Full text of Commercial and Financial Chronicle : October 27, 1960, Vol. 192, No. 5998

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The COMMERCIAL and FINANCIAL

ESTABLISHED

Volume

18S9

Reg. U. S. Pat. Offic*

Number 5998

192

New York 7, N.

AS WE SEE IT

Ejuonai
Recent

have

Washington might do, but we
quite adequate supply of the yellow metal and,

By Herbert M. Bratter, Washington, D. C.

of loss, are as yet in no imminent
danger of anything in the nature of a shortage. As a
further reminder of our balance of payments difficulties
at recent rates

even

and of the relative

controlled

ease

with which

economic

ulations

the

incident

should

1960

The

problem is a symptom of an underlying condition,
underlying situation is really quite serious and
pressing. There are three main areas which should be
given prayerful thought by us all without delay. The
current Presidential campaigns do not suggest that the
voting this autumn will in any direct or automatic way

at home

abroad

are

not

as we

nearly

its

counterpart in
other import restrictions.

our

own

The fact, is
so

though, that

much that

the so-called neutral markets

sometimes

Democrats

clear

century,

For

the

dollars, sound

at home.

PICTURES IN THIS ISSUE:

issue

Massachusetts

coun¬

during

the

Candid photos taken

the

policies

came

and

back

and

into being
Party.

the money question: the Green¬

Basically, the money question despite its many
forms—paper, gold, silver, bank credit,
always been the same.
It has
been the question of inflating the supply of cur¬
rency and credit vs. resistance to inflation. Those
different

interest rates—has

in¬

who

have

been

reasoned

there

were

dissatisfied

that

they

money

with

would

their

incomes

better

Silver

around.

off

miners

produced, and still produce, ingenious arguments
for

their

the

cause.

solution

Gold

miners, understandably,

current

see

economic

questions in a
higher price of gold. The Populists of the last cen¬
tury have their counterparts today in those who
insist that economic growth depends on an expand¬
ing money supply. -If the latter are right today!
were the Populists wrong
(Continued on page 24)

Convention
in this issue.

post-NSTA
appear

the

has been the political platform which has not
addressed itself to money or credit in one way or
another.
Indeed, in 1874 a separate political party

flation, growth and recession,
spending and budget balance,
tight money and artificiallyHerbert M. Bratter
low interest rates.
Eight years
of
debate,
of
Congressional
hearings and reports, of bills and maneuverings
have brought us to the eve of the 1960 election.
The ballot box may decide what kind of a mone¬
tary policy this country will follow in the next
four years.
After Election Day those interested in
the subject—the banker, the businessman, the poli¬
tician, the man in the street, the Federal Reserve
official, the foreigner with dollar balances—all

Seattle Security Traders Association,

full
by

rare

Eisenhower

Warm

money

recent,

expressed

State,

dinner,

Municipal

U. S. Government,

and Public

Public

Housing,

State and

Housing

NATIONAL AND GRINDLAYS

Municipal

Lester, Ryons

BANK LIMITED
Head Office:

Securities

623

So.

54 PARLIAMENT

CHEMICAL BANK
NEW YORK

ST. JAMES'S

Bankers

STREET, S.W.I.
SQUARE, S.W.I.

Offices

the Government In:

Branches

INDIA,

in:

KENYA,

30 Broad Street

UGANDA,

THE FIRST NATIONAL CITY BANK

TANGANYIKA, ZANZIBAR,

Santa

OF NEW YORK

California

Bond Dept.

RHODESIA

Monica, Whittier

Inquiries Invited

ADEN, SOMALI REPUBLIC

NORTHERN AND SOUTHERN

New York 15

Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlanda,
Riverside, San Diego, Santa Alt,

ADEN

PAKISTAN, CEYLON, BURMA,

BOND DEPARTMENT

Exchange

Associate Member American Stock Exchange
Members Pacific Coast Exchange

KENYA, UGANDA, ZANZIBAR

COMPANY

Co.

California

Members New York Stock

Branches

London

HAnover 2-3700

Hope Street, Los Angeles 17,

26, BISHOPSGATE, LONDON, E.C.8.

TRUST

was

length economic
Presidential
candidates themselves see pages 14 and
15 in this issue of the "Chronicle."—Ed.

long has been the debate over
the dollar and the supply of

clearly:: that the main differential against us is
all (Continued on page 26)

telephone:

when

made

views

economic

those

and

have

their

the

views

considerable

Administration.

have shown.

the

documentary:

between

monetary

some

hosted by

hiatus

labor costs. In many instances,

political question in this

tinental currency" kept it alive.
The fight over
the United States Bank gave it new form in Jack¬
son's day.
The mistrust of banks and the Wall
Street money power has a long lineage. Since 1856

actions.

been

amply

our

even

article

candidate

saying.

what the Republican and Democratic plat¬

bloc

tariff and

have permitted

A number of careful studies in recent years

.quite

this

purpose

of future

interested to look

successful

"French War" paid its troops with bills of credit.
It was one of the causes of the Revolution.
"Con¬

expounding
that
policy in their public remarks
Throughout most of the past
eight years an influential

costs
find it difficult to compete in
we

17th

how

party platform cannot be relied

prophetic blueprint

have

Costs Out of Line

to rise

the

try since colonial times.

on monetary policy and closely related
subjects and how the two Presidential candidates

competitive either

should be and could be. In

unfortunate

recapitulation of the past points

just what

forms state

degree—in greater degree than ought to be permitted
to continue—our inability to export more freely is a
result of various restrictions placed upon the entry of
goods into markets abroad-—a situation which, of course,
has

His

The first and very

see

Money has been

policies bound to affect the dollar's future

platform and why

record

and that

other

upon

us.

Copy

Money Issue in the Past

this phase of

strange it is not to have gold mentioned in either party's

The

correct the infirmities which beset

close student and writer

thought and more realistic appraisal than it as
yet has had. The fact is that we have a real balance of
payments problem which will not be ignored or wished

basic fact is that

also

after Nov. 8.

serious

away.

Long

political economics, Mr. Bratter examines not only monetary,
but

and

has been

parties', differing monetary views is provided by Mr.

Bratter.

system,

stimulate

timely examination of the Presidential candidates', and

their

abroad,

these and many others will be
back

largely by government as is ours today,
yield to all sorts of wild rumors and reckless spec¬

may

Cents

Candidates' Monetary Policies?

Administration at

new

Price 50

What Do We Know About the

pyrotechnics in the London gold market are
hardly as startling as daily headlines would suggest.
They may or may not have been fed by rumors of what
a

Y., Thursday, October 27, 1960

Teletype: NY 1-708

New York

Southern

Securities

Correspondent

—

Pershing 9 Co.

Agency
Bonds and

Notes
■

Bond

Department
THE

Chase Manhattan
bank
HAnover 2-6000

MUNICIPAL

Net Active Markets Maintained

BONDS

To Dealers, Banks and Brokers

UNDERWRITER

DISTRIBUTOR.

t.l.watson
ESTABLISHED

DEALER

& t

1832

Members
New York Stock

FIRST

Exchange

securities
;

<£outhwedt

Stock

BROAD STREET

CANADIAN

NEW YORK 4, N. Y.

DIRECT

Exchanges

Goodbody

•

PERTH AMBOY

NEW

YORK

2 BROADWAY

NEW YORK

MUNICIPAL BOND

1-2270

Dominion Securities
Grporatton

MONTREAL AND TORONTO

vires TO

MEMBERS

BRIDGEPORT

CIVIC

IMPROVEMENT

DEPARTMENT

COMPANY
DALLAS

BONDS & STOCKS

Commission Orders Executed On All

Exchange

Teletype

CALIFORNIA'S

Block Inquiries Invited

Canadian

American

FOR

CANADIAN

.canadian

STOCK

Co.

EXCHANGE

1 NORTH LA SALLE ST.
v.

...

CHICAGO

„

■

Exchange Place, New York 5, H. Y.

Teletype NY 1-702-9

WHltohall 4-9161

DEPARTMENT

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

SAN FRANCISCO

•

LOS ANGELES

Financial Chronicle

The Commercial and

(1662)

The Security I Like Best...

only

Brokers, Dealers

For Banks,

A continuous forum in

35 years

which, each week, a different group of experts

in the investment and

over

advisory field from all section of the country

participate and give their reasons

Thursday, October 27, 1960

Week's

This

Alabama &

Participants and

Forum

Specialists for

Their Selections

Louisiana Securities

for favoring a particular security.

•

International, Inc.

Gem

Bank Stocks

Department, Bosworth, Sul¬

livan & Co.,

Quarterly

Our 114th Consecutive

GEM

Inc., Denver, Colorado
York Stock Exchange

New

Members

Comparison of Leading Banks

Inc.

International,

United States

really

one

highest level in the history

at the
on

request

New York Hanseatic
Established
Associate
American

services

Member

Stock

Exchange

120 Broadway, New

•

ciaries

CHICAGO

•

SAN FRANCISCO

Nationwide

Private

and

share,

Capitalization
debt

long-term

in the retail

Wire System

dep artment

George B. Fisher

store business.

S. WEINBERG,

1960
000

GROSSMAN

first

Its
and

;•

additional

merchandising

concept
service

somewhat

1-2762

located

stores

ment

American Furniture
Bassett Furniture Industries
Life Insurance Co. of Va.

Denver;

ent

total

time

LYNCHBURG,
LD 39

VA.
TWX LY 77

—5-2527

Private Wire to New

York City

The

company

•

Canada,

offices

our

sales

familiarity

with

handle transactions

entire

Canadian securities market.
in all

dian securities, including

and

Cana¬

stocks,

and municipal bonds,

will

department

and

are

glad to supply

also

accessories.

operated at six

stores.

its

tions at

all stores

Minneapolis.

specific issues

Call

the

cessionaires.

one

finance

write:

are operated either by
subsidiary companies or by con¬

AND

COMPANY, INC.

25 BROAD ST. 140 FEDERAL ST.
BOSTON 10

the

better

stock, which, on the
up to $1.80 per

1959

from

cents

along

assume

that, based

management's policy per¬

taining

dividends, that such
will follow

payments

with

consistently

saw

these

increases

move on up

and

to higher

We were very pleased, indeed,
to have been included in this in¬

the

spection trip,

as it afforded us the
opportunity to observe a manage¬

super¬

lative

man¬

way

agement
P. Fred Fox
/

and

ment

dedicated

excellent

and

ships

higher annual divi¬
dend disbursements.
There were three very impor¬
tant matters revealed to the writer
surate

with

that the naked eye

which

the

could not see
most

various and

fine

relation¬

indicat¬
faith in the future
of this company.
The tour also
gave us an opportunity of not only
seeing more than we had antici¬
pated in the way of growth, basic

ing their

and

own

inherent wealth in the terri¬

tory

served, and the increased
residential development so impor¬
tant to a utility, company, but we
were
equally impressed by the
fact that, as previously indicated,

complete factual company releases
own
have not made mention of, namely:
buildings, but
the gas end of CLECO's business,
leases from others.
Furthermore, (1) CLECO's territory represents which presently amounts to
the most prolific oil and gas
it is not required to carry any in¬
$4,500,000, could become just as
bearing territory in the entire
ventory other than in a few de¬
important * earnings-wise' as the
United States, containing the
partments which they operate i
;'company's reported electrical rev¬
any

of the land

Swing*

of CLECO common stock,

sistently increased earnings would
continue into the future commen¬

various communi¬

Commission, and which has stead¬
ily increased its personal holdings

indicating that CLE CO has a
bright and growing future before
it and that the reported and con¬

their

ties and with the Louisiana State

growing terriserved,

,torv

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

35 Industrial Stocks
FOLDER

ON REQUEST
I

enues.

REWY0RK4

ever

moved

it is natural to
on

were

GEM International does not

NESHTT, THOMSON

paid in 1951, will, also, show
the
same
degree
of consistent,
proportionate increases. With that,

much

-with what

and

VIRGINIA

dividend
We

RICHMOND,

impressed ; yearly disbursements.

•

GEM

companies

of interest to you.

but

stock

Loui¬

ties.

subsidaries

Consumer

common

proper¬

very

operate gasoline service sta-

showing

old

Co.

ACO

where total operating rev¬
moved up steadily to $19,-

the

Electric

siana

predict

company's previous 10growth between 1950 and

degree of increases; furthermore,
-that the dividends applicable to

entire

the

CAROUN.
CAROUN

719,886 for 1959 against $6,701,820
reported for 1950, will, in our
opinion, be surpassed, with the

inspection trip
Central

NORTH
SOUTH

new

will go further and

1959,

firms

make

VIRGINIA

the

year

management

supermarkets

grocery

that

invited by the

and/or institutions,

than

Sept. 28

WEST VIRGINIA

against $1.60 or 80 cents
stock paid in 1959.

the

company

investment

store

automobile

addition,

information about

resentatives

rental fee which is

Each store is

1960),

to be among the 27 rep¬

each

International
corporate

privileged,

were

to Oct. 1,

carrying the
usual items
such as appliances,
houseware, hardware, furniture,
sporting goods, women's, men's
and
children's
ready - to - wear,
shoes, jewelry, etc., but also has a
complete drug department, offers
insurance, and sells automobiles
a

first-hand

the

members.

throughout

firm has

percentage of gross
department. GEM,
in turn, provides all the facilities
necessary,
including advertising
and a monthly publication to its

•

CANADIAN SECURITIES?
17

policy
depart¬

re¬

payments to
$2.00 a share annually,
(or $1.00 per share on the new
stock
distributable
on
Oct.
12,
on

BONDS

be of around

increase to

City
Company

For the

MUNICIPAL

estimated

the

expect the dividend

P. FRED FOX

New York

continu¬

$2.62 to $2.65, against $2.22
ported for 1959, and where

President, P. F. Fox & Company, Inc.

Central Louisiana Electric

what

earnings will

enues

based upon a
•

1960

increases, somewhat

by dividend

exceptional opportunity

an assurance

ity of earnings increases, followed

ex¬

capital gains.

policy which re¬
quires the departments in each
store to sell high quality merchan¬
dise with a low mark up. The com¬
pany leases space to these conces¬

WANT INFORMATION ABOUT

"With

future,

to have just scratched the
surface, I believe the stock, traded
in the Over-the-Counter Market,
offers

Bankers

points indicated to us that
CLECO has before it a real bright

pears

for

Investment

Broadway,N.Y.6 COrtlandt7-6680

revealing and opti¬

These three

indicative

company's

Tokyo, Japan
Brokers &

mistic

pansion program and the fact that
this
type of merchandising ap¬

ments, each concessionaire being
a specialist in his particular field.

sionaires

Institutional Investors

follows

the

Yamaichi Securities Co., Ltd.

111

•

day equal the gross and
net revenues generated by the
electric division of this com¬

contem¬

view

membership in all

of concessionaire-operated

GEM enforces

York, Inc.

Affiliate of

some

cities approximates 390,000.

STRADER and COMPANY, Inc.

between

40%.

honored in every GEM store oper¬
ated by the company. At the pres¬

Commonwealth Natural Gas

of New

$4,500,000
1950 and 1959, will
to

$700,000

write

Securities Company

gas operating revenues
which have moved up steadily

price of around 8, the stock
is selling at only 14 times estir
mated 1960 earnings, yet earnings
have been increasing at an aver¬
age
annual rate of better than

Honolulu, with a branch in Hilo;
Kansas City, Mo.; St. Louis; Min¬
neapolis and Wichita.
Shopping
privileges are restricted to mem¬
bership,
with
members
drawn
from Government employees, the
military including active reserves
and
employees of firms whose
business is primarily Government
work. A $2.00 fee is charged for
life-time
membership which is

Trading Interest In

financing

plated.

unique.

(3) The

Yamaichi

well, the territory

around Slidell.

bility of stores in other cities
throughout the country. Because
of GEM's policy of leasing and
concessionaire - departments,
n o

period

year

Call

pany,

operates six high volume, low cost
"closed door" membership depart¬

WHitehall 3-7830

Teletype No. NY

June

beautiful foli¬
growing
by leaps and bounds, and in¬
cluding,

For current information

pine trees,

and

age

early part of 1961 and considera¬
tion is being given to the possi¬

its

with

residential territory

surrounded by

from

At the present time the company

Exchange Place, New York 5
Phone:

Denver

one-half

that

(To Brokers and Dealers)
★— '1- '

STOCKS

rapidly

and

new

growing

second store will be
opened just after Thanksgiving in
St. Louis.
Present plans call for
the opening of additional stores in
Boston and Philadelphia in the

history.

$32,941,000 in 1959.

Odd Lots

—

Starting

store

resent

1,150,000 shares of common stock.
As to the future, the company
opened its Wichita store on Sept.
9, 1960 which proved to be one of
the most successful openings in its

1956, the company has seen sales
volume grow from $2,542,000 in

BONDS
on

Stock

Common

history.

year

Security Dealers Ass'n

Bids

through the offering of 150,shares

The company has had a spec¬
tacular record in
its
short 3^>

Members
7.

GEM International

name,

7V2.

& CO. INC.
N.

new

Inc., in this field was introduced
to the investing public in June of

JAPANESE

Mandeville,

Madisonville,

Covington, etc., this will rep¬

per

simple with
$203,104 and

is
of

Bridge,

communities

Orleans into the
of

gain of 50% over the 37V2c

running due north from New

earned in 1959.

is found

come

57c

Mobile, Ala.
Direct wires to Our branch offices

completion of the

the

Lake-Pontchartrain

it is expected
$45,090,will

year,

$650,000

around

this

full

000 level and that net income

high level in¬

BOSTON

PHILADELPHIA

the

that sales will reach the

the

one

this country.

NY 1-1557

presently available in

(2) Upon

New Orleans, La. - Birmingham. Ala

gas

distillate re¬

and

condensate
serves

profits rose to $205,-

and

natural'

untapped

largest

which compares with sales of

For

prime benefi¬

York 5

Teletype NY 1-40

WOrth 4-2300

purchase
goods and

1920

HAnover 2-0700

$20.1

totaled

York Stock Exchange
Stock Exchange

American

19 Rector St., New York 6, N. Y.

$13.9 million and profits of $132,640 in the same period a year ago.

where-

the

Corporation

908

Members New

Members

(Page 2)

York City

months

seven

sales

P. F. Fox & Company,
•

Steiner,Rouse&Co

Fred Fox, President,
Inc., New

pany—

Com¬

Electric

Louisiana

Central

■

Bought—Sold—Quoted

from

$433,000

first

the

year,

million

ing public has

1957

1959.

of. this

means
the buy¬

withall

in these years rose

national

Bos¬

Sullivan & Co., Inc.,
Denver, Colo. (Page 2) v ,
worth,

the follow¬
1957, $10,-

growth in sales:
1958,' $20,960,000; 1959,
380,000;
$32,941,000. Profits of GEM Inter¬

Fisher, Research Dept.,

of course,
store may be

new

the

course,

ing

$235,000

course,
that

This,

opened with a minimum of capital
The success of this type of op¬

This, of

try.

that

means

of the coun¬

Available

and,

stations.

service

eration is indicated by

bright spot in
today's business picture is the fact
that consumer income is running
The

of the

and Trust Companies

themselves

GEORGE B. FISHER
Research

George

—

(This is under
as

circumstances

solicitation of an

be construed

offer to buy,

any

as an

offer to sell,

security referred to

herein.)

Furthermore, there is availfhe. company's territory a

able in

Continued

page

National Quotation Bureau
Incorporated

48 Front Street

•

-v

•

iNew York 4, IL Y#

Volume

192

Number 5998

The Commercial and Financial Chronicle

(1663)

1
>

•

*•

Wll Speed Ahead
In the

CONTENTS

Selling Sixties

LicHTfnsTtm

Articles and Neivi

By Wister H. Ligon,* Retiring President, American Gas
Association and

Page

AND

President, Nashville Gas Co.

industry in the "Selling Sixties" is

gas

...

Policies?—Herbert Bratter

summarized

by Mr. Ligon in his report to the gas industry on past
accomplishments and future prospects. He warns keener competition

will prevail in the energy branch of the

cludes greater emphasis on research and

Uninflated Gas Shares—Ira U.

Cobleigh

just

fuss

foolishly

cash.

out

Obsolete Securities Dept.

producers, pipeliners and distributors; criticizes
and praises the cooperation

between

Economic Outlook Is Much Better Than Alarmists Aver

sales and advertising. In conclusion, the retiring trade spokesman
stresses the importance of a better understanding of mutual problems

Policy";

...

product development and

Fuels

sense!

pay

Ligon

argument

public utility industry and

suggests a program of action in meeting this competition which in¬

among

—Cover

Full Speed Ahead in the Selling Sixties—Wister H.

COMPANY

NO DEBATE

What Do We Now Know About the Candidates' Monetary

Exciting potential for the

WALL

STREET, NEW YORK

Telephone:

—Jules

Backman

WHitehall 4-6551

"National

his industry

Sales Outlook for Cars Looks Encouraging for 1961

and the manufacturers of gas appliances.

—Byron J. Nichols—

have

moved

the

around

during

country

my
tenure
as
association, I've
and more amazed by

President

dramatic

the

dustry
of

un¬

BAIRD-ATOMIC, INC.
Houston—Hub of Surging

*from
.

—Marvin

and
level

seems

the

answer

action

that

results!

disc o

./■

■

A National Economic Policy Based on

citing signs of

determination

in the

seen

Wister H.

Ligon

business. There's

gas

the

solid,

but

Fifties

widespread conviction that the in¬
dustry's intriguing potentials can

the
at

after

years

industry.

faith,

dint

industry has pulled itself out
post-war doldrums to be¬
come
America's fifth largest in¬
the

plant invest¬
second largest

dustry in terms of

and
the
supplier of energy.

ment,

Monumental Gains
a

Today, we operate a
615,000 miles long.

verted

>gas

decade,

about
the

gas

built

have

in¬

gas

Ur S.
means

longest
unbroken
of safety improvement in
industrial* \history — this

year
we

serve

tomers.

over

Their

sumption

our

the

lines each

million

all-time

brings

of gas

for
10

from
160

„

B.B.M.

(Editorial)

—

Scantlin Electronics*
*Prospectus

Indications of Current Business Activity—

Bargeron

mackie,

and talk
prospects in

-——

—

News About Banks and Bankers

HA 2-9000

Statistics

the

Teletype NY 1-1825 & 14844

—

Observations—A.

G. A.'s
paint
a

——

Wilfred

May

Our Reporter on Governments

Public

Utility

L—

Securities—

Prospective

Security

The Market

gross

and You—By Wallace Streete—

The

Security I Like Best—

••-.'•••

Hudson Vitamin

Products*
•

page

Spencer Trask & Co.
Founded 1868

TELETYPE NY 1-5
Glens Falls
Worcester

AstrothermCorporation*
(All Issues)
Twice

FINANCIAL

Weekly

Company

CHRONICLE

Reentered
ary

DANA

SEIBERT,

DANA

Possessions,

President

SEIBERT, Treasurer

135

South

(Telephone

Salle

STate

office

United

Dominion

Other

St.,

2-0613).

Bank

$45.00

and

Note—On
the

rate

foreign
must

$65.00

request

New

per

Members

8.
of

year;

per

$68.00

$72.00

per

year;

— Monthly,
Postage extra).

the fluctuations In

exchange,
remittances
for
subscriptions
and
advertisements
made

New

INCORPORATED

39 BR0ADY/AY, NEW YORK 6

Record

(Foreign

account

m V. FSANKEL & CO.

year.

Publications

Quotation

year.

per

States,

and

Canada,

Countries,

Thursday (general news and ad¬
issue) and every Monday (com¬
statistical issue'—market' quotation
records, corporation news, bank clearings,
state and city news, etc.)

111.

post

Territories
Union,

Other

MORRISSEY, Editor

Every

Office:,

the

Pan-American

vertising

*Prospectus

Subscription Rates

plete

Other

Subscriptions

Thursday,. October 27, 1960

Chicago

1942,

second-class matter Febru¬

York, N. Y., under the Act of March 8,1879.

Place, New York 7, N. Y.

CLAUDE D*

WILLIAM

25,

COMPACT, Publisher*

REctor 2-9570 to 9576

Members New York Stock Exchange

ST., NEW YORK 4, N. Y.

GEORGE J.

Schenectady

'■

Washington and You

they tell us the industry's

Chicago

Tax-Exempt Bond Market—Donald D. Mackey

billion therms to almost

25 Park

Newark

•

double, t'

Reg. U. S. PatentaflJflce

Nashville

Development*

a———

—

The COMMERCIAL and

Albany

National Patent

PREFERRED STOCKS

Boston

St. Louis

Francisco

plant investment will more

Philadelphia

The State of Trade and Industry

Continued

TELEPHONE HAnover 24300

San

Dallas

Cleveland
Angeles

Offerings

Security Salesman's Corner.

years.

Los

Securities Now in Registration

during

industry

inc.

40 Exchange Place, N. Y.

Direct Wires to

Sixties

in the

Request

Singer, Bean

Mutual Funds

Bowling

Crown Self-Service

From Washington Ahead of the News—Carlisle

aggressive

virile,

Photocopy

Cover

Dealer-Broker Investment Recommendations

■

Coming Events in the Investment Field

WILLIAM B.

25 BROAD

•

billion.

And

con¬

specialized in

„

43
'

Bank and Insurance Stocks—

reliable than tea-leaves and

reve-

For many years we

)/•

Amer. Int'l

As We See It

Published

have

J.»

Einzig: "Gold Price Rise Keyed to the Presidential Election"—

Annual sales will nearly

cus¬

high

V U<

Regular Features

They anticipate at least a 34%
increase in customers, to 43 million

•

decade. Today,

......

NSTA Notes

analysts

growth

have added some 900,000

for the past

Hathaway Inst.

Sixties.

sumtomers to

gas

Puerfd Rico's Industrial

and

crystal balls, they foresee dynamic

for all industries.:
we

Scheduled

by 1970.
And

•»*.•»! i

•

Opportunities

oportunities and potentials. After
studying
indicators
somewhat

helped the gas industry es¬

record

bright picture of what's ahead—
or what can lie ahead in terms of

dents for 12 consecutive years, we
the

industry

gas

Bureau

dustry, too. By steadily reducing
frequency of employee acci¬

tablish

DIgby 4-4970
Business Conference

> "

past.

The

nation's

the

have

scattered

Prospects

safer

merely

Broadway, New York 5

Chicago

distribution systems to natural
customers to our lines each

side,

J.F.Reilly&Co.,Inc.

———

record-book aside, then,

have con¬

the

300

over

Can Meet Any New Challenge

Richardson

—Dorsey

are •;
interested in the future than ;

the

network

gas

Investment Companies

coor¬

industry looks ahead; self-preservation demands it. Let's put the

10 years alone, we
nearly a quarter of a
million miles of new pipelines and

one

ceased

built

16
.

—Davis Weir

Now, I * assume that many

the past

mains.

side

laboring

services.

moment at these im¬

portant gains, achieved by all who
represent all echelons of gas in¬
dustry management:
have

developed

tally independent companies ai
have become, instead, an industry.
Through
scores
of programs
vigorously conducted by our wide¬
awake national, regional and state
associations, we have brought new
dignity and stature to the gas in¬
dustry. And we've built greater
public confidence in our com¬
panies,
our
products and
our

gas

Look for

fought

the

have

thousand-odd

marvel

still

foresight and vigorous effort, the
of

only

not

gone

have

the resurgence of this remark¬

able

Shows—Roger W. Babson

Sources and Cost of Money for Consumer Loan Industry

some

business,

gas

What the 1960 Census

and will be realized.
Even

dinated, cooperative group action.
We're
growing
bigger
and
stronger and more important to
the- nation's economic fabric by
working together.
•

of optimism, born not
idle wishes or the heady suc¬

IONICS, INC.

And

new wave

cess

essential

areas

offensive,
improving our position in a num¬
ber of important fields.,.' •

before

never

CORP.

all

We've

but

back

and

FUTTERMAN

and

growth.

brand

BRACE

CO.

Private Effort

—Hon. Richard M. Nixon.

ex¬

energy

brings

stepped up the pace in
advertising
promotion
research
product development

v e r e

and

new

We've

;

I've

—

HARCOURT,

—Hon. John F. Kennedy
that

action

—

Collie

We Can Perpetuate Capitalism Only by Making It Work

miraculous

our

Gulf Southwest Economy

manage¬

ment

1961 Sales Outlook for Domestic Oil Business—V. A. Bellman

ASSOCIATES

achievements,

But what led to

—

at every

ACOUSTICA

transformation?

in¬

—

matched in the history of the gas

branch

our

solid

billion

Chemical"Industry's Sales Outlook in 1961—I. H. Munro—

C,.

.. ..

These

has ; astounded
everyone,
Main Street to Wall Street.

industry
growth
and
strength. In
gas

every

than

business, are part and parcel of
this phenomenal resugence which

evidence'

year.

our

become more

nues

York funds.

•> *

WHitehall 3-6633

Teletype NY

1-4040 &

1-3540

The Commercial and Financial Chronicle

(1664)

libel

•

been

•

the

States.

No
made

philippic
BY A.

other

WILFRED MAY

credit

the

adequate
of

And

Glass

this

was

might

add,

Glass

a devastating
assertion that
responsible government would

"Did Mr. Nixon miss the political
boat here [in the third broadcast
'debate'

Oct.

13]

in failing to

tie the low interest rate
to

gold

cluded

loss?"

This

last

philosophy

query

week's

DEBATE

versus

con¬

Just

few

publication's

hours

after

this

time,

With such
cast

format, the Broad¬

could

Debate

afford

even

affirmative advantages over
"unilateral" speech. For ex¬

Vice-President fully and vig¬
orously filled this void, in his
Oct. 20 speech before the Associa¬

ample,

tion

New

York

his Business Economists' speech for
a
"National
Economic
Council"

fice,

that

is,

March

President .Roosevelt

suspension
off

1933,
the

ordered

redemption, taking
gold standard.
And

the

months

seven

later

initiated

routine

price

daily, together with
Morgenthau
and
Jesse

buying

with

gold

the

fixed

Henry
Jones

the

over

breakfast

Business

"Those

Economists

University

the

follows:

opposition

who

loudly

demand very easy credit
artificially low interest rates,

and

at all times and under all circum¬

the

Nixon's

Mr.

proposal

bedroom, by the
"lucky number" method.

called for on-the-spot

questioning

for detailed information—as to its
correlation

with

the

President's

existing Council of Economic Ad¬
visers

its

role

"to

advise

Contribution From

the

Experts'

the

that

BACK TO ANOTHER

CAMPAIGN'S

about

GOLD

time

thus:

"Actually

knew-

the

quite enough
standard to want

gold

avoid

astrous consequences, not

rigid
commitment
to
it.
During the 1932 campaign,
though he had talked warmly

World.

about sound money, he had taken
care
not to identify this unim¬

gold crisis would be
which could have dis¬

CONTROVERSY

only for
Remarkably analogous to the
America, but for the entire Free discussion in the NeW Deal's 1932
.

Further

point

week's

elaboration

made

was

this

(Oct. 24)) speech in Pitts¬

burgh.
Mr.

Nixon's

vital

omission

the

cheap

money-versus-gold
questioning, and
the
manner
of
its
subsequent
amendment, highlights the basic
inadequacy inherent in the Show's
fact

under

Campaign

days,

the

gold

and

devaluation

controversy
today.
Hence the great schism between
F. D. R.'s pre-Election statements
and

peachable

phrase
[Emphasis- added].
We

conclusion

post-Election

seem

gold."

with

forced

neither

that

the

formal

performance,
speech nor TV "debate," with or
subsequent misinterpreta¬
without make-up, suffice to en¬
by both expert and layman,
lighten the public about monetary
singularly ' important
and

and the

tion
are

matters.

timely.

(particularly

text

his

since

panel's

2V2

minutes

and

the

opponent's

"comment" to lxk minutes, simply
does

not

permit sufficient

cover¬

age, either by way of direct state¬
ment or rebuttal.

Republican
the

President

Surely the needed
speakers,
including $18 billion.
[Hoover], has been remedial steps of cutting our $3

the
charge that the Democratic
position with regard to money has

billion

ditures

annual military

ranging

round

expen¬

the

world

not been made clear."
He then from Germany to Japan, reducing
went on to supply re-clarification our
foreign
economic
aid,
and
implying that longer thus: "The businessmen of the maintaining budgetary solvency
air-time would give Mr.
Average country, battling hard to maintain at home, cannot be permanently
Voter the means of understand¬ their
solvency were told in blunt neglected.
ing the big issues brought up,
language in Des Moines, Iowa,
as
the Off-shore
Islands, aid to how close an escape the country
Two With A. C. Allyn
Latin America, etc. along with the had
some months ago from
going
(Special to The Financial Chronicle)
interest rate and gold. Nor would off
the gold standard. This, as has
this goal even be achieved
by a been clearly shown since, was a CHICAGO, 111.—-Walter J. Schuett

are

not

and

Kenenth

&
•

•

name

been

MONTREAL

HONG

Salle

PANAMA

curities

LONDON

242

feel

particularly well-qualified to provide
help and information when it comes to
buying
or
selling foreign securities.

108.

av¬

August,

below

revised

was

figure

with

of the 1957

107%

was

downward

This

compared

level of 109-110 from Feb¬

through July.

ruary

decline

The

in September reflected reductions
in

output of material and business

equipment,
effects

owing

rail

partly

strikes.

Output

Production

materials

was

also

early October, steel

operations did not show the

usual

levels

seasonal

Dealers'

remained

autos
for

this

stocks

time

year.

carloadings of manufac¬
products were reduced by

tured

work stoppage at

a major rail¬
Sept. 1 to 12, but then
increased
considerably

road from

they
through early October.

Commodity Prices

commodity price
relatively stable
September and early October.

increase.

remained

industrial

Among

basic

such

commodities,

materials

scrap

metals, rubber, and textiles
tinued

introduced

were

con¬

decline. The 1961

with

autos

price

lists

little changed from 1960 and 1959.
of
farm
products
rose

Prices

somewhat,
in

creases

owing mainly to in¬
livestock and products.

Production of new-model autos
in

rose

September,

schedules

indicate

radios

further

also

increased

ber, but production of
home

goods

and

curtailed further.

rise.

Septem¬
other

some

apparel

Output of

was
com¬

mercial equipment was maintained

production

industrial

Bank

October

and

Credit

Total

and

Reserves

commercial

increased

bank

credit

over

$2 billion in Sep¬
tember, much more than usual for
this

month.

Loans

substan¬

rose

tially further and holdings of U. S.
Government

securities

contraseasonally. U.
ment
deposits
at

farm equipment showed additional

banks

decreases.

increased

Govern¬

commercial

private money

value

deposits

construction

new

put in place increased in Septem¬
ber, following a dip in August,
and

the

seasonally adjusted an¬
nual rate of $55.4 billion nearly
equaled the high for this year
reached in July. Further advances
in construction
expenditures for

private business

highways
ther

decline

sharply, and the
supply, seasonally
declined slightly. Time

adjusted,

Construction
The

increased

and for
than offset a fur¬
purposes

residential build¬

ing outlays.

the

$585 million

serves

nonfarm

employment changed little in Sep¬
tember

decreases

turing and
about

state

and

service

other

some

were

balanced

local

manufac¬

industries

industries.

The

over

somewhat lower than in the pre¬
vious
four
weeks.
During
the
latter

four-week period,

Reserves

were

Federal

sorbed

required
substantially.
supplied princi¬

increased

reserves

$620

Reserve

million

securities

mainly

pur¬

through

$360

million gold outflow.
Bank Clearings Up

The

Same

6.1% Above

1959 Week

and

average

Bank

show

clearings

increase

this week

Continued

page

Smith

INCORPORATED

a se¬

offices

Street, New Yofk
name

of M.f

CENTRE, N. Y.

Securities

formed

with

Westminster Road

Opens

from

Co.

Inc.

offices
to

engage

—

has
452

Members

securities business.

New York Stock
Exchange • Pacific Coast Stock Exchange
Midwest Stock Exchange
•, American Stock Exchange
Honolulu Stock Exchange * Chicago Board of Trade

Now Lecluse & Co.
NEW YORK 5, N. Y.

offices in U. S., Canada and abroad

and other

Private leased
'

WASHINGTON, D. C.—The firm
name

of Investment

Services, 4121

W Street N. W. has been

to Lecluse

and

Company.

changed

radiotelegraph

leading commodity exchanges

circuit to Honolulu

SAN FRANCISCO

•

LOS ANGELES

42 Offices

•

NEW YORK

Serving Investors

•

will

compared with

Rockwell Securities
ROCKVILLE
been

Merrill Lynch, Pierce, Fenner

49th

S.
ab¬

and

Complete Investment Service

re¬

the four

ending Oct. 12. Both bor¬
rowings and excess reserves were

by gains in

government

averaged
excess

weeks

chases

adjusted

borrowings from

Reserve

about $165 million and

Government

Seasonally

further.

bank

Federal

pally

Employment

rose

Member

Noble

staff

advanced

Freight

index

materials and of textiles and other
nondurable

were

The wholesale

primary metals
declined further in September to
79% of the 1957 average, reflect¬
ing continued liquidation of in¬
ventories; output of construction

curtailed.

units.

million

goods changed little.

consumer

mill

justed
new

sales

seasonally ad¬
annual rate of around six

the
of

factory workweek, seasonally ad¬
justed, was reduced from 39.7

engaging in

City, under the firm
Robson Company.

Rockville

the

business

West

direct

call to our
foreign securities
trading desk, just dial—WHitehall 4-4732.

132

preliminary index
production in Sep¬

auto

Street.

Mark Robson is

ROME

70 PINE STREET

111.—Jules
added

M. Robson

KONG

PARIS

Board's

industrial

New

maintained

Aim, Kane, Rogers & Co., 39 South

GENEVA

For

reflecting decreases at department
stores and most other types of

offices in—

TORONTO

C. Allyn

With Aim, Kane

With direct cable connections

with A.

Distribution

(Special to The Financial Chronicle)

has

ENGLISH—you

be¬

have

Co., 122 South La Salle Street.

CHICAGO,

DUTCH

Sobota

•

Trading injoreign Securities?
-

associated

come

GERMAN

The
of

Production

the

question

of the civilian labor force

of 5.7%

outlets.

Industrial

but

the

before

address

Bank credit, both
investments, increased
substantially.
and

Output of television sets and home

AN UNTHINKABLE STEP
Expounding his monetary inten¬
A
further
devaluation
of
the
tions,
pre-Electionally
by
four
days,
in
a
speech
at
Brook¬ dollar now should be unthinkable
Business
Economists
had
been
lyn's Academy of Music on —with our international current
lying in his speech inventory for
Nov.
of
4, 1932, Candidate Roose¬ account
goods
and
services
some
time). The limitation im¬ velt
made
this
decisive
state¬ showing a surplus
of $4 billion,
posed by the "ground rules" on
our exports at the favorable
ment: "One of the most
1957
commonly
the
first respondee's
direct an¬
repeated
misrepresentations
by level, and our gold stock still at
swer
to the

format

400,000 to 3.4 million, and
a seasonally adjusted rate

was

stores declined.

loans

which

Among the experts still ration¬
alizing and otherwise misinter¬
preting the subsequent dollarjuggling invoked by Roosevelt as
President, to fit his pre-Election
pronouncement is Professor Ar¬

Roosevelt

unnecessary

this

clined

Seasonally adjusted retail sales
declined^ slightly
in September,

erage—about

Sector

ma"

develop as a result of cheap
money dogmatists come to high
public office, a totally stupid and

August to 39.3 hours in

September. Unemployment de¬

compared with 5.9% in August.

September, while con¬
struction activity increased. Total
employment and personal income
changed little and sales at retail

tember

ever

Commodity Price Index

further in

and coffee in his

thur M. Schlesinger, who happens
stances, are practically inviting
President on economic, matters." to be
currently functioning as one
foreign banks and investors to
A
Nixon
spokesman advises us of Senator Kennedy's chief brainpull out the billions of dollars
that Washington experts believe trusters. In his
that they now hold here on de¬
popular tome, The
that an agency with broader scope
Coming of the New Deal, page 195,
posit or in short-term paper. If
is called for.
he reports on "The Dollar Dilem¬
such a sequence of events should

brought

hours

•

Business Failures

TRADE and INDUSTRY

eggs

some

the

Food Price Index

contribu¬

press-closing

Auto Production

bored, by a lengthy debate. But
tion in this space, following the lengthening the interval spent on
Vice-President's failure to include a single issue, and limiting the
cheap money,
endorsed by his issues to perhaps a total of two,
opponent, along with unbalanced would clarify some issues, and at
budgets, insufficient exports, dis¬ least end the listener's helpless¬
proportionately heavy foreign aid ness in being left dangling midst
largesse as causes of gold and rapid
shifts
from
uncompleted
foreign balances' outflow.
topic to topic.
our

The State of

have sold to the country securi¬
ties payable in gold if it knew
being suggested by that the promise, yes the covenant, The October Issue of the Federal
panelist Chet Huntley, to include was as dubious as the President Reserve Bulletin summarizes busi¬
rebuttal, re-rebuttal,
and
"sur- of the United States claims it ness and financial conditions as
rebuttal." Most of Messrs. Public was "
>
11
J; / follows: ,
would still be frustrated, if not
Just three days after taking of¬
Industrial production
declined

format,

Retail Trade

assertion.

Senator

Carloadingt

the

made
no

IMAGERY

Steel ProduotUm

Electric output

has
magnificent

Senator

unsound

Thursday, October 27, 1960

United

night, in which he showed

how

answer

the

CHICAGO

Volume

192

Number 5998

The Commercial and Financial
Chronicle

■

(1665)

customed to

Uninflated Gas Shares

•

and

While

evinced

oil

industry

whole

copper,
have

well

upsurge in
ly60 and their

power

have

stocks

paper,

industries

dazzling

earning

been

has

the

soggy,

been

confident

view

the

bution

moving

one.

pipeline

end

earnings

gas

the

business,

will

gain

for

scattering

and

1960.

Natural

United

gas

net

States

and

was

utility

Power

policy

Commission

statement

is¬

rate

price

standards

gas,

for

adjusted

up
to these standard
prices presumably would be
promptly approved. But if higher
prices than area standards were
area

sion of 1958

consumers.

price rate

themselves).

re¬

the
be

whole

procedure

subject to

were

12%

they'll
1959.

gain of

across

least

year

10%

over

than

leaves

involving
pipelines

110%

in total sales for the 1960 decade
has been estimated by the Ameri¬
can Gas Association.
Construction
is

keeping

too.

pace

penditures

Record

what

ex¬

what

ducing
lion
in

cubic

were

will
year.

about

feet

year,

1959, must leave

are

still had

supply

some

hand

Natural

produce with

has

and

many

much

than

the

market.

schedule of
over-all

Either

return

vestment

rates,

area

would

rewarding
6%%

or a

property

the

in¬

trick.

Cities

served

town

include

Baltimore

this

among

Cleveland, Akron, Youngs(at retail); and Washington,

and

CNG

but

year

gain

Cincinnati

will

1961

net

show

not

advance' in

earnings
8%

possible.

for

specific

current

pipeline

consideration

Pioneer

grated
very

Natural

near

There

are

the

Amarillo,

source

larger

embraces

the

State

many

In¬

The

dition to

common

this

sells

year,

for

was

split

cents

pays

around

$2.20

pass¬

ing year, but prompt recognition

and

paying

should

earn

for

$1.40.

around

1960 up from
selling at only

25%. In

and

oil.

the

serves

Natural

confined

the

largest

cities

question

how

see

fifth

debate

net for 1960 will be at

dend rate
to

all-time

has

just been increased

seems

expanding
yield.

with

well

stock

gas

reliable

equity

Another
mature

and

good

regarded
and
is
American

indicated

share,

and

turned out to be

panded

from

candidates

Gas

storage

gas

peak

and

been

facilities

winter

for

do.

Negro will be appointed to the
Cabinet if Nixon wins is the basis
a

for

Kennedy's

Nixon

statement

won't

debate

saying

had the

better

of it

porters of Nixon
posite.
votes

had

the

but

there

writers

just the

apparent

better

the

op¬

that

Nixon

who

dis¬

insist Kennedy had the

better of it.
The debates have worked to the
he

won

Kennedy,

not.

Nixon

was

stated

and

whether

stood

showed

there

was

Nixon

would
our

not

direct

treaty

tries

Guantanamo,

with

out,

this

violation

the

OAS

interfere

coun¬

the

some¬

attack

necessitating

our

intervention.
In

time

tendency

voters

term

there is

war

the

not

change

elected

was

because

war

always

part

the

parties.

for

third

approach¬

was

ing, and the fourth time because
we were

war.

It is not

likely that Eisenhower's
planned political speech in New
York just before the election will
do

Nixon

any

good.

Mr.

Eisen¬

Kennedy irefrains from attacking
him, yet it is his policies that he
is attacking Nixon for. Such is

debate, to aid
supply forces who

pointed

last

and

well

very

such

campaign
day.

election

hower himself could undoubtedly
be
elected
for
a
third
term.

trying to overthrow Castro.

may

whole

and

drastic plan of his,

the

build

and
were

Castro

the

now

Roosevelt

advantage
with

between

editorial

columnists

into

wrench

thing

last debate

learned

are

and

agree

the sup¬

and

say

changed.
humble opinion

are

in¬

the
no

Eisenhower
man

has

popularity.

ever

transfer his

But

lived who could

popularity to another

man.

Rockefeller

New

York

ternal affairs of another state

could

undoubtedly,
would bring

can't

State,
although
he
probably he reelected him¬

self.

and,
Kennedy's plan
a clash with Soviet

Russia.

Kennedy is

quite critical of

now

By the way, the wags are cir¬
culating the story that if Kennedy
is elected the banks will be closed

within three days and the troops
dealing with
will be in the streets. This is true
Castro, yet he has said on at least
the

Administration's

two occasions that he approved

ex¬

want

rehash of what

have

the Administration

additional sup¬

textbooks.

the

very comfortably
dividend. Company

Canadian

handling

around

and

Kennedy of being anti-Catholic.
While Kennedy seems well in
stump. After each debate the lead at this
time, some foreign
supporters of Kennedy say he
development may throw a monkey

the

the basis

net

$2.60

benefit

plies

1960

aiding them in the

buses

that, if
him,
he
should at least debate Lodge.
The Republican candidates are
the other into a hole.
He states
admittedly crossed up.
Lodge's
his proposition and the other man
position on schools is understand¬
comments on it. Then
they go on able. He is from a Catholic state.
to
another
subject.
They have Nobody
is
likely
to
accuse

that

$1.40. At 30, Oklahoma Natural

Gas

While

ad¬

high of about $2.15 and the divi¬

This and Lodge's insistence that

It is difficult to

shown that he has had quite
which much
experience as Nixon.

Gas

is in favor of
matter

of Cuba.

quite as mature as Nixon. Nixon's
utility operation, Pioneer whole campaign has been that he
producer of natural had the experience. Kennedy has

Oklahoma

will

pressed

Nixon

sizable

mission

stock

been

Kennedy and Nixon has Nixon says he is in favor of
letting
agreed to it provided the debate the
individual states do what they
will

rose

earned

This

has

Senator

Panhandle.

1959.

gas

operates

cities,
Lubbock, Odessa, and
its 81 community serv¬

miles

2-for-l

four

inte¬

Earnings per share
$1.11 in 1958 to $1.40

diana.
from

Texas

which

area

and

immense

ice

Gas,
which

company,

supply

would favor Texas Eastern Trans¬

al¬

debate

Vice-President

upon

the

Less well known than the above

strong around

CARLISLE BARGERON

will accomplish
anything.
they are advertised as de¬
holding
bates they are not debates at all.
service area in New
York, Penn¬ They are press conferences.Neither
sylvania, Ohio and West Virginia. side has the
opportunity to press

bond,

and
millions

fifth

com¬

Natural Gas Co. Shares have been

cost

each

affected

About

gas,

else,

The
sure

costs will be

gas

Pipeline

The big bug in the national gas
has been price and rate

everything

for

business

regulation.

their

know

enthusiastically appraised by

Problems of Regulation

most

don't

and

21 year

roughly 263 trillion

$400 million.

some

integrated
or
distribution
com¬
panies) may be more positively

awfully
hollow gas wells! As an offset, we
increased our reserves by 8V2 tril¬
lion c. f. last year, and at the
year
end

backlog, at the
producer
and

court-tested, then pipelines (which

did

Natural Gas

already charged state has been a consistently fine
to, and collected, from customers. performer. Gross has risen steadily
Once an equitable and standard from $41.5 million in 1955 (fiscal
long range rate regulation pro¬ year end 8/31) to an estimated
$62.5 million this year. Per share
cedure
has
been
evolved
and

supply? Pro¬
consuming 12 % tril¬

and

the

defensive

in increased rates

plant addition, by
the pipelines and distributors to¬

Then

pretty kettle of

now

they are holding
subject to refund,

gether, totalling $1.8 billion
made last year. The figure
be $100 million higher this

review

some

its

favorably regarded by
utility analysts. It is a
company
with a broad

several

surely Midland in

Commission,
of
pipeline rate increase applications
going back for several years and

revenues

1958. This

over

mon

square

Which

growth is

the board. For 1959 total

will

Courts.

fish! There's

sustained

Consolidated

While the

for

since
over
70%
of. its
is from residential business.

10%

(and possibly redefining of

areas

rate-of-return

Bridge. The

qualities
gross

much

Sustained Growth
This

favored

completion

Narrows

wholesale.

the

growth industry.

growth

new

price

1960 has it lost its visible charac¬

teristics

issue

would then lead to de¬
termination of the area standard

the slow-down in

nor

territory served is in line

rapid
the

others

hearing

the

heating

terested

provides about

total

our

for

sought then everybody would get
into the act—the
producers ob¬
viously) the Commission and in¬

property costs
presumably would not be a con¬
quirements, against less than 15% trolling factor in these area
prices,
at the end of World War II. Na¬ some data on
costs would surely
tural gas is our fifth largest in¬ be
required and be introduced at
dustry and neither in the reces¬ any hearing on rate increases. And
one-third of

...Ahead of the News

com¬

merit, at 28 xk paying $1.20.
Earnings should reach a new high
of $1.75 for 1960 and the Staten

Island

September, the

contracts

serves

piping,

New,

there

now

production

defined geographical
areas, which
should guide both
producers and
the Commission.

dividend

section

every

the

end

outlining

The
gas
industry today has
great stature and stability. At the
end of 1959, customers served
by
the gas utility industry totalled
32y2 million. We expect a 3% rise

;

distributing

Brooklyn Union Gas ap¬
to have considerable invest¬

pears

fixing procedures for natural

increases.

practically

the

sued

com¬

cases, post

1960

the

Federal

com¬

representative

thing,

Whether you
or
the distri¬

panies will, in most
modest

the

panies

operation subject to regulation.

fortably forward. And the market
tone in gas equities has been a
more

Companies

Among

ment

steels,

and

FROM WASHINGTON

Integrated and Distribution

the natural gas industry
the shares of certain
transmission and distribution
companies.

the

coal

faw market meter
readings

paying out about 60%
earnings in cash dividends.

net

By. Dr. Ira U. Cobleigh,
Enterprise Economist
Containing

Both
be

Nixon

than

and Lodge seem to
friendly to the Catholics

Kennedy.

For

the Catholics have

get

Federal

aid

long
the

buses

Nixon

elected.

Three

after the election is Armi¬
stice Day, a national holiday.
days

With Tucker, Anthony

time

been trying to

for

even

policy.

Tucker, Anthony & R. L. Day, 120
Broadway, New York City, mem¬

require¬

carrying children to school and bers of the New York Stock Ex¬
this fact either in the price
ments. Per share net has increased for parochial school textbooks. It
14 times earnings.
change, have announced that
over
charged at the well head, or the
60% in the past five years. has been a lively issue in Con¬ James E. Allen has joined the firm
The best yield among pipelines
In this industry the pipelines
price ultimately charged by pipe¬
gress.
Mrs. Roosevelt and Cardi¬ as a registered representative. Mr.
is in Southern Natural Gas com¬
lines to their customers has been
have
wider market
swings and nal Spellman had quite an argu¬ Allen, who was formerly with
mon
which returns 5.55%
at 36
a
real
headache.
The
Federal
greater potential for gain. The dis¬ ment about it once. Kennedy says Tripp & Co., Inc. will serve in the
Power Commission has jurisdic¬ on a $2 dividend. Among com¬ tributing companies are desirable he is
against any Federal aid to Tucker, Anthony municipal bond
tion over regulation of
gas trans¬ panies which are large gas pro¬ on the basis of steadily expand¬ parochial schools. Lodge says he department.
mission
companies in interstate ducers as well as interstate pipe¬ ing earnings, dividend durability
and
impressive
depression
commerce
and its decisions have line
operators,1 Panhandle Eastern resistant
qualities.
been
most
baffling.
Gas
sold common at 46 paying $1.80 is at¬
$2.02 last year. It's

within

state

was

something

and

pipeline

duced

gas

it, there

arose

else

not

well

thing; in¬

one

terstate,

tractive.

again,

only

handle

pro¬

transported

notion

that

With

favorable

price

The

approved for its captive gas, Pan¬
could

expand its earnings

swiftly. El Paso Natural Gas has

the

just split 5 for 4 and has been

are

pleased

announce

our

merger

70-year

tvith

which,
by the

J. EARLE MAY & CO., INCORPORATED
;

601

Bryant Street
and the

EARLE
as

MAY

election

ESTABLISHED
York

Stock

American

LOS ANGELES

Lodi

Exchange

Stock

Long Beach
Sacramento
Salinas

Oakland

The stock

a^ifvotnted

opinion,

cu*

excellent dividend-

is traded

Palo Alto

Reno

San Jose

'
-

market

the

Syndicate

department

and

Over-

cur¬

rently quoted at 25%.

ALBANY, N.
^

Rizzo & Co.

(Associate)

LEVINE

mend to the conservative investor.

firm

1920

Santa Barbara

Aab teeTi

economically and

well-regarded, well-ad¬
ministered
growth utility stock
which we unhesitatingly recom¬

S. ARNOLD

our

SAN FRANCISCO

•

cvrvn<cimce

paying,

Pacific Coast Stock Exchange

Exchange

JACK

supply
of
lignite coal
day, will be utilized

the-Counter

New

fileabed to

some

company

represents

M1TCHUM, JONES & TEMPLET0N
Members:

page

awe

EDWARD

and

General Partners

from

advantageously.
CLECO
stock,

Palo Alto, California

•

I Like Best

ac¬

Continued
W

Security

Riverside
Studio City

Y.—Alfred

engaging ih

ness

from

Avenue

securities

offices at

under

Rizzo & Co.

the

564

firm

WINSTON

CO.,

INC.

C. Rizzo

busi¬

Madison
name

BROADWAY

NEW

YORK 4,

Chronicle

The Commercial and Financial

(1666)

TAX-EXEMPT BOND MARKET

Thursday, October 27, 1960

Larger Issues Scheduled For Sale

BY DONALD D. MACKEY

in the following tabulations we list the bond issues of

economy

counterpart, the easy stock $1,000,000 or more for which specific, sale dates have been set,
market,
by simple
calculation
Information, where available, includes name of borrower,
should set off a strong bond maramount 0f issue, maturity scale, and hour at which bids
larger
considerations
are
During the past week the state This year, such is not the situation ket,
.J7 ,
and municipal bond market has and it could be that the forthcom- temporarily, at least, concerning WW-oe openea. ■
the investor.
shown some quiet improvement, irig Presidential election has deOct. 27 (Thursday)
Most of the new issues that have terred
the
large
potential
of
come to market,
deleterious Consumers Public Pwr. Dist., Neb.
1,500,000 1964-1990 Noon
although not of offerings for reasons of possible
effects
that
continued
lack
of Saginaw,Townshap Community
.
important proportions, have been market betterment.
^
.
1QpQ
7.Qft
fiscal
responsibility will wreak'
School District, Michigan
2,975,000 1962-1989 7.30p.m.
well received by investors. DurAs we have previously menupon
our
entire economy. The
Oct. 28 (Friday)
ing this period the Commercial tioned, several large issues have
'
;,v
and
Financial
Chronicle's
Q
.nnftnn
10QQ
high been deferred until after Election municipal bond market juSt isn't
exempt from this ultimate reality Minneapolis Minnesota --------3,400,000 1989
4.30 p.m.
grade bond yield index has shown Day and, as a consequence, the
an
seemingly
well
but- Washington Co. Supervisors Dist.,
improvement of about one-schedule is literally puny until the although
, ,.nn
tre~secL
Mississippi
_____________
2,500,000 1961-1985 11:00 a.m.
quarter of a point; the index now middle of November,
and its

grtWtate°towardsnfoe

stands at 3.323% as
a

against 3.34%

The dollar quoted revenue

■

The Latest Financing

week ago.

Pennsylvania

Helps

Sell-Out

Other

Issues

At press time

last week the $21,300,000 Commonwealth of Pennsylvania School Building Authority
issue was being reoffered to the
public.
Although
belatedly,
it
nevertheless seems worth reporting that the entire issue was sold
out within a brief period. The investor

enthusiasm

stimulated sales

this

for

new

balances. In this

is down to $1,800,000.
Boston's
rating
has

respect the

$15,000,000 City of Chicago,

suffered

Illi-

during the last few years and, as
result, investors have been able
benefited, as was the $10,000,000 to buy the city's obligations' at
Los Angeles, County Flood Con- relatively
high yields. Boston's
trol District issue. The balances debt record is a good one and
of both of these flotations were seems
likely to remain so. Its
subsequently reduced substan- bonds seem relatively u n d e rtially.
t
priced.
Other

which

issues

NO#-15

petUivfbiddine

re-

nois Board of Education issue

was

Also

benefited

Tuesday,

Oct. 25, the

v,£f I

15^his pinenas Co., South Cross Bayou.
larger offering:, Sajtl Dist., Florida—___________
St Cloud, Florida................

"fe
A

wave

City,

1
Cortland

Sm JT
inie.OMahma
Oklahoma Municipal Dn-

fn'^ «4S1Sn^?Hon
with

honH

of investor

;

Nov. 2

sold; the $3,000,000

California
awarded

School

addition

Glendale,

which

School

Central

Also, the $3,100,000
Nor walk,
Connecticut
bonds
awarded
on
the
following day
have been reported as all sold in
the interim. The $2,577,000 Orangetown, New York School District
No. 8 (Pearl River bonds) were
also all sold on the strength of
generated

market

tone

that

/Sen

•

municipality's

the

Move

Price

thouch

scheduled

it
In

the

after

meantime

investor interest in the issue

substantial and the bonds

Election
little

offices in the Seybold

Thursday, Oct. 20, the manof the New York
State
Thruway account determined that
an official price cut was in order
for the $15,915,000 balance
due
1985-1989.
The
reoffering
was
made with the yields cut from 15
to 20 basis points. The bonds were
quickly oversubscribed and since
then I the
market
has
regained
.'.from 5 to 10 basis points, depending on maturity.
*
It is of particular significance
that during this short period street
inventory has been sharply reduced. The municipal bond total

>■

Sch

Scotland

large

ix/ifL

RlllMf

-WWII

scaled

was

yield

market

steady

and

firm

international

resultant

(State)—

Street,

LlllS

f Vermont
J

(State)
—
^Housing Auth. (N. Y., N. Y.)
—

serious

payments,
outflow

Maturity

the

of gold

Bid

Asked

New York City, N. Y.__
October

Noon
2:30 p.m.

1962-1982

1:00 p.m.

-.,v

;;' y.

—

Fred E. Adams,
associated with

become

1,415^000

—____

*New York State Housing Finance
Agency,,New York____
<

among

1978-1980
1978-1979

3.15%

Authority, Tenn.

000,000-1963-1985
50,000,000

Nov. 16

3.00%

2.85%

has

3%%
3y2%

1978-1979
1977-1980

3.15%
3.30%

3.00%
3.15%

(Wednesday);
4,800,000
35,085,000
5,000,000
7,950,000
■■

Hentz Adds to Staff
nuuo

3.20%

been

Hentz

added to the Staff of H.

Co.,

141

West

3.80%

3.30%

3.20%

3%%

1979

3.70%

3.60%

1977

3.80%'

3.65%

1980

3.75%

3.70%

26,1960 Index=3.3230%

;

With Lehman Brothers
CHICAGO,

111.

—

- y

;
10:00 a.m.

1,917,000

;

11:00 a.m.

; Nov. 22 (Tuesday)

Cajon Valley Union gehool Digt
California

-1,220,000

......

Dec. 1

(Thursday)

v ';

...

"Oklahoma City Improve. Author.,
.Oklahoma
t

45,000,000

—

*A ne&otiated sale of

underwritten by

—-

_______

a minimum of $45,000,000 and a maximum of $65,000,000,
syndicate managed by John Nuveen & Co., Allen & Co.,

Van Ingen & Co., Inc., and Leo Oppenheim & Co.
Dec. 6 (Tuesday)

San Diego Unified Sch. Dist., Calif. ' 10,000,000
Dec. 7

Los Angeles County
California

1963-1982

—

(Wednesday)

Richard J. "Fairfax County, Virginia^

^ompsonBrothers, connected with
is now 39 South La
Lehman
Salle Street.

Noon
11:00 a.m.

Jackson

3.65%

3.40%

—

1978-1980

Rapids, Iowa...

v T.
1962-1981,
1962-1991
1961-1980

"
Nov. 18 (Friday) "ri' V'/j': i':'
university of California, Calif
3,700,000 1961-1988 10:00 a.m.
Nov. 21 (Monday)
• <

Boulevard.

1980

—

•

3.05%

1974-1975

,1980

________

a syndicate managed by Phelps, Fnu
others, Lehman Bros., Smith, Barney A Co., Inc., ami
' '.

Port of Los Angeles'California-

Tennessee Valley

3.60%
3.25%

33/4%

Noon

*Negotiated sale to be underwritten-by

& Co., and including,

W. H, Morton & Co., Inc.

3.35%

8.00 p.m.

_________

;

100,000,000

°"

3.75%

.31/4%

1964-1999
1961-1985

.Street^,e waaT f?rmeI1y
with
Ea|tman Dillon Union Secunties & Co. and Swift, Henke &

1978-1980

3.35%

5.096,000
34,750,000

Hudson County, New Jersey
Massachusetts

Cedar

•

Maricopa County, Scottsdale Sch.
:'y.
;y
Glore, Forgan & Co., 135 South
District, Arizona ________—3,945,000 1961rl974
has

Jr.

1980-1982

3%%

_—------—

1961-1980

Nov. 15 (Tuesday)

Clinton Township. Michigan.

of the

With Glare, Forgan Co.

CHICAGO, 111.

3%%
3%

3y2%

members

Fred-Adams. Now

3%%

—_

10:00 a.m.

Nov. 17 (Thursday)

Auth., Gtd—

(State)
Pennsylvania (State)

Salle

3%%

New York

Baltimore,
Cincinnati, Ohio
New Orleans, La
Chicago, UL

9:00 a.m.

1961-1980

+^7" J* (Monday)

...

PILV

Oiunt

REPRESENTATIVE SERIAL ISSUES

Los Angeles, Calif—

1964-1980

any booming upward trend- °ur adverse balance

Rate

New

12:30 p.m.
2:00 p.m.
4:00 p.m.

1961-1989
1962-1981
1961-1990

Nov. 10 (Thursday)

Co.

Bond Markets Under Pressure
Although the municipal bond

are
a
scattering
of
important
negotiated type financings in various phases of dealer consideration,

Connecticut (State)
New Jersey Highway

■

1,700,000

week.

•

California

''' '

12,000,000

Dayton, Ohio
Philadelphia, Pennsylvania
from 2.00% to 3.70% and, at this New York and Midwest Stock South Carolina
writing, there is no report as to Exchanges. He was formerly with University of Illinois.
Eastman Dillon, Union Securities
sales.
\
'
issue

live* bfddinrean7usuanymtoere certainly noUn

7:30 p.m.

s-;"' '

(Wednesday)

'.1

Usually at this time of year the
calendar is replete with volumi-

MARKET

11:00 a.m.

issues

this

1-0012
.1.00 p.m.
-1:00 p.m.

1962-1980

(Monday)

Mississippi

Recent Activity Very Limited

new

1863-1987
1982 1986

Cen.

Nov. 9

Maui, Hawaii

•

sale

2:00 p.m.

•.

1961-1985

3,075,000

are

tax bonds. This city, one of the
most popular credits in the South,

been

•

1,950,000 .1962-1977

for

:
2:00p.m.

This

have

1961-1980

10:00 a.m.
8:00 p.m.

1,200,000
1,750,000

26.

interesting

11:00a.m.

1961-1985

Dist> No< 6> New York—.

Building to

Coahoma County Sch. Dist., Miss.
Rock isiand, Illinois...

market

•

R500,000 :1963-1980

Nov

New

10,875^)00

Bethlehem

Day.

always draws numerous bids and
extremely
competitive
bidding, CHICAGO, 111. —- Karl B. Guihey
has been added
to the staff of
The larger of the two loans, inBlunt Ellis & Simmons, 111 West
volving $7,600,000 unlimited tax
Monroe Street, members of *the
bonds, was awarded to the Chas3
New York and Midwest Stuck ExManhattan Bank and associates at
changes.
'
*
r
; *
*
a 3.47% interest cost. Reoffering
/
was from 2.00% to 3.60% and in¬
Jobs Cruttenden, pDdesta :
itial orders would seem substanas expressed by the Blue List was tial. The smaller issue of $2,030,001
CHICAGO, 111.—Jan G. Bvecknitz
reduced from $389,617,500 Oct. 19 limited tax bonds was awarded hai become associated with Crutto $347,868,600 as reported on Oct. to a Halsey Stuart & Co. group. tenden, Podesta & .C6., 209 South

scheduled

1961-1990

8:00 p.m.

5,650,000

'WU1 Co.iSchi Dist.; IlUnois.——
.

v
-

• \ -v

1,960,000

Trenton, New. Jersey

fill

; :

1961-1981

engage
in a securities business..Hampton, Virginia _————_—
-2,000,000
than half sold.
r
Officers are Oscar Williams, Presi- Odessa, Texas
::
2,836,000
Yesterday (Oct. 26) the City of dent: H. Margolies, J. Schwartz,
-v-r
1/f
/n/r^ j«,r\
New Orleans, Louisiana came to and A. Sklow, Vice-Presidents; and _■
T
..
market with $9,600,000 various H. Barry Ressler, Secretary-Treas- ' South Euclid-Lyndhurst .City Sch.
District, Ohio —
1,050,000
(1962-1985) limited and unlimitei urer>

There

Noon

3,600,000 -1961-1990

Santa Clara' California

ofmoderatenroDortions

$300,000^00 is scheduled through
early December with the bulk of

was

Cut

agers

even

a.m.

1961-1981

Nov. 3 (Thursday)

Minneapolis, Minnesota

elerffon^ addittons.

The

Thruway's

a.m.

1-^.000
Kentucky-^————8^000,000

10:30

•

a.m.

11:00

1,895,000

......

: Youngstown city Sch. Dist., Ohio

rating is excellent,
A group headed by Drexel & change is foreseeable.
Co., B. J. Van Ingen & Co., Inc.,
Blair & Co., W. H. Newbold's Son Form Oscar Williams Co.
(Special to The Financial Chronicle)
& Co. purchased the (1961-1980)
issue and reoffered the bonds at MIA1VH, Fla. — Oscar Williams &
yields scaled from 1.75% to 3.35%. Company has been formed with

was

last midweek.

1962-1980

1,000,000

....

11:00
11:00

1962-1987

District,

No. 8, New York

is -expected to remain self-supporting. The city's debt is relatively very light and its credit

was

also sold out.

the better

Noon
i
5:00 p.m.

1965-1955

Greenburgh Union Free Sch. Dist. V'

electric generating plant. Vineland's utility system has been and

issue

District

Oct.-18

1962-1982
1963-1982
1970-1990
1961-1975

(Wednesday)

New York

svnriiorifp hpaH—i

ed by

anThee°n°wPls^™caledn£°r

all

8:00 p.m.

5,450,000

negotiated offering is
expected to reach the market in
large

John Nuveeh
participa- City of Vineland, New Jersey of6 Co., B. J. Van Ingen & Co., Inc.,
tion included the $4,250,000 San fered
$4,200,000 general obligaJcse, California issue which was tion, electric utility bonds at pubalawarded Oct. 19. The bonds were lie sale. The issue will finance an
in this

Hi8h Sch- Dist-'

^r°s^ont.

1961-1986

75000(? Commonwealth

issue accounts, with un-

cent
sold

(Monday)

durbfghathe **week^The^Smith,^.'■Rochester

issue

of other

out

Oct. 31

Comm. Sch. Dist., Mich.
1,600,000
Tuesday, Oct. 25, the City
of Boston, Massachusetts awarded Barney & Co. turnpike bond yield
Nov. 1 (Tuesday)
$4,200,000 various purpose gen- Index reflects a one-quarter point Berea City School District, Ohio
1,500,000
rise between Oct. 13 and
eral obligation (1961-1980) bonds
Bloomington, Minnesota
3,000,000
to the group headed by the Chemi- Oct. 20. These issues are generally Bosion Metro. Dist., Massachusetts
2,444,000
cal Bank New York Trust Co., unchanged as of today.
Cook County, Illinois
25,000,000
Lehman
Brothers,
The
PhilaLarger Financing in Prospect :
Union .___
.
.
delphia National Bank, Eastman
th„
+ka
California
1,750,000
Dillon, Union Securities & Co.
Mecklenburg County, No. Carolina
5,000,000
The bonds were priced to yield
Montgomery County, Ohio.
.
1,243,000
from 1.80% to 3.80%. The first is a $34
5 MaceanfViVioffe
. Northern | Burlington
County Re- . f
■>
six
maturities were reported as
This
gionai Sch°o1 District> N" d
J 1,210,000
sold immediately and the balance petitivebidding on
onNov.
On

bond

8,500,000

Dec. 13 (Tuesday)
Hospital Dist. "

1962-1988

r
'

7,000,000

■

-Volume 192

Number 5998

The

Commercial and Financial Chronicle

Economic Outlook Is Much

influenced

(1667)

the

data

Moreover,
fied

with

tained

By Dr. Jules Backman,* Research
Professor of Economics, School
of Commerce, Accounts and
Finance, New
Professor and consultant

mistic optimist for tha short
He lists major economic

run

and

situation

intensive

competitive

sult in

narrower

reduce the incentive for capital investments.

may

modified economic environment

new

struggle, and
we

has

statements

cians and
e'rs

the

respects the

many

economic

observ-

the

ele¬

will

You

felt

tail of the ele-

held

our

side

Jules

ly,

tusk
So

tree trunk; a fourth felt the

and

thought it

today

anything

one

was

can

spear.

well

new

the

trends

real
is

imply

steel strike and

has

economy

residential

to total

and

beneath

several
not

the

its aftermath has

(1)

of competition

and abroad.

The

sig¬

the

real

ances

news

concerning

large

foreigners

amine

entire

the

picture.

During the third quarter, Gross
National Product was about $503
billion
the

which

can

Even

product

eludes

which

demand,

the

effect

products

affected

will

by such

broaden

foreign

changes - has risen steadily and
sharply for -each quarter includ¬
ing the third quarter as follows:
/

End Product Demand

(billions of dollars)

open¬

aid

1960,

up of

the

containment

Wholesale

have

intensi¬

for

remained

prices

accom-

prices

vif) '

about

have risen

weakened

unchanged

years/while

»-\f rm.Tfr,

ternational

only modestly.
•

the

■

•

our

that

end

reached

the

new

quarter despite the
decline in steel operations,

situation al¬
ready reflects the impact of these
adverse developments.
One of the outstanding facts to
keep in mind is that, there has
the

been

billion
the

about

from
a

$12

tailspin.
level
any

been

levels
into

thrown

surprise,
the

total

ment has

provide

should not

total per¬

because

BLYTH &

CO., INC.

volume

been at

all

/•

GLORE, FORGAN & CO.

HARRIMAN RIPLEY &
'

Incorporated

;

LEHMAN BROTHERS

GOLDMAN, SACKS & CO.

CO.
*

KIDDER, PEABODY & CO.
"

SMITH, BARNEY & CO.

LAZARD FRERES &

CO.

•

STONE & WEBSTER SECURITIES CORPORA TION

employ¬

time

record

WHITE, WELD & CO.
-

levels.

MORGAN STANLEY & CO.

sonal income has continued to rise
and

The maintenance of high

demand

of such State.

liquidation
billion
currently.

not

with the securities laws

rate of in¬
billion early

the economy
whole has continued at high
has

rate of

Nevertheless,
and

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

approximately $15

about

this year to
of-

101.656% and
Accrued Interest

inventory sector of

the

economy

crease

lf 1992

current

shift of
in

Due November

other

inventories.

payable May 1 and November 1 in New York City

Price

sharp
despite the lagging tendencies in
housing, and despite the liquida¬
tion

..."

levels

record

third

words,

of these Debentures.

A. C. ALLYN AND COMPANY

fact, despite the major
decline in the steel industry total
industrial
production
has
only

A. G. BECKER & CO.

■

Incorporated

HEMPHILL, NOYES & CO.

DREXEL & CO.

Incorporated

HORNBLOWER &

WEEKS

W. E. HUTTON &

CO.

fallen

less

than

time peak level.
this

decline

has

that

almost

half

economic

One

from

reason

not

its

why

spiraled
the

all

activity is accounted for
purchases ($98.6 billion!

nation's

by Federal, State, and local gov¬
ernment

LEE HIGGINSON CORPORATION

October

26, 1960.

F. S. MOSELEY & CO.

DEAN WITTER &
•

PAINE, WEBBER, JACKSON & CURTIS

CO.

the

position is

long-term ad¬
such

Let me hast¬
product de¬

economy.

add

mand

any

Under

our

Continued

•

and

effects

verse

consumer

nor a solicitation of an offer to buy
offer is made only by the Prospectus.

Interest

figures show the basic
strength in the underlying situa¬
tion in

throughout

accounts.

latter circumstances

average

Dated November 1, 1960

These

our

inflation.

the

Thirty-Two Year 43A% Debentures

1960, 2nd Quarter— 499.7
1960, 3rd Quarter-- 503.0

several

when

American Telephone and Telegraph
Company

Quarter— 489.9

1st

bal¬
out¬

cannot

program

$250,000,000

1959, 4th Quarter— 481.7.

the post-war years, it seems to me
that the time has
now
arrived

rather

Moreover, the

ex-*

inventory

of
ac¬

cited includ¬

offer to sell

The

has

which

consequences

the

credit

level ever reached.
important, the total

highest

end

was

This announcement is neither

and

about

prove

our

of gold.
This represents a
fundamental change in our inter¬

the St. Lawrence Water¬
has increased the impact of

these

from here

shortages
r-.-t

.oq

has

we must
seriously reconsider
policy in this area. It is one
foreign competition in the middle thing to make gifts and loans out
west because of the freight sav¬ .of a
surplus when available. It is
ings involved in direct shipment an entirely different matter to fol¬
by water. •1
low such a policy when it adds
(2) Another major development /to or creates a deficit in your in¬

following:

There has been

economy in recent months.
3. Our international balance

cumulation

this

ing

fication

That

years.

payments has resulted

some

narrow.

way

„

cue

than

were

profits. ' Among

are

competition

look

ictcvurs

two

prices. Many .ignored. The net deficit of $3 to
$4 billion a year is about in line
ing
textiles,
transistor
radios, -with our expenditures for foreign
aid.
cameras, and aluminum. The num¬
While I have favored our

post¬
a

require¬

been

national position and

illustrations

emerged

They will play

years.

basic

are

flow

ber

which

accompanied by even
larger disturbances to the econ¬
omy than those described earlier

emerges.

supply
available
in
country and has resulted in

out¬

earlier

the

specu¬

pressure on domestic

nificant role in the business out¬
and in
the outlook for

these

factors

new

present

war

have

not

available

important bearing

decisions

major achievement of

the past

terms

has been

increased

demand

new

Business

dampened
tends

total

feet-

two there

are

inventories

hope of outguessing the next surge
of price inflation. Price
stability

ex¬

can

willingness

ments rather than distorted by the

Secondly, ample

goods

re¬

because it will cost

involved in financing inventories.
The intensification of
competi¬
tion from abroad has added to

look, it is important to recognize
some major ^changes
in our eco¬
nomic environment,
In the last
year

increasing

made

the size of inventories carried and
hence upon the volume of credit

evidence

-Vln projecting the business

corporate
of

our

This has

small

some

The

curbed.

efficiency and thereby

output

readily

project the

capacity.

supplies

Major Economic Changes

that

because

late

to reduce costs rather than to add

activity.

there

overlooked.

now

tomorrow

down.

new

to increase

operations,

construction

try to

to build
more

consequences

sometimes

are

prices

consumer

A shift from price inflation to
stability affects significantly the
expectations
and
planning
of
many businessmen. The incentive

war

invested

plant and equipment
expenditures have been designed

has

mar¬

the

selection

ful

our

rise

business picture by the care¬
of data. Let us ex¬

the

■

industry

demand.

tent

these

away

Unfortunate¬

clear

would

that this peak is about to crumble

orders have

meaning

not

have already seen

while there have been

signs of weakness in

that

run

are
standing at or close to the
highest peak ever attained and

ex¬

almost

prove

wants to

one

two

economy. One of the disturb¬

has been declining.

Backman

third felt the foot and thought it
was

are

mean

in¬

many

market

end

First, there is less urgent need for
new plant and
equipment to meet
prevailing and prospective short

which

economy for the months ahead

that the backlog of unfilled orders

and
was

fence:

These

persistent

been running below deliveries

felt

thought it

not

nar¬

$15 billion swing in inven¬
The
significant news is

Thus,
serv¬

during this period.

ing facts is that

rope;

second

its

there

and

thought

the

adjustments did not
affect other segments of the econ¬
omy and bring about a reduction

Disturbing Signs
I

that

point
we

rockslides

been minimal

the

.phant

shown

pansion in recent years

blind

one

man

billion).

have

recall

that

effect

and

since the last quarter of 1959 was
reflected
substantially
in
real
terms
since
price inflation has

men

phant.

(133.0

areas

the

The

flects .primarily the wage infla¬
tion in the service industries.

over $400 billion in new
plant and
equipment with the accompanying
significant addition to total capac¬

in total economic

purchases

Since

American

million.

margins

concern

main

tories,

It should be noted that the rise
of 5%
in end product demand

story

ices

profit

is that

16%

Also, the

have could, on
balance, re¬

consumer

and

decline of 43% in steel

profits

I debt.

and

The

in 1960.

nothing

the blind

and

econ¬

being made by politi¬
some

much

the

remind

stand in

today? In

stock market

caused

maKe

re¬

compared

omy

and

dustries.'

sounder basis for economic
growth than that fcr the past
15 years. He advocates tax and
foreign aid reforms, and calls at¬
tention to the sensational increase in
post-war II debt

Where

between 3.4

rowing

to post-war

been

seller's

replaced by the buyer's

which

ahead, Dr. Backman

which

main¬

ket.

ity. This has several

optimist for the long run.
changes that have occurred, assesses the
economy's major; segments, and concludes the
record
high end
product demand for the third quarter of
I960 is a creditable

expects

been

in the

pessi¬

already

has

The

pluses.

satis¬
which

business activity, the sharp decline

achievement with
many of the adverse
developments
flected in the current situation. As
for what lies

panying the high level of deferred
demand have given way to sur¬

Nor, can we ignore the disturbing
implications of the outflow of
gold, the lack of buoyancy in fall

University.

economics describes himself

signifi¬

cannot be

the

unemployment

York

cant degree.

weakness

page

(1668)

The Commercial and Financial Chronicle

Tax

DEALER-BROKER

Loss

UNDERSTOOD

THAT

INTERESTED

SEND

THE

FIRMS

MENTIONED

WILL

1, Ga. Also avail¬

memorandum

National

Linen Service.

Switches—A

Tax

Thursday, October 27, 1960

Candidates—Tabulation

W., Atlanta

able is

AND RECOMMENDATIONS
TO

—Courts & Co., 11 Marietta Street,

INVESTMENT LITERATURE

tions

Cooley

list

NOTES

NSTA

sugges¬

Company, 100
Pearl Street, Hartford 4, Conn.
—

Textiles

PLEASED

Discussion

—

October

issue of "The Exchange" Magazine

PARTIES TME FOLLOWING LITERATURE:

—The

Exchange

Magazine,

Wall Street, New York 5, N. Y.—

$1.50 per year; 20<* per copy. Also

Auto-Smog

Review

—

in current

issue of "Science and Securities"—

law of

Japan and analyses of Sony,

Mitsui Bussan, Fuji Electric Man¬

Harris, Upham & Co., 120 Broad¬ ufacturing,
New York

way,

the

5. N.

issue

same

Also

articles

are

in
on

Nucleonics, Desalting Water, Elec¬
tronics, and Drugs with selected
issues in each field.
Stock

Notes

Circular

—

Steel
Tube,
Rayon, Toyota
Chemical Industry,

Stocks

quarterly

—

114th

consecutive

comparison

leading

Cola

New

York,

Inc.,

ind Kirin Breweries.

Motor

Wall

Industry—Detailed
Shields & Company, 44
Street, New York 5, N. Y.

randum
Motor

position by Frank C.
Rathje, Jr., — Continental Illinois

Company
New York 5, N. Y.
of Chicago — American
Trucking
Business Outlook Through April Associations, Inc., 1616 P
Street,
1961—Survey in current issue of N. W., Washington 6. D. C.
.

Merrill

Industry—Analysis—Goodbody

Lynch, Pierce, Femier & Smith, &
Co., 2 Broadway, New York 4,
Incorporated, 70 Pine Street, New N. Y. Also
York 5, N. Y. Also available in the
same

issue

Inc.,

Armstrong

reviews of Diebold,

are

Cork

Company,
General Public Utilities Corp., In¬
land Container
&

Corp., Chas. Pfizer
Co., Federal Mogul Bower Bear¬

ings Inc., Ranco, Inc.
Zellerbach.
Cuban

and

Crown

Crisis and Beet Sugar In¬

Stores.

Analysis of current gold
situation
Boenning & Co., 1529
Walnut Street, Philadelphia 2, Pa.
—

Situation—Bulletin—Shear-

Hammill & Co., 14 Wall St.,
New York 5, N. Y. Also available
son,

memorandum

Electronics

Research Associates.

Japanese

Market

Yamaichi
York

York

Review—

—

Securities

Co.

(Japan Road Co.)

Ltd., 25 Broad St.,

New York 4, N. Y. Also available

report on Sony Corp.

<Jver-the-Counter Index
on

—

up-to-date

between

the

listed

Folder

compariindustrial

Japanese Stock Market

tocks

used

the

Dow-Jone»

the

new

ment

and
the 35 over-thecounter industrial stocks used in
the

National

Quotation
Bureau
both as to yield and

\verages,

discussion

foreign

Bache & Co., 36 Wall St.,
5, N. Y. Also available

—

Jr.,
Robinson-Humphrey
Co., Charleston, S. C.

fee,

American Greetings Corp.—Memo¬

randum—Baker,

Weeks

Co.,

American

Smelting

J. Nathan McCarley

INVESTMENT TRADERS ASSOCIATION OF PHILADELPHIA

Refining—

of Philadelphia will hold its

The Investment Traders Association

Penington, Colket &
Pine Street, New
5, N. Y. Also available is a
—

Company,
York

Arthur C. McCall

Wall Street, New York 5, N. Y.

Eighth Annual Dinner Dance

Saturday evening, November 12,

Cricket Club.

the Germantown

--hi-'

review of American Cyanamid.

Clary

Cor p.—Memorandum—

Greene

Bank

amend¬

investment

Culligan,

Inc.—Analysis—Chesley

Book

Month

the

Club.

Co., 63 Wall Street, New York 5,

Co., 105 South La Salle Street. Mergenthaler Linotype Company
Chicago 3, 111.
Analysis — Laird, Bissell &
Decca
Records
Analysis — Hill, Meeds, 120 Broadway, New York
Darlington & Grimm. 2 Broadway, 5, N. Y. Also available is a report

N.Y.

New York 4, N. Y.

Illinois.

Diversa Inc.

—

Lewis.

NTew York

—Westheimer

4, N. Y.

Income

Railroad

Switch

Loss

—

Suggestions

Bulletin

—

for

Vilas

Hickey, 26 Broadway, New York
4, N. Y.
Safekeeping
—

and

Servicing

Booklet

—

The Chase

Street,

Inc.,

Seattle 4,
Du

Bois

Analysis

1000

John R.

—

Second Avenue,

Chemica's

Inc.—Analysis

Wall

St.,

McKinnon, 2 Broad¬
New York 4, N. Y.

way,

Rubin

—

Report

—

B. N.

Co., Inc., 56 Beaver St.,
York 4, N. Y.

Ilazeltine

Blocks of

Corporation

—

Analysis

brochure

long experience in making primary

mar¬

nationwide wire system

are

at your
or pur¬

chase of blocks of over-the-counter securities.

bulletin

Re¬

—

Co.,
6,

4, N. Y.

tions,

Charter

Broadway, New
Also available is a

Tax

and

Switch

sugges¬

analysis

Financial

First

Corp.

Standard Dcllsman Industries, Inc.

—Analysis—W. E. Hutton
14 Wall

Also

Co.,

Street, New York 5, N. Y.

available

Wall
Also
Jim

State

Street, New York 5, N. Y.
Papercraft

Corp.—Review—Ira

Haupt & Co., Ill Broadway, NewYork 6, N. Y.
Penobscot

Chemical Fibre

—

Card

memorandum—May
&
Gannon,
Incorporated, 140 Federal Street,
Boston

10, Mass.

New
Heinz

—

Review

Morgan
Wall Street, New
—

York.

Philip

memorandum

Morris, Inc.—Analysis—H.
Co., 72 Wall Street, New

5, N. Y.

Random House,

Bear, Stearns & Co., 1 Wall Street,
New York 5, N. Y.

Hayden, Stone 8c Co., 25 Broad
Street, New York 4, N. Y.
Also

randum—Laidlaw &

Street,

New

available

York

—

Memo¬

Co., 25 Broad

Also

memoranda

are

available

the

laroid.

Cooley
Department

120

Stores

Rothschild

—

Co.,
Broadway, New York 5, N. Y.

—

bulletins

Bulletin

—

Colum¬

Company and

Investment

Street,

House,

dis¬

Policy

Inc.— Review

Company,

Hartford

available

—

Kidder,

Federal

Stratton

Terstegge

Analysis—Charles

St.,

Company—

Taggart

iol6 Locust Street, Philadel¬
phia 2, Pa.
uo.,

—Eavis

Memorandum

—

Davis, 70 Westminster
Street, Providence 1, R. I.

Union

Protestant

Com¬

Hospital

Companv, Security Building, West
Bend, Wis.

Sheet

100

—

Pearl

Conn.

Also

analysis of Litton

Industries.

Metal

—

dum—R. W. Pressprich
Wall Street, New York
Vick

Chemical

—

Memoran¬

& Co., 48

5, N. Y.

Memorandum

—

Spear,
Leeds
&
Kellogg,
111
Broadway, New York 6, N. Y.
L.

Pen

Waterman

Limited
Random

Review—L.

Inc.

present time.

American Home Products and Po¬

Interstate

are

bian Carbon

cussion

Co.,

Corp.

—

1, Mass.

United

Hoogovens Steel—Memorandum—

Telephone

Boston

Investment

booklet

pany—Bulletin—B. C. Ziegler and

Hentz &
York

Street

Descriptive
Peabody &

Superior Electric

Pfaudler Permutit—Memorandum

Corp.—Data—Purcell & —Hugh Johnson and Company,
New York 4, Inc., Rand Building, Buffalo 3,

International

disposal to facilitate orderly disposition

Spiegel, Inc.—Analysis—J. R. Wil-

Midwestern Financial Corporation

Co.

Street, Chicago 3,

liston & Beane, 2
York

Broadway,

Davis & Co., 63
York 5, N. Y.

Over-the-Counter Securities?

Mutual

Salle

—Thomson &

available

New York 5, N. Y.

"How

for

South

Skyline Homes.
available
is
a
review
of
Dairies—Analysis—Par- Also
rish & Co., 40 Wall Street, New Spartans Industries, Inc.
Standard Oil Company of Ohio—
York 5, N. Y.
Analysis—F. S. Moseley & Co.,
O'Sullivan Rubber—Memorandum
120 Broadway, New York 5, N. Y.
General Cigar Company — Report —Schuster
& Co., Inc., 37 Wall

—Glore, Forgan & Co., 45
Street, New York 5, N. Y.

ket—Stearns

booklet

Prospects

Foremost

Stochasticism and the

Mar¬

Find

Bulletin—Freehling, Meyerhoff & Oklahoma Natural Gas
Co., 120 South La Salle Street, view— Fahnestock
&
Chicago 3, 111.
Broadway, New York

New

Stor*k

Company, and

Publishing

and

Noyes & Co., 15 Broad Street, New
Y.

York 5, N.

Collier

Southern Union Gas Company —
Analysis—A. C. Allyn & Co., 122

Funds."

Wash.

Hallicrafters Co.

Stocks—Analysis—Hemphill,

Crowell

Company, 326 —Analysis—William R. Staats 8c
Walnut Street, Cincinnati 2, Ohio. Co., 640 South Spring Street, Los
Angeles 14, Calif.
Food
Machinery
&
Chemical—

Co.,

Treasurer—Charles E. Mene-

chart analysis of Shell Oil.

N. Y.

plus

Co.,

Charlotte, N. C.

New York

Ilazeltine

Our

McCarley

McCarley,

Asheville, N. C.
Secretary — Arthur M. Rose,
Interstate
Securities
Corp.,

Walter Corporation.

kets

Vice-President—J. Nathan

Europe—Review—Ralph
E.
Samuel
&
Co., 2 Broadway,
New York 4, N. Y. ;

performance over a 20ear period — National
Quotation
8ureau,
Inc.,
46
Front
Street,

market

Shoe
—

administrative
the

Co., Green¬

ville; S. C.

Western

—

\verages

Securities

Survey
—Nomura Securities Co., Ltd., 61
Broadway, New York 6, N. Y.
is

Alester G. Furman

—

Packing

available

Cor¬

—

Industry—Analysis Manhattan Bank, 18 Pine
—Halle & Stieglitz, 52 Wall
St., New York 15, N. Y.
New York 5, N. Y.

Also

General

Ladd, Third National
Building, Dayton, Ohio.
15, N. Y. In the same issue is a Schlumberger Ltd.—Memorandum
Stall, Southern California Edison Cosnat Record Distributing Corpo¬ review of Health in Latin America. —Ray B. A'Hearn, Belmont Road,
Company,
Southern
Company, ration—Analysis—James Anthony Lock Joint Pipe Company—Bulle¬ Butler, Pa.
Southern Pacific and Warner & & Co., 37 Wall Street, New York tin— Georgeson 8c Co., 52 Wall Herman H. Smith Inc.
Analysis
5, N. Y. Also available is an analy¬ Street, New York 5, N. Y.
—V. S. Wickett & Company, Inc.,
Swasey.
sis of Entron Inc.
99 Wall Street, New York 5, New
MPO Videotronics—Memorandum
Oil Stocks—Review—Dean Witter
York.
Crown Cork & Seal
Memoran¬ —Francis I. du Pont &
Co., 1 Wall
& Co., 45 Montgomery
Street, San dum—Theodore Tsolainos &
Co., Street, New York 5, N. Y. Also Southern California Edison—
Francisco 6, Calif.
44 Wall Street, New York 5, N. Y.
available
is a
memorandum on Memorandum—John H. Lewis &

Tax

Japanese Market—Review—Nikko

Meat

Southern
Railway,
Missouri
Kansas Texas, Natural Gas Pipe¬
line Stocks, New York State Elec¬
tric & Gas Corporation, Prentice

Railroad

Securities Co.,

Indiana

officers

following

the

elected:

President—Arthur C. McCall,

Bonds—Bulletin
Ill Broadway, New
Y. Also available are —Reynolds & Co., 120 Broadwav,
of
Ohbayashigumi Ltd. New York 5, N. Y.

and Nibon Doro Kabushiki Kaisha

bulletins

are

New

Inc.,
6, N.

reviews

available

showing

—

Gold

were

Bearing

—

dustry—Analysis—Hooker & Fay,
221 Montgomery Street, San Fran¬
cisco 4, Calif. Also available is an
analysis of Interstate Department
Gold

linas

and

poration and J. W. Mays Inc.

Review
Oil

Ball

Hoover

Industries,

Engelhard

ysis

Industry—Analysis

National Bank and Trust

—

Company

meeting of the
Securities Dealers of the Caroannual

the

Amerada Petroleum—Chart Anal¬

Peabody Coal.

Carrier

seatic

Reader"

Bottling

Company,
Carrier

—

of financial

"Investors

Motor, Mitsui

banks and trust companies of the
United States —New York Han-

Corporation, 120 Broadway,

data

CAROLINAS

SECURITIES DEALERS OF THE

discussion of

active in Cuba, and
Aro
Equipment
Corp.,

Coca

leading New. York City Banks— Also
available
are
surveys
of
Laird, Bissell & Meeds, 120 Broad¬ Oxford Manufacturing, Du Bois
way, New York 5, N. Y.
Chemical and Aid, Inc., a memo¬
Bank

issue is

same

companies

Isuzu Motor, Toyo

study
Bank

Nippon

in the

Singer

Company

Analysis — Troster,
Co.. 74 Trinity Place,

—

New York

Western

6, N. Y.

Publishing

Co.,

Inc.

—

Report—A. M. Kidder & Co., Inc.,

1 Wall Street, New York 5, N. Y.
Department Store s— Reliance Electric & Engineering— Also available are reports on First
Analysis—Walston & Co., Inc., 74 Memorandum
Sprayregen, Haft National Stores, Lucky Stores and
Wall Street, New York 5, N. Y. & Co., 26 Broadway, New York
4, Food Fair Stores, Inc.
Also
available
are
analyses
of N.Y.
Yardney Electric — Memorandum
United States Fire Insurance Co.
Reliance Manufacturing
Company —A. M. Lerner & Co., Inc., 15
and Clevite

Interstate

—

TROSTER, SINGER & CO.
Member New York

Security Dealers Association

Trinity Place, New York 6, N. Y.

HAnover 2-2400

Corporation.

—Analysis—Purcell
Latin

American

Petroleum

De¬

velopments—Review in current is¬

Teletype NY 1-376; 377; 378

sue

"Latin-American

Highlights"
Bank,

—

Pine

Chase

Business

Manhattan

Broadway,

New

Also available is

York
a

review

lumbia Pictures Corp. and

Street, New York letin

St.

Co.,
4,

Regis Paper.

William Street, New York 5,

York town Products

of Co¬
a

bul¬

Bulletin
East

N.Y.

—

48th

Bourke

Street,

N.Y.

Corporation—
&

New

Omen,

249

York

17,

Volume 192

Number 5998

The Commercial and Financial Chronicle

are

Sales Outlook for Cars

going to do everything in

Encouraging for 1961

1961,

official supplies variety
a

very good

1961.

Mr. Nichols

believes that general economic conditions will be stable and
but

containing

about

some

6% million

and that

good

in 1960,

new cars

rising,

1960 sales.

This

kind

static

coming out of

were

than

less

recession, and the
industry was experi¬

automobile

encing

this fall

ago

years

1955.

satisfactory

mobiles exeeed

1958,

when

pleasant.
Nineteen-

year

sixty should

dip below that

million

of the two

have

a u

years
o m

otive

when

million

retail.

Byron J. Nichols

By the

time

Dec.

rolls

around,

should be able to look back

year

which

we
on

million

new

cars

were sold,
including imports.
Unsatisfactory as 1958 was, it
had
its
brighter side.
General

business

justified

felt

that U. S. retail sales of
in

1959

would

30%

over

out,

1959

increase
In

I
to

the

show

1958.

mark

increase

turned

showed

prediction

could
I

cars

new

retail sales
of 29%%.

making

doubt

real possibility

come
was

today
close

fortunate

enough to do two years ago. Re¬

member, in 1958 it didn't take
clairvoyance to see that a big in¬

for

gen¬

The

has

been

There

high.

encouraging signs in many
of
the
economy.
Exports

are

areas

have

been

rising, steel consumption is
exceeding production, and con¬

struction
levels

continuing

high

activity.

In addition, it
clear that government ex¬

rising above recent

are

in automobile sales

was

al¬

that have made 1960

for

year

work

sales

This year the job
is

from

of forecasting
We
are
not

difficult.

moving into
low

period of recovery

levels

economic

ac¬

tivity. We are in a period when
the general economy as well as
automobile sales are already at

And the big question
levels be sus¬
tained in the coming year?"

high levels.

is: "Can these high

There

lieving

are

that

good reasons for be¬

business

out ahead will be stable

—-and

that instead

conditions
and rising

of moving to¬

inventory

similar to those of 1949,

first

products

been

made

and

available

lines, but completely
featuring new design,
construction,

new

dustry's

8th

tion

not

fad

ing fast.
these

over-65

new

groups means

people

that

for

are

the

tion, medical

are

other

goods

the

expenses

for

29.3%

will

at least

all

with

And

compacts,
cars

August they

S.-built

probably

35%

1961.

ac¬

bert
Co.

This

stimulated

new

all

cars

and

improvement

tions—the
will

ferment

and

1961

sell,

have

styling

new

features

chanical

And

customer.

Mr. Evans was Presi¬

dent of his

Registered Rep¬

own

investment

pany for the past five
The St. Petersburg

and

foreign,

will

bidding

the market for his favor.

Dickson

just

factor

is
a

under

circumstances

securities.

The

firm

branches in New York,

be construed

offen

GLEN MFG. INC.
(formerly Rhea Manufacturing Company)

$10.00 Per Share

A copy of the prospectus may be

made
less

new

five

the

are

years

normally

INCORPORATED

owning

old

—

cars

A. C. ALLYN & COMPANY

are 27 million
the road in that age class.
a

ROBERT W. BAIRD & CO.
INCORPORATED

INCORPORATED

and

6. H. WALKER & CO.

THE MILWAUKEE COMPANY

broad target for
automobile salesmen to shoot at.

That

of the

state.

L0EW1 & CO.

there

present

cars

customers

than

any

your

Two out of every three

sales

obtained from

undersigned licensed to sell securities in

there

important

STOCK

($1 Par Value)

Price:

very

For all of

BACHE & CO.

DEMPSEY-TEGELER & CO.

these reasons, we at

DOOLITTLE & CO.

HAYDEN, MILLER & CO.

THE MARSHALL COMPANY

MERRILL, TURBEN & CO., INC. THE OHIO COMPANY SINGER, DEANE & SCRIBNER
STRAUS, BLOSSER & McDOWELL WATLING, LERCHEN & CO. A. G. EDWARDS & SONS
A. E. MASTEN & CO.
October

21,

1960

SAUNDERS, STIVER & CO.

was

also

has

Chicago,
Raleigh,

Atlanta, Richmond,
Greensboro, Columbia and Green¬
ville.

COMMON

Co.

serves as un¬

derwriters, distributors and deal¬
ers
for corporate and municipal

offer to buy these securities*
offering is made by the prospectus only,
solicitation of

introduction of new cars and new
features.

com¬

years.

and

in founded in 1919 and

In addi¬

125,000 Shares

and new me¬
interest the
is another

Street

office will
of challenge and
be R. S. Dickson and Company's
opportunity the automobile indus¬
11th branch office and its third in
try thrives on. It will be a good
Florida. Other Florida offices are
year for the customer, too. Every
in Jacksonville and Miami.
automobile company, domestic

be retained

change—

present

site

Thirty-

resentative.

styles
innova¬

new

and

oc-

the

veteran Flor¬
dealer, will serve as
Branch Manager, and Clifford B.
Thomas, an Evans associate, will

create the kind

The

1961-model cars will

And the other

will
p y

ida securities

the in¬

of four new compacts.

J. Herbert Evans,

are

The

St.

South.

car

troduction

First

J. Herbert Evans

expected to reach only
450,000 units, which would
drop of about 26% from last

and more

the

Evans

and

As you

This year, foreign

re¬

Petersburg

econ¬

account

cars.

firm,
princi¬

Charlotte,

The

And

whose

four

the

invest-

cently ac¬
quired J. Her¬

year.

for

t i e

pal office is in

many

great majority of sub¬
urbs make little or no provision
since

The

ment securi-

about

and dozens of
services.
With

like these,

President.

two

sales

housing, educa¬

and

last fall

grow¬

made

branch

Evans

low-income

demands

care,

cars

eign

are

income—for

open

appear to be an effective answer
tb the so-called invasion of for¬

becoming interested in
Or take the
average family budget.
It is true
that family income is on the rise,
but

will

Co.

know, the American compacts also

automotive economy.

that

and

son

just mentioned —
in transporta¬

sales.

omy

And the rapid growth of —the

relatively

have

needs

market.

new

group

these

have

counted

novelty, but
changes in the American
society
itself.
Take
population
groupings.
The teen-age
group
the

New

CHARLOTTE, N. C.—R. S. Dick¬

compacts

market

response

retail

of basic

and

Beard.

Evans Joining
R. S. Dickson Co.

and

the

change has to do with
The increasing interest

Conference

City.

motoring economy. And
already
these
new
cars
have
captured a substantial share of

economy.
in economy appears to be the re¬

sult

Industrial

York

seven

of the automobile in¬

specialized

transmissions.

Another

part

trends

engines,

new

American

the

troduction
was

specialized

lished

and

brought about the biggest recent office in St. Petersburg, Fla., Nov.
changes in our business. The in¬ 1, according to J. Murrey Atkins,

needs,
the industry has been turning out
not only fresh models of estab¬
cars

that

year

exciting and successful.

tional

of the market.

new

already

the motoring public.
Responding
vigorously to the motorist's per¬

sonalized

•An address by Mr. Nichols before the
Annual Marketing Conference, Na¬

from
the market in

the

1961.
grow.

adjustment
Chrysler currently are planning
1954, and for a
year in which total U. S.
1958, we have been making such new-car sales will be at least as
an
adjustment in recent months,
good as 1960 sales.
And, as I
and may already have put most
mentioned earlier, the 1960 total
of it behind us.
Certainly there
is expected to reach 6% million
are
indications that progress is
cars, including imports.
We are
being made in ironing -out the
ups and downs of business cycles. also aware that the potential is
Even in the automobile1 business there to make 1961 a, much better
—which has an unusually volatile
year than 1960. And we — along
market—the annual sales volume
with the rest of the industry —
in recent years has been remark¬
ward

looking
will

both

excellent

continue

favor

our

will

continue

suburbs

again

Recovery

74.9%

ever

forward

increased
of

and prices

to be brought to market.
We in the industry are

families tion to having four more new
are
interested not only in auto¬
compacts to choose from, the carmotive
economy,
but
in
other
Reasons for a Good Auto Year
buyer will be presented with the
kinds of economy as well.
Within the automobile industry
The growing demand for auto¬ widest range of car sizes, models,
itself, we find special reasons for
motive economy is clearly illu¬ horsepower
ratings, styles, me¬
confidence.
Many of the forces
levels and will continue to rise.

and

Expects Stable and Rising

The

change has to do with
During no other twoyear period
in history has a
greater
variety
of
automotive

public
transportation, more
people are going to have
most inevitable. At the beginning
to
rely on automobiles.
Family
of that year,
the recession was
formation is increasing by about
in full stride, and it was depress¬
half a million a year, and many
ing consumer confidence out of
of these new families are going
all proportion to the actual de¬
to
need automoblies.
Moreover,
clines in economic activity. Also,
many established households now
during the three year period that
find that one car in the family
preceded 1958, motorists had
is
inadequate.
Multi-car house¬
bought 19 million, cars and were
holds have increased by 67% in
in a position to postpone new-car
the
last five years.
More than
purchases. Moreover — with gen¬
18%
of car-owning families—or
eral business conditions improving
13%% of all families—now own
steadily—there'was a very good
two or more cars.
(
chance that the people who put
There
are
other
reasons
for
off buying new cars in 1958 while
waiting for the economic weather looking forward to a very good
year for the automobile business
to clear would buy in 1959.
in 1961. The new-car market will
crease

close to 80%

product.

body

strong.

Product

all-time

penditures

was a

sharp

rising steadily throughout the past
year and is at the highest annual
rate
in
history.
Consumer de¬
mand has been high and steady.
Employment and personal income
are
at
record-high
levels,
and
personal savings are very close

time,

one

reasons

healthy and

seems

the

The economy in

National

conditions improved
throughout most of the year, and
all of us were looking forward
to further improvement in 1959.
saying there

only

average.

excellent

many

Gross

cars

And

look forward to 1961, we

eral

7.2

sold

were

million, and
dropped below

units.

confidence.

history, sec¬
ond
only to
1955

auto¬

new

of the six has shown

turn out to be

best

seven

they

six

one

1955,

million, the market for new
during the last six years,
including 1960, has been relatively
level. The yearly average during
this period has been a little over

—and the di-

ference

sales

retail

for

cars

different

are

which

Except

five

This
things

year.
year

stable.

chanical options,

phase.

Dynamic Changes in the Economy

ably

<57.9%

1958

One

Two

have

compacts,
a

1958.

1961, compared to the record high of 7.2 million
cars

conditions

To know this, we need
only to
look
at
some
of the
changes that have occurred since

means

of the two best auto years,

one

business

business.

important changes, and that total U. S.

very

sales will be at least

new-car

cars

Far months of this year. And by the
from
it.
It is quite clear that end of this year, with the intro¬
dynamic change will continue to duction of four new compacts, the
play an important role in the cars in that class should be selling

of reasons supporting his pre¬

for the industry in

year

stable

not meant to suggest that the
automobile industry is entering
are

some

diction

The

normally
carrying over into think of as being in the low-price
the levelling out of sector, including the small im¬
sales
and
the
American-built
volume,
and ports

annual

our

market.

trends

about

By Byron J. Nichols,* Group Vice-President, Automotive Sales,
Chrysler Corp., Detroit, Michigan
Automotive

strated by what has been happen¬
ing in the low-price sector of the

our

realize that potential.
My remarks about present auto¬

power to

motive

Looks

(1669)

WESTHE1MER & CO.

The Commercial and Financial Chronicle

(1670)

Sums

Chemical

Industry's-

the

Thursday, October 27, 1960

Problem

Industry's

short, four factors

Connecticut Brevities

higher

:—

costs, stiffer domestic competition,

capacity and foreign com¬
petition — are going to have an
more
pronounced effect on
excess

Sales Outlook in 1961

even

the

Chemical Corp.,

.By I. H. Munro*, Vice-President, Marketing Allied
New York City

profitable marketing of chem¬
1961 than they have had

icals in
in

1960.

Sulfuric

levelling

Changes in the chemical industry's economics, portend a
off of sales

other

eters."

require more profitable marketing rather than more sales volume.
Mr. Munro envisions this and greater intra-industry as well as inter¬

costs
commercialother advantage.

industry and foreign competition tunning head-on into higher
ization of

products with higher profit ratios or some

trend

sales
would continue with a 5%

it may take some time to
figure out what has happened in

to 8%

rise in 1961. In the light of

1960

somewhat optimistic

"What will happen in 1961? If any¬

knew, they wouldn't tell. Fur¬

one

ther,

say

nothing

upward

the

that

facturers

conditions, this may be a

current

view.

Stresses More Profits to More

guides to
the
question
is

cals

this

im¬

all

are

re-

result, when they have a slack

if there's a period of
in industry generally,
may
be expected to

period or
expansion
chemicals
show
the

So I'm in

trend.

similar

fortunate

of follow¬

position

ing the experts and we can base
our

conclusion

what

shrink and the

will have to
profitable market¬

industry
of

These

trends.

are

„

the

Plastics

resins

and

have

been

a year

growing at about 12%

dur¬

ing the past decade, with 1959
setting a record 25% increase over
Production for

1958.

have

1960

esti¬

according to the
Society of the Plastics Industry...
This is essentially a growth indus-'
try, but all indications are point¬
ing to a leveling off. While more
plastics will be turned out in 1961
than in 1960, next year's increase

division

is expected to be minor compared
this year's.
" V
Similarly, for synthetic fibers,
1959 was an all-time high at about
2 billion pounds. The outlook is
to

Corp.,

company

Hartford, unveiled a revolu¬
tionary new propeller which gives wars, had a part in developing
greatly
increased
take-off
and the atomic bomb and has entered
climbing power as well as greater into new areas with emphasis on
range
and
speed
to
propeller- missile, space and nuclear work.
driven aircraft.

Tests have shown .\

that Hamilton's

extend

;

miles

low

product could

new

the : range of high

transports

the

level attack

speed

.'#

*•

•;

Scundscriber Corp. of New Haven
is

and add 60

to 30%

hour

per

reported

have

designs and

rights,

in connection with

planes.-Develop¬

acquired

all

developments
line of office

and

portable magnetic tape dic¬
tating'; machines
developed
by
peller, ; as it is called, has been Minnesota Mining & Manufactur¬
backed by a U. S. Navy contract.
ing
.:V- ■
The
propeller, which took more
«
•' v."
Vv
-y
-T' *
than
two
years
to develop has Bridgeport Brass Co.,
.Bridgeport,
been given extensive wind tunnel
has formed a wholly-owned sub¬
ment of the Variable Camber Pro¬

-•

tests at United Aircraft's Research

Laboratories.

;

Connecticut
of

Manifold

West,'Hartford

V* >y
Co.

Forms

land.
at

parent company plans to ex¬
pand its business in this area and

worked

employment at

Connecticut subsidiary's plant
will be increased.
*

for

the

with

for
•'

the

will'be
long-term lease. Ar¬

out

Commerce

project

the

were

Ministry of

Northern Ireland.

Aircraft

Raman

plant

Belfast,

near

used under

•

73,000-square-foot

Lisburn,

rangements

largest producer
business forms in the country:

sidiary,
Bridgeport
Brass, Ltd.,
headquartered Jn^ London.
The
subsidiary comoany will start pro¬

Chicago,'fourth
The

•

it is expected that

•

duction of valves in Northern Ire¬

has

been pur¬
by Allied Paper Corp., of

chased

•

Aircraft

East

1959,

over

its 60th birthday. The
produced machines for
the military effort in both world
celebrated

Standard

Hamilton

United

Corp.

field has been awarded

Bloom-

$21 mil¬

•

■

lion contract by the Navy's Bu¬
Instruments,
of
Stam¬ reau of Weapons for production
nylon, acrylic Branson
ford, maker of ultrasonic clean¬ of the
HU2K
polyester fibers. One by one,
Seasprite
utility
wages,
equipment,
freight and producers are announcing plans ing and test
equipment, has an¬ helicopter. The Seasprite, which
fuel, and bigger research budgets, to double and
the
formation
of ; a made
triple capacity, and nounced
its first flight 14 months
an
excess
capacity
for certain these
commitments, you can be wholly-owned European subsidi¬ ago, is reported to be able to at¬
chemicals has been the principal
sure, are based on careful market
ary to be located at Loosdrecht, tain speeds greater than those of
factor
in
the
shrinking
profit studies of future demand.
How¬ near Amsterdam in The Nether¬ fleet
helicopters presently in use.
margins, because with these con¬
ever,
next year
will see even lands. Mr. Peter K. Bloch, Bran¬ Owing to its advanced navigation¬
ditions, appropriate price increases
greater competition, which may son's
president,
said
that
ul¬ al and electronic equipment, the
are impossible.
In an attempt to have its effect on price structures. trasonic.
cleaning techniques HU2K has all-weather flight ca¬
add volume, some important price
Although figures for the first six presently unknown in European pability.
The Canadian Navy is
reductions have been made, no¬
months of 1960 are ahead of last 'industry will be introduced and
expected to purchase a number of
tably for polyethylene. Histori¬ year's first
half, spokesmen for1" that eventually the subsidiary, to Seasprites and the Japanese de¬
cally, such price reductions have the fiber industry now see a be
known
as
Branson, Europa fense forces have also expressed
greatly increased applications and marked leveling off with no in¬ N.
V.,. will be a self-supporting interest in the HU2K and its anti¬
boosted sales.
crease of importance indicated for
manufacturing and marketing op¬ submarine detection performance.
Among
these
chemicals
for 1961.
eration in Holland.

ing and less just of sales volume.
In addition to higher costs for

I. H. Munro

big customers.

are

12 months, mar¬

sure

are

think

and all
major

industries
a

and

problem and will strongly
the picture for 1961. With
5% increase in costs expected

chemical

manu¬

the

gins

facturing oper¬

ation,

becoming

during the next

quired
by
p r a c t i c ally
every

color

Chemi¬

us.

talk about

marketing chemicals, I think we
mean
moving
them
profitably,
rather than just sales volume, and

cer¬

tain

that

when

However,

role in fore¬

plastics, synthetic fibers, and fer¬
tilizers, industries within the in¬
dustry
which
I- will
mention
briefly.
*
•
\ ,

13%

portant to

mated at about 6V2 billion pounds,

Sales

bring.
are

to have

what 1961 will

there

barom¬

classes

come

casting

and, thus, necessitating careful selection and prompter
•

often

have

"economic

Similarly, there are three
of chemicals that

major
have

and

chlorine,

chemicals

basic

called

been

though this year should finish strong, and

next year,

acid,

Officials ~ of'

one

continued expansion, espe¬

cially

among

the

and

learned from them.

;

l- n

Many probably have" '-'£11 )heard
chemicals
have
enjoyed a

that;

fabulous

growth

during the

rate

past 25 years, increasing some 7%
a
year, or twice the rate of the
average
for
all
manufacturing.

was

classical

there

example when it

replaced silk. Plastics grew to be
billion

dollar

industry
after World War II because they
replaced metal or wood in so

a-year

many uses.

Situation

Now Is More

Complicated

Now,

the

situation

getting

complicated. As an illustra¬
tion, we have — right within the
industry — nylon competing with
more

rayon

for

the

tire

cord

market.

There's

lively competition, 'too,
between the polyester-type syn¬
thetic fiber, exemplified by Dacron,
and the acrylic type — of
which Orion, Acrilan and Creslan
are examples, also in competition

will

soon

Outside

Competition

Statistics
tion

which

materials

butadiene

latex for

show

ing
of

distribution,

and
new

entrants

the parade
likely to

seems

continue.
In

firm

forecast

The

of sales

for

Manufacturing

Association made

make

1961.

Chemists'

tain their

1961, chemical sales will have
to face increased competition from
materials produced outside of the
United States.
Foreign manufac¬
turers

turn

out

first-class

chem¬

come

question

that this year would finish strong.

In July it looked to these

manu¬

With

other

fre¬

quently, the amount of imported

current year might surpass $28
billion, compared with the previ¬
ous high of $25.7 billion in
1959.
seemed

modern,

countries able to undersell

has

goods

There

about

centers

Jack

1961 may be the year when chem¬

begin to flatten out. The
industry should be concentrating
on
cost reduction and marketing

begun

counteract

this

it has

increasingly popular for

chemical
sizable

companies
programs

building plants
tory

climb.

trend,

and

overseas

our

foreign terri¬

establishing

around the world.

carry

be¬

markets

rate

increase

sales

will

somewhat lower than the rate

characterized the

has

indus¬

try in the last few years.
also

should

that

this

situation

mention

points

Levine

Manager

has

been

appointed
Syndicate De¬

the

building.

SPAN was opened in
1957 by four insurance
companies:
Springfield Insurance Cos., Phoe¬
nix

(Fire), Aetna

tional

Fire.

(Fire)

SPAN took

these

companies.

sub-contract

accepted
ance

work

from

Aetna

partment
J.

also

being

has been with
the J. A. Win¬

tion

for

past

the

two

years

and has

been

active

various

departments
Jack Levine

the

com-

pany.

the

Form Diversified Properties
Diversified
been

Fenn

Manufacturing

Co,

Newington has

purchased the Liq¬
uid Wheel Machine Co. of Indian¬

Ind.,

business

and

will

move

the

Fenn's

Newington
plant.
With this purchase, Fenn
received sole rights to a new ma¬
chine

York.

ston organiza¬
*

apolis,

Broadway,

Mr. Levine

Insur¬

company to combine
paper
and plastics in
manufac¬
turing its packagings.

The

Company,

New

names

Co.

enable

which

uses

unique meth¬

od for

finishing metal parts. Fenn
Manufacturing, a metal forming
machine

manufacturer,

recently

Properties,

formed

with

Inc.

offices

has

ratio and for which the
company doing the development
work has some particular advan¬
tage. The edge may be a lower
cost process, a better product, or
a new unique material.
It is these
developments which will continue

Officers

Harold

are

President;

Kenneth

Vice-President;
Hutchins,
Mr. Moon

ling,
was

was

with

Moon,

Co.

Mr.

Gardner

Goldman, Sachs & Co.

rr, --tjn ct
I
i
«

CHAS. W. SCRANTON

maintain

try

as a

chemical

CO.

Industrial

Mr.

Munro

Conference

at
the Na¬
Board's 8th

Marketing Conference, New York

City, Sept. 16, 1960.

Exchange

CONNECTICUT
New Haven

securities

New

York—REctor

2-9377

indus¬

growth industry.

•Remarks
tional
Annual

the

Members New York Stock

Hartford—JAckson

.7-2669

Teletype NH 194

■

Treasurer. '

formerly with Ster¬

Gardner,

Robert

and

Secretary

Grace

profit

635

Madison Avenue, New York City,
to engage in a securities business.

the

necessity
for
careful
selection,
with
prompt
commercialization
of research projects; particularly
those
with
an
indicated
high

Winston

Incorporated.,

name

Currently,
Life

and

and Na¬
its

from the first letters of the

ical sales

that

positions.

survey in July
which revealed that sales for the

increase

their low-cost labor.

currently ample and

addition,
companies
have
been integrating backward to se-, programs
.designed
to
bolster
cure
access
to their own sources
profit margins; With competition
at every level and for every mar¬
of basic chemicals and interme¬
diates.
The rise in competition ket, selling costs as well as other
has been characterized as rugged, costs are goin^" to be scrutinized
and will require intensification of and it appears now that the over¬

going

difficult

in the country, has begun
expansion
program
with
a
4,500-square-foot addition to its

Levine Synd. Mgr.
For Winston Co.

high¬ over the previous year; and, for
S.
Curtis & Son, Inc., of Sandy
er
profit margins, a number of the year ending June 30, 1961,
other companies have been invad¬
there will be an upward trend of Hook, paper packaging maker, has
Valley-National
ing all segments of the chemical about the same order of magni¬ acquired
Corp.,
Milldale, producer of plastic pack¬
industry. In spite of the fact that tude.
aging. As Mr. Nelson G. Curtis,
the
glamor may have worn off
President
of
S.
Curtis
Prompter Commercialization
&
after
these
companies
became
Son,
pointed out, this acquisition will
familiar with the expenses of sell¬
Let me sum up by saying that

this intramural competition—it is

com¬

of Hartford, an insurance
processing organization and
the largest magnetic tape

one

well equipped
plants, and they have an extreme¬
ly important advantage over us in

primary fertilizer

SPAN,
data

Lured by the prospects of

icals

problem—

nitrogen—

capable of taking care of the
slight upward trend in consump¬
tion. Figures for the year ended
June 30, 1960 have not been is¬
sued, but indications are they will

In the plastics field, vinyls, cel¬
lophanes and polyethylenes and a
good many others strive to replace

water-based paints.
As a result of this

used

States

trends. The capacity for fertilizer

market to

as a

United

tons

ponent is considered a basic indi¬
cator
in
measuring
economic

all

packaging mate¬
rials; while alkyd oil-based resins
have had to yield room in the

the

million

2.6

marketing efforts for those chem¬

fertilizer consump¬

are

culture

ical companies that want to main¬

other

compiled by the Depart¬
ment of Agriculture on a fiscal
basis ending at mid-year.
For the
year ended
June 30, 1959, agri¬

with each other,

each

....

which

past 14 years this pace has an excess of productive capacity,
dictated capital investments aver¬ in terms of current market, are:
aging a billion dollars a year. ethylene glycol, the permanent
ammonia; phthalic
Only the petroleum industry has anti-freeze;
been spending more. As a conse¬
anhydride, a major starting mate¬
rial for paints and coatings res¬
quence,
sales
were
about . $25
billion
last
year, "making
the ins; and even maleic; polyethyl¬
chemical industry rank fourth in ene,
the largest volume plastic;
formaldehyde,
benzene,
importance—on a par with auto? phenol,
and acrylonitrile.
One of the rea¬
mobiles.
sons
for this excess capacity has
The reason for this rapid growth
been the entry into chemical pro¬
rate in the past has been the fact
duction of
a
large number of
that
chemicals
were
replacing
companies from other industries,
natural materials.
Synthetic rub¬
principally petroleum.
ber is a case in point. Also, rayon
For the

•

Volume

192

Number 5998

The Commercial

and

•

Financial Chronicle

(1671)

this

1961 Sales Outlook for

executive
Mr.

moderately optimistic about the

Bellman provides

in total

crease

products.

demand in

Taxes

detailed analysis

product of the industry and

comes

1961

collected

with

outlook

Heating
When

motorists

the

with

1961

the

for

current

one-cent

increase in

Federal

•

look

for

•

the

domestic

sales
oil

out-

business

1961, I would like to touch

the present state of the petroleum

industry
whole.
to

idea

the

tree,
I

total
over

the

;

■

1961

increase

This

day for

health is

Compacts

Because the forecasts for certain

their

good

tall

grow

fact

others.
the

some

stands

of its limbs

with

green

matter

vears

ex-

grovf twfe'e™s

many

are

this

automotive

country

—

times

think

Todav

n™l

Dr'ettv

the

ex-

imports on the consumption

ourselves

find

roueh

oil

The

oil

cold snap

«««

severe

the

inflated

heating

oils

the

sold

growth

for
i

1959.

over

normal

weather

assumed

1961—the weather is

refuse

expect
since

climb

out

slower

the

one

limb

on—we

rate

using

are

volumes

base

can

growth,
1960's large
for

measur-

the predicted increase in demand. The brightest outlook
for

of the

more
natural gas. In

competitive with

sJ°wte.d—1not ?ta'led-

the

heating^oil

markets

thSflMaSofc competition from natural
K Consumption ffl
' •>-. OH

on our

successes ^

lareelv

hunters

oil

from

ntir

refer

to the current oversunnlv of crude
oH

the

toe

same

are

hicrhxx/nvc
in
+Vip
nnmini*
yeaf- de base this forecast on the
highways in the coming continuing high level of industrial
decade wiU produce a continaed> activity, on the growing use of
thou^h somewhat slower, growth diesel oil by trucks and buses, by
in gasoline consumption. We do water transport, and by some in-

expect

ifv lo

reffners

that

Slants

than

tend

through

oil

miHp

run

their

that

1961

the

compact

creased

usage

railroads.

wil1 have a Sreater influence expect a 1.3% increase next year
Sasoline consumption than in for residual fuel oil, which, as you
\960' The Present+ Proportion of know, is used largely by big in-

seriously.

gized
jjne

Together with rising costs, these
factors have had

adverse effect

carg

depian(j

Qf 4%

were

If only standard-

gold in 1961> gas0_

would

show

gain

that year instead Qf the

gain

expect.

earnings pretty much through'y.0" ""ritn manirf9dnrp«
industry. Although many.
**> af
a * manufacturers
of us have now managed to re- .■suggest, the proportion of cornverse the downward profit spiral,
P?c*s
+r?a GS aS

and

out the

address

by Mr. Bellman before the
Marketing Meeting of the Na¬

Industrial

Conference

intense

a more

prices

Miss. Valley IBA
Elects Officers
ST. LOUIS, Mo.—The Mississippi
Valley Group of the Investment

Bankers

Association

has elected Louis A.

high as 50% of the total new-car
market, the increase in gasoline

add that in the United States there

demand would be 2% over 1960.

are
12,000
oil producing companies, 250 refining companies,

year.

that

there

another

affect

can

the

sales

motorist

well

for heating large build-

ingg

lubricating

pected to edge

oils

being

bear

the

parts of

the country, the state and Federal
taxes on gasoline amount to as
much

50%

was

from

cents

increased
cents

make

At the time,

pointed

Senate and

out that the

Government

also

some

the

Fed¬

collects

$3,600,000,000

year

taxes

U, S. Treasury's general fund, and
not spent on highways at all. If
this

amount

highway

for

earmarked

were

program, there would

been

one-cent

need

for

the

cur¬

the

increase

Federal

gasoline
tax.
We
can
only hope that the new Congress
honor
two
important pro¬
visions of this gasoline tax law.

will

is that the one-cent

One

should

expire in June,

increase

1961. The

other is that, after the expiration
date, certain portions of the Fed¬
eral

automotive

used

taxes

not

for

Lanford,
Incorpo¬
Rock, Ark., Chair¬
man.
John
W.
Bunn,
Stifel,
Nicolaus & Co., Incorporated, St.
Louis,
has
been
elected
ViceLittle

Chairman, and .Alfred E. Gummersbach,
Dempsey - Tegeler
&
Co., St. Louis, was named Secre¬
tary-Treasurer.
• -j,
Members of the Executive Com¬

mittee, in addition to the officers
are:
Clarence, F. Blewer, Blewer,
Glynn & Co.; Edward J. Costigan,,
Edward D. Jones & Co.; Benjamin
F.
Edwards, A. G. Edwards &

Sons; Edward E. Haverstick, Jr.,
Smith, Moore & Co.; Harry W.
Newhard, Newhard, Cook & Co.;
Jerome
F.
Tegeler,
DempseyTegeler & Co.; James E. Womeldorff,
Womeldorff
&
Lindsey,
Little Rock; Elvin K. Popper, I.
M.

Simon & Co.

Cleveland Analysts to Hear
CLEVELAND, Ohio

fund.
I believe there is

whether

tion

Crawford

rated,

now

highways should
the highway

for

earmarked

Louis A. Lanford

many

the form of special
vehicles, tires, parts, as-<
cessories, and lubricating oil. Of
these tax receipts, more than $1,500,000,000 is diverted into the
a

John W. Bunn

interstate high¬

lawmakers in the
eral

price.

gasoline

four

new

program.

House

retail

order

deficit in the
way

the

Federal

"temporarily"

three

gallon'

the

year

tax

five

than such luxuries

ex-

mink

without

serious ques¬

basic

taxed

and

only about 1%

forced

total tax burden. In some

can

The Market for automotive

industrial

disproportionate

commodity

times

higher

perfume and

itself

becoming

will hold

luncheon

meeting

Nov. 2 at the Mid-Day Club.
ton

and
28,000 marketing
companies. In a period of severe price

pact cars' effect on gasoline demand. Some oil folk, including a
number of my own colleagues at
Mobil Oil Co., believe that the fuel
economy of the compacts will, in
the long run, mean more driving
and hence more gasoline sold. I
certainly hope that proves to be
true.

competition, one way a company
can improve profit margins is by
reducing its costs of doing" buSiness.
The fact is, every major oil
company I know of and a great
number

smaller

the past year

have

ones

undertaken a

This
.

announcement

;

•

neither

offer

sell

nor a

solicitation of

the informa¬

handling industry.

offer

250,000 Shares*

Electronics, Inc.

f|f ' J '

Common Stock
(Without Par Value)

The estimated changes in demand for aviation fuels show a

Aviation Gas and Jet Fue.s

brushing away the cobwebs, shaking off some outmoded customs,
revamping our methods, and aggressively
seeking
new
approaches.

any

October 26, 1960

enSthelr^o^mpetit^rfiber° We^are

buy

these securities. The offer is made only by the Prospectus.

Scantlin

I'm not saying our most

dramatic trend.
This is due, of
course, to the growing use of jet
and turbine aircraft by the com-

serious mercial airlines and by the

*An additional 25,000 shares may be purchased for resale by
underwriters upon exercise of an option held by them.

mili-

Price

solved, and tary. Demand for aviation gasothat we can now expect clear sail- line will show a drop of 7% in
ing through the Nineteen Sixties. 1961, while jet fuels will show
But we in the oil industry are a gain of 16%.
For civilian airproblems

have

been

moderately optimistic as we look
at

sales

prospects for 1961.

Optimistic Assumptions

general and equally
assumptions in mind,

few

optimistic
The

obviously, is that this

first,

major wars will

year and

break

national disasters
place, and no significant

out,

will take

shifts
ance

in
of

the

political power

the

world

will

Copies of the Prospectus

of the undersigned

Although the volume of jet fuels
sold in the United
States does

This forecast has been drawn up
with

craft alone, the use-of jet fuels
will grow by almost 50% in 1961.

bal-

arise

of
automotive gasolines, jet fuels are
rapidly becoming,- a significant
part of our activity despite t e
current higfrty competitive character of the business. To give you
an idea of the quantities involved,
commercial jets burn upwards of
2,000 gallons an hour. Compare

$12

per

the

be obtained in any State from only such
lawfully offer the securities in such State.

may

as may

not compare with the volume

Carl M. Loeb, Rhoades & Co.
\

Paine, Webber, Jackson & Curtis

Merrill
*

Lynch, Pierce, Fenner
-

Incorporated

Mil¬

Stone, A. D. Little, Inc. will

address the group on

tion

luxury.

The Cleve¬

—

land Society of Security Analysts

Of course, there have been a
great many guesses about the com-

experiencing the sharpest
in decades. I might

are

America

Lanford, Hill,

S0lno/ne^

competition

Board.

Improved

Nevertheless,

picture,

factor

new-car market.

*An

Annual

Quite apart from these various
influences on the supply-demand-*

being

nfnrilc nrniimt prices
nHnel
depress product

product

—

rin
has been to

to be made in the oil

And

efficient companies
going to make it—in toi and
thereafter.

tional

favorable inventory position may
result in
some
improvement in

cars

necessary0 to meet
Kp ^prvfwi L ^pfrniZim n3 American compact car sales is dustries
the utility companies,
uets tothis country
The effect about
one-^uarter of the total the steel companies, and so on—
is

continue

rent

SfUet sizablew g?inS ^ ^ ^

rpsnltu

down.

goes

business.

up,
our

virtually all the important domes¬
tic markets.

have

Nlneteen Fifties will not be duDiesel oil demand in 1961 is exthe Ni"eteen Sixties, pected to be about 1.6% over the

nrnbicm

will

the

gas.

bus^- pIicated in

Nghly
contradictory situation—our major

Inventory Position

;

oils in from motorists

-^re prices make fuel oil

customers

Competition

Last

J^»>?S}frKpalrJs °£.the country, growth

la^r

goes

required

still money

are

outlook—high taxes on gasoline.
inventory As never before, the American

overloaded

cold ..weather

■

mvself

heating

offmJ^hmTthe^ffeH-1'nfthe cou.ntry> where more nearly norare about the effect of the mal weather prevailed in 1960 and

that

aware

mid-Feb-

Pected to show an increase in vol- growth in sales of heating
ume in 1961 of 3%- Businessmen 1961 is in the eastern part

politely restrained oil

some

detailed anal-

instance,

about

gasoline—the industry's principal ing

product

the petroleum industry in the past
three years has been undergoing
what

some

tall

now

sure

pect the tree to
it

Bellman

even

vornnn

St auiteTs thS
stuff

For

yses.

continues

categories suggest
particular significance,

I include here

after 101 years
of
profitable

growth.

product
own

price
arfea.

With

major

sea¬

some
parts of:, the country,
and
thus helped to register an increase

:;-;y

basic

caused

situation, but came too late to reprices to reasonable levels,

1960

store

them

use

In conclusion, I might
say that
despite these problems, there is

in the" second half of March im-

that

satisfied

the .G.ulf c°ast a^ea
a P?int roughly equiv-

,irJ

proved

petro-

mid-March,

dr°PP^d

that,

forecast* Of

are

can

weather

heating-oil

A/r

prices

expect

10,000,000 barrels
time.

part

From

1960—specifically, that it will volumes. of
first

men

Last

worst

prices.

fterj!
in tlsnf
that

for all

We
will

Impact
-

demand

exceed

be¬

demand

you

in years from the standpoint

serious

Its

*961

products.

every

serious effect

very

the

„

out

its

limb.

third

unseasonable

early

ruary

The second

the

start

crawling
on

will

And

the

sons

the industry will achieve the gains'
a
predicted for this year.

leum

petro¬

speak,

fore

there

total U.

condition

leum

that

provide

the weather.

—

business.

one

gasoline taxes.

attitudes.

our

recession.

I want

some

the

change

difficulty

same

have

•

analyze

Strangely

modest increase

very

As
I
have
winter, for in¬
already indicated,
stance, the unusually mild weather competition within the oil industry

Before

the

our

Treasury's general fund should, he concludes, in criticizing the extent of such taxes, be
spent on highways and would obviate the
need

1980.

over

actually being penalized by their
own
ingenuity. As the efficiency
of petroleum lubricants and the

Oil

come

can

in¬

imagine,

of each important

diverted

1961

forecasting
demand for heating oils, we in machines that
oil
industry are confronted the
quantity

the

compared to 1960 for all petroleum :

from

reflects the fact that oil

hour.

year

for

forecast of 3%

gasoline-powered
about 450 gal¬

lons

By V. A. Bellman,* Vice-President,
Marketing, Mobil Oil Co.,
,New York, N. Y.
Oil

the

enough, this

Domestic Oil Business

sales.

witji

DC-7 which burns

Smith

(1672)

The Commercial and Financial Chronicle„

which

Houston—Hub of Surging
Gulf Southwest Economy

expected

needs

for

water

the

addition,
of

and

will

Commerce, Houston, Texas

Jacinto

supply

The
as

with

out that the

miles of the Texas Gulf

Coast is crowding the giant oil refining industry in
describes the expansion

inyestment-sixei

* * *'

in steel, aluminum, magnesium and paper-

making; and analyzes the region's buying power, water-air-rail-truck
facilities, population growth, banking, insurance and other
Heretofore known for its oil, gas, cotton,

end-use

often than not,

cattle and chemicals, Texas

the

transition

often

Coast

area

Gulf Coast

Houston

and in port ton¬
The Port of Houston ranked

industry
kindred products, apparel and related products,
food

groups:

and

growth between 1940 and 1960 can
be
attributed
primarily to con¬

economic

that

saga

barely

out

tinued

expansion of its oil, gas,
industries,
coupled
with a fantastic rate of growth in
the petrochemical and related in¬ struments and related products,
Among the two largest metrodustries, the Houston Gulf Coast

the first act.

The
tion

transi¬

that

and

the traditional

Texas

establishment

resource

ex¬

industrial frontier of

politan

the

areas

chemicals.

these

Each

has remained important,

contributes

now

and each

the

economy of the state.
the dominant force
in

revolution

forces

total

However,
the

new

underway is not
a
natural resource; it is diversi¬
fied, end-use manufacturing and
now

are

must

general

some

clusions that
before

the

transition

con¬

considered

discussed

in detail.
Area

General

nationally with

population

932,680. Metropolitan Houston
(Harris
County)
has
1,234,864

residents and
recent
tee

was

described in

Congressional subcommit¬
as the fastest growing

report

metropolitan

area

the

United

States.
Houston

leads

the

Southwest

industrial

buying

added by

machines,

men,

South

and

people, retail sales,
power,

value

manufacture, manufac¬

with

resources

money,

ment of

in¬

and

position

dustrial

market

the

14th
in

States.
holds

crude

last

...

The

half

reserves

the

U. S. and accounts for nearly half
the domestic crude oil production.

its

for

Houston

Gulf

Coast

realize

unable

are

its

full

even

the

19%

and of the world.

strong

the

base

Houston

Gulf

Coast

important
scene

Actual

Population

industries
In

ad—

477,660

—

—176,994

—

Detroit

6 Houston
7

Baltimore

Cleveland

9 Washington
10

746,958
740,424

Saint Louis

Milwaukee

San

Francisco

San Antonio

Seattle
San

Buffalo

55,220

—

6.9

Diego

oil

are

now

tages

THE

brought

The

1960

Census

7.7
15.4

—11.2

63.7

8.9
43.1
17.7
8.9

Population.

Commerce.

TOP FIFTEEN INDUSTRIAL

(Rated by percentage of U. S. total

of Value

Added by Manufacture, 1958)
value Added

Rank

($ Millions)

1 Chicago
2 New York
2 Los Angeles
4 Newark

5 Philadelphia
® Detroit
? San Francisco

„

3.46

1.66

3.05
2.24
2.18

1.95
1.93
1.54

1,932.7
—_

15 Cincinnati
of

Commerce,

1.38

1,838.5

1.31

1,821.5

14 Houston

Department

4.99
4.24

2,328.0
2,158.6

9 Pittsburgh 1
10 Cleveland
44 St. Louis
12 Milwaukee
18 Baltimore

6.75
6.67

4,845.3
4,277.9
3,131.6
3,059.4
2,736.6
2,706.8

8 Boston

%ofU.s. Total

$9,452.2
9,351.2
6,987.8
5,942.1

—

1.30

Bureau

Census.

„

INDEX OF HOUSTON BUSINESS
(1947- 1949 = 100))
indexes

industrial activity:

ACTIVITY

indexes

Total Port

Debits to

Year

89
103

103

1949

109

108

1950

125
146

177

1957

221
245
270
315
347
351
394

from Houstont

1948

1952
1953
1954
1955
1956

_—

109

107

102

125

108

123

113

115

146

127

116

163

139

164

ill

171

144

176

105

178

192
204

111

,194

126

219

159

215

134

224

160

217

125

218

152

219

109

149

raiIroads

t Houston

prepared

£ST
in Houston!

156

§ Federal
Indexes

in Houston^

138

239

169

fhTE™
t A1I

trade:

Department

"SS

in Harris County* Harris County**

1947

Bank

and Railroad

Non-Residential Non-Residential

advanare

MARKETS

UNITED STATES

many

them

15.3
—

76,122
176,029
82,934

—

528,387

THE

and large
for many others,

Houston.

which

—13.6

54.5

S°"r": Bureau of ,he Census' u' S'

companies,

offices

56.4

212,907
51,745

547,294

3.0
4.9

550,525

9.6

—

584,471

5.4

236,655
50,534

620,979
600,684

24.2

—

677,626
672,117

Pittsburgh

—

—116,372
97,396
—
59,748
—123,818

734,788
715,609

Boston

2.3
3.5

—

336,517
—
28,345
—
44,941

Texas Economy Matures

for

'50-*60

—116,639

1959

regional

value

% Change

1,959,966
1.672,574
932,680
921,363
869,867

1958

shipping, expanding markets, a wealth of natural
resources,
and
a
skilled
labor

operations

Change

'50-'G0

—181,611
—128,017

will

growing list results from
Houston's unique advantages: An

major

STATES

2,448,018

1951

Domestic

first

UNITED

Angeles

investments

expansion.

THE

Los

making are
of the indus-

These

ranks

4 Philadelphia

Source:

This

MANAGEMENT CO.

paper

part

their

Houston

produced in Texas.

are

market.

Bldg.

QroQ

Chicago

giant

attractive tax picture, deep water

Houston 2, Texas

rrnnctnn

e aouswn a™a'r

has

and intracoastal

423 Texas National Bank

7,710,346
3,492,945

Industry

Aces.

Texas

increase of 81.5%.

and

CITIES

New York

dition, Houston has been chosen
by increasing numbers of national
companies as the location for regional headquarters or home of-

LONG TERM GROWTH OF CAPITAL AND INCOME

LARGEST

this

heavy

Lumbering and

Continue

FUND

have been made in primary metals
industries. Steel, aluminum, and

trial

FOR POSSIBLE

„

1960*

industry
that
the
new
force, diversified
manufacturing, is being added.v-

IN SECURITIES OF THE

write to

figure

the

po-

magnesium

INVESTING PRIMARILY

t;OC!

population.

* Preliminary estimates from the

Additional
INC.

population

Rank City

trial

the

Texas

TWENTY

Chemicals, petroleum products,
gas pipeline companies of the U. S.
food, machinery, and transporta-,
are
found in Houston. Ten com¬
tion equipment, in that order, now
panies are headquartered here;
account
for
70%
of
the
value
four companies have major op¬
added
by manufacture, 60% of
erating divisions or offices here.
production payrolls, and 40% of
Nearly two-thirds of all U. S. the manufacturing plants in the
production of sulphur comes from state.
The chemical industry, spread
the
ground
within
a
75-mile
along more than 200 miles of the
radius of Houston.
Texas Gulf Coast, is crowding oil
Two
Trinity River dams for refining in the size of its invest-

This

the

of the Louisiana

One-fourth of the major natural

For prospectus see
your investment dealer

92%

increase

total

now

and

scope

been born and has become

TEXAS

clearly show

areas

population

transitional

in less than 20 years.

FUND

19,036,660.

mush-

prints up
logic in the establishment of con¬
sumer goods
manu£acturing facili-

responsible

15 New Orleans

It is

area

to markets of the nation

were

tential

MUTUAL

radius

population

poSfnd'exwhich

.intermediate-

tremendous influx oi people.
in population by market

„

ment. The Petrochemical

500-mile

the

represents

Studies

oil,

way

rooms

centering

years

and

14 Dallas

significant part of this indusactivity is, of course, devoted
along with crude oil to first- and intermediate-state
moved in pipelines from the three
processing of those natural re¬
neighboring states, funnels into sources mentioned earlier.
Texas

stage processing

development
largest in¬
the
United actually began in the Fifties, and
so
quickly
that
some
Texans

about

oil

"Within
Houston

con-

manufacture, operbeen added,
the facts outlined in

first-

people and goods.

themselves
Texas

and

■,

the Arkansas population and
4%
of tne Mississippi population.

goods

around

The Transition Begins

itiative have vaulted Houston into

the

The City of Houston now ranks
sixth

economic

proved

distribution.
There

these

resources

Southwest,

porting, fin¬
goodsimporting
Marvin K. Collie
region into a
prime Ameri¬
can
manufacturing market. The and potential.
cargo
was
moved
through
the
economic
history of Texas has
Port in 1959. Six major railway
Oil, natural gas, sulphur, salt,
shown a single dominant force in
lime and fresh water exist in the lines, nine major airlines, and ,33.
each successive period of its ex¬
common-carrier
truck
lines are
Houston
Gulf
Coast
area
on
a
pansion. Beginning with land, the scale
also part of Houston's balanced
unequalled by any other
economy has been based in turn
geographical region of equal size transportation networks for naon
cotton, cattle,
oil, gas and in the world. Combinations of tional and intercontinental moveished

head-

these

ational authority has

almost unbelievably

is shift¬
from a

omy

ing

in fact

To the natural
sumer

......

300-mile radius there
are 9,921,729 people. This is
80%
of the Texas population, 67% of
the Louisiana population, 7% of

quarters, the economy of Texas is
reaching a new level of maturity.

complex and Houston ranks first in 11 of the 14
interrelated
science,
technology, product groups listed above in
and
capital investments. A sys¬ that area.
tem
of
The
Port
of Houston
is conpipelines consisting
of
thousands of miles
of intercon¬ nected to the shipping lanes of the
nections and interchanges welds nation
and the world
by a 50the Houston Gulf Coast and the mile-long,
36 - feet - deep
Ship
and by the Intracoastal
entire
Gulf
Southwest
into
an Channel
Over
economic unit of incredible size Canal.
60,000,000 tons of

econ¬

Within

trend of
Vying power ±®r the Houston
centering in
oo-fnSt .miisl^0<?med frorR
the Texas Gulf Coast area and, of ^•
^9 7oc n77xnnn •
iqrq
w .p~
course,
overlapping into nearby plnS
^
p'iVc*
m
» an *n~
lishing, chemicals and allied prod- "Louisiana
Coastal
areas.
(See crease 0± oOA%.
ucts, petroleum products, rubber, population chart)
Retail trade figures are equally
stone, clay, and glass products,
Within
a
200-mile
radius
of impressive.
The 1948 total was
primary and fabricated metals, Houston the total population is $1,067,389,000 but the figure for
machinery (except electrical), in- 5,217,521 which represents 48% of 1958 jumped to $1,937,790,000, an

fully only after its second only to New York in port lumber and wood products, furnicompletion. However, in Houston, tonnage during 1959.
ture
and
fixtures,
paper
and
we believe we
While
Houston's
spectacular allied products, printing and pubrecognized

have seats for

of; the

the leadof the na-

among

ing metropolitan areas
tion
in
the
following

turing payrolls,
nage.

Gulf

equally important to a wide range
of businesses, including insurance,
publishing and printing, metalworking, and chemicals. With the

for

Houston ranks

manufacturing and distribution.

dimension

unusual

re-

Thursday, October 27, 1960

nearly 25% of the
Many of
population, 100% of the Louisirefinery capacity with this article are graphically set ana population, 96% of the Okla30 refineries. Nearly 100 chemical forth in a brochure just published homa
population,
94%
of
the
plants produce 290 organic and by The National Bank of Com- Arkansas population, 92% of the
80 inorganic chemicals from basic'merce of Houston which emphaMississippi
population,
16%
of
raw
materials
available
in
the sizes, among other things, popula- the Tennessee
population, 14% of
Houston area. Half the nation's tion density and shifts in popula- the Alabama
population, 3% of the
synthetic
rubber
capacity
and tion as pertaining to the Houston Florida population, and 11%
of
more
than half
of
U.
S.
poly- area.
the United States population.
ethylene capacity is located along
Those " industrial
achievements
* R„vincr nnwpr i* onnthpr im

fast toward acquiring an equal reputation for diversified,

Is moving

services

why the market for consumer goods producers is growing.

to show

future

•,

Nation's oil

Mr. Collie points

manufacturing and distribution.

chemical industry along 200

the

Houston

near

Houston's

Houston

accounts

the hub, testifies to this area's locational advantages for

semi and finished

reservoir

River

years.

construction

quirements of municipal water.

The rapidity of the industrialization pace of the Texan economy,
Houston

industrial

immediate

dam

reasonably

for

issued

been

will provide Houston's

San

By Marvin K. Collie, President, The National Bank of

•

permits have

•

entering

Clearing
Reserve

Research

araa.

Houston

House

Bank

143
-

Association,
Dallas.

Department,

Houston

Chamber

Commeree.

153

Volume

added by

figure

192

Number

5998

manufacturing. The 1958
$1,167,200,000.

and/or

the

The

the

couldn't

air

and

Ship

Channel

things

many

done"—is

directly

miles.

inland

commerce.

water-

Shipments

by
water can be made
directly from
such distant points as
Pittsburgh,
Chicago, St. Paul and Sioux City.
.Train"

service

between

City, Texas, and Edgewater,
Jersey, and "Fishy Back"

New

service

between

Houston

and

Newark, New Jersey, provide sixday
water
transportation
of
loaded railroad

and

cars

specially

designed truck trailer.
Six

railway

Houston

own

extending

serving

control

Houston

These

lines

all

systems

are:

Pacific, Missouri Pacific,

Santa Fe,

Missouri-Kansas-Texas,

Burlington,

and

Rock

"Piggy-back"

rail-truck

service

also is available.

scheduled

Houston

parts

with

air

lines

serve

direct flights

the

S.,

to all

Europe

Latin America. These

and

Ameri¬

are:

Braniff, Continental, Delta,
Eastern, KLM, Lone Star, Na¬
tional, Pan American, and Transcan,

Texas.

These

carriers

significant

part

the

Houston air operation.

impossible

discussed.

example, bank debits to in¬

dividual

accounts

$2,994,712,238,
393,603

1950

rocketed to

1940

rose

totaled

$14,318,then

and

1940

sky¬

1959

and

was

be¬
fan¬

tastic 826.3.
Bank

deposits

$348,527,187
984,000
Of

1940

crease

$1,332,almost

was

statistics

some

measure

Estimated

income

for

effec¬

Houston

$2,301,965,000. The in¬
1940

over

was

the

addition
Here

spurt in the
banking
facilities.

The

National

Bank

Commerce, for example, we
cently completed an extensive

of
re¬
ex¬

pansion program that added 60%
banking area and jumped

floor

well

space

over

100,000

sq.

feet. We did this to better service

existing business and wit^. an eye
to
additional rapid
growth that
most
certainly
will
come
for
Houston and

the

Gulf

Southwest.

After all, service—whether it be
for
the
individual
depositor or

the
the
•

account—is
foundation for any bank.
large

duties

amiss in my reporif

mention

of Hous¬

ton's changing skyline—as an ex¬

ample
was

tremendous

growth

000,000

downtown

cycle

offices

Street,

holding

of "gold

Americans

19*60

building

boom

New

LONDON, Eng.—The

the

price of gold became

the

ac¬

since

Its

rise

the

middle

premium in

official

relation

with

the

the largest
banque d'affaires" or investment
banking firm in France and is re¬
garded as one of the principal
investment
banking
firms
in
1872,

major role in
the financing of European and in¬
It plays

ternational

businesses, and also
large investment funds
and investment companies.

manages

Chairman

The

Directors
former

Board

the

from
a

most

this

the,

Credit;

Foncier

Vice-Chairman.

quarters is

many

belated

that

consequence

taken

ures

popular explanation
boom put forward

gold

meas¬

by the Swiss monetary

authorities

August to discour¬
the influx of "hot money."
only are Swiss banks pre¬

age

Not

from

vented

allowing interest on
foreign balances but they actually
charge a "negative interest" in the
form

commission.

cumstances

the

cir¬

of their clients

many

prefer to buy and hold gold rather

Emmanuel^ Monick,^
Although
Governor of the Bank1 of

of the

dential Election and

The

de Paris

Pays-Bas, and also a direc¬
tor,
is Jean Reyre who,
with
Messrs. Henry Deroy, Bernard de
Margerie and Christian Cardin of
the
Paris
headquarters will be
among the directors of the Paribas

of resisting a
tion of the dollar. To do

Presi¬

measures

the

are

similar

operation

Britain

London

affected
for

there
in

market is
naturally
by the increased demand

gold in Zurich.

This

deliberately he is widely

monetary

economic and

pursue

which

policies

would

Craft, the President of the
investment

American

bank¬

ing firm has served since 1956 as
Vice-Chairman

and

International

ment Corporation.
had

director

and

Securities

Invest¬

Before that he
Vice-Presi¬

Executive

been

American

Corporation and Vice-

President and Treasurer of Guar¬

Trust

anty

Company.

not

itself

invalidate

the

explanation,

it calls for a sup¬
plementary explanation to account
for

the

Swiss

deferred

effect

the

measures.

voters"

Election

last

the

influenced

was

British

has

Reyre

stated

favor

international

than

sure

this

For

London

pres¬

Republican President.

Day

now

the

dollar

price of gold
largely in

and

between

reason

Election

such

the

likely to
accordance

are

fluctuate

with the assessment of the chances

Democratic

victory.

Not

since

election

the

have

1896

"cross

campaign

financial

Europe taken such
Election

Paris has entered into

work¬

circles

interest in

in the United
States from the point of view of
their

prospects

effects

monetary

the

international

situation.

worst

that

Apart

pursued on

joint

the defense of the dollar it would
advisable

States

for

authorities

the

United

extend

the

A. G. Edwards
To Admit

Phillips & Mullen
ST.
&

LOUIS, Mo.—A. G.

members

the

New

Rise

Correlates

States

With

Our

Election

price of gold became accentuated

freedom

This is

not

ofjer to sell
-

The

hold

gold abroad for

pany,

Incorporated of Houston.

above

the

or a

solicitation of

offer to buy

any

of these securities.

offer is made only by the Offering Circular.

NEW

ISSUE

200,000 SHARES
•

,
_

Celebrates 60 Yrs,

•

;

•

•• * \

COMMON STOCK
(Par Value $.10 Per Share)

of Newborg

Co., member of the New York

Stock

Exchange, with headquar¬
York,
celebrating this month its 60th

ters at 25 Broad Street, New

member

OFFERING PRICE:

$1.00 PER SHARE

the

Exchange.
The firm
in

also maintains

offices

Garden

City, Long Beach and
Rockville Centre, in Nassau Co.,
Long Island.

$300,-

H. L. Everett

Opens

Thirty
multi-story
structures,
ranging in size from two to 44
stories and costing approximately

LAFAYETTE,
Ind. — Hubert
L.
Everett is conducting a securities

$205,000,000 have been recently
completed or are now underway.

tral Avenue under the firm

business

from offices at 614 Cen¬

Everett

Investment

Co.

name

and

Newborg & Co.

York

private acquisition
Midwest Stock Exchanges; on Nov.
of gold, so as to apply to Ameri¬
3 will admit Jesse R. Phillips, Jr.
can citizens not only in the United

existing ban

Transitubes Electronics, Inc.

investment firm

Edwards

Sons, 409 North Eighth Street,

basis.

The

al¬

the

ternational business which will be
and

gold"

together from those directly con¬
psychological effect of a rise in cerned with foreign exchanges in
the London price of gold is un¬ one capacity or another, there is
general
realization
that
the
doubtedly damaging for the dol-( a
lar. If in order to avoid this the maintenance of the strength and
United States authorities were to stability of the dollar is a matter
immense importance for the
embark on supporting the market of
Free World^A dollar crisis would
on a large scale, the resulting ac¬
centuation
of
the
gold outflow be a disaster not only economically
but also politically.
would
produce
just
as
bad
a
psychological effect as the rise in
the price of gold.
The

ing
agreement
with
Lehman
Brothers, New York investment
bankers, in respect to certain in¬
reviewed

Bryan

business, the

Eanque de Paris et des Pays-Bas

voting
a So¬
a de¬

but also abroad. It seems of Houston, and Joseph Mullen of
probable that under existing ar¬ Little Rock to partnership.
rangements a large number of
Mr. Phillips is a Vice-President
It is surely more than coinci¬ Americans will play for safety and
dence that the rise in the London will take advantage of their of J. R. Phillips Investment Com¬
Gold

part of his Bank's growing inter¬
est

Conservative

was

that,

General

whose decision

year

Association of America in 1957.

Mr.

evi¬

flight from the dollar
in anticipation of his victory will
not do any good to his electoral
prospects. It is true,
American
a

President of the Investment Bank¬
ers

seems

that

assume

preciation of sterling.

resist

dees

Chase

expected to be less firm in his de¬
termination

President of Paribas.

the

would

interest for it

own

by fears that
cialist victory would mean

Corporation. Mr. Cardin, in addi¬
tion, has been elected a Vice-

new

dence

every

devalua¬
so

tend to accentuate the pressure on
the
dollar, and he is widely

explanation
would
be
wholly convincing were it not for
There is reason to believe that
the fact that there is a time lag
the
buying pressure on gold is
of nearly two months between the
to some extent at any rate, on
adoption of restrictive measures in
American private account. I re¬
Switzerland and the sharp rise in
peatedly pointed out in previous
the London price of gold. While
articles that in the interests
of
the existence of such a time lag

Mr.

and
unequivocal
Senator Kennedy,

intention

moment

Disavowal

effective way

making it clear that he had

when the prospects of the Demo¬
cratic condidate appeared to have

devalue

then hold unremunerative balances.

France; Henri Deroy, former Gov¬
ernor

emphatic

be to his

approach

Clear

American

considerable

The

Europe.

for

much

statement

■

expected to

de Paris et des Pays-Bas, founded
Paris

«wen WOrtn»

their

bering for future reference.

reasonable

Robert H. Craft

The Banque

mark.

domestically

London

buy gold. The
probably too short for

preventing an accentuation of the
rise in the price of gold would be

intent not to resist devaluation

holdings abroad.

much more substantial movement.

City.

anniversary

construction is
expected to push building permit
values

private

interest,
especially as it is now widely ex¬
pected to be the beginning of a

at 40 Wall

York

—

currently is much bigger than the
boom
after
World War II. The
current

any

firmnesshThe appreciation of gold

company

whose

Kennedy of

strong disavowal

stirred

new

omitted.

The

will

Presi-

dent of the

are

recommends

corporate

I .would be

torial

in¬

vestment Cor¬

the

observer

order to

selling improved. The opinion is widely holders of gold abroad have a
interest
in
his
price, allowing for expenses, has held in London, and also in con¬ vested
victory.
widened
considerably,
notwith¬ tinental foreign exchange centers, They represent, however, an in¬
standing evidence of some official that the advent of Senator Ken¬ finitesimal percentage of the elec¬
The
selling in an attempt to keep it nedy in the White House would be torate.
overwhelming
ma¬
down. Simultanously sterling dis¬ a strong bear
point for the dol¬ jority is more likely to adopt the
same attitude as did the "floating
played once more an unseasonal lar. Even if he did not intend to

ternational In¬

poration,

financial

funds

now

Calls

and for the future, since it is too late
now, an extension of the ban

Chase

time is

primarily responsible for the gold appreciation

the part of Senator

October.

c e-

Chairman

British

centuated

Craft, presV i

215%.

tremendous

The

London

United

sently

In the past decade, Houston has
seen

the

States./ Robert

dent

bank

income.

buying

in 1959

1959.

always indicate in

buying

from

then

1950,

course,

tive

held

Corporation

business

President

increased

doubled

ing

flurry by Dr. Einzig who again attributes part of the buying pressure
on gold to
unregulated private individual American buying abroad.

the establish¬

Paribas

to engage in the investment bank¬

$27,740,663,319 in 1959.

Percentage-wise, the increase
tween

the

Zurich

By Paul Einzig

end-use

et des

ignore cer¬
Houston
banking
growth
facts when the subject of transi¬
For

announced

transferring

distributing.

President of the Banque

tain

tion is

ment

France

Houston Banking
It

has

Bas

moved

nearly
1,500,000
passengers
through Houston International
Airport in 1959. Air-freight serv¬
ice

center for

and

years,

~ The Banque de Paris et des Pays-

Island.

Houston is served by 30
passenger
and
50
freight
trains
a
day.

Ten

for

Paribas Corp.
Formed in N. Y. C.

systems

from

directions.
Southern

prime

manufacturing

"that

lanes of the world, and
equally
important, connects the Houston

"Sea

now

market

Gold Price Rise Keyed to
The Presidential Election

—

sea

Texas

existing in early

This, then, is Houston—a prime
industrial

are

300 feet wide and 36 feet
deep. It connects Houston with the

area

office space

1960.

trans¬

long,

borne

(1673^

Our election

Houston

one

distributing

truck

being added to
skyline—about 50% of

Houston's

goods manufacturing

consumer

water, rail,
portation.

The Commercial and Financial Chronicle

of office space are

The key influencing factors that
mark Houston as a
prime location
consumer

More than 5,000,000 square feet

was

The Transportation
System

for

Copies of the Offering Circular
dealers

may

be obtained from the undersigned and from such other

lawfully offer these securities in this State.

BLAHA
29-28 41st Ave.

CO.,

INC.

Long Island City 1, New York

(1674)

The Commercial and Financial Chronicle

wins.

Perpetuate Capitalism
Only by Making It Work

President—Democratic

Republican

will be satisfied

—

with

and

Democratic

growing unemployment, lagr
ging economic growth'or excessive price inflation that adversely
ive price inflation that adversely

U. S. Senator from Massachusetts

Candidate

Kennedy tells business:

business and

(2)

ment;

well

he opposes dollar devaluation;

did

with

this

would

management

develop

stability. He charts
must have

less than the best

want

discuss

nomic

American

Party
has benefited from the contribu¬

tioning prop¬

the business

erly,

peo¬

our

business

tions

the

from

leaders,

its

Democratic

Party.

employed at

century the
Commission

business¬

our

will

men

justice to transportation costs.

not

produce

effi¬

founded

ciently and
profitably, our

and

farmers

tration

and

our

tion

na¬

will

funds

lack

for

de¬

John F.

Kennedy

fense, schools,
roads
and

the

and

the

services,

help strengthen

strong economy—not only

contributions

tween

our

defenses—but

system

our

the

and

Com-'

and

their

not

That

with

the

that

and

must

gard
the

with

Soviet

each

clear

1960

views

know

with

whether

alarm

between

the

less

Party has well served the business

party.
all

It draws

segments

the

Over

its

years

support from

the

community.

has

leaders.

American

business

result

men's

not

Administration

will

—or

will

labor

same

Our

government

has

Where

the

quate,
it.

Administration

well?

performance is inade¬

would hope to improve

Where

injustices,
rect

performed

system

there

to^ hear

them.

would hope to

But

basically true

this

would

regardless

cor¬

who

available.
needs

start

the

from

performance

r,»
at
least five

you

are

some

rare

interested—do

years you are

not

delay. Write

missing. Prices will be gladly
serve

your

clients. It pays!

,t.

quration

^ar

tiave

Telephone-REcter 2-9570

m»"

prices,

"stable

weak ,spots

steady.
since
prices
curing

only

the

1953-54

and

Recessions and the recent

rjsen

diave

even

prices

m0re

not

had

sharply if
declined.

p)uring the decade of the 1950s indllstriai

increased,

prices

nomic, growth.
the

real

the

rate of

our

eco-

rate

per

1953

until

average

our

The rate of

year.

Soviet

the

Union,

testimony of Mr. Allen Dulles,

that

reasonable

bility in the price level is

sta¬

vital

live

wno

build

world

;

dollar.

stability
one

the

toe

integrity

equally
achieve

group

as.... the

not

confidence

and

keep faith with

we protect those
fixed income; and we

save;

the

urgent that
this

kind

expense

any

such

economy,

our

farmers—or

the

price

recessions, unemployment, and

stagnation.

I believe we can keep
prices stable while maintain-

our

ing higher and

stable levels

dismiss them as "growth- of production and employment.
manship." It is easy to say that
Finally, there is proper concern
ures, or

with

not

are

the

valid,

Soviet

because

rate

higher

was

1953
not

that

our

low—that; it

too

the

and

—

remains

fact

1947

mature industrialized

have

least

contentedly in
pasture, argued that

graze

should

2.5%

that

lion

Gross

should

growth

Paul

notable Senator,
is readily at-

difference

4.5%

over

the

between
next

difference of $260 bil-

GNP

than

year.^

4.5%

The

and

per

notable economist be-

said

rate

1975

—

half

our

National
concern

equal .to

Product.

present
That

all.

can

What changes are needed? What

policies would be successful?
First, a Democratic
Adminis¬
tration would use monetary poli¬
cies more flexibly than the Re¬
;

publicans. The Republicans
adopted the seemingly simple and
easy

policy of tightening interest
when
demand was strong
prices were rising—a princi¬

rates

and

ple that requires allowing rates to
when

fall

the

stimulation.
matter

needed

economy

But the
that

are

facts of the

each

successive

peak and trough in the economy
has ended with higher and higher
interest rates—with the result that

paradoxically high rates accom¬
panied Jieavy unemployment, low
production, and a slack economy.
There

was

too much reliance upon

the

philosophy of a "low pressure"
economy —r, a philosophy of soft

business. and
For this

labor

soft

markets.

policy has not worked.

periodically cutting back on
investment, it has held back on a
By

normal, healthy rate
staying tight too

did

the

fall

growth.

long,

1957,

regularly helped to bring
cessions.

has

re¬

And, by penalizing most

those

who

banks

for

borrow

must

investment

from

home

building, it is weighted in favor
of the larger corporations, which
have

access

which

to the open market or

invest from

can

Democratic

earnings.

Administration

end

itself.

Without

jecting monetary stringency

re¬

drain

payments
upon

out

ex¬

travagant booms, we would make
of other tools.

use

Secondly,

tion,

and in this connec¬
would use the budget as

instrument

bilization.

budget
anced.
a

The

threat

is serious

times

normally

the

bal¬

exception, apart from
the

national

security,

should

run

When

surplus and

and plant

men

unemployed in serious
bers, the opposite policies
are

order.

sta¬

that

unemployment. In boom

debt.

retire

economic

believe

should

;We

must

num¬

are

recognize

in
the

difficulty of balancing the budget
a
recession
is ,Tn
swing.

when

Nineteen

order

balanced

cover

—

the

our

commitments

military forces

our

world,

diplomatic
obligations,, our military aid, and
assistance

our

nations.

with

This

power

fifty-eight, with its $12

our

underdeveloped
essential

for

—

our

country

deficit, is the most obvious
example. But we should seek a
of

the

budget

business

over

cycle

the

course

with

sur¬

pluses

during good times more
than off-getting the deficits which
may be incurred during slumps.
In the long run this policy will
be less costly. By curtailing con¬

weak balance of payments,- sumption rather than investment
with a poor cash posi- in boom times, and by alleviating
tion, has Tittle freedom of action, the impact of recessions, it will be

like
*

a man

Our

foreign commitments must
kept flexible and;:efficient —

and

encouraging to
growth than

adjusting to strategic change and
reducing waste and mismanage-

monetary

ment.

gard

But

stitute—for

the

there
the

position;
tween

and

our

still

nation

individual—for

the

well

good

difference

exports

and

subr
as

cash
be-

imports

should

the

investment
Republican

policies.
emphasize in this re¬
for accurate

necessity

forecasting and interpretation. So
strong was the emphasis on in¬
flation in the fall of

1957 by Sec¬
retary Humphrey and the Admin¬

today

(although somewhat better

istration that the Federal Reserve

than

last

Board

year)
is
not
great
enough. We have not done enough
and

pew

And

August 1960, the rate of

balance

recent

with

and

•

billion

/.national

Governor Rockefeller, before he

Nixon's

V Prescribes Six-Point Program

goidr it \s vital that we keep our
exports well ahead of imports in

around

began

the

abroad

Japan.

Mr.

and

of Western Europe and

economies

about;our

below that

years

it is

only of the Soviet Union but

of the

concern—

believe

soundness

output — the
of growth — has been

only 2.4%
increase

com-

perform-

our

year,

increase

annual

most

From

of last

end

most

average
nearly 30% — some in- would
not
rely
upon
lopsided
o+ni
creasing still more. Steel prices, monetary policy. It would main¬
example, have been approxi¬ tain greater flexibility for in¬
mately doubling themselves every vestment, expansion and growth.
10 years.,
V.;:' y.
; •/;,
.
7' It would not raise interest rates

suing this goal

and

has been in

ance

can

that

belief that

better.

the

goal of economic policy. By sur- potential method of curbing

prehensive failure in

jobless

Industrial

been

1957

BECK

...

w0ldd

My
second
concern
is unemployment. Between November
L.

Care of Chronicle, 25 Park
Place, New York 7, N. Y.

..,7

equanimity when we could ease
their i severity /and
slow
their

that

Republi-

areas

first

tamable.

your

But We. cannot continue to view
these sharp periodic setbacks with

those who

The

has

Chronicle bound sets

Be prepared with
complete sets to better

EDWIN

premise

of the

policy.

years

telling the

quoted.

are

cannot have

economy

fore he became

YOUR OPPORTUNITY...

free

perfectly, regular rate of growth.

con¬

unem¬

for

economic

are

peacetime year of the New Deal,

action.~farm

are

Five Areas of Inadequacy

But

successful, want to change the

which

neither

limited time there

inactioq

.government

you

Douglas,

govern-

entitled
from me is: Why is a change necessary—and what changes would
I adopt?
-

For

-in

the difference in base and method.

System's

fundamental structure of

Administration repre¬

well

growth

farmers' Administration. It

goods

modern

In short, why should my Party,
if

business¬

but

Fundamentals

Democratic Administra¬

new

tion.

from

Union

Favors

and help of our busi¬

and I would do the

nessmen,

effec-

believe-in

comparisons

Party's standard
bearer today, I need—and I ask—
the support

big govern-

•

people.

the

array

of $12.4
billion—a deficit larger than the
total Federal expenditures in any

forms

new

within the income of most of our

greatly by the public and politi¬
cal
service, support, advice and
assistance

wide

benefited

methods,

new

1958-59,

deficit

budget

of has,been better than ?%•
organization
and new financial
It is easy to juggle these figarrangements. They have brought

and

national

be¬

have

businessmen

good wages. Their rest¬
search
for change and im¬

provement has been a main-spring
of economic progress.
They have
constantly sought new products
and new markets, new machines

the Democratic Party
believe
the
Democratic

Ours

The business community has

community.

Progressive

lieved in

well served
I

system.

American

community and the
Party. This is one of
great political myths of our

—and

oppor¬

enlarged personal

and

dynamic

T emccratic

time.

individual

while constantly seeking
improve a basically strong and

buriness

the

They

world.

the

businessmen

the

responsibilities, and meets them months of downward drift. The
effectively. Economic policy 9ailo Consumers^ 'Price
Index
would

liberty,

conflict

nurtured

tunity

re¬

nation

and

people.
They have provided a
large proportion of our peo¬

have

indignation
assumption of an in¬

common

government

What

first

ment which meets its appropriate->
1957.53

ing. They have provided the sinew
and
sustenance to make us the

—

candidate

his

not believe

^ut

with a very high and con¬
stantly improving standard of liv¬

Union.

curred

ple

policy.

not

evitable

lies

issue

why

make

the

basic

economic
I

future

decline,

small

and

underway/

unemploy-

profits

especially,

as the
warned,

has

re-

the Republican Administration in-

issue

times, caused
peacetime deficit m

very

security

—that

time when the

money

lieve that the

munists—that the way of freedom
is the way to strength and

done by

history, and spent two-thirds
much

American

also

farmers

two

and,

1952,
now

recession,

riges>

suffer

been

Journal

could

During
ment

people. And I also be¬
business community
to demonstrate to other nations—
—and our basic economic system
particularly those wavering be¬
—have well served the American

to( sustain

undertake
be

Democratic

the

local effort.

highest

Party have well served the busi¬
ness
community as well as the

before, America

as never

theip
of-

and

since

Street

third

have

all previous^
;
r:
administrations put together.
"
ari\ c°5c^.net?
®.
upward
drift
m

and other

these

There

wall

I"!1}™6 klgi?' ..op?
aJ
i t !10!1 five ?! ' increased
-?
debt limit

tive

that

believe

of world freedom.

cause

needs

public

sions>

cessions

short, nig government is not

and in¬

commerce

believe

local

government

better

can

issue—not at

dustry.

other

means

Today,

improved

paralyzed

think

year

our

but

And

threat to our liber-

government

that

among

power

much

the

market,

prices,

ments—that
better.

.inqreasing
small
business
liquidations,,, reducing big business
earnings, and restricting the rev-

in¬

ployment, the business cycle, price
stability, and our balance of pay¬

growth of
government. There the Gross,National Product slows
tasks alreadyawait- to a
halt,, and nublic revenues
public attention without hav- :shrink. In the'fiscal

fu
the

the

cleansed

areas

growth,

unproductive, and contributing to

has expanded the Federal payroll

securities

much

In party which last made it

purchasing
farmers and work¬
ers, and let the nation back from
a
great depression which had all

will

receive

not

fair

system.
Democratic Adminis¬

currency

1930s

the

—

too many

banking
And
in

present

our

involved

economic

—

hardship to the nation—wasteful,

too little

private

System

the Federal Reserve

1914

businessmen

Too

ing

last

the

local

those

Interstate Commerce
brought
order and

wages,

Wash-

No expert
capital
knows,

ing

has

ple will not be
good

been

are

community benefited
contributions
of
the
In

families

back.
s

about

ties

Democratic

the

Washington

the\ people

have

and

nation

just

Americans.
Just

that

for

that

ficials.

senting, and seeking to serve, all

eco-,

believe

community s
problems and hovw to meet

policy "when capitalism is on trial."

No topic

not

the

could be
of
more
importance at this or
any other time.
Unless the econ¬
omy
is func¬
policy.

centralized government.. I

and

much

the

cern

and

mgton

policies consistent with
foreign aid and trade policy, and concludes we
price

and

wage

also

are

Large

in the price of steel have

It is in these five

the proportion is much higher,
This is not only a hardship to

needlessly unbalanced budg-, day

dollars

natural resources; and work with labor and

publicly develop

candidates

fast.

top

far

some

played a particularly major role.

Detroit, San Diego,
steel, coal and textile towns—

what enues available to Federal; state
they can do for themselves' and local governments,
through-local and private effort.
Third> j am concerned about
There is no magic attacned to tax
the periodic recurrence of reces-

expand educational opportunities;

plant modernization;

both

should

budget cyclically and use it for contra-cyclical stabilization;

encourage

na-

too

And

force.

tendencies

prices,
and some other costs

businessmen

bal-

monetary policy more flexibly and use other tools;

use

the

other

creases

the.labor

pushed

wages,

some

7%; of

stability here

our

have

unemployment and under-employment is not less than

home.

ets

our

ments, the candidate prescribes a six-point remedial program. Thus, he

ence

with

total

inflationary

ment intervention in the economy, the
general slow-down that is to-

growth rate,
unemployment, business cycle, price stability, and balance of pay¬
Expressing concern about

one.

from

which

—to

and (3) the Federal Re¬

closely with the future Administration as

equally opposed to excessive, unjustified or unnecessary govern-

and that he does not believe in big govern¬

should cooperate

serve

his party

there is no conflict between

(1)

trade

our

And

Senator

Thursday ,rOctober 27; 1960

some areas—in

tions

for President

5.9%. Adding those who are on
short-time, this means that the

affects

By Hon. John F. Kennedy,*

automation,

modernization,

opportunities

have

been

abroad.

pricing

our-

workers, seasonally ad- selves out of too many markets—
•justed, has been below 5% of the + partly from a capital plant less
labor force in only three months .efficient than many of those reout
of
34.
Last
month
it
was
built in postwar Europe—but also

decision to tighten credit
beginning of the 1957 reces¬
sion certainly intensified the later
economic slump. By a more real¬
istic appraisal of economic forces
we
can
lessen
the
intensity of
serious recessions.
\
at the

I submit that this is
-

Continued

not
on

radi-

page

Volume

192

Number

5998

Financial Chronicle

The Commercial and

(1675)
*

not

people

sign

upon government

of strength—it

proposed

Americans

must

cover

strong.

such

■

Vice-President

The

Republican Candidate for President

Nixon

enunciates

12-point

National Economic Council to advise the President;

for

The candidate also

advances

(1)

and (4)

be:

the

government's

policies

maximum

role

private action.

this

all

imaginatively

...

renewal,

urban

and

one

vigorously"

creating

the

de¬

society

why

relolve.

national

We must

ouTour°nT-the means to carry
tional

will.

Such

down

means

under

Administration..

the

gen-

Weekly

erated only by.

constant

-healthy,
vigorously
growing, free
economy. That
a

...

kind

The

not

only

dom

free¬

can

will

Richard M. Nixon

health

m o r e.

That

clear showing

such

build

demonstrate

that

they

under

ward,

and

State

part

and

ward

for area develop-^
planning, we can meet
challenge of the sixties in city

the
and
1

and,

suburb.
f

Depressed Areas

(8) To maximize

our

sensible,
Federal-local effort.

preciation

growth po¬

low those

now

effect, and

State

stead

,and

pro¬

municipal1

that

and

will

cease

bill that will help those

really need help.

abroad

healthy

and,
growth

thus, capable of
must

featherbedding, in

attack

all

its forms,
Wherever it appears. That includes
bqreaucratic waste and inefficien¬

better environment for economic

growth.

Development of Natural

opposition

can

(9) To keep the economy fit, ef¬
ficient and competitive at home

revenues—these and other change
would contribute
substantially tc

such

areas

broader

rate well be¬

the

areas

operative

This

pork barrel approach to this
vital matter that has led to Presi¬
dential vetoes and concentrate in¬

in personal
rates, reform in de¬

allowances,

stub¬

its

economy's ad¬
system moving to-,

base for excises at
tection

only obsolete,

revision

some

and corporate

local

responsibility
ment

po¬

the

tax

that obstructs

cy
•

orderly and ef¬

ficient

government.
It
includes
the make-work mentality still sur¬

Resources

human
(5) To provide the base for
eauality rapid economic progress, we must
living reality for develop to the full the water, lane

viving in

some

resources, we must make

of opportunity

business,

pricing practices by
which
are
not
fully

much,

this

hobble
A

not

are

Widening Opportunities for AI1
(1) To mobilize all

the

Government, private

done

Team

•

teamwork

Federal

investment

economy, we should
tax system to enhance

success

the

ish

programs

pr0p0sed

the

through

our

and

power

this

Ad-

resources

nation

blessed.
tional

with

means

maximum

one

and

ment$ in labor-management

na¬

tiations

that

thing it

does

not

involve

nego¬

overpaying
we

do.

The

dynamic
quality
of
our
economy can be further enhanced
by vigorous but fair-minded en¬

mean

forcement
It

(6) To supply the indispensable

that

ourselves for the work

making of this chal-1
lenging task a Federal monopoly

sharply advanced. £'
ye*op and use tlieir talents.
record ofrnioving for;
(2) To stimulate our national
stepping up progress Scientific effort in opening new

of labor.

effort, in which government

But

quarters

includes

geared to maximize volume.
It
includes inflationary wage settle-

whic'

abundantly

at all levels and private
enterprise
work closely together as a team.

have

This is

freedom

works—to meet the national needs

private investment through
prudent public action. As a result

taxes designed in an earlier
time, and still in the law, to pun¬

many

•

level- has
as

have

whole

mize

omy,

peace and freedom in
j

the

tential we must attack the
born problems of
depressed

vance.

philosophy,

the action

program. The purpose of
over-all approach is to maxi¬

our

assistance

renewal

productivity. In this time of
challenge to the American econ¬

it will

world;
do

the

for

Federal

spurs

•

resources.to j
secure

needed.

ou,r Negro citizens and those of
°ther: minority groups. Tremenministration; \
:v.
* :
dous untapped resources for the
; Expenditures for scientific re- ?9°"omyca" be .released by elim:ea.cii
and
oevelopment
have lnating the barriers Of racial dis.r.ore than
doubled.
'
crimination that now deny these
Expenditures
for
support
of citizens full opportunity to dedoubled

costs

personal incentives and speed the
investment
in
new
plants
and
equipment that makes jobs and

Expenditures for education have

about

pro-

t h

possible,

ultimate.
on

will

economy

for its extension.

;

...

price

about one-fifth

gone up

consumer-

other

aid in school
provide needed fa¬
to
help make local

and

reform

fields and during the remainder of this campaign I shall discuss them further,

much in this Admin-

istration.
-

and

programs

earnings,
have gone

dollars,
as

to foster expansion of resi¬
dential renewal and new
housing.
We also need improved criteria

education,

tential of

ou^tcoTomTc^rogTesT ?n "the

industrial

five times

need

deductions to

and

(4) To stimulate the growth

can

freedom

insist

to, TP1?.7®6?, wentasupagainst the world.
under battle for
Administration, v

going

with

J-hatwillbring about the mobilifV
°f" America's human and

rhe share of national income go-

this

of need

has almost doubled under
•

bet¬

is plain:
while the
of every other group in our
is secondary, the power

Guiaed

this Administration. ':

of life, we must ba strong

way

work

supplant

intervention

absolute

encourage

our

tuition

cilities

make

of central government tends to be

"right

perpetual prosperity."
power,

reason

power

Those advancing more government inter¬

To meet the Communist threat to

system

much

The

vention, he points out, apparently believe "we can be governed into
...

try

little

and personal security problems, Mr. Nixon construes

area

not

try

central direction.1 The rule should

agenda for greater economic progress, ranging from

unleashing individual opportunities to solving
pressed

enterprise

ter,

opposition's charge we are not making economic progress.

should

the

calls

to belie the

charting

Right Role of Government

Government

list of economic facts,

ships, tax credits
higher

emphasizing
college scholar¬

funds, thus freed, available for
raising teachers' salaries—this to
functions which the private sector be accomplished without
compro¬
; cannot do or cannot do as well. mising local control of our schools.

personal and corporata tax revision and for lower but broader

excise taxes.

elements

this vital, task, government's
role should be to carry out those

vigorously defends tha Federal Reserve's independence; (2) warns
that cheap-money dogmatists can cause a
gold crisis; (3) proposes
a

and

program

-which:

program

sturdy

•

education

construction to

By Hon. Richard M. Nixon,* Vice-President of the United States
and

national

support .of

sign of weakness. In this day of
competition with the Communists,

ence
"

the

anti-trust

laws.

Tte'

improved by an imagi¬
native, oh(ward-looking policy in

food

can

and fiber needs of a growing
everywhere from what we found vistas foi economic activity, the
when wo 'assumed responsibility next Congress, as I have already economy we must rebuild our international trade, especially in
farm programs to make a nationa"
this day of growing common marcultural and soiritual life.
for affairs in 1953. It is not a rec- indicated in my paper on science,
asset of the matchless ability oketism. Efficiency can be spurred
We Americans have developed ord, in language that means any- should authorize the National Sciour farmers to produce and to do
by keeping the economy open and
tbe most remarkable and prcduc- thing, of "standing still."
e ce Foundation to take the leadso
in a way that fairly rewards
constantly renewed through pro¬
tive
economic system in the
•' Bllt we are not satisfied. ,We e^hlP in sponsoring a ma]or new
our
form
families
in
providing grams to stimulate new and small
world.
And that plain fact can must and can do better. The chaleffort_^f
this
abundance.
We
business.
can
have
Its productivity can be
not be cbscured by the calculated ]enges facing
us abroad and at f
plenty-in-freedom. We reject thK stepped up by full exploitation of
campaign now under way to de- home require that we quicken our a
froup

people and to provide the
base for<deepening our

our

economic

•V

velop

national inferiority,

plex about

aspects of life in America.
Needless

say,

more Iuny 10 inai enaV Wei approach this task with

be .®con<P:ro®ra™

must

of^basi^
e^toshed co <operative^ly with

advan«i and ut.hze our resources

com-

and other

our economy

Irom

keenly alert to the economic chal-

tan1

lenge of the Soviets. It is a chalnothoughtful
American

who

^ jp:rir&

ai™-

lr?

concern

to Provide equal opportunity for

Russian

:p°

fast

American

aShettern^Hoo
a better position

to allocate

its; output .to

science and

marketing and production,
unprecedented
controls
on
the
farmer and. sharply
higher food

costs in

in^Ame^icl

and

develon

talent

thuTlvoid ihe

cities and towns.

(7) To permit our cities to serve
impulse-centers and not choke-

points for economic growth, I be¬

waste of a potentially superior sci-

Favors

;
•

cern

Security

Measures

^also keep ' Going along
perspective^ and not forget, this the individual
plam fact:nthe-';Am€riean.ecpnomy
is
producing more
than; twice

•-

Prove

our

;

tethers.

that

end

market

are?

approach that contemplates a longrange land use and transportation

the quality of educational
somethihg; effort. and enhance the status of;

individual

Personal

should be based

W'den■opportunities for all, to-

We seek to make "

should

himself

every

for

be somebody and have

•• As
tne Soviet
increases in size, the rate
growth can be expacted to
.

better

possible

purposes.

dim inish.

nomic need'

economy
of

would require drastic cutbacks in
farm

the

have

plan.

the

state, Ru»ia is in
-

find

—

entist, ■ engineer, teacher, minister lieve we need a dynamic urban
program,
motivated lo¬
gnd tQ free h-g j.fe more and more or doctor, we need to intensify our renewal
propaganda would like
usstunting effect of'eco- efforts in education.
We must cally and assisted Federally. It

ours—though not

state

man

predou^

most

our

technology depend..

noT0showin7fa°stSeerowthyraates
showing faster growth rates
now

research

our

which the rest of

fQrpe V? ,fjur]aan affairs.

than

offered

comprehensive
blueprint for planned scarcity that

to achieve the breakthroughs upon

disregard. Because the Soviets
in a much earlier stage of

are

one

alternative

the opposition

national resources, in his efforts

tor

lenge
can

appalling

rapid

technological

search and development. In order
to deal with the problems created

by
automation, especially
their
impact on the workers affected,
special efforts are required. I do
not believe an over-all, top-level
meeting of union, industrial and
government leaders, such as the
opposition suggests, is the best ap¬
proach. The problems posed by
automation vary too much as be¬

tween different industries to bene¬
fit

by such general talkfests.
I
shall, instead, convene working
Continued

part of this effort, we

with this faith

is an abiding confor his problems as a human

This announcement is neither
these securities.

The

being: the possible loss of a job
what.'.the _Soviet; econoiny is-pro>^an(j livelihood through no * fault
dueing. We face - a -serious chal- ^ one's own when the
economy;
lenge,* but we areWeR afeea&vaiH '/change's,! • the fear'that''the end of
we can stay, well ahead if we arc
^working years may mean poverty*

offer to sell

nor

solicitation

buy

any

offering is to be made only by the Prospectus.

energetic,

imaginative

and

wise; ,anxiety that the

G4?ii

We Are Not Standing Still

America

foward de-

moving

winner

spite;the .repeated efforts of the
opposition to persuade us that we
are standing still.
You will never
learn from my opponent that al-

may

,h'e Wov/ancr
medical

105,000 Shares

a breaddestitution for,

children,

cost

Associated Sales Analysts Inc.

in old age.

These are
some
0f the searing human con-;
.^erns that
our
program
aims to
minimize through effective private
arKj public measures.' Such efforts
care

loss of

mean

Class A Stock
(Par Value $.05

•

per

Share)

most 68 million Americans are at- toward personal security are
right,
work in this $500 billion economy, not only from the humanitarian

earning

more, >

consuming

more,- viewpoint;

saving-more, investing more and

providing

purposes as

health' than

history.
has

.'Vv
the

made under

tion during

.before

ever

•

Consider

support for such

science, education and
•

progress

this

our

they are mandatory if
complex, modern society is to.
work well. Thev are essential to

which is simply this:
Lift the ceiling over personal opportunity;
strengthen
the floor
our purpose,

over

The

/"
rate

the seven years

but it
Americans

prosVljant

measured

dollars of constant

should also seek

purchasing

fheir

are

proud and self-re-

Methods

dependence

are wrong,

that
on

in which

the

may

be obtained from the Undersigned in

Undersigned

may

any

legally offer these shares

compliance with the securities laws of such State.

strengthen what is right It should
;' U ^recognize * the - plain fact: that

growth

National -Product,

State

Administra-r.

compared with the previous
Administration
for
the
seven
1945-1952'

Copies of the Prospectus

the pit of personal disaster,
Public policy should seek to put
1952- right what is wro^g in our Amer-

America

1959

years '

Price $3.50 per Share

our

encourage

government

for increasing depend-

AMOS TREAT & CO., INC.
October

27,

1960

develop¬

ments being generated by the nation's astounding progress in re¬

BRUNO-LENCHNER, INC.

page

(1676)

The Commercial and Financial Chronicle

William Si Fund
Elects Teich
Barnett

Teich

Treasurer

Street

has

The

Fund,

been
One

elected

STOCKS

BY LEO

conservative

BANK AND INSURANCE

holdings exceeding
32%

The

Inc., 1 William St.,

good

This Week

—

property

Insurance Stocks

higher than

17%

1960. At the recent price of 33, a yield

company's

interest

is being made

progress

Life

National

year

of 3.0%
company

60.3%

now

and

this affiliate. At mid-1960, life

licensed in 25 states and writing insurance in 12. The alliance
Mutual Funds Management Corp.,

pany

(NEW YORK)

of National Life of Canada and

risks, those which have yet to develop

Ltd. is of considerable interest

as a pioneering step for combining
insurance, mutual funds, and the recently introduced Mutual
Variable Annuity Plan. The latter new retirement plan is based
on shares
held in Mutual Accumulating Fund, the largest of the
three mutual funds operated with assets of some $23 million on
Sept. 30, 1960.

effective multiple line operation. Within the Corroon &
Reynolds
Group of property companies, stockholders of American Equitable
Assurance Company of New York and Merchants &
Manufacturers
Insurance Company are scheduled to vote November
21, 1960 on a
merger

was

insurance in force increased to $623 million. United States opera¬
tions of National Life are being extended rapidly with the com¬

The two proposed merger announcements this month narrow fur¬
ther the group of insurance stocks
heavily weighted toward insur¬

ing fire

income

followed with bond
against approximately

policy

of total assets

is obtained on the present $1.00 annual dividend. The
presently has 1.3 million shares outstanding.

William

GLENS FALLS INSURANCE COMPANY

Thursday, October 27, 1960

investment

50%

Investment

at midyear

ago

BURRINGTON

stocks.

of the two companies with American Equitable, the surviv¬
Merchants & Manufacturers' shareholders will re¬
72/100 share in the surviving company while American

ing company.
ceive

Equitable
share

shareowners will

receive

2.1

Of greater investment significance is
New York

City, it was announced
by Dorsey Richardson, Fund Pres.
Formerly with the auditing firm
of

Lybrand, Ross Bros. & Mont¬
Mr. Teich joined the

gomery,

Fund's

staff

its

inception

1958.

(Special to The Financial Chronicle)

California

Company In¬
corporated, 647 South Spring St.
Mr.
Gregory has recently been
with Mitchum; Jones &
Temple-

G- H. Walker Opens
Branch in Chicago
CHICAGO, 111.—G. H. Walker &
208

South

branch office at

Salle

the

Street

management
Clark.

under

Ralph

Now Blaha & Co.

Glens

Falls

stockholders;

such

increase

an,

long

steps of man¬
An increase in the dividend rate appears
probable since Kansas City stockholders have received
years.

share in contrast with the $1.00 payout by Glens Falls.- •
Completed in 1956, Glens Falls became one of the first insur¬
ance groups in the nation to
integrate its organization into one unit
and the

name

Co., 6115 East

Colfax has been changed to A. L.

Greenberg
Greenberg

Co.

Arnold

principal

annuity program, provides a combination for
fostering the one-stop insurance and investment package for com¬
plete family security coverage.

Assurance

stock

Company of Canada, which in turn holds a 30%
Mutual Funds Management Corp., manager of
Early in 1960 Glens Falls strength¬
its ownership of National Life by
bringing stock ownership
interest

than 60%

of the outstanding stock.

Netherlands, and Syria.

states, Canada,

This multiple-line underwriter also

Association

ance

tered

and

the

Marine

Glens Falls, New York,

Office

America.

Headquar¬

regional departments

Approximately 7,000 agents represent the

company.

Year—

♦Written

1960f

1959

1957

luncheon

phia

Meeting
William
the

Company,
at

meeting of the Philadel¬

Securities

Association

Wednesday, Nov. 2, at the
wick

Henry McK. Ingersoll of Smith,
Barney & Co., is in charge of
arrangements.

♦Admitted

^Loss

Assets

Ratio

♦Earned

Margin

are

is the
able

Bell

sions.

Until

subdivi¬

trouble de¬

also

superb.
Among

all

61.0

40.1

—1.1

tion of

500,000.

This

63.1

40.8

—3.9

750,000

when

62.2

40.9

—3.1

Chamber

71.1

146.9

57.6

40.8

fSix

months,

^Expenses incurred

June

l9f»0.

30,

premiums

^Losses

+ 1.6
incurred

greatest losses.

year,

even

profit¬

liability

1960

the

overall

underwriting profit

assets

the

same

period

premiums

ago. Consolidation of Kansas

the

$190

million

level

written

increased

3.8%

City Fire will bring com¬
and premium volume to

$100 million.
SHARE

STATISTICS

Stock

Exchange
Y.

19f8
1957
1956

Income

Ratio

800,000

1955

sets.
a

Divid.

Six

South

ern

been

and

as¬

to be

center, but it

hides

plentiful;
moving to the
are

are

they are nearer the
sheep. However, south¬

ride

the

head

quality

New

very

England
high.

55.55

36—26

2.67

2.01

15.4

1.00

53.77

36—23

2.59

0.26

1.00

45.97

37—33

2.49

1.29

27+

1.00

47.75

the

2.33

2.27

16.3

1.00

50.08

other

28—24

1.29

3.52

7.4

1.10

29.77

most

the

1969

concern

the

mighty force and growth cf sub¬
urbia.

Most people who

large cities have not

moved to

some

not

70%.

by
the

al¬

And

expenditure for

construction is
—

now

go¬

practically all

suburbs, and built mostly
credit amounting to $100 bil¬

lion

more.

The

ing

unfortunate

most

spent

borrowed money.
mushrooming suburbs
borrowed money—not

These great
built

are

figure in

is the amount be¬

census

only the new houses but also their
furnishings and the automobiles.
I

that

estimate

the

have

suburbs

also borrowed, since the 1950 cen¬

$100 billion for roads,
water, gas, etc. One
dollar out of every eight of takesus,

over

sidewalks,

home
for

is apparently obligated

pay

appliances
but

thmgs

other

and

not

What

necessary.

happen to these suburbs in

depression makes

severe

shudder.

With Herbert Young
Melvin

has

Norman

been

ap¬

pointed Assistant to the President
Herbert Young
& Co., Inc.,

for

securities underwriters
cial consultants of

the

comoany.

associated

Mr.
the

a+d finan¬

William St.,
to

joining

Norman
Norma

was
Hoff¬

Bearings Corporation and
accounting firm of

mann

the

with

Prior

Citv.

York

New

rational

Seidman and Seidman.

F. B2II Opens

(Spatial to The Financial

MTAMI,
Bell

BEACH,

engaging

Chronicle)

Fla.—Robert F.
in

securities

Tree

Drve.

officer

Robert

Pine

formerly

w^s

Bell

Co.,

Inc.

have left

states.

moved

—

revealing statistics of
census

the

1950

business from offices at 5681

Tb« Rise of Suburbia
The

census

the

"electronics parade." Union wages
and
restrictions
are
a
handican

the

1950.

the

Value

small

chief

its

Califcrnia and eastern Massa¬

1.00

30.

re¬

where

chusetts

ing into housing

would

England shoe in¬
moved to the Cen+ral

where

cotton and

14.3

June

natural

institutions

the textile mills

2.42

months,

lacked

have

dustry has

Virginia

housing
new

The New

West

those

the

half

most

useful

rapidly losing its factories and

2.96

$1.00

20%;

the

dwindled

great educational

41—28

1949

but

1950,

Boston may still claim

mills.

population has increased by

total

with the possible execu¬
fishing industrv. Edu¬

factories

doubled, while
tremendously.

half

areas

U. S.

case

sources,

Book

BArclay 7-3500

Specialists in Bank Stocks

in
since

has

cational

suffered

only

Since

tion of the

41—33

has

Boston

$1.27

-m

fore¬

677,000.

$1.64

Boston

was

the

39—32

the

Approx.

P/E
Earn.

increased to

Commerce

workmanship is

Avg.
Invest.

Range

1940
of

population of 1,000,000
city. Boston proper did

casting
reach

written:

Underwriting may return to
though losses in automobile

Approx.

Exchange

the

one

151.6

this

For

suffered

150.6

During 1960 expanded premium finance facilities have been
made available
through the Glenway Corp., a definite aid to

Declines

74.0

a serious problem.
Late in 1959 a new Preferred
Driver Policy was introduced in several states on an
experimental
basis in order to compete more
effectively with direct writers.

1959.

Worst

large cities in the U. S.,
has

Boston

has

gas

has

this 1960

78.8

dollars.

natural

veloped, the Los Angeles climate

but

Stock

smog

uproot

—0.6

coverage remain

1960*__.

Teletype NY 1-1248-49

the

build

order

until

was

38.9

PER

Laird, Bissell & Meeds

Telephone:

trees

began

61.7

leading casualty line.

basis

around

Request

5, N.

least

165.0

Bid Price

YORK

inhabitants

81.1

bodily injury liability

1959

American

the

My first job after
graduating from M. I. T. was in
Boston, which then had a popula¬

between property and casualty lines. The
major property lines are
fire and auto physical damage, while auto

Year—

BROADWAY, NEW

An¬

the fruit in¬

—0.9%

Falls, which operates under the agency system, is in its
century of operations and has long offered specialized and
Complete property and casualty coverages
provided; 1959 premiums written volume divided about equally

Quarter Earnings

Members

Los

reasons.

center of

38.7%

earned.

Comparison

120

Angeles, which
20%. This is

over

62.2%

kets and

ex¬

176.4

second

pany

BANK STOCKS

York

Los

"one

$177.1

millions

carrying, the less-thanfreight, while supermar¬
shopping centers are dis¬
tributing the merchandise. Use of
are

carload

The Boom in Housing

several

is also

dustry,

individualized services.

New

extraor¬

72.1

over a year

11 N. Y. CITY

Members

that

geles found oil within its borders.
It

Of
Profit

Ratio

margin improved to —0.9%, from —4.6% for the first six months

well

The railroads

The number of miners working in

this is

gain of

railroads

coal

above-mentioned

shows

the

large cities.

Trucks

dinary event.
ception"

employ only 800,000 workers
compared with 1,200,000 in 1950.

now

The

factors;

are

with

the

some

■

^Expense

havoc

the U. S. has been taking censuses
years,

en¬

causing
this
automobiles,
tele¬
phones and television. These fac¬
tors, plus airplanes, have raised

for

170

an
.

Considering

areas."

politan

provides

of larger "metro¬

core

86.0

agents. For the first half of

Bulletin

with

forming the

$43.9

War¬

Hotel.

3rd

eities," I mean those
1,000,000 or more population

Boston

Glens

speaker

now

one

census

largest cities
show a decline.

our

"large

number

decennial

76.4

premiums

guest

all

1790,

the

80.7

1955

CONTROL

now

since'

81.9

1956

Phila. Sees. Assn.

for

Treasurer

time

87.9

♦In

Railroad

first

the

original Federal

was

Cabe & Co., Inc.

—

over

$45.1

1958

DENVER, Colo.—The firm name
of Schmidt,
Sharp & Co., Inc.,
818
Seventeen Street, has been
changed to Schmidt, Sharp, Mc¬

PHILADELPHIA, Pa.

million

Large Cities Suffer

For

SELECTED STATISTICS—GROWTH AND

the

Schmidt, Sharp,
McCabe & Co., Inc.

To Hear at

—Net Premiums—

will

main¬

are

tained at San Francisco, Chicago, and New York
City, with some
75 field offices located
throughout the major cities of the nation.

This

including Ha¬

new

Major
change -

as
.

due

Founded in 1850, Glens Falls is licensed in all

States,

1950.

three Canadian mutual funds.

UNDERWRITING

Gerstnecker,
Pennsylvania

million.

variable

firm.

Now

United

except

The latest step, the acquisition of an interest in mutual
a

operates in other countries through the American Foreign Insur¬

firm

social life.

underway.
funds and

The

but

tirely

resulting economies are reflected in the favorable trend of
the company's expense ratio.
Attainment of a stronger competi¬
tive position has been aided by the broader "all lines" operations

Avenue.

Colo.—The

conditions

following rough analysis of
census figures is intensely
interesting to me. - The figures
show that the total population of

Life

Greenberg Co.

The

the 1960

the

all the

depression

severe

frightens Mr. Babson considerably.

waii and Alaska,:is now about 180

Harris

responsible for fundamental changes occurring. The

spectre of suburbia debt, however, in time of

agement in recent

Forty-first

terms of factors

Of Kansas City's 1959 premiums written only some 5%

overdue and appears out of line with the progressive

to Blaha & Co., Inc. and the firm
is now located at 29-28

1950 and, except for Los Angeles, the
at the expense of cities is evaluated in

increase Tor

ened

DENVER,

rise since

forceful growth of suburbia

From a stock investment viewpoint, the performance of Kansas
City has been unexciting, especially its investment income record.
Of considerable interest, however, is the likelihood of a dividend

Company, Inc. has been changed

Our population's

Kansas City shares, subject to acceptance
by at least 80% of the
shareholders.
The proposed acquisition will provide a
broader expansion base for operations in the mid-Western states in

Present Glens Falls affiliations include the wholly owned
premium finance company, Glenway Corporation, and The National

LONG ISLAND CITY, N. Y.—The
firm name of Walter R. Blaha &

Now A. L.

By Roger W. Babson

latter's

$1.25

ton.

Co. has opened

What the 1960 Census Shows

the proposed affiliation

casualty lines. Kansas City's admitted assets approximate
$12 million and premiums written approximate $6.5 million. +

LOS ANGELES, Calif.—Frederick
F. Gregory has rejoined the staff
First

each

100,000

particular.

Rejoins First California

for

stock

of Glens Falls Insurance Company and Kansas
City Fire & Marine
Insurance Company.
The Glens Falls company seeks to acquire
Kansas City Fire by offering one share for each of the

were

„

presently held.

Barnett Teich

Rather,

primarily to

miles

they

new

have

suburbs

distant.

This

only gives them better living

F. C. McCarthy
(Special to The Financial

FT. LAUDERDALE,

Opens

Chronicle)

Fla.—-Fred C.

McCarthy is conducting a securi¬
ties business from offices at 3042

Volume

192

Number

5998

THE MARKET
BY

The Commercial and Financial Chronicle

WALLACE

comprising some 10% of Western's
shares, had already run into man¬
agement objections to its proposal

AND YOU

...

(1677)

STREETE

before it
Fe

had

some

was

two

times

string

stock

down

market

this

the

industrial

low

since late in

definite that
reached

The

days
week

stem

carried

average

1958

the

for

new

make

floor has yet been
the decline.

election

uncertainties,

nearly-universal profit pinch de¬
spite high sales in the nation's
leading < corporations, and an in¬

also

are

leverage item and could
improvement if earn¬

show sharp

ings pick

to the levels of

some

glowing estimates. The shares five
years ago had a 32-40 range be¬
fore the company's troubles came

head, and the 33-47

which they held until
is

mostly

range

made

George

larger than that

the

second

what

appears

stalemate in the rival bids of New
York

Central

and

Chesapeake &

Ohio for the Baltimore & Ohio.

the

United

bank's

Vice-

States

national

organization.
For the
year, he has been a branch
group head in the metropolitan
department.

Roeder,

Jr.,

Senior

Bank, wil become Execu¬
Vice-President and head of

tive
the

bank's

ment

[The views expressed in this article

Lawrence

succeed

who

metropolitan

Jan.

that

Chairman
»

the

hattan
con¬

tested merger plan in the rail field

following

department,

Vice-President of The Chase Man¬
it

past

week ago

That

later served

territorial

bundle

held by S. P.

President

Chase Exec. V.-P.

indicated that Santa

quietly acquired

ment and

Roeder to Become

rectors.

date

the

1961.
C.

will

Marshall,

becomes Viceboard

di¬

ternational "gold rush" to acquire
bullion in London, all contributed

counting the company's improved
outlook.

author

Woolrych, Currier

(Special to The Financial Chronicle)

LOS
W.

ANGELES, Calif.—Clarence

Turner has

with

sen,

not

necessarily at any time coin¬
cide with those of the "Chronicle."
They are presented as those of the

With

depart¬

become

affiliated

Woolrych, Currier &

Carl-

Inc., 210 West Seventh Street.

Gillette, far from worrying about
any
recession,
is
making
big

the

indecision

market

The

that

made

the

prey to selling.
level of steel opera¬

easy

low

recovery to the prelevels without yet dis¬
a

recession

strides

with

its

new

only.]

Mr.
1947.
of

Roeder

joined the bank in He
formerly in charge

was

the head

office

credit

was

formerly

Harbach &

with Hopkins,
Co., and Oscar F. Kraft

depart¬ & Co.

blade

razor

that already has
a
fifth of the
running at only a
shade above half of capacity—was blade
market
although it is a
no new story but still
very
recent promotion.
In fact,
helped put
some
weight on the market as the company larded its regular

tions

mills

—

well

the

dividend

general economy.

What Support Level?
For

the

industrial

with

extra

boost

N. CAROLINA

its yield well into the 3% bracket.
Its earnings were up 22% for the

the

average,

first

half

chore

for

the

and
is to

mSBim

full

year's earnings will run ahead of
those reported for last year.
The

posted

reported

early in
January.
The
optimistic of the market fol¬

lowers
reach

less

weren't

and

area.

neared

the

times

back

three

525

area

1950

proved

to be
resistance until

overhead

broke

through

one

in¬

the

decisively

1958.

pinpoint

There

also

the

hope

that
per¬

was

much

haven

items

they

have

base.

the

overall

ent.

economy

1957

the

appar¬

was

market

led

the

business pickup by nearly half a

And while there

year.

are

predictions around that the

many
reces¬

sion will continue
a

few

into 1961, only
willing to venture that

are

next year

won't

see

the end of the

The

pattern of recessions in the
last generation is a far different
the

from

one

where

old

one

prosperity waned for most

industries at the

days

boom-bust

the

various

through

their

ently

that

average,

even

are

preferreds

which

the

securities

upward

moves

mar-

INDIANA

yields available are lush,
running well into the 5% bracket
for

such

Federal

tric, Bridgeport
Acceptance
and
preferreds.

Pacific

other industrial classi¬
than

those

pacing

the

recession.

Brass,
General
Crucible
Steel

doing well.

were

around

Diamond
and

Refining

AT A GLANCE

oils

are

another

section

still been

where

return

wide¬

the

An
.

Expanding Retailer

Interstate Department Stores,
considered a laggard opera¬

was

spread popularity they had for in¬

candidates in the petroleum
lineup, notably Wilcox Oil which

merger

tion

much

without

glamor

and,

Pacific Coal & Oil and Barber Oil
are

among

nable to

those considered

some

kind of union

ame¬
even¬

1957-58, vulner¬
able
to
any
recession since its
stores were in highly industrial¬

tually.
A high return item in the to¬
baccos is Liggett & Myers which

ized

areas

has

are

felt

happened

where business setbacks

hardest.

After

ad¬

that

Interstate
changed
its
ways
and started an aggressive
program of modernization, acqui¬
versity,

sition and expansion.

It has been

size

Topps Stores, another discount

chain.

its

The
are

discount

estimated

business

store opera¬

currently,

40%

with

60%

year's goal and even
higher discount operations ahead

seen

after

that.

The

action

volatile

369,000

since

of Interstate can

there

are

shares outstanding.

less than

They

additional

Monthly dividends following the split
payable at the rate of six cents
per share. Cash dividends have been paid

$666,370,231

8.28

13.22

to Winn-Dixie stockholders for 27 con¬

secutive years and the annual dividend

up!
Net

profits

rate has been increased for 17

Earnings After

Income Taxes

Per Share

Percentage to Sales

$15,799,687

$14,011,512

$2.50

$2.22

2.19

2.10

Winn-Dixie sales during the 12-week
period ended Sept. 17, 1960 totaled
$165,922,488 compared with $158,377,848

up! stores
Retail Stores
Wholesale Units

495

increase of $7,584,640

12-week

period

per common

were

$3,473,987,

$0.55

share, compared with $0.50

for the

$6,783,701

$1.20

corresponding period of the

ceding

up! dividends

$7,577,814

4.79

percent. Net earnings after taxes for the

Per Share

during the corresponding period of

1959,
510

;

Dividends Paid

consecu¬

tive years.

year.

pre¬

$1.08

(Present annual rate 72c after 2-for-l split)
Copy of Complete Annual Report Available

Request

return

to
be turning the
corner
king-size cigarettes making
the sales drop in the regular

seems

store

tions

with

one

will be

$721,532,377

Percentage Increase

October 28, 1960 of

October 19, 1960.

27, 1959

up! sales
Sales

Outstanding

through issuance

with

ones.

with

available

meeting Oct. 7.

of
6%.
The company has been
showing a sales downtrend for a
couple
of
years
but, to
some,

prominent in picking up discount

operations, starting last year
White Front, and was still
at it last month when it picked

been

June

two-for-one

share for each share held of record at

YEAR

has

were
blocked by
anti-trust ob¬
jections of the government. Plym¬
outh
Oil,
Honolulu
Oil, Texas

downward

June 25, 1960

long-neg¬
there

FISCAL

stock, which action

shares will be doubled

Edison.

Oils Still Resting

common

approved by stockholders at their

annual

National, Union Pacific

Consolidated

split of its
was

KENTUCKY

such

preferred,

admits there have been offers but

tilted

Stores, Inc., voted to effect

ALABAMA

Yields of

available

are

Atlantic

The board of directors of Winn-Dixie

A
I

yields are also a feature
straight preferreds which were
neglected
when
the
common

for

oils, for instance, have been refuses to divulge the identity of
staging their own recession for the would-be buyers.
The oil merger candidates are
years and, judging by the earnings
the
independents
since
reports, are making good strides mostly
toward clearing up their overpro¬ some
planned mergers, notably
duction problems at the moment, Texaco and Superior Oil, among
while other industrial classifica¬ the
large, integrated companies
are

CURRENT NEWS OF INTEREST

Good

The

tions

MISSISSIPPI

Elec¬

declining, the market analysts can dividuals and institutions in the
readily worthwhile invest¬ immediate-post
War
II
period.
ment opportunities in individual
Lately the stress
has
been
on

issues and

VIRGINIA

into

convertible make

are

find

fications

reports new highs

LOUISIANA

The

stock

sizable

any

lected

sort

some

ketwise.

of stocks,

common

something of a floor on their
yield basis, plus a chance of en¬

independ¬

when

the

have

These

industries

cycles

groups

time.

same

WINN-DIXIE LAND

are

that, normally, brings

convertible

stocks

lag.

until

reached

And

hancement

of the slump in gen¬
business, and resumed its ad¬
vance before the improvement in

TENNESSEE

stocks show definite evidence that

which they

advance

skipped
completely so

there was
preferred stocks as

past decade when it turned down
eral

seem

GEORGIA
S. CAROLINA
)LINA

resistant,

talk

has

Apart from companies that
recession

formances in the recessions of the
in

would

Gillette

FLORIDA

try

far.

the market would repeat its

much

increase

that

mean

how

the recession rather

technicians

looking for support until

1957

dex

easy

540-550

hopeful

average

which

within

the

around

Other

the

bottom

saw

analysts

the

year

biggest guessing game was where
it would finally find
support after
it already has dropped some 120
points
from
the
historic
peak

Rails

Rail

have

The Fastest

Prize

been

well

pressed, and so neglected, that
they have little left to discount.
The

exception is Western Pacific
which was prominent in posting
new
highs through some rather
urgent selling waves this week,
when it emerged that both South¬
ern

Pacific

and

Santa

were

making counter bids to absorb it.
Southern

Pacific,

with

Growing Food Chain in the South

de¬

bundle

WINN-DIXIE
AND

inc.

SUBSIDIARIES Operators of Winn-Dixie and Kwik Chek

Retail Food Stores in

Florida, Georgia, Alabama, Mississippi,

Louisiana, South Carolina, North Carolina, Kentucky, Tennessee,
Virginia and Indiana. General Offices: Jacksonville, Florida

t-J—\\,"i. is**

Ai >v«.' it'f-i

'•' * -tlr Wh*~

\u fa.'

~i V'J

>' •

^ p?

JTrtMtfl&C' f»Wto"W«*MrfWttftW *WIm«M

If '" j

iv. *W^i.

The Commercial and Financial Chronicle

(1678)

years

fixed price. The princi¬
from which such funds

pal

investors,

about

For Consumer Loan Industry

funds,

work

sources

pension funds, mutual
union funds, some . trust

foundations

funds,

outlines various borrowing methods and
larger size companies which face difficulties in

head

available to

sources
ni

and

funds front banks

obtaining

industry cannot operate without

the sources
the larger
finance companies, let's
where
our
industry

getting

into

and costs of money for
consumer

consider

The
industry is

stands

today.

nance
,

fi¬

consumer

caught

profit vise. We have a fixed in¬
come set by the laws of the var¬
ious states in which we operate.
it practically im¬

We have found

increase the price
our services. Rather,
has been any change, it
to lower the price which

possible

to
charged for
if

there

has been

charge. Yet, we are faced
with continually rising costs. Sal¬
we

may

higher, rents are higher,
item of overhead is increas¬
ing. The pressure gets greater and
aries

are

every

If we are to earn a rea¬
sonable profit, it can only be done
greater.

busi¬
limit
lend to each indi¬

by expanding our volume of
ness and by raising the loan
that

may

require the
borrowed funds.

past ten years has
made the rates for senior obliga¬

rates

tions

were

for

the

over

high

previously

they

not drying up the
insurance companies' desire
if

life

subordinated debt.

for

life insurance com¬
invested as large a
proportion of their assets in our
industry as they felt was justified.
(3)

Many

panies

had

The

(4)
Law

Income

Federal

life

Tax
companies

insurance

passed in 1959, has caused them to
reappraise their investment poli¬
cies

and

obtain

and

common

stock,

through

inter¬

stock

ferred

income

the

confident

consumer

interest.

First,

do this.
mainly of
securities ahd
We have very

finance industry can

cash,
marketable
notes
receivable.
small
investments in fixed assets. There¬
our

assets consist

fore,

liquid,

assets are very

our

safely carry a high
debt ratio to net worth. Second,

and

established an
credit reputation. I

industry

our

has

exceptional

know of no creditor

lost

loan to

dishonesty

consumer

This record, of which
justly proud, helps us
the leverage in our debt

agement.
we

can

obtain

must have

ratios that we

far

How

this

carry

can

leverage? The accompanying table
sets
forth
what
I
believe
to

today's money

be the standards in
market.
You

equal

50%

common

your

and surplus. This is your
capital.
You can obtain junior subordi¬

stock
total

debt equal to

nated

of your

50%

capital. This is your subordi¬

total

nated base.
You

debt

obtain

can

subordinated

equal to 50% of your subor¬
base. This is your senior

dinated

borrowing base.
<

You

sources

and
for

hope will continue
to

years

Principal

senior borrowing

Sources

Common

stocks

capital

dollar

funds. On

to
of available
2% to one ratio, it can
$13.48

to
a

equity
one ratio

three

grow

to $11.78 of available funds.

grow

Difficulties

sold

are

Borrowing From

Insurance

Preferred stocks.
Today it is
extremely
difficult
to
sell
a
straight preferred stock, as there
is

little

opportunity

security

for such a
increase
in
value.

Buyers of both

and pre¬

common

ferred stocks want

opportunity for

appreciation. Therefore, most pre¬
ferred stocks

dend

convertible pre¬

are

These

carry

rate, 6%

the

holder

his

securities

the

high divi¬

and give

more,

option
into

the

convert
common

stock of the company. The

princi¬

pal sources to which convertible
preferred stock may be sold are
individual

investors, pension

funds, mutual funds, union funds,
foundations, some trust and en¬
dowment
funds

funds. These

will

buy

sources

convertible

because

preferential,

dividend/

conversion

privileges.

pre¬

of the

high
the

and
V-

will retire the issue

over

period

of years. These will be sold main¬

ly to life insurance companies,
casualty insurance companies, and
investment

trusts.

The

ap¬

peal

Following World War II, banks
the
industry's
principal

were

source

ever,

from

borrowed

the

all

rowed
more

needs

life

demand

lines

creased, and

funds.

for

How¬

loans

business

in¬

demands for bor¬

our

funds

grew, we found it
difficult
to
supply these
from banks. We turned to

insurance

companies

which

willing and ready to make
long term senior and subordinated

were

loans

consumer

panies. In recent
funds from

increasingly
because:

(1)

this

finance

years,

source

difficult

com¬

we find
becoming

obtain

The demand of all lines of

business

for

long term

debt

for

of these securities
to
life
insurance company and the casu¬

alty

insurance

income

from

company

them

Next
is
junior
subordinated
debentures. These debentures will

are

tion

interest

rates

than

other form of debt, as they
junior in the right of redemp¬
to all other debt of the

pany.

today's

debentures will
vertible into

market

have

common

com¬

these

con¬

stock of the

company or carry warrants
the holder the

giving

right to purchase

certain

common

number

stock

part

debt.

for

period

usually /issued
and short term,

term,

Long

for 15 to 20 years,

90-day to six month notes.

put it

can

term debt, I believe
today's conditions, at

under

60%

least

required

There

banks.

need for rotation as on bank lines.

There is

danger that the credit
will be withdrawn or reduced.
no

The

principal
sources
from
which long term senior debt can
be
obtained
are
pension funds,
trust

life

and'

funds

ment

endow¬

foundations,

funds,

insurance

companies..
Commercial

Paper? ;

Commercial paper is one
short

term

soifrde

debf. Until

senior

few years ago,

commercial paper
was
sold mainly to banks, par¬
ticularly the country banks which

a-seasonable

demand.

loan

In recent years the
in the country banks

loan demand
has increased
to where they are no longer sub¬
stantial
buyers
of
commercial
paper. Corporate treasurers have
stepped into the gap and are to¬
day the largest buyers of commer¬
cial paper. Also, union funds, pen¬
sion
in

funds,

fact

university treasurers,
fund or corporation

has money

that

for

any

not need

it does

temporary period is a pros¬

pect

the sale of commercial
Banks are prohibited by

for

paper.

There

commercial

paper.

All

but

not

The

seller

must

exceed

prepared

notes when

they

fore, he must
lines

meet

come

substitute

for

lines.' It

our

rate

excess

paper

bank

excess

carried

Banks'

their
have

linesi'

place

re¬

paper

bank

for

unused

the interest
reasonable

commercial

the

must

does

industry, as
lower, and

amount

duces

that

lines

Importance

tracts

our

decreases.
brella

The

over

banks

expands

volume

They
our

consumer

and

con¬

increases

provide

um¬

commercial paper.

are

our

helpful boosters when

friend
we

taining funds from other

borrowing

have
taken
place since the end of World War

companies

borrow

II. The consumer finance business
will

continue

will

require

expand

and

in the
funds very
likely will be obtained from dif¬
ferent sources than those supply¬
ing
us
today.
We
have
seen
changes in the past and will see
These

the

money

ahead.

years

future.

must

alert for new sources
funds., We have witnessed the

constantly
of

terrific growth of savings and loan
unions.

credit

associations

and

Shouldn't

consider selling cer¬

tificates
so

investment

attract

can

funds

new

panies

for

companies.

are

and

ob¬

What about the costs of obtain¬

ing money? Money, to me, is a
commodity the same as corn or
wheat, and the cost of it is gov¬
erned by the law of
supply and

Mr.

Fisher

the

company
since 1934 and

manager

the

Chicago

office

and

the

Mi dwest

ern

territory

for

than

Charles F. Fisher

He will

years.

continue

all

duties.

his former

A. T. & T. Debs.

new

been

headed by

Morgan Stanley & Co.
comprising
141
investment
firms. The debentures, due Nov. 1,
and

1992, are priced
accrued

to
on

its

competitive sale

the group at a

bid

101.0599%

which named the 4%% coupon.
current Telephone

issue is
offering
placed on the market so far this
year. It also matches in size the
largest issues ever sold at com¬
petitive bidding. The company has
brought out within the last six
years five
issues of $250,000,000
The

the

corporate

largest

each, sold at competitive bidding,
the

recent

most

having

been

ber, 1959.

stock

and

ciated
of

use

subsidiary

and

asso¬

companies; for the purchase
offered for subscription

its

principal
phone subsidiaries.

$1.00

Preferred stock

The
tele¬

telephone plant.

own

has

company

stock

.50

capital

will

stock

The

expanded

surplus

Telephone

proceeds of this financing for

debentures

deemable

common

can

American
the

advances

Companies

dollar

surplus

Total

and

awarded

They were

maturity.
Oct.

101.656%

interest to yield 4.65%

sions, additions and improvements

follows:
Common

by such companies and for exten¬

Larger Consumer

Finance

Each
and

market

underwriting group

that

the

Borrowing Leverage Possible
for

the

con¬

funds

source

finance industry?

placed
26 by an

Oct.

Morgan Stanley group in Novem¬

because

problems

available

sumer

4^/4% debentures has

Co., az-year

already doing this. It

many

laws.

should

$250,000,000

issue of 5%s due in 1986 sold by a

regulations, Blue Sky and
However, there were
problems with many of the sources
of
funds
we
now
use,
but we
solved them. So may I suggest this
as

issue

new

American Telephone & Telegraph

of SEC

other

will not be

re¬

Nov. 1, 1965.
Beginnihg with that date the op¬
tional redemption
price will be
104.656% to and including Oct. 31,
1966 and thereafter at prices de¬
prior

creasing to the principal amount
after Nov. 1, 1987.

$1.50
.75

Capitalization of American Tele¬

$2.25

phone and its principal telephone
subsidiaries outstanding at June

Junior subordinated debentures^.

Subordinated

base

Subordinated

debentures

1.12

;

$6,645,886,000
$12,757,810,000

30, 1960 consisted of
Senior

:_J

borrowing base

$3.37

Senior, debt, three tin?e§ senior,,
borrowing base_i_—10.il
Total funds

ratio

available_____^

senior

of funded debt and
u

$13.48

debt

46th

Pa.,

address

Convention

sumer

Finance

Oct.

Mr.
of

Weir

the

2.5

before

National

1960.

Officers

the
are

Mercury
Earl

Building.

Lombard,

President; Jesse J. Dipboye, Vice-

President; and Robert

Wright,

Secretary.

ANTONIO,

min O. Nixon is

curities
439

business

the

„

and its

company

subsidiaries

telephone

nrincipal

for the six months ended June

30,

$3,898,262,000 and total
income before interest deductions
1960

were

was

$738,751,000

compared

with

$3,628,506,000 and $675,357,000 for
the like period of 1959. For the
1959 calendar year total operating
revenues
were
$7,392,997,000 and
total income

$1,370,410,000.

Three With Shaine
FLINT, Mich. —Robert J. Cam¬
eron, George D. Sharpe and Lynn
E.

associated
in
recently opened office in the

Webb

with
their

have

become

Shaine & Co., Inc.

Metropolitan Building.

B. O. Nixon
SAN

revenues

the
Con¬

Association, Philadelphia,

WASHINGTON, D. C.—Guardian
Investment
Corporation is con¬
ducting a securities business from
offices

capital stock and surplus.
j
■;
Consolidated
total'4 operating
,

times senior borrowing base, total
funds available would be $11.78.

sources.

us.

the

com¬

finance

consumer

are

presents

It would
funds

source

finance

few

very

ourselves,
of these

some

industry?

our

consumer

We need the banks and the banks
need

changes in sources

method

Guardian Inv. Corp.

industry cannot operate
without them. They are the source
that

the

funds,

Stressed

As to bank lines. The

dent. of

Marketed Here

rotation.

finance

funds

costs

our

and the amounts consumer finance

these
due. There¬

companies should sell commercial
bank

pay

I do not believe consumer finance

paper

Most

paper

commercial

Investments

have unused bank
these obligations.

For this reason,
no

Bureau.

for

dealers

Selling Certificates and

months.

commercial

Walker, Presi¬

Compen¬

type of issue being sold.

180 days,

nine

Louis

bank { lines,
selling senior

add

these

nounced

addition

paid.

obtaining funds. They vary, de¬
pending on the size and record
company, and the size and

Commercial paper is issued for 30

days, 60 days,. 90 days,

been

...

issue.

debenture

depositors have found it to their
advantage to buy short term gov¬

with

placing
commercial
paper.
Conversion
rights when required to sell a
paid

Na¬

Bureau,
Inc.,
headquarters in Chicago, has

and subordinated debentures, com¬

paying interest on de¬
deposits, therefore as in¬
terest rates have increased, large

and

rate

balances

mission

Fisher

the

Quotation

after

year

costs

are

has been with

commission paid for

mand

ernments

increased

interest

sating

from

law

tional

...; U.: "

Much

How
v

have

costs
year.

slightly higher interest rate than
short term debt. However, there
is no compensating balance, as is

Vice-President

interest

when

period

long

the

election of Charles F.

hope that the
of interest rates
trend and the end. of

new

the

Nat'l Quot. Bureau
The

lowering

carries

debt.

term

long

Fisher V.-P. of

the

express

recent

finance

consumer

senior debt should

company's

just

Thursday, October 27, 1960

need

of the

As to long

higher

same

of a consumer finance
company's borrowed funds.
There are two types of senior

that

interest.

any

est

subject to
intercorporate dividend taxes in¬
stead of the higher income tax on

carry

the

for

debentures

nated

preferred stock

is sinking fund preferred. They
provide for a sinking fupd which

some

Companies

in¬

dividual investors.

Another form of
your

Which

From

Obtain Funds

May

as,

reasons.

have

Consumer Finance Companies

base.

Thus,

such

come.

ferred stocks

obtain senior debt 21/£

can

to 3 times your

can

banks and life in¬
companies are still good
of funds for our industry

course,

surance

ferred.

obtain preferred stock

can

gaps.

endowment

fi¬

the part of the man¬

the

trust funds; foundations;
funds; union funds.

funds;

that has ever

unless there was

company,

nance

fill

pension funds; mutual

are:

can

of funds

sources

new

developed to

These

than

;

However,
have

pre¬

rather

dividends,

corporate

invest

can

sources

that

vidual. To do this will
use

thus

debt,

subordinated

decreasing

conversion
be sold to the
junior subordi¬

carry

Senior debt makes up the larg¬

interest

increase

The

They

rights.

tremendous."

(2)

de¬

What I have said about

have

will

plant expansion and real estate
development
and
building
has
been

subordinated

comes

bentures.

same

Before

money,

basis:

ing down our business or paying
the going rate, so we pay it. I
won't attempt to predict where
interest rates are
going. I will

junior
subordinated
debentures
applies to subordinated
deben¬
tures.
They will carry
a
high
interest
and
in
today's market

banks. One new source of
funds singled out, in view of the growth of savings and loan asso¬
ciations and credit unions, would be the sale of certificates of
investment by the industry itself despite the problems this represents.

costs,

this

work, we have the choice of slow¬

sources

strongly advises finance companies not to sell commercial paper in
excess
of their unused bank lines and warns that the consumer
finance

interest
on

worried
because I

never

will

Mr. Weir

insurance companies.

the

have

up.

supply is limited
is great, the cost

and the demand
goes

purchase them
because
of the
higher interest rate and the con¬
version privilege provides an op¬
portunity for
appreciation
and
capital gains.
:

By Davis Weir,* President, State Loan and Finance Corporation,
Washington, D. C.

company

endow-,

and

Such

funds.

ment.

Finance

individual

obtained,,are

can

If" the

demand.

Sources and Cost of Money

Opens

Now Cacchione &

Texas—Benja¬

conducting
from

offices

se¬

of Nixon's Mutual Funds.

name

CacchU

& Co., Inc., 42 Broadway, New
York City, members of the Ameri¬
one

can

Wayside under the firm

Smith

The firm Akme of Mdfio R.

Stock

changed

Exchange,

Incorporated.

Cacchione
i

■

has been
& Smith

(1679)

and

industry. From whatever*

mo¬

fered

the

investment

com¬

tivation this desire may spring, it
is there—and its basic
pyisdom is
confirmed by the strong trend to¬

panies—particularly, of

course,

the

ward

have

equity ownership on the
part of educational and religious
endowments,
other
charitable
funds,
pension
and
retirement
funds, and even ordinary individ¬

By Dorsey 'Richardson,* President, The One William Street
Fund, Inc., and Former President of the National Association
of Investment Companies

ual trust
tered

One of the founders of the National
Association of Investment Com¬

business.

The Association, Mr. Richardson

conservative
and

adds, cooperates to the

Permit

fidence

emphasize

con¬

to each

destiny of the in¬

the

gether,

vestment company industry, as an
integral and essential factor in the

American
nancial
ture.
in

from

any

that

way

qualified

opinion,

formed

know

the

has

billion

and

open-

companies.

what-

happened

all

since

that time. The industry has mush¬
roomed.

because of my

cation

with

one

other
of

this

try

since

1929
or,

—

was

the

were

few

panies

ciple

that

These

that

they

themselves

Nevertheless, unless something
happens to disillusion the public

prin¬

with investment

sale

and

companies

the

spate

late

are

so-

This

survived
were

rugged

labor

passed

the

For

moment, let
that

1936

years,

one

introduced

time.

1940,

For

Graham

result, there
Congress
a

was

Bill

industry. In protracted hear¬

Bell

be just around the

—

should

Investment

composed

ter

activities

and

sell

who

is surprising to recall that
Act—undec which.. we have
lived and prosperecWwas. not-in
effect 20 years ago today. (It be¬
came effective Nov. 1, 1940.) Just
20 years ago groups from the in¬
dustry and from the SEC staff were

has

still

to'

implement

way no

dustry

was

formal

the

open

panies.

Act.

Companies. The in¬

represented by two in¬
hoc

committees

and

closed-end

These

somewhat

the

National Association

of Investment

supervision.
in

way

few

ership
It
that

essential.

Any

groups,

—

com¬

first

strange and unfamiliar

the

man

obtain

type

es¬

own¬

with millions.

man

said,

services

our

can

same

the

will

which

dollars

sentially the

have

truthfully,
not actually

are

individual, given

time, facilities and the inter¬
can run his own investments
and, given the resources, can ob¬

est,

tain

modicum of diversification.

Many

people

Others

find

successfully.

advice

that

from

banks and brokerage firms meets
their' needs.
What' We offer is a

convenient

service—open

member of the

any

public who wants

it,

on terms explicitly spelled out
in detail in our Prospectuses. Our

service

conducted
by people
experienced, honest and
diligent—but still human beings,

who

are

not

are

infallible, and should

claim to be.

Our companies

are

not operated by

gaze

into

Wisely

geniuses who
or have

crystal ball

investment,
services

has
of¬

if,
inquiry

into

we are

inevitably attracted at¬
which, to be frank, we

are

will

public.
our

the

insist¬

The

confidence

public

assurances

its

dollars

amount

marily

its

and

kind

hostile—will

even

public's

thrown

direction under these

our

which

various

are

any

confident

the

try.

■

•

interested in

integrity and our practices.
The question as to whether all our
operations are truly in the public

13,

Companies, New York

1960.

Forms Brandon Co.
(Special to The Financial Chronicle)

BEVERLY

HILLS, Calif.—Carl J.

Brandon is conducting a securities
business from offices at 9426 Santa

Monica Boulevard under the firm
of

name

was

Brandon and Company.
formerly with California

Investors.

our

interest

is
a
legitimate one, to
in all important respects,
we believe that we can sincerely
give an affirmative answer.
Our
industry's record for in¬
tegrity has been excellent.
It is

which,

constant

so.

If it should

strated
up

responsibility to keep

that

our

ever

practices

be demon¬

had

industry that

grown

were un¬

A. H. Gewirtz Opens
Allen H.
a

Gewirtz

engaging

securities business from

at 2630

American

Natural

Kingsbridge Terrace, New

R. L.

Hollingworth Opens

WEST

HEMPSTEAD, N. Y. —R.
Lee Hollingsworth is conducting
a

securities business from

at 514

Hempstead Avenue.

Gas

Company

(A NEW JERSEY CORPORATION)

CONSOLIDATED

GAS

MICHIGAN WISCONSIN PIPE LINE

COMPANY
COMPANY

•

MILWAUKEE

AMERICAN

within

its

GAS

LIGHT

COMPANY

LOUISIANA PIPE LINE COMPANY

that
ex¬

people

phase

indus¬

the

Association,
limited scope,
with the

strictly

always

co-operated

the

carrying

out

of the latter's

quasi-governmental
functions, and with private insti¬

siich4 as^ the New York
Stock Exchange, jn their construc¬
tive efforts to .enhance public con¬
fidence
*

in the

certainly* do^not feave to de¬
try

explain

why

render,
they are

wanted. The facts

are

self-evident.

There has

grown

public de¬

sire for ownership participation in
the

profits of

■

AN INTEGRATED NATURAL GAS TRANSMISSION AND DISTRIBUTION SYSTEM

WITH MORE THAN HALF A CENTURY OF SUCCESSFUL OPERATION—SERVING

securities business.

scribe the services that

American business1

offices

York City.

Nevertheless,'

Meeting of the National Associa¬

Oct.

our

distribution,

that

new

address by Mr. Richardson at the

of Investment

gov¬
States in

operate, and responsible

financial writers

always conscious

City,

Government, and the

ernments of the

meet

tion

con¬

ditions, is to be very naive, indeed.
So, it is not remarkable and
certainly it is not sinister that the
Federal

fiduciary char¬

Annual

the

and therefore we live in
a glass house. To imagine that no
glances—some of them skeptical

challenge as
successfully as we have already
met the most impersonal and real¬
istic challenge of all—that of the
market place in a free society.

money,

remain

can

with

importance
of
pre¬
public confidence in an

public,

vast

owners.

deal

unprejudiced

the fact that we are an insti¬
tution dedicated first to the serv¬
ice of our stockholders and the

accepted

score,

the

it
be

the

has come pri¬
people of relatively

means—it

that

acter.

that is desperately impor¬

money

tant

This

open,

persons

institution with

than 17 billion

us.

paramount

serving

money

from

modest

has

this

will

and
for constructive
purposes, with due regard to the

its money. We hold
ourselves out—if not as "experts"
—then
certainly as experienced
and honorable people who are en¬
to

take

fair, and that it will

qualified

manage

titled

conducted

even

should

entitled to expect that such

inquiry

"Glass House"

constantly,

business

our

place—no matter by what agency
it might be made—I believe that

—

most pre¬

ernmental agencies. Therefore,
in future, another official

urgently sought.

our

unwisely, the public,

years,, our

ently, asking the public to permit

and

the

that

tutions

heeded

tention

way

We have a long history of co¬
operation in good faith with gov¬

major financial institu¬

our

shares, this associa¬
authority simply does not

tion's

this

cooperatively and
rather frantically to complete the
Rules and Regulations that were

has

public—which is

clusively of investment companies
as such.
It is a purely voluntary
association
and
has
no
policing
powers
of any kind.
While, as
company officers and as individ¬
uals, all of us are, of course, in¬
tensely interested in the charac¬

of the investment company

working

tion

cious asset.

Companies,

extend, to. the

There

with

MICHIGAN

emphasize

association

cance

ex¬

structure, and in every

the

has

different industry from the infant
of 1940.
Our increasing signifi¬

corner.

of 1940.

...

measure

past

would

concern.

fully to justify the trust that
has been placed in us.
We must
do so, or lose the confidence of

has not only grown in
size, but in diversity. It is a very

diversification and continuous

who may not be fully
with the National Asso¬

the

has entrusted

Policing Powers

before a Senate Committee,
fought for our lives and finally
won the-right to continue to live.
Our« Certificate of.. Good Health
was the Investment
Company Act

r*r-?:/y'v

effort.

of protection afforded him by wide

some

ciation

SEC,

ings

ownership

our

our very suc¬
blind us to the fact

can

urgent

should always seek to strengthen

industry

can

elimination

present

our

familiar

four

the

worthwhile

that,

which

most

However,

itself

enjoy the distinction-

men

may

the

that, these

Alexander

recall the

which many of us believed would
have crippled or even destroyed
our

into

status

Live in

means

equity securities with the

decided

For

under Congressional mandate, had
conducted an investigation of our

business.

limited

equity

Retrospect

seeking

situation

venture

society—of
being truly pioneers in the estab¬
lishment
and
development of a
major and dynamic industry. If
they have not yet been accorded
the
recognition
that
has
been
given to Thomas A. Edison and

generation ago. Our really healthy
adult life began in that year.
In

individual

who

respected

their

our

firmly believe that our indus¬
deserves the important and

share¬

our

second sight.

rare

analogy—we

crisis in 1940—just

our

Unique Investment Vehicle

never

These

constitution.

public

remarkable

knew

demon¬

control

However, in one very important
respect, the investment company
is unique. It offers the only me¬
dium through which the ordinary

and imaginative people, who have
devoted their lives to what they

blessed with,

Not

a
;

greater

closer

much

—

try

long and hard work by many able

So, as industries go, ours was
infant, and, it is historically
that our industry, such as it
then was, promptly was afflicted
with almost every growing pain
and major disease of
infancy, in
1929 and during the Great Depres¬
we

to much

public accept¬
ance of our industry did not
just
happen. It has been the result of

That

question that

way

scrutiny.

the

trusts,"

our

coin

the

true

sion.

companies, there

size, much greater service to the
public, and on the other side of

1920's.

strated that

seems

re¬

were

thought of
constituting an in¬

"investment

the

savings

com¬

closed-end companies, which had
appeared on the financial scene
in

new

never

dustry. Nor did
called

assets

there

interesting phenomena, but I
sure

Our

novel

the

continuous

demption.

size.

year,

relatively

based

in¬

banks.

end

is not yet

than half the assets of the

Dark Ages.

financial

are
relatively
comparison with
the 113.6 billion held by the in¬
surance
companies, and are less

prefer,

you

the

enormous

insignificant

industry that,

young

ob¬

imper¬

are

not seek

interest

sole

unique

Ahead

this mushroom

ours

billion

17.5

terms,

Middle Ages

part

But

stitution

such

our

the

world.
Dorsey Richardson

impossible to realize that

are

statistics

important

the

1929.

Growth

growth are impressive, and have
already made our industry a very

year

almost
we

The

an¬

aspect
indus¬

fateful
of

Greater

identifi¬

policies

and

We do

perienced

acquaintance
and

investment

Our

that

not continue to do so.'

the

about equally

—

between

closed-end

staffs.

the record, must

erally regarded as fair by the peo¬
ple who pay them, or they, would

holders.
A

barely

in assets

divided

umably

p r es

time—had

dollars

this

express

and

The industry—as represented by
the Association's membership at

struc¬

SEC,

investment poli¬

our

way

services must be gen¬

our

achieved.

companies in which we invest.
We operate and should operate, in
the

costs of

cess

the

present Association.

fi¬

and prejudicial in any
to the interests of our share¬
holders or of the public, I am sure

proved satisfactory; and the

They

common.

diversification of risk, and
all utilize experienced invest¬

jectives

other, eventually came to¬
following
a
suggestion

the

base

results,

habit

cautious.

much

sonal.

fiduciary character.

all

ment

integrity

institution with

private

historic

and

have

cies

fullest extent possible with the NASD and the NYSE and will
always
do whatever it can to increase the
public's confidence in its
as

corporate

fiduciaries,

are

The

funds, whether adminis¬

trustees. These classes of investors

panies envisions much greater growth ahead for the
industry going
hand-in-hand with much closer public
scrutiny. He remindfully points
out that the NAIC is
purely a voluntary association without any
policing powers and, though intensely interested in the quality of the
salespeople, has no authority over the distribution phase of the

desirable

attractive^

mutual funds—are

MORE THAN A MILLION CUSTOMERS—CONTINUING ITS EXPANSION PROGRAM

offices
r

NEWS ABOUT
A "\TT\

JjrxiNlYU

rXlN U

X5 A

into

\T1a TrT?C!

Consolidations

New

•

Branches

New

•

IJXXlN XVlJlvO

otfices,

etc.

the

Long Island

New York,

Trust Com-

Garden City, N. Y. has been

Jr. and Adam Muller
the

two

banks

Presidents

Subject to the

approval of stockholders of both

Revised capitalizations

•

Lindenhurst,

banks
—

and^of the New York State

Banking, Department

and

the

"
general

•

new

orap-

proved by the Board of Directors
,of The Chase Manhattan Bank,
New

York, to be effective Jan

1,
announced by John J. Mc-

was

Cloy, who will retire
of

the

Board

ity

plan responsibil-

new

executive

for
the

George

Champion
Mr

Chairman of

President and

vested

and
Board

will

of Di-

Chairman

tne

jnf1Vf committee of the Board

ocnoS

'P1

h2 h,!f
tne Dank out eacn

thA

Director

the

Morgan,

Spencer
the

Guar-

Morgan

died

Oct.

of 68.

age

Morgan

partner in

the firm

Nicolais

Michael

Assistant

$114,000,000
totaling more than
over

„

Sept. 30, 1960, the Long
Trust
Company reported

of $11,480,167.28,
of
$91,333,746.81.

resources

deposits

and
The

PKamninn

win

.i„

ment approved by the Boards of

iu*

tne

investment

Stc
its

oiiunas

when the Mortgage Corporation of
New York

ioii.o ana

nauciary re-

Joseph

sponsiDUities.

Rockefeller

Mr.

will

give

par-

vicular attention to forward plan-

,?♦

Marshall,
presExecutive
Vice-President,

ently

will become Vice-Chairman of the

Board of Directors.
It

Will

planned

continue

board

the

Jeremiah
been

member

National

the

Bank

Director of the

Trust

and

of Fairfield

Com-

County, Green-

Branch

Collins

will

and

Marshall,

Senior

succeed

who

was

r.amed Vice-President.
*

New

City Bank

opened

Frankfurt, Ger-

many, offering complete commerclal banking facilities.
The bank

has operated a Representative Office in Frankfurt since 1953. v
branch

Appointment

berger,

visory

board

office

Koh-

the

Rockefeller

announced

was

Horace C. Flanigan, Chairman of
*

Arthur

has

New

Oct.

nounced

York

York,

New

Trust

Com-

was

Harold

an-

Helm, Chairman.

McGinness,

Street

who
the

Madison

and

has

been

bank's

Avenue

46th

of-

fice, succeeds the late Walter M.
Hawkins
as
Vice-President
in
charge cf the bank's offices on
Manhattan's West Side, with headquarters at 54th Street and Broadway.

Chemical Bank New York Trust

the

Company, New York has elected
Douglas M. Black, Chairman of its

branch, as part of First NaCity's
world-wide
over-

59th Street Advisory Board, it was
announced Oct. 26. 1960 by Chairman Harold H. Helm.

Mainzer

40-42
which
is
adjacent to
former Representative Office.

This

tional

branch

equipped

system,
serve

will

German

com-

panies engaged in foreign trade
well

ness

interests

American and other busiin

Harold

sentative

Germany.

Swenson

Oct

Chairman,
pany,

New

William

Bankers
York,

Moore

Trust

made

Com-

the

foi-

lowing announcements*

who

was

Jean

Robert,

Lee

Stack,

k!'^Ke^and

❖

with

Trust

win

the

Company,

Research

Division and in

Sibert

.Tr

wprp

<ipprph

the

thA

bank, announced.

Trust

Xhe

York.
,

Bank

Syracuse

its

increased

common

capital stock from $1,870,000 to
$2,057,000. (Number of shares outpar value $10.)
B

chants

National

The

its

creased

Bank

Mer-

Burlinir-

has in-

capital stock

common

Plumb

and

Joseph

J- Utzig have also been appointed

Assistant Cashiers in the Operating Department of Mellon Na-

tional Bank and Trust Co., Pittsburgh Pa.
7 ; .
.
,

Co., Philadelphia, Pa., will celebrate its
71st anniversary year, beginning
Industrial

The

diviflpnri

Trust Co., Pittsburgh, Pa., Frank

Richard

National

Syracuse

has

New

Merchants

T?uSf
jy.

Co.
*

By a stock dividend, The National

Trust

Saturday,
Oct. 29, announced
Samuel Wemrott, President.

and the Exchange National Bank

Trust

in Marietta, Marietta, Pa., which
will take the title of the First Na¬
tional Bank of Marietta. The ef-

Company of Bostoil) Boston> Mass>>

fective date is to be determined.

by jts Directors, it was announced
Oct. 21.
*
*
*
Tlle Weehawken Trust. Co., Union

By the sale of new stock, the
Russell National Bank of Lewistown,.. Lewistown,
Pa., has in-

-jyrr

mun

LiL 'tL

bpen

the

state

ba<;

r»rnwn

vWPr^idPnf

Street

Rank

and

creased its common capital stock
from

Commercial

Trust

Company

value

Maull,

President

126>000 Marine Midland

common

J.,

has

increased

GleiJ> Waverly and Windsor. Mr. value $25.)
Rurland will become a Director
*

its

common

an(* Mr. Brainard will become

^7?™^ WUh ^ DUrla"d

Jack Wolgin has been

elected

*
National
D.

plans

of Washing-

Bank
to

holders will receive

June

National

Washington^ d!

Pr^vfd

Board

'and

acquire

the

shares in

Bank

had

as¬

Th
T

xjingnsmton,

Nafional'

Tthapa

rx6Si

Rank

d.
<rf

ha_

Ca oi ltihaca Jhas <deposits ot

$27 000 000

Gi6Ction

*
*
David H. Sullivan has been
,

appointed Vice-President in the Na-

^0nal Department of Mellon NaHonal Bank and Trust Company,

career

the

♦

the

aooroval

™

Board

are the a^s
Directors of

newly Bank of Fredonia, N. Y.

The Erie County Trust Co. had
deposits of

National Bank He worked

fn^va^
bank and

than $12,500,000

May

joined

the

Fi-'

named

*^.14 formal

intpr^ct

rent

tVio

company

"Ronir

tbp

n^-

and its affiliates.

Maj.
Gen.
George
Olmsted,
is to be elected to the Board of
Directors of the Bank.

Assets of the Arlington Trust
Co. were $43,423,587 and deposits
$40,207,486 as of the last report
of June 15

1960.

The Arlington Bank is headed
by Fred A. Gosnell, Sr., Chair-

the

and Mrs.

Assistant

Vice-Chairman.

was

Cashier in 1948. In 1950 the Farm-

Botto' as Assistant Vice-President Co. of East Aurora and National
in

wR^the FaS

1931

and the stockholders of Deposit

Trust Company, Phila-

et'c^n ^Erel L^srpi, to thG
tt
oi
rrGd
So^h^Nlw Yor^ TrUSt C°' Board °f Directors °f thd ba"k.
wurts,

receivable

and

au-

accounts

National Bank has 11 branches
Anacostia has seven. As of

tional and state supervising

division.

Senior Vice-President of Marine Director of the Industrial Trust sets of about $275,000,000 and
Midland Trust Co. of Southern Co.,.Philadelphia, Pa., it was an- Anacostia ,Bank had assets of
while the present First nounced by Samuel Weinrott, about $29,000,000.
National Board of Directors will President.
^
•
*
*
*
an active Advisory Board for
The
Arlington
Trust
Comnanv

Bank's

T.t.

Y^le Llberty Tru^t Gom Cumberland, Md., and The First State
Hank,
Grantsville,
Md„ have
m_erged under the title of The
Liberty Trust Company,

capital stock from $600,000
to the merged bank for each share
$700,000, by a stock dividend, ef- presently held.
National shares
fective Oct. 7. (Number of shares have a par value of $10 and Anaoutstanding, 28,000 shares, par costia a par value of $100.
B is contemplated that First value $25.)
The merged bank would have
National Bank will merge with
*
*
*
total assets of more than $300,000,Marine Midland Trust Company The' Peoples National Bank and 000.
of Southern New York and op- Trust Company of Norristown,
The merged bank would retain
eraJe as a part of the enlarged Norristown, Pa., has increased its employees and officers of Anaregional bank which would serve common capital stock from $999,- costia and two Directors of Ana12 communities with 19 banking 175 to $1,221,200, by the sale of costia would be seated on the
offices: Binghamton,
Cayuga new stock, and from $1,221,200, to Board of National Bank. These
Heights, Cortland, Elmira, Elmira $1,245,600 by a stock dividend, ef- plans are subject to the approval
Heights, Endicott, Horseheads, fective Oct. 3. (Number of shares of the shareholders and theCnmpHhaca, Johnson City, Watkins outstanding, 49,824 shares, par troller of the Currency,

Pittsburgh, Pa., Frank R Denton,
cnr-man annoua7ed-

the

par

shares and the basis of exchange
is 31/2 shares of Marine Midland
tor each First National Bank
share.

na-

effec-

Marine Midland Corp., disclosed The First National Bank and Trust Anacostia National Bank, Washthat the exchange offer involves Company of Kearny, Kearny, ington, D. C. Anacostia share-

charge

shares,

20,000

ton,

$500,000,

$25.)

The

$10.)

(Number

—

Ed-

$400,000

Oct.

tive

outstanding

10.

...

Baldwin

city, N. J., has been absorbed by

tbe

By the sale of new stock, The
Marine National Bank of Wild-

Hlmbur °f shareS ?utstfg5!^S—

Bank of Derby Line, Derby Line, 2,000 shares par value $100.)
Vermont, has Increased its com* • *
*
mon capital stock from $100,000 The Office of the Comptroller of
to
$200,000,
effective
Oct.
10. the Currency has approved the
(Number of shares outstanding— consolidation of The First Nation4,000 shares, par value $50.)
al Bank of Marietta, Marietta, Pa.,

Bivisjpn; established

Advertising De-

dent in the National Department
of
Mellon
National Bank and
R. Denton, Vice-Chairman of the

7
PJ°Posa^1 v/hich will be wo0d, Wildwood, N. J., has insubmitted to the bank, stock- crease(^ rs common capital stock
holders for their acceptance, is from $330,000 to $430,000, effecsubject to the approval of state ^ye Qcb ^4 (Number of shares
ana Federal regulatory banking outstanding
43,000
shares, par

Vk^" P* FrTa?kl!ln ™io™} Ba»k of Liberty Bank of Buffalo N. Y. It

anHaTlmepnt;vWTlter- Gt E5hl+r
James V. Tomai, Jr., Mort-

the National Department.
*
*
*
Harry V. Sturges, Jr. has been
appointed Assistant Vice - Presi-

Bank

„

and

he was named Assistant Cashier
and assigned to the Bank's Principal Office. In 1957 he was appointed Assistant Vice-President

He was elected this year to the
position of Trustee of the Savings

of New Jersey, Jersey City, N. J.,

BraatzlTax N°1 taT^ppotated WilSH'SiSi taSS"

Cornorafimf rnmmnn^tnrk1 ^

with the Re- ers Trust Company, New York, thorities
V1S1°n'
°Ct*19 at the ^ °f 48'
both

iog were elected Assistant
Presidents: Albert M

and

1938

Advi£ory Committee oiI the Bank-

rniti^Tvr c75?i

president since
trustee since 1923.

Subject

banrtWsnvegar

cam!

age

been

Mr. Philip Isles, a member of the

and

Planning
January, 1961, will

Norris

effectiVe Oct.

plprfprf

]

New

meWeml0ilthnat

jofned

Y„
Winfield, died
of 74.
He has

Kingston,

Oct. 11 at the

charles A- Winding, Elmira, is Bank

Trust Officers.'
York,
announces
the
promotion
William B. Austin, Jr., Edward
cf Benjamin D. Sisson and
George ALesser,
Gustav
Kreischer,
B. Wemple to Vice-President.
Charles Leeds, Ernest Kingdon
Mr. Sisson, formerly an Assist- a"d
Lawrence
H.
Mills
were
ant Vice-President, is associated named to the bank's official staff.
Irving

to recommend to the bank s stock-

'office^ls" Manager^of appo^ntecTVice-President"61"

branch.'

new

the Board and Paul W. Brainard,
President, .of First National Bank
J Trust Co. of Ithaca, Ithaca,
JJ;
jointly have announced that
;he banks Directors^ have y°ted

been

the

position of regional Vice-President by ChemiBank

C^a£man of

authorities.

McGinness

promoted

Durland,

ad-

Manufacturers

Company's

Trust
Center

Robert

Strasse

Neue

will

Holt

Kingston

with the Marine Midlands system
and that its shareholders exchange

member

the

lo-

new

caied

the

to the bank

Vice-President

York

branch Oct. 17, in

Mr.

office.

came

Mr.

National

York,

sess

1954.

assigned to
Credit Department.

bank's

cal

The

Circle

She

1924.

pany,

New

assigned to the bank's

Miss Boniface

tan Bank, N. Y. He is now

Vice-President

First

Columbus

department of the Chase Manhat-

The

Manager

dent and head of the metropolitan

Lawrence

appointed Assistant

was

Roeder, Jr., has been
Executive Vice-Presi-

appointed

Mr. Collins joined the bank in
1953

the Board of the Bank.

wich, Conn.

George

mortgage department.

Milbank, Jr., has also

Milbank, is

pany

the

directors.

Mr.

McCloy

bank.

elected

board

serve

Lewis

;

that Mr.

Finnigan, Chairman has
been elected President of the First
National
Bank
in
Yonkers,
Yonkers, N. Y.
'
*
*
*
T

merged with Manufac-

turers Trust

««

abroad and to domestic expansion.
Lawrence

Company in 1941. He
was appointed an Assistant Secretary in 1955. Mr. Nicolais is assigned to the bank's real estate
and

]VXr.

Bank,

President, John A. Collins as As- Directors of both Banks provide from $150,000 to $200,000, and by
*
*
*
Secretary and Miss Hasel for the. issuance of 21 shares of the sale of new stock, from $200,- The National Bank of Fredericksgoniface as an Assistant Manager Long Island Trust Company stock q00 to $300,000, effective Oct. 13. burg, Fredericksburg, Va., has inof Manufacturers Trust Company, for each share
of stock of The ^(Number of shares outstanding— creased its common capital stock
New York> was announced by Lindenhurst Bank. :
/
7,500 shares, par value $40.
from $100,000 to $200,000, by a
Horace c.: Flanigan; Chairman of
'Ainslie M. Wardle, Executive
*
*
*
stock dividend, effective Oct. 11.

il,?' ?„tli g^fr=tinn^i bank to 34'
^7,^ if™*^

Savings

the

sistant

"un?b?r °f women °ffl<*rs of the dent ol Lon?, Mand Trus* Coma?d TJL!?* ManaSer of the
Mr- Nicolais came to the bank Lindenhurst Office.

r.artir

President

•

in the Banking Department, now

..**#,

The

The terms of the merger agree- ton, Burlington, Vermont,

Vice-

rerta?nareasSof' this totafrespon- !be B°ard.' Theu aPP°?ntaent of Vice-President of The Lindenhurst
Snailltv
this total resp
Mj
Bo face brlngs the. total Bank, will be named Vice-PresiMr

$153,513,401.

were

Lindenhurst Bank's statement of standing 205,700,
condition as of that date showed
*
*
resources

appointment

$11,480,167.68,
and
deposits of $10,485,927.64.
/ j-

Director.

The

incorporated in 1940,

was

he became

When

1919.

resources

Island

System, the merger will
banking institution with

and deposits
$100,000,000. 7-

at 7

Morgan joined the firm of
& Co. in 1915.
He

became

Board of Governors of the Federal

Reserve

result in

total

anty Trust Co., New York, Junius

David

Champion

the

administration

will

bank

Rockefeller.
be

the

partment; and Walter J. Watson,
46th Street Branch Office.

Under the

Chairman

Directors

end.

years
•

___

management
has
been

plan

ganization

Thursday, October 27, 1960

on June
30,- National Bank of
Fredonia ..deposits of about $7,525,000, and and Liberty's deposits

announced by Frederick Hainfeld, A.
of

The Commercial and Financial Chronicle

plan to merge The Lindenhurst

Bank

pany,

T) A *\T1Z" O

(1680)

JohA E.' Fowler,
*

beCame the Farme" Shareholders of The 01'io CiH"
fono
Bank* In ZCnS TFUSt C°" Toled°' ° ,10' W1n

Sullivan was be asked at a special meeting on
named Assistant Manager of that Nov. 16 to authorized an increase
office," and

the

following month

in the bank's capital account from

Volume 192

Number 5998

The

Commercial and Financial Chronicle

(1681)

117,000 to 125,000
outstanding $20
par value

The

shares.

zation

and

approval

the

declaring

dend—one

for

State

stock

each

14%

divi-

presently held—an approximate
7% overall increase. The

Shareholders
will

record

entitled

special

Nov.

vote

The

First

Na-

the

Comptroller

the

company

ity."

SECURITIES

The

paid

BY OWEN ELY

thus
to

far,

Foreign Utilities in the Americas
Most foreign utilities whose stocks

the

used

amount

preferred

bonds) but it

util¬

the

its

stock

(it
likely

appears

that dividends will be initiated at

tbe Currency.

"growth

having

reduce

outstanding
has

holding

company
has
dividends on its common

stock

cash

Shareholders of the Bank and
to the issuance of a Certificate of
Approval

ings for 1960 will show a further
gain, maintaining the record of

PUBLIC UTILITY

be accomplished by a charge to
Undivided Profits and to be payabte t° Shareholders of record on
Dec- 30, all subject to approval by

capital
account would then rise
from $2 340,000 to $2,500,000.
'

Bank

Chicago, Chicago,
at their meeting on Oct. 14,
declared a 20% stock dividend to

Department of
Banking, directors
propose

Directors

tional

Subject to shareholder authori-

some

interipi information and the

an-

point.

with

th^

fnvnraM*

meeting.
inter-

likely that
It

would

surplus within

the

tag^the'account
for

foS

om nnn

$90,000

bringing

increase

months. In

S750°(KK)—from
d?
$3,910,000. Plans

$3 IfiO 000
$3,lb0,000 tn
to

call

second

now

to,

surplus

added,

$4,000,000.

to the shareholders on the date and
Comptroller. of the Currency

S!M*niganu^atertl&.P?™eur> what with the

^msfeaftow S-eafn*

"cap^l

Janio

vears

The Directors also authorized
the transfer of $5,000,000 from

slmilar

^^'"lo^L Te^recenf rfec"

"rapid growth" multiples

000 000 to $150 000 000
uuu>uwu lu ^aou,uuu,ouu.

fearful

implication that

at?o

thn

nthnr

two

hanH

that

Internationalufil'

Calgary Power

ftfe^

Quadros,
inflation

brought

raised

control
Pau?o he

Sao

had

upsets

coSntde
AdmfniSation 1 in "thlt

hopes

rpaiiv

under

ernorof

MWsrf 40

has

wnniri

'mical

nhl*

nroVp<!

potahiich

proves able to establish

other

country
~

sta-

ble P°litical conditions, the price
the stock might be expected to

Gov

taken

this development

*6,500,000 high for Ohio Citizens.
A

the

for

toS Ocf ifol andnksu7p!usaVof
MV-ilThe

Society National Bank, Cleve¬

land,

than

Society

Nims,

service

years

will

veteran

with
ith

this

manage

new

Directors

the

Boonville

Bank.
Boonville.
Ind..
Bank,
Boonville,
Ind.,
Newburgh State Bank,
Newburgh, Ind., to merge under

the

title

the

Warrick

National

Boonville, has been apprOV6d by the Comptroller Of the

Currency.

date

effect

has

determined.
'

Bloomingto.il,

Bloomington, Ind.,

with

common

$400,000, and The Citizens

Bank and Trust Co., of
Bloomingstock

tive

com¬

dated bank has

Citizens

taken

First

the

title

National

Bank

Bloomington, and has capital
stock of $800,000 divided into
160,000 shares of common stock of the

value of $5 each.

par

REPORT OP

Bank
i

Trust

_i-._a._j

hac

the

Illinois

Co.,

Chicago,

Haake

has

and

been

nominally

nnnti-niimi

to*.*,
controlled K,r International
bv

Co. of

National

Bank

active

provisions

❖
„

New

York,

the

New

York,

Banking

Law

the

ap-

new

stock,

the

Bank,

Ur-

has

increased

stock

its

with

from

cipai

4,000 shares,

0£

with

Bra-

trust

Brazil

revenues

district
and

The

popula-

has

and

the

banking centers
holding company

mc0rporated
and

telephone

its

Canada

compa¬

$2,199,000.68

Government

direct

Corporate

■

60,000.00
400.858.60

827,833.22

ASSETS

$4,299,929.90

LIABILITIES

THE

Deputy
•

baid

NATIONAL

BANK,

ASHLAND, KY.
Oct. 3,

Total

resources.

Deposits
Cash

_________

and

due

liabilities—^

8,934,031

8,210,005

holdings

8,242,485

8 638 430

discounts

12,518,009

12,851,917

429,789

421,638

Undivided

profits

2,453,084.86

oforv

wifh

1918-21

TOTAL LIABILITIES.
CAPITAL

$2,722,497.12

ACCOUNTS

fund

Surplus

Undivided

profits

TOTAL

—

' CAPITAL

$1,577,432.78

Iowa

creased

from

National

its

City,

Bank,

Iowa,

Iowa

has

in-

capital stock

common

$400,000 to $500,000, by the

CAPITAL

$4,299,929.90

ACCOUNTS—

tThis bank's capital consists of
stock

with

total par value

•

common

of $500,000.00

are

after

best

the

above

President,

PAGE,

statement

knowledge

of. the

hereby

institution,

and

certify

true

Smith
bimtn

^Directors

THORNE

-WM.

Ril

WATSON J

' "

ba allowed to benefit by

the

Comptroller

the

Statesville,

stock

Inc.,

Carolina,
of

Farmers

Statesville,

with

$300,000
National

common

into 7 Norih
Charl-

Bank,

otte, N. C., with

common

$9,344,500.

merger

The

stock of
was

fected under the title of the
National

Bank

Bank,

ef-

fu-

too

controlling interest, and by
most of the Public holders. Unfortunately, the new directorate
installed by the Government of

re-

company

Mexico

soon

passed

the dividend

loans incurred in connection with
the company's Quotron program,
Quotron, in current production in
limited quantities, is a device
which enables a stock broker to
obtain from his Quotron desk unit
printed tape showing the last

(formerly $1 cash and 5% in stock

the

from the
sale of the additional shares will

sale of

per annum) and holders who were

the

1939-40

be used to repay loans of $185,000
Mexican Light & Power has had The balance of the proceeds will
a peculiar market record this year. be added to
the^ general funds of
It formerly sold around 15, but the. the company and wBl be available
Mexican Government (through an f°r working capital and general
intermediary)
offered
$20
per corporate purposes, including posshare for the common stock. This sible temporary reduction of bank

don

and

in cash

was

shares, traded on the
Exchange and in Lon-

elsewhere.

stock sold

high

1929

the

36% but the

best it has been able to do in later
*15
years

iO
13 111
in

was
was

JLtFJA-a^
1951-52

10%

ana
and

1U72

1957.

ing
llie

Recently it has been sellthe American LAtnangc
tuc
mncucctu
Exchange
4%, the range this year

uu
on

around

being

5%-3%.

The

interesting Latin-American
is Canadian International

Power, with headquarters in Montreal.

This

holding company was
controlled
by
President
I.
W.
Kilam during 1926-53, but in 1953
nearly Hau the stock was purhalf LIIC oiu.A wao [Jui ncaixy
chased from the Kilam estate by
«
a

the

security

ticker

tape

appeared

the

stock

has

been

con-

inflation

Brazil

and

the

com-

pany's inability to obtain rate increases
adequate
to
offset
in-

Thus, the return

property,

computed

Standard

from 10%

in 1949 (when the com-

Poor's,

pany earned

$2.26

has

declined

share) to 2%

last year (when 58c was reported),

Any

one' interested

should

the

stock

ly recapitalized.

after depreciation from $6.3
lion to $9.2 million.
The

into

the

method

earnings

Canadian

are

by which
translated

dollars.

stock of the par-value of $5 each. >
Unforfunately,
The effective^ date is Octr 7;
^ tion
officials do

not

issue

much

stock

has

been

selling

P (Jl IIlfc/Li
D„TT

were

$3.49

Illld.

X
T>q

Tnc^nh

HHILA]DEL.PHI.A, Pa..

1c-nr,

Joseph L.
i

wfmJf

fu«

engage in the securities business.
Off jeers are Joseph L O Brien,

yice^P^es'ic^^LP^dwS^r!jn

M"-

and
Catherine

gecretary

Qujre

O'Brien

miss

and

formeriy

O'Brien & Co

M^-

Schwab

were

with

Carr

associated

of joseph l

Assistant

Schwab

and the former firm

O'Brien Co.

Huntington Securities

re-

Broadway,
New York City to
engage in a securities business. Of-

been

the Montreal Exchange
12, as compared with

earnings

TDVnlo

111

A r»T?T DTTT A

\J\J•

Huntington Securities Co., Inc. has

around

O'RyiPTI 1^(1

mil-

highs of 27 in 1958 and 24 in 1959.
Share

Brazilian. Trac-

S
British

tricity in 1959 being over three
times as much as in 1949. Gross
earnings in the past five years
have increased from $13.5 million
to $22.8 million and net earnings

cently

cruzeifo

major interests

Bolivia,
Guiana, Mexico and El Salvador.
It
has
enjoyed
a
remarkable
growth record, kwh sales of elec-

carefully study the annual

with/understand

T^q

ei UD. U* \J J-Jl lv7II

investors, including United Corp.,
" and the company was subsequent-

comoannv

exchange in that security.

group uinuivi^an auu Canadian
of American and

Northvfeport to stockholders in order to

capital stock of $9,719,500, divided
into 1,943,900 shares of Common

any

ceived

and

company

million

net

Merchants

will

accepted by SOFINA, the Belinvestment company whrnh

common

excention

manufacture, and sale and lease,
proprietary electronic devices

creased costs.

Carolina
.

CREWS"!

O.
«

the

belief.

Correct—Attest:
RALPH

Carolina

re¬

1,042.02

above
of

certificate has been is-

merger

sued

above-named
that

shown

deduction

North
$109,588.05

purposes

serves

&
6c

unlucky enough to- retain their exchange to which it is connected,
stock have now seen it drop pre- or if desired, a printed summary
cipitously to around eight,
. of the
days transactions on the

the

Assets pledged or assigned to
secure
liabilities
and
for

Securities

renner

paid
in 1955, but extra dividends of 5%
in stock were paid in the years
1954-57, inclusive. There are over

Currency approving the merger of

MEMORANDA

other

Feintr
r en

Pierce

jrierce,
-fierce,

*<"• ^king of inflation.

1"hW77' effec«ye 7°^' servatively managed by its Ca- The company's
12ko^o7sh7reiSp7eva<luteS m )*' fered severely from the continued has properties in
?Sdl?n
—zu,uuu snares, par value $zo.;
Mu"' h7- SUfj 7" in VeaeZU7a
*

TOTAL LIABILITIES AND

the

1933-351

Only'3c

Traction

gian

752,432.78

AC¬

COUNTS

First

City,

$500,000.00
325,000.00

The

had

not

thp

Brazilian

was

long-term

has

1912

now

Dividends have been

years

Capital t

since

American

Government

Loans

$269,412.26

from

banks

security

deposits
of
indipartnerships, and

'60 Jun. 15, '60
$32,932,108 $33,049,582
29,680,245
30,020,438

ganda to appeal to the leftist ele-

office

basis

record

SECOND

•'•'./a;-.

corporations
Other

bad
i

211,998.17

fixtures

assets

viduals,

and

:i ^

;

The-comnanv

Detroit; .historical

1959-60.

stocks____—
and

improvements

Demand

Comptroller.

600,239.23

Furniture

Bank- of

Vice-President

and

Leasehold

TOTAL

National

Michigan, has announced the appointment of J. Franklin Mellema
as

guaranteed

Other

Lyn^h

pYucn,
^yncn>

Jackson

Twlm

DJ1T7V

had

main

;

•.

other

process of collection

obligations,

staggerstagger-

whether

hig

25 million in the prin-

over

Toronto.

the

gas,
service to

commercial

$300,000

value, $100.)

par

svs[em

coffee

effective Oct. 7. -was
of shares outstanding—' 1912

The

nies, including reserve bal¬
ances,
and cash items in
States

a
a

webber

that he is elected he will give the for specialized and industiial
country an honest administration, commercial applications.
However, it remains to be seen
Part of the net proceeds

to—

Foreign

electricity,

tion of

com-

most

hu<?ines<?

traction

and

capital

uion

supply

National

V/l Sto Bte

ab°"t

which

utilitv

old.line

„

sale
First

tourist

American

handles

zilian

also

was

effect

Traction,

with

Power

Rauen

York

United

has
has

and

now
now

ment, and it is claimed that

Brazilian

ggtfier

„

ASSETS

banks

Brazil
Brazil

paine

over-the-counter

business.

F. Stern, Chairman of the
Board, announced.

d77e4n7n7Dl7.Lente

stimulating

Trust

rence

DubPshpri^hi^p^ord^npp0wi?h^
by the superintendent of^Banks pur^jant
to
balances

result.
result.

f.?foreign debt of about $1.7 bil- T*
there dLTnTappeal ing eTI

Chicago, Chicago, 111., Law¬

bana, 111.,

Cash,

ministration. Huge amounts were
®aea
als0 wasted in a vain effort to. ? ^ a"a
support the price of coffee As a

market in New York at this time.
On the other hand, Puerto Rico
i
•
c
Telephone, with a rate increase,
the benefit of a new telephone
cabIe to the U. S., and increased
tourist business because of Cuban
difficulties, has done very well
this year and the stock made a

Directors,

American

Arnold

CONDITION

Broadway,

quoted

Busey

State

Alfred

elected

trust

the

A^StS

(Los.

hon, of which nearly half is owed Pllcea at
Per share.
to V/ S. agencies, and there is
Of the shares offered, 175,000
department Vice-President
talk of a debt moratorium to al- shares are being sold by the com^
v
^
lrktxr Hid nnnn+i»Tr +A rfhf
i+c fnCkf
53TYrl
7R nnn
cVihrnlc
„
„
„
low the country to get on its feet, pany and 75,000 shares represent
On
Off
94.
thp
Hal.™
rrrilcT
But while Quadros has predict- a secondary offering of outstand¬
Rji
S
j
ed "excellent relations" with the mg shares by two stockholders.
thpThLT^
ru?
U. S„ he has visited Castro and In addition the underwriters hold
caL 111 ouened 7s a mereeri in
spoken admiringly of him. He has a" option from one of the selling
stitution' Thi<? mal-ps HarH<? the
also advocated curbing the remit- stockholders to purchase up to an
tSrd^ largest Bank in Chicago and new hi^h- Anotber utility with a tance of profits by foreign com- adaitional 25,000 shares to coyer
makeq
its
resources
total
more
good growth Tecord "fs* Jamaica panies and has suggested that for- over-allotments made in the
than «qnn nnn onn
total more ^b,ic Service Ltd., whose reve- eign-owned utilities should be course of the offering.
:,hjues have about doubled in the taken over by the government.
The business of Scantlin Elec*
.v
past four years; the construction These latter statements are said tronics, incorporated in
1957, conGeorge V. Myers was elected Oct. of new hotels
has doubtless had to
have
been
campaign propa- sists of design, development and
12
to
the
Board
of
Vice-Presidents

ment

the

l
is 65%

Qnri

was

111.

Phiiin

stock

a* about Vz-lVz. Cuban Telephone,
-jout
Usted on the Havana Exchange,

National
„„„„„„

57eph HFifze^o'perat^d'epa^-

the:

120

com-

stock of Scantlin Electronics

Inc.;

^ger^Xely'UXfasfjune

offering of 250 000 shares of

$200,000 was effec¬
of Sept. 30.
The consoli¬

the

ton, Bloomington, Ind., with
mon

controUed by American & For-

ing

'■

The consolidation of the First National
Bank
of
stock of

Continental

National

been

its other varied interests in Latin Report) On the other
America have been more encour- dent Kubitschek s main objective
aging. Cuban Electric, about 88% bas been to construct the new

the

to-vote at theannual mee^
ing and to participate m the stoch
stock
pamoate in
The

the

IL S. News

•

application

Bank

fixed

Dec.

30, as the
record date for shareholders en-

and

have
on

dividend.

branch.

The

rScenTUportt^gTrding «'to

close of business

Ohio.

William

Scantlill CommOll
and^oHd, "but ID Qffefed
hand Presi- ULULtV Jg W11CICU

modern

opened

last

formed

ficers

are

den+.

with

Stanley

217

Benjamin Stein, PresiM.
,

year,

$3.14

President;

1957.

tary-Treasurer.

in 1958 and $2.98 in
is
expected that earn-

offices

and

^
Ida

Vice-

Lubow

Stein,

Secre¬

(1682)

The Commercial and Financial Chronicle

be the candidate of the
concerned,
of the hopeful, and of those who

We Perpetuate Capitalism

look

Only by Making It Work
Continued from page 14
cal

fiscal

policy.

conservative
But

one.

have a flexible,
balanced, and, above all, coordi¬
nated
I

make clear, ad¬
vocate any changes in the consti¬
tution
of
the
Federal
Reserve

System.
the

*ff

important to keep
operations

Reserve

political

day-to-day

Federal

r.ti:

the

removed -from

pressures. The President's

responsibility — if he is to lead —
includes longer range coordination
and
direction of economic poli¬

cies,

subject

checks
lieve

and

the

Federal

—which

system

our

balances.

And

Reserve

during

the

be¬

Board

last

eight

has cooperated closely with
this Administration
would also
years

—

cooperate with future strong and
well considered Presidential lead*

ership
•:

which

the

expresses

re-

sponsible will of Congress and the
people.

Third,

believe

; Administration

that

must

the

work

sym¬

pathetically and closely with labor
and management to
develop wage

and
'•

price policies that are consistent with stability. We can no

longer

afford

the

large erratic
prices which jeop-

movements
•

ardize
:

both

bility

and

domestic

price

balance

our

sta-

pay-

ments abroad.
•

Nor is there

for

the

kind

intervention
steel

which

strike.

place
political

hoc

settled

compulsion of wage
controls,
the
President

United

the
4

;
-

States

price

suit of well-defined goals of

stability. For those
reason, moral
no

powers

must

there
to

modern

have by

—

make

proper

plant

Europe

certain

encourage-

modernization.

has

industrial

plant.

second-rate.

certain

cluding
will
of
a

encourage the

can

revision,

tax

accelerated

in¬

depreciation,
modernization

capital plant—and not be
disguise for tax avoidance

employment and

recover

the

that

see

best

with such

proceed

re¬

liberal policy
productive plant is

sound,

our

and

most

world.

position

world

and

saving dollars by discriminating
against American goods—has not
yet

•

employment
the

full

help

can

promise

realize

automation.

Taxes affect not only revenue but
also growth, and a new Adminis-

Senator

Kennedy

Business
York

Oct.

Transitubes Stk.

with

imagination

policy to
are

in many markets.

hard

moved.

We must work

get these

restrictions

re¬

We should explore market

credit

reports

methods of

encouraging exports.
should work with

Pursuant

the

And

creation

institutions

banks,

and

apartment

Oct.

Secretary of Labor and the
Secretary of Commerce to analyze
the problem as it is unique to that

such

hospitals,

„as

plants

and

private., ,residences. Approximately 45% of the
company's
business
is
derived

from its elevator division.

Since
acted

1946.

the

company
has
distributor for major

suppliers in the sale of specialized
construction

products.

Most

these

Free

company on a
resale to the construction

Trade

Area.

These

will

strengthen Europe; they need not
divide it. But it is a development
to which we must give the closest
study.

Is there

trend

toward

chance that the

these

trading

com¬

items

to the

case

the most part made to department

selves the great outsider? I would
like to be certain that this is not

contractors.

at
I

also

take

look

new

banks,

gasoline
of

the

rived

must

industry
directly, as the

Sales by the company of such
building specialty products are for

stores,

purchased by the
discount basis for

be.

munities is passing us by—that we
will awaken one day to find our¬

happening.

are

consumer

may

hospitals,

stations

and

hotels,
general

Approximately

company's business
from

the

sale

20%
is

de¬

these

must

that

sure

well

Los

and

efficiently used—and increas¬
ingly, we must make assistance to
the

underdeveloped

countries

tax

that these objectives

see

tention to

plant.
,

entire

Angeles Bond

must

the

pay

equal
man

the

requires

best

that

trained

and

best

educated labor force in the world.
in manpower is

just

important

facilities.

precious

Yet

investment

today

resources

waste

when

the

bright youngster, who should have
been

skilled

draftsman

scientist, must remain
shovel
had

the

worker

chance.

lic

It is time

increased

industry

—

schools,

never

geared

meet

modern

retraining

unemployed workers.

Finally,
we
must
remember
that, in the long run, the public
development of natural resources
too

•

able

strengthening our pub¬
our colleges, and our

vocational programs for
„

systems

demand

pick-and-

because

educational

our

vast

for

private capital—and

Federally encouraged research,
especially basic research
are
—

•

both

sources

lands,

coopera¬

tively financed.

at-

that

men

Investment

developed

Club to Hear

nomic progress.

tremendous
•

eco¬

hold

here

short-term

de¬

paper.

could

have

trial,

we cannot

have

America
World.

but
A

for

prime

the

entire

requisite

Free

the

ability to govern is the abilitv

modern governments to
keep their

well

it has

served

Franklin

UCLA,

Murphy,

will

adress

—

Dr.

Chancellor
The
a

Bond

This,

I think is the economic
issue in
this campaign. It is between the
contented and the concerned; be¬
tween the inert and the

active;

between

those

who

satisfaction

and

forward

hope.

look

those

back

who

multiplied
citizens.

"Education

Policy"

will

and

(Special to The Financial Chronicle)

act

under

government

must

timely and vigorous

the

mandate

way

the

Em¬

ployment Act of 1946. Through an
early warning economic intelli¬
gence
of

system, through flexible

fiscal

and

credit

use

policies,

cluding tax adjustments if

in¬

looks

strengthening,

Griner, III, have

associated
&

Co.

with

Incorporated,

120

South La Salle Street, members of
the N&tf lifbrk and Midwest Stodk

McDowell.

not

weakening, the role of State
local

governments.

and

rejects the
false and simple theory of the
op¬
position that Americans somehow
be

can

the

worth

gram

into

governed

prosperity.

government

perpetual
the idea that

spurns

measured

pro¬

the
dollars

number

Federal

spent

it.

It repudiates the

tion

that

tax

meet

can

the

no¬
eco¬

nomic problems of the 1960's with
retreads of depression-born ideas
of

the

1930's.

Americans

view the future

cannot

by using

rear-

view mirror.
Our program calls for a national
economic policy that is forward-

looking, that is based on the en¬
ergies and hopes and initiative of
180

million

that

Americans,

evokes

their

best

and

one

efforts.

That is the way to
progress for

America.
*An

address

by Mr. Nixon before

the

Association of
York

20,

Business Economists, New
University, New York City, October

1960.

Loewi & Co. Heads
Glen Mfg.
Pursuant to

Offering

Oct. 20

offered
par

125.000

prospectus,

stock

common

the

Glen

Mfg.

Inc. at $10 per share. The
proceeds
are to
be used initially to reduce
bank

loans, which

Glen

$2,330,000.

Manufacturing

Inc., is a
organized

corporation

in 1919, engaged
principally in the
manufacture of women's, misses'
and children's outer
wearing ap¬
parel,
including
dresses,
suits,
coats, skirts and sportswear, and

the

sale

wholesale

throughout

States.

also

the economy against threats to
its
stable growth.
Achieving this task
would be greatly aided if the Em¬

certain

products

neces¬

major

other

the

produces
products

these

United

and
and

sells
oper¬

ates

a
group of retail fabric out¬
lets.-Until recently, the company

was

known

the

"Rhea

name

Manufacturing Company."
pol¬
Simultaneously with this offer¬

purpose of Federal

icy under the Act, and if
employment
insurance
were

our

un¬

system

substantially strengthened.
To co-ordinate in

that

new

seems

bent

ing, the companv plans
of 8,500 shares

mon

stock

of the

ican Junior. Inc.. and
Mary Lester

Wisconsin, Inc., as
owned by the
offering is deemed
- from
registration
under Section 4(1) of the Securi¬
not

are

p^esentlv

comnany. This
to
be
exempt

ties

Act

our

This

many-sided

resents
ment

growth

proper

in
of

role for govern¬

fostering

sustainable

by the

Oct.

120,

the comnanv
(75% of the 1.200
outstanding)
of common

stock of American Junior, Inc., a
Wisconsin
corporation organized

1956.

The

is offering

company

6,000 shares of its

common

stock

exchange for the remaining 300

rate
of 20
company's common

the

stock for each

Junior

stock of Ameri¬

common

Junior,

common

the

of American

share
stock.

'• >"

our

economy.
It em¬
phasizes that the government un¬

dertake, not the least,* thingsVor
the;- most things but the right
things. .It does not speak of tar¬
.

get growth

exchange

owned 900 shares

shares
rep¬

The

company and no commissions will
be paid in connection therewith.

can

program

1933.

offer will be made directly

shares of

com¬

of Southeastern

circles both

exchange for such
outstanding shares of Amer¬

responsible

private

offering

doing and
which is already
causing concern
country and abroad.

CHICAGO, 111.—Warner A. Rosen¬
become

its

ment, productivity and efficiency.

Wisconsin

recession,

the

Two With A. G. Becker

thal and John A.

invigorate the
strengths of our free
economy—initiative and invest¬

and

position

Becker

best be

can

the-efforts

traditional

rates, for if

we pursue

;

Tau Inc. Opens

Tau Incorporated has been formed
with offices at 40 Exchange Place,

New

York

City,

securities business.

can

conviction

It seeks to

Oct. 13 aggregated

lieve

Exchanges.^. Mr. ■ Rosenthal was
look
formerly with Strausr Blosser-&

proud

the

(11) To protect economic growth
against the threats of inflation

luncheon

us.

based

short-term

straight.

money

the

policy
that is less than the best.
Indeed,
we can
perpetuate capitalism only
by making it work—by serving it

nation's wealth

Inc., 225 East Mason
Milwaukee, Wis., headed an
astrous
underwriting group which publicly
consequences, not only for
which could have dis¬

machinery is re¬
S. Foreign
quired in the Executive Branch.
topic of Dr.
We
need
a
National
Economic
Murphy, who is widely recognized
Council to advise the President on
free world we used imagination for
outstanding achievements not
and
restraint.
Today, could we only in medicine but also in ad¬ economic matters at the same level
and with the same stature as
not fairly ask our friends to show
the
ministration and education. He is
similar restraint in
dealing with Chairman of the Executive Com¬ National Security Council is pres¬
ently advising him on national se¬
gold and in helping to carry, ac¬ mittee
of
the
Commission
on
I want to make
cording to their ability, a larger Higher Education in the American curity matters.
it very clear that
share of the financial burden of
they will in¬
Republics, and was one of seven
defending the free world and aid¬ university presidents who visited fringe in no way on the independ¬
ence of the Federal
ing the underdeveloped nations? universities and technical insti¬
Reserve Sys¬
In this age, when capitalism is tutes in the Soviet Union in 1958. tem, which is something the op¬
of

that

confident

to what Americans

St.,

(12)

its extraordinary
tion; but in the interest

stability

LOSANGELES, Calif.

Club of Los Angeles at

advantage of
financial posi¬

do.

will

Loewi & Co.

taken

rate

Our program reflects
outlook

brought

merges with

World

growth

develop as a result of cheap
money dogmatists
come
to high
public office, a totally stupid and
unnecessary gold crisis would be

a better
meeting at the Biltmore Hotel on
fashion the various government
often, economics Oct.
31,
Bond
Club
President
efforts bearing on the
foreign policy. After William S. Hughes, of
promotion
Wagenseller
of healthy economic
War II the United States &
growth, 1'be¬
Durst, Inc.; 'has ' announced.

Here,

resulting
right.

of events should

sequence

ever

as a

Foreign Policy

Growth

have

to-do

now

or
a

ployment Act were amended
include reasonable price

cooperative endeavor of the well-

they

the right policies and pursue them
imaginatively and vigorously the

sary, much can be done to protect

products.

our programs of economic aid.
firmly support such aid — but

that

hotels, as well as to posit
buildings, manufacture such

the larger trading units in Europe
—the Common Market and the

being met.

Fifth,
4

carefully but

our

Continued from page 15

the

Marketed Here

Policy

Private Effort

sessions, for each major critical
industry, under the leadership of

tration must review

Based

be¬

Publica¬

City,

1960.

disappeared.
Our goods are
ing
still subject to special restrictions

modern in the

And
a
combination
of
these policies with policies of full

12,

Associated

Conference, * New

industry and develop a program
offering for assistance in dealing with it.
domestic
markets.^ And
as
we
circular, Blaha & Co., Inc., Long
continue to invest in other coun¬
Warns of Gold Panic
Island City 1, N. Y.,
publicly of¬
tries, other countries will invest fered
200,000 shares of the 10c par
(10) To help keep our money
here.
Our balance of payments
common
stock
of
Transitubes honest we must practice rigorous
will be strong, and we can cease
Electronics, Inc. at $1 per share. economy, exercise strict control
to
worry
about the outflow of
the
Federal
The company under a franchise over
budget,
and
gold.
attempts,
agreement with the Grover Co. of thwart
clearly
fore¬
Detroit, engineers, installs, serv¬ shadowed in opposition discussion,
Opposes Gold Devaluation
ices and sells Pneumatic Transi- to undermine the independence of
I do not minimize the impor¬
tube equipment for the most part the Federal Reserve System in its
tance of the outflow of gold, espe¬
efforts to pursue a flexible mone¬
to
industrial plants,
institutions,
cially in the short run. And I
banks and hospitals. The company tary policy geared to the econ¬
would never want us in the posi¬
has such exclusive franchise rights omy's changing needs.
The cru¬
tion of being forced to tinker with
cial question here is not one of
in
the
States
of
Florida
and
the dollar in order to maintain
"tight
money"
versus
Georgia. The company's franchise
"easy
our
competitive position in the
agreement
provides
that
such money" or of high interest rates
world export market.
Our bal¬
low
interest
franchise may be terminated for versus
rates,
but
ance of payments position must be
whether
monetary
and
just cause by either party upon 90 rather
recognized in framing our domes¬
credit conditions are such as to
days
written
notice.
Approxi¬
tic economic policies. It is a prob¬
maintain prosperity and growth.
mately
35%
of
the
company's
lem we must face, with all its im¬
business is derived from its Transi¬ History has demonstrated clearly,
plications. It affects our monetary
for anyone who wants to learn
tubes division.
policy as well as our price and
from history, that monetary
policy
Associated Elevator &
Supply
wage
policy, and they are all
makes its largest contribution to
Co., a division of the company, is
affected by our competitive posi¬
prosperity when
it
is
flexible
engaged
in
the
manufacturing,
tion
with
the
free
world,
the
enough to put a damper on specu¬
sales, installation, and service of
underdeveloped world, and with
lative activity in boom periods and
both oil hydraulic passenger and
the managed economy of the So¬
to spur expansion in slack times.
freight elevators, as well as dumb¬
viet world itself.
Those in the opposition who
loudly
waiters. These elevators bear the
This will involve the policies of
demand very easy credit and arti¬
trade
name
"Oilmatic"
which
other nations as well.
For most
ficially low interest rates, at all
name has been
duly registered in
times
of the world still relives the days
and
under
all
circum¬
the State of Florida.
of the dollar shortage. Though it
stances, are practically inviting
Principally, the company sells foreign banks and
no longer
investors
to
exists, the habit of be¬
its elevator products and services
pull out the billions of dollars
having as though it did exist —
old

our

—

should

vision.

■{

out of date

are

Wherever

that

has

areas,

address

the

Thursday, October 27, 1960

A National Economic

better

com¬

our

y
'•

plants

our

and

new

the Soviet Union. We cannot

pete if

for full

and

Fourth,
ment

—

suasion, and influ¬

Postwar

price

been exhausted to date.

means

that

the

must actively use
leadership in pur-

powers

encing public opinion
•

the

Without resorting to

the

these

stable and competitive, thert busi¬
ness will create the jobs necessary

monetary and fiscal policy.

not, let

*An

fore
tions

I believe
job. If our
economy is vigorous, efficient, and
expanding, and if our prices are

must

all

can

highly

for progress.
I am proud
be the candidate of
my party.

V-

engage
....

■

in .a

Thursday, October 27, 1960

I. X
{i ,'f

Volume 192

Number 5998 ...A Supplement to The Commercial and Financial Chronicle

■

If''|
1

} 1,

Hosts to N. S. T. A.

Mrs.
Mr.

Wm.

Allen

L. Oliver, Jr.; Mr. Alfred H.
Tisch, Fitzgerald A Co., New York; Mrs. Peter Sans^vero;
L. Oliver,
Jr., Sanders A Co., Dallas; Mrs. Robert A.
Nathane; Mr. Hugh R. Schlicting,
Harper A Son, Seattle; Mrs. Alfred H. Tisch; Mr. Robert A.
Nathane, Merrill Lynch Pierce
Fenner A Smith, Seattle; Mrs.
Hugh R. Schlicting; Mr. Peter Sansevero,
Merrill Lynch Pierce Fenner A
Smith, Seattle

Allen
P.

Kenneth W. Wilson,
Blyth A Co., Seattle; Mrs. W. Taylor Patten; Mr. W.
Taylor Patten,
Blyth A Co., Seattle; Mrs. Robert W.
Pitt; Mr. Robert W. Pitt, Blyth A Co., Portland; Mrs.
Jerry F.
Marquardt; Mr. Jerry F. Marquardt, William A. Fuller A
Co., Chicago; Mrs. James H. Scott;
Mr. James H. Scott,
Blyth A Co., Chicago; Mrs. Kenneth W. Wilson

if
\

Following Convention

Mrs. Robert G.
Wight; Mr. J. W. Grubbs, Jr., The Bank of California, Seattle; Mrs. Edward R.
Morton, Jr.; Mr. Edward R. Morton, Jr., Seattle Trust A Savings Bank, Seattle; Mrs. J. W.
Grubbs,
Jr.; Mr. Robert G. Wight, The Bank of California, Seattle; Mr. Dale Pitts, Foster A Marshall, Seattle;
Miss Rose Ann Yellovich, Pacific National Bank of
Seattle; Mr. Alan F. Schmitz,

Pacific

National

Bank

Seattle

Mr.

Homer J. Bateman, Pacific Northwest
Co., Seattle; Mr. Lester J. Thcrsen, Glore, Forgan A Co.,
Chicago; Mrs. Earline Peterson; Mr. Arthur C. Sacco, Webster, Marsh A Co.,
Chicago; Mr. Frank X.
Cummings, Bear, Stearns A Co., Chicago; Mrs. Frank J. Ronan; Mrs. Homer J.
Bateman;
Mr. Frank

Ronan, New

York Hanseatic Corp., New

York

Mr.
Mr.

Mr.

Girton R. Viereck, Bache A
Co., Seattle; Mrs. Girton R. Viereck; Mrs. O. J. Humphrey, Jr.;
O. J. Humphrey,
Jr., Hill, Darlington A Co., Seattle; Mrs. Jean Jarvis, Bache
Co., Seattle;
Larry Roemer, Bache A Co., Seattle; Mr. Charles A.
Mclntyre, National Securities, Corp., Seattle

Mrs.

Richard Shipman; Mr. Robert D.
Brearley, Wood, Gundy A Co., New York; Mrs. Robert D.
Brearley; Mr. Gilbert M. Lothrop, W. E. Hutton A Co., Boston; Mrs. Gilbert M.
Lothrop; Mr. Howell
Archard, Howell O. Archard A Co., New York; Mrs. James F. M^riarty; Mr. James F.
Moriarty,
W. E. Hutton A Co., Cincinnati; Mr. Richard
Shipman, Richter A Co., New York

Mrs.

Clinton

Mrs.

Mr. Robert

Lewis, Inc.,
Mrs.

Robert

Granat, Jr.;

Foulds; Mr. Clinton E. Foulds, Wm. P. Harper A Son, Seattle; Mrs. C. D.
Mahoney;
H. Southwick; Mr. C. D. Mahoney, C. D.
Mahoney A Co., Minneapolis;
Mr. Glen H. Southwick, Southwick-Campbell A
Co., Seattle

Glen

Topol, Greene A Co., New York; Mrs. George M. Tapp; Mr. John R. Lewis, John R.
Seattle; Mrs. Peter Baker; Mr. Frank Granat, Jr., Blapchett, Hinton A
Jones, Seattle;
M. Topol; Mr. Peter
Baker, Merrill Lynch Pierce Fenner A Smith, Seattle; Mrs. Frank
Mr. George M. Tapp, Doherty, Road house A Co.,
Vancouver, B. C.; Mrs. John R. Lewis

P'1prtB-IK
h
*»
u\
,

.•A

:p
II
■

Hi.

Mr.

Martin O. Nelson, Martin Nelson A Co., Seattle;
Straus, Blosser A McDowell, Chicago; Mrs. Milton
Tegtmeyer A Co., Chicago; Mrs. Charles G. Scheuer;
Chicago, Chicago; Mrs. Elmer W. Hammell; Mr.
St. Louis, Mo.; Mrs.

it
f

■%

Mrs. Martin O. Nelson; Mr. Milton J. Isaacs,
J. Isaacs;
Mr. Charles G. Scheuer,
Wm. H.
Mr. Elmer W. Hammell, First Securities Co. of
Earl L. Hagensieker, Reinholdt A Gardner,
Earl L. Hagensieker
'

James

Bissell

Zilka, Zilka Smither A Co., Portland; Mrs. Edwin
Tatro: Mr. Frank J. Murray, Laird.
Meeds, New Haven, Conn.; Mrs. C. Arnold Taylor; Mr. Edwin L.
nn.;
Arnold
Tatro, Edwin L. Tatro
York; Mrs. James H. Zilka; Mr. C. Arnold Taylor, Zilka Smither A
Co., Seattle

Co., New

Volume 192-

Number 5998.. .A

Thursday, October 27, 1960

Supplement to The Commercial and Financial Chronicle
'

)

Seattle Security

•

.....

......

Traders Association

Mr. George M. McVey, Lehman Bros., New York; Mrs. James G, Morford;
Mr. Jack B. Wielar,
Gregory A Sons, New York; Mrs. Jack B. Wielar; Mr. Louis G. Coupez, Hughbanks, Inc., Seattle;
Mrs. Louis G. Coupez; Mr. Walter L. Burns, Baumgartner, Downing A Co., Baltimore; Mrs. H. James
Morford; Mr. H. James Morford, Hughbanhs, Inc., Seattle; Mrs. Walter L. Burns

Mrs.

Roger H. Hamilton; Mr. Roger H.
A Co., Seattle; Mr. Man Lan

Walston

Hamilton, Seattle First National Bank; Mr. John G. Bisset,
U, Walston A Co., Seattle; Mrs Eugene F. Ludwig; Mr.
Mrs. William H. Oper; Mr. William H. Oper, Walston A
Mr. Kenneth A. Whiting, Seattle First National Bank

Eugene F. Ludwig, Walston A Co., Seattle;
Co., Seattle; Mrs. Kenneth A. Whiting;

lllillii1
111 «_

ffpp|
iilti
m

T. L. Hartley; Mrs. Edwin L. Beck; Mr. Edwin
York; Miss Carolyn Beck; Mr. Harry J. Hudepohl,

ll
i

L. Beck, Commercial A Financial Chronicle,
Westheimer A Co., Cincinnati; Mrs. Harry J.

Edgar A. Christian; Mr. William J. McCullen, Hess, Grant A Remington. Philadelnhia; Mrs.
Jcseph R- Dorsey; Mr. Reginald J. Knapp, G. C. Haas A Co., New York: Mrs. Clifford G. Remington;
Clifford G. Remington, Hess, Grant A Remington, Philadelphia; Mrs. Reginald J. Knapp:
Mr.
Joseph R. Dorsey, Bache A Co„ New York; Mr. John S. Barker, Lee Higginson Corp., New York;
Mr. Edgar A. Christian, Suplee, Yeatman, Mosley Co., Philadelphia

Mrs.

Mr. Joseph Bronemeier, Scherck Richter Co., St. Louis; Mr. Samuel E.
Magid, Hill, Thompson A Co.,
New York; Mrs. Joseph Bronemeier; Mr. Richard H.
Walsh, Newhmrd Cook A Co.. St. Louis; Mrs.
S. J. Sanders; Mr. A,. O. Foster, Foster A Marshall, Seattle; Mrs. Richard

Mr. Roger Freeman, Pacific Northwest Company, Seattle;

Mrs.
Mr.

H.Walsh; Mr. S. J. Sanders,

Foster

Marshall, Seattle; Mrs. A. O. Foster

Mr. Jack E. Jones, Blanchett, Hint on & Jones, Seattle; Mrs, Edward

H. Welch;

Mr. Josef C. Phillios,
Chicago; Mrs. Josef C. Phillips;
Mrs. Terry J. Critchett;
Jones, Seattle

Pacific Northwest Co., Seattle; Mr. Edward H. Welch, Sincere A Co.,
Mr. Frederic J. Blanchett, Blanchett, Hinton A Jones, Seattle;
Mr. Terry J. Critchett, Blanchett, Hinton A

New

Hudepohl;

Mr. D. E. (Ted) Beattie, D. E. Beattie Co., Seattle; Mrs. D. E. Beattie;
Mr, T, L. Hartley, Wm. P. Harper A Son, Seattle

Mrs. Harry J. Wilson; Mr. Harry J. Wilson,
Harry J. Wilson & Co., Chicago; Mrs. Robert S. Hendries; Mr. Robert S. Hendries, Pacific Northwest
Company, Seattle; Mrs. Joseph E. Smith; Mr. Joseph E. Smith, Newburger & Co., Philadelphia;
Mrs. Paul Johnson; Mr. Paul Johnson, Blyth & Co., Seattle; Mrs. Roger Freeman

Mr. Jack I. Rohde, John R. Lewis, Inc., Seattle; Mrs. Edward J. Kelly; Mr. Edward J. Kellv Carl M
Loeb, Rhoades A Co.. New York: Mrs. Jack I. Rohde; Mr. Larry W. Sisson, Pacific Northwest Co.'
Seattle; Mrs. Larry W. Sisson; Mr. John Packo, Hill, Darlington A Co., Seattle; Mrs. John Packo;
Mr. Barney Nieman, Carl Marks A Co., Inc., New York

Volume

192

Number 5998

•

The Commercial and

Financial Chronicle

(1683)

Then how about the union
boys?
They
are
not
receiving
high
enough wages.
Three, four and

SECURITY SALESMAN'S

five

dollars

hour

uneducated

economically illiter¬
ate, brain-washed, socialistic Dem¬
ocrats and Republicans who in the
majority make up the present

just not
equitable for the millions of good

CORNER

JOHN DTJTTON

voting

population

staunch Americans who toil about

nation.

40 hours

—the

mills

week in

receive twice that.

Letter

Messrs.

From

They should

only

Get it from the

going to be elected
President of the United States on
Nov. 8. In addition to the

farmers,

organized

laborers, school teach¬
people over 65, those with
physical ailments, those with in¬
ers,

come
of less than $5,000 a
year,
foreigners of all kinds, there are
12,500,000 stockholders in Ameri¬

ration

place

won't

holding

the

complain.

The

bag,

they

latter

have

iar breed.

are

pecul¬

The bulk of them

themselves

extra

trips

deny

the

bowling alley, out-board motors,
swimming pools, and two servings
of ice

in order to

cream

save

some

so they can risk it
by in¬
vesting in the thousands of souless
corporations
that
exist
in
this

money

country.
in

This

ment skill

jobs,

create
then

and

their

you

invested

and

manage¬

that people can have

the

things

politicians

salaries

spend

money

buildings, tools,

that

can

they

30%
•if

corporations

risk

profit,

their

to 52%

there

which

make

take

the

they

them,

you

make.

than six

wish

tax

in
to

the

the shares

months,

price,

than

income

held less

tax tnem at

you

profit.

they

also sold

are

losses

the stock¬

earned

tax

income

They

purposes.

for
can

there

should

tax these stockholders

Put

another

that

these

for

Sincerely

tax

once

the

corporations
for

reserves

set

more.

aside

mentioned

Neither
it

you

Jack Kleiner is
curities
223

are

"heads

win,

tails you lose"
these United States

deal, but in
today it is obviously considered
justice by our government.
The

frankly,
bet.

the

nounce

you

You

should

any

both

have

should

unpatriotic

rest

the

countries

years?

They

keep

were

the

at Sun

winners

will

certainly

the

C.—Albert
in a

FIF

been

associated

organization

since

Farm Paramount Associates

Road.

Associates

Paramount

ing in

O'Hara Opens
is

the

program.

has

offices

engaging in

York

engag¬

securities business from

Park

Avenue,

City. Partners

secu¬

New

Morris A.

are

rities business from offices at 331

Yassky, Harold Yassky and Larry

South Main Street.

Goldstein.

free

need

HOW TO

SELL SECURITIES

By JOHN DUTTON

We must

won't want that, now will we?

(In Your Business)

60-page booklet

help

you

increase

available exclusively from

—

business through

your

selling techniques. Its 25 chapters
and

the

Bowling Tournament held
Security Traders Association

promotional ideas.

weekly columns in

modern,

—

full of practical and

are

is designed

proven

investment

proven

selling

John Dutton drew it from the best of his popular

The Commercial and

Financial

Chronicle.

You'll

learn about

Open Bowling

Hi series—Jack

O'Hara

Jones

1954.

CANANDAIGUA, N. Y.—William

Obtaining

The initial sales

The final

The various

Men
Hi single—Jack

with

sales

otherwise they won't like us, and

of the National

Valley, Idaho:

nationwide

engaging

Branch

and in¬

tensify the organization's vigorous,

York

Opens

General

the

Why You Need-

At NSTA Convention
following

Bent

buying their friendship,

Jr.

with

only given other
nations $100,000,000,000 (that's
right, it's billions) during the past
they should have it.

5805

approval of all the

We have

2o-odd

New

closely

Sales Manager to expand

citizens.

Why should
obligations to the

world?

se¬

securities business from offices at

in these United

program

work
a

offices

cor¬

In this position, he will

de¬

subsidies?
our

Mehrbach,

humane administration in

Avenue,

WASHINGTON,

neglected
earth.
They

things
on
certainly not be excluded

meet with the

Why should the farmers be neg¬
lected, they need several billions
neglect

Second

from

A. Mehrbach

most

this day and age

Such

stockholders

living

the

conducting

business

porations.

Mr.

States of America.

Stockholders Are
Not Patriotic

Quite

among

and

Smith

tively, of the two companies.

City.

but if you will look up the statis¬
tics you will find that wharf rats

This is what is called

Charles

William Tempest, Chairman of
Board and President, respec¬

know these stock

has

four years.

Associates, Inc.,
announcement

elements of both of the above

campaign,

your

yours,

BUTTON

Jack Kleiner Opens

eigners and the under-privileged
rats.

the

and

keeping items anyway. Then take
this money
and
give it to the
farmers, school teachers, for¬
wharf

FIF

and

amount

depletion

Worth,

Formerly Area Sales Vice-Pres¬
buyers ident, Mr. Jones' new responsibili¬
investors, they never squawk, ties will place him in
charge of
so
strip them clean, who needs over-all
planning, administration
them anyway?
and coordination of all of the sales
P. S. I

depreciation.
Who
cares
about
such things, they are only book¬

Bowling Tournament Winners
The

JOHN

anything left
after the union boys get
through,

This

during the Convention

and

made

and for all.

the remaining $4,000 of the
$5,000 allowed, ahead for another
carry

and

dispose of
profit they

are

not

These

against

year

and

invest¬

absorb, except that you
allow them to charge off
$1,000 a

cor¬

these

holders

from

own in these

advance

holders

produce

loss.

Then

of that profit.

anything left, and the
stockholders receive part of that
profit in dividends, you
boys tax
them again, from' 20%
to91%. If
porations

always

America

the shares

gentlemen,

tax

farmers,

savings

politicians

you

But,

ments in corporation stock do not

may

and other sundry activities

the

months, you generously
only a maximum of 25% of
profit.

their

foreign aid, jobs for
missed

bureaucrats, subsidies
If

tax

six

need,

you

in this election.
So
why not just eliminate them once

sullenly voting
Democrat
Republican for the past 25
years and they will do it again.
If

anywhere from 25% to 91%
again. If they hold these shares

Fort

according

over

Texas, has
been appointed Vice - PresidentSales of FIF Management Corpo¬

12,500,000 people.
the workers, savers, and
and
they have
no

are

Texas —Robert

WORTH,

Jones

and

These stockholders

FT.

risk-takers,

their regular rate based upon their
income tax payments which can

often

business.

can

great
have nothing to lose
stockholders
of
America

number

They

been

One of you is

Of FIF Assoc.

this

You

holders

Nixon and

DEAR SIRS:

Jones Named V.-P.

corporations and leave the stock¬

Kennedy
Security Salesman

electrified

our

factories.

and

Barker, Lee Higginson Corporation, N. Y.___ 210
Weller, The Weller Company, Los Angeles
508

client list
approach

Ladies
Hi

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policy," he said,

What Do We Know About

ured

Continued from page

control

This is the money issue in

politics that has always been with
us
and perhaps will always be
with us.
A careful reading of the
record which follows leads

money

tion and inflation that retard eco¬

nomic growth and shrink people's
savings and earnings."
Democratic

The

platform

pledges achievement "without in¬

different conclusion.
In the broad

and credit in
order better to combat both defla¬
over

sense

of the word

flation"

growth rate averag¬

"money" means currency
■and bank credit; folding money,
change, and check-book money.
Domestically we have a managed
currency system.
The principal
managers are the Federal Reserve
Board and Federal Open Market
Committee. The Fed is bipartisan
and legally independent, although
necessarily it operates in consul¬
tation with the Treasury. It is not

ing 5% annually, "almost twice as
fast as our average annual rate

the
administration
in
Yet in recent years most

policies properly applied, budget
surpluses in times of full employ¬

today,

part

power.

of the debate

over "tight money"
"high interest rates" has cen¬

and

tered

the Fed. All too frequent¬

since

1953."

to the present

policy,

money

the

Dem¬

high-interest, tightthis philosophy
.

Inflation,

states, .has varied
Among those
"monetary and credit

and remedies.

remedies

are

ment, and action to restrain 'ad¬
ministered price' increases in in¬
dustries

economic

where

rests in the hands of

power

few."

Administra¬

Eisenhower

tion's pursuit of a "sound dollar"

ing the
as

special point of allow¬

interest

rate

function

rationer of credit in times of

active demand and avoiding arti¬
ficial monetary ease in such times.
Most

the

two

past

terms

the

..country has been concerned with
inflation
a
rising price level.
Early in 1959 the President named
—

separate plank the Demo¬

crats reaffirm

"support of full

em¬

repor^on_jlune^S,

interim

statement

Aug. 17,

second

report on Sept. 7, and others on
Oct. 25, 1959 and April 17, 1960.
Their

reasoning

well

Equally familiar is the view of
the liberals among the Democrats
that the money supply, as reflect¬
ed in interest rates,

expanded
retarded

enough;

has not been
that this has

economic

our

growth.

With the election almost upon us,
it is of interest to explore the

monetary and economic philoso¬
phies of the two men, one of
whom will shortly have behind
his

views

of the

will

the

prestige
Presidency. How the dollar

fare

enormous

under

the

one

the

other depends not only on his
monetary policies, but on other
economic
and
political
policies
such as public works, spending
and

taxation

the

which

budget.

are

reflected

Budgetary

sur¬

pluses and deficits in turn influ¬

Committee
he

techniques are available.
Reserve must

money.

the

increase

tance

supply

ible

requirement.

reserve

econ¬

increase

the

Federal

the

discount

rates

and

Reserve

operations should be used to con¬
tion

Fourth, reduc¬
the national debt through

fiscal

sound

policies will inevita¬

rates."

est

NBC
asked
past emphasis on the
country's economic slowdown. He
television

Kennedy

was

his

commented:

policies of the Fed¬

there

think that

don't

slow¬

the

for

responsible

been

have

Board

Reserve

Independence

A^xer supporting long-term Gov¬

subservient

to
Treasury
policy.
Throughout the Eisenhower Ad¬
ministration,
starting
in
1953,

think the President and they

work

there's

about it.

capital

and

movements,

Federal

Reserve

for

reductions

re¬

requirements, when easing

serve

In February Senator Ken¬

similar

recommenda¬

In view of the promises

platforms stress economic
The Republican platform

advocates quickening the pace of
our economic growth and accords

priority

nomic growth."

At the

dollar
to

mention

progress."
full

Times

May 22,

Senator's close associates

sta¬

indispensable
does

employment

York
of

time

same

it aims at "maintenance of

made on the Democratic
during this year's campaign,
article published in the New

side

eco¬

vigorous

not

of easier

money

interest.

ported

There

saying

1960,

some

is
the

were re¬

that

Kennedy
advocate, dur¬
ing the campaign, that the Fed's
independence be ended or dimin¬

had decided not to

goal, but says "we must raise em¬ ished. Foreigners, the article cor¬
ployment to even higher levels." rectly
stated,
would
regard
a
In other words, it does not put subordination of the Fed to the
full employment ahead of the dol¬ Government as a step
having in¬
lar's stability, recognizing—by im¬
plication—the inflationary bias of
full employment.
In its discussion of government
finance the Republican declaration
of policies underscores again "a
dependable currency" and "pro¬
tecting the value of their [the
people's] money." The Democratic
charges
of
"tight money"
and
"high interest rates" the Republicans meet with this plank:

flationary

implications.

The

Federal

dent

Replies to Scripps-Howard
Newspapers

Scripp-Howard Newspapers put
both candidates the following

"Would you attempt to
policies of the Fed¬

question:

influence the

eral Reserve Board in an effort to

reduce

Or for any

interest rates?

Although I believe it would
folly to rely solely upon
monetary policies as a safe¬
guard against either creeping
inflation or a recession, I be¬
lieve it would be equally fool¬
be

forswear

the

use

monetary controls.
These

controls

affect

con¬

spending, home build¬
ing, business judgments, and
other
matters
important to

sumer

our

economic

board

health.

Federal

Reserve

given

degree

The

governors

the

rate situation and

going to
that way.
"Well, what he is saying there,

get
in

progress.

Reserve

function

proper

as to
peg interest
artificially low levels.

policy,

favored

which

was

by the last Democrat¬

ic Administration until it

was

forced

by
informed
public
opinion to abandon it in 1951,
contributed tragically to the
sharp
inflation
during
the

post-war years and inevitably
would
promote more infla¬
tion if again put into effect.
Senator

Kennedy's

conflict

with

quoted

reveals that

his

reply
other

above.

does
state¬

clearly

President he would

to influence the

tions

deemed

for the sake of

Board's
it

ac¬

necessary

furthering his

eco¬

nomic policies. Mr. Nixon equally

clearly adheres to the degree of
Fed independence which has ex¬
isted

since the
A

1951

accord.

Policy of "Retreads"
mone¬

tary policy figured in the NixonKennedy TV debates in October.
On

the 7th

Nixon

the

"Now, looking at Senator Ken¬
nedy's credentials, he is suggest¬

ing that he will move America
faster and further than I will, but
what does he offer? He offers re¬
"I

at his

you

that

with

Reserve

regard

and

free

the

money

loose

is
indepen¬
dence by the Federal Reserve
Act, but it cannot be consid¬

economic

field

programs

that

tee that he

ered

ar¬

noted:

can

bring about easier

money and lower interest rates."

the

record,

Sen.

Kennedy
backs easier money and lower in¬
terest rates.

fourth

System

must

economic

saddled

the

mean

the

trol

over

President

should v.

enemy

got

and

and
con¬

also

favorable balance

[international] trade."
Confidence
On

the

Dollar

the

day the free market
price of gold in London soared to
$40.60 an ounce, October 20, Mr.
Nixon

that

warned

Democratic

election

victory based
on
the
cheap-money program might cause
a, flight
from the dollar and a
wodd gold crisis.

"Those in opposition who loudly
demand very easy credit

and

ar¬

tificially low interest rates, at all
times and
all
places," he said,
"are practically
inviting foreign
banks and investors to pull out
the

billions

now

hold

short-term
"If

dollars

here

that

deposit

they
in

paper.

such

should

would

sequence

events

ever

develop as a result of
cheap money dogmatists coming
to
high public office, a totally
stupid and unnecessary gold crisis
could

brought

have

—

disastrous

which
conse¬

quences, not only for America but
for the entire Free World."
•

the

same

vealed that
create

any

Kennedy.

time

Nixon

re¬

President he would
"national

council"

from

economic

advise

him, different
proposed by Senator
He
stated
that
he

generally are the
adopted and
during the Truman Admin¬
istration, and when we compare

wanted to make it very clear that

were

the council would "infringe in no

sible

interest

"We've

inflation,

have to have
of

monetary
policy, we have to have

ready causing

un¬
con¬

sound

rates; at all times the board
and

declared:

am con¬

instances, this will

reduction

debate

maintain

fiscal

something the
bent on doing

would

had

inflation, Kennedy later in the

tration with that of the Eisenhow¬

respond
to leadership by the Adminis¬
In some

country in the Truman Adminis¬

tration.

had

that

money, high or low in¬
rates, his programs in the

Not to be outdone

the

licans

fident

through

the

Administration, and I

going to

ought
through inflation,
phony interest rate."

the

going

are

V "I do not believe that we

mind

objectives

to pay our bills

the

February, at Eau
Claire, Wise., the present Demo¬
cratic. candidate said the Repub¬

are

trol of the Federal Reserve Board.

branch

bear

[is that]

tried

government.
It

terest

effect,

you

program, his program

example

Federal

that failed.

programs

submit

look
for

money

right back to what

challenged his

opponent on the matter of
Fed's independence, saying:

treads

der Mr. Truman when he had

if they plan to

of pumping up the money

Such

some

the a Federal
its

rates at

wheels

the

supply

Kennedy's views thus:
goes on to say that
going to change the intereston

"Then
he is

■to, have, inflation, We

They sound

one

Nixon-Kennedy TV

opposition spokes¬
threatening to turn

are

the

Oct. 13 Nixon expressed;

himself

We know

from

third

debate

reserves.

divert

control

sees

closely linked with inflation.

the

balance of financial needs and

men

Nixon

Mr.
Fed

in response to changing

move

The Federal Reserve and

Reply by John F. Kennedy

ish

Board

permitting interest rates to

candi¬

the two

replies of

dates follow:

rapid

other reason?"
The

eight years has cooperated
closely with this administrationwould also corporate with future
strong and well considered Presi¬
dential leadership which expresses
the responsible will of Congress
and the people."

the needs of the economy and
of

during the

last

helping achieve the
goal of stable growth by fol¬
lowing a wise policy of ad¬
justing the money supply to

seek

Reserve Board—which

is essential

Reserve

And I believe the Federal

ances.

leading currency. An indepen¬

"Without control of the Federal
Reserve no President can guaran¬

ticle

country
"We must resist assaults upon with the "costliest
policy hi his¬
the independence of the Federal
tory," namely, "high interest rates
Reserve Svstem and the
Treasury and tight money."
The cost of
Department to exercise effective "this
irresponsible,
spendthrift

has

responsibility and recom¬
mended, inter alia, that the Fed
abandon its so-called "bills only"
policy; expand the money supply
faster; and substitute open-market
operations

our

re¬

Moreover,
preserving the

economic

progress.

vital

coordination and direction
policies, subject to
system of checks and bal¬

range

dollar's position as the world's

ments

From the Platforms
Both

responsibility

President's

"The

stabilty

for economic health and

from

removed

Reserve

—if he is to lead—includes longer

reasonably

stable price level

major

years,

Federal

of the most im¬

believe

not

and,

tions.

growth.

He has the influence and

price

up one

Reserve

political pressures.

campaign issues
garding economic policy.

economic
policy through the
particularly in the last
strong
criticism by Treasury, the Council of Economic
Advisers, his own public state¬
some members of the Democratic
party has been aimed at the Fed¬ ments, his party in Congress, and
I
have
no
doubt that any new
eral Reserve, bringing into ques¬
tion the durability of its independ¬ Democratic President will find the
Federal Reserve pursuing a some¬
ence in the event of a Democratic
what different policy.
No, I
victory in November.
don't suggest you change the in¬
In January 1960 Senator Ken¬
dependence of the Federal Re¬
nedy, an inactive member of the
serve Board, but
what I do sug¬
Joint Economic Committee, went
gest, with a new President the
along
with
a
majority
report
Federal Reserve Board would pur¬
which listed
"shortcomings" for
sue a definite
[different?] policy.
which
the Federal

cies

few

containing

actions.

together.
I
any
doubt

closely

think

nedy went along with the major¬
ity's 1960 Joint Economic Report,

flows

means

try

portant

back

quickly added:

don't

abroad,

ble

all the

could

credit.

"high

rate

Democrats have criticized the Ad¬

confidence in the dollar here

gold

any

points

Federal

the

System.
It is important to keep
the day-to-day operations of the

reserve

maintenance

reasonable

now

"I think the

eral

down.

FederalReserve's

July 10

should

stitution

the

Federal

the

—

economic

In California

about

with

re¬

market

open

"But

policy for purposes other than
—and
perhaps
inconsistent

quirement. Third, other techniques
such

that

branch

influence

re¬

reserve

particular he stated:
we must have a flexible,
balanced, and, above all, coor¬
dinated monetary and fiscal pol¬
icy. I do not, let me make clear,
advocate any changes in the con¬

Fed in

difficult and

suggestion

executive

let's permit the banks to ex¬
pand credit. When we need less,
can

retard

of professionals
political people.

not

The

omy

which

the hands

and

When

need more credit in the

inflex¬

for

reason

Kennedy explained how a Demo¬
cratic Administration would use
flexible monetary policy.
On the

delicate task that it should be

Government bills now held
by financial institutions. Second,

ing

there

evils

This is such

do this by purchas¬

can

its sound¬

combatting

deflation—twin

and

economic

use

back to those

policies are different from those
he is advocating today."
A few days later, in addressing
the Associated Business Publica¬
tions Conference in New York,

money,

economic growth and jeopard¬
ize the savings and earnings
of every American.

its reluc¬

overcome

judgment

inflation

Federal

partly

done."

est

They are

the

First,

pres¬

within its broad congressional

known.

nation's

mandate, and to

joined:

"This costly tight-money policy
can and must—be
reversed.
The
well

the

over

statements,

of political

in discharging its statu¬

tory role of exercising control

Eco¬

Administration

and

nomic

which

Joint

bly be reflected in reduced inter¬

ence

above-mentioned

the

free

that the American peo¬

say

policies and, incidentally, if Sanator Kennedy disagrees he should
indicate where he believes those

deeply believe the Federal

needs now.

ple don't want to go

Reserve Board should continue

sures

and leadership

program

that America
"I

economic

o w n

ministration's "tight" money poli¬

line

known.

the

not

na¬

Reply by Richard M. Nixon

growth.
The Senator added the
following
observations,
which
seem not entirely consistent with

doubt that the high interest
policies, hard-money policies,
rest, have been partly re¬
ernment bonds at par throughout
new President's Cabinet Commit¬
sponsible for the slowdown."
e war and post-war periods, the
tee on
PVicmxStability for Eco-y
Kennedy said he would not cur¬
Federal
Reserve
System by the
nomic Growth. Thelatter release
accord of March 1951 ceased to be tail the Fed's independence, but

Vice-Prksident Nixon to head the

"an

slowed

and

paramount objective
policy." They promise
to "reduce current unemployment
to a minimum. Thereafter, if re¬
cessionary trends appear, we will
act promptly with counter-meas¬
ures, such as public works or tem¬
porary tax cuts. We will not stand
idly by and permit recessions to
run their course as the Republican
as a

has

together to achieve

1960

Thursday, October 27,

tional economic goals.

private
homes,
unbuilt
public works, the interest charges
paid by the Federal Government

trol interest rates.

of national

has made

document

causes

ployment

The

step

will put an end

of economic slowdown."

ably—been harmonious.

first

ocratic President

distinction is made between
the Fed and the present admin¬
istration, since their policies have
generally — although not invari¬
ly

"As

speeding economic growth,

work

to be meas¬
failures,

was

business

small

...

unbuilt

Candidates' Money Policy?
then?

Chronicle

The Commercial and Financial

(1684)

economic

progress

this

Administration, we find that
every index there has been a
great deal more performance and
more progress in this Administra¬
tion than in that one.
V v
in

the

say

that

the

programs

and

leadership that failed then is

way

the independence

of the

Federal Reserve System, which is

and

seems

al¬

in responin our country

concern

both

abroad."

Money

-V

...

the

and

Economy:

Kennedy's Prescription'

/.-j

circles

opposition
and which

During the

have

seen-

past

how

71/2 years we
Republicans

the

J,;.:

to:

■

>:•

SF.

Volume

192

Number

5998

use

.' The

monetary policy. How would
a Kennedy
Administration, which
disapproves
of
the
Republican

tion

record,

torically

.tells

York

it?

use

Senator

his

speech,

Kennedy

October

New

follows:

Commercial and

maintain

stability in
get

balance

with

"What
changes are needed?
What policies would be successful?
"First, a Democratic adminis¬

productive

last

would

use

monetary poli¬
cies more flexibly than the Re¬
publicans. The Republi cans
adopted the seemingly simple and
policy of tightening interest

easy

when

.rates

demand

strong
prices were rising—a prin¬
ciple that requires allowing rates
was

•and

are: that

and

peak

the

each

successive

valley

ally"

does

economy.

"For this

policy has not worked.
periodically cutting back on

it has held back on
normal, healthy rate of growth.

investment,
a

long, as it
the fall of 1957, when the

staying

By
did

storm

signals

too

already flying

were

recession of

the

for

tight

Federal

1958—by the

Board's

Reserve

tight

credit—-by the defense stretch-out
of 1958—it

helped to bring on that

other

and

And

Recessions.

must

those who

penalizing most
home

favor

building, it is weighted
the

larger

corpora¬

have access to the
open market or which can invest
from their own earnings.

which

tions,

administration

Democratic

would

not

lopsided
monetary policy. It would main¬
tain greater flexibility for 'invest¬
ment, expansion and growth. It
would

rely

raise

not

upon

rates

interest

end in itself. Without

monetary stringency
method

booms,

potential

as a

extravagant

curbing

would make more use

of other tools.

"Secondly, and in this connec¬
tion, we would use the budget as
an

instrument of economic stabili¬

zation.

believe

that

the

balanced. The
exception, apart from a serious or
extraordinary threat to the na¬
tional

security^

ployment.
would

the

run

debt.

serious

times

boom

surplus

When

unem¬

retire
plant

and
and

men

unemployed in serious
bers, the opposite policies
are

order. We should seek

budget

the

over}

num¬

are

balanced

course

the

business

cycle,
with
surpluses
during good times more than off¬
setting the deficits which may be
incurred during slumps."
Thus Kennedy promises a gov¬
ernment of good financial inten¬

tions,

has

government,
here and abroad, over the decades.
In
budgetary
matters,
all
the
as

world

easier

many

promise

knows,
than

much

performance.

Kennedy

NBC-TV's

Oct.

Meet

the

Press, Sena¬

tor

Kennedy was asked: "Senator,
you've been criticizing the infla¬

give

stable

dollar?"

replied:
:

the

increase

which

would

ministration

the

cost

have

limit

living

the

Ad¬

with

such

warrant

pursuing

elec¬

and

are drafted
pleasing as many
garnering as many
possible. They should not

with the aim of

and

groups
as

expected to

full

detail.

carried

Indeed

out

their

wording
is often purposely
ambiguous and
general. Candidates always claim
to be for the economic and finan¬

cial virtues.
sin."

But

office

They

when

the

own

tend

lose

pared

victor

takes
can¬

statements of policy

importance

with

current

com¬

exigencies.

What happens as to credit
policy
under the next President will de¬

pend not only on the philosophies
expressed
during the campaign
but also

circumstances not

now

foreseeable.
The

subjoined

excerpts

from

planks of various past
platforms will give a his¬

torical

background
campaign.

the

1960

Whereas, today

is given

prom¬

to the rate

in¬

terest, earlier campaigns built the
plank

money

gold

1960

and

the

cost
I

living

would

very

satisfactorily.

therefore

feel, that

greater stimulation to
my

provide

facilities

provide

and

fuller

all

sufficient

the

silver

and

profit to themselves, supply
Treasury with gold to
policy of gold mono¬

mous

the Federal

bank

Furthermore,

the

issuance

notes,

Jackson

to
was

the

de¬

national

President

effect

quoting

function

that

the

Constitution
reserved to the Government. The

Republican

platform,
naturally,
"unreservedly" for "sound

was

money."

took

credit

for

Fred W. Hudson

the

lar

has

been

1900

firmed

good

the

Democrats

their bimetallic

criticized

named

permanent

I. B. A. in December.
Other

national

1900

declared

year

the

and

Gold

con¬

"that

rates are a potent factor in
production and business activity."
It favored "further equalizing and
further lowering" interest rates.
The

panic of 1907 got attention

the

1908

law.

currency

ment

Any

the

Federal

the platform

tition

emer¬

"the

Govern¬

said.

The

recent

financed

Re¬

this

repe¬

disturbance," endorsed the

emer¬

1856

resolved

Democratic

platform
Congress has no

"that

to charter

power

that

tion

one

national

believe

such

bank;

institu¬

deadly hostility to the

best interests of the

gerous

tions
and

our

and

country, dan¬
republican institu¬

liberties

calculated
of

ness

the

control

the

people,

place the

country

within

concentrated

busi¬
the

money

power and above the laws and the

The

1868

the

National

Monetary Com¬
into being. Out of

came

report

1872

the

Aldrich

Bill

trust; the Republicans

money

currency

guarded

Positions

Reversed

failure, for

all these eleven
years of peace, to
make
good the promise
of the

notes, which
changing standard of value

hands of the

payment
of

the

tion.

of which

faith

non¬

disregard

the

We denounce the

are

in the

people, and the

plighted

that

na¬

finan¬

and

silver"

was

during World War
I was proudly hailed in the Demo¬
crats'
1920 platform.
It warned
the people to guard against at¬
the

system

from

tion."

noted

have

that

been

wholly

interference

and, in their

free of
motive;

time and

good

own

non¬

own

have used coura¬
geously, though cautiously, the in¬
struments
at
their
disposal
to
prevent undue expansion of credit
in the country."
This was per¬
fectly true during the administra¬
tion

lously

way,

Wilson, who most
avoided

interference

any

with

scrupu¬

semblance

the

Fed.'

The

the

cry.

lican

Party

finance and
rency

to drag

...

our

system

der the Bland-Allison Act of
1878,
which was succeeded by the in¬

Democratic

silver

tempo of the

silver

program

monetary

causing

1890

purchase
and

brought

act.

Sher¬
The

about

political
crisis,
President Cleveland
to

wrought

great

the

Forty

that

the

of political

cur¬

arena

years

change

have

Fed

1920 platform
should

domination

that of financial

noted

that

the

free

well

formerly

was

for four years,

son

executive

count

prior to which
and

Vice-President

was

with

the

ac¬

Jos.

Hicks

Organization, Chicago pub¬
lic relations firm, from 1952 until

disbanded in

was

editor

and

owner

1956.

Hardaker

Mr.

the

former

the

Shelby-

ville

(111.) News, and a former
correspondent
for
the
Chicago
Daily
and

News,

Louis

St.

mid-West

other

Dispatch

newspapers.

Forms Pickard & Co.

gold

basis,"
at

aimed

while the
"prosperity

NEWTON
and

SQUARE, Pa.—Pickard
has been formed

Company

with

offices

engage

Partners

Peter

are

Goshen

securities
John

Road

business.

Pickard

and

Pickard.

International Associates
ROCKVILLE

CENTRE, N. Y.—In¬
charged ternational Associates are engag¬
that "the Republican debt man¬
ing in a securities business from
agement policy of higher interest offices at 53 North Park Avenue.
rates served only to benefit a few. Partners are Irving L. Bernstein,
We pledge ourselves
to a Harold Grossman, Bernard Korn,
vigilant review of our debt man- Herman Lazarus, George H. Ham¬
agment policy in order to reduce ilton and Murray Weiss.
In

the

1956

Democrats

interest
rates."
The
Republican
platform promised gradual reduc¬
tion of

the

national debt,

stemming

endorsed
eral

claimed
inflation, and

"freedom

Reserve

both

inflation

wise

for

System

the

Fed¬

combat

deflation

S. Lieberman
Shep

and

policy." It plunked
again for "sound money, which
retains
its
buying power,"
but
without
neither

mentioning gold.

In 1960

platform mentions gold.

Lieberman

Opens
conducting

securities business from offices at
130

West

42nd

Street, New York

City.

fiscal

Odzer Opens Office
Harry Odzer has opened offices at
67

Broad

to engage

Street, New York City,
in a securities business

Thus, flipping the pages of the
past,

we see

that the money

ques-

tipn can usually be sure of a place
in

relied

been

Hardaker

partner in the Chicago public re¬
lations firm of Hardaker/Gunder-

questions."

growth" and "maximum em¬
ployment, production and pur¬
chasing power."
">

combinations.

had

agency.

Mr.

and

But

war

rehabilitation

the

year's Republican platform
the gold standard and
currency inflation. Twenty

Democrats

tions

for

vertible

the

policy in this regard.

'The Republicans'

held

public

banking and

into

party politics."

our

later the proclaimed Re¬
publican aim was still the gold
standard: "a dollar on a fully con¬

their

interna¬

conference

years

those

"the

national

and related

against

who had opposed its adoption and

sought to "retain in the hands of
speculative bankers a monopoly
of the currency credits of the Na¬

promises

of the

and

monetary

consider

stood

Reserve System

mining was being subsi¬
dized by Treasury purchases un¬

creased

tional

the Fed

joined the

staff

office

Chicago

hazards

all

The performance of the Federal

tacks

are

The Dem¬

solemnly

resumption.

During the 80's "honest money
gold

silver

imbecility and immorality of same platform condemned "the
party which
has made no pernicious attempt of the Repub¬
.

party

maintenance

they

Federal budget an¬
nually balanced.
We advocate
a sound currency to be preserved

Regarding

political

later

party plat¬

contract to which

the

....

by sectional, financial
political interests," it added.

ties

honest

and
years

that

be faithfully

credit

domination
or

Robert L. Hardaker has

covenant with the peo¬

ocratic

system must be safe¬
from any possibility of

commercial

"the

asked to subscribe.

again
for "sound money and safe bank¬
ing methods." "Our banking and
were

by "the highest considerations of

denounced

ple

the

and

partisan Federal Reserve authori¬

Four

believe

"We
form

1912

Democrats urged "a speedy return
to
specie payment," as required

morality

frankly

kept by the
eral Reserve System, by the act party when entrusted with power,
and that the people are entitled
of
1913.
The
1912
Democratic
to know in plain words the terms
money
plank was caustic about

pledged

bondholder." The Republicans, re¬
ferring to the suspension of specie
payments
then
in
effect,
de¬
national crime."

gold."

AF-GL, Inc.

of Albert
Frank-Guenther Law, Inc. as a
the
today that this had been written public relations account executive,
it was announced by Gilbert E.
in early 1951 instead of 1920.
Busch, Vice-President and direc¬
Skipping now to the 1932 Dem¬
tor of public relations of the na¬
ocratic declaration we read:
tional advertising and public rela¬

adaptable

good

Hardaker Joins

by the convenience of
Treasury." One might think

That

Democrats

"one currency for the government
and the people, the laborer and
the
officeholder, the pensioner and
the soldier, the
producer and the

Board

Reserve

Federal

the

dominated

emerged, al¬
though in altered form, the Fed¬

will of the people," etc. The 1856
Republican platform was silent on
this subject,
i'
In

and

"based upoh and

its

The

elastic

continued

been

had

to credit control have been

Commission, looking toward
more

by inflation, saying that

policy

since the war, and that "almost up
to the present time the practices

financial

gency law and pledged creation by
the Congress of a National Mone¬

tary

needed should be

currency

mission

"tight money" vs. "too
money" or inflation today.

Municipal Committee.

platforms, the Demo¬
criticizing the recent emer¬

crats

were

L. Mar¬
Wm. J.
Mericka & Co., Inc., Harrison C. Frost, Jr., Hayden, Miller & Co.,
and Harold K. Hutchinson, Ball, Burge & Kraus, were named to
the groups' Executive Committee for the coming year.
Mr.
Frost was appointed to
head the group's Invest-inAmerica program, and Mr. Hutchinson was named Chairman of

in¬

terest

Group

Ohio

Northern

the

& Co., William H. Watterson, Fahey, Clark & Co., Frank
shall, The First Boston Corporation, Carl H. Doerge,

Standard Act

recognized

elected

officers

Walker, Braun, Bosworth & Co., Inc., Toledo, Vice-Chair¬
man, and O. John Kuenhold, Paine, Webber, Jackson & Curtis,
Cleveland, Secretary-Treasurer. Franklin B. Floyd, Curtiss, House

Neville

currency secured by Gov¬
ernment bonds." The Republican
fidence in

Fred W. Hudson, Ball, Burge
Reid & Co., Inc., have been
and will be elected at the annual convention of the

and

bank

platform that

of the Investment Bankers Association will be

by the Northern Ohio Group.

nominated

reaf¬

credo

Joseph

Herman

Fulton

& Kraus, and W. Yost Fulton, Fulton,

gold."

Yost

Two governors

resumption of specie payments in
1879, since which date "every dol¬

easy

use

price competi¬

banking syndicates, which, in ex¬
change for bonds and at an enor¬

the issue of

man

would

/fit-

system"
of money
and
credit,
every dollar of which should be

Basic to the money issue
throughout the past century has
been the struggle over
expansion
of the
supply of money. This is

econo¬

rest

our

Association of America has elected Herman B. Joseph,
Joseph, Mellen & Miller, Inc., Cleveland, Chairman for the coming
year, succeeding Thomas A. Melody, Merrill, Turben & Co., Inc.

the

the like.

Silver

policy, currency redeemability and

slowdown

issuing

bonds

publicans, seeking to avoid

cession

other hand has not held down the

"the

opposed

of the Investment

group

Bankers

platform carried
pro-silver money plank.

Since the campaign of 1856 the
question
has
repeatedly
been raised in successive
political
inence

CLEVELAND, Ohio—The Northern Ohio

United States in time of peace and
condemn
the
trafficking
with

gency

money

platforms.

North Ohio IBA Group Elects

of
re¬

to the fore.

came

issued

advance toward

'58, contributed to the

was

Money Planks in Earlier Platforms

been deflationary on the one hand
which has helped cause the reces¬
sion
of
'54,, intensified the re¬

Bryan

interest-bearing

gency

cial

the

repeal

this

Democratic

a
long,
Also, it

financial

party

All

in .special

the

the political platforms.

1896

The

all "against

are

the

platform and the

didate's

tighthigh-money,
interest rate policy. I think that's

vigor

for

act.

silver

flected

Congress

1893

metallism."

Performance

legal-tender

"Well, I don't feel that
been able to attain such

(1685)

maintain the

tioneering ^speeches

they

of
the
dollar.
What
do to halt inflation or

the

convene

session

nounced

shrinkage
to

our

"real" vol¬

platforms

government."

you

concern

that

means

and

tion in the Eisenhower years, the
would

seem

gradu¬

GNP.

our

Politics

Interviewed

altogether

nounced "all forms of repudiation

Inflation

not

Political

budget

should normally be

not

grow with the

ume

rejecting

and increase

should

borrow from banks for investment
or

our

supply, rather than prices,

slack

money

votes

Perhaps he

with the result that

paradoxically
high rates accompanied heavy un¬
employment, low production and

capacity

sentence

has ended with
higher and higher interest rates—
economy

his¬

our gross national
product." '
What the Senator means by the

him.

stimulation.
matter

increase

our

clear. "A little inflation

when the economy needed
But the facts of the

.to fall

because

gradually had infla¬
problem is to keep it in

tion. The

may

tration

reasonable

dollar. You

the

inflation

some

Financial Chronicle

political
a

campaign.

party platform cannot be

upon

prophetic

print of future actions.

blue¬

S. Bachner Opens
BROOKLYN, N. Y.—Shalon Bach¬
ner
is engaging in
a
securities
business from offices at 196 Marcy
Avenue.

Mr.

Bachner

was

for¬

merly with Eisele & King, Libaire,
Stout & Co. and Ira Haupt & Co.

.,,v -i" * iiw

(1686)

The Commercial and Financial Chronicle

then

AS WE SEE IT
our

<wr r w wwwMww'wwn i

Continued from

production techniques and all

mass

mechaniza¬

our

Thursday, October 27, 1960

shall have to find other means of
pursuing the
path of world pacification.
1
Recent gyrations of the
price of gold in London should
serve to remind us of these
things.

l~f

page

;

tion have not succeeded in

counter-balancing the higher
and various working restrictions that prevail in our

our.

tages in the matter of
able to do

are

the

revived

raw

with

industries

do in

the

called

Continued

out

huge additions to our systems.
During the Sixties, we'll spend
nearly $28 billion for construction
and expansion—twice our
outlays

comparison
producers in other lands with whom we
must compete, both in world markets and in one
degree
or another
right here at home. The problem is in appreci¬
able part at least one of public
policy. The labor unions
are favorites of the
political gods, and all too often up to
have

seem

about

the

with

status

same

gas to more customers with¬

with those of the

time

the

Fifties.

the

casts

the

handwriting

wall, and thus be persuaded to take the initiative
(along with management) in developing ways and means
of reducing costs. There can not be the
slightest doubt

don't

that their union

membership must sooner or later suffer
as much if not
more, than the rest of us if some way is
not found to right this situation.
In

another

that

The

and

risk

now

recession. How such

is to be effected in

are

concern

third aspect

large
are

powers

it may not

of this situation is

will

nations
>

shoulders.

The

reces¬

preserving the
In

are

peace

now

are as

some

to be dealt with

one

than

Competition

their

year

now,

positions

determine

have

the

competition

who

gets

tomorrow's

And, to make it a
affair, the oil and
also

are

the

not

all

mortal

that

and

the

combat

winner

will

the

vanquished will
immediately retire to die of their

wounds.

Anticipated

sense

awareness

lems'..

the

which

using A.

national

sils

may

And

Advertising
feels

one

terest.

the

consumer

de¬

lic

in¬

of electric

One

And,

ments

and

The

era

strength,
higher rate of growth, and

much

financial

greater appeal to

Industry

served

convinced the keys to the
of
our
industry are ex¬

set

was

National

es¬

ing vistas will

well.

"Playhouse

When

dustry

90"

was

The

industry
has
long
recognized
appliance
improve¬
ment and the hard positive sell as

gas

major

the
a

television

new

19,

program

—

the

moves

the gas in¬
farther into its new
open as

This year,

ap¬

tive
Plan.

with

1965,

channeling

"Barbara

under

about

•" into

and

which has

for
'

gas

appliances.1

her

sponsorship. In addition
role

hostess

series, Miss Stanwyck

Our market analysts tell us that

gas utilities and appliance dealers
can
sell from 51 to 57
million

appliances in the next five
alone. The higher figure
represents what we can reach by
stepping up the pace of product
gas

years

G. A.

almost

show

every

most

all

prove

such thing if the backward

liberally

exerting

that they

they have been

If .the solution to world problems is not to
be found in this direction—and there
may well be those
abroad who have their doubts about its

effectiveness-

boost
-

greater

sales

In this

will not be content
5L million

when, by

effort,

least

10%!

can

appears

television—Julia
also

Battelle

win

these

nearly
.we

that
of

speeded
of commercial and
even

comprehen¬
re¬

Mem¬

industry

further

total

the

Battelle

gas

be
was

;

v."

decommended

research

expenditures

entire.

sell...»'•

include

the
indus¬

now

all
; *

the

spending

research.
•

These

■.,

big figures, especially

are

use

gas

investing in research in the past.
But we're not talking; about
goals

whole-process of looking
We will continue to broaden our
ahead, every prediction we make,
and every goal we set,
is con¬ activities in these two important
tingent upon one overriding con¬ fields, not only through magazine
sideration—the continued and in¬ and direct mail advertising but
creased acceptance of gas by the through expansion of the group
consumer.
We
have * no
greater selling technique. This; includes
.

research

manufacturers and gas companies,
as
well as funds spent for PAR

reaching out

. -

the

customers

markets',, which

two-thirds

Meade.

have

trial sales promotion,

settle for

study
search,,

accompanied

delivered

tempo

larger share

sive

the

This

- gas
industry be
steadily increased to at least $14y2
effective sales personality in million a year by 1965. This would

continue

Certainly

keeping communism

for

by top stars. And, while our pro¬
is new, our gas commercials

gram

development and sales promotion.

take up a much

orial Institute after

potential

recommended

PAR

million

research.

significance

market

coopera¬

the

hope

the

A. G. A. is spending
million for

research

is pointed up in a recent A. G. A.
of

prin¬

Stanwyck Show," presented Mon¬
day
nights by NBC-TV under

growth-building activities.

gas

year

New evidence of their

industry's technical activities
triple within five years.

de¬

entered

season

age

nearly $2%

September

the

proach.

season, however, it was
cided
to
adopt a different

of research and development,
in which we expect to see

age

an¬

this

promotion.

which

These and many other fascinat¬

nounced last spring that the show
would not be regularly scheduled

panded research, greater product
improvement and aggressive sales

cipal ingredient.

Program,
began sponsoring

program,
us

thermo¬

metals, is heated by a
flame. The second method

reaction

Gas

Television
we

the

employs the fuel cell, which gen¬
erates electricity from a chemical

with the

ago

the

thermocouple, exjunction of two

gas

new

"Playhouse 90."

the

community.

years

these

dissimilar
this

promotion

gas

place four

commercials.

cornerstone

power.

electric method, by which current
is produced when- one terminal of

advertise¬

gas

Electricity

intriguing still are the
possibilities suggested by the de¬
velopment of efficient methods of
using gas for the direct generation

passing month, the pub¬
being exposed to an ever-

increasing tide of

Generate

Gas to

consumer.

combustion

industry,

Everywhere

product to the

the

needed.

there
is
a
healthy spirit of urgency develop¬
ing over this business of selling
our

contain

gas-air mixtures inside tubes that
can
be formed into any desired
shape for use whereever heat is

adver¬

groundswell

fe!

outlets.

"thermo-catalytic" burners,

which

Pays
our

gas

are

local campaigns.

Inside and outside

appliances, which
be plugged into handy con¬

venience

building upon its themes
merchandising this advertis¬
own

•A

Portable

tising,

ing in their

and off.

Flush-top ceramic burners, for
range-top cooking without uten¬

im¬

utilities

gas

Intriguing, too, are these hints
of what to expect in tomorrow's
appliances:

the

industry,

modern

our

automatic models that turn them¬

in¬

mounting

gas

A.'s

new

lights in¬
clude exotic luau torches, hand¬
some new
advertising signs, and

portance of this national advertis¬
ing on behalf of gas. < And I'm
especially encouraged by the ex¬
tent

use

•

And

A.'s

among

our

under which

with

emerge

future

with

consumer.

will

this

selves

tablishment

meet

meeting the

Through PAR's national adver¬
tising and television programs, the

mands for all forms of energy will
be much too great to permit this.
But it is certain that the winner

with

are

Advertising and Re¬
Program, better known as

the

commercial

which

principle and elim¬
inate scaling and corrosion prob¬

PAR.

heat-treating

large

heaters

water

Promotion
search

*nr-

heat-transfer

means

—

high-speed indus¬
and

have

struggle for the

with each

sense

baking
operations.

and

industries

with

trial

evi¬

more,

cook

meals

restaurant

form dozens of

dollar.

competition. We

and

lion's

take

the

this

and

time, make outdoor areas
warm
as all indoors, and per¬

Fortunately for the gas industry,

creasing

branch of the public utility

This

easy to

in the past.

than

gas

vent

half the

industry .has
developed
a
strong and dynamic voice directed

race

the

policy'

much interested

point of fact, it may well

obliged^ to do

running.

question is whether other

which presumably

within bounds must not

\ of this load.

dent

consumer's

office

require

Our gas infra-red burners

home

of competition
new and higher

Nowhere

gear.

awareness

coal

of..a.-good deal of discussion and some
in Washington. It is this: How
long can we con¬
carry so large a part of the worid—now par¬

financial

might

pace

held

through-the-wall

chimney connection.

pace

has shifted into

leadership

ticularly the underdeveloped parts of the world—upon
our

com¬

"Selling Sixties."

have

the

all

the

been ,the subject
tinue

*4$

have

water heaters that

any
could be more
this truth than those of

G. A.,

hours.

estimate

gether. From this time forward
a

closely regulated
industry,
utility companies
al¬
ready are competing at fever pitch

ignoring this aspect of the matter alto¬

look the other way.
Still

speed

for

business of selling fuels.
short
12
months during

the

Festival, of Flame
the
increasingly

gas

Despite

with the

in the habit of

whose

franchised

an
economy that is in close financial
world, and subject to the stresses and
strains incident thereto, has not been
adequately ex¬
plained. In point of fact, many who preach such a doctrine

contact

full

behind

business.

build

energy

authorities is necessary—and sometimes at least sufficient
any

competitive period in American
history. Nowhere will this com¬
petition be keener than in the

gospel
country that action of this sort by the credit

early stages of

left

four-cornered

become almost

the

reveal

greater emphasis this industry

in the

which

oppor¬

Nineteen Sixties will be the most

nationally out of line. Along with the other factors, some
of which we have
already mentioned, this was quite
enough to draw funds from New York in substantial vol¬
ume and remind
us, so we must hope, that we no longer

—in the

forward

energy market.

world alone. It has

exciting

placing on gas research and prod¬
uct development.
:
'
Today, we have domestic gas
ranges with ovens that can hold
a full meal at serving temperature

have heard the business and
financial
experts
say
that
the

try to do so—by means of artificially cheap money—not
as
cheap as apparently the Democratic party bosses and
political leaders would like, but at a level which is inter¬

own

the past several years—
must do it now. We must

being

For
of

sion in business in this
country, and the Reserve authori¬
ties have felt it encumbent
upon them to ward it off—or

tenet in this

for

heavens.

Ahead

Money Rates Out of Line
a

our

Warns of Keener

warrant it.

indications of

wait

the

swifter.

foreign control,
but a good many countries are now on what
may be
termed a dollar exchange basis and have
grown suffi¬
ciently independent of the dollar to shift their holdings if
and when
conditions—including interest rates—seem to

some

and

petitors

amounts of interest sensitive funds under

There have of late been

sit

from

create

called

doubt

move

by war and unable to give us trouble. We were living in
something that approximates what the economist calls a
"closed economy." In those days we were able with rela¬
tively little damage from abroad to tinker with our bank¬
ing and credit system more or less as we pleased. The
influence of foreign funds, and of the operations of
foreign
financial groups, was so small,
relatively speaking, that
we were able to
ignore interest rates in other countries
and manipulate ours to suit ourselves. That time has
evidently passed. There not only now are substantial

live in

fall

the firm foundations estab¬

lished

other parts of the world. There was a time when most of
the major economic powers of the earth were flattened

Our

industry, I know

pressure

upon

our experience is teaching
longer ignore what is taking place in

all the optimism

tunities.

respect, too,

can

our

will

For

intend

manna

be.

see

been

to the

response

challenge of the Sixties.
the hastiest
inspection of

will

prod¬

new

industry's

our

Even

creasing numbers
of
the
com¬
pelling advantages of gas.
This
bright new decade
has

can

our

"Selling Sixties," it
be our greatest decade

our

technical

ucts, tell them over and
over
again, and tell them in ever-in¬

about these po¬

merely suggest what tomor¬

row

—tell them about

con¬

decade has been

new

need not look far for evidence

keep the public
aware
of the indispensable place
of
gas in
home, commerce and
industry. We must tell the people

but we're also realistic
to
recognize that fore¬

enough

see

than

aware

excited

are

tentials,

the

facilities.

new

leaders themselves

unable to

Even

allowing for
inflation, this will buy our pipe¬
line and utility companies a lot

great rank and file. It is extremely unfortunate that labor
are

calling

*?'■

the

of research and development. And

our

page

double, .■ advancing from to¬
day's $20 billion to $48 billion.
Obviously we cannot
deliver

balance

our

from

than

of payments difficulties we shall have to find some
way
to get our costs down in more comfortable

this

Speed Ahead
In the Selling Sixties

leading

shows.

and

will

also

Full

sym¬

national

important

While this

competition with

to obtain real relief from

are

their

European and
Japanese producers. In view of the favored political posi¬
tion of our labor unions, it is hardly strange that so many
of our business leaders
try to obtain relief from higher
costs (at least in their home market)
by means of higher
tariffs and other restrictions upon imports.
But if

trade:; associations

•.

ventions

material costs and the like that

well

A.-sponsored

G,;.

commercial area, and participation

wages
business world. And the situation tends to grow worse and
worse as time passes. It is
only by reason of certain advan¬
we

posiums in the textile, glass and
heat-treating industries, our work

the

light

would

are

goals

nice

to reach.

which

competition.

Now,. let

keep
.

been

These

independent

expertshtell

reach just to

of what, we've

pace

re¬

must

with the

/ .'

emphasize

that

Volume

•

Number

192

•

5998

•

The Commercial and

Financial Chronicle

•

there

are many excellent research
development programs being

and

conducted

number

our

manufacturers and gas companies,
These

vitally important activities
us tremendous strength,
present dramatic evi-

giving
and
they

are

dence

gas.

will

hoped

become

the

future

these

programs

and

stronger

even

numerous.

;

faith

increase

must

our

en-

outstanding

who,
initiative, are improving their products through
research,
and
are
aggressively
promoting and advertising gas and
gas
appliances. And we should
continue to encourage those suptheir

;

manufacturers

own

maturity than it has ever before time and interest that important,
achieved.
busy people put into the work of
Certainly
any
discussion
of, our Association. And rarely does
what's ahead for the gas industry anyone refuse to take an assignmust include the matter of long- ment.
range natural gas supply.
As many will recall, I've often
Despite
proved

sales

record

last

year,

recoverable reserves
of
gas in the United States

natural

continued

show

the

over

couragement and support of those

(1687)

■

reserves

increase

previous
now
total

These
trillion

year.

263

spoken

this

year

Speed Ahead" theme, urging that
we move forward, with all speed,
on
programs that can contribute
most to gas industry growth. I've
even had a big rubber stamp made
so I could plug this theme in all

cubic feet—and estimates by a
number of qualified individuals my correspondence.
and agencies indicate the nation's
jt has been "Full Speed Ahead"
ultimate natural gas resources are for the dedicated men and women
at least four to six times that serving on our Association's comamount.
mittees. They have been willing
.

None

manufac-

to think that every
iast cubic foot of this gas can be

to do their full share, offering
progressive new ideas, and showing courage to meet great chal-

national

jointly sponsoring
advertising

located, proved and produced at
prices the consumer can afford,

lenges. It is because of their unselfish
and
unswerving
efforts

of the Gas Appliance
Manufacturers, Association.

We need be neither geologists nor
economists to see the folly of this

that we
forward.

pliers

equipment

and

turers who

the

are

GEM

•

program

We also should
ment

who

have

Their

the

give encourage-

large manufacturers
recently
joined
us.

development programs and

tremendous

advertising
Of all gas

the products

^anufacturprs^

appliance
and

large

hnth

manufacturers,

power

both

and

large

small
But

let's

make

that

sure

our

techniques,
calls for

not and

for

the

gas

that

stress

market

to merchandis-

utilities. Let me
utility merchandising

the

today's

and
return

cannot

substitute

strong dealer program. In
retailing of appliances to the

however, only the gas

consumer,

utility

the

has

incentive

sell

merchandising'1 vis'

Utility

our

of making the

sale
at the point-of-sale. A total selling effort such as this — in proone

assurance

motion, in advertising and in retailing—holds the key to the full
potential of our residential load.
And

said,

finally,

others

must convince

have

every

gas

producer,
pany and
industry's

utility, pipeline commanufacturer that the
problems
are
their
problems also, that we are a national group of companies with a
common
purpose—and that purpose is to sell gas.
This
matter
of
preparing for
tomorrow
brings
to
mind
the
of John Galsworthy, who
said, "If you cannot think about
the future, you cannot have one."
Not
only thoughts but specific
plans for the future are the direct
concern of A. G. A.'s Gas Industry
Development Committee.
This year, the G. I. D. Commitwords

tee
all

studied

has

and

phases of the

studying
industry to
industry is

gas

where

the

determine

going,

and

what

recommend

the

us,

course,

though. But I

fully confident

cVioiild tPTYihrT that tVip

de-

course

too,

industry

challenging task

the development of greater

research program

directed to-

ward the development of processes

Substantial
made

—

several
fuller
tural

and

upon

progress

has

particularly in the

past

—toward achieving
understanding among nayears

producers,
pipeliners
distributors
concerning
problems, including proregulation and its effects

the entire industry.

Informal

discussions

have been

8,500

some

familiar

old

the

tural

and energetic Managing Director,

Chet

these

three

^Ttion

Stackpole,

this

staff

iXrna^onM

totte

kind

we've

competition

na-

always

fuei

production

and

iargely because
ditionally American

use>

energy

of the trafreedom of

the

entire

industry

onP^Unn S /hi
fnitp nf t^ hi!

refundW

Trpas^rv

for

short-term,

amon'

experts
offer

that

government

positive be-

are

£
TreJ

most

the

refun(iing

issue

will

that

will

how

And

fortunate

are

pnly ^permitted ; all! energy indus- hering to nationally - recognized
tries to serve the public well, but standards assuring the consumer
has

the

stimulate

helped

Preference

proval.

_■

Policy

Criticizes National Fuels

look_abead

Qur

But today, under the guise of
establishing a so-called "National

^hat

^on

and

Policy,"
one
energy
industry would upset this system of
free competition in favor of another system under which fuels
and their end use would even-

ass0ciation

Fuels

shall

company

coopera-

gas

indivi-

and

woman-

manpower

continued

clear

every

idea-power'will

and

tribute

the

need

assistance

whose

duaj

p0wer

makes

con-

industry

gas

governments

being digested bv

still

are

th^lnstimfinnal

"forward"refund-

buyers, with the
ing" bonds being

taken by inclassified as the
permanent holder type. The 3%s
due 1980 appear to have picked up
<Iuite a few friends of late and are
finding homes in the portfolios of
institutional investors. The demand f0r government bonds is still
limited, however, because of the
better yields which are available
in corporate and tax-exempt ob¬
ligations. However, with the large
vestors who

are

'/telephone" issue out of the

way,

it is believed in some quarters of
ibe bond market that demand for
tbe most distant government is-

the most

buyers of the longest government
bonds,

liquid short-term government securities. Evidently both

for, and development of, new fuel durability and safety of appliances
sources.
bearing the A. G. A. seal of ap.

Long term

uncertainty
which
surrounds
not
only the
economic
picture, but also the country as a

The

performance, individuals and institutions have
decided to make near-term ternporary commitments in Treasury

adequate

the

Election Engenders Liquidity

capable organization
as the A. G. A. Laboratories conducting our appliance testing pro-

have such

maturity

part of the

working

cooperatively at the national level.

Lon^ Governments in Some
Demand

by doing those things that can be
being looked for as
done best or most economically refUnding operation.

faced- This nation leads the world

bills, with the shorter maturities
of tbis liquid government paper
getting an especially large play

f^pm those who are obsessed with
"liquidity preference" and want to
have funds at work for a very
limited period just beyond the
electi°n time. In addition, there
are lar&e scale purchases of the
medium and longer term Treasury

TVTi-f-/VU-n wk
Trmna
IVllLCllUIIlj d(JI10O
A

TV/T^-r

rxDSOrDS IVLciy 00.
LOS ANGELES, Calif.—Mitchum,
Jones & Templeton, 650 South
Spring Street, members of the
New York and Pacific Coast Stock
Exchanges, have announced the

merger with their firm of J. Earle
May & Co. Incorporated, 601
issues Bryant Street, Palo Alto.
Such control would impair the f^rder th3n just mainxam- because the funds which would
J. Earle May and Edward S.
production, pricing and ultimately l ®
f7tl Vm ordinarily be going into mven- Arnold have become partners in
the marketing of all fuels. While
™ato " 5„A°pf
tories or would be used for other Mitchum, Jones & Templeton.
tually

ment

be controlled
r ■

would

would
real
loser
be the consumer, who no

would be free to choose
between
competing fuels in an
longer

market. I assure you that
industry will fight such arti-

open
our

strength
I

can

muster.

I must voice

feel

comments

additional

the

all

with

restraints

ficial

one

two

in-

our

tion^'iiesthe' greatest' sourdb of
strength

—

the

•

greatest

0f ideas and vision and
that

this

industry

has

reservoir
energy
ever

pos-

sessed.

the

Gas

Appliance
its

panies that translate our industry s
ideas into the gas appliances and

equipment so vital to our future.
what a powerful team we make
GAMA

and

aVlpnd

A.G.A.

work

to-

gether toward our mutual objective—greater use of gas.
year

and

immense amount or eninusiasm corporate

^ork

iutdistance thrcompeti- needed for

™°'k 10 outdistance tne compeu

tax

anticipation

purposes

will

not

period of time..Also,, j

q;|

lt ls mdiCated that a not unsizable J
II. OllCOX I OrillS
amount of money which had been f\
But if you believe, as I do, that in common stocks, or so intended, \JWT1 OOIIlDRnV
we have a difficult task to per- is being put to work in not only
f
J
form, you may also think of the Treasury bills and tax anticipa- CHARLESTON, S. C.—James H.
tremendous opportunity we have tion obligations but also in selected Silcox has formed J. H. Silcox &
to serve the industry on which medium term securities.
Co. with offices at 8 State Street
y°u and I have bet our future.
evident that as long as the to engage in a securities business,
The task is great, to be sure, domestic situation is filled with Mr. Silcox was formerly an officer
The need is even greater—and uncertainty, and the international of Silcox & Johnson, Inc. and
the opportunity is greatest of all. picture is fraught with indecision, prior thereto conducted his own
But we who are now looking as it appears as though it will be investment business,
ahead together are also working for at least until the elections are
to^ethe!r,,and I'aih certain we are over,, there is not likely to be any., a
Lloyd Haas Admits
equal to the task.
•
'
let-up in the demand for shorty T
H
«
rn, h
,
—
~
term liquid government securities, the admLsion of'josenh R Seid*

42nd

VnnuaTSCoJve„r.i0n,g.f

Gas

can

energetic and imaginative leadersbip and in the hundreds of forward-looking manufacturing com-

bills

the

irreparable,

prosperity

and

gr0wth

govern-

the damage to our industry

for some time between

representatives

J?Jt wbllematurity would probably fill this
other force dominating the hill.

indivi

and

Oct.

10,

the

Association, Atlantic

AjneWCity, N. J.,

i960.
_

J° add short-term ireasury maselected to ttieg demand tor the

jn c. has opened a branch of-

•'

under the
j

Metropolitan Building

in these commitments.
Debt

management of Robert

Fxtension

Fxneeted

Refunding-Operation

tner£hj
i

in their firm
w

offip^c

tSonbright branch
VERO BEACH, Fla. — George D.
B- Bonbright & Co. has opened a
branch office at Porpoise Point
under the management of Warren

pameron

^
,

turities, are reported purchases of ^
removal 01 ineir oiiices
these securities by the deposit 10 1ZU ^roaaway, iNew xotk uixy.

Chaine Opens New Branch banks, with the large ones as well
„T mT
M- h
h
R
Shaine &
as the smaller ?nes bem^ involved

The

*
n

oinger, Ueane branch

intermediate-term

issues

have been pretty much

the

quiet side,

are

p. Wallace,

even

on
though there

Rranrh

selected issues such as the 2%s of
Yvre>i oecb. ordiicn
Deane & Scribner has opened a 1965 and the 5s and 47/8s of 1964 OAKLAND, Calif.—East-West Sebranch office in the Stambaugh which are being bought by both curities Co. has opened a branch
Building under the management individuals and institutions. It is office in the First Western Bldg.,
YOUNGSTOWN,

Ohio

—

Singer,

It has been my privilege this
to be closely associated with
Charles D. Arnott.
branches of the gas business — the officers and directors of the
between men acting as individuals American
Gas Association, and
Hpi'tripr Offire
rather'than- as; official-delegates with-the many, committee chairA, f
1 • - r I»
from trade associations. It is my men and other A. G. A. members CAPE GIRARDEAU, Mo.—Yates,
belief that
in this movement to who also are working toward our
Heitner & Woods has opened a
achieve greater understanding we common
goal of building and branch office at 338 Broadway
are seeing the natural gas industry
strengthening the gas industry.
under the management of Francis
bring itself to a higher state of
Some would be amazed at the J. Hess, Jr.
going

The .Federal Reserve System is nounced today, (Oct. 27) for next
keeping money and credit on the month's maturities will embody an
ample side because they are con- issue or issues which could have
tinuin2 tosJ£>uilci up the "free" an adverse effect marketwise on
reserves ef member banks. This is the presently outstanding inter°-neJ?
prime reasons for the mediate-term obligations. Thi_s
Slzabl® demand which is still .would, however, carry out the
S-2 short-term government established policy of the Treasury
a wii
™°vement. into .to extend the maturity of the
Jn.tlcl?a~ debt as it comes due. A short-term
to br*ng tbe ?bll£at3on ls expected to make up
^
psychosis to the other part of the package,
?nnil?tp S0
SGen Sor?e >+say *12~ Jo 15-month

mand

maniifaetiirere

year

earlier references to
competition, I have been alluding
Now, in

Manufacturers Association—in

been

gas

mutual
ducer

Understanding

afinipQ

serving

as-

T^_T_T

producing synthetic natural efficient, hard-working group of help to move out the maturity
gas, or
an equivalent gas, from men and women. They are help- date of the
government debt Acthe oil shales, low-grade coals and ing the gas industry increase its
cordingly, a short bond probably
other adundant natural resources, usefulness and reach its objectives with a five to
eight

strength

„

of the world's

one

largest and most active trade

___

for

understanding among the various
We can thank our stars, too,
branches of our industry.
that
we
have
such tremendous
A Better

for the staff of

Oil

BY JOHN T. CHIPPENDALE, JR.

Hefs

here, in our alert, progressive national, regional and state associa-

will

action
program^ broader and more farreaching than ever before.
And if! plotting the
industry's
new

steadily

Xv0pOrt01

GOVERNMENTS

we also should remember that the pames, Headed by our dynamic obligations, there
manufacturers andI indivigas industry is conducting a vigor- duals.

studies

these

;

nothing but the highest
our Association staff-

sociations,

dustry. My travels this year leave
me with the firm conviction that

From

have

time.
_

marched

praise for

industry should aim for in the
future—what its goals should be.
veloped

have

that enough gas will be found, at
reasonable prices, to keep this industry in business for a long, long

ous

selling of gas does not end with
advertising and promotion. Changing
markets
call
for
changing

ing

optimistic

•

~Prir\/VY»Frw\

UUl

"Full

.«

the

opinion

money

market

practically
specialists

all under the direction of Robert J.
that Anderson,

there is little or no attraction in
the middle-term, obligations /as'a

'T M Berhardi Ot>ens
until the terms of the
1
™
November refunding have been Theodore M. Bernadi is engaging
made public.
.
- .
in a securities business from_ofIt is indicated that the basket fices at 50 East 42nd Street, New
deal which is expected to be an- York City.
whole

The Commercial and Financial Chronicle

(1688)

INDUSTRY

STATE OF TRADE AND
Continued

page

Preliminary figures

ago.

year

from

based
telegraphic advices from the

compiled by the Chronicle
upon

chief

of the country, indi¬
the week ended

cities

cate

that

for

Saturday, Oct. 22, clearings for all
cities
of the United States for
it

which

possible

obtain

\yeekly clearings will be 6.1%
above those of the corresponding
last

week

$28,779,949,865

the

for

$27,132,291,240

against

week in 1959. At this center

same

there is

Week Ended

000s omitted

5.4

1,293,284
1,174,000

-f
+

8.9
4.9

931,756

887,408

5.0

Philadelphia
Boston

They
think
competitive
from other materials
and
imported steel
will cause
steelmakers to hold the line.
(1)

They

(2)

wants

Estimated.

Expect Steel
Industry to Recover Until 1961.

"Iron Age" Doesn't

will

Steel business in November

believe the industry
avoid
the "whipping

boy" role that some critics have
assigned it.
keeping

added

that the
a bigger

feel

They

(3)
costs

stock

might offset whatever they save
purchase prices.

$13,938,776

1,408,211
*1,232,000

prices could be the
Tin plate producers nor¬
give canmakers 35 days'
when they plan to raise

plate

tipoff.
mally
notice

prices. So notification should come
this week if a price increase is
slated
for
Dec.
1.
Canmakers

65%

Age reports. Furthermore, Decern^
ber is not likely to show any im¬

provement in orders.

ceptions, most car divisions have

This

means

back

operations is now set

steel

recovery

any

forecast is in con¬

are

trast

what had been

slightly

feeling in the steel market
in recent weeks. But new factors,
better

automo¬

lower over-all volume in Novem¬

ber, resulted in the setback in the
market.

But, the magazine makes on im¬

portant qualification to its predic¬
tion:

Orders, even from major users
the
automakers, are on a
week-to-week, even day-to-day,
basis. This makes long-range pre¬
like

dicting difficult because any steel
user
can
change his plans, and

orders, overnight. A surge of late
orders
during the month could

bring
November
improvement.
But, at best, November can not be
called a recovery month.
There

are

few

encouraging

points noted:
is

There

over-all

slight

im¬

provement in the number of new
orders to compensate for the ex¬

decline

pected

automotive

tonnage.
Inventories
of

steel

are

low, and buying

running

merchant

have

been

tion

pig

furnaces

put back into produc¬

the

Midwest.

parently

Some

vidual

companies

order

many

indi¬

report

improvement not in

cases,

themselves
of

sult

vidual

the

companies

discount, them

special

projects

re¬

indi¬

effort.

The

disappointing
November
principally the result of

outlook is

automotive

the

sales

outlook.

duction

production

October

well

over

and

auto

the

pro¬
seven

million per year rate. Unless auto
sales pick up, auto production will

have

cut

back

the

two months of the year.
In addition, layoffs, are

uled,
in

some

are

last

already being made,

industries.

These

in¬

clude

and

appliance, farm implement,
heavy construction equipment

makers.

And

there

pickup

likely in railroad, oil country,
steel warehouse buying.

Steel

Users Aren't Hedge Buying
Again Possible Price Rise

Steel

users are

making no effort
against a
possible price increase on Dec. 1,
when industry wage rates
go up
an average of 8.4 cents
per hour,
to

protect

the

inventories

pare

bone,

promising delivery within a week.
A competitor rolled slab into strip
overnight,
cooled
it
off,
and
shipped it out the next day.
Production declined slightly last
week

when

their

furnaces

operated

steelmakers

54.6%

ca¬

pacity, 0.8 percentage point below
the previous week's revised rate.
Output: About 1,556,000 ingot tons.
Steel's price composite on No. 1
heavy steelmaking
at

$30.17

Chances

ship

remained
last week.

scrap

gross ton

good that the U. S.
much steel overseas

are

kwh.

it brings in, Steel re¬
ported. For the first eight months,
exports totaled 2,125,000 tons (vs.
1,386,000 tons in the correspond¬
ing period last year and 1,694,000
tons
in
all
of
1959).
Imports

53.2% of Jan. 1, 1960 Capacity
American

The

Institute

Iron

and

that

announced

Steel

the

op¬

erating rate of the steel companies
will
average
*94.4%
of
steel
capacity for the week, beginning
Oct.
24, equivalent to 1,516,000
of

tons

(based

ingot

on average

tion

and

1947-49).

steel

compared with the actual levels of
*98.3% and 1,579,000 tons in the
week

beginning Oct. 17.

ginning
55.4%
Jan.

Oct.

the

17,

equal

was

utilization

1960 annual capacity of
148,570,970
net
tons.
Estimated
percentage for this week's forecast
1,

that capacity

is 53.2%.

A month ago

(based on
tion) was

the operating rate
1947-49 weekly produc¬
*97% and production

1,558,000 tons. A

year ago

the

ac¬

tual weekly production was placed
at 371,000 tons, or *23.1%. At that
time

the

industry

was

closed down due to

virtually

strike of the

steel union.
*Index of

production is based on
weekly production for 1947-49.

age

aver¬

Output 8.2% Above
1959

The

amount

distributed
and

power

Week

electric

compact

1,500,000th

by the electric light
industry for the week

tonnage

was

year.

weekly

transac¬

tions in rye were

close to a week
earlier, prices were down moder¬
ately as receipts expanded and
flour trade was slow. The ex¬
port buying of soybeans moved

the

of 34 metropolitan

survey

by the ATA Re¬
Department.
The
report

Lumber Shipments for Week

comple¬

car

Ended Oct. 15

tion since Jan. 1 and virtually as¬

volume
history. Some 630,000 to 640,000

assemblies

expected.

are

Scheduled

this

for

144,056
the

week

are

last week. In
112,488

18,163

and

last year

week

same

trucks were built.

and 20,799

The

statistical service said 51%

the

industry's 49 car assembly

this week

time

overtime

over¬

worked

59%

and

basis, most of the

two-shift

Saturday

scheduled

plants

coming

this

30%

assembly
compact models, Ward's said,

were

passenger

car

with American Motors leading the

with

drive for production volume

six-day

three-shift,

opera¬

tions.

building this
week into 50.1% GM Corp., 31.1%
Ward's divided

Ford

Motor

Chrysler

10.7%

American
Motors
Studebaker-

6.5%

Corp.

and

Packard

car

Co.,

Corp.,

1.6%

the first

Corp.,

Ward's said that

auto industry

will bring its

entire

1959

production
units built

the

quest

the

third-best

For the

12.7% Above

Loading of
the

totaled

653,145

freight for

revenue

Oct.

ended

week

year-to-date, shipments

2.9%

below

ders

cars,

1960,

15,

the Associa¬

Railroads

American

was

production;

Compared

with
Oct.

ended

tion

or¬

new

an¬

the

reporting mills

orders

8.4%

were

was

below.
Failures

Business

fell

noticeably to 270 in the

ended

week

Oct.

from

326

reported Dun
Bradstreet, Inc. Although casu¬

alties

stood

the

level

lowest

in 12 weeks,
the

they remained above
occurring in the similar
last year and came close

250

week
to

Liabilities

$5,000

invloved in 248 of the week's

against 291 in the

and

pre¬

increase of

vious

week

casualties, those with losses
$5,000, dropped to 22 from

under

held

but

level.

228

with

even

Thirty-two

their

dipping

$100,000,

1959

failing

the

ago.

year

businesses had liabilities in
of

excess

from

this size

1958.

piled by Dun & Bradstreet, Inc.,
in the latest week, but it was up
moderately from a year ago. On

Loadings in the week of Oct. 15,
7,129 cars or 1.1% above the

were

All

districts

Wholesale

reported

increases

was

the

$6.03, but it
the

except the Central

Western. All districts

the

Pocahontas.

There
loaded

were

with

11,865 cars reported

one

revenue

(piggyback) in
Oct.
8,
1960
(which were
included
in that
week's over-all total). This was
an increase of 2,922 cars or 32.7%
above the corresponding week of
1959 and 5,119 cars or 75.9% above
trailers

highway
the

ended

week

Cumulative
the

piggyback loadings

first

weeks

1960

totaled 426,824 for an

increase of
108,892 cars or 34.3% above the
corresponding period of 1959, and
222,081 cars or 108.5% above the
corresponding
period
in
1958.
were

road systems

traffic

compared

rail¬

originating this type
the

current

week

50 one year ago
corresponding week

with

and 40 in the

of 1958.

class I U. S.

index

dip

week.
1

Trading in sugar

slightly

was up

climb

somewhat
from a week earlier. Coffee prices
were steady, despite
a slight dip
helping

prices

in volume

during the week. There
slight decrease in cocoa

was

prices at the end of the week, but
transactions were steady.
There

was

decline

slight

prices on the New York Cotton
Exchange this week. The October
cotton crop forecast for the season

with
a

bales,

14,533,000

was

compared

forecast of 14,581,000 made
earlier
and
an
actual

month

of 14,558,000 for last

crop

season.

Warm Weather Cuts Retail Trade

Unseasonably

the

week

similar

Dun

0.7%

earlier

date

Bradstreet,

Inc.

Wholesale Food

Price Index

rep¬

total of the price

sum

per

pound

and

meats

general

not

raw

cost-of-living

consumer

buying in week ended last Wednes¬
day, Oct. 19, appreciably below the
prior week, and over-all retail
trade

dipped moderately below

declines
occurred in purchases of apparel,
draperies, and linens offsetting
slight
gains in furniture, floor
Year-to-year

ago.

year

ing

week

new passenger cars.

good rise in the buy¬
major appliances from a

was

earlier, and safes

were

to last year.

The total dollar volume of retail

trade

the

Wednesday
cent

ended

week

was

below

one

this

five

per

year ago, according
to spot estimates collected by Dun

Bradstreet, Inc. Regional esti¬

able

varied

1959

percentages:
—4 to

from

levels

the

West

North

Central

—8; East North Central and

South Atlantic —2 to

Atlantic

—1

Central

and

New

compar¬

by the following

Mountain

England
to

—6; Middle
West South

—5;

—1;

East

Pacific

and

South

—4;

Coast

Central

+4 to 0.
Nationwide Department Store

3% From 1959 Week
stores

country-wide basis

sales

taken from

the Federal Reserve Board's index
for the week ended Oct.

15, 1960,

show

decrease

the

over

period last year. In the pre¬
ceding week for Oct. 8, an in¬
of

crease

the

four

increase

Jan.

to Oct.

reported.

was

weeks

ended

was

Oct.

For

15,

reported.

The

period showed

1% increase.

weather

warm
the week-end held

over

Department

1.7% higher than

the

year ago.

The

declined

the

was

$5.89

week

ended

below

the

Its

In the

foodstuffs
use.

According to the Federal Re¬
System department store
sales in New York City for the

serve

Oct.

were

period

last

year.

chief function is to show the gen¬
eral trend of food prices at the

preceding week ended Oct.
8, sales were 13% above the same
period last year. For the four

wholesale

weeks

index.

level.

crease

Wholesale Commodity Price Index
Down to Lowest Level Since
June 1950

the 1958 week.

for

Index

resents the

with the cor¬
1958, except

compared

creases

reported de¬

slight

from

$5.99

week

1959

Price

Somewhat in Latest Week

compared with the corresponding
in

Food

Wholesale Food Price Index, com¬

Oct.

preceding week.

earlier.

week

There

and Paki¬

trading sus¬
high level, rise prices
those of the preceding

Sales Down

Down

United

domestc

and

mates

the 275 in 1958.

were

the

made to Indian

chases

the preceding week,
&

sold. to

were

Republic. With sizable pur¬

There

Commercial and industrial fail¬
ures

rice

Arab

coverings, and

During Week Ended Oct. 20

12.7% above the
corresponding week in 1959, which
was
affected by the nationwide
strike in the steel industry, but
a decrease of 43,258 cars or 6.2%
below the corresponding week in
or

cars

somewhat;

8, 1960, produc¬

5.2%
above; shipments were 3.9% be¬
low; new orders were 4.5% above.
Compared with the corresponding
week in 1959, production of re¬
porting mills was 13.7% below;
shipments were 11% below; and
new

and

6.8% below production.

were

week

were

Small

in 1959

Same Week

reporting

reporting identical mills

failures

Car Loadings Up

orders

mills
amounted to 26% of gross stocks.
For reporting softwood mills, un¬
filled orders were equivalent to
14 days' production at the current
rate, and gross stocks were equiva¬
lent to 52 days' production.

establish the year

1960 as at least
period in history.

orders of these mills
below production. Un¬

new

filled

week

1960. In the same

15,

2.6%

were

com¬

Oct. 31 the

calendar year 1960 car
ahead of the 5,594,000
in

week,

Oct.

be¬

domestic activity
prices moved up
substantial quantities

sluggish

week,

matched

4.4%

were

production during the

Decline

reach volume output of
the '61 models, is scheduling fiveday operations. It closed its St.
Louis (Mo.) plant all of this week
in a production adjustment.

shipments of 457 mills

Barometer

ended

Corp.

Chrysler
pany

low

estimated

this

tained

v."

was

Increased export buying of flour

stan

4.4%

trading

domestic

and

offset

reporting to the National Lumber

Chevrolet

from

and Ford plants.

week's

Lumber

Trade

161,841 passenger car and 16,602
truck completions compared with

Were

Below Production

industry of its second-

the

sures

rye

conducted

areas

best October passenger car

of
energy

corre¬

assembly plants this week boosted, reflects
tonnage handled at more
their
car
output
12.4% to the than 400 truck terminals of com¬
highest level since early February, mon carriers of
general freight
Ward's Automotive Reports said.
throughout the country.
The
weekly
gain netted the

There

Electric

the

These findings are based on

Stressing overtime and secondshift
operations heavily, U. S.

to
the

Truck

announced.

12.4%

Car Output

responding week in

Actual output for last week be¬

volume

Although

heavier.

were

steady holding prices close to a
week earlier; supplies were ample
as marketings picked up.
:

castings

weekly produc¬
These figures

was

73,735

This Week's Steel Output Based

the

below

15,

the
1.4%

tonnage

Oct.

this

Boost

Manufacturers

Automobile

nounced. This

period last year).

truck

ended

volume edged up, but supplies

&r7% below the previous week of

tion

same

Intercity
week

the prior week

ally higher than

1.4% Below 1959 Week

kwh., or 8.2% above that of the
comparable 1959 week.

through

August
total
2,577,000
(vs.
2,665,000 tons in the

Intercity Truck Tonnage Down

gain of 1,043,000,000

and showed

this year as

themselves

Thursday, October 27, 1960

sponding week of 1959, the Ameri¬
can
Trucking Association,
Inc.,

with

consumers

they're becoming
more
dependent on fast service
from mills. Last week, a mill in
Western Pennsylvania lost an or¬
der
for
hot
rolled
strip
after
to

based

sched¬

of the other major steel-

consuming

inventories

pushing

higher.

line with the over-all pattern. But
in

feel they can get im¬
delivery, so there's little

point

Some

warehouses, also in the
Midwest, report occasional pro¬
duction-sized
orders
for
steel,
particularly sheet.

the

that

above

tons

consumption.
Some

Some sizes and gages
missing, but automakers ap¬

will

the Edison Electric
was
69,000,000

Output

week's total of 13,736,000,000

year.

mediate

indications

and

orders

tive

cutbacks

principally

not yet

just about enough steel to carcy
them through the remainder of
the

This gloomy

kwh.

Steel

have

1961, the magazine predicts.

into

Institute.

cars

is in the metal.

cost

can's

because

hedge

might

companies
report they
felt the full impact
of 1961 car buildups, the magazine
said. Although there are some ex¬

the Iron

October,

from

down

according to

pressures

Tin

$14,695,172

York

Chicago

are not
inventories:

users

their

Oct.
22
was
13,805,000,000 kwh.,

Saturday,

Reasons:

1959

1960

Oct. 22—

New

costs,

increasing

gain for the week end¬

Friday of 5.4%. Our com¬
parative summary for the princi¬
pal money centers follows:
ing

rising

from

Our preliminary

year.

stand

totals

Steel, the metal-working weekly,
reported.
Although steel producers have
made it clear that they want relief

ended

estimated

ending Oct. 15
was

reported

over

period, and from Jan.

in¬

the 1959

1 to Oct. 15

there was a gain of 6% above the
level achieved in the 1959
period,

Lower

prices on some grains,
steers, cotton, rubber, tin
copper held down the Daily

hogs,
and

Singer Opens

(Special to The Financial Chronicle)

Wholesale

Commodity Price In¬
dex, compiled by Dun & Brad¬
street, Inc., to 265.87 (1930-32 =
100)

Oct. 17, the lowest level

since June

26, 1950, when it was
The current index com¬

265.24.

pared with 266.55
and
date

276.25
a

the

week

earlier

corresponding

year ago.

Wheat

prices finished fraction¬

NEWTON, Mass.—Herbert Singer
is conducting a securities business
from offices at 85 Clements Road.

Allied Syndications Formed
Allied

Syndications

ducting

offices

New

Ltd.

con¬

securities business from

York

East

City.

42nd

Street,

Volume

192

Number

5998

The Commercial and Financial ChronicU

$12.65 reported at the start of the

MUTUAL
BY

FUNDS

ROBERT

and the $12.48 at June 30
During the quarter new positions
were taken by the
purchase of 3,year

RICH

000

Cold

wasn't

ment

long

that

ago

Association

the

Invest¬

Companies, the 20-year-old

times.

share,
telling

almost monotonous regularity tnat

hard

purchases
all-time

trict

high.

were

And in those days
the financial dis¬

were

skeptics

who

persisted

asking how these investment

com¬

panies would fare when the stock
market

hammered

was

those

For

hear

there

who

views

the

forecasts

shareholders

holdings

have
the

Average

hit

Dow-Jones Industrial

which,

incidentally,

stockholders.

been

their

that

not

per

reduced

now

are

for the

has
anti-

fund

skeptics, the situation is a
long way from being a rout. In¬
deed, not a few of these wish they

had been able to emerge

the

from the
few scars

rout.

cynics,

they

counselors

rival

arch

who

the
own

to. their

funds
busi¬

Well,
ket has

the

even

observer

most

casual

realizes, this stock

mar¬

been hammered

savagely,
"of. the ^"household
name" issues
bearing the -brunt
of the beating. • The ; go-it-alone
investors,
by
and
large,
have

with

inghouse

City

Power, 1,000 Virginia

Electric.

Investment

shares of Continental Bak¬
ing, 500 Continental Can and 3,000
Standard Oil (Ohio) were elimi¬
3,000

nated.
*

National

growth
Street

Investors

fund

stock

Corp.,
the

the

Broad

had net asset value

group,

and

$13.35

$13.41

During
The

One

William

Street

Fund,

ings

Corp. (30,000 shares), BestGypsum (17,900), Harcourt-

wall

Brace

ness.

Atlantic

Electric & Power and 2,000 West¬

Sept.

the start of

30
this

(10,000), Kerr-McGee Oil
(25,000);, Prentice-Hall (15,000),
Smith, Kline & French (35,000)
and

many

United

the

States

Steel

time

same

(25,000).
increased

holdings in Atlas Powder to
000 shares

15,-

shown
no
dispositionto panic. 12,500, in Hooker Chemical to 85,Sure, there has been a measure" 000
from
84,000,
International
of selling, but there also has been
Telephone
&
Telegraph
50,000
a more than negligible amount of
against 25,000, Kaiser Aluminum
buying too, as the odd-lot figures & Chemical to 60,000 from 40,000,
will demonstrate. But for the most

Libbey-Owens-Ford

part

000

Glass to 35,-

quarter

new

com¬

purchase

20,000

by
of

American

Cyanamid, 50,000 shares
of Central Hudson Gas & Electric,
40,000 First Charter Financial, 30,000 Great-Western Financial, 10,000 Illinois Power, 8,300 Jostens
Inc. "A," 42,500 Pennsalt Chemi¬
cals, 25,000 Pitney-Bowes, 40,000
Republic

Natural

Gas,

Allied

were

20,000

Chemical,

10,000
shares
of
American
Photocopy
Equipment, 22,000 Bestwall Gyp¬
sum, 10,000 Central & South West,
9,000 Georgia Pacific, 10,000 Mid¬
dle
South
Utilities, 6,100 Nalco
Chemical, 15,000 Oklahoma Gas &

of Colorado to

Carbide, and
Holdings were reduced by the
sale of 10,500 shares of Addresso-

vestment

graph-Multigraph, 11,000 shares of
Minnesota Mining & Manufactur¬
000.
ing, 8,500 National Lead,
5,000
The
fund
meanwhile
elimi¬
Owens-Corning
Fiberglas
and
nated its 20,000-share holdings of
II,300
shares
of
Westinghouse
Bankers
Trust, 20,400 of Chase
Electric.
Manhattan, 15,000 Chemical Bank
Investments in 20,000 shares of
New
York
Trust,
34,000 Eaton
Continental Can, 10,000 shares of
Manufacturing, 12,852 First Na¬
General Electric, 18,000 shares of
tional City Bank of New York,
W.
K.
Grace
and
15,000 shares
15,000, Manufacturers Trust and
of Kerr-McGee Oil Industries
6,700 Reynolds Metals 4V2% sec¬
were
eliminated.
ond convertible preferred.

taken to the sidelines.
This

the

objectives.

the

week

National

Investment

Thus,

last

Association

Companies

reported

that investors during September
bought $171,081,000 worth of mu¬
tual-fund

slide

shares.

over

Now,
from

that's

the

$188,315,000 of fund shares bought in
September of 1959, when the mar¬
ket was only beginning to falte:\
And what about the

had

previously

selves to

people who

committed

mutual funds?

them¬

Was

sizable
terms

enough

percentage

buoy their hopes, if not
to please them altogether.
These

redemptions

last

month

toted

from

000

Sheet

45,000 from 43,000

increased to 35,-

was

30,500 and Youngstown
to 40,000 from 35,

holdings of Air Reduc¬

10,000 from 30,000 shares,

Champion Paper & Fibre to 40,000
from

50,000, Dow Chemical to 30,

from

600

36,500, General Electric

40,000,

from

29,900

tional Nickel to 103,000

Interna¬
from 141,-

from
to $64,876,000.
That's up a neat
55,000, Standard Oil (Ohio) to 20,20% from the $54,057,000 worth of
000 from 25,000 and Westinghouse
fund
shares
cashed
in
during
Electric down to 57,500 from 105,September of 1959.
Incidentally, 000.
redemptions

were even

Chas.

000,

Pfizer

heavier in

:J:
t

August

this

when

they
amounted to well over $72,000,000.
In an industry long accustomed
to
reporting advances on every

front, it
these
wind *

year,

seems

days
on

are

that the fundmen
feeling the cold
front.

every

cumulation

Their

There

were

28,186 voluntary and contractual
plans opened last month. In Sep¬
tember

1959,
when
buying
periodic payment basis
was
less
well understood,
there
were
28,883 plans opened.
And
as recently as August of this year
the 159 mutual funds sold 30,401
such plans.
And just one more melancholy

note:
were

investors

putting

000,000
than

while

they

last

month

better t an $106,into mutual funds
taking out, the

were

combined

assets

funds

these

Sept.

equal
226

50,000

sit

as¬

30 were $10,353,479

shares.

This

each

compares

$16,699,799 and $31.92 on
4:

June

During
made a

30.

quarter the company
investment

Continental

Oil

ner-Denver.

Allied

new

of
12,500 Gard¬

18,400
and

increase^ holding

Chemical

13,000

American Cyanamid by
shares,
American
Tele¬
&
Telegraph
by
13,000
and added
1,800 Interna¬

shares,
14,000
phone
shares

tional

the

Business

Machines

and

5,-

000 Northern Indiana Public Serv¬
ice.

sale

Principal
of

46,500

were

Conti¬

nental
were

shrinking.

F6r,

with

the

stock market under pressure, they
added

to $15.6 b'llion at Sept.

Baking, 20,000 Hooker
Chemical, 13,900 Kroger and 25,000 Westinghouse Electric.
*

the end

For

written

of August.

the
a

story, these

fundmen,

20-year-long
are

have

success

indeed melancholy

Fund,

Inc.,

the

bal¬

anced

fund

group,

had asset value of $12.15

the

Broad

Street
a

Sept. 30, down from the

quarterly

cents

per

Common

Income

Fund,
a

Series

S-2,

semi-annual

has

de¬

regular dis¬

tribution from net investment in¬
of 20 cents per

share; and a
special distribution from net real¬
come

ized

profits of 45 cents

Nov.

distributions

municipal' bond
Smith Inc.

department,

Merrill

Lynch,

three investment firms

The

that offered the

bonds, scaled from

;price of 99*

are

Pierce,

Manager,
Fenner &

group

managers

yield of 2.25%

dollar

■'

....

payable

holders of record

purchase, a total of 20,000
shares of 5% cumulative preferred
and
ers

Oct.

84,079 shares of Wilson Broth¬

National Aviation Corp. net

sets at Sept. 30 amounted to

as¬

Eaton

share came to $11.81 on
Sept. 30, compared to $11.86 on
June 30, $11.10 last Dec. 31, ana
$10.12 on Sept. 30 a year ago. Net
assets on Sept. 30 totaled $4,508,010, a new period-ending
high.
This figure compared with
$4,459,903 on June 30, $4,182,474 on

Stock

Howard

Fund

$153,764,840, equal to $11.44

were

each of

compares

13,436,773 shares. This
with assets of $151,888,-

949 and $11.87 a share a year ear¬
lier

when

shares
2-for-l

there

12,799,444

outstanding (adjusted
stock split).
*

Axe

were

Massachusetts Investors Trust

its shares
the

Funds

Wilson

earlier.

months

Maurice

Parker,

President

Wilson.

The

chase

$25

consists

par

ferred

Purchase
nounced.

tual

pur¬

stock, all of which

has been authorized

prices

Funds

now

quarter

ago.

year

and

Dec.

not

an¬

Houghton Mu¬

owns,

with

this

New

payable

record Nov.

iff

will

Aug.

that

marked

the

total

Fund

31,

h i

years

assets

net

h
of

were

year's close. Shares
rose
from 34,979,911

the

outstanding
to

43,641,492.

was

$18.11

Sept. 30, against $17.71 at Dec.

31,

firm

Co.

name

has

been

Robb

Babson

changed

and

formed

are

now

located at 30 Broad

Street, New York
are

City.

Partners

Irving K. Babson, Philip Kaye

and Ernest N. Robb.

with

offices

securities

u s

Porteous is

principal of the firm.

n e

Douglas

ss.

W. D. Gradison Branch
WILMINGTON,
Gradison

under

Donald E.

New

O h i

—
W. D.
opened
a

has

Co.

office

branch

Street

132

the

East

Main

management

Cowgill.

Grunberg Branch

TRENTON, N. J.
Co. has opened
West

State

—

Grunberg &

branch office at
under

Street

the

Kentucky Co. Branch
FRANKFORT,
tucky

Ky.

Company
office

branch

under
M.

Ken¬
opened
a

The

—

has

West

315

the

Main

management

Hardy.

Martin, Monaghan Branch
NEWTON,

Mass.—Martin, Mona¬

ghan and Mulhern, Inc. has opened
office

branch

the

Street

under

David

Freeman

Oldfield.

management

WASHIINGTON, D. C.
M.

—

Garey is engaging in

ties business

firm

the

from

Street,

name

Thomas

securi¬

offices at 2643

W.,

under

of District Securi¬

ties.

Babson, Kaye & Robb Co., and of¬
fices

partnership.

Penn Center Plaza to engage

Forty-first

Now Babson, Kay,
The

Moore

Forms Porteous Co.

1959.

Kaye

Oct.

Forms District Securities

Exchange

Johanna

re¬

$180,421,994, compared with $156,888,419 a year earlier.
Net asset
value a share at the beginning of
the fiscal year was $4.49, against
$4.13

admit

PHILADELPHIA, Pa. — Porteous
and
Company Incorporated
has

Robert

ports

Moore, 120 Broadway,
City, members of the

limited

Street

Industrial

Financial

York

New York Stock

ordi¬

securities

both

cents,

£tock

realized

from

income

investment

nary

will

Harrison Culver to lim¬

Foundation

dividend

Nov.

management of J. Stanley Husid.

Institutional
declared

Midwest

and

Steckler & Moore Admit

383

but unissued

were

The Axe

the

fund's total net assets
stood at $1,419,387,550, represent¬
ing 114,277,688 shares outstanding.
These figures compare with total
assets of $1,493,822,047 and 113,366,516 shares at the end of the
previous quarter, and assets of
$1,497,272,607
and
111,228,079

20,000 shares

of
value 5% cumulative pre¬
stock and 20,000 shares oi

par common

the

end,

York

partnership.

Steckler

Brothers,

according

admit H.
ited

Sept. 30,
$13.18
three

quarter

with

compared

New

Exchanges,

at $12.42 at the end

was

third

the

Stock

been

reports that the net asset value of

net asset value

Mutual

Sept. 30,

General Capital Corp. calculates

has purchased for investment 40,-

for

Houghton

$3,619,138

1959.

operation,

reports that at Sept. 30 net assets

in to¬

value per

$24,-

924,756, or $28.52 a share, com¬
pared with $25,320,675 and $28.96
a share one year earlier.
!

ing to unaudited figures, net asset

profit

Jf!

tal net assets were reported
by
Oppenheimer Fund, Inc. Accord¬

Dec. 31 and

LOUIS, Mo.—Newhard, Cook
Co., 400 Olive Street, members

per-share value and 24.6%

cents
*

Newhard, Cook Admits
ST.
&

stock.

common

Twelve-month gains of 16.7% in

share.

per

are

31.

$1
Whitehall

who

Keystone
Stock

30, compared with $16.4 billion at

income

clared

000

reductions

Series

share.

asset value per share de¬
to $11.73 at Sept. 30 from
at

Fund,

declared

vestment

clined

$12.51

Income

distribution from net in¬

regular

593,with

Broad Street Investing Corp. re¬

port

10,000 Union
5,000 Zenith Radio.

has

K-l,

All

523,122 shares at the close of 1959.

Company,

Keystone

reports total net

$32.62

assets of

plans, by which they

enthusiasts.

Fund

ac¬

set great store, also are attracting

fewer

Istel
sets

Southern

Tube

It pared
tion

Moore

30,000,

Scott Paper

the

stampede, long hoped for in some
quarters, underway?
Well, redemption of shares was

from

S. L. Descartes, Assistant Executive

on are

Vice-President of Banco Credito, and J. Arthur
Porter,

latest

Principal additions
shares

seems to be the temper too
people who count on fund
management to attain their in¬

have

Authority.; Looking

Chemicals.

Electric, 7,000 Chas. Pfizer, 10,000

investors

small

16,000

Corp. to
40,000 from 38,500, Public Service

the

Jr. (second from left) partner of Ira
Haupt & Co., is shown mak¬
ing payment at offices of Chase Manhattan Bank, Trustee of the

Thermo-King, 10,000 Western
Publishing, and 20,000 Wyandotte

from

10,000, in Conti¬
Assurance to 15,000 from

nental

the

stock positions were taken

mon

saw

year.

basic hostility, Inc. reports that during the quar¬
to the funds. They were, in many ter ended Sept. 30 it made new
instances, brokers and investment investments in American Greet¬

suspected of

were

700 Montana

dire

because

was

Company
shares.
by sale

1,000

reduced

.500

(third from
William G. Carrington,

Electric, 400 Delaware Power &
Light, 100 Kansas Gas & Electric,

It would

their

were

representatives handed check to Juan Labadie Eurite

left), Executive Director of the Authority.

This compares with $14.69 at June

somewhat less than

were

convincing,

per

funds.

scant doubt of how the

was

situation would develop.
border

around

the

many

market troubles with

down.

waited

days when they

pride to the rise in net assets

organization that comprises the
country's top mutual and closedend funds, was able to report with

there also

the

From

accustomed to pointing witn

were

Southern

increased

was

Wind And The Warm

Holdings
National

Closing ceremony for $10,000,000 Puerto Rico Aqueduct and Sewer
Authority Revenue Bonds took place Oct. 11 when investment

Continental

Oil.
2,000 Florida Power & Light and
I,000 Zenith Radio. The fund's in¬
vestment

The

Close Puerto Rico Aqueduct Bond Sale

Dempsey-Tegeler Branch
RENO, Nev.—Dempsey-Tegeler &
Co. has opened a
24

East

First

branch office at

Street

under

the

management of James M. Sorenson.

The Commercial and Financial Chronicle

(1690)

Indications of Current

The

following statistical tabulations

latest week

Business

Activity

week

Latest

AMERICAN IRON

AND

STEEL

Indicated Steel operations

month ended

Week

.Oct. 29

Steel

PETROLEUM

oil

and

.Oct. 29

INSTITUTE:

condensate

Year

Month'

Ago

AMERICAN PETROLEUM INSTITUTE—Month

(bbls.

average

runs

Gasoline

(bbls.)—

average

(bbls.)
Kerosene output (bbls.)
output

6,802,560

6,823,710
117,898,000

"—Oct. 14

6,847,010

7,880,000

8,083,000

2,857,000

2,268,000

2,567,000

Oct. 14

11,863,000

11,858,000

13,181,000

11,796,000

oil output (bbls.)
Z
.Oct. 14
Stocks at refineries, bulk terminals, in transit, in pipe lines—
Finished and unfinished gasoline (bbls.) at—
Oct. 14

5,738,000

5,930,000

5,711,000

5,999,000

oil

(bbls.)

output

Residual fuel

fuel

Distillate

oil

Residual fuel

ASSOCIATION

oil

(bbls.)

CIVIL

freight received from connections

ENGINEERING
U.

Private

CONSTRUCTION

—

175,066,000

171,437,000

162,773,000

51,427,000

50,766,000

47,633,000

653,145

646,016

598,716

528,542

535,480

(U.

DEPARTMENT

STORE

$400,200,000

$444,500,000

$368,400,000

$261,000,000

235,200,000

252,300,000

194,700,000

146,500,000

165,000,000

192,200,000

173,700,000

Oct. 20

135,000,000

171,500,000

140,200,000

30,000,000

20,700,000

33,500,000

ELECTRIC

Electric
FAILURES

8,510,000

8,120,000

394,000

377,000

(per

Pig iron

(per

gross

INDUSTRIAL)

—

DUN

METAL

PRICES

Electrolytic

(E.

(St. Louis)
(East St.

BOND

6.196C

12,762,000

$66.41

$29.50

$29.83

6.196c

$66.41

$31.83

29.600c

32.575c

26.900c

27.475c

;

■

28.775c

12.000c
11.800c

11.800c;.

13.500c

12.000c

13.000c

26.000c

103.125c

13.000c

103.750c

26.000c

102.125c

87.61

89.21

86.91

87.72

>•

92.20

86.38

87.18 V-

80.69

80.81

82.03

84.04

•■"
,.

Group

1949

85.33

88.81

89.37

3.81

3.86

3.61

4.65

4.64

4.58

4.86

4.31

4.26

4.56

4.46

4.40

4.77

4.68

5.13

5.12

4.86

83.28
85.98

;

4.86

4.57

4.62

5.26

4.76

4.57
4.50

4.46

359.2

357.8

366.1

Oct. 15

308,826

340,449

326,613

314,365

Oct. 15

PRICE

312,608

437,1*57

110.00

109.65

344,700

109.53

2,042,750

3,038,340

2,255,750

2,086,920-

2,054,850

495,890

328,020

30,900

49,730

347,430

378,330

413,400

281,670

331,400

the floor—

569,980

Sep. 30

833,580

•

129,050.

118,920

485,100

96,020

^Sep!
—

659,092

576,244

.—Sep 30

778,012

472,264

Short sales

Sep

I" Sep

sales

HZ Sep!

sales
_

BTOCK TRANSACTIONS FOR ODD-LOT
ACCOUNT OF ODDI
LOT DEALERS
AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE — SECURITIES
EXCHANGE

57,710

3eD

Customers'
Dollar

total

602,020

sales

9ep

sales

other

Number

sales

-Sep

Durchases

EXCHANGE
FOR

Total

AND

ACCOUNT

round-lot

Short

MEMBERS

$381.3

274.7 r

275.1

259.0.

111.0

♦111.5

87.2

*87.7

72.7

*72.9

41.8

41.6

38.1;

49.0

45.6

11.2

L.—

professional-

:
'•

36.1

4,535,030

3,180,205

income

756,128
885,018

..Passenger

;

•;

Production

—

13.8

27.4

24.0

29.5

29.1

27.2

9.4

7.9

392.0

*391.8

370.1

7,824,458

—i.i_

Tractor Implement Tires

(Number of)

;

8,061,325

—i— -2-—

—i—

3,606,342

2,768,964

2,848,598

3,208,895

Shipments

4,194,682

3,259,414

3,457,038

3,755,665

Production

Truck

and

Bus

Tires

271,274

•! 273,453

241,527
931,776

8,463,172
18,691,602

235,223

—

.jii—_7__^.^1—•

——

8,915,365
8,679,590

22,096,743

22,325,991

6,767,305

—

Shipments

546,770

12.5.

14.0

(

I——-—----.-—-

3,362,790
•;

10.4

12.5

and Motorcycle Tires (Number of):

Inventory

953,415

3,191,950

34.9

ASSOCIATION

_I:_——

1,098,795

10.3'

11.2

social

for

income?—_—___-4;'

824,580

128,890

69.1-

27.5

___

—-

contribution

84.3

*36.1

14.0

——

106.1

♦12.2

12.5

persons——————

145,380

735,800"
-"

240,206

330,101

919,196

854,989

(Number of) —

——

1,116,766

*1,108,238

*4,011,113

3,053,723

3,307,663

*1,197,276

1,085,341
3,971,602

——

1,794,951

1,673,674

1,502,107

J, 1,667,559

$82,904,315

$79,942,968

$67,875,611

$82,644,477

30
30

1,614,894

1,459,256

1,485,709

•'

;i..

Zsep.

Production

Tread

■

•

28,097

21,418

1,586,797
$76,510,970

1,437,838

1,473,896

1,115,193

$69,937,804

$67,255,176

*3,439,572

^3,583,177
3,715,762

1,196,305
225,320

Rubber

3,260,909

10,626,612

7,817,968

39,185,000
40,799,000
25,300,000

35,014,000

41,206,000

35,641,000
24,294,000

32,978,000

$293,000,000

$295,000,000

288,423,332

288,672,218

288,296,022

161,031

156,859

115,983

$288,584,364

(pounds)

3,016,671
10,253,694

$293,000,000

—,7—
(Camelback)—L

—

Shipments

'1,137,874

——1

Inventory

$288,829,078

$288,412,006

—

;

___1

;

J-riZ'.•„

$55,751,097

11,813

;

486,290

417,490

499,730

Production (pounds)-__
Inventory (pounds)

22,681

GOVT.

Total

486,290

417~,490

4~99~730

242,450

694,080

615,850

477,210

—As

242,450

775,130

that

amount

42,354,000

LIMITATION

outstanding
,

public

gross

Guaranteed

(SHARES):

may

time

any

Total
■

.—_—_

DEBT

Sept. 30 (000's omitted):

face

Outstanding—

STOCK

TRANSACTIONS

STATUTORY

L—

•

debt-lZi—

obligations

not

■

owned

the

sales—

sales

*$408.2

$408.4

MANUFACTURING

608,440

Zlsep!
sharesZZZIsep.

THE

ROUND-LOT STOCK

143,500

215

;

sales

Other

SALES

185,200

185,850

3,139

STATES

total

payments

490,450

Sep. 30

by dealers—Number of

STOCK

1,237

—

interest

588,340

sales

2_~

ROUND-LOT

230

1,288

1,316

UNITED

INC.—Month of August:

sales

Round-lot
TOTAL

237

—

3ep

by dealers—

shares—Total
!

237

30,191.

49.2

income

Zsep

Short sales
Other

196

74,339
V

COMMERCE)—Month

Shipments

value

Round-lot sales

196

Passenger, Motorcycle, Truck and Bus InnerTubes (Number of)—
'
V Shipments——
;■

Sep

by dealers (customers' sales)—

short

3,072

Zsep!

orders—Customers'

26,406

(in billions):

nonagricultural

RUBBER

544,310

COMMISSION
Odd-lot sales by dealers (customers'
purchases)—t

Customers'

74,460

3,006

Production

purchases

Number

121,787

9.3

356,050

621,975

3ep'

Total round-lot transactions for account of
members—

53,600

74,723

—,—

employees'

Total

value

31,

■y:-,.

47,105'109,220

26,405

income-..

and

Transfer

-Sep. 30
,

Total sales——————.—......

■

LABOR

PRICES,

—

NEW

SERIES

—

WHOLESALE

3ep

_3ep 30

DEPT.

761,870

747,280

16,689,460
17,451,330

14,709,450

14,358,670

--761,920
13,409,690

15,456,730

15,291,110

14,171,610

932,440

Total gross public

gations

Farm

All

Grand

commodities

Oct

products

Processed

——Oct

foods

of'an;

figure.

farm

and

pound.

loct.

foods

*®60 as a8ainst Jan. 1, 1959 basis
a

ZIoct!

([Includes 1,039,000 barrels of
foreign crude

Monthly Investment Plan.
one-half cent

than

JPnme

119.0

*119.2

119.4

119.1

Western

87.7

*89.0

87.5

86.1

108.2

•108.3

108.3

106.1

95.1

—

commodities other

♦Revised

not

♦96.5

96.1

94.7

127.6

*127.7

128.2

Balance
under

UNITED

SBased

new

annual

capacity of

148,570,970

128.5

tons

total

face

STATES

GROSS

sold

(Number of orders not reported since introduction of
delivered basis at centers where freight from East St. Louis exceeds

debt

DEBT

Sept. 30——

General

funds

balance—

Net

debt

Computed

i.„—

annual

rate.

obli-

limitation

403,843

404,188

414,806

$288,180,520

——

obligations

authority

of 147,633,670 tons.

Zinc

public

debt

outstandings

amount

above

$288,424,890

$287,997,199

4,819,479

4,575,109

7,002,800

$288,584,364

$288,829,078

$288,412,006

8,316,868

5,894,234

7,016,558

$280,267,496

$282,934,784

$281,395,447

issuable
-

—

DIRECT

GUARANTEED—(000's omitted):
As

runs.

outstanding
subject

(1947-49=100):

Commodity Group—
All

debt and guaranteed

obligations
Deduct—Other
..

17,0)5

•

labor income

Personal

Less

1,711,170

Sep. 30

sales

Number

46,347
107,710

—

IN THE

7,318

—

Dividends

343,680

1,736,420

purchases

Dollar

•

—

industries

Business

1,968,230

350,500

1,911,050

Sep. 30

Odd-lot purchases

—,—_

(bushels)——

and salary receipts,

Rental

2,599,820

Short sales

Total

243,281

16,638

——-—

personal

Other

—Sep. 30

sales

Other

8,173

16,727
•

Government

Short sales

Total

8,173

12.2

.Sep. 30

purchases

18,703

1,797,087

—

INCOME

33,519
164,778

14,885

—_

—

(bbls.)

31,768
171,609
253,081

_-L———_'

(pounds)

Service

111.05

-Sep. 30

transactions initiated off the floor—

14,277
*

1,894,826

—-——

523,694

.Sep. 30

sales

Total sales-

3,144

15,091

253,203
15,161

producing industries—
Manufacturing only
Distributing industries—^—

;

2,230,210

(ton)

(DEPARTMENT

INDEX
-Oct. 21

transactions initiated

seed

(ton)—

of September

412,424

438,520

Other

Pecans

332,662

3,205,560

Total

■

23,5587

1,934,766

(ton)—ii—

PERSONAL

285,609

320,971

.3ep. 30

Other

4,005:

3,287

170,918.'".

—__——_

(ton)

456,370

Oct. 15

of period-

sales

Other

-1,592,295 ?

3,114

15,091

Commodity

Oct. 15

Short sales

Total

;

:—__

and

537,895

;

-28,212

32,581

(bushels)'

Wage

AVERAGE=100

Total

4,375

566,336

1,688,075

382.4

18,212

TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND
SPECIALISTS
Transactions of specialists in stocks in which
registeredTotal purchases
.Sep. 30

Other

561,932-

28,212

—

sugar

4,377

2,732

•

(ton)—/

Cranberries

ASSOCIATION:

(tons)

REPORTER

for

beets

Total

17,713

2,732

3,287

(cwt.)__:

Apricots

4.71

3,992

17,857

(ton)

4.92
•

ROUND-LOT

Total

22,128

.4,113
"

1,732,125

64,739

22,869

•

—

8,911

66,817

•

—

(pounds)

Cherries

4.95

4.50

-Oct. 25

'•

68,311

—.

14,558

112,764

10,564

22,869

summer——.—

Grapes

4.85

5.02

117,005

10,564 '; :.

(bushels)——_———

—

.Oct. 25

activity

118,749

579,178

14,581

-----.

'".

590,613

14,553
...

Late

4.09

(tons)

Other

beans

Hops (pounds)
Apples, commercial crop
Peaches' (bushels).

84.04
87.86

.Oct. 25

Group

DRUG

for

BtoOhicorn

87.86

.Oct. 25

AND

;

; "

602,542

—

—!

spring ——]

Pears

MOODY'S COMMODITY INDEX

PAINT

j-—'

—

(ton)-

Sugar

.Oct. 25

at end

7!
——

„——;

79.13

.Oct. 25

(tons)

(ton)

Sugarcane

88.81

-Oct. 25

Unfilled orders

„—

—

84.17

90.20

.Oct. 25

(bushels)—_
!

—

Early summer

AVERAGES:

Percentage

53,122

Tobacco

Oct. 25

Baa

Production

22,709 I

Sweetpotatoes

Oct. 25

PAPERBOARD

21,495

29,937

84.04

-Oct. 25

Orders received

31,084

82.90

89.37

...

31,084

1,073,982 •
420,191 '

52,547

87.99

Oct. 25

NATIONAL

184,020 "

1,178,085
414,922

53,363

85.20

89.37

Oct. 25
l

Industrials

————

84.21

Oct. 25

corporate

Utilities

1,178,085
414,922

20,682

215,509'

3,114

101.750c

91.48

Aaa

Public

204,702

35,592

215,468

lespedeza (ton).:—
dry edible (cleaned) (100-lb. bag)—■__
dry field (cleaned) (100-lb. bag)

Late

24.700c

87.17

Group

251,101

36,155

—,

30,588

Early Spring

-M 2.000c

86.78

Government Bonds

■

923,449

"i.

(pounds) —
Potatoes (hundredweight):

'12.500c

„

91.48

Group

Railroad

1,128,151

1,116,610

—_

Peanuts

13.000c

Oct. 25

Average

alfalfa

Oct. 25

DAILY

4,361,170

1,367,711

12.800c

Oct. 25

YIELD

———___—;

(ton)——^

Soybeans

.,28.650c

——-.Oct. 25

Baa

BOND

—

Hay, clover and timothy (ton)

32.575c

Oct. 25

U. S.

1",

MOODY'S

4,182,467

1,116,610
251,623 V

REPORTING

AGRICULTURE—

AVERAGES:

Utilities

61,185

193,036

_—.——__L—

(bale)

Hay,

$66.41

•

13.500c

Oct. 19

Bonds

Industrials Group

*70,255
*200,644

bag)———I-—— „i—-——

(100-lb.

wild

62,202

68,182

1,368,233

(in thousands):

—_—

.*63,840

60,004

4,258,511 '

CROP

—

(bushels).

Hay,

2,608,000

192,466

——

(tons)

(bushels)

all

277,810,000
.

grades, (tons of

spring (bushels)——

(bushels)

Cotton

6.196c

...

32.600c

11.800c

Oct. 19

;

Public

Rice

$45.17

12.000c

Oct. 19

corporate

Railroad

288,191;000
2,854,000

14,219,000

Beans,

DAILY

16,407,000

export

pounds)—

period

DEPT.

Sorghum grain

Oct. 19

PRICES

and

(bushels)————_Z__—

Rye

250

Oct. 19

Aaa

OIL,

321

Oct. 19

326

Oct. 19

(primary pig. 99.5% )

Government

Average

270

...

Oct. 19

Straits tin (New York)

14,156,000

Barley

161

••

(bushels)

Hay,

at—

Louis)

23,483,000

spring (bushels)^-—---—-—.

Peas,

Aluminum

13,736,000

QUOTATIONS):

(delivered)

MOODY'S

13,805,000

6.196c

Export refinery at
(New York) at!

Zinc

150

-Oct. 18

(bushels)—

Other

386,000

Lead
Lead

155

—Oct. 18

19,551,000

1—

(bushels)—"—

Durum

7,970,000

copper—

Domestic reiinery

fZinc

156

-Oct. 18

ton).

gross

"27,510,009

(bushels)———

all

Hay,

ton)

(per

all

Flaxseed

lb.).

steel

Winter

PRICES:

steel

domestic

2,000

of Oct. 1

Oats

Oct. 20

Finished

Scrap

368,000

Oct. 22

AND

end

Crop

Wheat,

18,300,000

8,205,000

Oct. 15

INC

COMPOSITE

(barrels)._—__

output all
of

Corn,

96,200,000

SALES

(COMMERCIAL

AGE

114,500,000

INSTITUTE:

BRADSTREET,
IRON

32,730,000

—,

(tons

25,000

31,191,000

(barrelsZ——_—__—.

PRODUCTION

All

Oct. 15

(in 000 kwh.)_

output

smelter

BOARD
.

MINES):

INDEX—FEDERAL RESERVE
SYSTEM—1947-49 AVERAGE=100
-Oct. 15

EDISON

Stocks
CROP

Bituminous coal and lignite (tons)
Pennsylvania anthracite (tons)

£6,165,000

12,000

INSTITUTE, INC.—Month of
', '
'
7.

pounds)

Shipments

516,600

Oct. 20

BUREAU

zinc

2,000

579,410

503,123

consumption

September:

59,745,000

Oct. 20

municipal

OUTPUT

210,311,000

26,659,000

18,000

(barrels)——: 1

air stocks

AMERICAN ZINC

179,990,000

Oct. 20

and

236,501,000

208,161,000

27,866,000

(barrels)—————

product imports

Increase

33,440,000

Oct. 20

Federal

COAL

34,704,000

construction

State

234.832,000.

212,645,000

(barrels)

(barrels)-

ENGINEERING
"' '

construction

Public

35,121,000

cars)—Oct. 15

output

imports

Indicated

Slab

(no.

output

oil

Refined

178,732,000

35,987.000

Crude

RAILROADS:

(number of cars)

NEWS-RECORD:
Total

189,448,000

Oct. 14

188,642,000

Oct. 15

—

AMERICAN

Revenue freight loaded

Revenue

188,159,000

Oct. 14

—

(bbls.)

Oct. 14

Kerosene (bbls.) at

„

gasoline

Benzol

2,157,000

•
.

277,052,000

27,733,000

—-Oct. 14

;

240,529,000
oil

crude

Natural

28,111,000

28,518,000

29,365,000

;

production {barrels of 42 gal-

each)

Domestic

6,839,025
7,759,000

Oct. 14

Distillate fuel

Total domestic

•

Oct. 14

stills—daily

371,000

"-'■'Ion's

gallons each)-.

Crude

1,556,000

*1,579,000

§1,516,000

July:

output—daily

of that date:

are as

Month

13.1

ingots and castings (net tons).

Crude

of quotations,

cases

Latest

54.7

Equivalent toAMERICAN

or,

either for the

are

Ago

*55.4

§53.2

production and other figures for the

cover

Dates shown in first column

that date,

Thursday, October 27, 1960

Year

Month

Week

INSTITUTE:

(per cent capacity).

month available.

AND

;

3.170%

3.179%

3.137%

Volume

192

Number

5998

The Commercial and Financial Chronicle

(1691)

Securities

Now

number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of
accuracy. The dates shown
the

index

and

October 27

(Bids

(Morgan

October 28

Stanley

Co.)

offered

shares,

one

II warrant.

Warrants

are

Nixon-Baldwin

540,266 shares

(Lee Higginson

$300,000

Units
Higginson Corp.)

Rhoades &

Co.)

704,160

Loeb,

(No

Del

(Harriman

Ripley

Electronics

(Standard

Corp.

Electronic
&

and

Fricke

Missile

French,

offering, makes
bowling pins. Proceeds—For general
corporate purposes. Office — Dolgeville, N. Y. Underwriter—Shearson, Hammill & Co., New York City (man¬
aging). Offering—Expected in late November.
'

Frouge

(Van

Noel

Co.)

Alstyne,

Noel &

Co.)

Aug. 29, 1960
stock

common

ceeds

For

—

Indian

acquisition and development of land and

Interstate

•

.-.3W9>

Koeller

Aircraft

Armaments, Inc. (11/18)
Sept. 26, 1960 filed 265,500 shares of common stock, to
be offered by United Industrial
common

the

basis

one

for

each

Lawter

the

basis

one

Co.)

the

Finance

Foremost

Co.)

100,000

Inc

Co.

Gulf

—

ments,
Office

for
1

pay

(J.

Jaffray

and

—

for

141

River Road,

finance

leasehold

(B.

Kirk

(M.

(J.

Inc.)

Techni
*

Lee &

Common

Strausc

Co.)

(United

Nationwide

$900,000

Co.)

70,000

(Lee

..Common

$4,802,412.75

Price—To be sup¬

Business—The company manufac¬
tures certain components for such semiconductor devices
asi silicon and germanium
transistors, diodes and recti¬
Proceeds—For general corporate purposes includ¬

ing debt reduction. Office—21-01 43rd Ave., Long Island
City, N. Y. Underwriters—Newburger, Loeb & Co. and
C. E. Unterberg, Towbin Co., New York, N. Y.
Offering
—=-Expected in late November.

'r \

Lomasney

(Merrill

Lynch,

Pierce,

Continued

Co.)

Co.,

Inc.)

(Bids

$1,500,000

page

$279,999

Co.)

Common

$299,700

and

Milton

Blauner

Inc.)

1,250,000

.Bonds

time)

$30,000,000

Rotron

Corp

Still-Man

Corp.

Service)

and

Fidelity

;''J

November 1

Webber," Jackson

(Cruttenden,

Co.

Common

Richte'r

and

Co.)

120,000

Champion Spark Plug Co
(Blyth

Co.,

Inc.;

and Merrill Lynch,

Glore,

Forgan & Co.;

Hornblower

Standard

$100,000

Co.,

Inc.)

Corp.

$3,500,000

Co.,

Inc.)

350,000

Federal Street Fund, Inc.(Goldman,

Sachs

(Shearson,

Hammill

duPont

and

Emanuel

Co.,

Clark

Van

Common

Common
Deetjen

Common

130,000

Class A

Co.)

150,000

Common

Co.)

$264,900

Common

$242,670

and

Co.

.30,000

Berwyn
shares

T.
>

Moore

&
».

•

(Tuesday)
Corp

Co.,

Common

Inc.)

$299,950

(Thursday)
Corp..

Securities

Common
50,000

Corp.)

Higginson, porp.)

196,000

(Wttiday)
&

Co.,

Brooks

Higginson

Inc.)

170,000

Inc
&

..Common
Inc.

Co.,

and

Lee

450,000 shares

Corp.)

Co.

Common

Darlington

Grimm)

$2,250,000

Gay (Connie B.) Broadcasting Corp
l(Hill,

Darlington

Automation

130,000

Co.)

(Bertner Bros,

Corp

Common
shares

and

Earl

Edden Co.)

Geophysics Corp. of America

Inc.)

$300,000

—Common

$200,000

Co.)

Common
Buren,

$900,000

Common
&

Inc.)

Chemical Co.,

(Hill,

220,000 shares

/High Point Ski Ways, Inc
(Osborne,

Securities

Co.

Inc.)

$20,000,000

—

.Common

—

Amacorp Industrial Leasing Co., Inc.—„.Common
Bzura

General

Fotochrome, Inc.

36,498

Common

November

—

Co.)

Common
Co.)

First Connecticut Small Business Investment

Common

;

(Blair

Hentz

Telex, Inc.

Debentures

„

(Blair

Dorsey

Kahn,

Instrument

(P.

Dorsey Corp.

$200,000

Corp.
i

(McDonnell

..Notes

Varick)

Common

Inc.)

Weeks

750,000 shares

Coastal Acceptance Corp
&

Measurements

(Lee

Common

Pierce, Fenner & Smith, Inc.)

(Shontell

and

Podesta

November 10

Common
623,750

Frocks, Inc.__.L

(Blair

Co.,

Wilier Color Television System, Inc

Wood-Mosaic

(Havener
"

———-

(Blaha

Curtis)

Common

$900,000

Telephone & Electronics Corp

Radar

(Tuesday)

Automatic Radio Mfg. Co., Inc.
(Paine,

Inc.)

November 8

Investors

$300,000

Manufacturing Corp

..Common

Investing

Inc.)

Dcbens.

Manufacturing Co., Inc

Avionics

Berkshire
'

Blauner

Robosonics, Inc.

White

Co.,

—

Co.,

(Equity Securities Co.)

Corp.
...Debentures
(Bids 11:30 a.m. N. Y. time) $30,000,000

Corp.

(Francis

4
a.m.

Inc.)

$1,120,000

Inc.)

(W. E. Hutton & Co.)

Gas

; '

;

11:30

Co.,

.Common

Co.,

Dowd.&

(Equity

United

Lee

Common

Smith,

Tabulating Corp..—

Higginson

$225,000

Corp

Fenner

Common

and

•

(C.
■

Inc.

(Mandell

Common

Corp.)

Debentures

plied by amendment.

- V

Inc.

Paddington Corp.

shares
_

Planning

United Gas Corp.

(Planned

Alloys Unlimited, Inc.
'
Oct. 14, 1960 filed 135,000 shares of common stock
(par
100), of which 75,000 shares are to be offered for the
account of the company and 60,000 shares for the ac¬

•

Co.,

Harris

(Milton

—4.

(Myron

•

$300,000

Inc._

Co.,

(R.

Common

underwriting)

Transitron Electronics

improve¬

Price—$108 per unit. Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed.

Mohawk Insurance

■tock.

Inc.)

(C. F.) Laboratories, Inc

Bowling Centers, inc.
$750,000 of sinking fund debentures and
800,000 shares of capital stock, to be offered in units of/
$75 principal amount of debentures and 30 shares of

fiers,

Common
Inc.) $300,000

(M. L. Lee & Co., Inc. and Milton D. Blauner & Co., Inc.)
$600,000
; ,

Debentures

Electronics, Inc

Tenax, Inc.

and
development expenses.
Nutley, N. J. Underwriter—-

present holders thereof.

$250,000

Metropolitan Telecommunications Corp

$1,500,000

Strauss

(No

filed

count of the

$890,000

Co.)

Co.,

25,000

Common

•Allied
29

Common

(Schrijver

Dec.

Bruce

Treat

Common

Myron A. Lomasney & Co., New York City,

Ferman

Metropolitan Telecommunications Corp.—Common

Summers Gyroscope Co

bank notes and other indebtedness in¬
to
research

$200,000

....Common

Resources,
(Amos

Simon Hardware Co.....—

Co., Philadelphia, Pa. (managing).;

equipment,

$300,000

—

curred

Co.)

International Mosaic Corp

Preferred

Investments,

Simon Hardware Co

new

: Allegri-Tech, Inc.
(11/7-11)
Sept. 21, 1960 filed 100,000 shares of 50c par common
stock.
Price
$6 per share. 'Business — The company
makes and sells printed circuitry and modules.
Pro-:

ceeds

Common

Blauner

100,000 shares

Co.)

$600,000

Common

Baruch

100,000

Inc;

Baruch

Co.)

Industries, Inc

$1,000,000

and Piper,
$3,000,000

Manufacturing Co., Inc

(Milton

Debentures

Co.)

Lomasney

Conv. Debentures

Sachs

(Preferred

*•;'

Common

$522,000

Corp

(Richard

Gremar

70,000 shares

Preferred Risk Life Assurance Co

Un¬

Common

(H. L. Wright & Co.,

—

derwriter—Drexel

Common
375,000

Does-More Products Corp

Service, Inc

(R.

O'Neill & Co.,

George,

$300,000

Office—Du Pont Airport, Wilmington, Bel.

poses.

$12,000,000

Common

(General Securities Co.)

$500,000

Navajo Freight Lines, Inc

sponsored contracts, in research, development, and man- /
ufacturing activities related to the aircraft, satellite, and
missile fields.
Proceeds
For general corporate pur¬

Sterling,

—Bond*
N. Y. time)

a.m.

Cyclomatics, Inc.

Common

stock (par
outstanding

$533,021.25

(Monday)

(Robert

(Hayden, Stone & Co. and Lowell, Murphy & Co.) 250,000 shares

common

Co.)

(Friday)

(R.

Capital

Simmons)

National Film Studios,

(11/15)

(R.) & Co

—Class A

Kimball &

Hopwood)

share for each four
shares held. Price—To be supplied by amendment. Busi¬
ness—The firm is engaged primarily, under governmenton

Baruch

Clark Cable

Chemicals, Inc..

(Goldman,

Marks Ave., Brooklyn, N. Y. Underwriter—Golkin,
Bomback & Co., New
York, N. Y.-

Common

Higginson Corp.)

(Myron

$200,000

Munsingwear, Inc.

St.

common

and

Sept. 27, 1960 filed 85,918 shares of
10 cents), to be offered to holders

60,000

Units

Securities)

(Paul C. Kimball

sale of burglar and fire alarm equip¬
Proceeds—To selling stockholders. Office—1665

11:00

...Common

285,000

(Paul C. Kimball & Co.)

Model

683,000 shares

(Golkin, Bomback & Co.)

Common

Model Finance Service,

•

156,200

(Thursday)

November 7

$500,000

Co.)

(Hayden, Stone

Co., New York City (managing).

Engineering Co.

Co.)

Metcom, Inc.

A'arni Device
Manufacturing Co. Inc. (11/7-10)
Sept. 19, 1960 filed 130,500 shares of outstanding common
stock (par 10 cents). Price — $4
per share. Business—

All American

Products, Inc.—

(Blunt Ellis &

Office—Cockeysville, Md. Underwriter—Eastman Dillon,

ment.

& Co.)

Stearns

(Paul

fields and works largely for the
Department of Defense.

Manufacture

Air

Co.)

Alarm Device Manufacturing Co. Inc,

Common

Smithers

..^awndale Industries, Inc.—

UIC shares held. Price—To be
supplied by amendment.
Business—The issuer, wholly owned
by UIC, is engaged
in applied research and
development in various technical

Union Securities &

(Lloyd

Corp. to holders of UIC

Aircraft

Vending Co
(Bear,

.•

and

(Schrijver

—

Washington, D. C.

Inc.) $300,000

Industrial Hose & Rubber Co., Inc

operating capital. Office—1201 W. 66th St., Hialeah, Fla.
Underwriter
American Diversified Securities, Inc.,

Fenner Sc

Common

Noyes

stockholders—underwritten

(Lee

$1,500,000

Mills, Inc

Co.

Co.,

..Common

Allegri-Tech, Inc.

Head

(Blair

Mary Carter Paint Co

Heldor Electronics Manufacturing Corp...Common
(S. Schramm

180,000

..•

Inc.)

■

Industries, Inc.
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬

.Capital

Inc.)

(Pacific Coast Securities Co. and

Debentures

(Van

$60,000,000

Inc

November 4

Frouge Corp.

Bonds

(Wednesday)

.Common

175,000

$4,000,000

Common
to

(Bids

Common

Alstyne,

Units
Co., Inc.)

Omega Precision, Inc

$300,000

Corp.

Inc

Georgia P~wer Co

$400,000

Common

Inc.)

Brooks &

PST)

a.m.

Co.,

Grace

Inc.)

Facilities, Inc

Common
85,000

Corp.

(Offering

(Hardy & Co.) 260,000 shares

and

Novemoer 3

Common

Bruno-Lenchner,

Units

$50,000,000

Industries, Inc

(Woodcock, Moyer,

Electronic

Inc.)

and

Kidder, Peabody & Co., and Merrill Lynch, Pierce,
Smith) 100,000 shares

Dalto

Debentures

Co.,

Inc...Com.

Co.

...

(Smith, Barney & Co. Inc.)

$600,000

Corp.——,.

Securities

Dubrow

■//•

underwriting)

Scott, Foresman & Co

Common

(John) Credit Co.—

Co.)

(R. V.) Co

(Blyth

133,000 shares

——

•'

Deere

of Edward D. McLaughlin, company founder. Price—
To be supplied by amendment. Business—The
company,
for whom this represents the first public

Adler Built

„

—

$1,169,470

Lamont)

..(Bids 8:30

' /

(Hemphill,

(Shearson, Hammill & Co.)

150,000

Chemicals,

Jahncke Service
Common

Securities

Co.)

Idaho Power Co.—

October 31(Monday)

Cavitron Corp.

Sons

November 2

$1,140,000

Carl

_.Capital

stockholders—underwritten

Corp. and P. W.

Weatherford

$1,000,000

Arnoux Corp.

Adirondack Industries, Inc.
:
Oct. 13, i960 filed 120,000 shares of common stock (par
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company and 70,000
shares, repre¬
senting outstanding stock, will be offered for the Estate

bats

Inc.)

share. Price—To be supplied by amend¬

per

ment. Proceeds —■ For salaries of additional
personnel,
v
liquidation of debt, research, and the balance for work- ing capital. Office—551 W. 22nd Street, New York City. ' f
TJnderwriters^-Globusy Inc. and Ross, Lyon & Co., Inc.,
both of New York City.

baseball

Co.,

Lee

(Offering to stockholders—no underwriting)

(Offering
,

tially at $2

and

Newbold's

Pacific Gas & Electric Co.—

Seaboard & Western Airlines, Inc.——.Common'

ini¬

exercisable

Karasik

Co., Inc.

underwriting)

(Jesup

..Common

Prospectors Airways Co., Ltd

units, each unit to consist of two common
series I 5-year purchase warrant, and one

5-year series

Union

Wheat

(No

...

Brooks

Dillon,

Nissen Trampoline

(Friday)

(Frank

Common

and

Midwestern Acceptance Corp

$10,000,000

Florida Hillsboro Corp,—
(P.

Brothers

(Eastman

Electronics, Missiles & Communications, Inc.__Com.
ACR Electronics Corp.
Sept. 28, 1960 filed 150,000 shares of common stock,
75,000 series I common stock purchase warrants, and
75,000 series II common stock purchase warrants, to be

ISSUE

Major League Bowling & Recreation,

Debentures

(Glore, Forgan & Co.)

(Lehman

$3,750,000

Automatic Canteen Co. of America
;

REVISED

Kmgsport Press, Inc

Equip. Trust Ctfs.
time)

Riegel Paper Corp

accompanying detailed
items reflect the expectations of the underwriter
but are not, in general, to be considered as firm
offering dates.

ITEMS

•

(Thursday)
noon-Cleveland

ADDITIONS

SINCE

125,000

Chesapeake & Ohio Ry

the

Registration

NEW ISSUE CALENDAR

NOTE—Because of the large

* INDICATES

Unterberg,

Towbin

Co.)

...

50,000

Common
shares

(1632)

The Commercial and Financial Chronicle

Continued from

page

United Bowling Centers, Inc
(Emanuel,

Sexton (John)

(Hornblower

Weeks)

;

200,000

(Kidder,

Steel Co

and

Inc.)

Co.,

Tele-Tronics

Co.

(Woodcock,

Fricke

French,

Inc.)

Texas Butadiene & Chemical Corp
(Blyth

Co.,

Inc.

Lehman

and

Vacudyne Associates,
(Kenneth

635,800

Rubin

(Bids

Co.)

Inc.

Co.,

Wisconsin

(Bids

(Lee

Common

Higginson

Corp.)

200,000

Offering

(Tuesday)

85,918

Brothers

November 18

Engineering Co

Common

stockholders—underwritten

Chemical

Co.)

Corp.

Inc.)

Common

;

(Peter Morgan

(Kidder,

.Common

Co. and Robinson & Co., Inc.)

Davega Stores Corp
Drexel Dynamics
(Warner,

Idaho

Inc.)

Co.,

received)

$15,000,000

Coffin

stockholders—underwritten
&

Airlines,

Burr,

Inc.)

Pierce,

Inc

(Bids

received)

Weld

and

$20,000,000

;

and

Edwards

Sons)

20,000

Sons)

Stop & Shop, Inc
and

Smith,

Merrill

Inc.)

Smith,

Inc.

Inc.)

Consumers

354,240

Securities

Lynch,

Merrill

Pierce,

Co.)

December
430,000

(Putnam

(Arnold

Malkan & Co.,

Inc.

Lynch,

(Merrill

..Bonds

$35,000,000

EST)

(Tuesday)

Pierce,

Co.——Preferred

Smith,

Inc.)

$25,000,000

(Thursday)

December

Fenner

Capital

Stancil-Hoffman Corp
(Pacific

Common

Inc
150,000

Co.)

Bonds

a.m.

Public Service Electric & Gas

(Monday)

Laboratories,

Units

Co..

11:30

(Bids

Common

$75,000,000

\nyy y,;

(Monday)

Power

Carrison,

Bonds

$35,000,000

& Co., Inc.———
(Lloyd Haas & Co.) $450,000)

December

and

(Minn.)

invited)

Corp....Preferred

60,000

Co.)

(Thursday)

December

Common

January 9

Living Aluminum, Inc..

$75,000,000

James Brooks

Union

November 28

Andersen

Lynch, Pierce, Fenner &

625,000

211,000

(Bids

Common

100,000

Northern States Power Co.

Common

(Lehman Brothers

Curtis)

(Bids to be received)

$2,750,000

.—Common

(Tuesday)

(Hallgarten

$500,000

Consolidated Edison Co. of New York

Conv. Debentures
Co.

Dillon,

Common

Weld & Co.

Co.)

Leasing Co

(Eastman

Debentures

Polymer Corp.
(White

Berman

Central Vermont Public Service

(Tuesday)

Wulbern,

Polymer Corp.
(White,

Fc-nner

180,000

Co.)

received)

December 6

Common

stockholders—underwritten

Debentures

New Jersey Bell Telephone Co

Wilk.ens

Jackson

Webber,

Telephone & Telegraph Co...Debs.

Southern Bell

200,000

Security Systems, Inc

(Offering

$10,000,000

to stockholders—underwritten
Lehman Brothers)
$10,288,000

Co.)

American Heritage Life Insurance

(Offering

(Drexel & Co.)

Debentures
to

(Westheimer

i,.

Common

—

Peabody

November 22

Keyes Fibre Co
(Offering

Globe

Common

60,000

Co.)

Restaurants, Inc

Bonds

Frisch's

.-Common

$600,000

(Monday)

December 5

Co.

Foxboro

(Paine,

Longstreth)

Fuller

(Monday)

(Arnold,

——Common

Mandel

(Bids

National

$400,000

$1,500,000

Corp

Jennings,

Power

(S.

Common

Carolina Metal Products Corp

Debentures

(Amos Treat

Bonds

Inc

Cannon Electric Co

(Jay W. Kaufman & Co.) $400,000

Coral Aggregates Corp

Debentures

$2,000,000 V

Co.)

$6,000,000

(Bids

November 21

$300,000

Fuller

Speedry Chemical Products, Inc

stockholders—underwritten by Eastman
Dillon, Union Securities & Co.) 265,500 shares

Common

Company,

(S.

(Friday)

Armaments,

(Thursday)

Speedry Chemical Products, Inc

(Offering to UIC

(Sandkuhl &

Chemtronic

Drexel

Aircraft

$6,000,000

..Common

December

Bonds

$30,000,000

EST)

a.m.

EST)

a.m.

(White, Weld & Co.) 817,391 shares

(Thursday)

11:00

& Co

Ginn

Preferred

a.m.)

Bonds

Power Co

(Bids

$7,500,000

Public Service Co. of New Hampshire
(Bids

All American

11:00

•

$200,000

Industries, Inc.-.

November 15

Common

160,000

received)

Electric Power

and

November

Zurn

Inc.) $500,000 u

(Tuesday)

November 29
Central Maine

—Common

Resisto Chemical, Inc.—

$60,000,000

—

Inc.)

units

550,000 shares

Inc.)

Co.,

(Amos Treat & Co.,

Merrimack Essex Electric Co

Common

Simmons

Co.)

Co., Inc

100,000

Grimm)

.—Common
Allyn

(A.

Debentures

Sachs

Darlington

Pik-Quik, Inc.

Notes

(White, Weld & Co.,

$300,000

Inc

Kass;
B.

(Goldman,

——Common

Brothers)

Debentures

(B. F.) Co

Matheson

Common

Moyer,

Units

Inc.___^——i:

Paper Co.,

(Hill,

(No underwriting) $300,000

Goodrich

Netherlands Securities
$300,000

Jnc.

Co.,

Patrician

I',."'

(Wednesday)

Discount

Common

:
(McLaughlin, Kaufman & Co.) $467,500

(No underwriting) $300,000

112,760 shares

Peabody & Co.)

Thursday, October 27, 1960

Madigan Electronic Corp

Co.)

Franklin Discount Co

Common

Winston

•

..
.

Common

Sulray, Inc.
(J.

Franklin

118,000 shares

(Paine, Webber, Jackson & Curtis)

Standard Pressed

Capital

Darlington

November

Simplex Wire & Cable Co

Common

«fe Co
and Hill,
200,000 shares

Deetjen

-Common

& Co

$300,000

...L—
&

(Schwabacher

$300,000

Co.)

(Monday)

Bell Electronic Corp

Common

and Sulco Securities, Inc.)

Securities

Coast

Co.)

;

136,000

Mass.

Common
shares

•its

Continued from page
•

Amacorp Industrial Leasing Co., Inc.

American Playlands

Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share. Business—The company intends to Oper¬

(11/14-18)

Sept. 9, 1960 filed 170,000 shares of common stock (no
par), of which 40,000 shares, representing outstanding

ate

Sept.

27,

I960
stock

common

Proceeds

—

(par 33%

For

cents).

Price

(managing).
shares

—

Jan.

advertising and promotion and accounts

Philadelphia, Pa. Un¬
derwriter—Martin, Monaghan 8c Mulhern, Inc., Ardmore,

filed

Office—60
A. J.

Third

Street,

Phoenix,

Ariz.

Underwriter

Nov.

the

held.

basis

Price

one

—

new

supplied

for

Acme

United

Life

Insurance

Co.,

business

New

York

are

offered

for

the

account

outstanding stock,

are to be offered for the account of
thereof. Price — To be supplied by
amendment. Proceeds—To reduce indebtedness, buy new

tools,

and

Conn.

new

add

working capital.

Underwriter

(managing).

Putnam

—

•

May 23

Office

Co.,

—

Hartford,

Hartford, Conn,

To be supplied

Office—218 West Adams St., Jack¬
Underwriters—Merrill Lynch Pierce, Fen¬
& Smith Inc., New York
City, and Pierce, Carrison,

26,

Income

1960

the

basis

Price—To

general

filed

Life

90,174

Insurance

the holders of the
one

new

supplied

corporate

Co.

common

outstanding

for

each

5V3

amendment.

purposes.

Office—5th

stock,

common

•

be offered to
basis

Franklin,

Mortgage Investment Corp.
April 29 filed $1,800,000 of 4% 20-year collateral trust
and 1,566,000 shares of class A
non-voting com¬
It

proposed

public

sale

that

these

units

securities

(2,000)

known

will
as

be
In¬

Certificates, each representing $900 of bond9

and 783 shares of stock.
Price—$1,800 per unit. Proceeds
—•To be used
principally to originate mortgage loans and
carry-them until market conditions are
fa-orable for

disposition.

stock.

common

Price—

Canteen

one

Co.

America

(10/23)

shares of common stock; to
holders of the outstanding common on the
new

540,266
share

for

each

held

p.m.

Oct. 28 with rights to expire on Nov. 14 at 3:30
N. Y. Time. Price—To be supplied by amendment.

Proceeds—$9,5CO,COO to pay for the acquisition of Com¬
Corp., with the balance for general cor¬

mercial Discount

bonds

for

record

American

vestment

(10/31-11/4)

133,000

1960 filed

and

New York.

offered

Proceeds—For

(managing). Note—This stock is not qualified for sale in

stock.

Corp.

filed

Automatic

Sept.

held.

Waco, Texas. Underwriters—Ladenburg, Thalmann &
Cp. and Lee Higginson Corp., both of New York City

mon

Arnoux

by amendment. Proceeds — For general
corporate purposes and working capital. Office—11924
W. Washington Blvd., Los Angeles, Calif. Underwriter—
Shearson, Hammill & Co., New York.

Wulbern, Inc., Jacksonville, Fla. (managing).
American

Office

—

210

Underwriter—Amico, Inc.

Center

St., Little Rock

Proceeds—For investments in small business
fields, with a proposed

company.

in avionics and related

limit of

$800,000 to be invested in any one such enter¬
Office — 1000 - 16th Street, N. W., Washington,

prise.
D.

Underwriter—S. D. Fuller & Co., New York City.

Offering—Expected sometime in November.
Bal-Tex Oil

Co., Inc.

(letter of notification)
stock.: Price—At

ties. Office—Suite 1150,

Ark

porate purposes.
Office—Chicago, 111.
Underwriter—
Glore, Forgan & Co., New York City (managing).
•

Autcmaiic Radio Mfg. Co., Inc.
(11/1)
Sept. 9, 1960, filed 623,750 shares of common stock
(par $1), of which 150,000 shares will be offered for the
account of the issuing company and 473,750
shares, rep¬
resenting outstanding stock, will be offered for the
account of the present holders thereof.
Price —To be
supplied by amendment. Business—The firm makes and
sells

car

and

portable radios.

working capital, and possible

ver,

300,000 shares of

($1 per share).
development of oil proper¬
par

First National Bank Bldg., Den¬

Colo. Underwriter—L. A. Huey & Co., Denver, Colo.

Baruch

40,000 shares

ner

—

issuing company and 110,000 shares, representing

sonville, Fla.

Office

the present holders

subsidiary of the issuer, with the remainder for general

be offered to

Investing Corp.

Proceeds^-For expenses for

corporate purposes.

Aug.

Avionics

A,...common

of the

acquir¬
a

•

July 12, 1960 filed 250,000 shares of capital stock (par
$1).
Price — $10 per share. Business — The issuer in
a closed - end non - diversified management investment

class

which

repay

stock

estate.

Laboratories, Inc. (11/28-12/2)
Sept. 28, 1960 filed 150,000 shares of common stock, of

eight

Business—The company writes
ordinary life, group life,
and group accident and health insurance in 13
states and
the District of Columbia. Proceeds—To be: used
to

ing

St., Philadelphia, Pa. Underwriter—Robert M. Har-«
Inc., Transportation Bldg., Philadelphia, Pa.

17, 1960

amendment

$1,481,006 of short-term indebtedness incurred

real

Andersen

of record

each

additional

St., New York City. Underwriter—
Co., Inc., New York City.

working capital. Office—42 S.

inventory, building and
ris & Co.,

42nd

enterprises in Israel.
City. Underwriter—None.

^American Heritage Life Insurance Co. (11/22)
Oct.-24, 1960 filed 35(i,240 shares of common stock, to be
common

acquire

and

135,000 shares of

five cents).
Price—$2 per share.
Proceeds—For production and research for equipment,
(par

June

ous

outstanding

Gabriel

(letter of notification)

—

None.

offered to holders of the

538,000 shares of common stock, of which

1960
stock

common

concerns

Seaway Land Co.

Ampal-American Israel Corp.
1960 filed $5,000,000 of 7-year series I 6% sink¬
ing fund debentures. Price—At par. Proceeds—For vari¬

—

Lawrence

Underwriter — Paine,
(managing).

Autosomes, Inc.

July 29,

Oct. 25,

common stock (par $1). Price —$3 per share.
Proceeds
For capital account of
company.
Office —
1017

St.

(par

Boston,

•

class B

stock

properties,

prove

Pa.

(letter

1960

common

Ave.,

Webber, Jackson & Curtis, New York City
^

15th

Development Corp.

350,000 shares are to be publicly offered. Price—$3 per
«hare. Proceeds—To pay off mortgages, develop and im¬

receivable. Office—835 N. 19th St.,

if American Federal Life Insurance Co.
Oct. 13, 1960 (letter of notification)
100,000

Recreational

American &

share.

per

notification) 100,000 shares of
10 cents). Price — $3 per
share. Proceeds—For expenses in constructing and oper¬
ating recreation centers. Office — 210 E. Lexington St.,
Baltimore 2, Md. Underwriter—Investment Securities Co.
of Maryland, Baltimore, Md.
7,

class

Office—Alhambra, Calif. Underwriter—

Co., Inc.
(letter of notification) 39,500

acres

Liberty, N. Y. Proceeds—For development of

American

American Consolidated Mfg.

Sept.

196

Office—55 South Main St., Liberty, N. Y. Un¬
derwriter—M. W. Janis Co., Inc., New York City.

general corporate purposes.
Business—The financing of industrial and office
equip¬
ment through the purchase and
leasing of such property
McDonnell & Co., Inc., New York City

the land.

Proceeds—For

to its customers.

near

recreation park

and

amusement

land

stock, will be offered for the account of a selling stock¬
holder, and 130,000 shares will be offered for the account
of
the
issuing company.
Price — To be supplied by
amendment.

Brookline

Corp.

Proceeds—For expansion,

acquisitions.

Office—122

(R.)

& Co.

(11/7-10)

(letter of notification)
stock
(par 75 cents). Price

100,000 shares of
$2 per share.
Business—The issuer is a broker-dealer with the SEC,
and a member of the NASD. Proceeds—To take positions
and maintain markets in securities, participate in underwritings, and the balance for working capital. Of?ice—•
1518 K St., N. W., Washington, D. C. Underwriter—Same.

Sept.

20, 1960

common

•

Electronic

Bell

—

(1/9)
shares of common stock, of
which 86,000 shares are to be offered for the account
of the issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account
of the present holder thereof. Price—To be supplied by
amendment. Business—The company, which was organ¬
ized in May 1959, is a distributor of electronic parts and
equipment manufactured by others. Proceeds—For in¬
Oct.

12,

1960 filed

Corp.

136,000

ventory and to carry accounts receivable. Office—306 E.
Alondra Blvd., Gardena, Calif. Underwriter — Schwa¬
bacher

& Co., San

Francisco, Calif.

Berkshire

Frocks, Inc. (11/1-4)
Sept. 28, 1960 filed 120,000 shares of outstanding common
stock (par $1). Price—To be supplied
by amendment.
Proceeds—To selling stockholders. Office—127 Forsyth
St., Boston, Mass. Underwriters—Blair & Co. and Richter
& Co., both of New York City.
Berman Leasing Co. (11/22)
Sept. 27, 1960 filed 430,000 shares of common stock (par
$1), of which 200,000 shares are to be offered for the
account of the issuing company and 230,000
shares, rep¬
resenting outstanding stock, are to be offered for the
account of the present holders thereof.
Price—To be
supplied by amendment. Business—The leasing, re:ondi-.

tioning, and sale of trucks, tractors, trailers, and related
equipment. Proceeds—For general corporate purposes,
including working capital.
Office—Pennsburg, Pa. Un-

Volume

192

.Number

5998

The

Commercial and Financial Chronicle

(1693)
derwriter

—

New York

Eastman

Dillon,

City (managing).

Union

Securities

Co.,

Ga.,

balance for general corporate purposes.
Northside Drive, N. W., Atlanta, Ga.
Un¬
derwriter—To be supplied by amendment.

^ Bowl-Mor Co., Inc.
Oct. 25,

1960 filed 78,955 shares of

offered

basis of

one

holders

the

common

outstanding

share for each

new

the

and

Office—4358

•

Carolina Metal Products

stock, to be

common

shares held.

the

Corp.

supplied by amendment. Business—The company
pin - sitting machines for various types
of bowling games. Proceeds—For
working capital and for

debtedness, machinery and equipment, and the balance

manufactures

for

costs of the

company's entry into the "tenpin" bowling
field.
Office
Newton Road, Littleton, Mass.
Under¬
writers
Paine, Webber, Jackson & Curtis, and Granbery, Marache & Co., both of New York City (man¬
aging)// v .//,'••.•'

working capital.
C.

Office

—

2222

Blvd., Charlotte,

Underwriter—Arnold, Wilkens & Co., New York

City.

•

including

filed

working

capital.

Office

245

—

Nassau

Foods, Inc.

St.,

offered

record

the

Oct.

holders

six shares held with

$27.50 per share.

the

basis of

Underwriter—None.
•

outstanding
new

rights to expire

Proceeds—To

being

common

share for

bank

loans

incurred

Nov. 15. Price—

share.

bidders: Halsey, Stuart & Co.
Inc.; Harriman
Ripley & Co.; First Boston Corp. and Coffin & Burr
(jointly); Merrill Lynch, Pierce, Fenner & Smith Inc.,
and White, Weld & Co.
(jointly). Bids—Expected to be

for

received

Chemical

Co.

Business—Manufacturing chemicals.'

general

corporate

purposes.

Office

—

•

Business

Proceeds—

1960

lommon

575

Forest

Information Meeting—

Bay Gas Co., Hyannis, Mass.
Tune 7 filed 27,000
outstanding shares of common stock,
*;o be offered for sale by American
Business Associates.
Price
To bt supplied
by amendment. Underwriter—
Coffin & Burr,
Inc., Boston, Mass. Note—This statement
—

Oct. 14.

Chemical Co., Inc. (11/14-18)
Aug. 25, 1960 filed 450,000 shares of common stock
(par
25 cents), an undetermined number
of which will be
offered for the account of the
issuing company, with
the remainder to be offered for the
account of the pres¬
ent holders thereof. Price—To be
ment.

Business
Proceeds

—

supplied by amend¬
The company makes and sells citric

expand the

capacity of the parent

Bzura, Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
balance for working capital.
Office—Broadway & Clark
Streets, Keyport, N. J. Underwriters—P. W. Brooks &
Co., Inc., and Lee Higginson
Corp., both of New York
City (managing).
company,

Campbell

Chibougamau Mines,

—The

company

Proceeds—For

and

owns

works

mining

properties.
Office—
Underwriter—None.

general funds of the company.

Yonge St., Toronto, Canada.

•

Canaveral International
Corp.
Aug. 12, 1960 filed 300,000 shares of common stock
(par
$1). Price—To be supplied by amendment. Business—
Land sales and development.
Proceeds—$150,000 for ac¬
counts payable, $335,000 for
mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for
general working capital. Office—•
1766 Bay Road, Miami
Beach, Fla.
Underwriter — S.
Schramm & Co., Inc., New York
City. Offering
pected in mid-to-late November.

Cannon Electric Co.

—

Ex¬

(11/21-25)

Sept. 26, 1960 filed 200,000 shares of outstanding common
stock (par $1).
Price—To be supplied by amendment.

Business—Designs and makes electrical connectors and
related wiring devices. Proceeds—To
selling stockhold¬
two members of the Cannon family. Office—3208
Humboldt Street,
Los Angeles, Calif.
Underwriter —
Kidder, Peabody & Co., New York City (managing).
ers,

Carhart

Photo, Inc.
1960 (letter of notification) 150,000 shares of
Class A preferred stock (par 10
cents).
Price—$2 per
Sept. 7,

share. Proceeds—For general corporate
purposes.
—105 College Ave., Rochester, N. Y.

Office
Underwriter—Doo-

little & Co.,
November.

Buffalo, N. Y. Offering—Expected in early

Sept. 14, 1960 filed 459,500 shares of capital stock. Price
—$2 per share. Business—Caribbean real estate. Pro¬
ceeds— For
general corporate purposes.
Office — 615
Robinson

Bldg., 15th & Chestnut Sts., Philadelphia, Pa.
Underwriter—R. P. & R. A. Miller &
Co., Inc., Phila¬
delphia, Pa.

short-term

Southeastern

Development Corp.

Sept. 28, 1960 filed 140,000 shares of common stock.
Price—$5.25 per share. Proceeds—For investment in land
in the Caribbean area,

—

borrowings and for general corporate pur¬
poses. Office—77 Grove
St., Rutland, Vt. Underwriter—
Hallgarten & Co., New York, N. Y.
•
Century Acceptance Corp.
Sept. 29, 1960 filed $1,000,000 of 6V2% junior subordin¬
ated debentures, due
1975, with five-year warrants for
the

purchase of 80,000 shares of regular

one

are

$500 debenture

common

shares.

to be offered at
par, and in units of
with warrants for 40 shares. Proceeds

—For

working capital and general corporate purposes.
Street, Kansas City, Mo. Underwriter
—A. G. Edwards &
Sons, St. Louis, Mo. (managing). Of¬
fering—Expected in late November.
Office—1334 Oak

•

Champion Spark Plug Co. (11/1)
Sept. 23, 1960 filed 750,000 shares of
outstanding com¬
stock (par $1.66). Price—To be
supplied by amend¬

mon

development of

site in

Atlanta,

—

Robert L. Ferman &
Co.,
• Coastal
Acceptance

per share.

Pro¬

balance for
Cleveland, O. Underwriter-

Miami, Fla. (managing).1

—

Commercial Credit Co.
(11/14-18)
1960 filed $50,000,000 of senior

Oct. 10,

notes, due 1980.
To be
supplied by amendment. Proceeds
For
working capital. Underwriters—First Boston
Corp. and
Kidder, Peabody & Co. (handling the books).
Price

—

Commerce Oil Refining
Corp.
Dec. 16, 1957 filed
$25,000,000 of first mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated
debentures due
Oct. 1, 1968 and
3,000,000 shares of common stock to be
offered in units as follows:
$1,000 of bonds and 48 share#
of stock and $100 of
debentures and nine shares of stock.

Price—To be supplied by amendment.
Proceeds — To
construct refinery.
Underwriter—Lehman Brothers, New
York. Offering—Indefinite.

it Consolidated Edison Co. of New
York, Inc.
(11/22)
Oct. 20,
1960 filed $75,000,000 of first and
refunding *
mortgage bonds, series S, due Dec. 1, 1990. Proceeds— "*
Underwriter—To be determined by com¬
petitive bidding. Probable bidders:
Halsey, Stuart & Co.

Inc.; Morgan Stanley & Co.; First Boston Corp. Bids—
Expected Nov. 22. Information Meeting—Scheduled for
Nov.

fund for initial

Chart-Pak,
27,

common

Inc.

1960

(letter of notification) 50,000 shares of
(par $1). Price—$6 per share. Proceeds—

stock

For

working capital. Office—1 River Rd., Leeds, Mass.
Underwriter—Schirmer, Atherton & Co., Boston; Mass.
Charter

Sept.

Design & Manufacturing Corp.
I960 (letter of notification) 90,000 shares of

20,

common

stock

Proceeds—To

(par 10 cents). Price — $3.30 per share.
purchase the assets of Rosander Co., pay

obligations owed to banks and for working capital.
Office—2701 14th Ave., South,
Minneapolis, Minn. Under¬
writer—Jamieson & Co.,

Minneapolis, Minn.

Chemplate Corp.
Sept. 27, 1960 (letter of notification) 26,000 shares of
common stock
(par $1). Price—$5 per share. Proceeds—
To purchase physical assets of
Kanigen division of Gen¬
eral American Transportation Co. in California.
Address
—Los Angeles, Calif.
Underwriter
Keon & Co., Los
Angeles, Calif. Offering—Imminent.
—

•

Chemfronic Corp. (11/15-39)
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share. Business—The
company
makes

and

sells

miniature

electrolytic capacitors.

Pro¬

ceeds—For general corporate
purposes, including the re¬
payment of bank loans and the addition of technical
per¬
sonnel. Office—309 11th

Ave., South, Nashville, Tenn.
Underwriter—Jay W. Kaufmann & Co., New York City.

Circle-The-Sights, Inc.
March 30 filed 165,000 shares of
000 of debentures

stock and $330,-

Citizens Telephone Co.

11,

common

1960
stock

be offered

for
one

(letter of notification) 23,000 shares of
(no par) of which 12,000 shares are to
subscription by common stockholders on
share for each five shares
presently held.

Price—$13 per share. Proceeds—For expenses for oper¬
ating a telephone company. Office—220 W. Monroe
St.,
Decatur, Ind. Underwriter
City Securities Corp., In¬
dianapolis, Ind.
—

opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln
Ave., Little Rock,
Underwriter—The Huntley Corp., Little Rock. Ark.

Ark.

Consolidated Southern
Companies, Inc.
1960 (letter of notification) 150,000 shares of
common stock (par
$1). Price—$2 per share. Proceeds—

Sept. 30,

For the closing
payment on

a building, repayment of an
outstanding loan and for working capital. Office—Suite
656, 800 Peachtree St., N. E., Atlanta, Ga. Underwriter—
Atlanta Shares, Inc., same address as the
company.
it Consumers Power Co. (12/12)

Oct.

21,

1960 filed first mortgage bonds in the amount
1990 to be sold for the best
price obtainable but not less favorable to the
of

$35,000,000, maturing in

than

company

5V4% basis.

Proceeds—To be used to finance the
continuing expansion and improvement of the
and
of

gas

service

Greater

facilities

company's
65-county area

Detroit.

Office—212 West Michigan
Ave., Jackson, Mich. Underwriter
To be determined
by competitive bidding. Probable bidders: For
bonds—
Halsey, Stuart & Co. Inc.; White, Weld & Co., and Shields
& Co.
(jointly); Morgan Stanley & Co.; The First Boston
Corp., and Harriman Ripley & Co., Inc. Bids—Expected
—

be received

Dec.

Ave., New York City.
for Dec.

9 at

New York

12 up to 11:30
a.m., at 300 Park^'i
Information Meeting—Scheduled

11:00 a.m., Bankers Trust

City, 12th floor.

Cook Coffee Co.
Oct. 19, 1960 filed
100,000 shares of
stock

Co., 16 Wall St.,

outstanding

common

(par $1). Price

—
To be supplied by amendment.
Wholesale and retail grocery business. Pro¬
ceeds—To three
selling stockholders. Office—16501 Rockside Road, Maple
Heights, Cleveland 37, Ohio. Under¬
writer—Goldman, Sachs & Co., New York City (manag ¬

Business

ing).

—

)• Coral Aggregates Corp. (11/15)
Aug. 25, 1960 filed 100,000 shares of common stock
(par
10 cents).
Price—$4 per share. Business—The
company

intends to engage in the extraction and
sale of rock.
Proceeds—For equipment, working
capital, and the re¬
tirement of indebtedness, with the balance for
general
corporate purposes. Office—7200 Coral
Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York
City, and
Robinson & Co.,
Inc.,

Philadelphia, Pa.
Cormany Corp.
Sept. 21, 1960 (letter of notification) 91,000 shares of
common stock to be sold at
par ($2.50 per share). Busi¬
ness—Makes and leases oil well testing
equipment. Pro¬
ceeds—To buy such
equipment and to develop new tools.
Office—2427 Huntington Drive, San
Marino, Calif. Un¬
derwriter
Jacoby, Daigle & Werner, Inc., 541 South
Spring St., Los Angeles, Calif. Offering—Imminent.
•

—

common

(10-year 8% redeemable). Price—For
per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service. Office—Washington, D. C.
Underwriter—None.
Oct.

company's office, 4 Irving

intermediate financing of the con¬
pre-fabricated type residential or
commercial buildings and facilities
upon properties to
be acquired for sub-division
and shopping center devel¬

outside

Sept.

at the

and

struction of custom

electric

—

a.m.

Consolidated Realty Investment
Corp.
April 27 filed 2,000,000 shares of common stock. Price—•
$1 per share. Proceeds—To establish a
$250,000 revolving

Stranahan

selling stockholders, members of the
family. Office
Toledo, O. Underwriters—
Blyth & Co., Inc. (handling the books), Glore, Forgan &
Co., Hornblower & Weeks, Merrill
Lynch, Pierce, Fen¬
ner & Smith Inc.
(managing).

10:00

Place, New York City.

ment. Proceeds—To

the basis of

Price—$4

indebtedness, with the

working capital. Office

Cove Vitamin & Pharmaceutical

stock, $1

Caribbean American Corp.

Caribbean

(par $50). Price—To be supplied by
For repayment of
outstanding

amendment. Proceeds

Ltd.

Oct. 14, 1960 filed 305,392 shares of common
stock to be
offered to warrant holders.
Price—$4 per share. Business

(12/6)

Oct. 7, 1960 filed 60,000 shares of second
preferred stock

The debentures

Bzura

—

For expansion.

Maine

convertible series A

Buzzards

withdrawn

Central

^Central Vermont Public Service Corp.

(letter of

notification) 195,000 shares of
(par 20 cents). Price — $1.50 per share.
Proceeds—For business expansion. Office—1800 E. 26th
St., Little Rock, Ark. Underwriter—Cohn
Co., Inc., 309
N. Ridge Road, Little
Rock, Ark.
.
•

•

a.m.

—

stock

Nov. 29 at 11:00

payment of bank loans. Office—9 Green St., Augusta, Me.
Underwriters
Harriman Ripley &
Co., Inc., and First
Boston Corp., both New York
City, and Coffin & Burr,
Boston, Mass. (managing). Offering—Expected in midNovember.

Finance Corp.

Aug. 5,

acid.

Power Co.
Oct. 19, 1960 filed 120,000 shares of common
stock. Price
—To be supplied by amendment. Proceeds—For
the re¬

•

—

Probable

Street, Orange, N. J. Underwriters—Sandkuhl & Com¬
pany, Inc.,
Newark, N. J. and New York City and
Lloyd Haas Co., of New York City.
5 v

was

for general cor¬
Office—9 Green St., Augusta, Me. Un¬
To be determined .by
competitive bidding.

purposes.

derwriter

(11/15)
Aug. 9, 1960 (letter of notification) 100,000 shares of
class A common stock (par 10
cents).
Price — $3 per

•

(11/29)

Tentatively scheduled for Nov. 21.

Brothers

For

Power Co.

19, 1960 filed $6,000,000 of first and general mort¬
bonds, series X, due 1990. Proceeds—To repay bank

porate

None.
•

Maine

loans, for construction, and the balance

each

applied to the pay¬
property additions
which are expected to
approximate $1,800,000 in 1960.
Office—815 Main St.,
Bridgeport, Conn. Underwriter—
ment

Central

Oct.

one

(letter

stock

Office—42-15 Crescent St., Long Island City, N. Y.

poses.

gage

stock

1960

At-the-market. Proceeds—To finance the
company's an¬
ticipated growth and for other general corporate pur¬

vember.

common

the present holders
thereof.
ceeds
To reduce

Oct.

• Cavitron
Corp. (10/31-11/4)
July 17, 1960 filed 40,000 shares of common stock. Price—

Princeton, N. J. Underwriter—R. A. Holman & Co., Inc.,
New York City.
Offering—Expected sometime in No¬
•
Bridgeport Gas Co.
Sept. 2, 1960 filed 42,561 shares of

issuing company and 95,000 shares,
representing
outstanding stock, are to be offered for the account

•

common

Pools,

1960

account

the

Inc., New York, N. Y.

Sept.

Inc.
160,000 shares of class A common
stock, with stock purchase warrants attached, to be of¬
fered in units consisting of five shares of stock and one
warrant. Price—$10 per unit. Business—The
construction,
sale, and installation of pools in New Jersey and neigh¬
boring states. Proceeds—For general corporate
purposes,
24,

(11/7-10)

of notification) 150,000 shares of
(par three cents). Price — $2 per share.
Business—Food processing. Proceeds—For general cor¬
porate purposes. Office—2891-99 Nostrand Ave., Brook¬
lyn, N. Y. Underwriter — Searight, Ahalt & O'Connor,

Caruso

—

Oct.

Corp.

1960 filed 222,500 shares of common
stock,
which 127,500 shares are to be
offered for the

Corp. (11/1)
3, 1960 (letter of notification)
$100,000 of 10-year
7% registered series
notes, to be offered in denomina¬
tions of $100 to
$1,000 each. Price—At face value. Pro¬
ceeds—For working
capital. Office—36 Lowell
St., Man¬
chester,
N.
H.
Underwriter
Shontell
&
Varick,
Manchester, N. H.

—

it Bradford

Clark Cable

Aug. 23,
of

(11/21)

Sept. 28, 1960 filed 100,000 shares of common stock (par
$1). Price—$5 per share. Proceeds — Repayment of in¬

Price—

•

Inc.

Sept. 30, 1960 filed 108,000 shares of common stock
(par
50 cents), and five-year warrants for the
purchase of
an additional
54,000 shares of common stock to be of¬
fered in units, each unit to consist of two
shares and a
warrant for the purchase of one share. Price
supplied by amendment. Business—Mail order
of

—

be**'

marketing

vitamins through department stores. Proceeds
implement the company's merchandising plan and

—

for

working capital. Office—26 The Place, Glen Cove, L.
I.,
N. Y. Underwriter
Hill, Thompson & Co., Inc., New
York, N. Y.
—

Continued

page

The Commercial and Financial Chronicle

(1694)

Continued

Underwriter

from page 33

Holton, Henderson & Co., Los Angeles,

175,000 shares of common stock.
Price—$2 per share. Proceeds—To repay a bank loan,
for salaries, operating expenses, purchase of land, con¬
struction of a new laboratory and working capital.
Office—Washington, D. C. Underwriter—John R. Maher
Associates, New York City.
•

(11/7-10)

Cyclomatics Inc.

Aug. 31, 1960 filed 250,000 shares of common stock (par
10 cents). Price—$1 per share. Business—Motorized and

For inventory
and working capital. Office—Astoria, L. I., N. Y. Under¬
writers—General Securities Co., 101 W. 57th St.. N. Y. 19.
automatic health equipment Proceeds

—

•.

Daffin Corp.

Aug. 22, 1960, filed 150,000 shares of common stock (no

par). Price—To be supplied by amendment. Business—
company
makes agricultural
implements, feed

The

grinding and mixing equipment for the livestock indus¬
try, and conveying and seed cleaning equipment Proceeds—To selling stockholders. Office—Hopkins, Minn.
Underwriters—Lehman

Brothers, New York

City, and

Piper, Jaffray & Hopwood, Minneapolis, Minn,
aging. Offering—Indefinitely postponed.

(man¬

Dakota

Underwriters, Inc.
Aug. 3, 1960 (letter of notification) 300,000 shares of
common stock. Price—-At par ($1 per share). Proceeds
—To pay outstanding notes and the remainder for gen¬
eral corporate purposes. Office-^-214 W. Third St., Yank¬
ton, S. C. Underwriter—Professional Insurers and Inves¬
tors Ltd., 104 E. 8th St., Denver, Colo.
•

Daito

March

Corp.

431,217 shares of common stock to be
subscription by holders of such stock of

for

offered

(11/3)

filed

record Oct. 7 at the rate of one-and-a-half new shares for

each share then held.
—For

the

capital.
Grace &

retirement

Price—$1.25
of

notes

and

per

share. Proceeds
working

additional

Office—Norwood, N. J. Underwriter—Sterling,
Co., 50 Broad St., New York City.

^ Damon, Doudt Corp.
Oct. 6, 1960 (letter of notification) 2,500 shares of class
A capital stock (no par) and 2,500 shares of preferred
capital stock (par $100) to be offered in units consist¬
ing of one share of preferred and one share of common
capital stock. Price—$100 per unit. Business—The companyMwas organized solely for bidding in the proposed
sale by the United States Government of Ellis Island,
New York Harbor. Proceeds—For securing title to the
island.
Office—17 E. 48th Street, New York 17, N. Y.
Underwriter—None.

$100 per debenture. Business—The company operates a
chain of 29 retail stores in the metropolitan New York
areas in which it sells various electrical appliances and

sporting goods and appareL Proceeds—For general cor¬
porate purposes, including fixtures and inventory for
discount centers.

Ave., New York City.

Office

—

215 Fourth

Underwriter—Amos Treat & Co.,

Inc., New York City (managing).
Deere (John) Credit Co. (10/31*11/4)
Sept. 16, 1960 filed $50,000,000 of series A debentures,
supplied by amendment. Business

due 1985. Price—To be

—The

purchase

retail

instalment

paper

from

the

14 domestic sales branches operated by Deere & Co. sub¬

Proceeds — For general corporate purposes.
Underwriter—Harriman Ripley & Co., Inc., New York
sidiaries.

City (managing).
Electronics Corp.

(10/31-11/4)
July 26, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
makes, from its own designs, and sells high voltage
power supplies, transformers, chokes, and reactors. Pro¬
ceeds—For working capital, relocation, and expansion.
Office—521 Homestead Ave., Mount Vernon, New York.
Underwriters
Standard Securities Corp., New York
City, and Bruno-Lenchner, Inc., Pittsburgh, Pa.
•

Del

—

Delta

Design, Inc.
Sept. 28, 1960 filed 100,000 shares of capital stock. Price
—$4.50 per share. Business — Development of vacuum
system components. Proceeds — For acquisition of land
and construction of a factory; purchase of new machinery
and tooling; inventory and working capital. Office—3163
Adams Ave., San Diego, Calif. Underwriter—None.
Designatronics, Inc.
Sept. 28, 1960 (letter of notification) 100,000 shares of
common stock (par 10 cents). Price — $2.25 per share.
Business—Manufacturers of electronic equipment.
For
general corporate purposes. Office — 199 Sackett St.,
Brooklyn, N. Y.
Underwriters — Cortlandt Investing
Corp.; Rothenberg, Heller & Co., Inc. and Joseph Nadler
& Co., Inc., New York, N. Y.
Detroit

Tractor, Ltd.

Inc.

Sept. 30, 1960 (letter of notification) 150,000 shares of
stock (par $1). Price—$2 per share. Proceeds—inventory, purchase new equipment, for re¬
search and new product development and working cap¬
ital. Office — 9201 Wilshire Blvd., Beverly Hills, Calit

Dorsett Electronics Laboratories, Inc.
Sept. 15, 1960 filed 50,000 shares of common stock. Price
supplied by amendment. Business—The -design
and manufacture of various electronic data handling and
control systems. Proceeds—For debt reduction, and for
working capital for the issuer and its subsidiaries. Ad¬
dress—P. O. Box'862, Norman, Okla.
Underwriter—To
be named by amendment.
—To be

Dorsey Corp. (11/1)
Sept. 1, 1960 filed $3,500,000 of 6%% sinking fund de¬
bentures, due October, 1975, with warrants for the pur¬
chase of 140,000 common shares, together with-350,000
common shares. Price—For the 140,000 shares, $12 per
share; for the 350,000 shares the price will be supplied
by amendment. Business—The design, manufacture, and
distribution of all types of highway trailers except those
carrying liquids. Proceeds-^$7,000,000 will be supplied
to the purchase of all the outstanding capital stock of
Chattanooga Glass Co., with the balance for general
corporate purposes. Office- — 485 Lexington Ave., New
York City. Underwriter—Blair & Co., Inc., New York
City (managing).
;

Fail-mount

Co.

(letter of notification) 58,000 shares of class A
common stock (par $5).
Price-—At par ($5 per share).
Proceeds-r-For -working capital.
Office—5715 Sheriff
Road, Fairmount Heights, Md. Underwriter—J. T, Pat¬
terson & Co.,. Inc., 40 Exchange Place, New York, N, Y.
Federal Street Fund, Inc.

(11/1-4)
minimum of $20,000,000 market
value of shares of its $1 par common stock, Price—To be
Supplied by amendment. Business^ The company is a
newly organized open-end mutual fund. Proceeds—For
investment. Office—140 Federal St., Boston, Mass. Deal¬
er-Manager — Goldman, Sachs & Co., New York City
(managing).
•
• \
/
' . •
Sept. 26,

■

Dynamics Corp. (11/15)
Aug. 26, 1960 filed 100,000 shares of common stock (no
par). Price—$6 per share. Business—Research, develop¬
ment, and production in the fields of mechanics, elec¬
tronics, optics, and functional systems. Proceeds—The
net proceeds, estimated at $511,740, will be used for
product development ($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
phia, Pa. Underwriter — Warner, Jennings, Mandel &
Longstreth, Philadelphia, Pa. (managing).

-A: Drexel Equity Fund, lite.

Finance

May 6

Oct. 25,

1960 filed 500,000 shares of common stock (par
10 cents). Price—$10.20 per share.
Business—This is a
new mutual fund, organized as a closed-end fund on Oct.

1960 filed

American

First

Investment Corp.

Oct.

14, 1960 filed 2,500,000 shares of common stock.
Price—$2 per share. Business—Insurance. Proceeds—To
acquire control of Western Heritage Life Insurance Co.
of

Phoenix, and to organize subsidiaries. Office—2222 N

16th St., Phoenix, Ariz. Underwriter—None.

Drexel

First Connecticut Small Business Investment Co.

(11/14-18)

•

I"",.

Aug. 12, 1960 filed 225,000 shares of common stock (par
$1). Price—$10 per share. Proceeds—To retire $150,000
of debentures, and for Capital for loans for small busi¬
nesses. Office—955 Main St., Bridgeport, Conn. Under¬
writer-Hill, Darlington & Grimm, of New York City.
Small

First
of

Oct.

Business

Tampa, Inc.

Investment

6, 1960 filed 500,000 shares of

—$12.50

Company

common

stock. Price

To provide investment
capital. Office—Tampa, Fla. Underwriter—None.
•

per

Florida

share. Proceeds

Hillsboro

Corp.

—

(10/28)

Aug. 16, 1960 filed $1,000,000 of junior lien bonds, 7%
19, which will become open-end pursuant to the public
series, due 1975, and 150,000 shares of common stock,
sale of these shares. Proceeds—For portfolio investment.
to rfee offered/in uftits of a $500 bond and 75 shares of
Office—1500 Walnut Street, Philadelphia, Pa. Distribu- >
common stock.
Price
$500 per unit. Proceeds— For
tor and Investment Adviser—Drexel & Co., Philadelphia^
Pa. Offering—Expected in mid December.
'* Vl'fJ property improvements, the repayment of indebtedness,
J KTtmr*
and the balance for working capital. Office—Ft. Lauder¬
• Dubrow Electronic Industries Inc.
(10/31-11/4)
—

1960

(letter of notification)

•

».

100,000 shares of

stock (par 10 cents.) Price—$3 per share. Busi¬
ness—Electronic equipment for military use. Proceeds—

common

For general corporate purposes. Office—235 Penn St.,
Burlington, N. J.
Underwriter — Woodcock, Moyer,
Fricke & French, Inc., Philadelphia, Pa.
• East Alabama
Express, Inc.
April 1 (letter of notification) 77,000 shares of common
stock (par $1).
Price—$2.50 per share. Proceeds—To
repay notes payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital* Offlot
—109 M Street, Anniston, Ala.
Underwriter—First "in¬
vestment Savings Corp., Birmingham, Ala. Note—This
letter was withdrawn on Aug. 30.

Edwards

Industries, Inc.

Sept. 27, 1960 filed 100,000 shares of common stock. Price
—$4.50 per share. Proceeds — For land, financing of
homes, and working capital relating to such activities.
Office—Portland, Oreg. Underwriter—Joseph Nadler &
Co., Inc., New York City (managing). Offering—Expect¬
ed in late November to early December.
Electro

July 19,
class A

Industries, Inc.
1960 (letter of notification)

common

tional class A
writers.

75,000 shares

stock (no par) and 20,000 shares of addi¬
stock to be offered to the under¬

common

Prices—Of

class

common,

$2 per share;

additional class A common, 2% cents per share. Proceeds
—To expand the company's inventory to go into the

packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C. Underwriter — Carleton Securities
Corp., Washington, D. C.
4,

common

1960

(letter of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Pro¬

ceeds—For

Higginson Corp.
City. :";

—

P. W. Brooks & Co. Inc. and

(for the common only), both of
.'■■•■'•■v'*;' •"\"'-

Florida Suncoast Land & Mining Co.
Sept. 30, 1960 filed 1,050,000 shares of common stock, of
which 330,000 shares are to be offered in exchange for
certain lands and assets, and the balance will be for
public sale. Price—To be supplied by amendment. Pro¬
ceeds
For the acquisition and development of land,
mining operations and equipment, and the balance for
working capital. Office—Tarpon Springs, Fla. Under¬
—

writer—None.

Ford Electronics Corp.
Oct. 4, 1960 (letter of notification) 150,000 shares of com¬
mon stock
(no par). Price—$2 per share. Proceeds—To

loan, pay a balance under creditors agreement,
working capital. Office—11747 Vose St., North
Hollywood, Calif. Underwriter—Thomas Jay, Winston &
Co., Inc., Beverly Hills, Calif.
pay

and for

Foremost

Oct.

14,

1960

Industries, Inc. (11/7-10)
(letter of notification) 100,000

shares of

stock (par 50 cents). Price—$3 per share. Busi¬
ness—Manufacturers of stainless steel food service equip¬

working

capital.

ment used by department, drug and variety chain stores,
and institutions. Proceeds—For expansion;1 to repay a

loan; advertising, sales and promotion; for working cap¬
ital and general corporate purposes. Office—250 W. 57th
St., New York, N. Y. Underwriter—Richard Bruce & Co.,
Inc., New York, N. Y.

Fotoclirome, Inc. (11/1-4)
Sept. 16, 1960 filed 220,000 shares of $1 par common
stock, of which 200,000 shares are to be offered for the
account of the

Electro-Mechanics Co.
Oct.

dale, Fla. Underwriters

Lee

New York

common

Address—Westlake

Tex. Underwriter—James C. Tucker &

Hills,

Co., Inc., Austin,

Tex.

Electro-Nuclear

Metals, Inc.
Aug. 31, 1960 (letter of notification) 250,000 shares of
common stock. Price—At par ($1 per share). Proceeds—
To purchase new equipment, rental and for administra¬
tive costs. Office—115 Washington Blvd., Roseville, Calif.
Underwriter—A. J. Taranto & Co., Carmichael, Calif.
•

issuing company and 20,000 shaves, repre¬
outstanding stock, is to be offered for the
holder thereof. Price—To be sup¬
plied by amendment. Business—Film processing, the dis¬
senting

account of the present

tribution

of film and related supplies, and the design,
development, and sale of automatic processing equip¬
ment. Proceeds—For

general corporate purposes, includ¬
ing debt reduction, and the purchase of inventories of
photographic supplies. Office—1874 Washington Ave.,
New York City. .Underwriters—Shearson, Hammill & Co.
and Emanuel, Deetjen & Co,, both of New York City
(managing),
•

Foxboro Co.

Oct.

18,

(11/21-25)

(10/31-11/4)
Sept. 23, 1960 filed 260,000 shares of common stock (par
25 cents). Price—To be supplied by amendment. Busi¬

which 125,000 shares are to be offered for the account
Of the issuing company and 86,000 shares, representing

ness—Builds and installs facilities for the armed forces
and also does work for civilian public works agencies.
Proceeds—For general corporate purposes including ex-?

amendment.

pansion. The' additional funds will also enable the firm
to furnish bonds necessary to bid on larger Government
contracts. Office—2 Lafayette St., New York City. Under¬

writer—Hardy & Co., New York City.
Electronic Specialty Co.
filed 150,000 shares of

June 2

common stock (par 50
Price—To be supplied by amendment. Proceeds
in anticipation of
capital requirements, possibly to include acquisitions.
Office—5121 San Fernando Road, Los Angeles, Calif.

common

cents).

—To be added to the general funds

Electronics, Missiles & Communications, Inc,
"(10/28-11/4)
Sept. 13, 1960 filed 150,000 shares of 10 cent par com¬
mon stock. Price—$2 per share. Business—The
company
will make and sell communications equipment. Proceeds
—For working capital. Office—262-264 East -Third St.,
Mt. Vernon, N. Y, Underwriter—Frank Karasik & Co.,
Inc., 285 Madison Avenue, New York 17, N. Y. "

—

To increase

•

1960

Electronic & Missile Facilities Inc.

May 26 filed 1,375,000 shares of class A stock. Of this
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to
be offered for sale by the holders thereof. Price—Not to
exceed $3 per share.
Proceeds—To be applied to the
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment.
Diketan Laboratories.

(11/7-10)

(letter of notification) 75,000 shares of
common stock (par 10 cents). Price—$4 per share. Pro¬
ceeds
To pay notes payable, purchase inventory, for
purchase of die and equipment and additional working
capital. Office—201 W. Semmes St., Osceola, Ark. Un¬
derwriter—H. L. Wright & Co., Inc., New York, N. Y.
12,

Sept. 7,

Davega Stores Corp. (11/15)
Sept. 7, 1960, filed $1,500,000 of 6% convertible subor¬
dinated debentures, due 1975, to be offered to holders of
its common stock pursuant to preemptive rights. Price—

two new retail

Does-More Products Corp.

Oct.

Thursday, October 27, 1960

Underwriters—Reynolds & Co., Inc. of New York City
and Bateman, Eichler & Co. of Los Angeles, Calif. Offer¬
ing—Indefinitely postponed.

Calif.

Cryogenics Inc.
Aug. 16, 1960 filed

,..

1960 filed 211,000 shares of

common

stock, of

outstanding stock,
the

are to be offered for the account of
present holders thereof. Price—To be supplied by
Proceeds—For general corporate purposes,

including warehouse and plant facilities.
Office—38
Neponset Ave., Foxboro, Mass. Underwriter — Paine,
Webber, Jackson & Curtis, New York City (managing).
Franklin Discount Co.

( 11/16)

Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
ible debentures, due serially 1966-1968, and $300,000 of
8% subordinated capital notes due eight years, eight
months and eight days after date of issue.
Prices—At
par. Business—The company is engaged in the consumer
finance

small loan

business, and, to

lesser extent,

Volume
'

Number 5998

192
r-

in the purchasing of car,

The Commercial and

■

•s

vestigatory services to

boat, and appliance installment
Proceeds—For general cor¬

tomers.

sales contracts from dealers.
Underwriter—None.

Ga.

•.»

Frisch's Restaurants, Inc.

•

Oct.

(12/5-9)

Oct.

amendment. Proceeds—
To selling stockholders. Office—Cincinnati, O.
Under¬
writer—Westheimer & Co.^ Cincinnati, O. (managing).

stock. Price—To be supplied.by

mon

$l,5uu,uuo ol 6Vz%

common

are

to be offered for the

the

Business—The; company

amendment.

•

television

Office

—

station

radio

two

radio

(managing),

'General Automation

Corp.

offering

for

100,000 shares of 25c convertible pre¬
$4).
Price—At par. Proceeds—Ap¬

construction of

additional

smoke¬

'*/

■

Goodrich

(B. F.)

Co.

(11/16)

(11/7-10)

(no

fittings for the electronic and electrical industries. Pro¬
ceeds
For general corporate purposes, including debt
—

reduction, inventory and construction. Office—7 North
Ave., Wakefield, Mass. Underwriters—Milton D. Blauner
&

Co., Inc. and M. L. Lee Co., Inc., New York, N., Y.

Gro-Riie Shoe Co., Inc.
ing from 8% to 10%, depending upon the type of mort¬
Oct. 12, 1960 (letter of notification) an undetermined
gage financing involved.
Proceeds—For inv^trnent^lmb
number of shares of common stock (par $1). Price—The
Port St. Lucie Country Club homes, on the east coast of
offering will not exceed $300,000. Proceeds—For work¬
Florida. Business—The company is a wholly-owned sub¬
sidiary of General Development Corp., whose principal f ing capital. Address—Route 2, Box 129, Mount Gilead,
N. C. Underwriter—American Securities Co., Charlotte,
business is the development of large tracts of land into
N.

will be used for additional working capital, inventories

York

in the Salem Center; and $50,000
to provide working capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬

7-:

Gulf Resources,

Inc.

—

For

in Zapata and Starr Counties, Texas. Proceeds
general corporate purposes. Office — 20 Broad

Street, New York City. Underwriter—Amos Treat & Co.,
7:77';.
Inc., New York City.
■ f~
;?. ,' / •• --V, \ ' •; • ■;
7
^Geophysics Corp. of America (11/14-18) "
• Heldor
Electronics Manufacturing Corp. "
Sept. 28, 1960 filed 50,000 shares of common stock of
which 18,750 shares are to be offered for the account of
(10/31-11/4)
the issuing company and the remaining 31,250 for the
June 29, 1960 (letter of notification) 100,000 shares of
common stock (par 10 cents).
account of the present holders thereof. Price—To be sup¬
Price—$3 per share. Pro¬
Office — 238
plied by amendment. Proceeds — For working capital. '< ceeds— For general corporate purposes.
Office—New Bedford, Mass. Underwriter—C. E. Unter- ;
Lewis Street, Paterson, N. J. Underwriter—S. Schramm
& Co., Inc., New York, N. Y.
berg, Towbin Co., New York City (managing).

New York City.

Georgia Power Co. (11/3)
■
+
Sept. 26, 1960 filed $12,000,000 of 30-year first mortgage
bonds due 1990.
Underwriter — To be determined by*

*Hel!err (Walter E.) & Co.
Oct. 42, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
About $1,000,000 to purchase preferred stock of Nation¬
wide Investment Co., about $1,000,000 to purchase secu¬
rities of an as yet unorganized firm tentatively named
"Credit Acceptance Co.," and the remainder for general

competitive bidding. Probable bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.;

York

Time.

Information

Meeting—Scheduled

New York
•

Ginn

City.
Co."

'■■■"; :'7

(11/29)

'■

■

theatre, skeet and other shooting ranges. Proceeds—For
general corporate purposes. Address—Port Jervif, N. Y.
Underwriter—Osborne, Clark & Van Buren, Inc., New
York, N. Y.

supplied by amendment. Business—Publication and dis¬

Hilltop, Inc.

tribution of text books and related educational materials

Aug. 17, 1960 filed $1,650,000 of 6% subordinated

for schools. Proceeds—To reimburse the company's treas¬

capital. Office—Statler Office Bldg.,
Boston, Mass. Underwriter — White, Weld & Co., NewYork City.

balance for working

shares of common stock (par $1).
share. Proceeds—To further the corpo¬

the preparation of the concentrate
enfranchising of bottlers, the local and national pro¬
motion and advertising
of its beverages, and where
necessary to make loans to such bottlers, etc. Office—»
704 Equitable Bldg., Denver, Colo. Underwriters— Pur¬
vis & Co, and Amos C. Sudler & Co., both of Denver,
e

Idaho Power Co.

1960 filed

(11/2)

100,000 shares of $10

par common
stock. Price—To be supplied by amendment. Proceeds—
For repayment of bank loans. Underwriters —/ Kidder,

Peabody & Co., and

Merrill

Lynch, Pierce, Fenner &

Smith Inc. (jointly).
Idaho

Power Co.

(11/15)

Sept. 21, 1960 filed $15,000,000 of first mortgage bonds
due 1990. Proceeds—For capital expenditures, etc. Un¬
derwriter—(For the bonds) To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co., Inc., Lazard Freres & Co. and The
First Boston Corp. (jointly); Merrill Lynch, Pierce, Fen¬
Smith

ner

Weld

Inc.; Kidder, Peabody & Co. and White,
(jointly); Salomon Bros. & Hutzler and
Dillon, Union Securities & Co. (jointly); Equit¬

Co.

Eastman

able

Securities Corp. Bids—Expected to

be received

Nov. 15. Information Meeting—Scheduled for Nov. 10 at
11:00 a.m. at the Bankers Trust
Co., 16 Wall St., New
York City.
Illinois

April

Beef, L. & W. S., Inc.
200,000 shares of outstanding common
selling stockholders.
Price—$10

filed

itock.

Proceeds—To

share.

Office—200 South Craig Street, Pittsburgh,
Underwriters—Amos Treat & Co., Inc., New York,
Bruno

per

•

Lenchner,

Inc.,

Pittsburgh,

Pa.

Indian Head

Mills, Inc. (10/31-11/4)
Aug. 10, 1960 filed 60,000 shares of outstanding common
stock (par $1), of which 50,000 shares are to be offered
for the account of present holders, and the remaining
shares being registered pursuant to an option agreement.
Price—To be supplied by amendment. Business—Pro¬
duction and distribution of fabrics, and related services
for fabric converters. Proceeds—To selling stockholders.
Office—111 W. 40th Street, New York City. Underwriters
& Co. and F. S. Smithers & Co., both of New

—Blair
York
•

City (managing),

Industrial Hose & Rubber Co., Inc.

(10/31-11/4)
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds — Toward the repayment of
notes, new machinery, additional inventory, and the bal¬
ance for working capital. Office — Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing),

the company, which
organized under Kansas law in June, 1959, will be
owning, acquiring, improving, developing, selling,
leasing of improved and unimproved real property.

working capital. Office—Sacramento, Calif. Underwriter
—Schwabacher & Co., San Francisco, Calif, and New
York City.
International Diode Corp.
July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible preferred stock (par $8). Price — $8 per
share.

Business—Makes

establish

Proceeds—To
bian Bldg.,

Home

reduce

funded

debt.

Office—401

Colum¬

Topeka, Kan. Underwriter—None.

July 15, 1960 filed 1,000,000 shares of common stock

(par

Price—$1 per share. Business—The company is
engaged in real estate financing and lending. Proceeds
—For
general
corporate purposes.
Office — 409 N.
Nevada, Colorado Springs, Colo.

Underwriter—None.

sells

diodes.

Proceeds—To

International

Sept. 30,
—

1960

Mosaic Corp.
(11/7-10)
(letter of notification) 93,333

stock (par 10 cents). Price—$3 per share. Busi¬

Manufacture

processes.

Proceeds

—

glass mosaics by machines and
For general corporate purposes.

Office—45 East 20th
—B. G. Harris &

St., New York 3, N. Y. Underwriter
Co., Inc., New York, N. Y.

International Safflower Corp.

Aug.

50c).

City.

•

Builders Acceptance Corp.

and

staff of

production and sales engineers, fi¬
nance
new
product development, buy equipment, and
add to working capital. Office—90 Forrest St., Jersey
City, N. J. Underwriter—Ernst Wells, Inc., New York

ness

and

1960

Inc. (11/21-25)
Oct. 13, 1960 filed 100,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
Supplying plant security and uniformed guard and in¬

per

rate purposes and in

common

the

stock

Security Systems,

Price—$2.50

was

Corp.

—

Globe

Inc.

Business—The principal business of

(letter of notification) 100,000 shares of 1
(par 10 cents). Price—$3 per share. Pro¬
ceeds
For boat molds, to pay off a mortgage and for
working capital. Address—Hialeah, Fla. Underwriter—
Martinelli & Co., Inc., New York, N. Y.
common

deben¬

tures, due 1980, and 1,650 shares of class A common stock,
to be offered in units of one $1,000 debenture and one
class A share. Price — To be supplied by amendment.

for redemption costs of its preferred stock, and the

Sept. 28,

I C

June 29 filed 600,000

the balance will be added to the general funds to finance
the development of general life insurance agency and for

★ High Point Ski Ways, Inc. (11/1)
Oct. 17, 1960 (letter of notification)
150,000 shares of
common stock (par 10 cents). Price—$2 per share. Busi¬
ness—Operation of a ski area, ice-skating rink, open air

{

10, 1960 filed 817,391 shares of common stock (par
$1), of which 173,300 shares will be offered for the ac- count of the issuer, and 644,091 shares will be offered
for the account of selling stockholders. Price — To be

Glas Foam

Office — 1750 South 8th St., Salt Lake City,
Underwriter—Whitney & Co., Salt Lake City, Utah.

Intercoast Companies, Inc.
Aug. 16, 1960 filed 110,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To pay the
balance due on the purchase of Western Life shares, and

Office—105 West Adams St., Chi¬
Underwriters — F. Eberstadt & Co. and Dean
Co., both of New York City (managing). Offer¬
ing—Expected in late December to early January.
■

Oct.

ury

services for the fiberglass industry, including par¬
ticularly fiberglass boats known as *'HydroSwift" and
"Skyliner." Proceeds—For general funds, including ex¬

and

cago, 111.
Witter &

for

and 4:30 p.m. at the Chemical
Bank New York Trust Co., 11th floor, 100 Broadway,
Oct. 31 between 2:30 p.m.

• Hydroswift Corp. .
Oct. 20, 1960 filed 70,000 shares of common stock. Price
—$5 per share. Business—The firm, which was organ¬
ized in February,
1957, makes and wholesales prodyctfV

corporate "purposes.

(jointly); Blyth & Co., Inc., and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Bids—Expected to be
received on Nov. 3 at the office of Southern Services, v
Inc., Room 1600, 250 Park Avenue, N. Y. C., up to 11 a.m., New

Worth, Texas.
Underwriters—G. H. Walker & Co., New York, N. Y. and
Dewar, Robertson & Pancoast, San Antonio, Tex.
"

and

(11/7)

ural gas

and Tdaho.

Oct.

Pa.

v.;

Sept. 2, 1960 filed 140,000 shares of common stock (par
10 cents). Price—$8 per share. Business—Gathering nat¬

of the proceeds

Oregon

;'7;;7

■.

City.

purposes

will be used to open two new stores :
Office — 1105 N. E. Broadway,
Portland, Ore. Underwriter—A. J. Gabriel & Co., Inc., '
in

★ Guild Musical Instrument Corp.
Oct. 25, 1960 filed 110,000 shares of common stock. Price
—$3 per share. Proceeds — For general corporate pur¬
poses, including debt reduction, machinery and equip¬
ment, inventory, and working capital. Office—Hoboken,
N. J. Underwriter—Michael G. Kletz & Co., Inc., New

General Sales Corp.
April 28 filed 90,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
,

Instruments Inc.

Sept. 21,

par). Price—To be supplied by amendment. Business—
Manufactures coaxial cable connectors and associated

22nd Street,

withdrawn

Colo.

Sept. 20, 1960 filed 100,000 shares of common stock

Development Investment Plans, Inc.
6, 1960 filed 1,285 of Investment Plans.' Price—To 4
be offered for public sale with sales commissions rang¬

ance

Howell

York, N. Y. (managing).
• Gremar Manufacturing Co., Inc.

Genera]

was

stock. Price—To be supplied by amendment. Proceeds—
To selling stockholders.
Address — Fort

lays and working capital. Address—230 Park Ave., New
York City. Underwriter—Goldman, Sachs & Co., New

(11/14-18y

for the Portland Discount Center; $75,000

City. Note—This statement

20.

and

filed $60,000,000 of sinking fund debentures
due Nov. 15, 1985. Price—To be supplied by amendment.
Proceeds—For capital expenditures and investment out¬

Oct.

same

York

Oct. 4, 1960 filed 140,000 shares of outstanding common

Oct. 19, 1960

(letter of notification) 100,000 shares of
common stock (par two cents). Price—$2 per share. Busi¬
ness—Manufacture of machinery. Proceeds—For general
corporate purposes. Office—40-66 Lawrence St., Flush¬
ing, N. Y. Underwriters—Bertner Bros, and Earl Edden
Co., New York, N. Y.

for the

common

pansion.

•

Sept. 30, 1960

and facilities

III,

Utah.

City.

stations in Missouri.

planned communities.
Office—2828 S. W.
Miami, Fla. Underwriter—None.

1960 filed $1,500,000 of 7% subordinated con¬
debentures, due October 1970, and 150,000 series
stock purchase warrants, to be offered in
units consisting of a $1,000 debenture and 100 warrants.
Price
$1,000 per unit.
Business — Buying and selling
land. Proceeds—For general corporate purposes, includ¬
ing land acquisition and advertising expenses. Office—
Tucson, Ariz. Underwriter—Ross, Lyon & Co., Inc., New
vertible

Offering—

Office—614 Broad Street, Utica, N. Y. Busi¬
company is engaged in the processing, pack¬
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. 'It also sells certain dairy products. Under¬
writer—Ernst Wells, Inc., 15 William Street, New York

Proceeds—For the acquisition of

and

public

house, and the balance will be used for general corporate

St., N. Ws Washington, D. C.
Hill, Darlington & Co., New York City
,-;v .;A ■//v',:•/■/;■ "v;

—

the

Horizon Land Corp.

ness—The

4000 Albemarle

Underwriter

for

used

•

Aug. 29,

purposes.

(11/14-18) '
Sept. 9, 1960 filed 130,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
stations.

first

Co., Inc., 11 Broadway, New York City.

Gay Broadcasting Corp.

The company and its subsidiaries own and operate

its

15, 1960 in connection with refinancing the com¬
pany's obligations to a bank, v In addition, $15,000 will

" *

Corp.
.v
v
Oct. 12, 1960 filed 100,000 shares of common stock. Price '
—$3 per share. Business—A hydrant jet fueling com¬
pany. Proceeds—Expansion. Office—Seaford, L. I., N. Y.
Underwriter—Theodore Arrin & Co., Inc., 82 Beaver St.,
New York City.* • V: ■*<'7/'".

and television

June

Garsite

(Connie 13.)

proceeds

proximately $150,000 will be used; to discharge that
portion of its obligation to Jones & Co. pursuant to
which certain inventories are pledged as collateral. The
indebtedness to Jones & Co. was initially incurred on ■»

reduction and working capital. Office—141 North Ave.,

Bridgeport, Conn. Underwriter—Van Alstyne, Noel
Co., New York City (managing).
'
'
<
~ ;
^

the

use

June 17, 1960, filed
ferred stock
(par

is engaged in the "

construction business, both as a general contractor and
as a builder for its own account.
Proceeds — For debt

■

—

: Gold Medal Packing Corp.

account

and the balance for the account :
company. Price — To be supplied
by.v

issuing

Inc.

Expected in January.

of selling stockholders

cus¬

reduction, working capital,

working capital and general corporate purposes. Office
—Huntington, L. I., N. Y. - Underwriter—Dean Samitas

convertible sub¬
ordinated debentures, due September 1975, and 175,000
shares of common stock (par $1), of which filing 50,000
of the

industrial and commercial
debt

25, 1960 filed 85,000 shares of 10c par class A com¬
stock.
Price—$3 per Share.
Proceeds—The firm

will

(10/31-11/4)

July 22, 1960 filed

Proceeds-^For

* Golden Crest Records,

18, J960 filed 180,000 shares of outstanding common '

Frouge Corp.

(1695)

expansion, and possibly acquisitions. Office—2011 Wal¬
nut St., Philadelphia, Pa. Underwriter—Drexel & Co.,
Philadelphia, Pa. (managing).
"
•
/

Office—105 North Sage Street, Toccoa,

porate purposes.

Financial Chronicle

7ft

class

1960

(letter

common

of notification) 60,000 shares of
(par $2).
Price—$5 per share.
purchase of plant¬

stock

Proceeds—To retire outstanding loans,

ing seed, lease

purchase land, building and machinery
Continued

page

The Commercial and Financial Chronicle

(1696)

Continued

for working

outstanding stock, are to be offered for the
the present holders thereof, including three
officers. Price—To be supplied by amendment.

resenting

from page 35

account

and

capital. Office

350 Equitable Bldg.,

—

Denver, Colo. Underwriter — Copley & Co., Colorado
Springs, Colo. Note—This letter is to be withdrawn and

company

Business—Makes hard bound books.

Underwriters

•

(10/31)
Sept. 7, 1960, filed 285,000 shares of common stock
(par $1), of which 250,000 shares will be offered for the
Vending Co.

account of the

issuing company and 35,000 shares, repre¬
outstanding stock, will be offered for
the
account of the present holders thereof. (The registration
statement includes an additional 206,250 shares, all out¬

senting

standing, of which 100,000 shares
market

time

from

106,250

have

The

time.

advised

the

may

issuing

the

company

that
Price

be supplied by amendment.
Business—The com¬
sells various products through coin-operated vend¬
ing machines in 22 States, and designs and makes certain
vending machines for its own use. Proceeds—For acqui¬
sitions, working capital, and new equipment. Office—
pany

Grand

Ave., Chicago, 111. Underwriter
Stearns & Co., New York City (managing).
•

Preferred

Investors

Sept. 26,

Insurance

Life

—

Bear,

Co.

(letter of notification) 150,000 shares of
(no par). Price—$2 per share. Proceeds
—For capital and surplus accounts. Office—522 Cross St.,
Little Rock, Ark. Underwriter — Life Securities, Inc.,
P. O. Box 3662, Little Rock, Ark.
1960

Irving Fund for Investment in U. S. Government
Securities, Inc.
July 22, 1960, filed 400,000 shares of common stock.
Price

Business — A diversified invest¬
which will become an open-end company
with redeemable shares upon the sale and issuance of
$25 per share.

—

ment company,

the

being

Proceeds—For investment

registered.

in U. S. Government securities.

Office—50 Broad Street,

New York City.

Underwriter—To be supplied by amend¬
Attorneys — Brinsmade
&
Shafrann, 20 Pine

ment.

Street, New York 5, N. Y.
Jahncke

Sept.

Service

1960 filed

Inc.

(11/2)

shares of common stock, of
which 121,200 shares are to be offered for the account
of the company and 35,000 shares by the present holders
thereof. Price—To be supplied by amendment. Proceeds
—For acquisitions and working capital. Office—New Or¬
leans, La. Underwriter — Hemphill, Noyes & Co., New
York City (managing).

156,200

City.

Inc.

Sept. 30, 1960 filed 50,000 common stock units, each unit
of

one

share of class A

common

and 3 shares

class B common, to be offered for subscription by
holders of its common stock. Price—The price and the
basis of the rights offering will be supplied by amend¬

ment. Proceeds—To establish sales and information

ters,
ance

—

Hodgdon & Co., Inc.,

Washington, D. C.
Kanavau

Sept.

Keyes

Fibre Co. (11/15)
Oct. 4, 1960 filed $10,000,000 of convertible subordinated
debentures, due 1985, with attached warrants for the
purchase of 500,000 shares of common stock, to be of¬
stock,

holders

the

basis

outstanding preferred and
of

$100

common

debentures for each

shares of

common or preferred held.
Price—To be sup¬
plied by amendment. Proceeds—Construction of a new
plant, additional equipment, and the balance for work¬
ing capital. Office—Upper College Avenue, Waterville,
Maine. Underwriter—Coffin & Burr, Inc., Boston, Mass.

•

Kings Electronics Co., Inc.

May 26 filed 200,000 shares of common stock (par 16
cents) and 100,000 common stock purchase warrants.
The company proposes to offer these securities for public
lale in units, each consisting of one share of common
stock

and

Price—$4

one-half

common

stock

purchase

warrant.

unit.

Proceeds—$165,000 will be applied
loans, $75,000 for develop¬
ment and design work by a subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search in the design, development and production of
components for microwave instruments, and the balance
for working capital. Office—40 Marbledale Road, Tuckahoe, N. Y.
Underwriters — Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
Godfrey, Hamilton, Magnus & Co., all of New York City.
per

to the repayment of certain

Offering—Expected in November.
•

Kingsport Press, Inc. (11/1)
Sept. 27, 1960 filed 125,000 shares fo $1.25 par common
70,000 shares are to be offered for the

stock of which
account of the

issuing

company and

Inc.

(letter of notification)

1960

class A stock

149,000 shares of

(par one cent). Price—$2 per share. Busi¬

ness—Distributors of silver sensitized photo copy papers,
chemicals and engineering photo reproduction materials.
Proceeds—For

general

Clinton Ave., S.,
& Co.,

ver

•

corporate

purposes.

Office—470

Rochester, N. Y. Underwriter—Schrij¬

New York, N. Y. Offering—Imminent.

Koeller Air Products,

each unit to consist of 2

Inc.

(10/31-11/4)

shares of

common

stock

warrant. Each full warrant is convertible into

common

within

year

and

one

from the date of offering at
per unit. Business—The firm

per

share.

New

LP Gas

Savings Stamp Co., Inc.
(letter of notification) 30,000 shares of
common stock Price—At par
($10 per share). Proceeds
—For purchase of creative design and printing of cata¬
logs, stamp booklets, advertising and for working cap¬
ital. Office—300 W. 61st St., Shreveport, La. Underwriter
—International Sales &
Investment, Inc., 4501 North
1960

27,

Blvd., Baton Rouge, La.
Lawndale

Industries, Inc. (10/31-11/4)
Aug. 15, 1960 filed 100,000 shares of class A stock. Price
—$5 per share. Business—The manufacture of porcelain
enameled steel plumbing fixtures. Proceeds — For the
construction and equipping of a new plant, and the re¬
duction of outstanding bank loans. Office — Haven &
Russell Aves., Aurora, 111. Underwriter—Paul C. Kimball
& Co. of

Chicago, 111.

Lawter

Sept.

Chemicals,
1960

19,

filed

Inc.

70,000

(10/31-11/4)
shares

of capital stock of
20,000 shares are first to be offered to certain
personnel of the company and certain friends of its
management. Price — To be supplied by amendment.
which

Business—Manufacture and sale of

printing ink vehicles,
fluorescent pigments and coatings, and synthetic resins.
Proceeds—For general corporate purposes. Office—3550
Touhy Ave., Chicago, 111. Underwriter — Blunt Ellis &

Simmons, Chicago, 111.

Mac

common

mortgage payment, outstanding notes, construction
water supply and general corporate purposes.

new

Office—719 Harrison

Ave., Leadville, Colo. Underwriter
Portland, Me.

—H. M. Payson & Co.,
Liberian

Iron

Ore

stock class A (par 60

cents).Price—$5 per share.
expansion. Office—5 E. Centre
Underwriters—Sade & Co., Bella-

Proceeds—For company

St., Baltimore, Md.
mah, Neuhauser & Barrett, Washington, D. C., McCarley
& Co., Asheville, N. C. and
Murphy & Co., Denver, Colo.

Madigan Electronic Corp. (11/28-12/2)
5, 1960 filed 110,000 shares of common stock (par
10 cents). Price—$4.25
per share. Business—The design,
manufacture and sale of electronic equipment for use
primarily in weapons and data processing systems. Pro¬
ceeds—Reduction of indebtedness and working capital.
Office—200 Stonehinge Lane, Carle Place, N. Y. Under¬
writer—McLaughlin, Kaufman & Co., New York City.
Oct.

•

Major League Bowling & Recreation, Inc.
(11/1)
Sept. 16, 1960 filed 150,000 shares of common stock ($1
par). Price—To be supplied by amendment. Business—
corporation
bowling centers

operates

the

has

under

southeastern

construction

part of the

Proceeds—To complete centers and for the development

acquisition of additional centers.

Office—Richmond,
Dillon, Union Securities &
Co., New York City, and J. C. Wheat & Co., Richmond,
Va.

Underwriters—Eastman

Va.

(managing).

Marine

Electronics

Manufacturing Inc.
(letter of notification) 100,000 shares of
class A
(par 10 cents). Price—$3 per
share. Proceeds—For expenses in the fabrication of sheet
metal parts for missiles, rockets, radar and marine items.
Sept. 22,

1960

common

stock

Address—Hagerstown, Md.
Washington, D. C.

Underwriter—Batten & Co.,

•

(11/4)

Mary Carter Paint Co.

Sept. 23, 1960 filed 375,000 shares of
stock (par $1), of which 75,000 shares
the

for

account

the

issuing

class A
are

company,

shares, representing outstanding stock,
for

the

account

the

supplied

are

present holders

amendment.

common

to be offered

and 300,000
to be offered

thereof. Price—

Business

—

The

firm

makes various paint products for retail distribution. Pro¬

ceeds—For debt

reduction, expansion, and working cap¬
ital. Office—666 Fifth Ave., New York City. Underwriter
—Lee Higginson
Corp., New York City (managing).
Matheson Co., Inc.
(11/16)
Sept. 27, 1960 filed 160,000 shares of common stock ($1
par), of which 40,000 shares are to be offered for the
account of the issuing company and 120,000
shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be sup¬

plied by amendment. Business—The company sells chemi¬
cal gases, chemicals, regulators and valves. Proceeds — To
redeem all the outstanding shares of 6% cum. preferred
stock at $21 per share, with the remainder to be added
to the issuer's general funds. Office—932 Paterson Plank

Road, East Rutherford, N. J. Underwriter—White, Weld
Co., Inc., New York City (managing).

June 28, 1960 (letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—
of

Charge Plan & Northern Acceptance Corp.
1960 (letter of notification) 60,000 shares of

21,

Leadville Water Co.

For

Co., Inc. and Sulco Securities, Inc.,

York, N. Y.

Sept.

distributes

Sept.

Thursday, October 27, 1960

—Arnold Malkan &

The

Price—$4
hydrogen, nitrogen, oxygen, and welding
equipment. Proceeds — For general corporate purposes.
Office—596 Lexington Ave., Clifton, N. J. Underwriter—
Lloyd Securities, 150 Broadway, New York City.
$2

May

Ltd.

joined with The Liberian American-Swedish
Co., Monrovia, Liberia, in the filing of $15,000,000 of 6Y4% first lien collateral trust bonds, series A,
due 1980, of Lio, $15,000,000 of 6^4% subordinated de¬
19

Minerals

bentures

Corp.

Sept. 30, 1960 filed 250,000 shares of common stock (par
$1). Price—$10 per share. Business—A real estate invest¬
ment company. Proceeds—For acquisition of properties,
working capital and general corporate purposes. Office—
415 Lexington Ave., New York, N. Y. Underwriter—Ira
Investors Corp., New York, N. Y.

fered

Underwriter—Schrijver & Co., New York, N. Y.

Merrimack-Essex Electric Co. (11/16)
Sept. 20, 1960 filed 75,000 shares of cumulative preferred
stock (par $100). Proceeds—For reduction of short-term
indebtedness. Business—The issuer is

a subsidiary of the
System and conducts its business
of generating, buying, and selling electricity in north¬
eastern Massachusetts.
It sells appliances related to its
business. Office—205 Washington
St., Salem, Mass. Un¬
derwriter
To be determined by competitive bidding.
Probable bidders: Kidder, Peabody & Co. and
White,
Weld & Co. (jointly); Merrill Lynch,
Pierce, Fenner &
Smith Inc. and Eastman
Dillon, Union Securities & Co.
(jointly); First Boston Corp. Bids—Expected to be re¬
ceived on Nov. 16. Information Meeting—Scheduled for

New England Electric

—

cen¬

establish distributorships, expansion, and the bal¬
for working capital. Office—404 No. Frederick Ave.,

Gaithersburg, Md. Underwriter

Klondex

•

^ James Brooks & Co., Inc. (12/8)
Oct. 24,
1960 filed $400,000 of 12% subordinated de¬
bentures, due 1980, 50,000 shares of common stock, and
warrants for the purchase of 50,000 common shares, to
be offered in units consisting of $400 of debentures, 50
common shares, and warrants for the cash purchase of 50
shares. Price—$450 per unit. Business—The retail sale
in two Bronx, N. Y., stores
of furniture, appliances,
cameras, photo supplies, and related items.
Proceeds—
To reduce accounts payable to factors, with the balance
for working capital.
Office—542 E. 138th Street, New
York City.
Underwriter—Lloyd Haas & Co., New York

to consist

stock

corporate purposes. Office—521 West 23rd St., New York,

•

Jonker Business Machines,

(letter of notification) 99,900 shares of
(par 20 cents). Price—$3 per share. Busi¬
of drugs. Proceeds — For general

1960

28,

common

(11/7-10)

Aug. 31, 1960 filed 100,000 shares of common stock
(par 5 cents) and 500,000 warrants to be offered in units,

stock

common

Sept.

Laboratories, Inc.

(C. F.)

other

-—To

251

Kirk

Lehman Brothers, New York City, and
Son & Co., Philadelphia (managing).

ness—Manufacturers

be offered at the

holders

present disposition of their shares is planned.)

•

—

Newbold's

ex¬

Address—c/o Corp. Trust Co., Wilmington, Del.

pansion.

refiled in about 30 days.

Interstate

Proceeds—For

55,000 shares, rep¬

due

1985

Lio,

unspecified

number of
The

shares of Lio capital stock, to be offered in units.
units will consist of $500 of collateral trust bonds,
of debentures and

$500

15 shares of capital stock. Price—For

units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Office
—97 Queen St., Charlottetown, Prince Edward
Island,
Canada, N. S.
Underwriter—White, Weld & Co., Inc.,
New York. Note
This offering has temporarily been
—

postponed.
Lifetime Pools Equipment Corp.
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment; Business—Engaged in
the

manufacture

and

selling of fiber glass swimming
pools. Proceeds—$125,000 will be used to purchase ma¬
chinery
and
equipment; $200,000
to
purchase
raw
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de¬
velopment; and the balance will be added to working
capital. ^Office—Renovo, Pa. Underwriter—First Penn¬

ington Corp., Pittsburgh, Pa. Offering—Expected in late
November.
Lionel

Sept. 2,

1960 filed

of record

•
Metcom, Inc. (10/31-11/4)
Sept. 2, 1960 filed 100,000 shares of

—To

pany

makes microwave

common

supplied by amendment.
tubes

stock.

Business—The

and

devices.

Price
com¬

Proceeds—

For

working capital, machinery and equipment, the re¬
of a mortgage loan, and research and devel¬
opment. Office — 76 Lafayette Street, Salem,
Mass.
tirement

Underwriter
•

—

Hayden,

Stone

Co.,

New

York

City.

Metropolitan Telecommunications Corp.

(11/7-10)'
Sept. 27, 1960 filed $600,000 of convertible subordinated
debentures, to be offered for the account of the issuing
company,
and 25,000 shares of outstanding common
stock, to be offered lor the account of four company

officers, the
bentures, at

selling
par;

stockholders.

for

Prices—For

the

de¬

the

common, to be supplied by
amendment.
Business—The company makes and sells
electronic and communications equipment.
Proceeds—
For general corporate purposes
including debt reduction,
working capital, and expansion. Office
Ames Court,
Plainview, N. Y. Underwriters—M. L. Lee & Co., Inc.
—

Corp.

$4,471,600 of 5*/2% convertible sub¬
ordinated debentures, due Oct. 15, 1980, being offered
for subscription to holders of the outstanding common
stock

Nov. 4.

and

Milton

Blauner

Co., Inc., both of New York

City (managing).

tures for each 23 shares then held with rights to expire
at 3:30 p.m. EST on Nov. 1. Price—100%. Proceeds—To

Meyer (Geo.) Manufacturing Co.
Sept. 19, 1960 filed 146,300 shares of common stock. Price
—To be supplied by amendment. Business—To
design,

reduce

manufacture

ment

Oct.

17,

the basis of $100 of deben¬

indebtedness, expand the research and develop¬

and add to working capital. Office—28
Sager Place, Irvington, N. J. Underwriter — Granbery.
Marache & Co., New York City (managing).
program,

Living Aluminum, Inc. (11/28-12/2)
Oct. 3, 1960 (letter of notification)
100,000 shares of
common stock
(par $1K Price—$3 per share. Business—
Manufacturers of aluminum furniture and other house¬
hold products. Proceeds—For additional equipment; pur¬
chase of a building; plant expansion and working capital*
Office-—40 Gazza Blvd., Farmingdale,

N. Y. Underwriters

artd sell specialized
high speed machinery
equipment for use in packaging, bottling, filling,
closing,
electronically
inspecting,
labeling,
banding,

and

cleaning, etc. Proceeds
owning family. Address
Robert W. Baird

selling stockholders, the
Cudahy, Wis. UnderwriterCo., Milwaukee, Wis. Offering—Ex¬
—

—

pected in early November.
Mid-America Life Insurance Co.
Oct.

11,

1960

(letter

notification)

100,000

common stock
(par 25 cents). Price — $2.75 per share.
Proceeds—For capital and surplus
accounts; Office—318

Volume

192

Number

5998

The Commercial and Financial Chronicle

Northwest 13th St., Oklahoma
City, Okla. Underwriter—
F. R. Burns & Co., Oklahoma
City, Okla.

•

Mid-States Business Capital Corp.
9, 1960, filed 750,000 shares of common stock
(par $1). Price—$11 per share. Business—The company

Sept

will invest in small business

general

corporate

purposes.

Proceeds

concerns.

Office—411

—

For

7th

National
Jan.

units

one

—

per

unit.

stock

Business

and
—

850

The

company

(10/31-11/4)

notification)

of notification)

(par

cent).

one

general

100,000 shares of
Price—$3 per share.

corporate

com¬

Pro¬
Office — 410

purposes.

Livingston Avenue, North Babylon, N. Y. Underwrite!
—Fund Planning Inc., New
York, N. Y. Offering—In¬
definite.

•

will do

Western

Life

common

—To

with

the

stock. Price

Proceeds—Together

proceeds from the sale of shares to be issued

result of

options, in the amount of $1,106,407.50 for
the discharge of indebtedness and general corporate
pur¬

•

Minitronics, Inc.
Aug. 26, 1960 (letter of notification) 100,000 shares oi
class A common stock (par 20 cents). Price—$3 per share.

poses.

Business—To

sometime in December.

manufacture

type of micro-minia¬
relay. Proceeds.^—' For general corporate
Office—373 Broadway, New York, N. Y. Un¬
derwriter—David Barnes & Co., Inc., New
York, N. Y.
Offering—Imminent.
new

ture magnetic

•

purposes.

Missouri

Public

Service

Oct.

record

basis

reduce

construction

short-term

Underwriter

bank

loans

Office

expenses.

one

Kansas

38.81

common

Oct.

Model Finance

second

Mont.

Cedar

Associated

General

Halsey, Stuart & Co. Inc.; White, Weld
& Co. (jointly); Morgan Stanley &

debentures.

par. Office—Helena,
Underwriter—Wilson, Ehli, Demos, Bailey & Co.,
Bldg., 3203 3rd Ave., North, Billings, Mont.

Rapids, la. Underwriter

pre¬

—

Jesup & Lamont, New

nounced number of

common shares. Price—$500 per unit.
manufacturing and sale of rigid thermo¬
plastic sheeting, rods, tubes, and other forms. Proceeds—
To pay part of the cost of acquiring certain assets of
Nixon Nitration Works; part of the proceeds will be
used for working capital. Office—Nixon, N. J. Under¬
writers—Lee Higginson Corp. and P. W. Brooks &
Co.,
Inc., both of New York City (managing).

Business—The

Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of
—$1 per share. Business—Oil and

North

production.
(11/7-10)

Proceeds

Office—620
Insurance Co.

Price—At

Nixon-Baldwin Chemicals, Inc.
(11/1-2)
Aug. 24, 1960 filed $4,000,000 of 6V2% subordinated de¬
bentures, due Oct. 1, 1980, and 160,000 shares of common
stock, to be offered in units. Each unit will consist of
$500 principal amount of debentures and an unan¬

America.
MoStawk

Bids—Expected Nov. 15.

•

Underwriter—Paul

Agents

supply funds

York City.

(managing)

(letter of notification) 81,896 shares of
common stock
(par $1) to be offered to policyholders
of the company. Price — $2 per share. Proceeds — For
working capital. Office—811 N. Third St., Phoenix, Ariz.
—

Nissen Trampoline Co.
(11/1-4)
Sept. 20, 1960 filed 85,000 shares of common stock. Price
supplied by amendment. Proceeds—For general
corporate purposes, including working capital. Office—

1960

Underwriter

Street, San Francisco 6, Calif. Underwriter—To be de¬
termined
by competitive bidding.
Probable bidders:
Blyth & Co., Inc., and First Boston Corp. and Halsey,
Stuart & Co. Inc. (jointly).
Bids—Expected to be re¬
ceived on Nov. 1 at the company's Office, 2nd floor, 245
Market

St., San Francisco, Calif., up to 8:30 a.m. PST.

•

Padding ton Corp. (11/7-10)
Sept. 28, i960 filed 36,498 shares of outstanding common
stock. Price—To be related to the price of the stock on

Ave., New York City. Underwriters—Lee Higgin¬

Corp. and H. Hentz & Co., both of New York City
(managing).

son

Palm

Sept.

Developers Limited

Oil

Terrace, Centreville, Nassau, Bahamas. Under¬
Co., Inc., New York City. Of¬
fering—Expected in November.
Pan

Oct.

common

stock. Price

gas

Bldg., Wichita Falls, Texas. Un¬

derwriter—None, but 102,500 of the shares are reserved
for commissions to selling brokers at the rate of 15 shares

Aug. 8, 1960, filed 75,000 shares of class A common s^ock
Price—$12 per share. Proceeds—For general funds. Of¬

Technics

common

Inc.

(letter of notification) 100,000 shares of
stock (par $1). Prices—$3 per share. Proceeds—

1960

tooling and equipment, for re¬

purchase additional

search and development

and for working capital. Office
Encinitas, Calif. Underwriter—DempseyTegeler & Co., St. Louis, Mo.

—470

1st

St.,

Park Electrochemical

Corp.

Sept. 22, 1960 filed 175,000 shares of 10 cent par class A
stock. Price—$4 per share. Business—The firm designs
and makes anodyzed aluminum specialty components for
planes, appliances, and other objects needing nam¬
ing devices. Proceeds—For working capital, debt reduc¬
cars,

tion, tand research and development. Office—Flushing,
I., N. Y. Underwriters — Stanley Heller & Co., and
Michael G. Kletz & Co., Inc., both of New York City,
with the latter handling the books. Offering—Expected
in early November.
L.

Pathe

Equipment Co., Inc.

Oct. 17, 1960 filed 125,000 shares of class A stock (par 75

cents), of which 42,500 shares are to be offered for the
account of the company and 72,500 shares, representing
outstanding stock,

are

to be offered

for trie account of

the present

holders thereof. The remaining 10,000 shares
have been acquired by the underwriter and Hampstead

Investing Corp., as a finder's fee. Price—$5 per share.
Business—Developing and producing automatic multiple
needle and specialized sewing equipment. Proceeds—For
general corporate purposes. Office — 16 Leliart's Land,
East Paterson, N. J. Underwriters — Amos Treat & Co.,
Inc. and William Stix Wasserman & Co., Inc., New York,
N. Y. Offering—Expected in late November.
•

Patrician

Paper Co.,

Inc.

(11/28-12/2)

Oct. 14, 1960 filed $750,000 of 7% unsecured subordinated
notes due 1964 and

100,000 shares of common stock to be
of notes and one share of com¬

offered in units of $7.50

exploration and
For general corporate purposes.

—

Gas

writer—David Barnes &

—To be

Modern Pioneers' Life Insurance Co.

26,

and

Shields

convertible

Price—To be supplied by amendment. Proceeds—To be
added to the company's general working funds. Office—

Sept.

and

Co.; First Boston Corp.

ferred stock—65c convertible series, $5 par—and $1,000,000 of 6V2% junior subordinated debentures, due 1975

202 Dwight Building, Jackson, Mich.
C. Kimball & Co., Chicago, 111.

Co.

Kook

cumulative

indebtedness

+ New Western Underwriting Corp.
Oct. 25, 1960 filed $2,000,000 of 15-year 6% subordinated

Service, Inc. (10/31-11/4)

100,000

reduce

Probable bidders:
&

indebtedness and for working capital. Office]—50
Frederick St., Huntington, Ind. Underwriter—Raffens-

May 26 filed

Jersey Bell Telephone Co. (11/15)
1960 filed $20,000,000 of 40-year debentures.

expenditures, which are expected to reach a
high of $105,000,000 in 1960. Office—Newark, N. J.
Underwriter—To be determined by competitive bidding.

reduce

Hughes & Co., Indianapolis, Ind.
Offering—Expected in mid-November.

21,

record

140,000 shares of common capital
stock. Price—To be supplied by amendment. Business—
The company makes and sells equipment for the elec¬
trical, automotive, and aviation industries. Proceeds—To

perger,

will be offered for
Price—To be sup¬

company.

for capital

filed

1960

61,000

the issuing

Proceeds—To

Engineering & Manufacturing Corp.

21,

for expansion, which expense will ap¬
$152,000,000 in 1960.
Office— 245 Market

Office—6

thereof, and

account

New

homes, trailers, boats, and motorcycles. Proceeds—For
working capital. Office—100 E. Michigan Ave., Jackson,
Mich. Underwriter—None.
Model

St., Hempstead, N. Y. Underwriter—Milton
Co., Inc., New York, N. Y.

plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo. Underwriters—Hayden, Stone & Co.
and Lowell, Murphy & Co. (jointly).

held, the record date in each case being Sept. 1, 1960.
Prices—For common, $10 per share; for
preferred, $100
per share. Business—The purchase of conditional sales
contracts from dealers in property so sold, such as mobile

Sept.

incurred

1960, filed 100,000 shares of common stock
(par 1 shilling). Price — $3 per share. Business — The
company intends to deal in land in the Bahamas. Pro¬
ceeds—To buy land, and for related corporate purposes.

the

The stock will be offered for subscription
by shareholders of record on the basis of two shares
of new common for each three such shares held and one

preferred for each

(11/1)

holders

1959-60

City, Mo.

ferred stock.

new

Co.

Navajo Freight Lines, Inc. (10/31-11/4)
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which 189,000 shares, being outstanding
stock, will be offered for the account of the present

Mobile Credit Corp.
Sept. 14, 1960 filed 25,874 shares of common stock and
1,000 shares of $100 par 6% cumulative convertible pre¬

Electric

Fifth

Clinton

•

Inc., and Kidder, Peabody & Co., both of New York City
(managing).

(11/7-14)

10, 1960 filed $60,000,000 of first and refunding
mortgage bonds series FF, due 1992. Proceeds—For gen¬
eral corporate purposes, including the payment of bank

D. Blauner &

Merrill Lynch, Pierce, Fenner & Smith

—

Gas

Oct.

industry and government records. Proceeds—For general
purposes including working capital. Office—

new

incurred
—

Pacific

the American Stock Exchange at the time of the public
offering. Proceeds—To selling stockholders. Office—630

384

share
for each eight shares held with rights to
expire on Nov.
3 at 3:00 p.m. CST. Price—$19.25 per share. Proceeds—

for

Tabulating Corp.

corporate

Co.

the

•

Sept. 19, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$2 per share.
Business—Tabulating of

Aug. 1, 1960 filed 258,556 shares of common stock (par
$1) being offered to the holders of the outstanding com¬
mon

Office—Denver, Colo. Underwriter—Peters, Writer
Inc., Denver, Colo. Offering — Expected

Christensen

Nationwide

Francisco, Calif, and George,
Co., Inc., New York, N. Y.

O'Neill &

proximate

Insurance Co.

Sept. 13, 1960 filed 225,000 shares of
be supplied by amendment.

financing in the home building industry. Pro¬
To start its lending activities. Address — P. O
Box 886, Rapid City, S. D.
Underwriter—None.
—

•
Omega Precision, Inc. (11/3)
Sept. 26, 1960 (letter of notification) 120,000 shares of
common stock
(par 25 cents). Price — $2.50 per share.
Business—Manufacturers of electronic equipment. Pro¬
ceeds—For general corporate purposes, including work¬
ing capital. Address—Azusa, Calif. Underwriters—Paci¬

loans

National

fic Coast Securities Co.. San

Lawnservice Corp.

stock

debentures.

150,000 shares of
Price—$2 per share. Proceeds—For ex¬

(letter

ceeds— For

interim

ceeds

mon

Acceptance Corp. (11/1)
Sept. 8, 1960, filed l,lb9,470 shares of common stock and
$994,050 of 6% debentures, to be offered for public sale
in

Studios, Inc.

(letter

stock.

common

Midwestern

Price

Film

I960

pansion of the business. Office—Washington, D. C. Un¬
derwriter—R. Baruch & Co., 1518 K
St., N. W., Wash¬
ington, D. C.

St., St.
Louis, Mo. Underwriters—Carl M. Loeb, Rhoades & Co.,
New York City, and
Scherck, Richter Co., St. Louis, Mo
(managing). Offering—Expected sometime in November.
•

National

Sept. 20,

(1697)

stock.

Price—To be

supplied by amendment. Busi¬
manufactures facial and toilet (tis¬
sues.
Proceeds—For acquisition of property, to acquire
machinery and equipment, and for repayment of certain
loans.
Office
485 Lexington Ave., New York, N. Y.
mon

ness—The

company

—

Underwriter

—

for each 100 shares sold.

i Northern Natural Gas Co.

k Penobscot
Oct. 24, 1960

•

Oct. 21, 1960 filed $20,000,000 of sinking fund debentures,
due 1980.
Price—To be supplied by amendment.
Pro¬

Oct.

ceeds—For

Hill, Darlington & Grimm, New York,

N. Y.

fice—198 Broadway, New York City. Underwriter—R. F.
Dowd & Co. Inc., 39 Broadway, New York 6, N. Y.

Mortgage Guaranty Insurance Corp.
17, 1960 filed 155,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
Insuring lenders against loss on residential first mort¬

West

principally
on
Proceeds—For capital

loans,

gage

homes.

Wisconsin

single

family

and surplus.

Avenue, Milwaukee, Wis.

non-farm
Office—606

construction, the reduction of indebtedness
construction, and the purchase of securities
of subsidiaries for their property additions and acquisi¬
tions.
Office
2223 Dodge St., Omaha, Neb.
Under¬
writer—Blyth & Co., Inc., N. Y. City (managing).
incurred for

—

Underwriter

North

•—Bache &

Washington Land Co.
$1,600,000 of first mortgage

Co., New York City (managing). Note—This
stock is not qualified for sale in New York State. Offer¬
ing—Expected in late November.

certificates.

•

primary

May

discount of

(10/31-11/4)
Sept. 23, 1960 filed $3,000,000 of convertible subordinated
debentures, due Oct. 1, 1980. Price—To be supplied by
Munsingwear, Inc.

amendment.

Business—Manufacturer

apparel.

Pro¬

ceeds—Repayment of bank loans. Office—718 Glenwood

Ave., Minneapolis, Minn. Underwriters—Goldman, Sachs
& Co., New York City, and Piper, Jaffray & Hopwood,

Minneapolis, Minn.
• National Airlines, Inc.
(11/15)
Sept. 21, 1960 filed $10,288,000 of convertible subordi¬
nated debentures, due 1975, to be offered for subscrip¬
tion by holders of the outstanding common stock on the
basis of $100 of debentures for each 18 common shares
held. Price—To be supplied by amendment. BusinessDomestic and international transport of persons, prop¬

erty, and mail. Proceeds—To make payments on planes
and reduce short-term indebtedness, with the balance
for general corporate purposes. Office — Miami Inter¬
national Airport, Miami, Fla. Underwriter — Lehman

Brothers, New York City

(managing).

filed

1160

Price—The certificates will

17.18% from face value.

purpose

Rockville

vestor

Service

participation
offered at

Proceeds—For the

of refinancing existing loans.

Pike, Rockville,
Securities, Inc.

Md.

Office—
Underwriter—In¬

Nuclear Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of common
stock (par 33.3 cents). Price—$10 per share. Proceeds
—To replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
writer—Pacific Investment Brokers, Inc., Seattle, Wash
.

Nu-Line

Industries, Inc.
Sept. 28, 1960 filed 200,000 shares of

Chemical Fibre Co.
filed $3,250,000 of convertible subordinated
debentures, due 1980. Price—To be supplied by amend¬
ment. Business—Makes wood pulp, which it sells directly
to the users, nearly all of whom are paper manufactur¬
ers.
Proceeds—For construction, and for the reduction
indebtedness

incurred

for

construction.

Office—211

Congress St., Boston, Mass. Underwriter—Coffin & Burr,
Inc., Boston, Mass. (managing). Offering — Expected in
early December.

Philadelphia Aquarium, Inc.
14, 1960 filed $1,700,000 of 6% debentures due 1975
170,000 shares of capital stock (par 50 cents) to be
offered in units, each consisting of one $100 debenture
and 10 shares of stock.
Price—$150 per unit. Business—
Operation of an aquarium in or about Philadelphia.
Proceeds—To acquire ground and to construct an aquari¬
um building or buildings. Office—2635 Fidelity-Philadel¬
phia Trust Building, Philadelphia, Pa.
Underwriter—
Stroud & Co., Inc., Philadelphia, Pa. Offering—Expected
in early December.
Oct.

and

•

Philippine Oil Development Co., Inc.

March 30 filed

common

stock, of

which

103,452,615 shares of capital stock being
offered for subscription by stockholders of record Aug.

175,000 shares are to be offered for the account
issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of
the issuer's president. Price—To be supplied by amend¬
ment. Proceeds—For capital equipment, research, sales
development, and working capital. Office—Minneapolis,

25, at the rate of one new share for each 5x/2 shares held
with rights to expire at 3:30 p.m. on Dec. 14. Price—U. S.
price is 1.3 cents per share; Philippine price is 3 centavos
per share. Proceeds — To be added to the company's

Minn. Underwriter—Kalman & Co., Inc., St.

has been extended.

of the

(managing).

Paul, Minn,
.

working capital. Office—Soriano Bldg., Manila, Philip¬
pines. Underwriter—None. Note—The subscription offer
Continued

page

Continued

(1633)

from

The Commercial and Financial Chronicle

page

Photogrammetry, Inc.
Aug. 10, 1960 (letter of notification) 13,000 shares of
common stock (par $1). Price—$3.50 per share. Proceeds
—For retirement of

ital.

Office

short term note and working cap¬

922

Burlington Ave., Silver Spring, Md.
Underwriter—First Investment Planning Co., Washing¬
—

ton, D. C.

Pik-Quik, Inc. (11/28-12/2)
July 27, 1960 filed 550,000 shares of common stock (pax
$1). Price—To be supplied by amendment Business—
The organization and operation of self-service markets
in Florida under the names of "Pik-Quik" and "Tom

Office—Little Falls, N. J. Underwriter—Robert Edelstein
& Co.,
Inc., New York City.
Radar Measurements

Sept. 28,

1960

(letter

Corp.

(11/8)

notification) 85,700 shares of
common stock (par $1).
Price—$3.50 per share. Business
—Manufacturers of electronic equipment. Proceeds—For
general

corporate purposes. Office — 190 Duffy Ave.,
Hicksville, N. Y. Underwriter—Blaha & Co., Inc., 29-28
41st Avenue, Long Island City
1, N. Y.
Real

Oct.

Estate

Mutual

14, 1960 filed 200,000 shares of beneficial interest.
per share. Business—An open-end real estate

Price—$5

investment

trust

specializing in investment real estate.
Office
606 Bank of America Bldg., San
Diego, Calif.
Distributor—Real Estate Mutual Distributors, Inc., San
—

Thum."

There

are

now

such

Proceeds—

markets.

Together with other funds, the proceeds will be used
to purchase substantially all of the assets of Plymouth
Rock Provision

Co., Inc. Office—Baker Bldg., Minneap¬
Underwriter—A. C. Allyn & Co., Inc., New

olis, Minn.
York City.

^ Pioneer Electronics Corp.
Oct. 26, 1960 filed 217,092 shares of common stock, to
be offered to holders of the outstanding common on the
basis

one

new

each share

for

held.

Price—To

supplied by amendment. Proceeds—To retire current
liabilities, for capital expenditures, and for working
capital. Office—Los Angeles, Calif. Underwriter—None.
Plastics &

• Polymer
Corp. (11/15)
Sept. 16, 1960 filed $2,750,000 of convertible subordinated
sinking fund debentures, due 1975, and 20,000 shares of
class A non-voting common stock. Prices—To be sup¬
plied by amendment. Business — The company makes
nylon rod, plate, strip, and tubing, Teflon, and plastic

powders for coating metals. Proceeds—From the common
stock, to the present holder thereof; from the deben¬
tures, for general corporate purposes, including debt
working

capital.

Office

Reading, Pa.
Underwriters—White, Weld & Co., New York City, and
A. G. Edwards & Sons, St. Louis, Mo. (managing).
—

Portland

Reporter Publishing Co.
Sept. 12, 1960 filed 175,000 shares of common stock, of
which 125,000 shares are to be publicly offered, 39,000
shares sold to employees, and 11,000 shares exchanged
for property or services. Price—$10 per share. Business—
The company intends to publish an afternoon newspaper
in Portland, Oreg. Proceeds—For general corporate pur¬
Office—1130 S. W. 3rd Ave., Portland, Oreg. Un¬

poses.

Office

equipment,

and

general

corporate

purposes.

New

—

County, Del.

Castle County Air Base, New Castle
Underwriter—Amos Treat & Co., Inc., New

Aug.

Airlines,

19,

1960 filed $2,250,000 of 6% subordinated con¬
vertible debentures. Price—At 100% of
principal amount.
Proceeds

To be used as operating capital to fulfill
contract, and to acquire aircraft. Office—In¬
ternational Airport, Miami, Fla. Underwriter—James H.
Price & Co., Coral Gables, Fla., and New York
City.

Riegel Paper Corp. (10/27)
Sept. 29, 1960 filed $10,000,000 of sinking fund deben¬
tures, due 1985. Price—To be supplied by amendment.
Proceeds—For the repayment of bank loans, to finance a
new
plant, and for general corporate purposes. Office
Madison

Avenue, N. Y. C. Underwriter—Morgan
Stanley & Co., New York City (managing).
•
Robosonics, Inc. (11/7-10)
Sept. 14, 1960 filed 180,000 shares of common stock (par
25 cents). Price—$5 per share. Business—The company

makes

vice,

each

21.

and

sells
an

automatic

telephone answering de¬
intelligence reproduction ma¬

chine.

Proceeds—For general corporate purposes. Office
—22 W. 48th St., New York City. Underwriter—Mandell
&

Kahn, Inc., New York City.

•

Roller

Derby TV,

Inc.

March 30 filed 277,000 shares of common stock, of which
117,000 shares are to be offered for public sale by the

issuing company, and the remaining 145,000 shares will
be sold for the account of certain
selling stockholders
Price—To be supplied by amendment.
Proceeds—For
general corporate purposes relating to the productioc

held

filed

Also

were

with rights to expire on Nov;
$4,000,000 of 6% debentures, dud

July 1, 1970, with warrants for the purchase of 866y041
common shares.
Price—To be supplied by amendment.
Proceeds—Payments to creditors,

purchase of new air¬

engines, payment of notes, and the balance for
capital. Office—New York International Air¬

working

M. Loeb;

port, Jamaica, L. I., N. Y. Underwriter-Carl
Rhoades & Co., New York City.
: -

Security Annuity Life Insurance Co. *
Sept. 8, 1960, filed 300,000 shares of common

•/

stock.

share. (The issuer's subsidiary, Annuity
Life Insurance Co., which will, register with the SEC
as
an
open
end diversified management investment
company, was a partner in the registration.)
Business
—The sale of various forms of life insurance, annuities,
and health and accident insurance.
Proceeds—For gen-t
eral

per

corporate

purposes.

Building, Louisville, Ky.
®

Self Service

Office—713 Marion E. Taylor
Underwriter—None.
-

Drug Corp.

Sept. 26, 1960 (letter of

notification) $150,000 of 10-year

convertible debentures and 75,000 shares of common

Price

50 shares of common stock.

unit. Proceeds
pay

to be offered in units of $100

(no par)

tures and

—

M. A. T. S.

—260

for

stock

Inc.

(10/28)

Inc.

1960 filed 704,160 shares of common stock to
be offered for subscription by holders of its common
stock of record Oct. 28 on the basis of two new shares

York City.

Riddle

notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be delayed.

and

chinery,

Fibers, Inc.

June 14 (letter of

reduction

•

Resisto Chemical, Inc. (11/28-12/2)
Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm
makes and sells protective coatings for
packaging and
fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬

1360

Thursday, October 27,

Seaboard & Western Airlines,

•

Price—$7

Diego, Calif.

Sept. 28,

craft and

Fund

—

off certain

bank

Mt.

Office—2826

move

of deben-'

—

$200 per

and equip a new warehouse;

indebtedness and for new lines,
Ave., N. Hills, Glenside, Pa.

Carmel

Underwriter—Woodcock, Moyer, Fricke & French, Inc.,
Philadelphia, Pa. Offering—Expected in late November,
Seven Mountain Corp.

Aug. 12, 1960 filed 3,500,000 shares of common stock.
Price—$1 per share. Business—To construct an all-year
resort area and a gondola-type aerial cableway, south¬
east of

Provo, Utah, in the Wasatch Mountains. Proceeds
construction and equip¬

—For the purchase of property,

ment, retirement -of notes, and the balance for working
capital. Office—240 East Center St.; Provo, Utah. Under-*

writer—Whitney & Co., Salt Lake City, Utah.
Sexton

(John)

& Co.

(11/14-18)

Sept. 26, 1960 filed 200.000 shares of common stock (nd
par), of which 33,000 shares are to be offered for the
the

account

issuing company and - 167,000 shares;
outstanding stock, are to be sold for the
account of the present holders thereof. Price—To be sup¬
plied by amendment. Business—Food distribution, chief-?
ly to institutions. Proceeds—For general corporate pur¬
representing

Office—Chicago, 111. Underwriter—Hornblower &
Weeks, New York City (managing).
/ J
"

poses.

Shatterproof Gi'ass Corp.
Oct.

20 East Mountain St., Fayetteville, Ark.
Underwriter—Preferred Investments, Inc., a subsidiary

picture films of the Roller Derby,
working capital. Office—4435 Woodley Ave., Encino, Calif. Underwriter—To be supplied by

12, 1960 filed 160,000 shares of commohf stock (par
of which 50,000 shares are to be offered for the
account of the issuing company and 50,000 shares, repre2
senting outstanding stock, are to be offered for the ac¬
count of the present holders thereof. Price—To be sup¬
plied by amendment. Business—The company makes and

amendment. Note

sells

of the issuer.

Oct. 20.

to the automotive replacement

Rotron Manufacturing Co., Inc.
SepL.21, 1960 filed 130,000 shares of

ucts

derwriter—None.
•

Preferred Risk Life Assurance Co.

(10/31-11/4)

Aug. 18, 1960 filed 300,000 chares of common stock. Price
per share. Proceeds — For general corporate pur¬

—$5

Office

poses.

—

Process Lithographers, Inc.
Sept. 28, 1960 filed 145,000 shares of common stock (par
10 cents), of which 125,000 shares are for public offering,
and 20,000 shares are to be offered for the account of

Solomon

Roskin, President. Price

per share. Pro¬
indebtedness, new
equipment, and working capital. Office—200 Varick St.,
New York City. Underwriter—First Broad St. Corp., New
York City (managing).

ceeds

Toward

—

Public

Oct.

the

Service

1960

filed

—

repayment of

Co.

New

$5,000,000

Hampshire

(11/17)

of first

mortgage bonds,
For repayment of loarfs,
construction, and general corporate purposes. Office—
1087 Elm Street, Manchester, N. H. Underwriter—To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Blyth &
series L, due 1990. Proceeds

—

Co., Inc ; Equitable Securities Corp., and Eastman Dil¬
lon, Union Securities & Co. (jointly). Bids—Expected
Nov. 17 in room 170, Parker House, Tremont & School
Sts., Boston, Mass., up to 11:00 a.m. EST.
Information
Meeting
room

—

Scheduled

for Nov.

3:30

p.m.

EST in

118, Parker House, Boston, Mass.

Puritron

Corp.
1960 filed 250,000 shares of

Aug. 3,
which 200,000 shares
of

are

to be

common

stock, of

offered for the account

the

issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
and sells electronic air purifiers and range hoods. Pro¬
ceeds — To retire indebtedness, with the balance for

capital

expenditures.

derwriter

—

Bache

Office—New

Haven, Conn. Un¬
Co., New York City (managing).

Offering—Indefinite.
R. C.

sales

of motion

and the balance for

amendment.

Business

fibre-bodied

cans

—

and

general

The

manufacture

containers of

corporate

and

various

purposes.

sale

sizes.

Pro¬

Office—9430

Page Blvd., St. Louis, Mo. Underwriter — Reinholdt &
Gardner, St. Louis, Mo. (managing). Offering—Expected
sometime in November.
R. E. D. M. Corp.
Sept. 27, 1960 filed 100,000 shares of common stock. Price
$3.50 per share. Proceeds—For working capital ($217,-

250) and production machinery and equipment ($50,000).

This statement

are

was

withdrawn

(11/7-11)
common

stock

(par

to be offered for the

account of the

senting

issuing company and 65,000 shares repre¬
outstanding stock, are to be offered for the

account of the present holders thereof. Price—To be
sup¬

plied by amendment. Business—Makes air and gas mov¬
ing devices for military and industrial use. Proceeds—
For

inventory, expansion, and debt reduction. Office—

7-9 Hasbrouch

Lane, Woodstock, N. Y. Underwriter—W.
E. Hutton & Co., New York City (managing).

Sampson-Miller Associated Companies, Inc.
Sept. 28, 1960 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To retire in¬

debtedness, develop
of

acreage, and to finance the increased

instalment

sales
contracts, with the balance
purchase of additional property. Office—
Pitcairn, Pa. Underwriter — Moore, Leonard & Lynch,
Pittsburgh, Pa. (managing). Offering—Expected in miduse

to finance the

November.
Save-Co Veterans & Services &

Department
/
Stores, Inc.
Sept. 26, 1960 filed 163,636 shares of common stock, of
which 127,273 shares are to be offered for the account
of the issuing company and 36,363 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price

amendment. Business

—

To be supplied by

The company operates a

depart¬

ment store and gasoline service station the use of which

restricted

primarily to veterans, military personnel,
employees of non-profit organizations, and employees of
firms doing government contract work. Proceeds—For
general corporate purposes, including debt reduction and
working

Can Co.

—

cents), of which 65,000 shares

Office—3176 Frontier St., San Diego,
Dempsey-Tegeler & Co., St. Louis,
Mo. (managing). Offering—Expected in early November.
capital.

Calif. Underwriter

Aug. 25, 1960 filed 230,000 shares of common stock, of
which 50,000 shares will be offered for the account of
the issuing company and 180,000 shares, representing
outstanding stock, will be offered for the account of the
present holders thereof. Price — To be supplied by

ceeds—For

and

—

School Pictures, Inc.
Sept. 28, 1960 filed 100,000 outstanding shares of common
stock. Price—To be supplied by amendment. Proceeds—
To

selling stockholders. Office — 1610 North Mill St.,
Jackson, Miss. Underwriters—Equitable Securities Corp.
of New York
City, and Kroeze, McLarty & Co., of
Jackson, Miss.
•

Scott, Foresman & Co. (11/2-3)
Sept. 21, 1960 filed 683,000 shares of outstanding com¬
mon stock
(no par). Price—To be supplied by amend¬
ment. Business—Publishing school textbooks. Proceeds
—To selling stockholders. Office — 433 East Erie St.,
Chicago, 111. Underwriter — Smith, Barney & Co. Inc.,
New York City (managing).
'

$1),

laminated

for

vision,

use

and

safety plate and sheet glass, primarily
market, and sells its prod¬
original, equipment to bus, truck, tele¬
farm and road equipment manufacturers.
as

Proceeds—To

bank

curred

Office

repay current short-term
supplement working capital.

loans
—

in^

4815

Cabot St., Detroit, Mich. Underwriters—Dempsey-Tege-*
ler*& Co., St. Louis, Mo., and Straus, Blosser & Mc¬

Dowell, Chicago, 111.
■

(managing).

Simon- Hardware Co,<•-••( 10/31-11/4)}

Sept. 9, 1960, filed $900,000 of sinking fund debentures,
due Sept. 30, 1972, with warrants, and
70,000 shares of
common stock, to be offered in units of a
$1,000 deben¬
ture and warrants to purchase 100 common shares. Pried
—To be supplied by amendment.
Business—The firrri
sells

a diversified line of consumer goods through a store
Oakland, Calif., and proposes to -open additional
stores in Hayward and Walnut Creek. Proceeds—To re¬
duce bank borrowings and for equipping the new stores.
Office—800 Broadway, Oakland, Calif.
Underwriter—
J. S. Strauss & Co., San Francisco, Calif, (managing). f

•
Simplex Wire & Cable Co. (11/14-18)
Sept. 28, 1960 filed 118,000 shares of outstanding capital
stock. Price—To be supplied by amendment.
Office-^
Cambridge, Mass. Underwriter—Paine, Webber, Jackson
& Curtis, New York City (managing).;

Solitron Devices, Inc.
-•
?
Sept. 9, 1960 filed $400,000 of 6% subordinated convert-;
ible debentures, due 1967. Price—At par. Business—The
company makes and sells solid state devices. Proceeds—•
..

For general corporate purposes. Office—67 South Lex¬
ington Ave., White Plains, N. Y. Underwriter—Casper
Rogers & Co., New York City,
;
,

•

South Centra) Natural

Gas Corp.

Oct.
10

13,'1960 filed 250,000 shares of common stock (par
cents). Price—$3 per share. Business—The company,

which

was organized in June 1960, is in the business of
producing natural gas and oil. Proceeds — For working
capital, with the balance for rental payments, loan re-?
payments, drilling, and related expenditures. Office—*

1300

Oil

Gas

Bldg., New Orleans, La. Underwriter—;
Co., Inc., New York City. Offering

Willis E. Burnside &

—Expected in late November.

Southwestern

Sept. 30,
Price—$3

Capital Corp.
1960 filed 1,000,000 shares of
per

common stock.
share. Business—A closed-end investment

company. Proceeds—For investment purposes. Office—■
1326 Garnet Ave., San Diego, Calif. Underwriter—None.

Southwestern Oil Producers, Inc.

March 23 filed 700,000 shares of common stock.

per

share.

and the

Price--

Proceeds—For the drilling of three
balance for working capital. Office—2720

well»
West

Volume

192

Number

5998

The Commercial and Financial Chronicle

Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.

subsidiary, Ace Fastener Corp., of Illinois.
Avenue, Long Island City, L. I.,
N. Y. Underwriter
Paine, Webber, Jackson & Curtis,
New York City (managing).
purposes

stock

common

(50c par). Prices—To be supplied

Tech Laboratories,

Inc.
Sept. 28, 1960 (letter of notification) 84,000 shares of
common stock (par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of precision instruments. Proceeds
For general corporate purposes. Office—Bergen &
E. Edsall Blvds., Palisades Park, N. J. Underwriters—
Carroll Co., and Dewey, Johnson & Co., New York, N. Y.

pose inks and devices used in their application. Proceeds
—For
expansion, acquisitions, and the retirement of

Office

loans.

91-31

—

121st

Queens, L. I., N. Y. Underwriter
New York City (managing).

—

St., Richmond Hill,
S. D. Fuller & Co!,

Ave., Hollywood, Calif.
Francisco,

Underwriter—Pacific Coast Securities Co., San
Calif. •;
;
-

•

Business—Manufacturers

electrical

Starfire

Sept.

(letter

1960

stock- (par

common

Proceeds—For

'ification)

working

70,000

Price—$4.25

10vcents).

capital.

share.
Kennedy

per

Office—809

,-.•!!

•

'•

...

Stephan Co.
Sept. 2, 1960 filed 150,000 shares of common stock (par
50 cents). Price—$4 per share. - Business—The manufacture and sale of men's hair lotions, shampoos, after shave

preparations* and toilet waters. Proceeds—$250,000 for
advertising and sales promotion, primarily for new
products with the balance for general corporate pur¬
poses. Office—Professional Bldg., Ft. Lauderdale,
Fla.
Underwriter—D. Gleich & Co., New York City. Offering
—Imminent.

(11/7-14)
(
Aug. 22, 1960 filed 150,000 outstanding shares of class A
stock (par 75 cents). Price—To be supplied by amend¬
ment. Business
The company makes heating elements
for small appliances and components for major appli¬
ances, and related items. Proceeds—To selling stockholders. Office—429-33 East 164 St., New York City. Under¬

%• Still-man Manufacturing Corp.

writer—Francis I. duPont & Co.,

/
'

firm

The

New

Ave., Hollywood,

—

Calif. Under¬

•

electronic

Proceeds—For
Hempstead

and

general

Avenue,

electro-mechanical

corporate

Hempstead,

operates

118

self-service

England.-Proceeds—To selling

—

both of New York
1

City

Straus-Duparquet Inc.
Sept. 28, 1960 filed $1,000,000 of 7% convertible subordi¬
nated debentures, due 1975. Price—At par. Office—New
York City. Underwriter—None; the offering will be made
through officials and employees of the company.

the

Co.

Sept. 20,
common
"

1960
stock

eral funds.

Calif,

Gyroscope Co.

(10/31-11/4)
...

which

its

stockholders

! cents
is

their

per

share-for-share

basis.

Price—75

share. Purpose—The purpose of the offering
a
divestiture by Atlas and Mertronies of

matters

•

holders. Price—To be supplied by amendment. Business
',

company makes and sells stapling machines and
various other office Supplies, and has a stock interest in
Wilson Jones Co.,, of Massachusetts, which makes and

—The

sells

record-keeping

and

other

commercial

•

stationery
supplies. Proceeds—For new plant and general corporate

Fairfield

Avenue, Shreveport

La.

Under¬

United Industries Co., Inc.

Sept.

27,

1960

subordinated

filed

$500,000

debentures.

Price—At

convertible serial
Business—The

par.

issuer's major activity is the warehousing of grain under
contract to the U. S. Commodity Credit Corp. Proceeds
'■—For

expansion, working capital, and loans to subsid¬
Office—1235 Shadowdale, Houston, Texas.
Underwriter-^Dempsey-Tegeler & Co., St. Louis, Mo.

iaries.

• United International Fund Ltd.
Oct. 20, 1960 filed
one

1,000,000 shares of common stock (par
Price—$12.50 per share. Business
open-end mutual fund. Proceeds—For

Bermuda pound).

—This is

new

investment.

Office—Bank of Bermuda Bldg., Hamilton,
Underwriters—Kidder, Peabody & Co., Bache
& Co., and Francis I. du Pont & Co., all of New York
City (managing). Offering—Expected in late November.
Bermuda.

(11/14-18)
United Pacific Aluminum Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds—Together with other funds, the proceeds
will be used to pay for the erection of a primary alu¬
minum reduction facility. Office — Los Angeles, Calif.

Underwriter—Straus, Blosser & McDowell, Chicago, 111.
(managing).

•

Urban Development Corp.
Aug. 30, 1960 filed 300,000 shares of common stock (no
par). Price—$10 per share. Proceeds—For general cor¬
porate purposes, including debt reduction. Office—Mem¬
phis, Tenn. Underwriter — Union Securities Investment
Co., Memphis, Tenn.

Corp.

Office—Meadows

Bldg., Dallas, Tex. Underwriter
Co., Inc., Minneapolis, Minn.

Inc. (11/14-18)
(letter of notification) 200,000 shares of
common stock (par 10 cents). Price—$1 per share. Busi¬
ness—Distributors of radio and TV receiving tubes and
Vacudyne Associates,

^ Theatre Development Corp.
Oct. 14, 1960
(letter of notification) 8,202^2 shares of
class A common stock and 3,500 shares of preferred
stock.
Price—At par
($10 per share). Proceeds—For
bonds and deposits which are returnable, operating capi¬
tal, and an emergency fund. Office—1073 Ponce de Leon
Avenue, Santurce, Puerto Rico. Underwriter—None.

Sept. 30,

owner

Mfg. Co., Inc.
Sept. 13, 1960 filed 125,000 shares of common stock (par
.10 cents). Price—$^ per share. Business—The company
makes and sells temperature and humidity control equip¬

of Transletesonic

Inc.

which

manufactures

elec¬

corporate purposes.
Office—397 Seventh Ave., Brooklyn, N. Y. Underwriters

—Kenneth

Kass; H. S. Simmons & Co., Inc. and B. N.

Rubin & Co.,
WaldaSe

military and commercial use. Proceeds—To pay
loans, for research and development, and for working
capital. Office—1000 North Division St., Peekskill, N. Y.

1960

tronic tubes. Proceeds—For general

Therm-Air

ment for

(10/31)

Street, New York City, Room 240.

1960 filed 635,800 shares of common stock, of
286,000 will be offered publicly, 125,467 shares
will be offered for the account of selling stockholders,.
and the balance will be issued in exchange for the; is¬
suer's outstanding preferred stock. Price—To be supplied
by amendment. Proceeds—For working capital and general corporate purposes. Office—529 Fifth Avenue, New
York City. Underwriters—Blyth & Co., Inc. and Lehman

nesses.

Corp.

Meeting—Scheduled for Oct. 26 at 10:30 a.m., 2 Rector

—Naftalin &

Co., Los Angeles,

Corp.; Harriman Ripley & Co., and Goldman, Sachs &
(jointly); White, Weld & Co. and Equitable Securi¬
ties Corp. (jointly). Bids—Expected Oct. 31 in room 2033,
2 Rector St., New York
City, up to 11:30 a.m. Information

! Oct. 3, 1960 filed 600,000 shares of common stock. Price
—$1.15 per share. Business—Engaged in various phases'
of electronics. Proceeds—For acquisition of small busi¬

Ave., Santa Monica, Calif. Underwriter—None.
^ Swifigiine, Inc.
/Oct. 25, 1960 filed 250,000 shares of class A stock (par
$1), of which 50,000 shares will be offered for the ac¬
count of the issuing company and 200,000 shares, repre¬
senting outstanding stock, to be offered for the account
of the company president and his wife, the selling stock¬

Corp.

Co.

Whitmore, Bruce & Co.,

Butadiene & Chemical

Texas Research & Electronic

interest in Summers in order to dispose of

pending before the CAB. Office—2500 Broadway

—

Staats

writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; First Boston

60,000 shares of

Brothers.

effect

71.1%

of notification)

Gas

Office—1525

which

Aug. 29, 1960 filed 6,403,215 shares of common stock, of

5,702,878 shares are to be offered by Atlas Corp.
to the holders of its outstanding common on the basis
of one Summers share for each two Atlas shares held,
and 700,337 shares to be offered by Mertronies Corp. to

(letter

1960 filed $30,000,000 of sinking fund deben¬
tures, due 1980, and $30,000,000 of first mortgage bonds.

York, N. Y.

Texas

specialized drugs. Proceeds—For
general corporate purposes. Office—273 Columbus Ave.,
"Tuckahoe, N. Y. Underwriters—J. A. Winston & Co., Inc.
and Netherlands Securities Co., Inc., New York, N. Y.
Summers

1960

William

—

(managing).

United

apparel for women, misses and children. Proceeds—For
general corporate purposes. Office—560 Belmont Ave.,

Oct.

be supplied by

Sept. 28,

stock

Newark, N. J. Underwriter

(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Busi-

—

Office—200 Allendale Road, Pasadena, Calif.

Underwriter

(par 10 cents). Price—$5 per share. Busi¬
ness—Operators of a chain of retail st(5res for wearing

ness—Manufacturers of

•

29,

common

New

Price

relafffi# to tH^ earth sciences. Proceeds — To liquidate
$800,000 of bank indebtedness, with the balance for gen¬

(11/14-18)

Terry Shops, Inc.

(11/14-18)

Sulray, Inc.

present holders thereof.

amendment.
Business—The company is engaged pri¬
marily in the development and manufacture of electronic

10, 1960

Sept.

St., Syracuse, N. Y.

the issuing company and 13,500
shares, representing
outstanding stock, are to be offered for the account of

Pierce, Fenner & Smith Inc.,
'-(managing).
:

Genesee

measurement instruments, and in nuclear detection work

TeSe-Tronics

debentures, due 1970.
Price —100% of
principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
indebtedness and working capital.
Office—575 Lexing¬
ton Avenue, New York City.
Underwriter — Myron A.
Lomasney & Co., New York City.
'

stock¬

fvubordinated

holders, the Rabb family. Office—393 D St., Boston, Mass.
Underwriters
Lehman Brothers and Merrill Lynch,

1055

United ElectroDynamics, Inc.
Aug. 22, 1960 filed 169,500 shares of common stock, of
which 156,000 shares are to be offered for the account

Tercax, Inc. (10/31-11/4)
Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible

super¬

—

lington & Co., both of New York City (managing).

includ¬
ing the retirement of $1,100,000 in outstanding notes. Of¬
fice—Minneapolis, Minn. Underwriter — Lee Higginson
Corp., New York City (managing).

New York City.

Office

Underwriters—Emanuel, Deetjen & Co., and Hill, Dar¬

purposes.

ment. Proceeds—For general corporate purposes,

—

Melrose

7922

—

Telex, Inc. (11/10-25)
Sept. 27, 1960 filed 196,000 shares of common stock, of
which 125,000 shares are to be offered to holders of the
outstanding common on the basis of one new share for
-each five shares held. Price—To be supplied by amend¬

—

Inc.

Sept. 27, 1960

(letter of notification) 100,000 shares of
common stock
(par 40 cents). Price—$3 per share. Pro¬
ceeds—For plant expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
180 S. Main St., Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French, Inc., Philadelphia, Pa.

(11/15)
Sept. 23, 1960 filed 625,000 shares of outstanding $1 par
common stock. Price
To be supplied by amendment.
markets

Underwriter—None.

Ultra-Sonic Precision Co.

centers.

Aug.

Stop & Shop, Inc.

Business

•

United Bowling Centers, Inc.
(11/15)
Sept. 28, 1960 filed 200,000 shares of common stock (par
$1). Price—To be supplied by amendment. Proceeds—
For construction, equipment and acquisition of
bowling

•

—

repay a

City.

N. Y.

•

working capital,

bank loan, and for exploration and develop¬
ment of ore bodies. Office—233
Broadway, New York

Telephone & Electronics Corp. (11/7-10)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock
(par 25 cents). Price—$5 per share. Pro¬
ceeds—For general corporate purposes. Business—Elec¬
tronic communications equipment and automatic, loudspeaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,

Bldg., Tulsa, Okla. Underwriters—Batten & Co., Washington, D. C. and F. R. Burns & Co., Oklahoma City,
Okla. .!

N. Y. Offering—Imminent.

—

-Office—514

is engaged in the mining of silver, lead, zinc,

company

and manganese dioxide. Proceeds—For

Underwriter—N one.

Boat Corp.

shares for each five shares held with rights to
Nov. 14. Price—$1 per share. Business—The

(letter of notification) 100,000 shares of
common stock (par 10 cents).
Price—$2 per share. Busi¬
ness—Manufacturers of precision carbon jigs for transis¬
tors and transistor components. Proceeds
For general
corporate purposes. Office—236 Fourth Ave., Mt. Vernon,
N. Y. Underwriter
Merritt, Vickers, Inc., New York,

products.

.....

Manufacturers

(11/14-18)

Office—Jenkintown, Pa. Underwriter—Kidder, Peabody & Co., New York City (man¬

new

expire

writer—Raymond Moore & Co.. Los Angeles, Calif.

To selling stockholders.

Yechni

it Tele-Graphic Electronics Corp.
Oct. 18, 1960
(letter of notification) 100,000 shares of
common stock (par $1).
Price—$3 per share. Business—

Sept. 27,1960 filed 112,760 shares of outstanding common
stock. Price—To be supplied by amendment. Proceeds—

aging).

(managing).

Office

de¬

Proceeds—For general corporate purposes.

Office
Broadway, New York 21, N. Y. Underwriter —
Havener Securities Corp., New York, N. Y.

—

Telecolor

.—657

Standard Pressed Steel Co.

•

Transitron Electronics Corp.
(10/31-11/4)
Sept. 9, 1960, filed 1,250,000 shares of outstanding com¬
mon stock
(par $1). Price—To be supplied by amend¬
ment. Proceeds
To selling stockholders. Office — 168
Albion
St., Wakefield, Mass.
Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc., New York City

July 25, 1960 (letter of notification) 150,000 shares of
common capital stock
(par 25 cents) of which 100,000
shares are to be offered by officers. Price—$2 per share.
Proceeds—To lease equipment and for working capital.

(11/10)
Aug. 26, 1960 (letter of notification) 50,000 shares of
.common stock (par 20 cents).
Price—To be supplied by
amendment.

and

four

Standard Instrument Corp.

vices.

4, 1960 filed 60,000 shares of class A common stock.
supplied by amendment. Address—Omaha,
Underwriters—J. Cliff Rahel & Co., Omaha, Neb.
First Trust Co. of Lincoln, Lincoln, Neb.

• Trout
Mining Co.
Aug.* 22, 1960 filed 296,579 shares of $1 par common
stock (with warrants), being offered to holders of the
outstanding common of record Oct. 27 on the basis of

(12/15)
-Sept. 30; 1960 filed 150,000 shares of capital stock. Price
—$2 per share. Business — The research, development,
manufacture, and sale of magnetic recording equipment.
Highland

Neb.

Electronics, Inc. (10/31)
Aug. 10, 1960 (letter of notification) 112,500 shares of
common stock (par 10c). Price—$2 per share. Business—
The firm makes health and massage equipment, electric
housewares, and medical electronic equipment. Proceeds
—For expansion, working capital, and research and de¬
velopment expenditures. Office—71 Crawford St., New¬
ark, N. J. Underwriter — United Planning Corp., 1180
Raymond Blvd., Newark, N. J.

Co., Inc., 15 William St., New York,

North

Co., Inc., New York

•

Stancil-Hoffman Corp.

921

general corporate purposes.
Office—36-11
33rd Street, Long Island City, N. Y.
Under writer —.
Edward Lewis Co., Inc., New York, N. Y. Note—This
issue was refiled on Sept. 6.

N. Y. Offering—Imminent.

—

Parks

Offering—Expected in late November.

Price—To be

ceeds—For

.per share. Proceeds; — For general corporate purposes.
Office—1949-51 McDonald Ave., Brooklyn, N. Y. Under¬

Office

Everett

Tip Top Products Co.
Oct.

Electronics, Inc.
June 29, 1960, (letter of notification) 100,000 shares o 1
common stock
(par 10 cents). Price—$3 per share. Pro¬

Spier Electronics, Inc.
24, 1960 (letter of notification) 60,000 shares of
common stock (par 10 cents). Price—$5 per share. Busi¬
ness— Manufacturers of electronic products. Price — $5

•

City.

Tech-Ohm

Aug.

writer— D'Amico &

Underwriter—G.

—

amendment. Business—The company makes special pur¬

!bank

Office—32-00 Skillman

Speedry Chemical Products Inc. (12/1)
Sept. 28, 1960 filed $2,000,000 of convertible subordinated
debentures, due Nov. 30, 1975, and 60,000 shares of class
A

(1699)

July 27,
common

ceeds

—

Inc„ New York, N. Y.

C#o«

Ikic«

"(letter

of notification) 100,000 shares of
stock (par 10 cents). Price—$3 per share. Pro¬
To pay accounts payable, reduce a bank loan,
1960

Continued

page

(1700)

The Commercial and Financial Chronicle

•

Continued

from

page

advertising and for working capital. Office—Red Lion,
Pa.

Underwriters—B.

Rubin

S. Sim¬

and H.

Co.

Co. both of New York City.

mons

Vector

(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds—To pay in full the remainder of such subscription
to capital stock of International Data Systems, Inc. and
to retire outstanding notes. Office—2321 Forest Lane,
stock

Garland, Tex. Underwriter—Kauser, Murdoch,
& Co., Dallas, Tex. Offering—Postponed.
Vibration

Rippey

Mountings & Controls, Inc.

Sept. 29, 1960 filed 150,000 shares of common stock (par
10 cents). Price—$3.50 per share. Proceeds—For research
and
development; expansion; purchase of inventory;
working capital and general corporate purposes. Office—
50th

98-25

Ave.,

Corona,

I.,

Michael G. Kletz & Co., Inc., New

N. Y. UnderwriterYork, N. Y. Offering

—Expected in late November.
Oct.

1960 filed

18,

130,000 shares of common stock of
be offered for the account of

the issuing company and 35,000 shares, representing out¬

standing stock, for the

of the

account

present

holders

thereof. Price—To be

supplied by amendment. Proceeds
•—For general corporate purposes, including the opening
of additional stores in the metropolitan Detroit area
—

Detroit, Mich. Underwriter

—

Charles Plohn &

Co., New York City (managing).
•

Waterman

Products Co., Inc.
4, 1960 (letter of notification) a maximum of $100,000 of common stock (par $1).
Price—At-the-market.

Oct.

Proceeds—To go to a

ald & Hagert Streets,
Stroud
ment

selling stockholder.

Philadelphia, Pa.

Office—Emer¬
Underwriter

Oct. 20.

Weatherford, R. V., Co. (11/1)
Sept. 26, 1960 filed 180,000 shares of capital stock (no
par), of which 90,000 shares are to be offered for the
account of the issuing company and 90,000 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of R. V. Weatherford, President. Price—To be sup¬
plied by amendment. Business —1 Distributes electronic
parts and equipment, primarily in the 11 western states.
Proceeds

For debt

—

receivable.

reduction, inventory, and accounts

Office—6921

San

Fernando

Road, Glendale,

Calif.

Underwriter—Blyth & Co., Inc., New York City
(managing).

•

Webb

Sept.
nated

Corp.
filed $8,000,000

1960

convertible

subordi¬

debentures, due October

1975, 640,000 shares of
stock, and warrants for the purchase of 320,000

common

shares of such stock. These securities will be offered in

units, each unit to consist of $50 principal amount of
debentures, four common shares, and warrants for the
purchase of two common shares. Price—To be supplied
by amendment. Business — Real estate, construction,
property and community development, and manufac¬
turing. Proceeds—For property improvements. Office—
302 South 23rd Ave., Phoenix, Ariz. Underwriter—Leh¬
man
Brothers, New York City (managing). Offering—
Expected in late November.
Western

Factors, Inc.
share.

Proceeds—To be used principally for
the purchase of additional accounts receivable and also
per

be used to liquidate current and long-term liabil¬
ities.
Office —1201 Continental Bank
Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer
K. Aagaard, Newhouse Bldg., Salt Lake
City, Utah.
may

Would
write

common

stock

Corp.
(letter of notification) 100,000 shares of
(par 75 cents). Price—$3 per share. Pro¬

ceeds—To retire

additional

bank loan, research and
development,
machinery and equipment and for working
a

capital. Office—13021 S. Budlong Ave., Gardena, Calif.
Underwriter—Francis J. Mitchell, Newport
Beach, Calif.
Westminster

Fund, Inc.
Oct. 14, 1960 filed 4,000,000 shares of
capital stock. Busi¬
ness—This is a new mutual fund, and its intention is
to
offer holders of at least
$25,000 worth of acceptable
securities

the

opportunity

worth of such securities for

will

receive

maximum

Westminster at Parker,

visor—Investors

one

exchanging

one

share in the

commission

each

$12.50

4%.

Office-

Elizabeth, N. J. Investment

Management Co.

Dealer

Ad¬

Manager

Corp. (10/31-11/4)
(letter of notification) 150,000

shares of
(par 10 cents). Price—$2 per share. Busi¬
ness—Manufacturers of missiles and aircraft instrumen¬
stock

tation. Proceeds—For general
corporate purposes. Office
—Terminal Dr.,

Plainview, L. I., N. Y. UnderwriterPlanned Investing Corp., New
York, N. Y. and Fidelity
Investors Service, East
Meadow, L. I.
Note — This is
a
refiling of an issue originally filed last June 6 and

subsequently withdrawn.
Color

Television

Jan. 29

—7805

System,

Inc.

(11/7-10)

(letter of notification) 80,890 shares of common
(par $1).
Price—$3 per share.
Proceeds—For
general corporate purposes.
Office—151 Odell Avenue
Yonkers, N. Y. Underwriter—Equity Securities
Co., 39
Broadway, New York City._

Williamsburg Greetings Corp.

Aug. 26, 1960 filed 180,000 shares of common stock
(par 25 cents).
Price — $6 per share.
Business—The
company and its subsidiaries are engaged
chiefly in the
design, production, and sale of greeting cards. Proceeds
—-About $400,000 will be applied to the
reduction of

—

the

Price

To reduce

Sunset

Boulevard, Los Angeles, Calif. Under¬
writer—Standard Securities Corp., same address.

we can prepare

like
item

& Co.

telephone

you

2-9570 or

REctor

at 25 Park Place, New York

7, N. Y.

(jointly); Lehman Brothers, Stone & Webster Se¬

curities Corp. and White, Weld & Co.

(jointly); Merrill

Lynch, Pierce, Fenner & Smith Inc.
Atlantic Transistor Corp.
company reported that it is contem¬
its first public offering, consisting of a
covering an undetermined number

Sept. 12, 1960 the

plating filing

letter of notification
of shares

of its $1

company

makes

stock.
Business — The
"water - tight,
un¬

common

par

sells

and

breakable" marine radio known

the "Marlin 200." Pro¬

ceeds—For the development of the "Marlin 300," which
is to be a similarly constructed radio with a ship-to-

shore

Mt. Pleasant Ave., Newark,
Roth, Comptroller, states that he
is actively seeking an underwriter to handle the offer¬
ing. Note—The issuing company is a wholly-owned sub¬
sidiary of Auto-Temp Inc.
/
band.

Office—63-65

N. J. Underwriter—Mr.

Automation

Inc.
reported that

Development,

Sept. 20, 1960 it was
a "Reg. A" filing,
comprising this firm's first public offering is expected.
Note
This firm was formerly carried in this col¬
—

the

under

umn

heading

common

"Automation for
Industry,
development of the "Skyjector." Office—342 Madison Ave., New York City, Un¬

stock. Price—To be supplied
by amendment. Proceeds—

derwriter—Ross, Riemer, Collins & Co., Inc., 44 Beaver

For

St., New York City.

Wood-Mosaic Corp.

Sept.

Inc."

(11/7-11)

27,^ 1960 filed 80,000 shares of class

working

capital

the

issuer

Wood-Mosaip Industries, with the

and

its

subsidiary,

balance for debt

duction.

re¬

Office—Louisville, Ky. Underwriters—Cruttenden, Podesta & Co., Chicago, 111., and Berwyn T. Moore
& Co., Inc., Louisville,
Ky.
Yuscaran

Mining Co.
May 6 filed 1,000,000 shares of
share. Proceeds—It

per

stock. Price— $1

common

expected

will be used to purchase and install

that
a

some

Gables, Fla. Under¬
writer—None. Note—The SEC has challenged the accu¬
racy and adequacy of this statement.
A hearing was
scheduled for Aug. 29 at the request of the
company
counsel and the results have not

Zurn

Industries, Inc.

yet been announced.

(11/14-18)

Sept. 26, 1960 filed 200,000 shares of common stock ($1
par), of which 100,000 shares are to be offered for the
account
of
the issuing
company
and
100,000 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof.
Price—To be sup¬
plied by amendment. Business — The manufacture of

mechanical power transmission
equipment, fluid control

building plumbing drainage products and re¬
search and development of a
synchro-gear assembly for
atomic

submarines.

Proceeds—For new equipment, the
of loans, and working
capital. Office—Erie,
Underwriter—Lee Higginson
Corp., New York City
(managing).

repayment
Pa.

Proceeds—For

Automation

Sept.

further

Labs

14, 1960 it

expected.

was

Business

Inc.

reported that

Electronics.

I.,

—

Underwriters

Baltimore

Gas

Sandkuhl

—

Electric

Co.

1961, but

decision has been made

3, 1960 it

Oct. 5, 1960 it was reported that 70,000 shares of com¬
stock will be filed. Underwriter—R. F. Dowd &
Co.,

mon

Inc., New York, N. Y.
Brooklyn Union Gas Co.
Sept. 21, 1960 G. C. Griswold, Vice-President and Treas¬
urer, announced that there will be no further financing
in

1960

but

that

$25,000,000 to $30,000,000 of mortgage
stock are expected in late 1961 or
early 1962. Office—176 Remsen St., Brooklyn 1, N. Y.
bonds

preferred

California Asbestos Corp.
Sept. 28, 1960 it was reported that discussion is under
way concerning an offering of about $300,000 of common
stock. It has not yet been determined whether this will
be a full filing or a "Reg. A." Business—The
company,
which is not as yet in operation but which has
pilot
plants, will mine and mill asbestos. Proceeds—To set up
actual operations. Address—The company is near
Fresno,

was

Alberta Gas Trunk

new

form

1960

Line Co.,

mortgage bonds, is expected early in 1961.
Office—502-2nd St., S. W.,
Calgary, Alberta, Canada.
Alexander's
it

was

Department Stores,
reported

was

that

contemplating

confirmation

Oregon Power Co.
18, 1960 it was reported that the company expects

was

this
an

come

to market in late 1961 to raise about

in the form of bonds and
the

common

repayment of bank loans.

$12,000,000

Proceeds—For

stock.

Office—216 W. Main St.,

Medford, Oregon.
Oct.

of first

retail chain is

Carbonic Equipment Corp.

Ltd.

Bailey, President, announced that
financing of approximately $65,000,000 mostly in the

July 6

Co., Beverly Hills,

Calif.

California

Perry Ave., Chicago,

Sept.

Brooklyn Eagle Inc.

Oct.

reported that the sale of $10,000,000
of preferred stock is
planned by the company for some¬
time
later in the year.
Proceeds—For expansion and
modernization. Office—135th St. &

•

to type. Office—

Lexington Building, Baltimore, Md.

Acme Steel Co.
Oct.

—

and

Oct. 3, 1960 it was reported that the utility expects to sell
additional securities sometime during the first half of

Calif. Underwriter—R. E. Bernhard &

Prospective Offerings

"Reg A" filing is

Office

Westbury,
Company,
Newark, N. J., and New York City, and J. I. Magaril &
Co., New York City.

$100,000

mill for the proc¬

essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬

Inc.
(N. Y.)-based

5, 1960 it was reported that a full filing of about
$300,000 of units, consisting of common stock, bonds and
warrants will be made sometime in November. Proceeds

•—For expansion

common

stock.

available.

Jamaica

Inc.

Casavan

Bronx

issue of

of the business. Office—97-02

Ave., Woodhaven, N. Y. Underwriter—R. F. Dowd & Co.
Industries

Sept. 21, 1960 it was reported by Mr. Casavena, Presi°
dent, that registration is expected of approximately

$20,000,000 of common stock. Business
The company
polystyrene and polyurethane for insulation and
—

Insulating Co., Inc.

makes

reported that registration is imminent of

share.

processes marble for construction. Proceeds—For expan¬
sion to meet $10,000,000 backlog. Office—250 Vreeland

and

Ave., Paterson, N. J. Underwriter—To be

185,000 shares of 10c

par common stock.
Price—$1 per
Proceeds—To retire a bank loan, for
advertising
promotion, and for working capital. Office—558 W.
18th Street, Hialeah, Fla. Underwriter—Lewis Wolf As¬
sociates, 55 W. 42nd Street, New York City.
•

Americana

Properties,

Inc.

owns

the

real

estate

and

porate purposes.

Office—Oakdale, L. I., N. Y. Under¬
writer—Plymouth Securities Corp., 92 Liberty St., New
York 6, N. Y.
Arkansas Power & Light Co.
Sept. 20, 1960 it was announced that this subsidiary of
Middle South Utilities, Inc. might issue
$15,000,000 of
first
1961.

mortgage bonds
Underwriter

bidding.
Eastman

—

sometime
To

trust

certificates will

the

determined

Bids—Expected

Probable

bidders: Halsey, Stuart & Co. Inc.;
Dillon, Union Securities & Co. and Equitable

Securities Corp. (jointly); Blyth & Co. and Dean Witter

sold.

Underwriter—To

de¬

Oct. 27 at

noon

Cleveland, Ohio.

Circle Controls Corp.

Aug. 20, 1960 it
is expected
Proceeds —

was

reported that

covering

75,000

letter of notification

common

stock.

For

general corporate purposes, including
expansion and the establishment of sales organizations.

Office—Vineland, N. J. Underwriter—L.

Wegard &

Co., Levittown, N. J.
•

Citizens

first

quarter of
by competitive

competitive bidding.
Probable bidders:
Halsey, Stuart & Co. Inc. and Salomon Bros. & Hutzler.

bowling center business, and

three bowling centers. Proceeds—For
general cor¬

named.

Chesapeake & Ohio Ry. (10/27)
Oct. 11, 1960 it was reported that
$3,750,000 of equipment
termined

Sept. 12, 1960 it was reported that registration of
$600,000 of common stock is imminent.
The company
is

stock

•

common on

shares held.

property, for constructing a motel on said property and
various leasehold improvements on the
property. Office

Oct.

Wilier

five

WonderBowl, Inc.

Fund, which

White Avionics

1960

each

April 14 filed 3,401,351 shares of common stock (par $2).
Price—$2 per share. Proceeds—For purchase of certain

•

outstanding

for

Geneva, Wis.
Under¬
writers—The Milwaukee Co.,
Milwaukee, Wis., and Harley Hayden & Co., Inc., and Bell & Farrell, Inc., both
of Madison, Wis.

ir Aluminum

common

—To be supplied by amendment. Proceeds
bank indebtedness. Office—Lake

Kidder, Peabody & Co., New York City. Offering—Ex¬
pected in early December.
Sept.

Office—Milwaukee,

new

that

similar to those you'll find hereunder.

expenditures.

ic Wisconsin Southern Gas Co., Inc.
Oct. 26, 1960 filed 27,996 shares of common
stock, to be

you're planning to register?

Corporation News Department would

Our

to know about it

Wis. Underwriter—
To be determined by competitive
bidding. Probable bid¬
ders: Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce,
Fenner & Smith Inc., and
Equitable Securities Corp.
(jointly); Glore, Forgan & Co., Eastman Dillon, Union
Securities & Co. and Harriman Ripley &
Co., Inc. (joint¬
ly); The First Boston Corp., Lehman Brothers and Salo¬
mon Brothers & Hutzler
(jointly); Blyth & Co. Bids—
Expected to be received on Nov. 16 at 11:00 a.m.

UNDERWRITERS!

Do you have an issue

(11/16)

Thursday, October 27, 1960

ATTENTION

and

series due 1990. Proceeds—For debt reduction and
capital

Western Transistor

Sept. 27, 1960

Pa.,

devices,

June 29, 1960, filed 700,000 shares of common stock. Price

—$1.50

Pittsburgh,

ital. Office—6815 Tordera St., Coral

(Del E.)

21,

Inc.,

Sept. 23, 1960 filed $30,000,000 of first mortgage bonds,

—

Co., Inc., Philadelphia, Pa. Note—This state¬
withdrawn

was

Bruno-Lenchner,

Wisconsin Electric Power Co.

basis of

which 95,000 shares are to

Office

and

offered to the holders of the

Paint Co.

Victor

—

City,

Aug. 29, 1960
common

factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.
Underwriters
Standard Securities Corp., New York
Amos Treat & Co., Inc., New York
City. Offering—Ex¬
pected sometime in November.

Inc.

Industries,

•

Southern

Small

Business

Investment

Co.
Oct.

24, 1960 it

to file
zens

was

reported that the company expects

$3,000,000
&

of its common stock. Office—c/o Citi¬
Southern National
Bank, Marietta at Broad,

Atlanta, Ga.

Registration—Expected in November.

Volume

Number 5998

192

The Commercial and Financial Chronicle

(1701)

Coca-Cola Co;'
\
Sept. 22, 1960 it was announced that under the terms of
proposed acquisition of Minute Maid Corp. this
company would issue about 906,400 shares of its common
the

stock, each share of which will be exchanged for 2.2
Office—Atlanta, Ga.

Minute Maid shares.

Colorado

Interstate Gas Co.

company's treasury department that the company is
awaiting a hearing before the full FPC with reference
to approval of its application for expansion of its
sys¬
tem, which will require about $70,000,000 of debt fi¬
nancing. Such approval is expected in December of this
year, and the public financing is expected in the latter
part of 1961. Proceeds—For expansion. Office—P. O. Box
1087, Colorado Springs, Colo.
Columbus & Southern Ohio

Electric Co.

Oct. 24, 1960 it was reported by the
company treasurer,
Donald Shaw that the utility expects to come to

market, perhaps in mid-1961, to sell permanent securities
in the form of bonds and possibly preferred
stock, with
the amount and timing to depend on market conditions.
The 1961

construction

ternally.

Office—206 E. 2nd St., Davenport, Iowa.*

Iowa

Power

1960 it

Light Co.
was stated by the company's president
possibly be some new financing during
1961, with no indication as to type and amount. Office—
1506 Commerce Street, Dallas, Texas. Underwriter—To
be determined by competitive bidding. Probable bidders:

program

reported that the board of directors

—

Kawasaki

Steel

financing, $33,000,000 will

Proceeds—To promote the sale of new prod¬

ucts, purchase new equipment, and for working capital.
Office—Norcross, Ga. Underwriter—To be named.
Dynamic

Instrument Corp.

Oct. 5, 1960 it was reported that a full filing of approxi¬
mately $300,000 of bonds, common stock and warrants is
expected. Proceeds—For expansion and the manufacture
of

new

product. Office—Westbury, L. I. Underwriter—

R. F. Dowd & Co. Inc.

★ Florida Power & Light Co.
Oct.

24,

1960

reported

was

that

undetermined

amount of bonds may be offered in the
Office—25 S. E. 2nd Ave., Miami, Fla.

Spring of 1961.
Underwriter—
To be determined by competitive bidding. Probable bid¬
ders:
Merrill Lynch, Pierce, Fenner & Smith Inc. and
Kidder, Peabody & Co. (jointly); Halsey, Stuart & Co.
Inc.; White, Weld & Co.; First Boston Corp.; Blyth &
Co., Inc.
Ford Motor Credit Co.
Oct. 17, 1960 it was reported that this company is devel¬

occur

operations, which may in¬
securities, and possibly
in the first quarter of 1961. Office—Detroit, Mich.
issuance

the

debt,

General

Resistance, Inc.
Sept. 19, 1960 it was reported that the company will file
a letter of notification, comprising its first
public offer¬
ing, in late December or early January. Office — 430
Southern Blvd., Bronx, N. Y.
★

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that November registration
150,000 shares of common stock is expected. Offices—
Newark, N. J., and Buena, Vista, Va. Underwriter—
Sandkuhl and Company, Newark, N. J., and N. Y. City.
of

★ Geotechnics & Resources,
Oct.

Inc.
that registration

25, 1960 it was reported
is ex¬
pected early in November of 150,000 shares of common
stock. This will be a "Reg A" filing. Business—The in¬
terpretation of photo-aerial
N. Y.

Goshen
..

maps.

Office—White Plains,
Co., New York City.

Underwriter—S. D. Fuller &
Farms

Inc.

Oct. 5,

1960 it was reported that 100,000 shares of the
company's common stock will be filed. Proceeds—For
breeding trotting horses. Office—Goshen, N. Y. Under¬
writer—R. F. Dowd & Co. Inc.

Hemingway Brothers Interstate Trucking Co.
Sept. 16, 1960 the ICC granted the firm permission to
issue $1,000,000 of 10-year registered 6% subordinated
debentures. Business—The firm is
motor vehicle

a common carrier by
operating in nine Eastern states. Proceeds

—For debt reduction and additional

equipment. Office—

New Bedford, Mass. Underwriter—None.
Houston

Lighting & Power Co.
Oct. 17, 1960 Mr. T. H. Wharton, President, stated that
between $25-$35 million dollars is expected to be raised
publicly sometime in 1961, probably in the form of pre¬
ferred and debt securities, with the precise timing de¬
pending on market conditions. Proceeds—For construc¬
tion and repayment of bank loans. Office — Electric
Building, Houston, Texas. Underwriter — Previous fi¬
nancing was headed by Lehman Brothers, Eastman Dil¬
lon, Union Securities & Co. and Salomon Bros. &
Hutzler.

Indianapolis Power & Light Co.
a prospectus filed with the SEC on Aug.
25, the company plans the sale of about $14,000,000 of

According to

additional

securities

Circle, Indianapolis, Ind.

1963.

Office

—

Monument

considering

Sept. 28, 1960 it

was reported that $65,000,000 of deben¬
expected to be offered in the second quarter
of 1961. Office—120
Broadway, New York City. Under¬
writers—Merrill Lynch,
Pierce, Fenner & Smith Inc., and
Kidder, Peabody & Co., both of New York City (man¬

reported that the Japanese company
$4,000,000 bond issue for U. S. offering.
Corp., New York City.

000

announced that in addition to the $15,000,capital provided by the July bond-equity

Peerless Mortgage Co.
Sept. 21, 1960 it was reported that this
company is pre¬
paring a "Reg. A" filing. Proceeds—To increase
buying
power for purchase of first and second
mortgages. Office

was

new

rities other than

from later sale of

secu¬

stock and from retained

earn¬

come

common

ings.

—Denver, Colo. Underwriter
Springs, Colo.

Lone Star Gas Co.

Aug. 3, 1960, it was reported that about $37,000,000 will
be raised to cover capital requirements over the next
year.
Office—301 So. Harwood Street, Dallas 1, Texas.

•

Oct. 25,

1960 it was reported that the company is cur¬
rently formulating its 1960-61 financing program,- the
of which are expected to be made
available in
the near future.

Power
I

Co., Inc., New

bond issue in

an aggregate amount not to exceed
$4,000,000. Proceeds — To finance river transportation
equipment presently on order and expected to be
ordered. Office—Cincinnati, Ohio.

rights

offering of 6,729,142 shares of capital stock to stockhold¬
on

the basis of

one

new

snare

for

each five shares then held.

—$12.50

per

share.

Rights expire Dec. 20. Price
Proceeds—To repay short-term loans

made to finance construction.
•

National

Oct.

Office—Denver, Colo.

Aeronautical

11, 1960 it

shares of

was

Corp.
reported that

stock is in

common

a full filing of 70,000
preparation, part of which

will be for the account of the issuer and part for selling
Office—Ft. Washington, Pa. Underwriters

stockholders.

—White, Weld & Co., of New York City; Yarnall, Biddle
& Co. and Stroud & Co.,
Inc., both of Philadelphia, Pa.
(all jointly).
Nov.

12 it was reported that the company is contem¬
plating the placing in registration of 17,000 shares of
stock.
About 66% of the issue will be sold
for the company's account and the
remaining 34% bal¬
ance will be sold for the account of a
selling stockholder.
common

Underwriter—Van Alstyne, Noel & Co., New York.
Northern Fibre Glass Co.

der

a letter of notification. Office—St.
Paul, Minn. Un¬
derwriter—Irving J. Rice & Co., St. Paul, Minn.

Northern States Power Co.

(Minn.)
(12/6)
reported that the company plans the is¬
$35,000,000 of 30-year first mortgage

suance

and sale of

bonds.

Underwriter—To

determined

by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder,
Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc.
(jointly); Leh¬
man Brothers and Riter & Co.
(jointly); Equitable Se¬
curities Corp. and Eastman Dillon, Union Securities &
Co. (jointly). Bids—Expected to be received
by Dec. ft.
•

One

Aug.

Maiden

29,

1960

Lane
was

Fund,

For

reported

that

registration

Business—This is

and U. S.

38,

Maiden
•

new

then

mutual fund.

com.

Proceeds—

Treasury Bonds. Office—1 Maiden Lane, New
N. Y.
Underwriter—G. F. Nicholls Inc., 1

Lane, New York 38, N. Y.

Orange & Rockland Utilities, Inc.
April 18 it was stated that the company presently ex¬

the basis of

one

new

share for each

Rights expire Nov.

18.
Price—
per share.
Business—Prospecting and exploring for
metals. Proceeds—For general corporate
purposes. Office
—Suite 1616, 44 King St.
West, Toronto 1, Ontario, Can.

Underwriter—None.
• Public Service
Electric & Gas Co. (12/13)
Oct. 24, 1960 filed 250,000 shares of cumulative
preferred
stock with the New Jersey Public

SEC

Utility Commission.
filing is expected shortly. Price—To be supplied by

amendment.

Proceeds—For

construction.

Office—New¬

ark, N. J. Underwriter—Merrill Lynch, Pierce, Fenner &
Smith Inc., New York City
(managing).
Richards Aircraft Supply

10, 1960 it

was

Co., Inc.

reported that

"Reg. A" filing of

the company's common stock is
expected. Proceeds—For
expansion and working capital. Office—Ft. Lauderdale,
Fla. Underwriter—Blaha &

Co., Inc., Long Island City,

N. Y.

Ritter

July 6 it

Co.,

Inc.

reported that this company plans to con¬
$2,500,000 of funded debt, possibly through
a
private placement, pursuant to which a bond issue
may be expected. Underwriter—Lehman Brothers, New
York City.
was

some

Rochester Gas & Electric Corp.
Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected in the spring of 1961, perhaps in
March.

Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co., White, Weld & Co. and Shields
& Co. (jointly);
Kuhn, Loeb & Co.; Salomon Bros. &
Hutzler, Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Blyth & Co., Inc.;
The First Boston Corp.

Rudd-Melikian, Inc.
Sept. 28, 1960 it
officer, to this

ex¬

investment, mainly in listed convertible debentures

York

held.

was

(Jos.)

reported by J. C. Barr, a corporate
that new financing is being

paper

discussed. No details

Inc.

pected sometime in November of 300,000 shares of
stock.

two

solidate

Sept. 28, 1960 it was reported that this company is plan¬
ning to issue 100,000 shares of $1 par common stock un¬

was

Oct. 17, 1960 it was announced that the
directors have
authorized the issuance of an additional
1,140,000 shares
of unissued capital stock, to be offered to stockholders

Oct.

Nedick's Stores, Inc.

May 11 it

■

of record Oct. 28

Telephone & Telegraph Co.

Oct. 18, 1960 the Board of Directors authorized
28

Industries

18, 1960 it was reported that the company plans a
"Reg. A" filing of 75,000 shares of oommon
stock, con¬
stituting its first public offering. Business—The manu¬

Ave., Staten Island, N. Y. Underwriter—Ronwin Securi¬
ties Inc., 645 Forrest Ave., Staten
Island, N. Y.
• Prospectors Airways Co., Ltd. (10/28)

was stated in the company's annual report
that it contemplates the issuance on or before March
31,

of record Nov.

Chem

Oct.

facture of additives for fuel oils. Proceeds—For
expan¬
sion and general corporate purposes. Office—645
Forrest

Inc.

April 8 it

States

Office—929, "E" St., N. W., Washington,

D. C,

N. Y.

Mountain

Potomac Electric Power Co.

details

—For expansion, including a new warehouse and additlonal stores. Office—153-22 Jamaica Ave.,
Jamaica, L. I.,
N. Y. Underwriter — Hill, Thompson &

reported that the company expects

•

was announced that registration is ex¬
pected of the company's first public offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds

1961 of

was

ers.

Wallpapers

Enterprises

Books, Inc.

1960 it

Office—630 5th Ave., New York
City. Underwriters*
—White, Weld & Co. and Goldman, Sachs & Co.
(jointly). Registration—Expected in early January.

Aug. 29, 1960 it

Midland

Copley & Co., Colorado

outstanding common stock in the amount of ap¬
proximately $15,000,000. Proceeds—To selling stockhold¬

Underwriters—Kidder, Peabody & Co. and Model, Roland & Stone, both of New
York City. Offering—Expected in December.

York Citv

—

to file

Office—New York 72, N. Y.

Martin Paints &

Pocket

Oct. 24,

Loral Electronics Corp.
Sept. 1, 1960 it was reported that November registration
is expected of up to $5,000,000 of convertible debentures.

ers

are

aging.)

Laclede Gas Co.

May 10 it

$13,300,000 of convertible deben¬
Francisco, Calif. Underwriter—Blyth

Co., Inc., New York City (managing).

tures

was

and

Office—San

Panhandle Eastern Pipe Line Co.

Underwriter—First Boston

oping plans for borrowing
clude

tures.

Co., Ltd.

Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place in November or December. Office—1999 Mt.
Read Blvd., Rochester, N. Y. Underwriter—The com¬
pany's initial financing was handled by Lee Higginson
Corp., New York City.

was

mortgage bonds

$20,000,000 offering
early in 1961. Under¬
Co., First Boston ,Corp. and
(managing).

Oct. 17, 1960 it

November.

reported that in addition to the
on Oct.
18, this subsidiary of Pa¬
cific Gas & Electric Co.
plans to sell $99,000,000 of first

is expected to be made in the U. S.
writers
Dillon, Read &

Smith, Barney & Co.

Transmission Co.

stock offered

common

Japanese Telephone & Telegraph Co.
Oct. 17, 1960 it was reported that

Gas

Sept. 23, 1960 it

—

Dodge Wire Manufacturing Corp.
Sept. 12,
1960 it was reported that registration is
expected of $600,000 of common stock. Proceeds — For
general corporate purposes.
Office — Covington, Ga.
Underwriter—Plymouth Securities Corp., 92 Liberty St.,
New York 6, N. Y.

Dynamic Center Engineering Co., Inc.
3, 1960 it was reported that the company plans a
full filing of its $1 par common stock for sometime in

Pacific

Proceeds
For the acquisition of
property
retirement of short-term loans. Office
Des

the

Moines, Iowa.

To be named.

Oct.

$6,000,000 to $8,000,000 of 30-year first mortgage
bonds is expected in late
January of 1961. Office—Fergus
Falls, Minn.

stock.

mon

executive Vice-President
that an issue of be¬

newspaper

tween

Light Co.

was

tentatively expected
April, 1961. Office—10 North Broadway, Nyack, N. Y.

• Otter Tail Power
Co.
Oct. 21, 1960, Albert V.
Hartl,
of this utility told this

$15,000,000 financing plan, to consist of
$10,000,000 of first mortgage bonds and additional com¬

Sept. 14, 1960 it
may

the sale of the $10 million bonds is
in

is estimated at $17 mil¬
lion of which $10-$11 million will have to be raised ex¬

and

there

ditions, of $10,000,000 of its first mortgage bonds, from
depreciation and retained earnings and, to the extent of
any remaining balance, from the proceeds of additional
short-term borrowings. Oct.
18, 1960 it was reported that

Mr.

St., Columbus 15, Ohio. Underwriter—Dillon, Read & Co

that

will be financed
1961, subject to market con¬

Iowa-Illinois Gas & Electric Co.

Oct. 5,

Power &

ferred stock, series
E, 5% (par $100)
from the proceeds of sale in

writer—R. F. Dowd & Co. Inc.

had approved

Dallas

pects that such part of its construction program
through
1962 and the
refunding of $6,442,000 series B bonds ma¬
turing in 1961 as is not financed by the sale of the com¬
pany's 39,165 shares of its convertible cumulative
pre¬

business, and for the manufacture of a new product by a
subsidiary. Office—1947 Broadway, Bronx, N. Y. Under¬

reported the company will sell about
$10,000,000 additional common stock sometime in 1961.
Proceeds—For expansion purposes. Office—215 N. Front
was

& Instrument Co.

Gauge

Oct. 5, 1960 it was reported that 100,000 shares of com¬
mon stock will be filed. Proceeds —
Expansion of the

•

Oct. 17, 1960 it was reported by Mr. A. N. Porter of the

Sept. 22,1960 it

Industrial

are

March 11 it

was

Smith

Inc. and

New York

Office—Hatboro, Pa.
■

secondary "offering might
Lynch, Pierce, Fenner
Harriman Ripley & Co. Inc., both of

reported that

be made. Underwriters
&

available.

Schlitz & Co.

—

Merrill

City.

Southern Bell

Sept. 26,
•J

Telephone & Telegraph Co. (12/5)
1960 the company authorized the issuance of
Continued

page

The Commercial and Financial Chronicle

(1702)

Continued from

TWA by banks, insurance companies and other lenders,
$50,000,000 to be drawn from internal sources, and $100,-

page

$75,000,000 of debentures to be dated Dec. 1, 1960. Pro¬
ceeds— For construction. Office — Atlanta, Ga. Under¬
competitive bidding. Prob¬

Halsey, Stuart & Co. Inc.; Morgan Stanley
Co., both of New York City. Registration—SEC regis¬
tration is expected in November. Bids—Expected on or

reported that this financing is riot expected to occur
and a statement will be issued soon on future plans.

was

Southern Natural Gas Co.

stated in the company's annual report that
the company expects to provide for the payment of
certain outstanding notes through the issuance of first
mortgage bonds and other debt securities.
The timing
of the issue or issues was not stated in the report. Office

Trunkline

was

r—Birmingham, Ala..

-■

Railway Co.
Sept. 21, 1960 it was announced that a Halsey, Stuart &
Co. Inc., group expects to bid on $25,000,000 of the road's

United

reported that in February, 1961, the
company expects to offer about $15,000,000 in bonds and
about $3,000,000 in preferred stock, and that about one
year thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about
6Vz% below the then existing market price of the com¬
mon.
Office—720 Mercantile Dallas Building, Dallas 1,

United

Storer Broadcasting

•

World

Trans

Airlines,

been scaled down

ures

$340,000,000 with $168,000,000 to be loaned to

some

Continued
may

from

than offset the short-

benefits.

term

page

crease

time for

our

291.4%.

this increase
with that which took place dur¬
opehdF" to

1920's, .a period which
partners to take up part of this
load. A continued outflow of gold many students describe as having
from this country would repre¬ experienced an excessive expan¬
sion in credit. Total private debt
sent a real threat to the stability
increased
from
$91.5 billion in
of the dollar and to our own econ¬
ing

Such

omy.

development will be

harmful both
rest

the

and to

ourselves

the

1918
a

rise

$161.2 billion in

of debt has been almost four times

because of the gold
less ability to

Moreover,
outflow

have

utilize monetary

policy as
device.
Some

tercyclical

a coun¬

War

than

War I

the
by

of World
post-World

rapid since the end

period.

Non-farm

the

;

debt in¬
creased from $27 billion at the
foreigners move from country to
end of 1945 to $168.8 billion at the
country in response to differen¬
end of 1959. During the same pe¬
tials in interest rates. If we want
to counter recessionary develop¬ riod consumer debt rose from $5.7
balances

credit

ments in
interest

our

must recognize

move

lowering

economy by

rates

that such
'

accumulated

be accom¬

may

panied by an accelerated outflow
of gold with the resulting loss of
confidence in
own

economy.

developing
costs.

stability of our

American

titude

war

the

industry has been
new and tougher at¬
increases

toward

labor

Throughout the earlier post¬
the ability to pass high¬

years

costs

to the

in the

consumer

form of higher prices apparently
made many

industries reluctant to
fight vigorously against excessive
increases

labor

The

costs.

in¬

ability to control costs during the
1958

recession

shock

attitude

rude

companies.

has

consequence

ing

came

many

been

toward

One

stiffen¬

mortgage

billion to $52 billion and total cor¬

porate debt from $85.3
$281.7 billion.
nized

place

billion to
be recog¬

It must

these

that

taken

have

increases

within

duction in the rate at which debt

is created would represent a new

factor

affecting

which

has

economy

not

demand,

total

characterized

in the

earlier

our

post-war

years.

combination

This

factors

has

drive

avoidably from the intensification

rules

major

local

and

about

strength

spending

con¬

annual rate

$3 billion annually.

Personal income after taxes has

been
a

may

brokers.

$2,000,000

Office—132

Future

bonds

East New

over imports has increased
highest level in the post¬

rising steadily although at
markedly slower pace in recent
total

The

months.

the

third

about $353 billion, or
4.3% higher than a year earlier.
quarter

Some

was

dis¬

increases

further

posable income and in consumer
spending seem probable. Expendi¬
should continue

tures for services

rise, but little change is antici¬
in the purchase of goods.
Nineteen hundred and sixty-one

war

less

which candidate is elected.

During

annual

rate

about

meant

narrower

profit

mar¬

This result has followed

gins.

un¬

penditures

leveled

have

about the third quarter

off

totals, the

peak reached during the recovery.

fiscal

current

present estimates call for a

fiscal year.

This will continue to

important area of stability

the

been

Some

rates.

recorded

declines

capital

have

orders

declined

have

appro¬

$51.5 billion in December
$47.3 billion in August.
should be kept in mind that

the

total

December

was

inflated

of the steel strike
of the recent de¬

by the effects

further

intensifi¬

cation of the resistance against ex¬
cessive wage and other labor cost

increases.

this

development

should occur, one result would be
further modification of the mag¬

nitude

wage

inflation.

This

would make it much easier to
tinue to have relative price

con¬

In the post-war years we have

crease

truly sensational in¬

the

amount

outstanding. From the
the

debt

lion

decline.

can

This

develop¬

end

increased
to

$547.5

1959

credit

end of 1945

total

from

billion,

private
$139.9 bil¬
or

in¬

early in

These six factors which

have

from

liq¬
uidation rate of about $3 billion in

the fall

adjustment are behind us. While
further inventory liquidation

the next year and long¬

On balance

they could result
for long-term
economic growth than that which
er.

sounder basis

prevailed

the

past

years.

noted earlier. With

some

in which business decisions will be
over

as was

this swing of $15 billion, most of
the adverse effects of inventory

made

already have swung
accumulation rate of $12

billion early in the year to a

modified economic environment

1961.

Inventories

probable, this area should shift
a

have

in the stock

decline

sharp

of the

market since the first

year

business and the decline does not

portend

major recession in busi¬

sharply in

remained at about the

levels.

panying high capitalization of
earnings which prevailed a year
ago. The halting of inflation and
the

profit squeeze contributed to
eliminating the bloom from the
stock

market

result the

1959

excess

un¬

for

base

being

economic

further

which from the "Ionget
point of view is hampered
rather than stimulated by infla¬
term

tion.

•
.

Need

for

■

...

-t

Foreign Aid and Tax.

Reforms

We still face important and hard

economic

decisions

continue

have

nomic growth.

national

are

vigorous

eco¬

The adverse inter¬

balance

of
payments
threat to the stabil¬

ity of the dollar which must be
An
undermining
of
the
position of the dollar, nationally
or
internationally, would have ad,consequences

boom.

Highly Creditable Performance
A

balancing

suggests

that

factors

these

will

not

move

far from the
we

high level plateau on
have been perched for

the past six months.

among

Such stabil¬

considerable

anguish

those who have made

nomic growth a fetish.

eco¬

Neverthe¬

upon

our

I question whether thi^

economy.

situation

met

solely by
designed to stimulate
Since this "dol¬
reflects primarily our

can

programs
our

net exports.

lar

gap"

foreign aid program, ad¬
justments will have to be made in
generous

that
program
forced on us.

before

they

are

Tax reform is

urgently required
provide greater incentives for

business

investment.
The
key
ingredient in economic growth is
found

investment.

new

Such

investment by expanding our total

output will provide

much broad¬

base from which to

which

revenues

recover any

may

ini¬

tially lost through tax reform.
battle

The
must

against

continue

inflation

pursued
vigorously. While the siren song
of

inflation

has

tractiveness,

short

at¬

run

the

long run effect
is to erode the vitality of an eco¬
nomic system.
An anti-inflation
program
our

requires

fiscal house in

excessive

avoided,
not

that

creation

and

increase

that

keep

order, that the
of

credit

labor
than

costs

produc¬

tivity.

Encouraging progress has
been made in each of these areas
during the past two years. Deci¬
sions made by the American peo¬
ple

merchandise imports ity creates

I960, while
have

risen

sounder

created

tax
The

which

plus factor in 1961.

Exports

riod,

ness

curtail

described, all too briefly, indicate

experienced

will

expansion be¬
cause
such funds have played a
significant part in financing new
capital investment. Moreover, it
must be noted that a narrowing
in profit margins reduces the in¬
centive for such expansion.

sta¬

bility.
5.

also

ment,,

which

avoidably attend a halting of an
inflation spiral.
During this pe¬

economy.

activity. To a large extent
competition. To the extent that priations by industry and hence the decline in stock
featherbedding, both of which
prices has
a small decline in plant and equip¬
add unnecessarily to costs.
It is profit margins and total profits
represented^ liquidation of the
ment
expenditures
is
probable
are reduced, undistributed profits
probable that in the period ahead
over-optimism and the accom¬
there will be

dislocations

the

and

from

and

ruptions attending the steel strike

verse

economy.

Unfilled

However, declining profit mar¬
has tended to affect business sen¬
gins, ample capacity in many in¬
timent adversely.
Nevertheless,
dustries, and lower undistributed
the stock market does not have a
profits will offset the stimulating
as
a
forecaster of
effects of declines in long-term in¬ good record
terest

highly creditable per¬
the face of the disT

formance

met.

less, it is

should be close to balance for the

equal the total in 1960.
fell

quarter

England Ave., Winter Park, Fla,

represents

1959

starts

sale
1961.

include the

the

similar surplus. Although we may
fall short of this target, the budget

sales of automobiles should about

housing

the

plans also
second

In the

fiscal year 1960, there was a Fed¬
eral budgetary surplus of $1.2 bil¬

year,

This stock

growth

spending has been inch¬
ing upward in recent months. Al¬
though a further small increase is
probable in the months ahead, no
major change is anticipated in the
first half
of
1961
regardless of

pated

Residential

expansion.

Federal

lion.

stock.

common

rights basis to existing stockholders
not be underwritten by one or more
a

rapidly. Nev¬
and that part
ertheless, a larger proportion of 1,600,000 starts in the spring of cline has reflected the aftermath
1,054,000 in September
the
average
family's income is 1959 to
of the strike.
However, new or¬
1960.
With the greater availabil¬
now required to service debt than
ders
have been below
sales in
ever
before. In light of the tre¬ ity of credit, a small rise in hous¬
every month this year and such
mendous
inventories, durable ing starts is probable. Conditions
a relationship
is not conducive to
a
continuation
of
easier
goods in the hands of consumers favor
a vigorous upturn.
These data re¬
credit and thus housing starts will
may be reaching the point where
quire careful watching in
the
further expansion of this debt will probably rise in 1961.
months
ahead
for
clues
as
to
be slowed up significantly. A re¬
New plant and equipment ex¬
the
underlying strength of the

excessive

make-work

the

weakness.

tinues to expand at an

from

that has grown very

of marked

areas

of marked

State

economy

increases in wages and non-wage
benefits and the initiation of a

against

neither

In other words,

76.2%.

examination

1929, or

the relative increase in the volume

of the world.

will be offered on

surprising because economic con¬
ditions abroad have shown signs

segments of the economy reveals
nor

announced that this company, during the
of 1961, will issue and sell approximately

was

first quarter

Outlook

played

role in recent years.

The

cdiftprire

have

Co.

30,000 additional shares of its
and

compete st^e - be
intense.

eye

the

Co.

Park Telephone

period, excluding 1956 and
1957,. which were overstimulated
by the Suez crisis. However, some
decline in exports would not be

important

Better Ihan Alarmists AverThe

of the yeast¬

which

elements

modification exports

their

Products

Wood

Securities

securities

Economic Outlook Is Much
i

use.

May 10 it

will eliminate

an¬

company

carry

makes wood cabinets for household and industrial
Office—Winona, N. J. Underwriter—Metropolitan
Inc., Philadelphia, Pa.
;
'•
:
;
t"

pany

Winter

Nevertheless,

T~\

Winona

Halsey, Stuart & Co. Inc.; Stone & Webster
Securities Corp.; Eastman Dillon, Union Securities &
Co.; Salomon Bros. & Hutzler; Goldman, Sachs & Co.

$318,000,000 from the original fig¬

announced that the

Aug. 24, I960, it was reported that a full filing of class
A common stock is contemplated. Business—The com¬

bidders:

Inc.

announced that financing needs have

was

Rip¬

$30,000,000 to $35,000,000 from outside sources in 1961,
and expects to come to the market for it in March or
June. The precise form of financing will depend upon
market conditions. Office—Richmond 9, Va. Underwriter
-—To be determined by competitive bidding. Probable

was

Virginia Electric & Power Co.

secondary offering
Beach, Fla. Underwriter
—Reynolds & Co., New York City.
Oct. 10, 1960

1960, it

Sept. 8, 1960 it was reported that the company will need

Co.

reported that

was

Whippahy Paper Board Co.
July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock. Under¬
writer—Van Alstyne, Noel & Co., New York City.

Homes, Inc.
reported that $3,000,000 units type of
filing is in preparation, probably to consist of deben¬
tures, warrants and common stock. Office—Jacksonville,
Fla. Underwriter—Hayden, Stone & Co. (managing). *

is being planned. Office—Miami

/'*

out its 1960 construction
program it will consummate long-term financing during
the year to provide additional funds in the approximate
sum of $400,000. *
'
- - . , .
.•»
-

Shell

States

Company, Newark, N. J., and New

ticipates, that in order to

Oct. 10, 1960 it was

Underwriter—Dillon, Head & Co., Inc.

Sept. 28, 1960 it

June 24,

Linesr Inc.

ero, Avenue, Chicago, 111.
Underwriter—Harriman
ley & Co., New York City.

Service Co.

Public

was

and

City.

West Ohio Gas Co.

Sept. 23,1960 it was reported that an issue of convertible
debentures is being considered. Office—5959 South Cic¬

bonds. No other details are available.

Southwestern

Air

Sandkuhl

York

Sept. 28, 1960 it was reported that approximately $15,000,000 of bonds and $5,000,000 of preferred stock are
expected to be offered in the second quarter of 1961.
Office—120 Broadway, New York City. Underwriters—
Merrill Lynch, Pierce, Fenner & Smith Inc., and Kid¬
der, Peabody & Co., both of New York City (managing).

Southern

Aug. 9, 1960, it

and

Co.

Gas

Auto

Leasing Inc.
Sept. 14, 1960 it was reported that a "Reg A" filing is
expected.
Office—2015 Coney Island Avenue, Brooklyn,
N. Y, Underwriters—J. I. Magaril & Co., New York City

Lazard Freres & Co., Lehman
& Co., Inc. Note—Oct. 25 it

—

obtainable. Office—2300 Linden Blvd., Brook¬

was

Waldorf

Brothers and Dillon, Read

about Dec. 5.

Texas.

Mo. Underwriters

Thursday, October 27, I960

lyn, New York.

jet transport fleet. Office—10 Richards Road, Kansas City

April 4 it

tion

holders. Proceeds—To

able bidders:

Waldbaum, Inc.
May 11 it was reported that public financing is being
contemplated by this supermarket chain. No confirma¬

000,000 from the proposed sale of subordinated income
debentures with stock purchase warrants to TWA stock¬
give TWA direct ownership of a

writer—To be determined by

play

the

few

decisive role

weeks

will

in the years

ahead.

This program will
encourage
sustainable economic growth in¬
stead of forcing the "hot house

variety" by unsound government
spending.

Economic

turn,

enable

will

growth,
to

provide

jobs for the labor force which will

Volume

192

Number 5998

be expanding rapidly in the years
ahead.

The Commercial and Financial Chronicle

Business Conference

In summary,

for the short run I
pessimistic optimist but for
longer run, I believe we can

Industrial

the

continue

which
out

scale

will

remain

challenge

who

economic

our

address

16th

mercial

the

annual

Financial

National

ference,

Dr.

position.

Backman

before

the

Com¬

Industry, sponsored by

Commercial

Inc.,

convention

New

Financial

York

Opportunities Scheduled

jointly
meeting in San Juan from November 30 to December 2,

conduct

City,

Con¬

Oct.

24,

Now

With

chip"

"blue

corporations,

small

and

sized

com¬

BOSTON, Mass.
has

become

Geno L.

—

affiliated with

Neri

Good-

body & Co.; 125 High Street. He
was formerly with du
Pont, Homsey & Company,

their

ments

a three
briefing

during
day

lectures

Will

aid

first

issues.

Call

REPORT

Teodoro

San

C., and the First National City

Company
by

the

Superintendent

the

provisions -of

the State

..
.

•

New

Material Resources

and

International

"Base

Com¬

including

field

trips

1960,

apparel

ing,
Rico

DIVIDEND

Law

and

UTILITIES COMPANY!

United

States

POWER COMPANY, Inc.

direct
States

and

subdivisions

political
Other

22,265,166.85
of

bonds,

notes,

ber

and

guaranteed
Obligations

Quarterly dividends payable Decem¬

$5,872,376.88

Government

obligations,

shareholders

record

December 1, have been declared at

203rd Consecutive Cash Dividend

2,726,935.75

_____

and

quarterly dividend of thirty cents (30?)
per share on the outstanding Common Stock
of this Company, payable December 15,1960,
to stockholders Of record on December 1,1960.
The transfer books will remain open.

(Special to The Financial Chronicle)

PORTLAND.
Paulsen

Ore.

has

—

Vernon

become

connected

United States Pipe and Foundry Company

JOHN W. BRENNAN, Secretary 6r Treasurer

with Shiels

Securities, Inc., Mead
He was formerly with

Building.
&

THE TITLE GUARANTEE

Co., Inc.

the

DIVIDEND

NOTICE

) Trustees of

INTERNATIONAL

share designated as the
fourth regular quarter-annual
dividend for 1960, payable
November 18, 1960 to holders

COMPANY

of record

International

November 4,

WILLIAM H. DEATLY

Common Stock

25tf

5% Preferred

de¬

Loans

and

—

481,524.55

—

discounts (includ-

premises

furniture

none;

tures-,—Real

25,513,001.65

owned,

and

•'

fix¬

______

237,415.15

estate owned other than

banking premisesOther

284,254.58

—

5% Convertible Preferred

ing $2,906.89 overdrafts)
Banking

quarterly dividend of Fortyseven cents (47c) per share on the
Common Capital Stock of the Company,
issued and outstanding- in the hands of-the
public, has been declared payable De¬
cember 10, 1960. to the holders of record
at the close of business November 10,

5.40% Convertible Preferred

Harvester Company have declared

quarterly dividend No. 183 of sixty
cents

(600)

per

the

com¬

stock, payable January 16,

mon

1961, to stockholders of record at the
close of business
GERARD

O'okiep Copper Company

Dec. 15, 1960.

Limited

J. EGER, Secretary

Dividend

The Board of
the

No.

Directors today

dividend of fifteen

shillings

INTERNATIONAL

tion of the said dividend
1960

The Directors of

International

Harvester Company have declared

quarterly dividend No. 169 of

one

seventy-five cents ($1.75)

the

preferred stock,
payable December 1,1960, to stock¬
per

holders

record

the

November 4, 1960.

GERARD

the

pay¬

distribu¬

December 12,
at the close

holders of record

the

of business

COMPANY

declared a
share on

per

Ordinary Shares of the Company

December 5, 1960 of Ameri¬
shares issued under the terms of the
on

Deposit Agreement dated June 24, 1946.
The dividend will amount to approximately
$2.10 per share, subject, however, to any
change which may occur in the rate of
exchange for South Africa funds prior to
November 30, 1960. Union of South Africa
non-resident

of 6.45%

shareholders

tax

the

New York, New York, October 20, 1960.

J. EGER, Secretary

ASSETS-—

TOTAL

—

LIABILITIES

October

...

Sinclair!

VICE-PRES. ftTREAS.

yjnf

17, 1960 '

(•■■■■■■■■■■■(■(■•■■■•■■a

$57,597,968.10
•.

J. Ley,

W; J. ROSE, Secretary

October 26, 1960.
;

27V£0

22V20

Common.

STOCK

COMMON

Demand

deposits of individupartnerships and cor¬

als,

DIVIDEND

120

No.

porations-—-—l.—'-J.—j.—'- $19,445,889.70
Time

deposits of individuals,

partnerships, and corporations

United

,of

Government

——

of banks and trust
companies
(certified and
officers' checks, etc.)

641,162.84

Deposits

707,329.89

—

CAPITAL

$1,000,000.00
1,000,000.00
1,907,133.52

—

Surplus fund
—
Undivided profits _:
Reserves for undeclared divi¬

ACCOUNTS——

authorized
the

CAPITAL

„

CUMULATIVE PREFERRED

New York 20, N. Y.

25'/» cents

Railway

reVt0^

$57,597,968.10

capital consists of

common

shown

above

——

Securities

I,
of

shown

above

deduction

of re¬

after

serves

cash

stockholders

(57V60)

per

share has

KENNETH

the above-named

December

record

best

business November

138,270.00

LANDFARE,

1960,

the

Dividend No. 20

CHRISTIAN

W. KORELL)
^Directors
v." TAMNEX -J d; d

SUMNER;. FORD
B.

mailed.

'/t% (25<) per shore
3,000,000 shares of Preferred Stock
Southern

A dividend of 1

par

Railway

Company

the

value of $20 per share has today
declared, payable December 15,

been

stockholders of record at the
I960.
(70<) per

close of business November 15,

Hilyard

Vice President and Treasurer

the

Common

Stock

without

October 25, I960

value of Southern Railway Company
declared out of the sur¬

plus of net profits of the Company for
fiscal
year
ended December 31,

1959, payable December 15,
stockholders

record

business November

T.C9.

Dividend No.

29% cents

per

share;

4.88% SERIES
Dividend No. 52
per

share.

The above dividends

are

pay¬

able November 30, I960, to
of record No¬

stockholders
vember

Checks

will

mailed

from the Company's
office in Los Angeles, No¬
vember 30.
P. C. HALE,

has today been

the

LANDFARE

Correct—Attest:

.JOSEPH

1960.

par

statement is true to the

4.78% SERIES

A dividend of seventy cents

Harry L.

knowledge and belief.
W.

10, 1960. Checks will

Treasurer

institution, hereby cer¬

KENNETH

New York, N. Y., October 25,

the Common Stock of

1960,

;

tify that the above
-

shore;

NOTICE

DIVIDEND

able

164,657.35

—

Cents

are

per

26 Vl cents per share;

30% cents

and

The American Tobacco Company, pay¬

are

deduction of reserves

of Fifty-seven

dividend

been declared upon

$19,893,506.77

purposes
as

regular

One-half

pledged or assigned to
liabilities
and for

other

Company

COMMON DIVIDEND

221ST

secure

after

STOCK.

4.08% SERIES

4.24% SERIES

Southern

total par value of $1,000,000.00.
MEMORANDA

Loans

dends:

<J$mG/iaz<vrv

$3,908,453.52

ACCOUNTS

bank's

with
-

Assets

the payment

following quarterly divi¬

Dividend No. 43

tThis

DIVIDENDS

The Board of Directors has

TOTAL LIABILITIES AND

stock

California

Company

OIL CORPORATION
600 Fifth Avenue

1,320.00

Edison

CAPITAL

TOTAL
.

$53,689,514.58

ACCOUNTS

•Capital f

dend

No¬

SINCLAIR

363,437.45

liabilities——

TOTAL LIABILITIES

vember 10, 1960.

$53,326,077.13

DEPOSITS

TOTAL

Other

Southern

stockholder's of record at

the close of business

:Other deposits

(

per
the

Corporation's Common Stock,
payable December 10, 1960

22,382,815.28

declared

was

1,002,149.89

——

ical subdivisions

a quar¬

terly dividend of 50 cents

States

Deposits of States and politx

1960

■

9,146,729.53

—

Deposits

On October 19,

J. J.

1960, to

the close of

15, 1960.
MAHER, Secretary.

rate

will be deducted.

By Order of the Board of Directors,
F. A. SCHECK, Secretary.

250

5V2% Convertible Preferred

1960.

217,292.71

assets—-—:.——:

1960.

President

•

bentures—

cents per

HARVESTER

The Directors of

The Title

Guarantee Company have
declared a dividend of forty
(40)

business

following rates per share:

COMPANY

DIVIDEND NOTICES

dollar and

collection

process

items

Birmingham, Ala., October 20, 1960
The Board of Directors this day declared

can

corriud-

cash

NOTICES

United States Pipe and Foundry Company

With Shiels Securities

NOTICES

AMERICAN ELECTRIC

other

DIVIDEND

was

Forgan

CALIFORNIA-PACIFIC!

the

NOTICES

nies, including reserve bal¬
ances,

Glore,

HARVESTER
D1VIDEND

with

the

Co.

pursuant

Banking

associated

able November 30, 1960.
The Directors authorized

and leather. Puerto

world center for inter-

Dillon, Jr. and J. Peter

are

branch as Assistant Managers.

Boulevard. He

with

and

Services;
Living in
Puerto Rico; Puerto Rico—A Site
Managing

with

trusc

and

formerly

Investment
Opportuni¬
ties;
The
Financing
of
New
Enterprises; Tax Exemption; Local

tion,

added

Hayden, Stone & Co., 141

West Jackson

cussion:

for

Donald

—

been

made

Banks

staff of

111.

has

Among the topics listed for dis¬

Labor;

Martin T.

Rico.

ASSET3

balances

banks

York,

call

York.

"•

Cash,

with

the

Puerto

opportunities in

Stroben

electronics, chemicals, metalwork-

of 50 Broadway, New York 4, New
the dose bl business on October

accordance

the

corporations
including panies"; Defense Industry Sub¬
Union
Carbide,
Sperry
Rand, contracting; and Investment Op¬
General
Electric,
Maidenform, portunities in Tourism.
and
W. R.
Grace, will describe
The briefing conference is being
their
operating
experience
in
limited
to
approximately
200
Puerto
Rico
along
with many
smaller
companies.
Spotlighted guests to facilitate full participa¬
U.

will be industrial

It is

leading bankers, development of¬
ficials,' and businessmen will also
participate.

Underwriters Trust

published

Moscoso

Bank of New York. Puerto Rico's

to 2.00 p.m.

CONDITION

place

the

feature

meeting for
attending executives will be field
trips to operating U. S. affiliates

Rico,

1530
State
Highway under the
management of Edward P. Ward.

Auld & Co., Inc. and E. F. Hinkle

years.
A

being co-sponsored by the Bureau
of National Affairs, Washington,
D.

Leff, TR 4-2026 Monday
a.m.

Juan Intercontinental Hotel.

Salary unimportant.

through Friday 10

kind

ing companies, negotiating, selling
new

600 U. S. branch

meet¬

Puerto

which has attracted over
plants in the past

agency

Dec.

Administration,
the
"Operation
Bootstrap"

island's-

Co. has opened a branch office at

Hayden, Stone Adds

seminars

executive

New Hutton Branch

Spaens

CHICAGO,

velopment

Puerto

will take

investigat¬

Street, N. W., Washing¬

WAYNE, N. J.—W. E. Hutton &

new

keynote address by
Moscoso, Administrator

of the Puerto Rico Economic De¬

its

experience, desires position with

new

Opportunities

ing,

underwriter.

rate

and

well

attracting

at the

Teodoro

The

major, veteran, business

and

year,

"I ndustria 1

COLLEGE GRADUATE

invest¬
$1,000,000 a
day, will also be discussed.
The
program will include
11

onwealth

conference

Puerto
expanding

now

rate

which

Com-

the

Rico," Nov. 30
SITUATION WANTED

Affairs,1

will

companies"

economy,

the

ing experience

Finance

1231 24th

The growth potential of
Rico's

operat¬

"base

discussed.

also be

panies with manufacturing affili¬
ates in Puerto Rico, will outline

Goodbody

Reservations should be addressed

ton, D. C,
national

1960.

manufacturing plants, by those
attending.
Registration fee is $60 per per¬
son,
including three luncheons.
to the Bureau of National

would

medium
•An

the

Puerto Rico's

rirst National City Bank and Bureau of National Affairs will

heights
comfortably

new

reach of those

(1703)

October 20, I960

Treasurer

:ial
The Commercial and Financial Chronicle

(1704)

'■

Thursday, October 27, 1960 /
r

■

•,

■

COMING

WASHINGTON AND YOU
behind-the-scenes interpretations

EVENTS

from the nation's capital

IN INVESTMENT FIELD

WASHINGTON, D. C.
the

with

Reds

cations
draw
and

and

from north of the border spend

While

—

extreme

almost

provo¬

antics

comic-opera

have

neighbor,
watch

clear

force

through the dense

admit

frankly

in private talks.

point out for

possible reaction, is exact¬
the
Communists are

there

and

looking for.

been

brought

the erratic Cuban revolutionary
movement

Castro

under

safely

was

thumb

under

the

in¬

fluence, with Russian Commu¬
nists solidly esconced as powers
behind

Castro

the

"reform"

throne, they began stepping

land

since.

far,
they've
scored
no
major victories. They probably
didn't expect to so soon.
They
been

successful

their

first phase—starting to erode the

good will between the U. S. and
Southernmost

building

neighbor, and

base for fear by

businessmen

and

with

nation

reparations

tourists

Our

State

probably
gain headway.
United
sources

little

continue

to
'

intelligence
that there has been

say

increase

card-

carrying Communists in Mexico.
Nor

has

boost

there

Red

least that

been

material

spies

there

—

know about.

fear¬

Mexico

undermine

the

good will between the two

coun¬

tries, the Reds have been step¬
ping

lomats

contend

dip¬

closer

that

ties

countries, and

optimism by Ameri¬
will defeat the Red game.

cans,

President

Eisenhower's

visit for

meeting with Mateos

recent

efforts to pene¬
Mexico
economically.

trate

About

offered
ment

its

year

the

ago,

Soviets

the

Mexican Govern¬
$200 million in cred¬

some

negligible

interest

rates.

The credits could be used to
buy
industrial

equipment,,

medical
er

supplies, and

plants,

consum¬

goods.
The

President

pear

—

tween the two countries and en¬

optimism by U. S. citi¬

courage

Government,

the

there

world

plans do work,
danger of the free

losing Mexico

good

^neighbor, officials believe.should

pointed

But'
that

out

U. S. tourism and investment in

Cuba

was

hold

took

ence

tourists

and

before

business

island

the

after

began

justifiable

Mexico Is

Aside

tegic

Rich Prize

from

the

stra¬

Mexico

the Soviets in any shooting war,
it is a rich economic prize too.
The

economic

has

now

for

about

exports

about

for¬

billion

(Imports from the U. S.

account

trade of almost $2

year.

and

since

growth

World War II.

eign

been

although not spectacu¬

steady,
lar

has

country

$700

this

$450 million.)

1960,

some

invested

million

country

$1.8 billion will
basic

industries

some

accept it "for the time be¬
ing."
U. S. officials hope it
accepted.

re¬

in Mexico.

was

Although

has been subject to

determined

bid

tions by the

same

proved
and

one

ernment,

which

break

including

has almost

making

rela¬

system which

successful

Cuba—

rival

the

gov¬

S.,

defense.

Seek to Drive Out
Americans
The

consumer
goods, particu¬
larly shoes and textiles.

[.This

"gringo" business

important, almost vital, pillar of
the Mexican economy. Tourists

column

intended

re¬

the
as

vary,

United

world

One

the

federal

the

been

has

one

Mexico's

major cash industries
in recent years. Output has risen
compared with 82 mil¬

year,

lion in 1958. New refineries and
distribution

completed.

lines

have

been

Petroleum
exports
about $25 million a

York

12-13-14,

H.M. Frumkes Co.

To Admit Partner

Mateos

some

years

government

pop¬

ago,
now

New
Star¬

1961

Group

(Houston,
Investment

ing at the Shamrock Hilton Hotel.
June 22-25, 1961

Co., 120 Broad¬
New York City, members of
the New York Stock Exchange on

(Canada)

Investment Dealers Association of
Park

annual

meeting at Jasper

Lodge.

way,

Nov.

admit

will

Frumkes

Arthur

Oct.

partnership.

16-20, 1961

(Palm Springs,

Calif.)
National

Security

addition,

tempting

atr

out

Gas

rangement with Tennessee

Transmission Co. to help supply

759

some

natural

cubic

million

gas

day

Texas

some

feet

Southern

Tex.,

through

1,200
on

cut," adding Pemex

Mc-

near

gas

run

Mexico

Asso¬
at the

Palm Springs Riviera Hotel.

Palmer to be

ar¬

Pemex

work

Traders

miles
"short

the

gas

Joins Bache Staff

Shaine V.-P.
GRAND

(Special to The Financial Chronicle)

RAPIDS, Mich.—On Nov.

3, Richard K. Palmer will become
Vice-President

of H. B.

Shaine

Co., Inc., McKay Tower, mem¬
of the New York

bers

Stock

Ex¬

Slattery
Bache &

Drive.
K.

For

Joins J. Barth Co.

sell

(Special to The Financial Chronicle)

it's

natural gas

chance

which is

ly being flared

now

large¬

waste.

The

line's promotors are hoping the

arrangement
escape

government
never

will

control

permit

them

the

because
from

crosses

line

the

one

SAN

JOSE,

Schwalbe
with

County
Road.

has

NEWTOWN

Calif.—Stuart
become

Barth

Village,

with Walston &

connected

Co., Town &
Stevens
Creek

Mr. Schwalbe

state to

agricul¬

was

SQUARE, Pa.—Pick¬

ard and Company has been formed
with offices on Goshen Road to

engage

securities

John Pickard is

While

resources.

comparatively

dustrially,

undeveloped

because

labor

still

firm.

Ohio

Co., Inc.

(Special to The Financial Chronicle)

supply

in¬

fairly
in

CHICAGO,
has

ner

111.—Walter

become

Bache & Co., 140

business.

principal of the

formerly

Now With Bache & Co.

tural, cattle, mining, fishing and

cheap

Company Branch

ATHENS, Ohio—The

The country has huge
textile

formerly with V.
Son, Inc.

was

Pickard Co. Forms

the California border.

Mexico,

Osborne

just

the

Wer¬

connected

with

pany

has opened
South

Ohio

Com¬

branch office

Court

Street

under

the management of Richard Phil¬

lips.

South Dearborn

Street.

Attention Brokers and Dealers:

TRADING

MARKETS

Botany Industries
Indian

Head

Mills

Official Films

Southeastern Pub. Serv.

Our New

Carl Marks
FOREIGN

SECURITIES

20 BROAD STREET

TEL: HANOVER 2-0050

HILLS, Calif.—John J.
has joined the staff of
Co., 445 North Roxbury

change.

gas

deliver

and

way,

BEVERLY

•

Co. Inc.

York

telephone number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5, N. Y.

TELETYPE NY 1-971

LERNER & CO.
Investment

tractions.

the

light Roof of the Waldorf-Astoria

Canada

H. M. Frumkes &

principal aims of

ular in Mexico

dinner

annual

Texas

views.]

President Mateos in recent years
has been to improve fiscal sta¬

was

City)

Association

ciation Annual Convention

amount

Hollywood

(New York

6, 1960

April

own

year.

over

Bankers Association annual meet¬

Major Industry

Petroleum

Dec.

Investment

resources.

While nationalization

Association

the "Chronicle's"

bility in the government and
curb inflationary tendencies. He
has been moderately successful
up to now. He is also using gov¬
ernment money and pledges to
attempt to increase tourist at¬

Bankers

Convention

Beach Hotel.

the country

boasts vast untapped

(Hollywood

Hotel.

economic

particularly

States,

1960

flect the "behind the scene" inter¬
pretation from the nation's Capital
and may or may not coincide with

sharp

activities

programs.

construction.

some

econ¬

fluctuations
the

under

Mexican

half
million
dollars a year,
mostly in technical assistance
and industrial
management, and

are

gen¬

760,000 kw capacity addi¬

tional

omy

rehabilatory training

Electric

erating capacity totaled 2.6 mil¬

cent years, U. S. aid to the Mex¬
icans has been running less than
-

another.

not

But the Soviets

Petroleum

Allen,

obvious

importance

27-Dec.

Tex.)

drains

California. The line would start

lion kilowatts in mid-1959. And

reduce

position to compete strongly

owned

treasury.

with

teoz, received the offer but did

industries,
such as Pemex—the gas and oil
production company—are being
forced to pay their own way to

record high when

Castro took over, and it is ques¬
tionable whether the Red influ¬

alone

will never be

attempting

to above 89 million U. S. barrels

Mexican

signs

Other state

designed to boost relations be¬

republican system under
neo-Socialist Adolfo Lopez Ma-

semi

shows

—his second talk with the Mex¬

ican

Association

at the Drake Hotel.

ence

Investment

ating manufacturing industries.

their

I'd

Annual

to attempt to
long - standing

thought

Beach, Fla.)

public. These professional

fear.

Along with scattered student

drop in."

ing to talk about the dangers in

riots and anti-U. S. demonstra¬
tions

passing

divest itself of interests in oper¬

flee

Red Loan Rejected

Nov.

while

investment

creased

States

happened

deeply concerned with the Mexican situation, is preaching in¬

will

"Just

(Chicago, HI.)

Bankers

29th Mid-Continent Trust Confer¬

Department, while

zens.
a danger to
prop¬
visitors there. This drive,
however, is still in its infancy.

American

which

that there is

erty

Nov. 17-18, 1960

property that has

unbounded

have

dance at the Germantown Cricket

Club.

in recent

case

between the two

their activities in Mexico.

its

every

(Philadelphia, Pa.)

Philadelphia Eighth annual dinner

have satisfied the owners.

border
When

political

Russian

Nov. 12, 1960

Investment Traders Association of

been taken has been by condem¬

line, they were laying the
groundwork in Mexico—a huge,

Castro

actions

similar

10, 1960 (Minneapolis, Minn.)
Group of Investment

Minnesota

have

there

(Miami, Fla.)

Bankers Association meeting.

sting here

although

almost

years,

into

potentially wealthy
neighbor of the U. S.

push

the linger¬

of 1938, still carry

meet¬

Key Biscayne Hotel.
Nov.

property in the 1930s,
the oil company expropriations

what

Even before the Reds

Nov. 3-4, 1960

The huge seizures

omy anyway.

to be dis¬

Association

Florida Security Dealers Associa¬
tion
annual
convention
at
the

ing doubt in the U. S. of the
stability of the Mexican econ¬

cussed later why their concern,
and

con¬

ing.

Soviet

efforts

Invest¬

Sheraton-Cadilla*

Bankers

ment

the

out of Mexico is

deep

But they also

reasons

their

Behind

the Mexican future

concern over

turn to the

make

the

anniversary

Hotel.

business

and

(Detroit, Mich.)

Oct. 28-30,1960 (Hot Springs, Va.)
Southeastern Group of Invest¬

and

in tourism

loss, according
strategy.

activities.

Several top State Department

officials

able

Reds

offer

Russian

democratic in¬

less-devious

ternational

the

industrial

ment would have to

devastating

our

vention

and now top $100
productive
enter¬

cutback

1960

Association

ment Clubs 10th

the past

over

28-29,

National

activities, the Mexican Govern¬

fog that is
example of the
Red tactics which have plagued

political-economic

Oct.

investments

prises there.
Should

keep

rising

years,
million
in

Mexico.

trying

They're

been

few

Department and knowl¬
edgeable economic experts are
keeping close watch on a near¬

in the

year

American

chiladas.

U. S. attention
indignation to Cuba, our
popular

State

billion

land of tortillas and en¬

sunny

Securities

10 Post Office Square, Boston 9, Mass.
Telephone

HUbbard

2-1990

Teletype

■

Full text of Commercial and Financial Chronicle : October 27, 1960, Vol. 192, No. 5998

FRASER