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and FINANCIAL
ESTABLISHED
Volume
1839
Reg. U. S. Pat. Offie#
Number
194
New York 7,
6102
L
J--
AS WE SEE IT
Eduortai
Price
N. Y., Thursday, October 26, 1961
50
Cents
Copy
a
v
American "Bankers Association
Sporadic loss of gold, coupled as it has been with the
which threaten our in-
continued existence of conditions
balance of payments,
! ternational
has again stimulated
discussion of our
gold position and the possibility of the
development of
situation which would, so it is thought,
a
require some'sort of special treatment. What realistic
i economists have had tor say for, the most part deals
with the broader
Four-day bankers' meeting devotes equal emphasis to press¬
<
ing international and domestic economic matters and concerns
questions of our international balance
1
paymentsbut/there has; also been considerable disour. gold stock,, the threat to its adequacy (so
{ it is thought)- and possible ways of protecting our still
S large horde of that metal.,r
It has not been very long since the Subcommittee on
International Exchange and Payments of the Joint Eco¬
nomic Committee of Congress' published its findings on
"International Payments Imbalances" in which the ques¬
tion was raised of reducing or removing entirely the
of
Sam M.
eral subject seems
:
',
for
,
ABA has record
87th
The
Annual
and Hon. Thomas B. Curtis.
membership of 17,536.
and 96% of all banks—both commercial and mutual
savings banks.
,
New Principal
October
American
was
in
held
San
Francisco,
The meeting took full cog¬
current sobering influence of West
of the
nizance
the
1961.
1J?-18,
Berlin's
crisis, U.S.S.R.'s unilateral
resumption of atomic
test
explosions
and boastful
economic challenge to private
;
to be a misunderstanding
| "receipts'; and' paynierits - on. -international. account. .Of
V course, such: a concept is ijulta^
the
* '• /f&ts—or at all events with, the; facts of any "really free
"economy. The loss of gold in substantial amounts when
the gold standard was in effect naturally gave rise to
;
changes in both the exporting and the importing country
; which tended to remove (and in normal circumstances
actually did remove) the causes of the loss of gold, and
.iv-
VjV?
•
Bank in
American
The
Bankers
•
international balance. (Continued on page 32)
Federal debt-management,
-
M. Monroe
Kimbrel, Chairman of the Board, First
Bank, Thomson, Ga., was elected Vice-
I.
of
F.
President of the
Beaumont, Texas.
Betts,
Bank of
President Elect's Acceptance
tion, October 18, 1961, stated:
j
i
JAPANESE
HAnover 2-3700
STATE
.
I
Sam M. Fleming
I
am
better
maintaining confidence
feel
M
L-
fully aware of the responsibilities that go
being the spokesman for banking. Indeed, I
much the same as a year ago when I
very
quoted the prayer of a minister who, in taking over
new church, said: "Dear Lord, please don't give
any problems which
(Continued on page 39)
a
me
Lester, Ryons & Co.
So.
623
Hope Street, Los Angeles 17,
California
The Nikko
1 Chase
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Stock Exchange
BONDS
Offices
Manhattan
State,
Municipal
New York 5,
DIgby 4-7710
Head Office:
Affiliate:
of new york
TOKYO
Nikko Kasai Securities
Co.
Bond Dept.
Net
To
t.l.WATSON&co.
ESTABLISHED
Markets
Active
Dealers,
Banks
Block Inquiries
Maintained
CANADIAN
STREET
MWECT VIRES TO
York Correspondent
—
.
NEW YORK
DIVERSIFIED
v
CALIFORNIA
BONDS & STOCKS
On
All
DEPARTMENT
.
Dominion Securities
MONTREAL AND TORONTO
municipal bond department
Grporatioti
1 NORTH LA SALLE ST.
■
MANHATTAN
Pershing A Co.
NEW YORK STOCK EXCHANGE
2 BROADWAY
PERTH AMBOY ~
THE
CANADIAN
Goodbody & Co.
Y.
MEMBERS
•
MunictpoX Bond Division
BANK
Invited
Teletype NY 1-2270
BROAD
Notes
^
Executed
Canadian. Exchanges
Stock Exchange
NEW YORK 4, N.
Bonds and
-
Brokers
and
Orders
Commission
New York Stock Exchange
BRIDGEPORT
New
Teletype: NY 1-708
LOBLAW, INC.
1832
Members-—
25
Inquiries Invited on Southern
California Securities
LOS ANGELES
FRANCISCO
American
Riverside, San Diego, Santa Ann,
Santa Monica, Wkittier
the first national city bank
30" Broad Street
SAN
Claremont, Corona lei Mar,
Oceanside, Pasadena, Pomona, Redlaads,
N. Y.
Teletype:
NY 1-2759 U
Telephone:
in
Agency
Encino, Glendale, Hollywood, Long Beack,
Plaza
'
am
with
MUNICIPAL
and
Securities Co.,Ltd.
„
/'
,
.
deeply grateful for the opportunity and
honor of serving as President of The American
Bankers Association. In accepting this high office,
I
Members New York Stock
New York 15
Remarks
Housing
Municipal
DEPARTMENT
~
'"
;.
Housing,
SECURITIES
BOND
National
and Public
Securities /
telephone:'
American
Sam M. Fleming, upon his inauguration as Presi¬
dent at the Second General Session of the Conven¬
U. S. Government,
State and
President of The First National
Leesburg, Fla., was elected Treasurer of
1961-62. Mr. Rogers succeeds
Association for
American Bankers Association Convention Issue
Public
First
Mr.
J. Carlisle Rogers,
the need for fiscal discipline,
stressed
the
Vice-Presidency
the
Treasury, and resolutions passed by the bank¬
dealt with the above current event topics. They
also
at
Fleming was advanced from
of the Association and is
the successor to Carl A. Bimson, President of the
Valley National Bank of Phoenix, Ariz.
the
Bank
of
.
ers
Association
President of the Association.
*
the
Officers
Fleming, President of the Third National
Nashville, Tenn., was elected President of
National
capitalism laid down
; by Khrushchev at the 22nd
Congress of the Soviet Com-!
;/ munist party, emergence of our
economy into recovery with a
X larger 1962 fiscal year deficit
than
anticipated before the
Berlin crisis, and. disquieting
thoughts about our balance of
.'payments and 'dollar-purchasX ixig power as? well as problems
pertinent to creating better
banking services. Invited speakk
ers, headed by the Secretary of
types
Association
Sam M.
.
of the role
at . least used to play, in
-
General Session of the 87th Annual Convention of
of
Convention
Association
Bankers
'
gold reserves or the gold reserves of any nation,
that matter. It seems to; be supposed that; gold re-
thus restore
than
the Association.
"
/ serves, like so much wheat or cotton or steel,: are to be
I; iised merely toffill up the gap .otherwise left;.; between
•:
of Chase Manhattan Bank;
man
gold is supposed to play, or
international financial affairs.This misunderstanding
leads to rather foolish notions about the "adequacy" of
our
Fleming to Presidency, and elects M. Monroe Kimbrel
dollar, and equal tax treatment of financial
Attending the annual meeting were
9,000 registrants, including bank officers
from all 50 states, and a number of foreign coun¬
tries; As of August 31, 196i, the American Bankers
Association reached a record membership of 17,53(6,
representing 98% of the nation's commercial banks,
institutions..
more
/ as Vice-President and J. Carlisle Rogers as Treasurer. Prin¬
cipal speakers, whose full texts are published in this issue's
coverage of the Convention, include Secretary of the Treasury
C. Douglas Dillon; Dr. Roy L. Reierson, Senior Vice-President
of Bankers Trust Company; George Champion, Board Chair¬
gold reserve requirements of the Federal Reserve banks.
In general/the whole matter often seems to turn in
many minds upon the question of the adequacy of our
gold stock.
;
V
:
- •
The main trouble with official thinking on this gen¬
.
The business side of the meeting advances
ings' services.
cussion of
1
itself, also, with what banks can do to help strengthen
Jhe economy and, further, with measures to improve bank¬
,
in the
CHICAGO
.
•
r40 Exchange Place, New York S, H. Y.
Teletype NY
1-702-3
WHitehall 4-8161
BANK OF AMERICA
f
.
n.t.&s a.
san francisco
•
los angeles
,
2
The Commercial and Financial Chronicle
(1774)
♦
The Security
I Like Best...
A continuous forum in
which, each week, .a different group of experts
in the investment and
participate and give their reasons for favoring a particular security,
of our nation¬
of private wires,
network
able
blanket
and
service
WILLIAM L. DEWART
fast and reli¬
traders
affording
cover-
Analyst, John Muir & Co.,
j
reaching batiks, brokers and |
throughout the United ■
New York
Next time you
have
Exchange;
American Stock Exchange
Western Gold & Uranium
and Uranium was
in Nevada in Jan¬
uary 1944 as Western Gold Mines
Inc. The present title was adopted
Gold
Western
incorporated
New York Hanseatic
July
•In
1957-the
Associate
American Stock Exchange
York 5
Teletype NY 1-40
WOrth 4-2300
1957.
'
; •
BOSTON
CHICAGO
FRANCISCO
•
PHILADELPHIA ;
SAN
•
Nationwide Private
t
.
•rut"*
"The
i
n
William L. Dewart
Inn both located on the only
privately owned rim land
(20
acres) in Grand Canyon National
Park, Arizona.
;
■
■;
>
.In January 1961 a bill was re¬
.
& CO, INC.
Members
7.
N.
introduced
•,
Security Dealers
Ass'n
which
'
"Bids
Park service in
Odd Lots
on
(To Brokers ahjl D.eytlert)
...
40
.
.
"'
—
★—.
;
^
Exchange Place, New York 5
Phone:
WHitehall
Teletype ,No.
NY
3-7830
1-2762
subject to the passage of 5773 by
the company can ship
as much as 8,300 tons per month
-
the House
of
-
American Furniture
.
the additional cost of acid which
is
Bassett Furniture Industries
consumed
and
thus
due to
in
result
saving of
Life Insurance Co. of Va.
as
lime;
-important
excess
an
much as $300,000 per
'A
year.
■
Commonwealth Natural Gas
>
Rare Metals has
of its
mill contract to the end. of
1966.
LYNCHBURG, VA.
The
primary
Lp 39
—5-2527—
TWX LY 7T
Private Wire to New York City
mill.
«
source
'
and
helium)
acres
Mine is its
of supply for the
Orphan
;
Oil
j
^
(including
rights
gas
are
leased
about 3,200
on
in the Carrizo-Dome area of
Arizona and 12 gold placer claims
and three lode claims on Weaver
Creek, Arizona are
option to purchase.
Other
properties
Talcott's
leased
with
include
the
Utah which
has been leased to United Tech¬
Silver
billion dollar
Reef
Mill
in
nical Industries of Salt Lake City.
SERVICE
There
The.-value of Talcott's Financing
Service to American business and
Industry is reflected in the growth
billion
...
dollar
stantial part
now
mark,
well over the
A very sub¬
<of this growth has
resulted from referrals of custom¬
ers
by Investment Men who desire
to
assist
these
customers
in
growth or financing problems. We
are
always ready to cooperate in
alunite
ah
re¬
property
Utah, a
Stoddard, Utah
Marysvale,
near
mine
at
copper
and
copper-lead-zinc-gold-silver
a
pros¬
at Humboldt, Arizona.
pect
of client sales volume processed
annually
silver
are_inactive
and
serves
In the fiscal year ended Jan. 31,
1961
sales
net
were
$2,532,959
compared with $1,520,832 in the
previous year, or an increase of
67%.
•;
In June
that
the
1961
directors
it
was
were
construction
of
announced
considering
a
600
hotel on the South Rim of
room
Grand
Grand
Canyon Inn Motel. The building
Canyon
of
221 PARK AVENUE SMITH, «EW YORK 3. N.Y.
ORegon 7-3Q0O
Other offices or subsidhries: 0HICA60 • DETROIT • MINNEAPOLIS
gOSTON V ATLANTA % LOS ANOELES - -SAN FRANCISCO
such
to
a
replace
a
the
hotel is* subject to the
(This is under
as
;'
of
Cf-
:
,
the
Board
1961
are warrants
Birmingham; Ala.
Mobile, Ala.
Direct
to
wires
to
branch offices
our
JAPANESE
SECURITIES
*
$653,348.70
agains.
$108,954.17
of
liabilities.
Cash
items aggregated $472,146.48.
were
■....d'aywa:
produc¬
ing properties under the direct supervision
of
Mr.
Ackerman.'
.'me present assets of that com¬
pany consist of holdings in teal,
stock In
estate and
a
no
power,
1
circumstances tp
.Telephone: BEekman3-3622-3
in
maKe
of
the
this the wonder min¬
For the
future.
,
MUNICIPAL
The offices of the company
.Diversification
in other
com¬
will
be moved from New York to the, panies has
brought about some
G u a r a n .t y
B a n'k
Huiiaini, outstanding results and a • young
Phoenix, Arizona, effective Nov. 1. ,'t aggressive
proven
management
The stock is actively traded on
Should reflect great progress
the
American
Stock
f ».•'* '<■"
•
,1
»-
'
*
Exchange.:
along this line.
~
;;
"/tri't
WEST VIRGINIA
VIRGINIA
NORTH CAROUN.
,
'A
•''
SOUTH CAROUN
—i
•
coll
v. HUGO KAPPLER, JR.
Research Department,
;
j The F-105 fighter bomber, de¬
as a "missile with ietur.n
the F-105 is cancelled in 1964, the
•
compa¬
in
,;
the
;
in
i
n
g
& CO., Inc.
9 9
'■
VV A L h ; S TR E E T
NEW YORK 5, N. Y.
quisitions, -will reduce its depen¬
this
on
letter
LFE's
contracts
are
Raw
backlog of sales
amount to
6f D pppler units will
--
about
ment, diver¬
sity of grow¬
ing products,a
$35,000,000.
:
;
'
: '
,
SUGAR
the F105 contract. When
year's
fulfilled,
outstahd-..
manage-
management of LFE is confident
(1) that new applications of LFE's
navigational ■: e q u i p m e n t will
largely, offset loss, of the. F-^ 105.
sales and (2) that the sales growth
of LFE, internally or through ac¬
dence
These:
gredients'
dustry.
are.
■
beyond that period are
If, however, production of
good.
of-jthe.
.
.
extended
ents to become
nies
RICHMOND, VIRGINIA
duction
ingredi¬
great
4CO
chances
plans to apply for listing, .on the
New York Stock Exchange early
in November, has all the neces-
one
FW.
capability," is scheduled for pro¬
through
1964,
and the
of its production being
V
Laboratory for Electronics, which
sary
La::
scribed
Boerining & Co.,
Philadelphia, Pa.
BONDS
of
.
—
f.' '*iV
'
OFFICE;
149 Broadway, New York 6, N. Y.
medicine, .chemistry,
metallurgy and other fields which
eral
-
NEW YORK
/
in
the
proj ects
"W esterh in- V couid
Lurance .company.
Securities Co., Lid•
the J use
of
atomii
demand for uranium
sho u 1 d increase -tremendously
Also, there are
many
research
growth
non-income
and
—
Refined
—
>J
Liquid
Exports—Imports-—Future*
'v
•
The
.
strong
re¬
search- arid -
development
Hugo Kappler, Jr.
and,
most
impor¬
tant, the ability to earn money.
The management of LFE is jcon-
program
Doppler system- is one of
sophisticated electronic
developments in manned naviga¬
tion. LFE's reputation in the de¬
DIgby
the jpogt
velopment of Doppler units has to
weighed heavily in any evalu¬
be
ation of LFE's stock. A
for
new
4-2727
hov>K
outlet
the
Doppler system may be
the Navy; LFE has just received,
for example, a NaYy contract for
tinually trying to improve on its
past record and is on the-lookout a prototype system, for use in
for companies with a strong tech¬ aircraft for anti-submarine war¬
nological background that will fit fare. -Shortly, LFE will be com¬
into LFE's future. The price of peting with another firm for sale
of Doppler units (the contract will
LFE stock, however, scarcely re¬
flects this; it has dropped from a be quite substantial) for use in
high of about $72 a share to its French helicopters. LFE's man¬
agement
also feels that LFE's
present price of $36 a share.
If the proposed merger of LFE
navigational
system
will
be
with
Tracerlab
(approved
by adopted for use in space explora¬
stockholders and directors of both
tion.
companies it should be effective
by October 30) is carried through,
of the * Bernoulli Disc, a
proprietary item of LFE's Com¬
puter-Product Division, are now
picking up; interest shown from
"bids and quotes" indicates that
the
Negotiations have been com¬
pleted with a U. S. and a Cana-r
dian mining company for joint
exploration and development of
the
Brown-Henderson
property
near Humboldt, Arizona.
•
\
any way.
outstanding
NY 1-1557
New Orleans, La. -
former war¬
electronics in¬
completed ne¬
gotiations with the Atomic En¬
ergy Commission, for extension
STRADER and COMPANY, toe
Also
a
Laboratory lor Electronics
Rare
Metals, which oper¬
ates
the mill
at Tuba
City at
which the Orphan Mine ore is
treated, will construct a carbonate
leach circuit which will eliminate
Trading Interest In
of
e s
approval of the acquisi¬
City Arizona
Tuba
-
Also
;•
the
to
ore
Mill.
-
company
Orphan Mine site to the National
exchange for. the
right to mine all minerals beyond
the company's claim limits con¬
tiguous to their property.
Under
a
purchase agreement
with
Rare Metals
Corporation
BONDS
i
H An over 2-0700
Authorized
capital stock is
4,000,000 shares, of which 1,660,036
are
presently: outstanding.
i t 1 e d
"Vv.;
"
Exchange
19 Rector St., New York 6, N. Y.
.
would agree
eventual. transfer of the
the
to
.
under
Congress
into
the
the
income
the
Can¬
Grand
yon
S. WEINBERG,
GROSSMAN
o n a r
Members American Stock
Ackerman Investment Co. in both
m
u
and
M i 11 i
New
e n t
.
■
owns
operates
a
wrt cie
Pa.
.
Orphan
r
JBoenning
-,
.
the
U
*
Jr., Research Dep^., D*rjrii|f"n
Daiicf 9
Pn
& Co., Philadelpnia, oTEINEK, ItOUSE &
uO.
(Page 2)j.
.
|
Members New York stock Exchange
Kappler,
to
soon
tion of Lee Ackerman invesurient :
^Long-term debt totals $21,391.
Co., Inc. of Scottsqale, Arizona, .• In summation I believe that the
througn the issuance of 200,000 above, - outlined weil ' diversified
shares of treasury stock,
v
f program offers a most attractive
It is the intention of the man - speculative appeal for this lov
aigement •' to
begin
immediately-' priced stock.-i,'.
expanding the holdings of Lee
.-With the present and future
,
and
Mine
^name
Bought—Sold—Quoted
(Page 2)
Laboratory for Electronics—Hugo
Western
Western
to
rw'~
Phoenix."
was
com:
pany
Wire System
Uranium
changed
percentagewise. •
The latest action
Min¬
The
...
of
,
ing Co. was
acquired and
later
merged
in
August 1,
Member
120 Broadway, New
w
den
Crown
Established 1920
:.v"
1
Go
to its
adjacent
purchase 29,925 shares at $3.33^
time transport pilot. He has been each;
and
options to
purchase
a ,r most
successful
real
estate- 1,835 shares at $4.50 each and
operator in Arizona which is how 3,500 at $4.00 each. >,
tne nation s j.a*iet»k giuwuig s^tc..Current assets as of July 31,
in
terest
ore
President
Mr. Ackerman is
1953.
remaining in-
Corporation
•
Louisiana Securities
Western Gold & Uranium — Wil¬
liam L. Dewart, Analyst, John
ivxuir & Co., l\ew Yone City.
Equity
Corporation) is Lee Ackerman of
Phoenix, Arizona who was men¬
tioned
prominently in the Sept.*
30, 1961 edition of The Saturday
••
in
&
Gold
be
Associate Members,
trading
a
the
mine
property.
1 he new
City
Members: New York Stock
.
.problem, don't limit yourself to
regional service. Our large trad¬
ing
department and extensive
facilities not only broaden your
potential markets—they also as¬
sure
you of accurate executions.
Alabama &
and
Selections
v
not obtaining the right
company
to
dealers
States.
1
Their
advantage
wide
Week's
Participants
advisory field from all sections of the country
Call "HANSEATIC"
age,
This
Forum
Cover the Entire Nation
Take
Thursday, October 26, 1961
.
.
•
Brokers, Dealers only
For Banks,
.
company will have three di¬
visions; (1) LFE Electronics; (2)
Eastern Industries; and
erlab.
sion
is
(3) -TraC4
LFE Electr-onjcs divi¬
The
divisions:
divided
into
smaller
Monterey Laboratories,
Systems, Computer Products, and
Instruments. Of these; the System$
...
Sales
sales
of
might
dollars
Disc, an informationstorage device, is the smallest and
lightest
rotary
storage
system
ever developed. Besides their gov¬
Division, which supplies the allDoppler self * contained ernment applications (as in
navigational; unit for
Republic. satellites), these discs have
Aviation's F-105 is, by far, the"
commercial applications. The
largest, accounting for -about 60%. pany's/Rastad System is the
be construed
as at}
wide
offer to sell,
or
herein.)
}•'
instantaneous viewing of random
j.
?..,
•/
Continued
23-Year
•
Performance
of
35 Industrial Stocks
POLDER
ON REQUEST
most
advance^ information - display
&quipm£nt available;it permits
;
INDUSTRIAL STOCK INDEX
1
com¬
^ I
-
solicitation of an offer to buy, any security referred to
some
B.
OVER-THE-COUNTER
Bernoulli
weather
Of'LFE's business.-'
N. Q.
run to several millions
in a year or so. The
on page
19
National Quotation Bureau
,
Incorporated
46 Front Street
New York 4, II.
Y.
The 'Commercial and 'Financial Chronicle
Number i61U2
Volume 194
Xi775):
3
CONTENTS
Dy Mdlchior Palyi, 'Chicago, 111.
;■
V"-v
Rampant speculation in silver in the past twelve months or so is con-
American Bankers Association Holds 87th Annual
'Convention
Speculation In <that commodity 'tis fraught with'.hazards." Looking a
r
■
Articles and News
trasted with the question <as to whether the stock market has already
discounted the rise in silver. Dr. Palyi outlines the reasons why
>;
ahead, dhe motretary fe^pert
year or two
H\
that a rising silver
warns
Page
—
*
I:
{
A
'
-;'1l (Silver in the Limeljiglht—OVEelchior Palyi
&.
__
S
-
both
]
(production arid (existing pent-up
r'
—Hoger W. Babson
rapid.(depletion ©i.free "Treasury silver, the present
stagnation in production, and the sources of growing demand.
'
Another trading day
Newlyweds Should Save and Invest in Banks Stocks
for the
reasons
.
(Explained tare the
hoards.
-•
'
4
'
9
-
tod
For three
*n
in
posedly) to toetend <ot its-ore rreserv,es- ,^e ^ow iPrice +kas 'jlisc©ura_ged Jnew
generations, stiver was
doghouse.
Its
debadle started in 1873, wihen Bismarok changed toe German silver
toe
economic
curflrieny syst
demand
British type<of
gold
a n
.d-emvonetized
a
.tike
vi
known
,
rate
the
-i
Dr
*'r
*
:
:
"■
in 1892 iof rupee
The suspension
Mexico and
the .process of
completed
China
silver's >de
There was
facto demonetization.
simply too much of it,
cropping up as
the base metals,
by-product of
a
while the mone¬
demand dried up and huge
quantities of coins were melted
down for commercial • use.* The
tary
depression tolled the pro¬
verbial deato knell. Forty .million
great
thrown on the mar¬
ket by India alone. The price ra¬
tio between silver and gold tum¬
bled from the historic 1:15^2 to
below 1 to 100.
In the U. S., a
ratio
of nearly
1:40 has been
maintained to this day by Federal
were
ounces
Treasury must buy
product at 90 Va cents
and must hot sell It under 91 cents
the
subsidy:
fine ounce.
"Revoluitiofl"
With
' !
on
..
4-*
-
Lindif Hydro. Products
—..
22
'
.
,
Champion
£ive
The New Economic
available—which
k
4:
subsidy boomeranged.
the
coins
has
i960.
worth of
tial
.content
;
,' Los. Augeles
i___
"Y':
silver
silver
The U. S.
the
reserve
U.
S.
J':'A..
be
Stressed at ABA
42
(sold at 92^4 scents per ounce at
the New York mint). It was down
Hold
58th
!
■"
-
——
_
——-
r
-——————
Coming Events 4n toe Investment Field-
From
Market
;
Mutual
all, unless at toe book value of
more
;
no
and You
...
(The)—Wallace Btreete
is
that
—
caught
up
Continued
deficit?
production bas
virtually stagnant. Old mines
dried up; Bunker Hill, as
thing,
*
Estimate
Bulletin
of
in
.Reserve
with
on
of
Security
42
38
2
Corner
,J_______
(The)—
of
Twice
FINANCIAL
}Reg. 3J. S.
25
Park (Place,
:EEctor
Spencer Trask & Co.
Founded
.
CLAUDE ©.
WILLIAM
1868
Weekly
York
Stock
Exchange
ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5
TELEPHONE HAnaver .24300
Albany
Boston
Nashville
Newark
6
*Prospectus on request
Copyright 1961 by William B. Dana
Company
CHRONICLE
Patent Office
Chicago
.
Schenectady
.Glens Falls.
Worcester
,
J.
New
2-95,70
York
to
SEIBERT,
©ANA
GEORGE
New
Corporation*
5
64
The COMMERCIAL and
WILLIAM JB. ©ANA COMPANY, Publishers
25 BROAD
„
20
India's -silver
specialized in
(Members
;63
Washington and You——
Published
A
46
:
Tax-Exempt Bond Market—Donald D. Mackey_„_
India
April, 1958. Virtually all
is privately owned.
Salesman's
State «of Trade .and Industry
For many years we
have
4
Security I 'Lake Best (The).
this
page
tBank
DIgby 4-4970
21
20
Public Utilities Securities--
7,
N.
President
SEIBERT,
Treasurer
Editor
records,
,
second-class
matter Pebru*
Subscription Rates
Subscriptions in
United States, U.
Possessions,
Territories
and
Members
Pan-American Union, $65.00 per year;
Dominion
Other
of
Canada,
Countries,
$68.00
$72.00
per
per
S.
of
in
year;
W* V. FRANKEl & CO.
INCORPORATED
year.
Thursday, October .26, 196JI
Every Thursday (general .news and ad¬
vertising issue) and every Monday ,Ccomplete
statistical' issue—market -quotation
state
as
ary 25,
1942, at the post office at New
York, N. Y., under the Act of March 8,1879.
Y.
9576
MQRRISSEY,
Reentered
corporation news, hank
and
city news,
Other (Office:
Chicago 3,
111.
clearings,
etc.)
135; JSouth
Other Publications
,,.
Bank
$45.00
Note—On
the
sta
Salle
St.,
(Telephone >STate 2i0613).
andr Quotation Record
per
(Foreign
account of
—
Monthly','
Postage extra).
the ^fluctuations in
of
exchange,
remittances
for
subscriptions and advertisements
be made in New York funds..
rate
ioreign
must
year.
39, BBOADWAy,
|
New York 5 j
the
>By 1960, toe international
speculation
39 Broadway,
-18
Prospective Security Offerings—_—————
price of silver should be upward
bound.
J F. Rellly& Co., Inc.
17
Funds^—Joseph C. Potter-^
Securities Now in Registration
ceiling will be imposed. The
obvious, conclusion
320'million ounces. What
has brought .about this complete
reversal of the situation, from
over- supp 1 y to a productipn
mand of
that
i'
■'"r
45
Gurreht BiUSiness Activity-
Our Reporter on Governlments—
appai.eilitiy promised the Senators
states
j
17
Washington Aliead of the News—Carlisle Bargeron
; Indications ©f
$1^9. And the Administration has
silver
gruen industries
7
Einzig: "Inflation and Deflation: England's Current Paradox" 11
Obversations—A. Wilfred May
the
i
8
News About Banks and Bankers.
from
caressajnc.
19
64
;
Dealer-Broker Investment Recommendations-—
exhausted-
sell the metal. But the .Congress
have
coding
—_-Cover
Baiik and Insurance Stocks
would seaneely agnee to-that, ri at
been
american heri¬
"~
■-
——
—
at the .end
one
& broadcasting,
.
i
-
1960; below 65 million eight
months later; at 54 million ounces
in early October.
At this rate,
it will be (exhausted before mid1962.
What that heralds, seems
clear, when in 1960 the produc¬
tion of barely over 200 million
fine ounces- had to satisfy a de¬
r
43
>*•*
Businessman's Bookshelf
1962, presumably. Of course,
Sam
holds. $1.7
billion-•
ounces
of
silver
as
"security"
(valued at $1.29 per ounce) against
the outstanding silver certificates.
There is talk about possibly con-;
verting those into Federal Re¬
serve notes and let the Treasury
—
•
cov1.es magazines
44
As We See It .(Editorial)——
,
Treasury's free
will
INC?
,
41.
Convenfion
Regular Features '
;
Uncle
supposed to constitute the floor,
ceiling. It determines
the world .market value of the
metal
as long as the govern¬
ment's
"free
silver" pile lasts
of
FRAGRANCES
tage publishing
u
—in
became the
to 123.5 million ounces
INTL. FLAVORS &
\:-
Coiiyention by" Gharls E. Walker-
Anhual
-V
,a. ;
St. Louis
40
es-:.;
The critical moment will arrive
when
Philadelphia
inc.
practically
sides the arts.
Xlevdland
San Francisao
41.
"Good" Fourth garter Forecast
Investment Bankers Association <to
irreplaceable in
many .usages,; so it is -in photograr
phy, in brazing alloys,;etc., be-.;
<
^
.Cover
tor, silver is far sqperior .t o copper;
and
-
Direct Wires to
,
Association Section
:
•
pecially so, ^in toe electronic ^and
chemical industries. .As a conduc"u"
A
inc.
40:Exoha[)geflace, N.V.
Teletype NY 1-1825 4 1-4844
'
■
of ABA Divisions & State
Need for Commercial Bank Unify
(.3) A -most spectacular expan¬
sion .of ^demand for; silver: .origi¬
nates in toe industrial field;
'
'
•"
t
1962 Convention in Atlantic City, N. J.
added
to
and .abroad.
-
mackie,
HA 2-9000
39
:
the (nation's "stook" in
fiscal 1958; 53 mallion ounces in
fiscal 1959.
The spread *of sales'
automats are a major factor, here
(net)
'r-;r
'
*
.
38
New Presidents
leads by--
were
*
Backgrounds ©f New Top ABA Officials
'.coins with substan¬
mew
silver
A
Resolutions Adopted at toe Convention
$48. million
value,
face
*
28
Increasing II. S. Ownership of ^Patents Decried by :t
Motorola's President Roibert W. Galvin,
-
been
The United States
at
*
&
,y
Chicqgo
reached'95 million ounces in fiscal ■'>
far;
•*
•
('•
,
demand for
rising; it
the
world
Western
hard
-•
singe®,bean
A
-
26
President-Elect Sam M. (Fleming's Acceptance.
Remarks
dium in underdeveloped countries. >
Treasury's selling price, that was
For
Tastee freez Industries
'°
24
..,,; A ;•
Economic Medicine Men ignore Nation'* Progress
—Hon. Thomas tB. Curtis
.ending mid-1948,
years
—i.___——
Scene fin the CJ. *S. tod (Worldwide
—'Roy L. Reierson
>'■■)•;. A;
Y J • .A.
in v
ounces
War II) of toe silver price." Its
upturn inay boost ..again silver's
status as a favorite hoarding me-
the Silver Market
vengeance,
a
'
Alder Eectroucs
were
*
hopeless .performance (until World
the domestic
per
fmilliion
to.94.'5
in due course,
blow,
'
was.the next v«,
in
Sn India
coinage
or?
may be ;a sign <of popular disap¬
pointment
over
the
seemingly
Meichior Palyi
was
•'
00£»
1
more
the latest figure
Belgium,Switzerland, Italy, Spain,
'
of
down
suspended to the Latin monetary
union
Whidh
included
France,
etc.
Telephone: WHitehall 4-6551
.
a n s
silver
'
.deMvered at the recent Conmention of the American Bankers Association -are as follows:
^
J
thaq to' all «"
previous tostory.*
-This
absorption had
slowed
jBurma).,
:and
adopted it-he
same
pattern;
in 1874, the
free coinage
of
Addresses herein idMch
1
Austria,
d in
^
!
WALL SUIREEST, NEW YORK
Heard at fh£ ABA Convention
■*
..
:
_
'
over
>us.
1,0
.,
market. Hol¬
and the Scan-
I
The (Orient.still 'hoards £il-Vto-*-;toto
•
YlnTrnnvirD/k'lioi/vn .4^
Dmama
Government's Policies to Promote a Growing Economy
ver.,
In toe period from 1886-87
—Hon. Douglas Dillon.
to 194.7-48, ton balance, 3;010 mil- I|4
".''tt
» ' >
' '' vt-' I ".'V v:tt'
1
'
lion .ounces
were '..absorbed
by Y
Reduction of Federal Debt and Tax Rates Is Imperative!
India aloiae
(toeluding Pakistan
i-1-
Call
Expansionary Era—Per Jacobsson 12 '
an
1(1)
q.u.antoies .of
land,
And (the
keeps-growing by .about.
It pomes
Tj
\on
Discipline in
bid?
encourage
(for .silver.
(from, three imain isourcej..
tJarew
subs tarntdal
silver
flapped to
Monetary
20 (million .ounces a year.
standard
id
mines—but
•the demand
tip .the
e m
^sup"
Jl?s
'
no
Obsolete. Securities Dept.', :
;
99
technical Complications Becloud Market Outlook Y
to -nJames F. Hughes ——__——
example, the greatest producer
an
Y
^
1
Botany Industries, Inc.—Ira U. dCobleigh
Shades' of William Jennings Bryan,
M
4 O'CLOCK
price may he disciplined by a (consequential increase in supply from
.
A
O
J>
THE ©EVIL
__________dover
_
.N
NEW Y0BK •
WHitehall 3-6633
Teletype NY 1-4040
A 1-3540
4
(1776)
The Commercial and Financial Chronicle
vided
OBSERVATIONS...
A.
BY
(as
for
the
WILFRED MAY
This
also
was
when
SATELLITES'
PART
FIVE—Concluding
a
DARK
Rabbits blown up by
on
the Soviets' continuing failures as
openly proclaimed in the past, as
by Khrushchev in February; and
again last week at the Kremlin's
Party Congress in disclosing that
USSR's
farm
and
larly
Red
Likewise demonstrating the unhappiness over the Collective is
the large and growing exodus in
the opposite direction, that is, to
the industrializing cities—aggre¬
950,000 over the past six
years.
This exodus has continued
in
the face of positive
induce¬
ments, as radio equipment, to re¬
main; and of obstructions, as the
is
inadequate
for
consumer
needs, with specific shortages of
meat
gating
prooduction
still
tivists
dairy
products.
China
have
while.
a
been
This
whose
it
at
Simi¬
collec-
for
month
quite
she
was
forced to make large purchases of
grain from Canada and Australia;
marking the third successive year
of that collectivized nation's need
for outside
to
agriculture
year
Soviet fail¬
the
on
encountered
in
buying.
Also in Czechoslovakia the great
of collectivism were
weaknesses
set forth last
ber included the
following reason
(along with the weather): "It must
also be said that in certain collec¬
of
the
members
tion,
to
while
take
the
showed
for communal
concern
their
lack
produc¬
families
failed
part in the work of
any
collectives."
Apparently
a
variety of factors
endemic to farm work add to the
diligent
and
lazy.
penalizing
.
"Life
the
the
villagers* jobs
young
cities.
similarly
their
life
in
the
S.
U.
Farm"
worker
to
in¬
with
and
farm
difference, and careless handling
other
capi¬
and
Collectivism.
to
This excuse is valid only in small
part, for it contradicts a number
of important facts. The successive
major drives to collectivism since
the
itself
in
Hungarian
the
situation
of
view
objective
observers, as well as the aboveproduction record actually
cited
shows deterioration
two
over
the past
years.
the Communist "Liberation" in the
mid-forties have required the most
ruthless accompanying "policing"
to
force
it
registered
have
vigorously their pref¬
to live out their existence
erence
on
farmers who
on
so
their
own
little
acres.
Again,
there is the significant
factor of production failure, which
has
both
contributed
to, and re¬
sulted from, the collectivist's unhappiness. Hungary's grain har¬
vest
last
Wheat,
shown
have
sult
year
from
drop
rye,
suffered
wheat
drastic
a
previous
year.
and barley are
official figures to
corn,
the
by
showed
the
declines.
imports
As
have
a
Reasons
As
the
80%
collectivised
for
,
are
in
this
Hungary,
ability of human independence in
sphere was the on-the-spot
experience
in
September
of
a
of
group
farmers
visiting
20
American
in
finding that the ma¬
chinery, although not as varied
and
"fancy" as in the United
States, or Belgium, is extremely
good—in sharp contrast to the
morale
of its users..
re¬
or
in Hungary — as
by us at the Kossuth
Cooperative near Budapest, which
The individual's preference for
independence
is
vividly
high¬
lighted by the great efforts he
displays on his own small private
plot which he is permitted to
only thing needed." But this
tain
tionalization is completely invali¬
dated by the negative results in
the
U.S.S.R.
years;
since.
The
over
the
past
45
and in the other satellites
>.,>
collectives'
Hungary
are
bad
times
significant
in
in
sup¬
At
the
of
end
adjusted for
concurrently.
re¬
in
position
a
advise
to
couples starting out in life. New¬
lyweds should place at least
a
part
of their joint savings, after buyr
ing essential furniture, in straight
insurance.
When
they
are
young, they can get such insur¬
ance
without difficulty and at a
moderate rate.
Next, I recommend
building up credit and establish¬
ing good will at a local bank. It
wise
a
to
move
rent
excess
beneath,
is
over,
the
goal
haven't much
you
Bank
,
It
is
sonable
for
Accounts
conditions
less
are
have
put
money
in
the
materials purchases;
micellany of "produc¬
tion
expenses"
including .items
ranging from reserve for> capital
expenditure, to tax, to insurance
premiums; the total of both de^
duction categories averaging some
19%.
a
•
•
this
To
observer,
to suffer from
seems
this
(1)
system
inef¬
an
disturbed
ter
an
that
he
the
and
will
efforts;
or
officer of
him
because the profit is based on sell¬
good
ing
and
arbitrarily .fixed
deductions, and on the
expenses
collective's
The
production.
target and the communal
sult
of
over-all
constitute
his
mirage
a
rather
than
to
the
will
in
idea
able
reference
be
to
if
know
to
speak
in,
go
give
bank
so
you
you
need
you
a
one.
officials
valuable to you as your
interest payments.
as
product
Banks
Today Are
flaws, in line with
shortcomings inherent
the Communist system, are far
more
the weaker banks
with,
today
so
were
done away
that financial institutions
are
in
position.
farmers by the regime. And they
recommend
a
safe and profitable
This
brings me to the
question of bank stocks, which I
as
an
investment
,
.
,
*
far deeper than
dustrialization
Communism's
rewarding each
ac¬
cording to his needs—even with
accompanying incentive tech¬
nique. While the incentive pro¬
in
as
in plan¬
errors
pverremphasis
at
in¬
on
particularly
local
bank
the
stock
with
which
of
your
do
you
business.
the
of
expense
agriculture.
bank
than
Practically
any
local
could be liquidated for more
its published assets, so that
you as a
Russell Joins
,
stockholder would prob¬
ably get
the
more
your
AF-GL in Boston
than
shares. Five
BOSTON,
Mass. —The
appoint¬
ment of Chas. B. Russell
or
you
be
to
about"
me
be
realized
that
a
bank's
or
later.
Therefore,
appraising bank statements,,
sooner
to
sure
from
the
subtract
total
the
to
assets
what would be left for
*
deposits
find
out
the stock¬
holders.
Look
sv
Behind
Scenes
the
In .considering
bank stocks, al¬
ways check up on the character,
,
i
integrity, and ambition of the men
charge of the bank's opera¬
in
tions. Be
in
sure
that the officials
are
good
health, and that their
judgment is sound. It is a good
sign if they are churchgoing men.
It
is, of course, an extremely bad
if
they
are
addicted
to
liquor or indulge in known ex¬
sign
cesses.
It
is
ten shares of
investments for
young married couple. '
while
worth
'i!'"••••;
as Boston
office manager of public relations
for Albert Frank-Guenther
a
Be
these
rather
Of
for
sure,
have
men
positions
as
a
than
to
under the
the
know
direc¬
instance,
not
taken
that
their
mark of distinction
a
as
the
course,
responsibility.
bank's
assets
are
constant supervision of
regular examiners, so there need
be
little
on
this
score.
depression strikes, I
feel that bank stocks may be in a
stronger position than perhaps any
other category of stocks.
Hence, if
worry
a
With Hornblower & Weeks
(Special to The Financial Chronicle)
paid for
such stock would probably be one
of the very best
Like
tors
when
tors.
During the bank closing emer¬
in the 1930's practically all
significant than the various
specific abuses inflicted on the
go
talk
qualifications of the bank
Safe
gency
basic
bankers
deposits. represent
money
that
must be paid back to the deposi¬
bet-fl
know
to
come
be
and
you
people look for the bank
largest deposits, but let
give you a ; hint about ; this.
bank-account
the
Such interent
the
<j-J*,
no
re¬
efforts.
own
can
time
a
deposits," I always
say, "Well, you certainly owe a
good deal of money!" Because it
pre-
the
the bank
every
Getting
prices
in,,
father's death, I recall
scrapbook in which were
my
should
of building up. a reputa¬
tion for thrift, honesty, and hard
work than by starting a bank ac¬
count
and
making
regular
de¬
posits. Become acquainted with
to
states these reports must be pub¬
lished in the papers every year.
their '"large
don't
time
way
speed-up technique; and
crucially from (2) the in¬
centive's total pool's removal from
a
Report, whether you
customer or not, and in most
you
these
unimportant, but there is
more
control
for
"may"t\
young
are
you
Annual
When
sacred, not to be
*
The
an
me
considered contingencies.
fective
worker's
as
except
them
over
with the
bank account
for
for
banks and go
Times.
and
After
withdraw it until the proper
three
or
carefully. Any bank will give
hometown Gloucester banks,
clipped from the Gloucester Daily
portion
bank,
bank
stocks it would be wise to get the
Annual Reports from at least two
Most
clouded
funds.
more
more
our
for possible later investment when
you
put
into
sum
pasted all the Annual Reports of
important to keep; a rea¬
deposit in your local bank
a
Stocks
going to
moderate
a
After
Valuable"
emergencies,—and
'•-;•..
are
you
than
capital.
ductions
and
he concludes,
occur,
Investing in Bank
If
finding
small
a
comes, and then only after care¬
ful consideration. Think of your
ning,
basic credo of
those
the recorded net profit.
Such "net" is calculated after de¬
larly
to
this
year
on
There appears to be continuing
revelation that farming is particu¬
unsuited
the
profit
a
deficiency
figured
laborer
That Knotty Incentive Problem
state-owned land is the "growing
pains" thesis: "more time is the
ra¬
My column today is addressed to
people getting married, or
to
if
system
depression to
young
examined
and
this
a
newlyweds developing a
on what to look for in
tips
stronger position than perhaps any other
centive
on
Communist
deep-rooted
varied. Evidencing nonextinguish-
trebled
The other major excuse for the
Hungarians negative results from
now
demonstrated
reasons
frustration
since 1958.
their
Deep-Rooted
Were
a
safe-deposit box for jewelry and
important papers, including wills.
Don't forget to make wills, even
r
or
storage.
And
be in
to
with
category of stocks."v-v:
of
attributed
advice
program
This conclusion is strongly sub¬
stantiated by the collectives' in¬
ported
countries, and hence has
relationship
no
the
characteristic J of
dissatisfaction
talistic
in
financial
.
is
-
v
.
largely
permits .for
"bank stocks may
life
inescapable communal difficulty
of simultaneously incentive-ating
the
combines
and insurance
investing in bank stocks.
Hungarian Government, in
discussing the agricultural short¬
comings on the radio last Decem¬
tives
Babson
Mr.
savings
■
The
and
work
By Roger W. Babson
diffi¬
rewarding
The regime alibis that this mi¬
gration is centered in the youth,
the
And Invest in Bank Stocks
by Mr.
this
the
February by Minister
Agriculture Strougal. He- re-" *was founded 10 years ago. The
that agricultural produc¬ worker's pay, via -a* system of
tion had completely failed to come* quantitative work units geared to
the farm's planned or "goaled,"
near its goal set in the 1956-1960
plan. Loss of grain production he output, gives him a weekly wage.
Withdrawal -of
Newly weds Should Save
last
ductive fellow workers.
communal system cannot function
in the food-growing area. Witness
faction with Collectivization.
earlier
Thursday, October 26, 1961
.
worker
space
the diligent peasants
satisfactorily
.in comparison with their less pro¬
the author's
Hungary
the
in
culties
plying additional evidence to the
inescapable conclusion that the
unsuspected
newly laid mines near Neuseidler
See, the Hungary-Austria border
lake. Would-be escapees hemmed
in by additional barbed wire fenc¬
ing. An extra set of special police
cards, Egarsolvarn, to enforce a
new
7
p.m.
curfew. These are
some
of the physical manifesta¬
tions, typically occurring in the
County of Vas near Hungary's
western- frontier,
of the
farm
population's
unceasing
dissatis¬
this
attested
he blamed
ures
AREA
series based
recent visit in
in
week) may be meeting with some
success, this is not so on the farm.
Khrushchev
THE
industrial
described
.
.
DENVER, Colo.—Victor H. Gerali
has become associated with Hornblower &
Weeks, 650 Seventeenth
was
formerly with
Peters, Writer & Christensen, Inc.
Street.
He
Law,
to
Inc.
sell
was
Complete Investment Service
an¬
nounced
by
Gilbert
E.
Busch, Vice-
a
President and
large
Director,
of.
public
tions
block?
rela¬
of
tions
•
#
ad¬
vertising
public
Call
the
national
•
Mr.
was
Marketing Department
agency.
Russell,
formerly
assoc
with
iated
Dean Witter
Maxon,
Inc.
HI
and
rela¬
Sc
advertis¬
New York Stock
MERRILL LYNCH,
■■
the
PIERCE,
advertising
agencies
in
Texas. He has also served
cial assignments with
70 PINE
FENNER & SMITH
STREET, NEW YORK 5, N. Y.
INC
New
York
office
and
and
public
Baird
and
as
relations
Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange * American Stock Exchange
with
Dallas,
on
the
Department
Co.
Members
ing agency in
spe¬
State
advertising
director
for
Atomic, Cambridge, Mass.
v
Private leased
'
Honolulu Stock Exchange • Chicago Board of Trade
and other leading commodity exchanges
radiotelegraph
circuit to Honolulu
SAN FRANCISCO
•
LOS ANGELES
•
NEW YORK
44 Offices Serving Investors
•
CHICAGO
j V
Volume 194
Number 6102
.
The Commercial and Financial Chronicle
.
,
steel
Production
Electric
cities
Output
The State of
Retaii
Qct.
Trade
Price
Auto
TRADE and INDUSTRY
country,
Production
index
Steel Output May Continue
indicate
United
possible
States
to
for which
is
it
<«
■
rnnditinnc
FpHpral
r
n
;
i.
j
•
i_
4.
j
t•
j
,
f
™
September, mainly be-
in
rate,
at 6.8%,
continued to
Tg? and !"n" little Change*
establfshmmfts'^anged
nonfarm
little
and the
vailing;
sales
since
December.
Steel magazine says to look for
imports to
exceed
exports
by
ber
Retail
In
unchanged. Bank credit
andfte seasonally adjusted
money
supply
increased.
From
midSeptember to mid-October, bond
the
,
.
+
,
,
of
point
the
..
goods and materials
curtailed
from
the
operations
^ller-and ' rofe In e'ariy
rose in eany
Electric
Auto
after
assemblies
allowances
in
st
in
a
scattered,
on
at
a
were
few
and
announced
textile, products.
autos
prices
some
mills
with
for
The
a
rate
rate
broad
Of
oi
1962
introduced with list
generally
little
changed
were
will
on
frpdii
ami
have, been
have
mills
m0Ved
auto
steel
bout
in
Member
September.
Because of the strikes and
a
hur-
ricane, output of automotive parts,
petroleum ^ products,
and
some
industrial
other
temporarily
materials
was
curtailed.
Output of
and Textiles ad-
chemicals, , paper,
vanced somewhat further.
Construction
.
construction activity inslightly further in Sep-
; New
creased
spring.
;
bank
,
not
as
o^oi
work
concludes
for
ni ntL
d
„
week
ended
v
...
excess
reserves
borrowings from the Federal Reabout
,serve
four
weeks
excess
were
$35 million
ending
reserves
about
the
over
Oct.
and
are
the
products at
Oct. 2*, 1961
111
Buffalo
103
________
Pittsburgh
Youngstown
Unless
as
in
and
some
further
A
the
note
probably
6.3
ber.
preceding four-week period. Between mid-September and mid-
shut
down
by
strike
on
since
of
Odds
and
the
lost
company;
its
This
for
* Index
build
to
production based
«ward'<*
on,
average
Automotive Renorts
Wards Automotive Reports
a 34.6%
Increase in
against
are
stockpiling
Car Production This Week Over
still prompt
Last
Prodded
Week's
slightly
A
slower
Record
-
export
'
from
Europe
Western
are
sales
and
.
,
__a
to strikes, tne nation s auto maxers
tllls week planned assemoiy 01
more cars tnan in any iiKe penoa
?3rnCj,
IfC+
s
Reports said.
The statical agency estimated
that !34,360 new cars will be
Produced this week a 39.6% in-
steel are
the magazine says Those
imports
nental
soaring
230,000-unit loss in SeptemberOctober production schedules due
imported
on
by
to recoup some of the
1
slipping
on
of
Expects
are
Prices
of the
109.6
week,y production for 1957-1959.
movement is noted.
own
rs-Mf
117
are
week.
Ford
111
ut
Total
heavy melting grade continued to decline. It went down
34 cents to $38.83 a gross ton last
No.
creased
effects
start
users
______
Decemneed
no
128
______—
Westerh>2i.'__
about
during
expected to stay that way.
The failure of the steel ingot
rate to
rise is depressing scrap
prices. Steel's composite price on
the other steel suppliers
substantially in Septem- steel production.
ber and early October..:AU ;7";/
/; In assessing the
unless
because deliveries
auto
the
and
be
Southern
128
_
St. Louis
inventories.
mill, which
strikes.
the
the effect
minimizes
month
November,
will
at
in-
will,
consumption
a
108
use,
steel
balanced
tons
There
tion
,.
roughly 50% of the comtotal steel used, was also
pany's
•
stay
112
Cincinnati
dramatic
a
115
Chicago
steelmakers to boost ingot produc-
supplies
October
reserves
were
supplied
largely through Federal Reserve
purchases of U.- S. Government
securities.. Required reserves in-
and
million
October,
is
105
100
Detroit
*
automotive
shipments
moderate
the
on
strikes: The Ford steel
there
in
f crease
of the year.
borrowings
same
low
a
______•
Cleveland
shipping
finished
rate that equals or
slightly exceeds usage.
buildup is likely before the first
Both
11.
still
;
Ingot
Week Ending
they deferred some October
shipments until November,
are
*
*Index of
North East Coast._
than
Mills:
rv
21
Production for
up,
•
41
with
Oct
follows
'
in
came
P„
nnn
When they re¬
to
nnn
1960
22
meet
to
rra
84,481,000 tons or
T
Disricts
1961
Oct
institute
"f
f
aJ
they could use it. To
prevent: inventories -from piling
Although there are few signs
of inventory building, stocks of
steel in the hands of consumers
,
: averaged about $560 million and
operations increased
seasonally
transit
through
year
to date production for
vear
through
The
rrinrp than pnnnffh
more than enough
in
and
this
n080%
t
steel
faster
that
during the strike. Auto
companies are ordering at a normai rate, although not as high as
had been hoped for.
Furthermore, recent
sales
of
.
;'
automakers
quarter
are
i
^ J
'
however,
In-
through Oct 21, 1960,
The
fourth
:
turned
built -up
,
while output of furniture and
;
introductions,
increase
Steel
ruf nrirf Ton*
or° 9 3% below^he'p-
0%)
than
mdtp
9
na
8'
October schedules
largely digested. Steel
.
advanced levels reached this sum-' early
further.
nothing
and
Iron
Production
i960
they havp
have
<
mill
as
iiod
hand
on
_
Steel
Teady
that if
nansp thpv
cause
The effects of the auto strikes
i?p«prvp«
curities, and
loans to security
dealers increased_jn connection
With Treasury financing opera-, - cars
.October have brightened
tions. Bank.holding of other se-, the auto outlook. While a trementelevision, which had declined;in curities and-other lotins also rose, dous boom js not likely, a" conAugust, was about unchanged in The average money supply, sea- tinued run. of better auto sales
September.-Production of apparel sonally adjusted, increased sharply Would mean a brisk
pickup in
and staples was maintained at the-after showing little change since
steel orders.
"
a
rugs rose
J
the record
Automakers,
base.
American
if9n'71nont'2
nn"ranmakin7' r^i 1 rnad
schedules
their rate of buying shows
there is strength in the economy,
late
September, others
occurred in early October at the
plants of another major auto producer. Output of'appliances add
mer,
have
the
21
Oct.
5i ToriHSnJ*
seasonal
markets, such
Ended
_______
*R„nrl
the
According to data compiled by
the
ordering much steel shipped be-
is
is
during
tons
.,s-
of early October, which may
carly
up
from those for the 1961 models.
other
rpfwtpd
broad
improvement
improvement
They
of
1960.
our exports
Production Data for
Week
600,000
"offset
only
Steelmen, are
car sales maintain
pace
Although no particular segment of business stands
out, the number cf users picking
a
400,000
Steel
materi&llv^'
new
November will
means
to
^cfwmrand agncilfur"
better than October, and DeThe
ine
reduced while price
were
orders
new
be
pti
~
similar rate for all mills and
But
will
in
started
picking up, although not
localities
about
moderate increase in auto steel
trends thaf
cember better than November.
of -aluminum
increases
un-
a
"engtli^These indicate nfw^or
are
trimmed
approxi-
next, m0Pth_and ,bmld the
number in December.
demand
signifi-
but
April,
150,000 tons.
Automakers
cars
boost steel demand
to
strengtn. inese indicate new or-
ders
sharp increaserfrom the model»ana t,reau ana neserves
changeover low, were down one-,
-Total commercial bank credit
fourth as work stoppages limited
rose about $5 billion m September,
output of' the*a largest producer. Banks added substantially to their
Following
settlement
of' these holdings of U. S. Government sestrikes
has
moderate rate, The
product bases indicate the rate of
products
utility
be about 485 000
upturn
Prices
September,
the typical
for
steeT, market
since
than doubled
more
October-This-month's output-will
931'756 + 1 1 plan to boost output
The wholesale commodity price
index was relatively stable in late
September
and
early
October,
was
stimulated by
usually warm weather.
The
elusion
'
^
8.6
+
month
mately 240,000 assemblies by mid- fourth quarter,
Iron Age\ reports. 'After several
weeks on a plateau the market
has again strengthened.
The Iron Age bases that con-
Commodity Prices
record
were
?
the
earner—ana
of
highs
reached in August, primarily because
of work stoppages in the
auto industry, while activity in
the
equipment
industries
rose
somewhat further.
through
October.
112%
consumer
up
level
1,223,000
946'985
resumed at
slightly from
quarter and at the
advanced
year
,
Output
average.
whole,
a
as
,
Steel Production Starts Moderate cars.
same
Climb After Several Weeks
level as a year earlier. Sales
at department stores remained at
declined
September to
in
1957
quarter
were
.1,328,000.
,
Boston
'
same
an
.
production
third
second
Industrial Production
1
one
the
(ooos omitted)
■>
Philadelphia
unchanged from August
were
retail sales
yields declined somewhat.
T
show
'
"
New
Sales at retail stores in Septem-
were
Industrial
.
monthly figures
show
August imports of 307,000
were
the
largest
of
any
Auto labor troubles
1962 model output by
Distribution
unemployment rate
the high level pre-
at
remained
"
Latest
capacity.
for the
summary
°<"J- ..."fj,. ...i,9.6"
.*9
yo.IJ.mm «M.WM72 + 13.9
t
slightly
'
follows:
week End.
*Fies Jut. declm^d somewhat in
nondurable goods industries. The
w
the year,
of
tons
Our comparative
.
.
rest
magazine said.
Mills last week poured an estimated 2,050,000 tons. Operations
were slightly above 71% of 1960
preliminary
totals stand at
against . $28,753,489,573 for the same week in 1960.
5
Bank ofWash- average workweek in manufacm"; tu""g was reduced by strikes at
curtailed
auto
plants
The unemployment
Rp^rvp
intftnn
t_
fnr
level the
tons.
that
$31,341,386,570
He
a
sharp blow to steel mill
operations that output now seems
destined to hover near the current
Steel
Qur
1
Tr.
more steel than it is exporting. During the first eight months
of the year, we imported 1.9 million tons and exported 1.2 million
dealt
have
big money centers for the week
commodity Price index
•
ripss
strikes
auto
such
obtain
weekly clearingS wni be 9.0% above those of
the corresponding week last year,
Failures
The
5
50%
Sidewise Trend Rest of the Year
Saturday,
21, clearings for all cities of
the
Food
Business
the
that for the week ended
Carioadings
:
of
(1777)
.
Conti-
generally
juSed'annual^ate rf^bhl^ ^ Security
one^ up^'
Unehanged; only Srt 'weeTand" comparing with
fn°the'summi ^ot 1959! For^the te^bonTs .^eSny^declinld ori^nal forecast for the , fourth - importers partially attribute the
^ the. same year-ago
third Quarter
as_a whole activity somewhat between mid-Septem- rate' of
%3oKcapacity^fth"! bothTere0
a& but^ex- General Motors Corp., slating
2% higher than
the second ber and mid-October while
was
.
in
quarter and 4% above
a year
Employment
ago.
on
Treasury bills
•./+ showed
.
little
net
yields;
stee"
peak of 80 being reached before .-paneling
the end of the year. These fore- a
big factor.
relatively
were
Prices
_i-_s ?
change.
casts are stin in sight, indicating
that the pause, dictated mostly by
r
Seasonally ' adjusted ; employ¬
ment
in
nonfarm
establishments
changed little in September. Employment recovered in the transportation equipment industry, fol-
lowing
a
with the
overs
overs,
in
the
auto
Week
•
S
;
Last Year
'.
,
.
,
to' lncrease
to increase
ago. Preliminary figures compiled
by tbe Chronicle based
continued
continued
metal
and
machinery
in-
upon
graphic
advices
from
tele-
the
chief
.
of Kavanau
■Corporation will be traded
The American Stock
Excange
ticker symbol is
KAY
KAVANAU
30 East 42nd Street
•
New York 17, New York
to
formprlv
dpnendpnt
,
•
i
Ford Motor Co. plants were all
on
building
this week following
final agreement on a new three-
g C3PaC Y
Continued
This country is importing about
GEORGE
to
is
where profits
is between
mount
75%
of capacity. The rate has
the
the really
not be hit
until late in the quarter. This will
cut fourth quarter profits below
the optimisticestimates and for
some
mills
profits may not be
the
higher
third
One
the
The
uicoouic
pressure
Saturday overtime at seven Chevrolet and two combination BuickOldsmobile - . Pontiac. plants, orde^ lts£ usaeat wee^ since the
le of la;st November.
on page
BAUM & COMPANY
K.
rapidly.
much
on
is
producers
output of their
capacity,
and
many
'saks',"although the^own"6
to hit 75%
profitable level
stock
taonig
increasing
'abroad
stropmi-stnMnenizaeani
are
caoacitv of aetive again
and
yet
common
Foreign
xii^x
expanding
fnnntrip"?
dip in
slight, may put a crimp in steel
company. earnings for the fourth
quarter. Eemand leveled off, at
least temporarily, just short of the
point where profits begin to rise
and 80%
The
under
unuci
capacity
find outlets for the
severe
a
.
The critical point
1961
axe
;
HolpVe„
begin
Effective October 26,
are
<=>
7
not
was
Q^that Se
early auto-model change-
and
and
strikes,,
--o
break
Bank Clearings for Week Ending /.
Oct. 21 Are 9.0% Above Same •;
Bank clearings last week showed
a]d ir|£re^se #compayed^.with a year
dip in August associated
-—
where
is
the
to
the
be
leveling
in
a
acquisition of Walter & Co.
fourth
Mr. Gene Hufford
than
learned
and the association of
from
as
is
that
week-to-week
Western States
Regional Manager
with offices at
the
delicate condition
818
outlook
However, there • is
little
change - in the
long-term
outlook of gradual improvement'
through 1961 arid a brisk pickup
on
the
strength
of
inventory
building and strike hedging start¬
can
announce
may
quarter.
lesson
recent
market
in
pleased to
Seventeenth Street, Denver,
Colorado
change.
ing about next February.
-
.
..
.<•
GEORGE
K.
1016
BAUM
Baltimore
Kansas
Avenue
City, Missouri
& CO."
43
6
<1778)
The Commercial and Financial Chronicle
TAX-EXEMPT BOND
BY
DONALD D.
.market
went
ding
for
investors
On
the
progressively
stronger
bidding, for new state- and munici¬
pal bond issues, and1 the generally
Highly
■l
by investors, the market for taxexempt offerings has been fairly
active and broadly improved. New
issues have been bid up by highly
competitive bidding groups and
reoffered at yields,.0.05% to 0.15%
above
the
prevailing price levels
similar offerings. The second¬
for
market
ary
has
readjusted-.,,/The
gradually
more-
7-YY.;-z;
bond
state
Index
successful underwriting, of
$100:000,000 State of Califor¬
serial
issue,
which
was
nia
awarded to
N.
T.
the Bank
relatively
November the
time
con¬
Litchfield
Little
issues
so
total considerably
$509,000,000 mark. The
sale in sight consists of
Public
the
thorities
will
bonds
be
Will,
for
opened,
which
Nov.
on
during
dices,
tom
the
it is not
in
issue
a-
that
a
the
the
bidding
element of
is-
not
new
actual
an
ingredient. Only large outstanding
offerings
are
regularly
available.
During the
to
Oct.
Financial
went
period from? Sept. 13Commercial and
the
18
Chronicle's
from
3.407%
with
other words,
3.334%.
However,
heavy
while the California
improved
more
ON
REPRESENTATIVE
*
than three
and"
Maturity
Bid
have
as- we
instances
bids-
for
blocks
of
which
Minn.
3.50%
3.25%
Jersey Highway Auth., Gtd.__ 3% '
(State)
1
3% V
Pennsylvania (State)
L
3%%
Vermont (State)——
3V8%
1978-1980
3.25%
3.10%
tern
1978-1979 '
3.30%
3.15%
offering.
1974-1975
3.15%
3105%
The Blue List total of state and
1978-1979
3.25%
3.10%
3.25%'
3.10%
municipal bond offerings' is but
little changed from the
average
(N. Y., N. Y.)
3y2%.; 1977-1980
3%%
Baltimore, Md
Cincinnati, Ohio
!.____ 3 y>%
Orleans, La
Chicago, 111.
•
3y4%
3y4%
New York City, N, Y
3%
3.65%
3.50%
of
the
1980
3.50%
3.35%
go
to
3.45%
3.30%
$446^853,000.
1979
1977
1
3.65%.
./-
1980*
of.
'Y'-/,YV "<%yi
1980
,
balance
,v
3.50%
weeks.
*
As
,
ll^O^a.m.
1962-19701
2:00'p.m.
1966-2001
ll':00'a.m.
1962-1976.
3:00 p.m.
8:00 p;m.
1981-2000'
Oklahoma1 Toll
\. '>■* ■*.
Financing
:
October 25', 1961 Index=3.303%
The
Local
Housing Authorities
2":00 p-.m.
10:C0
1963-1990
Carmel
&
Noon
1964-1975'
7:30 p.m.
1962-1981
1962-1980;
2:00'p.m.
8^00'p.m.
4,835,000
1964-1991
9:00
a.m.
2,500,000s
19,000,000
1963-1991
11:00
a.m.
1963-1987
Noon;
1,100,000
Nov. 2
we
1963-1990
Putnam
Valley
(Thursday)
Cent.
..1,720,000
mX,750,000
Road
r
Imminent
%
-Indiana* 1
Toll
Road
Y
Oyster Bay "Cent"
'
t.
"
i
Sch.~D~ist~ No."
6,
YNew York
(Southwestern);- Philadelphia,
Pa.
_____
1962-1986;;
this
week,
Governor
4962-1976.
Edinondson
.
.
..
indicated the State's1 real interest v:
in this project. The State
Highway •; Deland,
Department
least
the*
$T8>
usefulness
of
this-
As
V
additional,
State's
of
road
:
Ecmondson
St.. Louis
projectyY
ture
approval
Supreme
State and Municipal Securities
and
Court- of
aside-
$1 ^million
motor
re
to-
-
meet
taxes
venue--deficiencies.
to*
managed .by
Fanner
Fierce;
The-
Merrill
&•
group
Lynch,
Nassau
'Givith
Co:, White, Weld & Co.,
Nuveen & Co.,. Inc.,; B. J.
Ingert & Co., Inc., and Leo
Oppenheim & Co.
time
up*
ing group
Read
.
be
&
is managed by
Co,
The
week
new
of
syndicate.]
1964-1983
1964-1987
3,225:000
•
Y_~_
1962-1990
13,797,000
1,620,000
.4.945,000
:
-
has
seen
'
-*L
market
8:00 p.m.
Noon
.
77:30 p.m.
Neon
1962-1978
1962-1987
the
was
"
cost
a
-
Joaauin
-
* •..;
_
_
Land
bidder
State
of ' Texas
1966-1931) bonds
oor,cc^
3.2755%
bid
of
interest
a*
3.2846%
made- by
was
cost;
the
mt-.
The,
was
scaled to yield from 2.20% in 1966
3.40%
in 1991
were
sold.
Since
then
this
"
Continued
on
page
7
a.m.--
10:30
a.m.
1962-1986
2,875,000;
-1,310,000
1963-1982
1963-2000
7:00 p.mir
;
(Tuesday)
4,250,000
20,000,000
1,500,000
5,500,000
__
Ccuntv, Calif.-—__
1962-1991 '
11:00
a.m.
1963-1986
11:00
a.m.
1:30 p.m.
1963-1975
Nov. 15 (Wednesdav)
Fort Smith, Ark,
Irvine
1,500,000.
35iOOO,0CO
Ranch
Water
4,000.000
Dist, Calif.
Maryland State Roads Comm., Md.
New
Hampshire- (State
Oregon (State of) '
5.200;000
12.500,000
of)______., 16;415,000*
2Q,000;000:
-1962—3 931'
Noon
1SC5-1991
10:00
a.m.
1962-1976
11:00
a. m:
1968-1999
10:00
a.m.
1963-1991
*
11:00
a.m.
■
1933-1990
Nov. 16 (Thursday)
Omaha Public Power Dist., Neb?__
Salt Lake Co. Water Conser.
Dist.;
Utah
*
Y "
'
*
Nov. 20
3,000,000
(Mcrrday)
Manville Sch. Dist., N. J..___.___L
..-.z
'
'»
-
.
1,200,000.- 1964-2007
Nov. 17 (Friday). Y;
University cf Washington:____L___
*c.
17,000,000
-
-
and upon.initialc
Y
offering about $-107 million" of the
a;m.
10:00
....
interest
Halsey,
11:00
V
1,110,000
1,4*19,000
*
_____________
Orange County,. N.. C.
San
—'
Stuart & Co*, group. The- issue
bonds
Nov. 14
2001
1964-2001
—----
Log Angeles Flood Control
D.,* Gal.
and .many
successful
$25,000,000
second
to
(Monday)
Georgia State Highway Auth,, Ga.
SavingsHampton, Va,
Bank
a;
.
.
Amarillo, Texas
.importance to the
community. On Thursday, Oct. 19, a syndicate headed
by- the Harris Trust; and
at
13
Winn Parish Sch. Dists., Louisiana
real
Veteran's
Co.
1,300,000
Bridge" &
2-?Authority. La.___
municipal bond is-
to
come
are
.
five boroughs of New York City
_'_
N^v.
financial
for
in all
County„ N.. Y.__
^am^s
Dillon,
v
past
flurry of
sues
Convenient Offices
by Allen- &
■*. Y;-' Nov.. 9 (Thursday)
made
Awards
Awards
-
Street, New York 15
handled
Vineland, N. J
the* proposed Florida
Recent
30 Broad
—^
financing.
The*
issue^^ Hardm-Simmons University, Tex.
be brought to market someLompoc School District, Calif.__;__
in NO"Vemb3r^The'
negotiat-L^University of North Carolina.—_'
may
DEPARTMENT
..
7:30 p.m.
;
.
in setting
Turnpilce
BOND
x
i',655,000 .196?-1983
10,000,000 ,1964-1981
56,500,000
/ 2001
Southern Gloucester C2u Reg.
HSD,
New Jersey
Van
Progress-continues to
vTiusi
u
,
-
YY; ''YY
John
IY ■ > -■ ■ kii?
iaiik. t Founded \
/,,r
Waverly; ScHv. Dist.;' Michigan__Y
AlHen &
Telephone: HAnover 2-3703
0
N<>v- 8 (Wednesday)
*
> ^Negct atcd sale to be
Richfield,. Minnesota! r;__Y_
be r':-
possible-
any
2:00 p.m.
1,300.000
XT
.
State-'Gloucester City S. Dt, New Jersey
law setting
Hawa i. (State -of)'
year
from' Oklahoma .Turnpike,Author., Okla.
a
1962-1977
1,000,000
7
District, Mo{
mentioned
financing the* Oklahoma* issue* will'
be*
'_____
Tenn._
1963-1992
8:00 p.m.
4:00 p.m.
10:00 a.m.
1962-1986'
(Tuesday)
by ' the
a
fueF.;excise
available
7
County,. Berkley School
the-passage by :the State Legisla-
■
Nov.
1980-1998
1,400,000
1,409,000
3,000,000
;
'
Marshall County,
of. the.
the
9:00;a.m.,
v
(Mondayl-
Florida
•
yVvY
evidence
backing
Governor
toll
1:00 p.m..,
.
Nov. 6
Douglas Gbv Sch. Dist., No; 66, Neb.
New York State Dorm; Auth., N.Y%
expects- to' spend at
mil-Hun- in furthering
proj€Gt-
Government,;
a.m.
2:00 p.m.
78,540,000
Silver Bay, Minn.—^
$56^500,000- State of Okla-
homa
U. S.
2:00 p-.m.
<
3.60% ' 3.55%
DEALERS IN...
2:00-p.m.
■>
1964-1991
2,420,000
1,225,000
1,500,000
total / Sch. Distf No. l/,>N/. Y._T__
\/
Y'v. Haddon Twp. Sch. Dist., N. J
;* ;
Lawrence Twp., Sch. Bldg.
Corp.,
...
.
'-2:00'p:m;
1964-1983
1963-1981
8:00 p.m.
•
(Wednesday)
offering
3.50%
3.65%
few
past
pressy the
Nov. 1
Fruitport Coipm, SD No.. 22; Mich.
t Kansas City, Kansas.
'
1962-1990
1,500,000
16:,815,000
_
the
'
1978-1980
3V4%
New
the
*
1962-1986
1,055,000
4,396,000
1,140,450
_i.
Wayne County, Mich
3.65%
for
1963-1981
a.m.
11:00' a.m.
Unorganized Territory of St Louis,
bonds
3.35%
-
1964-1987
1,750,000
3,500,000
not
are
-
1,370,000
1,750,000
Sm-ithtown Cent. S-. D. No: 1, N. Y.
investors,
institutions, -to
-i.
Co. syndicate.]
1962-1985
11:00
1,600,000
Preble; Humboldt, etc., S.D; 1, Wis.
St.- Paul, Minn:
1978-1980
Housing Auth."
Angeles, Calif
2:00'p.m.
4,500,000
3,000,000'
___
are
1980-1982
Los
1962-1986'
160,000,000
.___
3V2%
New
a.m.
Noon
by Dillon, Read &
Co., Florida*
Portland, Ore
3%%
York
10:00
1962-2001
2,550>000
1, N. Y.
Ottumwa, Iowa'
recently
some*
be handled
to
District
Connecticut
New
a.m.
(Monday)
Pinella
commitm-ents
enough in>
Central School
^
frequently get them* at price
cuts-
AsUod
[Negotiated sale
necessarily
agreeable to the group and which
preclude holding to the price pat-7 Elmira, New York
(State)
30
Fremont, Neb. ;
:
Mecklenburg County, N. C._____:__
Menominee Falls, Butler & tYY
•1
Lannon, Wis.
North Salem,
Somers & Carmel
California (State)
New
a.m.
11:00
1962-1991
,
Effected
particularly
and
SERIAL ISSUES
Rate
a.m.
11:30
(Friday)
Florida Turnpike Author;; Fla....
to. encourage- large
as-
make
MARKET
2:00 p.m.
l'O-.OO
———
Cuts
M>. mentioned'/
so
market
pun.
the
Price
.
yield' Index
to
Oct.
4:30
15,000,000
Auth.,. Pa.__
«
1965-1991
be a' competitive :Maquoketa, vfowa
1962-1977
7:00 p.m.
1,045,000
large- bank-dealer,- Pennsauken; Twp.. Sell.. Disk,
YOOOjOOll-iSeS-lQSO^^OO^m;
N'V:Jj.
grcups; merging ; their ;, interests-,
RockCounty, W7s._
2,500,000
19o2-1981- " 2:00 p/m.
There will likely be. several bidYY .' * •*,/ <1
'
Oct.. 31 (Tuesday)
:
*
half point
The yield
dynamic symp¬
*
.
usual,
as
sale-
c,ost. On
Oct.-18,. the Bank of
America N. T. & Si A. purchased;
iSSUes which
past week.
have local appeal.
the
aforementioned V issue
at
a
Index decreased from 3.334% t-o^
Dealers' inventories
3,.461%., interest cost.
yVYY'Yk
appear to
3.303%. This average yield is de¬
about unchanged
Despite the unprecedented' mar¬ be
since
last
rived from actual offerings and
ket advance; the latter issue metr reporting. Dealers generally have
represents
a -vreal
rather
than with
splendid? investor reception moderately heavy positions but
hypothetical market level. How¬ and the- general market's steady the circumstances seem to be not
/'"r%'-;%:Vv%;%
upward trend has been sustained. uncomfortable;
ever, like other, averages* or in¬
market- is up* close to
Auditorium
!■
-'
of
2,160;000
___
_
University of Missouru_.___.______
bids
This
1.
S'ch.
Oct 27
$78,540,000 New Housing Au¬
issues
1962-1990
3,400,000
3,475,000' 1974-2001'
1962-1.981
1,150,000
1,500,000 ,1962-1980
Reg-. S. D. 1, Conn.
__
scheduled
largest
the
an
Rock
the bond
1,755,000
Dist., Ark
Minneapolis, Minn.
Pittsburgh and'Allegheny County
Through
.new
Co.
list
26-(Thursday),'
SchV Dist., N. Y
East Texas State College, Texas
moderate
of: year.
Oct.
.
Bloomington Sch. Dist. 271, Minn.
Chbektowaga
and
West
Seneca
'Unified
issues
new
we
for which specific sale dates have been set.
or more
//,/,
the :v//-
under the
Financial'
that
of
be
this
far
a
of
to
late
of America
offering was placed
impressive expression of
underlying market v strength. As
recently ,as Sept. 13y the State
was
accepting,
for
&
share
^Howing tabulations
$1,000,000
issues1 with
new
far
.so-
The supply
S. A. group last week,
strong market stimulant.
The1-speed with .which- a large
was
other-
Thursday, October 26, 1961
.
L arger Issues Scheduled For Sale
'
one
Housing. Award Near
tinues
and; municipal
indicates
v
The
Y/>v, Street -Securities
Corp; of Albany
purchased $100,000,000 California
serial bonds at a 3.759% interest
• -
Commercial and
Chronicle's
Financing Stimulated' Market
the
than"
moderately higher level of prices
with- seeming indifference.
Successful! California
•
t
favorable reception accorded' them
less-
up-
ha^sin^" beerfpushing' the bid"'
MACKEY
...
'
1,235,000
;
3:C0 p.m.
;
f
1962bl991
• ;
1:30 p.m.
'V. ■'
19S2-1986
8:00 p.m.
(1779)
This
bonds.
to
1986
1.60%
offering
has
balance
a
of
6
/
•
.
sold.
,
sold-down-to
been
$12,800,000.
a
S
of
issue
consisted
week
evening, Oct. 23# saw Kansas City, Mo. waiter revenue
$6,650,000 Nashville,
(1965-1991)
bonds which Were
Tenn. various purpose (1962-2000)
awarded
to
The -First - Boston
bonds-to a syndicate managed by
Corp., Eastman Dillon, Union Sesale
*«««
Chase
sociated
Manhattan
ri,ritiU
Bank. As-
majors in this group
Tiust...Co,. of Georgia,
as
the
are
1990
this
1962
m
the issue
of
maturities
tenth
1999 and
of
carried \
one>-
a
percent coupon and
:
one
not reoffered.
were
balance
reofl'ered.'
•
1
-
.
Oct. 24, was a hectic
five issues of note were
Tuesday,
day as
brought to market and
™
..............
—
bf
Documents, — ..
. _
Washington 6, D. C.
U. S. Government Printing
Fortunes
in
1
a r
k
•:
Situations in
Special
Poftunes in Si
t
e
—
Maurece
£
u
Schiller
American ?R e search
Gouncil, Larchmont, N, Y. (hard:
Covers), $5.95.
„
„
^/r—
Mors
.
.
John W. Kendrick —
University. Press,
*
,
.
.
.
Gas Data Book 1961—Pocket sized
T
,
_
„
Doan Laws of Business Re-Dr. Wallace D.
Bureau
search, Western Reserve Univer*
sity,
Newton
D.
Baker
Bldg.,
Room 120, Cleveland 6, Ohio, 350
(quantity prices on request).
,
Steel
t>
•
A
—
Princeton, N. J. (cloth), $12.50.
(paper).'
Office,v
yield derived from -Washington 25, D. C. (paper), 200.
representative Jurnpike bond. is-. Business. Statistics — 13th in a
sues has changed but little during
series of biennial fact books—U. S.
the past few weeks. On Oct. 19, ^Department of Commerce, Washthe Smith, Barney &
Co. turn- i^gtori 25, D. C.
V
pike yield1 Index averaged out at Credit Management Year Book,
The average
States
Princeton
.
,
—
Finanee Facts" Year Book-1961Education Services Division, Na»
issue
one
Book
Statistics
^n^al ReportEnergy Commission tional 100n sixteenth St., Associatq (Jongressbyther, ti
Consumer Finance
Atomic
N. W„
-Superintendent
Toil Road Index Static
:
Business
tern, Washington 25, D; C., 600.
*
Indox ,to. the
December I960
1%)
•
.
<■
„
^"gy^ograms, January^
$1,600,000.:
a
"t*- *
.
and
^-September 1961—Board of Governors of the Federal Reserve Sys-
American mnKers Associauon, i*
is
not "publicly
was
-
of
carried
maturity
and
coupon
good demand and
$2,400,000' presently
remains in account. The
2000
1998
.hi
issue
Chart
Reserve
Financial
1965'lo 3.50%,: E'lS Str*et, New York., le.
grade
high
Agricultural Lending AgenciesAmerican Bankers Association 12
m
was
balance
a
3.80%
to
a
coawj to
indicate
Cn
&
yieid from 2.20% in
Robinson, .Humphrey■ &; Co.;' down to
Hirsch-& Co. and-Fidehty ;U»HW The 1991
FSS#
50%
ernment Printing Office, WashlnSton> B. C.
Productivity Trends in the United
;
of
.
The
93 Lots of Bids Involving Identical
Bids—Reported'to the Department
of Justice 1955-1960—U. S. Gov-
Federal
$6,000,000
Monday
.
the
_
the
of
Directory and
Association
of
Issues—Tax Foun-
(paper).j
Federal Fiscal
importance
of
Banks
—
Banks, 60 East
42nd St., New York 17, N. Y. (ring
binding), $5.
> V
19, N. Y.
-V':.-'. r-;.'
final
Savings
Department
Try—Ontario
dation, Inc., 50 Rockefeller Plaza,
New York 20, N. Y. (single copies
on request).
•
upon«
•
The
this
for
Mutual
of United States
Commerce and Development, Box
Guide—National
F, 680 Fifth Avenue-, New York Mutual Savings
au
yield from
314% cou¬
initial- offering
$2,750,000 of the bonis were
about
Continued from page
3.65%
to
and
pon
to
Fabrication Gaps in Canadian In*
1962
maturing
issue
scaled
was
7
Industry,.
1939-1959—Dun¬
Burn—Cambridge University
can
Press,
32
York 22,
Stock
East
57th
Street,
New
N. Y. (cloth), $14.50.
Plans
,
for
lvr
;
A
Employees
^u„wvecs —
—^
litWinrrl*9i % a?-again.st 3.85% .the week 1961_62 — Credit Management summary of important facts re- r
rt on stock acquisition plans
Tpr JStf Tnri
h'Jrf ZhSnS before. A few important toll road Division, ' National Retail Mer- garding gas industry growth— for general employees offered by
S,0H00Utof S e we r Revenue ^her
Jg* ^ L^ncton Ave
%°
bonds for competitive bidding but me* skvwav
Indiana Toll Road
W 0 }'
' $ '
N v
/nnnpr\
k'w fnr f;r<;t nnnv' ^tock Exchange—New York Stock
forced to postpone the sale
and West Virginia Turnpike bonds
Economic Indicators September
•
■ (pJ nhditformi pnnv
Exchange, 11 Wall Street, New
when'
taxpayer instituted suits: £ave
^ 1961-Published Monthly, 200 per
for each additional copy.
York 5, N. Y.
setting forth 18 allegations against iimelight with gains ranging from copy;
$2.00 per year. Super- Market Economy in the World of Truth About Imports, Part li¬
nostooned
was
due
to
SlTOM
was
a
Calu- intendent of Documents, Governbut ment Printing Office, Washington
the
Indiana
and West Virginia 25, D. C.
•
bonds have fallen back to their-Edison Electric Institute Statistical
Year
Book
of the Electric
former price levels. Rumors per-
the Authority. No date has as yet
three
to' four
been
met>s
^ave
set
in
hearings
these
the
by
order
to
allegations.. »
largest issue
The
for the
investigate
court
■
'
••
for
up
com-
points.
held
their
The
gains,
PltiEvAbLddLng Tuesday involved sist regarding each of these proj$35,000,000
State
of
Michigan,
Highway (1962-1986)
-
Trunk
Line
bonds.
This issue
was
awarded to
,
,,
.,
.
,
ects' that would be beneficial in
the long run.
Today—Per Jacobsson—American United States-Japan Trade CounPhilosophical Society, 104 South cil, 1000 Connecticut Ave., WashFifth Street, Philadelphia 6, Pa., ington 6, D. C. (paper),
$1.50.
Utility Industry for 1960—Edison
institute,
Electric
750 Third Ave.,
17, N. Y. (paper), $1.50.
New York
Story
Management
1960
—
Mutual
Broadway
at
New
of
Street,
55th
1940York,
United States in World Affairs
1900—Richard P. Stebbins—Council on Foreign Relations, 58 East
New
68th Street, New York 21, N. Y.,
$6.00.
York 19, N. Y. (paper).,
the
Smith,. Barney & Co., Lehman
Brothers & Co-., orexei'& w. ojndicatesw The group bid
1Q0.0J99
for
5%, 31/4%, 3l/z %, 33/4% and
3%% coupons, setting an annual
net interest cost of 3.7641%. The
bonds
priced from 1.70-% in
were
3.875%
1962- to
initial
V
r
is neither
f
;
an
offer to sell
nor
solicitation of an offer to buy any of these
a
.The offering is made only by the Prospectus.
/
securities.
V
new.issue:
about $11,000,003
been spoken for.
offering
follow
announcement
1986 and upon
in
of the": issue had
Good
This
through
were
sa es
any
reported yesterday with the pres¬
ent balance
$8#200,030.'.
A syndicate hea:ed by Kalsey,
Co.,. Inc. was the highest
Chicago. ILL
Education
(1963-1981)
bonds. Other majors in this ac-r
count include L en man Brothers,
Stuart &
bidder
for $8,5v0.000.
Board
of
Morgan
Phelps, Fenn & Co., Hprnblower
&
and
Weeks
Securities
Corp.
to
33^%
."
v
per
of
various
purpose
(1966-^1991) limited tax bonds to
a
syndicate headed by The First
National City Bank of New York
and
Crocker - Anglo
National
Bank.
from
in
•'
I-
1
2.6»%
19^6
in
carried
account
balance of
1%
a
offered at
were
a
•
•
$10
per
v 4 ^
.
.
i
4
•.,
:
11
'
'
offered in Units to purchase additional
share to and including July
15, 1964, and at $12.50
15, 1966.
share to and including July
aggregating 525,000 Common Shares and Warrants in respect of 131,250
offered for sale in the United States by
Units
additional Common Shares are being
United
States Underwriters, and the
for sale in Canada
reoffered
were
balance of the Units are
being offered
by Canadian Underwriters.
to
1991
1989. The 1990 and
maturities
The
bonds
The
yield
3.85%
arid
"•
Common Shares at
awarded
Hawaii
$6,210,000
to
/. *
The Common Shares and Warrants are
45%
about
sold.
Honolulu,
"Pi;
purchase 187/500 additional Common Shares
yield
a
for
is
ths- issue
coupon,
-V
(Without Par Value)
;
WitS Warrants to
Webster
&
Scaled
to 3.50%
1.90%
from
Stone
common
l
'V/;,
Co.,
Trust
Guaranty
750,000
;V:*-
coupon
4.40% yield.
reports
an
unsoid
Price $8
only $330,000.
per
United States Unit
Tuesday's final issue of impor¬
tance consisted of $4,450,000 Bes;ton, Mass. various purpose (1962-
bonds which were won by
Boston
Corp.
groip.
Scaled
to
yield from 1.75%
to
1981)
First
the
3.60%
today's
unsold
baianee
$2,600,000.
|
'
-
obtained in any State in which this announceunderwriters, including Jhe
lawfully offer the securities in such State.
Copies of the Prospectus may be
.
ment is
is
circulated from only such of the
undersigned,
as may
—
.
Week's Larges; Transaction ;
'
On
Oct.
Wednesday,
the
25,
-largest issue of the week, $40,000,000 Commonwea th of Kentucky
Bear, Stearns & Co.
V
•
;
(1963-1990)
bonds',
were
eagerly
fGr, with The-;First National
City Bank of New York, Elyth- &r:
Co.. and Chemical Bank and Ne\y
bid
York
I
Trust
Co.
jin 19c3
was
high
the
group
bidder. Scaled to yield from
1.75%
to 3,50% in 1989 the issue
in
good
demand
with
a
;
one-tenth oI one
percent ccupon
and was not reoffered.
"f
A
group
managed
jointly
Texas
various
C
Incorporated
•
-
Hayden, Stone & Co.
'•
Dempsey-Tegeler & Co., Inc.
Bache & Co.
Allyn and Company
J. Barth £ Co.
—
^
•/
•.
V
^
'
;
Ladenburg, Thalmann & Co.
:
-
Wertheim & Co.
First California Company
*
Incorporated
Schwabacher & Co.
Walston & Co., Inc.
Hirsch & Co.
J. A. Hogle & Co.
purpose
H. Hentz & Co.
Burnham and Company
Lester, Ryons & Co.
Johnston, Lemon & Co.
by
Smith, Earn.ey^ & Co., Harriman
Ripley & Co. and The First Eoston
Corp.
were
the
successful
bidder
for
$8,455,000
City
of
Houston,
A
Eastman Dillon, Union Securities & Co.
Hemphill, Noyes & Co.
the
[present balance estimated at $2 ,~
000,000. The 1990 maturity carried
1
Lehman Brothers
>
Piper, Jaffray & Hopwood
.
October 26, 1961
...
•
McDonnell & Co.
Incorporated
StroudIncorporated
& Company
f
8
(1780)
The Commercial and Financial Chronicle
Anchor
DEALER-BROKER
Hocking Glass—Survey-
Shields
&
Company,
Wall
44
Hope
17, Calif.
Street,
Products
Badger
Northland,
—Miller
&
East
Macon
Wis.
IT
UNDERSTOOD
IS
THAT
INTERESTED
SEND
TO
THE
FIRMS
PARTIES
MENTIONED
THE
WILL
FOLLOWING
BE
Also
randum
PLEASED
LITERATURE:
Inc.—Report
Street, Milwaukee 2,
available
is
memo¬
a
Frock
Carreau
Company, 115 Broad¬
York 6, N. Y.
Also
&
New
available
David
Industry—Analysis-
Babson
L.
Incorporated,
Boston
and
89
Company,
Street,
Broad
10, Mass.
Beryllium
'
v
Industry—R
discussions
ment
of
the
Industry,
Register
Co.
Japanese
National
(Japan)
Ce¬
Cash
Ltd.,
and
Meiji Milk Products Co. Ltd.
j
e p o r
t—
Japanese Stocks
Troster, Singer & Co., 74 Trinity
Place, New York 6, N. Y.- With
particular reference to Beryllium
investment,
Corp., Brush Beryllium Company,
v
Standard
Beryllium
Resources
eral
Corp.,
Fed¬
Corp., and United
Industries.
Technical
points for
investors
York
Third
when it pays to pay them—Wins-
New
Bissell
Cleveland
&
Commerce
Company,
Union
Cleveland
Building,
Oil—Discussion
ticular
leum,
reference
Murphy
Western
W.
available
&
Gas
and
Company—
Co.,
14
Wall
5, N.
data
are
Chemical
par¬
Petro¬
Corporation
&
New York
Street,
with
Belco
to
Natural
Hutton
E.
York
Y.
Also
U.
on
Corp.,
S. Borax
Green
Shoe
Manufacturing
struction
&
Co.,
Utah
Con¬
Mining Co., P. Loril-
lard
Co.,
Cook
Coffee
Norfolk
Co.,
&
Western,
American
and
Over-the-Counter Index
showing
between
son
Averages
and
alysis
political
of
conditions
in
Review—An¬
and
economic
Europe—Eurofund,
Inc., 14 Wall Street, New York 5,
New
Averages,
market
Bureau,
Income
Securities
—
Bul¬
letin—Paine, Webber, Jackson &
Curtis,
25
Broad
Street,
New
York 4, N. Y. Also available are
Books, Inc., New
Electric
System,
and
Magnavox.
England
Gold
Stocks—Bulletin
on
issues
which
appear
attractive—Boenning & Co., Alison Building, Phil¬
adelphia 3, Pa.
International
letter
Indicators—N
.
lected International
West
N.
Y.
42nd
Street,
Indicators, 11
New
York
17,
(on subscription).
Japanese
Electronics
Analysis—Nomura
Ltd., 61
stocks
used
in
Bureau
Inc.,
Railroads
Vilas
New
over
Front
46
Mergers—R
Hickey, 26
York 4, N. Y.
Age
&
is
a
and
23-
a
Street,
Stocks
i
e v
e w—
Broadway,
Metal s—Bulletin—
Industry —
Securities Co.,
Broadway, New York 6,
N. Y.
Co., Inc., 74 Wall St.,
5, N. Y. Also available
for
Tax
Switching
available
data
are
Re¬
—
Inc., 1
N. Y.
Air
on
List
Publishing
;;:v:
Vegetable
Oils—Discussion
in
er"—Merrill
Lynch,
Pierce, FenIncorporated,
70
Smith
Pine
Street,
New
Also
in
same
the
York
5,
issue
N.
are
Y.
dis¬
Co.,
Unilever,
Review—YaCo.
of
Calif.
New
Ill Broadway, New
York 6, N. Y.
Also available are
Union
Califor¬
Carbide,
Barry
Wright Corp., Toledo Scale Corp.,
Tampax, Inc., Greyhound Corp.,
Stanley Works.
*
*
Inc.—R
&
Street,
t i
n—
Allen
Mercantile
las
%
e v
Cetron
Electronic—Memorandum
—Leason
& Co., Inc.,
39 South
Street, Chicago 3, 111.
Salle
1, Texas.
Handmacher-Vogel,
I
n
c.—Anal¬
ysis—Butcher & Sherrerd, 1500
Walnut Street, Philadelphia 2, Pa.
Properties
Inc.—Analysis
Corp.
and
Co.
Smith, Hague & Co.,* Penobscot
Building, Detroit 26, Mich.
Co., Incorpo¬
Park.. Avenue, New
Analysis—Evans &
300
22, N. Y.
rated,
York
York
Securities
Corpora¬
tion, Ltd., 244 St. James Street,
West, Montreal 1, Que., Canada.
available
Also
i
e
w—L.
F.
Co.
Accident
&
In¬
Clark,
Phila¬
& E. W.
Walnut Street,
delphia 2, Pa.
John
American—Memorandum
Rapid'
—Divine
Pacific
Sierra
Co., Inc., 155 SanStreet,
San
Francisco 4,
Calif.
^V^■■
York 5,
&
32
Lamson
Can—Review—
dum—
Stop
Hemphill,
&
115
Herrick
Also
.available
Pennsylvania
reviews
are
Railroad
and
of
See-
Brothers.
Dor
Allyn & Co.,
122 South La Salle
Street, Chicago 3, 111. Also avail¬
able
is
memorandum
a
Co., 15 Westminster
Max
&
Street, Providence 3, R. I.
Wall
Co.—Analytical
Brochure—Blyth
Corporation—Analysis---
Co.,
&
y* \*.
Parker & Redpath,
Broadway, New York 4, N. Y.
reviews
are
Julius Garfinckel &
St.
Oil
and
Regis Paper.
Dynamic
Cable
analysis
V
,
May
Department
randum—E.
Systems—Report
-"Y'Yv
Jolla,' Calif.
Y.
Tennessee
Emery
Air
Freight
alysis—Cooley
Ennis
v
M.
Pine
review
Stores Corp.
Business
Forms,
Broadway,
Also
New
available
is
York
a
6,
report
&
York
Co.,
5,
Also
N.
72
Pharmacal
Norwich
80
Y.
United
on
emphasis on International
and Rayonier.
Paper
Y.
available
are
reviews
of
Giant Food Inc. and New England
Gas & Electric Association.
&
New York
is
a
tional
Co.,
a
m
e
Wall Street,
Also available
memorandum
Interna¬
on
Cablevision.
&
Inc.—Analysis—Adams
120
Broadway,
American
Sulphur—M
Peck,
Pan
randum—Robert
First
National
Paul
J.
Levy
Bank
Construction
Utah
and
Mining
Company—Analysis—Brush, Slocumb & Co., Inc., 465 California
F.
Co.—Review—
Woolworth
W.
Vanden
Broeck, Lieber & Co., 125
Maiden Lane, New York 38, N. Y.
available
Also
reviews
are
of
Gray Drug Stores, Monarch Mark¬
ing System Company and Banner
'Y"YY"*'"
Industries.
Hi riori f»p
f
.fkTYl BQ "H V
1 AAAWA VV A^UllApailJ
New
e m o-
&
Co.,
Building,
Merger—
Analysis—Draper Dobie
Com¬
&
Blvd., Hawthorne, Calif.,
organized in 1959 for the
was
of acquiring all the out¬
standing stock of Hawthorne Sav¬
purpose
ings
ance
Association.
The
an insur¬
Loan
&
also
company
operates
Inc.—Memoran¬
Hardeman,
&
Co., 30 Broad
Street, New York 4, N. Y.
Railroad
Company
other
in
making
insurance
and acts
rowers
deeds
trust
assists
which
agency
association
dum—Andresen
Pennsylvania
Falconbridge-Ventures
37th
76-11
Avenue, Jackson Heights, N. Y.
s
37
5, N. Y.
d y—Butler,
thorne
Panacolor
York.
Com¬
Co.,
5, N.
York
Estron—Memorandum—J
Anthony
u
Marshall,
Gas Transmission.
Chicago 3, 111.
Corporation—
&
ing shares of $1 par capital stock
at $16.75 per share is being made
by Crowell, Weedon & Co., Los
Angeles. Proceeds will go to the
selling stockholder.
:
v
The company of 305 South Haw¬
Inc.—An¬
&
data
are
Shop—-S t
&
Public offering of 33,117 outstand¬
Telephone
Street, New
Street,
Company—
Guerin & Turner,
Ericsson
Also available
65
Company, 100
Hartford 4, Conn.
a
Pine
80
Analysis—Hill, Darlington &
Grimm, 2 Broadway, New York
of ;Vir-, 4, N. Y.
Also available is a re¬
view of the Paper industry with
;
Corp.—An¬
&
Street,
Inc.,
New York 5, N. Y.
:
Inc., Fidelity Union Tower, Dallas,
I, Texas.
L.
^
&
on
Calif.,
La
-
Dry dock—Report—Fahnestock
Co.,
Angeles 6,
:
&
N.
Los
ComrJ'
Shipbuilding
News
Newport
--Taylor,
Bergen, Lynn & Lee,
West
Olympic
Boulevard,
&
Girardr Avenue,
7616
pany,
Stores—Memo¬
Hutton
F.
of
Co. and Kerr
chart
a
14
*. w vyo-t
*
_
Auchincloss,
Inc.,
Street, New York 5, N. Y.
•
available
C.
W.
J.
Street, San Francisco 4, Calif.
Factor
Dover
2
H.
on
Bohack.
r-Oliver—.Memorandum—G.
&
C.
Inc.—Analysis—A.
—
Corp.—Bulletin—Samuel Weiss &
Associates
Burns, Nordeman & Co.,
Broadway, New York 6, N. Y.
;
N. Y.
Broadway, New York 4, N. Y.
Sessions—^ Memoran¬
Memorandum
Specialty Electronics Development
Stern
Incorporated,
—
Sparks & Co., 120 Broadway, New
port—Fund Planning, Inc., 15 East
40th Street, New York 16, N. Y.
Co.,
Power—Memoran-
&
rum—Birr
Illinois.
d,
Inc.—Report—H.
Incorporated, 10
Square,
Boston 9,
.Office
Podesta & Co., 209
South La Salle Street, Chicago 4,
a r r u
' •"':
y•
•
Schering
M
Chicago 3,
Mass.
Components Specialties, Inc.—Re¬
Co., 8 Han¬
Street, New York 4, N. Y.
134
Fishman, -Inc.,
Airlines
Riddle
H.
Noyes
>
Illinois..
some
v:{YYV,
Morrell—Memorandum—
&
&
South La Salle Street,
Memorandum—
-—
Battles
1401
New
Broadway,
2
L. Robbins & Co.
Life
surance
Inc.,
memorandum
Co.,
4, N. Y.
I n c.—Report—Edward
Technical.
Hentz
House—Report—G ood-
&
Post
Interstate
Janney,
a
Co.
Fraser
on
is
America—
of
Corporation
Radio
New
dum—Royal
Co.—Memorandum—
Prophet
body
Industrial Acceptance—Memoran¬
St. Louis
Street,
Olive
Inc., 522
1, Mo.
Random
,
America—Memo¬
& Co.,
of
randum— Fusz-Schmelzle
Co., 50 Broadway, New/York *4,
.
326
Potash
—Eisele & King, Libaire, Stout &
York.
R e p o r t—
—
Company,
Street, Cincinnati 2, Ohio.
Jouet,
pany—Data—Stearns
Co., 120 Broadway,
New
Company, Inc.,
Building, Dal¬
&
Bank
Cruttenden,
v':-.;
alysis—Eppler,
Wall
e
Company, 5455 WilBoulevard, Los Angeles 36,
shire
La
11
u
&
Jose,
Analysis—H.
Securities
Electronics—B
ginia Dare
Cement
Inc.,
Casa
Adams
Company, National Can
Corp., First National Bank of San
Ink
American
York,
p.—Analysis—Hardy
Co., 30 Broad Street, New York
4, N. Y.
&
facturing
5, N. Y.
Broadway,
Wall
Cor
Also available is
New York
maichi
Carrier
Pearl
Aldens,
Sulphur—Memorandum—
1830
current issue of "Investor's Read¬
nia
&
Co., 52
Street, New York 5, N. Y.
of
Co,
&
Corp.—Analysis—
Rothschild
McGee
ner
:
Cascade
H.
Inc.—Analysis
Inc., 350 First
St. Petersburg,
,
North,
Florida.
Boise
Investors,
Blue
Hough,
Avenue,
Also
Securities Co., Ltd., 149
New York 6, N. Y.
—
&
Amphenol-Borg Elec¬
tronics Corp., Electro Science
Products,
Japanese Market—Survey—Daiwa
Market
Bevis Shell Homes,
—Beil
H. Walker
Heli-Coil.
on
view—A. M. Kidder & Co.,
Wall Street, New York
Rothschild
Japanese
Frocks—Report—PurCo., 50 Broadway, New
4, N. Y.
&
man
memorandum
-
*
York
L.
Corporation,
Building, Atlanta
Gulf
Income
over
&
Space
3, Ga.
Federal
Inc.—Analysis
Polychrome
Walnut
Continental
yield
to
as
National Quotation
—
Silex.
cussions of Allis-Chalmers Manu¬
e w s-
reporting basic and trend
for 63 countries—Se¬
indicators
over-the-
Quotation
both
Pocket
on
35
New York 4, N. Y.
Also
data
Dow-J ones
performance
period
industrial
5,
York.
Fixed
the
National
year
the
industrial
counter
the
in
Foldei
compari¬
listed
the
used
New,York
Monthly
Ten
on
—
up-to-date
an
Walston
Cyanamid.
Eurofund
Stocks—
Bank
Statistics
City Banks — Laird,
Meeds, 120 Broadway,
N. Y.
&
stocks
14, Ohio.
Crude
and
New York 5,
Banks—Memorandum
—McDonald
City
Quarter
low, Cohu & Stetson, Inc.,
Broadway, New York 4, N. Y.
26
traders
The Nikko Securities
—
Ltd., Tokyo, Japan — New
York office 25 Broad Street, New
York 4, N. Y.
New
Capital Gains Tax—Discussion of
stock
essen¬
Ferro
Berkshire
cell
Co.,
tial
containing 20
of
Corp., Kayser Roth, and Proctor-
/
Handbook for
—
s—Analysis—
analyses
are
Fulton
Angeles
Brown,
Parker-Hannafin.
on
Berkshire
way,
Automobile
Los
Securities
—Loewi
AND RECOMMENDATIONS
Glasrock
Co., Incorporated, 225
Thursday, October 26, 1961
.
Westheimer
South
Street, New York 5, N. Y.
INVESTMENT LITERATURE
.
.
available
as
a
the
fire
and
to
bor¬
trustee under
securing
loans
made
by the association.
—Analysis—John H. Lewis & Co.,
63 Wall
Street, New York 5, N. Y.
Ltd., 25
Adelaide Street,
West Toronto, Ont., Canada.
pany
Firm Trad! ng Markets in
Famous
Artists
Memorandum—C
Potoma
operating
utilities
transmission
production
& distributing
companies
Ferro
I
e
p o r
t—
&
McKinnon, 2 Broad¬
New York 4, N. Y.
Fiat Metal Manufacturing Co. Inc.
—R
e p o r
t—Dempsey-Tegeler &
Co., Inc.,:jT000 Locust Street, St.
Louis 1, Mo.
;
Fischbach
&
Moore—Report—Ira
Haupt & Co., Ill Broadway, New
York 6, N. Y. ' '
Gamble
Your orders and inquiries
invited.
Williston
R.
Members New York
Security Dealers Association
Trinity Place, New York 6, N. Y.
HAnover 2-2400
Teletype NY 1-376; 377; 378
Battery
Memorandum
Beane,
2
&
Cerami
,
|
for
SMALL DEALERS
L-E-T-S
C U T
small
or
You
firm.
medium+size
Street
clarity and
edi¬
torial organization.
If you feel I can,
help you win new business, pleaseWrite. All communications will be kept
O-U-R
confidence.
in
;
•
;-Y,
B-x
;
The Commercial
O-V-E-R-H-E-A-D
Wall
the situations.. I'll
suggest
readability,
supply
25
Park
&
Financial Chronicle
Place, New York 7, N.'Yi; 1
PROFESSIONAL FUND
FOR
Position Wanted-Female
—
t
MERGER
PROPOSAL
Motors—Memorandum-
Dreyfus & Co., 2 Broadway, New
York 4, N. Y.
Genisco
MAN OPEN
c—
Hopper,
Soliday
& Co., 1420 Walnut Street, Phila¬
delphia 2, Pa.
General
74
&
Broadway, New York 4, N. Y. Y
General
Troster, Singer & Co.
ATTENTION
Experienced New York financial writer,
now
handling responsible job in news
and interpretation, seeks to work out
a
part-time arrangement to produce
weekly or fortnightly market letter
Skogmo,Inc.—Analysis
—J.
are
NEED A MARKET LETTER?
n c.—
e
Corporation—R
Thomson
way,
t
r, Berlind,
Weill, 37 WalL Street,
5, N. Y.
&
New York
natural gas
Schools
a r
I
n
c.—Analytical
Bro¬
chure—Lester, Ryons.& Co., 623
Bookkeeper
mercial
25
GR 3-1921
-
legal
experience. Box
&
Park
N.Y.
-
-
diversified
1012
R,
Com¬
Financial Chronicle,
Place,: New
"V;
York
7,
Volume
Number 6102
194
.
.
The Commercial and Financial Chronicle
.
(1781)
9
•v
Co.) have just been acquired and
out the corporate picture.
Botany Industries, Inc.
In
has
esees
the stage for $90 million in sales in 1961
The
and new vistas of profit¬
tries, Inc., is
thing. ,Here's
at
an
started
out
woolen
baskers
Indus¬
splendored
enterprise that
Botany
sun
many
a
textile
72
years
.
manufacturing and mer¬
chandising operations, presenting
attractive potentials for expand¬
ed earning power.,
v;
•
•
:
the
illustrate
of
of
items benefit from sleek advertis¬
varied
To
line
"Rolley *
swank
ing in such media as Sports Illus¬
trated, Glamour, > Photoplay and
Playboy.
panies engaged in extensive and
:
a
from
a
as
forward
mo¬
Glenoit
the
.Mills, Inc.,
tradition,
carries
in
textile
ultra-modern
it moved into
new
plant
whence it
at
but
manner.
Last
holders
Gordin
divisions that
now make up
the corporate pan¬
orama
at Botany, the biggest is
H. Daroff & Sons, renowned Phil¬
adelphia clothing manufacturer
grossing over $60 million annually,
the
Of
and
company
maker
widely
the
of
adver¬
"Botany \500,"
"Gort-McLeed" and "Worsted-Tex" brands.
tised
produces over one million
units
(suits, slacks, sport coats,
overcoats and topcoats) annually
Daroff
through
sold;
over
2,400
retail
While ;
year
specially designed
in Tarboro, N. ,C. from
turns out Glenora, fur¬
fabrics / for
women's
fabrics for men's, boys',
and infants' wear; and
'
Unit
•
System
produces
tailor-made machinery for cotton
textile plants. Its cotton ginning
machine, introduced in 1959, in¬
cludes important advances in de¬
sign. The Gordin Gin (not to be
confused
with ' the
beverage of
similar name) has a 16 inch saw
incorporated in its construction,
world.
officially acquired Jan. 3, 1961.
ducer of prefabricated homes (and
its affiliate, Alleghany Mortgage
Retail
Stores
total
59
patents.
49 % inter¬
bees
there
make
As
'
a
rise
:
of
these
divisions
Lincoln
V:
Homes,
■
a
■
major
By A. B. A.
Bureau
Bankers
book
to
Vice
.
58c
,
Miss Wimett
(10) in New York
Weber & Heilbroner
in New
York; Harris &
Frank (25) in California; Pauson's
in San Francisco; Greenfield's (3)
70c this year, the
Premier shares and,
A.B.A. News
Bureau' staff
the
eagerness and competence of
management lend definite attrac¬
tion to this equity;
'
com¬
as secretary In
! April of 1946.
; When . you
compare
Botany
with a spate of shares selling be¬
•
ated from; the
low;; 10,
sheets,
ings,
with
meager or
and
from
mythical
to
University
a
earn-*
incompetent,
B.S.
in commerce
Ruth S. Wimett
you
and economics
million
(over $7
a
share) against
earnings (21) instead of its
only $900,000 when new manage¬
ment
came
on
the
in
scene
Management
stock
common
done
has
III, president; Raymond Cole, vice
president;
of Botany In¬
Inc., has
Fla.—Thomas
corporate
to engage
Officers
ident;
in
been
Form New Horizons
formed with
a
Vernon
F.
Hollywood; caiif—New Hor^
zons, Inc., is engaging in a secur¬
Raedisch, vice ities business from offices at 78Q5
pres¬
Sunset
and George E. Tomp¬
treasurer;
(Special to The Financial Chronicle)
r
securities business.
Jerry Thomas,
are
president;
and
I.
Boulevard.
William G.
Thomas,
C. Robert Moone,
and
Inc.
-
Jerry Thomas & Co.,
•
.
■
Ann
treasurer.
' ;
Officers
This announcement is neither
an
The
ofjer to sell, nor a solicitation of offers to buy,
offering is made only by the Prospectus,
any
Stone,
.
vice president;
secretary
.
of these securities.
1
$20,000,000
Botany; plan is for each
Baltimore
The
October 26, 1961
New Issue
Luggage
Com¬
is famous for its "Lady Bal¬
timore" matching women's hand
and wardrobe luggage, and over¬
night and week-end cases. Finely
designed travel luggage is smart¬
ly promoted through an advertis¬
ing
program
featuring
famous
movie personalities.
\
Keystone Steel & Wire Company
pany
4V2% Convertible Subordinated Debentures, due October 1,1981
Price 101.50%
Botany Cottons, Inc., is a large
'
scale manufacturer of combed and
''
i
*
I.,
1
i
' t
.
'
.
Plus accrued interest from October 1,1961
Even though last
year was a dreary one in textiles
generally, Botany Cottons oper*
carded
yarns.
ated
profitably.
Its future * is
by the introduction,
a resin treated fabric
for knit goo^s, and by a modern¬
ization program- under way for
brightened
in I960, of
over
In
but
2% years.
a
Copies of the Prospectus may be obtained in any State in which this an¬
is circulatedfrom only such of the underwriters as may legally
offer these securities in compliance with the securities laws of such State,
nouncement
.
field unrelated to textiles,
still
in
the
field
of human
adornment, is the Richelieu Jew¬
elry
Company
scored
a
sales
division
success
which
with "Pop-
pit" necklaces and, more recently
with "Perle de Mer" a simulated
pearl hardly distinguishable from
the cultured pearls from sophis¬
ticated
oysters.
Richelieu is a
money maker designed to prosper
in an "affluent society."
product field
attractive entry in
the Rolley Company. This divi¬
sion is prospering from its Sea &
Ski sqntan lotions, and its'newer
Tanfastic IR-9 (which also retoels
insects) and Tansation Plus, an
instant tanning Cream.. For vsun
In
the
"instant"
Botany has
Hornblower & Weeks
Blyth & Co., Inc.
-j Eastman Dillon, Union Securities & Co.
The First Boston Corporation
Kidder, Peabody & Co.
Lehman Brothers
|
Incorporated
Paine, Webber, Jackson & Curtis
Incorporated
Smith, Barney & Co.
Incorporated
Wertheim & Co.
White, Weld & Co.
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith
J
an
Glore, Forgan & Co.
Stone & Webster Securities Corporation
.
Dean Witter & Co.
A. C. Allyn and Company
-Incorporated'
Dominick & Dominick
Hemphill, Noyes & Co.
F. S. Moseley & Co.
are
Brangham, president*
ciated with
improvement that has been taking
Sturgill,
&
secretary. All were formerly asso¬
little to
very
reflect the broad spread
BEACH,
offices at 305 South County Road
kins,
A,
Holley, Jr., chairman of the board.
PALM
Co.,
Kenneth
secretary-treasurer; and Robert P.
Thomas & Co. Inc.
This
dustries
pres¬
uninflated quotation of 8.
ent
1955.
St.
Ohio; The
of
with
degree
•
(12)
regional store to preserve its own
identity,, but to benefit from the
.efficiencies of uniform accounting,
procedures and consolidated oper¬
ations wherever possible.'
'
.'i, t
gradu¬
; Vermont
balance
•
managements .ranging1
erratic
ac¬
sleazy
,
She
Broadstreet's
Louis; William H. Wanamaker
(2)' Philadelphia;
Kauimann's,
Charleston, West Virginia and R.
J. Baker Company (5) in Toledo,
the
joined
retail outlets from coast to coast:
and Chicago;
P.resi^
Walker.
in
above
of
-
dent Charls E.
steady
.earnings:
from
American
Executive
have
The
value,
rise
The
however,
seems
merit.
should
to
,
of
Association, according to
k
in 1939. After
can see much logic in
preferring
quired because of a profit poten¬
teaching four years at Poultney
Botany;
v '
tial.
Aggressive and
intelligent
Ahead lies a change in fiscal High School in Poultney, Vt., she
management "has been deployed
served in the WAVES from 1943
to see that these profits material¬ year to end June 30, the prob¬
to 1946 with the rank of Lieuten¬
ize. ■"
'■
V;; : ability of larger earnings next
ant (jg).
'
.
year, and the prospect of listing
Progress along this line has
Botany shares on the New York
been significant. Debt reduction
Form Stonewall Funds
Stock Exchange and the broader
has proceeded rapidly and longmarket following that would sug¬
term debt was reduced by $18.6
HUNTINGTON, W.- Va.—Stone¬
gest. If Botany were only a space
million in 1959 alone. Net worth,
wall Funds, Inc., has been formed
age stock instead of a modified
on
a
with offices at 624 Eighth Street*
pro,, forma
basis at the
1960 year-end,
was
about - $27.1 textile, it would sell at 30 times Officers are Latelle M. Follette
the
pro¬
in
1960
but
was
speculation,
r
common
which
makes
cotton
gins,
builds prefab homes or. sells suntan lotions, there is an overall
corporate purpose that is quite
well defined — making money.
Each
Wimett Named
"
considerable
that
pany
a
spin-off
seem
slight connection between
the
where
logical appeal to buyers
no
Botany
announcd.
may
in
for income.
imaginative and effective
management team is headed by
Mr. A. M. Sonnabend, Chairman
of
Botany Industries,
Inc. and
creating a major increase in mill President of Hotel Corporation of
capacity. (Heretofore the largest America* Mr. Michael Daroff, dis¬
saw was 12 inches.) The 140-saw
tinguished! clpthing- manufacturer
stand developed for tbe Gordin
and merchaM*. i$ President.
Gin is the biggest staiid: in the
So far it might be said that
outlets, including an owned group
of
stores, now operated under
Botany Retail Stores. Daroff was
Botany
a
Design for Profit
an
a
seas.
Divisions
has
on
Botany, consider the fact like
pile
£ that; the company, in 1955, had
wear; pile
gross operating revenues of $14,- children's
of for industrial use, rugs and car¬
895,000 and showed a loss
$12.59 a share on its common pets. Glenoit not only does a big
stock. They should be around $90
in the United States,,
business
million this year with earnings of
but is expanding its sales abroad,
approximately 70c a share on the
particularly in Canada, England
3,815,576
common
shares' now and West Germany. *
outstanding.
This
is
indeed
a
dramatic
change
in
corporate / The Moss-Gordin Lint Cleaner
fortunes—a manifold increase in Company provides devices which
clean the lint in cotton ginning
gross revenues and conversion 'of
dismal losses into substantial and operations. These are in expand¬
ing demand in America and overrising net profits.
.
'
<
Ten Company
owns
company
trade
Market
ends have been paid since 1950
and, under existing loan agree¬
Ruth S. Wimett has been named
ments, no cash dividends may be assistant
to the director of the
paid until 1963.
So these shares
News
fabric
Industries, itself a
holding company for 14 diversi¬
fied corporate enterprises.
Pre¬
mier should show $2.5 million in
earnings for 1961.. .It grossed $17
million and netted $1.9 million
last year. A spin-off Of Premier
Industries stock to Botany share¬
France." All of these solar-slanted
become, in the past six years, a
well managed complex of 10 com¬
tion
there's
glasses
and has
ago
company
,
est in Premier
ability in future years.
Diversification
its
under
shares
have ranged between 1956
and today from 3 to 8%. No divid¬
addition Botany Industries
10 companies who are licen-
Corporate diversification, designed and developed by Botany, sets
The
Over-the-Counter
they
4
Other Interests
By Dr. Ira U. Cobleigh, Enterprise Economist
,
place.
round
Reynolds & Co., Inc.
-
and
<
I
The Commercial and Financial
(1782)
10
timing,
Technical Complications
'
Becloud Market Outlook
By James F. Hughes,* Auchincloss, Parker & Redpath,
York City
New
in
marker by
attempt to
months.
the
,
the concept of a
based
clines
.</;
,
-HoW
old New Era stock market. He finds /
disquieting and notes that at present the breath-price '
'
:
has
y !
of
have
been
index
the
and
performance
of
the
stock market, as reflected in the
Dow-Jcnes industrial average, has
technical
However,
re¬
action
cent
has
utility,
ages
by
accom¬
War
index
related
as
the
based
the
average.
historical
on
the
stock
trends
the
favor
to
Hughes
Further¬
4,
the
during World
Korean
War.
As
the record hold¬
1961,
bought
probabilities
to
banking
viewpoint that
should ad¬
outright
by
the
12
Reserve Banks amounted
Federal
$27,932,000,000. [Ed. Note: They
reached $28,276,000,000 on Oct. 11
and declined to $27,983,000,000 on
Oct.
highs.
new
and
18,
1961.]
On the basis of the
relationship
since 1919 between the. investment
Fank
Investments
Peace-Time
at
High
holdings of
reporting
member
weekly
banks
as
of Sept. 27
amounted to
of the
account
banks
investment
Total
the
ties
and
average
II
Oct.
and
reporting member
Dow-Jones
the
trial average there
for
expecting
stock
market.
indus¬
is justification
the
Certainly the his¬
new
highs
that
in
$46,180,000,000.
torical
tion of the
1944
to
dominated
by
investment
record
financing, the
war
holdings
peace-time
reached
high. The
a
net
shows
record
every
beyond the peak of indus¬
Mar 1937
trial'
produce
1948
Apr-1956
!
the
industrial
cataclysm
1961?
there
1960
would
never
•
This
past
be
-
another
sion, and gave control over stock
market margins
to the Federal
Reserve
Board.
The
fascinating
result has
been that .instead
of
-
of
New
Era
excited
-
peak in two years
speculation,
market
.
mentioned the reasons there have been seven- years of
justify the projec¬ hydra-headed speculation and no
tion of new highs in the industrial assurance that the end is in sight.
average I would like to consider. ,■
Industrial Production and
some of the uncertain aspects con¬
nected with the longer-range out¬ •yyy 1 y/1 Market Trends y'/yyVy
look for the market/- •
The new all-time high reached
':;m
; > First,I / don't
like a New Era during July by the Federal Re¬
Having
that
I
believe
.
thi$ month-* serve BoarcPs index; of. industrial
becomes seven years old. jln this V production has been generally re¬
connection I wish to. emphasize" garded as indicating the Rrnbathe fact that
I
do not use, the bility'-.b'f^^'Cbhtinded advance in
stock
market
that, in
-New
prices running well
Era rating is earned only when. .into 1962. However, there is an
a representative stock market av¬
important technical problem con¬
nected with the assumption that
erage reaches higher levels than
a
it ever previously attained. This
new high in industrial produc¬
means that in October, 1954. when
tion will be followed by' a sus¬
the Dow-Jones industrial average
tained major, advance in the stock
Era
New
term
loosely.
A
average stock
.
exceeded its
at
September, 1929 high
381, this great nation was faced
with
the
New
Era
problem
of
market
stock
1830s.
The
«
.
sixth
the
since
the
,
market.
.
,
j
V
an
offer to self
solicitation of an offer to buy these
the
securities.
in
stock
May,
price
is not
as
favorable
as
it
was
when
highs for industrial produc¬
recorded in -April,. 1950,
tion
market
1835
were
reached
while
,mvs
high
a
business
ac¬
tivity did not reach its peak until
highs from, their
Aprty, 1955
ytn
however,
duction
industrial pro¬
reached new record highs
advanced
also
the
..
.
an
offer to sell,-nor
a
solicitation of
an
was
new
the
and
Not
index
breadth
harmony
industrial
reached
year
it
May,
the breadth
high for the
the middle of
a
in
also
was
far
below
view
In
of
this
breadth-price
performance there is justification
for questioning the ability of the
market to do
lowing the
as
new
well
it did folT
as
high in industrial
production in April, 1950. At that
time, with breadth and price in
gear,
the average and breadth
continued to advance until Febru¬
1951/ten months beyond the
ary,
record
new
The
from 215 to
After
April,
1953
the
advanced
average
255,
a
net gain of 18%.
production
1955
exceeded
h.ghs
advance
to
make
to
in
Financial
was
attainment of
new all-time
highs
production. From the highest
•closing level in April, 1955 to 430,
in'
industrial
in
513
to
breadth
This
•'
was
a
net gain of
■
•
..
'*•
♦
1956
Capital Stock
Price $ 16.7S Per Share
19% in the
*:
Copies of the Prospectus
may
tion' to reach
new
top V reached
' on
breadth'
that
index
cancelled
highs.
started
all
be ho
10
or
'
/ May
a
of the
corded since January.
11
From d
17.
the
decline
gain ref
There thus
mbriths during
which breadth and price can con¬
tinue to
offer to buy
advance together
any
of this Stock.
October 23,
:"Ijt
National Instrument Laboratories, Inc.
Share
Copies of the Offering Circular may be obtained from the
undersigned only by persons to whom the undersigned may
legally offer these securities under applicable securities laws.
Crowell.Weedon *So Co.
October 25, 1961
'•
present situation breadth
did not wait for industrial produc¬
(Ten Cents Par Value!
be obtained from the undersigned.
'
'
!•
^
y
Price $3 per
the
high.
In the
Capital Stock
-
as
it3
reached
index
.average.,.
advanced
average
March,
100,000 Shares
(Par Value $1,00" Per Share)
new
March,
'
Corporation
con¬
1956.
11 months following the
together
'
..
in
index
its' July,
high, breadth and price
tinued
This
in * production.
peak
industrial
NEW ISSUE
Hawthorne
its
high established in March, 1959."
33,117 Shares
-
pro¬
aver¬
only.,was
down from
The offering is made only by the Offering Circular.
'A
a
index
in
NEW ISSUE
This advertisement is neither
to
Unfortunately;
with the
highs recorded by industrial
can
as
record high levels in
new
The offering is made only by'the Prospectus
NOT A
7
more
a
average
•not
the
present time the breadthrelationship in the; market
new
five
V;'
At the
previous New
Era,
preceded by a high in the
investment holdings of the mem¬ booms, did not average more than, April, 1955 and M!arch, 1950. When
two years of abnormal stock mar-.v the,. FRB
index advanced; to an
ber banks. Unfortunately, for the
ket speculatibn and the first four ■ all-time new high in. April,. 1950,
purpose of accurate stock market
reached their high points well in., the Dow-Jones industrial average
advance of the final peak in gen- ' and .the breadth-mtiex were both
eral business activity. In- the rail-. .w
•+.
KJrtv
road building boom of the 1830s,i in ,2ear;
new
not
;
problem
all-time high.
age.
government created the Se¬
and
Exchange Commis¬
curities
appear
Longer-Range Outlook
•
with
duction
at
a
the
trial
new
stock market boom like 1927-1929
?
•>
'
would
-
•complicated
than in April,
1950,'" April,
1955,: and' March,
1959.'
As
industrial
production
the
-
Oct
was
This announcement is
or
of
1930s. And then to make sure that
Aug 1959
Jan
1959
in July, 1929 . and
combined financial
activity
and
Aug 1956
?, July 1957
Mar 1959
major bull market peak since 1919
With the excep¬
period from December
June
1946,
which was
run
one
ings of U. S. Government securi¬
relationship between
market
industrial
vance
F.
James
to
industrial
more,
the
of
Reserve
Problem
At the present time the market
technical
Federal
-
reached
July 1956
the
levels than they did
in
the•Ayres
"•
Complicated
Technical
panic
is faced
modern' elastic
"'-'V
; v
More
ernment'replaced the old inelastic
Jufl
May 1957
Dec
• *
f
July, 1961, the Dow-Jones indus¬
May 1948
Mar 1956
Aug 1958
I960.-
to
1937
Jan
fact
there
National Banking System with the
1929.
1947
sure
highs, foreshadowing a- series of
important intermediate; reactions
between June, 1959 and October,
New Era Bull market of the 1920s
-Sep
1954
is- the
another
be
never
about
most
me
situation
in order to make
would7.
1919
July 1936
present
and' depression like 1907 the gov¬
S. Government securities.
during the war period,
the total holdings of U. S. Gov¬
ernment securities by the Federal
Reserve
Banks-, reached; higher
panied by im¬
breadth
1907 Panic
interests
What
:y,.;
y
After -y.> ;~
Refarm
from1 their
May,
System. This permitted the great
Nov
Sep
'
act by
reported
aver¬
provement
expansion
weekly increase did
not exceed some of the increases
and
rail
the
>
highs in March, 1959 with
and price
both in gear
during
the
sustained .recovery
breadth
Dow-Jones
191-9
Oct
,
the
in
While
encouraging
recovery
-
$1,285,000,000;
credit
the
into
U.
the
been
-V:f
record
1957 lows. However, a
breadths-price -divergence' devel¬
/ oped following the March, 1959
advance1 until-
Banking
■
that
performance. record
to justify the pro¬
jection of further advance to new
serve
Banks showed an increase
highs in the Dow-Jones industrial
of
$850,400,000
in holdings
of. average. '; "• ■:
t•
as¬
the
of
pect
market's
was
largest weekly in¬
System's holdings
of government securities in more
than ten
years.
As a result of
open market operations, the Re¬
an
•
i
the
indusr
July 1929
1928
Jun
During the week ended Oct.- 4,
the 1 Federal: Reserve- Banks
got
crease
favorable.
unusual
Sept. 27
ended
week
the
.for
in
Era
1S06 while business
to
/v
•
New
by exceeding the July„ 1953 peak,
and price advanced to¬
gether to all-time new highs from
their September, 1953 low points.
Following the business recession
from February, 1957 to April, 1958,
industrial production reached new
breadth
Industrials
Index
Oct
reporting the
too
been
not
'
•
trials established important highs:
*."• May 1919
the
production
fourth
cur
January,
-■■■'-
of. stock
Dow-Jones
Breadth
increase
.
timing
precise
extremely helpful.
of August the
Since the early part
r
>3'"\-V'
helpful' the breadth index
in solving the problem
Investments
Recent Technical Action
in
continued
market tops is shown in the fol¬
lowing table giving the, months in
which
investments, : :the breadth
highs occurred. Thus,
Mr.. Hughes questions the market's ability to do as well as it did fob
lowing; for example, the new industrial production high of April, Hy'..y
1950, but does not deny that government controls and sponsorship, yy \
position as when past industrial production
*
was
y
been
more
Janu¬
of
Era
March, 1882. The high of the stock
of Breadth to
Market -Peaks
New
industrial
for
market
'
.
until
advance
The
•
its
early 1880s saw the stock market
peak in June," 1881 and the high
the
price indexes.
to
1873.
ary,
•1907.
relationship in the market does not provide as favorable a technical
-
continued
de¬
and
:cneck;' against
f Relation
1850s the market ir.ade
connected with this longe-range out¬
of the uncertain aspects
look for the present seven year
•
high in May,-1869 while business
narrow
daily market—in¬
advances
on
"a
as
conventional
-
v
many
cf the
between
the high in bank investments and
the
high
in
stock prices,
Cel.
Ayres in January li>2ck evolved
projection of further advance to new highs in the Dow-Jones indus¬
average." In making this forecast, Mr. Hughes hastens to assess. ; ;y '
much that is
an
May, 1837. In the post-war boom
preceue
differential in time
trial
some
the
In
Thursday, October 26, 1961
invest¬
the
could
high
I "■
banks "appear to justify the
the
in
account
dex
investment holdings account of member
high
ment
predictive value of the Ayres breadth index and the
The stock market
•
the
Chronicle
Troster, Singer & Co.
1961
to
new
Volume
194
Number 6102
I
highs
highs
following
all
'r
■
time
-
.
The Commercial and Financial Chronicle
.
.
(1?83)
'
•
new
give their countries
increase
trial
production. While no posi¬
selling indication has been
given by the breadth-price rela¬
tionship, the technical position is
tive
favorable
as
as
:
/•'
/v\;
*•-.
advanced
levels. :<; is
Bank
record
to
/■'■
:
^
y.-
.
writing,
paradox of inflation and deflation now said'to be inflict-
ihg Britain with fateful consequences, a condition found existing, too,
■■
Investments
in the United States, is
.
Two
in
V:
Eras'-•
Roman
■
and
-
,t: During the New^Era phase' of
the stock market' in the 1920s, the
-
compared to analagdus evento leading to the
investment
holdings
of
.
recovered
from
low in Novem¬
a
ber, 1927 to a high in July, 1929.
From June, 1928 to October, 1929
the- investment account
of the
banks declined- to
member
of
The two swings
$5,418,000,000.
in
investments
bank
New
to
increase
an
045,600,000 - and
$775,000,000.- ; -
.
market
been
member
1-954
October,
to
of
From May,
much more dramatic.
1953
of
of the
accounthas- -
*•
;
'
boom
the 1950'a the manipulation
investment
$1,-
of
-decrease
a
•
stock
the
In
the
during
1927-1929 thus
Era years of
amounted
lbw
a
increased from
bank, investments
$36.3 billion to $46.2 billion a net
gain of $9.9 billion that helped
the industrial average exceed the
1029 New Era peak at 381.
legal
reduced
Board
reserve
1954. The stock
ignored the business re¬
cession as it launched
its sixth
New Era boom that carried the
March,
to
market
in April,
industrial average to 521
the: investment
of
Expansion
account
reversed. in October,
was
that
the low of the recession had been
as
it
reached
in
1954?
became
the
obvious
Between
spring.
October,
1954
and
September,
1957 investments of the reporting
All
the
unions-have
$32.1 billion.
The indus¬
trial average ; between July and
October; in 1957 broke from 520
to 420. in November the Federal
Reserve
announced the first of
four reductions in the rediscount
to
.
By August, 1958 the invest¬
holdings of the reporting
banks had increased $11.4 billion
rate.
ment
-:
if it is
have
sponsorship
been
ex¬
,
.
a
,
.
quantity increased. The result was
a
nonstop inflatioiiary r i s e i n
prices. In industry and wholesale
trade, however, gold by weight
was the medium of payments, and
its volume was declining as a re¬
the
standard
Of
living since
riod of consolidation during which
export
comparable to
postwar years
up.
This would
surpluses,
those
of.
earlier
could
be
built
sult of the adverse trade balance
enable
the
United^ States
with the East and the exhaustion
plenish , the gold reserve
The -spend all that is needed
Of the most important mines.
result
that trade was handi-
was
the
war were to be followed by a pe-
to
re-r
and
on.
to
na¬
SSdto&d*
•S ls
^d,
when thev
.
to- PHILADELPHIA, PS.'--Williamdetferiori G* Hamilton, Jr., President of the
ate.
But any such act would be
condemned by the entire trade
union
ging."
to
be
-
movement
as
"blacklegr
So the steel workers had
.
dismissed
and
-
production
had to be stopped.
tional defense at home and abroad.
-dmi
•
meeting of the Philadelphia &e-
£;S^SL'on
Wedn^day, Nov. 8, at The War-.
wick Hotel, Philadelphia.
Frederick
J.
T.
Drexel & Co. is
f Trade Unionism Run Mad-
Clement
of
in charge of
ar¬
caped by the deflationary effect
Unless and until trade unions in
'
This is only one of the innu¬ rangements.
produced by the inadequacy of
Britain, the United States and merable instances of the length to
the quahtity of gold. The Empireother Western countries can be which trade unionism, run mad
Named Director
was
getting the worst of both made to realize that in the long
worlds. yVyy.y
G.
vH.-..-; \")
AltscHul; a General
run
the. prosperity and, even the
In present-day Britain, too, in*
survival of their countries depends this inter-union scramble does not Partner of tlie investment1 banki?. pn
flation and deflation are running
on
their willingness to moderate result In a moderation ol the
pres,
,
°°\dnf^ S^hs.& Co'
are Jncreastas
their
increase.
The
itself has made
ceptions
been
suit
is
superiority itself is dwindling
rapidly and is certain to
disappear unless the trade unions
ex¬
down
have
about to be conceded
are
or
also in
Government
number of
a
higher 'wages
and
The
private industry.
that
consumer
a
wage
increase of
£2
a
week,
announced.
demand, is.\ '
unsatisfactory rate.
On
the
other
hand, the credit
squeeze does prevent an expan¬
sion of capital investment and in¬
dustries are under-employed, so
that from this point of view defja-;'
tion is running concurrently with
:t
o
•»-
f...' t'U"..
{jiv
October 25, 1961
.
,
514,432 Shares*
*
International Flavors &
•
.
Fragrances Inc.
circumstances of the para¬
The
doxical state
affairs
of
today
are:
different from those of 18 1 ;•
centuries ago.. Nevertheless, the;
lessons of the past should serve as a warning to present-day Britain.
In our days, as during the decline
of the Roman ■ Empire, inflation
stimulates consumer expenditure
quite
to such extent that there is
productive efforts, just
Rome
*
by
address
An
NeW>
the
York
Analysts, Oct.
*
Mr. Hughes before
Society
of- Security
19, 1961, New
York City.
of
a
Common Stock
(par value 50# per share)
pe¬
as
Price $24 Per
era.
^
,
are being offered initially to
employees of the Company at $22.55 per share.
*50,000 of these shares
r
Perhaps .the decline of the RoEmpire could have been
by
vigorous
monetary
and economic policies c u 11 i n g
.
man
Dempsey-Tegeler Adds
(Special to The Financial
Chronicle)
Calif. — Emerald
Daltpn has been added to the staff
of Dempsey-Tegeler &
Co., 623
FULLERTON,
North Harbor
Boulevard. He' was
Powell, Johnson
previously with
& Powell, Inc.
Now With
Morgan
(Special to The Financial
LOS
ANGELES,
Reinman
634
Co.,
is
now
Chronicle)
Calif. — Robert
with Morgan &
Spring
South
Street,
Pacific Coast
Stock Exchange. Mr. Reinman has
recently been with Morris Cohon
& Co. and Raymond Moore & Co.
members
of
the
the
circuses
idle
or
of
volume
bread
the
semi-idle population of the
no
are
indications that
pursued it effectively.
those
concerned
aWare
of
of
the
allowing
can
fatal
the
Reilly Securities Corp.
Formed in N. Y. City
Securities Corp. has
formed with offices at 39 Broad¬
way, New
Kevin
ald
F.
York City. Officers are
B. Reilly,
secretary;
neryv
presideni; DOnvice president and
Reilly,
and
James
treasurer.
M. Flan-
an
offer
sell
to
nor a
Incorporated
The First Boston
Blyth & Co., Inc.
Dillon, Union Securities & Co.
/
cur¬
proceed
,
Britain
is
fated to decline.
Harriman
Goldman, Sachs & Co.
Nor is Britain alone in this
re¬
spect.
ous
balance
'to'- enable
of
the
international
There is not
the
United
Hornblower & Weeks
.
■
Kidder, Peabody & Co;
Incorporated
*
■
R. W.
Paine, Webber, Jackson & Curtis
Wertheim & Co.
White, Weld & Co.
to
maintain their predominant posi¬
tion in the international
economy.
From times to time disinflation be-
.<
Pressprich & Co.
Dean Witter & Co.
Incorporated
F. Eberstadt & Co.
Hemphill, Noyes & Ccr.
enough left,
States
Ripley & Co.
Incorporated
.
accounts.
Corporation
Glore, Forgan & Co.
-
concurrently
solicitation
Smith, Barney & Co.
Eastman
rents of inflation and deflation to
Current consumption : is
running too high, also, in the
been, [United States, hence the precari¬
Reilly
constitutes neither
to
made
consequences
conflicting
offer
they
Unless all
be
an
;
Metropolis and the volume of pri- {
ental
luxuries imported for the
benefit
of the
wealthy classes.
Wage restraint and dividend re¬
straint in Britain in our days pur- :
sues
that very end.
But so far
there
announcement
buy these securities. The offering is made only by the Pros~
pectus, copies of which may be obtained in any State from such of
the undersigned as may lawfully offer these securities in such State,
of
•
and
among
distributed
Inflicts U.S.A. Toe!
1
This
checked
down
Share
the in¬
during the early centuries
our
-
is hardiy able to compete with tion, Robert J. McKim, Chairman
,an
•
^
foreign rivals, have just asked for of the Board" of .Associated; has
re-
inflated, especially as production
is not increasingj or' is only in- 'T
inflation.
"
i^smte^f the^bffi^ their demands, ttiere is no hope for ^ufe"*fot hi^T' wages' The" ship^ : has been electe^ a Director Qf
'ef^ buiMing:w°rkers, whose industry Associated' Dry Goods Corpora-
adequacy of gold supplies did in
v
.
to
.
ap-
rennial adverse trade balance.: ft
$43.5 billion and in the fol¬
i& true, the gold lost through it is
lowing month the industrial aver¬
by borrowing' abroad,
age broke through the 1956 highs replaced
and was on its way to a second which was impossible 18 centuries
peak at' 685 in the greatest New ago. But the efforts to check the'
Era of them all. It must be con¬ outflow of gold caused by overceded
that
government controls consumption a r e handicapping
and
is
high repiitation for their Sblomonfantastic wage demand like'' wisdom'can*v be * depended
by a few hundred: bricklayers, upon for- awarding', them? half of
whose job is fo keep; the furnaces what they had: asked for. No wonin good: condition.7- Their weekly der t.the Government is less than
through
to
tremely helpful.
do
to
ask for twice the raise they really>
plied on -a more moderate scale
Empire, inflation and dteflatiori than in Britain. i:.>. ;
V \ earnings are at. least twice as high, enthusiastic for allowing such
as friose of the steel
workers, but Santa Clauses free hand,to wreck
had been
running concurrently.;
The dollar would be infinitely
they want even more. As, their the policy of wage' restraint,
The silver denar, used in everystronger,-and so would be Ameriwork does not require skill",
it
'
day payments by the public, was, Cam financial and political influwould be possible for the steel
Pnila. Sees. Ass'n to Hear
progressively debased; an<J its ence in the world, if the rise in
bil¬
member banks declined .$14.1
lion
strikes1 by a small
key men compelled a
particular;-this situation has arisen
.
comes necessary, even
criticized
many thousands of their workers, hope to get; arid'the arbitrators—*
•'In the ; case' of the1 steel' firm' ih4 Some-" of whom have built
up a
•
'
~
,
centuries of the decline of the Roman
creasing at
1956.
'
«...
LONDON, Eng.—During the
re¬
quirements for member banks, in¬
dustrial production was at rec¬
ord highs and proceeded to de¬
cline
idle-capacity as- well aS under-investment,
••
y
t<
x />
" - ;y
•
*
two
of
is
-
In July,
the Federal Reserve
when
1953,
;
governmental policies that permit Over-consumption and encourage
y
the; re¬
porting member banks advanced
from a low of $5,148;000,000 'in
January, 1927 to $'6,193,000,000* in
June, 1928. Industrial production
Empire's decline. Dr. Einzig^ castigates trade union "suicidal"
.rt-A-.'-iiv
-yv
The- Goveriihient
for trying to, set aside arbitration
as a means for settling wage disputes during the period of the
wage restraint.
Yet that system
has become utterly discredited,
leading, automobile concern and a
leading steel concern to dismiss
•
New
.
itself'to absurdity. "At the time of
Panl Einzig
f
number
Concurrent
high
a
..
higher .wages, is rapidly approaching the stage at, which it reduces
occasions when the production in¬
dex
the.output
rter^union* scramble'for higher and
S
previous
oil
chance; to
plus the 40*-hour week. " |ti isf, no
.longer, in. shillings that indfeases
la Britain in particular ther in- are demarided
;but in pounds,
recorded
by the Federal
Reserve Board's index of indus¬
not
11
W. E. Mutton
Co.
Lee
Higginson Corporation
12
The Commercial and Financial Chronicle
(1784)
all
Monetary Discipline in
An
increase
round
and
foreign
in
their
exchange
gold
reserves.
The rise in the general price level
had been mucn less accentuated
Expansionary Era
during 1958 and 1959, holding out
the hope that the postwar infla¬
tion had at last been contained.
By Per Jacobsson,* Managing Director of the International
The improvement in the mone¬
Monetary Fund, Washington, D. C.
the
Panoramic, perceptive appraisal of the world's improving currency
The Fund's manager prefers doing this by
arranging firm borrowing from main industrial countries rather than
vr.
b*
by (1) increasing particular quotas or (2) parting with its gold hold¬
replenish its convertible currencies needs.
ings to
of
movements
the
that
denies
short-term
funds
Dr. Jacobsson
will
the
impair
financing of trade or cause the present "gold-exchange standard" to
'
,
its resources for
stabilization program;
quite
time
the
Monetary Fund. To¬
new mem¬
bers have joined the Fund—Laos,
Scheme
for
Austria
countries
one.
first of June last year.
The
months.
whom
Layton)
and
the
Pro¬
but
shall
we
come
and
increase
new
countries,
Africa,
all
of
as
think
I
fcje glad to wel¬
members^of
it
the
Fund;
indicates
also
a
growing appreciation of the use¬
fessor Charles
fulness
Rist, who had
been asked by
for
Per Jacobsson
of
I
to the conclusion that
economically viable;
but when they made their report
at the League of Nations Head¬
quarters in Geneva there were
those who thought that they had
came
was
Fund
capable
service
uable
Council to report on the economic
position of Austria. These two ex¬
the
consultation
tution
League
Austria
is
of
many
particularly
in
Lay(now Lord
late
it
years
Mr.
Walter
of
to
as
and
of the
more
by
the year since
Meeting. In this
have
only
tions
of
the
the
ac¬
our
year
financial
Fund
even
intense
tivity in
Annual
last
not
opera¬
been
larger
in
optimists."
in other ways.
This
time,
however,
the
optimists proved right. What¬
the
vicissitudes
through
which
this country has
had to
pass, .it has undoubtedly estab¬
lished itself as a proud and inde¬
pendent country, thanks to the
fortitude, resilience, and vitality
of its; people: qualities as deeply
ever
A
in them
those of charm
as
good humor, which
readily apparent.
more
ago,
year
Meeting
per¬
are
was
68 countries
when
our
It
might be of
Annual
however,
which
created
world
the
problems
new
has
had
not
to
face since the start of the Second
Some of these prob¬
World War.
lems
discussed
were
Annual
at
last
our
Meeting, others have de¬
arisen
has
interest to
in
this
situation
new
has not really been justified,
while it lasted it certainly
erted
but
ex¬
disturbing influence.
a
United,
the
the impact of a change in inven¬
tories
once
prices had become
stable, industrial production
declined from the spring of 1960
and
unemployment increased to
the highest percentage since the
end of the war.
In the spring of
year,
tivity
however,
began
to
business
recover
ac¬
that
so
last
of short duration. Even so,
of the situation at the end of 1959
not
and early in 1960.
ternational
Many countries
were, of course, faced with diffi¬
culties, but world economic ac¬
tivity
was
generally
at
a
level,
and showed signs of
creasing.
The adoption of
convertibility by
of European
1958
a
high
in¬
ex¬
number
countries at the end
had clearly been
ful, and there had been
success¬
an
intensified
gave
an
and
almost
was
of
ance
As
setback
proved to have been
it
was
exports
for
i: ■■
are
only SIX
was
interest
rates
in
the
United States declined; and with
boom
rates
and fairly high
ruling in most Eu¬
countries, it was to be
pected that there would be
ropean
ex¬
an
outflow of funds from the United
States.
This
outward
with
coincided
movement
growing
misgiv-
i
•
-
'
A mutual
fund emphasizing
in
.
'
curred
.
pos-
of capital
are
is¬
exchange for blocks of
a mar¬
$10,000. No
federal capital gains tax
exchange
services,
of
all
is
in¬
by investors at the time of
exchange. The exchange is based
on one
Fund share
for each $20.00
of market value of deposited
securities, less exchange fees,
described
copy
in
the
as
Prospectus. A
of the Prospectus
authorized
The Ohio
may
kinds.
STOCK
the
Thus
ex¬
assistance
only
un¬
of
private long-
—
investments abroad
Company, Dealer Man¬
of the Fund.
Deposit period expires November 1,1961
and
of short-term funds.
of
prices
OHIO
COMPANY
investments
Columbus 15, Ohio
world
on
fiscal
pol¬
markets
was
still rising, it was possible to
ex¬
the
To¬
pect that in the individual
coun¬
credit
certain
a
of
amount
expansion would be absorbed
by
but now that the
general price level is more stable,
an expansion of credit beyond the
rising
prices;
current requirements of the econ¬
is likely to be reflected with
omy
little
delay in
the
deficit in the bal¬
a
of payments. In several cases
ance
situation
has
difficult
more
been
rendered
the
by
continued
maintenance of
complex and dis¬
exchange systems.
widespread desire to
criminatory
With
the
establish
or
maintain
orderly
monetary conditions and to sim¬
plify exchange systems, Fund as¬
sistance
has
generally
been
quested
in
support
monetary or exchange
re¬
r
of fiscal,
programs
and the assistance has been given
the form of stand-by arrange¬
in
ments.
In
early months of 1961, the net
income
trade
from
services
and
fact, of the 22 countries
and was sufficient
practically all the longterm private investment abroad at
the current rate, in addition to
government expenditure abroad.
It was in this improving situa¬
had
stand-by
a
ar¬
rangement.
tion
all but three
year,
have entered into
further,
rose
to
cover
early
in
President
made
his
would
be
United
statement
taken
to
the
States
that
steps
price
ident
has
"The
that
never
made
United
of
use
its
word
a
pay¬
when
should
rights
discount rates
in
rope
and
any
great
a
in
framework
Assisted by
policies."
ductions
appropriate,
and will be
within " the
exercised
of Fund
and
determination to avoid
decline in short-term
United States, the
trial countries
imports
this
world
trade
of
level
to
raw
say
and
together
credits
and
from
the
number
a
of
made
was
grate
it
world
the
drawing, of the equivalent of $45
million, was made in six cur¬
francs, deutsche
lire,
Netherlands
guilders, sterling, and U. S. dol¬
lars, and this was the first occasion
on which a drawing was divided
Italian
mark,
among
large
a
rencies
lift he
cies
the
with
immediate
The
rencies—French
and
raise
liberaliza¬
closely
more
in
rencies
increase
trade
economy.
1960,
about
of
designed to strengthen the
Yugoslav economy and to inte¬
their
and Japanese imports
sufficient
not
million,
countries,
program
policy
by
Even such a large
$75
States
1959,
in
20%
sufficient to
was
of
with
increased
about
by
boom
indus¬
most
in Europe, as well
countries
these
strong
in
Compared
Japan.
as
the
continued
drawing
tion
the
helped by
the
substantial
European
re¬
of payments.
The United States trade balance
which
which
particular
available to Yugoslavia in support
of an extensive exchange reform
in Eu¬
the over-all balance
was
of
United
balance
and
and
of
all, I should like to
about
total
with
If
be
stand-by arrangement granted to
Yugoslavia at the end of last year.
meet
ments.
all
Yugoslavia's Arrangement
of
its
features
to
me
First of
A
rates
to
i-Monetary-Fund- to
in
detail
interest.
tional
these
unusual
seem
drawing rights under the Interna¬
deficits
in
financial
operations of the
Fund. I should, however, like to
mention briefly a few which have
of
declared
discuss
to
me
these
clearly be impossible
safeguard the
and that the
gold would be
maintained. In addition, the Pres¬
dollar
would
for
the dollar,
of
value
that
February
the
of
It
be
of
The
the
and
drawing
first
with
strong
positions.
reserve
lire was
made in
of Italian
that
the
cur¬
drawings
the curren¬
on
countries
payments
the
in
used
concentrating
cur¬
with
diversifying
to
of
number
accordance
of
had
been
that currency.
material
prices, which in fact, slightly de¬
clined over the year. Since many
of the less developed countries are
Chile's Earthquake
and
Copper
rroblems
"The
operation
of this
dependent on the export of only
one or two primary products, even
a
relatively moderate decline in
the
with
February
Chile, in
created
prices of these products may
create difficulties in their balance
of
payments, and with only slen¬
der
have
fall
to
reserves
many
turned
to
assistance.
back
the
on,
Fund
Thus the
general weakness in the prices of
raw
materials
foodstuffs
and
has
been reflected in the work of the
Fund, which has had an unusually
large number of transactions with
the less developed
countries.
tained
a
tures.
The
In
ceived
financial
Fund
or
assistance
have
had
from
drawing
stand-by arrange¬
ments during the period since our
last meeting.
With the exception
rights
the
under
United
Kingdom, all of
be said to de¬
can
equivalent of $75 million in order
help maintain its program of
economic
stabilization.
million to
of
by
Vvaoyi
PAIOIV
In
the
further $16
partial set¬
balance
trade
accumu¬
under
and
which
terminated
transaction.
that
rency
a
the
payments
agreement between the two
tries,
coun¬
had
in
already
been
anticipation of the
This
had been
the
was
Latin
American
drawn
first
cur¬
the
from
Fund, and the first time that the
Fund's
resources
directly
to
products. But the balance of
payments difficulties which these
countries have experenced have
•HIITA
used
Argentina
in
aF
be
a
in
amounting to
pesos
time
the
At
time, Chile drew Argentine
same
terminate
mary
difficulties
to
bilateral
all, 32 countries from all the
of the world have re¬
financial
Chile to enter into a stand-by ar¬
rangement with the Fund for the
lated
continents
of
by the earthquakes in
May, 1960, and uncertain prospects
for the world price of copper, led
tlement
Assisted 32 Members
also con¬
special fea¬
year
number
pend largely on the export of pri¬
Member of the Midwest Stock Exchange
and
during the past
of
THE
credit
the
these countries
51 N. High St.
in¬
with
which have drawn from the Fund
be
for distribution, from
connected
wards the end of the year and in
the
ager
COMMON
military
official
and
capital nature
obtained, in those states where
INC
the
including
abroad,
penditure
for financial
for shares of
more
from investments
income
net
in European
only by the Prospectus,
ket value of at least
TAX-FREE
of
1960
United States
had available some $6,000 million
to meet government expenditure
conditions
interest
acceptable securities with
days left for
of
$4,500 million. Together with
sided, and, with certain advance
repayments from abroad, there
was a substantial improvement in
the
cession,
sued
more
a
in¬
on
and income. Fund shares
There
was
whole
the
than
activity, but
substantially,
trading surplus
risen
had
there
and
were
result of the
a
as
business
in
monetary
situation.
natural in a period of re¬
influence
sible long-term growth
;■
con¬
payments." Imports
decline
general
1
and
outflow of short-term capital sub¬
without
have
excessive
tries
time when
a
remarkable
a
tending to fall
was
Seeking TAX-FREE Exchange?
rumors
tinuing improvement in the basic
position of the United States bal¬
10%.
offer of these securities for sale. The offer is made
and
speculations.
volume
an
fears
impetus to fresh
All this occurred at
there
and
This is no!
these
more
the
year
turn
States
States,-,mainly under
this
against the background
of
members of the
con¬
vertibility of currencies, and the
greater stability of prices — so
welcome in themselves — have,
this
some
increased
examine the developments of
ternal
held in Washington,
were
any
other year of the
history, but there has also
very
considerable activity
Fund's
been
the
veloped since that time. I believe
its members.
the
of
result
a
demand
their
As long as the general level
outflow
freedom
that much of the disquietude that
rendering val¬
all
growing
insti¬
has been made
Fund
evident
than
haps
Convertibility
The
from
of
many
for
own
term
center
a
an
as
would think that the usefulness
optimistic and dubbed
after a vaudeville show
then running in London, "the co-
too
them,
and
by
suffered
also
prices
,
icies.
covered foreign payments were
Created
the
their
a
Problems
New
have applied for mem¬
and
expected increase in membership
reflect the emergence in recent
~j
-secre¬
to
rooted
the
as
few
1925.1
the
been
Di¬
of
Articles of Agreement in the next
as
taries
perts
decision
sum¬
of
served
the
Executive
the
their
for the
international movement of funds,
the
ton
in
rectors
War.
World
of
con¬
coun¬
expected that
several will be able to sign the
bership,
after the First
mer
by
expressed
Nepal, New Zealand, Nigeria, and
Portugal.
A number of other
In
regular
tries in accordance with the view
A
steep rise in the
price of gold in London which in
and
started
election..
in
products
into gold led to a
the
now
the
with
export
temporary flight from currencies
It is also satisfactory that we
have
tion
Reconstruc¬
ternal
obligations of Article VIII to
sultations with Article VIII
have 73 members. Thus in
we
the last 12 months five
time ago—of the
League of Nations
long
a
of-
day
accepted,
Thursday, October 26, 1961
connected
the
and abjures inflationary methods of financing.
International
have
wihch
.
weakness
21.
capital transfers. He defends Fund's
This year's Annual Meeting held
in Vienna brings back memories
brought the total number of
countries
capital transfers; directs attention to the transition of
IMF aid from current account to
of
and
He makes clear that the Fund under Article VI can use
break down.
by
convertibility of their
currencies, under Article VIII of
the Fund Agreement, by 11 coun¬
tries: Belgium, France, the Fed¬
eral Republic of Germany, Ire¬
land,
Italy,
'Luxembourg,
the
Netherlands, Peru, Saudi Arabia,
Sweden, and the United Kingdom.
This was greatly to be welcomed,
lems, precedes recommendation to increase the size and composition
IMF's resources.
underlined
was
acceptance early this year of
.
ings about the competitive power
of the United States economy, and
also
with
some
apprehensions
the formal
situation and, notwithstanding this, the new unfolding currency prob¬
of the
position
tary
.
a
assist
had
a
been
used
member
-
to
bilateral arrangement
with an Executive
accordance
Board
decision
taken
in
1955.: In
addition,
Chile
was
the
first
country whose outstanding draw-
Volume
194
Number 6102
ings and available drawing rights
under
a
stand-by arrangement
the equivalent of 100%
of its quota.
Four
particularly
v
.
The Commercial and Financial Chronicle
•
ment
the
to
available
the
long-term
finance.
large
actions—with
Australia,
Brazil,
India, and the United Kingdom—
been carried out
during the
have
last
five
actions
the
months.
the
to
currencies
concentrating
The
these
trans¬
be
drawn
and
with
tp the transaction
United Kingdom
last
now
the
August,
I would
drawn
preceded
States
last
continued.
was
with Australia
in April, which involved a draw¬
flow, went, to
Kingdom,
stand-by
arrangement
and
for
an
where
and
mand
efforts
the
government's
to.
improve
its
foreign
payments position by means of
fiscal, monetary, and other meas¬
These
ures.
most
efforts
successful,; and I
be able to add
to
have
been
happy
that, in view of
am
the
improvement in; the position,
the; Australian authorities can¬
celled
the
-
stand-by
arrangement
million. The United
authorities
announced
for
quently,
terest
from
finance,,
to
ing month
of
in
the
conse¬
of
plenish
in¬
of
other
to
increase
in
The
British
to repay in ad¬
for
mentioned
have
reserves
in
part of the in¬
size
the
but it would
arrange¬
concluded' with
Brazil
in
May, the equivalent of $160 mil¬
lion
^
made
was
available
to
sup-
port
a broad financial program of
fiscal, credit, trade, and exchange
measures, designed to combat in¬
flation
t
and
to
achieve
balance
of
payments equilibrium within the
framework of a free and simpli¬
fied
exchange system. In addition
the stand-by arrangement, the
to
Fund
agreed
the
of
drawings
of
the rescheduling
to
repayment T of
totaling the
previous
equivalent
$140 million. The arrangement
with
the
Fund
mented
from
sources
negotiation
of
foreign
advance
been
supple¬
substantial' credits
by
other
term
has
has
and
.
Brazil's
\by
medium-
obligations.
been
re¬
Rapid
in
made
uni¬
fying the exchange system, and
early in July the Brazilian Gov¬
ernment transferred
which
all payments
had
previously been af¬
fected at preferential rates to the
free market.
I
The drawing by India approved
in
July, .which
equivalent of $250
made
in
cluded^
six
totaled
the
million,
was
currencies.
This
in¬
certain
in
material
exports,
and-, in
bridge the' time-lag in
receipt of -development aid
raw
V
reduction
seasonal
order
the
to
'. under the Third Five Year Plan.
With
these
the
and
clear
many
large, transactions
,smaller ones, it is
that " the *
much
assist
to
and
February, rthe
was
sharply
was
still
into
of
the
from
movement
of
about- the
valuation
of
the
deutsche
The revaluations
and
mark
the
of the
Dutch
re¬
by
5% early in March, however, gave
rise to a
new
crop
of ruropj^
assistance
the
over /
payments;
en-
pro¬
develop
will
resources
a
deficit
Provided that
equilibrium,
in
this current account deficit would
by
external' fi¬
the
nancing, and there would then be
not
over-all deficit. When this has
been
the
frequently
Fund
case,
requests have
made
been
to
for financial assistance,
then the purpose
has
granted
countries
over-all
-
the
and
of the assistance
been
concerned
to
to
help
the
put their
situation in balance. The
three to five years for which such
assistance
has
12
the
months.
the
from
Nicaragua,
South
Paraguay,
the
of
current
deterioration
of
account
The
ments.
denied
avail.
the
It
deficit
would
despite
the
on
to
small
believed
even
franc
the
strongly
but
rumors,
valued,
in
concerned
was
Swiss
the
of pay¬
authorities,
countries
the
the
current
that
be
re-
mala,
Haiti,
Iceland,
under
$400
that
the
-been
been intended to
granted
has
provide the time
needed for the appropriate meas¬
ures
to take effect, and thus to
relatethe- .1 long-term - develop¬
of
a
available
of them, it is clear
has played a sig-
Fund
nificant
equivalent
stand-by i arrange-
,
Morocco,
stand-by
effect
in
during
ar¬
the
in
of
Latin
economic
assisting
the
America
1
in
financial
be
chases
in
13
restored
by
therefore generally be
careful in
take
possibilities for
replenishing its currency hold¬
ings, for instance, by the borrow¬
ing of particular currencies under
Article VII of the Fund Agree¬
the
of its gold and should
use
into account other
ment.
However, borrowing of curren¬
a method of replenish-
cies is not
ment
that
suddenly
can
provised.
this
For
and
the
problems
-
these
whole
connected
should
problems
against
the
wider
attention.
fi V
In *the
tern.
Holdings Are Low
s
monetary
This
announcement
of
an
offer
is under
to
buy
any
With all the
merits
activity during the
past year, drawings
demerits
and
Bankers
,
this
central
situation
totaled
of
use
the
on
present system which have taken
the Fund
-
has
resources
marked
effect
had
the
on
a
Fund's
result from the international flow
of funds in
holdings of currencies suitable for
currencies,
transactions
a
Even
at
after
the
present time.
replenishment of
the
number
been
world of convertible
a
and,
of
as
many
suggestions
for
ments
in
Federal
International.
Basle,
more
United
ments.
ings
Kingdom, the Fund's hold¬
of
several "convertible
rencies
are
it ' has
very
to
be
there
are
term
funds
cur¬
low. In addition,
remembered
balances
that
the
these
It
has
matters
been
valuable
well
System
States,
open
from
•
that
if
faced
with
by
number
so,vig¬
orously discussed, and. the first
question we have to ask ourselves
under. is
the
the
whether
any
particular
United
should be taken to strengthen the
existing institutional arrangements
countries
large
quotas, its available holdof
convertible
currencies
The
months.
Fund
can
of
course
so
to
as
guards
provide
to
meet
any
otherwise in the light of the great
make
use
of its gold holdings, but
gains that have been made in
these
are
not
cent
and
for
necessarily revolvthey
once
the
holdings
currency
have
been
replenishment
of
years.
tary4 sphere
not
may
purely
external
circumstances
no
to
he construed
as
an
Continued
offer
sell
to
or as a
solicitation
of these securities. The offering is made only by the Prospectus.
the
States^decided: to
coop¬
ara
closely in the spot
/forward
exchange markets
in the granting of credits. In
and
and
this
substantial:
way
•
October 26, 1961
700,000 Shares
,
Mohawk Power
don;
of
Steps
Common Stock
(without
from
ternal
obtain
to
werec;
steps
the
required
resources
Using,
taking
alia,
certain
inter
Price
been
in
July,
of
'July
series
powers
Copies of the Prospectus
announcement
dealers
deficit
the
in
the
towards
imposing
account
the
Merrill
with
and
longer
relation
diture
•
In
the
or other
lawfully offer these securities in such State.
with¬
payments,
Kidder, Peabody & Co.
Lynch, Pierce, Fenner 8i Smith
Incorporated
A. C.
any
the United Kingdom showed
government's
determination
situation
a
State in which this
White, Weld 8i Co.
Incorporated
Allyn and Company
Incorporated
A. G. Becker 8i Co.
Francis I. duPont 8C Co.
Incorporated
or
deal
to
may
any
of
restrictions on
current payments and, in
particular, to restore confidence
in sterling at the existing rate of
exchange. The measures adopted
by
as
be obtained in
from only such of the undersigned
the
and, monetary
other
current
of
balance
out
trade
brokers
Gov¬
certain
and
or
may
is circulated
comprehensive
a
fiscal
of
Share
effect.
<
British
introduced
ernment
end
the
per
while
submitted
voted
$45,625
ex¬
in the budget that had
in
April
and
proposed
value)
were
and
economy
par
Lon¬
needed to re¬
the imbalance in the British
move
the
funds
oration
resources /
were
both
to
and
budget
of
these
Kingdom
Shearson, Hammill 8C Co.
expen¬
measures,:/
drew
Johnston, Lemon 8i Co.
Rhoades 8C Co.
The Ohio Company
Shields &
Company
J. M. Dain & Co., Inc.
Piper, Jaffray & Hopwood
in
the level of costs.
support
United
over
particularly
future
Wertheim 8C Co.
immediate
the
developments
period,
Hallgarten 8i Co.
Carl M. Loeb,
from"
\
Schwabacher 8i Co.
re-
mone-
converti-
bility has been established for
•
they
In the
of
more
measures
were
drawings
with
substantial
of
United
Fund
sufficient safedangerous
ings
tensions tha't'may arise.
/A
Would in all probability be in- '
On the /Whole;> I believe- the
adequate. This has been borne out -system has worked-well: It would'
by the experience of the last few indeed be difficult to conclude
a
the
the
as
of
that
have; been
whether" the f present /system
stand-by arrangements equivalent can be regarded as operating in
to almost $1,100 million.
a sufficiently satisfactory manner
It had, indeed, become apparent* to be worth maintaining; If that
at the end of last year, at the time
question is answered in the afof the strong
outflow of short-1) firmative, then we must consider
Settle¬
as
Reserve
know,
have
put -forward
advocating
or
less radical changes in
existing- monetary ! arrange¬
these holdings by the sale of gold
at the time of the drawing by the
NEW ISSUE
,
banks—-members/of
Bank
erate
;
number
a
on
the
of
place in recent years and months,
equivalent - of» attention * has largely been de-nearly $2,500 million. So large a - voted to the tensions which -may
have-
Basle Agreement of Central
In
sys-
discussions
vivid
of
:
set
be
background of
international
the
-«
the Swiss balance of payments, to
which
the Swiss National
Bank
drew
be imother
complex of
with
such
borrowing needs
to
be closely
examined and brought to an effective solution. Consideration of
reasons,
growing
account
repur-
should
gold. The Fund
'
*
Fund
used
had
role
countries
readily
coun¬
the
million
unused
f
18
equivalent
million from the
the
ments with 16
ing,
have
rangement
drawn
With
further
zuela
—
Latin American
$1,100
some
Fund.
that
included in this list. Over
are
years,
tries have
of
note
Latin American Repub¬
the
Peru, Spain, Uruguay, and Vene¬
policies, designed to eliminate the
be-matched
from
last
Kingdom, and Yugoslavia. In ad¬
dition, ten countries—Costa Rica,
the Dominican Republic, Guate¬
because
the
on
United Kingdom balance
measures
no
enumerate ^all
ing
currency
outflow
of these
are
in¬
Fund
Africa, 'Thrkey, both the Eqyptian
and'1 'thd 1 Syrian 1 Regibfts of the
Uriited AraBrRe£ublic, Jfhe United
further
All this proved very
the
generally to
payments
of
changes.
damaging ;to
confidence,/'particularly uin ]sterl¬
about
of
-
to
is
to
me
range
countries have
Fund, namely,
Argentina, Australia, B o 1 i v i a,
Brazil, Ceylon, Chile, Colombia,
Ecuador, El Salvador, Honduras,
India,
Indonesia,
Iran,
Mexico,
drawn
mark.
guilder
also
Twenty-two
,
deutsche
the other elements of the balance
4>-
Fund
Europe, especially
Germany, due at least in part to
rumors
had not
importance. Perhaps
wide
financial
in
continued
were
transactions
simplest way-for
the
it
if
the
the countries which have received
the
on
real
transactions
funds
number of countries
a
Continent
of
dicate
States
but : there
reduced,
a
outflow-
United
both
normally be reflected in
ance
in
funds
countries,
in the current account of the balV
activities
that
the
of
but
economies, but which still
depend mainly on the export of
primary products. In so far as
such development is financed by
long-term: - foreign
capital,
the
use
a
States
done
their
actual
be
with other countries
been
in¬
features,
false picture of
/
Following the statement made
by the1 President of the United
has
Fund
and
duction
amounts
other special
Fund's
concluded
of interest to
provided in aid of sterling,
this dn 'itself did not arrest
small, which are
deavoring to diversify their
large
the
sterling to
v,
of quota.
country
had drawn an
Asiatic currency from the Fund.
India, whose foreign exchange reserves
had fallen to a low level,
requested the drawing at a time
-
75%
drawing
a
member
of
the Fund's holdings of
-in Japanese
the first occasion on which a
yen,
1956, and also to reduce
the
I
noteworthy
are
of
in
stand-by
cur¬
-
used
Fund
the
the
ance
payments.
lics
concerned,
volved and
Under
of
rency^-*;'"e /,,
Tne
six • transactions which
in spite of the deteriorat¬
position of the -current ac¬
count of the United Kingdom bal¬
is
difficulties.
the drawing made from the
ment
with
ing
of
It
of the 20
overcome
vance
year.
transaction
due to
was
expire.
and
its
countries
re¬
serves,
Government
five months before it
holdings
Fund,
crease
a
two for repayments
not
fact,
Spain felt able to cancel its standby arrangement with the Fund
their efforts to
in effect for
stead of
during the follow¬
have
Kingdom was by far
ever entered into by
and in order to re¬
early this month after it had been
only four months in¬
the
in the pro¬
portion of one-third of the United
Kingdom .drawing in each cur¬
an
■
rencies drawn, the Fund sold gold
valued-at
$500
million to the
funds
led
inflow
largest
drawn
£200 million
some
This
United
the
United States and
amount
or
credits.
the
equip¬
and,
level
high
a
rates. .The
the
centers
and
the
equivalent of
substantial de¬
a
of
they
found it necessary to make use of
their drawing facilities.
In
been
further $500
Kingdom
United
e
increase
plant
ment had led to
in
of
a
construction
a
marked
a
investment 'in
additional $100 million, was made
support
al¬
move¬
winter—
th
had
the
would be used
this,
•
and
.
the first time
although
year,
S.
Fund—and, in
addition, entered into a stand-by
arrangement for the equivalent of
the United
and
U.
dollars,
—
currency
from
of
boom
currencies
seven
out of
autumn
latter
that
million
in
have
I
currencies:
crowns
partly to take advantage of high
interest rates in Europe. A part
ing totaling the equivalent of $175
a
it.
funds
ready referred to the large
of funds
positions
Swedish
the
of
equivalent of $1,500
nine
Canadian
yen,
describe
movements
ments
transaction
to
ternational
which
the currencies of
on
like
briefly the background of the in¬
strong payments and
countries in
reserve
In
policy of diversifying
Turning
in
dollars, deutsche, marks, French
francs, Italian lire, Netherlands
guilders, Belgian francs, Japanese
Prelude to Britain's Difficulties
trans¬
Fund the
million
exceeded
(1785)
Walston & Co., Inc.
on
page
a
14
:
The Commercial and Financial Chronicle
"(1786)
14
resources
mf
members
.;that :-go beyond the current acr.count
and
are
attributable,3 in
whole or in part, to capital trans¬
fers.
From
a
purely
practical
within the framework of its prin¬
13
of currencies, and
with the better distribution of re¬
broad
range
an
freedom
of
measure
increasing
is
there
serves,
•
*
capital
for
been
.
a
cent
4%
about
of
-rate
in
re¬
reflecting
by : and
corresponding /-rate
of
in
world
'production.
years,-
large
a
growth "
These
no
are
main
of
There 4s no doubt. in my mind
the authorities in the -United
States
the
and
United
transfers;
Kingdom
Article
of Present Gold
visions
Standard
.Exchange
in
But
these achieve¬
periods of
of
spite
the
ments 'there have been
and
tension
think
-.1* do
unease.
from
funds
short-term
of
movements
the
that
not
one
country to another have impaired
of-trade or the flow
the financing
of
goods, but it 4s largely the fears
t h
that
that
aroused
have
movements
e-s e
led
have
the
to
of the soundness of
present system.-In some quar¬
doubts have been expressed
questioning
our
ters
whether -the
system under which
countries hold part of their inter¬
national
currencies
in
reserves
"the gold ex¬
change standard") will work sat¬
isfactorily in the longer run, and
whether
this
system might not
(which is known
break
down
as
did
it
as
the
in
in-
terwar
period. I do not think we
draw that conclusion, for it
need
is important to .remember
that the
failures which occurred
early 1930's were caused
currency
in' the
wide¬
fall in
prices which made itself felt first
not
inflation,
but
deflation,
by
by
spread
in -the
United
Europe. ;I
no
States
am
sure
by
a
and
then
in
there -will be
similar.deflation now, for there
has
such
been
a
change
in
the
objectives of the authorities that
sufficient measures would surely
be
taken
to - prevent
such / a
calamity,
if it
seemed -to
be
threatening.
Secondly,
in
the
1930's the exchange
reserves
of
of
many
4. -/•'
fii-.
have
scale
the
been
European countries
acquired
by
larger
short-term
melted
/away
term loans
borrowing,
.when
were
the
;
and
short-
not renewed: to¬
most ^countries are the true
owners
iof their exchange hold¬
day
ings.
the
A
third
difference
International
today
Of
the
U.
them
of * their currencies.
outstanding
;
the
hands
capital
short-term
banks
of
foreign
plied
principles,
business
and
that
firms. For
sterling the proportion
much the same. There are
is very
currencies
in private
-convertibility,
hands,
sistance
re¬
owned
sources
and
no
banks
with
little
deed
another.
to
There
of
lack
no
one
is
in¬
the
impact
possible
tional
hands
of
movements
funds.
indicated
As
has been
this
year
lems,
some
broad
a
of
legal
Report
a
this
with
such
with,
ments
difficulties
Fund's
what
resources
available
under
Agreement?
these
.
be
may
made
Articles
its
use
pay¬
.
which/.the
Secondly,
the Fund best
meet
:the
/are
its
how
of
can
resources
difficulties?
to
And,
finally, what .resources are re¬
quired to meet the difficulties,
and
are
sources
•*
"
the
Fund's
adequate
*.-• '
*
available
to
*'
do
'•
,
r
•
re¬
so?
■*
.•'
i
}
,
Account
On
Capital Transfers.,
the first
ecutive
the
to
question,
Directors
extent
to
have
which
the
Ex¬
discussed
the
Fund's
that
ensure
•
The.
that it has
it
would
all or,
have
I
.
to
already referred to
into
ac¬
rencies
~
ac¬
this
is
a
from
than
more
currency
to
as
holdings
ensure
in
of
that-
with" the Fund, and
ciple
.
that
in
drawings
countries that have
ments
should * be
the currencies
and
reserve
a
of
-strong
those
pay¬
position, while
arised And/in
.play
and
legal problems to be faced in
for
the
a
use
satisfactory
of
a
wider
program
range
of
from
ill-advised
substantial
Fund's
r e
-
c
tii
-
u
announcement is neither an
solicitation of an offer to
curities. The
offer
is
to
sell
Fund
transactions
NEW
nor
October
kn.ow that
the
I
ISSUE
that
.we
by
believe
that
it
should
tem
A
-
will
give
cue
not
be
agreement
an
weight to the
various aspects of borrowing, and
thus to establish a workable syswhich
would
.
beneficial
-be
a
.
equip the Fund to handle
26, 1961
payments
recent
Common Stock
When '
without
INCORPORATED
Price $4.00 per share
remedied
the
because
fur¬
anced
does
the
in. ustrial
mam
not
of
mean •,
position;
ihi'-.aoL
urance
sistance
coun¬
major
the
that
would, have
conclusion
on
s
the other hand,
:
that the country re¬
of
other
no
in
speare
arrange¬
as
Some
from
use
of
the, problems
to be .made o-
borrowing
powers
arising
the. Fund's
under
Article
convinced
be
that
.
said
to
be
/in
.
one
I;
*
set
"Measure
-
i"'
for:
play of Shake¬
in this City of
Vienna:/'The satisfaction I would
requ.re
is
Likewise
your
own
bsnef t," It is precisely when this
convertible
it is-to the'industrial-countries.
ust
Measure," the
coun¬
interest
such
n
their true interest. As the Duke of
Vienna
for the
and
system if
I
/1
the restoration of the balance is in
role
maintenance of a
exchange
important to them as
ments,
stable
Karen Securities
■
they play in the swings in inter¬
national trade and payments. This
tries
Standard Securities Corporation
the '
.an
with
be obtdined from only
on
hand, the granting of finan¬
cial
assistance
by. the Fund ' to
help countries to meet an unbal¬
be
increase in par¬ ceiving the- assistance -will
ticular quotas, but in present cir¬ taking the necessary-measures-to
restore a proper balance. For such
cumstances, * I believe it can be
measures to be- effective,; it is in¬
handled more acceptably hy firm
borrowing - arrangements.
These dispensable that the authorities
in cthe country receiving the as¬
would be concluded, in particular,
-by
tries,
ff,. such off .the undersigned as are licensed or regis*
iered brokers or dealers in securities in this State.
ri
Fund's
one
ther
strengthening. The need for
additional - resources
-might
be
the
Fund's financial activities:
adequate
.healthy international
structure
consider
it is
valuable to-keep in mind the two
complementary aspects of the
th^ composition and size of
resources are
we
role in the monetary system,
have oc¬
years.
In the
that
cannot" conclude
I
situatio
system of
freely convertible /currencies." v.
questions have to be
evaluated .in the light of the swift
changes in the balance of inter¬
to -support a
■
the /many and varied
that may arise under a
.All.these
financial
great
a
members ,of the Fund.'
-
the Fund's
I. J. Bruno & Co., Inc.
in
endorsed
are
difLcuIt to arrive at
Quotas
that
may
they
a
circumstances
Copies of the Prospectus
weakening
any.
holdings of major interna¬
curred "in
\
of
repayment if its
variety of circumstances, and
currencies
national
(Par Value ^.lOjRer Share)
•
•
buy any of- these se¬
made only by the Prospectus.
100,000 Shares
ar¬
that
cur¬
number, .of/decisions of policy
couldi Is elf be¬
still to be taken,... "
disturbing v factor,
long
and - repayments; "Some havie -al¬
As is said in the Annual Report
•before the point of exhaustion is
ready been resolved, others wilt
regqhed, .unless there existed sat¬ of the .Executive Directors, the
rn-eu further attention. A measure
approach to the increase in the
isfactory /. arrangements for
re¬
of
the< success already • achieved
Fund's
resources - by ; means
plenishing these holdings,. •••;
.
of
borrowing "looks beyond the im¬
Prefers Increasing Resources by
mediate needs and endeavors to
in
tional
come
currencies
*/.
offer
per¬
position changed;
of course; be no
the test of time
stood
Borrowings Than by ^Enlarging
fThis
pay¬
such
be
II
of
Fund
member
the ;and acceptable to all the; members
of-the Fund. There are, however,
in
o n
'
principles that the Fun,
worked out for the; appropriate
use
of its resources. These have
may
speculation.
dm
1
the
expectations
that
r
Fund would readily
would,
question
only? be
demands
meet
part
the
a
position
Moreover, the
to the
There
tional and international combined
—must ' not
be
that
would
?■
prospective
reserve
this.
payments
own
adequate to
be made
on them, but also large enough to
currencies that can be'.strength- "
convince the public that they are
ened
by their, use! in .this .way."
to
defend
currencies
There are a number, of- technical adequate
,it is- to be .hoped that repayments
will generally be made in those
the
should
be'able to obtain
large role, resources—ma-
a
and
rency
in-which
world
a
it
and
member that had lent its
any
disorder. In -order
may play its part
market -, fears ' and
and
rangement
pursuing •
sources that-are adequate beyond
objective,,the-Fund has been
doubt Ao, meet .any needs -that may
guided increasingly by- the prin-f
made
>
time,.adequate
-
arrangement
.
mitted
this
'
'i
to
;4,:lyi//;;
•
country unless the country's
in this effort and meet the expec¬
•
Fund
ments
tations/of its members,: it must
be in a -position to provide re¬
In
granted
would not borrow from
and
currency
the-Fund
the /same.
lender,
the
to avoid the risk
anyii'iedapse into restrictions
and
i-4.•-b,
same
obtained
-Borrowing Safeguards
;
the
liquidity. It is vital to consqji4a£e and defendthe convert¬
years,
facilities
/
the
be
for
general, safeguards for the
lending members. There would, of
course,
be consultation between
the
cur¬
own
few
that
provision would have to be made
over
problem confined to the present
circumstances, and is more than
just the question of the: Fund's
has
believe
credit
At
the
transitory
a
to
the' Fund.,
•.
low
very
use
any
sort of benefit would
level, de¬
spite the recent sale of gold. But
of//its
Fund
to
for the member to
indeed,
reason
at
use
Vff'ffi
'•
resources
of the drawing
rights thus assured. There is good :
time,- 'given- the
" "
sources/-'',;
use
to the
under /the
a
necessary
a
best
and.
importances often it has not been
of
has
Fund
appropriate
; particular
any
is
stability
has--time
access
of the Fund
enough of those currencies which
as¬
It
to
any par¬
at
the
The
gold jand
even
or
that
.evolving
Funds Aid Transcends Current
take
payments .situations
questions. To
for
currencies,,
strength.
the
-
resources
contribution
a
to
transactions.
provisions
stand-by arrangement is in
itself a stabilizing factor of great
-will be most helpful to the world
character
have been considered
begin
drawn
their / repayment, . will
be r con¬
ducted in those currencies which
is possible to summarize the main
issues .that
its
manner
a
transactions
situation. It
in the form of three
can
volume
the
resources.
of
use;
range*of prob¬
institutional
connected
be
/therefore sought to diversify the ible system built up/over the last
detailed technical,
more
or
of
so
much wider range of cur¬
held
by the Fund, thus
a
usable
of general import and
some
of
rencies
increasing
course
Fund
resources—must
.use
private
studying in -the
to
to the second ques¬
the
and
.its
again been the experience ;of the
Fund that assurance to a member
this
to
country .under
availability of
itself
ticular time. What is important is
obligations *01" Article
VIII. This has made possible the
meet
of
the Executive Directors, the Fund
should
that
answer
convertible currencies,
Fund
increased number which have
/■;,/
the
in
and
cepted. the
interna¬
of
//'
.
.
to
the
:
ad
an
/available
are
for
ready
the
on
lending
resources
Fund
question
cannot be settled simply by add¬
ing up the Fund's holdings of gold
several member countries and the
be adequate re¬
the
about the
said
policies
actual
to
these powers. There is great merit«
in an
assurance
that
additional
•* •'■■■"
iaet;that the intense activity
count
the
strengthening of the the?*,last -year has reduced
holdings of" certain
current position and reserves of Fund's
its
international
official
in
have
the
agreement between the Fund
and; the
apparent
will; be
evolving
currencies
-
.
that there should
answer
or
liquidity in private hands, but for
this very reason it is important
sources
The
repaid within
tion—-how
difficulty be shifted from
country
years.
'
I
what
that
capital
by 'the
provided
be
mum
by business firms
now
can
disequilibrating
■
maxi¬ .economic conditions of that time
period
of three' to five and the purposes for which it is
appropriate to use the Fund's re¬
--V-j-?'
would
and
liquid
the
taken,
hoc
leave
to
transaction
borrowing
adequacy of the Fund's
It
Fund's
ap¬
outflow would be arrested and
thus substantial amounts of these
with
being
4
already possess it. How¬
it would not, in my opinion,
sufficient
be
pay¬
of
resources
'-
from
Fund
were
measures
to. be
the
'V
resources.
an
the. test
in
not
ever,
the existence of
drawing rights
the
on
-
tion—the
would be in
with
its
; accepted
i.e., that appropriate
the
by
accordance
governments, and
the remainder is largely held by
banks
were
do
the
lend to the Fund if they
power to
I come now to the third • ques¬
/
Articles.
If '-a
outflow
of
to turn to the Fund
assistance,
for
cen¬
and
commercial
mands
capital
individual countries to obtain
con¬
give rise to appreciable de¬
Fund.
other- pro¬
the
*
of: the
facing
country
liabilities, about two-thirds
in
tral
that
the nations'
^supplementing
S.
are
Monetary Fund
stands ^behind
reserves,
is
stability
and
num¬
that, -should
reversal
a
increased
.
could
accordance i; with
in
/,
VI
for
used
their
a
Directors,
remain to
be considered. An essential step in
the conclusion of any borrowing
plan is for the authorities in the
of quota.
take ac¬
always
fact
position,
these
75%
must
the
be
ments
.
be
of
reduced
been
below
Fund
there
way
eliminated
any
'"had -not 'already
can
sales
;
-terms by the Executive
but many aspects still
drawing rights because
holdings of their cur¬
have
count v of
by -the practice
Fund, that the Fund's re¬
the
currencies.
by the Fund,
siderably
The
Agreement, and
which
sources
that
are
/Durability
rencies
been.- dissipated
currencies.
reserve
that
in
determined to jaursue policies
which will ensure confidence in
achievements.-
mean
the
are
-of the Articles of
of the'Fund Agreement' have
already been discussed in /general
VII
the Fund's
.
doubt
Thursday, October 26, 1961
ber of countries have not acquired
point of view, there is of - course
■great difficulty in separating cur¬
at all times to promote interna¬
rent and capital payments under
tional monetary consultation and
a
system of convertible currencollaboration; there was no simi¬ cies. After a thorough examina¬
lar international agency in the intion of the various aspects of the
terwar period.
problem, the Executive Directors
have clarified the understanding
;
of
result
a
increased
ciples and practices and working
parallel development in the ever
growing v liberalization -of
trade
Confident of U. S. and U. K. y
and,
under conditions of rela¬
Domestic Policies
tively stable .prices, international
,v. Today two *currencies,... the
trade has been increasing at an
United States dollar and Sterling,
annual
As
currencies
"
has
There
movements.
in 41 different
made
payments ;-of '
•
Continued from page
.
be used for 'helping ■is shown by the fact-that during
deficits in/the bal¬ the last year drawings have'been
may
-to meet those
ance
.
.
identity ..of interest is fully irea-/
lized that the programs which are
supported by Fund assistance can
be carried out in a.spirit of mutual
■-confidence and the desired success
f
"iff
4
-
Volume
194
Number
6102
The Commercial and Financial Chronicle
...
(1787)
achieved.
For,
countries
essential
is
the
that
result,
the
stability
must .feel 'that
for
their
welfare
only frue foundation for
ried,
*
on
also
are
toe
with
' sus¬
these
aspects.
they
the
work
is
^countries
these
be
evidence
by
encouraged
that
those
which have persisted
in their ef¬
carrying
put .a
program, have suc¬
ceeded in-.staging an
impressive
rate of growth.
77
<
-
-
.
^
Decries
-
i
Financing
each
length
and these cannot for
of time be obtained
that
it
has
and
be
resources,
effort.
course,
richer
To
action
the
countries
Chamber
2, at
Com¬
of
Hardy
&
will
Co.
conduct
National
Income
trend
ent
/ Hardy
Co.
&
recently
opened
the
be
first session.
subjectof
-77^;
9:30
All
tional
less
short-
and
7
and
their
more
to
economy
na¬
•
movement of securities.
developed
tries
in
.
countries,
turn
will
the- maximum
of
the
these
have
sarily play a major role. They are
aware, however,
that even they<
cannot act independently of the
general trend, and are therefore
less
coun¬
to
effort' to
make
mobilize
Investment for
(4)
and
have had the support of the
Fund,
and there can be no doubt that
growth
in
production
v
All
but
to
this
1
,
v
I
nobody
will
While
In
increasingly
international
>'
'
Article
"7'
of
I
growth. Economic growth ican be
compared with the construction of
the Fund and
good house, with stability £s Its
foundations. A good house _can
only be erected on solid founda¬
difficult
initiative
plete the building. In
it
and
some
coun¬
that the restoration
seems
countries
special domestic
efforts
needed, and for these .efforts
be
to
be
effective
they have often,
supplemented by interna¬
tional
assistance,
financial.
To
technical
and
introduce
monetary
stability is often only the begin¬
ning of the
efforts
needed
to
achieve growth.
efforts
quent
While the subse¬
largely fall outside
the sphere of Fund activities, the
-Fund
dees
not
underrate
their
-
importance and, insofar
is
anxious
to
assist
it
as
these
can,
efforts
in every possible way.
line
with
trends
in
while
be
worth
and to act
ration
announcement
Webster Securities
ties
as
is neither
an
S. •;
Wilson
Ressler,
R. L. Pike
Corpora¬
NETCQNG,
Pike
is
N.
C.
Ransford
Opens
J.—Randall
conducting
a
that
to
interna¬
business from offices at 8 Oak St.
Corporation.
offer tasell
nor a
solicitation oj
offer to buy
an
any
of these
offer is made only by the Prospectus.
97,000 Shares
!■"/
mJU.V </*«•-'
;<
toil
71
GUY'S
'777
FOODS, INC.
.-(• >»
,
,•
.n
COMMON STOCK
Indeed,
*i
to
achieved.
the
is
of the
could be
any
Fund
has h>een
This
it
countries,
how
see
of
(Par Value {^2.00 per Share)
competent authori¬
member
in
....
time and .again to be
Price
proved
in
the
$10
per
Share
'
case
'
the
consultations ;
annual
Article
XIV
countries.
•
with ;
Already
have been begun with Article VIII
Copies-of the Prospectus
•countries. Here it is
undersigned
question of
a
motion that countries have
interest
mon
system
ened
where
monetary
has
it
to
is
be
in
.
Incorporated
the
system i
strength¬
vulnerable; but
the policies pursued must be such
the
that
system plays its proper,
in the process of economic
expansion. To observe, on the one
hand, the necessary monetary dis- >
cipline, and, on the other, to re¬
spond to the needs of expansion '
role
nsilhsr
This onnounc*mtnf is
NEW
offer lo sell nor a solicitation
The offering is made only by the
an
growth;
the
structure
and
measures
high
a
alone
of
rate
fiscal
and
the
whole
economic
range
of
social and market
practices
vital
*A
statement
the
presenting
Executive
ernors
of
by
the
Per
Annual
Directors
.
Jaccbsson
Report
-1 the
Common Stock
in
(Par value $1.00
are
,
Securities
offices
to
at
engage
has
formed
320
Commercial
Copies of the Prospectus
securities business.-
a
$6.50 per share
j
v
Paul
Spear Opens
(Special to The Financial Chronicle)
FRANCISCO,
a
-
;
.
Calif;.— Paul
business..:/
Coburn & Middlebrook, Inc.
Filor, Bullard & Smyth
j
opened offices at 1220
Avenue, to engage in.
securities
be obtained from the undersigned, and such
legally offer these securities in this State.
as may
Reich & Co.
.v ■{,
'
Spear has
may
Street
Merritt Dickstein & president and
treasurer.
SAN
car¬
Price:
other brokers and dealers
with
in
Fourteenth
been
of
conditions
share)
Gov¬
(Special to The Financial Chronicle)
budgetary policies or in the cost
and price Structure which would
foreign trade is
per
tof'the*.
Board of
Fund, Vienna, AusLria.
retard
The
1961
RTOGS, INC
;
PORTLAND, Me.—Earbori House?
be important to remove
maladjustments due to mistaken
growth.
offer to buy any of thesersecurities.
200,000 Shares
Harbor House Sees.
>
stance,
under which
an
Prospectus,
October 25,
no
easy
task. It raises many
problems, but it is my-impression
It may, for in¬
importance.
of
ISSUE
is
scope'of
engender
E. F. Hutton & Co.
Company
'
gested that credit
be obtained from the pndersigned' only in-states where the
com¬
a
.partners
as
international
This
Allen &
may
legally offer these securities in compliance with the securities laws thereof.
may
This is an.important
monetary action.
Our
monetary system has to serve an
expan ing economy. It is not sug-
L.
securities
-
center of collabo¬
a
consultation;
and
purposes
monetary
-measures
A.
October 20, 1961
without the close contact between,
task, but it does not exhaust the
can
Wads-
formerly with Stone &
was
are
Nicholas,
C.
Shelley, George S. Warner, and
Bernard L. Woody. All were pre¬
viously with Lowell, Murphy &
Company, Incorporated.
r
tion, 50 Federal Street. Mr. Wads-
sing
than
worlds economy,
-
disturbing
tional trade.
-
Manes,
that these problems are now b
general
the
avoiding
would
Higginson
Denver
productive resources of members;
Broadly speaking, the financial tackled ; "more 'effectively ;
and ; with
greatly
given • by - the • Fund /ever before,
helps individual countries to keep increased chances of success.
.
Lee
of
in
Brown, Jack G. Cody,
Flood, Edward L. Fogle,
Oonnley J.
Hartsock,
Hilan
B.
Hecox, Walter K. Johnson, John
NEW ISSUE
ai
assistance
-
staff
7
V
Shares. The
01 u-
„
an
Secu¬
for
7
This
monetary stability has almost voluntary ^cooperation,
and
for *
by itself led to a resurgence of that reason I believe that these
activity, and soon produced the ,consultations will be more, and
savings to finance it. But this is not less, effective. The coopera¬
not
always the case; in many tion has to be inspired by the
are
Incorporated
D.
F.
;
James J.
Market
Mass.Oliver
department.
Andrew
,
worth, Jr., has been added to the
of
multilateral^
a
of
to
Lowell, Murphy & Com¬
Inc., in charge of trading.
Hunley was Director of the
and
the necessary
re-5 excellent results have 'been ob¬
must be acquired to com¬
tained in the consultations that
sources
tries
of
Also joining Currier & Carlsen,
Higginson Adds
BOSTON,
a
Small
v'.v
..
of payments; to facilitate '
expansion
of
international
trade, and thereby ttf'fttbrease the
tions.
Preparing the foundations,
however, is not sufficient. There
'
•;
Articles
system
-a
further
conduct
the
be
the
■
be
Place:
Consultant
in
institu¬
7.
7-
the
the establishment of
must
of
was
research
•
(Special to The Financial Chronicle)
Commerce
objective of the Fund to promote
exchange stability and orderly ex¬
change arrangements; to assist in
be
on
activity
V
.
.
office
Building. Mr. Hagformerly Vice-Presi¬
cooperation will
monetary disorder, there
seems not .seldom to -be a
.linger¬
ing fear that stability will mean
reduced
economic.? activity, •- and
even
stagnation. It - is true, ?of
scourse^
that
stability
is« - not
enough, for the real national ob¬
jective .sho.uld. be.
economic
:
"Investment
on
which sets out the
purposes ,of
the Fund,: financial
assistance by the Fund is only
one of the purposes. It is also the
'f
can
Mr.
1929, 1937 and 1946."
Lee
Agreement,
maintain
growth
of
will
on
tions. v7
think;-that
want 'to
*;
that:, sustained
based
I
there
reliance
;
minds.
-similar,
complementary, poli¬
methods
but
seems
clear enough,
believe it is not convincing
all
will
rity and Income."
.arid
.
♦
Denver
vary; there will be direct contacts,
,
trade that has occurred during the
last few years, 7",7 7:.
and
Co.
&
forum
The
the Fund has thus contributed to
the
•
>
with
pany,
of
7
"Analysis
v
Hall, Chamber of
Building, 55 St. Paul
ing to the ever-changing situation.. Street, Rochester, N. Y.
countries
many
Hardy
in cooperation with
cies will have to pursued accord--
In creating these
great
a
dent
.
price-earning ratio
Nature
new
gerty
(5) "General Summary."
"'77
Greenfield, In¬
Adviser
vestment
to
C.
Samuel
Sometimes
other.
sometimes
.
conditions,
Mr.
.
each
own
resources, and, through
stability, oreate the conditions for
the
domestic \ and
foreign
re¬
sources
to be used in the > most
manner.
.
7growth situations.
Breaks:
the
on
Security
77;>/7.7: /7.' Income
bound to act
their
effective
.
...
Hunley
&
Verne
high proportion of the world's
production and trade must neces¬
provide
efforts
for the ,aid
resources
,
(3) : "The
-
,
considerable
.
formation.
determine the
economic
effects
7
_
Hag-
P.
"H.
associated
Denver Club
...
•
long-term
trends
stimulate
been
: their
Specula¬
tions," ..'."new issues -.
special
8:00 situations
tips and inside in-
evening forum, from
p.m. will survey the
it.
to
have
7.
;
Charles
Carlsen, Incorporated
•of San Diego and Los Angeles in
consumer
7'77.7
,
become
Currier
oils, chem¬
food and
Colo.—John
and
have
differ¬
upon
.
the 7
(Special to The Financial Chronicle)
gerty
major indus¬
...
.
.
The
to
or
than
effect
drugs,
cash-flow
'/ '•/
•..
its
'77
-
DENVER,
Personal
(2)
"Study of One Industrial
Group,"
earning pattern
17
"Security Investments for Wom¬
en". will
and
items.'
positive
and "provide
and
changing economic
.
industries
icals,
Clipton Avenue South; 7 77 7J
credit
.
.
P * ■>
,,,
Product
trial groupings:, steels,
/
offices, in Rochester located at
au-7
Have Denv. Office
7'
"Survey of the National
-Economy,"
study of the Gross
both
forums;:
be
-7
.
Currier & Carlsen
7
will
topics
a
making
to
for,
*
Hall,,
involved in this process, but those
countries that are responsible for
when
are
stimulate,
countries
of
*
to
take
Thursday, Nov.
on
1961
„
(1)
■
'Greenfield, investment adviser to
in response to
also
in¬
Building,
55 * St.
Paul
Street, Rochester, N. Y. Samuel C.
volume
monetary
of
merce
Within
credit
the
*can
basis
rather
obtain
time
•
expansion;
Since the Second World War, on
the whole, the problem has been
to contain the expansion of credit
any
requires,
At the
and
demand;
thorities
re-discovered
again.
over
genuine
the
to
Small
modern
the
pitfalls
.
forums
.
by
inflationary methods of financing.
This as an-old truth, but it seems
over
:
't
The following
whys, .discussed: *
.
N; Y.—The
and
.
Time:, .Thursday, Nov. 2,
from 8:00 p.m. to 9:30 p.m.
7
Forums
vestments will be discussed .at two
mone¬
r
be expanded
may
,
of;:,the;
sources,
wherefores
particu¬
pays
:
* •
country
i
7/7 '7
requirements for
economic progress is the -avail-,
ability for investment of real re¬
:,!•
in
matters of
Security
ROCHESTER,
its
international liquidity.
or
*
(
Inflationary Methods
Of
One
•
■
Under
Fund
<7.
.<
conditions, the
gold flow does not set fixed limits
to the possible expansion of credit
stabilisation
i
to
in
interested
questions, but
tary policy.
of
The
naturally
lar attention
forts, and accepted the transitional
difficulties
Hardy & Co. Planning
arranger
ments-now being established, par¬
ticular attention must be paiu to
as
tained growth. In taking this view
can
important—and
trading?
new
15
>4
vu
.
V*
-
■
H
,
i
Rittmaster, Voisin & Co./
Richter & Co.
Gruntal & Co.
7
*7
f
16
(1788)
The Commercial and Financial Chronicle
tions
Magna Pipe Line
with
line
It
Units Offered
the production
of a
children's vinyl sandals.
of
is
intended
to
sandals
public
offering of 750,000
units of Magna Pipe Line Co. Ltd.,
is being
made by underwriting
groups headed by Bear, Stearns
in
Co.
&
the
Richardson
U.
S.,
and
and
outlets
ment
market
play
shoes
such
stores,
jr
is
of
a
share,
v
will
at
and the
United States
not
Net proceeds from the
be
used
Hornblower
financing
Co.
mile
that
issue
an
Steel &
lumbia
Oct.
Island,
with
a
on
the
pipeline
ble
to
Vancouver
mile land gas
75
island to
the
&
Weeks
is offering
publicly
$20,000,000 Keystone
Co. 41/2% converti-
of
subordinated
1,
The
1981,
at
debentures
into shares of the
tion,
the
tend
this
In
addi-
plans to exin 1965 to the
company
pipeline
stock
at
company's
company
30
on
days'
those redeemed prior to
in
the
vicinity
of
the
users
pipeline
ranging
1962, to 100%
from
aep
POWER COMPANY. In«.
1
on
The company expects to acquire
the assets of Natural Gas Trans-
are
fund after Oct.
mission
successfully launching a mutual fund by direct mail for the
time, the UBS Distributing Corporation, exclusive under¬
writer for UBS Fund of Canada, Ltd., was chosen a "1981 Direct
Mail Leader" in the annual contest sponsored by the Direct Mail
first
1,
They
sion
pipeline
to
proposes
transmis-
gas
Net
from
Bremerton,
Wash,
to
Port
Angeles on the
Olympic Peninsula in Washington,
This
pipeline
will
be
used
to
transport: gas for the account of
distributing
companies
Cities of Bremerton
Port ToWnsend
Port
ity of the pipeline,
selling gas
users
Angeles
Magna
whose
is
yicm-
addition to
kmets
Act
of
under
British
the
and
&
Companies
Columbia
in
It
duces
in
Vancouver, B. C.,
incorporated as a "private
company"
and
National
y
located
was
all
its
of
subsidiaries
Hotel in New
The UBS
steel
rods;
trade
a
has
/Joins Bache Staff
cember 1, have been
%
(Special to The Financial Chronicle)
5% Preferred
(Special to The Financial Chronicle)
BOSTON,, Mass.—Paul £ ^chs,*> OMAHA,, Neb.—Gerald
ls now connected with Bacne
& Co,» 10. Po.st
^uC^?5]*are-L
Mid-States Steel
which produces in-
wa?
.Wire v Specialties
fabricates steel wire
and
Co.,
which
into
wire
Columbia
Previously with Kidder, pea-
body & Co.
• ■
■
'
■
,
has
J.
,
been
Cliff
^ ,
,
added
staff
.
25tf
27<t
5V2% Convertible Preferred
27Y2^
Common.
of
22^
National Bank Building.
.
D.
.
.
J. Ley,
.
/
.
vice-pres. ft treas.
industry and other wire products.
The
law
in
February, 1961.
mesh
for
ern
t:;e
British
Powell
River
area
K
^
Pwr HoT'DnT'/lf \ OT1
x w 1 • VAAL jJUi atlUIl
Gnmyviavi
Ai»Arl
v^UXIlIIlvJIl v/LLGXGU.
eastern
portion of the Olympic
Peninsula of the State of Wasn-
those
The
total
is
areas
gregate
population
estimated
to
of
ag¬
Merrill
400,000.
over
Smith
vyiicil
000
-
*
ine
•+•
comrnon
.
1.1-
initial
puolic
stock
of
sale
of
the
Charter Indus-
tries
Inc., is being made through
the offering of
100,000 shares at
$4 per share by Standard Securities Corp.; J. J. Bruno &
Co., Inc.
and Karen
Net
Securities Corp.
proceeds
ing will be
various
from
used
the
'
;
per
shares
Power
share. The
tive
bidding Oct. 24
$44,777 per share
Dr0Ceeds
from
financ-
COMPANY
International
The
Company have declared
quarterly dividend No. 173 of one
&
ers
are
on
cents
mon
per
share
on
the
com¬
15, 1962
close of business
GERARD J.
J. EGER, Secretary
Dec.
on
15, 1961.
EGER, Secretary
Niagara "
at
Southern
$45,625
on
a
bid
sale
of
and
COMPANY
the
Dividend Notice
following quarterly divi¬
CUMULATIVE PREFERRED STOCK:
4.<f8%
SERIES
Dividend
SIructl<™ costs' and t0 nelP ,fl
The
a
Board
quarterly
Common
of
Directors of
dividend
Stock,
Cities Service Company
of sixty cents
($.60)
declared
share
per
on
its
4
-
per
a
: V
V franklin k. foster,
Secretary
per
+•e
plastic
of
an
manufacture
products
29% cents
which
tensively
in
of
pilot
sandals,
has
been
used
ex-
ties of Buffalo, Syracuse, Albany,:
Europe.
A limited
n>olded Plastic prod-
tp
n
^
m
t-.i
Palls and TroYtial,
•
Electric
commercial
customers.
and
opera-
residenindustrial
The company also dis-
pIanteebnas™ansuchC asrefin°yl tHb"teS natUral
play- shoes,
soles
and
swim fins* and the
company intends to.begin commercial
opera-
\
Niagara
tions include service to
THE SOUTHERN COMPANY
area
having
population
approximately 1,500,000..;,,
.
I
of 4
THE SOUTHERN COMPANY SYSTEM
The Board of Directors has de¬
clared
Serving the Southeast through:
quarterly dividend of
37^ cents per share on the
outstanding shares of common
stock of the Company, payable
on
a
Alabama Power Company
v.;,
.
.
'
''
,
share;
•
No. 56
,30%,/eenH
per
share.
on
at
the close of
1/.
Gulf Power Company
November 6, 1961.
*
•
1
'
\
Vice President and Treasurer
vember
5.
of
are
pay¬
1961,
record
Checks
'will
to
No¬
be,
mailed
from the Company s
office in Los Angeles, No¬
vember 29.
."
p. c. hale,
Mississippi Power Company
busi¬
L. H. Jaeger,
able November 30,
Georgia Power Company
_
December 6, 1961 to holders
of record
ness
a
,
stockholders
(INCORPORATED)
gas in '< entral'
northern and eastern New York,
an
per
The above dividends
,
tion of 3,400,000, including the ciSchenectady,
Dividend
•-
i;
■
tric service in an area in New
York State havinS a total popular-
molded Utica,
through the use
extrusion-injection molding
process
a
of
•>, -«
4.88% SERIES
chinery
Headquartered in New Brunswick, N. J., the company was
formed in
June, 1960 to engage
/v\
'
share;
Dividend No. 16
;
ot
warrantedPr°dUCtiVe capac*ty *s
iv,f.
•
24% SERIES
26V2 cents
4.78% SERIES
^
October 20, 1961.
,
share; \
Dividend No. 24 ";'V.
.
;*■
17, 1961.
No. 47
25Vj cents
payable December 11, T961, do stockholders
of record at the close of business November
fdlor IS!$Pv1t9edmnIi„rneq"iri9fiTPrOXImately
million in 1961.
additional production ma- *
when initial commercial
The company of 300 Erie Blvd.,
operations indicate that such ad-.-W.
Syracuse, N. Y., provides elec-
-
of
1
con-
nance the comPany s construction
inventory of product molds; for program. The program required
product and market
development; $80.7 million in 1960 and is extion
has
the payment
dends:,
heln; fi-
to
Board of Directors
authorized
outstanding
repay
costs
dividends
The
to-
v.
to
California
Company
Edison
Cities Service
the
bank loans incurred to meet
purposes,; struction
mcluding the retirement of short
term bank
loans; to increase the
($.60)
stock, payable Jan.
stockholders of record at the
to
of record at the close of business
November 3, 1961.
GERARD
International
of
Company have declared
quarterly dividend No. 187 of sixty
seventy-five cents ($1.75)
per share on the preferred stock,
payable Dec. 1, 1961, to stockhold¬
&
Directors
Harvester
dollar and
Pr°ceeds from the sale to
2ether Wlth other funds, will be
treasury;
m m m m.
m m m m m m m m m m m m-m m m m m
group won award
shares at comoeti-
of the common
Net
of
Corp.
of
used to reimburse the company's
by the company
corporate
common
Mohawk
Directors
Harvester
managers of an underwriting group which is offering 700,-
XI1U.U.OLI lt/O
Stock Offered
tv*
The
joint
mnnQ+rMOC
ICI
Lynch, Pierce, Fenner
Inc.; Kidder, Peabody
Co., and White, Weld & Co.,
#
1
lm
HARVESTER
COMPANY
.
^
notices
INTERNATIONAL
^
HARVESTER
,
Niagara MohaWk
of
Columbia, and the north-
ington.
dividend
dividend notices
building
INTERNATIONAL
to
be
served
by the
comprise the southeastportion of Vancouver Island
and
for
the
areas
company
.
.
.
October 23,1961
;
—
25tf
.
.
.
5.40% Convertible Preferred
First
Company,
.
.
5% Convertible Preferred
Hill
H.
the
to
&
Rahel
declared at the
following rates per share:
J. Cliff Rahel Adds
mate-
cember, 1953, was converted into
a "public
company" under British
COMPANY!
Quarterly dividends payable Decem¬
>n >>
subsidiaries:
hardware;
products;
UTILITIES
ber 15 to shareholders of record De¬
Co., which prowide variety of fasteners
Co.,
names
prospectus ads which" boosted assets of the Fund to $3,486,1960.
\
dustrial wire and merchant trade
De-
campaign consisted of three mailings to some
and was backed up by a series of double page news¬
588 at the end of the initial offering period on December 31,
Lock
Wire
CALIFORNIA-PACIFIC!
York.
paper
industrial wire;products;
and
three
October 25, 1961.
Fund
70,000
Dy
merchant
building and" construction
Co.- Ltd.,
executive office
principal
the
by
working capital,
produces
rials.
Line
retire
of
of
sale
used
Peoria,
the open
hearth process, its principal broad
products
groups
being
semifinished : steel,
including. ingots,
areas.
Pipe
to
that
the
be
W. J. ROSE, Secretary
in
achievement
company located in
m<>
directly^.to industrial
the Port Townsend and
in
Port
in
and
and for
in
the
Orchard,
the
in
company
debt
will
10,1961.
Association.
A
plaque emblematic of the Fund's
attracting 1,311 persons in 45 states to invest
$2,305,893 within the 46-day initial offering period was presented
to Donald P. Babson (Left), Vice-President and Director of UBS
Distributing by Ferdinand Nauheim, partner of the investment
firm of Kalb, Voorhis & Co.
The award took place during the
4-day 44th annual convention of the DMAA at the Statler Hilton
the sinking
1966, at 100%
from
debentures
the
Port Angeles and
other smaller towns
proceeds
the
Advertisers
for
1,
quarterly dividend of Forfy*
~\ nine cents (49c) per share on the
Common Capital Stock of the Company,
issued and outstanding in the hands of
the public, has been declared payable
December 9, 1961, to the holders of
record at the close of business November
For
for
Plus accrued interest,
which
natural
a
redeemable
Common Stock
on
A regular
after Oct.
or
r
2Jth Consecutive Cash Dividend
Sept. 30,
1979, plus accrued interest.
Co.,
\
ELECTRIC
,
at
106%
extension.
construct
open.
_
com-
notice
land,
to industrial
December 1,1961.
JOHN W. BRENNAN. Secretary & Treasurer
■
$40 per share, sub-
prices
as
on
United States Pipe and Foundry Company
convertible
are
and to Powell River in the main-
well
stockholders of record
'
ject to the company's right of redemptiori.
They are redeemable
at any time at the option of the
towns of Port Alberni and Campbell River on Vancouver Island,
as
to
4.385%.
en-
mon
north.
of thirty cents (30£)
share on the outstanding Common Stock
Company, payable December 15, 1961,
debentures, due
101.50% to yield
Nanaimo
the
Pipe and Foundry Company
Birmingham, Ala,, October 19, 1961
Directors this day declared
Board of
"
East-
Wire
virons of Victoria in the south and
in
V
and
Street.
are
underwater natural gas pipe lines
from Ladner, on the British Co-
mainland,
Marin
notices
of this
Dillon, Union Securities &
joint managers of the
man
by the company for'group
the construction of two 19 Vz
per
fTTPUPPl
902
quarterly dividend
a
i
securities business
a
at
The transfer books "will remain
be transferable
separately until Dec. 15, 1961.
will
The
W1X6 VyOI*D.
(
offices
divideInd
.
TIT*
I Ipno
is priced
shares
common
warrants
share and
common
1
purchase one-fourth
common
The
$8.
to
*
conducting
from
-i
i
/YTlCl
one
warrant
a
,
VALLEJO, Cal.—Andrew P. Bosco
J^GVSlORG utGGl
&
Opens
(Special to The Financial Chronicle)
.
sisting of
.
A. P. Bosco
Award
through
depart-
as
Sons,
Winnipeg,
Man., in Canada. Each unit, con-
•
UBS Distributing Wins
these
drug
and
variety
chains, supermarkets and mailorder houses,
James
Thursday, October 26, 1961
.
,
volume
Initial
.
,
C1' Southern Electric
.
-
Generating Company
Southern Services, Inc.
October 19,1961
Treasurer
||
Volume 194
Number 6102
.
The Commercial and Financial Chronicle
.
.
(1789)
17
Washington, D. C. and its suburbs,
which" is
hard
BY WALLACE
STREETE
an
area that
hasn't. been
hit by the recession.
Giant Food operates more
than
50
Irregularity
persisted in this
week's stock market, the general
list retreating easily when selling
erupted while even the drab mar¬
kets
Merger Prospects Ignored
The
much investment interest
brightened by selective
were
demand for
ing
were
mostly meaningless except
a "few
cases, such as Texas In¬
strument, 1 where: pressure
was
persistent: International Business
Machines, on the other hand, was
busy f orging. to all-time peaks
even when
selling was prevalent
and, in the process, the shares
sold higher than they had closed
out last year despite the fact that
of
in
50% stock dividend
paid early this year.
had
a
'Z* There
as
was
bit
a
been
confusion
Georgia which Southern Rail¬
market
lagging
at
which
well
purchase price
the
will
Southern
The
tenders.
ask
for
well
under the purchase offer that will
be made for it if the merger is
approved by the Interstate Com¬
preferred
is
Commission.
merce
for the lack of
reason
rail
for
thusiasm
displayed
the
over,
tag on -the common is
by more than half a dozen
under
points
One
as
i
take
to
proposes
way
^
much. caution
of
iri
plated. In other sections mergers
occasionally lead to spirited ac¬
tion. Even in the case of Central
Neither the buying nor the sell¬
was urgent, and the seesaws
■
even
where mergers are contem¬
cases
few favored issues.
a
ambling rails continue to
along without building up
amble
en¬
is the
mergers
course ' such
proposals
take.
In
the
case
of
the
lengthly
by .investors. With business in
general picking up well, a stale¬
must
stores, operates its own bak¬
eries, is setting up a dairy opera¬
tion that next year is expected to
supply the bulk of the company's
BY CARLISLE BARGERON
needs, is planning a dozen new
suburban shopping centers to put
it into the discount merchandising
field—in all is showing that it is
Several years ago there was a man
But, he explained, if the com¬
an aggressive and optimistic com¬
named
John
R.
Brinkley who, panies are actually defrauding
petitor.
V. based in
Kansas, made a fortune buyers and using the mails as a
For the present, Giant Food is out of
transplanting . goat glands part of the- process, the Govern-^
predicting record sales and earn¬ to elderly people claiming that it meht can
bring criminal charges.,
ings in the current fiscal year, would restore their
virility.
He >' In a recent .speech Assistant
projecting, gains of some. 10% for operated a powerful; radio station
Attorney: General Herbert Miller,
both. Shares are scarce. Manage¬
and finally came to be a political
jr.^ said of the situation:;
...Ahead of the News
1
,
ment
holds
three-fourths
of
the
million shares of both types.
Nevertheless
sihee
listing > last
1.28
March,
the shares have
trading life.
mundane
had
,
,:
a
V
not
cide
necessarily
those
with
They
at
of the
presented
are
any
time coin¬
"Chronicle."
those of the
as
author only.] ■,v: y /;
Georgia-Southern plan, however,
hearings have been concluded and
the report plus the full commis¬
year had' been pretty much dis¬
sion's decision are expected mo¬
counted in. advance. 'v
V,: - r; - > i* - mentarily. Most of the other pro-;
pcsals for rail mergers will not
:;;D-J Average Steady•
>.'*■ be
definitely settled until late
Robert L. Garner, who retired as
The market, nevertheless, shows
next
year.
In
Chesapeake
no indication yet of
giving ground Ohio's bid to take over Baltimore President of the International Fi¬
importantly as far as the aver¬ & Ohio, for instance, :• hearings nance Corporation, h a s b e e n
(
mated stock market proved mostly
that the sharp gams of early this
*
stop
•
taken
moved
it
ness
has
been hovering
in
a
held
and
briefs
called for.
But
the lawyers have
were
trading range for more; than a* until
month ;without showing any in¬
tention
of
either
testing the late
September reaction:\ low or.' of
threatening
the y all-time - peak
posted
early
thatmonth.
The
,
.
.
between
range
dozen
!
points.
Some
the
;y
oils
is
two
VW./V.>
two
;:/y', /;y; ;/
bright spots
through dreary sessions but there
was
were,,
excessive
no,
15
Dec.
have
been
file them sO
to
no
rulings are expected before next
and, with legal .action by
the protesting New York Central
year
assured in
case
of
favorable rul¬
a
experts are willing
predict when this merger will
ing, few rail
to
either
defeated
be
mated.
consum¬
ness
From
Fund,
d ive
p a n y
v
;
;
ernment
19
political
a
order
t
frauds^
has
e s
successful mail fraud prosecution
as far back as 1919."
?
The
-
.
There are now stations in sev¬
eral; Mexican border, towns which
to
are
combine in
operate at high wattage and beam;
theit programs to audiences north
gov¬
an
ef¬
of the
\
graphed pictures of John the Bap¬
The cheap time available across
the border has attracted both sub¬
and
an
with
lay
west.
offer of free "prayer
instructions on how
them
the
on
this
body
Exchange
-
.
r
\
"*
*
_
*
on
working"
plan despite the
another WPA
that
fact
skilled
there
is
workers
a
.
the
defensive
this
that
shelter
"v
provides.
group
up.
Higher Dividend
v
Possibility
New England Gas in the coun¬
ter market has been available
„a
yield
showing a
in an
tern
'
is
around
superior
of
where stagnation
be the economic
area
to
supposed
In
outlook.
at
while
growth pat¬
3%%
five
years-
revenues
increased 38% and per-share earn¬
ings,
were
WPA projects
consisting of public
buildings, bridges, sewage dis¬
only recently come upon a method posals mid other such projects all
by which American companies requiring skilled workers.' •
/"
using these fraudulent .advertis¬
A WPA program and a PWA
ing practices can be prosecuted
program were carried out by; the
for us'irig the mails to defraud. /
Roosevelt Administration .at a cost
Commission
h
a v e
,
The upshot is that the Federal
y;
of several billions of
-.
Communications
now
.
Commission
is
.
monitoring the broadcasts of
the Mexican stations which reach
the United > States4 and it prefers
tape recordings;to the' Post Office/
Department to see if ;any > mail
order statutes are being violated.
If so the Post Office - Department.
? turns the tapes over to: the; Jus¬
tice Department for prosecution.
>
NathanV
carried
WPA
out
dollars1 The
so-called
up
a
it .has -
improved - ;the
of the last
.each
.neat. 34%
with
boom
payout
To Appoint
in
r
iS
-
three years? and
the
company.
content of commercials which the
Simonds
&
Co.,
Inc.,
Mexican stations choose to carry,
record.
bile
The offering
build
of other companies. In ad¬
dition, it serves the area that is
r rapidly
developing into an out¬
standing research center around
'
Cambridge and serves popular re¬
sort areas-where electrical
.
is being
pushed.
k
'
-:
heating
> ;
/
an
offer to buy these securities.
<
•
-
125,000 Shares
-<
Dynamic Gear Company, Inc.
Commoij Stock
/
(Par Value $.10
are
automo¬
•
per
Share)
Offering Price: $3.00 Pei Share
just starting to
up
a
new
Copies of the Prospectus
State in which the
from. the-,
pense
solicitation of
October 24, 1961
line and other
research proj ects
aim at many
new markets for porcelain.
•
payments ip the future, j
;
r? New England Gas is -benefitting
spread to.-the- suburbs
around Boston, and thus the city
is not yits prime service problem.
Gains of this type are at the ex¬
a
is made only by the Prospectus.
expanded Ferro's
Ceramic-coated
mufflers
An
may
be obtained from the Undersigned In any
Undersigned
may
legally offer these shares.
Aggressive Competitor
"
The
interest
in
eral merchandise
a
retreat to
chains
food
stand
food and
stocks
gen¬
was
also
Flomenhafl, Seidler S Co.
basic values and the
were
general
to
with¬
in
able
selling
good
style. Giant Food, Inc., an Amer¬
ican Exchange issue, showed
superior stability when selling
was
around. The company's stores
are
located
basically
in
greater
''
mcomrofiATwo
<:^
.
151
West
Congress Street, members of the
stop
American firms from
New York and Detroit Stock Ex¬
placing fraudulent or misleading
ads.
changes.
or
This announcement is neither an offer to sell nor
-
.
„
specific results are still not on the
improving, earnings,
a
candidate, for
improvement. in
its
obviously
continued
has
;
Kossacky: chief: of - the
DETROIT,
Mich.~On Nov,
2,
-Justice Depaftment's fraud sec¬
tion, points out that the Federal Ralph W. Simonds, Jr., will "be¬
government cannot -control the come assistant secretary of Baker,
frit outlook importantly, although
: with steadity
it
for
one
Research
as
leaf
raking projects which Called for
unskilled men, But PWA called
for skilled workers.
;, ' •/ > /
pany's net
earnings still in prospect.
dividends are concerned,
record
As far
income. Domestic re¬
sults were affected by the busi¬
ness
recession, particularly the
building
and
appliance opera¬
tions. Ferro made a profit turn,
however, in the second quarter
when
every
product line but
fiber glass showed increased sales
and earnings jumped to 79 cents
a
share against only 50 cents in
the first quarter. With the busi¬
ness upswing in general, and an
upturn in appliance sales in par¬
ticular helping along, its pros¬
pects for the rest of the year are
good and next year looms as a
of
country.
shortage
this
in
-
There
are still many utilities that offer
above-average yields along with
profit-taking cropped
?
The Administration is
High officials of the Justice
Department, the Post Office De¬
partment and the Federal Com¬
munications
,
and Mid¬
V« '
companies and those;
sell products that
they cannot advertise over the air
in this country.
;
.
?.;■
■
which want to
country was a commen¬
the gullibility of the
:
;
stantial
for
on
American people.
'
Securities
border, reaching large 'por¬
tions of the Southwest
tary
on
... .
These products in the past have
included such items as the auto¬
in
with
operations^
Although!
the mediiimu of the communication
may. be new, it is an unfortunate».
commentary on the. gullibility of
"healing, deliverance and driving
spirits." Their acceptance
Good earnings statements ;; There was some evidence that
brought moderate gains to the is-^ what investment interest was registration
statement re¬
sues affected.
Steels were laggard' around -was turning toward " the
as the two giants of the industry
basic
companies,
such- as
oils, lating to ah
initial issue of
Robert L. Garner
prepared to disclose their nine- foods, utilities and such, now that
2 million shs.
v
;;
the
month earnings statements.
pinpoint hunt for glamour
: y
issues is defintely ended for a bit. of common stock. It is planned to
;
Technical i n d i e at o r S were One basic
company is Ferrb Corp. .offer the. stock at $12.50 per share,
scrambled as they/have been for
?
which ; offers
anabove-average to total $25,000,0b0./' r
some time. Low-vplurhe indicated
'Managing.■>.underwriters of; the
"moreneglect, .thanf ;any~:seiling
offering • will ^ be Bache & ,Co.^;
preasu^e add day-to-day volume
business is largely porcelain en¬ Paine, Webber, Jackson & Curtis
was just apt tp
dry up; on a sell- amel frit—the glass material used and The'Nikko Securities Cq., Ltd.
off-as on any. rally.: New.highs ranfor porcelain finishes .On/appli- of Japan. Tke latter company will
consistently ahead"
new lows,1
a h c e s,
building i materials and also serve as- investment? advisor
even on a rather1 hard sell-off that
to the Fund, whose assets will be
other types of
fixtures. In recent
opened the week, but then when
in Japanese
years it has. built up an important invested/ primarily
the market was making" a stand
fiber glass business and has other securities.;
/
//'•/'■
the lows took over leadership to
roles in specialty items. '
; - -y/'y
add another confusing touch.
/ ;
With Lenchner, Covato
Like other companies operating
Utilities had been forging ahead
worldwide, Ferro has found in¬
steadily, ignoring other sections of creasing benefits in its foreign PITTSBURGH, Pa.—Robert Sablowsky, has joined Lenchner, Co¬
the market where there was un¬
operations
which
resulted
last vato &
Co., Inc., Bigelow Square,
rest or even pressure, but they,
year in record sales that produced
as an Account Executive.
too, ran out of steam this week as two-thirds of the parent com¬
•
a
out evil
Commission' a"
shown.
be
;
in¬
the
to
fort to cut out the trade..
to
corporated in
M a r y 1 a n d,
which filed
ceased
-
.
for their
where he
lucrative busi¬
a
/ Now, three agencies of the
;
•
investment
company,
"Unscrupulous American com¬
swindlers
have - found
this uncontrolled' medium
ideal
-, mercial-
ment to do something about them.
end
-
•
could
repeatedly
tried to get the Mexican govern¬
Inc., a
rsified,
closed
one
station; was
him .but he
Mexico
mail
cloths"
a
from
into
S t
tist
J
and
Glamour
in
United
T h
Oct.
.y-yy.:'a/'/'/'?
Switch
enthusiasm
or
but
elected President and Director of
e
radio
threat. yy.y ; •
y';, ••
Mexican radio stations beamed the American consumer that the
to the Southwest-Mid-w e s t e r n ; representations (made in the com¬
states still do a flourishing busi¬ mercials) were the subject of a
-
average
His
finally
-
ages are concerned. The industrial
him.
continued to do
[The views expressed in this article
do
threat. It seemed that ho
Myron Ai Lomasney & Co.
Sheet
Inc.
18
The Commercial and Financial Chronicle
(1790)
mission.- to
Co., East Hampton, New York, to
consolidate under the charter and
was
Hi
■
Consolidations
New
•
Branches
Offices, etc.
New
•
,
The
Capitalisations
Revised
•
>■
.
*
*
''
■
.
National
Newport
>
of the loan committee of the
Bank
solidated
Newport, Rhode Island, increased
its
THE
NATIONAL
FIRST
CITY
BANK OF
NEW YORK
'■
Relations
'■ <
•
Savings Bank, New York.
: 7,603,678,217 7,455,895,760
Deposits
"
<5 It
da
in ri
/from
;
•U.
ir?1" 'rthf
-■»
banks_i_
7,
»
y
C; *'
> -
'
>
*»»•.•*■
-
of ; the:
■
the
1,919,601,230 1,849,586,119"
curity ' hldngs
Union
\Square
Vice-Presi¬
Nelson, ..ViceUndivided pfits.;/
127,867,008
124,272,271^ President; Norman G. Critchley,
*
*
*
'
/ ~ '
' -V; ■
Assistant Vice-President; Gerald
Stanley
T.. Davison
has
been B. Fur man, Assistant Vice-Presi¬
•
dis-
and'
'*.f>
'
'
.
^—^,4,059,024,773 4,066,556,749
•counts
J.
Stewart,
dent;.1 Edward
charge
Vice-President
in
of
Times
Office
the
Chemical
Square
Bank
Co., New York, Chairman Harold
H. Helm announced Oct. 24.
; i
Mr.
entire
dent..'",,:.*
succeeds
Vice-President
Dime
become
.7 .v.,
"■
•
-
•': *'•'■ Assistant
,-;v
-
r*5
■
The
r
elected
Secretary of Commercial Bank of
it
North America, New York,
President,
Austin
was
The
Treasurer
Trust
his
w-hich posts he
He joined
Commercial Bank in 1938.
/7
Officer,
to
-
❖
•„
Establishment
Advisory
U.
S.
of
Dr. Y.
American
in
York
New
The
le-Israel.
guide
the
31,
1952,
he
County
.
.
its
Deposit
W. Meier
an
York,'" has
been
announcedJ
be associated
Investment
of
mission
with the
the
the
in
By
Hawaii,
total
that
nounced
the
of
sale
bank
from
$3,500,000
$4,000,000
to
with
shares
of
the
First
shares
^
777;"7'"1..
T>e
stock
new
The
of
Syracuse,
Co.,
Joseph
N.
Oct.
*
Trusi.
to
ber,
q
on
,'yrv\
Bank and Trust Co.,
per¬
Oct. 10 from the Board
of Governors of
the Federal
Re¬
System to merge with Exr
Bank,
Oakfield,
New
serve
change
York, under the charter and title
of Liberty Bank and Trust Co.
First
National
risburg, Pa.,
Trust
and
Co.,
\
* y
)
*
.
-«
■;
San
his
Bank:
15.
the
to
Bank
Vice-President
as
He
Vice
in
made Ex¬
President in Octo¬
-
was
from
.
by
295,790
17
77^:..
Elston
Bank
under
former
and
Har-
dividend
that
title
Pa.,
of
Bank,
the
of the
as
Oct.
close
received
assets
and
bilities
of
Har-
Bank
of business
on
Trust
■&
Governors
the
Federal
-System. v.';
serve
-
tion,1
the
of
the
consolida¬
Harrisburg
stockholders
will
>
Irving
7
has
elected- President of the
National
receive
Jr.'
Boulevard
one
of
Bank
Trust
Harrisburg
48,265
holders
would
Illinois'^ National
lVs shares for each share
shares;
.
Harrisburg
National
outstanding
Trust
has
■
Company
has
C. Fordtran
and
40,000.7 7
George R. Bailey, President of
both banks, :would be - President
/
of the
bank.
new
,"v'
:
^
Hi
'
Hi
consolidation
of
directors/
»
'i.
•
-
"''/^'7"
.
»•-
be
111.,
of
capital
Bank
r
National
Bank, Baltimore, Md.,
and
County Trust Company of
Maryland, Glen Burnie, Md.;- was
stock
,
Chicago,
from
Illinois,
increased
was
ofnew
stock "effective
Oct.
9.
share¬
meeting
or
at
the
rate
of
for
at
and
to
>
on
subscribe
the
each" 16
of
of
onC
owned;
rights
stock,
new
share
of
basis
bwned,
record
on
a
price, /under the
market, to be set by the Board;
An increase in the bank's com¬
a
.
to
stock
from
.25,600,000 shares
shares, and-an inr-
.28,480,000
the
National
in Chicago,
$787,325
to
$826,675
and
$826,675 to $926,875 by sale
-from
officially approved Oct.'24 by the
Comptroller of the Currency, to
the
;of
3,
shareholders
mon
\r.
of Albany Park
21
1,280,000 shares on
8, to shareholders
Nov.
the
to
By a stock dividend the common
t.;" ,'V. *•;''■<' V-''''/'
by
Nov.
Dec.
one;
date
'
of7 Baltimore
of
Issuance
ior
7'7*
•
'
the
full share for each 20
•
&. Trust
-
^
share,
/payable
by": " 4' /
Payment of the 5% stock divi¬
record
111., Henry
% •.
•
per
and
7/77:.7- ,7/-.77-iv .,7.7',.
about
Vice-President and Hugh M. Driscoil'Vice-Chairman of the board
'
cents
17
•
at
named Executive
was
a
followed
National
Bank
Chicago,
of
;ap-k
regular^ quarterly
50
Oct.
holders
to take effect Nov. 1. He had been
held.
of
will
Vice-President of the Continental
receive
for
Nov.
been
Harrisburg
the ./
..•.Affirmative, action
Re¬
Chicago,
submitted
shareholders .-.at ;
meeting Nov. 21.
;
/..
/-,
■
>
of
.
3.
77
Seaman,
-
shares
preferred price
a
to
to
dend
terms
Oct:
on
Nov. 30 to holders of record
27.
Under
1,600,000
be
declared
Co., by the Board
of
.
dividend
Bank, Waynetown, Indiana, under
the charter
and
title of Elston
The
.
./;/
Francisco,
,
tion'
TheTWaynetown State
of
San
The stock dividend is in addi¬
lia¬
the
assume
to
Trust Co. The effective date is to. of
be
Presi¬
;77'; 7-:-"
-
'//
-
plan for. a .5%, stock
plus rights ..to buy an
will
special
Company,
Indiana,
Hi
a
stock at
common
permission oh Oct. 13 to acquire
Harrisburg
the; charter
National
Harrisburg
Crawfordsville,
offered
7'-: proval
Trust
&
1956.
/*/
sK
America,
additional
(Number of shares
429i,579 shares, par
$10.) .7"
of
'4-'
Calif.;,. Board of Directors
$3,905,270; to $4,stock dividend ef¬
a
qutstaiiding-
The
Bank,
The
named
was
February
/ Hi
Bank
Indiana,
.
in
dent
fective Oct. 9.
ap¬
of
Harrisburg,
consolidate
The
7 7*77
to
in
with -the
came
1955 and
: •
&
y.
Comptroller
application
an
tlarr sburg
Spaid; who
S.
Office
Nov.
on
1955.
ecutive
Indianapolis,
/was
in¬
of
Company
creased
Bank
National
Indianapolis,
value
^
*
the
9
proved
''
Y.,
by.
scheduled
relinquishes
position
Hawaii
July,
<
capital stock of the
common
Merchants
of Middlesex
Oct.
r
7:;>
&
an¬
.
value $25.)
par
The
Trust
San
was
f Francisco
is
Mr. Peterson
outstanding
200,000 shares/par value $20.)
*•
.7 7'':" *
*
*
'■■■ ' :' ■ 7-' ■'
(Number
it
Head
its
Hawaii
Cf
by
stock dividend effective Oct. 11.
a
at
present
Richmond,
Vu., : in¬
its common capital stock
creased
.
in
America,
ban
FranciscoHe
of
Bank
National
Direc¬
f7 join the management staff of the
Richmond,
$1,000,000 to $1,080,003,
11.. * (Number7 'of
outstanding 43,200 shares,
effective
Plains,
'■
of
of
President S. Clark Beise.
ex¬
share of stock for fe'dch share held.
•
in
Vice-
named
Board
Calif.,
Francisco,
*
The- Central
.
been
Bank
of
tors
assets
ceed 7 $525,060,000
with
funds in excess of $38,000,000.
-
stock from
'77 1
*
has
capital 7.Mr/ Peterson
County, South River, New Jersey
increased
its ' common « capital
1942.
of
.
Chairman of the
consolidated
of the consolidated bank will
.
Hi
First National Bank
a
as
Buffalo, New York, received
Management Division
Cashier
of
The Liberty
b£
Until recently Mr. Meier was an
•
bank
White
* •'
^
of the Personal Trust Department.
Assistant
con¬
in
Wicks has been elected
President.
George C. Textor, President. Mr'.
Meier will
*
•
promoted to Executive Vice-
was
Assistant
Secretary of The
Marine Midland Trust Co. of New
as
has
*"!■':
Co.,
.'
succeed
The election of Herbert
Maplewood Bank.
the
of¬
.7'"7"'7 .-vv —7 7'!>
N. Y.
7 /,
.
.
but
Treasurer
Trust
Treasurer
.7.7
dc»-
respective
•
the
indicate
Hi
Rudolph A. Peterson, President of
the
Bank
of
Hawaii, Honolulu,
.
the
,
an
active
*
Assistant
an
Parke W.
business.
23
Brooklyn
elected
was
*
international
bank's
the
anu
President
and
York, prior to his association
Eugene M. Carr has been named
Representative Office,
and will cooperate in the develop¬
of
as
of
the
of
California
ment
Oct.
on
retired
remain
to
of
7 of
annisversary of
Dime
The
which
to
the
bank's New York Branch and
Bank
New York,
by
of
banks
ham Phoenix National Bank, New
member of the Board of Trustees,
group
new
policies
Recent
He had been with the Chat¬
1942.
On
Trustee
a
Savings
management
Foerder, Chairman of Bank
Leumin
will
tinued
of
prominent
and ...businessmen
bankers
of
Dec.
on
N
r
an
Chesire,
Chesire
ficer
Board
announced
was
*
*
; •
employment by the bank.
Mr.
-
•
appointed in 1956.
was
1936
Bank,
.7, 7/ /7":
observed the 45th
Assistant
and
C.
Dime
Brooklyn,
7 .'<■ ■vi.-:*,-.■.-7';7::.
Mr. Spencer was formerly As¬
sistant
Officer, .of
Savings
77
York,
in
tneir
in
■/ Hi
-
.
Leichtman,-
Jacob
by
A.' Malm-:
RealTEstate
Greenwich
;
New
Michael Spencer has been
announced
Theodore
by
an¬
who berg, President of the bank-?7'
Vice-Presi-^' 7'" Prior to this, Mr. Talbot was
regional
dent."
of Wiliiams-
Savings Bank
nounced
Vice-President
became
con¬
■.*
v'7'7---"-Vv •■.Ail-vA"7"7
statements of the two
'
joined the. bank in
Secretary and Treasurer,
as
retary
■,
T. -Snyder
Robert
1929
in¬
was
from
$9,000,000 to $10,000,000 by sale of new stock, ef¬
advisory
Trust brancn
County
with
bank.
Allen
Mr.
of
capacities
B.
Allen, President of the:
Maplewood Bank and Trust Company, Maplewood, N. J., died Oc¬
tober 21.
He was 71 years old.' :
Colo.,
.Denver,
creased
chairmen, will serve in the same
outstanding
shares
of
"?r\'7
*
*
1
burgh, Brooklyn, N. Y., it is
'
^
:7-'■"A ."' .'7,7.•r'
*
eJU-v.
<'
,
1954, in charge of its office
29th St. and
Park V Ave. He
has
-
Edgar Lane, Assistant Vice-Presi¬
since
at
Vice
Jr.
C.
Davison, who has spent his" Howard A. Talbot has been elected
career with
the bank, has Executive Vice-President of The
Assistant
been
Assistant
Trust
York
New
of
H.
Davis,
President;
Frederick
dent;
Frank
L.
,
elected
(Number
Bank,
All
bank.v
"
offices,
of
11.
-Oct.
Vv
following appointments:
Ralph
-
Loans
.
*
*
..."
Sayings
Bank, New York, has announced
*.
.
1,753,759,439
*
1,741,736,972
Govt., se*
S.
8,630,267,781
8,831,134,811
resources^
7"
y
from
sale
by
effective
stock
new
stock
$460,030
to
boards
23,000, p#ar value $20.) 77777 aft'
* \
* 7 * i-7- ''.,.'7-"':
Randolph H. Brownell, President '-7 r';
>•".>,.•/#
rv;'•
Total
Bronx
.
June 30, 1961
$
'-V'/t
Sept. 30, 1961
the
of
Officer
capital
common
$345,000
to
,
7
'
,
of Oct. 13,.
as
Thursday, October 26, 1961
.
Delbert
Davis,
President., of
County Trust Company, will be¬ fective
Oct.
11.
(Number
of
come a Senior Vice-President, an- shares
outstanding 1,000,000
aavisory director, and a member
shares, par value $10.)
Island. The effective date
of Long
name
Maryland National Bank.
title of Valley National Bank
the
the
change
.
.
back's
capital
from
$160,000,000 to $178,000,000.
■■.■7.
■
7 The program is subject to final
approval by the Comptroller of
the
Currency.7 7,-77';'v77 7r-, >:
n;/...I
7..; .♦/-• .#
Edmonds. >H.
(Number
*
Chandler
}
Bert
and
of shares- outstanding
3, accord¬
Lynch were appointed Vice-Pres174,134 shares, par value $12.50.)
ing to a joint announcement by
.idents qf the newly established
:.'7*7 7'd .*/■: ■,*
* '<■<].' 7'.: '7••'•',7" Sacramento
Hooper S. Miles, Chairman of the
Valley regional real
Board of Baltimore National
Manufacturers National Bank of estate Joan office
by the CrockerBank, and Delbert Davis^ Presi¬ Detroit, Mich., elected Pierre V. Anglo National Bank, San Frandent of County Trust Company,
Heftier a Director,;- 7 ; ; : >
V77 cisco, Calif. 7
:: if;
f v: 7'.
effective Nov.
become
-
■
National
'»
,/
,/
■
City
Bank,
*
.
William J.
«:
New
York.
/.
Hi
J
'
•'
The
Comptroller approved an ap¬
plication of Valley National Bank
I
' '
Cunningham has been
cf
elected Vice-President and Public
Long
New
Island,
York,
Valley
Stream,
Osborne
and
Trust
the
under
name
Baltimore
''
Na¬
tional Bank.
has
However, application
with the Comp¬
of the Currency for per¬
been
troller
*
The
filed
■
l
Omaha
Omaha,
mon
to
ii,/:'■
NationalBan k,
-
its
increased
Neb.,
/'/'"/ 1/
com¬
capital stock from $7,000,000
$8,000,000 by
a
effectiveOct.
10.
stock dividend
(Number
of
"■:.•-7*
;
*/..
7,';7-'7/77
.
Moving to coordinate its expand¬
ing Jamaica operations, The Bank
of Nova Scotia, Toronto, Canada,
will
open a
fice in
supervisory
new
of¬
Kingston, Jamaica, General
•
shares outstanding 400,000 shares,
value
par
:
NEW
October 25, 1961
ISSTTE
'
V
r
By
'•
"
*
-
*•
■
"
*
r
■
■"
»V
s'
'
?■ :>
•
f
t
*
♦
t
*
.
a
•
'
'
'
"
♦
(Par Value $.10
7.
The
•
.
.
with
Share)
*
com¬
Neb.,
$125,000
*
< •
.
Hill,
to
Hill,
Chapel
of
stock
Trust
&
4
N.
C.,
$100,000,
into .Dur¬
with and
merged
Bank
•
National Bank of
common
was
Company,
Durham, N. C7 under the charter
!
;•
from
University
Chapel
of *he Durham
Bank &
Trust Co.
and under the title Central
/
Copies of the Prospeetus
State in .which the
■
.
■:
•
lina
Share
per
■
•
:
Bank
effec¬
at
and
the
Trust
close
Co.,
business
of
on
*
#
v;,
*
-
f
The Comptroller of the Currency
,on
Oct.
6. issued
sonville
Durval
The President
and
First Weber Securities Corp.
Street, New York 5, N. Y.
....
of the bank's main Jamaica branch'
in
Kingston, will head the new
/ as
Supervisor, - Jamaica
Branches. Succeeding him will be
E. A. Mowatt;-now an Assistant
Supervisor at Montreal, Canada.
office
.
Auerbaeh, Pollak
To Admit 7Auerbaeh,
Pollak
a
charter
the
to
the
000: and
a
L.
Tison,
Jr.
a
.
I * ...
capital stock of the
*
common
Denver
J.
capital of $1,000,surplus of $250,000.-
',7
The
Florida.
is Rudolph Hardee
Cashier
The bank has
,,
County,
United
States
;'7;
&
Richardson,
30 Broad Street, New York City,
members of
the New York
Stock
Exchange, will admit James P.
Cleaver, Jr., to partnership as of
Nov. 2, Mr. Cleaver will become
a
member of the
Exchange.
4
■
Jacksonville National Bank, Jack¬
79 Wall
Douglas Gibson an¬
7
/• 7 7 "7 7 'r.' '
Taylor, formerly Manager
Sept. 30.
V
may he obtained fro?n the Undersigned in any
Undersigned may legally offer these shares.
Caro¬
tive
Offering Price: $3.00
J.
value $100.)
par
7-
■
:
the
Alliance,
Bank,
ham
per
R. M.
V '.
dividend
increased
.shares,
Stock
Common
Hf
$375,000, effective Oct. 11. (Num¬
ber
of
shares
outstanding 3,750
•.
Beam-Matic Hospital Supply, Inc.
•
was
f
.
'
Hi
capital stock of the Alliance
National
100,000 Shares
Hi
stock
a
mon
Manager
nounced.
$20.)
i,
National
Hill & Co. to
Admit Reid
Robert
H,
Reid
membership ,in
Stock
,
will
Exchange, and
will become
a
acquire
on
make his
-York
Nov. 2
partner in the
change firm of Hill & Co.
York
a
the ,:Nqw
Ex¬
He will
headquarters in the New
office/ at 42 Wall Street.
;
-
:■>
Volume
194
Number 6102
.
The Commercial and Financial Chronicle
.
.
in
made
BANK AND INSURANCE
J-
(1791)
the
Federal
Board and its powers.
U.
i
.
,
S.
!
—$3.1
7-Wrv:
-J-5T
THE ABA CONVENTION AND THE OUTLOOK FOR
MONEY RATES
'
-Hv;
Bankers
can
Association
Francisco.
;f
:
in
^
■
result
San
:A
'
should
next
■
„
„
Although
remarks of the commercial bank-
The retiring President of the
ABA, in a press interview, stated
worthwhile, the
outlook for:, the economy and
money rates was best, indicated by
Treasury Secretary Douglas D'il-
that the economy was. improving ,
but that loan demand did not come
up to expectations.
Mr. Bimson,
President of the Valley National,
ers
discussions
this* issue.],
July 26, 1961_^__
Oct.- lTiv 1961^.i_
see
ing June 30,,1962)a Since that time
estimates of the present Ad-
frorn the 4Vz% level at the
ent time but, over the next
ministration have indicated
should certain
each estimate
figure..
larger,
indicated
that
defi-
showing
the
5.3
—
rise
any
the
in
6.8'
Secretary Dillon
figure will be
this
It
also
was
convention
out
:
but
economic
some
fore-
1962).
"
predict a deficit in excess of
$7.5 billion, tin addition to* the
outlook for 1962 the Secretary in-
be
over*
for
money
Traeerlab's
by the
(April 30;
sales
last
year
amounted
ders
to $12,500,000; and or¬
coming in now at a high
are
rate.
"
;
r '
! / 4
Other profitable LFE operations
are
delay lines and air-trafficcontrol equipment,!; Furthermore,
presyear,
spending
LFE's international sales office is
Continued from page-2-
brought out at the
many banks are
that
segments of half
stored
looking for loans.; Although
the prime rate remains firm, many
small
borrowers are "being up-
casts
s£ems';to
end of LFE's fiscal year
expected to show growth
C.f
billion bits of
a
•next, few
ket
,
information.
An improve¬
shortly expected,1 more¬
over, >in the storage capacity
of
graded with the result that mbre, LFE's- High-Density File Drum;
borrowers may obtain funds at the it will double or triple the HDFD's
dicated the intention of the Ad- prime
rate.
In addition,
many
present capacity of 15 million bits
ministration to submit a balanced .banks.are looking for new ways of
information. This year, the
budget in 1963.; President Ken- to-loan money—whether it be to • Computer Division's sales will be
dicted
worst
the first six months, the
company
is expected to break even
prime ; rate
consumer
X-rays, and medical
Traeerlab's past rec¬
been
Though Tracerlab lost
materialize, higher rates could be
expected.
a
than $6,750,006,000."
This
highest figure as yet pre¬
"more
The
3.5
—
has
redesigning its line of X-ray
equipment at its Keleket Division.
2.8
(
the
cit with
—
capabilities,
growing fields
for
-f$1.5
•
1961_-_
technological
unimpressive, pri¬
marily "4because of expenditures
required over the past few years
.
•
May 25, 1961._.>
of supply by the second half of
1962. He stated that he did not
The Eisenhower
predicted a" surplus in the fiscal year 1962 (endr.
a
"16,-196l£_l
Mar. 28,
over
the
the foreign mar¬
relatively new outlet
years,
being
a
for
most of LFE's products. The
company's research program —
sponsored by both the government
is
ment
and
the
company
—
to
amounts
$9 million. LFE is doing re-
over
search-and-development work in
films, oceanography, aero¬
space, lasers, micro-miniature cir¬
cuitry, bionics, and other projects.
thin
nedy, however, has; indicated that finance leases or loan money for about $4 million and, in three or
1963's .budget, is not predictable; the purchase of a boat. These ag- 'four' years,
management- hopes,
due to possible military demands, gressive moves on the
part of the about $25 million.v ' ■;* • '
But
LFE's
greatest
strength is
In spite of growing estimates of commercial banks
point to the v The ) Instrument Divisioh .haS' _,its management. This point can't
be
stressed; enough. Mr. Henry
the deficit for the present fiscal fact that the commercial, banker
developed new lines) of microHarding,
the
President,
has
a
year, it is still- to be considerably is becoming more aggressive and 7wqve test equipment but is pri- r
proved record of successfully tak¬
less than the deficit figure
for i^ not anxiops ta see earnings lall ix^rffy rnanufacturing microwave-•
ing over loss situations and mak¬
1.959, and. Secretary Dillon fore-; even in a recession year.. The agi- test 7 os^ih^tQrs ) a n d
stability
ing them profitable. LFE is now
sees that the current situation will
tation at the convention for taxing testers.' Sales should run to about
Mr., Harding's life work, and he
not be accompanied by the infla-,: savings and loan institutions and
$1,100^,000 this year,
has surrounded himself with a
tion which brought about high in-umptual savings banks mayy^ell
• rpjie gastern Industries Division
very capable management team.
terest .rates.
Along with these spur the Administration to- push— marnufacturf's
vehicle
actuated
Any company that LFE acquires
pronouncements, the Secretary in- ing
legislation which will not traffic
controls,, and
hydraulic ; will benefit from the adminis¬
dicated a larger balance'Of pay- favor these
banks.
;; !
equipment.1 Eastern Industries is trative ability of LFE
manage¬
ments deficit than
formerly^ preIn spite of the favorable outlook ;making use of LFE's computer ment.
.
'
'
•
dieted. - This-means a continued] fop banks' earnings over the next knowledge for its traffic
controls,
Looking at the record of LFE,
drain on dollars,
which, are al- year or two—due to the "large i,n this wav further strenetheninf?
ready in plentiful supply overseas. .Federal deficit and also the more
way lurtner strengthening. you see a distorted picture be¬
cause
of the (recent merger with
Historically,'- as is' shown,rour aggressive'attitudes and stands of • it? posrtton in a gr®wii^ji}austry,
electronics
in
,
—
,
H
.
•
is
ness
the
parts,
industry^
espe¬
semi-conductor
beneficial..
margins
LFE's
healthy;
are •
tronics
in¬
Division
is
its
*
profit
Elec¬
\ to
expected
show,, for example, a sales increase
of 15-20%, with after-tax profit
margins, of 4%,. Eastern Industries
has
history of high profit
' ' !
a
gins.
mar¬
;; LFE pi us: Tracerlab would be
a
world leader in Doppler sys¬
tems," nucleonics,* and
traffic
LFE
controls;.. If
are
of
earnings will
temporary dilution
14%;* Taking into> con¬
about
a
sideration
that
there
nonrecurring
some
automatic
Tracerlab- and
merged,
experience
be
may
write-offs
in
-
Tracerlab, the* combined earnings
of
LFE
about
the
Tracerlab
and
$1.75
$1.85
or
should
be
share
for
a
fiscal
1962,
year ending April 30,
against $L66- a share last
as
This
year.
could
estimate
be
to
prove
of
low.
earnings
.
It is
im¬
portant to point out that earnings
this year should be divided on a
40%-6Q% 1 basis
between
the
halves, the lower percentage oc¬
curring in the first half. Firsthalf
earnings,
if
LFE
earnings
are
Tracerlab
com
should be about 40%
$1.85
or
LFE
.
.
the
v
,.
some
Since LFE is a large buyer -of
semi-oonductors, the price weak¬
ord
,
of
,
in
squeeze
dustry, is one
reason
for
the
sharp sell-off of electronic stocks.
electronics.
that loan demand may run ahead
be found
can
Administration
is
Jan.
{Full; text of Mr. Dillon's, talk Bank (Phoenix, Ariz;), also stated
and other addresses,
in
and
always
are
Ion.
the
(In Billions)1
A profit
cially
but put LFE in the
of nucleonics,
•
A 7
tary and commercial'..
LFE's-
-
,
Estimates for Fiscal 1962 Budget
commercial banks in this country.
526,000 in I960 and earnings- from
$85,000 .in; 1957 to $1,226,090 in
1960V Management is*
planning an
interna],growth of 10% to 20% a
year in all its- divisions, both mili¬
proposed
merger
with
Tracerlab will not only broaden
1960_^1._._^J.); -f 1.1
'
year.
The
'!•
—12.4 'M
1959__7_—;
favorable i for
be
1-6
j957'-t-t.t|- 1.6
1958__._:^...^; — 2.8
and the necessity of competing in
the world's money markets, the
-
-4.2'™-
1956-_^t1t-^„;■:+
"
The past week was marked by the
annual convention of the Ameri-
—
'.
-
3.1
.jf
•1955—__i.
Eastern
only $76,000.
year,
Eastern's
earnings
should
be
about
$500,000, and
greater learnings;
are
expected
earned
This
',
9.4
—
—
'■
conserva¬
policies,
Industries
••
4\Q,
■?
•
,77'.: 1953
This Week —Bank Stocks
offs to conform to LFE's
tive accounting
(+) (In Billions)
(—)
195Ql-____„___.
r-l'
largely untapped. Last year,
partly tyecause it undertook Write¬
Surplus
Budget
Or, Deficit
Reserve still
.
19
times
bi
and
n e
d,
of the $1.75
share mentioned above.
a
stock,
selling at about 20
depressed earn¬
estimated
ings, is cheap compared to most
electron!^ stocks that sell, evens at
the
recent
low
priees, at from 30
earnings. I feel that
times
50
to
the stock of
LFE, a growth com¬
of the best buys in
electronics industry and one
is
pany,
the
one
that offers
an opportunity for sub¬
long-term capital gains.
The stock is presently traded in
stantial
Qver-the-Coirater Market.
the
;:
V
•
-
'
'
.
.
'•
r" '
I
' *
''
-
-
-
Eastern
present
*
rnu-
dollars
parable
,
or
-
u
not
competitive
to
u.
v,
more,
v
over
the
additional
in
dollars
could
J_j0<**
-
some
growing
20%
a
at the rate of about
year
Toicr
77,
of
money
Reserve Bank) hasstrongly
credit
a n
d
a new
than
rather
Committee
of
This
Laird, Bissell & Meeds
in
1957
sell
nor a
to
$38,-
securities
a
business
from
of
the
power
Presidents
know
and
NATIONAL AND GRINDLAYS
In
BANK LIMITED
Head Office:
BISHOPSGATE, LONDON, E.C.8.
London Branches
should
a
offer
to
buy
any
onhy in such
states
where these securities
may
be lawfully sold.
October 25, 1 JHid
His
lum*s,i:nc.
take
own
areas.
CLASS
;
A
COMMON STOCK
(Par Value $.10 Per Share)
Commission
recom¬
a
PRICE
$1.00 PER SHARE
Whereas
together, it is apparent that this
S.W.L
'
Government In: ADEN,
ZANZIBAR
■
agency
CEYLON, BURMA,
ZANZIBAR,
SOMALI REPUBLIC,
must be free of
political
BAYES, ROSE & CO., INC.
influence. The result in time could
be
Branches In:
KENYA, TANGANYIKA,
an
they should endeavor to work well
PARLIAMENT STREET, S.W.I.
i
of
better; position
and the Administration.
ST. JAMES'S SQUARE,
solicitation
would lie
much greater liaison be¬
tween the Federal Reserve Board
mends
13
to
addition to Mr. Sprout's ob¬
jections, the
54
offer
100,000 Shares
study the economic
situation in their
I
an
and, if the recommendation
undoubtedly in
to
s»
is neither
con¬
various
part in policy making as they are
Specialists in Bank Stocks
an
inconsistent monetary policy
which would have adverse effects
0211
the
economy.
39
Broadway
WHitehall
4-9325
.
New
York, N. Y.
Any long-term
appraisal of the outlook for banks
■
NORTHERN AND
SOUTHERN
RHODESIA
of¬
Reserve.
Committee
members
Reserve
Teletype NY 1-1248-49
UGANDA, ADEN,
$7,000,000
is
in
fices at 50 Congress Street. Glen
N. Lempereur is a principal,
.
■
NEW ISSUE
point is that the regional Federal
Telephone: BArclay 7-3500
KENYA, UGANDA,
acquisition, of Eastern
LFE's sales increased
Market
the Board in Washington.
in
Y.
BROADWAY, NEW YORK 5, N.
INDIA, PAKISTAN,
available
market
Open
Federal
of
accepted, all
was
Stook Exchange
American Stock Exchange
Members New York
Bankers to the
announcement
Request
banks
16,
(open
the
to
The Open Market
sists
Bell
the
rediscount
rate,
requirements)
be
five-member board
reserve
given to
BANK STOCKS
L20
control
operations,_ the
'
10 N. Y. CITY
Members
fore
Industries,
is ..from
BOSTON, Mass.—Keystone Accu¬
mulation Plans, Inc.. is. engaging
of these securities. The offering is made only by the Offering Circular, which is
Statistics
,
proT
Alan Sproul
(onetime
President of the New York Fed-
Quartet
on
the
which
to
of
Bulletin
mar-
devices
and
recef1j: reP°r^ ^ the
system, plus the outflow of gold
Third
and the foreign
traffic^controi
Industries
posed merger with Tracerlab. Be¬
on Money and Credit
kr0ad recommendations
Commission
,
is
affect
bank earnings over the longer pe-
effect
the
relationship to
rates
the next year or
Translating
its-
Gr
Administration
the
com-
elsewhere, should mean higher
terest rates
Board
gerve
(gold) and am interest
structure which is
rate
the powers of the Federal Rer
In
This fact,coupled with an outflow
of
banker^har^es The traffic-control1 industry here
estimated deficit is large, the commercial
4-
Keystone Accumulation
and
money
rates must take into
consideration
what
changes
are
%
20
The Commercial and Financial Chronicle
(1792)
SECURITY SALESMAN'S
is
on
90
income
his
charity
to
gifts
accomplish this?
before
his
he
does
Assume
$350,000.
is
He
BY JOHN T.
gives $50,000 to charity, consisting
of stocks
that cost him $20,000
during the year, but he makes^he
gift of the stock and the charity
accepts it at market value at the
time of the gift. (If the charity
doesn't wish to keep it after he
Motivations
There
are
statutes that underwriters, promo¬
people that speculate in
who
securities
motivated
are
ters, and securities firms and their
by
representatives
psychological impulses which they
understand
not
do
they
however,
of
which
are
so
powerful
satisfy
that the only way they can
subconscious
their
is
hunger
through speculation. An experi¬
enced
security salesman should
to cope with it. Ac¬
have found
ple actually have an intense desire
to
lose money since
they hate
themselves so much they wish to
game
impulsive
and
-
ments in securities. No amount
advice
or
help will
of
room
over
the
if
this
I have said,
as
'
;
People
,
is
true.
•
'
.
inflation,
psychology,
<■" ;\y
j
in
the
andthat
year
the
the
in
,
and
pass
Keen
their future
away
in
a
few
may
years.
and
see
to
of
taxes,
that. Even if
a
small per¬
centage of these weak little com¬
$200,000
over
panies survive and grow, only a
few of the original shareholders
where
will
figures.
the greater profits be¬
they will have sold out long
before the ship
Despite
the
comes
when
and
He
can
income
taxable
the
of
a
say,
income
an
year.
he
obtain
can
save
his taxes. A married
in to port.
insistence
someone
them?" Here is the way this man
reap
cause
heard
You
Why in
the world would he want to pick
up a couple of hundred, or a few
thousand grabbing off hot issues
incompetent
extravagant management will
high
have
it.
for
reason
"That fellow must have
competition, a business re¬
cession,
factual
sound
fold
will
a
tax of
of
on
money
with
man
$300,000
a
pays
$223,640. Every dollar he
Street, New York City, members
of the New York Stock Exchange,
have
announced
Kelly
that
joined the firm
Robert
Plotnick
Louis
and'
J.
have
only
resentatives.
name
.
due
month.
size
bit
a
which
the
since
not
these
to
loan
the
as
comes
year
to
;
r—=—^^.^appears
as
a
J:it-
>V t •-t
a
i
n'.t
1961
1
•
- a <
i •
on
.
•
-
;
'
'
*.'*
"
'
t
f -
Amerford International
r
•'
k
v
.
•'
Corporation
•
.
Bond
commercial
2V2S
due
interested
per
an
-
liquid
is
bank
Nov.
from
owners
15,
1961,
Mr.
of
may
be obtained from the undersigned. *
will
in the shortissues that will be
only
the
regular re¬
not
a
few
of
99
Wall
Street, New York 5, N. Y.
Thomas, Williams & Lee, Inc.
80
Wall
Street, New York 5, N. Y.
in
institutional
have to de¬
whether to redeem the
and to sell
obligations also for cash, to
issue for cash,
owners
it ..with
or
to
of the maturing
to
exchange
offer
for
securities
the
R
of
with the investment firm, was the
of .honor .ata
guest
ex¬
luncheon
given by the firm's Quarter Cen¬
tury Club, Oct. 20.
Harold
.
L.
managing
Bache,
partner of the firm and an hon¬
orary member of the Club, pre¬
Mr.
memento of the occasion
a
himself sl, past
Graham
President
of
Club.
the
-
Walter
Stratton, President of the Quarter
Century Club,; presided
at the
luncheon, and partners and ex¬
ecutives of the Bache organiza¬
tion
also
attended.
Mr. ..Graham
the
pected package deal. This infor¬
mation has in the
Davis,
Graham, Assistant Man¬
the Margin Credit De¬
partment of Bache & Co., who is
retiring after 44 years of service
ager
career
began
with Bache
his
& Co. in
long
1919
clerk, and rose through the
ranks to his present post of As¬
as
rights
with
formerly
&
William
in¬
•
The Treasury will
at
Bache Honors W. Graham
to
21/2%
office
the
government bond with the
soon
his
:
owners
of. this
obligation,
investors, namely the Cen¬
and government trust
replace
Company, Inc.
Partner
Inc., in
New York, will succeed William
J. Hennessey at Newhard, Cook.
Mr. Hennessey has retired after
29 years as the firm's Stock Ex¬
change floor member. ,,'</•
y
Bacon
sented
new
V. S. Wickett &
has been
the New York
make
Kelsey,
Ford,
funds, that the Treasury will have
to appeal to in order to extend
the over-all maturity of the gov¬
ernment debt. There will no doubt
cide
Copies of the prospectus
con¬
Clark, Dodge & Co. Incorporated,
61 Wall Street, New York.
Banks
2y2s.;
<.
Jr.
General
as
will
maturity would also have appeal
to some owners of the maturing
.
Kelsey,
members of
Exchange.
He
y
right coupon rate. This could be
very helpful to the Treasury in
its efforts to push out the due date
Share
is
..
Stephen T.
of the debt. An intermediate term
Price $3.50 per
at¬
more
quality
,
vestors who will be attracted to a
share)
when
to
Be
Could
part of the package
funding deal.
short
(par value 10c
is
bonds
latter
Kelsey Joins
y
Newhard, Cook
Therefore, with the outlook for
improving, it is evident that
be
Common Stock
corporate
sidered.
Attractive"
other
•
of
-
Stock
tral
.
the
tractive
balance
"f
instead
Mo.,
It
75,000 Shares
into
from
quarter of 1962.
Short-Term
term
October 24,
funds
the first
be
New Issue
-
.
admitted
the
of record only.
matter
bonds,
Newhard, Cook & Co., St. Louis,
the
having been sold, this advertisement
;'y;yy
of
movement
few exchanges
loans
All of these shares
measures
again looked for near the end of
of J. V. Stevens &
...
the
pro¬
end, with a pick-up in borrowings
Hickey Co.
principal of the firm.
to,
-
quite
still being made
corporate bonds into thegovernment bonds, since the yield
a
de¬
expected
is
pro¬
what
do"
bonds. In addition, there are
are
This
demand.
very
on
strong and stable will have
important effect on monetary
ernments
have
late
funds
for
a
-
according 1 to
advices, continues to show prog¬
ress,
with
institutions
making
purchases of the longer term gov¬
be
this
at
deficit
billion
taken to keep the cur¬
government
extending ma¬
stage of the
game when the demand for loans
will be increasing.
The deposit banks, by cutting
down the maturity of their in¬
vestments, especially government
obligations, have put* themselves
in a good position to meet an ex¬
going
turities
a
$2
authorities
are
The
$3,200,-
banks
have
~
obligations
commercial
1963
•"'
•
and capital markets in
influence
policy at home.
in
banks
will
banks
short-term
the
,
rency
an
held by the deposit in¬
This means that the
exchange offer in order to be at¬
have
in
tect the dollar since the
000,000
to
They hold
raised there
balance
will
it
monetary
stitutions. ■;'«
tractive to
be.
are
more' than
,
the money
of \ next
than
more
it will
Dillon, will not show
that
commercial
the
of
: compare
with the
deficit of $3.9 billion for last year.
This is a very important item for
keeping
owned
spite
vy; y,yy;'y -y
of. much
y'-"'/f'
is
in
government; of¬
which ;would
Next
middle
issue
This
by
with
the
either
by
no
,
that
The balance of payments, in the
ury
capital markets
are
being more concerned - each
day with how the Treasury will
handle the refunding of the $6,963,000,000
of- the
2V2S
which
come
believe
.
hopes of Secretary of the Treas¬
a
The money and
37 Wall Street, New York
City, has been changed to Stevens
Hickey & Co. E. Stevens Hickey
a
be
budget.;
Co.,
is
balance
nounced
grow
The firm
will
-with
y.".
somewhat
run
who
that unless taxes
Refunding Operation
mand
Now Stevens
V.v
Weighing
Treasury
*
our
budget,
which
July 1, also will not
ficials that
with this kind of business better¬
ment.:"" y"'
of
recent "esti¬
few money mar¬
a
fiscal
declarations
fiscal
businessrecovery
which would be in
in
be
no
expect
not
are
specialists
.1963 ;
starts next
continuing
They*
state
Treasury Secretary Dillon
the
modest increase in interest
a
rates
panding
registered rep¬
as
dollar.
steady
.
share in
ket
deficit in.the balance of payments
will not cause a loss in confidence
,
a
too
bust
1963
seems
than $6,750,000,000 was not
much of a surprise, because
there
budget will
that the
balanced
be
year
more
deficit
and
boom
no
government
most
The
that the deficit will
against these opinions, there
those money market specialists
are
Common Offered
.
*
enlarging
discusses-the'
mate of
to protect the dollar
the
of
Bewildering
the
of
get larger every time one of
important government spokes¬
finances.
of
and the need
pressures
deficit
the present fiscal
men
up
who believe that there will be
r
Patent Resources
go
As
vyy;-'^yy ■
is nothing new.
who are motivated by Their case is not for the S.E.C. or psychological compulsions beyond
.'their ".own
understanding,
and;
any conscientious brokerthey
those who are motivated by greed;
need a Doctor.
" :■[ • *.
:
There
are
also
many
people and cupidity, will write their own
who
are
motivated
by
greed, epitaph financially. This, too, is
Darius, Inc.,'New York City and
an axiom that has experience be^
stupidity, and avarice. They are
a
public
It is advisable for the associates; are making
also lazy mentally and think they hind it.
offering of 150,000 shares of Pat¬
can
get something: for ; nothing. security salesman to understand
ent Resources, Inc.; at $2.50 per
That
is the
reason
the present this and if he is dealing with such
share. .Proceeds will be used by
individuals
he
should. be
in a
wave
of original issues and pub¬
the
company
for overhead and
lic offerings of highly speculative, position to provide honest facts,
administration expenses, costs of
and
not argue or
low
priced common stocks has information,
acquisition of patents or licenses,
swept through the country during give his opinion. If people want
developmental costs and working
the past two years. These cycles to speculate they will do it with
capital."
• a:-i-■■■: -■
-T'>C'
the
broker across
the
street if
of mass mania
cornel along pe¬
The company of 608 Fifth Ave.,
riodically — 1928-1929 and 1935- .they can't do it with you.: it:you t N. Y., was organi^d'to'seekt com¬
1936, then
again in
1945-1946. don't want this kind of business mercial exploitation of patents or
The
current
one
is- the
most that is also up to you. But if you
discoveries. * Generally, the com¬
are
serving the public, and you,
highly advertised and the great¬
pany takes an assignment of the
have your door open, you might
est yet.. : '
• • y
patent,, and undertakes the manu¬
Since human nature is always as well face facts and know the
facture, use or sale of the inven¬
the same, "something for nothing" categeorical truth about this type tion or
discovery. The company,
catches on fast. It will do no good of stock speculator*"
may also act as an agent for theto tell the people who are buying
patent holder to effect the utiliza¬
There are Other Motivations
the marginal and risky stocks for
tion of the new device or process.
When an intelligent,
wealthy,
a
few
dollars
a
share,
and
successful, businessman,
or
in¬
doubling their money overnight,
With Joseph Walker
vestor buys these "new issues" for
that
many
of the pigmy com¬
a fast profit there may also be a
Joseph Walker & Sons, 30 Broad
panies that are offering the public
ple. If they cannot speculate with
one broker they will find another.
to
to
that
of the Treasury, along with the
expanding unfavorable balance of
payments. ' &''}''
that
people do not realize
will have
measures
because
convinced
the future because
infaltionary
for
happen
some
rates
money
to be engaged in a
business that is "for keeps," even
via the "new issue" market.
the
sharply in
experienced security salesman
these motivations.
We
into the
for
are
refund¬
1-
The
followers
understand
to
long
periodically
This,
business
securities
of
carries
a
Deficit Forecasts
securities,
-
k'
ing announcement.
longs, continues to
be satisfactory. There is no ques¬
tion but what some money market
gamble because they have a good
thing and can cut their tax bill.
It is advisable and necessary for
Something
here
the
government.
:
of the
known well ahead
shadows
and
market ac¬
money
both shorts and
why people do almost everything.
Some gamble to lose, some gamble
because
they are greedy, some
under¬
an
markets,
1 of
CHIPPENDALE, JR.
many
the
capital
live. There are reasons
we
the
of
overhang
tion
capital gains given to charity
r saved
this
man
90%,
or
which
spite
which
$27,000 in taxes.
/ ; • ;
This is a complicated world in
try to hide it
you
establishment. ;
and it
time
these peo¬
save
of
has
to beat the
way
for nothing has been
it—by making
foolish
commit¬
do
can
back
taker's
destroy themselves and this is one
if
even
the
in
new
a
In
gives it to them they sell it and
keep the cash or invest it in more
suitable securities.)
The $30,000
ing it of recent years. You can't
restrain gamblers who think they
cording to psychiatrists, some peo¬
they
to
many
offering to the public,
makes this thing a vertible picnic
for everyone who has been play¬
recognize the validity of this sit¬
when
it occurs,
and he
way
facts,
first
the
uation
must be ready
required
are
whole
the
people do not bother to read a
prospectus. They want a "fast
buck" and the way these new is¬
sues
are
reeling off quick gains
for the fortunate who get in on
These compul¬
unaware.
are
sions,
and
reveal
Thursday, October 26, 1961
attractive.
How
DUTTON
JOHN
On a
saving is
tax
the
.
Our Reporter on
him.
to
cents
income
lower
still
BY
taxes above $300,000
save
worth
can
,.
a
sistant
Manager
of
the
Margin
past been made,. Credit Department,____ y,
$
Volume 194
Number 6102
.
The Commercial and Financial Chronicle
..
.
(1793)
000,000, the.Fund recorded an in¬
crease
of
$47,132,796 • from the
/.
.
',
corresponding period last year.
In
recording a value-per-share of
$12.78, Eaton & Howard Balanced
Fund snowed
You Still Need
late
saw
television burst upon the do¬
scene
with
its
plethoric
Fred
Allen,
a
puppets
him
to
through.
industry
lions
and
that
back
in
,
1924
made
the
point tht
investment selection is
predicated on the actions of peo¬
He went on:'
ple.
moppets,
lament
People
Howard
great wit,
mestic
prompting
people were
"People
are
•
'
responsible for bus¬
tivities
their
and
Sept.
$12,991,133, .or $13.76 per share,
against $11,410,396 and $12.15 at
Sept. 30, 1960.
*
gain of 18% from
ago
year
common,
ucts, Texas
*
psychological
(7.7%),
surance
<
(
...
.
net
assets
amounted
to
Nat'l Instrument
*
Laboratories, Inc.
Cap. Stk. Offered
the board of Nucleonics, Chemis¬
try
Electronics Shares.
&
president
board
of
is
He
chairman of the
Avien, Inc., which he
and
founded.
*
United
*
States
Troster, Singer & Co., New York
City, is offering publicly 100,000
scares of 10 cents par capital
*
Foreign Securi¬
&
stock of, National Instrument Lab¬
oratories, Inc., at $3 per share.
Net proceeds will be used by the
banking ;(6.4%); on 3,310,815 outstanding shares of
(4:3%). ■'L/; ; -'." capital stock before provision for
yearned, there is no field in which and emotional reactions determine and natural
gas
economic conditions, just as surely"
people are more direly needed.
; / •' "./
In more recent years there has/ as decisions and actions, 'political
Institutional Investors,'Mutiial
befen no lack of. lament that elec¬
and otherwise, which affect pub¬
Fund reports that at Sept. 30' net
tronic computers and other man- lic confidence—the kind of money
assets
amounted
to
$68,956,395,
made machines have tossed, human we have, inflationary or defla¬
compared ..with
$64,113,148
on
beings into the discard. Indeed, tionary forces, or the incidence of
June 30 arid $48,896,215 on Sept.
this feeling that men, because of wars—are products of the human
their brains, contain within them¬ mind. One of the great imponder¬ 30, 1960, Net asset value per share
at latest report Was $268.62 against
selves the seed of their own de¬ ables of investing is what 'people'
$261.82 three months earlier and
struction, has spread to the invest¬ are going to do, and today the
$211.56 a year earlier.
'
ment community.
whole world is involved in that
During the latest quarter the
To
reassure
us
on
this score,; question."
• •■/''
■, >V'
company sold no common stocks
Charles F. Eaton, Jr. made his
Anyone who has spent any time and added to
holdings of Abbott
way to Portland last week to ad¬ within the investment community
Laboratories,
American
Chicle,
dress the Maine Investment Deal¬
knows there are dozens of ap¬
American Telephone & Telegraph,
ers Association.
The President of proaches to the market—the stock Central
&
South. West
Corp.,
Eaton & Howard contended that averages, point and figure, priceChampion Spark Plug, Coca-Cola,
electronic computers would never earnings ratios, business indica¬
Continental
Oil, Federated De¬
substitute for sound human judg¬ tors and that sort of thing. There
partment Stores, Firestone Tire &
ment in the selection of produc¬
is even an astrologer who does a
Rubber, B. F. Goodrich, Gulf Oil,
tive investments. He told his au¬ tidy, business getting bullish or Hertz
Corp., Hooker Chemical,
dience that investing was "more bearish, according to the stars.
Louisville
Gas
&
Electric, Na¬
of an art than an exact science."
Although some may question tional Dairy Products, Norwich
Now it is one thing to feed data the business of star-gazing, thesePharmacal, Owens-Illinois".Glass,.
into computers to determine which i are tools of the trade. The com¬ Pennsalt
Chemicals,
Shell
Oil,
companies are growing fastest^ puter is another*and valuable tool.; United ; Carbon, f U. S. Steel and
It may make the stockholder rich,"
.an answer that can be had, albeit
Sears,
Roebuck.
New-, commit-,
but it is most likely to do so only
more painstakingly, without elec¬
ments:
Harris-Intertype, Public
tronics—but, as Mr. Eaton notes, when he has a stake in the com¬ Service of Indiana and Stauffer
the quasi-art of investing is not pany that produces the electronic Chemical.
/
based on a formula, but on the device, /
./,
/
'
/ ////
Markets and fortunes, as ever/ Net operating income, excluding
activities of people engaged in
business.
Said ;he: "If investing wilh go on -beings made- by rrieb/ hrit.vgai^s^n^gles ^ "
were something; .which could be And thubetter equipped they are; of Investor^ tI^versined,, Services,
done by formula, it could obvi¬
the more likely they are to suc¬ Inc. and its wholly-owned sub¬
Men like; Charles Eaton sidiaries for the first nine months
ously be done with speed and ceed.
precision by giant electronic com¬ brought their own magic brains of 1961 amounted to $i3,011,0p6,
puting machines now used in sci¬ to the field and, coupled with no or $8.95 per share, compared with
entific research and routine busi¬ little
perspiration, demonstrated $11,590,573, of $7.97 per share, fbr
the same period in 1960, the com¬
that you still need people.
ness procedures."
:
'
pany announced. Net gains of 23
Nobody, to our knowledge, has
cents per .share-from sales of in¬
yet contrived, a machine t h a t vestments were realized in - the
would single out the potential in
1961 period, whereas no net gains
a
company such as American Mo¬
In
the
quarterly report to. the .were realized in the comparable
tors, a doddering business several stockholde r s of Automation
period last year.
years
ago,
which was turned Shares, Inc., it was reported that
Total net earnings for the first
around by one man, George Rom- the total net assets had increased
nine, months of this year, there¬
ney.
Nor" do we know of a ma¬ to a new high of $339,159 with a
fore, were $9.18 per share, eomchine that can tell us. which labo¬
net asset value per share Jof $ 16.35,,i
pared., with $7.97 per share .for
ratory is readying the wunderkirid which represents a gain over the
the like period of I960. /
; '
of tomorrow. /
v
^
Jphe 30 net asset value per share
j Eaton has said that with the figure of $16.11.
•
*
;
'
Asset value per share of National
For the first time, Automation Investors
general, public becoming - condi- Corp. rose to $16.70 at
j
tioned to reports .of new advances Shares
added
Branson 1 Instru¬
Sept. 30, to' a new all-tiroe high,
ui automation, there is a danger - ments, Electronic Associates,- Fox-;
according to the company's third'
tlfat"too much too soon will bev boro Co.,; Pitney Bowes. Only one;
quarter report. This, was up from
expected of maChiries' in selecting; stock, fAmerican; Electronics; ' Was;i-
30
Leo A. Weiss has been elected to
c#sh. Largest, common stock hold^ ties Corp., reports total pet assets
ihgs by ' industries'\weite pb'w&L as of Sept. 30 amounting to $111,and light (15.7%), oil (8.7,%), ih-r
334,134, equal to $33.63 per shaire
iness activity and the carrying oh'
of trade-and commerce. Their ac¬
As Newton Minow, the
superyises and mil¬
of patrons have long since
he
a
after adjustment for
the December capital gains dis¬
tribution. : The
report indicates
66.8% of the fund is invested in
common
stocks, 11.2 % in pre¬
ferred stocks, 8.7% .in corporate
bonds, arid 13.1% in U. S. Gov¬
ernments, short-term notes and
a
The
*
*
*
BY JOSEPH
American BroadcastingParamount, Grocery Store ProaGulf Producing. Added
to the portfolio were American
Steel Foundries, Handy & Harmari and Peter Paul, Inc.
21
Federal
income
taxes
After such provision, net
equaled $30.93 per share.
This compares with total net as¬
sets on Dec. 30, 1960, of $104,539,183, equivalent to $31.58 per
share before and $28.96 per share
after the tax provision;. r'
r
instruments
that
and the sale* 6f such
instruments made- by others. Thisequipment is used in the bio¬
medical,
a v
i
t i'b
a
and
n
petro¬
chemical industries and by other
commercial,
ernmental
industrial
and
The
users.
.
'•
*
•
'
The company of 828 Evarts St.,
gaged in the design, development,
manufacture and sale of precision
Line Fund reports that at
Sept. 30 net assets were $9,283,006, or $7.22 a share, against as¬
sets of $8,043,970 and $5.94 a share
a year earlier.
'
•
of
N. E., Washington 18, D. C;, is en¬
Value
';
repayment
capital.'.- '•
assets
Value Line Income
the
debt, "expansion, purchase of ad¬
ditional equipment, and working
versy.
.
for
company
in. contro¬
gov¬
company
also maintains complete facilities
.
for servicing and repair of all in¬
Fund reports
at
September 30 net assets
$85,068,679, or $5.51
per share,
compared with $80,467,864 and $5.10 per share at
Sept. 30, 1960.
•
:
which it sells.
struments
'r
amounted to
Named Director
Sidney D. Cohn,
;
bead of the
Value
Partner,, and
a
underwriting depart-
Line
Special • Situations
Fund reports that at} Sept. 30 met ,.ment of Finkle & Co., members, of
assets were $17,137,071, equal to the JJew. York ^Stock .Exchange,
$4.27
share. This compares with
or $3.31 per share, a
~
a
$11,279,480,
year
•
has-been .elected*
Zion
earlier.
Foods
facturer
Whitehall
rhh:
^
Fund
reports
that
at
c-/
a
Director! -of
Corporation,
kosher
of
manu¬
and
non-
kosher meat products.
...
'
■
/
^
.
,
The Funds Report
.
.
.
.
.
,
.
.
-
investments;
The President of
compared with $14.39 at
'
..."
; ;
^
*
'
*
three /months veafjier; and;
$1652
portfolio.
eliminated from the
the
investment management company
the start
'
:!=
,of;the year.
•$&*.
:
/ said: "Although investment. man-; Broad Street Investing Corp. re¬ V Net assets stood at
$267,571,698
agers employ modern data-procports that at Sept. 30 asset value at the end
pf the period, the high¬
/ essing. equipment, and find it ex-.' per share was $14.21,r up from'
est-ever reported.,' A record $51,r
tremely helpful, we Should never $13.76 thfee months earlier and
183,884 of new funds, net after re¬
expect to reach that day when an $12.29 at the start of 1961. Net demptions, was invested in comanswer
to a • properly stated in-; assets., were
at
a
new
high of
J pari^ shares > during/ the nine
vestment problem would come out" $250,506,050 and were $43,868,508
months.
"
.
greater than at the beginning of
neatly printed on a tape."/
•;
*
* *
*
v
.
.
,
...
.
The
man
who founded Eaton &
this
INCOME
<
i
.mutual fund with "
.securities selected prima¬
is
a
Prospectus
ai^ desarip-
tive literature.
"
-
Chgirdcal
were
and
*
.
RESEARCH CORPORATION
Eaten &
fWobWsWlMO?
V.
.120 Broadway, NewYork5,N.Y.
and
earlier assets
f
$4,508,010 and J'
...
A
professionally
Largest holding of the company
Sept. 30 was in W. R. Grace &
Go., equal to 8% of the fund's
total net assets. / Second largest
!
/
:
managed mutual fund investing
in
and
common
and bonds.
possible future growth.
our
Write your
preferred stocks
Objectives: current
income and
Look over
>
1
*
*
1
*
..
record since 1932.
Investment Dealer
for free prospectus, or
A professionally
fund investing
common
of both
managed mutual
primarily in
stocks for possible
Founded 1931.
Investigate
Eaton & Howard's diversified
Stock Fund-write for a free
prospectus, today!
—
growth
principal and income.
•
•
.
-/class'A p±eferred- of HeCffsJorie$>^;
•'
I
EATON & H0WAM,JNCORRORAPD/v
24 Federal Street, Boston
.
to
the
,
tronics
nated,
report
Howard Stock Fund
T1
and
i
•
Aldens
Piolieer Fund in the latest
•
'
•
.
...
fund
,
J>rospeciis:
;
quarter
*
Ammbriia
$14.53,.an increase of 28% frpjih a eliminated- St.. Paul
year ago after adjustment for the; .Products, convertible 6s arid '
;
December capital gain's 'distribu- Scrantjoiri/.Spring
.Brook//Water
tiori. With assets exceeding "$200;- SVsS, Towrie Mines preferred and
was
please send me yrnit
10, Mass.
n Stock fund, prospectus
NAME-
.
:
//• •/
elimi¬
were
-
:■!
■■■'
Gentlemen;
Crowell-Gollier, M. P. O. Video-
;
A' year
$15.94.
were
on
'
'"■V
30
assets per share $11.81.
dated
30, the value-per-share of
Sept.
>.
$10,672,855
St. " Regis Paper
eliminated; '///
NATIONAL SECURITIES &
'
September
Oil (N. J.). Holdings of American
holding, representing^ 6%, was in \
'Cyanamid, American Machine. & Underwood Corp. Major vnew'po- 5 *
Foundry,. .Bethlehem Steel, Gen- 'sitions durhig% the thiM -qharieri f*
eral/Foods^ and Texas Gulf Prcr^ were .taken ir? • the commonof ♦
ducing- were reduced and invest- /Wickes Corp/! arid Trbris-Wprld; mimt^ int Driw Chemieal, Hooker/Financial Corp.,* as well as ih the
According
ki r<
at
;
.
-ties. Send today for-FgEB :
.
net assets /
amounted to a record $11,559,570,
or
$16.22 per share. Comparable /
figures three months earlier were
that
.
rily for income possibili|.
jOppenheimer Fund, Inc. reports /
Norfolk & Western arid Standard
SERIES...
f
.
~
During the latest quarter new
common stock positions were es¬
tablished by addition of Allegheny
Ludlum Steel, National Dairy
Products and Standard Oil (Ind.).
There were increases in holdings
of American Metal Climax, Briggs
& Stratton, E. I. du Pont de Ne¬
mours & Co., Ford Motor, Mary¬
land
Casualty,
National
Lead,
NATIONAL
.
•^
year.
I
STREET.
\
CITY__
f
i
—I
22
The Commercial and Financial Chronicle
'{1794)
plant..
Our
international
given
the
economic
of
>.
our
national industrial
i
-
;.
■
.
^
i- y»' ,'j j
.-.V'
»
outlook, and two tax matters of interest to bankers are
-
a
fiscal year's deficit—pushed hy higher defense, postal and
tural
that
an
.
•
/
ernizafioTi of
•
•
.
r
billion dollars.
'
; ■
;
~V.
*'
•
reform,
Kingdom
as
—
nqw
are
much of their
a
.'updating
of
Service
the
industries
—
I
to
the
purchase of equipment as
are we.:.-.
1
Over
was^
:.;'
-
the
in
'•<
:''VV:
v../
}
since
a
change1 in
depreciable "lives" will not in it¬
self be enough to match the in¬
centives given by their govern¬
ments to many- of the European
Second,
In-
calcula
the..depreciable
^
....
«n
.
that
,
.
t.ha-
Started by the Treasury more
than
a year ago, and we are push¬
ing it to completion this Winter.
0f information
developed in hear-
ings before the House Ways and
that
the
dollar
The
t is.
e
is
1961—compared with
J
place in
fct
cur¬
term
international trade and Commerce.
have
...
II J13,8 ^
^P^jJation
through January, when we lost
and one quarter billion dol¬
in .gold.
V
resort
One
was
tor
our
dcllars
out
to stem'the flow
Cur payments
is
markedly
cannot
of
we
can
when
relax,
never
achieve
we
our
not
accounts.
constantly
upon
■;
our
Current
be
do¬
ing, I shall not take into account
certain special debt prepayments
us
last
Sprng,Chiefly by
While
<
these
higher
;Unfortunately,
half
a
than
billion
' l it'
""
the rise in
our
trade
surplus during
the early months of this year was
due
to
more
decrease
a
recession-induced
in
imports than to an
increase in exports. As our econ'•omy picks up steam, imports ere
to
recover
and
trading surplus.
Thus, through the
our
our pres¬
.so
of. about
commercial
impact
In
dollars,
dollars in 1959.
Position
briefly review
Germany.
deficit
certain
Payments
ent payments position.
..made to
level,, of some
billion dollars—a rate about
billicn
;
.
me
the
at an
ran
year
adjusted j annual
a;
actions—both public and private.
Let
the
1960, and in marked contrast with
even
must
the
during
surplus
of
one
immediate
We
to
.This
half
four
year
balance of payments Of
financial and economic
our.
all of
alert
counting
gram,
goal of equilibrium in our; inter¬
national
■
importarft single fac¬
obtaining this balance; is
commercial trade suiplus •—
first
\
convertibility,
currency
must
we
•
.
sales
of
surplus
products
or
ship¬
ments under our foreign aid pro¬
But we
in today's
Indeed,
•
agricultural
improved.
relax.
world
position this
;v
.
in
not
of
...v
;
work toward
balance
mean the excess of
ccmmercial exports over imports,
controls.
of this country, ',':
that
of
by which I
.
of his very first official acts
to call for a, coordinated na¬
tional effort
"
exchange
to
absence
Ci The most
dollar would not be devalued, nor
would its siahding be jeopardized
by
over-all
achieve.
immediately
that. the
didlar., as
continued
the
Kennedy fully recog- -
inauguration
S
'
This gives uS tjxe to
nized the dangers'in this situation.
his
.
of ■speculation has been, a
clear
sign of renewed intsmat onal
confidehee in' t>e dollar.
one
after
been
^
type
lars
clear
has
it
,
eaSe last Fall and WmtCr.
was
The
This trend culminated an
crisis of confidence during the
four
months from
last October
it
.
lending to Japan
*0 gnanceJher growing imports
gold.
made
A
'
?a
a
He
half of
than
more
billion, dollars, of which
billion was met by payment
President
„
"
eleven
five
f
entirely commercial fof exltbaplp,
been
running deficits
in our international payments for
an uncomfortably long time. During the past three years alone,
these deceits have totaled about
in
continuing
close to the I960 rate.
year,
however, the shorty
outflow ■ has been- abarofsC
very
This
foundation of
very
basic position, with
our
the short-term outflow
j
lar, the worm's basic reserve
We
deficit of
a
Hence, nearly the entire improve¬
ment in the first six months took
Douglas Dillon
del-
is the
eration of the
face
tion
the
*
in
into
cut
;
normal
-
op¬
cycle, we
probability of a reduc¬
our
.
Securities of the United States
business
commercial
:
.
were
Securities %
surplus over the coming year. To
'
lem-,
V;,
ally adjusted annual rate of
billion
seven
dollars—
hundred
one
million
significant improve¬
"deficits of nearly
four billion .dollars for each of the
two preceding 'years.
We have
good: reason^ to hope that we can
ment
r- entire
double our efforts to increuse
dver-all
year-
deficit
to mot
for the
much
more
ex¬
ports so that we can maintain a
trading surplus at the satisfactory
level reached during the first half
of this year.
'
a
over" the
'hold bur
'*.•//
'\ir
prepay¬
As
part
of; that
Government has
effort,
the
overhauled
*
:
V-
■■■■
^.
Bonds, Preferred and Common Stocks
most
Our over-all deficit for the first
half of this year ran at a season¬
y
Govefnnrietat and its Agencies
State,'Municipal, Revenue and Housing
trade
attempt to reverse this trend by
helpful, their cutting back on imports would be
effect was
temporary, and they senseless, since such action on our
shculd hot .be included in any
part would inevitably
generate
measurement, of progress toward counter action against our exports.
solution of the underlying prob- What we must do instead is re¬
ments
page
three
everywhere.
rency,
on
1960, and one of four billion
hundred million for 1959.
for
us, but to all
f re e
men,
the
Continued
billion nine hundred million
one
utmost
importance —
not
only
to
For
Means Committee, it is now con-
special debt prepayments.
position was in exact
balance during the first half of
balance,"
of
direction, the
last May was
industry
Our basic
reason¬
.a
able
President's
'
and
.
achievement
of;
the
textile
capital movements
short-term
Of
mar-
It
At
is, the total of our recorded
transactions, with the exception
world's
money
of
-•
Industrial, Public Utility and
Railroad
Corporations
Bank Stocks
'.
.
v
:
.
expanded its.services t<^ exporters,
and is in the process of
creating
compreheri give export insurance
program which should
be
in
full
operation by the end of the year.
r
CORPORATION
'
^
.
.
*■
.
,
15 Broad St.
•
Casualty, Fire and Life Insurance /„
Boston
-
NEW YORK 5
Pittsburgh
San Francisco
Bankers'* Acceptances
.
" -
N
V
DIgby 4-1515
Chicago
Company Stocks
C.,
-
Philadeliphia
Cleveland
Securities of the International Bank for
Reconstruction and
a
and
a
am
significant nature will be pos¬
sible.
adequate,
be
other
confident that many reductions of
,
of
the
,
an
to
Hevenue
in the United -States!.- And ' ^niiinrhpiht.
in
United states.
the
*
used in
lives" of manufacturers with whom our
equipment, so that they will ac- industries compete, further action
Belgium and the^Umted.Kmgdom '
^j-atel^^reflect conditions in this is needed.. That is why the Treas—the
two ; European • countries
of rajpid technological -change, ury supports a tax credit for all
whose pconomic growth
haslla^gea^his adjustment calls for a de- new investment in - plant equipin comparison with the rest of tailed
study of the whole range ment—an incentive that has been
Western Europe — are devoting
qf business experience with all successfully utilized in a number
half again as much of their GNP
types of equipment. Such a study of European countries. As a result
we
standing
upon
„
First>
past decade, every
Our record in the first half of
nation
has
this year is even better when we Western « European
examine our "basic" position — steadily increased the share of its
influence
.
which,
_
o r e
profound
a
f
in
investigation may not justify
large reductions in the
depreciable "lives" of equipment
must have two distinct facets:
■e
are
governments. major
cupation
Europe—-except Belgium and
United
previous
our
as
national product to purr, temal
chases of industrial equipment as^s
preoc- than two billion dollars—exclui g py financial ,§ive of the special debt prepayaffairs
is
with -our
balance of ments, which should reduce it to
international .payments, which has something like
one and
a half
The
weli
over
equally
us
gross
other measures to ;
improve aur international economic position are discussed.
assure
devoting twice
jprodirctive plant and depreciation reform, pursuant
our
active foreign exchange trading role, and
of an
to
40%
try may be an extreme case—and
our
the
halt of 1932. Mod-
by a rapid uptrend pace during the first
lowed
with
of
expected from our overall exam¬
ination. While the textile indus¬
>
ern.
spiral; sees no need for 1950 type of money-credit stringency; and
forecasts $540 billion
annual rate for the end of this year fol¬
-
>
agficul-
to
rise
reduction
levels, were announced. I cite this
as
an
example of what can be
new
European friends — as
between it and our rela
prosperity tively
slow
rate
of
economic
and reasonably full employment. T growth during the past decade,
think it highly significant that all
Plant modernization can best be
the industrial, countries of Weststimulated through depreciation
needed
$6,750,000,000 but adds
it should mat "by itself" cause inflation; labor and management
warned of the Administration's firm opposition to wage-price
uncomfortably
costs—may
to
.
to.
Administration's intention to
balanced budget for -fiscal year 1963. He announces this
Treasury Secretary -pledges the
stfbmit
devoted
Product
tional
1
equipment, representing a general
percentage of our Gross Na-
the
competitive in world markets aiid
achieve the rate of - growth
frank appraisal by Mr. Dillon, leaving no room for doubt,
a
given' special priority and, just
recently, new "lives" for textile
equipment purchases has been de¬
clining, and is now well under the
;j rate of the early Fifties. It strikes
More rapid equipment modern¬ me that there is a clear relation¬
ization by industry is vital to the ship between this fall-off and the
success of bur efforts to
remain difficulties we face in competing
Policy
policies and
domestic fiscal
position,
Thursday, October 26, 1961
supported
Favors Higher Depreciation
By Hon. Douglas Dillon,* Secretary of the Treasury
economic
.
Administration
strongly
ization
1
.
%as
alaoGNP going into new equipment,
.depreciation- But the trend in the Unitedi States
reform to-stimulate the modern-" -has been in the opposite direction:
The-
to
S
.
Development,
i
v
Canadian,Securities
•
,4
^
,'r
External DollaitSecurities
■
r
•
'
-
'liderwriteK
-4
"
^
Snneitment
'eaten
36
service to
Analysis of investment portfolios
Nearly half of all U. S. banks with a New York correspondent have
learned
Safekeeping, of securities
through experience that Chase Manhattan provides world-wide
facilities and fast,
may &oon
have
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The Commercial and Financial Chronicle
(I79SJ
have made
a beginning, I believe,
forming the new Organization
for
Economic
Cooperation
and
Development;
but
much
hard
in
thinking, joint planning, and ac¬
tion will be required in the period
ahead.
By George Champion,4' Chairman of the Board, The Chase
In this
Manhattan Bank, New York
■'
regard, we all would do
recognize that any growth
well to
in
Too few
cooperation and long range
planning between ourselves and
Western Europe must be based On
mutual I respect and competitive
strength. Certainly one barometer
of our own strength is the esteem
in which the dollar is held both
people are saUT to be fnllf aware that our government has
to a
The road
urgently recommended is * 10% tax cot and a $30 billion Federal
debt reduction as a minimal goal in the 1960*s. Mr. Champion is cer¬
tain this would still leave room to finance a larger defense and
come
major crossroad in. the path of its fiscal policy.
personal and corporate tax cut,
reduction of the Federal debt—all three—"providing we have
also, permit priority to he given to
and to
the
banker contends, take us
flow of revenue
The other road would, the
to the point where government expenditures
historic
leap to a new high level propelled by (1) built-in
automatically increasing as national income grows;
the
I might start this dis¬
with a few observations
I thought
cussion
gleaned from
trip which I
in¬
at¬
Europe,
cluding
tendance
the
World
Bank
and
meet¬
Fund
ings
highly
made,
course,
our
Europe,
threats
George Champion
progress
countries
their
trends
Western
in
of
us
the
in
our
now
is
major
to
concern
on.
mains
the
that
one
would
all
Europeans, of course, is the grow¬
Atlantic
ing power of the colossus to the
those
peoples
the
United
of
cast
States.
the
into
Federal
whole
a
Moreover,
,
in excise taxes.
the
Rather,
should
any rate, es¬
being made by the
Treasury Department for the fis¬
timates
cal
now
1963
year
is not
—that's- the year
much
$15 billion over that
recently ended,
simply because of the growth in
as
as
for the fiscal year
national income.
our
These
facts
of
one
controls
»
the
over
government—a
income
'YYY'-;'
up
to
conclusion;
significant
that
add
is
-—
most
the
a
of
/.
any
it \ is
able
be
all-too-typical example. In the fis¬
cal year just ended, this program
cost * taxpayers approximately $6
of
sufficient
noticeable
for
to
as
You all have heard of Parkinson's
our
ton is
that
leged,
your
for
life.
fense
the
have
total
been
this
edging
year
"
cotton
than
We
ever.
by
exports
in the form of low-cost textile
Would
products.
some
last
confused
reasonable
have al¬
foreign aid?
Not on
True outlays for de¬
as
we
as
.
us
Has the bulk of it gone
defense or,
answer,
8V2
pound (to cite only one
example) and then run around
trying to persuade manufacturers
abroad not to ship it all back to
in recent years has been
spent for.
for
The
result?
cents per
observation.
one has only to look for
moment at what this increased
revenue
a
subsidize
Indeed,
a
moved any closer
we
solution of the farm problem
a
more
outstanding example of
all-too-accurate
spent by the
know, is in the negative. On
the contrary, the situation appears
government in Washing¬
an
total
all
"Expenditures rise to
income!"
The history of
own
Have
come.
its
scene.
famous law:
meet
The
government on programs involv¬
ing the farmer last year was about
equal to 45% of all net farm in¬
effective
absence from the American
1954.
for
namely,
\
Plagued by Subsidies
Take; the farm program; as an
to
it not
be
the
do
more
sensible
to, over a 3- to 5-year
period, free cotton from artificial
controls,
let
prices seek
their
thing:
higher;
$3
was
proper
level,
to
and
make
the
billion
higher than in fiscal 1954,
the year after the Korean War
had
been
ended.
Meanwhile,
spending on foreign aid has actu¬
adjustments? I have no
necessary
doubt
whatsoever
that
Continued
efficient
on
30
page
set
of
think-
to
new sacri¬
argued we
afford
mentioned is what
reduce
We
guns,
we
an
U. S. Governments
shall
of
initiative,
responsibility.
Tax
Federal
unconscionably heavy
burden of taxes, and along
to give to the individual
System
Agency Issues
with it
new
a
Municipals
self-reliance,
Public Utilities
Encourages
Federal Spending
dr
United States
y
Government
★
Outside of Washington it's not
widely appreciated that we now
have a tax system which in itself
constitutes a wide-open invitation
for increased government spend¬
ing. For one thing, the flow of
Industrials
revenue to
*
Equipment Trusts
Railroads
government automati¬
increases as the national
income grows.
But even more,
the greater the growth in national
income, the larger is the propor¬
cally
★
'
#
..
.
.
'
\
Federal Agency
*
tional share
★
which
is
Bankers
government. This tendency, which
Acceptances
Finance
diverted to
Paper
-
State
★
★
certainly is
happy one for those
who feel that they in government
should plan and think for us, is
the inevitable result of the highly
and
Municipal
a
progressive character of
★
our
Canadian Issues
per¬
Preferred Stocks
sonal income tax.
How
realize, for
example, that since 1955 the yield
from the personal income tax has
grown from $30 billion to about
★
Securities
★
*
*
,
•
•
*
**
r
'
*
/
'
W.Y-
-
Hi:
J
"
•
'
"*
l>
' V*
*
.
,
..
many
of
us
$43 billion, and- with no change in
rates? Y During- that period, persOnal incomes in dollar. terms rose
by
a;
an
C. J. DEVINE
&
Street, New York 5
CO.
,
HAnover 2-2727
increase
Cleveland
•
•
Philadelphia
Cincinnati
•
•
Washington
St. Louis
Dirett Wins to off Offices
•
•
Pittsburgh
San Francisco
uals
*
in
On
revenue
a
platter
of
some
$13 billion. Or take a still longer
period and make the comparison
with 1950: the yield since then
has grown by no less than $25
billion.
Boston
SIXTY WALL
SB
A
turned
decade
over
ago,
about
Pi Ti
BOSTON
SAN
FRANCISCO
STREET
...NEW TURK 5 N. .Y.
third, and thie tax collector
Y had handed to hiih.
•
Y:
•
bit as much as the rise in
yield from personal in¬
';,.S > J'v"
tax
billion—almost double the amount
very
activities
lack
have to give up; namely, perhaps
the last chance we shall have to
SPECIALISTS IN
Chicago
every
the
comes.
which begins next July—point to;
a total revenue which
may be up
butter, and a great deal of cod¬
dling all at the same time. What
and
48 Wall
expenditures, and exclude foreign
aid, and you have an increase
since the mid-fifties of $13 billion,
At
Govern-
new
apparent
Without
ried 'Out
sense
★
veterans, for housing, for agricul¬
ture, and for a long list of other
subsidies. Add up all nondefense
ing .in Washington is that all these
added expenditures must becar¬
fice,
the
in
ally decreased. Unfortunately the
same
thing cannot be said for
whiqh tend toreyisp the histori¬
cal relationship*of 'government to
the individual, business, city and ;
state.
•; Y"'v
• Y Y
?--:YY"' Y.
including
Community,
of
functions
as the-economy
although not to the same
For example, half of any
increase in corporate profits auto¬
matically flows back to the gov¬
ernment.
The more people buy,
the larger is the amount they pay
revenues
grows,
extent.
functions and activities—many of
of the overriding tasks
confront
be
no1 •ment
order, .and there
have turned their backs
The
basic
Everyone, I know,
glad to pay all that is
Thursday, October 26, 1961
.
required for defense. But piled
on
top of this, in the most ill-
United
There
position.
own
eco¬
expenditures
Protection of
our way of life
purpose.
the
of
one
will be¬
us
needed
any
a
of
.
timed way imaginable, are a num¬
ber
of
costly proposals which
States to take stock once again of
are
None
homeland and
will
along
with
the
grim
persistent pressure
communists, ought to
all
cause
the
of
all
in
budgetary and fis¬
likely to take over
government.
and
the
from
Unity Urged
World
these
Now
keeping
house
di¬
portion of this rise, of
is due to increased needs
grudge
is
view
are
for defense.
question but that the combined
strength of the two great* indus¬
is wide recognition that "the most
trial complexes on each side of
important pillar for continued
the Atlantic is many times any¬
prosperity is a sound currency.
The evils and suffering that stem thing the communists could pos¬
sibly muster. The need is to bring
from
inflation live On
in
the
that strength to bear effectively
memories - of many people. Most
on all our common problems and
disturbing,; however, to me • are
not to dissipate it through lack of
the
fears
expressed
that
the
United States today is tending too cooperation or a weakening of the
strength and incentives inherent
much in the direction of social¬
ism, ; which many of the Euro- - in a free enterprise economy. Just
how this can be accomplished re¬
peans have tried in the past and
nomic
good
for such
Free
almost
to
A
distant future.
coun¬
dedicated
this
is
the Six and Seven in the not too
pride
of accomplishment
In
policy
joinder in all likelihood between
is
pros¬
in most
it
And
influential
be
definite
tries.
Market.
challenge which promises to
in
bringing
a
same
standards
and
cal
the
and
the next several
Common
perous,
with
improved liv¬
ing
need to
look
their
years.
Khrushchev's boastful
The truth is that our govern¬
of economic warfare
a rather lengthy
ment in Washington has come to
recently took to against the West looms as large
a
in their thinking as does the pos¬
major crossroads, and too few
sibility of actual physical conflict. people throughout the country are
It is this challenge of economic fully aware of it.
Today we are
warfare which provides
one
of confronted with the prospect of
the
expenditures
sud¬
principal motivating forces government
behind the rapid progress of the denly leaping to a new high level.
all
know,
Government
rection which
this
regard,
Europe,
w e
America
of
that
challenge
Vi¬
in
enna.
a s
at
convinced
ever
people
Federal
In
Union.
Soviet
the
come
take another long, searching
at the financial position of
Federal Government taking
responsibilities of individuals, business, city and state.
East:
than
more
(2) surrender to the new philosophy of
over
I
back from abroad, :; and particu¬
larly from the meetings in Vienna,
the will to do it."
foresight and
would suddenly
(internally and externally.
larger
.
-
hutzler
PHILADELPHIA
7-:
•
HAniover- 2-8700'
Members New
CLEVELAND
DALLAS
J
•
York Stock Exchange
CHICAGO;
PALlvf BEACH
•
individ¬
7 Vz %
of
their total personal income for the
Federal
income
tax; today the
proportion has risen to 101/2%.
Other
tax e,s
also?-throw off
-
J.
Volume
194
Number
steei^A-l This mark tells
6102
.
.
.
The Commercial and Financial Chronicle
(1797)
you a product is made of modern, dependable Steel.
HOW COld is
Up?
We know that outer space can never be colder than minus 459.72° Fahrenheit— that's absolute zero, the point at
but we're finding out Scientists are using a heat
which all molecular motion ceases. We don't know what coldness like this will do to materials,
exchanger to produce temperature as low as minus 443°
such
testing have already come special grades of USS steels that retain much of their strength
"T-1" Constructional
new
to
Fahrenheit. They test materials in this extreme cold and see how they perform. Out of
and toughness at -50° or below; steels like USS
Alloy Steel, TRI-TEN High Strength Steel, and our
v
9% Nickel Steel for Cryogenics applications. And the heat exchanger
produce the -443° Fahrenheit is Stainless Steel I No other material
could do the
'"V
job as well. Look around. You'll see steel in a lot of places—
I IqO 1
USS, "T-1" and TRI-TEN are registered
y
getting ready for the future.
trademarks
.
• v
r
•
,-
V
25
26
The Commercial and Financial Chronicle
(1798)
to
Company, New York City
well as a rising volume
financing and con¬
tinued heavy municipal offerings,
smoothly and without much con¬
gestion. In fact, bond yields have
receded recently
despite the
by New York banker and economist recently returned from Europe.
of dollar, remedial, preventive
Dr. Reierson offers a claarcut program
to gold
reserves
strength in business.
and the Triffin plan which
In
in the opposite direction toward creating a new interna¬
currency; and predicts further substantial business
would, go;
tional
would devalue
is critical of both the Rueff plan which
is
$565-575 billion an¬
Dr. Reierson
(2)
stick to our pledge of a
we
business
to
normally
cyclical recovery,
this time has been
a
delayed
longer
recently has
demand
(4)
pooling foreign aid through an international organization; and
unilateral tariff reduction by major European countries.
loans
their response
long-term productivity growth;
balanced 1963 fiscal year budget; (3)
banking
the recent record of stability
more striking.
Although
behind
lag
year—i.e., equal to our average
:
commercial
even
bank
Denying there is a world monetary shortage,
advocates! (1) a wage rate rise of no more than 2%
nual rate—a 5% rise.
a
"the
area,
reserve
expansion with GKP rising a year from now to
as
mortgage
term
than usual; only
quickening in loan
a
become
interest
apparent. Short-
which in the
rates,
tne board.
This
in
witnessed pro¬
found
changes in the economic
climate, both in the United States
and
in the world at large.
At
Recent years have
home, the era
of overabund¬
o
f
resources,
persistent
pace
:cess
h a[
of
tend
the
business
has
capacity
become
the rising price trend has
arrested.
of the
In most
major industrial
countries, likewise, the economic
scene
has
changed
profoundly.
have
to-date
obsoles¬
destruction and
Wartime
cence
was
at.
.
its
been
replaced by up-
plants; output has soared;
soft currencies have become hard;
the order
prosperity has become
jof the day. Quite clearly, at
some
point in recent years,, the postwar
economy, came to an end: and has
-
rules,
new
of
■
Specific
projections
are,
of
Presumably in reflec¬ course, always open to question.
relatively high, unemploy¬ Not as a forecast,
therefore, but as
ment, large unutilized industrial a rough indication of
anticipated
capacity, fairly stable commodity
magnitudes, it would seem reason¬
prices, the absence of speculative able to place the annual rate of
buying, and the sluggish demands the gross national product a
year
for bank loans, the Federal Re¬
from now around $565-575 billion,
serve, for the first t'me since the or about
5% or more above its
moderate.
tion
of
"Accord"
of
permit
tightening
toe
a
face
of
1951,
broad
a
rate
ber
less
failed
to
present estimated level, with most
in; of this
anticipated
increase
of credit
in. -reai» rather tllan in
expansion
only has- the dis¬
remained
but net free
serves
has
reserves
unchanged,
(excess
borrowings)
of
re¬
mem¬
banks have fluctuated around
the.. $500
million
start of the
level
business
since
the
uptrend.
prices
Consistent with this
the development of
pressures
to be
seem
as
on
of
a
remain
plausible guess, but,
could
pressures
relatively
time
some
upward
interest rates would
these
now,
assumption,
some
ahead;
moderate
In
the
for
capital
the busi¬
has been quite
Inventory liquida¬
pronounced.
impor¬
contributed
tantly to the recent recesstet<«was
completed early in the year,
..VAh,
by signalling the turn to recove^;^.^
since then, business managements^-in
-**3
industries have resumed
many
stocks.
the
rebuilding
of their
Nevertheless, inventories
■*
appear
quite conservative in rela¬
sales, and while it seems
reasonable to assume that busi¬
to
be
tion
to
in the absense of an in¬
or war psychology, will
seek to keep their stocks at per¬
manently lower levels, relative to
nessmen,
flationary
sales
and
than-was-'
orders,
new
SamM. Fleming' J
•V'V-.h/-
^^
_
•
'•
•
•
...
/
Prr.sidtM)l<. Tliirtl National Bank-in Nashville'
worlds economic
has.
brought
V
ahead.
-new
■■
Trt'sitPniv AnirtjcaJvBaiikvrs- Association
■'•,'.V", 7
businessmen
Likewise,
are
al¬
and
new
which,, unfortu¬
problems
ready; .expanding t heir capital
spending programs. Total: business
nately, we have been slow to rec¬ profits have- recovered smartly,;
ognize. Both at home and. abroad, and this, together witH the cash
American products are f acing keen
flow generated by rising depreci*competition; the dollar no; longer ation allowances, the increase in
stands
as
the
sole international new
orders,, and the higher rate
currency; funds now move freely
of utilization of capacity, all supamongithe world's major financial. p0r^. the likelihood of a sustained,.
markets; and, with the gradual albeit so far at least rather mod¬
elimination of controls, economic
erate,
advance in
business, ex-of
needs —all
all,
not
.
changed
This
environment
if
.■•'V./'V
•
.
recovery;-"con¬
by a- different,. the norm in earlier years,, further
(though as^yet unnamed, economic accumulation of inventories seems
environment.
'
to be in the cards for some, time
:
:
;
through most,
1S62.
been
problem,
a
succeeded
been
has
recovery
however,
tion, " which
ampje; markets have become com¬
been
February,
result, the
a
resurgence
ness
Roy L. Reierson
been
petitive;
recession
year,
higher
as
the credit markets to
of
response
debt.
Elsewhere,
'worked off;
productive
general
the
ment
Ex-
liquidity
s
the
last
were
a
no
business activity and output in the
at .least until very re¬
cently, have apparently preferred
to increase their savings and have
hesitated to add to their instal¬
economic
;gro/vth.
when
are
frustrating—the signs point to
further substantial expansion in
a
sumers,
mod¬
more
erate
overcome.
continues to be
hind
has
way to
pressures
given
they
than
more
cases
con¬
although, with production on the
rise, the outlook has improved.
Retail trade has also lagged be¬
inflationary
a
than
some
nar¬
situation—
be ignored,
but because their inclusions would
can
Unemploy¬
been
ment
full
employment
for
range
and. in
Strength in Business
yet
accumulated
demands,
and
row
Admittedly, not all of the effects
of the 1960-61 recession have as
liquidity,
ant
of activity.
areas
relatively
they
subnormal levels;
fluctuated within
a
because
United States. The rate of increase
pectation
have
international'
the
must be expected to diminish, but
the upward trend may well ex¬
count
uptrend,
•
not
an impor¬
by the fact that in the
ly
business
credit
explained to
tant extent
further strength a
a
of?
recent recession, credit policy was
not used to drive interest rates to
the economy. Not
to
Leaving aside the imponderables
be
stability
is
past have tended to react prompt¬
reasonable ex¬
in virtually all major
Current Prospects
terest rates contrasts
ditions
mands,
Warning of rsnewad danger lying ahead for our dollar is sounded
monetary
trough. The recent behavidf of in¬
sharply with
that of 1958,, when the rebound; in
business activity led to a sharp
upswing of interest rates across
of
and; limit
The
banks.
has been able to absorb these de¬
By Roy L. Reierson,* Senior Vice-President and Chief Economist,
measures;
commercial
Thursday,-October 26, 1961
Treasury, too, has recently been a
heavy borrower, since June, new
cash financing has totalled more
than $9 billion. However, helped
by the large flow of savings to in¬
stitutional investors,, the market
In the U. S.
Bankers Trust
the
.
forces, including changing expec¬
tations, have reasserted their in¬
penditures
fluence.
ahead.
as
on
plant
new
equipment
new
in
■
.
^
.This.thought..mustsurely have influenced the membership of the American Bankers
well
as
the
Association in its choice'of Sam M.
year
Fleming
as
its president.
Years of active participation
.
"
The
question is whether we in
the United States have recognized
The
trend
spending: on. all
levels of government also is uppolicies, ward. However, the
impact of: tfye :
actions and responsibilities,, of th6
step-up in ddfehse to date has e
*
developments of recent years, and beem marginal; it' has done no
whether we shall hatfe the good
more than add to the strength of
sense to adapt our policies to these
a broad cyclical
recovery already
new realities.
Unless we do make under
way.
Indeed, the calm re¬
the
full
import,
for
in ABA affairs have led to steadily
of
to
our
■
the
highest office the ABA; has
to
increasing:responsibilities for Miv Fleming ami, finally.
offer, * -'w,:-rv>
■
•
A
:
.
;
;
t
*
c
these
adjustments,
associates
in
the
almost
certainly
heavy price.
and
we
free
world
have
*
"
to
'
.
our
will
pay
a
*
general is
and the prospects
than
picious
America's
in
bankers
a
more
case
meeting
were
year
ago.
storm,
and
recent'; pressures* on
more
also
have
ness
prospects
broadly
ease&
based
the
recession,
'
v.;
.
in which banking
ways
.'
a
direct result of this dedication
can serve
of
of
the
well
as
the
results
of
surveys
spending intentions, all suggest
concerning the eco¬
nomic future is
side,
and
developed
that
so
It
»s
with
current
that optimism
The
setting
the
sterling
is
once
records,
with
economy
,
...
develop¬
business, industry, the individual and the
■
National Bank
office will be
an
a
humilitvyet with justifiable pride that the personnel and friends of Third
recognize his election toithis significant position.
successful and
honor richlv deserved.
..
happy
' '1
one,
and
our warmest
We hope his tenure of
congratulations
"
the restrained
cm
no
excesses
have
far.
Stable Credit Markets
These conditions have been re¬
flected in? the recent record, of
general
stability
in
the
credit
'i
bu^. mp-r;kets. Businessrcorporations i).
are bright; after a batlidr1 fhls^e^rYlbaFe'd* at re5cora '• r
rebound from the vojume of new securities, appar.-,*
new
to the
"•
•
Ati home,
.
again
aus¬
when
nation.
new
has successfully weathered
autumn's
last
are
the
was
convention
dollar
favorable
more
con¬
to. the darkening^ internationaf horizon is a reassuring fea-*
as
economic and financial cli¬
The
and
outlook; the
behavior of commodity prices, new
orders and business borrowings,
at Home
mate in
businessmen
of
sumers
ture
Economic
Resurgence
action- of
Certainly, lyls noteworthy record js
ment
<M «4
• f.
f'
ti
ft
:
.
*
-•
r't
Third National Bank
vJorkimfraSfo/0 incr<;as^_ Jheir
working capital and to fund
in
some
0f
their
short-term
indebtedness
MEMBER
FEDERAL
Nashville
DEPOSIT
INSURANCE
CORPORATION
go to
him for
'
•
'
•
~
'
Volume
194
Number
6102
.
.
The Commercial and Financial Chronicle
,
(1799)
markets, the volume of corporate
security offerings, which slack¬
ened
lightly dismissed, for it demon¬ ing
engendered
by
disturbing
strates,; with, increasing emphasis, statements in the early part of the
that the deficit in our international election
campaign, fears of a re¬
after
midyear, is again on
the rise. In addition, the savings
flow seems to be easing, although
institutional
investors
accounts is chronic
the phase of the
still
are
of
liberally supplied with funds.
•
/
Business
borrowings in the
sbGj-t-term area are also likely to
aovance, especially with
inven¬
tory rebuilding under way on a.
broad scale, plant and equipment
expenditures rising, and corporate
liquidity in the aggregate still'
significantly below the levels pre¬
vailing at this stage during earlier
business expansions. At
the
time, the introduction of the
It
economy
almost
Despite
their
ratios,,
The
v/as even
pressure
on
the
rates
/
.
home .made
it
the
com-
money
-
that
markets at the
speculative
same
activity
billion
no
on
more
be¬ ;the
was
with
year,'our balance of pay¬
has improved quite radi¬
from
first
net: deficit of $3.8
all accounts in I960- to
a,,
than
a
half
of
imports, but also of sizable
pre-paymentS' of indebtedness by
West. Germany and others*
The
outflow
of
short-term
persisted* albeit at
funds
small
1961.
deficit
in
However,
a
has
pressures
ments
business is
if
this
its
on
not
while
abroad'
operate
when
at
are
major
Thus, the
•
when*
• t
American economy is
been
for
many
is not encouraging for
future;
that
with
the"
the
on
has
it
help
contrary,
been
of
the
achieved
exceptionally
favorable and partly nonrecurring
circumstances
chronic
nature
underscores
of
deficit.
payments
the
t
li
e
of
balance
If must be
ap¬
"disturbing
not
a
even
Reserve, is likely
place short-term
under upward pressure.
country
tracted
nuded
The
deficits
for ^
monetary reserves.
however,
position
in
occupies
the
Continued
;
rates
policy depends upon a
complex of factors: and its
serves
no
attempt
to
purpose
outguess future decisions and
tions,- of the
Federal
to
ac¬
If
Reserve.
inflationary psychology should re¬
assert itself or if! the
should
tively
that
gold: outflow
it is
resume,-
ceivable
.
quite
con¬
the. present., rela¬
credit policy
easy
may
shift
fairly abruptly to one: of restraint.
If the economic expansion remains
orderly, however, the Federal Re¬
authorities
may
permit
serve
credit
may
are
to
tighten
gradually;
they
moderate, but
unlikely to oppose, the basic
occasion
on
forces
operating
place.
•
in
'
'
market
the
"
'
'
Some Pitfalls Ahead
This
may
to be
appear
'
a
rela- !
tively complacent view of the out¬
predicated
look,
on
the
assump¬
tions that international conditions
generate no upset,, that no strong
inflationary pressures appear,
confidence
that
dollar
the
in
mains highland
that there
re¬
are no
serious labor troubles ahead. It is
sufficient
list
to
these-
assump¬
tions, however, to make it plainly
evident that complacency is not
justfied.
the
As
new
economy
advances
to
high territory, it is likely to
become
increasingly vulnerable to
unsettling:factors, and some of the:
hazards
uncertain
and the
deficit
1962 CHRYSLER 300
visible. The
international situation,
already
are
prospect of a large budget
in
a
year
of vigorous
1962
cyclical advance of business, sug¬
gest that perhaps the greater dan¬
IMPERIAL LE BARON
expansion to de¬
inflationary boom,
there is also the possibility that
is
ger
velop
but
for
into
the
an
rising labor costs, work stoppages,
and
a
and
full
squeeze
on
going to
profit margins
impede the current uptrend
may
prevent
it
from running
its
course.
While these
are
199
the typical un¬
certainties that have, to some ex¬
tent,
accompanied business ex¬
pansions in the past, there is to¬
day
a
should
a
problem,
further
command
matter
which
first priority
national
of
as
concern—
namely, the prospect of a renewed
deterioration in our balance of in¬
the wake
of economic ac¬
ternational payments in
of the resurgence
tivity at home.
To some extent,
this deterioration is already indi¬
by the irregular narrowing
of the United States foreign trade
cated
surplus
in
recent
months.
Ordi¬
If
we
said it we'd be bragging, but we
automotive writer did when he
Corporation cars at
The
a press
saw
didn't
it. An
preview.
every
price class.
each will offer
a
sports model with bucket seats and new interiors.
are
right: size—with simple, uncluttered lines and
long, lean hoods.
looking
cars
and
for less than the
Valiant and Lancer, the two compacts,
Plymouth and Dodge
size and
When you move up to
price class doesn't matter: This year we are offering
something extra in
new
say
the 1962 Chrysler
both completely
new
The
a
cars—full
Chrysler
a new
price of
you
have completely
Chrysler New Yorker.
Imperial has the well-bred individuality
right to expect. You
Corporation at
your
can see
dealer's
a
cyclical rise in business
now.
ac¬
tivity would not be disturbing, but
today,
with
crucial
to
the
our
export
entire
surplus
balance
Where
of
payments position, even this nor¬
mal phenomenon can no longer be
PLYMOUTH
-
engineering puts something extra into
VALJANT
•
DODGE
*
DART •
LANCER
•
every car
CHRYSLER
•
you
have
all the '62s from Chrysler
narily, this expected consequence
of
new
Chrysler 300 with bucket seats
a
in¬
pro¬
perind without being de¬
of its
dollar,
special
parent that the United States faces
suffer persistent
can
ternational
Credit,
great
were
States not the world's
banker; no
evenr
to
"
deeply
if the dollar
years.
Federal
of the
key currency and the United
However,
liquidation-;of
these
holdings to make room, for loans,unless offset by the provision, of
more
reserves on the part of the
tually
to
upward.
recent, improvement ■,/ This prospect would be
in the balance of payments, while
welcome,
today, the trend
as
,
have
econ¬
high rate—but also
a
.
they
pay¬
continuing
relatively good* position to
meet expanding loan demands for
some
time
to
come,
since their
holdings, of short-term Govern¬
ment obligations. are larger than
a<
of
domestic
contracting.—especially
occurs
omies
balance
only
re¬
greatly
duced pace.
the
mercial banks will nonetheless be
in
record vol-,
coincided
exports
low in
fact
cally
at-r
time
a
almost $2
to
ments
•
high
cur¬
as
a
dollar crisis amount¬
billion, or about
10"% of the monetary gold stock.
r
tractive to shift funds into foreign
As
achieved
.
of the recent
lower, short-term inv
at
of
This
'
convertible
was
result not only of a marked in¬
crease
in exports and a
cyclical;
a
ed
dollar
"
greater in I960.
Last year,
terest
-
abroad.
Deutsche
cyclically declining- imports, the
gold outflow in the eight months
early in 1958, when credit
policy was aggressively easy and
a large budget deficit was in
pros¬
\
currently
loan-to-deposit
untie
sure
pect.
other
the
United States in that
pe¬
a
,
of
result, even
though the foreign trade balance
was exceptionally favorable to the
United
business
a
and
rencies
riod of trial and testing. The dol¬
lar came under considerable pres¬
tain to bring about an increase- in
borrowings.
faces
the
recession, the dollar enters
-
consumer
whenever
-revaluation
mark
,
fairly well estab¬
now
that
cer¬
is
is by
States
new
models
Implications for the Dollar I
lished
same
automobile
irrespective of surgence of inflation and of a dol¬
" lar devaluation, and the prospect
business cycle.
this improvement
27
IMPERIAL
a
inter-
on page
34
28
The Commercial and Financial Chronicle
(1800)
Criticism,
Economic Medicine Men
but
at home
ure
;
j
by success of private enterprise can be solved by that same system, r
Rep. Curtis asserts, and not by government action. The major errors
sector
and
political
our
economy are
not in
the
now
power
said to be found in the government
are
accused of not facing the real
created by government excesses and of hacking
away
to
those
excesses.
Rep. Curtis cites the record of
Everyone loves success.
be
its
This may
true, but certainly everybody
One thing I am
Envy is not love.
success
about—sue-
people
to
like
tell
a
about do
come
(2)
Hp<
ment
pte:.-''
much
do
his
with
success or
"
to
what
By belittling the achieve¬
through pointing out how
more
there is to be achieved.
Boubting Thomases Abound
K>
So, in America today we have
how
reached
field
more
Some
even
envy,
go
in
far,
(
to throw
doubton
Curtis
whether there
has
been
suc¬
cess
in the
the
same
body
first place.
observations
about
made
does
among
I believe
may
societies. ^E
not love
a
be
v e r y-
successful
Other people, prominent
society.
them the unsuccessful, are
perfectly
success
to
an
in
the
extent
economic
never
even
dreamed of 200 years ago
successful.
so
~
■
he could have
been
from
One
his
of
men
areas.
physical
man's
achievements
or
or
obvious
an
foe.
was
willing
to
advise
the
and sur¬
passing the dreams of 100 years
ago, even the dreams detailed in
the extravagant stories of Edward
Bellamy and Jules Verne. So, now
we
are
met with sidewalk super¬
intendents, those cousins of Mon¬
day morning quarterbacks, who
question whether the economic
goals are really the goals that we
should have been achieving and,
at the same time, sowing seeds of
doubt as to whether anything has
come
of
about
anyway
in the field
economic progress.
process.
comes
Indeed,
along to
when
outside the system and
make
years ago
sought
power
Ten
were
no
was
more
of where
problem. How¬
ever, success likewise creates
problems not existing before. At
the same time our great advance¬
or any other arbitrary means,
the net result is negative, not pos¬
individuals
Home
in
ment
to
example
an
solved
success
noncon¬
tal
The
Orphans
this orphans' home
down—there
shut
formity to it, through governmen¬
itive.
re¬
the
Groves
who went to school with me.
someone
in
I
the
Webster
move
economic, orphans.
This is
ahead
artificially,
advancement
experience.
children- from
member
such egotistical claims. These ben¬
efits seem to be inherent in the
a
health
benefited
for a very short period of time;
and, in the long run, all people,
including these selected benefi¬
ciaries, suffer as the result of the
application of this well-meaning
ignorance.
care
eliminated
the
longer than
be
benefited
are
orphanages, it created a great
demand arid, up to the present,
an
inadequately met demand for
facilities designed to take care of
our aged.
People today are living
on
an
average of 10 to 15 years
only
s
•
as we
Not
to
These questions
answer;
the whole process to
about
personal
'own
group planning, this
to
about.
We know too little
any
come
en¬
asked, as did Nobel the inventor,
is dynamite friend or foe; we are
now asking whether atomic power
is friend
or
first
People still raise the
whether fire is man's
man's enemy.
So we
have
successful
manv
in other
(1) By saying that the goal,. in. has no morality; knowledge ; has
effect, was not worth achieving.
no
morality; "the morality enters
critics.
stifle
Most
has indeed
whether
in two ways:
so
certain
fairly
question
man
question
society what to do with
who
better enables
success
utilize fire.
success.
Those
does not love the successful man.
success
economic
friend
successful
been
proper
vironment.
and
successes
our
not
Each
any
achieve
frees
distorted to paint a picture that does not exist.
are
have
Economic achievement, in essence,
problems
at the basic
strength of the private sector which has kept us running despite
shows how data
some
achievement to¬
goal forwards
the progress toward those Other
proper goals not yet attained.
There is little question that eco¬
wards
,
nomic
Moreover, those exercising
private sector.
achievement of
which
achieved.,
and, also, abroad with public monies used to compete
committed in
think
remain
Socialistic system of fail¬
with Americap private foreign investments. The,new problems created
,
I
goals should not be ignored or
downgraded because other goals
Kennedy Administration is indicted for abandoning the private
a
stems
success
complacency.
Certainly it is a proper question
to ask what indeed are our goals,
from Missouri
system of success and replacing it with
Very little
from
By Hon. Thomas B. Curtis,* United States Congressman
The
it
Otherwise complacency
painful and exasperating
ever
may be.
sets in.
Ignore Nation's Progress
(
unconstructive,
even
should always be welcomed, how¬
Thursday, October 26, 1961
...
In
"Standpatter''
a
America
nation
today,: anyone
result
in
ately challenged with this stupid
"Them you
satisfied
are
with the way
a
things are. You are
standpatter." Well, I am pleased
with
are.
and
score
But, no, I am
not satisfied with things as they
our
of
success
in
the
health
field, so have we not anticipated
the problems created by our suc¬
cess
in increasing the number of
people who reach and go beyond
the golden age of the Bible, three¬
public life who talks as I do about
our economic success is immedi¬
retort:
a generatiori ago. Just
did not anticipate the elimi¬
of the orphanages as the
ten.
success.
; I want
Success
to get on to meeting
Breeds New Problems
The
point, though, is this: Can
the problems that our success has the
system which created the suc¬
only as man . uses
power
and created—the problems of moving cess which
brought on the prob¬
knowledge.
''v
ahead further—but wisdom dic¬ lems solve the
problems? I think
tates that in doing so we must there is no
However,
there is something
question that it can.
about knowledge and "power which take care not to damage the timeYet, look what is happening. The
relate to man's morality.
I think tested institutions w h i c h have sidewalk superintendents who had
This philos¬ precious little to do with achiev¬
it can be established by common brought us this far.
observation that man has gained ophy makes me a conservative.
ing this success are shouting
added knowledge and
added
Now, let me
discuss a friw throughout the land about the
power only to the extent that he
specifics. We have had tremen¬ problems we now have in caring
has learned to work better with dous
success
in
the
field
of for the aged, never mentioning
his fellow man. The societies that health
care
in
our
society. the fact that they stem from suc¬
have advanced the most economi¬
So successful have we been that cess,
not failure.
Indeed, they
cally are those societies which untimely death from plagues and smear the very professions and
have the greatest number of their
germ diseases has largely disap¬ institutions
responsible for the
people sharing in-the gains from peared. One result of this achieve¬ success: the medical profession,
the economic advancement.
In¬ ment is the
closing down of our the drug industry, the hospital
creased productivity is ba§5q upon
orphanages throughout the coun¬ profession, the insurance profes¬
the
average
man's improved try.
There are practically no sion, the nursing profession, our
standards
of health,
recreation, double orphans — children where private charities and our
and leisure time devoted to edu¬
both parents die prematurely—in churches.
These voices of igno¬
cation and training.
the United States today.
There rance and prejudice are saying
This widespread economic ben¬ are very few persons who cannot that we must abandon the system
efit is not the result of any person
appreciate this fact through their that brought about the success if
(THE
MAGNET)
by COTY
3.50
COTY, THE
ESSENCE
OF
TO
lOO
PLUS
BEAUTY
•
TAX
THAT
.COMPOUNDED AND
IS
FRANCE
COPYRIGHTED IN li.S A. BT COTY. INC.
fi
&
Number 6102
Volume 194
.
The Commercial and Financial Chronicle
.
.
has been
of
has created.
pace.
never
This is a pattern in America to¬
day. It is not confined to the field
health. Let's take the general
to
(1801)
meet
to
are
we
the
moving at an accelerated
The shift within manufac¬
turing -from blue-collar workers
problems it
field
of
forth
nomic
have
We
economics.
three
national
basic
set
employment, sustainable
growth, and price sta¬
bility.
These
are
three sound
goals, and working towards all
three
supplements the progress
economic
produces
have had amazing success
attaining all three. Yet, in this
which
success
achieved
and
have
know, through
past
we
based
are
are
—in
upon
has
10
years—since the
to
distorted
a
measure
of
standard of living, I be¬
they would reveal a lower
.
whoesale
and
consumer,
our
consumers.
three successes, however,
have created, as successes usually
do, new problems which
tem must solve, iust
in the
Federal* problems
to
as
been
nave
challenge
is
us
our sys¬
solve the
price indices
inflation, or cost
cess
The"
solved.
this:
Or
must
the
can
success
problems which its
created?
old
many
system which created the
by concealing
the limitation of our
as
of liv¬
The
_
Treasury accord of 1951
maintaining price stability
been
standard
old
overall,
Reserve
observa¬
shameful.
success
increased
price because of the productivity
gains which have been passed ori
,
tion, exists is being denied by the
sideline
critics.
The techniques
employed to persuade people that
white is black
our
lieve
flexible economy
Our considerable
we
which
common
a more
our
ing; if they showed the price of
therefore,, a much tougher
and stronger economy either for
peace or for war.
!
We
the
of
and,
each.
instance,
like¬
is
growth, and it means We
are spreading the goods and serv¬
ices now newly available and of
higher quality mbre evenly to
more
of our people.
All of this
mum
in
workers
rapid
eco¬
goals for ourselves: maxi¬
towards
white-collar
Our price indices were
Resigned to measure price
stability. What the price indices,
since 1951, really show is the price
wise moving at an. increased rate.
This is the result of automation—
of
living.
we
suc¬
aban¬
don
the
the system -in order to solve
problems?
Again, the sidewalk
new
partner and
the people?
then
29
the
master
superin¬
By-Products of. Success
busy at work calling
attention to the problems, never
Let's examine some of our new
paying the slightest attention to problems created by our success.
the success/ Indeed, in the same Rapid economic
growth does cre¬
breath they deny the success, in ate a greater incidence of frictionorder to downgrade the very in¬ al unemployment.
By its very op¬
stitutions
which have
produced eration, it is making old skills
the success. They say we must obsolete and
particularly making
abandon this system and adopt a the jobs
of the unskilled and
tendents
are
which
system
new
relies
semi-skilled fewer and fewer. The
more
heavily on the political sector, more rapid the growth, the great¬
particularly the Federal Govern¬ er the incidence of frictional un¬
ment bureaucracy, to solve these employment.
Can
the
system
a
from
a
servant
the
the
of
people
to being
it
be
before
it
is
the
soon
success
this problem
position of being
partner pf the people. How
will
which* produces the
problems. Government must
new
move
it
believe
process
sot- :
which
because
in
of advancement
senior
Continued
very
more
jobs,
on
They
to have the accolade of
being fully
devoting the
without
time and patience which
necessary
true
scholarship requires. We are
witnessing a calculated distortion
of
economic statistics
our
who
sons
social
do
have
by per¬
claim
the
to
stamp of scholarship.
Cites
The
Employment
success
is
employment
uncritical
tistics
Gains
have
we
references
had
in
denied
being
by
to
sta¬
our
employment and unem¬
ployment. The bare statistics, lim¬
ited
on
they
as
still
are,
show
'
an
amazing story of success. We have
68 million people employed today,
in contrast to 47 million 20 years
ago;
of
unemployed
an
less
than
compared
women,
ployed
labor
force
force
labor
million
5
and
men
to
of
an
8
em¬
million,
almost all men, 20 years ago..
We do not count students, full-
time
or
part-time; housewives;
do-it-yourself projects; or mili¬
tary manpower in these employ¬
ment figures.
Yet one of the re¬
markable
aspects
economic
the
of
added
students
number
recent
our
achievements
of
has
years
our
to school before
labor market and
tering the
increased
of
amount
time
:
been
go
en¬
the
>
.
in adult education,
on-the-job
training, and self education. To¬
day an American going to college
is like
American going to
an:
school
30
worker
has
had
never
t
high
Today
ago.
: years
who
•
spent
a
on-
the-job training, or retraining, is>"/:
exceptional.
Personally, T think "
.
education, and training should be
classified
and not
economic
as
employment
or out-
unemployment
as
ofrthe-labor market as is the case
*
/
today.
Our success in economic
growth
has been hidden in the grave limi¬
tations of the gross national prod¬
uct indicator
as
a
measurement of
sustainable economic growth. The
valuable economic statistical se¬
ries
created to
was never
What is CRAM?
measure
What are its advantages?
•
economic
growth and, for many
reasons, is inadequate to do so.
Yet false scholars have been using
NCR Card Random Access Memory
-
unequalled advance in external
this indicator to distract the peo.
.
_
I
ril|T- T
,
growth
tion
from
which
shows
has
NCR 315 Data Processing System.
economic
the
i*.♦. rM t."-i'"' •*. '*■>
observa¬
common
us
been
fact,
it
is
it
as
rapid has it been that
so
not
inaccurate
to
revolutionary.
coined
a
refer
Indeed,
—T-automation.
Each CRAM file
to
capable of storing
we
Automation,
over
processing.
/
w
a
deck of 256 magnetic cards
:•
cards
can
be directly
one
*
file.
upon
is
addressed for
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essing.
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,
high-speed random
,
\
:
or
sequential
' v
••
proc¬
cess
in
-4-
•
look
to
other
proof that ■
i d economic
growth, not economic stagnation,
in the I950's.
Thirty per cent of
.the goods and services now avail--.1
able
have
h
to
the
available
a
d'
r a
five
Learn how CRAM
p
consumer
years
system.
•
•
For the first time the memory
device
can
be removed and
approximately 30 seconds.
were
ago*
or
write
THE/NATIONAL CASH REGISSTiEIt'CQMPANY ^ Dayton 9^
Ohio
to
Data
can benefit you. Call
Processing Systems and Sales.
your
nearby NCR Office,
•
not
Thirty;:
cerit of our plant and equip- ^ .
merit is obsolete and should b e
' '
replaced-^not wom out, obsolete.' ' /
The shift of em^loymerit ff orri the 1 **
manufacturing seetof to the
tors
of
distribution
can
be
For the first time it is possible to store,
per
.
device
For the first time it is economical and
Automation Begets Growth
we
random memory
sort, update, and report—using a single, magnetic
5,500,000 alpha-numeric char¬
acters. Information stored on the
economic
Let's
a
practical to employ niultiple raiidom access hhit^lh
h-:-y
'
controls
.
nothing' - more than '
growth as we have al¬
ways experience it—its novelty is
the rapid rate.
'
•
analysis,
\
word to describe it
new
For the first time
effectively utilized for both random and sequential
used with the
,
i'i" 54A'<- «'f"44
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attention
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1039
OFFICES
IN 121
COUNTRIES
»
77
YEARS
OFHELPING
BUSINESS SAVE MONEY
a new
of
a
random
memory
I
the
to intellectual snobbery; an appeal
to
the half-informed
who wish
informed
meet
creates?
strange appeal
a
of
ac¬
mounted
page
30
30
The Commercial and Financial Chronicle
(1802)
(.competition
-.the government's
private ;sector for
increasing demands for invest¬
ment capital to finance our rapid
economical growth.
;; v * •
Economic
with
part
on
the
its
.
It
is
sector
Continued from page
than
created
are
The
the problems that the success cre¬
29
ates used
much higher skill,
albeit requiring
system itself. I refer to
.field of private international
identify the
new
jobs coming into being suf¬
ficiently-ahead of time to start
training the people to fill them.
From the jobs left open by those
people who take on these jobs re¬
quiring higher skills will come
the
openings for thos.e of lesser
skill whose jobs have become ob¬
This
solete.
by
I
It
world
standard
higher
to
governmental
living
of
the
produced the success solve
this
budgetary problem?
I be¬
lieve so, because the very success
is
predicated
upon
improving
banker.
a
great
success
as
.
gold
flow
in
ac¬
world
bulwarks
were
flow.
Upon
trade
citizens
this
the
became
against
in
Increased
as
aries.
:
the
of
;
:
.
'
attained
adjusted prices
and
better-quality
new
in trade
the United
The
However, if the success is to
continue, a third partner must
come in for part of the e'conomic
gain from productivity, that is,
investment capital. It costs money
to
Government
junk
obsolete
skills.
obsolete
buy
skills
new
to
money
research
the
It
;and
basis
vancement.
and
closely
built
—
to
and
local
and local level.
.
example
one
as
communities
.
.
ulation
is
to
have
finance
to
and
a
and
to
used
are
of which
be
called
water
lines,
like.
the
The
firehouses,
"Wall
Street
paradoxical operation of this
gram
in Texas, where the
poses,
pro¬
physical hardship. An attitude of
to
and
Tariffs at least
are
expanded
.
housing
for
;public
the
weak
-
"pur¬
Clear
that
ment
is
Federal
the
taking
on
as
throughout the world, the United
important
many
.
the
growth, the greater demand There
will be for new investment capi¬
areas.
.'vast
The .theme
sums
had
a
great
success
siphon
the
.
choice,
a-
what
otherwise
saved dollar. To
a
governmental sector, either in in¬
en¬
vesting
;
v/ith
funds,
cratic decision which has produced
when benefits have
Public Law 480 funds, Counterpart
own
expenditure
consumer
dollar into
their
at
failure, not:, success, throughout
history .and around .the, world fo-r
all to
,Mutual
Security
funds, Or other, soft
-
moneys.
Fur¬
system of federal bureau¬
a
bound
to -be
seriously
no
for
<
the
risk
The amount of return must be
lated to the amount of the risk
'
sumed.
of
,
It is
the
this
private
re¬
penditures
as-
"and bloated tax
essential feature
enterprise
system
that the sidewalk superintendents
most
are
ready to ignore,
Many of them -talk
distort.
return
a
invested
:on
socially immoral and
burden, rather than
or
as
savings
to
if
is
economic
an
economic
an
function. This failure to relate in¬
vestment return to investment risk
results from ignorance
or, what is
even
in
more
our'
There
•
in
dangerous,
a
disbelief
system.
is
a
and
final
area
private, enterprise
system of (economics has met with
we
can
see
success.
this
its
success
Yet,
again,
denied and
its
meet
enormiaus
used
receipts, let alone
expenditures do
The
been
Federal
living
Government
tissues
running
system. Nor
has
management
of
debt
ued
unhealthy
slowly eating
the healthy
private
'our
that
this
deficit
there
the
enterprise
been
are
being
What
the
.
nation -faces
derstood
or
have
the
local
above all the
intrinsic
learned
never
a
Now
that
un-
*
\
*
•
the
~
huge rise in defense ;
caution
and
re¬
become
-
than
stronger
But the fact of the matter is '
that; government
revenues
under
;
the
existing Tax; structure;': are /
certain to expand greatly over the ':
next five years. That is an open '
invitation
.
—an
for
increased
•* invitation
Washington
which
spending
those
in
J
taking advantage Z
of .today. Now is the time to reject *
are
program
to
community,, and
parents in itj to see
,
,
apparently
in my judg¬
realistic forward /
position of gov- ;
our
luctance
ever.
that
the
community
has
good
of
the
private enterprise schools. It's the
representatives
system—through action, not words
..from these same local communi¬
—are ' being
demaged by these
ties, acting as a group, that need
who.
>
any .program which adds to. wel¬
fare spending—indeed the present
up
made " abroad
demonstrate
a
benefit most directly from it It is
American
abroad.
to
-to
-
stand
'watch,
curtailed.
-»
should .;be
We-
Congressmen
know
needs of defense
are
J
materially
should
let,
that
-
our
.
after
fulufilled,
we
want the highest priority to go to
a -cut in taxes
and to a reduction
in
the Federal debt.
;
The. .state
over
its virtues."
universities^maintaining adequate ; Federal Debt and:iax Cut .
:
Can a system of-failure be de¬ .facilities .and
assuring, their high
Gca*s Recommended
liberately substituted for a system ..quality. For those who can afford
Indeed, I would set as a goal ;
of success? This seems almost un¬
'it, there is still a further responsi¬ for the sixties a cut of no less
believable, but we are watching bility— help; badly meeded, for the. than
10% in taxes and a reduction •
-
wise
huge
federal
of
contin¬
process
with
threat
a
even
deficit.
a
spending,
relation at
value
has
.
of
.compete
being
are
with
an
.country,
education has . been
a
prime responsibility of. local and
state government — of those who
bureaucrats.
moneys
enterprise
efforts
and -dissolving
away
-to
which
federal
our
public
private
the
upon, an
tax structure that is
These
off
reluctant to advocate any tax cut
at a time when the government is
responsibility.
.
trpl; of
;
levels of receipts to be anticipated
from a sound tax system.
financing has created.
The debt has
third
which- pur
tremendous
adjusted
to
;
ernment. and to do some' wise and
this
centive
;
intelligent forward 'planning. - We
bankers quite naturally have been
save
annually or over business
they .take. •cycles.'-It has not cut back its ex¬
two
look at The fiscal
weakened
personal choice'" to thermore, and
\ Y;,yYY/.A3
Urges Defeat of Federal;
; Z
probably even more day:
instead of to spend, -the sys-;
It is 'this system of failure—-a v
YN' School Aid Program ;; r
disturbing- to our • position as a
tern
must provide
for adequate world banker, the-United States .system: of .socialism, if.yp.u please'
YYThatJs a major reason why all
return to a person who has saved
Government has not handled its —which America is being asked of
us, -in my judgment, should
instead of spent. In addition, for .own
domestic-fiscal affairs wisely. to adopt at home and is* Already
•oppose' extending Federal aid to
people to invest this saving in. risk It has not had balanced
exporting abroad with the publid education. From the outset of our
budgets,
ventures, there must be some in¬ either
moneys turned over to the'conrcourage
own
on
The time "has come,
.
been,
the
his
incomes
ment," to take
*
have
and
stand
the matter.
.
transform
means
larger share of income for handouts through- •
out The country. /Very few fami¬
lies, if any, realize that urban ■
renewal, government power pro¬
jects, or costly assistance to the
farmer represent in reality a tax 1
on Themselves.
If they did. They '
might have second thoughts -on
(
would
individual
the
the
confronted
are
in the hands of bureau¬
-
to"
has
-
crats.
il Lave
as
paradoxical aspects
position is that
ever
reducing >
strength- ;
ening the ability of the family to
carry on those responsibilities That
rightfully belong to it. Instead we :
;'fK.
'V
'■/.'
sought to drive home is.
field of trade and invest¬ that/the private enterprise,
system1/- One result, of course, is that the
ment. It is. in the area of the Fed¬ has proved to be highly
successful, taxpayer in Pittsburgh, St. Louis,,
tal. Today if requires about $20,- eral Government's
participation in .The great problems we face today or even New York is called upon
000 of new capital investment to
-banking
that.
our. -position
as -are not a result, of the failure:, of .to. pay/for.-benefits ,that fall
to
create
one.
new
job —another .world banker has been weak. The the system, but- a -result .of its other citizens thousands of miles
proof, by'the way, that our econ¬ gold flow was an item of liquidity, great success... The v
question
of away. We find invoked a new
omy is growing very rapidly and not
whether the system that produces- principle: taxation without bene¬
solvency..
is just the reverse of stagnation.
the -success is best suited to solve fit, and benefit without respon¬
'.
I think is it also important to
This $20,000 figure a few decades
problems, can be .an¬ sibility—all to the detriment of a
point out that the United States ,the new
*ago—even allowing for the im¬ Federal Government has not been swered
emphatically - in the af¬ truevdemocracy:;> '/r ]i
■
Y
pact of World War.II inflation—
firmative.
a-successful trader- and that the
Yet, through the politi¬
Indeed/ rone -of the great chal¬
was only half of what it is
today.. Federal
Government
in Yrecent cal jpower now being exercised by lenges s.of /a./democracy, is,; the
New capital investment comes
in -control of. the: Federal'years has entered 4nto .trade in a -.those
respcnsibility';.it -; throws on the
from
only one source—people's heavy
way,
primarily,; but not Go v e r n m en t and Washington, individual...,* Personal freedom is
savings. In order for people to ralone, in the agricultural sector. D. C., it is being answered in the
only-possible where there is a
save
for investment,
there must Nor has the United States been a negative. We are abandoning the high measure -of: personal selfbe a sufficient incentive for them
successful world .investor in -the system of success,and replacing it discipline. Yet such discipline is
States has
in
a
these incomes further by
the tax burden, thereby
.
ad¬
to
much better it would-be to add to
new
.
education—which
road
; in
real :
terms today are two-thirds, higher >
than those of a. generation ago, ;
and
they -still are rising. How .
Govern¬
vast
.a
than
feet.Average
(to name only a few pro¬
grams)^ and, it -becomes crystal
written for all
the
declining American
the
ability to
housing,
now
middle-income
lead
can
present
citizen
power,
That is
a
of
our
more
group
to read and apply and require no
and
it"
do
of
responsibility
paralysis of the na¬
will.
One
of
Sam
evasion
final
a
tional
the proposed
huge Federal
low-income
way
a
tual moral decay; and moral decay
is. a far more serious malady than
Uncle
welfare
this
in
opposite path, in my
judgment, lies softness and even¬
"Let
projects,
:to
education,
outlays for local
sacrifices
Only
strong, self-reliant,
vigorous America.
more
only
aid
personal
Down the.
two
highway
first
have
yet to receive
largest cities have
qur
has. not been
in the ..private
though
required.
we
what
are
.
Journal" recently pointed out the
governmental
to
answer
is clear-cut. If Americans
can
sewers,
by these techniques of trade,reg¬
How¬
out¬
some
The
vidual, the family, the local com¬
munity must bear ultimate respon¬
sibility- for their
own
welfare
the
normal civic improvements—local'
are
largesse from
on
even
involves
quotas,
licenses, and monetary manipula¬
tion—the primary result achieved
banking has
with
our
Federal
tied
state
.
and
of all economic
The more rapid
banker.
conceivable
than
have
a
sense
of
pride,
of
strength, of well-being that comes
with ^accomplishment, the indi¬
which
shouldered
been
strongly
dancing .attendance in :the ante?' dimension, one which has crept
sector as in trade and investments,
chambers of the federal bureau¬ lip .like ;a tide on the American
perhaps this is a necessary rela¬ crats. We need
people and which H know they
more, government
tionship; but, regardless," iit must
■by written laws and regulations /would not sanction if, they were
be noted and not ignored.
dully aware of the administrative
' and less government, by men.;
As
private bankers, d e a 1 i n g ,I vhave -moved .quickly -over costs as well.as the power of these
to
in the
engage
riers
own
own
rather
bureaucracy?
renewal program, a part
bureaucrats directing our foreign
been "trade
through administrative fiat.
international
needed.
development
underlying
the
now
world
as
to
strictive and regressive trade bar¬
...
it should be noted that
ever,
and
money
equipment
new
the
costs
is
costs
the
train
It
machinery
actions
back
part of the cost for certain recrea¬
tional facilities. Or take .the urban
to-govern-
plans his
his
on
initiative
side
which
housing law, with its grants
new
personal
if he
relies
environment—or should it too fall
to.
new
a
cent,, although some 18 smaller
understandings? This paeans
towns have jumped on the band¬
rigid--trade
restrictions,
wagon to the tune of $19 million.
higher trade barriers, and less in-:
ternational trade.-The most" re¬ Add to this the aid given for local
gold flow did result
degree because of our
some
-
radical
ment
recent
to
government
More¬
appears
..mere
citizens became
the world's foremost bankers.
goods and services.
most
the
Consider
laws
tax
informal
and investment,
States
the
at
far-off
to
at
of
some
-
me
heretofore.Lave
of Heaven could
name
it
philosophy
a
on
ability
being
dependent on handouts from big
brother
in
Washington?
Is
it
better for the local community to
see to its own physical welfare—
its parks, its utilities,
all those
things that make for' a better
to take over.responsibilities
tourist
a
tariffs to quotas, licen¬
sing, monetary manipulations, and
profitable,
and
provided
strength to our banking position.
Upon the successes our citizens
Downward
(2)
amount
ciprocal
sound
are
effort at defense.
new
off
man
and
and
calls for the Federal Government
served by the
lations away from a system of re¬
and
sal¬
and
wages
investments abroad
our
increase:
-
relating to foreign
investment?
What,
indeed,
is
achived by moving our trade regu¬
world investors.
kept within the bounds of the
trade
basic
States
successful
private
people-to-people; /What,
indeed, could be achieved by im¬
posing a greater burden upon our
foreign investors by changing the
success
United
the
on
level
not
life
on
,
vast
bring in from $500 to $100?
eign
was
trade
our
by
this do about the gold flow? All it
did was to cut back private for¬
'
(1)
created
better
a
government
e
ally broadening the field for sub¬
sidy, at, the .very moment the
nation is called upon to make a
up
of
central government? Is the farmer
its subsidies and handouts. Indeed,
excesses,
What purpose was
What in the
citi¬
States
t h
it
cast
education
for
or should they wash
of the whole matter
hands
and
process,
philosophy,
cculd
The recent gold flow was not
productivity. From the increased
an
imbalance in our private inproductivity can come two things
~vestment accounts abroad. Indeed,
without causing inflation, if they
are
problems
facing
of these excesses.:
cutback
an
Indeed, the healthy trade
balances
available to them. Can the system
had
recent
counts.
now
United
as
their
good
a
signs of cutting back
no
their young;
in
compete
over, in the process
be : embarking on a
*
responsibility
growers
make
in spite
in¬
an
shows
to
and
sector/ which has kept us running
:
and from
becomes
the
imbalance
an
which
productivity
real
the
able
markets
living in the
vr
Unnappily
the Ken¬
nedy Administration hacked away
that .man
traders.
•The
the
of
cost
he
have
zens
result of inflation, but simply the
higher
at fault. Instead of
■
true
success
be
24
cotton
fold traders, as world it gives promise of moving off on
and world bankers who just the opposite tack—of actu¬
i
trader,
a
States
as
'
here he become
success
Certainly
the
not
becomes
investor
budget problems for our peo¬
are
be
to
seems
United
tax
would
were
'
vestor, and from his
Rapid economic growth does cre¬
problems
the
world
investors
'
,
Continued from page
the
yet
to
tariff-writing and debt-man¬
,;
>
and
.;
presented
at the basic strength of the
his
the
'
-committed,
citizens
en¬
Analyzes Gold Outflow
is inherently set up
this very thing.
of
international
our
Banking. '
(3)
them.
result
of
sake
(2) Investment.
beyond our ca¬
means
The
soci¬
:'
discussion, I
(1) Trade.
prise system
ple.
the
For
first
ate
other
deavors into three fields:
to understand and solve
Indeed, the private enter¬
do
competition
of
.
governmental
that the major errors have
aging Ways and Means Committee
this year by the Kennedy Admin¬
istration was directed to treating
the
gold ,flow problem xas vif it
were
the
United
States, private
and
.
break down
pacities
to
direct
systems
the
eco¬
system
our
..
the
within
legislation
jobs
new
no
the
eties.
simple
the
not
into
comes
with
the jobless
automation
However, its complexities
the
creates.
are
is
nomic relations where
matching
of
process*
with
to
been
of destroying
as a source
the
displaced.
are
is
problem
Thursday/ October 26, 1961
become shorter, not
longer, in maturity, making its in¬
flationary
impact Tgreater
and
-
>
•
this
„'
occur
-*An
Annual
under
our
very
eyes.;
.independent' colleges
address
by .Rep. Curtis before the
Meeting of''the National -Bank
who
have
contributed to much to this
coun¬
try .over, the years.
harder to withstand.
Furthermore, iDivisjfon of The American Bankers Ass*-- 4; Let
the job of
refinancing this enor¬ ciatic'it;: San Francisco, Calif.,. Oct. 16, better
1961.
The meeting was held as a part
mous
debt creates an
<oi the 87th
.unhealthy
Annual A.B.A. Convention;".'
--
me
ask
for
this
the
.
of $30 billion in the Federal debt.
Let
me
point out again that what
.V V- *
I., am
suggesting
-eminently
question:' is it practical in spite of the increased
.home
-family; that-. they*, bear
and
*
the
ultimate
needs for defense.; Under
tax
schedules,
revenues
;
:
present!
by 1965
Volume
194
Number 6102
for the Federal
Government could
$25- billion,, and by 1970
the increase could be
$50 billion,
rise
if
nothing
to
room
finance
direct debt, the government Indeed, it's a-bit paradoxical that
Washington as guarantor of dbf; the President rhas called on all of
ligations of a host of agencies :has us for sacrifice, and then proposes
a
contingent liability/that,, is of increased subsidies and new pro¬
significant importance. Hardly "a grams designed primarily to make
comfortable p o s i t i o n for the
life easier. We can't have it both
a
larger defense, to cut taxes, and
to
reduce
debt—all three—in the
ahead,
years
the
providing
The
reduction
debt,:should
these
in iboth Taxes
be
far
alone rany
to do it.
And
and
as
next
10 .years,
but we at
should
set
this
as
our
least
minimal goal.
all
we
know
/
experience.
itself.
But
it
from
debt
is to
becomes
On
the
when
tax
front, I would sug¬
gest that top priority go to relief
the; .income
on
:tax, "both
corporate
personal and
eventual reduction of
look
a
at
level.
government whose facilities
These
help
but
corporate tax would merely elim¬
sixties
inate
the
are
.
units
be ; expanded
to
—
take
else.
measures,
state
and
tion,
the
along with debt reduc¬
would
yield
incalculable
"
enefits
over
including
both
period
a
of
our
time,
basis.
powerful
stimulus
economic
growth
and
It
is
student
every
of
could
taxes
that
evil
an
income
markets
{great
at
direct
a
rackets.
prohibition
too
is
almost
on
was
that
feature
Even
today rates in
of
could be eliminated with
no
a
for
just that
economic
no
spending
welfare
on
-
loss of
"Lip Service" to Balanced Budget
We
shall
achieve'debt
never
reduction, .let alone a tax cut,
unless we plan ahead for it.. For
years
now. the
government/ has
paid lip service to a balanced
manyfold.
.
Federal
and
Local
Debts
believe
I
that
most
would
a
gladly line
tax
to
cut.
tion
fully
of
matter
the
deserves.
less
means
this
in
the full
is
prosperous
in
surplus
But
years.
his
stroy
or
good
in
some¬
hasn't lain in defense
foreign aid. as I have already
out.
major
from
story. On top of
Rather,
difficulty
costs.
danger
grave
the
has
skyrocketing
welfare
by
the fault
and
the past
pointed
is
deficits,
our
to
never
out
our
,
self-reliance,
weakens
for the power of the
is only a multiple of the
nation
basic,
stemmed
subsidies
This
remains
for
the
strength,
skills,
.
.
have
we
recently opened
an
/
Regeneration
Moral
What is needed
thing 'else As
■
with
bined
..
.
office in the
the
the
the
of
communists
ciaiized
seeking
to
-our-
new
we
as-
on
•70
Pine
Street vv; >
entities
"T
*:•
V
New
York
5, N. Y.
~
York
a
mem¬
Stock Ex¬
branch
Street
office
under
at
the
'*
Walnut
direction
of
Herman and Cubita
Now G. E. C. Securities
of First Continen-
Arthur A. Herman and Walter A.
Planning, Inc., 130 West 42nd
Street, New York City, has been
Cubita are conducting a securities
business from offices at 580 Fifth
Avenue, New York City.
The firm
name
tal
changed to G. E. C. Securities, Inc.
■
/'.
m
r)'
~>.r'
them.
underrate
the
final
outcome.
the
Their skills
sense.
pro¬
potential for great growth
progress — a potential which
and
communists
match.
never
can
ESTABLISHED 1848
the most precious her¬
itage of all—freedom—a blessing
the average Russian dare not even
We possess
Americans must oppose
with all their
ment
vigor
any
Main
Office:
encroach¬
government on any
by
of
742 Lexington
speech,
Avenue
New York 22,
N. Y.
Other Convenient
Offices:
advantages. The future of the
dous
well depend upon it.
may
address
*An
of
by
Tne
American
was
Bankers
Calif.,
Asso-
Oct.
16,
part of
Convention.
held
A.B.A.
Annual
before
the State Bank
of
Francisco,
The meeting
87th
Champion
Mr.
Meeting
San
aticn,
as
a
136 Delancey Street at Essex Street
111 Second Avenue at
at
7th Street
3th Street
Haas, Koch & Co., Inc. has been
318 Seventh Avenue at 38th Street
formed with office®! at 120 Broad¬
/a
Tties
New
York
-securities
City, to
engage
business.'
business
Fla.-
from
Westminster Road.
branch
a
r
ties
First Nat'l. Bank Bldg.
Miami 32,
1315
Charles E. Bacon.
change.
offices
He
office at 241
at
31
maintains
Fifth Ave.,
Brooklyn.
consulting services.
Municipal Finance
•
New
"Frank Romanzi Opens
'stance frcrn Federal agencies in ad "ition
Consultants
_
of the
that
a
•
Assets exceed
Equity Sees. Branch
FRESNO,
-
Co., Inc., Seitz Building,
bers
Pa. —Bacon,
Johnson & Associates have opened
Simon
K.
people have an underlying
strength and a solid core of good
'
WAINWR1GHT & RAMSEY inc.
,
of L.
PHILADELPHIA,
SYOSETT, N. Y. — Frank J.
Romanzi is engaging in a securi-
governmental
regular public financing
&
president
Bacon, Johnson Branch
2
the
and
/convinced
to
moment
a
way,
•
will be able to offer spe-
to
vice
Nov.
become
67 Avenue C
Housing Administration
location
a
Y.—On
N.
Gordon will
A.
;
Our
CURRIE
financial jervie.e
SYRACUSE,
Abraham
Haas, Koch Co. Formed
Formerly Assistant Commissioner for Financing,
under
good American can doubt
no
for
the
-
Street
on' the
Sermon
are
mistake
bad
Yet
in
From this
Temple
they have great military and eco¬
nomic power and it would be a
Division
Street, NW
Vice President
&
toughness,
Khrushchev
Mr.
Today
-
office will be under The management of our
Public
West
3030
Indeed, we must live
Ten Command¬
and
ments
Telephone: 347-2008
■
Calif.—Mora
Co. has opened a branch office at
Mount,"Tor in doing so man be¬
comes
strong and the need Tor
manmade laws is greatly lessened.
1&31.
OH N
ANGELES,
the direction of Gerald Milton.
than any¬
aL rebirth
WASHINGTON 5, D. C.
-
New Mora Office
I.OS
according to the
c
new
I.
,
Needed
more
renewed
a
of character.
and .dream of.
future.
WYATT BUILDING
This
Milton
spirit—a moral regeneration nbm-
/the Annual
777 14th
business.
principal.
character of
and
religion, and economics, in order
to make the most of our tremen¬
Services
a
the individuals that make it up.
world
.
forget
of
the three basic freedoms:
To round
two
own
America;
common
the
ought
spite
vide
in
on
us,- we
-
match
Today
itself
a
in¬
become
all the gadgets
live in a, rugged
Anything that is done to
weaken the individual, or to de¬
in
how the surplus never manages to
approaching $300 billion, or
60% of our gross national
But
cycle—to
ness
govern¬
Federal debt which
a
product.
no
size
the life of the busi¬
over
times which will offset deficits
debt—certainly less atten¬
than this tremendously im¬
have
fast
people
in favor of
But
and
portant
we
budget
they are inclined
much less attention to the
pay
growth
ment
up
Soaring
We
around
pri¬
by
life:
of
way
to
are
individuals
that,
the
60%
inco.me.
The gains to society
would clearly outweigh this
sum
channel .to
gets
future
we
world.
sur¬
One
15th
increase
to
running a
paying off/debt,
funds
these are. Involved,
already suggested, is
have
and
more
By
can
City, members of the
Exchange.
•
as
own
feet.
better
and-
needed
business
growth
on
—
new
<
securities
Stock
<
creasingly soft and dependent on
government or stand ,.as families
in¬
projects! Nor does defense neces¬
sarily bring economic growth in
its wake.
'/
■
-v •
of
modest
on
Zon
I
our
de¬
measure
York
New York
at
L. K. Simon V.-P.
as
the
growth
New
time
offices
with
Streets, N. W. to engage in
Klein is
Gordon to Be
whether
for
aspect
investment
purpose.
than $500 to $600 million
more
large
and
vate
system.
excess of
in
government
perma¬
tax
our
economic
plus
designed to place
nent
that
this
productivity.
as an emer-»
a
to
equipment
intended at that time
never
At
a
to
important
Again, it's
ought
spent.
paid
creased
introduced
they should become
and
/
*
formed
and H
Jr., will be ad¬
partnership in J. R.
& Beane, 2 Broadway,
Williston
fiscal
Tomorrow will
*
been
Marvin D. Kantor and
1
stake, of course, than
either the budget or tax reform,
time,
tools;; and
everyone a maxinrum sacrifice.
It
raised
pends
It will be recalled that extreme
measure
level.
deny
as
otherwise be directed to produc¬
were first
during' yorld War II,
be freed
for
is the
now
Klein, Runner
WASHINGTON, D.C.—K lein^
Runner
and
Company Inc., has
mitted
More is at
of the
matter in Washington. Few would
tive effort.
tax/. rates
would
necessity
that
and
be too late!
Government
this level that the funds
be
of. the
,
On Nov.
problem—convince
for needed action.
greater help to state
been
bad, they act to siphon off great
energy
and
ability that might
gency
them
mind
my
the
and
Form
.
William W. Sellew
communities.
Let's acquaint
fellow citizens with the out¬
our
such
action
could
prove to be a powerful stimulus
to economic growth..- As a matter
of fact, not enough attention has
its
encouragement
What
in
Federal
of
funds
same
temptation for too many
people. They lead to crime
are
for
to
a
our
and
and
they: provide
doubt
no
.
To Admit Two
facts
urged to .act upon them. All
as bankers, are leaders in
look
inescapable in the
the local
at
use
influence
rationing with
earlier,
even
of
Like
be
needed
our society.
They place a large
premium on ways to get around
black
net
a
advance
Williston, Beane
Our people
of the
us,
your
units by reducing
its
debt, and by cutting taxes,
than through any other course of
action.
In both instances, badly
cuts in
excessive
constitute
law.
from
own
in
the
of
local
and
bracket. Bankers in partic¬
know
and
in¬
picture.
informed
be
reform
that the
but
taxation
ment; and I would aim for
ular
be
There is
today agrees that the personal in¬
come tax is too
high. It is too high
all along the
line, in my judg¬
every
larger
even
to
appears
significant, I believe, that
almost
An
to
need
sixties.
employment.
.
governments
enter the
ers
nothing
debt of
nearly
threefold,
$21 billion to $60 billion on
a
to
local
of
Inc., American Bank
was previously With
Merrill Lynch, Pierce, Fenner Si
Smith Incorporated.
/
Euilding. He
,
creased
at
ANGELES, Calif.—The firm
of Fallon, Kelly
& Com¬
Black & Co.,
Wall Street, New York City.
he's seen the light but rather he's
the. felt the heat!' That's where bank-,
of
care
population,
if
During the fifties,
emergency levy put on
time
of
Korea.
Such
saying that
when
a
politician* changes his
point -of view, it -.may/n-ot' mean
can't
/in
growing
the
name
ited has been appointed president
of Wood, Gundy & Co., Inc., 40
This
up.
calls to mind that old
happening at the state and local
An
in the
public opinion to back it
so
what
the
at
level.
10%
is
takes
one
.large in
doubly
'
LOS
'
v
.
American International
Wood, Gundy & Co.
Official Changes
.
recent
V i
,/
The Federal
'/•'
:
yet
times of today,- let
period of great crisis!
the trend of the debt
continues to be up, and not down,
greater 'in
31
pany, Inc., 7755 Sunset Boulevard,
Wood, Gundy & Company /Lim¬ has ;been (changed to AmericanInternational Securities, Inc.
The
ways and remain the world leader, ited, ihas announced that Edward
S. Johnston,
for freedom.'vice-president, form¬ firm maintains a branch office in
v
What is required is a long range erly in New York, is now located Van Nuys.
'/
4 •
plan for fiscal, reform and the will in the Montreal office, 360 < St.
"
to see it through. < But if This is James Street West.
Now With Black Co.
;/: >/;
Garrett H. Taylor, a director of
really to be accomplished, it will
PORTLAND, Ore.—John D. Macy
require an informed and aroused Wood, Gundy & Company Lim¬ has been added to the
staff of
troublesome
have
we
foresight and the will
(1803.)
in
done to cut rates
were
There is
The Commercial and Financial Chronicle
.
.
this
by
back.
.
Calif.
—
Corporation
has
opened
a
branch office at 375 North Fulton
Street
Aram
under
the
Booroojian.
$660,000,000
Equity Securi¬
management
-
.
of-
Member Federal Deposit Insurance Corporation
'i
\
r
32
The Commercial and Financial Chronicle
(1334)
AS WE" SEE IT
ture
Continued from
page 1
holds in this
if
pof
r e s
p e c
t
little
a
bill
the
and
.
rate
.
.
Thursday, October 26, 1961
is
known to us," but there is
the
no
figures slightly up as are bond yields. evidence in public statements
It is no longer permitted to debtedness of such banks to showing large exports of gold The excess of member bank to suggest that they would
over
requirements permit such loss of f gold to
do any such thing, at least in the Reserve system rose to are rather easily explained reserves
the degree necessary for such $838 million. A new Adminis¬ away.
j%% ■%'•'/,,
'%; ;••.'■/ ' • plus indebtedness to the Re¬ have its normal effect upon
tration even more convinced
In any event there is no serve system (usually re¬ the money market. The re¬
purposes.
of the validity of New Deal evidence in the figures of any ferred to as free reserves) is port of the Subcommittee on
down a little but not very: International
The Facts
ideas
than
the
Eisenhower determined
effort to
Exchange and
bring
•the situation under control. drastically. The discount rate Payments of the Joint Eco¬
A glance at
th^ facts as regime came into office at the
is still 3%.
nomic Committee
of
Con¬
"
they have developed during beginning of 1961. The steady Changes in reserve require¬
What the authorities would gress, above referred to, lists
the past two or three years outflow of gold came; to an ments have permitted a re¬
a number of
steps that it be¬
makes this aspect of the prob¬ end early in this year, but duction in outstanding Fed¬ do should we begin to lose
again in substantial lieves the government of this
lem crystal clear. We began virtually all authorities are eral Reserve credit; commer¬ gold
is
not,
of course, country should take in the
to lose gold on a large scale quite uncertain what the fu¬ cial paper rates have receded amounts
even
some
.
.
.
early in 1958. At the begin¬
ning of that year the discount
■>
irate at
Bank
Federal
the
of New
Reserve
York
stood
at
3%. Shortly after gold began
to
leave
raised
reduced (not
normally oc¬
13A%. At the
was
would
as
to
cur)
shores in quan¬
our
tity, the rate
some
beginning of the next year,
that i§ in January, 1959, after
almost a year of rather steady
loss of gold, which was con¬
tinuing unabated, the rate
still
was
.
below what it
J/2%
'
r
;
*
.»
Forecast for energy:
had been when the
gold out¬
During that first
year the rate on commercial
paper declined (not rose as
flow set in.
it- should)
normally
about
3.49%
3.31%.
to
bill rate and the
Millions of new cars will help
from
boost America's demand for
The
high
grade bonds rose moderately,
but not enough to make very
much
yield
difference,
The
another.
on
energy
Over
again
fact that
found in the
be
are on
our
the road today, almost half
population climbs the number of
climbs—by 1980 there will be 70%
nation. Our
and trucks
cars
more
vehicles
now consume more
than
a
part of the reason why America will consume twice as much
.
%
•
energy
■;%
during the year,
By the end of that year
opments
by
1980.%%% %%%%';%'% ^:-"% %'
Where will it come from? Much will
%
is reflected in the devel¬
1959.
in 1950. As
billion gallons of fuel each week. Millions of new vehicles are just"
rather
t
appa re n
as many as
in the
short-lived awakening to the
true inwardness of the situa¬
tion
high by 1980
72,000,000 motor vehicles
vehicles also
outstanding Federal Reserve
credit
rose
from
$26.6 to
$28.3 billion.
/
Some
as
one way or
explanation of
these abnormal movements is
to
twice
sources,
some
from
large share of
new ones.
energy
%- \' %■%
;
from present
come
Whatever the
source,
energy
a
in its most efficient and usable
the discount rate at the New
forms will be
York Reserve Bank stood at
energy—constantly searches for new energy sources, while expanding
4% and the
of
edness
banks
member
the Reserve
its present systems.
of indebt¬
excess
system
over
to
the
their
$492
"excess reserves"
rose
million
amount
a
year
to
outflow
of
discount
gold
had
rate
risen
on
paper rate to
pipelines, stretch¬
capacity to fuel thousands of factories and heat millions of homes.
With the future
grows
to
4%, the rate
increasing volumes of finished
ing from the Mexican border to the Atlantic Seaboard, have
the
began,
ever
refineries to Midwest markets. Our natural gas
a
$133 million when the
some
Our Little Big Inch pipeline system, already
largest of its kind, delivers
petroleum products—energy in liquid form—from Gulf Coast
small
earlier and
against
transported via pipelines. Texas Eastern—pipeliner of
bringing
new
and greater demands, Texas Eastern
and diversifies today to meet tomorrow's
energy
needs.
commercial
4.88%, the bill
rate to
4.40%, and bond yield
to 4.61%). All this despite a
rise of
a
billion dollars in out¬
standing Federal Reserve
This
credit.
temporary and
yielding to natural
forces has, incidentally, been,
and is still being
severely
partial
criticized in official quarters,
and for that matter in some
;
other
circles.
But it did not
"n'"1*"
last very
An Election
i
The
"
•"•AV.'AVAf.^V.V.V/J'/AW.-/>AV.W
"
^
.•.V.VA,AVAV.M.'>.W.«.....W..-WAI«.
IUAU.AA *"• .V.V.V.V.W.'.V.V.V.V.V.'.^V.*.^
long.
Year
1960, was* an
election year, and by the end
of it, the discount rate had
come
year,
down to
3%, the
com¬
mercial paper rate to 3.06%,
the bill rate to 2.28 % and the
EASTERN
yield on high grade bonds to
4.34%. Meanwhile changes
had been made in the
requirements
banks.
As
reserves
a
of ; m
result
EASTERN TRANSMISSION CORPORATION
PIPELINERS OF ENERGY
HOUSTON, TEXAS
•
reserve
e iq
of
of members in
it
b
PRODUCERS •"PROCESSORS •TRANSPORTERS: NATURAL GAS
•
CRUDE OIL
•
PETROLEUM PRODUCTS
e r
■ti
all,
excess
Of requirements s andofin-
TEXAS
6
,w-a*-*- "
r
,<
y *
,
•">
>
r
'
*
■••V'
'
*
<
rf
.
«
(1 ■ "o-V-
1
,u«Jrf
«r"
'T
>'
-
*
'
-ii>«
Volume
194
Number 6102
The Commercial and Financial Chronicle
(1805)
33
A
premises. For what it is worth Banks, and abolition of gold
as
an
indication
of
official
reserve
that the loss of further
committee
would not
seem
mal
to be
aware
reaction
to
not
e v e n
of the
the
nor¬
loss
of
The cold
of
the New
Form Condell & Co.
Deal faith, but has apparently
Condell &
a
forgotten by many, if
gold
not all, the economic man¬
"squeeze" us.
truth of the mat¬ agers of this day and time.
ter is that the whole tenor of
The
sooner
some
of
these
Nomura to Build
Co., Inc. is engaging in
securities business from
Research Inst..
offices
at 320
Broadway, New. York City..
are
Herbert S. Condell, Nomura
Securities Co., Ltd., Ja¬
president,
land
Irving
Heitner pan's
leading
investment
and
secretary-treasurer.
brokerage firm, will establish a
Officers
but New Deal thinking (including fundamental truths become
research, institute which will in¬
instead has a good deal to say that of the
Joins W. H. Loftus
corporate all the modern facilities
Republican as genera 11 y recognized, the
better for us all.
about pursuing : policies di¬ well as the Democratic
and know-how of those found in
party)
FRAMINGHAM, Mass.—Lorraine
America.
''
rectly contrary to such action is quite inconsistent with
M.
Bouthiller
and
Lucien
L.
Bernard Neuman Opens
Building plans for the new in¬
Bouthilier have joined the staff
pushing various govern¬ prudent management of our
stitute* said to be the first of. its
OCEANSIDE, N. Y. — Bernard of W. H. Loftus & Go., 109 Con¬
ment
policiesto stimulate international financial
a f
kind in Japan, have riot yet been
gold in
Y
does
founders
been
requirements in order
thinking in Washington, the
of the
a
free
economy,
—
,
-
growth, broader buying of fairs. This fact was long ago
governments by the Reserve recognized by at least some
Neuman
is
engaging in
a
from' offices
business
ties
at
50
cord
Street.,
They
were
both
formerly with Herman Rousseau
of
Drive.
Irma
securi¬
completed, according to Kiichiro
Kitaura,
Worcester.
Executive
dent of
Vice-Presi¬
Nomura, but it has been
agreed that
head ij.. The
will
American
an
building site is ex¬
pected to be in the vicinity of
Tokyo. / '•
'i'' ,
Y *
• •;
'.
*
Mr. Kitaura, who departed for
TOkyo Oct. 18 after a rather in¬
tensive two-week trip throughout
the United States made a study of
the facilities at Batelle, Stanford,
A. Little, Armour, M. I. T. and
several
His
other
research
institutes.
the American re¬
search-type plants will form the
basis for the Nomura unit.
study
of
Mr. Kitaura
stantial.-
of
envisioned
in
increase
underwriting
firms.
In his
for
"sub¬
a
the
amount
Japanese
of
cj
talks with many
the leading financial
firms in the
U. S. Mr. Kitaura said that many
new
f nancings appear to be in
the
.
effing.
He
pointed out that Nomura
played a role in three major
has
underwriting
the
thus
far
notabie
most
this
year,
being for
Sony Corp. with Smith, Barney &
Co.
The Sony underwriting was
the first time a Japanese security
here.
offered
was
one
,
f
V. J. Posillico Opens
ASTORLA, N. Y. — Vincent J.
iPOs'llico is conducting a securities
business from offices at 23-69 28th
■
Street.'
\
...
,
;
•Farm L. M. Rosenthal Co.
Rosenthal & Company, Inc;,
L. M
is engaging in a securiies business
offices'
from
at
120
Broadway,
:
J
.New YorkvCity.
;
Sachs* Investing Opens
BROOKLYN, N. Y. — Sachs In¬
vesting Corp. has been formed
with offices-at 26 Court Street
in
engage
securities
a
,'to
business.
Howard Stone Opens
Howard
is
Stone
engaging
in
a
secUrt'es business from offices at
522 W. End Ave.,
R, H. Tullls
Robert
H.
Tullis
is
Opens
conducting
securities business fro
475 Fifth
*
'1
New York City.
a
offices at
n
Avenue, New York City.
H. B, Veysey Co.
GLENS
;
N. Y. —. H. B.
Company, Inc., is en¬
in a securities business
FALLS,
&
Veysey
gaging
from offices at 83 Sheridan St.
Form Weaver & Sammon
ROCK AW AY
Weaver
y
Sammon.
En
^
i s i\
—
been
195-10
"
Securities
Business
S., Inc. is engaging in a
securities business from offices at
A. A.
-f- x &
L.
2 Park Avenue,
ishliif-lm
f
at
Y.
Rcckaway Point Blvd., to engage
in a securities business. Partners
are William Weaver and William
$ 11 f
f K'z i- yi Wmk
x
N.
has
offices
with
formed
?,
POINT,
Sairmon
&
New York City.
J. L, Fist man Opens
MT.
VERNON, N.
Y.—Joseph L. securities
Fishman is conducting a
business
■
'
,i i
t
'
"
<■
/
r
x
offices at 485 East
Z.
v.
-
j?
from
Lincoln Avenue.
-
k % %'t YY
*
Benjamin Gutman Opens
,
X
BROOKLYN, N. Y. — Benjamin
Gutman is engaging in a securi-
£ '£ TC
,
offices att 1217
Forty-sixth Street.„
.»^
ties, business .from
,
,
3.4
The Commercial and Financial Chronicle
(1806)
creased gold price to forestall
deflationary
vere
would
<Continued from page
ing
27
trouble
national monetary system;
to
grow in proportion to the needs of
expanding output and world trade.
The
proposed new international
reserve system, on the other hand,
As
Questions
Under the present
result of the growth in for¬
a
international
the
gold
monetary
American
stock,
liquidity and
of
resur¬
a
of world inflation.
the
opinion
of
the
gence
eign holdings of short-term dollar
balances and the decline in the
Monetary
continue
would
would involve serious risks of ex¬
cessive
Contradictory Criticism
percussions.
International
of international instability.
as
worldwide re¬
has
dollar
the
for
prime source of domestic as
a
well
the
that
assurance
no
supply
gold
In the U. S.
be
se¬
there
pressures,
In
,
free
world's
jnonetary authorities, the
present system of international
payments is basically satisfactory.
The two major reform plans as¬
their
settle
and
-serves
present
system, some countries
accounts
in these
key currencies as well as
,ii> gold.
stability in the existing arrange¬
The utilization of foreign
>
if
ments
of
holders
cur¬
reserve
rency balances should decide to
this fashion obvi- shift to gold. To remove the hazVously increases the volume of the zard, it has been suggested that
world's
monetary
reserves—and the free world should submit
-exchange
the
in
international
of
amount
li¬
quidity—above what would be
-available if gold alone were the
instrument for keeping reserves
and
international
making
In the immediate postwar years,
of
balance
of
deficit
payments
States performed a
the United
useful
service; it provided liquid¬
ity
the international economy
to
assisted
and
nations in re¬
other
building reserves of gold and dol¬
lar assets. Since then however, re¬
positions of the major counr
tries of Continental Europe have
serve
Teached
considerable strength; in
accumulation has al¬
ready become excessive.
Under present circumstances, a
^continuing large
deficit in the
balance of payments of the United
seme
cases,
States,
as
a
reserve
currency
country, would provide additional
liquidity to the world and thus
add to active or latent inflationary
Furthermore,
.pressures.
drain
sultant
upon
the' re-^
United
the
States gold
in
stock and the increase
liabilities to foreigners in¬
our
evitably would
to
the
tioublesome
the
of
crises
Quite obviously,
ir.
United
the dollar
increasingly
expose
prospect
in
gold standard, and that event¬
ually monetary reserves should be
limited exclusively to gold.
pay¬
ments.
the
old
confidence.
Other critics of the present sys¬
tem, notably Professor Triffin of
University, would move in
Yale
States
with
the
wholly
is
world
of
economy
1960's and is showing signs
the
of be¬
record
The
international
of
since
affairs
monetary
mid-1960
impressive evidence of
influence exercised
provides
the disturbing
by movements of short-term funds
ments the volume of monetary re-
especially heavy upon the reserve
is too
greatly dependent
the size of the world's mone¬
tary gold stock and upon the
balance of payments position - of
the key currency countries. They
upon
question
whether
the
aggregate
monetary gold of the free world
v/ill remain adequate to support
a
growing volume of world trade
international
and
s e
it1
ments.
e
currencies
movements
lems
the
were
pound
came
such
prob¬
Moreover,
not
only
pose
central
the
to
money
dollar and
first the
as
attack.
under
world
pressures
recently
more
and
banks
countries losing reserves, but gen¬
unsettlement
erate
and
point
that should
out,
the United States and Great Brit¬
ain
deficits
the
redress
in
their
world
supply of
cur¬
curtailed. These
rencies would be
critics
reserve
therefore" look
to
in-
new
ing countries
as
the
to
country
to
variety
of
money
within
reasons.
shifts tend to
their
occur
credit medium,
tion
designed to func¬
basic
the
as
for
reserve
national
monetary
the
sys¬
tems.
ma¬
with
low
and
and the
ments
econ¬
rates
to
business is booming
return
on
attractive.
more
sagging
interest
investments
These
is
move¬
likely to be magnified
are
by the financial operations of bus¬
Both of these suggested alterna¬
would
and
troublesome
Under
gold
whenever
out of phase in
business fluctua¬
countries
others where
various
for a great
Substantial
tions, encouraging transfers from
would create
international
certainly
a-''return
raise
new
iness concerns,
which seek out the
low
rate
interest
markets
for
complications.
to
the
orthodox
standard, even with
in¬
an
their
rate
the
of
past
to
of the
with considerable
move
credit
ence;
policies
fluctuations
rate
independ¬
interest
an
have
not
been
be
a
chronic deficits.
cover
fers to the amount of resources to
provided under the proposed
arrangement. Some fa¬
vor
very large sums in order to.
discourage speculation at its in¬
Le
stand-by
would
others argue that . this
relax Jthe balance of ,pay¬
ments
discipline
not
distress.
been
perils
the political
appear
more
formidable
ever.
Unfortunately, there¬
assuaged;
than
of
movements
cannot
short-term
funds
realistically be ruled out.
One
approach
the
to
problem,
would be to return to
the currency and exchange con¬
trols that prevailed in many for¬
eign countries in the immediate
course,
postwar
sisted,
and which per¬
varying degrees, until
years,
in
the substantial reestablishment of
European
in
ception;
on
country in
a
-
-
borrowings
markets
for
and
their
the.,
high
liquid
in-
while
discretion,
that
the
supply
have the opportunity to pass upon
conditions
the
conditions
as
Moreover,
a
banded
enforce¬
proved
costly
in
practice, -
which
cumbersome
for
sequences
fully
and
and
undesirable con¬
economies of
the
the countries involved.
search for
a
instead,-of
minimize the pressures
from excessive move¬
short-term
funds, Per
to
ways
resulting
.
upon
developed
countries
•
raise
funds
the
from
of
States
other convertible
to
access
foreign
could
which
currencies,
world
exchange
markets,
reducing
losses of gold to the United States
and averting the danger of a con¬
preventing
It is
ments
widely agreed that arrange¬
of this kind, rather than
being left to the spontaneous
operation
central
of
co¬
bankers,
should be made through an inter¬
national
c
f
agency
actual
in
and
need.
advance
the
However,
present ability of the IMF to ren¬
such assistance is limited by
der
the fact that its holdings
currencies
depleted
have
as
of major
materially
been
result of large sup¬
a
port operations in the fpast. While
conceding
the
the resources of
replenished by
that
could be
IMF
the
quotas. for specific
countries,-Jacobsson expressed his
preference for having the fund
enter into firm arrangements, es¬
pecially with the major industrial
protect
countries
under
which
borrow currencies
also
emphasized
availability
of
as
could
it
required. He
that
the
' resources
ready
to the
Fund, by discouraging speculative
;be an important
stabilizing factor in the interna¬
tional money markets.
forces, "would
OF
DALLAS
Quite naturally, proposals along
these lines have stimulated wide¬
Complete commercial banking services,
spread
discussion
and
debate,
Much of the criticism refers to the
international in scope!
relatively few
in
order
a
of funds, the
logical institution
deal with the many problems
ulative
movements
to
here involved.
The need to examine these and
other
questions prevented specific
meetings last
action at the Vienna
month, but this should not be re¬
garded, as it has been by some,
a
sign of failure. Careful and
as
arduous
difficulty
of
distinguishing
spec¬
will
negotiations
as¬
suredly be required to
differing positions and
reconcile
to reach
agreement on details. However, in
the light of the widespread ap¬
preciation of thq common inter¬
est of all countries in
ternational
as
avoiding in¬
monetary
demonstraed
by
instability,
leading
cen¬
tral bankers, the reasonable pros¬
pects
are
ment
to
for
a
be
Workable arrange¬
in
the
developed
months ahead.
,7^s;y Q/
raising
NATIONAL
con¬
is to
IMF remains the
or
fidence crisis.
Southwest, it's
a
purpose
countries
industrialized
to
observers
some
since
that
various
in
-
small number of im¬
portant currencies from specwlart
Jacobsson, Managing Director of five
pressures,
the plan should
the International MonetarypFund,
more appropriately be lodged with
proposed at the Annual Meeting an
agency such- as 'the - Organiza¬
in Vienna in mid-September that
tion for Economic Cooperation and
additional exchange resources in
Development instead of the In¬
the form of a call on convertible
ternational
Monetary
Fund.
In
^currencies be made; available to
fact, it is -pointed out that Switzer¬
the Fund in order to enable it to
land, which should certainly be a
provide greater assistance to ma¬
party to any such arrangement, is
jor world currencies when and if a member of the OECD but not of
needed. Thus, renewed pressures
the Fund.
The counterargument,
on the dollar,
for instance, could
however, emphasizes that, because
be
met
by
giving
the United of the
difficulty of isolating spec¬
ments
in
V
hus¬
pres¬
key currencies, will in
dissipated to meet the in¬
satiable needs of the many under¬
sures
Finally,
acceptable
being
fact be
parts of the world.
more
the
of
view
against- temporary
tend
In
in
past record, there is con¬
siderable anxiety that additional
resources,
which had many
upon
Fund's
aging to note, however, that there
no desire to return to a system
never
the
upon
the
prerequisite for assis¬
tance.
encour¬
is
able,
imposed
imposed
debtor
is
which
was
exchange
to participate in each
operation and should
wish
individual
convertibility
1958.
upon
decide whether
should be free to
they
called
additional
■
believe
to
others
countries
the
It
currency
December
thereby
REPUBLIC
>
re¬
fully coordinated; doubts as to the
stability of exchange rates have
then.be used to support the dollar
In the
"
question
controversial
One
Progress at Vienna
are
cyclical
omies
new
appreciation
or
year or so, and
underlying conditions
have
so
far
been
significantly
changed. Business cycles among
the major countries continue to
from
move
country
stitutional arrangements that
a
that additional -assistance
concern
provided without re¬
debtor country to take
exchange rates, and t r a n s f e r s whatever painful or disagreeable
prompted
by
political
tensions steps might be -needed to balance
and uncertainties.
its
accounts,
or
that the plan
The operation of all these forces might foster a tendency, over the
has
been
amply
demonstrated years, to use the Fund's resources
well.
funds
Short-term
the
be
may
credit markets of the receiv¬
internatitfMT'ac'codftts1, the rise in jor countries
the
proposal is attributable to
cobsson
quiring
..
They also
In
devaluation
of
Meeting Short-Term Pressures
various
reserves
Thursday, October 26, 1961
would
instability in the world of today.
These
of
balance
inconsistent
prospective
or
among
tives
payments
current
of
sources
markets.
direction. They be¬
present arrange¬
opposite
chronic deficit
a
of the
conditions that have proven to be
lieve that under
the
.
Also, some would give the Fund
complete authority to raise the
fore, the possibilty of further and
specified amounts and to use the
present system to deal with disturbingly
large
international
expanded lending power at its
sequently, attention must be fo¬
cused on strengthening the ability
the rules of the
closely to
more
.
addition, of course,
speculative trans¬
actions, reflecting expectations of
there
none
•
international mone¬
tary system has come under grow¬ suredly deserve continuing study,
prefer to keep their reserves in ing criticism of late. Some ob¬ but neither has received official
.gold, while others include foreign servers, led by the renowned support
and
neither
has
any
^exchange holdings, notably dol¬ French economic expert, Jacques chance of
acceptance at this time
lars and sterling, among their reRueff, point to the potential in¬ or in the foreseeable future. Con¬
monetary
vestments.
.
A,
Some
Considerations
Basic
.
Perhaps the major contribution
of the proposed IMF arrangement
is
that; it
will give a country
whose currency is under pressure
time in which to make the neces¬
y
sary adjustment- in its balance of
payments position. If the inter¬
national monetary
system is to
continue to operate successfully,
basic
however -certain
requisites
must be fulfilled.
One
prime requirement is that
the international monetary system
provide
meet
the
sufficientneeds
of
liquidity
an
to
expanding
ulative movements from pressures world economy. Developments in
arising out of structural imbal¬ this area are -difficult to antici¬
ances
and
CAPITAL
SURPLUS
AND
LARGEST
*
IN THE SOUTH
MEMBER
FEDERAL
DEPOSIT
INSURANCE CORPORATION
'
»
•
•
•
••••••
♦
•
1
•
•
T»
<
•
'
'
'
«
«
.
*
*
■
*
•••••••••••••••••••••••••••••••••••«•
•
•
•«
,
«
«
v
'
•
••••••••
in
international
reflects
the
fear
accounts
that
the
availability of added assistance
might reduce the incentive for a
country running a deficit to solve
its own problems. In fact, some of
the reluetance to accept the Ja-
pate, but the best informed offi¬
cial opinion is that no shortage of
monetary reserves
is
in
world
sight. It is felt quite definitely that
present
arrangements
are
ade¬
quate, and
adequate,
are
to
likely ito
support
remain
sustained
Volume
194
Number 6102
The Commercial and Financial Chronicle
...
(18Q7)
growthvimthe volume ,of interna-
the
,at
are
tional trade and payments.
root
their
of
ment's foreign programs.
interna-
Clonal deficits.^
;
.
time
Equally basic is ithe premise of
stantial
similarity
movements
and
of-coordination
cies
of
being,
"
—
"
we
For the
largely
are
foi-
J
.monetary affairs is not without an^ rising requirements .posed = by
.irony. For many years, we have our ; commitments to the rrest -of
poli- liberally
provided
counsel
to the world.
measure
,
nations,
major
many
countries
of meed
for
sound
regarding
the
such
the Common
as
require
•*>
Market,'that
of <their members
some
greater
to
assistance
through "«*ovX
8
-ernment funds
'
economic
economic
the
among
in
large
a
'
-
35
south.
-
trols
upon
foreign
investment
without sinjury to 'the international payments mechanism and risk-
The policies and practices of
the Common Market with regard
wreasinp Oiir'Fxtinrt*
to .imports of agricultural commo- ing .greater pressures against the
dities are also adverse to the dollar. Over the years, our .goal,
To this end, the government has Western -Hemisphere. We should and that of
many other countries,
imits promotional efforts be mindful that any impediments has been to,reestablish free and
eco^half of American .goods and ,in the ability of our good cus- unrestricted movements of funds
necessity
f broadened export credit .guar- tomers in Canada and Latin from one market to another. A
policy among nations is in a fairly foi halting inflation. We have re- ^n^es* However, if we are really America to sell in European mardeparture
from
this
principle,
elementary
stage. However, the peatedly urged
vigorous, painful, serious -in-pur attempts to build kets are directly adverse to our even if limited .In the first inneed for greater coordination is and at times
politically courageous- iar^er exPort markets, more ef- own interests.,The problem would stance to controlling the use of
becoming widely recognized and action to achieve the
necessary
tlve action will need to be ,,become even more acute if ^Brit- dollars by Americans, would eergradual progress over the years ends. Now that the tables are taKen.>/
ain should join the Common Mar- tainly unsettle the foreign .ex-,
is a reasonable prospect.
'
;
turned, we are learning that the'Moreover, our ability to; com- ket.
■
;change markets; .it would raise
woula
This
from
funds
shuts
minimize
market
management
to
.
of
market, their international accounts.
with all their unstabilizing effects.-have
stressed the overriding
As
yet, except in the field of portance of sensible domestic
credit, coordination of/economic nomic policies and the
m
....
.
.
,
We
■
X
Thirdly,
is
it
axiomatic
that medicine which others have taken Pete m foreign markets obviousThe problem is urgent and we
important —frequently at our recommenda- ^ depends to an important degree -cannot afford to remain apathetic,
countries be able and willing to tion—is
not-very palatable-when aiso .upon the trade- and tariff "Unless we can. hold and expand
cooperate in the solution of com- prescribed to us.
practices of our customers around our export markets, pressures are
men
problems, especially those
Different countries have han- the WGrid.
In part as The fresult bound to increase for .the United
problems posed by large specula- died their problems in different of ^representations and negotia- States to adopt a more i.restrictive
bankers
central
tive
movements
market
to
of
funds
market.
;
'from
West
ways..
Substantial
in
the
German
postwar
has been made along this
line, as evidenced by the support
which the major central banks extended to
sterling in its period of
adversity earlier this year.
Finally, as the Vienna meetings
demonstrated, it has .been
rediscovered, -and .is now once
more officialy recognized, that the
competition,
international
tions by -the United States Gov- import policy. Admittedly,
early
to
also
can
the
.monetary
free-market, free-enterprise econ-
strated
keen
coeded
not
tj
mark
countries avoid both
deficits and large
adjust
their
export
that
country
only in rapidly
re-
oi
a
partners. still rely upon 'tax rebates or'tax remissions as a deV1?e do .encourage their exports;
thfa technique, which may have
had some merit, in earlier years,
outstanding example
an
as
a hard currency.
France, after
long period of financial distress,
domestic
been
Germany, has also
Britain,
impressive.
~afsSX0fnetinter"
*£t$o
stantial
eouilibrium
of
in
paymentsv'is
for
urgency
.the
key
countries—theiUnited
Great
,
I", addit.ion' the time ihas cer-
bal-
special
Even
areas.
this
next step
-•••»
.
,
limited
approach
involves
difficulties,
Attention has rpcontlv hppn di
especially in 'distinguishing be—
^«einuon nas recently oeen m- tween developed and developing
rrJlzS8 a?JlQUJSln^ countries.
For these and other
investment
drain
on
imposes
our
an
balance
doubt*
of
payments position when funds
are transferred abroad, the income from such investment is an
The dinal item in the catalog
0f possible specific action in 4he
balanee ol ,payments
ampie
^pr
jnC'0me
investment
$32
Spending Abroad
area
••
relates
f°ide' exdenditures3"of^the
from foreign
reached
-of world
the unilateral re- -an amount
Government
S S^frnSern^ni
bilUon
TW
_
"trade, namely
responsiveness of Federal Reserve
currency
States-and
nolicv
Britain,. This is mot merely fials
because
.
the
of
but
.»^nt «d.t » ^ : interna-
foreign trade, by introducing
similar. incentives • ;for our own
our
.:.
.
however, have so far been half- exports.
hearted 'and largely ineffective. '■
Perhaps the most important re-.-tainly arrived for the
suit to date has been the greater
the- liberateation
This obligation to maintain sub-
oped
•
foreign
eauflibrfum i^theii"6int^~ t^kine®^^i^i^^^DDrhhchS w?th
nfiHiohfll Accounts 'and "hence to
-vetrnhdetermined results'
£
Tbi pffnrts^T^TInftpli States
nj
restric-
or
abroad,
Curbing Investment Outlays
obvious
under-
stential
ance
avoided any suggestion of impos-
m
suc_
building its ruined economy but
in establishing the Deutsche
mechan-
chronic
must
of
awareness
credit"
js gratifying to observe that
Administration has carefully
the
expe-
short-term
.
from the dollar area, which time-consuming.
Consequently,
instead limited itself to reciroposecl An the early post- while the attainment of an m- ommending tax measures__de)var >^ars of-the dollar shortage, creased <export surplus would be signed to discourage American
^ave bf.en. lal^geljr removed, and the raost constructive remedy to investment in the major indusJkeir .elimination has contributed t e
balance of pay- trial countries, while retaining the
-oythe rise .of our exports.
enfc3 proi5le»'.
action P®Ci?1 taX. '."^ives for invesHowever, some of our trading Piore outer possibilities lor action tors in certain less highly devel-
the
Eastern
sector,
and
wage-price policies which demon-
the free world economic,commun-. vtacular than In
1
well.
Helped by rapidly rising pro- gonds
ductivity, a large inflow of labor. we*e
function smoothly only if
major
large
perhaps, to
or,
;as
erpmentjr; the ispecxal restrictions
ence shows that the expansion jng specific controls
and^ limitations upon imports of of export markets is difficult and tions on investment
a
from
have
fairly
returned
era
omy.
progress
ism
the prospect, of . controls
being extended ;to foreign-owned dollars
in the
large and persistent inter-
to
interest
foreign
money
rate
fhe
between
duction. of tariffs
differen-
domestic
and
the
by
^^eaPn!
markets; otherwise,
major
-levy
^n^many^
incidentally,
expendituresmow
some
$700 million larger than the gross
bimon a year,
it nardly seems
private lonS-term caPital outflow of°^"pay^ents'drficft wUhoutsoml
T
national; deficits for d
tries
would
world
,
liquidity and would further
undermine
.
.lead;
-to
specific stepsas'"tieing" economic
the ; dollar- and
asslsta„ce
the
reducing
ports,
customs
r.
rr.™~z-r~
ex^
ve y
exemp-
-turns for homecoming tourists, and
concern.jit is also because, if
most
'^"uhtrid"nto'*•'asamh?11 d Ggreater
of
prospect
a
the. two reserye
currencies
are un-
share
of
?
dermined, the entire international
common
monetary
to
etidy.
order
will
in jeop-
be
™
Hence,
.no
the
be
twoK'key.
fsee
lace
effective
currency
to-those
to those
un
up
responsibility
for
UJJ^d
^
cannot
favor
upon
°
assistance 'to
'Jounto contributed importantly to
the
look
policies
of
eco-
underdevelooed
-wiI1 ,<expand
lar
na-
?bey0nd
"omic development and expan- present magnitudes makes it im¬
sion abroad; its curtailment might perative that we find ways to in¬
reSional associations of nations, simply
produce
pressures
Continued on page 36
for
,
the
■
<"
,•-v
defense and for assistance
underdeveloped
t li
.working
new
efforts
e s e
All
areas.
had
fhave
fairly
minor effects. clearly, much more
arrangement-r—no matter how well
ccnceivedX-will
tries
tries
States
ut-
pound—itself
less
United
to
vigorous action
to'eliminate
un-
needs to
the.
basic
;r
be taken "
deficit
have Business in
in
XX'"'"VX
coun-/Pur'international, accounts. More>0ver' 'we have achieved virtually-
>
conditions
conditions
nothing. aS yet .in reshaping the ;n fhe.r domestic economies whichdomestic-policies that undeEl.e our
AA'.*r'.-Xvf
problems
in
The V international
sphere. • '.
• •' "I
! '•
.'
left
f <$:
<•>
-rj" •' ■ '
•y'
"r.,
>■
'.Xj
a
.
c
^
'
»
..
.
5
"
jt
'
Rochester, N. Y. Area
v
-
Reducing the
ered
'•> T
Deficit
Call
An analytical problem encount¬
n
in
dealing with, the balance
on
,
of
payments is posed by the .intricafe netwdrk 6f ihterrela tionship^'j
r
affect
;
taccors " that '
International, accounts. ^
tne -Various
among
our
T
-
hus, -the - proceeds of grants', and •;
eredits,: private ^;and official, ex— \
Tended ;'tp'foreign countries are
41
TRUST
COMPANY
,
ipur-
■'
chase of; United States ; goods- and
"
applied- 'toward
largely
the
'
..Thus boost
.
our exports,
jefiecting sales
.ports
'.".tural
480
sion
of
GENEVA, HAMMONDSPORT, MACEDON, NEWARK AND PENN YAN
.
credits.
complexities,
government
these
broad
conclusion
net
our
.
receipts
trade
.with
OFFICES IN ROCHESTER,
by the exten¬
offset
are
spite
dise
of agricul-..
under Public,
commodities
•Law
our
while exX.
and
is
De¬
the
-f
inevitable—
from
merchan¬
services,
together
Lincoln Rochester
net income from invest¬
insufficient to cover
resulting from our "pri¬
vate capital investments and the
huge government outlays abroad
ments,
the
for
NATIONAL
.
.
0/ WASHINGTON, D-C.
founuhd t(>36
.....
FEDERAL RESERVB SYSTEM
•
member
,.
,
able
,v
>>
1
,
FEDERAL DEPOSIT
,..
.
:■
.-
INSURANCE CORP.
are
T
drain
defense
This
BANK
BROCKPORT, CANANDAIGUA, CORNING,
and
leaves
set
of
economic
an
three
aid.-
inevitpossibil-
-
.stricting
our export surplus, reprivate-Investme n t
S
T
'
A
O
C
MAIN OFFICE
.
.
.
P
M
"
.
'
.
\
N
A
■
!
Y
'
183 Main Street E., Rochester,
.
,
,
.
~
' A,
N. Y..
•
■i
;
Member Federal Reserve System
ities for dealing with the deficit-
Increasing
U
"
:
equally
basic
R
X"
r
;
abroadf: or curtailing the govern- v
*
Member Federal .Deposit Insurance Corporation
?
;
,
■
A.
,
36
The Commercial and Financial Chronicle
(1808)
unprecedented
substantially the economic
efficacy of such outlays.
Our foreign expenditures have
crease
States
goods
been controversial since their in¬
strain
the United
States
is unques¬
tionably carrying a disproportion¬
ately heavy share, and that a more
equitable distribution of the com¬
defense
mon
burden
is
long
The record of economic
overdue.
aid, moreover, has been extreme¬
ly disappointing, both in a ma¬
terial
and
political
a
sense.
a bilateral,
basis is not
the
or
on
effective
economical procedure.
the
on
than
pose
in
additional
an
international
our
ac¬
Fiscal
Beyond
redress
steps
to
international accounts,
our
is
it
imperative that we finally
conclusively
recognize,- - in
practice as well as in words, the
and
importance
crucial
m
and
wage
upon
of
domestic
fields
cost
-
-
balance
our
position
and
policies
fiscal, credit,
price policies—
—
of
payments
the
most
The assist¬
rendered, regardless of size,
obviously never adequate to
United
thus
States
the
upon
currently
fiscal
policy is
particular
attracting
attention abroad.
European coun¬
tries, out of their own experience
and
their
knowledge of
world
ance
financial
is
nizant of the crucial role of fiscal
all
meet
the
demands
of the
un¬
policy
countries, with the
disappointment, fric¬
in the
derdeveloped
that
result
tion
and
pressures
automatic
decisions
almost
are
of
consequences
any
make.
we
of
various countries, or if we at¬
tempt to assure effective use of
foreign aid funds (according to
standards), we invari¬
upon feelings of na¬
tional pride and expose ourselves
own
ably intrude
to
of
charges
tion.
Finally,
ents
are
their
able
political
to
monetary
interven¬
the recipi¬
many of
averse
building
reserves,
are
up
un¬
unwilling to contain infla¬
or
tionary pressures and, hence, can¬
not place their balance of pay¬
ments
on
tinuing
healthy footing. Con¬
the
but
not
a
system
distressing
can¬
conse¬
for all concerned.
quences
The
present
have
inescapable
necessity,
therefore, is to
aid
from
remove economic
sphere of direct re¬
the
lationships with the beneficiaries
instead
and
other
nancing
which
to
with
countries, in fi¬
international
an
would
ble
participate,
world
free
have
the
agency
responsi¬
for
distributing
aid.:. It
competing applica¬
tions for feasibility and priority,
determine
the;' appropriate' type
and
amount
of
aid, impose the
prerequisite conditions upon the
recipients,
and
each
supervise
stage of the project. Whether the
would
screen
World
Bank
effective
this
would
Robert
L.
of the
his
of
matter
a
the
once
appropriate,
be
can
decided
to
be
little
The
gress.
preferred
but
is
ac¬
in
Congress
to
far
so
the
has
Con¬
the
re¬
that
ascertain
appropriates
the
by
has
support
sponsibility
it
the
are
used
as
effectively and efficiently as pos¬
sible,
The multilateral approach
would
a
enhance
better
and
the
prospects
utilization
could
make
in
reduction
fashion
competitive
our
The
trade.
billion
economic
will
be
record
our
of
for
resources
possible
some
expenditures
internationalization
in
criticism, either
clearly
aid
as
world,
of
aid
the avoidance of politi¬
Of. beneficiaries.
of
donors
or
Finally, it would
establish
well
common
that
economic
defense
as
are
the
responsibility of the free
be borne equitably by
to
all.,
uncertainty
:
interests
the
as
of
of
which
What is
the
is
even
current
the budget pros¬
year that will
begin next July 1.
over
balanced
Treasury budget
in fis¬
cal
1963,' and said he would
quest additional taxes if they
re¬
are
balance
decision
to
budget in fiscal 1963."
our
\
.
,
the
the
multilateral
United
States
recipients.
-
free
-
as
Until
world
ap¬
proach is accepted, however, the
in
doubts
has
abroad
ability
our
the
which
industry,
increase-in
not lead to
labor
the
Even if
disaster,r but
does
costs
it
the
imperative
interest
is
United States
are
mounting in the
face of continued high
well precipitate
may
for
the
A
dollar
in
ceded
unemployment declines,
pressures
for higher wages are
likely to become even more vigor¬
ment;
as
is
It
ous.
in
rates
wage
comfort
no
have
countries
is
view
of
the
the
markets.
budget
fairly
a
so
trouble
new
world
do
in
modest
goal
prospective
national
fiscal
in
strength
indeed,
economy;
in such an environment, the ac¬
cepted standards of prudent fiscal
and
for
debt management
policy call
sizable budget surplus. Even
a
limited
objective of a bal¬
budget, however, will not
anced
be
achieved
branch
unless
takes
the
Executive
firm
a
hand
in
pruning spending programs and
in assigning priorities
amoifig pro¬
grams
that
compete
for public
to
There
to
seems
be
tendency in
the Congress to appropriate even
more, in the aggregate, than is
tation
is
by
the
in
the
than
industrial
yielding
facilitated
to
this
by
De¬
temp¬
the
anti¬
quated and obsolete appropriation
procedures and the absence of any
effective control
priations.
total appro¬
Clearly,
will have to
tions
over
within
the Congress
keep total appropria¬
the
limits set
United
of
by
an
Federal
Another
attainment
serious
of
threat
equilibrium
-
the
in
our
87th
by
Mr.
Annual
cisco, Calif., Oct. 18,
before
Reiersen
of
Ccnventicn
Bankers Association,
the
San. Fran¬
1961.
States.
need
to
his
of
stable
prices
been noted abroad and has
the
has
endeavors
to
along
the
what has become
weakness in
chronic
of
the
rise
in
the
Only in this
way
or
year.
will it be po3-|
sible to forestall either
of the
a
a
resump¬
wage-cost-price spiral
business profits.
former. contingency
would
a
squeeze
The
on
patently undermine our competi¬
tive position in world trade; the
latter would discourage the high
rising volume of business in¬
and
vestment
tinued
needed-to
increases
Either
con¬
productivity
economic
sustained
and
assure
in
growth.
seri¬
would
consequence
emphasizing
Concluding Observation
is
world
The
still
far
from
achieving the coordination of fis¬
a n
i
is
taking
we
of
European
developing
vantageous ways
drain
of
sustaining
abroad.
allies
we
are
mutually
ad¬
of offsetting the
balance of payments
our
on
»\
;
,
/
■
/
.
Exchange
Markets
movements,
for
the
take
the
foreign
the
world.
in
exchange
In
role
in
markets
of
doing
so
capi¬
nearly ,25
active
an
we
are
following in the footsteps-(of an
outstanding banker, Russell/ Leffingwell who, as Assistant Secre¬
tary
of
the
Treasury
World
War
I, initiated
during
similar
transactions. These operations are
adding another dimension to our
program
for protecting the inter¬
national position of the dollar.
We
are
field
the
a
new
also
of
,
moving forward in
consultation
The
and
United
has
their
individ¬
interests, and these
be recognized and
respected by others. At the same
time, fortunately, there is a grow¬
ing awareness among governments
interests
must
co¬
States
leading role in creating
Organization for Eco¬
nomic
Cooperation and Develop¬
ment. This 20-nation group, con¬
that
the
have
many
free
world
interests
in
that individual countries
countries
common,
are
mu¬
tually
interdependent
the
needs
of
the
wider
com¬
munity.
After the war, the
United States
free
development activities of the
world.
varied
Among its
activities
in
the
many
and
economic
field, the OECD provides a forum
for the continuing, delicate, and
private" discussions that are an
integral part of international fi¬
nancial cooperation. In addition,
the
Federal
Reserve
now
takes
a
full and active part in
the month¬
ly meetings of central bankers at
Basle,
Switzerland, *The central
bank; cooperation that flows from
these meetings can be most : im¬
portant. Its
it
clear that
been
some
•
public:
misunderstanding
in the'United
States of the strong opinions aired
at
the
Vienna
meeting. / These
opinions were not critical of the
United
States.
Rather, they were
critical of the view that the major
problem of international mone¬
policy had become one of
adding
to general *• international
tary
or
There
bv
a
grandiose
:iew
"panacea"—to use the
was some
efficacy was recently
highlighted £>v the success of last
concern
that such
view/had received support in
official' U, S.r circles:We acted,
a
promptly to dispel
this
score.
Our
doubts on
any
view
own
is—
it has been all along—
that the current problems of dis¬
equilibrium in international pay¬
ments cannot be solved by any
general increase in international
liquidity, but should be-met by
making the existing payments
today,
as
work.
system
This; requires that
all
countries—surplus countries as
well as deficit countries—recog¬
nize their responsibilities to work
toward
equilibrium.
It also re¬
quires
strengthening of the Fund
as
was
agreed,;upon at
a
—such
Vienna—in order
to. meet
sudden
,
and; unusual
strains r that could
the stability of the pres¬
threaten
ent
payments. mechanism.
and
defend
to
to make
■.-f;ii.i/Y'fH'-jrioo noffif;
;
have begun—
time
first
years—to
we
the goal
delegation?
was
States
word, employed, by certain of rriy
•/■/// Western
/ European V colleagues.
V
in the field of short-term
tal
•
our military fprces
_/.•/■_ /
</;/ liauidity
Foreign
a
Vienna Critics
There
scheme
Active in
,
see
Says U. S. Was Not Target of
are
foreign aid programs and
our
-
in
maintaining our troops over¬
In cooperation with certain
also
United
I want
•
of payments position.
States,
the
in
do
we
fully achieved it/1'"-"//-'"-/
we
which affect
procurement
breakdown
no
at the recent Fund meet-""
the
of
also
Monetary Fund and
ing in Vienna. This
our
national
ual
reached
decrease
sibilities
to
the
of
resources
fully recognized by all
the leading industrial countries—
for standby facilities in the Fund
to
cope
with developments that
might strain the functioning of
that
system.
An
agreement
in
principle among the leading in¬
dustrial countries to provide just
such
standby
facilities
was
States, helps to coordinate the aid
international
of
sm
mech-
taken
efforts
need—now
pay¬
strains in the
and
in
system. But
present
Governments have respon¬
stresses
the
pound
have
we
role
foresee
we
sisting of the 18 European mem¬
bers of the former Organization
for European Economic Coopera¬
tion, plus Canada and the United
cal, credit and general economic
policies
that
would
eliminate
ments.
mer¬
of
played
A
our
seas.
operation.
-
overlook their
our
of payments.
:
to say
of
the
:
in
reduc¬
ing the balance of payments cost
ously jeopardize our chance of re¬
gaining control over the balance
,
basic
plant
more
areas
balance
the United
production
2%
around
at
Government
By
inter-.,
which has been es¬
economy,
timated
never
our
standing of the dollar.
halt
To
British
izing movements that might im¬
pair the world payments system.
I should like J to .emphasize that
and
The
source
the
must
we
action in other
lines.
a
proce¬
This, in turn, should be
help in avoiding price
importance to
chandise trade surplus.
his
personal prestige and of his office
to a realistic program that will
remove
industrial
modern
special
of
support
depreciation
and thus, in retaining
competitive position in world
but
unless the Presi¬
success
lends
dent
the
recently,
strengthen
■
price increases later, when
I consider the danger of inflation,
kindly
these
of
active
an
the
'
about
helped
obvious that the leaders of
not take
of
'
markets. I shall have
but this good
certainly be undone
labor unions will
session
next
,
great
cur
rency,
course
More
A
increases,
confidence
preserve
the
our
the world.
President has
awareness
keep
8%.
or
reforms,1 American business should
be in a position to maintain the
of
expressed
7
of
in support
sterling.
be
across-the-
flat
a
dures improved by these two
wage
fact that the
in
With
most
The
of
should
its capacity to deal with destabil¬
increases in Eu¬
rope
do not appear to exceed
those
under way
in the United
to
to
to
proposal, and promised early
Congress.
in general is rising at a
considerably greater pace than in
this country. In absolute amounts,
moreover,
form
credit
allowance
action
in
,
Production Costs
the
American
this
States,
productivity
in
many
ways, and that national interestsrevenues
if the Administration's,
may often be served best by co¬
straightforward promise is to be
operating with others, or by shap¬
met.
ing and adapting national policies
/
estimate
i
address
♦An
International
Europe
a
Executive
of
majority of the Ways and Means
Committee
has publicly favored
that
us
the
in
European
some
since
funds.
Since expenditures must be ap¬
propriated and taxes legislated by
the
Congress, the latter shares
responsibility
for
fiscal
policy.
responsibility
a
this
that
board
recently advanced
faster
tion
balanced
1963
in
the failure to
well-being
Continued from page 22
unemploy¬
that
of fiscal stability but
alsq because
is
Governments Policies to
advancing less rapidly
and
where higher costs can be
absorbed less well, or not at all.
It is ominous that wages in the
tivity
the creases be limited to a maximum
Administration
honor
its
com-; represented by the average longterm
growth of productivity in
mitment, not only because it is in
absolutely
and of our econ¬
essential to the
the
entire
free
currency
which
price increase in this
a
where productivity ap¬
pears to be rising at an aboveaverage
pace,
the
settlement
nonetheless
sets
a
pattern
for
other
industries
wheref produc¬
costs, it is essential that wage in¬
makes
self-discipline
by otners,
maintain the strength
industry,
home
This
national
difficult
more
It is
produc¬
tion costs under control."
national
abroad.
we ex-"
world.
face
we
responsibility.
no longer a responsibility to
crippled victims of wartime
and
concern¬
keep
to
Now
our
omy
economic growth.
a
new, different
vigorous
ly
re¬
of
astounding-
tries turned out to be
recent
auto¬
the
what in many coun¬
laid for
was
is
in
point
However, despite this unqualified
assurance,
the fear
of
another
Federal
deficit
persists both at
and
environment, that
the
inter¬
new
a
we
chance of
our
our
consistent
manner
a
realities of
and that
actual employ¬
was reaffirmed on Sept. 20, when
Secretary of the Treasury Dillon
said: "I would like to emphasize
of
in
national
demonstrated
Therefore, such efforts stand little
firmness
with
alike;
affairs
with the
to
already
required to this end. This position
the
and
is that
economic
own-
our
ercise
so
in our cur¬
effect will
unless the
To bdfgure, President Kennedy, practice of large annual wage in¬
in his address on the/ Berlint&tuk-- creases, which is at the heart of
tioh: la^t July, stated unequivocal^' our rising production costs, is
curtailed.' It is of
ly his determination to achieve a effectively
objective
Thus, an internationalization of
economic aid would be in the best
well
cur¬
pects for the fiscal
partment;
cal
$6-7
a
highs,-is- ample
concern.
disturbing
more
fit
be
world
during
year,
of
allies
to
enemies
This responsibility
manage
greatest
war
in
history
were
speedily repaired and the ground
settlement
wage
output and tax receipts
at
for
cause
in
of
prospect
fiscal
rent
ability
budget deficit in the
requested
of
deterioration
the
to
this category. An additional bene¬
would
years
foreign
it has
.
Administration
found
not merely weakened
confidence in the dollar;
the
concept of multilateral aid
appears
funds
free
the
general principle
cepted/7
This
that
Cor¬
other
some
agency
world would be more
is
recent
Finance
international
by
President
as
whether
or
equilibrium
Our
achieving
fiscal record of recent
poor
cog¬
balance of payments.
has
achieving
in
address
International
poration,
most
suggested
as
Garner
valedictory
the
be
for
agency
objective,
in
highly
are
also contributed in real and direct
Furthermore, if we; endeavor
to assign priorities to the projects
our
history,
a
we
help, the material ravages of the
mobile
the
Economic
scale without parallel,
out
settlements
wage
case
ing
direct
taking
and
fashion.
extended
former
ment situation.
A
on
was
spectacular
in
to be so deeply entrenched
are
kindled
Policy
important indus¬
does this practice
touch with the
of
aid,
other
no
country
nor
dollar
strength of the dollar.
country-to-country
most
follow
counts.
It has become evident that pro¬
viding foreign aid
rather
that
outlays
ception; both at home and abroad,
they have raised problems which
are
now
coming to a head.
As
regards military expenditures, it
has repeatedly been pointed out
that
should
general principle that aid is to be
provided in the form of Ameri¬
can
In
trial
appear
United
page 35
II.
mature of our econ¬
a
the
of
since the end of World War
omy
from
friends and partners in a common
cause.
has become
In the U. S. and Worldwide
Continued
responsibilities to the rest
met its
round
Thursday, October 26, 1981
.
world
balance of payments is the annual
of
wage
increases wnicn
The New Economic Scene
.
.
To
up: Our payments situ¬
improved but still requires
sum
ation is
close attention.; We must work
of
own
must
close
banks
dollar
forces
and
allies
our
the
continue
cooperation
central
cials
with
offset
military
.our
We
and
or
our
on
to
cost
overseas.
new
Wi t h
and
foreign
financial
offi¬
in
guarding against un¬
healthy flows of short-term capi¬
tal.
And above all, we must ener¬
getically seek Jo .increase our exports, w •« ...» /
- /
.
,
.
Views
on-Withholding of Interest
and Dividends and Taxation of /
/
Thrift
Institutions
So' much- for; du-r
,
:.
international
position.. Before /turning to do¬
spring's so-called "Basle accords'/ mestic fiscal policies, I should like
Volume
194
Number 6102
to say a few words about two tax
of
matters
particular
interest
and
of
taxation
interest
Withholding
and
income
tax
4'
on
earnings for the 12 months
ending this Dec. 31. As bankers
know
vate
the
institutions.
of
keeping" needs and, at the same
time, avoid either diverting long-
on
dividends,
thrift
included
on
;
ment
commer-
cial
banking community and the
Treasury.
Your Association has
ta-ken a strong position in favor
uniformity in the treatment
commercial
institutions.
banks
This is
and
thrift
concise way
a
of
saying that everyone should
carry
his fair share of the tax
of
All
burden.
want
us
of
abhor
us
the
democratic
nation
Audit
have
stantial
not
the
Government's
per-
formance in terms of the budget:
Government expenditures in relation
to
receipts.
I have
•
of
of
payments.
domestic
our
The
fiscal
goal
policy is
institutions
of
has
or
proved
resulted
in
sub-
budgetary
tools.
In
years
of
what
accounts
seeming paradox of low
in a period of sharply
revenues
Develop,
My second point is that the pro¬
spective deficit should not of it¬
self lead to
Even
inflationary
though
pressures.
deficit
a
of
more
than six and three-quarter billion
dollars is* uncomfortably large, we
keep in mind that it still
amounts to barely more than half
of the twelve and one-half billion
1959—and
large
the
it
as
incurred in fiscal
we
fiscal
1959
deficit,
not lead to
did
was,
relative prosperity, after tax revenues have recovered from reces-
inflationary price rises. The 1959
sion, the budget should be in balance, with surpluses during times
nied
of full employment to offset the
deficits that must be expected in
recur.
times of recession. Translated into
currence
today's
etary
situation,
this
means
a
improvement in the vol-
deficit
however,
was,
accompa¬
by monetary tightening to a
degree that no one wishes to see
I
am
confident
that
inflationary price rises and
both
a
re¬
of the 1959
type of mon¬
can be avoided
stringency
balanced budget for fiscal 1963—
of interest and and this is exactly what the Presidividends.
It
is
the Treasury's dent intends to submit to the Conconclusion, therefore, that with- gress next January,
holding—which has been so suecessful in. the wage area—is the Explains Higher Deficit for Fiscal;
only practicable way to eliminate
1962 ;
the problem.
-v,-?.With the effect of Congressional
I urge commercial bankers to
action in the last session now
support
interest ; and
dividend clear, it is possible to get an overwithholding because they are vital all picture of our budgetary posito the/nation's interest.
I recog- tion for the current year.
The
nize that
there
would be some Bureau of the Budget will shortly
additional expense to payers of complete and publish its mid-year
interest and dividends, and some review, which, as usual, will con-
this time.
inconvenience for honest and
of the
reporting
untary
,
_
con-
tain
.
w
.
revised
a
estimate
scientious taxpayers.. But much is
nues
at-stake.
detailed breakdowns.
Taxpayer morality is
a
American
asset. It should
protected. Our
common concern, therefore, should
focus on technical implementation
of a withholding procedure that
keeps the administrative burden
great
cherished
be
to
and
minimum. Assistance of bank-
a
this
in
ers
task
would
most
be
y:. The
loan
treatment
tax
should
associations
improved. ;:They
also
be
undeniably,
important suppliers of funds for
home mortgages,
and this must
are,
mainly because
capacity, both in our plants and
in our labor force—capacity that
can easily absorb the increases in
demand.
"
•
II8V2
a
earlier this month.
better
recoveries.
even
than
record
And
it
has
mid-December
not possible to give exact figures
time, it is apparent that
mid-year
review will not
Preliminary
indications are that it will show
a prospective deficit of somewhat
more than
six and three-quarter
billion
dollars,
This
is
in previous
occurred
though the fiscal stimulation
prospective budgetary defi¬
now
the
of late
frequently heard it alleged
deficit is due, not to na¬
tional security spending, but to
enlarged expenditures for civilian
a
that
low of thirty-nine billion six hun¬
dred million dollars. And advance
welfare.
continuing.
By contrast with these sharp
increases, the cost of living index
has advanced only about one per¬
cent over the past year—and this
shown
two
our
It is
true, of
expenditures
civilian
have
been
enlarged. However, the additional
appropriations which President
Kennedy
meet
has
urgent
had to request to
defense needs have
amounted
to
We
also
must
billion
six
that
increases
directly tied
suffering brought
by the recession.
such
items
In
outlook
unemployed who
their normal benefits,
the
for fiscal 1963:
largely behind
us.
For,
Govern¬
should
revenues
on,
roughly
:
equal expenditures.-;
None
of
this
infla¬
which
annual
an
billion
tionary pressures can be blithely
disregarded. Such pressures, even
hundred
when
dormant, must always be
kept
in
mind
and
zealously
guarded against.
It does mean,
trend
however, that with the President's
more
'60-'61
rate,
dollars
And
a
we
to
-present,
the July estimate, which was
continue
pace
a
rela¬
during the first
1962, and at
modest
at
somewhat
a
kinds
know,
of inflation,
you
separately
occur
the
classic
demand
excess
or
in
type,
in
and
-
.
As I pointed out earlier,
creating
The wage-price
price increases.
rate thereafter."
~
Either can cause
Continued
on
""
First, there was the lamentable
failure of the Congress to increase
postal .rates to match the ever-
growing postal deficit. This added
a wholly unnecessary three-quarrecognize the importance of stim- ters of a billion dollars to our
ulating home building and, at the overall deficit.
' ,
same time, to provide a fair meth-:
Second—as those of you from
od of taxing mutual savings banks
the great Midwest are well aware
and savings and loan associations
—this summer brought ideal
so
that they can begin to carry
growing weather, the best we
their equitable share of the nahave had in the past decade. The
certainly
account,
into
taken
be
However, it should be possible to
tional tax burden.
'
"
W";.: •
Y, Debt Management
result
1
•.
Returning
should
debt
first
to
Policy
time
fiscal " policies,
like to
touch
on
I
our
management program:
factor
to all debt man-
common
FAIRFIELD
agricultural outhas set many all-
an
that
rec0rds.
abundance
has
This
blessing
couinr
of
unfortunately
^brought with it sharp increases in
our
Among our various objectives—
and they are not always easily
reconcilable—we have recognized
a
was
pouring
outlays for farm price sup-
TRUST
OFFICES
COMMUNITIES
<C €9 M.
ident increased
his pressure on
the Federal executive departments
to practice the strictest economy,
and to defer expenditures whereever possible. .Compliance with
turity range. This means taking this, directive has produced subadvantage of. every opportunity stantial savings, both for this fisto lengthen the debt that does not
cal year and for succeeding years,
agement, of'any kind, anywhere:
namely, that we must be prudent
housekeepers and spread our debts
out over the whole potential ma-
A PMT *•
member federal deposit insurance corporation
ports,
Parallel1 w:ith t h e s e adverse
budgetary developments, the Pres-
THE FAIRFIELD COUNTY TRUST COMPANY
HAROLD E. RIDER,
.
President
COMPARATIVE STATEMENT OF CONDITION AS OF SEPTEMBER 30
■
two other
objectives: borrowing at the lowest cost, and in such a way as to
seriously
compromise
contribute to orderly
must also keep
the
growth.
We
constantly in mind
impact of our borrowing opon-our
balance of pay-
erations
ments position.
-
V/
Hack it not been f or toe
forthright action* the deficit we
now.face would have been con.
siderably larger,
tive deficit:
agement program we have so far
concentrated our new cash financ-
we
have still been able to
slightly
the debt.
to
lengthen
the average maturity of
Thus, we have been able
satisfy
our
important "house-
from
U. S.
Banks,
$ 15,811,988.41-
$ 15,972,245.79
44,768,970.89
17,150,277.11
117,104,822.51
to in the current fiscal year. Some
Other
113,950,340.78
opments. In other words, the
rev-
enues in sight for the 12 months
ending next June—that is, for fiscal 1962—will be based primarily
RIDGEFIELD
NORWALK
$ 13,564,537.78
849,236.15
2,461,352.24
1,770,219.07
179,916,416.92
1,587,556.28
170,750,140.07
LIABILITIES $201,016,931.27
$189,212,822.52
Liabilities
3,784,660.43
83,609.92
36,007.85
Discount
303,041.64
Deposits...
$201,016,931.27
$189,212,822.52
TOTAL
GREENWICH
1,463,225.28
Other
236,844.51
Estate...
RESOURCES
2,483,026.63
2,660,338.77
...
3,876,099.53
Equipment...,
Other Assets
5,486,250.00
6,615,062.50
1,700,679.88
Reserves
Banking House, Furniture
may
1960
$
$14,989,276.63
38,016,248.92
19,134,595.50
........
reduced, recession-level
revenues we must look forward
Real
5,486,250.00
7,000,000.00
Profits.....
'
Loans and Discounts.
and
.$
Capital
Surplus
Undivided
Other Bonds and
Securities
1961
LIABILITIES
Government
by!, the
ask why I talk of recessioninduced revenues in a period of
growing prosperity. The answer,
through short-term issues we have of course, is that our all-imporalready raised the great bulk of tant income tax collections, which
the new money required to meet fluctuate sharply with the state
the
1962
cash * deficit, including
of the economy, always lag some
the operations of the trust funds,
six months behind current develings in short-term issues, while
using refunding operations to add
to longer-term holdings. Although
1960
Cash and Due
Securities...
There are three points I should
like to make about our prospecFirst, the negative role played
Consequently, in our debt man-
1961
RESOURCES
Unearned
.
TOTAL
STAMFORD
DANBURY
OLD
GREENWICH
NOROTON
SO. NORWALK
MEMBER
HEIGHTS
SO. WILTON
FEDERAL
DEPOSIT
BETHEL
NEW CANAAN
WILTON
RIVERSIDE
DARIEN
GLENVILLE
GEORGETOWN-REDDING
INSURANCE CORPORATION
short
Wage
increases
in excess of
productivity gains — when met
through price rises — present a
real danger to our continued eco¬
nomic growth. So do unnecessary
forty
should
two
of
five billion three hundred million
dollars.
these
Danger of Wage-Price Inflation
close
The strong advance of the econ¬
balanced
a
easily
of
s
all
as
type of inflation:
spiral.
first
■
decision
benefits
inflationary danger of the classic
type. But we must be particularly
wary at this time of the second
look fo^rf
t6 five
can
of
level
tively rapid
of
possibility
could
the current deficit is not
was
ithe
in
can
higher.
billion dollars in
the current quarter. This upward
half
for
supply drive prices up, and the
wage-price spiral, in which prices
and wages chase each other ever
twenty-six billion
dollars in the third quarter of this
year, compared to" five hundred
to
the
which
combination:
proved to be mild and
The
gross
national
at
are
which
hundred
ward
indications
about
the
of
us
there,
,
short-lived.
quarter.
that
means
Government—the
recession
one
what
Basically,
economy—supported
vigorous actions' of the
Federal
product,
outlook
advances?
private
five
business
for
1962, which will," of
determine our budgetary
the
to
ahead.
inflation
rob
Thanks to the basic strength of
by
the
excellent
year
But
of
Healthy Business Outlook
our
short,
present
our
word about the economic
a
entirely
healthy, and durable goods,
steel, and automobile production
had used up
and aid for the dependent children
of unemployed families.
i J
Now,
almost
is
extended payments
as
those of
to
in
on
I have-in mind
.
due
been
commodity and other prices show¬
ing remarkable stability.
a
were
in
dollars
sharp rise from the first quarter
has
substantial portion of the civilian
with human
million
the increased cost of services, with
dollars.
remember
hundred
indications show that this trend is
that
course,
,
Indeed, the Bu¬
reau
of Labor Statistics' general
index
of
wholesale
prices has
fallen from
120 in February to
cit is
make happy reading.
Corporate profits have also
strong gains, reaching an
annual rate of forty-five billion
the second quarter of this year—
course,
•
Fall.
increased national security
required to match
the heightened Soviet challenges
—challenges that could endanger
the very existence of our nation.
I emphasize this because I have
tendency to rise.
ment
this
of the
revenues
from
at
...
Wholesale prices are showing no
including
over
mutual
This is
have substantial unused
we
While it is
Two developments are primarily responsible for the increase
savings'-and
banks.- and
sayings
reve-
of
.r
v v;.
of
•'?'' ; ->v-'V
heartily welcomed by the Treasury.
and expenditures,
today
37
budget for fiscal 1963, the danger omy should bring unemployment
now
lies far more in cost-push, under six
percent sometime this
or
wage-price pressures than in Winter. By the late Spring of 1962,
the Federal budget.
we can
J
expect it to drop to around
My third point is to underscore five percent, and can hope for
still
the massive effect on our budget
further
improvement next
expenditures
Says Inflationary Pressures Will
dollar deficit
.
is
rising economic activity.
Not
international fiscal policy: the
achievement of equilibrium in our
well, this period
bottom of the
very
That
^
already cited the goal of
our
balance
the
To achieve these/goals we must
make full and proper use of fiscal
evader,
ineffective
in
uncovering unreported interest and dividends because the problem is massive, involving millions of transactions,
Despite the fine cooperation of the
financial community, educational
efforts
is
the
should
tax
enforcement
for
Closely related to debt manage-
only-too
recession.
steady, healthy, economic growth?
with price stability and full employment.
endangered.
are
of
equally clear: the achievement of
us recognize that if tax
morality is jeopardized, then the
our
flows
bur-
And all of
basic
interest
an
short-term
equitably,
dens of taxation shared
All
the
to
capital to other countries,
interest and dividends should not
of
creating
uses, or
incentive
be an issue between the
of tax
(1809)
term capital from productive pri-
to
withholding
commercial banks:
The Commercial and Financial Chronicle
NEWTOWN
page
38
38
The Commercial and Financial Chronicle
(1810)
Continued from page 37
results for all of
of the central; bankers and finance
-
-
Fundi While hone of them thought
'
steady pressures for wageprice inflation.
It is my fervent hope—and that
a
.
^
Adding to this, deplorable-
*
situation, the electronicsmanufacturernotes, is theattempt to extend
th* same policy to alt defense contracts^ Thev consequences of * such
that our current
of the
from space-directed contracts.
accrues
and
budgetary situa*'tion signalled a* danger of infla¬
tionary developments in the
United States, they invariably—
and5 unanimously—expressed deep
concern oVer whether we could
hold our price levels in the face
OWEN ELY
BY
Government's new policy of clhiming: that it owns any/ invention that
at the meetings
International JBank
jof the
Thursday, October 26, 1961
Extemporaneous address by head" of Motorola* Inc., decries Federal
ministers with whom I talked last
month in Vienna
.
Of Patents Decried by Galvin
here at home.
us
clearly in the minds
was
.
Increasing U. S. Ownership
to price ourselves out of world
markets, with truly catastrophic
us
This^ fact
.
,
'1
industry has* the
capability to do more in advanc¬
ing man's progress the next 20
years than in all or prior history,
t W.
err
Cleveland
serves
industry, ; it
would
strangle the-private companies.
This involves Ownership of* the
electronics;
basis of our industrial econ¬
very
omy.
Illuminating)
about 1,3
Elect*}#-
population
a
of
930,000Jin Cleveland and adjacent
areas;along the south side of'Lake
Erie.
About: 3%
of
revenues
are
major
of one
been
level
maintained
at
a
high
historically, is currently
of a very liberal state -law which
provides that their properties are
ly for heatingv The area is highly
industrialized,: Cleveland b ein g
center
has
around 49%
compared* with the
industry average of about 37%.
V> Ohio utilities
enjoy the benefit
derived from-sale of stfeam, main¬
the
Ideas Count More
Galvin, Mo¬
Cleveland' Electric Illuminating Company
J
policy are held, to- be- not only ruinous to creativeness but, also, ;
contrary' tor our' form pf government and concept' of? property;
'
The electronics
Ro b
V
r
to
of the; nation's
on
industrial areas;, the com¬
derives 45% of electric rev¬
be evaluated for rate purposes
the basis of reconstruction cost
less* depreciation; However, ' the
utilities- do-not-take full advan¬
of the President—that both indus¬
torola
Presi¬
try and" labor will keep the na¬
dent,
to1 d
tional interest
enues
from industrial eustomers- tage of this provision. Cleveland
as compared with the U. S. averElectric is currently earning abdut
could rebuild
age of 23%.
:
;
1
;
•
Banker's A-s
6:1% on net plant; account, this
our
corporation in a few short
Major industries in the service percentage
sociationCOnhaving
ranged* be¬
years.
But if you leave me all of
area
iron and steel, trucks, tween-5;7 and 6:9%
are
ventlon li e 1 d
our physical assets and take away
-during the
at Sam Fran¬
our
ideas, you virtually
leave automobile parts, machinery, past decade. Regulation' of rates
chemicals, paints, petroleum re¬ in the state is somewhat cumber¬
cisco; October
nothing.
s;
some and slow, rates
17; This capa¬
"The
being negoti¬
alleged justification for fining; etc. The area is alSo a re¬
search > center J for the
aircraft, ated directly >with* municipalities
bility, he said,
government ownership of patents
chemical and petroleum industries subject
is gravely
to appeal to: the Ohio
attained " via
defense ^contracts
and for
illuminatingf engineers. Commission and later if necessary
threatened by
work is that the public is paying
the Federal
for the work. Does it then follow Among the facilities completed or to the state courts. In November
Robert W. Galvin
Government's
1958, the Cleveland City Couricil
that the government should take nearing completion in 1960 were
those of the Lubrizol Corporation, approved a compromise rate in¬
increasing
■}
over the patent of the builder who
owner ship
of patents, which invents a new way of lifting stone Thompson Ramo-Wooldridge> Inci, crease which gave the company
an
additional $5,890,000 in reve¬
"strikes a vital blow at the root while building a Federal court¬ Warner & Swasey Company and
Diamond Alkali Company.
nues
over a
two-year period. A
strengths of industry and endan¬ house?
Does it follow that the
2Y2% increase became effective
The St. Lawrence Seaway, ex¬
gers the' constitutionally guaran¬ government should usurp the pat¬
on Feb. 15, 1959, and 2% one
teed rights of private property."
year
ent of a conveyor manufacturer cellent Lake Erie ports, an un¬
The-
minds.
who
makers
maintaining
are
*
uppermost in their
automobile
levels, as well
their price
the .steel indus¬
as
try, which appears to be relying
upon ai rise in its production rate
to cover a recent wage 'increase,
both
are
making important con¬
tributions
to
well-
national
our
being.
is
This
a very critical time—a
forego«unnecessary wage
price increases and, by so do¬
ing* to perform a very real public
time to
or
The outlook for
service.
our econ¬
entering a
period of promising growth, which
will provide benefits for all seg¬
ments of our nation—-for labor,
for management, and for the con¬
is- good.
omy.
are
But excessive increases in
sumer.
prices
We
could endanger,
or
even
destroy, those benefits.
We can realize them, but only
through strong effort and selfrestraint on the part of the private
as
well as public sector of the
wages
or
In recent months
we
have
seen
the will and the capability of this
nation challenged—in the jungles
of South East Asia—in the city
of
Berlin—and in the dark dominion
outer
More tests lie
ahead, and our economic strength
will; play a major role in deter¬
mining our capacity to respond.
space.
.
The Federal; Government is fully
aware * of - its
responsibility to
maintain
to-
and
that
increase
strength. We intend to build it
by actively promoting a growing
economy, while avoiding the waste
of
national
from
resources
that
comes
excessive? spending. * In this
Government and private ini¬
tiative, working together, can as¬
way,
sure
an
ever
stronger nation
in
the critical months and years that
lie ahead.
♦An address by Secretary Dillion at
the 87th Annual Convention of the Amer¬
ican Bankers Association, Saw*
Francisco,
Calif., Otti 17; 1961.
formed
23rd
Securities; Inc. has- been
with, offices
Now
at 415
York
West
Gity,
to
engage in a securities business.
Mason-Hagan- Opens Brch.
WILLIAMSBURG, Va.
—
Mason-
a
branch
Hagan, Inc. has opened
office
at
urder
the
1433
Richmond
management
Road
of
Dr.
Murray Loring.
Dean Witter Office
G LEND ALE,
Calif.—Dean Witter
& Co. has opened a branch office
at
519* North
Brand7' B'oulevard
under the direction of Robert Van
Deventer.
Horizon Management
Horizon Management
Corporation
is conducting a securities
business
from
offices
at
80
Pine
Street,
New York City.
Co., Hie., has
.,
Mr.
Galvin, speaking extempo¬
management
Mitchell.
invents
who
raneously, told the bankers that
their stake, as industry's partners,
was enormous. He urged them to
mechanism
take
no
positive action which would
a
on
"The first breakthrough permit¬
a
while
handling
" new
contract
under
postoffice installation?
government should
"The
more
should
help halt the "sinister threat."
have
claim than that Motorola
the patent on a com¬
own
ponent that a supplier develops as
he attempts under contract to sat¬
government f ownership
of
isfy one of our tighter specifica¬
came
with
atomic
re¬
tions.
search," Galvin said. "There may
"There is no reason to be con¬
have been unique justification ber
cerned about possible concentra¬
cause of the lethal
weapon that
tion of patents in big corporations.
resulted: The justification should
Everyone in the electronics indus¬
have ended there."
Recently, however, the National try—large or small—is in the de¬
Aeronautics* and1 Space Adminis¬ fense-space business. Many small
tration stipulated that the Federal companies exist for the very rea¬
son that they enjoy patent protec¬
Government should* own inven¬
tion privately on a great idea.
tions
resulting
from • work
on
"In our nation's quest to defeat
NASA projects, Galvin said.
Communism, no one should elmbrace one of Communism's basic
Attempt to Include Defense 5
patents
This
public
same
policy
now
threatens tb expand over all work
Street,
under
of Latlrence
S.
.
defense contracts, with, legisla¬
tion introduced* in the last Con¬
Galvin ssqd.
"It's not consistent, legal, prac¬
tical, or in the public interest for
the government to
own
exclu¬
sively the inventions of private
institutions," Galvin said.
a
on
gress,
"The
Constitution
never
;
zeal to preserve our
society,
we
form of
should be considering
law that would kill it.
and unnecessary
Communism."
easy
What
an
victory for
patent
Williams Joins
;
appointment of Henry
J.
Williams, Treasurer of the Ten-
The
rights," he said. "On the
contrary, the Constitution vests in ney Corporation, as a member of
Congress the power to promote the Business- Administration Ad¬
Board of Pace College,
the progress of science and useful visory
York
City, has been an¬
arts by securing for limited times New
nounced by Dr., Edward J. Morto authors and inventors the ex¬
,
right' to their respective tola; President of the college. Before joining, the Tenney Cor¬
or discoveries.
a
national" publiclyobjective of defense pro¬ poration,
curement is to assure know-how owned real estate firm, in 1960,
clusive
writings
"The
that
can quickly be translated into
equipment for our armed forces,
not to make way for government
to enter business in competition
with private enterprise.
"On
the
one
hand, there is
nothing inherent in the private
ownership of patents that in any
way reduces our ability to accom¬
plish our defense and space ob¬
jectives. On the other hand, there
is a predictable destructive conse¬
quence to industry if public or
government ownership of patents
is permitted.
"A time when the creation of
a
or
"Without
would strive
the
Williams
Controller
of
served
M.
as
Assistant
Lowenstein-
&
Sons, Inc. and its affilitates, in¬
cluding Pacific Mills and Wamsutta Mills.
;
;
founders
of the
Institute,
he is active in this organization,
and holds membership as well in
One
the
the original
Tax
Executive
of
National
Association
and
Accountants
the
of
Cost
American
Management Association.
Now Raymond
:
Associates
SARASOTA, Fla.—The firm name
of
Edward
L.
Raymond & Asso¬
ciates, Inc., 7934 North Tamiami
Trail,, has been, changed to Ray¬
stifle the incentive
mond & Associates, Inc.
■
so
no company
hard to* motivate
patentable works:
"If
Mr.
rewards
would strive
so*
No
hard
individual
to ideate:
government forced
patent' ownership
policy
on
the
the
196324-
despite the letdown in industrial
activity, some $214, million- was
expended, for industrial expansion
in the area, more than
in any
year since 1955.
:
W. S. Langdon Opens
PORT'
William
WASHINGTON,
S,
.
Cleveland's steel production and
capacity have been increasing at
a
rapid rate than that of the
more
rest of the nation. Cleveland Elec¬
tric should benefit'from increased
utilization of the
oxygen
process
for
is undertaking an urban redevel¬
opment program, and the city is
first in* the nation in per capita
Title I H o u s i n g expenditures.
Cleveland Electric is encouraging
industrial growth and has bought
Langdon, Jr.
Y.—
is con¬
N.
ducting a securities business from
offices at 1 Jeanette Drive,
.
sites
land
for
industrial
later. '-.
-33
The question of "flow
through"
accounting for tax savings result¬
ing from the use of accelerated
depreciation is currently an issue
in the state of Ohio. The Commis¬
sion has ordered Cincinnati Gas &
Electric
(In connection with a
rate
increase)
to
use
flow
through, but this has been ap¬
pealed to the Supreme Court of
Ohio, with a decision expected
early next year. If Cincinnati is
ordered
flow
through,
probably also: be
required to use the same account¬
ing after its next contact with the
to
Cleveland
use
-
will
Commission. In 1960 these
generating
capability of about 2,021,000 kw,
compared with the 1960 peak load
of 1,494,000 kw, indicating reserve
capacity of 35%. Coal is the major
fuel; most of it being obtained
from western P
Twenty
pipeline,
truck.
e n n s y
cent
40% by
per
The
1
comes
rail,
v a n
i a.
from a
40% - by
content
coal
been used in
The
of
the
pipeline slurry is to be increased
to~ 60%
from the7" present 50 %
which
is
expected to effect a
that year.
company's earnings in the
were affected by
cyclical downturn in the busi¬
first half of 1961
the
of many of the
dustrial customers
ness
and auto
the
plant development.
The
company
has
con¬
of acquiring' and' selling
water
supply,
a
good
transportation network, and ade¬
quate tracks of land for industrial
development, are factors explain¬
ing the industrial
growth and
potential of the area. In I960,
several
business; let alone the
any
business
limited
savings
steel-making which requires
amounted* to $1,911,000 equivalent
twice as much electricity as the
to about 28 cents a share. This
open-hearth fur n a-c e method.
amount
would : have
increased
Jones & Laughlin Steel is opening;
earnings per share from $2.97 to
a
new
$17 million plant in the
private company's service area-. Cleveland $3.25 in 1960, if flew through had
the abolition
of
property. It is shameful thatl in
ideas,
our
to invent.
opened a* brarich
office at; 80 Federal"
the
we
,
time to dull
BOSTON, Mass.—George, O'Neill
&
of ideas,
men
single idea may strike the balance
of power in the world is not the
George, O'Neill Branch
pany
inventory, and leave me with ten
templated that government would
Hudson Securities
Street,
take away all of
factories, all of our
-
enter
Form
Hudson
of
members-
The American
ting.
economy.
of
"If you were to
Motorola's
12
company's In¬
(steel, metal
companies). Earnings !for
ended June
30,
decrease of 7% from
those of the previous 12 months,
but improvement is indicated for
were
months
$2.89
a
the second half of 1961.
During the peri o d
1955-60
Cleveland's
earnings per share
showed an average annual gain
of
3.6%, which is typical
of the
results of Ohio utilities generally
(with the exception of the 6,5%
gain for Columbus & Southern
Ohio Electric). "T
"
At the recent price around 69
(approximate ,tange/-this year 69rate schedules have fuel adjust-' 54) the stock yields 2.9% based on
the $2 dividend. It is selling at
ment clauses.
■
No additions to generating, ca¬ nearly 24 times recent earnings,
or 21.6 times if flow through ac¬
pacity were made last year or this
counting had been used during
year,
but a 250,000 kw unit is
further
reduction
in
cost.
Most
scheduled for installation in 1962.
By 1963 the company expects to
345,000-volt
connection
with Ohio Power Company, and a
research project is under way for
an underground cable. Construc¬
tion expenditures during 1960-65
have
are
a
estimated
as
I960.
stock
"
30
"
25
1965^__
been
strong
recently
the result of the talks
given by Chairman Lindseth and
as
Vice-President Brooks before the
New
York
Analysts
Society
on
of
Security
Oct. 11
follows:
35
-
has
possibly
New
$24 Million
1961
The
the 12 months ended June 30. The
"
30
40
"
expects to gen¬
erate about $30 million in cash
per annum internally. No external
financing will be required* for
about two years, it is indicated,
and the next public offering will
be debt The equity ratio; which
Gorey Branch
MONTEREY, Calif. — Walter C.
Gorey Co. has opened a branch
office at 555 Abrego Street under
the management of Cyrus B. John¬
son.
company
Int'l Sees. Branch
ONTARIO, ...Calif.
International
Securities Corporation has opened
branch office at 533 North Lau¬
rel under the management of Jack
E. Glassford;
a
(1811)
payments
hesitate
icy., in
when
position,
the
Continued from page
That
1
the
5
•
world.
partnership.
1
quately, I have traveled oyer 70,000' miles an<T addressed
associations,
15
state
national bank
many
As
travels
one
I
about
pluses
.
In
upon
themselves
us.
believe
for mothers
and
in
freedom's
Americans
born
.V
:
1
-
better understanding of
and have benefited
greatly from the advice and coun¬
gained
a
industry
our
sel of those people who direct the
the
of
affairs
-
institutions, which
make up our dual banking system.
confidence which I have
The
had in. our banks and bank¬
ways
.
ated with such
a group.
It has been my
•
and
proud to be associ¬
indeed
am
strengthened,
been
has
ers
I
al-
of
Federal
Re¬
System within the Federal
serve
Government
be
the
is
maintained.
We
particular privi-
this past year to assist and
work closely with our President,
Carl Bimson. I value most highly
.
"
i both his leadership and his friend¬
ship.
:
For the efficient and loyal serv¬
•
staff I am
grateful.
I look
ices of cur Association
genuinely
-'
also
;
forward
under the
Charles Walker,
Living in
our
Day of Change
as. never
before in his-7
the
v
*
decision-making
the
process
the requirements of greatness.
people in business, financial,
opportunities/
many
We
are
ber
rapidly increasing
of
check
and
formulate
The
not
diligently
be
that
labor
American
meet
petition
ficiently
industry
trade
external
by
working
to
to
outlook
is
Last year's def¬
and
almost
of
recession
of
a
.
Balance
The
face
United
of
a
serious
reserves.
Elimination of the chronic defi¬
continues to
recent
bal¬
cit
payments problem.
improvements
have
of
ance
The
payments
net
result of the
a
not
a
of
only
for
as
defense, has been
major
a
stant
com¬
discipline
restraint
demands
produce
more
made
Government.
the
con¬
spending
the Federal*
upon
Our
unlimited.
not
requires
of
resources
We
are
in¬
barriers
restrictive
clearly
by
the
trade
adverse
of the United
major
of
tariffs
practices
to
the
or
are
interests
States.
Our
foreign military and eco¬
aid expenditures play an
important role in our over-all
chronic deficit
nomic
domestic
balance
of payments problem; If
industrialized nations of the
the
free
world
are
to
continue
pro¬
the
deficit
early postwar
in
the
the
years,
a
more
American
equitable
to
areas
balance
it
of payments situation contributed
to
military and economic
assistance
In
grams for
is
such
distribution
the
underdeveloped
V/
the scale of recent years,
obvious that the share of
on
expenditures
borne
by
the
United States must be reduced;
of the free world's monetary gold
stock and assisted the European
In
addition
steps to redress
to
taking
our
direct
international
accounts, we must finally and con¬
clusively recognize, in practices
as
Continuation of the United States
well
shape
balance of payments deficit would
Fiscal
and
ac¬
that result, in increased
is
factor.
sev¬
Promotion
,
payments posi¬
when
along
fronts.
dustrial
countries.
Actions
of
regional associations of countries
today, the trend in the American
economy is upward*,
this year's
$7
as
run
balance
action
and
trade
surplus has de¬
irregularly
in
recent
months. Foreign military outlays
are increasing.
The United States
its
effective
specific
of
balance
further
rently being devoted, must be
companied by the reduction
on
export
continues to
American
requires
and encouragement of American
exports, on which efforts are cur¬
creased,
in
the
eral
recession; and large
their obligations
by foreign countries.Rising busi¬
ness
activity here at home will
mean larger imports
and* in fact,
the
in
more
re¬
of the recent
prepayments
of increasingly
crises in confidence.'
country can run continuing
large deficits of payments without
being denuded of its monetary,
stubborn
and
the dollar
expose
prospect
No
Payments
States
the
troublesome
growing
only a partial ex-?, countries in rebuilding their mon¬
planation. Increased spending etary reserves. The situation to¬
for nondefense purposes, as well
day, however, is very different.
ef¬
goods and
services at a price which people
of all countries are willing and
able
budget
Loss of revenue
plans for
We must
the
from
threat
business is contracting; as was the
case last year, but also
when, as
billion,, as
currently estimated, plus the def¬
icit in the Trust Funds, are far
larger than earlier projections.
our
pursue
excluded
present
encouraging.
deficit
efforts not
savings
field
because
of
discriminatory
practices and legislation. We must
to
to
short-term debt.
tion,
icit of $3.9 billion
num¬
transactions
sensible
aca¬
throughout
Fiscal-Policy
'
orderly
an
capable
of
the Nation.
by
transition to
automation.
We must constantly
strive to upgrade our employees
making
support
ex¬
pected to supply the capital which
is
required by a
growing and
complex economy. We must pre¬
pare
ourselves
to
handle
effi¬
a
and
demic and other fields
Banking also is faced with many
problems and, at the same time,
as
our
in words, the need to
domestic economic pol¬
icies to the realities of
further add to the liquidity of the
monetary system of the free world
and thus increase the inflationary
national
position. In
inter¬
our
light of
current and prospective economic
Continued
potential ^ in- important'industrial
the
on
page
40
defer
must
desirable, but not essential,
public projects which we cannot
many
We must strive attor^iye -are ^Uying'ihrnp£ • the grass % roots -to;:;cbrrect 'the
change when new ideas, new. prodstructural impediments that miti-ucts; and:-'new 'threats^ to our" sur-"
gate against the providing of jobsvival press in upon us With elec-;1
for all who are willing to work..
:
■
Perhaps
a
above medi¬
wisdom
see
Dr.
dynamic Ex¬
Vice-President.
ecutive
•'
sup-
direction of
rport,
•
continued
their
to
to rise
management succession.
•
.
able
support
ocrity and discipline ourselves to
ciently
lege
.
must be
evitably would
effective
dependence
We
to
constant
the reUnited
the
upon
States gold stock and the increase
in our liabilities to foreigners in¬
thus to minimize the
and
the
the maintenance of the
organizations, and numerous local,
inferior; but we must realize that,, regional character of the Federal
groups.
In the process, I have if we are to continue great,, we- Reserve
System which brings into
were
turities
Furthermore,
sulantdrain
The
Treasury must take
advantage of every opportunity
to place the debt in longer ma¬
re¬
in
countries.
time.
be reduced
cannot be achieved unless the in¬
who
cause.
not
monetary, policy
will seriously compound the everpresent problem of the shortening
of the debt due To the
passage of
flected temporary and nonrecur¬
monetary policy,
ring factors; an unusually large
particularly in periods when the, volume
of exports; a relatively
need
for* restraint
is
indicated, low level of
imports, as a result
An
1961, only the
guarantee freedom for
can
has
past
activity; the need for
can
tive business.
this world of
strong
in the
only to the
extent that we do achieve larger
budget surpluses in periods of ac¬
was
depending
action
restrictive
by our failure to
significant budget sur¬
periods of high-level
strictive
future
privileged to do
recently in attending the World
Bank meeting in Vienna—one of
the farthest outposts of freedomit is sobering to witness the ex¬
tent, to which other nations are
as
policy
such
for
in
business
to¬
need
enhanced
achieve
leadership to which we are
destined is the fervent hope and
prayer of the free peoples of the
day,,
Our custom of permitting one to
gain knowledge and maturity in
the position of Vice-President is
indeed a sound' one, for the duties
of the Presidency are demanding,
complex and wide in scope.
In
an
effort to prepare myself ade¬
be strong and exert the
we
firm
and I together can't handle."
During my service as Vice-Presi¬
dent this past year, I have often
felt that
perhaps the Lord had
dissolved
been
for
need
The
monetary
you
monetary pol¬
direction of restraint
the
arises.
not
must
we
utilize
to
39
pay.
reasonably
when-
afford
this
at
defense
our •
time
responsibilities,
,
•
i
•
,
M
-
%
•
•
are
so
heavy. Priorities are re¬
quired.
It is ironical that We must
guard against inflation.,
A
balanced
budget
in
fiscal.
a portion of mankind .which enjoys
as
we
would the plague and as-/
1963 is not enough.
As a mini¬
the high privileges of:freedom and
sert the high prestige of our pro¬
mum, the budget shoud be bal-;
has achieved such a high'state of
fession a g a i n s t policies which;
anced over a business cycle-, and
civilization should now be threat-'
have -within' them the
seeds.- of
this means that significant budget
ene'd with destruction by atheistic
inflation. /A;.
v/, /•:/>;
surpluses •; must
be achieved; in
and * ruthless
nations Which are.
tronic' rapidity;
:
*
,
-
•
of; .the
antithesis
the
ideals
that;,have
made
ideas
us
-
and '
great.
"
Wendell
Oliver
Holmes
•
once
said,/ "Th£
world
prosperous
great thing in
this,
not as, much where we.
is
.
year;' it should be, there^
fore,, a year of significant budget
surplus, /.. '
V ; /
;
. V ■
• "
,
challenge, is formidable, but ?. are but in what, direction we are
I am convinced that communism
moving." We in banking cannot
.'/can be no. match, for'.free people, rest, ori, our laurels or reflect too
The
provided
marshal our resources
We are.: increasingly disturbed
on the; accomplishments ; o£
the;:past,"-but we must keep. pace, by, the emerging pattern of large
strength;, and haveThe willingness; with the future:,: and v,exert; /the deficits that.:have been followed
to discipline ourselves .'to the re-; strong leadership which is so des-?
by- occasional • small,
surpluses.
in such
-
a
record
•
'
Government
; years;
officials expect next year to be
we
long-
a/wayrgfi;- to .maximize; our
,
-
;
.
quirements
and
stable
of
a
sound
dollar.
economy
Then
we
can
perately needed today.
solved to do
mv
I
am
Deficits
re¬
utmost to furnish
in
for
set
build,
where
.
ourselves
our
no.
and
point
defenses
adversary
to
goals
the
the
dare
have every right to expect
and with your, help, • I am
^.
new
dent
would
to challenge us.
which youof me;
confi¬
of our problems
type; leadership
that
many
resolved
be
can
industry,
•
will
to
assurance
and.
forward
go
new
plateaus..
that
and
the
.
our
with
higher
lated
keep
government spend¬
policy
Policy
cannot
our.
problems
question
of
ternational
' v"
be
balance-of-
and the re¬
international
financial,
The in¬
community
has become increasingly
sensitive
budgetary
developments, in
this country, and our failure to
submit to the fiscal discipline im¬
to
.
posed by our international finan¬
cial
position could
threat
to
pose
in
confidence
serious
a
the
credit demands have
Unemploy¬
remained at a
high
moderate.
ment
has
there
unutilized
has
been
productive
financial
the in¬
system.
Debt Management Policy
The
Treasury has continued to
manage the public debt prudently
substantial
capacity;
during the past
inflationary forces have been
year.
Flexibility
in debt management has been en¬
quiescent. Federal Reserve policy
also
has successfully: taken into
hanced both through broader use
of Treasury bills and through use
problem of the level- of the cash refunding, technique.
of short-term rates in relation to Heavy reliance has been placed
our balance of payments.
on
the
advance1
refunding
of
Monetary5 policy must play a Treasury issues. This has helped
account
NATIONAL
BANK
'
of WASHINGTON, D. C.,
'*•
\
FOUNDED 1636
the
prominent : role
in
achieve sustainable
efforts
to
c 6 n om ic
the. Treasury
slight
e
lengthening of its debt, within
growth
and
price- stability. In; minimum impact on the market.
view of the economic recovery, in
;
Looking ahead,, the problem of
progress, a substantial budget def¬ financing a large deficit and re¬
icit, and a delicate international financing very heavy maturities
.
*
'
/
FEDERAL RBSERVB
MEMBER
SYSTEM
•
'
FEDERAL DEPOSIT INSURANCE CORP.
Ahead of schedule:
this
$300,000,000
new
in the
city closest to America
to .achieve
a
Look down. South toward the
Airport. East. West Out towardthe
spreading, suburbs to the North. Everywhere you see concrete
..."
evidence of the Cincinnati Industrial Area's vigorous answer to the
challenge of the'60's.;
You
see
;<1f.
:
traffic.already streaming
over
broad
:
that
new expressways
keep growing mile by mile. You see vast acres adjacent to down¬
town Cincinnati nowcleared of slums,
ready for planned new apart¬
ments, office building? and. plants. You, see what more than a
quarter of a billion dollars in federal and local funds are doing to
give Cincinnati the newest look in America by 1962.
dol¬
lar and to the viability of
ternational
as
level:
and
to
manageable
confidence in the dollar.
The Americctn Bankers
policy of providing our
banking system with ample 're¬
serves; This policy has
continued
during tlie initial business recov¬
phase
more
payments
a
remained,
recession;
is
,
disassociated from
During the recent recession the
Federal Reserve System properly
ery
for
ing-
Budgetary
Association, Oct. 18, 1961.
pursued
a
•
...
Monetary
in
within
deficits
sure
of the 87th Annual Con¬
vention of
easy
problem
the result of the continuous pres¬
Adopted at the Second General
Session
the
proportions. Unfortunately, adequate budget surpluses do not de¬
velop in periods of prosperity as
Resolutions Adopted
;
come
fact,
'
You
see
evidence that private capital has been busy, too.
In the |
past 10 years, over fifteen billion dollars have been poured into a
1,000-mile stretch of the Ohio River valley by new and. expanding;
industries.
And
over
$571,000,000 of; it has gone into capital in-.
vestments in the Greater Cincinnati Industrial Area.
Among the Area's powerful attractlonahas
*
;
,
:
«■
always been adequate-
The Cincinnati Gas ii Electric Company, has invested
$300,000,000 in the past 10 years to keep ahead of the Area's ex¬
power.
panding gas and electric needs. These needs are
double again
expected to
ready.
in the next 10 years. The company will be
nz
The Cincinnati, Gas & Electric Company'
.
■
•
.
The Union
Serving hornet and industry is the Greater Cincinnati Art* wtih
able
•
v
Light, Heat and Power Company
supply of gas and electricity
an
adequate and depend¬
40
(1812)
The Commercial and Financial Chronicle
.
.
,
Thursday, October 26, 1961
■
v.
portance that all banks take steps
to
implement
this
promptly.
//• /
:
We
Continued
from
conditions
the
achievement
•
of
basis.
a
be
must
in
productivity in
ment has
the
'
*
.
/
-
if
of
of
it
is
equitable
an
tax
to
efficient
favoritism,
in
operate
We
manner.
the
com¬
the
mend
for
;
/
economic system gen¬
our
erally
environ¬
.
existence
to
most
American
the
-/ /
>
economic
world
The
Z.
/■
?
on
is of real significance,
taxpayers -who deplore
the
tically to the average rate of rise
economy.
to
and
realis¬
related
It
also,
surplus in fiscal 1963/is
imperative. The steady rise in our
prices must be arrested, and wage
budget
increases
! revenues
Treasury Department
timely and incisive report
its
July 1961 to the Committee
on
Ways and Means of the House of
changed dramatically in
Representatives, in which the is¬
few /years,
American
products are facing keen compe¬
tition; the dollar no longer stands
past
sues
and facts
and
objectively.
set forth
are
clearly
Equitable
taxa¬
thanks
sincere
and
funds
have
We
kets.
freely
now move
vised
ing. We also thank the other offi¬
result
cers
and
served
the members
who
Francisco
We
the
shown -by
banks.
:
•,
.
alternative, in
these circumstances, other than to
shape oiir policies and practices to
this new world environment.
/ J.
no
We
San
of
cers
tees
Association, its com¬
other bankers' commit¬
individual, bankers for
and
their efforts
International Monetary Fund
The
Treasury
the
of
IMF
their
on
/;)■ '///
express
funds
markets.
nancial institutions..
Proposals have been advanced to
increase
the
International
the
to
this
for
Fund
arduous
.and
Monetary
their
Careful
purpose.
and
negotiations will be
-required to reconcile differing
Action
be
a
very
A
measure.
of the
;
to
of
in
assist
officers
their
and
7,-7 // .7/ 77/7;
objective.
Withholding
And
..
Dividends//
Interest
V /
on
.
We
recognize the responsibility
citizens to pay the income
taxes due by them to the Federal
y/■y y/,/
would
•
along
communities
own
support
this
details, but the reasonable - pros.pects are that a workable agree¬
ment
will be
developed in the
months ahead.
members
working
committees in the achievement of
po¬
sitions and to reach agreement on
r:
We stress, the
responsibility of all
the
Association,^ in
available
resources
declared
the
policy of the Association in seek¬
ing the elimination of existing
inequities in the taxation of fi¬
large
financial
world
reaffirm
We
of
thisj line
useful precautionary
major contribution
all
Government,
report
to
and
dividends
able
tax-;
interest
and
on*
ing addressed
Bankers
in its bal¬
How¬
adjustments
necessary
of payments position.
ance
the proposal would not re¬
lieve any country, including the
United
States,
of the need to
ever,
crisis
present
world makes even
and
U.
of the-free
more
It
.
Bankers
equity
Association
tional
give
sup¬
Association
National
The
/
treatment
for
disqualify the Comptroller of the
institutions is a goal of
increasing importance to the gov¬
if
it
is
to
obtain
Columbia,
Myers; Jr., former association f 'rst
vice president and president since
New
aminer
'12, in an address to the an¬
nual meeting of the State Bank
DiYisidh of The American Bank-7
ers
Association
torium.
at
A'*/
•
association
"Our
Audi-
Civic
,
/v•'/-///-•■'/•"
.*
and
..*
manv/
1961,
same
sociatibiT, Mr.
member
New
City. Ij|.
a s
h
credit
Fleming
lative
was;
bank
in
President
./'//•/'■'/,/:/ ;/;/.:,:/// ';//.
committee
The
held
ciation.
He
on
the;
upon
charitable, /educa-;
other
and
tax-exempt
or¬
Banking, Commonwealth of Penn-.
sylvania,
Harrisburg, said / that
giving the F.D.I.C. power to ap¬
prove branches of both state and
national banks would place the
equal footing and
application of
two systems on
assure
uniform
the
standards
federal
lishment
the
for
branches.
of
estab¬
"The
Treasury.
The American Bankers
Association
needed
its continued
pledges
support of efforts designed to de¬
whether
termine
a
workable
and
proved by the Comptroller of the
Currency in the case of national
appointed
a
member
Legis¬
Committee;
,;
he
served
as
President
was
,• mittee from
,
elected
Asso¬
"Vice
at.the
President
-
87th
vention in San
the
of
Com¬
1957 to'1961. He was
A.B.A.
posts,
Bankers
1957 to 1961/ He was also a mem¬
the
of
Annual
Con¬
Francisco, Oct. 17y
-1961/ 7/
^/^':Z-;:7'/7:;"/':i'/;-;1957.
Previously, hq served as •••/ For the Georgia Bankers. Asso¬
ciation/ Mr. /Kimbrel- was Chair-;
Division
Vice-President, Chair¬
National
Division
Bank
Loans Committee/
in/1956-
man. of
is
He
a
Employees Education
Committee, :!950x51;; Chairman Of
the:
1960-61.
of .the
of
He
was
ABA
at
President, 1956-57./////
:
1961.
He
also
Tennessee
has
87th
the
Bankers
Association
in
served
been
life
the
In
ties
he
was
Chairman
addition
in
to- his
banking,
has
of
School
the
;
■
7
responsibili¬
he is
a
Director
Co.; Vice-President of Usry Motor
Inc., of Thomson/and
farming and real estate
mem¬
and Tractor,
has varied
1957-60/ -.interests,
Associa¬
of the
of
of the Farmers National Insurancei
ber.- A Director of the Association
of Reserve City Bankers,
trustee
and
Banking of the South.
Bankers, and Robert Morris Asso¬
a
a
He has
the faculties of banking
on
:sbhOols/ih" 'nine--'states,
Reserve
ciates, of which he is
..
lanta and has beert active in bank-..
Association-,
City
of
ZZ ••vZ/7 Z
o£
:Barik of At¬
a / Director
ing educational Activities.
in
Annual
active
Kimbr.ei7 ?s'
the /Federal Reserve
Francisco, Oct.
' //'-•;'
/
been
Mr .7
/
elected President
the
Convention in San
17,
Association
the
Agricultural Committee 1953-
1954; Vice-President, 1955-56; and
mem-,
(for the observance of the 100th
anniversary of the national bank¬
ing system). He served as VicePresident
in 1949; Chair¬
Gfoup
of the -
man
ber of the Centennial Commission
en¬
lishment of branches must be ap¬
was
ber of the State Legislative
series
a
division
and
American
the
of
Fleming has
of
of
Chairman of this Committee from
He
department.
in
a
was
of the Association's Federal
Sam M.
1950.
Mr.
has been
He
committees
of several
he
1955
e/>
elected
.
As-/
Bankers
Kimbrel
decade.
a
1951-53, and re¬
gional Vice-President 1853-55.- In
Bank,
i 11
for
dent for Georgia
Tennessee, as
Manager of
the
in
the Agricultural Commission from
joined
v
went;
Bank
?
^9§{MeZl95VA<B,A. Vice-Presi¬
the Third Na¬
N
he
1946
ex¬
/r/,'7.''y/-".: /./ // '
Com¬
he
In
at
credit
a
The' American
In
active
tional
the presence of the
bankers deem
1931
as
Thomson, Gay as Executive Vice- /
President; he became Chairman of
the Board of the bank in January,
pany,
York
1937.
in
C.,
the ' First''National
York
.
Trust
Oct.
S.
to
Kimbrel
Monrce
M.
Credit/ Administration
Farm
with the
year
the
of
-
that
reer
disclosed by Robert L.
the
staff
Currency from membership on the
Van d erbilt
Deposit Insurance Cor-,
U n i versi ty,
poration Board and to give the/
Class of 1928./
F.D.I.C. Board final power to ap¬
He began his
prove new branches of both state
banking ca-''
and national banks.
was
Mr. Kimbrel
r;
joined
Federal
This
for library,
distribution. 77.
Association ;>///,/;/•/<'
/
Fleming/President of the
Third National Bank, Nashville,
Tenn.,
was
born
in
Franklin,
Tenn., April 29, 1908, and is a
graduate of - ;• - * -
Congress to
the
pending in
select¬
was
ed
Sam M.
Supervisors of State Banks "will
press
for action next year" on
bills
New Officers
.
fi¬
nancial
ernment
irritation
Of
a n k i n g,
where his the¬
B
;
SAM M. FLEMING '
of, //.;.
interest; and would confront the^ actment of this legislation would
Treasury with a costly system of contribute
/ substantially
to
the
refunds
to
literally millions of
orderly development and expan¬
taxpayers — all of which would
sion of the entire banking system,"
greatly reduce the net yield to the
he added. At present, the estab¬
Taxation of Financial Institutions
tax
and
would
be
unduly
burdensome and costly to banks
and other payers of dividends and
port.*
Uniform
contribute to-
would
ganizations;
encour¬
everywhere to
leadership and
bankers
•
President, The American Bankers
By Myers
.
a
of
Convention, /The/Stonier
/•;//':/>/. ■;//;//-,/'/■ Graduate
.
of taxpayers; would impose
unreasonable
hardship >. and
in¬
its endorsement of the Sav¬
continued
:
part
,
ings Bonds Program and
it
confusion
/
/ /
is, therefore, fitting that The
renew
advanced
far
directly contributes to sound
American
age
the
This Pro¬
management.
graduate
.
A'v practicable
of
^Georgia, and
7"/7,/7- ?/.:■■// We regret -that the /.American man and member of its Executive
and / workable, Bankers Association does, not ap-Z Committee, Chairman of the Re¬
withholding system has not yet; prove ,it."*_/';•* //;///•'//'.;7/-; search and Operation? Committee,
Mr. Myers, who is Secretary of aiid .rnember of"the Real Estate
been' devised/. The proposals so
:;
Savings Bonds Program by
gram
debt
of
versify
was
Annual
87th
economics
n
from the Uni- ■'
'Federal Government.
necessary
meaningful/ support
S.
the commercial banks.
i
sis
Division
Bank
State
A.B.A.
■
The
-
the
Background of ABA's
;
.
,
~
Supervisors
respect to dividend and interest governmental organization," Mr.receipts. - Progress
already
has Myers said" "Strong support for
been
made
in
avoid chronic deficits in its bal¬
decreasing
the this
legislation
has -developed/
amount of unreported taxable in-; among the governors of the states,
ance of payments.//
'
come from these sources and pro-/ in
both Houses. of Congress, and
/ :
Savings Bonds A/././..;-. ducing additional revenue for the
among sthe bankers of the nation/
.
Board, First National Bank,
Thomson, Ga./was born in Miller
County, Ga., Aug; 4, 1916. He is
the holder/of/
"
a
B.S. /degree /
Association
*
and
will* continue
to
cooperate Comptroller on the Board of the
fully in programs designed to in-' Federal Deposit Insurance Cor¬
form all depositors and stockhold-* poration to be a threat to the dual
ers
of
their
(banking) system and inconsistent
obligation and re¬
and
sound
sponsibilities as taxpayers with; with '? good ' sense
cooperated/
by Mr. Myers
of
15-18. ;7*
Oct.
whose currency is under pressure
make
feature
a
Goals of State
Outlined to
Legislative
y.-r
//■
the
of
source
a
'
The
additional time in which to
is
system
•.
Bank
proposed IMF arrangement, their Federal income tax returns/ Z
has
dual
/of weaknesses .in either system;"
/The State Bank Division meet¬
is that it would give to a country
Association
The proper functioning
.
School
1962
'•>..
-// M. MONROE KIMBREL ;,
of •;
plan
the powers i of regulation and
control and stimulates correction
7
made
was
American
of
Comptroller of the Cur¬
•/'■/
7: 7 ■ / // •:'/i/ ■'"';/
as
rency.
for the prog¬
and
in the consideration of such legis¬
lation.
pres¬
short-term
of
movements
which
and
V &?.<•:
law.-;It is the
federal
the
strength to the American banking
system. It restrains excessive use
appreciation and
gratitude to Ray M. Gidney/for
his long years of public service.
during the
first session of the 87th Congress
ac¬
from
result
that
among
minimize
to
ways-
more
behalf of uniform
on
treatment,
ress
commended
find
to
tax
the officials
be
to
are
efforts
ceptable
sures
and
■
offi¬
our
mittees,
.
/
ment.
-of the
ity in the Federal Reserve System
further the
commend
of
division of governmental re¬ 7 Vice-president, The American
sponsibilities and powers between / /"-//
Bankers Association
/
the states and the national govern¬
M. Monroe Kimbrel, Chairman of
effective work. We appreciate the
hospitality
under
have -the
Divisions, Sections and
Committees for their loyal
and
on
positions of responsibil¬
credit.
gage
Nash¬
ville; Augusta National Golf Club,
Augusta,: Ga.;: Linx and University
Clubs of New York City. / • /'
pre¬
one
ation and to the interests of bank¬
of financial institutions will .to 'the
not have an adverse effect upon
cause -of
sound banking and fi¬
the cost and availability of mort¬
nance in
the world's financial mar¬
among
include
.
and /
apprecia¬
.
currency;
for
memberships
tion for his leadership
tion
oak/the /pre-eminent/international
necessity
serving it,'' Mr. Myers said. / //
"It
comprehends two separate
Bimson
A.
the
club
Belle Meade Country Club,
distinct., systems^ of banks, ,,/. Mr. Fleming married the. former
chartered, regulated, and su¬ Josephine Cliffe of Franklin, Ten¬
and devo¬ pervised by the states and other nessee, They have a daughter and
tion to the affairs of our Associ¬ /chartered,
regulated, and super¬ a son and reside in Nashville.
our
tax
31
page
Carl
to
of
aware
/ 7
Appreciation
extend
His
circles; and, I fear, far too many
bankers
are ;
not
sufficiently
program
///y. ■'/*!/"..;/ /.;■;/// /
Civic, interests include such reF.D.I.C. and the tion's Federal Relationships Com¬
efficient withholding system- can
/ sponsibilities as Director, Georgia
•
be- ; .///• state;;banking superyiisbm in (he mittee in * 1959 and 1960/; '// :/
State Y.M.C;A.'; Chairman, Thorn-'
case of state banks. ,v /
* */ ,/ '
Mr. .Fleming is
a Director of
v
The need for a withholding sys¬
-sonHousing/ Au th0.rity| ViceThe N.A.S.S.B. .now counts the numerous corporations, including
tem
on
dividends
and
interest
Nashville Railroad President, Georgia-Carolina Coun¬
state bank supervisors of all 50 Louisville &
may be reduced
or obviated
by
cil, Boy Scouts of America; Chair¬
Company and Bucyrus-Erie Com¬
the
rapid
progress
now
being states and of Puerto Rico and the
man, Tenth Georgia District, U. S.
He served
a
three-year
made by the Treasury in the au¬
Virgin Islands as members and pany.
Savings Bonds; member, McDufterm as Director of the Nashville
tomatic
data
state
banks
as
associate
processing
of tax 2,796
Branch
of
the Federal Reserve {; fie. County., Board .of. Education;
returns. This program should en¬
members, Mr. Myers stated. Ac¬
and
banks and by the
.
able
the
certain
income
Treasury readily to as¬
any
unreported
taxable
without .resort
bersome
and
to
a
cum¬
withholding
costly
tion
in
admitting associate
establishing a Wash¬
1957
members and
ington office, he said, has not re¬
sulted
in
the
transfer
of
power
within the Association to associate
system.
member, advisory committee,
Georgia
Agricultural
Extension
Mr. Kimbrel is a past
Alumni Association and a long¬ /Service.
President of the Thomson Rotary
time trustee of the Universitv; a
Club and a past District Governor
trustee of Meharry Medical Col¬
of Rotary International.
'
-.
lege and Battle Ground Academv,
In recognition of the services
Franklin, Tenn., and of Ensworth
School and Harpeth Hall School, Mn Kimbrel's bank, has provided
Bank
Atlanta.
of
President
of
is
He
the
a
Past
Vanderbilt
.
.
.
members
Emergency Preparedness Program
The American Bankers Associa¬
tion has given its full
to
Remember those in need
.
wire
,
-
,
^
.
^
Every $1
package
gift
_
,
world.
■
across
thru
v.
,
Administration
velopment of
in
the
de-
Emergency Preparedness Program for the bank¬
an
sends one jng SyStem of this country and has
the
CARE furnished all of its member banks
i a.
m v
Food Crusader New York 16, N.Y.
the
cooperation
with information
0(js
0£
-
as
to the meth-.
carryjng ou^ this
In the
situation
program.
light of the present world
it
is
of
the
utmost
im-
the
or
powers
officers
and
in
usurpation of
functions of the
any
and
committees.
Nashville.
"On the
ness
contrary, the cohesiveof the Supervisors as a group
and the extent of their individual
interest
and
participation
in
the
activities of the Association have
increased
The
substantially."
concept of the dual bank¬
outside
of
banking
is
very
in
active in
civic af¬
fairs, is Treasurer of the Tennes¬
.
Georgia, he was recipient of the
honorary. Georgia Planter degree
by the Future Farmers of Amer¬
Historical Society and a mem¬
ber of the Tennessee Civil War
ica and has been awarded
Centennial Commission.
Association of Future
see
He
ing system and its importance to
our
economic progress "is little
understood
He
served
three
years
as
a
officer
in World War II,
attaining the rank of Lieutenant
Commander, and is an elder in
the First Presbyterian Church.
naval
orary
ers
an
hon¬
membership in the Georgia
of America, * In
Homemak-
1955 the First
National Bank received the Rob¬
ert Strickland Agricultural Memo¬
rial
ice
Award
to
for
outstanding serv¬
agriculture, and Mr. Kim-
t
Volume 194
Number 6102
<&>
brel is now Chairman of the Col¬
The Commercial and Financial Chronicle
...
(1813)
41
Convention Sites and Dates for
lege
Scholarship-Committee for .7.77
;
1962-1963:; :
;7; z
statewide*grbupr-«T77777:77
The American Bankers Associ¬
Mr. Kimbrel is
married, has a ation
will
convene
in
Atlantic
son and a daughter, and makes
his
City, N. J., in 1962 and in Wash¬
home at Thomson, Ga. ' ■
.7
ington, D. C., in 1963, it was an¬
that
"i,
■
J. CARLISLE ROGERS "
Treasurer, The American Bankers
•'
'•
'
Association> ' A
•.
Carlisle
J.
Rogers, President
The First National Bank
of
of Lees-
burg, Florida, was born Oct., 16,
1903, in Marion, South Carolina.
He
graduated
7:
7" :
"the
from
Lees bur
7
V
g
and
by
Sam
newly V elected
M.
Fleming,
President
of
the
Association. Mr. Fleming is Presi¬
dent
of
the
Third
National Bank
in
Harold
Nashville, Tenn.
' 7
'
7
The 1962 Convention, with the
New Jersey Bankers Association
.
hosts will be held Sept. 23^26.
The A.B.A. has met in Atlantic
ten
on
in
Convention
sent
directly.
■
7
Af-
■
•vs *;'fs
and will be
t
i
i
in
plans for the 1963
which
1 9 3 3,
n
Harold
the Con¬
they
will
Di¬
in 1949,
1944,
rector
J.
a
Carlisle
Rogers
has
Rogers
active in
been
Bankers
the
Florida
is
past Secretary of the organi¬
a
Association,
zation, served as its President in
1950-51, was several times Chair¬
man
of
the
Agricultural Com¬
Public
mittee,
Relations
Com¬
Legislative
Committee. He serves presently on
the Federal Legislative Commit¬
tee.
Federal
and
mittee,
.7u, 77,.'r7
.
He served
Atlanta
of
as
Jacksonville
Federal
the
of
•
the
of
Director
Branch
Bank
" 77'
three-year term
a
Reserve
In The American Bankers Asso¬
with
Association
State
the
capaci¬
Section, becoming its Vice President * in
in
President
and
1945
-He-'.'wa'si-
member Abf 7tKe
Small Business Credit Committee,
1946i
a
1950-53; Finance Committee, 1953-
54; > Federal .1 Fiscal ' Procedures
Committee, 71956-5?; Agricultural
will
of the
be
three one-year terms on
the Exec¬
utive Council
(1953-54, '57-58 and
'60-61). He was elected Treasurer
of the A.B.A. at a meeting of the
Executive
Association's
held
at
87th
the
Annual
Francisco
-
of the
close
100th
6-9.
in
Oct. 18,
on
San
19617
Presi¬
dent of the Leesburg Chamber of
has served
Commerce and
Industrial
Florida
as a
as
member of the
the
of
Committee
Chamber
State
Com¬
of
President
and
one
of the Leesb u r g
Industrial.
Development
Corporation; is Director of the
is
merce;
of
the organizers
Home
Life
Owners
Insurance
Company and Trustee and mem¬
ber
of
of
in
forestry;
citrus
d
conservation
and
rancher
and
is
and
is
College;
Southern
soil
a
grower.
Mr.
;e.'V"
Committee
Executive
the
Florida
active
A"'
>r
Rogers is married, has one
and makes Tiis home in Lees¬
burg.
son,
'•
i
came
into
v'
-
te
7'
sociation
1
i
.•>
...
e,
.7
|1
7
-
>r
:
;s
d
w
-v
as
follows:
ment
of
in 1863.;
being with
the
7
....
the
National
;
V;
enact¬
Bank
777
Act
'7r;!V
Guy's Foods
Stock Sale
J.
Harold
Marshall,
V ^
State Bank Division -A-AA
v
7;7 President: Harry B.; Freeman,
President, Rhode Island Hospital
Trust Company, Providence,
e
R. I.
*
1
e
Trust
♦
-
President:
Senior
share is being made by Allen
Co., New York City and asso¬
per
&
will
Proceeds
be
used
,
«
.
7
H.,: Beacon,
bank
additional
equipment,
increase
inventories
and open two new plants.
The company of 2215 Harrison,
pay
Kansas
or
loans,
buy
both
cago,
;t
111.
?
President:
Howard
Jr.,. Executive
Alabama
V i
c
Bankers
Montgomery,, Ala.
J,
Williams
of
New
Morris,
e-President,
Association,
&
York
Inc., and
Lee, Inc.,
City
ternational
ties
*
popcorn,
City, is
an
international
air and ocean freight forwarder,
handling shipments from the U. S.
to foreign destinations. Its services
Lum's Inc.
Germany
:
tising and working capital.
The
company
of 2302 Collins
Ave., Miami Beach, Fla., operates
a- chain
of specialty restaurants
in Miami Beach. Authorized stock
class
600,000
A
and
class B common shares,
of which 120,700 and 186,300 will
be
outstanding upon completion
of this financing.
186,300
Gould to Be V.-P.
Of Donaldson Firm
Pine
80
Lufkin & Jenrette, Inc.,
Street, New York City,
Exchange.
New York Stock
; y
'
;
of
WASHINGTON,
n-ame
Company,
D.
1413
K
C.—The firm
Securities
Street, North¬
west has been changed to Ameri¬
can
Capital Corporation.
Pacific Coast Branch
JOLLA, Calif.—Pacific Coast
Securities
Company has opened
a
branch office at 7825 Ivanhoe Ave¬
nue
under the direction of
R„ Stewart,T
Street.
a
offices
securities90-04—
at
Partners
are
David-
'
agement
!
ru
*-
'
•
1
«
-
»
,
.<
-
Stan-Bee Co. Formed
WASHINGTON, D. C.—Stan-Bee
Management
and Company has
been formed
Madison Man¬ ;with offices at 1319 F St., Northis conducting a west to
engage
in a securities-
—
Corp/
securities business from offices at
5209 Fairway Drive.
man
is
a
Harry Fried¬
7
principal,
business.
Stanley
Blaustein
is
a
principal of the firm.
••
«
The first
AHEADI
public sale of shares of
International
Flavors
Fra¬
&
Inc., is being made with
the offering of 514,432 shares of
the company's common stock by
an underwriting group headed by
Smith, Barney & Co., Inc. The
stock is priced at $24 per share.
7
grances,
"Power before it's needed" is
financing.
Of
the total 105,000 shares are being
sold by two stockholders and 409,432
Stanley
company's policy
company
TO KEEP AHEAD of Iowa's growing demand for elec¬
tricity, Iowa Power and Light Company is
shares
by the company to
approximately equiva¬
lent number of shares held by a
retire
an
Dutch
investment
of
flavor
grance
products
manufacturers in
on
:used
a
by
wide
cosmetics
manufacturers.
Flavor
day in 24 Iowa counties,
gas
service to
7
area.
and
A: *•'
7 *J1
7
.V
■
IOWA POWER AND LIGHT COMPANY
Des Moines, Iowa
v
i
M
'
■
(i A?
*
soap
products
balanced
•
ma¬
sold mainly to manufacturers
a
- t.
other
variety
customers include most of the
S.
a
fra¬
of consumer products. Fragrance
products,
which
accounted
for
approximately 65% of the com¬
pany's 1960*salesi, are used princi-v,;
pally .in-the manufacture of per-.,,
fumes, toiletries, cosmetics, soaps
and
detergents.
The
company's
U.
job 24 hours
agricultural
W. 57th
a leading
and
the
providing electric and
company.
company
manufacturer
are
'*7
BUILDS
And Fragrances
Stock Offered
jor
.7 7.v - Ar*.* >*
POWER
Int. Flavors
of 521
St., New York City, is
Capital
American
of
from
waybills
The
Now American
United
Switzerland, West
Brazil.
MADISON, Wis.
The sale of the shares does not
George Dana Gould on Nov. 2 will
become a vice president of Don¬
aldson,
and
Madison
pickup, preparation'*
and
other
export
documents, placing of insurance
An
offering of 100,000 class A, and routing of shipments. The
common shares of Lum's, Inc., at
company also prepares documents
$1 per share is being made by for presentation to banks for col¬
Bayes, Rose & Co., Inc., New lection through letters of credit
York City. Proceeds will be used
and sight drafts.
'
by the company for expansion,
leasehold
improvements,
adver¬
of
the;
engaging in
include cargo
Class A Sold
consists
in
located
are
.
be used
New York
in
161st
States, Holland, France and Eng¬
Koegel, Emanuel Birnbaum and
land. Other manufacturing plants H. Stuart KlopperiA v.77' 1
•
;"r
by the company for
opening new offices, sales pro¬
motion and advertising, additional
equipment and working capital..
The company of 27 Spruce St.,
pickles,
ketchup,
relishes , and
spices. Its sales territory consists
of Kansas, Mo. and portions of
Oklahoma, Arkansas, Iowa and
Nebraska.
7
,:
7
■
located
Corp.,
will
pretzels,
are
is
business
$
L.
report
items
LA
State Association Section
Co.,
Cheez Stix and it sells other food
such
ciates
and tobacco.
at $3,50
per
share, has been all sold. Proceeds
National
^
&
that their recent offering of 75,000
common
shares of Amerford In-
manufactures
potato chips, nuts and
Klobiko Associates
JAMAICA, N. Y.—Klobiko Asso¬
Principal manufacturing facili¬
Wickett
S.
Thomas,
City,* Mo.,
processes
soft
drinks, candies, gelatin
desserts,
cake
mixes,
dietary
foods, ice cream, pharmaceuticals
Stock All Sold
V.
1
■
Howard J. Morris Jr.
of
Amerford Int'l.
by
the company to purchase existing
plant and Warehouse facilities, re-.,
Vice-President," The First
Bank of Chicago,: Chi¬
1
a
Division-f
Thomas
Beacom
:
Public offering of 97,000 common
shares of Guy's Foods, Inc., at $10
members of the
L7 Currant,
.Roger
Thomas H.
Harry B. Freeman
^
involve
President,
Fall
River ' National
Bank-, Fall-River,' Mass) 7£ 7^7 V
y
...i
are
Savings Division
-
President:
st
y
Section
President,
National
Bank
of
Westchester, White Plains, N. Y.
''
>
HEADS '
National Bank Division
President:
L
n
DIVISION
Newly elected Presidents of the
ABA Divisions and the State As¬
il
:
t-
NEW
;A7|
Roger L. Currant
anniversary of
»'
a
i-7;
Marshall
The
Council
A.BA.'s
Convention
Mr. Rogers
i
J.
hosts.
as
Oct.
,
7
:
,
the dual system of banking which
ciates.
(1953-55).
ciation, he served i$ jpany
ties
dates
ance
President in 1953.
Mr.
:eV
Section.
Convention in the nation's capital
will serve to climax the observ¬
and
>r
Morris, Jr., is President7
Association
Convention at
serve
The
in
.
H.
Division;
Fleming said that bankers
Washington will be making
Assis-
1925, Cash-
e r
handled by
Vice President
'
the State
Thomas
Mr.
Cashier
t
a n
in
•
of
,
Trust
of
vention Hotel Committee.
He
same year.
became
*
.
cial reservation forms will be used
burg later the ;,.
i
elected
Division;
Offi¬
Bank of Lees■
v.1
Bank*. Division:
President
and Howard J.
early in 1962. No ap¬
plications will be accepted by the
hotels
State
Beacom,
to members
ploy of T h e ?.
First National -.
newly
Roger L. Currant, President of Savings
not
1957.
be
is
Division; Harry B. Freeman, President
previous' occasions,
Hotel applications will
en- >
tered the em- V
■
Marshall
President of the National Bank
as
City
1
J.
.
most recently
High School in ';
1922
nounced
Head ABA Divisions 'and "State Assn. Section
,
..7
Xv
r'-,<
*
"*
*-7
42
The Commercial and Financial Chronicle
(1814)
rising silver prices—buy more or
liquidate some of their holdings?
What about China?
So far, it is
known only that the Red Chinese
Continued from page 3
special levy (originally aimed at
Coughlin) is on the statute
book: 50% of any profit you make
on silver speculation goes
to the
government. The balance of the
profits is liable to capital gains
Father
prospect. Presently, it runs away
with the ball.
*
i
;
Speculation Rampant
Shares of stock of Canadian sil¬
*
ver
And bear in mind that Uncle
tax.
mines—the Dominion's output
33.7 million fine ounces was
Governme
in
ounces
lion
in
1961.
t
n
1960
20
,
mark,
a
The
of
or
action
no
in 1960 ai close second to Mexico's
on
,
devaluation of
dollar, from 3%
above to that much below parity.
.But a sound silver mining opera¬
the
Canadian
should
tion
not
need
extra
an
silver price goes
up
appreciably.
United
Keno,
e.g., with an output of 7.2 million
stimulus
if
the
As to shares of
stock, they have
briskly that much of the
"cream" is off—depending on the
extent to which the price of the
risen
■
that it may reach $1.10
price permits the exploitation of
facilities. Such
ore
last year and 35 ounces
so.
expansion is under
increase
vest
can
be
to have found ores with
of net profits that
expected—after taxes and
after such wage boosts as are most
likely to be forthcoming.
silver
ounces
proceeds from the financing
used by the company for
purchase of a new plant; reloca¬
tion of present facilities; purchase
of additional equipment; expan¬
sion of sales program; develop¬
claiming new silver mine dis¬
as the spec¬
coveries in an undeveloped sec¬
stocks, is the
tion around Lake Abitibi. Consoli¬
activity on the London market in
dated Mining and Smelting is ex¬
silver itself, lively as it is.
In
Toronto, banking institutions have ploring for silver in the Cobalt
developed
special
contracts
in region of Ontario.2
silver
futures
for the
specula¬
:
The Longer Run Prospect
tively inclined public. The buyer
Within a year or two, a rising
puts up $5,000 in U. S. funds and
-silver price may well be disci¬
acquires—at the currenf London
price—- a claim on 100,000 ounces plined by an increasing output of
Not
quite
ulation
intense
so
in
silver
without time limitation.
He
the
pays <
commission; but Tin advance)':
no
5%
on
an
annual
the borrowed money, plus
$175 for storage (in
All of which sounds in¬
London).
teresting. However, before rush¬
ing in, a few possible pitfalls
For
Americans, speculating in
is
fraught with hazards.
The price has to rise about 6%
silver
year
is
further
a
is
that
And
ment of
ing capital.
The
supply-demand equation.
quantities are being hoarded
in Latin America
and, especially,
in southern and eastern Asia. The
of
Pakistan, and
silver
coins
and
bracelets
as
their
savings
ac¬
counts,
These private holdings,.
mentioned above, were estimated
in .1948 at 5,400 million ounces!
masses
./"//•'
'
by-product.' of .otheiv metals,
suver
m, significant
quantities Is being
delivered
by Consolidated Mining and
Smelting, also by Cerro de Pasco, etc.
a
India,
.
Dynamic Gear
ventures is re*
the Northern Miner {Toronto)*
of Sept. 21, 1961.-
,
'
^
'
WORLD
/'
.
'
•
"'*
f"
(In Millions of Ounces)
From
(Leading
New
York
Bullion
./"
y
1959
39.0
States
Canada
' v
:
;
y
1958
1957
1956
44.1
47.6
47.1
43.1
23.0
36.8
38.7
31.9
31.2
28.8
28.4
25.0
24.8
25.9
24.8
23.0
4.5
6.1
5.4
7.5
Countries.
Total Western
7.0
7.2
6.9
152.5
135.2
154.8
151.7
50.0
Hemisphere—
6.9
48.8
50.9
7.1
;
Cutside the Western Hemi¬
sphere (partial).
46.3
147.8
45.2
^
the
shares
being
are
being, offered,
sold for the
and 25,000 for a selling
stockholder, William A. Wiegand,
company
President.
Production
WORLD
(partial)
202.5
184.o"
SILVER CONSUMPTION
205.7
198.0
proceeds from the sale of its
will be used by the com¬
pany for the rebuilding and pur¬
chase
of automatic
gear-cutting
machines; to prepay a short-term
bank loan; for an inventory
of
stock gears in the company's re¬
cently opened plant in Van Nuys,
Calif.; the establishment of a new
shares
United
/
States
___—
Canada
Western
_—»
_H
ment gears for
1958
85.0
4.6
_
3.8
54
4.4
3.9
3.9
16 5
17 5
14.8
14.7
13.8
10'6
14.1
17.9
40 2
33 3
31.1
31.5
33.1
17.5
-
15.9
&
2.0
3.3
15.0
13.6
8.2
8.8
7.9
25.0
25.0
25.0
20.0
20.0
226.0
214.8
190.5
212.6
215.9
46.0
40.6
38.2
52.0
31.2
5.7
4.7
____I_II"
3.8-
2.6
1.4
C--IIIIII(partial).Ill"
2.2
12.2
6.4
25.0
30.0
93.3
84.2
...
(partial)
_____
(partial).
Coinage:
—
___
Other Countries
industrial purposes,
digital computers and in
tape-control mechanisms for mill¬
ing
machines,
lathes and
jigboring equipment and in gyros
and other auto-pilot mechanisms,
such
as
.
and
for
S.
U.
Government
con¬
299.0
of
The
for
bulk of the
is based
on
company's sales
orders from its catalog
but it also produces gears
made to buyer's
customspecifications.
Amonette Co. Formed.
3.2
(Special to The Financial Chronicle)
3.1
4.9
ROSS, Calif.—Clarence O. Amon¬
34.4
25.1
17.3
ette, Jr. is engaging in a securities
business from offices at 181 Shady
Lane
under
the firm/name
of
79.5
84.0
56.6
Amonette & Co.
270.0
296.6
272.5
is
where
.
/
.
!
finan¬
trade
may predominate, BUt in this
effort a ' clear demonstration
of
sons
as¬
sociation,
edncern over a possible loss of
;depdsits; in other cases other rea¬
Charis fe. Walker:
but
the
maintenance
continue in the
future.
It
.
associations/'
support of the State
effective
of
between the
As¬
,
is
.
Securities
my
Initial
shares
of
public ;sale
of
willing to express beneficial interest of First Union
your frank views to . Association» Realty is being made through the
officials. This is an open invita¬ offering
of 1,060,000 shares, at
tion— indeed, a request—for you $12.50 each, by an underwriting
tO dO SO." / ' ///' /* ;
",/ ' group headed by Harriman R.pMr. Walker also discussed the
ley & Co. Inc. and Hayden, Ma-.
.
commercial
efforts
of
achieve
some
banks
tc
ler & Co.
;//////;// //-'/;/.■-/ ■
:;/H^adquarteredu ; jn . Cleveland,
Ohio, the company is an unincor¬
savings porated ..business trust organized
degree of tax et
lty vis-a-vis the savings arid'
associations
banks.
matter, he spokev to provide investors with an op¬
lyvf'/-- ;■'•/ portunity tor participate! in in¬
follows:
as
mutual
and
On/this
■
>
"I turn now to the matter of tax; vestments, in
justice among competing financial
institutions. Under the able lead¬
real-
United States:
estate
in
the
'
Net proceeds from
promote tax uniformity. The staff, ing in downtown Cleveland, the
has worked .tirelessly, andy there trust's
initial
investment. // The
is considerable work in progress/
building will be leased back to
at the moment..
<.■■/";//;/ /'?>/•;//-/
Union
the
Commerce
Bank.
•
:
"A
great deal already has been
The trust's investments will be
achieved, as manifested in the ex - / directed primarily to the acquisi- /
celient treasury
report < of las; sition and holding of fee title to
June, which gave strong support income-producing real e s t a t e.
to the commercial bank case and Special emphasis is to be given-''
,
led
to
the
hearings
before
the
House Wiays and Means Commit¬
tee
in
properties which have a favor¬
geographic location from the
of possible /apprecia¬
able
At these hearings. standpoint
August.
commercial
various
the
to
banker
tion in value and which is
subject
working for tax uniform¬
ity coordinated their testimony.
Impartial observers agree that the
Committee was strongly impressed
to
by the commercial bankers' argu¬
ments. Since that time, however,
ordinary income
and capital gains
distributed to
shareholders, provided certain
qualifications imposed by the Act
the
opponents
have
of
embarked
tax
upon
uniformity
aggres¬
an
sive
publicity campaign, with the
result
that
many
Congressmen
have been
and
competing
single tenant.
a
Under the provisions of a re¬
cent
enactment
trust
come
are
is
by
relieved
taxes
met. / ~
Congress,
the
Federal
in¬
of
on
•'
deltiged with letters.;
; "Our cause is
terest,
^
net lease to
a
in the public in¬
confident t''at
financial institutions
I
am
will in time be
required to
Lortogs, Inc.
Stock Offered
assur e
their fair share of the tax burden
Reich & Co., New York
In
associates
fact, the prospects are, in my
judgment, - extremely
favorable
City and
offering
publicly
200,000 common shares of Lortogs,
for action in the forthcoming ses¬ Inc., at $6.50 per share. Proceeds
sion of Congress, provided — and will be used by the company to
this is the vital condition
that repay bank loans and finance in¬
the commercial banking industry creased inventories and accounts
.mobilizes for an effective cam¬ receivable.
The company of 85 Tenth Ave.,
paign of public education on the
subject. Neither Joe Naughton's N. Y., is engaged in the design,
Committee nor the staff can do manufacture and sale of children's
this; it is up to the individual sportswear, principally for girls, *
are
—
use in varied types
electro-mechanical equipment.
tractors,
He was formerly
Slocumb & Co/and
Mutual Fund Associates, Inc.
with
319.3
Here
,
'•.engage .in a public .information
.'program of this type. In some instance^ the /reasons may lie in
dustry. "The
ABA," s a id
Mr. Walker,
commercial banker.
States
Canada
France
5.8
100.0
7.5
...
Other Countries
Mexico
1956
95,0,
21.6
__
United
1957
13 0
Germany.
...
Total
4 4
Amity ville,
.
40
United Kingdom
France.
Japan
1959
103.0
4 2
Mexico
India
ijwo
100.0
in
y
Long Island, N. Y., the company
manufactures
precision; instru¬
(In Millions of Ounces)
Industrial Uses:
Headquartered
193.0
(Partial)
banking1 in¬
groups
Net
plant and for working capital,
World
1
a
it.
of
use
..
38.7
Other South and Central
American
common
byFloiftenhaft, Seidler &
Inc.
/ /
.." •/'."./
Co.,
Of
5.0
1
PoUvia
of
sale
Dyftamil Gear Co., Inc.,
being made through the offer¬
ing fof 125,000 shares at $3 per
share by an underwriting, group
100,000
32.5
Peru
public
of
is,
•
Merchants)
44.0
Mexico
/.
stock
headed
.
Handy & Harman
I960
United
;,\£;
SILVER PIM>DUCrnaiN (Partial)
•;
ves
sougHt by the
eonamerci
-
-.
Initial
2 Progress of exploration in Nova Scotia
corded in
J.ecti
-
the sale, plus the proceeds of. 'a
ership of Joe Naughton's Commit-/ $13,500,000 mortgage loan, will be
tee for Uniform Tax Treatment,/ used to purchase the title fee to
commerciai bankers throughout-; the Union Commerce Building/ a
the nation have joined together toy:
21-story barik and -office/build¬
What will these hoarders do at
mining
b
•
unity of-. purpose emerges as the
key to a successful effort. I real¬
ize that/some; of our member
'commercial banks are reluctant to
will always.be
equipment and supplies including
overbed tables, service trays, fold¬
ing screens, safety sides for hos¬
pital beds, and waste receptacles
and folding furniture. The company's products are made princx-y
pally of stainless steel and alumi¬
num, and are sold to surgical and hospital supply dealers and « la¬
boratory equipment dealers.
*
use
half-a-dozen
o
make
the
/;-; hope that ABA members, in turn,,
/■■
.
by
/to
innovation which I should like to
-
of 25-11 49th St.,
company
'*>•
1 As
r
bership. This is the primary rea¬
son
I am reporting directly—an /
,
silver's
Vast
e
'
sociation's officials and the mem-
.
in
unknown
d
or
achieve
-yy
I must add another
big /proyiGed'—-providedthat we
:•; "But; here
communications
products and work-
Long Island City, N. Y., manufactures, on an international basis,
a
specialized
line
of
hospital
all.
not
new
...
in
order that the
buyer should break even. Also, a
a
There
Burma, /
should be considered.
within
metal.
^pubiic/''/y;/yy/"!rr:?v'-'V^
close ranks in t/
is
will be
unusually
content; up to 400
ton! Area Mines are
per
/
;
Net
Exploration Co. is reported
rich
bringing
,E.
to
r
will agree that it
especially effective- in
our story home to the
you
be
unity of purpose Js essential. Thus
we
frankly must admit that in
T would
FirWeber Securities Corp., New
hope that banks, both
some
ways is not the strongest.
York
large and small, in every section
City has announced thattheir offering of 100,000 common
broad
agreement as to over-all
shares
of
eagerly to the opportunity to work
Beam-Matic/Hospital
objectives," he added, "our unity
for legislation. that is clearly in
Supply, Inc., at $3 per share, .was of
purpose/and action is not al¬ the_
oversubscribed
and
the
books
public interest and that, also
ways
eyideht. An indispensable r
closed. The offering marked the
would help to remove a tax bias
ingredient in\the building of our/
first public sale of the company's
strength, and in the creation of a wh|cn impeaes fair competition.
common stock. /;
y/VV—/■/;(<yv;- true unity of purpose and action, We are also counting on tne aci;ve
lower-grade ores and the devel¬ way, in Canada especially, such
opment of fresh ore bodies. But as a new major mining operation
the question is, whether the stock of United Keno Hill in the Yukon
market did not discount already wilds. In the same territory, Conthe
s
a
cial
Stock All Sold
or
ton, has a long "lev¬
erage" on the rising market for its
product. What is more, the higher
tons of
material
.will"
"is the world's
The market as¬
rise.
may
sumes
1
and I think that when you
and
*/./•-
/.
;
State
others;
see the
bankers,
association secretaries, and
Dr.
Manager,
C h
e
Walker,
largest
Possibly, a buying spree may
drive it higher.
But the law of
supply and demand reigns su¬
preme:
the mere prospect of a
high price provides a mighty in¬
centive to expand the productive
of silver per
■■
so
metal
verbal challenge from
a
Executive Vice-President
E xecutiv
at
by the recent 6%
^B^nk Idnity y
consultation- with
the
Association
Bankers
its
Sam, in his infinite wisdom, may
clamp down on silver ownership standing by for a decade,/me¬
home and abroad, as he did
ULhave skyrocketed in the last 12.
chanically selling its "|ree'!>silver
on the ownership of gold.; When
tmonths or so.< United Keno Hill,
holdings. Presently, the Treasury ;
in serious international; payment has realized that it has to choose
the -number one producer (50%
troubles, governments of the so¬ among
Controlled by Ventures), doubled
alternative policy
lines
bit the Toronto Exchange; Agnico cialistic color are liable to resort and, according to?:newspaper re¬
to desperate measures, rather than
jumped from 48 cents to $1.05,
ports, a "broad /study" of ; the ;
Sisco Mines are up from 79 cents to restrain their own inflationary whole situation is tinder way. / ;/»/ :
to $2.i The stimulus is increased propensities. 'V */•/
•of
Convention; of
recent
received
above:
the part
of the U. S. Government. It was
action
;
American
third ques¬
indicated
as
Thursday, October 26, 1961
Need for Commercial
"
"
"
-
.
And there remains
tion
.
35 mil¬
months
nine
"
.
million
some
sold
and
first
the
.
Brush,
All
that
the
Naughton Committee and the staff
can do is to provide guidance and
material, and this we are now
preparing to do. Shortly after the
Convention, each ABA member
bank will receive a complete Tax
.
Justice
Public
Information
Kit.
The material in this kit has been
prepared
by the ABA staff after
which is marketed under the trade
"Lortogs, House of Botany".
products * include
skirts,
blouses,
pants,
jackets,
suits,
jumpers and bathing suits and re¬
tail at from $4 to $20 each, with
the major portion being priced at
around $8. The items .are made
for girls of from one to approxi¬
name
Such
mately seventeen
years
of age.
194
Volume
Number 6102
.
The Commercial and Financial Chronicle
,
.
Wholesale
dex
_jContinued from page 5
according to the Edison Electric
Institute.
Output was 37,000,000
contract with the UAW. The
strike,
interrupting
production
Oct. 2-17, ha*s taken an estimated
80,000 -unit toll of Ford's planned
October production. At St. Louis,
year
the company
kwh.
returning
began
'I
,
the
to
company
Fair lane
from
mid-November
*
.
car
to
Nov.
debut.
1
'y'V
American Motors Corp. at Ken¬
are
of
board
the
new
contract
if)6i
Production
Corp.
was
feet
for
,
plants
pany
four
in
1961:
;
3/10
219,482
223,972
206,480
con¬
216,936
of
week
642,172
56.8%; Ford
Motor Co., 21.2%; Chrysler Corp.
13.8%; American Motors
6.3%;
anh Studebaker-Packard 1.9%.
Climb
Failures
This
or
Highest
4'"v-
4y;/ In 11 Weeks
ended
Oct.
19,
from
341
in
not
the
tality continued
44%
some
the prewar level of 277
$100,000 edged
eral
y4:
Railroads
the
the
above
week
in
1959
-
There
loaded with
cars
highway trailers
or
highway
ended
revenue
in
that
was
week's
con¬
occurred," among
casualties
levels
to. 356
from 306
in
the
pre¬
aled
vious week, and" outnumbered by
wide margin the 238 in : this
size group last year. /
128,166
to 217 from
turers
to
retailers climbed
There
174, among manufac¬
43, and among
wholesalers rose mildly to 48 from
39. On the other hand, construc¬
tion casualties dipped to 52 from
57v and there was little change in
in
industry
all
sharpest
retailing.
Six
and
trade
4:4/
•
of
nine
the
•
•
'
geo¬
graphic regions reported increases
in failures1 during the Week. The
toll
in
the
moved
Atlantic
Middle
states
to 107 from 91, in the
Atlantic, to 68 from 51, in
Pacific to 85 from 69, while
up-
South
the
S.
Week Ended Oct. 14 Was 4.7%
^
Ahead of SaMe Week
y
truck
Intercity
week
of
14
volume
the
I960
the
in
tonnage
Oct.
ended
ahead
4.7%
was
in the
cor¬
week
of
I960,v the
Trucking Associations,
Inc.- announced.
Truck
tonnage
was 3.1 % below the previous week
American
of
this
year.
v
-
y y
.
s
.
.
to
These findings are based on the
weekly survey of 34 metropolitan
areas conducted by the ATA De¬
North
tive
Central
and
Mountain
-
Regions.
Canadian failures
ably
to
<
50
preceding
f
wefek
appreci¬
rose
r o m
and
in
38
36
the
in
the'
corresponding week last year,
*K
Electric
4 ...ly
The
Output 6.8%
Higher
Than in 1960 Week
•
y
•
-
amount of electric energy
distributed
electric light
ami power industry for the week
ended
Saturday, -Oct.
21,i was
estimated at 15,162,000,000 kwh.,
by? tite
week,
the
second
dipping
to
274.14
on
23, reports Dun & Bradstreet,
Inc. Despite this downturn, how¬
it: remained' considerably
above comparable year-ago levels.
ever,.:;
4
The 1980 Week
/ >
Department
store
=
100)
on
at
Oct.
274.14
23,
(1930-32
the
Daily
.
the
Federal
as
>
-
with
the
the
For
sales
14, '1961,;
like
period
week
6%
were
4
cor
pared
last
ended
higheT
year.
Oct.
than
.
'nt
He
was
Hentz & Co.
with
1
■
■
//,;/
the continued upward
trend in general business.
-
Buying Policy
No
the buying policies of Pur¬
dramatic change occurred in
chasing Executives during September. Vendor lead times remained
the controlling factor and respondents tell us these are under
review, as are price developments and world tensions.
within
Our charts show a "saw-tooth" effect
a narrow
range
year-to-date is viewed
is discernible. While some
month-to-inonth basis; but, when the
on
a
as
a
whole,
gradual lengthening
a
pronounced during the
expect this lengthening to become more
months, reluctance to abandon conservative policies de¬
veloped during the past recession is quite apparent.
next few
•
•
•'
•
•;•••-—•'
•
per Cent Reporting—
t
Hand to
30
Mouth
4
•
60
—%
6 Mos. to
90
Days
1 Yr.
Days
Days
8
35
38
15
26
43
24
5
2
12
7
14
21
46
<
September:
Production Materials
MRO
Supplies
Capital Expenditures
4
—
August:
7
38
40
24
49
22
3
13
4
11
Supplies
Production Materials
MRO
'2
-
.
3
17
47
20
Specific Commodity Changes
/y//
formerly
,
Capital Expenditures
With Shearson,
vard.
;•
4/ /'y4
ing in August.; Only 10% report lower employment. This "lag"
expected and is ail .encouraging sign for
Federal Re¬
System
Hammill
: ■
■-•.■
■■■
indicator is behaving as
constant
department store
sales in New York City for the:
week
ended Oct.
14, were -1%
serve
■
porting since the pre-«teel strike months of 1959.
No change in
employment was reported by 56%, down from the 63% so report-
last
period in 1960.
the
y
7,
In the- four-week period
ended
Oct/14,
1961, sales ad¬
vanced 4% over the corresponding
According to
"/
.4.
;i,
'444 " ' 4'4/4 '^'v/.y/.4'Employment
year.
/
'
Employment moves to higher ground.^again this month, ex¬
tending the upward trend line noted since February. ,The 34%
reporting higher employment levels is the largest number so re-
in-
dexywere unchanged fur the week
ended1' Oct."
/
reported by 23%, up only 1% above August.
>
Board's
Reserve
Higher figures are
month, while 18% report lower levels.
last
sales on a
taken from
particularly grains.
-
4>A* Purchased Materials Inventories
Sales Are Unchanged Over
•
prices
for lambs, hogs,
HILLS,
Calif.—Karl
coffee, butter, wool, tin, and steel, BEVERLY
scrap pushed the index below the
L.' Sussman has
become
associ¬
prior.,week,. although a number ated with
Shearson, Hammill &
of commodities increased in price,
Co,j 9608 Santa Monica Boule¬
Standing
marked reaction to the
a
:
(Special to The Financial Chronicle)
Lower
'showed
The "bottoming
/y
Z v
Nationwide Department Store
yv
consecu¬
Oct.
Commodity Prices
levels in September
weakening in the face of growing pressures.
.uy
NOrthiy Central
Casualties partment of .Research and Trans¬ lower than the same period last
edged to' 65 from 63. The only ' port Economics J The report re- J year.y In
the
preceding
week
fleets tonnage handled at moreexceptions to the general trend
ended
Oct.
7,
sales were ;5%
than 400 truck terminals of com¬
were
the
West
North
Central,
higher than the same period last
mon
carriers Of general freight
West
South / Central,
and East
year. For the four weeks ending
4,
South Central Regions where tolls throughout the country.
Oct. 14, a 2%
increase was re¬
held steady or dipped. More con¬
above
the
1960
period
Wholesale Commodity Price Index ported
cerns failed than last year in all
while
from Jan.
to
Oct.
14, a
Continues Dip Although
areas
except the South Central
1%
increase over
sales in the
y : y
Above Year Ago
states. In fact, casualties ran twice
comparable period of 1960 was
The
general
wholesale
com¬
as
recorded.
heavy as in the similar week
of I960 in the South Atlantic, East modity price level continued to
off for
cloud
a
and only 6% say prices .are lower. Indications are
stability mentioned an our August report may now be
that the
Central
East
ease
noted as
was
passed without serious
now
month's 83%,
&
y-; ■..,/.
'.'4/
u
f
',/.. 1
/
This has
quickening tempo of business activity.
Members finding higher
price tags in the market place climbed from 10% last. month to
20% in September, the largest percentage so reporting since Aprd,
1960. Those who say the prices they paid were largely unchanged
still account for a substantial 74%, but this is down from last
Middle
Qentral
+4;
North
country-wide basis
Tonnage for
• .•
-
0
West South
and
-fi to -f5; East
4-2 to/46/. 4
;
railroad
responding
-
major
U.
above the
in
1959.
;
>
service, with the
upturn
from
1960
in
I
Interstate Truck
year
except
groups
class
58
automobile strike
Purchasing Executives mentioned in previous reports is still very
much in evidence. A solid 59% report no change, up from 56%
Atlantic
Atlantic
.
-service!,
at - 29 1 as
against.28 in the prior week. More
ago
40.3%
'period
10
13
out" of inventory liquidation noted last month
seems
to have occurred and a small degree
of accumulation
started. The "hair-line control" and "'close to the belt" policy of
systems
commercial
a
or
originating this type traf¬
fic in the current week compared
with 55 one year ago and 50 hi
the corresponding; week in 1959.
54 "from
businesses succumbed than
cars
responding
an
—.4
Price
re¬
Dun
39
38
South
for an increase of
4.5% above the cor¬
period of 1960 and
cars ur
responding
,
The to-! among
•
446,107
19,380
a
by
6
12
economy. Meanwhile, labor cost increases, sagging profits, prices,
lengthening lead times, government spending, and inflation seem
to be uppermost in the buyer's mind.
fur¬
of
:-i
.
possibility of
following percent¬
the
by
y
ages:
Pacific —7 to —3; New
England —4 to 0; West North
Central and Mountain —3 to +1;
East
South Central —1 to
+3;
Cumulative piggyback loadings
for the first 40 weeks of 1961 tot¬
with losses under $100,000, which
collected
estimates
58
37
4..-.
36,
51
effect, and Purchasing Executives seem to be looking ahead io
negotiations in mid-1962 as the next serious threat to the
Bradstreet, Inc. Regional estimates
varied
from
comparable
1960
.
rose
volume
Worse
Same
44,.
<■/
.
the steel
last .year,,
than
above the 1959 week.
also
The
strong up¬
a
>-y».-M.? :
_
51
49
:
;
the horizon last month.
on
from even to 4% higher
according to spot
ranged
1,223 cars or 10.3% above the cor¬
responding week of 1960 and an
increase of 4,145 cars or 46.3%
similar week of 1960. An increase
and
total, dollar
The
of
to 42 from 35
a
week ago and exceeded appre¬
ciably the 32 of this size in the
up
j
—
August
apparel, an even pace
wear,
y".
•
■
_
Production:
tail trade in the week end Oct. 18
over-all
increase
an
New Orders:
August
in autos.
surge
(piggyback) in the week
7, 1961 (which were
total).. This
men's
in
Oct.
included
-
topping
/_.
4
•.
week
home
and gathering
so
Ended
the
■
Better
at the
4 4,-4,
corre¬
reported
4 ;
It would
days."
way
51% show higher production figures, the highest
reporting since May, 1959, while only 10% show
production at a lower level.
both helped
abnormally
in
interest
under
/
percentage
Its
Oct.
consumer
next 60
This month,
-
nishings lagged during the week,
(during^ -there was a mild advance in sales
more
tainers
mor¬
1955.
18, continued to push
moderately
ahead
of year-ago
levels. Again, wide regional varia¬
tions shaded the picture. Although
de¬
a
or
likely within the
September
in
weather
warm
most encouraging this
a "strong movement
are
with a strong 58% reporting higher
figures. Previous to this month, only three times in the last 10
years has such a large percentage so reported. (August 1955, Sep¬
tember 1958, and April, 1961), and only twice in the same period
has the jump upward been as sharp. A very low 6% report hew
orders down.
This is the lowest number so reporting since April,
18
purchases,
/.hindered
by
and
ended
one
was
New orders set the pace,
Continues
Retail
of women's
13,088
were
prices
/
Oct.
preceding week.
10.8%
food
of
Rise for Week
Moderate
of
or
v
level.
Consumer Buying
announced.
-
trend
better
appear that this movement upward is
momentum.
44; "''y
/4'
' ;y'V
It is
index.
production figures
Last month our members told us that
the
September
in
Oct. 14, totaled-,
the Association of.
the steel strike).
above
in 1939.
Failures with liabilities
for
rep¬
use.
New order and
month.
foodstuffs
raw
general
cost-of-living
wholesale
an
sponding
comparable week last year
and the 250 in 1959. Business
poration, Pittsburgh, Pa.
x
chief function is to show the gen¬
increase of 2,231 cars
three-tenths of one per cent
was
cars
steeply from the 270 occurring
in the
a
in
accomplished
an
comprise the National Association of Purchasing Agents' Busi¬
Survey Committee, whose Chairman is E. F* Andrews, VicePresident in Charge of Purchases, Allegheny Ludlum Steel Cor¬
total of the price
31
of
now
ness
Inc.
Index
1960-1961 recession is
who
off
was
Bradstreet,
sum
meats
11,105 .cars
or
1.7%
below the corresponding week in
1960, but an increase of 62,762
preceding week, reports Dun &
Bradstreet, Jnc. At the highest
level in 11' weeks, casualties were
up
and
freight
revenue
cars,
crease
398 in the week
swung up to
-
The loadings represented
■
Commercial and industrial fail¬
ures
Week,.,,,;':
&
Food Price
pound
ended
American
above
•
ago.
cocoa.
Dun
per
14, 1961 Increased
•,
and
"bottomiag out" of inventory liquidation in September
a small hit of inventory accumulation.
Recovery from the
quoted at
for
hams,
week
good fourth
see
fact; the "hoped for" better third quarter is a reality; and the an¬
ticipated "good" fourth quarter seems to be in the making.
This
observation is based on the September report of purchasing agents
and
year
index
were
this
resents the
1% Above Preceding
Loading of
the
Motors accounted for
Business
coffee
212,178
223,520
y,
production.
the week's output, General
Of
the
prices
Wholesale
i960
218,636
Ended Oct.
com¬
states
25,
wholesale
Freight Car Loadings for Week
uninterrupted
tinued
Oct.
business conditions
succes¬
weeks
a
a
and
.
Oct. 15
,
223,224
Orders—
huddled
negotiations,
On
'•The
Oct. 7
;
the
-
.-•225,684
Shipments
in sub-committee
UAW
12
continued below
detected
group
-
the
also
Lower
South
with
week,
the lowest level in
associa¬
V
Oct. 14
continued its-five-day program at
Bend, Ind.
While Chrysler Corp.
Index
Down
bellies, lard, cheese, Cottonseed
oil, beans, eggs, potatoes, cur^
rants,
steers,
hogs
and
lambs.
orders rose 4%. Contrasting increases occurred in
the figures in
flour, wheat, corn, rye, oats, sugar,
weeks indicated:
over¬
Studebaker-Packard
1966
ago
5.2%^, and
Following
parts short¬
cancelled out Saturday
time.
year
thousands
osha, Wis. will finish out a fiveage
A
vanced
•'
day schedule after a
Price
Food
Continues
on
quarter ahead based on encouraging Inventory, new erder and pro¬
duction figures. Despite uhair4ine control," the purchasing survey
Compared with 1960 levels, out¬
put dropped/2.4%, shipments ad¬
2
4'?/'"
'■
in
Week
Purchasing agents surveyed
•
Wholesale Food
Index, compiled by Dun &
Bradstreet, Inc., inched down to
5.2%
the figure
323,972,000 board feet.
originally set for its public
date
Same
Were
reports from regional
tions.
to
up
the
Wholesale
43
"Good" Fourth Quarter Forecast
a
218,636,000
board
feet 0.7% to
$5.90 from $5.94 last week
compared with 219,482,000 board
and down l-.8% from $6.01 in the
feet in the prior
week, according similar week of 1960.
strike, Ford Motor Co. has moved
the introduction1 date of its new
intermediate
Above
264.49.
was
Dipping for the second
totaled
wide
-
Shipments
In¬
Price
Lumber production in the United
States in the week ended Oct. 14,
to
spend about two weeks complete
ing the plant's buildout of "old"
model ears.
.'
Due
when it
sive
Lumber
Price
previous
week.
Thursday, and will now
their jobs
the
15,125,000,000 kwh/
971,000,000 kwh., or 6.8%
and
this week also finally
site
of
above that of the comparable 1960
July 26, and which had halted '61
model
assembly there. Workers
that
that
Commodity
off mildly from 274.38
was
week ago, but substantially higher
than on the similar day last year
week's total of
settled a local dispute dating from
at
above
(1815)
H.
this month reflect
described. Only one item was
generally reported down, although the chemical market - as a
4-4
The
reports of specific commodity changes
the over-all
price picture previously
whole, < continued weak..
There
are no
.
•
,
.
.\y
*
indications that any serious shortages
developed..On the up
ings, paper, burlap, and cotton.
On the down side are: Aniline.
*
have as yet
..
.
side are: Iron and steel
In short suddIv: None.
♦
_
r
castings, steel scrap, bear¬
y,
-
44
Investment Bankers Association
.A,:
Chronicle
The Commercial and Financial
(1816)
r
Lv.
Hollywood
Friday,
Ar.
To Hold 50th Annual Convention
Richmond
Dec. 1
8:00
Annual
1961
will be held
Association
of the
Convention
William L. Cary, Chairman, Securities and
Dr. Zentz Joins
a.m.
30th
Ar.
North Phila.
1:30 p.m.
Ar.
Newark
2:45 p.m.
Ar.
New York
3:00 p.m.
Association 01
announces the appoint¬
Bankers
vestment
America
Zentz
Bill
of
ment
will be
cars
operated via the
leaving Hollywood at the
New York the
same
route on
same
time,
1:25
economic
statistical
following day at 3:00 p.m. Return service will also
same route on a regular train leaving Holly¬
and arriving in New York the following day at
" ■
" *
:Zentz
.
a.m.
Milton S.
ris,
Following custom, the first business session will be
D. Room
*
FOR PRESIDENT
? •;
65.84
49.12
45.54
36.85
Secretary
(for /Debt
Management),
45.82
42.63
34.38
40.32
37.24
31.24
26.51
49.61
36.19
33.28
27.94
23.54
H.
r
/
Y
Harris, Bache & Co., Chicago
bers, 5
as
sentative,
^
-
v
v
-
Hotel
exception
the
entire
convention
replacements.
will
•
be
made
in
fees
no
*
•
>1
•
where,
member
a
will
be required
"
"
;
'
.
with
the
Presidents
served
•
by
4n
.
the
ties
to
Association
Baltimore __L_
$1Q2.14
95.98
similar
86.35
nance
'Lv. St.
and
their
PULLMAN
Checks
On
Y
10:20
.5:00
RESERVATIONS—Reservations
St. Louis 2, Mo.
"...77
•
'
:
.
'Y
.
are
Double Room
Y7-':77'2
Persons——
$62.26
1
Person—______
covering 7.
tPIus
registration fees should be made payable to the Association and
Washington with the form for convention
registration and hotel reservations.
tional
K&6.73
railroad
additional
fare.
;
follows:
-7; $45.21
railroad
made
be
$Plus
fare,
It is not
All reservations for
rooms
at the convention
through the Association's office
on
limited
number
-
hotels should be
7
the form for convention
registration and hotel reservations.
•/-•HA
for
ticket agents.
.
:
„
-
.
rNew
$41.75
35.31
$12.33
,
7
to
addi-
necessary for those
for the pre-convention
indicate
forms.
their
It may,
arrival
concerned
or
and
to
make
post-convention
departure
plans
separate
the opening or close of the
convention.
.
Representatives
New
.7/ 7'
hotel
room
Hotel,
SPECIAL TRAIN
route of the train in both directions
1(,
Railroad between New York and
or
passengers
-v
between Washington and.
Richmond,'and Seaboard Aif Line Rail-7
road between Richmond and
Hollywood. The schedules will be as
follows:/ •'
Y•
\
•
~ •
'• / ■
•7
•
.
-•
.
j
-
..
.
Going Schedule
-
Lv. New York
Lv.
Lv.
North
.
10:45
Lv.
"
,*
"
"
Lv.
Richmond
"
u
3:00 p.m.
5:25 p.m.
Ar.
Hollywood ;
Sunday,
."
Nov. 26
*
convention
hotels will travel
numbers.
on
Holders
of
such
on
the
room
station
by truck and distributed promptly to the proper
Those
'
-
11:05
a.m.
,
arriving, other than
on.
the New York, train
,
/
cordingly,
no
most
7
301
Main
East
Cross
St.
management of Robert
/"
'
Y
/
C. Roberts Branch 7
<
Calif. —N.
C.
Co., Inc.. has opened a
ANGELES,
.
branch office at 210 West Seventh
under
.
N.
the
management of
Maclntyre."
He
was
New Sutro Office
FRESNO, Calif.—Sutro & Co. has
opened an office at 2132 Tulare
Street, under the management of
S. Smith.
.77 7
7
Loren
from the convention
can
make their
satisfactorily through regular channels. ^Ac¬
special flights have been arranged.
Chicaga Analysts to Hear^.
CHICAGO, Ill.-^rank A. BoetU
ger of Cessna Aircraft Co; will be.
7 guest \speakei:, at
meeting / of
the
the. .luncheon
Cessna
Aircraft
Co? tor be held Oct. ^26 at the MidY
land
Hotel."
r
-
f
;
.•
;
Charles Andrews Opens/.
TRANSPORTATION
or
•
:
.
In view of the number of flights now available, it is believed
that those wishing to fly to
arrangements
on
C., Jones
The hotel representatives will also furnish
with baggage tags filled out with their names and hotel
.rooms-
Stock ./Exchange,
-formerly with Fairman & Cor"
keys without registering and may then proceed
rooms.
Co., 1 Wall Street,
members of the
partnership77: '*7777 7.
/ Roberts &
the proper floor of the Hollywood Beach
AIR
'•i!f
N.
slips should present
numbers/ which should be attached to each piece of hand
from the
hotel
12:15 p.m.
12:24 p.m.
*
the
with slips indicating
in the regular way.
1:56 p.m.
"
v
Washington
"
"
at
under
Patrick
baggage; Then, upon arrival all such baggage will be transported
a.m.
«
"
•
a.m.
11.00
"
:
limited
LOS
•
should, of course, register at the front desk of their assigned hotel
Saturday, Nov. 25
Phila.
Lv, Baltimore.,
.17-
~
Newark
Ly. 30th St. Phila.
room
-
,
:'7;
at the front desk of The Diplomat, where they will be
directly to their
will be Pennsylvania i
Washington, R. F4: & P. Railroad
of the
Co., ll Wall
will admit Mark
D. Westfall.
REGISTRATION —BAGGAGE
them to the floor clerk
given their
,
•'
$104,677;;
train and will furnish passengers
York
their
at
Convention Transportation ~
NEW YORK
York
2
Street
period provided they
on
their reservation
rooms
.-'f- 7777 ,7r
The round-trip railroad fare (including federal
HOTEL
reservations
however, be necessary for them to change
>
trip should be made through local
tax) between St/ Louis and Hollywood is*
&
FINDLAY, Ohio—John A. Kemper
& Company has opened a branch
for the return trip and
■■7"7
Stock
7New Kemper Branch 7
;
^
of
be
that
7
cars
Gildea,"
York
York. City,
New
Nov.
7.7"'
7 7-
RAILROAD TICKETS—Railroad tickets should he purchased
from local agents.
early arrivals can be accommodated
beginning November 18, and a limited number of reservations can
be continued for a few days
following the convention. It will not
_
/
7-
Williams
office
planned to operate special
Pullman reservations
Hotel Arrangements
S.
J. B. Winmiil &
T
-
New
Bedroom
.7"/;
$36.96
-
Thomas- J.
the
J. B. Winmiil to Admit
p.m. ;
7/
1
'
of
7/77:
a.m.
should
Compartment
f50.44
'
-7
as
on corporate, fi¬
development.
Street, New York City.
One-way Pullman fares (including federal
from St. Louis to Hollywood
tax)
pro¬
Exchange, will become a partner
in the Exchange member firm of
Hollywood.
77
Friday,
Nov. 24
Saturday, Nov. 25
statistical
and
municipal
continued, and a
under
Nov.
member
through Harry Theis, Stifel, Nicolaus & Company, 314 N. Broad¬
way,
wives.
Louis
be
program
is
Blair
follows:
research.';
Blair Williams to Admit
the "City of
on
Coast Railway to
East
Florida
Y Ar; Hollywood
:
; ;
7777.
CARS
from St. Louis will be operated
as
state
on
will
> Washington—
Jacksonville, and
economic
business. The
bonds
116.11
SPECIAL
v
other-areas related to the securi-
128.38
cars
Co.
„y£ripus» fields, of- finance anda
gram
.Richmond
Insurance
'
forwarded to its office in
made
Life
-
$129.61
The schedule will be
;
•
.
exception of the replacements noted above under
the Convention," and with the
exception of Past
the
points
econo-
As Research Director for the
IBA, Dr. Ze?rtzJlwill contmue the
•
Association's,
(in¬
ham, Central of Georgia Railway to Albany, Atlantic Coast Line
for their
'
'
at
of
from
consulting
as
member of the bqard of the fol¬
Union
he purchased
Miami," the route of which is Illinois Central Railroad to Birming¬
„
7 7
Convention Registration Fee
"Attendance
Hollywood
ST. LOUIS
It will
tion
York
New
Special
The registration fee for the convention will be $50 per person.-7
apply to each man and woman registered for the conven-r
;
served
lowing corporations: • Unitex' Industriesv Inc.-; A, R. A/Manufac¬
turing
Co.; : and
Southwestern
.
YY'YyY;"-.
;
''
v'_,,
to
its Busi¬
v.mist for several industries and is
be made through the rail¬
may
on
has
Pennsylvania
follows:
as
serv¬
and Economic Committee. He
Newark
will be ex-
persons,
cases
A
77'777 Y'Y
,
401,
who will be present at the Hollywood Beach
cluding federal tax)
of the Association provide that member organizations may
send to the convention only persons
occupying executive; offices
positions.
Commerce and served
•
Laws
or
Room
TICKETS—Railroad tickets should
special train aire
Census,
of
ness
be. completed-.,. If this is not
may
if plans change,--they
intended to apply to all persons in
and
'
Railroad,
not be able to -supply them.f Round-trip- railroad ;fares-
In addition, it should be noted that the Constitution and By-
;
,
Jrbrtk local .agents. Those ir*. charge of going PulimarL*reservations-
organization wishes to send its permitted number of persons for
the first part of the convention and then
replace some or all of
them with a equal number of other persons for the last
part. In
such cases, the registration fees for the earlier
persons will apply,
for
or
active in assisting
was
Chairman
as
Philadelphia—
are
will
,
trip of the special train
Y
attendance at the convention, and not merely to those registered
the convention or having accommodations at the convention,
An
Pennsylvania
RAILROAD
for
hotels.
The
return
during the convention.
from the limitations.
The above limitations
the
the Dallas
Census Tract Committee. He is a
are
Y;
?■•'
Dr. Zentz
the U. S. Bureau of
through D. A. Kornhoff, Passenger Sales Repre¬
road representatives
«
'follows., GlassEA, -mfinW. vf
Presidents, and the wives of such
with
member of the Dallas Chamber of
the
for
satisfactory arrangements
7 possible,
;
persons;
Past
Economist
-
1958-1961.
a
that
$
Class B members, 4 persons; Class C members, 3 //
Class D members, 2 persons; Class E members, 2 persons
—provided that Board Members, National Committee Chairmen,
;
and Group; Chairmen (both present and incoming in each case)
and
Associate
Station,. New York 1, N. Y;, at the earliest possible date in order
^
•
persons;
eluded
Department at Southern
Methodist University. He also was
cancellations which
on
departure.
Pullman reservations
should be made
'
^
;
Lemon, Johnston, Lemon &,Got^.Washington:
send to .the> convention" will he limited
the
Finance
ing
Refunds cannot be made
not made urior to date of
action of the Board of Governors, the total number of
^(including, wives) .which" any member,organization;. may*
By
-
persons
Fi¬
of
First National Bank in Dallis from
'.
VICE-PRESIDENTS A
Attendance at the Convention
:
of
Chairman
and
nance
Professor
was
November 24.
Walter H. Steel, Drexel & Co., New York
I
__
Treas¬
S.
to joing the IBA staff,
covering Pullman space will be issued in lieu of
regulation Pullman tickets. Certificates will be mailed if applica¬
tions are received promptly. Otherwise they may be picked up at
the office of James F. Burns, III, prior to 5:00 p.m." on Friday,
" V
../;7
Thomas M. Johnson •
*
«
Johnson, Lane,-Space Corporation, ^ Savannah
James
77, .7 .*/7;7"U.
ury. Prior
Dr. Zentz
29.32
55.39
Dr. William Zentz
31.46
61.27
Richmond
convention the
William T..JKemble, Estabrook & .Co., Boston
v!
•
32.73
Washington—.
Bingham, Bingham, Walter & Hurry, Inc., Los Angeles.
The
v
$32.73
38.17
.
Baltimore
t
-
$38.17
50.88
to
Assistant
Certifcates
A The Board of Governors will submit to the
Regular Ticket for 1961-62, as follows:- -V
7
$47,19
'747.19
$50.88
be-
Deputy
the
1 Person
68.31
Asso¬
to
ciation
'come
Duplex
1 Person
$68.31
Philadelphia
Regular Ticket
David J.
Bedroom
2 Persons
Newark
Thursday morning, November 30,
and the incoming Board of Governors will meet that afternoon.
FOR
Bedroom
2 Persons
New York
New officers will be installed
Curtis H.
Compt.
2 Persons
Munici¬
a
.
has
who
the
left
.,
-
suc-
D r
Frank E. Mor¬
.
pal Forum on Sunday afternoon, November 26. Open sessions for
all delegates will be held each morning during the week.
The
various IBA National Committees will hold meetings and most of
them will present reports to the delegates.
ac¬
Dr.
-ceeds
•. v-77 77'
7 ' > '7 '
10:20 a.m.
Eisenhower, President, Johns Hopkins University, Bal¬
timore; V
..7 ' 777777777"-'7,v"r AC : 777.7 7 7/777'' / 77;
PULLMAN RESERVATIONS—Pullman reservations for the
Herbert H. Lank, President, DuPont Co. of Canada, Ltd., Montreal;
going trip should be made through the New York Transportation
John J. McCloy, Adviser to the President on Disarmament, Wash¬
Committee, of which James F. Burns, III, Blyth & Co., Inc., 14 Wall
ington;
7'77'7'7*7/
7/7■',7;77//7/ Street, New York 5, N. Y., is Chairman. One-way Pullman fares
Thomas E. Stakem, Jr., Member, Federal Maritime Board, Wash¬
(including federal tax) to Hollywood are as follows: ,7/7;.'
ington.
*
"
7
"
".
1
wood at 9:25
and
tivities.
be available via the
v
re-
search
regular train
arriving in
a
its
charge;; of
and
p.m.,
Research
as
Director in
1
With the exception of the departure time from Hollywood, the
times given in the above return schedule are approximate.
If
there are insufficient reservations for a return special train, spe¬
cial
In-
C—The
D.
WASHINGTON,
1:20 p.m.
St., Phila.
,
I. B. A. Staff
a.m.
11:45
Ar.
Exchange Commission, ''
.77'.. "/•;
Washington;
10:25
in
Partner, G. H. Walker & Co., St. Louis, and the inaugural address
/
by the incoming President, Curtis H. Bingham, President, Bingham,Walter & Hurry, Inc., Los Angeles, the delegates will also hear
addresses by these guest speakers:
...A:
—
Washington
Baltimore
1961
Thursday, October 26,
a.m.
Ar.
Hollywood, Florida, beginning on Sunday, November 26, and end¬
ing on Friday, December 1. The Hollywood Beach Hotel and The
Diplomat will be the convention hotels. The former will be the
headquarters hotel and the business sessions will be held there.
In addition to the address by IBA President George A. Newton,
.
1:25 p.m.
Saturday, Dec. 2
Ar.
The
.
Schedule
Return
'
-
.
Y
-7'
HOUSTON, Tex,—Charles E. An¬
drews
is
conducting
securities
business from offices in the Medi-;
cal.Towers under
the; firm name
of Charles Andrews &-Associates,
Volume
194
Number 6102
The Commercial and Financial Chronicle
...
(1817)
of Current
Indicated
steel
AND
STEEL
operations
oil
Crude
42
and
gallons
Crude
(net
to
tons)
stills—daily
fuel
oil
output
(bbls.)
output
(bbls.)
Distillate
fuel
Residual
U.
S.
Private
and
v
•
11,863,000
188,159,000
2,919,000
13
■13,414,000
*13,409,000
5,523,000
coal
13
36,329,000
36,265,000
.
Month of
166,438,000
160,855,000
49,982,000
50,080,000
49,430,000
*
*
''
-
i
f-
...
BANK
35,987,000
Electric
output
Oct. 14
II Oct.
r-.y
639,941
594,338
526,710
of
FAILURES
537,309
488,124
BRADSTREET,
IRON
;
AGE
$388,900,000
$399,500,000
386,900,000
Finished
*
steel
180,500,000
165,000,000
200,400,000
168,500,000
149,000,000
135,000,000
25,200,000
27,400,000
31,500,000
30,000,000
;
19
8,850,000
8,595,000
Oct. 14
N.A.
364,000
8,770,000
■;.y:
156
15,162,000
INDUSTRIAL)
—
DUN
j.
\
>164
■•.•;■•
by -150
15,125,000
•
v
15,025,000
398
METAL
Dollar
l. '
V.-;
Oct. 16
;
<E.
Based
V
Domestic
Lead
Louis)
(St.
tZinc
169,168,000
91,649,000
58,580,000
48,789,000
122,810,000
on
goods
stored
and
765,474,000^
397,789,000
394,000
.
BUSINESS
shipped between
756,962,000
:
—_____
:••'.•!.
6.196c
-6.196c
Retail
14,191,000
/'•/: ■'
)
337
.'i
*
&
BRADSTREET,
.
i
—
182
,
1
number-
.
'
r.'
Construction number-
—
(New
Manufatcuring.l liabilities-:.—
Wholesale
$29.50
Retail
6.196c
-
Um
30.600c
28.125c
Oct. 18
11.000c
Oct. 18
10.800c
Oct. 18
at_
30.600c
29.600c
27.700c
28.325c
129-
113
1,604
1,269
$66,737,000
11,002,000
17,927,000
$26,175,000
$23,011,000
13,060,000
7,381,000
23,080,000
10,048,000
27,716,000
14,417,000
10,950,000
6,358,000
12,715,000
$102,693,000
$80,604,000
128.0
*
:
—
!
liabilities
liabilities
—
——
liabilities————
-
——.
liabilities-:
service
27.050c
11.000c
11.000c
12.000c
10.800c
1
30.600c
10.800c
11.800c
12.000c
12.000c
12.000c
11.500c
11.500c
24.000c
26.000c
26.000c
121.375c
Month
103.125c
PRICE
of
INDEX
Oct. 18
at
■
~
Oct. 18
:
120.375c
121.125c
August:
All items i
•.?:•
>
i
i-Oct. 24
povernmentr Bends
Cereal and
87.13
87.21
85.46
89.51
91.48
88.13
87.99
87.45
89.37
Oct. 24
84r94
84.94
84.68
86.38
80.69
80.69
Oct. 24
83.40
83.28
82.90
86.65
86.65
86.51
,87.45
87.59
87.32
87.13
•
.
Oct. 24
A
j.~z+ui:i.C-it£idlL\
s
85.85
89.92
b
87.52
-
„
Other food
Railroad
Public
Group
Utilities
Industrials
Oct. 24
Group
Group
^
'
t
.
Food
4
118.5
118.0
116.6
138.2
127.3
107.6
107.9
106.5
1953=100)
121.5
121.6
119.1
132.3
132.4
131.5
143.6
141.9
125.6
125.6
124.9
136.9
135.9
133.4
103.2
103.6
138.8
139.1
137.6
109.9
109.9
109.3
111.1
from home
away
Housing
111.5
110.5
(Jan.,
,1"—,;
__r—
Oct. 24
80.69
'> 87.86
f
'.
and
Solid
electricity
fuels
and
U.
Government
S.
DAILY AVERAGES:
YIELD
corporate
Bonds
Oct. 24
3.97
Aa_IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIoct.
Railroad
Public
Group-
Utilities
Industrials
-
MOODY'S
of
Unfilled
end
at
(tons)
4.65
1
^
operation-^—
Footwear
4.46
Other
4.68
5.12
5.13
4.95
4.66
i
Medical
Personal
378.9
1
382,118
358,696
308,826
349;905
349,930
347,649
period
of
14
14
14
14
326,613
98 *
97
98
563,859
(tons
Refined
113.80
Oct. 20
OF
ACCOUNT
FOR
TRANSACTIONS
113.79
113.74
110.00
Refined
Total
Short
s
Total
the
on
i
2,000
Total
3,038,340
347,820
354,050
495,890
29
381,020
61,300
19,700
318,290
337,990
378,330
29
809,0§5
840,748
772,060
833,580
29
60,830
69,390
57,520
118,920
29
730,625
697,455
678,300
659,092
29
791,455
766,845
735,820
778,012
3,930,315
3,364,920
4,535,030
522,480
3,670,638
562,390
403,980
588,340
3,450,015
3,248,965
2,805,640
3,606,342
3,972,495
3,811,355
3,209,220
4,194,682
feP.tSePfc-
sales
DEALERS
EXCHANGE
Odd-lot
sales
—
110,186
29
29
29
>
SPECIALISTS ON N. Y. STOCK
SECURITIES EXCHANGE COMMISSION
Odd-lot
1,672,408
1,576,399
1,794,951
Sept.
orders—customers'
of
Customers'
short
other
total
sales
Customers'
••
29
$99,086,690
$92,576,924
$87,722,088
$82,904,315
Sept.
sales
sales
Dollar
;
29
1,631,571
1,607,540
1,633,482
1,614,894
®epj!'
—
22,297
28,687
9,225
28,097
29
1,602,884
1,585,243
1,624,257
1,586,797
$85,605,766
$83,291,709
$81,378,616
$76,510,970
Sept.
sales
Short
Other
'517,100
"...
486,290
:
AVERAGE
FOR ACCOUNT
Total round-lot
Short
—
—
dealers—Number of shares
®eP;Sept.
STOCK SALES ON THE N. Y. STOCK
29
452~120
489~670
517400
486,290
29
594,960
526,770
494,080
694,080
OF MEMBERS
-—
PRICES, NEW SERIES
LABOR — (1/947-49=100): '•
—
All
commodities
Farm
•*•
!S.
foods—————
products.
/ Processed
♦Revised
figure.
59,542,827
59,436,337
58,309,734
$93.83
$91.08
*101.00
98.15
84.96
*84.77
81.72
39.6
40.1
39.6
39.5
*40.4
30.9
39.7
*39.8
39.1
$2.34
DEPT.
$2.34
^$2.30
OF
1
Hours—
All
manufacturing
Durable
goods
Nondurable
/—
.
goods
Hourly earnings—
All manufacturing
'
Durable' goods
2.50
*2.50
2.13
2;09'
112
i_L_—r
—————
2.14
113
107
113
—
goods
OF
FEDERAL
THE
Seasonally adjusted—
Unadjusted
.—;__I
RUBBER
111
103
'
2.46
RESERVE
of
Sept.:
——
MANUFACTURING
ASSOCIATION,
INC.—Month of August:
Passenger & Motorcycle Tires
(Number of)—
!
Shipments
Shipments
7,824,458
9,002,114
8,495,992
9,202,823
20,681,491
7,835,558
8,061*325
20,525,421
22,325,991
248,418
!
Inventory
261,056
1235,223
268,778
937,731
240,948
241,527
909,260
931,776
(Number of)—
i
.>
Production
—
ept. 29
Sept. 29
-Sept. 29
518,480
—
—
&
Bus
Inner-
'
16,519",320
16,026,270
15,282,710
16,689,460
17,266,510
16,795,990
15,801,190
17,451,330
Tread Rubber
U. S. DEPT. OF
/
"
(pounds)
-
(pounds)
118.5
86.9
*87:4
87.8
*107.9
108.0
Oct. 17
119.0
^*8.6
Production
____——
87.7
.
107.6
2,957,786
10,384,997
42,137,000
43,984,000
19,249,000
38,395,000
40,330,000
40,511,000
17,899,000
42,006,000
26,847,000
1,101,793
1,045,397
>3,573,008
3,971,602
(Number of)—
Shipments
118.5
8,640,666
1,266,792
1,142,208
3,445,136
(pounds)
Truck and Bus Tires
Oct. 17
3,117,475
2,732,551
(Camelback)—
Shipments
Inventory
3,045,758
3,210,734
8,699,767
.
761,870
1,116,76 6
1,085,341
108.2
'
Oct. 17
94:8
■
-127.2
*95.5
.
,
93 8
95.1
*127.1
127.2
127.6
TREASURY
RECT
OF
tNumber of orders not reported since Introduction of
centers where freight from East St. Louis exceeds
sold on delivered -basis at
58,309,734
$11,192,307
3,191,778
Oct. 17
~t*'v■'?*-
59,436,337
$11,008,534
98.75
S.
Durable goods
Nondurable goods
Production
769,720
747,190
Oct. 17
'
59,542,827
of
at Aug. 31—
Motorcycle, Truck
Tubes (Number of)—
Commodity Group—
'
consumers—
HOURS—WEEKLY
ESTIMATE —U.
Production
'
84,316
$92.66
AND
Passenger,
:■
sales
WHOLESALE
ultimate
(SHARES):
sales
Total
95,177
(tons
Inventory
■
sales—
sales
Other
•
120,585
LABOR—Month of September:
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
-
of
Tractor Implement Tires
.Sept. 29
sales
TOTAL ROUND-LOT
489,670
452,120
Sept. 29
sales—
Round-lot purchases by
sales
Production
by dealers—
Number of shares—Total sales.
.-'V
29
Sept. 29
value-
Round-let
147,934
121,484
Weekly earnings^—
All manufacturing
ERNORS
1,793,976
purchases by dealers (customers' sales)—
Number
106,653
♦145,861
INSTITUTE—
SYSTEM—1947-49=100—Month
29
§epr
value—:
,
INDUSTRIAL PRODUCTION—BOARD OF GOV¬
(customers' purchases)—t
Number of shares
Dollar
-
♦95,570
126,023
126,744
—-
stocks at end of period
EARNINGS
*
AND
dealers
by
132.4
.
of August (000's omitted)
ultimate customers—Month
FOR ODD-LOT ACCOUNT OF ODD-
■
,
133.6
A.—
from
Nondurable
LOT
133.6
September:
pounds).
Number of ultimate customers
FACTORY
347,430
501,230
?ep:'
STOCK TRANSACTIONS
121.8
$11,855,238
5
i—*
-
Month
Revenue
30,900
439,930
transactions for account of members—
sales
Other
2,137,410
2,739,990
36,200
Sept.
Sept.
sept.
sales
124.1
—
month of
pounds)
ELECTRIC
2,599,820
2,543,280
2,314,540
29
404;850
purchases
Short
2,111,580
29
441,050
fepr
sales
round-lot
438,520
floor—
sales
sales
Total
3,205,560
326,360
1,811,050
2,482,070
431,700
29
initiated
purchases
Other
2,238,810
2,740,230
425,450
29
Sept.
transactions
Short
Total
:
sales
Total
156.7
133.8
124.4
(tons of 2,000 pounds)
Kilowatt-hour
29
29
SePt- 29
Sept. 29
sales-
Other
EDISON
floor—
Sept.
sales-.
Total
i
initiated off the
purchases
Other
;
200.7
161.Z
134.3
1_
u—
of
copper
2,000
MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total
purchases..
Sept.
Short sales
Sept.
Other sales
Sept.
Total sales
Sept.
Other transactions
208.5
77,813
:
(tons of 2,000 pounds)
U.S. A.
of
.
146.2
134.4
161.4
care
INSTITUTE—For
Crude
437,157
In
AVERAGE=100
1949
ROUND-LOT
148.3
135.9
134.2
care
Copper production in U. S.
94
598,031
580,881
COPPER
REPORTER PRICE INDEX—
DRUG
92.1
149.3
;
Reading and recreation
Other goods and services
358.0
332,644
99.7
139.9
92.9
209.1
:
4.86
4.57
4.50
371.0
100.0
141.0
92.9
—;
——,
:
Delivered to fabricators—
OIL, PAINT AND
100.2
141.2
apparel-.;
Transportation—
4.67
369.9
103.5
136.8
-.
4.61
■
boys'
and girls'—
Women's
4.31
4.81
*
4.59
Oct.
Oct.
Oct.
Oct.
activity
orders
:
and
4.60
4.92
4.91
4.66'
Men's
3.82
4.45
5.13
4.60
Oct. 24
„
(tons)
Percentage
oil
—
4.75
V,':
<•
4.79
5.13-
'
3.95
f'l
ASSOCIATION:
(tons)
Production
-
Oct. 24
INDEX
PAPERBOARD
Orders, received
4.56
Oct. 24
—
_
COMMODITY
NATIONAL
4.42
4.79':.
24
Oct. 24
Group
Group
4.72
4.42
''■•'•'.'V';"
.
3.97
4.72
Oct. 24
__
-
!~
fuel
Apparel
4.55
Average
—
Housefurnishings—"
88.81
Household
MOODY'S BOND
•
143.6
*
Gas
84.04
•'
111.3
b~r32.4
'M
r
107.8
——
at home
'
80.81
-
117.4
137.7
108.4
bakery products—
Dairy products
—
Fruits and vegetables_-_:^__ji.alc:i!Jl"li.^„*o„
86.78
89.92
■
"
;
120.1
139.4
'
Meats, poultry and fish
85.85
:
Oct. 24
Oct. 24
corporate
126.6
119.0
139.6
—
122.0
118.2
—
home——1—
at
128.1
121.2
—-
Food
•„
DAILY AVERAGES:
Oct. 24
t
Average
29,384.000
1947-49=100—
—
13.000c
24.000c
liabilities.
CONSUMER
.13.500c
"11.500c
Oct. 18
Total
"
-
116
$116,664,000
6.196c
$66.41
$39.50,
Oct. 18
MOODY'S• BOND PRICES
218
1,285
_i—j
$66.44
Commercial
_
York)
262
139
Total-number
$39.17
Oct. 18
'"^7 Aluminum (primary pig, 99.5%) at
tin
604
183
„;
789
270
-
213
164
614
~
Straits
260
167
—
$66.44
-
-
number
$38.83
•
$2,422,105,000$2,399,702,000$!,668,363,000
——
FAILURES—DUN
Manufacturing
156
15,205,000
.
at
(delivered)
at
(East St. Louis)
Zinc
$408,851,000
632,059,000
22,981,000
—
$66.44
•
Oct. 16
Oct. 16
at
refinery
Export refinery at
Lead (New York) at
964,046,000
170,805,000
s
—
foreign countries
M. J. QUOTATIONS):
&
Electrolytic copper—
'/•-
exchange
Construction
PRICES
$429,244,000
19,882,000
.
Commercial service number—
;
341
<
:
ton)
shipments
Wholesale number
A
Oct. 19
gross
$451,817,000
BANK
8,692,000
373,000
;
•
ton)_
gross
steel/ (per
$240,772,000
4,300
OUT¬
-I
INC.—Month of September:
\J.!.';:f'V V
Oct. 21
lb.)
(per
iron-(per
Scrap
$255,536,000
...
Sept. 30:
■
Domestic warehouse credits
'
Pig
•a,-.
21,662
2,156
.
OF
_—
Total—
.
PRICES:'
9,690
$246,614,000
ACCEPTANCES
;
Domestic
$400,200,000
235,200,000
225,600,000
193,000,000
195,900,000
219,000,000
19
Oct. 14
INC
COMPOSITE
10,133
GOVERNORS
(000's omitted)-—
DOLLAR
OF NEW YORK—As of
528,542
$612,500,000
INDEX—FEDERAL RESERVE
AVERAGE=100
Oct. 14
AND
2,428
.
OF
STANDING^— FEDERAL RESERVE
653,277
-
•
19
"I "III Oct.
II.IIIIII Oct.
H Oct.
I
(COMMERCIAL
September
Exports
kwh.)
1,474
2,700
—.
undelivered
and
month)
Imports
Oct. 19
000
3,143
t-i—
order
on
DEBITS—BOARD
BANKERS'
642,172
14
INSTITUTE:
(in
cars
delivered^
cars
cars
'
and
ELECTRIC
EDISON
CAR INSTITUTE—
freight
"51,427,000
S. BUREAU'OF MINES):
SYSTEM—1947-49
172,973
211,716
THE FEDERAL RESERVE SYSTEM—Month
175,066,000
•
DEPARTMENT STORE SALES
-
of
164,732
256,857'
964,059,000
freight
Backlog of
(end
167,040
259,202
end of Aug.
September:
new
New
;
,
(short tons)
RAILWAY
Orders for
5,738,000
35,300,000
170,419,000
13
^
lignite (tons)
anthracite (tons)
Pennsylvania
;
187,485,000
-■
municipal
(U.
2,188,000
185,110,000
Oct. 19
OUTPUT
Bituminous
7,898,000
28,518,000
2,857,000
5,967,000
Federal
COAL
7,241,000
26,218,000
28,793,000
2,683,000
185,741,000
construction
construction
State
8,155,000
28,957,000
13
I——Oct.
1
construction
Public
8,324,000
13
AMERICAN
CONSTRUCTION—ENGINEERING
NEWS-RECORD:
Total
13
Oct. 13
at
Revenue'freight received from connections (no. of cars)
^
6,838,060
Oct. 13
at
(bbls.)
ENGINEERING
7,110,660
11,931,000
5,651,000
ASSOCIATION OF AMERICAN RAILROADS:
Revenue freight loaded
(number of cars)
CIVIL
7,112,010
I~"oct.
(bbls.)
oil
7,152,710
Ago
of
primary aluminum in the U. S,
(in short tons)—Month of August
1,516,000
13
Year
Month
(BUREAU OF MINES):
pipe lines
at
oil
fuel
2,114,000
-Oct. 13
(bbls.)
.
Kerosene
2,071,000
II"Oct!
ZIII Oct!
Stocks at refineries, bulk terminals, in
transit, in
'Finished and unfinished gasoline (bbls.) at
.
,
ALUMINUM
Production
2,042,000
Oct
(bbls.)
oil
53 2
of
II
output: (bbls.)——.;——....
of that date:
Previous
Month
Ago
72.5
,
Stocks of aluminum
(bbls.)
average
output
fuel
"•*
Ago
71.0
either for the
are
are as
Latest
Qct
(bbls
average
;
Kerosene
Residual
Week
>
70.0
Year
Oct. 21
output—daily
Gasoline
Distillate
21
Month
INSTITUTE:
condensate
each)
runs
Oct
quotations,
Previous
Week
capacity)_,
or
Oct
PETROLEUM
AMERICAN
cent
production and other figures for the
cover
month available. Dates shown in first column
month ended on that date, or, in cases of
or
•
ingots and castings
Steel
week
INSTITUTE:
(per
Equivalent to-—
v
Activity
Latest
IRON
following statistical tabulations
latest week
Business
AMERICAN
The
45
Monthly Investment Plan. tPrime
one-half, cent-a pound. N.A. Not
Western
available.
U.
MARKET
AND
S.
TRANSACTIONS
GUARANTEED
IN
DI¬
SECURITIES
A.—Month of September:
Zinc
—
Net
purchases-.
———
—
-
$25,114!650
,
$17,319,500
-
^$3,432,303
46
The Commercial and Financial Chronicle
(1818)
.
Thursday, October 26„ 1961
ADDITIONS
SINCE: PREVIOUS
m
o
.
if INDICATES
■i
Securities
.
•
Advanced Electronics Corp.
'(10/30-11/3)
Allen
ITEMS
ISSUE
REVISED
/ '">/v'-'V''""-'"
Organ Co.
May 31, 1961 ("Reg. A") 15U,0UU class A snares (par 10
cents). Price—$2." Business—-Designs and manufactures
Aug. 30, 1961 filed 140,000 class B (non-voting) common,
of which 37,000 shares are to be offered by the company
awaiting processing by the SEC, it is becoming J.
radio
and
increasingly difficult to predict offering dates
rocket and space programs. „
Proceeds—For research and development, equipment,
repayment of loans and working capital. Office—2 Com¬
mercial St:, Hicksville; N. Y.
Underwriter — Edward ;
Hindley & Co., and Hardy & Hardy, N. Y. C.
NOTE
—
Because of the large number,of issues'
with, a :high degree of accuracy*. The dates shown
in the index and) in the accompanying detailed
items reflect the expectations of the underwriter
but
not, in general, to be
are
considered
as
telemetry
supplies
firm
offering dates.
■
for
filters
frequency
systems,
the
and power ;
missile,
103,000- by the stockholders;
Business—The
manufacture
Price—By amendment.
organs.
Pro¬
electronic
of
ceeds—For repayment of a loan,
redemption of outstand¬
ing preferred* working capital and expansion. Address—
Macungie, Pa. Underwriters—Drexel & Co., Philadel¬
phia, and Warren W. York & Co., Al'lentown, Pa. (mgrs.)
if Allied Capital ~Corp. ••/- ■ ,-y""1.V*: X'/
" ■/
Aero-Dynamics Corp, (11/13-1T)- ■
j;.
Oct. 20, 1961 filed 213,427 common, of which 200,000 will
7, 1961 filed 100,000 common shares. Price—$5.
be offered to* the public and. 13,427 to. stockholders on
Business
The importation and distribution of Italian
marble and mosaic tiles.
Proceeds — For the purchase ' a 1-for-10 basis.' Price—By*' amendment. Business—A
small business "investment company. Proceeds—For in¬
and installation of new moulds, machinery and equip¬
ment, research and general corporate purposes; Office— r vestment. Office—7720 Wisconsin Ave., Bethesda, Md.
Underwriter—Allen & C;o., N. Y.
250 Goffle Road, Hawthorne, N. J. Underwriters—Cam¬
'
bridge: Securities; Inc. and Edward Lewis Co., Inc., N. Y.
Alio
Precision MetaSs Eiigineer*ng,
!nc.
•
.
Aug.
—
ABC Cellophane Corp.
Sept.
7,
•
1OQ,O0Q> common?. Price-—$3.
of packaging material, produc¬
("Reg. A")
1961
converter
Business—A
:
ing polyethylene and cellophane bags and!, sheets. Pro¬
ceeds
For a new plant and equipment and working
—
Office—1368-72. Utiea Ave.* Brooklyn.
writer—Havener Securities Corp.* N„ Y.
capital.
A. H E.
.
Under¬
Aero
("Reg-. A") 85,000'common. Price—$3. Pro¬
ceeds—For debt repayment,
July 11,1961 ("Reg. A") 95,000 common. Price—$3. Pro¬
equipment, and working
ceeds—For repayment of loans, purchase of notes and
capital. Offiee—Congressional Airport, Rockville, Md.
Underwriter—Davis & Leach, Inc., Washington, D. C.
equipment. Office—185 Walton Ave., N. W., Atlanta, Ga. V.
Underwriters—T. Michael McDarby & Co., Inc., and J.
Alpine Geophysical Associates* lne. ( 11/13-17)
Morris Anderson & Associates, Inc., both of Washing- :
July 28, 1961 filed 150,000 common shares. Price — By
ton, D. C. Offering—Imminent.
;;
,
amendment. Business — The conducting of marine and
PakC< Inc.
Pfastik
Aug. 1, 1961 ("Reg. A'*> 40,900 common shares (no par),
price — $7.5Q. Proceeds — For equipment and working
capital. Office—652 Mateo Street, Los Angeles. Under¬
writers.—Blalack & Co., Inc., San Marin% Calif.; Harbi¬
son & Henderson, Los Angeles; May & Co., Portland*
Ore., and Wheeler & Cruttenden,
Offering—Imminent.
~
•jfr A. & ML Instrument, Inc.
■
;
Oct. 19, 1961 filed 150,000 common.
Inc., Los
Office
—
2036
Broadway, Santa Monica, Calif. Under¬
Aerological Research, Inc.
!
;
geophysical
surveys
for petroleum and mining ex¬
ploration and engineering projects, and the manufacture
of oceanOgraphic and geophysical apparatus. Proceeds—
For repayment of debt, and general, corporate purposes.
Office—55 Oak St., Norwood, N.; J. Underwriter—S. D.
Fuller & Co., New York
(managing).
Aug. 29, 1961 filed 100,000 common. Price—$3.50 Busi¬
Alson Mfg. Co.
(11/13-171 :
';
;
;
ness
The manufacture of instruments for aerology,
Aug. 28, 1961 ("Reg. A") 75,000 common. Price—$4. Pro¬
meterotogy, oceanography, geophysics and atmospheric ; ceeds—For equipment, repayment of loans and working
phenomenon. Proceeds—For working capital. Office—
capital. Office—r2690 N. E. 191st St., Miami, Fla. Under¬
420 Division St., Long Branch, N. J. Underwriter—A. D.
writer—Albion Securities Co., Inc., N. Y.
Gilhart & Co., Inc., N. Y.
r
AlUma-Rail* Inc. •)./.;//■"/:,.
,/-*\v•
'/;••/•Aetna Maintenance Co.
Sept. 28, 1961 ("Reg. A") 100,000 common. Price—$2.25.
Sept. 25, 1961 filed 154,000 common, of which 128,000 are
Business—Manufacture of new color anodized aluminum
to be offered by the company and 26,00.0 by stockholders.
chain link fencing. Proceeds—For inventory and plant
Price—By amendment. Business—Furnishing of clean¬
expansion. Office—44 Passaic Ave., Kearny, N. J. Un¬
ing and protection services for office buildings, plants,
derwriter—Herman & Diamond, N. Y.
(
r
and military bases.
Proceeds—To repay loans and in¬
Alyeska Ski Corp.
> X.
crease working capital.
Office—526 S. San Pedro St.,
Oct. 12, 1961 ("Reg. A") 240,000' common, trice—$1.25.
Los Angeles.
Underwriter — Schwabacher & Co., San
Business
Operation of ski facilities. - Proceeds — For
Francisco.
•;
<.
/
- < v':
'■
general corporate purposes., Address—P. O. Box 1882,
•
Agency Tile Industries* Inc. (11/20-24)
Anchorage, Alaska. Underwriter—Paul Nichols Co., Inc.,
Sept. 6, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Anchorage, Alaska.
:
?
Business—Importing, marketing and distributing ceramic \
Amacorp Industrial Leasing Co.* Inc.
tiles. Proceeds**—Debt payment, new products,'sales pro- Sept. 27, 1961 filed $3,000,000 of 6 ¥2 % conv. subord. de¬
motion and advertising, new office and warehouse and
bentures due 1971.. Price—By amendment.
Business—
working capital. Office—522 W. 29th St., N. Y. Under¬
Financing and lease of industrial and office equipment.
writer—International Services Corp., Paterson, N. J.
Proceeds—Repay debt and increase working capital. Of¬
Afr Master Corp. (11/6-10) v
v-/ ■
fice—34 S, Stoneman Ave., Alhambra, Calif.
Under¬
May* 26, 1961 filed 200,000 shares otf class A eommon
writer—McDonnell & Co., Inc., N. Y.
,;'■/■///;V ;u;/
stock, of which 50,000 shares are to be offered for public
Amcap Investment Inc.
sale by the company and 150,000 Outstanding shares by :
Oct. 2, 1961 filed 250,000 common..4Plice—$11.25. Busi¬
the present holders thereof. Price—To be supplied by
ness—A small business investment company. Proceeds—
amendment.
Business — The manufacture and sale of
For investment. Address—Chicago?. Underwriter—None.
aluminum storm windows and-doors*, and other, alu-.
—
AMY Corp.
(11/6-10)
filed 230,000 common, of which 160,000
are t® be offered by the company and 70,000 by a stock¬
holder. Price—By amendment. Businessr—The manufac¬
turer of scale model plastic automobiles distributed in
kit; form. Proceeds—For* equipment, repayment of loans,
and working capital. Office—1225 E. Maple Rd.r Troy,
1961
Mich. Underwriter—A. G. Becker
land
writer—Hamilton* Waters & Co., Inc., Hempstead, N. Y.
Price*—By amend¬
corporate purposes. Office—48-01 3'lst Ave., Long Island
City, N Y. Underwriter—A. J. Frederick Co., Inc., N. Y.
Underwriter—Allen & Co.,, N. Y.
11,
Inc.i<
July 17, 1961 ("Reg. A") 80,000 capital shares. Price—$3.
proceeds—For repayment of debt and working capital.
measuring devices for the electronic and electrical in¬
dustries;
Proceeds—For debt repayment and general
Sept.
Electronics.
Aero Soace
Angeles.
Business—Manufacture of instrument testing and
ment.
Oct. 3,. 1961
Fidelity Acceptance Corp.
^Co., Chicago (mgr.).
Abbey Rents
Sept. 25, 1961 filed 200,000 capital shares, of which 100,000 will be sold by the company and 100,000 by stock¬
holders. Price—By amendment. Business—Rental and
—
:
.
..
.
sale of party,
sickroom and hospital equipment. Proceeds
inventory and working; capital. Under¬
writer—William R. Staats & Co., Los Angeles.
—Expansion,
Abby Vending Manufacturing Corp.
July 26, 1961 ("Reg. £."> 100,000 common shares (par 10
cents). Price—$3. Business—The manufacture of coin
'
.
operated vending machines. Proceeds—For moving ex¬
penses, an; acquisition and working capital. -Offiee—79
Clifton Place, Brooklyn, N. Y: Underwriter — L. H.
Wright & Co., Inc., N. Y. Offering—Imminent.
•
Ace Trophies Corp. (11/13-17)
Sept. 18, 1961 filed 200,000 common.
ness—Ther design, manufacture and
frfeeir-$l. Ifrttitrophies,
plaques and cups for sporting .events.. Proceeds.— For
production expenses, printing, promotion* inventory and
working capital. Office—1510 Broadway* Brooklyn, N. Y.
Underwriter—Ezra Kureen Co., N. Y.
Aceto Chemical Co.* Inc.
Sept. 27, 1961 filed 88,000 common.
sale of
Price—$5- Business
—Purchase and sale of chemicals and by-products.
Pro¬
working
ceeds—For
expansion, sales promotion, and
Office—40-40 Lawrence St., Flushing, N. Y. Un¬
derwriter—Karen Securities Corp., NV Y.
capital.
•
Acratex
Chemical
Coatings, Inc.
Aug. 8, 1961 ("Reg. A" > 99,900
Price—$3. Busi¬
ness—The manufacture of a wallcovering product Pro¬
ceeds
For expansion and general corporate purposes.
Office—Easton St., Ronkonkoma, N. Y. Underwriter—
Tyche Securities Inc., N. Y. Note—This letter will be
common.
—
refiled.
'
Aero Electronic Products Co.
'(1I/1S>J-rp
July 17, 1961 filed-100J)00 class A common shares. Price
—$4. Business—The manufacture of transformers for
and electrical equipment Proceeds—For re¬
locating to and equipping a new plant, purchase of in¬
ventory, research and development, advertising, promo¬
tion and merchandising, repayment of debt and other
corporate purposes. Office—369 Shurs4 Lane, Philadel¬
phia. Underwriter—Roth & Co., Inc^ Philadelphia.
electronic
A-Drive
Jan.
Auto
Leasing System*
Inc.
19,
1961 filed 100,006 shares of class. A stock, of
75,000 are to be offered for public sale by the
company and 25,000 shares, being outstanding stock,, by
the present holders thereof. Price—$10 per share. Busi¬
ness—The company is engaged in the-business of leasing
automobiles and trucks for periods of oyer one year.
which
Proceeds—To repay
Ipans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.
Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬
derwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)
minum
,
other
Proceeds—For .working capital, and
Office—20th Street, and Alle-;
purposes.
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).
*
Airframes
International ^orp.
Price—By amendment.4 Business—Manufacture of
electronic, mechanical and- components.* Proceeds—Re¬
payment of loans, expansion and working capital. Office
—6900 West Road 84, Fort Lauderdale, Fla. Underwriters
—Stein Bros. & Boyce, Baltimore and Vickers, McPherson
&
Warwick, Inc., N. Y.
Albert Voigt Industries* Inc.
(ll/6-10>
Aug, 29, 1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store fixtures, show cases and
related items. Proceeds—For repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham PI., Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C.
Underwriter—Morrison
&
Fru-
Ave., Mamaroneck, N. Y. Underwriter—Vincent
ciates, Ltd., 217 Broadway, N. Y.
*
of
Asso¬
Amerel
Mining Co. Ltd.
July 31,
1961 filed 400,000 common shares. Price—50
cents. Business—The company is engaged in exploration,
development and mining. Proceeds—Foy diamond drill¬
ing, construction, exploration and general corporate ex¬
penses. Office—80 Richmond St., W., Toronto.
Under¬
writer—E. A. Manning, Ltd., Toronto.
YOUR PRIME SOURCE FOR
Sept. 20, 1961 filed 127,000 class A common. Price—$3.
Business—Development and manufacture of,a new vari¬
ety of building products. Proceeds*—For construction of
a new plant.
Office—4800 Baltimore Ave., Hyattsville,
Md. Underwriter—Whitehall Securities Corp., Pittsburgh.
All Service Life Insurance Co.
Sept. 18, 1961 ("Reg. A") 239,200 common. Price—$1;25.
Business—Writing of life, accident, sickness and health
insurance. Office—1729 N. Weber St., Colorado Springs,
Colo, Underwriter—Copley & Co., Colorado Springs, Colo.
All Star World Wide* Inc. (11/13-17)
July 7, 1961 filed $250,000 of 5% convertible subordi¬
BOUGHT
nated debentures due
for Banks, Brokers, Institutions
1971
and
150,000
common
shares.
—
SOLD
—
QUOTED
Price—For debentures, at par; for stock, $5. BusinessJoint venture with Brunswick Corp. to establish and
operate bowling centers in Europe. Proceeds—-For ex¬
pansion and general corporate purposes. Office—100 W.
Tenth St., Wilmington, Del. Underwriters—Alessandrini
'€1
new.
SIEGEL,
Co., Inc. and Hardy & Hardy, New York (managing).,
Leases
Office—^Adrian, Mich.
tmin, Inc., Detroit.
shares
Al-Crete Corp.
Sept. 26, 1961 filed 50,000
industrial air conditioner division.
75,000
....
ers.
—To establish
new
///'.;/•.;./ '
of notification)
eommon.stock (par 10 cents). Price—$4 per share. Busi¬
ness — The sale of pre-cast and pre-stressed concrete
etc.
common, of which 110,000 are
to be offered by the company and 89,006 by stockhold¬
Sept. 11, 1961 ("Reg: A")' 100,00(1 chip rhon. Price—$2^0.
Business—Steel fabricating and .warehousing. Proceeds
a
Amcrete Corp. '
May 4, 1961 (letter
/
panels for swimming pools and pumps, filters, ladders,
Proceeds—For building test pools; advertising, in¬
ventory and working capital. Office—102; Mamaroneck
of Florida
(11/20-24)
July 29,1961 filed 199,000
.&
Adrian Steel Co.
products.
Corporate
All-State Auto Rente! Corp.
Office
motor vehicles.
—
.
4
39
Price—$4. Business—
working capital.
Proceeds—For
31-04 Northern
Underwriter—None.
common.
Blvd., Long Island City, N. Y.
~
Broadway^ New York 6,N. Y,
Dlgby 4-2370'
Teletype No. N.Y. 1-5237
'V
Volume
194
Number 6102
.
.
.
The Commercial and Financial Chronicle
(1819)
American Auto
Stores, Inc.
("Reg. A") 50,000 class A
Sept. 28, 1961
Proceeds—General, corporate
t-$5.
Locust St., St. Louis.
3333
American
'
Automatic
Business—Sale
ment.
of
Richter
Jan.
offered
by
the
equipment, and
Passaic, Fort
Netherlands Securities Co.,
—
Inc., parent,
-
company
range
Pro¬
of
be
man¬
E.
of
Palais
Astro-Science Corp.
to
are
1961 filed 232,500 common, of which 150,00(1.
by the company and 82,500 by stock¬
Price—By amendment. Business—Design and*
be offered
holders.
manufacture of ground systems and
,
to
repayment
240
—
Sept. 27,
Office—Equitable Building, Baltimore, Md.
Underwriter—Karen Securities Corp., New York City.
expected
one new
loans and working capital.
Rd., Anaheim, Calif.
Under¬
writers—Granbery, Marache & Co., N. Y. C. and William
R. Staats & Co., Los Angeles.
*
"
Office
reduction.
statement is
the basis of
-
ceeds—For
nancing. Proceeds—For general corporate purposes, in¬
cluding $170,000 for construction and $12,000 for debt
Note—This
Epsco
timing devices and standard electronic products.
•
an air strip, a marina, and a
housing cooperative. This is the issuer's first public fi¬
111,0007
and
share for each
Price—By amendment. Business—The
electronic data handling
equipment,
ufacture
including the building of
'77/
'•••
on
share held.
at
17, 1961 filed 88,739 shares of common stock (par
Price—$3 per share. Business—Land development,
$1>.
merchandise
W American Building Maintenance Industries
Oct. IS, 1961 filed 141,000 capital
shares, of which 30,000
to .be
loans,
Amity Corp.
(11/13-17)
Price—By amend¬
O. Underwriter—McDonald & Co., Cleveland.
are
of
Cleveland
—
(
through vending
ipachines. Proceeds—Repayment of debt and other cor¬
porate purposse, Office—7501 Carnegie Ave., Cleveland,
shares
repayment
,
;
common.
For
—
working capital. Office
Myers; Fla. Underwriter
Inc., N. Y. (mgr.).
*
Vendzng Corp.
15, 1961 filed 270,000
Aug.
Office—
Underwriter—Scherck;
Co., St. Louis.
•
Proceeds
Price
common.
purposes:
47
refiled.
equipment for the
support and servicing of electronic systems, aircraft and ?
Price—By amendment?* Busi-7
Amphicar Corp. of America '7
7
/ 7.'7 missiles. Proceeds—Repay debt and increase
working
ness—Providing of building maintenance services. Pro-,
June 15, 1961 filed 100,000 common. Price—$5. Business
capital. Office—0449 W. Jefferson \ Blvd., Culver City,ceeds—For general corporate purposes. Office—335 Fell
—Manufacture of amphibious automobiles, Proceeds—
Calif.
Underwriter—W. C. Langley &
Co., N, Y.
<
St.,. - San f Francisco.
Underwriters—Carl ; M.
To establish a parts depot in Newark, N, J., set up sales
Loeb,
• Atlantic
Capital Corp.
Rhoades & Co., N. Y.. and Sutro &
/ - 'v—
and service
Co., San Francisco.
.organizations,- and for working capital and
Aug. 29, 1961 tiled 500,000 common. Price—$12.50. Busi¬
+ American Celiubox- Corp,;:7>
/?
7;7'7;7? general corporate .purposes." Off ice—660 Madison Ave.:
ness—A small business investment
company;. Proceeds—
N. Y. Underwriter—J. J. Krieger &
Oct.
19, 1961>("Reg. A")
75,000 common. : Price—$4.i
Co., N. Y.
For general corporate
purposes. Office—744 Broad StV
Anaconda Real Estate Investment Trust
Business—Design, manufacture and sale of. celluloseNewark, N. J. Underwriter—Paine, Webber, Jackson &
acetate and
other
Oct
shares
stockholders.
by
-;
-
t
,
semi-rigid plastic type transparent
Proceeds—For-debt repayment and general
corporate purposes. Office—27-01 Bridge Plaza N., Long
3, 1961 filed 163,636 shares of beneficial interests.
Price—$10. Business—Real estate investing. Proceeds—
•
containers,
v
Jsland City, N. Y.
Underwriter—Diran, Norman
'Inc., N. Y.
•
?/,..../:....
■
American
Data
Machines, Inc.
Aug. 17, 1961 filed 150,000
ness—Manufacture of data
.../;
Animal
-
kin,
(11/6-10) 7
common.
Co., N. Y. 777?/ 777 s". ■*>:\-V'-v>7-'*
•
■
Anodyne, Inc.
(11/6-10)
"''7
7.;;'
Sept. 14,1961 filed $9,551,900 of 4%% subord. debentures
due Nov. 1," 1986 (convertible until 1971) being offered
June 20, 1961 filed $625,000 of 5% convertible subordi¬
nated debentures, 156,250 common shares reserved for
issuance on conversion of the debentures and
5-year
for
warrants
',7; American • Distilling. Co.- '-M.7?"?'V:
7
y
subscription by. common stockholders on
of $100 of debentures for each 10 shares held
Oct.
17; with rights to expire Nov.
><:■■)'!
the
..
1, Price :—: At par.
of. alcoholic bever¬
Business—Distilling and marketing
ages including bourbon, whiskies, vodkas and gins. Pro¬
be offered
Price
Co., Inc., N. Y.
Miami Beach, Fla.
.--American
May
26,
stock
to
Laboratories,
Inc.
and
•
one
share for each
new
10 shares held.
pany
electronic
construction,
communication
equipment.
Oct.
are
nance
new
•
1472
selling stockholder, Electric
Bond & Share Co.- Office—100 Church Street, N. Y. Un¬
derwriters—Lazard Freres & Co., and First Boston Corp.,
;
American Micro
•
77,7.7
Devices, Inc.
7
!
N. Y.
7
of
for working capital.
purposes.
Sept.
18,
Business
-
•
Underwriter—Troster, Singer & Co., N. Y.
American Safety Equipment
*
signed to provide simplified gift giving for business and
industry. Proceeds — For advertising, sales promotion,
repayment of loans, working capital and the establish¬
1961
—
("Reg. A")
.
ment of national
150,000
common.
•
North
Miami, Fla. Underwriter
Corp., Washington, D. C. 77
'
777
—
;?;>7 f '7 • v;-1;'Aj".:'v;7
geles. Note—The company formerly was named
American
Varietv
S+ores,
Inc.
7
i
Aug. 30, 1961 filed 100,000 common;, Price—$4.50. Busi¬
ness—The? operation of retail discount variety stores.
fice—445
Park
Ave.,
N.
Y.
C.
filed
of
Price—$10.
self-instructional
materials
equipment, research and
development and other corporate purposes.
Office—1
W. 58th St., N. Y. Underwriter—Arthur J. Rosenhauser
Co., 95 Broad St., N. Y.
■
Autrof Corp.
Sept. 13, 1961
("Reg. A") 60,000
common.
Price—$2.50.
Business—Manufacture of automatic vending
,
and
related
Colo.
&
machines
equipment. Office—1649 Vine
St., Denver,
Underwriter—Schmidt, Sharp, McCabe & Co., Inc.,
Denver, Colo.
*
7
:
<
j"
(co-mgrs.).
Aveeno
Astrodata, Inc.
1961
("Reg. A") 30,000 common.
Proceeds—For
devices.
and
Offering—Expected in November.
Aug. 28,
18, 1961
Business—Manufacture
.
Underwriters—Allen
Union
Automated Teaching Systems, Inc.
Sept.
175,000
and 184,000 by stockholders. Price—$17. / Business—The manufacture of dog
and cat food, cosmetics, drug items and toiletries. Pro¬
ceeds—For repayment of loans and working capital. Of¬
re¬
Leagues, Inc.
to be offered by the company
Co.* N. Y. C. and A. C. Allyn & Co., Chicago
operation of bowling centers. Proceeds—For
payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy., Norfolk,
Calif. Underwriter—Holton, Henderson & Co., Los An¬
gift packaging and distribution of terrycloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
;of loans and working capital.
Office—1030 Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B. Burn-
.
Automated Sports
—The
Fairfax Investment
Sept. 28, 1961 filed 135,000 class A common shares. Price
—$5.
Business—The purchase,
conversion, decoration,
are
Park Ave., N. Y.
June
I
r
Office—80
Contois, Inc. <11/6-10)
7
28, 1961 filed 1,750 units, each consisting of one
$400 principal amount debenture (With attached war¬
rants) and 120 common. Price—$1,000 per unit. Business
Price—$2.
Manufacture of chemical products used for
Mills,. Inc.
dealerships.
Underwriter—J. Laurence St Co., Inc., N. Y.
>-■
painting, waterproofing, caulking, etc. Proceeds—Sales
promotion, research and development, inventory expan¬
sion and working capital. Office—1100 N. E. 125th St.,
Artlin
American Technical Machinery Corp.
77
Un¬
named.
Business—Manufacture and sale of "Gift Bookards" de¬
Price
.
Aug. 29, 1961 filed 95,000 common, of which 65,000 are
to be offered by the company and 30,000 by stockholders.
Price — By amendment. Business — The manufacture of
machinery for 'fabrication of twisted wire brushes.
Proceeds—For equipment, repayment of loans and working capital. Office—29-31 Elm Ave., Mt. Vernon, N. Y.
Underwriter—M. L. Lee & Co., Inc., N. Y. C. (mgr.)...,
be
,
shares. Price—$6.
side & Co., Inc., N. Y.
Business—The operation of bowling centers. Proceeds
—For expansion.. Office—473 Winter Street, Waltham,
77, Associated Products, Inc.
Mass. Underwriter—None.
77
:
.
,
^
7. : i Aug. 25, 1961 filed 359,000 common, of which
:
Office—5209 Hanson Court, Minneapolis.
derwriter—To
Office—2 North 30th Street, Phoenix,
Armorflex Chemical Corp.
debt, sales and advertising, property improve¬
possible acquisitions. /Office—16 W. 61st St.,
American Sports Plan, Inc.
June 29, 1961 filed 200,000 common
the basis of one new share for each share held.
-Ariz. Underwriter—None.
,
-
.
—22 cents per share. Business—The processing of black
and white and color film. Proceeds—To repay loans and
and
Corporation 7
Sept. 28, 1961 filed 80,000 common. Price—$10. Business
.—Manufacture of safety seat belts.
Proceeds—Inven¬
tory, machinery, and research. Office—261 Madison Ave.,
N. Y. Underwriter—^Charles Plohn & Co., N. Y.
7
•
Atmotron, Inc.
*•■»*-»'»
-M-t<
/n
nit>,
>j<7•
July 27, 1961 ("Reg. A") 150,000 common shares (par 10
cents).
Price—$1.15. Proceeds—For general corporate
—
on
American Realty & Petroleum Corp.
-SepL 28,?1961 filed $2,000,000 of 6Y2% conv. subord. de¬
bentures due 1971. Price—At par. Business—Real estate
,and also the oil and gas business. Proceeds—For repay¬
ment
re¬
—
Aug. 2, 1961 yfiled 1,500,000 class A common shares.
Price—$1.15. Business—The manufacture of electronic
components. Proceeds—The purchase of equipment and
materials, operational expenses, working capital and rewriter—Naftalin & Co., Inc., Minneapolis. Offering—Ex¬
pected in late November.7 7 7 7'.' ;7 7.7 77 77 /■?;•
7
ments
debt
-
v7 V" -7 7.7 7;',:77 7'
'
;
Proceeds—For
common.
of
repayment
,
American & Foreign Power Co., Inc.-/*:';*-V
Sept." 18, 1961 filed 240,000 common. Price—By amend¬
-
bathtubs.
For
Ausco, Inc.
Oct. 12, 1961 filed 110,000 common. Price—$3. Business
equipment, ;
^-Design, development, and manufacture of high pres¬
sales
and
advertising and working,,capital.; Office—
sure
aircraft and missile valves. Proceeds—For engi¬
395 Smith St., Brooklyn, N. Y. Underwriter—Continental
neering, product development, inventories, advertising,
Bond & Shares Corp., Maplewood, N. J.
7 :
expansion and working capital. Office—17 W. 60th St.,^
V Architectural Marble Co.
7
7,/ ,;
N. Y. Underwriter—Pearson, Murphy &
Co., Inc., N. Y.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
7 Authenticolor Inc. 7»,";7
ness—^The cutting, designing, polishing and installing; of
.7.?7:; /7\;'7-\
Aug., 29,1961 filed 148,200 common, of which 136,800 are
marble products. Proceeds—For plant expansion, inven¬
to be offered by the company and 11,400 by stockholdersktory and working capital: Office—4425 N. E. Sixth Ter¬
Price—$3.25. Business — Furnishing of photographic
race, Oakland Park, Ft. Lauderdale, Fla. Underwriter—
service for the professional market. Proceeds—Working
J. J. Bruno & Co.,-Inc., Pittsburgh.
-77,7 7
capital, and repayment of loans. Office—525 Lexington,
7' '*-Arista Truck
Renting Corp. • (11/6-10)- ■
7 7y
* •; Ave., N. Y. Underwriter—General Economics
Corp., N. Y.
Aug. 2, 1961 filed 100,000 common.- Price—$5. Business—
• Automata
International, Inc. (10/31), 7
,';7.77?'
Renting of trucks in the New York City area. Proceeds
Aug. 22, 1961 ("Reg. A") 300,000 common..'. Price — $L
—Repayment of loans, purchase of equipment, working
Proceeds—For tooling, equipment and working capital.
capital and general corporate purposes. Office — 285
Office
241 S. Robertson Blvd., Beverly Hills, Calif.
Bond St., Brooklyn, N. Y, Underwriter—None. ;?
Underwriter
Pacific Coast Securities Co., San Fran.
: Arizona
Color Film Processing Laboratories, Inc.
Automated Gift Plan, Inc.
March 23, 1961 filed 2,100,500 shares of common stock
June 12, 1961 ("Reg. A") 100,000 common. Price—$3.
to be offered for subscription by common stockholders
Broadway,
N. Y.,Underwriter—Myron A. Lomasney & Co., N. Y.
New York.
for
100,000 common.
Price—$3.
manufacture and assembly of
—
resale to other manufacturers. Proceeds—For
primarily engaged in the automobile sale fi¬
ment.'. Proceeds—For the
A")
("Reg.
enclosures
Price—$3.50.
loans, acquisition and
working capitaL Office^715.N. Fayette St., Alexandria,
Va. Underwriter—First investment
Planning Co., Wasnington, D. C. Offering—Expected in late November.
.
,•
-
business. One additional subsidiary is a Maryland
—
1961
:-/-rv-rr
Apex Thermoplastics, Inc. (11/13-17) '
Aug. 29, 1961 filed 150,000 common; Price—$2.40, Busi¬
ness—The manufacture of thermoplastic compounds for
Finance
benturesjv and capital' funds. Office
Products, Inc. 7—".-
common.
Atmospheric Controls, Inc.
Aug. 22, 1961 ("Reg. A") 40,000
Proceeds
Jamaica Ave., Jamaica, N. Y. Underwriters—G. Everett
j
Parks & Co., Inc. and Parker Co., N. Y.
v
Proceeds—For
savings and loan association and 'two are automobile
insurance brokers. Proceeds—For the retirement of de-
6,
glass
Co., Inc. (11/6-10)
April 21, 1961 filed $500,000 of 6% convertible sub¬
ordinated, debentures due 1971; 75,000 shares of common
stock, and; 25,000 common stock purchase warrants to
be offered for public sale in units consisting of one $200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit: Business—The company and its subsidi¬
aries
stockholders on
shares held.
commc:.
payment and general corporate purposes.'Office—181-14
Office—121
American
common
100
7
Price—$2.10. Busi¬
ness—Distribution of electronic components, parts and
equipment. Proceeds—To repay debt, purchase inven¬
tory, and increase working capital. Office—774 Pfeiffer
Blvd., Perth Amboy, N. J. Underwriters—Hay, Fales &'
Co. and McLaughlin, Kaufman &
Co., N. Y.
Underwriters—Ross, Lyon & Co., Inc.,
Business—Fabrication,
Price
equipment, and other corporate pur¬
North Seventh Street, Philadelphia.Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa. Offering—Imminent.
poses.
unit for each
Sept. 28, 1961 filed 185,000
Globus, Inc., New York.
7 *Anoroc
be supplied by
ameri.d^ent^ Business.Tj-The ,com¬
is engaged in research and development in the field
t—To
subscription by
one
(mgrs.j.
Atlas Electronics Inc.
$100 per unit./Proceeds — For expansion and
capital.. Office—1270 N. W. 165th St., North
—
working
1961 filed 10,632 shares of. class A common
be, offered for subscription by stockholders at
the rate of
of
Electronic
for
the basis of
Underwriters—Bear, Stearns & Co., and Finkle &
Co., N. Y.
purchase 125,000 common shares to be of¬
fered in 6,250 units, each consisting of $100 of deben¬
tures and warrants to purchase 20 shares. The units will
basis
of record
N. Y.
to
ceeds—For the prepayment of debt, and working capital.
Office—150 E. 42nd St., N. Y. Underwriter—Blyth &
?
Atlantic Improvement Corp. (11/6-10)
Aug. 30, 1961 filed 150,000 common. Price—By amend¬
ment. Business—-The development of residential com-*
munities. Proceeds—Repayment of a loan and construc¬
tion, general corporate purposes. Office—521 Fifth Ave.,
general corporate purposes. Office—92 Liberty St., New
York. Underwriter—Bernard M. Kahn &
Co., Inc., New
York (mgr.). Offering—Imminent.
/
:
" r
St.,-Hicksville, N. Y. Underwriter—Gol-
&
Proceeds—Prepayment of debt and construction.
Pacific Ave., Atlantic City, N. J. Under¬
writers—Eastman Dillon, Union Securities ;& Co. and'
Smith, Barney & Co., N. Y.
Offioe—1600
29,1961 filed 40,000 common shares. Price—$15.50.
Business — The insuring of animals,
primarily race
horses, trotters and pacers. Proceeds—For expansion and
■
Bomback
ment.
Insurance Co. of America
June
Price—$4.50.' Busi¬
processing equipment.' Pro¬
ceeds—Repayments of loans, new products, advertising,
working capital and general corporate purposes. Office
—7 Commercial
Atlantic City Electric Co. (11/2)
Sept. 22, 1961 filed 200,000 common. Price—-By amend¬
purchase of real estate in Florida. Office—1776 E.
Sunrise Blvd., Fort Lauderdale, Fla. Underwriter—None.
& Co.,
v?,-,
Curtis?, N. Y. C. Offering—Expected sometime in Jan.?'
For
"
Pharmaceuticals, Inc.
Sept. 27, 1961 filed 125,000 common. Price—By amendBusiness—Development and sale of pharmaceuti¬
ment.
825,000 shares
of
capital stock,
of
which 200.000 will be offered for public sale and 625,000
will be offered for subscription by stockholders of Epsco,
cal
products.
Proceeds—For sales promotion, new prodContinued
on
page
48
48
The Commercial and Financial Chronicle
(1820)
Continued from page
•
47
Office—250 W. 57th St., N. Y.
Corp,»N. Y.
working capital.
Underwriter—Laird & Company,
Finance
Avemco
Aug.
filed 300,000 common shares. Price—By
Business—The retail financing of time sales
1961
15,
amendment.
to
sales of aircraft
and the financing of dealer
consumers
equipment. Proceeds—For the repayment of
Colesville, Rd., Silver Spring, Md.
Underwriters—Sterling, Grace & Co., New York and
and related
Office—8645
debt.
Rouse, B'rewer, Becker & Bryant, Inc., Washington, D. C.
if Avis Apts.f Inc.
Oct. 19, 1961 ("Reg. A") 22,500 class A capital shares.
Price—At par ($10). Business—Construction and main¬
tenance of a
building for residential apartments and
Proceeds—For construction. Office
Underwriter-
professional^ offices.
—707
Press
Building, Binghamton, N. Y.
—None.
June
30,
y-V.
.
.
.
V;
debt and as
convertible sub-,;
of 5%
1966. Price—At par. Proceeds
debentures due
repaj
*
■*.*
$2,500,000
filed
1961
©rdinated
—to
;v/v'. //
.
BSF Company,
a
reserve
for possible acquisi¬
Under¬
manufacture
Madison
Corp,
Higginson
Ave,
N.
Y.
educational
of
Y.
(mgr.).
art
payment and working capital.
•
Building Industries,
(10/30-11/3)
•
—For
of
writer—None.
New York.
Aug. 4, 1961 filed 131,500 common shares to be offered
subscription by stockholders of American Bowling
Enterprises,, Inc., parent company, on the basis of one
>
share for each four American shares held. Price—$5.50.
-
For working capital and the
of
;
Barish
Sept.
Collins
Office—10101
capital.
Underwriter—J. R.
("Reg.
&
Ave.,
Harbour, Fla.
Bal
Co., Denver.;.
A")
working
capital.
N. Y. Underwriter—Gianis &
Price—$4.
common.
Office—224
Co., N. Y.
Pro¬
38th
E.
St.,
;
if Barrie Agency, Inc.
Oct. 11, 1961 ("Reg. A':) 200,000 capital shares. Price—
par
($1).
Business—A general insurance agency.
Proceeds—For capital funds. Office—1523 N. Garden St,,
At
Barry
'
Underwriter—None.
Boise, Idaho.
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers, robes, cushions, pillows, autoseat covers, and other specialty items, Proceeds—To re-:,
pay debt, increase
inventory and for other corporate
purposes. Office—78 E. Chestnut St., Columbus, Ohio.
Underwriter—Arnold Malkan & Co., N. Y.
>
•
Barry-Martin
Pharmaceuticals,
(11/13-17)
Inc.
Aug. 25, 1961 ("Reg. A") 150,000 class A common. Price
—$2. Proceeds—For packaging, advertising, repayment
of
loans and working capital.
Office
Leon
Blvd., Coral Gables, Fla.
Hindley & Co, N. Y. C.
v
—
4621 Ponce
Underwriter
Barton
de
Edward
:,/;]/
.
•
—
(11/13-17)
Oct. 5, 1961 filed 360,000 common.
Price—By amend¬
ment.
Business—Distilling of whiskey. Proceeds—For
selling stockholders. Office—134 N. La Salle St, Chi¬
Distilling Co.
cago.
UnderwritersSmith, Barney & Co, N. Y. and
Fulton, Reid & Co,, Inc.,. Cleveland.
*
/. ;;..
Beau Electronics, Inc.
;/■//'*">•
Sept. 26, 1961 ("Reg. A") 3,000 common. Price—At-themarket. Business—The manufacture of special type elec¬
tric motors.
Proceeds—For
Wolcott
—1060
Cooley 8t
Rd,
selling stockholder/ Office
Waterbury, Conn. Underwriter—
a
22,
Products, Inc.
1961 ("Reg. A") 75,000
—100 N. Market
St, Champaign, 111. Underwriter—Kid-:
der, Peabody & Co., Inc., N. Y. Offering—In early Dec;
Capitol Research Induslries, Inc. .V /
28, 1961 filed 165,000. common shares and 75,000
common stock purchase warrants./ Price—For stock, $2;
June
Business—The manufacture of
Proceeds—For repay¬
ment of loans and working capital. Office—4206 Wheeler
Ave, Alexandria, Va. Underwriter—To be named,;'
for
Bowling Internazionale, Ltd.
June 30, 1961 filed 200,000 common shares. Price—$5.
Proceeds—For the construction or acquisition of a chain
bowling centers principally in Italy, and for expansion
working capital. Office—80 Wall St, New York.
S, Wickett
Brite
Universal,
Inc.
Price—$4.
Business—General
(11/6-10)
—
.
.
.
.
of
a
N. Y;
•
each/ share representing- one • ordinary share; :Frice^r-By
ainehdment. Bu^ness^ManUfaeturer ^
loan,: expansion and working
Fifth Ave, N. Y.
capitaL Office—720
Underwriter—A» J. Gabriel & Co.* Inc.,
(11/13-17 )
Bundy Electronics Corp.
.
■■■■,/
Caribbean
1961 filed 100,000 common: shares?: Price—$4. ; *:
Business—The design, development* and manufacture of'-,
Aug; 22,
Proceeds—For
and
debt
working
moving expenses, , repayment of
capital. Office—171 Fabyan Place,
Television, Inc.
and
1961
sound
("Reg.
A")
100,000
common.
Price—$3.
tems.
equipment and closed circuit television
Proceeds—For
sys¬
acquisition, expansion and in¬
ventory. Office—552 W. 53rd St, New York 19, N. Y.
Underwriter
Investment Planning Group, Inc., East
Orange, N. J.
\
an
Underwriters—Lenchner, Covato & Co,
Pittsburgh and Harry Odzer Co, N. Y. (co-mgr.).
•
Burns
will be sold by
eral
Berkshire Distributors, Inc.
Sept.
14,
1961
filed
100,000
of
Bernz
(Otto) Co., Inc.
16, 1961 filed 150,000 class A shares, of which 100,000 are to be offered by the
company and 50,000 by
-stockholders.
Price—By amendment. Business—Manu¬
-
Oct.
facture
of small propane-filled steel
cylinders, garden
sprinklers and hose accessories. Proceeds—For debt re¬
payment
and
general* corporate
purposes."
Driving Park Ave, Rochester, N. Y.
nolds & Co, Inc., N. Y.
Office—740
Underwriter—Rey¬
Sept. 26,
common,
of
which
100,000
and
and
party favors. Proceeds—New plant and equipment
working capital. Office—945 39th St, Brooklyn,
N. Y. Underwriter—S. B. Cantor & Co, N. Y.
Bin-Dicator Co.
Aug. 25, 1961 filed, 160,932 cqmmon. Price—By amend¬
ment. Business—Manufactures automatic control devices
for
handling bulk granular materials. Proceeds — For
selling stockholders.
Office — 17190 Denver, Detroit.
.Underwriter—Smith, Hague & Co, Detroit.
purposes.
Office
—
St,
253: S. ' Wr8th
*.) '' "■
\ J ,:i
'
Carolina
Power & Light Co.
Oct.
Portland, Me. Underwrit¬
Carolina
Power &
v:.
Light Co. ;•( 11/16).
11, 1961 filed $25,000,000 first mortgage bonds. Of¬
fice—336 Fayetteville St, Raleigh, N. C. Underwriters—
Oct.
Ave, New York.
(Competitive).
Underwriter—
Probable
bidders; /Kidder,
Peabody
&
Co.; Merrill Lynch, Pierce, Fenner & Smith Inc. (joint¬
Stuart & Co. Inc.; Lehman Brothers and
Co, Inc.- (jointly); Kuhn, Loeb & Co.-EquiCorp. (jointly); W., C. Langley & Co.-/
Sept 22, 1961 filed 100,000 common. Price—$6* Business ..
—Importation and distribution of copying machines and v First Boston Corp. (jointly). Information Meeting: Nov.
14 (11 a.m. EST) in Room 240, 2 Rector St., N. Y. Bids
supplies. Proceeds—Repayment of debt, inventory, sales
promotion and other corporate purposes. Office—2147
—Expected Nov. 16 at 12 noon.
^
Jericho Turnpike, New Hyde Park, N. Y. Underwriter—
• Cary Chemicals, Inc./
// /;/; • /; Vv.
Reiner, Linburn & Co, N. Y.
Sept. 27, 1961 filed 1,031,939 common to be offered for
Business Growth Funding Corp.
subscription by common stockholders and; holders of
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
convertible securities at the rate of one new share for
—Making of loans to small business concerns, purchase
each two held. Price—By amendment./ Business—Man-:
of machinery for lease, and the providing of manage¬
ufacture of vinyl chloride polymer and copolymer resins,
ment counseling. Proceeds—For working capital. Office./
polyvinyl chloride compounds; and polyvinyl chloride
—527 Lexington Ave, N. Y. Underwriter—Morton Klein
sheeting and laminates and polyethylene film.; Proceeds
& Co, Inc., N. Y.
—For expansion.
Office—Ryders Lane, E. Brunswick,
Burton
Halsey,
ly);
Mount Corp.
Blyth
table
&
Securities
,
CrcurvHlof s
I'UCr
N.
March 23, 1961 filed 196,109 shares
.will be sold by the company and
25,000 by stockholders.
Price—$3. Business—Manufacture of 'plastic novelties,
and 3,127 by a stockholder.
company
^ X.
(11/14 )/ •:.
11, 1961 filed 150,000 common. Price—By amend¬
ment. Proceeds—Debt repayment and expansion. Office
—336 Fayetteville St, Raleigh, N. C. Underwriters—Mer¬
rill Lynch, Pierce, Fenner & Smith Inc, N. Y. and R. S.
Dickson & Co, Inc., Charlotte, N. C.
•
v
Park
the
corporate
Miami.
Smith, Barney & Co, Inc., N. Y. Offering—Imminent.
^
Best Plastics
Corp.
1961 filed 125,000
Office—101
^
Miami, Fla. Underwriter—Robert L. Fermari & Co, Inc,
Aug. 22, 1961 filed 175,000 class A common shares. Price
—By amendment. Proceeds—For the selling stockhold¬
ers.
which 60,000
will be sold for the company and
40,000 for certain stock¬
holders. Price—By amendment. Business—The operation
©f eight discount type-department stores in four states.,
Proceeds—For the repayment of debt, and working cap- '
ital. Office—203 Ann St,
Hartford, Conn. Underwriter—
May & Gannon, Boston.
common,
Inc.,/
International Detective
(William J.)
CorViv:77
Price—$6. Business—Design, manufacture and distribu¬
;
tion of custom made shoes for women; Proceeds—Gen¬
Weeks, N. Y.
Agency, Inc.
—
,
Office—45 Water St,
er—Hornblower &
Shoe
;;l$//196l: "filed ;l49y?047don^^v
_
holders.
Office-4Kingston,; Jamaiea.
—For/ selling stbckholdei;Si:
v;:
//-/•. /
if Burnham & Morrill Co.
Oct. 25, 1961 filed 187,250 common. Pirce—By amend¬
ment. Business — Manufacture of canned foods, frozen
dinners and baked beans. Proceeds—For selling stock¬
29,
re¬
.
writer—Ehrlich, Irwin & Co, Inc., N. Y. "
Business—The manufacture of television antenna, music
debt
Proceeds—For
estate.
1961 filed 100,000 common shares and $1,000,Rice & Co., Inc., St. Paul; R. J. Steichen & Co., Minne¬
000 of 10% subordinated debentures due 1966 to be of- 7
apolis; Bardon Higgins & Co, Irtc, Duluth, and C. D.
fered for public sale and 108,365 common shares to be
Mahoney & Co, Inc., Minneapolis,
v
offered for subscription by stockholders of Brite Uni¬
Card Key Systems, Inc. '/'.••'•'•
versal, Inc. (N. Y.) parent company, on the basis of 2Vz
July 28,1961 ("Reg. A") 60,000 common shares: (no par).
shares for each class A and class B shares held. Price—
Price —$5.
Proceeds —For research and development,
By amendment. Business—The operation of a consumer
advertising equipment and working capital. Office—923
finance business in N. Y, N. J, and Pa.
Office—441/;; S. San Fernando Boulevard, j Burbank, Calif. / Under¬
Lexington Avenue, New York City. Underwriter—None.
writer
Rutner, ' Jackson & Gray, Inc,. Los Angeles,
• Bronzini,
Ltd. (11/6-10)
• /
Off ering—Expected in early November. ;// J ;7 ;■
• V': - V;
Aug. 23, 1961 filed 125,000 common.: Prlce^-$6. Business -V
Caribbean Cement Co*,.Ltd." ,
/ V/v
Manufacture: of
men's
wear
accessories.
Proceeds.
Octi 18, 1961 filed 272,000 Americahf Depositary BharJss,
—Redemption of the 10% preferred stock, repayment
Business—Manufacture of aluminum pontoon boats. Of¬
fice—25970 W. Eight Mile Rd, Southfield, Mich. Under¬
Aug.
real
payment and general corporate purposes. Office—6945
Nicollet
Ave,
Minneapolis.
Underwriters—Irving J.
July 31,
Newark.
Bell
cents.
if Captain's Corp.
_//?/// ./>. "V.//'•• v"/7/'/'■: /'/7../V/
Oct. 11, 1961 ("Reg. A") 65,000 common.
Price—$3.30.
&
Co, and Thomas, Wil¬
liam, & Lee, Inc., New York City.
•
warrants, 20
X-ray film processing machines.
and
Underwriters—V.
Office
repayment of debt and other corporate purposes.
Proceeds—For inventory, equipment,
advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave, Woodside, N. Y.
Underwriter—McLaughlin, Kaufman & Co, N. Y. Of¬
fering—Expected in early November.
factured by others.
tions.
common.;
Price—$3.
100,000 common.
("Reg. A")
1961
30,
are
facture, rental, and sale of graduation caps, gowns, choir
robes and related apparel.
Proceeds—Plant expansion,
Inc.
electronic components for space and earth communica1--
Co, Hartford, Conn.,' :/'*/'"•^
Be!-Aire
Sept.
Electronics,
of which
common,
to be offered by the company and 66,000 by
stockholders.
Price—By amendment. Business—Manu¬
125,500
Business—The distribution of electronic products manu¬
of
Corp.
(R. G.)
Boro
//-/'v////•',
1961 filed 192,400 class A
Sept. 21,
military
Underwriter—G. K. Scott & Co, Inc., N. Y.
Texas.
Aug.
50,000
Business—Aeronautical research and development.
ceeds—For
and
of
Co.
Cap & Gown
Price—$2.
100,000 common.
directories
personnel
Texas landowners. Office—4007 Ave. "A," Lubbock,
Business—Publishes;
;//
•
Inc.
Associates,
1961
1,
Holt
("Reg, A")
1961
Sept. 20,
N. Y. Underwriter—None.
Nationwide Publications, Inc.
(C. F.)
Boone
bowling centers. Proceeds—construction and operation
bowling centers. Office—100 Wilder Bldg, Rochester,
Business—The operation of
Underwriter—Natale, Miller & Co, Inc.,
/:'''■
:
_
'if Bal Harbour Diagnostic Service,* Inc.
Oct. 18, 1961 filed 2,000,000 common.
Price—$1. Busi¬
ness—Company will operate a medical examination
center.
Proceeds—For a hotel acquisition and working
Ltd.
Centers
Canbowl
for
St,
McKibben
Office—54
equipment.
and
Brooklyn, N. Y.
Office—719 S. Los Angeles
.
^
if Bolar Pharmaceutical Co. Inc.
Oct. 18, 1961 ("Reg. A") 50,000 class A common. Price—
$2.. > Business-^-Compounds, manufactures and packages
private label drugs and vitamins. Proceeds—For an ac¬
quisition
selling stockholders.
11, 1961
St, Los Angeles, Calif. Underwriter—William R./Staats
& Co, Los Angeles. Offering—Expected in Dec/; ..
buildings
thereon. Office — 3355 Poplar Ave, Memphis, Tenn.
Underwriter—Lieberbaum & Co, New York.
tions. Office—818 Market St., Wilmington, Del.
:
/*
filed 140,000 common.- Price—By amend¬
Business—Manufactures ladies' apparel. Proceeds
Oct.
—$5. Proceeds—For advances to a
of additional land
and the construction
Y.
Campus Casuals of California
ment.
Price
subsidiary, purchase
1961 filed 300,000 class A common shares.
June 29,
chemicals. Proceeds
Brooklyn. Underwriter—Russell & Saxe, Inc., N.
Inc.
Bloomfield
Price—$3.
capital shares.
1961 filed 110,000
25,
Advertising, additional sales personnel, inventories and
accounts receivable. Office—Second Ave, and 13th St.,
Proceeds—For the selling stock¬
Wheeling, W. Va. Un¬
Office—4000 Water St.,
derwriter—Fulton, Reid & Co, Inc., Cleveland.
•
Office—324 E. Bixby Rd,
be named.
Business—Manufacture of sanitation
July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
holders.
v <
Price—By amend¬
Proceeds—Debt re¬
(11/13-17)
Camp Chemical Co., Inc.
Aug.
Bloch Brothers Tobacco Co.
Price—By amendment.
Inc.
1961
Long Beach, Calif. Underwriter—To
Underwriter—Lee
C.
N.
ment. Business—General real estate.
Of¬
selling stockholders.
Proceeds—For the
materials.
fice—380
(11/6-10)
Corp.
Business—The
ment.
Thursday, Qctober 26,
1961 filed 280,000 common.
Sept. 28,
Price—By amend¬
1961 filed 171,038 common.
.
Cambridge Fund of California,
(11/13-17)
Binney & Smith, Tnc.
Sept. 8,
nets and
.
.
of capital stock. Price :
—$1.15. Business—The company which began operations
in 1954, is engaged in the research and development of
special, material ' handling systems for industrial and
commercial use based on company-owned patents. Pro¬
J.: Underwriters—Lee
&
Co, N. Y.
Higginson
Corp,
and
P;
W.
(mgr.). Offering—Late November.
Inc.
>/•/:/••/ V'; •/.'.//.
350,000; captal shares./ Price—$7.
Business—Production of plastics, marble and ceramics
for the packaging and building indsutries.
Proceeds—
For expansion, leasehold improvements, repayment of
/#• Casavan Industries,
Aug,
.
21,
loans
working capital. Office—Kirk Boulevard,
Greenville, S. C. Underwritre—Capital Securities Corp,
Greenville, S. C.
ceeds—For
i
Brooks
.
and
1961; filed
other
corporate purposes.
Office—250 Vree-
Ave, Paterson, N. J. Underwriter—Foundation Securities, Inc, N. Y.
"/ .
^
land
•
California
Real
Estate
Investors
(11/20-24)
Aug. 17, 1961 filed 1,000,000 shares of beneficial interests
Price—$10. Business—Real estate investment. Office— /
Blvd., Los Angeles. Underwriter—Harnack, Gardner & Co, (same address) (managing).
12014
Wilshire
•
►
•
Catamount, Inc.
(10/30-11/3) :
,v
'.3*.
Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
'1, 1976, to be offered in units of $500. Price
—
At
par.
Volume
194
Number 6102
.
The Commercial and Financial Chronicle
.
.
(1821)
proceeds—For operation of
mont, Mass. Underwriter
Hartford, Conn.
ski resort.
a
Address—EgreKennedy & Peterson, Inc.,
—
Certified
Industries, Inc.
Sept. 28, 1961 filed $750,000 of 6% convertible subordi¬
debentures
nated
due
1976
with
purchase 15,000 class A shares
attached
warrants
to be offered in units
to
(of
$250 debenture and a warrant to purchase 5
shares)
for subscription by holders of class A and
class B shares
the purchase of 20 class A
Chester
Electronic
rate of
unit for each 50 shares held. Price—
one
$250 per unit. Business—Production of concrete for con¬
struction purposes. Proceeds—For
expansion, equipment
and working capital. Office—344
Duffy Ave.,
Hicksville,
Underwriters-Singer, Bean & Mackie, Inc., N. Y.
Challenger Products, Inc. //■
N. Y.
v,.
June ,30, 1961 filed 125,000 common shares.
Price—$5.
Proceeds—For the repayment of
debt, purchase of new
equipment, and working capital. Office—2934 Smallman ;
St., Pittsburgh,
Pa, Underwriter—To be
named. V
.
Chandler Leasing Corp.
'/KL:L/,''4
Sept. 26, 1961 filed 143,000 common. Price—By amend¬
ment.
Business—Leasing of equipment. Proceeds—For
ment.
Motor
27
Coils
Proceeds—For
October 30
Advanced
Bomback
Church
acquisition
Hindley
&
common
stock, series
share. Business—A closed-end diver¬
sified management investment
company. Proceeds—For
investment. Office-^501 Bailey
Ave.;4 Fort Worth. Tex.
Price—$5.50
Churchill Stereo
July
Catamount,
___Class
Hardy
Co.)
&
Co.)
Fort
Worth.
;
manufacture
and/or
of
105,000
at¬
television
Idaho
Power
stereophonic,
equipment
and
hi-fidelity,
the
a.m.
EDT)
$10,000,000
Ross,
Inc.)
^Dillon,
&
General
(Paine,
Cinema
Co. of New York il
1/6-10)
Sept. 8, 1961 filed 147,000 common, of which
100,000 will
be sold by the company and
47,000 by a stockholder.
Price—By amendment. * Business—The writing of or-
six
Continued
<
Longs Drug Stores, Inc
(Merrill
Jackson
Securities
Inc.)
and
Smith,
Met
International, Ltd
(Ezra
Kureen
Stone
(Lee
Higginson
70,000 shares
Co.)
shares
Corp.)
$600,000
Common
Inc.)
$600,000
Piper,
Jaffray
Common
&
Hopwood)
shares
Corp
&
Capital
Co.)
$2,000,000
'
^
Co., Inc
Podesta
Co.
&
Common
and
Spear,
Leeds
&
Kellogg)
'
Electra-Tronics. Inc
(Jay
Morton
&
Co.,
Consumers Utilities Corp
.<-Common
Inc.
and
Bruce-Atkind
&
Co.,
(Golkin,
Inc.)
$180,000
Family
Finance
Executive
Corp
(Goldman,
Debentures
Sachs
&
Co.)
Seneral
-
November 6
Corp.__Debs.
AMT
Inc.)
Air
Master
/ /
/L'LVi
'■
Hygrade' Packaging Corp.—
(P.
J.
Gruber
\Co.,
&
Class
Inc.)
100,000
(William R.
Staats
---Common
&.Co.
and
Shearson, Hammill & Co.)
/
Anodyne,
(Ross,
^
I-
'
(Hopkins,
Natpac Inc.
(William,
Calamari
Ro
Arista
David & Motti, Inc.
Club,
Security
Co.,
Group,
(B.
G.
and Flomenhaft,
$475,000
&
Inc.
and George
$600,000
K.
Baum
Co.,' Inc.)
Securities
Corp.)
and
Inc.)
L.
Corp.)
&
Co..
Gas
(Offering
True
Co.,
to
Taste
>
.
(Kidder,
Rupe
Son,
&
October-
31
Securities
Corp.)
$300,000
4
to
-
$300,000
Co.;
Chace,
Co.;
Securities
Whiteside
(Globus,
Corp.;
—.Common
Bioren
Winslow,
Atherton
Higginson
November 1
&
Inc.;
Co.)
&
Hentz
H.
&
Co.)
r..v-V
.
'(Lester,
Ryons
&
Co.)
Girder. Process, Inc
(Winslow,
Hamilton
Cohu
Electro
100,000
.4:44-'(Underwriterss
to
be
hamed)
Ross,
-Common
$1,012,500
Allyn
Halco
Lyon
&
—Common
200,000
shares
■
Trio-Tech,
&
Creesy)
Inc.)
Data
(B.
(No
/
International
•
Jayark
Films
Inc.)
&
Co..
Inc.)
Wald
units
Common
$155,000
Common
Co.,
Inc.)
$585,000
-44
?
4'
Common
&
250,000
Co.)
shares
Co.)
$200,000
.
„•
Investing Corp.—Debens.
&
by
Sutro
Bros.
Henderson
Corp
&
Co.)
Co.)
&
.Common
$300,000
R.
-
.—Common
Dreyling
Co.)
$600,000
Inc.)
$300,000
&
-Common
Corp.
Harris
G.
Research,
(Martinelli
Warshow
"MLes
&
&
Co.,
Class A
& Co.)
Inc.———
E.
Co.-and
R.
Davenport
$300,000
Common
&
$325,000
Co.)
& Sons, Inc——_
(H.)
Higginson
Corp.
and
285,000
^4-'
November 9
Growth
Common
W. Brooks
shares
P.
Class A
&
Inc.)
Co.,
(Thursday)
(Pacific4 poast
W.
(P.
shares
Kaufman & Broad Building Co.——
—Common
•*
'(Bache; ar Co.)r 174,500 shares f( ' •"
'
*
•
•
''-
44
4/ 44
Securities Co. L 50,000 shares
Construction
Rexach
Common
72,000
Common
Properties
,
$505,000
Co.)
6,280
Common
Corp
Securities
Units
Corp.)
Joshua & Co.. Inc. and Reuben Rose
(John
4
$375,000
Housing Corp.L_j._4.-
Coast
V
& Son, Inc.
Co.
Common
$600,000
Common
__:
&
Inc.)
Processing
shares
underwriting) '*$.700,000
Treat
Higginson
Kureen
"
Ihnen (Edward H.)
Corp.)
Electronics Corp.—
Voron
shares
-
shares
125,000
—Common
(Louis
.
Co.)
stockholders—underwritten
Vendotronics
and
Happy House, Inc.—
$200,000
Valley Title & Trust Co
Common
Simmons), 150,000
Units
Inc.)
—
Stearns
(Holton,
$244,800
$300,000
A
shares
$2,500,000
.Globus, >Inc.) $450,000
Co.—"
iCommon
&
107,571
Inc.
Z Universal
Common
Inc.,
$560,000
—
to
$1,000,000
Co
Co.,
&
Improvement
shares
150,000
Inc.)
Motti,
Garey
(Offering
Common
450,000
&
Lee
United
Common
Ellis
&
(Ezra
...
Corp.___
Co.)
&
Co.,
———
(Best
,
Common
Inc.)
&
(Globus,
(Bear,
4
$243,000
Co.,
$400,000
& Utilities Corp.
and
4
Common
...
Chemical
(Ross,
Co.
Trans-Lux Corp.
$300,000
Co.,
shares
Common
Co.)
Securities
Thermo-Chem Corp.
,
.Units
(Shearson, Hammill & Co.)
(Pacific
,
&
100,000
Industries, Inc
$300,000
&
&
Telecredit, Inc.
4
$258,750
**
Inc
(Bratter
.
Lyon
Lyon
Corp.)
Common
Common
Ross,
.
Common
Industries, Inc.——Common
Fuller
D.
Common
Co.)
$1,200,000
Ccrp._
David
Realty
&
.
Common
Co
Brooks & Co., Inc., and CIA Financiera
Inversiones, Inc.)
$2,000,000
-4
*'
-
$676,500
—-Class
Growth
(Hirsch
..Common
Corp..—
&
Inc.)
Hammill & Co.)
(Capital
'
$170,000
Corp.)
Common
Corp.)
Photo-Cine-Optics, Inc
Southern
jCommon
Co.)
>
—.Debentures
O'Neill
(William,
Southern
Inc.—
(Amos
--Common
Co.)
Plus,
.
shares
Idaho Power Co,_________—
4
Securities
$1,650,000
Share
Co.,
&
Stationery
(S.
shares
Co., Inc.)
Inc.)
-
Common
Co.)
Semicon, Inc.
•__
and
and
C.
.i,
-4
$422,000
Co.,
Securities
(Mann
..Capital
Corp
lj.-Stetson)
Norton
&
Western Financial
(Blunt
Class A
S.
A
shares
Machines, Inc..
Handschy Chemical
Corp
(William
&
4
shares
415,576
O.
S.
.4
Growth, Inc.
$260,000
Co.)
Kureen
Electronics
First
Foods
4
(Wednesday)
(Ezra
Inc.,
(A.
Co.; Boenning &
Draper, Sears &
$300,000
Empire Precision Components, Inc
Dressen-Barnes
■t
--Class A
and
Corp.
-
1
$1,100,000
Togs, Inc..
-Common
-
&
&
&
Higginson
(Shearson,
$1,000,000
Penn
Corp.)
I., Inc.———
Bond
Electronics
Rope
Russ
shares
$1,000,000
Inc
Homes
75,000 shares
Star Industries, inc
(Lee
Fashion
Common
&
Schirmer,
P.
.
Coast
Homes
(Globus,. Inc.,
Micro-Precision Corp.
(Manufacturers
Fashion
$2,400,000
'(Dominick & Dominick Inc.)
\
147,000
Beane)
&
(Burnham
Dunlap & Associates, .Inc.-*,-.—
192,400
$187,500
Inc
(George,
$750,000
Inc.-——-.
Business
Electro-Miniatures
received)
be
Co.)
Co.)
J.
Gruber
(Hancock
Chicago, Burlington & Quincy—Equip. Trust Ctfs.
(Bids
underwriting)
Dynamic Toy, Inc
Common
Securities Co.)
Coast
J.
'(Pacific
-
(Tuesday)
Automata. International, Inc
(Pacific
Cromwell
•"/" '•;/< '■
Common
(Standard
and
Yours,
(P.
shares
250,000
108,365
Systems, Inc._—______
Bishop & Co.
Cosmetically
Class A
Co.)
&
&
,
Corp
.
Singer
Becker
Williston
R.
Lease
H.
(M.
$1,000,000
Inc.)
Red
.-Class
&
Corp.)
Securities
(Lieberbaum
.Debentures
Peabody
G.
(J,
shares
135,000
underwriting)
•■J-'
Wonderbowl, Inc
,
Control
-
Glore,
Common
(H. R.)
(Troster,
,
Co.)
&
/
_.Common
by
Realtone
Commonwealth Theatres of Puerto Rico, Inc._Com.
units
Inc.——
Co.,
(Lee
&
Common
Inc.)
Inc.) $300,000-
Common
Morgan
(Roth
100,000 shares
Co.,
Co.,
Raymond Engineering Laboratory, Inc
Citizens Life Insurance Co. of New York—Common
(A.
Corp
(Dallas
Weissberg
Inc.)-3,500
Co.;
Becker
Inc
&
200,000 shares
—_—Common
Weber
(Continental
Publishers
Common
Gabriel
&
Philadelphia
Product Research of R.
shares
shares
:/
J.
Co.)
Mitchell
(Peter
•
$475,000
stockholders—underwritten
Forgan
.
&
Rouse; Brewer,
stockholders—no
Common
&
"■'Precision Microwave Corp
.Units
Cap & Gown Co
Units
Brooks
W.
to
120,000 shares
—
$1,750,000
Ltd.
$340,000
Co.)
150,000
Universal, Inc
Bronzini,
Common
Inc.)
&
Co.)
200,000
to stockholders—no
(A.
Tri-Chem, Inc
.
Brite
Capital
Rossman
L.
(Offering
$300,000
1
Education, Inc
(P.
Universal,
(Oifering
Inc
Co.)
Common
——
Co.)
.
Universal, Inc
$300,000
Co.)
Capas
and
Inc.)
(No underwriting)
Common
Enterprises,
&
Corp.
(First
Common
Co.
Brite
Common
Services
&
Brite
shares
90,000
Corp
(D.
(F.
:
&
&
Capital
J.
*
Corp
Bryant,
$299,370
Bruno-Lenchner
Henderson
Piatt
Common
Finkle
and
Stearns
(Francis
,■*'44
$500,000
Inc._
Perman
«4
—
(First
Common
underwriting)
Co.
Grace
Common
(Sandkuhl
,
«te
',V
Photo-Animation, Inc.
.Units
$500,000
Capital
$400,000
Optical, Inc
■
Common
underwriting)
Finance
(Sterling,
Common
Industries Corp
44
Avemco
Inc.; Standard Securities Corp.; Fred F.
Inc.
Thoroughbred
-Tropical
Stearns
Penn
L.
(Bear,
$625,000
/Automated Sports Centers, Inc.-
Co.)
&
Inc.)
Atlantic Improvement Corp
$300,000
L_-iL
(International
Thermionix
•
Globus,
/
.
$140,000
Co.)
&
Corp—
4-
.Units
and
Corp.)
Common
Inc.)
Fisheries,
(Robert
-
$1,250,000
Renting Corp
(Holton,
Corp
Co.,
-
&
Inc
Techno-Vending
Jv-/
Truck
>
Pavelle
Common
.
Renting Corp
(No
Seidler
^Common
Harris
(Amos Treat & Co.,
Tor
Inc.)
Inc
(Allied
Supronics
Arista
Inc.
Securities
Corp.-
(Hardy
Pan-Alaska
$675,000
Co.)
&
(Globus,
•.
$320,000
Co.)
&
Common
Securities
-/;
Truck
(Bear,
Sav-Tax
Scssler
Co.,
Inc.)
Common
Underhill
Instruments, Inc
•
Instrument
shares
—
(No
$227,850
Inc
(Midland
.
Inc.)
Orbit
Common
Co.,
Loving
& Co.,
—Common
&
Ko,
Co.,
__
>
v
&
200,000
and
;
Inc.
Lyon
Common
*
Co.)
Bomback
(Lomasney,
L
i:''/"*.' 125,000 shares
Missile-Tronics Corp.
_L_
&
Inc.
Co.,
"
American Finance Co., Inc
shares '
Marshall Industries
..
A
&
Machines, Inc
(Golkin,
•
Pont
Barnes
American Data
•
shares
Industries, Inc
(David
Irving J. Rice & Co., Inc.)
'"''i/L/"/- 200,000 shares 4 4''444/4 J.-"'.' 44 /-4;
230,000
$6,375,000
$300,000
Oceanic
Common
du
Lewis
~
Co.)
Co.)
&
National Hospital Supply Co
4
Corp
Albert Voigt
and
&
Haupt
Common
$400,000
—Common
Becker
G.
:/;, v^,i.;,;(Prancls I.
.Common
-\
Kinetics, Inc.——/—______ Common
Inc.
shares
;
(A.
$700,000
'/ (Equity Securities Co.) $300,000";':'
4-/V"(Balogh & Co.,
302,000
(Monday)
Corp.
of America.^Common
Co.,
'
General
Co.)
Corp
Jacques Coe & Co.)
(Edward
Inc.-_L_jiL-.__
Forms,
/
*
and
Co.
•
Fleetwood Securities Corp.
Securities
&
Municipal Investment Trust Fund, Pa. Series—Ints.
(Ira
Equipment
(Reich
$1,200,000
Common
&
$25,000,000
First National Realty & Construction
4/4. /•■.>, V. /
(H. Hentz & Co.) $3,000,000
(General
Bomback
shares
Common
135,000
Seigel,
and
Capital
(Cruttenden,
:
Development Corp..
Monmouth Electric
$378,000
190,000
Units
&
(Meade
Units
&
Inc.)
—
Corp.
(Friday)
(Lieberbaum
Smith
Co.)
800,000
"
3
&
Grumet
Midwest Technical
Webster
&
&
Eastern
Corp
(Brand,
___Bonds
and
page 50
Corp
$15,000,000
Churchill Stereo Corp
Capital
Co.)
Food
Barney
on
Common
Penner
Fuller
Finance
-Monmouth
November
$30,000
D.
(S.
-Debentures
Peterson,
&
Pierce,
Magazines for Industry, Inc
shares
Curtis
&
Corp.)
Lynch,
(Manhattan
Co.
<
Cineque Colorfilm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common.
Price—$2.50.
Business—The production of slides and color film
strips.
Proceeds—For equipment, sales promotion and
advertis¬
ing. .Office—424 E. 89th St., N. Y. Underwriter—Paul
Eisenberg Co., N. Y.
Major
Telephone Co. of Florida
Webber,
Syndicate, Inc.
Security Options Corp., N. Y.
$240,000
&
200,000
and
payment of loans, purchase of equipment and
working
capital. Office—619 W. 54th St., N. Y. Underwriter—
Common
Securities
Co.)
For
—
capital
6, 1961 ("Reg. A") 100,000 common.
Price—$3.
Business—Production of motion pictures. Proceeds—Re¬
(Thursday)
Union
Proceeds
working
Sept.
-Common
&
stores.
expansion, repayment of
other corporate
purposes.
Office—200 E. 98th Street,
Brooklyn, N. Y. Underwriter
—Lieberbaum & Co., New York
(managing).
/.4"
Inc.
$300,000
Common
of
Bonds
11
(Glass
(Eastman
radio
operation
Co
(Bids
A
one
unit. Business—
per
retail
loans,
Citizens Life Ins.
shares .and
common
Price—$3.60
The
$1,500,000
Inc,
(Kennedy
Electra
105,000
v
tached five-year warrants to be offered in
units of
share and one warrant.
November 2
Bloomfield Building Industries, Inc
&
1961
17,
Corp.-(11/3)
Atlantic City Electric Co
and
(Lieberbaum
per
Distributor—Associates Management/ Inc.,
$650,000
Corp.—
Co.,
a
Builders, Inc.
Common
Co.)
of
teaching
plant and
Feb.-6, 1961 filed 50,000 shares of
2.
(Monday)
Electronics
(Edward
&
electronic
equipment, debt repayment, new products and working
Address—Chester, Conn. Underwriter—Putnam
& Co., Hartford.
Offering—Expected in December.
Vol-Air,
Manufacturing Co
of
capital.
(Friday)
(Golkin,
Price—By amend¬
common.
Business—Manufacture
equipment.
NEW ISSUE CALENDAR
October
direc¬
a
Laboratories, Inc.
Sept. 27, 1961 filed 100,000
one
at the
shares from
common
tor, and working capital. Office—17 Dunster St., Cam¬
bridge, Mass. Underwriter—G. H. Walker & Co., N. Y.
49
•.
4*'•
Continued
on
de
page
50
**
50
*
St
The Commercial and Financial Chronicle
(1822)
Continued
from
49
page
V
;
,
Cole
,
dinary life, group life and group credit life insurance.
Proceeds—For investment in income producing securi¬
Office—33 Maiden Lane,
-Becker & Co., N. Y. (mgr.).
ties.
Clute
N. Y. Underwriter—A. G.
(12/4-8)
& Son, Inc.
(Francis H.)
Vending Industries, Inc.
<
^
1961 filed 115,0$0 common. Price—By amend¬
ment. Business—The manufacture, sale and servicing of
vending machines. Proceeds—For working capital. Office
—560 W. Lake St., Chciago, Underwriter—Straus, Blosser & McDowell, Chicago
(mgr.).
J
Coleco
Business
manufacture
The
—
of
farm
industrial
and
equipment. Proceeds—For materials and inventory, re¬
search and development and working capital. Office—
•1303 Elm
St., Rocky Ford, Colo. Underwriter
Altman & Co., Inc., Denver.
■
Oct.
shares
i
of
rate
purposes.
women's
apparel. Proceeds—-For general corpoOffice—113 Fourth Ave., N. Y.
Underwriter—Meade & Co., N. Y. Offering—Expected in Jan.
26,
Sept.
1961
will be
shares
stockholders.
•
Combined
ment.
plastic toys, play pools, toy boats and houses,
and games. Proceeds—For plant expansion and working
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬
derwriter—Cooley & Co., Hartford, Conn.
-
Business—The
150,000
electronic equipment, hydraulic products and
Proceeds—For
niture.
metal fur¬
repayment of loans and expan¬
sometime in November.
Puerto Rico, Inc.
- *' (11/6-10)
"y ■ -'i.• *•;/:
; '-''tsjr 'I■ ■.'■' • ;: *
July 28, 19661 filed 100,000 common, of which 50,000 are
Co., N. Y. Offering—Expected
..
"V
50,000 by stockholdr-
by the, company and
be offered
to
of
Theatres
Commonwealth
Price—$10. Business—Operation of a chain of ther
atres in Puerto- Rico/ Proceeds-—For construction of a
:ers.
*
'
.y
Continued from page
If
49
(Carl
10
November
Sexton
Bailey
Demos,
Sierra
$279,130
Co.)
&
'November
Ace
13
(Monday)
t
:
}i
ti
and .Edward
Inc.
Lewis Co.,
(Alessandrini <•&
(C.
(Alessandrini
a
...
and Hardy &
Inc.
Co.,
(S.
Puller
D.
Manufacturing
(Albion
American Automatic
:
(McDonald
Common
&
Eros.
Capital
Carolina
$10,000,000
(Troster,
Hanna
'
•
•
-
Corp....
"" (Harry
:
..Common
Co.)
&
$10,840,500
&
Lynch,
Light
Co.,
&
..Common
Smith
&
Inc.)
and R.
Inc.
shares
150,000
•,
•
(Edward
Barton
Hindley
Distilling
(Smith.
Barney
Co.)
&
Fram
$300,000
Common
Co
Co.
&
(Dillon,
Common
Inc*,
Reid
Pulton,
and
&
Co.,
Lynch,
Rochester
shares
360,000
Pierce,
Co.)
shares.;
148,640
&
Fenner
Smith,
Inc.)
Sav-Mor Oil
Waterman
11
EST)
m.
a.
<(Shields
I
(Lee
•".
Higginson
Corp.)
shares
171,038
(Bids
Bundy
it
i1?
-
Electronics
MLenchner,
.
Camp
♦.!
..Common
Corp
Covato
Chemical Co.,
(Russell
Co.,
&
Inc.)
$400,000
$15,000,000
(Bids
Inc.)
Saxe,
$330,000
November
Continental Leasing Corp...
(Cambridge
Common
Inc.)
Securities,
stockholders—underwritten
to
Aero
Rantec
Hardy
Consolidated
Co.)
&
&
Co.,
Chemical
(Armstrong &
vy '^
Crossway Motor Hotels, Inc
(Candee
Eastern
«
(Woodcock,
I
Electronic
$
$400,000
Paint
(Laird
:
-
Energy
French,
&
&'Co.,-Corp.)
International,
(Theodore
.
Fricke
Corp.._Common
Inc.)
$2,500,000
Arrin
'-.
-
Components
(Albion
FM-Stereo
150,000
Co.,
shares
?
Inc.)
(Offering
.Units
Clute
$550,000
(Goodkind,
&
(Glore,
.
Marks
•
Common
Electronics
(Carter,
Hannett
$350,000
-
7
Jordon
Poralized
Inc.
and
Richter
(Albion
Securities
75,000
Inc.)
Co.,
Corp
(Fialkov & Co.,
Common
and
Inc.
-
(Bids
11
shares
(Eastman
November
16
(Bids
(Thursday) ;'
to
.(Stein
(Monday)
.''(Tuesday).
r'V!
Union Securities &
Co,) 200,000 shares
5
Common
Dillon,
Stores, Inc...
11
(Currier
Kent Dry
Lido
Malkan
$525,000
Electronics
12
December
Co.,
Inc.)
$825,000
(Flomenhaft,
<
Lincoln
Seidler
&
Co.)
&
Co.,
N.
Y.)
(Bear, Stearns
& Co.
Common
200,000
Hoffman
International
(Offering
shares
to
\
Corp.
Units
(Burnham
■
Marlene Industries
(Bernard
Mon-Dak
M.
Feed
(Wilson,
Murray Magnetics
(Amos
Co.)
50
units
Common
&
Co.,
Inc.)
$1,575,000
Inc.
Demos,
&
Co.)
(Lee
&
(
Orbit
Higginson
Carolina
Inc.)
Corp.)
Natural
$900,000
75.000
(C.
Moyer,
Wing
it-
Regal
Bonds
Fricke
E.
&
French,
Unterberg,
Homes
(J.
t{
b
&
Inc.)
$3,410,000
Inc.
Towbin
—Common
Co.)
Mavroulis)
Irwin
Webber,
Hilliard & Sons)
$612,000
Co.,
Jackson
Webber,
.-----..Capital
Inc.)
$825,000 * \
»'
'v
Curtis)
Curtis)
&
Title
&
Co.,
150,000
shares
200,000
Corp.)
underwriting)
&
Stern)
$300,000
&
Carlsen,
Dual
7
120,000
Inc.)
...Capital
•
Blair &
Co
shares
.Co.;
S.
Planning
Kasdan
Corp.)
Co.7
&
Inc.
'.V
and
$500,000
(Wednesday)
& Fibre Chemical
January 4, 1962
Gluckin
&
Co.,
Corp..;...
Inc.)
Ltd.....
Inc.)
1962
(Tuesday)
January 9,
York
March
Telephone
5,
"to
be
1962
•
.Common
(Globus,
New
Common
$600,000
(Thursday)
Co.,
(Wm.)
(Bids
shares
$300,000
and William
(Monday)
December 20
Rubber
$1,125,000
Inc.__.__
18
Securities
shares
Inc.^..Capital
Semiconductors,
(Currier
y
Capital
Products,
Inc.
(Armstrong
.Common
Securities
(General
$1,387,500
Co
Forge
.^'ri
.,.
Common
Jackson
Securities Corp.
(Thursday)
••
/jyy.
A-ssociates, Inc.^__l_.1..Common
150,040
$718,750
& Fishman, Trie.)
&
/
Mercury Photo Corp.______—.—_—..Class A
—...Common
Inc.)
Co.,
Inc
Power,
Western
Weld
December
shares
.Common
(Herzfeld
../Capital
&
Lewis
(Manufacturers
Valley
Science Research
shares
951,799
Space Age Materials Corp
Union
14
December
•
.Common
and Divine
(No
Common
$299,000
Inc..
Jjf^B.
Rocket
-
.Common
$1,491,780
Inc
122,980
Corp.
(Paine,
Development Co.__Common
Inc.)
Corp.)
Originala Inc.
Pako
.
..Common
Inc
Management
7
7,
shares
,121,778
(White,
Bowling Lanes, Inc
(Paine,
$500,000
Fiberglass Products,
(York
c
shares
Corp
Common
Pakco Management &
Production
National
Inc. and First Nebraska
& C6.,
..
Williston
$1,890,700
Enterprises,- Inc—___
(Globus, Inc.
Gas
Kidder, Peadbody & Co.) $2,250,000
(Woodcock,
Fund,
(Edward
Capital Stock
Industries, Inc
Pictorial
Lunar
J. R.
Manufacturing Co
(Ehrlich,
Common
Co.,
(Hodgdon & Co., Inc.)
Red
$450,000
Corp
Treat
National Semiconductor Corp
North
Soffa
(Horizon
Common
Bailey
■>
.
by
underwritten
Beane)
,'•••.
.
&
Lincoln
(White, Weld
units
(Marron, Sloss & Co.,
Corp
Kahn
Lot,
Ehli,
&
Kulicke
y
Tip Top Products Co.......— —........Class A
Blosser & McDowell Co.)
Corp........^..Debentures
stockholders
shares
130,222
-
Common
$150,000'
Straus,
200,000
Class B
(White, Weld & Co., Inc. and First Nebraska Securities Corp.)
.....Units
and
&
Lusk
Inc.)
...
(Tuesday)
Tip Top Products Co...
Int.
$10,000,000
Inc
$273,000
Liberty Life Insurance Co
(Bache
House,
Co.)
&
$20,000,000
&
_Ben.
Corp....
(Globus,
Executive
Common
Gardner
Bonds
of California
(Bids to be received)
Corp.) $300,000
Investors—
Discovery
Common
A
Corp.
,5-
(Harnack,
Common
Carlsen, Inc.)
Cleaners, Inc
--(Arnold
y
&
shares
(Monday)
General Telephone Co.
•
Interstate Bowling Corp
,
Common
—
and J. M. Dain & Co.; Inc.)
115,000
Common
:
& Boyce
and Vickers
McPherson
Warwick, Inc.) 199,000 shares
Estate
137,500 shares"
V-
Bros.
Real
.Common
Industries——
(White, Weld & Co., Inc.
Airtronics International Corp. of Florida.-Common
California
Common
'
$25,000,000
Agency Tile Industries, Inc
Common
(J. B. McLean &<Co., Inc.) $300,000
•
shares
210,000
and Stanley Heller & Co.)
Inc.
December
20
Inc.)
Co.,
&
Bonds
received)
be
ri
140,000 shares
Corp.
Super. Valu
(International Services
$300,000
Corp
Sel-Rex
<
$50,000,000"
EST)
m.
a.
Grace & Co.) $1,058,880
/7..1
December
v
"~
$1,500,000
Inc.)
Corp.___________Common
Corp../..^1/.w.—^-.—Common
Foam
Paramount
<
.
Pacific Northwest Bell Telephone Co...Debentures
November
Common
Management
263,750 shares
Co.)
•
.-V
•
Co.,
&
Inc.
(Blylh
Co.)
Common
Industries, Inc..
International
&
shares
Distributors, Inc
Berlind, Potoma & Weill)
Nalley's,
"
.
Lyon & Co., Inc.; Glass Ac 'Ross,
Globus, Inc.) 95,000 shares
(Ross,
Common
Co.,
&
Forgan
Altman
Instrument
Systems
Eberstadt'.
shares
shares,
Co.)y240,000
&
(George, O'Neill & Co., Inc.)
F.
by
Carolina Power & Light Co
Stores, Inc
Neufeld,
100,000
Gem
Common
Inc.)
Saxe,
$10.000.000
320,000
Securities
(Monday)
(Sterling.
Missile
:
Family Circle Associates, Inc
(Russell
Co.)
Union
4
(Stone,
^Preferred
EST)
m.
a.
:v
y
(Francis H.) & Soh, Iric._-_/_^i----Common
Electro-Mec
Common
&
$175,000
Guide, Inc
Bennett
Co....
stockholders—underwritten
to
(Valley Forge Securities Co., Inc.) $300,000
Floyd
11
••■;>'■■'iy
:
;
Inc...—--.w-y—--Common
Dillon,
December
Knape & Vogt Manufacturing Uo,_„^____.Common
».
-
$260,000
Common
Co.,
'•
.Common
Inc.)
Corp
Securities
.
Inc.).100,000 shares
(Wednesday)
Pacific Co.__./.i.____E','uip. Trust Ctfs.
(Bids noon EST) $7,905,000 ,7/7/.''.X;y.-y 'iy
Homes,
.^.Debentures
Emertron, Inc.
Common
Inc
&
(Bids
-
y:-/
Common
//
y,
Corp
Baking Co._.^
Dallas Power & Light
Inc.) $1,500,000
Improvement
Moyer,
Debens.
-
::';'vyy
...
|yBlyth,&..Co.,
^-7,
(Eastman
coffering to stockholders—underwritten by Wertheim & Co.,
Lehman Brothers and Equitable Securities Corp. ) $13,200,000
,
Corp
Communications, Inc
-Electronic
•
$350,000
Moyer, Pricks & French,
Properties
(Woodcock,
Co.)
&
Improvement
Properties
Eastern
Common
.
Class A
200,000 shares y
Corp/
Southern
$5,052,700
Continental
•
— ...
Corp.)
Higginson
November 29
Swift
C. Wegard & Co.)
and L.
Co.
;
Common
Inc.)
&
.v.
V/.y.,
(Wednesday)
(Roth
Debentures
by
15
shared
1,743,000
!November. 28 f Tuesday )y/'v
.
Bonds
''yyt Uy'- y;P
be received). $4,000,000
to
Common
1
Corp....
Co.,. Inc.)
&
(Key), Inc.__.__
(Lee
Co._____i—
Power
$230,000
$4,200,000
received)
be
Electronic Products Co.
$300,000
Continental Vending Machine Corp
(Offering
to
Michigan
.....Common
—
Coy Inc.)
&
'
Capital
Inc
&
Wisconsin
Windsor
——Equip. Trust Ctfs.
Railway Co
Corp....^.
Steamship
'
shares
50,000
.
Southern
& Co.}
-
Electric Corp._*u_____.—_Bond9
&
Gas
(Bids
Common
Binney & Smith, Inc
i
*•
Ohio
and
Units
New York./
of
"
/
Common
Inc.)-$500,000
Bruno-Lencbner,
and
;
y
—
,7
—Common
11
i
Inc.
Co.,
&
Corp.
(Merrill
Inc.)
Read
Co.
(Armstrong
;
.
Pharmaceuticals,
shares
740,000
Co., Inc...—
(Offering to stockholders—underwritten by Sutro Bros.
>
.$1,675,800 "
> '
;
S.
.
Columbus & Southern Ohio Electric Co.__Common
(Continental Bond.& Share Corp.) $330,000
Barry-Martin
1
.
Co
Pierce, <Fenner
Odzer
Units
z
units
36,000
Co.)
&
Corp.)
Eoston
Equities Corp.
Realty
(Tuesday)
Dickson
Common
.•••(First
Meehan-Tooker
shares
Singer
Co.___L—--———Common
A.)
(M.
y..;
$5,500,000
;—/../Common
Plan........
Charge
Community
\
.
Debentures
110,000
Boyce)
Stearns
Power
(Merrill
shares
2<0,000
Co.)
Corp.)
,
Common
November 14
Common
Vending Corp
&
Apex Thermoplastics, Inc...
Common
& Co.)
194,000 shares
Co.)
27., (Monday)
November
;
shares
"
$300,000
Inc.)
Co.,
125,000
California.-Debens.
of
Inc
Weld &
(White,
shares
Co...
Corp.
Valley Gas Production,
y
Common
Towbin Co.)
Higginson
'
150,000
Co.)
Investing Corp
(Bear,
Co
Securities
Westland
Common
$500,000,
Inc
(Stein
shares
150,000
Co.)
&
Co.,
Hardy) $750,000
Alpine Geophysical Associates, Inc
Alson
Wards
Common
Towbin
Unterberg,
(Lee
$250,000
Wide, Inc
&
E.
Inc.)
Packaging, Inc...
Unterberg,
Transcontinental
.Debentures
and Hardy & Hardy)
Co., Inc.
All Star World
E.
$60,000,000
EDT)
a.m.
& Co'.~and-T3<rfUiJ)!itter
Weld
(White,
...Common
Seigel,
&
11
Financial
-Gibraltar
1,000,000 shares
Corp
Grumet
Communications
Tower
Inc.)
$500,000
All Star World Wide, Inc
n
(C.
Common
I'"
.
Crane
Susan
$200,000
Corp.
Securities,
(Cambridge
(Brand,
Common
Kureen Co.)
(Ezra
Industries
Superior
Trophies Corp
Aero-Dynamics
—..Capital
Unterberg, Towbin Co.)
E.
(Bids
70,000 shares
Co...
Capital
(C.
Inc._Bonds
Edison Co. of New York,
.Consolidated
Common
(Tuesday)
21
November
210,500 shares
& Co
(Hornblower & Weeks)
O
t ?
Rhoades & Co.)
Loeb,
(John)
.Units
Corp
Ehli,
(Wilson,
f
(Friday)
Research
General
M.
Common
Inc
Glasseals,
Saegertown
..
writing of accident and health insurance. Office—
Chicago. Underwriter—Smith, Barney &
The
;
common shares. * Price—$5
manufacture of marine propellers and
filed
13, -1961
*.
5050* B'way,
.
Columbian Bronze Corp.
of America
Co.
Insurance
1961 filed 300,000 common; Price—By amende
Proceeds—For the selling stockholders. Business—
Aug. 25,
factures
July
Co., Inc., N. Y. and The Ohio
&
120,000 common, of which 12,000
by the company and 108,000 by
Price—By amendment.- Business—Manu¬
Underwriters—Dillon, Read
Co., Columbus, Ohio. ;
Columbus, Ohio.
Front St.,
filed
.
Southern
Columbus &
10, 1961 filed *148,640 common. Priee—By amend.ment.
Proceeds—For debt repayment/ Office—215i N.
offered
,
Co., N.\Y.
Oct.
;
Inc.
Y. Under¬
Offering—In Nov.
Ohio Electric Co. t(U/X4)
St., Freeport, N.
Office—216 N. Main
sion.
f,
i
50,000
55,000
by stockholders. Price—$10. Business—Manufac¬
ture
it.
be
to
are
105,000 common, of which
offered by the company and
filed
1961
19,
shares
Stone,
(Jane), Inc.
it Colby
•
—
Industries,
Thursday, October 26, 1961
.
writer—H. M. Frumkes &
Aug. 28,
July 3, 1961 filed 1,000,000 common shares. Price—$ 1.50k
.
.
$1,750,000
'
/
.
Co......—
received)
Bonds
$60,000,000
(Monday)
West Penn Power Co
(Bids
to
be
Bonds
received)
$25,000,000
.
;
Volume
194
Number 6102
.
.
.
'The ComrriercicCl and Financial Chronicle
(1823)
drive-in movie theatre,- building renovations and general
^ Continental
Baking Co. (11/15)
1
L
?
corporate: purposed ..Address^-Santurce, Puerto Rico/ /Oct.
10, 1961 filed $13,200,000 of subord. conv. deben¬
Underwriter—tJ. R. Williston & Beane, ,N. T/: ;V.
; ;;■ tures due 1983 tp be offered for
subscription by stock¬
• Community Charge Plan
holders on the basis of $100 of debentures for each 15
(11/27-12/1)!
'> .?
51
.
shares
Sept. 22, 1961 filed $8,600,000 of 6% subordinated deben¬
tures
due 1976 (with attached vwarrants to
purchase
,and
N. Y.
repay debt and increase
working capital. Office—10 Banta Place, Hackensack,
N.'J. Underwriter—Troster, Singer &
Co., N. Y.
v
/
Continental
for
stock; 6Vz% subordinated iconveriible sinking
.fund debentures, series A, due 1970;,and option
agree¬
ments for the lpurchase of common shares; Warrants
the basis of
share held on the record
date,
issuable upon conversion of
such
debenture had
one,
sight don each
one
debenture,
{
are
Stockholders
vote
Oct.
27
on
merging
Adding Machine Co., which will, then change
to Victor Comptometer Corp. \ If
merger be¬
effecitve, this registration will be withdrawn.
lis.
name
comes
•
Computron Corp.
Investment Trust
Vending Machine .Corp.
filed
$5,0o2,700 of 6%
sales -employees. Proceeds—-Expansidn and
gen¬
corporate purposes. Office—1790 B'way, N. Y. ^Un¬
derwriter—Theodore Arrin & Co., Inc., N. Y;. Note—This
offering has been temporarily postponed.
Pallas Power & Light Co. £11/15).
3, 1961 .filed 100{000 cum. preferred
Oct.
ceeds—For
c
Co.,
N
Y.
&
j
capital
.
common.
electronic
and
E.
&
of
food
—For debt repayment,. equipment and
working capital.
Office—107 Sylvester Bt., Westbuty^/Nr Y.; Underwriter
—j. E. 'Bayard'
'Co., Inc., ;80 Wall St.,'New York City.
'Consolidated 'Bowling
equipment, debt repayment and
working capital. Office—82-88 Washington St., Middletown, N. Y. Underwriter—I. R. E. Investors Corp.,
Levittown, N. Y.
Price—$11. Business
fur¬
• Delta
Capital Corp.
Aug. 9, 1961 filed 500,000 common shares.
N.
ment
oil, chemicals and pigments, diverse
basic baint lihes. proceeds—For retirement o| outstand¬
ing '6-% ;debehtures; repayment of debt and working
,
•
firdt and refunding
Corp.; Halsey/ Stuart
Meeting—Nov.
pany's-office,
15
(10
EST) at the
"/•'
-
Consolidated
com¬
formerly
was
.named
.
,
•
?
;'
-
Vending Corp.
'
Aug. 29, 1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each
consisting
of $150 of debentures and 50 common. Price—$400
per
■
Monitors.
Corp.
Sept. 28, 1961 filed 140,000 common with attached war¬
rants to purchase
an additional
140,000 shares to be
offered for subscription by
stockholders in units (of one
the basis of 3 units for each
preferred
A stock held and one unit for" each 10 ^class B shares
held. Price—$20 per unit. Business—Company plans to
share and
warrant)
one
on
5% preferred share held, 2 units .for each 5%
shares, of which
the ^company and
manufacture and utilize all kinds of chemical materials.
Proceeds—For
small
expenses
for
a
laboratory
Lexington; Ave.,
and
New York.
Underwriter—None.
Washington
convertible subord.
sinking fund debentures due 1976, also 100,000 class A
.District Wholesale Drug Corp. of
Sept.
Inc.
—
start-up
Office—360
plant.
By amend-
Business—The manufacture of audio reproduction
19,
common.
1961 filed $500,000 of 6%
Price
—
Debentures
—
At
par.
Common
—
$4.
drug products to retail stores in
Business—The sale of
Washington, Maryland and ^Virginia.
•
?
7
.
..
Business—Acquisition,, construction and operation
'
—
Crowmell
O St., N. W., Washington, D. C. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C.
Business
Cross way Motor
(11/13-17) V
Shares. Price—$5. Busi¬
Diversified Small Business
>;
writer—Candee & Co., New York.
Investment .Corp.
Sept. 27, 1961 filed 600,000 common. Price—$5. Business
—A small business investment company.. .Proceeds—For
general corporate purposes. Office—214 Engle St., Engle-»
wood, N. J. Underwriters—Lieberbaum_ & Co* and Morrls Cohon &
Hotels, Inc.
-Aug. 4, 1961 filed 70,000 common
ness—The operation of a motor hotel chain. Proceeds—
For acquisition, expansion and the repayment ,of debt.
Office—54 Tarrytown Rd.; White Plains, N. Y.
Under¬
Proceeds—For the
Office 52-60
repayment of debt, and working capital.
general corporate purposes.
Machines, Inc. (11/6-10)
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).
Price—$3.
Proceeds—For repayment of loans.
machinery, leasehold improvements, > advertising and
working capital; Office—7451 Coldwater Canyon Ave^
nue. North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
•
water-treatment and sewage-disposal plants in sub¬
urban areas of Florida. Proceeds—For the selling stock¬
For
expansion, inventory, working capital
Office—4008 S. Michigan Ave., Chicago.
Underwriter—None.
and
of
FM Deviation
development, expansion, advertising and
working capital. 'Office — Broadway and Park Ave.,
Huntington, N. Y. UJnderwriter—James Co., N. Y. Offer¬
ing—Expected in early November.
Proceeds
shares for each 5 Mobilife shares held. Price—By amend¬
Fla. Under¬
by
of
Proceeds—For
Deuterium
offered
>
("Reg. A") 54,000 common.-Price—$2.40.
1961
devices, associated products and -electrical transformers.
129 S. State St.; Dover, Del.
Corp.). Office—Sarasota,
writer—Golkin, Bomback & Co., N. Y.
be
Deve^opment Corp.
'
•
(Mobilife
to
Aug. 24;
&
Business—The manufacture
common.
Aug. 29, 1961 filed 75,000 class A. {Price
Underwriter-T-William, David.& Motti, Inc., N. Y. C.
holder
-
w
Research
Business—The distribution of electronic components and
ment.
.
-
—
Consumers Utilities Corp.
(1-1/3) •
'"v.July 27; 1961 filed 302,000 common to be offered for sub¬
scription by,stockholders of Mobilife Corp.; of Bradenton, Fla.; parent company, on the. basis of 3 Consumers
are
Creative Electronics,
unit. Business—The operation of vending machines. Pro¬
For repayment of loans, new equipment and
ment.
■
Dero
equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811 Boylston St., Boston.
Underwriter—Carl M. Loeb, Rhoades & Co., N. Y. (mgr.)
"
working capital; Office
shares
Price—>$ 100. "Business—A
«
42,750 shares by the stockholders. Price—By amendment.
>
7
Consolidated
ceeds
real estate investment comof ; pany.x. Office — 90 State Street, Albany, N. Y.
Underby „' writer—None. V
v.
m
C rattier
107,250
!'
,
100,000 shares of beneficial interest.
July 24, 1961 filed
44,444 outstanding shares by the pres-'
Bfectrdhlcs,' I he.
27,, 1961 -filed 150,000 common
Inc.
'
phonograph records. Proceeds—For the repayment of
debt, and working capital. Office—£15 W. 47th St., N. Y.
Underwriter—Amos Treat & Co., N, Y. Offering—Ex¬
July
Business Forms
^Dennis Real Estate Investment Trust
,
,
filed .150,000 shares of common stock,
which !05,556 shares are to be offered for public sale
Cador Production Corp.
Offering—Temporarily postponed.
repay-
Distributing Corp.
May 26, 1961
•
Production
Corp.
;:rrv
May 26, 1961 filed 125,000 shares of common stock. Price
—$15. Business—Company buys and manages fractionaL
interests in producing ;oil and gas properties. Proceeds
—-For investment, and working capital. Office—14 North
Robinson, Oklahoma City, Okla. .Underwriter-—Shearson,
Hammill & Co., New York City (managing). Note —This
company
Demarco
Sept. 26, ,1061 filed 100,000 class A .common (with at¬
tached warrants to purchase an additional 50,000 shares).
Price—By amendment. Business—Manufacture of cus¬
tom-made printed business forms. Proceeds—Expansion,
payment of taxes, and working capital.
Office—3747
Ridge Ave., Philadelphia. Underwriter—Suplee, Yeatman, Mosley Co.; Inc., Philadelphia/' i *
> / / 1 ^
,
Price—$14.75.
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, " O. Underwriter—John
A. Kemper & Co., Lima, O.
& Co. ;Inc.; Morgan
a.m.
Record
Coy!evs Voting Machine Co.
Aug. 31, 1961 ("Reg. A") 10,000
Stanley & Co;Bids—Nov. 31, 1961 at 11 a.m:(EST). In¬
formation
Cosnat
Price—$3.30.
St., Hopkins, Minn. Underwriter—None.
pected in .late November.
■■
mortgage bonds due Nov. 1, 1991. Office—-4 Irving PL,
N.- Y. Underwriters—{Competitive).
Probable bidders:
Boston
Proceeds—For
-
July 13, 1961 filed 520,000 common shares.
holders thereof;.. Price—To be supplied by amend¬
ment. -Business—The manufacture and distribution of
• Consolidated Edison Cc* of New ^York,.;liic. i
First
cosmetics.
of
By
Business—An investment company. Office—1011 N. Hill
'•
a
the company and
Un¬
derwriters—Armstrong & Co., N. Y., and L. C. Wegard
& CO.,
Trenton, N. J.' V •;
of
manufacture
—
,
,
and
of
business
&
Delta Venture Capital Corp.
rooms.
ent
Office—456 Driggs Ave., Brooklyn, N. Y.
$60,000,000
class
small
A
Office*—610, Na¬
Building, New Orleans. Un¬
Co,, New York and Howard, Weil,
Labouisse, Friedrichs & Co,, ;N.ew Orleans (managing).
Offering—Expected in early-1962.
loan, advertising, equipment, inventory, research and development and working capital. Office—
L 15 Clinton St.,
Yonkers, N. Y. Underwriter—P. J. Gruber
:& Co., Inc., N. Y../,?v'."v..
manufactures from
filed
Y.
—The
,
& Faint Corp.
(11/15);
Aug. 29, .19.61 filed $275,000 Of f$Vz% subordinated con¬
debentures due 1968 arid 68,750 common to be
offered in units consisting Of
$100 of debentures and 25, i
common; Price—$200 per unit.^Business—1The
company:
20,; 1961
individual
—
tional Bank of Commerce
•
Cosmetically Yours, Inc. (11/6-10)
Aiig. 23, ;1961 filed 42,500 common. Price—$4. Business
:
vertible
Oct.
in
Mitchum,/Jones & Templeton, Los Angeles.
Offering—Expected in early December/
•
common.
:(ii/2i) -
investment
Business
Proceeds—For investment.
company.
repay loans, purchase machinery, and inworking capital. Office—<1111 E. Ash Ave., FullerCalif. Underwriter-^D. E. Liederman & Co., Inc.,
ton,
Consolidated Chemical
capital.
Price
amendment.
crease
Price—By amend¬
ment. Business—Operation of
bowling centers. Proceeds
—For..expansion land working capital. Office—880 .Mil¬
itary Rd., Niagara Falls, N. Y. Underwriter—Doolittle
& Co., Buffalo, N.
y.
!
use
plastic
ceeds—Plant expansion,
-
Proceeds—To
Corp.>/.///>
Sept, 28, 1961 'filed 200,000
systems for
of
Inc.
95,000 common. Price—$3.50. Busi¬
ness—Manufacture of precision rubber extrusions. P-ro-
Corrigan Communications, Inc.
Sept. 28,1961 filed 375,000 common. Price—$2. Business
—Development and tsale of tutorial electronics com; munications
common,
1961 filed
derwriters—Blair
Proceeds
Drum Co., Inc.
Delford Industries,
'
pharmaceutical and industrial products.
&
100,000
Business—Manufacture
Sept. 28,
—
hold
Barrel
Underwriter—Morgan
price—By amend¬
shipping con¬
tainers and tanks. Proceeds—For research 5and develop¬
ment and other corporate purposes. Office—Eden Park
Gardens, Wilmington, Del. Underwriter—G. H. Walker
& Co., N. Y.
ment.
common.
Aerosol Corp...
;•>• "•/!v
Sept/ 29,>1961';'(''Reg. A")' 70,000 common.1' Price—$3.
Business—Compounds and packages cosmetics, house¬
Co.-Equi-
equipment/ Proceeds
and working capital. Office—£45
St., Ontario, Calif.
Co., Los Angeles.
Delaware
service ;and
Consolidated
&
covering electronic
California
Sept. 26, 1961 filed
nishing of engineering services. Proceeds—For equipPrice—$4.
kitchen equipments ,f ment, new products, sales promotion and
working cap¬
Proceeds
For equipment, debt'^e'bafymeht and other
ital. Office—735 N. St. Asaph St., Alexandria, Va. Uncorporate purposes. Office—110.."A',' St., Wilmington, Del.
derwriter—Jones, Kreeger & Co.^ Washington, D. C. Note
Underwriter—Roth & Co., Inc.,
—This registration was temporarily postponed.
Philadelphia
' J; ■ ./
Business—Sale
manuals
—For debt repayment
Paul.
products and the
White; Weld
Data-Design Laboratories, Inc.
j •
9, 1961 filed ;100,000 capital shares.
Price—By
Business—Publishing of technical reports
expenditures.
of
bidders:
Oct.
Systems, Inc.
("11/6-id)
("Reg. A") 225,000 common/Price—$1.15.
—The manufacture
St., Dallas, Tex. Underwriters— (Com-1
Co., Inc.;
Ripley & Co., Inc.-^Kidder;. Peabody; & Co.
(jointly); First Boston Corp. Bids—Expected Nov. 15 at
11 a.m. (EST).,, Information Meeting—Nov. 13
(11 a.m.
EST) at 2 Rector St., N. Y. (Room 240).
Lease
32,000
• Concors Supply Co., Inc.
Oct. 19, 1961 filed 100,000 class A
Pro¬
Office—
amendment.
equipment, research and development and
Office—3386 Brownlow Ave., St.
electronic automation devices. Proceeds—For
equipment, ^ Louis Park, Minn. Underwriters—M. H. Bishop & Co.,
antf U 'P. Penn &
research and development and
Co., Inc., Minneapolis.
^
working capital; Office—
9330
James
Ave., South, Minneapolis. Underwriter—
• Cooke
Engineering Co.
Brandtjen & Bayliss, Inc., St. Paul, Minn.
Sept. 12, 1961 filed
ness—Research, development, design and production of
shares.
construction.
Harriman
subor-'
St.
and
Securities Corp. (jointly); Eastman
Dillon^ Union
Securities & Co.; ;Lehman Brothers; Biyth &
>
Bayliss,, .Inc.,
Commerce
repayment
table
.
(11/13-17)-
convertible
debt
petitive), Probable
Proceeds—For
Price—$1.15. Busi¬
common.
1506
,
manufacturing of vending machines. Pro¬
Underwriter—Brandtjen
Control
July 21, 1961
Sept. 15, 1961 filed 500,000
{Systems, Tnc.
eral
• Control Dynamics, Inc.
„Oct. 24, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Development and production,of electronic testing
and training devices. Proceeds — For expansion
and
: working
capital. .Office—9340 James Ave., S., Minneapo¬
with Victor
its
Estate
Underwriter—Hardy &
repayment of debt and for working capital. Office—5600
West Jarvis Ave., Chicago, 111. Underwriters — To be
—
•
ceeds—For repayment of loans and working capital. Of¬
fice— 956 Brush Hollow Road, Westbury, L.
L, N. Y.
or¬
a
Note
1961
Business—The
divisional basis—Business Machines, Com¬
munications and Electronics, Business
Forms, Burke Golf
and Worthington Golf Ball Divisions. Proceeds—For the
named.
•
dinated debentures due 1976, to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
for. each 80 common shares held. Price—By amendment.
converted, and one rignt for
each share issuable under: the option
^agreements. The
warrants will provide that one new share will.be issuable
for each eight rights tendered. Price—To be
supplied by
ganized on
Real
Continental
•Aug. 11,
if
been
amendments,Business—The company's activities
.
(mgr.)/
hare
as
;
.
ment. Office—530 St. Paul Place, Baltimore. Underwriter
R. Baruch & Co., Inc.,
Washington, D; CL
common
right for each
series A
a
Dale
Aug. .3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
common
on
:
expenses
Aug. 9, 1961 filed 100,000 common. Brice—*$3.50 Business
—A shopping service which checks the
efficiency of
Leasing Corp. (11/13-17)
June 19, ,1961
("Reg. A") <100,000 common shares (par
one
cent). Price—$3. Proceeds—For .purchase of new
automobiles, advertising and promotion, and working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬
writer— Cambirdge
Securities, Inc., N. "Y.
'•
v.-«
160,401 share?, of common stock to
subscription by holders of/outstanding
will be issued
'
development, mov¬
and working capital. Office-r37 E.-,18th £t.,
N. Y. Underwriter—Herbert Young & Co.,,
Inc., N. Y.
Continental
March 31}>1961 filed
be. offered
ing
retail
•
•
hold credit cards issued
Comptometer Corp.
Price—By amendment. Business—Baking
selling of bread, cakes and related products. Pro¬
Co., Lehman Brothers and Equitable Securities Corp.,
warrant to purchase two shares) and six common shares.
Price—By amendment. Business—The purchase at a
discount from merchant-members, their accounts receiv¬
•
—
and novelties. Proceeds—For
jproduct
.held.
ceeds—For debt repayment and construction. Address—
P. O. Box 731, Rye, N. Y. Underwriters—Wertheim &
72,000 common shares) and 216,000 common, to be of¬
in units consisting of a $100 debenture (and a
fered
able arising from customers who
by these members. Proceeds—To
Cryplex Industries, Inc. -•
10, 1961 filed i80,u00 -common. lPrice-^$3.75. Busi¬
ness
Manufactures plastic jewelry, dress accessories
.
Oct.
Co., N. Y. Offering—Expected in
Dixie Dinettes,
•
Inc. V
„
mid-Dec*
"» '>
j
filed 144,000 rcommon.- 'Price—$5. Busi¬
of tables., and chairs for
use in
dinettes. Proceeds—For selling stockhold-
Sept. 28, 1961
ness—Manufacture
'
kitchens and
Continued
on
page
52
52
Chronicle
The Commercial and Financial
(1824)
-
;
Continued from page 51
Proceeds
tronic
Mills, Inc.
27, 1961 ("Reg. A") 60,000 common.
Price—$5.
Business—Financing of shipments of business machines.
Proceeds—General
corporate
purposes.
Office—Red
Rock Bldg., Atlanta, Ga. Underwriter—Stan-Bee & Co.,
Washington, D. C.
1961
filed
120,000
Business—Manufacture of medicine
ment.
electro-mechanical
and
Inc., N; Y.
industry. Proceeds
devices
for
the
aircraft,
FMC
and general
corporate purposes. Address—Buena, N. J. Underwriters
—Suplee, Yeatman, Mosley Co., Inc., Philadelphia.
Dressen-Barnes
Electronics
Oct.
(11/1)
Corp.
to
are
be
offered by the
Proceeds—For general corporate purposes.
Office—1105 Coleman Ave., San Jose, Calif. Underwriter
—Kidder, Peabody & Co., N. Y, Offering—In early Nov.
•
holders.
Price—By amendment. Business—Manufacture
supplies and automatic label dispensers. Pro¬
ceeds—Repayment of loans, and working capital. Office
of
ter, Ryons & Co., Los Angeles.
—General
(10/31)
Inc.
'
r
St.
.
June
30, 1961 filed 75,000 common shares, of which 60,000
will be offered by the company and 15,000 by stock¬
Communications,
176 E.
Stamford, Conn. Under¬
New York/''
Dunlap Electronics .w
Sept. 27, 1961 filed 80,000
by other firms.
parts
made
N.
Dynamic Toy, Inc.
(11/6-10)
30,.U961> ("Reg. A") 81,000
of
>/
^ ^ •
common.
Price
—■,
$3.
-
Proceeds—Advertising,
development of new products, expansion and working
capital. Address—109 Ainslie St., Brooklyn, N. Y. Under¬
writer—Hancock Securities Corp., N. Y.
EMAC Data
Y.
chemicals.
toys.
Proceeds—For
research
and
Electronics
Inc.,
N.
•
(11/15)
Inc.
Emertron,
amendment.
for
tron
Co.,, Inc., N. Y. Offer¬
tronic
it Ealing Corp.
each
shares
seven
of
Emerson.
Price—By
Business—Design and manufacture of elec¬
equipment for missiles and aircraft. /Proceeds—
Office—14th and Coles Sts.,
Jersey City, N. J. Underwriter—F. Eberstadt & Co., N. Y.
Oct.
17, 1961 ("Reg. A") 140,000 common. Price—$1.50.
Business—Importing and direct mail selling of scientific
corporate purposes. Office — 2225 Massachusetts Ave.,
Cambridge, Mass. Underwriter—None.
Properties Improvement Corp.
(11/13-17)
tures, $1,000; for stock, $10. Business—General real es¬
tate. Proceeds—For the acquisition and development of
properties, repayment of debt and engineering, etc.
real
Office—10 E. 40th St., New
York. Underwriter—Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia (man¬
aging).
Economy Water Conditioners of Canada Ltd.
Sept. 29, 1961 ("Reg. A") 100,000 common. Price—$3.
conditioning units to home own¬
Proceeds—Rental of units, new
distributorships and
expansion. Office—36 Densley Ave., Toronto. Under¬
writer—S. I. Emrich Associates, Inc., N. Y.
V;
• Electra
International, Ltd. (10/30-11/3)
May 5, 1961 filed 70,000 capital shares. Price—To be sup¬
plied by amendment. Business—Manufacture of products
automotive
Empire Funcl, Inc.
•
filed 1,250,000 shares of capital stock to be
offered in exchange for blocks of designated securities.
Business—A "centennial-type" fund which plans to offer
a tax free exchange of its shares for blocks of corporate
securities having a market value of $20,000 or more.
June 28, 1961
Office—44
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben- :
the
ignition
field
for
sale
outside
the
A.
G.
School
Becker
&
Street, Boston, Mass. Underwriter—
Co., Inc., Chicago. Offering—-Expected
14, 1961 (letter of notification) 30,000 shares oi
capital stock (no par); Price—$10 per share. -Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road,. Little Rock, Ark.
HP*
Empire Precision Components, line. (11/1)
Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
•
Electra-Tronics, line. (10/30-31)
Aug. 14, 1961 ("Reg. A") 60,000 common (par 75c).
Price—$3. Business—The company is a military sub¬
field.
metal
connectors.
component
parts
Proceeds-^-For
for
moving
expenses, a new plant, equipment, repayment of loans
and working capital. Office—574 President St., Brook¬
Proceeds—For
the
distribution
Eon
(12/4-8)
Price—$6. Business
Sept. 15, 1961 filed 176,480 common.
design, manufacture and sale of potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, Wal—The
Precision Instrument Co./Inc.
Office—47-51 33rd
St., Long Island City, N. Y. Underwriter—Sterling, Grace
& Co., N. Y. (mgr.).
•
1971; 100,000 common shares and 100,000 five-year
(exercisable at from $4 to $8 per share) to be
for public sale in units of one $60 debenture,
common shares and 10 warrants. The registration also
40,800 common shares. Price—$100 per unit, and
covers
$6 per share. Business—The construction of shell homes.
Proceeds—For redemption of 8% debentures; advances
to
company's subsidiary; repayment of loans; advertising
and
1711
promotion, and other corporate purposes. Office—
N. Glenstone, Springfield, Mo. Underwriters —
Globus, Inc. and Ross, Lyon & Co., Inc., New York.
Industries,
Inc.
>
Sept. 26, 1961 filed 95,600 common, of which 68,000 will
be sold by the company and '27,600
by/stockholders.
Price—$4.75. Business—Manufacture and sale of women's
apparel. Proceeds—For repayment of debt, purchase of
equipment, taxes, and working capital. Office—Gauthier
St.,"Tuskegee, Ala. Underwriter—Wright, Redden, Myers
&
Bessell, Inc., Washington, D.
Fastline
*
Inc.
CL/';*
/V.
♦'
.•/
//////:/;//
publicly in units of one $500 debenture and 50 common.
Price—$575 per unit. Business—Manufacture of con¬
cealed zippers. Proceeds—Debt repayment; advertising
and working capital. Office—8 Washington Place, N. Y.
Underwriter—G. Everett Parks & Co.,
•
Inc., N. Y.,>
Fidelity American Financial Corp.
Oct.
electronic
com¬
Oct.
2,
1961
detection
leasehold
&
1961
3,
filed
—Commercial
•
100,000
•
Fjfth Avenue
Cards,
filed
133,333
Price—By amend¬
equipment for radiation
common.
Proceeds—For
equipment,
improvements
and working capital. Office—
St., Brooklyn. Underwriter—L. H. Rothchild
Co., N. Y.
Pearl
Inc.
N. Y.
Underwriters—Hardy & Co. and Filor, Bullard &
Smyth, N. Y. Offering—Expected sometime in Dec.
Life
*
Insurance Co.
Sept. 20, 1961 filed 10,000 capital shares to be offered for
subscription by stockholders at the rate of one new share
for each two held. Price—$35. Proceeds—To increase
capital.
Office—Munsey
writer—None.
,
First Midwest
Bldg.,
Baltimore,
Capital Corp.
<
Sept. 28, 1961 filed 150,000 common.
of
Proceeds—General
ment.
Md.
Under¬
•/-
• Executive
Equipment Corp. (11/3)
Aug. 1, 1961 filed 100,000 common. Price—$4. Business
—Long-term leasing of automobiles. Proceeds—Purchase
automobiles, establishment of a trucking division and
a
sales office, and for working capital. 'Office — 790
Northern Blvd., Great Neck, N. Y. Underwriters—Reich
& Co., and Jacques Coe & Co., N> Y.c...
Price
amendment. Business—Operation of a chain of
retail greeting card stores.
Proceeds^-Debt repayment,
working capital and expansion. Office—18 W. 34th St.,
First Federated
and measurements.
common.
finance
—By
Corp.
175
Corp.
of
Proceeds—For expansion, advertising and pro¬
motion, acquisition of a plant and equipment and other
corporate purposes. Office—1626 Nostrand Ave., Brook¬
lyn. Underwriter—Albion Securities Co., Inc., N. Y.
Co., Inc., N. Y.
.
due
Sept. 28, 1961 filed 115,000 Class A capital shares.
electronic
of
ment. Business—Manufacture of
tham
(11/6-10)
Energy Components Corp. (11/13-17)
Sept. 1, 1961 ("Reg. A") 50,000 common. Price—$3.50.
manufacture
repayment of loans, inventory, expansion and working
caiptal. Office—724 King St., Cocoa, Fla. Underwriter
—Jay Morton & Co., Inc., Sarasota, and Bruce-Atkind &
Instrument
of this statement.4
lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.
precision
v
Electro-Mec
Under¬
Price—$5. Business
company.
^ Proceeds — Gen¬
eral corporate purposes. Office—42 S. 15th St., Phila¬
delphia. Underwriter—Netherlands Securities Co., Inc.,
N. Y. Note—Original announcement had inadvertently
stated that the offering price was $3.
ness—The
ponents.
working capital. Office—222 Park Ave., South, N. Y.
Underwriter—Ezra Kureen Co., N. Y.
electronics
N. J.
11, the SEC insti¬
July 18, 1961 filed $600,000 of subordinated debentures
•
and
the
Fuller Co. Note—July
Sept. 28, 1961 filed $400,000 of 6% conv, subord. deben¬
tures due 1971 and 40,000 common shares to be offered
Empire Life Insurance Co. of America
March
United States. Proceeds—For research, and development
in
is engaged in the manufacture
materials and basic
company
Fashion Homes Inc.
'/
in November.
Business—Wholesale
contractor
of principal
Cortland^, Street, Belleville,
D.
•Fashion
,<
instruments. Proceeds—For debt repayment and general
in
convertible sub¬
amount.
6%
components, including dielectric and electro¬
and adequacy
10
General corporate purposes.
ers.
-
tuted- "Stop; Order" proceedings challenging the. accuracy
-
Oct.
an
ing—Expected in early November.
Business—Sale of water
N. Y.
-
warrants
N. Y. Underwriter—M. W. Janis
Eastern
electronic
Office—471
6, 1961 filed 320,000 common to be offered for sub¬
scription by stockholders of Emerson Radio & Phono¬
graph Corp., parent on the basis of one share of Emer¬
•
14th Street; Wilming¬
distribution of high reliability
writer—S.
Calif. Underwriter—Schwabacher & Co., San
W.
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital.
Y.
Price—$2.50. Busi¬
electronic data process¬
ing service. Proceeds—Rental of additional data process¬
ing equipment, sales promotion, salaries, rent, furniture
and working capital. Office—46-36 53rd Ave., Maspeth,
conducts
of
amount
1981.
offered
Sept. 8, 1961 filed 100,000 common.
ness—The company
and
Inc.
Francisco.
Processing Corp.
Business—The
de¬
SepL 29, 1961 filed *200,000 common, of which 100,000
will be sold by the company and 100,000 by .stockholders.
Price—By amendment. Business—Distributionof "elec¬
tronic parts and equipment. Proceeds—Debt repayment,
expansion and working capital. Office—140 Eleventh St.,
Oakland,
Oct." 15,
ordinated debentures. Price—100%
1100 Shames Dr., Westbury, L .1.,
—
Underwriter—Globus,
Elmar
'
Business—Manufacture
(11/20-24)
Discovery Corp^
velopment. Office
Underwriter—Birr & Co., Inc., San
filed
1961
debentures due
Faradyne Electronics Corp.
Jan, 30, 1961- filed $2,000,000 of
—
of
-'
»•
>
ton, Del. Underwriter—Goldman, Sachs & Co.;
filed
1961
26,
r
(10/30-11/3)
$25,000,000 principal
working capital.--Office—201
150,000 'common shares. Price—$1.
Business
The company plans to develop a device to/
make non-conductors into electrical conductors by the
July
addition
subsidiary, repay¬
Office—27 S. Grant
a new
working capital.
St., Stockton, Calif.
Francisco.;
*•
June
Price—By amend-/
electronic
of
Proceeds—For
of debt and
/.///// / >/.Ty
.v
...
common.
Business—Distribution
ment.
ment
•
Underwriter
y*
.
St., Paterson, N. J.—Underwriter—Theodore
& Co., Inc., N. Y.
Electronics
writer—Dominick & Dominick, Inc.,
Saxe, Inc., N. Y.
Price—By amend¬
ment. Business—The operation of a small loan, discount
loan and sales financing business and the writing of
credit life and other types of insurance. Proceeds—For
15th
Arrin
19,
senior
1961
1,
development services to the Armed Services, U. S, Gov-».
ernment agencies and private industry. Proceeds—For
purchase of building sites, expansion, and working cap¬
St.,
Sept.
International, Inc. (11/13-17)
("Reg. A") 130,000 common. Price—$2. ~
manufacture
of
precision ..instruments.
Proceeds—For equipment and working capital. Office—
Sept.
&
Family Finance Corp.
Electronic
*
New
'
(11/13-17)
Office—30 Main St.. Keyport, N. J.
capital.
—Russell
"
/:
:
.
Business—The;,
Atlantic
(11/13-17)
Underwriters-Laird & Co., Corp.,
Petersburg, Fla.
provides scientific research, engineering consulting and!"
Office—429
Inc.
Co., Inc.,
Forge; Securities
Valley
Family Circle Associates/ Inc.
corporate purposes. Office—1501 72nd St. N.,
Wilmington, Del.
holders. Price—By amendment. Business—The company
ital.
•
—
City and Philadelphia.
Aug. 30,:; 1961 filed 50,000 class A common. Price—$7.*
Business—The operation of retail discount department
stores. Proceeds—For repayment of loans and working
"
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
ment. Business—Development and manufacture of elec¬
tronic communication systems and equipment. Proceeds
St., Pasadena, Calif. Underwriter—Les¬
Dunlap & Associates,
Underwriter
York
115 E. Jefferson Street/ Orlando, Fla.;;
—
Electronic
power
—250 N. Vinedo
Office
(11/13-17)
Price—
national
listings,
reviews, interviews, etc. Proceeds—For general corpo¬
rate purposes. Office—1711 Walnut Street, Philadelphia.
(mgr.). Offering—Expected in December. '
Underwriter—None.
Guide, Inc.
FM-Stereo
Aug. 4, 1961 "Reg. A" 50,000 common shares.
$6. Business—The company plans to publish a
magazine featuring detailed FM radio program
17, 1961 ("Reg. A ') 85,000 common. Price—$3. Busi¬
contractual data process¬
poses.
agricultural chemical
The manufacture of industrial and
ing machine services. Proceeds—General corporate pur¬
and 25,000 by stock¬
company
filed $30,000,000 convertible subordinated
Price—By amendment. Business—
1961
debentures due 1981.
ness—Furnishes consulting and
Aug. 14, 1961 filed 100,000 capital shares, of which 75,000
Corp.
Sept. 5,
if Electrocomp Corp.
•
of a $10 debenture
200,000 units, each consisting
fered in
relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co., :
droppers and
For debt repayment
.
.
equipment.
components and glass cartridges for the pharmaceutical
—
.
.
Office —4748
capital.
working
July 28, 196Lfiled 91,000 common shares (par 10 cents).
Price—By amendment.
Business—The manufacture of
slip rings and brush block assemblies, switching devices,
Price—By amend¬
common.
For
—
Electro-Tec Corp.
it Dougherty Brothers Co.
24,
(11/20-24)
Inc.
Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
fund debentures due 1971 and 400,000 common to be of¬
radar, missile and rocket industries. Proceeds—For the
selling stockholders. Office—600 Huyler St., Hackensack,
N. J. Underwriter—Burnham & Co., New York.
Sept.
Oct.
f
,
France"""' (with 2 warrants) and two common. Price—By amend¬
ment. Business—The operation of hotels. ^*0.cee"sT7*.or
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
investment in a subsidiary and realty acquisitions. Office
Kinnard, Inc., Minneapolis (managing).
—71
E.
Wacker
Dr.,
Chicago.
Underwriters — Bear,
Electro-Miniatures Corp.
(11/6-10)
Stearns & Co., N. Y. C. and Straus, Blosser & McDowell
June 19, 1961 ("Reg. A") 100,000 common shares (par 10
Co., Chicago (mgrs.).
\
cents). Price—$3. Business — The manufacture of elec¬
Dolphin-Miller Mines Ltd.
Oct. 3, 1961 filed 1,600,000 capital shares, of which 1,200,000 shares are to be offered by the company and
400,000 shares by stockholders. Price—50c. Business—
The exploration and production of ores. Proceeds—For
salaries and general corporate purposes. Office — 25
Adelaide St., W., Toronto, Canada. Underwriter—Brewis
& White Ltd., Toronto.
Don
1961
Thursday, October 26,
.
■
.
Executive House,
Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated
debentures due 1971.
Price—By amendment. Business
—The manufacture of medical-electronic instruments.
Underwriter—
Office—Dabney Rd., Richmond, Va.
Rubin, Rennert & Co., Inc.
ers.
.
.
•
;;
Price—By amend¬
Business—A small business investment company,
Nicollet
corporate
purposes.» Office—512
Ave.; Minneapolis.; Underwriters—Paine; Web¬
ber/Jackson & Curtis, N. Y.,'and Craig-Hallum, Kin¬
nard, Inc., Minneapolis.
I /*U'X/'./V/j,?/
Volume
194
Number
6102
.
,
The Commercial and Financial Chronicle
.
(1825)
National
First
Realty & Construction Corp.
(10730-11/3)
ment. Business—The distribution of electronic
\
equipment, including TV
Aug. 11, 1961 filed $3,000,000 of 6V2% subordinated de¬
bentures due 1976 (with warrants attached). Price—By
amendment.
Business — The construction and manage¬
ment of real estate.
Proceeds—For repayment of loans
Office—630 Third Ave¬
and general corporate purposes.
N. Y.
nue,
Underwriter—H. Hentz & Co., N. Y. (mgr.)
First Small Business investment
of Tampa,
Inc.
6, 1960 filed 500,000 shares of common stock. Price
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
Western Financial
First
•
Corp. (11/6-10)
450,000 common, of which 100,000
shares are to be offered by the company and 350,000
shares by stockholders. Price—By amendment. Business
—A holding company for a savings and loan associa-
1961 filed
23,
Ztion, an insurance agency, real estate and escrow agen¬
cies and an appraisal service. Proceeds—For repayment
of
loan
a
and
general
corporate
purposes.
Las
Vegas Blvd. S., Las Vegas, Nev.
Allyn & Co., N. Y. (mgr.).
;
Fleetwood
•
Securities
Office—118
Underwriter—A. C.
of
and
broker-dealer registered with NASD. Proceeds—
increase net capital and for investment. Office—44
To
Corp., Contractual Plans
a
St., N. Y. Underwriter—General Securities Co., Inc.,
Y.
N.
A Folrida Palm-Aire Corp.
Oct. 19, 1961 filed 463,000 common, of which 310,000
shares are to be offered for subscription by the stock¬
holders on a l-for-3 basis, and 153,000 shares will be
sold to the public. Price—$2. Business—Purchase, devel¬
and
opment
sale
activities.
related
of
undeveloped
Proceeds—For
real
debt
property
and
and
general corporate purposes; Office — 1790 N. Federal
Highway, Pompano Beach, Fla. Underwriter—Hardy &
Co., N. Y.
Floyd Bennett Stores,
Inc.
repayment
Development Corp.
16, 1961 filed 61,500 common. Price—By amend¬
ment. Business—Development of land for home and in¬
&
Co., N. Y.
Aug. 30, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
stores. Proceeds—For repayment of loans and working
•
Office—7325 Northwest 43rd St., Miami. UnderwriterEquity Securities Co., New York.
•
General
Aug. 7,
ment.
Kinetics
1961
filed
Business
—
instrumentation
Inc.
(10/30)
•
General
Oct.
6,
electronics, mechanical engineering,
and
mathematics.
Proceeds—For
ex¬
ferred
("Reg.
Corp. (11/10)
A") 23,599 preferred and
be offered in units
to
common
three
and
(3)
as
(2)
common;
follows:
(1)
115,966
one
preferred and
one
pre¬
six
preferred and nine common. Price—
(1) $8 per unit; (2) $14 per unit; (3) $20 per unit. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Office—3203 Third Ave., N., Billings,
common;
Mont.
one
Underwriter—Wilson, Ehli, Demos Bailey & Co.,
?
•
A
•'
- .7-"
Billings, Mont.
•
General Telephone Co. of Florida
Oct.
(11/2)
1961
11,
filed $15,000,000 of first mortgage bonds,
due 1991. Price—By amendment. Proceeds—
For repayment of debt and construction. Office — 610
Morgan St., Tampa, Fla. Underwriters—Paine, Webber,
series
H,
Jackson & Curtis and Stone & Webster Securities Corp.,
N. Y.
:
7;.,
:-.7,.lfYl
,,
Gibraltar
due
holding
bank,
Financial
Corp. of California
1961 filed $5,500,000 of
Nov.
1,
1976.
company
an
escrow
N. Y.
bank
and
Folz
Vending Co.,
Inc.
Sept. 26, 1961 filed 55,000 common. Price—$6. Business
novelties, candy, etc. through vend¬
purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.
ing machines. Proceeds—To repay loans,
Food Corp.
of America
Oct.
5; 1961 filed 50,000 common. Price—$2.50. Business
—The acquisition of enterprises engaged in the food
processing industry. Proceeds—For repayment of debt
and working capital. Office—1207 Foshay Tower, Min¬
neapolis, Minn.
Underwriter—None.
Foods
Plus, Inc. (11/6-10)
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
ment. Business—A manufacturer, wholesaler, and retail¬
er of vitamin products. Proceeds—For selling stockhold¬
ers.
Office—62 W. 45th St., N. Y. Underwriter—Shearson, Hammill & Co., N. Y.
Foote &
Davies
Inc.
Sept. 22, 1961 filed 165,000 common; 70,000 to be offered
by the company and 95,000 by present stockholders.
Price—By amendment. > Business—A
for a savings and loan association, a
company
and a real estate trustee.
development, sales program, advertising, working capi¬
tal and other corporate purposes.
Office—102 Hobart
Street, Hackensack, N. J. Underwriter—Winslow, Cohu
& Stetson, New York (managing).
Girltown, Inc.
Sept. 28, 1961 filed 200,000 class A common shares. Price
—By amendment. Business—The manufacture of young
women's sportswear. Proceeds—For selling stockholders.
Office—35 Morrissey
Blvd., Boston. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
Glacier Publishing International, Inc.
Sept. 15, 1961 filed 112,500 common. Price—$3. Business
-—Publishing of crossword puzzle magazines, pricing
guide directories and certain annual publications. Pro¬
of
—26
•
Fram
Co., Atlanta, Ga.-
■
7 / V..
7 1
Business
—
The
manufacture
of
oil
and
air filtration
equipment for engines. Proceeds—To reimburse Treasury
acquisition. Office—105 Pawtucket Ave., East
Providence, R. I. Underwriter — Merrill Lynch, Pierce,
Fenner & Smith Inc., N. Y. "
/
'
!
for
a
recent
G-W Inc.
:
7
filed 80,000 shares of common stock and
100,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con¬
sisting of one share of common stock and two warrants.
Each warrant will entitle the holder thereof to purchase
Jan.
one
to
25,
1961
share of
common
stock at $2 per share from
March
August 1961 and at $3 per share from September 1962
Price —$4 per unit. Business — The
(formerly Gar Wood
Philadelphia Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
to
February 1964.
companyr
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes. Office —
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬
derwriter—Fraser & Co., Inc., Philadelphia, Pa. Note—
Company formerly was named G-W Ameritronics, Inc.
Offering—Expected in November.
Glass-Tite
Sept. 27,
of
Gas Hills
Uranium Co.
quisitions and working capital. Office—224 Ivinson
St.,
Laramie, Wyo. Underwriter—None...
•
.Gem
Electronic
Distributors,
Inc.. (11/13-17)
Aug. 25, 1961 filed 75,000 common. Price—By amend¬
Industries, Inc. 1961 filed 185,000 common, of which 135,000
to be offered by the company and 50,000
by
a
stock¬
Price—By amendment. Business—Manufacture
glass-to-metal hermetic seals.
Proceeds—For pur¬
chase of
equipment, investment in a subsidiary, research
and development, moving expenses, and working capital.
Office—725 Branch Ave., Providence, R. I. Underwriter
—Hemphill, Noyes & Co., N. Y.
a
Glen
Industries, inc.
Sept. 29, 1961 ("Reg. A")
.
•
? *;
v
100,000 common.v Price—$3.
Business—Manufacture of die casting and zipper machin¬
ery. Proceeds—General corporate purposse. Office—130
County Courthouse Rd., New Hyde Park, N. Y. Under¬
writer—G. Everett Parks &
Co., Inc., N. Y.
Globe Coliseum, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares. Price
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
Offering—Imminent.
Gluckin
common.
Price—$11. Busi¬
Proceeds—Expansion and
paper.
GradSaz, Annis & Co., Inc.
Sept.
27,
1961
filed
116,875 common, of which 25,35G
by the company and 91,525 by a
Price—By amendment.
Business—Manu¬
cigars. Proceeds—To prepay notes and in¬
shares will be offered
stockholder.
facture
of
working capital. Office—2311-18th St.,
Underwriter—W. C. Langley &
Co., N. Y.
Fla.
(Wm.)
Tampa,
Grafco Industries, Inc.
Sept. 27, 1961 filed 77,250 common. Price—$4. Business
—Manufacture of graphic arts
equipment, chemicals and
supplies. Proceeds—For the operation of a subsidiary,
product development, equipment and other
new
corpo¬
Ave., N. Y. Underwriter
—Philips, Rosen and Appel, N. Y.
r. /
Green (Henry J.) Instrument Co.
'
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The
struments.
manufacture
of
precision meteorological in¬
Proceeds—For
repayment
of loans, equip¬
ment, salaries and general corporate purposes. Office—
2500 Shames
Dr., Westbury, N. Y. Underwriter—N. A.
Hart & Co., Inc.,
Bayside, N. Y. (mgr.).
Griesedieck Co.
Sept.
11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held.
A
Price—By amendment. Busi-
closed
end investment company.
Proceeds—
corporate purposes. Office—314 N. B'way, St.
Louis. Underwriter—Edward D. Jones &
Co., St. Louis.
nes
—
-
General
Gro-Rite Shoe Co., Inc.
July 21, 1961 filed $500,000 of 6% convertible subordi¬
nated debentures due 1970 to be offered for
by stockholders
the basis of
on
each 60 shares held.
ufacture
new
of specialized
subscription
$100 debenture for
Business—The man¬
one
Price—At par.
children's shoes.
Proceeds—For
molds, construction and working capital.
Address
2, Box 129, Mount Gilead, N. C. Underwriter—
Offering—Expected in November.
—Route
None.
Growth, Inc. (11/6-10)
May .17, 1961 (letter of notification) 100,000 shares of
stock (par $1). Price—$3 per shaie. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.
common
•
Growth Properties
(11/9)
May 9, 1961 filed 50,000 shares of common stock. Price
—To be supplied by amendment. Business—The Ncompany plans to engage in all phases of the real estate
,
business. Proceeds
—
To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert
Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif.
Gulf American Fire &
Casualty Co.
Sept. 28, 1961 filed 226,004
suoscription by stockholders
shares for each 10 held.
to be offered for
the basis of three new
common
on
Price—$2. Business—Writing of
fire and casualty insurance. Proceeds—To increase
capi¬
tal and surplus.
Office—25 S. Perry St., Montgomery,
Ala.
Underwriter—None.
Gulf States Land &
Industries, Inc.
29, 1961 filed 460,003 common to be offered for
subscription by stockholders of Chemetals Corp., prin¬
cipal stockholder, on the basis of five shares for each $5
cumulative preferred share (par $10) and one share for
each 3.2367 common shares of Chemetals held. Price—By
amendment. Business—The exploration and development
of oil and gas properties. Office—383 Madison Ave., N. Y.
Aug.
Underwriter—None.
• Halco Chemical Co.
(11/6-10)
Aug., 25, 1961 filed 225,000 common. Price—$2. Business
—Manufacture of agricultural chemicals. Proceeds—
General corporate purposes. Office — N. 14th St. and
Lafayette Ave., Kenilworth, N. J. Underwriters—Ross,
Lyon & Co., Inc., and Globus, Inc., N. Y.
Hallmark
holder.
—
Aug. 29, 1961 filed 847,035 common to be .offered for
subscription by stockholders on a l-for-10 basis. Price
•—By - amendment. Business—The operation of uranium
mines and a mill. Proceeds—For repayment of loans, ac¬
Repayment of debt, and working capital.
Office
B'way, N. Y. Underwriter—Farrell Securities Co.,
—
N. Y.
are
(11/14)
Sept. 1, 1961 filed 50,000 common. Price—By amendment.
Corp.
repayment, additional investment in the
corporate purposes. Office—9111 Wil-
• Girder
Process, Inc. (11/1-2)
July 21,1961 filed 80,000 class A common shares. Price—
$5.25. Business—The manufacture of adhesive bonding
films and related products. Proceeds—For acquisition of
a
new
plant, purchase and construction of new ma¬
chinery and equipment, research and laboratory product
Price—By amendment. Business—Printing and binding
and Courts &
other
Blvd., Beverly Hills, Calif. Underwriters—White,
Weld & Co., N. Y., and Dean Witter & Co., San Francisco.,
ceeds
books, magazines, catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working
capital; Office—764/Miami Circle, N.E., Atlanta, Ga.
Underwriters—J. «C. Bradford & Co., Nashville, Tenn.
—Amos Treat &
(11/21)
subord. debentures
conv.
shire
and
of
Office—Lyons Falls, N. Y. Underwriter
Co., Inc., N. Y. Offering—In early Jan.
—
Research
1961
Proceeds—Debt
—The distribution of
working capital.
rate purposes. Office—291 Third
.
200,000 common. Price—By amend¬
Company conducts various activities
within the fields of
capital. Office—300 W. Sunrise Highway,, Valley Stream,
Underwriters—Goodkind, Neufeld, Jordon Co., Inc.
Richter & Co., N. Y., (mgrs.). ■
7- •
./:■/:*1
ness—Manufacture
creased
General Forms, Inc. (10/30-11/3)
Aug. 15, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For
repayment of loans,
plant improvements, equipment and working capital.
Oct. 3,
(11/13-17)
•
Gould Paper Co.
Sept. 28, 1961 filed 140,000
General
Oct.
2611 Shirlington Rd., Arlington, Va.
Balogh & Co., Inc., Washington, D. C.
and Irving J. Rice & Co., Inc., St. Paul, Minn.
tor
Wall
repayment of loans and inventory. Office—
Hempstead Turnpike, Farmingdale, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y. C. (mgr.).
—
Aug. 8, 1961 filed 70,000 common shares, of which 56,000
shares are to be offered by the company and 14,000
shares by stockholders,. Price—$10. Business—Distribu¬
Investment
Pro¬
34
pansion. Office
Underwriters
Corp. of America
(10/30-11/3)
Electronics
parts and
components.
dustrial sites. Proceeds—For selling stockholders. Office
-r-2828 S. W. 22nd St.,
Miami, Fla. Underwriter—Allen.
Company
Oct.
Aug,
radio
and
ceeds—For
53
Insurance
Inc.
Co.,
Aug. 3, 1961 filed 225,000
common
shares. Price
—
$3.
Business—An insurance company. Proceeds—For capital
and
surplus. Office—636 S. Park St., Madison, Wis. Un¬
derwriters—Braun, Monroe & Co., Milwaukee and Harley, Haydon & Co., Inc., Madison.
Haltone Rental
Sep.
29,
1961:
Corp.
("Reg.
Business—Rental
of
A")
fur
.
•
;
150,000
coats.
.
/
Price—$2.
common.
Proceeds—lur
leasehold
improvements, equipment, advertising, woi King capital
and
inventory.
Office—350 Seventh Ave., N. Y.
writer—B. G. Harris & Co., N.
Under¬
Y.
• Hamilton Electro
Corp. (11/1-2)
Aug. 9, 1961 filed 135,000 common, of which 80,000 are
to be offered by the company and 55,000 by stockholders.
Price—$7.50. Business—Distribution of soliu state elec¬
tronic
parts and equipment. Proceeds—Inventory, new
product lines, repayment of loans and wonting capital.
Office—11965
Santa
Monica
Blvd.,
Los
Angeles, Calif.
Underwriter—William Norton Co., N* Y.
Co. Ltd.
Aug. 25, 1961 filed 175,000
(1/4)
Price—$10. Business
underclothing, Proceeds—
common.
—The manufacture of ladies'
For repayment of loans and general corporate purposes.
Office—Bank of Bermuda Bldg., Hamilton, Bermuda.
Underwriter—Globus, Inc., N. Y. C. (mgr.)
Golf
Courses, Inc.
28, 1961 filed 100,000 capital shares.
Price—$6.
Business—The company plans to operate a public golf
course and a private country club.
Proceeds—For pur¬
chase of land, construction and general corporate pur¬
poses.
Office—1352
Easton
Rd., Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
Aug.
.
Handschy Chemical Co. (11/6-10)
Aug. 25, 1961 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stockhold¬
Price—By amendment. Business—The manufacture
specialty printing inks, chemicals and supplies. Pro¬
ceeds—For general corporate purposes.
Office—2525 N.
ers.
of
Elston
mons,
Ave., Chicago. Underwriter—Blunt Ellis & Sim¬
Chicago (mgr.)
• Hanna (M. A.) Co. (11/27-12/1)
Oct. 20, 1961 filed 740,000 common. Price—By amend¬
ment. Business—A closed-end and non-diversified in¬
vestment company.
Proceeds—For the selling stockholdContinued
on
page
54
-
54
(1826)
The Commercial and Financial Chronicle
Office
(Hanna Mining Co,).
er
Business
("Reg. A"). 100,000 common. Price—$3.
Fabrication of components for missiles, jet
—
engines-, aircraft landing gears and precision machines.
Proceeds — Machinery, research and development and
•
son,
capital. Office—40 Sea Cliff Ave., Glen Cove,
Underwriter—Albion Securities Co., Inc., N. Y.-
Y.
1961 filed 700,000 common shares .Price—$1,.
Business—The marketing of gifts, candies and greeting
cards through franchised dealers.
Proceeds—For equip¬
July
28,
ment, inventory and working capital. Office—11 /Tenth
Ave., S., Hopkins, Minn. Underwriter—None.
Business
N.
Inc.
apparel and discount department stores. Proceeds
of debt, expansion and working capital.
retail
—Repayment
102nd St., Los
Office—5330 W.
Angeles; Underwriters-
Johnston, Lemon &
Wash., D; C. Offering—Expected sometime in Nov.
Alstyne, Noel & Co., N. Y., and
Van
Co.,
Sept. 26; 1961 filed 200,000 common.
5, 1961 filed 13,000 5% preferred shares ($100 par)
and 13,000 common shares* to be offered for sale in units
of one preferred and one common share.
Price—$101.
Business—The acquisition and
unit.
Underwriter—None.
of
/-
to
be
in units consisting
offered
of $300 of debentures
Price—$500 per unit. Business
—The manufacture of medicinal chemicals. Proceeds—
50
shares.
common
expansion, repayment of loans and work¬
Office—3536 Peartree Avenue, New York
For equipment,
ing capital:
Underwriter—Stearns & Co., New
York (managing).
-fa Hi-Plains Airways, fnc;
Get. 12, 1961 ("Reg. A") 3,000 preferred. Price—At par
($100); Business—An air carrier. Proceeds—For equip¬
ment and working capital:
Address — Hill City, Kan.
Pidrce, Fernier &* Smith* Inc;, N, Y.
(11/1)
Co.
and
films.
feature
Proceeds—For
acquisition,
dan &
•
S; Kas-
Co., Inc., N. Y. Offering—Expected irt December.
Invest
Fund, Inc.y'v
20,. 1961 filed 150,000 shares of common stock. Price
time of the offering; Business
Feb.
—Net asset value'at the
—
A
non-diversified, open-end investment company,
objective is capital appreciation. Proceeds
whose stated
—For investment. /Office — One State Street, Boston,
Underwriter—Ivest, Inc., One State St., Boston. Offer¬
ing— Imminent,>"
:
4;/"//
.•/ (The) -Japan Fund, Inc.19, 1961 .filed 2,000,000
Oct.-
■-'■/■
■
Price — $12.50.
companyJOffice—25
Broad St., N. Y. Proceeds—For investment in Japanese
securities.. Underwriters—Bache & Co., and Paine, Web¬
ber, Jackson & Curtis, N. Y., and Nikko Securities (jo.,
Ltd.,. Tokyo, Japan. Offering w— Expected sometime in
common.
December.>'
:/'/;/
—(Competitive): Probable bidders: Halsey, Stuart & •
Co. Inc.; Blyth & Co., Inc.; Lazard Freres & Co.-First; ■Jarrell-Ash Oo. ^
// ■//'
;v.
/.L/
Boston Corp. (jointly); Merrill Lynch, Pierce, Fenner &
Aug, 17, 1961 filed 60,000 class A common shares and
Smith Inc.; Kidder, Peabody & Co:-White, Weld & Co. •
9,009 outstanding voting trust certificates (representing
(jointly); Salomon Brothers & Hutzler-Eastman. Dillon,; beneficial interest in 9,000 class B common shares). Price
UnioniSecurities & Co. (jointly); Equitable Securities
—By amendment. Business—The manufacture of optical
instrumentation.; Proceeds—For repayment of loans and
Corp; Bids—Expected Nov. 1, (11 a.m. EST) at Bankers
Trust Co.v (second floor) 16 Wall St., N. Y. Information ;
working' capital. Office — 7 Farwell St., Newtonville,
Mass. Underwriters—Stearns & Co., New York and Clay¬
Meeting—Oct. 27 (11* a.m. EDST) at above address.
; ;
ton Securities Corp., Boston. Offering—Expected in early
• Ihnen
(Edward H.) & Son, line.;
July 20, 1961 filed $540,000 of 6% convertible subordi¬
nated debentures due 1976 and 90,000 common shares
and
underwritten by Kidder; Peabody; & Co., and
Power
distribution'
domestic
Business—A diversified investment
Sept. 26, 1961 filed $10,000,000 first mortgage bonds due
1991. Office—1220 Idaho St., Boise, Idaho. Underwriters/
Laboratories, Inc.
Hexagon
was
Idaho
Office—660 Grain Exchange,
debt, and working capital.
Minneapolis.
1960
Merrill Lynch;
development of
investment, repayment
Proceeds —For
estate.
real
Price—By amend-
St., Boise, Idaho: Underwriters
—To be named; The last sale of common on Nov. 10,,
June
per
(11/1)"
ment. Office—1220 Idaho
Corp.
Investment
Hazelfine
Hygrade
Idaho Power Co.
and
Underwriters—General Securities Co., Inc.;* and
Packaging" Corp. (10/30-11/3) • '
Aug. 30, 1961 filed 100,000 class A. Prices—By amend¬
ment. Business—The manufacture of paper cartons and :V
boxes. Proceeds—For product development, expansion,
repayment of a loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. ; J.
Gruber & Co., Inc., N. Y. (mgr.).
"I
Sept. 25', 1961 filed $5,000,000 of coriv. subord. debentures
due 1981. Price—By amendment. Business—Operation of
Theatrical
common.
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776v B'way, N. Y.
Offering—Expected sometime in November.
•
' ^ J j/
Price—$4. Business
co-productiOn" of foreign
Interworld FiSm Distributors, Inc.
selling stockholders. Office—261 5th Ave.,
Underwriter—Milton D. Blauner & Co., N. Y.
Y.
M.
Sept. 29, 1961 filed 106,250
-
ceeds—For
and an¬
Proceeds—Working,capital: Office—Harleysville,
Ifart field* Stores,
UnderwriterS^-Glore, Forgan & Co., N. Y.
Byllesby & Co., Inc., Chicago. Offering—Ex¬
pected in late' November./; :: v;; • .////;;/;!/';,:•
'
Sept. 20, 1961 filed 200,000 common. Price—$5. Business
of shower and window curtains. Pro- /
Underwriter—None.
Pa.
Los Angeles.
and H.
—Manufacturer
Sept. 21, 1961 filed 40,000 common. Price—$15.
—The writing of all types of life insurance
Business—The operation of restau¬
othe"r food* establishments and gift shops.'Pro¬
ceeds—For expansion. Office—11255 W. Olympic Blvd.,
Office—101 Park Ave.r Hudson,
Underwirter—McLaughlin,: Kaufman & Co., N. Y.,
Hygiene Industries' Inc.
_
Price—At par.
rants;
eral corporate purposes.
N. Y.
Harleysville Life Insurance Co.
nuities.
held.
Hammill & Co., N. Y.
Hydra-Loc, Inc.
/
Oct.
10, 1961 ("Reg. A")
60,000 common.. Price—$2.
Business—Design, development and manufacture of a
brake control. Proceeds—For debt repayment and gen¬
(11/6-10)
Happy House, Inc.
repayment
—
«
working
N.
—For
• Hyatt Corp.
20, 1961 filed 350,000 caiptal shares. Price—$10.
• Interstate
Hosts, Inc.
//;
Business—Operates a chain of motor hotels'. Proceeds—•
For
debt repayment
and. general corporate purposes. / Oct. 2, 1961 filed $2,550,000 of con. subord. debentures
Office
1290 Bayshore Highway,
Burlingame, Calif. - due 1981 to be offered for subscription by stockholders
on
the basis of $100 of debentures for each'33 shares
Underwriters—J. Barth & Co., San Francisco and Shear-
1961
11,
centers in
Co., New York.
Oct.
(11/13-17)
Inc.
Industries,
Hannett
Aug.
1300 Leader Bldg.,
—
Boston Corp., N. Y.
Cleveland. Underwriter—First
Thursday, October 26, 1961
.
.
Colorado, California and other states. Proceeds
of debts and general corporate pur¬
poses. Office — 10391 Magnolia Ave., Riverside, Calif.
Underwriter—Currier & Carlsen, Inc., San Diego.
writers—Blyth & Co., Inc., Lehman Brothers and Allen
&
Continued from page 53
.
r
May 16, 1961 filed 75,000 shares of common stock. Price.
—$5 per share. Business—The construction of public and
allied
Jayark Films Corp. (11/6-10)
Aug. 24, 1961 filed 72,000 common, of which 50,000 are
to b'e offered by the company and 22,000 by stockhold¬
and for working capital. Office—Montvale, N. J. Un-; ers.
Price—Byr amendment. Business—The*;:distribution
derwriter—Amos Treat & ..Co.,. Inc., N. Y. Offering—,
of motion picture and television films. Proceeds—For
Expected sometime in January.
>; /
:
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
• Illinois
Capital: Investment Corp: •.
•
.San Francisco. ;
:
Sept. 19, 1961 filed 250,000 common. Price—By amend¬
sales
ment.
private swimming pools and the sale of pool equipment.
Proceeds—To reduce indebtedness, to. buy equipment,
U nderwr iter—N one.
•
Inc.
Hickory Industries,
Aug.
("Reg.
1961
31,
Business—The
A")
manufacture
40,000 common^ Price—$5.
of barbecue machines and
-
equipment. Proceeds—For equipment, inventory,
promotion, expansion and working capital. Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J.'B. Coburn Associates, Inc., N. Y. Offering—Imminent.
High Temperature
Office—20 North Wacker
—Blair
&
Dr., Chicago, 111. Underwriter*
Co., Inc., N. Y. Offering—Late in November.
Industrionics Controls,
Sept: 28, 1961 filed 120,000 common. Price—By amend¬
ment.
Business—Manufacture
of products from test
investment company.
Inc.*
•:.
/
July 26, 1961 filed 84,000 common shares. Price
—
y
«
$5.
-
Business—The manufacture of electronic controls for the
,
,
Hill Street Co.
Intercontinental
1961 filed 2,265,138 common to- be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis.
Price—$3. Business—A
Oct.
16,
craft flight instruments.
International Corp^
Hoffman
18;
1961
tion by
stockholders
each
25
(11/20-24)
convertible
due 1973 to be offered for
dinated debentures
for
$1,890,700
filed
on
•
subor¬
subscrip¬
of
the basis of $100 of debentures*
Price—At par. Business—The-,
and
writer—J.
pressing * and
•
Williston
R.
&
Beane,
offered to
stockholders of record Oct. 27 on a l-for-3 basis, with
rights to expire Nov. 13. Price—By amendment. Busi¬
ness—Manufacture of electrolytic recording paper and
equipment. Proceeds—For repayment of debt and work-/
26,
1961
capital.
ing
filed
300,000
common
to be
Greenwich St., N. Y.
Staats & Co., Los Angeles
Office—635
writers—William
K'.
House of
International
International
Ltd.
writer—J. B. McLean &
•
lulu, Hawaii. Underwriter—None.
Corp.
June 9,
1961 filed 583,334 Common shares to be offered
for subscription by holders of commoii and class A stock.
Price—By amendment.. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬
sion, working capital
and
general corporate
purposes.
Office—First Federal Bldg., St. Petersburg, Fla. Under't
•
•' T'r
/
•
-
r
I <•-<>'
ment.
Price—By amend¬
Business—Manufacture and sale of greeting cards.
Proceeds—For repayment
of loans, expansion and work¬
ing capital.
Office—106-11 157th* St., Jamaica, N. Y.
Underwriter—Godfrey Hamilton, Taylor 8c Co., Inc., N. Y.
manufacture
son
ties
of
Price—$5.
common.
electronic
instruments
Proceeds—For working
products and repayment of loans.
capital,
Office—20 Madi¬
Ave., Hicksville, N. Y. Underwriter—General Securi¬
Co., Inc.,
Julyn
N. Y. Offering—Expected in December.
Sportswear,
Kaiser
Business
*:
in
Electronics,
—
conversion
—
•••
Jorn's Greeting Card Co., Inc.
Sept. 28, 1961 filed 110,000 common.
Aug. 22, 1961
Bowling Corp.
/wl :ii.;
Philadelphia."
Offering—Expected
(11/13-17)
July 25, 1961 filed 150,000 common shares. Price—$3.50.
Business
The acquisition and operation of bowling¬
s'';;^*" iiti.
and working capital. Address—Box 7, Casselberry, Fla.
Underwriter—Warner, Jennings, MandeT & Longstreth,
Inc.
N.Y. Underwriter—Mortimer B. Burnside 8c
—
sound
Interstate
-
Sept. 7, 1961 filed 125,000 class A. Price—$5. Business
The manufacture of maternity clothes and sportswear.
Proceeds—For working capital. Office—237 W. 35th St.'
15, 1961 filed 200,000 class A common. Price—$9.
The wholesale distribution of photographic
equipment and supplies. Proceeds—For the
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Arnhold & S. Bleichroeder, Inc.,.N. Y. Of¬
fering—Expected in late December.
.
(
and
-
-
Business—The
used in communication.
Co., Inc., Norfolk, Va.
/
shares.
Price—By
design and production, of
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
new
(11/13-17)
Interphoto Corp.
Business
Office—52 Wall St., N.Y.C,
Offering—Imminent.
Electronics, Inc. ,
1961 filed 125,000 capital
Business—The
Sept.
amendment. Proceeds—For construc¬
tion and debt repayment. Office—1050 Bishop St., Hono¬
Price—By
expenses.
Joyce Teletronics Corp.
Aug. 31, 1961 ("Reg. A") 55,000
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital. Office—7510 B. Granby St., Norfolk, Va. Under¬
named.
11, 1961 filed 73,062 common, of which 66,420 will
be offered for subscription by stockholders on a l-for-5
Houston
(11/6-10)-
Management Corp.
Oct.
basis.
/
working capital and general corporate
purposes.
Office—2101 N. E. Broadway, Minneapolis.
Underwriter—Bratter & Co., Inc., Minneapolis.
•
operating
amendment.
Pancakes, Inc.
Housing Corp.
Corp.
Johnson
Sept.- 8,
inventories.*
Proceeds—For
("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The production of mo¬
tion picture and TV feature films. Proceeds—For repay¬
ment
of
loans, producers' fee, stories and working
capital. Office—350 Lincoln Rd., Miami Beach, Fla. Un¬
Honolulu Gas Co.,
of
Aug. 16, 1961 filed 440,000 common shaies. Price—$1.15.
Business—For construction and financing of shell homes.
July 28, 1961
be
the purchase
Chicago branch office
Aug. 28, 1961 filed $600,000 of 6% convertible subordi¬
nated debentures due. 1976 and 81,250 common. Price—.
By amendment. Business—The distribution of food items
for restaurants. Proceeds—For expansion, repayment of
loans and general corporate purposes. Office—6837 Lankershim Blvd., North Hollywood, Calif.
Underwriter—
L. F. Rothschild & Co., N. Y. (mgr.).
•
Under¬
(mgr.).
Hollywood Artists Productions Inc.
derwriter—To
tional and
Underwriter—None.
("Reg. A") 220,000 common. Price—$1.15.
a
-
Fund, Inc.,, a new open-end diversified investment com¬
pany of the management type:
Proceeds—For organiza¬
Communications^ Systems,Inc.
International
New York.
Hogan Faximile Corp.
July
elcetro-me-
Office—2430 Nicollet
Ave., Minneapolis. Underwriter—McDonald,- Anderson,
Peterson & Co., Inc., Minneapolis. Offering—Imminent.
Proceeds—For repayment of loans
purposes,
and
Office—170 Coolidge Ave., En-
Proceeds—For establishment of
dry-cleaning equipment.
and general corporate
Office—107 Fourth Ave., New York. Under¬
manufacture
Interior
Aug. 25, 1961
held*.
shares
electronic
Jeff erson Counsel
13, 1961 filed 30,000 of class B common stbek
(non-voting). Price—$10 per share. Business—The com¬
pany was organized under Delaware law in January 1961
to sponsor the* organization
of the Jefferson Growth
glewoodj N. J. Underwriter—M. H. Woodhill Inc., N.Y.
Offering—Imminent.
writer—None.
July
of
Business—Manufactures" patented
as window coverings, room
dividers, folding doors; etc. Proceeds—For debt repay¬
ment and general corporate' purposes. Office—514 -W.
Olympic Blvd., Los Angeles. Underwriter—Dj E. Liederman & Co;, Inc.* N. Y.
■//.. /,'v•■'/;'/•'•-*/"'.;/ ;,V
March
chanical devices used to determine the accuracy of air¬
company.
Office—760 S.
vestment,
/ <
("Reg. A") 200,000 common. Price—$1.50.
Business—Manufacture
Proceeds—For in¬
Hill St., Los Angeles. Under¬
investment
management
July 18, 1961
Dynamics Corp:
shares./ Price—$200.
traversing screens for uSe
research and devel- :•/ monitoring of machinery; Proceeds—For repayment of a
loan, purchase of raw material and equipment, adver-.
opment, leasehold improvements, repayment of debt and
Using, establishment of a field engineering service* or-,
working capital. Office—130 Lincoln St., Brighton, Mass.
ganization and other corporate purposes. Office—20 VanUnderwriter—L. F. Rothschild & Co., N. Y.
dam St., N. Y. Underwriter—Jacey Securities Co., N.t Y._
Proceeds—For equipment,
models.
Jaylcs Industries, Inc.
* '
Oct. 18, 1961 filed $850,000 of 6V2% subord. debentures
due 1971 and 212,500 class A common shares to be of¬
fered in units of' one $100 debenture and 25 class! A
.
lite.
Materials,
Business—A small business
November.
manufacture
equipment.
N.Y.'
.
Inc.
("Reg. A") 50,000
The
Co., Inc.,
Proceeds
common. Price—$4:50.
of
electronic
power
—
For
repayment
tion
of
new products, equipment, inventory, sales promo¬
and working' capital; Office—3 Monroe St., Union
loans,
N. J. Underwriter—Schirmer?,. Athdrtoh 8i
Co.,*BostoA
Volume
194
Number 6102
The Commercial and
Financial Chronicle
(1827 J
■fa Kann-EIEert Electronics, Inc.
24, 1961 filed lu8,u00. common. Price—$6.50. Busi¬
ness—Wholesaling of electronic parts and components
and equipment. Proceeds—For debt repayment and
gen¬
2,000,000 class A common)
to be
class
at
eral
debt,
Oct.
corporate purposes.
Baltimore.
•
Office
—
20o0
Underwriter—Rubin, Rennert
Kaufman &
Broad
Building Co.
Hockrose
N.Y.
(11/6-10)
construction and
—The
ceeds—For
of
loans
and
cents).
tail
working, capital.
•
Corp.
/,/''•/?
//, .
/' y.f
■//./>;>
June 29, 1961 filed $1,200,000 of 6l/z% convertible sub¬
ord. debentures due 1968. Price—At 100%. BusinessDevelopment of land, construction of homes and related
activities in Florida. Proceeds^—Repayment of
debt, ac¬
Oct.
24,
corporate
Proceeds—Repayment of
Office—521
For investment. Office—300 Main
St., New Britain, Conn.
Distributor—Horizon Management
Corp., New York.
Lincoln Liberty Life Insurance Co.
(11/13-17)
Sept. 15, 1961 filed 200,000 common*
Price—By amend*—-
new
a
working capital
Office — 201 W. 49th
store,
purposes.
St., Houston. Underwriter—Bache
Lomart Perfected
—The
of
similar
and
devices.
Proceeds—For
general
corporate
purposes.
N.
selling stockholders. Office—5301 Broadway, Oak¬
land, Calif. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith Inc. N. Y. C.
(mgr.),
L.
Drug Co., Inc.
July 26, 1961 filed 100,UU0
v
Manufacture
Business
of
common
The manufacture
—
shares. Price—$4.50.
Pro¬
Louis Sherry
Preserves, Inc.
Sept. 21, 1961 filed 200,000 common* Price—$4. Business*
pharmaceuticals*
or
ceeds—For repayment of a loan, purchase of
equipment,
research
and
development, advertising and:
capital. Office—1
—Manufacture of fresh fruit
ceeds—Plant expansion,
Goldman;
writer—Stevens
and
r
fering—Expected in early November.
buck & Co. Proceeds-—For selling stockholders. Office—
111 W. Monroe'St., Chicago. Underwriters —
Sachs & Co. and Lehman
•
Brothers, N. Y. ; ^
,
,
■
offered
be
•
by the company and 50,000 by
a
are
selling
Laboratory Procedures, Inc.
Sept. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$2.50. • Proceeds—For debt repayment, equipment, ad¬
Ludwig Engineering & Science
Oct.
1961 filed 125,000
Business—Renders
common.
Price—By amend¬
engineering and. research
Proceeds—For equipment, debt repayment and
Carlsen, Inc., Los Angeles. Offering—In December.
Lance, Inc.
Aug. 30, 1961 filed 364,000
working capital. Office—150 E. Foodhill Blvd., Arcadia,.
Calif.
Underwriter—Dempsey-Tegeler & Co., Inc.; St.
Louis. Offering—Expected in late November.
Kent
ment. Business—The manufacture of peanut
aluminum
windows
and
manufacture
doors.
of
Proceeds—For
Dry Cleaners, Inci
25, 1961 filed 165,000
(11/13-17)
which 45,000
are to be offered by the
company and 120,000 by stock¬
holders. Price—$5. Business—The dry cleaning and stor¬
age of clothes. Proceeds—For working capital and gen¬
eral corporate purposes. Office — 1745 Clintonville
St.,
-Whitestone: (Queens) N. Y*.. Underwriter—Arnold Malkan &
common,
Co., Inc., N. Y. C.
of
•
•
leases, and working capital. Office —* 2701
St., Los Angeles. Underwriter—Pacific Coast
Securities Co., San Francisco. Offering—In' late Nov.
common.
Price—By amend¬
butter filled
Lunar Enterprises, Inc.
(11/20-24)
Aug. 31, 1961 Hied 125,000 common. Price—$5.75. Busi¬
ness—The production of television films.
Proceeds—For
filming and production and working capital. Office—
delicacies. Proceeds—For the selling stockholders. Office
S.
—1304
Blvd.,
Charlotte,
N.
C.
Underwriter—R.
(mgr.).
Dickson & Co., Charlotte, N. C.
Larr
Oct.
Optics &
S.
1501 Broadway, N. Y.
Underwriter—Ehrlich, Irwin
Co., Inc., 50 Broadway, N., Y.
Electronics Co.
2, 1961
("Reg. A") 75,000 common. Price—$2. Pro¬
ceeds—For expansion, equipment, research and devel¬
opment and working capital. Office—1375 West Maple
St., Denver. Underwriter—Schmidt/Sharp, McCabe &
Kentucky Central Life & Accident Insurance Co.
Co., Inc., Denver.
;
Aug. 16, 1961 filed 400,000 class A non-voting common
\
shares, of-which 200,000 shares are to be offered by the
Lehigh Acres Utilities & Investment Co.
company "and- 200,000/ shares
by - stockholders.- Pried— 3/Sept'.' 26,*1961 filed 100,000 common. Price—$5,
'
-
From $13 to $17 per share. Proceeds—To increase
capital
and surplus.
Address—Anchorage, Ky.
Underwriter—
Stifel, Nicolaus & Co., St. Louis (mgr.). Offering—Im¬
minent,
:•
;.; /
/k,-;.'
/ •/.' *.//.V;/
Kenwin
Shops, Inc.v./
Sept. 27, 1961 filed 80,000 common. Price—$5. Business
—Operates a chain of women's and children's apparel
—Operates
water
!
hicles.
pay
71st
.writers—D. H.
nard &
.Space
Blair & Co., N. Y., and Johnson, Lane,
Corp., Savannah. Offering—Expected in Dec.
Kiddie Rides, Inc.
-Sept 12, 1961 filed-$1,000,000 of 7% convertible subordi¬
nated-debentures due 1971 and 30,000 common to be of.fered in units of $1,000 debentures and 30 of common.
Price—By amendment. Business—The operation of coin
'operated children's amusement • equipment. 'Proceeds—
.For. repayment of loans,- equipment and general corpo¬
rate purposes.-Office—2557 W. North Ave., Chicago. Un¬
derwriter—Paul C. Kimball & Co., Chicago. >//./•■
-
.
King Louie Bowling Corp.
Sept. 27, 1961: filed 325,000 common. Price—$3. Business
.—Operates a' chain of bowling centers. Proceeds-^-Repay
v-
debt
other
and -for
Office—8788
Metcalfe Rdc, Overland Park, Kan. Underwriter—George
K. Baum & Go:,;Kansas City, Mo.
-':r
";;//
corporate
•
Knape & Vogt Manufacturing Co. (11/15)
Sept. 11, 1961 filed 263,750 common. Price—By amend¬
ment.
Business—The manufacture of
items.
specialty hardware
Proceeds—For the selling stockholders.
Office—
658: Richmond
St., N. W. Grand Rapids, Mich.
writer—Glore* Forgan & Co., N. Y. (mgr.). • '
Under¬
'
*
\ *
Knickerbocker Toy Co., Inc.
;'C
Sept: 27, 1961 filed 100,000 common. Price—By amend-'
ment. Business—Design and manufacture of toys. Pro.
ceedsi—For
Brooklyn,
working capital.
Office—401 Butler St.,
N. Y.
Underwriter—Netherlands Securities
Co., Inc., N. Y.
Korfund, Inc.
Sept. 8, 1961 filed $600,000 of 6V2% convertible subord.
debentures due 1971 and 180,000 common to be offered
for public sale in units, each consisting of $100 of deben¬
tures and 30 common. Of the 180,000 shares, 40,000 will
be
sold
Mohair
by the
Plush
amendment.
company
Co.,
Inc.,
140,000 by Massachusetts
and
sole
Business—The
stockholder.
manufacture
shock and noise control products and the
of
Price—By
vibration,
distribution of
European made electronic and mechanical instruments.
Proceeds—For
the
repayment of debt, and working
capital.
Office—16 E. 34th St., N. Y.
UnderwriterStreet & Co., Inc., N. Y.
(mgr.).
Koster-Dana
Corp.
Sept. 28, 1961 filed 70;000 common. Price—$5. Business-
Publishing of informational booklets for financial, com¬
mercial and industrial organizations. Proceeds—Debt re¬
payment and working capital. Office—76 Ninth Ave.,
N. Y. Underwriter—Gianis & Co., N. Y.
Kratter Corp.
E* Broadway, Tucson. Underwriter—Burnham &
Co., N. Y. (mgr.).
Mr P
14,
1961
filed
$5,871,500
4.167% subordinated
for subscription by
American Corp.
Latter stockholders will receive Class C rights to acquire
the debentures and 176,145 of Liberian Iron Ore Ltd.,
parent, in units, each consisting of $100 of debentures
and 3 Liberian Iron Ore/ Price—$104 per unit. Business
—The commercial exploitation of iron ore deposits in
Liberia.' Proceeds—For the selling stockholder. Address
—Monrovia, Liberia. Underwriter—None.
due
stockholders
1985
of
be
to
of
offered
International
material
on
to
—To
exercise and
ital.
30,
Price
—
Fund,
1961
Inc.
(11/20-24)
filed
951,799 shares of common stock.
selling commission.
non-diversified, open-end, management-
Net asset value plus a 7%
—
A
/
r
slenderizing equipment* Proceeds—For
re¬
advertising, plant removal and working cap¬
Under¬
Offiee—189 Lexington Ave,, N. Y. 16, N. Y.
Macoid
Industries, Inc.
1961 filed 390,000 common, of which 100,000'
to be offered by the company and 200,000
by stock-*
are
holders.
Priee—$5.
Business—Molding of plastic prod¬
automobile, electrical utility and telephone
industries.
Proceeds—For working
capital.
Offiee—
12340 Cloverdale, Detroit. Underwriters—Charles Plohn
& Co., N. Y^ and Edwards &
Hanly, Hempstead, N. Y.
ucts for the
• Macy Credit Corp.
Oct. 25, 1961 filed $20,000,000 of debentures due Dec. I,
1981. Price—By amendment Business—Financing of cash
time accounts.
Proceeds — For general corporate pur¬
Office—151 W. 34th St., N. Y. Underwriters—Leh¬
Brothers and Goldman, Sachs & Co.,. N. Y.
poses.
man
common. Price—$3.25.
Business—The manufacture of toys, games and novelties.
Proceeds—For new equipment, advertising, and repay¬
March
.
Sept 28,
Corp. (11/13-17)
Aug. 29, 1961 ("Reg. A") 84,000
Lincoln
This company formerly was*
writer—Continental Bond & Share Corp., Maplewood, N.J.
Offering—Expected sometime in Nov.
v
Office—349 Rider Ave., Bronx 51, N. Y.
—
Materials, Inc. Offering—In Dec.
payment of loans, equipment, new products, sales pro¬
motion and
Lido
Underwriter—Flomenhaft, Seidler & Co*, Inc., N. Y.
named. / Note
Industrial
MacLevy Associates, Inc.
July 20, 1961 ("Reg. A") 150,000- common shares (par on#
cent). Price—$2. Business—The distribution of health;
Liberian American-Swedish Minerals Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—
ment of loans.
Proceeds—
Lieberbaum & Co., N* Y.
A—$10; Class B—
unit. Proceeds—For the selling
holding company for stock of
None.
cases.
JSt., N.Y*: Underwriters—First Broad Street Corp. andl
African
Price—Class
per
Business—A
rocket motor
Price—At par; Business—Book and.
magazine publishing. Proceeds—Debt repayment, mov¬
ing expenses and working capital. Office—205 E. 42ndi
acquire 176,145 shares and $5,871,500 of debentures of
American-Swedish Minerals Co., subsidiary,
consisting of $100 of debentures and three
stockholder.
in
bentures due 1971.
in units, each
shares.
be used
.
Liberian
Iron
to
Macfadden Publications, Inc.
Sept. 28, 1961 filed $5,300,000 of convertible subord; de¬
acquire 40,000
$15.85; Class C—$104
be
named
each 22
Liberian
•
expenses, equipment and working capital. Offiice—
1025 Shoreham Bldg.,
Washington, EL C., Underwrite#
capital shares on the basis of
held; class B rights to acquire 220,182
the basis of one for each four held; and class C rights
for
*»;•»■
stock
For
Liberian Iron Ore Ltd.
one
Fibers, Inc.:
(letter of notification) 150,000 shares ot
(par one cent). Price?—$2 per share. Busi¬
ness—The manufacture of a new patented fiber
glass
common
Sept/14, 1961 filed 436,327 capital shares to be offered
for subscription by stockholders of International African
American Corp. Latter stockholders will receive class A
rights to
I Glass
April 27, 1961
Liberian American-Swedish Minerals Co.
Business
—6910
German company.
Proceeds — For repayment of loans,
inventory and working capital. Office—325 W, Houston
Street, New York. Underwriter—Tau Inc., New York.
due
(with attached five-year warrants to purchase
and one warrant.
Price—By amendment. Business—
Development of residential communities. Proceeds—Fair
working capital and general corporate purposes. Officer
,
Sept. 27, 1961 filed $100,000,000 of 6% subord. debentures
1976
in
Libby International Corp./
Aug. 3, 1961 ("Reg. A") 100,000 common shares (par 10
cents); Price—$3/ Business—The distribution of tractors
and farm equipment manufactured by Kramer-Werke, a
Sept.
sub¬
mon
& Clark
debentures
convertible
1971, 200,000 common and 5—
purchase 50,000 common to be offered
50 units each consisting of $25 of
debentures, 4 com¬
year warrants to
Marina, Inc. ■'
May 9, 1961 (letver•'■of notification) 150,000 shares of
common stock (par $1). Price—$2
per share/Address—
Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp.,' Minneapolis.
Offering—Expected sometime in November.
purposes. ;
Head*,
Co., Inc., N. Y. /
ordinated debentures due
DuBoff, Inc., N. Y.
Lewis
development, 0 sales
(11/13-17)
Aug. 30, 1961 Hied $1,250,000 of 6%%
debt, expansion and^ working capital. Office—800St., Miami Beach, Fla. Underwriter—None.
Proceeds—Repayment of debt, expansion and
/working capital. Office—249 W. 34th St., N. Y. Under-
and
Lusk Corp.
(Joyce), Inc.
Sept. 28/ 1961 filed 100,000 common. Price—$5.50. Business-^-Retailing of women's apparel. Proceeds—For ex¬
pansion, inventories and working capital. Office—850
Flatbush Ave., Brooklyn.
Underwriter—Seymour, Ber¬
stores.
research
and. working
capital.
Office—Glen
Underwriter—Michael G. Kletz &
N. Y.
Leslie
~
Proceeds—For
promotion
Business
treatment
plant, sewage disposal
plant, and LP-gas distribution facilities. Procelds—Re¬
a
&
Lundy Electronics & Systems, Inc.
Sept. 19, 1961 filed 175,000 common. Price—$4. Business
—The manufacture of
electronic, electro-mechanical and
hydraulic systems for aircraft, missiles and space .ve¬
^
'
5,
services*
Aug.
■
jellies. Pro-^
Stocker
sliding
.•
preserves and
advertising, repayment of debt/;
working capital. Office—30^30 Northern Blvd., Long
Island City, N„ Y.
Underwriter—Stanley Heller & Co.„
N. Y. Offering—Expected sometime in
November*
vertising,
Price—$4;; Business—The
/equipment and general corporate purposes. Office—5581
•Air Terminal Dr., Fresno,' Calif./ Underwriter—Currier
•
Bala Ave., Bala-Cynwyd, Pa. Under¬
Investment Co., Bala-Cynwyd, Pa. Of¬
ment.
/stockholder.
&
working
.
Kendall
Industries, Inc.
Sept. 11, 1961 filed 150,000 common, of which 100,000
-to
accessories and.
the
.
L.
Price—$5. Business*
and
,.
Philadelphia.* Underwriter—Marron, Sloss
Co., Inc., New York (managing).
-
common.
of pool filters
Longs Drug; Stores, Inc. (11/6-10)•"
Aug. 24, 1961 filed 190,000 outstanding common. PriceBy amendment. Business—The company operates a chain:
of drug stores in California and
Hawaii; Proceeds—For
new
Office—401
Co., N, Y.
tools, dies, metal stampings, etc. Proceeds—For moving
expenses, purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker
St„
Brooklyn, N* Y. Underwriter—None:
:
pay¬
taxes,: new products, down payment on a
and
manufacture
&
Devices, Inc.
Sept. 14, 1961 filed 100,000
Manufacturing Co.
Broad St.,
clothing, camping
equipment and.bedding items principally for years, Roe¬
—
type investment company whose primary
inyestment ob¬
jective is capital appreciation
and, secondary, income:
derived from the sale of
put and call options. Proceeds^
Underwriter—Kerns, Bennett & Co., Inc., N. Y.
transistors
plant
1961 filed 380'000-common. Price—By amend¬
-Business-
ment.
„
Proceeds—For
Kulicke & Soffa
of
Office-—1Q1 Bradley Place, Palm Beach, Fla'.
Underwriter—Gasper Rogers & Co;, -Inc., N. Y. Offer¬
^ Kellwood Co.
of
$1,000 of de¬
Price—$1,000; Busi¬
ment. Business—The
common shares (par 10
writing of ordinary life insurance.
Business—-The operation of men's re- ; Proceeds—For selling
stockholders. Office—1518 Milam
Price—$4.
general corporate
ment
purposes/
ing—Expected late in December.
investment.
to holders
of
rate
(11/20-24)*
Aug. 15, 1961 filed 122,980 common shares;/of which
10u,000 shares are to be offered by the company and
22,980 shares by stockholders: Price—By amendment.
Business—The manufacture of machinery for production
Keller
general
offered
the
held.
and corporate purposes.
Underwriter—None.
N. Y.
St., N. Y.
.
arid
Estate
stores.
and
Office—18610 W. Eight Mile Road,
SoUthfield, Mich. Un¬
derwriter—Bache & Co*; New; York, (managing):;,!;
' /
quisition of Yetter Homes, Inc*,
shares
Kronfeld
(Phil), Inc.
July 28; 1961 ("Reg. A") 75,000
Price—By amendment. Business
sale of low-priced homes. Pro¬
repayment
shares
50
investment,
5th Ave.,
Aug. 11, 1961 filed 174,500 common snares, of which 124,500 shares are to be offered by the
company and 50,000
shares by stockholders.
class B
and
ness—Real
Ave.,
& Co., Inc.,
A
bentures for each
55
.
•
Magazines For Industry, Inc. (11/6-10)
Aug. 2, 1961 filed 135,000 common shares. Price — By
amendment Business—The publishing of business pe¬
riodicals. Proceeds—For promotion, a new publication
and working capital. Offiee—660 Madison Ave., New
York.
Underwriter—S. D. Fuller & Co.,.N. Y. (mgr.)
•
Mainco Electronics Jt Marino Development Corp.
Oct. 13, 1961 ("Reg. A") 75,000 common. Price—$4. Busi¬
ness—Manufactures electronic marine equipment and
Continued
on
page
56
'
56
^
The Commercial and Financial Chronicle
(1828)
establishment of
Continued from page 55
Office—170
yachts and operates a marina. Proceeds—Plant construc¬
research
tion,
and
development
—
Mairs
June
Power
&
Income Fund,
—
•
shares. Price
amendment. Business—A mutual fund. Proceeds
By
—
—
For
investment. Office—1002 First National Bank Bldg., St.
Paul, Minn. Underwriter—None. Offering—In Nov.
•
Sept. 5,
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached warrants) and 100,000 common shares to be offered in units consisting of
•
Malone
&
Hyde,
Inc.
Sept.
.
1,
1961
filed 275,000
of
eommori,
r
which'100,000
Research
Sept. 21,
1961
Business—Sale
pharmaceuticals^
Proceeds—For
quarters, equip¬
capital. Of-
new
a laboratory, inventories and working
fice—136 Liberty St., N. Y. Underwriter—L.
&
,
4
D. Sherman
Co., N. Y.
Manson
Laboratories,
Inc.
Sept. 26, 1961 filed 200,000 common. Price—$5. Business
—Research and manufacture of equipment for military
industrial
and
applications.
Proceeds
—
Repayment of
debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn.
Treat
Underwriter—Amos
late
March
&
N.
Co.,
Y.
Offering—In
'V'V"
December.
Dynamics
Inc.
Aug. 28, 1961 filed 125,000 common. Price—$2.50. Busi¬
ness—The
manufacture
of
mechanical
and
electro-me-
components. Proceeds — For equipment and
working capital. Office—920 S. Oyster Bay Rd., Hickschanical
-
ville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y. C.
•
Marks Polarized Corp.
(11/15)
1961 filed 95,000 common shares. Price — By
—
For expansion, acquisition of
June 27,
4'
Proceeds—For general corporate purposes. Office
Underhill Blvd., Syosset, N. Y.
Underwriter-
Price—By amendment. Business—The manufac¬
diaphragm bellows. Proceeds—For mov¬
ing expenses, equipment, research and development,
repayment of debt and working capital. Office^-27 Mica
Lane, Wellesley, Mass. Underwriter—Estabrook & Co.,
Boston.
Metallurgical
~
new
16
facilities and other corporate purposes.
.
International,
N. Y.
Inc.
;/■■/'■
.
4"::-
'
Inc., N. Y. C.
Marlene Industries
(11/13-17)
Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Price—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
if
«,*■
!i
•
Marshall
Corp.
Industries
of
electronic
cases
and
containers,
and
precision sheet metal products. Proceeds—For debt re¬
payment, and other corporate purposes. Office — 111
Bloomingdale Rd., Hicksville, N. Y. Underwriter—Frank
Karasik & Co., N. Y.
it Metex Electronics Corp.
Oct. 11, 1961 ("Reg. A") 3,750
common.
Price—$8. Busi¬
ness—Manufacture of radio frequency shielding devices.
Proceeds—For debt repayment.
Office—Walnut Ave.,
Clark, N. J.
Underwriter—None.
Aug. 4, 1961 filed-125,000 common. Price—By amend¬
ment. Business—The manufacture of electronic compo¬
nents and instruments- primarily for space and missile
'I*
rt.
filed
1961
800,000
Business
A
—
shares.. Price—By
common
business
small
investment
Proceeds—For investment. Office—-2615 First
National Bank Bldg., Minneapolis. Underwriters — Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.
'
/ ,
to be offered
of which 75,000
common,
are
by the company and 185,000 by stockhold¬
Price^^y aihendment. Business—A holding
com¬
for savings and loan associations, mortgage com¬
panies,
manufacturing
company,
a
small; business
etc. Proceeds—For repayment of
debt. Office—201 l-13th St., Boulder, Colo. Underwriters
r—Boettcher & Co. and Bosworth, -Sullivan & Co., Inc.,
a
investment
Denver
company,
(co-mgrs.)
;' ;4
;
_
Midwestern Investment Corp.
Oct. 16, 1961 filed 200,000 common.
,
4'/
V
.
Price—$2.
Busi¬
ness—Company plans to engage in the. commercial fi-r
nance and factoring business.
Proceeds—General corpo¬
rate
D.
purposes: pffice^-1730 K St.,
C.
Underwriter—Affiliated
Underwriters, Inc.
ment. Business—Wholesaler and distributor of electronic
parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., Inc., N. Y. Offering—In late December.
M5lo Components, Inc.
v-./r-":-4)
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents).
Price—$1. Business—The manufacture of pre¬
components, assemblies for aircraft, armaments,
computers, floor waxers and industrial vacuum cleaners.
Proceeds
For
—
equipment, research
and
development,
repayment of loans and working capital.
Office — 9
Cleveland Street, Valley Stream, N. Y.
UnderwriterNelson Securities, Inc., Hempstead, N. Y.
Minuit Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business^An investment company.
Proceeds—For ac¬
quisitions, working capital and general corporate pur¬
Office—225
poses.;
Broadway, New York 7, N. Y.
Miss
Metropolitan Acceptance Corp.
;
Un¬
4
Elliette, Inc.;
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
in units consisting of $100 of debentures and 20 common
Oct.
shares. Price—$150 per unit. Business—Financing of re¬
ventory and expansion. Office—1919 S. Los Angeles St;,
Los Angeles. Underwriter—F. L. Rossmann & Co., N. Y.
tail
sales.
Proceeds—For
working
capital. Office—5422
Western Ave., Chevy Chase, Md. Underwriter — R.
Baruch & Co., Washington, D. C.
Metropolitan Telecommunications Corp.
Sept. 15, 1961 filed 240,000 common, of which
Price—By amendment.
er.
Business—The
10,
ment.
manufacture
of
1961
filed
100,000
common. Price—By
amend¬
manufacture and distribution
Business.—-Design,
of women's
Proceeds—For
dresses.
debt
repayment, in¬
Offering—Expected in late November.
•
Missile
Systems Corp. (12/4-8)
140,000 common, of which 100,000
by the company-.and 40,000 by the
stockholders.
Price
By amendment. : Business — The
Sept.
225,000
11,
to
are
1961, filed
be
offered
—
manufacture
of
electro-mechanical assemblies, and. sys¬
tem? Tor weapons, under - government'.contracts; furnishr
ing data processing, and documentation, services; the
applications. Proceeds—For repayment of debt and ad¬
vances to subsidiaries. Office—2065 Huntington Dr., San
communications equipment, transformers, filters, re¬
lays, etc. Proceeds—For the purchase of Grow Solvent
Co., Inc., and for working capital. Office—Ames Court,
Plainview, N. Y. Underwriters—M. L. Lee & Co., and
Marino, Calif. Underwriters—William R. Staats & Co.,
Milton Blauner & Co., N. Y.
Proceeds—For
Los Angeles and Shearson, Hammill & Co., N.
i4*:
•
Blvd., Beverly Hills, Calif. Underwriter—George/ O'Neill.
& Co., Inc., N. Y. (mgr.).
•-•4;
•%
;
4
Y. (mgr.).
June
Martin Yale Business Machines Corp.
Sept. 27,1961 filed 100,000 common (with attached threeyear warrants to purchase 40,000 shares at $5, to be of¬
fered in units of one share and a warrant to purchase
0.4 share.
of
paper
Business—Manufacture
Price—$3.50 per unit.
cutters and trimmers, paper folding machines,
photographic dark room accessories and envelope open¬
ing machines. Proceeds—Advertising sales, promotion,
new
products and working caiptal. Office—2450 Estes
Grove Village,
Malkan & Co., Inc., N. Y.
Ave.,
Elk
111.
Underwriter—Arnold
Mayfield Engineering Co.
Oct. 5, 1961
("Reg. A") 300,000 common. Price—$1. Pro¬
ceeds—For
equipment, debt repayment and working
capital.1 Office—330 W. Costilla St., Colorado Springs.
Underwriter—Amos C. Sudler & Co., Denver..
<t:1
v
i
i
H
-
il,
,
'
a;
,
|r,
Measurements
Spectrum,
Inc.
Oct.
9, 1961 ("Reg. A") 56,000 common. Price—At par
($5).
Proceeds—For equipment, debt repayment and
working capital. Office—815 S. Fremont Ave., Alham-
i'
111
bra, Calif.
sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling
and
production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue,
Roosevelt, N. Y. Under¬
writer—Underhill Securities Corp., N. Y. Offering—Im¬
minent.
•
Micro-Precision Corp. (10/31)
July 28, 1961 ("Reg. A") 100,000 common shares (par 20
cents). Price—$3. Business—The development and man¬
ufacture of language laboratories for
the electronics
educational field and the manufacture of electronic and
micro-wave components. Proceeds—For expansion and
working capital. Office—55 Ninth St., Brooklyn, N. Y.
Underwriters
Manufacturers
Securities
Corp.,
New
York (managing); Bioren &
Co., Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton &
Co., Boston.
Micron
Underwriter—Adams & Co., Los Angeles.
Medex, Inc.
Sept. 27, 1961 filed 110,000 common. Price—By amend¬
ment.
Business—Development and manufacture of a
limited line of hospital and surgical supplies. Proceeds
—For construction, inventory, research and working cap¬
4'
.T."
v.
■
•«
ital.
'r
Office—1488 Grandview
derwriter—Globus, Inc., N.
"
Ave., Columbus, Ohio. Un¬
Y. Offering—In December.
^ Medical Industries Fund, Inc.
Oct. 23,
—A
1961 filed 25,000
closed-end
become
common.
investment
open-end.
Price—$10.
company
Proceeds—For
which
Business
plans
investment
in
to
the
medical
'iT
12, 1961 ("Reg; A") 55,000 common shares (par 10
cents). Price—$4. Business—The manufacture and de¬
—
•
'4.
Micro-Lectric, Inc.
industry and capital growth situations. Office
—677 Lafayette St., Denver.
Underwriter—Medical As¬
'
sociates, Inc., Denver.
.
'
*
•
Meehan-Tooker Co.,
Inc. (11/27-12/1)
Sept. 8, 1961 filed 100,000 common. Price—$5. Business
—The printing of advertising material, annual
reports,
booklets
...
etc., by offset lithography. Proceeds—For the
purchase of a high-speed press, the repayment of debt,
Plastics Corp.
manufacture of multi-color harness and cable
and the manufacture of commercial
working) capital,
,
Mi'ssile-Tronics
May 8,
common
1961
stock
Business—The
Proceeds
of
(par
10
Off ice—9025
Wilshire
.,
Corp.
(letter
assemblies,
lighting-equipment.
(10/30-11/3)
notification) 151,900
cents). Price—$1.50
manufacturers
of
shares
per
of
share.
technicalequipment.
For payment of loans;
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, N. Y.
—
Missouri
July
14,
Fidelity Life Insurance Co.
1961 filed 200,000 common shares.
amendment.
Business—A
life
insurance
Price—By
Pro¬
surplus accounts.
Office—4221 Lindell Blvd.,
St., Louis. Underwriter—
A. C. Allyn & Co., Chicago (mgr.). Offering—Imminent.
ceeds'—To
•
be
added
to
capital
company.
and
Mobile
Estates, Inc.
1961 filed 140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and
develop about
250 mobile home sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
June
27,
.
50,000 common.
Price—$4.
plastic film.
Proceeds—For
writer—Harry Odzer Co., N. Y. Offering—In late Dec.
building improvements, new equipment and working
capital.
Office—640 Dean St., Brooklyn.
Underwriter
—S. Schramm & Co., N. Y.
Oct. 13, 1961 filed 215,000 common, of which
165,000 are
to be offered by the company and 50,000
by a stock¬
holder.
Price—By
amendment.
Business—Sale
and
Sept.
15,
1961
("Reg. A")
Business—Manufacture
•
Middle
Atlantic
of
Credit
Corp.
July 27, 1961 filed $120,000 of 6Vz% subordinated deben¬
tures due 1971 and 60,000 common shares to be offered
in units consisting of $200 of debentures and 100 shares
of stock. Price—$500 per unit. Business—A commercial
and industrial finance
company. Proceeds—For working
capital.
Office—1518 Walnut St., Philadelphia.
Under¬
writers—R. L. Scheinman & Co., and A. W. Benkert &
Co., Inc., N. Y. Offering—Imminent.
Middle Atlantic Investment Co.
June
22,
1961
Business—An
vestment
filed
70,000 common shares. Price—$10.
investment company. Proceeds—For in¬
and working capital. Address—Elkins Park,
Underwriter—Best & Garey Co., Inc., Wash., D. C.
Offering—Imminent.
Pa.
1
Midwestern Financial Corp.
Aug. 28, 1961 filed 260,000
derwriter—Pine Tree Securities, Inc., N. Y.
will be sold for the company and 15,000 for a stockhold¬
(10/30-11/3)
14,
cision
it Metatronics Manufacturing Corp.
Oct. 18, 1961 filed 100,000 common. Price—$2. Business
Office—153-
Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Tenth
July
amendment.
M3!gray Electronics, Inc. ?
Sept. 26, 1961 filed 166,667 common. Price—By amend¬
..
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt,
taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burnside & Co.,
—Manufacture
Corp.
Development
•
'
amendment. Proceeds
w
j
York
ture of welded
Inc.
Laboratories,
Technical
(11/6-10)
ers.
holder.^
("Reg. A") 100,000 common. Price—$3.
of scientifically tested biochemicals and
ment,
.
$4.
pay¬
Metal Bellows Corp.
.
' '
Sept. 1, 1961 filed 140,000 common, of which 120,000 are
to be offered by the company and 20,000 by a stock¬
warehousing and sale of groceries, meats,
produce, etc., to retail grocers. Proceeds—For working
capital. Office—1700 Dunn Ave., Memphis, Underwriter
—Equitable Securities Corp., Nashville (mgr.).
Mann
—
debt
Brand, Grumet & Seigel, Inc., N. Y. C. (mgr.)
curement,
-
Price
offered
be
by the company and 175,000 by the
stockholders. Price—By amendment. Business—The pro¬
to
Midwest
pany
—345
Budget & Loan Corp.
Underwriter—The Marshall Co., Milwaukee.
—The distribution of food to retail stores in New
'■
are
common.
Proceeds—For
Met Food
City.
-
fabrication.
Thursday, October 26, 1961
.
Sept. 12, 1961 filed $300,000 of 6% subordinated deben¬
tures due Aug. 1, 1973 to be offered in units of $500
and $1,000. Business — Purchasing of conditional sales
contracts. Office—5806 W. Burleigh St., Milwaukee, Wis.
Corp. (11/6-10)
Aug, 25, 1961 filed 150,000 common. Price—$4. Business
unit.
Business—Consumer finance.
Proceeds—For
working capital. Office—912 Thayer Ave., Silver Spring,
Md. Underwriter—Manhattan Eastern Corp., N. Y. (mgr.)
;
Midwest
.
company.
ment, equipment, advertising and working capital, v Of¬
fice—3 Sidney Court, Lindenhurst, N. Y. Underwriters
—M. Posey Associates Ltd., and Alkow & Co., Inc., N. Y.
per
•
(12/18-22)
Associates, Inc.
1961 ("Reg.. A") 75,000
Business—Plastic
$100 debenture (with a warrant to purchase one com¬
mon
share at $4) and 50 common shares. Price—$300
a
Co., N. Y. and Bruno-Lenchner, Inc., Pittsburgh.
Mercury Photo Corporation
Merit
(11/6-10)
Major Finance Corp.
department, and working capital.
St., N. Y.
Underwriters—Harry
new
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
—Processing and wholesaling of photographic film, etc.
Proceeds—For expansion, equipment, and working cap¬
ital. Office—275 Clinton Ave., Newark, N. Y. Under¬
writer—General Securities Co., S. Kasdan & Co., Inc.,
N. Y. C., and Dual Planning Corp., Garden City, N. Y.
Inc.
1961 filed 40,000 common
7,
Odzer
capital.
Nance-
working
and
Boothbay Harbor, Me. Underwriter
Kieth Corp., N. Y.
Office
a
Varick
.
Mobile
Rentals
Corp.
.
leasing
of
trailers.
Proceeds—For
expansion, repay¬
of
debt, and working capital.
Office—8472 S.
Figueroa St., Los Angeles. Underwriters—Kleiner, Bell
& Co., Beverly Hills, Calif, and Hardy &
Co., N. Y.
ment
Molecular
Sept.
are
to
Dielectrics,
Inc.
1,
1961 filed 150,000 common, of which
be offered by the company and 15,000
by
Co. Price—$5. Business—The
perature
electronic
and
135,000
Cardia
manufacture of high-tem¬
insulation materials.
electrical
Proceeds—For
equipment, a new product and working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and Irving Weis &
Co., N. Y.
•
Mon-Dak
July
17,
Feed
1961
Business—The
filed
Lot, line. (11/13-17)
150,000 common shares.
Price—$3.
breeding of livestock owned byv others.
Volume 194
*
Numbly
6102
.
The Commercial and Financial Chronicle
.
,
(1829)
Proceeds—For
drilling of
land,
construction
working capital.
water test
wells,
general
purchase of
administrative
costs
; National Systems Corp.Sept. 28, 1961 ('Beg. A") 70,000 capital.
Price—$4. Pro¬
ceeds—For
equipment, improvement of a TV repair
course
and working capital. Office—1036
S. La Brea
Ave., Los Angeles. Underwriter—Gregory-Massari, Inc.,
Beverly Hills.
■
and
.Address—-Glendive, Mont. Underwriter
Wilson, Ehli, Demos, Bailey &
Co., Billings, Mont.
Monmouth Capital
Corp.
•
(11/6-10)
^H)g*Ri'iiintlf
a200,00i°i svhares
Ji?*. Business
of caPital stock. Price—
A small business
Sff^irSt Jati0Iial Bank Blde
N. J.
Underwriter—Meade
Monmouth Electric
&
investment
—The manufacture of electronic
components.
.
Price
ers.
$6.
Business-—Manufacture of electronic and
electro—mechanical' equipment. Proceeds
Machinery
repay loans and..working
capital. Office—1802 Corliss
Ave., Neptune, N. J.
Underwriters—Cruttenden, Podesta
& Co., Cnicago and
Spear, .Leeds & Kellogg, N. Y.
/
^
Monticello Lumber &
Mfg.
—
April
11,
Inc!,
Co.,.
1961
("Reg., A"). 75,000
common.
Business—Sale-, of
Price—$4.
•
-lumber, building supplies and hard¬
Proceeds—To repay loans and for
working capital.
Address—Monticello, N, V. Underwriter—J. Laurence &
ware.
Co., Inc., N. Y.
•
Manufacturing
July 27, 1961 filed
100,000
ness—Manufacture
of
Co.
armature, stator
and
field
Investment
Trust
Fund,
First
Ill
investment.
Broadway,
N.
Y.
Sponsor—Ira Haupt
&
holder.
ment
15,
1961
filed
line
shares.
common
C.
MacPherson
&
Co., Toronto.
Corp.
("Reg. A")
Price—$6.
North
financing, exploitation
&
Co., Kansas City, Mo.
North
American
Acceptance Corp.
Sept. 18, 1961 filed 100,000
promotion
(12/4-8)
f
9, ,1961 filed 210,000 common, of which 130,000 are
offered by. the company and
80,000 by stockhold¬
Nalley's, Inc.
common.
Price—$8.50.
Busi¬
debt,
new product development, inventory and working
capital. Office—Terminal Dr., Plainview, N. Y. Under¬
to be
ers.
.Price—By amendment.
Business—The
of food products. Proceeds—For
a
new
and
plant
writer—G. A. Saxton & Co., Inc., N. Y.
•
plant, leasehold
improvement
North Carolina Natural Gas
Corp. (11/13-^17)
Aug. 17, 1961 filed $2,250,000 of convertible second mort¬
gage pipeline bonds due 1981. Price
By amendment.
Proceeds—For repayment of loans, working capital and
general corporate purposes.
Office — Grace Fittman
production
>
and working capital.
Off.ce—
St., Tacoma^ Wash.
Underwriter—
Blyth & Co., Inc., N. Y.
.
^
3410
S.
—
Lawrence
Narrows Premium Corp.
*
V;
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
Bldg., Fayetteville, N. C. Underwirters
body & Co., N. Y.
; \
State. Proceeds—General
fice—9805 Fourth Ave.,
Sept. 8, 1961 filed 428,981
scription by stockholders
York
Pearson, Murphy &
National
corporate
Bowling Lanes, Inc.
July 21, 1961 filed
150,000 capital shares. Price—$5.50.
Business—The operation of bowling centers. Proceeds—'
For
Oct.
Proceeds—For
and
debt
working capital.
repayment,
Address
—
store
National
22,
Hospital Supply Co.,
1961
J("Reg. A")
100,000
Inc.
ex¬
tures
(11/6-10)
Row, N. Y. Underwriters—Edward
Price—$3.
for
Co., Inc. and
»
■
acquisition
Bldg., N. Y.
of
300
ers.
:
record
Oct.
23
with
tubes.
Proceeds—For
of
and
Office—Mallory
Plaza
Bldg.,
Dan-
of
vitamins,'minerals and die¬
Proceeds—For selling stockhold¬
S. La Cienega Blvd., Beverly Hills,
Office
—
291
Underwriter
—
Vickers, McPherson & Warwick,
Inc., N. Y.
•-<
•
•&-,-*
.'•••
■
-•
*v
common.
Price—$5. Business
—The manufacture and distribution of animal foods and
dog
products.
Proceeds
—
For
marketing of "Doctor's
Choice" brand, working capital and operating expenses.
Office—1511 K
—Hirschel &
St., N. W., Washington, D. C. Underwriter
Co., Silver Spring, Md.
•
ic Nuveen
manufacture and sale of quality transistors
bury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and Piper,
Jaffray & Hopwood, Minneapolis (mgr.).
sale
Sept. 14, 1961 filed 100,000
centers,
repayment
Office—Time and Life
new
military and industrial use.
Proceeds — For new
equipment, plant expansion, working capital, and other
of
vacuum
Nutri-Laboratories, Inc.
Oct.
for
purposes.
held
loans and working capital. Office—3540
Road, Phoenix. Underwriter—Bear, Stearns
& Co., n. y.
:• 'v V';,
\ ; v:
Nutri-Bio Corp.
//•.
Oct., 17, 1961 filed 1,200,000 common. Price—$5. Business
Calif.
.
;• National Semiconductor
Corp. (11/13-17)
May 11, 1961 filed 75,000 shares of capital stock. Price
■—To be supplied by amendment. Business—The
design,
corporate
shares
tary food supplements,
working capital.
Underwriter—Berger-Derman, Inc., N. Y.
development,
for each 20
Osborn
—Distribution
/National Recreation Corp.
Sept; 27, 1961 filed 337,500 common. Price—$8. Busi¬
ness—Operates a national chain of bowling centers. Pro¬
the
Empire, Inc.
1961 filed $950,000 of convertible subordinated
1
due
1971.
Price
At
—
par.
; Business
—
Tne
manufacture, packaging and distribution of cosmetics*
pharmaceuticals and household, chemical and industrial
specialties.
Proceeds—For the repayment of bank loans,
property improvements and working capital. Office—
865 Mt. Prospect Avenue,
Newark, N. J. Underwriter—
Laird, Bissell & Meeds, N. Y. Offering—In early Nov.
Olympia Mines, Inc.
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For mining operations. Office—44 Court
St.,
N.Y. Underwriter
•
22,
1961
filed
Gaumont
Corp., Ltd.*
•••;•
Industries,
Orbit
Aug.
..•>
-
Inc.
(il/13-17)
125,000
common shares.
Price—$4.
Research,
development,
engineering
and
manufacturing in the telephone, electronics and related
Business
fields.
—
Proceeds—For
ment.
repayment of loans,
Mill St., N. E., Vienna,
Office—213
Orbit
Aug.
Instrument Corp.
29,
filed
1961
Business
—
mechanical components.
expansion
and
Washington^ D. C.
capital
shares.
miniature
of
equip¬
Under¬
(11/6-10)
100,000
Production
and
Va.
Price—$4.
precision electro¬
Proceeds—Equipment, products,
of
repayment
loans.
Office—131
Eileen
Originate Inc. (11/20-24)
Aug. 29, 1961 filed 150,000 common. Price—$9.25. Busi¬
ness—The manufacture of women's coats. Proceeds—For
the selling stockholders. Office—512 Seventh Ave., N. Y.
Underwriters
Globus, Inc., and Divine & Fishman*
Inc., N..Y.
,/.
i:*.,
,
—
5
Orion
^
Electronics
Corp.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.*
Inc., N. Y. C.
•
,
,
^Orlando Paper Corp.
Oct. 11, 1961 ("Reg. A") 80,000
common.
.Price—$2.50.
Business—Manufacturer of miscellaneous paper products.
Proceeds—For debt repayment and general corporate
Office—Oceanside, L. I., N. Y. Underwriter—
& Executive Planning Corp., Long Beach,
purposes.
York.
Osrow
Products Co., Inc.
'
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents).
Price—$5. Business—The manufacture of car
and window washing equipment. Proceeds—For working
capital, research and development, new products and
general corporate purposes. Office—115 Hazel Street,
Glen Cove, L. I., N. Y.
Underwriter—General Securi¬
ties Co., Inc., N. Y. Offering—Imminent.
Oz
Publishing Corp.
Office—2223
—
ceeds—For
one
.
-
Aug. 28, 1961 ("Reg. A") 50,000 common. Price—$6. Pro¬
ceeds
For equipment, inventory and
operating ex¬
penses. Office—1622 Chestnut
St., Philadelphia. Under¬
writer—Mayo & Co./ Inc., Philadelphia.
V
of debt and for
the basis of
filed
each
repayment
W.
-
•
1,
debentures
1981.
radiation instruments and
Office—38 Park
Lewis &
Underhill Securities Corp., N. Y.
/ National Industries, Inc.
on
rights to expire Nov. 8, 1961. Price—At par. Business—
The refining ofrare earths and the manufacture
of
Business—Distribution of medical supplies. Proceeds—
-For inventory,
advertising and promotion, expansion, re¬
payment of loans and working capital.
Old
Sept. 15, 1961 filed 140,000 common. Price—By amend¬
ment. Business
The design, production and sale of
• Nuclear
greeting cards. Proceeds — For the repayment of debt,
Corp. of America
Aug. 11, 1961 filed $2,087,800 of 5 y2% convertible sub¬ installation of additional equipment, modernization of a
ordinated debentures due 1976 being offered for sub¬
department and working capital. Office—156 Fifth Ave.,
N. Y. Underwriter—Laren Co., N. Y.
scription by stockholders on the basis of $100 of deben¬
Portage, Pa.
common.
1961
due
construction.
-Underwriter—Cortlandt Investing Corp., N. Y.
June
20,
tures
Equipment & Plastics Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
■—Operation of a cleaning and pressing plant and affili¬
stores.
•
May
New
being offered for sub¬
common
$20,000,000 of sinking fund deben¬
Price—By amendment. Proceeds—For
Dodge St., Omaha, Neb. Un¬
derwriter—Blyth & Co., Inc., N. Y.
,
National
ated
Office—1515 Norton Bldg., Seattle. Underwriter—
Globus, Inc., N. Y.
Professional
^ Northern Natural Gas Co.
tal.
pansion
Kidder, Pea-
held of record Oct. 17, with rights to expire Oct. 31.
Price—$35. Proceeds—Repayment of debt, and construc¬
tion. Office—2223 Dodge
St., Omaha, Neb. Underwriter
—Blyth & Co., Inc., N. Y.
(11/20-24)
expansion, repayment of loans, and working capi¬
Office —220 S. 16th
Street, Philadelphia.
Underwriter—Edward Lewis & Co., Inc., New York.
—
Northern Natural Gas Co.
Of¬
Brooklyn, N. Y. Underwriter—
Co., Inc., N. Y.
purposes.
Sponsor—John
Way, Syosset, N. Y. Underwriter—Hardy & Co.,'N. Y.
working capital. Office—230 Fifth Ave., New York. * ness—Automobile retail sales financing. Proceeds—For
Underwriter—Amos Treat & Co., Inc., N. Y.V1 •
working capital. .Office—66 East South Water St., Chi¬
*
.
NAC Charge Plan and Northern
cago. Underwriter—Hornblower & Weeks, N. Y.
Acceptance Corp.
June 27, 1961 filed
North Atlantic
33,334 class A common shares. Price
Industries, Inc.
—By amendment. Proceeds—For
Sept. 26, 1961 filed 131,500 common, of which 120,000
working capital. Of¬
fice—-16 East Pleasant
will be sold by the
St.,1 Baltimore, Md. Underwriter
company and 11,500 by a stockholder.
—Sade & Co., Washington; D. C.
Price—By amendment. Business—Manufacture of pre¬
(mgr.). Offering—Im¬
minent.'
■:v
cision/electronic instruments. Proceeds—Repayment of
y f
V -/A •'"> L.:./v:y- ;■ ■
Oct.
ment.
•
30, 1961
200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo.
Underwriter — Barret, Fitch,
Broadway,
111.
Oceanic Instruments, Inc.
(Ll/6«ltt)
Aug. 24, 1961 filed 140,000 common. Price—$1. Business
—The company plans to manufacture scientific
marine
instruments and provide consultation services. Proceeds
—For organizational expenses and
purchase of equip¬
writer—Hodgdon & Co., Inc.,
New West Land
and sale of a new
kitchen and household
appliances. Pro¬
the purchase of
inventory, < sales
ceeds—For
Business—Exploration,
develop¬
mining.
Proceeds—General corporate pur¬
Office—90 Industry St., Toronto, Canada. Under¬
June
of electric
and
time
Price—50c.
writer—A.
tax-exempt bonds
150,000
...
St.,
Jennings, Mandel
and
poses.
of states,
counties,
and territories of the U. S.
Proceeds—For
Business—The
consumer
Office—Chicago,
Nuveen & Co., 135 So. La Salle
St., Chicago.
Commerce
Campbell Island Mines Ltd.
13, 1961 filed 475,000 common, of which 400,000 are
be offered by the
company and 75,000 by a stock¬
to
—
Aug.
Newark, N. J. Underwriter—Warner,
&
Longstreth, Philadelphia.
11
New
C.
Sponsor—Ira Haupt &
Co., Ill
N. Y. C. Offering—Expected in
early 1962.
•
Murray Magnetics Corp. (11/13-17)
—
Oct.
Co.,
—
investment.
Office
exempted from Federal income taxes. Proceeds—
investment.
•
Municipal Investment Trust
Fund, Series B
April 28, 1961 filed $12,750,000 (12,500
units) of interests.
Price
To be supplied by amendment.
Business
The
municipalities
sition and working capital.
be
For
Oct. 19, 1961 ("Reg. A")
96,000 common (par 25c). Price
—$2. Proceeds—For expenses incidental ot mining oper¬
ations. Office—c/o John M.
Bennett, 200 W. 57th St.,~ Brooklyn,
N. Y. Underwriter—None.
Toronto.
"v
•
fund will invest in
to
Co., Inc., N. Y. (mgr.).
.
Pa.
Series (11/6-10)
April 28, 1961 filed $6,375,000 (6,250
units) of interests.
Price
To be supplied
by amendment.
Business—Tne
fund will invest in
tax-exempt bonds of the Commonwea. th
of Pennsylvania and its
political sub-divisions.
Proceeds—For
&
payments, expansion, and working
capital. Office — 93-25 Rockaway /Blvd., Ozone Park,
N. Y.
Underwriters—William, David & Motti, Inc., and
Flomenhaft, Seidler & Co., Inc., New York.
^ Nevada Consolidated Mines, Inc.
Co., N. Y.
Municipal
Karasik
-A-Nationwide Bowling Corp.
Oct. 19, 1961 filed 100,000
capital shares (with attached
warrants). Price—By amendment. Business—The*oper¬
ation of bowling centers.
Proceeds—For a realty acqui¬
—For
coils
Proceeds—Debt
repayment, working capital and general
corporate purposes. Office—110
Thirty-Second St., Pitts¬
burgh. Underwriter—Golkin, Bomback &
•
Proceeds—
Natpac Inc. (10/30-11/3)
July 28, 1961 filed 100,000 common shares. Price—$4.75,
Business—The processing of meat and frozen food
prod¬
ucts; the financing, sale and servicing of home food
freezers, and the operation of a supermarket. Proceeds
(10/27)
Price—$6.50. Busi¬
common.
the Fund. Price—By amendment.
Business—The Fund will invest in
interest-bearing obli¬
gations of states, counties, and municipalities of the U.
S.,
and political subdivisions
thereof which are believed
•
A:',/';;);
Motor Coils
• Nuveen Tax-Exempt Bond Fund, Series 4
17, 1961 filed $15,000,000 of units representing
loan, expansion, new products, work¬
ing capital and general corporate purposes. Office—52
St. Casimer Ave.,
Yonkers, N. Y. Underwriter—Frank
Aug; Z*V1961 filed 200,000
common, of which 125,000 are
^9 b®
tcred by the company and 75,000 by stockhold¬
Office—Chicago, 111. < Sponsor—»
Co., 135 So. La Salle St., Chicago.
Oct.
For repayment of a
(11/6-10)
investment.
Nuveen &
fractional interests in
.
Co., New York.
Co., Inc.
ceeds—For
John
National Tel-Tronics Corp.
Sept. 11, 1961 filed 133,000 common. Price—$3. Business
company.
Main St., Freehold,
1
»
57
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing frac¬
tional
I
interests in the Fund. Price
By, amendment.
Business—The Fund will invest in interest bearing obli¬
gations of states, counties and municipalities of the
U. S., and political subdivisions thereof which are be¬
—
lieved to be exempted from Federal income taxes.
Pro¬
—
•
Ozon
Products.
Inc.
Sept. 28, 1961 filed 105,000 common. Pirce—By amend¬
ment. Business—Manufacture of toiletries and cosmetics.
working capital.
St., Brooklyn, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y. Offering—Ex¬
pected in late November.
Proceeds—For
Office—50
repayment of debt and
Wallabout
PCS Data
Processing, Inc.
Oct. 6, 1961 filed 100,000 common
be offered
of which 50,000 are to
by the company and 50,000 by stockholders.
Business—Furnishing of statistical infor¬
training personnel, new equip¬
ment, expansion and working capital. Office—75 W. St.,
N. Y. Underwriters—Harry Odzer Co., N. Y., and Lenchner, Covato & Co., Inc., Pittsburgh, Pa. Offering—Ex¬
Price—$3.75.
mation.
Proceeds—For
pected in December.
Products
P-G
Oct.
10,
ment.
1961 filed
Business
—
;
'
.
Manufacturing Co., Inc.
110,055 common. Price—By amend¬
Manufactures appliance replacement
parts and accessories. Proceeds
—
For debt repayment,
expansion and working capital. Office—230 E. 162nd St.,
Peck, Cohn & Co., N. Y.
N. Y. Underwriters—Kahn &
it Pacific Northwest Bell Telephone Co.
(11/15)
24, .196). filed $50,000,000 of debentures due 1994.
Proceeds
For the repayment of debt. Office — 1200
Oct.
—
Third Ave.,
Seattle. Underwriters—(Competitive). Prob,
.
.
-;
•
Continued on page 58
'}
I
-l
/
>
53
•i
The Commercial and Financial Chronicle
(1830)
Thursday, October
•.
.
.
26, 1961
/
,
.Continued frorri page 57
:1
ing
;
>
Halsey, Stuart & Co. Inc.; Morgan Stanley
Co. Bidi—Nov. 15 (11 a.m. EST)., Information Meet¬
ing—Nov. 9 (2:30 p.m.) in Room 1900,195 Broadway, N. Y.
Pacific Nutrient & Chemical Co.
Sept. 15, 1961 filed 120,000>'
Price—$4. Business
—The manufacture and sale of chemical fertilizers, ani¬
mal nutrients, crop seeds, insecticides, etc.
Proceeds—
For additional equipment, a new plant and working
capital. Office — North Oak and Hazel St., Burlington,
Wash. Underwriter—Joseph Nadler & Co., N. Y/777
il-
Pacific
:j
.
»■ '
+
''
,
•
;;V
:
"
V;'
U
States
common.
Steel
Corp.
June 21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union City, Calif. Underwriters—First
California Co* Inc., and Schwabacher & Co., San Franpisco (mgr.). Offering—Indefinitely postponed.
■
*
Fakco
.•
.
Management
& Development
(11/13-17)
>
-
.
;
.
.
7777
■
provements and general corporate purposes. Office—104
Bellevue Ave., Rammonton, N. J. Underwriter—Wood¬
(mgr.).
cock, Moyer, Fricke & French, Philadelphia
'
Pako
\:
)
I
■<
i
(11/20-24)
Corp.
1961 filed 150,000 common, of which 100,000
"Will be sold by the company and 50,000 by stockholders.
Price—By amendment. Business—Manufacture of equip¬
ment used to process and print photographs. Proceeds—
Working capital. Office—6300 Olson Hwy., Minneapolis.
Sept.
!
*.
test
wells.
m
25,
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.
i
Palmetto
Pulp & Paper Corp.
Price—$3.45. Busi¬
ness—The growth of timber. Proceeds—Working capital
and the possible purchase of a mill. Address—Box 199,
Orangeburg, S. C. Underwriter—Stone & Co/
t
Pan-Alaska
Fisheries,
(11/6-10)
Inc.
July 26, 1961 filed 120,000 common. Price—By amend¬
ment. Business—Processing, of Alaska king crab. Pro¬
ceeds — Acquisition of fishing boats, equipment and
working capital. Office—Dexter Horton Bldg., Seattle.
Underwriter—Robert L. Ferman & Co., Inc., N. Y.
Paradynamics Inc.
Sept.
5,
("Reg.
1961
A") 100,000 common. Price—$3.
will produce micro-wave test
equipment and components. Proceeds—For equipment,
advertising, research and development and working capi-
Business—The
'
company
tal. Office—51 Urban
-
—Karen Securities
i
»•
*
1.
i
f
,
Paragon Pre-Cut Homes, Inc.
Aug. 25, 1961 filed $1,000,000 of 15-year sinking fund
debentures due 1976 (with warrants attached) and 100,000 common to be offered in 10,000 units each consist¬
ing of 10 common and $100 of debentures. Price—By
<■
:i
Ave., Westbury, N. Y. Underwriter
Corp., N. Y.
•
|
"i r
amendment. Business—The packaging and direct sale of
home
precut
-
ment
loans
of
building materials. Proceeds—For repay¬
and working capital. Office—499 Jericho
'
Photon, Inc.Aug. 24, 1961 filed
.
•
Paramount
Foam
Business—The
ment.
Industries
(12/4-8)
common.
Price—By amend¬
manufacture
of polyester foams.
equipment, debt repayment and
working capital. Office—Mercer and Arnot Sts., Lodi,
N. J. Underwriters
Fialkov & Co., Inc., and Stanley
Heller & Co., N. Y.
Proceeds
Pavelle
'
Aug. 22,
I
'•
Additional
—
V
c
Corp.
(11/6-10)
;
filed 200,000 common
1961
amendment.
■
j
shares.
Price—By
Business—Research and development in the
field of color photography and the manufacture of com¬
mercial color photographic processing equipment. Pro¬
ceeds—For expansion, research and repayment of
Office—Time
& Life Bldg., Rockefeller Center,
loans.
New
Underwriter—Bear, Stearns & Co., New York.
York.
i::
Pellegrino Aggregate Technico, Inc.
U :
.:.7 • ,./.•••.
Aug. 10, 1961 filed 130,000 class A common shares. Price
i
•'
t
'I-
—$5.
i'f
for working capital.
Port Reading, N. j.
Business—The manufacture of building materials.
payment of income taxes and loans and
Proceeds—For
it
r;
& Co.,
f
Office—Wopdbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
Inc., New York.
Penn
Optical, Inc. (11/6-10)
Sept. 18, 1S61 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Development and manufacture of optical
j"/.
!:■:
h
equipment and precision instruments. Office—2930 S.
St., Costa Mesa, Calif. Underwriter—Francis J.
Bristol
Mitchell & Co., Inc., Newport
Beach, Calif.
r
$1,785,000
Corp.
("Reg. A") 135,000
<7
Sept. 28, 1961
common. Price—$2.20
Business—Manufacture of solid state electronic devices.
Proceed?—For working capital.
Offic^7500 S. Garfield
Ave., Bellgardens, Calif. Underwriterr-Darius Inc., N. Y.
Persona!
Oct. 13,
*
due
Property Leasing Co..
1961 filed $2,000,000 of
1976.
conv.
Price—By amendment.
?
subord. debentures
Business—Leasing of
equipment to industrial and commercial firms.
*"
—For
Proceeds
purchase
of equipment and collateral for bank
Office—6381 Hollywood Blvd., Los Angeles. Un¬
derwriter—Dempsey-Tegeler &
f,
credit.
/i
*
Co., Inc., St. Louis.
■'
I
Philippine Oil Development Co., Inc.
Sept. 25, 1961 filed 95,270,181 capital shares to be ofrfered for subscription by common stockholders on the
7 basis of one new share for each six held of record Sept.
.
-
,
convertible
9. Price—One cent.
Business—Exploration
Philippines. Proceeds—Repayment of debt
1
for oil in the
and the drill-
Price—$10.
Business
specialized microwave components
of
systems. Proceeds
equipments Office
Street, Millis, Mass. Underwriter—Peter Morgan
radar, missiles and communication
capital, inventories and
—Main
&
Co., New York.
•
Preco
Aug.
5%
of
stockholders.
by
manufacture
—For working
,
:,v
v
•,
••
.
',7■':
7
100,000 common. Price—$4. Busi¬
custom built swimming pools. Proceeds
-;
filed
1961
25,
ness—The sale of
sub¬
|
*
Industries, I-77.i.;-
—For repayment of loans and working capital. Office—1
203 Bala Ave., Bala Cynwyd, Pa. Underwriter—Dean
bentures for each 40
Samitas
income debentures due 1971
ness—'The
of
be offered for
held. Price—At par. Busi¬
common
manufacture
to
photographic type setting
machine. Proceeds—For repayment of a loan and work¬
ing capital. Office —.58 Charles St.,f Cambridge, Mass.
a
Underwriter—None.
•
Pickwick
i-M■
International,
Inc.
;7:/: '7:7/7 7777 7?.v7:;7.7/
other corporate purposes. Office — 8-16 43rd
Long Island City, N. Y. Underwriter—William,
David & Motti, Inc., N. Y. Offering—Imminent
and
Price—$10.
ers.
Capital Corp.
-r.' 7
19/ 1961 filed 200,000 common.^Price—$5. Business
—A small business investment company. Proceeds—For
investment. Office—485 Fifth Ave., N. Y. Underwriters
(11/13-17)
Gleich & Co., N. Y., and Laird, Bissell &
Wilmington, Del.
7 7
—D.
Business—Research, development and
of lenticular optics. Proceeds—
equipment. Office—60 Kingsbridge
Rd., E. Mt. Vernon, N. Y. Underwriter—C. E. Unterberg,
Towbin Co., N. Y. C (mgr.).
Natural Gas
of
rate
for
for
one
each
10 held of record Oct. 26 with rights to expire
13, 1961. Price—By amendment/Proceeds—For ex¬
pansion. Office—523 South Tryon St., Charlotte, N. C.
Underwriter—White, Weld & Co., N. Y.
July 27,
ment.
Astro
1961
Industries,
of
Investment
Pont
&
s..,v,-jui•
;
f
Pittsburgh Steel Co.
: *•*,*...,
Sept. 13, 1961 filed 1,110,617-common-being offered for
subscription by stockholders on the basis of 7 for each
held
Nov.
of
10.
Oct.
record
Price—By
26
with
amendment.
rights
to
Proceeds—For
& Share
expan¬
Business
For
a
•
Popular
Oct.
17,
Library,
stockholder.
and
vertible
filed 127,500 capital shares. Price — By
Business—Publishing of paperback-books
magazines. Proceeds—General corporate purposes.
Office—355
Bros.
&
Lexington
Ave./ N. Y. Underwriter—Sutro
Co., N. Y. Offering—Sometime in December.
Precision Metal
Oct. 5,
1961
Products, Inc.
("Reg. A")
100,000
'
common.
.
>
Price—$3. Pro¬
ceeds—For debt repayment, inventory, equipment and
working capital.' Office—278 N. W. 27th St., Miami, Fla.
Underwriter—Armstrong & Co., Inc., N. Y.
Proceeds—•
common,
offered by the
of
company
which
13,000
and 47,000 by
Price—By amendment. Business—Devel¬
protective coath¬
equip¬
Office—63 Main St.,
Chace, Whiteside &
The
—
(11/6-10)
Inc.
1961 filed $1,200,000 of 6% subordinated
debentures due
con¬
1967. Price—At par. Business—
publishing of books.
Proceeds—For redemption of
outstanding 12% debentures aue i^oo ana ioj. e^cUiOion.
'Office—1106 Connecticut Ave., N.W., Washington, D.G.
Underwriter—Roth & Co., Ine., Philadelphia^
and 43,750 for stock¬
1961
60,000
filed
to be
Publishers Co.,
'
amendment.
are
Aug. 29,
sharesr of which 150,-
Inc.
devices.
Laboratories, Inc.
1961
25,
Cambridge, Mass. Underwriter
Winslow, Inc., Boston.
Inc., Washington, D. C. Offering—In December.
working capital. Office—7326 Westmore Rd., Rockville,
Md. Underwriters—Jones, Kreeger & Co., and Balogh &
Co., Washington, D. C. (managing).
,7"7
ings, paints and primers. Proceeds—Pnrcha~e
Policy-Matic Affiliates, Inc.
16, 1961 filed 200,000 capital shares., Ui-ice—-$3.25.
Business—Leasing of insurance vending machines. Pro¬
ceeds—General corporate purposes. Office—1001 15th St.,
N. W., Washington, D. C.
Underwriter—Balogh & Co.,
engineering and production -of certain
for
aircraft, missiles, oscilloscopes,
mechanical
and
ment and other corporate purposes.
•
devices
''
.
opment and production of plastic-base
Oct.
development,
mechanical
Prufcoat
Ave., Brooklyn, N. Y. Underwriter—M. Posey
Associates, Ltd., 50 Broadway, N. Y.
electronic
/
motion
general corporate purposes. Office—14-25 128th St.,
Sept.
re¬
electronic vending machines and language teaching machines. Proceeds—For expansion, repayment of debt and
for
College Point, N. Y. ^Underwriter—Netherlands Securi¬
ties Co., New York. 7
2211
7
;.,•••
of films
June 9, 1961 ("Reg. A"). 100,000 common shares (par 10
cents). Price—$3. Business—Manufacturers of electronic,
Price—$3.
Inc.
Inc*. -/•■«
distribution
N. Y. Underwriter—To be named.
cas,
Church
Polytronic Research,
The
77 Progressitron Corp.
shares
June 7, 1961 filed 193,750 common
000 will be sold for the company
—
pictures and television. Proceeds—For repayment of debt
and working capital. Office—1150 Avenue of the Amerir
Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A") 100,000
—
7
of
Programs For Television,
ment.
electro
Proceeds—For
-
Aug, 29, 1961 filed 150,000 common. Price—By amend¬
Business
working capital., Office
7-'
,
electronic data processing machines!.
Office-—45 W. 35th St.; N. Y.
Underwriter—D.rM. Stuart & Co., Inc., N.'Y.
7
7; 7
Piatt Corp.
(11/6-10)
July 26, 1961 filed 220,000 common/Price—$5. Business
—Real estate investment, management and construction.
Proceeds—For investment in additional properties. Of¬
fice—673 Fifth Ave., N. Y. Underwriter—First Weber
Securities Corp., N. Y.*
sales financing.
';:'7
Proceeds—For expansion,"
-Manufacture of plastic products. Proceeds—For new
molds, inventory, repayment of loans and working capi¬
tal.
Office—1251 N.'E. 48th St., Pompano Beach, Fla.
Underwriter—Godfrey, Hamilton, Taylor & Co., Inc., N. Y.
and
Underwriter—Continental Bond
I.
R.
household
new
Corp., Maplewood, N. J.
the'operation
Court, Miami, Fla.-. Underwriter
Securities, Inc., Great Neck, N. Y..
notes
and
.
.
payment of
marine
Programming and Systems, Inc. ''
7
"
7 7;
Oct. 11, 1961 filed 40,000 common. Price—$3.50. Busi¬
ness^—Instructs classes in computer programming and
Industries, Inc.
Sept. 28, 1961 ("Reg. A") 75,000 common. -Price—$4.
-Business—Design-and manufacture of women's hand¬
bags. Proceeds—Debt repayment and working capital.
Business—Consumer
Inc.
fields.
equipment and
Office— 184 Woonasquatucket Avenue,
Nort Providence,
expire
Plastic
common.
Island,
repayment of debt,
working capital.
Bldg., Pittsburgh 30, Pa. Under¬
writer—Kuhn, Loeb & Co., Inc., N. Y.
7 '7-7-•'7:777 7;:^
Price—$3.
Rhode
of
7 7--
•
automotive,
Proceeds—For
sion. Office—1600 Grant
Ptastitine, Inc.,
Sept. 27, 1961 filed 100,000 common.
in-the
used
*?..
•
10
Cynwyd, Pa. Offering
July 28, 1961 filed 330,000 common shares. Price—$2.05.
Business i— The' manufacture of vinyl plastic products
77:7-4
..v
products, advertising,
new
Corp., Bala
Research
(11/6-10)
Co., N, ;y. Offering—Ex¬
/"■'7'777777
York.
November.
late
Product
equipment and working
capital. Office—7401 W.. Lawrence Ave„, Chicago. Under¬
du
machinery,
—In
components and assemblies for missile guidance systems.
I.
New
Fairmount Ave., Philadelphia. Underwriter
—Steven
precision machined
pected sometime in November./'777
Street,
Hudson
Office —99
loan,
a
Office—4408
Proceeds—New plant, additional
writer—Francis
of
ment
Inc.
Manufacture
—
working capital and general corpo-7
growers,
purposes.
Pride Industries, Inc. ,7
Aug. 29, 1961 filed 75,000 common. Price—$5. Business
—The sale of pet foods. Proceeds—For inventory, repay¬
150,000 common. Price—By amend¬
filed
Business
to
Underwriter—J. J. Krieger & Co., Inc., New York.
Nov.
Pioneer
vegetables and
Proceeds—For expansion, sales promotion, ad¬
poultry.
Co., Inc.
offered
wholesale marketing of fruits,
and
age
vances
Sept. 14, 1961 filed 126,832 common being
subscription by stockholders on the basis
Meed"s;
Prevor-Mayrsohn Internationa!, Inc.
7X7-„•
July 31, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3.75." Business—Export, import, broker-:
the field
For construction and
Piedmont
taxes;
working
Oct.
Aug. 29, 1961 filed 149,178 common, of wmch 25,000 are
to be offered by the company and 124,178 by stockhold¬
production in
and
and
ic Prestige
.
Production, Inc.
*
v
payment of balance on CAB
capital.
Office
630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti-^
nental Bond & Share Corp., Maplewood; N. J. Note—
This offering has been temporarily postponed.; • '*
7
liabilities
certificate
Ave.,
Pictorial
■7.*."77,.
Airlines, Inc.
13, 1961 ("Reg. A") 150,000 class A common shares
^par one cent).. Price—$2, Business—Air transportation
of passengers and cargo.. Proceeds—For. payment of cur¬
rent
-
repayment of loans, additional personnel, working cap¬
•
Co., N.'Y. Offering—In .mid-November;y/,, A
June
i00,00B common shares. Price
$3.
Business—The distribution of phonograph records. Pro¬
ceeds—For advertising and promotion, merchandising,
ital
&
President
'
Publssbers
holders. Price—By amendment. Business—Research and
Pennon Electronics
1:
for
*
>
shares
50,000
The
Office—6700 N. W. 37th
Co., N. Y. C. (mgr.).
Sept. 25, 1961 filed 137,500
ij
\
subscription by stockholders on the basis of $100 of de¬
ordinated
—Ellis
•
,,r
(11/6-10)
Photo-Animation, Inc.
&
;
21; 1961 filed 16o,00U common
115,000 shares are to be offered by
Aug.
Turnpike, Mineola, N/ Y. Underwriter—L. F. Rothschild
<
(11/6-10)
■
snares, of which
the company and
Precision Microwave Corp.
Under-
July 26, 1961 filed 150,OuO common shares. Price—$1.25.
Business—The manufacture of machines, equipment and
devices used in the creation of animated motion pic¬
tures. Proceeds—For development of new products, re¬
payment of loans and working capital. Office — 34 S.
West St., Mount Vernon, N. Y. Underwriter—First Phila¬
delphia Corp., New York.
•
June 28, 1961 filed 1,000,000 common.
)
i
Philippines.
Office- -Manila,
July 27, 1961 filed
Co.
Aug. 25, 1961 filed 310,000 common. Price—$11. Business
—The large scale production of blueberries, cranberries,
etc. Proceeds—For repayment of loans, property im¬
1/7
:r
of
writer—None.
able bidders:
?
-
i
Vending Services,
Inc;
of 5V2% convertible sub¬
ordinated debentures due 1971; 120,000 common shares
which underlie 2-year first warrants exercisable at $7.50
per share, and 120,000 common shares" which underlie
.
- 5-year second - warrants, exercisable at $10 per share.
The securities are to be offered for public sale in units
July
of
3,
1961
$100
one
warrants.
filed
$600,000
debenture, 20 first warrants and 20 second
Price—$100
per
Business—The
unit.
design,
manufacture, sale and leasing of coin-operated vending
machines
for
magazines, newspapers
and
paperback
books. Proceeds—For the repayment of debt, advertis¬
ing, sales
chines.
promotion, and the manufacture of new ma¬
South Clover Drive, Minneapolis
Office—1201
Underwriter—D. H. Blair & Co., New York.
Puerto
Rico
Capital Corp.
\
Sept. 13, 1961 filed 750,000 common. Price--$10. Business
—A
small
business
investment
company.
Proceeds—For
general corporate purposes. Address—Sari Juan, Puerto
Rico.
Underwriter—Hill,
Darlington
&
Grimm,
N.
Y.
Volume
194
Number 6102:.
Pulp Processes Corpw
^
The Commercial and Financial Chronicle'
,
.
;
v
Real tone
Electronics Corp.
16,? 1961 filed 100,000 common shares. Price—$4.
Business — The marketing of transistorized radios and
y
Sept. 20, 1961 filed 140;0uo eommon. Price—$5; Business;
—Development of puiping and
bleaching devices. Pro¬
ceeds—General/ corporate4 purpose^
Office—Huge Bldg:,
Seattle, Wash. Underwriter—Wilson, Johnson &
Higginsi
San Francisco;
Offering—Expected
related
equipments Proceeds—Repayment oJB loans and
general corporate purposes. Office—71 Fifth Ave., New
in late November.
York. Underwriter—Lieberbaum
manufacture
common.
of
establishment
a
of
Price—$3.25. Busi¬
massaging mattress. Pro¬
Realty Equities Corp;, of New York (11/27-12/1>
Sept. 28, 1961 filed $1,675?800 of subord. debentures due
(with warrants attached) to be offered for subscrip¬
distributorships, purchase
named.
temperature
/
transducers
-
on
and
electronic
the basis of
one
unit for each 20 shares held.
New York.
indi¬
it Recco, Inc.
Arnold Malkan &
Quarfite Creative Corp.
■<;
?
of
Oct.: 19,
home
Price—$5. Business
furnishing, products.
—For research; .new products and
fice—34-24 Collins Place,
Proceeds
working capital.
•-'
28,
filed
1961
110,000
'
•;j.;
■
.;,.
/. /,
•.
Recreation
:
v
•
•;
working capital1. Office—814 Mad¬
ison St., Hoboken, N. J. Underwriters—State Securities ■"*
Corp., Washington, D.7 C. and Bayes,/Rose & Co., N. Y.
Rubber & Fibre
Sept. 25., 1961 filed
/•./
canized
are
common,,
of
Church, Vai Underwriter—None.
<
*
_
,
'•*•<•/
which
Togs, Inc. (11/6-10)
1961 filed 107,571 outstanding class A shares to',
be offered for subscription by stockholders. Price—ByOct. 3,
,
amendment.
women's sports¬
selling stockholders. Office—1372
> Broadway, N. Y. Underwriter —
Shearson, Hammili &
' Co., N. Y.
•
19, 1961 filed 180,UU0 common shares of which 80,000 shares- are to be offered by the
company and 1*00,000"
shares ^by
stockholders.
ness—The
manufactuer
lighter
loans
veda
fluid1
and'
Price—By
of'
•
and for ■working capital.
Blvd., El Segundo, Calif.
named.
Note—This registration
Radar Design Corp, / *./.
Sept. 22, 1961 ("Reg. A") 25,000
Busi¬
Office—700; N.
Underwriter
O, S. Photo-Cine-Optics, Inc.. (11/6-10)
29, 1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common
shares. Price—$40 per unit. Business—The manufactur¬
ing, renting and distributing of motion picture and tele*-
■%
of
Aug.
be
and
electronic,
—
jIt Ragen4 Precision Industries, Inc.
Aug. 31,-1961 filed 100,000
ment.
Business
The
common.
manufacture
-
^
capital
construction
-
shares.
equips
research and development, working'
corporate purposes. Office—602 W.
52nd St.,. New York. Underwriter — William, David &>
sale
and
"shell"
of
homes
Proceeds—For working capital.
Sabre, Inc.
Sept. 25, 1961 ("Reg.. A")
/
Siftrimons Research Inc.
development, sales promotion and working capital.
Office—545 Broad/ St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann &. Co. (mgr.). Offering—Expected in November..
/■ /
/, /•'/■
'
~ /;
' '
equipment and working capital Office—4990 E. Asfoury, v
Denver.-
Underwriter—Schmidt, Sharp, MeCabe & Co.,
Inc., Denver.
:
-
..."
/
-.D
•
Saegertown Glasseals, Inc.; (11/13-17)
Sept. 2.7, 1961 filed 216,500 common, of which 100)000 are
to be offered by the company and 110,500 by stockhold-v
ers.
Price—By. amendment. Business—Manufacture ofr
.
r
,
i.
Rexach Construction
•
Co., Inc.
(11/97 *
; July 28,. 196T filed
components, assemblies and subassemblies for the busi¬
200,000; common. Price;—$10; Business
ness machine,-electronic and aircraft industries. Proceeds
—Construction of highways, buildings^ and homes..: Pro¬
For equipments repayment of loans and general corpo¬
ceeds—For repayment of a loan* purchase of stock in<
rate purposes. / Office—9 Porette Ave., North
Arlington, / Puerto Rica* Aggregates Co.,„ and working capital. Ad¬
N.j. Underwriter—Marron, Sloss & Co., Inc., N.Y'. (mgr.k
dress—San Juan, Puerto Rico.;
Underwriters — P. W..
Brooks & Co., Inc., New York and CIA Financiera del
Rainbow Photo Laboratories, Inc;
Inversiones, Inc., San Juan (mgr.).
-Sept, 28, 1961 filed: 150,000* common. Price—By amendnfenh Business—Processing of film and distributing of,,
Ro Ko,. Inc. (10/30-11/3)
/ ,* A',;.'o;
'■■/ '
photographic equipment.-Proceeds—For ' moving ex- v /■ Aug/7, 1961 filed 120,000 class A common shares. Price
—
Price—$2..
50^000* eommon.
Business—Manufacture of pre-painted aluminum siding
and accessories. Proceeds—For inventory,, dies, inventory
and
•///•. fv^('
■
Motti, Inc., N. Y. >
Underwriter-—J. J. B. Hil/
-
ment, advertising,
capital and other
Price—$12.
j May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
; of
processes in the field of surface and' biochemistry. /
Proceeds—For plant construction, equipment, research
Price—By amend¬
of
51,001)
Sons, Louisville.
*
and
v
filed
mortgage financing.
liard &
Price—At-the*
products-;
For acquisition of alaboratory, equipment
working capital. Office—104 Pickard Dr., Syracuse,
N. Y. Underwriters-—Bertner Bros;,'. N. Y.;; Earl Edden
Co.,. RockvilTe Centre,. N. Y. and Max Philipson & Co.,:
Inc:, Utica, N.'3..;.v.:
//\;,
Proceeds
1961
Address—Hopkinsville, Ky.
'•: /./
;/•
15,
Business—For
SepulTo
vision production equipment.; Proceeds—For new
(11/13-17)
'
withdrawn.
common..
Business—Manufacture
—
Regal Homes, Inc.
v®
Proceeds—To* repay
was
•
market.
amendment.
pharmaceuticals,-/'cosmetics,
items.-
related
S.
June
—
Debt repayment, building improvements,
equipment, research and development, and working cap¬
ital. Office—Industrial Park, Red Wing, Minn. Under¬
writer—York & Mavroulis, Minneapolis.
June
Business—Manufacture of
Proceeds—For
wear.
■Proceeds
■■
•
a new process for reclaiming unvulProceeds—Purchase of equipment and
writer—Armstrong & Co., Inc., N. Y.
*
;:
rubber.
■
_
Red
to- be offered
Rabin-Winters ■ Corp;
(12/20)
Price—$5. Business
Russ
•
r
•
common.
existing plant building, repayment of debt, and working
capital. Office—300 Butler St., Brooklyn, N. Y. Under¬
Rope Stationery Industries, Inc. (11/6-10)
70,000
Aug. 23, 1961 filed 160,000 common. Price—$3.50. Busiby the company and 40,000 by
stocknolders. Price—$10. Business—Manufacture of self-¬ ^ness—The manufacture. of stationery supplies. Proceeds
service tube testers and the sale of
—For working capital, equipment, expansion and repaytelevision, radio and
iment of debt. Office—70 Washington St., Brooklyn, N.Y.
high fidelity, receiving tubes. Proceed^—For debt re¬
payment and working capital. Office—5212' Pulaski Ave., / Underwriter—George, O'Neill & Co.,, Inc., N. Y. (mgr.).
Philadelphia. Underwriter—J. R. Willdstoii& Beane, N. Y.
• Red
Wing Fiberglass Products, Inc. (11/13-17)
Offering—Expected sometime in?. December.
:
'
July 28* 1961 ("Reg. A") 260,000 common. Price—$1.15.
shares
Chemical Corp.
120»000
—Exploitation of
Associates, Inc.
1961 filed 100,000' class A common. Price—$3.
Business—The operation of a bowling center. Proceeds—
For working capital. Office—8905 Columbia Pike, Falls
.
Proceeds
—For expansion and
Aug. 14,
;
Sept.
City, Mo. '
Of¬
Quik-Ciiek Electronics & Photo Corp.
%
By
.
-
;
chemicals to industrial and commercial users/
—
Business—Operates record, card and sta¬
departments in discount stores; Proceeds—For
expansion. Office—1211 Walnut St., Kansas City, Mo.
Underwriters — Midland Securities Co., Inc., Kansas
Flushing,. N. Y. Underwriter—
Shell Associates, Inc. and
Godfrey, Hamilton, Taylor &
Co., N. Y.
'
'
.
/;'-Hz/'</:■■/
shares; Price
75,000- class. A
|
Laboratories, Inc.
Sept. 18; 1961 filed 90,000' class A capital shares: Price*
Business—The manufacture and sale of organic
z//'/'"?.
filed
1861
pur¬
—$3.
tionery
;
Sepc. 27,196*1 filed 100,000.common.
—Manufacture
.
Roziltia
Underwriter—Sutro Biros. & Co.,
amendment.
Penndel, Pa; UnderwriterCo., Inc., N. Y///'//;Z;'/■"/'/;/:.* / v;
/':
general corporate
Office—400 Stanley Ave., Brooklyn, N. Y. Under¬
writer—Lieberbaum & Co., N. Y, (mgr.)*. Offering—Ex¬
pected sometime in December.
/
'
thd purchase of Hamilton
Manufacturing Co., Inc. Office
E. Lincoln Highway,
and
.
constructions
poses.
$100 per unit.. Business—General real estate and con¬
Proceeds—General' corporate purposes. Office
Ave./ N. Y.
General real estate and
—
Proceeds—For construction
Price—
struction.
—666 Fifth
cating and controlling instruments. Proceeds—To finance
—600
—$1. Business
stockholders in 16,758 unit's;, each consisting of
$100 of debentures and a warrant to purchase 12.5 shares
Pyrometer Co. of America, Inc.
Sept. 26, 1961 filed. 300,000 common. Price*—By* amend¬
ment. Business -r- Design and manufacture of tnermacoupie
Un^
Royal Land & Development Corp,
Aug. 2, 1961 filed 2,000,000 class1 A common shares. Price'
tion, by
/,
:
Boulevard, Great Neck, N. Y.
derwriter—To be named.
.191 r
material's1, repayment of debt, advertising and
working
capital. Office—5913 Carrier St., N., St. Petersburg, Fla.be
Office—300 Northern
^
•
of
Underwriters—To
Co., N. Y. Offering ;;
—Expected in mid-December.
Sept. 28, 1961! fii'ed; 100,000
ceeds—For
&
59
Roph Associates, Inc.
Aug. 10,. 1961 ("Regz A"> 75,000 eommon shares (par fiv^
cents); Price—$4. Business—The sale of freezers and;
food plans* Proceeds—For
inventory, a* food dept,/adver¬
tising: and poromotion and general corporate {JUtposes.
Aug.
Pulsa-Tronics, Inc.
ness—The
"(183T)
precision' parts*
electronic
ceeds—For
Main
parts,, including dlodes: and rectifiers. Pro—.
general corporate* purposes. \ Office—Souths
St., Saegertown^ Pa.
N. Y.
/
Underwriter—Carl M. Loeb;
Rhoades & Co.,
Sav-Mor
;
\
*
Oil
Corp. (11/27-30)
July 5, 1961 ("Reg, A") 92,000* common shares (par one,/:
cent)., Price—-$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex^pansion. Office—151 Birchwood Park Dr., Jericho. L* I.j
N. Y. Underwriter—Armstrong & Co., Inc.;> New York.
.
—$5. Business—The manufacture of stuffed toys. Propromotion; repayment
• Save-Tax
Club, Inc. (10/30-11/3) ' *
capital. Office—29-14 Northern / ceeds—For down payments on the purchase of buildings,/
July 6,/' 1961 ("Reg. A"> -150*000 common. Price—$2;
-equipment and expansion^Office—3115 E. 12th St., Kan- • Business—A
Blvd;,. Long Island Cify,. N., Y. Underwriter—Rodetsky,
plan to stimulate retail merchandising in:
Walker & Co.,, Inc., Jersey
City,/•,>,.*;«.■■,-*,///,. z; '*•/ •// sasZCity, Mo-. Underwriters—Midland; Securities Co., Inc.,
New York City. Retail establishments
whqj join the plan
C and George K
Baum & Co., Kansas City, Mo.. (mgr.) ; will
• Rantec
give 3%„discouhts to members of the Save-Tax
Corp.I172B)-'" C'//'/'';/ ;/V*
penses, expansion, advertising and
of debt' .and working
-
„
Club.
Proceeds—For salaries to salesmen, advertising,,,
public relations, additional employees, and working
capital. Ofifce—135 W. 52nd St.K N. Y. Underwriter—B».
G. Harris & Co., Inc.* N.Y.
Oct.
Rochester Gas and Electric Corporatien (11/147z
16, 1961 filed 100,000 common,* of which 50,000 are ; /
•Oct. 12, 1861 filed $15,000,000 of first mortgage bonds*,
offered by the company and 50,000 by stockhold¬
series T, due Nov. 15, 1991. Proceeds—For construction.
ers.
Price—By amendment. Business—Design, develop¬
ment and manufacture of microwave components.
Underwriters—-(Competitive). Probable bidders: Halsey,
Pro¬
to
be
ceeds—General'
•corporate
purposes.
Ventura Blvd., Calabasas, Calif.
Co;, Inc., N. Y. ; ',•■■•/-/ "
Stuart
■'• O f f i c e—23999
Rapid Fii'm Technique*. Inc.
^
Sept. 19, 1961 filed 70,000 common. Price.—$4;. Business
—-The rejuvenating and repairing of motion picture film.
^
Proceeds—For
•
fy Co. Inc.; Kidder, Peabody & Co.-White,/Weld
& Co.-Shields & Co;
Underwriter—Blyth &
'
;
.
(jointly); Kuhn, Loeb & Co.; Salo¬
mon Brothers & Hutzler-Eastman
Dillon^ Union Securi¬
ties & Co.-Equitable Securities Corp. (jointly)/ Blyth &
Co*., Inc.-First, Boston Corp*. Bids—Expected Nov. 14 at
11
repayment and general corporate,
purposes. Office—37-02 27th St., Long Island City, N. Y.
■
a.m.
(EST).
.
/
/
Sept.. 28, 1961 filed 100,000 class A common. Price—$5.
Business—Extrusion of plastic sheets. Proceeds—Equip¬
ment,, ;debt repayment and working, capital.. Office*—1
.Raritan Rd/ Oakland, N. J. Underwriter—Gianis & Co.,
inc., n. y;; ' '
.•
Raymond
Engineering Laboratory,
(11/6-10)
;
■
.
-
Rodale
Sept.
•
.
equipment for missiles, satellites and space
equipment,
working capital. Office—Smith Street, Middletown,
Conn.* Underwriter —Lee Higginson Corp., New York
Real; Estate Fund, Inc. .V
Sept. 28, 1961, ("Reg. A") 14,634 units each consisting of
seven common shares and one 20-year 6% convertible
subordinated debenture; Price—$20.50i per unit. Business
■—Development and operation of shoppingj centers and,,
Proceeds-—General corporate purposes.
Underwriter—McCarley
*
"!
shares
1961
are
filed
to* be
Associates, Inc. (12/14)
150,040 commons/of which 100,000
offered
1961
("Reg.
•
A")1 -60,000
of
by
the
company
schools.
••
6%
Price—$5.
equipment.
and 50,040
Business1
—Publication of standardized
achievement
common.
electronic
&;
.
'.:
Inc.
Jaekson
shares by stockholders. Price—By amendment.
intelligence, aptitude, and
instructional
materials
for
and
preferred stock and working capital.
Erie
Pro¬
tests,
&
*
Proceeds—For repayment of debt,.redemption of
St.,
Underwriters—White,
William Blair & Co., Chicago.
Office—259 E.
Weld &
Co.,
N.
1961 ("Reg. A'> 75,000 common.
Price — $4.
Business—The manufacturing and processing of assorted
Rodney Metals, Inc. L
June 30, 1961 filed 140,000 common shares. Price—$10.
Proceeds— For the repayment of debt and other corporate purposes. Office*—264 Fifth Ave., New York. Un-?
derwriter—Charles Plohn & Co.,
food
■
-
and
Underwriter:—Robinson-Humphrey
Courts & Co., Atlanta.
*
*
'
Fla.
•
products. Office—13480 Cairo Lane,/Opa Locka»
Underwriter—Ehrlich, Irwin & Co., Inc., N. Y".
..
Sea-Wide
Electronics,
Inc^
Sept. 26, 1961 filed 200,000 common. Price—$4.
reground crankshafts to automobile parts
jobbers. Proceeds-—For working capital and general cor¬
porate purposes. Office—1060 Huff Rd., N. W., Atlanta,
Ga.
Seashore Food Products, Inc.
Aug. 29,
N. Y.
ic Rogers (John )■ Co. * . • y •*>./.. * r.' *Z v, - **. •,.*
Oct. 24, 1861 filed $600,000 of 6% conv. subord. deben¬
tures due 1976 and 120,000 common shares to be offered
in units consisting of one debenture and two shares.
Price—$-25' per uniL Business—Sale of rebuilt automobile
engines
Y. and
Chicago.
*
shares, of which 50,r
Proceeds—For repayment of loans,
C.
Webber,
Dec.
Science Research
Sept. 22,
.
repayment, new products, equipment, sales
promotion and advertising.
Office — 562 Grand Blvd.,
Westbury, N.Y. Underwriter—Charles Plohn & Co., N.Y.
related
Address—Greenville. S.
Co., Inc., Asheville, N. C.
Price^—$10. Busi¬
in photocopy
use
ceeds—Debt
and
other* properties.
29,
Electronics,
Business—Manufacture
,
common
Underwriters—Paine,
Curtis and Prescott & Co., N. Y.
Inc.
shares by stockholders. Price—By amendment. Business
-—The manufacture
of timing devices, aecelerometers
vehicles.
for
Underwriter—Ira Haupt & Co., N. Y. Offernig—In
Business—Development and manufacture of solid
Mesa,; Ariz.
000 shares gre to be offered by the
company, and 50,000
and
products
-
■
Aug. 15, 1964 filed 100,000
of
Proceeds—For initial production of xero¬
graphic machines, additional equipment, expansion and
working capital. Office—161 Ave. of the Americas, N.Y.
Underwriter—Herbert; Young & Co., Inc., N. Y.v.''.
propellants, rocket motors, rocket catapults and related :
Raritan Plastics Corp.
: :
' !.
products. Proceeds^—To repay debt. Office—Falcon Field,
•
Corp.
1961 filed 150,000 common.
machines.
Power, Inc. (11/20-24)
Sept. 20, 1961 filed 200,000 common. Price—By amend¬
ment
Business Machines
ness—Distribution
Rocket
debt
Savin
Sept. 28,
Co., /Inc.,
and
'
Business/
—Importing of goods from Japan; Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, Pa. Underwriter—Amos Treat & Co., N. Y. Of¬
fering—Expected in late December.
V
/
Security Acceptance Corp.
March
7,
1961 filed 100,000* shares of class A common
$400,000 of 7%% 10-year debenture bonds, to
be offered in units consisting of $100 of debentures and
stock and
...
•.
*
.
*
*■■
■*■
*
• «• •-
Continued
on
page
6&
*
'
60
(1832,)
The Commercial and Financial Chronicle
Continued from page 59
25
shares of stock.
N.
Price—$200
purchase of conditional sales
Proceeds
ances.
Office—724
writer—None.
•
For
—
9th
contracts
on
'home
working capital and
amendment.
Under¬
Security Group, Inc. (10/30-11/3)
3, 1961 ("Reg. A") .272,700 common.
Allen &
Oct
Wendover Ave.,
Securities Corp.,
corporate
purposes.
Price—By amend¬
nated
Self-Service
Shoes, Inc.
19, 1961 ("Reg, A") 300,000 common.* Price—$1.
Business—Retailing of shoes on a self-service basis. Of¬
fice—504 N. Grand,
Pueblo, Colo. Underwriter—Amos C.
Sudler & Co., Denver, Colo.
Corp.
•
.
Southern
Elizabeth
with
warrants
to
Price—By
amendment.
1961
28,
filed
small
Greenville,
Busi¬
S.
company.
Office—Poinsett Hotel
//x:./.
•
Xy'X'X; •/'-
■'*
debentures and warrants forfive
—At 100%
50th
•
&TCo., and Lee Higginson
City (managing).
York
Southern
Servonuclear
Syndicate,
•
Business—Real
fice—28-21
Astoria
writer—Herman &
Blvd., Astoria, L. I., N. Y.
Diamond, N. Y.
Supronecs Corp. (10/30-11/3)
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
search
and
Underwriter—Best & Garey Co.,
inventory, sales promotion, research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None.
Sexton
Sept.
(John)
Co.
&
Business
Distributes
—
products to restau-etc. Proceeds—For selling stock¬
hotels, schools,
rants,
writer—Hornblower
A
business
vestments.
food
holders. Office—4700 S. Kilbourn
Research
investment
Office—1101
Inc., Washington, D. C.
and
ers.
sale
of
women's
Shasta
Minerals
&
Chemical
Co.
511
5th
24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
Spectron,
June
ment, and exploration of mining properties. Proceeds—
For general corporate
purposes. Office — 1406 Walker
Bank Bldg., Salt Lake
City, Utah. Underwriter — None.
Siconor
Mines
*
poses.
writer—Hampstead
Proceeds—For general corporate pur¬
Office—62 Richmond St., West, Toronto, Canada.
Underwriter—None.:".,
•
-X
to
Price
—
amendment. Business—A small business investment
By
be
offered
holder.
com¬
of
Proceeds—For general corporate purposes. Office
—105 Montgomery
St.* San Francisco. Underwriter—C.
E. Unterberg, Towbin
Co., N. Y.
pany.
by
the
company
Okla.
of
purposes.
highways,
letter
•
will be withdrawn
and
Aug.
22, 1961
amendment.
company.
filed
875,000
Business
—
A
shares.
common
small
business
Underwriter—Allen &
York, Inc.
Brothers
Furniture
Sept. 28, 1961 filed 240,000
investment
D.
and
goods.
working
capital.
Office-^253
St.,
Brooklyn
subsidiary, establish¬
of branch sales offices and working capital. Office
S. Salisbury Street, Raleigh, N. C. Underwriter—
advances
to
a
Liederman
distributor. Proceeds—For repayment of loans and work-
—
Columbia
re¬
Star Industries, Inc.
(10/31)
Aug. 23, 1961 filed 415,576 class A, of which 103,894 are
to be offered by the company and 311,682 by stockhold¬
ers. Price—By amendment. Business—A wholesale
liquor
Price—$2.50. Busi-
For expansion
modernization of buildings,
repayment of debt and
E.
of loans,
Proceeds—For
•
of furniture, appliances,
Proceeds
.
& Co., Inc., New York (managing).
Offering—Expected in mid-November.
X
'
Beaver
Inc.
common.
,letf~TlTe /n*tal,ment,Retailing
and other
household
Co.,
etc. Proceeds—General
Mayo
Bldg., Tulsa,
Co., N. Y. X
—The fund will invest in
-
.
ing capital. Office—31-10 48th Ave., Long Island City,
Underwriters—Lee Higginson Corp. and H. Hentz
N. Y.
&
Co., N. Y.
_
...
,
.
v.*.
-
■-.
/
'f X,
interest bearing obligations of
municipalities and territories " of the
U. S., and political subdivisions thereof which are believed to be exempted from Federal income taxes. Pro¬
counties,
states,
stock¬
ceeds— For
investment.
Office —135
South
La
Salle
Sponsor—John Nuveen & Co., Chicago.
Offering—Expected in early 1962.
x/
Street, Chicago.
Md.
—336
XX
Feb. 23, 1961 filed $10,000,000 (100,000 units) ownership
certificates. Price—To be filed by amendment. Business
^ Tech
ment
Price—By
X'v/-/:XX"''^•■/,;.X;.Z*
v
Tax-Exempt Public Bond Trust Fund, Series 2
construction and sale of shell homes.
St., Albany, N. Y. Underwriter—Dillon, Read & Co., Inc.,
N. -Y. Offering—Expected in
mid-November.
Sbkol
•
Homes, Inc.
June 28, 1961 filed $500,000 7% subordinated debentures
due 1971 and 200,000 common shares to be offered in
units, each unit consisting of $50 of debentures and 20
common
shares.
Price—$100 per unit.
Business—The
payment
Proceeds—For investment. Office—40
a
Star
refiled.
Small Business Investment Co. of
New
by
Office—731
•
Site-Fab, Inc.
Aug. 21, 1961 ("Reg. A")
100,000 common (par 10c).
Price—$3. Proceeds—For purchase and improvement of
land, promotion and development and working capital.
Office—901 Market St.,
Wilmington, Del. Underwriter—
H. P. Black & Co., Inc.,
Washington, D. C. Note—This
27,000
and
Price—By amendment.
Business—Production
limestone, gravel, and ready-mix concrete
construction
corporate
1961
construction
.
crushed
and
:
delphia. Underwriter—Drexel & Co., Philadelphia.
Industries, Inc*
; "
* / V; /
Oct. 13, 1961 filed 210,000 common, of which 183,000 are
Sierra
X
\
Corp.
packaged bakery products. Proceeds — For the selling
stockholders. Office—2801 Hunting Park Ave., Phila¬
Ainsley Bldg., "Miami, Fla. Under¬
Investing Corp., N. Y. Offering—
Standard
31,
Tasty Baking Co.
Imminent.
\
Capita! Corp. (11/13-17)
Sept. 5, 1961 filed 1,000,000 capital shares.
Office—812
poses..
northern Ontario.
x
Leasing
Aug. 31, 1961 filed 100,000 class A common (non-voting).
Price—By amendment. Business—The manufacture of
systems, instruments and equipment, including
microwave, radar and underwater communication de¬
vices. Proceeds—For purchase of equipment, plant ex¬
pansion, patent development and general corporate pur¬
Sept. 18, 1961 filed 250,000 common.>Price—By amend¬
ment.
Business—The exploratory search for silver in
&
Construction
filed 320,000/common. Price—$5. Busi¬
of bowling centers. Proceeds—
For purchase of land and working capital. Office—873
Merchants Rd., Rochester, N. Y. Unuerwritero—N. A;
Hart & Co., and Darius, Inc. (co-mgrs.)/Note — This
company was formerly named Taddeo Bowling & Leas¬
ing Corp.
,-'7/' vxX X'/vX XX-" XXX /■ XX'XX
tronic
;
80,000
financing of factory-built homes. Proceeds—To
ness—The
Business—Design, development and manufacture of elec¬
Ltd.
which
company
Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
March
Price—$4.50.
common.
of
and 160,000 by stockhold¬
Price—By amendment. Business-XThe manufacture,
Taddeo
Inc.
9; 1961 filed 83,750 class A
1961
sold by the
Dillon, Union Securities & Co., N. Y.
•
/
Ave., N, Y. Offering—Expected late Nov.
April
Offering—Expected sometime in November.
—1
equipment, research and development, and working
capital. Office—31-26 Greenpoint Avenue, Long Island
City, N. Y. Underwriter—Manufacturers Securities Corp.,
Dow
Inc. (11/29) 1
filed 240,000 common,
Homes,
15,
be
expand credit sales and open new sales offices. Address
For
and
the selling stockholders. Office—
St., Manchester, N. H. Underwriter—
Dean Witter & Co., San Francisco.
*
Swift
will
sale and
Proceeds—For
Price—By amend¬
common.
Business—The manufacture
loans,
Offering—Expected in mid-November. x-'X^X/vx'"X
Sept.
Age Materials Corp.
(SAMGO)
1961 ("Reg. A") 100,000 common.
Canal
v
of
"
Offering—Expected in November.
Corp.
18, 1961 filed 225,000
ment.
»
Z
First
shoes.
Shaer Shoe
Sept.
Weeks, N. Y/
xXX,!,XX
Price—By amend¬
expansion, working capital and general
Office—8107 Chancellor Row, Dallas.
Underwriter—C. E. Unterberg, Towbin Co., N. Y. C.
Ave., Chicago. Under¬
Space
Inc.
corporate purposes.
&
(11/20)
Sept. 19,
Price—$3.
Business—The manufacture of high temperature mate¬
rials for the space, nuclear and missile fields, and com¬
ponents used in the communications field. Proceeds—
&
Packaging,
ing materials and greeting cards.. Proceeds—For repay¬
ment
company.
N.
re¬
Business—The manufacture of gift wrap, packag¬
ment.
Proceeds — for in¬
St., Phoenix. Under¬
writer—Wilson, Johnson & Higgins, San Francisco (mgr).
—
Price—By amend¬
common.
Crane
Susan
Aug. 28, 1961 filed 150,000 common.
Development Co.
Aug. 28, 1961 filed 600,000 common. Price—$10. Business
(11/13-17)
27, 1961 filed 70,000
ment.
Southwestern
For the
Corp., and Fled F. Sessler & Co., Inc., N. Y., and BrunoLenchner/ Irtc., Pittsburgh, Pa. uf ...
^■ /'/■/-
and
development and general corporate pur¬
Office—1432 W. Main St., Oklahoma City, Okla.
poses.
—
writers—Amo^. Treat & Co., Inc., Standard Securities
1961
—Sale of automatic film processing machines and other
electronic products. Proceeds—Purchase of
equipment
•
Proceeds—Fur
Factories, Inc.
("Reg. A") 100,000 capital shares. Price
Proceeds—For debt repayment, equipment, re-*
10,
—$3.
Price—$5. Business
common.
investment.
and ^working
of
•
Oct.
Proceeds
of bank loans and other corporate purposes.
Office—224 Washington St., Perth Amboy, N. J, Under®
Southwest
Servotron
Corp.
Sept. 25, 1961 filed 100,000
is engaged in the distribution of wholesale elec¬
payment
<
Under¬
(11/13-17)
Underwriter—Brand, Grumet & Seigel, Inc., N.Y. (mgr.),
Price—By amend¬
common.
estate
Jefferson
corporate purposes. Office—520 Coster St., Bronx, N. Y.
capital. Office—2501
Georgia Bldg./ Atlanta. Underwriter—Johnson,
T.nnp
Snnpp Cnrn
SavanniiK'
iO O'tUSO&ii.. '■<
Lane, Space Corp., Savannah.'
loans
101
—
Superior Industries Corp.
pany
ment.
repayment, of
Ofifce
,
Proceeds—For
Bank
prod¬
associated
Aug. 29, 1961 filed 125,000 common. Price—$4. Business
—The manufacture of folding pool tables, table tennis
tables and related accessories. Proceeds — For general
Price
Business—Manufacture
of medical electronic products.
plant relocation, equipment,""inventory,
neW products, debt repayment and working capital. Of¬
Price—By amend¬
and
Proceeds—Debt repay¬
stores.
trical equipment and supplies.
Inc.
Sept. 13, 1961 filed 300,000
Price—$2.
retail
food
other corporate pur¬
Ave., Hopkins, Minn.
Underwriters—White, Weld & Co., Inc., N. Y. and J. M.
Dain &Co., Inc., Minneapolis.
both of New
Corp.,
franchised
poses.
of principal amount.
Hirsch
(12/5)
common.
inventories," expansion and
ment,
ing capital and other corporate purposes. Office—1674
Meridian Avenue, Miami Beach, Fla.
Underwriters —
military, industrial and commercial
use.
Proceeds—For equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter—S. D. Fuller & Co., New York (managing).
115,000
Business—Distributes
to
W.
Underwriter—Hirsch & Co. Inc., N. Y.
1961 filed
11,
ucts
Business—The develop¬
ment of unimproved land in Florida. Proceeds—For the
repayment of debt, the development of property, work¬
conductor devices for
general corporate purpose. Office—111
Super Valu Stores, Inc.
ment.
Building,
shares.
Scientific & Internationa! Corp.
St., N. Y.
Oct.
Pro¬
X/ ';// Xv'X/.-v
common
Marron,
1961 filed 150,000 class A common. Price—By
Business—Company was recently formed
23,
Proceeds—For
Underwriter—Capital Securities Corp.,
C.
—
by Struthers Wells Corp., to take oyer latter's recent de¬
velopments in saline water conversion and certain man¬
ufacturing, international engineering and sales activities.
Industries, line. (11/6-10)
shares. Price—$6.
investment
Underwriter
N. J.
Linden,
Y.
amendment.
• Southern
Realty & Utilities Corp. (11/6-10)
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common
shares, to be offered for public sale in units of $500 of
June 30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
*
ic Struthers
.Oct.
100,000 common
business
Ave.,
Sloss & Co., N.
purcnase
mortgage
Growth
Greenville, S. C.
(11/6-10)
common.
of
ceeds—For investment.
Proceeds—For debt repayment and general corpo¬
rate purposes. Office—20 Simmons St., Boston. Under¬
writer—Goldsmith, Heiken & Co., Inc., Brooklyn, N. Y.
100,000
shares.
common
Business—A
ages.
1961
20
June
ness—Manufacture of dispensers for hot and cold bever¬
Sept.' 12,
Sterling Extruder Corp.
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
be offered by the company and 70,000 by the stock¬
holders. Price—By amendment. Business—The manufac¬
ture of plastic extrusion machinery and auxiliary equip¬
ment. Proceeds—For working capital. Office—1537 W.
to
notes, contracts, leases,
Proceeds—Repayment fo debt, investments and other
corporate purposes. Office—615 Hillsboro St., Raleigh,:
N. C. Underwriter—J. C. Wheat & Co., Richmond, Va.
ic Sell 'N Serv Dispensers, Inc.
17, 1961 ("Reg. A")~60,000 common. Price—$5. Busi-
Corp.
("Reg. A")
wick, N. J.
etc.
27,
Semicon, Inc.
shares. Price—$5.50.
Netherlands Securities Co.,
—
1976
due
ness—Repurchase
Oct
•
120,000 common. Price—$2.50.
Business—The manufacture and sharpening of scalpels.
Proceeds—For expansion and the manufacture of scaipels. Office—434 Buckelew Ave., Jamesburg, N. J. Un¬
derwriter—Louis R. Dreyling & Co., Inc., New Bruns¬
Industries, Inc.
common
Inc.
Products,
Medical
Sterile
and working
Aug. 29, 1961 ("Reg. A")
filed $1,000,000 of sinking fund subordi¬
debentures
chase
(12/5)
1961 filed 200,000 common, of which 33,000
will be sold by the company and 167,000 by a stock¬
holder. Price—By amendment. Business—Production of
gold compounds and chemicals for electroplating. Office
•—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
curities & Co., N. Y.
V
sheetings.
200,000 shares of common stock, to be offered in units
consisting of $100 of debentures with a warrant to pur¬
Sept.
^ice—$3. Pro¬
capital. Address
Underwriter—Joseph W. Hurley & Co.,
equipment
Norristown, Pa.
Norristown, Pa.
Price—By
vinyl
Southern Frontier Finance Co.
Sept. 22, 1961
derwriter—Searight, Ahalt & O'Connor, Inc., N. Y.
Equipment Corp.
of
Miami, Fla. Underwriter
Inc., New York.
and related electronic equipment. Proceeds—For equip¬
ment, research and development, repayment of loans and
working capital. Office—12 Hinsdale St., Brooklyn. Un¬
Sel-Rex
of
purchase, inventorying and wholesale
roofing materials, sheet metal products
and heating and air conditioning accessories. Proceeds—
For repayment of debt, purchase of merchandise and
operating expenses. Office — 3690 Northwest 62nd St.,
Business—Design and manufacture of networks
data and program transmission,
filters, transceivers.,
Sept.
ceeds—For
The
—
distribution
ment.
for
Business—Manufacture
Aug. 8, 1961 filed 250,000
Business
26, 1961
Thursday, October
.
Oct. 2, 1961 ("Reg. A") 100,000 common,
Southern Diversified
E.
Plant
Steel
Corp.,
Co., N. Y. Offering—Expected in December.
Price—$1.10.
Office—1020
Greensboro, N. C. Underwriter—Allied
Greensboro, N. C.
Seg Electronics Co., Inc.
Sept. 28, 1961 filed 110,000 common.
Share
&
Bond
,
Proceeds—For equipment and working capital. Office—
241 Church St., N. Y. Underwriters—H. Hentz & Co. and
.
Proceeds—General
Underwriter—Continental
Southbridge Plastic Products Inc.
Sept. 28, 1961 filed 205,710 class A shares.
appli-'
expansion.
St., N. W., Washington, D. C.
Y.
Maplewood, N. J.
unit. Business—The
per
.
.
Inc.
Serv,
Sept. 29, 1961 ("Reg. A") 75,000 common. Price—$3. Pro¬
repayment, advertising, equipment and
working capital. Office — 4911 College Ave., College
ceeds—For debt
Park,
Md. Underwriter—Switzer &
•
'
..
,
Technifoam
.
.
Co., Silver Spring,
'
Corp.
110,000 common shares.
manufacture of machinery for
Price—$8.
producing
polyurethane foam. Proceeds—For repayment of loans,
equipment, foreign investments and working capital.
Office —717 Fifth Avenue, New York.
Underwriter —
Aug.
14,
1961
Business—The
Stearns &
filed
Co., N. Y. (mgr.).
</'■
-'
(10/30-11/3) X-•
June 9, 1961 ("Reg. A") 100,000 class A common. Price—
$3. Business—Manufacture of coin-operated vending ma¬
Techno-Vending Corp.
chines.
Proceeds—Repayment of loans; sales promotion
advertising; expansion; purchase of raw materials;
research and development, and working capital. Office—
and
Volume
194
Number 6102
.
.
.
The Commercial and Financial Chronicle
V
o
(1833)
\
599 Tenth
ices
Ave., N. Y. Underwriter—Interntaional Serv¬
Corp., Paterson, N. J.
pect St., Stamford, Conn, Underwriter—F. L. Rossmann
&
Co., N. Y.
•
Tower Communications
•
Tele-Communications Corp.
Sept. 29, 1961 ("Reg. A") 100,000 class A
—$3. Proceeds—For debt repayment,
Price*
common.
advertising,. re¬
search and development, plant
improvement and work¬
ing capital. Office—41 E. 42nd St., N. Y. UnderwriterEdward Lewis Co., Inc.,, N. Y.
Offering—In late Nov.
Telecredit, Inc. (11/6-10)
24, 1961 filed 155,000 common shares.
Price—$1.
;• Business—The development of high-speed electronic data
processing systems. Proceeds—For organizational ex-/
penses, establishment of service centers and reserves..
communications
W.
10th/Street, Wilmington, Del.
ment.
Underwriter—Ladenburg, Thalmann
&
(mgr.)."
Co., N. Y.
1961 filed $1,500,000 of 5J/>% convertible de¬
1969, of which $205,000 are to be offered
bentures due
by the
cornpany
and
$240,000 by stockholders.
Price— ~
At par. Business—A mutual fund
management company.
Proceeds—For expansion, a new
subsidiary and working
Office—630 Third Ave.,' N. Y. Underwriter—
Hecker & Co., Philadelphia.
capital.
• Texas Eastern Transmission Corp.
Oct. 23, 1961 filed $35,000,000 of first
mortgage pipe line
due
bonds
1981.
Price—By amendment. ' Business—
Transmission of natural gas and petroleum
products and
the production of oiF/and gas.
Proceeds—For debt re¬
payment and construction.-' Office—Texas
16, 1961 filed 250,000
common.
Price—By amend¬
Business—A small business investment
company.
Proceeds—General corporate purposes. Office—1947 W.
ment.
Gray
Ave., Houston.
Co., Inc., Houston.
&
Underwriter—Moroney, Beissner
'
/. ' /V •■/.,
'/••'/ ;■/ '
>
■
..
,
.
Texas Gas
Producing Co.
/Sept. 5, 1961 filed $315,000 of 5Vz%
vertible
debentures due 1973 and
subordinated
10,500
common
con¬
to
be
offered in units of
$90 of debentures and three common
shares. Price—By amendment. Business—The production
of crude
oil
and
natural gas. Proceeds—For
repayment
of
notes, working capital and general; corporate pur- '
poses. Office—731 Meadows Bldg., Dallas. Underwriter—"
i
Equitable Securities Corp., Nashville.
•
Thermionix
Industries Corp. (10/30-11/3)
("Reg. A") 150,000 common shares (par
10 cents).
Price—$2. Business—The manufacture-of a
flexible heating tape.
Proceeds—For construction of a
machine, research and development, sales engineering
and working capital.
Office — 500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. Capas Co., New York.
July 27, 1961
„
Thermo-Chem Corp.
(11/6-10)
June 14, 1961 filed 130,000 common shares.
Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬
ceeds—To repay a loan, and purchase
equipment, for re¬
search and development, administrative
expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co.. Inc.. Washington, D. C.
30 North La Salle Street Realty Fund
July 3, 1961 filed 200,000 shares of beneficial interests.
Price—$5. Business—A real estate investment company.
and erection of
For
—
repayment
of
—
Offering—Expected in
hotels,
Trans-Lux Corp.
Aug.
000
31,
1961
shares
filed
to
are
by
which
of
common,
offered
the
development, expansion and working
capital. Office—Columbus Rd.,
Burlington, N. J. Under¬
writers—Hess, Grant & Remington, Inc., Philadelphia
and
100,000 shares by stockholders. Price—By amendment.
manufacture of news ticker projection
Proceeds
For expansion, repayment of
loans, new equipment and general corporate purposes.
Sept. 22, 1961 filed 100,000 common, of which
40,000 will
be offered by the
company and 60,000 by stockholders.
Price—By amendment. Business—Supplying of decorat¬
ing, drayage, cleaning, and related services for trade
shows, conventions, and similar expositions. Proceeds—
For working
capital, the repayment of debt and pur¬
chase of ^equipment. Office
Suite 705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co., Phila¬
delphia.
,
—
Madison
Ave., N. Y. Underwriter
—
Bear,
Stearns & Co., N. Y. (mgr.).
•
Tri-Chem, Inc. (10/30-11/3)
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
6V2% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and
40 common shares.
Price—By amendment. Business—The
manufacture of paints for hobbyists. Proceeds—For re¬
—
•
Co., Inc., N. Y.
Sept. *28,
to
are
be
Price—By
of
which
80,000
purposes.
25
and 80,000 shares by
amendment. Business—Manu¬
company
•
Underwriter—Hill, Darlington & Grimm, N. Y.
Displays, Inc.
July 24, 1961 ("Reg. A") 260,000 common shares (par
tooling
35-15
.
•i'VrFo-fecli; inc.
6, ,1961
(11/6-10) ;
("Reg., A")-400,000
Business—Manufacture
37th
United
common.
Sept.
Price—$2.
22,
Servomation
1961
Corp.
y
.!V
filed
355,000 common of, which, ,150,000
shares will be offered by the
company and 205,000,shares?,
by stockholders. Price—By amendment. Business—Sale
of
Electronic Parts and Equip¬
repayment, machinery, new
products, leasehold improvements and working capital.
Office—3410 W. Cohasset St.,
Burbank, Calif. Under¬
writer—Ezra Kureen Co., N. Y.
ment.
and
production and working capital. Office—
Ave., Long Island City, N. Y. Underwriter—
Continental Bond & Share
Corp., Maplewood, N. J.
Offering—Expected sometime in November.
Price—$1.15. Proceeds—For working capital.
Glenwood Ave., Minneapolis. Underwriter
Office—1221
Oct.
,
Laboratories, Inc. v
18, 1961 filed 360,000 common shares. Price—$2.
Business—The manufacture of high
fidelity stereo tuners
and amplifiers and amateur radio transceivers.
Proceeds
—For repayment of
debt, increase in sales personnel,
Tri-State
be named.
United Scientific
Aug.
N. Y.
—To
Office—
W. 43rd St., New York. Underwriter—Sutro
Bros. &
Co., New York (managing).
of precision, plastic components. Proceeds—For
repayment of loans, advertising, equipment and work¬
ing capital. Office—175 I. U. Willets Rd., Albertson, L. I.,
five cents).
Investing Corp.
1961
the basis of $100 of debentures for each
70 shares
held. Price—By amendment.-Business-r-General real
es¬
tate. Proceeds—For general corporate
.
facture
•
18,
on
Industries, Inc.
1
1961 filed 160,000 common,
offered by the
Improvement &
(11/6-10)
,
filed $2,500,000 of 6% convertible sub¬
ordinated debentures due 1976 to be offered for
subscription by holders of common stock and
series A warrants
(mgr.).
Tri-Point
stockholders.
United
Aug.
payment of bank loans and working capital. Office—82
Main St., West Orange, N. J. Underwriter—P. W.
Brooks
&
Arthurs, Lestrange & Co., Pittsburgh.
Exposition Service Co.
/
United
and
Business—The
Office—625
deben¬
ment, research and
150,-
company
subord.
conv.
tures due 1971. Price—At
par. Business—Manufacture of
precision machined parts for the
aircraft, missile, elec¬
tronics and nuclear industries.
Proceeds—Debt repay¬
motels, apartment
(11/6-10)
250,000
Chicago.
Nov.
Products Corp.
Sept. 28, 1961 filed $600,000 of 6%
(mgr.).
be
McDowell,
late
United Aero
buildings arid a small., business investment company.
Office—375 Park Ave., N. Y. C. Underwriters-Lee
Hig-
Eastern
Bldg.,
Houston, Tex. " Underwriter—Dillon, Read & Co. Inc., N. Y."
/
Texas Electro-Dynamic Capital, Inc.
Oct.
operation of
equipment.
Templetonr Damroth Corp.
Sept. 28,
The
—
ginson Corp., N. Y. C:
Price—By amend¬
Business—The furnishing of data
processing, dis¬
Proceeds
Transcontinental Investing Corp. (11/13-17)
Aug. 25, 1961 filed $10,000,000 of 6Y2% convertible sub¬
ordinated debentures due 1981.
Price—By amendment.
common.
semination and display services. Proceeds—For the
sell¬
ing stockholders. Office—445 Fairfield Ave.y Stamford/
design, manufacture
towers.
Union Trust Life Insurance Co.
Sept. 25, 1961 filed 300,000 common.
Price—By amend¬
ment. Business—Sale of
life, and health and accident in¬
surance.
Proceeds —For investment.
Office
611 N.
Broadway St., Milwaukee. Underwriters—H. M.
Bylles-<
by & Co., and Straus, Blosser &
Price—By amend¬
•
writer—Globus, Inc., N. Y. (mgr.).
Teleregister Corp.
Sept. 1, 1961 filed 280,000
(11/13-17)
working capital. Office — 2700 Hawkeye Dr.,
Sioux City, Iowa. Underwriter—,C. E.
Unterberg, Towbin Co., N. Y. C.
(mgr.). ;
Under¬
<
Co.
common.
debt and
Business
working capital and expansion. Office—222 N. Cen¬
Ave., Phoenix. Underwriter—None.
tral
Aug. 24, 1961 filed 125,000
ment. Business—The
July
Office—100
For
(mgr.).
61
Proceeds—For debt
of
food, tobacco products and beverages through auto¬
vending machines. Proceeds—For repayment of
debt. Office—410 Park
Ave., N. Y. Underwriter—Hemp¬
hill, Noyes & Co., N. Y.
matic
Triton Electronics,
Inc.
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and
31,500 by stockholders.
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research and
U. S. Controls, Inc.
Sept. 28, 1961 filed 120,000
Price—$2.25. Busi¬
control systems.
Proceeds—For repayment of debt, a sales and advertis¬
ing program, research and development, equipment and
working capital. Office — 410 Fourth Ave., Brooklyn.
Underwriter—N. A. Hart & Co., Bayside, N. Y.
ness—The
development, advertising/ and working capital. Office
Ave., Woodside, N. Y. Underwriter—Neth¬
erlands Securities Co., Inc., and Seymour Blauner &
Co., N. Y.
—62-05 30th
manufacture
common.
of
automatic
United States Crown
Corp.
Aug. 22, 1961 filed 150,000 common. Price—$8. Business
—The manufacture of specialized bottle
caps. Proceeds—
For equipment, working capital and
general corporate
•
Tropical Gas Co., Inc. (10/30-11/3)
Sept. 8, 1961 filed 135,000 common, to be offered for
subscription by stockholders on the basis of one share
for
investment.
Office—30
N.
LaSalle
St.,
Chicago. Underwriter—None.
★
Thoroughbred Enterprises, Inc. (10/30-11/3)
2, 1961 filed 85,000 common shares.
Price—$4.
The breeding of thoroughbred race horses.
Proceeds—To purchase land, build a stable, and buy
additional horses.
Office—8000 Biscayne Blvd.,, Miami,
Fla. Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,
and New York City.
June
Business
Corp. (10/30-11/3),
Aug. 18, 1961 filed 200,000 common shares.
Sept.
Business
books. Proceeds—Debt repayment,
expansion and work¬
Gables,
Underwriter—Glore, Forgan & Co., N. Y. (mgr.).
True
—
Thurow Electronics, Inc.
July 20, 1961 ("Reg. A") 41,500 class A common shares
(par $2.50) and 83,000 class B common shares (par $1)
in units consisting of one class A and two
to be offered
class B
Office—437 Boulevard, East Paterson, N. J.
Underwriter—Adams & Peck, N. Y. (mgr.). Offering—
Expected in November. *
•
Proceeds—For
each
six
common
held.
Price — By
amendment.
Proceeds—For the repayment of debt, and
working capi¬
tal.
Office—2151
Le
Jeune
Rd., Coral
process
purposes.
Fla.
U.
Price—$5.
—
The installation and operation of
plant to
frozen concentrated juices in bulk. Proceeds—•
ing capital. Office—480 Lexington Ave., N. Y. Under¬
writer—Douglas Enterprises, 8856 18th Ave., Brooklyn.
For installation of
equipment and working capital. Office
—1206 Tower Petroleum
Bldg., Dallas. UnderwriterDallas Rupe & Son, Inc., Dallas
(managing).
U. S. Markets, Inc.
July 31, 1961 filed 200,000
•
000 shares
Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
•—For repayment of loans and inventory. Office — 121
S. Water St., Tampa. Underwriter — Miller Securities
Corp., Atlanta. Ga.
★ Tidewater Lumber Co.
•
Oct. 23, 1961 filed 200,000 common. Price—$5. Business
—Wholesale lumber company. Proceeds—For debt re¬
Sept.
working capital. Office — 1600 Hillside
Ave., New Hyde Park, N. Y. Underwriter—Rubin, Rennert & Co., Inc., N. Y.
payment
and
★ Tip Top Products Co.
(12/12)
Oct. 23, 1961 filed 121,778 class A and 130,222 class B
common. Price—By amendment.
Business—Design and
manufacture of hair
care
items. Proceeds—For the sell¬
ing stockholder. Office—16th and Cuming Sts., Omaha.
Underwriters—White, Weld & Co., Inc., N. Y., and First
Nebraska Securities Corp., Lincoln.
★ Topsy's
Turner
27,
United
Engineering & Automation Corp.
("Reg. A") 75,000 common. Price—$4.
electronic
devices
and
com¬
Office—209 Glenside Ave., Wyncote, Pa. Un¬
derwriter
Valley Forge Securities Co., Inc., Phila.
Offering—Expected sometime in December.
—
common.
International, Inc.
«
ment. Business—The company
of roads and the sale of
sand,
,
★
t
Education, Inc. (10/30-11/3)
July 28-1961 filed 100,000 capital shares. Price—$4.75.
Business—The production of self instructional courses
Tor
and
devices. Proceeds—For
purchase of equipment, new
products and other corporate purposes.
Office
65 Pros¬
1961 filed 160,000
common.
Price—By amend¬
;
/
*
Inc.
Univend Corp.
Sept. 29, 1961 ("Reg. A") 115,000 common. Price—$2.50.
Business—Operates coin-vending machines for food and
drink. Proceeds
For expansion and working capital.
Office—280 O'Brien Place, Brooklyn, N. Y. Underwriter
—Ezra Kureen Co., N. Y. Offering—Expected in Nov.
—
is engaged in the paving
crushed rock and transitmix concrete. Proceeds—For the selling stockholders.
Office—2800 S. Central Ave., Phoenix, Ariz. Underwriter
—William R. Staats & Co., Los Angeles (mgr.). Offering
—Expected in late November.
•
Universal
*
Data
Processing Corp. (11/6-10)
("Reg. A") 100,000 common. Price—$3.
Proceeds — For debt repayment, equipment, leasehold
improvements/and working capital. Office—2600 E. 12th
St., Los Angeles. Underwriter — Holton, Henderson &
Co., Los Angeles.
v
Continued on page 62
Sept.
•
Union Title Co. (11/20-24)
Aug. 28, 1961 filed 150,000 capital shares. Price—$7.50.
Business—The insuring of real estate titles. Proceeds—»
•
Kansas City, Mo.
Underwriter—Waddell & Reed, Inc., Kansas City, Mo.
Offering—Expected in early November.
December.
Aug. 22,
("Reg. A") 60,000 class A common. Price—
Business—Operates catering companies. Proceeds—
For working capital. Office—208 Nichols
Rd.^Kansas
City, Mo. Underwriters—George K. Baum & Co., and
Midland Securities Co., Inc., Kansas City, Mo.
.
;-
investment. Office—20 W. 9th Street,
Union Rock & Materials Corp.
Oct. 16, 1961
corporate
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutuaHund. Proceeds—For
Price—$4.
Business—The manufacture of outdoor plastic
signs and
urethane foam. Proceeds—For
equipment, repayment of
debt, inventory, additional personnel, advertising and
Underwriter—Amos Treat & Co., N. Y. Offering—In
$5.
general
States
United Variable Annuities Fund,
Inc.
Sept. 19, 1961 filed 150,000 class A
late
Proceeds—For repay¬
Plastics, Inc.
Sept. 7, 1961 filed 190,000 common, of which 150,000 will
be sold by the company and 40,000 by a stockholder.
Price—$3. Business—The sale of plastic items, power
tools, adhesives, hardware, etc. Proceeds—To repay debt.
Office--750 W. 18th St., Hialeah, Fla.
UnderwriterRoman & Johnson, Fort Lauderdale (mgr.).
1961
Plastics
area.
loans, working capital and
pected sometime in November.
ponents.
Ultra
of
purposes.
Office—60 Fallon Street, Oakland, Calif. Un¬
derwriter—Stanley Heller & Co., N. Y. Offering—Ex¬
Business—Manufactures
•
shares, of which 160,by the company and 40,000
common
to be offered
stores in the San Francisco
ment
ing—In December.
shares. Price—By amendment. Proceeds
are
shares by a stockholder. Price—$5. Business—The
op¬
eration of a chain of supermarkets and other retail food
development, and working capital- Office—1346 Con¬
necticut Ave., N. W.( Washington, D. C. Underwriter—
Sandkuhl & Co., Inc.,
Newark, N. J., and N. Y. C. Offer¬
common
S.
Electronic Publications, Inc.
26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Publishing of military and industrial hand¬
Taste
*
28,
1961
-AsU-Mr.
,#1?*'
I
i v*
A
%
/
62
Chronicle
The Commercial and Financial
(1834)
.
.
Thursday, October 26, 1961
.
'■i
A
Universal
/
Laboratories Goi-p.
Electronics
Sept. 28, 1961 filed 90,250 commou, of which 76,250 will
be sold iy the company and 14,000 by stockholders. Price
>
*s
va
amendment. Business—Design, development and
production of teaching machines. Proceeds—For produc¬
tion expenses, advertising, marketing etc. Office—510
—By
?!
'Hudson
■
"
•
»; y
lighting
,—Manufacturer of
.
■.
i'?
Lighting Products, inc.
../
fixtures
and
.>
■
Price
("Reg. A") !80,000 common.
1961
Sept. 5,
;
—
$3.
high performance silicon /
2055 Pontius, Los Angeles. Under- :
Business—The development of
.
Office
rectifiers.
*
—
/>. writer—Kerns, Bennett & Co., Inc., N. Y.
Universal Surgical
•
one
share
for
f.'j
i ,li
U
%
each
30
held
shares
of
,:
Sept. "28, 1961 filed 120,000 common. Price—$2.50. Busi¬
ness—Importing of compact appliances and stereophonic
radio and phonograph consoles. Proceeds—For working
capital.
Office—16 W. 32nd Bt., N. Y.
Underwriter—
h|
I-''
Co., N. Y. Offering—Expected in mid-
Samitas &
Dean
-
December.
•'
A")
1961 ("Reg.
Operation
18,
—
! l<'
\i
Hemes
Val-U
V
Corp. of Delaware
Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
homes. Proceeds—For working capital. Office—765 Riv-
J|!
H'
f
.
;
St., Patecson, N.J. Underwriter—Stearns & Co., N.Y.C.
(mgr.). Offering-^In early November.
er
Valley Gas Production, Inc.
.(11/20)
Sept. 22, 1961 filed 19L000 common. Price—By amend¬
ment. Business—Acquisition >of natural gas and oil pro¬
ducing properties. Proceeds—Construction, repayment of
ii,
o,
debt and investment in subsidiaries/ Office—583
VII
! I"
•
M & M
& Co.,
Bldg., Houston, Tex. Underwriter—White, Weld
/'N. Y.
"
■'
'A
•
Valley Forge Products,
Inc.
corporate
purposes.
Office—370 19th
Brook¬
St.,
lyn, N. Y. Underwriter—Herzfeld & .Stern, N. Y.
• Valley Metallurgical Processing Co.
23, 1961
ment.
5t"
!
amend¬
Business—Production of
metal powders
for the
rocket, munitions and pyrotechnics industries. Proceeds
—For debt repayment and general corporate purposes.
Office—Essex, Conn.
Underwriter—McDonnell .& Co.
>5
of
industrial ;and_
Valley Title & Trust Co.
Working capital. Office—9229 Sunset Blvd., Los
Mold
Vulcan
Iron
&
ness—Manufacture
of cast
•
iron ingot molds, stools, etc.
10
id
•
(The)
Valtronic
Corp.
Sept. 29, 1961 ■ ("Reg. A") 62,500 .common. Price — $4.
Business—Design and manufacture of medical and den¬
11
*
Proceeds—For machinery, debt repay¬
ment, expansion and working capital. Office—375 Wal¬
ial equipment.
{•!
.
'»•-
'
ton
Ave., Bronx, N. Y. Underwriter—Fred F. Sessler &
Co., Inc., N. Y.
•
iii
•//
<
Vati-Pak, Inc.
common. Price—$15. Business
—A nation-wide and overseas non-regulated freight for¬
Sept. 15, 1961 filed 140,000
a
A
warder
-''/
'
engaged
in the forwarding of household goods.
Proceeds—To repay debt,
purchase metal containers, and
working capital. Office — 542 Insurance Ex¬
change Bldg., Des Moines. Iowa. Underwriter—Hodgdon
& Co., Inc.,
Washington, D. C. Offering—Expected some
time in January.
„
increase
»'»'«
,
A
,
•
•
»;
Vending
International, Inc.
July 27,
1961 ("Reg. A") 70,588
cents). Price—$4.24. Proceeds
shares (par
repayment of
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W„ Washington,
D. C. Underwriter—H. P. Black &
Co., Inc., Wash., D. C.
'Offering—-Expected in late November.
"■'t
10
common
—
For
Vendotronics Corp.
Sept. 1,
1961
("Reg.
(11/6-10)
A") 150,000 common.
Price—$2.
V \
:!.
Business—The manufacture of automatic
popcorn vend¬
ing machines. Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
r.K
i-V1
„
<*
purposes.
u'
v
Office—572
Merrick
Rd.,
Lynbrook,
N.
Y.
Underwriter—B. G. Harris & Co., Inc., N. Y.
/•
■
Venus
Oct.
tronic
23,
Research, Inc.
ment
Drug Distributors, Inc.
2, 1961 filed 168,000 common, of which 120,000 are
Underwriter—Weil & Co., Inc., Washing-
A:-..,;-;"
:•
.
•
,
(11A6-10)
molding of
pay merit
plastic materials.
Proceeds—'For debt .re¬
and general (corporate purposes. * Office—=180
Kingsland Rd., .Clifton, N. J. Underwriter—(Investment
Planning Group, Inc., East Orange, N'AJ.-"- '
/ "- i
aircraft, missile and related industries. Pro¬
of loans, purchase of equipment
and inventory, working capital and general corporate
purposes. Office—79 Franklin Turnpike, Mahwah, N. J.
Underwriters
Martineffi & Co., New York and E. R.
ceeds—For repayment
;W31Iner's Liquors
-
A A/-
•
//virA/A
13, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—'Operation of a chain of liquor stores. Proceeds
Sept.
—
equipment and inventory, and acquisition and
working capital. Office—596 Orange St., Newark, N. J.
Underwriter—First Weber Securities Corp., N. Y. ; A /■ '.
—For
Davenport & Co., Providence, R. I.
Corp.
30, 1961 (letter of notification) 100,000 shares of
stock (par one cent). Price—$3 per share. Busi¬
The manufacture and installation of highway
Wincheli Doughnut House, Inc.
common
a
—
Sept. 26,
tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y. Underwriter—Amber, Burstein .& Co.,
40 Exchange Place, New York .5, N. Y. r »
1 r
90,000 common. Price—By
1961 filed
ment. Business
signs. Proceeds—For the reduction of debt, sales promo¬
Inc.
and
ic Wiggins (Plastics,-Inc.
/■'//
Oct. 20, 1961
(''Reg. A") 100,000 oommon. Price—$3.
Business—Custom compression, transfer
and injection
ment for <the
Wards Co.,
,
ton, D. C.
1961 (filed 65,000 common..shares. Price —• $5.
Business — The manufacture of ground support equip¬
•
A
Proceeds—For -expansion, pub¬
marketing, product develop¬
working capital. Office—4903 Auburn Ave.,
system analysis.
Bethesda, Md.
July .26,
ness
:
lication of technical papers,
cents).
Wald
Inc.//
1961 filed ,65,000 common. Price—*$3.75, Business
—Rendering of .consulting services pertaining to elec¬
Oct. 5,
count
•
234 E. Reservoir
.
White Electromagnetics,
& Lynch, Pittsburgh.
—
amend¬
Sale of doughnut mixes to franchised
operators of doughnut shops leased from the company.
selling stockholder. Office—1140 W.
Main :St., Alhambra, Calif. Underwriter—McDonnell &
Co- Inc.. N. Y.
.:'=••■
• •' ,
• -/ ■
/ .a,
'/■A/,:- :yj-
Proceeds—For the
.
(11/13-17)
•
Windsor
1961 filed 110,000 common. Price—By amend¬
ment. Business—The retail sale of radios, TV sets, re-*
(Kay), Inc. (11/27-12/1)
Sept. 28, 1961 filed 200,000 (Class A common. Price—By
Proceeds—For
amendment. Business—Manufacture and sale of women's
Sept. 15,
frigerators, stoves, air conditioners, etc.
working capital and other corporate purposes. Office—
dresses.
Proceeds—For
selling (Stockholder.
.'Office—
Deane
•
& Boyce,
Warshow
St., Richmond, Va. Underwriter—Stein
Baltimore.
(H.)
& Sons, Inc.
wear.
the
selling stockholders.
Office—
Price—$2.
St„ N. Y. Underwriters—Lee Higginson Corp.
and P. W. Brooks & Co., Inc., N. Y. (mgrs.).
Waterman
Inc.
women's
45 W. 36th
•
Texprint,
Aug. 25, 1961 filed 265^000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.
1961 filed 285,000 class A. Price—By amend¬
Proceeds—For
a
St., New Bedford, Mass. Underwriter—.Lee Hig¬
ginson Corp., N.Y. >
Windsor
(11/6-10)
ment. Business—The manufacture of fabrics for
—
1
Milwaukee.
1961 ("Reg. A") 100,000 common shares {(par
Price—$3.
Business—The operation of dis¬
merchandising centers. Proceeds—For ,repayment
of loans, expansion and working capital. Office—691 E.
Jericho Turnpike, Huntington Station, N. Y.. Underwriter
—Herman & Diamond, N. Y. Offering—Imminent^0
v
June
—
Ave., Milwaukee. Underwriter—Robert W. Baird & Co.,
/a:'"-/,-.
Stores, Inc.
stockholders.. Office
—For :selling
Latrobe, Pa. Underwriters—Singer, Deane &
Wainrite
,-•// ,■'• /
Weyenberg Shoe Manufacturing Co.
construction and working .capital. Office
Proceeds—For
Angeles,
•
V4
.& Co., N. Y.
Sept. .29, .1961 filed 100,000 eommon. Price—By amend¬
ment. Business—iManufacture of men's shoes. Brocereds
Co.
fthe
>.
Calif. Underwriter—Bear, Stearns
Sept. .29, 1961 filed $3,500,000 of 6% convertible subor¬
dinate debentures due 1981. Price—By amendment. Busi¬
Aug. 30,
acting as trustee and escrow agent. Proceeds—For
working capital, reserves and other corporate purposes.
Office—1001 North Central Ave,, Phoenix, Ariz. Under¬
writer
Louis R. Dreyling & Co., 25 Livingston Ave.,
New Brunswick, N. J. Offering—Imminent.
-
v
...
(11/13-17)
—A
Bros.
(11/6-10)
;• <•
;
Corp.
music. Proceeds—For Pooling, pro¬
duction, engineering, inventory and sales promotion of
its products and for working capital. Office — 1230 E.
Mermaid Lane, Wyndmoor, Pa. Underwriters —- John
Joshua & Co., Inc., and Reuben Rose & Co., New Yprkv
of background
1961 filed 120,000 common shares. Price—$5.
Business—The writing and selling tof title insurance and
13,
line.
Sept. 21., 1961. filed 985,500 common. Price—$11. Business
small business investment company. Proceeds—-For
.
2049 West Broad
Inc., N. Y.
June
and servicing
<
.
Westland Capital
-
Price—By
filed 70,000 common.
Diego, Calif.
100,000 class A shares. Price —• $3.
equipment,
installation
sale,
Semiconductors,
commercial -.communications equipment and the furnish¬
March
(11/20-24)
—By amendment. Business—Manufacture of automotive
replacement parts. Proceeds—For repayment of debt and
Oct.
*.(11/6-10)
Western
Business—The manufacture of electronic test
Walter Sign
Sept. 15, 1961 filed 120,000 class A capital shares. Price
other
Electronics Corp.
Voron
'July 28, 1961 filed
Scribner and Moore, Leonard
31,097 common. Price—$5.
Business
of a discount department store.
Office—3629 N. Teutonia Ave., Milwaukee, Wis. Under¬
writer—Continental Securities Corp., Milwaukee, Wis.
Sept.
..
•
Madison Avenue, New York.
N. Y.
'
Address—847
—Ave. E.,
U-Tell Corp.
to
i /!'
i
(11/20-24), /
Sept. 20, 1961 ("Reg. A") 100,000 -capital .shares. Price—
$3, Business—Manufacture of semi-conductors for com¬
mercial and military use. Office—605-G Alton St., Santa
Ana, Calif. Underwriter—Currier & Carlsen, Inc., San
ing
• Uropa International, Inc.
•,
i
v
!
patented heat and mass transfer system. Proceeds—For
equipment, filing of patents, inventory, advertising and
Underwriter—Glass & Ross, Inc.,
—
St. Louis.
j;
!
City, Utah. Underwriter-^Elmer' K. Aagaard, 6 Salt Lake
Stock Exchange Bldg., Salt Lake City. /
;
/v:.
*
equipment manufactured by others. Proceeds—For re¬
payment of debt. Office—9107 Wilshire Blvd., Beverly
Hills, jCalrf. Underwriter—Dempsey-Tegeler & Co., Inc.,
y.
health centers for men and women.
July 27, 1961 ("Reg. A") '96,000 common shares (par one
cent).
Price—$2.50. Business—The manufacture of a*
the
Business
'/
Proceeds—The" \. ,'/-:'Western
Factors, Jnc. V/- /'-/
//■; * *.
will use its part of the proceeds for the open¬ June
29, 1960 filed 700,000 shares of common stock. Prica
ing of new gymnasiums and the promotion of home ex- - —$1.50 per share. Proceeds—To be used principally'for
ercise equipment. Office—375 Park Ave., N. Y. Under¬
the purchase of additional accounts receivable and also
writer—S. D. Fuller & Co., N. Y.- ' • /
may be .used to liquidate current and long-term liabil¬
ities.
Office — 1201 Continental Bank Bldg., Salt Lake
• Vol-Air, Inc.
(11/1)
Sept. 1 wfth rights to expire Nov. 2. Price—$6.65.
Sale of medicine, surgical and laboratory
record
i
of
basis
-the
on
iA'
v
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—Morris Cohon & Co., N. Y.
promotion.
Supply inc.
1, 1961 filed 100,000 common being offered • to'
stockholders of Houston Fearless Corp., parent company,
*
units, .each consisting of $100 of' debentures
Price—$200 per unit. Business—
General real estate Proceeds—'For ddbt repayment and
in
and 20 common shares.
Aug.
,y
Sept. 28, 1961 filed $1,500,000 «of 7% (convertible subord.
debentures due -1976 :and 300,000 common/shares to be
Inc.
company
Rectifier Corp.
Universal
iif
*
,
Development Corp.
offered
and
displayand j
.pected sometime in December-
it
Land
shares by the present holder thereof. Price—$9.50ABusi--A
ness—The operation of a national chain of gymnasiums
Business
capital. Office—.55 Bergenline Ave., Westwoed, N. J.
Underwriter—'Globus, Inc., N. Y. (mgr.). Offering—Ex-
r
u
Westates
11, 1961 filed 320,000 shares of class A common
(par 10 cents) of which 160,000 shares will be
offered for the account of the company and
160,000
"
!?;•
(managing).
Los Angeles
stock
-merchandising -equipment for use in gasoline service
stations. Proceeds — Repayment of debt and working
»
purposes.
May
-.A
^
.Sept. 21, 1961 filed 175,000 common. Price—$1.
.
&
■
°Vio Tanny Enterprises,
be
Underwriters—To
.*■
' •'
J.
N.
Hackensack,
V-v'
Universal
T-'
f:. i
St.,
named.
li >
^
Office—3300 West Olive < Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
corporate
Price—s$5.
A
•
sold by
Proceeds—For general
primarily in California.
centers
the company and 48,000 by stockholders.
Business—Wholesale distribution of cosmet¬
ics. Proceeds—For new product development, advertis¬
ing and working capital.
Office —- 4206 W. Jefferson
Blvd., Los Angeles, Calif. Underwriter—Garat «& Polo-'
nitza, Inc., Los Angeles.
■•*'
;
be
to
Continued from page 61
-
A
(11/27-12/1)
Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
Steamship Corp.
textile
Business—The printing of towels and other
Proceeds—For repayment of loans.
Michigan Ave., Chicago, Underwriter—■
products.
Office—2357 S.
D. E. Liederman &
Wisconsin
Co., Inc., N. Y. Offering—In late Nov.
Michigan Power Co.
(11/14)
Oct. 11, 1961 filed $4,000,000 of first mortgage bonds
carrying of liner-type cargoes.
Adue 1991.
Office—231 W. Michigan Ave., Milwaukee.
Proceeds—For the purchase of vessels, and working cap¬
Underwriters—(Competitive).
Probable bidders: Salo¬
ital. Office—71 Saint Joseph St., Mobile, Ala. Under-,
mon Brothers 8c Hutzler; Halsey, Stuart & Co. Inc.; Kid¬
writer—Shields & Co. Inc., N. Y. (mgr.).
der, Peabody & Co.-White, Weld & Co. (jointly). Bids
<•
Weissberg (H. R.) Corp. (10/30-11/3)
>
—Expected Nov. 14.
Aug. 28, 1961 filed 250,000 class A common. Price—By
•
Wonderbowi, Inc. (10/30-11/3)
amendment. Business—The operation of hotels, and gen¬
Feb. 6, 1961
(letter of notification) 150,000 shares of
eral real estate. Proceeds—For repayment of loans, ac¬
common stock. Price—At par
($2 per share). Proceeds
quisition and general corporate purposes. Office—680
—To discharge a contract payable, accounts payable, and
Fifth Ave., N. Y. Underwriter—Troster, Singer & Co.,
notes payable and the balance for working capital. Office
N. Y. C. (mgr.).
—7805 Sunset Blvd., Los Angeles, Calif. Underwriter—• Wellco Shoe Corp.
Standard Securities Corp., Los Angeles, Calif.
Sept. 28, 1961 filed 125,070 common. Price—By amend¬
Wood Manufacturing Co., Inc.
ment. Business—The licensing of other firms to manu¬
July 24, 1961 ("Reg. A") 250,000 common shares (par
facture footwear and the manufacture of casual foot¬
$1). Price—$1.15. Proceeds—Foor working capital, re¬
wear.
Proceeds—For a selling stockholder., Address—
payment of loans, purchase of equipment, advertising
Waynesville, N. *C. Underwriter—C. E. Unterberg, Towand building construction. Office — 1035 Chestnut St.,
bin Co., N. Y. Offering—'Expected in late December.
Conway, Ark. Underwriter—To be named.
• Wespak Inc.
• Woodman Co.
(10/30-11/3)
Sept. 29, 1961 ("Reg. A") 100,000 common. Price — $2.
Sept. 26, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Thermo-forming of plastic material for pack¬
Business—Manufacture of precision equipment for han¬
aging of products. Proceeds—For research and develop¬
dling and packaging food products. Proceeds—Debt re¬
ment, equipment, sales, advertising and working capital.
payment, a new product, sales and working capital.
Of¬
Office
475 Alfred Ave., Teaneck, N. J. Underwriter—
fice—114 New St., Decatur, Ga.
Underwriter—D. H.
Scott, Harvey & Co., Inc., Fair Lawn, N. J.
Blair & Co., Inc., N. Y.
West Coast Bowling Corp.
World Scope Publishers, Inc.
,
May 26, 1961 filed 128,434 shares of common stock, of
ment.
Business
—
The
—
which
by the
115,000 shares are to be offered for
company
-present 'holders thereof.
Price—$9.75 per share. Busi¬
acquire and operate bowling
ness—The company plans to
common shares.
Price—By
Business—The publishing of encyclopedias
public sale v July 31, 1961 filed 300,000
and 13,434 outstanding shares <by the
amendment.
and other reference books.
debt, working capital
Proceeds—For repayment of
and general corporate purposes.
Volume
194
Number 6102
.
.
.
The Commercial and Financial Chronicle
(1835)
Office—290
Broadway, Lynbrook, N. Y. UnderwriterStandard Securities
Corp., N, Y. Offering—In late Nov.
World
July
Wide
1961
20,
Bowling Enterprises,
filed
130,U00
common
Business—The (Operation of
Electro Spectrum Corp.
Sept. 14, 1961 it was reported that this
company plans
to file a "Reg. A"
covering 100,000 common. Price—$3.
Inc.
shares.
Business—Research, development, manufacture
Price—$4.
bowling centers.
Offering—Expected
Worldwide Fund Ltd.
World
Wide
Reinsurance
First Pennsylvania
Banking & Trust Co.
Sept. 27, 1961 it was reported that stockholders
vote
.
&
Office—370 Seventh
Yankee
Plastics, Inc.
V/
("Reg. A") 100,000 common. Price
$3.
Business-^Manufactures plastic hangers and forms. Pro¬
ceeds
Fpr acquisition of manufacturing facilities and
shares
000 shares
shares by a
factures
'7.7/ "
"•
shares, of which 40,-
shares
by the company and 30,000
stockholder. Price—$11.50. Business—Manu¬
systems
oxygen
Proceeds—For
general
Sheldon St,, El
and
accessories
corporate
for
purposes;
Zim
♦
common
the basis of
on
is
expected.
one
new
to
an
know about
it
similar to those
Would
write
so
that
-
we
can
prepare
an
item
you'll find hereunder.
telephone
you
us
News
us
REctor
at
or
t7t
/77
1
Aug. 2, 1961 it was reported that this company plans to
a registration
shortly covering about 270,000 com¬
file
shares to raise
mon
$2,500,000. Business—Research,
development and production of items in the fields of
medical electronics, etc. Proceeds — For expansion and
working capital. Office—43 Leon St., Boston, Mass. Un¬
derwriter—S.D, Fuller-& ■Co., New York (managing).
Broad
was
increase
an
69,370
additional
of
reported that stockholders had ap¬
capital stock and sale of about
in
new
one
shares
to
stockholders
on.
the
basis
ghare for each 12 held of record Oct, 9, with
rights to expire Oct. 30. Price—$32.50. Office—Broad and
Thompson Sts., Philadelphia. Underwriters—Stroud &
Co., and Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia, '- v.-'o.:; -•••••
••
\r "■'/
Bush
Terminal
fered
about
Sept. 15, 1961 it was reported that registration will be
filed shortly covering about 90,000 common to be offered
to stockholders through subscription rights on l-for-10
basis. Business—The operation of warehouses, manufac¬
turing buildings, piers and railroad facilities.
Office—
100 Broad St., N. Y. Underwriter—The company said it
may make the
offering without
an
underwriter.
Chicago, Burlington & Quincy RR.
Sept. 19, 1961 it was reported that this
(10/31)
company plans
$2,400,000 of eauipment trust certificates in Oc¬
tober. Offices—5747 W. Jackson Blvd., Chicago and 39
B'way, N. Y. Underwriters — (Competitive). Probable
bidders. Salomon Brothers & Hutzler and Halsey, Stuart
to
sell
&
Co. Inc. Bids—Expected
Oct. 31.
Contact Lens Guild, Inc.
June 19, 1961 it was reported
to file
ber
of
a
that this company plans
"Reg. A" shortly covering an undisclosed num¬
shares. Business—The manufacture of
common
contact lenses. Office—353 East Main St.. Rochester, N.Y,
Underwriter—To
be named.
Offering—Expected in Dec.
Diversified Vending, Inc.
Sept. 13, 1961 it was reported that a registration state¬
ment
will
shortly covering 100,000 common.
Price—$4. Business—The servicing of vending machines
and
coin
be
filed
operated
Proceeds—For equip¬
corporate purposes. Office
kiddy-rides.
ment. inventory and general
—Philadelphia. Pa. Underwriter—T. Michael McDarby
& Co.,
Inc., Washington, D. C.
'
the
common
distribution
of
repayment
stock.
of
Business—The
automobile
loans
parts.
expansion.
and
&
J
.
$1,000,000 of
common stock. Business—The operachain of hard goods, discount
department stores
tion of
a
Office
—
Philadelphia,
Pa.
Underwriter
—
Walker & Co., Inc.,
Jersey City.——
Sonic
-
Rodetsky,
•'
;
r~
~~~
Systems, Inc.
Sept. .13, 1961 it was reported that .a "Reg. A" will be
shortly covering 75,000 common. Price—$2. Busi¬
ness—The manufacture of ultra-sonic
cleaning equip¬
ment, systems and transducers. Proceeds—For expansion
and working capital.
Office—1250 Shames Dr., Westbury, N. Y. Underwriter—Keene & Co., Inc., N. Y.
filed
Inc., N. Y.
-
Southern California Edison Co.
need
on
was
reported
that
stockholders
are
up
to
be of-
Witter & Co.
&
Co.,
*
New York Telephone Co.
(1/9/62)
Oct. 2, 1961 it was reported that this
company plans to
sell
$60,000,000 of mortgage bonds in January 1962.
Proceeds—For debt repayment and construction. Office
—140 West St., N. Y. Underwriters
(Competitive).
Probable bidders: Halsey, Stuart & Co.
Inc., and Morgan
Stanley & Co. Bids—Expected Jan. 9, 1962.
—
.
Pacific Northwest Bell
it
was
that
this
Probable
Third Ave.,
stock:
None;
bidders:
Halsey,
debentures:
Stuart
Eastern
Pipe
&
Line
(Competitive).
Co. Inc.; Morgan
Co.
(managing).
Penthouse Club, Inc.
June 1, 1961 it was reported that this
company plans to
issue 60,000 common shares.
Price—$5. Business—The
operation of dining clubs. Proceeds—For
expansion and
working capital. Office—15th and Locust St.. Philadel¬
phia. Underwriter—To be named.
Registration
Ex¬
pected about Dec. 1.
—
Aug. 22,
Service
1961
it
Co.
was
of
Colorado
reported
nounced
that
the
stockholders
—
1962. Proceeds
To
—
retire
bank
an¬
,
loans.
-
v
7 Oct. 16, 1961 it was reported that this company plans to
sell $7,905,000 of equipment trust certificates. Office—165
—.
-
■
-
Broadway, N. Y. Underwriters—(Competitive). Probable
bidders: Salomon Brothers & Hutzler and
Halsey, Stuart
& Co. Inc.
poon
Bids—Expected Nov. 29 at 12
.Southern Railway Co.
(11/14)
;
(EST);
-
v
>
Sept. 19, 1961 it was reported that this company plans
sell $4,200,000 of equipment trust certificates in No¬
>
to
vember. Office—70 Pine
St, N. T. Underwriters—(Com¬
petitive). Probable bidders: Salomon Brothers & Hutz¬
ler and Halsey, Stuart & Co. Inc.
Bids—Expected Nov. 14.
Standard
Oct.
a
&
13, 1961 it
Poor's Corp.
reported that this company will file
registration statement covering an undisclosed number
of
was
shares.
common
Business—Furnishes
advisory services.
statistical
Office—345
Hudson
and
St.,
Underwriter—Smith, Barney & Co., N. Y.
Subway Bowling 1 Recreation Enterprises, Inc.
Aug. 22, 1961 it was reported that this company plans
to sell about $1,200,000 of common stock. Business—The
company
New
the
has
York
to
subways.
exclusive franchise from the City of
build bowling and recreation centers in
Proceeds—To build the first three centers.
an
Walker
Teeco Automated Systems, Inc.
Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares.
Price.—
$3. Business—The custom, design, manufacture and in¬
stallation of automated material handling systems for
large wholesale and retail establishments and industry.
Proceeds
For expansion.
Office — 42-14 Greenpoint
Ave., Long Island City, N. Y. Underwriter—Herman
& Diamond, New York.
—
West
Feb.
Peitn
Power Co.
(3/5)
10,
1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West
Penn expects to sell about $25,000,000 of bonds in 1962.
Office
previously
plan to sell about $20,000,000 of
commop stock
through Subscription rights had been
postponed until about June 1962. Office—900 15th
St.,
Denver, Colo. Underwriter
To be named. The last
equity financing was handled on a
negotiated basis by
First Boston Corp.
to
(jointly).
Co.
Office—New York City.
Underwriter—Rodetsky,
& Co., Inc., Jersey City.
March 8, 1961 it was
reported that this company ex¬
pects to sell about $72,000,0.00 of debentures in
the late
FaH, subject to FPC approval of its construction
program.
Office—120 Broadway, New York
City. Underwriters—
Merrill Lynch,
Pierce, Fenner & Smith Inc., and Kidder
Peabody & Co., both of New York
City
Public
Gas
Southern Pacific Co. -(2.1/29)
N. Y.
Seattle, Wash. Underwriters—
For
Stanley & Co.
Panhandle
'
con¬
Bldg., Birmingham, Ala. Underwriter—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.; Blyth & Co. and Kidder,
Peabody & Co. (jointly).
-v
T
.
.
• T: . . ^
.
company
plans to sell an additional 12,990,510 common
by June 30,
1964, and several issues of debentures to refund a
$200,000.000 4Vi% demand note issued to
Pacific Tel. & Tel.
the
1961
Office—Watts
investment
Telephone Co.
announced
Natural
bonds early in
by Carl
Business—The manufacture of cosmetics.
Proceeds—For
purchase of equipment and inventory and general cor¬
porate purposes. Office—Washington, D. C. Underwriter
T. Michael
McDarby & Co., Inc.,
Office—1200
its
Oct. 17, 1961 it was reported that the
utility is contemplating the sale of $35,000,000 of 20-year first mortgage
Aug. 22, 1961 it was reported that a "Reg. A" will be
filed shortly covering 100,000 common
shares. Price—$3.
For
will.
company
(jointly); Halsey, Stuart & Co. Inc.; Kuhn,
Southern
Electric System
Laboratories, Inc.
1961
that this
Loeb & Co., Equitable Securities
Corp.
meters, truck winches, fitowers, etc. Office—11801 Mach
M. Loeb, Rhoades & Co.,
Ladenburg, Thalmann
and Wertheim &
Co., N.'Y.
•
25,
reported
$35,000,000 to finance
on May
12, 1948 was handled
a negotiated basis
by First Boston Corp., New York
City and associates. The last sale of bonds in April 1961
was bid on by
Blyth & Co.; First Boston Corp., Dean
to
subscription rights, early in 1962. Office—441 Stuart
St.,
Boston, Mass. Underwriters—To be named. The last
rights offering in April 1958 was underwritten
•
was
St., Los Angeles, Calif. Underwriter—To be named. The
a
New World
it
1961
additional
last sale of preferred stock
boats, steel
Ave., Detroit, Mich.
„
an
on
pro-rata basis to common stockholders. Busi¬
ness—Manufactures parking
Aug.
Co.
and
■
company plans
Centers, Inc.
Sept. 6, 1961 it was reported that company plans to sell
and
Washington, D. C.
Street Trust Co.
Sept. .22, 1961 it
proved
some
Proceeds—For
:tv J*'
Silo Discount
•
Nautec Corp.
Oct. 10; '1961 it
New England
Prospective Offerings
$750,000 of
re-manufacture
-
reported that this
struction program. No decision has
yet been made as to
whether the funds will be raised
by bank loans, or the
sale of preferred stock or bonds. Office—601
West Fifth
at 25 Park Place, New York 7, N. Y.
Bay State Electronics Corp.
about
was
Co., Inc., Jersey City, N. J.
Oct.; 2, 1961 it was reported that this company plans
to sell additional common stock to
stockholders through
•
sell
". ••''*'• *
industries, 'Inc.
Aug 22, 1961 it
share for each 10 held of
1 on authorizing the
company to issue
$4,000,000 of convertible debentures which would
*
'
Sixth Ave.,
May 23,
breglass
2-9570
stockholders in mid-
Office—861
Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
Shenk
to
to
common
$17,500,000.
Michigan Ave., Chicago,- 111. Underwriters—To be named.
The last public financing on Oct.
19, 1960 was handled
by Halsey, Stuart & Co. Inc., Dillon, Read &
Co., and
issue you're
Corporation
'
raise some
Office—Columbus, O. Underwriter—Rodetsky, Walker
.—
Mr
planning to register?
Department would like
San
to
"
reported that this company plans
sell about 500,000
1962
Offices—Newark,
vote Nov.
have
you
Our
was
of new money within the next six
months; A company
spokesman stated that it may be a preferred
stock, de,benture and bank loan combination. Office
122 So.
associates.'*'^!
Do
to
;
v
subsidiary of Peo¬
ples Gas Light & Coke Co., plans to raise
$50,000,000
v'
ATTENTION UNDERWRITERS!
stock
Diego Gas & Electric Co.
Sept. 12, 1961 it
Natural Gas Pipeline Co. of America
Oct. 3, 1961 it was reported that this
Navigation Co., Ltd.
20,000 of 7% participating preferred.
Price—$500. Business—Furnishing of passenger and drycargo freight services.- Proceeds—For construction and
working capital.
Office—Haifa, Israel. Underwriter—
*
San
j
Telephone Co. of California
Merrill Lynch, Pierce, Fenner & Smith
Office—113
Segundo, Calif .Underwriter—Francis J.
1961 filed
-None.
of
was
:
record
Oct. 10, with rights to
expire Oct. 31. Price—
Office—744 Broad St., Newark, N. J. Underwriter—
'
Israel
5,
Co.,
Smith
record
$35.
aircraft.
Mitchell & Co., Inc., Newport
Beach, Calif.
Oct.
&
Greeting Cards Co.
18, 1961 it
reported that this company is
plan¬
ning its first public sale of common stock. Office—Glendale, Calif. Underwriter—R. E. Bernhard &
Co., Beverly
Hills, Calif.
~
basis.
•
v
.
Oct.
National Newark & Essex
Banking Co.
Oct. 18, 1961 it was reported that
stockholders are being
offered the right to subscribe for
100,000 additional
to be offered
are
offering will be Nov. 6.
Roth
to
sale
J., and Buena Vista, Va. Underwriter—Sandkuhl
Company, Newark, N. J., and N. Y. C.
Office—29 W. 34th St., N. Y. Under¬
writer—Sunshine Securities
Inc./ Rego Park, N. Y.:
common
l-for-12
a
N.
—
working capital.
-V'.-.
on
are
split and
Georgia Bonded Fibers, Inc.
!
Sept. 14, 1960 it was reported that registration of
150,000
—
Zep Aero/
stockholders
stock
Santa Monica, Cal. Underwriters—
(Competitive). Probable bidders; Halsey, Stuart & Co. *
Inc.;
First
Boston ' Corp.-Equitable
Securities
Corp.
(jointly); White, Weld & Co.-Kidder, Peabody & Co.
(jointly); Paine, Webber,-Jackson & Curtis; Stone &
Webster Securities
Corp. Bids—Expected Dec. 11.
Ave., N. Y/ Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.
July 28, 1961 filed 70,000
to
Santa Monica Blvd.,
,
•
proposed 2-for-l
to
^ Wulpa Parking Systems, Inc.
16, 1961
("Reg. A") 75,000 common., Price—$4.
Business—Company plans to manufacture a parking de¬
vice called the "Wulpa Lift." Proceeds—To
open loca¬
-■
a
(12/11)
Sept. 27, 1961 it was reported that this
company plans
sell $20,000,000 of bonds in
December. Office—2020
«.*■,
1961
on
shares
General
Oct.
Sept. 8,
6
date for the
—
tions and increase working capital.
Nov.
394,975
Office—Philadelphia, Pa. Underwriters—Drexel
1961 filed 4,800,000 common. Price—$1. Busi¬
ness—Reinsurance.
Proceeds—For capital. Office—214
W. 3rd St., Yankton, S. Dak. Underwriter
Harold R.
Associates, Billings,. Mont.
of
Philadelphia; Merrill Lynch, Pierce, Fenner &
Inc., and Smith, Barney & Co., N. Y. Note—The
Corp.
Sept. 28,
Bell &
Advertising Notices
Appear on Page 16.
cap¬
ital.
Sept. 19, 1961 filed 100,000 common. Price—$100. Busi¬
ness—The Fund plans to invest
primarily in equity se¬
curities of foreign issuers. Office—Eank of
Bermuda
Underwriter 7- Burnham
Co., N. Y. Offering-r-Expected in December/ -.
Dividend
mar¬
Office—300 Gramatan
Ave., Mt. Vernon, N. Y. Un¬
derwriter—Harry Rovno (same address).
in Nov.
Bldg.,. Hamilton,. Bermuda.
and
keting in the fields of optics, electronics,
chemistry and
photography. Proceeds — For organizational
expenses,
building lease, machinery, inventory and working
Proceeds—
,For repayment of debt, expansion and
working capital.
Office—2044 Chestnut St.,
Philadelphia. Underwriter—
Fraser & Co., Philadelphia.
63
—
800
Cabin
Hill
Drive,
Hempfield
Township,
Westmoreland County, Pa. Underwriters—To be determined by competitive bidding. Probable bidders: Halsey,
Stuart & Co.
Inc.; W. C. Langley & Co.; Lehman Broth¬
ers; Eastman Dillon, Union Securities & Co., and'First
Boston Corp. (jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). Bids—
Fynppfp/1
MTuppIK
IS
1M9
1
#
Financial Chronicle
The Commercial and
64
.Thursday, October 26, 196U
.
(1836)
COMING-
WASHINGTON AND YOU
^
EVENTS
BEHIND-THE-SCENES INTERPRETATIONS
NATION'S CAPITAL
FROM THE
IN INVESTMENT FIELD
part of urban residents with
backgrounds. This desire is
WASHINGTON, D. C.—Farm real
the
prices in this country con¬
tinue to increase. Voluntary sales
farm
estate
a low
several years.
As a matter of
fact, such sales
have been at the lowest level in
level
has been at
land
such
for
past
the
for
nearly 30 years.
at
the
same
foreclosures
farm
continue
sales
distress
other
and
of
rate
The
degree that has
Tow
1940's.
prevailed since the early
Service
of the Department of Agriculture
shows
that during
the past 10
years,
farm
real
estate
(land,
buildings
and
improvements)
The Economic
have increased
a
third more
the consumer price index.
equivalent to an average
.than
is
This
increase of 3
%
If
from
returns
is a hitch here.
production have de¬
anaual rate of about
there
However,
Returns from
clined to an
a
the
decline was
year
Land
1955-60. In 1960
from
4%
vs.
only 3.3%.
been
long
Jiedge against inflation. However,
the records of the Department's
Service shows
capital apprecia¬
Economic Research
rate of
its
that
considerably
tion
has
been
than
has
occurred with
less
common
stocks.
,
purchasing
in
gain
net
The
1950-60
* of
500 common stocks
19.2% annually for the
period,
compared with
3% for
farmland. Dividends from
power,
averaged
stocks
averaged a little less than
earnings from farm¬
did. annual
but
land,
the' combined return
gains and from divi¬
about three times that
from caoital
dends was
farmland.
j
hand, however,
savings and other tax-shelter
from
the
On
tax
other
landownership have
provided a third type of return
to owners in certain tax situations
that is not available to owners of
common
stocks. Thus, " the op¬
portunity to treat certain expen¬
ditures as current operating ex¬
penses under Federal income tax
laws,
along
with
depreciation
allowances
for
farm structures
and equipment,
can result in a
lower tax rate
on farm income
features
than
on
The
of
income
research
from dividends.
that
showed
on
real estate in Florida
farmlands
and
improve¬
(all
ments) with an average market
value of $667 was the highest in
state in the Nation. The aver¬
age in North Carolina was second
highest at $588 an acre; Cali¬
fornia third with an average of
any
fourth with an
basis
wishes
operations himself.
the
the
Ownership
and
capital investment in
landowner-
still a different
of nonfarmer demand.
ship has attracted
developments
in
accelerated the mi¬
gration pattern. from farms to
cities. As a result, this has tended
to generate a continuing interest
an the ownership
of farmland on
agriculture
Association
farmland. " For
.
tripled their out¬
their
and
farmers
4,000,000
families. Because production con¬
it does
tinues to increase per acre,
not of
to
it
abundance
great
the
clothe the population
to feed and
as
take as many acres
course
produce
did.
once
.
.
•
National
today—hadn't seen him since
Herb Boople
"Ran into
him
talked
Savings Banks 42nd annual con¬
ference at the Olympic Hotel.- *
McDog Common."
investing in
into
Sept. 23-26, 1962 (Atlantic City,
become
and
more
anized by
cade
ago.
smaller
of
be
acreage
less
units,
farm
plete
26%
only
than
com¬
frequently
have buildings, and are often pre¬
dominantly
cropland
pasture
or
land.
•v; About two-thirds
land
of the farm¬
this
in
buyers
1960-61
in
country
de¬
two-thirds
sales
all
of
involved
mech¬
more
agricultural technology.
One
for
reason
is
this
be¬
great production per
of The
prior
period
given
continue to be the chief source of
credit
to
finance purchases.
:
-
of Farmland Sales
sample
national
A
from the nation
about
of
2,800 sales of farmland for
which
may
own
the intended use was for purposes
agriculture
than
other
was
expectations
are
nomic
March, 1960 and March, 1961. The
classification of nonfarm uses in¬
several
comercial uses,
uses.
Prices
recreation,
.
,
less
than
acre
an
for
and
private
$3,000 an acre or
acreages
and
reflect
Capital and
s
recreation, to
more for small
intended for residential
study of some of the
sales of
March, 1961, showed that in most
areas of the country, significantly
country
those without buildings.
areas
The
shows
of
study
that
a
the
than
by the economists
major share of all
several areas
of the country has been for enlargment of existing farms. Na¬
tionally, 46% of the sales reported
land
Mutual
Savings Banks 43rd' annual con¬
ference at the Hotel Statler.
Geo. K. Baum:
...
views.]
Oppenheimer
have
been named
firm of
Regional Repre¬
Oppenheimer & Company
its mutual fund, Oppenheim¬
Staff
The
appointed
newly
heimer
married
and
has
a
son.
;
Bldg., members
Commerce
of the Midwest
Inc.,
Roulston,
&
Carey
Gunn,
Stock Exchange.
purchases
in 1960-61
were
in
for this purpose,
hem.
He will
The investment firm's main
offices
are
at
25
Broad
,f O'Neill
;•
V (Special to The Financial Chronicle)
B O S T O
With Cruttenden, Podesta
Podesta
Water
Street. He
was
with
man
111.
—
Maurice
pre¬
Nor¬
& Co. has been formed
offices
2641
at
Maurice
with
West Peterson,
Kusay Securities
a
Y:CV'C-''r Cvf
of the firm,
Street,
a,
securities
business from offices: at
15801 So.
is
Co.
engaging
Halsted. L.
K. Lawrence Co.
Forms
City.
from
a
&
Perkins,
branch
office
Inc.,
at
has
912
business
Wal¬
So'.
Columbus
lace
Avenue,
the
Southwest,
management
of
Ave.,
of K. Lawrence
name
securi¬
a
offices
opened
Bob
,
at 513
under
,
the
and Co.
under
William
H.
Attention
New York
Miss.—William K.
conducting
Lawrence is
ties
son
princi¬
a
v--.C'C ■V
of the firm.
pal
in
F. Kusay is
LOUISVILLE,
Davis, Pearson Branch
Securities
111.—Kusay
HARVEY,
to
securities' business.
Dorman is
a
principal
in
engage
&
Curtis.
710
Form Maurice Norman Co.
CHICAGO,
he was
Jackson
Webber,
Paine,
80
Inc.,
Co.,
&
O'Neill
with
affiliated
become
Federal Street. In the past
Co.,
&
"Mass!—ClarenceL.
N,
has
Clark
George,
(Special to The Financial Chronicle)
is HUNTSVILLE, Ala.—Davis, Pear¬
headquarters in Bethle¬
Gene Hufford
MjW esternrStates .Regional mana-*
CLEVELAND, Ohio—Clemens E. gej^'with:bffi<^s! atr818il7th Stu ■:
Gunn, Jr., has joined the staff of
Oppen¬
Executive
Regional
Co." and. the. associa¬
them, of
with
tion
acquisition
the
announced
(Special to The Financial Chronicle)' .; *' ,<r
\
Fund, Inc.
•
oL Walter &
viously with Walston & Co., Inc.
BETHLEHEM, Pa.—J. Ray Home
er
;;
Joins Gunn, Carey
North
and
Co., Inc.
Cruttenden,
With
has
&
Borton
now
not coincide with the "Chronicle's" MILWAUKEE, Wis.—Martin Nadler
has
become
connected with
make his
commercial purposes.
most
vv;
■
Association; of
National
Denver Office
Ohio
CLEVELAND,
may or
.
from
ranged
and
for land to be used
growing pulpwood and timber
$100
to
residential
and sentative (Allentown-Bethlehem)
as well as timber- of the New York Stock Exchange
private
lands,
public
(Special to The Financial Chronicle)
Union
ob¬
by the Department's Eco¬
Research
Service for
tained
Now With L. A. Caunter
'
"behind the scene" interpretation
the
Study
for
The
land.
for
with any likely to be realized.
[This column is intended
to
World
II.
War
(Boston,
1963
C -Xv'
Stern.
Campbell is
today as compared
acre
Irwin
of
management
the
under
;
1,
27-May
Mass.)
April
ELLENVILLE, N. Y.—First Mon¬
ticello Corporation has opened a
branch
office at 122 Canal St.,
About
farmers.
were
First Monticello Branch
a
.Department of Agriculture,
Expectations of further capital
point out that few
appreciation of farm real estate
agricultural uses of land can com¬ appears to be a paramount reason
pete successfully with nonfarm underlying - the current demand
uses.
C,
nual convention.
de¬
Such purchases tend to
with
compared
economists
cause
c
N.J.)
American Bankers Association an¬
some
clined,
;
j
—
Paul G.
affiliated with DENVER, Colo.—George K. Baum
credit,
and
the
average
but the farms are getting
downpayment was about a third L. A. Caunter & Co., Park Build¬ & Co. of Kansas City, members
and bigger as the farms
of
the
purchase
price.
Sellers ing. He was previously with Ross, of the Midwest 'Stock;: Exchange,
The number of farmers has
bigger
*:
(Seattle, Wash.) i ;
Association of Mutual
May 6-9, 1962
resulted in rising
nrices. Indications are there will
be continued speculative interests
as the population continues to in¬
Farmers have
St. Anthony
Hotel.
in¬
this
put
per
manhour
since 1940.
Agriculture is a vast enterprise
in our country. It includes some
America,an¬
of
meeting at the
'
nual
has
it
reason,
Bank¬
Texas Group of Investment
nonfarm uses has gen¬
in
terest
1962 (San Antonio,
8-10,
Tex.)
two differing levels of sales prices
exist for irrigated land, nonirridecades has made it possible for
many city workers
and business gated cropland, and pasture land.
Irrigated
land; commands
the
and professional men to fulfill a
smallest premium
over nonirridesire to own land. This may take
gated
land in the
Corn Belt,
the form of a farm to be operated
where differences in income be¬
strictly as a business venture, a
tween
the
two classes
of land
"hobby" farm that carries with it
were
relatively
small in
most
prestige and country-estate living,
years.
Properties with buildings
or a summer vacation retreat, the
study
shows.
Opportunities for brought higher average prices in
Technological
April
v
substantial speculative
erated
As¬
at
Annual Dinner
the Waldorf Astoria Hotel.
ers
other
City)*.
Dealers
Security
36th
sociation
Strong demands for farmland
for subdivisions, shopping centers,
and
*
1962 (New York
30,
York
New
-
High levels of employment
nonfarm incomes of the last
type
March
Bigger Farms
Toward
meeting.
year
permanent
;
15th annual mid¬
Savings Banks
dec¬
such time as
to take over
until
or
owner
A
Yearning for Land
National
more
either
Diplomat
the
and
4-5, 1961 (New York City) !
Association of Mutual
Dec.
owners,
cluded
July 1 farm
$470, and Alabama
average of $465.
*
eration
re¬
favorable or desirable
as a
Hotel
Hotel.
possible successful op¬
of
farms
by
absentee
a
Association
Convention at Hollywood
Annual
ades make
on
Bankers
Fla.)
Beach
recent
in
available
widely
C.-V'•
(Hollywood,
in¬
become
have
that
services
annual meet-
;
1961
1,
26-Dec.
Investment
management
farm
'
•••
.
Nov.
crease.
Stocks
Common
has
Farmland
garded
land¬
about 8% a year.
has been
owners
to
return
total
the
ing.
of
Professional
(Louisville, Ky.)
Group of Investment
1961
26,
Bankers Association
owner¬
the purchase of the
other heirs.
♦ * -
or
terests
-Trend
annual
production of about
adds the average
one
5 %,
in purchas¬
a year
\
ing power.
ship
retaining
to
leads
often
Research
about
Oct.
Ohio Valley
of a part
of, or an
the home
farm
which
offers a choice of
continued ownership as an ab¬
sentee owner or sale. Sentimental
attachment, along with a plan, or
a
hope, to return in later years
inheritance
interest in,
by
helped
Brokers and Dealers
Ashley.
TRADING MARKETS
C
C
American Cement
-
Botany
<
Industries ;
Maxson Electronics
S#
V:
v
-
Official-Films
Waste
Carl Marks & Co. Inc.
FOREIGN
Our New
r
-
King
York telephone number is
CAnal 6-3840
SECURITIES SPECIALISTS
20 BROAD STREET
TEL: HANOVER 2-0050
•
NEW YORK 5, N. Y.
TELETYPE NY
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10 Post Office
Telephone
HUbbard
i
Square, Boston 9, Mass.
8.-*9»0;-J,^
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