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The COMMERCIAL and FINANCIAL
Reg. U. S. Pat. Off.
Established 1839
Volume
Number
196
EDITORIAL
New York
6194
Price
7, N. Y., Thursday, September 13, 1962
to make this Fall
or
thereafter remains to be
By Philipp H. Lohman, Ph.D., Chairman, Department of
Commerce and Economics, University
Monetary authority suggests syndrome of potential benefits
from devaluation of currencies,
crucial
mand
obligations and declining gold supply; and asks "How
far
can
a
divergence between our rising short-term de¬
lean
man
over
wall
a
deterrent);
For
dollar's
every
Federal
new
Reserve
ing
currency
about
Gold
in
modern
its main role
society has two
today is to act
as
a
one,
settler of inter¬
our
balances; two, it is still the base to which
monetary system is "anchored." The relation¬
ship of gold to our
supply is, however, a
The
rather
in
the
are
banks
checks,
through demand deposits.
System,
must
against these demand
fractional legal re¬
serve,
presently
averaging
about 15%. With the exception
of some vault cash, this legal
Philipp H. Lohman
reserve
Banks.
is
deposit
on
with
Federal Reserve
in
They also hold most
the
of all demand deposits are
84%
About
a
the so-called member banks.
of
the
legal
reserves
non-member banks
of the
times
for
dollar's
each
the
relationship of gold to the
a rather flimsy affair.
nation's
supply into
the mint price of an ounce of gold
If
call each piece a
we
dollar, the monetary price of gold must be $20.67
ounce.
and, in
The dollar is defined in terms of gold
so doing, gold is defined in terms of
As long as the Congress did not change
the
the
25.8-grain gold content of the dollar, the mint price
of gold had to be $20.67 no matter what the level
of commodities prices was.
The market price of
gold could also not deviate very much or very long
from the mint price; arbitrage transactions would
keep both the market and mint price uniform.
In 1933, the gold content of the dollar was re¬
duced by 41% to 15-5/21 grains of gold 9/10 fine
—to 13.71 grains of fine gold instead as formerly
of
23.22
grains of fine
(Continued on page 21)
dollar.
State,
will be
Section Two of next week's issue
Commonwealth of Puerto Rico.
Municipal
economic outlook for the
Lester, Ryons & Co.
j(/u)
17,
Distributors * Dealers
Exchange
Associate Member American Stock Exchange
Members Pacific Coast Exchange
Corporate & Municipal
Offices
Members New York Stock
del Mar,
Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
•
MIDWEST
STOCK
in
Corona
Claremont,
Santa Monica,
EXCHANGE^
Inquiries Invited
on
Notes
Municipal Bond Division
jm
w
Chicago 3, III. FRanklin 2-1166
New
York
Correspondent
—
To
Markets
Active
Dealers,
Banks
Maintained
and Brokers
UNDERWRITER
T. L. Watson & Co.
1832
Canadian Securities
Block
DEADER
Members
MANHATTAN
Pershing & Co.
BANK
Net
vV
THE
Southern
NY 1-1246, NY 1-457
ESTABLISHED
Bonds and
Whittier
California Securities
135 So. La Salle Street
••
Agency
Encino, Glendale, Hollywood,
MEMBERS
770-2661
Hope Street, Los Angeles
California
Securities
York 8, N. Y.
So.
623
li()!\I) DEPARTMENT
Inquiries Invited
Commission Orders Executed On
Canadian
CANADIAN
DIVERSIFIED
BONDS & STOCKS
CALIFORNIA
All
Exchanges
Tourism-
New York Stock Exchange
worth
one
pieces and 677100 of one.
per
maintain
deposits
reserves,
ounce of gold and cut it into little pieces each
containing 25.8 grains, one would have exactly 20
i.e.,J
banks,
members of the Fed¬
are
half
requirement and disregard¬
expand its deposits by
can
Housing
CHEMICAL BANK NEW YORK TRUST COMPANY
company
new
an
and
Reserve
eral
25.8
commercial
The
MULLANEY, WELLS & COMPANY
NewYork
goutfuoeAt
issue $4
$4 of
$20.67 because the dollar was then defined as
grains of gold 9/10 fine.. If one were to take
was
of all
settled through
bank
of
use
which
money
90%
About
transactions
and
flows,
Prior to 1933,
money
commercial
the
currency.
six
excess
turned
one.
nation's
Chemical
FIRST
(certificates)
may
in demand
money
supply
consists of the demand deposits
SUPPLEMENT NEXT WEEK:
Underwriters
DISTRIBUTOR
of gold
has it
dollar in gold supports $26
deposits of the commercial banks or $4
of Federal Reserve Notes. The use of bank credit
and the domestic inconvertibility of currency have
of
functions:
national
'
■
System
fractional legal reserve
investor attitudes. Feels President Kennedy's
saner
Securities
rj
worth
and Public
Municipal
«
of
form
ties; and
Housing,
770-2741
the
Federal Reserve Notes or create
U. S. Government,
P. O. Box 710, New
in
ending of American public's uncertainty and hedging activi¬
a
devaluation denials lack conviction.
unemployment and its pos¬
sible cures, one of which is always some form of spread¬
ing the work. It does not appear to be generally realized
that none of the proposed remedies get at the cause of
unemployment and hence must be described as mere
palliatives, and probably quite ineffective palliatives at
at that. In listening to what is cur(Continued on page 12)
to the
over?"
domestic economic poli¬
our
held
balances" with banks that are
The law further provides that the
deposit liabilities for the member banks. Since the
commercial banking
system, under the present
of
RICO
falls
cies; benefit to U.S.S.R. (but this should not be
are fairly active, it is easy to arouse emotional
reactions which tend to lead to easy conclusions about
devoted
he
of
flexibility for
general
PUERTO
before
largely
are
certificates, "warehouse receipts" for gold held by
the Treasury. Of the $33.8 billion of currency in
circulation almost 90% are Federal Reserve Notes.
the
spreading the work and supplying work opportunities
many who are not now able to find the work they
want to do. Whenever unemployment rises to more than
the usual level, particularly when industry and trade in
causes
"corre¬
member
Federal
Reserve Banks must maintain against their demand
and note liabilities a legal reserve of 25% in gold
foresees greater
to
the nature of the
which
Among constructive devaluation results, Professor Lohman
One
seen.
preferably handled by I.M.F.
Cites
of
TELETYPE:
Copy
spondent
of Vermont
banks.
tenuous
PHONES;
a
Help U. S. and Rest of Free World
thing is certain in any event, and that is that there* is en¬
tirely too much sympathy among the rank and file, at
least in the abstract, for a shorter work-week as a means
Public
Cents
As We See It
George Meany, President of the AFL-CIO, has made it
clear that his organization at least means business when
it advocates a 35-hour week in place of the 40-hour week
now
generally prevailing. On Labor Day he announced
that "we are going to fight for the 35-hour week, not
because American workers are lazy but because it would
create 5,000,000 more jobs in private industry when it is
fully applied." He predicted that during the next few
years automation and other improved production tech¬
niques would eliminate jobs at the rate of about a million
a year.
Some other labor leaders had similar views to
present at various other places during Labor Day cele¬
brations, as a good many have in the recent past. It must
therefore be accepted as fact that organized labor in
general will do what it can in the forthcoming elections
to send men to Congress who are willing to take up the
cudgels for the shorter work-week—and that notwith¬
standing the expressed opposition of the Administration
to any such change at the present moment.
What political headway organized labor will be able
State and
50
American
Stock Exchange
25 BROAD
NEW YORK 4, N.
Teletype 212-571-1213
MBECT WIRES TO
STREET
MONTREAL AND TORONTO
•
.
Dominion Securities
(oRPORATIOTi
Goodbody & Co.
Y.
MEMBERS NEW YORK STOCK
BRIDGEPORT
Disneyland
CANADIAN DEPARTMENT
PERTH AMBOY
2 BROADWAY
NEWYORK
r
EXCHANGE
1 NORTH LA SALLE ST.
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype 571-0880
Area Code 212
WHitehall 4-8161
SlSilALa^BL
MUNICIPAL BOND DEPARTMENT
bank of america
N.T.&S.A.
SAN FRANCISCO
•
LOS ANGELES
The Commercial; and? Financial Chronicle
(1102?)
%
JT
The Security "x
Brokers, Dealers only
For Banks,
We
do!
can
it's
we
specialize in it—Indus¬
Vice-President, Lee H-igginson Corp.,
Utility, Preferred Stocks;
Bonds, For
and Corporate
.
executions
accurate
fast,
and broadest coverage
strong-Paint
Established 1920
Exchange*
New York 4'
Telephone: 363-2000
Teletype: 212-571—-1231, 32", 33; 34
Chicago'
•
Angeles
•*
•
Philadelphia?
San Francisco*
Wire
System
1956-1—i._
17.0'
1955——
16j9
1-
15':5
J1933'—--1-
c14.7
^
1954J
the
<
.
6Q8
543
••
'
.
•
.
"
575
627-
4
-
'43#
338*
•
,
,
.
as, a
..Best
-•
:
.93''
.92
.82
.74
.77
.
■'
"
Call us First
-
-
*
•
Armstrong ' ranks tenth
Furniture Industrie*
CraddOck-Terry „Shoo
.
All Issues '
.iAUMKiMMal
VIRGINIA
Victor 6-1333
-
;
>
increase
gratifying
since
ccustry
a
as
was
.1:
♦
particularly
whole showed little
The fact that Armstrong's 10%
,'
increase
in
on ,a
a
income
net
was
4-% increase in sales
vigorous and effective
typical of today's economy.
"7.
~
Painting weather continued fa¬
& CO. inc.
Members
Ass'it
or
13% from
to
Business Week
19%
Odd Lots*
(To Brokers and Dealers)'
.
SECURITIES
current
At
common
'
is
,
DAIWA
Securities Ca.9 Ltd.
NEW" YORK,OFFICE:
magazine,
construction
-
'
•
Bassett Manu- ■
The company
lead: compounds
turers.
:
and
up
was
.*'/, '•*/ ..J
dividend
The
rate
has
factoring
' :
synthetic
•
—
-
Bassett
M».
^upe^
Lines;, all
which
are
located in Bas-
John W. Yeaman
setty. Va.;
-
Furniture
Mirtins^tlle, Va.
.
PEN INSULA AREA
of
.
resins.
SAN* FRANCISCO
i.
rior
varnishes / and
two-story, electre^vapor realtors
W;
forthe production Of synthotie
been
I
Co.,. -Bassett
Table'Co. and
Bassett
enamels someV30 years ago .when'
it installed the. first of five huge
Cb.,
Chair
Bas&ett
Armstrong pioneered' the malt¬
ing, of
to
Ph'oTWr WHltehall
ter, and
cents per quar¬
It has its
'"«r ''«*
Co. Jof
-
INTEREST
.
modern refining
own
Street—Sewer-
and
six
plarits is an
10 cent extra, was paid plant irr which? linseed? androther autonomous unit engaged in. the
last year.
Frank W. Brokamp, vegetable,- oils are processed* by making of parts and-assembly operatibnst Ohe plant each makes
President, said an extra probably
established at 15
NEW issues
contains 13.mo.dern -Bassett Furniture Industries. has
presses.1 Here it makes* labels. for grown into the largest manUfac¬
its: own cans and5 for its private tor er of wood furnittirO in thelabel' customers,
catalogs, office
.world: Headed
forms and point of' sale and; other
by J; D. Bas¬
advertising, materials:
Its1 1961
sett, Jr.,. the
annual report was printed* here;
0001^1^^The printing facility saves* upward,
eratfesriifough
of $200,000 st year.
six -divisions:
In- addition;
Armstrong ^makes? all- its* own- chips
Bassett Furni¬
for Color cards.7 *
' \
ture Co., J. D.
$140,000,000 for seven
months according to Construction
Daily.All of these factors have
been reflected in. improved; sales.
u
Teletype No. .212 571-0219'
6;N. Y.
Telephone: BEeKmaii 3T-3622-3r
Wi offtr— 3
Armstrong's own printing de¬ Front its humbl¥b%inriiri,g ini902;
ago according
a year
Exchange Place;- New Yorfe- 5*
3-7830
149 Broadway, New York
$3!?,000 to
'
"S
branch, offices
JAPANESE
an
;
1
our
exc Client
makes its .own
through sc wholly
ter, housing, starts for the 4 first owned subsidiary, and.sells 80%
seven months were Up by 840,000' of production to
other manufac-r
apartment
-
.
t>1r«(Cr wires to*
strong appeal's to- me* as having
short-*
and long-terr®
growth possibilities; while paying
•
^
.
NY 1-1557
which; to buck the profit squeeze,
the coatings - in- - partment
vorable well into the third quar?
40;
Esschange
19 Rector St., New.York 6r N.,Y«.
a strong: cash? position for .growth"
arid diversification, and* sound, ex¬
perienced manage in e n ^ Arm¬
^
•
tainment.
improvement for the period.
or\no
WEINBERG,
on
Stock' "■Exchange
Lsk- BirminghanvAla.
Mobile^Ala^
company with a tradition
growth, ' inventiveness,.
and
quality, integrated facilities with?
strong's, high degree
Charles A. Capek
Cost reduction program that has
made the company somewhat re¬
to the cost-price' squeeze
Bid*
YorH
Arwerican- Stock
New Orleans,
As.a
of
The -reason* is< Arm-,
of self-con¬
compete,
,
sistant
Security Dealers
.
1
mirrors
Y.
:
.
W. YEAlVtAN
$50,000 a year -The painf business
cents in the record year of 1961. is
seasonal,* and* by .storing -cans
President,, John'- W. Yeoman? Inc.,
to $1.04, which was an improve¬
heavy
overtime
loads
can
be
Martinsville, Virginiament' of 20 cents- in the second avoided * when* thes 1 * afemabtf * is*
quarter of 1962.
greatest early-in t$e year.
> Bassett>FnriiiiiiPe ludirstries > *
achieved
N.
'
HAnover 2-0700
levels- Armstrong
selling at about 10*
tiriies estimated/ earnings. Stock*h a s operated :
For example, it manuactures allin the D-J* Industrial Average are*
at' a profit every year. It has paid
its own. paint cans one galTon in
trading air an average* of 17.3 times
cash
dividends
on
its common
size and smaller.
In addition it: estimated
earnings compared with
shares every year in the past 35
sells about 90% of its* can' produc¬ a ratid of 23' at the" end:* of 1961
except 1932 and 1933.
tion to other domestic and foreign
with the industrial average' near
First half figures for 1962 show
paint manufacturers:. Sk
its high; The price range in the
an
increase in net earnings
of
Nearing ' completion is a new Over-the-Counter Marketof Arm¬
10% over the 1961 period, from
can warehouse that is* expected to
strong common has been I8*»rf..
$700,906 to $770,241.
save the
TWX- LY 77
Private wire to-Shields & Co.,
New York City
S.
-Members
.
excellent dividend- returrr, eur-®
rently- 4.4%."If ..the 10 cent extra
But few manufacturers in any
paid fast :DCcember is repeated;
industry are better equipped? to; the return would? be 5%.
company
The
Stradek and Company, Inc.
-
%iem&ers' ketti
show
the iri-
in
hustry in paintr sales. 7.
company some
LYNCHBURG,
«,
Steiner; Rouse & Co:
"
'
•••-••'.
.
f i g u re s
available
Per share earnings rose from 95
American Furniture
LD 30
Boughtf—Sfrid-r^QtoOted
-
Virginia Securities
R; F. & F.
.
*
.80
.55
-.43'
.
Bassett
W„Yeaman, President, John W.
Yeaman,- Inc., Martinsville,. Va.
(Page 2) ;
•
1 ;s y nj
-
shares'outstanding.
-
*
y ears
corporation.
During its
years
of
in¬
corporation,
~
♦Based on 737,835
tSix months.
years, in :busR
ne &s an.d 56
xne
Continuous Markets
17.8
17.2
.
; -
689
-677:
«
19.1-
-
1957—^—
the
avaliv¬
to
*976
j
19.0
1959i-^_
.1958^—.-
general public
May 3 of last
year after 107
Associate Member
I960
.
pany
able
CORPORATION
Nationwide Private
m
stock
Hanseatic
Stock
o
made
NEW YORK
American
'
Bassett FhttiffllH IridbsMCs-^Jbh®
$T;04 * company has over 2,100 share¬
1.32: r holders5 located in 39 states. *
$770"
V
$12.4
196r__L_l-_ " 21.2
*
based
-
I962t__„_
Works,
Varnish
&
i'his ehi-
Inc.
c
Los
Capek, VicePresident, Lee Higginson Corp.,
Chicago, HE (Page 2)
'
.
,
cago
60 Broad' St,,
with produc¬
customers
tion finishes.,
...
„.
;...
Sales in 1961 to these markets
A.
'
cair "Hanseatic."
Boston
Louisiana Securities
Inc.—— Charles
Chicago, Illinois
were' approximately: dealers 40%;
Armstrong Paint & Varnish Works, Inc. jobbers 30%t industrial customers*
13%; and export 8*%*.
"
; /
An over-the-counter security that
•*
Net
Net
Earnings
combines' both growth and income
Sales
Income
Ter
Year
(millions) (thousands)( Share'"
features of a high order is Arm¬
Government, Municipal
,
^rmstrmigFkint & Vafti'fsfi Works,
all sections of the country
favoring a> particular security.
dustrial
CHARLES A. CAPEK
trial^ Bank- and Insurance;
Thursday, September 13, 1962
Alabama &
Over-the-Counter,
If
.
this Weeftf#
In the investment and advisory field from
participate and give their reasons for
.
Forum Participants and
Their Selections
eacU week, a differe»tgroap of experts
A continuous forum in which,
.
Each
.
of
the
FROM
EXEMPT
FEDERAL. AND .STATE; OF
a
tAX
CALIFORNIA INCOME
..
the tank
Carioady with- stricter
quality control af less* cost, than* if
purchased;
Mr. Brokamp has said that com¬
The plant eve® has its own1 elec¬
petition from some 1,500 other tric ; light and power plant in
manufacturers will make above- which four 400 hp" diesef engines
normal
growth possible only provide enough capacity to meet
through new product development the' needs of the average commu¬
and> acquisition.
nity of 10,000.
:
!?
Eight laboratories are continu¬ I To facilitate quick service in
ally seeking, new*, uses for the areas remote .from. the. Chicago
will be paid again in 1962 on the
basis of current prospects.
refined oils were
'
Send Info., without obligatfon on
FREE Es+ero- kt.LD. Bonds
chairs and tables, and four make
TAX
goods .(anything in the form
0$ a case such as a chest of draw¬
'Name
case
••••••••#»•••••«••
ers or
sideboards) ." The" cage goods
plants are among the largest in
Address-
the world i
City
,
Bedroom taniturer accounts for '
4*»
•
«
•*••••••••••
St stir
n
•
• * • •> * •
*• *
.Zone
.
•...
.v#
» •
cPC-9i1
,
,
.
chemicals used in the manufacture
of paint, and varnish, and cur¬
factory, -the company
Warehouses located inv
rently an employe contest is seek¬
ing out other new product i>ossibilities,
Columbu^
total.
Sales are made throughout
the country-a£ various
furniture
markets by the company's selling
organiiatibn Mbsl? of the output
Ohio; "Minneapolis; Miring ' Spo+
is soin tov retEril1* fmmiture dealers;
kane, Wash., .and Kansas City.
Research and development- and with&. a smaller. amount going to
various mail order houses and" de¬
quality control are in the hands
Shipments
are
of a large' staff of techniciaTis partment. stores*
made to all points in the U. S. and
Working under erghif gr&duate
>
chemists and Chewiicaf engineers various ports around the world.
| Bassett,has been producing in- a
in eight'separate laboratories^most competitive field and dur¬
By doing scrmuch-for itselfj
..
As for acq uisition,
Mr. Brokamp
pointed to current working capital
of
$6 million, of which $2.8 mil¬
is'in cash or the equivalent,
adding that the company, is con^
tinually on the lookout for pur¬
chases that might provide addi¬ Armstrong has* beenr able;, over the ing the year of 1061 had to sell
their products at a very low mar¬
tional
sales
outlets,
product years, to. maintain enviable stand¬
gin of profit; Ih spite of this, they
diversification or both.
ards
of
quality at competitive
brought out several special suites
At
present, Armstrong paints
lion
•
,
prices and a fair profit.
in order to stimulate business and
products are sold by ; Its employe relartioris^ also havd
8,000 dealers and 150 job¬ been maihtainedUat sr high level-. ,to enable* them tov continue oper¬
Every $1 sends one
bers in the United States and by Some 519 of Armstrong's 700 em¬ ating their plants full time. At no
gift package thru the CARS some 800 dealers and distributors
time did> they findut necessary to»
ployes are stockholders, 127 of
Food Crusade; New* Yorlc T6> N.Yl in Europe, Asia, Africay and the them having bought shares when run short, time in any of their
plants,* and for the past-several
Latin American countries.- Arm¬ the* public
offering of 207,855
months they have been operating
strong; also serves^ some 500 in¬ shares was made. Currently the
at hear capacity. •
Remember* those in need:
the world.
across
and
^ CO.
GRANDE
v.
V-;
•
V
I
N
HOGfc
SEA s'YLt
c
.0
a
;.P-
O
P*'
a
T
BIUI3., 2nd arid
a,
v..b-';*•».••*•
-
CHERRY,^.-vj;
WASH;, MAin
2-AE30
.
.'.4
»
has1 -four
approximately 85% of output^ and
for about
10% "of the " industry
.J
Nv Q. B
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
allied
some
Net
(This is under
as
a
no
solicitation
circumstances
of
an
offer
to
to
berconstrued
buy*
any
as m
offcrto sell,
or
security* referred to hereinJ
sales
in
1961
amounted to
$56,446,819.76" compared' tcr $5-7,Continued
on
page
9
23-Year Performance
of
35 hnfttstrial Slacks
FOLiym ON REQUEST
National' Quotation Bureau
Incorporated-
46Front Street
NewYork 4, N. Y.
Volume
196
Number 6194
.
.
The Commercial and Financial Chronicle
.
(1103)
3
CONTENTS
How to
Thursday, September 13, 1962
In
lichtehsteih
B.S.
COMPANY
AND
By Frank Cist, Brewster, Mass*
'
t
.
Noting wide divergence in current discussion of the proper disposition
of
gains in
Articles and News
PAGE
Multilateral DevahiatwMi Would Help IL S. and
>
industrial efficiency, Mr-, gist notes sources of con¬
our
Rest of Free World
fusion, including tite commingling and fmmeastrrafeiifty of "social"
and
"predatory'" profits. As
normal
profit,
he
cites
where capital
cases
the
possession
of
expect ahove-
can
How tcr Allocate Gains in- Industrial
i,
due when greater
skills are called for by the labor-saving machinery;-'
and price-inflation is permanent.. Cites as the optimum for sound
production and growth,, the devotion of the benefits of
to the
^ ''
*
'
'
Current
''
V..
j
discussion
'•
shows
"
-
h
»
What
some
is
ciency.
Two
less
random
items
diver¬
The
'*
i*
,*
K'
■
1%
work
Bank of Inter¬
are
national
Set¬
and
tlements
feels
to
that "It would
5
-
7
.
Malcolm Bryan
"
,
E. F. MacDONALD
>
T
in
Tax; Policy's Role in Solving Our Economic
not
are
this
I
Problems
*
BUCKINGHAM CORP.
Douglas Dillon 10
as
much
The
MOSLER SAFE
___i________.._Koger W. Babson 11
>
COMPANY
Our International Position—Challenge and
stakes
Opportunity
high and: going ever higher
right understanding, leading
right decisions is of first-rate
[ •'',*/7
—
or
^___^_Harvey Williams 15
^
MARADEL
Chase National Bank Alerts Investors to Invest-
a
importance.,
Leaders i
\
dealing with
field.
I t
The Common Market and American Labor
human, porterage
by
We
trifles
NEW YORK
WHitehaU 4-6551
a
would cost 400. times
more.4
Cub Leigh
STREET,
Telephone:
4
C©rp-___.i—Ira U.
WALL
99
Uneasy Suspicion About Our Economic Hfe
:>'•
ton a mile for
cents.? • To do. the
carry
than
same,
some
this
•'
'
Obsolete Securities Dept.
v
the
railroads
gence.
r
saving of lafeer as
compared to, doing the same work
by band without equipment? Our
disagreement in, the matter of disposition of our constantly snowin industrial effi-
of
Occidental Petre-leum
labor
An
High
1
Production
7
consumer.
balling "gains
illustrate
saved
Set for Record
Chemicals
&j the biz
Frank Cist
,
Inorganic
■
-it's the nature
Efficiency
•v(.
■fvi
rocks
—Philiipp Lehman
competitively
superior
'Vv plant; new inventions protected by patent; and anti-social "gangingup" monopoly. As to labor's claims, the author maintains share is
.
we pull
»
ment Opportunities In the
7
-
;
PRODUCTS
Philippines.16
.'v
be desirable
The Sources of Confusion
that labor and
management
allow
some
part of
confusion
in¬
our
y
price
re
in
Frank
Cist
have
due-
in
ity, Robert R.* Doekson, Dean- of
such
of
versity
tells
-
Southern
Urri-
that
exceed
per
worker."2
on
in
of
Califorrxia,"monetized
vaguely
the
' iS-A
''
i
ASSOCIATES
will
As
in
lower
i
measures
de-
that
we
We
;
Discussion
a
Indications
Market
■tt,'
"
)'1K, ; ' r
;sbmpjy (jj,
Bot
-<sociaj
are
Profi.t»
.at',
News
3
Stake
Continued
.
how much iis at stake?
„rr:
Gains
in
efficiency are chiefly
fro$rr higher output per mans-hour
First,
of
•
Profits,"
Such
all the Way from, zeroi^
of
a
US
cheaply .by hand
mat, which
grass
„v7nnl,r
u,r
to fantastic
—r~~~
can
ltr
case
-
be- made
our
more
.
.
tried
t*
^
and
getting
Yet
the
two
a
reply
difference
by
ru-nneir?
between
the
r
costs
represents
social
our
page
per
u. s.
i9«i,
■
to
10
not
CUl
our
our
whpat
wneai.
each
day>
1 As
quoted by Guthrie Baker in The
New York Herald Tribune of June 5, 1952.
<
2 The
Way to Keep America Growing,
and
World
Report, U. S.
and
Publishing Co., Washington,
ix C., March 5, 1962.
S.
News
News
f ' rf..
V
.
have
J—
_
Security
24
&
the
trips
return
•
HA* 2-9900
2
Direct Wires to
13
Cltioago
6
I__
The COMMERCIAL
p-22s.
Library,
The
without breast
are
CLAUDE
"eq-urpmenrt"
and
day
as
would
be
St. Louis
f
-
Reg.
B.
DANA
CHROfflCLE
U.
S.
Patent Office
5
.
Every
their mileage
-
DANA
SEIBERT, Treasurer
GEORGE
-
J.
MORRISSEY,
Thursday, September 13, 1962
*•
'
Edtter
L F. MacDonald
"
Office:
(genera!
news
anid advertising Issue) and every
statistical
Issue — market
quotation
reaordsy
clearings, .state and city news-, etcr,). Other
(.complete
corporation
fair day's work, then they
earnings ICt cents a. mHe or
ton-mile at which rate the
news,
bank
135 South La> Salla
Copyright
ton
per
WILLIAM
.
Thursday
Monday
a
cost
REctor 2-9570 to 9576
•
ruled
w.
St., Chicago 3, 111.
1962 by WilFiam
United
class, postage
at New
paid
Y.
N.
(104 issues per year)
,
States, U. S. Possessions and members of Pan American
year;
In Dominion of Canada $68.00 per year;
THURSDAY
other
York,
RATES
jeS.OO- per
United States,
Union
Company
All- rights reserved. Reproduction In whole-or in park
without written
permission is strictly prohibited:.
.
_
(Phone STate 2-0613).
B_ Dana
MONDAY AND THURSDAY EDITIONS
In
III
$2<k00
per
countries
EDITION
U.
year;
$23.50
and
Postage
•
Quotation
extra).,
•
per
year.
per
*
-
.
,
year)
W« V. FRANKEL & CO
f • -r
-
PUBLICATIONS
Record—Monthly,
-
**
,
ONLY (52 issues
Possessions and members of Pan American
in Dominion of Canada $21.50 per year;
S.
OTHER
Note—On
TELETYPE 212-571-0785
account,
remittances
/
Newark
Washington
COMPANY, PUBLISHER
SEIBERT,. President
-
mile would still be
50 times, that at our U. S. railroads.
Oriental
over
FINANCIAL
.
$45.00
per
,
year
made
M
Glens Falls
Chicago
Schenectady
Worcester
t.
3
'<
1
T
to
of
the
fluctuations
in
the
?
!
-
<-
*
rate
of
advertisements
subscriptions and
funds/*,
-
»•
*-
YORK 0
(Foreign
.
fbr foreign
New York
INCORPORATED
»
33 BROADWAY, NEW
-
.
Nashville
Los Angelas
San Francisco
40
'
a
-cents
D.
,
•
Wltb these load.s- jf Ye assume 12 miles
80
and
.
25 Park Place, New York 7, N. Y.
che^Vier'
Mountains.
straps which, on my
Pfcr doe3j Time give
out
WILLIAM
Bank
Boston
Cleveland
.
,Prie"tal
Iabo/,Js' of
Natirre
Life
icacj-s
Published Twice Weekly
ST., NEW YORK 4, N. Y,-
Albany
N. Y.
Teletype 212-571-0610
19
;__
«i_;
(The>
inc.
40 Exchange Place,
empty
My wages are those
Founded 1868
TELEPHONE HAnover 2-4306
MACKIE,
35
__
Washington and You__
Members New York Stack Exchange
BROAD
Singer, Bean
17
~
Philadelphia
Spencer Trask & Co.
25
-
Offerings^;.
other countries $72.00 per year
-
__ _
Tax-Exempt Bond Market___________._____:.
PREFERRED STOCKS
..
i
in Registrationc7 _L_
State of Trade and Industry
....
*~
_
-
-
.^Security Salesman's Cornen._i_.__!
Union
.
15
7
i_l
SUBSCRIPTION
specialized in
Electronic Int'l Cap. Ltd.
4
_to_
Securities^ Ji.
Second
For many years we
Electronic Capital
m
V'l
for farm labor wrtnout board or- lodgnrg,
wj1(jchu>
m,
19eo-,
w«re
$e.40
per
day.
Statistical Abstract,
supra,
Table 30-1,
a
U.
Bankers
SSTSHmS'.ISH
and
course.
assumption
'
Coburn Credit
20
"Security I Like Best (The)
Ab-
ino1
marhinp
—
16
Utility
Prospective
tan-mile
statistical
lesid1# an9d receive $1.20 & day. Bua these
Parte*s probably could not carry these
To, modern communication
equipment.. We employ a harvest-
7
miie eanch» every 8-hour day^ one each
gSSTrf!"ff
_
_7__
Securities Now
14
debt
macnine
Control Data
12
...
;
Abnut Banks* and
>Public
Such
xjme> inc>j n. y., 1962, p. 281 say$ thatSherpi and Balti porters carry-250 lb.
Ing
22
(The)_____i.__-_^.
J"'
comparison,
the work 'and mini-
exaggerate
handed, of
stop to
it,;„Ti
compare this small cost with the
cost of sending the same message
anyone
^^
and You
Our Reporter on Governments-I
11,126 tttei
human, porters and thns
avoid overstating the services attributable
our railrcad
equipment..Thwa. 1 assume
that my human- pcrter makes 32. trips of
little
Does
revenue
cents,
of theUnitedr states,
a
$2.
of Current Business Aetivity_
.
Observations
Gove«m^t PH^higr_^f«e, AVas^mgtan, 1" I;'
highly mechanized industries. We
can telephone from New York, to
San Francisco, for instance,, for as
as
r.4'
was
%C,raking ^
run
by machine,
as
.
'
railroad
ig^o
struct
•
K-,r
«c
amounts
gains
in the
jn
on
...
Grass
j
•-
.
and will here be called
labor
"Social
DLgby 4-497B
t
profits I will call'"Predatory
...
•
Broadway, New York 5
9
—
Mutual Funds
They'
aff;
their, profIts.
new
.
-
•
»
NSTA Notes
therefore,
..
r+
3^
'
■
proflts
have their originin
seek, to have these gams,
^
At
1
8
rFrom Washington Ahead of the News-_________— 16
Blith¬
consequence
-u.
J.F.ReilIy&Co.,Inc.
21
Recommendations^
hind- of factual
to mind.
go.
Investment
Gilt-Edged Boom""
the benefi-
are
Are these • arjse Atom. the
making of someto he
(tMng Mer ,tha.n ^ made ;be_
taken.seriously, If so. then why.fore. This new
product, although
the confusion,
the .issue.
And,; ^ cheaper, » enough more attraeiinaUywhat sliouldouL'national jjv1? or mo.re
to displace its
policy be about allthis? To.whom
(M/W obsatete> COIHpetitars - and
we
18
—
Einzig: "U. K. Treasury Is Trying tcr Dampen
realize
money
ther wage increases. Several qpes-
should
—
______:.
Dealer-Broker
these nonhave been
iur-,and
spring
Stocks
Coming Events iir the Investment FfeIdU_____—_ 4»
Commentary
•
vacuum.
give them all to labor and.then,
and only then, crack down on
of enough
1
(Editorial)
a
gains in output' craries of a Long legacy^Sot£ effiThe first authority ciency gains but have no clear idea
gains
1
It
See
Bank and Insurance
the
tions
We
we
Hence,, in
to- view."
seems
sumers, whereas the second would
apparently be more than happy to
SANDERS
Regular Features
money,
to favor giving- a mod- v of their extent
est share of these benefits to- eon- ;erto has been in
thus
I
common
profits
largely lost
increases
wage
past..
habitually'
things
nominator
that "we need to declare
us
moratorium
a
at the
School
consumers
the
world which
Business
this, matter?
to
gone
prices
tioris."1 " Another eminent author-
the
''J'/
"
origins 7of
ebq, long-term records' of the
savhuigsf in man-hours, of labor that
ductivity to be
reflected
in
the
are
offer three explanations. First
x
in pro¬
crease
What,idheiii,
,
exchange,
must br
-,
.
WHitehall 3-6633
Teletype 212-571-0500
212^-571-0501
t
The Commercial and Financial Chronicle
4
BY
Step-Up
"Interlocking"
WILFRED MAY
A.
clients."
by advisers to other
OBSERVATIONS...
heightens, again, the sig¬
nificance, as to both scope and
number, of the interlocking units.
dustry
NEED FOR
THE
In
THE FUND STUDY
the investment ad¬
cases
some
nies
by
with
rare
Irrespective of the merits or de¬
merits
of
the
"hot"
Wharton
School Study of Mutual Funds,
and its impact on the SEC and
the Congress, it should be clear
that
some
major
authoritative
spite denials, this is beneficial to
the industry itself as well as to
investing public. Apart from
question of abuse, this con¬
clusion ensues from the enormous
the
the
growth in the size and importance
of the industry.
Industry's Gargantuan
Growth
the In¬
vestment Companies Act on which
some
industry protagonists
and
Since 1940 (the year of
rely)
from a
other commentators want to
the industry's
assets grew
paltry $408 million to $23 billion
before last Spring's stock market
purchase, it forestalls the
redemption of the shares
later
"load" (buying
commission) prompted by disillu¬
sionment
over
its fictional at¬
at
of
sacrifice
a
sole function,
one
"fringe" activity.
"By means of stra¬
position, interlocking per¬
sonnel, and control of the proxy
machinery of open-end compa¬
nies, the managements of these
closely held advisers are assured
renewal of advisory contracts and
of active control over the widely
ton
Report:
tegic
held
investment
open-end
of the
The
industry's
also
underlines
tion
gigantic
the con¬
specific points
conflict-of-interest
suggested
shares of these units, in
number
sale
the
that
stating
expanding the volume
of assets managed, with such in¬
creases
automatically producing
the
increases in the dollar amounts of
"the
management fees, and more bro¬
kerage
fees
to
distribute,
the
Wharton-ites
raise
the
question
posite
r
sharply questioned
relationships of the mutual funds
defense of the
advisers and other af¬
with their
filiated promoters
is the existing
whether
there
may
of interest between
a
be
holders and its investment adviser
proved annually by the Board of
so
regarding
in
the
effort to
the
to
owners
separation
of
of
a
ownership
from control.
basic
quo
inconsistency arises in
defenders'
the
fund
the
proxy
ment group
reliance
pointing
system,
on
out
any
quid pro
And the
is
there
of
value
to
the
ar¬
return
a
that all the needed information is
rangement whereunder brokerage
thus
provided. For this assumes
the
ability to understand
that
technical material by the investors
is used for rewarding dealers
in the funds whose reason-for-be-
ing is their suitability for taking
care
less
of the
unsophisticated help¬
neophyte.
The
of
the
cline
against/
of
attaining
a
yf ..ZG.}/o.
a
concurrent de¬
Sixteen of
companies are
name
the
now
biggerpublicly
traded.
the
:;
other
Wharton Study
analysis, is
the
expanded
1962, and
overall
production
headed for increased output in
are
is bound
to
achieve
record
a
high.
The inorganic chemical
toward
headed
cals
new
in
Defense Services Administra¬
Having hundreds of
tion,
IJ^tSvr Department of Com¬
merce,
reported this month.
the
Federal
Reserve
production index
as
a
Using
Board's
inorganics', index
said
rose
that
from
1961, and the
first four months
this
year
was
6.8%
ahead
of
the
same
period
in
1961.
Of
the 58 inorganic chemicals listed,
the
in
have
the fund
one
This
only
reported
production
Construction
gains
short
exercising
the
matter
the
own
a
say
fund.
in
Also
practice of
his
is
important mot
individual share¬
the
stake.
Again intensified
growth in the
number of fund shareholders, the
fund's own voting policies poten¬
the
by
enormous
tially affect
substantial segment
shareholding com¬
munity—three million holders out
of
a
total
the
of
the nation's
or
total
15 million
of
new
Corporate Vacuum Created
The
the
Wharton
existence
of
Study
such
a
confirms
construction
in
tons
this
economy, the product is
showing general gains in con¬
sumption. Producers of elemental
sulfur are facing strong competi¬
tion for domestic and
kets.
•
.
.
-
foreign
Chlorine and Alkalis:
3-5%
1961
over
Output of
is in prospect for
chlorine with growth reflected
pesticides,
that
expenditures in
for general inorganic chemi¬
more than
$528
with
an additional
$179
inorganic fertilizers.
million for
Defense activities, includ¬
ing atomic energy and the space
program, figured importantly
in
the 1961 production of various in¬
In this list, were nitro¬
hydrogen, helium,
argon, hydrazine, fluorine, hydro¬
fluoric
acid, nitrogen tetroxide,
concentrated nitric acid, and am¬
monium perchlorate, among oth-
organics.
*
•
Temporary declines in
j;■;.
fund
dustry, has had
rate
averaging
an
ly,
else confine it to upholding
existing management.
Such
policy
is,
quite
shockingly,
founded on the supposedly out¬
dated
brush-off,
"if
you
don't
annual growth
than 11%
over
the past decade; the
1961
growth was 8%. A new record is
in prospect this year.
Phosphorus and Compounds: El¬
emental
increased
1961, and
phosphorous production
5% to 430,000 tons in
similar gain is in sight
a
1962.
for
Industrial
Gases:
The
YAMAICHI SECURITIES CO., LTD.
sell your stock"—in lieu of
functioning
as
long-term
coowners of a property.
Pro-Management
TOKYO, JAPAN
The
all
111
BROADWAY, NEW YORK 6
Posture
finds that virtually
open-end funds vote at the
space
programs
The demand for fertilizers spur¬
red output
its
of anhydrous ammonia
derivatives,
phosphoric
are
acid, ammonium
potash.
phosphates
and
Summarizing, the Division said:
Among
the
other
inorganics,
hydrofluoric acid is on the upturn
again this year after falling back
slightly in 1961 with steel, aero¬
sols, plastics, and aluminum in¬
creasing their consumption.
For
Banks, Brokers and Dealers
'
-■
.
..(.
Foreign Securities
1 Published
by Laird, Bissell & Meeds,
members N.Y. S. E.; cited by this writer,
not
Quoted
Sold
Bought
Vandea Rroeck, Lieber & Co.
MEMBERS
New York Stock Exchange
125
MAIDEN
American Stock Exchange
LANE,'
NEW
YORK
38
study
COrtlandt 7-5900
by the Fund Study.
missile
furnish¬
ing much of the impetus for high
growth
rates in
the elemental
gases—hydrogen,
nitrogen
and
and
oxygen.
•
or
like it,
An¬
more
vacuum.
in cases of intra-corporate
controversy, when they generally
either abstain from vbting entire¬
some
hydrous ammonia, basis of the
synthetic nitrogenous fertilizer in¬
oxygen,
gen,
ers.
1960.
the
Affiliate of
in
chlorinated
particularly from the
managers' desistence from
concern
Serving Institutional Investors and Brokers
mar¬
-
This results
'
year.
through¬
uses
Ammonia and Derivatives:
amounted to
million,
and
so.
A
YAMAICHI SECURITIES COMPANY
a new
approximating
the
out
Spending
The Division reported also
above
discussed
portfolio.1
from
holder's
Bankers
record
million
year.
managementin shouldering ob¬
ligations regarding the conducting
of the affairs of the companies in
Japanese Securities
18.9
activities, portfolio churning, etc.
the affairs of his
hand, and on the other
hand, advisory fees and costs of
operation of the funds and of the
ac¬
markets, labor troubles and storm
disrupted
operations,
accounted
for the drop.
36
DIS-FRANCHISEMENT
reasonable:
inorganics, is headed for
production
115 in 1960 to 118 in
output
SHAREHOLDER
comment
Acid, traditionally
counting for the heaviest tonnage
1962, with many chemi¬
gaining over 1961, the Chemi¬
Division, Business
cal and Rubber
the
Su Iphuric
industry is
production
in
levels
materially
furthers
the
companies' over-all
potential abuses—in promotional
drive,
management
who
of NEW YORK, INC.
via
system,
a
22, for the
most part, were off only slightly.
The
Division
expects
increases
virtually all along the line this
good
their shares,
intensifying
the
profit
for
market
through
the
Brokers and Investment
Irrespective of the merits of this
procedure, exploration of its ever
growing impact on the corporate
1961, while the other
The motive of providing a
trading
are raised by the Study
relationship or lack of
relationship between the growth,
size, and performance of funds, on
the real nature of the instrument¬
manage-
value."
Virtually 58 inorganic chemicals
significant is
to
from
Record High Production
would
as
obtain
to
Inorganic Chemicals Set fori
1961
quite
effort
and
cals
seem
for
hydrocar¬
bons, plastics, and water purifica¬
tion.
The
1961
production was
slightly under the record level of
We
a
in
-
ment information of investment
-
without
.
given
surely called for in this area also.
shareholder's
connection
.
.
'
corporation's management proxy
committee is that it helps
to
gain the good-will of the man¬
agement firm's analysts in their
impor¬
confidence
reason
prompt return of proxies to the
have been made.
by SEC Chairman Cary un-dogmatically
worded
as
follows,
this
access
management no investment will
obstacles in the way of the fund
In
companies
reasonable
and
only 18% in the market
average.
sell the fund's shares.
lay fund
investor is additionally conducive
to material benefits. In clarifying
ality whose purchase he is con¬
sidering—before
the
time
of
and
—
possible reform) has,
carried the
over
by 50%
"Questions
education
ment of
"Another
/
1.
Reasoning
managements
managementjcomp^ny issues down yardstick, the Division
Study raises the question whether
fund's stockholders under the
by
of September 7 last,
as
also
without
Index
worry
be made
for the shareholder.
measured
as
Their subsequeni post-boom de¬
(no ^douhfejeavened with
the shareholder."
Study
market"
flation
ficial to the adviser, it may not be
to
execu-
of
assurance
tion, is another motive advanced
for 'playing ball' with manage¬
ment.
;
VU'-V
;;
engaged in in¬
vesting and not in the manage¬
to ^November,
1960
price-earnings, ratio
selling
The
friendly
the
both their
Standard & Poor's 500 Stock Com¬
shares.
They observe
that "while such growth is bene¬
ma¬
of
company
affiliated
by 127%, far out-distancing
29%
concurrent increase in
rose
cites the dis¬
jority of the shares of the fund). position of brokerage business as
Thus, to function significantly in a source of possible conflict of
interest between controlling man¬
this important area, investor edu¬
cation is needed, particularly in| agement groups and fund share¬
the context of our corporate sys-;; holders—benefiting
the manage¬
Directors
tives for the
its
fund
1961, Ohlman's Mutual Fund Man¬
Company Stock Index1
fund's share¬
requirement that the implement¬
ing arrangements be submitted to
the stockholders for their approval
every two years (beyond which a
contract may be extended if ap¬
with
agement
conflict
a
importance
or
■
by representatives of
12-mdnth interval from
of November,
of
means
v:/:
to essential investment informa¬
market performance.
and
Over the
be the investor edu¬
deriveable
from
such
a
taxpayers'
money" in
the
amount of $95,000).
The major
"The
relations
policy.
ac¬
Along With the proliferation of
the management companies came
the
boom
in
the- publicly
held
of the several
After
reduced
'
Company Boom
Management
fund
is
liquidated.'
at¬
meetings
Fund Managers'
The
lost, the invest¬
are
or
The
a
or
with the investment adviser.
fund shares has been the principal
the
do
seven
usual
you
substantial brokerage business was
transacted by an agency
useful
major study, (even when it "uses
but
'if
'when
management has
involved
ment
adviser, it is usual for
the proxies to be turned over to
the management committee prior
to the meeting.
shares
was
done
one
of
these
indirect
agencies; in 31 cases substantial
retailing was carried out by an
affiliated person; and in 10 cases
panies."
Welcome Education
can
tended
fund
ing
of
through
by the Study.
more
fre¬
these
in
been shaken
fund
groups
participate
their
was
where
Even
fund
All
via
above
confidence in
remaining 127 funds stated
this
that
that they
cited
don't like it sell' theory),
•
commit¬
proxy
automatically.
so
"As
compa¬
One-fourth of 168 questioned
companies reported
that in 50 instances the underwrit¬
com¬
of
the
control
and
quently
event the SEC and
any
000 to three million.
all
of
their
of
of proxies which,
exceptions are given to
tantly
- include
the
following
the tivities
indirectly,
"parent s"
among the principal reasons for
Congress
should make decisive
through parents, subsidiaries, or their
vigorous
pro-management
judgment, either affirmative or
otherwise affiliated entities. Spe¬
voting policy.
negative, on basic conclusions as
cifically, the Wharton-ites reveal
the following stated in the Whar¬
"The fund is
In
structive need for at least explora¬
Rendered
participa¬
distribution
the
visers
CHARGES
collapse, and to $19 V2 billion cur¬
A
in
direct
to
shares and in brokerage, paid ad¬
CONFLICT-OF-INTEREST
rently, with a rise in the number
of fund 'shareholders from 200,-
tern's
addition
In
tion
growth
cation
for some it is merely
of a number of activities; and
some
others it is merely a
for
'
tributes.
study of the investment company
industry has been in order.
De¬
thereby
Thursday, September 13, 1962
.
.
means
management's
tee.
vising of the funds is the advisers'
actual
elections
annual
the
growth of the in¬
over-all
The
charged
including -fees
advisers,
The
.
(11G4)
Tel.: HA 5-7300
Private Wire
?
Teletype NY 1-4686
System
to
Canada
.
Volume
196
Number
6194
.
.
Financial Chronicle
The Commercial and
.
mindful
the
Occidental Petroleum Corp.
income per
*■
with
{
traditionally re¬
spected industries are increasingly
re-attracting investors. Even the
oils, which have been inhibited by
such things as greedy sheikdoms,
world-wide over production, pro¬
ration, retail gas price wars, and
the mousy fuel demands of a few
million "compacts"—even despite
these debits, the oils have found
many
buyers.
Issues
such
as
Texaco, Socony Mobil, Texas Gulf
Producing and, in Canada, Cal¬
gary and Edmonton have been in
good demand among prudent in¬
vestors, partial to petroleum. Oil
prospects, while not, perhaps, uni¬
versally exciting, are certainly in¬
teresting and possibly profit
building in several corporate in¬
stances. Among these, Occidental
the
us,
The company also has par¬
tial or entire interests ,in leases on
acres.
Petroleum
would
1962-3 year
California.-
in
(Four producing
already been drilled
have
wells
here.) i
,■
has
only been
petroleum,
but it has been selling it on favor¬
able terms.
On March 28, 1962,
the
company entered
contract
with
Pacific
till
January
l/18th
Occidental Petroleum has
a
admit
Franklin
Randolph to partnership."
Loeb,
Education
•
120
Vice-President
a
of
New York
Exchange.
Thomas
Chapters
Howatt,
proven
estimated
at well
C.F.
This
M.
Co.
Schuh-
—
Uptown
Chairmen:
&
&
«
Manager
alone, is
Gordon
V.
Price,
Sam
Minsky, Hardy
Co.; Joseph A. Maceda, Moore
Schley.
depending on BTU content)
substantially increase total
flow.
enue
v_'
.
.
The
Association
nounced
a
"Dutch
and
at
meeting for
Whyte's.
a
the
may
rev¬
■
and
retains
OXY
50%-
interest
land
the
and
Most
minimum .of
a
for providing - the
drilling proficiency.
frequently too, its wholly
subsidiary, Gene Reid
owned
Drilling, Inc. will do the drilling.
In this way, OXY stands in a posi¬
tion to
glean
"duster."
profit,
a
a
about
13%.
even from a
Drilling de¬
profit margin of
Reid
Gene
livers
current
.
v;V:y.'
Upsurge in Earnings
...
,
•
>•
at
Occidental
have
increasing
dramatic¬
ally.
Gross
operating revenues,
which were $3 million in 1960, ad¬
vanced to $5,275,000 for 1961.
For
the first six months of 1962, alone,
these revenues totalled $5,883,000.
Net per share income for this per¬
been
iod
$.71, against $.23
was
for the full year
in
4.616,797
corporate
here, is the basic company
generating
petroleum
those states having no
production controls; and OXY has
concentrated its major
gas
sur¬
facing and selling in the State of
success,
policy
of
flows
per
\
'
J
Providing Service to
share
For the
in 1961.
Institutions and Dealers
entire year, 1962, per share net has
estimated
at
$1.35 on
the
conversion
of
6Vj>%
been
shares
common
outstanding
element
.fi-moV''.
Earnings
been
No Limits to Production
Another
Zli'iu
•;
-
to
Interested in
be
October 9th, after
on
of
about
$3V2
million
Canadian Securities
which have
debentures,
called.
in
Of
interest
in
any
considera¬
W. C. Pitfield & Co., Inc. was established in New
tion
of Occidental earnings is the
substantial tax shelter.
Payment
York in 1937, and this year we commemorate our
25th year of
California—where
population in¬ of Federal Income Taxes should
steadily creating one of not be required for some time, due
most- dynamic
regional de¬ to a $4 million tax loss carry for¬
is
crease
the
mands for natural gas
in America.
Not only has Occidental's geo¬
graphical ♦ approach
to • business
success
been logical, but the com¬
pany has an outstanding
for striking "pay dirt."; In
ifornia
tension
its Cal¬
Arbuckle Ex¬
fields,
gas
discovered
was
record
in
1959:
ture.
A proposed $4.6
S.E.C.
Butte
in
wood
and
1961Freeport, Brent¬
Oakley in 1962.
The
drilling : program
has
increased
progressively with 55 wells drilled
in 1961, against only 6 in 1958.
issue,
in
of
this
with
the
year
has
been withdrawn as unnecessary,
due to the rapid increase in corpo¬
rate cash flow, and the substantial
income
in
prospect
New
immediate
tion of production in any of these
few months.
states.)
has been stimulated by the demon¬
strated
competence
of
manage¬
joint
with
one
ventures
Shell
Oil
in¬
and
,wood
nia.
Field
Here,
in
Northern
Occidental
third interest in
and.
in
terest
a
addition,
in
about
4,800
an
Calitbr-
has
a
one
block;
undivided in¬
acre
3,000
adjoining
years
we
information
special interest.
U. S. investment in
:W8m
two nations.
our
maintain
a
research de¬
on
on
Canadian
securities
Canadian companies of
ment,
ment
great
of
new
intrastate
Interest in the issue
i
oil
burgeoning
California
serve
the
market,
freedom from production
controls,
and a quite remarkable ascent in
gross
For
revenues
more
and
net
venturesome
earnings.
investors,
a
detailed study
furnish
copies
to
interested
institutions
and
dealers upon request.
'
W.C. Pitfield & Co., inc.
30 Broad
Street, New Y®rh4, N. Y.
TWX; 212-571-0510
HA 2-9251
An
in develop¬
fields, favorable
to
have prepared
"
W. C.
success
location
we
of DuPont of Canada and would be pleased to
Most extensive
Interesting
facilities,
and detailed studies
•
from the La¬
operations are in cash or stock is expected this year,
California, where the
company
and would seem entirely justified
its largest lease
holdings— by the present level of earnings
106,000 acres.
Other drilling ac¬ and expanding cash flow.
tivity is now being carried on in
Occidental Petroleum common,
Colorado,
Nebraska
and
New
Mexico and, beginning this year, listed on The American Stock Ex¬
in-promising regions of Montana change, has attracted a consider¬
,and Alaska. 4There, is no limita¬ able market following in the past
clude
past 25
throp Field contract.
has
Brazos Oil and Gas in the Brfent-
Company
partment to provide institutions and dealers with
OXY currently pays no divi¬
dend, but a declaration either in
Extensive Lease Holdings
&
York, besides extensive trading and
investment
Presently
*
Pitfield
reflection of the close ties of
In
million deb¬
registered
March
the U. S. affiliate of the.
C.
Our services have grown commensurately.
$250,000 in annual interest
simplifies the capital struc¬
and
Lathrop, Mulligan
West
a
the company
saves
about
enture
and
Over the
Moreover, eliminating
the bond issue
as
W.
of
Canada has grown and it now totals $17.2 billion,
with current cash assets of around
$5 million.
service
firm
Limited.
ward, and the annual charges for
depletion and drilling expenses.
Financial
position
is
excellent,
West Grimes in 1960; Butte Creek,
Hill
Canadian
17
affiliate of
Pitfield & Company Limited
offices across Canada and a direct private
wire system
covering all Canadian Markets
Albert
P.
Norr, Ralph E. Samuel & Co.
Moreover Occidental
prefers to do
its
drillings; in
joint
ventures
whereby others put up the money
—
Contest—Royal Whit¬
ing, Hornblower & Weeks; David
possible higher sales prices (now
26 Vz cents to 30 cents per MCF,
specializes in acquiring and devel¬
oping oil : and gas properties. It
finds
and
produces crudes
and
vapors, leaving the refining, trans¬
portation and retailing to others.
L.
Investment
twenty years. Only one third
of the 6,500 acres at Lathroo have,
so far, been developed, so that ex¬
pansion of proven reserves, plus
sin¬
Leonard
Gross, Bear, Stearns & Company.
next
gle-minded approach to the glean¬
ing profits from hydrocarbons. It
Saltz, L.
Co.
ex¬
over
—
Welfare and Pension
$100 million
over
to Occidental
revenue
Peter
H.
350 billion
over
—
Marshall, Jr., Harris, Upham &
Co-Chair-
reserves
contract,
B.
F. Rothschild & Co.
then
and
1965,
1,
of
—
Jr.,
Meek, Harris, Upham &'Co.
F. Frank,
Ladenburg, Thalmann & Co. Co-
Stock
,
National
Entertainment—Albert
&
of the
Dunne,
Laird & Co., Corp.
Co., Incorporated,
Broadway, New York City,
members
Membership — Frank
White, Weld & Co.
Co.,
&
Employment
Fagen, Jr. on Sept. 19
become
&
Randell, E. F.
Co.;
Charles
B.
Morgan, Bache & Co.
X/lPP t PpPQlfiPTlt'
» Aw l IvDlUClib
McDonnell
C.
Donald
—
Hutton
#
L.
John
—
Donald
men:
To Be McDonnell
Arthur
Rhoades
Bache &
mann,
,
according to
by Leo J. Larkin,
Jr.,
Harris, Upham & Co.
A.
'
S. Herbert,
Hayden, Stone & Co.
of the
Lathrop Field for the following 18
years.
Proven reserves here are
! ;
f
will
Irving J.- Silverherz,
Public Relations
gas
and
a
Gas •
delivery of
calling for
19
M.
Activating
,
Sept.
—
minimum of 50 million C.F. daily,
in
Specialist
into
t
Electric
pected to deliver
A
not
and surfacing
Wall
Street,
New York City, members of the
New
York
Stock
Exchange, on
will
Occidental
finding
' ',.
at this time.
development of a 14,000 acre
Brokers,
announcement
40
Hirsch
Insurance—Leon
committee chair¬
appointed for the
by the Association of
President.
Co.,
Smith,
Hay, Fales & Co.
have been
Parrish
&
Grievance
HpfmQ
-following
men
To Admit Partner
block in the West Butte field, also
merit
to
seem
8,400 acres of the Kettleman Hill
South Dome; and a joint interest
with Standard Oil of California in
the
.nTYITYIn ^TPP
Harold
5
& Co.
.yUIIlIIlILWSt/ llCctUo
Carl
likely this year.
of May 28th is a- quarter year
Ethics—J.
UblUIIltU. b JDI UHtJI b
Customers
"
Now that the market unpleasant-
attention
Piinf
only 23 cents for the entire year of 1961. Dividend in cash or
stock
behind
in
inherent
vividly
profitability
'
mess
risks
for
Parrish & Co.
-
illustrated in the fact that net
share in the first half of 1962 was Tt cents as contrasted
Occidental's
•
Upsurge in
usually successful in bringing in oil and gas production.
v
quest
The
bits of drilling information about a company un-
some
the
oil, OXY common
now
trading around 24,
might
prove gainful.
Range for 1962 is
between 12% and 26%.'
By Dr. Ira U. Cobleigh, Economist
Containing
of
(1105)
J
j
has
also
Treat"
an¬
dinner
September
20th
The Commercial and Financial Chronicle
6
.
Thursday, September 13, 1962
.
.
(1106)
price bid of 1989 was reoffered to yield from
Wednesday saw the sale of $19,f.50%
to '3.25%. Second bidder 009,500 New Orleans, Louisiana
runner-up bid of 190.57, also for was a Phelps, Fenn & Co., L. F.
Public Improvement bonds ,due
a 3.10% coupon, was made by The
Rothschild
& V Co.- and Bacon, 1964-1987 to a Halsey, Stuart &
Marine Trust Company of Western Whipple & Co. group which bid Co., Inc. account. Its bid figured
BY DONALD D. MACKEY
New York and associates., Other 100.5599 for 3.20s. The balance is as a net interest cost of 3,113%.
members of the winning group are reported to be $1,022,900.
Continued on page 37
W. E. Hut ion & Co. and Ira Haupt ~
^
& Co. The bonds were reoffered
The
state
and municipal bond investors. The Commercial & Fi¬
yield Index to yield from 11.55% in 1963/to .
market nas been in a sta<;e of sus¬ nancial ♦Chronicle's
3.20%
in 1991. As we go to press,
pension since ,late August. Al¬ averages at 3.03% on Sept. 12.
'balance < in '•* account
totals
Last
week's
average
yield was the
though its elements have been
about !$48O,9®0.
buoyant, the recent net elevation 3.042%, which would indicate that
has been measurable only in small the market's offered side for 20at
Hutzler
a
dollar
109.77999 for a 3.19%-coupon. The
Tax-Exempt Bond Market;
.
,
,
Larger Issues Scheduled For Sale /
rity
schedule
decimals. The large state and
bonds- rarely
of
issuers
flotations in late
year
J*.following tabulations we list the bond'issues of
high grade general obligation
wnicn
edged up slightly in the provement• i(l963-l'S32;) bunds on $1;O0O3BOO or more
/'•SV; :>•;?< SentemW
of the week.
v />v/ Tuesaay. The bonds were awarded /{
course
August or even
.
.During the
September which reduces
activity
in
itself.
This
season is always as barren an am*
defwriting period as is Christmas
week. The perennial result is that
more
bankers, investors and in¬
in early1
tractive
market
same
Treasury
•
week, the at¬
offering -was
to
a
group
headed by The First;
Corp. aha net interest cost .Brookhaven Central
bid of 2.81% fog: a 27/s%coupon.. Royalton, Hartland,
Boston
1
<
market,-should benefit through a
Chase Manhattan
moderate improvement in prices.
Co.
and
Bank, Drexel &
Smith, Barney & Co. The
1 993-1991
1,531,320
-
,
; 1,350,900
1,750,000,
1963-1991
2:00 p.m.
1964-2001 >
3:00 p.m.
September 17 (Monday)
,
buyers are
period of the year.,
SD #11;, N.. Y.
Lock-port etc.,
laboring under the pressures in¬
herent in the headlines and the The second bid,- a -2,M%; net dhrCental SD # 1, Alabama, N. Y.
terest
cost
'carrying a 3'% coupon,- University of /Alaska, Fairbanks,
national -investment
lethargy of
Alaska /
if
was
entered
toy -the<•: Chemical
early September. With the offer¬
Bank New Ynrk Trust Co,
j
:
vacationing or ing destined to-be a successful
Other members of the winning
one, the bond market generally,
are otherwise distracted in early
and
par'ticularly the tax-exempt syndicate - are Bankers Trust €o,-:
September than during any other
surance
specific sale dales nave been set.
(Thiirsrlnv*
^
^eptemixer. Xo (inursa^y?
2:00 p.m
for
bonds
rarrensville
Local
Village
tights
Ohio
P. D.,
4#
/ :
i
,
.
September, IS (Tuesday)
J-Y.
"if;
i
\
.
.
1:00 p.m.
1,600,000 .1964-1985
.
/ v
v
reoffered the
10.00 a.m.
1964-1984
1.360% in :1963. Bloomington^Miwi. —1,500,000
8;00 p.m.
This year the industry absen¬
Economy
'KJ-V to S'% an 1982 and all but' $3,- Cut
Cut Bank,
Bank, Mont
Mont
■/ 1,200,090
1,200,090
________
8:00 p.m.
teeism is presently greater than
1963-1971
In this vein, the recent state¬ 469,C00 -of the bonds have been -Davis County, County S:/D., Utahv 1,100,000
11:00
a.in.
usual.
The
Investment Bankers
;
ment by Per Jacobsson, Interna¬ sold.
:
Dover, Dela.
__
: 19,715,900 1964-1982 11:00 a.m.
Association quite wisely scheduled
Also
©n
Tuesday,; the best bid Hingham, Mass. ;L_i—1,030,0001963-1972
tional Monetary
Fund Director,
Noon
its first annual Municipal
Con¬
5,800,000 1963-1991
that a balance in IL S.. financial lor $2,600,090 ^Georgia Ports Au- Indiana University (Trustees o;f)__
7:30 p.m.
ference for Sept. 11-12 in Chicago,
accounts
with
the
rest •• of
the thority i^veiiose -(19S3YI982) bonds Lewi-ton Orchards Sewer D., Idaho;
1,100,000 1965-1992
11:00 a.m.
19S4-1987
with other activities covering the
carrie
from
a-group
-managed
by
Montgomery,
Ala.
—1—v—
1,170,800
world "is in sight" seems com¬
ll:00-a.m.
entire week. This important meet¬
;7;200,000 : 1964-1981
—
patible with some bond market The First Boston Coap. The group Omaha,. Neb.
;
ing,
which attracted municipal
5,000.000 . 1963-1987. Noon
bid
a
net
interest
oost.
of
3.185%;?
Stone
Mountain
Memorial
Asso,Oa.
,,
improvement. bond men from all over America,
1,325,000
,1964-2001 .10:00 a.m.
Moreover., rumors and reports 8 nd tt e runner-up bid of -a 3.190 % Univ. of Kentucky <Lexingf on) J_ _ .
seems likely to be the most con¬
1,727,000
that ipTadMslly- rising pricb:; and net interest cost came from the Weber Co., County S. D., Utah—
8:00 p.m.
structive development the munici¬
1,800,000
1965-1992
wage scales in most of the Westls s^xiQiCaie fbeaded toy irid&er, Pea- Ypsilanti Tp., Mich;gan_L
pal underwriting group has- ever
inQusta'ial
nations
-are
slowly
undertaken. There are high hopes
.Crf
wia-nins
placing the U. S. in a better com¬
2:00 p.m.
that the industry's problems may
group are Heydoi, Stoa<ie & Co., Englewood Water District, Fla.___
,1,250,000.. 1967-1992
2:00 p.m.
be
clarified
and
minim i zed petitive position, allays to- some
5,635,000
'1963-1992
extent the monetary
fears., that and Dcminidk & IDoMinick. The Isl'ip Union Free S. D. No. 1, N.'Y,
through more cooperative group
bonds
were
reohfereid
to
yield
Onaway
Area.
Community
'S.
D.,
•
have for a year or more prevailed.
8:00 p.m.
efforts.
1964-19.91
1,200,000
/
U;,;.
:,t.;
'A.t
from 1.70% in 1963 to 3.35% in
Michigan
—U
10:00 a.m.
1963-1982
While
the
annual volume
of
Recent Awards
\
1982.
As we go to press, about Orlando, Fla.
——:j.—7LU 5^350,000
successful syndicate
Industry Under Microscope
I
JTaocbsson'g Views
:
U.
S. 1
bends to yield rfnnm
'
'
■
■
„
.
;'...'. .'September 19 (Wednesday)
b0Oth«- S-r.^
expanded
The largest and most interesting $1,400,000 remains
September 20 (Thursday),
the methods of flotation of tax-exempt ibonds this
- ■. • Strong t«jnpetiiion
- .
Fairbanks, Alaska
3,000,000 1 1964-1884
dealing with the growth have not week involved -a secondary offer¬
been adequately flexible, in some
.Tuesday also saw the -award of Ledyard,CohTt.
:
"1,5.65,900 ; 1.963-1982
ing.
On
Wednesday
The' New
respects. The investment bankers York State
1,900,000 : 1963-1981
Employees' Retirement $3,850,000 Anne Arundel County, Southeast Folk Comm. S, D., Iowa •
are
now
facing these problems
System offered $15.,'.000,000 New
24 (Monday)
head on and with splendid leader¬
York
State
Thruway
Authority
ship. Results will not be imme¬
••
i(Dallas^.Tex0er:..-••
general revenue 3.10s due 7/1/94 Inc; and
diate but the diverse viewpoints
at competitive bidding. This-good on,a bid designating a net interest Farmingion Sch. Dist., Mich._;^ji::; 2,100,0001- 1964-1988
will be heard.
;
.grade" issue -had. been -quoted as
high as '95 V bid * late in August. ;
Tax-Exempt Market Not
v
business has drastically
over
the
account^
years,
3:00 pm.
,
11:30 a.m.
4:00 p.m.
8 "•
sales-- "announcement,
the
With
Neglected
•
8:00 pm.
".
drifted, lower
until
early this week when a '92 bid
1963-1992 particularly the stock mar¬
prevailed.
..-i-;».•>>,-t..Ls
kets-nave been impeded by the
A group of underwriters headed
1967-1992
propaganda over Cuba." This di¬
by Wertheim & Co. submitted a
verting onslaught of headlines has
1963-1988
Mackall &. Coe and H. V. Sattley Detroit School District,•:Mich.i.„_-_/; . 10,000,000
bid ©f .91.53 and was awarded the
distracted all types of investors1966-1982^:
2,500,000
Co.; Inc. The bonds due 1964- Eugene, Ore.
for the past two weeks and to1 bonds; Reoflering has been ••made 1991
1964-1988
were reoffered to yield from
Greensboro, :N. C
——:
6.790000
at 921/2. Members of the group in¬
some
extent accounts for the lag
1.80%
to .3.40%. 'The' 1992 -ma- '! v;': ; b '
:%•
Jv:!'
clude Allen & Co.,, Bache & Co.,'
in tax-exempt bond; activity.
:
;, :
turity :was not reoffered,:;September 26 (Wednesday)
(Wednesd
Barr Brothers & Co. -and -others.
•*''fehiO,i4sosnnH
ctihrmaHo/1"
'••. '! '"V .> -■ >
••••••:* '--i-",
However,
there - is
indication
The .second Kir-)
bid war
was
submitted/-Clearwater Fla: ^
1,100,000- 1964-1867
A roanner-up bid of >90:91 was sub¬
that the market for municipals is
mitted by tiie Lehman Brothersattracting1 more investor' attention.
Ms'denr
Harriman
Ripley
&
Co.,
Inc. nfliSi M
gi ?
v Merrimack College (No, Andover,,. •
.
V'v" :
tr.an is presently manifest. Dealer
group;
A
Smith,
Barney
&
Co.
inventories continue to be ^rela¬
iMass.-)
^1.,500.000' 1964-2001
Co. group. This bid, Whith yielded
.Nassail County, N-.• Y._u_—_
17,200,000
1963-1991
group bid 90.60.,.,
;
tively light, although they are,
1964-1986
perhaps, considerably heavier than / On Thursday a week a,go the
Puerto Rico -(San
1964-2001
the offerings shown in The -Blue award of $10,025,000 Racine, Wis¬
general
.
Securities
generally,
markets
quotations
and
11:09 a.m.
11:00 a.m.
1,1:00
am.
11:00 a.m.
11:00 am.
■
.-
2:00 pm.
-
-St-I
Mas/ /SV-ZZi;,- 1,986,000:,-1963,1981. .11:00 a;m.
slvimSBarik1tod
TruPi
.
11:00 a.m;
S™1
Noon
—
.
Lesrccst of 159Sf :a:net.'m^
List
and
12
The
Blue
List
total
state consin unified school district No.-1
of
municipal -offerings on Sept.
was
tinues to be
new
issues
con¬
surprisingly light for
this time of year. The schedule at
present
OoO.OOO
-
crease
the
totals
wit a
than
less
$300,-
formidable
no
visible.
immediately
underwriters
can
.
bonds
was
-maiket:offerings,
offerings,
made' to.
take
strong competition, barring
world conflagration.
:
,
in-
This
in
some
'
Co.
at
interest
net
a
cost
bid
was
ihustrated>
illustrated?:
that
•
Harris
The
Trust
&
Savings
net interest -cost
of 2 .'927%. The bonds were scaled
•to
yield
at
-a
from
1.60%
were
.awarded to
Connecticut
•
York
A-Saturday)
Dutchess
scld
——
3S/4%'
State
(State)_________
Bid
Maturity
1982
3%%
3.30%
•
1981-1982
3.15%
3.00%
3:05%
2.90%
3y4%
1981-1982
3.05%
2.90%
33/8%
1974-1975
2/80%
2.65%
-
2.90%
-
ber
1981-1982
3.95%
2.95%
New
31/2%
1981-1982
3.05%
2.90%'
32/4%
1981-1982
3.40%
8.25%
3y4%
1981
3.15%
3.00%
31/2%
1081
3.10%
2.95%
3y2%
1981
3.35%
3.20%
3y4%
1981
3.30%
3^
1980
3.42%
•Cincinnati, Ohio (U. T.)___
Philadelphia, Pa._
♦Chicago, 111
New York, N. Y
—___
--
September 12, 1962 Index =3.03%
>
-
Jackson
Pressprieh
&
Curtis
-v
,
TT.
-
.
.
^
inco
«aa nnn
on'onn'nnn
'
Louisiana Fiscal Authority
at™™
1,00-7
1963-1987 Noon
1,200,000
&.f,Fa ? Cbuch, Vtrgtma...—_—.—,
F
10:00 a.m.
9,000,000
r
October 19 (Wednesday)
if,
Web-'lex!n.®
E
October 9 (Tuesday)
"phoenix, Ariz.
20,000,000
'
'
-
.
'
Co., William E. Pollock"
%
ig ITii*»crlavI
& Co., Inc., J. S. Love Co. and •. v<-:V""
Interstate Securities Corp. ? ;
/Georgia Rural Roads Authority—'
2,600,000
Second bidder was the Deposit- 4/•
* :
^ '
v
'
;
Guaranty Bank and Trust. Co.'" of V,.--•• "October 17 (Wednesday)
October lb ,(Tuesday)
,of
?o4;^- Vero
;
.=
.
Last Bay Municipal Util. D., Calif.
Houston (Waterworks Rev. Bonds),
3.15%
3.35%
to the
-
.
Security Trust Company of
Rochester, New York on
of
3.06%.
or
an
This issue
a
'
-Texas
•
bid of"
to
,
^
interest cost, Maccn
due 1963
—
-
County
:.
v
^
;
'
^
,
-
,
Tuesday sale was thaU
$1,152,798
Irondequoit; New
York Public Improvement ;bonds
'Auncther
of
.
'
2,400,000 1964-1991 Noon
November U (Wednesday)
Beach, Fla
l>orn?d % SU5l!o:)i)balanCe 1S rC" '■
1
308^8 for 3.TCVs
•No apparent availability.
-
"
10:00 am.
1963-1977
Hutton &
1
Los Angeles,
Housing Auth. (N. Y., N. Y.)
Calif..
Baltimore, Md.__
—*
R, W.
Co., Blair & Co., Inc.,' Palme,
Asked
"3.20%
1981-1"^82
Gtd._i 3%
Pennsylvania (State)—
•Delaware
j--?v'.?••?L'v /;
about
REPRESENTATIVE SERIAL ISSUES
(State).
Highway Auth
New Jersey
New
:
,•
.
The
1982.
in
with
account .-are
(State)
10:00 am.
,
Phelps, Fenn',v'.V ;'
a
issue:, w.ent A-Ca
group. The successful bid-7":
'October .6
$1,360,900 5 re¬ figured as
.a; riet" interest cost of vUhiv. of Nevada (Bd. of Regents).
2,012,000
maining in the account at present, 3.4172%, These • bone's were «ub--;*?' "-f-" .•" %./.
3.10%
well
Rate
California
.
..
•
in 1963/to.
.
ON
.
.
.
by
Bank group
County,
New
York sequently reoffered to yield from
$1,906,000
Dutchess - Com¬ 1.35% to
1986 The_bohds
Moreover,
the
general
price munity College general obligation due i-n -1987 wete reoffered v;ith
level
prevailing for tax-exempt (1563-1991)
bonds to a group a % % -coupon to yield' 4.60%".
bonds is favorable to all serious headed by Salomon Brothers &
Other members of the winning
MARKET
-
State University..
. . 1,500,000
1965-2002, ;
ent the balance is reported- as ?2;;Lob Angeles-County. Flood Control
305|000f
i'>*•?.>'X-District, California—
10,000,00.0;
—
Tuesday" S2,300;000 Jackson,';//- /v
October 2 (Wednesdav) Mississippi,-' Airport j and ; Public5::>•
? »%' '
? :
uciooer
( weanesaay;
-:
Improvement bonds' due 1963-^1937 -Artesia Municipal SD #16, N. Mex. t 1,350,000?- 1963-1969 > 10:00 a.m.
©reitps
of
2^899%. The second bid w,as .made
;
Yields Attractive
10:00 a.m.
October 2 (Tuesday)
a-total. o£ 12....
bid nil this issne: At ires- Arizona
,/fact
the Mellon National Bank & Trust
only $334,583,798.
The calendar of
<1963-1982)
^V^-dty'of Side
11:00 a.m."
.Juan)._-j-_„_,; $0,000*000' 1964-1986
Unl^ ^ Tcxas '.Bd, «t Regents).. 1.000.000
^
,
.
♦
-
30,000,000
.
.
.
1.4,000,000
i
■
,
December 5 (Wednesday)
Special
Charter
School District No. 61, I1L__
3,655,000
//
—
\
„
,—
Number 6194
Volume 196
.
,
The Commercial and Financial Chronicle
.
(1107)
Finds Too .Easy Credit Has
Delayed Adjustments
w.
*•'
-
suggesting we *foo*M -^pause; a' wfcHe -and
In
;
«4ind out, as tbasl >'
■
.
:
wjhat 4s actually .happening in ihe economy before -we begin
-
predilectionito ovenmanage the economy. * Mr. -Bryan offers some e«K
commenting on criticism made of monetary ✓
mohey" poiicy,
allowing too much economic expansion to be financed out of bank-'
.created credit, and, delaying adjustments which ere easier the-more
promptly they are made. Not our money supply trot other elements Hi
our total national pcttcy are said to repuire an agonizing reappraisal,
policy, supplies data showj»g>we have had an veasy
;np^
eomjatttae, Afte* 3«i
inatlon of
conscience,
-
it-by monetary means.
•
.Now, let me go back to
this bias
availability, I believe a search for
what >is happening to our economy
must ttake
other directions; we
"
•
.
need
an
agonizing reappraisal of
fipme of
the other dlemenis "of our
total national .policy.
Meanwhile,
with so .many doctors disagreeing,
I "think we would be ismart
to
postpone "any exploratory opera¬
tions or massive medications. ;
10 %
a
Jt
seems
omy
increase.
is
fo
like
me
a
that'the
man
econ-
sligntly
<c^cized, Jeuspet^
;to be financed
x
has amounted to
Me
reserves.
In short,
recent
weeks
lie had been.
I
an bank
have had .think the physician in such-a case
wn.uld be -Wise .and prudent to
The
long-run 3% growth rate
-opt- of hank created
credit.;j'![
We
.
as
an easy nioney policy.
Secohdi speaking not to the long
keep-the patient under observa¬
4eriu hut 'to-ncnir- reaction toward merciab banks: of this - country
r
v
-
;
tion for -a ,time before be begins
^cyclical «ituatic rs.,- Ave have bad bave: ^responded 1 to . this easy
him
either with
tran¬
money policy by expanding,their dosing
nately, in yn-/ jiidgment, there is *^extraprdHiar$ly
or
stimulants.
Neither
loans.. and- investments $31^ bll^ quilizers
no substitute for it. . ..
,'„»<•'> ,1 • .-Wlienever - ^w.e^ eould; - detect a lion, seasonally a d j u s t
ed, or may be needed. -With the art of
economic diagnosis what it is, I
e
«oj^ieUo®
mm4tet
U6.8%, between April, 1960, and
It is flattering to have 'been asked
to Appear before the "Joint Eco-
by
that
ePropiptl^ ithey ,'^are made;; ff:
/to^-be
toomic .guide rides and, In
find
believe
economy has responded
have tried to stimulate
afilieted wrth hypochondria
who
tfche -Note that the -figure for total -re¬
:
criticism is properly taken.bad&£ serves, both on .a seasonally a.d- goes to his physician for a regular
;; point that Me/haye". allowed too 3 usted"
and1 unadjusted ; b"a;gis, check-up a^nd mentions that he
has-not. been feeling as peppy of
*Jbucjiof the economy's .expansion stands, comfortably .above, the
i
about our
dosing it/' Atlanta central banker confesses his concern
not.
we
that, considering *, the, constant in reserve requirements, from the
change * in ;a ' ieonsumer-guided low point in April, 1980, of $18.2
to $20.0
billion
jseonQnay,' me forever necessary billion,
(ctaily
an.d
are
average basis) in July, 1962. This
the.- easier
the
more
>
,
4tm >£an*
do
the
when
,
been a .tight
a point
money' policy. 'Intleedj if it7is rto-*be criticized, J made ?a;short while ago. .in .en¬
think -the criticism .over the 1-ong deavoring to. stimulate •.the ceonperiod .is that It -may 'have been nmy we nave increased bank re¬
too "*easy-, • Relaying, adjustments serves/after adjusting for ^changes
Atlanta,
By MMcolm *Rryan,* President, Federal Reserve Bank of
■V'■
•;t
'
Atlanta,Kia. 1
'• V
I
and
,
,.
7
'.however, 3
sense
.to
by tswo general -philosqpbies:
P„T?£X
increase ,the
feel that
duly, 1962."
supply of bank
and thus 4o-permit banks
.reserves
of self^esteem
Still,
must
we
all
to pause
that
agree
we
should
all
be
wise
while and to find out,
a
best
as
we can, what is actually
re¬
happening in the economy before
lias
we
begin dosing it. IBuch a sug¬
should -see do it that the
^ins ^ . supply! J3y the jsame token, when not recently been responding al¬ gestion may have the defect of
rooHi
mont
-foil
necessity nf,;
readjustment
do -not fall
together to - the. heart's ' desire;
;Mm;
confessing that X
being
adittle behindhand in the
^pverwhelmhig and
I have no new
in ceneUtta!: of boom; Although' the figures,' > I believe,
*
degmning of treatment, if treat¬
force on .the
sunemplc^yedi:...wthch
-we baye allowed borrowing de" give. an
exaggerated
impression, ment
figures and no
is needed it .has the enoriS ithe tragic »and
,cla^ic iQcale nr. mands to. preSs^ against bank -re- we have. an uncomfortable ever- mous
new and re3
most of those pains. Xbelieye we
advantage ,of assuring that
serves: and interest urates to ieajl
capacity
in
many
lines.
True,
the
yeaiing ar ¬
■the patient is not treated with a
figures,
lor
July
were
somewoat
^Uri
ln
conscience,
not
tp
let
^
^
^greater
svipply
of
.
real
savrangement of -?
medicine that. aggravates, rather
mat Happen.
A-; *",;
ingS. rV:';'
•:f
heartening, but unemployment re¬
•old figures.' J
than remedies, his condition.
(b) Again, .speaking simpiy as :
The: pattern has been as simple mains higher than it .should be. •
think I should
That leads to a further question.
>n American citizen, I believe we as -that. -' " "Our - eotirrfeer - cyclical
also aonfess—
should iio the things we know that actiohsl whether
Uneasy Suspicion
.Bo J believe that additional in¬
an-d t h i s ie
"by- iiick or somM
Gbv.ernmeht
can do and do wbll.
This leads me to a uneasy sus¬ jections
of
easy
money
would
phistieatibn 1 do not know, .seem
.done out of no
Malcolm Bry^n
! "We should gee that competition is to me do have had an excellent picion that something is happen¬ help the economy at this time?
sense of false
;
•
v
maintained- in all sectors of the result;/ We have avoided in .post- ing in the economic system "that J do not.
modesty—that
I do not know the; answers to the economy; we ehould" «ee that the war America a long or severe de- we do not quite understand. Since
!hSta>tement made ty Mr. 'Bryan before
I must frankly say that I do not
problems .that be&et .us. -'
^
6
consumer is protected against-the pression of the sort that has charthe Joint Economic Committee, Washing¬
the.
at l,y rerby the
•gi*<e
duced
economy,-
sponded
»•
ucr
^hat
ha
wxnrh
r-
.•
*
■>-a
*
*
j
■
_
ii
while
it
to' monetary
-
has
eas,e,
*
4e^^.dXn|
•
■
•
-
-
.
^
it
*sharp practice • cf an - occasional aeterized other postwar periods,
mnTTlpnf
without trvinff
moment,
witimut
trying
A x +v_
At
the
-to
scoundrel;
support the pwnt
seems
wrth'fi.gurjs,
thatvve are churn-
to me
around at a
mg
should
we
that lie
see
-
,
•>.
.
in those araas' \yher.e
:
-his quality -judgments .do no.t .&uf-
hi^i level cf eco-
fice
^Ye.n, if I dare
say
■ ■
■
-
_
_
_
-
.
mc
Whether this slowdown m our rate
This advertisement is neither
an offer to sell nor a solicitation of offers to buy
The offering is made only by the Prospectus, -
break-out
continued
■
on
the upside, with,
any
of thesef,securities.
r{jv/
.
AjFUVei^lEaeirt .11-
After that, I believe we shall
wejj advised to give the free
jnarket economy
the
on
o r
recovery,
wy
,
'
self
Will be followed by
of expansion
.a
ccmiuur^
D. C.
ton,
u
.*>'>«
-
lack of money
It, d think
/ f
^
a
■
T
^
believe it to be
■
just
downside, I do not know; but -1
am sure that when the facts are
itself
September 11,1962
ISSUE
chance to ad- 1
a
before
intervene
we
.with massive medications.
make
NEW
1,242,S22 Shari-s
I shall
sUght further allusion to '
this point in a minute or so.
*
in, it will appear to everyone,^ in-
a
'
hav4ini!nown eK'
have
known.
* ^
,
Let
state
me
a
convictions
few
of the postwar period
be worth:
for whatever they may
rterprcted- around
tional
we
why
the
should
be
reason
adjustment
F
-
*
Common Stock
,
ine tn hrinp infiaHnn tn
.
so' jgrauwtUy
our
If we do this, then we are
;;
■
American blisi- '
amine
(2) It is inevitable, in the normisjudgments of human be-
their
light of
commitments
in
on
September 6, 1962. Subscription Warrants will .expire-at Bi30rP.M., 'Eastern
"Daylight "Saving Time, on September 24, 1962.
:
The ^several Underwriters have agreed, subject to certain conditions, to
purchase any unsubscribed shares and, both during and following tthe subscrip¬
tion period, may offer shares of Common Stock as set forth in the Prospectus.
gradually evolving situlight, of a sudden
ings, especially when correct judg- and dramatic alteration, in their
ments are made .the more .di^icult environment^ which would neeesa
anon, net m the
by a long inflationary cvc.le -such
as this country has had, that there
Will appear a thousand and one
sitate sudden, large, and dramatic
adjustments.
Put jn
a
'
*
'
r
^ -r
,ate being offered the
share for the above shareslat .the :r.ate of one share
outstanding Common Stock
per
ofladditional Common Stock for each 10 shares of Common Stook -held of record
the
mal
Holders of the Company's
right to subscribe at j23.50
the1 nSeS'ofSI^
p
"
f
f
on
Si
.
f
($5 Par Value)
>
•
f
into
panic.
simple
"■••'■
long.and
i^um'telt^eounse1!0"®
deep'
few
a
Colorado
be ih-
Monetary Policy Guideposts
of
period
can
id?as*
break .out out of .this
pause on the downside, there is
no presently visible, objective, ra(1) If
Public Service Company of
^ovv, as for monetary poiicy.'As •!
j see it> monetary policy in most '
-
^
•
'
-
different frame of ref-
.
jOi- ca p i;ta 1 .and
^ercnce, *we have "been feeling lpur
that-find a less-than- way slowly toward a viable strucexpected market for their prod- -;ture of interest rates that will atucts and services.
It is possible, tract
from the American people as'!
to be .sure, that we shall be onsavers the large bulk of the funds "
pleasantly surprised by the mag- that other
Americans, American
mtude and extent of the adpistgovernments, and
our
Offshore"ments that may be necessary.v, I,
-trienas
want
to
borrow.
Note,
niyself believe that, they are of a however, ,a -point - so
many times '
?ize and magnitude small enough
made: The Federal Reserve Sys-1
that our dynamic eeoimmic ^system
-tern 'has had
no' intellectual
or
can accommodate rtseif to them.
remotio.ial" .preoecupation
wit 111
Copies of the Prospectus may be obtained from any of .the several under¬
only in States in which such underwriters are qualified to act as
Prospectus may legally be distributed.
misapplications
writers
manpower
dealers in securities and in which the
.
either bjgh interest rates
^
Ovcrmanagmg the JEconomy
;
What
chiefly
scares
me
last
case
bur
may
first.
a
a
worse
such.
We
Americans
are
willing to furnish
At
the
same
time,
we
have al-
to manpower and capital are under the day-to-day guidance mf
which has been intended
free
*to
guided by
an
a
an
a
investor
to
free market often
behave
miserably.
growth
the
.
and
transactions of
have growth of
money.,
the
our
reserves
-
line trend of 3%
per
a
•
JLehman Brothers
\
r
Merrill Ijynch, Pierce, Eenner & Smith
v.:
"Salomon Brothers & Hutzler
lncorposated
Stone &Webster Securities Corporation
"
.
White,Weld &Co.
Dean Witter & Co.
-
■_
•••:•.'■ f
_
Incorporated
'/■
Boettcher and Comjtany
_
Bosworth, Sullivan & Company, Inc.
supply,
country:
over
v
Incorporated
in turn
increasing
increasing
the
postwar period exhibits
seems
Unfortu-
in
accommodate
population
economy
free market is often
uncomfortable1 thing
around:
to
and free
I realize that
a
"Hornblower & Weeks
Incorporated
^
is •continuously
myriad of adjustments. These
consumer
\
-
Harriman Ripley & Co.
bidder, JBeabody & Co.
the price for money—that largedy
equates the supply,of savings that
than
y-
Goldman, Sachs & Co. J
interest: rate^-..
an
Eastman Dillon, Union Securities & Co.
i
:
Smith, Barney & Co.
Blyth & Co., Inc.
Incorporated
dow.<
pan only be made by ?a flexible-lowed for a~ growth of bank; re^
economy whose decjLs.ions related serves intended to accommodate
choices.
'Kirhn, Loeh & Co.
haye i
nt that price with the demand for
single adjustment American. savings at that price,
What
needed is not
but
well be
as
merely wanted
shall attempt to overJ-manage
the economy, wherein J think our
we
The First 'Boston Corporation
...
interest rates,
is that
or
■
That
the
long
straights
annum1.
J. A. Hogle & Co.
Peters, 'Writer & Christensen, Inc.
Coughlin and Company, Inc.
*
Newman and Co.
Ear] M. Scanlan & Co.
Quinri & Co,
8
The Commercial and Financial Chronicle
(1108)
Hammill & Co.,
DEALER-BROKER
York
INVESTMENT LITERATURE
Herzfeld
PARTIES
INTERESTED
SEND
TO
Stern,
4, N. Y.
Review—
—
30
Broad
St.,
available
Analysis—Wm.
analyses
of
All
American Life & Casualty, Dean
Milk, Super Food Services, Inc.,
Bulletin — and interim per share earnings,
Courts & Co., 11 Marietta Street, current price and 1962 high-low—
Troster, Singer & Co., 74 Trinity
N. W., Atlanta 1, Ga.
Place, New York 6, N. Y.
are
lace Press.
—
....
Aluminum Industry
Analysis
—
—
Market
Investment
Associated
Traffic
Clubs
Insur¬
Memorandum—Ralph B.
& Sons, Inc., 25 Broad
Street, New York 4, N. Y.
ance
studies
are
of
Mattel,
Interstate Department
—
Leonard
Church Street, New Haven
7, Conn. Also available are memo¬
Electric Bond
Kingsport
Babcock & Wilcox—Memorandum
are
—McDonald
N.Y.
120
Products, Arvin Industries, Gulf
Oil Co., Aerojet General, Arkan¬
sas Louisiana Gas, Howard John¬
son,
Hunt Foods
&
Industries,
comment
on
Company
of
America,
Kaiser
Aluminum
&
Chemical
Corp. and Reynolds Metals
Automobile Industry
Co.
Study
—
—
banks and
major
of
bank holding compan¬
Wall
Co. Inc. 14
Street, New York 5, N. Y.
ies—Blyth
&
Bank Stocks—
quarterly review—
M. A. Schapiro & Co. Inc. 1 Chase
Manhattan
N.
Plaza,
York
New
5,
Japanese
review—
Market—
Hummer
&
Wayne
Co., 105 West Adams
Street, Chicago 90, 111.
Market—Review—Salomon
Bond
Brothers
&
New York
Hutzler, 60 Wall St.,
5, N. Y.
California
Savings
Holding Companies
Gruntal & Co., 50
York 4, N. Y.
Loan
and
—
analysis
—
Broadway, New
York
with
Stocks
and
Atlantic
Re¬
M:
fining Company.
Drug Stocks—Bulletin—Schweick-
figures
non-life
comparative
major
panies.
Japanese
Natural
New
the
on
com¬
Gas
Industry—Analysis—
F. S. Moseley & Co., 50 Congress
Street, Boston 2, Mass.
Iin
showihg
Averages
in
industrial
National
Dow-Jones
the
the
and
industrial
listed
the
used
Folder
compari¬
up-to-date
between
counter
—
over-the-
35
stocks
Quotation
used
in
Bureau
Averages, both as to yield and
market
performance over a 23year period — National Quotation
Bureau,
Inc.,
46
Front Street,
Broadway, New
New York 4, N. Y.
York 6, N. Y. Also available is an
analysis of Celanese Corp. of Railroad Mergers — Discussion —
art
&
Co.,
29
America.
Vilas
Fire & Casualty Insurance Indus¬
New
try— Review—Van Alstyne, Noel
San
&
Co., 40 Wall Street, New York
5, N. Y.
Companies—An¬
alysis—
L.
David
Babson
and
Company Incorporated, 89 Broad
Street, Boston 10 Mass.
Growth
Over
Opportunities in Sensible
The
particular
Systems
Red
Counter
Stocks
emphasis
Corp.,
Rope
and Sonar Radio Corp.
and
Broadway,
on
three
Area—
tax-free
is¬
Grande &
—
Co., Incorporated, Hoge Building,
Seattle 4, Wash.
Squeeze
E.
on
Profits
Hutton &
New
Co.,
York 5,
Study
—
Treasury
York
Broad
Trunk
—
W.
14 Wall Street,
N. Y.
Utilities
—Brochure listing 90 OTC indus¬
trial and utility stocks held by
leading investment and insurance
companies, number of institutions
holding each, the 1961-62 fiscal
Bank
of
Virginia—Memorandum
—Craigie
&
Co., Inc., 616 East
Main St., Richmond 15, Va. Also
is
memorandum
a
on
Beaunit Corp.
Data
Bonds—Bulletin—New
Corporation, 60
Street, New York 4, N. Y.
Lines—Review—Carl
—
McGee
Apparel
—
Review
Stanley Heller & Co. 40
Street, New York 5, N. Y.
sis
AMP Inc.
—
—
Shearson,
Chicago Musical Instrument Co.—
Analysis—A. C. Allyn & Co., 122
South La Salle Street, Chicago 3,
111. Also available are analyses of
Madison
Gas
Power
Electric, Wiscon¬
&
&
Light,
Paper Company.
Citizens
Fidelity
Bank
Co.—Memorandum—J.
liard
&
Oxford
and
&
J.
Trust
B.
Hil-
Son, 419 West Jefferson
Louisville 2, Ky.
Also
Street,
available
is
memorandum
a
Commonwealth
Life
*
McDonnell Aircraft
Paper
Products—An¬
St., New York 5, N. Y.
Mergenthaler
Republic
on
W.
—John
Corporation—An¬
H.
Linotype—Analysis
Kaplan
&
sewage
Lick, Ind.
works
—
Bulletin
Shale
on
Corp.—
comments
are
—
—
Report—
Hardy & Co., 25 Broad St., New
4, N. Y.
Montgomery
Ward
Report—
Butler, Herrick & Marshall, 76-11
Ira
Haupt & Co., Ill
Broadway, New York 6, N. Y.
—
Continued
on
Colonial
Corporation
America
of
—Analysis—Emanuel,
Deetjen &
Broadway, New York 5,
Co., 120
N. Y. V
"J.-;,
s
-
Columbia
-
Broadcasting
—
Memo¬
JOHN WESTERGAARD and GRAHAM LOVING,
Consolidation Coal Co.—Analysis
—Laird,
Bissell &
Meeds,
120
Broadway, New York 5, N. Y.
Continental
Partners
Can
Report—NewCo., 1401 Walnut St.,
Philadelphia 2, Pa. Also available
burger
Denver
on
of
EQUITY RESEARCH ASSOCIATES
(Successor
to
Jerome Peck Associates)
Rio
&
Western
Railroad, Gen¬
eral
Public
Utilities,
Pittston,
Rubbermaid, Inc., Trice Products
Westchester
and
JR.
—
&
reports
are
Fire
Insurance
Co.
bulletin
a
on
Are
pleased
introduce
lo
and expanded financial appraisal and
a new
research service available
exclusively
lo
banks, brokerage firms and
other financial institutions.
In
addition
maintaining
to
Oil
clients,
our
services
telephone
communication
ration—Analysis—Havener Secu¬
Corporation, 165 Broadway,
New York 6, N.
Y.
Chemical
—
Reports—Published bi-weekly. The E.R.A.
Staff Report
vides
provides
a
summarizes
review of markets and
field
regular statistical
a
companies.
Co.
Analysis—
Dreyfus & Co., 2 Broadway, New
York 4, N. Y.
•
Dresser
Staff
industries,
White, Weld & Co., 20 Broad St.,
reports
summary
and
pro¬
of selected
'
■'
■
—
Memorandum
—
Uhl-
&
Reports—Special analytical reports
Special
particular companies of interest
are
meticulously.
on
prepared
'
Co., Inc., Board of Trade
Building, Kansas City 5, Mo. Also
mann
available
is
memorandum
a
on
Chrysler.
Du
Pont
Institutional Service—This service
ies
of
Canada
—
Detailed
Study—W. C. Pitfield & Co., Inc.,
Broad St., New York 4, N. Y.
in
depth
on
particular investment interest.
able
are
studies
provides stud¬
companies and industries
on
of
Presently avail¬
XEROX, MATTEL, TEX-
30
Prospectus
Sold
on
request
Fort Lee, New
STAR OIL & GAS and E. J. BRACH.
Jersey
Inquiries from brokerage firms and
other institutions invited.
BROKER-DEALER
Presently
active
in
the
Mutual
Fund field.
Troster, Singer & Co,
Members New York Security Dealers Association
74
Trinity Place, New York 6, N. Y.
HAnover 2-2400
Teletype NY 1-376; 377; 378
with
include:
Delaware Valley Financial Corpo¬
Dow
•
page
Co.
New York 5, N. Y.
Bought
Memo¬
York
Schaffner & Marx—Memo¬
—
Require
sentative
a
an
to
experienced
set
retail O.T.C.
up
and
repre¬
manage
department.
resume
to:
WH 4-6969
Box 796,
Palisades Station, Fort Lee,
THIRTY-SEVEN WALL STREET
NEW YORK 5, N.
Partnership opportunity
Send
Equity Research Associates
-
N. J.
&
Mobile Rentals Corp.
ville 3, Tenn.
randum
Data—Walston
randum—Paine, Webber, Jackson
& Curtis, 25 Broad St., New York
5, N. Y.
Report—Equitable Securities Cor¬
poration—322 Union St., Nash¬
Hart,
—
Minneapolis-Honeywell
bonds—
Products
Trust
U. S. Plywood and J. Ray McDermott.
City Securities Corp., Circle Tow¬
er, Indianapolis 4, Ind.
General
120
on
Co.,
revenue
Co.,
Co., Inc., 74 Wall St., New York 5,
Inc., 120
Broadway, New York 5, N. Y.
French
&
Broadway, New York 5, N. Y.
Tubing—Memorandum—
Brooks
Analysis—
—
D. B. Marron & Co., Inc., 63 Wall
&
Insurance
Dial Finance Co.—Memorandum—
Common Stock
Thompson Ramo
N. Y. Also available
rities
THE MOSLER SAFE COMPANY
on
Wooldridge.
Calif.
First
Co., 120 Broadway, Ne\y
5, N. Y. Also available is a
memorandum
—
Wall
For banks, brokers and financial institutions
Cup,
Miles Laboratories, R. J. Reynolds
Tobacco and F. W. Woolworth.
Fibreboard
&
York
P.
Stocks.
s|i
Report
ham
Belt—Memorandum—Abra¬
Flexible
—
Also available is
Oil and Socony.
Women's
,
Link
New York 5, N. Y.
Marietta.
alysis—Watt & Watt Ltd., 6 Jor¬
dan St., Toronto 1, Ont., Canada.
5, N. Y. Also
analysis of Kerr
an
Maryland
—
Mesabi
Carrier
Martin
on
Street,
is
Report — Semple,
Co., Inc., 711 St. Charles
St., St. Louis 1, Mo.
..
-
Memorandum—Penington, Colket & Co., 70 Pine Street,
data
Crush International Limited—An¬
New York
Fink,
Gas
Jacobs &
alysis—Charles A. Taggart & Co.,
Inc., 1516 Locust St., Philadelphia
2, Pa.
are
M. Loeb, Rhoades & Co., 42 Wall
available
Laclede
American Home
Co., Inc., 265
Montgomery St., San Francisco 4,
Bregman,
Cummings & Co., 4 Albany St.,
New York 6, N. Y. Also available
—
&
alysis—Walston
Lawyers Title Insurance Co.
Grande
Hanseatic
Air
memorandum
a
randum—Steiner, Rouse & Co., 19
Rector Street, New York 6, N. Y.
Peninsular
yielding 5V2%
—
Institutional Holdings of Over-the
Industrials
4,
Francisco
Industries
George,
O'Neill
&
Co., Inc., 30 Broad
Street, New York 4, N. Y.
Counter
York
26
N. Y.
with
Missile
Safticraft Corp.,
on
Stationery
Hickey,
Information
sues
Food Processing
&
is
Lehn
sin
Over-the-Counter Index
the
surance
of
Fire & Marine Insurance Co., Ltd.
available
reviews of Life In¬
Co.
available
General Electric.
available
Fire Insurance Co. and Yasuda
stocks
are
Securities
on
—
Ill Broadway, New
York 6, N. Y. Also available are
reviews of Nozaki & Co., Ltd.,
Seika
Sangyo
Co.,
Sumitomo
Shoji Kaislia Ltd., Tokio Marine
son
—
Review
—
Inc.,
Analy¬
sis—Reynolds & Co., 120 Broad¬
way,
New York 5, N. Y.
Also
Communications Stocks
Market
Yamaichi
&
Y.
Bend
Also
—
Co., Ltd., 61
Broadway, New York 6, N. Y.
Also available is an analysis of
Mitsukoshi Ltd.
Street, New York 4, N.Y.
Stocks—Survey
Review
—
Securities
Nomura
Hemphill, Noyes & Co., 8 Hanover
Bank
Market
Japanese
& Co., Incorporated,
Broadway, New York 5, N. Y.
—Straus, Blosser & McDowell, 39
So. La Salle St., Chicago 3, 111.
Schools—Analysis
Co., 115 Broadway,
New York 6, N. Y. Also available
Survey — Daiwa Securities Co.,
Ltd., 149 Broadway, New York 6,
minum
So.
W. A. Krueger Co.—Memorandum
&
Japanese
Press Inc.—Analysis—
Roberts & Parke, 123
Broad St., Philadelphia 9, Pa.
Schmidt,
Famous Artists
on
and Atlan¬
Share
&
Electric Bond & Share—Analysis
—Newburger, Loeb & Co.,
15
Broad St., New York 5, N. Y.
comments
comments
are
Texas Instruments
on
tic Refining.
and Mead Johnson.
—Carreau
o r e s—
—
N. Y. Also available
209
on
St
Dempsey-Tegeler & Coj,
Inc., 80 Pine Street, New York 5,
Manufacturing—Memoran¬
dum—Chas. W. Scranton & Co.,
Sutro Bros &
—
Co., 120
Broadway, New York 5, N. Y.
Eaton
randa
Resistance—Memo¬
randum—J. W. Sparks &
Tex-Star
New York 5, N.
Co., 80 Pine Street,
Y. With particular
Aluminium Ltd., Alu¬
International
Brach—Study—Equity Re¬
Associates, 37 Wall St.,
New York 5, N. Y. Also available
Data
—
Tastee Freez Industries and Wal¬
Aerospace Industry
J.
Oil & Gas and Xerox.
H. Tegtmeyer & Co., 105 South La
Salle Street, Chicago 3, 111. Also
BE PLEASED
LITERATURE:
FOLLOWING
THE
Products
Alberto Culver
WILL
MENTIONED
FIRMS
THE
THAT
UNDERSTOOD
IS
E.
Thursday, September 13, 1962
.
search
&
New York
AND RECOMMENDATIONS
IT
Control
Air
14 Wall St., New
5, N. Y.
.
.
Y.
39
Volume 196
Number 6194
.The Commercial and' Financial Chronicle
.
.
(1109)
9
i
It has
No. Amer. Sees.
U. K. Treasury Is Trying to
Appoints Conkle
SAN FRANCISCO,
Dampen Gilt-Edged Boom
Calif.—Philip
American
Securities
Building,
Co.,
;
30 announcement to issue another £500
The British Treasury's Aug.
four
million tranche of
Common-
[cf. author's columns in the "Chronicle"
for
in-
vestment
instance, that conventional monetary policy has been ineffective, as
American
curities
Se¬
is
manager
and
general
dis¬
a
result of war-time and post-war
term issues,
tributor.
issues to lose their
the
LONDON
England-It is
a
well-
psychology that whenever there is
trend
definite
a
m
progress
primarily concerned with sales
promotion, planning and market¬ changes and new developments
ing activities for North American they are apt to be interpreted in
and the Commonwealth funds it a sense in accordance with that
trend. At any rate such interpredistributes.
tation
Conkle
Mr.
,
and
securities
the
in
investment
known
well
is
community in the West. He was
stands
chance
a
of
being
benefit of the doubt,
This is what happened in the London gilt-edge [treasury securities
of all maturities] market followgiven
the
with
Dean Witter & Co., and most re¬ ing on the announcement made by
cently was with Lehman Brothers the British Treasury on Aug. 30
as regional representative for the
concerning the issue of another
associated
ten
for
years
One William Street Fund.
million
£500
tranche
Stock at
Treasury
of
5V2%
maturing
95%
between the years 2008 and 2012.*
The terms of the issue were such
The Security
that the whole of it
I Like Best
the
authorities and
by
Government
means
tap"
from page 2
052,325.89
for
for
amounted to
$2.25
$4,044,
on
yearnings
outstanding
Cash dividends of
stock.
common
share
Per
1960.
to
$3,754,469.29
to
compared
will
and
departments.
the
chooses
be
the
on
when
income
Net
1960.
amounted
taxes
after
884.64
/
to
gradually
investors
Government
quote
a
It
of
unand
as
which
favorably to
Stock
al¬
step
for-
As things are, gilt-edged
tend to decline without
Treasury intervention.
means
that the Treasury
any
have
to
increase
the
of
resources
the
This
does
liquid
market
and
by increasing
the economy
the issue of Treasury bills. Official quarters are at present still
unconvinced that the economy
needs such a stimulus. Sooner or
later they are likely to feel, however, that the time has arrived for
reflationary intervention. In accordance with their new monetary
policy they are likely to prefer to
buy up long-term Stock and increase thereby the issue of Treasury Bills rather than reduce the
Bank rate for fear that the resuiting fall in Treasury bill ra.tes
of
Stock should go some way towards
of
such
an
amount
of
movement
not deemed
hills
sue>
bein>*
are
of the
funded
tach
"SI•
with
new"
rise
in
same
to
To Be
Effective
Corporation
Sept.
Marache
&
21,
Co.,
67
Moreover, it the Treasury ai-
New
York
City
New
York
stock
floating debt will be
+u
Now the financing
chase
of the purlong-term Stocks in the
of
in the
hope of
W
to 1.
9.6
Sales
first
and
pret it
'net
months
six
in
income
of
1962
the
were
$32,983,545 and $2,571,327, respec¬
tively, compared with $26,405,715
and $2,005,155, for 1961. Earnings
per share for this six months pe¬
riod was $1.14. Earnings per share
for 1961 based on present shares
outstanding was 890.
Currently
the stock is quoted in the 25-
Chairman
Lendman,
Executive'
During the 1960-61 fiscal year,
installed
company
amount
of new
a
large
machinery, some
replacements and some as ad¬
as
a
which
is
involve
very
an
den|..
f
ne^
Bohmfalk
Dietz
F
'james'
rj^ge
Albert
B
winston E. Wood
_
■
-
Ernest T:
prof it-taking at the
the
August
gilt-edged
resumed
much against the
tne rounaat>°uts.
Last
but
by
no
means
least,
a
market
rather
vulnerable.
It
might be followed by a sharp re-
This announcement is neither
an
offer to sell
Debentures. The
Jr.
H.
Ramsev
-'
Greet,'Raymond
Presidents and Robert A.
Treasurer and Secretary.
nor a
solicitation of
an
offer to buy
any
of these
offer is made only by the Prospectus.
of
market
end
Dated
Due September 1,
September 1,1962
Interest
payable March 1 and September 1 in New York City
Gilt-Edge Rise
courage
Price 102% and Accrued Interest
the newly-developed in¬
vestment demand for Government
market has at least
of Bassett Indus¬
past 60 years has
been the result of good manage¬
ment and hard work. Their man¬
the
agement team today is bright,
alert, and keenly interested in
come
into its
in
accordance
with
the
the
recom¬
Radcliffe
Re¬
likely to
pay more attention to medium and
long-term interest rates in the fu¬
ture than they did in the past. It
iwould suit their policy to en¬
courage
a
business revival by
means of a reduction of long-term
interest
rather
rates
than
by
means of reducing short-term in¬
are
techniques
and new designs, whereby they
terest rates. Yet the decision to
may
constantly
improve
their sell gradually: £ 500 million of
finished products. This' corpora¬
long-term Stock is bound to slow
tion has been good to their em¬
down
the decline
of
long-term
ployees, paying a bonus twice yields.
yearly. Bassett has been able to
The explanation of this strategy
obtain its share of the furniture
business land I feel sure that the lies in the French proverb reculer
management will continue to do
so
in the future.
The stock is
*ED. NOTE: The stock mentioned, here
traded
in the Over-the-Counter is
long-term bond issue in addition to
machinery,
new
a
one
-
;
<
Copies of the Prospectus may be obtained in any State from only
such of the undersigned as may legally offer these Debentures
in compliance with the securities laws of such State.
and this naturally suits the
Treasury down to the ground. As
I pointed out in previous articles,
own,
port the authorities
^
Forty Year 4Vs% Debentures
Needless to say, it is not the in¬
tention of the authorities to dis¬
occupied in late August, 1961.
Market.
Pacific Northwest Bell Telephone Company
Government Is Pleased at
mendations of
growth
Ken-
LandJr
Adele B. Greef
$50,000,000
its rise.
ditions to production facilities. A
office
was
completed and
over
the
V.
v'.■*
-
Miller, J. Sheafe Satterthwaite, Jr.,
and Thomas L. Wilkerson, VicePresidents; Herbert W. Marache,
Jr., Vice-President and Assistant
on
the roundabouts
increase
bull point, and after
the
new
The
of
Vice-Presi-
L Loans. Having been neglected for
so
many
years,
the gilt-edged
26% range.
will
Officers
Marache
Executive Committee* William M
costly op-
recovering it
and
Street,
Exchange
corporation.
a
presi^ent
Granbery,
Wall
members of the
Herbert
wTr
aA
_
become
eration.
it is
the Treasprn
" But
Bnt it
w worth
wnrfh tha
Troa«.
£
urys while to lose on the swings
The Economy Is Too Liquid
■*r_
a
to
Granbery, Marache
damped
avoid
lowed gild-edged prices to rise
another 10 points or even ~0
P°ints " would mean that when
the time arrives for appearing m
t"e market as a buyer it would
]?ave to Pa.y top prices for its own
Stock. It ls tru®i
lssulI]S the
might let loose heavy with- 5y2% Treasury Stock on unfavordrawals of foreign balances in- able terms the funding of its
vested in them.
To
sums is &ooa.
gilt-edged
be
eveT IreltlJ importance
uf greater importance
time
prices is
down, to
premature stimulus to capital expenditure through the fall
jn long-term loan rates. The new
exercise kills two premature refiationary birds with one stone.
SOught
Much
control.
w"il! the*gotagTs'J0^®aSury •blUs
long-term isjn or(ier that they should be
defunded later. At the
the
tap
a
consiaeraoie rise in gin-
to
Treas-
reason
under
long-term
on
for 58% of this nouncement
ought to have been
Book value per share as interpreted as a bear point cal¬
Of Nov. 30,1961, was $16.36. A 25% culated to
damp down the enthu¬
stock dividend in 1962 increased siasm of those who were
busily
the number of shares outstanding
engaged in talking up the price
to 2,250,000 shares with a book of
3y2% War Loan to 70 and even
value of $14.21 per share. At the 80.
Actually after some hesita¬
end
of
1961, the current ratio tion the market decided to inter¬
new
at
accounted
alent
tries
is
moment
be suitable. For this
figure.
as
good
ri^fo^rXting™^™dentlyS the
urv
.
However this may be, it is reasonable to assume that, as a result
p* the new move the upward trend
Tn the gilt-edged market will slow
down and will lose much of its
issue of £500 million in hand
Treasury is in a much better
time position
to
keep
the
upward
,
,
the aid
opera-
#1
,
present trend of official thinking,
sizable amount and the unloading
I
•
speculative character. With
in
.,
resent
substantial amount when
words, the Treasury the
defund
j
to
a
time for reversing its
tions has arrived,
the appreciation on the gilt-edged
£500 million is quite a
able Jan. 2, 1962. The surplus ac¬
count of the company amounted
the
defund
the
in tbe amount of Treasury bills, further substantial rise in the gilt- Secretary; J. Ira Harris and NelThis would amount to defunding, edged market would make that son S. Kriebel, Assistant Vice-
Nov. 30, 1960, slowing down and regulating the
was increased during the year to
boom in the gilt - edged market.
$20,446,661.98, cash and the equiv¬ For this reason the Treasury's an¬
•
amount, it will be in position to
time
The object of this exercise is to
enable the Treasury
to control
with the other 250 per share pay¬
was
pace of its progOnce the Treasury has sueceded
in funding a substantial
market would
market.
$19,101,777.34
leap
moderating the
ress.
ready in the market.
$1.50 per share were declared and
$1.25 of this was paid during 1961
to
order
a
broker
price
slightly
corresponding
compares
that
taken up
was
that this Stock will be "on
loaded
Continued
left with
was
to
not
the
,
other
In
,
backward
The gradual
issue of the new Stock tends
to
prolong
the
upward
trend
in
the
gilt-edged market by
Stock
v.
wants
[Take
in
when
when its experts have arrived
pour mieuse sauter.
ward.]
yields
that
an
short-term debt.
for
Treasury
new
new
speculative character.
market
of
characteristic
known
Philip H. Conkle
Conkle will be
Concludes that the
will slow down the decline in long term yields causing Treasury
move
Announcing
appoint¬
ment,
Robert
L. Cody, Pres¬
ident, said Mr.
financing, via short and medium
leaving the economy too liquid.
fund
encouraging business
expansion the Treasury will be in
a position to
appear in the giltedged market as a heavy buyer of
long-term Stock without having to
bring about a net increase of
liquidity beyond the extent that
existed prior to the issue of the
Sept. 6, page 71. Nevertheless, the market did
North
means
comes
Aug. 23, page 5, and
on
not respond bearishly, following profit-taking, and resumed its rise. Dr. Einzig details
the diverse objectives the Treasury has in mind. He points out, for
which
This
5(/2% bonds at 95%, maturing 2008-2012, is ex¬
pected to slow down and regulate the boom in the gilt-edged market
wealth mutual
funds
By Paul Einzig
-
Russ
and
the
of
North
of
Vice-President
would deprive the
of its opportunity to
adequate
amount
of
Treasury
of short and medium-term
means
which
action
one
why conventional
monetary policy has been ineffective is precisely that as a result
of War-time and post-War methods
of -Treasury
financing by
reasons
issues, the economy is too liquid,
The present issue of 5V2% Treasury Stock would mop up. a sizable proportion of its liquidity,
H. Conkle has been appointed As¬
sistant
to be realized that
come
the
of
of
a
similar size already
outstanding.
MORGAN STANLEY & CO.
BLYTH & CO., INC.
THE FIRST BOSTON CORPORATION
HARRIMAN RIPLEY & CO.\
GOLDMAN, SACHS & CO.
Incorporated
LAZARD FRERES &
KIDDER, PEABODY & CO.
LEHMAN BROTHERS
CO.\
MERRILL LYNCH, PIERCE, FENNER & SMITH
*
Incorporated
STONE & WEBSTER SECURITIES CORPORATION
DEAN
ISeptember
1962.
WITTER
& CO.
WHITE, WELD & CO.
Don,
10
The Commercial and Financial Chronicle
(1110)
economic
the
Role in Solving
Tax Policy's
of
inherent in
trated
concen¬
and exclu¬
special deductions
Dillon,* Secretary of the Treasury
'«•
-
provision for flexible and timely
adjustments to meet, swiftly de¬
veloping changes in the: over-all
level of economic
Reserve and
.
activity.
major objectives of
this Administration has * been a
tax environment more conducive
to
business
investment in new
A strong plea is made for
■
Treasury cooperation and the results of "nudging" are
discussed; reasons for the improvement in the balance of payments
and other measures needed to achieve our economic
reviewed;
'
goals are indicated.
-
.
increased
There have been substantial gains
-
of
swiftly ; changing
And foreign markets must not be
on
the
duction
closed
ment,
over
l n
in
How¬
counts.
g in
beour
w e e n
product ive
potential and
busi-
of
activity
is still far too
m
to
i t
:
\
their
of
recovery
.
individual
>
large surplus that would be gen¬
erated
Schedules
meas¬
find
replacement
cits.
employment,
full
at
'.V"
•
.'
"' i '■'<
-
per-
compla¬
much
an
un-
acceptably high level. And, if
to
are
tion
maintain
for the
a
secure
dollar
we
founda¬
and- for vigor¬
payments
must
be
eliminated.
the major task of eco¬
nomic
policy is to facilitate a
step-up in the pace of domestic
expansion at the same time that
we
reinforce
our
program
for
achieving equilibrium in our in¬
ternational payments.
There
is
basic
no
these
conflict
use
of
and
physical
produce
elements of
cases
be¬
with
ciency,
and
have,
must
we
kets—domestic
quate to absorb our output.
the
we
•
-
and
expanded. The skills
our workers must
and initiative of
problems
have
tax
;.
growth at. home and to maintain
improve our competitive po¬
industrial
'
tax
A.'-
•
Overly high rates of indi¬
(3)
vidual
income
interfere
tax
with
in
allowances
V-
.
(percentage of cost of asset)
First
First
year
2 years
5 years
22.5
-45:0
;
•
:
30.0
44.0
71.4 '
25.0
43.8
76.3
10
20.0
36.0
67.2
10
25.0
50.0
100.0
16
43.4
51.0
68.2
10
26.2
49.6
85.6
30.0
51.0
39.0
46.3
64.0
46.3
80.6
24.9
51.1
30.6
59.8
42.5
69.6
10
V;'/%
10
*.
Sweden
5
Kingdom
Average,
United
'
27
_
9 foreign countries
sopght
flow
long
maintaining
rium
the
.
.
prior
With
new
depreciation guidelines
With
new
depreciation guidelines
7/11/62
to
an
active
productive
investment,
while
term;
-
into-
competitive equilib¬
a
with
foreign
short-term-
reason
credit,, we have ;
encourage
funds
of
large
a
in
markets
this
For
area.
portion
of
the
funds injected into the market by
the Federal Reserve since Febru¬
1961, have taken the form of
purchases of approximately $3.4
ary,
billion
of
securities-maturing in
than
more
one
rather than
year,
short-term bills, as had been their
Usual practice in the past. At the
same
a
as
to
time, the Treasury increased
might
will
balance
supply
our
in
to.
improve
payments.
•
already
-
approved by the Fi- *•;
and
of
the
Senate,
our
liberally
and: thereby to maintain
atmosphere of credit ease and
availability. At the same
time, the Treasury, through flex¬
to Fear Deficit Today
ible
use
and
other
of
advance
"
that
thinking—and
with
recovery
"ample
;
Fear of deficits is deeply rooted
in
banks
throughout the
period,
our *.an
.
the
-reserves
Both of these ef¬
serve
of
ture supported in this manner, the
Federal Reserve has been able to
abroad, and
sales
and longer term
fear
.propitious
has its basis in the fact that defi¬
'
-
refunding
intermediate
of
securities during
periods, has
improve its over-all
market
been
able to
debt
structure
-
15
13.3
12
16.7
>12
29.5
is
I
clearly* indicated
by a
for. the
am
100.0
will
of
less
be
generous
lowing for the fluctuating cost of
exchange cover.
forward
that promises
v.',,'
over
the years to generate in¬
creased government revenues as
a
result of increased output.
sources,
,
program
a
than
foreign competitors.
our
ture in foreign markets—after al¬
output, and promote full utilization
of our human
and
physical re¬
~
-
Finally,
even
ment of such
a
with
the
program,
has
■'
•
,
Interest Rate
Structure
Below Recession Lows
At
enact¬
will
•
also need
a
of tax flexi¬
measure
the
same
time, the interest
key importance to dome&growth and investment — for
rates of
wo
tic
•
importance
in sustaining; bility, in order to strengthen our
and accelerating the current eco¬ arsenal of tools to combat cycli¬
nomic expansion.
cal down turns. Legislation pro¬
f
President
;
Long
'
mortgages,
great
The
"■:
viding
announced
this
flexibility,
bonds,
■»
bank loans, corporate
state and local gov-
eriiment securities
ally
patterned
and
remained
dropped
—
close
have
to,
gener¬
or: even
their recession
in particureduction. of both individual. and been submitted to the Congress lar, have declined, slowly but al.corporate-rates, .effective Jan. 1," by the President. Its enactment most steadily, for more than la
1963—will go to the Congress for would
■year,* and market, rates.for: govstrengthen our ability to
action early, next year.) In devel¬ handle future down
^ernment-insured-.mortgage loans
turns..
; now
average more than %%.beoping this reform program within
Manage¬ low the levels prevailing at the
the Administration* we are par-" T Monetary * and Debt
ment
Policy,, which affects the trough of the recession a year and
ticularly conscious of the need to'
achieve a tax- structure that .will eost and availability of credit, is a
half
ago*
Local government
that
*
tax
*
a
comprehensive
of-
program
reform—including
a
general
,
on
a
recommendation of the Com¬
mission
on
below,
lows. Mortgage rates,
Money and Credit, has
.
29.0
States:
Practice
1962
of
Its early enactment is essential to
narrowJ the
gap
and is also of
*
United
conditions.
,
many
92.5
'
Japan
the
is
international
without impeding
.represents the,minimum we must*
demand in inflation. But in to¬
do to keep up with our competi¬
; the flow of funds into productive
day's economic environment—far
tion from abroad. %
*
long-term investment. '■■* V r >*' ; v
j
from being a source of dangerous
All of our foreign competitorsThe results have been gratify¬
inflationary pressures—our defi¬
provide special tax inducementsRates
for
Treasury
bills,
cit reflects our idle plant capacity ing.
of one sort or another over and
which
never
fell
below
2%%
and our overly- large unemploy¬
above - realistic
depreciation
in
'during the recession months of
ment rolls. A temporarily larger
order to promote the moderniza¬
1961, have risen to the 2% to
deficit under these circumstances
tion and expansion of business in¬
3% area. This has been necessary
is a reasonable price to pay for a
vestment. We must do as much if
in order to keep our rates roughly
program of basic tax reform and
we are to compete on equal terms.
tax
reduction designed
to spur competitive with the rate struc¬
ment
•
8
Netherlands
%
submitting
that, even
with the 7%
credit, as reported
by the Senate Finance Commit¬
tee, our treatment of new invest-
S.
in the U.
First
;
?
record. It will be noted
years
Belgium
Germany
which
in
mestic market for
•
cits have sometimes led to excess
Table
industrial,
leading
tax lives
Italy
Act
Committee
This
Depreciation deductions, initial and
y
structure
important
•
equipment
1
—
Therefore, within the limitations
imposed by a free and fluid do¬
proposed
tatives
(2) The current rate structure
siphons off so large a fraction of
the ; increased
income
generated
Representative
West
fects
;;
nance
-
Canada
■
passed by the House of Represen- ,1
investment
France
Is Needed
placed a heavy burden, on the
productive investment so,vital to
countries with similar deductions and allowances
'
/ upon
competitive
more
7% : investment*
credit,, incorporated in the. -No Need
The
Comparison of depreciation deductions, initial and investment
for
rate
domestic vbusiness
of
investment will make
rising
producers
world markets.
the growth process.
tive effort. Domestic demand must
also grow to provide markets for
■
Revenue
structure > has
reached.
be better channeled into construc¬
allowancest
looked
be
otherwise be invested
Why Investment Tax Credit
by .business recovery that forward
momentum is
dissipated before
full employment and full utiliza¬
tion of industrial capacity can be
requires that our produc¬
plant and machinery be mod¬
ernized
Our
(1)
-
,
distinct-
Four
mar¬
•
abroad
returns
capital flows*—also have the least
significance from the, standpoint
v'
and attract funds here that
and
and should, be removed.
urgently called for reform:
This
tive
can,
they will gen¬
both to spur
sition in world markets. /
,
foreign—ade¬
and
should
erate—are necessary
Four Tax Reform Areas
We must
better goods
greater effi¬
and
higher
investment
for
creased investment
tax structure are
our
impediments in our path to those
goals—impediments that in many
resources.
more
services
and
centives
parent in recent years that some
unmatched human
our
their- funds
of
.
effec¬
more
search
•
goals of rapid
growth at home and balance m
our foreign payments. The key to
tive
J hbUteVer, if wh1 h're to provide in¬
twin
both is the fuller and
in¬
alert
within.*; necessary down payment on eco¬ the volume- of its own debt out¬
standing in the under one-year
our
tax structure comparable to i nomic''
growth,
more
jobs, and
power constructively to facilitate
maturity area by nearly $14 bil¬
those available in the ntheP lead-'
progress towards our goals of full
higher standards of living and
lion.
i...
employment, rapid growth, and ing industrialized countries. The^e. greater opportunity for all Ameri¬
further incentives — and the in¬
stable prices. It has become ap¬
cans. More rapid growth wiH hold
With the short-term rate struc¬
Thus,
tween
also
.
tive, while raising needed government revenues, to use the taxing
ously expanding trade among na¬
tions, the deficit in outbalance
of
domestic
are
potential danger of inves¬
shifting
most
r
improved, is still at
we
.
,
Douglas Dillon
the
But
the
supply
Fortunately, rates for top-grade
short-term securities—the part of
—
Unem¬
ployment
a t
5.3%, although
cency.
finance
to
ample
an (
thereby increasing our balance of
payments deficit. ,v
V,
' '
.•
of funds
tors
with further defi¬
ourselves
agencies—have- had
of
to
of
instead
and-
the
and
interest in assuring
availability
in
below potential—
the
theoretical
output well
of
the
over
area
Reserve
these
common
vestment.
The end result is that
bogs down at some level
;
objective
own
po¬
equip-
of
establish
to
keeping with
proached.
.Federal
tween
a
.
current
wide
in
much
Too
onerous.
problems
new
Treasury,together—and. I want to
emphasize the continuous coop¬
eration and close wofking rela-^
tionships that have developed be¬
_
the
ever.
ness
or. by
price level.
Key Tax Policy Role
'
•
.
rate
own
the
dampening economic activity long
before * full
employment is ap¬
technology
^
life
permits
and
businesses
barriers,
our
economic
too
and
arisen, in this
past 18 months. On the one hand,
practices:
Depreciation ,/ deduc- '■
Part
of
the
solution to this
The
financial
policy
of
the tions permitted for manufacturing problem can be found in reducing
Federal Government will be one machinery and equipment will be .y. the total tax load bn the- economy.
an estimated
17% Another
of the vital factors in shaping our increased by
part can be found by
from existing practice; the cur-"
progress toward these ends over
developing *a tax structure that
rent
tax
load
will
be
lightened
<
the years ahead. Within our over¬
will'* increase
private initiative
by an estimated $1.5 billion the
all financial policy, tax policy cah
and productive investment.
The
first year; and administrative pro¬
play a particularly important role..
structure of taxes—- as well as
cedures
will be greatly simpli-,
Federal income taxes today ab-*
their level—affects incentives to
fied. Although the result, in terms .
sorb fully 15% of our total na- *
of
stimulating new investment, work, ;to invest, to cut costs, and
tional income. The sheer size of
to produce efficiently.
cannot b.e gauged precisely, the,
these taxes and the way they are-'
reaction
of
the
business
comThus tax reform is just as im¬
levied
the tax rate schedules,*
munity .to this long-needed retheir
application
to
different; form has been extremely favor¬ portant as tax reduction. Such a
program
necessarily involves a
sources
of income, the maze of'
able.
^
;
loss of revenue in its first year of
special provisions — all exert a
These * realistic
depreciation application, but this initial loss of
pervasive influence on economic"
schedules must be supplemented revenue should be soon recouped
activity. It is the joint responsi- bility of Congress and the Execu- - and; reinforced by other measures,. as out economy moves ahead;. It
ac¬
•
the
insur¬
by
ures
-
national
t
capacity.
,
inter¬
our
m a r
tariff
increases in
balance
g
us—either
mountable
toward restor-
plus clear progress
productive
to
have
for
Inappropriate
of "Nudging"
Policy
Difficult
-
purchasing power -is di¬
verted from the spending stream
as
a
business recovery develops,
isting^ law. This reform—the first
thoroughgoing review- in a genera¬
tion—recognizes fully the impact
in domestic employment
and pro¬
the past 18 months,
'■
tential
.
are
current tax struc¬
our
.
now
equipment. As a first step toward
this objective,.. the Treasury has
overhauled
depreciation
guide¬
lines within the framework of ex¬
The extent of Federal
recently liberalized depreciation guidelines.
'f%
Today, many of the special ex¬
pansionary forces that marked the
private economy during, the first
decade of the postwar period are
no
longer with us.
The- tax sys¬
tem that was appropriate during
the inflationary postwar epoch is
of the
One
of the Administration's investment credit plan to supplement
passage
Praises Success
Today's Economy.
(4) Our tax system today lacks
today's conditions and that it is a reasonable price to pay to
generate increased Government revenue.
of funds,
as a
*'■
Taxes
rate structure.
reduction and reform is developed by
Secretary Dillon in contending that our tax system was appropriate
for the postwar inflationary period but is too onerous a burden for
today's economy. Mr. Dillon dismisses fears held about a possible
ensuing deficit on the grounds .that it will not be a source of inflation
under
influence
marked
well
as
lighten the burden of our onerous
strong argument for tax
A
been
recessions,
minimizing tax burdens
on
has
years
diverted: from
are
sions," built up over the years to* ture;"
By Hon. Douglas
Thursday, September 13, 1962
.
through the use of a patch work
process.
resources
the business at hand and
rns
.
by two
persistently excessive level of unemploy¬
ment. That record provides ample
evidence of the drag on growth
and
Energies
.
.
-
„
»
*
.
.
and
investment
creditt
-
'
-
~
-
f The
deductions
and
allowances
for
each
of
the
foreign .countries have
been
-
computed on the assumption that the investment .qualifies fully for .any
special allowances or deductions permitted. The deductions in. the United
States
+
have
determined
increase
both
double-declining balance deoreciationmethod, without regard (o the limited first-year allowances for- small business.
and
For
while also
as
to
of
this
under
the
to
the 7.%
investment credit has been considered
equivalent to a 14% investment allowance, For corporation .subject only
the 30%
normal tax,
for instance, it is
equivalent to an investment
purposes
allowance
of
adjustment
-
been
to
23%.
basis
table,
Allowance
in
the
has
been
amount
of
made
the
reported by the Senate Finance Committee.
SOURCE:
Tax Analysis Office of the
in
credit
these
as
...
calculations
provided
in
for
the
..
Secretary of the Treasury, Aug. 13
ih" which
incentives—both\ eral; Government
new
individuals^ and
to
business—
powerful
-
ean
influence
on
the- Fed¬
exert?
a
as
-
1962
»
..
--
*.
*<
The economy over the past five. public debt—can* also*
»»,*.
«
*<
*)
»i
»
♦
*<
«•
t-
<
»
r>„
-.3.
:
V
-
borrowing costs in recent months
r
have
been
economic ;>since
providing for an appro-,. developments. The main respon¬
priate surplus of revenues over, sibility for monetary
policy lies,
expenditures when, the economy is of course,, with the Federal Reoperating at acceptable levels of serye. But the Treasury^-Iargely
employment and plant utilization. through its management of the
the
bill
provide
-
demand'* another-area
* consumer
significantly
.
are
at
the
lowest
levels
,
mid-1958.
Moreover, funds
freely available at these rate
levels
ket.
new -
in aH
Far
sectors
the
mar¬
drawing back en
commitments, - banks- apd
other Tenders
offer
of
from
liberal
have
credit
continued
terms
and
to^
to
Volume
actively
seek
The
potential
,»
contrast
periods
of
,
Number 6194
out
'
rowers.
196
with
other
expansion
is
recent
striking.
the
recovery : began, ► banks
are
still liberally supplied with funds
loans;'and there
availability.
new;
credit
of
li7Q
is
no
;
7
>
ahead
in
financing
ployment
Y^r into the future
would
adequately
fprnis;''' of
>■
justified
structure
'»
means we
*7/
wj
•
«..■
J
-By Roger W. Bafoson
and
11
and
risk
the
of
people,
adding" to
disturbing
unem¬
totals.
to
both
for
take,
indicate
the
also
such
action
lack
of
President's
demonstrate
re¬
views
to
union
'
'
*■
""
r
wags-cost
-
'
American labor leaders
practicss
are
warned
the
,
.
members
>
,
by Mr. fiabson to change their
U< IS.
Even
economy : to become increasing!? imperiled by L G. M, competition. This dangerous turn,
-in
over—all •'■nrioritif**;is
or
cause
their
of
the economic ignorance
American labor leaders.
now,
they fail to recognize
—or
to accept—the potential
of
the' European
Common Market.
With Ehgland and most of
cause greater unemployment and expose tha
ignorance of labor leaders to their union msmbers. --V
Europe
asking to join,
300
£
already
spect
1
V-
of- "Federal
must be able
the
Failure
economic
debt. That
^resident
avoid
our
he further warns, v/iSi
balanced
tne
balance of payments of a detailed '
TfPort of past results, as well as
^tailedestimates nmning one
unless
w
■
ny
and
This jystem
provides,, for -.the first tune, a
regular and orderly procedure for*
H15 -special review and control- of
these outlays. Each;item. is being
subjected .to close scrutiny,*' and
well below the postwar peaks
reached inr 1959; 18 months after
a„
(1111)
.
are
for
The Commercial and Financial Chronicle
,
quarterly submission by all agenr.
cies, whose transactions affect the
bor-
Rates in all sectors of the market
lack
;r.
a
Community
million
people will
come
a
most powerful
world affairs.
"
serious threat, to U. . S. It
soon
of
be¬
was implied that a 3% rise in
force in
in the future' ^bot and its union leaders is the wage benefits-each year would be
-suosianxiai savings m xne iiiiure. Europ^an Econ(Wflic Community considered
non-inflationary wage
in
the market—from individuals..? Secretary McNamara has estabor "Common Market.". This Fedbehavior. The theory is that proand lon^g-term investment institulished as a target the reduction eration of six
European countries ductivity has increased an aver¬
sions as well as from banks. But, of net military spending abroad to.., has a population nearly equal to age of 8% annually over the past
it
is
not part of "our. policy >tp $1.6 billion for fiscal
1963, and- to that of the United States .-The 50 years and therefore this should
press
ahead with long-term fi- $1 billion by fiscaL>l966. This;.
people within the area are intelli-' provide (a reliable guidepost for
nancing to the extent of jeopard- compares with a previous $2.6
;
bil-;gent and industrious. In existence the rewards that labor is entitled
izmg the flow of,funds necessary Ron or more. With»the full
co-:t>nly
four v. years,: the
Common to in the future/Inasmuch as.no
to-support an expansion: of busi- operation of our .allies, th^se tar- Market
' tremendous
has
tshown
*
"
- —labor
leader of .today could hope WASHINGTON, D. C.—.lohn W.
npss
inwstmpnt- 0 Anv " phrmrrporta+cr
4*>t4+V«rf
irv.'
ness
investment
•on
that basis,- it Holton, a long-time aide to former
during the .-coming
surprise .' that *the Speaker of the House Sam Raylevel of long-term
advice was repeatedly burn, has been
named
Federal
will reflect a natural response to
Legislative
to continue:to tap a .cross-section
of the funds becoming available
payments should lead to.very*
Gf
A. B. A.
Appoints
Holton Counsel
'nflA1
.
'
Counsel
months
—
.
,
method
—
of
--
financing
-
.
.
,.
,,
..
,
,
,
cuvtiLfiut
including the
current
our
^vtjj
ctivuuiog&iuciu
tv
deliberately
j
the
ago
cOn-
recentpppomtment opera% The Common Market now troverted the Administration's
.deficit.,xN°r .will it represent a, of an over-all-Export Coordinator .has.a,tremendous -production po- wishes and'raised steel prices 3%.'
blunt, effort.
which I believe nr the
Department, of Commerce.
-.
would
be
out of the
quite
futile—to
This official
crowd
lqng-term market
some
marginal amount, of foreign
borr
-
—
by relatively smab differences
the
total
cost of the
borrower.
working with
both
government to
assure-
of
credit,to the
-
the best
use
taxes and
anti-trtiS
t
governm
industry, and,
programs
for';
.77 7"'7
Meanwhile
v'-'-V'
eYal
lib-
laws-arid friendly
-
of:
permit-the" output
-goods'
prices
lower* than- for
similar-quality U.S.-made goods..
-,v: S'7'
> <-■' ' . - -..'
■
.
labor costs
high-grade 'manufactured
labor ' leaders here 'at
Hence,
defenses against
our
combination oT
,which-cah be"sold In the-United
recently improved facilities
-states "at
assistance
porters.
7.-;'*7:;v?
Over
ww0ther
arising
from
Market merchandise
sn^rulativp
in
the United
Office
of
ciation.
The
appointment
is
effective
the
the
at
close
of
present
of
session
Congress.
-
Mr. Helton's
appointment
the
to
created
John W. Holton
;•
a,
ton
Bankers Asso¬
drains
the< potential shocks' and
Washing¬
The American
The. President's - Immediate reaction left no doubt as to his dis-.
Pleasure, nor as to the manner inwhich he planned to punish the
industry; Subsequent repercusstons extended , far beyond the
steel industry, into the stock market—and even upset the national
economy.'- Using: the • -steel fiasco
as a warning, labor leaders now
who.advocate that-members seem intent on daring the Presithe loncer-nm
I have that can come from-sudden and- ?trlke
for higher, .wages .merely dent do-crack* down, on them,
the? l°nger-run
as I have
large.scale shifts of liquid funds^crfaf
^S9H«rion despite the 15 million votes in
aouity 10 maintain equi
The Balance of Payments
-
our
in- and
•
,
lower
responsibility ofreviewing and*
expeoitmg-our totalexjiort.drive,?
borrowing that in any
event is attracted .more: by our
unrivaled, market facilities-than
rowing
tentlai whereiha
charged, with the
is
in
the
here
nounced
by
newly
posi-
tion was .an¬
Dr.* Charles, E.
their memberships. He has lost his
Walker, A. B. A. Executive ViceImvebeen .Sta,tes,They thus compound their Hemper- befoie.;- Will he dose- it President; and Charles R. McNeill.
payments will reflect our,.
„reativ strengthened *
tmembers7'unemployment problem, again'with union labor flaunting
Mr. Holton will have primary
success
in
achieving more rapid S'eauy sirenginenea.
.
'
Those who -ask the government its gains in his face?
responsibility for Association rela¬
increases in productivity, a favorThe agreement reached last De-^r to"make-work" simply assure for
:"i
•
: >
tions with Congress and will serve
able climate Tor
he^lnvestment,' cemj3er •:
industrialized" themselves
highertaxes and
"••• What-Can Be Done? ;i:
as
a
chief deputy to Charles R.
faster growth,
+ and
stable
prices
countries
to
supplement
the
regu- r higher\ casts * for
the
- domestic
Th_
i ^ ' - f_
^
McNeill, Director of the Associa¬
in
our.
domestic
economy
pre-., lar
resources of the International
product—and again boost the sale iGUma i« for labar leaders to
«
.bal-
international
our
in
^ OTeSsUres"
"*
.
.
.
.
tion's. Washington Office.
?ig Tn o6ur
rS TrOT ^^toci^o^W brihon °has lldeTtoptog^klep' h"s° job" is ^opt a more realistic attitude and
and in credit policies. But, for the
Len Stm hi se^mcoun^ eoin/to^skhk members'to ac? to^cooperate wholeheartedly with. •C.
present, after more than a decade 22^.
wfn ^^trfive' cent lower waees'^ -^ ^
the President s request for moderof deficits,.
cannot afford: to
th5 TT^te^
^
% ..ation. in wage demands, ferr a ST.
wait
tex
ed
now
and
idly by until these
longer-
»T-t
icoptpieies
iii€
7
Our
balance, of-payments
counts
are
;
beginning
of the fruits.of the
some
have
measures
which,
averaged^3.7
billiop
and
1960^ was re$2.5 billion in
1958
between
duced To
1961apd,
of this
convertible
have
resuit
a
• virc
ytrar
:
—
0f
;
in
"pilot"
a
.
.
mutual
defense
stage,
;
is
additional military
curement in the United
allies,
our
well
as
as
our
own
spending.
Current outlays for economic aid
also reflect our efforts to furnish
this
assistance
in the form
of
economies
in
overseas
services,
Perhaps most significant for the
longer-run,
our
exports
have
American
climbed
goods
to
a
new
thanks in large
and
record level-—
part to the virtual
Taken
can
ofier to sell
an
surplus has improved
trade
the
of
second half of
ove
lybl.
evidence
reduce
seas
is
together,
the
our
eVer
wisely considered and impigmented — do the job alone.''
They
the
recent
minimum
necessary
development under
aegis of the Bureau
Budget of a government
the
^i
control
fnr
of the
wide
intprnatifinal
system for international
transactions.
This
requires
the
of these
1
5
LESLIE FAY INC
Class A Stock
($1 Par Value)
"
*
-
Price $9,875 per share
-
are
substitute
no
for
re-
V"
Copies of the Prospectus
may
be obtained in
any
State in which this announcement is circulated
from only such of the several underwriters as may lawfully ofer these securities in such State.
sponsible
wage
bargaining and
practices,
for measures
pricing
maintain
|0
active
competition
Shearson, Hammill & Co.
producers, for better edu-
cati0nal and research
facilities, or
ingredients of
Q^gj.
s
dynamic
growth "
pj-j^g
with
'
stable
A. C. ALLYN & CO.?
weu
considered
monetary,
and
tax
debt
INCORPORATED
man-
mcdonnell 8 co.
INCORPORATED
ton,
Joint
v
; Dillon before
Committee, Washing-
Secretary
Economic
d. c., Aug. n,
1962.
.
-
-
.
.
-
Granbery, marache 8 Co.
murch 8 co., inc.
'
-
*
Halle s stieglitz
pierce, carrison, wulbern, inc.
'
1
i
.
t
Remarlc8
«
courts 8 co.
7
'
ously impaired.
.
HAYDEN, STONE 8 CO.
-
re-
ments equilibrium, the prospects
for substantial progress toward a"
better life for all our citizens in
the years ahead would be seri-
the
BACHE & CO.
€cfually true that
without
form,
determination to
any
200,000 Shares
financial
lessen the balance
government spending over-
to
the
of
& Sons.
potentially
of^agement policies flexibly attuned
payments impact of our overseas to the facts of our internal and
expenditures and to stimulate our external position, and intense ef-.
exports are being stepped uo. One forts to restore balance of payEfforts to
Edwards
tj
goals. But I should also emphasize
— how-
for
response to. higher
business
activity
our
expected
G.
offer to buy
an
*
westheimer 8 company
at
the
Espenchied & Co.
Espenchied
was
formerly
with A;
that these policies cannot
though imports have also risen
;
solicitation of
nor a
offices
under
of
September 12, 1962
lined here today will make a maj0r contribution to our economic
among
levels
Mr. ".
w<xy
NEW ISSUE
and policies I have out-
program
stability of the prices of our msmufactured goods since 1958.
Alan
name
monetary system.
pro-7
States by
iii^ niib
firm
securities. The offering is made only by the Prospectus.
v
.
being significantly narrowed—re¬
flecting
\jLiiy
from
South Brentwood
——
This .advertisement is neither
.
program
ira*.
business
1110
7
deficit.
payments
our
still
0134 these £acilities
also7
uay 2>
curities
foreign currencies,
-
our
idir
all industries, and for
—
provide an entirely new dimension to our defenses against dis-.
instance, the net drain from- turbances
in
the
international
.
iiis
m
W'th regard t0 wage rates, 'can labor leaders escape censure
.
contr buted.
For
practices
enough has already been learned
fcom ^ experience to suggest
the
i
biriPmor7bS!rfactors
.
j^rs passing into foreign hands as
:Wi!ite
r< c
from
resulted
improvement-
made
.These currencies, in turn, may be
fiexibly employed to absorb dol-
durmg the first half of this yea
«1US
^.r't0T."f
$1.5 billion.
Part
uitdirU'':' tJcfily ^ ill
^
steady progress *: in
arranging facilities for acquiring
have taken. The over-all defi-
we
T
-reexamination {of! featherbedding
by uur
Our uuvcrnmem.,
Covernment'
vf^wwn
^lh>eswnsibte^^ore^gri'official!-Wistles
ac-
show
to
Craekdown
necessary- legx&ia
£ Espenschied Opens
LOUIS, Mo V— Clifford .E.
Espetichied is engaging in a se¬
:we.
,;
12
The Commercial and Financial Chronicle
(1112)
really satisfactory, until we
are willing to per¬
mit natural forces to play the
;
rently said on these subjects marily to avoid payment of controlling role.
excessive wages to men often
one would get the impression
that automation and other ap¬ no longer particularly eager
about producing at their best. Phila. Bond Club
plications of newly discovered
Continued frorn page 1
scientific
principles to the
work-a-day world were to be
regarded much as the tides or
the
the winds
other
or some
of
ifestation
man¬
the
any
rules
other
various
The stock market
this
oi
Club
Bond
Philadelphia
what
does
man
reference to
does not do,
or
and that all that
premises is /to
adjustments as are
such
So far
practice.
we are aware
there is
no
as
way
of
results
that
what
from
termed
that
speaking, and that which is
behavior.
man
It
also
is
ob¬
vious that if the work of the
plus
outcome
an
valued
for
Bond
were
of
sent
how there
we
do not
be any
latter bulks
can
Philadelphia
of
■
■
■
of the field day
Members
mittees
and
Stanley Russell, Blyth &
to
Co., Inc.
it not for the costliness
labor, but
the order of the
out to
Club
and
products,
hence
enjoyment
product.,fit;^is indeed
the
misapplication of such
elementary truths as these
which gives the movement for
of
the
shorter
workweeks
its
im¬
petus.
com¬
are:
Field
doubt
D.
Chairman:
Day
Chairmen:
Richard W.
Hole, R. W. Pressprich & Co.; and
Harry K. Hiestand, Reynolds &
Derickson, Jr., Blair &
organizations could not suc¬
ceed in creating such artificial Co., Incorporated; Herbert Obendorfer; Salomon Brothers & Hutzconditions
in
industry and ler; and John-W.5 'WurtSp-G.^ft.
hence to place so great a pre¬ Walker'& Co. ? w ?
H.
•
mium
upon the very thing
the workmen complain
—
the
with
men
substitution
machines.
Attendance: Stanley A. Russell,
Jr., Blyth Sc Co., ^ncv chairman;
Thomas J. McCann, Gerstley, Sunstein & Co.; Samuel W. Parke,
of
Such
require a great
Schmidt, Roberts & Parke; Rob¬
reflection, however, to change, in a fully free econ¬ ert W. Wehrheim, Philadelphia
make it clear that the basic omy, would occur only when National
Bank;
Stuart
MacR.
deal of
conditions
required to
date such conclusions
vali¬
or
their
sound
economic
forces
brought them into being.
a
free market
the
Wyeth, Stone
rities Corp.
In
manufac¬
application to present day
turer then would choose be¬
problems simply do not exist.
The fact is that labor policies tween machine production
and
hand
labor
on
the
in the past,
particularly of the
larger and more powerful of strength of natural circum¬
stances.
The
very
r a p i d
the monopolistic labor
organi¬
zations, have been an impor¬ growth of the application of
tant factor—if not in the dis¬ machinery is, accordingly, in
'
Webster
&
Entertainment:
Harry
Secu¬
K.
Hie¬
stand, chairman.
Golf Committee: John B. Rich-
Butcher & Sherrerd, chair¬
man; Gordon W. Pfau, Woodcock,
Moyer, Fricke & French, Inc.;
John R. Sauerteig.
ter,
Minor Sports: James H. Potter,
Van Alstyne, Noel & Co., chair¬
of newer methods of part a result of a lack of full man; George W. Schwinn, Jr.,
and free competition through¬
Dean Witter & Co.; Winthrop H.
production then in the extent
out all industry and trade.
to which
Battles, Janney, Battles & E. W.
they have been ap¬
Clark, Inc.
plied throughout industry and
No Sharing of Income
covery
trade, and hence in the rate
at which
Publicity:
The
of this mo¬
men and
jobs. It has often nopoly is clearly evidenced in
been the exceedingly high the audacity shown by union
they have replaced
cost of labor that has led busi¬
presence
leaders
Eugene
Arnold,
Jr.,
Robinson & Co., Inc., chairman.
Special Event: Joseph E. Smith,
Newburger & Co., Chairman; E.
in
demanding a Coit Williamson, Schmidt, Rob¬
erts & Parke; James J. McAtee,
nessmen to adopt and install shorter
work-week,
plus
Butcher
&
Sherrerd; ; James B.
devices which .tend to
replace higher hourly wages, so that McF'arland, Stroud & Company,
human hands.
It may
true that the
lar
of
been
the
factories
are
men
the
as
installation
available
spectacu¬
devices that have
replacing
industries
tial
more
well be
such
once
was
all
the
men
that
they
but
their
were
essen¬
regardless of the cost of
will
take
home
as
much pay as ever and the cost
of the product will
inevitably
in such increase.
automobile
value is that it
better reading than any posted
in the spirited July rally, and the
ability to hold above it would in-
The share-the^work
movement
is
never
accom¬
panied by any willingness on
the part of its advocates to
share income.
It is this fact
which
into
brings
There
the
,.
was
rails.
little to
.
•
said for
be
which, long neglected,
couple of unfavor¬
had to digest a
dividend
able
trim
actions.
They were
ern,
Island and an
Chicago Great West¬
and both promptly made the
new
lows list in a rush.
by
Rock
Utilities Stalemated
Spencer
Wright III, Wright, Wood & Co.
General
John
that
be
Incorporated; Floyd
E. Justice,
Kidder, Peabody & Co.; Charles
L. Wallingford, Janney, Battles &
E. W. Clark, Inc.; Harold F. Car¬
ter, Hornblower & Weeks; Harry
H. Fahrig, Jr., Reynolds & Co.;
Leighton H. Mcllvaine, Goldman,
Sachs & Co.; Clifford G. Reming¬
ton, Hess, Grant & Remington, Inc.
Tennis: John P.
•
in
utility section, while buoy-r
in a dead stalemate as
its average is concerned.
The readings since- late August
have never reached, 122, and have
never slipped under 120. It is an
was
far
as
however, where this average
hovering before the May 28
break, so it represents good re¬
covery from that beating.
area,
decisive
action,-i the
markets settled down into a daylittle
by-day pattern of erratic action,
an early spurt perhaps that peters
out in a rush, or sagging markets
that come to life just before the
close. D i vergent trends even
among the averages on any par¬
ticular session have been the rule
on
handful of
a
occasions.
'A/;':'
Chemicals Perk Up
There
in
the
was
occasional
chemical
section
<
Some
it
competition that, with over¬
capacity general, has plagued it
for some time. In addition, the
switch
by the big oil companies to
the petrochemical field both elim¬
inated or diminished their chem¬
ical
needs
and
added
new
com¬
prime chemical
companies. In fact, some of the
chemical companies even moved
into the petrochemical scene by
acquiring oil concerns for their
reserves,
Allied Chemical-Union
Texas Natural Gas and a proposed
petitors
for
the
combination of W. R.
Grace with
Cosden Petroleum being the sam¬
ples of this type of move.
In
any
event,
turn for the
something
better
was
of
a
<
.
>
«■;
three-tenths
-
of
Mergen-
can
Manufacturing and Mergen¬
itself
recently
reported
increasing its: holdings of Electric
thaler
.
Autolite to
than half of the
more
capitalization.
By some yardsticks, the. market
price of Mergenthaler is ignoring
both
the
stock
reduced
also
and
Autolite
stock
"float"
the
of
each
genthaler share. That is
the
worth
$12
behind
of
Mer¬
more
than
half of the market value of Mer¬
genthaler shares. Moreover, the
market price recently has been
than
the
valuA' of
book
v
A-':. A;A; f;
j
Without the benefits of Autolite
being taken into account, Mergen¬
thaler has been doing well on; its
arid since
own
stantial
had sub¬
1958 has
sales
gains each .' year,
largely because half of its linotype
sales are to foreign markets.
J
.
,,
.
Autolite
sifying
position
the
on
itself
has been
from
away
diver¬
one-time
its
as a company dependent
automotive field with its
downs. It owns Hiller
along with an equipment
leasing subsidiary and is excep¬
tionally liquid so presumably' is
and
ups
Aircraft
at the
not
as
end
of
the line
as
far
It
diversification is concerned.
has
cash trove that figures
out to
$25 a share behind each Autolite
share which, around 48, is far be¬
low the total $86 book value.v
a
Vigorous Expansion. A
ap¬
peared that the industry is coming
to the end of the vicious price
:
"Value
thaler's stock is owned by Ameri¬
strength
as
decade.
a
A.. "Tangled"
A
ehem ieal
field, ; is Mergenthaler-Linotype,
which is. something of a tangle.
was
With
as one re¬
Far removed from the
The
ant,
than
more
.v
Mergenthaler.
.
yieid,
3.3%
a
searcher put it, Dow is selling at
its lowest ratio and highest yield
lower
see
Co.
about
It does not
could
omission by
then
the
in
that
a
a
'r
Now, in very considerable
the degree these anomalies have
Arrangements:
Leonard
S.
solution in the abstract any¬ come
upon us for the simple Bailey, G. H. Walker & Co., chair¬
how would be sought in poli¬ reason
that natural forces are man; Arthur Horton, Penington,
Colket
&
Co.,
vice
chairman;
cies which tended to give all not allowed to
function, or to
George A. Bailey, Jr., George. A.
equal opportunities to take function only in part. Lack¬
Bailey & Co.; A. William Battin,
part in the production process ing monopoly power, labor Stone & Webster Securities Corp.;
ditional
all
golfers. dicate inherent strength.
for
made
be
of other techno¬
highly than ad¬
more
charges,
caddy
About
for its- basic
said
is
guests is twenty-five
dollars. Reservation checks should
logical developments ; which
might or might not have been
applied upon so broad a scale
that
be done
can
actual.
and trap shooting at 3; There
a greens fee of six dollars,
Tariff
strictly
the
much
by fewer
people working fewer hours larger than is commonly sup¬
and if additional leisure is posed.
world
as
.
automation
ings, and
s
will be
is
pos¬
sible. Now it is of course, true
many of these techno¬
logical changes are the out¬
growth of discoveries in sci¬
ence which were hardly fore¬
seen and which were largely
independent of general hu¬
p. m.
aimless
ability of this indicator to
'that level was
mildly encouraging although its
value as a "floor" for the general
market is more psychological than
8:30; a buffet lunch will
be served from 12 to 3. The Ten¬
nis Tournament will begin at 2
early
as
measuring statistically the
make amount of A unemployment
be done
can
the
in
standard
as
was
is
find- rsupport- at
hdld Its'37th ahniial outing at the
their in organized shops 'have in
Huntington Valley Country Club
substantial
degree become on Sept. 28th. Golfers can tee' Off
blessings or their curses with¬
out much if any
it
as
The
will
with
mankind
visit
week
possible for it
to be although the industrial aver¬
age with its endless fluctuations
was
able to hold above the 600
line through a new test.
^
PHILADELPHIA, Pa.—The Bond;
which and restrictions insisted upon
nature
BY WALLACE STREETS
<
Annual Outing
of
the wage levels
unions,
and
of
members
become
Thursday, September 13, 1962
.
.
The Market.. .And You
once more
Even where the men have not
.
Celanese
is
another
case
-
of
vigorous expansion to lessen its
dependence on the uncertain de¬
mand for synthetic fibers, in re¬
cent years concentrating on chem¬
ical
and
plastics although still
ranking as one of the giants in the
acetate fiber business.
The recent record is
a
good
one
and with
the
last
sales nearly doubled
decade its net income
projected to
the
level
a
of
in
is
total that will triple
a
chemical-plastic
decade
move
back.
is
a
The
part of
that
vastly improved picture since
products from these divisions now
account for
total
of
more
than four-fifths
sales.
Nevertheless, the
shares are selling well under this
year's high and offering a yield
that stretches into the 4% bracket.
indicated
Interesting Acquisition
in the
earnings reports of. the first
half of this year as well as in the
sales gains reported by the vari¬
ous companies.
Dow
Chemical, which is sup¬
posed to be more prominent in
plastic and petrochemical
$ales
than any of the standard chemical
companies, was something of a
Can is preparing
acquire Metal & Thermit Corp.;
put it in the tin business which
a
logical move by a maker American
metal
did
cans.
little
to
to
is
of
Yet the announcement
to
shake
this
issue
out
of its lethargic market pattern. In
part the disinterest might be cau¬
favorite, at least with the research tion since a merger between Metal
departments. Moreover, Dow has & Thermit and Udylite Corp. late
last year was blocked by some of
some other shelters to help it off¬
stockholders. There has
set the profit squeeze on its chem¬ Metal's
ical work, including its position as been no blocking action from this
the largest domestic producers of source since the American Can
magnesium, the metal that is find¬ announcement, so this union is be¬
ing increased applications because lieved to have the blessing of the
once-dissident holders. American
of its light weight.
McCoy, Thayer,
chairman; Lawrance
Dow hasn't completely evaded already has a fifth stock interest
A. Brown, Hallowell, Sulzberger,
the price sqqeeze, however, since in Metal.
more
rapid throughout and in the leaders of
Jenks, Kirkland & Co.; Robert T. with a small
There is also dilution inherent
nonrecurring charge,
many instances so improved bor. They insist that the men Arnold, First Boston Corp.; and
its earnings were slightly lower in in the new merger since it would
be required to work fewer Lewis P. Jacoby, Jr., Thayer, Ba¬
the product.
its last fiscal year than a year ago, be a stock exchange of Canco's
hours each week but that they ker & Co.
although sales were up 9% to a common and preferred for the
Avoiding Excessive Wage
record. The fiscal year ran through common and preferred of Metal.
be paid as if
they continued
Trophy Committee: Samuel M.
Payments
to work the old schedule— Kennedy, Yarnall, Biddle & Co., last May. Earnings projections for However, even without the bene¬
this year favor a good increase in fits from the new merger, Ameri¬
chairman.
*
But possibly the man in the that
is, where there is no de¬
can
was
able to report a com¬
profits for Dow.
street does not realize the de¬ mand for even
fortable increase in its earnings
Trap Shooting: John R. Woolhigher rates of
labor
otherwise
—
so
much
the
intellectual
question
integrity of
organized la¬
Baker & Co.,
,
gree
Chemicals once were considered
in .which
many opera¬
tions in and out of these
large
mass
producing
industries
have become mechanized
pri-
pay. It is more than doubtful
if we shall ever
get a solution
of these rather technical
ford, American Securities Corpo¬
ration, chairman; B. Newton Bar¬
ber, W. H. Newbold's Sons & Co.;
lems, certainly
Biddle &
prob¬
none
that is
and
C.
Carroll
Co.
Seward, Yarnall,
the premiere
growth items in the
list, and hence commanded
high price-earnings ratios and low
yields. But with a market tag of
stock
less than 20-times indicated
earn¬
for the first half of this year and
its 4.7% yield at its recent price is
distinctly above-average.
The company that, from a sorry
experience, is shy of new diver-
Volume
sification
which
196
is Air
Number
6194
.
.
The Commercial and Financial Chronicle
.
Electric
The State of
of
the
largest
aluminum
windows,
-
cabinets.
TRADE and INDUSTRY
■.■.!;;Av;"""t
Auto
Production
",f\''•
The
economic
of
pace
activity
picked up somewhat in July, with
early signs suggesting little change
any
lessened in¬
or
dollar funds received
to
on
Swiss
exchange
the
banks
dollars
bills.
Swiss
in
turn
United
m
Swiss
ASE regular
April 27, 1938, was unani¬
mously elected Vice-Chairman of
the
American
Stock 1 Exchange
results; such
the heavy liquidation of steel
the
ket decline.
Nevertheless, the cur¬
rently available data do seem to
confirm
that
weathered
tion
of
the
1
economy
has
unusual
combina¬
an
adverse
influences
better
than many had anticipated,
v
Consumer
spending intentions
well
were
buoyant.
Governors
the
at
new
moved
was
by
Vice-Chairman,
retiring
continue
as
a
Edward
Kraebel, who will
Board
and
member
Board Chairman of the Ameri¬
as
Stock Exchange
Clearing Cor¬
poration, stated his responsibilities
as
the
sole
representative
of
Mabon & Co. on the ASE trading
can
floor, necessitated
retirement
his
though
have
Edwin
D.
ASE
Etherington,
President, announced at the
time
Board's
the
same
unanimous
ap¬
proval of his appointment of Dr.
Allen Balcom Du Mont, television
electronics
and
third
Public
Exchange.
Dr.
than
as
the
of
the
pioneer,
Governor
;
.
J.
,
Du
Mont, who
30
patents
on
;
holds more
electronic
systems and products, is currently
technical
senior
Du
Mont
advisor
Divisions
the
to
Fairchild
of
States Treasury
advanced by
i
a
chief
cities
cate
that
those
week
last
totals
a
provide
increased
demand
in
without
even
cut.
near
immediate
an
The budget already
rise
some
the
over
months
spending
ahead
and
the
rate of outlays can to some extent
be
speeded
should
up
conditions warrant.
economic
Finally,
additional
a
has
sum
sub¬
re¬
for
the
highway
program, thus
contracts to be placed
permitting
at
somewhat faster rate than had
a
originally been scheduled.
In
second article in its Review,
the Bank comments that monetary
a
authorities in the major industrial
countries abroad have continued
their
efforts
balances
tions
both
correct
to
payments posi¬
mitigate swings in
domestic economic and credit
ditions.
im¬
their
in
and
to
Countries
with,
Reappointed and confirmed as
public governors were S. Whitney
Landon,
lawyer
a
Vice-President
American
and
retired
Secretary of
and
Telephone
Tele¬
and
graph
Company and Dr. Charles
Franklin
Phillips,
President
of
Bates
College. They had
been
initially appointed as public rep¬
'
Week End.
resentatives
the
on
March of this year.
in
Board
V.
f
^
shifts
inflationary
for
'!>
rate
tional
Capital Life
its
thereby
Sackman,
recently
retired
York
State Assistant Super¬
intendent of Insurance, has joined
Capital
Life
Insurance
Shares,
Inc., 660 Madison Ave., New York
City,
as
Investment Consultant
insurance
nounced
mutual
companies,
by
Harold
fund's
it was
J. Ryan,
Executive
on
an¬
the
Vice-
President.
Mr.
Sackman
York
1923
joined
the New
Department
in
Insurance
as
cessive
position
an
examiner
promotions,
of
Chief
+14.5
923,000
858,000
+
7.6
665,457
628,975
+
5.8
425,569
388,694
+
9.5
Output Down
stitute,
appointed
intendent of
funds
1954. He
Assistant
Insurance in
Super¬
19581
At the
Market
to
same
from
contributing further
the already easy money market
Countries such as Austria, the
Netherlands, and Switzerland, that
were faced' with
continuing infla¬
tionary pressures, have used
measures other than higher inter¬
rates
in
to
restrain
recent
million received
such
pres¬
months.
The $50
by the Swiss Na-
tional 'Bank
swap
under
the July
16
agreement with the Federal
Reserve
stock
market
jolt
month.
While
spending plans in most
metalworking lines slipped in the
second
quarter, some important
upped their spending
sectors
sights.
*
The
auto
crest of
since
set
a
industry,
selling
riding
the
unmatched
wave
1955, in the June quarter
$147 million for capital
This is up 43% from
aside
spending.
:
.
:
,
Continued
on page
nor a
solicitation oj
an
offer to buy
any
of these
on
September 11, 1962
$50,000,000
•
1.9%
no
Tennessee Gas Transmission
5% Debentures due September 1,1982
\>i\u
From
Company
!
: tf'i
\
i
1
Dated September 1,1962
.
Price 101.25%
and interest accrued from September 1, 1962, to date of
tons
Sept. 8, 1962, was 1,641,000
(*88.1%), as pgainst 1,672.000
delivery
tons
(*89.8%) in the week ending
Sept.
qualified to act
are
obtainable from only such of the undersigned
dealers in securities in the respective States.
are
as
1.
Data
for the latest week
ended
Sept.
8, 1962, shows a production
decline of 19.2% compared to last
year's week output of 2,032,000
tons (*109.1%).
Production
Sept.
8
this
through
year
amounted
the Jan.
The
concludes
(*103.8%),
Index
of
Ingot
Incorporated
follows:
as
*
Ripley & Co.
Lehman Brothers
Lazard Freres & Co.
Kidder, Peabody & Co.
by
Sept. 8,
ended
Harriman
Goldman, Sachs & Co.
with
Production
Districts for week
The First Boston Corporation
Eastman Dillon, Union Securities & Co.
Blyth & Co., Inc.
Halsey, Stuart & Co. Inc.
White, Weld & Co.
Incorporated
or
Institute
Stone & Webster Securities Corporation
Glore, Forgan & Co.
to
69,619,000
8.5%
above
1-Sept. 9, 1961, period.
tons
1962,
Copies of the Prospectus
as
Index of
Merrill
Paine, Webber, Jackson & Curtis
Lynch, Pierce, Fenner & Smith
Incorporated
Salomon Brothers & Hutzler
Smith, Barney & Co.
Dean Witter & Co.
Incorporated
Ingot
Production for
Week Ended
Sept. 8, 1962
North East Coast.
Buffalo
89
_
This advertisement is neither
80
.
Pittsburgh
Youngstown
80
Cleveland
80
an
offer to sell nor a solicitation of an offer to buy
offering is made only by the Prospectus. This is published
behalf of only such of the undersigned as are qualified to act as
securities. The
,
dealers in securities in the
82
New Issue
Chicago
97
Cincinnati
86
St. Louis
V
Index
of
September 11,1962
225,000 Shares
Tennessee Gas Transmission
98
i
....
87
<
production
for
based
on
(par value $100 per share)
Convertible into Common Stock through September I, 1977
average
1957-1959.
Price
October Is Critical Month
October
of
For
Steel
will
be
the
Company
4.92% Cumulative Convertible Second Preferred Stock
88.1
production
month
respective States.
'
;
82
•
Total
weekly
of these
on
104
Southern
*
any
year
critical
the
for
$100 per Share
Plus accrued dividends from the date of issuance
the
steel
Copies of the Prospectus are obtainable from only such of the undersigned
are
qualified to act as dealers in securities in the respective States.
as
industry, The Iron Age reported.
If
there
is
a
substantial
im¬
provement, the recovery is likely
to
gain momentum and extend
Stone & Webster Securities
Corporation
White, Weld & Co.
well into 1963. But unless October
conditions.
sures
the
Common
.
the
same
behalf of only such of the undersigned as are qualified to act as
dealers in securities in the respective States.
fqr:1the week
production
33/4%,
to move its
alignment with
closer
other
and
ended
lowered
to
latest
offer to sell
According to data compiled by
American,1 Iron ahd Steel In¬
Western
time, this
discouraged foreign short-term
attained
and
of
countries.
est
Examiner
rate
an
the
pres¬
continuing
into
those
and, by suc¬
Chief of Life Bureau, in
was
rate
Belgium
nedy
later that
offering is made only by the*Prospectus. This is published
%
987,478
.
4x/2%
of
price
+16.3
cut in the dis¬
discount
believed
The steel
New Issue
was
Bank
basic
is
industry delayed as it
its breath after the May;
rebuff by President Ken¬
.
•.
domestic
by the Bank
aimed primarily at
restraining the inflow of foreign
funds.
In early August, the Na¬
Sackman Joins
New
to
the
of this
From Last Year's Week
would be least likely to aggravate
England
securities. The
Preceding,Week and Down 19.2%
inflows of short-term capital.
count
on
'
,
1961
....
1,130,520
City
Steel's
ent, the authorities generally
counter-measures
that
of
based
This advertisement is neither
of t he
some
■•i:he+p'co^ioonl
sought
a
is
were
used by the author¬
gains
are greater than the small
improvement of September, confi¬
dence of the steel industry in a
strong
fourth
quarter recovery
canl't help but be shaken.
These
the
are
market
(1)
the
that
Inventories
crosscurrents
are
of
hands of major users,
in
confusing:
steel
in
the
particularly
automotive, continue high. Auto¬
makers, with enough steel on hand
Blyth & Co., Inc.
The First Boston Corporation
Glore, Forgan & Co.
Eastman Dillon, Union Securities & Co.
Harriman
Goldman, Sachs & Co.
Ripley & Co.
Incorporated
Kidder, Peabody & Co.
Incorporated
Lazard Freres & Co.
Lehman Brothers
■
Merrill Lynch, Pierce, Fenner & Smith
Paine, Webber, Jackson & Curtis
Incorporated
Smith, Barney & Co.
Incorporated
-
July- and early August, steel
companies have announced capital
spending plans totalling near $200
caught
metalworking
The data
Our preliminary
$12,812,368 $11,020,270
Chicago
short-term
were
for
to obtain
be 11.5%
Detroit
pressures
Thus, in April
Julius
of
where
even
States
S.
sea-
due to "delayed action" decisions,
said The Iron Age.
Capital Spending Hike"
at
1962
York__
rates, to bring them more
closely into line with rates else¬
where, and thereby to moderate
But
the
companies,
in the second quarter this year,
set aside $826 million for spending
on
new,
expanded, or improved
plants and equipment. This is off
from high-level first quarter ap¬
propriations of $1.2 billion.
indi¬
(000's Omitted)-—-+
r-—1
Sep. 8
New
est
international
in
gains
are
principal money centers follows:
danger of domestic inflation
generally reduced domestic inter¬
funds.
overall
Metal Working Companies Plan
U.
weekended
no
i
figures
con¬
strong
and little or
a
and
automakers
in 7
in
A fresh surge of capital spend¬
ing plans recently: announced by
the steel industry has brightened
a
second quarter lull in metalworking
capital
appropriations.
The Iron Age reported.
8,- clearings; for
year.
summary
tax
calls for
Federal
in
future,
big,
week in 1961. Our compara¬
same
tive
Kansas
support. to
the
by
companies
Subsequent to the survey, taken
tinplate
and
sheet and strip users to re¬
million.. Much
in
$23,671,100,170
t $21,237,946,858 for the
n s
Losten
likely
galvanized
500
weekly reports all data
sonally adjusted.
the
during
up
than
of the corresponding
stand
i
g a
turn
are
flat-rolled market.
v
■*
country,
the
it
is possible
weekly,.; clearings will
Philadelphia
to
the
cities of the United
business and fiscal outlook.
total
of
for
all
because of the uncertainties in the
The Government sector is
»
compiled by the Chronicle, based
upon telegraphic advices from the
Saturday; Sept.
in
ar-
■
11.5% From
Preliminary
ago.
year
to
orders
large
sult
this,*week will
compared with
decrease
not
some
System's
:
Bank clearings
a
month,
for
orders
cold-rolled 1 sheets
set
funds
major metalworking categories
responded to the latest Iron Age—
NICB survey. The metalworking
executed under the
1961 Week's Volume
show
example, while
represent
by company managements
entered "on the books."
More
for
orders
eventual
and
will decline seasonally. It will take
other
role in-the :
a
Bank Clearings Rise
above
balance of payments
Camera and Instrument Corp.
inviting'the!
Reserve
not
cently been freed from trust funds
'
j
ternational Settlements.
lays in the latter half of *1962, but
neither have they cut them back,
according to the Government's la¬
test
quarterly ^ survey taken
in
early August. Thus, private spend¬
ing plans have been maintained
despite the steep stock market de¬
stantial
Vice-Chairman.
as
sustained
Businessmen
May and June and per¬
tendencies to postpone
spending and investment decisions
organization meeting. The
in
francs
currency swap
which
cline
W. Kraebel. Mr.
of
and
expected
franca,., with'.
Swiss banks also had
revised upward their earlier plans
for a moderate rise in capital out¬
haps
Robert S. Frank
hot-
passed
were
commercial, banks
for
For
rangement with the? Bank for In¬
June
the
Ford strike, slower
ordering, and — pos¬
sibly—reaction to the stock mar¬
since
nomination
propriations
aside
seasonal factors conflict.
(3)
to reduce the liquidity of the
country's banking system; The
ities
depressed
Government
Robert S. Frank, an
Frank
Price Index
Federal
stocks,
Staff of ASE
of
(2) Speedy delivery by the mills
out of for¬
ward
buying. Although October
bookings now look slim, this is no
fluence of special factors that had
as
Board's
Industrial Conference Board. Ap¬
a
the month.
reflect the removal
Board
tion and sales is set.
even
playing
indication
.
Dr. Allen B. DuMont
against
has taken all urgency
Failures
Business
Commodity
in the over-all economic picture
time com- for; August,." comments the Sep¬
cide with those of the "Chronicle*' tember' Monthly
Revieib'' of?' the
They are presented as those of the Federal Reserve ' Bank of New
author only.]
York. The recent improvements,
however, to some extent, merely
necessarily at
Price
are
.
[The views expressed in this article
not
Index
Food
quarterly Survey of Metalworking
Capital Appropriations conducted
for the magazine by the National
assure
ages,
Trade
Retail
from
come
doors
and
related products but it gets a good
diversification among its chairs, a
carpet company and
kitchen
de
■
manufacturers.
Three-fifths of its sales
<
,
13
spot short¬
waiting game
until the pattern of .1963 produc¬
to
Output
Carloadings'
is
making aluminum and
allied products of which it is one
Production
Steel
Control Products
currently is sticking to its
primary field after liquidating of
selling the unrelated
ones.
Its
field
(1113)
"
Dean Witter & Co.
39
The Commercial and Financial Chronicle
14
.
Thursday, September 13, 1962
.
raise the price scales, they can limit production twice as much if the price is cut
the point of as effectively and be as anti- in half and there will be more
'greatest profit. Society allows this social as monopoly
prices and for him to buy.' Labor,-getting
»/»•
•
monopoly and accepts the inevi- profits * for Capital. Why should 70% of the national income, will
Tr*rTir*l£m f*\T tably resulting loss of production Unions, seeking to establish such get at least 70% of the benefit of
JL-JxXlv^lCliv^jr ' of real wealth in the interest of • monopoly-wages, ,be allowed to price reductions,
mstimulating invention.
;
...
deny free workers the right,, in a
(4) These reductions, by
may
v
■
How to Allocate Gains
.
.
T„
i
'of
.v
<"
then use to
thet product
to
\
.
*«e society, to otter their serv- creasing sales, will stimulate emtees? Wny should combinations ployment. It must be kept in mind
all have gone to Labor in higher ; A final : case is that where
wages to conform to Dean Carl, monopoly is als0 reached but this
enough to justify son's ideas? Should any of it have time with n0 blessing of society
Continued from page
The
»
—.
-
TiA^nnf-Plol
XllU- U.D l/I Ictl
Xil
Prcfits "
.
(1114)
machineriTearn
3
plant and new
new
^Ty
"saved"
work.
of this time, T»rni*lr
thus saved
us,
to
\iioolr9
MflW
shorten our ' work week? How
much of this money value should
these two sources much of this money vaiue should
umu
aim
even' the .government.
third
and even
.government pre - empt.
empt>r in
is taken away
from outdated competitors.
rive
only in what
.i'l.
11,1
r.
If
of
add to
vou
confusion
VI
a
curnusiun
it becomes clear
potent one
more
nhinftnn
1
is
taxes? All of these questions will
an
like
of
in
mingled that made fairly clear.
,
out for? .First what should Capital get?
measurement.
Take
any
mail-.Undoubtedly those who invest in
order
catalogue and try to say railroad
plant
and
equipment.
tory Profits
cannot
we
are
so
either
single
.
much
how
labor
has
saved
been
allowed
be
must
some
return
on
and, unless we are
prepared to forfeit future' invest-:
ing could have been made unless
else
ment, we must, however grudgingly, respect this claim. How do
by stuff produced by tools. How
guess
the cost of making, any
describe it? There is a term in
conventional economic use which
bv
of tools themselves
use
without
article
the
Social
could
this
the
in
tools,
no
;
.i..'"-
V
m
u
T
: .f;
.
advisable to select
items for which
jection
case
to
•
fairly accurate measure
a
Social
Profits.
For
of
our
where
times
400
and
are
the
relied
to
upon
keep'down
tribution
this purpose
miniscule
a
ton-mile.
risks;
Selecting the Beneficiaries
saved labor?
go
of
There
however,
are,
several
Should
Social
this
small frac-
a
only have been permitted to
to
consumers,
as
the Bank
International Settlements
tantly
suggests?
money
value
should
Or
of this
saved
of
hesi-
so
the
labor
excess
normal
over
case
profit 'untii
is 'that
of
.patent
Capital in higher profits, or to ;
higher wage scales, then
forces
will
take
them
natural
,
there automatically and need
be
*
•
,
,
trust the ordinary
.supply and demand to
allocate .-these- efficiency
gains
CQ+(cfarifnriiv
fnr
rights
whieh
coal
as
formerly
per
.
.
..
,
_.
be„4f&
us-cheaper. better, cars for the; most of the
are
they
J.
p°rted the ">«>-der of
pnaace.
.
.
a
:
,
-
fortunately Government spending, benefits
also
creates
our.
leadership is
interests.
vested
■
So
monetized.
There,.in
is
thev
socictv
frpp
needed.
;
.
-
:
•
Consumers'
'
'
Consumers,,
to
us
up-to-date
resume
on
STOCK
ISSUE
or
years
com-
paid uninterruptedly for
have
in
held
to
the
longer. It includes corporations and banks which have; paid
to 133 years of consecutive cash dividends.
■
set
are
by
Don't
Bank
before
in
miss
this
the
opportunity to advertise
Firm, .Corporation:
your
(1)
'
«
or
Sold
'.and
important issue.
Please
reserve
closing date of October 8, 1962.
; ;
your
'
space
'
requirements
and
■
be
;vwhr!e
mentis
>.
market
be
sold; at a lower prjce
produced; at a freeprice "real income" will
at its
peak.
:
»
.•
.
'
r
Role Is
Commercial;
Money,
can
:
,;,
■
anyone
can
:
;
•
-
-
*
j
live high for
-
a
borrowed
money andtemporary
governlikewise stimulate
a
and artificial growth by recourse to the'
produced
higher price less
a
.
Central Banks' Main
7 Although
will be
less
be
be
the G.N.P. Will
maximized. At
,
will
;
will
more
my
of this pcint.
At the low price of a free
market
See
Produce Honest
to
How
.
:
'
^ J^"'txtendld' di^ulS
forces,., this
is
~
•
; 6
polities
quite! automatic.
desirable is it socially?
.
cents.
.
minimum^ Except for
a
free-market
not
process-
and-a-half
Wages' v/ill
minimum. Prices will
a
which
taxes,
-
★
and
past. Profits will be
minimum..
a
be held to
and
up
different'
a
its benefits then Consumers will off today if we had to pay $6.40;
get nearly all that efficiency gains a ton-mile for-freight instead of '
have to offer in the future as they- the present "rail charge of one-,
-
be held to
5
advocating
show why ..production!
growth and employmentto
points ,out, is larger and less; should be sacrificed to whatever'
organized than any other group, else * it is he has in mind. And
If competition is allowed to work why he thinks we would be better-
of Canadian listed and unlisted
which cash dividends have been
anyone
dal
11,
=
stocks
to maximize*
The burden should rest heavily '
policy
that class which, as Gunnar Myr-
CANADIAN COMMON
which
policy
any
more
sound production and growth.7 ;
•
Stake.-'
on
This .brings
a'
will
^ if not interfered with. No more*
one; universciL
distribution-, can /be'-
'
The
whore
the spot.
on
demands
survival
,
WsH Be Published October
of saved la-
sake, ot-.nnancing a bigger ; bu- bor to go to Consumers in lower
effort
at
com, reaucracy in Washington.. Un- prices rather than having these
:
...
,,, ■
Soviet milkmaid,
THE CANADIAN COMMON 5T0CK/ISSUE$
mon
nn
cessive taxes can prevent General ticular field, long experience has
Motors, for
giving shown
that,
prefer- to have
-f— instance, from
*
*
" ' they
"
hour, the So,
thing,, The national welfare an- imagined,-nor
Courage and statesmanship, wdi contribute
will present an
dppH
anH
.
are
our
ik
,
other.
1962 Fall edition of
only ;•
to operate. We can,
kept free
jjj other words
■
The case
infrequently,,ac!?the,
nirequenny;^om
gains from'greater
greater efficiency :
introduction
of -through tax increases poses both;
Political
* The
the
Labor in
,
.....
inventions. -whereinventors
whereinventor:
given
...
When
in
reason
costs 5 This hostile attitude may? the'economic side the monetiza^*tax for legitimate "servkes •
be understandable but it scarce^
and to ensure that the indispens-:
justifies a demand for, aii uthe- taxation as just as^hostile t p o able freedom in our markets> both
money savi ngs from the
by excessive for Capital and for Labor, .is;
ments that.Labor tries to rule out, wag.s o p
.
' v
;
, maintained. The economic system
As* to monopoly ; Union ;* wage - On* the political;side; business equilibrates -..itself,''/ in,, general,'
? !'-badly; needs an adequate,-; stable around popukr.net demand for;
5 Labor has opposed ex^cesg ^efficiency't.; government./ Taxation thus( be- wbat pe0ple can get and want
%Z£
? comes a question of degree,,Ex-, enough to get. And, in this par-,:
competitors can';-overtake ?thera much
with comparable equipment.
Another
not
opposes
*;
field?
sufficient
;
■*;.
-
policy'
our
Profitability;
identifiable situations; where
Profit has gone to consumers in Capital can expect to get more
lower charges on freight.
What than,a mere normal profit. One
class of people, if we had it to
these is where a new plant
do over
again, would we select i® away ahead of it$ competitors.as
the most deserving benefici-' The owners of this more modern
aries of this great reservoir* of plant can then-expect to enjoy antion
and,
tually
Extra-Normal
Practically; all
to
Position
Government's
The
a
Partkular. case for allowing the:
benefits of efficiency gains to go?
devices
•
-
sbouid be
important
is
there
k^e^^as
pay,-for idle time, or more over
tirbe PaY would be open to the
w
This- is
growth.
now
this'
in
^
of
cost
what
hand, ,the use of a shorter woik-
profits are around 10% of gross talist, does none of the inventing;
leceipts ^vhich, in the case of; supplies none of the funds*- for
something like freight," are one-and-a-half cents such equipment; takes none of the"
carriage by rail.
f
labor-saving
to
sound
at that.6
g0
decent living does not needJobe
-
of !
value
;
complicated subject and I let it !
*
I
will take the carriage of freight
where the labor savings can be
estimated
mjze
higher >wages in anvHeriat> possessions,
surely they
the new labor-saving haye an arguable case. A vote for
us
the
will stimulate the produc¬
tk)n Qf m0ney an thereby maxi-
alreaay. maae Jio artiboth these costs and these normal that its wages do not fully pay finally high. ,wage scales by other
profits to a minimum. Railroad it for. Labor, unless it turns Capi-•11?eansthen
construct
factory J
very
thereby -raises
money,
.
.
prices on the supply side. On that manent, should. Labor be denied a
side they are fixed by "costs-plus, corresponding wage increase. But
single normal profits." Competition is beyond that Labor makes no con-
some
can
we
people
drawbacks,
deliberatelyto use effi-
Accordingly, if we are to get
oyr discussion off the ground, it
is
the
facing
Next, how about the claims of\c*ency Sains for more leisure in
Labor? There should be no ob- .preference to more and more ma-
its amount. We call it. machinery calls for greater skills
''Normal Profit," normal money than previously;: Nor,rif
profit. This profit is said to fix. due to excess money is to be per-
gives
one
tools?
without
it
money
we
hence
and
when
Profit,
make
or
in the
that .lowers prices.
,
■
,
manufacture of
the items listed. Practically nothtools
by
excessive profits.
Lowering prices helps this
reabsorption
monopoly
lacks £all social justifimonopoly .lacks
• The
channeling of , efficiency . (5); Alternative policies tend to
cati.on and *does
does 0
.
cation
general harm gains into shorter working hours maintain.:prices
and thus, defeat
with no alleviating social, benefit, -stands on a different footing. , It .this reabsorption for the- added :
producers , can argue that • they-'is true that greater leisure means reason that they put our country i
have provided modern plants with < less • production,
higher prices at a competitive disadvantage as
their own money. But they-are-'than would otherwise be the case, compared.to those that do lower"
paid
in full. for. such services-.a competitive disadvantage vis a their prices. > " ;*e
' "'V v-'.—;
when they get normal profits and t vis longer hours .abroad and has • (6) in any country where the
become anti-social when they try-other
evils.
But maximum production tof;>money (monetary
to get more. Society retaliates by- production and employment-have: expansion) < is controlled by, or •
making such-; "Combinations
in never been the end-all of the partly by, free-market forces, a
Restraint of Trade",.illegal.
economic universe and if, . after .policy of lowering prices, because-
effort to grasp this subject have clearer answers if. we take
trying to°grasp a handful'some specific instance like our
fcg. The third reason is that railroads where the money value
most cases Social and Preda-, that .we are talking, about can be
why
.eii.
l
i.
for
wages
to monopoly levels rpk;„
for their own
;private. "benefits.1 This type
of
1
nnr
uZ
begins to trickle back to
Ih? c"„ "ai
can
We
growth"
"max'm'z^
by
'
sound
such
any
permanent
"something
ncth,n^" fmaiicml:legcrdera®ini
-
,
..
for.
.
V
■
r
New York Sees. To
•
1
(2) Not only will there be more
to
divide
at
the - low,
freemarket price but the division will
Regular advertising rates will prevail
.
for space
in this important issue.
be
wider
spread.
Consumers
are'
THE COMMERCIAL & FINANCIAL CHRONICLE
.
-
larger
Capital
not'
more
25 PARK PLACE, NEW YORK 7, N. Y.
2-9570
\
a
class
than
include and
either
Labor
Government.
purchasing
or
spread
,
or
can-
power
broadly than by giving it to
consumers.
RECTOR
as
(3)
It
1
follows
Be NYSE Member
This is because
from
the
two
,
'
Craig Severance, on Sept.
19 will-
acquire a membership in the New
York Stock Exchange, and on the
date New York Securities
52 Wall Street, New -York,
City, v/ill become an exchange
same
Co.,
mem^er firm.
•
foregoing
that
purchasing power
is better created by lowering general prices than by raising wages,
partners are Nelson M.
Loud, Joseph T. Dineen, F. Ken-!
neth Melis, Jarvis J. Slade, Brad-
profits
taxes. A man can buy
ford Mills, and Daniel Breitbart.
or
Other
Volumel96
Number 6194
The Commercial and. Financial Chronicle
»
IS
which will surround
the European Common Market- in
ternal tariff
Our International Position
for
return
concessions
tariff
Our
Reporter
on
on
products 'entering bur- own mar¬
ket.
(In
negotiating
amongst
themselves, the • reduction of their
internal tariffs," the members
BY- JOHN T.
of the European Common Market
CHIPPENDALE, JR.
abandoned the ©Id item-by-item
type -of - tariff negotiation,
adapted, instead, a method of ne¬
gotiating tariff reductions broadly , The ..Treasury,-in order to not rpnly , Advance refunding ventures in
across the board.
They: have al- extend * the maturity date of the the past have resulted in between
ready reduced their internal tariff Government
debt ' but also
to one-quarter and one-half of the
■40% by such meansr The - Presi- make room for the issuance of outstanding
obligations
being
dent has asked for»authority to additional amounts :of short-term turned in for the new refunding
-own
By Harvey Williams,* Pkilco International, Philadelphia, Pa,
U. S. manufacturer calls for the
•
tional Trade and investment
'
prompt establishment of an Interna¬
Board, reminiscent to some extent of
War Production Board in the last war, to provide
our
civiliani
leadership - in
Such
non-political,
Jt
international economic planning and pro-'
our
our'efforts-and seek the par-/
ticipatrofi of the financial, industrial and commercial organizations of
grams.
.
a
Beard would
direct
other advanced eountries In International
trade, investment and de-;
:
negotiate in these terms which the
'
velopment
Mr, ' Williams is concerned with
programs,
stakes arising 4rom onr complex domestic, international and cold-war
^
.
problems and the need to grasp quickly the unprecedented opportuni¬
ties found in the objectives of the Free World.
the consequences if
'
/
.
The writer outlines
fail to act promptly; defends our tariff
we
he seeks and which avoids clauses
pro-
'
'
earnings; 'warns against isolating underdeveloped countries from the
V
Common Market; and
the
underdeveloped
;.4
•:
First, let
areas* could
4
•,/r
eliminate the foreign
should
V
,
take/alook at our own
and condition. We have
successful^in" gaining
be
greater
aid ; burden.
the ' Administration
cancelled,
-or
the
to
access
substantial, persistent unemploy-
rhent,
world-wide forces.
posture
an unfavorable
interna-
our
balance in
:
.
,
vance refunding
.
t, by
AUo
T hPlievA it
Also,
I
believe it
clining gold
eco'n
o m
i
that
unsatisfactory
having held at
perhaps
oneone-
to
half
the
Wp
Equally strongly, it is
lief
Harvey Williams
that
W%Uch
Wonnm'ir
mir
our
this
will
w^J™s
Commu-
^Sstic^i-
pxnnrt trade'
in faro the
nfoblem
defehS
Wori^
oSscfvS1 and"
for ourselves and the Free world,
my
be-
before
us
see;
problem
the
rWn+ip.ji
lf*JYw
of^KiTin.
or
.
standards
tor
habitants.
It
tne
mass
_
i
lis
Tinrinii1n.v- v^ne SUDOrqilldUOll ui
«nnrno«3P^ v^crca^es. f
.
*
;
■■■
Feb.
on
SUCPuSS^Ilyw. ^.c+v?Y^ty
A^+lrnricA
-
one
than
$19
£
$19.2
Rill inn Held hv
Billion
by i
Public
Investors
The maturing issues that were
in
this latest advance
T*be:.m
.
involved
refunding undertaking of the
Government are owned in the
amount of $19.2 billion by the
public, with the balance of $7.6
billion owned by the Federal
15,
cate and
3y4%
"
a
and
4%
certificate
certifi-
coming due
a
funHincf nrvprntinn
nf flip Troasnrv
or the 4% bond without limit
to amount.
note
as
on
the sixth advance re-
was
uitroiciut;
314%
a
note along with
It
believed
,iX is
,ls penevea
of
tte- finanpiai
in
m
most quarters
quarters
district that the
Central iRanks Will turn in for
the 3s/4%
note, with "the other
^4%
;
.
^
dogrtHf'
wll^h
]tv
thp
fS -»ere ca^
steeng&
be^created the, tfounda-
tion upon which the ultimate.se-1
cftvipf
cino
We
can
move toward
on/rZTJSs"
Were"
th-©-duo
dated
.
,
<SnSder- -be tailored,to meet the peeds of
of the
SI'S,
of the middle-term ma-
ablifa-
ZT~ toestunhes.
".tions "that were involved in the
F«ritj of^the Free World can
As far
bh>c
never dare
to aaaiienge.-"rr---^
ojoc will
win.never
aare-xo-
beth^^ objec-
■
~
^
iy &nd intelligently in the ^ture
^
nopean market, and, by collabora- - The third
^on wj^h the other better-devel- to^^ give our
OI
"other advance refunding ventures
*
of the "Government.
'
*
less;
developed areas.
development of the great newEusuch purposes decreases.
that
Treasury's offering came Reserve Banks and Government
as a surprise to the financial com- trust accounts. The latter owners
: ihunity.
The exchange offer for of the eligible Feb. 15 and May
the ***> certificate* the 2%% 15 maturities could have turned
note and the 3Va% note maturing them in for either the mew 3%%
maintain and
can
ity to the less developed areas in- ^ ***» llLUVr - Wx.iU UUlw
Providing a satisfying program
nrnnLrt^xxrUUp fUp iYnr.niat-i+v of lives by participating energetical- PrQvlQin]g ,a ■ ba^isiyiue px.ugxam.
^fiTH^^lii^^nl^riaPnromiarions
so
nf.
ot
ni.Ma
•
This surprise advance refundobjective .may well be -ing eper^cm of the Treasury in-
;
.
as
the 4%
bond with
a
maturity of Aug. -10, 1972 is con¬
cerned, it is believed that com¬
mercial banks which have heavy
savings deposits will be inclined
.
.
own economy a suf- volved $26^8 billion *of maturing toward^this issue^ The yield ap-ficientrtaste of international com- issues, consisting /of $13.3 billion pears to be satisfactory and the
world'-Sin
converting
economic .petition to give- us the ^impetus coming due in February and *$18^ maturity is not too long,
assista^Ce to the less developed Ywhich the Europeans-are getting 'billion maturing in . May.
™s'
The Treasury, according to^its
ctf «c<momic
bomb
shelter,^^cut
areas lFOm government sponsored through integration.
Our system-undertakings is^ almost^ xn ; the latest eshmates, will borrow bethemselves
off
from
all
these grahts-in-aid
and loans to- bona- of domestic competition seems in- * neighborhood of 10% of the na- tween $6.5 billion and $7 billion
sources
of concern
and worry, fide
two-way trade
r
effective to bring rabout adjust- tionaF debt.
The Treasury will before the end;of the year, with
circumstances, it is not
surprising that some Amerieans
would like to climb into some sort
v.
the
In
Gped induririal nations of the Free
,
'
In
those
objectives lie' the op"
^P to $6 billion Jn the about: nne-half of ^this^ amount
mehts ^to meet, the vmore efficient1
in
neve^we -Amermans, can; grasp,
lU.S. GOVERNMENT
::•' and
^s^iToge 'whioh" other
change for the February and May way
i®[-
present-situation, proyiding Amfer-m ravternatiunal ican labor, agriculture/ manage- markets, andthroughtheirareaterrnent,
the financial -community ^dependency upon exports for rtnand Government will aecept their ploynrent and ( economic welMierrespective
responsibilities
a n ;d /mg. .IfJ^i^isormof thenbjectives
collaborate towards common goals, which the President seeks through
and providing able leadership to- Passage ^TtJje
Trade Expansion.,
ward such objectives is provided.
1962 let, us not ^become ;
We need to assure consistency in :t°p concerned with the effects. .■
i
our
programs, collaboration .be-:, ; •; /
Exportg vs. imports. ; Y
tween the various segments of our
1 Lv
.
business and political community,
W Y#
and productive coordination: with aPPr9xl^a^iy^ $ifbillion,
our friends and allies throughout: WMC^. &bout $6.D billion were raw
;
SECURITIES /
•
•
Certificates of Deposit ./
*
-
.
^
"
■
.
This announcement is neither
an
-
,
for
continued
-
o'ffer tro sell nor a
^
'NEW ISS'UE
short-term
-
solicitation of
ir.4 YV,;. cni offer; to. buy:these securities. The,offer is made
only by the Offering Circular.
.
..
t
\'September 11, 1962
75^000 Shares
,
x
^
the Free, World to attain-these ob-.
jGctiVGs effectively
8c Co.
■
;
20 BROAD
.
\ /
STREET 1
objectives
Expansion
Act
-
☆.
☆
☆
way
Act
toward
,
to
of
to
1962."
have
BOSTON
;
-
The first and most obvious pur¬
Japarrese transistpr radibs' and ball
me
me
objectives.'/
.
•
enable American in¬
dustry and agriculture to-have, a
greater participation in the fast
growing European.Market.' This
is to be accomplished by negotiatis' to
.
CHICAGO
tured products.
•
seems
three major
v
M. STEPHENS MFG., INC.
CAPITAL STOCK
:
^
'
,
'
($1.00 Par Value)
!
;
"
Price $4.00 p^r
share
t
...
Administration is pointing
Consequently, when we become
disturbed, about the. imporfs; of
pose
NEW YORK
:
manufactured
"Trade
This
INCORPORATED
were
goods. These'latter represent ©nly
these
the
^
■ v
1-6%-of «oiai* Grc>ss^ ISTatiorral Prodaccomplishing uct, and less than 2^% of the total
through,- the* v^bie of K>ur domestic manufac-
The
:
-
Bill's Objectives
Trade
,
materials, . petroleum and othen
bulk cominoclities. A.* ■little* over *
'"""/..$8j0 '.billion
r
Aubrey G. Lanston
-
the ccwrtry to a healthy rate
S
no 'the opportunity
S
to exchange
™
these
of economic growth, providing we nations or sucn sxrengim tnax no securlties for either a new 3%% bond
f
,
ith todoV.R
onewill dare to attack it, and of vnnfppbmin« di,^
-—
D
*
Probable Reception
''accept- and deal with today's po- v^win^uaxe iu
nofe coming due on Aug. 15, 1967
/
WW' and economic questions
4% bond with a maturThere has been a growing de¬
realistically and courageously. We ^
JeM flwetopwLco^toes . ity date 0f Aug. 15, 1972. The mand for intermediate-term Gov¬
need to Promote courses of action ?^.
,with»n- it the techno- ; eijgibie; securities In this junior- ernment obligations-and the 3^4%
both within our own economy and ^1Ea1' waterraTand ^}nteal as- ; paretially senioi. advance refund- note due Aug. 15, 1967.appears to
-ternationally
to strengthen ourwh.ch
theyIn
wUla nutshell,
need for ing
in, operation were due within a ^ tailored to meet the needs of
^their
own
growth.
a
We
lie
fibsnrH <ftm»
-rati
the costof whichlias
ours.
there
as
The
swne_ unprecedented opportunities
What
imriart
What.impact
?r»n?TnnP
United States and all
t-lie
^viewpoint which ignores
.
%e7new MorlnS
„
acja
.
in Europe.
When Britain
FiirhnAan
"^bracFcS- in£ .the
my;jwi^ option
"Unprecedented Opportunities"
nental nations
nftv hXP™
Atlantic. Economic Commur-
an
'whidv
be disastrous to -^ie United- States;
and to the Free World.
;
V
enjoyed by the
major Conti¬
npw
Qf
and^
rate
ets.
markets
a
,€<>ld; position. By use of short.term issues for new money fmancTreasury has been- able
to keep near*term* rates attractive
,to these owners of the so-called
^"hot funds."
\
which Could leadi;0 the formation
the major. issues of our time
which seeks to deal withfhem by
avoidance and negativity can only
of increase
.will
not the point-
jcnm-.tupn^.irauununity
or of our
legislators. It is
c
growth rate is
third
i«
is
pf: view of the great majority of
Our
reserves.
venture
to do better in this
ury
tional pay¬
ments and de-
seems
it could be possible for the Treas-
country, is helping to maintain «the
dollar on an even keel and at the
degree- of-economic collaboration between the nations OfWest-
in
cpfmc
e r n m e n
it
keeping near term rates high in -any of the other five such exenough; so that the readily mov- change offers which have been
able funds_ will be kept in this made by the Government,
a -
:
•
*
TiVirt,,nnfpiv
wieldy.
The G
w
wieiay. xne
ue
'Market-for
eommoditiek
Market-f or American
American-commodities
.
Therefore,
.the Treasury; had put on as the
total amount to be. accepted in
vthis operation is about in line
,
European
maintaiu^ a"bigh
ta r i f f i wall.and industrial products,;
•
r
around the United States, and fry
The second objective of the Bill
to ignore these
allf pervading - may be to Bring nearer to reality
us
issues;
.though the $9billion'limit which
en- with what has been the average
fotr such undertakings in the past.
.There is a large enough amount
of securities involved in this ad--
the ^Government to use tax
anticipation issues in its Impend1][1S new money raising operation
.and at the, same time .keep the
short-term debt from getting, un-
later beamended
Eductions may
explains how trade expansion which Includes
pected^exchange offer should
negotiated tariff re1- ; able
under, which
.
> pcsais but finds inexplicably inconsistent the attempt to tax foreign *
;
securities, came - along -last week
with its sixth advance-/refunding
operation.involving six issuesthat
will mature on Feb. 15 and May
15, 1963.
This not entirely ex-
:
Europeans •'''understand; and use
^themselves.)' If the Rill is passed
-in -a form -which gives the President 1he negotiatory powers which
today's high
ing reductions in the
common ex-
bearings,
small
European
;auto¬
Copies of the Offering Circular miiy be •obtained from the under'
signed
or
others who
are
qualified to act
as
dealers in this State.
Thcaas la?, Winston & Go., Inc.
V. K. OsStorno £ Soss, Inc.
Baverly Hills, California
Baverly Hills, California
mobiles, British bicycles, German
-toys . or textiles from various
countries, let u& not forget what
a small percentage of the con¬
-
-
Corttinued on-page 38
I. J. Schemn Co.
New York
City, New York
1
Gregory-MassaH be.
BsvsrSy Hills, California
,
The Commercial and Financial Chronicle
(1116)
16
elected
Thursday, September 13, 1962
.
Ahead of the News
He is
Steel Corporation.
NOTES
NSTA
Vice-
a
underwriting
the
of
President
Sharon
of
Director
a
been
has
Johnson
J.
Thomas
department of
CARLISLE BARGERON
BY
.
Named Director
FROM WASHINGTON
...
*
First
The
Boston Corpo¬
ration, 20 Ex¬
Few observers in Washington be¬
will im¬
Kennedy
Mr.
that
lieve
his request of Congress
for authority to call up the 150,000
reservists. The main purpose
of
asking
for
the
authority
was
plement
aimed
situation
domestic
the
at
rather than either Russia or Cuba.
If
it
necessary to use
connection with either
countries,
more
than
becomes
in
troops
those
of
will be
likely it will be
out. More
a gen¬
mobilization.
eral
Calling
of the 150,000 men,
request
for au¬
up
the
rather
or
called
reservists
150,000
thority to do so, was intended to
stop criticism on the home front
which has recently increased with
Mr.
he
that
disclosure
the
building
her
Russia
forces
was
in
Cuba.
Kennedy wanted to show that
up
watching Cuba closely and
was
fully prepared to act there if the
The effect
the Congressional
on
elections of hostilities with
Russia
either
Cuba right at this time
the next few months is
or
within
or
problematical.
publicans
Most
believe
the
of
it
Re¬
would
be
harmful to the Administration.
Roosevelt
because
for
won
third time
a
entrance into the
our
plainly in sight and he
was
the fourth
to
time because
war
won
we
were
If President Kennedy gets
war.
DIVIDEND
NOTICES
CITY INVESTING
980
Madison
The
on
the
New
19G2
dividend
of
outstanding
of
3,
T.
HAZEL
this
declared
12V2
Y.
regular
share
per
Stock
the
at
N.
company
the
cents
November
record
October
on
21,
York
of
Common
payable
company,
stockholders
ness
COMPANY
Directors
12.
September
quarterly
on
Ave.,
of
Board
of
1962
5,
close
of
the
to
busi¬
1962.
BOWERS.
Secretary
receive
which
COMMON DIVIDEND NO. 62
declared
|
The
1
quarterly dividend of thirty-three
cents
§
mon
(33{iYper share
the
on
a
com-
|
the Association
payable October 15, 1962 to share-
it
holders of record
|
business September 25, 1962.
shares of
B.
I
A.
the close of
at
hot
and
rolled
strip steel,
billets, plates;
pig iron, open
hearth
something
to
buy
plus farm products, but with this
extra
stamp plan they can buy
steaks and other food of quality.
had
Roosevelt
the
of
sort
same
and heavy duty strap¬
strapping
ping.
with
extra
goods other than
those that are given to those on
relief. On relief they get only sur¬
Johnson, Treasurer
September 6t 1962
Association of New York will hold its Eighth
Oct. 13, at the Americana Hotel. Tariff is
$35 per couple and dress is informal.
Michael J. Heaney, Michael J. Heaney & Co., and Robert M.
Financing for
Annual Dinner Dance,
Tennessee Gas
Topol, Greene and Company, are co-chairmen.
that of the 26 districts which have
>''•
Bank Alerts Investors to
Philippines' Potentials
interest.
accrued
been
given the stamps, 25 of them
Democratic, only one Repub¬
lican district is represented.
Representative John P. Saylor,
R., cf Pennsylvania, has been try¬
ing to get a food stamp plan for
his district. He can't get even a
sympathetic word from Secretary
Freeman. Yet his district, which
embraces : Johnstown,
has -; the
highest unemployed rate—12%—•
in the country.
The 3rd district
(St. Louis) which is
conspicuously not a depressed area
has a food stamp plan.
addition
to
President
for
and
this
stamp
Kennedy
probably
Congress
by
food
this
second
headed
by
Stone & Webster Securities Corp.,
and White, Weld & Co., also is of¬
fering 225,000 shares of Tennessee'
Missouri
of
A
Transmission's
Gas
week
be
a
$900 million blank check for pub¬
lic works projects which he can
4.92%
dividends
\
issuance?;/ T
of
Net
date
%
from
proceeds
the
from
the financ¬
ing, estimated at $71,690,000, will
be used by the company to repay
bank loans.
Headquartered in Houston, Tex.,
the company and two of its sub¬
line
and
own
operate
pipe
systems for the transmission
and sale
for
or
delivery of natural
gas
certificates
of
resale
under
public convenience and necessity
granted
by the Federal Power
every
session
passes
a
public
Commission.
Tenneco
Corp.,
a
works appropriation and has done
third subsidiary, is engaged in the
so
this year in which Congress
production, refining and market¬
specifies
the
projects
and
the
ing of petroleum and petroleum
amount to be spent on them. The
products and in certain other non$900 million appropriation is in
utility businesses.
addition
to
this.
Such
an
au¬
spend
thority
is
to.
wants
Congress
unprecendented. The
already passed both
has
measure
houses
he
as
but
the
typographical
Senate
error
made
which
sitated the
bill going
House
because of this it may
and
back to the
killed.
sharply in favor of substantial economic progress.
tively trying to attract private in¬
vestors,
according
hensive
economic
Pine
Street.
Curtis, 369
was
formerly
NOTICE
"the
First,
control
change
has
in
level
Columbus
and
Southern Ohio Electric
Company,
Sept. 5,
on
1962, declared
a
COMPANY
BAKING
per share on
outstanding Com¬
mon
Shares of the Cor¬
poration, payable Oct.
10, 1962, to sharehold¬
ers
of record at the
close of business
close of business September 14,
G. C. SHAFER,
1962.
and
AND
ELECTRIC
SOUTHERN
Co.
OHIO
dividend, for the third quarter of the
on
the outstanding Common
regular quarterly
1962, of 55^
year
per
share
Stock, payable October 1, 1962,
holders
stock
at
of
to
record
of
such
close
of
busi'
the
September 14, 1962.
The stock transfer books will
projects,
Chase
Manhattan reported. An improved
M. C.
most
expansion.".. These moves
create
atmos¬
an
to
favorable
con¬
tinued rapid growth.
"A
fresh
economic
start
has
been made,
committing the nation
to the full impetus of private en¬
terprise within the framework of
a
thoughtful
and
far-reaching
plan for integrated development,"
The
steady- and rapid growth
since the early 50's, said the bank
nomic
•
September 6, 1962
treasurer
"The nation's
output in 1961
total
was
1950 level. This
help
of
represents an an¬
increase of 5.4%."
five-year plan is intended to
the
nation
A
number of
forward
sounder basis
"move
rapidly, but on a
than in the past."
,
..r
problems face the
Philippines, but the
economy
for
not
them,"
to
the
"The population is both
tion
educa¬
(70% literate) and enterprise
minded.
It
of
has
shown
itself
self-government
difficult
cap¬
under
circumstances," the bank
labor
supply is abun¬
well-trained.
tion, many Filipinos
lently qualified for
In
addi¬
excel¬
are
managerial
technical positions."
Important economic gains have
already been won, with emphasis
and
developments
in
manufactur¬
ing and mining. A new, more dy¬
namic export pattern is develop¬
ing.
Balancing the Philippines' prob¬
against its potentials, Chase
lems
Manhattan concluded that:
the nation's poten¬
tials tilt the scale sharply
substantial
of
progress."
future
in favor
economic
,
eco¬
about
$4.7 billion—some 65% above the
rate
large
bank notes. 'X
"We believe
Philippines have been en¬
joying
report.
growth
resources,
substitutes
and
to
Fourth,
high
a
"The problem fac¬
their
of
find
"The
highly
bright.
of
reserves.
dant
intended
not
land, mineral deposits, and
forest
said.
phere
financed."
require greater capital
expenditures in the future than in
the past."
The unusual potentials include
large amounts of unused arable
being paid to agriculture, which
failed "to keep pace with in¬
the budget.
be
will
able
The
WOODWARD, JR.
is
intended to bal¬
Special attention
is
program
ance
nual
be closed.
COMPANY
and harbor
hydroelectric
and
irrigation
tax
to
are
ing the Philippines is to make the
road
as
improvements,
.
demand outlook for
raw agricultural com¬
"maintenance
rate
market."
to
such
works,
modities
the bank said.
The Board of Directors has declared this day a
ness
Secretary
ELECTRIC
COLUMBUS
a
Common Dividend No. 70
not
the
day
on
September 25, 1962.
own
Fresh Economic Start
quarterly dividend
of $1.37p2 per share on the outstanding $5.50 Dividend Preferred
Stock, payable October 1, 1962, to stockholders of record at the
divi¬
(55tf)
its
is also promot¬
vigorous program of public
a
.
be considerably increased if the
large projected public and private
on
The Board of Directors has declared this
dend of fifty-five cents
the
been
"Policies
which
dis¬
against foreign inves¬
be
abandoned, and
replaced by positive encourage¬
ments for
foreign and domestic
ing
*
problems cited by the re¬
include a rapidly growing
population that "must
be
fed,
housed, clothed, and eventually
employed." Second, "savings must
Third, the
Philippine
ex¬
Second,
are
po¬
port
investments
has
system
free
'
complex
criminated
tors
Preferred Dividend No. 95
of
the
unusual
Unusual Potentials
and
allowed to find
been
are
The Board of Directors
import
entirely eliminated, and the peso
dustrial
Common Shares
extremely
ineffective
has
ELECTRIC COMPANY
CONTINENTAL
in
ported.
is
DIVIDEND
departures
Philippine economic policy" are
the
key features to the Philip¬
pines' new five-year economic de¬
velopment program, the bank re¬
and
of
hattan.
Chase
the
number
a
tentials, according to Chase Man¬
The
radical
"Two
.
COLUMBUS AND SOUTHERN OHIO
by
boasts
the
on
The government
&
He
issued
Philippines
compre¬
a
Manhattan Bank.
(Special to The Financial Chronicle)
Jackson
to
report
"
SAN FRANCISCO, Calif .—Charles
A. Fracchia is now with Paine,
Webber,
Philippine Government is ac¬
The
private investors."
Paine, Webber Adds
a
neces¬
rapid economic progress enjoyed
Nation's potentials are said to tilt the scale
early 1950's.
pre¬
ferred stock at $100 per share plus
accrued
confidence in the islands' steady and
since the
describes
investors to participate with
taken to induce private
measures
new
cumu¬
'second
convertible
lative
has sidiaries
will
group
Bank's study of the Philippine economy
Manhattan
Chase
The
prospects for killing the with Pacific Coast Securities Com¬
bill, however, are not very bright. pany.
-Tva
'
on
Topol
Transmission
be
Dividend
M.
Robert
Michael J. Heaney
The Security Traders
which was greatly abused.
Relief recipients would trade the
stamps to grocers for cash with
which they could buy liquor. The
An underwriting group headed by
present plan is said to have safe¬ Stone & Webster Securities Corp.;
guards against this practice.
White, Weld & Co., and Halsey,
But the strange fact is that the
Stuart & Co. Inc., is offering pub¬
plan is just now being put into
licly $50,000,000 Tennessee
Gas
effect on the eve of the elections
Transmission Co., 5% debentures
and the further strange
fact is due
Sept. 1, 1982 at 101.25% and
given
I New England Gas vlP"
( and Electric Association
|
of
cold
ingots,
Thomas J. Johnson
blooms,
car¬
Secretary
of
Agriculture
bon, alloy and
Freeman
enough money to in¬
stainless hot and cold rolled strip
augurate
a
food
stamp
plan
special
strip
steel,
box
whereby people on relief would steel,
plan,
have
manufacturer
gave
asked
Trustees
YORK
Corporation is
Republicans would make every
effort to stamp the Democrats as
the war party.
Practically everything that is
being done in Official Washington
these days is with a view to the
elections.
/;
More than a year ago Congress
In
|
NEW
Sharon Steel
in
are
at
OF
City.
four times under the
this century. The
war
uemocrats
ASSOCIATION
TRADERS
York
New
plan
arise.
should
occasion
gone
trouble,
SECURITY
Place,
change
however, there is
bound to be the cry that we have
into
also
Forms R. K. Bettinger Co.
R.
K.
Bettinger
&
formed
with offices
Street,
New
tinue
Robert
the
and
K.
new
York
at
been
Broad
to
con¬
business
of
Bettinger. Partners in
firm
Leon
116
City,
investment
the
has
Co.
are
Mr.
Kurinsky,
Bettinger
who
formerly with Dreyfus & Co.
was
196
Volume
Number 6194
.
.
The Commercial and Financial Chronicle
(1117): 17
income resulting from the sale of
year.
the
credit
properties- of
gas
•
Due to .a sharp decline in the the Saturn Space. Project. Activity
interest 'on
construction, .with this huge space project near
earnings for the 12 months ended New Orleans is progressing rap¬
Louisiana
Power &
Light, due to an SEC or¬
der. While two big new generating
ELY
OWEN
BY
.
were
proved
unfavorable
ing
f
depreciation charges had to be ab¬
regulatory
Utilities, one of
U./ S.v electric
holding company systems, controls
subsidiaries in Arkansas, • Missis¬
sippi and Louisiana which furnish
South
Middle.
nine
about
to
(in Loui¬
of
the
principal cities served are
oil
and
other
as
reasons
for this. The
had to make
up
last
retarded
were
million and Lockheed (RIFT). $180
million;
In
the
1980-70
decade,
endar
area
mild and wet
very
-
despite
year,
a
.
rather
un¬
year.
This
proved
year
conditions have
sharply,
-
-
-
Industrial growth in the area is
/'
c'/./ " k..'
-
/
summer
that
residential electric use did
gain noticeably over the pre¬
excellent. Last year, 195 new indus¬
trial plants located in the service
and
area
nounced
im¬
with kwh sales
running about 15% above last year
idly and Middle South anticipates
about $1 million revenues in .1964
from this source. .Chrysler has a
half; this combined
heavy air-conditioning
sales should give share earnings a
nudge-to around $1.60 for the caL
the
transit divisions.
vious
com¬
the
with
favorable-showing in the gas and
a
not
for loss of
"turned
now
$200 million contract, Boeing $300
population, in
will
Middle
South,
around
12.1%
personal income 55%,-and
per
capita
income 39%, it is esti¬
mated; as compared with gains in
the past decade of 6.6%, 39%, and
31 %
respectively.
164
The
existing plants an¬ ;
expansion programs;; on. ments
combined
the
increase
f
company's
,
since
have
dividend
increased
reserves
include
in earlier
months; and in the three
25, with high
temperatures
prevailing,
sales
slowest
growing subsidiary, New
Orleans Public Service, will soon
$1.10. At the recent price of. 32
(1961-2 range was 411/2-25) the
stock yields 3.4% and sells afv"20
averaged
get
times estimated
ended- Aug.
about
25%
last
.over
a
•
a
considerable
stimulus from
rate
organization
in
having been raised this
1962
earnings.-
re¬
packing plants,
and
paper plants,: oil production and
refining, textiles, mining and aluminum processing. -System reve¬
nues are
about 89% electric, 6%
gas and 5% transit.
*
,
gins
The
able
mills,.' pulp
and
System has shown reason¬
with revenues in¬
growth
creasing from $116 million in 1952
to $225 million .in the .12 months
ended June 30, 1962; net income
during this .period increased from
$12.9 million to $25.4 million and
share earni n g s (consolidated)
from
97c
to
$1.50. Dividends in¬
from
creased
62.5c to- the current
rate of $1.10
and the price of the <
stock increased from the
of
10 to
a
1961
1952 low
•
high of 41%.' (The
figures for 1952 have been ad¬
justed for the 2-for-l: split in
I960.)
System generating capability ;
aggregates 3,582,000 kw compared
with
the peak load
Aug. 8, of
on
peak of 2,375,in 1961.' The company in¬
2,820,000 kw
000 kw
a
vs.
stalled
595,000 kw generating
pacity
in
1961
and
ca¬
230,000 kw
a
unit is scheduled for 1963. Because /
of
the
anticipated
exchange
of ".
blocks of power between the TVA
and a group of southern utilities
including MSU, no new units will .
be installed in 1964-5, but in 1966 ;
350,000 kw unit is scheduled for
a
installation.
do
While
V
subsidiaries
senior
financing,
Middle South does not expect to
issue
any
additional
shares of
may
some
stock
common
until
late
1964
or
early 1965, at which time the di¬
lution of earnings will amount to v
only 2
or
3%.
/-•••';
•
Construction expenditures which
■
approximated $66 million in 1961
estimated at $62 million .for
:
are
this year, $58
million in 1963, and
$83 million in 1964. The credit for "
interest
mated
: on
construction
$1,352,000 for this year
compared with $2,222,000 in 1961;
for 1963 only $600,000 is estimated,,
and
:
in
1964
Late In
ities
wap
$1,100,000./
capacity of TVA. The to¬
tal amount to be exchanged will
probably be 1,000,000 kw in 1966,
1,500,000 kw in 1967 and larger
amounts thereafter.
a
leader in elec¬
tric househeating, with 3,584 resi¬
dential heat pumps and 480 com¬
There
mercial.
include
Little
the
about
5,000
all-electric-homes.
more
figures
at
.are
Rock
largest
1,535
Air
single
heat
Force
Henry. A Louz of Surinam,; who has come to this country to receive advanced communications training.
Sharing our communications knowledge with
/.
Henry Albert:Louz,-shown
in the
or
These
pumps
Base—
installation
in
the U. S. While it
might have been
cheaper to operate with gas, the
picture above, is
a
at
right
-
Surinam
Paramaribo,
(Dutch Guiana).
Mr. Louz is
150
one
v
approximately-/
foreign nationals from two dozen '
their economies.
Liaison agency for
When
Henry
is over,
Louz's
he will
the- latest
in
modern
friends from other lands
'
/
months'
six
return
to
native land in South America to
problems in his field.
different countries
cooperating with the State Department
and the Agency for International De¬
velopment in providing training to
help these and .other, nations build
telephone industry is the "Federal
course
of
receiving technical
training from the Bell .Telephone Sys¬
tem this year.
The Bell System and a
number of other American firms are
the
new
Communications Commission.
communica-'
tions technician from
summer
System is
System instructor George Templeton, left, discusses maintenance problems of a teletypewriter printing unit
,
'
<
1981, Middle South Util¬
joined by several neigh¬
boring utilities in an offer to the
Tennessee Valley Authority to ex¬
change
surplus winter 'capacity
for an equal amount of surplus
The
Bell
with
esti¬
is
at
his
technology
to
At the same time, Henry is also
learning about the American way of
life. Through his new friends and ac¬
quaintances in Topeka he is meeting
people, visiting their .homes, seeing
factories, museums, sports events. We
hope he will return to Surinam with
.
apply
-
*
much
-
Henry is at the telephone school in
Topeka, Kansas, studying all phases of
teletypewriter service—the transmis¬
sion of written information from
point
network. It is training
home, and he is
getting it side by side with Bell System
employees.
"
;
to
point
or
via
a
he could not get at
>
.
.
more
than
a
post-grqduate
in communications.
course
•
We in the Bell Telephone System are
proud - of the good communications
service that
we-provide at home—and
we are
equally proud to share abroad
the
know-how that makes fine
munications^ possible.
„
com¬
*
Air Force decided that installation
costs
would
heat
pumps,
be
lower
which
air-conditioning. .:
Middle
South
with
also
has
the-
BELL TELEPHONE SYSTEM
provide
.
;
no
special
Ownea by
more
year
to
and
storage
cotton
annually
1949, the
weeks
sented
well
as
forest
and
pay¬
basis, these repre¬
capital investment of ap¬
proximately
$409 -million. ,.The
a-
-
Leading industries served
building materials, ice,
sources.
cold
pany
has
has impor¬
area
gas
mineral
several
*
conditioning sales
so
have
.time; the
during con¬
same
interest
for
only $1.50, but the
credit
struction declined. Moreover, air-y
by
,
leans,
Vicksburg
and
Jackson.
Population of the service territory
is about 4 million. While basically
tant
on
a
1955,
$1.60
this year) the 1961 report of $1.51
was
disappointing. There . yvere
Rock, Pine Bluff, New Or¬
agricultural, the
Return
seems
While share earnings
gained in each year since
(from 96c to an estimated
and transit service to New
Orleans and adjoining areas. Some
siana)
Little
problems.
little
on
the low side, being currently
around 5.5%,;with a range of 5.-1
to 5.6% since 1952; according-to a
compilation by Standard & Poor's.
1,778 -commu¬
nities, gas service to 76
credit
year-end net plant
large
service
electric
sorbed-while at the
Utilities, Inc.
were
the corner" and will increase dur¬
the
because
Reynolds Aluminum plant reduced
its. operations sharply;, also higher
Middle South
June-30
completed, this interest
stations
than two million Americans
The Commercial and Financial Chronicle
18
new
"
■
.
Thursday, September 13, 1962
.
.
(1118)
bank will have an initial cap¬
NEWS ABOUT
*
New Branches
•
New Officers, etc.
Sales Vice-President in
the busi¬
STOCKS
This Week
—
Bank Stocks
relationships department of
the San Francisco head office.
ness
Revised Capitalizations
•
M.
cisco, Calif., has made Joseph
BANKS AND BANKERS
•
San Fran¬
of America,
The Bank
Consolidations
BANK AND INSURANCE
$520,000.
ital structure of
*
*
*
FIRST SECURITY CORPORATION
National Bank,
San
Francisco,
Calif, elected
of
James
P.
Smith Vice-President
Crocker-Anglo
title
and
charter
the
under
of the Chase Man¬
hattan
Bank's Times Square
branch and George M. Williams of
the bank's credit department have
Lyzell
Ture
the Richmond bank.
Y,
YV;.'/.v,':'> *';v
of
the
Santa Barbara main office. Allen
G.
Johnson
was
-named
VicePresident of the same office.
Assistant
and
yV''V
*
*
•
*
❖
Bank
of
*
branch; Henry L. Grebe and Paul
Walker of the United States
State
The
T.
'
.
Northfield,
Northfield, Minn., has changed its
department; and Thomas F. Gaffof the credit department,
State
Northwestern
The
to
title
ney
Putnam Mgmt.
'
Hs
Hall,
H.
Edgar
Bank of Northfield.
_
retired Vice-
a
*
*
•
Manhattan City National Bank & Trust CornNew York, died Aug. 31, pany, Grand Forks, N. d., Senior
age of 64.
*"
'
Vice-President,
Dale
R.
AinsHall had been in banking worth, has been appointed head of
President of the Chase
Bank,
at the
Mr.
he
since
the
joined
19
was
Secretary
York, which
Trust Company, New
Hall
Mr.
York, m 1°^0.
Assistant Cashier
was
with Chase and
Vice
until
in 1956.4.
y,
National
First
Sept.
The bank
Market area.
Common
Frank-
latter hav-
furt and Brussels, the
ing been opened in August.
branch
Milan
The
is located at
Republica, 6/8 and
is under the supervision of Paul
H. Austin, Manager, who comes
della
Piazza
the bank's Buenos
Milan from
to
Aires branch
?QoTttedmnbranCh in Milan
.
Riverhead
The
Earl
that
elected President to
succeed Wil-
The bank also an-
liam A. Atlee.
nounced
been
C.
Howard
that
will
■
be
The
Beach."
ski,
will
bank
Bokee
appointed
*
*
8
M.
Donald
bank
has
Benjamin,
at the
New
*
ital structure
of
Sept.
Bank
The
Richmond,
Va.,
of
were
Virginia,
announced
11.
On Sept. 28, Raymond W. Bonnell, Assistant Cashier now at the
1620 Hull Street office, will be¬
come
fice.
manager
Fred
of the Chester of¬
G.
Brittle, Jr., Assist¬
ant Vice-President and Manager
8
Chester, will transfer
Main
to the
office.
On
Oct.
on
Oct.
8
also, John Papit, Assistant Cash¬
ier,
will
be
reassigned
from
Eighth and Main Streets office to
1620 Hull
initial cap-
James J.
that
of
-the
of the
Merchants
Currency
James
curity
National
tion
on
16th and
approved the
mer¬
$284,700,000' First and
National
ney
17th
Place
Streets.
has been proposed
The
The
or¬
between
Don
as
Car¬
Presi¬
Bank
of
Collins"
a
Staunton, Staunton, Va.,
#
new
the proposed name of
national bank in Fort Col¬
lins, Colo.
Comptroller of
Currency, James J. Saxon
ize
of
manager
Fund of Bos¬
Growth
Putnam
Fund.
to Regulation Q authorizing increased payments on time deposits.
Not all bond interest is accrued in this period, hence earnings
should
more than double for the full year of 1962.
Time deposits
here represent 27% of deposits. Although this is a somewhat lower
ratio than those of California, it is a comparable
percentage when
looking at banks in the mid-west and in the year 1962 most com¬
mercial mid-western banks are expected to show lower earnings.
the
the capital account is close to 9%
deposits therefore the long-term dividend treatment should be
,
Being the dominant banking institution in the area, the growth
of the bank is dependent upon growth of the area. Earlier
popula¬
tion estimates indicate a 100% growth over the next 10 years for
the Salt Lake City area, and a smaller growth for areas north
extending into Idaho.
First Security Corporation
now
Obviously earnings growth is impressive
over
as a
whole.
/
«
extremely energetic and capable personnel to the organi¬
Like most large institutions data processing equipment has
installed during the past year and
ultimately earnings will
the stock has occurred.
with
been
1957
since
as¬
Putnam,
the
or¬
Mr.
and
Cabot since 1959.
"Retreads" to
of
the
an¬
Sept. 5 that he has given
new
case
with smaller
shares.
The current price is well below its high of 54 and relative
other western banks appears
realistically priced-—particularly
in view of its uncommon trend of
earnings in 1962.
to
Trend of Net
I
1962__
,
Retreads,
organization of vet¬
an
who
served
honorably
NCO
Reunion
Mess,
West
Sept. 14-15.
Open
N. Y.
on
1959
$2.00
2.37
1958
1.80
1960
2.27
1957
1.50
in
Trend of Loans, Investments, Assets and Deposits
Average for the Year
the
at
(000 Omitted)
Point,
Committee and convention
Net Operating
Earnings/Share
$2.50
and again in World
and
»
1961
II, will hold its 15th National
Convention
Operating Earnings
Net Operating
Earnings/Share
Hold Convention
War
This is not always the
banks, the shares of which are either few in number or held by
too few people. With the continuance of the stock dividend
policy
and possible further stock splits there will be
greater availability
has
Thorndike
Mr.
sociated
ses¬
Year
Loans
Total Assets
Deposits
1961
$292,901
$173,093
$594,532
$517,800
Securities
1960
282,939
156,591
553,727
493,294
Sept. 14, starting at 8:30 p.m. and
Saturday, Sept. 15, at 2 p.m.-
1959
284,145
160,533
547,372
497,842
1958
252,107
168,739
522,455
470,286
Maj. Gen. W. C. Westmoreland,
Superintendent of the USMA and
New
York
State
Comptroller
Arthur Levitt will be among the
honored guests. ::,
1957
237,769
130,437
472,679
427,202
1956____
225,795
127,918
449,097
412,358
1955
191,646
132,779
404,950
366,413
1954
173,122
125,482
372,092
339,157
sions
are
scheduled
for
Friday,
Arrangements have been made
Retreads
Companions
and
for
their
National and Grindlays
to tour this oldest
military post in our country, a
historic and picturesque spot,
^t
was
chosen by Gen. Washington
for its strategic location in con¬
guests
Bank Limited
N. Y. CITY
BANK STOCKS
Head Office
trolling navigation on the Hudson
River where a regular garrison of
26 BISHOPSGATE, LONDON, E.C.2
States
Telegraphic Address
the
United
Troops
was
MINERVA
established in 1778.
approval
to organ¬
national bank.
The
will be held
ment
memorial
annual
The
«
is
preliminary
National
For the first six months of 1962 net operating earnings
reported at $1.10 versus $1.05 for the first six months of 1961.
This figure compares favorably with other banks in the west
which have, for the most part, shown lower earnings in 1962 due
Bought—Sold——Quoted
LONDON
Telex Nos. 22368-9
"University National Bank of Fort
nounced
Augusta
Bank."
Glenarm
Richmond, Richmond, Va., and the
of
Saxon.
ganizers plan to lease space in a
30-story building under construc¬
$12,000,000
Bank
J.
bank, with a proposed initial
capital
structure
of
$1,500,000,
will operate under the title, "Se¬
new
*
Currency,
Saxon, announced Sept.
he has
Preliminary approval to organize
a
new
national banking associa¬
tion in Denver, Colo., was granted
Sept. 5 by Comptroller of the
»J5
5J.
t|C
ger
an
$600,000.
dent and Director.
Street.
Comptroller
4
of
»
assignments at Richmond of¬
fices
at
^^
"V The bank will have
*•'
of Pinemont
f
County,^
T
M
Paterson,'
corner
H«»S~
ii
iwlBankofHouston.
been
appointed q Director of the First;
National Bank 0f Passaic
The
and
World War I
Orlow-
.j.
Walter M. Cabot
John L. Thorndike
erans
v
Comptroller ;of the
Currency
James , J. ,Saxon Sept. 5 issued
teller since 1958, was preliminary approval of an appliAssistant Secretary, - A cation
to organize a national
head
period.
operated
retary to fill the post vacated by
Mr. Fischer, and Charles S.
$557
were
been
ganization
J
capital structure of $1,020,qqq? composed of $600,000 capital,
$320,000 surplus, and $100,000 undivided profits.
„
were
reflect these improvements. Even though 82% of the
4,232 share¬
holders reside in the area there are over two and one-half million
shares outstanding and through the years broader distribution of
The proposed new bank-
'
1962 deposits
period in 1961/ Although this figure is lower than those of the
year-end, a deposit decline is not abnormal for such an interim
a
advanced from Assistant Se-
was
deposits of $559 million at the
zation.
ton
8
"
assocjation
have
with
area
1961. As of June 30,
offered
The George Putnam
l^^rrlncy
Riviera
states
million which represents an increase of $39 million over the same
In addition to the expected growth of the area and the bank's
past performance, one added factor of note is excellent manage- I
nient. The Eccles family has through Marriner and
George Eccles
Columbus Inc., 60 Congress St.,
of
under the title, "National Bank of
Bank,
Savings
Fischer had
H.
8
:
}ng
.
_
Riverhead, N.Y., announced Sept.
5
Bank
Organizers of a proposed national
bank in Riviera Beach, Fla., were
granted on Sept. 5 preliminary
Saxon.
•
Security Corporation is the largest banking institution
of the year in
ings for the country
organ-
Junction."
previously
City
National
First
to
capitalization of $250,000, will op¬
erate under the title, "Peoples
National
end
the period shown. At a 66% for the
si^^^rs thq^ayeirige annual
increase in earnings of 11% is well above commercial bank earn¬
Comptroller of the CurThe new bank, with total
Saxon,
rency.
First
the mountain
in
Idaho, Wyoming).
branch in Milan,
also has branches in Paris,
long-term growth.
has 76 offices through their five banks in the system and
plan to
extend further in three states where they are represented
(Utah,
City
;
a
of
of Salt Lake
Bank, New ize a new national bank in Columbus * Junction,
Iowa
was
7—its ' fourth* in"*the granted Sept. 5 by James J.
YOrk, opened
Italy,
Co.,
Management
Putnam
of
*
approval
Preliminary
-
X
;
*
♦
BOSTON, Mass.—John L. ..Thorndike and Walter M. Cabot have
been
elected
Vice-Presidents of
Departments
retiring in I960*
*
16.1
favorable.
of Senior Vice-President
en^ title
P/E Ratio
Within the past year the stock of this bank holding company has
been discussed with the thought to its attraction from the aspect
the payout is now low at 40%
with
been
$2.50
of
Correspondent
and
since
4,939, being elevated to his pres-
He/was a
1949
Presidents from
-
has
Est. 1963 Earn.
Thorndike, Cabot,
bank's
Commercial
wa^maste
Vice-President in 1942.
Ainsworth
Mr.
New
Bank,
tional
Bank
National
First
Yield
2.50%
Also important to the stockholder is a 2% stock dividend
which may be construed as additional compensation. Although;
Grand Forks, N. d.
Chase Na-
with the
merged
the
of
$1.00
Company Elects
Ainsworth succeeds F. Phillips
Giltner who has become President The
Interstate
the
of
Mr.
Division, effective Sept. 15.
Hanover Bank, New
He was Assistant
and later Assistant
Vice-President
Bank
Correspondent
bank's
the
in 1917.
York,
was
He
old.
years
Dividend
40
Manager
Joseph O. Aubin, Former Presi¬
dent
of
the ;; Southgate
Bank,
Southgate, Mich., was elected
YA'#
*
Chairman of the Board. William
The Bank of Montreal will open
H.
Verhelle
was
elected
a
Di¬
were formerly Assistant Treasur¬
a new European representative's
rector and President and Cashier.
ers.
office in Dusseldorf, West Ger¬
William
H.
Verhelle, early in many,
In addition, Mr. Rockefeller an¬
under
the direction
of
nounced the appointment of seven 1958 joined the organization of a R. J. R. Bonneland on Oct. 15, the,
new
bank
where
as
Vice-Presi¬
new
Assistant Treasurers of the
bank has announced. It will be
bank.
They are Harmon P. But¬ dent he established and super¬ the first office of a Canadian bank
vised
the
Consumers
Loan
De¬
ler and Frank R. Reillyy III, of
to be established in Germany.
the
410
Park Avenue
branch; partment, while also performing
The office will serve as head¬
Richard S.
Cohn of the Times his duties as a General Loan Of¬
quarters for the bank's operations
ficer until his resignation earlier
Square branch; Stanley P. Lee of
in
Germany,
Austria,
Switzer¬
- y/y
v
the 5th Avenue and 44th Street this year.
land and Denmark
promoted to Assistant VicePresident, President David Rock¬
efeller announced Sept. 12. They
been
Price
with
service
at the Battle Monu¬
National
Commander
Laird, Bissell 8 Meeds
Bankers
ADEN
•
to
KENYA
the Government in
•
UGANDA
•
ZANZIBAR
Brig. Gen. Park W. Huntington as
further
Branches in
Coordinator,
details
Colonel
contact
Oliver
J.
Troster, Troster, Singer & Co., 74
Trinitv
Place.
New York
6. N. Y.
New York Stock
Members
American
120
principal speaker.,
For
Members
INDIA
•
PAKISTAN
ADEN
*
•
CEYLON
SOMALIA
•
Telephone:
•
AND THE RHODESIAS
Bell
BURMA
EAST AFRICA
t-
Stock
Exchange
Exchange
BROADWAY, NEW YORK 5, N. T
BArclay
Teletype
NY
7-3500
1-1248-49
Specialists in Bank Stocks
Volume
The Commercial and Financial Chronicle
Number 6194
196
(1119)
salesmen, and
I just read the insiders, who told you in complete
day
that
he
has
been confidence, that it was a BUY.
estopped, estranged, and disen¬
Don't ask me what I think of
tangled from all that prosperity
the Administration, the gold situathe paper said he was recently
tion, the Cuban situation, how 'tis
nipped for violating the twenty in
Laos, taxes, or Communism.
to one capital rule. I was wonder¬
I've got enuff to do making ex¬
ing about this
it doesn't seem
.
other
SECURITY SALESMAN'S
.
.
-
...
CORNER
BY
JOHN DUTTON
...
to
add
planations to customers.
up.
me,
Bar
offices
from
me
Favor, and
a
where
all
am
they
they
are
ing
are
be
working
there
think
privileged to act like
able
Eisenhower
afford
to
recession to
the Kennedy
.
in
club.
prosperity." No?
;•
Avoid
telling
me
about
Joe
you send me a letter about
Gulch who went into (the invest¬
securities be sure you write legi¬
bly and give me an accurate de¬ ment) business for himself five
scription of the stock and bond years ago, got all those warrants,
about which you are requesting did all those underwritings, made
information. (This is intended for all those millions, had all those
a
I get even?"
If
me
a very narrow market; I'd like to
help, but my customers don't have
any for sale.
glad that I saved enough dur¬
the
can
off when the trading de¬
partment is short some stock with
Tip
Do Me
"How
Just ask
>
Make,it
felony to come to my
while I am
the telephone talking with a
a
desk and interrupt me
on
customer.
Don't tout
someone
by
;
.
me
told
someone
.
on
you,
any
who
stock that
was
told
else, who knows the
Bank of Montreal
Afp,
I
jttlPP
.
^
1H
I TPTMTI^m V
111 VJUL mcllljr
The Bank of Montreal will open a
new
European representative's of¬
fice in
Dusseldorf, West Germany,
under
the
Bonneland
direction
on
has announced.
Gregory & Sons
19
office of
a
The
of
15,
office
R.
the
bank
will,
serve
as
Gregory & Sons, 72 Wall Street,
York City, members of the
York
Stock
Exchange on
New
New
Sept.
25
will
admit
Herbert
A.
Hoehn to partnership in the firm.
in
Europe^
publicly.)
Tell
is
SEC
the
me
sacrosanct,
and ask me,
"Where would we be
today if it wasn't for the SEC?"
I
wonder!
Don't remind
me
of the money
made as a salesman in 1961.
How about August, 1962?
No, I
don't
want
to
hear
about that
you
either.
Tell the cashiers, the
the
office
back
aren't
people
clerks, and
that they
doing me any favors when
do their job the way it
If they don't send
they
should be done.
customers statements that are
my
confirmations promptly,
dividends when
correct,
checks when due,
due, and attend to all their duties
when they should, it is they who
will suffer. They are on a straight
salary, they get their checks every
week, I am on a straight commis¬
sion. If they mess up my accounts
I
can
go
somewhere else and
make a living—but they need my
customers too — or can my firm
Maybe cus¬
expendable — maybe
exist, without them?
tomers
are
profits fall off the trees, maybe
salary checks aren't
important,
maybe they are too small ...
maybe I've heard all of that be¬
fore.
'
••
■
Don't ask
ket
,
.
"What's the
me
mar¬
iyums
V-,
price of a stock, if you want
to know the volume, if you want
to know where the Dow Indus¬
the
Utility
and
Rail,
trial,
WW.X
averages
at the time of their latest re¬
are
But the market?
port I'll tell you.
We have markets
Market?
What
in
51W&
HWit
If you want to know
doing."
about
to fifty-thousand
(my guess) that
over-the-counter and
forty
stocks and bonds
traded
are
on
the
exchanges
.
all go up or down
they don't
.
...
(but not mine).
book
Don't send
me a
mm&m&M::
wire telling me
department is long a
the trading
WWMW.»»tlw»w^
shares of Bumpus com¬
thousand
with three-eighths of a
mon
or
in some people's
they do
maybe
.
together
point
in it, without giving me time
into
Bumpus
before
gross
check
to
it
offering
to
a
Maybe I
client.
like
most
maybe I don't
secondary's, maybe I
just
don's
like
don't like Bumpus,
the
state of the
market.
invite
Don't
me
to
a
mmm®w
cocktail
party,
given
by
some
under¬
writers, prior to the offering of a
promotional effort
for some
speculative common stock. Or, any
kind of drinking bout to promote
either before,
the baby is born.
anything,
Don't tell
that is
that
list
on
has
Holler
cheers
every
time
find an investor who is inter¬
in safety of his principal
first, maximum "after tax" in¬
come, and who doesn't expect per¬
fection.
But don't tell me where
ested
found him, he's, supposed to
be extinct.
Tell
fore
I
if you have heard a
telling and stop me be¬
come off with this one,
"I
me
am
of Cities Service to provide
facilities
in every area of
*3
Get close to America
three
finest
and
services for the
American motorist. In fine with this policy,
especially
already advanced 20
you
joke I
the
Exchange,
30%.
you
It is the policy
to look at a stock
selling over-the-coun¬
has made application to
an
it
after
Experiment-
in tomorrow
after
now
ter
to
me
or
close
to
There
are
...
maintain the
interest¬
thing it does.
many
ing things for the entire
family to
a
see
and do, just
pleasant drive from
wherever
you
live. This
weekend, treat the family
to
a
day's
outing—the
petroleum marketing—and
production, too—Cities Service strives to
home-by car!
highest of standards in every¬
ist every possible comfort
This, however, is only
the continuing
pictured here is
an
and convenience.^
one
all
areas
of its
illustration of
effort of Cities Service to
achieve the highest degree
>
of excellence in
\
far-flung operations. That's
i
why, in every facet ofpetroleum enterprise — i
in exploration,
The service station
in production, in research and
development, in refining, in transportation i
example of the forward thinking of Cities
and in
Service in this direction. A totally modern
into tomorrow... to bring you a better today!''
innovation in
marketing—Cities Service is looking i
petroleum merchandising, it is
convenient, economical
designed to provide maximum sales appeal
way—by car!
while, at the
same
be
head¬
Germany, Austria, Switzerland
Denmark, as well as facilitat¬
ing business for customers with
trading interests in this area of
and
bonds, and have no opinions to
offer
to
quarters for the bank's operations
of
this
column. We recommend no stocks,
no
R.
bank
Germany.
readers
not
customers,
J.
It will be the first
Canadian
established in
To Admit Partner
Oct.
time, offering the motor¬
CITIES
® SERVICES
The Commercial and Financial Chronicle
were
important role so far in
the period of the big
were
played
C. POTTER
BY JOSEPH
an
fiscal
1962,
stock
market
the
of
per
company's
Boston-based Incorporated Income
launched in 1954 with
assets of $10 million. In the
net
was
eight
the - ..fund,
years
which has grown
to well over $120
million, has disbursed $32 million
in' dividends and nearly $13 mil¬
capital gains.
:
Because of its sprawling stock¬
lion in
.
holder family of more than
32,000
state and 15
foreign lands, its story, as related
by- William A. Parker, Chairman,
and Charles ,E. Devens, President,
is of widespread interest. As they
reside in
who
every
"An income fund cannot be
expected to obtain the same re¬
turn at all levels of the securities
offer an
yield relative to other
investment
opportunities
while
attractive
seeking to conserve principal."
back to the infancy of
Incorporated Income, they recall
that common stocks accounted for
-Going
the
almost all of their securities in
fiscal
Oct. ,31,
ended
that
year
1955. At the time the return from
shares
common
generally
was
twice that available from
nearly
to
of investments.
United States Government bonds
the time of the Magic 5s),
then providing the highest yields
(it
was
in
many
made
years,
their first
in 1959. As
important appearance
corporate bond yields climbed to
levels unknown in a quarter of a
century and stock yields declined
sharply, the management further
increased corporate fc>6nd holdings
and trimmed its position in com¬
mon equities.
The score at year's
end: Common stocks, 67%;^ corpo¬
and Treasuries,
rate,bonds, 17%,
5%.
V -• ■
types
for
the
next
three years remained unchanged,
although proportions varied. Com¬
turns
started inching
October
1956
of
than
more
they constituted
the
of
5%
bond re¬
upward. By
securities'
list. The rest remained in common
/,'*.
shares.
stocks
mon
in
in
1960
which
ings
further cut back
were
favor
amounted
of'
Treasuries,
11%
to
ter part
the
seems
"When
time
were
substituted for
U. S. Treasuries.
Though the fund
once
more
was
buying common
stocks by the end of the year,s at
that time they equalled
of the list.
only 61%
Common stocks were still being
bought
in
first
the
half
of
bonds
gives
the assets
common,
divided
were
this way;
66%; preferred, 6%; for-
Securities Company
of Bullock Fund,
Ltd.
were
July 31
$66,057,039,
$11.70 per share. On April 30
the
comparative • figures were
or
>
$723,658,658 and $13.32:
❖
At
*
a
mutual
"balanced"
Sold
fund.
only
through registered investment dealers.
or
is
Ask
mail this ad to
CALVIN
*
WALE
cents
of
net
;
*
..
CF
\STRF.LT,__NKWJYORK 5
of
trust
at
the
to
Investment
Corp.
close
of
ADDRESS.
—
a
Balanced
Guardian
"i
C/CobftilatSBifo
...
Trustee
Street, Boston 9, Mass.
re¬
Inc.
v
Investment
Company
registrants
19
in
from
•
*.
declared
•
JOSEPH
1961
52%
the first half
over
accounted
and
the
of
for
increase
New
ered in the
industry. Lectures and
background readings
clude
;
.
the nature
of
which increased about
also used
are
instruction.
/
total
course
the
in
in¬
somewhat lesser-rate.
manage¬
The
the
course
ter
prepared under
was
direction
and
guidance
James O. Rice Associates, Inc.
rector is Dr. Emmett Wallace,
but
were
months,
of
Di¬
due
Market
declined
\
.
but
quarter,
at
a
At the end
1961
activities
various
second
increase
;
of
the
June, they were 14% above the
year end, resulting in a 6%
in r total deposits- during
this
period.
Demand • deposits
showed a gain in the second quar¬
job; planning; building an ef¬
organization;
directing
and- motivating
employees; and
control
in the
of
rial
fective
8%
first three months, gained further
V
Public Service Co.
off 9%
to
r
prices
about
over
seasonal
the six
factors.
of bank stocks
32% from their
1962
highs to the low point in
June, but in the. recovery, that
followed, - bank stocks •*:registered
good gains, the survey noted.
.
Of Colorado
M. Stephens
S.
share
„
share
on
Service Co. of
Colorado
is
of
of
stock
common
one
on
for! each
share
Public
the
at $4
Vshares held of record Sept. 6, 1962.
ment
V.
Smith
and
New
York* City.
&
Barney
share is being made by
Osborne...Sons,
Inc.;
Massari 4 Inc.,
all
of
Beverly Hills,- Calif., : and I. J.
Schenin Co., New York City.
.Net
Co.,
*
-
,
will
proceeds
to
company
-
offering
\.-to employees,-including officers of
-the "Company and its subsidiaries,
subscription
rights' for
124,282
also
additional
nance
future trade
chase
new
dies
increase
used by
loans,
inventories,
quire
and
be
repay
.
is
company
K.
the
'
per
Gregory
group
Inc.,
of
Thomas Jay, Winston & Co., Inc.;
managed jointly by
First Boston Corp., Blyth & Co.,
STOUT
offering of 75,000 capital
M. Stephens Mfg., Inc.,
shares
10
Sept. 24, 1962. The offering is be¬
ing underwritten by an invest¬
...shares^
Lazard Fund, Inc.
t
44 Wall
per
16,
on
the Capital Stock
Fund
payable October
share
the
1962,
accounts,
ac¬
fi¬
pur¬
and
equipment,
working capital.
The
September 17,
dend
is
vestment
Payable October 1, 1962
payable from net in¬
•
*-'■
'
L. T. Melly
Treasurer
"
>
1962. The divi¬
income.
September 10, 1962.
-
„
financing will
which calls for
company's
the
three
operations
.
•
•
)
wholly within the State of Colo¬
rado.
Electric service is supplied
residential
customers
at
retail
in
Denver and 187 other
nities
and
and
to
rural,
industrial
also
service -to-
company
gas
to
commu¬
commercial
customers.
supplies
Denver
Angeles,
manufacture
electrical
for
use
trial
in
The
natural
and 72
conduit
and
814 E. 29th St.,
ih the
engaged
distribution
and
and
residential
communities.
indus¬
installations. Among
are
Romex, BX
connectors, couplings,
nipples, entrance caps,
bodies
related
and
parts
fittings.
Now With Boettcher
(Special to The Financial Chronicle)
COLORADO
SPRINGS,
Colo.
—
Robert E. Maxson is now affiliated
with
Boettcher
and
Company,
■
other
of
connectors
and
products
Flex
and
is
fittings
wiring
these
bushings,
are
„
record at the close of business
the*
$2.70 PREFERRED STOCK
The company of
Los
$142,000,000 during
years 1962-64. /
of-
stockholders
to
not be¬
applied do the- company's con¬
struction ^program
dividend of 8 cents
a
is
the, expenditure of approximately
Board" of Directors today
declared
offering
Proceeds from the
SL, New York 5, N Y.
Dividend Notice
..
This
underwritten.
ing
be
65 Broadway, New York 6", N. Y.
nearly
in
To assist in
higher
interest
expenses.
.
1he COMMON STOCK
a
al¬
quarter.
DuBois, partner of Werand Chairman
York Group, attrib¬
uted the past popularity
of the bonds
rps(e ,.25% during the first
course to the study and discussion;
six months this year, the bulk of
of case histories and special in¬
which occurred in the first quar¬
vestment banking projects based
ter of the year..,
on day-to-day problems encount¬
Time
and
savings -deposits,
&. Company
the
The
Payable October I, 1962
67'/i cents
advance of
the second
these ,>
requirements, many banks added
substantially to their tax-exempt
securities t portfolios, the
survey
said. For 30 of the banks covered,
holdings of state and municipal
100
*
Canada.
i#The subscription offer will expire
Vice President and Secretary
September 1 8, 1962
a
increased
of
operating
covering
attracted
some
states and
of
par¬
earnings this. year. For 15 banks
in- eight large cities, interest paid
70%
limited: to
courses
in.
the most important factor in bank
to
C:
basis
dend
of
Wellington Company, Inc."
149
firms
shares
September 11, 1962 a divi¬
of
12c' per share
was
on the capital stock of .'
the Corporation* payable Oc¬
tober 16,1962 to stockholders of
record September 28, 1962.
'
Third Quarter Dividends
: on
The first two
be
months
banks
an
Higher rates-of interest paid on
and
savings deposits were
issuing to holders of its common
stock rights to subscribe at $23.50
'-per share for 1,242,822 additional
Dividend No. 156
.
The
«
90.
Public
THE
32 cents
Philadelphia 3, Pa.
Inc.
net assets
31
On
Diversified Closed-End
Investment Company
Record Date
investment dealer
will
Attendance
:
in
10%
three
Coast
time
the manage¬
'
A diversified closed-end>
.
for prospectus or write to
Fund,
Aug.
at
'>
The Dominick Fund,
rent
Ask your
a year
^oorjwratidn*
capital, reasonable cur¬
income, and profit
were
business
seeking conservation of
possibilities.
$8.18
*
*
Mutual
that
ports
^ri-^&ontinental
Fund
of
most
holders
A Name to Remember
A
also
.
Incorporated ISIS
I
view
all
initial
the
1962. :West
Net asset value per share
❖
c(zoirt/iairy,
Fl'ND
results
quarter
ticular showed
certificates of record
ac/t f/<i e//4
WELLINGTON
of
Chairman
and
firm; through
total management, more effective
in terms of profitability, efficient
operation and growth, he added. '
re¬
earlier.
NAME
When Investing
Jacobs,
Co.
&
within the firm.
ports that at July 31 total net as¬
$29,762,984, com¬
pared
with
$41,790,320
a
year
September 7, 1962.
50 State
Second
encouraging, the survey stated,
with earnings of 30 banks* which
Jr.,; Partner
report quarterly up more than 5%
ment function/Prime purpose is
the
*
*
declined to $5.61 from
income* payable
September 10,1962
LTD.
BULLOCK,
dividend
share from
a
per
investment
Established 1894
ONE
paying
16
investment dealer for free prospectus,
your
the
3%
the
Industry,"
Westchester
Basic elements of the
assets
net
share, at April 30.
per
earlier.
Fund
operating earn¬
leading banks
*
Blyth
survey
the
in
to $372,000,000, off less
from the $382,000,000 in
first
six
months
of
1961.
than
make the individual
* -
total
31,
sets amounted to
Life
over
an
for
.
of
Canadian Fund were $33,356,123,
equal to $15.61 per share. > This
compares
with
$39,145,894,
or
July
Electronics
Massachusetts
of
1961,
....
at
$17.93
dividend
38
net
amounted
on
in the
over
of
Total net assets
course
of
included
Committee, New
York Group of the IBA, said the
course
is
designed
to
provide
managers in all phases of invest¬
ment banking and brokerage with
theim
The Funds Report
ings
Education
A.
."
.
the
at
A.
Bache
the
on
ity of that income.
annual
Banking
21-26
Harry
of
advan¬
which to draw for
the purpose. In doing so, we rec¬
ognize that today investors are
not only more interested in in¬
come
than for some years in the
recent past—but also in the qual¬
liquid funds
Massachusetts
Life Lund
>
ample reservoir of
an
Combined
Country Club, Rye, N. Y.
held in U. S. Government
now
last
By the end of the fiscal year,
Oct.
management will alter
The $20 mil¬
tageous,
third
its
Investment
the portfolio further.
lion
•
"The Management Function
the
of hold¬
of 1960, short-term Brit¬
ish-Treasuries
NATION-WIDE
producer in
r
* "
April 30, 1960. In the lat¬
on
year.
copper
country.
banks expected to vary, but many
banks will report gains over
the survey asserted.
;
Group of the In¬
vestment Bankers Association wili
hold
appears relatively favor
.with .results of individual
able,
New York
The
quired -common
stock
in
two
strong companies with good cur¬
largest
.
Mgmt. Course-
..
rent yields and, we believe, some
capital - appreciation possibilities:
St. Regis, one of the largest paper
companies in the United States,
and
Phelps Dodge,
the second
across
months
and ac¬
current holdings
some
share.
a
banks
been anticipated earlier this
year,
according to the mid-year "Bank
Stock Survey" prepared by Blyth
& Co., Inc.,. 14 Wall Street, New
York City. The outlook for bank
earnings
over
the
second
six
to.
N. Y. IBA Group
.
12%
amounted
of major
Earnings
the country were generally better
in the first half of 1962 than had
net assets
$120,595,435, equal to
share.
A year earlier
per
£9.44
gives
.
total
$120,773,406,
or
$9.74 per share. On April 30,
1962, ."assets were $125,309,114, or
„
Security
the list the next year as
assets
appearance
bonds.
Corporate bonds were added to
a
government bond first management even greater flexi¬
appeared in 1958 (an obligation-of' bility in its next portfolio move.
the Kingdom* of Norway)-. At the
Messrs, Parker and Devens sum
same time, additions to the corpo-;
up:
'•
•
.v.'
'
rate bond category cut further into
.; "Taking advantage of the mar¬
common holdings:
By the end of
ket decline, we added selectively
1953
these
bonds accounted for
say:
market. But it can try to
$8.90
which
Bank Stock Survey
*
.
amounted to.
high, level of
prices by taking-profits in
number of holdings, putting pro¬
duration
Blyth & Co., Inc.
net assets
$21.57 per
Incorporated Income Fund reports
stock
of- shorter-
or
*
ythat at July 31
A foreign
•>
$14,887,130,
if
made
their
ceeds in intermediate-term TJ. S.
6f note in 1957:'
Government bonds, which were
Indeed,'- by the end of the year,
paying a good return compared
they toted up to. 4%; of the "port¬
With common stocks at'the time."
folio." Meanwhile, ■ the - fund \ took
•More "recently;
long-term bonds
advantage of rising bond yields to
have been "rolled over" for others
add to this type of holding.
stocks
Preferred
first
year,
share.
(Nov.- 1,
year
nized the then very
Story
One Fund's
last fiscal
the
of
At the start
break.
1961) management says it "recog¬
ensuing
Thursday, September 13, 1962
.
$16,171,049; equal to $19.77
share. "At Oct. 31, 1961, end
eign government obligations, 7%,
U. S. Treasuries, 4%.
U» s; Government bonds have
and
Fund
:.
"(1120) ;
20
Antlers Hotel.
.
.
i
..
Volume
Number 6194
196
...
The Commercial and Financial Chronicle
(1121)
the face of his refusal to
admit that
with
As
the
to
seizure
by American citizens in foreign
countries, as long as "reasonable"
during recent weeks, a
present danger to our
nation's security currently exists.
a
political sanction
Multilateral Devaluation
Would Help the Free World
Continued from page
America Threatened
gold.
of property owned
The threat to America's security
-
in. Cuba
real
threat, the President's
for the authority to
call up 150,000 reservists amounts
to no more than a hollow political
gesture; -
ceded moral and
result of the massive buildup
a
publicly
confronted
is
recent request
By M.R. LEFKOE
of Russian armaments and soldiers
America
is
real.
Even
now
1
tution
Now $35 could be obtained
an
ounce
of gold and the
from
ships
more
ounce
of gold thus has a
mint
price of $35. The free gold market
payment is made. That little, if
long-range missiles are en route to ceased to exist.
The blame for this newest crisis any, compensation has even been Cuba. The United States can re¬
offered is beside the point; Ameri¬
in the cold war does not rest with
frain from action no longer.
By .reducing the dollar's gold
can: citizens
have
been robbed
any particular Administration; the
weight a "profit" accrued. The
while their government has stood
A firm stand by our President
threat caused
by "a' communistdollar
value
of
the
country's
will most likely cause Cuba and
dominated country just- 90 miles by and nodded approvingly.
monetary
gold
stock
increased
But this is only the beginning Russia to take us seriously and from
from our shore is a necessary con¬
$4 billion: (valued at $20.67
of the horror story.
Acting as if heed our warning. However, our an ounce) to $6.8 billion (valued
sequence of going too many years
it believed the "general welfare" long history of compromise may
without haying
at
anything which
$35 per fine ounce )t Interesting
deserves to be termed a foreign clause applied to every inhabitant have convinced them that we do "profit"' possibilities ' are
thus
not have the courage to act in the
policy.
•
0
'
:•
' on the face of the earth; our gov¬
presented should the price of gold
ernment
has
distributed almost face of threats and adverse world be raised to
A country's foreign policy con¬
$70 an ounce, as so
opinion. In any case, regardless
sists of the set of principles it $90 billion in aid to foreign coun¬
frequently suggested; a $16 bil¬
tries since the end of World War of the consequences we no longer
lion valuation differential would
adopts to serve as a standard in
II—almost $60 billion to the self- have any other choice.
r
accrue.
guiding its actions in dealing with
styled-"neutrals," and $3 billion
An individual can take his life
foreign countries.
A random
In the 1930's, monetary devalu¬
to the same seven countries which
in a matter of seconds; a country
series of contradictory measures
ations
were
unilateral, that is,
American property.- cannot
taken by aA country as- the most expropriated
perish as easily. But even each
country decided for itself
The most grotesque aspect of this a
nation like the
United States
expedient means of reacting to a
when to raise the price of gold.
altruistic tale of horror lies in the cannot continue
forever
to
act
problem created by another coun¬
Naturally this affected exchange
fact that the $3 billion came from
against its own self-interest with¬
try does not deserve the distinc¬
rates.
tax revenues
collected, in part, out
tion
of
being called a foreign'
paying the consequences. Con¬
from the
owners
of the stolen
When
country A
defines its
tinuing our past policy of ap¬
"policy."'
1 '■{-]
A V';-.
property.
peasement and failure to protect monetary unit as possessing 40
The consequence of our nation's
By not actively opposing the American citizens poses a grave grains of gold and country B de¬
approach to foreign affairs—the
seizure of American citizens' threat to the nation.
Even now fines its unit in terms of 20 grains
end
result
of our' government's
of gold, a mint par of 2 to 1 auto¬
insistence on ignoring the inter¬ property and by refusing to take there is still time to avoid the
d angerous consequences inherent matically results. As long as both
ests of legitimate friends, appeas¬ any steps to halt the robbery, the
government
officials responsible in that policy. But time may not countries maintain at least ex¬
ing its enemies, and failing to de¬
ternal convertibility of their cur¬
have
betrayed the people they always be on our side.
fend the rights of its own citizens
rencies into
swore
to defend when they took
gold, the exchange
—is national suicide.
clear
and
21
loaded
with
-
Russian
troops
and
well
as
country is
as a
very
much concerned with its liquidity,
If demand obligations cannot be
redeemed, difficulties will arise,
Uncertainty naturally increases
the desire for liquidity.
*
A Crucial Divergence
.
.
*
.
.
~
their
Wooing the "Neutrals"
fruitless
The
to
attempt
oath
of
Given the
y
of-the-moment
gain
Pacific Northwest
which
measures
have passed for
the esteem of other countries, par¬
rate between them cannot deviate
office.
contradictory, range-
Bell
Telephone Co.
policy during the past few dec¬
—
which ades, the threat which now con¬
avowedly believe that slavery and fronts us from Cuba should
no
one.
In- fact,
an
brute force comprise as valid and surprise
moral a social system as freedom» examination of our nation's deal¬
and individual rights
1 has led ings with Cuba provides an elo¬ Morgan Stanley & Co., New York
our
government officials to re¬ quent concrete example of. the City, announces that it heads an
peatedly pursue a course of action bankruptcy of our foreign policy. underwriting group offering pub¬
which has only served to com¬
licly a new: issue of $50,000,000
"i
Castro and the U. S.
Pacific Northwest Bell Telephone
pound
our V difficulties
on. all
Shortly
after
Castro
came
to
fronts.
Co. 4%%
debentures due 2002,
y
an
army
of communist priced at 102% and accrued inter¬
The results of a policy as ir¬ power,
rational as this are just what one thugs was formed to enforce his est to yield approximately 4.27%
countries
some
■
All individual rights were
would
edicts.
of what its
destroyed and all private property
was
nationalized, including over
expect—the exact opposite
proponents desire. The
"neutral" countries, which if we
were
lucky might merely refrain
from fighting at Russia's side in
an all-out war, have
lost all re¬
one
billion
American
were
property.
held
all
death
dollars
the
for
4%%
As
,
'
; y •.
-
regrettable
America's
foreign
citizens is
.
;y
'; side
•,'•<
this aspect of
policy is, the
attitude
government's
own
as
worse.
even
government of¬
so
preoccupied
distorting and misinterpret¬
ficials
with
ing
been
have
the
"general welfare" clause
to justify their program
in
order
of
handouts
to
the
"needy,": that
they have failed to fulfill their
responsibility to those American
citizens who
have earned their
wealth
largess.
and
•
seek
np
government
:
.
the
Western
.
instituted
a
ban
on
American
.Specifically,- recent Administrations have; neglected one. of' their
crucial and valid responsibilities
not
be
redeemable prior to Sept.
1, 1967.
date
the
redemption price will be 105V2%
to
and including Aug.. 31,
1968
and thereafter at prices decreasing
to the principal amount on and
after Sept. 1, 1997.
to Cuba, our concern with
world opinion prevailed oven our
self-intqrest; we continued to
appease those countries which fa¬
vored
no
This
direct action.,
obsessive
.
desire
to
"win
responsible for betraying a
group of Cuban patriots. The de¬
c
omp any, "
-Seattle,
applied by the
headquartered
in
reduction of a
to. the
4%% demand note held by Pacific
Co.
in
transfer
in
Telegraph
Telephone
&
connection
with
the
1961 of communications
properties
foreign invaders at
home, and from theft abroad.
—
from
Seizure of Private Property
.
Since
erty
has
1958
-
alone, private prop¬
owned by American citizens
been expropriated in Argen¬
tina,
Mexico,
Ecuador,
Ceylon,
Brazil, Egypt, and Cuba.. Not only
has there been nothing resembling
a-serious protest by our govern¬
ment, but officials in the State
Department
have
explicitly
ac¬
Without American
assist¬
To Hold Conference
On Israel
A
National
on
will
Israel's
Planning Conference
future
development
be
Levi Eshkol of the State of Israel;
Horowitz, Governor of
Governors of the Israel Bond Or¬
other
sources
have recently cited evi¬
dence of an increasing inflow of
Russian
and
soldiers in
Kennedy
con¬
in calling the
"defensive" and the
weapons
and
Cuba, " President
tinues
to
persist
weapons
soldiers
"technical
advisors."
In
become
will
expensive
more
the citizens of country A.
become
ports
for
As im¬
expensive,
more
of the devaluated unit hav¬
more
quantity of
imports, domestic prices will rise
and the original advantage of the
devaluation will disappear.
ing to be given for
unilateral
The
1930's
the
a
and in
devaluations
because
occurred
wanted
tions
to
increase
of
na¬
exports
doing increase employ¬
so
ment and the rate of economic ac¬
1920's
had
Dr.
David
Abba Hill el
Silver, Chairman of the Board of
ganization; Dr. Joseph J. Schwartz,
of the
organiza¬
Vice-President
tion; Samuel Rothberg, National
Campaign Chairman; Y. Foerder,
Chairman
of
Bank
Leumi
Le-
foreign
obligations upon us,
our
gold supply is
How
far
short-
going up;
going down.
a
divergent
are
such
can
trend persist? How far can a man
lean over the wall of a building
before he falls over?
In the past,
the Free World's de¬
liquidity, the desire to
increase monetary
reserves,
has
been primarily met through this
country's agreeableness to supply
dollars or gold, the result of our
sire
for
international balance of payments
deficits.
A general scramble for
liquidity could have far-reaching
deflationary possibilities. When a
country experiences heavy
and
continued gold losses, it tends to
raise
at
rates
to
induce
funds
on
deposit
tional
short-term
first
others
or
into
funds
interest
to
leave
to bring addi¬
it.
Under
such
conditions, long-term interest rates
could
remain
not
unaffected
for
long.
Rising interest rates tend to
a deflationary effect on the
economy. Higher money costs will
persuade
business
to
postpone
have
also
to
in the
gold
been
effected
in
way which had grossly overvaluated some currencies, notably
some
governments
marked for debt service.
become
more
the
sterling.
pound
devaluation
means
A unilateral
other
coun¬
too, will follow in self-de¬
fense. To be sure that they deval¬
uate enough, they will devalue a
tries,
little
than the
more
such
starts
country that
economic
an
rat race.
At the Bretton Woods Conference
in
1944,
more
no
devaluations.
of
such
This
uni¬
agree¬
really the basis for
ment became
setting
country said that
every
wanted
the International Mone¬
up
to 10%
up
without ask¬
ing the Fund's approval. Larger
devaluations need its approval.
goods and services
ultimately paid for with ex¬
Imports
are
of
of goods and services; dif¬
ferences
between
such
imports
ports
and
exports may be made up by
or
long-term capital
short-term
gold. Convertible
of
course,
the
equivalent of gold. From time to
time, trading partners may accept
inconvertible currencies or extend
movements
currencies
credits.
are
or
are,
such
But
arrangements
quite temporary.
An
turn, tends to depress short-term
rates, the very thing a government
may wish to avoid.
It may then
offer
an
increased volume of bills
in the market in order to keep the
short-term rates at least at
that
will
funds
to
greater
Israel,
and
Abraham Feinberg,
Development
Corporation for
that
Israel.
cash
and
needs
investment
liquidity just as
in size needs
grows
balance.
A
a
a
financial
bank
larger
insti-
a
level
prevent the transfer of
foreign money centers
offering higher yields. Such action
can
easily spell trouble later on
when
refunding operations
be¬
come
Moreover,
necessary.
an
undesirable
into
rigidity is introduced
economy.
When
long-
the
term rates
nail them
rise, investors wish to
down by insisting upon
non-callability features.
General Revaluation Through IMF
Assuming that
tary
substantial in¬
a
in the Free World's
crease
reserves
is
desirable
mone¬
or
es¬
sential, it could be brought about
through a general revaluation of
currencies handled by the Inter¬
national
Monetary
Fund
or
through the changing of the Fund
into
world
a
reserve
jaank.
Unilateral changes in the price of
gold
the part of at least major
are out of the question
on
countries
and
so
the so-called currency
are
"swaps"
or
"forward operations."
borrowing
The former involve the
of
foreign currencies with which
are
bought and so pre¬
vented from flowing into central
banks
which may wish
to ex¬
change them for.gold. The latter
device involves agreements to buy
dollars for a foreign currency at a
stipulated future time. Swaps and
forward
operations
have
their
place. They cannot substitute for
the permanent steps that must be
dollars
taken
in
creased
expanding volume of world
trade
Investors
cautious and tend to
purchase largely short-term obli¬
gations in order to avail them¬
selves of higher long-term rates
later on or avoid possible losses on
long-term
obligations.
This, in
a
currency
their lives.
Congressmen
country A's goods
something of
bargain in terms of foreign cur¬
rencies.
Its
exports are stimu¬
lated; imports, on the other hand,
words,
and services become
a
A member nation un¬
der the charter may devaluate its
the Bank of Israel; Dr.
While
other
tary Fund.
the invasion became a
slaughter and hundreds of free¬
dom
fighters
vainly
sacrificed
ance,
of
shipment
the
country's
term balances, which are demand
capital expenditures. Local
may
be prevented
from selling obligations because
grains, the exchange rate would constitutional
provisions
limit
drop to 1 to 1. For two dollars' them or they, too, may decide to
worth of goods manufactured by wait
before undertaking certain
country A, B now needs to give public improvements. More gov¬
only one unit of its money.
In ernmental revenue must be ear¬
lateral
later
Castro.
through
gold.
Should country A reduce
the gold content of its unit to 20
it
held, at the Shoreham
cision to withhold active military
.Hotel, Washington, D. C. from
as
provided for in the Constitu¬ support of the invasion of Cuba
Sept. 21 through Sept. 23.
tion: to "provide for the common desighed to overthrow the com-,
regime
guaranteed
the
Among the speakers at the Con¬
defense,"- which means: to protect munist
American citizens and their prop¬ failure of ihe attempt to unseat ference will be Finance Minister
erty
as
tivity. The return
Proceeds will be
■
ports
own
fected
that
with
Beginning
ex¬
friends and influence nations" was
.
will
formerly owned by Pacific Tele¬
American aid abstained, the OAS phone & Telegraph to the newly
failed to recommend any positive organized Pacific Northwest Bell
action.
Although we finally cut Telephone.,. The properties are in
off Cuba's sugar quota and then Washington, Oregon and Idaho.
In recent years,
-
in
(Cuba was not even
mentioned
by name)
in which
several
countries
receiving
its
toward
influence
Hemisphere
debentures
The
,
sired.
t
coupon. \
to
fighters for freeJ
United States be¬
cause
of .its blatant attempts to dom who opposed the new regime.
appease
them.. Our allies, who Liberty gasped its dying breath
have already gone on record as and just 90 miles-off our shore, an
absolute dictatorship was firmly
opposed to communism and whose
established.
y
help we would seek were a hot"
What - did
the > United
States
w;ar to ensue, have become right¬
"
fully indignant.
Many of them Government do?
even
Its action^ consisted
have begun to question the
of merely
advisability of linking their fate pleading with the Organization of
with • a • country
whose
foreign American States to do something.
policy leaves so much to be de¬ Except for a mild censure of out¬
spect
group
Mock- trials
condemned
which
those
maturity. The Morgan Stanley
purchased ' the
issue
at
competitive sale Sept. 11 on its
bid of 101.31% which named the
to
of
worth
par
long from the
otherwise arbitrage
very
or
transactions would take place, ef¬
America's foreign
ticularly the "neutral" nations
including
much
very
mint
The
order
demand
liquidity.
to
meet
an
in¬
for international
Recent
reports
from
Western
Europe seem to indicate
that central banks are most hesiContinued
on
page
22
The Commercial and Financial Chronicle
frightened people have always
placed their money. Such investments usually turn out badly be¬
cause people overlook the liquid¬
Multilateral Devaluation
21
Continued from page
,ie
^
to further swaps or
other short-term measures.
agree
:?;y
even
value is
market.
But there are no "specialists" in
these markets comparable to the
wish
States finds itself
position of the banker
The U.S.S.R. would 'benefit, but
longsuch an incident should not de¬
term account and has demand de¬
ter us from adopting proper poli¬
posits in the bank. In other words, cies in regard to the international
the
liquidity is lacking should
liquidity problem.
The Russian
short-term
funds
suddenly
be
gold supply is apparently not as
withdrawn in large amounts. This
large as many writers assume and
type of situation was a powerful
the Russians have never thrown
factor in the devaluation of the
their gold away.
British pound at the beginning of
the 1930's. Since unilateral deval¬
Suppose the Russians were to
uation
is
today
considered
a have a $6 to $8 billion windfall
measure of desperation and of last
profit should the price of gold be
resort, we are left with two funda¬ raised by the Free World to $70
mental answers to the problem: an ounce. Moscow could not step
a world-wide substantial increase
up
its capital goods imports by
in the price of gold, a general re¬ such an amount.
Increased con¬
United
The
;
v
re¬
an
bank.
serve
Just
Federal Reserve
lenders of last resort
the
as
Banks
are
member, and
commercial
the
for
the
currencies, or
international
of
of
creation
possibly also non-member banks,
so would the International Mone¬
become
Fund
tary
an
agency
member
countries
which
from
run
rarily declined, tend to return to
saner ways of investing when the
rate of economic activity picks up.
Suitable tax measures enacted by
Congress should substantially
the
profit possibilities from an
increase in the price of gold; this
reduce
particularly to the
rently favorite gold shares.
applies
cur¬
for
appropriate action will yet be¬
come stronger.
The gold loss for
time
As
will
1962
imports can hardly
a disadvantage for
the West.
Judging by their be¬
havior at Bretton Woods, the Rus¬
sians are quite "capitalistic" when
it comes to their gold stock. More¬
over, no country can import more
capital goods than it can absorb
and
the
absorptive capacity of
countries in these terms is sur¬
goes
be
pressure
on,
least
at
as
large
as
There are indi¬
be larger.
Euro¬
that of last year.
considered
it
cations
will
will want to replenish their
supply some of which was
used in our interest to support the
London
gold price.
Uncertainty
peans
gold
in
deficit
continued
the
and
our
payments
balance of international
still higher short-term bal¬
with their inherent vulner¬
spell
ances
country borrow from the
is
ciency result.
might set off
repercussions.
thus
undesirable
and
news
some
Fund, it
Moreover, how far will countries
to
give up their monetary
sovereignty? Will they pool their
go
gold
foreign
and
exchange
re¬
plan
which substitutes other items for
sources?
It
that
seems
any
for national
monetary reserves has not much
chance of being adopted.
gold
basis
the
as
Advantages of Multilateral Action
Suppose that international
uidity is increased through a
in
increase
world-wide
stantial
liq¬
sub¬
the price of
gold, that all countries
the same extent. Ex¬
change rates will not be disturbed
and the disruptive effects of uni¬
devaluate by
lateral
devaluations
such
However,
revaluation
minor
of
because
currencies
adjustments
should be
is
in
international
wholesale
a
avoided.
assumption
an
unrealistic
somewhat
such
are
some
would
and
The
made.
dollar, for
example, might well be considered
somev/hat
other
overvalued
currencies
appreciation
Such
and
might
terms
in
some
need
of
an
range.
The small de¬
of the Canadian dollar
has brought about a considerable
increase in exports, a factor which
undoubtedly did not escape Wash¬
ington worried as it is with the
deficit
in
our
balance
of interna¬
tional payments.
we
speaking,
that,
say
a
economically
general upward reval¬
uation of the price of gold would
not disturb
exchange rates, what
other effects
be the
are
impact of
price of gold
mies, not to
there?
an
on
say
What will
increase in the
national
econo¬
the general pub¬
lic?
react to
of
gold.
The unusually
heavy display of gold jewelry up
price
Fifth
on
The desire to purchase dia¬
monds or to invest in modern art
is
another manifestation of un¬
of
Damocles
valued.
■
Probably the purchase of shares
companies that have undevel¬
oped natural resources would be¬
free
withdrawals of shortbalances leaves a
country
(er) to plan, to
move
not to mention
ahead,
come
But
silver
result
the
Cv,GaIi^u0f ^oubt and
should
would
be
suspicion
help. Interest rates might
con¬
monetary metal.
a
level of economic
in the
increase
activity should bring about an in¬
creased supply of silver and act
as
a
brake on further price in¬
:.v":
creases.
deposits and currency in circula¬
tion, thus further reducing the
gold reserve ratio. How far can
it
fall
wards the
a
A large
increase in the price of
free nations.
In that case, such action would be
largely psychological and could be
stopped by firmness in Washing¬
ton.
Economic
conditions,
too,
would not sustain such price in¬
joint
action
of
The
creases.
all
same
Further¬
other factors tend
to push up wages that a change in
the gold price must be considered
as distinctly a minor factor if one
more
so
all.
at
many
The
chief
action
be
effect
this
in
the
respect
acceleration
an
of
of
fringement
result in
Gold is still
for
a
show
tional
in
its
itself
price
in
mean a
into
prove
checked,
list
surely
rather
irra¬
For
example, it
temporary diversion
real
estate,
troublesome
besides
of
would
some
behabior.
funds
could
the
powerful symbol
The initial impact of
people.
rise
a
other
valuables
which
if
items
into
not
on
which
to¬
legal 25% limit before
of uncertainty would
gold losses?
new
this year
before the Congress that
the full strength of the gold stock
stands behind the dollar for use if
needed.
statement
This
implies
their monetary
</'■"'
Statistics
;
show
'
that
holding
are
a
move
Even today, the
necessary.
requirement could
administrative ac¬
tion on the part of the Federal
Reserve
Prior to 1945, the law
required gold certificate reserves
of 35%
against Federal Reserve
deposit liabilities and 40% of Fed¬
25%
waived
be
by
eral Reserve note liabilities. Pres¬
at that time
sure
S.
U.
ex¬
also somewhat fictitious for other
Debt
reasons.
prepayments
one-shot
affairs
the
fundamental ills.
more
do
and
not
are
the gold re¬
on
ratio made such
serve
reduction
a
But what would be the
reaction, abroad and particularly
at home, to another reduction in
ratio?
this
undesirable
Possible
repercussions would render the
advisability of such a step today
questionable.
Economically,
gold reserve
any
requirement for the central bank
little if any sense. But its
elimination, suspension,
tion
could
uncer¬
a,move
prelude
a
as
to
devaluation, and
unila¬
a
new
The
infla¬
Administration
might
react
by introducing
could
have
the
upon
controls
deflationary
new
a
and the
economy
stock market.
A
unilateral
often
in
been
fiscal
the
past
devaluation
that
in
not
economic growth to
to a golden image?
Is
category.
a
is
has
act of
multi¬
an
irresponsibility;
lateral
sacrificed
be
devaluation
The price of gold is not an end in
itself,
to
but
thus
and
to
means
a
greater
more
Communist
end-
an
economic
prosperity
vis-a-vis
power
and
interna¬
tional institutions during 1961 was
no
more
than 40% of the fresh
gold supply.
tion
today
slightly less than
output. Granted that
1929
gold stocks
ively
World gold produc¬
is
are
used
effect¬
more
monetary reserves, the
increase in the production of gold
as
quite
seems
the
small
in
view
of
development of international
trade and
investment, not to
men¬
ance
was
not
non-monetary demand for
The cooperation of foreign
gold.
central
banks
reached
has
also
seemingly
limit, at least for the
a
time being.
The Administration is most
with
problems
many
most
the
indicated
as
small
various
steps
recently
it
by
has
illustrated
con¬
financial
the
holding them abroad after Jan¬
1, 1963.
A different illustra¬
tion
is
stern
port of the dollar.
talked
against
Moreover, he
unilateral
a
valuation.
1930's.
miners
porting
as
in
addition
to
the
a
an
sub¬
ounce
$35-an-ounce
Government purchase price.
U. S.
gold production is down consider-
Brothers
a
&
is
held
in
Administration
ness
tracts
about
usually
bank
800
at¬
trust
and
16
states, Puerto Rico
and
plus treasurers from a
Canada
number of industrial
Its
concerns.
is to provide guidelines
"Intelligently interpreting the
purpose
for
market and of appraising
money
its movements in terms of invest¬
ment
opportunities and problems."
Dr. Marcus Nadler of New York
will
University
discuss
"Money Market and its
influence bond
to
ate
the
Outlook"
—the various factors which
oper¬
prices and
interest rates.
Dr. Jules I. Bogen
the
and Uses of Funds."
"Sources
John
of New York
analyze
will
University
R.
Bunting, Jr.,
Business
Economist, Federal Reserve Bank
of Philadelphia will take "A Pro¬
vocative
the
at
Look
18
Next
Months."
Charles
M'.
New
Executive
Bliss,
of
Vice-President
the
of
Bank
Donald
D.
Miner,
Vice-President, Chemical Bank
New York Trust;< Company; Wil¬
liam W. Pevear, Vice-President,
Irving Trust
Company;
and
York;
Arthur T.
Roth, Chairman of the
Board
the
of
Franklin
National
Bank of
Long Island will partici¬
pate in
"Round-Table Discussion
Managers."
Topics
a
Portfolio
for
will
"Trust
include:
Under
Problems
Investment
Existing
Condi¬
tions"; "How We Operate Our
Municipal Portfolio";
"Accruing
the Discount"; and "Meeting the
Challenge of Higher Interest
Rates."
four
panel
present a detailed
answer questions
on
will
and
paper
the
of
Each
speakers
of the subjects under review.
the greatest degree
participation, the New
encourage
of audience
York State Bankers Association is
experimenting at the Seminar in
use of a special seven foot di¬
such as used
at presidential news conferences.
the
rectional microphone
E.
Secretary, New
Association,
Watts,
Bankers
State
York
Lexington Ave., New York 17,
405
New York,
ex¬
unemploy¬
Today we are con¬
lagging growth rate
in
of
the
frame
communism.
in
us
1962
into
valuation.
one
force
unilateral
a
There
can
real issue is:
de¬
As
result of the
a
first series of free lecture courses
price of gold
lecture series at its new midtown
a
be
maintained, that
bitrarity chosen, at
was
once
the
growth
in
ar-
expense
the
Co.
&
is
offering
two
Lexington Avenue
offices
at
at 60th
Street, New York City.
770
The first investor course,
days
on
Wayne Hummer
The
by
Sept.
next
four
direction
the
The lectures
CHICAGO,
Adams
111.—As
in
the
Street,
York
a
service
Stock
on
a
service.
on
commence
at 7:30 p.m.
the
the
selection
Exchange, is
Market
news
the
analysis of specific securities.
24-hour
in
start
to
of
up to the minute news
of the stock market and individual
9-1600
of
will
20, and run for
Thursdays under
Joseph Loeb, Jr.
The courses will cover the eval¬
Chicago area,
Co., 105 West uation of individual investments,
members
Stock
series
second
the
Sept. 18, will be
Stanley H. Sichel.
starting
Thursday,
Market Service
to be
four consecutive Tues¬
conducted
WE
Bache
additional
traders,
Free
offered
issues
and
investors
for
World?
New
popularity of its
are ample de¬
a contingency.
question. The
Shall
economic
Bache Lectures
with
struggle
a
No
fenses against such
But that is not the
sponsoring
wanted
to $35
of
means
cerned with a
featuring
up
Mr. Simon is
Salomon
ment to others.
Western
Senators
com¬
devaluations
a
country's
one
lateral) devaluation of the dollar.
sidy for gold
was
Simon,
For further information contact
not
are
Unilateral
then used
were
Wayne Hummer &
to
J.
de¬
parable to those prevailing in the
investors
subsidies
Charles
by
of
Robert
Conditions in 1962
tion
would be viewed by the rest of the
world as a step toward a
(uni¬
Sept. 21, 1962 it
on
Seminar which
The
7
;■
warning that
stimulating domestic gold produc¬
through
expected
taken,
by
uary
the
circles
gold
the
executive order prohibiting Amer¬
icans from importing gold coins
or
the
as
the President to pledge firm sup¬
of
cerned
powerful
as
American press felt it was. Euro¬
pean
^
tion the
New
cooperation with New York Uni¬
versity's Graduate School of Busi¬
To
Excluding
the
U.S.S.R.,
the
gold production last year
was $1.2 billion, augmented some¬
what by Russian gold sales. The
increase in the gold reserves of
held
in
Hutzler.
one
bloc.
Mr. Kennedy's Telstar perform¬
countries
partner
State
be
Commodore
Seminar Director.
reduc¬
or
greater
cause
tainty abroad.
Too many inves¬
tors at home might interpret such
the
world's
City
announced
York
will
makes
cure
Small Gold Production Increases
western
York
necessary.
well.
up
the Hotel
at
Investment
New
officers from financial institutions
impact
They
may have been unusually heavy
during the first half of this year
as exports were shipped to reach
European countries before the in¬
crease in tariff's took place on July
1.
The improvement in the bal¬
ance of international payments is
ports
the
in
which
' —> f
Annual
of
Association
legislation to reduce or elimin¬
ate the present 25% gold reserve
requirement of the Federal Re¬
serve Banks if events made such
tion.
upon
13th
Seminar
Bankers
that the Administration would ask
for
in¬
an
The
Kennedy said earlier
President
teral
sovereignty. :
do¬
mestic economies.
33%
current
wave
new
monetary reserves
Countries resent
in dollars.
should apply to
possible wage increases.
the
from
"
twice
-
gold could conceivably act as a
trigger mechanism for price in¬
creases of other goods even when
the increase
comes
through the
of
that
longer be
no
can
most of the silver
could
fact
as
attract some people.
Since
produced is the
of other types of mining, an
sidered
management
The
Metals such
fashionable.
silver might
greater freedom in
the formulation of
fiscal and debt
policies.
atmosphere
their
of
more
additional
possible
gold losses, a pickup in our eco¬
nomic activity would expand bank
in
sword
sudden
term
Hedging in foreign ex¬
certainty.
change is out when all currencies
are
more
or
less
similarly de¬
Fund's
Removing the
indicates some¬
Avenue
thing.
should
Removing the Damocles Sword
a
fusing the effects of a unilateral
and a multilateral change in the
gold.
10%
valuation
If
substantial increase
in the price of gold? More and
more individuals are beginning to
think about a devaluation, con¬
adustments should be with¬
in the
would the "American^ pub¬
How
lic
place.
Our allies will not react
favorably to a verbal spanking by
Washington for refusing5,-to hold
Public
The American
good banking. Should a major
was
with
dollars
often
feeling among banks that the wise
use
of
the
borrowing privilege
small.
prisingly
from
New York Bankers
Inv.-Seminar
Jeopardy
statutory
We confuse too
ability. If a shift in trade occurs
goods.
The
But
analogies have a habit of
away
from countries where the
more
planned a country's econ¬
being faulty. When a bank bor¬
authorities prefer to hold a rela¬
rows
from the Federal Reserve, omy is less will be its capacity tively large part of their monetary
the newspapers do not bring it the suddenly to absorb a large volume reserve
in
dollars
to
countries
of imports.
The central plan is which hold
next day on the front page. More¬
mainly gold, an addi¬
upset and confusion and ineffi¬ tional outflow of
over, it took time to develop the
gold could take
currencies.
other
borrow
could
Current Gold Reserve Ratio in
after
their course
and the stock market has tempo¬
goods
sumer
be
organized
an
Investors,
exchange.
aberrations have
stock
has lent out money on
valuation
The
the floor of
on
men
today in the
who
liquidate?
to
whatever it fetches in the
USSR Benefit
'
art, rare postal stamps or
real estate when investors
modern
liquid form.
Anomalous Position
USA's
What is the value of diamonds,
somewhat. Funds would
move
into
investment channels
whereas the threat of unilateral
devaluation keeps them in highly
decline
to
mention 1940.
Aside
The Investment Climate
not
i95o,
or
1940.'
mention
ity factor.
Free World
Would Help the
tant to
,Thursday, September 13, 1962
.
(1122)
22
basis.
Chicago
for
Dial
this
A
question
of
and
investments
answer
and
period
will follow.
Applications
mail
or
may be made by
phone at Bache's 770 Lex¬
ington Avenue office.
Volume
Number 6194
196
.
.
The Commercial and Fi
.
\ancial
Chronicle
Indications of Curre
The
(1123)
following statistical tabulations
latest week
Business
Activity
week
Latest
AMERICAN
Steel
IRON
ingots
Index
of
castings
production
tons)
(net
based
Sep.
weekly
average
on
operations
(per
Month
Week
1,641,000
Month
AMERICAN ZINC
8
88.1
89.8
109.1
84.7
Slab
The American Iron & Steel Institute discontinued issuing
this
oil
Crude
Sep.
1960
(bbls.)-.-,-
Gasoline
output (bbls.)—
output (bbls.)
fuel oil output (bbls.)
Residual fuel oil output ("bbls.)
Kerosene
i
—
Distillate
Stocks at refineries, bulk terminals, in
Finished
oil
fuel
Residual
oil
fuel
Revenue
(bbls.)
NEWS-RECORD:
Total
U.
Federal
30,648,000
2,661,000
2,971,000
2,566,000
13,140,000
13,462,000
13,768,000
Aug. 31
5,194,000
5,710,000
5,438,000
5,660,000
output
all
2,000 pounds)
Shipments (tons
of
Stocks
period
pounds)
(tons)
175,059,000
1
1
178,907,000
34,836,000
*'154,864,000
——
Finished
steel
Pig iron
(per gross ton)
52,814,000
East
West
Pacific
30,941,000
31,589,000
582,959
568,424
597,730
491,883
483,728
499,554
Lead
fZinc
Zinc
.-Sep.
$350,300,000
$412,000,000
$268,900,000
149,900,000
179,700,000
118,800,000
232,300,000
150,100,000
134,300,000
200,400,000
169,200,000
210,500,000
124,800,000
Sep.
31,100,000
31,200,000
21,800,000
25,300,000
Sep.
—Sep.
8,790,000
*8,590,000
8,275,000
8,336,000
280,000
267,000
305,000
382,000
117
*107
99
111
1
—
Sep.
DUN &
,
Sep.
8
15,999,000
16,
COTTON
(DEPT.
spinning
SEED
AND
UCTS—DEPT.
OF
OF
SEED
Received
at
Crushed
(tons)
17,159,000
15,838,000
204
6
282
306
and
.Aug. 31
6.196c
-Aug. 31
$66.44
V
6.196c
$66.44
$26.83
.Aug. 31
$27.50
v
(tons)
™„_
31
.
July
(tons)
31—
(tons)
6.196C
6.196C
Produced
$66.44
$66.44
Shipped
$27.50
$39.17
July
31
—
(tons)
(bales)
Produced
July
31
4
(bales)
Shipped
(bales)
(St. Louis)
.Sep.
5
9.300c
9.300c
9.300c
10.800c
.Sep.
5
12.000c
12.000c
12.000c
12.000c
RESERVE
.Sep.
5
11.500c
11.500c
11.500c
11.500c
Average=100—Month of July:
.Sep.
5
24.000c
24.000c
24.000c
.Sep.
5
108.500c
108.625c
108.375c
at
;—;
.—
(primary pig, 99.5%) at
at
88.65
Sep. 11
j
corporate——
Sep. 11
*
88.69
87.18
V
91.34
—
Group——
Group
Bonds
88.19
86.94
86.91
85.46
90.77
89.37
89.23
89.23
88.95
87.59
87.05
86.91
86.65
84.43
81.78
81.66
81.42
80.81
Sep. 11
83.66
83.53
83.40
82.90
Sep. 11
88.81
88.81
88.67
86.51
Sep. 11
89.37
89.23
88.40
87.18
Sep. 11
3.86
3.86
3.92
3.97
11
11
11
11
11
4.62
4.62
4.64
4.75
4.32
4.33
4.36
4.46
4.59
Sep.
Sep.
Sep.
Sep.
Sep.
corporate
——
Aa
A
Baa"
-
Railroad
Group
-Sep. 11
Sep. 11
Sep. 11
:
Utilities
Industrials
Group
Group—
COMMODITY INDEX
MOODY'S
PAPERBOARD
NATIONAL
Production
(tons)
Percentage
of
Unfilled
—
4.49
4.64
4.66
5.04
5.05
5.07
5.12
4.89
4.90
4.91
4.95
4.50
4.50
4.51
4.46
4.47
4.53
367.6
342,959
414,999
342,341
359,995
363,121
336,338
337,806
———-—-- —
—
Sep.
TRANSACTIONS FOR ACCOUNT OF MEM¬
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total purchases
—
-Aug.
7
Short
sales
Other
sales
Total
—
sales
transactions initiated
Total
purchases
off the floor-
—j:i—
Aug. 17
—
Aug. 17
Short
sa1ps
other
saie^_:::::::-:::::::::t-------i-
Other transactions
Total
sales—————
sales
97
97
98
96
475,662
472,925
542,041
521,301
Aug.
Ai g. 17
A"g- 17
Short
sales
Other
sales
«*•«
---—
-
-
-
112.96
J,
113.26
2,617,540
1,928,050
2,361,920
2,661,120
595,610
453,480
625,360
455,000
2,055,610
1,431,250
1,548,950
2,117,030
2,651,220
1,884,730
2,174,310
2,572,030
586,090
->■/
101,000
384,710
485,710
289,510
71,700
401,670
253,850
337,620
sales-.
325,550
424,320
.
661,995
970,626
127,740
164,500
701,708
101,850
594,645
662,765
868,691
722,385
764,615
970,791
2,879,555
3,465,298
4,146,046
861,110
652,920
813,910
2,279,745
2,549,335
3,422,881
4,137,413
2,932,665
3,363,245
4,044,211
•
of
purchases by dealers (customers'
Number of orders—customers' total sales
Customers' short sales
Customers' other sales
Dollar value-
sales)—
*
Short sales
—
sales
Other
Round-lot purchases
by dealers—Number of shares
PRICES, NEW SERIES
WHOLESALE
LABOR
—
—
products
commodities
other than farm and foods
figure.
105
85
108
111
114
115
110
103
96
100
at
June
63,847,590
62,016,678
$1,074,247
$1,035,134
60,560,545
60,449,588
58,903,142
of
30
$989,344
59,337,823
110,170
*117,142
127,032
ounces)
3,301,691
103,210
*3,373,261
*113,868
3,180,728
23,591
*25,032
22,890
42,465
*43,564
40,070
tons)
(E. & M. J.
refinery
98,946
QUOTATIONS)—
.
ton)
long
(per
London
long ton)
(per
30.600c
30.600c
pound)™™
pound)™
(per
(per
Louis
(per pound)
,
30.600c
28.564c
28.538c
20.087c
£234.125
£234.125
£230.841
£230.705
£230.813
£234.125
9.500c
9.500c
11.000c
9.300c
9.300c
10.800c
£51.048
£53.807
£64.688
£61.682
£54.588
£66.165
delivered
(per
prompt
11.500c
three
11.500c
11.500c
pound)™„
ton)l
12.000c
12.000c
ton).—
£65.497
pound)™!
(per
Western,
and
Silver
(per
long
months
long
(per
Tin,
Gold
£66.105
£64.582
£67.028
12.000c
£76.474
£77.398
Sterling Exchange—
York
New
(per
—
U.
price)
S.
Quicksilver (per flask of 76 pounds).
91.375c
91.801d
87.540d
79.750d
$2.80382
$2.80658
$2.80292
111.476c
108.511c
Straits
ounce
103.548c
108.304c
Silver, New York (per ounce)
Silver, London (per ounce)
Sterling Exchange (check).
119.783c
$35,000
$35,000
$35,000
$192,000
$192,000
$188,174
Antimony—•
boxed
York,
ilNew
Laredo,
bulk
Laredo,
boxed
1,412,870
1,766,538
99%
$69,608,891
$92,783,139
**Nickel
(per
(per
(per pound)
pound)
pound).
_
—
grade ingot weighted average (per lb.)
1,146,633
1,251,230
29,902
65,558
1,116,731
$52,781,054
1,185,672
1,862,249
$68,372,694
$63,195,971
$94,895,650
Aug. 17
Aug. 17
pound)
refined
(per
(per
(Per
Cobalt,
™.
470,340
379,370
339,160
622,970
Aug. 17
470~340
379~370
339 T 60
622~970
36.250c
36.250c
36.250c
32.500c
32.500c
32.500c
33.000c
33.000c
33.000c
24.000c
24.000c
26.000c
22.500c
22.500c
23.250c
79.000c
79.000c
Aug. 17
408,040
328,050
529,670
536,930
$82,000
1,054,040
1,361,080
760,700
13,463,390
15,223,580
18,061,440
14,517,430
16,584,660
18,822,140
$1.70000
$1.50000
273,098
692,553
266.073
196,34-1*
589.649
195,748
76,757
102,904
70,325
$1,390,774
$1,350,350
$1,291,747
IN
of
of
ESTATE
AREAS
FACTORY
U.
OF
and
and
SALES
AUTOMOBILE
S.
ASSN.—Month
...
U.
S.
loan
—
of
coaches
motor
FINANCING
IN
HOME
June
NONFARM
LOAN
(000's
associations
companies
trust companies
Mutual savings banks
J.
100.8
100.6
100.6
a
-Sep.
98.4
97.6
97.6
a
-Sep.
102.2
101.9
101.5
a
101.4
100.0
100.0
a
Sep.
100.8
100.7
100.8
a
Individuals
Miscellaneous
tNumber of orders not reported since introdtiction of Monthly Investment Plan.
JPrime Western Zinc
Louis exceeds one-half cent a pound, a Not available.
lending
institutions
Total
session
where
of
BANK
omitted):
—
—,—
106,737
99,961
104,290
542,424
534,018
459,539
176,857
154,257
153,392
315,740
313,671
313,302
542,479
531,152
533,815
$3,075,011
$2,983,409
$2,856,085
({Domestic five tons or more but less than carload lots boxed. §§Defrom East St. Louis exceeds 0.5c.
**Fort Colburn, U. S. duty
ttAverage of daily mean and bid and ask quotations per long ton at morning
♦Revised figure.
included.
—
I™—
cars
and
FROM
MANU¬
August:
of
vehicles
of
passenger
trucks
BOARD—Month
Insurance
Sep.
$1.60000
$1.80000
number
Banks
$1.75000
$1.50000
small
lots)
grade
(per pound)
FACTURERS'
Savings
$2.25
$82,000
$1.80000
Number
1,247,570
81.250c
$82,000
$1.50000
Number
18,082,630
19,330,200
$1.75000
f
$2.25
97%
PLANTS
Total
$2.25
pound,
VEHICLE
MOTOR
—
pound)
(per pound, delivered ton lots)
Cadmium
9,690
export™
i—
Platinum,
1,871,939
pig
primary
grade
Bismuth
17
delivered basis at centers where freight f-rom East St.
86
113
'
St.
East
livered
*Revised
68,300
ounces)
short
months,
§§Prime
1,135,669
Commodity Group—
Farm
39,100
76,300
(BUREAU OF MINES)—
fine
(in
ttLondon,
(1947-49=100):
Processed foods
141,700
58,000
58,800
Zinc—'
U. S. DEPT. OF
commodities
.
Common, East St. Louis
(per pound)
ttLondon, prompt (per long ton)™„,
ttThree months, London (per long ton)
$50,323,120
17
17
17
Aug. 17
AuS- 17
Aug. 17
sales
103,400
51,000
consumers—
omitted)—.
customers—Month
customers
Common, New York
REAL
sales
95,600
Lead—
1,362,876
round-lot sales—
Total
.
_
ultimate
to
(000's
fine
Domestic
STOCK SALES ON THE N. Y. STOCK
EXCHANGE AND ROUND-LOT STOCK TRANSACTIONS
FOR ACCOUNT OF MEMBERS
(SHARES):
Other
34,300
49,100
Copper—
TOTAL ROUND-LOT
Short sales
95,400
52,600
74,400
INSTITUTE—
ultimate
METAL PRICES
$64,580,020
1,452,879
27,722
1,425,157
Aug.
Aug.
Aug.
—Aug.
shares—Total sales
of
Number
99,700
68,200
RE-
variation
sales by dealers—
Round-lot
83,800
States—
(in
Zinc
.
—
66,600
120,900
Average=10<)—
adjustment—.
June
(in
99%
ftug. i /
Odd-lot
99,900
108,200
Aluminum—
Aug. 17
shares
value
142,600
85,200
107,000
of June:
United
Gold
•
3,276,303
—
155,700
91,000
production of recoverable metals in the
Silver
102,100
835,983
Aug 17
Aug. 17
Aug. 17
—
unadjusted™——.
adjusted
SALES- -FEDERAL
ultimate
of
Month
Mine
1,030,296
621,330
ODD-LOT ACCOUNT OF ODDLOT
DEALERS AND SPECIALISTS ON N. Y. SJ°£K
EXCHANGE — SECURITIES
EXCHANGE COMMISSION
Odd-lot sales by dealers (customers' purchases)—!
Number
of
from
METAL OUTPUT
437,160
501,390
1,000,483
'
188,500
FEDERAL
seasonally
seasonal
ELECTRIC
Number
STOCK TRANSACTIONS FOR
Dollar
for
seasonal
Kilowatt-hour sales
64,230
j
4,174,256
.
STORE
Without
Revenue
454,630
86,700
143,100
367,100
YORK—1957-59
SYSTEM—1957-59
Adjusted
EDISON
114.48
members■——Aug. 17
,
daily)
August:
112.98
20,100
215,200
FED¬
Copper
(in short tons)
Lead
(in short tons)
transactions for account of
purchases——
daily)
(average
ttLondon,
—
sales_™
Total round-lot
Total
Aug.
n
Aug. 17
i.
initiated on the floor—
Other
Total
iij
purchases—
Short
Total
>.
DISTRICT
(average
ttThree
Aug. 17
——
SECOND
OF NEW
Export refinery
ttLondon, prompt
Aug. u
Aug. 17
—
BANK
Sales
SERVE
ROUND-LOT
17
SALES
Sales
4.67
358,991
PRICE INDEX—
96,800
183,400
280,500
'/'Month of August:
378.1
368.9
STORE
DEPARTMENT
H
4.62
1
1
1
1
Sep.
OIL, PAINT AN,D DRUG REPORTER
1949
AVERAGE=100__
4.83
368.8
Sep.
at end of period—
(tons)
4.47
4.63
Sep. 11
Sep.
Sep.
—
activity
orders
4.47
»
z.
,
RESERVE
Month
ASSOCIATION:
(tons)——
received
Orders
<
456,903
t*'
BOND YIELD DAILY AVERAGES:
Average
Public
rv
91.19
ERAL
26.000c
r'
'
: 87.18
DEPARTMENT
125.000c
AVERAGES:
Government Bonds—,—
Aaa
$545,806,606
Linters—
(delivered)
Government
178,733,711
$632,254,316 *$709,602,927
i;
(tons)
11.000c
S.
27,759,039
Hulls-
9.500c
Utilities
$724,540,317
27,801,574*
'
•
9.500c
Public
$763,523,800 *$737,361,966
133,900
—
(tons)
9.500c
Industrials
125,845,971
of
„.
July
(tons)
Stocks
at—.—;
PRICES DAILY
26,247,504
144,854,709
Meal—
Produced
275
mills
(tons)
Stocks
ton)
York)
43,062,303
37,756,327
128,572,194
PROD¬
COMMERCE—Month
5
MOODY'S
111,941,988
109,676,025
153,038,217
48,194,117
Seed—
Stocks
'
York) at
Group
47,387.096
180,706,835
.
Cotton
.Sep.
Railroad
232,599,018
54,648,271
702,094
COTTON
28.625c
BOND
$26,226,342
*84,876,908
57,857,948
146,075,145
COMMERCE):
28.625c
(New
—
bales,
28.525c
tin
$44,795,405
179,836,450
45,206,758
City
28.675c
S.
on
York
New
GINNING
Aug.
Shipped
:
sold
outside
COTTON
.
at——*
at
at
(East St. Louis)
$39,275,676
131,269,484
5
Average
All
—
30.600c
refinery
84,271
188,090
128,943,302
City
Stocks
17,088,000
,
All
States..
30.600c
MOODY'S
Total
United
30.600c
(New
Other
.
30.600c
Aluminum
U.
-
5
Straits
U.
—
™.
York
New
II™
—II
JZ
I_H
.Sep.
.Sep.
Export
Lead
65,757
55,441
162,416
&
™™„_
Central
Mountain
M. J. QUOTATIONS):
&
(E.
refinery
DUN
—
I™
I
Central
137,161,000
Electrolytic copper—
Domestic
70,789
68,028
167,857
CITIES—Month
Central
155,021,000
32,579,000
•
VALUATION
INC.—217
Atlantic
31,589,000
492,382
105,800,000
165,400,000
—
INDUSTRIAL)
AND
(per lb.)
METAL PRICES
I
Atlantic
South
'
IRON AGE COMPOSITE PRICES:
gross
ZZZZ
England
Middle
127,236,000
160,527,000
581,420
$271,200,000
SALES INDEX—FEDERAL RESERVE
Sep.
(in 000 kwh.)
(per
73,469
July:
—
BRADSTREET, INC
Scrap steel
Ago
of
(tons
2,000
PERMIT
Total
Sep.
Sep.
AVERAGE=100
(COMMERCIAL
FAILURES
Year
Month
July-
of
New
MINES):
(tons)
EDISON ELECTRIC INSTITUTE:
output
of
end
grades
L
BRADSTREET,
,
.
Cake
Electric
at
South
Sep.
.
——
lignite
STORE
SYSTEM—1957-59
smelter
Total
—
Pennsylvania anthracite (tons)
DEPARTMENT
31,005,000
2,787,000
13,780,000
V
.
Sep.
(no. of cars)—Sep.
————
BUREAU OF
and
Previous
INSTITUTE, INC.—Month of
:
-
..
S.
(U.
coal
Bituminous
30,404,000
Aug. 31
Aug. 31
——
OUTPUT
COAL
Aug. 31
Aug. 31
at—
municipal
and
zinc
BUILDING
35,479,000
construction—l„
State
8,564,000
159,266,000
52,738,000
construction—
Public
7,055,960
8,462,000
Aug. 31
construction—
S.
Private
7,238,610
7,266,010
8,413,000
CONSTRUCTION—ENGINEERING
ENGINEERING
CIVIL
7,313,010
8,346,000
30,179,000
69.5
Aug. 31
—Aug. 31
freight loaded (number of cars):
freight received from connections
Revenue
54.0
Aug. 31
Aug. 31
..
:
.
(bbls.)
AMERICAN RAILROADS:
ASSOCIATION OF
57.0
at
at—
(bbls.)
Distillate
56.0
transit, in pipe lines
at_
(bbl.)
gasoline
Kerosene
8
(bbls. of
output—daily average
each)__
stills—daily average
to
runs
of that date:
INSTITUTE:
condensate
and
gallons
Crude
in
PETROLEUM
AMERICAN
42
late
data
either for the
are
are as
Latest
Ago
2,032,000
1,578,000
capacity).
cent
of quotations,
cases
Year
Ago
1,672,000
that date, or, in
on
production and other figures for the
cover
Dates shown in first column
August:
Sep.
steel
indicated
8
month ended
production
1957-1959-.:
for
Unofficial
Previous
Week
INSTITUTE:
STEEL
&
and
or
month available.
or
23
freight
London
Metal
Exchange.
,f
•
24
The Commercial and Financial Chronicle
(1124)
Thursday, September 13, 1962
.
* INDICATES
Now
Securities
in
Registration
Aiken Savings Trust
Aug. 22, 1962 filed 100,000 shares of beneficial interest.
Price—$10.
Business—Company plans to qualify as a
—
Registration statements filed with
real
the SEC since the last issue of the "Chron¬
icle"
tion." Dates shown in
the
company's
flect the expectations
are
of the underwriter but
not, in general, to be .considered
as
firm
Proceeds—For
forms.
debt
repayment and
ing capital. Office—3500 N. W. 71st St., Miami.
writer—Givens & Co., Inc., Miami.
work¬
Under¬
-
storm windows and
ness—Sale
of processed flat rolled strip steel.
—For debt
Northern
writer—Bernard L.
Abbott
June 29,
Proceeds
repayment, equipment, and working capital.
Office—126—02
Blvd., Corona, N. Y.
Under¬
Madoff, N. Y.
Inc.
Realty Fund,
common. Price—$10.
ownership and management. Pro¬
ceeds—For debt repayment and general corporate pur¬
poses.
Office—292 Madison Ave., N. Y. Underwriters-
Accurate
(max.
Parts
Pacific Lumber Co.
1961
tion
and
filed 250,000
lumber
working
—
Corp.,
.
American
Price —' $5.75.
Proceeds—For construc¬
Office—614 Equitable Bldg.,.
Options Corp.
' f V *
V;"-" *
1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
common.
April
company.
capital.
Alcolac
may
$13). Business
drive
devices
Rebuilding
—
automobiles.
for
Office—1313
Underwriters—McDonnell
&
By amend¬
and sale of
—
Proceeds
-—
For
S. Jay St., Kokomo,
Co., N. Y. and Raf-
Chemical
April 27, 1962 filed 200,000 common. Price—By amend¬
Business—The making and servicing of real estate
first mortgage loans.
Proceeds—For debt repayment.
ment.
Office—First National Bank Bldg., Detroit.
—Shields & Co., N. Y.
"Aerial Control Geotronics
Underwriter
Proceeds—For investment.
writer—Robert Garrett & Sons, Baltimore. Offering—In¬
Honolulu.
definitely postponed.
Corp. (same address).
Allegheny Aluminum Industries, Inc.
aluminum
and-
working -capital.
Office—2412 S. Garfield
Ave., Monterey Park, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.
;
.
Aerosystems Technology Corp.
Aug. 29, 1962 filed 165,000 common, Price—$3. Business
—Company has been engaged in experimentation on
aerodynamic concepts and holds ten U. S; Patents relat-;
ing to advanced vertical lift vehicles and systems for
achieving controlled vertical flight. Proceeds—For addi¬
combination
Proceeds
and general
For
—
an
storm-screen
windows
-
and
acquisition, debt repayment
Office—5007 Lytle St.,
sale
of
dolls.
tures
withdrawn.
:
.
..
Allied Graphic
Arts, Inc.
equip¬
Business—Publication
of
All-State
1977.
Price—At
subsidiaries conduct
emphasis
par.
Rose &
,
of
debt.
Office—230
Park
-
—
subord.* deben¬
Business—Company and
Ave.,
N.
'
,
.
Sparta, N. J.
Underwriter—Chase Securities Corp., N. Y.
Alsco
Y.
.
Underwriters—
5
*
.
.
and H. A. Riecke
Proceeds—For
debt
repayment, new
products, sales promotion and working capital. Office—
256 Fifth Ave., N. Y. Underwriters—Leib, Skoot &
Co.,
Inc., Clifton, N. J., and Price Investing Co., N. Y.
&
Co., Inc.; Philadelphia,
&
Co.,
r
St.,
Inc.,
.
Amerel Mining Co. Ltd. v
July 31,, 1961 filed 400,000 common shares. Price—500.
Business—The company is engaged in
exploration, de¬
velopment and mining. Proceeds—For diamond
drilling,
construction, exploration and general corporate ex¬
penses.
YOUR PRIME SOURCE FOR
Underwriters—Albert Teller
Office
writer—E. A.
•
—
80
Richmond St., W., Toronto.
Manning, Ltd;, Toronto.
Under¬
•
American
Bolt & Screw Mfg.
Corp.
1961 filed $900,000 of 6% convertible subordi¬
nated
debentures and 90,000
common, to be
offered
in units consisting of one
$100 debenture and 10 shares.
Price—$100 per unit. Business—Manufacture of standard
Dec.
15,
and
ISSUES
BOUGHT
-
SOLD
-
QUOTED
for Banks, Brokers, Institutions
SIEGE E
ESTABLISHED
1942
special industrial aircraft and missile fasteners. Pro-ceeds—For debt
repayment, equipment and other cor¬
porate purposes. Office—Lawson Blvd.,
Oceanside, L. I.
N. Y. Underwriter—S. D. Fuller &
Co., N. Y. Offering
—Expected in late September.
American
Fidelity
Corp.
June 4, 1962 filed
500,000 common.
—A small business investment
Price—$11. Business
Proceeds—For
company.
investment.
Office—423
Underwriters—Reynolds
E.
Market
Co., Inc.,
tenden, Podesta & Miller, Chicago.
Broadway, New York 6, N. Y.
May 1, 1962 filed 100,000 common. Price—$3.25. Busi¬
ness—Production of flags, banners and accessories. Pro¬
ceeds—For taxes, debt, repayment and
working capital.
Office—1000 Main Ave., Clifton, N. J.
Underwriter—
K-Pac Securities Corp., N. Y-
DIgby 4-2370
TWX: 212-571-0320
American Gas Co.
Direct Wire
to
\
:
*
(9/26)
Price
amendment.
—
For
expansion.
debentures, at
Office
for stock, by
distribution and
par;
Business—Transportation,
sale of natural gas.
Proceeds—For debt repayment and
—
546
S.
writer—Cruttenden, Podesta
24th
•
Realty Trust
"
- - - -
Under¬
.
.,
ment
(max. $3). Business—Company plans to explore
strategic minerals. Proceeds—For -debt repayment,
exploration and working capital. Office — 527 Failing
Bldg., Portland, Ore. Underwriter—To be named.*
for
-
/ Ames Department
Stores, Inc.
April 27, 1962 filed 100,000 common. Price—$3. Business
—Operation of self-service discount department stores.
Proceeds—For debt repayment, expansion and working
capital. Office—Mill St., Southbridge, Mass. Underwrit¬
ers—Meller & Co.. and Kahn &
Peck, Cohn & Co., N. Y.
Ampoules,
Inc.
March 28, 1962 filed 5,900 common. Price—At-the-market.
Business—Design and development of sterile dis-^
posable
hypodermic
stockholders.
ampoules./ Proceeds—For
Office—34
N.
Main
St.,
Hudson,
selling
Ohio.
Underwriter—None.
Anchor
Industries Corp.
Nov.
24, 1961 filed 38,500 common. Price—$8. Business
—Design and fabrication of precision sheet metal prod¬
ucts.
Proceeds
For machinery research, sales promo¬
tion, and working capital. Office—26 Essex St., Hackensack, N. J. Underwriter — Amber, Burstein & Co., Inc.,
—
New York;
Note—This registration is being withdrawn.
Angler Industries, Inc.
Aug. 17, 1962 ("Reg. A") 120,000
Business—Manufacture
of
common.
hardware,
and
Price—$2.50.
the
assembly
TICKER WATCHERS!
Only New York edges
out
Chicago in number of individual
owners
of
close
covering that share of Chicago's prime investment
To *sell securities and your investment services
marketable
securities.
And in the
important
Chicago market, 73% of all newspaper-reading adults read
the Chicago Tribune. No other
Chicago newspaper comes
to
prospects.
March 26, 1962 filed $1,685,000 of 6Vz% convertible sub¬
ordinated i debentures due Sept.
1, 1977; also 275,000*
common.
R. J. HENDERSON &
CO., INC., Los Angeles
*
debt repayment and working
Pa.
Underwriter—Reuben
Office—800 Hartford Bldg., Dallas.
.
*
(9/27-28)
Ave., Omaha. Under¬
& Miller, Chicago.
&
American Strategic Minerals
Corp.
I
*
July 9, 1962 filed 400,000 common.; Price—By amend¬
American Flag & Banner Co. of New
Jersey
•
39
Stearns
St., Indianapolis.
N. Y., and Crut-
&
.
Members of New York
Security Dealers Association
Underwriter—Bear,
Southwest
poned.
—
Philadelphia.
tiles.
Y.
Co., Inc., N, Y.
.
28, 1962 ("Reg. A") 100,000 class A common.
$3. Business — Wholesaling and distributing of
electronic parts, kits,
components,^ etc. Proceeds — For*
inventory and working capital. Office—2520 N. Broad
ceramic
N.
Address—Mohnton,
investment.
Electronics, Inc.
Agency Tile Industries, Inc.
July 27, 1962 ("Reg. A") 110,000 common. Price—$2.50.
Business—Importing,' marketing
and
distribution
of
0
'
$2,480,000 of convertible deben¬
248,000 common shares (of which
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas.
Offering—Temporarily* post-
March
Price
Corp.
filed
and
Feb. 12, 1962 filed; 1,000,000 common.
Price—$11. Busi¬
ness—A real estate investment
company. Proceeds—For
:
tional
equipment, research and development, plant fa- /
cilities and other corporate purposes. Office—Route 15,
1982
American
*
conv.
development and home construction
in Fla., Md., N.
Y., and Ky. Proceeds—For repayment
To be named.
"
Proceeds—For expansion,
general real estate business with
a
Plan
1962
due
capital.
land
on
Ave.,
Management
American Safety Table Co., Inc.
May 23, 1962 filed $100,000 common. Price—By amend¬
ment
(max. $7).
Business—Design, manufacture and
marketing of equipment used in the sewing industry.
mass
tors'
due
30,
Bldg., Westbury,
Co., N. Y.
books. Proceeds—For debt repayment and
working
capital. Office—551 Fifth Ave., N. Y. Underwriter—
Bache & Co., N. Y,
Offering—Indefinitely postponed.
tures
Kalakaua
Pacific
,
,
Properties, Inc.
1962 filed $5,000,000 of
Office—1523
trucks and mobile homes. Proceeds—To purchase Ameri¬
can Fidelity Fire Insurance Co.
Office—American Plan
,
catalogues (for department stores and mail
order firms), a semi-annual
magazine and stamp collec¬
•
special¬
insurance.
company
accident
$10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing- of physical damage insurance on automobiles,
circulation
April 24,
and
one
Mar. 27, 1962 filed 180,000
common, of which 60,000 will
be sold for the company and
120,000 for a stockholder.
amendment.
casualty
218,000 will be sold for the company and 30,000 for
stockholders). The securities will be offered in units of
Price—$3. Business
Proceeds—For
Price—Net asset value.
management
Underwriter—American
American
advertising, and working capital. Office — 4116
Ave., Brooklyn, N. Y. Underwriter —• Theodore
& Co., Inc., N. Y. Note — This registration was /
Arrin
health,
March
•
and
common.
open-end
izing
life,
Under¬
Fund, Inc.
Business—An
in
Y.
Interamerica Securities Corp., N. Y.
corporate purposes.
—Manufacture
Proceeds—For general cor¬
American Phoenix Corp.
Jan. 24, 1962 filed 315,000 class A shares.
Price—$10.
Business—General real estate. Proceeds—For corporate
purposes.
Office—320 Park Ave., N. Y. Underwriter—
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
Allied Doll & Toy Corp.
Feb. 27, 1962 filed 133,333 common.
Pacific
July 9, 1962 filed 94,500
•
,
Dec. 21, 1961 filed 100,000 common. Price—$4.25/Busi¬
ness—Manufacture of aluminum and fiberglass awnings
Price—By
-
-
May 28, 1962 ("Reg. A") 100,000 common. Price—$3.
Business—Application of electronic and air photography
developments in the field of geodetic surveying and re¬
gional mapping. Proceeds—For debt repayment, equip¬
broker-dealer.
as a
Corp.
Price—By amend¬
$6).
Business—Manufacture of specialty
chemical products. Proceeds—For general
corporate pur¬
poses.
;Office—3440 Fairfield Rd., Baltimore: Under¬
First
Advance Mortgage Corp.
act
American
;
(max.
ment,
fensperger, Hughes & Co., Indianapolis.
11,
porate, purposes.
Office—120 Broadway, N.
writer—Provost Securities, Inc., N. Y.
March 23, 1962 filed 50,000 common.
ment
/
beneficial interest.
Price—$15. Business
A
newly-formed business trust
which plans to invest in first
mortgages.* Proceeds—For
investment. Office—305 S.
County Rd., Palm Beach, Fla.
Underwriter—Hayden, Stone & Co., N. Y. Note—This
company was formerly named American First
Mortgage
Investors.
Portland, Ore. Underwriter—Dempsey-Tegeler; St Co., I
Inc., St. Louis. Note—This registration was temporarily
doors.
Inc.
selling stockholders.
ment
17,
Business—A
and
Co., Inc., N. Y.
March 30, 1962 filed 100,000 common. Price
Ind.
Nov.
estate
Morris Cohon & Co. and Street &
starter
doors, and other aluminum products.
Proceeds—For working capital, and other corporate pur¬
Office—20th Street and Allegheny Avenue, Phila- /
1962 filed 380,000 class A
Business—Real
ment
.
American Mortgage Investors
Feb.* 8, 1962 filed 1,300,000 shares of
postponed.:
A. L. S. Steel Corp.
March 29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ISSUE
Brooklyn, N. Y. Underwriter-^Willard
Securities, Inc., N. Y.
: • ,
;
Air Master Corp.
May 26, 1961 filed 180,000 common, of which 90,000 will;
be sold for company and 90,000 for stockholders. Price—
By amendment. Business — Manufacture of aluminum
Alaska
ness
Proceeds—For investment.!
delphia, Pa. Underwriter — Clayton Securities
Boston, Note—This offering has been postponed.
• ABC Business Forms, Inc.
(9/24-28)
July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
REVISED
American Kosher
Provisions, Inc. (10/1-5)
1962 filed 130,000 common. Price—$5. Business
—Manufacture and sale of a
variety of kosher and nonkosher meat and meat
products.
Proceeds
For debt
repayment, expansion and working capital. Office—
39 Norman
Ave.,
poses.
offering dates.
ITEMS
—
parenthesis alongside
and in the index, re¬
name,
estate investment ;trust.
PREVIOUS
June 25,
Address—Florence, S. C. Underwriter—None.,
carried
separately at the end
of this section "Securities Now in Registra¬
now
are
•
ADDITIONS
SINCE
•
.
NOTE
:
in
Chicago and Mid America, advertise
Tribune. Ask your Tribune man
in
the
Chicago
today for details.
GUlkttjjo QTribrate
TH8
WOMD-5
CR.EATXST
NEWSPAFX &
-
„
■
Volume
196
Number 6194
.
.
The Commercial and Financial Chronicle
.
of products for the
electronics industry. Proceeds—For
repayment, equipment, inventory, and working
capital. - Office—107 Trumbull St., Elizabeth, N. J. Un¬
debt
derwriter—Edward
Arde
March
H.
&
Stern
Co., N. Y.
are
30,
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion and working capital. Office—Paramus,
N. J.
Underwriter—McDonnell
Arden
May
&
Co., N. Y.
Farms Co.
23,
1962 filed
$6,000,000
of
6%
subord. de¬
conv.
bentures due 1990 to be offered in $100
units; also 49,993
shares of $3
cumulative preferred stock and 205,105
common shares to be offered for subscription by stock¬
holders
of
share
new
the
respective
for each
classes
the
on
Price—For
held.
10
basis
of one
debentures, at
for stock, by amendment. Business—Manufacture,
purchase and sale of ice cream and other dairy products.
Proceeds—For debt repayment.
Office—1900 W. Slauson Ave., Los Angeles.
Underwriter—None.
par;
Argus Financial
Fund, Inc.
Feb. 12, 1962 filed 800,000 capital shares to be offered in
exchange for certain securities acceptable to the Fund.
Price—Net asset value (expected at $12.50 per share).
Business—A diversified open-end investment company
which plans to participate in the long-term progress of
savings and loan associations, and allied financial busi¬
Proceeds—For investment.
nesses.
Pines
Office—1118 Torrey
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp.
Arizona
Artlin Mills, Inc.
Sept. 28, 1961 lilea 135,000 class A common shares. Price
—$5.
Business—The purchase, conversion, decoration,
gift packaging and distribution of terrycloth towels and
Proceeds—For inventory, repayment
of loans and working capital.
Office—1030 Pearl St.,
cotton pillow cases.
Inc.
1962 filed 100,000 common, of which 80,000
to be sold by the company and 20,000 by stockhold¬
Price—By amendment (max. $8.50). Business—Re¬
ers.
(same address).
Service
Public
Co.
>;
South Third
Ave., Phoenix. Underwrriters—First Boston
Corp. and Blyth & Co., Inc., N. Y.
(Monday)
Public
Boston
Bruce
Service Co
and'Blyth & Co., Inc.)
Common
(Michael)
676,220
Distributors, Inc
Business—Manufacture
(Gianis
&
Inc.)
Co.,
(Blair
^
&
Co.)
•
shares
28, 1962 filed
Duro Pen
Co.)
Price—By
Inc.)
Gemco-Ware
&
Inc.)
$400,000
Kornhandler
&
Inc.)
Co.,
$1,000,000
&
Co.)
$250,000
Capital
Blosser &
(Straus,
.
McDowell
and
Dempsey-Tegeler
Inc.)
Debentures
Blosser &
McDowell
and
Inc.
Industries,
Carrison,
Dempsey-Tegeler &
Co.,
Barish
Inc.)
Inc.;
&
Co.,
(Alester
&
ment
Welsh
Inc
(White. &
Co
Panel
(P.
Williams &
$375,000
Inc.)
Inc.)
Brooks
W.
October
Coke
Coal &
(Eastman
(Eastman
Dillon,
(Reuben,
& Co.,
Ridgway (L. L.) Enterprises, Inc..——--Common
Servotronics, Inc.
October
shares
"
(Robert
L.
Inc.)
Ferman
&
Co.)
(D.
$770,000
October
A.
(Tuesday)
i
•
1
'■
;■
September 19
•
.
Miracle
Mart,
(Bids
Inc
(McDonnell &
Common
/: /
" ...
295,000 shares
Co.)
Nippon Telegraph & Telephone Public Corp. Bonds
(Dillon,
Read
&
Co.,
Barney
Inc.;
&
First
Co.,
Boston
Inc.)
Corp.;
and
•
American
Podesta
Heck's
12
Discount
;
.Equip. Trust Ctfs.
CDST)
noon
Centers,
(Willard
Securities,
$4,140,000
Inc.)
Common
&
Inc.)
Co.,
(H.
by
October 1
Blyth
shares
500,000
Securities
Fieldcrest
&
Inc.)
Co.,
Forms,
&
$1,500,000
Inc.
(Tillie)
$180,250
M.
Securities,
E. D.
.
&
Co.,
Inc.)
..Common
(Schweickart
Alstyne,
&
&
Co.)
$1,000,000
Corp.—
(James
Texas
(Doft
Common
CO.)
&
Zero
Corp.
Cousins
Properties, Inc.__l__
(Van
*4
'
•
$250,000
&
Co.,
Inc.)
Noel
Inc.
&
and
Co.)
190,000
Wyatt,
70,000 shares
(Wednesday)
7
Georgia Power Co.—
(Bids
to
&
Jersey
October 5
shares
„1_„
Neal &
Units
Waggoner)
$1,000,000
Corp.)
Inc.)
Co.,
(Tuesday)*
•
.
received)
$300,000
to be received)
to
$7,000,000
(Tuesday)
November
Optech
~
241,000
Common
Inc. and Heritage
Equity Corp.)
(Tuesday)
Edison
Metropolitan
November
shares
Bonds
$11,000,000
-
(Stone, Ackerman & Co.,
(Bids
Preferred
by First Boston
Light Co.—
(Monday)
19
Inc.
November 27
(Friday)
stockholders—underwritten
&
received)
be
to
$480,000
$75,000,000
Smith-Corona Marchant, Inc.—
(Offering
$23,000,000
Preferred
Power
Central
(Bids
——..Common
be
Bonds
——
received)
be
Georgia Power Co._
125,000 shares
Consolidated Edison Co. of' New York, Inc..-Bonds
to
Debentures
Inc.—
(Bids to be received) $20,000,000
(Bids
—Units
Securities
Anderson
Bonds
Co—
PST) $50,000,000
(Thursday)
System,
November 13
shares
Common
Alstyne,
'
D.
(Bids
—
(McDonnell & Co.,
Co.)
Common
160,000
Inc.)
Co.,
Mountain, Inc
$500,000
Cosnat
$4,000,000
Co.)
Gas Producing Co
October 2
Computer Concepts Inc.—
■V
*
.Debentures
&
1
November
Capital
,
Noel
Gas
a.m.
Common
.__
$155,000
Co.)
8:30
1
November
...Common
(Meade
(Don
Publishing
•.
$650,000
300,000 shares
M. Corp
Common
Kidder
Lingeries, Inc
••
College
Inc.)
Inc._._
(Equitable
:
•
Inc.——..Common
Foods, Inc
(Blyth
R.
.—Z
A.
140,004 shares
Cameo
.•
National Blank Book Co
Common
and
$325,000
Columbia
(Blyth & Co., Inc.)
Lewis
Inc
Co., Inc.)
Wulbern,
(Bids
(Monday)
Mills,
Units
Manufacturing, Inc
Carrison,
shares
Common
&
Edison
California
Southern
v
,
(Monday)
(Givens
(Pierce,
200.000
(Tuesday)
30
October
'
Corp.)
American Kosher Provisions,
(Van
Aubrey
Co.)
Russotto
(Costello,
.
Common
'. (K-Pac
(Friday)
Neuwirth
Business
fiz
Industries, Inc
.
Common
■_
Corp
September 24
ABC
Brooks
$425,000
Tabach
$1,685,000
of
Co.
& Banner
Flag
(Willard
September 21
Riker Delaware
shares
Common
-
Fp.~W.
shares
New Jersey
shares
125,000
stockholders—underwritten
to
Ben. Int.
2,750,000
Curtis)
&
Co.
(Thursday)
September 27
American
Inc
San Diego Gas & Electric Co
(Offering
Miller)
Jackson
Webber,
Interworld Film Distributors, Inc.—----—Common
(General Securities Co., Inc. and S. Kasdan & Co., Inc.)
—Debentures
&
(Paine,
1V i'
•
—Common
!
Co._
Gas
i
(Thursday)
Gulf, Mobile & Ohio RR._
(Bids
(Monday)
First Connecticut Small Business Investment
.
•J'"
275,000
Miller)
Podesta &
& Co.)
Peabody
.■Ly;
(Wednesday)
Co.—______
Gas
(Cruttenden,
—Preferred
Co
Smith Inc. and Kidder
$20,000,000
(Merrill Lynch, Pierce, Fenner &
.Bonds
'
$4,900,000
.
American
Debentures
First American Israel Mutual Fund
'*•'
(Cruttenden,
September 20
,:0
/.>.'/<
——
CDST)
a.m.
September 26
Smith,
$15,000,000
11
140,000 shares
Fenner & Smith Inc. and Kidder,
& Co.) $60,000,000
Panhandle Eastern Pipe Line
Debentures
Southern Utilities Co.„
(Wednesday)
Inc.)
& Co.,
Eastern
October 29
Iowa
v
Debentures
$750,000
Corp.)
Common
(Merrill Lynch, Pierce,
Peabody
(Tuesday)
September 25
'.••
shares
(Wednesday)
Pipe Line Co
October 24
—Common
—
.
120.000
Corp
(Robert L. Ferman
Panhandle
$305,000
Co.)
Corp.)
Securities
(Clayton
Kaiser-Nelson
—Preferred
U—
&
-Class A
Jackson's/Byrons Enterprises, Inc
shares
30,000
Common
$2,250,000
Corp.)
Securities
Securities
(Clayton
$200,000
Common
,
v$2,500,000
$10,000,000
$6,000,000
Jackson's/Byrons Enterprises, Inc
Debentures
(First Boston Corp. and Nomura Securities Co., Ltd.)
EDST)
Industries, Inc.——
■
September 18
Equip. Trust Ctfs.
noon
(Monday)
15
(Kidder, Peabody & Co. and Mitchum, Jones & Templeton, Inc.)
Shin Mitsubishi Jukogyo, K. K.__
$375,000
Inc.)
Co.,
$300,000
Inc.)
Co
Co.)
Bruce
12
(Clayton
:
—_——.Notes
Co.,
&
<
.
$300,000
Inc.)
...
Service
Wyle Laboratories
Capital
—
(Wednesday)
10
Chestnut Hill
Units
Hill & Co.)
and M. G.
Worth Financial Corp
Co.)
Securities
(Bids
$562,500
Common
&
Southern Pacific Co
v
$5,000,000
Co.)
&
Co.———
&
Mosle
Rotan,
Units
;
Winston
Jay,
(Putnam
and
155,000 shares
(Underwood, Neuhaus & Co., Inc.,
Debentures
Electronics, Inc
Water
shares
150,000
Inc.)
Co.,
Common
Schramm & Co.,
(Thomas
Common
Peabody
(Paine, Webber, Jackson & Curtis and Kidder,
—Common
Securities
Inc.
Chocolate
Common
$280,000
)
Corp
Management Co., Incju--—
&
26
shares
—
Securities
page
Common
90,000
Inc.)
Wulbern,
Carrison,
(Fabricant
units
1,200
on
(Monday)
Utilities, Inc.—
(General
Plastics, Inc
Rose
Plantation
8
Laminetics Inc.
Putnam
Lee,
-L,—
Corp
Union
-
Price—By amend¬
Business—Merchandising of home,
institutional furnishings. Proceeds—For
(Pierce,
Union Securities & Co.) 250,000 shares
Dillon,
Corp.
Atlantic
$300,000
253,875
&
withdrawn.
Units
Inc.)
Co.)
&
was
Gulf
Co
Co.,
&
Stearns
(Bear,
Office—224 E. 38th St.,
Co., N. Y. Note —This
capital.
working
Underwriter —Gianis
Continued
—-.Debentures
Co.,
Sand
(John W.). Corp.__
Common
Co.,
Associates, Inc.
expansion and debt repayment. Office—818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
Los Angeles. Offering—Postponed.
$250,000
Inc.)
Corp..-t--_——l!
Suburban
Aviation,
of
(approx. $12).
$1,250,000
Walston
Bank
1961
commercial and
(Mutch, Khanbegian, Flynn & Green, Inc.) $450,000)
Rimak
National
name
March 15, 1962 filed 200,000 common.
Debentures
Thomas,
Co..
&
Furman
G.
Rock
letter
Corp.—Common
Inc.;
Crosse
and
Y.
shares
70,000
Inc.
Wulbern,
Transmission
Wickett
S.
Inc.)
the
under
("Reg. A") 50,000 common. Price—$4.
Business—Aeronautical research and development. Pro¬
1,
Common
Inc.-
Wulburn,
Carrison.
(Pierce,
v
Electronic
(S.
Sawyer's Inc.
(Straus,
Co.,
&
carried
was
Barker Bros.
Price—$4. Business
—Design, manufacture and installation of electrical,
pneumatic, hydraulic and mechanical systems, controls
and devices to control and automatically operate indus¬
trial machinery and processes.
Proceeds — For general
corporate purposes. Office—3601 Merrick Rd., Seaford,
N. Y. Underwriter—S. Schramm & Co., Inc., N. Y.
100,000 shares
-
Controls,
Northeastern
Sawyer's Inc.
•
Sept.
.
28, 1961 filed 50,000 common.
Common
Russotto
Proceeds—
ville, Fla. and A. M. Kidder & Co., Inc., N. Y. /
Maust Coal & Coke Corp
(Lou), Inc
(Costello,
M.
B.
Israel Ltd.
ceeds—For
Units
Bruce
Le-Esrael
Underwriter—
Inc.
Israel.
22, 1962 filed 1,050,000 ordinary shares and 3,190,-^
ordinary shares. Price—By amendment (max.
75c). Business—A general banking business. Proceeds—
For general corporate purposes.
Office — Tel-Aviv,
Israel.
Underwriter—None.
Note—This
company
for¬
N.
Maust
Corp
(Richard
hoods,
plant expansion, equipment, debt repayment and
capital.
Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, Wulbern, Inc., Jackson¬
Units
Co.,
Leumi
Tel-Aviv,
St.,
"A"
000
working
McGrath
Electronics, Inc
Bank
Haam
June
For
Lyntex
$270,000
Achad
merly
" range
exhaust fans and kitchen cabinet hardware.
Common
(Weil
sale of kitchen
Design, manufacture and
Hallandale
$1,000,000
Karasilj & Co.,
(9/24-28)
140,004 common, of which 100,000
40,004 by stock¬
amendment (max. $7), Business—
Fairlane Finance Co., Inc.__
Co., Inc
(Frank
Emcee
&
humidi¬
Ltd.
29, 1961 filed $556,000 of 6% cumulative preference
dividend participating dollar-linked shares.
Price-^By
amendment.
Business —A mortgage lending company.
Proceeds—For general
corporate purposes.
Address—
to be offered by company and
are
holders.
Consolidated Leasing Corp. of America-Debentures
(Blair
Bank "Adanim" Mortgages & Loan
Dec.
Price—$1.50.
Misti-Cone
of
sale
Aubrey Manufacturing, Inc.
March
(V.
shares
99,000
and
inventories and work¬
ing capital.
Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., St.
Paul, Minn.
:■ vv,/
Z
shares
$500,000;
Allyn & Co., Chicago.
Proceeds—For equipment,
fiers.
Consolidated Leasing Corp,, of America.-Common
•
Of¬
Underwriter—A. C.
Ave., Tampa.
108
Common
:
Willow
Adanim American Israel Investment Co.,
Electromagnetic Industries,
Corp.
N.
Atmosphere Control, Inc.
May 28, 1962 ("Reg. A") 200,000 common.
.
(First
ment, inventories, equipment and working capital.
postponed.
(Pierce,
;
operates, owns, services and leases coin-operated auto¬
vending machines.
Proceeds—For debt repay¬
matic
Price—$2.
Proceeds
—For general corporate purposes.
Office—14 W. 55th
St., N. Y. Underwriter—Dana Securities Co., Inc., 80
Wall St., N. Y. Note—This offering has been temporarily
Electromagnetic
NEW ISSUE CALENDAR
September 17
Publishing Co., Inc.
1962 ("Reg. A") 103,000 common.
Business—Publishing of a bowling magazine.
29,
25
Automatic Merchandising,
Inc.
May 24, 1962 filed 225,000 common, of which 125,000 are
to be offered by company and 100,000 by stockholders.
Price—By amendment (max. $6). Business—Company
fice—217
Ascot
Jan.
Automatic
(9/17)
Burn-
Branch, N. J. Underwriter—Mortimer B.
Co., Inc., N. Y.
Long
side &
Dec.
Aug. 24, 1962 filed 676,220 common. Price—By amend¬
ment (max. $30).
Business—Production, purchase and
sale of electricity, and the purchase and sale of natural
gas,
Proceeds — For repayment of loans.
Office — 501
Arizona
(1125)
Corp.)
be
to
(Bids
received)
$15,000,000
(Wednesday)
28
Southern Electric
Bonds
Co
Generating Co
to
be
received)
$6,500,000
Bonds
26
The Commercial and Financial Chronicle
(1126)
Continued from page
homes, apartment houses, motels, etc. Proceeds—
expansion. Office—309 Ainsley
erect
25
$220
For debt repayment and
Basic
Properties, Inc.
Bldg., Miami,
1962 filed 400,000 class A common. Price—By
(max. $12). Business—Real estate invest¬
Proceeds—For debt repayment, acquisition of a
June
29,
amendment
ment.
Office—521 Fifth
building and other corporate purposes.
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.
Bene
Cosmetics,
2, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—Importation, sale and distribution of Italian
cosmetics.
Proceeds — For advertising, inventory and
capital. Office—114 W. 13th St., N. Y. Under¬
writer—Granite Securities, Inc., N. Y.
*
;
working
Blankenship, Ostberg,
....
Inc.:
May 29, 1962 ("Reg. A") 100,000 common.; Price—$3.
Business—Furnishing of market research and consulting
services.
Proceeds—For working capital and general
Office—95 Madison Ave., N. Y.
corporate purposes.
Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc.,
New York.
Bloomfield Building Industries, Inc.
•
Mar.
$2,000,000
of
con v.
Proceeds—For general cor¬
Office—2600 Popular Ave., Memphis,
Tenn. Underwriters—Lieberbaum & Co., and Nathanson
& Co., Inc., New York.
eral
contracting
porate
July
business.
purposes.
Blue Magic
Co. of Ohio, Inc.
1962 filed
16,
100,000
of
ness—Manufacture
starch
starch,
Busi¬
Price—$4.
rinse,
a
Proceeds—For
use.
and spray
equipment,
plant expansion and working capital. Office—901 Flor¬
ence Ave.,
Lima, Ohio. Underwriter—Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia.
Brinkmann
March
Inc.
Instruments,
100,000 common, of which 77,420
shares are to be offered by the company and 22,580
shares by stockholders.
Price — By amendment (max.
$7.75). Business — Importing and distribution of scien¬
tific instruments. Proceeds—For research and develop¬
1962 filed
26,
ment, equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
Underwriter—D. B. Marron & Co., N. Y.
•
Bruce
(Michael)
(9/17-21)
Distributors, Inc.
March 29,
1962 filed 100,000 common. Price—$5. Busi¬
Operation of self-service discount department
stores. Proceeds—To retire outstanding debentures, and
for working capital. Office—1101 Albany Ave., Hartford,
Conn. Underwriter—Gianis & Co., Inc./'N^Y.
^
ness—
Buddy L. Corp.
April 2, 1962 filed 225,000 common. Price — By amend¬
ment (max. $10).
Business — Design, manufacture and
sale of various type toys. Proceeds—For a proposed ac¬
quisition of another toy company. Office—200 Fifth Ave.,
N. Y. Underwriter—Milton D. Blauner & Co., Inc., N.
Carriers,
Y.
each
for
<
held
Feb.
on
14,
1962.
Price—25
cents. Business—Manufacture and sale of overhead trol¬
ley
vertical tray lift systems, (floor and over¬
etc. Proceeds—For working capital.
conveyers,
head
tow
Office
—
June
Caldwell
-
..
..
•
C. Underwriter—
:
.
.
100,000 common. Price—$3.50. Busi¬
ness—Company plans to publish classics. Proceeds—For
general corporate purposes. Office—339 W. 51st St., N. Y.
Underwriter—S. B. Cantor Co., N. Y.
Life
Insurance
Aug. 16, 1962 filed 350,000
Price—By amend¬
common.
ment
(max. $6). Business—Writing of life, accident and
health insurance. Proceeds—For general corporate pur¬
poses.
Office—4400 MacArthur Blvd., Oakland. Under¬
writer—Stewart, Eubanks, Meyerson & Co., San Fran¬
cisco.
"V. ■.
; /
/S v, v./
;,;./■••
.
March
to
are
ers.
and
Electronics,
30,
be
1962
Price—By
tiled
80,000 common, of which 40,000
by company and 40,000 by stockhold¬
amendment (max. $5).
Business—Sale
of
electronic
working/capital-and
Office—220
E.
23rd
Appel & Walden,
St.,
tubes.
other
N.
Y.
Proceeds—Inven¬
corporate
purposes.
Underwriter—Philips,
115 Broadway, N. Y.
ment. Business—General real
estate. Proceeds—Debt
and working capital. Office—324
Long Beach, Calif. Underwriter—To be
E.
re¬
Bixby Rd.,
named.
Price—$3.50.
Busi¬
debt
repayment, working capital
and general corporate
purposes.
Office—725 Broadway
N. Y. Underwriter—Alskor Securities
Co., N. Y.
•
Cameo
Lingerie, Inc.
(9/24-28)
ers.
Price—$5.
children's
ment.
80,000 by stockhold¬
Business—Manufactuer of women's and
tailored
panties.
Proceeds—For
debt
repay¬
inventory and
working capital. Office—Fajardo,
Puerto Rico. Underwriter
Schweickart & Co., N. Y.
—
Canaveral Hills Enterprises, Inc.
May 10, 1962 filed 100,000 common. Price—$5. Business
—Company was formed to own and operate a country
club and golf course,
swimming pool and cabana club,
near
Cape Canaveral, Fla., and develop real
estate,
//■//'■ ■/•'>■-^
Industries
Trust
line
of
Corp.
working
,
Western
Office—1415
writer/—
,
K
Bernstein
;•/'•/
..
Commercial
(inax.\$13)v
Securities,
•.-v;
Trust Co.-
May 16, 1962 filed 150,000
ment
acts
common.
Price
Business-r-Acquisition
also is engaged in the
■'
_
/_;/ /
.
consumer
—
!or
By amend¬
-administra¬
investors. Com¬
loan business and
insurance agent or broker in connection there¬
Proceeds—For debt repayment. Office—f}6 Pryor
as
with.
/;/.•'/
/'•
•/
:
tion of mortgage loans for institutional
pany
D. C.
Under¬
Inc., (same
St., N.-W.,-Washington,
Norman
address).
•
Wash.
Co.,
-
Realty Trust
•
*
•• •
18, 1962 filed 420,000 class A shares of beneficial
Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Mines, Inc.
/>
April 10, 1962 ("Reg. A") 1,200,000 common. Price—250.
Business—For exploration, development and production I
of mineral deposits.
Proceeds — For mining expenses. :
Address—Box 469, Wallace, Idaho.
Underwriters—Pennaluna & Co. and Standard Securities, Inc., Spokane, .
/ \/-/'U
j
Columbia
Clintonville
Underwriter—Arnold Malkan &
'•/
;///;/■/' /
///:
Gold
Star
Center
' /
June
capital. -Office—11-17
St., Whitestone, N. Y.
Co., Inc., New York.
Office—615
interest. Price—$10.
casting, laminating and ' embossing machinery.
new
products, debt repayment, inven¬
and
Proceeds—For
Vermont
Proceeds—For
tories
Business—
$15).
Los Angeles. Proceeds—For acquisition of
stock, and working capital. Office—1000
Ave., N. W., Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. -Y.
.
•/ V
First
April 30, 1962 filed 120,000 common. Price—$5. Busi¬
ness—Manufacture of plastic and rubber film laminates,
a
""*/
// *
•
•
'
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of one $20 debenture and one share. Price—By
amendment. Business—A bank holding company recently
formed to
acquire stock of First Western Bank &
Cedar Lake, Ind. Proceeds — To construct a
disposal system. Address — R.R. N. 3, Box 28,
Cedar Lake, Ind. Underwriter—None. •
//;./,///;
Centco
*?■
of which 115,000
49,000 by stock¬
•v/";/;
/ Columbia Bancorporation
around
an
Fund, Inc.
'
Aug. 20, 1962 filed 100,000 capital shares.
Price—Net
asset value* (max.
$14) plus a 2% sales commission.
Business—A mutual fund specializing in life insurance
St:, N. E., Atlanta. Underwriters—F. S. Moseley & (Co.,
Boston and Courts & Cq.,/Atlanta//
/'./i" s
stocks.*
market.
Mutual
Central
Proceeds—For
East
St.,
Inc.,
same
investment.
•
North
Office—110
Real
Estate
lnves;ment
sistor radios and related devices. Proceeds—Debt repay¬
advertising, equipment and inventory.- Office—
Rd., Baldwin, L. I., N. Y. Underwriter—Fund
Planning, Inc., N. Y.
:
!
./. / ■;/
3 Foxhurst
Trust
Computer Concepts Inc. (9/24-28)
/
j
29,1961 filed 100,000 class A common. Price — $5.
Dec.
21st
St., Tulsa, Okla. Underwriter—DeWitt, Herndon & Co., 720 Enterprise Bldg., Tulsa. V
Certified Capital Corp.
Aug. 2, 1962 filed $200,000 of 8%
//
due
1965
and
$400,000
Business—Development and sale of advanced
use
registered subord. de¬
8% debentures due
of
ton, D. C. Underwriter—Doft & Co., N. Y.
purposes.
Underwriter—None.
Chemical
Price—At par. Business
financing. * Proceeds-^-For
industrial
Computer Control Co., Inc.
.• •
;
*
/
/
24, 1962 filed 157,500 common, of which 62,500 are
be offered by the company and 95,000 by- stockhold¬
ers. Price—By amendment. Business—Design and manu¬
facture of digital equipment. Proceeds—For debt- re¬
.
Jan.
Office—165 Broadway, N. Y.;
./."■//'
■
;.///?//./:
to
/
■
Coating Corp.-
June
29, 1962 filed 70,000 common. Price—$5, Business
—Company plans to operate a painting contracting busi¬
payment. Office—983
paints. Proceeds—For general cor¬
Office—Santurce, P. R. Underwriter—
porate purposes.
Santurce, P. R.
.
/'
/.'■"■///;
-•••'•
V/ >/./.
-v.-.••
Chestnut Hill
Industries, Inc.. (10/15-19)' /
29, 1961 filed 300,000 class A common, of which
225,000 ayre to be offered by the company and 75,000 by
Nov.
Price—$7,50.
Business—Design and
manu¬
St., Hollywood, Fla. Underwriter — Clayton Securities
Corp., Boston, Mass.
"
/
/
'••.••./•/•;
Child Guidance
May
23,
1962
Inc.
100,000 common,/ of
filed
to be offered
by
*1
Toys,
which
,
70,000
and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,
manufacture and sale of plastic educational toys.
Pro¬
ceeds—For
Bronx,
N.
company
working
Y.
capital.
Office—1125
Underwriter—J.
York.
R.
Close Ave/
Williston & Beane,
'
Inc.
* /
6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver
sified
management investment company. Proceeds—For
investment. Office—501 Bailey
Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort Worth.
June
1,
1962
Inc.
(max.
filed
50,000
$20).
common.
Price—By
Business—Production,
•
and
issue will be sold
on
the American Stock
Exchange,- thus
it will not be carried in future issues of the "Chronicle."
Clark Semiconductor
Corp.
.
~
,
$153,045 of 5% subord. debentures
166,500 common shares to be offered in
units of $170.05 of debentures and 185 shares. Price—
Aug. 22, 1962
due
1967
and
filed
' (
•
•>
(with attached 3additional 60,000 shares
/at $2 per share) to be offered in units of one share and
one-half warrant. Price—$2 per unit. Business—Manu¬
year
warrants
to
purchase
an
facture of
cosmetics, toiletries, cleaning chemicals, j-ewelery, etc. Proceeds — For general corporate purposes.
*
*
Office
—
525-535 E. 137th
St., New York City.
N. Y.v * //
writer—M. G. Davis, 150 Broadway,
Concrete- Structures,
Inc.-/■;/
Under¬
/
Z »-•■/
y-:/-/•//;
July 27/1962 filed 100,000 common. Price—$4.50/ Busi¬
ness—Production of precast
and prestressed /concrete
items for the construction industry. ; Proceeds—For debt
repayment. Office—12825 North East 14th/Ave., North
Miami, Fla,
Underwriter—Bernardr. M. Kahn &/Co.,
Inc., New .York;
•
• ..;,•/•■
•'••••'; //'-r".; * / /'
/
Consolidated
Leasing Corp. of America ' v ...
/ /;/;
(9/17-21) '":/'/;"'•/ ;//■:•■/'■'' -/■-/:/,/,// /■'"•'%- '//
Aoril 27, 1962 filed $1,000,000 of-6V2% subord.-deben¬
1977
warrants), and 99,000 common.
for stock, by amendment
(max. $9), Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For debt repayment,
an
acquisition
(with
and other
corporate purposes. Office — 1012 Baltimore
Ave., Kansas City, Mo. Underwriter—Blair & Co., N. Y.
Consolidated Vending Corp.
April 2, 1962 filed 70,000 common. Price—$5.75. Business
amend¬
distribution
exhibition of wide angle motion pictures. Proceeds
—For selling stockholders.
Office—575 Lexington Ave.,
N. Y. Underwriter—Shields &
Co., N. Y. Note — This
ment
Mass.
'Price—For debentures, at par;
Feb.
Cinerama,
Framingha^».
Concord Products, Inc.
Nov. 28, 1961 filed 120,000 common
of
women's, misses' and junior sportswear, co¬
ordinates, and dresses. Proceeds—For debt repayment,
equipment and working capital. Office—2025 McKinleyi
St,.
Indefinitely postponed.
Inc.,
//
Concord
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
and manufacture
Arnold Malkan Investment Growth of Puerto
Rico,
program¬
ming systems, for solution of business problems by the
of digital computers. Proceeds — For general cor¬
porate purposes. Office—1012 14th St., N. W., Washing¬
-v/:
(with attached warrants).
and
Specialties,
ment,
4, 1962 filed 200,000 .shares of beneficial interest.
Price—$10. Business — A real estate investment trust.
E.
Inc.
/
/
>
12,000 common. Price—At-theBusiness—Importation of components for tran¬
Components
Aug. 31, 1962 ("Reg. A")
Jacksonville," "111.
Underwriter—CN Agency,
address.
-//'•" '
//-/—'Z. ''/ - /'•/ ;
Office—2651
•
Feb. 12, 1962 filed
200,000 common, of which 120,000 are
to be offered by the
company and
Underwriter
■*..
N. Y.
St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn. /.
water
Church Builders,
common.
ness—Design and manufacture of infants' nylon "stretch"
Proceeds—For
Parker
tures/due
Cambridge Mills Inc.
July 27, 1962 filed 110,000
wear.
equipment, expansion and -other corporate purposes.
expansion, equipment and debt repayment.
Business
sewage
New
,
distribution of
Proceeds—
and
Manufacture of shoeboard and boxboard,
filed 9,964 common. Price—$100. Business
plans to qualify as a public utility and
and
sewage
disposal services in and
Company
furnish
are
Cambridge Fund of California, Inc.
Sept. 28, 1961 filed 280,000 common. Price—By amend¬
payment
'
:/
v;;
Cedar Lake Public Service Corp.
facture
offered
distribution
tory.
Inc.
publication
Office—142 Livingston St., Brooklyn,
.—James & Co., New York; />;
•
March 20, 1962
stockholders.
Calvert
College Publishing Corp. ' (9/24-28)
;
^ ^
/
id, 1962 ("Reg. A") 155,OUU common. Price—$1.
For
Busi¬
mort¬
Operation of technical
and
general corporate purposes.
Office—135 W. Wells St.,
Milwaukee. Underwriter—Divine & Fishman, Chicago.
ness
Co.
Underwriter—
Y.
//./ /
Business—Composition,
Proceeds—For debt repayment/expansion
general corporate
June 13, 1962 filed
Centre, N.
March
100,000 common./Price—By amend¬
(max. $3.25).
—Commercial
/
Publishing Corp.
California
Academy, Inc.
1962 filed
29,
ment
schools.
Kirk
v.
•
Rockville
\
'•/,/'^■"'*■
1967
■
Ave.,
gages, land contracts, etc. Proceeds — For investment.
Office—44 E. Indian School Rd;* Scottsdale, Ariz. Under- ;
// Colonial Board Co. /;//;/■
writer — Pacific -Underwriters,
Inc., Scottsdale, Ariz.
March 28, 1962 filed 164,000 common,
Note—The SEC has issued an order temporarily sus- /
are to be offered by the company and
pending this issue.
0
V
/' ;
holders. Price—By amendment; (max.
bentures
Blvd., Greenville, S.
/
Co.,
study manuals for examination preparation.
Dec. 27, 1961 ("Reg. A") 60,000 common. Price—$5.
ness — An
investment company which will hold
systems,
None.
Underwriters—Marshall
St.,- Milwaukee.
Park
None.
June
Inc.
share
N.
Capital Management Corp.
Century
June 22, 1962 filed 1,015,564 capital shares to be offered
for subscription by stockholders on the basis of four new
shares
(max.
Co., and Loewi & Co., Inc., Milwaukee. Offering—Tem¬
porarily postponed.
v
Offering-—Temporarily postponed.
Cable
Fourth
N.
743
—
common.
liquid
household
for
Price—By amendment
Underwriter—None.
Credit
Inc.
Aug. 17, 1962 filed 80,000 shares of 6% cum. convertible
preferred.
Price—$25.
Business—-Consumer sales fi¬
nancing.
Proceeds—For working capital.
Office—r 53
Business—A small business investment company.
Proceeds—For debt repayment and investment. Office—
Career
subord. deben¬
tures due
1977. Price — At par. Business — A holding
company for 16 subsidiaries in the real estate and gen¬
1962 filed
26,
shares held.
each two
and
Coburn
$10).
March
Business—Production of very high fre¬
transistors. Proceeds—For debt repay¬
other corporate purposes.
Office — Walnut
power
Ave., Clark, N. J.
Capital Investments, Inc.
May 21, 1962 filed 86,370 common to be offered for sub¬
scription by stockholders on the basis of one new share
for
Inc.
ment
Co., inc., N. Y.
Thursday, September 13, 1962
unit
per
quency
Underwriter—Willis E. Burnside &
Fla.
.•
.•
.
—Operation
of
vending
machines.
Proceeds—For
debt
repayment working capital and other corporate purposes.
Office—129
Securities
S.
State
St., Dover, Del/Underwriter—Dana
Z /
Co., Inc., N. Y.
Consumers
Mart of America,
Inc. ;
•
v
Jan. 8, 1962 filed 72,000 common. Price—By amendment.
Business—Operation of discount department stores. Pro¬
ceeds—For expansion and working capital. Office—4701
N.
Harlem
Ave., Chicago.
Underwriters—Rittmaster,
Voisin
Kansas
&
Co., N. Y. and
City, Mo.
Midland
Securities
Co., Inc.,
Volume
Continental
May 9,
1962
196
Number 6194
.
.
.
The Commercial and Financial Chronicle
Investment Corp.
("Reg. A")
200,000
offered for
common.
subscription by stockholders in units (of one
warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
Price—$1.50.
share and
Business—Investment in real estate mortgages. Proceeds
—For working capital;.. Office—Scottsdale.
Savings Bldg.,
Scottsdale, Ariz.
Corp., Scottsdale,
A
Underwriter—Continental'Securities
Ariz.
;
,
'»
,r
•
'
.•■
Continental Telephone Co.
March.'do, IWZ filed *±?5,uu0 common.
-
ment
(max. $15).
Proceeds—For
pany.
E: F. Hutton & Co., N. Y.
'"
'
•■>'.* -v ■/
;
each
for
10
class B
shares
Office
body & Co., N. Y.
plant.
start-up
for a laboratory and
Lexington Ave., New York.
expenses,
Office—360
Dust
^
Business—Rental
Co., Inc.
Price—$3.
trucks.
Business
—Production of graded diamond powder and compound.
Proceeds—For
debt
repayment, additional personnel,
N, J.
training devices. Proceeds
For expansion
v
■
;
,
and,; Offering—Indefinitely postponed.
working' capital. Office—9340 James Ave.,' ;S.. Minne-/
j Diamond Mills Corp.
^
apolis.V Underwriter—To be named. - Note—This firm*' Jan.
23/1962 filed 200,000 common^ of which 120,000 are
formerly was-inamed'Control Dynamics,..Inc. Offering
to be offered by the company and
80,000 by stockhold-''
-^indefinitely postponed..
X
^/•'/./';.
- <■
ers.
Price—By amendment/ Business—Manufacture of
? Corporate'-Funding Corp./ - /*/v////"*• \*; /,'J women's nylon hosiery. Proceeds—For debt
repayment
April 26, 1962 ("Reg. A"), 75,000 class A common. Price ' and working capital. Office—417 Fifth Ave., N. Y.
Un¬
$4. Business; — A financial investment andvholding / derwriter—Drexel & Co., Philadelphia... Offering—In¬
company. Proceeds—For expansion and working capital.
definitely postponed.:; "
;
^
v
/
.
&
Underwriter:—R.-F.
DoWd
*
Diversified
Co., Inc., N. Y. Offering—Indefinitely postponed.
June
ment
//,
"'/V/ ^::V //; *•;///O j *
May 26, 1962 filed 190,000 common, of which 178,000 are
to be offered for public sale by the company
and/12,0.00 /
outstanding by the present holders thereof. Pripe—To be
supplied by amendment. Business — The* manufacture •
and distribution of phonograph records. Proceeds—For
the repayment of debt, and working capital. Office—315
W. 47tb St., N, Y, Underwriter—Van
Alstyne/ Noel &
Co., N. Y. Note—This firm was known formerly as the/
Gosnat Record Distributing Corp.X/r-'/vv^: /''v
Collateral
Corp. :
13,, 1962 filed 77,050 common. Price—By amend¬
(max. $11.75). Business—A real estate investment
company.
Proceeds—For investment. Office—8397 N. E.
Inc.
Diversified Real
Price—By amend¬
ment. Business—Engaged in residential real estate de¬
velopment/ Proceeds —'For debt repayment and other
corporate
Ventures
Corp.
;//.:; ■/■ .:/■ •:•/;>/
Industries,
Inc.
be
to
are
offered
by
(9/24-28)
by/
25,000
and
company
stockholders. Price—By amendment
Estate Trust
Proceeds—For investment.
NV Y.
Underwriter—Bacon, Johnson Realty Management,
per
Office—500 Fifth Ave.,
(max. $1
corn-*
per
real
estate
investment
investment. /Office—19
22,
Transmission
1962
filed
Corp.
(9/24-26)
125,000
common. Price—$3. Busi¬
distribution of components for
and
background music; design, construction and installation
of specialized closed circut TV system. Proceeds—For
•
&
Lee, Inq., and Crosse
June
shares for each three held.
sound
Price—By amendment (max.
-
May 28, 1962 filed 150,000 common and warrants to pur-»
Donmoor-lsaacson, Inc.
chase 30,000 additional shares," to be offered in units of/
Feb. 26, 1962 filed 150,000
common, of which 50,000 are
one share and one warrant. Price—$2.25 per unit. Busi-,
to be offered by the company and
100,000 by stock-.
ness—A corporate guidance and interim financing con- •
holders. Price-^-By amendment (max. $12). Business—
cern. Company may also act as a broker-dealer and un-,
Design and manufacture of boys knit shirts, sweaters,
derwriter. Proceeds—For investment. Office—733 Third
and pajamas./ Proceeds—For < working capital. Office—
Ave., N. Y. Underwriter—Hampstead Investing Corp.,
1115? Broadway, N. Y. Underwriter—Goodbody &
Co.,
New York. /'
:"" ' -/•< ■ ■■ /-/r;v. •'/
//; •••• .// ///""•" C?'
N. Y. Note—This offering has been
temporarily post: Credit Department, Inc. .4' ,./
?•//.//v/t
poned.
' .■;../
■.
"/
•
Jan., 26¥ 1962/ 'filed $1,200,320 of 7% conv/ subord. de-/
Dudley- Sports Co., Inc.
bentures due
1974 and 54,560 common
shares to be
July 20, 1962 ("Reg. A") 37,500 common. Price—$4.50.
offered in 2,728 units, each consisting of $440 of deben- '
& Co., Inc.,
■•./,/.,
;/
;,j
.
.
,r
.
Wholesalers, Inc.
1962 filed 100,000 common. Price—By amend-(max. $15.50). Business—A distributor of electronic
supplies, TV replacement parts, and hi-fi and stereophonic
18,
ment
reproduction equipment. Proceeds—For debt re¬
payment,
Business—Research, development and construc¬
'■
.
Electronic
: Doman Helicopters, Inc. f-"
April 19,; 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new/,
obtain
Williams
New York.
personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None.
■
Electronic
TViomoc.
First
E.
tionof «experimental helicopters.. Proceeds—To
certification of models, train service
/
.
de¬
control
and
repayment, expansion, sales promotion and work-,
capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
South, Salt Lake City; Underwriter—Realty Securities,
Inc., Salt Lake City.
$1.25);
production, assembly,
transformers, magnetic com¬
ing
1,900,000 certificates of interest. Price
Business—A
Design,
of
debt
Realty Investors
interest.
sale
and
ness—Manufacture
(same address). Offering—Expected in Oct.
Proceeds—For-
—•
and working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Garrison, Wulbern, Inc., Jacksonville. Fla,-
trust.
trust.-
,
share). Business
•
—$1
common.
Wyatt, Neal & Waggoner/ Atlanta. V-f/V
45,000
March
Price—$10.
Diversified
purposes.
Creative
\
.
Electromagnetic
St./:
Inc., >
Funds,
vices. Proceeds—For equipment, debt repayment, a new
l,OUU„U00 shares of beneficial inter¬
Business—A
real
estate
investment
June 28, 1962 filed
Office—905 Fifteen Peachtree Bldg.,
Atlanta, Ga. Underwriters—McDonnell & Co., Inc., N. Y.,1
and
Main
E.
Underwriter—Reserve
March 30, 1962 filed $250,000 of 6V2% conv. subora. de- v
bentures due 1987, also 70,000 common shares, of which "
est..
Co., Ine.,
(9/24-28) '■//T.'r'//
-
Office—164
purposes.
Busi¬
business. '• Proceeds*
plant
,
Properties
corporate
Price—$3.
common.
finance
recourse
Valley City, N. D.
Valley City, N. D.
March 8, 1962 filed
.
29, 1962 filed 70,000
dealer
General
distribution
;
-
Country Set Inc.
l\X//\
:/;//• '.*>•
Mar.'2, 1962 filed 150,000 common/ Price—By amend->
ment- (max. $8X Business—Design and manufacture oi
sports and casual wear for* girls and women. Proceeds
—For selling stockholders. Office — 1136 Washington.'
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.;
Offering—Temporarily postponed.
/• /-/•-..
Cousins
.
ponents and electronic instrumentation
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y. •
*
-
March
automobiles, station wagons, and
equipment, new franchises, and
Office—520 Westfield Ave., Elizabeth, ;
Underwriter—Crosse & Co. Inc., N. Y.
ness—A
mon
Second
,
>:#
Price—$4.
common.
of
Econ-O-Pay, Inc.
Oct. 26, 1961 filed 1,000,000
•
purposes. ;
'
'Cositat Corp.
(9/24-28) •/
corporate
Proceeds—For
working capital.
and
N '.Y.
general
Center
Plaza, Philadelhia. Under¬
Co., Philadelphia and Kidder, Pea-
&
Econo-Car International, Inc.
July 27, 1962 filed 100,000 class A
.
ControlDyne, Inc. ;■?'
24, 1961'filed 150,000 common. Price—$1.15. Busi- / advertising and .working caiptal.
Office—77 Searing
ness—Development and production of electronic testing ' Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Broadway.
Penn
Proceeds—For
Oct.
Office-—39
3
—
writers—Drexel
Diamond
•»
Proceeds—For
company.
Business—Company plans to
Feb. 27, 1962 filed 102,000 common.
' '/ •," ■»\''
■
unit.
Underwriter—None.
debt repayment.
Office—111 S.
St. Louis. Underwriters—Allen & Co. and
Bemiston St.,
unit
one
per
Pennsylvania Investment Co.
March 16, 1962 filed 450,000 common. Price—By amend¬
ment (max. $16). Business—A small business investment
manufacture and utilize all kinds of chemical materials.
small
Price—By amend¬
Business—A telephone holding com¬
and
Price—$20
Eastern
•
one
held
stock
held.
.
27
(1127)
inventory,
Office—2345
expansion
working
and
capitaL
Sherman
Ave., N. W., Washington, D. C.
Underwriter—Bear, Stearns & Co., N. Y. Offering—Iminincnt
**
-1
Emcee
"•
,
Electronics, Inc.
u/
',
■
,
,
,■ -u
■;
r
(9/17-21)
June 4, 1962 filed $200,000 of 6a/4% conv.
debentures due
to be offered in units of
$200 of debentures and 50 shares. Price—$400 per unit. '
Business—Manufacture
of
precision instruments, and
1974,
and
50,000
electronic
common,
devices
for
control.
and
measurement
Pro¬
,
ceeds—For
plant expansion, inventory, and equipment.
Office—1202
Arnold
Ave., New Castle, Del.
Under-,
writer—Weil & Co., Inc., Washington, D. C.
.
tures
-
and
20
Business—A
—For
debt
shares.
common
consumer
Price—$550
-
repayment.
Office—1775 Broadway,
Bernard M. Kahrn & Co., Inc.,
Underwriter
Crownco
.V accessories., Proceeds—For debt repayment, sales
N.
N.
Y
Y.
«motion
115.000 common. Price—$4. Business
—Design, sale/ fabrication and installation of acoustical
cHlings/Proceeds-^-For debt repavment and expansion.
Euclid Ave- San piego. Underwriter
Holton, Henderson & Co., Los Angeles,
"
/;?
—
•
Securities, Brooklyn, N.Y.
;
(9/17-21)
Inc.
Dyna Mfg. Co;- *
March 29, 1962 filed 240,000 common,
..
/.' /
.;V
.,
■
.
.
■
April 30, 1962 filed $6,250,000 of 6J/2%
Price—By amend-,
ment/(max. $6.50)./Business—A holding company for ,
firms selling life insurance and
—For
offices, advances to subsidiaries and
working capital. Office^—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
waukee..,.
.1
Systems
products and working capital. Office—
Blvd.,
Los
Angeles.- Underwriter—To
Devices of Boston,
—Company plans to design, develop
Inc.
Price—$5,
and
.
onment,
»
Decorel
are
29,
Western-
'
Ave..'
Boston.
;
*
debt
repayment, inventory,
and working capital. Office—444 Courtland
St., Munde-,
lein, 111. Underwriter—To be named.
Deuterium Corp.
/
Sept. 28, 1961 filed 140,000
rants
to
purchase
an
common
additional
with attached
140,000
shares
war¬
to
Underwriter—Mortimer
working
1
■».
.
,
E. Twelfth
Corp., N. Y.
Office—41
capital.
Underwriter—Planned Investing
Fabco, Inc.
St.,
N. Y«/
be
B.
Burnside
&
Co., Inc.,
&
Photo
Corp.
6% conv. subord. deben¬
tures due 1972 and 50,000 common shares (of which 25,000 will be sold by the company and 25,000 by stock¬
March 28
1962 filed $500,000 of
holders).
The securities
$100
debenture
and
10
are
Business—Manufacture
and
store
white
shares.
Price—By
camera
amendment.
stores and depart¬
concessions.
film
and
insulated
of
water
Price—$1.50.
closet
tanks,
fiberglass gravel stop and laundry tubs. Proceeds—For:
debt repayment, equipment, and working capital.
Ad¬
dress—Stillwater, Minn. 1 Underwriter—Pewters,
nelly & Jansen, Inc., St. Paul.
•
Don¬
Fajrfane
Finance Co., Inc.
(9/24-28)
13, 1962 ("Reg. A") $300,000 of 6V2% sinking fund
junior subordinated debentures due 1977. Price—At par.
June
Business—An
automobile
and
consumer
finance
com¬
Proceeds—For debt repayment, working capital
and expansion. Office — Greenville, Rd., Easley, S. C.
pany.
Underwriter—Alester
G.
Furman
Co.,
Inc., Greenville,
S.C.
Falcon
25,
National
1962
subscription
filed
Life
Insurance Co.
300,000
common
to
be
offered
for
basis of one new
share for each three shares held. Price—$1.20. Business
by
stockholders
—Life insurance. Proceeds
1330 Leyden
—
on
the
For investments.
Office—
St., Denver. Underwriter—None,
to be offered in units of one
Business—Operation of retail
ment
i
July 20, 1962 ("Reg. A") 200,000 common.
June
Eastern Camera
holder. Price—By amendment. Business—Production and
gale of wood and metal framed pictures, wood utility
Proceeds—For
J.
New York.
'
1961
etc
N.
,
Corp..
companies.- Proceeds—For equipment and work¬
capital. Office — 900 Passaic Ave., East Newark.
ing
Underwriter—
filed 120,000 common, of which 90,000;
to be offered by the public and 30,000 by- a stock¬
frames,
record
printers
Proceeds—For, product devel-
Schmidt, Sharp, McCabe & Co., Inc., Denver.
Dec.
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
plant and equipment and working capital
new
Office—342
computers.
;
•
Business
produce elec¬
tronic and electro-mechanical devices, including
for electronic
Dynamic L./P. industries, Inc.
June 21, 1962 filed 75,000 common./Price—$4. Business
■
common.
' "
'
and
new
Exposition
St., N. W.,I Washington, D. C.
Data
//'•
•
-r-Expansion,
conv. subord. de¬
be named.
,;1
'■/•
due 1977 and five-year warrants to purchase
/
Dyna-Mod Electronics Corp.
aggregate of 187,500 class A shares, to be offered for1,
.Jan. 22, 1962 ("Reg. A") ,143,000 common.
Price—$2.
subscription by holders of class A and class B stock in Business—D e s i g n,
development and
production
of
units consisting of $100 of debentures and three war- •
"packaged" electronic circuits and sub-systems.
Pro¬
rants. • Price—$100 per- unit
Business—Operation of a;
ceeds—For new products and working capital.
Office—
public transit system in Washington. D. C.;' a new subr
317 Main St., East Rochester, N. Y. Underwriters—Gen¬
sidiary to construct housing projects in Washington,1";
esee
Valley
Securities
Co.,
Inc.,
Rochester, and H. B.
D. C. Proceeds—For construction and general corporate
Vesey & Co., Inc., Glens Falls, N. Y.
purposes.
Office—3600 M
April 26, 1962 filed 200.000
•
Engineering Corp.
•
bentures
.4
•■'./'
:
/
.
Everbest
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
Business—Manufacture and sale of long-lived electrolamps. Proceeds—New product development, inventories
an
Underwriter—None.
Proceeds'
mutual funds.
sales
new
Price—$5X Business—Manufacture, installation and sale
of kitchen ventilating hoods and exhaust fans. Proceeds
4865
'
,
Duro Pen Co.,
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be; sold by company -and 20,000 by stockholders.
*
St., N. W., Washington, D. C. Underwriter—None.
V Equity Funding Corp. of America
,sik & Co., Inc., N. Y.
promotion, equipment; research and development, and
working capital.- Office — 2401 Pacific St.f Brooklyn,
Inc.
pro-
Ave.,
Second
90,000 common. Price—$3. Business
./—Manufacture of inexpensive ball point pens. Proceeds
—For debt repayment, equipment and working capital.
/ Office—573 Broadway, N. Y. Underwriter—Frank Kara-
Products, Inc.
- v".:22, 1962 ("Reg. A") 90,000 common. Price—$1.50.
Business—Design and manufacture of flexible, re-usable
vinyl ^packages;. Proceeds—For/debt/repayment, sales
C. Transit Systems,
Office—633
/Jan.;. 5, .1962 filed
C-Thru
D.
capital.
«
June
N.Y. Underwriter—Broadwall
working
4/N. Y. Underwriters—Crerie & Co., Inc., and W. R. Reisch
& Co., Inc. Offering—Imminent.
Mar, 26, 1962 filed
Office—1925
and
■
:?//-■/■ /v/:".
\
Business—Distribution and sale of sports equipment and
per-unit/
sales finance company,.• Proceed#
Equity Annuity Life Insurance Co.
Aug. 21, 1962 filed 150,000 common to be offered for
subscription by stockholders on a pro rata basis. Price
—$7. Business—Sale of individual life insurance, pen¬
sion trust and group variable annuity contracts. Proceeds
•—For expansion and capital funds. Office — 2480 16th
Company also processes black
repairs photographic equipment.
Fastpak, Inc.
1961 filed 125,000
Nov. 30,
—The
devices
distribution
of
common.
and
Proceeds—For debt repayment and
repayment
fice—68
Place, Freeport, N. Y.
Malkan & Co., Inc., N. Y.
working capital. Of¬
W, Columbia St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead. L. I., and Street &
Co., Inc., N. Y. Offering—Indefinitely postponed.
Benson
Price—$5. Business
bolts and other fastening
by others. Proceeds—For debt
general corporate purposes. Office—8
nuts,
manufactured
Underwriter
Continued
—
on
Arnold
page
28
28
The Commercial and Financial Chronicle
(1128)
business
a chain
of women's apparel stores.
Pro¬
expansion and other corporate purposes.
Office—6608 Hollywood Blvd., Los Angeles. Underwriter
Continued from page 27
X
and
ceeds—For
Fidelity Mining Investments Ltd.
Price—By amend¬
—To
Business—Exploration and testing of mining prop¬
erties. Proceeds—For general corporate purposes. Office
June
30, 1961 filed 800,000 common.
Nov.
ment.
St., Toronto. Underwriter—G. V. Kirby
Associates, Ltd., Toronto.
>
f
Richmond
—62
&
l
be named.
(10/1-5)
Inc.
Fund
Investments, Inc.
28, 1962 filed 80,000 class B common. Price—$5.
Business—Retailing of .mutual fund shares. Proceeds—
For working capital and debt repayment
Office—1301
E. Morehead
Aug. 31, 1962 filed 300,000 capital shares, of which 200,000 are to be offered by company and 100,000 by stock¬
(max. $15). Business—
and marketing of household tex¬
tile products. Proceeds—For debt repayment and work¬
ing capital. Address—Spray, N. C. Underwriter—Blyth
& Co., Inc., N. Y.
!■
;7
holders.
amendment
Price—By
Design, manufacture
.
'7:7
Firmatron,
be named.
To
•'
7.
77 7 77/
(10/29.-31)
■.■,
First American
•
Underwriter—
Office—14 E. 69th St., N. Y.
purposes.
Israel
March
30,
Price—By
Underwriter—None.
St., Charlotte, N. C.
manufacture and distribution of toys
an£ sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,
N. Y.
Mutual Fund
.
Lane,
7
Underwriter—Hemphill, Noyes & Co., N. Y.
Gamma
.
.
Thursday, September 13, 1962
Teaneck, N. J.
Underwriters—Winslow,
Laird, Bissell & Meeds,, N. Y.'
& Stetson and
Gold Leaf Pharmacal Co.,
13,
1962
Inc.
filed
80,000 common. Price—$4. Busi¬
ness—Manufacture, development and sale of pharmaceu¬
tical and veterinarian products. Proceeds—For advertis¬
ing, research, debt repayment and working capital.
Office—36 Lawton St., New
Rochelle, N. Y. Underwriter
—Droulia & Co., N. Y.
7
,
,
Industries,! Inc.
1962 filed 100,000 class A common shares.
amendment
(max. $11). Business—Design,
•
Inc. /;:/7//77':.':'77;-7. 7v777;:''-"7- "
'7: 7,7
•July 20, 1962, ("Reg. A") 82,500 common.
Price—$3.
Business—Development, manufacture and operation of
electronic therapy machines for cosmetic purposes. Pro¬
ceeds—For equipment, advertising, and other corporate
•
Gabriel
Cohu
March
.
Fieldcrest Mills,
•
Cedar
.
Corp.
7 ;7/ ,'.7;
•
'•>> :-\"7 <•
June 29, 1962 filed 80,000 common and 80,000 five-year
warrants to be offered in units consisting of one share
and one warrant. Price—$4.50 per unit.
Business—De¬
sign, manufacture and sale of ladies' handbags and re¬
..
Goldsmith
Bros.
June 29, 1962 filed 125,000 common, of
to be offered by company and 62,500
which 62,500 are
by stockholders.
Price—By amendment (max. $8). Business—Retail sale
of stationery office supplies and department store mer¬
chandise. Proceeds—For expansion and working capital.
Office—77 Nassau St, N. Y.
Underwriter—Federman,
Stonehill & Co., N. Y. Offering—Expected in early Oct.
Good-Era Realty & Construction Corp.
:
April
and
2, 1962 filed 550,000 class A. shares. Price—$10*
Business—Company plans to develop, operate, construct
and manage real estate. Proceeds—For general corporate
purposes. Office—151 N. Dean St., Englewood, N. J. Un¬
New York.
New York.
lated items. Proceeds—For
a new plant, sales promotion
working capital, > Office—288 Plymouth Ave., Fall
River, Mass. Underwriter—Hampstead Investing Corp.,
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,
.-V ''
,7
'777*
^
15, 1962 filed 2,750,000 shares of beneficial in¬
Price—By amendment, (max. $10). Business—
A mutual fund which plans to invest primarily in equity
Aug.
terest.
.?
securities
type
First
of Israeli companies. Proceeds—For in¬
Milk St., Boston. Underwriter—
Jackson & Curtis, Boston. 7
Office—141
vestment.
Paine, Webber,
Colorado
Bankshares
Inc.
29, 1962 filed 37,000 common. Price—By amend¬
ment (max. $15). Business—A bank holding company.
Proceeds—For capital funds, reserves and working cap¬
ital. Office—3311 S. Broadway,
Englewood, Colo. Underwriter—Bosworth, Sullivan & Co., Inc., Denver.
•
First Connecticut Small Business Investment Co.
(10/29-31)
March 9, 1962 filed 200,000 common.
Price—By amend-/
(max. $15).
Business—A small business invests
ment company.
Proceeds—For investment. Office—955 *.
ment
Main St., Bridgeport, Conn.
& Co., N. Y.
7
Underwriter—P. W. Brooks
'77*' First Income Realty Trust
Nov.
9, 1961 filed 500,000 shares of beneficial interest.
Price—(For the first 10,000 shares) $10.80 per share.
(For the balance) Net asset value plus 8% commission.
Business—A real estate investment trust.
Eye St., N. W., Washington,
Underwriter—Sidl&v Z7rTSI@hsh Securities Co.,
C.
D.
Proceeds—For
Office—1613
investment.
Washington, D. C. Note
known
This
—
company
formerly was
Perpetual Investment Trust; 77 ;
as
7" First New York Capital Fund, Inc.
Oct. 27, 1961 filed 2,770,000 capital shares.
'Business—A
ceeds—For
Manhasset, N. Y.
•
business
small
investment.
investment
Office—1295
Underwriter—None.
:7-
7
,
'"7.
Price—$1.
Pro¬
Blvd.,
company.
Northern
^77/7 77'/\- ;7:;
First Southern
Realty Trust
15, 1962 filed 600,000 shares of beneficial interest.
Price
$5. Business — A real estate investment trust.
June
N. W.,
Products, Inc.
July 13, 1962 ("Reg. A") 15,000 common. Price—$3.33.
Business—Manufacture of machinery and equipment for
the gasoline and oil marketing industries.
Proceeds—
For a selling stockholder.
Office—4045 Merrick Rd.,
Seaford, L. I., N. Y. Underwriter—Theodore Arrin &
Co., Inc., N. Y./77;p/
7'",'7: 7 jf77;,7v/'' ';7;-'/^;7'7^7;
Gaslight Club, Inc.
1962 filed 100,000 common. Price—$5. Business
—Company operates four "key clubs." Proceeds—For
expansion, debt reduction, and working capital. Office
—13
E. Huron
St., Chicago. Underwriter—Myron A.
Lomasney & Co., N. Y. Offering—Indefinitely postponed.
Feb. 28,
Florida
.
,
Bancgrowth,
Inc.
March 16, 1962 filed 200,000 common.
Price—By amend¬
ment
(max. $15).
Business—An investment company
specializing in bank stocks. Proceeds—For investment.
Office—3356 Atlantic Blvd., Pompano Beach, Fla.
Un¬
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Note
This registration will be withdrawn.
Florida
June
28,
Jai
1962
Alai, Inc.
filed 400,000
Price—$5. Busi¬
ness
Operation of Jai Alai games and pari-mutuel
betting. Proceeds—For rent, purchase of leased quarters,
building improvements, working capital.
Office—Fern
Park, Fla. Underwriter—To be named.
common.
—
Floseal Corp.
pouring spout
patents
die
and
patents.
Proceeds—For
debt repayment and other corporate purposes.
Office—
100 W. 10th St., Wilmington, Del.
Underwriter—None.
Food &
Drug Research Laboratories, Inc.
1962 filed 107,500 common, of which 100,000
are to be offered by
company and 7,500 by stockhold¬
ers.
Price—By amendment (max. $5). Business—Chem¬
ical and biological research and
testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
May
For
24,
expansion,
equipment
and
debt
Ad¬
repayment.
dress—Maurice Ave. at 58th St., Maspeth, N. Y.
Under¬
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
&
Co., N. Y.
Forst
(Alex)
&
Sons,
Inc.
City. Mo.
,
Four
Co., N. Y. Offering—Temporarily postponed.
Star
March 27,
Sportswear, Inc...
1962 filed
103,000
common.
Price—$3.
Busi¬
ness—Design, manufacture and distribution of men's
outerwear, sportswear and rainwear.
Proceeds—For
plant expansion, equipment and working capital. Office
—665 Broadway,
Inc., New York.
•
Frederick's
,
of
N.
Y.
Underwriter—Magnus
&
Co.,
are
to be offered
holder,, Price—$5.
Corp.
P
(9/17)
to
common
be
offered
in
units
(with warrants to purchase 10
shares.
common
ing
company
a
wholesale
hard
one
common
$280
debenture
shares), and 44
Price—$500
per unit. Business—A hold¬
restaurant equipment manufacturer,
distributor of houseware products, and a
for
a
operating leased discount departments dealing
company
in
of
Proceeds—For debt repayment, expan¬
working capital. Office—134-01 Atlantic Ave.,
Jamaica, N. Y. Underwriter—Richard Bruce & Co., Inc.,
sion
goods.
and
New York.
by company and 80,000 by a stock¬
Business—Operation of a mail order
Bryant, Inc., Washington, D. C.
Gourmet Food Products,
7//;7-77;77
7
Inc.
May 25, 1962 filed 100,000 common. Price—$4.50. Busi¬
Growing, purchasing, distributing and selling
potatoes and processing and selling of prepared
potato products. Proceeds—For a new plant and equip¬
ness
—
whole
Office—915
ment.
Southeast
10th
Ave., Portland, Ore.
7 77 77'-7777"
Underwriter—To be named.
Grand
Bahama
Development Co., Ltd.
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y.
Great
Continental
Design Corp.
April 25, 1962 ("Reg. A") 65,000 common.
Price—$3.
Business—Design and development of new products for
various
industries.
Proceeds—For
debt
repayment,
equipment and working capital. Office—1252 W. Peachtree St., N. W.,
Atlanta, Ga. Underwriter — Robert M.
Harris & Co., Inc., Philadelphia. Note—The SEC has is¬
sued
•
an
order
temporarily suspending this issue.
General Vitamin & Drug
Corp.
April 3,
1962
("Reg.
Business—Sale
mail
of
order.
A")
78,000
vitamins
Proceeds
Price—$2.75.
department stores
common.
through
For
debt
repayment, new
products, sales promotion and working capital. Office—
88 Cutter Mill Rd., Great
Neck, L. L. N. Y. Underwriter
—S. C. Burns &
Co., Inc., New York.
—
Gilfillan Corp.
April 4, 1962 filed 254,000 common. Price—By amend¬
(max. $18). Business—Development and produc¬
tion of radar and other
specialized electronic systems.
Proceeds—For selling stockholders. Office—1815 Venice
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc., Los
Angeles.
ment
Glasco Pacific, Inc.
7
July 12, 1962 filed 250,000 class A and 250,000
shares to be offered in units of one clsas A and
mon
share.
Price—$5.05 per unit.
to
com¬
manufacture
flat
mirror
and related
doors
glass
mirrors
and
products.
sliding
Proceeds
equipment, inventory and working capital. Office
N. First St., San
Jose, Calif. Underwriter—Wil¬
Johnson & Higgins, San Francisco.
—1299
son,
Glensder Corp.
March 23, 1962 filed
150,000 common, of which 60,000
to be offered by the
company and 90,000 by the com¬
pany's parent, Glen Modes, Inc. Price—By amendment
(max. $7).
Business—Design, production and sale of
are
women's
—For
fashion
general
Ave., N. Y.
accessories, and
corporate
sportswear.
Proceeds
Office—417 Fifth
purposes.
Underwriter—Sprayregen, Haft & Co., N. Y.
Offering—Indefinitely postponed.
Devices, Inc.
100,000 common. Price—$10. Busi¬
ness—Manufacture, sale and lease of steel supports and
June
29,
1962 filed
beams used in
ment,
Investment Trust
Estate
formerly
Continental Real Estate Investment
Great Eastern
was
known
Trust.7
as
.77
7
Insurance Co.
April 1371962 filed 381,600 common. * Price—By amend¬
ment (max. $5). Business—Company plans to write cer¬
tain types of fire and casualty insurance. Proceeds—For
general corporate purposes. Office—116 John St., N. Y.
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Co., N. Y.
/7/. 77//U
Smith &
Greater
McCoy's Markets, Inc.
filed 219,150 class A common. Price—By
(max. $14).
Business—Operation
of
16
supermarkets in the Los Angeles area.
Proceeds—For
selling stockholders.
Office—17602
Bellflower
Blvd.,
June
28
1962
amendment
Bellflower,
Calif.
New York.
7
•
Underwriter—Morris
7-'
Greater New York
Box
Cohon
&
Co.,
Co., Inc.
construction.
expansion,
researcn,
Proceeds—For debt repay¬
and
inventory.
29, 1961 filed 100,000 common. Price—By amend¬
ment ($7 max.). Business—Manufacture of corrugated
board
and
purposes.
containers.
Office—149
writer—D. H. Blair &
was
Office—545
Proceeds—For
Entin
Rd.
general corporate
Clifton
N;
J
Under¬
Co., N. Y. Note—This registration
withdrawn.
/'/:7/..'>'7
Greenman
Bros., Inc.
7
April 25, 1962 filed 150,000 common, of which 75,000 are
to be offered by company and 75,000 by stockholders.
Price—$10. Business—Wholesale and retail distribution
of toys,
—For
hobby lines and sporting equipment. Proceeds
repayment, inventory and working capital.
Engel St., Hicksville, N. Y. Underwriter—J.
debt
Office—35
R. Williston & Beane, N. Y.
• Gulf Atlantic
Utilities, Inc., (10 8-12)
7
July 30, 1962 filed 90,000 common. Price—By amendment
(max. $10). Business — A management and operating
company for subsidiaries which own water treatment
and sewerage
disposal plants, and water distribution and
collections systems. Proceeds—For debt repay¬
ment, expansion and working capital. Office—2738 Malinda Blvd., Jacksonville, Fla. Underwriter—Pierce, Carrison, Wulbern, Inc., Jacksonville. J
sewage
Hallandale
common
one
Business—Company
plans
Real
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
Dec.
General
Global Construction
Hollywood, Inc.
March 26, 1962 filed 150,000 capital shares, of which 70,000
./7^7/:74777;;^^
777:7
Gemco-Ware
March 9, 1962 filed $560,000 of 7% conv. subord. deben¬
tures due
1972
(with attached 'warrants), and 88,000
toys and games.
Donnell &
.
H St.,
Underwriter—Rouse, Brewer,
ment. Office—530 St. Paul Place, Baltimore. Underwriter
store, etc., selling sporting goods,
photographic equipment, toys and recreational items.
Proceeds—For expansion. Office—1321 Main St., Kansas
City, Mo. Underwriter—Stern Brothers & Co., Kansas
—For
Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Becker &
v
corporate purposes.? Office—1707
Washington, D. C.
—To be named. Note—This firm
department
wardrobe
March 23, 1962 filed 100,000 common.
Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
other
and
count
and
May 10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By' amendment
(max. $2). Business—Company owns and licenses carton
tal
Gateway Sporting Goods Co.
Aug. 20, 1962 filed $1,500,000 of conv. subord. debentures
due 1977.
Price—At par. Business—Operation of retail
stores, licensed departments in department stores, a dis¬
Proceeds—For
:
Corp.
investment. Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Offering—Temporarily postponed.
—
investment. Address—Little Rock. Ark.
Underwriter—To be named. Note—This registration was
withdrawn.
:
Investment
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
—Real estate investment. Proceeds—For working capi¬
Garsite
June
*
Gotham
Garden State Small Business Investment Co.
Oct. 27, 1961 filed 330,000 common. Price—$3. Business
—A small business investment company. Proceeds—For
Rock &
Sand Co.
(9/24-28)
March 30, 1962 filed $250,000 of 8% subordinated deben¬
tures due 1977, 200,000 common and 6-year warrants to
purchase 25,000
common at $1 per share to be offered in
consisting of a $10 debenture, 8 common shares and
one warrant. Price—$18 per unit. Business—Extraction,
processing and sale of rock and sand. Proceeds—For a
units
plant and other corporate purposes. Address—Hal¬
landale, Fla. Underwriter—Mutch, Khanbegian, Flynn &
Green, Inc.. 115 Broadway, N. Y. 7
new
Halo
Mar.
27,
Lighting, Inc.
1962 filed 300,000
of which 100,000
200,000 by a stock¬
holder. Price—By amendment. Business—Manufacture
of recessed incandescent lighting fixtures. Proceeds—
For
general corporate purposes. Office—Chicago. 111.
Underwriter—R. W. Pressprich & Co., N. Y. Offering—
Temporarily postponed.
will
•
be
sold
by
the
common,
company
and
Halsey Drug Co.
March 30, 1962 filed
79,500
common.
Price—$4. Business
—Manufacture, packaging and sale of proprietary drug
products. Proceeds—For debt repayment, expansion andother corporate purposes. Office—1827 Pacific
St., Brook-
Volume
196
Number 6194
.
.
House of
Koshu, Inc.
v
Price—$5.
March 29, 1962 filed 75,000 class A common.
Inc.
1961 filed 200,000 capital shares. Price — By
amendment. Business—Production of television cartoons
and commercials. Proceeds — For a new building and
Business—Importing of Japanese liquors. Proceeds—For
debt repayment, advertising,
inventory and working
capital. Office—129 S. State St.,* Dover, Del. Underwriter
Cahuega Blvd., Los An¬
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y.
/;■
Harley Products, Inc.
—To
Dec.
29,
working capital. Office—3501
(Paul)
>.4
,
1
■;
■
of
House
28, 1962 filed 75,000 common. Price—$4.
ness—Design, production and distribution of belts and
related products. Proceeds—For sales promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—To be named.
March
Harris
V
be named.
Stores, I nc.
Stores, Inc. f
v-1'
,<;7/
Hunsaker -Corp.
Weeks,
&
-
:V
.
30, 1962 filed $1,600,000 of convertible subordi¬
1977 and 250,000 common shares.
Price
By amendment (max. $6 per common share).
Business—Construction of homes and apartments on land
debentures due
nated
—
Harwyn Publishing Corp.
Jan.' 29, 1962 filed 300,000 class A common. Price — By
amendment. Business — Publishes illustrated encyclo¬
•
works for children and operates;an advertising
agency for sale of TV and radio spot time. Proceeds—
For working capital. Office—170 Varick St., N. Y. Un¬
derwriter—Van Alstyne, Noel & Co., N. Y. Offering-
pedic
Indefinite.
„■
Real Estate Investment Trust
Hawaii
May 18, 1962 filed 1,000,000 shares of beneficial interest
eight-year stock purchase warrants to be offered in
units consisting of one share and one warrant. Price—-
and
Business—A real estate investment trust.
Proceeds—For
working
capital.
Address—Honolulu,
Hawaii. Underwriter—White. Weld & Co.. Inc.. N. Y.
$10 per unit.
Hawaiian Electric Co.,
Ltd.
'
"V 7
Aug. 23, 1962 filed 315,730 common to be offered for
subscription by stockholders on the basis of one new
share for each ten shares held of record Sept. 12,' 1962.
-
♦
-
Price—By amendment.' Proceeds—For expansion. Office
«—900 Richards St., Honolulu.
Underwriter—None.
Heartland
Development Corp.
;
■
28, 1962 filed 23,300 shares of 5% convertible
preference stock to be offered for subscription by stock¬
holders on basis of one preferred share for each 10 com¬
mon
held. Price—$12. Business—Real estate. Proceeds
•—For general corporate purposes and debt repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
March
•
Heck's
Discount Centers,
Inc.
(9/20)
7, 1962 -filed 125,1000 'common. Price—By amend¬
ment (max. $5). Business—Operation of discount stores.
Proceeds—For inventory, expansion, debt repayment and
working capital. Office—6400 MacCorkle Ave., S. W.,
-June
St,
Va.
W.
Albans,
Underwriter—Willard Securities,
Inc., N. Y.
Hek
Aug. 7, 1962
shares
pany
Inc.
Manufacturing Co.,
and 6,000 shares for the underwriter.
Price—$2.
Business—Manufacture of dental equipment.:Proceeds—
repayment, advetrising, research and develop¬
ment and working capital.
Office—2176 Palou, San
Francisco.
Underwriter—L. H. Wright Co., Inc., N. Y.
For debt
Helix
Land Co.,
Inc.
1962 filed 586,000 capital shares. Price—By
amendment (max. $5),
Business—General real estate.
Proceeds—For general corporate purposes. Office—4265
April
27,
Underwriter—None.
Summit Dr., La Mesa, Calif.
Herlin
&
Co., Inc.
May 29, 1962 filed 100,000 common, of which 80,000 are
to be offered by company and 20,000 by stockholders.
Price—By amendment (max. $12.50). Business—Sale of
wrist watches to holders of food chain, cash register
Proceeds—For working capital. Office—2046 Bell
St. Louis. Underwriter—Newhard, Cook & Co.,
tapes.
Ave.,
St. Louis.
Hickory Industries, Inc.
31,
1961
Business—The
("Reg. A")
40,000 common.
manufacture
of barbecue
Price—$5.
machines and
Proceeds—For equipment, inventory,
saies promotion, expansion and working capital.
Office
—10-20 47th Rd., Long Island City, N. Y. Underwriter—
J. B. Coburn Associates, Inc., N. Y. Offering—Indefinite.
' :':
Oct. 16, 1961 filed 2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia on a share-for-share basis. Price—$3.
Business—A
management investment company.
Proceeds—For in¬
vestment. Office—760 S. Hill St., Los Angeles. Under¬
Street Co.
writer—None.
Hoffman
House Sauce Co.,
Inc.
1962 filed $250,000 of 6V2% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
common shares to be offered in units consisting of one
Feb. 28,
$500 debenture and 50 common shares. Price—$1,000 per
unit. Business — Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
repayment and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee,
Wis. Offering—Indefinitely postponed.
Hollingsworth Solderless Terminal Co.
75,000 common. Price — $4.
Business—Manufacture, sale and development of solderless terminals and other wire terminating products. Pro¬
ceeds—For debt repayment, equipment, advertising and
working capital. Address—P. O. Box 430, Phoenixville,
Pa. Underwriter—Harrison & Co., Philadelphia. Offer¬
Feb.
27,
1962
("Reg. A")
ing—Temporarily postponed.
Honora,
•
P.
Financial
D.
Corp.
23, 1962 filed 300,000 common. Price—$4.
Busi¬
ness—Company plans to furnish equity capital to busi¬
ness
concerns,
make loans
and
asstst in
arranging
Aug.
and corporate financing. Proceeds—For work¬
and other corporate purposes.
Office—200
mergers
ing
capital
W. 57th
Inc.
and
St., N. Y. Underwriters—J. J. LeCort Associates,
Harris, Clare & Co., Inc., N. Y.
,
Ideal Toy Corp.
May 1, 1962 filed 490,000 common, of which 250,000 will
be offered by company and 240,000 by stockholders. Price
—By amendment (max. $20). Business—Manufacture of
toys and related products. Proceeds — For debt repay¬
ment
and
general corporate purposes. Office — 184-10
Jamaica Ave., Hollis, Long Island. N. Y. Underwriter—
White, Weld & Co., Inc., N. Y. Offering — Indefinitely
^postponed.
Indian
-
Ltd.
4
,
'«•
Trail
Ranch, Inc.
Aug. 31, 1962 filed 54,238 common to be offered for sub¬
scription by stockholders on the basis of one new share
for
each
four
shares
held.
Price—$15.
Business—
Ownership of reaJL estate, leases principally for farming
grazing. Proceeds—For debt repayment, working
capital and other corporate purposes. Office—Southern
Blvd., West Palm Beach, Fla.
Industry Capital-Corp.
Dec. 26, 1961 filed 500,000
^
Underwriter—None.
Price—$15. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—208 S. La Salle
St., Chicago. Underwriter—A. C. Allyn & Co., Chicago.
Note—This registration will be withdrawn.
electronic
the
equipment, for
military.
government
Proceeds^—For
equipment,
Corp., Clifton, N. J.
-
•
International Terrazzo Co., Inc.
May 15, 1962 ("Reg. A") 75,000 common.
Y
M
Price—$2.
Business—Manufacture and installation of teirazzo floor¬
and the installation of marble and tile. Proceeds—
equipment, debt repayment, working capital and
otner corporate purposes.
Office—826 62nd St., Brook¬
lyn, N. Y. Underwriter—To be named.
•
International
common.
Vending Corp.
June
27, 1962 ("Reg. A") 60,000 class A common. Price—
Business—-Installation and servicing of coin-operated
vending machines. Proceeds—For debt repayment, con¬
solidation of offices and working capital.
Office—1028
Commonwealth Ave.,
Boston, Mass. Underwriter—Gianis
Co., Inc., New York. Offering—Temporarily postponed.
Interstate
Equity
I
7
.
v/
■
March
30, 1962 filed 1,605,100 shares of beneficial interest.
Price—(max. $10). Business—A real estate investment
company. Proceeds—For investment. Office—450 Seventh
N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Ave.,
Interworld
Film
Distributors,
Inc. (10/29)
Price—$4. Business
co-production of foreign
Sept. 29, 1961 filed 106,250 common.
—Theatrical
distribution
and
domestic feature films.
Proceeds—For acquisition,
co-production, dubbing, adaptation gnd distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kasdan & Co., Inc., N. Y.
and
Unsubscribed shares will be offered to the public.
Price
stockholders, $2.50; to the public, $3.50. Business
—Manager and distributor for Western Industrial Shares,
—To
mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
inc., a
Underwriter—None.
•
'■>.
Securities'v."!■ "f
Investment
'.March 16, 1962 filed 250,000
common, of wnich 125,000
the Tscompany. and 125,000 by a
stockholder. Price—By amendment (max. $20). Business
—A management investment company specializing in
be
offered
are
to
the
insurance
working
by
field.
Proceeds
For
—
debt
repayment,
capital and
Washington Ave., St.
possible expansion. Office—901
Louis. Underwriters — Scherck,
Richter Co., and Dempsey-Tegeler & Co., Inc., St. Louis.
Note—This registration was withdrawn.
*
Investors Realty Trust
May 31, 1962 filed 200,000 shares. Price
—A
real
estate
struction
and
investment trust.
investment.
—
$10. Business
Proceeds
Office
—
3315
—
For
con¬
Connecticut
Ave., N. W., Washington, D. C. Underwriter—None.
lona
Manufacturing Co.
Jan. 26, 1962 filed 140,000 common,
Business—A contract manufacturer of precision products.
Proceeds—For
ture of household electric
Instromech
Industries, Inc.
March 30, 1962 ("Reg. A") 100,000
common.
Price—$3.
acquisition of land and building, equip¬
ment, inventory and other corporate purposes. Office—
4 Broadway Plaza, Huntington Station, N.
Y. Under¬
writer—Price Investing Co., N. Y. Offering—Expected
in October.
Instron
March 26, 1962 filed 120,000 common.
Price—By amend¬
(max. $14). Business—Development and produc¬
equipment for use in testing the physical char¬
acteristics of various materials.
Proceeds—For selling
of
Office—2500 Washington St., Canton, Mass.
Underwriter—None.
Instrument
.;
7717
—
Inc.
Manufacture
and
distribution
of
—
$1.
electro¬
mechanical
rotating devices. Proceeds—For debt repay¬
ment, sales promotion and other corporate purposes.
Office—312 Mt. Pleasant Ave., Newark, N. J. Under¬
writer—Gold-Slovin Co.. Inc.. N. Y.
Intercontinental Management Corp.
July 31, 1962 filed 144,500 common. Price—$7. Business
Operation of bowling centers. Proceeds—For expansion,
working capital and debt repayment. Office—19 Coun¬
try Club Shopping Center, Levittown, Pa. Underwriter
—Walnut
Securities
Corp., Philadelphia.
International
March 23,
Drug & Surgical Corp.
1962 filed 150,000 class A shares.
Price—$4.
Business—Importing, licensing, i and manufacturing of
pharmaceutical and medical instruments. Proceeds—For
working capital and other corporate purposes. Office—
875 Park Ave., N. Y. Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
International Realty Corp.
April 27, 1962 filed $18,000,000 of s. f. debentures due
1977, 360,000 common shares and five year warrants to
purchase 540,000
common
shares to be offered in 180,0001
units, each unit consisting
common
tional
shares
and
of
warrants
$100 of debentures, two
to purchase three addi¬
shares.
Price—By amendment (max. $110 per
Business—Real estate investment. Proceeds—For
debt repayment,
poses.
offered by
Proceeds—For
—Regent
Fuller &
new
appliances and electric motors.
products and working capital. Office
St., Manchester, Conn. Underwriter — S. D.
Co., N. Y. Offering—Expected in early October.
Public
Service
Co.
3, 1962 filed 320,468 common being offered for
subscription by stockholders on the basis of one new
for each 10 held of record Aug. 28. Rights will
expire Sept. 14. Price—$21. Proceeds—For debt repay¬
ment, and construction. Office—Orpheum-Electric Bldg.,
Sioux City,
Iowa. Underwriter—White, Weld & Co.,
share
,
New York.
.','v
Iowa Southern Utilities Co.
Components,
11, 1962 ("Reg. A") 135,000 common. Price
Business
be
Iowa
ment
June
to
July
Engineering Corp.
stockholders.
construction, and other corporate pur¬
Office—919 N. Michigan Ave., Chicago. Under¬
writer—Kidder,
Peabody
definitely postponed.
&
*
Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-i share basis.
of which 125,000 are
the company and 15,000 shares by a
stockholder. Price—By amendment. Business—Manufac¬
•
unit).
29, 1961 ("Reg. A") 76,500 common. Price—$3.75.
Business—Purchase of cultured pearls in Japan and
their distribution in the U. S. Proceeds—For general
Nov.
Services
&
I.
and
and
debt repayment and working capital.
Office—Engineer^
Hill. Plainview. L. I., N. Y. Underwriter—International
Hydro-Swarf, lnc^v/7T///..-'
March 30, 1962 filed 97,000 common, of which 80,000
will be sold by company and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture, assembly and
sale of aircraft and missile components on a sub-contract
basis. Proceeds—For debt repayment and working capital.
Office—7050 Valley View St., Buena Park, Calif. Under¬
writer—Raymond Moore & Co., Los Angeles.
allied equipment.
Hill
agencies
in Southern Calif. Proceeds
other corporate purposes.
PI., Irwindale, Calif. Underwriter—
Bateman, Eichler & Co., Los Angeles.
Office—15855 Edna
tion
Aug.
mechanical
$5.
which company has acquired
—For debt repayment and
and
("Reg. A") 75,000 common, of which 69,000
be offered for the account of the com¬
to
are
shaie, to be offered in units, each consisting of one share
one warrant.
Price—$4 per unit. Business—Design,
development and manufacture of mechanical, electro¬
ing,
For
March
'
;
Underwriter—Hornblower
Ave.,
Chicago.
Chicago.
Systems Research Corp.
and
>
Vision, Inc.
*
March 29, 1962 filed 150,000 common. Price—By amend¬
ment (max. $17). Business—A dispensing optician and a
manufacturer and distributor of optical equipment. Pro¬
Busl- «•;
ceeds—-For selling stockholders. Office—137 N. Wabash
.
See Paul, Harris
International
29
Maich 30, 1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at
$4 per
N. Y.
writer—Sunshine Securities, Inc., Rego Park,
withdrawn.
Hanna-Barbara Productions,
1129)
corporate purposes. Office—42 W, 48th St., N. Y. Under¬
lyn, N. Y. Underwriters—Packer-Wilbur & Co., Inc., and
& Co., Inc., N. Y. Note—This registration
Alessandrini
was
Chronicle
The Commercial and Financial
.
Co.,
N.
Y.
Aug.
due
22,
1992.
1962
filed $4,900,000
Proceeds—To
j7',;
(9-/25)
first
of
redeem
/V;7
>.7"v/
a
like
mortgage
amount
bonds
of
out¬
standing 5%% first mortgage bonds due 1987. Office—
300 Sheridan Ave., Centerville, Iowa.
Underwriters—•
(Competitive). Probable bidders: White, Weld & Co.;
Halsey, Stuart & Co. Inc.; Shields & Co. Bids—Expected
Sept. 25 (11 a.m. CDST) at Northern Trust Co., 50 So.
LaSalle St., Chicago.
Information Meeting — Aug. 21,
1962 (11 a.m. CDST) at the Middlewest Service Co., 21st
floor, 20 N. Wacker Dr., Chicago. :?
Jaap Penraat Associates, Inc.
30, 1962 filed 100,000 common. Price—$3. Business
—Industrial designing, the design of teaching machines
and the production of teaching programs. Proceeds—
For expansion, new facilities and working capital. Office
—315 Central Park W., N. Y. Underwriter—R. F. Dowd
& Co., Inc., N. Y.
Jan.
Jackson's/Byrons Enterprises Inc. (10/15-19)
13, 1962 filed $750,000 convertible subordinated
due 1977; also 120,000 class A common, of
which 66,666 shares are to be offered by the company
and 53,334 by stockholders. Price—By amendment (max.
$12.50 for common). Business—Operation of a chain oI
retail department stores. Proceeds—For debt repayment
and working capital. Office—29 N. W. 10th St., Miami,
Fla. Underwriter—Clayton Securities Corp., Boston.
March
debentures
Jamaica
Public
Service
Ltd.
March 30, 1962 filed 215,000 common, of which 100,0CJ
shares are to be offered by company and 115,000 shares
by
stockholders. Price
—
By amendment
(max. $25).
Offering—In¬
Continued
on
page
30
30
The Commercial and Financial Chronicle
(1130)
Business—A
holding
company
for
a
Jamaican Electric;
-For
Greenshields
&
Co.,
Postponed.
•
Jamoco Air
Inc.,
;
.
ture
sale
(Lou), Inc. (9/17)
company,
July 27, 1962 ("Reg. A") 125,000 common.. JPrice—$2.,/1
Business—Manufacture and wholesaling of women's ap-
r
..
,
will
Kornhandler
.
.
v
Thursday, September 13, 1962
due 1977, also 100,000; common shares W be offered by
stockholders. Price—By amendment Business—Design,
manufacture arid' distribution of women's high fashion
suits and. coats^ Proceeds-r-Net proceeds from the .deben¬
plant. Office—1725 S. Gault Ave., Ft. Payne,
Atlanta, and J. C. Bradford & Co., Nashville. Offering
Indefinitely postponed.
N. Y. Offering—Indefinitely
:
a new
.
March 29, 1962 filed $750,000 of conv. subord. debentures
Ala. Underwriters—The Robinson- Humphrey Co., ; lnck,,
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters — Stone & Webster Securities Corp. and...
.
Lilli Ann Corp.
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes/Proceeds
Continued from page 29
.
a
be. added
to
portion of which
.
the
may
general funds of the
be used to retire short-
™irT"
^riters-^Sutro^ &CoSan5Ya™n*^
Conditioning Corp.
Francisco
„
and F. .S. Smithers
28, 1962 ("Reg. A") 4u,0UU common. Price — $3. ■- parel. Proceedsr-For debt repayment, equipment, sales
Business—Design, installation and maintenance of heat¬
promotion and working capital.
Office—910 S. Los ■ ■ •
•' ■
/ A.
;'l
Angeles St., Los Angeles. Underwriter—Costello, Rus• jLivestock-JFi!ftancial Corp.
ing, plumbing and air conditioning systems. Proceeds—
. ,.
/
: v
For inventory, equipment and other corporate purposes.
sotto & Co. Beverly Hills, Calif.
'
A
•
. ;
- Feb. 23, 1962 filed 130,000^common. Price—$10. Business
'
"
A '4
—Ap insurance holding, company, whose subsidiaries inOffice
954 Jamaica Ave;, Brooklyn. N
Y
Under- *
; A Kraft
(John) Sesame Corp. < ;
'
•
A ;
sure the* lives of all types of animals. Proceeds—To form
writer—Martin-Warren Co., Ltd., N. Y. Offering—Ex¬
May 24, 1962r filed $225,000^ of 6% conv. subord^ debennew
subsidiaries;' Office—26 Piatt St., N. Y. UriderwrHer
pected in mid-October.
"
tures, due 1972, and. 150,000 common to be offered in
Shearson, Hammill & Co., N. Y.
units consisting of a $300 debenture and 200 shares..
Jayiis Industries, Inc.
Lockfast Mfg. Co. A! /'A.
*'"X"'■
A*'-'
Oct. 18, 1961 filed 150,000 class A common. Price—$8.
Price—$900 per unit. Business—Processing and distriJan. 11, 1962, ("Keg. A"> 85,000 Common. Price — $3.50
business—Manufactures patented traversing screens for
bution of sesame seed. Proceeds—For accounts receiv- \
BjisiriessA-Mrnufacture of furniture hardware for' sale
use as
window coverings, room dividers, folding doors,
able, inventories, plant expansion and .working* capital.. to furniture manufacturers: Proceeds—For debt repay¬
etc. Proceeds—For debt repayment and general corpo¬
Office—2301 N. Main St., Paris, Tfexas. Underwriters— v
ment, steel inventories * nad plarit .expansion.* Office—
rate purposes. Office—514 W. Olympic Blvd., Los An¬
John A. Dawson & Co., and Leason & Co., Inc., Chicago. A 3006 Boarman
Ave., Baltimore. Underwriter—R &c:i D
geles. Underwriter—D. E. Liederman & Co, Inc., N. Y.
Investors Corp., Port Washington, N. Y.
Kreedman Realty & Construction Corp.
Offering—Temporarily postponed.
- -1' /■
' AA '•
April 19, 1962 filed $5,OQO,OOU of conv. sUbord. deben¬ /A/ 'Logos; Options, Ltd. -' r'-AA
• Jerlee Products Corp.
tures due 1982 and 209,000 common shares to be. offered;
April 11, 1962 filed 250,000 capital shares. Price — By
May 1, 1962 filed 75,000 common. Price—$4.25. Business
ariiendment <max. $10). Business^A diversified closedin units consisting of $25 of debentures and one common
—Processing and distribution of vinyl roll plastic fabric
share.
Price—By amendment(max. $27).
Business— • end investment company ^Proceeds—For investment; Of^
and vinyl tablecloths, and various foam rubber items.
fice;r—26 Broadway, N; Y-. Underwriter^—-Filor. Bollard' &>
Construction and operation of office, buildings. Proceeds <
Proceeds—For equipment, raw materials, debt repay¬
—For
debt repayment.
Siriythf .N, Y. Note—This coriipany formerly was named
Office^9350 Wilshire Blvd.,
ment and working capital. Office—596-612 Berriman St.,
Logos:Financial, Ltd; A;;v* •*,>•,/.•;A >y.J; •.
Bexcrly Hills, Calif. Underwriter—Lee Higginson Corp.,
Brooklyn, N. Y. Underwriter—R. P. Raymond & Co"A Lordliill
New York. Offering—Indefinitely postponed. A
r"_
Corp.
-A/A'/*
' AAV'V /-A1/-'/'''
Inc., 26 Broadway, N. Y. Offering—Indefinitely post¬
March 30, 1962 filed 63,000 common. Price—$5. Business
• Kwik-Kold, Inc.
poned.
-A/" ■.vA;" A/
AA ;/'A; AV".A
—Company provides ©ptometric- services and dispenses
March 29, 1962 ("Reg. A") 100,000 common of which
Kaiser-Nelson Corp.
(10/15-19)
optical items. Proceeds4--For expansion, a laboratory and
85,000 will be sold for company and 35,000 for stock¬
March 29, 1962 filed 140,000 common, of which 70,000 •
holders. Price — $3. Business
Manufacture of certain ; -working capital. Office—130 W, 57th St., N. Y. Under¬
are to be offered by company and 70,000 by stockhold¬
writers—J. R,- Williston & Beane and Doft & Co., Inc.,
patented cooling packages. Proceeds^-For debt,repay-'
ers.
Price—By
amendment
(max. $10).
Business—
N. Y» Offering-^Temporarily postponed. :
* A AAA "
ment and working capital. Office^Jenning© Bldg.; P.; O.LA
Reclamation of metallics from steel slag; mining of sand
Box 638, Moberly, Mo. Underwriters-John rW.
Flvnn VA Lunar FiIms, inc.
r .tr -I;;
and gravel; and dismantling and salvage of industrial
& Co., Santa Barbara, Calif. Note—This letter will be
Aug. 31, 1961 filed 125,000 common. Price—$5.75,; Busi¬
buildings. Proceeds—For new plants, debt repayment
withdrawn.
•
ness—The production of television films. Proceeds—For
;;A'A,A;
and working capital.
Office—6272 Canal Rd., Cleve¬
filming and production and working capital. Office—
land.
Underwriter—Robert L.
Ferman
&
Co., Inc.,
Lady Baltimore Foods/ Inc. A'
/ 543 Madison Ave., N. Y. Underwriter—To be named.
Aug. 23, 1962 ("Reg. A") 75,000 class A common. Price
Miami, Fla.
Note—This firm formerly was named Lunar Enter¬
—$4. Business—Wholesale distribution of groceries and
Kaltman (D.) & Co., inc.
prises, Inc. Offering—Postponed. A
A>
; ; ■
: ; *
the manufacture of French dressing and barbecue sauce.
June 28, 1962 filed $1,650,000 of conv. suuora. debentures
Lyntex Corp, (9/24-28)";•/:A ;v-;1
*
Proceeds—For debt repayment, new products and ex¬
due 1977 to be offered for subscription by stockholders
June 29, 1962 filed' $600,000 o^;6i^% s.J. debentures due
on the
basis of $100 of debentures for each 100 sharesA pansion. Office—35 Southwest Blvd., Kansas City, Kan.
1977 arid 120,000 common to be offered- in units consist¬
Underwriter—Blackford & Co., Inc., Kansas City, Mo,
held. Price—At par.
Business-^UpeTation of a whole¬
ing of $500 of debentures and TOO common. Price—By
sale drug business. Proceeds—For debt repayment and
• Laminetics Inc.
(10/8-12)
amendment (max. $720 per unit). Business—Manufac¬
working capital. Office—425 Park Ave., N. Y. Under¬
March 22; 1962 filed 80,000 common. Price—$3.50/ Busiture
of lightgauge vinyl plastic film and sheeting.
writer-—None.
Bess—Production and sale of gift sets, linens, place mats,
Proceeds—For acquisition of predecessor's- business and
Kaufman Carpet Co., Inc.
etc. Proceeds—For equipment, moving expanses, sales
working capital. Office—40 E. 34th St., N. Y. Under¬
March 29, 1962 filed 250,000 common. Price—$5. Busi¬
promotion and other .corporate purposes. Office — 20
writer—P. W. Brooks & Co., Inc., N. Y.
A/ v
A /
W. 27th St., N. Y. Underwriter—Fabrikant Securities
ness—Operation of a chain of retail stores selling carpets
A
A Mac-Aliaii Co., Inc. -A, - •;
7 ' / :f •-5
and rugs. Proceeds—For expansion, inventory, debt re¬
Corp., N. Y. ^A'AvA-A;' A AaA;/7/A A /A; /AAA; A^7/;7,..*,
Feb: 23, 1962 filed 130;260 of class A common, of which
payment and working capital. Office—1800 Boston Rd.,
Larsen Co.
AAA'A//
;
65,130 are to: be offered by- the -company arid 65,130
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N. Y.
Aug. 27, 1962 filed 103,638 common. Price—By amend- - by stockholders. Price—$5. Business—Sale and distribuKavanau Corp.
\
.• *
-A A-';',
ment (max. $11.50). Business—Processing and marketing tion of costurtte jewelry, ladies' handbags,- and accessoMarch 29, 1962 filed 50,000 shares 6% cum. preferred
pf canned and frozen vegetables. Proceeds—For selling:
rieSi Proceeds
Forf working capital. Office — 1650
and four-year common stock purchase warrants to be;
stockholders. Office—520 N. Broadway, Green Bay, Wis..
Broadway/ Kansas City* Mo Underwriter—George -K.
offered in units consisting of one preferred and one
Underwriter—Robert W. Baird & Co., Inc., Milwaukee.
Baum & Co., Kansas City. Offering—Indefinitely post¬
warrant.
Price—By amendment (max. $101 per unit).
poned.
A:
;f;; ;.////AA:Av;A:AA-;;
Lee
Fashions,
Inc.
Business—Real estate investment.
Proceeds—For debt
f
Magazines For Industry, Inc.
Dec. 27, 1961 filed 163,667 common. Price—By ameridrepayment and working capital. Office—30 E. 42nd St.,
ment. Business^-Importing of -low priced ladies'' scarfs - Aug. 2, 1961 filed too,000F commoh/of;Which 80,000 Will
N. Y. Underwriter—Hayden, Stone & Co., N. Y.
be offered by the company and 20,000 by stockholders.
and blouses. Proceed©—For debt repayment arid Work¬
Kay Foods Corp.
■ A
"A;
Price—$5. Business—The publisbkig/of business-period¬
ing
capital.
Office—2529
Washington
Blvd.,"
Baltimore.
Dec. 29, 1961 filed 88,000 class A common shares, of
Underwriters—Godfrey, Ham ilton, Taylor & Co., N. Y. * icals, Proceeds^-For promotion, a new, publication and
which 44,000 are to be offered by the company and 44,000
working capital. .Officer—660 Madison.;Ave., New York.
and Penzell & Co., Miami Beach.
A./v>-v.y' ^ r A *
by stockholders. Price—$7. Business—Packing and sale
Underwriter—Arnold, Wilkens & Co,, Inc., N..Y. Note
# Lee-Norse Co. '
of fruit juice products. Proceeds—For general corporate
4.
;
—This registration was withdrawn. < ;
/ (A;": 7 .j-. ,
purposes. Office—241 N. Franklintown Rd., Baltimore.
May 25, 1962 filed 272,000 common. Price—By amend- *
I-"; Magellan Sounds Cprp. jsA -i A;V-•;
Underwriter — Auchincloss, Parker & Redpath, Wash¬
ment (max. $20). Business—Production of a coal min-"
Feb. 28, 1962 filed; 68,000. common (with attached oneington, D. C. Offering—Indefinitely postponed.
ing machine. Proceeds—For selling stockholders. Office»
year class A warrants to purchase 60,000. common shares
—751 Lincoln Ave., Charleroi, Pa.; Underwriter—Moore.
Keene Packaging Associates
at $4 per share and two-year class B warrants to; pur¬
Leonard & Lynch, Pittsburgh. Offering — Temporarily
April 2, 1962 filed 165,000 common, of which 100,000
chase 60,000 shares, at $4.50 per share) ■» to be offered in
are to be offered by company and
postponed,
.,v
wA
65,000 by stockholders.
units (each consisting of one share, one class A warrant
?riee—$4. Business—Design arid manufacture of semi¬
Lembo Corp. -..V'/.i 'A;
aiid one class B, warrant). Price—$4 per unit. Business
:A/;/.<;7 Avv;w:; -v
rigid vinyl plastic cases and containers fOr packaging.
—Production of educational and recreational devices and
Dec. 21, 1961 filed 100,000. common. Price-r-$3.50. Busi¬
Proceeds — For debt repayment, working capital and
ness—Manufactures steel re-inforced concrete utilities
games. Proceeds—For general-corporate riurposes. Office
other corporate purposes. Office — 947 Newark
Ave.,
—130 E. 40th St., N. Y. Underwriter—To be named.
sanitary structures, fallout shelters and play sculptures.
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
Proceeds-^For debt repayment,
•
sales promotion ^nd
Magnetics Research Co.* Inc.
Kenner Products Co.
working capital. Office—145 W, 11th St., Huntington
April 30, 1962 filed 100.000 common. Price—$3. Business
March 30, 1962 filed 542,000 common, of which 205,000
Station, LAI.,' N. Y. Underwriter—Blank, Lieberman. &
—Design and marketing of magnetic memory units.
are to be offered by
company and 317,000 by stockhold¬
Co., inc., n. Y. ' ■ ; '".''v-a: •; >- -A'/•'**,; ■
Company also plans to market transistor logic units and
^
ers. Price—By amendment (max. $24). Business—Manu¬
subsystems for use in computers, business machines and
Lesco Automotive Corp.
facture, design, and distribution of plastic toys. Proceeds
data handling systems. Proceeds—Expansion of sales and
June 28, 1962 ("Reg. A") 50,000 common.
Price-r$6.
—For general corporate purposes. Office—912
Sycamore
engineering, new product development and equipment.
Business
Company buys and sells automotive parts.
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
Office—179 Westmoreland Ave., White Plains. N. Y. ITnProceeds
For debt repayment and general corporate
New York.
derwriter—T.„ W* -Lewis,.-&^Co., -Inc., N. Y. Note—This
purposes. Office —- 430 Hegeman Ave., Brooklyn, N. Y.
Keystone Discount Stores, Inc.
registration will be withdrawn and refiled at a later
Underwriter—M. H. Meyerson & Co., Inc., New York.
May 24, 1962 filed 110,000 common. Price—By amend¬
date.
A
•'
A
Lesser (Louis) Enterprises, Inc.
ment ($5.25).
Business—Operation of three retail dis¬
Mail Assembly Service, Inc.
March 30, 1962 filed 1,000,000 class A common. Price—
count stores. Proceeds—For expansion. Address—R/D.
April 27, 1962 filed 100,000 common. Price—$2.25. Busi¬
$10. Business—Real Estate management and construction.
No. 2, North Lebanon
Township, Lebanon, Pa. Under¬
Proceeds—For debt repayment and- general corporate
ness—Assembling of packages for shipment to post of¬
writers—Suplee, Yeatman, Mosley Co., Inc. and Wood¬
fices. Proceeds—For general corporate puiyoses. Office
purposes.
Office-*—8737 Wilshire Blvd./ Beverly Hills,
cock, Moyer, Fricke & French, Inc., Philadelphia.
—145 Ave. of the Americas; N. Y. Underwriter—Globus,
Calif. Underwriters—Morris Cohon * & Co. and LeiberKeystone-Universal Industries Inc.
baum & Co., N, Y. Offering—Expected sometime in Sept.
Inc., N. Y.
•
•
r
*
:*
July 24, 1962 filed 100,000 common. Price—$3.50. Busi¬
Majestic Utilities Corp.
Levine's, Inc.
ness—Retail sale of carpets. Proceeds —■ For expansion
March 19, 1962 filed 80,000 common. Price—By amend¬
July 31, 1962 filed 29,000 common. Price—By amend¬
and working capital. Office—4042-54 Sawmill Run
Blvd.,
ment (max. $4). Business—Door to door sale of merchan¬
ment (max. $17.50); Business —- Operation of a chairi of
Pittsburgh. Underwriter — Strathmore Securities, Inc.,
dise and collection of the accounts receivable.
Proceedsclothing and dry goods stores. Proceed*. — For selling
Pittsburgh.
Fur a selling stockholder.
stockholders. .Office
8908 Ambassador Row. Dallas.
Office—1514 Arapahoe St.,
Kine Camera Co., Inc.
Denver. Underwriter—None.
Underwriter—Kidder, Peabody & Co., N, Y. Offering—
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
Indefinitely postponed.
Mammoth Mart Inc.—Importing and distribution of cameras, binoculars and
Lewis (Tillie) Foods, Inc. (10/1)
April 5, 1962 filed 200,000 common, of which 100,000 are
photographic equipment Proceeds—For debt repayment
to be sold by company and 100,000 by stockholders. Price
April 9, 1962 filed $4,000,000 of 5%% convertible sub¬
and working capital. Office—889 Broadway, N. Y. Un¬
ordinated debentures due 1977. Price—At par. Business
—By- amendment (max. $15). Business—Operation of
derwriter—Underbill Securities Corp., N; Y.
self-service discount department stores. Proceeds
For
—Processing, canning, bottling and selling of fruits and
Kingsberry Homes Corp.
debt repayment and working capital. Office—106 Main
vegetables. Proceeds—For debt repayment and working
April 9, 1962 filed 140,000 shares of capital stock of
capital. Office—Fresno Ave. & Charter Way, Stockton.
St., Brockton, Mass.. Underwriter—McDonnell & Co.,
which 100,000 will be offered by company and 40,000
Calif. Underwriter—Van
New York
/
Alstyne, Noel & Co., N. Y.
Feb.
,
.
,
•
—
.
.
—
'
•
'
t
,
.
.
—
.
w
.
.
r
h
—
—
.
.
,
•
»
.
—
Volume
196
Number 6194
..
The Commercial and Financial Chronicle
.
ucts
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants). Price—$500. Business—Company plans to furpish equity capital to firms in the atomic, space and
missile fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For rer
"payment of loans, and general corporate purposes. Office
,,
—130
Fulton
None.
.
_
'
Federal
» v
/
'
Bldg.,
■'.*-
.
Atlanta.
•"
1
..
be
offered
Price—$3.50.
by
by
Business—Manufacture,
Securities Co.,
Inc.,
Western
stockholders.
N.
Ave.,
W.,
investment.
Washington,
D.
C.
Financial Planning Corp.-(same
Massachusetts
Court, San Rafael, Calif.
Underwriter—Dean
Ave.
/• Marshall' Press, Inc.
Price—$3.75.
Masters, Inc.
/:////■• •'
V,-'>
Office
bentures
due
one
that up
/
$18
;
26
•
'
Processes
&
•
■
due
Nov.
to
Kodachrome
24, 1961
—
Production
and
and
sale
common.
of
of
purchase
28,
bellows
investment
company
which
Business
-
plan$ to
medical
electronic
homes, iProceeds—For
.
-working
&
Busi¬
E.
Sixth
Ave.,
•
,
.
.
/
Mercury Books, Inc.
Feb. 14, 1962 filed 55,000 common.Price—$4.50.
.
■
'/
'
.
.
i
State Industries,
Scott &
operated
vending machines. Proceeds—For
equipment and working capital. Office
St., Atlanta. Underwriter—Drourr, Lam.
Island Mines Ltd.
/
-
York
Testing Laboratories, Inc.
/Jan. 29, 1962 filed 50,000 common. Price—$5. Business—
Analyzing and testing of electronic, chemical and other
materials..
Proceeds—For
plant relocation, equipment,
capital. Office—47 West St., N. Y. Under¬
writer—Robbins,. Clark & Co., Inc., N. Y.
and working
Nippon Telegraph & Telephone
Aug. 31,
guaranteed dollar
Price—By amendment. Busi¬
ness—The
company,
wholly-owned by the Japanese
Government, was formed in 1952 to take over the fur¬
nishing of public telephone, telegraph and related com¬
15, 1977.
munication services
in Japan, and is the only company
furnishing such services in that country.
Proceeds—
For expansion.
Office—Tokyo, Japan. Underwriters—
Dillon, Read & Co. Inc.; First Boston Corp.; Smith,
Barney & Co. Inc.
Inc.
Norda
r
March
:
Essential
Oil
&
Chemical
Co., Inc.
20,
1962 filed 200,000 class A shares. Price—By
amendment (max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
oils, flavor, essences, etc.,
to food and drug industries.
repayment, working capital and
other corporate purposes. Office—601 W. 26th St.. N Y.
Underwriter—S. D. Fuller & Co., N. Y. Offering—Ex¬
pected in late September.
Proceeds
/
..r
For
—
debt
/
.
100,000
"
r
;
•
•
,
—Company acts
as
Price—$1.
Business
filed
be
375,000
offered by
capital
shares,
of
which
company
Nortex Oil & Gas Corp.
April 27,. 1962 filed $5,000,000 of 6%
conv.
subord de-
amendment.
Business—•
*
bentures
due
1977.
Price—By
Production of crude oil and natural gas.
•>
representative of artists, musicians,
to
and 275,000 by
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
gas
properties.
Proceeds—For drilling expenses and
debt
r
1962
are
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
.
Royalty Corp.
Corp., Ltd.
29,
stockholders.
.
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. Business — The
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment. Sponsor—Ira Haupt & Co., Ill Broadway,
Nordon
March
Municipal Investment Trust Fund, Series B
July 27, 1962 filed 150,000 common.
■
1962 filed $15,000,000 of 6%
bonds due Sept.
-
Music
'
Public Corp.
(9/19)
.
Co., Inc., N. Y. Note—This letter
withdrawn.
New York.
iMet Food Corp.
New
—
-March
Business—Distribution of food and related prod¬
coin
A. C. MacPherson & Co., Toronto.
-
"
Busi¬
.
ment.
,
ment and mining. Proceeds—General corporate purposes.
/Office—90 Industry St., Toronto, Canada. Underwriter—
Multronics, Inc. v
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
Business—Production of electronic parts and components
and the furnishing of consulting services in the radioengineering field: Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. Wt>
Washington, D. C. Underwriter — Switzer & Co.. Inc.,
Silver Spring, Md
Offering—Temporarily postponed.
/
•
/
j
1
:
^
30,. 1962 filed $1,500,000 of convertible subordinated debentures due Sept. 1, 1977.
Price—By amend¬
Office—1270
Oct. 13, 1961 filed 475,000 common, of which 400,000 are
to be offered by the company and
75,000 by a stock¬
holder.
Price—50c.
Business—Exploration,
develop¬
6,
•
;
.
ness—Publishing of newly written popular biographies.
Proceeds—For working
capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—To be named. Offering
'—Temporarily postponed. /
/
,
Multi
was
/
Underwriter
J
capital.
Uni-Pacf Inc.
New Campbell
Co., Inc., Beverly Hills, Calif. Offering—Expected in
"/■ / /
; •/.
writer—G. K.
'
Office—100 W. 10th St., Wilmington, Del.
—Clark, Dodge & Co., Inc., N. Y:
}
working
pert & Co., Inc., N. Y.
1962 ("Reg. A") 80,000 common.
Price—$3.
Business—Design, fabrication and marketing of plastic
toys, games and novelties.
Proceeds—For equipment,
working capital and other corporate purposes.. Off ice—
275 New Jersey Railroad Ave., Newark, N. J.
Under¬
Co., Inc. ; r
;
-May 24, 1962 filed1 169,302 common. Price—By amendment
(max. $26).
Business—Operation of a chain of
i department
stores.. Proceeds—For selling stockholders.
j
lease
Montebello
April
Mercantile Stores
J
and
debt repayment,
Helena,
Mont. Underwriter—Memorial Securities, Inc., Helena.
subord. deben¬
Americas, N. Y. iUnderwriter^-None.
—15 Peachtree
October.'. / V'/'-i
,
acquisitions, debt repayment and
capital.. Office—315?
conv.
Business—Production of
Proceeds—For production and distri¬
July 31, 1962 filed 85,000 common. Price—By amend¬
(max. $4). Business—Company plans to sell or
of income taxes. Office—738 S. Wall St.,
Los Angeles, Calif. Underwriter—Thomas Jav. Winston
Memorial Services, Inc.
April 30; 1962 filed 1,200,000? common. Price—$1. Buslness—Company plans to. acquire and operate funeral
ques¬
registration,
ment
common.
.
has
SEC
this
Price—At par.
pictures.
Ave. of the
•.,////'•
Corp.
("Reg. A") 140,000
of
Telepix, Inc.
1972.
bution ..expenses.
—For payment
equipment
vProceeds—For general corporate purposes.» O f f i c e—
Studio City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles."
••• "'Y-.
-•
motion
Sale of artificial flowers and florists' supplies. Proceeds
*
Medical. Video Corp. :■•■•*••/-// •
\..■'•,/•/•
mNov. 13, 1961 filed 250,000 common/ Price—$10,
of
tures due
bare to be offered by the company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50); Business-
/ '
ness—Manufacture
National
Plastics
1962
Note—The
adequacy
/July 30, 1962 filed $150,000 of 6J/2%
the
'
and
purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., New
York., and Piper, Jaffray & Hopwood, Minneapolis.
Moskatel's, Inc.
.May 28, 1962 filed 104,000 capital shares, of which 20,000
become. open-end.
Proceeds—For investment in ~ the
"medical industry and capital growth situations.
Office
—677 Lafayette St., Denver. Underwriter—Medical As¬
sociates, Inc., Denver.
accuracy
named.
corporate
patent and pro¬
development of the valve.
Office — 5909
'
be
•
Medical
closed-end
the
Proceeds—For investment.
N. E. Albuquerque, N. M.
company.
Alvarado,
•
"
—A
130
equipment, plant expansion, working capital, and other
$1.
Liquors, Inc.
/.
April 5, 1962 filed 160,000 common. Price—By amend-ment (max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and-working capital. Office—
Bank St. &
Central Ave.,
Baltimore. Underwriters—
Street & Co., and Morris Cohon & Co., N. Y. Offering—
Temporarily postponed.
•
/
and-other
Industries Fund, Inc.
1961 filed 25,000 common. Price—$10.
de¬
Price—$2.
•Business—Manufacture and sale of plastic letters, em¬
bossed sign faces, quantity signs and boat windshields.
Proceeds—For purchase of land and building, moving
^expenses, equipment and working capital.
Office—5606
Stuebner
Airline
Rd., Houston.
Underwriter—W. R.
Sauve Co., N. Y.
*
/
.miniature products; Proceeds—For debt repayment, re¬
search and,- development and working capital. Office—
.12 Rochelle. Ave*, Rochelle Park, N. J. Underwriter—
Charles Plohn & Co., New York.
-rv
'Oct. 23,
100,000 common, of which 80,000
by company and 20,000 by stock¬
Price—$17.50. Business—A life, accident and
insurance
type butterfly
new
Inc.,
National Semiconductor Corp.
May 11, 1961 filed 75,000 shares of
capital stock. Price
—To be supplied by amendment. Business—The
design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds — For new
par.
—
Cundy,
withdrawn.
filed
—
tioned
Proceeds—
Price
be
offered
Office
Corp.
("Reg. A") 300,000
Proceeds—For
Monarch
May
••
be
National
named.
"
metal
film.
Cherashore,
letter will
statement.
sub¬
in
Price—$2.75.
Security Life Insurance Co.
1962
health
W. 35th St., N. Y. Underwriter—McDonnell
,
miniature
7%
common.
Proceeds—For
Underwriter—To
offered
Missile Valve
duction
.May 28, 1962 filed -150,000 shares of 8% convertible cumulative; preferred stock. > Price—$3. > Business—Design
manufacture of
year
Price—At
to
holders.
a
offered
23,
are
Hollywood Blvd., Hollywood, Calif. Underwriter—To be
*
and
be
1967.
1,
March
Co., N. Y.
valve.
•«?■?•'A*;
~
be
to
-Business
Proceeds—For-selling stockholders.
-
—
$500
10U,000
and
National
Miracle
■Nov.
-
Inc.
debentures
Business
Office—370
1962 filed 253,875 common. Price—By amend¬
(max. $15). Business—Contract, stevedoring and
Mechmeial-Tronics
Bldg., Minneapolis.
("Reg. A") $50,000 of five
Inc.
debt repayment, store ex¬
working capital. Address — Portage. Pa.
Underwriter—Cortlandt Investing Corp., N. Y. Offering
—Indefinitely postponed.
Co.
convertible
Note—This
stores.
pansion
Mart, Inc. (9/19)
1962 filed 180,000 common, of which 120,000
by company and 60,000 by stockhold¬
ers. Price—By amendment (max. $14).
Business—Opera¬
tion of self-service discount department stores. Proceeds
—For debt repayment, expansion and working capitel.
Office—39 Broadway, N. Y, Underwriter—Bear, Stearns
& Co., N. Y. Offering—Expected in late September.? /
*
18, 1962
of
are
.June 28,
-
Minichrcme
Directories,
York.
ated
Proceeds—To
concern.
books, loose leaf
selling stockholders.
Underwriter—Blyth
Mass.
National Equipment & Plastics
Corp.
Sept. 28, 1961 filed 105,000 common. Price—$5. Business
—Operation of a cleaning and pressing plant and affili¬
April 20,
^derwriter—Eastman Dillon, Union Securities & Co., N. Y.
operations.
Bank
Business—A holding company for
insurance
nominations
-•
1977; also 250,000 common to be sold by a stockholder.
'Price—By amendment (max. $14 for stock); Business—
"Mining and processing of bituminous coal. Proceeds—
•For equipment, construction, debt repayment and other
'corporate purposes. Office—530 Fifth Ave., N. Y. Un-
ment
V
working capital. Office—980 W. 79th St., Minne¬
apolis. Underwriter—Continental Securities, Inc., Min¬
neapolis. Note—This letter was withdrawn.
Maust Coal & Coke Corp. '(9/24-28)
Aug. 30/ 1962 filed $5,000,000 of s. fi debentures due
related
First National
Holyoke,
Underwriter—Crichton,
New
For
common,
;
life
ordinated
subord, de¬
Corp.? (9/24-28)/—,;
2615
unit.
per
June
$100 debenture and 10, common shares,, except
to $700,000 of debentures and, 70,000 shares may
1# McGrath .(John W.)
—
reserve
separately.
Price—For debentures, at par;
$10. Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
'Proceeds—For
expansion.J Office—135-21
38th
Ave.,
-Flushing/; N. Y. Underwriters—Sterling. Grace & Co..
-and Norton, Fox & Co., Inc., N. Y. Offering—Indefin¬
itely postponed.W** ;■
'•
sJt-c nil
for
phia.
-
Development Corp.
National
Price—By amend¬
blank
Proceeds—For
porate purposes. Office—3306 Lancaster Ave., Philadel¬
Offering—Expected
'//
//"• ■ 7
;
etc.
of
Business—Compilation and publication of regional classi¬
telephone directories. Proceeds—-For general cor¬
legal
purchase
shares of the subsidiary and for working capital. Office
—75 Public Sq., Cleveland.
Underwriters—Westheimer
& Co., Cincinnati, and Hartzmark &
Co., Inc., Cleveland.
Busi¬
offered
be
N, Y.
.
forms
(10/1)
common.
Business—Production
fied
'
1962 filed 180,000 common and 15-year war¬
rants to purchase 36,000 common to be offered in units
consisting of one share and one-fifth warrant. Price—
150,000 ...common shares, of
which 80,000 will be offered by the company and 7.0,000
!by a stockholder. The securities, will be offered in units
of
Co.,
Co.
160,000
March 29, 1962 ("Reg. A")
Aug. ,23,
also,
1972;
'>
,
•./".Midwestern Corp.
•;/.
/..■
conv.
&
Book
St.,
& Co., Inc., N. Y.
Underwriter—None.
at
N.
Y.
Underwriter—R.
P. Raymond
& Co., Inc.,
Broadway, N. Y. Offering—Indefinitely postponed.
Stout
October.
Blank
Office—Water
each two shares held. Price—By amendment (max.
$7). Business — A closed-end management investment
company. Proceeds — For general corporate purposes.
ness—Graphic design and printing. Proceeds—For pub¬
lishing a sales catalogue, developing a national sales
staff and working capital.
Office—812 Greenwich St.,
March 22, 1962 filed $1,500,000 of 6%
be'
Israel, Ltd.
Le-Israel B. M.
1962 filed
devices,
for
\
1962, filed 60,000 common.
May 29,
ment.
Feb. 26, 1962 filed 561,500 common to be offered for
subscription by stockholders on the basis of one share
Witter &
Co., San Francisco. Offering—Indefinitely postponed,
in
Midwest Technical
Underwriter—Manna
Fifth
Libaire,
sometime
address).'-^
Office—990
Underwriter—To
Bank of
Leumi
National
Aug. 29,
general corporate purposes. Office—1700
K St., N. W., Washington. D. C. Underwriter—Eisele &
King,
Proceeds—For
See Bank
Proceeds—For
Marin County Financial Corp. /
/
May 2, 1962 filed 102.050 capital shares, of which 27,790
we to be offered by company and 74,260 by stockhold¬
ers.
Price—By amendment (max. $18).
Business—A
■holding company for a savings and. loan association.
investment;.
Md.
and
National
Metropolitan Realty Trust
I
Proceeds—For
Ave., Chevy Chase,
31
plans to engage in the music publishing busi¬
debt repayment, public relations,
acquisition of musical properties, and working capitaL
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities Co., 545 Fifth Ave., N. Y.
;
Dec. 20, 1961 filed 1,000,000 shares of beneficial interest./
Price—$6.50.. Business—A real estate investment trust.
N. Y.
Office—1500
.
etc.
ness.
named.
and
Manna Real Estate Investment Trust
/
>.■
Aug. 30, 1962 filed 460,000 shares of beneficial interest.
Price—$11. Business—A real estate investment trust.
Proceeds—For
in
stores
In units consisting of $100'of debentures and 20 common
shares. Price—$150 per unit. Business—Financing of re¬
tail sales.' Proceeds—For working capital. Office—5422
sale of various proprietary drug products.
Proceeds—
'For equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana
retail
Oct. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
are
packaging
other
Metropolitan Acceptance Corp.
~
■
and' 14,000
company
and
Metropolitan area. Proceeds—For general
corporate purposes. Office—345 Underhill Blvd., Syosset,
N. Y. Underwriter—Brand, Grumet &
Siegel, Inc., N. Y.
Offering—Indefinitely postponed.
Manhattan
'to
supermarkets
the New York
Underwriter—
Drug Co., Inc.
March '29, 1962 filed 72,000 common, of which 58,000
to
(1131)
Proceeds—For
repayment, working capital and other corporate
Office—1900 Life Bldg., Dallas. Underwriter—
& Co., N. Y.
purposes.
Carreau
.
Continued
on
page
32
32
The Commercial and Financial Chronicle
(1132)
;
'
■
■■
■'; "
'
■
■
Continued from page 31
■
—70
'r-
Life Insurance Co. of America
Aug. 31, 1962 filed 600,000 common to be offered for
subscription by stockholders on the basis of two new
shares for each common share held of record Aug. 27,
Business—Writing of life, accident
and health insurance. Proceeds—For capital funds. Of¬
fice—163 Mineola Blvd., Mineola, L. I., N. Y.
Under¬
Price—$3.50.
1962.
writer—None.
•
Northeastern
Plastics,
(9/24)
Inc.
July 26, 1962 ("Reg. A") $100,000 of 6V2% conv. subord.
debentures due 1972 and 25,000 common shares to be
offered in units of $100 of debentures and 25 shares.
Business—Manufacture of com¬
pression plastics.
Proceeds—For moving expenses and
other corporate purposes.
Office—98 Front St., Brooklyn,
N Y.
Underwriters—Reuben, Rose & Co., Inc., and M.
Price—$200
per
G. Hill & Co., N.
unit.
Y.
Northwest Securities
Investors, Inc.
25, 1962 ("Reg. A") 80,000 common. Price—$3.75.
Business—Acquisition of second-trust notes secured by
June
property.
Proceeds—For general corporate
Office—922 You St., N. W., Washington, D. C.
Underwriter—Clarence E. Shaw & Co., Washington, D.C.
estate
real
purposes.
Nuclear Science &
Thursday, September 13, 1962
.
.
Engineering Corp.
Main
N.
St., Freeport, L. I., N. Y.
Underwriter—
be named.
To
North Atlantic
.
.
and
working capital.
derwriter—J. B.
Office—150 Broadway, N. Y.
Coburn
Un*
Associates, Inc., N. Y.
Papert, Koenig, Lois, Iqc.
May 10, 1962 filed 100,000 class A shares. Price—By
(max. $8). Business—An advertising agency.
Proceeds—For selling stockholders.
Office—9 Rocke¬
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
feller
Bonifant St., Silver Spring, Md. Underwriter—None.
amendment
Plaza, N. Y.
Underwriters—Andresen & Co. and
Oppenheimer & Co., N. Y.
'
Business
Proceeds
acquisition, research and other corporate pur¬
Office — 2301 Pennsylvania Ave., Philadelphia.
an
poses.
Underwriter—Arnold Malkan
&
Co., Inc., N. Y.
Paul, Harris Stores, Inc.
April 2, 1962 ("Reg. A") 26,000 class A common. Price
—$7.50. Business—Operation of wearing apparel stores.
Proceeds—For equipment and working capital. Office—
2920 N. Tibbs, Indianapolis. Underwriters—Kiser, Cohn
& Shumaker, Indianapolis and Cruttenden, Podesta &
Miller, Chicago. Offering—Indefinitely postponed. >;
Peerless
investment trust.
•
Parkway Laboratories, Inc.
Dec. 6, 1961 filed 160,000 common. Price—$5.
—Manufacture of drugs and pharmaceuticals.
—For
Potomac Real Estate Investment Trust
Radio Corp.
March 22, 1962 filed 120,000 common, of which 100,000
are to be offered by the company and 20,000 by stock¬
holders. Price — $4. Business — Distribution of electric
Poulsen
Proceeds—For investment. Office—880
Insurance
Co.
of America
Aug. 27, 1962 filed 100,000 common. Price—By amend-*
ment (max. $10). Business—Writing of group and fran¬
chise forms of accident, sickness and life insurance in
the Midwest. Proceeds—For debt repayment and expan¬
sion.
Office—Executive Plaza, Park Ridge, 111. Under r
writer—A. C. Allyn & Co., Chicago. Offering—Expected
in
October.
sale in
Note—This
New
stock
York State.
Prescott-Lancaster
/
will
not
^:
offered
be
for
i/^:
Corp.
March
30, 1962 filed 150,000 common. Price—$5. Business
—Real estate. Proceeds—For purchase of
mortgages, and
working capital. Office—18 Lancaster Rd., Union, N. J.
Underwriter—Jacey Securities Co., N. Y.
:
\ -
Prosperity Cleaners & Laundries, Inc."//'/;•'
May 15, 1962 filed 100,000 common. Price — By amend¬
(max. $5.50). Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For selling
ment
parts and components to industrial customers. Proceeds
stockholders.
March 29,
—For
ment
Underwriter—Edwards & Hanly, Hempstead, L. I., N. Y.
Office—19
on
Kordan &
1962 filed 100,000 common. Price—By amend¬
(max. $15). Business—Research and development
contracts using radioactive tracers; precision radio¬
activity measurement; production of radioactive isotopes
and the furnishing of consulting and radiation measure¬
ment services. Proceeds—For equipment, debt repay¬
expansion and working capital. Address—P. O.
Pittsburgh. Underwriter—Johnston, Lemon &
ment,
Box 10901,
Co., Washington, D. C.
Tax-Exempt Bond Fund, Series 3
Nuveen
17, 1.961 filed $15,300,000 of units representing frac¬
tional interests in the Fund. Price — By amendment.
Business—The Fund will invest in interest bearing obli¬
Oct.
of states, counties and municipalities of the
S., and political subdivisions thereof which are be¬
from Federal income taxes. Pro¬
ceeds—For investment.
Office—Chicago, 111. Sponsor—
John Nuveen & Co., 1.35 So. La Salle St., Chicago,
gations
U.
lieved to be exempted
v
Nuveen Tax-Exempt Bond
Fund, Series 4
$15,000,000 of units representing
fractional interests in the Fund. Price—By amendment.
Business—The Fund will invest in interest-bearing obli¬
gations of states, counties^ and municipalities of the U.YS.,
and political subdivisions thereof which are believed
Oct.
1961
17,
to be
exempted from Federal Income taxes.
investment.
For
Proceeds—
Sponsor—John
Co., 135 So. La Salle St., Chicago.
Nuveen &
•
filed
Office—Chicago,
111.
Oceana
International, Inc.
150,000 common.
Price — $5.00.
Business—Manufacture and sale of synthetic pearl but¬
tons.
Proceeds—For equipment and working capital.
Office—1331 Halsey St., Brooklyn, N. Y. Underwriter—
Standard Securities Corp., N. Y. Offering—Imminent.
March
•
1962 filed
29,
Optec, Inc.
(11/19-23)
Dec. 26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials
used in optical electronics.
Proceeds—For equipment
debt
repayment, inventory and working capital.
Wilbur St., Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.
Proceeds—For payment of income taxes and loans and
for working capital. Office—Woodbridge-Carteret Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., N. Y. Offering—Temporarily postponed.
Pennsylvania Mutual Fund, Inc.
21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
March
Proceeds—For
investment.
Office—60
Underwriter—Sackville-Pickard
&
Wall
Co., Inc.
St., N. Y.
(same ad¬
dress).
Perma-Bilt
Enterprises, Inc.
May 28, 1962 filed 230,000 common. Price—By amend¬
ment (max. $8). Business—Merchandising, sale and con¬
struction of homes. Proceeds—For acquisition and devel¬
purposes. Office—
Blvd., San Leandro, Calif. Underwriter—
Robert A. Martin Associates, Inc., N. Y.
pected in late Fall.
Offering—Ex¬
Permeator
Corp.
May 18, 1962 filed 300,000 common to be offered for
subscription by stockholders of National Petroleum
Corp. Ltd., parent, on the basis of one share for each
15 National shares held./Price—$5. Business—Manufac¬
ture, use and sale of a patented tool, "Permeator," used
in completion of oil and gas wells. Proceeds—For gen¬
eral
corporate purposes. Office—445 Park Ave., N. Y.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc., N. Y.
Petro-Capital Corp.
28,
1962 filed
March
556,700
St., Chatham,
N. J. Underwriters—Stone, Ackerman &
Co., Inc., and
Heritage Equity Corp., N. Y.
Price—$11.
Pro¬
ceeds—For
general corporate purposes.
Office—6130
Sherry Lane, Dallas. Underwriter—McDonnell & Co.,
•
New York.
and
working capital.
Office—246
Main
Orbit
Stores, Inc.
May 28, 1962 filed 100,000 common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type
department stores.
ventory,
William
Proceeds—For equipment, in¬
expansion and working capital.
Office—725
T.
Morrissey Blvd.. Boston.
Underwriter—
Norton, Fox & Co., Inc., N. Y. Offering—In late
Sept.
Orr (J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders and programs therefor and men's and boys'
dress
trousers.
tising
and
Proceeds—For
working
capital.
debt
adver¬
Address—Opelika, Ala.
repayment,
Underwriter—None.
Outlet
Pacific Westates Land
Development Corp.
Sept. 28, 1961 filed $1,500,000 of 7% convertible subord.
debentures due 1976 and 300,000 common shares to be
offered in units, each consisting of
$100 of debentures
common
shares. Price—$200 per unit. Business—
Proceeds—For debt repayment and
General real estate.
working capital. Office — 9412 Wilshire Blvd., Beverly
Hills, Calif. Underwriter—To be named. Note—This
registration was withdrawn.
Pak-Well Paper
Industries, Inc.
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders. Office—198 W. Alameda, Denver.
Underwriter—Francis
I.
du
Pont
&
Co., N. Y.
Pan American
Beryllium Corp.
Feb. 28, 1962 filed 100,000 common.
Price—$5. Business
—Company plans to mine for beryl ore in Argentina.
Proceeds
For debt repayment,
equipment, and other
business
common.
investment
company.
18, 1962 filed 80,000
common. Price—$5. Business
professional audio visual and sound
recording equipment. Proceeds—Debt repayment, equip¬
ment and working capital. Office—236 E. 46th
St., N. Y.
Underwriter—To be named. Note—This registration was
of
withdrawn.
Office—39 Broadway, N. Y.
Under¬
writer—To be named.
PanAm
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Business—A real estate
pany.
Price—$10.
holding and development
Proceeds—For general corporate purposes.
com¬
Office
St., Astoria,
N.
Y.
•
Public
Loan Co., Inc.
28, 1962 filed 170,000 common. Price—By amend¬
ment (max. $17). Business—Operation of small loan of¬
fices. Proceeds
For general corporate purposes. Office
—41 Chenango St.,
Binghamton, N. Y. Underwriter—
A. G. Becker & Co., Inc., Chicago. Note—This registra¬
—
tion
withdrawn.
was
Publishers
Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord
tures due
1977 to
deben¬
conv.
be offered by the company and
25,000
shares to be sold by stockholders.
Price—For debentures, par; for stock—by amendment
(max.
$10).
Business—Book
publishing.
Proceeds—
outstanding
common
Company will use its proceeds for the purchase of two
printing firms; to redeem outstanding 6% notes; for
working capital, and other corporate purposes. Office
—1106
Connecticut Ave.,
Washington, D. C. Under¬
writer—Roth & Co., Inc., Philadelphia.
Putnam
Management Co.,
(10/8-12)
Inc.
Aug. 22, 1962 filed 150,000 common (non-voting). Price
•—By amendment (max. $14). Business—An investment
adviser
and
selling
stockholders.
distributor
of
mutual funds.
Proceeds—For
Office—60
Congress St., Boston.
Underwriters—Paine, Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inct>j N. Y.
.
R. E. D. M.
Corp. (10/1-5)
29, 1962 filed 125,000 common, of which 50,000 will
June
be offered for the
company and
holders. Price—By amendment
75,000 for certain stock¬
(max. $6). Business—En¬
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
point pens, points, mechanical pencils and desk sets.
Proceeds—For equipment and working capital. Office—
Little Falls, Passaic County, N. J. Underwriter—Meade
& Co., Inc., N. Y.
RF
Oct.
Interonics, Inc.
30,
1961 filed 40,000
common. Price—$5. Business
frequency interference filters
and capacitors. Proceeds—For
equipment, working cap¬
ital and other corporate purposes. Office—15 Neil
Court,
Oceanside, N. Y. Underwriter—Arnold Malkan & Co.,
of
radio
N. Y.
Radio
Electric
Service
Co.
of
New
Jersey,
Inc.
Jan. 23, 1962 ("Reg. A") 55,000
common, of which 50,000
will be offered by the company and 5,000 by stockhold¬
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
ers.
•
Piggyback Transport Corp.
30, 1962 ("Reg. A") 40,000 common. Price—$5.
Business—Loading and unloading of trailers and autos
from freight cars, and freight consolidation and forward¬
ing. Proceeds—For equipment, expansion and general
April
purposes.
Underwriter
Note—This letter
Pioneer
Office—1200 Seaboard Dr., Hialeah,
Willard Co., Ill Broadway, N Y.
ceeds—For debt
repayment, expansion, moving expenses
Cooper St., Camden,
Co., Inc., N. Y. Of¬
fering—Temporarily postponed.
and working capital. Office—513-15
J. Underwriter—Lee-Mosson &
N.
—
was
withdrawn.
:*•::
Real
Properties Corp. of America
27, 1962 filed 300,000 class A shares.
(max. $16). Business—Company
April
amendment
Restaurants, Inc.
Dec.
21, 1961 filed 125,000 common, of which 75,000 are
offered by the company and 50,000 by a selling
stockholder.
Price—By amendment. Business—Opera¬
tain real
to
gage
tion
Heller & Co., N. Y.
be
of
six
restaurants
in
Sacramento.
Proceeds—For
Office
—
745
Fifth
N. Y. Underwriter — Stanley
Offering—Temporarily postponed.
■
•
To
20,
1962
("Reg.
A")
(9/24-28)
75,000 common.
Price—$4.
Business—Manufacture
debt
repayment.
Underwriter—S.
of
confections.
Proceeds—For
Office—3150 Janney St., Philadelphia.
Schramm
&
•
Playboy Clubs International, Inc.
May 28, 1962 filed 270,000 common. Price—By amend¬
ment. (max. $7). Business—Company is
engaged in the
ownership and franchising of Playboy Clubs. Proceeds—
For debt repayment and general
corporate purposes. Of¬
fice—232 E. Ohio St., Chicago. Underwriter—Divine 8*
-
Polequity Corp.
Aug. *29, 1962 ("Reg.
Proceeds—For
commercial
finance
additional
and
industrial
inventories
users.
and
Proceeds—•
accounts
receiv¬
ables.
Office—577 Courtland Ave., N. Y. Underwriter—
Crosse & Co., Inc., N. Y.
Regulators, Inc.
1962 filed 75,000 common,
to be offered by the company and
of which 50,000 are
25,000 by Electronic
Specialty Co., parent. Price—$5. Business—Design and
manufacture of regulating and control devices used in
the
electric
repayment
and
electronic
expansion, advertising,
fields.
Proceeds—For
debt
and
working capital. Office—455 W. Main
St., Wyckoff. N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Note—This registration will be withdrawn
and
then
refiled.
Resin Research
A") 60,000 common. Price—$5.
Business—Company through its subsidiaries engages in
the sale of life, accident and
health, and group and
disability benefits insurance; trading in over-the-counter
market; underwriting of new security issues and sale
of mutual funds.
to
Price—$3.25.
supplies and equip¬
common.
Business—Distribution of electrical
ment
Jan. 29,
Co., Inc., N. Y.
Fishman, Inc., Chicago.
cer¬
Ave.,
Red-O-Lier Corp.
Aug. 27, 1962 filed 100,000 class A
Plantation Chocolate Co.
Price—By
owns
estate, general insurance agency and a mort¬
servicing company. Proceeds—For debt repayment.
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
—
corporate purposes.
25th
March
—Manufacture
Pictronics Corp.
July
March 30, 1962 filed 150,000 class A common.
Price—By
amendment (max. $13).
Business—Manufacture of en¬
small
—Manufacture
Fla.
28, 1962 filed 900,000 common. Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
Address—Creede, Colo. Underwriter—None.
5
and 20
•
Jan.
corporate
Mining Co., Inc.
Feb.
•
Business—A
48-12
—
Offering—Indefinitely postponed.
opment of land, and other corporate
319 MacArthur
Office
Feb. 27,
;.
Laboratories, Inc.
1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
search, development and engineering in the chemical
field. Proceeds—For expansion of
facilities, debt repay¬
ment and working capital. Office—396-406 Adams St..
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
ness
—
196
Number
6194
.
.
The Commercial and Financial Chronicle
.
Richard Gray & Co.,
June
21,
Business
Inc.
A") 60,000
1962
("Reg.
A
securities
—
broker-dealer.
working capital and other corporate
Straus, Blosser & McDowell, Chicago,
Tegeler & Co., Inc., St. Louis.
Price—$5.
common.
Proceeds
—
F,or
•
Office—
purposes.
(1133)
Saxon
Dempsey-
and
ufacture
of pulp and paper
equipment, ships, aircraft,
automobiles, trucks, construction and industrial machin¬
W.
51st
Address—Sebring, O. Underwriter—To be named.
poses.
Schneider
•
Ridgway (L. L.) Enterprises, Inc.> (10/8-12)
27, 1962 filed 155,000 common, of which 130,000
are
to be offered by company and 25,000 by a stock¬
holder.
Price—By amendment (max. $10).
Business
—Company furnishes commercial reproductions, manu¬
A stock and 10% debentures due 1976.
and
and
printing,
commercial
and
sells
architectural,
reproduction
For
engineering
Business—General
ment.
supplies.
plant expansion, equipment and working
Office—5711 Hillcroft Ave.. Houston. Under¬
real
estate.
debt
Milton
Inc.
Riker
Delaware
and
Corp.
Rotan,
and
one
(9/21)
Business
*
March 29, 1962 filed 200,000 class A common and 50,000
warrants to be offered in units of four shares and one
date
tract
manufacturer
and
and
aircraft
other
for
industries.
corporate
the
electronics,
Proceeds—For
guided
ment and sale of
Price—By amend¬
ment
con¬
con¬
ac¬
For
Office—560 Fifth
Vanowen
ment
Co., N. Y.
(max.
$20).
ance
•
Inr
'V''-
Price—$3.75.
of
general
merchandise.
Proceeds—For
owns
and
—For
oper¬
Ruby
Sampson Enterprises, Inc.
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment
(max. $8). Business—A holding company for a
real estate concern, motor inn, shopping centers, bowl¬
ing establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie St., Milwaukee.
Underwriters
—
Straus.
Blosser
and Dempsey-Tegeler & Co.,
—Temporarily postponed.
&
Inc.,
McDowpII,
Chicago
St. Louis.
Offering
Insurance
Co.
Security Aluminum
construction.
record
Sept. 20. Price—By
repayment of bank loans,
Office—861
Sixth
Ave.,
Diego.
San
Underwriter—Blyth & Co., Inc., N. Y.
26, 1962 filed 200,000
subsidiary.
concern.
April 23, 1962 filed 60,000
Feb.
are
28,
Financial
filed
B
on
Selective
Life
held.
Co.,
an
for each
class
Remaining 94,822 and
or
unsub¬
ness—A
—For
small
business
investment.
Francisco.
investment
Office—400
Montgomery
Saw Mill
March 29,
Underwriter—None.
St.,
March 30,
San
Underwriter—Cantor, Fitzgerald & Co., Inc.,
Beverly Hills, Calif.
River
development
products for home
^
Price—$5. Busi¬
manufacture of steel
capital. Office
Underwriter—General
capital.
Under¬
writer—Arnold Malkan & Co., Inc., N. Y.
Sawyer's Inc.
Shainberg
ment
Price—By amendment. Business—Manufacture and dis¬
C^
tribution of stereo photographs and viewers. Proceeds—
(Debentures)
For
working capital;
(Stock)
Address—Portland, Ore.
190
June
(Sam)
Gruner Rd.,
Securities
ment
For
selling
Underwriters—
ford
St.,
insurance.
corporate
Life
Insurance
Co. of
Cheektowaga, N. Y.
Inc., N. Y.
March
27,
amendment
Price—By amend¬
and
-—
Jukogyo K. K.
(9/18)
and
other
Insurance Co. of Colorado
1962
filed
300,000
common.
Price—By
(max. $5). Business—Writing of life, health
accident
insurance.
Proceeds—For
investment
and
working capital. Office—1760 High St., Denver. Under¬
writer—None.
Steel
Plant
Equipment
Corp.
Oct. 2, 1961 ("Reg. A") 69,660 common. Price—$3. Pro¬
ceeds—For equipment and working capital. Address—
52 Wall St.. N. Y.
June 29, 1962 filed $10,000,000 of convertible debentures
due Sept.,30,1977. Price—By amendment. Business—Man¬
investment
Office—111 Fifth Ave., N. Y. Under¬
Haupt & Co., N. Y.
State Life
Co.,
Proceeds—For
purposes.
writer—Ira
selling- stockholders. Office—1325 WarMemphis. Underwriter—New York Securities
Shin Mitsubishi
Security
29, 1962 filed 230,000 common. Price—By amend¬
(max. $12). Business—Writing of life, accident and
health
Co.
(max. $13 )i Business
Proceeds—For
Offering—Expected sometime in October.
Standard
Operation of a chain of
junior department stores and *self-«ervice discount stores.
(9/17)
common of which 200,000 are
by the company ana JO 000 by stockholders.
amendment. Business—Manufacture of drug
29, 1961 filed 230,000
cisco.
N. Y.
(10/8)
March 30, 1962 filed 236,000 common.
March 26, 1962 filed $1,250,000 of 6% convertible deben¬
tures due 1977; also 100,000 outstanding capital shares.
stockholders.
—
,
Calif. Underwriter—First California Co.. Inc., San Fran¬
con¬
1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
common.
use.
Office—565 Fifth Ave.,
Joseph
.„
New York
Inc.
and
Proceeds—For working
Office—1051 Saw Mill River Rd., Yonkers, N. Y.
•
Servotronics,
Price—$10.
cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and working
Industries, Inc.
1962 filed 100,000
ness—Design,
building.
Busi¬
Proceeds
Price—$12.50.
company.
a
/.
Stainless Steel Products, Inc.
May 28, 1962 filed 100,000 capital shares, of which 75,000
are to be offered by company and 25,000 by stockholders.
Price—By amendment (max. $10). Business—Design, de¬
velopment and manufacture of high pressure, high tem¬
perature ducting systems for use in aircraft and missiles.
Proceeds—For plant expansion, equipment and working
capital. Office—2980 N. San Fernando Blvd., Burbank,
Underwriter—None.
of
v//;,:,,; /
products, electrical and electronic devices and
precision machinery. Proceeds—For the purchase of cer¬
tain patents, repayment of debt, and working capital.
Office—730 Grand St., Hoboken, N. J. Underwriter—.
Blair & Co., N. Y. Offering—Postponed.
affili¬
Proceeds—For
..
and food
Sentinel
investment.
.
Products, Inc.
Sperti
Nov.
—
estate
Underwriter—Franke,
to be offered
scribed shares will be offered publicly. Price—To public,
Properties Corp.
May 1, 1962 filed 200,000 class A common.
$3.
—
New York.
C share of
any
Price
stockholders.
Office—610 Dwight Bldg.,
City, Mo. Underwriter—Morgan Stanley & Co.,
Price—By
shares for each class A
common.
selling
Kansas
500,000 common, of which 405,000
subscription by holders of the A,
company
100,000
Ave., Pittsburgh.
& Co., Inc., N. Y.
—For
Corp.
share and two-thirds share
("Reg. A")
common shares. Price—By
(max. $35). Business—Production of poly¬
ethylene, and the mining of bituminous coal.
Proceeds
offered for
the basis of 4
29, 1962
amendment
Proceeds—For capitalization of
B and C stock of Selective Life Insurance
ate,
N. Y.
Spencer CEhemicaS Co.
July 27, 1962 filed 37,777
Office—127 W. Main Ave., West Fargo, N. D.
Corp., Fargo, N. D.
1962
be
to
struction
common.
.
Underwriter—Investment Brokerage
Selective
and
Fourth
Price—By amend¬
common.
Security International Corp.
July 27, 1962 filed 548,000 common. Price—$2.50. Busi¬
ness—Company plans to become a holding company for
life insurance
("Reg. A")
1961
Business—A messenger and parcel delivery service. Pro¬
ceeds — For general corporate purposes. Office — 309
and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y. Offering—In late September.
Business—Real
San Francisco Capital Corp.
June
penses
a
29,
Spee Dee Service Systems, Inc.
Corp.
nix.
and
of
Proceeds—For
amendment.
Wash¬
E.
Southeastern Towing & Transportation Co.,
Nov.
of America
share for
held
Office—600
William St.,
Life
San Diego Gas & Electric Co.
(9/20)
Aug. 29, 1962 filed 500,000 common to be offered for
subscription by stockholders on the basis of one new
nine
investment.
Business—Construction
$6; to stockholders, $5. Business—Company plans to en¬
gage in the consumer finance, mortgage,
general fi¬
nance
and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
each
Estate Trust
ington St., Orlando, Fla. Underwriter—None.
Business—Manufacture of alumnium sliding win¬
dows and doors. Proceeds—For equipment, moving ex¬
"
Real
Proceeds—For
trust.
ment.
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
and
By amendment.
Jan.
Mines, Inc.
("Reg. A") 2,400,000 common. Price—12%
cents. Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
,
29, 1962 filed 256,097 common to be offered for
subscription by stockholders on l-for-5 basis. Price—
•
Silver
'/'.
debt
Southeastern
Business—Writing of life, accident and
Proceeds—For purchase of a building,
debt repayment, reserves and other corporate purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.
1962
/'
April 2, 1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real estate investment
health insurance.
expan¬
V:,v
■■
Marchant,
Inc.
100,000 common. Price—$3.
operation of towing boats.
Proceeds—For debt repayment, conversion of a boat, and
working capital. Office—3300 N. W. North River Drive,
Miami, Fla. Underwriter—Irwin Karp & Co., Inc., 68
Seaboard
Busi¬
Corp.
Smstira-Coroua
distribution of office equipment. Proceeds
repayment, a new plant and equipment,
product development and other corporate purposes. Of¬
fice—410 Park Ave., New York. Underwriter—First Bos¬
ton Corp., New York.
Price—By amend¬
Business—Company
June
sion, advertising, and other corporate purposes. Office
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc, 26 Broadway, N. Y. Offering—In¬
definitely postponed.
Jan. 2,
Offering—Expected in early Fall
facture
(same address).
ness—Operation of discount stores and wholesale distri¬
bution
and
land
common
velopment of real estate. Proceeds—For working capital.
Office—912 Thayer Ave., Silver
Spring, Md. Under¬
writer— North
American
Seabbard
Securities
Corp.,
..7-.,
common.
of
shares held of record Oct 5, 1S62. Rights 'will
expire Oct. 22. Price—By amendment. Business—Manu¬
/
Broadcasting Co.
Seaboard Land Co.
—
*75,000
acquisition
Inc. (10/5)
Aug. 31, 1962 filed 240,219 convertible preferred shares
July 25, 1962 filed 200,000 class A common. / Price—By
amendment (max. $2.50).
Business—Ownership and de¬
—
Cinroe
repayment,
— This
Vending Ski Insur¬
Offering—Indefinitely postponed.
Ave., N Y
Underwriter
Federman
Stonehill & Co., N. Y. Offering—Indefinitely
postponed.
Rnvaitv
debt
capital.
Pacific Coast Securities Co., San Francisco. Note
firm formerly was named National
—
O
For
—
ment.
TV, radio and FM broadcasting stations. Proceeds
selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
filed
May 29, 1962 filed
Co., N. Y.
common.
Price—By amend¬
Business—Distribution
of
coin-operated insur¬
vending machines to brokers at sporting centers.
Proceeds—For inventory, advertising and working capi¬
tal.
Office—420 Lexington Ave., N. Y.
Underwriter—
Ave.,
ates
Photo
7th
W. Pizzini &
Skiers Service Corp.
Oct. 30, 1961 filed 550,000
—For
Corp.
300,000 common, of which 100,000
are to be offered by the
company and 200,000 by stock¬
holders.
Price
By amendment.
Business
Develops
and prints
color, and black and white photographic
film. Proceeds
For equipment and working capital.
Office—245
held.
Associated
common. Price — By amend¬
(max. $4). Business—Construction of homes. Pro-
D. C.
ac¬
be named.
March 20, 1962 filed 375,000 common.
—
—
&
Scripps-Howard
common. Price—By amend¬
Business—Design, manufacture and sale of mobile
homes and office trailers. Proceeds—Fpr general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers. MacPherson & Warwick,
Inc., New York. Offering—Temporarily postponed.
1961
—
of
Office — 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
Equipment Manufacturing Corp.
1962 filed 83,500 common. - Price—$6.
Busi¬
M. Fuller
Ernest
missile
ment.
29,
Proceeds
shares
type combination lock. Proceeds
Proceeds—For
of
sterilizers, multi-dose jet vac¬
injectors,
operating lights
and
other
medical
equipment.
Proceeds—For inventories, new products
and moving expenses.
Office—20 North Ave., Larchmont, N. Y.
Underwriters—Coggeshall & Hicks and
Corp.
Dec. 26, 1961 filed 400,000
Royaltone
new
Site-Fab, Inc.
Feb. 27, 1962 filed 135,000
cine
Roadcraft
Nov.
Underwriters—To
a
Charles Plohn & Co. and B.
ness—Manufacture
St., North Hollywood, Calif. Underwriter—Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif.
•
investment.
30
equipment, research and development and work¬
ing capital. Office—150 Broadway, N. Y. Underwriters—
Scientific
debt repayment
Office—10929
purposes.
Y.
April 30,
Rimak
Electronics, Inc. (9/24-28)
1962 ("Reg. A") $300,000 of 6% subord.
vertible notes. Price—$5,000 per note. Business—A
Estate
each
the
for
ance
Price—$30 per unit. Business—A real estate
development and management company. Proceeds—For
construction, acquisitions, debt repayment and working
capital. Office—LaGorce Sq., Burlington, N. J. Under¬
writer—H. Neuwirth & Co., Inc., N. Y.
15,
Real
for
—For
•
quisitions and working capital.
N.
warrant.
Aug.
—
share for each
new
share
one
and of Associ¬
Research
and
offering is Aug. 21 and the rights
expiration date Sept. 17. Price—$8. Business—Develop¬
(Sidney) Realty Corp.
■
13, 1962 filed 500,000 class A shares. Price—$10.
June
being offered for sub¬
Corp., parent, on the
10 company shares held,
basis of
Schwartz
'
1 1
,
common
company
Development
working
Co.,
equipment and working capital.
Ave., Neptune, N. J. Underwriter—•
Blauner & Co., N. Y. Offering—Postponed.
Heck
ated
derwriter—None.
&
Price—$4.50. Busi¬
common.
scription by stockholders of the
quisition of property. Office—67 W. 44th St., N. Y. Un¬
Neuhaus
purposes.
Boston Corp.,
repayment,
D.
capital.
•
126,000
Simplex Lock Corp.
April 20, 1962 filed 20,000
reeds
writers—Underwood,
corporate
indicators and circuit components. Proceeds—
as
Office—1933
to
equipment and
use
Proceeds—For
Mosle & Co., Houston.
•
for
vertible debentures due 1977 and
ing
general
ness—Manufacture, sale and development of glow lamps
Record
factures sensitized papers, cloths and films for blueprint¬
For
—
Signalite Inc.
Jan. 29, 1962 filed
(Walter J.) Corp.
110,000 5-year warrants
purchase a like amount of class A common.
The
company plans to offer the securities in 5,500 units (each
consisting of $1,000 of debentures and warrants to pur¬
chase 20 shares) for subscription by holders of its class
Proceeds
Office—Tokyo, Japan. Underwriters—First
and Nomura Securities
Co., Ltd., N. Y.
Feb. 28, 1962 filed $5,500,000 of 6%% subordinated con¬
June
etc.
ery,
Paper Corp.
March 30,
1962 filed 150,000 6% conv. preferred shares.
St., N. Y. Underwriter—Richard Gray Co., C
Price—$10. Business—Wholesale distribution of print¬
New York.
ing paper and paper products.
Proceeds—For debt
Richmond Corp.
repayment and expansion. Office—240 W. 18th St., N Y.
Dec. 21, 1961 filed 142,858 common. Price—$7. Business
Underwriter—Bear, Stearns & Co., N. Y. Offering—Im¬
—A real estate investment company. Proceeds—For debt
minent.
repayment and general corporate purposes. Office—220
Schaevitz Engineering
K St., N. W., Washington, D. C. Underwriter—Hirschel
March 13, 1962 filed 150,000 common, of which 100,000
& Co., Silver Spring, Md,. Offering—Indefinite. Note—
are to
be offered by company and 50,000 by a selling
The SEC has challenged the accuracy and
adequacy
stockholder. Price—By amendment (max. $10). Business
of this registration statement.
—Design and manufacture of measuring, indicating,
Ridgerock of America, Inc.
recording, testing and controlling devices used in air¬
Dec.
craft and missile systems. Proceeds — For expansion.
29,
1961
filed
100,000
common.
Price—$2.50.
Business—Production of stone facing for buildings. Pro¬
Address — U. S. Route 130, Pennsauken, N. J. Under¬
ceeds—For debt reduction and general corporate pur¬
writer—Bear, Stearns & Co., N. Y.
237
33
■
Volume
f
Norristown, Pa. Underwriter—To be named.
Continued
on
page
34
,
34
The Commercial and Financial Chronicle
(1134)
Feb.
•
Stelber
Corp.
100,U00 common. Price—$3.25. Busi¬
of bicycles, tricycles and toy auto¬
mobiles. Proceeds—Repayment of loans, plant expan¬
sion and new product development. Office—744 BerriJan.
Cycle
tiled
filed
1962
1,
International, Inc.
550,000 capital shares. Trice
real estate investment trust.
repayment and investment. Office
—;510 Fleming Bldg./ Des Moines.
Underwriter—Con/
way Brothers, Inc., Des Moines.
1 7 7''
A
Inc.
,
-
St., Brooklyn, N. Y. Underwriter—Lloyd Securities,
Aug. 30,1962 filed 150,000 common. Price—$5. 'Business
Inc., New York. Offering—Imminent.
t
J—A holding company for European firms engaged in,
Sterling Copper Corp.
leasing semi-trailers.
Proceeds—For equipment, debt
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.;
Pinconning, Mich. Underwriter—None.
: ~
t
repayment and working capital.
Office—99 Wall
Y. Underwriter—Kordan & Co.,'Inc., N. Y.
Trans-Western
Financial
Stratford
29,
218,000
are
Corp.
1962 filed 315,000 class A shares of which
to be offered by the company and 97,000 by
stockholders.
the
nance
•—95-Madison
Burnside
Price—$6.
Business—Commercial
Proceeds—For debt repayment.
company.
Ave.,
N.
Y.
fi-
Office
Underwriter—Mortimer
Stratton
& Construction Fund,
Realty
Inc.
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
investment.
To
be
•
Office—50
St., N. Y. Underwriter— ?■ writer—None.
40th
Water
1962
29,
E. 4th St., Casa
'''
""■•••"////;. t
filed
Service
Co.
be
30,000 preferred
30,000 common
or
advances to subsidiaries.
writer—Putnam
&
Co.,
Office—Clinton, Conn.
Hartford.
Note—This
Underwriter—McDonald
*
Henderson 7& <Co.f Los
/
„
■*
,
•/.".
■
"77'
V
.
'■'1
*
■
units of
one.
share of
each
Price—
class.
.of
ufethane
working
capital,
unit ; Business—Manufacture
Proceeds—For
foams.
equipment,
leasehold expenses and other corporate purposes. Office
Republic Rational Bank BldgM Dallas. ;Underi
First Nebraska Securities .Corp., Lincoln, Neb'.
Offering—Temporarily postponed.
y
•.
y
;
/
u-Tell Cdrp?v-X./ -vj'
.*-7
v'
Sept. 18, 1961 ("Reg. A") 33,097 common. Price
—2300
/'
,
.
cap¬
Grande, Ariz. Under*
writer
—
Business
./:///•.vV-y.
Operation of a discount department store.
Under¬
Office—3629 N. Teutonia Ave., Milwaukee, Wis.
writer— Continental Securities Corp.,
26,
land.
offered in
$5.05 " per
Offering—Expected in late September-.
amendment
(max. $17). Business—A
for water supply firms. Proceeds—For
company
1959 S. LaCienega Blvd., Las
Feb. 14. 1962 filed 250,000 class A and 250,000 common-to
Manufacturing Co.;
1962 filed 150,000 class A common. Price—By
(max. $15).'Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds— For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
Feb.
(9/24-28)
—
Urethane of Texas,*. Inc.
Tremco
shares. Price—By amendment
holding
Industries
equipment, exploration and working
ital.: Office—201
named.
Suburban
June
E.
Proceeds—For
source
working capital. Office
Resources, Inc.
v
May 28, 1962 filed 500,000 capital shares. 'Price—$1.50.
Business—Exploration, development and production of
the Lake Shore copper deposit near Casa Grande, Ariz.
B.
& Co., Inc., N. Y.
single
Angeles.
Underwriter—Holton,
Angeles..,,- -/• ./'/
*
■' ; 7<" '
,
Transarizona
.
'
for renewing, older residential properties.
Proceeds—For
debt
repayment,
sales financing, and •
April 2, 1962 filed 100,000 common, of which 20,000 are
to be offered by company and 80,000. by stockholders.
Price—By amendment (max. $10). Business-r-Operation
of dry cleaning and laundry plants. 'Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Underwriter—Granbery. Marache & Co., N. Y. V-■/'
/ -Af.
•
March
Service
'7
;
construction .through
which provides 100% financing and
a
St.;
N.
*
March 29, 1962 filed 100,000 common.. Price—By amende
ment.
Business—Company-operates the "Kellogg /Fifty,
man
mill.
debt
Redevelopment Corp. 7 7
Urban
•
Langley & Co., N. Y.
Traileurop,
Thursday, September 13, 1962
.
Business—A
Price—$6.
Business — Company builds <and operates
retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y.
Underwriter—W. C.
ness—Manufacture
.
Proceeds—For
By
—
amendment.
1962
5,
Marts
Towers
Continued from page 33
.
Inc.
Va'u-Rack,
■['
i v."1,/
/./•
'
Milwaukee, Wis.
- : > rV /
./ .
/
May 4, 1962 filed 200,000 common, of which 100,000 .axe
to be offered by company and 100,000 by stockholders!.
&
Co., Cleveland. Offer¬ i Price — $5. Business — Wholesale distribution ,an.d retail
-.7
:
i
/
merchandising of health and beauty aids, housewares,
Tujax Industries, Inc. //V l";/.•
7
7
kitchenwares, wearing apparel and other goods.
ProMar. 23, 1962 filed 150,000 class A shares, of which 100,ceeds—For debt, repayment.
Office—2925 S. Ban Pedro
Under¬
ing—Temporarily .postponed.
registra¬
tion has become effective.
/
■
.
•
Tabach
March 29,
-
Industries, Inc. (10/29-31)
1962 ("Reg. A") 125,000 common.
Business—Manufacture and sale
of
women's
000
wear.
are
to be offered
Pro¬
ceeds—For debt repayment, leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
..
Controls, Corp.
Tull
( J. M.)
,
,
Metal & Supply Co., Inc.
("Reg. A") 25,000 common.
San Francisco.
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
Business—Wholesale
trol equipment used in
missiles, helicopters and aircraft.
stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
'
ferrous
Taylor Publishing Co.
Dec. 21, 1961 filed J 52,000
Turbodyne Corp. '
March 2, 1962 filed 127,500 common. Trice—$5; Business
—Research, development and production and overhaul-,
ing of gas turbine engines. Proceeds—For deb.t repay-;
ment, research and development, a new plant and work¬
ing capital. Office — 1346 Connecticut Avenue, N. W.,
Washington, D. C. Underwriter—Sandkuhl & Co., Inc., ;
May
selling
ment. Business
t~
-common.
year-hooks and commercial printing. Proceeds—For sell¬
ing stockholders. Office—6320 Denton Dr., Dallas. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith
Inc.,
N. Y., and Dallas Rupe & Son, Inc.,
Dallas, Tex. Offer¬
ing—Indefinitely postponed.
N.
Inc.
1962 ("Reg. A") 50,000
1,
ness—Production
and
sale
Price—$2. Busi¬
common.
of
educational
audio-visual
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
N. Y.
way,
Third
•
Texas
Aug.
Underwriter—Creative
Ave., N. Y.
Gas
1962
28,
.....
.
/■■/'.
;
Ventures
Corp., 733
:•/';///'/mi/
of
Producing Co. (10/1-5)
''-v.;.'w
filed $1,000,000 of 53/4% subord. conv.
due 1974 and-warrants to purchase
30,000
shares to be offered for sale in units
consisting
$100 debenture and three warrants. Price—$100
unit. Business—Production of crude oil and natural
one
per
Proceeds
gas.
working
For
debt repayment, expansion and
Office—721
Meadows
Bldg., Dallas.
—
capital.
Underwriter
Equitable
—
Securities
Corp.,
Nashville,
Tenn.
Texas Plastics, Inc.
July 27, 1962 filed 313,108
ness—Operation of
a
packaging products.
Address—Elsa, Texas.
Chatkin, Inc., N. Y.
Price—$3.50. Busi¬
plant producing plastic film and
common.
Proceeds—For
working
'
V
For construction. Office
amend¬
and
—
man¬
525
N.
:
Top Dollar Stores, Inc.
May 1, 1962 filed 200,000 common, of which 100,000 are
to be offered by
company and 100,000 by stockholders.
Price—$5. Business—Operation of a chain of self-serv¬
ice retail stores
selling clothing, housewares, etc. Pro¬
ceeds—For expansion,
equipment and working capital.
Office—2220 Florida
Ave., Jasper, Ala. Underwriter—
Philips, Appel & Walden, 115 Broadway, N. Y.
Dec.
12,
ment.
1961
filed
was
Inc.
.150,000
common.
Price—By amend¬
and manufacture of time con¬
switches. Proceeds—For debt
repayment, expan¬
and
United
Aug.
3,
1962
Insurance
Co.
♦,
/77/-,/;.
filed
$5,000,000
of
Price—At par.
7%
senior
debenture
Business—Company
was
organized by the State of Israel to furnish
financing to
enterprises.
Proceeds—For
general
corporae
Address—Jerusalem,
Israel.
Underwriter—
American-Israel Basic Economy
Corp., N. Y.
Under¬
Ave.; Hackensack, N. J.
Juc., N. Y.
i;•>"yy■•/.
Corp. ■'/>;/
Calif. Underwriter—Naftalin
& Co.\ Inc.,
Minneapolis. *
Corp.
O-/
.;;/cJuly 28, 1961 filed 100,000 class A. shares. tPrice —■ 43.
Business—The manufacture of electronic test equipment,
the sale,
installation and servicing of industrial and
commercial communications equipment and .the furnish¬
Un¬
/
"
ing of background music. Proceeds—For tooling, /pro¬
duction, engineering, inventory and sales promotion nf
Its products and for working capital.
Office — 1230 JE.
Mermaid Lane,. Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben, Rose & Co., Inc., N.
Wallace
.
.
.
Co.,
real estate loans,
engages
/
Investments, .Inc.
F^b. 12, 1962 filed 4QO.0Q0 common. Price—By amend¬
ment (max. $22). -Business—Company makes .short-term
acquires,, develops and sells land, and
mortgage loan correspondent business.
selling stockholders. Office—1111 Hart¬
Dallas.
Underwriter—Harriman Ripley &
the
in
Proceeds—For
,
ford
*>
Bldg.,
Co., N. Y. Note—This registration is being withdrawn.
•
Walston
(9/17-20)
which 60,000 arejto
by the company and 30,000 by a stockholder.
Price—$6.25. Business—Sells Cessna Airplanes and sup¬
plies; also repairs and services various type airplanes.
Aviation, Inc.
Oct. 30, 1961 filed 90,000 common, oi
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.
be offered
United-Overton
Corp.
26, 1962 filed 450,000 common, of which 90,897 are
offered by the company and 359,103 by stock¬ /
Proceeds
For expansion and general corporate pur¬
holders. Price—By amendment (max. $18). Business—
poses/ Office—Civic' Memorial Airport, E. Alton, 111.
Operates hard goods' departments in discount depart¬
Underwriter—White & Co., Inc., St Louis.
Mar.
to
be
ment
stores.
Proceeds—For debt, repayment. Office—19
St., Nugent Highlands, Mass. Underwriters—
McDonnell & Co., Inc.. and Oppenheimer & Co., N. Y
Ne.edham
United
Packaging Co.,
29, 1961 filed 102,000
Inc.
/
'/
.
common.
Price—$3. Business
general
packaging business. Proceeds — For new
machinery, debt repayment and working capital. Office
—4511
Wayne Ave., Philadelphia.
Underwriter—God¬
frey, Hamilton, Taylor & Co., Inc., N. Y.
United Telephone Services, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
amendment (max. $5). Business—A telephone holding
company. Proceeds—For debt repayment,
working
capital.
R.
Office—645
Williston &
First
Ave..
Y.
/
Variable
Annuities
Under¬
share. Business—A
investment.
Office—20
Underwriter—Waddell
new
W.
&
St.
,
purchase of vessels, and working capSt, Mobile, Ala. 'Under¬
Offering—
(mgr.).
/
.
.
•
Baby,
promotion and advertising services to mothers,on behalf
of retail stores. Proceeds—For debt repayment and gen¬
Office—210-07 43th \Aye., Bay-
side, N. Y. Underwriter—First Philadelphia Corp,, N. Y.
.
.
/
K
1962 filed 400,000 shares of beneficial interest.
-t
Office—711 Saint .Joseph
eral corporate purposes.
companies, principally those in life insurance field.
general corporate purposes. Office—318
Paul St., Dallas. Underwriter—None.
Aug. 2,
,
Inc.
Dec. 28, 1961 filed/ 75,000 common
Price—$2. BusineM
—Company renders direct mail public relations, sales
9th Street, Kansas City, Mo.
Reed, Inc., Kansas City, Mo
Urban America Real Estate Trust
ital.
Welcome
mutual fund. Proceeds—For
Proceeds—For
N.
Steamship Corp.
writer—Shields & Co., Inc., N. Y.
Temporarily postponed.
• ■
-
Fund, Inc.
Capital Corp.
28, 1962 filed 1,500,000 common. Price—$1. Busi¬
ness—Company plans to establish or acquire control of
other
Waterman
Proceeds—For the
<
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per
/
<:
Bldg., Washington, Pa. "Underwriters •>— Moore,
& Lynch, Pittsburgh, and Stroud & Co., Inc.,
Philadelphia. Offering—Imminent.. ..
/
—
,,
United
Inc.
Aug. 29, 1'961 filed 1,743,000 common. Price—By amend¬
ment.
Business—The
carrying of liner-type cargoes.
>.
Beane, N. Y. Offering—Post¬
poned.
Washington Trotting Association,
Trust
equipment and
N.
•
July 30, 1962 filed $2,300,000 of 6V2% subordinated sinking fund debentures due 1977,. and 230,000 common
shares (non-voting) to be offered in units .consistiug of
$100 of debentures and 10 shares., Price-f$17,5 per unit.
Business—Company plans to .construct a race track for
trotters. Proceeds—For construction. Office—^Washington
'Leonard
-
Universal
tourist
purposes.
National
Video Color
ture tubes. Proceeds-r-For equipment,
inventories and
working capital. Office—729 Centinela Blvd., Inglewood,
Aug.
Industry Development Corp. Ltd.
stock due 1962.
&
,
April 6, 1962 filed 1-,000,000 common. Price—$1,15./Buslness—Deveiopment, manufacture and distribution of pic¬
supermarkets.
corporate purposes. Office—531
Moran
Railroad
Voron Electronics
May 29, 1962 filed 77,000 common/ Price—$15. Business
—Sale of automobile insurance, and the
writing of fire
extended coverage insurance.
Proceeds—For ex¬
pansion. Office—225 S. 15th St., Philadelphia. Under¬
withdrawn.
Tourist
/
77777-7
—
-
products and other corporate purposes.
new
writer—Keene &.
Newark, N. J. Offering—Expected in late October.
writer—J.
working capital; Office—1 Grove St., Mount
Vernon, N. Y Underwriters—Godfrev, Hamilton. Tavlor
& Co., and Magnus &
Co., N. Y. Note—This registration
sion,
general
-
V,.
March 80/ 19.62 filed .100,0.00 common. Price—$4. Bustir
ness
Manufacture, design and sale, of metal valves,
mixers, taps, etc., for wending machines. Proceeds—For
Office—204
'7f;777V';:
Inc.
Ferry St., Newark, N. J. Underwriter
Business—Design
trolled
Florida,
,'' '
.
Vending Components, Ino.
expansion,
unit. Business—Operation .of ".Foodtown"
Proceeds—For
—A
Controls,
West
/j
_.
—
March 15^1962 filed $400,000 of 8% subordinated deben¬
tures due 1972 and 20,000 common Jo be offered in units
.of one $200 debenture and 10 shares. Price—$250 par
Nov.
Time
of
capital.. Offiee—4609 Bee Ridge Rd., Sarasota, Fla.
derwriter—Givens & Co., Inc., Miami.
Sepulveda Blvd., El Segundo, Calif. Underwriter—VickMacPherson & Warwick, Inc., N. Y. Note—This reg¬
ers,
Tork
.
Marietta St.,
Aug". 13, 1962 ("Reg. A") 50,000 common.
Price—$4.
Business—Sale of groceries, drugs and general merchan¬
dise. Proceeds—For expansion, inventories and working
istration, will be withdrawn.
•
non-
Proceeds—For
named./.
—
■
Price—By
—
capital.
Underwriter—Crow, Brourman &
($10 max.). Business—Hotel ownership
agement. Proceeds
supplies.
and
and
Thunderbird International Hotel
Corp.
Jan. 2, 1962 filed 175,000 common,'
ment
industrial
Office—285
7 • United Markets Inc. 7:7/
debentures
common
and
ferrous
•
Y./::;/;;/:;/:',:rvV;/*
U-Tote'm
Teaching Systems,
June
metals
distribution .of
Price—$12.
N; W., At¬
lanta.-Underwriters—Wyatt, Neal & Waggoner, and
Robinson-Humphrey Co.,: Inc., Atlanta.;, 7-.-■>)
of school
,
1962
working capital.
Price—By amend¬
Production and distribution
17,
be
Vendex, Inc. - ; ' ^
'•
/, .• ,
Jan. 12, 1962 ,("Reg. A") 800,000 common. Price — <$L
Business—Manufacture .of coin operated vending mar
chines. Proceeds—For an acquisition and general &oir
porate purposes. Office-r-1290 Bayshore Blvd., Burlingame,. Calif.
Underwriter—Pacific Coast Securities. Co.,
working capital. jOfficew514 E. 73rd
St., N. Y. Underwriters—Richard Bruee & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
7;7>7?7:
V
—
Proceeds—For
St.,. Los Angeles. Underwriter—To
deht repayment and
Underwriter
Costello, Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
Tactair Fluid
•
by company and 50,000 by stocks
holders. Price—$8. Business—Through its -subsidiaries
the company is engaged in the wholesale distribution/
of ^electrical supplies and equipment. Proceeds — For
Price—$2.
.
•
•
Welsh
Panel
Co.
March 30, 1962 filed
ness—Company
finished
fories
(9/17-18)
110,000
processes
common.
plywood
wall panelling. Proceeds
and
Price—$7.
sheets
working capital. Address
into
Rusi-
factory
Equipment inven—
P. nO./BOX 'S29
,
Volume
Panel
196
Number 6194
Way, Longview,
The
.
Commercial and Financial Chronicle
Wash. Underwriter—Ferman &
Co., Miami, Fla.
v
.
'
(1135)
Calif,,< Underwriters—Kidder,
gundo,
Lithographers, Inc.
30, 1962 ("Reg. A") 120,000 common. Price—
$2.50. Business—General printing and lithography. Pro¬
ceeds—For -equipment, debt repayment, and inventory.
Office—3407 N; El
Paso,, Colorado Springs, Colo. Under¬
writer—Copley & Co., Colorado Springs, Colo.
—One Mercer Rd., Natick,
Co.
Pioneer
371,75u capital shares of which 175,000
are to be offered by the company and
196,750 by stock¬
holders. Price—By amendment (max. $42). Business—
The making of loans secured by first liens on real estate.
Proceeds—For debt repayment. Office — 3243 Wilshire
Blvd., Los Angeles. Underwriter — Kidder, Peabody &,
;V:' X//7
^
•
Western States
Price
Peal
—
by the SEC. Offering
details, where available, will be carried in the
Monday issue of the "Chronicle "
<10/1-5)
Central Telephone
;
,
Investment Tru«t
'
For investment.
.
87,000
Office
—
f
403
and
Corp.,
...:
.
,
Whirlpool Corp.
y
Service
Issues Filed With SEC
26th
due Oct. 1,
Nqw -York. -Offering—Expected sometime in November.
of
farm
185,000 common shares offered at $9.50 per share by
Eppler, Guerin & Turner, Inc., Dallas. >77;X / 7:-^X7/7\
Leslie
;
Underwriter—None.
1982. Price—At par. Business—Manufacture
equipment. Proceeds—For new plant, an ac¬
quisition, debt repayment and working capital.' Address
F.), Inc.
& Co. Inc.,
Oct. 127, 1961 filed 162,000 common, of which 102,000 are 7 —Kaukauna, > Wis.- - Underwriter—Loewi
Milwaukee.
to~ be offered • by
the company ■? and 60,000 by stock 'holders. Price—$3-.;Business—Operates a chain of retail
it Ernst, Inc.
drug stores. Proceeds—Expansion* equipment and work¬
Aug. 21, 1962
("Reg. A") 60,000 common. Price—$5.
ing capital. Office—738 Bellefonte,Ave., Lock Haven, Pa.
Business—Manufacturing of men's ties. Proceeds—For
Underwriter—-Godfrey, Hamilton, Taylor & Co.; N/YA; debt repayment, new products, equipment and working
•
Co A'
(Edwin L.)
capital. Office—712 Sansome St., San Francisco. Under¬
writer—Wilson, Johnson & Higgins, San Francisco.
?■>.77 7.7'
•
:March 30, 1962 filed 606,450 common. -Price—By amend¬
ment. Business—Manufacture of -electrical heating ele¬
it Glen Ellen • Corp./'••/• •••/.,
Sept. 6, 1962 filed $600,000 of 6% subord. income de¬
bentures due Jan. J, 1983 and 24,000 common shares to
be offered in units of one $1,000 debenture and 40 com¬
mon shares.
Price—$1,500 per unit. Business—Company
ments for
industrial, commercial and household applica¬
tions. "Proceeds—For selling stockholders. Office—7500
1, Thomas; Blvd.,/Pittsburgh. Underwriters—Eastman Dil- -•
Ion, Union Securities & Co., 5L-Y.; Moore, Leonard & •
Lynch, Pittsburgh and Relnholdt & Gardner, St. Louis A plans to develop and operate a ski and recreational re¬
Offering—Temporarily postponed. -v
77A/;A7 *
sort at Fayston/Vt. Proceeds—For construction. Adji're^s
-
-
1
Wiener Shoes Inc. 7
April 2, 1962 filed 80.000
/
common.
Price
—
—Box
"•
By amend-,
111, Waitsfield, Vt.
Underwriter—None.
J
Proceeds—For
debt
—
•
Winslow Electronics,
Corp.
common
shares offered at $13.50 per share by
Blyth & Co., Inc., N. Y.
Pacific Northwest Bell
Telephone Co.
$50,000,000 of 4%% debentures due Sept. 1, 2002 offered
at 102% and accrued interest to yield 4.27% by Morgan
Stanley & Co., N. Y.
Service Co.
Public
7.,-'5
of Colorado
for
offered
common shares
stockholders at $23.50 per
1,242,000
subscription by
the basis of on£ new
shares held of record Sept. 6,
share
share for each 10 common
on
with rights to expire Sept. 24. First
& Co., Inc., and Smith, Barney &
Boston Corp., Blyth
Co., N. Y., are the
joint underwriters for the offering.
{Walter JL)
Schneider
Corp.
$5,500,000 of 6%% subordinated convertible debentures
due 1977 and 110,000 5-year warrants offered in units of
$1,000 of debentures and 20
warrants for subscription
10% debentures due
by holders of the class A stock and
No
underwriting is involved.
Gas
Transmission Co.
7
debentures due Sept. 1, 1982 offered
at 101.25%
and accrued interest by Stone & Webster
Securities Corp., White, Weld & Co., and Halsey, Stuart
& Co., N. Y.
,/7;/7: .77 •
;"«7 ? .77//:<;77Z
$50,000,000 of 5%
.
Tennessee
Inc./'a//A/! -7:':/;
share by
Mosler Safe Co.
260,000
Tennessee
Aug. 28,. 1962 ("Reg. A") 30,000 common. Price—$10.
repayment, expansion / and • Business—Operation of various sports and recreational
working capital. Office—-808 Da kin St., New Orleans. *>. facilities/ Proceeds—For construction and other corpo¬
Underwriter
Howard, Weil, Labouisse, Friedrichs & / rate
-purposes.
Office—-County Rd. & White Ave., jMosCo., New Orleans.
'X ://; .//
7;7vV'//: 77%■■.
cow, Idaho. Underwriter—None.
stores.
Polarized
Marks
per
40,000 common shares offered at $6 per share by Glass
& Ross, Inc., N. Y., and Espy & Wanderer, Inc., West
Englewood. N. J.
1976.
it Inland Empire Playland, Inc.
'ment (max. $11). Business—Operation of a chain of shoe '
7X7^'7
Fay, Inc.
200,000 class A shares offered at $9,875
Shearson, Hammill & Co., N. Y.
(L.
Wiegand
7;/7 7.,-
Hicks-Ponder Co.
^Badger Northland, Inc.
Sept. 7, 1962 filed $800,000 of subord. conv. debentures ;
K-Pao Securities Corp.,
Inc., Washington, D.
Syndicate, Inc.
400,000 class A common shares offered at $10 per share
by G. E. C. Securities, Inc., 625 Madison Ave., N. Y.
r
Daron, 1'928- Court 'St., Baker, Ore.
Securities
General Economics
This Week
,
July 13, 1962 'filed 100,000 common. Price—$3.59. Busi¬
ness—Photo-Offset printing. Proceeds.'—For debt repay-•
ment, equipment and working capital; Office—142 W.
Widman
by
•
April 25, 1962 filed 1,000,000 common. Price—By amend¬
ment/max. $30,125). Business—Manufacture, and sale of .w
home appliances.
Proceeds — For selling stockholder
(Radio Corp. of America). Address ^— Benton Harbor,..... 7k Anthony Lakes Corp.
Mich., Underwriter—Lehman Brothers, N. Y. Note—This y
Aug: -27,—1962 "/('"Reg. A") 2,000 common. ; Price—$50.
registration was withdrawn.
v
,r .
,
. .
Business—Operation qf a ski and sports area. Proceeds
—For -construction.
Office—c/o Grant, Fuchs, Rose
White Photo Offset, Inc.
-v
—
share by L. M.
:77/7'X.7-7:
140,000 common shares offered at $16 per share
inventory. Office—2808 S. Western Ave., Oklahoma 7 Blair
& Co., Inc., N.- Y. -•••// .7
V/
,:7:7-/v7Y.
Underwriter—F. R. Burns & Co., Oklahoma City.
Federal Realty Investment Trust v;
:
repayment of debt and other corporate V V
purposes.* Office—Thompson Bldg.,: Tulsa. Underwriter ^
—R. J. Edwards, Inc., Oklahoma City.
X7^77/;7;:
St., N/Y. Underwriter
per
500,000 shares of beneficial interest with attached 3year
stock purchase warrants offered in units of 100
shares and 50 warrants at $500 per unit by Investor
For
.
shares offered at $4
Citv.
Ryan, Inc.
7
July 30, 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas.
•
common
■»
/
8, 1962 ("Reg. A") 85,700 common. Price—$3.50/7 Rosenthal & Co., Inc., N. Y.
Business—Manufacture and sale of jellies and preserves.
Ecitfin Manufacturing Co.
Proceeds—For equipment, advertising, plant expansion
Wheeler &
—
,
June
St., Auroca, Colo. 7 Underwriter—Westco
Aurora, Colo. / ■ ;
,
.
>•
;/ «
/ „/ * -
Proceeds
Co.
250,000 shares of 4.96% cumulative preferred offered at
$25 per share by Paine, Webber, Jackson & Curtis, N. Y.
Computer Applications, Inc.
Zestee Foods, Inc.
—
Proceeds
Mountain* Inc.
Proceeds—Expansion, debt repayment and working
capital.
Address—Box 594, Fayetteville, Ark. 1 Underwriter—Don D. Anderson & Co., Inc., Oklahoma City.
/v'/
Ursula
'
The following registration statements were de¬
Underwriter—Lehman
ities.
13, 1961 filed 32,000 shares of beneficial interest.
$6.25. Business — A small business investment
company.
Zero
Effective Registrations
clared effective this week
March 30, 1962 ("Reg. A")
1UU,000 common. Price—$3.
Business—Operation of underground cold storage facil¬
■
Nov.
Mass.
f
Brothers, N. Y. Offering—Temporarily postponed.
Feb. 19, 1962 filed
Co., N. Y.
& Co.,
Angeles.
Zayre Corp.
April 20, 1962 filed 475*000 common, of which 17^,000
are to be offered by company and 300,000 by stockhold¬
ers.
Price—By amendment (max. $20). Business—Op¬
eration of self-service department stores and apparel
specialty stores. Proceeds—For working capital. Office
Western
March
Western
Peabody
N. Y. & Mitchum, Jones & Templeton, Inc.* Los
>
35
Gas Transmission Co.
it Jetronic Industries, Inc.
- 7 /
7/7'./
225,000 shares of 4.92% cumulative convertible second
28, 1961 filed 125,000 common.-Price—$4. Business
Sept. 7, 1962 filed $375,000 of 6V2% subord. conv. de¬
preferred stock offered at $100 per share by Stone'&
—Design and manufacture of precision electrical and ■ bentures due
1972.; Price—At par.1 Business—Design, 7 Webster Securities Corp., and White, Weld &. Co., N. Y.
electronic measuring devices and test equipment, Pro-- 7
development and manufacture of electronic equipment.
ceeds—For debt repayment and
other corporate pur- i
Proceeds-—For debt repayment and working capital. Of- poses. Office—1005 First Ave/Asbury Park, N. J. Under-; ^
fi.ce—Main & Cotton
Dec.
writer—Amos Treat &
"Wolf
7
Co., inc.* N, Y.
Corp.v"^r'':;1^.
7/a■
-
Weil &
77/^'/■
*7''
Sts.-, Philadelphia.
Co., Washington, D. C.. v
Underwriter/
; • 7rX '."V 77
ATTENTION UNDERWRITERS!
"f../'•^
it Maremont Corp. 77/7:.-.7j/ .■ X;.;'/.- 7;;::7Xif
i:'7i
filed:$4,500,000 bf 6.5% convertible sub- J
Sept. 10/ 1962 filed 120,000 common. Price—By amend- /:
ordinated. debentures due 19.77 (with, attached warrants)
ment .(Max, $50). Business—Manufacture of automotive
to' be offered for subscription by stockholders of class A
A stock on the basis of $500 debentures for each 100 7 replacement parts. Proceeds—To repay bank loans. Of¬
fice—168
N. Michigan Ave., Chicago.
Underwriters—
class A shares held. Price—$500 per unit. Business—
Real estate. Proceeds—For debt repayment and realty 7 Kuhn, Loeb & Co., Inc., N. Y., and Straus, Blosser &
McDowell, Chicago.
' >7
acquisitions Office—10 F anth .Qi
N<. V
lT"dpni'ri^»
Jan. 26,
1^62
Do you have an issue
you're planning to register?
News Department would like
to know about it so that we can prepare an item
Our
Corporation
similar
to those
Would
you
write
us
you'll find hereunder.
telephone us at REctor 2-9570
at 25 Park Place, New York 7, N. Y.
or
,
-rS.
E, Securities, Inc., 10 East 40th Street, New York.
withdrawn.
"
^
Note—This registration will be
Wolverine Aluminum Corp.March 571962 ;fi
ledvlmr.oiiO-
it Mid-America Minerals,
-
.
.
CoinmbP. Price
Inc.
Sept. 5, 1962 filed 15,000 shares of 6% conv. preferred
($100 par) to be offered initially to common stockholde r
ers
and then to the public.. Price—At par;
Business—
Production of oil and natural gas. Proceeds—To redeem
,
Prospective Offerings
By amend- 7
rJ*
7'-, '
'
'
•;•
'•
7
'
r
: -..r.
"/
•
'
(max. $6.50). Business—Processing and manufac¬
outstanding 7% preferred, and for working capital. Of¬
Adley Corp.
turing of aluminum building products. Proceeds—For a
fice—14 North Robinson, -Glkahoma City.
Underwriter
new building and
May 17, 1962 the company applied to the ICC for au¬
equipment. Office—1650 Howard St.,
—None. 7-77
/:."7-'r;' v'.'v.." X
X;X ■■.X-7'';X thority to issue 105,000 $2 par common shares. Price—
Lincoln Park. Mich Underwriter—F J Wi^rVW ^ Co.,
Detroit. Offering—Expected sometime in October. ,./■ V it Natural Gas & Oil Producing Co.
By amendment (min. $10). Business—A motor vehicle
77
'
common carrier operating in 18 eastern states/Proceeds
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Work Wear Corp.
J
—For working capital. Office—New Haven, Conn. Un¬
Business—Production qf natural gas and oil.
Proceeds
Mar. 26, 1962 filed 130,000 common. Price—By amend- 7
derwriter
Eastman Dillon, Union Securities & Co.,
—For drilling expenses, working capital and other cor¬
ment (max. $27). Business — Manufacture and sale of
New York.
porate purposes. Office—Tekoil Bldg., Oklahoma City.
work clothing. Company is also engaged in industrial
Underwriter—Peter Morgan & Co., N. Y.
Belock Instrument Corp.
laundering and garment rental. Proceeds—For debt re¬
—
ment
.
•
*
—
> it National Union Life Insurance Co. of Pittsburgh
Sept..10, 1962 filed 106,000 capital shares, to be offered
for subscription by stockholders of the company's parent,
-Weeks, N. Y. Offering—/Temporarily postponed.X ///, -*
National Union Fire Insurance Co. of Pittsburgh, on the
acquisitions
payment,
3768
&
E.
25th
St..
and
'Worth Financial
Corp.
capital..
working
Cleveland.
Office
—
-Underwriter—Horn blower
(9/24-28)
.
-y2i77777..
Mar.
22, 1962- filed 6.1,000 common. Price—$5. Business
—Financing of-commercial accounts receivable.. Proceeds—For general corporate purposes.
Office—114 F
40th
St., N/Y. Underwriter
WyJe
Laboratories
—
.
.
,
t
Aug. 27,-1962 filed $2,500,000 ofyconv. subord.'debentures
due 1977.
Price—By amendment.
Business—Company
provides various services and products to the aerospace ;
industry.
Proceeds—For debt repayment and general
corporate purposes.
Office—128. Maryland St., El Se~
allied
,
of
one
share
for
each
Price—-$15. Business
classes
of
insurance.
—
8
held
of
Company
record
Oct.
8,
writes life-and
Proceeds—For
general cor¬
porate purposes. Office — 139 University Place, Pitts¬
burgh. Underwriter—None.
D. A. Bruce & Co., N. Y.
(9 24-23)
basis
7 1962.
-v
»
Sentinel Life Insurance Co.
10, 1962 filed 250,000 capital shares. Price — $5.
Business—'Company plans to sell life and disability in¬
surance, Proceeds—For organizational expenses and other
corporate purposes. Office^—225 Bush St., San Francisco,
Sept.
Calif. Underwriter—None.
Sept. 4, 1962 it was renorted that the company
plans to
sale of securities. Busi¬
ness—Company produces various defense items, such as
bomb-sights, gun directors, missile system components,
etc. Proceeds—For working capital and other corporate
purposes. Office—112-03 Fourteenth Ave., College Point,
N. Y. Underwriter—Carl M. Loeb, Rhoades & Co., N.Y.
raise
an
additional $1,000,000 by
Biologies International Inc.
15, 1962 it was reported that this company plans
to file a registration statement covering
125,000 com¬
mon
shares.
Price—$3. Business—Company
plans to
Aug.
supply animals for biological
research pur¬
breed
and
poses.
Proceeds—For general corporate purposes. Office
Continued
on
page
36
36
The Commercial and Financial
Chronicle
(1136)
Continued, jrom page 35
Bids—Expected
Nov.
Registration—Scheduled
7.
for
Bergenline
writer—To
July 10,
it
1962
issue
to
Public
about
J.
N.
Lynch, Pierce, Fenner & Smith Inc. (jointly);
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.
Under¬
Service
bidders:
construction. Office—607
Eastman
change of 400,000 shares and the lease of each others jet
if Highway Trailer Industries, Inc.
Sept. 10, 1962 it was reported that this
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
National Airlines, Inc.
May 8, 1961, it was reported that the CAB had approved
the company's plan to sell publicly 400,000 shares of
Pan American World Airway's Inc.; subject to final ap¬
proval of the Board and the SEC. The stock was or¬
iginally obtained under a Sept. 9, 1958 agreement under
sell
E. Adams
St., Springfield, 111. Underwriters—(Competitive). Prob¬
able
if Gulf, Mobile & Ohio RR. (9/20)
11, 1962 it was reported that this road plans to
$4,140,000 of one-half to 15-year equipment trust
certificates.
Office—104 St.
Francis
St., Mobile, Ala.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Salomon Brothers & Hutzler. Bids—
Expected Sept. 20 (12 noon CDST) at 140 So. Dearborn
St., Chicago.
V ■
v ' /<+'•/;■/>;
Sept.
Co.
was reported that this company plans
$10,000,000 of first mortgage bonds in
Proceeds—For
1963.
Bergen,
named.
be
Illinois
Central
North
Ave.,
Dillon, Union Securities & Co.-
Equitable Securities Corp. (jointly); Blyth & Co.-Kidder, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon
Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
ers-Bear, Stearns & Co. (jointly).
raise
to
$2,500,000 by
some
holders. Authorized stock
a
now
rights
plans
company
offering to
which the
consists of 2,000,000 $1.25
common shares of which 714,086 shares are out¬
standing. Business—Manufacture of truck trailers, cargo
containers, telephone and power line construction equip¬
ment, etc. Proceeds—To help form a new finance com¬
pany subsidiary. Office—250 Park
Ave., N. Y. Under¬
Gas
System, Inc. (11/1)
reported that the company plans
to sell $20,000,000 of debentures or bonds in November.
Office—120 E. 41st St., N. Y. Underwriters—(Competi¬
tive). Probable bidders: Merrill Lynch, Pierce, Fenner
&
Smith
Inc.-White, Weld & Co. (jointly); Morgan
Stanley & Co.-First Boston Corp. (jointly); Halsey, Stu¬
it
1962
1,
art & Co. Inc.
was
Bids—Expected Nov. 1.
Consolidated
Edison
of
Co.
New
writers—To
pany
(10/2)
sell
$75,000,000
ceeds—To
like
a
amount
of
5V4%
first
and
4,
Briggs,
Robert P.
1962,
Executive
Interstate
Office—1000
preferred
until early Spring of 1963 its plan to issue addi¬
common
The
offering would be
made
the basis of
each 10 shares held. Based
on
the number of shares out¬
one
issues
of
C.
Langley
'Lehman
&
Brothers;
Co.-Shields
Co.
&
Co.-Union
First
Securities
Co.
(jointly);
Corp.; White, Weld &
Kidder, Peabody & Co.-
Boston
(jointly);
j'Merrill Lynch, Pierce, Fenner & Smith Inc. (jointly).
i
Florida Power Co.
/March 19, 1962 it was reported that this company plans
/to offer stockholders the right to subscribe for about
;>457,265 additional common shares on a l-for-20 basis.
|Offic<f—-101 Fifth St., South, St. Petersburg, Fla.
Under¬
Japan
Properties, Inc.
stockholders
issue 756,000 shares of
a
authorized
new
the
company to
convertible preferred stock
which will be offered to
tion
stockholders through subscrip¬
l-for-10 basis. Price—By amendment.
and purchase up
to $6,000,000
rights on a
Business—Development and operation of shopping cen¬
ters. Proceeds—To retire outstanding 6%
preferred stock
convertible debentures of
Major Realty Corp., an affiliate. Office—223 East Alleg¬
hany Ave., Philadelphia. Underwriter—To be named.
The last rights offering in December 1957 was under¬
written by Eastman
Dillon, Union Securities & Co.,
/New York.
if Franklin National Bank of Long Island
Sept. 11, 1962 it was reported that this b.ank had applied
to the U. S. Comptroller of the
Currency for permission
to sell publicly $15,000,000 of
preferred stock. Since
;banks
exempted from registration, the
offering will
not have to be filed with the
SEC. Office—199
Second
-St., Mineola, N. Y. Underwriter
Eastman Dillon,
-Union Securities &
Co., N. Y.
are
—
Georgia Power Co.
(11/7)
On Jan. 12, 1962 it was
reported that this subsidiary of
the Southern Co. plans to offer
$23,000,000 30-year first
mortgage bonds in November.
Office—270 Peachtree
Bldg., Atlanta, Ga.
Underwriters—(Competitive). Prob¬
able bidders:
Halsey, Stuart &
?j'
Co., Inc.; Harriman Ripc*' Blyth & Co.. Inc.; Kidder, Peabody &
(jointly); Equitable Securities Corp.-
Co.-Shields & Co.
Eastman
Dillon, Union Securities & Co.
(jointly)- First
Lehman Brothers; Morgan Stanlev '& Co
Boston Corp.;
Bids—Expected
Oct.
Nov.
7.
5.
•
Registration—Scheduled
for
-
Equitable Securities Corp.
(jointly); Lehman Brothers.
Dillon, Union Securities &
Northern Illinois Gas Co.
About $25,000,000 of this, in the form of a debt
issue, will be sold in the second half of 1962. Office—
615 Eastern Ave., Bellwood, 111. Underwriters—To be
on
May 9, 1956
-
.
was
made through Blyth
Securities
Corpj (jointly); Glore,!Forgan & Co.
,
Development Bank
Natural
28, 1962 it was reported that the company's 1962
expansion program will require about $40,000,000 of
external financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
bentures
was
31, 1963. Business—The bank
was
second
bidders:
Hutzler
White,
(jointly);
Weld
Halsey,
&
Co.-Salomon
Stuart
&
Co.
Brothers
&
Morgan
Co.
.V
..
Light Co.
(11/26)
v':
V;
10, 1962 it was reported that this company plans
$32,000,000 of first and refunding mortgage bonds
Proceeds—To refund $12,000,000 outstanding
5%% bonds due Jan. 1, 1987 and $20,000,000 of out¬
standing 5%% bonds due Sept. ,1, 1987. Office—920
W.
S.
Sixth Ave.,
Portland, Ore. Underwriters—(Com¬
Probable bidders: Halsey, Stuart & Co. Inc.;
Eastman Dillon, Union Securities & Co.-Kidder, Pea¬
body & Co. (jointly); Lehman Brothers-Bear Stearns
8c Co.-Salomon Brothers & Hutzler (jointly); Blyth &
Co.-White, Weld & Co. (jointly). Bids — Expected
petitive).
Nov.
26.:
Pan
'
Inc.;
de¬
1992.
due
Co., Inc.; Halsey, Stuart &
Inc.; Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
rill Lynch, Pierce, Fenner & Smith Inc.
(jointly).
able
of
negotiated
ft'
Sept.
Underwriters—(Competitive).
*
sale
a
to sell
&
,
Electric
on
City.
Pacific Power &
Co.
Louisville & Nashville RR.
&
Corp.
Kentucky Utilities Co.
Aug. 1, 1962 it was reported that this utility plans to
sell approximately $15,000,000 of
30-year first mortgage
bonds, in the first quarter of 1963. Office—120 So. Lime¬
Aug. 28, 1962 it was reported that this road is consider¬
ing the issuance of $25,000,000 of collateral trust bonds
in November, subject to ICC
approval. Office—220 E.
42nd St., New York.
Underwriters—(Competitive). Prob¬
Gas
last
of 1963.
Office—321 No. Harvey St.,
Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce/* Fenner & Smith Inc.White, Weld & Co. (jointly); Halsey, Stuart 8c Co. Inc.;
Lehman Brothers-Blyth & Co. Inc., (jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman Dillon,
Union Securities & Co. (jointly); Equitable Securities
N. Y. Information Meeting—Nov.
9, 1962 at same address.
Blyth
The
named.
quarter
Oklahoma
quarter. Address—Madison Ave., at Punch Bowl
Rd., Morristown, N. J. Underwriters — (Competitive).
bidders: First Boston Corp.;
Halsey, Stuart &
Co. Inc.; Eastman
Dillon, Union Securities & Co.-Salomon Brothers
& Hutzler-Merrill
Lynch, Pierce, Fenner
& Smith Inc. (jointly); Kidder, Peabody & Co.:
White,
Weld & Co. Bids—Expected Nov.
13, 1962 at 80 Pine St.,
bidders:
be
Nov.
Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 30-year first mortgage bonds, in the
Jersey Central Power & Light Co. (11/13)
June 6, 1962 it was reported that this
company plans to
sell $11,000,000 of first mortgage bonds due 1992 in the
St., Lexington, Ky.
on
Oklahoma
■
Boston Corp.; Dillon, Read & Co.
Inc.; Smith, Barney &
Co., Inc., N. Y.
Probable
Underwriter—To
16, 1960 was handled
basis by Blyth & Co., Inc., N. Y. *
incorporated to
as a
Japanese Government financial institution to
supply long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
stone
Gas Co.
Feb.
Neb.
-".g
.
American
World
•;•,,/
Airways, Inc.
Oct. 30, 1961 it was reported that the CAB had approved
the
company's plan to sell its 400,000 share holdings of
Airlines, Inc.
However, it said Pan Am must
selling the stock within one year and complete the
sale by July 15, 1964. The stock was originally obtained
under a Sept. 9, 1958 agreement under which the two
National
start
carriers agreed to a share-for-share exchange of 400,000
Stanley & Co.
shares and lease of each other's
Metropolitan Edison Co. (11/27)
Aug. 1, 1962 it was reported that this subsidiary of Gen¬
eral Public Utilities
Corp., plans to sell $15,000,000 of
30-year first mortgage bonds, in the fourth quarter of
1962.
Office—2800 Pottsville Pike, Muhlenburg Town¬
ship, Berks County, Pa. Underwriters-—(Competitive).
Probable bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.;. White, Weld &
Co.; Kidder,. Peabody & Co.Drexel & Co.
(jointly); Blyth & Co., Inc. Bids—Ex¬
pected Nov. 27, 1962. Information Meeting—Scheduled
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of the stock. Office—135 East 42nd St., N. Y. Under¬
writer—Merrill Lynch, Pierce, Fenner & Smith Tnc.
(11/7)
12, 1962 it was reported that this
subsidiary of
Southern Co. plans to offer
$7,000,000 of preferred
stock in November.
Office—270 Peachtree
Bldg
At¬
lanta, Ga. Underwriters—(Competitive).
Probable bid¬
ders: Blyth &
Co., Inc.; First Boston Corp.; Morgan
btanley & Co.; Eastman Dillon, Union
Securities & Co
of
program.
1951
Nov.
21.
Aug. 28, 1962 it
to
was
Utilities
reported
15,
pects to
Eastern
Pipe Line Co.
(10/24)
1962 it was reported that this company ex¬
sell about $60,000,000 of debentures and $20,-
000,000 of preferred. Office—120 Broadway, N. Y. Un¬
derwriters—Merrill Lynch, Pierce, Fenner & Smith Inc.*
and
Kidder, Peabody & Co., N. Y.
Feb. 20,
Co.
that this
plans
bonds in
company
sell
$12,000,000 of 25-year first mortgage
or early 1963. Proceeds—For construction. Of¬
fice—831 Second Ave.,-S., Minneapolis. Underwriters—
late
Panhandle
Aug.
jet planes during their
Pennsylvania Power & Light Co.
Montana-Dakota
On Jan.
the
subsidiary
Feb. 28, 1962 it was reported that the company expects
to raise $125,000,000 to finance its 1962-66 construction
March
for
Georgia Power Co.
*
reported that the Japanese Finance
Ministry has authorized the bank to issue an additional
$22,500,000 of bonds in the U. S.
It is expected that a
major portion of this financing will be completed by
Probable
1962
this
Office—441
Stuart
St., Boston. Underwriters—
(Competitive)/ Probable bidders: Halsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld 8c Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp. (jointly);
First Boston Corp.; Kuhn. Loeb & Co.
v
re-
were:
July 3, 1962 it
fourth
11,
debt
Underwriter—Eastman
Northern
body 8c Co., and Merrill Lynch, Pierce, Fenner & Smith
Inc., N. Y. Offering—Expected in October, 1962.
Food Fair
Proceeds—For
that
Halsey, Stuart & Co. Inc.; Kidder,
named. The last sale of bonds on July 14, 1960, was
White, Weld & Co.
The last several
handled11'by First 'Boston Corp. Other bidders were:
preferred were sold privately. The ,last salev*
Hhlsey,» Stuart & Co., Inc.>;» Blyth & Co., Inc-Equitable
common
writers—To be named. The last rights offering of com¬
mon on May 4,
1959 was underwritten by Kidder, Pea¬
May
!:
of
Co., Inc.
standing on Dec. 31, 1961, the sale would involve about
"418,536 shares. Proceeds—For construction. Office—600
!W.
stocks.
common
Co.
reported
Peabody & Co.;
share for
; Market St., Wilmington, Del. Underwriters—(Competi¬
tive). Probable bidders: Carl M. Loeb, Rhoades & Co.;
■
—
to
on
,
and
Gas
was
tion.
Smith
Other bidders
'•common stockholders first
quarter of 1963.
St., Dubuque, Iowa.
payment, and construction. Office
161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 1956 was made
by Blyth & Co.
Light Co.
tional
stock.
Main
it
New England Power Co.
<
May 8, 1962 it was reported that this utility plans to sell
$12,000,000 of 30-year first mortgage bonds in Novem¬
ber, 1962. Proceeds—For debt repayment and construc¬
,
Supply Co.
20, 1962 it was reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
sell
to
reported that the company has post¬
poned
Co.
Lynch,
Co., N. Y.
reported that the company plans to
was
Northern
1962
28,
Nev.
Jamaica Water
March
Morgan Stanley & Co.
&
Power
Underwriter—Merrill
Southwest Gas Corp., plans to sell $2,000,000 of common
stock. Office—2011 Las ^Vegas Blvd., South, Las Vegas^
White, Weld & Co.
Michigan Ave., Jackson, Mich. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.-Shields & Co. (jointly); Harriman
Ripley & Co. Inc.-First Boston Corp. (jointly);
was
Nevada
Feb.
(Competitive).
Fenner &
212 West
Power
Decatur, 111. Under¬
Underwriters—
Probable bidders: Merrill Lynch, Pierce,
Inc.-Kidder, Peabody & Co. (jointly);
Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler:
company
"larger than anticipated internal generation of cash, sub¬
stantial refunds .from natural
gas
suppliers and the
increased use of bank credit." Earlier, the company re¬
ported that it expected to sell about $40,000,000 of secu¬
rities, probably bonds, in the fourth quarter.
Office—
Delaware
St.,
sell_ $6,000,000 of bonds in the second
Vice-Presi¬
had postponed until
mid-1963 its plan to sell additional securities because of
.March 9, 1962 it
27th
Fla.
12, 1962 it was reported that this subsidiary of
Peoples Gas Light & Coke Co., plans to sell $35,000,000
of senior securities later this year. Business—Operation
of two natural gas pipeline systems
extending from
Texas to the Chicago metropolitan area. Proceeds—For
expansion.
Office — 122 So. Michigan Ave., Chicago.
Underwriter—Dillon, Read & Co. Inc., New York City.
Van
-C
made
was
Aug. 1, 1962 it
Power Co.
dent, announced that the
South
59,
Natural Gas Pipeline Co. of America
Power Co.'
Office—500
Miami
June
com¬
on May
21,
through First Boston Corp. Other bidders
were:
Halsey, Stuart & Co. Inc.; White, Weld & Co.Merrill Lynch,
Pierce, Fenner & Smith, Inc.' (jointly)JEastman Dillon, Union Securities &
Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
1958
re¬
Halsey, Stuart & Co. Inc. (jointly). Bids—Expected Oct. 2.
Registration—Scheduled for Sept. 7.
Sept.
financing by the
Allen & Co., and
Airport,
writers—To be named. The last sale of bonds
funding mortgage bonds due Dec. 1, 1989. Office — 4
Irving Place, N. Y. Underwriters—(Competitive)'HProb-*.
able bidders: Morgan Stanley & Co.; First Boston Corp.-
Consumers
last
carriers agreed to a share-for-share ex¬
Pierce, Fenner & Smith Inc., New York.
28, 1962 it was reported that this utility expects to
$25,000,000 of debt securities in late 1962 or early
1963.
was reported that this utility plans to
of first mortgage bonds due 1992. Pro¬
refund
The
underwritten
was
Illinois
Feb.
York, Inc.
sell
Aug. 29, 1962 it
named.
by
Alstyne, Noel & Co., New York City.
'
*
be
two
divest themselves of the stock. Price — About $20 per
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
stock¬
par
Columbia
Aug.
Thursday, September 13, 1962
.
Merrill
Oct. 5.
—7520
.
,
1962
To be named. The last bond issue
tive bidding on Dec,
was
won
at
competi¬
3, 1958 by Eastman Dillon, Union
Securities & Co. Other bidders were: Blyth & Co., Inc.-
1962. Jack K. Busby, President and C. E. Oakes,
stated that the company will require about
Chairman,
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,-
bonds. Office—9th and Hamilton
Underwriters—To be named. The
last sale of bonds on Nov. 29, 1961 was won at com¬
petitive bidding by White, Weld & Co., and Kidder,
000,000
of
maturing
Sts., Allentown, Pa.
Volume
n
Peabody
Co.
Number 6194
196
..
The Commercial and Financial Chronicle
.
Other bidders were Halsey,
&Co.
bonds
Stuart &
Inc.; First Boston Corp.-Drexel & Co. (jointly).
Russ
Togs, Inc.
Sept. 5, 1962 it was reported that
ment will be filed shortly covering
registration state¬
secondary offering
150,000 common shares. Business—Company
manufactures
misses, junior and children's popular
priced sportswear, Office — 1372 Broadway, N. Y. Un¬
derwriter—Shearson, Hammill & Co., N. Y.
a
a
about
of
South
Electric &
Carolina
proportionate
subscription rights without having to convert their hold¬
ings. Office—2011 Las Vegas Blvd.,
South, Las Vegas,
Nev. Underwriter—Eastman
Dillon, Union Securities &
Co., New York.
tration—Scheduled
Aug. 1, 1962 it
Co.
Broadway,
the
erate
from
1.80%
Weight Lifted From Toll Bond
6
3.30%.
: •
of the winning
to
v
are
Co.
&
bidder
was
hattan Bank group
terest
of
cost
As
we
net in-
a
*•
is $9,545,000.
Also,
State
eral
Wednesday, v $4,000,000
California:* Harbor; gen¬
(1967-1986) bonds
obligation
awarded
First
National
geles
account
2.984%,
bonds
1986.
The
yield
in
Co. group
a 2.994%
bid. We have no
cost
yet
reoffering.
The
to
3.20%
to
bidder, with
as
the results of the
on
v-;
*./;
"
•
Split Award
l
,
1967
a
The
cost.
Ira Haupt &
second
V
bid;'of
its
on
An¬
Los
of
Bank
in
net interest
report
Security
reoffered
were
2.15%
the
to
interest
net
from
was
-
on
of
were
volving
the balance
press,
bids
six
bond
on
of
State
the
of
Rhode
Island, totaling $10,150,000.
syndicate
headed
by
the
A
Bankers
cessful
Trust
bidder
primary
Co.
the
was
for
the
suc¬
$4,000,000
Highway
(1963-1992)
bonds
specifying a dollar price bid of
100.4449
and
naming
a
3.15%
and
$15,000,000
revenue
7/1/94
like
ing
was
an
and
"Joan
priced
"Leslie
Fay,"
"Leslie
Pomer,"
January, 1957,
was underwritten
by Dean Witter & Co-
Windjammer Cruises, Ltd.
April 18, 1962 it was reported that the company plans
to register 90,000 ordinary shares.
Price—$4. BusinessOperation of "Windjammer" saiding ship cruises. Pro¬
ceeds—For
P.
O.
acquisition
of
Box
918, Nassau,
Magaril Co., Inc., N. Y.
and
"Broadbrook,"
sizes and
ages,
Kan.
San Francisco.
Leslie"
erences
East¬
offering in
and
fashion
and
in
vessels.
Office—
Underwriter—J.
of
magazines
fashion
supple-
and sold to approximately
retailers, including leading
department and specialty stores
throughout the country.
3,500
na-
a
York
:
due
In Your Business You Need
albatross hangof
—
revenue
bond traders fo$yl0Hlays or more.
This kind of volume can be judged
only
as
hazard
extreme
an
by
HOW TO SELL SECURITIES
traders operating in a quiet mar¬
ket. Consequently, the markets for
all dollar bonds
were fractionally
during the past week in
lowered
the
absence
sizable
of
By JOHN DUTTON
investor
interest.
The Thruway bonds, as noted
earlier, fetched three bids and the
winning group closed out the ac¬
count soon
after the reoffering.
There is availability through some
The
Index
against
you
at
out
available exclusively from
—
us
business through modern,
your
are
—
is designed to
proven
full of practical and
investment
proven
selling
promotional ideas. John Dutton drew it from the best of his popular
weekly
yield
3.79%
increase
columns
in
Commercial
The
Financial
and
Chronicle.
You'll
learn about
as
yield average a
The increased yield in¬
3.771%
a
week ago.
dicates
Financial
bond
revenue
averages
60-page booklet
and
&
Commercial
Chronicle's
This
help
selling techniques. Its 25 chapters
.
,
X
>
-
an
overall market
*
Obtaining
*
The
*
The final sale
*
The
of
loss
about one-quarter of a point.
secondary
client list
a
initial
sales
approach
Construction
The
coupon.
Co.
Trust
Bankers
SdSer fofthe'Ti.ootoooXeieaJ
Bank Supervisors
m,
T
Name Thompson
how to
Reactor
ing
for
(1963-1982) bonds show¬
dollar price bid of 101.1705
3% coupon. The bonds were
a
a
^ofe/eo
„t;„yield1 A0n?r;;6?;;„;;
1963 to 3.05% in 1982. The longer
bonds
were
in 1992.
priced
out
to 3.40%
associates
submitted
the
best bid
the
$1,700,000 College Devel¬
(1963-1992) bonds at a
dollar price bid of 100.089 for a
3Vs% coupon. The $1,000,000 Inopment
terstate
naming a 3%% coupon. The bonds
were
priced to yield 1.60% in
to
3.40%
in
A First Boston
1992.
Corp. group bid
!? rni Jnr %? c™p01} on th<:
?}'ni!?'?22ox i? }
muelopment
(1963-1982)
r-
S
i
non
The
bonds.
?neo
1;? %,.irY i
2nSr:n
«QRn
the
National
of
Association
Research,
President Robert L.
+
Mr.
as
o
1
bonds
nS ^
i
oqo1
3.10% in 1982.
®0S^0IJ 9°/£',^r0Vp T/ff
JPcce.ssful
^
Hurricane Barrier
Barrier r.1963(1963?
/Thompson,
yield
from
1.60%
in
1963
as
*
yet available.
and
—
and their
you're told
develop each of them to their maximum
Techniques
announced
own
—
the
you
can
relative
analyze
to
use
attractiveness
—
of
on
your
various
Myers, Jr.
who
is
securities and their vital balance sheet items
^
the
be published by NASSB later this
month, formerly was with the
American Banker.
previously for
s
In
1001 ways
this booklet
He has worked
more
newspapers
in Chito the
*
can
help
profitable selling operation.
Thursday
NOW at the
news
be
you
And it's
better salesman and
a
yours
FREE if
you
run a
subscribe
edition of The Commercial and Financial Chronicle
$20 rate.
Leslie Fay Inc.
Stock
Offorod
ULUCJA VALICICU.
Through
an
underwriting
COMMERCIAL
25 PARK
group
headed by Shearson, Hammill &
Co., New York City, Leslie Fay
jnc
>
has
offered
to
the
public
ENTER
YOUR
^
a
prjce 0f $9,875
per
York City and plants in Pennsyl-
vania and New Jersey is engaged
FINANCIAL CHRONICLE
Gentlemen:
(52 issues)
Plus
a
Name.
AND
WE
WILL RUSH YOU YOUR
FREE
COPY OF "HOW TO SELL SECURITIES."
Address.
$20, please send
me
12 months
of The Commercial and Financial Chronicle
FREE
saving of $6
TODAY
share. Net
proceeds will be used principally
for additional working capital to
&
PLACE, NEW YORK 7, N. Y.
Enclosed is my check for
SUBSCRIPTION
200,000 shares of its class A stock
to offices at 1400 Broadway in New
3.45% in 2002. No sale results are
defined
of
Di-
$950,000
^
expansion of the corn2002)
bonds specifying a 3JA% panys business.
coupon and a dollar price, bid of
100.137. The bonds were reoffered
The company, with executive
to
are
author of Checks and Balances, to
Construction
Highway
(1963-1992) bonds were also won
by the Chase Manhattan Bank
group at a dollar price of 100.039
1963
of
Supervisors of State Banks
categories of investors
These
potential
.
The Chase Manhattan Bank and
for
WASHINGTON, D. C. — Thomas
W. Thompson has joined the staff
rector
various
accounts.
of "How to Sell Securities"
the single copy price.
copy
over
I.
women's
newspaper
ments
pref-
advertised
are
additional
Bahamas.
tionally
designed by the company's
own staff of designers.
They are
intended to appeal to women of
all
bidders:
of 1963.
Office—2015 Forest Ave., Great
Bend,
Underwriter—To be named. The last
rights
are
dresses,
Probable
good
some
New
3.10%
aboutothe; necks
of the members.
largest offering up
Wednesday involved
issues
better
was
issues
announcement
Thruway
second
for
reported that this company plans to
$12,000,000 of 25-year bonds, in the second quarter
Office—1100,H. St., N. W.,
Washington, D. C.
1963.
competitive secondary offering in-
3.12%.
to
go
with
manufacture
diversified line of mod-
.
little easier since last
a
The
reason.
Chase Man-
a
revenue
revenue
reporting and there is
& Weeks.
Hornblower
and
Second
bridge
road,
public utility
have been
Blair
&
Co.,
Inc.,
White, Weld & Co., John Nuveen
group
The toll
and
Other members
a
and
suits and coats. 'Its products, sold
under the registered brand names
Market
;
reoffered to yield
were
Co.
design,
sale of
receive
Western Light & Telephone
Co., Inc.
Aug. 1, 1962 it was reported that the company plans to
sell approximately $5,000,000 of common
stock through
a rights
offering to stockholders, in the second quarter
it Southwest Gas Corp.
*
Sept. 11, 1962 it was reported that this company plans
to offer stockholders the right to subscribe for about
205,000 common shares of Nevada Northern Gas Co., a
subsidiary, on the basis of two Nevada shares for each
in
Holders of Southwest
will
Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston
Corp.; Hal¬
sey, Stuart & Co. Inc.
--
,
TAX-EXEMPT BOND MARKET
securities
man
in the first quarter of 1963. Office—1507 Pacific
Ave., Dallas. Underwriters — To be named. The last
rights offering of preferred stock in April 1959 was
handled by Snow, Sweeny & Co., Inc., N.
Y., and A. C.
Allyn & Co., Chicago.
\r
PST) at company's office.
Gas shares held.
Underwriters—(Competitive):
Y.
stock
Electric
Continued from page
of
Aug. 15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred
Generating Co. (11/28)
Aug. 21, 1962 it was reported that this subsidiary of
the Southern Co. plans to sell $7,500,000 first mortgage
The bonds
N.
Southern Union Gas
(10/30)
(jointly); Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Securities
Corp.
(jointly).
Bids—Ex¬
a.m.
1.
(10/10)
Underwriters—Competi¬
tive). Probable bidders:, Salomon. Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids—Expected Oct. 10 (12
noon
EDST) at company's office.
Co.-Equitable
Southern
convertible
,
was reported that the company plans to
$6,000,000 of 1-15 year equipment trust certificates.
Office—165
3, 1962 it was reported that this company plans
to sell $50,000,000 of first and partially refunding mort¬
gage bonds, series P, due Nov. 1, 1987.
Proceeds—For
debt repayment and construction. Office—601 W. 5th St.,
Los Angeles.;
Underwriters—(Competitive).
Probable
bidders: Blyth & Co., First Boston Corp.-Dean Witter &
pected Oct. 30 (8:30
Southwest
Gas
Washington Gas Light Co.
Sept. 5, 1962 it
sell
July
Co.
Nov.
Southern Pacific Co.
in February, 1958, was underwritten by Kidder,
Peabody & Co., N. Y. Offering—Expected in the first
quarter of 1963.
\
Edison
for
nine
sell
Gas Co.
ing
California
37
due June 1, 1992. Office — 600 N. 18th Streit,
Birmingham, Ala. Underwriters—(Competitive) Prob¬
able bidders: First Boston Corp.; Halsey Stuart &
Co.,
Inc.; White, Weld & Co.-Kidder, Peabody & Co. (jointly)
Merrill Lynch, Pierce, Fenner & Smith Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities &
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
Aug. 1, 1962 it was reported that the company plans a
rights offering to stockholders of approximately $8,500,000 of common stock.
Office—328 Main St., Columbia,
S. C. Underwriter—To be named. The last rights offer¬
Southern
(1137)
—
a
big
38
The Commercial and Financial Chronicle
(1138)
U. S. Should Take the Initiative
Our International Position-
In
initiative in
Challenge and Opportunity
member,
sumption of the American people
these
<
>of the manufactured
Let
,
:
for
,
last
year,
a level which is approxi¬
mately one-third higher than our
exports in the first half of the
'50s. Of this, almost 75% or near¬
ly $15 billion represented manu¬
factured products—almost double
our
imports of manufactured
goods.
About
$4.5
billion was
agricultural products of which we
ducers in the world—another rea¬
for
son
interest
our
the
in
stances will need to be
new
commodities
Examine
will
export list and
our
industrial
find
must
These
abroad the
you
If you
the
Haviland
De
would
"Comet,"
These
nations
no exaggeration
grouping of nations an
it with
we
population of 185
combined exports and
our
$35 billion and
our Gross National
Product for last year of about $520
billion. In international
how
trade, it
already has nearly three times our
feel about the superi¬
the Boeing 707 or the
Douglas DC-8 — a superiority so
great that even Britain's national
^7 Apart from size, there
airline
significant
characteristics
prospective
European
This great
of
uses
ment.
American
our
;TJ.V"
a"
•'
volume.
equip¬
grouping.
not as
of/
heavy
diesel
trucks, how would you like to find
at large Swiss hydro-electric con¬
projects that all of the
heavy vehicles, the rock-crushing
equipment and variouis other in¬
stallations
from
are
the
United
competition
always will be.
cepted
the
such
United
American
We have
and
another,
as
a
healthy stimulus.
to
realize
has
that
become
will
Now, we need
price competition
international—and
it
stay international.
The
fight
real
is,
competition
laws
shall
we
with
re¬
and
reactionary
practices or shall we face up to
it and accept the
discipline which
it will impose on
investors, man¬
agement
and
segment of
price
labor
our
alike?
economy
competition
The
in which
to
seems
have
been
truly difficult is very small.
Since 1948, only 35 American
industries have been able to dem¬
onstrate some injury due to tariff
reductions. While these combined
industries represent
only l/9th of
1% of our Gross National Prod¬
uct, it is
ence
never
for the
a
pleasant experi¬
owners,
creditors
or
employees of a business to find
themselves past the peak of
public
acceptance, unable to compete or
facing declining sales or profit¬
ability.
With the impact of to¬
day's
rapid
advances
in
research
and
of
this
regional
market
is
fully satu¬
as
is
our
There
own.
automobile for every
one
people
as
in
Europe
compared
place
more
suddenly than hereto¬
This
accelerated
change is typical of
tion.
cence
In the
will
rate
our
of
genera¬
future, such obsoles¬
be
international
measured
as
well
as
against
domestic
progress. We must
accept that fact
and the
challenge which is inher¬
ent in it..
.
.
t
But
let
us
return
to
<
Europe.
Economic
Community, Greece
has
which, by
areas
a
be within the outer tariff of
may
the
European Economic Commu¬
nity.
-
Thirdly,
liberal trading
attitude toward Europe, let us as¬
sure ourselves that our
European
by
a
adapt
viewpoint
looking
trade
and
which
toward
economic
world
development
evolve into
can
outward-
an
Atlantic
an
economic community. The alterna¬
tive, namely
European
isolation¬
ism, would be a catastrophe — for
the
Europeans, for the- United
may be expected to become
and more dependent
more
lect
profits
requirements
flow - of
locally made goods
Such
divided
tory
into
on
growth rate of this
creased
fers
our
largest and
opportunity for in¬
international trade. It of¬
the
us
is
a
to
the
United
States
•
has •:
of net
compete .if,- under the new
Treasury policies,-it is allowed! to
keep only 48 cents iout -of each
pany
nese
already
parent
companies-
90 cents out of each
passed $500 billion. The combined
Gross
National Product of
the
Now
is
the
can keep
profit dollar?
time
when
the
Western European nations has al¬ United! States
should be establish¬
ready, passed the $300 billion mark ing earning assets abroad. As the
and is headed higher more
rapidly profits from such activities are re¬
than
is
our
If-.
own..
Canada
included, the combined Gross
tional
Product
of
is
turned to> the United
Na¬
States, they
will
help to balance our unfavor¬
able balance of inter national
pay¬
the * Atlantic
economic
community can reach
$1,000 billion in a very few years.
again, scale gives us some
amazing opportunities..... \ <• ' \
ments.
Because of the relatively
undeveloped condition of markets
abroad, even- in the more ad¬
Here
,
vanced
countries,: this -is an op¬
factory imports from the less portune time to -establish busi¬
developed areas to the Atlantic nesses. there. Is it the intent of the
community were to equal only JL %. Adhiinistration and the - Treasury
If
of such
the
Gross National
a
total
billion
would
Product,;
approximate $10
annually
.
to y the
United
because
for
more
their
have such local operations
lished
States
7
of
the
recipients'
German, Japa¬
French, Italian, Belgian, or
Dutch : capital • rather
than
toy
American capital? Any such con¬
cept is in direct opposition to; the
concepts on which the "Trade Ex¬
pansion Act of 1962" is based!.
needp
consumerr'p^oducts Main
econdmi&S *can
provide
industrial
estab¬
by British,
nese,
Confusion Abroad
•
as
This, at tempi of the Administra¬
tion to inhibit American invest¬
well as for capital goods to enable
them further to develop their local
How
to place hurdles in the
path of
Americans -who wish, to- create
earning assets in other countries?
Does the Administration
prefer to
substantially
—
than. any annual economic
aid appropriation which has been
more
best
opportunity to
exports and thereby
& to TO%
as
income tax. This applies
equally, to subsidiaries of-parent
as
be relatively simple but uniform
profit dollar while the subsidiaries
factory products.
'7..r77,Vt777, of
British,
German,
Italian,
The Gross National Product of French, Belgian, Dutch and
Japa¬
new
it
make
little
a#
companies of all other nationali¬
will need
areas
:
subsidiaries
overseas
ties operating in the same
country.
How long can- an American com¬
u
developed
now
be
limited
market
for
handicraft
products, the real reliance of the
less
are
is
*
fac¬
can
and,
there
Furthermore, such expenditures
concentrating our
the
European
Economic Community because the
and
While
for locally manufactured goods of
the less developed areas
may be
counted upon to return
promptly
We have been
size
handicraft
products.
for
imports.
pay
dearly
seek.
consideration
to
increasing
an
nations
so
Administration
of
American
parent
companies
operating in countries which col¬
change
World. This would be the division
free
There
upon
Congress.
advanced
the
.
the export of manufactured
prod¬
ucts
to ; earn
their
foreign ex¬
proposed
the
against Amer¬
Nevertheless,, this is exactly
what
;
;
Consequently, the less developed proposing to do? itself.
States and for the rest of the Free
of
icans.
ment
activities.
abroad
legislation
much
sounder, and how
secure, would be the
4
toy
Treasury
attempting to
new
while
'
and
haps 35% of the homes with elec¬
tricity have refrigerators in Eu¬
of the United States if the
equiva¬
lent of several billion dollars a
ing confusion amongst thoughtful
businessmen in Europe about the
compared with more than
95% in the United States. Ameri¬
of
year
nity
for
approximately
in
the
United
have
every
Per¬
States.
an
average
capita
per
of
approximately $2,500
whereas Europeans, taken" as a
whole, have only $800—this is not
only a new market but a rela¬
tively underdeveloped one.
In
important industrial areas of
Europe, already there is substan¬
tially full employment.. This; cre¬
demand for greater mecha¬
a
nization—for machines which in¬
the
crease
productivity of the in¬
the kind of machines
Americans know how to
increase
to
which
design, build and sell.
With
full
an
employment
and
a
in
exports which Europe might
ship to the United States, follow¬
ing a round of tariff reductions,
not
likely to be overwhelming.
other hand, an
expanding,
On the
large, dynamic market in
a
wide
Atlantic
as
tions
need of
which
standards
abroad.
areas
Europe offer
opportunities
United
;
reduction in trade bar¬
a
and
tariffs,
States
and
between
the
the
European
Community, the ex¬
Economic
change of goods and services be-,
tween
can
be
these
two
great
markets
substantially enlarged, with
States,
may we not expect that there
may
be relatively little
economic dis¬
tress to be dealt with under the
Trade
the
Adjustment
"Trade
1962?"
Profit
centive
or
Provisions
Expansion
is
the
Act
greatest
*
of
of
in¬
stimulus to
enthusiasm,
and
investment in
employment
With
a
activity,
high
with
level
a
of
strong
economic growth
rate, the normal
shifts and changes which
become
necessary due
to
solescence tend to
selves.
change and ob¬
care
for them¬
of
these
our
best
accelerate
re¬
However,
overlook
other
must
we
of
areas
the
important to
are
is
another
world-wide
stances of
is
situation
scale
the
-the
circum¬
generation, which
related
of
of
and
economic
our
intimately
and
facet
to
the
international
size
trade.
refer to the continued acceler¬
ated. economic progress of the less
brace
world's
this
are
vast
segment
annual
the
upon
the
Free
em¬
Much
of
f
in-
World
will toe
rising tide of expectations
developed lands leads
populations to expect ac¬
areas
•
for
new
bona
the
fide
two-'
less
developed.-areas
toward
the Free World.- It would benefit
both
sides
with
new
a
source
expanding trade.
Certainly,
.
provision
trade of the
consumer
goods and
goods, capi¬
services
level
to
needed to
even
standards
of
the
modestly higher
living
represents
greatest
challenges
one
of
and.
opportunities
Once
again, the need is for cour¬
iraa gin a t i on, collaboration
of
time.
our
amongst the advanced nations and
an
imaginative,
trading
outward-looking
-'-7 *
program.
f
7
are
two factors which
urgently needed to enable
us
to
discussing; One is consistency in
the Administration's policies and
The other is
an
effec¬
ship in our international economic
planning and programs.-
progress
and
areas
are
to
earn
the
foreign ex¬
to purchase
change with which
such imports, they must increase
their
exports.
The
grants, soft loans
which
do
no
anced, self
trade.
With
-
alternative
or
investments
establish
well
sustaining, two
•
}
is
-
bal¬
way
-
increasing production
and
consumption m the advanced na-^
tions, the less developed areas
may
gain
some
benefit by increas¬
ing their exports of
commodities
and
non-political, civilian) leader¬
The
proposals of the Treasury
Department in the Bill which has
already passed the House of Rep¬
resentatives concerning the taxing
of
the
overseas
American
seems
sition
,
of
ecompanies
in contradiction and oppo¬
the other economic ob¬
to
jectives
of * the
Taxes
are a
If the
local
eign
subsidiaries
parent
cost of doing business.
of
American
panies
52%
taxing
.subsidiaries
of
net
parent
com¬
profits while
-of ;British,
German, French, Italian
There
be achieved
understanding
are
objec¬
with
effort
the part of
on
principal one is to
maintain competitive costs in the
face of world markets; There are
objectives which will require the
cooperation of agriculture such as
control
over
crop surpluses and
their disposition. For
management
there are-
challenging, exciting ob¬
jectives
in
research
the.
and
better
■
of
use
development,
the
efficient
pro¬
more
or
Japa¬
marketing techniques
closer integration of do¬
the
mestic and international
programs.
There
for
also
are
government
portant
being
major objectives
the
—
to
most
im¬
take
responsi¬
bility for. consistency and coordi¬
nation
the
across
domestic
nomic
and!
policy.
whole
front
international
Inflation
at
of
eco¬
home,
for example,
is completely incon¬
sistent
with
an
tween
government
all-out
effort to
increase exports. Much closer col¬
laboration
and
cooperation be¬
and
private
enterprise,
international [policy
making,
and
programing, - is -a
necessity to real
When
Administration.
government of a. for¬
country should tax subsidi¬
aries
life.;
to
labor. 7 The
are
tive
improvement in their standards of
living. This can be accomplished
early by increased imports. If these
national'
tives
or
their
economic
leadership which provides close
and; effective coordination
amongst
all the economic elements? of our
attain the objectives we have been
programs.
.
international program of
dimensions there must be
an
%
duction and
Contradictory
There
In
such
perfection of.
Foreign Tax Proposal
7
y*
•
through
the
.
of
'7s7\;y;
bring half the population of the
World from a bares ; subsistence
age,
consistent
policies .within
Administration. / ;,
7'
trade. It would tend to orient
way
in these less
celerated
real objectives of the Administra¬
tion as; well as
placing American
products
managements m a- quandary. If we
of their
own
production rather,
are
to attain the
goals and1 the
than being provided
through
grants and loans as an economic opportunities which we.have pre¬
aid program. The alternative sug¬ viously discussed, one of the re¬
quirements
is>
constructive
and
gested would be
areas
waged—in fact, is joined already.
The
Free
of
which the
Sino-Soviet
World
the
flowing to the less de¬
was
humanity
capita
less. These
or
terrain
of
per
between
and
areas
one-half
population.
$100
the
conflict
bloc
These
areas.
approximately
of
veloped
I
developed
more
position
tal
Underdeveloped Areas
There
much
our
security and economic .welfare1.'«
on
If, by
ade¬
trade
of
one
to
employment.
not
of
riers
high
can
Because
greater
us
world which
comes
,
and
na¬
and
closer economic collaboration with
exists
industries attractive op¬
maintain
home
circumstances,
offer
our
commu¬
quately assist the less developed
variety ; of sophisticated
capital and consumer goods could
portunities.
inter¬
of advanced
can
at
of
economic
group
a
the
,
balance
our
geo-political
heavy local demand, the increase
is
our
improve
dividual,
business
Since Great Britain's
decision to
seek membership in the
European
materials in
raw
'
against this as
rank discrimination
national payments. It offers us the
chance to encourage the evolution
one
three
business.
The Common Market
their
/ ^
parent companies only 30%,
should! protest
we
encourage and expand exports
toy
new
trade ■ legislation,
is caus¬
with
technology, obsolescence or a beneficial
effect on the economic
lessened
profitability can take growth rate of the
United
fore.
con¬
the European market in competi¬
most attractive
ates
question
price
strictive
>
easily
more
tion with African
market
goods
income
ac¬
competition within
States, between one
sell
sumer
cans
is frequently mentioned.
There
always has been price competition
and
other
are
rope as
Price Competition
The threat of price
to
rated—in terms of capital or con¬
15
States.
|
mature—not
is about
struction
com¬
basis.1 In
which the Soviet leaders
.
If you were a German or Italian
manufacturer
com¬
million, our
imports in 1961 of approximately
you
ority
nation
commodities and
$310 bil¬
may reach a
in the late 1950's.
own
pare
had spent vast sums to de¬
the Bristol "Britannia" or
velop
the
consequence, we assist our neigh¬
bors in Latin America, for ex¬
about
economic colossus when
example—jet aircraft.
one
a
Certainly it is
fully.
Just
and
to call this
have toward their products
which reach our market success¬
to
whatever
make to Europe neces¬
we
neighbors
we
as
or
Common Market mother
country,
our
sort of reactions
same
respect
favored
ample,
approximate $100
present Gross Na¬
this decade—a GNP not far from
the
in
with
we
virtue of their association with
which
combined Gross National Product
of over $450 billion by the end of
which we excel.
give
competitors
of
production
items
.\'
lion combined annual exports plus
lion.
the
in
our
imports
it
agricultural
of
y'j77',
outer tariff
most
a
Today, this group of nations has
population approaching 350 mil¬
tional Prodtict of
world.
the- entry
sarily 'will
involve
the
other
friendly nations of the world, on
accommo¬
Western nations in that continent.
integrated
will
-
cessions
circum-,
an
economically
Europe embracing all the
billion
European market—for
be the largest buyer of
restrict
obtain
visualize
can
united
industry
Second, whatever concessions
mon
dated. But in due course, probably
before the end of the decade, one
a
of the most efficient pro¬
one
are
special
cases,
American
nese
dampen
too optimistic a view of these
pos¬
sibilities
for
additional
foreign
areas
,
any European nation to re¬
outside the Community. In
developments
ucts
of
Thursday, September 13, 1962
.
materials. However, tech¬
raw
nological
exchange earnings.,
goods.
main
individual
ma¬
and
jor international economic objec¬
tives. First, let us seek the largest
possible opportunity for the prod¬
would
conclusion that it will be difficult
exports exceeded $20 billion
striving for three
and other barriers to trade which
member* Turkey is
negotiating and Portugal is show¬
ing interest. One is forced to the
Our
turn the coin over.
us
Norway and. Denmark
applications to join,
interested in becoming
is
take the
us
and
agriculture in this great European
market by enabling the President
to bargain down the- outer tariff
associate
an
associate
an
supply 97^%
products used
| by Americans.
as
filed
Sjiain
American
and,
labor
have
represent.
really
imports
American
manufacturers still
admitted
been
Continued from page 15
let
consequence,
<
.
as
our
we
objective,
sider the best
our
efforts
achieve
we
means
and
success.
the kind of
success.
accept such
a
-7
program
need? to
of
'resources
An
con¬
organizing
to
essential 'is
non-partisan, civilian
leadership and coordination which
provided,^ under more dr'a-
was
matic but
stances,
less urgent circum-
no
by
Number 6194
196
Volume
the
which
leadership
a
ca
n
esSbfishel
$9?
sophisti-"
imagination,
imagination'.
Just as
cu>--
ternational
million,- down
—Houston'
cation- and
cation-ana
32%.
showed
„
sion
pf
such
so can
^
^
- on
the steel , outlook
were' unavailable this week.]
International Board. comments
an
between
coordination
create
Metal lur
Steel Magazine's
[ED. NOTE:
war-time requirements,
our
our
domestic and' international objee-
Week-To-Week
1
financial, industrial and
commercial organizations of other
advance# countries
in - interna*
of
the
Auto
were down
terminal
relatively
Lumber
headed-for
88.2%
an
Literature
Continued from page
•
Output Declines 3.1%
Lumber
United
rise
production
States
in
the
in the
ended
week
National
8
Heights
72,
Can
Data-Filer, BulSmyth, 26 Broadway' New
lard &
-
York 4, N. Y.
alpi^^d » a
note.. Substantial
gains npnAnTi^ 2'Minn'
racked up in the final days "
? * 1
of August home furnishings sales, ^ytronicslnc.—Bulletin—De Witt
Annliances continued to be a la£~ Conklin
Organization, Inc., 120
.
Mmn'
were
Below 1961 Level
Despite the Labor Day holiday,
auto production in the U. S. last
week
Strength
performance in
te ^
strong
cities
small year-to-
Output
Jumps 88.2%
seek
and
forts
J^UctlUi "XJI Uxvt/JL
coHeg^^lotWng^dominating "the
^ng
gmg
item,
however
ltem, however.
Buying of
improvement'materials^
improvement'
materials and
home
home
hardware
made
u^a..
head--
moderate
while auto sales maintained
their impressive margin over a
way,
The
Broadway, New York 5, N. Y.
Als° available is a bulletin on
u* s* Vltamin & Pharmaceutical
Corp.
Occidental
total
dollar
volume
of
re¬
44
Olin
higher than last
year.
Mass.
timates
from
varied
levels
Regional
comparable
the following
bv
es¬
oer-
&
Tsolainos & Co.,
St., New York 5, N. Y.
Wall
tail trade in the" week ended
Sep¬
tember 5 ranged from 2 to 6%
1961
Petroleum—Memoran¬
dum—Theodore
year-ago.
traffic for the reporting terminals.
leadership tcr our ef¬
the participation
give
fives,
Most-
changes in over-all volume.
Compared with the immediately
oomparea w ui uie unmeuidieiy
eceding week,
precedlng.
weekj 26
26. metropolitan
metropolitan
areas registered increased tonnage
areas
registered increased tonnage
and 7 areas reported decreases
One point, Baltimore, reported no
over-all
— change
from last week's
million,
down 43%. instruments,
«ofi 1T;i1inT1
- Metal l'uruy, ^ /o.
listless
a
the previous week, consumer buy-
Cincinnati^ and
10%.
by
year
^
million, mnuun
down
miuie,
successful provi-
the
coordinated
Purchases Regain
After
13.6%, and Pitts-
up
burghi up 12.9%.
Indianapolis terminals
experience,
the War Production Board? led and
last
l"! SM' 10% ofmore f
equip-
Non - electriealI machinery, $148
milkou, fevel<.
J
.e
Electrical machinery aM equip-
government, having broad in*
Retail
for
fleeting decreases from the 1961 Cooler temperatures helped
?evel!i Tw.° trucking centers reg- to push volume appreciably ahead
.SJSSmS)?'
—.
—
consist of individuals from outside
the
39
TV\q1£vv» Tivnlrrtv*
&om a year ago at 17 localities, ing turned to a lively pace again 37th Ave., Jackson
with the remaining 17 Pomts_re- in the week ended September 5. N. Y.
million
TransportetL
46%.
in i down
could
provide" such centralized leadership and- coordination. It should
Washington without delay,
freight
general
survey
The showed
terminalincreased
survey tor
week
tonnage
^
<627©
metals
Primary
of
terminal
s^^, Wp^
...
om
from
throughout the country,
miarfpr annronriations in that
.
carriers
rnon
country, first quarter appropriations m t ax
undemanding, keentin-industry, notes The Iron Age.
r
terestf and? Hearts cunnnrt, which
Here's how, major 111 dust y
KeartZ
groups fared im Capital spending
was
typical of
tiaioation m
in om
oui
war productLn
plans
in the second quarter comtiGipation
warproducuon
v
forts^ of 2U years ag
Canadian failures dropped to 21
52 a
a
aao
and 28
28 last
last
52
week ago
and
Of TRADE aild INDUSTRY
fate
Continued fftym page
the
arouse, throughput
the same
(1139)
year.
Board between 1941 and IMS. We
need
The Commercial and Financial Chronicle
.
^ g
Production
War
.
.
Mathieson
Review—Colby
—
Co., Inc., 85 State St., Boston 9,
of
Also
available
Clevite,
Bayuk
Petroleum,
reviews
are
Cigars,
Ling
Temco
Creole
Vought
Analysis—
bring together' representatives
of American industry to'plan" the
financing, staffing, construction or;,
management of international projects
without
the
participating
to-
of;
fearing the impact
anti-trust regulations.
companies
our
Such
should
Board
a.
abroad
international
our
effectiveness
international
our
policies and
handling of
the
to
Following
general volume increase by other
and
programs
auto makers.
activities.
With
the
are
figures
stakes
the
so
Loading
This
^ tilf to ^nnw thHeSrshm
reciuired
^^ticMlv
^hternati^^Tv
lnie
ax
na y
dmi
anct
meStlCaily
of economic warfare.
'
229,409
231,786
229,690
235,016
Conclusion
•
'*;-
t
was
1
Association
Railroads
The
Output Up
Last
1,539
1.0%
or
cars
a
de-
2.7%
be-
the' corresponding-.week
low
-
of 16,310
crease
energy
light
esti-
was
ac-
below
that
of
the
Countrv-wide basis
trade;, the
m
of the areas
smallness
American- industry which really
have
beem adversely
j^y
a
strike
on
were
affected' by
reduction; the smallness of
manufactured imports
mestic
War
m'^
for
market
manufactured
SlrtrtLs
faf™y(DigavbaPk,v
ended
victory which has been
won
-
Aug
%
1962
v.
being formed
the
of
extent
that
and
common
trade
the
outer
.
the
for
American;;
agriculture
tariff
barriers
quickly;
opportunity in
market
new
industry
the Atlantic;
across
and
be
can
security
if
totel)
This
which
WPPk'«
<"
in
Europe; the huge size of the
new,, integrated market which - iS;
thl
was-
Week.
wero
nvpr
all
:
wepk
the
other
lessened
which
can
be established for the Free World
Cumulative
cumuiaxive
niwbaefe
piegjpack
loadings
loamngs
^or ^be first 34 weeks of 1962" to^
$7?
"'>910
cars or 20.9%
,
Atlantic
an
have
to; establish
withr the
less-developed
amciuntk
able
exceeding
^rsnts'
8rid
the
which
wnicn
ponld
could
frmd
from-.
flow
flow
developed nations.
program
cam
provide
the stimulus of international com¬
petition along with the incentives
of very
large
celerate
our own
and
new
markets to
ac¬
economic growth
re-employment at home. With
courageous,
imaginative
leader¬
ship in both private enterprise and
government, with stronger col
laboration
i
..u
with
cies*.
th^twr,
between
and
a?;°n, re™ee,n th,e, two and
consistent,
stimulating poli¬
one can foresee
economic
proving
a
new
era
of
opportunity and of im¬
international conditions^
♦From an address
by Mr. Williams be¬
fore the 14th Annual New
Jersey
ness
Truck
Tonnae-e
Conference,
New
Brunswick,
Busi¬
n. j.
Fell
Fractiowallv
ArucK lonnage feu Fractionally,
From Year Ag0
the
Bradntreet;' Inc.
This downturn, dropped casualties;
to .flte,-lowest level since 1959.
'^2^7™
Sept.
3%
sponding period
1,
in
1962,
the
over
According to
corre-
1961.
sales
in
week
ended Sept. 1, were 9%
New
York
City
for the
less
when compared with the same
pe•
,
1Q^
•
Moves Highest
the Pre"war to11 of 209 m 1939*
Liabilities topping $100,000
were
involved- in 34 of the week's fail-
ureS"' off from 41 a week earlier
year
On
ago.
the
of this size
Since February
Although the general wholesale
-
-
.
ended
Sept.
£
volume
in
was
the
to 98 from
irom
the
0.6%
iTtawholte10 wxioie
tion
service
Fewer retailers^
reiaiieisj
service
concerns
tQ
n
from
26
wholesalers*,
wiiuieacucis*,
ciuu
and
succumbed
The Daily Wholesale Commod-
ity Prioe'Index climbed to 273.58
(1930-32=100) : on Monday, September 10
and
was
271.87
272.26
from
also up
last week
appreciably from
last month.
on
the
cor-
when
ago
year
a
it
However,
continue# lower than
Wholesale
Food
Price
After
climbing to
p
.l
rndex
a
1962
ontnnilhrt
bv
sliboed
slightly, by 0.5%, the $5.97
in Ay°u-
and
seven
on
the
fQ^n a year ag0 and
^
levels.
in
&
to
**op,"1Q*n
^
nounced: Truck tonnage' was 3.9%
ahead of the volume for the pre-
declined sharply
Dun
1 8%
it remained above any other week
so*
far this year
and exceeded
cocoa
Tolk
peak
Food
W
than
1961
Index
ffiesWhoieSale
k
Substantial
declines
wholesale quotations for
above
Haas
Stockton, Whatley, Davin & Co.—
Analysis — Allen C. Ewing &
Co., Prudential Building, Jacksonville 7, Florida.
Sunset House Distributing Corp.—
Analysis — Mitchum, Jones &
Templeton, 650 So. Spring St.,
Los Angeles 14, Calif.
TaStee
Freez
.
These
findings* are based on the
weekly survey of 34 metropolitan
areas*
conducted by the ATA De-
partment of Research and Transport? Economics.. The report refleets tonnage handled at more
than 400 truck terminals of com-
«„
tic
failures
in
,
the
sugar and
along with mild dips* in rye
beans pushed the index lower
despite
small incren^.
numerous
New York
is
„d«»d
edged
nr.
up
to
to
fi4 from
64
from
The
Dun
Bradstreet,
&
Wholesale Food
Price Index
Index
Wholesale Food Price
review of Helene
a
Review—•'
—
Co., 65 Broadway,.
6, N. Y. Also available
Curtis
In¬
dustries.
TT
„
_
Union Bag Camp Paper
Com¬
—
ment—Harris, Upham & Co., 120
Broadway, New York 5, N. Y.
Also
available
General
are
bulletins
on
Steel
U
n
i
Carbide
o n
—
Discussion-
Evans & Co., Inc., 300 Park Ave.,
York 22
N
Y
Also avail-
S
ifi
.orK,.^ N: Y' f1®0 avai1"
able
18 3 dlscusslon of
Cyanamid.
United
Shields
&
Air
Lines
—
Survey—
Co., 44 Wall St., New
York- 5, N. Y.
Witco Chemical
—
Zion Foods
Memorandum
Memorandum
—Pershing & Co., 120 Broadway,
New York 5, N. Y.
—
—
Dishy, Easton & Co., 40 Exchange
Place, New York 5, N. Y.
held steady at 45. In most regions,
fewer businesses failed than in the
per
pound
of
31
and
meats
in
general
sum
Inc.
raw
foodstuffs
use.
It
is
corresponding week of last year,
The East North Central States,
not a cost-of-living index.
Its
chief function is to show the
casual-
general trend of food prices at the
however, suffered
in 1961.
as many
wholesale level.
M
reDrep-
P
c
UI
Roberta
^ i-hUUtii Lb
total of the price
resents the
as
Corp.
major geographic re-
59 and East North Central failures
ties
Industries—Memo-
&
over-all downturn, Middle Atlan-
.
67
Co., The Wellington, Rittenhouse
Square, Philadelphia 3, Pa.
il5g
the pre"Labor Day Period in
1961.
,
'Co.,
Rudd-Melikian—Analysis—Higas
pointed out that the year-to-year
decrease is colored by the unusually strong upturn in traffic dur.
&
1 St., New York 5, N. Y,
Ni.ne ,meai;. ai?d /oodstPffs+ ^er?
gions. The Pacific States reported Prlced a mie higner; wneat oeet, ^pp.
a ninnee to 38 from 62 in the prehams, bellies, lard, butter, cotton- v/lllCv3I
ceding week In contrast to the seed oil, eggs and hogs.
of. the nine
Memorandum—
—
Marache
■
Industries,
Su¬
perior Oil Co. and Transcontinen¬
tal- Gas Pipe Line.
Off From* Previous Week's High
remained
vious week of this year. The ATA
&
Fahnestock
whereas both manufacturing and construction casualties
slightly
Rohm
Transamerica
steers, lambs,
and oats.
ican"
sponding. week of 1961, the Amer¬
Trucking
Association
an¬
Memoran¬
Co., Inc., 20 Broad
St., New York 5, N. Y.
qUu0te.d corn
^
last year,
corre¬
—
dum—Blair &
& Mlddlebrook Inc., 49 Pearl St...
Hartford 3, Conn.
—
Hr?°(N5r0mci6'
c?nstruc"
to 37 from 55, and in com-
Bulletin—Purcell
Co., 50 Broadway, New York 4,
Inc. Mild-advances from-the prior
week were chalked up in prices
other hand, responding day
dropped to 170 from 241 in the
Qna oar in
similar
prior week and 245 in the similar
week last year.
St.,
d&yttis MoS^and remaned Brunswkk!S * nlemoran,lum on
reported'oun3"'Bradstreet" Textrom—Memorandum—Coburn
losses under $100,cas^Tltiesfwith'losses
undeV
000
—
—
William
£?™mGCIlty pr!cerandum-Sincere & Co., 208 So,
-nday t°/??Clh the hl?.hest pomt La Salle St., Chicago 4, 111. Also
occurring in the wheat,
but stin. above the 30
&
sales
the Federal Redepartment store
System
serve
week® °f 1961 a"d
mercial
Intercity truck tonnage in
week
ended
advanced
_
behind the
a
I4 In
to
in* tH^ corrsspofluitt^ week in 19o0»1
ob-
the choice of association with the
Free World by the newer and loss
Suclr
sharnlv
Mans
cvcrittisf
irt
areas
thwarting of the Communist
iectives
jecxives
and industrial fail
conceiv-
aid® though
economic
gjpfj
any
com-
But Below Last Year
corresponding period lm I960'.
There were 61 Class I U; S-. ratiLittle change occurred in manroad systems originating this^type ufacturmg mortality which stood
traffic in this year's week com- at 38 as against 41. But, tolls took
grouping would
two-way trade'
1962,
th
above the
1
by art economic association of the corresponding, perro# ofi 1961,- and
Atlantic nations; the ability which
car^ or 25.5% above the
such
^Sf
increlse of
tlScor-
an
2,238 cars or 18.9% above
responding week of 1961 and 3.2T4or
30 4%
above
the
i960
1,
noa in iyt>A^
1.0%
or
holiday week ended Sept. 6 from
tariff
Sept.
Wholesale Commodity Price Index
,161,000,000; kwh.
ures
Rayonier Inc.
Rochester Telephone
5% advance for ihe
a
ended
and
Commercial
...
from
pared with the like period in 1961.
Holiday Drop in Business Failures
the Pennsylvania
Railroad."
taken
as
a
dex reP°rtecl
Qfi1.
affected
on
Memorandum-
—
Brothers, 1
New York 4, N. Y.
N. Y.
.
1960, when loadings
1961 Week
sales
Corp.
Lehman
country
wine Reserve
nasis as Board's
taken Irom
the Federal
in-
parable 1961 week.
t
store
Store
previous
week's total of 17,088,000,000 kwh,
above the total output of the com-
in
•'
a
1961, but an increase'of 4,21'4'cars
In conclusion, may I recommend.
or
Seven-tenths of one per cent
that? we recognize the strength of
a]30ve the' corresponding week in
the United States m international,
Department
Department
period
cent mated at 15,999,000,000 kwh.,
Western system
The loadings-represented
-
Nationwide
For the week ended Aug.
25, sales
declined 3% from the correspond-
electric
ended Saturday, Sept. 8,
kwh.
on Scientific Computers
ing 1961 week. In the four-week
electric
the
^„S<
Permian
217.571
Over
So^Seve^th^St41 iSrmeaDoiis1^
+1
Atlantic
week
Year
of
by
i96i
and power industry for the week
cars
per
one
amount
distributed
of
announced,
decrease of
a
and
w
.
Orders™
Electric
in
totaled
+?• M&lle
to -j-8.
224,761
215,340
below the preceding week,, due to cording, to the Edison Electric Ina work stoppage-on the Chicago stitute.
Output was
1,089,000,000
Woo+qwi cxrc+orvi
kwh
hplnw that
nf
thp
nrmn'mic
to'
.
.
?
-
1962
217,913
232,550
•;freight
Sept.
the
cars,
three-tenths of
or
dd*
this new" kind?
U;
successfully
wage
revenue
ended
American
ing World War II. Let us use this
coordination
of
week
581,420'
mula- which was so effective dur¬
and
1962
Production
-
the
to
in
for the
bmpinents
New
Rail Freight .Carloads Down 2.7%
%
Below Last Year
high, with
the economic and political- prob¬
lems confronting us so complex,
why do-we not return to the for¬
•
to
+3
Sales Rose 5% Above
.
to
+2
-
ditiom of Lark and Hawk models' thousands, of board feet
to Studebaker assembly opera- weeks indicated:
Sep. 1,
tions* at South Bend (Ind.) and a
cdnsistiatcy
providing
by
Compared with 1961 levels, out¬
put declined- "5.1%,. shipments- rose
7.9% and new orders advanced
5.6%.
first
output of '63 model
by General Motors Corp.; ad-
caps
"image" of the United States
the
Ward's said last week's* rise will
.
reflect
improve
Ports from regional associations, England and West North Central
}/' ;lgure was " ~ ti to>5, East Nortt, Central
761,000 board feet.
that 66,072 cars would be assembled in the nation's auto plants
by the end of overtime shifts Sept.
8, compared with only 35,115 assemblies last week.
"
SAN
DIEGO,
Wolcott
on
Calif.—E. Keene
Sept. 19 will becomer
Executive Vice-President and Di¬
rector of N. C. Roberts &
625
Bradway,
members
Co., Inc.*
of
New York Stock Exchange.
the
40
The Commercial anfl Financial Chronicle
f
(1140)
'
«
-
Z.
:
•
«
♦
,k
i.
.
**
■
r
'
•
-
L
\
»
^
.
J
■:
+
,,
.
Thursday, September 13, 1962
'
"
„
,
if
.
<t
.
...
.
,
'
i
Nov. 29,
WASHINGTON AND YOU;
»
1
1962
Investment
Chicago
Speaker:
'
»»
„
\
(Chicago, III.)
Society of
meeting.
Analysts
luncheon
Herbert
R.
Silverman,
President, James Talcott & Co.
behind-the-scenes interpretations
~
April 3-4-5, 1963 (Dallas, Tex.)
Texas Group Investment Bankers
Association Convention at the
from the nation's capital
Statler Hilton Hotel.
heavy.
to be a great deal going
behind the scenes in the Capi¬
appears
on
of
tal
result
imagination,
It could be merely
<
it
biles
that
seems
require
nual
parked at week's end
parking lots
were
The
of Labor is
the smallest of the departments of
in the series of large
Pentagon, than are usually
at the
Department
our
mal week.
cabinet
growing
Cuba,
them
of
quickened the
pace
at the Pentagon.
It seems
likely
that
the
United
States
might very well take drastic ac¬
tion in Cuba, and do it alone, if
The
has seemingly
up,
are
and
about
week
work
will
in
at
the
of
Because
up
Equity Research Associates, 37
St., New York City, have
Wall
a
build¬
constant
is there is no time to waste. There
is
to call
need
no
brokerage firms
Likely
cial
handle the Cuban situation. There
is
sufficient
already to
situation, but
the Red build-up calls for prompt
handle
the
before
action
other
to
power
Cuban
the
danger spreads
Central
nearby
and
South American countries.
packaging industry in this
a rapid growth.
Packaging has brightened food
country has had
other
and
aging
and
strictly
More and more the feeling in
Washington is that we should
take positive action.
As a result,
there is speculation that Presi¬
dent
Kennedy
Dictator
Fidel
Castro
several
thousand
nicians
home.
that
demand
may
the
send
"Russian"
tech¬
commodities
more
are
saleable.
of
of
misleading
Michigan,
testimony
after
introduce
bill
a
of
the
Monroe
Doctrine.
months
designed
He
name
stocks
money
that
does
not like
150,000
up
the
wants
weight
to
active
forefront
the
the
of
EVENTS
Individual
IN INVESTMENT FIELD
Size."
Tax Cuts
big
tax
is
news
ever,
there is
interest
must
provision that all
dividend payments
a
and
be
reported
the
to
U.
S.
Treasury by the companies, etc.,
paying out interest and dividends.
hood
of
a
there
sweeping
individuals
for
no
tax
likeli¬
cut
months
if then.
months,
is
A
for
There
will
be
no
action
on
the
proposal this session, but unques¬
tionably it will get some atten¬
Sept. 13-14, 1962 (Chicago, I1I.K
Municipal Bond Club of Chicago
outing.
Sept.
13-15, 1962
Beach, Fla.)
(Ponte
Vedra
tional crisis could very well elim¬
a
reduction for some time.
inate
On
the
hope for
other
a
hand,
little relief to
there
is
industry,
in addition to the
accelerated de¬
preciation
schedules.
There
is
going to be a small tax credit for
new investments.
Labor
tracted
Board of Governors Fall Meeting.
special
any
attention
Capitol Hill this year.
may not last too long.
The
on
lull
known
the
Labor, W. Willard Wirts
pared to
their
is
pre¬
the AFL-CIO in
oppose
efforts
for
35-hour
a
work
week.
solid
a
attack
Mr.
Wirts, who
is
by
the
officially
lieves it
must
be
con¬
Senate, before
the
would
Secretary,
be
he
be¬
great waste
a
Of manpower to
have the mililons
of
working people in this country
reduce the work week
by an hour
a
day.
The
are
working
not
ent
a hey
-
-
work-week
and
man
overworked
*
woman
by the
of
<
40
pres¬
hours.
themselves realize that
nor¬
Investment
.
Meeting at the Mark
C.
Pitfield
&
Co., Inc., 30
St., New York City, is cele¬
brating the 25th anniversity of
Broad
the
firm's
York
establishment
City
in
1937.
in
The
New
firm
is
W.
C.
Pitfield
&
Company Limited
of
Canada.
affiliate
an
made
next
The
are
Association
of
lish
as
well as allowances
certain other industries that
smaller.
on
Dec. 20
a
will
pub¬
will
lowance
be
depletion al¬
by Congress in
no
enacted
1963,
it
tain.
A cut in 1964 is
appears
reasonably
no
either.
cer¬
certainty
v.
Yet there seems
to be
on
torial
ques¬
tion that the oil and gas
industry
is going to be subjected to a lot of
discussion and
the
In
inated
a
lot of wrangling
next
the
as
Nov. 22
two
end
the
years
or
27*4% al¬
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
field day to be held Sept.
21,
the Losantville Country Club.
not be elim¬
liberals
some
at
(Atlantic City,
N. J.)
American Bankers Association
an¬
would
(New York City)
York
To Be NYSE Firm;
pub-
g
i
v
i
John de Cuevas
n g
acquire
to the pro¬
coverage
York
Group
Bankers Association
11-12,
Association
1962
of
(Los
Stock
Board of
Angeles)
Exchange
Governors meet¬
Investment
Meeting.
on Sept.
19 will
membership in the New
a
Stock
Oct. 13, 1962 (New York City);
Traders
8th
Association
Annual
of
as
&
de
Cuevas, 63 Wall Street, New York
will become an exchange
Melvin R.
at the Americana
Seiden
City,
member firm.
the firm,
York
Exchange, and
date
same
ing at the Ambassador Hotel.
Mr. de Cuevas and
Seiden
i-
are
partners in
'
of
Dinner
Hotel.
-
Attention Brokers and Dealers
Oct. 19-20,1962 (Philadelphia, Pa.)
National
Association
of
Invests
TRADING MARKETS
ment Clubs Twelfth Annual Con¬
American Cement
vention at the Sheraton Hotel.
Oct. 24, 1962 (Cincinnati, Ohio)
Ohio
Valley
Group
Botany Industries
Maxson Electronics
Investment
Official
Bankers Association Meeting.
Southeastern
Waste
(Hot Springs, Va.)
Group
Investment
Bankers Association Meeting.
(Philadelphia, Pa.)
Bond Club of Philadelphia 37th
annual outing and field
day at
the
Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
New
will
Seiden&deCuevas
special pic¬
Supplement
Oct. 26-28, 1962
Sept. 28, 1962
Oct. 3, 1962
a
ceedings at the Convention.
Oct.
Dance
nual convention.
no
Investment
CHRONICLE
lish
New
giving
complete coverage to the pro¬
ceedings at the Convention.
Sept. 23-26, 1962
Group
Bankers Association Meeting.
Security
special pic¬
Supplement
a
There
(Minneapolis,
Minn.)
Minnesota
Firms
(Cincinnati,
CHRONICLE
torial
year
the
depletion
allowances
granted to the oil and natural gas
for
1962
1962
the
Bankers
Ohio)
on
Nov. 4-9, 1962 (Boca Raton, Fla.)
National Security Traders Asso¬
ciation
Convention
Raton Hotel &
at
the
Our New
York
Films
King
telephone number is
CAnal 6-4592
Boca
Club.
Nov. 25-30, 1962 (Hollywood, Fla.)
Investment Bankers
Association
Annual Convention at Hollywood
Beach Hotel.
LERNER & CO., Inc.
Investment
10 Post Office
Telephone
HUbbard
Securities
Square, Boston 9, Mass.
Teletype
2-1990
BS
69
like.
Because the oil and gas indus¬
try is highly speculative, it is
given
the
highest depreciation.
Once the
firmed
Sept. 20-21,
Judging by some informal dis¬
cussions, one hears there will be
stantially, but it will
surprising,
it
is
new
Secretary of
(Santa Barbara,
Investment
lowance probably will be cut sub¬
not
Sept. 19-21, 1962
Calif.)
petroleum industry, to the
liking of the industry, has not at¬
more.
Secretary Opposes
35-Hour Week
While
9-10,
complete
The
during
New
Fall
The
Florida Security Dealers Associa¬
tion annual convention.
:
and
interna¬
new
Group
25 Years in N.Y.C.
W.
(Detroit, Mich.)
8-9, 1962 (San Francisco)
Association
of
Stock
Exchange
Oct.
industry,
Meantime,
Group Investment
Meeting.
_
taking
the proposal to withhold dividend
and
interest
payments.
How¬
terest.
Bankers Association Meeting.
.
place
among
the
Senate
and
House" conferees after Senate
pas¬
sage of the socalled tax revision
bill.
Missing from the bill was
any
Hopkins Hotel.
double
no
Depletion Allowances Being
Unlikely
to
(Cleveland, Ohio)
Michigan
Firms
Scrutinized
The
have
Oct.
as
tion next year.
news.
addition
includes
staff
reports,
special
analytical reports, and studies in
depth on companies and indus¬
tries of particular investment in¬
how to
Bankers Association
content
and
4-5, 1962
Oct. 8, 1962
packag¬
and "Economy
clearly spelled out with
to Congress to call
reservists
in
is
don't
Northern Ohio
to
ing and labeling practices such
"Cents-Off"
COMING
talk.
duty
I
now
me
left to buy stocks!"
Oct.
He partic¬
The Cuban crisis and the Presi¬
dent's request
other finan¬
In
W. C. Pitfield
from
Cuba to
in the
in
money
telling
practices.
change some practices.
that it is done
make
much money on books
so
pack¬
indsutry and
government witnesses, is ready to
ularly
and
institutions.
practices are
the level.
But there
Then, if Premier
Castro doesn't do it, the feeling
is growing that we should send
the
proper
military
forces
to
see
spent
Senator Phillip A. Hart, Demo¬
crat
a
labeling
on
some
"I
and made
Most
of
personal consultation, the service
The
them
introduction
new
financial appraisal and re¬
search service available to
banks,
Changes in Packaging Regulations
to
reserves
up
the
announced
back door, the feeling
our
Palmer
Banks and Dealers
years
next
a
the
New Service for
schedule this year or
year. What the future years
hold, of course, is something else.
such
at
v/\ '
pro¬
be
the
con¬
Equity Research's
half
in the news many'
ahead.
Con¬
gress would have to pass such a
law, and Congress is not about to
posal
times
pass
necessary.
35-hour
Mutual
/a
about
in Washington.
work
convention
House.
Communist build¬
of the
because
in
menace
There
employees,
7,500
The
officer.
by
headed
government
parked there at the end of a nor¬
(Boston,
of
May 12-15, 1963 (Chicago, 111.)
Financial Analysts Federation an¬
pepole.
more
1963
ference at the Hotel Statler.
pay
would
because of overtime, and it
automo¬
more
increased
1,
Association
Savings Banks 43rd annual
schedule
week
in
National
believe
organizations
35-hour
a
would
but
27-May
Mass.)
schedule
a
labor
the
that
Nation.
our
April
is not too
However, the top brass of
mally such
C.—There
D.
WASHINGTON,
petroleum is taken from
the earth, it cannot be
replenished
like
a
forest.
Hence
the
term
"wasting assets."
CoveVitamin&Pharmaceutical
Common
facts
industry
are
the
oil
and
and
Warrants
gas
couple of
from the nation's Capital and
may or
may not coincide with the
"Chronicle's"
views.]
Bought—Sold—Quoted
years.
[This column is intended to
reflect
the "behind the scene"
interpretation
own
\
have
nothing to look
forward to from Congress
during
the next
Warrants
Versapak Film & Packaging
Common
The
and
IILL, THOMPSON & CO., INC.
70 Wall Street, New York 5, N. Y.
Tel. WH 4-4540
.
Tele. NY 1-0154
@FedFRASER