.

member

H.

resident manager;

as

Vice-President

an

of

in

are

St., New York, with Senior

Vice-President

the

First

of

Corporation

Wall

experience

years.

offices

Main
gan

in the

men

investment

have

D.

Co., 818 Seventeenth Street.

$39,515,815 long-term liabili¬
ties; 4,696,428 shares of class A
stock; and 2,347,182 shares of class

by other companies.

entered into agreements to

Gasoline

of

sold to pipelines or refin¬

owned

—

Robert F. Parker have been added

Natural

Capital

Colo.

$78,390,000 and net
$18,238,000. The re¬
include operations

1959

was

pany on

pany as

DENVER,

Erickson, Allen L. Markman and

were
was

for

Texas

crude

and

Sudler Adds Three
(Special to The Financial Chronicle)

of Union Texas

revenues

for 1959

is

properties of

gas

1, 1960.

Gross

-

production of natural gas, conden¬

company

part of the proceeds from

a

classes

and

Anderson-Prichard Oil Corp. The
effective date of the agreements

number of stockholders who
after the sale will continue to hold

by

oil

certain

Union

being sold

are

17

TELEPHONE

,

by

the
a

on

Power

and

off,

pitch is varied,

simple

operated switch.

thumb•

•••"

18

The Commercial and Financial Chronicle

(1466)

Meeting inN.Y.C.

GOVERNMENTS

vestment

Oct.

Companies is being held

13-14

the

at

the

fact

Gerould

though

as

seems

Treasury

of who will be the next President

pretty

of

the

it

is

bills, respectively, was
much in line with money
iparket expectations. The use of
short-term
obligations
for
this
dicted

widely pre¬

been

had

operation

addition,

States. In

United

"minor for¬

pany Act of
1940
under

venture might be
undertaken by the

which the in-

that

believed

a

ward refunding"
next

the

one

,

of the money Treasury. This could involve cer¬
of
the
intermediate-term
accord¬ tain.

by followers

The Government,

market.

ing to statements made by Treas¬
ury

officials,

neio

money

will

out of the

be

especially those that have
rather
sizable
amount
out¬

issues,
a

relations

public

value of $10.

par

60

1957.

action.
announced '

Also

George

of

velopment
and
growth.
G.

Funston,

Keith

They

cents

posit liabilities.

$5.8 billion by the latter.
No doubt efforts will be made to
the

extend
as

well

as

maturity of this debt,
certain non-marketable

them on a large scale
basis with obligations coming due
placing

at

later

a

to

obligations

with the addi¬
of funds that had previ¬

now

grow,

ously been in common stocks. Ac¬
cording to advices, purchases of
Government securities with

turity out

far

as

ma¬

a

1967 and 1968

as

being made by institutions as

are

well

individuals, with the latter
shifting a modest part of their
as

issues.

from short-term

funds
The

that

bringing

are

into

buyers

more

issues

Government

selected

these commitments
have not reached proportions that
though

even

would
is

developing

of

bull

a

fixed

in

seems

the

more

spite

of these issues are
by institutional

the

will

securities

now

belief

the

is

become

at¬

more

being put to work in bonds,
tractive with the passage of time. with corporates, tax-exempts and
This is expected not only from Governments coming in for these
the standpoint of somewhat easier ourchases. In the Treasury list, the
money

market conditions but also

because
which
the

of the

could

usual

come

from

investment

also from those

"forward

enlarging demand
not

only
but

sources

anticipating other

refunding"

offers

from

the Federal Government.

Specialists in
U. S.

.

.

GOVERNMENT

World

of

•

Securities

2Vzs

with

2%s

the

and

3V2S of
the 3V2s of 1998 and the 3V2s

the

the main ones which
institutions are taking into

1980,

fhese

are

The

sales

of

Treasury

individuals

to

and

Investment

The
end

Company

Association

159

open-

investment

company

mem¬

They have combined assets
of $17 billion.
These
companies have more than 4.8
excess

million

shareholder

der their

accounts

un¬

professional supervision.

there

is

doubt

no

•

-

specialists LOS ANGELES, Calif. — Thomas
D.
Price
has
become
affiliated
of the in¬
flation
fear
and
the
uncertain with Glore,
Forgan & Co., 510
South
business conditions
Spring Street. He was for¬
have
helped
the sales of these obligations. The merly with Merrill Lynch, Pierce,
Fenner
& Smith Incorporated.
savings banks in some cases have

There
chases

of

the

sion

funds

that

it

job

3s

and

has

in

in

due

there

1995

market

does

of

those

who

not

own

easy

a

The

bond.

LOS
S.

ANGELES, Calif.—David G.

Ehrhart

have

and

become

Roy..H.
>

with

Hornblower

& Weeks, 650 South
Spring Street. Mr. Ellison was for¬

merly with Marache,

this bond

are

not

Three With Copley
COLORADO
Jack




SAN

(Special to The Financial Chronicle)

BOSTON

OF

NORTH

155,203,477

159,050,043

McMilJion,

huber

and

become
and

SPRINGS,
John

Glenn

connected

S,

D.

Colo.—
Ridle-

Truitt
with

have

Copley

Company, 409 North Nevada.

J.

banks

28,715,584

29,017,665

46,769,438

43,470,556

98,677,509

92,552,246

4,321,140

3,548,323

—

U.S. Govt,

Loans

ated with

Dempsey-Tegeler & Co.,

profits*

WHITE

Total

*

BANK

NATIONAL

OF

Hancock

formerly

Company.

with

Building.

First

He

was

California

be

$171,860,638

183,629,000

155,477,115

23,978,000

17,978,859

tive

Industrial

in

maintains

Co.

Philadelphia

the

A ninth office is

now

under

77,508,000

47,288,071

area.

95,658,000

84,497,904

construction at Cottman and Large

1,713,000

1,760,663

—.

*

*

Streets

in the

died

1954

Oct.

6

at

the

A 50th

age

the First National
*

-

anniversary dinner will be
Stevenson, Head

tendered Francis

counsel

a

of

Philadelphia, Pa., Oct. 20.

Bank, and later

*

..

V

.

At

-

Vice-President.
-.

*

*

Teller for the Industrial Trust Co.,

formerly

was

Bustleton

Center.
*

/

of 86.

Cottman

*

Shopping

»

Trust

offices

discnts.

-

became

will become effect

merger

upon

eight

Charles W. Boote, President of the
First National Bank, Yonkers, N. Y.

•He

of theirs.

one

profits-

and

since

of
ex¬

final approval of regu¬
latory authorities.
;

security

holdings
Loans

in

stock

approximately $53,000,000.

The

•

resources—$202,870,000

Govt,

shares

75

Co.

stitutions, including reserves, will

Cash and due from

U.S.

plan share¬

The combined assets of both in¬

YORK
June 30, '60

—

Trust

change for

WESTCHESTER,
NEW

Sept 30, '60

banks

receive

will

Bank

*

PLAINS,

Deposits;—.

that

time,

sented with

will

he

gift of

a

an

be pre¬
engraved

-

solid

gold watch.
given by the New
Mr. Stevenson is 66 years old.
Banking Department He joined the Industrial Trust Co.
Sept. 30 to the Marine Midland family when he was only 16 years

Approval

was

-

State

York

Company

of

Central,

increase its capital

to

York

New

old.

••■;•'

■■■

stock

•

*

■

•.,<

#

*

:

.
j

■

consisting of 325,- The City National Bank & Trust
of $10 Company of Columbus, Columbus,
each, to $4,000,000 consisting of Ohio, has increased its common
400,000 shares of the same par capital stock, by the sale of new

value.

'
*

*

stock, from $4,000,000 to $4,500,000, effective Sept. 30. (Number of
shares outstanding — 450,000, par

*

FAIRFIELD COUNTY TRUST

STAMFORD,

CONN.

value $10.)

Sep. 30, *60 Jun. 30,'60

.

•

?

■

$
resources

Deposits
Cash

and

due

S

.

186,010,048

170,750,140

167,176,136

15,972,246

19,220,572

SOCIETY

'

.

»}s

*

BANK

NATIONAL

CLEVELAND,

Total

Government

S.

security

sjc,

jJs

*

189 212,823

*

*

Sept SO,'60
June 30, '60
$422,729,855 $421,355,502
383,425,372
384,684,013

resources

Deposits ;

holdings

38,016,249
37,948,147
Loans &
discounts 113,950,341 108,969,097
Undivided
profits1,463,225
1,633,983

Cash and due from

41,906,614

44,134,445

101,121,617
Loans and discnts. 222,518,621

98,187,369
221,571,682
1,618,024

banks-—
U.S.

■{.

Govt,

security

holdings

consolidation
Bank

Englewood,
common

and

of

the

of

New

stock

of

Bergenfield
Trust

Citizens

Undivided

Englewood,

Jersey,
National

Company,

The

was

effective

The Farmers

and

Bank

of

stock

of

National
'

consolidated

bank

has

❖

*

State Savings

Bank,

Bank

of

Fulton

County,

Delta.

of Sept.

taken the title of Citizens National

2,051,702

Delta, Ohio, has converted into a
national bank under the title of

Bank

Bergenfield,
as

profits.
sis

with

$1,400,000,

New Jersey, with common stock of

$300,000

OF

OHIO

from

banks

U.

23.

John

Under the proposed

Industrial

discnts.

and

Undivided

The

FRANCISCO, Calif.—Francis
Jr. has become affili¬

two

Tradesmens

holders of the Perkiomen National

security

holdings

National

Dillett,

receive

to

Provident

Co.

Cash and due from

The

Dempsey-Tegeler Adds

being easily separated from them-

NEW YORK

CHICAGO

—

Dofflemyre

to

an¬

merges,ahmqetijpgs held Oct. 6, it
was
announced by Samuel Weinrott, President, Industrial Trust

£

BANK

,

Deposits /

Ellison

connected

(Special to The Financial Chronicle)

☆

*

*

June 30,'60
;
Sept. 30, '60
resources—-$190,501,207 $181,048,886

•

.

Total

Total

have & Co.
supply, and

appear

floating

a

too

this

are

pen¬

evidence

is

been

not

obtaining

much

20 BROAD STREET

☆

'

,

AMERICA, NEW YORK

COMPANY,

(Special to The Financial Chronicle)

reports that the pur¬

are

being made for several state

☆

'"

''

COMMERCIAL

THE

Demand

&

Pa.

.

With Hornblower, Weeks
in

holders

of

shares

increase in their

1995

Bank

plans to merge with the

consisting legeville

$80,599,000,

000 shares of the par value

of

Philadelphia,

Co.,

8,059,900 shares of
the par
value of $10 each, to $80,779,000 stock for each of their shares.
"
SK
sis
*
consisting of 8,077,900 shares of
Stockholders
of
the
Industrial
the same par value. Total author¬
Trust Co., Philadelphia, Pa.
and
ized capital stock is to remain, as
heretofore, at $89,600,000 consist¬ _the Pej-kjojnen National Bank of
East Greenville, Pa.*, qverwhelming of 8,460,000 shares of the same
ingly approved a jopatjjplan of
class and par value of $10 each.

from $3,250*000

an

Trust

shares of capital legeville, Pa., subject to approval
of
shareholders
and
regulatory
authorities. The plan calls for Coloutstanding capital

and

from

Trust

(Special to The Financial Chronicle)

*

Tradesmens

Collegeviile National Bank of Col-I

of

on

With Glore, Forgan

the

on

issued

stock

Undivided

savings

are

*

Provident

thereby increasing the total

Operations.

bers.
in

stock

mutual fund and 26 closed-

or

end

has

money market
what the lessening

3s

& Co.

Developments, Public Relations
and Distribution, and Closed-End

capital

common

issuance of 18,000

to

devoted

its

a

nounced

Company, New York for the

but

reported
deposits.

INCORPORATED

be

such questions of
importance to the industry as Tax,
Legal and Legislative Matters,
Administrative
and
Operations

stock, by

now

State of New York to the Bankers

Trust

among

also

Atjbeey G. Lanston

will

on

A highlight of the opening day's
position, and this in spite of indi¬ meeting will be a press panel com¬
cations
that* the
Treasury
will posed of leading financial writers
consider long-term issues in the and editors who will discuss their
November refunding.
This does coverage and reporting of devel¬
not, however* mean that other opments in the investment com¬
Government
obligations are not pany industry. Members of the
also being bought by these insti¬ panel will answer
questions re¬
tutions, but their important com¬ garding this coverage and their
mitments so far have been prinprocedures from the assembled
ciDally
in
the
aforementioned investment company executives. ,.
obligations.

increase,

Federal agency

II

along

1965,

1990.

of

War

attention

and

workshops

City, Atlantic City, N. J.,

increased

:1s

of their time

part

inception in 1957 and

Approval was given on Sept. 30 by
the Banking
Department of the

of the country have

A major

ing.

now

bonds

and

More than 200 financial leaders

registered for the two-day meet¬

supply of Govern¬
ments, corporates and tax-exempt
absorbed

Anderson, President of Group Se¬
curities, Inc., New York.

income

to be evident that in

securities,

of Boston, as President
of N.A.I.C. succeeding Herbert R.

from all parts

larger

being

tors Trust,

market

Nonetheless,

obligations.

bearing
it

that

mean

appear
to investors.
Some of the money which had
developing
middle-term
Treasury been going into common stocks is

opinions

indicate

tions

condi¬

economic

uncertain

The

in intermedi¬

Government

term

tion

Growing

'

stock dividend, from'
is in charge of Editorial Services $2,500,000 to $2,750,000 and, by the
and
Stockholder
Relations.
Mr. sale of the new stock, from $2,750,Meekin, who has been with the 000 to $3,000,000,, effective Sept. 28.
bank since 1958, is in charge of (Number
of shares outstanding
Press Relations.
—120,000, par value $25.)

from its

of

1941.

will mark the for¬
mal advent of George K. Whitney,
a Trustee of Massachusetts Inves¬

Strong

in

Bonds

Treasury

The commitments
ate

founded in

date.

Demand

continue

was

The meeting

savings bonds.
Portfolio Extension

Companies which

-

*

National Bank of

Boardwalk

The

has

and

'•, 1
*

s!s

Brooks, William J. C. Carlin and
John R. Meekin. Mr. Carlin, who

Atlantic

mer

"

?

Commercial Trust Co. also
assumed Weehawken Trust's
de¬

tor of The Chase Manhattan News

is

It

trans-,

:

joined the bank in 1956, was Edi¬

standing.

and, barring un¬

the

from

share

a

The

ap¬

Public Rela¬
are Lester J.

three

Officers.

tions

K. Whitney

the

was

shareholders will receive

hawken

appointed to the Official Staff, in

pointment

de¬

October

reported that quite a few Exchange; U. S. Senator Harrison
foreseen developments, will be out tax switches are being made at
A. Williams, Jr., of New Jersey;
of it for the fiscal period of 1960- this
time, with the indications and the Hon. Edward duCann,
1961.
that
these
portfolio adjustments Member of Parliament and Man¬
The next venture of the Treas¬ are being made in order to take aging Director of Unicorn Securi¬
ury
in the market will be the profits. The commercial banks are ties,
Ltd., will be
among
the
refunding of $7 billion of certifi¬ the leaders in this operation and, featured speakers.
cates
and
$3.8 billion of bonds even though there appears to be
The opening-day luncheon will
which come due in November. Of a very modest lengthening of ma¬
feature a keynote address by Dorthis
total
the
Federal
Reserve turities in these exchanges, there
sey Richardson, President of The
Banks, Government trust accounts is no evidence so far that issues One William Street Fund, and for
and the public own about the same with shorter maturities are being
many years the head of the Na¬
amount, $5.1 billion for the for¬ sold with the idea in mind of re¬ tional Association of Investment

raising market for the
1960

*

-

Commercial Trust Co. of New Jer¬

President of The New York Stock

of

balance

sj:

*

de¬

bank since 1954. He was

with the

its

greatest

the

194,000 shares of common stock of

Bank, New

Champion, sey, Jersey City, N. J. has com¬
6. pleted purchase of the assets of
the Weehawken Trust Co., Wee->
j Mr. Gerould former new Build¬
ing Information Officer, has been hawk en, N. J. for $2,400,000. Wee¬

en-

joyed

Revised Capitalizations

•

Vice-Presi¬

Assistant

partment/ George1
President, announced

■.

dusty has

New Offices, etc.

•

Christopher the

promoted

to

in

dent

Com¬

ment

has

York

that

the success this
year
fund $1,500,000,000 of the $2,000,- of the recent "advance refunding"
marks two
000,009 Oct. 17 maturity tnrougn operation of the Treasury means decades since
the offering of 244-day tax an¬ that it will be repeated again in the enactment
ticipation
bills
and
one-year the not distant future, irrespective of the InvestIt

New Branches

•

Manhattan

Chase

The

significance is

Looked For

Consolidations

Savoy-Hilton

Hotel, New
York City.
.
Of special

Refundings"

"Advanced

More

to raise $3,000,000,000 of new
cash and, at the same time, to re¬

ury

BANKS AND BANKERS

The General Membership Meeting
of the National Association of In¬

T. CHIPPENDALE, JR.

of the Treas¬

The announced plans

Thursday; October 13, 1960

NAIC Holding

Our Reporter on

BY JOHN

;

.

t

The

.

*

si!

sjs

Comptroller of the Currency

Englewood, with capital has approved an application of the
$1,940,000 divided into First National Bank of Warsaw,

192

Volume

Warsaw,
Bank

Ind.,

of

Number

the

and

5994

Peoples

Claypool, Claypool, Ind.,

.The Commercial and Financial Chronicle

.

.

share for two Firstamerica
two

and

and

half

a

shares,

BANK AND INSURANCE Tegtmeyer Co.

Firstamerica

to

consolidate, taking the title of shares for each California Bank
First National Bank of Warsaw. share, resulting in each share of
The date of effect has not been First Western being equal to a
determined.

share
*

John
dent

L.

Chapman,

of

the

and

Trust

died

Oct.

City

each

Vice-Presi¬

a

National

Company,
7

He

Coles

Bank

Chicago, 111.
57

was

*

The

*

*

*

of

old.

years

*

share

County National Bank

Charleston, Charleston, Coles
County,
111.,
has
received
its

bank, while

merged

of

only equal to

California

Bank

is

and one-quarter

one

arranged
A.

follows: President,
Holway, now Execu¬
as

tive Vice-President of First West¬
ern;

Chairman

tive

Officer.

Chief

and
M.

Execu¬

and

Kaywin

G.

McClure

Cashier.

The

total

$300,000

of

bank

will

will

in

be

have

capital

a

and

*

*

both

California

and

fornia

Firstamerica

Bank

Bank's

Cali¬

and

Chief

Executive

application

National

of First

Bank of Niles, Niles, Mich., to pur¬

the

assets

liabilities

of

and

The

almost entirely from its pres¬
ent Directors of First Western and
up

>

chase

of

Officer. The Board would be made

surplus.
The

Chairman

assume

Dowagiac

California

Bank.

-

\

,

the

The consolidated bank would be

Na¬

called First Western Bank & Trust

tional Bank, Dowagiac, Mich., has

Co., with 118 offices and assets of

been approved by the office of the

$1,700,000,000.

;

.

;

•

of

effect

has

not

Columbia Gas

Mr.

Debs. Offered

Jackson, who has

been named Executive Vice-Presi¬

dent, will be succeeded by Howard
T.

Tumility,

President

as

the

of

Southwest Title & Trust Co., Okla¬

new

homa City, Okla.

debentures

of

debentures,

due

THE

NATIONAL

BANK

OF

MICHIGAN

"

Sep. 30, *60
Total

Cash

Sue *

and

from
S.

'•

banks—
Govt,

Mar. 31, '60

,

1.984,401,745 1,919,966,949
1,790,887,122 1,698,250,532

resources.

Deposits

U.

DETROIT,

404,865,508

403,689,122

se-

'

curity
Loans

holdgs.

537,387,019

478,569,248

discts.

776,653,216

773,293,875

23,140,377

28,285,984

&

Undivid.

profits

■■

*

*

*

issue

of

at

101.058%

to

yield

1985,

and

interest

accrued

to

were

priced

are

maturity.
awarded

The
the

to

Morgan Stanley group at a com¬
petitive sale on its bid of 99.82%
which named the 5Vs%

coupon.

The proceeds from the sale with
other funds will be used to fi¬

the corporation's

nance

program,

1960
which is

dation

of the

Citizens and

South¬

National Bank, Savannah, Ga.,
and the City Bank atfd'Trust Com¬
ern

Macon, Ga.,

pany,

effective

was

title

and

The

of

Southern

Sept. 23. It

was

under

the

charter

Citizens

and

National

Bank,
with
capital stock of $15,000,000 divided
into
1,500,000 shares of common
stock of the par value of
*

By

*

$10 each.

*

stock dividend, the MouUrie

a

National Bank, Moultrie, Ga., has
increased its common capital stock
from

to

loans.
A

sinking fund for the deben¬
tures provides for the retirement
of about 70%

of the issue prior to
through annual pay¬
ments
of
$910,000 beginning in
1962. The initial sinking fund re¬
demption price is 101.05%.
The
debentures are optionally redeem¬
able
at
prices ranging from

Outstanding capitalization at
30, 1960 consisted of $557,971,000
of
long-term
debt and
30,184,905 shares of common stock

of

shares

30,000 shares

outstanding—
value 10.)

par

of $10 par.

Columbia

'

,*

A charter

*

sjs

•'

,

has been issued

the

to

Security

Cur¬

service

A.

Hutcheson

Chaves

Kenneth
to+al

G.

Cox

as

Cashier,

'

erations

of

the

By

sale

ver,

stock,

new

The

Bank

of

Den¬

Colo., has increased

its

com¬

operating

in

wholesale

nonaffiliated

to

public

utility companies for resale.
For

capital stock from $4,250,000
effective :Sept. 27

mon

to

of

National

Colorado

The

subsidiary

Ohio, Pennsylvania,..
Virginia,
Kentucky,
New

West

* /

*

•

York, Maryland and Virginia. The
System also sell natural gas at

"

*

company.

1960

are

The

the

,

months ended June

12

30, 1960 total gross

$5,000,000,

expected to be in the $4-$5

entered the fire

company

For

the

some

insurance

Control
1956

of

through

70.2%

of shares outstanding—r $499,164,000 and gross income be¬
fore income deductions was $67,200;000 shares, par Value, $25. )•' *
453,000. In the 1959 calendar year
gross

The merger of the California Bank

and

Bank

ern

Trust

&

Co.,

San

of

Francisco, sought by Firstamerica

.

,

were $460,918,000
income $62,951,000. & /

revenues

gross

Joins S., P. Kastner

(Special to The Financial Chronicle)
early 1959, would be carried
by intricate stock transactions. LOS ANGELES, Calif. — Philip
According to the Firstamerica Gardner has become associated

since
out

plan, the holding company -would with Stuart P. Kastner & Asso¬
purchase 1,000.000 capital shares ciates, Inc., 1307 Westwood Boule¬
He
was
in a new 65-office bank, at $42.50 vard.
formerly
with
a
share. Meanwhile, Firstamerica Hayden, Stone & Co.
would offer to each shareholder of
the

Joins

merged bank a number of
in the new bank roughly

his
holdings
in
the
institution, at the same
price. And, Firstamerica would of¬
equal

to

merged

fer shares of its own stock

change

for

all

shares

in

in

ex¬

both

First Western and California Bank
that are not owned
company.

by the holding

However, 75%

of First
of

Copley Staff

business

through

Gresham

Colo. — William
B.
joined the staff of

has

and its wholly owned subsidiary, the Trancontinental
Company, now writes all fire and marine lines for the

Group.
Under Continental's control, Na¬
tional has experienced a
healthy turn-about in its underwriting
endeavors.
Multiple line insurance packages are receiving con¬
tinued emphasis..*
; ■
.

.

,

CONSOLIDATED SELECTED STATISTICS—GROWTH AND
UNDERWRITING

rate

stock

would

be

and

one

97%

Year

Written*

I960**

Earned*

Assets*

Loss

Profit

Expense
Ratio&

Ratio#

First




Western

St.

Turley and Tegtmeyer,
began operations under its present
in

name

1951.

represents

The

the

current

third

move

time

since

that date that the need for larger
facilities has necessitated a move.
The

offices, designed by Ed¬
Dart, Architect, have the
most up-to-date facilities for serv¬
new

ward

Ohio Valley IBA

Group Meeting
CINCINNATI,
Valley Group

Ohio —The Ohio
the Investment

of

meeting and election of
today, Oct. 13.
Guest"speakers at the meeting

officers

$181.8

$172.3

2.2%

will be James J.

1959

358.6

340.7

474.3

63.3

32.0

4,7,,.

ton &

Lee, W. E. HutCo., President of the Invest¬

1958

299.4

299.4

419.8

63.5

33.9

2.6

ment

Bankers

298.4

304.4

356.5

67.6

34.2

-1.8

292.7

283.9

342.2

64.9

35.3

-0.2

196.4

185.1

276.4

58.4

33.4

1957

1956

.

1955*

.*$

67.fjfy.,'/ 30.0%

.

8.2

**—Six months, June 30.
*—In

millions

of

$;

Counsel

1955 figures

are

for Continental

Casualty

1959

the

of

total

premium; volume:

and casualty lines
insurance is the

Fire

leading property line, while accident and health is by far the
dominating casualty line. Pioneer underwriting steps have in¬
cluded its polio policy, its cancer policy, and its "65-plus" hos¬
pital-surgical
policy
for
senior
citizens,
the
5,000
Reserve
In 1958 export credit insurance was offered. Dental ex¬
pense coverage also has been offered .' on a trial basis.
Besides
aggressive steps, in underwriting unusual risks, its thorough mer¬
chandising efforts iri all standard fire-casualty lines also have led
to profitable results.
program.

.

.

;

PER

SHARE

Avg.

Indi¬

P/E

cated

Approx.

Ratio

Div.

Book Val.

Consol.

ment

Bio

&

speak

at
*

With Cruttenden, Podesta
(Special to The Financial Chronicle)

; •

SAN

-

•

FRANCISCO, Calif.—Ernest

M. Dickson has become connected
with
Russ
with

Cruttenden, Podesta & Co.,
Building. He was formerly

Kidder,: Peabody & Co.

Forrest Moran With

Gorey

(Special to The Financial Chronicle)

SAN FRANCISCO, Calif.—Forrest
P. Moran has become associated

STATISTICS

Invest¬

Approx.

Telephone

..

'
.

Executive

Chief

General

Corp. will
group's dinner.

the

property lines accounted for 25%

remainder

A.

Power, Chairman of
and

of

B.

Hanson,
General

Electronics

earned.

&—Expenses incurred to premiums written.
For

the I.

C.

the'Board
Officer

only.
#—Losses incurred to premiums

for

Donald

<

of

Association

America, and Murray
Managing Director and

with

Walter

Building.

He

C.

Co.,

Gorey

formerly

was

Russ
with

Price Range
78
_62

Income

Earnings

$____

$_^_

73___55

2.45

3.89

1958

55-i__36

2.15

2.49

18.4

0.70

37.92

1957

47—30

1.93-

1.27

30.2

0.70

30.59

1956

53—38

1.70

1.00

45.4

0.57

31.09

(Special to The Financial Chronicle)

1955

59t__37

1.09

20.42

DENVER, Colo.—Donald J. Hollis

Year

1960
1959

,

•

8~I1~6

0.49

$1.20

4

u

[

1

P1!

1.28

$—-

1.20

40.63

0.48

20.9
i

1949

—

16.5

2.30

-

—

M

:::

1

;

*

o CO o

10.16

Since incorporation

in

Company
of
this leading life insurance company's stock is held by Continental
"Casualty. At mid-year 1960, life insurance in force exceeded $6.5
billion.
Growth of Continental Assurance operations has been
very dynamic as witnessed by its impressive rise from the small¬
est to the rank of the sixth largest stock life insurance company
in the industry.
All forms of ordinary life (except industrial),
,

has been

group

life,

Continental

1911,

Assurance

affiliate of Continental Casualty. Presently 32.4%

an

and

earnings for

accident

1960

higher rate of return

and

health

anticipated

are

on

lines

due

to

are

Higher

written.

improved mortality,

invested assets, and lower taxes.

share in

1959.

The statistics

Garrett-Bromfield Adds

been

added

the

to

staff

,

of

Garrett-Bromfield & Co., 650 Sev¬
enteenth St., members of

west Stock Exchange.

the Mid¬

;

With F. S. Moseley
(Special to The Financial Chronicle)

'*;

Albert
E.
Gibbons, Jr., has become affiliated
with
F.
S. Moseley &
Co., 465
Congress St.
Me.

PORTLAND,

—

a

Earn¬

ings equity in the life affiliate for Continental Casualty was about
a

Dempsey-Tegeler & Co. and Paine,
Webber, Jackson & Curtis.

has

1

presented exclude Continental

11 N.Y. CITY

BANK STOCKS

Assurance.
A
a

combined sales program of "all lines" insurance paid for on

monthly budget plan

was

put in operation during 1959.

strong participation in the faster

growing life

about

one-ninth

seventeenth of

a

Each share of
of

a

share

of

Continental
Continental

share of National Fire.

of

$1.20.

a

Casualty
Assurance

bonds.

Quarter Earnings

Comparison
Bulletin

casualty

represents
and

At the recent

yi^ld of 1.6% is obtained on an indicated dividend

on

Request

Laird, Bissell 8 Meeds
Members

one-

Investment policy is con-<*

servative with heavy emphasis on tax-free

price of 75,

and

3rd

Due to

gains.

enteenth

The Tegtmeyer firm, succeeding

Margin

continued

Cali¬

39

at

So. LaSalle St.

Bankers Association is holding its

CONTROL

Admitted

lines, the outlook for Continental Casualty stock is for

DENVER, Colo.—John F. Towell,
fornia Bank stock are owned by Jr., is now connected with Crut¬
Firstamerica. Thus the exchange tenden, Podesta & Co., 818 Sev¬

Western

location

Tegtmeyer

annual
—Net Premiums—

insurance

(Special to The Financial Chronicle)

present

tional customers.

He

With Cruttenden, Podesta

H.

W.

from

move

the

icing both individual and institu¬

Fire Insurance Company, was acquired in
exchange of shares; Continental Casualty owned
500,000 shares at the end of 1959. Na-

the

formerly with Ladet & Co.

the

an

Copley & Co., 818 Seventeenth St.
was

facili¬

inspired

National

Continental-National

(Special to The Financial Chronicle)

DENVER,

ties

tional Fire
Insurance

45c

shares

customer

the firm of

-

of Los Angeles, and the First West¬

oper-*

of National Fire's

revenues were

(Number

provide

service

8%

share range.

a

need

ating efficien¬
cy and better

period

same

wholly owned subsidiary, Transportation Insurance Co., in 1938.
Operations are conducted in all states, territories and several
foreign countries. An extensive branch office and agency network
is maintained with the number of agents exceeding 31,000.

gas, conduct retail natural gas op¬

and

$1,250,000 in capital and
surplus.;,.
:■ •
' 1
vV.
1
'
a

:

interconnected

a

increase of

an

stated

the

greater

Continental's investment income gain, at
20%, was nearly double
the industry's performance of around 11%. Consolidated
earnings

mission and distribution of natural

President,

as

:

subsidiaries, engaged in the pro¬
duction, purchase, storage, trans-^

County, New Mexico. It will have
Wm.

an

Companies' and

National

Bank of Roswell, Roswell,

is

.

natural gas system of 16 operating

by the

office of Comptroller of the
rency

.

to

the

of

firm,
that

premium volume growth, Continental Casualty continues to
lead its competition. An
impressive 14% gain was made for the first

106.183% to the principal amount:
June

dent

for earning above

Presi¬

and

er

In

over a year
ago, compared with
typical among fire-casualty companies.

found¬

meyer,

preciation performance. The market price for this quality stock
frequently appears high priced relative to the more cyclical in¬
surance stock
issues, but an evaluation can be one based on out¬
look for profits and growth for this
type of investment.

as

St.

William Tegt¬

new

half of 1960

South

LaSalle

premium volume and
its policy for retaining most of these
earnings to ensure stability
and future expansion largely account for this stock's favorable ap¬

maturity

$300,000, effective Sept. 26.

(Number

The

$90,000,000.

early in 1981, $55,000,000 of bank

stock, from $250.-

new

rapid increases in

on

10

Oct.

105

at

Insurance Stocks

—

Continental Casualty's record

profits

average

ex-

corporation also expects to repay

$100,000 to $250,000, and, by

the sale of
000

approximately

insurance field.

con¬

The effective date of the consoli¬ jpected to result in expenditures of

offices

quarters

CASUALTY COMPANY, CHICAGO
The stock of Continental
Casualty for many years has attracted
investors inclined toward long-term
holdings in the multiple line

a

$30,000,000 of 5Vs%
the System.
The

5.05%

debentures

struction

*

This Week

their

of

larger

CONTINENTAL

lines.

Morgan Stanley & Co. and associ¬
ates publicly offered on Oct. 7 a

&

removal
to

Continental, as one of the nation's oldest (in business since
1897) and largest casualty companies, is especially noted for its
pioneering role in underwriting accident and health insurance

"been

determined.

William A.

:

for

Comptroller of the Currency. The
date

111. —Wm. H. Tegt¬
Co. has announced the

CHICAGO,
meyer

F.

McMillen,
charter. The President of the new President of First Western; Chief
bank will be George A. Edwards, Executive Officer. Frank L. King,

BY LEO I. BURRINGTON

.

•

be

In New Office

STOCKS

shares of the merged bank.
The new bank's officers would

Darwin

of

the

19

(1467)

Members

New

York

American

Stock

Exchange

Stock

Exchange

120 BKOADWAY, NEW

YORK 5, N. Y.

Telephone: BArclay
Bell

7-3500

Teletype NY 1-1248-49

Specialists in Bank Stocks

20

(1468)

The Commercial and Financial Chronicle

.

.

.

Thursday, October 13, 1960

'£

(1)

SECURITIES

New Marketing Concepts

BY OWEN ELY

Continued

from

utilities

9

page

uct; what price he is will to pay;

Atlantic City Electric Company
Atlantic City Electric, with annual
of nearly $40 million,

revenues

supplies

electricity to 377 com¬
munities
in a 2,700
square-mile
area,
comprising a third of the
area of New Jersey with an esti¬
mated population of 590,000. Prin¬
cipal cities served include Atlantic
City, Bridgeton, Millville, Salem,
Paulsboro,
Penns
Grove,
Cape

past

decade

(with one exception
held even); the gain
has
averaged
about
8%
com¬
pounded over the ten years 1949when

they

59, and

little

a

in

more

the past

five years. This year earnings are
estimated at $1.60 compared with

$1.45 (on average shares) in 1959.
Dividends have
been
raised
in
each

continuing a
program
of rapid expansion. A
136,000 kw generating unit will be
added in 1962, increasing present
generating capability 36%. Inter¬

principally in glass. With a wide
variety of farm crops from one

power-pooling facilities. The new
accounting and data processing
department is housed in a modern,

richest

the

of

farm

in

areas

the

country, canning and quick freeze

plants

important feature.

are an

is

company

connections

with

Philadelphia

Electric and Public Service Elec¬
tric & Gas
will

being constructed
more
favorable

now

provide

artistic

building on a
30-acre separate tract of land, and
one-story

The

territory is well located for is undoubtedly the most efficient
growth in relation to operation of its kind. An RCA 501
Philadelphia and New York mar¬ computer and related facilities can
kets, easy access to major park¬ handle nearly two million charac¬
continued

bridges, etc., with ample
room
for
expansion. Additional
industrial sites are being created
ways,

lowlands along the

filling in

by

Delaware River. The

Aviation

Facilities

new

Center, with a payroll of $12 mil¬
lion, has become the leading avia¬
research

tion

development

and

a

can

by using the machine continuously
with several shifts.

National

Experimental

minute and future capacity
be quadrupled, if necessary,

ters

The company
in

is

very

aggressive

promoting electric heating and
325 out of 450 homes in

some

one

development project are electri¬
cally heated. It is concentrating on

in the country. One of the radiant heat, principally by ceil¬
attractions for incom¬ ing cables, as it finds the heat
ing industry is the supply of effi¬ pump needs further refinement
agency

major

area

cient native labor.

and

meadow

increase

in

sand

the

as

fill will

land

usable

area

of

and
an
estimated
$143 million will be expended in
1960-65
about

inclusive; of this amount

$76 million must be raised

through new financing and bank
of Atlantic City by about
loans. No additional financing is
one-third.
Approximately 130 of
scheduled
this
year,
$5 million
the 700 acres have already been
preferred having been sold pri¬
filled and construction of a Catho¬
vately in recent months. No equity
lic
high school and a Catholic
financing
seems
likely
until
hospital are scheduled to start in
around
1965 when some 200,000
1961 in this improvement project.
shares may be sold. Capital struc¬
The overall plan of the develop¬
ture is currently about 50% debt,
ment also includes a large shop¬
20%
preferred
stock
and
30%
ping
center
and
hundreds
of
common equity.
homes.
the city

Area
and the

doubled
The
an

growth

company's
in

the

the

next

been

rapid

revenues

past
is

management

increase of

over

has

some

five

seven

have

to take

of

an estimated
73% gain in
output. Share earnings have
shown a gain in each year of the

care

at

kwh

per

share

are

$2.20 to $2.40 for 1965

for
years.

planning for
70% in plant

years,

Earnings
1959.

This

of

growth

rate

about

forecast
$1.45

vs

indicate

earnings

a

of

8%

during 1959-1965, com¬
with 9% in the past five

pared

The estimate is based

years.

6%

would

in

return

on

on

a

year-end original

a

rate

cost

base, using the formula
employed by the state commission
in the recent Public Service Elec¬

explaining:

OPPORTUNITIES
>

Treasure Chest Land

MING

ings of $1.60 is 22.5.

Forms Fredericks Co.

area

so

UTAH

BEVERLY
erick

"

Box

899, Dept. K

Salt Lake

HILLS, Calif.—Fred¬
is
engaging
in
a

POWER

securities business from offices at

SLIGHT

under

9641
Write for FREE COPY
'

City 10, Utah

Inquiries held in strict confidence.




example of how

Here

of

one

is

an

clients

our

GO.

Santa
the

Fredericks

formerly
Company.

Monica

firm

&

name

Co.

with

Mr.

Lloyd

Boulevard

of

D.

Prado

L.

was

thinks

the

industry will have to
to work if it is to achieve its

have to do is

let

others

portable instrument used

a

extensively

in

metal

working

The , engineers had de¬
extremely compact in¬

plants.
signed

an

strument

weighing only two
pounds as compared to the con¬
ventional 11 pounds. For purposes
of evaluating the new design, we
performed a study in which users
offered

were

choice

a

of

three

instruments, all identical in func¬

permit

not

We

just

do

marketing

afford

to

for

ease

There

is

quite
another,
and
bearish, evaluation of the electric
utility industry: "This is another
those

of

stitute'

supposedly
that

products

enthroned

'no-sub¬

has

been

preferred

Later

the

substantially over the two-pound
instrument.
The findings were of

steam

engine

this

order:

55%

the

lected

of

the

users

se¬

four-pound instrument

their first

choice

kerosene

perhaps,

museum

of

the

the finding that 16%
stated

users

that

the

pound instrument would be

twounac¬

ceptable compared with less than
2% of the users expressing this
attitude

ferences in

preference and lack of
acceptance might be considered
irrelevant

by

engineer yet
readily understood by a market¬
ing man. Two important reasons
as

militated

an

against

the

two-pound

instrument:

(1) Its

|

small

very

size

would

make it easy to steal.

(2) It

did

not look

worth

was

much

as

as

it

the

four-pound instrument.
analysis of the market po¬
tential
by
various price
levels
revealed that the increase in sales

clined
the

the

the

as

not

price

level

affect

profitability favorably.
research findings, the

client

able

was

price at
26%

to

enough

de¬

to

was

establish

From

its

selling

level which would yield
net profit with 19%

a

more

fewer unit sales.

in

Thus,
company

was

that there
ket

for

was

the

attractive

an

product

it

mar¬

was

con¬

templating, it was able to estab¬
lish
design
criteria
to
ensure
maximum customer acceptance, it
was
able to establish price on a
realistic

basis, and it was able to
set up forecasts of sales and prof¬
itability of the new product line.
Let

turn

us

market

attention to the

our

forecasts

for

industry.

Edison

study

As

the

this

electric

recall,

you

Electric

earlier

Institute's

revealed

year

that the electric companies expect
their output to be 1.2 trillion kilo¬

watt-hours

by

1970,

more

double that of last year. By
the annual
output forecast
estimated
2.3

to

trillion

reach

an

kilowatt-hours.

they can!

casts

be

than

1980
was

estimated

these forecasts be realized?
lieve

Will

Can

Well

that

is

Sales

Increase?

referring to electric space
heating as the big market oppor¬
tunity of the Sixties, one of the
industry's representatives3 said "I
kind

of

competitive

Commonwealth

second look

a

vanced

is not quite

Ayers,
Vice-President,
Edison Company.

—

fossil

space

promote

and

en¬

the purchase and
still in

use

fairly
cen¬

conditioning, dish¬
washers, clothes dryers, dehumidifiers, etc.
;

(3)

You must encourage increased*
use
of existing load builders
-r-better lighting for example.

But

and above all of these

over

activities it is clear that the

utility

industries must embark

a

of

gram

creating

comes

be 7

accepted

for

of

uses

direct

a

new

pro¬

wants

new

approach saturation, it be¬
imperative
that
utilities

energy
take

the

As

energy.

on

hand
in
creating
wants, which will
by new appliances,

consumer

satisfied

which

will

create

additional

demands.

Although, tra¬
ditionally,
nonutility
companies
have performed this function of
creating new wants, the utility
energy

industries

whether

must

the

with

break

ask

has

this

tradition.

nothing else,

the

vestments

plant

make

it

in

themselves

time

If

tremendous
and

mandatory

in¬

facilities

that

utilities

play a more positive role in
ating their own future.
In

to

come

cre¬

then, we believe
marketing ability of
American Industry will keep pace
with our growth opportunities by
a
revolution
in marketing pro¬
summary,

that

the

cedures.

Whether

we call it Mar¬
of nonwell 'ad¬ keting Management Concept, Total
Marketing, or Customer-Oriented
developing
a

score
are

toward

Marketing, the end result will be

could sit in

the

hidden closet of

some

home

silently ticking off
electric power.
The electric lines
that vulgarize so many neighbor¬
every

hoods will be eliminated.
the

endless

service

storms.

solar

So will

have
be

and

research

horizon

the

on

is

deaths.

They

monopolies

tomorrow

they

but

natural

this

prospect,
they too will have to develop fuel

cells,

solar

power

and

energy,

To

sources.

themselves

obsolescence

of

to

what

in

they

plot the

now

should make

pro¬

issue

Review, but

realize that

us

of

dacity

essential ingredients in

are

of

success

a

company

and

an

industry.
may agfee

companies

look at the

industries

as

know

we

activity

figures that the utility

program

if

they

their goals.

trification
there

is

is

are

on

a

to

electric
in

be

opened

cusomers.

by the Toronto branch of

Junior

Investment

up

as

nonindustrial

electric

is

tion.

Thus, increases in the
of

energy,

energy

come

ways.

of

Dealers'

Canada:

President:

Wood,

R.

Gundy

Michael

Withers,

Company, Lim¬

&

ited..

Vice-President:

James

O.

Fin-

lay, James Richardson & Sons.

Secretary and Director of Mem¬
bership: Hugh F. McLelland, McLeod, Young, Weir & Company,

you

about
'.;

in

Treasurer:

David- Ekmekjian,

Ross, Knowles & Co., Ltd.
Director of Tours: Donald I.
Jones, Greenshields & Co., Inc.
Director
Dinner

of

Entertainment

and

Peter
Holland, Cochran, Murray & Co.,
Arrangements: *H.

Limited.
Director

of

Publicity:

John L.

Harding, Goulding, Ro^e & Com¬
pany Limited.

The future

dependent, practi¬
cally entirely, on the increase in
population and household forma¬

consump¬

L. & M. Planning
L.

&

M.

formed

Planning

with

offices

Formed

Co.

has

at

509

been
Fifth

Avenue, New York City to engage
in a securities business. John McHugh is sole proprietor.

at least the form

prefer to sell,
several

can

different

;.....

Forms Mutual Fund Service
HADDON HEIGHTS, N. J.—Don¬
ald
S.
Carroll is engaging in a
securities business from

Levitt, Theodore, Marketing

Myopia,

46-47. Harvard Business Review, Vol.
38, No. 4.
.
„
I
pp.

1960-61

di¬

marketing
to achieve

practically complete
big segment of the

no

customers

of

Now that rural elec¬

population
increase

embark

must

versified

of

ing officers have been elected for

that

them today are far from obsolete,
it becomes pretty clear when we

tion

Jr. IDAC Elects

Limited.

J' Even though1 we
utility

Roberts at 24th Annual
Marketing Conterence,

TORONTO, Canada—The follow¬

no

industry is inviolate, that man¬
agerial imaginativeness and au¬
the

Companies
City.

York

the

recent

a

the Harvard Business

it

management decisions.

talk by Mr.

agree

viewpoint,

economist4

marketing

Toronto Branch of

fully with
expressed by an

not

may

and

provide the bases for

Association

We

this

to

other

survive,

have

will

he

what

may

now,

be

may

avoid

To

*A

New

compa¬

activities to

customer

studies

use

sound

Client

utilities

the

that

competition?

no

the

more

their

companies
adopt the scientific approach

will

again pioneered by

direct

More and more

during

says

natural

giving
wants.

interruptions

Also

"Who

will

streets

energy,

More and

same.

nies

of

demolition

>

air

a

of electric

the

powerful chemical fuel cell which

4

G.

into

converted

market,

&
3 Thomas

is

comforting.
A
utility companies

In

this

to

so

new

I be¬

Will these fore¬

realized?

Electric

electric
utilities
wax
extravagant as

duces their livelihood."

single study, this
able to
establish

a

the

nonutility companies.

An

potential

and

cut to ribbons

were

Substitute for Electricity

and

though

as

finished.

gadgetry. How
can
anybody miss by investing in
utilities,
with
no
competition,
nothing but growth ahead?

"But
for the marked dif¬

were

wheel

of

home

regarding the four-pound

reasons

water

continues
the

instrument.
The

in¬

of

by the flexibility, reliability, sim¬
plicity, and just plain easy avail¬
ability of electric motors.
The
prosperity

was

pedestal

a

lights

compared to
25% who selected the two-pound
instrument.
Equally significant,
as

on

vincible

selling

energy

level at least—room and

tral

agree

may

ing

was

of

and

limited use, from a saturation
1

up

with
the financial community that the
electric utility industry is an in¬
dustry with a truly impressive
growth
record
and
an
equally
impressive growth prospect.
we

growth.
When the in¬
candescent
lamp
came
along,

pounds

must

You

that all
to stand by and

our

cannot

because

one

Thus,

courage

ourselves

tion, quality, and price but dif¬
fering in size.
Contrary to the
expectation of our client's engi¬
neers, a larger instrument weigh¬
four

(2)

product is indispensable,

us.

forms
gas,

of load builders

must

•

and gas compete with oil and
coal to fill this need..

goals.
We

Done

heating by
electric has hardly scratched
the surface, and both electric

He

the

we

its line

fuels.

fore¬

forecast.
An Illustration

different

electric,

kilowatt-hour

in

to be lulled into thinking that our

believe to promote successfully in

Arnold

that

think

not

increase

used market research to guide its
product development, establish
prices,
and .establish
its
sales

another matter.

Prado

rich

resources.

customer.

(Special to The Financial Chronicle)

IDAHO,

COLORADO, WYO¬

this

price, based on the
$1.10 dividend rate, the yield is
3.1%;
the
price-earnings
ratio
using this year's estimated earn¬

INDUSTRIAL
IN

At

does

go

the

on

The

ket, closing Oct. 3 at 36 compared
with
this year's range of 38 l/z-

he

is

an

excellent record during the recent
decline in the stock mar¬

28%.

in natural

stock has made

drastic

NEW BOOK

the UTAH,

common

be

consumption will just happen.

utility

tric & Gas decision.
The

will

The emphasis, therefore, of the
Marketing Management Concept

of construction,

area

land for useful purposes

pumping

by

large

a

it

casted

better

servicing facilities to
The
company
derives 49% of be
completely acceptable. Annual
electric revenues from residential
heating bills for small-sized homes
customers — a
stability factor. are said to
range between $137
Non-resort areas account for 72%
and $$275, which figures are con¬
of electric usage. Atlantic City ap¬
sidered generally competitive with
pears to be holding its own well
gas. However, to obtain these low
with
other
resort
areas,
14,000
costs, builders must provide ade¬
modern
motel units have been
quate insulation, individual room
added in recent years. The city is
thermostats, etc.
a Convention center and the large
In the past six years, the com¬
Convention Hall has recently been
pany
has spent $89 million on
renovated at a cost of $3.5 million.
Development of

when

This company planned to add to

May, Clementon and Hammonton.
The area is weU diversified, in¬
cluding the resort areas along the
ocean,
a
prosperous
farm
belt
typified by Seabrook Farms, and
a manufacturing section which in¬
cludes makers of plastics, china,
glass, and chemicals, as well as
the mining
of silica sand used

The

and

up!"

Be

from your competitors

*

have to wake up
It is obvious that

really

get

wanted, etc."

since 1952.

year

where

and

and

Must

"What

You must capture an increas¬
ing share
of load
builders

402

Lake

name

Street

of Mutual

under

offices at
the

firm

Fund Service.

■

:Volume 192.

Number 5994

<■,.

The Commercial and Financial Chronicle

.

holdings

MUTUAL FUNDS

from

&

BY ROBERT E. RICH

r

Powell

investment

generally have scant
difficulty in controlling their en¬

thusiasm
there is

for

stocks.

To

be

bullishness

some

sure,

food,
issues. " But
on

long-time tenancy
of the dog¬
house, it is noteworthy that among
the first 15 stocks in the Yale En¬

dowment
isn't

Fund

single

a

portfolio

oil

stock.

the

Putnam report comments: ".

defensive issues

difficult problems facing this pop¬
ular industry." Standard of
Jersey

and

their

appeal
largely from the reasoning
that people must eat; continue to
consume

and

-fuel and water,
the smoking habit.

power,

indulge

These issues

bull

market.

roaring

a

'

In the light of the

foregoing, the

investment habits of

great uni¬

a

versity

are

of considerable inter¬

est

the

financial

to

managers have been aware of the

($2,665,000 worth of it) turns up
in the 16th slot and
Royal Dutch
is right behind.

not the kind that

are

get-sizable attention in

the

.

.

It

is

Yale

interesting

to

stack

the

preferences

alongside those
of the public-owned mutual funds.

Income

fund favorites are topped
by Standard of Jersey, Chesa¬
peake & Ohio (Yale is cold to the

community.
Universities must place major
stress on safety of capital and in¬
creasing income, although the

Motors, Great
Northern
Railway, Bethlehem
Steel, American Tobacco, Nickel
Plate, U. S. Steel and Santa Fe.

trustees

The

rnot

are

to

averse

out¬

standing growth of portfolio hold¬
ings. Their habits are bound to be
more

akin

come

funds than those who guide

the

to

the

of

men

in¬

the

growth funds.

rails),

General

growth funds have
partiality toward Texaco,

Du

Pont,

Royal

Dutch, Standard

of

eliminated. Maclaren Power

Paper was trimmed to 5,107
6,332 shares, Quemont Min¬

at

Holdings

*

American

reports

net

amounted

year,

Constant

the

with

$32.65

For

the

past

10

$190,000,000
Income

years.

vestments

during

the

creased from little

the

over

from

in¬

decade

in¬

more

than $5,-

000,000 to nearly $12,000,000.
In

it

passing,

that

the

fund

was

Bulldog's

readers

Harvard

will

have

bundle.

no

the

But

of

be

to

Charles

have

D.

Dickey.

known to the financial
community
for his trust work with Morgan

Guaranty Trust Co.
Morgan man and
associates fancy?
Well, the
Yale Endowment Fund's biggest
not

in

in

common

stocks

is

in Europe's Philips'
Lamp Works.
At the end of the fund's fiscal
year it held 63,000 shares of the
stock, which had a market value

of well

over

shares

Fund

ment

of

$10,000,000.

General

Its 85,000

Electric, worth

than

more

figure

the

fund's

value

of

the

;

holding of E. I. duPont de
Co., which also toted

better

to

Pont

was "

tional
over

$5,000,000. >.
slightly greater

market

,

Nemours &
up

than

was

than

$5,000,000. Du
followed
by Interna¬

Business

/Machines,: worth

$4,300,000.

Investments

in

$3,000,000. each were
shown for Aluminium
Ltd., Gen¬
eral
Motors, Eastman z /Kodak,
United States Steel, American Ex¬
press,. National Lead and Alcoa.

*

Especially; .interesting
marked

stock
the

increase

section

past

of

in

the

this

decade.

It

is

fund

during

has

almost

quadrupled in size: to $165,000,000,
where it constituted 53% of the
total

fund,

than 35%

compared
with
less
1950. Ten years ago

in

14.2% of the total investment
in

preferred

has

stocks. ; The

since fallen

Over

the

to

was

figure

4.5%.

span the stake
electric-electronics common
stocks has soared from around 4%
to 16.4%. Aluminum and steel is¬
same

in

sues, which were not represented
10 years ago, have assumed con¬

siderable importance, adding up to
over 11%, of the total
portfolio.
And these fall

is

talk

in

days, when there

investment

circles

that

011 equities are emerging from the




Report

sets at Sept. SO totaled

this

as¬

$12,225,885,

each of 622,107

on

was

compares with net
income of $769,884 and net profit
from
sales
of
$2,586,704 in the

like

period of

1959.

*

*

a

quarterly dividend of 3J/2 cents
distribution

year-end

during the fiscal
Oct.

31,

1960.

tribution

cents

33

of

profits realized
that ends

year

Dividend and

both

a

will

be

dis¬

paid

Nov.

15, to stock of record Oct. 20.
*

Canadian
Trust

Ltd.

in

Invest¬

semi-an¬

its

for the period ended
puts net asset value a

31

share

at

$32.71,

against

$30.83 at Feb. 29.
Development

Fund,

stockholders

Inc.

Mutual
voted

at

the annual meeting to change the
to

name

Atomics,

Physics

&

clude

atomic.
*

Keystone
K-l,
1

*

Income

and August. 31,

*

*

net

asset value as of Sept. 30 at
$9,412,897. This is equal to $19.38
on

of

each

485,795

standing and

and $19.58
shares on Dec.
*

*

Townsend U.

Growth
voted

shares out¬
with $8,a
share
on

compares

Inc.

change

Townsend

r

Airlines

5V4%

vertible

preferred

Mid-Continent

Gillette

stockholders
to

name

Fund

and

cumulative

at

objectives

ternational

securities

fund / broader

fund

the

to

latitude."

in¬
the

give

Hitherto

required to have
25% of assets in companies which
are

.

was

international

in

scope.

The

change

provides that the fund
invest up to 50% off assets
in foreign
securities, but is not
required to have any in its port¬

may

,

$

Canada

Fund

Limited

principal investment
changes in the three months to

reports
Aug.

31:

Steel

Holdings

were

55,400
Pulp

*

;

Algoma

reduced to

shares,

&

of

Paper

36,975 from
Anglo - Canadian
Mills trimmed to

"

reports

sheet

balance

the

1960,

of

as

dicated

unrealized

tion

$7,464,370.

net

$

*

assets

of

the

19,200 from
4,800
shares
of

42,300
5%%

preferred eliminated, and British
American
Oil
pared
to
20,400
from 39,100.
Its 8,300 shares of Fraser Com¬

panies, 12,000 Great Lakes Paper,
32,400 Great Plains Development
and 8,000 A. V. Roe Canada were
eliminated.

Hudson's

Bay

in¬

an

apprecia¬

*

reports net

$16.11

a

$18,519,359,
equal
share on each of

149,404 shares

Co.

as

with
share on

compares

$16.33
a

a

to
1,of Sept. 30. This
$19,494,746
and
each of 1,193,887

year ago.
*

American

*

*

Securities

European

of

Net

1960.

that

reports

$17,590,398,

share

outstanding.

each

ago.

of

ments

net

latest

income

amounted

to

$1,737,545.

manager of

municipal
corporate

bond

depart¬

ment

of

the

Kansas

City
office^ 920

Baltimore
Ave.

Mr.

Lucas,

who resigned

President

as

of

$326,389.

Waeckerle,

securities)

*

Benjamin

*

*

Graham

Mark A. Lucas, Jr.

has

been

re¬

by Investors Diversified
Services, Inc. of Minneapolis as a

consultant. Mr. Graham started his
in the

career

investment field

in

Newburger, Henderson

Loeb, members of the New York
Exchange.
He retired in

Stock
1956

as

president
Corp. and

Newman

partner

of

of

Graham,

as

Newman

general

a

&

Graham,
City. Formerly

both of New York

ment to

direction

Gulf

that

company.
director of At¬

a

Coast

&

West

Indies

Steamship Co. and chairman of
Philadelphia & Redding Coal &
Iron

Co.
*

*

quarterly distribution to
new

Industrial

Fund

Income

Oct.

on

20,

Financial
will

be

depart¬

e

municipal

and

John Latshaw, resi¬
partner.
Formerly associated with the
Harris Trust & Savings Bank of
Chicago,
Mr.
Lucas
has
been
Chairman

the

of

Southwestern

of the Investment Bankers
Association,
a
governor
of the
group

and

group

curities

member

a

Association

National

of

of

Se¬

Dealers, Inc.

Other appointments in the Hut¬
ton Kansas

City bond department

announced

at

Harry

G.

time

same

as

are:

of

manager

buying,

John

D.

Ed¬

assistant

as

manager, and
Kaufmann as assistant

Donald

municipal

of

manager
were

the

McLear

wards

The first

shareholders of the

expand

t h

of

municipal

H:

will

dent HuttOn

the

of

and

n

corporate underwritings under the

national

now

in

states

chairman of the Government Em¬

vice-chairman

e

s

Missouri and neigh¬

serve

boring

ployees Insurance Co., he is
He has also been

Lucas,

E i

was

tained

sales.

formerly with Lucas,

All

Eisen

according to an & Waeckerle.
by President

announcement

Charles

F.

$0.1448

Smith.

It

consists

of

With J. K. Mulien

share from, investment

per

income

and

sources

$0.0052

from

short

Shares

term

realized

first

were

(Special to The Financial Chronicle)

per

made

The

J.

of

offering

of

Foto-Video

Class
of

B

:

$4

Oct.

11

and

Cortlandt

by

associate

at

was

Inc.

a

Planning, Inc.
Investing
Corp.,

used

financing

by the company for

and

development, work¬
capital, and to help finance
the
present
backlog
of
orders
amounting to about $500,000. The

C.
the
Corp., 84 Ex¬

Daniel
added to

—

staff of First Maine

change St.

Bros.

Lamson

Fund

underwriter.

research

Me.
been

PORTLAND,
has

price
made on

Net proceeds from the

will be

St.

First Maine Adds

shares" Mangan

125,000

stock

share

per

Mullen Investment

(Special to The Financial Chronicle)

Electronics,

common

has

K.

Seventeenth

Class B Sold
Public

Colo. — Wilford
H.
joined the staff of
Co.,

DENVER,
Johnson

621

balance

of

the

proceeds

will

used for sale promotion.

sion

systems

tronic
a

full

nine-month

from

invest¬

$339,725

and

Comparative

and

equipment.
line

of

vision such

WAUKEGAN,

Branch

111.-—Lamson

& Co. have opened a branch
at

the

4

South

Genesee

management

Street

Bros.
office
under

George

of

E.

Woods.

related
It

visual

also
aids

New Viner Office

be

BOSTON, Mass.—Edward A. Viner
&
Co., Inc. has opened a sales
the office at 10 High Street under the
direction of Malcolm L. Levine.

elec¬
makes

to

tele¬

slides, test patterns
and transparencies for industrial,
commercial broadcasting, educa¬
tional and governmental applica¬
tions.
The
company's principal
place
of
business is
in
Cedar
as

A Name to Remember

When

«

..

Grove, N. J.
For

30,

the

1959,

fiscal

the

year

ended Sept.

had net
sales of $338,978.
Upon comple¬
tion of the current financing, out¬
standing
capitalization
of
the
company
will consist of 69,682
of

class

stock,
and
payable.

Investing

WELLINGTON

«JJ^FIJND

company

A

stock;

common

334,323 shares of class B

$118,000

common

of

a

—

a

Balanced

Fund

seeking conservation of

capital, reasonable cur¬
income, and profit
possibilities.
rent

note

Ask your

Joins Hill Richards

$34.32

net income from sale of securities

totaled

Co.

ended Sept. 30 (exclusive of prof¬
its
on
sales
of

with

545,649 shares a year

the

For

period

or

to

shares

compares

$18,728,012,

net

30

equal

604,083

on

This

net assets of
on

Sept.

at

&

general

the

income applicable to
stock for the nine months

common

shares

a

to

in

Sept. 30,

had

$36,099,169

at
of

carried

Investments

$878,340.

$29.12

cut

stock for the nine months

plies, television operating and test
equipment, closed circuit televi¬

were

shares

common

gain from sale of investments/was
$626,885. The comparative yearearlier figures were $750,905 and

For

ago.

year

as

to

Foto-Video is engaged in
engineering, development, manu¬
facturing and sales of power sup¬

latest

Co.

Bailey

applicable

the
nine-month period net in¬
totaled
$742,818
and net

assets

4,500 from 14,300,
Selburn Oil & Gas "A"

income

years,

Hutton

,

,

assets

net

share, against $35,584,909

Huronian

to

Net

a

a

F.

per

and

$41.58

E.

$1,000
of debentures outstanding on Sept.
30, amounted to $9,604.
Interest
requirements on debentures out¬
standing were earned 8.75 times
during the first nine months of
coverage

$43.01

20,150 shares from 23,650, Anglo-

and

*

Fund

joined

ing

...

»!•

General

$1.20

preferred.

General Capital Corp.

folio.

Oil

Sept. 30 totaled $36,807,160, or

to

"regarding

con¬

and
Sunray
It eliminated

Oil.

*

come

modify

cumulative

Tidewater

and

Abacus

the

Growth

Oil

ternational

1959.

»

S. and International

Fund,

to

31,

Santa Fe, Halli¬
Well Cementing, In¬
Harvester, Northwest

preferred,

burton

*

Fund, Inc. puts

cumula¬

7%

has

and

asset

close of the fis¬

Refining

Sugar

investment business for 25

Series

Fund,

reports that between March

tive

Mutual

The

Foto-Video

Hi

CITY, Mo.—Mark A.
who has been in the

was $28.71 a share, compared with
$31.25 on Dec. 31, 1959.

publicly available in July.

investment portfolio to in¬
other sciences as well as

KANSAS

Lucas, Jr.,

stock

common

fund's

can

Guardian

the

E, F. Hutton & Co.

market

gains.

earlier.

shares

of

Mark Lucas With

30,

deduction

share

Inc.

on

403,206

at

before

Shareholders

Fund,

and

Sept.

also approved an expansion of the

a

of

value

asset

paid
Atomic

valued

and

report

common

at

principal amount of outstanding
debentures, were $17,978,004. Net

lantic

*

*

International

Carriers

of

of

&

*

Wellington Equity Fund declared

$18.51

each

securities

quotations

21

*

assets

1914 with

cal year, it added American Radi¬
ator & Standard Sanitary, Ameri¬

year

with

*

Corporation

year

$750,233 and net

shares outstanding. This compares
with
assets
of
$7,462,770
and

the

common

months

was

$979,451. This

Science

Energy Fund, Inc. reports net

of

•excess

nine

a

com¬

the

.

Dickey!

Mr.

Funds

428,333

of

astute
.

.

have

Encore,

386,261,

was second largest. And
largest holding was an¬
European-based blue chip:
Unilever, N. V., with a market

This

to

the

other

:

tribute

a

steadfastly fol¬
principle of balanced
investing, thereby reaffirming the
soundness of this principle."
lowed

its

third

30

$63,890,455,
year earlier.

profit from sale of securities

Aug.

management

managers

$7,820,000,

value

is

investment

American company, but

an

en¬

Said he:

equal to $19.65

the

his

investment

to

the

Dickey, Chairman of Yale's
committee, is better

do

hasten

we

"The record of the Yale Endow¬

noted

finance

What

the

endowment

fortunate

guidance
Mr.

should

of

share,

a

Sept.

share. This

assets

income

net

at

$50,294,627, equal to

a common

Yale
at

of

and

years

to

pares
or

Investors, Inc.

assets

$25.34

dorse.

of $312 million, an
$8,000,000 during the
$52,000,000 over the past two

*

#

General

a

peak

shares
Oil to

net

1960.

nual

new

Canada

10,555
Imperial

8,555 and
62,545 from 54,345.

Putnam, which

increase

Texaco
to

from

ment

the-

At

of

boosted

were

close of the latest fiscal year this
fund of the Yale Bulldog reached

Fund.

Mines

41,500 and Zeller's to 26,825 from
36,975 shares.

Bulldog isn't likely to growl
summation of its portfolio
stated by John L. Thorndike of

Endowment

52,200, Steep
to 18,300 from

from net securities

of Boston and the Putnam Growth

Yale

Iron

from

and U. S. Steel.

difficulty in recalling the annoy¬
ance
created by our recent look

research report on the

Rock

40,900

from net investment income and

department is indebted to
the Putnam
Management Co.,
manager of George Putnam Fund
a

to

Jersey, Union Carbide, Westinghouse Electric, Continental Oil

This

Fund, for

from
6,075.
Its
7,980
Quebec Natural Gas

of

shown

I.B.M.,

,

*

from
General

there
As

utility and tobacco
these, of course, are the so-called
stems

120,375

Total

3,075

ing
days when

to

year-earlier figures were $323,675
and $1,775,043.
•.

128,175 and Price Brothers & Co.

&

are

River

47,335

Bloedell

from

Bulldog, the Bear and the Bull

managers

to

to

were

These

trimmed

were

52,355,. MacMillan

shares

The

(1469)

investment dealer

for prospectus

or

write to

(Special to The Financial Chronicle)

LOS
R.

ANGELES,

Little

Hill

has

joined

Richards

Spring

Street,

Pacific Coast

Calif. —Edward

&

the

staff

Co., '621

members

of

South
of the

Stock Exchange. He
formerly with Walston & Co:,
Incorporated.
was

Wellington Company, Inc.

Philadelphia 3, Pa*

22

(1470)

The Commercial and Financial Chronicle

AS WE SEE IT
when

page 1

their

world

other

well

its freedom;

doubt that

to

reason

And I add if it's peace and pros-

of what the nature of another

aware

peritv that we want, we will lose
them", too, if we want them more,

would be.

They are therefore turning to other
means to make
good their conquests. We now have to con¬
tend with conquest by intrigue, subversion and; propa¬
ganda. President Eisenhower is right in holding that mere
war

conferences

foredoomed

are

evidence of

spread communism (under Russian domination, of
course) throughout the world as rapidly and as far as it
can. It has built
very great military strength at home, and
in

nation values anything
it will lose
and the irony of it
is that if it is comfort or money
that it values more, it will lose :
that, too."

willingness
negotiate.

to

failure in

to

than freedom.

dation

a

,

circumstances

things and he is well aware that a world
other sort of major conflict, would be a
thing quite different from what it would have been when
Russia
its

started

plans to

use

building its might—and doubtless laying
it to spread its empire—for that is what it

really is—over the world..
The aim
purposes

is, of

now

them

without such

a

atomic weapons in the path. All this
disarmament and kindred topics is
merely
own

talk about total

for propaganda
purposes. Mr. Khrushchev knows as well as any one else
that the schemes he insists
upon are simply not within
the realm of
practicality—and he also knows that he has
no
intention of permitting the outside world to see or
know more about Russia than he can
help. Heaven knows
the world is badly
enough in need of general disarmament
in whatever
degree and in whatever manner may be
feasible, but the record of broken Russian promises run¬
ning all the way back to World War II is such that no
man in his
right senses would want to trust the Kremlin
to carry
out

out disarmament agreements in good faith with¬
having some way to keep track of what is going on.

Continued
Social

from

candidates

but

Both
reach

The

not

substantial

parties

the

exactly
will

had

The
superficial

programs.

have

-

differences

of the

11

page

Security

headed

are

in

same
direction and
the same destination.

is a question of
going to drive and whether
are
going to go 30 miles an
difference

who is
we

hour

miles

50

or

One of

Underlying Problem

Basic

No

and

it

is

for

legitimate

not

critical

of.

to

perfectly clear. But
stopped
below

major

to recognize

reasons

think

they

haven't

we

they

—

the^ surface.

that

make

I

that

reasons

are

are
to be

inclined

am

want

I

They

reasons.

I

reasons

fundamental

some

are

think

I

the

these; the two

are

It would be well if we—all of us—could turn
away

/

burlesque at the United Nations, and from
all the rather pointless talk that is
continuously pouring
from related sources, and come to a
realizing sense of the
place we stand in historical perspective. The history of
the world could almost be written in terms of the rise and
fall of empires. But after all the land area of this

globe is

limited. Somewhere the
,

to grow.

And, of

old-style colonialism had to
of the land

course, most

areas

cease

that

con¬

stituted the empires of the nineteenth
century—the earlier
empires had largely faded away—were inhabited by peo¬
ple, many of them, who had grown increasingly dissatis¬
fied with their lot. For this
of mankind for which

or

other reasons, the

opinion

fathers held a decent respect
against exploitation, at least in its cruder form.
Over a long period of
years, Britain the leading colonial
power of that age proceeded gradually and
steadily to
alter the basic form of its
empire structure, and to give
the peoples more and more control over their
own
re¬
our

some

and their

hesitant

own

moves

affairs. This country, which made

in

the direction of

empire building
presently began to withdraw. With a few exceptions here
and there, none of them of world
significance, the age of
empire building appeared to be over at the end of World
War II.

want.

out

of

wars

of earlier years
grew

empire rivalries among the major nations of the

earth. With this threat out of the
way,

coupled with the
crushing of Hitler's Germany and Japan, it looked to many

ing;

this is

our

primary and the spiritual and

social
the

as

ests

the

4s tftejr, primary purpose. The pri¬
mary
purpose
of both political
parties is to win political victories.
I don't say that critically.

polit¬
parties to contend over the
question of who is going to be re¬
sponsible for government. But I
are

winning that
siderations

intent '

so

more

important

become

lost

on

con¬

think

I

world

empire. There

can

be

no

originally planned their future

beginning to get into
campaign to create a

doubt that the Kremlin

on

the basis of armed

con¬

quest, one after the other, to fulfill the
preachings and the
prophecies of Lenin and the others who created their

governing doctrines. Apparently such an idea still is held
in Communist
China, which may yet prove to be a world
scourge. Of course, we are under no delusion about the
good will or the kindness of the Kremlin. We have not
the slightest doubt that
long ere this its armies would
have been

on

the march,




but for the fact that military

concern

those

parties

American

That

thing. But that
have

cross

are

life.

sections of
is.

means

internal

is that

reason

good

a

they both

division

that

re¬

quires internal compromise devoid
of significant public discussion.
Once

get

in

one

a

while, of course, we
who takes off sepa¬

man

worldwide

thought?

Is

what it takes to inform people

on

to know that to inform

people you
have to say the thing, and say the
thing, and say the thing and say
the thing until you are sick of it.
It's
a

a long tedious process. It isn't
question of one man making

three

four

or

speeches.

It
organized effort—and that

is

an

we

do

not have.

nature

this.

of

of

that

Foreigners
us

the

as

informing the electorate.
enough experience

Only

our

were

have

still

year

Groups

third

reason

parties

are

tional

powerful

whose
other

Are
is

both

weaker than many na¬
pressure

members'

interests

groups

and

economic

are

now

more

ag¬

grouDS

or

fat

cats

for

contributions. The cost of

financial

power

body

this

running
country

the point where it is
run for the

divided

in

leadership
keep

the

incentive

ready to look upon the Dec¬
of Independence as a
designed for your¬
selves alone, and not for other

raises the question of whether

nations. How

are

fatal

an error

.

.

Divinely Inspired Documents

issue.

or

t

issue

of

economic

economic

subsidy
we

fatally diminishing incentives
this country as a reward for

effort

and

service.

Actually"

we

are

increasing

and

reducing incentives all along

pendence and

the line.

the

United

the

States

inspired—were
were

Constitution of
were

written

raised up for

divinely
by men
that ex¬

press purpose

and that those prin¬
universal in their appli¬

are

that

they

be taken
by any people and fashioned and
shaped to fit their culture and
.

.

.

their

desires

same

results

here—free all

and

that
men

can

produce
we

the

produced

from all forms

of

on

the

;

industry and
industry. People
generally think of subsidy in terms
automobile

of agriculture. In these two indus¬
tries
individual

been

one

industry

by

a
Democratic administration and
in the other
by a Republican ad¬
ministration. This use of subsidy
has penetrated almost our whole

economy and the entire scheme of
life in this
country.

est without

or

is it freedom from war?

companies have
by the Federal

subsidized

Government—in

mental

or is our pri¬
objective comfort and secu¬
rity, or is it peace and prosperity

subsidy

.

primary objective,
mary

economic

I have been in only two indus¬
tries—the aluminum

the

that you become so obli¬
gated before you get in there that
you can't act in the public inter¬
some

The

My conviction is that the prin¬
ciples of the Declaration of Inde¬

a

being disloyal to

discussing how to
employers
or
steel

laration

get

means

No¬

national

of

document

tionalism

are

you can

limited.

was

steel

way and there is no
wealthy man or unless limjt to our being able ultimately
to accomplish this.
a few wealthy men or
well organized economic groups to
Is our national purpose one that
finance your campaign. That makes freedom with
justice our
you

and

position

a

too

well

has reached

in

only
one
aspects
have a national emer¬
they said, "what do you
■A"/■/>.

unions from getting the power to
shut the economy down. That was

scandalous. You can't

office

of

con¬

The most fundamental issue we
have is to keep public and
private

a

Senate of the United States unless

public

was

.

warn

bondage — political, religious,
social, economic. We haven't com¬
pleted that job here but we are

for

leadership

parties

Power Must Be Limited

"... You Americans have been

Stronger
that

>

steel

with

do"?

.in
Pressure

The

political

in

Father

wrote

economy.

gency,"

historian

ago

the

"When you

Bruckberger, a
and
writer, a
book, Image of
America. His principal plea was:

French

both

a

cerned

Creator and

to

fall

and

in

both

founders

tried

to a point
at which in many

the
steel
employers
position to continue an
emergency that threatened the en¬

purpose

universal

own

national emergency.

a

last

union

thought they had
principles in keeping

their application.

had

to create

we

our

industries either the employers or
the unions have the private power

They

expressed
of

our

And

concentrate

in this country

tire

it?

markets.

unions—to

Do

in

the

being increasingly penetrated.
We have permitted private eco¬
nomic power on the part of both
employers and unions—not just

.

still have one? Do

Home

faced with

pricing ourselves out of world

industrial

were

we

at

are

are

some

with the laws

have

and

Perhaps most fundamental is the
question of our national purpose.
believe

we

question
of
inflation
and
the
wage-price spiral. We are costing

of today's issues
that need fundamental discussion?
are

rately but that is a momentary
thing—it has no effect in terms of
I

Problems

home

At

but not fundamental discussion.

What

can
to give
they need to

help themselves?

reasons

Today's Issues

I think the second

what we
the knowledge

our

sec¬

or

doing

them

inter¬

do not provide adequate
intelligent public discussion of the
issues—superficial discussion, yes,

ondary.
both

five

are

stand¬

of
enterprise-to-enterprise
individual-to-individual? Are

we

an£ if
In

a

help. I mean in their
development. Or is this
be done primarily on a

to

and

parties

cation

start in their

claim,

from

mean

level

why the differences between the

ciples

a

primary

job

derivative,

economic

accom¬

charitable

lems and issues.

unorganized general public.
candidates, therefore,
seek the support of pressure
groups and avoid offense to them.
Both
depend upon the pressure

position to make

make

have

we

economic

seeking the truth and sound ob¬
jective solutions to today's prob¬

of the

a

and

communists

should

we

Parties and

on

secondary

Fifth, the party mechanism and
partisan approach discourage par¬
ticipation
by
objective
citizens

they

level? I don't

threat) economic de¬
superior to human,
spiritual principles
public life. If the material

is

what

wants

point of military defense or from
a
standpoint
of
humanitarian,

and

in

in

going

pressure

real

a

political

go its way free
major wars. But if all other nations for one reason or
another had given
up, or were giving up empire
building,
the communist countries were
just

long last, the earth might

of

is that the

the

of

termination

gressively defended than the posi¬
tions of the parties or the interests

was

reason

is growing—not diminish¬
and threatens to make (and

who

observers who did not understand what
Russia as if, at

fourth

a

influence

Nations?

including Rus¬

plished materially. They have ex¬
celled us only in a very limited
scientific area. Basically, Russia
along with the other nations is
yearning for what we have been
able to accomplish. Are we going
to help other nations primarily at
a
government - to - government

give

of today's basic and con¬
troversial issues. I don't thinkJhat

cussion

think

sia

heed to what the organized groups

public affairs, then communism is
basically right and we are wrong.

The

Many if not most of the

has
compared

groups

as

political parties are not organized
primarily to-provide public dis¬

turned

sources

pressure

members

groups

Why does this situation exist? I
think

The whole world

under those circumstances to

I think

Differences

ical

from the low

in

believe

we

because

How Can We Help Other

parties having a total
of 2,000,000. The hard realities of
seeking victory make it necessary

relative

Why

our

two

the

hour.

an

have

that

you.

15,000,000
to

interests

narrow

supported

I think we must have two

The

«

because

and

they represent
our highest hopes and goals?
This/
makes
a
big difference in our,
worldwide approach.
; :

ones.

to accomplish these same
conflict. What the Kremlin calls

course,

"negotiation" is really nothing more or less than per¬
suading, cajoling, threatening or in some other way get¬
ting these same conquests with the consent of the major
powers which now stand with their own rockets and their

"

freedom

to

now, or any

in world¬

victory

.

realist in many

war

it

is

or

application of these princi¬
ples that we believe in? Is it to
support the enemies of our ene¬
mies
because
they
are
against,
what we are against or is it to;
support the principles of human-

long ago have
push its plans for world con¬
quest. However, Mr. Khrushchev at least appears to be
made extensive use of it

•

,

wide

the part of the Kremlin really

on

<

it coexistence and accommo-,

Is

of

the absence

a

than freedom,

more

into

come

traditionally been a rather
until they felt quite

move
There is little

success.

are now

have

armaments

people, hesitating. to

confident of

they

modern

The Russians have

own.

cautious

to

doubtless

Somerset Maugham says:

"If

Meanwhile

Washington Administration takes office next
year. It may be that there will be less personal animosity
present in the minds of at least some of the participants
in a summit meeting next
year. But unless the new Ad¬
ministration is prepared to grant the Russians some of
their aggressive desires—and without substantial quid pro
quo—talks at the summit will not get far—unless, of
? course, the leopard finally changes his spots. There is no
reason in the world to
suppose that the Kremlin has as
; yet in the least yielded its intention and determination

would

Thursday, October 13, 1960

.

them pause.

new

a

.

existed in places and in sufficient strength to give

power

Continued from

.

Internationally,
pursue

nomic

Two

a

are we going to
policy of economic na¬

or

world

trade and

eco¬

development?
aspects of that
issues.

Is

this

are

funda¬

economic

situation of rising costs and prices

going to result in

a

return to

eco-

Volume 192.

Number 5994

.

.

.

The Commercial and Financial Chronicle

(1471)
nomic nationalism, industrial pro¬

tectionism and higher tariffs?
.i

i

Our

Agricultural

Problem

The other aspect involves
agricultural problem. We are

proaching it
U.

Senate

S-

started

the

culture.

It

the floor of the

on

when

Eill

Haugen

the

McNarypassed
that

was

subsidization
the

was

our
ap¬

purely national¬

on a

istic basis. I sat

of

agri¬

result

of

an

iniquitous deal. The farmers were
asking at that time for a reduction
industrial

of

have

"We

tariffs.
sell

to

world prices

That

isn't

of

protected

fair.

Reduce

and

sell

can

we

said:

basis

of

and we have to buy

basis

the

on

They
the

on

price basis."
subsidize

that

was

the

would

we

difference

*to

the

farmers. The McNary-Haugen Bill
started agricultural subsidies and
th

Smoot-Hawley

e

passed
hiked

Tariff

immediately

Bill

able

industrial

basis.

tariffs

have

We

not

been

keep the controls moving
fast enough to keep up with our
advancing agricultural technology.

Agricultural

technology
fast that we have

has

preceded so
sur¬
plus goods and products and sur¬
plus land, and we sit in an exposed
The

most

fundamental

agricultural picture is
people in this
World are hungry and they need
food, and here we sit with bulg¬
this:

ing

billion

one

storehouses

and

land

out

of

use.

We

sitting

are

adversaries

to

against

I

Mexico

us.
a

as

Mexicans

ducks

turn

got

for

their

kicked

our

envy

out

of

youngster because the

could

not

stand

to

see

people, who knew how to use
irrigation and so on, prosper when
they were too lazy to do it. Envy.
our

My great fear in this agricultural
situation

is

that

Khrushchev

knows it is possible to take mod¬

agricultural technology
produce food without limit.
ern

Let

read to you

me

Roswell Garst in

the

Reader's

Coon

depends

process

sion, Here
"The

the words of

such

on

democratic
a

discus¬

process
is
of free, in¬

process

telligent discussion. It is

con¬

a

relevant
discussion among dedicated truth
seekers, detached from politics
and factional affiliation who
guide political debate by their
of

process

Discussion
I think there

Is

people in

many

objective approach

have

as we

"... The discussion of prob¬
lems is more important than the
which

action to

it

immediately

pro¬

leads."
I think that is self-evident. What

'

less

<

labor.

flec¬

tion

Yet

year.

been

needed

we

there

time in

a

a

our

has

never

history when

intelligent dis¬

more

From

a

political standpoint, this

desperately

needs

po¬

a

(I don't mean
a
new
party) more dedicated to
defining the real issues and seek¬

ing solutions for problems
rather

than

on

the

on

the

or

eco¬

nomic interests—and seeking their
solutions on the fundamental prin¬
the basis of what will win the

next■ election.

And

is

our

most

Michigan

started

We

Experiment

the last 20 years, the world could
have 'food unlimited'.-' - ■

do it.

.

.

.

Yet with-

One of

;

will

great fears is that

my

duck

and

this

continue

tionalistic

agricultural

to

treat

issue

it

as

the

on

basis

subsidy and control until
mit the Russians to

nology

na¬

of

per¬

this tech¬

use

to

produce food at » low
cost
and
low
price and put it
.within reach of starving millions
around the earth. We have the op¬

portunity today, if
ture

loose

.subsidy
basis

we

from

and

and

cut agricul¬

controls

it

put

let

on

and

world

a

farmers

use

their

technology,
and

sell

the

to 'produce cheaply
cheaply to the people of

world

who

need

food.

We

Are
.on

we

or

Voluntary Action?

going to rely primarily

government

compulsion

.social progress?
is

in

can

Further

concentration

or

govern¬

and. power

<Wy

prospect. The

preserve the

ernmental

way

limitation of
is

power

by

theey

need

,

we

gov¬

restoring

the public insistence—and the

derstanding

agreement on raising rev¬
to meet state needs that had

enue

been

to

unr

have

was

way

no

to

in

the Constitution

States.
;

is

United

■

Practically
ment

of the

every state govern¬
weak today because its




than

would seek

we

solutions.
have

followed

that

pro¬

problem of structure of state and
local

government.

the

most

We

important

decided

thing

we

State

Constitution.

slow down the

You

cannot

growing centraliza¬

tion of Federal power unless state

ments

and

local

.govern¬

be modernized

can

so

they

Citizen the
a

termine

I

opportunity-to join

hope

of

the

on

meeting
ual

the

this

some

vacuum

that

also

in

the
in

and

the

soundest

such

be

concerned

issues

tual

presentation

the

and

selection

solutions.

their

third

process.

ernors

judgment, if

we

sound

third

which

citizens

problems
cussion

and

of

issues,

have

something other
two political parties.
I

think

that

effort

in

Secretary:

on

an

A

more

platform

think

many

which

candidates

are

candidates

have

of

vital

apathy.
was

the

reason

all

of

don't

I

citizen

was

think

bers

ticipate.

Michigan

above the national average in
number of people participat¬

ing in the political

process.

pose

gener¬

is

a

When I first offered the

thought,
News, a paper I re¬
gard very highly, wrote an edito¬
rial entitled "Flight From Reality."
They called the idea impractical.
Detroit

Are

Greatest

Recognizing the

Influence

seriousness

this breakdown, some of
to discuss, as individual
what

there

could
was

be
one

us

of

began

important pur¬
of giving elected officials a

body of organized citizen support
for actions that are clearly in the
public interest.

citizens,

determined
trend
power.

came

to

toward

He

slow

into

increased

was

office

down

the

Federal

determined

to

strengthen the states and the mu¬
We decided nicipalities. He failed and the rea¬
influence greater son, in my judgment, is because

done.

Ltd.

Forum

Hentz

for

Mutual Funds

However, I wonder which is the
Hentz

H.

successive

Co.

&

will

forums

hold

the

on

two

subject

These will

of Mutual Fund Plans.

their choice, is it be¬
ing realistic to suppose that gen¬

participation and intelligent
of

the

issues

Isn't
nize

it

that the

their

of

cause

realistic

more

finally

orientation

to

first

the

meet

free

under
and

nating

its

compro¬

the

believe

that

real choice
do

today

so

It

is

realistic

to

us

citizen—aroused,

but

the

On

purpose

program

clients

of

firm

the

for

principal speaker will be
F.
Cates,
President
of
Continental
Research
Corp., in¬
vestment managers for the $800
million United Funds Group. Mr,
Cates will speak on
10

8

at

Monday, Oct.

at the Commodore
Tuesday, Oct. 18 at

p.m.

Hotel and
8

believe

lies in each of

answer

individual

an

can

tomorrow.

or

more

that the
as

the basic issues

on

welcome.

be

to

new

The

..

the

that

Dudley

that

the -people with
understanding essential to a

not

new names

Not

several years.

change

mechanism

a

will

Hentz

been

crucial test?

provides

the

in

of
is
geared
primarily to provide greater serv¬
ices to the many people who have

No, I think the flight from real¬
ity is being taken by those who
rarely

list.

contrary,

the

victory,

sudden

a

most

our

adding

customer

clients

subordi¬

election

to

expect

face

we

es¬

society?
burying burning
a

expediently

them

we

can

this

kind

rather

the hope of

be¬

legitimate election
in

their

of

informing its own
than aiming its
efforts at the general public with

recog¬

parties

cannot

need

mise

can

on

at the Hotel New Yorker.
& Co. clients in the

p.m.

All H. Hentz

metropolitan

and

been invited

have

adjacents
to

areas

attend.

concerned and

dedicated, standing
up
and joining with others in
placing our citizenship above all
else except

Creator and obe¬
dience to His Commandments and
our

obligation to

our

don't think
second

we

our

families.

I

discharge the
discharging our

can

without

citizenship.
I

of

believe

we

organized

cated

the

to

must have

truth

With Eastman Dillon
PHILADELPHIA, Pa. —Eastman
Dillon, Union Securities & Co.,
members

body

and

Charles

are

now

fundamental

princi¬
ples of Americanism and their ap¬

Kiwanis

International

Convention,

Miami

Beach, Fla.

Sentinel
curities

N.

tered

Planning Corp.
with

66th

to engage in a
business.
Officers

Street,

curities
Albert
and

W.

Grigg,

III,

at

office.

Welsh,

2nd.

with

theix

Philadelphia

Building,

as

regis¬

representatives.
firm

The

P.

also

announced

the

Williams.

Now Diversified Securities
Lee Kerbel is
investment

now

conducting his

business

from

offices

Pelham

Parkway, North,
York City, under the firm
of
Diversified
Securities

735

Company.

54-36

Now Martinelli & Co.

se¬
are

President,

Philip Moskowitz, Secretary-

Treasurer.

Stock

has been

formed

offices

York

association with them of Frederick

name

Se¬

Wesley

National Bank

New

Planning
Y.—Sentinel

New

associated

Philadelnhia

at

MASPETH,

the

of

Exchange and other leading ex¬
changes, announce that John F.
Black. Norton Van Voorhis Coyle

dedi¬

a

seekers

very

the

serve

Eisenhower
Citizens

Ex
Officio:
L.
M.
Wightman,
Isard, Robertson & Co.; G. R.
Campbell, Burns Bros. & Denton

Flight From Reality?
The

I

Inc.; J. R. Dunkley,
C. Pitfield & Company Lim¬
ited; J. G. Carnegie, Wisener Mackeller & Co. Ltd.; T. T. Malone,
Wood Gundy & Company Ltd.

to be encouraged to par¬

are

Leslie, Bank

W.

one.

would

Burns

Moore,

Company

for individuals, need to get
together if this deficiency is to be
overcome, or if individual mem¬

—

mental

Irving, Do¬

Copeland, Eq¬
uitable Securities (Canada) Ltd.;
H. R. Hutchison, Greenshields &

groups like Kiwanis,
had
laudable
pro¬

plication to today's problems if
Participation by those we are to avert collectivism from
date. Our two political parties had citizens now expressing uneasi¬
•within and defeat from without
become excessively partisan. Back ness, frustration and helplessness
and fulfill our national destiny on
of tnem were two economic groups would create a political influence
which
the whole world's hopes
in conflict which exerted exces¬ that neither party could afford to
depend.
sive influence
and they were ignore.
It would be superior to
deadlocked
The
*An address by Mr. Romney before the
most
funda¬ any minority pressure group.
It
out

g,

Governors: W. T.

grams

fundamental is¬

of political bank¬
Members would be encouraged
Responsible
representa¬ to
participate
in
the
political
tive government in the State of
party of their choice. I think we
Michigan had practically broken need to strengthen both political
down, and primarily because of parties. This process of political
and

C.

Treasurer: J. E. A.

toward

convention

of

H.

of Montreal.

—

organization

national

selection

J.

clients

my

issues.

becomes

which citizens

n

Bros. & Denton Ltd.

efforts

tions to influence their platforms

victory

Vice-Chairman:

seek

on

—particularly

i

e m m

r-

R.

minion Securities Corp.

pos¬

the func¬

the

national

i

Ramsay Securities Co. Limited.

the

strengthen the political parties
and get their members to partici¬
pate in the political party of their
choice
in
seeking
decisions.
I

as

a

a

P.

Co.; A. M. Ramsay,

sibly be generated by the present
of two-party system?

winning victories
dealing with the issues.
a

Ch

with

with

develop

-

to

fractional

on

F 1

Flemming &

our

dis¬

should

c e

men;

not

have such

national

*

ob¬

than

issues

their

Honorary
vi

Donald L. Erwood

must

we

solutions

hold

to

adequate

an

the

of

a

Ames & Co.
'

discussion

the issues far enough in
advance of the two-party conven¬

sues

want

jectively seek the solutions to

After decades

for

M
r

by

means

dealing with the issues and

in

■^Itl

uine

serves

candidates and

based

who

a

W.

Robson, A. E.

fac¬

political party immediately

could

going to have

sential

tion of

-.A

simply saying it is time we recog¬
political parties do and
what they don't do—and that if
are

orary

Chairman:

nize what

we

are:

o n

sound

party,

can

organization that

and

H

the

of

exclusively

and

political

mem¬

Board of Gov-,

bers

be

verge

was

Other

widespread

financial community, in the sense
that a leading firm is directing its

ruptcy.

Constitution

Chairman.

the party of

endorsement

or

and
Ltd.

elected

participation of
dedicated citizens in the political

political candidates. We don't need

and

Harris

real mechanism

as

organization

an

with

has

L.

was

basis of the des¬
a

Erwood

D.
of

Partners

responsibilities,

the

on

elected.

was

attention

truth

the

think

should

a

Association, the Board of

Governors for the 1960-1961 term

For

exists

An¬

Meeting of the Toronto Bond

Traders'

personal and individ¬

our

perate need for
for

only

focusing

citizenship

and

Citizens

nual

real '"flight from reality." After
seeker, to de¬ 150 years, if fewer than 2,000,000
national issues, the Americans actively
participate in

dedicated

ally in agreement. I learned long
parties. This was inter¬
ago that the people of this coun¬
preted throughout the country as
try sense problems ahead of their
a financial crisis and
many people
public recognition by their politi¬
thought
Michigan
was
on
the cal leaders because the
political
verge of financial bankruptcy.
leaders follow opinions; they don't
Actually, it was not a case of make it, basically.
being on the verge of financial
bankruptcy; it was a case of being Both Parties Need Strengthening
on

made

suggestion

TORONTO, Canada—At the

state.

rather

approved by representatives

that

insistence—on the distribu¬
tion of power between the various
levels of government as provided

the

of

both

Our

voluntary action for economic and
mental

leach

there

year

these factors:

can't give it away.

Compulsion

a

of

we

an

than
we

issue
a

facts

opinion and bias,

Such

the way. Michigan was politically
deadlocked a year and a half ago
—it still is, basically. For more

to

of

-

obsessed

the

farm know-how we've developed in the United States in

people

among
life from

have

Traders Elect

next

'than
The

showed

I

That

desperate need.

food with

more

.

...

Toronto Bond

I am not seeking to organize it
step would be to seek
myself, nor do I feel it is neces¬
the incontrovertible
facts, and on
sarily the best answer. I am just
the
basis
of

Our

facts

cussion of the basic issues.

experiment in
Michigan which I think may point

him how
r

.

agreement

is certainly not assured—I would
political parties are not
not want to leave that
impression.
primarily concerned with the is¬
But we are making
great progress.
sues
or
their
public discussion.
The
parties
merely
provide
a
"Citizens For America"
choice in trivia, personalities, slo¬
I think a Citizens For America
gans
and
labels.
This
appears
organization-could provide every
likely again in this critical

ciples of Americanism rather than

learn

the basis of substan¬

on

walks

us.

I

America

The two

on

to

all

with

properly perform their func¬
people think is ultimately going to
tions of government.
determine action and that is why
Citizens
For Michigan is still in
discussion of the fundamental is¬
the experimental
sues is so essential.
stage. Its success

duce

came

tial

joined

would first define

can

he

"Khrushchev
how to produce

the issues

life

we

governments

partisan history

can

of

Michigan. But they have needed was a Constitutional Con¬
to be willing to dedicate them¬ vention. We are in the midst now
selves to seeking the truth and the of seeking through petition
300,000
to
start
the
proper solution. Simons goes
on signatures
process
to say that with good government: rolling for a
strengthening of the

of

here. Garst

For

this

found in

basis

was

Citizens

cedure with the most fundamental
issue in Michigan, which is the

Essential

are

Rapids, Iowa, farmer whom
seeing

walks

We

the political parties who can take
an

all

discussions."

own

facts

on

formed

we

Michigan. We formed it with

We decided

of

insisted

either

essential

basis

is

He

than

the

his words:

are

basically

country

more corn per acre because
knows the technology. Here is
what he said:

•

defer

to

discussion

the

when he

.

and

litical organization

recent issue of

a

Digest.

Khrushchev

•

public

and

"Food Unlimited"

-

state

So

vital

too

are

in the

fact

the

intelligent understanding; that any citizen
for willing to put citizenship above
their correct solution. Henry party or economic affiliation was
Simons, the University of Chicago welcome to join. As a result, peo¬
economist,
says
the democratic ple of both political parties from

pressing

even

to

position.

issues

afterwards

higher. Since then we have been
endeavoring to subsidize and con¬
trol
agriculture to put it on a
sound

These

tinuing

deal

The

for their various programs.

so

world

a

in

party or he had no organized public sup¬
effectively. Metro¬ either of the economic groups. port for that effort and he had
politan areas and municipalities That was the influence of the citi¬ most of the
pressure groups mov¬
can't provide strong government zens themselves. The citizens of
ing in the opposite direction. One
because state laws are out of date. this
land
(and the citizens^of man cannot do it. It has to be the
Both state and local governments Michigan)
are vested with ulti¬ result
of
public
understanding
are
becoming dependent on the mate power; if they will exercise and insistence and
support for
Federal
Government for money it they can have what
they want. public officials who will do it.

prices.

tariffs

buy on

Constitution is out of date and it

cannot function

'

t

23

The

firm

name

of

Martinelli,

Hindley & Co., Inc., 99 Wall Street,
New York
+a

City has been changed

T\/T«iY*fSir

Pa

TdP

24

The Commercial and Financial Chronicle

(1472)

like.

Conversely, Du Pont is now
competing with, other industries
in recruiting metallurgists, physi¬
cists, geologists, and other spe¬
cially trained technical people.

Continued from page 1
the economy—such as the

chemi¬

cal

industry, the oil industry or
the rubber industry. And it seems
completely unrealistic to assume
that
whatever
happens
to
the
over-all economy, or even to one's

the cake by the ma¬
jority of taxpayers. What can be
done in these fields is dependent
on
the further logical growth of
our

Such

basic

individual business.

own

analogy would

an

omit

of commerce—that

rule

a

in¬

other fellow is after
the business we have, or hope to

evitably

some

on

economy.

Growth

Means

Change

Whether that rate of growth be

industry, will inevitably be¬

own

fall one's

icing

as

the

satisfying

the

accelerated

of

sayers

clining
able

of the

one

ago,

year

one

pessimists,

that

of the Fifties,

one

sooth¬

the de¬
of the newly fashion¬

a

we

or

be

can

sure

find

will

growth, as al¬
The best assumption would be ways,
accompanied
by
change.
that in the Sixties we can expect Change in our modes of transpor¬
a
continuation of the trends of tation, change in the distribution
the Fifties—and they were very of our population and, of direct
good years indeed. Total manu¬ concern to many firms, change
facturing increased at a rate of in our sources of energy. Changes
about 4% annually, and some in¬ fed and nurtured in large part by
in
science
and
tech¬
dustries, like the chemical in¬ advances
and
necessitating
also
dustry, moved at a higher rate. nology,
Others, such as iron and steel, changes in marketing and distri¬
get.

at

moved

lower

a

but still

rate,

accomplished significant improve¬
ment.

we

bution

methods.

industries

will

nesses,

these

maintain

To

depend,

more

even

than in the

Incentives

Private

Our success, as
individual
busi¬

or

from

rates,

'

past, on our knowledge
changing
markets,
and
our
ability to change with them.
of

higher bases, will take some fancy
So far I have mentioned two
"soaring." To seek to increase
them by government fiat—as some well-based assumptions: the next
of

visionary economists

more

our

rather
than by orderly advances based
on
increased productivity, could
to be advocating

appear

—

will

decade

growth,

see

not

automatically for
ness, and
it will see

change.

A

rather
than
promote sequence of growth and change—
the Sixties will be intensely com¬
growth.
Experience has shown that our petitive. We will see competition
economy flourishes
when incen¬ within industries, among indus¬
tives for the individual to pro¬ tries, among great industrial na¬
duce, invest, or innovate are at tions. It will be complicated by
a maximum. Any hint of new and
vastly
stepped - up
competition,
more
rigorous government regu¬ both political and economic, be¬
inhibit

which

lations,

at the

lie

root of

the forced-growth arguments, can

hardly

create
in

dence

mood

a

of

confi¬

American business¬

the

tween

little

appeal of these argu¬
matter how illogical

political
ments,

must recognize the

we

economically. If

them, we
charge
of

exposed to
opposing
new

oppose

the

Emerson
a

certain

ment of
a

for

said, "There is always
the

in

argu¬

conservatism, joined with
superiority in its fact."

I do not

of

vocates

where the ad¬

see

sound

a

take

must

economy
^

aid

and

free

mean

a

or

defensive position. Our free busi¬
system

ness

almost

has

every

contributed

the

free

business

system

that

from

comes

taxes

to

which

defend

draw

we

our

the

nation,

to

educate ourselves, and to provide
roads, harbors, social security, and
other

and

from

income

system that

of
we

jobs

and

free

our

goods

business

draw off much of

our

art, literature, and music,
great private universities, and
health

and

recreational

am

our
our

told that about 45%

of the

cost

of public education in Texas
is paid for by oil and gas
dollars,
and
that
additional
millions go
each

for endowments. There

year

is nothing mean about this record.

Undoubtedly
more

dramatic

has been
our

these

have

to

await

of

$40

rour

We

are

billion

am

a

But I

innovations
a

no

more

will

perfect

spending upwards
a

to

year

defend

our

one

American

question when its payment
the survival of

be

what

afraid

am

high price, but

sure

in

public sector

nation and to assist

This is
I

the

economy.
of

could

advances

called

some

world.

there

our

way

Allies.
which
would
means

of life. It

does, however, leave little room
;for the kind of experiment which,
however

attractive

in

the

soci¬

ology classroom, will be regarded




the

I

of

areas

would

will

the

How

like

to

has

ing

of

We

we

and

indi¬

as

indivi¬

as

rather
of

stead

being

it

hinder

be

progress?

tion?

in

And,

should
the

the

should

trends

new

actually

What

the

are

foreign

competi¬

what

role
play in
competition that

businessman

ideological
the

Areas

Are

stimulating
can

finally,

the

divides

hurts?

where competition in¬

areas

force

than

world?

of

Future

four specific

where

areas

briefly
compe¬

tition in the 60's may be
expected
to be most'acute. These are by no
the

means

only

but

areas,

they

four which warrant your con¬

are

sideration.
the

is

next

10

area

of

talent

see

hunts far surpassing anything we
have experienced to date. As the
become

for

ever

example, we
competing for

be

the

and

will
more

find

cult

guise than another.

sation, good working conditions,
preferably the use of some form
of
incentive
compensation,
but

met, it seems to me, by recogniz¬
ing the inevitability of change
and by embracing the new oppor¬
tunities change creates. Increased
attention to research, and more

a competitive search for tal¬
going on, American business
will need to pursue enlightened
and
ethical personnel practices.
That requires adequate compen¬

of

most

all

continuous

effort

your

developing
people
and

skilled

own

avoiding talent raids

Substitute
A

second

tion

will

intense

more

where

area

products

world.

competi¬

is,

may

portance.

strides

rials.

in

markets

reserved

We

have

seen

and, unless I miss

my

plastic pipe will

be

soon

The

will

stimulate

growth

provide the ideas.

Despite the

advertised

popula¬
tion
explosion, the increase in the
25-

to

the

bulk

in

44-year
of

age

group—where

creative

our

powers

research, marketing, and

agement
amount

will
to

be

less

found

than

man¬

will

—

one

and

a

half million. We will be
attempt¬
ing to meet the needs of a 16%

greater

population

only 3%

more

in

1970

with

creative people.

the markets
to

Pont, which displayed an
early dedication to research, once
no

difficulty enlisting all the

chemists

it

needed

to

its

man

laboratory

programs.
Today
must battle for its
share, not

it

only

with
diate

its

research-minded

competitors,

companies,

but

rubber..

pharmaceutical

of

plastics

materials

of

no

for

cause

concern

natural

In

gas.

into

billion

dollars.

to
As

well

In

of

today,

I
is

well

the

on

side

of

the

oil

and

imme¬

with

-

ing

in

and

the

with

This

is

illustrative

of

a

ail

companies,
houses, and the

have

sizable

those

paid

the

Italian

cents

is

rate

skilled

an

or

than

in

90.

or

tained

by

of

all

differences

more.

differences

in

ductivity, and

tools

and

abroad

productive
ferences

as

in

pro¬

existed

in

the

decreasing
build and

Such

productivity
as

past

as

their

capital. It
to

dif¬

'

;

We
and

at

point

new

are

■■

set

foreign

oc¬

com¬

is

just another
world's rising

industries,

of

pro¬

our

indi¬

encourage

search

re¬

the

creation

means we

of

new

must continue

technological growth

encouragement

of

re¬

at all levels.

Competition

and

Economic

Ideas

manu¬

'

"-i..

Growth

therefore

approaching—
rapid pace—the

fairly
where manufacturing
a

to

stimulate

through

The

Our Vaunted Technical

a

which

expansion

stimulate

facturing plants.

to

assess,

viduals to work at the top of their
talents and financial incentives to

have

these countries

modernize

to

is no tidy
problems

the

rising

by
—

incentives

rapidly

are

weight

ductive capacity and of our finan¬
cial reserves. It means economic

figures have

own.

there
to

answers

the productivity of our

not

our

difficult

more

continued

offset

facilities,
the
equally as

is

the

aims

and

To meet it successsfully, will re¬
quire continued improvements in

evidence that, given the

no

same

worker

com¬

political rather

role

of saying the
industrialization.

been offered to justify this claim.
There is to my knowledge, how¬
ever,

mate¬

raw

economic

Russia's

way

most

or

worker

some

orthodox

petition

main¬

are

on

world

-

Obviously

draws

been

that

some

these

by

has,

Russia

to counter.

of

hour, the West Ger¬

It

other

than not by
'

makes

(for a 45-hour week),
the Japanese 56 cents, the French
about

of

dumping. The fact that these

often

80

man

?

■

pressures

casioned

$3

:

heavy surpluses in

and

some

worker

Aims

arrangements are prompted more

of $2.30
additional 40
For

With

-

and

all

an

in

through gov¬
ernment
to
government
barter
deals
that feature price cutting

manufacturing

benefits.

Trade

free-wheeling

a

petitive

of

an average

with

in

made

rials, Russia is increasing its

/

American

are

advent

the

as

petroleum

ad¬

prevailing

is

trader.

date, at least, they have
own
advantage of

craftsmen
The
90

Russia's

stage

their

of

revisions

some

That

us.

—

abroad, whether
by American or by Eu¬

There is another unsettling fac¬
tor in the world economic picture.

removed

major advantages

to

countries.

mar¬

portion

wish

policies, we may find
European doors closed to our ex¬
ported goods, while ours remain
open to imports from lower wage

for

including

who

those

for

tariff

our

technology and large scale.

hour,

cents

proc¬

markets.

domestic

they

some

two

an

in¬

We are quick
acknowledge
the
advent
of
formidable competitor.
new

us

The

seeking the establishment of

esses

building

world,

doing,

so

worker is

market

same

competing

the

this country.

dustries in chemical products. We
find
ourselves
with
comparable
materials

small

one-tenth

unnoticed by our market¬
people.
That is the rise of

place,

been

protectionist device—
foreign investment at¬

capital, do not create jobs
country. In addition, un¬

this

less

re¬

low labor rates—from one-half to

and

two

than

And to

Industry
Competition

our

have

retained

Chemical

competition between

been

so

of

our

industry.
Oil

have

growth in Europe of
concept—es¬

operations

ropean.

what

to much of American tech¬

vanced

a

would say the balance of trade

Japan

which

But it should be borne in mind
that

<

from

oil

over

clear

a

made

tractive

their production facil¬
doing they have had

In

rest

con¬

chemicals, including
additives, to the oil in¬

amounted

and

more

various

dustry

quite

problems

participate in this large market.

kets; they have been building for
new
concepts of common market
groupings—and for export to the

relationship has been mu¬
tually satisfactory.
In 1959 sales
gasoline

sentially,

with

up

The

in

is

It

They

industry's emerging role as a raw
material supplier to the chemical
industry has been one of the great
marketing triumphs of the last
quarter-century.

of

woke

closer

is

common-market

has

aid.

in

the

the

nology, and they have had the
advantage of American economic

in the oil

fact,

abroad.

markets

to

we

financial

exports.

ities

industry, since most of the new
plastics are based on petroleum
or

business

building

struction, though it may cause an¬
guish in some quarters, should
be

The

growing, and
minor fragments of

of

ideas

result may be resolved in part by
investment in productive facilities

financed

access

traditionally reserved

conventional

In
last

has been happening. Western Eu¬

costs

'

fourth,

and final area of
competition which we will face in
the

1960's is

important

more

in

significant and

determining

our

future than any of the others. It
is the competition of ideas. The
ideas of freedom, which have been

kind of competition—inter-indus¬

will

try competition. The gradual blur¬
about

driving
force
behind
our
ferences in wage and salary rates, the
and
the living standards which- economic development, will con-:
they determine. It seems doubt¬ tinue to do battle in the court of

many

ful

tween

industries

through

the

has

come

interplay

of

economic factors,

but it is due-in
large part to the increased em¬
phasis most modern industries are
placing on research. Competitive

opens

many

unexpected

doors,

that

the

disparity

in

wage

:

world

rates and living standards will be

state

substantially reduced in the short
term; or that they can be, brought

nism,,

into

research

is, of course, a subject
worthy of~ discussion in itself, but
suffice ^ it to - say- that'. research

reflect, in large part, the dif¬

.

ring of traditional boundaries be¬

Du

had-

movement

export

technical

bottom than the

start early this year, to find that
in 1959 our imports had exceeded

rope

guess,

seen

great

the

rate.

capita output of

per

vincing evidence that, in the long
pull, our competitors abroad will
fully equal, and could even sur¬
pass, our technical competence.

a

kind of corrosion-resistant

new

a

the
1960's.

many,

our own

of the war—it remains con¬

math

and

Nevertheless

mate¬

cellophane
and polyethylene take over appli¬
cations once the sole province of
paper,
polyvinyl . chlorides
re¬
placing
lea the rf formaldehyde
resins for metal; and polyethylene
placing leather; formaldehyde rqsin&Tor' metal; and polyethylene
for tin plate and glass.
Plastic
pipe is replacing metal for many
uses

less

economy

until

as

top of in¬
dustrially mature countries and
has been declining for the past
decade, while Germany, France,
and England have been moving
progressively upwards.
Explain
this, if you will, as another after¬

imports did
not
seem
too
serious.
Perhaps
we
were
lulled into a quite un¬
justified complacency.

tradi¬

older

to

loss

domestic

example from

we have seen
plastics remarkable

made

tionally

the

Our

hungry

were

industry,

own

in the field of

of

one

of

least

of

excess

our

creative

industries has been of limited im¬

the
an

believe,
50's—at

fact,

to the

years—foreign competi¬
tion in most of our manufacturing

\

If I may take

In

several

supplantive competition, this fre¬
quently involves the displacement
of an older product with a newer

my

I

the

our

than twice

more

ain well in

the growing ap¬
competition-from
on

the

Swedes

competition I

somewhat

conse¬

and both Germany and Great Brit¬

is

of

uncertainties

perform
roughly the same function, though
they may be of quite different
origins.
Sometimes described as

one.

be

less than perfect

a

That

parition

is

abroad. Its effect

grow
related

between

of

area

discuss

reassuring in

certainly

is

which

to

want

the

as

But here, too, it is diffi¬

justify such a conclusion.
other hand, a study of
patent applications for the 19501954 period shows that the Swiss
produced more than three times
as
many per capita
as
we, the

Foreign Competition

Competition

almost

will

standards

to

On

more

The third

choice

no

one

markets

other in¬

on

dustries, who then have
but to reply in kind.

in

awesome

competition

new

free

our

receptive attention
will, I believe, build
strong positions for those with the
flexibility to move with the times.
to

preferably,

means,

more

no

creative,

employ all of your people to the
fullest extent of their capabilities.
It

it

The

to

passed

young

living

ent

and

more

ducing beneficial results

fair

that

such

complex,
inevitably

technically trained

who

men

more

greater technical skills and in¬
ventiveness, and point to our high
industrial efficiency and higher

know

quence.

its

make

to

means

It is not to predict a rift in this
relationship that I am about to
mention a fairly recent develop¬
ment which, believe me, has not

busi¬

our

offset these disadvantages by our

anything to fear from grow¬
inter - industry competition.

system has developed. We should

the

manpower.

will

years

to

jobs

find
more

gas
The

blind

challenging and rewarding
than in competitive fields.
With

blood, each industry must

new

The

Competition

I should like to examine

business

be

competition
is the most effective spur for pro¬

be

pressures

can

companies

helps

ness

facilities.

be

step

duals respond so that competition

of

I

that

churches, technological aspects of

the funds to support our

of

vidual

First

the

of

some

greatest?

benefits.

is

It

of

not

Thursday, October 13, 1960

organiza-> repercussions, both economic and;
the op¬ political.
This is a form of com¬
portunities it develops, however petition which could well tarnish
unconventional they may be.
the glitter of the "Golden 60's."
I doubt the economy as a whole
Others have argued that we will

the Texas oil fields.

It

has produced the jobs and the in¬

to

Where

to

know.

we

slow

draw attention.

material, social and

cultural benefit that
is

is

competition

there

meanness

certain
But

are

clearance,

schools, slum
older people.

we

the

and

the faint of heart in the 1960's.

or

no

they may be

the

for

room

It

yet

World

Free

Communist World. There will

man.

And

the

alert

This is, of course, true through¬

busi¬

third assumption follows as a con¬

the

will

out the economy. To get its share

though

every

and

tion

..,

opinion

control,

there

worldf without

United

-

trend

standards—with

«

significant

a

in

,

our

obviously

own

severe

the

dictatorship

ideas

of

commu¬

and, authori*

tarianism.

equilibrium, at least in the
industrially advanced parts of the
downward

with

socialism,

r

In the context of the Cold
are

arguments

States

«•

can

War,
that the

increase

its

strength most -rapidly by govern¬
ment direction. There is nothing

Volume

192

Number

5994

..

The Commercial and Financial Chronicle

,

(1473)
in

new

have
ments

goal.

Its

proponents

adopted

deemed

the

to

this

merely

In

il; Various Factors Bearing
On A Firm's Profitability

new

appropriate

more

times.

I take the

liberty of pointing out
what is already well known to so

that
competitive

highly
free-enterprise
economic system can exist only as
long as our elected representatives
choose to permit it.
many

present

our

Continued

from

less

3

page

sales

pliers, textbook publishers, build- ing
*nS material concerns and appliance makers

If

^tainSpection °f the age gr0up

nation.

with

■«,

If

think

we

effective

that

it

is

more

must
convince
our
governmental representatives that
we

it is. If
in

we

them to the
If

we

lative

best

of

of the
duty—not just

citizens

to

11?^%
iHmillGSj

4fi

^

functioning

system, it is
f-"
right—as
them by all

each

^Sof=ie7busL^
in

are

politics.

like it

we

+inr>
tion

We

&

ic tuhpfhAr
is
whether

tive.

wp
we

can

.■■•''■y

•

•

effect
GliGCt

worker

is

sup-

indirectly through So-

or

more

t

pffpceffec

hp
be

pan

v'-:';'

burden

each

on

worker,

the

fact

What Businessmen Must Do

•

To

effective

be

than

have gone

requires more
interest in one

just passing

proposals which
particularly on our businesses. It requires
that we begin
bear

to

the

see

legislative

process

for luxuries and

recrea-

tion now must go for food, diaper
service, medical care and housing,
In the long run, of course, the
greater numbers of children being
born will be additions to the
working force, but short run ef-

two legislative

or

as

whole, and that we see the legislator's problems in the round and
a

or

should

intelligently
general
general

when

them

expedient.

ideas

individual

of

it

is

being
come

unsurpassed
unsurpassed
establishment.

technological
we

enter this fateful

uscu

income is rising faster percentagewise than
wages mctQllmonf
means that the
limit
upperincrease
limit °f
installment
debt
can
faster
than
r\f

1]nnAr

rloKf

wages,
since installment debt is incurred

largely for discretionary items.
(4) Increased leisure time—has
obvious implications for makers

°f

boats

cameras,

bowling

and

a

concomitant advance in techno¬

logical complexity. This complex¬
ity, or technological upgrading, n
you will, results
generally in a
„

at

the

risk

capita

per

easily to

of

our

Examples

of

recreational

facturers

as

mami„

slfel'l
shell homes!
homes.

of

(5) Rising
plied in the
creased

such

area

fac^urers °f

rates—are im¬
combination of in-

wage

leisure

time

and

rising
disposable
income.
But
rising
wage rates to the extent they are

pot limited to productivity gains

-

,

.

.

particular

a

~

company

mncf

m«+

Vw

in-

or

r^ecmcr

the

rate

rises
which

our

The
is

at

will

which

productivity

determine

the

rate

at

by
regulation,

standard of

living rises.

"do-it-yourself" movement

to

a

considerable

extent

in¬

Paired, painted, and

sellmg
requires re-

Product which
sales

of

•

second

a

as ,cJ"?eras

decade,
zealous,

control,

of

product,

°£flce ma-

so they "doit-themselves." Continually rising
rates

wage

only enforce this

can

trend, especially if combined with

a

abroad

business.

responsibilities

is

can

citizens

not

cease

and

when

of

businessmen
have

this

personal

income.

proportion

By

is

expected
to rise to 50% of disposal income,
This should mean more money for

do

recreation, education, and housfactured, sold
and
delivered
a
ing. However, the increasing procertain quota of goods. It is up to portion of consumer income which
us, each of us, to maintain con- is
discretionary
lends
greater
stant
vigilance,
to
speak
out volatility to certain phases of our
clearly against these forces that economy. For instance, not only
we

manu-

A.

would limit
Above all

our

freedom,

-._

the

can

consumer

choose be-

now

bringing

for

a

strong

a

uuo vi

we

America

v

j

An

address

by

Mr.

auMi

vv

Dawson

that

^
(6) increasing pace of
technological change—Product obsolescence
^viuiu.u-

will be much

more

rapid. Changes

in manufacturing processes and
techniques will increase variations
in the cost and quality of the
same

Dempsey-Tegeler Branch

cph^nic
schools,-

t0 s<Mpp0?'!: better
parks, and police

tection.

This

some

pro-

Okla.—Dempsey-Tegeler
& Co. has opened a branch office

could

mean

currently stable

industries

TULSA,

will

or

find

-

large extent

a

of

rising

re-

search

expenditures and it lmplies that companies without access to active research programs,
or lacking the ability to translate
research
results
into
successful

that

defensive

themselves

companies which do trans-

late strong researcft

f
successful commercial
.

and
as

.

services should

.

rec¬

ognize the combined potential and
threat implicit in
rising world¬
wide industrialization and
trade,

forego

may

markets

Vietor,

Measure
GNP

Co.

(1959

Industrial
•'

Common.

vtagco

Dann

dollars)___

Production

vpci

.

(FRB

Index)--!

wcca,

——

Credlt

name

& Co.,

of the New York Stock

h^en

changed

Dann & Co. V

-

-




Exchange,
to
Common,

,!•

-

•/

'

•

1950

1959

$356.4*

$482.1*

75

profitable

and

also

eign concerns.
Prima facie,
the
to

overseas

their

see

tivity.

(10)

Rising

This is both

a

education

level—

and

cause

of increasing research

result

a

and

tech-

nology, and rising wages and per
capita income. One effect is to

cost

cutting

—v

machinery.

educational
mean

levels

United

it

would
will

appear

continue

manufacturing areas
requiring low labor input, much
capital and advanced technologies.
Products with high labor
input,
small
capital requirements, and

tastes. Classical
records,

and

adult

education

courses,
are
all
in
growth trends. The mass

magazines appear to be in trouble

circulation-wise, while special in¬
terest and opinion

periodicals are
heights of circula¬
prosperity.

reaching
tion

new

and

The above factors

are

and

obviously
not

are

However,

they

so

are

among those factors which should
importance to the

be of particular

profitability
the

over

The

-

J™™?31/low levels
technical
know-how will be under

should

sophisticated

instruments,

intended.

States

Rising

also

increasingly

consumer

do-

dominate

of

next

American

ten

Economic

companying this
recent

trends

fact

sheet

ac~

paper summarizes

in

many

described

measures

firms

years.

of

the

above.

mcreas-

abroad to be channeled into'spe ^"ifieldhas
?lflc. Product areas—thus particu- wlth the firm"
lar

industries

time

the

capital

from

may

under

come

board,

attack.

with

accretions

time

to

1

J. F.

But

our

huge

become associated

Greig Opens

HONOLULU,

Hawaii—James F.
conducting a securities

which

have

Greig

been

largely untouched by

wars

business from offices at 161

—we

can

ment

on

build

—

plant and equip¬

scale

a

that

other

na¬

tions cannot yet match.

manufacturing

excess
material
of

capacity

profit

Stern,

in

South

Trust

was formerly with
Frank, Meyer & Fox and
thereto
was
with
Bishop
Company.

raw

and

mean

margins,

is

King Street. He
prior

(8) Excess capacity—What will
terms

price

cutting
and attendant phenomena?
Such

Houston Securities Corp.
HOUSTON, Texas — Houston Se¬
curities
Corporation
has
been
formed with offices at 2207 South
Coast Building. Officers are Geo.
K.

Waki,

President,

Joe

and

D.

wiU mean extended periods of NEW HAVEN, Conn.
Planners,
^_acl]ustment ana pernaps proi 900 Whalley Avenue, is continuing
ltless Prosperity
to the firm
involved." Over-all, ""p r o t e"cYe d its investment business as a ex¬
t

be

positions"

$89.47

102.8

124.6

$337.3*

$14.7*

151,700,000

176,900,000

$1,369

$1,906

$97

$223

$13.1*

$22.9*

credit„__
—~

Research
-

Expenditures"'—!
t Estimated."""^™"""

* Billions,

40.0

3.4

50.8

4.2

21.2

1.9

62.4

5.0

168.5

$39.5*
;

Per capita,

install.

3.1

.«

16.6

.

1.5;

■

less

and

f

"scarcity

P

vitiatine

and

positions"-

P

skiUs

aA,®

r

_

antitrust

vigorous
garchies

no

markets

to

°

and

wides'nread
p

:.

prosecutions
so
monopolies or olilonger have growing

that

themselves

for

20

or

OA

y
(9) Gradual relative shift of
ployment and spending

away

em¬

industries—This is largely the re¬
sult of the

great productivity gains
manufacturing combined with

some

degree

At

of

satiety
goods. The pro¬
gains in service indus¬
consumer

have been slight.

present

difficult

trend

the

to

since

investor

capitalize

most

finds

on

this

$12.5*

$23.8*

$2.9*

$11.5*t

3.4
8.6

74.6

5.7

tries tend to be made up of

small,
sole proprietorships,
partnerships or closely held cor¬
porations. The future, however,

90.6

6.7

300.7

14.9

should witness increasing concen¬
tration

of

ownership

Chic. Inv. Women

to Hear

ruir-Arn

Til

Women

Chicago will have

CHICAGO, 111.guest

of

The

Investment

Carroll L. Birch,
M.D., Professor of Medicine at the
University of Illinois, at their next
meeting on Oct. 19 at the Chicago
Bar Association,

Four With

Yates, Heitner

(Special to The Financial Chronicle)

ST. LOUIS, Mo. — Milton J. H.
Gehrs, William A. Gerst, Francis
J. Hess, Jr., and Leo F. Wulfers
have joined the staff
of Yates,
Heitner

&

York

Woods,
members

and

Paul

of

Midwest

Brown

the

New

Stock

Ex¬

changes.

(i.e.,

the

Form Accredited Inv.
SYRACUSE, N. Y.
Investors

formed with

Street

to

business.

—

Accredited

Services, Inc. has been
offices at 753

engage

Officers

in

are

James

securities

a

Charles

vending machine industry) which

Shima,

should

Gross, Secretary-Treasurer.

in

turn

create

a

as

speaker

indus¬

service

'

39.2
129.9

Secretary.

Building,

fragmented
i

Treasurer; and Harvey S. Sussman,

from

manufacturing and toward service

in

P.orat'on. Officers are Irving LipPresldent, David Saginor,

since £lner'

investor
are

—

_

technica.

it

10.4
.

less

the

f

raw

.

ductivity

% Increase

35.3

tl

in manufactured

•

p?I c»Pitt W-'Sil" mZ—ZZ"™

g•

——————

% Increase

offer
to

.

nrnt(Wfg ZZ. a
8
£niir_p_
'
linHermininfy

.

.

_

,

terhnnWiPc

npw

P

,

regarded

,

attraction

tries

105

$59.33
$207.7*

Ellioott Souare Building, members
jhas

creasing service industry produc¬

markets Evaded by for- not all inclusive

Annual

Now Common, Dann & Co.
of

emphasis

productivity gains for the
service industries. It would
appear
a great deal of future GNP growth
could originate in this area
of in¬

strong

It would appear

that companies which do not

Compounded

management of Irving Miller.
Mr. Miller was formerly President

BUFFALO. N. Y.—The firm

,

products

prime investment prospects.

the

■Vi-

into

programs

ECONOMIC FACT SHEET

Enterprise Building under

of Miller &

resources

greater

on

foreign markets?

product produced by differ-

ent companies. To
this is the result

course,

ciation, San Antonio, Tex., Sept. 21, 1960.

the

concentra¬

and

require

ouivitta

before

the Texas Mid-Continent Oil & Gas Asso¬

in

to

de-

consumer

products

should know tween outboards, swimming pools,
needs and travel, but he has the alternahealthy, dynamic, competitive in- tive of spending more on goods
j
: we
wv
fiiivUi.u
uc
uivi
wiv
dustry;
should be
alert to the
and
services
now
classed
as
commercial
Hy
W
vlctoduU
do
vUIUIlivI
VfCti |JI
products
and DCA
UUUL
CUIUL
V
services,
attempts to weaken it; we should necessities: gourmet foods instead will stand in ever greater
danger
be prepared to defend it in the of meat
loaf; a more luxurious of losing markets to more aggresstruggle for men's minds.
home; better medical and dental sive competitors. ; Conversely, of
care;
better clothing; more real
i.' *
that

others,

nation's

also

mand

disposal

1970

Ameri-

as

ownership
lead

musical

a

product.

times require an equal dedication
from those who speak for freedom.
Our

invest¬

an^ seemingly permanent short- Pace, Secretary, Treasurer and
a&es of many raw materials have Vice-President. Both were for¬
even
(3) Rising Discretionary Income less service: autos, TV's and wash- turned into market glutting sur- merly associated with
Kay & Co.
and At present, discretionary income ers that obviate expensive visits pluses (i.e., oil, sulphur, iron ore,
The is estimated at
bauxite, etc.) This has meant and
$135 billion or 40% of the repairman
Now Corporation

seeking

economy

more

fractionization

with

concerns

corollary, this

of

should

protect its domestic position? Bet¬
ter yet, can it
capture growing

across

^La
peat

body of opinion earnestly striv¬
ing to dilute the strength of our
free

a

added costs on to the cong p ®s™re *rom ^an domestfc
Bacon, StevenS°n
°! P,riCe,Jln" manufacturer" with these fevor- Baeon> Stevenson & Co., 39 Broad♦«^.st?chhc^ers able characterises will be dm- way, New York City, members of

0ne .interesting method of inv

company manu¬
or
sell imports to

find arrayed against us
chl,nes, (forms and punch cards), increased leisure time. This has
dedicated' antagonists"abroVd,'"the aPd Photocopying machines (sen- sTd^ effect" of" greater "sales"and excess manufacturing capacity has
prophets of the new feudalism. At s^zed paper). Thus, every new rentals of tools for these pur- been appearing in a steadily inhome there continues to be a large sale °J tbe f'rst
Product creates poses This rising cost of iabor creasing number of industries
continuing demand for a second
we

tion

of

merit.

As

SUmer ln the

consumption

mind—aluminum,

facture

Xo'a'tSnf'fofHrms^outswl te

spired by the high and rising cost
0f iabor. Many Americans cannot
afford to have their h0mes re"

one

still
still

a
a

I

glass, amateur photographic film.

nation, great material and social
and
and

tnis^discussion

i

redundant.

rising

great

freedom, of
equal opportunity, of human dig¬
xntv
ui
nee
nity,
of
free
cmciyuac,
enterprise,
have
ndvc
brought us strength and power as
rewards.
rewards,

of goods and services
in

importance to merit being set out

tem¬

The

com¬

^/toe^le^S bS ^taWltoSrf—ny isun®
der mrdnLmn
this trend is a subieet of sufficient Lr
consideration. n,,.,
Over the years,

hnoortant
important

mei"s.
.WiM SMfseparately,
basic beliefs and not

porarily

As

-

along

our

forsake

a

other

p

out

speak

the
the

on
on

SUmption

atten-

more

then

and

views
views

l!s!ies;
true to

pay

a

Along witih the increasing pace
technological change there is

of

/-,*•

in

fects must be examined closely.

of reference about what is possible
and
what is practical. It means
we

to

mean
a

riiio+fv

that

also

pa™es within industries.

wiuwy
producing
a
widely
used
.necessity such as electricity
Vs Ml? more sophisticated
r*rrk»4no+c x*ri+h m+iQ
a higher price and
breads-products
with little or product
p™d"ct. with
™th a
hJSher
P™e and
,.,~n
often a higher profit
margin to the

this

£1!
^/d^posa!
r.lsme aisposai income
income nfafmole
may

not. The main ques-

or

immediate
linm6Cll3t6

The
Hie

employed

family

whether

are,

could

yau»
pany

hen of
the population
noou at on
boom is
is
men
OI me
to increase the number of mouths

our

oppose

sus¬

com-

basic

th^ un^rend3toward larllr

threatened with legisto
the
proper

are

that

life

of

individual

among

discretionary

obstacles

£

our

ability.

our

affirmations

not

and

working ends ot the population bas.more "cream" on top and this
(?) Foreign competition—Will
scale—the aged and retired (better iayer 0f cream continues to build foreign imports affect a
company's
nutrition and medical care) and up
sales?
Can the
fact

counter

we must

stout

purchase

and

tries

number

ment

—

inroads being made

see

freedoms,

our

It

rising population

a

the

consumer

appear

—

than capable of meeting the chal-

lenge,

praises of

the

would

™ Lj? oai«l fnt tn
cwt
increase since
layer of dis- p
Exa™pies would inclade take a larger and larger propor¬
Sreator wealth for all. In the short cretionary spending above the
^,..n automobile vs. a 1920..tion of the labor force out of the
™n' this is not necessarily true. p0jnt
which necessities must
' the vacuum cleaner vs. the
semi-skilled and unskilled labor
are growing the most per- be cui .g s0 muci1 thicker than broom» and the . outboard motor pool
accelerating rising wages
centage-wise at the two non- ^ formerly .was. Our economy Xs* oarsand increasing the
profitability of

present system

our

and

cal

the uncriti-

are

of

a

taining necessities.

i

Many and loud

,

as

simply

be determined

can

they become convinced that
greater regulation of industry is
the
answer
to
the
challenge of
Russia, we are in trouble as a

is

greater part of their
represent volitional spend¬

so

it

summary

likely that the forces unleashed
by the advances in technology
will cause more
rapid shifts of
competitive position among indus¬

25

greater

President,

and

F.

Jeanne

I"##**-?-

26

•

(1474)

Indications of Current
Business Activity
AMERICAN

The Commercial and Financial Chronicle

i

IRON AND

.Oct.

(per cent capacity).

statistical tabulations

latest week

month available.

week

INSTITUTE:

STEEL

Indicated Steel operations

The following

or

or

month ended

Latest

Previous

Month

Week

Week

Ago

Steel

42

PETROLEUM

oil

and

...Oct.

(net tons)—

gallons each)

(bbls.)
Kerosene output (bbls.)
fuel

oil

Residual fuel

Total

new

6,812,225

6,823,860

6,876,860

.Sept. 30

6,849,060

Sept. 30
Sept. 30
Sept. 30

29,018,000

2,663,000

Sept. 30

12,583,000

Sept. 30

6,168.000

6,388,000

6,027,000

5,825.000

187,417,000

186,906,000

188,665,000

175,857,000

—

,—

i

(bbls.)

output

oil

368,000

1,510,000

*1,522,000

§1,556,000

15

output (bbls.)

M

1(7,949,000

8,294,000

7,618,000

29,200,000

28,544,000

2,189,000

2,701,000

2,100,000

12,624,000

12,774,000

12,635.000

7,963,000
28,575,000-

Kerosene

(bbls.)

Distillate

fuel

Residual fuel

ASSOCIATION

(bbls.)

oil

OF

(bbls.)

Revenue freight loaded

Revenue

CIVIL

Sept. 30

(bbls.) at

Sept. 30

35,151,000

34,896,000

33,884,000

32,231,000

Sept. 30

168,625,000

165,447,000

153,023,000

174,169,000

Sept. 30

50,325,000

48,344,000

47,078,000

59,524,000

at
at

freight received

ENGINEERING

Oct. 31
(no. of cars)—Oct. 31

from connections

Additions

CONSTRUCTION

\

U.

S.

Private

Stores,
Other
7

State

COAL

and

municipal

OUTPUT

(U.

527,612

Miscellaneous
Farm

(tons)
Pennsylvania anthracite (tons)
DEPARTMENT

243,600,000

141,900,000

234,400,000

183,600,000

150,600,000

209,600,000

121,200,000

99,600,000
85,300,000

24,600,000

24,800,000

62,400,000

14,300,000

Oct.

8,235,000

8,220,000

7,730,000

7,611,000

Oct.

363,000

378,000

376,000

457,000

Oct.

149

148

147

143

Oct.

STORE

SALES

..

ELECTRIC

Electric

(COMMERCIAL

AGE

Finished

steel

(per

INDUSTRIAL)

AND

DUN

—

Pig

(per

gross

13,725,000

13,779,000

14,216,000

13,086,000

343

304

276

274

1

$66.41

$66.41

$66.41

$66.41

Oct.

$29.83

$31.50

$32.50

$43.50

Domestic refinery at

Oct.

32.475c

32.600c

32.600c

32.450c

Export refinery at
(New York) at

Oct.

27.550c

28.325c

28.700c

28.050c

Oct.

12.000c

12.000c

12.000c

13.000c

Oct.

11.800c

11.800c

11.800c

12.800C

PRICES

ton)

&

*.

ton)

gross

(E.

M.

J.

Zinc

(East

St.

Aluminum

U.

S.

:

Louis)

at

Oct,

,

(New York) at

BOND

PRICES

Average

AVERAGES:
:

"

i

A

Public

Utilities

Group
Industrials Group
MOODY'S
U. S.

BOND

AVERAGES:

Average

12.500c

13.000c

12.000c

CONSUMER

24.700c

OF

103.125c

102.255c

102.625c

103.375c

88.40

88.42

87.83

_I

82.58

(tons)

of

Unfilled

83.91
87.99

Instalment

90.06

90.06

85.46

Automobile

86.78

87.18

83.66

Other

89.64

-Z.T.

80.93

81.17

82.65

78.90

Repairs

Oct. 11

84.55

84.55

85.07

82.77

Personal

88.54

89.37

82.77

OIL,

PAINT

1949

n~oct.

:

—
..

—

ASSOCIATION:

88.13

.

88.81

89.51

88.95

3.77

AND

DRUG

of

period

REPORTER

TRANSACTIONS

FOR

-

PRICE

4.28

.

-

..

>

4.44

■

4.61

4.56

4.28

4.24

4.41

4.41

4.66

4.65

5.11

.5.09

4.82

4.82

4.55

4.52

4.50

4.49

362.7

■

4.87
4.56

■

.

.

•

•

4.75

4.62

4.89

4.97

-5.28

4.78

4.96

4.46

4.96

4.45

4.69

364.4

362.2

376.8

312.753

312.762

363.714

326,644

331,401

:

334.749
324.667

Oct.

1

93

Oct.

1

429.110

Oct.

7

109.65

OF

321,633
-

93

,

411.961

;

'

94

97

418.445

532.006

•

*.

•

.

■

'

'. z

109.77

110.81

•.

109.65

:

MEM¬

:

Other

Other

sales

sales

purchases

Short sales
Other
Total

Other

sales

4

sales.

transactions initiated

Total

on

purchases

Short sales

Other
Total

sales

sales

Total round-lot transactions for account of members—
Total

purchases

i

Sep. 16

299,940

279,770

Sep. 16

,420,850

Sep. 16

,720,790

.Sep. 16
.Sep.16

Total

sales

391,010

242,740

1,373,960

1,695,920

1,594,118

1,653,730

2,086,930

1,836,858

253,090

253,350

393,960

332,410

50,960

42,760

50,500

.DEALERS

AND

SPECIALISTS

ON

N.

Y.

208,830

308,500

377,440

251,590

359,000

404,740

.Sep.16

512,985

467,550

604,095

560,651

of

Total

ON

THE

STOCK

MEMBERS

sales

Other

sales

Total

N.

Y.

*

.,549,265

2,412,390

Sep. 16

446,740

400,390

Sep. 16

2,145,520

2,033,695

Sep. 16

,592,260

2,434,085

„

3,138,295

2,656,004

532,990

405,260

2,657,535

3,190,525

2,714,153
3,119,413

LABOR
All

All

—

U.

S.

.

DEPT.

1,187,357

1,488,187

1,629,386

Sep. 16

4,519,362

$57,724,697

$72,799,692

$81,101,534

•Revised
as

of

Jan.

figure.
1,

1960

({Includes
as

1,284,281

$60,308,477

1,163,600
10,866

1,152,734

$56,150,992

1,426,451




79

/>■•

70

55
67
'

107

21,127

1,106,842

$66,665,560

and

foods

I

pound)

(per

long

(per

(per

Ion

(per

$53,928

$53,653

$48,841

41,995

41,687

37,510

18,078

17,946

16,288

10,202

10,202

9,289

2,891

2,852

2,569

10,824

10,687

9,364

11,933

11,966

11,331

4,299

4,290

4,034

4,473

4,506

4,365

3,161

3,170

2,932

•.

32.600c

-

£234.705

11.800c
•

...

gton)

-.

...

U.

".*"*/

,

ounce).}.

97%

(per

grade

(per

76

pounds)..

pound)

pound)

Cash

(per

(per

avge.

pound)

.J

419,590

255,420

419,590

255~420

Net

Sep. 16

438,370

379,600

498,320

733,870

Other

RYS.

13.000c

12.800c

£72.088

13.000c:
:

11.334c

13.500c

•

£87.429

••

91.375c

92.250d

£86.071

1

£87.460

-

11.834c

i

..

'
.

£84.991

V

£

{

91.399c
78.898d

$2.81111

$2.80370

102.940c

102.435c

$35,000

$35,000

$209,000

$209,000

$223,810

32.590c

32.590c

32.590c

29.000c

29.000c

29.000c

29.500c

29.500c

29.500c

*

$82,000

$77,000

$1.40000

$1.40000

$1.20000

$1.51429

$1,50000

$1.30000

$1.50000

$1.50000

$1.75000

26.000c

26.000c

26.800c

23.250c

extended
hand

to

and

customers
in

of customers'
value

23.250c

24.700c

35.250c

35.250c

35.250c

74.000c

74.000c

74.000c

$2.25

$2.25

$2.25

$3,220,000

$3,113,000

$3,424,000

(000's omitted):

firms carrying margin accounts—
net debit balances

Member

•

EXCHANGE—

customers'

Market

3~5~6,290

lb.)

pig

of

banks in U.

free

listed

borrowings

111,000

110,000

154,000

362,000

361,000

1,021,000
110,057,902
300,900,603

1,018,000

374,000
1,035,000

108,993,941

104,879,730

292,391,667

304,568,809

720,000

677,000

488,000

2,231,000

2,203,000

2,314,000

$57,025,664

$61,274,451
25,903,176

$89,306,340

25,922,415

$82,948,079

$87,177,627

$112,250,870

S

credit balances

bonds

j

arket value of listed shares
Member borrowings on U. S. Govt,

356,290

lots)

pound)

weighted

(per

STOCK

on

v

£71.352

$82,000
ton

pound)

Aug. 31

Total

11.800c

/

primary

Credit

•

13.000c

$35,000

£

of

£230.000

.V

£70.244

91.375c

lots)

grade

YORK

£230.375

£70.722

102.274c

delivered

small

Magnesium ingot

NEW

'

£245.159*-r

...-£70.949

79.250d ' £

pound)

pound,

ingot

Bismuth

28.015c

•'12.000c

I.-

.

v'

31.018c

£69.946

$2.81271

-

pound)

grade

♦♦Nickel

of

(per

(per

refined

pound,

Cobalt,

»,

£243.727.

£86.446

price)

flask

.2

r.

\
issues..

other collateral

on

ITEMS

OF

U.

S.

CLASS

I

(Interstate Commerce Commission)—

Month of June:

railway

operating

income..

...

income

Total

Sep. 16

607,280

574,270

669,760

Sep. 16

11,752,520

10,659,820

13,478,450

12,186,320

Sep, 16

12,359,800

11,234,090

14,148,210

12,756,640

570,32

Total

income

Income

Net

deductions

available

fixed

Other

119.5

119.5

119.4

119.2

Oct.

4

88.4

88.3

87.4

86.8

Oct.

4

108.4

108.5

107.5

106.2

96.7

96.7

94.7

95.9

after

from

fixed

for

chafges

income

charges.;

...

fixed

charges
;

128.1

128.2

128.3

128.5

--—•- .•

freight from East St'. Louis exceeds
- \
'• •-* -y-

On

preferred
of

income

4,438,854

4,443,496

4,188,494

82,734,131

108,062,376

31,265,785
51,468,346
4,123,814
47,344,532
52,380,490
21,589,039

31,233,677

20,901,589

1,106,083

29,655,057
4,093,467

2.50

2.65

3.46

4,055,283

43,077,580

(way & structure & equipment)
income taxes

52,647,779

24,577,362
26,153,694

stock—
to

fixed

charges

-

♦Revised figure.
tEstimated totals based
96%
of primary, 95%
of secondary tin

22,944,530

78,509,225
31,376,362
47,132,863

deductions
income

Dividend appropriations:
On common stock.
Ratio

76,828,699

4,238,105

72,590,594
51,048,225

36,782,886

840,125

reports from companies accounting for
consumption in 1957 and 97% of total stocks

end

of

where

1957.

4

/

(per

(Per

403,630

4

•*

-

13.500c

ounce)

S.

*

v.29,925c; '

£87.139

ton)

(per

(per

(per

C

32.600c,:' •'

28.611c

/'.

long
Sterling Exchange—

Cadmium

403,630

Oct.

**

114,000

961,000

Z

•

.

pound)...

months

boxed

$55,411,752

1,059,000 barrels of foreign crude runs. §Based on new annual
capacity of 148,570,970 tons
1, 1959 basis of 147,633,670 tons. -tNumber of orders^ not
reported since introduction of
Western Zinc sold on delivered basis at centers
where
' v

168,000

-

pound)
L
long, ton)£.j.__iL„_i_

_

Laredo,
Platinum,

Sep. 16
Sep. 16

JPrime

•*

577,000

463,000

,

"

York, boxed
Laredo, bulk (per

1,127,969

8,678

1,417,373

against Jan.

.

89

54

/

Depreciation

...

Monthly Investment Plan.one-half-.cent a pound.

(per

(per

({New

Sep. 16

Oct.. 4

farm

144

81

?■'/

QUOTATIONS)—

-

(per ounce
Quicksilver (per

OF

products

than

J.

London

three

Income
l

M.

&

London

Federal

other

-

Miscellaneous

commodities.'

commodities

135

58

7.*

Gold

TRANSACTIONS

,

foods

649

726,000

loans.

Sterling Exchange (check)
Tin, New York Straits..

Total

1,351,988

—

Processed

(E.

Louis

and

Member

'i'-'

Sep. 16

Commodity Group—
Farm

St.

ttLondon,

As

(SHARES):

PRICES, NEW SERIES
(1947-49=100):

637

STOCK

sales

WHOLESALE

662

57

credit

Western, delivered (per pound)
ttLondon, prompt (per long ton)

round-lot sales—

Short

135

$1,538,000

J

months, London

i;

East

99%

by dealers—Number of shares

OF

115

894,000

»

ECTED INCOME

sales

ACCOUNT

ttThree
Zinc—

99%

,sep. 16
sales

Short sales

FOR

49

119

£ '

Aluminum—

by dealers—

EXCHANGE AND ROUND-LOT

47

12.000c

877,815

Sep. 16

value

SALES

56

50

Common, New York (per pound)
Common, East St. Louis (per pound)
ttLondon, prompt (per long ton).

742,595

12,884

STOCK

40

60

vl

135,220

1,271,397

ROUND-LOT

36

£235.261

91,480

-Sep. 16

TOTAL

36

ton)

744,595

-Sep. 16

rmrehases

30

241

965,000

L

...

653,115

sales.

Other

417

53

265

$1,859,000

y__

prompt

77,860

sales

Round-lot

457

32
265

1,073,000

/

months,

528,765

by dealers (customers' sales)—

shares—Total

term

loans

refinery

ttLondon,
ttThree

450,905

other

of

388

1,159,000 :

;

.

Lead—

95,840

short

Number

80

383

V

$2,232,000

RE¬

credit

refinery

Export

595,720

Customers'
Round-lot sales

Domestic

STOCK

orders—Customers' total sales

PRICES

499,880

Customers'
Dollar

129
468

99

22

SERIES—Esti¬

September:
Copper—

Sep. 16
Sep. 16

value

Number

FEDERAL

credit

Sep. 16

SECURITIES
EXCHANGE
COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t
Number of shares
Dollar

METAL

27,300

224,790

—

Odd-lot purchases

135
482

97

19

loans

Antimony—

275.750

:

sales

EXCHANGE

1,762,943

.Sep.16

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

2,140,240

.Sep.16

Sep. 16

Short sales
Other

139
490

20

goods

Silver, New York
1,691,490

floor—

the

27

Aug. 31:

credit

payment

Silver,

,783,190

transactions initiated off the floor—

Total

THE

modernization

and

Service

Silver

Sep. 16

Short sales
Total

25

of

§§ Prime

INDEX—

ACCOUNT

purchases

OF

consumer

Single

4.26

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total

57

23

J

4

AVERAGE=100

ROUND-LOT

ii

Oct.

end

66

107

credit

Noninstallment

86.24

3.69

3.71

4.62

,

.Oct. 11

.

at

50

67

EN¬

—

Month

—

intermediate

of

consumer

86.65

Oct.

(tons)

Total

Oct. 11

.___

activity

orders

45

49
46

OUTSTANDING—BOARD

and

as

87.99
92.50

Oct. 11

(tons)

Percentage

90

51
47

890,000

SYSTEM—REVISED
short

in millions

87.32

Oct. 11

MOODY'S COMMODITY INDEX

SERVE

91.91

Railroad

PAPERBOARD

269

89

110

municipal

CREDIT

87.18

:

Production

NEWS-RECORD

GOVERNORS

91.91

'

Orders received

195

275

94

184,000

Oct. 11

'

NATIONAL

CONSTRUCTION

construction

Oct. 11

Oct. 11

1

—

development

public

and

26.000c

___Oct. 11
:

Group
Public Utilities Group
Industrials Group

177

282

19

enterprises

and

Charge accounts

corporate

Baa

State

13.000c

'

<■

170

138

construction

26.000c

Oct. 11

Aa

176

69

systems

Federal

.

Government Bonds

Aaa

371

177

443

construction

13.000c

Oct. 11
DAILY

Private

Public

23.250c

Oct. 11

YIELD

S.

Oct.

Oct. 11

_

4

"

13.500c

13.500c

U.

mated

4

Group

other

Oct

Oct. 11

:

Aa

service

ENGINEERING

Total

v

,

corporate

Aaa

Railroad

13.500c

Oct.

DAILY

Government Bonds

354

181

80

GINEERING

(primary pig. 99.5% ) at

Straits tin

MOODY'S

at

186

351

September (000's omitted):

(St. Louis) at

(delivered)

All

CIVIL

231

1.610

-

water

Conservation

v

Lead
Lead

and

238

444

63

Water

QUOTATIONS):

Electrolytic copper—

tZinc

Sewer

826

1,603

institutional

facilities

860

60

-

and

70

871

1,631

and
service
Other nonresidential buildings

6.196c

Oct.

METAL

Hospital

80

27

buildings

Educational

430

80

27

buildings

Nonresidential

400

393

construction

Public
6.196c

(per

utilities

private

Residential

PRICES:
6.196c

steel

telegraph

Sewer
.

6.196c

iron

and

public

Military

Oct.

Scrap

utilities

other

Public

&

-Oct.

lb.)

recreational

Highways
Oct.

INC

COMPOSITE

.

construction

Other
All

INSTITUTE:

BRADSTREET,

garages

Administrative

output (in 000 kwh.)

FAILURES

and

Telephone

RESERVE

INDEX—FEDERAL

SYSTEM—1947-49 AVERAGE=100

IRON

175,100,000

175,200,000

and

Industrial

Bituminous coal and lignite

EDISON

427,600,000

1,866

-

490,884

Oct.

1,523

buildings

institutional.

and

533,302

BUREAU OF MINES):

S.

restaurants

531,758

Oct.

1,524,

warehouses

".... Educational

•

Public

construction

2,380

.

and

nonresidential

Social

$241,500,000

5,432
3,822

2,033

Religious

572,352

$427,200,000

construction

Public

buildings

577,090

$409,500,000

5,140
3,537

:

617,635

$602,800,000

5,162
2,004

alterations

and

631,645

Oct.

Ago

3,531

Commercial

ENGINEERING

—

construction

Year

Month

millions):
i

Industrial

NEWS-RECORD:
Total

(in

buildings (nonfarm)
dwelling units

Hospital

(number of cars)

Previous

OF

construction

New

RAILROADS:

AMERICAN

DEPT.

construction

Office

at

oil

August

Nonhousekeeping
Nonresidential buildings

Stocks at refineries, bulk terminals, in transit, in pipe lines—

Finished and unfinished gasoline

of

S.

Residential

stills—daily average (bbls.)_—

output

Distillate

CONSTRUCTION—U.

of that date:

are as

Month

(bbls. of

average

either for the

are

Latest

BUILDING

Private

output—daily

of quotations,

cases

Ago
22.9

INSTITUTE:

condensate

Crude runs to

Gasoline

in

or,

LABOR—Month

ingots and castings

Crude

Dates shown in first column

that date,

Equivalent to—
AMERICAN

production and other figures for the

cover

Year

94.0

*94.7

§96.9

15

on

Thursday^ October*13; 1960 v

...

({Domestic

freight from

five

East

St.

tons

or

Louis

more

on

but

less

than

carload

lot

boxed.

§§Delivered

0.5c. ". ♦♦F.o.b. Fort
Golburne, U. S. Duty
included:"TtAverage of daily mean and bid and ask quotations per long ton at
mdfnihg
session of.JLondon Metal Exchange.
exceeds

s

$

Volume

Number

192

5994

.

,

The Commercial and Financial Chronicle

.

(1475)

Securities
NOTE—Because

of

Now

large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed

14

Dalto Corp

O'Neill

common

shares

Puritan

of

stock,
warrants, and
common stock purchase warrants, to be
offered in units, each unit to consist of two common
shares, one series I 5-year purchase warrant, and one
5-year series II warrant. Warrants are exercisable ini¬

tially at $2
ment.

(Hayden,

Vogue

—

For

salaries

of

additional

Corp

Stone

&

120,000

Corp

i

(S. 8. Samet & Co.,

...

Inc.)

Aluminum

&

1960

common

stock

ceeds

(York & Co.)

(Copley

—

(No

on

the

basis

shares held.

of

Aircraft

one

share

for

each

(Blair

Business—The issuer, wholly owned by
UIC, is engaged
in applied research and development in various technical
fields and works largely for the Department of Defense.

A farm

Device

Manufacturing Co. Inc.

&

P.

S.

&

Co.)

&

(First

Rogers

Pennington

(Bids

Loeb,

$6,205,000 of convertible
debentures, due Oct. 1, 1980, being offered
outstanding common of record Sept.
the basis of $100 of such debentures for

nated
ers
on

of the

shares

common

17.

then

Price—At par.

purposes.

held with rights

Proceeds

—

Office—Chicago, 111.

each

Scantlin

common

on

the

basis

of

one

new

(11/15)

Techni

M.

stock

common

of

the

share

(par

for

each

••

Virginia
White

Proceeds

—

For

general

corporate

Glen

Interstate

Kirk

Co.)

Common

Inc.)

&

Co.

Paine,

275,000

Corp.)

Sulzberger,

Standard

$510,000

&

Co.)

(J.

i

$500,000

(Tuesday)
$10,000,000

;(Blaba

Wenwood

28

Co

&

Co.,

Common
and',* ' ,*•

_

Inc.)

Kletz

_ __

Ready for Harvest!

v

;

1

&

Co.,

Inc.)

total number

3,350,000. Chicago alone has

more

stock

now

Detroiter Mobile
•

exceeds

city

owners

7

than

2

,

.

Loeb

Loeb

Nafi Corp.
•

-

•

,

Mid America's most




widely circulated market table

&

Co.)

&

Weeks)

First
&

Co.)

2

:

(Dillon,

First

Co.;

Co.

&

"

Securities

Fricke

.

&

-

'

Inc.)

$300,000

.Common
>

T

.

Co.)

W.

Brooks

&

Brooks

(A.

Corp.
$10,000,000

Inc.

C.

(Merrill Lynch,

&

Common
and Lee

.

Co.,

Inc.)

$50,000,000

.

Units
$1,150,000

Common
shares

Co.)

156,200

Inc.)

550,000 shares

Common

—

Allyn

(H.

2

.....

—

&

Co.,

Bonds

Power Co
to

received)

be

$5,000,000

Fenner

Common

& Smith,

Inc.)

1,250,000 shares

Common

Welded Tube Co. of America.

Bonds

•

,

450,000 shares

...Debentures

&

Noyes

Pierce,

Lazard

Hentz

Co.)

&

$840,000

"

and

October 26

Brothers)

(Blyth &

Lazard

Co.,

and Merrill

$7,500,000

(Wednesday)

Stuart

&

Co.,

Inc.)

.Common

Champion Spark Plug Co

.Notes

2____ 1 __.^Debentures

and Halsey,
$25,000,000

$250,000,000

Inc.

Transitron Electronics Corp.—

shares

Boston

time)

Co.,

Inc..

(Bids

and

Y.

and Lee Higginson Corp.)

Inc.

Southern Nevada

Common

Corp.

&

Ripley

(Hemphill,

$3,750,000

250,000

Telegraph'Co.—Debentures

N.

a.m.

Co.,

Pik-Quik, Inc.

$25,000,000

_ __—_

(Tuesday)

(Harriman

$8,000,00

Boston

Lehman

and

Co.,

French,

&

(John) Credit Co

'

Inc.;

Glore, Forgan & Co.;

Hornblower & Weeks
750,000 shares

Lynch, Pierce, Fenner & Smith, Inc.)

Major League Bowling & Recreation, Inc.—Com.
.

-

'

(Eastman
J.

-

—Common
$264,900

Co.)

...i....._Common

C.

Dillon,
Wheat

Union
&

Pipeline Co. of America———.Bonds

Read A

A

Securities

Netherlands
$300,000

and

Inc.

Co., Inc.)

Higginson Corp.)

..

Equip. Trust Ctfs.

received)

1.______ _21

(Shields

Natural Gas
pages

&

Freres

t

Co.,

"

Jahncke Service

Homes, Inc

Co.;

_..Common
112,760 shares

Florida Hillsboro Corp

High Authority of the European Coal and
Steel Community
•

NtWSUPU

&

2

Deere

$550,000

__—_

(Kuhn,

OR* AT 1ST

be

Freres

for facts and details.

WORLD'S

Loeb

to

(Hornblower

(Kuhn,

save

THI

Co.__
& Co.)

11:30

(P.

-

High Authority of the European Coal and
Steel Community

New York. You reach these investors best
when you advertise your securities and services in the
Chicago Tribune. Ask your Tribune representative today
any

Steel

shares

50,000

Co,

(Bids

Conv. Debentures

Chesapeake & Ohio Ry.__
(Bids

Corp.)

Chemical Co., Inc

Bzura

(Wednesday)

(Kuhn.

7

Common

Corp

Peabody

&

October 25
7 7

-^-Common

$200,000

American Optical Co

Chicago and Mid America present a "bumper crop" of
investors. And the Chicago Tribune is ready to
help you
bring in the harvest. Since 1956, individual shareholders

Common
70,000 shares

Co.)

&

American Telephone &

7

■

,

$900,000

Co.)

(Equity Securities Co.) $242,670

Inc!——_,2_—.Debentures

Organizations

October 19

&

Chicago time) $16,000,000

a.m.

'

•

Common

—...—Common

Winston

A.

*

7

..Bonds

Transitubes Electronics, Inc.—2__
•

$4,000,000

—...Debentures

Wilier Color Television System, Inc

___

:

Units

—

Co., Inc.)

100,000 shares

Co.)

&

Securities

(Woodcock,- Moyer,

Common

Puritron Corp.
_L.Common
t*
7 r2
- ■ '/>.) (Bache
& Co.) 250,000 shares
' '!.
'

7

&

Corp.—_—
Noel

Strauss

(Equity

$1,250,000

Electric Co._

.(Bids .10:30

Jaffray

Inc._

Brooks &

W.

Strausc

S.

S.

Tele-Tronics

(P. W.

have increased 53.5%. The

and P.

Instrument

_-Debentures

Co.)

Conv. Debentures

Telephone & Electronics Corp

Inc.

&

$900,000

Inc.)

Sulray, Inc.

Debentures

Kirkland

Co.,

Chemicals,

(Kidder,

Co.)

Common

&

Still-Man Manufacturing Corp
—Class
'2'2 2/
(Francis I. duPont & Co.) 150,000 shares

Common
&

Units
$200,000

Sachs & Co. and Piper,
Hopwood) $3,000,000

Standard Pressed

$300,000

Kirkland

Common

$299,700

Co.)

&

Co

Dowd

(Havener

Inc

Jenks,

shares

235,000

Co.)

Securities)

Alstyne,

(J.

$1,500,000

Common

Jenks.

&

Simon Hardware Co

60,000 shares

Corp.)

Laboratories,

(Michael G.

page

F.

(J.

Corp
Investing

Common

Stearns

Corp.

(Van

Common
Co.)

Units

—

Products, Inc

$225,000

Co.)

S.

$1,500,000

Simon Hardware Co._

Debentures
&

F.

shares

„_

/Premier Microwave

Webber,

shares

•

offering has been postponed.
on

Air

(Lee Higginson

•

Office—Arlington, Texas. Underwriter
;—Rauscher, Pierce & Co., Inc., Dallas. < Note — This

Continued

(Bear,

Nixon-Baldwin

Common

&

Common
and

Curtis

&

420,000

Vending Co

(Goldman,

$900,000

and

$1,500,000

Munsingwear, Inc.

$1,500,000

•**, '/'(Blyth & Co., Inc.; The Dominion Securities Corp.
-Y v
McLeod, Young, Weir,' Inc.) 552,500 shares

*,

shares

175,000

Co.)

&

Co.)

Corp

(R.

_..„_Common

Pacific Gas Transmission

Allied Bowling Centers, Inc.
•
t
i- ■;
29 filed $750,000 of; sinking fund debentures

Co.)

Jackson

Mohawk Insurance

Bonds

Manufacturing, Inc

.

$2,250,000

&

Noel

&

(Lloyd

Inc

Wheat

Louisville Gas &

v

$300,000

(C. F.) Laboratories, Inc

Koeller

Common

Curtis)

7,.(Loewi

•

Dec.

porate purposes.

Webber,

$300,000

(Goldman, Sachs & Co. and R. W. Pressprich & Co.)

—

and
100,000 share? of capital stock, to be offered in units of
$75 principal amount of debentures and 30 shares of
■tock. Price—$108 per unit. Proceeds—For general cor¬

Scherck, Richter

Corp

C.

October 18

Daystrom,

Inc.)

Co.,

Debentures
Alstyne,

*

—

Noel

(Schrijver

Co.)

Kahn,

(Hallowell, Sulzberger,

,

&

Common

Whitmoyer Laboratories, Inc
(Hallowell,

shares

Common

Horizon Land

/

Corp

and

Lomasney

(Planned

Office—Du Pont Airport, Wilmington, Del. Un¬
derwriter—Drexel & Co., Philadelphia, Pa. (managing).

—

&

Planning

A.

Avionics

Whitmoyer

poses.

•
Allegri-Tech, Inc. (11/7-11)
Sept. 21, 1960 filed 100,000 shares of 50c par common
stock.
Price
$6 per share/ Business — The company
makes and sells printed circuitry and modules.
Pro¬
ceeds
To pay bank notes and other indebtedness in¬
curred .for equipment, to finance leasehold improve¬
ments, and for research and development - expenses.
Office
141 River Road, Nutley, N. J.
Underwriter—
Myron A. Lomasney & Co., New York City.

&

Capital
(J.

pur¬

Karasik

Moseley

$4,125,000

_

(Myron

ufacturing activities related to the aircraft, satellite, and

350,000

Inc.)

Co.,

(Ross, Lyon & Co., Inc.)

Co.

Rhoades

(United

sponsored contracts, in research, development, and man¬
fields.

&

Electronics,

shares held. Price—To be supplied by amendment. Busi¬
ness—The firm is engaged primarily, under government-

missile

&

Tenax, Inc.

four

$250,000

$3,500,000

Inc.)

Co.,

Alstyne,

Common

Loeb,

l7.

outstanding

&

Green Shoe Manufacturing Co

shares

Equip. Trust Ctfs.

Investments, Inc.)

Jackson

Sept. 27, 1960 filed 85,918 shares of
10 cents), to be offered to holders

100,000

Electronics, Inc._

(Carl

Engineering Co.

shares

Common

Frouge Corp.

Investing Corp.) $300,000

(Mandell

general corporate
Underwriter—Lehman

Common
3,850

Co.)

&

Corp.
(Van

Common

Robosonics, Inc.

For

Co.

Common

Frouge

shares

Association

(Preferred

14

Oct.

Common
shares

170,000

Co.

(Van

EST)

Baruch

(General

Brothers, New York City.
All American

60,000

Preferred Risk Life Assurance Co

30, 1960,

Inc.)

Co.,

and Glore, Forgan

&

(Frank

$300,000

Corp.)

noon

Rhoades

Turf

to hold¬

to expire on

Co.)

National Film Studios, Inc

subordi¬

&

Common

$8,250,000

Portland

$300,000

(Grimm & Co.)

Corp

Business Capital

(R.

filed

O'Neill & Co.,

First Connecticut Small Business Investment

(Paine,

Aldens Inc.

1960

■

Common
and George,

Electronics, Missiles & Communications, Inc.__Com.

Debentures

Bomback &

24,

&

Co.)

Mid-States

Aug.

Globus, Inc.; Reich & Co.;
Godfrey. Hamilton, Magnus
& Co.) $800,000
and

Debentures

$4,000,000

Smithers

Manufacture and sale of burglar and fire alarm equip¬
Proceeds—To selling stockholders.
Office—1665

M.

Units

Inc.;

Edison

Corp.

(Blair

(Offering to stockholders—underwritten by Granbery,
Marache & Co.) $4,500,000

(Carl

Boston

Common

Lionel Corp.

Ave., Brooklyn, N. Y. Underwriter—Golkin,
Co., New York, N. Y.

$25,000,000

Dorsey Corp.

shares

Common

Louisville & Nashville RR

Marks

time)

Common
(Casper

ment.

Y.

(Monday)

(Blair

$25,000,000

Co.)

Lifetime Pools Equipment

(11/1-4)

Debentures
$20,000,000

(General Securities Co.)

$130,000

64,500

Sept. 19, 1960 filed 130,500 shares of outstanding common
stock (par 10 cents). Price — $4 per share. Business—

St.

(First

_.„Common

and

K

Dorsey Corp.

Mills, Inc.

Co.

Co.,

(McDonnell

Common

Cohon

v

Cyclomatics, Inc.

Keller Corp.

Office—Cockeysville, Md. Underwriter—Eastman Dillon,
Union Securities & Co., New York
City (managing).
•

Head

&

Inc.)

$300,000

underwriting)

(Morris

Indian

$300,000

Co.)

Bonds
N.

a.m.

V

;

Common

Co.)

Stearns

&

\

Brothers)

Shore & Co.

Commonwealth

Glickman Corp.

8

Lyon

October 24

1

$367,500

Electronics International Capital Ltd

Price—To be supplied by amendment.

11:30*

Common

(Bear,

(Thursday)

(Pacific Coast Securities Co.

Class A Stock

Inc.)

Co.)

&

Simmons

Amacorp Industrial Leasing Co., Inc

Dewey (G. C.) Corp

Aircraft Armaments, Inc.
(11/18)
Sept. 26, 1960 filed 265,500 shares of common stock, to
be offered by United Industrial Corp. to holders of UIC
common

(Ross,

Harold C.

"

Capital

Chemplate Corp.
(Keon

S.

Kings Electronics Co., Inc

60,000 shares

Co.,

&

H.

$600,000

Bowling Investments, Inc

acquisition and development of land and
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
Underwriter
American Diversified Securities, Inc.,
Washington, D. C.

UIC

&

12d,000 shares

Co.)

Common
and

Co.

$225,000

Associated Sales Analysts, Inc

For

—

(Bids

Common

Inc.)

Centers, Inc

Treat

Common

&

Florida Power Corp.

2

American Recreation

(Amos

&

(Lehman

Common

Underwriters—Globus, Inc. and Ross, Lyon & Co., Inc.,
both of New York City.

Industries, Inc.
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬

$25,000,000

Omega Precision, Inc..

Co.,

(York & Co.)

Peabody

October 20

$300,000

Insulating Co., Inc
Samitas

Debentures

time)

Associated Dry Goods Corp

(Monday)

(Dean

personnel,

shares

150,000

Co., Inc

N. Rubin

2

October 17

Inc.)

shares

liquidation of debt, research, and the balance for work¬
ing capital. Office—551 W. 22nd Street, New York City.

Aug. 29,

■

Common

Co.)

Co.,

California

,

American Recreation
Centers, Inc.—-Debentures

Adler Built

(Kidder,
(B.

Common

Instrument

->•, 7

share. Price—To be supplied by amend¬

per

Proceeds

Common

Inc

Sportswear

common

purchase

&

a.m.

Technical Materiel Corp
Valdale

Lomasney & Co.) $750,000

Common

Read

8:30

(Marron, Sloss & Co., Inc.) $1,050,000

stock

ISSUE

REVISED

Lighting Gas Supply Co

7,

$2,010,000

underwriting) 431,217 shares

Lanes,

ACR Elecronics

28, 1960
series I
75,000 series II

A.

ITEMS

(Dillon,

Common

Inc.)

__

(No

Lence

Sept.

Co.,

Industries, Inc.
(Myron

,

&

ADDITIONS

PREVIOUS

Natural Gas Pipeline Co. of America____Preferred

(Bids

Enterprises, Inc

(George,

offering dates.

75,000

•

(Friday)

Bruce National
Carco

Corp.
filed 150,000

SINCE

Pacific
October

items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
,

Registration

NEW ISSUE CALENDAR

the

,:-v,

* INDICATES

in

27

Riegel Paper Corp
(Morgan. Stanley

Securities & Co.
150,000 shares

and

Co.)

—

&

Co.)

—Debentures
$10,000,000

28

(1476)

The Commercial and Financial Chronicle

.

.

Thursday, October 13, 1960

.

■

October 27

(Thursday)

Electro-Science Investors,
(Kidder,

Peabody

Pierce

&

Nisseri Trampoline

Inc

&

Co.

Co., Inc.)

and

772,000

and

A.

G.

Edwards

&

Polymer Corp.
(White Weld &

Sons)

A.

and

Edwards

G.

&

20,000 shares

(Offering

(Pacific

Coast

October 28

November 2

(Jay W. Kaufman & Co.) $400,000

Co.)

October 31

Baruch

Hentz

&

Co.)

36,498

&

Curtis)

623,750

&

(Merritt,

Co.)

Vickers,

N.

a.m.

Inc.)

November 1
Alarm Device

Y.

time)

N.

a.m.

Y.

time)

&

Co.

and

$30,000,000

Richter

Schramm

Common

&

Co.)

Radar

Corp.

Co.,

Inc.)

Common
300,000

&

Common

Sachs

Co., Inc.)

&

Co.)

(Hill,

$400,000

General

Common

.

D.

Blauner

&

Co.

and

Inc.

Co.,

100,000

Emanuel

Deetjen

(Copley

&

(C. E.

Co.)

&

Co.)

and

W.

H.

125,000

National

Airlines, Inc.

(Offering

to

L.

M.

Lee

Continued

from

D.

page

Co.,

Sons

&

Offering

by

Co.,

Inc.)

Idaho

$200,000

—To be used

them

disposition.

(10/17-21)
Aug. 22, 1960 (letter of notification) 225,000 shares of
common stock (par 10
cents). Price—$1 per share. Pro¬
retirement

of a bank loan,
selling, adver¬
tising, promotion and for working capital. Office—558
W. 18th St.,
Hialeah, Fla. Underwriter—Dean Samitas
& Co., Inc., Ill
Broadway, New York City.
'
•

Amacorp Industrial Leasing Co., Inc.
(10/24-28)
Sept. 9, 1960 filed 170,000 shares of common stock
(no
par), of which 40,000 shares,
representing outstanding
stock, will be offered for the account of a selling stock¬
holder, and 130,000 shares will be offered for the account
of
the
issuing company.
Priee
To be supplied
by
—

amendment.

Proceeds—For general corporate
purposes.
Business—The financing of industrial
and office equip¬
ment through the purchase and
leasing of such property
to its customers.
Office—Alhambra, Calif. UnderwriterMcDonnell & Co., Inc., New York
City (managing).

Price

—

Proceeds —For

$5

shares

Mulhern, Inc., Ardmore
'

Insurance

1960 filed 90,174 shares of common
stock, to
be offered to the holders of
the
outstanding common on
the basis of one new share for
each 5% shares held.
Price—To be supplied
by
amendment.

corporate

Texas.

Co.

purposes.

Office—5th

Underwriters—Ladenburg,

Proceeds—For
and

Franklin

Thalmann

&

and Lee Higginson
Corp., both of New York City
(managing). Note
This stock is not
qualified for sale in

New York.

American Mortgage
Investment Corp.
April 29 filed $1,800,000 of 4%
20-year collateral trust
bonds and 1,566,000 shares of
class A
non-voting com¬
mon stock. It is proposed that these
offered

for

vestment

securities

public

sale

in

will

be

units

(2,000) known as In¬
Certificates, each representing $900 of bonds

and 783 shares of stock.




200,000

Southern

Common

Simmons
Co.)

&

Inc.

Co.,

Price—$1,800

per unit.

Proceeds

1

(Thursday)
Fuller

D.

Fuller

D.

(Bids

$200,000

to

December 6

land

by

Drexel

&

December

Co.)

Consumers

Co., Inc.)

$1,500,000

(Merrill

conditions

are

favorable

a.m.,

and recreation park

196

on

American Recreation Centers Inc.

•

-^

(Minn,).^

Retirement

for

of

11:30

a.m.

{r%

Tf

V

..Bonds
EST)

$35,000,000

(Tuesday)

Pierce,

Fenner

&

.Preferred

Smith,

Title

$25,000,000

Inc.)

Scheduled for

—

Broadway, New York City.

Insurance

Co.

27,. 1960 filed 301,884 shares
$2), of which 150,000 shares

of

common

issuing

be

to

are

stock

publicly

company

and the

balance is to be used in connection with
exchange offers
for the stock of similarly engaged companies.
Price—

To

Loeb

be

supplied by amendment.

corporate
tions.

including

purposes,

Office—901 N.

writers—None.

E.

2nd

Proceeds—For

possible

future

general
acquisi¬

Ave., Miami, Fla.

Under¬

r

Andersen Laboratories, Inc.
(11/28-12/2)
Sept. 28, 1960 filed 150,000 shares of common stock, of

acres

which

40,000 shares

of the

issuing

are

to

be

company and

outstanding stock,

are

offered

for

the

account

110,000 shares, representing

to be offered for the

the present holders thereof. Price

(10/17-21)

—

account

of

To be supplied

by

amendment. Proceeds—To reduce indebtedness, buy new
tools, and add to working capital. Office — Hartford,
Conn.

Underwriter

—

Putnam

&

Conri.

Co., Hartford,

(managing).

*:

Arnoux Corp. r':'■■
May 23 filed 133,000 shares

;\n

of

common

stock.

Price—

To be supplied by amendment.
Proceeds ^ For general
corporate purposes and working capital. Office—11924

indebtedness,

general

Bonds

§1)5,000.000

invited)

(Monday)

13

Lynch,

American

(par

—

facilities," and

be

offered for the account of the

Aug. 15, 1960 filed $600,000 of 7% sinking fund deben¬
tures, due September, 1972 (with attached warrants for
the purchase of 150, shares of stock for each
$1,000
debenture purchased), and 60,000 shares of capital stock.
Price
To be supplied by amendment. Business — The
company is engaged, through subsidiaries, in the opera¬
tion of four bowling centers, and in the sale of
bowling
of

$75,000,000

N. Y. Time. Information Meeting

July

Proceeds—For general corporate purposes.

Proceeds

to

Oct. 20 at 2:30 p.m., 195

for

St., Little Rock, Ark.

St., Liberty, N. Y. Un¬
derwriter—M. W. Janis Co., Inc., New York City.

accessories.'

received)

Public Service Electric & Gas Co

•'

•

modernization

be

(Tuesday)

12

December

$15,000,000

Center

Common
shares

60,000

Co.)

Power. Co.j
(Bids

the land. Office—55 South Main

•

&

Northern States Power Co.

of
Liberty, N. Y. Proceeds—For development of

near

Debentures

$2,000,000

Co.)

.Common

£

amusement

an

&

(Monday)
Telephone & Telegraph Co...Debs.

Bell

and

shares

1960

$300,000

....Common

December 5

shares

corporate

W. Washington Blvd., Los
Angeles, Calif. Underwriter—
Shearson, Hammill & Co., New York. Offering — Ex¬
pected in late October.
;

Office—1721 Eastern Ave., Sacramento, Calif.

;

American

Sept.
class

7,

Recreational

1960

A

Development Corp.

(letter

common

of notification) 100,000
stock (par 10 cents). Price

•

shares
—

$3 per

share. Proceeds—For expenses in constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.
of

ceeds—For general corporate
purposes. Office—417 Fifth
Ave., New York City. Underwriter — Lehman Brothers,
New York City

(managing). *
•,
:
• Associated Land Development Co.
Sept. 29, I960 (letter of notification)
128,000 shares of
common stock
(par $1). Price—$1.25 per share. Proceeds
—For acquisition and development of land. Office—151719 Atlantic
Blvd., Jacksonville, Fla. Underwriter—None.

Maryland, Baltimore, Md.
American & St.

.

Lawrence

Seaway Land Co.
Jan. 27 filed 538,000 shares of common stock, of which
350,000 shares are to be publicly offered. Price—$3 per
ahare. Proceeds—To pay
prove

properties,

Office—60
A.. J.
•

E.

Gabriel

and

off mortgages, develop and im¬
acquire

additional

real

30,

1960

filed

$250,000,000

(10/25)

of 32-year

due 1992. Proceeds—For improvement and
Bell Telephone services. Office — 195

York City. Underwriter—To be determined
by competi¬
tive bidding. Probable bidders: Morgan
Inc.

at

Stanley & Co.,
Corp. and Halsey, Stuart & Co.
(jointly). Bids—Expected to be received on Oct. 25
The

room

First

Boston

2315, 195 Broadway, New York City,

■

Associated Sales

Aug.
,

up

to 11:30

15,

1960, filed

Analysts, Inc. (10/17-21)
105,000 shares of outstanding class

A stock (par 10 cents). Price—$3.50

per

—The company

debentures

expansion of

Broadway, New

and

,

estate.

42nd St., New York City. Underwriter—
Co., Inc., New York City.

American Telephone & Telegraph Co.

Sept.

Associated

Dry Goods Corp. (10/20)
Sept. 19, 1960 filed $20,000,000 of 20-year
sinking fund
debentures. Price—To be
supplied by amendment. Pro¬

of

.

Co.

Aug. 26,

general

105,310 shares

American Playlands Corp.
Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share. Business—The company intends to oper¬

of

share

advertising and promotion and accounts
receivable. Office—835 N. 19th
St., Philadelphia, Pa. Un¬

Waco,

210

Securities, Inc.)

Speedry Chemical Products, Inc

Office—Southbridge, Mass. Underwriter—Kuhn,
Co., New York City (managing).

ate

and Sulco

Inc.

Common

Optical Co. (10/19)
.*■
filed $8,000,000 of convertible subordin¬
debentures, due 1980. Price—To be supplied by.
31,

.......Common

Speedry Chemical Products, Inc

Underwriter—York & Co. of San Francisco, Calif.
per

Co.,

(S.

received)

market

shares

(McLaughlin, Kaufman & Co.) $467,500

$200,000

American

purposes.

if American Consolidated Mfg. Co., Inc.
Sept. 27, 1960 (letter of
notification) 39,500

Life

Co.)

Malkan &

December

.Common
Edden

.Common

150,000

Co.)

shares

&

Insulating Co., Inc.

Pa.

130,000

Underwriter—Amico, Inc.

amendment.

&

Co.)

&

Madigan Electronic Corp

Bonds

—

$75,000,000

(Monday)

(Putnam

Debentures

be

shares

430,000

Co.)

Laboratories, Inc

.

Common

principally to originate mortgage loans and
until

Office

ated

family, selling
Ave., New York City.
Co., New York City.

350 Fifth

cents).

,

(Tuesday)

to

&

Living Aluminum, Inc.

Co

(Bids

.Common

________—

Securities

Union

(Bids to be received)

(Arnold

stockholders—underwritten

Power

stockholders. Office

Income

&

Andersen

Engineering Co

(Amos Treat &

..Common

-

derwriter—Martin, Monaghan

to

$10,288,000

&

Aug.

American

Moore

$299,950

Davega Stores Corp

maintenance and the consolidated opera¬
ground services for the air transport
industry.
Proceeds
To members of the Fraad

•

T.

Dillon,

Consolidated Edison Co. of New York—...Bonds

Common

Weeks)

85,918

Lehman

27

(par 33%

Berwyn

Inc.)

&

$300,000

(Tuesday)..

shares

Inc

Rubin

Convertible Debentures

of

stock

and

Earl

S.

Inc.)

French,

&

Common
&

Inc..——Common

Industries,

Leasing Co

(Eastman

(Bids

tion

common

N.

All American

Co.)

-—Building

ceeds—For

!•'

.

Common

30,000

&

and

H.

November 15

Common

Newbold's

•

Aluminum

Kass;
B.

carry

•

v,

Corp

Vacudyne Associates,

Maintenance Corp. (11/2)
Sept. 15, 1960 filed 152,500 shares of capital stock
(par
$3.75). Price—To be supplied by amendment. Business

Underwriter—Wertheim &

shares

(S.

Common

Allied

—

Berman

Common

130,000

(Monday)

(Hornblower

Inc.)

shares

1

Blauner

—

Co.

Darlington

Common
$500,000

Co.)

&

Fricke

Moyer,

November 22

'

,

$300,000

Tabulating Corp

(Milton

$279,999

Co., Inc...^

Unterberg, Towbin Co.)

(Kenneth

stockholders—underwritten
Brothers)

Nationwide

Inc.)

(John) & Co

Common

and

Electronic

(Woodcock,

Co.,

Co.,

Wilk.ens

Common

Geophysics Corp. of America

shares

Kingsport Press, TncIIirrr.l...
Brothers

Dubrow

$1,120,000

Corp

&

Automation

Sexton

International Safflower Corp

(Lenman

(Arnold,

(Tuesday)

(Bertner Bros,

$20,000,000

Manufacturing Co., Inc

(Milton

Inc.)

v

(Monday)

Carolina Metal Products Corp

Gay (Connie B.) Broadcasting Corp..

220,000 shares

Gremar

&

&

Measurements

November 14

shares

_

and Robinson

&

Co.,

Inc.)

(Llaha

Common

Hammill

November 21

.Common

__

Podesta

November 8

shares

Fotochrome, Inc.
(Shearson,

&

Common

Inc

r

$600,000

Co.)

(Friday)

November 28

Inc.) $300,000

Federal Street Fund, Inc
(Goldman,

120,000

Bonds

$6,000,000

received)

be

Armaments,

Common

Hutton & Co.)

Co.,

Common

Company,

&

Co.

&

X

&

Corp.

(Cruttenden,

$522,000

Coral Aggregates Corp..
(Peter Morgan

*

.X

Lomasney

Harris

(W. E.

Wood-Mosaic

to

(Offering to UIC stockholders—underwritten by Eastman
Dillon, Union Securities & Co.) 265,500 shares

Common

International

(S.

Aircraft

100,000 shares

Inc

G.

$30,000,000

a.m.)

(Thursday)

November 18

*12 000 <*»

...

Rotron Manufacturing

Co

(Sandkuhl &

Canaveral

(B.

—...Bonds

Public Service Co. of New Hampshire..

International Mosaic Corp

Manufacturing Co. Inc

Chemical

11:00

•

■

Co

Power

17

(Bids
mvlted >

»e

(Amos Treat

$30,000,000

Frocks, Inc

(Blair

Brothers

(Bids

November

152,500 shares

.Common

A.

Resources,

(Tuesday)

(Golkin, Bomback & Co.)

Berkshire

Gulf

Debentures

11:30

Wisconsin Electric

Preferred

.

$7,500,000

received)

be

to

Capital

Co.)

(Monday)

(Myron

$200,000

United Gas Corp.
(Bids

(Bids

Bond*

to

Allegri-Tech, Inc.
Common

Bonds

11:30

160,000

Co.)

&

(Wednesday)

Merrimack Essex Electric Co

(Thursday)

November 7

$200,000

Corp.

(Bids

Brothers)

(No underwriting)

.Common

Baruch

November 16

Units

shares

Ultra-Sonic Precision Co. Inc
United Gas

November 3

Common

(R.) & Co
(R.

shares

Idaho*Power Co...

Co., Inc.....

Jackson

180,000

Common
Darlington

& Co
and Hill,
200,000 shares

Deetjen

...Capital

Inc.)

&

Bowling Centers, Inc

(Emanuel,

Georgia Power Co

shares

(Monday)

Webber,

United

Loeb,

M.

shares

Pierce, Fenner &

shares

625,000

Inc.)

$500,000

otd«

Automatic Radio Mfg.
(Paine,

H.

Carl

by

Common

Smith,

(Wednesday)

(Wertheim

Common
and

704,160

Debentures

$20,000,000

received)

(Lehman Brothers and Merrill Lynch,

Common

Allied Maintenance Corp

Common

Paddington Corp.
Corp.

Co.,

(Lehman

Industrial Hose & Rubber Co., Inc
(Schrijver &

Co.)

be

Stop & Shop, Inc

received) $60,000,000

(Del E.) Corp

(Friday)
Common

Bonds

Airlines, Inc

&

to

(Bids

Co

(R. V.) Co...
&

New Jersey Bell Telephone Co

''

85,000 shares

stockholders—underwritten

(Blyth

Webb

$300,000

Co.)

be

Rhoades

Capital

Securities

Chemtronic Corp.

Higginson

to

Weatherford

$2,750,000

Sons)

to

Seaboard & Western

Conv. Debentures
Co.

Common

& Electric
(Bids

Stancil-Hoffman Corp

(Lee

Gas

shares

Common

Weld & Co.

(White,

Pacific

Rauscher,

Polymer Corp.

Co

(Jesup & Lamont)

Common

:

essing

and

share. Business

is engaged in the electronic data
machine accounting, service business.

ceeds— To

proc-

Pro¬

selling stockholders. Office
220 W. 42nd
Street, N. Y. C. Underwriter—Amos Treat &
Co., Inc.,
New York City.
.
—

Automatic Canteen Co. of America

'Sept. 1, 1960 filed 524,000 shares
be offered to holders of
the

of

common

outstanding

stock,

common

on

to
the

.

"Volume

192

Number 5994

.

.

,

The Commercial and Financial Chronicle

(1477)
basis

of

one

share

new

for

each

10

-

shares

held

of

Coffin & Burr,

record Oct. 28 with rights to
expire on Nov. 14. Price—
To be supplied by amendment.
Proceeds—$9,500,000 to
pay for the acquisition of Commercial Discount
Office

Radio

offered

Sept. 9, 1960, filed
(par $1), of which 150,000 shares will be offered for the
account of the
issuing company and 473,750 shares, rep¬
resenting outstanding stock, will be offered for the
of

account

the

present holders

supplied by amendment.
sells

and

car

thereof.

Price

—

To

ment.

acid.

Business—The firm makes and

—

[

| Autosomes, Inc.
1960

stock

(letter of notification) 135,000 shares of,
(par five cents).
Price—$2 per share.,
Proceeds—For production and research for
equipment, ;
inventory, building and working capital. Office—42 S.
15th St., Philadelphia, Pa.
Underwriter—Robert M. Harris & Co., Inc., Transportation
Bldg., Philadelphia, Pa.
-

Avionics Investing
Corp.
July 12, 1960 filed 250,000 shares of capital stock (par
$1).
Price — $10 per share.
Business
The issuer is
—

a

closed

end

diversified management investment
Proceeds—For investments in small business

-

company.

non

*

in avionics and related
fields, with a proposed
limit of $800,000 to be invested in
any one such enter¬
prise.
Office — 1000 - 16th Street, N. W.,
concerns

D. C.
•

Bal-Tex Oil

June

Washington,
Co., New York City.

Underwriter—S. D. Fuller &

17, 1960

Co.; Inc.
(letter of notification)

300,000 shares of

class

A common stock.
Price—At par ($1 per
share).
Proceeds—For expenses for development of oil
proper¬
ties. Office—-Suite 1150, First National Bank
Bldg., Den¬
ver, Colo. Underwriter—L. A. Huey & Co.,

Denver, Colo.

Baruch

(R.) & Co. (10/31-11/14)
Sept. 20, 1960 (letter of notification) 100,000 shares of
common
stock
(par 75 cents). Price — $2 per share.
Business—The issuer is a broker-dealer with the
SEC,
and a member of the NASD. Proceeds—To
take positions
and maintain markets
insecurities, participate in underwritings, and the balance for working capital. Office—
1518 K St., N.
W., Washington, D. C. Underwriter—Same.
! Berkshire Frocks,

Inc.'"(11/1-4)
Sept. 28, 1960 filed 120,000 shares of outstanding

common

stock

(par $1). Price—To be supplied by amendment.
Proceeds—To selling stockholders.' Office—127
Forsyth
St., Boston, Mass. Underwriters—Blair & Co. and Richter
& Co., both of New York
City.
Berman Leasing Co.

the

account

of

the

issuing company,

(11/22)

Sept. 27, 1960 filed 430,000 shares of common stock
(par
$1), of which 200,000 shares are to be offered for the
account of the issuing
company and 230,000 shares, rep¬
resenting outstanding stock, are to be offered for the

Business
Proceeds

—

—

The

To

company

expand

the

capacity of the parent

Canaveral

International

Corp.
(11/1-4)
Aug. 12, 1960 filed 300,000 shares of common stock
(par
$1). Price—To be supplied by amendment. BusinessLand sales and development.
Proceeds—$150,000 for ac¬
counts payable, $335,000 for
mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general
working capital. Office—
1766 Bay Road, Miami
Beach, Fla.
Underwriter — S.
Schramm & Co., Inc., New York
City.
•

Cannon

Electric

Co.

Sept. 26, 1960 filed 200,000 shares of outstanding common
stock (par $1).
Price—To be supplied by amendment.
Business—Designs and makes electrical connectors and
related wiring devices. Proceeds—To
selling stockhold¬
ers, two members of the Cannon family.
Office—3208

working capital. Office — 7341 Tulip St., Philadelphia,
Pa. Underwriter—Myron A.
Lomasney & Co., New York
City.

including working capital. Office—Pennsburg, Pa.
derwriter— Eastman
Dillon, Union Securities &
New York

Un¬

Co.,

City (managing).

•

Bowling Investments Inc. (10/17-21)
Aug. 17, 1960 (letter of notification) 150,000 shares of
common stock
(par 10 cents). Price — $2 per share.
Proceeds—For purchase of real estate, construction of a
bowling building, purchase or lease of equipment and
restaurant

equipment. Office—1747 E. 2nd St., Casper,

Wyo.

Underwriter—Copley

Colo.

;

>'■

.

/

.7

-

&

Co.,

Colorado

Springs,

,■

•

Bridgeport Gas Co.
Sept. 2, 1960 filed 50,000 shares of
offered to the holders of the

basis of

one

new

common

outstanding

stock, to be'

common on the?

share for each six shares held. Price—

$27.50 per share. Proceeds—To be applied to the
pay-*
of bank
loans incurred for property
additions
which are expected to approximate
$1,800,000 in 1960.
Office—815 Main St., Bridgeport, Conn. Underwriter—~
ment

None. Offering—Expected in October.
•

Brothers Chemical Co;

Aug. :9,
class

A

share.
For

1960

(letter

common

of

stock

;

notification)100,000
(par 10 cents).-

corporate

purposes.

shares

Price

Business—Manufacturing chemicals.

general

,

(11/1-5)

Office

—

—

$3

of
per

Sept.

7,

1960

(letter of notification) 150,000 shares of
10 cents).
Price—$2 per

Class A preferred stock (par
share. Proceeds—For general
—105

corporate purposes. Office

College Ave., Rochester, N. Y. Underwriter—DooCo., Buffalo, N. Y.

little &

7

Sept. 14, 1960 filed 459,500 shares of capital stock. Price
—$2 per share. Business—Caribbean real estate. Pro¬
ceeds— For

general

corporate

•

Bruce

National

Enterprises, Inc.

Caribbean

&

April 29 filed 335,000 shares of common stock (par 10
cents). Price—$6 per share. Proceeds—For reduction
of outstanding
indebtedness; to pay off mortgages on
certain property; for working
rate

purposes.

Fla.

capital and other

corpo¬

Office—1118

Underwriter

—

N. E. 3rd Avenue, Miami,
George, O'Neill & Co., Inc., New

Business

Finance Corp.

Aug. 5,

1960

common

stock

(letter

of

notification)

195,000 shares of
(par 20 cents). Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
N. Ridge Road, Little Rock, Ark.

Buzzards Bay Gas Co., Hyannis, Mass.
Tune 7 filed 27,000 outstanding shares of common
stock,
*;o be offered for sale by American Business
Associates.
Price
To bi supplied by amendment. Underwriter—
—




ceeds—For

payment of bank loans and the addition of technical
per¬
sonnel. Office—309 11th
Ave.,

Underwriter—Jay W. Kaufmann

South, Nashville, Tenn.:
& Co., New York City.

• Chore-Boy Southwest, Inc.
Sept. 28, 1960 (letter of notification) 500 shares of 8%
preferred stock and 500 shares of common stock Price
($100 per share). Proceeds—To pay an inven¬
tory note and for working capital. Address — Wichita,

—At par

Kan. Underwriter—None.
•

Cinestat

Advertising Corp.

Circle-The-Sights, Inc.
March 30 filed 165,000 shares of

common stock and $330,(10-year 8% redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing

service.

Office—Washington, D. C.

Southeastern

Development Corp.

the

and

Office—4358

balance
Northside

general

a

site in Atlanta,

corporate

purposes.

Drive, N. W., Atlanta, Ga.

Un¬

Carolina Metal

Products Corp. (11/21)
Sept. 28, 1960 filed 100,000 shares of common stock (par
$1). Price—$5 per share. Proceeds — Repayment of in¬

debtedness, machinery and equipment, and the balance
for working capital. Office — 2222 S.
Blvd., Charlotte,
N. C.
Underwriter—Arnold, Wilkens & Co., New York
City.
.

Caruso

Sept.

2,

common stock, of
127,500 shares are to be offered for the account
of the issuing
company and 95,000 shares, representing
outstanding stock, are to be offered for the account of

which

the present holders thereof.
ceeds
To reduce

Foods, Inc.

working capital. Office

stock

common

stock. Price

$15 per share. Proceeds—To finance the company's anti¬
cipated growth and for other general corporate purposes.

i/>

3, 1960 (letter of notification) $100,000 of 10-year
registered series notes, to be offered in denomina¬

tions of $100

chester,

to $1,000 each.. Price—At face value. Pro¬
working capital. Office—36 Lowell, St., Man¬

N.

H.

Underwriter

Shontell

—

&

Varick,

Manchester, N. H.
• Commercial

Credit Co.

Oct. 10,

1960 filed $50,000,000 of senior notes, due 1980.
To be supplied by amendment. Proceeds — For
working capital. Underwriters—First Boston Corp. and
Price

—

Kidder, Peabody & Co. (handling the books). Offering—
Expected sometime in November.
•

Commonwealth

Oct.

4,

payed

Edison Co.
(10/24)
3,850 shares of common

1960 filed
as

the

on

a

stock to be
stock dividend to holders of record Sept. 22,

basis

then held.

of

three

the

new

Such shares

time

of

shares

for

each

125

shares

stockholders may elect to sell
underwriters. Price—At-the-market
as

sale.

Office

72

—

W.

Adams

Street,

Chicago, 111.
Underwriters
First Boston Corp. and
Glore, Forgan & Co., both of New York City. Agent—
—

Continental Illinois

National Bank & Trust Co.

of

Commonwealth

Aug.

1,

class

A

1960

Electronics Corp.

(letter

of

notificaiion)

60,000

shares

dress

—

c/o

Harold

G.

Suiter, Box

1061,

Rio Piedras,
Co., Baltimore,

Puerto Rico. Underwriters

Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6V2% junior subordin¬
ated debentures, due
1975, with five-year warrants for
the purchase of 80,000 shares of regular common shares.

Commonwealth Telephone Co. (Pa.)
Aug. 25, 1960 filed 42,960 shares of, common stock
$10) being offered to the holders of the outstanding

—For

working capital and general corporate purposes.
Street, Kansas City, Mo. Underwriter
—A. G. Edwards & Sons, St. Louis, Mo.
(managing).
Office—1334 Oak

Champion Spark Plug Co. (10/26)
Sept. 23, 1960 filed 750,000 shares of outstanding com¬
mon stock
(par $1.66). Price—To be supplied by amend¬
ment. Proceeds—To selling stockholders, members of the
Stranahan family. Office — Toledo, O. Underwriters—
Blyth & Co., Inc. (handling the books), Glore, Forgan &
Co., Hornblower & Weeks, Merrill Lynch, Pierce, Fenner

&

Smith

Inc.

(managing).

^ Charlottesville Realty Associates
Sept. 23, 1960 (letter of notification) $290,000 of partner¬
ship participations to be offered in units of $5,000 or
multiples thereof. Price—At
purchase land and construct
26 Court

face

value.

Proceeds—To

a bowling center. Office—
St., Brooklyn, N. Y. Underwriter—None.

it Chart-Pakf
Sept. 27, 1960

Inc.

(letter of notification) 50,000 shares of
common stock
(par $4). Price—$6 per share. Proceeds—
For working capital. Office—1 River
Rd., Leeds, Mass.

Underwriter—Schirmer, Atherton & Co., Boston, Mass.

of

stock (par 10 cents). Price — $5 per
share. Proceeds—To purchase machinery and
equipment,
research and development and for working capital. Ad¬
common

Office—42-15 Crescent St., Long Island City, N. Y. Unwriter—None. Offering—Expected in mid-October.

are to be offered at
par, and in units of
$500 debenture with warrants for 40 shares. Proceeds

Chi¬

cago.

Inc., New York, N. Y.
Cavitron Corp.
June 17, 1960, filed 40,000 shares of

Pro¬

Cleveland, O. Underwriter—
Miami, Fla. (managing).

Coastal Acceptance Corp.

7%

per share.

—

Robert L. Ferman &
Co.,

—At

1960

Price—$4

indebtedness^jvi^h the balance for

will be sold to the

(letter of notification) 150,000 shares of
(par three cents). Price — $2 per share.
Business—Food processing. Proceeds—For general cor¬
porate purposes. Office—2891-99 Nostrand Ave., Brook¬
lyn, N. Y. Underwriter — Searight, Ahalt & O'Connor,
common

Underwriter—None.

Cable

Corp.
Aug. 23, 1960 filed 222,500 shares of

Oct.

—

L. L. Bost

Md.
•

mon

of record Oct.

each

10

Price

—

7,

on

the basis of

one

new

(par
com¬

share for

shares held with rights to expire on Oct. 26.
$19 per share. Proceeds — To reduce amount of
outstanding bank loans. Office—Dallas, Pa. Underwriter
—Eastman Dillon, Union Securities & Co., New York
City (managing).

Consolidated Realty Investment Corp.
April 27 filed 2,000,000 shares of common stock. Price—•
$1 per share. Proceeds—To establish a $250,000 revolving

fund

for initial and

struction of custom

intermediate financing of the

con¬

pre-fabricated type residential or
commercial buildings and facilities upon properties to
be acquired for sub-division and shopping center devel¬
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark.

or

Underwriter—The Huntley Corp., Little Rock. Ark.

^ Consolidated Southern Companies, Inc.
Sept. 30, 1960 (letter of notification) 150,000 shares of
common

stock

(par $1). Price—$2

For the closing payment on a

per

share. Proceeds—*

building, repayment of

an

outstanding loan and for working capital. Office—Suite
656, 800 Peachtree St., N. E., Atlanta, Ga. UnderwriterAtlanta

.,

miniature

electrolytic capacitors. Pro¬
general corporate purposes, including the re¬

ceeds—For

28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land

York.
;

615

Sept.

one

(10/14)

—

Bldg., 15th & Chestnut Sts., Philadelphia, Pa.
Underwriter—R. P. & R. A. Miller &
Co., Inc., Phila¬
delphia, Pa.
'
;.v"

The debentures

City.

Office

purposes.

Robinson

Proceeds—

Street, Orange, N. J. Underwriters—Sandkuhl & Com¬
pany, Inc., Newark, N. J. and New York City and J. I.
Magaril & Co., and Lloyd Haas Co., both of New York

sells

—

Caribbean American Corp.

575

Forest

makes and

Clark

Carhart Photo, Inc.

derwriter—To be supplied by amendment.

purposes,

Chemtronic Corp. (10/28-11/4)
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share.
Business—The company

000 of debentures

tioning, and sale of trucks, tractors, trailers, and related
corporate

—

products. Proceeds—For general corporate
purposes, in¬
cluding payment of taxes, plant and equipment, and

Carco Industries, Inc. (10/14)
Aug. 25, 1960 filed 150,000 shares of common stock (par
10 cents). Price—$5 per share. Business—The
manufac¬
ture, assembly, sale, and installation of various metal

for

general

Chemplate Corp. (10/17)
Sept. 27, 1960 (letter of notification) 26,000 shares of
stock (par $1). Price—$5
per share. Proceeds—
To purchase physical assets of
Kanigen division of Gen¬
eral American
Transportation Co. in California. Address
—Los Angeles, Calif.
Underwriter
Keon & Co., Los
Angeles, Calif.
common

tising and display devices. Proceeds—For starting the
business. Office—30 West Monroe St., Chicago, 111. Un¬
derwriter—None. Note—This statement was withdrawn
on Sept. 29.

development of

Proceeds—For

of
(par 10 cents). Price — $3.30 per share.
Proceeds—To purchase the assets of Rosander
Co., pay
obligations owed to banks and for working capital.
Office—2701 14th Ave.,
South, Minneapolis, Minn. Under¬
writer—Jamieson & Co., Minneapolis, Minn.

•

Street, Los Angeles, Calif.
Underwriter —
Kidder, Peabody & Co., New York City (managing).
Offering—Expected in mid-November.

Ga.,

equipment.

Design & Manufacturing Corp.
(letter of notification) 90,000 shares

1960

stock

Aug. 26, 1960 filed 15,000 shares of class B capital stock.
Price—$100 per share. Business—The firm sells adver¬

in the Caribbean
area,

the

20,

common

Humboldt

present holders thereof.
Price—To be
supplied by amendment. Business—The leasing, recondi-1

of

account

with

supplied by amend¬
makes and sells citric

Bzura, Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
balance for working capital.
Office—Broadway & Clark
Streets, Keyport, N. J. Underwriters—P. W. Brooks &
Co., Inc., and Lee Higginson Corp., both of New York
City (managing).

Proceeds—For expansion,
working capital, and possible acquisitions. Office—122
Brookline Ave., Boston, Mass.
Underwriter
Paine,
Webber, Jackson & Curtis, Nefta York City (managing).

common

for

company,

be

portable radios.

July 29,

Chemical

the remainder to be offered for the account of the
pres¬
ent holders thereof. Price—To be

Mfg. Co., Inc. (10/31-11/4)
623,750 scares of common stock

Charter

Sept.

Co., Inc. (10/25-28)
Aug. 25, 1960 filed 450,000 shares of common stock (par
25 cents), an undetermined number of which
will be

—Chicago, 111. Underwriter—Glore, Forgan & Co., New
York City (managing).
Automatic

Bzura

•

Corp.,

with the balance for
general corporate purposes.

Inc.,- Boston, Mass. Offering-—Indefinitely

postponed.

29

Shares, Inc.,

same

address

as

the

company.

Continued

on

page

30

30

(1478)
The Commercial and Financial
Chronicle

Continued from

^

•

Coral

29

page

system components. Proceeds

Aggregates Corp.

For acquisition of land
factory; purchase of new machinery
tooling; inventory and working capital. Office—3163
Adams Ave., San
Diego, Calif. Underwriter—None.
and construction of

(11/1-4)

Aug. 25, 1960 filed 100,000 shares

of

common

(par
cents). Price—$4 per share. Business—The company
intends to engage in the extraction and sale of rock.
10

Proceeds—From

the present holders

City, and

Co., Inc., Philadelphia, Pa.

91,000 shares of
common stock to be sold at
par ($2.50 per share). Busi¬
ness—Makes and leases oil well testing equipment. Pro¬
ceeds—To buy such
equipment and to develop new tools.
Office—2427 Huntington Drive, San
Marino, Calif. Un¬
derwriter
Jacoby, Daigle & Werner, Inc., 541 South
Spring St., Los Angeles, Calif.

for

common

—

—

Industries, Inc.
(letter of notification)

100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
a bank loan, chattel
mortgage, purchase

machinery

and
N.

equipment,
W.

73rd

and

for

working capital.
St., Miami, Fla. Underwriter—

Y.

Daffin Corp.

The

makes

company

agricultural

implements,

feed

grinding and mixing equipment "for the livestock indus¬
try, and conveying and seed cleaning equipment. Pro¬
ceeds—To selling stockholders.
Office—Hopkins, Minn.
Underwriters—Lehman Brothers, New York
City, and
Piper, Jaffray & Hopwood, Minneapolis, Minn, (man¬
aging. Offering—Indefinitely postponed.
Dakota

Aug.

3,

Underwriters, Inc.
(letter of notification)

1960

stock.

common

Price—At par

($1

per

ton, S. C. Underwriter—Professional Insurers
Ltd., 104 E. 8th St., Denver, Colo.
• Dalto
Corp. (10/14)

tors

1517

March

29

offered
record

at the rate of one new
share for each
two shares then held. Price—To be
supplied by amend¬
ment. Proceeds—For the
retirement of notes and addi¬

Office—Norwood, N.

its

common

J.

stock pursuant to
preemptive rights.

$100 per debenture.

Ave., New York City. Underwriter—Amos Treat
Inc., New York City (managing).

&

Del

Co.,

common

stock

^

of New York will receive

To increase

stock

company is a non-diversified,
closed-end,
agement investment company, and has not

man¬

yet com¬
capital and
advisory services to small buisnesses in scientific
fields.
Proceeds—To start the business. Office—727
South Cen¬
as

business

of

furnishing

equity

Electronic & Missile Facilities Inc.
Sept. 23, 1960 filed 260,000 shares of common
stock (par
cents). Price—To be supplied by amendment.
Busi¬
ness—Builds and installs facilities for the
armed forces

new
equipment, for re¬
development and working cap¬
9201 Wilshire
Blvd., Beverly Hills, Calif.
Holton, Henderson & Co., Los Angeles,

—

25

—

Electronics

and

writer—Hardy & Co., New York City.
Electronic Specialty Co.

on larger
Government
St., New York City. Under¬

June

and its

subsidiaries. Ad¬

Okla.

Underwriter—To

filed 150,000 shares of common
stock (par 50
Price—To be supplied by
amendment. Proceed®
—To be added to the
general funds in anticipation ol

capital

shares.

of

.

of
be

reserve for conversion of
.preferred stock and
12,000 shares- for conversion of debentures^
Price—$10
per share. Proceeds—To
purchase machinery and equip¬
on

l,i.yjf „> l<H*

..

San

possibly

Fernando

to

Road,

include

acquisitions.
Los Angeles/ Calif.

Electronics

International Capital Ltd.
(10/17-21)
Sept. 16 1960 filed 2,500,000 shares of
common
stock
(par £1). Price—$10 per share. Business—A
closed-end,
non-diversified management
investment company. Pro-

ceeds—For general
corporate purposes. Office—Bank of
Bermuda Bldg.,
Hamilton, Bermuda. Underwriter—Bear,
Stearns & Co., New

York, N. Y. (managing).
Electronics, Missiles &

Communications, Inc.

(10/24-28)
Sept. 13, 1960 filed 150,000 shares of 10 cent
mon stock.
Price—$2 per share. Business—The

par

com¬

company
will make and sell
communications equipment. Proceeds
—For working capital.
Office—262-264 East Third
St.,
Mt. Vernon, N. Y.
Underwriter—Frank Karasik &
Co.,
Inc., 285 Madison Avenue, New York
17, N. Y.

Fairmount

Finance

Co.

May 6

(letter of notification) 58,000 shares of
common stock
(par $5). Price—At par ($5
per
Proceeds—For working capital.
Office—5715
Road, Fairmount Heights, Md. Underwriter—J.
terson &

class

A

share).
Sheriff
T.

Pat¬

Co., Inc., 40 Exchange Place, New
York, N. Y.

Federal

Pacific

Electric

Co.

Aug. 2, 1960 filed 377,000 shares of
$45,000 shares of outstanding 5J/2%
preferred

—

placed

requirements,

Office—5121

Underwriters—Reynolds & Co., Inc. of New York
City
and
Bateman, Eichler & Co. of Los Angeles, Calif. Offer¬
ing—Indefinitely postponed.
•

Dorsey Corp.

• Edison Textiles, Inc.
Sept. 27, 1960 (letter of notification)
30,000 shares
common stock
(par $2) of which 7,431 shares are to

2

cents).

working capital for the issuer

.

work

N. W., Wash¬
Co., Washing¬

Prioe—

dress—P. O. Box
862, Norman,
be named by amendment.

•

does

to furnish bonds
necessary to bid
contracts. Office—2 Lafayette

stock.

Laboratories, Inc.

Inc., Philadelphia, Pa.

also

for civilian public works
agencies.
Proceeds—For general corporate
purposes including ex¬
pansion. The additional funds will also
enable the firm

For additional

stock (par 10 cents.)
Price—$3 per share. Busi¬
ness—Electronic equipment for
military use. Proceeds—
For general corporate
purposes." Office—235 Penn
St.,
Burlington, N. J.
Underwriter
Woodcock, Moyer,
Fricke & French,

M

its

tral
Expressway, Richardson, Texas. Underwriters—
Kidder, Peabody & Co., New York City, and
Rauscher^
Pierce & Co., Inc.,
Dallas, Texas (managing).

oroduct

common

vacuum

Business

menced

inventory, purchase
new

Dubrow Electronic Industries Inc.
(11/21-25)
1960 (letter of notification) 100,000 shares

•

250,000 shares of
share). Proceeds—

and for administra¬

,

Sept. 7,

'

per

(10/27)
Sept. 7, 1960, filed 772,000 shares of common
(par $1). Price—To be supplied by amendment.

—

reactors. Pro¬

($1

—The

subscriptions.

common stock
(no
par). Price—$6 per share.
Business—Research, develop¬
ment, and production in the fields of
mechanics, elec¬
tronics, optics, and functional systems.
Proceeds—The
net
proceeds, estimated at $511,740, will be used for
product development
($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
phia, Pa. Underwriter
Warner, Jennings, Mandel &
Longstreth, Philadelphia, Pa. (managing). Offering —
Expected in early November.

(par

stock. Price—At par

Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co.,
Carmichael, Calif.
Electro-Science Investors, Inc.

• Diketan Laboratories, Inc.
Sept. 30, 1960 (letter of
notification) 150,000 shares of
common stock
(par $1). Price—$2 per share. Proceeds—

Drexel Dynamics
Corp.
Aug. 26, 1960 filed 100,000 shares of

working capital, relocation, and




common

To purchase new
equipment, rental
tive costs. Office—115

To

—

York

expansion.
Office—521 Homestead
Ave., Mount Vernon, New York
Underwriters — Standard Securities Corp., New York
City, and
Bruno-Lenchner, Inc., Pittsburgh, Pa.
Delta Design, Inc.
Sept. 28, 1960 filed 100,000 shares of
capital stock. Price
—$4.50 per share. Business —
Development of

Electro-Nuclear Metals, Inc.
Aug. 31, 1960 (letter of notification)

and

—

Chattanooga Glass Co., with the balance for
general
corporate purposes. Office
485 Lexington
Ave., New
York City.
Underwriter—Blair & Co., Inc., New York
City (managing). '
.
'

10 cents).
Price—$4 per share. Business—The
company
makes, from its own designs, and sells
high voltage
power supplies,
transformers, chokes, and

ceeds—For

—

Corp., Washington, D. C.

selling stockholders. Office—202 E. 44th
St., New York
City. Underwriter—None. Agent—The
Empire Trust Co.

of all

Electronics Corp.
of

research

75,000 shares of
stock (no par) and 20,000 shares of addi¬
stock to be offered to the under¬

common

working capital. Office—1346 Connecticut
Ave., N., W.,
Washington, D. C. Underwriter
Carleton Securities

common

Proceeds

Industries, Inc.
(letter of notification)

1960

writers. Prices—Of class A
common, $2 per share; of
additional class A common, 2V2 cents
per share. Proceed®
—To expand the
company's inventory to go into the
packaging and export of electrical
equipment, and for

cent). Price—To be supplied
by amend¬

types of highway trailers
except those
carrying liquids. Proceeds—$7,000,000 will be
supplied
to the purchase of all
the
outstanding capital stock of

purposes.

24.

common

tional class A

(managing).

—

19,

class A

Underwriter—Horn-

Missile and electronics
development work for the Government.

common

(John)

1960^filed 100,000 shares

Mo.

Price—For the 140,000
shares, $12 per
share; for the 350,000 shares the
price will be supplied
by amendment. Business—The
design, manufacture, and
distribution

Credit Co.
(10/25-28)
Sept. 16, 1960 filed $50,000,000 of
series A
debentures,
due 1985. Price—To be
supplied by amendment. Business
—The purchase of retail
instalment paper from the
14 domestic sales
branches operated by Deere &
Co. sub¬
sidiaries. Proceeds
For general

July 26,

Louis,

(10/24-28)
Sept. 1, 1960 filed $3,500,000 of 6^%
sinking fund de¬
bentures, due October, 1975, with warrants for the
pur¬
chase of 140,000 common
shares, together with 350,000

—

•

one

ment. Business

•

Inc.
(10/18)
14, 1960 filed $10,000,000 of
sinking fund deben¬
tures, due Oct. 1, 1980. Price—To be supplied
by amend¬
ment. Business
The company
manufactures electrical
and electronic
products. Proceeds—For
working capital,
debt reduction, and
plant and equipment. Office—Mur¬
ray Hill, N. J.
Underwriters—Goldman, Sachs & Co. and
R. W. Pressprich &
Co., both of New York City (man¬
aging).

corporate

Electro

to

handling and"
Proceeds—For debt
reduction, and for

Daystrom,

—

are

Sept. 15, 1960 filed 50,000 shares of
common stock. Price
supplied by amendment. Business—The
design

Sept.

Underwriter—Harriman Ripley &
Co., Inc., New
City (managing).

shares

and manufacture of
various electronic data
control systems.

Price—

Oct.

on

centers. Proceeds—To be added to the
general funds for

—To be

Under¬

Business—The company operates a
chain of 29 retail stores in the
metropolitan New York
areas in which it sells
various electrical appliances and
sporting goods and apparel. Proceeds—For
general cor¬
porate purposes, including fixtures and
inventory for
two new retail discount centers.
Office — 215 Fourth

Deere

(par

Dorsett

Davega Stores Corp. (11/15)
Sept. 7, 1960, filed $1,500,000 of 6% convertible
subordinated debentures, due
1975, to be offered to holders of

*

St.

—

14

tional working capital.
writer—None.

St.,

Diversified Realty Investment
Co.
April 26 filed 250,000 shares of common
$5 per share (par 50 cents). Proceeds
working capital. Office—919 18th
Street,
ington, D. C. Underwriter—Ball, Pablo &
ton, D. C.
-

431,217 shares of common stock, to be
subscript/on by holders of such stock of

for

share for each

new

3 shares held with rights to
Price—$2 per share. Business—The
construction, development and management of shopping

Price—Not to

(G. C.) Dewey Corp.
(10/17-21)
Aug. 25, 1960 filed 64,500 shares of
outstanding

Calif.

filed

Oct.

Virginia

blower & Weeks of New York
City

Underwriter

and Inves¬

one

July

ital. Office

300,000 shares of
share). Proceeds

of

expire

pany's account and the remaining
250,000
be offered for sale
by the holders thereof.

search and

—To pay
outstanding notes and the remainder for gen¬
eral corporate purposes. Office—214
W. Third St., Yank¬

—

working capital and general corporate purposes. Office
—6L Mall
Walk, Cross County Center, Yonkers, N. Y.
Underwriter—None.

stock

Aug. 22, 1960, filed 150,000 shares of common stock
(no
par). Price—To be supplied by amendment. Business—

Shopping Centers, Inc.
1960 filed 1,048,167 shares of

Detroit Tractor, Ltd.
May 26 filed 1,375,000 shares of class A stock. Of this
stock, 1,125,000 shares are to be offered for the com¬

—

N.

early December.

Eastern

Aug. 15,
common
stock
being offered for subscription by holders of outstand¬
ing common stock of record Sept. 29 on the basis

For

The manufacture and sale of mobile
homes. Proceeds—
Approximately $1,000,000 to be invested in the
capital
stock of its
wholly-owned subsidiary Mobile Home Fi¬
nance Co., and the
balance to be added to the
general
funds for inventory and accounts
receivable. Office—

.

writer—General Securities Co., 101 W. 57th
St., N. Y. 19.

Office

equipment.

•

Plymouth Securities Corp., New York, N. Y.
Cyclomatics Inc. (10/24-28)
Aug. 31, 1960 filed 250,000 shares of common stock
(par
10 cents). Price—$1
per share. Business—Motorized and
automatic health equipment. Proceeds
For inventory
and working capital.
Office—Astoria, L. I., N. Y. Under¬

*

purposes.

electronic

Detroiter Mobile
Homes, Inc. (10/19)
Aug. 17, 1960 filed 250,000 shares of common stock
(par
$1). Price—To be supplied by amendment.
Business—

ceeds—To repay

Office—3301

corporate

of

$3 per share. Proceeds—To be applied to th®
purchase of machine tools, payment of
$95,000 of note®
and accounts payable, and for
general corporate pur¬
poses. Office—1221 E. Keating
Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.

Custom Craft
stock

100,000 shares of
$2.25 per share.

exceed

—

common

•

(letter of notification)
stock (par 10 cents). Price

—

implement the company's merchandising plan and for
working capital. Office—26 The Place, Glen
Cove, L. I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York, N. Y.

'

—

homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &
Co., Inc., New York City (managing). Offering—Expect¬

199 Sackett
St.,
Brooklyn, N. Y.
Underwriters
Cortlandt Investing
Corp.; Rothenberg, Heller & Co., Inc. and
Joseph Nadler
& Co., Inc., New
York, N. Y.

purchase of one share. Price
To be
supplied by amendment. Business—Mail order
marketing
of vitamins through
department stores. Proceeds
To

Sept. 15, 1960

Edwards Industries, Inc.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per share. Proceeds
For land, financing of

offer¬

—

general

working capital. Address—Sacramento, Calif. Under¬

ed in late November to

1960

Business—Manufacturers

Inc.

the

For

writer—None.

Designatronics, Inc.
Sept. 28,

Sept. 30, 1960 filed 108,000 shares of common stock (par
50 cents), and five-year warrants for the
purchase of
an additional
54,000 shares of common stock to be of¬
fered in units, each unit to consist of two
shares and a
warrant

of the

'

Oct. 3, 1960 (letter of notification)
5,000 shares of com¬
stock (par $10). Price—$20 per share. Proceeds—

pected in November.

—

Cove Vitamin & Pharmaceutical

rest

bank loan and for working capital. Ad¬

a

mon

amount; for the stock, $5 per share.
10,000 shares of the common
stock, to

thereof; from the

repay

^Educators Furniture & Supply Co., Inc.

ing, to the company to be used for
expansion and a®
working capital. Office—6810 S. W. 81st St..
Miami. Fie.
Underwriter—R. A. Holman &
Co., Inc. Offering—Ex¬

Cormany Corp.
Sept. 21, 1960 (letter of notification)

Thursday, October 13, 1960

.

dress—Edison, Ga. Underwriter—None.

•

Robinson

&

ment,

Deluxe Aluminum
Products, Inc.
Oct. 15 filed
$330,000 of convertible
debentures, and 70,000 shares of common stock.
Price—For the debenture®,
100% of principal

Proceeds—For equipment, working capital, and the re¬
tirement of indebtedness, with the balance for
general
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York

;

—

a

and

stock

.

series

common

stock

convertible

and

second

A

stock, of which 127,000 common
part of the issuer's payment for all of
of Pioneer Electric Limited.
The balance will be
offered publicly. Price — To be
supplied by amendment. Proceeds—-To
acquire the cash
necessary to complete the Pioneer
payment (see above),
with the balance to
retire short-term bank
loans, and
shares represent
the outstanding

be

added

to

common

working capital. Office

—

50

Terrace

St.,

Newark, N. J. Underwriter—H. M.
Byllesby & Co., Inc.,
Chicago, 111. (managing). Offering—Imminent.
•

Federal Street
Fund, Inc.- (11/1-4)a minimum
of $2O,OOa,OO0
,

Sept.'26, I960

filed
value of shares-of
its

supplied

$1

market*

par common stock. Price—To be

by amendment. Business— The
company

is.

.a

^

,

'Volume

192

The Commercial and Financial Chronicle

Number 5994

newly organized open-end mutual fund. Proceeds-^For

(1479)

Aug. 12, 1960 filed 225,000 shares of common stock (par
$1). Price—$10 per share. Proceeds—To retire $150,000

^ General Development Investment Plans, Inc.
Oct. 6, 1960 filed 1,285 of Investment Plans.
Price—To
be offered for public sale with sales commissions rang¬
ing from 8% to 10%, depending upon the type of mort¬
gage financing involved.
Proceeds—For investment in
Port St. Lucie Country Club homes, on the east coast of
Florida. Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal

of

business is the

nesses.

planned

investment. Office—140 Federal

St., Boston, Mass. Deal¬
er-Manager^— Goldman, Sachs & Co., New York City
(managing).
First Connecticut Small Business Investment Co.

(10/24-10/31)

debentures, and for capital for loans for small busi¬
Office—955 Main St., Bridgeport, Conn. Under¬
writer—Grimm & Co. of New York City.

^ First Small
of

Business

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.

stock.

stock.

Also

filed

were

120,000

shares

of

Price—For the units, $500 per unit; for

120,000 common shares, $1 per share. Proceeds — For
property improvements, the repayment of indebtedness,
and the balance for working capital. Office—Ft. Lauder¬
dale, Fla. Underwriters—P. W. Brooks & Co. Inc. and
Lee Higginson Corp.
(for the common only), both of
New York City.
"Florida

1990.

Proceeds

For

ment of bank loans.

Price

—

writer—C.

Probable bidders: Halsey, Stuart
Inc.; Kidder, Peabody & Co. and Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); First Boston
Corp.; Eastman Dillon, Union Securities & Co. and
Harriman Ripley & Co. (jointly); Lehman Brothers and
Blyth & Co. (jointly). Information Meeting—Scheduled
for Oct. 17 at 11:00 a.m. at Morgan Guaranty Trust Co.,
Mezzanine B, 60 Liberty St., New York City. Bids—Ex¬
pected to be received on Oct. 20 up to 11:30 a.m. New

E.

Unterberg, Towbin

Co., New York City

(managing).

Co.

Georgia Power Co. (11/3)
Sept. 26, 1960 filed $12,000,000 of 30-year first mortgage
bonds

due

1990.

Underwriter

—

To

be

determined

Florida Suncoast Land & Mining Co.
Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares are to be offered in exchange for

New

York

Information

Time.

Meeting—Scheduled

for

Oct. 31 between 2:30 p.m. and 4:30 p.m. at the Chemical
Bank New York Trust Co., 11th floor, 100 Broadway,

certain lands and assets, and the balance will be for
public sale. Price—To be supplied by amendment. Pro¬
ceeds
For the acquisition and development of land,
mining operations and' e<jui|ftn£nt, and the balance for

New York City.

working* capital; "J Office—Tarpon Springs, Fla.

Oct.

—

writer—None<

'•

•

*

'•-/

.

•>.-.

rr.;/T

•

.

Fotochrome, Inc. (11/1-4)
16, 1960 filed 220,000 shares of $1

Sept.

1

J.*
•>">

~

;

stock,

outstanding

Franklin

to

tribution of text books and related educational materials
for schools. Proceeds—To reimburse the

the

ury

sup¬

finance

Office Bldg.,
Boston, Mass. Underwriter — White, Weld & Co., New
York City. Offering—Expected in late November.
Glas

small

Ga.

athendment.

Business—The

company

is engaged

in the

reduction and working capital.

Gay Broadcasting Corp.

common

be

television stations. Proceeds—For the acquisition of
television station and two radio stations in Missouri.

Office

—

4000 Albemarle

Underwriter

—

St., N. W., Washington, D. C.
Hill, Darlington & Co., New York City

(managing).
•

Corp.

..

pany„ organized in May, 1960, plans to engage in the
real estate business/ Proceeds — For general corporate

Office—565 Fifth Ave*, New York City. Under¬
writer—Morris Cohon & Co., New York City.
purposes.

Gold Medal

General Automation Corp.

(11/14-18)
Sept. 30, 1960 (letter of notification) 100,000 shares of
common stock (par two cents). Price—$2 per share. Busi¬
ness—Manufacture of machinery. Proceeds—For general
corporate purposes. Office—40-66 Lawrence St., Flush¬
ing, N. Y. Underwriters—Bertner Bros, and Earl Edden
Co., New York, N. Y.
• General Capsule Corp.
Sept. 28, 1960 (letter of notification)

1,200,000 shares of
common stock (par 15 cents). Price—25 cents per share.
Proceeds—For working captal. Office—42 Watson Ave.,

Detroit, Mich. Underwriter—None.


ft


be

used

for

Packing Corp.

the

construction

of

an

additional

smoke¬

house, and the balance will be used for general corporate
purposes. Office—614 Broad Street, Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products.
Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
City.
Great

Atlantic

Development Corp.
(letter of notification) 100,000 shares of
common stock (par one cent). Price—$3 per share. Pro¬
ceeds
For general corporate purposes.
Office — c/o
Joseph Frost, 280 Broadway, New York, N. Y. Under¬
writer—S. P. Levine & Co., Inc., New York, N. Y.

Sept.

8,

—

1960

Shoe."

Proceeds—For

—

•

Manufactures

coaxial

cable

connectors

and

associated

-

'
-

fittings for the electronic and electrical industries. Pro- ;
ceeds— For general corporate
purposes, including debt.'
reduction, inventory1 and construction. Office—7 North"
Ave., Wakefield Mass. Underwriters—Milton D. Blauner
&

Co., Inc. and M. L. Lee Co., Inc., New York, N. Y.

•

Gulf

Resources, Inc. (11/7)
Sept. 2, 1960 filed 140,000 shares of common stock (par
10 cents). Price—$8 per share.
Business—Gathering nat¬
ural gas in Zapata and Starr
Counties, Texas. Proceeds
For general corporate purposes.
Office — 20 Broad
Street, New York City. Underwriter—Amos Treat & Co.,
Inc., New York City.
—

,

•

Heldor Electronics

Manufacturing Corp.
(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$3 per share. Pro¬
ceeds— For
general corporate purposes.
Office — 238
Lewis Street, Paterson, N. J. Underwriter—S. Schramm
& Co., Inc., New York, N. Y. Offering—Imminent.
June

29, 1960

Henry Engineering Co.
1960 (letter of notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Proceeds—
For machinery and
equipment, plant improvement, and
for working capital. Office—c/o Gilbert A. Henry, 1130
East Providencia, Burbank, Calif. Underwriter—None.
Sept. 29,

High Authority of the European Coal and Steel
Community (10/19)
Sept. 20, 1960 filed $25,000,000 of secured bonds, due
1980, and $10,000,000 of serial secured notes, due 19631965. Prices—To be supplied by amendment. Business—
The nine-year-old Comnlutiity aims -to
establish and
maintain

a

common market in member

countries for coal

and

steel, and is authorized to make loans to increase
production, reduce the costs thereof, and ehcourage the

*

distribution of coal and steel and their products. Proceeds
—For

general Community purposes. Authorized Agent—
George W. Ball, Esq., Southern Bldg., Washington 5,
C. Underwriters — Kuhn, Loeb & Co., First Boston
Corp., and Lazard Freres & Co., all of New York City
(managing).

D.

»,

Hilltop, Inc.
Aug. 17, 1960 filed $1,650,000 of 6% subordinated deben- *
tures, due 1980, and 1,650 shares of class A common stock,
to be offered in units of one $1,000 debenture and one
class A share. Price
To be supplied by amendment.
Business—Tffe principal business of the company, which
was organized under Kansas law in June, 1959, will be
the owning, acquiring, improving, developing, selling,
and leasing of improved and unimproved real
propertyty
—

Proceeds—To
bian Bldg.,

reduce

funded

debt.

Colum-

Office—401

1

Topeka, Kan. Underwriter—None.

Home Builders Acceptance Corp.
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share. Business—The company is
engaged in real estate financing and lending. Proceeds
—For
general
corporate
purposes.
Office — 409
N.

Nevada, Colorado Springs, Colo.
Horizon

Land Corp.

Underwriter—None.

(10/24-28)

1960 filed $1,500,000 of 7% subordinated con¬
debentures, due October 1970, and 150,000 series
III, common stock purchase warrants, to be offered in:
units consisting of a $1,000 debenture and 100 warrants.
Price
$1,000 per unit. Business — Buying and selling
land. Proceeds—For general corporate purposes, includ¬
ing land acquisition and advertising expenses. Office—
Tucson, Ariz. Underwriter—Ross, Lyon & Co., Inc., New
Aug. 29,
vertible

—

(10/17-18)

19, 1960 filed 400,000 shares of class A common
stock (par $1). Price—$10 per share. Business—The com-

proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on
June 15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will

Price—To

and
a

Glickman

(11/14-18)
stock (par
supplied by amendment. Business—
and its subsidiaries own and operate radio

(Connie B.)

The company

•

June 17, 1960, filed 100,000 shares of 25c convertible pre¬
ferred stock (par $4).
Price—At par. Proceeds—Ap¬

•Sept. 9, 1960 filed 130,000 shares of
$1).

fixtures, and, through Mary Lester

&

Co., New York City (managing).
•

for bathroom

Aug.

Office—141 North Ave.,

Bridgeport, Conn. Underwriter—Van Alstyne, Noel

8,

cluding initially, the reduction of short term bank loans
which aggregated $2,650,000 on July 25. Office—320 East
Buffalo St., Milwaukee, Wis. Underwriter—Loewi & Co.,
Milwaukee, Wis. (managing).

to be offered for the account

construction business, both as a general contractor and
as a builder for its own account.
Proceeds — For debt

a

Stores, yard goods, sewing supplies, decorating fabrics,
and various notions. Proceeds—For working capital, in¬

Underwriter—None.

of selling stockholders and the balance for the account
of the issuing company. Price — To be supplied by

molds, to pay off

Glen

covers

car,

are

—

Manufacturing Inc. (10/18)
1960 filed 125,000 shares of common stock, of
which 100,000 shares are to be offered for the account
of the issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price—$10 per share. Busi¬
ness—The company makes and sells ladies' clothes, fabric

loan

shares

For boat

•

Frouge Corp. (10/24-28)
July 22, 1960 filed $1,500,000 of 6
convertible sub¬
ordinated debentures, due September 1975, and 175,000
shares of common stock (par $1), of which filing 50,000
common

ceeds

Aug.

•

of the

common

Corp.
(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Pro¬
1960

mortgage and for
working capital. Address—Hialeah, Fla. Underwriter—
Martinelli & Co., Inc., New York, N. Y.

business, and, to a lesser extent,
boat, and appliance installment
sales contracts from dealers. Proceeds—For general cor¬
porate purposes. Office—105 North Sage Street, Toccoa,
or

Foam

Sept. 28,

Discount Co.

purchasing of

company's treas¬

for redemption costs of its preferred stock, and the

balance for working capital. Office—Statler

Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
ible debentures, due serially 1966-1968, and $300,000 of
8% subordinated capital notes due eight years, eight
months and eight days after date of issue. Prices—At
par. Business—The company is engaged in the consumer
in the

the

issuer, and 644,091 shares will be offered
stockholders. Price — To be
supplied by amendment. Business—Publication and dis¬

plied by amendment. Business—Film processing, the dis¬
tribution of film and related supplies, and the design,
development, and sale of automatic processing equip¬
ment. Proceeds—For general corporate purposes, includ¬
ing debt reduction, and the purchase of inventories of
photographic supplies. Office—1874 Washington Ave.,
New York City. Underwriters—Shearson, Hammill & Co.
and Emanuel, Deetjen & Co., both of New York City
(managing).
•
y
;
,
,

of

count
common

be offered for
account of the present holder thereof. Price—To be

is

10, 1960 filed 817,391 shares of common stock (par
$1), of which 173,300 shares will be offered for the ac¬
for the account of selling

par

stock, of which 200,000 shares are to be offered for the
account of the issuing company and 20,000 shares, repre¬

senting

& Co.

Ginn

Under¬

Rite

by

Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.
(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Bids—Expected to be
received on Nov. 3 at the office of Southern Services,
Inc., Room 1600, 250 Park Avenue, N. Y. C., up to 11 a.m.,
competitive bidding.

York Time.

Stride

Gremar Manufacturing
Co., Inc. (11/1-4)
Sept. 20, 1960 filed 100,000 Shares of common stock (no
par). Price—To be supplied by amendment. Business—

company

To be supplied by amendment. Proceeds — For
working capital. Office — New Bedford, Mass.
Under¬

"The

Paine, Webber, Jackson & Curtis and F. S.
Moseley & Co., both of New York City (managing).

shares will be offered at the market from time to time.

new

competitive bidding.
&

writers

and the remainder for the account
thereof. Of this remainder, 31,250
shares will constitute a part of this offering and 55,310

construction and repay¬
Underwriter—To be determined by

—

of

corporate

purposes, including plant improve¬
ment. Office—960 Harrison Ave.,
Boston, Mass. Under¬

of the present holders

Power

name

general

which 18,750 shares are to be offered for the account of

Corp. (10/20)
Sept. 8, 1960, filed $25,000,000 of first mortgage bonds,
due

trade

Underwriter—None.

Geophysics Corp. of America (11/14-18)
Sept. 28, 1960 filed 105,310 shares of common stock of

issuing

the

present holders thereof, and 20,000 shares have
granted to the underwriters on an option basis.
Price—To be supplied
by amendment. Business — The
company makes and sells children's shoes under the

•

the

(10/24-28)

been

Center; $75,000
for the same purposes in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
ance of the proceeds will be used to open two new stores
In Oregon and Idaho. Office — 1105 N. E. Broadway,
Portland, Ore. Underwriter—A. J. Gabriel & Co., Inc.,
New York City,

(10/25-28)
Aug. 16, 1960 filed $1,000,000 of junior lien bonds, 7%
series, due 1975, and 150,000 shares of common stock,
to be offered in units of a $500 bond and 75 shares of
common

of

and facilities for the Portland Discount

"Florida Hillsboro Corp.

Manufacturing Co.

Sept. 9, 1960 filed 420,000 shares of common stock
(par
$3), of which 45,000 shares are to be offered for the ac¬
count of the issuing
company, 355,000 shares, represent¬
ing outstanding stock, are to be offered for the account

General Sales Corp.
April 28 filed 90,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
will be used for additional working capital, inventories

Investment Company

Tampa, Inc.

common

~4 4-

Green Shoe

development of large tracts of land into
communities. Office—2828 S. W. 22nd Street,

Miami, Fla.

31

York City.

\

'

*

.

ic Hot Shoppes, Inc.
Sept. 27, 1960 (letter of notification) 5,400 shares of
common
stock (par $1) to be offered to key manage¬
ment personnel of the company. Price—At 85% of the
fair market value. Proceeds—For working capital. Of¬
fice—5161 River Rr., N. W., Willmar Bldg., Washington,
D. C. Underwriter—None.

Howell

Instruments Inc.

1960 filed 140,000 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Address — Fort Worth, Texas."
Underwriters—G. H. Walker & Co., New York, N. Y. and
Oct. 4,

Dewar, Robertson & Pancoast, San Antonio, Tex.
I C

Inc.

June 29 filed

600,000 shares of common stock

(par $1).

Price—$2.50 per share. Proceeds—To further the corpo¬
rate purposes and in the preparation of the concentrate
and enfranchising of bottlers, the local and national pro¬
motion and advertising of its beverages, and where
necessary to make loans to such bottlers, etc. Office—
704 Equitable Bldg., Denver, Colo. Underwriters— Pur¬
& Co. and Amos C. Sudler & Co., both of Denver,

vis

Colo.

Continued

on

page

32

< I

32

Continued

The Commercial and Financial Chronicle

(1480)

from

with

31

page

the
•

Idaho Power Co.

(11/3)

enameled

Inc.; Kidder, Peabody & Co. and White,
(jointly); Salomon Bros. & Hutzler and
Eastman Dillon, Union Securities & Co. (jointly); Equit¬
able Securities Corp. Bids—Expected to be received on
Nov. 15. Information Meeting—Scheduled for Nov. 10 at
11:00

the

at

a.m.

Bankers Trust

Co., 16 Wall St., New

York City.
Illinois

Beef,

L. & W. S., inc.
shares of outstanding common
stock.
Proceeds—To
selling stockholders.
Price—$10
per share.
Office—200 South Craig Street, Pittsburgh,
Pa. Underwriters—Amos Treat & Co., Inc., New York,
and Bruno Lenchner, Inc., Pittsburgh, Pa.

April 29 filed 200,000

Indian

Head

Mills,

Inc.

(10/17-21)

Aug. 10, 1960 filed 60,000 shares of outstanding common
stock (par $1), of which 50,000 shares are to be offered
for the account of present holders, and the
remaining
shares being registered pursuant to an option agreement.
Price—To be supplied by amendment. Business—Pro¬
duction and distribution of

fabrics, and related services
selling stockholders.

for fabric converters. Proceeds—To

Office—111 W. 40th Street, New York
City. Underwriters
—Blair & Co. and F. S. Smithers &
Co., both of New
York City (managing).
•

Industrial Hose & Rubber Co., Inc.
(10/28-11/4)
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds — Toward the repayment of
notes, new machinery, additional inventory, and the bal¬
ance for working
capital. Office — Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing).
•

Intercoast

Companies, Inc.

Aug. 16, 1960 filed 110,000 shares of common stock. Price
•—To be supplied by amendment. Proceeds—To
pay the
balance due on the purchase of Western Life

shares, and

the balance will be added to the
general funds to finance
the development of general life insurance
agency and for

working capital. Office—Sacramento, Calif. Underwriter
—Schwabacher & Co.. San Francisco, Calif, and New
York City. Offering—Expected sometime in
November.
International Diode Corp.
July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible preferred stock
(par $8). Price — $8 per
share.

Business—Makes

establish
nance

a

new

staff

of

and

sells

diodes.

Proceeds—To

production and sales

product

engineers, fi¬
buy equipment, and

development,

add to working capital. Office—90 Forrest
St., Jersey
City, N. J. Underwriter—Ernst Wells, Inc., New York
City.
•

International

Mosaic Corp.
(11/7-10)
(letter of notification) 93,332 shares of
(par 10 cents). Price—$3 per share. Busi¬
Manufacture of glass mosaics by machines and

Sept. 30,
common
ness

—

1960

stock

Proceeds — For general corporate
purposes.
Office—45 East 20th St., New York
3, N. Y. Underwriter
—B. G. Harris &
Co., Inc., New York, N. Y.
processes.

•

International Safflower Corp. (11/1)
3, 1960 (letter of notification) 60,000

Aug.
class

A

common

of

stock

(par $2).
Price—$5 per share.
Proceeds—To retire outstanding
loans, purchase of plant¬
ing seed, lease or purchase land, building and
machinery
and

for

working capital. Office

Denver, Colo. Underwriter
Springs, Colo.

—

350 Equitable Bldg.,
Copley & Co., Colorado
—

• International Textile Maintenance
Equipment
Corp.
Sept. 28, 1960 (letter of notification)
100,000 shares of
common

stock.

Price—At par ($1 per share). Proceeds
working capital. Office—15 E. First St.,
Reno, Nev

—For

Underwriter—None.
•

Interstate Vending Co.
(10/24-28)
7, 1960, filed 235,000 shares of

Sept.

stock

account of the present holders
thereof.
an

(The registration
additional 206,250 shares, all out¬

standing, of which 100,000 shares
market

from

106,250

shares

no

time

to

have

time.

advised

be offered at the
holders of the other

may

The

the

issuing

company

present disposition of their shares is
planned.)

—To

be

supplied by amendment.
pany sells various products

Business—The

that
Price
com¬

through coin-operated vend¬
ing machines in 22 States, and designs and
makes certain
vending machines for its own use. Proceeds—For
acqui¬
sitions, working capital, and new equipment. Office—

251

E.

Grand

Ave., Chicago, 111.

Underwriter

—

Stearns & Co., New York
City (managing).
if Investors Preferred Life Insurance Co.

Bear,

Sept. 26, 1960

(letter of notification)
150,000 shares of
common stock
(no par). Price—$2 ner share.
Proceeds
—For capital and
surplus accounts. Office—522
Little

Cross St

Rock, Ark. Underwriter

—

Life

Little Rock, Ark.

,

Irving Fund for Investment in U.
r
Securities, Inc.
July 22, 1960, filed 400,000 shares of

Securities,

Inc.!

Machines, Inc.
Sept. 30, 1960 filed 50,000 common stock units, each unit
to

of

consist of

class

one

share of class A

common

and

3

shares

B

common, to be offered for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬
ment. Proceeds—To establish sales and information

cen¬

ters, establish distributorships, expansion, and the bal¬
ance for working capital. Office—404 No. Frederick
Ave.,

Gaithersburg, Md. Underwriter
Washington, D. C.

Hodgdon & Co., Inc.,

—

Kanavau Corp.
Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of
properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.
9

Corp. (10/17)
1960 (letter of notification) 75,000 shares of
(par $1). Price—$4 per share. Proceeds—
For working capital. Office—101 Bradley
Place, Palm
Beach, Fla. Underwriter—Casper Rogers Co., New York,
26,

stock

common

•

Keyes Fibre Co.
Oct. 4, 1960 filed $10,000,000 of convertible subordinated
debentures, due 1985, with attached warrants for the
purchase of 500,000 shares of

common stock, to be of¬
outstanding preferred and common
stock, on the basis of $100 of debentures for each 15
shares of common or preferred held. Price-—To be
sup¬
plied by amendment. Proceeds—Construction of a new
plant, additional equipment, and the balance for work¬
ing capital. Office—Upper College Avenue, Waterville,

holders

to

Maine.

Government

per

share. Business—The manufacture of porcelain
steel plumbing fixtures. Proceeds — For the

construction and equipping of a new plant, and the re¬
of outstanding bank loans. Office — Haven &

duction

Russell Aves., Aurora, 111. Underwriter—Paul C. Kimball
& Co. of
Chicago, 111.
Lawter

Sept.

19,

which

of

Underwriter—Coffin & Burr, Inc., Boston, Mass.

vehicles,

Touhy Ave., Chicago, 111. Underwriter — Blunt Ellis &
Simmons, Chicago, 111. Offering—Expected in late Oc¬
tober

or

early November.

Leadville Water Co.
June 28, 1960 (letter of notification)
$220,000 of 20-year
6% series A first mortgage coupon bonds to be offered

in

denominations

of $1,000. Price—At par. Proceeds—
mortgage payment, outstanding notes, construction
of a new water supply and
general corporate purposes.
Office—719 Harrison Ave., Leadville, Colo. Underwriter

For

a

—H. M. Payson & Co., Portland, Me.
•

Lence Lanes, Inc. (10/14)
July 22, 1960 filed 175,000 shares of common stock (par
$1). Price—$6 per share. Business—The company oper¬
ates automatic

The company proposes to offer these securities for public
sale in units, each consisting of one share of common

one-half

and

common

stock

purchase

warrant.

unit.

Proceeds—$165,000 will be applied
to the repayment of certain loans,
$75,000 for develop¬
ment and design work by a
subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search in the design, development and
production of
components for microwave instruments, and the balance
for working capital. Office—40 Marbledale
Road, Tuckahoe, N. Y.
Underwriters — Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
Godfrey, Hamilton, Magnus & Co., all of New York City.
per

restaurants, bars, and luncheonettes, sells supplies,
rent lockers, shoes, and
meeting rooms. Proceeds
—To reduce indebtedness,
complete Garfield Lanes in
Jersey City, N. J., and for working capital. Office—4650
Broadway, New York City. Underwriter—Marron, Sloss
& Co., Inc., New York
City (managing).
Liberian

Kingsport Press, Inc. (11/1-10)
Sept. 27, 1960 filed 125,000 shares fo $1.25
which

70,000

shares

are

to be

par

common

offered for the

account of

the issuing company and 55,000 shares, rep¬
outstanding stock, are to be offered for the
account of the present holders thereof, including three
company officers. Price—To be supplied by amendment.

resenting

Business—Makes hard bound books.

Proceeds—For

ex¬

pansion.

Address—c/o Corp. Trust Co., Wilmington, Del.
Lehman Brothers, New York City, and
Newbold's Son & Co., Philadelphia (managing).

Underwriters

Kirk

—

(C. F.)

Laboratories, Inc. (10/24-28)
Sept. 28, 1960 (letter of notification) 99,900 shares of
common stock (par 20 cents).
Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds — For general
corporate purposes. Office—521 West 23rd St., New York,
Y. Underwriter—Schrijver &
Co., New York, N. Y.
•

Klondex

Sept.

1,

Inc.

1960

class A stock

(letter of notification) 149,000 shares of
(par one cent). Price—$2 per share. Busi¬

ness—Distributors of silver sensitized photo copy papers,
chemicals and engineering photo reproduction materials.
Proceeds—For general corporate purposes. Office—470
Clinton Ave.,
ver

•

&

S., Rochester, N. Y. Underwriter—Schrij¬
Co., New York, N. Y. Offering—Imminent.

Koeller Air

Products,

Inc. (10/24-28)
100,000 shares of common

Aug. 31, 1960 filed
stock
(par 5 cents) and 50,000 warrants. Each half warrant al¬
lows the purchaser to buy a share of the common for $2
within the year from date of public offering. These secu¬
rities will be offered in units of

one

rant to buy one share. Price—$2 per
firm distributes hydrogen, nitrogen,

ing equipment. Proceeds

—

share and half

war¬

unit. Business—The

oxygen, and weld¬
For general corporate pur¬

Office—596 Lexington Ave., Clifton, N. J. Under¬
writer—Lloyd Securities, 150 Broadway, New York City.
poses.

if LP Gas Savings Stamp Co., Inc.
Sept. 27, 1960 (letter of notification)
stock

Price—At

($10

shares

of

per

—For purchase of creative design and

ital. Office—300 W. 61st St., Shreveport, La. Underwriter
Sales & Investment, Inc., 4501 North

•—International

Blvd., Baton Rouge, La.

Ore

Ltd.

19 joined with The
Minerals Co., Monrovia,

Liberian American-Swedish
Liberia, in the filing of $19.000,000 of 614% first lien collateral trust bonds, series
A,
due 1980, of
Lio, $15,000,000 of 6V4% subordinated de¬

bentures due 1985 of Lio, an unspecified
number of
shares of Lio capital
stock, to be offered in units.
The
units will consist of $500 of collateral trust
of debentures and

bonds, $500

15

shares of capital stock. Price—For

units, to be supplied by amendment, and not to be in
excess

—97

of par. Proceeds—To make loans to
Lamco. Office

Queen

St.,

Canada, N. S
Note

Charlottetown, Prince Edward IslandUnderwriter—White, Weld & Co., Inc.,
—

This offering has
temporarily

been

•

Lifetime Pools Equipment
Corp. (10/17-21)
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment.
Business—Engaged in
the

manufacture

pools.

and

selling

of

Proceeds—$125,000 will

chinery

and

fiber

glass

swimming

be used to purchase

ma¬

equipment;

$200,000
to
purchase
raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to
working
capital. Office—Renovo, Pa. Underwriter—First Penn¬
ington Corp., Pittsburgh, Pa.
•

Lionel Corp.
(10/17-21)
Sept. 2, 1960 filed $4,500,000 of convertible subordinated
debentures, due Oct. 1, 1980, to be offered for subscrip¬

tion to holders of the

outstanding common stock of rec¬
Oct. 17, on the basis of
$100 of debentures for each
23 shares then held. Price—To be
supplied by amend¬
ment. Proceeds—To reduce
indebtedness, expand the re¬
search and development
program, and add to working

capital. Office—28 Sager Place,
Irvington, N. J. Under¬
& Co., New York
City (man¬
:•
•
if Living Aluminum, Inc. (11/28-12/2)

writer—Granbery, Marache
aging).

:

Oct.

3,

1960

(letter

of notification)
100,000 shares of
(par $1). Price—$3 per share. Business—
Manufacturers of aluminum furniture. Proceeds
For
common

stock

—

additional equipment; purchase of a
building; plant ex¬
pansion and working capital. Office
40 Gazza
Blvd.,
Farmingdale, N. Y. Underwriters
Arnold Malkan &
Co., Inc. and Sulco Securities, Inc., New
York, N. Y.
Louisiana Gas Service Co.
—

—

June 10, 1960, filed
670,000 shares of common stock
(par
$10) being offered by Louisiana Power &
Light Co. to
stockholders of Middle South
Utilities, Inc., of record
Sept. 28 on the basis of one share of
Louisiana Gas Serv¬
ice Co. common stock for
each 25 shares of common
stock
of Middle South held
(with an additional subscription
privilege) with rights to expire at 3:30
p.m. N Y
Time
on

Oct. 24.

Price—$10,375 per share. Proceeds—All to be
paid to Louisiana Power & Light Co.
Underwriter—None.
Louisville Gas & Electric Co.
(10/18)
Sept. 15, 1960 filed
$16,000,000 of first mortgage bonds.
Proceeds
For construction.
Underwriter
To be de¬
termined by
competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; The First Boston
Corp.; Leh¬
man
Brothers and Blyth &
Co., Inc. (jointly); Kuhn,
Loeb
&
Co., American Securities Corp. and
Wood,
Struthers & Co.
(jointly); Eastman Dillon, Union Se¬
curities & Co. and
White, Weld & Co. (jointly); Kidder,
Peabody & Co. and Goldman, Sachs & Co.
(jointly). Bids
—Expected to be received on Oct.
18, at Room 1100, 231
—

—

St*' Chicag0' m*' at 10:30

Thne

30,000

share). Proceeds
printing of cata¬
logs, stamp booklets, advertising and for working cap¬
par

Iron

May

ord

•

H.

bowling centers, associated ventures such

as

postponed.

W.

shares of capital stock of
first to be offered to certain

70,000
are

the

fluorescent pigments and coatings, and synthetic resins.
Proceeds—For general corporate purposes. Office—3550

Kings Electronics Co., Inc. (10/20)
May 26 filed 200,000 shares of common stock (par 10
cents) and 100,000 common stock purchase warrants.

of

of

company and certain
friends of its
management. Price — To be supplied by amendment.
Business—Manufacture and sale of printing ink

New York.

Price—$4

filed

20,000 shares

Offering—Expected sometime in November.

stock

Chemicals, Inc.
1960

personnel

N. Y.

fered

'

and

Keller

Aug.

common

S.

common
stock.
Price —$25 per share. Business
—A diversified invest¬
ment company, which will become an
open-end company




(10/25-28)

N.
common

(par $1), of which 200,000 shares will be offered for
the
account of the
issuing company and 35,000 shares, repre¬
senting outstanding stock, will be offered for
the
statement includes

Inc.

filed

Jonker Business

stock

shares

Service

1960

156,200 shares of common stock, of
which 121,200 shares are to be offered for the account
of the company and 35,000 shares by the present holders
thereof. Price—To be supplied by amendment. Proceeds
—For acquisitions and working capital. Office—New Or¬
leans, La. Underwriter — Hemphill, Noyes & Co., New
York City (managing),

Co.

&

Jahncke

Thursday, October 13,1960

.

.

Lawndale Industries, Inc.
Aug. 15, 1960 filed 100,000 shares of class A stock. Price

—$5

Sept. 3,

Smith

&

ner

Weld

Proceeds—For investment

in U. S. Government securities.

•

(11/15)

Sept. 21, 1960 filed $15,000,000 of first mortgage bonds
due 1990. Proceeds—For capital expenditures, etc. Un¬
derwriter—(For the bonds) To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc., Lazard Freres & Co. and The
First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen,

the sale and issuance of

upon

New York

plied by amendment.
Idaho Power Co.

shares

being registered.

Office—50 Broad Street,
City. Underwriter—To be supplied by amend¬
ment.
Attorneys — Brinsmade
&
Shafrann, 20 Pine
Street, New York 5, N. Y.

Sept. 21, 1960 filed 100,000 shares of $10 par common
stock. Price—To be supplied by amendment. Proceeds—
For repayment of bank loans. Underwriter—To be sup¬

•

redeemable

shares

,

Mac

Sept.

Charge Plan

21,

1960

common stock

& Northern

a-m* Chicago

Acceptance Corp.

(letter of notification)
60,000
class A (par 60
cents).Price—$5

shares
per

of

share.

Proceeds—For company expansion.
Office—5 E. Centre
St., Baltimore, Md.
Underwriters—Sade & Co., Bellamah, Neuhauser & Barrett,
Washington, D. C., McCarley
&
Co., Asheville, N. C. and Murphy &
Co., Denver, Colo.

Volume

192

Number 5994

.

.

.

will invest in

10 cents).

(11/28-12/2)
110,000 shares of common stock

Price—$4.25

manufacture

and

sale

(par
Business—The design,
electronic equipment for use

of

weapons and data processing systems. Pro¬
ceeds—Reduction of indebtedness and working capital.

Price

&

Co.,

New

Under¬
York City.

$1

—

Box

Corp.

Office—South 1403 Grand Ave., Spokane, Wash. Under¬
—
The stock will be offered through authorized

writer
and

Underwriters—Eastman Dillon, Union Securities &
Co., New York City, and J. C. Wheat & Co., Richmond,
(managing).
7-7
;
.u.x;;;
Marine

•

Manufacturing Inc.
Sept. 22, 1960 (letter of notification) 100,000 shares of
common -stock
class A (par 10 cents).
Price—$3 per
share. Proceeds—For expenses in the fabrication of sheet
metal parts for missiles, rockets, radar and marine items.Address1—Hagerstown, Md. Underwriter—Batten & Co.,
Washington, D. C.
;:
•;
j
.

Oct.

19

the

basis

one

share for each eight shares held with rights to

new

on

or

about Nov. 3. Price

or

on

incurred in

—

on

of

To be supplied by

1959-60 for construction expenses.

Office—

Kansas City, Mo.
Underwriters—Merrill Lynch, Pierce,
Fenner & Smith Inc., and Kidder, Peabody & Co., both
of New York

City (managing).
rarily postponed.

Sept. 23, i960 filed 375,000 shares of class A common,
stock (par $1), of which 75,000 shares are to be offered
for the account of the issuing company, and 300,000

Credit

Mobile

Note—Offering tempo¬

Corp.

Sept. 14, 1960 filed 25,874 shares of common stock and

shares, representing outstanding stock, are to be offered
for the account of the present holders thereof. Price—
To be supplied by amendment. Business — The firm

1,000 shares of $100 par 6% cumulative convertible pre¬
The stock will be offered for subscription
by shareholders of record on the basis of two shares

ferred stock.

makes various paint products for retail distribution. Pro¬

of

ceeds—For debt

reduction, expansion, and working cap¬
ital. Office—666 Fifth Ave., New York City. Underwriter
•—Lee- Higginson
Corp., New York City (managing).

for each three such shares held and

new common

share

of

preferred for each

new

38.81

common

one

shares

held, the record date in each case being Sept. 1, 1960.
Prices—For common, $10 per share; for preferred, $100
per share. Business—The purchase of conditional sales
contracts from dealers in property so sold, such as mobile

Offering—Expected in mid-November.

Co.,

about

of record

amendment. Proceeds—To reduce short-term bank loans

Mary Carter Paint Co.--;';*

Matheson

Service Co.

common

expire

•

•

Public

Missouri

Aug. 1, 1960 filed 258,558 shares of common stock (par
$1) to be offered to the holders of the outstanding

Electronics

&

Underwriter—None.

886, Rapid City, S. D.

magnetic relay. Proceeds — For general corporate
purposes. Office—373 Broadway, New York, N. Y. Un¬
derwriter—David Barnes & Co., Inc., New York, N. Y./

Va.

Inc.

Sept. 27, 1960 filed 160,000 shares of common sotck ($1
par), of which 40,000 shares are to be offered for the

homes,

trailers, boats, and motorcycles. Proceeds—For

working capital. Office—100 E. Michigan Ave., Jackson,

account of the

issuing company and 120,000 shares, repre¬
senting outstanding fetock, are to be offered for the ac¬

on

with¬

was

Oct. 5.

National

ture

Va.

qualified brokers. Note—This statement

drawn

unit.

per

Minitronics, Inc.
Aug. 26, 1960 (letter of notification) 100,000 shares of
class A common stock (par 20 cents). Price—$3 per share.
Business—To manufacture a new type of micro-minia¬

Sept. 16, 1960 filed 150,000 shares of common stock ($1
par). Price—To be supplied by amendment. Business—
The corporation operates or has under construction 17
bowling centers in the southeastern part of the U. S.
Proceeds—To complete centers and for the development
or acquisition of additional centers.
Office—Richmond,

Office—4501
Underwriter—None.

purposes.

•

—

>: Major League Bowling & Recreation, Inc.
(10/26)

33

National Consolidated Development Corp.
July 25, 1960 filed 70,000 shares of class B common (non¬
voting) stock. Price—$100 per share. Business—To ac¬
quire business properties, and operate, lease, or sell
them for a profit. Proceeds—For general corporate pur¬
poses, with initial activities scheduled for Phoenix, Ariz.

For

Business — The company will do
interim financing in the home building industry.
Pro¬
ceeds
To start its lending activities. Address — P. O.

Office—200 Stonehinge Lane, Carle Place, N. Y.

Kaufman

—

N. 7th

Sept. 8, 1960, filed 1,169,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in units of one share of stock and 85(5 of debentures.

primarily in

writer—McLaughlin,

Office—411

Midwestern Acceptance

share.

per

ing capital and general corporate
Dell Avenue, North Bergen, N. J.

St., St.
Louis, Mo. Underwriters—Carl M. Loeb, Rhoades & Co.,
New York City, and Scherck, Richter Co., St. Louis, Mo.
(managing).

• Madigan Electronic Corp.
1960 filed

small business concerns. Proceeds

general corporate purposes.

Underwriter—J. A. Hogle & Co, Salt Lake City,

5,

(10/17-21)

9, 1960, filed 750,000 shares of common stock
(par $1). Price—$11 per share. Business—The company

Sept

Utah.

Oct.

(1481)

Mid-States Business Capital Corp.

MacGregor Triangle Co.
Sept. 23, 1960 (letter of notification) 30,000 shares of
capital stock (par $5). Price—$10 per share. Proceeds—
For working capital.
Office—200 Sunrise Rim, Boise,
Idaho.

Financial Chronicle

The Commercial and

Mich. Underwriter—None.

Film

Studios, Inc. (10/17-21)
(letter of notification) 150,000 shares of
Price—$2 per share. Proceeds—For ex¬
pansion of the business. Office—Washington, D. C. Un¬
Sept. 20,

1960

common

stock.

derwriter—R.

Baruch

&

Co., 1518 K St., N. W., Wash¬

ington, D. C.
National Lawnservice

Corp.
(letter of notification) 100,000 shares of com¬
mon
stock (par one cent).
Price—$3 per share. Pro¬
ceeds— For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwriter
—Fund Planning Inc., New
York, N. Y. Offering—In¬
Jan.

11

definite.

;■

•

National

Western

Life

••

t

Insurance Co.

Sept. 13, 1960 filed 225,000 shares of
be supplied by amendment.

—To

common

stock. Price

Proceeds—Together

with the proceeds from the sale of shares to be issued
as a result of options, in the amount of
$1,106,407.50 for
the discharge of indebtedness and general corporate pur¬

Office—Denver, Colo. Underwriter—Peters, Writer
Inc., Denver, Colo. Offering — Expected

poses.

&

Christensen

sometime in December.
• Nationwide
Tabulating Corp. (11/1-4)
Sept. 19, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$2 per share. Business—Tabulating of
industry and government records. Proceeds—For general
corporate purposes including working capital. Office—

Clinton

384

St., Hempstead, N. Y. Underwriter—Milton
Co., Inc., New York, N. Y.

D. Blauner &

• Natural Gas
Pipeline Co. of America (10/19)
July 1, 1960, filed $25,000,000 of first mortgage pipeline
bonds, due 1980. Price—To be supplied by amendment.
Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for construc¬
tion requirements.
Office — 122 South Michigan Ave.,

Chicago, 111.

Business—Public utility.
Underwriters—
Dillon, Read & Co. Inc., and Halsey, Stuart & Co. Inc.,

both

of

count of the present holders thereof. Price—To be sup¬

•

plied by amendment. Business—The company sells chemi¬
cal gases, chemicals, regulators and valves. Proceeds — To

140,000 shares of common capital
stock. Price—To be supplied by amendment. Business—
The company makes and sells equipment for the elec¬

(10/19)
July 1, 1960, filed 150,000 shares of cumulative preferred
stock (par $100).
Price—To be supplied by amendment.

trical, automotive, and aviation industries. Proceeds—To
reduce indebtedness and for working capital. Office—50

Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for construc¬

all the

redeem

stock at

$21

outstanding shares of 6% cum. preferred
share, with the remainder to be added

per

to the issuer's general funds. Office—932 Paterson Plank

perger,

1960 filed 809,067 outstanding shares of com¬
Price—$1.16 per share. Proceeds—To sell¬
ing stockholder, Robert P McCulloch, President. Office
98th

Street, Los Angeles, Calif.

Underwriter
publicly.

Probable

Weld

Underwriter

It sells appliances related to its
Washington St., Salem, Mass. Un¬
To be determined by competitive bidding

bidders:

Kidder,

Peabody

&

Co.

and

Mohawk

&j Co. (jointly); Merrill Lynch, Pierce, Fenner &

Dillon, Union Securities & Co.
(jointly); First Boston Corp. Bids—Expected to be re¬
on

Nov.

16.

Information Meeting—Scheduled

for

makes

microwave

tubes

and

devices.

tirement

of

mortgage loan, and research and devel¬
Office — 76 Lafayette Street,
Salem, Mass.

opment.
Underwriter

a

—

Hayden,; Stone

& Co., New York

City

Offering—Expected in late October to early November,

Co.

,

Minneapolis, Minn.
•

Nafi

Corp.

/*•/'

(10/19)

527

communications

equipment.

Proceeds—

For general corporate purposes

including debt reduction,
capital, and expansion. Office — Ames Court,
Plainview, N. Y. Underwriters—M." L. Lee & Co., Inc.

working
and

Milton

D.

Blauner

&

Co., Inc., both of New York

City (managing). Offering—Expected in mid-November.

Meyer (Geo.) Manufacturing Co.
Sept. 19, 1960 filed 146,300 shares of common stock. Price
—To be supplied by amendment. Business—To design,
manufacture and sell specialized high speed machinery
and equipment for use in packaging, bottling, filling,
closing,
electronically
inspecting, - labeling,: banding,

cleaning, etc. Proceeds

selling stockholders, the
owning family. Address — Cudahy, Wis. Underwriter—
Robert W. Baird & Co., Milwaukee, Wis.




—

To

/

/

Aug. 23, 1960 filed $7,500,000 of 20-year convertible sub¬
ordinated debentures due 1980. Price—To be supplied by
come

due for the

23rd Ave.,

New

Natural

York.

Gas

/

Pipeline Co. of America

tion requirements.
Office — 122 South Michigan Ave.,
Chicago, 111. Underwriter—Dillon, Read & Co. Inc., New

instalment to be¬

purchase of Chris-Craft stock. Office—

Oakland, Calif. Underwriters—Shields &
Brothers, both of New York City (man¬

'

v-

/ ;

:7-**

•

•

Navajo Freight Lines, Inc. (10/17)
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present
holders
the

thereof, and

account of

61,000 shares

the issuing

will be offered for
Price—To be sup¬

company.

plied by amendment.1 Office—1205 So. Plate River Drive,
23, Colo. Underwriters—Hayden, Stone & Co.

Denver
and

Lowell, Murphy & Co. (jointly). Offering—Expected

in late October.
Nissen Trampoline Co. (11/1-4)
Sept. 20, 1960 filed 85,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—For general
corporate purposes, including working capital. Office—

Cedar

Ave., Minneapolis, Minn. Underwriters—Goldman, Sachs
& Co., New York City, and Piper, Jaffray & Hopwood,

debentures, to be offered for the account of the issuing
company,
and 25,000 shares of outstanding common
stock, to be offered lor the account of four company
officers, the selling stockholders. Prices—For the de¬
bentures, at par; for the common, to be supplied by
amendment.
Business—The company makes and sells
and

North

Broadway, New York 6, N. Y.

Metropolitan Telecommunications Corp.
Sept. 27, 1960 filed $600,000 of convertible subordinated

electronic

of

(10/24-28)

amendment. Proceeds—To pay part of

r

Agents

ceeds—Repayment of bank loans. Office—718 Glenwood
■

Proceeds—

working capital, machinery and equipment, the re¬

General

Munsingwear, Inc. (10/24-28)
Sept. 23, 1960 filed $3,000,000 of convertible subordinated
debentures, due Oct. 1, 1980. Price—To be supplied by
amendment.
Business—Manufacturer of apparel. Pro¬

•
Metcom, Inc.
Sept. 2, 1960 filed 100,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬

pany

Insurance

Dowd & Co. Inc., 39

Nov. 4.

For

Associated

Aug. 8, 1960, filed 75,000 shares of class A common s*ock
Price—$12 per share. Proceeds—For general funds. Of¬
fice—198 Broadway, New York City. Underwriter—R. F.

White.

Smith Inc. and Eastman

ceived

—

America.

Office—205
—

of QVz%

+C Modern Pioneers" Life Insurance Co.
Sept. 26, 1960 (letter of notification) 81,896 shares of
common
stock (par $1) to be offered to policyholders
of the company. Price •— $2 per share. Proceeds — For
working capital. Office—811 N. Third St., Phoenix, Ariz.

Massachusetts.

derwriter

shares

added to the

Merrimack-Essex Electric Co.
(11/16)
Sept. 20, 1960 filed 75,000 shares of cumulative preferred
stock (par $100). Proceeds—For reduction of short-term
indebtedness. Business—The issuer is a subsidiary of the
New England Electric System and conducts its business
of generating, buying, and selling electricity in north¬
eastern

100,000

Price—To be

■—None. Note—These shares will not be offered

business.

26 filed

•

York.

junior subordinated debentures, due 1975.
supplied by amendment. Proceeds—To be
company's general working funds. Office—
202 Dwight Building, Jackson, Mich. Underwriter—Paul
C. Kimball & Co., Chicago, 111.

000

stock.

W.

St., Huntington, Ind. Underwriter—RaffensHughes & Co., Indianapolis, Ind. (managing).

of second cumulative pre¬
ferred stock—65c convertible series, $5 par—and $1,000,-

Sept. 28,

—5965

filed

1960

Model Finance Service, Inc.

May

McCulBoch Oil Corp. of California

mon

Engineering & Manufacturing Corp.

21,

Frederick

Road, East Rutherford, N. J. Underwriter—White, Weld
& Co., Inc., New York City (managing). Offering—Ex¬
pected in mid-November.
•

Model

Sept.

York

Rapids, la. Underwriter
City.

—

Jesup & Lamont, New

• Nixon-Baldwin
Chemicals, Inc. (10/24-28)
Aug. 24, 1960 filed $4,000,000 of 6V2% subordinated de¬
bentures, due Oct. 1, 1980, and 160,000 shares of common
stock, to be offered in units. Each unit will consist of
$500 principal amount of debentures and an unan¬

nounced number of

common shares. Price—$500 per unit.
manufacturing and sale of rigid thermo¬
plastic sheeting, rods, tubes, and other forms. Proceeds-—
To pay part of the cost of acquiring certain assets of
Nixon Nitration Works; part of the proceeds will-be
..used for working capital. Office—Nixon, N. J. Under¬
writers—Lee Higginson Corp. and P. W. Brooks & Co.,
Inc., both of New York City (managing).

Business—The

Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds — For general corporate purposes.

Co. and Lehman

Office—620 Oil

aging).

derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15 shares

•

/

.

Rational

Airlines, Inc. (11/1-4)
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis of $100 of debentures for each 18 common shares
held. Price—To be supplied by amendment. BusinessDomestic and international transport of persons, prop¬
erty, and mail. Proceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
general corporate purposes. Office — Miami Inter¬
national Airport, Miami, Fla. Underwriter — Lehman
Brothers, New York City (managing).

Gas

Bldg., Wichita Falls, Texas. Un¬

for each 100 shares sold.

Nuclear Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of common
stock (par 33.3 cents). Price—$10 per share. Proceeds
—To replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Underwriter-T-Pacific Investment Brokers, Inc., Seattle, Wash.

for

^ National Beryllia Corp.
Oct. 3 (letter of notification) 9,000 shares of common
stock (par $5).
Price—$33 per share. Business—Manu¬
facturers of super ceramics and oxide metallics.
Pro¬
ceeds—To repay a bank loan; purchase new tools, for
expansion of a plant; machinery and equipment; work¬

&

Nu-Line

Sept. 28,

Industries, Inc.
1960 filed 200,000 shares of common stock, of

which

175,000 shares are to be offered for the account
issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of

of

the

the issuer's president.
ment.

Proceeds—For

.

Price—To be supplied by amend¬
capital equipment, research, sales
*

Continued

on

page

34

24

(14C2)

Continued

from

The Commercial and Financial Chronicle,

33

page

Plastics & Fibers, Inc.

-

R.

June 14 (letter of

development, and working capital. Office—Minneapolis,
Minn. Underwriter—Kalman & Co., Inc., St. Paul, Minn,
(managing).
•

For

(letter of notification)

1960

12,

common

stock. Price—At par

($1

per

200,000 shares of

Address—Reinbeck, Iowa. Under¬
Dickinson & Co., Des Moines, Iowa.

writer—R. G.

•
Omega Precision, Inc. (10/20)
Sept. 26, 1960 (letter of notification) 120,000 shares of
common stock
(par 25 cents). Price — $2.50 per share.

Business—Manufacturers
ceeds—For general

electronic

of

equipment.

Pro¬

Co., Inc.
Sept. 2, 1960 (letter of notification) 60,000 shares of
common
stock (no par). Price—$5 per share. Business
—The research, development, manufacture, and sale of
instrumentation devices for scientific analysis and in¬
dustrial testing. Proceeds—For working capital. Office
—942 Commercial St., Palo Alto, Calif. Underwriter—
Pacific Coast Securities Co., San Francisco, Calif. Offer¬

Poiytrcnics Laboratories, Inc.
Aug. 19, 1960 (letter of notification)
ness—The

&

Electric Co.

incurred

(11/1)

ities.

for

Underwriters

Pacific

9,

Lighting Gas Supply Co. (10/19)
$25,000,000 of sinking fund

tures, due 1980.

Business—The issuer is

a

Bids—To

be

Street,

time.
11:00

received

Information
at the

a.m.

Oct.

on

Los Angeles,

in

19

room

Calif., at 8:30

Meeting

Oct.

14

at

Solomon

ceeds

Corp.

Sept. 22, 1960 filed 175,000 shares of 10 cent par class A
Price—$4 per share. Business—The firm designs

Office—Flushing,
L. I., N. Y. Underwriters
Stanley Heller & Co., and
Michael G. Kletz & Co.,
Inc., both of New York City,
with the latter
handling the books. Offering—Expected
—

in November.

Philippine Oil Development Co., Inc.
<
.
March 30 filed 103,452,615 shares of
capital stock being
offered for subscription
by stockholders of record Aug.
share for each 5% shares held
with rights to expire at 3:30
p.m. on Oct. 31. Price—U. S.
one new

price is 1.3 cents per share; Philippine
price is 3 centavos
per share. Proceeds
To be added to the
company's
working capital. Office—Soriano Bldg.,
Manila, Philip¬
pines. Underwriter—None.
—

Photogrammetry, Inc.
1960

(letter of notification) 13,000 shades of
(par $1). Price—$3.50 per share. Proceeds
For retirement of a short term
note and
stock

working cap¬
Burlington Ave., Silver Spring, Md.
Underwriter—First Investment
Planning Co., Washing¬
922

ton. D. C.

(10/25-28)

shares of common stock (par
Price—To be supplied
by amendment. Business—

^ke
organization and
in
Florida
under

Thum.

There

the

are

°Perati°n of self-service
names

now

31

of

"Pik-Quik"

such

markets.

Together with
to

markets

and

"Tom

Proceeds—

other funds, the
proceeds will be used
purchase substantially all of the assets
of Plymouth

rtuf T\A4r0V1Si?n/i
York

City.

-?C* °!£ice—®a^er Bldg., Minneap-

Underwnter~A- c- A"yn




ternational

Price &

subsidiary

a

& Co., Inc., New

Lithographers,

.

Toward

the

repayment

—

$5

of

indebtedness,

per

.

*

•

Rcbosonics, Inc. (10/17-21)
'
Sept. 14, 1960 filed 180,000 shares of common stock (par
25 cents). Price—$5 per share. Business—The company
makes

vice,

•

Service

Co.

of

New

7,

1960

'&

new

Hampshire

automatic

an

automatic

an

telephone answering de¬
intelligence reproduction ma¬

Kahn, Inc., New York City.

:

*

;

Roller

Derby TV, Inc.
March 30 filed 277,000 shares of common stock, of which
117,000 shares are to be offered for public sale by the
issuing company, and the remaining 145,000 shares will
be

sold

for the

Price—To

general

of certain selling stockholders.
by amendment.
Proceeds—For

account

be* supplied

corporate

relating

purposes

to

„

the

production

and

sales of motion picture films of the Roller Derby,
and the balance for working capital. Office—4435 Wood-

•i

-

ley Ave., Encino, Calif. Underwriter—To be supplied by
amendment.

Rotron

...

-

Manufacturing Co., Inc.

v

:

,

(11/7-11)

Sept. 21, 1960 filed 130,000 shares of common stock (par
cents), of which 65,000 shares are to be offered for the

5

account of the

senting

{

filed

sells*

and

and

chine. Proceeds—For general corporate purposes. Office
—22 W. 48th St., New York City. Underwriter—Mandell

share. Pro¬

(11/17)
$5,000,000 of first* mortgage bonds,
series L, due 1990. Proceeds —• For repayment of
loans,
construction, and general corporate purposes. Office—
1087 Elm Street, Manchester, N. H. Underwriter—To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
Co., Inc ; Equitable Securities Corp., and Eastman Dil¬
lon, Union Securities & Co. (jointly). Bids—Expected
Oct.

/

Madison Avenue, N. Y. C.
Underwriter—Morgan
Stanley 8c Co., New York City (managing).
•

(no par). Price—$3 per share. Proceeds
—For working capital. Office—1120 El
Segundo Boule¬
vard, El Segundo, Calif. Underwriter—Fairman & Co:,
Los Angeles, Calif.
-

• Public

Co;',"Coral Gables, Fla., and New York City.

—260

stock

common

to fulfill

contract, and to acquire aircraft. Office—In¬
Airport, Miami, Fla. Under writer^-James H.

Riegel Paper Corp. (10/26)
Septp. 29, 1960 filed $10,000,000 of sinking fund deben¬
tures, due 1985. Price—To be supplied by amendment.
Proceeds—For the repayment of bank loans, to finance a
new
plant, and for general corporate purposes. Office

Inc.

Roskin, President. Price

—

con¬

-

Propulsion Development Laboratories, Inc.
Sept. 12, 1960 (letter of notification) 100,000 shares of

issuing

outstanding

company

stock,

are

and 65,000 shares repre¬
to

be

offered

for

the

account of the present holders thereof. Price—To be
sup¬

.

,
.

plied by amendment. Business—Makes air and gas moving devices for military and industrial use. Proceeds—
For

,

inventory, expansion, and debt reduction. Office—
7-9 Hasbrouch Lane, Woodstock, N. Y. Underwriter-^W.
E. Hutton & Co., New York City
(managing). *
Sampson-Miiler Associated Companies* Inc.
Sept. 28, 1960 filed 150.000 shares of common stock. Price
—To be

Business—The firm makes and sells sportswear for men

supplied by amendment. Proceeds—To retire in¬
debtedness, develop acreage, and to finance the increased
use
of
instalment sales contracts, * with the balance
to finance the purchase of additional
property. Office—*
Pitcairn, Pa. Underwriter
Moore, Leonard & Lynch,
Pittsburgh, Pa. (managing). Offering—Expected in mid-

and

November.

Nov. 17.

-

• Puritan
Sportswear Corp. (10/14)
Aug. 24, 1960 filed 120,000 outstanding shares of common
stock (no par). Price—To be supplied
by amendment.

boys. Proceeds—To selling stockholders. Office—813

25th St., Altoona, Pa.
Underwriter—Hayden,
New York City (managing).
•

27,. I960 filed 550,000
$1).

Investments, Inc.,

subordinated

r

M. A. T. S.
-

Building, Salt Lake
City, Utah. Underwriter—Jaeoby, Daigle & Werner, Inc.,
Los Angeles, Calif.
*

specialty components for

cars, planes, appliances, and other objects
needing nam¬
ing devices. Proceeds—For working capital, debt reduc¬
tion, and research and development.

Pik-Quik, Inc.

Riddle Airlines, Inc.
•
Aug. 19, I960 filed $2,250,000 of 6%

vertible debentures. Price—At 100% of principal amount.
Proceeds — To be 'iisecTas bb^Va'ting capital

ics field. Office—1240 First
Security

stock.

—

—

Progress Electronics Corp.
Aug. 3, 1960 (letter of notification) 200,000 shares of com¬
mon stock
(par $1). Price—$1.50 per share. Proceeds—To
develop and produce proprietary items in the electron¬

Centreville, Nassau, Bahamas. Under¬

Office

Office
New Castle
County Air Base, New Castle
County, Del. Underwriter—Amos Treat & Co., Inc., New
York City. Offering—Expected sometime in November.

•

equipment, and working capital. Office—200 Varick St.,
New York City. Underwriter—First Broad St.
Corp., New
York City (managing).

writer—David Barnes & Co.,
Inc., New York City.

ital.

Turf

1960

Process

ceeds—To buy land, and for related
corporate purposes.
Office—6 Terrace,

-

29,

Sept. 28, 1960 filed 145,000 shares of common stock (par
10 cents), of which 125,000 shares are for
public offering,
and 20,000 shares are to be offered for the account of

—

10,

Portland

working capital. Office — 33 New Broad St., Portchester,. N. Y. Underwriter—Van Alstyne, Noel & Co.,
,New York City.

Developers Limited
Sept. 8, 1960, filed 100,000 shares of common stock
(par 1 shilling):: Price —$3 per share. Business
The
company intends to deal in land in the Bahamas.
Pro¬

common

,

to

Palm

Aug.

Office—1130 S. W. 3rd Ave., Portland, Oreg. Un-

Corp. (10/24-28)
V
Aug. 26, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company designs,
develops, and produces microwave
components. Proceeds—To reduce indebtedness and add

1329, 720 W.
California

Office—

Commonwealth

Resisto Chemical, inc.
Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents); Price—$2.50 per share.
Business—The firm
makes and sells protective coatings for packaging and
fabrics, and products used in insulation. Proceeds—For
working capital, ($235,358), with the balance for ma¬
chinery, equipment, and general corporate purposes.

Premier Microwave

offering. Proceeds—To selling stockholders. Office—630
Fifth Ave., New York City. Underwriters—Lee
Higginson Corp. and H. Hentz &
Co., both of New York City
(managing).
:
-

25, at the rate of

or

Underwriter—Preferred

common
stock. Price—To be related to the price of the stock on
the American Stock Exchange at the time of the
public

-

to

of the issuer.

Paddington Corp. (10/28-11/4)
Sept. 28, 1960 filed 36,498 shares of outstanding

and makes anodvzed aluminum

sold

property

(10/17-11/1)
Aug. 18, 1960 filed 300,000 ohares of common stock. Price
—$5 per share. Proceeds — For general corporate purposes. Office — 20 East Mountain St., Fayetteville, Ark.

Irving Trust Co., 47th floor.

Park Electrochemical

730

Preferred Risk Life Assurance Co.

a.m.

Scheduled for

—

ucts, sound components, and small appliances.

Publishing Co...

retire bonds and for
working capital. Office—2890
Bellevue, West Vancouver, B. C., Canada. Underwriter—
General Investing Corp., New York, N. Y.

Street, Los Angeles, Calif. Underwriter—To be
determined by competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc.; Blyth & Co.; Eastman Dillon,
Union Securities & Co., and White, Weld & Co.
(jointly).

8 th

some¬

Association
(10/17-21)
(letter of notification) $300,000 of 10%
first mortgage registered
bonds, due July 1, 1970. Price
—At face amount.
Proceeds—For purchase of a track,

8th

Corp.

which. 150,000 shares will be offered for the
account of the issuer, and the remaining 50,000 shares by
present holders thereof.
Price — To be supplied by
amendment. Business—Distributors of electronics prod¬
of

Imminent.

•

subsidiary of

Shack

shares

July

deben¬

Radio

$1),

derwriter—None.

Pacific Lighting Corp.,. San Francisco, Calif. Proceeds—
To finance current construction and
repay short-term
loans to its parent, Pacific Lighting Corp. Office — 720
W.

•

to

1960, filed

v

.

Avenue, Boston, Mass. Underwriter
—Granbery, Marache & Co., New York City. Offering—

poses.

York City.

Radar Measurements

Aug. 16, 1960, filed 200,000 shares of common stock (par

employees, and 11,000 shares exchanged
services. Price—$10 per share. Business—
The company intends to
publish an afternoon newspaper
in Portland, Oreg. Proceeds—For
general corporate pur-

—

•

general corporate purposes. Office — 190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City 1, N. Y.

,-v

Reporter

Co., Inc., New York City.

—Manufacturers of electronic equipment. Proceeds—For

'

Under¬

Offering—Expected

Underwriter—Robert Edelstei.n

&

Sept. 12, 1960 filed 175,000 shares of common stock, of
which 125,000 shares are to be publicly
offered, 39,000
for

Blyth & Co., Inc.; The Dominion
Securities Corp.; McLeod, Young, Weir, Inc., all of New

Sept.

radios.

way

($217,-

Corp.-(11/8)
;}•
Sept. 28, 1960 (letter of notmcaxion) 85,700 shares of
common stock
(par $1). Price—$3.50 per share. Business

200,000 shares of
per share. Busi¬
two

Office—253 Crooks Avenue, Clifton, N. J.

Portland

Pacific Gas Transmission Co.
(10/18)
Sept. 20, 1960 filed 552,500 shares of common stock. Price
—To be supplied by amendment. Office—San Francisco,
Calif.

of

time in November.

Nov. 1.

on

sale

writer—Theodore Arrin & Co.

Street, San Francisco 6, Calif. Underwriter—To be de¬
termined
by competitive bidding.
Probable bidders:
Blyth & Co., Inc., and First Boston Corp. and Halsey,
Stuart & Co. Inc. (jointly). Bids—Expected to be re¬
ceived

Office—Little Falls, N. J.

transciever; research and development and
inventory investment in a new product in the two-way
radio field; to purchase new test
equipment; for working
caiptal and to pay the cost of acquiring expanded facil¬

expansion, which expense will ap¬
$152,000,000 in 1960.
Office-,-245 Market

proximate

Price—$1

and

capital

250) and production machinery and equipment ($50,000).

amateur band

Oct.
10, 1960 filed $60,000,000 of first and refunding
mortgage bonds series FF, due 1992. Proceeds—For gen¬
eral corporate purposes, including the payment of bank
loans

Sept. 27, 1960 filed 100,000 shares of common stock. Priceu
$3.50 per share. Proceeds—For working

Proceeds—For general corporate purposes; research and 1
development and inventory investment to produce an

,

• Pacific Gas

(par 10 cents).

manufacture

"

.

R. E. D. M. Corp.

•

class A stock

sizes. Pro¬

of various

general

sometime in November.

Underwriters—White, Weld & Co., New York City, and
A. G. Edwards & Sons, St.
Louis, Mo. (managing).

Pacific Electro Magnetics

containers

and

cans

corporate purposes.
Office—9430
Page Blvd., St. Louis, Mo. Underwriter — Reinholdt &
Gardner, St. Louis, Mo. (managing). Offering—Expected

ceeds—For

tures,

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

ing—Imminent.

—

stock, to the present holder thereof; from the deben¬
for general corporate purposes, including debt
reduction and working capital. Office —
Reading, Pa.

corporate purposes, including work¬

fic Coast Securities Co.. San Francisco, Calif, and George,

•

fibre-bodied

—

.

ing capital. Address—Azusa, Calif. Underwriters—Paci¬
O'Neill &

•

Polymer Corp. (10/27)
Sept. 16, 1960 filed $2,750,000 of convertible subordinated
sinking fund debentures, due 1975, and 20,000 shares of
class A non-voting common stock. Prices—To be
sup¬
plied by amendment. Business
The company makes
nylon rod, plate, strip, and tubing, Teflon, and plastic
powders for coating metals. Proceeds—From the common

working capital.

Can Co.

C.

corporate purposes. Office—Whitehead Avenue,
River, N. J. Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be
delayed.

general
South

share). Proceeds—

Thursday, October 13, 1960

.

Aug. 25, 1960 filed 230,000 shares of common stock, of
which 50,000 shares will be offered for the account of
the issuing company and 180,000 shares, representing
outstanding stock, will be offered for the account of the
present holders thereof. Price — To be supplied by
amendment. Business
The manufacture and sale of

stock

Nupack Corp.

Aug.

notification) 150,000 shares of common
(par 20 cents). Price—$2 per share. Proceeds—For

.

(10/18)
Aug. 3, 1960 filed 250,000 shares of common stock, of
which 200,000 shares are to be offered for the account
of the issuing company and 50,000 shares,
representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.

Price—To be supplied by amendment.

Business—Makes
purifiers and range hoods. Pro¬
To retire indebtedness, with the balance for
expenditures.
Office-—New Haven, Conn.
Un¬

and sells electronic air
—

capital

derwriter

—

Bache

&

—

Stone & Cc.,1

Purifron Corp.

ceeds

-

Co., New York City (managing).

Saucon

.

,

Development Corp.

April 28 (letter of notification)
ber

of

shares

of

an

undetermined num¬

(par $1) not to exceed
$300,000. Price—To be supplied by amendment. Proceeds
—For mining expenses. Office — c/o Wallace F. McQuade, Pres., 246 Beaconsfield Blvd., Beaconsfield, Que¬
bec, Canada. Underwriter—To be named.
common

stock

Save-Co Veterans & Services &

Department

Stores, Inc.
Sept. 26, 1960 filed 163,636 shares of common stock, of
which 127,273 shares are to be offered for the account
i

of the issuing
company and 36,363 shares, representing
outstanding stock, are to be offered for the account of

;

Volume

192

Number

5994

the present holders thereof. Price
amendment. Business
ment store and

.

,

—

.

The Commercial and Financial Chronicle

To be

supplied by
depart¬

Office—Chicago, 111. Underwriter—Hornblower &
Weeks, New York City (managing).

poses.

The company operates a

—

gasoline service station the

use

of which

capital.

Office—3176

Frontier St., San Diego,
Dempsey-Tegeler & Co., St. Louis,
Mo. (managing).
Offering—Expected in early November.
Calif. Underwriter

Scantlin

Aug.

29,

—

Electronics, Inc.

1960

filed

275,000

of

no

par

common

—

Underwriters—Carl M. Loeb, Rhoades & Co. and
Paine, Webber, Jackson & Curtis, both of.New York

Manufacturing Corp.
(letter of notification)

1960

13,

stock

common

Business

(par

cents).

10

Manufacturers

of

Price

baby

shares of
per share.

in November.

debentures, due 1967. Price—At

For

general corporate purposes. Office—67

Underwriter

on

$2

engines, payment of notes, and the balance for

1960

notification) 100,000 shares of
common stock (par one cent).
Price—$1 per share. Pro¬
ceeds—For general corporate purposes. Office — 330
Wagaraw Rd., Hawthorne, N. J. Underwriters—Bertner
•

Proceeds—For investment purposes. Office—
Ave., San Diego, Calif. Underwriter—None.

Aug. 31, 1960 (letter of notification) 10,000 shares of 5%
cumulative preferred stock

(par $25). Price—$24.50 per
working capital.
Office—304 S.
St., Omaha, Neb. Underwriters—The First Trust Co.
of Lincoln, Lincoln,
Neb.; Storz-Wachob-Bender Corp.,
Omaha, Neb. and Cruttenden, Podesta & Co., Chicago,
share.

Proceeds—For

18th

111.

•••
',

.v

'

■

>

'

i

.

'

common

—For
bank

■

which will register with the SEC
as
an
open
end diversified management investment
company, was a partner in the registration.)
Business
—The sale of various forms of life insurance, annuities,
and health and accident insurance. Proceeds—For gen¬
purposes.

Building, Louisville, Ky.

Office—713

Marion

E.

Taylor

Underwriter—None.

• Self Service Drug Corp.
Sept. 26, 1960 (letter of notification) $150,000 of 10-year
convertible debentures and 75,000 shares of common
stock (no par) to be offered in units of $100 of deben¬

tures and 50 shares of common stock. Price — $200 per
unit. Proceeds
To move and equip a new warehouse;
pay off certain bank indebtedness and for new lines.
-—

Office—2826

Mt.

Carmel

Ave.,

N.

Hills,

Glenside,

Pa.

Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa.
Seven Mountain Corp.
Aug. 12, 1860 filed 3,500,000 shares of common stock.
Price—$1 per share. Business—To construct an all-year
resort area and a gondola-type aerial
cableway, south¬
east of Provo, Utah, in the Wasatch Mountains. Proceeds
—For the purchase of property, construction and equip¬

ment, retirement of notes, and the balance for working
capital. Office—240 East Center St., Provo, Utah. Under¬
writer—Whitney & Co., Salt Lake City, Utah.
•

Sexton

(John)

&

Co.

expansion,
loans.

acquisitions,

Office

91-31

—

and

121st

the

St.,

—

retirement

of

Richmond

Hill,
S. D. Fuller & Co.,

New

firm

operates

England.

118

self-service

super¬

Proceeds—To

selling stock¬
holders, the Rabb family. Office—393 D St., Boston, Mass.
—

(managing).

Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At
par. Office—New
York City.
Underwriter—None; the offering will be made
through officials and employees of the company.
Sulray, Inc. (10/24)
Sept. 20, 1960 (letter of notification) 100,000 shares of
common stock (par 10 cents),
Price—$3 per share. Busi¬
ness—Manufacturers of specialized drugs. Proceeds—For
general corporate purposes. Office—273 Columbus Ave.,
Tuckahoe, N. Y. Underwriters—J. A. Winston & Co., Inc.
Netherlands

and

Securities

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

Summers

Gyroscope Co.
Aug. 29, 1960 filed 6,403,215 shares of common stock, of
which 5,702,878 shares are to be offered by Atlas
Corp.
to

the holders

of

one

of

Summers

its

outstanding

share for

each

common

two

Atlas

the

basis

shares

held,

on

Stancil-Hoffman

Corp.

700,337 shares to be offered by Mertronics Corp. to
its stockholders on a share-for-share basis. Price—75
cents per share. Purpose—The
purpose of the offering
is

(10/27)

manufacture, and sale of magnetic recording equipment.
Office
921 North Highland
Ave., Hollywood, Calif.
-—

Tech

Laboratories, Inc.
1960 (letter of notification) 84,000 shares of
stock (par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
For general corporate purposes. Office—Bergen &
E. Edsall Blvds., Palisades Park, N. J. Underwriters—
Carroll Co., and Dewey, Johnson & Co., New York, N. Y.

common

1960
stock

amendment.

(letter

of

(10/24-28)

50,000 shares of
Price—To be supplied by

Business—Manufacturers

of

electrical

Proceeds—For general corporate purposes.

—657

de¬

Office

Broadway, New York 21, N. Y.
Underwriter
Havener Securities Corp., New York, N. Y.
•

Standard Pressed

Steel Co.

Tech-Ohm

Electronics, Inc.
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
ceeds—For general corporate purposes.
Office—36-11
33rd Street, Long Island City, N. Y.
Underwriter —
Edward Lewis Co., Inc., New York, N. Y. Note—This
June

29, 1960,
stock

common

issue

was

refiled

on

Sept. 6.

Techni

Electronics, Inc. (10/17-21)
Aug. 10, 1960 (letter of notification) 1.12,500 shares of
common stock (par 10c). Price—$2 per share. Business-^
The firm makes health and massage equipment, electric

housewares, and medical electronic equipment. Proceeds
—For

expansion, working capital, and research and de¬
velopment expenditures. Office—71 Crawford St., New¬

ark, N. J. Underwriter

—

United Planning Corp.,

1180

Raymond Blvd., Newark, N. J.
Technical Material Corp.

(10/19)

Aug. 25, 1960 filed 120,000 shares of

common stock (50
are to be offered for
issuing company and 70,000 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof. Price — To be
supplied by amendment. Business—The company makes
and sells hi-fi radio components and systems. Proceeds
—The proceeds, estimated at $750,000, will be used for

cents

the

par), of which 50,000 shares

account

of

of

the

plant, probably in Westchester
balance for working capital.
Office—700 Fenimore Road, Mamaroneck, N. Y. Under¬
writer
Kidder, Peabody & Co., Inc., New York City
(managing).
County, N; Y.,

a

new

with the

—

Telecolor

July 25, 1960 (letter of notification)
common capital stock
(par 25 cents)

notification)

(par 20 cents).

28,

common

Calif.

26,

a
divestiture by Atlas and Mertronics of
interest in Summers in order to dispose of

matters pending before the CAB. Office—2500
Broadway
Ave., Santa Monica, Calif. Underwriter—None. Offering
—Expected sometime in late October or early November.

Underwriter—Pacific Coast Securities Co., San Francisco,
Instrument Corp.

effect

construction

Sept. 30, 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,

Standard

to

their 71.1%

•

N. Y. Offering—Imminent.

—

(10/24-28)

Sept. 27, 1960 filed 112,760 shares of outstanding common
supplied by amendment. Proceeds—
To selling stockholders. Office—Jenkintown, Pa. Under¬

150,000 shares of
of which 100,000
shares are. to be offered by officers. Price—$2 per share.
Proceeds—To lease equipment and for working capital.
Office
7922 Melrose Ave., Hollywood, Calif. Under¬
writer—Raymond Moore & Co.. Los Angeles, Calif.
—

Telephone & Electronics Corp. (10/24-28)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock (par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes.
tronic communications equipment and

writer—Kidder, Peabody & Co., New York City (man¬

Business—Elec¬
automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,

aging).

N. Y.

stock. Price—To be

Starfire

Sept.

1,

Boat Corp.

1960

(letter

• •

-

>

Tele-Tronics Co.

.

notification)

70,000 shares of
(par 10 cents). Price—$4.25 per share.
Proceeds—For working capital.
Office—809 Kennedy
Bldg., Tulsa, Okla. Underwriters—Batten & Co., Wash¬
ington, D. C. and F. R. Burns & Co., Oklahoma City,

common

of

stock

Okla.

Stephan Co.
Sept. 2, 1960 filed 150,000 shares of common stock (par
cents). Price—$4 per share. Business—The manufac¬
ture and sale of men's hair lotions, shampoos, after shave

50

preparations, and toilet waters. Proceeds—$250,000 for
advertising and sales promotion, primarily for new
products with the balance for general corporate pur¬
poses. Office—Professional Bldg., Ft. Lauderdale,
Fla.
Underwriter—D. Gleich & Co., New York City. Offering
—Expected sometime in October.
;
•

(11/14-18).

Prices—To be supplied by

Office—1949-51 McDonald Ave., Brooklyn, N. Y. Under¬
writer—D'Amico & Co., Inc., 15 William St., New York,

vice.

Insurance. Co.,

(50c par).

Spier Electronics, Inc.
Aug. 24, 1960 (letter of notification) 60,000 shares of
common stock (par 10 cents). Price—$5
per share. Busi¬
ness— Manufacturers of electronic
products. Price — $5
per share. Proceeds — For general corporate purposes.

Life

corporate

stock

amendment. Business—The company makes special
pur¬
pose inks and devices used in their application. Proceeds

Security Annuity Life Insurance Co.
8, 1960, filed 300,000 shares of common stock.
Price—$7 per share. (The issuer's subsidiary, Annuity

Sept,

Still-Man

Manufacturing Corp.

(10/24-28)

Aug.

(10/24-11/5)

(letter of notification) 100,000 shares of
stock (par 40 cents). Price—$3 per share. Pro¬
ceeds—For plant expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
180 S. Main St., Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French, Inc., Philadelphia, Pa.
10, 1960

common

Televiso Corp.

(letter of notification) 75,000 shares of
Price—$4 per share. Pro¬
acquire the business and all assets of Televiso
Corp. Address—Wheeling, 111. Underwriter—Kalman &
Co., Inc., St. Paul, Minn.
Sept.

16,

common

1960

stock (par 50 cents).

ceeds—To

•

Telex

Inc.

Sept. 27, 1960 filed 196,000 shares of common stock, of
which 125,000 shares are to be offered to holders of the
outstanding common on the basis of one new share for
each five shares held. Price—To be supplied by amend¬

Sept. 26, 1960 filed 200,000 shares of common stock (no
Par), of which 33,000 shares are to be offered for the

Aug. 22, 1960 filed 150,000 outstanding shares of class A

ment. Proceeds—For general corporate purposes,

stock

account

ment. Business

ing the retirement of $1,100,000 in outstanding notes. Of¬
fice—Minneapolis, Minn. Underwriter — Lee Higginson

of

the

issuing company and 167,000 shares,
representing outstanding stock, are to be sold for the
account of the present holders thereof. Price—To be sup¬
plied by amendment. Business—Food distribution, chiefly to institutions. Proceeds—For general corporate pur¬
7

1

A

Aug.

eral

share.

per

.

.

The

in

•

Price—

Speedry Chemical Products Inc. (12/1)
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
debentures, due Nov. 30, 1975, and 60,000 shares of class

•

.

Producers, Inc.

Proceeds—For the drilling of three welli
and the balance for working capital. Office—2720 West
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.

•

Securities Acceptance Corp.

-

—

markets

Sept.

Corp.

Queens, L. I., N. Y. Underwriter
City (managing).

of

Bros, and Earl Edden Co., New York, N. Y. Offering—
Imminent.
t

determined

New York

Rhoades & Co., New York City.

15,

be

Capital

Southwestern Oil

working capital. Office—New York International Air¬
port, Jamaica, L. I., N. Y. Underwriter—Carl M. Loeb,

July

To

—

March 23 filed 700,000 shares of common stock.

Western

Corp.
(letter

Power Co.

1326 Garnet

,

Air

Lex¬

Sept. 30, 1960 filed 1,000,000 shares of common stock.
Price—$3 per share. Business—A closed-end investment

Airlines, Inc. (11/1)
Sept. 28, 1960 filed 704,160 shares of common stock to
be offered for subscription by holders of its common
stocl£r 'on the,basis of two new shares for each share
held. Also filed were $4,000,000 of 6% debentures, due
July 1, 1970," with'warrants for the purchase of 866,041 '
common
shares. Price—To be supplied by amendment.
Proceeds—Payments to creditors, purchase of new air¬

Sealed

South

Y. Underwriter—Casper

Oct. 25.
Southwestern

company.

•

par.

by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
White, Weld & Co.; Eastman Dillon, Union Securities &
Co.; Kidder, Peabody & Co. Bids—Expected tentatively

Scott, Foresman & Co.
Sept. 21, 1960 filed 683,000 shares of outstanding com¬
mon stock
(no par). Price—To be supplied by amend¬
ment. Business—Publishing school textbooks. Proceeds
—To selling stockholders. Office — 433 East Erie St.,
Chicago, 111. Underwriter — Smith, Barney & Co. Inc.,
New York City (managing). Offering—Expected in late
October or early November.

craft and

Oakland, Calif.
Underwriter—
Francisco, Calif, (managing).

ible

Nev.

■'

&

open

(10/25-26)
Aug. 26, 1960 filed $5,000,000 of first mortgage bonds,
series E, due 1990. Proceeds—For construction and re¬
payment of bank loans. Office—P. O. Box 230, Las Vegas,

Jackson, Miss.

Seaboard

Broadway,

Southern Nevada

Inc.
Sept. 28, 1960 filed 100,000 outstanding shares of common
stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders. Office — 1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
of New York City, and Kroeze, McLarty & Co., of

•

through a store
additional

to

proposes

Business

and

School Pictures,

*

and

ington Ave., White Plains, N.
Rogers & Co., New York City.

carriages,

strollers,
high-chairs, feed and play tables, doll carriages, toy
chests and similar products. Proceeds—For general cor¬
porate purposes. Office—117 N. Third Avenue, Mt. Ver¬
non, N. Y.
Underwriter — L. C. Wegard & Co., U. S.
Highway 130 W, Burlington, N. J. Offering—Expected
—

Calif.,

Business—The
company makes and sells solid state devices. Proceeds—

~

60,000
$5

—

Oakland,

Solitron Devices, Inc.
Sept. 9, 1960 filed $400,000 of 6% subordinated convert¬

(managing).

-Scharco

Underwriters
Lehman Brothers and Merrill
Lynch,
Pierce, Fenner & Smith Inc., both of New York City

•
Simplex Wire & Cable Co.
Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment. Office—
Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York City
(managing). Offering—Ex¬
pected sometime }in November.

Calif.

Sept.

ture and warrants to purchase 100 common shares. Price
—To be supplied by amendment.
Business—The firm
sells a diversified line of consumer goods

Office—800

Proceeds—For
general corporate purposes, including the reduction of
indebtedness. Office
2215 Colby Ave., Los Angeles,

Stop & Shop, Inc. (11/15)
Sept. 23, 1960 filed 625,000 shares of outstanding $1 par
stock. Price — To be supplied by amendment.

(10/24-28)
Sept. 9, 1960, filed $900,000 of sinking fund debentures,
due Sept. 30, 1972, with warrants, and
70,000 shares of
common stock, to be offered in units of a
$1,000 deben¬

J. S. Strauss & Co., San

and leases proprietary electronic devices.

35

common

in

stock, of which 175,000 shares are to be offered for the
account of the issuing company, 75,000 shares for the
account of selling stockholders, and
25,000 shares may
be optioned by the underwriters. Price—To be
supplied
by amendment. Business — The company makes, sells,

City

Co.

stores in Hay ward and Walnut Creek. Proceeds—To re¬
duce bank borrowings and for equipping the new stores.

(10/17-21)

shares

Hardware

Simon

is restricted primarily to
veterans, military personnel,
employees of non-profit organizations, and employees of
firms doing government contract work. Proceeds—For
general corporate purposes, including debt reduction and

working

(1483)




(par 75 cents). Price—To be supplied by amend¬
The

makes heating elements
for small appliances and components for major appli¬
—

company

ances, and related items. Proceeds—To selling stockhold¬
ers. Office—429-33 East 164 St., New York City. Under¬

writer—Francis I. duPont & Co., New York City.

includ¬

Corp., New York City (managing). Offering—Expected
in mid-November.
'

..

Continued

on

page

36

36

(1484)

Continued

The Commercial and Financial Chronicle

from page

35

eral funds. Office—200 Allendale

Underwriter

•

Tenax, Inc. (10/17-21)
Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible
subordinated debentures,
due 1970.
Price —100% of
principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
indebtedness and working capital. Office—575 Lexing¬
ton Avenue, New York City.
Underwriter — Myron A.
Lomasney & Co., New York City.
•

Terry Shops, Inc.
29, 1960 (letter of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness—Operators of a chain of retail stores for wearing
apparel for women, misses and children. Proceeds—For
general corporate purposes. Office—560 Belmont Ave.,
Newark, N. J. Underwriter — Whitmore, Bruce & Co.,
Sept.

New York, N. Y.

Calif,
•

Oct.

will

filed

1960

6,

which

296,000

be

and the

635,800

will

offered

be

for

balance

will

shares

offered

the

of

issued

be

of

common stock, of
125,467 shares
selling stockholders,

publicly,

account

in exchange

for the

is¬

suer's outstanding preferred stock. Price—To be supplied

by amendment. Proceeds—For working capital and gen¬
eral corporate purposes. Office—529 Fifth Avenue, New
York City. Underwriters—Blyth & Co., Inc. and Lehman
Brothers. Offering—Expected in mid-November.
'

Texas Research & Electronic

Corp.
1960 filed 600,000 shares of common stock. Price
per share. Business—Engaged in various phases
of electronics. Proceeds—For acquisition of small busi¬
Oct. 3,

•—$1.15

Office—Meadows

nesses.

Bldg., Dallas, Tex. Underwriter
Co., Inc., Minneapolis, Minn.

—Naftalin &

'Therm-Air Mfg.

Co., Inc.
Sept. 13, 1960 filed 125,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
makes and sells temperature and humidity control
equip¬
ment for military and commercial use. Proceeds—To pay
loans, for research and development, and for working
capital. Office—1000 North Division St., Peekskill, N. Y.
Underwriter—G.

City.

Everett

Parks

&

Co., Inc., New York

6%%

of

United

Industries Co.,

1960 filed

27,

held

of

record

3:30

at

p.m.,

convertible

sub¬

Sept. 20 with rights to expire
New York Time. Price—100%.

Business—The firm makes

and

sells men's

clothes, and
operates, through two subsidiaries,
10 retail stores.
Proceeds-^-To reduce indebtedness, with the balance for
working capital. Office—1415 Clinton Ave. North, Roch¬
ester, N. Y. Underwriter—Cartwright & Parmelee, New
York City (managing).

Tip Top Products Co.
Oct.

4, 1960 filed 60,000 shares of class A

common

stock.

Address—Omaha,
Co., Omaha, Neb.
Lincoln, Lincoln, Neb.

Transitron Electronics Corp. (10/25-28)
Sept. 9, 1960, filed 1,250,000 shares of outstanding com¬
mon stock
(par $1). Price—To be supplied by amend¬
.

ment.

Proceeds

To selling stockholders.
Office
168
St., Wakefield, Mass.
Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York City
(managing).
—

—

Albion

Transitubes

Sept. 22,
common

1960

Electronics, Inc. (10/18)
(letter of notification) 200,000 shares

United

purchase

a

of

Price—$1 per share. Pro¬
building, tools and other neces¬

equipment for operation and for working capital.
N. W. 54th
St., Mimi, Fla.
Underwriter—
Blaha & Co., Inc., Long Island
City, N. Y.
sary

Office—501

•

Trout Mining Co.

Aug.
stock

common on

the basis of four

new

shares for

each five shares held. Price—$1
per share. Business—The
company is engaged in the mining of silver, lead,
zinc,
ahd manganese dioxide. Proceeds—For
working capital,
to repay a bank loan, and for

exploration and develop¬

ment

of

City.

Underwriter—None.

ore

bodies.

Office—233

Ultra-Sonic Precision

Co.

Broadway, New York

Inc.

(10/31-11/4)
Sept. 27, 1960 (letter of notification) 100,000 shares of
icommon stock (par 10
cents). Price—$2 per share. Busi¬
ness—Manufacturers of precision carbon jigs for transis¬
tors

and transistor components. Proceeds
For general
corporate purposes. Office—236 Fourth Ave., Mt. Vernon.
—

,N. Y. Underwriter
Yff

United

par.

serial

Business—The

Pacific

..«

.

-

Aluminum

Urban Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock
par). Price—$10 per share. Proceeds—For general

(no
cor¬

porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter — Union Securities Investment
Co., Memphis, Tenn.
Utah

Service

Gas

Co.

Aug. 25, 1960 filed $800,000 of 6%

first mortgage sink¬
ing fund bonds, due Oct. 1, 1975, of which $300,000 will

refunding and $500,000 are to be
publicly offered. Price—At par. Proceeds—$440,000 will
be used to retire certain outstanding indebtedness. Office
—511-12 Desert

First

Bldg., Salt Lake City, Utah. Underwriter

Trust

Co.

of

Lincoln, Nebr.

Vacudyne Associates, Inc. (11/14-18)
Sept. 30, 1960 (letter of notification) 200,000
stock

common

shares of
(par 10 cents). Price—$1 per share, Busi¬

ness—Distributors
of

owner

of radio

Transletesonic

and

Inc.

TV

receiving tubes and

which

manufactures

elec¬

tronic tubes. Proceeds—For

general corporate purposes.
Office—397 Seventh Ave., Brooklyn, N. Y. Underwriters
—Kenneth Kass; H. S. Simmons & Co., Inc. and B. N.
Rubin &

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

—

Merritt, Vickers, Inc., New York,

Bowling Centers, Inc.

(11/15)

:<Sept. 28, 1960 filed 200,000 shares of common stock
(par
$1). Price—To be supplied by amendment. Proceeds—
For

construction, equipment and acquisition of bowling
centers. Office
1055 W. Genesee
St., Syracuse, N. Y.
Underwriters—Emanuel, Deetjen & Co., and Hill, Dar¬
lington & Co., both of New York City
(managing).

Inc. (10/19)
July 27, 1960 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Pro¬
ceeds

To

accounts payable, reduce a bank loan,
advertising and for working capital. Office—Red Lion,

Pa.

—

pay

Underwriters—B.

mons

Co. both

&

N.

Rubin

of New York

&

Co.

and

H.

S.

Sim¬

City.

United

ElectrcBynamics, Inc.

ir Valumines, Inc.
Sept. 28, 1960 (letter of notification) 400,000 shares of
common
stock (par five cents). Price — 25 cents per
share.

Proceeds—For mining expenses. Office—646
Hawthorne, Tacoma, Wash. Underwriter—None.

Aug. 29,

Industries, Inc.
1960 (letter of notification)

N.

the

issuing company and 13,500 shares,
representing
outstanding stock, are to be offered for the account of
the present holders thereof.

Price —To

amendment.

Business—The

measurement

instruments, and in

be

supplied by

company
is engaged pri¬
marily in the development and manufacture of electronic

relating to

nuclear detection work'
the earth sciences. Proceeds — To
liquidate

$800,000 of bank indebtedness, with




Corp.

filed

1960

units, each unit to consist of $50

principal amount of

shares, and warrants for the
purchase of two common shares. Price—To be supplied
by amendment. Business — Real estate, construction,
property and community development, and manufac¬
turing. Proceeds—For property improvements. Office—
302 South 23rd Ave., Phoenix, Ariz. Underwriter—Leh¬
man Brothers, New York City
(managing).
debentures, four

Welded

Tube

common

Co.

of America

(10/25)

31, 1960 filed 140,000 shares of class A common
stock (par $1). Price—$6 per share. Business—The man¬
ufacture and sale of electrical resistance steel tubing.
Aug

Proceeds
$100,000 will be applied to reduction of a
$600,000 revolving bank credit, $200,000 for new equip¬
ment and machinery, and the balance for general cor¬
—

porate purposes, including working capital. Office—2001

Philadelphia, Pa. Underwriter—H. Hentz

S,

Water

&

Co., New York City (managing).

•

Wenwood

June
fund

St.

Organizations

Inc.

(10/18-19)

17, 1960 filed $550,000 of 7%% subordinated sinking
debentures due August, 1970 (with common stock

purchase warrants). Price—100% of principal amount.
Proceeds—$100,000 will be used for payment of a bank
loan incurred to help finance the disposal plant and an
estimated additional $50,000 to complete the plant; $109,000 to retire 10% debentures issued in payment of certain
obligations of the company for services rendered; $25,000
for a sales
program
in connection with the Florida

homes; and the balance for working capital to finance
the residential community
in Sarasota and the construction of homes in West Palm

the continued development of

Beach, and the development of a shopping center in
Selden, L. I. Office—526 North Washington Blvd., Sara¬
sota,

Fla.

Underwriter—Michael G. Kletz & Co., Inc.,

New York.

stock

retire outstanding notes. Office—2321 Forest Lane,
Garland, Tex. Underwriter—Hauser, Murdoch, Rippey
Co., Dallas, Tex. Offering—Imminent.
to

Vibration Mountings & Controls, Inc.
Sept. 29, 1960 filed 150,000 shares of common stock (par
10 cents). Price—$3.50 per share. Proceeds—For research
and
development; expansion; purchase of inventory;
working capital and general corporate purposes. Office—

98-25

50th

Ave.,

Michael G.

Kletz

Corona, L. I., N. Y. Underwriter—
Co., Inc., New York, N. Y.

&

Virginia Capital Corp. (10/17-21)
Aug. 31, 1960 filed 60,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany is licensed by the Small Business Administration
to operate throughout Virginia under the Small Busi¬
ness

Investment Act of 1958. Proceeds—To furnish cap¬

ital, long-term loans, and consulting and advisory
ices

to

selected

small

business

concerns.

Office

serv¬

—

907

State-Planters Bank Bldg., Richmond, Va. Underwriter
—J. C. Wheat & Co., Richmond, Va. (managing).
•

Vogue Instrument Corp. (10/14)
Sept. 13, 1960 (letter of notification) 100,000 shares of
common stock (par one cent). Price—$3
per share. Busi¬
ness—Manufacturers

of

products.
Office—381

precision

metal

and

electronic

Proceeds

— For
general corporate purposes.
Empire Boulevard, Brooklyn 25, N. Y. Un¬

derwriter—S.

S.

Samet &

Co., Inc., 170 Broadway, New

the balance for gen¬

Weatherford, R, V., Co.

(11/1)

Sept. 26, 1960 filed 180,000 shares of capital stock (no
par), of which 90,000 shares are to be offered for the
account of the issuing company and 90,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of R. V. Weatherford, President. Price—To be sup¬
plied by amendment. Business — Distributes electronic

parts and equipment, primarily in the 11 western states.
Proceed* — For debt reduction, inventory, and accounts
receivable.

Office—6921

San

Factors,

Fernando

Inc.

1960, filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬
ities.
Office —1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
^ Western Transistor Corp.
—
Sept. 27, 1960 (letter of notification) 100,000 shares of
common stock (par^75 cents). Price—$3 per share.
Pro¬
ceeds—To retire a bank loan, research and development,
additional

machinery

and

equipment

and

S. Budlong Ave.,

for working
Gardena, Calif.

Underwriter—Francis J. Mitchell, Newport Beach, Calif.
White Avionics

Sept.

6,

common

1960

Corp. (10/17-21)
(letter of notification) 150,000

stock

(par 10 cents). Price—$2 per share. Busi¬

ness—Manufacturers of missiles

and

shares

of

aircraft instrumen¬

tation. Proceeds—For general corporate purposes.

Office

Dr., Plainview, L. I., N. Y. Underwriter—
Corp., New York, N. Y. Note—This is
a
refiling of an issue originally filed last June 6 and
subsequently withdrawn.

Planned Investing

•

Whitmoyer Laboratories, Inc. (10/17)
85,000 shares of common stock and $500,000
debentures, due 1977, with warrants
for the purchase of 10,000 additional common shares at
$5 per share.
Price — For the debentures, 100% of
principal amount; for the 85,000 common shares, $6
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness, sales promo¬
tion, and equipment.
Office—Myerstown, Pa.
Under¬
writer—Hallo well, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia, Pa.
of 6% subordinated

150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data
Systems, Inc. and
common

Western
June 29,

Jan. 28 filed

>

York, N. Y.

Aug. 22, 1960 filed 169,500 shares of common
stock, of
which 156,000 shares are to be offered for
the account
of

(Del E.)

21,

nated

—Terminal

—

•

(11/1-4)
$8,000,000 of convertible subordi¬
debentures, due October 1975, 640,000 shares of
common stock, and warrants for the purchase of 320,000
shares of such stock. These securities will be offered in
Webb

capital. Office—13021

&

22, 1960 filed 296,579 shares of no par common
(with warrants), to be offered to holders of the

outstanding

Price—At

debentures.

convertible

Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other funds, the proceeds
will be used to pay for the erection of a primary alu¬
minum reduction facility. Office — Los Angeles, Calif.
Underwriter—Straus, Blosser & McDowell, Chicago, 111.
(managing).

Vector

stock (par 10 cents).

ceeds—To

6%

Thursday, October 13, 1960

Underwriter—Blyth & Co., Inc., New York City

Sept.

•

of

Valdale Co.,

Price—To be supplied by amendment.
Neb. Underwriters—J. Cliff Rahel &
and First Trust Co. of

Inc.

$500,000

,

•

17

2 Rector

expansion, working capital, and loans to subsid¬
iaries.
Office—1235 Shadowdale, Houston, Texas.
Un¬
derwriter—Dempsey-Tegeler & Co., St. Louis, Mo. Offer¬
ing—Expected in late October.
\

principal amount of debentures for each 16% shares of
Oct.

a.m.,

—For

—The

on

10:30

at

issuer's major activity is the warehousing of grain under
contract to the U. S. Commodity Credit Corp. Proceeds

ordinated debentures, due
1980, being offered to the
holders of the outstanding common on the basis of $100
common

26

Street, New York City, Room 240.

.

(managing).
•

Corp. (10/31)
Sept. 28, 1960 filed $30,000,000 of sinking fund deben¬
tures, due 1980, and $30,000,000 of first mortgage bonds.
Office—1525 Fairfield Avenue, Shreveport, La. Under¬
writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston
Corp.; Harriman Ripley & Co., and Goldman, Sachs &
Co. (jointly); White, Weld & Co. and Equitable Securi¬
ties Corp. (jointly). Bids—Expected Oct. 31 in room 2033,
2 Rector St., New York City, up to 11:30 a.m. Information
Meeting—Scheduled for Oct.

Calif.

.

be used for debentures

Offering—Expected in late November.

Timely Clothes, Inc.
July 25, 1960 filed $840,000

Road, Pasadena, Calif.
& Co., Los Angeles,

Staats

Gas

subordinated

it Texas Butadiene & Chemical Corp.

R.

(managing). Offering—Expected in October.

United

Sept.

/

William

—

.

Road, Glendale,

Wilier Color Television

System, Inc. (10/24-28)
(letter of notification) 80,890 shares of common
stock
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 36

Jan. 29

Broadway, New York City.
•
Williamsburg Greetings Corp.
Aug. 26, 1960 filed 180,000 shares of
(par 25 cents)/ Price — $6 per share.

common

stock

Business—The

company and its subsidiaries are engaged chiefly in the
dseign, production, and sale of greeting cards. Proceeds
—About $400,000 will be applied to the reduction of
factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.
Underwriters
Standard Securities Corp., New York
City, and Bruno-Lenchner, Inc., Pittsburgh, Pa., and
Amos Treat & Co., Inc., New York City.
—

•

Wisconsin Electric Power Co.

(11/16)

Sept. 23, 1960 filed $30,000,000 of first mortgage bonds,
series due 1990. Proceeds—For debt reduction and capital
expenditures. Office—Milwaukee, Wis. Underwriter—
To be determined by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce,
Fenner & Smith Inc., and Equitable Securities Corp.
(jointly); Glore, Forgan & Co., Eastman Dillon, Union
Securities & Co. and Harriman Ripley & Co., Inc. (joint¬
ly); The First Boston Corp., Lehman Brothers and Salo¬
mon Brothers & Hutzler
(jointly); Blvth & Co. Bids—
Expected to be received on Nov. 16 at 11:00 a.m.

WonderBowl, Inc.
April 14-filed 3,401,351 shares of common stock (par. $2).,
Price—$2 per share. Proceeds—For purchase of Certain
property, for constructing a motel on said property and
various leasehold improvements on the property. Office

Volume

—7805

Sunset

5994

Number

.

The Commercial and Financial Chronicle

Los Angeles, Calif. Under¬
Corp., same address.

Boulevard,

writer—Standard

.

.

Securities

Wood-Mosaic

Sept.

1960

27,

Corp. (11/7-11)
filed 80,000 shares of

class A common
supplied by amendment. Proceeds—
capital of the issuer and its subsidiary,

Inc."

working

share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬
essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St., Coral Gables, Fla. Under¬
writer—None. Note—The SEC has challenged the accu¬
and adequacy of this statement.
for Aug. 29 at the request

racy

scheduled

counsel and the results have not
•

Zurn

as

A hearing was
of the company

yet been announced.

Industries, Inc.

Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of the issuing company and
100,000 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof. Price—To be sup¬

plied by amendment. Business

The manufacture

—

of

mechanical power transmission equipment, fluid control

building plumbing drainage products and re¬
search and development of a synchro-gear assembly for
atomic submarines. Proceeds—For new equipment, the
repayment of loans, and working capital. Office—Erie,
Pa. Underwriter—Lee Higginson Corp., New York City
(managing). Offering—Expected in mid-November.
devices,

UNDERWRITERS!

ATTENTION

that

can

we

Would

write

telephone

you

at 25 Park

us

.-aoa

at

us

REctor

2-9570

Oct.
of

Van

in

the

year.

Proceeds—For

expansion and

modernization. Office—135th St. & Perry Ave.,
111.
.V;';. '
Alberta

Gas

Trunk

Line

Chicago,

Co., Ltd.

Sept. 1, 1960 A. G. Bailey, President, announced that
financing, mostly in the form of first mortgage
bonds, is expected early in 1961. Office — 502-2nd St.,
S. W., Calgary, Alberta, Canada.
July

6

it was

Department Stores, Inc.
reported that this Bronx (N. Y.)-based
issue of common stock.

retail chain is contemplating an
No

confirmation

available.

Unlimited
1960 it was

Alloys
Sept. 12,
common

was

reported

that

a

registration

of

stock is expected. Office—21-09 43rd Ave., Long

Island City, L. I., N. Y. Underwriters—C.
Towbin Co. and Newburger, Loeb & Co.,

E. Unterberg,
both of New

York City.
Americana

Properties, Inc.

Sept. 12, 1960 it was reported that October registration
is expected of $600,000 of common stock. The company
is in the real estate and bowling center business, and
owns three bowling centers. Proceeds—For general cor¬

Office—Oakdale, L. I., N. Y. Under¬
writer—Plymouth Securities Corp., 92 Liberty St., New

porate purposes.
York 6, N. Y.
Arkansas

Power

July 6 it was reported that this company is contemplat¬
ing a common stock issue.
Office —1335 So. Figuroa
Street, Los Angeles 15, Calif.
Brooklyn Eagle Inc.
Oct. 5, 1960 it was reported that 70,000 shares of com¬
mon stock will be filed. Underwriter—R. F. Dowd & Co.,

Inc., New York, N. Y.

Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities, Inc. might issue $15,000,000 of
first mortgage bonds sometime in the first quarter of
1961. Underwriter — To be determined by competitive

Halsey, Stuart & Co. Inc.;
Eastman Dillon, Union Securities & Co. and Equitable
Securities Corp. (jointly); Blyth & Co. and Dean Witter
& Co. (jointly); Lehman Brothers, Stone & Webster Se¬
curities Corp. and White, Weld & Co. (jointly); Merrill
Lynch, Pierce, Fenner & Smith Inc.
bidding.

Probable bidders:

Atlantic Transistor Corp.

Sept. 12, 1960 the company reported that it is contem¬

offering, consisting of a
number
of its $1 par common stock.
Business — The
makes
and
sells
a
"water - tight,
un¬

plating filing
letter of
of shares
company

its first public

notification covering an undetermined

breakable" marine radio known as the "Marlin

200." Pro¬

development of the "Marlin 300," which
similarly constructed radio with a ship-toband. Office—63-65 Mt. Pleasant Ave., Newark,

ceeds—For the

is
*

to

shore

be

a

N. J. Underwriter—Mr. Roth, Comptroller,

states that he

actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
is

sidiary of Auto-Temp Inc.
•

Automation

,,

Development,

..

.

Inc.

1960 it was reported that a "Reg. A" filing,
comprising this firm's first public offering is expected.
Note
This firm was formerly carried in this col¬
umn
under
the
heading "Automation for
Industry,
Sept. 20,
—




,

outside
mined

Greater

of

Detroit.

Underwriter—To

be

deter¬

by

&

Light Co.
stated by the company's president
that there may possibly be some new
financing during
1961, with no indication as to type and amount. Office—
1506 Commerce Street,
Dallas, Texas. Underwriter—To
be determined by competitive bidding. Probable bidders:
Sept. 14, 1960 it

was

To be named.

Dodge Wire Manufacturing Corp.
Sept. 12, 1960 it was reported that October registration

.

Brooklyn Union Gas Co.
Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer, announced that there will be no further financing
in 1960 but that $25,000,000 to $30,000,000 of mortgage
bonds or preferred stock are expected in late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
California Asbestos Corp.

Sept. 28, 1960 it was reported that discussion is under
concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Reg. A." Business—The company,

way

is expected of $600,000 of common stock. Proceeds—For

general corporate purposes.
Office — Covington, Ga.
Underwriter—Plymouth Securities Corp., 92 Liberty St.,
New York 6, N. Y.

Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place in November or December. Office—1999 Mt.
Read Blvd., Rochester, N. Y. Underwriter—The company's initial financing was handled by Lee Higginson

Corp., New York City.

yet in operation but which has pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near Fresno,
Calif. Underwriter—R. E. Bernhard & Co., Beverly Hills,

Dynamic Center Engineering Co., Inc.
3, 1960 it was reported that the company plans a
full filing of its $1 par common stock for sometime in

Caiif.

ucts, purchase new equipment, and for working capital.
Office—Norcross, Ga. Underwriter—To be named.

is

not

as

Equipment Corp.

Oct.

November.

Proceeds—To promote the sale of new prod¬

Dynamic

Instrument Corp.

Oct. 5, 1960 it was reported that a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture
of

product. Office—Westbury. L. I. Underwriter—

new

a

Florida

Industries

$20,000,000 of common stock. Business — The company
polystyrene and polyurethane for insulation and
processes marble for construction. Proceeds—For expan¬
sion to meet $10,000,000 backlog. Office—250 Vreeland
Ave., Paterson, N. J. Underwriter—To be named.
Maine

Central

Power

Co.

expected to take the form of part bonds and part stock
to aggregate a total of $12,000,000 to $14,000,000.
Pro¬
ceeds— To retire bank loans.
Office — 9 Green Street,

Underwriters—Harriman Ripley & Co.;
Corp., both of New York, and Coffin &

June

First

Boston

Burr, Boston, Mass.

1

Power &

it

was announced that the company anticipate*
financing in the fall of 1960 approximating $25,000,000 of an as yet undetermined type of security, and
estimates that in 1961 it will require approximately $50,000,000 of new money. This company on May 31 floated
a 400,000 common share
offering through Merrill Lynch,
Pierce, Fenner & Smith Inc. and associates at a price of
$59,125 per share.
'

Ford

Motor Credit Co.

March 28 it

was reported that this company is develop¬
ing plans for borrowing operations, which may include
the issuance of debt securities, and possibly occur later

this year. Office—Detroit, Mich.
Foxboro Co.

Oct. 5, 1960 it was reported that approximately 200,000
shares of common stock will be filed. Office—Foxboro,
Mass.

^Chesapeake & Ohio Ry. (10/19)
Oct. 11, 1960 it was reported that $3,750,000 of equipment
trust certificates will be sold.
Underwriter—To be de¬
competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc. and Salomon Bros. & Hutzler.
Bids—Tentatively expected on Oct. 19.
termined

by

Circle Controls Corp.

Aug. 20, 1960 it was reported that a letter of notification
is expected covering 75,000 shares of common stock.
Proceeds — For general corporate purposes, including
expansion and the establishment of sales organizations.
Office—Vineland, N. J. Underwriter—L. C. Wegard &

Co., Levittown, N. J.
Citizens

&

Small Business

Investment

$1V2 million of common stock. Office—Atlanta,

Ga. ;

•••

Coca-Cola Co.

Sept. 22, 1960 it was announced that under the terms of
proposed acquisition of Minute Maid Corp. this
company would issue about 906,400 shares of its common
the

stock, each share of which will be

exchanged for 2.2

Office—Atlanta, Ga.

expansion purposes. Office-—215 N. Front St.,

Consolidated Edison Co. of New York,

Colum¬

Inc.

(11/22)
Sept. 8, 1960, the company announced that its application
Service Commission for

to the New York State Public

permission to raise $75,000,000 through the sale of first
and refunding mortgage bonds is expected sometime in
October. Proceeds—For expansion. Underwriter—To be
by

Resistance, Inc.
was

reported that the company will file

letter of notification, comprising its first public offer-

ing, in late December
Southern

or early January. Office
Blvd., Bronx, N. Y.

—

4

430

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that October registration
of 150,000 shares of common stock is expected. Offices—
Newark, N. J., and Buena, Vista, Va. Underwriter—
Sandkuhl and Company, Newark, N. J., and N. Y. City.

Goshen Farms Inc.

5, 1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.

Hawaiian

competitive bidding.

Electric Co.

July 25, 1960 it was reported that this utility contem¬
plates the issuance of 250,000 shares of $20 par preferred
stock

($5,000,000), perhaps to
Office—Honolulu, Hawaii.

occur

sometime this fall.

Hemingway Brothers Interstate Trucking Co.
Sept. 16, 1960 the ICC granted the firm permission to
$1,000,000 of 10-year registered 6% subordinated

motor vehicle

Probable bidders:

Halsey, Stuart & Co. Inc.; Morgan Stanley & Co.; First
Boston Corp. Bids—Expcted Nov. 22. Information Meet¬
ing—Scheduled for Nov. 16 at 10:00 a.m. at the com¬
pany's office, 4 Irving Place, New York City

a common carrier by
operating in nine Eastern states. Proceeds

—For debt reduction and additional

New Bedford, Mass.
Houston

Ohio.

determined

a

Southern Ohio Electric Co.

Sept. 22, 1960 it was reported the company will sell some
additional common stock sometime in 1960.
Proceeds—
bus 15,

General

Sept. 19, 1960 it

debentures. Business—The firm is

July 28, 1960 the company reported that debt financing
of $70,000,000 is contemplated.
Precise timing depends
on final FPC approval. Office—Colorado Springs, Colo.
Columbus &

—

issue

Interstate Gas Co.

Colorado

Underwriter
Paine, Webber, Jackson & Curtis,
Boston, Mass. and New York, N. Y.

Oct.

Southern

Minute Maid shares.

Light Co.

further

Augusta, Maine.

For

'' "f'\

R. F. Dowd & Co. Inc.

Aug. 5, 1960 it was reported that the company is now
contemplating a public offering of its securities, possibly

& Light Co.

best

continuing expansion and improvement of the company's
electric and gas service facilities in a
65-county area

Dallas Power

Co.

Sept. 30, 1960, company President W. F. Wyman stated
that the company is contemplating financing which is

new

Alexander's

Storage

makes

Co.

3, 1960 it was reported that the sale of $10,000,000
later

&

Sept, 21, 1960 it was reported by Mr. Casavena, Presi«
dent, that registration is expected of approximately

preferred stock is planned by the company for some¬

time

Co.

Inc.

Prospective Offerings

for the

Bankers Trust Co., 16 Wall St., New York City, 12th fl.

Bekins

Casavan

Acme Steel

1990

price obtainable but not less favorable to the company
than a 5V4% basis. Proceeds—To be used to finance the

Lexington Building, Baltimore, Md.

Electric

&

—For expansion of the business. Office—97-02 Jamaica
Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd & Co.

or

Place, New York 7, N. Y.

.if-

(12/12)

reported that the utility expects to sell
additional securities sometime during the first half of
1961, but no decision has been made as to type. Office—

Gas

Oct. 3, 1960 it was

5, 1960 it was reported that a full filing of about
$300,000 of units, consisting of common stock, bonds and
warrants will be made sometime in November. Proceeds

similar to those you'll find hereunder.

If

was reported that the company proposes
issue and sell first mortgage bonds in the amount of

Oct.

item

prepare an

37

competitive bidding. Probable bidders: For
bonds—Halsey, Stuart & Co. Inc.; White, Weld & Co.,
and Shields & Co. (jointly); Morgan
Stanley & Co.; The
First Boston Corp., and Harriman Ripley & Co., Inc.
Bids—Expected to be received on Dec. 12 up to 11:30 a.m.
Information Meeting—Scheduled for Dec. 9 at 11:00
a.m.,

register?

Corporation News Department would like
so

Inc.

14, 1960 it was reported that a "Reg A" filing is
Business — Electronics. Office — Westbury,
I., N. Y.
Underwriters — Sandkuhl and Company,
Newark, N. J., and New York City, and J. I. Magaril &
Co., New York City.

Carbonic
Our

to know about it

Labs

Sept.

which

Do you have an issue you're planning to

Co.

$35,000,000 maturing not earlier than

Automation

Baltimore

per

Power

St., New York City.

expected.

Mining Co.

Consumers

to

L.

Yuscaran

"Sky-

derwriter—Ross, Riemer, Collins & Co., Inc., 44 Beaver

duction.

May 6 filed 1,000,000 shares of common stock. Price— $1

development of the

Sept. 14, 1960 it

Wood-Mosaic

Industries, with the balance for debt re¬
Office—Louisville, Ky. Underwriters—Cruttenden, Podesta & Co., Chicago, 111., and Berwyn T. Moore
& Co., Inc., Louisville, Ky.

further

jector." Office—342 Madison Ave., New York City. Un¬

stock. Price—To be
For

Proceeds—For

(1485)

March

22

equipment. Office—
Underwriter—None.

Lighting & Power Co.

it

was announced in the
company's annual
report that it anticipates approximately $35 million in
new
money will be required in
1960 to support the
year's construction program, and to repay outstanding

bank loans.
of

the

Studies to determine the nature and timing
of additional securities are presently

issuance

under way.

Last August's offering of $25,000,000 of 4%%

first mortgage bonds was headed by Lehman
Eastman Dillon, Union Securities & Co. and
Bros. & Hutzler.
Office — Electric Building,

Brothers,
Salomon

Houston,

Texas.

Indianapolis Power & Light Co.
According to a prospectus filed with the SEC on Aug.
25, the company plans the sale of about $14,000,000 of
Continued

on

page

38

^

38

The Commercial and Financial Chronicle

(1486)

Continued

from page 37

additional

securities

York

N. Y.
Underwriter—G.
Lane, New York 38, N. Y.

38,

Maiden

in

1963.

25

Office

Monument

Industrial

Instrument Co.
reported that 100,000 shares of com¬
stock will be filed. Proceeds — Expansion of the

mon

Gauge &

1960 it

was

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.

Electric Co.

Iowa-Illinois Gas &

that the company's sale
bonds in April of this
year will carry it through the better part of I960.* The
company plans some bank borrowing before the end of
the year and expects to be in market again sometime in
1961, probably also for senior debt securities.
Power

Iowa

5, 1960 it

&

Light Co.

reported that the board of directors

was

$10,000,000 of first mortgage bonds and additional com¬
mon stock.
Proceeds
For the acquisition of property
—

the

retirement

short-term

of

loans.

Office

—

Des

Moines, Iowa.
Laclede Gas Co.

May 10 it
of

000

announced that in addition to the $15,000,capital provided by the July bond-equity

was

new

financing, $33,000,000 will
rities other than

common

1

come

from later sale of secu¬

stock and from retained earn¬

ings.

Panhandle Eastern

1961. Office—120 Broadway,
writers—Merrill Lynch, Pierce,
of

New York City. Under¬
Fenner & Smith Inc., and
Kidder, Peabody & Co., both of New York City (man¬
aging.)
Peerless Mortgage Co.
Sept. 21, 1960 it was reported that this company is pre¬
paring a "Reg. A" filing. Proceeds—To increase buying

for purchase of first and second mortgages. Office
—

Copley & Co., Colorado

der

Y. Underwriters—Kidder, Peabody & Co. and Model, Roland & Stone, both of New

Sept. 21, 1960 it

was

(10/17)

March 21 it

announced that $4,125,000 of equip¬

competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Salomon Bros. & Hutzler. Bids
—Expected before noonrJEST, on Oct. 17.
by

Wallpapers

Aug. 29, 1960 it was announced that registration is ex¬
pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds
—For expansion, including a new warehouse and addi¬
tional stores. Office—153-22 Jamaica Ave., Jamaica, L. I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
—

York
•

City, N. Y.

Meadow

Oct. 5,

Brook National

1960 it

announced that the bank is offering
to its shareholders the right to subscribe for 462,564
shares of additional common stock on the basis of one
share

new

was

for

each 4%

shares held of record

Oct.

11,
with rights to expire on Oct. 27. Price—$21.50 per share.
Proceeds—To supply cash for the merger with Colonial
Trust Co. Office—West Hempstead, L. I., N. Y. Under¬
writers—Lee Higginson Corp. and Lehman Brothers.

Oct.

11,

Aeronautical

1960 it

was

Corp.

Probable

a

full filing of

com¬

stated in the company's

was

bidders: Halsey, Stuart & Co., Inc.; First Bos¬

Corp.;

Dillon, Read & Co. and Johnston, Lemon
& Co. (jointly); Kidder, Peabody & Co. and Merrill
Lynch, Pierce, Fenner & Smith (jointly); Lehman
Brothers and
and Stone

•

Eastman Dillon & Union Securities

& Webster Securities

Oct.

10, 1960 it

was

& Co.

Corp. (jointly).

Public Service Electric & Gas

Co.

(12/13)

reported that the company plans the

sale of $25,000,000 of additional preferred stock on a
negotiated basis. Underwriter — Merrill, Lynch, Pierce,
&

it Richards Aircraft Supply Co., Inc.
10, 1960 it was reported that a "Reg. A" filing of

Oct.

expansion and working capital.
Fla.

Underwriter—Blaha &

Office—Ft. Lauderdale,
Co., Inc., Long Island City,

N. Y.

Ritter

Co.,
was

con¬

some

private

Underwriters—White,

Weld
and

&

Co., of New York City; Yarnall, Biddle & Co.
& Co., Inc., both of
Philadelphia, Pa. (all

Stroud

jointly).
New

Jersey Bell Telephone Co.

Sept. 1, 1960 approval

(11/15)

obtained from the New Jersey
Board of Public Utility Commissioners for the sale of
$20,000,000 of 40-year debentures. Proceeds—To reduce
indebtedness and to supply funds for capital expendi¬
tures,

which

was

expected to reach a record high of
$105,000,000 in 1960. Office—Newark, N. J. Underwriter
—To be determined by competitive
bidding.
Probable
bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.
are

and Shields & Co.
Boston Corp.

(jointly); Morgan Stanley & Co.; First
Bids—Expected Nov. 15.

Rochester Gas & Electric Corp.
Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected in the spring of 1961, perhaps in
March. 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 Bros. &
Hutzler, Eastman Dillon, Union Securities & Co., and
&

Equitable Securities Corp.
The First Boston Corp.

Sept. 28, 1960 it

der

letter of notification. Office—St.
Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn. a

Northern Natural Gas Co.

Oct. 3, 1960 it was reported that an issue of
$20,000,000
of sinking fund debentures is
planned for the early part
of December. Office—2223
Dodge St., Omaha, Neb. Un¬
derwriter—Blyth & Co., New York City.
Northern States Power Co.

(Minn.) (12/6)
reported that the company plans the is¬
suance and sale ot
$35,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined
by competitive
bidding. Probable bidders: Halsey, Stuart &
May 11 it

was

Co., Inc.;
Pierce, Fenner & Smith Inc., Kidder,
Co- and White, Weld & Co.
(jointly); The
First Boston Corp. and
Blyth & Co., Inc. (jointly); Lehn*3*1 Brothers and Riter
& Co.
(jointly); Equitable Se¬
curities Corp. and Eastman
Dillon, Union Securities &
Merrill

Co.

Lynch,

(jointly). Bids—Expected to

One Maiden Lane

be received

by Dec. 5.

Fund, Inc.

Aug. 29, 1960 it was reported that registration Is ex¬
pected sometime in October of 300,000 shares of common
Business—This is a new mutual fund. Proceeds—

stock.

For

investment, mainly in listed

and U. S.

convertible debentures

Treasury Bonds. Office—1 Maiden Lane, New




was

this

(Jos.)

reported by J. C. Barr, a corporate
that new financing is being
are

available.

Office—Hatboro, Pa.

Schlitz & Co.

March 11 it

a

—

Shatterproof Glass Corp.
Sept. 21, 1960 it was reported that 50,000 shares of com¬
mon stock and 100,000 shares of class B convertible
pre¬
ferred stock will be registered. Office—4815 Cabot
Ave.,
Detroit

10, Mich. Underwriters—Straus, Blosser & Mc¬
Dowell, Chicago, 111., and Dempsey-Tegeler Co., St.
Louis, Mo.
Southern Bell

Telephone & Telegraph Co.

(12/5)

Sept. 26, 1960 the company authorized the issuance of
$75,000,000 of debentures to be dated Dec. 1, 1960. Pro¬
construction.

Office

Atlanta, Ga. Under¬
writer—To be determined by competitive bidding. Prob¬
—

able bidders:
&

Inc.

,

$340,000, with $168,000 to be loaned to T.W.A. by banks,
insurance companies and other lenders, $50,000,000 to be
drawn from internal sources, and $100,000 from the pro¬
posed sale of subordinated income debentures with stock
purchase
To

stockholders.

T.W.A.

to

warrants

Proceeds—

give T.W.A. direct ownership of a jet transport fleet.

Office—10

Richards

writers— Lazard

City 5, Mo. Under¬
Lehman Brothers and

Road, Kansas

Freres

&

Co.,

Trunkline

Co.

Gas

Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered in the second quarter of 1961.
Office—120

Broadway, New York City. Underwriters—

Merrill

Lynch, Pierce, Fenner & Smith Inc., and Kid¬
der, Peabody & Co., both of New York City (managing).
United Air Lines, Inc.
Sept. 23, 1960 it was reported that an issue of convertible
debentures is being considered. Office—5959 South Cic¬

Avenue, Chicago, 111. Underwriter—Harriman
ley & Co., New York City.

Rip¬

ero,

^ United International Ltd.
Oct. 10, 1960 it was reported that
000

shares

of

the

minimum of 1,000,-

a

be1 filed.

fdnd^Will

Business—A

new

open-end fund organized in Bermuda, which will be part
of the United Funds group.

Underwriters—Kidder, Pea¬
body & Co., Bache & Co. and Francis I. du Pont & Co.
(jointly).
it United States Shell Homes, Inc.
Oct. 10, 1960 it was reported that $3,000,000 units
type of
filing is in preparation, probably to consist of deben¬
tures, warrants and
Fla.

common

stock.

Office—Jacksonville,

Underwriter—Hayden, Stone & Co.

Virginia Electric & Power Co.
Sept. 8, 1960 it was reported that the

company

$30,000,000 to $35,000,000 from outside
and

expects to

come

to the

(managing).
will need

sources

market for

it in

in

1961,

March

or

June.

The precise form of financing will depend
upon
market conditions. Office—Richmond 9, Va. Underwriter
—To be determined by competitive bidding. Probable

Halsey, Stuart & Co.

Inc.; Stone & Webster
Corp.; Eastman Dillon, Union Securities &
Co.; Salomon Bros. & Hutzler; Goldman, Sachs & Co.
Securities

Waldbaum, Inc.
May 11 it was reported that public financing is being
contemplated by this supermarket chain. No confirma¬
tion

was

obtainable. Office—2300 Linden Blvd., Brook¬

lyn, New York.
Waldorf Auto

Sept.

14, 1960 it

Leasing Inc.

reported that a "Reg A" filing is
Office—2015 Coney Island Avenue, Brooklyn,
N. Y. Underwriters—J. I.
Magaril & Co., New York City
and Sandkuhl and
Company, Newark, N.
was

expected.

J., and New

York

City.

,

West Ohio Gas Co.
June 24, 1960, it was announced
carry

program it will consummate

that

the company an¬

out its 1960 construction

long-term financing during
approximate

the year to provide additional funds in the
sum of
$400,000.

it Westminster Fund

reported that

secondary offering might
Merrill Lynch, Pierce, Fenner
& Smith Inc. and Harriman Ripley & Co. Inc., both of
New York City.
was

be made. Underwriters

ceeds— For

Airlines,

ticipates, that in order to

paper

discussed. No details

Northern Fibre Glass Co.

Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬

(jointly); Blyth & Co., Inc.;

Rudd-Melikian, Inc.
officer,- to

World

Trans

bidders:

Inc.
reported that this company plans to

$2,500,000 of funded debt, possibly through
placement, pursuant to which a bond issue
may be expected. Underwriter—Lehman Brothers, New
York City.
a

•

Oct. 10, 1960 it was announced that financing needs have
been scaled down to $318,000 from the original figures of

Smith, Inc.

the company's common stock is expected. Proceeds—For

solidate

reported that

stock is in preparation, part of which will be for
the account of the issuer and part for selling stockhold¬
ers.
Office—Ft. Washington, Pa.
mon

-

Power Co.

annual report it
will
$39 million and there will be further financing
of about $15 million of an as yet undetermined type.
Underwriter—To be determined by competitive bidding.

July 6 it
National

C<?, Inc. of Phila¬

is anticipated that their 1960 construction program

Fenner

Bank

Electric

&

amount to

ton

'

Martin Paints &

Underwriter—Stroud

Potomac

ment trust certificates will be sold. Underwriter—To be

determined

lease.

delphia, Pa. and New York,

York City. Offering—Expected in December.

RR.

a

Thermadyne
Aug. 20, 1960 it was announced that a letter of notifica¬
tion is expected covering 75,000 shares of common stock.
Business—The company makes and distributes plastics
and resins for the missile, electronic, and boating indus¬
tries. Office—Hialeah, Fla. Underwriter—L. C. Wegard
& Co., Levittown, N. J.
-

Dillon, Read & Co., Inc.

Springs, Colo.

Office—New York 72, N.

Corp.

Nashville

reported that a secondary offering
Office—Miami Beach, Fla. Underwriter

was

—Reynolds & Co., New York City.

Pipe Line Co.

Sept. 28, 1960 it was reported that $65,000,000 of deben¬
tures are expected to be offered in the second quarter

Sept. 1, 1960 it was reported that November registration
is expected of up to $5,000,000 of convertible debentures.

&

Broadcasting Co.

is being planned.

Philadelphia Aquarium Co.
June 15, 1960, it was reported that the company plaru
to sell about $2,000,000 of debentures and common stock
to finance an aquarium in Fairmont Park, Philadelphia
which would be city-owned and company-operated un¬

Louisville

Underwriter—Dillon, Read & Co., Inc.

Storer

was

—Denver, Colo. Underwriter

Aug. 3, 1960, it was reported that about $37,000,000 will
be raised to cover capital requirements over the next
year.
Office—301 So. Harwood Street, Dallas 1, Texas.
Electronics

Texas.

reported that in addition to the
common stock offering filed Sept. 20
(see "Securities In
Registration"), this subsidiary of Pacific Gas & Electric
Co. plans to sell $99,000,000 of first mortgage bonds and
$13,300,000 of convertible debentures. Office—San Fran¬
cisco, Calif. Underwriter—Blyth & Co., Inc., New York
City (managing).

power

Lone Star Gas Co=

Loral

in February, 1961, the
offer about $15,000,000 in bonds and
preferred stock, and that about one
year thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about
6Vz% below the then existing market price of the com¬
mon.
Office—720 Mercantile Dallas Building, Dallas 1,
company expects to
about $3,000,000 in

Pacific Gas Transmission Co.

it

Thursday, October 13, 1960

Public Service Co.

Southwestern

1960 are as yet indefinite, and there is a distinct pos¬
sibility that it might be postponed to 1961." Office—
Fergus Falls, Minn.

Sept. 23, 1960

.

Aug. 9, 1960, it was reported that

July 27, 1960, Albert V. Hartl, executive Vice-President
of this utility told this newspaper that an
issue of
$6,000,000 of first mortgage bonds is contemplated, al¬
though "plans for implementation of this project during

had approved a $15,000,000 financing plan, to consist of

and

Inc.,

Sept. 28, 1960 it

June 23, 1960, it was announced
of $15,000,000 of first mortgage

Oct.

Nicholls

Otter Tail Power Co.

Circle, Indianapolis, Ind.
Oct. 5,

F.

.

.

Halsey, Stuart & Co. Inc.; Morgan Stanley
Co., both of New York City. Registration—SEC regis¬

tration is expected in November. Bids—Expected
about Dec. 5.

on

ber

Southern Railway Co.

Sept. 21, 1960 it was announced that a Halsey, Stuart &
Co. Inc.. group expects to bid on $25,000,000 of the road's

10, 1960 it

reported that

was

an

undetermined

num¬

of

shares of the fund will be filed for
public offer¬
ing in exchange for securities held by individuals. Busi¬
ness—A new fund to be
managed by Hugh W. Long!&
Co.
Dealer-Manager—Kidder, Peabody & Co.

Whippany Paper Board Co.
July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock. Under¬
writer—Van

Winona

Alstyne, Noel & Co., New York City.

Wood

Aug. 24, 1960, it
A

common

Products

was

stock

pany makes wood

is

Co.

reported that

contemplated.

a

full filing of class

Business—The

com¬

cabinets for household and industrial

use.

Office—Winona, N. J. Underwriter—Metropolitan
Securities Inc.,
Philadelphia, Pa. Registration—Expected
in late October.
■

Winter Park
Telephone Co.

May 10 it

or

,

bonds. No other details are available.

Oct.

on

a

was

announced that this company,

^war^.er °* 1961, will issue

30,000 additional shares of its
will be offered
and

may

and sell

common

during tha

approximately

stock.

This stock

on

a rights basis to
existing stockholders
not be underwritten by one or more
brokers. Future plans also include the sale

or

may

JJ $2,000,000 of bonds in the second quarter of 1961.
Office—132 East New
England Ave., Winter Park, Fla.

Volume 192

Number 5994

.The Commercial and Financial Chronicle

.

.

Monetary

International

Fund

bloated

—

SECURITY SALESMAN'S

International
Monetary Fund, Washington, D. C.
(paper).
Annual

Businessman's

Law

BOOKSHELF

report

jr.

—

and United

Canada

in

—

States

CORNER

Business,

Kingman, Brewster,
Associa¬

National Planning

—

(1487)

BY JOHN DUTTON

deserve
thanks

-

1

1

1

Annual Reports and the Corporate

Character

—

Professor J.

W.,

Local

Planning

and

Zoning

—

Harold

Handbook of community planning
121 Varick methods and procedures — New
Street, New York 13, N. Y. (Copies York State Department of Com¬
on request).
merce, 112 State St., Albany, N. Y, <
Antitrust Laws of the U. S. A.i A (on request).

Janis-^Lind Brothers,

if they

or

are

inventories

some

or

overpriced underwritings and you
foolishly help unload them on
your good customers—then
you
what

will

you

from

anybody,

get—no

including

wife and family and

your

1

tion,
N.

overhead;

with

'

.

1606 New Hampshire Ave.,
Washington
9,
D.
C.
(paper), $1.00.

stuck

39

cred¬

itors

of the

One

in this

few

still left

curities markets, or anything else

country where a man can

for that matter. Excesses must always be corrected—any securities
man that does not recognize this
fact of life is too dumb to be an

careers

manage his own time, work when
he wants to do so, quit when he

like it, and use his own
judgment, ingenuity, brains , and
ability, is that of a salesman. I
feels

refer

investment advisor;
^
The investment security sales-

'

Remember when you are a
stra*£ht commission salesman you
can
g°ld-brick your boss for a
^eai; or S0J<*)fr*n® a business re.cession'and thereby retain a job
anr all4;fc?nifwJ0 wbich you are
uot entitled. Wheh ypu don't do
PU *Lnesi-£ou
n£t get paid. This
3.,re difference between a sala.

straight
commission man is engaged in a volatile ensalesmen; the men who do not get deavor. When stocks are high he
Study of Competition Enforced by Loeb's Checklist for Buying Stocks paid unless they produce.
should be taking his investment
Law — A. D. Neale — Cambridge
—Gerald M. Loeb — Simon and
There are some very excellent accounts out of overpriced securiUniversity Press, 32 East 57th St.,
Schuster, 630 Fifth Avenue, New compensations for such a man in ties and he should be advising the
New York 22, N. Y. (cloth), $7,5.0.
York 20, N. Y. (paper), $2.00
this age of conformity and the Purchase of stable defensive in- no unionrZH wA HL^ ^i+ ?^
Any Means to Achieve Our Ends: Real
overwhelming quest for an' illu- .vestments such as tax exempt unions
we r n
Estate Investment Trusts:
Understanding Communism — New income Tax Treatment — sory security.
Once a security bonds, short term corporate and umons
we run our own business!
salesman learns how to work and government bonds and Treasury
Peter Richards — Employee Rela¬
Commerce Clearing House, Inc.,
tions, Inc., 32 North Bayles Ave., 4025 West Peterson Ave., Chicago to build a clientele he is his own bllls and notes. He should take ( ,o |t
J"H VPCiffYPQ
boss. His employer may be able c®re.
Port Washington, N. Y. (paper),
bis customer s interests by
•
v Cu LUX. fc>
46, 111. (paper), $1.00.
to get along without a good sales- advl?m^, caution
25. cents.
and retrench- rYpfpw! A rnarinon
South
Asia
Where
Russia
and man, but there is always another merit. This is the way to preserve VylltJIb AIIlci 1C3T1
Area Guide to Industry Employ¬
China Meet—Bureau of Business
employer who will hire him. A a clientele so that, when common T
pAtvivwAw
ment Statistics—New Guide List¬
and Economic Research, Univer¬ salesman who knows his
job is jtock prices once again reach at- JLj<1Dd* V^OIXlXXlOll
ing for Some 225 Industries—U. S.
sity of Maryland, College Park, one of the most independent men tractive buying levels purchases
Department of Labor, Bureau of Md.
(paper).
you will find anywhere in this
can be made because capital has California Investors of Los AnLabor Statistics, 341 Ninth Ave.,
geles, Calif, publicly offered on
Soviet Statistics of Physical Out¬ country today. This is certainly a been protected.
New York 1, N. Y. (on request).
unique and comfortable position
The first task of a security Oct." 12, 90,000 shares of American
put
of
Industrial
Commodities:
in
which
a
man
can
find
himself
salesman
is
to
Challenges to Arbitration:
Pro¬ Their
help his customers Laboratories, Inc. no-par common
Compilation and Quality—
at a time when millions of others protect their capital. A salesman stock at $2.25 per share,
ceedings of the Thirteenth Annual
Gregory
Grossman — Princeton
are fumbling through life, tied to
Meeting of the National Academy
without customers is a dead duck,
The
c o m p a n y,
which was
University Press, Princeton, N. J.
their desks, engulfed in social se- and a salesman with customers formerly know as
of Arbitrators—Edited by Jean T.
Medlabs, Inc.
(cloth), $4.50.
curity, seniority, boredom and de- who are locked into a box full of has offices at 660 S, Bonnie Brae,
McKelvey — Bureau of National
Affairs, Inc., 1231 Twenty-fourth Stockholder and Employee Profit pendent upon some other man's overpriced common stocks that Los Angeles, Calif,
Sharing—I—In Large Department pleasure, or some union boss, for were bought wrong is also just as
The
St., N. W., Washington 7, D. C.
proceeds of the offering
Store Chains—Profit Sharing Re¬ a fixed pay check that they im- dead.'
Remember—if you have will be used to repay a bank
Changing Patterns of Industrial
search Foundation, 1718 Sherman patiently await from
month to customers who are pleased with loan renovate West Lake HosniConflict—Arthur M. Ross—Insti¬
month or week to week.
the investment job you have done
tute of Industrial Relations, Uni¬ Ave., Evanston, 111. (paper), $3.00.
tal, 'to establish and promote a
versity of California, 201 California
a
frpp. t ifp
tki«tf>iniin<»
?Sr
them7™ will have anincome Laboratory mail
business
A
Free
Life Requires Discipline
if you destroy the greatest and ami f0r working canital
to

st^iehfcomml^lnn3^

whok^

,

11

orde?

Hall, Berkeley 4, Calif, (paper),
single copies on request; additional
copies, 200 each.

Foreign

Participations in, < Indian

Dolomite Glass

Securities Sold

Industry^-pr-' In .the Fall 1960 issue

On Oct. 12, Dolomite Glass Fibres,
Con¬
2 East Inc., of£eredN Without underwriting
200,000 shares of $10 par cumula¬
64th St., New York 21, N. Y.
tive
convertible
7%
preferred
Freeman, October 1959—Contain¬
-stock
at par;
200,000 shares of
ing articles on Private Affluence 20 cent
par class A common stock
and
Public
Poverty;
American
(voting) at $1 per share, and 1,Predicament etc.—Foundation for
000,000 shares of 20 cent par com¬
Economic
Education, irvington- mon
stock (non-voting) at $1 per
on-Hudson, N. Y. (paper), 500.
of

(^ade i^ulletin

India

sulate

General

—

India,

ot

share.

Getting

and

ecutive

dot

Holding

Your

Ex¬

Position—Leon Davis

Prentice-Hall,
Cliffs, N. J.

El-

in

not succeed as
salesmen because they don't have

only real asset you have—the
goodwill of your customers—just

sufficient

because you want to be a hero
and break some sales records
when you should be advising
caution and retrenchment; or if
your firm has overexpanded and
you want to help them meet a

Many

The company was incorporated
New York State on March 10,

do

men

courage to
live on a
straight commission basis. Others
will not put the check-rein on

themselves and do the work it re-

quires to become

an expert, pro¬
ductive salesman. Others are lazy.
Some salesmen can't stand a little

prosperity.
They have a good
month, or a few weeks of suc¬
cess, and they start to coast on
their laurels. Easy .come, easy go
is the direct road to failure in

wood

Engle-

Inc.,

'

Health

Insurance

Edition

of

list

a

Books

—

1960

offices

are

located at 1037 Jay St.,

worthwhile

of

years

he

so

through

won't

have

to

Insurance

tional

Intercollegiate

Debate

on

CANADIAN

Common Stocks
On Which

go

nervous

for

working capital, research and

DIVIDEND

CONSECUTIVE CASH DIVIDENDS
Have Been Paid -From

>

page

International

Bank

for

Recon¬

struction and Development (World

Bank)

— 15th annual report — In¬
ternational Bank for Reconstruc¬

tion and Development,
N.
W., Washington

1818 H St.,
25, D.
C.

(paper),
International Finance Corporation
—Fourth

annual report—Interna¬

tional

Finance

H

St.,

D.

C.

N. W.,
(paper).

Corporation,

Washington

1818

25,

500,000 shares of 20 cent par vot¬
ing common stock, of which 200,000 shares are reserved for rights
to purchasers of preferred shares;
5,500,000 shares of 20 cent par
non
voting
common
stock," of
which
2,500,000 shares are re¬

—

ALUMINIUM LIMITED
DIVIDEND

dividend of

I960,

a

quarterly

currency was

declared

on

conversion

for

preferred holders
ten

of

shares

on

rights

to

the basis of

common

for

-

25 cents each

-

-—-15 cents each

Data includes number of

150 per share in U.S.

-

BOOKLETS

THESE

OF

COST

BOOKLET

PAGE

1 to 199.

NOTICE

years

consecutive dividends have

paid by companies and banks, cash dividends paid
during the twelve months to June 30, 1960, percentage yield,
and June 30 quotation.
been

the no par

-

served

20

200 up—

On October 5,

-

.

5 to 132 Years

NOTICE

Compulsory Health Insurance—5- product development.
suggested reference list &nd
The authorized capitalization of
several publications—Institute of
the company consists of 250,000
Life Insurance, 488 Madison Ave.,
shares of 7% cumulative conver¬
New York 22, N. Y. (on request).
tible preferred stock (par $10),

Parker Company.

Revised

Rochester, N. Y.
Books—Health
Of the net proceeds, approxi¬
Institute, 488 Madison
mately $750,000 will be used for government controls ever invent¬
Ave., New York 22, N. Y. (paper). production machinery and expan¬ ed won't
stop excesses in the seHealth Insurance Institute — Na¬ sion of facilities, and the balance

health

Insurance

,

1960 EDITION

collapse every
time there is a bear market, which
comes along periodically.
All the
a

,

'

every walk of life.—it is particu¬
larly destructive in sales work.

The security salesman should
1960 to engage principally in the
be the first one to discipline him¬
manufacture, sale and distribution
self in handling his own financial
Governmental Finances in 1959—
of its glass fibre insulations and
affairs. If he is married, he should
Bureau of the Census, U. S. De¬
glass fibre threads, mats and rov- train
his wife and family to live
partment of Commerce, Washing¬
ings, for reinforced plastics and
modestly and save money in good
ton 25, D. C. (paper), 500.
their related products. Its main
—

'

Forms Parker Co
*
Emest^arker-is^ engaging in a
securities business from offices at
2 John Street, New York City,
under the firm name of The

value shares of this company, pay¬
able December 5, I960, to share¬

holders of record at the close of

On orders of 100 or more, a

business November 4, 1960.

cover

three-line imprint on the front

is included without extra cost.

each

share of preferred stock held.

JAMES A. DULLEA

Secretary
DIVIDEND

NOTICES

/
r

THE SOUTHERN
(INCORP

The Board of Directors

clared

a

has de¬

quarterly dividend of

OR

Serving the Southeast through:

payable
on December 6, 1960 to hold¬
ers of record
at the close of
business on November 7, 1960.

Gulf Power Company

per

stock of the Company,

L. H. Jaeger,
Vice President and Treasurer

Wm. B. Dana Co.,
October 5, 1960

•

Please

Georgia Power Company

Mississippi Power Company
✓

*

HOOD CHEMICAL
Dividend

semi-annual
share

on

Generating Company
Southern Services,

dividend

the




V

I'

J

'tri

w

'1; • C;

our

order

Common

Copies

for

Stocks

with

of booklet

accompanying

on

dividend

tables.

5

cents

a

Firm Name

per

stock, payable

1960, to stockholders
25, 1960.

Address

Neil A.

By'

——

of record October
1

Inc.

MacDonalP,

Secretary-Treasurer
September 27, 1960

T- 1'.

CO., INC.

of

common

9,

enter

Canadian

York 7, N. Y.

Common Stock

The Board of Directors has declared

November

Southern Electric

on

Publishers

25 Park Place, New

COMPANY

Alabama Power Company

cents

ALC
al.caim

Montreal

ATSD)

THE SOUTHERN COMPANY SYSTEM

share on the
outstanding shares of common
35

Commercial & Financial Chronicle

III!

——

Date

—-------—...

1

•

;

—/

*

t C

j ;■ ?•

!

f i

?

'

40

(1488)

The Commercial and Financial Chronicle

.....

Thursday* October 13, 19607

f

WASHINGTON AND YOU
BEHIND-THE-SCENES INTERPRETATIONS

EVENTS

FROM THE NATION'S CAPITAL

IN INVESTMENT FIELD

WASHINGTON, D. C.
President

$79.8

his

sent

billion

1961

it

When

—

Eisenhower

budget for fiscal
Congress last January,

to

in

prospect

about

next

$1.1

economists,

some

expected that the interest

Republican

the

public debt would amount

ministration,

to

about

billion.

$9.5

Because

30

of

However,
Oct. 13, 1960

particularly

who do not agree with the

some

was

on

June

billion.

they

White

doubt

House

..

saying

are

there

will

Ad¬

that

October 15, 1960

be

any

Security

interest rates have declined, the
Bureau of the Budget now be¬

marked upturn in business dur¬

New

ing

Dance

lieves

Better

that

the

figure

will

be

about $500 million less.

That, however, is an excep¬
tion to the budget expenditures.
Most
other
expenditures
are

the

remainder
business

of the

year.

conditions

cer¬

it

recently,

pointed out here
there
is
not
much

going to exceed the President's

chance of

a

recommendations.

session of Congress. Chances ap¬

When

office

Eisenhower

Mr.

next

istration

Jan.

is

probably

to

$15

show

of

record

an

more

Committee

In

his

ment

mid-year

report,

Mr.

increases

in.

Of

course,

that

Budget

proposal.

proper,

Mr.

the shoulders of the Eisenhower

said:

Administration.
The 1952 Republican

platform
carried a plank pledging a bal¬
anced budget. That same year
General Eisenhower declared
the

campaign

would

do

the
worsen,
to

spending
within

he

cold

to

that

he

could, pro¬
did not
Federal

war

reduce
around

four

The

stump

what

viding

on

billion

$60

years.

cold

at
Eisenhower Ad¬

times, and the
ministration

colder

got

war

required
to
large amount of bills that

pay -a

was

became

due

Korean

war.

as

result

a

From

of

all

the

indica¬

tions, when either Mr. Kennedy
Mr.

or

Nixon

January,

takes

the

office

Federal

in

budget

should be under control and in
better

shape

than

when

Mr.

Eisenhower took office in Janu¬

1953.

ary,

Although

President

Eisen¬

hower did inherit

some

deficits

Truman

from

the

ministration,

there

conservatives
of

Congress

Eisenhower
much

as

are

both

who
did

Ad¬
some

in

and

out

feel

that

Mr.

not

he

as

marked

do

could

nearly

have

in

holding down expenditures.

Had

Stans

"Thank

in

not

were

spending

responsibility for this excess
cannot be placed on

it

been

could

have

Goodness

for

Southern

Democrat

-

other

Maurice
of

reau

day

H.

Federal

aid

to

educa¬

tion.
chairman

of

this

impor¬

tant Committee, which the liber¬
spenders
like

to

of

Congress

everywhere

liquidate,

is

would

M.

is

by

Smith

the

of

Budget,

the

Bu¬

came

out

with his midyear review of the
1961
budget
which
Congress
acted upon. Mr.

from
in

Stans, who hails

Minnesota and took office

1958,

word

explained

to

the

in

report

a

that

Representative

of

Demo¬

William

Colmer of Mississippi.

Both

important

committee is losing
ranking Republican, Repre¬
sentative Leo Allen, 61, of Illi¬
nois, who is retiring. Advocates
of
a
balanced budget,
among
other things, should hope that
Mr. Allen will be replaced
by
some
member who is just
as
the

Mr.

have known

Stans

that it

related

activities

modity

Credit

was

Congress

raise postage
taxes again,

best

the

commit¬

up some

The

measures.

despite

of their

facts

criticism

Democrats

ocrats

and

publicans

of

are,
both

rel—have done
ice

to

the

think

rates and gasoline

Re¬

control

have

the best
Heavier

a

favorable

American

pounding

to

liberal

the

committee—lock, stock and bar¬

who

any

and

Conservative

who

the

Congress,
or
for
that
matter,

of

the

Com¬

The

1961

fiscal

refused

of

spend

to

expenditures

expected

are

increase voted Federal

ployees
every

by

Congress.

will spend
in 1961 than 1960.

agency

Expenditures
age

are

For

instance,

in

growing

the

the
and

liberals

spend

is

policy.

mated
crease

at

of

recommended.

Congressional

a c

creased

net

reduced

revenues

billion.
creases

by

o n s

expenditures

in¬
and

by about $2
The Congressional in¬

will

be

partially

offset
reduction
in

expenditure

sopie

t i

program

Director

operations, said
Stans, such as lower

interest rates

on

the public debt

and for farm price

support, and

smaller

of

collection

corpora¬

tion income taxes.

Nevertheless,
that

a

he

billion,

crease

over

still

insists

total

Federal

of $80.4 billion, $46 billion

will

be

spent

for

national

„

•»-

.

'

'

•
.

column

is

(Chicago, HI.)

Bankers

Association

to

re¬

inter¬

12-13-14,

Tex.)

Texas

the space programs.

W. W. Aker Opens
W.

constant

gest

increases.
of

years

The

big¬

expenditures,

course, were at the

of

height of the
For fiscal

1943

the
tax income

budget receipts
or
was $21.9 billion
and expenditures $79.4
billion;
1944, budget receipts $43.6 bil¬
year

lion, and $95 billion expendi¬
tures, and 1945 receipts were
$44.4

billion

and

expenditures

$98.4 billion.
The
year

Germany

surrendered
in

were

history.

brakes

are

The

and

the

However,
not

picture
golden

Mr.

Woods, who has been in the

investment
years was

supplied

in

the

Japan

isn't

autumn

business

for

many

formerly with Sherman

Gleason & Co. and Coburn & Mid-

BURLINGAME, Calif.
Co., Inc. has opened
at

1247

secu¬

a

Co.

with

at

76

the

firm

Mr.

Aker

Pierre

R.

Co.

Glore, Forgan Adds
(Special to The Financial Chronicle)

LOS
K.

ANGELES,

Michelsen

Calif.

has

added

staff

510

South Spring Street.

of

formerly

Roland

—

been

the

to

Glore, Forgan & Co.,

with

He

Merrill

was

Lynch,

Pierce, Fenner & Smith, Inc.

Martin, Monaghan

a

Birr

&

branch
Avenue

of Gordon

Sampson have be¬

associated

come

Monaghan

&

with

Martin,
Inc.
of

Mulhern,

Ardmore, Pa.

Banner Inv. Branch
HICKSVILLE,
Investment

BARBERTON,

Ohio

—

First

Columbus Corporation has opened
a

days, but

&

formerly
&

in

offices

under

BOSTON, Mass.—Philip J. Connor

First Columbus Office

during

in

from

Aker

and Herman J.
—

Howard

under the management
R. Beath.

the

bright

of

2 With

New Birr Branch

greatest

if

engaging

Drive

dlebrook, Inc.

office

1945 expenditures

that

has become associated with John¬
son-McNeil & Co., 79 Milk Street.

is

business

Stephen

Johnson-McNeil & Co.
and

Aker

Smith

BOSTON, Mass—Owen H. Woods

(Canada)

PLEASANTVILLE, N. Y.—Walter

(Special to The Financial Chronicle)

history of budget receipts
budget expenditures is one

(Houston,
Investment

Park Lodge.

was

Higher Taxes Loom

1961

Investment Dealers Association of
Canada annual meeting at Jasper

name

Owen H. Woods With

expansion in

Hollywood

Group

June 22-25, 1961

the "Chronicle's"

January estimate. The increase
an

April

rities

views.3

Association

at

Bankers Association annual meet¬
ing at the Shamrock Hilton Hotel.

pretation from the nations Capital
and may or may not coincide with
own

Convention

(Hollywood

Beach Hotel.

•

•-

intended

flect the "behind the scene"

$700,000,000, an in¬
$100,000,000 over the

is the result of

Annual

de¬

opened
North

N.

Y.

Planning
branch

-a

Banner

—

Co.

office

has
at

Broadway under the

85

man¬

branch office at 113V2 Third

N.

St., agement of Marshall Rubenstein.
W., under the management of

James J. Ganyard.

$431,000,000 in¬
the January esti¬
a

Attention Brokers and Dealers:

TRADING MARKETS
Botany Industries

It seems certain that
regard¬
less of which party captures the
White House, defense
will

es¬

expenditures by
Government
this

mate.

go

up

Indian Head Mills
Official Films

spending
in the coming fiscal

as the cold war
gets cold¬
Both Presidential candidates
their stump speeches have

Southeastern Pub. Serv.

year
er.

in

said

they

services

want

the

military

strengthened.

tural programs
low
what
was

by

are

running be¬

estimated

some

decrease

last

$182,000,000.

The major changes are:

000,000

for

Carl Marks
FOREIGN

Expenditures for the agricul¬

January

budgetary surplus is still




$45.9

expenditures, of course,
for the Depart¬

year

[This

esti¬

these

spending measures,
including la pay raise for Fed¬
eral employees, which was not
some

programs for the cur¬
rent fiscal year are estimated at

•

27-Dec. 2, 1960
Beach, Fla.)
Investment
Bankers

fense.

.National Aeronautics and Space

the next four years, it's going to
be necessary to raise taxes fur¬

Spending Likely

the

space

now

and

earmarked

timated

and

are

bureau

ment of Defense. Out of the

growing.
spending by the

Administration

in

of the government.

Most
are

more

security

passed

Nov. 17-18, 1960

change for the
Congress ' and
the

if

agency

to

Nearly

gress

levies, but the law-makers

the

American

department,

every

em¬

ther to pay for the spending.

such

of

demanding a sound fiscal policy
with frugality on the part of

outlays in 1960 by
$3.2 billion, partly because of the

Director Stans reported that
expenditures for major national

in an
Of course, Con¬
not only did not increase

out

American people would join

exceed actual

serv¬

people.
yield to

better

re¬

budget

year

election year.

particularly

humor

the picture could

sulting principally from reduced
storage and interest charges.

World War II years.

controlled

bottling

as

highly

controlled

beatnik

and

Corporation,

Democratic

They

Democratic

disposal,

of

should

for

surplus

Committee, which is the "traffic
cop" for bills reaching the floor,
the Republicans can point to the

liberal

unlikely

the

Rules

Republican, the Southern Dem¬

budget was dispatched to
Congress in January, it provided
a
surplus of $4.2 billion to
be applied to retirement of the
public debt.

However,

the

fore¬

the

your

The

for

(Miami, Fla.)

Nov.

support,

money

Smith, who is 70,
and
Mr.-, Colmer,
are
coming
back to Congress in
January, it
appears certain. However, that

tee

meet¬

29th Mid-Continent Trust Confer¬
ence at the Drake Hotel.

Mr.

when

for

leave

brokerage business!"

pay

Virginia, and the No. 2
crat

and

headed

Chairman Howard W.

Unfortunate

Director

Stans,

you'd

questionably saved the taxpay¬

Budget Surplus?

The

wish

Re¬

ers substantial
sums of money.
This committee stymied in com¬
mittee a number of liberal bills,

members

Association

Bankers Association meeting.
"I

coalition that controls
the House Rules Committee un¬

The

Bankers

10,1960 (Minneapolis, Minn.)
Minnesota
Group of Investment

publican

al

Springs, Va.)
of Invest¬

Group

Key Biscayne Hotel.

with another sizable deficit."

as

Invest¬

Nov.

the

House Rules Committee, or else
would wind up next June 30

such

of

anniversary con¬
Sheraton-Cadillao

the

at

Nov. 3-4, 1960

we

The

(Detroit, Mich.)

Florida Security Dealers Associa¬
tion
annual
convention
at
the

the

conservative.
1961

1960

Association

ing.

Stans said Congress voted some

taken

of

Hotel.

Expenditures

or

Dinner

Ballroom

Hotel.

Oct. 28-30,1960 (Hot

Curbed

less, during his eight-year tenure
all

vention

tax cut in the next

than

was

28-29,

Fall

Grand

Southeastern

Rules

spending

billion,

annual

the

National

practically nil at this time.

pear

in

ment Clubs 10th

20, his Admin¬

going

unfavorable

leaves

York

Oct.

was

(New York City)
Association of

Traders

the Biltmore

tainly would help tax collections
a great deal.
As

(Cincinnati, Ohio)

Ohio Valley Group of lmestment
Bankers Association meeting.

a

the

$230,price

& no. Inc.

Our New

York

telephone number is

CAnal 6-3840

SECURITIES SPECIALISTS

20 BROAD STREET

TEL: HANOVER 2-0050

•

NEW YORK 5, N. Y.

TELETYPE NY 1-971

LERNER & CO.
Investment Securities

10 Post Office

Square, Boston 9. Mass.

Telephone

Teletype

HUbbard 2-1990

B8 69

-